Lg Display Co., Ltd · KRX:034220
Lg Display — LG.Philips LCD — Q1 2008 Earnings Presentation
37 slides from Lg Display's earnings presentation, Apr 10, 2008
Slide 1: LG Display Co., Ltd. Form 6-K
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2008 LG Display Co., Ltd. (f/k/a LG.Philips LCD Co., Ltd.) (Translation of Registrant’s name into Eng
Slide 2: Q1 08 Earnings Results
Q1 08 Earnings Results I. Performance in Q1 2008 – Korean GAAP Consolidated Financial Data (Unit: KRW B) Item Q1 08 Q4 07 Q1 07 QoQ YoY Quarterly Results Revenues 4,036 4,322 2,722 -6.6% 48.3% Operating Income 881 869 -208 1.4% — Ordinary Income 915 1,006 -246 -9.0% — Net Income 717 760 -169 -5.7% —
Slide 3: Remarks and US GAAP information
III. Remarks 1. Please note that the presentation material for Q1 08 Earnings Results is attached as an appendix and accessible on IR homepage of LG Display Co., Ltd. at www.lgdisplay.com. 2. Please note that the financial data included in the investor presentation and press release are prepared on
Slide 4: LG Display Reports First Quarter 2008 Results
Attachment 1. Press Release LG DISPLAY REPORTS FIRST QUARTER 2008 RESULTS SEOUL, Korea – April 10, 2008 – LG Display [NYSE: LPL, KRX: 034220], one of the world’s leading TFT-LCD manufacturers, today reported unaudited earnings results based on consolidated Korean GAAP for the three-month period ende
Slide 5: First Quarter Financial Review
First Quarter Financial Review Revenue and Cost Revenue for the three-month period ended March 31, 2008, increased by 48% to KRW 4,036 billion (USD 4,083 million) from KRW 2,722 billion (USD 2,753 million) for the corresponding period of 2007. TFT-LCD panels for TVs, monitors, notebook PCs and other
Slide 6: Outlook
Outlook The following expectations are based on information as of April 10, 2008. 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 fo
Slide 7: Forward-Looking Statement Disclaimer
Forward-Looking Statement Disclaimer This press release contains forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and
Slide 8: Consolidated Statements of Income (Korean GAAP)
LG Display CONSOLIDATED STATEMENTS OF INCOME (In millions of KRW) (The financial statements are based on unaudited Korean GAAP) 2008 2007 Three months Three months Three months ended Mar 31 ended Dec 31 ended Mar 31 REVENUES 4,035,611 100% 4,321,864 100% 2,722,456 100% Cost of goods sold (2,972,932)
Slide 9: Consolidated Balance Sheet (Korean GAAP)
LG Display CONSOLIDATED BALANCE SHEET (In millions of KRW) (The financial statements are based on unaudited Korean GAAP) 2008 2007 Mar 31 Dec 31 ASSETS Current assets: Cash and cash equivalents 1,008,362 7% 1,196,423 9% Short term financial instruments 1,980,000 13% 785,000 6% Trade accounts and not
Slide 10: Consolidated Statements of Cash Flow (Korean GAAP)
LG Display CONSOLIDATED STATEMENTS OF CASH FLOW (In millions of KRW) (The financial statements are based on unaudited Korean GAAP) 2008 2007 Three months Three months Three months ended Mar 31 ended Dec 31 ended Mar 31 Net Income 716,649 759,908 (168,599) Depreciation 670,771 726,052 708,498 Amortiz
Slide 11: Consolidated Statements of Income (US GAAP)
LG Display CONSOLIDATED STATEMENTS OF INCOME (In millions of KRW) (The financial statements are based on unaudited US GAAP) 2008 2007 Three months Three months Three months ended Mar 31 ended Dec 31 ended Mar 31 REVENUES 4,035,611 100% 4,321,864 100% 2,722,456 100% Cost of goods sold (2,964,562) -73
