[6-K] LG Display Co. Ltd. Current Report (Foreign Issuer)
LG Display Co., Ltd. reported consolidated revenue of W11,652,254 million and a net profit attributable to owners of W603,087 million for the six months ended June 30, 2025. Gross profit was W1,251 billion while operating loss was W82,569 million. The company incurred a W277 billion valuation loss on foreign exchange derivative instruments and reported derivative interest-rate valuation gains/losses of W1 billion and W4 billion respectively.
Sales remain export‑weighted (approximately 96% overseas) with the top ten customers representing 90% of revenue. Production utilization across major plants was reported at 100% and cumulative H1 production capacity converted to 8th‑gen sheets was about 2.4 million. R&D spending was W1,212,498 million (about 10.4% of revenue) and the company maintains a large patent portfolio. Capital expenditures were W2.2 trillion in 2024 and planned at low‑to‑mid W2 trillion in 2025.
LG Display Co., Ltd. ha registrato un fatturato consolidato di W11,652,254 million e un utile netto attribuibile ai proprietari di W603,087 million per i sei mesi chiusi al 30 giugno 2025. Il margine lordo è stato di W1,251 billion, mentre la perdita operativa è stata di W82,569 million. La società ha sostenuto una perdita di valorizzazione di W277 billion sugli strumenti derivati in valuta estera e ha contabilizzato variazioni di valutazione sui derivati sui tassi d'interesse per un utile di W1 billion e una perdita di W4 billion, rispettivamente.
Le vendite restano fortemente orientate all'export (circa il 96% all'estero) e i primi dieci clienti rappresentano il 90% dei ricavi. L'utilizzo degli impianti principali è stato riportato al 100% e la capacità produttiva cumulata nel primo semestre, convertita in lastre di 8ª generazione, è stata di circa 2,4 milioni. Le spese per R&S sono state di W1,212,498 million (circa il 10,4% dei ricavi) e la società mantiene un ampio portafoglio di brevetti. Gli investimenti in capitale sono stati di W2.2 trillion nel 2024 e sono pianificati nel range basso‑medio di W2 trillion per il 2025.
LG Display Co., Ltd. informó ingresos consolidados por W11,652,254 million y un beneficio neto atribuible a los propietarios de W603,087 million en los seis meses cerrados el 30 de junio de 2025. El beneficio bruto fue de W1,251 billion, mientras que la pérdida operativa ascendió a W82,569 million. La compañía registró una pérdida por valoración de W277 billion en instrumentos derivados de divisas y anotó ganancias/pérdidas por valoración de derivados de tipos de interés de W1 billion y W4 billion, respectivamente.
Las ventas siguen siendo mayoritariamente de exportación (aproximadamente 96% en el extranjero) y los diez principales clientes representan el 90% de los ingresos. La utilización de las plantas principales se declaró al 100% y la capacidad productiva acumulada en el primer semestre, convertida a láminas de 8.ª generación, fue de alrededor de 2,4 millones. El gasto en I+D fue de W1,212,498 million (aprox. 10,4% de los ingresos) y la compañía mantiene una amplia cartera de patentes. Las inversiones de capital fueron de W2.2 trillion en 2024 y se planifican en un rango bajo‑medio de W2 trillion para 2025.
LG Display Co., Ltd.는 2025년 6월 30일로 종료된 6개월 동안 연결 매출 W11,652,254 million과 소유주 귀속 순이익 W603,087 million을 보고했습니다. 총이익은 W1,251 billion이었고 영업손실은 W82,569 million이었습니다. 회사는 외환 파생상품에서 W277 billion의 평가손실을 입었고, 금리 파생상품 평가에서는 각각 W1 billion의 평가이익과 W4 billion의 평가손실을 보고했습니다.
매출은 수출 비중이 높아(약 96% 해외) 상위 10개 고객이 매출의 90%를 차지합니다. 주요 공장들의 가동률은 100%로 보고되었고, 상반기 누적 생산능력을 8세대 시트로 환산하면 약 240만장 수준이었습니다. 연구개발(R&D) 비용은 W1,212,498 million(매출의 약 10.4%)이었고, 회사는 방대한 특허 포트폴리오를 보유하고 있습니다. 2024년 설비투자는 W2.2 trillion이었으며 2025년에는 저~중 수준의 W2 trillion 안팎을 계획하고 있습니다.
LG Display Co., Ltd. a déclaré un chiffre d'affaires consolidé de W11,652,254 million et un bénéfice net attribuable aux propriétaires de W603,087 million pour les six mois clos le 30 juin 2025. Le résultat brut s'est élevé à W1,251 billion tandis que la perte d'exploitation s'est établie à W82,569 million. La société a subi une perte de valorisation de W277 billion sur des instruments dérivés de change et a enregistré des gains/pertes de valorisation sur dérivés de taux d'intérêt de W1 billion et W4 billion, respectivement.
Les ventes restent majoritairement exportées (environ 96% à l'étranger) et les dix principaux clients représentent 90% du chiffre d'affaires. Le taux d'utilisation des principales usines a été déclaré à 100% et la capacité de production cumulée du premier semestre, convertie en feuilles de 8e génération, est d'environ 2,4 millions. Les dépenses de R&D se sont élevées à W1,212,498 million (environ 10,4% du chiffre d'affaires) et la société dispose d'un important portefeuille de brevets. Les dépenses d'investissement ont été de W2.2 trillion en 2024 et sont prévues dans une fourchette basse‑moyenne de W2 trillion pour 2025.
LG Display Co., Ltd. meldete für die sechs Monate zum 30. Juni 2025 einen konsolidierten Umsatz von W11,652,254 million und einen den Eigentümern zurechenbaren Nettogewinn von W603,087 million. Der Bruttogewinn belief sich auf W1,251 billion, während ein Betriebsverlust von W82,569 million ausgewiesen wurde. Das Unternehmen verzeichnete einen Bewertungsverlust von W277 billion bei Fremdwährungsderivaten und berichtete Bewertungsgewinne/-verluste aus Zinsderivaten in Höhe von W1 billion bzw. W4 billion.
Der Absatz ist exportlastig (etwa 96% Ausland); die Top‑10‑Kunden machen 90% des Umsatzes aus. Die Auslastung der Hauptwerke wurde mit 100% angegeben, und die kumulierte Produktion im ersten Halbjahr, umgerechnet auf 8.‑G‑Sheets, lag bei rund 2,4 Millionen. Die F&E‑Ausgaben beliefen sich auf W1,212,498 million (rund 10,4% des Umsatzes) und das Unternehmen verfügt über ein großes Patentportfolio. Die Investitionen betrugen 2024 W2.2 trillion; für 2025 sind Investitionen im unteren bis mittleren Bereich von W2 trillion geplant.
- Consolidated net profit attributable to owners of W603,087 million for H1 2025
- Revenue recovery with W11,652,254 million in consolidated sales for H1 2025
- Full plant utilization reported at 100% across Gumi, Paju and Guangzhou facilities in H1 2025
- High R&D intensity: R&D-related expenditures of W1,212,498 million (10.4% of revenue)
- Large patent portfolio: 30,644 patents in Korea and 37,516 patents in other countries (cumulative)
- Operating loss of W82,569 million in H1 2025 despite net profit at the consolidated level
- Significant valuation loss on FX derivatives of W277 billion during the reporting period
- High customer concentration: top ten customers accounted for 90% of total sales in H1 2025
- Material safety and labor incidents disclosed, including fines and corrective orders from 2021–2024
- Large ongoing capital expenditures (W2.2 trillion in 2024; planned low‑to‑mid W2 trillion in 2025) that maintain capital intensity
Insights
TL;DR: Revenue recovered and LG Display returned to net profitability in H1 2025 despite an operating loss and sizable FX derivative valuation loss.
LG Display posted W11.65 trillion in revenue and W603.1 billion net income attributable to owners for H1 2025, reversing multi-year net losses. Operating loss of W82.6 billion suggests core operating margins remain under pressure, while a W277 billion valuation loss on FX derivatives materially affected financial results. High R&D intensity (~10% of revenue), sustained capex at ~W2 trillion and full plant utilization indicate continued investment to support OLED transition. For investors, the return to consolidated profitability is material, but operating profitability and derivative losses require monitoring.
TL;DR: Governance moves increase financing flexibility, but past safety incidents and labour corrective orders require continued oversight.
Amendments to the articles of incorporation broaden authorized share and issuance limits and permit more flexible interim dividend mechanics, which increases corporate flexibility for financing and capitalization. The board composition includes four outside directors of seven, and multiple board committees are in place. The report discloses prior safety incidents, fines and corrective orders; these items, together with high shareholder concentration (LG Electronics 36.72%), underscore the importance of robust oversight and stakeholder engagement.
LG Display Co., Ltd. ha registrato un fatturato consolidato di W11,652,254 million e un utile netto attribuibile ai proprietari di W603,087 million per i sei mesi chiusi al 30 giugno 2025. Il margine lordo è stato di W1,251 billion, mentre la perdita operativa è stata di W82,569 million. La società ha sostenuto una perdita di valorizzazione di W277 billion sugli strumenti derivati in valuta estera e ha contabilizzato variazioni di valutazione sui derivati sui tassi d'interesse per un utile di W1 billion e una perdita di W4 billion, rispettivamente.
Le vendite restano fortemente orientate all'export (circa il 96% all'estero) e i primi dieci clienti rappresentano il 90% dei ricavi. L'utilizzo degli impianti principali è stato riportato al 100% e la capacità produttiva cumulata nel primo semestre, convertita in lastre di 8ª generazione, è stata di circa 2,4 milioni. Le spese per R&S sono state di W1,212,498 million (circa il 10,4% dei ricavi) e la società mantiene un ampio portafoglio di brevetti. Gli investimenti in capitale sono stati di W2.2 trillion nel 2024 e sono pianificati nel range basso‑medio di W2 trillion per il 2025.
LG Display Co., Ltd. informó ingresos consolidados por W11,652,254 million y un beneficio neto atribuible a los propietarios de W603,087 million en los seis meses cerrados el 30 de junio de 2025. El beneficio bruto fue de W1,251 billion, mientras que la pérdida operativa ascendió a W82,569 million. La compañía registró una pérdida por valoración de W277 billion en instrumentos derivados de divisas y anotó ganancias/pérdidas por valoración de derivados de tipos de interés de W1 billion y W4 billion, respectivamente.
Las ventas siguen siendo mayoritariamente de exportación (aproximadamente 96% en el extranjero) y los diez principales clientes representan el 90% de los ingresos. La utilización de las plantas principales se declaró al 100% y la capacidad productiva acumulada en el primer semestre, convertida a láminas de 8.ª generación, fue de alrededor de 2,4 millones. El gasto en I+D fue de W1,212,498 million (aprox. 10,4% de los ingresos) y la compañía mantiene una amplia cartera de patentes. Las inversiones de capital fueron de W2.2 trillion en 2024 y se planifican en un rango bajo‑medio de W2 trillion para 2025.
LG Display Co., Ltd.는 2025년 6월 30일로 종료된 6개월 동안 연결 매출 W11,652,254 million과 소유주 귀속 순이익 W603,087 million을 보고했습니다. 총이익은 W1,251 billion이었고 영업손실은 W82,569 million이었습니다. 회사는 외환 파생상품에서 W277 billion의 평가손실을 입었고, 금리 파생상품 평가에서는 각각 W1 billion의 평가이익과 W4 billion의 평가손실을 보고했습니다.
매출은 수출 비중이 높아(약 96% 해외) 상위 10개 고객이 매출의 90%를 차지합니다. 주요 공장들의 가동률은 100%로 보고되었고, 상반기 누적 생산능력을 8세대 시트로 환산하면 약 240만장 수준이었습니다. 연구개발(R&D) 비용은 W1,212,498 million(매출의 약 10.4%)이었고, 회사는 방대한 특허 포트폴리오를 보유하고 있습니다. 2024년 설비투자는 W2.2 trillion이었으며 2025년에는 저~중 수준의 W2 trillion 안팎을 계획하고 있습니다.
LG Display Co., Ltd. a déclaré un chiffre d'affaires consolidé de W11,652,254 million et un bénéfice net attribuable aux propriétaires de W603,087 million pour les six mois clos le 30 juin 2025. Le résultat brut s'est élevé à W1,251 billion tandis que la perte d'exploitation s'est établie à W82,569 million. La société a subi une perte de valorisation de W277 billion sur des instruments dérivés de change et a enregistré des gains/pertes de valorisation sur dérivés de taux d'intérêt de W1 billion et W4 billion, respectivement.
Les ventes restent majoritairement exportées (environ 96% à l'étranger) et les dix principaux clients représentent 90% du chiffre d'affaires. Le taux d'utilisation des principales usines a été déclaré à 100% et la capacité de production cumulée du premier semestre, convertie en feuilles de 8e génération, est d'environ 2,4 millions. Les dépenses de R&D se sont élevées à W1,212,498 million (environ 10,4% du chiffre d'affaires) et la société dispose d'un important portefeuille de brevets. Les dépenses d'investissement ont été de W2.2 trillion en 2024 et sont prévues dans une fourchette basse‑moyenne de W2 trillion pour 2025.
LG Display Co., Ltd. meldete für die sechs Monate zum 30. Juni 2025 einen konsolidierten Umsatz von W11,652,254 million und einen den Eigentümern zurechenbaren Nettogewinn von W603,087 million. Der Bruttogewinn belief sich auf W1,251 billion, während ein Betriebsverlust von W82,569 million ausgewiesen wurde. Das Unternehmen verzeichnete einen Bewertungsverlust von W277 billion bei Fremdwährungsderivaten und berichtete Bewertungsgewinne/-verluste aus Zinsderivaten in Höhe von W1 billion bzw. W4 billion.
Der Absatz ist exportlastig (etwa 96% Ausland); die Top‑10‑Kunden machen 90% des Umsatzes aus. Die Auslastung der Hauptwerke wurde mit 100% angegeben, und die kumulierte Produktion im ersten Halbjahr, umgerechnet auf 8.‑G‑Sheets, lag bei rund 2,4 Millionen. Die F&E‑Ausgaben beliefen sich auf W1,212,498 million (rund 10,4% des Umsatzes) und das Unternehmen verfügt über ein großes Patentportfolio. Die Investitionen betrugen 2024 W2.2 trillion; für 2025 sind Investitionen im unteren bis mittleren Bereich von W2 trillion geplant.
United states
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6‑K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a‑16 OR 15d‑16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2025
LG Display Co., Ltd.
(Translation of Registrant’s name into English)
LG Twin Towers, 128 Yeoui‑daero, Yeongdeungpo‑gu, Seoul 07336, Republic of Korea
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20‑F or Form 40‑F.
Form 20‑F X Form 40‑F ____
Indicate by check mark if the registrant is submitting the Form 6‑K in paper as permitted by Regulation S‑T Rule 101(b)(1): ____
Note: Regulation S‑T Rule 101(b)(1) only permits the submission in paper of a Form 6‑K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6‑K in paper as permitted by Regulation S‑T Rule 101(b)(7): ____
Note: Regulation S‑T Rule 101(b)(7) only permits the submission in paper of a Form 6‑K if submission to furnish a report or other document that the registration foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and if discussing a material event, has already been the subject of a Form 6‑K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3‑2(b) under the Securities Exchange Act of 1934.
Yes _____ No X
SEMI-ANNUAL REPORT
(From January 1, 2025 to June 30, 2025)
THIS IS A TRANSLATION OF THE SEMI-ANNUAL REPORT ORIGINALLY PREPARED IN KOREAN AND IS IN SUCH FORM AS REQUIRED BY THE KOREAN FINANCIAL SUPERVISORY COMMISSION.
IN THE TRANSLATION PROCESS, SOME PARTS OF THE REPORT WERE REFORMATTED, REARRANGED OR SUMMARIZED AND CERTAIN NUMBERS WERE ROUNDED FOR THE CONVENIENCE OF READERS. REFERENCES TO “Q1”, “Q2”, “Q3” AND “Q4” OF A FISCAL YEAR ARE REFERENCES TO THE THREE-MONTH PERIODS ENDED MARCH 31, JUNE 30, SEPTEMBER 30 AND DECEMBER 31, RESPECTIVELY, OF SUCH FISCAL YEAR. REFERENCES TO “H1” OF A FISCAL YEAR ARE REFERENCES TO THE SIX-MONTH PERIOD ENDED JUNE 30 OF SUCH FISCAL YEAR. REFERENCES TO “W” ARE REFERENCES TO THE KOREAN WON.
UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION CONTAINED HEREIN IS PRESENTED ON A CONSOLIDATED BASIS IN ACCORDANCE WITH KOREAN INTERNATIONAL FINANCIAL REPORTING STANDARDS, OR K‑IFRS, which differ in certain respects from generally accepted accounting principles in certain other countries, including the United States. K‑IFRS also differs in certain respects from the international financial reporting standards as issued by the international accounting standards board. We have made no attempt to identify or quantify the impact of these differences IN THIS DOCUMENT.
Contents
1. Company
A. Name and contact information
B. Credit rating
C. Capitalization
D. Voting rights
E. Dividends
F. Matters relating to Articles of Incorporation
2. Business
A. Business overview
B. Industry
C. New businesses
D. Customer-oriented marketing activities
3. Major Products and Raw Materials
A. Major products
B. Average selling price trend of major products
C. Major raw materials
4. Production and Equipment
A. Production capacity and output
B. Production performance and utilization ratio
C. Investment plan
5. Sales
A. Sales performance
B. Sales organization and sales route
C. Sales methods and sales terms
D. Sales strategy
E. Major customers
1
6. Purchase Orders
7. Risk Management and Derivative Contracts
A. Risk management
B. Derivative contracts
8. Major Contracts
9. Research & Development
A. Summary of R&D‑related expenditures
B. R&D achievements
10. Intellectual Property
11. Environmental and Safety Matters
A. Business environment management
B. Product environment management
C. Safety standards
D. Green management
E. Status of sanctions
12. Financial Information
A. Financial highlights (Based on consolidated K‑IFRS)
B. Financial highlights (Based on separate K‑IFRS)
C. Consolidated subsidiaries as of June 30, 2025
D. Status of equity investments in associates as of June 30, 2025
13. Audit Information
A. Audit service
B. Non‑audit service
14. Management’s Discussion and Analysis of Financial Condition and Results of Operations
15. Board of Directors
A. Members of the board of directors
B. Committees of the board of directors
C. Independence of directors
16. Information Regarding Shares
A. Total number of shares
B. Shareholder list
17. Directors and Employees
A. Directors
B. Employees
C. Remuneration for executive officers (excluding directors)
18. Other Matters
A. Legal proceedings
B. Status of collateral pledged to related party
C. Material events subsequent to the reporting period
Attachment: 1. Financial Statements in accordance with K‑IFRS
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2 |
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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.
Subject instrument |
|
Month of rating |
|
Credit rating (1) |
|
Rating agency (Rating range) |
Corporate bonds |
|
March 2023 |
|
A+ |
|
NICE Information Service Co., Ltd. (AAA ~ D) |
May 2023 |
|
A |
|
|||
June 2024 |
|
|
||||
March 2025 |
|
|
||||
January 2023 |
|
A+ |
|
Korea Investors Service, Inc. (AAA ~ D) |
||
May 2023 |
|
A |
|
|||
June 2024 |
|
|
||||
June 2025 |
|
|
||||
March 2023 |
|
A+ |
|
Korea Ratings Corporation (AAA ~ D) |
||
May 2023 |
|
A |
|
|||
June 2024 |
|
|
||||
June 2025 |
|
|
Subject instrument |
|
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 speculative characteristics that make the repayment uncertain over time. |
||
B+/B/B- |
|
Lack of adequate capacity for repayment and speculative characteristics. Interest payment in time of unfavorable economic conditions is uncertain. |
||
CCC |
|
Lack of capacity for even current repayment and high risk of default. |
||
CC |
|
Greater uncertainties than higher ratings. |
||
C |
|
High credit risk and lack of capacity for timely repayment. |
||
D |
|
Insolvency. |
3
Not applicable.
(Unit: Won, Shares)
Date of Issuance |
|
Method of Issuance |
|
Details of the Shares Issued |
||||||||
Type |
|
Number of Shares |
|
Par value per Share |
|
Offering price per Share |
|
Remarks |
||||
March 15, 2024 |
|
Paid-in capital increase (share rights offering to existing shareholders) |
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Common shares |
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142,184,300 |
|
W 5,000 |
|
W 9,090 |
|
Ratio of paid-in capital increase: 39.74% |
We have no outstanding convertible bonds as of June 30, 2025.
