AU OPTRONICS CORP

CIK:0001172494|SEC Filings

Consolidated Statements of Comprehensive Income - TWD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of comprehensive income [abstract]
Net revenue	$ 268,791,694	$ 307,634,389	$ 341,028,267
Cost of sales	(268,335,751)	(279,494,885)	(279,986,522)
Gross profit	455,943	28,139,504	61,041,745
Selling and distribution expenses	(3,751,070)	(3,946,509)	(3,888,969)
General and administrative expenses	(7,363,234)	(7,978,267)	(8,158,940)
Research and development expenses	(9,809,587)	(9,546,863)	(9,854,712)
Other income	5,320,271	5,412,125	3,829,897
Other gains and losses	(1,595,614)	1,488,052	(976,560)
Finance costs	(3,251,370)	(2,663,605)	(2,867,861)
Share of profit of equity-accounted investees	149,907	311,714	239,006
Profit (loss) before income tax	(19,844,754)	11,216,151	39,363,606
Income tax (benefit) expense	1,336,155	322,374	(1,125,157)
Profit (loss) for the year	(21,180,909)	10,893,777	40,488,763
Items that will never be reclassified to profit or loss
Remeasurement of defined benefit obligations	188,110	(56,956)	(98,091)
Unrealized gain (loss) on equity investments at fair value through other comprehensive income	519,100	(756,287)
Equity-accounted investees - share of other comprehensive income	3,288	4,239	243
Related tax	(37,622)	38,908	155,930
Other comprehensive income that will not be reclassified to profit or loss, net of tax	672,876	(770,096)	58,082
Items that are or may be reclassified subsequently to profit or loss
Foreign operations - foreign currency translation differences	(2,505,864)	(785,772)	(2,255,410)
Net change in fair value of available-for-sale financial assets			1,146,422
Effective portion of changes in fair value of cash flow hedges			(21,992)
Equity-accounted investees - share of other comprehensive loss	(38,512)	(19,716)	(62,327)
Related tax	459,729	191,809	316,372
Other comprehensive income that will be reclassified to profit or loss, net of tax	(2,084,647)	(613,679)	(876,935)
Other comprehensive loss, net of tax	(1,411,771)	(1,383,775)	(818,853)
Total comprehensive income (loss) for the year	(22,592,680)	9,510,002	39,669,910
Profit (loss) attributable to:
Shareholders of AU Optronics Corp.	(18,767,191)	13,071,646	42,609,500
Non-controlling interests	(2,413,718)	(2,177,869)	(2,120,737)
Profit (loss) for the year	(21,180,909)	10,893,777	40,488,763
Total comprehensive income (loss) attributable to:
Shareholders of AU Optronics Corp.	(19,774,387)	11,996,308	42,146,146
Non-controlling interests	(2,818,293)	(2,486,306)	(2,476,236)
Total comprehensive income (loss) for the year	$ (22,592,680)	$ 9,510,002	$ 39,669,910
Earnings (loss) per share
Basic earnings (loss) per share	$ (1.96)	$ 1.36	$ 4.43
Diluted earnings (loss) per share	$ (1.96)	$ 1.34	$ 4.27