Slide 12: Consolidated Balance Sheets (US GAAP)
LG Display CONSOLIDATED BALANCE SHEETS (In millions of KRW) (The financial statements are based on unaudited US GAAP) 2008 2007 Mar 31 Dec 31 ASSETS Current assets: Cash and cash equivalents 1,008,362 7% 1,196,423 9% Short term financial instruments 1,980,000 13% 785,000 6% Trade accounts receivable
Slide 13: Consolidated Statements of Cash Flow (US GAAP)
LG Display CONSOLIDATED STATEMENTS OF CASH FLOW (In millions of KRW) (The financial statements are based on unaudited US GAAP) 2008 2007 Three months Three months Three months ended Mar 31 ended Dec 31 ended Mar 31 Net Income 673,142 749,643 (169,241) Depreciation 663,877 727,209 709,866 Amortizatio
Slide 14: Net Income Reconciliation to US GAAP
LG Display Net Income Reconciliation to US GAAP (In millions of KRW) 2008 2007 Q1 Q4 Net Income under K GAAP 716,649 759,908 US GAAP Adjustments (43,507) (10,265) Depreciation of PP&E (655) (655) Amortization of IPR 9,661 10,937 Adjustment of AR discount loss 2,109 (1) Capitalization of financial in
Slide 15: Attachment 2. Presentation Material
Attachment Q1 April ’0810, Earnings 2008 2. Presentation Results Material
Slide 16: Disclaimer
Disclaimer and statements. they Forward-looking forward-looking our including fluctuations in This GAAP comparable 1 oral our dependence the are presentation filings statements financial Korean made, those These GAAP inwith foreign and Financial related on measures statement. statements contains als
Slide 17: Q1 '08 Earnings Results
Q1 ’08 Earnings Results 2
Slide 18: Income Statement (K GAAP, Consolidated)
Income KRW 24 21 30 28 Margin 26 211% N/A 7% 48% Source: 3 0(8%) 12(1) Gross (6%) (9%) 1% (2%) (6) (8) (2) (7%) b(10%) 19(%) Statement Q1 Unaudited, 18 20 25 (208) 2,771 margin 41 (169) (246) (49) 2,722 18 22 ’08 40 515 Net Operating 869 1,082 Q4 3,240 EBITDA 760 1,006 4,322 1,775 margin 881 ’07 Com
Slide 19: Balance Sheet (K GAAP, Consolidated)
Balance KRW Assets Cash* Inventory Liabilities Short-term Long-term Shareholders’ Net Source: K * 4 Cash GAAP debt b2,988 15,238 includes Q1 Unaudited, Sheet to (Consolidated) 1,031 6,480 debt equity ’08 1,981 equity 13,780 Q4 3,039 976 short 824 5,491 ratio 980 ’07 Company 414 1,078 8,758 term 13,3
Slide 20: Cash Flow (K GAAP, Consolidated)
KRW Depreciation Others Working Cash Other Dividend Net Source: -* ** 5 Working Working Cash income change Flow flow bfinancing 83 Q1’ Unaudited, flow Capital* (268) 290 Capital from before Capital in 717 08 &from cash (118) Q4 Amortization 0Investing** Operation activities 760 Financing 0(412) incl
Slide 21: Performance Highlights
Performance Highlights
Slide 22: Shipments and ASP
Shipments Total 1 0 $1,287 5000 4000 3000 2000 $1,364 Q1 $1,500 $1,000 $1,339 Display Source: * 7 **000 ’07 2,243,K2,822, $1,274 $1,375 Q2 Net m² Company area and ’07 *display Quarterly shipment ASP/m² Q3 ASPfinancials ’07 average 3,127, area ** Q4 inshipped 3,418,(USD) K’07 sellingm2 Q1 ASP 3,188 p
Slide 23: Revenue by Application
Revenue: T 0 100% 50% Q3 Q4 Q1 Source: 8 Vs‘08 ‘07 Monitors Company Product Notebooks Mix financials, Applications USD Base
Slide 24: Capacity Update