Description |
|
Number of shares |
||
A. Total number of shares issued(1): |
|
Common shares(1) |
|
500,000,000 |
Preferred shares |
|
‑ |
||
B. Shares without voting rights: |
|
Common shares |
|
‑ |
Preferred shares |
|
‑ |
||
C. Shares subject to restrictions on voting rights pursuant to our articles of incorporation: |
|
Common shares |
|
‑ |
Preferred shares |
|
‑ |
||
D. Shares subject to restrictions on voting rights pursuant to regulations: |
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Common shares |
|
‑ |
Preferred shares |
|
‑ |
||
E. Shares with restored voting rights: |
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Common shares |
|
‑ |
Preferred shares |
|
‑ |
||
Total number of issued shares with voting rights (F = A – B – C – D + E): |
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Common shares |
|
500,000,000 |
Preferred shares |
|
‑ |
||
4
Dividends for the three most recent fiscal years
Description (unit) |
2025 H1 |
|
2024 |
|
2023 |
|
Par value (Won) |
5,000 |
|
5,000 |
|
5,000 |
|
Profit (loss) for the year (million Won)(1) |
603,087 |
|
(2,562,606) |
|
(2,733,742) |
|
Earnings (loss) per share (Won)(2)(3) |
1,206 |
|
(5,438) |
|
(7,177) |
|
Total cash dividend amount for the period (million Won) |
‑ |
|
‑ |
|
‑ |
|
Total stock dividend amount for the period (million Won) |
‑ |
|
‑ |
|
‑ |
|
Cash dividend payout ratio (%) |
‑ |
|
‑ |
|
‑ |
|
Cash dividend yield (%) |
Common shares |
‑ |
|
- |
|
- |
Preferred shares |
‑ |
|
‑ |
|
‑ |
|
Stock dividend yield (%) |
Common shares |
‑ |
|
‑ |
|
‑ |
Preferred shares |
‑ |
|
‑ |
|
‑ |
|
Cash dividend per share (Won) |
Common shares |
‑ |
|
- |
|
- |
Preferred shares |
‑ |
|
‑ |
|
‑ |
|
Stock dividend per share (share) |
Common shares |
‑ |
|
‑ |
|
‑ |
Preferred shares |
‑ |
|
‑ |
|
‑ |
|
Historical dividend information
Number of consecutive years of dividends(1) |
|
Average Dividend Yield(1) |
||
Interim dividends |
Annual dividends |
|
Last 3 years |
Last 5 years |
─ |
─ |
|
─ |
0.56 |
5
Our current articles of incorporation were amended as of March 20, 2025 at the 40th annual general meeting of shareholders.
Articles Amended at the 40th Annual General Meeting of Shareholders |
|
Description of Amendments |
(1) Revision of Article 6 (Total Number of Authorized Shares) (2) Revision of Paragraph 1 of Article 9-2 (Number and Characteristics of Preferred Shares) (3) Revision of Paragraph 3 of Article 10 (Preemptive Rights) (4) Deletion of Paragraph 5 of Article 30 (Meetings of the Board of Directors) (5) Revision of Paragraphs 1, 2 and 3 of Article 43-2 (Interim Dividends) (6) Insertion of new Addenda |
|
(1) The number of authorized shares is to be increased to better accommodate the evolving business environment (Article 6). (2) The number of preferred shares shall be determined in proportion to the total number of issued and outstanding shares to ensure consistency with applicable laws including the Commercial Act and the Capital Markets Act, and other relevant regulations (Article 9-2, Paragraph 1). (3) The issuance limit of new shares to persons other than existing shareholders of company is to be increased and the scope of application for the issuance limit of new shares is to be restricted to third-parties allocations only to enable a more flexible response to the evolving business environment (Article 10, Paragraph 3). (4) The provision stipulating that the meeting of the Board of Directors shall be held in Korea is to be deleted to allow for flexible arrangement of the meeting of The Board of Directors (Article 30, Paragraph 5). (5) The record date for interim dividends may be designated subsequent to the determination of the dividend amount, and interim dividends may be distributed in forms other than cash including shares in accordance with the Commercial Act to enhance predictability for investors (Article 43-2). (6) The issuance limit of new shares to persons other than existing shareholders of company is to be calculated without deducting the number of shares previously issued and allocated to the Employee Stock Ownership Association (Article 2 of the Addenda). (7) The issuance limit of convertibles bonds and bond warrants is to be calculated without deducting the amount of convertible bonds and bond warrants previously issued (Article 3 of the Addenda). |
6
Our business purpose under our articles of incorporation did not change during the reporting period ended June 30, 2025, and our current business purpose includes the following:
(as of June 30, 2025)
No. |
|
Business Purpose |
|
Whether Currently Engaged in by the Company |
1
|
|
Research, development, production, sales and marketing of display and related products utilizing, among others, thin-film transistor liquid crystal display (“TFT-LCD”), low-temperature polycrystalline silicone (“LTPS”)-LCD and organic light-emitting diode (“OLED”) technologies |
|
Yes |
2 |
|
Research, development, production, sales and marketing of products utilizing solar energy |
|
No, see note (1) |
3 |
|
Research, development, production, sales and marketing of parts and equipment necessary for the development and production of products and technologies listed in items 1 and 2 above |
|
Yes |
4 |
|
Sale and purchase and lease of real estate |
|
Yes |
5 |
|
Other ancillary or supplemental businesses and investments relating to each of the businesses described above |
|
Yes |
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, mobile and other products, and “auto” products (comprising automotive display products) accounted for 21%, 38%, 32% and 9% of our total sales, respectively, in the first half of 2025. Our customers primarily consist of global set makers, and our top ten customers comprised 90% of our total sales revenue in the first half of 2025. As a company focused on exports, our overseas sales accounted for approximately 96% of our total sales in the first half of 2025. We have 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 our cumulative annual production capacity for the first half of 2025 was approximately 2.4 million glass sheets, 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 W2.2 trillion in 2024. In 2025, we plan to maintain a similar level of capital expenditures as in 2024, at around the low-to-mid W2 trillion range.
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 characteristics of the display business, which requires large-scale investments, display panel prices may fluctuate due to an imbalance between supply and demand, which may affect our profitability. The sales performance of industry players is differentiated by not only the production capacity of each company but also other competitive differences arising from factors including technology, cost structure, product development capability, manufacturing efficiency, quality control and customer relationships, along with the price differentiation incorporating such factors. In addition, given the high proportion of our sales overseas, our sales of display panels are denominated mainly in U.S. dollars whereas our purchases of raw materials are denominated mainly in U.S. dollars, Japanese Yen and Chinese Yuan. Accordingly, our profit margins may be affected by changes in the exchange rates between the currencies. We strive to minimize the risk relating to foreign currency denominated assets, liabilities and operating cash flow due to exchange rate fluctuations.
7
Our research and development expenses represent approximately 10% of our sales, and we are continually creating customer value through systematic R&D activities for new products and technologies. Leveraging our competitive R&D activities, we are leading the display market by providing differentiated values in display panel products utilizing our OLED and TFT-LCD technologies for various uses including television, IT, mobile products and automobiles.
Consolidated operating results highlights
(Unit: In billions of Won)
|
|
2025 H1 |
|
2024 |
|
2023 |
Sales Revenue |
|
11,652 |
|
26,615 |
|
21,331 |
Gross Profit |
|
1,251 |
|
2,575 |
|
345 |
Operating Profit (loss) |
|
(83) |
|
(561) |
|
(2,510) |
Total Assets |
|
27,984 |
|
32,860 |
|
35,759 |
Total Liabilities |
|
20,386 |
|
24,787 |
|
26,989 |
The display panel industry is expected to continue to grow, as the essential role of display products as a key device for information and communication in daily lives of individuals as well as for industrial purposes becomes more pronounced. We are strengthening our business competitiveness based on customer value and developing new markets under our strategic plan to transition our business to center around OLED, which has a strong growth potential within the display panel industry. With respect to large-sized display panels, we are focusing on expanding the OLED market through differentiated products and technology, such as META technology, which offers high-resolution and high-luminance, as well as strengthening business with new customers. We are also leading the expansion into new product areas, such as gaming display panels. In the medium-sized display panel business, we are increasing the proportion of
|
8 |
|
premium products such as high resolution and wide screen products based on IPS and Oxide technologies, and we are also increasing the use of OLED panels in IT products to improve power consumption and provide differentiated form factors. In the small-sized display panel business, we have secured high value-added and differentiated technology and stable operating capabilities for 6th generation plastic OLED smartphone displays, while also expanding our customer base in the automotive display panels business by providing optimized display solutions featuring high resolution, high refresh rates and high luminance, based on a diverse portfolio of premium products including plastic OLED, advanced thin OLED and LTPS LCD panels. We are also in the process of proactively preparing the technology to respond to new market opportunities for ultra-small-sized displays, including those in relation to augmented reality and virtual reality uses.
|
|
2025 H1 |
|
2024 |
|
2023 |
Panels for Televisions(1)(2) |
|
9.9% |
|
14.1% |
|
12.5% |
Panels for IT Products(1) |
|
17.5% |
|
19.1% |
|
18.6% |
Total(1) |
|
12.9% |
|
15.7% |
|
14.6% |
|
9 |
|
For our continued growth, we are actively exploring and preparing for new business opportunities in response to the changing market environment. As such, we are continually reviewing and looking at opportunities in the display and promising new industries.
Through engaging in detailed analysis and acquiring insight on the market and industry conditions, technology, products and end-user consumers, we seek to provide differentiated values that are customer- and consumer-friendly. In addition, we engage in activities that are geared to proactively identify and offer meaningful benefits to customers and consumers. As a result, we are continually developing products that provide differentiated values using our technologies. At the same time, we strive to create new markets and mutually benefit our business and our customers by obtaining customer trust and satisfaction through our customer- and consumer-oriented marketing activities.
|
10 |
|
We manufacture OLED and TFT‑LCD panels, of which a significant majority is sold overseas.
(Unit: In billions of Won, except percentages)
Business area |
|
Sales type |
|
Items (By product) |
|
Usage |
|
Major trademark |
|
2025 H1 |
||
Sales Revenue |
|
Percentages (%) |
||||||||||
Display |
|
Goods/Products/ Services/ Other sales |
|
Televisions |
|
Panels for televisions |
|
LG Display |
|
2,460 |
|
21.1% |
IT products |
|
Panels for monitors, notebook computers and tablets |
|
LG Display |
|
4,402 |
|
37.8% |
||||
Mobile, etc. |
|
Panels for smartphones, smartwatches, etc. |
|
LG Display |
|
3,692 |
|
31.7% |
||||
Auto products |
|
Panels for automobiles |
|
LG Display |
|
1,098 |
|
9.4% |
||||
Total |
|
|
|
|
|
|
|
|
|
11,652 |
|
100.0% |
The average selling prices of display panels are subject to change based on market conditions and demand by product category. The average selling price of display panels per square meter of net display area shipped in the second quarter of 2025 was USD 1,056, representing an increase from the previous quarter, primarily due to the discontinuation of the LCD television panel business, which typically have lower average selling prices per square meter of net display area shipped. The average selling prices of display panels per square meter of net display area may continually fluctuate in the future due to changes in market conditions, demand trends and our product mix.
(Unit: US$ / m2)
Period |
|
Average Selling Price(1)(2) (in US$ / m2) |
2025 Q2 |
|
1,056 |
2025 Q1 |
|
804 |
2024 Q4 |
|
873 |
2024 Q3 |
|
825 |
2024 Q2 |
|
779 |
2024 Q1 |
|
782 |
2023 Q4 |
|
1,064 |
2023 Q3 |
|
804 |
2023 Q2 |
|
803 |
2023 Q1 |
|
850 |
11
Prices of major raw materials depend on fluctuations in supply and demand in the market as well as on changes in size and quantity of raw materials due to the increased production of large‑sized panels.
(Unit: In billions of Won, except percentages)
Business area |
|
Purchase type |
|
Items |
|
Usage |
|
Cost(1) |
|
Ratio (%) |
|
Suppliers(2) |
Display |
|
Raw materials |
|
PCB |
|
Display panel manufacturing |
|
430 |
|
9.1% |
|
Youngpoong Electronics Co., Ltd., etc. |
Polarizers |
|
737 |
|
15.6% |
|
LG Chem, etc. |
||||||
BLU |
|
361 |
|
7.7% |
|
Heesung Electronics LTD., etc. |
||||||
Glass |
|
224 |
|
4.8% |
|
Paju Electric Glass Co., Ltd., etc. |
||||||
Drive IC |
|
301 |
|
6.4% |
|
LX Semicon, etc. |
||||||
Others |
|
2,658 |
|
56.4% |
|
- |
||||||
Total |
|
4,711 |
|
100.0% |
|
|
||||||
- Period: January 1, 2025 ~ June 30, 2025.
The table below sets forth the production capacity of our Gumi, Paju and Guangzhou facilities in the periods indicated.
(Unit: 1,000 glass sheets)
Business area |
|
Items |
|
Location of facilities |
|
2025 H1(1) |
|
2024(1) |
|
2023(1) |
Display |
|
Display panel, etc. |
|
Gumi, Paju, Guangzhou |
|
2,402 |
|
6,573 |
|
5,223 |
12
The table below sets forth the production output of our Gumi, Paju and Guangzhou facilities in the periods indicated.
(Unit: 1,000 glass sheets)
Business area |
|
Items |
|
Location of facilities |
|
2025 H1(1) |
|
2024(1) |
|
2023(1) |
Display |
|
Display panel, etc. |
|
Gumi, Paju, Guangzhou |
|
2,209 |
|
5,656 |
|
4,256 |
(Unit: Hours, except percentages)
Production facilities |
|
Available working hours in 2025 H1 |
|
Actual working hours in 2025 H1 |
|
Average utilization ratio |
Gumi
|
|
4,344(1) |
|
4,344(1) |
|
100.0% |
Paju
|
|
4,344(1) |
|
4,344(1) |
|
100.0% |
Guangzhou
|
|
4,344(1) |
|
4,344(1) |
|
100.0% |
In 2024, our total capital expenditures on a cash out basis was around W2.2 trillion. In 2025, we plan to maintain a similar level of capital expenditures as in 2024, at around the low-to-mid W2 trillion range.
(Unit: In billions of Won)
Business area |
|
Sales types |
|
Items (Market) |
|
2025 H1 |
|
2024 |
|
2023 |
||
Display |
|
Products |
|
Display panel |
|
Overseas(1) |
|
11,024 |
|
25,496 |
|
20,634 |
Korea(1) |
|
482 |
|
960 |
|
620 |
||||||
Total |
|
11,506 |
|
26,456 |
|
21,254 |
||||||
Royalty |
|
LCD, OLED technology patent |
|
Overseas(1) |
|
72 |
|
61 |
|
16 |
||
Korea(1) |
|
0 |
|
0 |
|
0 |
||||||
Total |
|
72 |
|
61 |
|
16 |
||||||
Others |
|
Raw materials, components, etc. |
|
Overseas(1) |
|
54 |
|
52 |
|
46 |
||
Korea(1) |
|
20 |
|
47 |
|
14 |
||||||
Total |
|
74 |
|
99 |
|
60 |
||||||
Total |
|
Overseas(1) |
|
11,150 |
|
25,609 |
|
20,696 |
||||
Korea(1) |
|
502 |
|
1,007 |
|
634 |
||||||
Total |
|
11,652 |
|
26,616 |
|
21,330 |
||||||
|
13 |
|
1) LG Display Headquarters and overseas manufacturing subsidiaries → Overseas sales subsidiaries (USA/Germany/Japan/Taiwan/China/Singapore), etc. → System integrators and end‑brand customers → End users
2) LG Display Headquarters and overseas manufacturing subsidiaries → System integrators and end‑brand customers → End users
Sales performance |
|
Sales route(1) |
|
Ratio |
Overseas |
|
Overseas subsidiaries |
|
98.0% |
Headquarters |
|
2.0% |
||
Overseas sales portion (overseas sales / total sales) |
|
95.7% |
||
Korea |
|
Overseas subsidiaries |
|
20.8% |
Headquarters |
|
79.2% |
||
Korea sales portion (Korea sales / total sales) |
|
4.3% |
||
(1) Percentage by sales route is based on revenue from the Display business segment.
|
14 |
|
Our business is exposed to credit risk, liquidity risk and market risk. Accordingly, we operate a risk management system that identifies and analyzes these risks while monitoring and managing risk level by establishing appropriate risk controls in order to ensure that such risks do not exceed certain threshold levels.
See Note 24 to our interim consolidated financial statements attached hereto for more information regarding our exposure to each of the risks listed above.
In order to manage our risk against foreign currency fluctuations, we eliminate such risk by adopting a policy of maintaining our net exposure risk within an acceptable level by buying or selling foreign currencies at spot rates, when necessary, to address short-term imbalances in the inflow and outflow of foreign currency funds. We also continually monitor our currency position and risk for other monetary assets and liabilities denominated in foreign currencies, and when needed, we may from time to time enter into cross‑currency interest rate swap contracts and foreign currency forward contracts. Furthermore, we have adopted a policy aimed at minimizing uncertainty and financial costs arising from interest rate fluctuations and manage our interest rate risk through periodic monitoring of interest rate trends and adoption of appropriate countermeasures.
15
Our material contracts, other than contracts entered into in the ordinary course of business, are set forth below:
Type of agreement |
|
Name of party |
|
Term |
|
Content |
Technology licensing/ supply agreement |
|
Hewlett‑Packard |
|
January 2011 ~ |
|
Patent licensing of semi‑conductor device technology |
Ignis Innovation, Inc. |
|
July 2016 ~ |
|
Patent licensing of OLED related technology |
||
HannStar Display Corporation |
|
December 2013 ~ |
|
Patent cross‑licensing of LCD technology |
||
AUO Corporation |
|
August 2011 ~ |
|
Patent cross‑licensing of LCD technology |
||
Innolux Corporation |
|
July 2012 ~ |
|
Patent cross‑licensing of LCD technology |
||
Universal Display Corporation |
|
January 2015 ~ December 2025 |
|
Patent licensing of OLED related technology |
||
Semiconductor Energy Laboratory |
|
January 2021 ~ December 2030 |
|
Patent licensing of LCD and OLED related technology |
||
Real estate/others |
|
LG Innotek Co., Ltd. |
|
Date of contract: December 23, 2022 Term: December 26, 2022 ~ December 31, 2027 |
|
Lease of idle real estate property for rental income (the contract amount and other details are not disclosed in accordance with a non-disclosure agreement) |
LG Uplus Corp. |
|
Date of contract: May 14, 2024 |
|
Sale of real estate property to enhance asset efficiency (for details, please refer to the Form 6-K furnished to the SEC on April 25, 2024) |
(Unit: In millions of Won, except percentages)
Items |
|
2025 H1 |
|
2024 |
|
2023 |
|
R&D Expenditures (prior to deducting governmental subsidies) |
|
1,212,498 |
|
2,237,403 |
|
2,399,513 |
|
Governmental Subsidies |
|
(110) |
|
(705) |
|
(718) |
|
Net R&D‑Related Expenditures |
|
1,212,388 |
|
2,236,698 |
|
2,398,795 |
|
Accounting Treatment(1) |
R&D Expenses |
|
876,022 |
|
1,687,315 |
|
1,906,616 |
Development Cost (Intangible Assets) |
|
336,366 |
|
549,383 |
|
492,179 |
|
R&D‑Related Expenditures / Revenue Ratio(2) |
|
10.4% |
|
8.4% |
|
11.2% |
|
16
17
* Dual Resolution : UHD 165Hz ↔ FHD 330Hz
1) 22.3” Module for 136” 4K business-to-consumer products
2) 22.3” Module for infinitely expandable business-to-business products
As of June 30, 2025, our cumulative patent portfolio (including patents that have already expired) included 30,644 patents in Korea and 37,516 patents in other countries. In 2025, we registered 816 patents in Korea and 1,082 patents in other countries.
|
18 |
|
In order to minimize the environmental impact of our business activities, we are actively responding to environmental regulations applicable to our products and business sites.
We have installed and operate various types of prevention facilities to minimize the emission of environmental pollutants generated in our production process. With respect to air and water pollutants, we set and manage our internal standard at 70% of the permitted levels under the regulatory emission standards. In addition, in order to establish a resource circulation system, we operate a proprietary system to monitor waste from its generation to treatment, have developed waste treatment technology and identified suitable recycling companies to reduce the amount of waste we generate and maximize recycling.
In addition, as we were designated a target company for the greenhouse gas emission trading system in 2015, we allocate and monitor our greenhouse gas emissions every year. In order to continually promote the reduction of greenhouse gas emissions, we have set a medium- to long-term goal to reduce the emission level by continually investing in facility improvements and monitoring our emission levels.
We are subject to a variety of environmental laws and regulations, and operations at our manufacturing plants are subject to regulation and periodic scheduled and unscheduled on‑site inspections by the Ministry of Environment and local environmental protection authorities. The primary types of environmental laws applicable to us include the following:
Through the implementation of an environmental and energy management system, we are continuously making efforts to minimize environmental impact and reduce energy usage in all aspects of our business process. Accordingly, we have acquired and currently operate the environmental management system ISO14001 and energy management system ISO 50001 certifications for all of our domestic and overseas production sites. In addition, we have established company-wide safety, healthy, energy and environment management policies and manuals, which are regularly updated based on international standards. We also conduct systematic management of our business process in accordance with international standards through annual follow-up and renewal audits.
We have been participating in the Carbon Disclosure Project (“CDP”), a globally recognized authority on environmental disclosure, and named to the Honors Club in the IT category of the Climate Change Korea Awards for nine consecutive years from 2016 to 2024. Such recognitions reflected our carbon management leadership based on our achievement of a 43% reduction in carbon emissions across our domestic and overseas business sites and the conversion of 39% of our total electricity consumption to renewable energy as of 2024, compared to their 2018 levels. In addition, we were recognized as a top-performing company in the water management category by the CDP Water Security Korea Awards for five consecutive years from 2018 to 2022. In 2023 and 2024, we received a Leadership A- rating in recognition of our excellence in managing water-related environmental impact, including the public disclosure of our mid- to long-term water reuse rate targets and water pollutant discharge levels.