Consolidated Statements of Cash Flows - TWD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Profit (loss) before income tax	$ (19,844,754)	$ 11,216,151	$ 39,363,606
Adjustments for:
depreciation	35,693,033	33,686,561	35,801,230
amortization	564,686	540,969	628,606
gain on financial instruments at fair value through profit or loss	(41,065)	(406,507)	(795,098)
interest expense	3,251,370	2,663,605	2,867,861
interest income	(885,520)	(841,615)	(612,210)
dividend income	(295,575)	(468,263)	(248,514)
share of profit of equity-accounted investees	(149,907)	(311,714)	(239,006)
gains on disposals of property, plant and equipment, net	(106,546)	(1,923,044)	(330,814)
losses (gains) on disposals of investments and financial assets, net	13,154	0	(42,788)
write-downs of inventories	5,185,504	5,171,752	3,756,726
impairment losses on assets	2,298,646	399,363	1,046,668
unrealized foreign currency exchange losses (gains)	(430,183)	545,856	776,962
others	26,468	(132,537)	(126,760)
Changes in operating assets and liabilities:
accounts receivable	13,685,703	(3,702,504)	4,643,577
receivables from related parties	984,744	(826,893)	659,522
inventories	(2,391,389)	(6,825,812)	(1,149,146)
other current assets	(926,326)	3,260,786	1,572,360
accounts payable	(5,014,990)	2,776,504	(2,489,088)
payables to related parties	(1,197,773)	503,293	(1,164,514)
net defined benefit liability	(89,422)	(82,176)	(103,668)
provisions	(759,948)	636,100	(911,810)
other current liabilities	(4,906,788)	(3,679,040)	3,974,959
Cash generated from operations	24,663,122	42,200,835	86,878,661
Cash received from interest income	919,840	815,890	628,223
Cash received from dividends	568,871	670,234	421,550
Cash paid for interest	(3,417,833)	(2,481,821)	(2,551,944)
Cash paid for income taxes	(2,003,361)	(1,004,444)	(1,013,159)
Net cash provided by operating activities	20,730,639	40,200,694	84,363,331
Cash flows from investing activities:
Acquisitions of financial assets at fair value through profit or loss	(3,668,175)	(2,509,528)	0
Disposals of financial assets at fair value through profit or loss	3,970,809	924,567	0
Acquisitions of financial assets at fair value through other comprehensive income	(47,182)	(3,452,722)	0
Disposals of financial assets at fair value through other comprehensive income	0	59,021	0
Acquisitions of available-for-sale financial assets	0	0	(201,434)
Proceeds from return of capital by available-for-sale financial assets	0	0	32,000
Acquisitions of equity-accounted investees	0	(684,756)	(397,000)
Proceeds from disposals of equity-accounted investees	904,050	0	56
Proceeds from return of capital by equity-accounted investees	0	99,200	0
Net cash outflow arising from acquisition of subsidiaries	0	(448,488)	0
Net cash inflow resulting from disposals of subsidiaries	0	51,387	276,393
Acquisitions of property, plant and equipment	(29,546,642)	(34,770,263)	(43,881,660)
Disposals of property, plant and equipment	170,880	6,408,057	1,149,649
Decrease (Increase) in refundable deposits	49,670	(169,666)	(404,233)
Increase in intangible assets	(1,711)	0	(196,781)
Decrease (Increase) in other financial assets	55,945	(4,635)	(44,469)
Net cash used in investing activities	(28,112,356)	(34,497,826)	(43,667,479)
Cash flows from financing activities:
Proceeds from short-term borrowings	2,576,584	2,526,082	10,548,495
Repayments of short-term borrowings	(1,388,334)	(5,343,976)	(7,644,568)
Proceeds from long-term borrowings	79,880,000	4,271,566	34,872,615
Repayments of long-term borrowings	(53,378,766)	(28,736,527)	(47,443,813)
Payments of lease liabilities	(694,922)	0	0
Guarantee deposits refunded	(1,828)	(13,402)	(34,654)
Cash dividends	(4,812,122)	(14,436,368)	(5,389,577)
Repurchase of treasury shares	(1,013,423)	0	0
Net change of non-controlling interests and others	(425,122)	(114,035)	1,681,150
Net cash provided by (used in) financing activities	20,742,067	(41,846,660)	(13,410,352)
Effect of exchange rate change on cash and cash equivalents	(2,073,874)	286,472	(2,456,132)
Net increase (decrease) in cash and cash equivalents	11,286,476	(35,857,320)	24,829,368
Cash and cash equivalents at January 1	69,163,296	105,020,616	80,191,248
Cash and cash equivalents at December 31	$ 80,449,772	$ 69,163,296	$ 105,020,616

Consolidated Statements of Financial Position - TWD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 80,449,772	$ 69,163,296
Financial assets at fair value through profit or loss-current	1,521,406	1,709,531
Accounts receivable, net	30,308,675	44,647,981
Accounts receivable from related parties, net	1,778,499	2,754,253
Other receivables from related parties	3,956	12,945
Current tax assets	79,886	69,156
Inventories	23,460,072	26,309,104
Other current financial assets	2,302,383	1,459,763
Other current assets	3,295,562	2,941,598
Total current assets	143,200,211	149,067,627
Noncurrent assets:
Financial assets at fair value through other comprehensive income-noncurrent	7,545,171	6,979,925
Investments in equity-accounted investees	5,999,479	6,285,865
Property, plant and equipment	206,734,543	221,586,475
Right-of-use assets	12,207,768
Investment property	1,555,130	730,306
Intangible assets	1,527,731	2,096,668
Deferred tax assets	5,181,617	6,632,668
Other noncurrent assets	2,405,346	5,171,646
Total noncurrent assets	243,156,785	249,483,553
Total Assets	386,356,996	398,551,180
Current liabilities:
Short-term borrowings	1,725,602	546,472
Current installments of long-term borrowings	9,535,198	29,595,931
Financial liabilities at fair value through profit or loss-current	18,859	22,115
Accounts payable	44,307,437	50,459,587
Accounts payable to related parties	6,950,828	8,161,186
Equipment and construction payable	6,316,902	11,231,333
Other payables to related parties	40,584	27,998
Current tax liabilities	1,531,588	3,520,469
Provisions-current	708,268	1,507,564
Lease liabilities-current	682,367
Other current liabilities	18,718,165	24,291,532
Total current liabilities	90,535,798	129,364,187
Noncurrent liabilities:
Long-term borrowings, excluding current installments	102,433,194	56,709,387
Provisions-noncurrent	1,053,290	1,030,485
Deferred tax liabilities	1,050,671	1,632,164
Lease liabilities-noncurrent	10,408,710
Other noncurrent liabilities	1,973,459	2,029,651
Total noncurrent liabilities	116,919,324	61,401,687
Total liabilities	207,455,122	190,765,874
Equity
Common stock, $10 par value	96,242,451	96,242,451
Capital surplus	60,543,683	60,620,224
Retained earnings	13,829,640	37,353,842
Other components of equity	(2,005,384)	(847,770)
Treasury shares	(1,013,423)
Equity attributable to shareholders of AU Optronics Corp.	167,596,967	193,368,747
Non-controlling interests	11,304,907	14,416,559
Total equity	178,901,874	207,785,306
Total Liabilities and Equity	$ 386,356,996	$ 398,551,180