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.”

SEOUL, Korea (Mar.19, 2023) – LG Display, the world’s leading innovator of display technologies, announced today that its 65-inch OLED TV panel earned the Product Carbon Footprint Certification from the Carbon Trust. With this achievement, the company’s OLED panel further solidified the company’s leadership in the OLED industry. 

LG Display’s 65-inch OLED panel received this recognition from the Carbon Trust by meeting the global standard (PAS 2050) on GHG (Greenhouse Gas) emissions throughout the entire product life cycle. The Carbon Trust is a global climate consultancy driven by its mission to accelerate the move to a decarbonized future, and its Product Carbon Footprint Certification is one of the most internationally recognized environmental certifications.

LG Display’s self-emissive OLED TV panel requires no backlight, which allows the panel to significantly reduce the use of plastic materials by up to 90% compared to LCD panels and to improve recycling rate to 92.7% by raising the use of iron and metal materials. The company’s OLED TV panel previously received Eco Product Certification from SGS, a Swiss-based global leader in inspection, for excelling in terms of environmental friendliness in four categories: Recycling, Hazardous Substances, Resource Efficiency and Energy Efficiency.

The company further improved its OLED TV panel’s energy efficiency this year by 22% compared to previous panels through its newly-unveiled META Technology, which combines a ‘Micro Lens Array (MLA)’ technology that maximizes light emissions with ‘META Booster,’ the company’s exclusive brightness-enhancing algorithm. LG Display’s OLED TV panel is also widely recognized for emitting the lowest blue light in the industry while providing users with the best flicker-free viewing experience.

Meanwhile, LG Display has introduced its ‘Life Cycle Assessment (LCA)’ system in 2021 to comprehensively evaluate every environmental impact created during a product’s life cycle. Through this new initiative, the company successfully reduced its total use of materials and parts and minimized greenhouse gases and power consumption during manufacturing, while developing products with lower power consumption and reducing waste during the disposal stage.

“We aim to enhance the eco-friendliness and competitiveness of our OLED TV panels by incorporating environmentally sustainable technologies into LG Display’s unmatched technological expertise” said Kwon-shik Park, Vice President of Foundation Technology Laboratory at LG Display.

SEOUL, Korea (Jan. 27, 2023) – LG Display today reported unaudited earnings results based on 
consolidated K-IFRS (International Financial Reporting Standards) for the three-month period ending December 31, 2022.

* Revenues in the fourth quarter of 2022 increased by 8% to KRW 7,302 billion from KRW 6,771 in the third quarter of 2022 and decreased by 17% from KRW 8,807 in the fourth quarter of 2021.

* Operating loss in the fourth quarter of 2022 recorded KRW 876 billion. This compares with the operating loss of KRW 759 billion in the third quarter of 2022 and with the operating profit of KRW 476 billion in the fourth quarter of 2021. 

* EBITDA in the fourth quarter of 2022 was KRW 209 billion, compared with EBITDA of KRW 391 
billion in the third quarter of 2022 and with EBITDA of KRW 1,645 billion in the fourth quarter of 
2021.

* Net loss in the fourth quarter of 2022 was KRW 2,094 billion, compared with the net loss of KRW 774 billion in the third quarter of 2022 and with the net income of KRW 180 billion in the fourth quarter of 2021.

LG Display registered KRW 7.302 trillion in revenues and KRW 876 billion in operating loss in the fourth quarter of 2022.

LG Display saw a decrease in panel shipments in the fourth quarter due to worsening macroeconomic conditions, as set makers’ inventory adjustments further impacted demand in the high-end product sector which had been solid.

The company recorded a quarter-on-quarter increase in revenues by 8% thanks to increased panel shipments for mobile devices, while reporting an operating loss due to a continuous decline in mid-sized panel prices and a high-intensity action plan of utilization adjustment to decrease inventory.

Panels for TVs accounted for 25% of revenues in the fourth quarter, while panels for IT devices including monitors, laptops and tablet PCs accounted for 34%, panels for mobile and other devices accounted for 34%, and those for automobiles accounted for 7%.

LG Display will make all-out efforts to improve the financial structure by strengthening its operations focusing on market-to-order business in response to market volatility and economic uncertainty.

With respect to the market-to-order business which now accounts for 30% of its revenue, LG Display will expand its share in revenue by over 40% in 2023 and 50% in 2024 to establish a stable profit structure resilient to market conditions. In addition, the company will further strengthen its position in the automotive display sector and continue to lead the mid-sized OLED market including tablet PCs, as the rise in smartphone panel shipments in the second half of 2023 is expected to add positive fuel to its efforts to enhance its market-to-order business.

For its supply and demand-based business, the company will focus more on high value-added areas to establish a reasonable operating system in response to market volatility.

After the company’s decision to end its LCD TV panel production in Korea, LG Display's large-sized OLED business was evaluated by an external institution and divided into separate cash-generating unit in accordance with related accounting standards and objective procedures. The company’s large-sized OLED business was reflected KRW 1,331 billion as asset impairment loss after calculated by an external institution, causing the net loss to expand. Considering it occurred only in the financial statement without actually affecting business operations, it is in turn expected to remove possible uncertainties in the company’s businesses in the future.

For its large-sized OLED business, LG Display will further strengthen its profit structure by improving competitiveness in products and costs while concentrating continuously on qualitative growth. In addition, the company will make efforts to enhance its market position by further improving its fundamental competitiveness with its OLED technology, as well as expanding its market-creating business with high growth potential such as Transparent and Gaming OLED panels.

LG Display will also secure financial soundness by minimizing its investment such as investing only in essential and market-to-order businesses, while maintaining its inventory at the minimum level and flexibly adjusting production accordingly.

“Our preemptive move to reduce the company’s inventory in the fourth quarter is expected to improve our performance down the road, and the quarterly result is also expected to improve as we continue to intensely reduce our costs,” said Sung-hyun Kim, CFO and Senior Vice President at LG Display.

Kim added, “We will continue to improve our financial soundness while enhancing our business structure. Regarding our supply and demand business, we will focus more on high value-added areas to establish reasonable operating system in response to market volatility. Through structural innovation centered on the market-to-order business and expansion of market-creating business, we will establish stable profit structure and strengthen our future business portfolio.”