In addition, in recognition of our efforts toward recycling rate improvement and waste reduction, we were nominated as a leading company with an excellent performance in resource circulation and received a commendation from the Minister of Environment in 2020. Our overseas subsidiary in Yantai earned Platinum Zero Waste to Landfill (“ZWTL”) validation in 2021, all of our domestic production facilities earned Gold ZWTL validation, our overseas subsidiary in Nanjing earned Platinum validation in 2022, and our Paju plant earned Platinum validation in June 2024. In 2022, we introduced a resource recirculation recognition program in accordance with the Korean government’s waste management policy and received circular resource certification on eight types of our discarded trays and vinyl. In 2023, we have obtained quality certification for certain of our recycled items recognized as circular resources, and we plan to continue to promote the resource circulation of our products. We will continue our efforts to reinforce our resource circulation program by minimizing waste and maximizing recycling rate.
|
19 |
|
We have continued to pursue ESG management activities based on the spirit of “value creation for consumers” and “human-first management,” and we plan to obtain further recognition for our eco-friendly management and share relevant information with the stakeholders.
In order to respond to applicable domestic and overseas environmental regulations, such as the European Union’s Restriction of Hazardous Substances (RoHS) and Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) that restrict the use of certain hazardous substances, we operate a hazardous substance management program that implements a four-step procedure (each such step, a “Gate”) that manages various stages of our production cycle, beginning with the registration process of our business partners up to the mass production stage. In addition, in order to preemptively address four types of phthalate substances that became additionally regulated pursuant to the RoHS in 2016 and officially went into effect on July 22, 2019, we replaced the latent risk elements in advance as well as implemented a more stable management process with respect to such substances. In implementing this process, we collaborated with external agencies to ascertain regulatory trends and establish our response strategy, and we formulated and applied effective management measures through the collaborative efforts of our development, procurement, quality assurance and analysis teams.
- Gate 01 (Business Partner Stage): An audit is conducted prior to the registration of a new business partner (including the inspection of the business partner’s hazardous substance response process)
- Gate 02 (Parts Development Stage): An environmental evaluation of each part under development is conducted (consisting of three stages: (1) document review; (2) XRF test and (3) precision analysis)
- Gate 03 (Product Development Stage): An environmental evaluation of the product model and product labeling are conducted (including RoHS verification)
- Gate 04 (Mass Production Stage): Process management through the periodic testing of mass-produced parts for any hazardous substances (including rate-based tests based on risk assessment)
We operate a “Hazardous Substance Management System for Products” that effectively manages hazardous substances by classifying them into four levels: A-I, A-II, B-I, and B-II. In particular, in addition to substances prohibited by global hazardous substance regulations on products, we have designated substances causing harm to the human body and the environment as Level B substances. By developing alternative technologies and parts and applying them to our products, we continually strive to achieve a gradual reduction and elimination of non-prohibited hazardous substances.
- Level A-I (Prohibited Substances): Prohibited substances designated under the RoHS regulations (i.e., 10 regulated substances) and those designated by specific customers
- Level A-II (Prohibited Substances): Substances prohibited by regulations and conventions other than those covered under Level A-1 and those designated as such by customers
- Level B-I (Substances Subject to Voluntary Reduction): Substances that are being voluntarily replaced over a certain period of time
- Level B-II (Substances Under Observation): Substances that are not currently banned, but are expected to become prohibited in the future
Moreover, we participated in reforming IEC 62321, an international testing standard published by the International Electrotechnical Commission and used by RoHS, and the commission adopted our halogen‑free combustion ion chromatography method in as IEC 62321‑3‑2, which was published in June 2013.
In 2017, we became the first display panel company to receive the SGS Eco Label accreditation for OLED television display modules from SGS, a global product testing/accreditation agency, and have since continually received such accreditation. In 2024, such accreditation has been updated to “SGS EEPS accreditation.” In 2022, we expanded our accreditation program to cover display modules for monitors, notebook computers, tablets and automobiles, as a result of which our display modules for monitors and notebook computers received SGS Eco Label accreditation for the first time and our automotive display module became the first in the industry to receive the same accreditation for its excellence in energy efficiency, and we have since maintained the SGS Eco Label for such products. In 2023, our high-end LCD panels for 16-inch notebooks and 27-inch monitors, in which we incorporated recycled materials for the first time, received the SGS Eco Label accreditation. In addition, our 30-inch and 55-inch transparent display products, for which we applied hazardous substance reduction technology, became the first in the industry to receive the SGS Eco Label accreditation. Moreover, in 2022, our 27-inch monitor display product that applied anti-bacterial films received the SGS Performance Mark accreditation for its anti-bacterial performance, and in 2023, our commercial display module that applied Plus-Bright energy consumption reduction technology obtained the SGS Performance Mark accreditation for its energy efficiency performance. Our high-end LCD panels
|
20 |
|
for 16-inch notebooks and 27-inch monitors also received the same accreditation for reducing energy consumption through the implementation of proprietary algorithms and improving panel transmittance.
Also in 2022, upon assessment and verification of GHG emissions throughout its entire product life cycle, our OLED TV panel received the industry’s first Carbon Footprint Certification from The Carbon Trust, a not-for-profit company founded by the United Kingdom government that provides voluntary carbon certification services and carbon labeling schemes. In 2023, our high-end IT LCD panels (27-inch and smaller) received the Product Carbon Footprint (PCF) certification from TÜV Rheinland, a global independent testing, inspection and certification agency, by achieving carbon emission reduction through the application of recycled materials and low energy consumption technologies. Our OLED panels for automotive products also received the same certification for achieving carbon emission through the application of light-control film integration technology. In 2024, our 14-inch high-end LCD panel product for notebook computers received the Product Carbon Footprint Reduction (PCR) certification from TÜV Rheinland through the application of bio-plastic, recycled materials and ultra-precision micro-processing technology. Additionally, upon verification by Underwriters Laboratories (UL), a global inspection and certification agency, such display panel also received the Environmental Claim Validation (ECV) certification. In 2025, we obtained the “Product Carbon Footprint Methodology” certification from TÜV Rheinland reflecting our establishment of a system to calculate carbon emissions generated throughout the entire product life cycle based on international standards and our proprietary evaluation methodology optimized for display panels, as well as an IT system for evaluating product carbon footprints. .
In 2021, we received the “Green Technology Certification” for our advanced incell touch display technology, an eco-friendly technology with touch-sensing electrodes and transmission lines that reduce carbon emissions and the use of rare metals. Also, since 2021, we have continued to obtain an eco-friendly certification from TUV SUD, a globally recognized accreditation agency, for excellence in resource circulation and non-use of specific hazardous substances in our display panels for OLED televisions, OLED tablets, and PO mobile models and smartwatches.
In 2018, we became the first display panel company to receive the “Green Technology Certification” from the Korean Ministry of Science and ICT for improving the light efficiency technology of OLED to promote energy use reduction. In 2017, for the IPS Nano Color for LCD, we received the Quality & Performance Mark from Intertek, a global product testing/accreditation agency, by applying a technology to eliminate cadmium (Cd) and indium phosphide (InP).
Our products comply with the IEC 62638-1 global product safety standards, and we obtain CB and UL certifications on applicable products.
In order to promote the enhancement of safety for automobile manufacturers and consumers, we became the first display panel company in June 2016 to introduce a flame-resistant certification program for our display panels, which program includes flame resistance standards for automotive materials (including ISO 3795, DIN 75200 and FMVSS 302 standards) as well as for safety standards for information technology devices, which has been certified by TUV SUD. In 2022, we expanded the number of applicable flame resistance standards for such program from three to nine.
Furthermore, in 2021, we established infrastructure for flammability tests required under the United States Federal Aviation Administration’s FAR 25.853 standards and impact tests under RTCA DO-313 standards, and the reliability of these test results have been certified by TUV SUD.
In accordance with Article 27 of the Framework Act on Carbon Neutral and Green Growth to Respond to Climate Crisis, we submitted a statement of our 2024 domestic emissions and energy usage to the Korean government in March 2025 after it was certified by DNV Business Assurance Korea, a government‑designated certification agency.
The table below sets forth yearly levels of our greenhouse gases emissions and energy usage in the statement submitted to the Korean government:
(Unit: thousand tons of CO2 equivalent; Tetra Joules)
Category |
|
2024 |
|
2023 |
|
2022 |
Greenhouse gases |
|
3,674 |
|
3,492 |
|
3,842 |
Energy |
|
53,590 |
|
55,119 |
|
60,589 |
Note: Our greenhouse gas emission and energy usage data for 2022 and 2023 have been confirmed upon assessment by the Ministry of Environment. The data for 2024 have been verified by the relevant certification agency and will be updated after confirmation by the Ministry of Environment.
|
21 |
|
Since our designation as a target company for the greenhouse gas emission trading system in 2015, we have received greenhouse gas emission allowances from the government and at the same time submit our greenhouse gas emission calculations and specifications to the government every year. In order to continually promote the reduction of greenhouse gas emissions, we have set a mid-term goal to reduce the emission level from 2018 to 2030 by 53% and a medium- to long-term goal to achieve carbon neutrality by 2050. In order to reduce greenhouse gas emissions, we plan to develop high-efficiency process gas scrubbers and low-carbon alternative gas technologies, strengthen company-wide power-saving activities and accelerate the transition to renewable energy. In addition to internal reduction efforts, in order to achieve carbon neutrality by 2050, we plan to externally offset residual emissions that are difficult to reduce technically. In addition, through our ESG governance (including ESG committee/management meetings), we will regularly monitor and report our carbon-neutral implementation progress to strengthen our execution capabilities and continually upgrade our roadmap to achieve carbon neutrality by 2050.
In order to reduce emissions of fluorinated gases (F-Gas) used in the dry etching process in our manufacturing operations, we have installed plasma equipment at our manufacturing sites since 2018, which is capable of reducing such emissions by over 90%. As a result, in 2024, we were able to reduce greenhouse gas emissions across our domestic and overseas business sites by 43% compared to their 2018 levels. In addition, in line with the renewable energy utilization program in Korea, which was initiated in 2021, our domestic business sites are shifting to renewable energy through the green premium program, while our overseas business sites in China and Vietnam are shifting to renewable energy through Renewable Energy Certificate (REC) purchases. In 2024, we converted 3,071 GWh of electricity (approximately 39% of our total electricity) to renewable energy.
We are enhancing the efficiency of our utility manufacturing equipment and improving the power usage of our production facilities through a company-wide organization dedicated to energy conservation. In addition, we are optimizing facility operations using Digital Transformation (DX)-based technologies, such as smart control systems for chillers, and are working with experts to minimize energy consumption for each equipment as part of our ongoing energy-saving initiatives.
|
22 |
|
Date |
|
Sanctioning Authority |
|
Classification of Sanctioning Authority |
|
Target |
|
Description and Relevant Laws |
|
Sanctions Imposed |
|
Implementation Status |
January 19, 2023 |
|
Goyang Branch of Uijeongbu District Court |
|
Court |
|
Company |
|
- Safety incident on January 13, 2021 (fine announced on January 11, 2023, ruling confirmed on January 19, 2023) |
|
Fine of W20 million |
|
- Paid fine - Strengthened safety management standards and training program |
November 13, 2023 |
|
Southern Seoul Branch of Ministry of Employment and Labor
|
|
Administrative Agency |
|
Company |
|
- Non-payment of overtime pay - Article 36 and Provision 1 of Article 43 of the Labor Standards Act |
|
— |
|
- Implemented corrective orders, which were completed on November 27, 2023 |
December 16, 2023 |
|
Uijeongbu District Court |
|
Court |
|
Employee (Facility plant manager, Incumbent, 30 years of service) |
|
- Safety incident on January 13, 2021 (fine announced on December 8, 2023, ruling confirmed on December 16, 2023) |
|
Fine of W5 million |
|
- Paid fine
|
March 22, 2024 |
|
Supreme Court
|
|
Court |
|
Two employees (former Team Leader and former Manager) |
|
- Safety incident on January 13, 2021 (final appeal dismissed on March 15, 2024, ruling confirmed by the Appellate Court on March 22, 2024) |
|
Final appeal dismissed (1 year of imprisonment subject to two years of probation for both the Team Leader and Manager) |
|
— |
23
In January 2021, an incident involving a leakage of tetramethylammonium hydroxide chemicals occurred during refurbishment of equipment at one of our plants in Paju, causing bodily harm to workers. In December 2021, we and certain of our employees were prosecuted for violating the Occupational Safety and Health Act and the Chemicals Control Act. In January 2023, the Goyang Branch of the Uijeongbu District Court ordered a fine of W20 million. The prosecution filed an appeal with respect to several of the prosecuted employees, which was dismissed by the Seoul Appellate Court on December 8, 2023. In addition, the judgment against the remaining defendants, including one of our employees but excluding two of our employees who filed a final appeal with the Supreme Court, was confirmed on December 16, 2023. The final appeals of the two employees were dismissed on March 15, 2024, and the Appellate Court’s ruling was confirmed on March 22, 2024. In order to prevent recurrence, we are exerting continual efforts to treat safety as a top priority management objective, including by strengthening our safety management standards and employee training efforts.
On May 19, 2023, an incident resulting in the death of one of our employees occurred, and we subsequently became subject to a non-periodic inspection by the Southern Branch Office of the Seoul Regional Employment and Labor Office. As a result of the labor inspection, we and our former CEO were alleged to have violated Article 53 of the Labor Standards Act on October 6, 2023, and the Southern Branch Office of Ministry of Employment and Labor conducted an investigation, which was completed on October 22, 2024 without any prosecution. In addition, on November 13, 2023, we had received a corrective order from the Southern Branch Office of the Seoul Regional Employment and Labor Office to pay W239,743,773 in overtime wages to the relevant employees for violations of Article 36 and Provision 1 of Article 43 of the Labor Standards Act. On November 27, 2023, we had fulfilled the corrective order, and accordingly, we do not expect to be charged with any further penalties in relation to the corrective order. In the case of a corrective order, when such order is fulfilled, the case becomes concluded at the labor office level, and the labor office does not pursue further criminal action. In order to prevent the recurrence of similar events, we have established a special committee to improve the culture of our organization and have continued to implement ongoing remedial measures including the reorganization of our employee attendance system.
(Unit: In millions of Won)
Description |
|
As of June 30, 2025 |
|
As of December 31, 2024 |
|
As of December 31, 2023 |
Current assets |
|
7,268,151 |
|
10,123,037 |
|
9,503,186 |
Quick assets |
|
4,399,579 |
|
7,451,795 |
|
6,975,458 |
Inventories |
|
2,868,572 |
|
2,671,242 |
|
2,527,728 |
Non‑current assets |
|
20,715,505 |
|
22,736,529 |
|
26,256,112 |
Investments in equity accounted investees |
|
34,275 |
|
33,177 |
|
84,329 |
Property, plant and equipment, net |
|
15,368,150 |
|
17,202,873 |
|
20,200,332 |
Intangible assets |
|
1,569,372 |
|
1,558,407 |
|
1,773,955 |
Other non‑current assets |
|
3,743,708 |
|
3,942,072 |
|
4,197,496 |
Total assets |
|
27,983,656 |
|
32,859,566 |
|
35,759,298 |
Current liabilities |
|
11,755,907 |
|
15,859,084 |
|
13,885,028 |
Non‑current liabilities |
|
8,629,703 |
|
8,927,675 |
|
13,103,726 |
Total liabilities |
|
20,385,610 |
|
24,786,759 |
|
26,988,754 |
Share capital |
|
2,500,000 |
|
2,500,000 |
|
1,789,079 |
Share premium |
|
2,759,184 |
|
2,773,587 |
|
2,251,113 |
Retained earnings |
|
585,250 |
|
(18,512) |
|
2,676,014 |
Other equity |
|
638,834 |
|
995,823 |
|
515,976 |
Accumulated other comprehensive income held for sale |
|
─ |
|
291,363 |
|
─ |
Non‑controlling interest |
|
1,114,778 |
|
1,530,546 |
|
1,538,362 |
Total equity |
|
7,598,046 |
|
8,072,807 |
|
8,770,544 |
24
(Unit: In millions of Won, except for per share data and number of consolidated entities)
Description |
|
For the six months ended June 30, 2025 |
|
For the year ended December 31, 2024 |
|
For the year ended December 31, 2023 |
Revenue |
|
11,652,254 |
|
26,615,347 |
|
21,330,819 |
Operating profit (loss) |
|
(82,569) |
|
(560,596) |
|
(2,510,164) |
Profit (loss) from continuing operations |
|
653,739 |
|
(2,409,300) |
|
(2,576,729) |
Profit (loss) for the period |
|
653,739 |
|
(2,409,300) |
|
(2,576,729) |
Profit (loss) attributable to: |
|
|
|
|
|
|
Owners of the company |
|
603,087 |
|
(2,562,606) |
|
(2,733,742) |
Non‑controlling interest |
|
50,652 |
|
153,306 |
|
157,013 |
Basic earnings (loss) per share(1) |
|
1,206 |
|
(5,438) |
|
(7,177) |
Diluted earnings (loss) per share(1) |
|
1,206 |
|
(5,438) |
|
(7,177) |
Number of consolidated entities(2) |
|
20 |
|
22 |
|
22 |
(Unit: In millions of Won)
Description |
|
As of June 30, 2025 |
|
As of December 31, 2024 |
|
As of December 31, 2023 |
Current assets |
|
5,614,033 |
|
8,647,395 |
|
5,590,482 |
Quick assets |
|
3,626,511 |
|
6,860,717 |
|
3,809,523 |
Inventories |
|
1,987,522 |
|
1,786,678 |
|
1,780,959 |
Non‑current assets |
|
20,023,639 |
|
21,151,656 |
|
24,141,930 |
Investments |
|
3,892,054 |
|
3,939,474 |
|
4,932,063 |
Property, plant and equipment, net |
|
11,117,813 |
|
11,913,336 |
|
13,584,247 |
Intangible assets |
|
1,515,134 |
|
1,485,789 |
|
1,683,029 |
Other non‑current assets |
|
3,498,638 |
|
3,813,057 |
|
3,942,591 |
Total assets |
|
25,637,672 |
|
29,799,051 |
|
29,732,412 |
Current liabilities |
|
15,952,684 |
|
20,865,495 |
|
16,422,259 |
Non‑current liabilities |
|
5,403,675 |
|
5,137,758 |
|
7,628,598 |
Total liabilities |
|
21,356,359 |
|
26,003,253 |
|
24,050,857 |
Share capital |
|
2,500,000 |
|
2,500,000 |
|
1,789,079 |
Share premium |
|
2,821,006 |
|
2,821,006 |
|
2,251,113 |
Retained earnings |
|
(1,039,693) |
|
(1,525,208) |
|
1,641,363 |
Other equity |
|
0 |
|
0 |
|
0 |
Total equity |
|
4,281,313 |
|
3,795,798 |
|
5,681,555 |
|
25 |
|
(Unit: In millions of Won, except for per share data)
Description |
|
For the six months ended June 30, 2025 |
|
For the year ended December 31, 2024 |
|
For the year ended December 31, 2023 |
Revenue |
|
10,757,702 |
|
25,178,688 |
|
19,811,015 |
Operating profit (loss) |
|
(670,187) |
|
(1,800,625) |
|
(3,884,121) |
Profit (loss) from continuing operations |
|
484,840 |
|
(3,034,736) |
|
(1,718,701) |
Profit (loss) for the period |
|
484,840 |
|
(3,034,736) |
|
(1,718,701) |
Basic earnings (loss) per share(1) |
|
970 |
|
(6,440) |
|
(4,512) |
Diluted earnings (loss) per share(1) |
|
970 |
|
(6,440) |
|
(4,512) |
Company Interest |
|
Primary Business |
|
Location |
|
Equity |
LG Display America, Inc. |
|
Sales |
|
U.S.A. |
|
100% |
LG Display Germany GmbH |
|
Sales |
|
Germany |
|
100% |
LG Display Japan Co., Ltd. |
|
Sales |
|
Japan |
|
100% |
LG Display Taiwan Co., Ltd. |
|
Sales |
|
Taiwan |
|
100% |
LG Display Nanjing Co., Ltd. |
|
Manufacturing |
|
China |
|
100% |
LG Display Shanghai Co., Ltd. |
|
Sales |
|
China |
|
100% |
LG Display Shenzhen Co., Ltd. |
|
Sales |
|
China |
|
100% |
LG Display Singapore Pte. Ltd. |
|
Sales |
|
Singapore |
|
100% |
L&T Display Technology (Fujian) Limited |
|
Manufacturing and sales |
|
China |
|
51% |
LG Display Yantai Co., Ltd. |
|
Manufacturing |
|
China |
|
100% |
Nanumnuri Co., Ltd. |
|
Workplace services |
|
Korea |
|
100% |
Unified Innovative Technology, LLC |
|
Managing intellectual property |
|
U.S.A. |
|
100% |
LG Display Guangzhou Trading Co., Ltd. |
|
Sales |
|
China |
|
100% |
Global OLED Technology LLC |
|
Managing intellectual property |
|
U.S.A. |
|
100% |
LG Display Vietnam Haiphong Co., Ltd. |
|
Manufacturing and sales |
|
Vietnam |
|
100% |
Suzhou Lehui Display Co., Ltd. |
|
Manufacturing and sales |
|
China |
|
100% |
LG Display Fund I LLC(1) |
|
Investing in new emerging companies |
|
U.S.A |
|
100% |
LG Display High-Tech (China) Co., Ltd. |
|
Manufacturing and sales |
|
China |
|
70% |
(1) During the reporting period, we invested an additional W1,450 million in LG Display Fund I LLC.
