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 July 2017
LG Display
Co., Ltd.
(Translation of Registrants name into English)
LG Twin Towers, 128 Yeoui-daero,
Yeongdeungpo-gu,
Seoul 07336, Republic of Korea
(Address of principal executive offices)
Indicate by
check mark whether the registrant files or will file annual reports under cover of Form
20-F
or Form
40-F.
Form
20-F ☒ Form
40-F ☐
Indicate by check mark if the registrant is submitting the Form
6-K
in paper as permitted by
Regulation
S-T
Rule 101(b)(1): ☐
Note: Regulation
S-T
Rule 101(b)(1) only permits the submission in paper of a Form
6-K
if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form
6-K
in paper as permitted by
Regulation
S-T
Rule 101(b)(7): ☐
Note: Regulation
S-T
Rule 101(b)(7) only permits the submission in paper of a Form
6-K
if submission to furnish a report or other document that the registration foreign private issuer
must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrants home country), or under the rules of the home country exchange on which the
registrants securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrants security holders, and if discussing a material event, has already
been the subject of a Form
6-K
submission or other Commission filing on EDGAR.
Indicate by check
mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule
12g3-2(b)
under the Securities Exchange Act of
1934.
Yes ☐ No
☒
Q2 17 Earnings Results
I. Performance in Q2 2017 IFRS Consolidated Financial Data
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(Unit: KRW B)
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Item
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Q2 17
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Q1 17
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Q4 16
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QoQ
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YoY
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Quarterly Results
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Revenues
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6,629
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7,062
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5,855
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-6
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%
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13
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%
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Operating Income
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804
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1,027
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44
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-22
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%
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1,712
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%
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Income before Tax
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832
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858
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11
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-3
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%
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7,607
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%
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Net Income
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737
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679
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-84
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8
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%
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N/A
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II. IR Event of Q2 2017 Earnings Results
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1. Provider of Information:
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IR Team
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2. Participants:
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Investors, Securities analysts, etc.
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3. Purpose:
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To present Q2 17 Earnings Results of LG Display
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4. Date & Time:
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10:00 (KST) on July 26, 2017
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5. Venue & Method:
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Earnings release conference call in Korean/English
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- Please refer to the IR homepage of LG Display Co.,
Ltd. at www.lgdisplay.com
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6. Contact Information
Heeyeon Kim, Vice President, IR Division
(82-2-3777-1010)
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2)
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Main Contact for Disclosure-related Matters:
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Wes Han, Senior Manager, IR Team
(82-2-3777-1447)
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3)
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Relevant Team: IR Team
(82-2-3777-1010)
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i.
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Please note that the presentation material for Q2 17 Earnings Results is accessible on
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IR
homepage of LG Display Co., Ltd. at
www.lgdisplay.com.
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ii.
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Please note that the financial data included are prepared on a consolidated IFRS basis
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iii.
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Financial data for Q2 17 are unaudited. They are provided for the convenience of investors and can be subject to change.
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Attached: Press Release
FOR IMMEDIATE RELEASE
LG Display Reports Second Quarter 2017 Results
and Announces OLED Investment Plans
SEOUL, Korea (July. 25, 2017) LG Display reported today unaudited earnings results based on consolidated
K-IFRS
(International Financial Reporting Standards) for the three-month period ending June 30, 2017.
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Revenues in the second quarter of 2017 increased by 13% to KRW 6,629 billion from KRW 5,855 billion in the second quarter of 2016 and decreased by 6% from KRW 7,062 billion in the first quarter of 2017.
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Operating profit in the second quarter of 2017 recorded KRW 804 billion, a
year-on-year
increase of 1,712% from the operating profit
of KRW 44 billion in the second quarter of 2016 and a
quarter-on-quarter
decrease of 22% from the operating profit of KRW 1,027 billion in the first quarter of
2017.
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EBITDA in the second quarter of 2017 was KRW 1,583 billion, compared with EBITDA of KRW 833 billion in the second quarter of 2016 and with EBITDA of KRW 1,743 billion in the first quarter of 2017.
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Net income in the second quarter of 2017 increased 8% to KRW 737 billion, compared with net income of KRW 679 billion in the first quarter of 2017, and a
year-on-year
turnaround from a net loss of KRW 84 billion in the second quarter of 2016.
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LG
Display recorded its 21
st
straight quarterly operating profit of KRW 804 billion despite the drastic decline in the exchange rate and the years
off-season,
which caused reduced shipments of mid- and small-size panels. The achievement was backed by the companys differentiated technologies and its focus on profitability based on the product mix
for
large-size
Ultra HD TV panels and high-end IT panels.
The company also registered KRW 6,629 billion in
revenues in the second quarter of 2017, a
year-on-year
increase of 13% from KRW 5,855 billion. Panels for TVs accounted for 46% of the revenues in the second
quarter of 2017, mobile devices for 22%, desktop monitors for 17%, and tablets and notebook PCs for 15%.
With 82% in its liability-to-equity ratio, 147%
in its current ratio, and 17% in its net debt-to-equity ratio as of June 30, 2017, the financial structure of the company remains stable.
Along with
the earnings results of the Q2 2017, LG Display announced its investment plan for OLED, which was decided in a board of directors meeting held on the 25
th
. The company decided to make an
up-front
investment of KRW 2.8 trillion in a 10.5
th
generation (2,940mm X 3,370mm)
large-size
OLED production line at its
P10 plant in Paju, Korea, where LG Displays display cluster is located. The company will also invest KRW 5 trillion in a new 6
th
generation (1,500mm X 1,850mm) plastic OLED (POLED)
production line in Paju. Adding these new investments of KRW 7.8 trillion onto its
on-going
investment in OLED, LG Display will invest a total of KRW 15 trillion into OLED production lines through 2020,
thereby making its Paju display cluster the companys hub of OLED production.
