Lg Display Co., Ltd · KRX:034220
Lg Display — Q1 2008 Earnings Presentation
22 slides from Lg Display's earnings presentation, Apr 10, 2008
Slide 1: Q1 '08 Earnings Results
Q1 ’08 Earnings Results April 10, 2008
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 p
Slide 3: Q1 '08 Earnings Results
Q1 ’08 Earnings Results 2
Slide 4: Income Statement
Income Statement KRW b Q1 ’08 Q4 ’07 Q1 ’07 QoQ Change YoY Change Revenue 4,036 4,322 2,722 (7%) 48% COGS 2,973 3,240 2,771 (8%) 7% Gross Profit 1,063 1,082 (49) (2%) N/A Operating Income 881 869 (208) 1% N/A EBITDA 1,600 1,775 515 (10%) 211% Income before tax 915 1,006 (246) (9%) N/A Net income 717
Slide 5: Balance Sheet
Balance Sheet KRW b Q1 ’08 Q4 ’07 Q1 ’07 QoQ Change YoY Change Assets 15,238 13,780 13,303 11% 15% Cash* 2,988 1,981 980 51% 205% Inventory 1,031 824 1,078 25% (4%) Liabilities 6,480 5,491 6,590 18% (2%) Short-term debt 976 414 779 136% 25% Long-term debt 3,039 2,992 3,553 2% (14%) Shareholders’ equ
Slide 6: Cash Flow
Cash Flow KRW b Q1 ’08 Q4 ’07 Q1 ’07 QoQ Change YoY Change Net income 717 760 (169) (43) 886 Depreciation & Amortization 685 745 720 (60) (35) Others 83 290 (118) (207) 201 Working Capital* (412) (149) (106) (263) (306) Cash flow from Operation 1,073 1,646 327 (573) 746 Cash flow from Investing** (3
Slide 7: Performance Highlights
Performance Highlights 6
Slide 8: Shipments and ASP
Shipments and ASP Total K m² * ASP/m² ** (USD) 5000 $1,500 $1,364 $1,375 $1,339 $1,287 $1,274 4000 3,418 3,127 3,188 3000 2,822 $1,000 2,243 2000 1000 0 Q1 ’07 Q2 ’07 Q3 ’07 Q4 ’07 Q1 ’08 Display area shipment in K m2 ASP per m2 (USD) Source: Company financials * Net display area shipped ** Quarterl
Slide 9: Revenue: Product Mix
Revenue: Product Mix 100% 5% 5% 6% 22% 21% 24% 25% 24% 26% 50% 48% 50% 44% 0 Q3 ’07 Q4 ’07 Q1 ’08 TVs Monitors Notebooks Applications Source: Company financials, USD Base 8
Slide 10: Q1 '08 Capacity Update
Q1 ’08 Capacity Update Quarterly input capacity by Area (K m² ) 5,000 4,761 4,727 4,554 3,898 4,000 P7 3,481 1,787 1,742 1,675 1,298 3,000 1,021 P6 1,367 1,400 1,430 2,000 1,228 1,162 P5 605 641 639 1,000 520 549 501 490 P4 416 437 487 362 386 420 432 426 P1-P3 0 Q1 ’07 Q2 ’07 Q3 ’07 Q4 ’07 Q1 ’08 S
Slide 11: Cash ROIC
Cash ROIC EBITDA margin 41% 40% Cash ROIC 35% 72% 25% 64% 19% 51% 32% Q1 ’07 Q2 ’07 Q3 ’07 Q4 ’07 Q1 ’08 20% Sales / IC* 175% 163% Q1 ’07 Q2 ’07 Q3 ’07 Q4 ’07 Q1 ’08 148% 126% K GAAP (Consolidated) 107% Q1 ’07 Q2 ’07 Q3 ’07 Q4 ’07 Q1 ’08 Source: Unaudited, Company financials * IC (Invested Capital)
Slide 12: Outlook
Outlook 11
Slide 13: Outlook
Outlook Q2 ’08 CAPEX Schedule (KRW) Approx. 3T ¾ Total Shipment in m2 (QoQ) Mid teens (%) up 2T ¾ Avg QoQ ASP per m2 (USD) Mid single digit (%) down 961B 0.4 T ¾ COGS per m2 (USD) 535B Low single digit (%) down 223B 0.6 T 203B 2007 2008 Future P7 Max Capa Others Source: Company financials, delivery
Slide 14: Questions and Answers
Questions and Answers 13
Slide 15: Appendix
Appendix 14
Slide 16: US GAAP Income Statement
US GAAP Income Statement KRW b Q1 ’08 Q4 ’07 Q1 ’07 QoQ Change YoY Change Revenue 4,036 4,322 2,722 (7%) 48% COGS 2,965 3,227 2,758 (8%) 8% Gross Profit 1,071 1,095 (36) (2%) N/A Operating Income 892 864 (205) 3% N/A EBITDA 1,561 1,778 509 (12%) 207% Income before tax 886 998 (242) (11%) N/A Net inc
Slide 17: US GAAP Balance Sheet
US GAAP Balance Sheet KRW b Q1 ’08 Q4 ’07 Q1 ’07 QoQ Change YoY Change Assets 15,311 13,845 13,316 11% 15% Cash* 2,988 1,981 980 51% 205% Inventory 1,031 824 1,078 25% (4%) Liabilities 6,617 5,596 6,618 18% 0% Short-term debt 976 414 780 136% 25% Long-term debt 3,119 3,044 3,540 2% (12%) Shareholder
Slide 18: US GAAP Cash Flow
US GAAP Cash Flow KRW b Q1 ’08 Q4 ’07 Q1 ’07 QoQ Change YoY Change Net income 673 750 (169) (77) 842 Depreciation & Amortization 678 736 711 (58) (33) Others 134 311 (109) (177) 243 Working Capital* (412) (151) (106) (261) (306) Cash flow from Operation 1,073 1,646 327 (573) 746 Cash flow from Inves
Slide 19: Net Income Reconciliation to US GAAP
Net Income Reconciliation to US GAAP KRW b Q1 ’08 Q4 ’07 Net Income under K GAAP 717 760 US GAAP Adjustments (44) (10) Depreciation of PP&E (1) (1) Amortization of IPR 10 11 Adjustment of AR discount loss 2 0 Capitalization of financial interests (2) 0 Income tax effect of US GAAP Adjustments (15) (
Slide 20: EBITDA Reconciliation
EBITDA Reconciliation K GAAP (KRW b) Q1 ’08 Q4 ’07 Q1 ’07 QoQ Change YoY Change 1. Net Income 717 760 (169) (43) 886 2. Interest Expense 39 45 49 (6) (10) 3. Interest Income (39) (21) (8) (18) (31) 4. Provision (benefit) for Income Taxes 198 246 (77) (48) 275 5. Depreciation of PP&E 671 726 708 (55)
Slide 21: 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 22: Thank You
LG Display makes technology you can see… Thank You !!! 21