Company |
|
Carrying Amount (in millions) |
|
Equity Interest |
Paju Electric Glass Co., Ltd. |
|
W 30,853 |
|
40% |
Arctic Sentinel, Inc. |
|
- |
|
10% |
Cynora GmbH |
|
- |
|
10% |
Material Science Co., Ltd. |
|
W 3,422 |
|
14% |
Although our respective share interests in Arctic Sentinel, Inc., Cynora GmbH and Material Science Co., Ltd. are below 20%, we are able to exercise significant influence through our right to appoint a director to the board of directors of each investee. Accordingly, the investments in these investees have been accounted for using the equity method.
For the six months ended June 30, 2025 and 2024, the aggregate amount of dividends we received from our affiliated companies was W1,664 million and W200 million, respectively.
|
26 |
|
(Unit: In millions of Won, hours)
Description |
|
2025 H1 |
|
2024 |
|
2023 |
Auditor |
|
Samil PwC |
|
Samil PwC |
|
KPMG Samjong |
Activity |
|
Audit by independent auditor |
|
Audit by independent auditor |
|
Audit by independent auditor |
Compensation(1) |
|
1,898 (602)(2) |
|
1,800 (650)(2) |
|
1,640 (590)(2) |
Time required(3) |
|
5,375 |
|
23,088 |
|
22,107 |
Period |
|
Date of contract |
|
Description of service |
|
Period of service |
|
Compensation |
2025 H1 |
|
June 2025 |
|
Tax advice |
|
June 2025 ~ December 2025 |
|
W50 million |
2024 |
|
February 2024 |
|
Tax advice |
|
March 2024 ~ December 2024 |
|
W50 million |
September 2024 |
|
Tax advice |
|
September 2024 ~ March 2025 |
|
W40 million |
||
2023 |
|
— |
|
— |
|
— |
|
— |
* Based on direct contracts on a separate basis.
This information is omitted in quarterly and semi-annual reports in accordance with Korean disclosure rules, and we plan to include such information in our annual report.
As of June 30, 2025, our board of directors consisted of two non‑outside directors, one non-standing director and four outside directors.
(As of June 30, 2025)
Name |
|
Position |
|
Primary responsibility |
Cheoldong Jeong (1) |
|
Representative Director (non‑outside) |
|
Chairman of board of directors |
Sunghyun Kim |
|
Director (non‑outside), Chief Financial Officer and Executive Vice President |
|
Overall head of finances |
Sangwoo Lee (1) |
|
Non-standing Director |
|
Related to the overall management |
Doo Cheol Moon (1) |
|
Outside Director |
|
Related to the overall management |
Chung Hae Kang |
|
Outside Director |
|
Related to the overall management |
Jung Suk Oh |
|
Outside Director |
|
Related to the overall management |
Sang Hee Park |
|
Outside Director |
|
Related to the overall management |
|
27 |
|
We have the following committees that serve under our board of directors: Management Committee, Outside Director Nomination Committee, Audit Committee, ESG Committee and Related Party Transaction Committee.
As of June 30, 2025, the Management Committee consisted of two non-outside directors, Cheoldong Jeong (Chairman) and Sunghyun Kim.
As of June 30, 2025, the composition of the Outside Director Nomination Committee was as follows.
(As of June 30, 2025)
Committee |
|
Composition |
|
Members(1) |
Outside Director Nomination Committee |
|
1 non-standing director and 2 outside directors |
|
Sangwoo Lee, Doo Cheol Moon and Chung Hae Kang |
As of June 30, 2025, the composition of the Audit Committee was as follows.
(As of June 30, 2025)
Committee |
|
Composition |
|
Members(1) |
Audit Committee |
|
4 outside directors |
|
Doo Cheol Moon (Chairperson), Chung Hae Kang, Jung Suk Oh and Sang Hee Park |
As of June 30, 2025, the composition of the ESG Committee was as follows.
(As of June 30, 2025)
Committee |
|
Composition |
|
Members(1) |
ESG Committee |
|
1 non‑outside director and 4 outside directors |
|
Doo Cheol Moon (Chairperson), |
(1) Chung Hae Kang was reappointed as a member of the committee on March 20, 2025.
As of June 30, 2025, the composition of the Related Party Transaction Committee was as follows.
(As of June 30, 2025)
Committee |
|
Composition |
|
Members(1) |
Related Party Transaction Committee |
|
1 non‑outside director and 3 outside directors |
|
Chung Hae Kang (Chairperson), |
(1) Sunghyun Kim and Chung Hae Kang were reappointed as members of the committee on March 20, 2025.
Directors are appointed in accordance with the procedures of the Commercial Act and other relevant laws and regulations. Our board of directors is independent as four out of the seven directors that comprise the board are outside directors. Outside directors candidates are nominated for appointment at a shareholders’ meeting after undergoing rigorous review by the Outside Director Nomination Committee.
|
28 |
|
Name |
|
Relationship |
|
Number of shares |
|
Equity interest |
LG Electronics |
|
Largest shareholder |
|
183,593,206 |
|
36.72% |
Cheoldong Jeong |
|
Executive of an affiliated company |
|
22,460(1) |
|
0.00% |
Beneficial owner |
|
Number of shares of common stock (1) |
|
Equity interest |
LG Electronics |
|
183,593,206 |
|
36.72% |
National Pension Service |
|
25,672,422 |
|
5.13% |
Employee Stock Ownership Association |
|
24,458,216 |
|
4.89% |
(Unit: person, in millions of Won)
Classification |
|
No. of directors(1) |
|
Amount paid(2)(4) |
|
Per capita average remuneration paid(3) |
Non‑outside directors |
|
3 |
|
990 |
|
495 |
Outside directors who are not audit committee members |
|
— |
|
— |
|
— |
Outside directors who are audit committee members |
|
4 |
|
192 |
|
48 |
Total |
|
7 |
|
1,182 |
|
197 |
|
29 |
|
The remuneration system for non-outside directors consists of base salary, position salary and performance-related pay. The remuneration for non-outside directors is measured in accordance with the standards established by the board of directors (within the amount approved at the annual general meeting of shareholders), including the non-outside director’s position and job responsibilities.
The remuneration for outside directors, audit committee members and auditor is measured in accordance with the standards established by the board of directors (within the amount approved at the annual general meeting of shareholders), including the individual’s job responsibilities, among others.
(Unit: in millions of Won)
Name |
|
Position |
|
Total remuneration |
|
Payment not included in total remuneration |
Cheoldong Jeong |
|
Representative Director, President |
|
720 |
|
- |
Name |
|
Method of calculation |
Cheoldong Jeong |
|
Total remuneration • W720 million (consisting of W720 million in salary).
Salary • Base salary is set in accordance with the executive compensation regulations established by the board of directors. Monthly payments of W65 million between January and March and W67.2 million between April and June were made. • Position salary is calculated based on the significance of the position and responsibilities of the job. Monthly payments of W52 million between January and March and W53.8 million between April and June were made. • A total of W6 million of welfare benefits were paid between January and June in accordance with welfare benefits standards. |
(Unit: in millions of Won)
Name |
|
Position |
|
Total remuneration(1) |
|
Payment not included in total remuneration |
Yoong Ki Min |
|
Advisor |
|
1,638 |
|
- |
Jong Woo Kim |
|
Advisor |
|
1,564 |
|
- |
J. Kenneth Oh |
|
Former Senior Vice President |
|
1,293 |
|
- |
Seung Min Lim |
|
Former Senior Vice President |
|
942 |
|
- |
Kwang Jin Kim |
|
Advisor |
|
915 |
|
- |
30
Name |
|
Method of calculation |
Yoong Ki Min(1) |
|
Total remuneration(2) • W1,638 million (consisting of W175 million in salary and W1,463 million in retirement pay).
Salary • Base salary is set in accordance with the executive compensation regulations established by the board of directors. Monthly payments of W37.7 million between January and March and W18.9 million between April and June were made. • A total of W5 million of welfare benefits were paid between January and March in accordance with other welfare benefits standards.
Retirement pay • Retirement pay is calculated in accordance with the applicable provisions of our regulations on compensation for retiring executives and is evaluated by the duration of employment (14 years), monthly base salary at the time of retirement and payment rate per position (2.5 to 4.5%).
|
Jong Woo Kim(1) |
|
Total remuneration(2) • W1,564 million (consisting of W177 million in salary and W1,387 million in retirement pay).
Salary • Base salary is set in accordance with the executive compensation regulations established by the board of directors. Monthly payments of W37.7 million between January and March and W18.9 million between April and June were made. • A total of W7 million of welfare benefits were paid between January and March in accordance with other welfare benefits standards.
Retirement pay • Retirement pay is calculated in accordance with the applicable provisions of our regulations on compensation for retiring executives and is evaluated by the duration of employment (13 years), monthly base salary at the time of retirement and payment rate per position (2.5 to 4.5%).
|
J. Kenneth Oh(1) |
|
Total remuneration(2) • W1,293 million (consisting of W98 million in salary and W1,195 million in retirement pay).
Salary • Base salary is set in accordance with the executive compensation regulations established by the board of directors. Monthly payments of W31.6 million between January and March were made. • A total of W3 million of welfare benefits were paid between January and March in accordance with other welfare benefits standards.
Retirement pay • Retirement pay is calculated in accordance with the applicable provisions of our regulations on compensation for retiring executives and is evaluated by the duration of employment (14 years), monthly base salary at the time of retirement and payment rate per position (2.5 to 4.5%).
|
31
Seung Min Lim(1) |
|
Total remuneration(2) • W942 million (consisting of W97 million in salary and W845 million in retirement pay).
Salary • Base salary is set in accordance with the executive compensation regulations established by the board of directors. Monthly payments of W31.6 million between January and March were made. • A total of W2 million of welfare benefits were paid between January and March in accordance with other welfare benefits standards.
Retirement pay • Retirement pay is calculated in accordance with the applicable provisions of our regulations on compensation for retiring executives and is evaluated by the duration of employment (10 years), monthly base salary at the time of retirement and payment rate per position (2.5 to 4.5%).
|
Kwang Jin Kim(1) |
|
Total remuneration(2) • W915 million (consisting of W149 million in salary and W766 million in retirement pay).
Salary • Base salary is set in accordance with the executive compensation regulations established by the board of directors. Monthly payments of W31.6 million between January and March and W15.8 million between April and June were made. • A total of W7 million of welfare benefits were paid between January and March in accordance with other welfare benefits standards.
Retirement pay • Retirement pay is calculated in accordance with the applicable provisions of our regulations on compensation for retiring executives and is evaluated by the duration of employment (9 years), monthly base salary at the time of retirement and payment rate per position (2.5 to 4.5%).
|
(1) Each of Yoong Ki Min (advisor), Jong Woo Kim (advisor), J. Kenneth Oh (former senior vice president), Seung Min Lim (former senior vice president) and Kwang Jin Kim (advisor) retired from our company effective as of March 31, 2025.
(2) Calculated based on the total amount of remuneration for 2025.
|
32 |
|
As of June 30, 2025, we had 25,057 employees (excluding our directors). On average, our male employees have served 14.8 years and our female employees have served 12.2 years. The total amount of salary paid to our employees for 2025 based on income tax statements submitted to the Korean tax authority in accordance with Article 20 of the Income Tax Act was W994,755 million for our male employees and W127,945 million for our female employees. The following table provides details of our employees as of June 30, 2025:
(Unit: person, in millions of Won, year)
|
|
Number of employees(1) |
|
Total salary in 2025(2)(3)(4) |
|
Average salary per capita(5) |
|
Average years of service |
Male |
|
21,426 |
|
994,755 |
|
46 |
|
14.8 |
Female |
|
3,631 |
|
127,945 |
|
35 |
|
12.2 |
Total |
|
25,057 |
|
1,122,700 |
|
45 |
|
14.4 |
(Unit: person, in millions of Won)
Number of executive officers |
|
Total salary in 2025 |
|
Average salary per capita(1) |
80 |
|
15,846 |
|
185 |
We are a defendant in two separate civil lawsuits (comprising one damages claim in the United Kingdom filed by private plaintiffs and one damages claim in Israel filed by private plaintiffs) filed against us and certain other TFT-LCD panel manufacturers in connection with alleged anticompetitive behavior of the defendants. In each of these cases, the amount being sought has not been determined. The trial for the case in the United Kingdom has been completed and an appeal is currently in progress, while no trial has been scheduled for the case in Israel. While the expected outcome of each of these cases is unclear, we do not believe that any of these cases would have a material effect on our financial conditions.
As of the end of the reporting period, we have not provided any collateral in connection with borrowings or debt guarantees arising from transactions with our major shareholders.
None.
|
33 |
|
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Condensed Consolidated Interim Financial Statements
(Unaudited)
June 30, 2025 and 2024
(With Report on Review of Condensed Consolidated Interim Financial Statements)
Contents
|
|
Page |
|
|
|
Report on Review of Condensed Consolidated Interim Financial Statements |
|
1 |
|
|
|
Consolidated Interim Statements of Financial Position |
|
3 |
|
|
|
Consolidated Interim Statements of Comprehensive Income (Loss) |
|
4 |
|
|
|
Consolidated Interim Statements of Changes in Equity |
|
5 |
|
|
|
Consolidated Interim Statements of Cash Flows |
|
6 |
|
|
|
Notes to the Condensed Consolidated Interim Financial Statements |
|
7 |
|
|
|
Report on Review of Condensed Consolidated Interim Financial Statements
(English Translation of a Report Originally Issued in Korean)
To the Shareholders and Board of Directors of
LG Display Co., Ltd.
Reviewed Financial Statements
We have reviewed the accompanying condensed consolidated interim financial statements of LG Display Co., Ltd. and its subsidiaries (collectively referred to as the “Group”). These condensed consolidated interim financial statements consist of the consolidated interim statement of financial position of the Group as at June 30, 2025, and the related consolidated interim statements of comprehensive income for the three-month and six-month periods ended June 30, 2025 and 2024, and consolidated statements of changes in equity and cash flows for the six-month periods ended June 30, 2025 and 2024, and material accounting policy information and other selected explanatory notes, expressed in Korean won.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and presentation of these condensed consolidated interim financial statements in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (Korean IFRS) 1034 Interim Financial Reporting, and for such internal control as management determines is necessary to enable the preparation of condensed consolidated interim financial statements that are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express a conclusion on these condensed consolidated interim financial statements based on our review.
We conducted our review in accordance with quarterly or semi-annual review standards established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe the accompanying condensed consolidated interim financial statements are not prepared, in all material respects, in accordance with Korean IFRS 1034 Interim Financial Reporting.
Other Matters
We have audited the consolidated statement of financial position of the Group as at December 31, 2024, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, not presented herein, in accordance with Korean Standards on Auditing. We expressed an unqualified opinion on those financial statements in our audit report dated March 4, 2025. The consolidated statement of financial position as at December 31, 2024, presented herein for comparative purposes, is consistent, in all material respects, with the above audited consolidated statement of financial position as at December 31, 2024.
Review standards and their application in practice vary among countries. The procedures and practices used in the Republic of Korea to review such financial statements may differ from those generally accepted and applied in other countries.