Q1 ’ 081,675, Quarterly 1,021 P1-P3 9 P4Capacity P5 input 1,742 P6capacity P7 Update 1,162 0 1,000 by 1,367 Area 2,000 1,430 (K 3,000 m²620 )5,000 605 4,000 639 416 Q1487 ’ 07490 3,481 362Q2 420 ’07426 3,898 1,228 Q31,787 ’07 4,554 1,228Q4 1,400 ’07 549 4,761 641 4,727 437 Q1 501’08 386Source: 432 C
Slide 25: EBITDA, Cash and ROIC
KIC EBITDA Sales Cash 20% 32% 51% 107% 72% Q2 126% 148% 19% 175% Q3 25% Q4 35% 41% Q1 40% 163% Source: 64% * 10GAAP ‘07 ‘08 (Invested ROIC /Q1 IC* Q3 Q2 Unaudited, margin (Consolidated) ‘08 ‘07 Capital) Company equals financials average of net debt and equity for the designated period; Quarterly rat
Slide 26: Outlook
11 Outlook
Slide 27: Q2 '08 Outlook
Q2T ’08 Outlook Total Avg Mid COGS Low CAPEX Approx. 961B 2 Future Source: 12 0.4 QoQ teens single single Shipment 535B P7 per TCompany Schedule 3T 0.6 ASP Max (%) m2 digit digit 223B Tup (USD) per 2008 Capa in (%) (%) 203B m2 financials, (KRW) m2down down Others (QoQ) (USD) 2007 delivery base
Slide 28: Questions and Answers
Questions and Answers 13
Slide 29: Appendix
14 Appendix
Slide 30: Income Statement (US GAAP, Consolidated)
US2(2) KRW 23 20 30 28 Margin 207% N/A 8% 48% Source: 15 0GAAP (8%) (10%) (11%) 3% (2%) (6) (8) (1) (7%) b(12%) 19(%) Q1’08 Unaudited, 17 20 25 (205) 2,758 41 (36) 2,722 Income (242) 17 22 27 (169) 39 509 Net Operating Gross 864 Q4’07 1,095 3,227 EBITDA 4,322 998 750 1,778 margin 892 Statement Compa
Slide 31: Balance Sheet (US GAAP, Consolidated)
US KRW Q1 15,311 Assets 2,988 Cash* 1,031 Inventory 6,617 Liabilities Short-term 976 Long-term 3,119 Shareholders’ 8,694 Net 13 Source: * 16Cash 18 ’08 GAAP debt 414 3,044 1,981 824 5,596 8,249 50 b13,845 includes Q4 Unaudited, 780 to (5) 1,078 Balance debt ’07 equity 3,540 980 6,618 6,698 (37) 136%
Slide 32: Cash Flow (US GAAP, Consolidated)
US KRW Depreciation Others Working Cash Financing Dividend Net Source: -* ** 17Working Working Cash GAAP income change flow b134 Q1’ Unaudited, flow Capital* (268) activities Capital from before Capital Cash 311 in 673 08 &from cash Q4 (109) Amortization 0Investing* Operation 750 Flow Financing 0(41
Slide 33: Net Income Reconciliation, K GAAP to US GAAP
KRW US Depreciation Amortization Adjustment Capitalization Income ESOP Convertible Stock Cash HannStar Others Net Source: 18 GAAP Income flow bappreciation (1) (1) tax Q1 Unaudited, available-for-sales (1) 0hedge Adjustments effect “08 of Reconciliation under bonds of of of ARQ4 PP&E IPR financial (
Slide 34: EBITDA Reconciliation
K Amortization US 1. 2. 3. 4. 5. 6. 7. EBITDA Source: 19 GAAP Net Interest Provision Depreciation GAAP Income Unaudited, Reconciliation (1+2+3+4+5+6+7) (KRW Expense Income (KRW (benefit) 717 673 of of b)b) PP&E (39) Intangible Debt 760 750 39 35 Company Q1 Q1 for 45 65 (21) (169) Issuance ’08 ’08 In
Slide 35: EBITDA Reconciliation (Continued)
amortization We purposes. our EBITDA determined believe industry. Reconciliation is that in defined not It ofaccordance also adebt the measure presentation provides as issuance net(Continued) with income determined useful cost. U.S. of(loss) EBITDA information GAAP. in plus: accordance Our is will i
Slide 36: Thank You
LG Display Thank You !!! makes technology you can see…
Slide 37: Signatures
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. LG Display Co., Ltd. (Registrant) Date: April 10, 2008 By: /s/ Dong Joo Kim (Signature) Name: Dong Joo