This excerpt taken from the LPL 6-K filed May 15, 2007.
Three-Month Period Ended March 31, 2007
LG.Philips LCD Co., Ltd.
Notes to Non-Consolidated Financial Statements
March 31, 2007 and 2006, and December 31, 2006
LG.Philips LCD Co., Ltd. (the Company) was incorporated in 1985 under its original name of LG Soft, Ltd., under the Commercial Code of the Republic of Korea and commenced the manufacturing and sale of Thin Film Transistor Liquid Crystal Display (TFT LCD) from 1999. On July 26, 1999, LG Electronics Inc., Koninklijke Philips Electronics N.V. (Philips) and the Company entered into a joint venture agreement. Pursuant to the agreement, the Company changed its name from LG LCD Co., Ltd. to LG.Philips LCD Co., Ltd. effective August 27, 1999 and on August 31, 1999, the Company issued new shares of common stock to Philips for proceeds of (Won)725,000 million and Philips acquired a 50% interest in LG LCD Co., Ltd.
The Company listed its shares with the Korea Stock Exchange and with US Securities and Exchange Commission in July, 2004.
As of March 31, 2007, the Company has outstanding capital stock amounting to (Won)1,789,079 million.
The significant accounting policies followed by the Company in the preparation of its interim non-consolidated financial statements are same as those followed by the company in its preparation of annual non-consolidated financial statements and are summarized below: