WEB NEWS Comments & Business Outlook
Consolidated Statements of Comprehensive Income
For the years ended December 31, 2013, 2014 and 2015
(In millions of won, except earnings per share)
Note
2013
2014
2015
Revenue
23, 24
W
26,455,529
28,383,884
Cost of sales
8, 23
(23,524,851
)
(22,667,134
)
(24,069,572
)
Gross profit
3,508,184
3,788,395
4,314,312
Selling expenses
17
(732,199
)
(746,686
)
(878,368
)
Administrative expenses
17
(517,622
)
(520,160
)
(592,517
)
Research and development expenses
(1,095,727
)
(1,164,294
)
(1,217,929
)
Other income
25
1,109,432
1,071,903
1,273,901
Other expenses
25
(1,268,588
)
(1,095,071
)
(1,326,782
)
Finance income
27
185,011
105,443
158,829
Finance costs
27
(381,851
)
(215,536
)
(316,229
)
Equity in income of equity accounted investees, net
23,665
17,963
18,765
Profit before income tax
830,305
1,241,957
1,433,982
Income tax expense
28
(411,332
)
(324,553
)
(410,526
)
Profit for the year
418,973
917,404
1,023,456
Other comprehensive income (loss)
Items that will never be reclassified to profit or loss
Remeasurements of net defined benefit liabilities
18,28
998
(147,633
)
(110,864
)
Related income tax
18,28
(334
)
35,773
26,682
664
(111,860
)
(84,182
)
Items that are or may be reclassified to profit or loss
Net change in fair value of available-for-sale financial assets
27,28
826
982
13,297
Foreign currency translation differences for foreign operations
27,28
(22,100
)
37,739
50,829
Share of loss from sale of treasury stocks by associates
28
(802
)
(1,360
)
(325
)
Related income tax
28
(225
)
(119
)
214
(22,301
)
37,242
64,015
Comments & Business Outlook
Consolidated Statements of Comprehensive Income
For the years ended December 31, 2012, 2013 and 2014
(In millions of won, except earnings per share)
Note
2012
2013
2014
Revenue
23, 24
￦
29,429,668
27,033,035
26,455,529
Cost of sales
8, 23
(26,424,756
)
(23,524,851
)
(22,667,134
)
Gross profit
3,004,912
3,508,184
3,788,395
Selling expenses
17
(813,742
)
(732,199
)
(746,686
)
Administrative expenses
17
(493,694
)
(517,622
)
(520,160
)
Research and development expenses
(785,111
)
(1,095,727
)
(1,164,294
)
Other income
25
1,260,945
1,109,432
1,071,903
Other expenses
25
(1,614,040
)
(1,268,588
)
(1,095,071
)
Finance income
27
293,172
185,011
105,443
Finance costs
27
(436,696
)
(381,851
)
(215,536
)
Equity in income of equity accounted investees, net
42,779
23,665
17,963
Profit before income tax
458,525
830,305
1,241,957
Income tax expense
28
(222,180
)
(411,332
)
(324,553
)
Profit for the year
236,345
418,973
917,404
Other comprehensive income (loss)
Items that will never be reclassified to profit or loss
Remeasurements of net defined benefit liabilities
18,28
(75,899
)
998
(147,633
)
Related income tax
18,28
18,325
(334
)
35,773
(57,574
)
664
(111,860
)
Items that are or may be reclassified to profit or loss
Net change in fair value of available-for-sale financial assets
27,28
4,764
826
982
Foreign currency translation differences for foreign operations
27,28
(86,320
)
(22,100
)
37,739
Share of loss from sale of treasury stocks by associates
28
(48
)
(802
)
(1,360
)
Related income tax
28
(1,043
)
(225
)
(119
)
(82,647
)
(22,301
)
37,242
Other comprehensive loss for the year, net of income tax
(140,221
)
(21,637
)
(74,618
)
Total comprehensive income for the year
￦
96,124
397,336
842,786
Profit (loss) attributable to:
Owners of the Controlling Company
233,204
426,118
904,268
Non-controlling interests
3,141
(7,145
)
13,136
Profit for the year
￦
236,345
418,973
917,404
Total comprehensive income (loss) attributable to:
Owners of the Controlling Company
94,079
404,478
820,239
Non-controlling interests
2,045
(7,142
)
22,547
Total comprehensive income for the year
￦
96,124
397,336
842,786
Earnings per share (In won)
Basic earnings per share
30
￦
652
1,191
2,527
Diluted earnings per share
30
￦
652
1,191
2,527
Comments & Business Outlook
LG DISPLAY CO., LTD. AND SUBSIDIARIES
For the years ended December 31, 2011, 2012 and 2013
(In millions of won, except earnings per share)
Note
2011
2012
2013
Revenue
23, 24, 25
￦
24,291,289
29,429,668
27,033,035
Cost of sales
8, 23
(23,081,322
)
(26,424,756
)
(23,524,851
)
Gross profit
1,209,967
3,004,912
3,508,184
Selling expenses
17
(728,419
)
(813,742
)
(732,199
)
Administrative expenses
17
(429,511
)
(493,694
)
(517,622
)
Research and development expenses
(816,054
)
(785,111
)
(1,095,727
)
Other income
26
1,223,545
1,260,945
1,109,432
Other expenses
26
(1,400,491
)
(1,614,040
)
(1,268,588
)
Finance income
28
207,266
293,172
185,011
Finance costs
28
(363,309
)
(436,696
)
(381,851
)
Equity income on investments, net
16,047
42,779
23,665
Profit (loss) before income tax
(1,080,959
)
458,525
830,305
Income tax benefit (expense)
29
293,064
(222,180
)
(411,332
)
Profit (loss) for the year
(787,895
)
236,345
418,973
Other comprehensive income (loss)
Items that will never be reclassified to profit or loss
Remeasurements of defined benefit liability
18, 29
(23,732
)
(75,899
)
998
Related income tax
18, 29
6,059
18,325
(334
)
(17,673
)
(57,574
)
664
