LG Display Co., Ltd. Files 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>LG Display Co., Ltd. has submitted its 20-F filing for the fiscal year ending December 31, 2023, providing a comprehensive overview of its financial performance and corporate structure.</b>

AI Summary

LG Display Co., Ltd. (LPL) filed a Foreign Annual Report (20-F) with the SEC on April 29, 2024. LG Display Co., Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing includes financial data and disclosures for the period. Key dates related to the company's history and name changes are referenced. The report details various financial instruments and asset classifications. Subsidiaries in multiple countries, including China, Singapore, Taiwan, and Germany, are listed.

Why It Matters

For investors and stakeholders tracking LG Display Co., Ltd., this filing contains several important signals. This 20-F filing provides investors and stakeholders with the latest audited financial statements and disclosures, crucial for assessing the company's performance and future outlook. The detailed information on subsidiaries and financial instruments offers insights into LG Display's global operations and risk management strategies.

Risk Assessment

Risk Level: medium — LG Display Co., Ltd. shows moderate risk based on this filing. The filing is a standard annual report (20-F), which typically contains a broad range of financial and operational information, but does not inherently signal immediate positive or negative developments beyond routine disclosure.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F filing to understand LG Display's performance and potential challenges in the display industry.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 20-F filing)
• 2024-04-29 — Filing Date (Date the 20-F was filed with the SEC)
• 001-32238 — SEC File Number (SEC registration number for LG Display)
• 0000950170-24-049414 — Accession Number (Unique identifier for the filing)

Key Players & Entities

• LG Display Co., Ltd. (company) — Filer of the 20-F report
• LG.Philips LCD Co., Ltd. (company) — Former name of LG Display Co., Ltd.
• LG Electronics Egypt SAE (company) — Subsidiary mentioned in the filing
• Avatec Co Ltd (company) — Associate company mentioned
• LG Display China Co Ltd (company) — Subsidiary mentioned
• LG Display America Inc (company) — Subsidiary mentioned
• Standard Chartered Bank (company) — Financial institution mentioned
• LG Display Germany GmbH (company) — Subsidiary mentioned

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
• 2024-04-29: Filing Date — The date LG Display submitted its 20-F to the SEC.

Glossary

20-F

An annual report required for foreign private issuers with the U.S. Securities and Exchange Commission. (Provides comprehensive financial and operational information for investors.)

Fiscal Year End

The last day of a company's accounting year. (Defines the period for which financial statements are reported.)

Key Financial Figures

• $1.00 — mber 31, 2023, which was W 1,290.97 = US$1.00. 3 Table of Contents FORWARD-LO O

Filing Documents

• lpl-20231231.htm (20-F) — 10744KB
• lpl-ex1_1.htm (EX-1.1) — 337KB
• lpl-ex2_6.htm (EX-2.6) — 109KB
• lpl-ex12_1.htm (EX-12.1) — 12KB
• lpl-ex12_2.htm (EX-12.2) — 12KB
• lpl-ex13_1.htm (EX-13.1) — 7KB
• lpl-ex13_2.htm (EX-13.2) — 7KB
• lpl-ex15_1.htm (EX-15.1) — 10KB
• lpl-ex97_1.htm (EX-97.1) — 33KB
• 0000950170-24-049414.txt (&nbsp;) — 47063KB
• lpl-20231231.xsd (EX-101.SCH) — 3496KB
• lpl-20231231_htm.xml (XML) — 14259KB

Forward-Looking Statements

Forward-Looking Statements 4 PART I Item 1. Identity of Directors, Senior Management and Advisers 5 Item 2. Offer Statistics and Expected Timetable 5 Item 3. Key Information 5

A. [RESERVED]

Item 3.A. [RESERVED] 5

B. Capitalization and Indebtedness

Item 3.B. Capitalization and Indebtedness 5

C. Reasons for the Offer and Use of Proceeds

Item 3.C. Reasons for the Offer and Use of Proceeds 5

D. Risk Factors

Item 3.D. Risk Factors 5 Item 4. Information on the Company 25

A. History and Development of the Company

Item 4.A. History and Development of the Company 25

B. Business Overview

Item 4.B. Business Overview 27

C. Organizational Structure

Item 4.C. Organizational Structure 38

D. Property, Plants and Equipment

Item 4.D. Property, Plants and Equipment 39 Item 4A. Unresolved Staff Comments 40 Item 5. Operating and Financial Review and Prospects 40

A. Operating Results

Item 5.A. Operating Results 40

B. Liquidity and Capital Resources

Item 5.B. Liquidity and Capital Resources 52

C. Research and Development, Patents and Licenses, etc

Item 5.C. Research and Development, Patents and Licenses, etc. 56

D. Trend Information

Item 5.D. Trend Information 59

E. Critical Accounting Estimates

Item 5.E. Critical Accounting Estimates 59 Item 6. Directors, Senior Management and Employees 59

A. Directors and Senior Management

Item 6.A. Directors and Senior Management 59

B. Compensation

Item 6.B. Compensation 62

C. Board Practices

Item 6.C. Board Practices 63

D. Employees

Item 6.D. Employees 64

E. Share Ownership

Item 6.E. Share Ownership 65

F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation

Item 6.F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation 65 Item 7. Major Shareholders and Related Party Transactions 65

