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  • PR LG Display Reports Second Quarter 2022 Results

    LG Display today reported unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards) for the three-month period ending June 30, 2022.
     Revenues in the second quarter of 2022 decreased by 13% to KRW 5,607 billion from KRW 6,471 billion in the first quarter of 2022 and decreased by 19% from KRW 6,966 billion in the second quarter of 2021.
     Operating loss in the second quarter of 2022 recorded KRW 488 billion. This compares with the operating profit of KRW 38 billion in the first quarter of 2022 and with the operating profit of KRW 701 billion in the second quarter of 2021.
     EBITDA in the second quarter of 2022 was KRW 662 billion, compared with EBITDA of KRW 1,211 billion in the first quarter of 2022 and with EBITDA of KRW 1,770 billion in the second quarter of 2021.
     Net loss in the second quarter of 2022 was KRW 382 billion, compared with the net income of KRW 54 billion in the first quarter of 2022 and with the net income of KRW 424 billion in the second quarter of 2021.
    LG Display recorded KRW 5.607 trillion in revenues and KRW 488 billion in operating loss in the second quarter of 2022.
    The company saw a decrease in panel shipments in the quarter due to China’s prolonged COVID lockdown, as well as a shrink in industry demand affected by the market’s increasing macroeconomic volatility and uncertainties. China’s lockdown had a particularly disruptive impact on set makers and partner companies which in turn led to supply chain disruption. In addition, the continuous decline in LCD panel prices was also a contributing factor to the company’s performance. 
    Panels for TVs accounted for 31% of the revenues in the second quarter, while panels for IT devices including monitors, laptops, and tablets accounted for 45%, and those for mobile devices and the others accounted for 24%.
    LG Display will make efforts to expand its performance focusing on OLED in the second half of this year, while also concentrating on recovering the shipment disruption during the first half of this year caused by China lockdown. 
    In its large-sized OLED business, LG Display will further strengthen its position in the premium market based on its fundamental competitiveness of OLED technology and push for qualitative growth. The company will also accelerate new businesses in the Life Display sector such as Transparent OLED. While the overall TV market is expected to see a year-on-year decline, OLED TV set sales are showing meaningful performance.
    Regarding the IT display sector, LG Display will focus on premium market with relatively low fluctuation to secure stable performance. The company additionally plans to recover from the disruption of shipments of high-end LCD panels for IT devices that was affected by China’s COVID lockdown, while getting prepared for leading the mid-sized OLED market, thereby strengthening its technology leadership.
    For the small-sized OLED business, the company will further improve its performance based on differentiated competitiveness and collaboration with customers by responding to the rising demands for smartwatches and supplying new smartphone models in the second half of the year. 
    For the automotive display sector, LG Display plans to broaden its market dominance by providing differentiated solutions with its lineup ranging from OLED to high-end LCD, remaining global number 1 in the Auto display in terms of sales and further strengthen activities with the goal of exceeding 30% market share in the next three years. 
    Considering the recent market conditions and business competitiveness, the company will accelerate its plan to reduce its LCD TV panel business and concentrate more on high-end IT products. 
    “LG Display plans to strengthen its risk management and react flexibly to market changes in the face of global economic uncertainties by advancing its business structure, increasing management efficiency, managing inventory, and improving investment efficiency.” said Sung-hyun Kim, CFO and Senior Vice President at LG Display.
    Kim also added, “LG Display is actively implementing activities to create robust performance that is unaffected by the market and to discover future growth engine. To this end, we will further strengthen dominance in the large-sized OLED and IT sectors where the company has differentiated competitiveness, push for “market-to-order business” and accelerate efforts for “market-creating business”, all the while preparing for preempting future business and building the base for business development.”

    2022-07-27 See details
  • PR LG Display highlights ESG initiatives in 2022 sustainability report

    LG Display, the world’s leading innovator of display technologies, announced today that it has published its 2021-2022 Sustainability Report.

    The company’s eleventh sustainability report outlines its Environmental, Social, and Governance (ESG) activities and achievements within the last year as well as its short and long-term goals in pursuit of a greener planet. 

    In the environmental sector, the company underlined its consistent efforts to minimize its environmental impact and fight the global climate crisis, including setting greenhouse gas reduction targets, converting to renewable energy, and developing eco-friendly technologies. This year’s report especially highlights the company’s goal to reduce greenhouse gas emissions by 90 percent by the year 2050 compared to 2014.

    To reduce reliance on fossil fuel-based energy, the company purchased 57.2 GWh of electricity produced through renewable energy resources from Korea Electric Power Corporation (KEPCO) last year in order to achieve the goal of using 100 percent renewable energy across all of its domestic offices. LG Display replaced gas in its manufacturing process with another type with a lower global warming index and established facilities to reduce greenhouse gas emissions by more than 90 percent. This eventually helped the company to cut carbon emissions at domestic plants by 38 percent compared to 2014.

