Earnings Call Excerpt
AU Optronics Corporation (AUO)
Q4 2005 Earnings Conference Call
February 8th 2006, 7:00 AM.
Executives:
Julie Chan, Senior Manager Finance
Dr. David Su, Vice President and General Manager, Consumer Electronics Display
Max Cheng, Vice President and Chief Financial Officer
Dr. Hui Hsiung, Executive Vice President
Dr. L J Chen, Vice President and General Manager Global Manufacturing
Analysts:
CJ Muse, Lehman Brothers
Matthew Smith, CICB
Song Lee Sambu, HSBC
Ajay Sharma, Legg Mason
Andrew Trey, BM
Andrew Root, Asset Management
Daniel Kim, Lynch
Frank Wang, Morgan Stanley
Presentation
Operator
Welcome to the AU Optronics Corporation Fourth Quarter 2005 Results Conference Call. The conference call will be recorded, and webcast at the request of AU Optronics. Any objections, please hang-up now. A copy of the presentation for AU Optronics Fourth Quarter 2005 Results Announcement can be found and downloaded from its website at www.auo.com under investors. Again, it's www.auo.com under investors. My name is Hardrie, and I will be conference coordinator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of the conference. If at anytime during the call you require assistance, press '*' then '0' and an operator will be happy to assist you. I would now like to turn the call over to Miss Julie Chan, Senior Manager of Finance Division. Please proceed, ma’am.
Julie Chan, Senior Manager Finance
Hi. Good morning and good evening to all participants. This is Julie Chan, Senior Finance Manager of AUO. And here, joined with me, we have Mr. Max Cheng, CFO and VP; Dr. Hui Hsiung, Executive VP; Dr. David Su, VP and General Manager of our Consumer Electronics Display Business Group; and Dr. L. J. Chen, VP and General Manager for the Global Manufacturing. We will spend the first part of today’s conference call reviewing our prepared remarks, which correspond to the slides available on our website. Following this, we will open the floor to take your questions.
Before we begin, I would like to state that management’s comments about AUO’s current position made during this conference call are forward-looking statements subject to significant risks and uncertainties, and that actual results may differ materially from those contained in the forward-looking statements. The financial results we are discussing today have been prepared on a consolidated basis, in accordance with accounting principles generally accepted in Taiwan, ROC GAAP. You should be cautioned that these accounting principles differ in many respects from the U.S. GAAP. Information as to those factors that would cause actual results to differ materially from AUO’s forward-looking statements may be found in AUO’s Annual Report on Form 20-F, filed with the U.S. Securities Exchange Commission. AUO takes no obligation to update any forward-looking statements, either as a result of new information, future events or otherwise. Please take a minute to read the disclaimer.
On the TV side, we continued to see the percentage contribution to rise from the 12% in Q2 ’05 to 14% in Q3 ’05 and 16% in Q4 ’05. The remaining 5% of large size panel shipments were supported by general display and audio/video applications in both Q3 and Q4 ’05. With the LCD-TV demand being stronger than we anticipated, especially 32
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