August 11, 2025
Seoul, Korea
This report is effective as of August 11, 2025, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying condensed consolidated interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that there is a possibility that the above review report may have to be revised to reflect the impact of such subsequent events or circumstances, if any. |
2
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES |
||||||||||
Consolidated Interim Statements of Financial Position |
||||||||||
As of June 30, 2025 and December 31, 2024 |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
(In millions of won) |
|
|
Note
|
|
June 30, 2025 (Unaudited) |
|
December 31, 2024 |
|||
|
|
|
|
|
|
|
|
|||
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
4, 24 |
W |
1,665,511 |
|
2,021,640 |
|||||
Deposits in banks |
|
4, 24 |
|
900 |
|
600 |
||||
Trade accounts and notes receivable, net |
5, 15, 24, 26 |
|
2,211,350 |
|
3,624,477 |
|||||
Other accounts receivable, net |
5, 24 |
|
186,165 |
|
250,029 |
|||||
Other current financial assets |
6, 24 |
|
83,221 |
|
328,621 |
|||||
Inventories, net |
|
|
|
7 |
|
2,868,572 |
|
2,671,242 |
||
Prepaid income tax |
|
|
|
39,427 |
|
12,774 |
||||
Assets held for sale |
|
27 |
|
- |
|
983,317 |
||||
Other current assets |
|
|
|
213,005 |
|
230,337 |
||||
Total current assets |
|
|
7,268,151 |
|
10,123,037 |
|||||
Deposits in banks |
|
4, 24 |
|
11 |
|
11 |
||||
Investments in equity accounted investees |
8 |
|
34,275 |
|
33,177 |
|||||
Other non-current financial assets |
6, 24 |
|
132,627 |
|
232,652 |
|||||
Property, plant and equipment, net |
9, 18 |
|
15,368,150 |
|
17,202,873 |
|||||
Intangible assets, net |
|
10, 18 |
|
1,569,372 |
|
1,558,407 |
||||
Investment Property |
|
11, 18 |
|
25,974 |
|
27,911 |
||||
Deferred tax assets, net |
|
|
|
3,484,315 |
|
3,504,177 |
||||
Defined benefits assets, net |
13 |
|
76,625 |
|
160,752 |
|||||
Other non-current assets |
|
|
24,156 |
|
16,569 |
|||||
Total non-current assets |
|
|
20,715,505 |
|
22,736,529 |
|||||
Total assets |
|
|
|
W |
27,983,656 |
|
32,859,566 |
|||
Liabilities |
|
|
|
|
|
|
|
|
||
Trade accounts and notes payable |
24, 26 |
W |
3,739,246 |
|
4,156,149 |
|||||
Current financial liabilities |
12, 24, 25, 26 |
|
5,552,859 |
|
6,527,450 |
|||||
Other accounts payable |
24 |
|
1,678,441 |
|
1,720,670 |
|||||
Accrued expenses |
|
|
|
551,258 |
|
634,473 |
||||
Income tax payable, net |
|
|
|
21,816 |
|
65,366 |
||||
Provisions |
|
|
|
14 |
|
88,127 |
|
105,251 |
||
Advances received |
|
|
|
37,758 |
|
904,628 |
||||
Liabilities held for sale |
27 |
|
- |
|
1,656,841 |
|||||
Other current liabilities |
|
|
86,402 |
|
88,256 |
|||||
Total current liabilities |
|
|
11,755,907 |
|
15,859,084 |
|||||
Non-current financial liabilities |
12, 24, 25 |
|
8,031,249 |
|
8,091,407 |
|||||
Non-current provisions |
14 |
|
53,481 |
|
60,908 |
|||||
Defined benefit liabilities, net |
13 |
|
1,114 |
|
1,093 |
|||||
Long-term advances received |
|
|
- |
|
220,500 |
|||||
Other non-current liabilities |
24, 26 |
|
543,859 |
|
553,767 |
|||||
Total non-current liabilities |
|
|
8,629,703 |
|
8,927,675 |
|||||
Total liabilities |
|
|
|
W |
20,385,610 |
|
24,786,759 |
|||
Equity |
|
|
|
|
|
|
|
|
|
|
Share capital |
|
|
16 |
W |
2,500,000 |
|
2,500,000 |
|||
Share premium |
|
|
16 |
|
2,759,184 |
|
2,773,587 |
|||
Retained earnings(Accumulated deficit) |
|
|
585,250 |
|
(18,512) |
|||||
Reserves |
|
|
|
16 |
|
638,834 |
|
995,823 |
||
Accumulated other comprehensive income held for sale |
27 |
|
- |
|
291,363 |
|||||
Equity attributable to owners of the Parent |
|
|
6,483,268 |
|
6,542,261 |
|||||
Non-controlling interests |
|
|
1,114,778 |
|
1,530,546 |
|||||
Total equity |
|
|
|
|
7,598,046 |
|
8,072,807 |
|||
Total liabilities and equity |
|
W |
27,983,656 |
|
32,859,566 |
|||||
|
||||||||||
|
||||||||||
See accompanying notes to the condensed consolidated interim financial statements. |
||||||||||
3
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES |
|||||||||||||
Consolidated Interim Statements of Comprehensive Income(Loss) |
|||||||||||||
For the three-month and six-month periods ended June 30, 2025 and 2024 |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three-month periods |
|
For the six-month periods |
||||
(In millions of won, except earnings (loss) per share amounts) |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||
|
|
|
|
|
Note |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Revenue |
17, 18, 26 |
W |
5,586,956 |
|
6,708,199 |
|
11,652,254 |
|
11,961,174 |
||||
Cost of sales |
7, 19, 26 |
|
(5,079,248) |
|
(6,094,596) |
|
(10,401,742) |
|
(11,129,683) |
||||
Gross profit |
|
|
507,708 |
|
613,603 |
|
1,250,512 |
|
831,491 |
||||
Selling expenses |
19, 20 |
|
(104,477) |
|
(145,325) |
|
(221,800) |
|
(269,946) |
||||
Administrative expenses |
19, 20 |
|
(181,256) |
|
(218,073) |
|
(422,212) |
|
(441,025) |
||||
Research and development expenses |
19 |
|
(338,008) |
|
(343,878) |
|
(689,069) |
|
(683,625) |
||||
Operating loss |
|
|
(116,033) |
|
(93,673) |
|
(82,569) |
|
(563,105) |
||||
Finance income |
22 |
|
365,636 |
|
177,451 |
|
545,949 |
|
379,653 |
||||
Finance costs |
22 |
|
(437,591) |
|
(417,562) |
|
(774,558) |
|
(825,270) |
||||
Other non-operating income |
21 |
|
1,891,063 |
|
371,675 |
|
2,208,367 |
|
803,563 |
||||
Other non-operating expenses |
21 |
|
(712,338) |
|
(471,961) |
|
(1,055,080) |
|
(1,220,106) |
||||
Equity in income of equity accounted investees, net |
|
|
1,161 |
|
1,441 |
|
1,294 |
|
3,288 |
||||
Profit (loss) before income tax |
|
|
991,898 |
|
(432,629) |
|
843,403 |
|
(1,421,977) |
||||
Income tax benefit (expense) |
|
|
(101,127) |
|
(38,169) |
|
(189,664) |
|
189,903 |
||||
Profit (loss) for the period |
|
|
890,771 |
|
(470,798) |
|
653,739 |
|
(1,232,074) |
||||
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
||||
Items that will never be reclassified to profit or loss |
|
|
|
|
|
|
|
|
|
||||
Remeasurements of net defined benefit liabilities |
|
|
549 |
|
(1,480) |
|
675 |
|
(4,269) |
||||
Other comprehensive income (loss) from associates |
8 |
|
- |
|
(1) |
|
- |
|
(95) |
||||
|
|
|
549 |
|
(1,481) |
|
675 |
|
(4,364) |
||||
Items that are or may be reclassified to profit or loss |
|
|
|
|
|
|
|
|
|
||||
Foreign currency translation differences for foreign operations |
16 |
|
(715,990) |
|
240,420 |
|
(719,651) |
|
493,948 |
||||
Other comprehensive income (loss) from associates |
8, 16 |
|
(374) |
|
236 |
|
1,433 |
|
(68) |
||||
|
|
|
(716,364) |
|
240,656 |
|
(718,218) |
|
493,880 |
||||
Other comprehensive income (loss) for the period, net of income tax |
|
|
(715,815) |
|
239,175 |
|
(717,543) |
|
489,516 |
||||
Total comprehensive income (loss) for the period |
|
W |
174,956 |
|
(231,623) |
|
(63,804) |
|
(742,558) |
||||
Profit (loss) attributable to: |
|
|
|
|
|
|
|
|
|
||||
Owners of the Parent |
|
|
865,812 |
|
(506,527) |
|
603,087 |
|
(1,289,684) |
||||
Non-controlling interests |
|
|
24,959 |
|
35,729 |
|
50,652 |
|
57,610 |
||||
Profit (loss) for the period |
|
W |
890,771 |
|
(470,798) |
|
653,739 |
|
(1,232,074) |
||||
Total comprehensive income (loss) attributable to: |
|
|
|
|
|
|
|
|
|
||||
Owners of the Parent |
|
|
223,313 |
|
(305,363) |
|
(44,590) |
|
(880,100) |
||||
Non-controlling interests |
|
|
(48,357) |
|
73,740 |
|
(19,214) |
|
137,542 |
||||
Total comprehensive income(loss) for the period |
|
W |
174,956 |
|
(231,623) |
|
(63,804) |
|
(742,558) |
||||
Earnings (loss) per share (in won) |
|
|
|
|
|
|
|
|
|
||||
Basic earnings (loss) per share |
23 |
W |
1,732 |
|
(1,013) |
|
1,206 |
|
(2,917) |
||||
Diluted earnings (loss) per share |
23 |
W |
1,732 |
|
(1,013) |
|
1,206 |
|
(2,917) |
||||
|
|
|
|
|
|
|
|
|
|
||||
See accompanying notes to the condensed consolidated interim financial statements. |
|||||||||||||
4
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated Interim Statements of Changes in Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
For the six-month periods ended June 30, 2025 and 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to owners of the Parent Company |
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
Share capital |
|
Share premium |
|
Retained (Accumulated deficit) |
|
Reserves |
|
Other comprehensive income classified as held for sales |
|
|
|
Non-controlling interests |
|
Total equity |
(In millions of won) |
|
|
|
|
|
|
Sub-total |
|
|
||||||||||||
Balances at January 1, 2024 |
W |
1,789,079 |
|
2,251,113 |
|
2,676,014 |
|
515,976 |
|
- |
|
7,232,182 |
|
1,538,362 |
|
8,770,544 |
|||||
Total comprehensive income (loss) for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Profit (loss) for the period |
|
- |
|
- |
|
(1,289,684) |
|
- |
|
- |
|
(1,289,684) |
|
57,610 |
|
(1,232,074) |
|||||
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Remeasurements of net defined benefit liabilities |
|
- |
|
- |
|
(4,269) |
|
- |
|
- |
|
(4,269) |
|
- |
|
(4,269) |
|||||
Foreign currency translation differences for foreign operations |
|
- |
|
- |
|
- |
|
414,016 |
|
- |
|
414,016 |
|
79,932 |
|
493,948 |
|||||
Other comprehensive loss from associates |
|
- |
|
- |
|
(95) |
|
(68) |
|
- |
|
(163) |
|
- |
|
(163) |
|||||
Total other comprehensive income (loss) |
|
- |
|
- |
|
(4,364) |
|
413,948 |
|
- |
|
409,584 |
|
79,932 |
|
489,516 |
|||||
Total comprehensive income (loss) for the period |
W |
- |
|
- |
|
(1,294,048) |
|
413,948 |
|
- |
|
(880,100) |
|
137,542 |
|
(742,558) |
|||||
Transaction with owners, recognized directly in equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital Increase (Note 16) |
|
710,921 |
|
569,893 |
|
- |
|
- |
|
- |
|
1,280,814 |
|
- |
|
1,280,814 |
|||||
Dividends to non-controlling shareholders in subsidiaries |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(129,216) |
|
(129,216) |
|||||
Total transaction with owners, recognized directly in equity |
|
710,921 |
|
569,893 |
|
- |
|
- |
|
- |
|
1,280,814 |
|
(129,216) |
|
1,151,598 |
|||||
Balances at June 30, 2024 (Unaudited) |
W |
2,500,000 |
|
2,821,006 |
|
1,381,966 |
|
929,924 |
|
- |
|
7,632,896 |
|
1,546,688 |
|
9,179,584 |
|||||
Balances at January 1, 2025 |
W |
2,500,000 |
|
2,773,587 |
|
(18,512) |
|
995,823 |
|
291,363 |
|
6,542,261 |
|
1,530,546 |
|
8,072,807 |
|||||
Total comprehensive income (loss) for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Profit for the period |
|
- |
|
- |
|
603,087 |
|
- |
|
- |
|
603,087 |
|
50,652 |
|
653,739 |
|||||
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Remeasurements of net defined benefit liabilities |
|
- |
|
- |
|
675 |
|
- |
|
- |
|
675 |
|
- |
|
675 |
|||||
Foreign currency translation differences for foreign operations |
|
- |
|
- |
|
- |
|
(358,422) |
|
(291,363) |
|
(649,785) |
|
(69,866) |
|
(719,651) |
|||||
Other comprehensive loss from associates |
|
- |
|
- |
|
- |
|
1,433 |
|
- |
|
1,433 |
|
- |
|
1,433 |
|||||
Total other comprehensive income (loss) |
|
- |
|
- |
|
675 |
|
(356,989) |
|
(291,363) |
|
(647,677) |
|
(69,866) |
|
(717,543) |
|||||
Total comprehensive income (loss) for the period |
W |
- |
|
- |
|
603,762 |
|
(356,989) |
|
(291,363) |
|
(44,590) |
|
(19,214) |
|
(63,804) |
|||||
Change in scope of Consolidation |
|
- |
|
(14,403) |
|
- |
|
- |
|
- |
|
(14,403) |
|
(396,554) |
|
(410,957) |
|||||
Balances at June 30, 2025 (Unaudited) |
W |
2,500,000 |
|
2,759,184 |
|
585,250 |
|
638,834 |
|
- |
|
6,483,268 |
|
1,114,778 |
|
7,598,046 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the condensed consolidated interim financial statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
5
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES |
|
|
|||||||||
Consolidated Interim Statements of Cash Flows |
|
|
|
|
|||||||
For the six-month periods ended June 30, 2025 and 2024 |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
(In millions of won) |
|
|
|
|
|
2025 |
|
2024 |
|||
|
|
|
|
|
|
|
Note |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) operating activities: |
|
|
|
|
|
|
|||||
Cash generated from operations |
|
25 |
W |
711,363 |
|
859,955 |
|||||
Income taxes paid |
|
|
|
(120,778) |
|
(84,360) |
|||||
Interests received |
|
|
|
35,512 |
|
46,370 |
|||||
Interests paid |
|
|
|
(383,669) |
|
(490,864) |
|||||
Cash flows from operating activities |
|
|
|
242,428 |
|
331,101 |
|||||
Cash flows from (used in) investing activities: |
|
|
|
|
|
|
|||||
Dividends received |
|
|
|
|
|
1,930 |
|
200 |
|||
Increase in deposits in banks |
|
|
|
(1,200) |
|
(1,000) |
|||||
Proceeds from withdrawal of deposits in banks |
|
|
|
900 |
|
572,013 |
|||||
Acquisition of financial assets at fair value through profit or loss |
|
|
|
(727) |
|
(3,063) |
|||||
Proceeds from disposal of financial assets at fair value through profit or loss |
|
|
|
1,436 |
|
116 |
|||||
Proceeds from disposal of assets held for sale |
|
|
|
804,602 |
|
- |
|||||
Acquisition of property, plant and equipment |
|
|
|
(661,709) |
|
(1,247,480) |
|||||
Proceeds from disposal of property, plant and equipment |
|
|
|
73,118 |
|
165,471 |
|||||
Acquisition of intangible assets |
|
|
|
(453,813) |
|
(479,186) |
|||||
Proceeds from disposal of intangible assets |
|
|
|
1,918 |
|
5,140 |
|||||
Government grants received |
|
|
|
1,008 |
|
2,307 |
|||||
Proceeds from settlement of derivatives |
|
|
|
98,259 |
|
183,219 |
|||||
Decrease in short-term loans |
|
|
|
11,749 |
|
9,126 |
|||||
Increase in deposits |
|
|
|
|
|
(2,354) |
|
(1,575) |
|||
Decrease in deposits |
|
|
|
|
4,896 |
|
875 |
||||
Proceeds from disposal of greenhouse gas emission permits |
|
|
|
- |
|
6,494 |
|||||
Cash flows used in investing activities |
|
|
|
(119,987) |
|
(787,343) |
|||||
Cash flows from (used in) financing activities: |
|
25 |
|
|
|
|
|||||
Proceeds from short-term borrowings |
|
|
|
2,425,311 |
|
2,809,097 |
|||||
Repayments of short-term borrowings |
|
|
|
(1,735,983) |
|
(3,569,093) |
|||||
Repayments of current portion of bonds |
|
|
|
(612,000) |
|
(80,000) |
|||||
Proceeds from long-term borrowings |
|
|
|
2,736,625 |
|
1,970,455 |
|||||
Repayments of current portion of long-term borrowings |
|
|
|
(3,304,222) |
|
(2,168,236) |
|||||
Payments of lease liabilities |
|
|
|
(28,153) |
|
(35,159) |
|||||
Capital Increase |
|
|
|
|
|
- |
|
1,292,455 |
|||
Transaction cost from capital increase |
|
|
|
- |
|
(11,641) |
|||||
Subsidiaries' dividends distributed to non-controlling interests |
|
|
|
(6,390) |
|
(136,519) |
|||||
Cash flows from (used in) financing activities |
|
|
|
(524,812) |
|
71,359 |
|||||
Net decrease in cash and cash equivalents |
|
|
|
(402,371) |
|
(384,883) |
|||||
Cash and cash equivalents included in assets held for sale at January 1 |
|
|
|
158,415 |
|
- |
|||||
Cash and cash equivalents at January 1 |
|
|
|
2,021,640 |
|
2,257,522 |
|||||
Effect of exchange rate fluctuations on cash held |
|
|
|
(112,173) |
|
101,510 |
|||||
Cash and cash equivalents included in assets held for sale at June 30 |
|
|
|
- |
|
- |
|||||
Cash and cash equivalents at June 30 |
|
|
W |
1,665,511 |
|
1,974,149 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the condensed consolidated interim financial statements. |
|
||||||||||
6
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
LG Display Co., Ltd. (the "Parent Company") was incorporated in February 1985 and the Parent Company is a public corporation listed in the Korea Exchange since 2004. The main business of the Parent Company and its subsidiaries (the “Group”) is to manufacture and sell displays and its related products. As of June 30, 2025, the Group is operating Thin Film Transistor Liquid Crystal Display (“TFT-LCD”) and Organic Light Emitting Diode (“OLED”) panel manufacturing plants in Gumi, Paju and China and TFT-LCD and OLED module manufacturing plants in Gumi, Paju, China and Vietnam. The Parent Company is domiciled in the Republic of Korea with its address at 128 Yeoui-daero, Yeongdeungpo-gu, Seoul, the Republic of Korea. As of June 30, 2025, LG Electronics Inc., a major shareholder of the Parent Company, owns 36.72% (183,593,206 shares) of the Parent Company’s common stock.
As of June 30, 2025, 500,000,000 shares of the Parent Company's common stock is listed on Korea Exchange under the identifying code 034220, and 22,800,134 American Depository Shares ("ADSs", 2 ADSs represent one share of common stock) is listed on the New York Stock Exchange under the symbol "LPL".
7
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
Subsidiaries |
|
Location |
|
Percentage of ownership(%) |
|
Closing month |
|
Date of incorporation |
|
Business |
LG Display America, Inc. |
|
San Jose, U.S.A. |
|
100 |
|
December |
|
September 24, 1999 |
|
Sales of display products |
LG Display Germany GmbH |
|
Eschborn, Germany |
|
100 |
|
December |
|
October 15, 1999 |
|
Sales of display products |
LG Display Japan Co., Ltd. |
|
Tokyo, Japan |
|
100 |
|
December |
|
October 12, 1999 |
|
Sales of display products |
LG Display Taiwan Co., Ltd. |
|
Taipei, Taiwan |
|
100 |
|
December |
|
April 12, 1999 |
|
Sales of display products |
LG Display Nanjing Co., Ltd. |
|
Nanjing, China |
|
100 |
|
December |
|
July 15, 2002 |
|
Production of display products |
LG Display Shanghai Co., Ltd. |
|
Shanghai, China |
|
100 |
|
December |
|
January 16, 2003 |
|
Sales of display products |
LG Display Shenzhen Co., Ltd. |
|
Shenzhen, China |
|
100 |
|
December |
|
July 27, 2007 |
|
Sales of display products |
LG Display Singapore Pte. Ltd. |
|
Singapore |
|
100 |
|
December |
|
November 4, 2008 |
|
Sales of display products |
L&T Display Technology (Fujian) Limited |
|
Fujian, China |
|
51 |
|
December |
|
December 7, 2009 |
|
Production and sales of LCD module and LCD monitor sets |
LG Display Yantai Co., Ltd. |
|
Yantai, China |
|
100 |
|
December |
|
March 17, 2010 |
|
Production of display products |
Nanumnuri Co., Ltd. |
|
Gumi, South Korea |
|
100 |
|
December |
|
March 21, 2012 |
|
Business facility maintenance |
Unified Innovative Technology, LLC |
|
Wilmington, U.S.A. |
|
100 |
|
December |
|
March 12, 2014 |
|
Intellectual property management |
LG Display Guangzhou Trading Co., Ltd. |
|
Guangzhou, China |
|
100 |
|
December |
|
April 28, 2015 |
|
Sales of display products |
Global OLED Technology, LLC |
|
Sterling, U.S.A. |
|
100 |
|
December |
|
December 18, 2009 |
|
OLED intellectual property management |
LG Display Vietnam Haiphong Co., Ltd. |
|
Haiphong, Vietnam |
|
100 |
|
December |
|
May 5, 2016 |
|
Production and sales of display products |
Suzhou Lehui Display Co., Ltd. |
|
Suzhou, China |
|
100 |
|
December |
|
July 1, 2016 |
|
Production and sales of LCD module and LCD monitor sets |
LG DISPLAY FUND I LLC(*1) |
|
Wilmington, U.S.A. |
|
100 |
|
December |
|
May 1, 2018 |
|
Investment in venture business and technologies |
LG Display High-Tech (China) Co., Ltd. |
|
Guangzhou, China |
|
70 |
|
December |
|
July 11, 2018 |
|
Production and sales of display products |
8
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(*1) For the six-month period ended June 30, 2025, the Parent Company contributed W1,450 million in cash for the capital increase of LG DISPLAY FUND I LLC. There was no change in the Parent Company’s percentage of ownership in LG DISPLAY FUND I LLC as a result of this additional investment.
In addition to the above subsidiaries, the Parent Company has invested W40,100 million in MMT (Money Market Trust).
Subsidiaries |
|
Location |
|
Percentage of ownership(%) |
|
Reason |
LG Display Guangzhou Co., Ltd. |
|
Guangzhou, China |
|
100 |
|
Disposal |
LG Display (China) Co., Ltd. |
|
Guangzhou, China |
|
80 |
|
Disposal |
9
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
The Group's condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standard as adopted by the Republic of Korea (Korean IFRS) 1034 Interim Financial Reporting. These condensed consolidated interim financial statements do not include all of the information required for full annual consolidated financial statements and should be read in conjunction with the consolidated financial statements of the Group as of and for the year ended December 31, 2024.
The condensed consolidated interim financial statements have been prepared on the historical cost basis except for the following material items in the consolidated statement of financial position:
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which each entity operates (the “functional currency"). The consolidated financial statements are presented in Korean won, which is the Parent Company’s functional and presentation currency
The preparation of the condensed consolidated interim financial statements in conformity with Korean IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The actual results may differ from these estimates at the end of the interim reporting period which are based on management's best estimate, as the underlying assumptions may vary from actual outcomes.
The Group has applied the following standards and amendments for the first time for their annual reporting period commencing January 1, 2025.
The amendment requires the entity to disclose the relevant information when an entity estimates a spot exchange rate because exchangeability between two currencies is lacking. The amendments do not have a significant impact on the financial statements.
10
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
The following new accounting standards and interpretations have been published that are not mandatory for June 30, 2025 reporting periods and have not been early adopted by the Group.
Korean IFRS 1109 Financial Instruments and Korean IFRS 1107 Financial Instruments: Disclosures have been amended to respond to recent questions arising in practice, and to include new requirements. The amendments should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. The key amendments are as follows. The Group is currently reviewing the impact of these amendments on it’s financial statements.
Annual Improvements to Korean IFRS - Volume 11 shall be effective for fiscal years beginning on or after January 1, 2026, and early application is effective. The amendments are not expected to have a significant impact on the financial statements.
The Group is within the scope of the Pillar Two model rules, and applied the exception to recognizing and disclosing information about deferred tax.
11
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
The accounting policies followed by the Group in the preparation of its condensed consolidated interim financial statements are the same as those followed by the Group in its preparation of the consolidated financial statements as of and for the year ended December 31, 2024, except for the application of Korean IFRS 1034 Interim Financial Reporting.
