This excerpt taken from the LPL 6-K filed Nov 6, 2009.
Based on a report originally issued in Korean
To the Stockholders and Board of Directors
LG Display Co., Ltd.:
We have reviewed the accompanying non-consolidated statement of financial position of LG Display Co., Ltd. (the Company) as of September 30, 2009, and the related interim non-consolidated statements of income for each of the three-month and nine-month periods ended September 30, 2009 and 2008, changes in stockholders equity and cash flows for the nine-month periods ended September 30, 2009 and 2008. These non-consolidated financial statements are the responsibility of the Companys management. Our responsibility is to issue a report on these financial statements based on our reviews.
We conducted our reviews in accordance with the Review Standards for Semiannual Financial Statements established by the Securities and Futures Commission of the Republic of Korea. These Standards require that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review consists principally of inquiries of company personnel and analytical procedures applied to financial data and, thus, provide less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.
Based on our reviews, nothing has come to our attention that causes us to believe that the non-consolidated financial statements referred to above are not presented fairly, in all material respects, in accordance with accounting principles generally accepted in the Republic of Korea.
The non-consolidated statement of financial position of the Company as of December 31, 2008 and the related non-consolidated statements of income, appropriation of retained earnings, changes in stockholders equity and cash flows for the year then ended, which are not accompanying this report were audited by us and our report thereon, dated February 16, 2009, expressed an unqualified opinion. The accompanying non-consolidated statement of financial position of the Company as of December 31, 2008, presented for comparative purposes, is not different from that audited by us in all material respects.
As discussed in note 2(b) to the non-consolidated financial statements, accounting principles and review standards and their application in practice vary among countries. The accompanying non-consolidated financial statements are not intended to present the financial position, results of operations, changes in stockholders equity and cash flows in accordance with accounting principles and practices generally accepted in countries other than the Republic of Korea. In addition, the procedures and practices utilized in the Republic of Korea to review such non-consolidated financial statements may differ from those generally accepted and applied in other countries. Accordingly, this report and the accompanying non-consolidated financial statements are for use by those knowledgeable about Korean accounting procedures and review standards and their application in practice.
As discussed in note 11(b) to the non-consolidated financial statements, the Company is under investigation by fair trade or antitrust authorities in countries including Korea, Japan, Canada, Taiwan and the European Union with respect to alleged anti-competitive activities in the LCD industry and during the three-month period ended September 30, 2009, a hearing was held by the European Commission. In addition, the Company, along with a number of other companies in the LCD industry, is currently defending class action lawsuits in the United States and Canada and related individual lawsuits based on alleged antitrust violations concerning the sale of LCD panels, and the Company and certain of its current and former officers and directors were named as defendants in a shareholder class action in the United States alleging violations of the U.S. Securities Exchange Act of 1934 in connection with alleged anti-competitive activities in the LCD industry. The Company estimated and recognized losses related to these legal proceedings. However, actual losses are subject to change in the future based on new developments in each matter, or changes in circumstances, which could be materially different from those estimated and recognized by the Company.
/s/ KPMG Samjong Accounting Corp.
October 16, 2009
This report is effective as of October 16, 2009, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying non-consolidated financial statements and notes thereto. Accordingly, the readers of the review report should understand that there is a possibility that the above review report may have to be revised to reflect the impact of such subsequent events or circumstances, if any.