    Moreover, LG Display achieved a waste recycling rate of 98.4 percent in 2021 across its domestic plants, an increase of 1.3 percent from the year before. The company has also been consistently recognized for its efforts in the water management sector. It reached a water reuse rate of 181 percent in 2021 thanks to its efforts to repurpose sewage from nearby areas for industrial water.

    LG Display also implemented a measurement system called Eco Index to assess the eco-friendly factors of its products from the development stage and identify areas that need improvement. It was used to evaluate the production of the company’s 65-inch OLED display, and, as a result, the type and ratio of raw materials used were replaced with materials that are easier to recycle, raising its recycling rate to 92.7 percent.

    LG Display plans to continue strengthening its eco-friendly practices, expanding its conversion of new and renewable energy to ultimately reach its goal to reduce carbon emissions by 90 percent by 2050.

    The report also outlined the company’s activities in the social sector, highlighting its establishment of the LG Display Supply Chain ESG Behavior Rules in order to establish a safe working environment for its partners, make sure employees are respected, and ensure the operation of an all-around eco-friendly and ethical company. The company also expanded its partnership ecosystem within the areas of finance, technology, and medical welfare – earning the title of Best Grade in the Shared Growth Index for the seventh year in a row.

    It also disclosed the evaluation results and issues identified through SAQ and third-party on-site inspections conducted as part of its membership in the Responsible Business Alliance (RBA).

    Within the governance sector, the company established its own ESG Committee in April 2021 to deliberate major strategies such as the identification of its nine core ESG areas. Moreover, it also established the Internal Transactions Committee in July 2021 to enhance the fairness of transactions and transparency within the company. The company also focused on its efforts to enhance diversity within its board of directors by appointing women ESG specialists as outside directors.

    This year’s LG Display sustainability report will be published in four languages -- Korean, English, Chinese, and Vietnamese -- and can be found on LG Display's website.

    2022-07-26 See details
  • PR LG Display’s domestic plants obtain ‘Zero Waste to Landfill’ verification from UL Solutions

    LG Display, the world’s leading innovator of display technologies, announced today that it obtained the ‘Zero Waste to Landfill(ZWTL)’ verification from UL Solutions, a global independent safety science company, across all of its domestic production plants in Paju and Gumi.

    Regarded as an international standard for resource recycling efforts on a corporate level, the Zero Waste to Landfill verification is granted to companies that achieve a recycling rate of over 90 percent.

    Last year, LG Display achieved a resource recycling rate of more than 98 percent by recycling 122,820 out of 124,644 tons of total waste generated across its domestic plants. As a result, the company achieved an annual economic impact of more than KRW 20 billion, thanks to both reduced costs from waste disposal and additional profits from selling waste resources.

    This recent verification carries great significance for LG Display’s ESG management that pursued sustainable growth by providing innovative customer experiences, as it has not only led to the creation of eco-friendly plants but also received an international recognition for its efforts.

    Even today, LG Display continually strives to increase its resource recycling rate by minimizing waste generation and implementing eco-friendly habits for its entire staff members.

    An example of the company’s environmental achievements is its improvement of the disposal efficiency of waste glass, a material that used to be entirely buried in the past. The company is currently working with various partners to develop and implement eco-friendly disposal solutions to reduce waste.

    Furthermore, LG Display actively encourages its employees to build eco-friendly habits by installing ‘Smart collection bins’ across offices that automatically separate and discharge PET bottles collected from employees during everyday office hours and also carrying out an in-house campaign to encourage the use of tumblers and eco-friendly bags.

    “In order to protect the environment, it is imperative that we improve the recycling rate by increasing the value of waste resources while ensuring that the amount of waste generated is reduced through our manufacturing process and overall management,” said Kim Seong-hee, Senior Vice President and Chief Safety and Environment Officer (CSEO) at LG Display. “We will continue to work towards achieving sustainable growth by improving our resource recycling rate across our entire production process, from product design and manufacturing to waste disposal.”

    2022-07-20 See details
  • PR LG Display announces winners of this year’s OLEDs GO! competition