Details of cash and cash equivalents and deposits in banks as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
Current assets |
|
|
|
|
Cash and cash equivalents |
|
|
|
|
Deposits |
W |
1,665,511 |
|
2,021,640 |
Deposits in banks |
|
|
|
|
Time deposits |
W |
900 |
|
600 |
Non-current assets |
|
|
|
|
Deposits in banks |
|
|
|
|
Deposit for checking account |
W |
11 |
|
11 |
(In millions of won) |
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
Trade accounts and notes receivable, net |
W |
2,211,350 |
|
3,624,477 |
Other accounts receivable |
|
|
|
|
Non-trade receivables, net |
W |
154,939 |
|
227,477 |
Accrued income, net |
|
31,226 |
|
22,552 |
Subtotal |
|
186,165 |
|
250,029 |
Total |
|
2,397,515 |
|
3,874,506 |
12
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(b) The aging of trade accounts and notes receivable and other accounts receivable as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
June 30, 2025 |
||||||
|
|
Original amount |
|
Allowance for doubtful account |
||||
|
|
Trade accounts and notes receivable |
|
Other accounts receivable |
|
Trade accounts and notes receivable |
|
Other accounts receivable |
Not past due |
W |
2,194,688 |
|
151,971 |
|
(965) |
|
(582) |
1-15 days past due |
|
14,740 |
|
7,113 |
|
(1) |
|
(10) |
16-30 days past due |
|
- |
|
30 |
|
- |
|
- |
31-60 days past due |
|
1,379 |
|
9,161 |
|
- |
|
(3) |
More than 60 days past due |
|
1,509 |
|
18,508 |
|
- |
|
(23) |
Total |
W |
2,212,316 |
|
186,783 |
|
(966) |
|
(618) |
(In millions of won) |
|
December 31, 2024 |
||||||
|
|
Original amount |
|
Allowance for doubtful account |
||||
|
|
Trade accounts and notes receivable |
|
Other accounts receivable |
|
Trade accounts and notes receivable |
|
Other accounts receivable |
Not past due |
W |
3,609,870 |
|
207,928 |
|
(1,369) |
|
(464) |
1-15 days past due |
|
15,951 |
|
37,722 |
|
(14) |
|
(2) |
16-30 days past due |
|
4 |
|
1,915 |
|
- |
|
(1) |
31-60 days past due |
|
35 |
|
350 |
|
- |
|
(3) |
More than 60 days past due |
|
- |
|
2,592 |
|
- |
|
(8) |
Total |
W |
3,625,860 |
|
250,507 |
|
(1,383) |
|
(478) |
The movement in the allowance for doubtful account in respect of trade accounts and notes receivable and other accounts receivable for the six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
2025 |
|
2024 |
||||
|
|
Trade accounts and notes receivable |
|
Other accounts receivable |
|
Trade accounts and notes receivable |
|
Other accounts receivable |
At January 1 |
W |
1,383 |
|
478 |
|
933 |
|
207 |
(Reversal of) bad debt expense |
|
(417) |
|
140 |
|
80 |
|
110 |
At June 30 |
W |
966 |
|
618 |
|
1,013 |
|
317 |
13
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
Details of other financial assets as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
June 30, 2025 |
|
December 31, 2024 |
Current assets |
|
|
|
|
Financial assets at fair value through profit or loss |
|
|
|
|
Derivatives (*1) |
W |
43,961 |
|
186,676 |
Fair value hedging derivatives |
|
|
|
|
Derivatives (*2) |
W |
- |
|
99,116 |
Financial assets carried at amortized cost |
|
|
|
|
Deposits |
W |
12,618 |
|
10,429 |
Short-term loans |
|
20,236 |
|
26,098 |
Subtotal |
W |
32,854 |
|
36,527 |
Other financial assets |
|
|
|
|
Lease receivables |
W |
6,406 |
|
6,302 |
Total |
W |
83,221 |
|
328,621 |
Non-current assets |
|
|
|
|
Financial assets at fair value through profit or loss |
|
|
|
|
Equity instruments |
W |
113,242 |
|
120,501 |
Convertible securities |
|
- |
|
1,470 |
Derivatives (*1) |
|
4,640 |
|
69,575 |
Subtotal |
W |
117,882 |
|
191,546 |
Fair value hedging derivatives |
|
|
|
|
Derivatives (*2) |
W |
- |
|
19,982 |
Financial assets carried at amortized cost |
|
|
|
|
Deposits |
W |
6,018 |
|
6,318 |
Long-term loans |
|
5,284 |
|
11,045 |
Subtotal |
W |
11,302 |
|
17,363 |
Other financial assets |
|
|
|
|
Lease receivables |
W |
3,443 |
|
3,761 |
Total |
W |
132,627 |
|
232,652 |
(*1) The derivatives, which are not designated as hedging instruments, arise from cross currency interest rate swap contracts and others for the purpose of managing currency and interest rate risks associated with foreign currency denominated borrowings and bonds.
(*2) The derivatives, which are designated as hedging instruments, arise from forward exchange contracts for the purpose of managing currency risk associated with advances received in foreign currency.
14
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
Details of inventories as of June 30, 2025 and December 31, 2024 are as follows:
(i) As of June 30, 2025
(In millions of won) |
|
|
|
|
|
|
|
|
Cost |
|
Valuation allowance |
|
Carrying amount |
Finished goods |
W |
934,640 |
|
(35,726) |
|
898,914 |
Work-in-process |
|
1,326,064 |
|
(52,130) |
|
1,273,934 |
Raw materials |
|
520,812 |
|
(14,586) |
|
506,226 |
Supplies |
|
211,421 |
|
(21,923) |
|
189,498 |
Total |
W |
2,992,937 |
|
(124,365) |
|
2,868,572 |
(ii) As of December 31, 2024
(In millions of won) |
|
|
|
|
|
|
|
|
Cost |
|
Valuation allowance |
|
Carrying amount |
Finished goods |
W |
995,999 |
|
(51,305) |
|
944,694 |
Work-in-process |
|
1,184,516 |
|
(82,655) |
|
1,101,861 |
Raw materials |
|
477,929 |
|
(17,648) |
|
460,281 |
Supplies |
|
184,869 |
|
(20,463) |
|
164,406 |
Total |
W |
2,843,313 |
|
(172,071) |
|
2,671,242 |
For the six-month periods ended June 30, 2025 and 2024, the amount of inventories recognized as expenses and (reversal of) loss on valuation of inventory allowance are as follows:
(In millions of won) |
|
2025 |
|
2024 |
Cost of sales |
W |
10,401,742 |
|
11,129,683 |
Inventories recognized as expense |
|
10,452,157 |
|
11,096,028 |
(Reversal of) write-downs of inventories included in (deducted from) cost of sales |
|
(50,415) |
|
33,655 |
15
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
Details of investments in associates as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associates |
|
Location |
|
Closing |
|
Business |
|
June 30, 2025 |
|
December 31, 2024 |
||||
|
|
|
|
Percentage of ownership |
|
Carrying amount |
|
Percentage of ownership |
|
Carrying amount |
||||
Paju Electric Glass Co., Ltd. |
|
Paju, South Korea |
|
December |
|
Production of glass for display |
|
40% |
W |
30,853 |
|
40% |
W |
29,479 |
Arctic Sentinel, Inc. |
|
Los Angeles, U.S.A. |
|
March |
|
Development and production of tablet for kids |
|
10% |
|
- |
|
10% |
|
- |
Cynora GmbH |
|
Bruchsal, Germany |
|
December |
|
Development of organic light emitting materials for displays and lighting devices |
|
10% |
|
- |
|
10% |
|
- |
Material Science Co., Ltd. |
|
Seoul, South Korea |
|
December |
|
Development, production, and sales of materials for display |
|
14% |
|
3,422 |
|
14% |
|
3,698 |
Total |
|
|
|
|
|
|
|
|
W |
34,275 |
|
|
W |
33,177 |
Although the Parent Company’s respective share interests in Arctic Sentinel, Inc., Cynora GmbH and Material Science Co., Ltd. are below 20%, the Parent Company is able to exercise significant influence through its right to appoint one or more directors to the board of directors of each investee. Accordingly, the investments in these investees have been accounted for using the equity method.
Dividend income recognized from associates for the six-month periods ended June 30, 2025 and 2024 amounted to W1,664 million and W200 million, respectively.
16
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(a) Changes in property, plant and equipment for the six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
2025 |
|
2024 |
Book value as of January 1 |
W |
17,202,873 |
|
20,200,332 |
Acquisitions |
|
625,563 |
|
920,468 |
Depreciation |
|
(2,005,751) |
|
(2,307,877) |
Disposals |
|
(97,647) |
|
(161,907) |
Impairment loss (*) |
|
(1,457) |
|
(72,531) |
Effect of movements in exchange rates and others |
|
(354,423) |
|
427,021 |
Government grants received |
|
(1,008) |
|
(2,307) |
Book value as of June 30 |
W |
15,368,150 |
|
19,003,199 |
(*) If there are indications of impairment, impairment losses are recognized for the difference between the carrying amount and the recoverable amount of property, plant and equipment.
(b) For the six-month period ended June 30, 2025, the capitalized borrowing costs amounted to W6,554 million (For the six-month period ended June 30, 2024: W33,664 million), and capitalization rate is 4.82% (For the six-month period ended June 30, 2024: 5.73%).
Changes in intangible assets for the six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
2025 |
|
2024 |
Book value as of January 1 |
W |
1,558,407 |
|
1,773,955 |
Acquisitions |
|
67,907 |
|
53,652 |
Acquisitions by Internal Development |
|
340,636 |
|
355,209 |
Amortization |
|
(384,776) |
|
(386,031) |
Disposals |
|
(4,067) |
|
(5,466) |
Impairment loss (*) |
|
(1,505) |
|
(49,913) |
Others |
|
266 |
|
- |
Effect of movements in exchange rates |
|
(7,496) |
|
18,104 |
Book value as of June 30 |
W |
1,569,372 |
|
1,759,510 |
(*) If there are indications of impairment, impairment losses are recognized for the difference between the carrying amount and the recoverable amount of intangible assets.
17
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(a) Changes in investment property for the six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
2025 |
|
2024 |
Book value as of January 1 |
W |
27,911 |
|
32,995 |
Depreciation |
|
(2,550) |
|
(2,541) |
Others |
|
613 |
|
- |
Book value as of June 30 |
W |
25,974 |
|
30,454 |
(b) For the six-month period ended June 30, 2025, rental revenue from investment property is W5,114 million (For the six-month period ended June 30, 2024: W4,024 million) and rental cost is W2,725 million (For the six-month period ended June 30, 2024: W2,717 million).
(In millions of won) |
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
Current |
|
|
|
|
Short-term borrowings |
W |
1,536,842 |
|
969,595 |
Current portion of long-term borrowings |
|
3,750,413 |
|
4,907,390 |
Current portion of bonds |
|
180,354 |
|
611,882 |
Derivatives (*) |
|
36,754 |
|
3,762 |
Lease liabilities |
|
48,496 |
|
34,821 |
Total |
W |
5,552,859 |
|
6,527,450 |
Non-current |
|
|
|
|
Long-term borrowings |
W |
7,618,420 |
|
7,535,290 |
Bonds |
|
334,604 |
|
525,957 |
Derivatives (*) |
|
46,756 |
|
7,006 |
Lease liabilities |
|
31,469 |
|
23,154 |
Total |
W |
8,031,249 |
|
8,091,407 |
(*) The derivatives, which are not designated as hedging instruments, arise from cross currency interest rate swap contracts and others for the purpose of managing currency and interest rate risks associated with foreign currency denominated borrowings and bonds.
18
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(b) Details of short-term borrowings as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
|
|
Lender |
|
Description |
|
Annual interest rate as of June 30, 2025 (%) |
|
June 30, 2025 |
|
December 31, 2024 |
Standard Chartered Bank Korea Limited and others |
|
Working capital and others |
|
2.60 ~ 6.13 |
W |
1,536,842 |
|
969,595 |
(c) Details of Korean won denominated long-term borrowings as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
|
|
|
|
Lender |
|
Description |
|
Latest Maturity date |
|
Annual interest rate as of June 30, 2025 (%) |
|
June 30, 2025 |
|
December 31, 2024 |
LG Electronics Inc. |
|
Operating capital |
|
- |
|
- |
W |
- |
|
1,000,000 |
Korea Development Bank and others |
|
Facility capital and others |
|
July 2025 ~ March 2030 |
|
2.41 ~ 5.65 |
|
4,232,512 |
|
3,668,538 |
Less: current portion |
|
|
|
|
|
|
|
(1,133,000) |
|
(1,861,000) |
Total |
|
|
|
|
|
|
W |
3,099,512 |
|
2,807,538 |
(d) Details of foreign currency denominated long-term borrowings as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won, USD and CNY)
Lender |
|
Description |
|
Latest Maturity date |
|
Annual interest rate as of June 30, 2025 (%) |
|
June 30, 2025 |
|
December 31, 2024 |
KEB Hana Bank and others |
|
Facility capital and others |
|
July 2025 ~ July 2029 |
|
2.13 ~ 6.70 |
W |
7,136,321 |
|
7,774,142 |
Foreign currency equivalent of foreign currency borrowings |
|
USD 2,144 |
|
USD 2,528 |
||||||
|
CNY 22,350 |
|
CNY 20,164 |
|||||||
Less: current portion |
|
(2,617,413) |
|
(3,046,390) |
||||||
Total |
|
|
|
|
|
|
W |
4,518,908 |
|
4,727,752 |
19
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(e) Details of bonds issued and outstanding as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won and USD) |
|
|
|
|
|
|
|
|
|
|
Maturity |
|
Annual interest rate as of June 30, 2025 (%) |
|
June 30, 2025 |
|
December 31, 2024 |
Korean won denominated bonds at amortized cost (*1) |
|
|
|
|
|
|
|
|
Publicly issued bonds |
|
September 2026 ~ February 2027 |
|
2.79~3.66 |
W |
335,000 |
|
655,000 |
Privately issued bonds |
|
January 2026 |
|
7.25 |
|
45,000 |
|
337,000 |
Less: discount on bonds |
|
|
|
|
|
(424) |
|
(705) |
Less: current portion |
|
|
|
|
|
(44,972) |
|
(611,882) |
Subtotal |
|
|
|
|
W |
334,604 |
|
379,413 |
Foreign currency denominated bonds at amortized cost (*2) |
|
|
|
|
|
|
|
|
Privately issued bonds |
|
April 2026 |
|
6.18 |
W |
135,640 |
|
147,000 |
Foreign currency equivalent of foreign currency denominated bonds |
|
|
|
|
|
USD 100 |
|
USD 100 |
Less: discount on bonds |
|
|
|
|
|
(258) |
|
(456) |
Less: foreign currency equivalent of discount on bonds of foreign currency denominated bonds |
|
|
|
|
|
USD (0) |
|
USD (0) |
Less: current portion |
|
(135,382) |
|
- |
||||
Subtotal |
|
|
|
|
W |
- |
|
146,544 |
Total |
|
|
|
|
W |
334,604 |
|
525,957 |
(*1) Principal of the Korean won denominated bonds is to be repaid at maturity and interests are paid quarterly.
(*2) Principal of the foreign currency denominated bonds is to be repaid at maturity and interests are paid quarterly.
20
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(a) Defined benefit plans
The Parent Company and certain subsidiaries’ defined benefit plans provide a lump-sum payment to an employee based on final salary rates and length of service at the time the employee leaves the Parent Company or certain subsidiaries.
i) Details of net defined benefit liabilities (defined benefit assets) recognized as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
Present value of defined benefit obligations |
W |
1,411,542 |
|
1,444,252 |
Fair value of plan assets |
|
(1,487,053) |
|
(1,603,911) |
Total |
W |
(75,511) |
|
(159,659) |
Defined benefit liabilities, net |
W |
1,114 |
|
1,093 |
Defined benefit assets, net |
W |
(76,625) |
|
(160,752) |
ii) Details of plan assets as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
Time deposits in banks |
W |
1,487,053 |
|
1,603,911 |
As of June 30, 2025, the Group maintains the plan assets primarily with Shinhan Bank , KEB Hana Bank and others.
iii) Details of expenses related to defined benefit plans recognized in profit or loss for the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
For the three-month periods ended June 30 |
|
For the six-month periods ended June 30 |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Current service cost |
W |
36,862 |
|
38,603 |
|
73,786 |
|
77,225 |
Net interest cost |
|
(1,562) |
|
(4,713) |
|
(3,123) |
|
(9,427) |
Total (*) |
W |
35,300 |
|
33,890 |
|
70,663 |
|
67,798 |
(*) The total cost related to the defined benefit plans includes capitalized amounts of W5,344 million (for the six-month period ended June 30, 2024: W5,161 million).
(b) Defined contribution plans
The amount recognized as an expense in relation to the defined contribution plan for the six-month period ended June 30, 2025 is W14,746 million (for the six-month period ended June 30, 2024: W8,726 million).
21
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
Changes in provisions for the six-month periods ended June 30, 2025 and 2024 are as follows:
(i) 2025
(In millions of won) |
|
|
|
|
|
|
|
|
|
|
Litigation |
|
Warranties (*) |
|
Others |
|
Total |
At January 1, 2025 |
W |
7,479 |
|
152,683 |
|
5,997 |
|
166,159 |
Additions |
|
3,537 |
|
23,219 |
|
5,132 |
|
31,888 |
Usage |
|
(11,016) |
|
(38,002) |
|
(7,421) |
|
(56,439) |
At June 30, 2025 |
W |
- |
|
137,900 |
|
3,708 |
|
141,608 |
Current |
W |
- |
|
84,419 |
|
3,708 |
|
88,127 |
Non-current |
W |
- |
|
53,481 |
|
- |
|
53,481 |
(*) The Group provides warranty on defective products for warranty periods after sales. The provision is calculated based on the assumption of expected number of warranty claims and costs per claim considering historical experience.
(ii) 2024
(In millions of won) |
|
|
|
|
|
|
|
|
|
|
Litigation |
|
Warranties (*) |
|
Others |
|
Total |
At January 1, 2024 |
W |
1,806 |
|
173,795 |
|
5,880 |
|
181,481 |
Additions (reversal) |
|
126 |
|
41,744 |
|
(1,033) |
|
40,837 |
Usage |
|
- |
|
(68,429) |
|
- |
|
(68,429) |
At June 30, 2024 |
W |
1,932 |
|
147,110 |
|
4,847 |
|
153,889 |
Current |
W |
1,932 |
|
91,687 |
|
4,847 |
|
98,466 |
Non-current |
W |
- |
|
55,423 |
|
- |
|
55,423 |
(*) The Group provides warranty on defective products for warranty periods after sales. The provision is calculated based on the assumption of expected number of warranty claims and costs per claim considering historical experience.
22
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
Anti-trust litigations
The Group and other LCD panel manufacturers have been sued by individual claimants on allegations of violating EU competition laws. The Group continues its vigorous defense of this pending proceeding. As of June 30, 2025, it cannot predict the final outcomes of the lawsuits that have been filed.
Others
The Group is involved in various lawsuits and disputes in addition to pending proceeding described above. The Group cannot reliably estimate the timing and amount of outflows of resources embodying economic benefits relating to the disputes.
Factoring and securitization of accounts receivable
The Parent Company has discount agreements with Korea Development Bank and other banks for accounts receivable related to export sales transactions with its subsidiaries, up to USD 1,000 million (W1,356,400 million). As of June 30, 2025, the amount of discounted accounts receivable in connection with these agreements that is outstanding is USD 153 million (W207,822 million). In relation to the above agreements, the financial institutions have the right of recourse for accounts receivable that are past due.
The Group has assignment agreements with Standard Chartered Bank and other banks for accounts receivable related to domestic and export sales transactions, up to W4,320,134 million. As of June 30, 2025, the amount of the sold accounts receivable in connection with these agreements that is outstanding is W1,357,704 million. In relation to the above agreements, the financial institutions do not have the right of recourse for accounts receivable that are past due.
Loan commitment
As of June 30, 2025, the Group has entered into agreements with Hana Bank and other banks for credit lines and opening of letter of credits up to W3,616,039 million.
Payment guarantees
As of June 30, 2025, the Parent Company obtained payment guarantees amounting of USD 600 million (W813,840 million) from KB Kookmin Bank and other banks for advances previously recognized in connection with the long-term supply agreements.
The Group is provided with the payment guarantees for the borrowings amounting to USD 975 million (W 1,322,490 million) by the Export-Import Bank of Korea and others.
The Group has entered into agreements with Seoul Guarantee Insurance Co., Ltd., China Construction Bank Corporation and others to receive guarantees up to KRW 1,921 million, CNY 830 million (W157,003 million), JPY 900 million (W8,451 million), VND 78,818 million (W4,099 million), and USD 0.2 million (W246 million) for the performance guarantees, payment of consumption tax, import value-added tax, customs duties, and electricity charges.
23
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
License agreements
As of June 30, 2025, the Group has a trademark license agreement with LG Corp. and pays the usage fee according to the terms of the Agreement.
Collateral
Details of collateral provided by the Group as of June 30, 2025 are as follows:
(In millions of won, CNY)
Collateral |
|
Carrying amount |
|
Maximum amount of credit |
|
Secured creditor |
|
Collateral borrowings amount |
Property, plant and equipment and others |
|
62,335 |
|
326,400 |
|
Korea Development Bank and others |
|
68,000 |
Property, plant and equipment and others (*) |
|
228,982 |
|
780,000 |
|
Korea Development Bank and others |
|
650,000 |
Property, plant and equipment and others |
|
692,971 |
|
- |
|
China Construction Bank Corporation and others |
|
CNY 4,500 |
(*) The carrying amount of collateral amounting to W228,982 million includes collateral asset of W62,335 million for collateralized borrowings of W68,000 million from Korea Development Bank and other banks.
Commitments for asset acquisition
The amount committed to acquire property, plant, equipment and intangible assets not recognized on the financial statements as of June 30, 2025 is W484,166 million.
24
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
The total number of shares to be issued by the Parent Company is 1,000,000,000 shares, the number of shares issued is 500,000,000 shares (December 31, 2024 : 500,000,000 shares), and the par value per share is W5,000. There were no changes in the share capital of the parent company for the six-month period ended June 30, 2025.
The Parent Company conducted a paid-in capital increase based on the resolution of the board of directors on December 18, 2023, and the newly issued shares were listed on the Korea Exchange (KRX) on March 26, 2024.
With the new shares of common stock, the capital stock increased by W710,921 million to W2,500,000 million in the three-month period ended March 31, 2024.
Capital surplus as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
||||
|
|
June 30, 2025 |
|
December 31, 2024 |
Share premium |
W |
2,821,006 |
|
2,821,006 |
Other capital surplus |
|
(61,822) |
|
(47,419) |
Total |
W |
2,759,184 |
|
2,773,587 |
25
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
Reserves consist mainly of the following:
Foreign currency translation differences for foreign operations
Foreign currency translation differences for foreign operations comprise all foreign currency differences arising from the translation of the financial statements of overseas subsidiaries and others.
Other comprehensive income (loss) from associates
The other comprehensive income (loss) from associates comprises the amount related to change in equity of investments in equity method investment.