LG Displays decision on these large-scale investments came at a time when the companys newly-launched
large-size
OLED panels for TVs such as Wallpaper OLED and Crystal Sound OLED (CSO) are earning popularity in global markets. Moreover, as the customer base for OLED TVs and signage displays is expanding,
alongside rapidly increasing OLED demand from the mobile and automotive markets, LG Display made its decision in a timely manner to actively respond to changing and growing markets.
In particular, LG Displays decision to make an
up-front
investment in the 10.5
th
generation OLED production line prepares for the next-generation technology innovations in the fast-expanding
large-size
OLED market. The companys 10.5
th
generation OLED production line will be the worlds first trial of this kind of facility; current 10.5
th
generation LCD production lines are
mainly invested in by Chinese players.
The size of mother glass produced in 10.5
th
generation
production lines is 1.8 times larger than that in 8
th
generation production lines, and the industrial standardization of extra-large size LCDs has not yet been set. Therefore, LG Display is moving
prudently on its new OLED production line. It will only begin mass production of OLED TVs after stabilizing the technology for producing extra-large size panels and oxide backplanes for the mother glass.
In addition, in order to respond to the fast-growing OLED TV demand in global markets, LG Display will invest in a new 8.5
th
generation (2,200mm X 2,500mm)
large-size
OLED production line in Guangzhou, China, where the company is already running an LCD panel production plant. To
this end, the company decided to establish a joint venture with total capital of KRW 2.6 trillion and will take a 70 percent share, worth KRW 1.8 trillion, in the joint venture.
LG Displays LCD panel production plant in Guangzhou, which started mass production in 2014, has already secured high production efficiency and cost
competitiveness as its 8
th
generation LCD production center. As Guangzhou is an advantageous location in China, the largest TV market in the world, the company is well placed to respond to
fast-growing OLED TV demand by leveraging the Guangzhou cluster and to rapidly secure productivity for qualified products.
Thanks to its investment in
plastic OLED (POLED), LG Display will attain an additional production capacity of 30,000 input sheets per month, expanding its capacity to 65,000 input sheets per month based on the 6
th
generation
lines in Paju and Gumi, a city in the southern part of Korea. This capacity is enough to produce 120 million
6-inch
smartphone displays per year. Based on this increased capacity, LG Display will expand
its leading position in newly-growing markets such as auto displays as well as smartphones by unveiling various forms of flexible display products.
With the smartphone display market continually shifting toward POLED, the POLED market size for smartphones is
expected by the industry to be 120 million units in 2017, rapidly increasing to 370 million units in 2020. Additionally, the flexible OLED market will also show CAGR of 63.2%, reaching 389 million units in 2020.
Were clearly seeing the possibilities the OLED business offers, not only in the global TV segment, but also in the smartphone and automotive
markets, said Dr. Sang-Beom Han, CEO and Vice Chairman of LG Display. We plan to actively respond to customers demands by expanding OLED capacity in a timely manner and developing diversified flexible displays that are fit for
various applications.
###
Earnings Conference Call
LG Display will hold a
bilingual conference call in English and Korean on July 26, 2017 starting at 10:00 a.m. Korea Standard Time to announce the first quarter of 2017 earnings results.
Investors can listen to the conference call or watch webcast of the conference via the company website at
http://www.lgdisplay.com/eng/investor/irSchedule
after registration. If you wish to
call-in
the conference call, please visit
https://events.arkadin.com/ev/APAC/kr/lgd17q2audio
and
follow the instructions to
pre-register.
If you want the webcast only, please visit
https://events.arkadin.com/ev/APAC/kr/lgd17q2webcast
and follow the instructions to
pre-register.
About LG Display
LG Display Co., Ltd. [NYSE: LPL, KRX: 034220] is the worlds leading innovator of display technologies, including thin-film transistor liquid crystal
(TFT-LCD)
and OLED displays, as well as the global pioneer in OLED lightning. The company manufactures display panels in a broad range of sizes and specifications primarily for use in TVs, notebook computers,
desktop monitors, and various other applications, including tablets and mobile devices. It also produces a wide range of OLED light panels for the automotive and interior design sectors. LG Display currently operates manufacturing facilities in
Korea and China, and
back-end
assembly facilities in Korea, China and Poland. The company has approximately 49,000 employees operating worldwide. For more news and information about display products, please
visit
www.lgdisplay.com.
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 therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no
obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ
materially from those contained in any forward-looking statement. Additional information as to factors that may cause actual results to differ materially from our forward-looking statements can be found in our filings with the United States
Securities and Exchange Commission.
Investor Relations Contact:
Heeyeon Kim, Head of Investor Relations
Tel:
+822-3777-1010
Email:
ir@lgdisplay.com
Media Contact:
Young-Jun
Son, Head of Public Relations
Tel:
+822-3777-0974
Email:
yjson21@lgdisplay.com
Jean Lee, Manager
Tel:
+822-3777-1689
Email:
jean.lee@lgdisplay.com
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.
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LG Display Co., Ltd.
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(Registrant)
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Date: July 25, 2017
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By:
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/s/ Heeyeon Kim
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(Signature)
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Name:
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Heeyeon Kim
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Title:
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Head of IR / Vice President
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