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AUO Interim / Quarterly Report 2017

Jun 21, 2017

52062_rns_2017-06-21_7f15334c-748e-449f-8860-c2901ed02fe3.pdf

Interim / Quarterly Report

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AU Optronics Corp. First Quarter 2017 Results Investor Conference 友達光電 2017 年第一季法人說明會

Apr. 27, 2017

Safe Harbor Notice

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  • The statements included in this presentation that are not historical in nature are “forward-looking statements” within the meaning of Section 27A of the United States Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of 1934. These forward-looking statements, which may include statements regarding AU Optronics’ future results of operations, financial condition or business prospects, are subject to significant risks and uncertainties and are based on AU Optronics’ current expectations.

  • Actual results may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons, including, among other things: the cyclical nature of our industry; our dependence on introducing new products on a timely basis; our dependence on growth in the demand for our products; our ability to compete effectively; our ability to successfully expand our capacity; our dependence on key personnel; general economic and political conditions, including those related to the TFT-LCD industry; possible disruptions in commercial activities caused by natural and human-induced disasters, including terrorist activity and armed conflict; and fluctuations in foreign currency exchange rates.

  • Beginning on January 1, 2013, we have adopted the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) to the extent endorsed by the ROC Financial Supervisory Commission (“FSC”) (“Taiwan IFRS”) for reporting our annual and interim consolidated financial statements in the ROC in accordance with the requirements of the FSC. All financial information contained herewithin is presented in conformity with Taiwan IFRS. Readers should be cautioned that Taiwan IFRS differs in many material respects from IFRS including to the extent that any new or amended standards or interpretations applicable under IFRS may not be timely endorsed by the FSC.

  • Our release of financial forecasts and forward-looking statements at any particular time does not create any duty of disclosure beyond that which is imposed by law, and we expressly disclaim any obligation to publicly update or revise any forecasts or forward-looking statements, whether as a result of new information, future events or otherwise.

2

© 2017 AU Optronics Corporation – Proprietary and Confidential

Statement of Comprehensive Income

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Selected Items from Statement of Comprehensive Income

Net Sales
Cost of Goods Sold
Gross Profit
Operating Expenses
Operating Profit(Loss)
Net Non-operating Expenses
Profit(Loss) before Tax
Net Profit(Loss)
Net Profit(Loss) Attributable to Owners of Company
Basic EPS (NT$)
(a)
Amount : NT$ Million		 88,557
100.0%
(71,124)
(80.3%)
17,433
19.7%
(5,415)
(6.1%)
12,017
13.6%
(68)
(0.1%)
11,950
13.5%
9,435
10.7%
9,479
10.7%
0.98
1Q17		 91,846
100.0%
(74,616)
(81.2%)
17,229
18.8%
(5,669)
(6.2%)
11,560
12.6%
(269)
(0.3%)
11,291
12.3%
8,375
9.1%
8,971
9.8%
0.93
4Q16		 QoQ %
(3.6%)
71,135
100.0%
(4.7%)
(70,746)
(99.5%)
1.2%
390
0.5%
(4.5%)
(5,486)
(7.7%)
4.0%
(5,097)
(7.2%)
(74.8%)
(188)
(0.3%)
5.8%
(5,285)
(7.4%)
12.7%
(5,580)
(7.8%)
5.7%
(5,477)
(7.7%)
5.4%
(0.57)
1Q16
Operating Profit + D&A 22,028
24.9%		 21,839
23.8%		 0.9%
4,814
6.8%
Display Segment Information:
Net Sales
Operating Profit(Loss)
Operating Profit + D&A		 83,448
100.0%
12,387
14.8%
21,974
26.3%		 86,673
100.0%
12,235
14.1%
22,070
25.5%		 (3.7%)
63,583
100.0%
1.2%
(5,245)
(8.2%)
(0.4%)
4,201
6.6%
Unit Shipments (mn)
(b)
Large Size Panels
Small & Medium Size Panels		 27.2
36.4		 28.3
35.7		 (3.8%)
24.4
1.9%
37.8

a) Basic EPS in 1Q17 was calculated based on the weighted average outstanding shares of the reporting quarter (9,624m shares); Basic EPS in both 4Q16 and 1Q16 were calculated based on the weighted average outstanding shares of 2016 (9,624m shares). b) Large size refers to panels that are 10 inches and above