    LG Display, the world’s leading innovator of display technologies, has today revealed the top five ideas for its second OLEDs Go!, a global design competition launched by LG Display together with British design magazine, Dezeen.
    The first edition of the OLEDs Go! competition was set up back in 2020 to discover new and innovative designs that offer novel and elevated user experiences through the unique characteristics of OLEDs – the next-generation display technology boasting unparalleled design flexibility with various form factors ranging all the way from curved to rollable.
    This year’s competition was held under the theme of ‘OLED displays that provide new experiences and enhance people’s changing lifestyles,’ and ended on a remarkably successful note thanks to more than 300 bright and creative designers from 50 countries submitted their creations.
    The company selected the very best 5 entries among them based on a criteria made up of innovation, design aesthetics, practicality, lifestyle-enhancing functionality, and technical validity components which would determine how innovatively they used OLED displays in their concept.
    First place was awarded to ‘Caelum’ designed by talented Turkish designer Cagatay Afsar. The company recognized how the design beautifully integrates a 27-inch Transparent OLED panel into the partition of a desk, eliminating the need for a separate monitor to free up desk real estate and reduce household clutter. When not in use, the display can even switch to its transparent mode as to seamlessly blend in with the room’s décor.
    “We’re spending increasing amounts of time at our desks, since working from home has become so common place,” said Afsar. “As our desks are so important now, I wanted to integrate technology into them in a more stylish way.”
    Second place was given to Turkish designer Damla Aras’s ‘Tiny’, an all-in-one solution that combines a 32-inch Rollable OLED display with a foldable desk and speaker. The multifunctional concept makes efficient use of precious space since it can be used as a desk when the display is in full-view mode or a high-quality sound system in low-view mode.
    In third place, ‘Vivid’ features a touchable Transparent OLED display that can be moved across the home
    effortlessly. Studio WA+CH incorporated a 55-inch touchable Transparent OLED display with a vertical frame on wheels to make it easily moveable to anywhere in the home. With an additional built-in camera on its frame, it is readily accessible for video conferencing, personal training, video gaming and more, and can even be combined with numerous displays to form an effective, aesthetically-pleasing room divider.
    The other entries in the top 5 are ‘Totem’ (fourth place), a highly customizable modern soundbar design with a Rollable OLED technology that retracts from the body and can be positioned both vertically and horizontally, and ‘Easel’ (fifth place), an OLED display and easel stand combination that adds a stylish touch to any interior design and can is highly portable.
    The total prize pot to be spread across the top 5 entries is 88,000 euros, with 35,000 euros going to the winner, 20,000 euros to second place, and 15,000 euros to third place.
    LG Display will review the worthy winners’ designs against their commercial feasibility and could potentially consider to launch new projects for further product development in the future.
    “Based on the wide range of scalability and endless developments of OLED technology, LG Display will continue to provide incomparable and differentiated customer experiences in the market,” said Lee Sang-hoon, Head of Large Display Product Planning Division at LG Display.

    2022-06-27 See details
  • PR LG Display creates new markets with cutting-edge OLED solutions at OIF 2022

    LG Display, the world’s leading innovator of display technologies, is holding its Open Innovation Forum (OIF) for the first time in Las Vegas from June 8 to 10. While introducing stateof-the-art display technologies at OIF 2022, the Company has invited major companies as it seeks to open up a new market for displays in the U.S.
    LG Display started OIF in Korea in 2020 as an event to discover new business opportunities and promote strategic cooperation with various industries. During OIF 2022 in the U.S., the Company will introduce a large number of Transparent OLED solutions jointly developed with customers at home and abroad as well as with promising startups, while presenting the future of everyday space.
    Among its collaborations at this year’s event, LG Display has teamed up with global architecture and design firm Gensler to introduce the Maars M923., a next-generation Transparent OLED partition. Designed for office use, the M923. is a customizable and moveable wall that consists of interchangeable snap-in-place panels. By applying Transparent OLED technology, the M923. offers a unique balance of openness and privacy, redefining space and the dimensions of visual presentations with the option of either transparency or vivid colors – and without the need for a separate TV or monitor. Gensler has previously worked on projects such as Incheon International Airport Terminal 2 and the NVIDIA Headquarters in California.
    In addition, LG Display will unveil its Transparent OLED solution for conference rooms, which has been created with Korean interior company EXA E&C. The E-Crystal with Transparent OLED can use a wall itself as a display by embedding Transparent OLED into the glass wall of a conference room. Also, the Transparent Wall Skin produced with promising startup DAIER works on the basis of adding glass with built-in Transparent OLED to a wall, which can be easily installed in offices, hotels, and hospitals while maintaining the existing interior.
    Moreover, LG Display will showcase its Transparent Gallery that implements high-sensitivity touch functions on Transparent OLEDs and can be used as an Internet of Things (IoT) wallpad or for media contents in combination with office space, commercial facilities, and furniture.
    The Company will also introduce new solutions that blend OLED and art. The Objet Showcase for digital art combines regular OLED displays on the back of Transparent OLEDs to maximize stereoscopic and holographic effects, while the Art Canvas is a digital product that utilizes characteristics of OLED, being self-emissive and displaying images with perfect black. 
    LG Display will additionally exhibit Transparent OLED solutions for mobility and shopping malls, as well as flexible OLED concept products such as the Virtual Ride, which enhances exercise equipment with a large OLED screen, and the Media Chair, which combines a reclining chair with a curved OLED display.
    Meanwhile, the Company is conducting a challenge program in search of new business opportunities for startups in the U.S. as part of OIF. Under the theme of 'discovering new concepts related to OLED and Transparent OLED,' the program aims to support excellent companies by jointly developing products and participating in overseas exhibitions through a final evaluation in November.
    “Based on differentiated OLED technology, we will continue to create new markets by expanding strategic collaboration with global customers and startups,” said Yeo Chun-ho, Vice President and Head of the Business Development Division at LG Display.

    2022-06-09 See details
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