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LG Display, a leading innovator of TFT-LCD technology, reported today unaudited earnings results based on consolidated K-IFRS (Korean International Financial Reporting Standards) for the three-month period ending March 31, 2012.

• Sales in the first quarter of 2012 decreased by 6% to KRW 6,184 billion from KRW 6,610 billion in the fourth quarter of 2011, and increased by 15% compared with KRW 5,366 billion in the first quarter of 2011.
• Operating loss in the first quarter of 2012 was KRW 178 billion. This compares with a loss of KRW 145 billion in the fourth quarter of 2011 and operating loss of KRW 239 billion in the first quarter of 2011.
• EBITDA in the first quarter of 2012 was KRW 812 billion, a decrease of 4% from KRW 849 billion in the fourth quarter of 2011 and a year-on-year increase of 41% from KRW 577 billion in the first quarter of 2011.
• Net loss was KRW 129 billion in the first quarter of 2012 compared with net loss of KRW 6 billion in the fourth quarter of 2011 and net loss of KRW 115 billion in the first quarter of 2011.

“This quarter, LG Display established a base for strengthened competitiveness with an approach emphasizing differentiated products as well as new models,” said Mr. Sang Beom Han, CEO of LG Display. “With the foundation that we’ve laid and improved market situation, we expect to show better results and begin moving towards a turnaround in the second quarter. As always, LG Display will continue to lead the industry with its differentiated and world class products.”

The company shipped a total of 8.09 million square meters of net display area in the first quarter of 2012, a decrease of 4% quarter-on-quarter. During the first quarter, LG Display proactively prepared for activities to expand its portion of differentiated products and new models. Due to allocations for the initial output of newly developed products currently in production, output capacity was reduced temporarily; in turn, LG Display shipments in square meters decreased by approximately 4% compared to the previous quarter.

TFT-LCD panels for TVs, monitors, notebook PCs, tablet PCs and mobile applications accounted for 47%, 21%, 15%, 5% and 12%, respectively, on a revenue basis in the fourth quarter. The Average Selling Price decreased by approximately 2% to USD 669 compared to the fourth quarter of 2011.

With KRW 2,393 billion of cash and cash equivalents and 145% of liability to equity ratio as of March 31, 2012, the financial structure of the company remains stable.

Outlook

The following expectations are based on information as of March 31, 2012. The Company does not expect to update its expectations until next quarter’s earnings announcement. However, the Company reserves the right to update its full business outlook, or any portion thereof, at any time and for any reason.

“LG Display expects total shipments to increase around 10 percent in the second quarter compared to the first quarter of 2012, and panel prices to increase slightly,” said James Jeong, CFO of LG Display. “As LG Display’s portion of differentiated products, including FPR 3D and panels for smart devices, continues to expand in an improving market situation with growing demand for new products from our customers, we expect a positive impact on our profitability. We’re highly committed to the goal of moving towards a turnaround in the second quarter.”

Earnings Conference and Conference Call

LG Display will hold a Korean language earnings conference on April 24, 2012, at 4 p.m. Korea Standard Time at the Auditorium(B1), Twin Towers, East Wing, Yeouido, Seoul, Korea. An English language conference call will follow at 9:00 p.m. Korea Standard Time, 8:00 a.m. EDT and 1:00 p.m. GMT. The call-in number is +82 (0)31-810-3061 both for callers in Korea and callers outside of Korea. The confirmation number is 9999#. Corresponding slides will be available at the Investor Relations section of the LG Display web site: www.lgdisplay.com.

Investors can listen to the conference call via the Internet at www.lgdisplay.com. To listen to the live call, please go to the Investor Relations section of the web site at least 15 minutes prior to the call to register and install any necessary audio software.

For those who are unable to participate in the call, a replay will be available for 30 days after the call. The call-in number is +82 (0)31-931-3100 both for callers in Korea and callers outside of Korea. The confirmation number for the replay is 109441#. Please receive your personal pincode prior to the conference call at http://pin.teletogether.com/eng; please insert 9999 on the main page to receive a personal pincode.