LG Display Files March 2024 6-K Report

TL;DR

LG Display filed its March 6-K, standard procedure for foreign private issuers.

AI Summary

LG Display Co., Ltd. filed a Form 6-K on March 14, 2024, to report information for the month of March 2024. The company, formerly known as LG.Philips LCD Co., Ltd. until May 12, 2004, is based in Seoul, Republic of Korea, and is required to file annual reports under Form 20-F.

Why It Matters

This filing provides routine updates for LG Display, a major player in the display technology market, which can offer insights into the company's ongoing compliance and reporting activities.

Risk Assessment

Risk Level: low — This is a routine filing for a foreign private issuer and does not contain specific financial or operational disclosures that would indicate immediate risk.

Key Players & Entities

• LG Display Co., Ltd. (company) — Registrant
• LG.Philips LCD Co., Ltd. (company) — Former company name
• March 14, 2024 (date) — Filing date
• Form 20-F (document) — Annual report filing requirement
• Form 6-K (document) — Report type

FAQ

Filing Documents

• d627344d6k.htm (6-K) — 4550KB
• 0001193125-24-067377.txt ( ) — 4551KB

Business

Business 7 A. Business overview 7 B. Industry 8 C. New businesses 10 D. Customer-oriented marketing activities 10 3. Major Products and Raw Materials 11 A. Major products 11 B. Average selling price trend of major products 11 C. Major raw materials 12 4. Production and Equipment 12 A. Production capacity and output 12 B. Production performance and utilization ratio 13 C. Investment plan 13 5. Sales 14 A. Sales performance 14 B. Sales organization and sales route 14 C. Sales methods and sales terms 14 D. Sales strategy 14 E. Major customers 15 6. Purchase Orders 15 1 Table of Contents 7. Risk Management and Derivative Contracts 15 A. Risk management 15 B. Derivative contracts 16 8. Major Contracts 17 9. Research & Development 17 A. Summary of R&D-related expenditures 17 B. R&D achievements 17 10. Intellectual Property 19 11. Environmental and Safety Matters 19 A. Business environment management 19 B. Product environment management 20 C. Green Management 22 D. Status of sanctions 23 12. Financial Information 27 A. Financial highlights (Based on consolidated K-IFRS) 27 B. Financial highlights (Based on separate K-IFRS) 28 C. Consolidated subsidiaries as of December 31, 2023 29 D. Status of equity investments as of December 31, 2023 29 13. Audit Information 30 A. Audit service 30 B. Non-audit service 30 14.

Managements Discussion and Analysis of Financial Condition

Managements Discussion and Analysis of Financial Condition and Results of Operations 31 A. Risk relating to forward-looking statements 31 B. Overview 31 C. Financial condition and results of operations 33 D. Liquidity and capital resources 45 15. Board of Directors 48 A. Members of the board of directors 48 B. Committees of the board of directors 49 C. Independence of directors 50 16. Information Regarding Shares 50 A. Total number of shares 50 B. Shareholder list 50 17. Directors and Employees 50 A. Directors 50 B. Employees 54 C. Remuneration for executive officers (excluding directors) 54 18. Other Matters 54 A.

Legal proceedings

Legal proceedings 54 B. Status of collateral pledged to related party 54 C. Material events subsequent to the reporting period 55 Attachment: 1. Financial Statements in accordance with K-IFRS 2 Table of Contents 1. Company A. Name and contact information The name of our company is EL-GI DISPLAY CHUSIK HOESA, which shall be LG Display Co., Ltd. in English. Our principal executive office is located at LG Twin Towers, 128 Yeoui-daero, Yeongdeungpo-gu, Seoul 07336, Republic of Korea, and our telephone number is +82-2-3777-1010. Our website address is http://www.lgdisplay.com. B. Credit rating (1) Corporate bonds (Domestic) Month of rating Credit rating (1) Rating agency (Rating range) Corporate bonds May 2021 A+ NICE Information Service Co., Ltd. (AAA ~ D) February 2022 June 2022 March 2023 May 2023 A March 2021 A+ Korea Investors Service, Inc. (AAA ~ D) August 2021 February 2022 June 2022 August 2022 January 2023 May 2023 A April 2021 A+ Korea Ratings Corporation (AAA ~ D) September 2021 June 2022 March 2023 May 2023 A 3 Table of Contents (1) Domestic corporate bond credit ratings are generally defined to indicate the following: Credit rating Definition Corporate bonds AAA Strongest capacity for timely repayment. AA+/AA/AA- Very strong capacity for timely repayment. This capacity may, nevertheless, be slightly inferior than is the case for the highest rating category A+/A/A- Strong capacity for timely repayment. This capacity may, nevertheless, be more vulnerable to adverse changes in circumstances or in economic conditions than is the case for higher rating categories. BBB+/BBB/BBB- Capacity for timely repayment is adequate, but adverse changes in circumstances and in economic conditions are more likely to impair this capacity. BB+/BB/BB- Capacity for timely repayment is currently adequate, but that there are some

Business

Business A. Business overview We were incorporated in February 1985 under the laws of the Republic of Korea. LG Electronics and LG Semicon transferred their respective LCD business to us in 1998, and since then, our business has been focused on the research, development, manufacture and sale of products that apply display technologies such as OLED and TFT-LCD. Sorting by major sales product category, television, IT products and mobile and other products accounted for 20%, 37% and 43% of our total sales, respectively, in 2023. Our customers primarily consist of global set makers, and our top ten customers comprised 87% of our total sales revenue in 2023. As a company focused on exports, our overseas sales accounted for approximately 97% of our total sales in 2023. We provide close local support through our overseas sales subsidiaries located in the United States, Germany, Japan, Taiwan, China and Singapore. We operate key production facilities in Korea, China and Vietnam, and as of December 31, 2023, our cumulative production capacity was approximately 5.2 million glass sheets per year, as converted into eighth-generation sheets (2200x2500mm). In order to expand our production capacity of differentiated and competitive products such as OLED panels, our total capital expenditures on a cash out basis was around W 5.2 trillion in 2022. In 2023, we executed our total capital expenditures to W 3.5 trillion in order to secure financial stability and expect to further execute our capital expenditure to approximately in the W 2 trillion range in 2024. The major raw materials for display panel production include glass, semiconductors, polarizers, organic matter, backlight units (BLU) and printed circuit boards (PCB), and the prices of our raw materials may fluctuate as a result of supply and demand in the market as well as changes in our purchase quantity. The display industry to which we belong is highly affected by the global economic conditions. Given the charac

View Full Filing

View this 6-K filing on SEC EDGAR