Therefore, Chimei Innolux may cancel or reduce orders more readily than if we had long-term purchase commitments from it. Our sales to Chimei Innolux are made pursuant to standard purchase orders rather than long-term contracts. Moreover, our relationship with Chimei Innolux may not be as close as our prior relationship with CMO because none of our executive officers hold a director or officer position at Chimei Innolux after the merger. In addition, if Chimei Innolux seeks lower prices from us, our business and financial results could be materially and adversely affected. We cannot assure you that the purchase policy of Chimei Innolux will not change further to reduce our sales in the future.
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In 2010, our sales of large-sized panels, for which Chimei Innolux is our major customer, declined by approximately 25.7% primarily due to Chimei Innolux’s change of purchase policy to diversify its display driver supply base. Any loss of or a sharp reduction in Chimei Innolux’s sales could have a significant negative impact on our business and results of operations. Chimei Innolux has been adversely affected by the impact of the global economic downturn in recent years. Operations and financial condition to continue to be significantly linked to the success and purchase policy of Chimei Innolux. Operating and Financial Review and Prospects” and the consolidated financial statements and the notes to those statements included herein. The selected financial data set forth below should be read in conjunction with “Item 5. Our historical results do not necessarily indicate results expected for any future periods. The selected consolidated statement of income data and selected consolidated cash flow data for the years ended Decemand 2007 and the selected consolidated balance sheet data as of December 31, 2006, 20 are derived from our audited consolidated financial statements that have not been included herein and were prepared in accordance with U.S. The selected consolidated statement of income data and selected consolidated cash flow data for the years ended December 31, 2008, 20 and the selected consolidated balance sheet data as of Decemand 2010 are derived from our audited consolidated financial statements included herein, which were prepared in accordance with U.S.
For a discussion of these risks and other factors, please see “Item 3.D. Our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons, including, among other things and not limited to, our anticipated growth strategies, our and our customers’ future business developments, results of operations and financial condition, our ability to develop new products, the future growth and pricing trend of the display driver markets, the future growth of end-use applications that use flat panel displays, particularly TFT-LCD panels, development of alternative flat panel display technologies, market acceptance and competitiveness of the driver and non-driver products developed by us, our ability to protect intellectual property, changes in customer relations and preference, shortage in supply of key components, our ability to collect accounts receivable and manage inventory, changes in economic and financial market conditions, and other factors. The words “anticipate,” “believe,” “expect,” “intend,” “plan,” “estimate” and similar expressions, as they relate to us, are intended to identify a number of these forward-looking statements.
Although these forward-looking statements, which may include statements regarding our future results of operations, financial condition, or business prospects, are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on these forward-looking statements, which apply only as of the date of this annual report. This annual report on Form 20-F contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act.
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