Reserves as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
Foreign currency translation differences for foreign operations |
W |
666,897 |
|
1,025,319 |
Other comprehensive loss from associates |
|
(28,063) |
|
(29,496) |
Other comprehensive income held for sale |
|
- |
|
291,363 |
Total |
W |
638,834 |
|
1,287,186 |
Details of revenue for the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
|
|
|
|
For the three-month periods ended June 30 |
|
For the six-month periods ended June 30 |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Sales of goods |
W |
5,513,542 |
|
6,673,609 |
|
11,506,498 |
|
11,908,545 |
Royalties |
|
38,143 |
|
10,670 |
|
71,688 |
|
14,252 |
Others (*) |
|
35,271 |
|
23,920 |
|
74,068 |
|
38,377 |
Total |
W |
5,586,956 |
|
6,708,199 |
|
11,652,254 |
|
11,961,174 |
(*) Others include rental revenue.
For the six-month period ended June 30, 2025, the revenue recognized by satisfying performance obligation for the amount received from the customer in prior reporting period is W1,104,101 million (For the six-month period ended June 30, 2024 : W199,745 million).
26
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(In millions of won)
Region |
|
|
||||||
|
For the three-month periods ended June 30 |
|
For the six-month periods ended June 30 |
|||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Domestic |
W |
262,065 |
|
264,528 |
|
502,244 |
|
518,733 |
Foreign |
|
|
|
|
|
|
|
|
China |
|
3,317,672 |
|
4,493,015 |
|
7,250,932 |
|
8,056,729 |
Asia (excluding China) |
|
1,150,717 |
|
977,624 |
|
2,094,403 |
|
1,585,687 |
North America |
|
428,542 |
|
551,920 |
|
970,973 |
|
1,028,870 |
Europe |
|
427,960 |
|
421,112 |
|
833,702 |
|
771,155 |
Subtotal |
W |
5,324,891 |
|
6,443,671 |
|
11,150,010 |
|
11,442,441 |
Total |
W |
5,586,956 |
|
6,708,199 |
|
11,652,254 |
|
11,961,174 |
“Company A” and “Company B” accounted for more 10% of the group’s revenue for the six-month period ended June 30, 2025, with amounts of W6,003,772 million and W1,638,250 million, respectively. (For the six-month period ended June 30, 2024: W6,146,621 million and W1,629,172 million, respectively). The Group’s top ten customers together accounted for 90% of revenue for the six-month period ended June 30, 2025 (the six-month period ended June 30, 2024: 88%).
27
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(In millions of won) |
|
|
|
|
|
|
|
|
|
|
|
|
Region |
|
June 30, 2025 |
|
December 31, 2024 |
||||||||
|
Property, plant and equipment |
|
Intangible assets |
|
Investment Property |
|
Property, plant and equipment |
|
Intangible assets |
|
Investment Property |
|
Domestic |
W |
11,117,984 |
|
1,515,319 |
|
25,974 |
|
11,913,201 |
|
1,485,876 |
|
27,911 |
Foreign |
|
|
|
|
|
|
|
|
|
|
|
|
China |
|
1,501,624 |
|
11,367 |
|
- |
|
2,099,653 |
|
16,792 |
|
- |
Vietnam |
|
2,732,225 |
|
31,707 |
|
- |
|
3,181,152 |
|
41,574 |
|
- |
Others |
|
16,317 |
|
10,979 |
|
- |
|
8,867 |
|
14,165 |
|
- |
Subtotal |
W |
4,250,166 |
|
54,053 |
|
- |
|
5,289,672 |
|
72,531 |
|
- |
Total |
W |
15,368,150 |
|
1,569,372 |
|
25,974 |
|
17,202,873 |
|
1,558,407 |
|
27,911 |
(In millions of won) |
|
|
|
|
||||
|
|
For the three-month periods ended June 30 |
|
For the six-month periods ended June 30 |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
TV |
W |
1,114,411 |
|
1,586,762 |
|
2,459,504 |
|
2,711,554 |
IT |
|
2,294,680 |
|
2,931,272 |
|
4,402,456 |
|
5,058,911 |
Mobile and others (*) |
|
1,609,362 |
|
1,595,803 |
|
3,692,484 |
|
3,082,861 |
AUTO |
|
568,503 |
|
594,362 |
|
1,097,810 |
|
1,107,848 |
Total (*) |
W |
5,586,956 |
|
6,708,199 |
|
11,652,254 |
|
11,961,174 |
(*) This includes royalties and other revenue.
For the six-month period ended June 30, 2025, the proportion of revenue from OLED products to total revenue was 55%(for the six-month period ended June 30, 2024 : 50%).
28
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
The classification of expenses by nature for the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
|
|
|
||||
|
|
For the three-month periods ended June 30 |
|
For the six-month periods ended June 30 |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Changes in inventories |
W |
87,519 |
|
287,535 |
|
(197,331) |
|
(554,064) |
Purchases of raw materials and others |
|
2,373,865 |
|
2,928,360 |
|
5,289,256 |
|
6,055,023 |
Depreciation and amortization |
|
1,169,948 |
|
1,380,508 |
|
2,367,800 |
|
2,659,685 |
Outsourcing |
|
330,622 |
|
291,699 |
|
625,977 |
|
555,431 |
Labor |
|
825,598 |
|
877,917 |
|
1,725,815 |
|
1,768,429 |
Supplies and others |
|
210,305 |
|
226,760 |
|
439,498 |
|
447,324 |
Utility |
|
299,757 |
|
330,468 |
|
635,876 |
|
660,335 |
Fees and commissions |
|
153,870 |
|
175,691 |
|
324,560 |
|
343,294 |
Freight cost |
|
26,833 |
|
39,144 |
|
57,543 |
|
75,081 |
Advertising |
|
13,037 |
|
16,478 |
|
26,846 |
|
30,765 |
Warranty |
|
6,132 |
|
32,826 |
|
23,219 |
|
41,744 |
Travel |
|
11,805 |
|
12,405 |
|
22,442 |
|
27,984 |
Taxes and dues |
|
24,546 |
|
34,213 |
|
57,701 |
|
70,744 |
Others |
|
169,152 |
|
167,868 |
|
335,621 |
|
342,504 |
Total (*) |
W |
5,702,989 |
|
6,801,872 |
|
11,734,823 |
|
12,524,279 |
(*) Total expenses consist of cost of sales, selling, administrative, research and development expenses.
29
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
Details of selling and administrative expenses for the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
For the three-month periods ended June 30 |
|
For the six-month periods ended June 30 |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Salaries |
W |
85,596 |
|
86,636 |
|
217,650 |
|
179,300 |
Post-employment benefit |
|
6,376 |
|
5,925 |
|
12,859 |
|
11,712 |
Other employee benefits |
|
19,031 |
|
21,304 |
|
40,036 |
|
42,903 |
Freight cost |
|
17,696 |
|
25,276 |
|
38,370 |
|
48,039 |
Fees and commissions |
|
54,405 |
|
57,542 |
|
108,109 |
|
117,115 |
Depreciation and amortization |
|
54,690 |
|
70,523 |
|
109,646 |
|
138,203 |
Taxes and dues |
|
3,988 |
|
15,980 |
|
14,748 |
|
33,342 |
Advertising |
|
13,037 |
|
16,478 |
|
26,846 |
|
30,765 |
Warranty |
|
6,132 |
|
32,826 |
|
23,219 |
|
41,744 |
Insurance |
|
2,856 |
|
3,722 |
|
6,193 |
|
7,078 |
Travel |
|
3,213 |
|
2,978 |
|
6,085 |
|
7,050 |
Training |
|
1,832 |
|
2,216 |
|
5,165 |
|
6,189 |
Others |
|
16,881 |
|
21,992 |
|
35,086 |
|
47,531 |
Total |
W |
285,733 |
|
363,398 |
|
644,012 |
|
710,971 |
30
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(a) Details of other non-operating income for the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
For the three-month periods ended June 30 |
|
For the six-month periods ended June 30 |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Foreign currency gain |
W |
1,058,272 |
|
328,295 |
|
1,364,558 |
|
740,365 |
Gain on disposal of assets held for sale |
|
764,565 |
|
- |
|
764,565 |
|
- |
Gain on disposal of property, plant and equipment |
|
5,893 |
|
38,570 |
|
14,453 |
|
44,199 |
Others |
|
62,333 |
|
4,810 |
|
64,791 |
|
18,999 |
Total |
W |
1,891,063 |
|
371,675 |
|
2,208,367 |
|
803,563 |
(b) Details of other non-operating expenses for the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
For the three-month periods ended June 30 |
|
For the six-month periods ended June 30 |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Foreign currency loss |
W |
685,505 |
|
435,621 |
|
997,237 |
|
1,041,699 |
Loss on disposal of property, plant and equipment |
|
17,153 |
|
23,707 |
|
38,880 |
|
40,498 |
Impairment loss on property, plant and equipment |
|
1,483 |
|
6,610 |
|
3,746 |
|
76,228 |
Impairment loss on intangible assets |
|
1,052 |
|
- |
|
1,505 |
|
49,996 |
Others |
|
7,145 |
|
6,023 |
|
13,712 |
|
11,685 |
Total |
W |
712,338 |
|
471,961 |
|
1,055,080 |
|
1,220,106 |
31
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
Details of finance income and costs recognized in profit or loss for the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
For the three-month periods ended June 30 |
|
For the six-month periods ended June 30 |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Finance income |
|
|
|
|
|
|
|
|
Interest income |
W |
10,322 |
|
23,172 |
|
32,360 |
|
44,479 |
Foreign currency gain |
|
321,008 |
|
50,953 |
|
411,125 |
|
86,892 |
Gain on transaction of derivatives |
|
33,989 |
|
98,047 |
|
99,639 |
|
183,219 |
Gain on valuation of derivatives |
|
(737) |
|
5,257 |
|
845 |
|
65,041 |
Gain on valuation of financial assets at fair value through profit or loss |
|
784 |
|
- |
|
1,676 |
|
- |
Others |
|
270 |
|
22 |
|
304 |
|
22 |
Total |
W |
365,636 |
|
177,451 |
|
545,949 |
|
379,653 |
Finance costs |
|
|
|
|
|
|
|
|
Interest expense |
W |
174,336 |
|
238,051 |
|
375,358 |
|
456,437 |
Foreign currency loss |
|
25,220 |
|
170,690 |
|
100,731 |
|
344,840 |
Loss on sale of trade accounts and notes receivable |
|
8,396 |
|
5,037 |
|
10,604 |
|
16,899 |
Loss on valuation of derivatives |
|
225,650 |
|
1,375 |
|
281,238 |
|
2,082 |
Loss on valuation of financial assets at fair value through profit or loss |
|
1,195 |
|
- |
|
2,012 |
|
- |
Others |
|
2,794 |
|
2,409 |
|
4,615 |
|
5,012 |
Total |
W |
437,591 |
|
417,562 |
|
774,558 |
|
825,270 |
32
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(In won and number of shares) |
|
For the three-month periods ended June 30 |
|
For the six-month periods ended June 30 |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Profit (Loss) for the period |
W |
865,811,895,713 |
|
(506,527,094,145) |
|
603,086,465,449 |
|
(1,289,683,653,408) |
Weighted-average number of common shares outstanding |
|
500,000,000 |
|
500,000,000 |
|
500,000,000 |
|
442,188,801 |
Basic earnings (loss) per share |
W |
1,732 |
|
(1,013) |
|
1,206 |
|
(2,917) |
Due to paid-in capital increase for the six-month period ended June 30, 2024, the number of outstanding shares has increased.
(b) Diluted earnings (loss) per share is not different from basic earnings (loss) per share as there are no dilution effects of potential common stocks.
33
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
The Group is exposed to credit risk, liquidity risk and market risk. The Group identifies and analyzes such risks, and controls are implemented under a risk management system to monitor and manage these risks at below an acceptable level.
(a) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices, will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.
(i) Currency risk
The Group is exposed to currency risk on sales, purchases and borrowings that are denominated in a currency other than the functional currency of the Parent Company, Korean won (KRW). The currencies in which these transactions primarily are denominated are USD, CNY, JPY, and VND, etc.
Interest on borrowings is accrued in the currency of the borrowing. Generally, borrowings are denominated in currencies that match the cash flows generated by the underlying operations of the Group, primarily KRW, USD and CNY.
The Group adopts policies to ensure that its net exposure is kept to a manageable level by buying or selling foreign currencies at spot rates when necessary to address short-term imbalances. In respect of monetary assets and liabilities denominated in foreign currencies, the Group manages currency risk through continuously managing the position of foreign currencies, measuring the currency risk and, if necessary, using derivatives such as currency forwards, currency swap and others.
i) Exposure to currency risk
The Group’s exposure to foreign currency risk for major foreign currencies as of June 30, 2025 and December 31, 2024 is as follows:
(In millions) |
|
Net exposure |
||
|
|
June 30, 2025 |
|
December 31, 2024 |
USD |
|
(1,205) |
|
(215) |
JPY |
|
(13,298) |
|
(13,932) |
CNY |
|
(22,121) |
|
(26,923) |
VND |
|
(1,050,718) |
|
(1,485,175) |
Net exposure is the difference between foreign currency assets and liabilities and it includes derivatives assets and liabilities from cross currency interest rate swap contracts and forward exchange contracts.
Cross currency interest rate swap contracts, USD 630 million (2024: USD 500 million) and CNY 700 million (2024: CNY 726 million) were entered into to manage currency risk with respect to foreign currency denominated borrowings and USD 955 million (2024: USD 980 million) were entered into to manage currency risk and interest rate risk with respect to foreign currency denominated borrowings and bonds.
Forward exchange contracts, there is no balance which were entered into to manage currency risk with respect to advances received in foreign currency. (2024: USD 750 million)
34
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
i) Exposure to currency risk, Continued
Average exchange rates applied for the six-month periods ended June 30, 2025 and 2024 and the exchange rates at June 30, 2025 and December 31, 2024 are as follows:
(In won) |
|
Average rate |
|
Reporting date spot rate |
||||
|
|
2025 |
|
2024 |
|
June 30, 2025 |
|
December 31, 2024 |
USD |
W |
1,427.38 |
|
1,349.50 |
|
1,356.40 |
|
1,470.00 |
JPY |
|
9.62 |
|
8.88 |
|
9.39 |
|
9.36 |
CNY |
|
196.53 |
|
186.72 |
|
189.16 |
|
201.27 |
VND |
|
0.0556 |
|
0.0541 |
|
0.0520 |
|
0.0577 |
ii) Sensitivity analysis
A weaker won, as indicated below, against the following currencies which comprise the Group’s assets or liabilities denominated in a foreign currency as of June 30, 2025 and December 31, 2024, would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis is based on foreign currency exchange rate variances that the Group considers to be reasonably possible at the end of the reporting period. The analysis assumes that all other variables, in particular interest rates, would remain constant. The changes in equity and profit or loss would have been as follows:
(In millions of won) |
|
June 30, 2025 |
|
December 31, 2024 |
||||
|
|
Equity |
|
Profit or loss |
|
Equity |
|
Profit or loss |
USD (5 percent weakening) |
W |
(61,833) |
|
(67,026) |
|
(7,533) |
|
(27,651) |
JPY (5 percent weakening) |
|
(4,802) |
|
(4,852) |
|
(5,001) |
|
(5,123) |
CNY (5 percent weakening) |
|
(209,466) |
|
813 |
|
(270,943) |
|
(1) |
VND (5 percent weakening) |
|
(2,106) |
|
(2,106) |
|
(3,303) |
|
(3,303) |
A stronger won against the above currencies as of June 30, 2025 and December 31, 2024 would have had the equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant.
35
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(ii) Interest rate risk
Interest rate risk arises principally from the Group’s variable interest-bearing bonds and borrowings. The Group establishes and applies its policy to reduce uncertainty arising from fluctuations in interest rates and to minimize finance cost and manages interest rate risk by monitoring of trends of fluctuations in interest rate and establishing plan for countermeasures. Meanwhile, the Group entered into cross currency interest rate swap contracts amounting to USD 955 million (W1,295,362 million) and interest rate swap contracts amounting to W2,355,000 million in notional amount to hedge interest rate risk with respect to variable interest bearing borrowings.
i) Profile
The interest rate profile of the Group’s interest-bearing financial instruments as of June 30, 2025 and December 31, 2024 is as follows:
(In millions of won) |
|
June 30, 2025 |
|
December 31, 2024 |
|
|
|
||
Fixed rate instruments |
|
|
|
|
Financial assets |
W |
1,666,411 |
|
2,023,710 |
Financial liabilities |
|
(3,472,528) |
|
(4,722,962) |
Total |
W |
(1,806,117) |
|
(2,699,252) |
Variable rate instruments |
|
|
|
|
Financial liabilities |
W |
(9,948,105) |
|
(9,827,152) |
ii) Equity and profit or loss sensitivity analysis for variable rate instruments
As of June 30, 2025 and December 31, 2024, a change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts shown below for the respective following 12 month periods. This analysis assumes that all other variables, in particular foreign currency rates, remain constant.
(In millions of won) |
|
Equity |
|
Profit or loss |
||||
|
|
1%p increase |
|
1%p decrease |
|
1%p increase |
|
1%p decrease |
June 30, 2025 |
|
|
|
|
|
|
|
|
Variable rate instruments |
W |
(76,690) |
|
76,690 |
|
(76,690) |
|
76,690 |
December 31, 2024 |
|
|
|
|
|
|
|
|
Variable rate instruments |
W |
(75,758) |
|
75,758 |
|
(75,758) |
|
75,758 |
36
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(b) Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group’s receivables from customers.
The Group’s exposure to credit risk of trade and other receivables is influenced mainly by the individual characteristics of each customer. However, management believes that the default risk of the country in which each customer operates, does not have a significant influence on credit risk since the majority of the customers are global electronic appliance manufacturers operating in global markets.
The Group establishes credit limits for each customer and each new customer is analyzed quantitatively and qualitatively before determining whether to utilize third party guarantees, insurance or factoring as appropriate.
In relation to the impairment of financial assets subsequent to initial recognition, the Group recognizes the changes in expected credit loss (“ECL”) in profit or loss at each reporting date.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
Financial assets carried at amortized cost |
|
|
|
|
Cash equivalents |
W |
1,665,511 |
|
2,021,640 |
Deposits in banks |
|
911 |
|
611 |
Trade accounts and notes receivable, net |
|
1,645,731 |
|
2,500,608 |
Non-trade receivables, net |
|
154,939 |
|
227,477 |
Accrued income, net |
|
31,226 |
|
22,552 |
Deposits |
|
18,636 |
|
16,747 |
Loans |
|
25,520 |
|
37,143 |
Subtotal |
|
3,542,474 |
|
4,826,778 |
Other financial assets |
|
|
|
|
Lease receivables |
W |
9,849 |
|
10,063 |
Financial assets at fair value through profit or loss |
|
|
|
|
Convertible securities |
W |
- |
|
1,470 |
Derivatives |
|
48,601 |
|
256,251 |
Subtotal |
W |
48,601 |
|
257,721 |
Financial assets at fair value through other comprehensive profit or loss |
|
|
|
|
Trade accounts and notes receivable, net |
W |
565,619 |
|
1,123,869 |
Financial assets effective for fair value hedging |
|
|
|
|
Derivatives |
W |
- |
|
119,098 |
Total |
W |
4,166,543 |
|
6,337,529 |
37
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
Trade accounts and notes receivable are insured in order for the Group to manage credit risk if they do not meet the Group’s internal credit ratings. Uninsured trade accounts and notes receivable are managed by continuous monitoring of internal credit rating standards established by the Group and seeking insurance coverage, if necessary.
There are no significant concentrations of credit risk, whether through exposure to individual customers, specific industry sectors and/or regions.
(c) Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. The Group’s liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.
The Group has historically been able to satisfy its cash requirements from cash flows from operations and debt and equity financing. In addition, the Group maintains a line of credit with various banks.
The following are the contractual maturities of financial liabilities, including estimated interest payments, as of June 30, 2025 and December 31, 2024.
38
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(i) As of June 30, 2025
(In millions of won) |
|
|
|
Contractual cash flows in |
||||||||||
|
|
Carrying amount |
|
Total |
|
6 months or less |
|
6-12 months |
|
1-2 years |
|
2-5 years |
|
More than 5 years |
Non-derivative financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
W |
12,905,675 |
|
13,787,670 |
|
3,351,362 |
|
2,359,846 |
|
3,509,139 |
|
4,567,323 |
|
- |
Bonds |
|
514,958 |
|
541,799 |
|
11,041 |
|
190,865 |
|
339,893 |
|
- |
|
- |
Trade accounts and notes payable (*) |
|
3,739,246 |
|
3,739,246 |
|
3,738,861 |
|
385 |
|
- |
|
- |
|
- |
Other accounts payable (*) |
|
1,678,441 |
|
1,680,541 |
|
1,607,634 |
|
72,907 |
|
- |
|
- |
|
- |
Long-term other accounts payable |
|
229,354 |
|
263,141 |
|
- |
|
- |
|
63,751 |
|
170,906 |
|
28,484 |
Security deposits received |
|
166,002 |
|
190,123 |
|
678 |
|
870 |
|
7,010 |
|
181,565 |
|
- |
Lease liabilities |
|
79,965 |
|
83,585 |
|
35,576 |
|
15,011 |
|
15,265 |
|
15,701 |
|
2,032 |
Derivative financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives |
W |
83,510 |
|
34,887 |
|
23,005 |
|
11,180 |
|
1,948 |
|
(1,246) |
|
- |
Cash outflow |
|
- |
|
1,861,480 |
|
556,390 |
|
173,916 |
|
393,644 |
|
737,530 |
|
- |
Cash inflow |
|
- |
|
(1,826,593) |
|
(533,385) |
|
(162,736) |
|
(391,696) |
|
(738,776) |
|
- |
Total |
W |
19,397,151 |
|
20,320,992 |
|
8,768,157 |
|
2,651,064 |
|
3,937,006 |
|
4,934,249 |
|
30,516 |
(*) As of June 30, 2025, it includes W1,119,283 million of payable to credit card companies for utility expenses and others paid using business credit card for purchases. The Group presented the payable to credit card companies as trade account notes payables and other accounts payable and disclosed related cash flows as operating and investing activities since the Group is using the business credit card for purchases through agreements with suppliers for transactions arising from purchasing of goods and services, the payment term is within a year from the purchase, as part of the normal operating cycle, and no collateral is provided.
