LG Display

SEOUL, Korea (May 21, 2023) – LG Display, the world’s leading innovator of display technologies, announced today that two of its research papers on ‘ultra-large OLED display’ and ‘Stretchable display’ have been selected as Distinguished Papers by the Society for Information Display (SID).

Under the theme of ‘A Novel Ultra-Large Size OLED Display for Premium TVs,’ LG Display’s research team led by Dr. Hong-jae Shin, research fellow, received the Excellence Paper Award for introducing the key technologies that enabled ultra-large OLED displays of 80 inches and above. With this award, LG Display has been recognized once again for its leadership in OLED innovation.

LG Display led the development of a series of ultra-large OLED TV panels by addressing the challenge of uniformly expressing high-quality images on larger screens, advancing panel and driving technologies, improving the performance of organic light-emitting components, and minimizing bezels.

Following on from the 88-inch 8K OLED TV panel released in 2018, the company commenced the production of its largest 97-inch OLED TV panels last year to offer a full lineup ranging from medium-sized to ultra-large OLED displays. LG Display is the only company with capability of mass-producing ultra-large OLED panels of 80 inches and above.

In addition, LG Display will introduce ‘META technology,’ its third-generation OLED TV panel technology, during SID 2023. These OLED panels realize the industry's highest brightness of 2,100 nits (1 nit: the brightness of a single candle) among existing OLED TVs, making them the perfect solution for ultra-large TVs. Notably, these panels also demonstrate a remarkable 22 percent improvement in energy efficiency.

Another research team led by Precedence Technology Laboratory at LG Display was also awarded the Excellence Paper Award for the paper, ‘High-Resolution Active-Matrix Micro-LED Stretchable Displays.’ The Stretchable display is highly anticipated as a next-generation display technology courtesy of its ultimate free-form technology that enables it to be extended, folded, and twisted.
 
LG Display unveiled the industry's first 12-inch Stretchable display last year that can be stretched by up to 20 percent while delivering full-color RGB and a high resolution of 100ppi (pixels per inch) comparable to standard monitors. This award-winning research has garnered recognition for significantly enhancing the resolution, flexibility, and reliability of stretchable displays, achieving substantial progress towards its commercialization.

LG Display will also present its latest research findings on new technologies during Display Week 2023 from May 21 to 26 at LA Convention Center. This will include the presentation of 15 research papers with significant findings regarding next-generation displays such as OLED and microLED.

LG Display also plans to unveil its latest cutting-edge technologies at SID 2023, including its new OLED technology and third-generation OLED TV panels based on ‘META Technology.’

“We will continue to maintain and expand our competitive advantage by developing cutting-edge displays that provide innovative customer value, particularly in the field of large-sized and high-resolution displays, thereby widening the technological gap between us and our competitors,” remarked Soo-young Yoon, CTO and Executive Vice President at LG Display.

Seoul, Korea (Apr. 27, 2023) – LG Display Co., Ltd. (NYSE: LPL) filed its annual report on Form 20-F for the year ended December 31, 2022 with the U.S. Securities and Exchange Commission on April 27, 2023 EDT. The report can be downloaded at www.lgdisplay.com or at www.sec.gov. Investors may request a hard copy of the company’s complete audited financial statements, included in the report, free of charge by emailing ir@lgdisplay.com.

About LG Display
LG Display Co., Ltd. [NYSE: LPL, KRX: 034220] is the world’s leading innovator of display technologies, including thin-film transistor liquid crystal and OLED displays. The company manufactures display panels in a broad range of sizes and specifications primarily for use in TVs, notebook computers, desktop monitors, automobiles, and various other applications, including tablets and mobile devices. LG Display currently operates manufacturing facilities in Korea and China, and back-end assembly facilities in Korea, China, and Vietnam. The company has approximately 69,656 employees operating worldwide. For more news and information about LG Display, 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.

SEOUL, Korea (Apr. 26, 2023) – LG Display today reported unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards) for the three-month period ending March 31, 2023.

* Revenues in the first quarter of 2023 decreased by 40% to KRW 4,411 billion from KRW 7,302 billion in the fourth quarter of 2022 and decreased by 32% from KRW 6,471 billion in the first quarter of 2022.

* Operating loss in the first quarter of 2023 recorded KRW 1,098 billion. This compares with the operating loss of KRW 876 billion in the fourth quarter of 2022 and with the operating profit of KRW 38 billion in the first quarter of 2022.

* EBITDA loss in the first quarter of 2023 was KRW 80 billion, compared with EBITDA profit of KRW 209 billion in the fourth quarter of 2022 and with EBITDA profit of KRW 1,211 billion in the first quarter of 2022.

* Net loss in the first quarter of 2023 was KRW 1,153 billion, compared with the net loss of KRW 2,094 billion in the fourth quarter of 2022 and with the net income of KRW 54 billion in the first quarter of 2022.

LG Display registered KRW 4.411 trillion in revenues and KRW 1.098 trillion in operating loss in the first quarter of 2023.

LG Display saw a decrease in panel shipments and revenues in the first quarter due to low seasonality and shrinking industry demand mainly for TV and IT products, as set makers continued to aggressively adjust their inventory levels. In addition, the company's continuous efforts to enhance the overall business structure by downsizing its LCD TV panel business also affected the revenues. 
 
Panels for TVs accounted for 19% of revenues in the first quarter, while panels for IT devices including monitors, laptops, and tablet PCs accounted for 38%, panels for mobile and other devices accounted for 32%, and those for automobiles accounted for 11%.

LG Display will make an all-out effort to advance its business structure centered on market-to-order business, which manages to maintain stable shipment and price operations based on close partnerships with its customers, while continuously focusing on improving its differentiated competitiveness to prepare for the future. 

With respect to the market-to-order business which now accounts for over 40% of the revenue, LG Display plans to further expand the revenue share by over 70% within the next two to three years. Additionally, the company will further solidify its global leadership in the automotive display sector by increasing orders and revenues while expanding the shipment of high value-added panels for mobile devices scheduled for additional mass production this year. For its mid-sized OLED business including tablet PCs which it is currently investing in, the company aims to prepare for a solid mass production and supply system in 2024 based on its technological leadership.

In addition, LG Display will focus more on high value-added areas for its supply and demand-based business which is vulnerable to market volatility. The company will continue to strengthen its position in the premium TV market with its large-sized OLED by expanding its product lineup underpinned by stronger fundamental competitive edge characterized by brightness and energy efficiency and by innovating cost structure. The company will also accelerate its market-creating business with high growth potential such as Transparent and Gaming OLED panels. 

“Panel demand is predicted to fall short of actual set sales as set makers anticipate a prolonged period of sluggish demand. However, we now bottom out in the first half and plan to achieve a turnaround during the second half of the year, as the industry recovers its inventory level and soundness. This will in turn lead to increased demand in panels and the expansion of market-to-order business including an increase in shipments of panels for mobile devices,” said Sung-hyun Kim, CFO and Senior Vice President at LG Display. 

Kim added, “Despite continued macroeconomic uncertainties, we will make every effort to improve our business performance by accelerating the advancement of our business structure and maintaining intense activities to reduce our costs.”