Lg Display Co., Ltd · KRX:034220
Lg Display — LG.Philips LCD — Q4 2004 Earnings Presentation
24 slides from Lg Display's earnings presentation, Jan 24, 2005
Slide 1: Q4 04 Earnings Results
Q4 04 Earnings Results January 24, 2005
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the United States Securities and Exchange Commission and the Korean Financial Supervisory Service, in our annual report to shareholders, in our pro
Slide 3: Agenda
Agenda Q4 04 Earnings Results Performance Highlights Outlook 20”W 26”W 32”W 42”W Paju-P7
Slide 4: Q4 Earnings Results
Q4 04 Earnings Results
Slide 5: Q4 Income Statement
Q4 04 Income Statement KRW bn Q4 04 Q3 04 Q4 03 QoQ change YoY change 1,933 1,840 1,875 1,555 2,135 1,508 3% 18% (71%) (99%) (27%) (92%) (88%) (9%) 22% (85%) (100%) (51%) (96%) (94%) Revenue COGS Gross profit Operating income EBITDA Income before tax Net income Margin (%) (24) (26) (18) (23) (12) (1
Slide 6: Q4 Balance Sheet
Q4 04 Balance Sheet KRW bn Q4 04 Q3 04 Q4 03 QoQ change YoY change 6% 12% 16% 14% 10% 20% 1% 60% 170% 139% 29% 14% 51% 99% (26) 10,357 1,361 4,585 1,985 5,772 6,459 3,565 1,311 2,894 9,736 1,212 4,037 1,651 5,699 Assets Cash & equivalent Inventory Liabilities Short term debt Long term debt Sharehold
Slide 7: Q4 Cash Flow
Q4 04 Cash Flow KRW bn Q4 04 Q3 04 Q4 03 QoQ change YoY change Net income Depreciation & Amortization Others Working capital Cash flow from operations CAPEX Cash flow before financing Financing activities Cash proceeds from IPO Net change in cash (256) (76) (428) (697) (1,191) (503) (509) (100) (123
Slide 8: Performance Highlights
Performance Highlights
Slide 9: Shipments and ASP
Shipments and ASP Total K m² * ASP/m² (US$) 1,600 $4,000 $3,554 $3,512 $3,342 1,400 $3,133 $3,500 $2,929 $2,857 1,200 $2,782 $3,000 $2,304 $2,500 1,000 $2,000 $1,500 $1,000 $500 $0 Q3 Q2 Q104 Q4 Q3 Q2 Q103 Q4 Total K m² ASP/m² Source: Company financials * Net display area shipped
Slide 10: Revenue: Product Mix
Revenue: Product Mix 4% 3% 5% 100% 15% 15% 14% 80% 27% 29% 27% 60% 40% 55% 53% 53% 20% 0% Q304 Q403 Q404 TV NBPC MNT APPL Source: Company financials
Slide 11: Q4 Capacity Update
Q4 04 Capacity Update 5th generation capacity increased by approximately 10% P6 input capacity averaged 35K per month for the quarter Unit: Quarterly input capacity by Area (sq.m) Q304 Q204 Q104 Q404 P5 P4 P1~P3 P6 Source: Company financials
Slide 12: Cash ROIC
Cash ROIC EBITDA margin Cash ROIC 39% 35% 36% 16% 54% 52% 42% Sales / IC * 13% 1.6 1.5 1.1 K GAAP (Consolidated) 0.8 Source: Unaudited, Company financials * IC (Invested Capital) equals average of net debt and equity for the designated period
Slide 13: Outlook
Outlook
Slide 14: Q1 Outlook
Q1 05 Outlook ASP per sq. m n Dec. 04 vs. Mar. 05 : High single digit (%) • n Q4 04 vs. Q1 05 Total Shipments (m2) ~9% ” EBITDA Margin Q1 05 Mid-teens
Slide 15: CAPEX Outlook
CAPEX Outlook Capex schedule (KRW bn) 4,580 3,818 3,144 2,212 1,265 1,436 2005(E) P6 Others P7 Source: Company financials, Delivery base
Slide 16: Questions and Answers
—_— Sl Questions and Answers
Slide 17: Appendix
Appendix
Slide 18: US GAAP Income Statement
US GAAP Income Statement KRW bn Q4 04 Q3 04 Q4 03 QoQ change YoY change Revenue COGS Gross profit Operating income EBITDA Income before tax Net income 1,933 1,823 2,135 1,496 3% 18% (67%) (95%) (25%) (84%) (81%) (9%) 22% (83%) (97%) (46%) (92%) (88%) 1,874 1,543 Margin (%) (12) (13) (8) (13) (24) (2
Slide 19: US GAAP Balance Sheet
US GAAP Balance Sheet KRW bn Q4 04 Q3 04 Q4 03 QoQ change YoY change Assets Cash & equivalent Inventory Liabilities Short term debt Long term debt Shareholders’ equity Net debt to equity ratio (%) 10,262 1,361 4,599 1,993 5,663 7% 12% 16% 14% 10% 20% 2% 62% 170% 139% 28% 11% 51% 106% (29) 6,343 3,59
Slide 20: US GAAP Cash Flow
US GAAP Cash Flow KRW bn Q4 04 Q3 04 Q4 03 QoQ change YoY change (242) (68) (431) (676) (1,191) (503) (424) (90) (189) (599) (545) (181) (66) (198) (478) (310) (9) (532) (1,434) (590) 1,191 Net income Depreciation & Amortization Others Working capital Cash flow from operations CAPEX Cash flow before
Slide 21: Net Income Reconciliation to US GAAP
Net Income Reconciliation to US GAAP KRW bn Q4 04 Q1~Q4 04 Net income under K GAAP (1) (1) (1) 1,655 (3) (3) (2) (6) 1,704 US GAAP adjustments Depreciation of PP&E Amortization of IPR Adjustment of AR discount loss Capitalization of financial interests Inventory valuation effect of US GAAP adjustmen
Slide 22: EBITDA Reconciliation
EBITDA Reconciliation K GAAP (KRW bn) Q4 04 Q3 04 Q4 03 QoQ change YoY change 1. Net income (256) (156) (509) (7) (4) (425) (51) (12) (16) 2. Interest expense 3. Interest income 4. Provision (benefit) for income taxes 5. Depreciation of PP&E 6. Amortization of intangible asset 7. Amortization of deb
Slide 23: EBITDA Reconciliation (Continued)
EBITDA Reconciliation (Continued) EBITDA is defined as net income (loss) plus: interest income (expense); provision (benefit) for income taxes; depreciation of property, plant and equipment; amortization of intangible assets; and amortization of debt issuance cost. EBITDA is a key financial measure
Slide 24: LG.Philips LCD makes Technology you can see!
55” Wide Full HDTV LG.Philips LCD makes Technology you can see! 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.Philips LCD Co., Ltd. (Registrant) D