Form 6-K AU OPTRONICS CORP For: Jan 29

 



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AU Optronics Corp.
Fourth Quarter 2014 Results Investor Conference


2014

Jan. 29, 2015

 

 



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Safe Harbor Notice

[] 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.

[C] 2014 AU Optronics Corporation -- Proprietary and
Confidential


 

 



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Statement of Comprehensive Income

Selected Items from Statement of Comprehensive Income
Amount : NT$ Million

                                                   4Q14  
                                            ========= =======
Net Sales                                   105,449     100.0%
Cost of Goods Sold                          (89,828)     (85.2%)
Gross Profit                                 15,621      14.8%
Operating Expenses                           (6,798)      (6.4%)
Operating Profit                              8,823       8.4%
Net Non-operating Income (Expenses)            (890)      (0.8%)
Profit before Tax                             7,933       7.5%
Net Profit                                    6,575       6.2%
Attributable to:
Owners of Company                             6,004       5.7%
Non-controlling Interests                       571       0.5%
Net Profit                                    6,575       6.2%
Basic EPS (NT$)(a)                             0.62
========================================  =========   =======
Operating Profit + DandA                     22,339      21.2%
========================================  =========   =======
Display Segment Information:
Net Sales                                    99,385     100.0%
Operating Profit                              9,225       9.3%
Operating Profit + DandA                     21,831      22.0%
========================================  =========   =======
Unit Shipments (mn)(b)
Large Size Panels                              29.4
Small and Medium Size Panels                   42.7
========================================  =========   =======


 
 
               
     3Q14         QoQ %
========= ======= =========
106,886  100.0%          (1.3%)
 (91,507) (85.6%)        (1.8%)
15,379    14.4%          1.6%
 (6,602)   (6.2%)        3.0%
8,777      8.2%          0.5%
 (1,209)   (1.1%)       (26.4%)
7,568      7.1%          4.8%
7,300      6.8%          (9.9%)
7,332      6.9%         (18.1%)
 (32)      (0.0%)  []
7,300      6.8%          (9.9%)
          0.76          (18.1%)
====   =======     =========
22,643    21.2%          (1.3%)
====   =======     =========
101,202  100.0%          (1.8%)
9,216      9.1%          0.1%
22,138    21.9%          (1.4%)
====   =======     =========
          29.5           (0.3%)
          48.2          (11.4%)
====   =======     =========


 
 
         
    4Q13  
========= =======
102,703  100.0%
 (95,048) (92.5%)
7,656      7.5%
 (6,581)   (6.4%)
1,075      1.0%
 471       0.5%
1,546      1.5%
1,081      1.1%
 940       0.9%
 141       0.1%
1,081      1.1%
          0.10
====   =======
16,383    16.0%
====   =======
97,162   100.0%
1,878      1.9%
16,175    16.6%
====   =======
          30.2
          41.2
====   =======


-- Unaudited, prepared by AUO based on Taiwan IFRS
a) AUO issued new ADSs in May 2013. Basic EPS in both 4Q14
and 3Q14 were calculated based on the weighted average
outstanding shares of 2014
(9,624m shares); Basic EPS in 4Q13 was calculated based on
the weighted average outstanding shares of 2013 (9,349m
shares).
b) Large size refers to panels that are 10 inches and
above
[C] 2014 AU Optronics Corporation -- Proprietary and
Confidential 3

 

 




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Statement of Comprehensive Income
Selected Items from Statement of Comprehensive Income
Amount : NT$ Million

 
 
                                      
                                       FY 2014 
                                  =========== =======
Net Sales                         408,179     100.0%
Cost of Goods Sold               (359,668)     (88.1%)
Gross Profit                       48,511      11.9%
Operating Expenses                (26,345)      (6.5%)
Operating Profit                   22,165       5.4%
Net Non-operating Expenses         (2,185)      (0.5%)
Profit before Tax                  19,980       4.9%
Net Profit                         18,065       4.4%
Attributable to:
Owners of Company                  17,628       4.3%
Non-controlling Interests             436       0.1%
Net Profit                         18,065       4.4%
Basic EPS (NT$)(a)                   1.83
============================  ===========   =======
Operating Profit + DandA           79,068      19.4%
ROE(b)                               10.2%
============================  ===========   =======
Display Segment Information:
Net Sales                         384,335     100.0%
Operating Profit                   24,423       6.4%
Operating Profit + DandA           77,574      20.2%
============================  ===========   =======
Unit Shipments (mn)(c)
Large Size Panels                   116.9
Small and Medium Size Panels        170.7
============================  ===========   =======