A. Major Shareholders

Item 7.A. Major Shareholders 65

B. Related Party Transactions

Item 7.B. Related Party Transactions 66

C. Interests of Experts and Counsel

Item 7.C. Interests of Experts and Counsel 67 Item 8. Financial Information 67

A. Consolidated Statements and Other Financial Information

Item 8.A. Consolidated Statements and Other Financial Information 67

B. Significant Changes

Item 8.B. Significant Changes 68 Item 9. The Offer and Listing 68

A. Offer and Listing Details

Item 9.A. Offer and Listing Details 68

B. Plan of Distribution

Item 9.B. Plan of Distribution 69

C. Markets

Item 9.C. Markets 69

D. Selling Shareholders

Item 9.D. Selling Shareholders 69 ( i ) Table of Contents Page

E. Dilution

Item 9.E. Dilution 69

F. Expenses of the Issue

Item 9.F. Expenses of the Issue 69 Item 10. Additional Information 69

A. Share Capital

Item 10.A. Share Capital 69

B. Memorandum and Articles of Association

Item 10.B. Memorandum and Articles of Association 69

C. Material Contracts

Item 10.C. Material Contracts 74

D. Exchange Controls

Item 10.D. Exchange Controls 74

E. Taxation

Item 10.E. Taxation 78

F. Dividends and Paying Agents

Item 10.F. Dividends and Paying Agents 83

G. Statements by Experts

Item 10.G. Statements by Experts 83

H. Documents on Display

Item 10.H. Documents on Display 83

I. Subsidiary Information

Item 10.I. Subsidiary Information 83

J. Annual Report to Security Holders

Item 10.J. Annual Report to Security Holders 83 Item 11.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 84 Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities 87 PART II Item 13. Defaults, Dividend Arrearages and Delinquencies 89 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 89 Item 15.

Controls and Procedures

Controls and Procedures 89 Item 16. [RESERVED] 89 Item 16A. Audit Committee Financial Expert 89 Item 16B. Code of Ethics 89 Item 16C. Principal Accountant Fees and Services 90 Item 16D. Exemptions from the Listing Standards for Audit Committees 90 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 90 Item 16F. Change in Registrant's Certifying Accountant 90 Item 16G. Corporate Governance 91 Item 16H. Mine Safety Disclosure 93 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 93 Item 16J. Insider Trading Policies 93 Item 16K. Cybersecurity 93 PART III Item 17.

Financial Statements

Financial Statements 95 Item 18.

Financial Statements

Financial Statements 95 Item 19. Exhibits 96 ( ii ) Table of Contents PRESENTATION OF FINAN CIAL AND OTHER INFORMATION In this annual report, the terms "we," "us," "our" and "LG Display" refer to LG Display Co., Ltd. and, unless otherwise indicated or required by context, our consolidated subsidiaries. Notwithstanding the foregoing, in the context of any legal proceedings or governmental investigations, "LG Display" refers to LG Display Co., Ltd. and does not include any of its subsidiaries, or any other entities or persons. The financial statements included in this annual report are prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB. As such, we make an explicit and unreserved statement of compliance with IFRS, as issued by the IASB, with respect to our consolidated financial statements as of December 31, 2022 and 2023 and for each of the years ended in the three-year period ended December 31, 2023 included in this annual report. In addition to preparing financial statements in accordance with IFRS as issued by the IASB included in this annual report, we also prepare financial statements in accordance with Korean International Financial Reporting Standards, or K-IFRS, as adopted by the Korean Accounting Standards Board, or KASB, which we are required to file with the Financial Services Commission and the Korea Exchange under the Financial Investment Services and Capital Markets Act of Korea. See "Item 10.B. Memorandum and Articles of Association—Business Report." English translations of such financial statements are furnished to the SEC on Form 6-K, which are not incorporated by reference to this or any of our previous annual reports on Form 20-F. The operating profit or loss presented in the consolidated statements of comprehensive income or loss prepared in accordance with K-IFRS for the years ended December 31, 2022 and 2023 included in the Form

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Item 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATI STICS AND EXPECTED TIMETABLE

Item 2. OFFER STATI STICS AND EXPECTED TIMETABLE Not applicable.

KEY IN FORMATION

Item 3. KEY IN FORMATION

A. [R ESERVED]

Item 3.A. [R ESERVED]

B. Ca pitalization and Indebtedness

Item 3.B. Ca pitalization and Indebtedness Not applicable.

C. R easons for the Offer and Use of Proceeds

Item 3.C. R easons for the Offer and Use of Proceeds Not applicable.

D. R isk Factors

Item 3.D. R isk Factors You should carefully consider the risks described below. Risks Relating to Our Industry Our revenue depends on continuing demand for IT products, mobile and other application products, and televisions with panels of the type we produce. Our sales may not grow at the rate we expect if consumers do not purchase these products. The business in which we are engaged is directly affected by the business conditions of the downstream industries which utilize display panels in their products. Currently, our total sales are derived principally from customers who use our products in IT products, televisions and mobile and other application products with display devices. In particular, a substantial percentage of our sales is derived from end-brand customers, or their designated system integrators, who use our panels in their IT products, which accounted for 41.7%, 42.5% and 36.8% of our total revenue in 2021, 2022 (prior to deduction of forward exchange hedging loss, which had previously been treated as accumulated other comprehensive loss but was reclassified to a deduction from revenue in 2022, when the sales from the hedged forecast transactions were recognized) and 2023, respectively. A substantial portion of our sales is also derived from end-brand customers, or their designated system integrators, who use our panels in their mobile and other applications, which accounted for 26.4%, 30.9% and 42.5% of our total revenue in 2021, 2022 and 2023 (in the case of 2022, adjusted as described above), respectively, and those who use our panels in their televisions, which accounted for 31.7%, 26.4% and 20.3% of our total revenue in 2021, 2022 and 2023 (in the case of 2022, adjusted as described above), respectively. As the increase in demand for certain types of our products, including IT and television products, due to increased levels of working remotely, online schooling and social distancing, following the outbreak of the COVID-19 pandemic in 2

View Full Filing

View this 20-F filing on SEC EDGAR