SEOUL, Korea (January 28, 2015) – LG Display reported today unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards) for the three-month period ending December31, 2014.
◆ Revenue in the fourth quarter of 2014 increased by 27% to KRW 8,342 billion from KRW 6,547 billion in the third quarter of 2014 and increased by 18% from KRW 7,079 billion in the fourth quarter of 2013.
◆ Operating profit in the fourth quarter of 2014 recorded KRW 626 billion, a quarter-on-quarter increase of 32% from an operating profit of KRW 474 billion and a year-on-year increase of 144% from the operating profit of KRW 257 billion in the fourth quarter of 2013.
◆ EBITDA in the fourth quarter of 2014 was KRW 1,532 billion, compared with EBITDA of KRW 1,295 billion in the third quarter of 2014 and with EBITDA of KRW 1,124 billion in the fourth quarter of 2013.
◆ Net income in the fourth quarter of 2014 amounted to KRW 389 billion, a quarter-on-quarter increase of 10% from KRW 354 billion in the third quarter of 2014 and a year-on-year increase of 448% from KRW 71 billion in the fourth quarter of 2013.
LG Display posted its eleventh straight quarterly operating profit at KRW 626 billion and quarterly revenue exceeding KRW 8 trillion resulting from increased shipments reflecting a continual trend towards larger size panels and new product launches in the small and medium display segment through the peak season at the year-end. Favorable pricing condition, particularly in large-sized panels due to the above trend, also contributed to the improved results.
LG Display recorded an annual net income of KRW 917 billion in 2014, a year-on-year increase of 119% from the net income of KRW 419 billion in 2013. Annual revenue slightly decreased to KRW 26.456 trillion compared with revenue of KRW 27.033 trillion in 2013. The company expanded its portion of high value-added panels such as those for large-sized, high resolution TVs and mobile devices based on an efficient operational production strategy to proactively meet market demands. Accordingly, despite the decreased annual revenue due to the changes in the business structure towards increased Cell business*, profitability improved significantly. .
In providing a return to the shareholders, LG Display declared a dividend of KRW 500 per common share at the Board of Directors meeting held on the 27th of January. The decision will be finalized after approval at the forthcoming Annual General Meeting of Shareholders.
TFT-LCD panels for TVs accounted for 36% of revenue in the fourth quarter of 2014, mobile device panels for 23%, tablet PCs 19%, monitors 14%, and notebook PCs 8%.
With 95% in the liability to equity ratio, 122% in the current ratio, and 16% in the net debt to equity ratio as of December 31, 2014, the financial structure of the company remains stable.
*Semi-finished panels without backlight module