Items that are or may be reclassified to profit or loss
Net change in fair value of available-for-sale financial assets
28, 29
2,700
4,764
826
Foreign currency translation differences for foreign operations
28, 29
47,443
(86,320
)
(22,100
)
Share of loss from sale of treasury stocks by associates
29
(214
)
(48
)
(802
)
Related income tax
29
(1,101
)
(1,043
)
(225
)
48,828
(82,647
)
(22,301
)
Other comprehensive income (loss) for the year, net of income tax
31,155
(140,221
)
(21,637
)
Total comprehensive income (loss) for the year
￦
(756,740
)
96,124
397,336
Profit (loss) attributable to:
Owners of the Controlling Company
(771,223
)
233,204
426,118
Non-controlling interests
(16,672
)
3,141
(7,145
)
Profit (loss) for the year
￦
(787,895
)
236,345
418,973
Total comprehensive income (loss) attributable to:
Owners of the Controlling Company
(741,417
)
94,079
404,478
Non-controlling interests
(15,323
)
2,045
(7,142
)
Total comprehensive income (loss) for the year
￦
(756,740
)
96,124
397,336
Earnings (loss) per share
Basic earnings (loss) per share
31
￦
(2,155
)
652
1,191
Diluted earnings (loss) per share
31
￦
(2,155
)
652
1,191
Comments & Business Outlook
SEOUL, Korea (April 22, 2013 ) – LG Display [NYSE: LPL, KRX: 034220], a leading innovator of display technology, reported today unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards) for the three-month period ending March 31, 2013.
•
Sales in the first quarter of 2013 increased by 10% to KRW 6,803 billion from KRW 6,184 billion in the first quarter of 2012 and decreased by 22% from KRW 8,743 billion in the fourth quarter of 2012.
•
Operating profit in the first quarter of 2013 was KRW 151 billion. This compares with operating loss of KRW 211 billion in the first quarter of 2012 and operating gain of KRW 587 billion in the fourth quarter of 2012.
•
EBITDA in the first quarter of 2013 was KRW 1,269 billion, a year-on-year increase of 64% from KRW 779 billion in the first quarter of 2012 and a quarter-on-quarter decrease of 30% from KRW 1,814 billion in the fourth quarter of 2012.
•
Net income was KRW 3.5 billion in the first quarter of 2013 compared with net loss of KRW 129 billion in the first quarter of 2012, and net income of KRW 319 billion in the fourth quarter of 2012.
LG Display posted its fourth-straight quarterly operating profit at KRW 151 billion, compared with operating loss of KRW 211 billion in the first quarter of 2012. This is the outcome of a strategic and continuous approach seeking to expand differentiated specialty product portfolio in line with the growing trends of higher resolutions and larger-sized panels.
“With differentiated specialty products based on IPS technology, LG Display was able to lead the market and to achieve operating profit for four consecutive quarters overcoming seasonal factors,” said Dr. Sang Beom Han, CEO of LG Display. “Through continuous efforts to maximize customer value, we will further strengthen our leading position in the industry.”
The company shipped a total of 8.18 million square meters of net display area in the first quarter of 2013, an increase of 1% year-on-year.
TFT-LCD panels for TVs, monitors, notebook PCs, tablets and mobile applications accounted for 43%, 21%, 9%, 14% and 13%, respectively, on a revenue basis in the first quarter of 2013.
With 133% in liability to equity ratio, 110% in current ratio, and 16% in net debt to equity ratio as of March 31, 2013, the financial structure of the company remains stable.
Outlook The following expectations are based on information as of March 31, 2013. The Company does not expect to update its expectations until next quarter’s earnings announcement. However, the Company reserves the right to update its full business outlook, or any portion thereof, at any time and for any reason.
“Total display area shipment in the second quarter of 2013 is expected to increase by a mid-to-high single digit percent growth rate compared to the first quarter of 2013, and panel prices anticipated to stabilize across-the-board although some products might face price fluctuation,” said James Jeong, CFO of LG Display. “Through continuous expansion of our product portfolio tailored to meet the trends towards higher resolution and larger-sized panels, LG Display remains committed to strengthening its differentiated strategies to enhance the value of each of its panels.”
Liquidity Requirements
We expect our cash requirements for 2011 to be primarily for capital expenditures and repayment of maturing debt.
We have historically been able to satisfy our cash requirements from cash flow from operations and debt and equity financing and we believe that we will have sufficient working capital available to us (including in the form of debt) for our current requirements.
Our ability to satisfy our cash requirements from cash flow from operations and financing activities will be affected by our ability to maintain and improve our margins and, in the case of external financing, market conditions, which in turn may be affected by several factors outside of our control.