 
 
                 
    FY 2013                     YoY %
===========      =======     ========
    416,363     100.0%         (2.0%)
   (382,379)     (91.8%)       (5.9%)
     33,984       8.2%        42.7%
    (25,692)      (6.2%)       2.5%
      8,293       2.0%       167.3%
     (3,056)      (0.7%)      (28.5%)
      5,236       1.3%       281.6%
      4,253       1.0%       324.7%
      4,180       1.0%       321.7%
         73       0.0%       499.9%
      4,253       1.0%       324.7%
                 0.45        309.6%
===========   =======     ========
     71,930      17.3%         9.9%
                  2.7%       280.8%
===========   =======     ========
    398,836     100.0%         (3.6%)
     12,018       3.0%       103.2%
     71,668      18.0%         8.2%
===========   =======     ========
                117.0          (0.0%)
                152.5         11.9%
===========   =======     ========


-- Unaudited, prepared by AUO based on Taiwan IFRS
a) AUO issued new ADSs in May 2013. Basic EPS was
calculated based on the weighted average outstanding shares
of 9,624m shares in 2014
and 9,349m shares in 2013.
b) ROE was based on average equity attributable to
shareholders of the parent company
c) Large size refers to panels that are 10 inches and
above
[C] 2014 AU Optronics Corporation -- Proprietary and
Confidential 4


 

 



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Consolidated Balance Sheet Highlights

Amount : NT$ Million

 
 
                                     
                                  4Q14         3Q14
                                ========     ========
Cash and ST Investment()a)        81,965       75,414
Inventory                         36,420       35,287
Short Term Debt()b )              56,998       45,783
Long Term Debt                    85,689      105,954
Equity                           200,370      188,766
Total Assets                     469,860      460,391
==============================  ========     ========
Inventory Turnover (Days)()c)         36           35
Net Debt to Equity()d )             30.3%        40.4%
==============================  ========     ========


 
 
          
QoQ %       4Q13
====     ========
 8.7%      76,312
 3.2%      37,598
24.5%      66,220
 (19.%)   118,488
 6.1%     178,346
 2.1%     492,243
====     ========
               38
             60.8%
====     ========


-- Unaudited, prepared by AUO based on Taiwan IFRS
a) Excluding time deposit with maturity longer than 3
months (NT$ 2,100m in 4Q14 ,NT$2,000m in 3Q14, and
NT$2,121m in 4Q13)
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

[C] 2014 AU Optronics Corporation -- Proprietary and
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Consolidated Cash Flow Highlights

Amount : NT$ Million

 
 
                              
                                   4Q14
                               =========
From Operating Activities         17,873
Gain before Tax                    7,933
Depreciation and Amortization     13,516
Net Change in Working Capital     (3,787)
From Investing Activities         (1,540)
Capital Expenditure               (3,052)
From Financing Activities        (10,030)
Net Change in Debt                (9,888)
Net Change in Cash()a)             6,552


 
 
         
3Q14        QoQ
====   =========
19,655    (1,783)
7,568        365
13,865      (350)
 (1,697)  (2,090)
 (2,768)   1,228
 (3,374)     323
 (18,432)  8,402
 (17,065)  7,178
 (1,122)   7,674


-- Unaudited, prepared by AUO based on Taiwan IFRS

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

[C] 2014 AU Optronics Corporation -- Proprietary and
Confidential 6


 

 



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Display Revenue Breakdown by Application

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-- Unaudited, prepared by AUO based on Taiwan IFRS
-- 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.

[C] 2014 AU Optronics Corporation -- Proprietary and
Confidential 7

 

 




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Display Revenue Breakdown by Size

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-- Unaudited, prepared by AUO based on Taiwan IFRS

[C] 2014 AU Optronics Corporation -- Proprietary and
Confidential 8


 

 



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Consolidated Shipments and ASP by Area

Shipments in square meter

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ASP per square meter

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-- Unaudited, prepared by AUO based on Taiwan IFRS
-- 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

[C] 2014 AU Optronics Corporation -- Proprietary and
Confidential

9

 

 




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Consolidated Small and Medium Panel
Shipments by Area and Revenues

Shipments in square meter

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Revenues

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-- Unaudited, prepared by AUO based on Taiwan IFRS
-- Small and Medium size refers to panels that are under 10
inches

[C] 2014 AU Optronics Corporation -- Proprietary and
Confidential

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www.auo.com
[email protected]

[C] 2014 AU Optronics Corporation -- Proprietary and
Confidential

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