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.”

SEOUL, Korea (Jan. 6, 2023) – LG Display, the world’s leading innovator of display technologies, announced today that it will be showcasing cutting-edge automotive displays and solutions at CES 2023. Through these new innovations, the company will strengthen its leading position and shift more of its focus onto the automotive business, a strong future growth engine as well as a key contributor to its order-to- order business, while intensifying its competitiveness in the industry.

LG Display will introduce cutting-edge automotive displays based on its key technologies such as P-OLED and LTPS LCD, while showcasing an autonomous concept car equipped with various innovative and futuristic automotive displays including the industry’s first 18-inch Slidable automotive OLED panel.

LG Display’s differentiated automotive P-OLED is based on Tandem OLED technology, a double-layered OLED boasting two organic light emitting layers to offer greater brightness and durability than single- layered OLED. After becoming the first panel maker to successfully mass-produce its first-generation Tandem OLED back in 2019, the company will start mass-producing the second-generation Tandem OLED starting this year. The second-generation Tandem OLED will further improve brightness and durability while reducing power consumption by around 40 percent compared to the first-generation.

With a combination of Tandem OLED and plastic substrate, LG Display’s P-OLED reduces power consumption and weight. Therefore, when this innovative technology is applied to electric vehicles, it will greatly enhance their energy efficiency which makes it a crucial component for future vehicles.

LG Display’s automotive P-OLED displays adhere to global environmental regulations and minimize hazardous substances all the way from production to disposal. LG Display’s automotive P-OLED displays are also the first of their kind to be awarded the Eco-Product Certification Mark by SGS.

In addition, LG Display will introduce its new Advanced Thin OLED (ATO), which realizes sleek design with its thickness reduced by 20 percent compared to conventional OLED display, as well as outstanding picture quality based on the same Tandem OLED technology its P-OLED displays use. With this latest and reasonably-priced technology, the company will further expand the market.

At this year’s CES, the company will also unveil cutting-edge automotive products based on its differentiated LTPS LCD technology which enables larger and higher-resolution displays than existing LCDs. LG Display’s 57-inch LCD, the world’s largest automotive LCD display, maximizes driving experiences by covering the full dashboard from the left pillar to the right one, setting a new standard for
 
driving experiences. The innovative 12.3-inch glasses-free 3D LCD Cluster gives the driver real-time information on the road with 3D images by tracking the eyes of the drivers. Another industry-first automotive technology LG Display will unveil at CES 2023 is Switchable Privacy Mode, engineered to help drivers focus on the front view rather than distracted by the side view of the passenger’s display by controlling viewing angles.

LG Display will unveil self-driving concept car equipped with next-generation displays including the company’s 18-inch Slidable automotive OLED and Transparent OLED panels. Inside this fully autonomous concept car, the innovative Slidable automotive OLED display is usually hidden in the ceiling and extended downwards when watching movies on the screen on the move. In addition, this futuristic vehicle’s window on the side is equipped with a 55-inch Transparent OLED to enjoy the outside scenery and watch various content and information on the screen at the same time.

LG Display will commercialize products to lead the premium automotive market. As the company begins commercializing its 30-inch range of automotive P-OLEDs this year, it has now set its sights on expanding the lineup to 50 inches.

In addition, LG Display will also unveil its latest innovation, Thin Actuator Sound Solution, which elevates the infotainment experience for everyone on board through its 22.2 channel sound. This CES® 2023 Innovation Award (‘In-Vehicle Entertainment & Safety’ category) winner has been recognized by the Consumer Technology Association (CTA) for its space efficiency, design innovation, sound experience innovation, and eco-friendliness.

Whereas conventional speakers are heavy and bulky because of their many components (voice coil, cone, magnet, etc.), the Thin Actuator Sound Solution is extremely slim and lightweight courtesy of LG Display’s film-type exciter technology which permits it to vibrate off display panels and various interior parts to achieve the richest, most 3D-immersive sound experience.

“We will continue to strengthen our Order-to-Order business’s competitiveness through quality control and stable supply capabilities based on our unmatched technologies, especially our P-OLED and LTPS LCD technologies” said Byeong-koo Kim, Senior Vice President and Head of Auto Business Group at LG Display.

SEOUL, Korea (Jan. 05, 2023) – LG Display, the world’s leading innovator of display technologies, announced today that it will unveil its third-generation OLED TV panel at CES 2023. Based on ‘META Technology,’ the company’s newest OLED TV panel delivers the ultimate picture quality.

LG Display’s newly-unveiled META Technology comprises a ‘Micro Lens Array’ that maximizes light emission from the OLED panel and ‘META Booster,’ a brightness-enhancing algorithm. Based on META Technology, the company’s latest OLED displays achieve 60 percent brighter images and 30 percent wider viewing angles than conventional OLED displays, on top of improved energy efficiency.

The company’s all-new META technology follows ‘EX Technology,’ the second-generation OLED TV panel technology that LG Display introduced last year which uses deuterium and personalized algorithms to enhance brightness by up to 30 percent compared to its predecessor. The company further strengthens its technological leadership in the large-sized OLED panel industry by presenting its cutting-edge META Technology, the culmination of LG Display’s 10 years of OLED innovation.

With its innovative META Technology, LG Display redefines TV picture quality once again by achieving 2,100-nit peak brightness, the highest level of any TV display on the market today. By adding even more brightness to the already impressive picture quality and perfect black of OLED, META Technology realizes the intense and precise color expression that captivates viewers by blurring the lines between virtual and reality.

The key to LG Display’s META Technology is the ‘Micro Lens Array,’ a layer of micrometer-sized convex lenses that maximizes light emission from the OLED panel and enhances energy efficiency by 22 percent compared to that of the same brightness. With this technology, LG Display became the first panel maker to resolve the lingering issue of light being reflected back into the panel and being lost, which restricted the maximum brightness.

LG Display’s third-generation 77-inch 4K OLED TV panel based on META technology has a total of 42.4 billion micro lenses, approximately 5,117 micro lenses per pixel, which work to emit even the lost light due to internal reflections to produce the clearest and most detailed pictures.

‘META Booster,’ LG Display’s exclusive brightness-enhancing algorithm, improves both screen brightness and color expression by analyzing and adjusting the brightness of each scene in real time. This innovative algorithm enhances HDR (High Dynamic Range), which represents brighter lights and deeper darks, to express more detailed and vivid images with the most accurate color expression to date.

In addition, the third-generation OLED panel based on META technology delivers the widest viewing angles among all existing TV panels. LG Display has improved the angle that brightness halves when compared to maximum brightness by up to 30 percent, resulting in a wide viewing angle of 160 degrees which delivers accurate pictures at any angle without image distortion.

LG Display will initially apply its META Technology to its 55-, 65-, 77-inch 4K and 77-, 88-inch 8K OLED TV panels, with the aim of extending it to all lineups down the road. By doing so, the company is dedicated to strengthening its OLED leadership in the premium TV market and enhancing its global reputation in the OLED industry.

“The successful development of our superior ‘META Technology’ evolves the image quality of OLED TVs to a new, unparalleled level,” said Hyeon-woo Lee, Senior Vice President and Head of Large Display Business Unit at LG Display. “We will continue to lead the OLED TV market by expanding the ultra-premium OLED sector and strengthening our competitiveness with the best picture quality and most diverse lineups ever assembled.”