3

© 2017 AU Optronics Corporation – Proprietary and Confidential

Consolidated Balance Sheet Highlights

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Amount : NT$ Million

Amount : NT$ Million
Cash & ST Investment(a)
Inventory
Short Term Debt(b)
Long Term Debt
Equity
Total Assets		 1Q17
85,484
25,645
18,892
104,547
205,650
425,305		 4Q16
80,191
27,679
18,601
106,188
199,635
429,769		 QoQ %
6.6%
(7.3%)
1.6%
(1.5%)
3.0%
(1.0%)
Inventory Turnover (Days)(c)
Net Debt to Equity(d)		 34
18.5%		 33
22.3%		 41
17.6%

  • a) Excluding time deposit with maturity longer than 3 months (NT$0m in 1Q17 , NT$0m in 4Q16 , and NT$0m in 1Q16 ) b) Short term debt refers to all interest bearing debt maturing within one year

  • c) Calculated by dividing the average inventory into the annualized cost of goods sold during such period, then multiplying by 365 days

  • d) Net Debt to Equity = (Short Term Debt + Long Term Debt - Cash and ST Investment) / Equity

4

© 2017 AU Optronics Corporation – Proprietary and Confidential

Consolidated Cash Flow Highlights

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Amount : NT$ Million

From Operating Activities
Profit before Tax
Depreciation & Amortization
Net Change in Working Capital
From Investing Activities
Capital Expenditure
From Financing Activities
Net Change in Debt
Net Change in Cash (a)		 1Q17
17,285
11,950
10,010
(4,109)
(9,540)
(9,953)
(75)
(53)
5,292		 4Q16
17,910
11,291
10,278
(1,957)
(8,178)
(8,337)
(1,384)
(3,107)
6,138		 QoQ
(625)
658
(268)
(2,152)
(1,362)
(1,615)
1,309
3,055
(845)
  • a) In addition to cash generated from operating, investing and financing activities, net change in cash also include effect on currency exchange of foreign subsidiaries

5

© 2017 AU Optronics Corporation – Proprietary and Confidential

Display Revenue Breakdown by Application

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----- Start of picture text -----

100%
80%
44%
46% 46% 48% 48%
TV
60% Monitor
Mobile PC
16%
14% 15%
15%
16%
40%
Mobile Device
17% 17%
17%
17% 17% Commercial
and Others
20% 5% 4% 5%
5%
5%
18% 19% 17%
15% 14%
0%
1Q16 2Q16 3Q16 4Q16 1Q17
----- End of picture text -----

  • Mobile PC : including Notebook and Tablet displays

  • Mobile Device : including displays for mobile phones and other related products

  • Commercial and Others: including displays for automobile, industrial PC, ATM, point of sale (POS), pachinko, and etc.

6

© 2017 AU Optronics Corporation – Proprietary and Confidential

Display Revenue Breakdown by Size

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----- Start of picture text -----

100%
28% 30% 28% 27% 29%
80%
>=50"
13%
15% 17%
13% 16%
60% 39"<=size<50"
16% 20"<=size<39"
15% 15%
16%
16%
10"<=size<20"
40%
size<10"
26%
26% 26%
25% 24%
20%
17% 16% 16% 15% 15%
0%
1Q16 2Q16 3Q16 4Q16 1Q17
----- End of picture text -----

7

© 2017 AU Optronics Corporation – Proprietary and Confidential

Consolidated Shipments & ASP by Area

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----- Start of picture text -----

Shipments in square meter ASP per square meter
(K m [2] ) (US$)
7,000 500
$421
$413
400 $372
$349
$340
3,500
6,492 6,617 6,458
6,196
5,343
300
0 200
1Q16 2Q16 3Q16 4Q16 1Q17 1Q16 2Q16 3Q16 4Q16 1Q17
----- End of picture text -----

  • ASP per square meter in US$ was translated from NT$ based on average exchange rates announced by Customs Administration, Ministry of Finance of each respective quarter

8

© 2017 AU Optronics Corporation – Proprietary and Confidential

Consolidated Small & Medium Panel Shipments by Area & Revenues

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----- Start of picture text -----

Shipments in square meter Revenues
(K m [2] ) (NT$ bn)
400
20.0
16.0
300
12.6
12.6
12.2
11.6
10.6
12.0
200
352.0
302.0 334.4 307.1 324.0 8.0
100
4.0
0 0.0
1Q16 2Q16 3Q16 4Q16 1Q17 1Q16 2Q16 3Q16 4Q16 1Q17
----- End of picture text -----

  • Small & Medium size refers to panels that are under 10 inches

9

© 2017 AU Optronics Corporation – Proprietary and Confidential

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www.auo.com [email protected]

