This excerpt taken from the LPL 6-K filed Jan 16, 2009.
LG DISPLAY REPORTS FOURTH QUARTER 2008 RESULTS
SEOUL, Korea January 16, 2009 LG Display [NYSE: LPL, KRX: 034220], a leading innovator of TFT-LCD technology, today reported unaudited earnings results based on consolidated Korean GAAP for the three-month period ending December 31, 2008.
The company reflected in the net loss the entire fine amount of USD 400 million related to the antitrust investigation of the LCD industry in the US market. The fine will be paid over five years starting in 2009.
Young Soo Kwon, CEO of LG Display, said, The industry has experienced drastic market environment changes in 2008. However, we built a strong business structure that can effectively deal with such changes and posted a record performance in sales and operating profit for 2008. We are committed to strengthen out strategic cooperative ties with global customers by providing differentiated customer value and will turn the current challenges into opportunity for future growth.
The company shipped a total of 3.86 million square meters of net display area in the fourth quarter of 2008, an increase of 5%
quarter-on-quarter even in the slow down of TV and IT markets which was effected by global economy recession. TFT-LCD panels for TVs, monitors, notebook PCs and mobile applications accounted for 57%, 20%, 18% and 5%, respectively, on a revenue basis in the fourth quarter of 2008.
The average selling price per square meter of net display area shipped was USD 766, which was a decrease of approximately 23% compared to the average of the third quarter of 2008.
The factory utilization rate averaged around 80% in the fourth quarter of 2008, which helped maintain healthy inventory levels. Production yield was managed in excellent level through quality enhancement and activities to eliminate particles in production lines. Cost reduction activities such as developing cost-innovative models, helped to lower the cost of goods sold per square meter of net display area shipped in USD basis by 7% from the third quarter of 2008.
On January 16, LG Displays Board of Directors approved investment of the amount of KRW577 billion in a new LTPS LCD facility in Korea for premium LCDs primarily used in mobile devices.
Also LG Displays Board of Directors decided to submit the agenda of Amendment to the Article of Incorporation, that adds research, development, manufacturing, sales and marketing of products utilizing solar energy on the objectives of the company, to the Annual General Meeting for approval which is scheduled to be held March 13, 2009.
This excerpt taken from the LPL 6-K filed Jul 9, 2008.
LG DISPLAY REPORTS SECOND QUARTER 2008 RESULTS
SEOUL, Korea July 9, 2008 LG Display [NYSE: LPL, KRX: 034220], a leading innovator of TFT-LCD technology, today reported unaudited earnings results based on consolidated Korean GAAP for the three-month period ending June 30, 2008.
Our record-setting operating profit in this years second quarter came from our constant efforts toward overall reform of our business structure, said Young Soo Kwon, CEO of LG Display. We will develop sustainable competitive advantages and continue to foster close relationships with our customers, offering them superior technology and reliable quality.
On July 9, LG Displays Board of Directors approved investment in an additional Gen 6 facility in Gumi, Korea. The company hopes to maintain market leadership in the ever-increasing 16:9 notebook PC and monitor LCD market by investing KRW 1,361 billion in this new facility, which is expected to start mass production in the second quarter of 2009.
Overall, the company shipped a total of 3.3 million square meters of net display area in the second quarter of 2008, an increase of 3% quarter-on-quarter. TFT-LCD panels for TVs, monitors, notebook PCs and mobile&other applications accounted for 43%, 26%, 26% and 5%, respectively, on a revenue basis in the second quarter of 2008.
The average selling price per square meter of net display area shipped was USD 1,274, which was a decrease of approximately 5% compared to the average of the first quarter of 2008.
For the second quarter of 2008, the cost of goods sold per square meter of net display area shipped in USD basis decreased by 5% from the first quarter of 2008. The main factors contributing to this cost reduction were the productivity improvement through Min-Loss activities and a favorable foreign exchange rate.
Cash and cash equivalents including short term financial instruments of LG Display were KRW 3,835 billion as of June 30, 2008. Total debt was KRW 4,276 billion. Net debt was KRW 441 billion and the net debt-to-equity ratio was 5% as of June 30, 2008, compared to 12% as of March 31, 2008.
LG Display increased its 2008 annual CAPEX from approximately KRW 3 trillion to approximately KRW 4.5 trillion including investment in an additional Gen 6.
This excerpt taken from the LPL 6-K filed Apr 10, 2008.
LG DISPLAY REPORTS FIRST QUARTER 2008 RESULTS
SEOUL, Korea April 10, 2008 LG Display [NYSE: LPL, KRX: 034220], one of the worlds leading TFT-LCD manufacturers, today reported unaudited earnings results based on consolidated Korean GAAP for the three-month period ended March 31, 2008. Amounts in Korean Won (KRW) are translated into US dollars (USD) at the noon buying rate in effect on March 31, 2008, which was KRW 988.60 per US dollar.
Young Soo Kwon, CEO of LG Display, said, Last quarter was a notable quarter for us. Our performance was encouraging despite the seasonally slow market condition. In addition, we have changed our corporate name from LG.Philips LCD Co., Ltd. to LG Display Co., Ltd. and transit into a single Representative Directors organization at the Annual General Meeting according to the change in corporate governance following the reduction of Philips equity. The new name reflects our intention to expand our business scope and diversify the business model for sustainable growth in the future. While there were changes in our corporate governance, we remain committed to maintain our integrity, being transparent and consistent, accompanied by our competent Directors in the Board.
As part of our ongoing efforts to enhance our strength and to successfully implement a profitable growth strategy in this dynamic industry, we have been seeking various possibilities for forming strategic alliances, which are gradually bearing fruits. For instance, we have recently signed a cross license agreement with Kodak for AMOLED business. Also, Skyworth agreed to invest in our Guangzhou module plant. Furthermore, we have a plan to set up an R&D Joint Venture with Skyworth for developing LCD TV especially for Chinese customers. Going forward, we remain committed to achieve sustainable growth by emphasizing collaboration with our customers and investing in technology leadership, ultimately generating greater shareholder value. Mr. Kwon concluded.