Drive for better vision 2011 Annual Report Dear Shareholders, 2011 was a year of transition for Himax as we made significant progress in expanding our sales and customer base for our small and medium-sized driver IC and non-driver businesses. The small-medium driver segment has become our single largest revenue contributor, overtaking the large panel driver business. Revenues from the non-driver businesses exceeded 10% of total revenues in 2011, also the first time in our history. Seeing strong fundamentals across many of our product lines, we are confident that we are in a position to deliver positive revenue and earnings growth in 2012. Our 2011 revenues totaled $633 million, representing a slight 1.5% decline from the previous year due to the drop-off in the large-panel driver category. This was mainly because of our loss of market share in one of our major customers who decided to diversify their driver IC supply base. However, we see significant growth opportunities in China, where panel manufacturers are aggressively expanding their large panel capacity. Small and medium-sized drivers grew strongly in 2011, thanks mainly to phenomenal demand in smartphones, which tend to require better displays and thus higher end driver ICs. We enjoy a strong position in the smartphone sector as a result of our leading technologies, competitive products and solid customer base. We expect the strong growth momentum for small and medium-sized drivers to continue into 2012, driven by growing markets such as smartphones, tablets and displays used in the automotive industry. Non-driver product sales increased even further in 2011 with several product segments experiencing significant shipment and revenue growth from last year. 2011 marked the first year we mass-produced several of our non-driver products, including touch panel controllers, CMOS image sensors, wafer-level optics, and integrated power management ICs. We are confident that the pace of growth in our non-driver sales will continue into 2012 and beyond. Among non-driver products, CMOS image sensor is, and will continue to be, a fast-growing area for us. 2011 was the year when we put our name clearly on the map. With additional new sensor products in the pipeline, we have significantly strengthened our product portfolio, which positions us well to penetrate new markets and customers. We expect our touch panel controller business to be the next growth engine in our non-driver products. Having successfully shipped meaningful volumes to a leading smartphone brand in 2011, Himax has been awarded multiple new projects with that same customer. We have also won new projects with other smartphone clients. We will leverage our leading market share in the small-and-medium panel drivers and solid customer base we have built over the years to further the long term success in this fast-growing market. Our shipments for LCOS panels last year were derived largely from cellphone-embedded pico projectors sold in emerging markets. We are switching our focus for the LCOS product line into certain innovative applications which are different from pico projector. While we do not anticipate significant sales volume from LCOS products in 2012, we believe these developing applications will augment Himax’s long-term growth and further diversify our revenue streams. We equally witnessed very strong sales growth for our LED driver and power management IC products in 2011. We have added new customers and project opportunities in 2012 as a result of our outstanding product performance and robust product quality reported by our customers. Finally, we repositioned our TV and monitor chipset businesses at the end of 2011 by shifting our focus from mainstream TV and monitor chipsets to higher margin ASIC services and IP licensing. Soon after we announced the strategic repositioning, we signed major contracts with several tier-1 customers, showing an early but encouraging sign for the success of the new strategy. 1 With all these growth opportunities, we believe 2012 would be an inflection point as we grow both top and bottom lines. We also expect to further diversify our portfolio and reduce our reliance on the large panel driver business. I will close by reiterating our commitment to maximizing shareholder value. We have a strong financial position, which gives us tremendous flexibility to grow our Company while returning excess capital to shareholders. We recently declared a cash dividend of $0.063 per ADS, or $0.0315 per ordinary share. Additionally, as of June 30, 2012, we have completed $12.3 million of the $25.0 million share repurchase program authorized in June 2011. Our approach to allocating capital reflects the Board’s confidence in our short and long-term business outlook. We thank you for your support and we will continue to expand our product offerings, develop new technologies and deliver the growth you have come to expect from Himax Technologies. Sincerely, Jordan Wu President and CEO Himax Technologies, Inc. 2 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ FORM 20-F/A (Mark one) REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2011 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ OR SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report ________________ Commission file number: 000-51847 HIMAX TECHNOLOGIES, INC. (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant’s name into English) CAYMAN ISLANDS (Jurisdiction of incorporation or organization) NO. 26, ZIH LIAN ROAD SINSHIH DISTRICT, TAINAN CITY 74148 TAIWAN, REPUBLIC OF CHINA (Address of principal executive offices) Jackie Chang Chief Financial Officer Telephone: +886-2-2370-3999 E-mail: [email protected] Facsimile: +886-2-2314-0877 10F, No. 1, Xiangyang Road Taipei 10046 Taiwan, Republic of China (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant t Section 12(b) of the Act: Title of each class Name of each exchange on which registered Ordinary Shares, par value $0.3 per ordinary share The Nasdaq Global Select Market Inc.* * Not for trading, but only in connection with the listing on the Nasdaq Global Select Market, Inc. of American Depositary Shares representing such Ordinary Shares 3 Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report. 349,279,556 Ordinary Shares. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non- accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer Accelerated filer Non-accelerated filer Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP International Financial Reporting Standards as issued by the International Accounting Standards Board Other If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No 4 TABLE OF CONTENTS _________________________ Page SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS..................................................7 CERTAIN CONVENTIONS..........................................................................................................................7 PART I............................................................................................................................................................9 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS..............................9 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE................................................................9 ITEM 3. KEY INFORMATION.....................................................................................................................9 3.A. Selected Financial Data...................................................................................................................9