10

© 2017 AU Optronics Corporation – Proprietary and Confidential

AU OPTRONICS CORP. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

For the Three Months Ended March 31, 2017 and 2016 and December 31, 2016

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(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for per share amounts and shares outstanding)

Net Sales
Cost of Goods Sold
Gross Profit
Operating Expenses
Operating Profit(Loss)
Net Non-operating Income(Expenses)
Profit(Loss) before Income Tax
Income Tax Expense
Net Profit(Loss)
Other Comprehensive Income(Loss)
Total Comprehensive Income(Loss)
Net Profit(Loss) Attributable to:
Owners of Company
Non-Controlling Interests
Net Profit(Loss)
Total Comprehensive Income(Loss) Attributable to:
Owners of Company
Non-Controlling Interests
Total Comprehensive Income(Loss)
Basic Earnings Per Share
Basic Earnings Per ADS(2)
Weighted-Average Shares Outstanding ('M)		 Year over Year Comparison Year Comparison YoY%
24.5
0.5
4,375.4
(1.3)
－
(64.0)
－
751.4
－
122.3
－
－
(56.8)
－
－
74.9
－		 Sequential Comparison Sequential Comparison Sequential Comparison
USD
2,915
2,341
574
178
396
(2)
393
(83)
311
(114)
197
312
(1)
311
228
(31)
197
0.03
0.32		 NTD
88,557
71,124
17,433
5,415
12,017
(68)
11,950
(2,515)
9,435
(3,454)
5,981
9,479
(45)
9,435
6,916
(936)
5,981
0.98
9.85
9,624
1Q17		 %
100.0
80.3
19.7
6.1
13.6
(0.1)
13.5
(2.8)
10.7
(3.9)
6.8
10.7
(0.1)
10.7
7.8
(1.1)
6.8		 1Q16
NTD
71,135
70,746
390
5,486
(5,097)
(188)
(5,285)
(295)
(5,580)
(1,554)
(7,134)
(5,477)
(103)
(5,580)
(6,600)
(535)
(7,134)
(0.57)
(5.69)
9,624		 USD
2,915
2,341
574
178
396
(2)
393
(83)
311
(114)
197
312
(1)
311
228
(31)
197
0.03
0.32		 NTD
88,557
71,124
17,433
5,415
12,017
(68)
11,950
(2,515)
9,435
(3,454)
5,981
9,479
(45)
9,435
6,916
(936)
5,981
0.98
9.85
9,624
1Q17		 %
100.0
80.3
19.7
6.1
13.6
(0.1)
13.5
(2.8)
10.7
(3.9)
6.8
10.7
(0.1)
10.7
7.8
(1.1)
6.8		 4Q16
NTD
QoQ%
91,846
(3.6)
74,616
(4.7)
17,229
1.2
5,669
(4.5)
11,560
4.0
(269)
(74.8)
11,291
5.8
(2,916)
(13.8)
8,375
12.7
(1,066)
224.1
7,310
(18.2)
8,971
5.7
(596)
(92.5)
8,375
12.7
8,141
(15.0)
(831)
12.6
7,310
(18.2)
0.93
9.32
9,624

Note: (1) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 30.38 per USD as of March 31, 2017

11

© 2017 AU Optronics Corporation – Proprietary and Confidential (2) 1 ADS equals 10 common shares

AU OPTRONICS CORP. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

March 31, 2017 and 2016

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(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) )

ASSETS
Cash and Cash Equivalents
Notes & Accounts Receivables
Other Current Financial Assets
Inventories
Other Current Assets
Total Current Assets
Long-term Investments
Net Fixed Assets
Other Non-Current Assets
Total Non-Current Assets
Total Assets
LIABILITIES
Short-term Borrowings
Accounts Payable
Current Installments of Long-term Borrowings
Current Financial Liabilities
Accrued Expense & Other Current Liabilities
Machinery and Equipment Payable
Total Current Liabilities
Long-term Borrowings
Non-Current Financial Liabilities
Other Non-Current Liabilities
Total Non-Current Liabilities
Total Liabilities
EQUITY
Common Stock
Capital Surplus
Retained Earnings
Other Equity
Non-Controlling Interests
Total Equity
Total Liabilities & Equity		 M NTD
%
85,484
20.1
47,335
11.1
795
0.2
25,645
6.0
6,510
1.5
165,769
39.0
8,671
2.0
216,149
50.8
34,717
8.2
259,536
61.0
425,305
100.0
1,660
0.4
53,943
12.7
17,232
4.1
19
0.0
26,071
6.1
10,260
2.4
109,186
25.7
104,547
24.6
0
0.0
5,922
1.4
110,469
26.0
219,655
51.6
96,242
22.6
60,015
14.1
33,721
7.9
(1,784)
(0.4)
17,455
4.1
205,650
48.4
425,305
100.0
arch 31, 2017		 NTD
%
NTD
%
73,656
18.1
11,828
16.1
31,304
7.7
16,031
51.2
1,830
0.4
(1,035)
(56.6)
31,177
7.7
(5,531)
(17.7)
5,333
1.3
1,177
22.1
143,299
35.2
22,470
15.7
14,472
3.6
(5,801)
(40.1)
208,157
51.1
7,992
3.8
41,560
10.2
(6,844)
(16.5)
264,189
64.8
(4,653)
(1.8)
407,488
100.0
17,817
4.4
1,767
0.4
(107)
(6.0)
54,988
13.5
(1,045)
(1.9)
36,126
8.9
(18,894)
(52.3)
645
0.2
(626)
(97.0)
28,023
6.9
(1,952)
(7.0)
8,642
2.1
1,618
18.7
130,191
31.9
(21,005)
(16.1)
70,422
17.3
34,125
48.5
10
0.0
(10)
(100.0)
9,507
2.3
(3,585)
(37.7)
79,940
19.6
30,530
38.2
210,131
51.6
9,524
4.5
96,242
23.6
0
0.0
60,336
14.8
(321)
(0.5)
14,930
3.7
18,791
125.9
3,963
1.0
(5,747)
－
21,886
5.4
(4,430)
(20.2)
197,358
48.4
8,293
4.2
407,488
100.0
17,817
4.4
March 31, 2016
YoY
USD
2,814
1,558
26
844
214
5,457
285
7,115
1,143
8,543
14,000
55
1,776
567
1
858
338
3,594
3,441
0
195
3,636
7,230
3,168
1,975
1,110
(59)
575
6,769
14,000

© 2017 AU Optronics Corporation – Proprietary and Confidential Note: (1) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 30.38 per USD as of March 31, 201712 (2) Cash and Cash Equivalents excluding time deposit with maturity longer than 3 months

AU OPTRONICS CORP. AND SUBSIDIARIES

Consolidated Condensed Cash Flow Statements

For the Period Ended March 31, 2017 and 2016

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(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))

Cash Flow from Operating Activities:
Profit(Loss) before Income Taxes
Depreciation & Amortization
Share of Profit of Equity-Accounted Investees
Changes in Working Capital
Changes in Others
Net Cash Provided(Used) by Operating Activities
Cash Flow from Investing Activities:
Acquisition of Property, Plant and Equipment
Proceeds from Disposal of Property, Plant and Equipment
Acquisition of Equity-Accounted Investees and Financial Assets Carried at Cost
Decrease(Increase) in Other Financial Assets
Decrease(Increase) in Intangible Assets
Decrease(Increase) in Other Assets
Net Cash Provided(Used) in Investing Activities
Cash Flow from Financing Activities:
Increase(Decrease) in Short-term Borrowings
Increase(Decrease) in Long-term Borrowings and Bonds Payable
Increase(Decrease) in Guarantee Deposits
Changes in Non-Controlling Interests and Others
Net Cash Provided(Used) by Financing Activities
Effect of Exchange Rate Changes on Cash
Net Increase(Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period
Cash and Cash Equivalents at End of Period		 1Q 2016
USD
NTD
NTD
393
11,950
(5,285)
330
10,010
9,911
(1)
(17)
(113)
(135)
(4,109)
2,845
(18)
(549)
(128)
569
17,285
7,230
(328)
(9,953)
(10,385)
14
411
9
(0)
(9)
(67)
1
21
(1)
(1)
(32)
(190)
1
22
(4)
(314)
(9,540)
(10,638)
37
1,135
173
(39)
(1,187)
(947)
(1)
(33)
(8)
0
11
(610)
(2)
(75)
(1,392)
(78)
(2,378)
(425)
174
5,292
(5,225)
2,640
80,191
78,881
2,814
85,484
73,656
1Q 2017
USD
393
330
(1)
(135)
(18)
569
(328)
14
(0)
1
(1)
1
(314)
37
(39)
(1)
0
(2)
(78)
174
2,640
2,814

13

© 2017 AU Optronics Corporation – Proprietary and Confidential Note: (1) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 30.38 per USD as of March 31, 2017

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