39
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(ii) As of December 31, 2024
(In millions of won) |
|
|
|
Contractual cash flows in |
||||||||||
|
|
Carrying amount |
|
Total |
|
6 months or less |
|
6-12 months |
|
1-2 years |
|
2-5 years |
|
More than 5 years |
Non-derivative financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
W |
13,412,275 |
|
14,453,995 |
|
3,730,807 |
|
2,609,727 |
|
3,941,215 |
|
4,146,933 |
|
25,313 |
Bonds |
|
1,137,839 |
|
1,185,892 |
|
631,539 |
|
11,638 |
|
416,573 |
|
126,142 |
|
- |
Trade accounts and notes payable (*) |
|
4,156,149 |
|
4,156,149 |
|
3,884,788 |
|
271,361 |
|
- |
|
- |
|
- |
Other accounts payable (*) |
|
1,720,670 |
|
1,723,867 |
|
1,404,896 |
|
318,971 |
|
- |
|
- |
|
- |
Long-term other accounts payable |
|
279,774 |
|
323,400 |
|
- |
|
- |
|
69,090 |
|
192,570 |
|
61,740 |
Security deposits received |
|
160,713 |
|
189,214 |
|
- |
|
808 |
|
6,841 |
|
181,565 |
|
- |
Lease liabilities |
|
57,975 |
|
60,653 |
|
23,948 |
|
12,681 |
|
13,889 |
|
9,423 |
|
712 |
Derivative financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives |
W |
10,768 |
|
11,184 |
|
930 |
|
3,447 |
|
4,495 |
|
2,312 |
|
- |
Cash outflow |
|
- |
|
75,016 |
|
21,402 |
|
20,467 |
|
22,342 |
|
10,805 |
|
- |
Cash inflow |
|
- |
|
(63,832) |
|
(20,472) |
|
(17,020) |
|
(17,847) |
|
(8,493) |
|
- |
Total |
W |
20,936,163 |
|
22,104,354 |
|
9,676,908 |
|
3,228,633 |
|
4,452,103 |
|
4,658,945 |
|
87,765 |
(*) As of December 31, 2024, it includes W1,187,450 million of payable to credit card companies for utility expenses and others paid using business credit card for purchases. The Group presented the payable to credit card companies as trade account notes payables and other accounts payable and disclosed related cash flows as operating and investing activities since the Group is using the business credit card for purchases through agreements with suppliers for transactions arising from purchasing of goods and services, the payment term is within a year from the purchase, as part of the normal operating cycle, and no collateral is provided.
It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts.
40
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
Management’s policy is to maintain a capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Liabilities to equity ratio, net borrowings to equity ratio and other financial ratios are used by management to achieve an optimal capital structure. Management also monitors the return on capital as well as the level of dividends to ordinary shareholders. The Group is also responsible for complying with certain financial ratios as part of capital maintenance conditions imposed externally. To fulfill this responsibility, the Group regularly monitors these financial ratios and takes proactive measures when necessary.
(In millions of won) |
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
Total liabilities |
W |
20,385,610 |
|
24,786,759 |
Total equity |
|
7,598,046 |
|
8,072,807 |
Cash and deposits in banks (*1) |
|
1,666,411 |
|
2,022,240 |
Borrowings (including bonds) |
|
13,420,633 |
|
14,550,114 |
Total liabilities to equity ratio |
|
268% |
|
307% |
Net borrowings to equity ratio (*2) |
|
155% |
|
155% |
(*1) Cash and deposits in banks consist of cash and cash equivalents and current deposits in banks.
(*2) Net borrowings to equity ratio is calculated by dividing total borrowings (including bonds and excluding lease liabilities and others) less cash and current deposits in banks by total equity.
A number of the Group’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.
41
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(ii) Fair values versus carrying amounts
The fair values of financial assets and liabilities, together with the carrying amounts as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
June 30, 2025 |
|
December 31, 2024 |
||||
|
|
Carrying amounts |
|
Fair values |
|
Carrying amounts |
|
Fair values |
Financial assets carried at amortized cost |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
W |
1,665,511 |
|
(*1) |
|
2,021,640 |
|
(*1) |
Deposits in banks |
|
911 |
|
(*1) |
|
611 |
|
(*1) |
Trade accounts and notes receivable, net |
|
1,645,731 |
|
(*1) |
|
2,500,608 |
|
(*1) |
Non-trade receivables |
|
154,939 |
|
(*1) |
|
227,477 |
|
(*1) |
Accrued income |
|
31,226 |
|
(*1) |
|
22,552 |
|
(*1) |
Deposits |
|
18,636 |
|
(*1) |
|
16,747 |
|
(*1) |
Loans |
|
25,520 |
|
(*1) |
|
37,143 |
|
(*1) |
Financial assets at fair value through profit or loss |
|
|
|
|
|
|
|
|
Equity instruments |
W |
113,242 |
|
113,242 |
|
120,501 |
|
120,501 |
Convertible securities |
|
- |
|
- |
|
1,470 |
|
1,470 |
Derivatives |
|
48,601 |
|
48,601 |
|
256,251 |
|
256,251 |
Financial assets at fair value through other comprehensive profit or loss |
|
|
|
|
|
|
|
|
Trade accounts and notes receivable, net |
W |
565,619 |
|
(*1) |
|
1,123,869 |
|
(*1) |
Financial assets effective for fair value hedging |
|
|
|
|
|
|
|
|
Derivatives |
W |
- |
|
- |
|
119,098 |
|
119,098 |
Other financial assets |
|
|
|
|
|
|
|
|
Lease receivables |
|
9,849 |
|
(*1) |
|
10,063 |
|
(*1) |
Financial liabilities carried at amortized cost |
|
|
|
|
|
|
|
|
Borrowings |
W |
12,905,675 |
|
12,956,390 |
|
13,412,275 |
|
13,482,726 |
Bonds |
|
514,958 |
|
517,335 |
|
1,137,839 |
|
1,142,725 |
Trade accounts and notes payable |
|
3,739,246 |
|
(*1) |
|
4,156,149 |
|
(*1) |
Other accounts payable |
|
1,907,795 |
|
(*1) |
|
2,000,444 |
|
(*1) |
Security deposits received |
|
166,002 |
|
(*1) |
|
160,713 |
|
(*1) |
Financial liabilities at fair value through profit or loss |
|
|
|
|
|
|
|
|
Derivatives |
W |
83,510 |
|
83,510 |
|
10,768 |
|
10,768 |
Other financial liabilities |
|
|
|
|
|
|
|
|
Lease liabilities |
W |
79,965 |
|
(*2) |
|
57,975 |
|
(*2) |
(*1) Excluded from disclosures as the carrying amount approximates fair value.
(*2) Excluded from the fair value disclosures in accordance with Korean IFRS 1107 ‘Financial Instruments: Disclosures’.
42
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(iii) Fair values of financial assets and liabilities
i) Fair value hierarchy
Financial instruments carried at fair value are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques. The different levels have been defined as follows:
liability, either directly or indirectly
The Group measures fair value for financial reporting purposes, including fair value measurements, which are classified as “Level 3”. The Group consults on the fair value assessment process and its results in accordance with the financial reporting schedule, and recognizes changes in the "level" at the end of the reporting period when there is a change in events or circumstances that cause a shift between fair value levels.
43
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
ii) Valuation techniques and inputs for Assets and Liabilities measured by the fair value hierarchy
Fair value hierarchy classifications of the financial instruments that are measured at fair value as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
June 30, 2025 |
|
Total |
|||||
Classification |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|||
|
Financial assets at fair value through profit or loss |
|
|||||||
|
Equity instruments |
W |
18,622 |
|
- |
|
94,620 |
|
113,242 |
|
Derivatives |
|
- |
|
48,601 |
|
- |
|
48,601 |
|
Financial liabilities at fair value through profit or loss |
|
|||||||
|
Derivatives |
W |
- |
|
83,510 |
|
- |
|
83,510 |
(In millions of won) |
|
December 31, 2024 |
|
Total |
|||||
Classification |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
||
|
Financial assets at fair value through profit or loss |
|
|||||||
|
Equity instruments |
W |
18,958 |
|
- |
|
101,543 |
|
120,501 |
|
Convertible securities |
|
- |
|
- |
|
1,470 |
|
1,470 |
|
Derivatives |
|
- |
|
256,251 |
|
- |
|
256,251 |
|
Financial assets effective for fair value hedging |
|
|
|
|
|
|
|
|
|
Derivatives |
W |
- |
|
119,098 |
|
- |
|
119,098 |
|
Financial liabilities at fair value through profit or loss |
|
|||||||
|
Derivatives |
W |
- |
|
10,768 |
|
- |
|
10,768 |
44
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
The valuation techniques and inputs for assets and liabilities measured at fair value that are classified as Level 2 and Level 3 within the fair value hierarchy as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
June 30, 2025 |
|
December 31, 2024 |
|
Valuation technique |
|
Input |
||||
Classification |
|
Level 2 |
|
Level 3 |
|
Level 2 |
|
Level 3 |
|
|
||
Financial assets at fair value through profit or loss |
|
|
|
|
|
|
|
|
|
|
|
|
Equity instruments |
W |
- |
|
94,620 |
|
- |
|
101,543 |
|
Net asset value method and Comparable company analysis |
|
Price to book value ratio |
Convertible securities |
|
- |
|
- |
|
- |
|
1,470 |
|
Risk-adjusted discount model and binominal option pricing model |
|
Discount rate, stock price and volatility |
Derivatives |
|
48,601 |
|
- |
|
256,251 |
|
- |
|
Discounted cash flow |
|
Discount rate and Exchange rate |
Financial assets effective for fair value hedging |
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives |
W |
- |
|
- |
|
119,098 |
|
- |
|
Discounted cash flow |
|
Discount rate and Exchange rate |
Financial liabilities at fair value through profit or loss |
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives |
W |
83,510 |
|
- |
|
10,768 |
|
- |
|
Discounted cash flow |
|
Discount rate and Exchange rate |
45
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
iii) Financial instruments not measured at fair value but for which the fair value is disclosed
Fair value hierarchy classifications, valuation techniques and inputs for fair value measurements of the financial instruments not measured at fair value but for which the fair value is disclosed as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
June 30, 2025 |
|
Valuation technique |
|
Input |
|||||
Classification |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
W |
- |
|
- |
|
12,956,390 |
|
Discounted cash flow |
|
Discount rate |
|
Bonds |
|
- |
|
- |
|
517,335 |
|
Discounted cash flow |
|
Discount rate |
(In millions of won) |
|
December 31, 2024 |
|
Valuation technique |
|
Input |
|||||
Classification |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
W |
- |
|
- |
|
13,482,726 |
|
Discounted cash flow |
|
Discount rate |
|
Bonds |
|
- |
|
- |
|
1,142,725 |
|
Discounted cash flow |
|
Discount rate |
iv) The interest rates applied for determination of the above fair value as of June 30, 2025 and December 31, 2024 are as follows:
|
|
June 30, 2025 |
|
December 31, 2024 |
Borrowings, bonds and others |
|
2.87~3.50% |
|
3.70%~3.96% |
46
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
v) There is no transfer between Level 1, Level 2 and Level 3 for the six-month periods ended June 30, 2025 and 2024, and the changes in financial assets classified as Level 3 of fair value measurements for the six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
||||||||||||
Classification |
|
January 1, 2025 |
|
Acquisition |
|
Disposal |
|
Valuation |
|
Changes in Foreign Exchange Rates |
|
June 30, 2025 |
Equity instruments |
W |
101,543 |
|
727 |
|
- |
|
- |
|
(7,650) |
|
94,620 |
Convertible securities |
|
1,470 |
|
- |
|
(1,399) |
|
- |
|
(71) |
|
- |
(In millions of won) |
||||||||||||
Classification |
|
January 1, 2024 |
|
Acquisition |
|
Disposal |
|
Valuation |
|
Changes in Foreign Exchange Rates |
|
June 30, 2024 |
Equity instruments |
W |
87,027 |
|
3,063 |
|
(128) |
|
- |
|
6,488 |
|
96,450 |
Convertible securities |
|
3,127 |
|
- |
|
- |
|
- |
|
100 |
|
3,227 |
47
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(a) Details of cash flows generated from operations for the six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
2025 |
|
2024 |
Profit (loss) for the period |
W |
653,739 |
|
(1,232,074) |
Adjustments for: |
W |
|
|
|
Income tax expense (benefit) |
|
189,664 |
|
(189,903) |
Depreciation and amortization (Note 19) |
|
2,367,800 |
|
2,659,685 |
Gain on foreign currency translation |
|
(500,296) |
|
(208,878) |
Loss on foreign currency translation |
|
189,890 |
|
395,877 |
Post-employment benefit (Note 13) |
|
70,663 |
|
67,798 |
Gain on disposal of assets held for sale |
|
(764,565) |
|
- |
Gain on disposal of property, plant and equipment |
|
(14,453) |
|
(44,199) |
Loss on disposal of property, plant and equipment |
|
38,880 |
|
40,498 |
Impairment loss on property, plant and equipment |
|
3,746 |
|
76,228 |
Impairment loss on intangible assets |
|
1,505 |
|
49,996 |
Expense on increase of provisions |
|
31,888 |
|
41,744 |
Finance income |
|
(516,502) |
|
(305,283) |
Finance costs |
|
637,542 |
|
744,913 |
Equity in income of equity method accounted investees, net |
|
(1,294) |
|
(3,288) |
Others |
|
(52,721) |
|
(9,790) |
Changes in: |
W |
|
|
|
Trade accounts and notes receivable |
|
156,964 |
|
(431,775) |
Other accounts receivable |
|
325,127 |
|
(34,771) |
Inventories |
|
(287,558) |
|
(476,962) |
Other current assets |
|
37,172 |
|
(42,674) |
Other non-current assets |
|
(8,153) |
|
(4,812) |
Trade accounts and notes payable |
|
(1,839,729) |
|
94,658 |
Other accounts payable |
|
115,691 |
|
(225,223) |
Accrued expenses |
|
(96,446) |
|
(1,042) |
Provisions |
|
(61,053) |
|
(69,462) |
Advances received |
|
(94,556) |
|
(14,849) |
Proceeds from settlement of derivatives |
|
79,881 |
|
10,733 |
Other current liabilities |
|
(2,676) |
|
(22,987) |
Defined benefit liabilities, net |
|
13,301 |
|
(8,632) |
Other non-current liabilities |
|
37,912 |
|
4,429 |
Cash generated from operations |
W |
711,363 |
|
859,955 |
48
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(b) Changes in liabilities arising from financing activities for the six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
Non-cash transactions |
|
|
||||
|
|
January 1, 2025 |
|
Cash flows from financing activities |
|
Gain or loss on foreign currency translation |
|
Interest expense |
|
Others |
|
June 30, 2025 |
Short-term borrowings |
W |
969,595 |
|
689,328 |
|
(122,081) |
|
- |
|
- |
|
1,536,842 |
Long-term borrowings |
|
12,442,680 |
|
(567,597) |
|
(510,926) |
|
5,828 |
|
(1,152) |
|
11,368,833 |
Bonds |
|
1,137,839 |
|
(612,000) |
|
(11,338) |
|
457 |
|
- |
|
514,958 |
Lease liabilities |
|
57,975 |
|
(28,153) |
|
(37,026) |
|
- |
|
87,169 |
|
79,965 |
Dividend payable |
|
6,390 |
|
(6,390) |
|
- |
|
- |
|
- |
|
- |
Total |
W |
14,614,479 |
|
(524,812) |
|
(681,371) |
|
6,285 |
|
86,017 |
|
13,500,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions of won) |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
Non-cash transactions |
|
|
||||
|
|
January 1, 2024 |
|
Cash flows from financing activities |
|
Gain or loss on foreign currency translation |
|
Interest expense |
|
Others |
|
June 30, 2024 |
Short-term borrowings |
W |
1,875,635 |
|
(759,996) |
|
89,505 |
|
- |
|
- |
|
1,205,144 |
Long-term borrowings |
|
13,165,351 |
|
(197,781) |
|
561,668 |
|
2,161 |
|
3,887 |
|
13,535,286 |
Bonds |
|
1,488,143 |
|
(80,000) |
|
9,938 |
|
861 |
|
- |
|
1,418,942 |
Lease liabilities |
|
73,364 |
|
(35,159) |
|
3,869 |
|
- |
|
21,542 |
|
63,616 |
Dividend payable |
|
7,302 |
|
(136,519) |
|
- |
|
- |
|
129,217 |
|
- |
Total |
W |
16,609,795 |
|
(1,209,455) |
|
664,980 |
|
3,022 |
|
154,646 |
|
16,222,988 |
49
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(c) For the six-month period ended June 30, 2025, the Group disposed of its subsidiaries, LG Display Guangzhou Co., Ltd. and LG Display (China) Co., Ltd. and details of the disposals are as follows:
(In millions of won) |
|
|
|
|
2025 |
Total consideration from disposal |
|
|
Cash and cash equivalents |
W |
2,195,097 |
Other receivables and others |
|
17,321 |
Subtotal |
W |
2,212,418 |
Carrying amount of disposed assets |
|
|
Cash and cash equivalents |
W |
1,390,495 |
Trade accounts and notes receivable, net |
|
1,523,477 |
Inventories, net |
|
63,516 |
Property, plant and equipment |
|
606,636 |
Others |
|
11,525 |
Subtotal |
W |
3,595,649 |
Carrying amount of disposed liabilities |
|
|
Trade accounts and notes payable |
W |
329,993 |
Financial liabilities |
|
1,063,548 |
Other accounts payables and others |
|
102,211 |
Others |
|
722 |
Subtotal |
W |
1,496,474 |
Non-controlling interests |
W |
396,554 |
Reclassification of foreign currency translation differences for foreign operations |
|
254,768 |
Gain on disposal |
|
764,565 |
50
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(a) Related parties
Details of related parties as of June 30, 2025 are as follows:
Classification |
|
Description |
Associates (*) |
|
Paju Electric Glass Co., Ltd. and others |
Entity that has significant influence over the Parent Company |
|
LG Electronics Inc. |
Subsidiaries of the entity that has significant influence over the Parent Company |
|
Subsidiaries of LG Electronics Inc. |
(*) Details of associates are described in Note 8.
51
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(b) Details of major transactions with related parties for the six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
2025 |
||||||
|
|
|
|
|
|
Purchase and others |
||
|
|
Sales and others |
|
Dividend income |
|
Purchase of raw material and others |
|
Others (*) |
Associates |
|
|
|
|
|
|
|
|
Paju Electric Glass Co., Ltd. |
W |
- |
|
1,664 |
|
129,044 |
|
6,560 |
Material Science Co., Ltd. |
|
- |
|
- |
|
203 |
|
- |
Entity that has significant influence over the Parent Company |
|
|
|
|
|
|
|
|
LG Electronics Inc. |
W |
145,317 |
|
- |
|
8,244 |
|
140,986 |
Subsidiaries of the entity that has significant influence over the Parent Company |
|
|
|
|
|
|
|
|
LG Electronics India Pvt. Ltd. |
W |
16,900 |
|
- |
|
- |
|
39 |
LG Electronics Vietnam Haiphong Co., Ltd. |
|
104,753 |
|
- |
|
- |
|
963 |
LG Electronics Nanjing New Technology Co., Ltd. |
|
117,014 |
|
- |
|
- |
|
285 |
LG Electronics do Brasil Ltda. |
|
19,241 |
|
- |
|
- |
|
55 |
LG Innotek Co., Ltd. |
|
4,887 |
|
- |
|
16,182 |
|
36,789 |
LG Electronics Mlawa Sp. z o.o. |
|
579,427 |
|
- |
|
- |
|
606 |
LG Electronics Reynosa S.A. DE C.V. |
|
420,337 |
|
- |
|
- |
|
700 |
LG Electronics Egypt S.A.E |
|
6,319 |
|
- |
|
- |
|
6 |
LG Electronics Japan, Inc. |
|
- |
|
- |
|
- |
|
3,004 |
P.T. LG Electronics Indonesia |
|
259,946 |
|
- |
|
- |
|
418 |
HI-M Solutek Co., Ltd |
|
- |
|
- |
|
- |
|
5,198 |
Others |
|
210 |
|
- |
|
148 |
|
2,537 |
Total |
|
1,674,351 |
|
1,664 |
|
153,821 |
|
198,146 |
(*) Others include the amount of the acquisition of property, plant, and equipment.
52
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(In millions of won) |
|
2024 |
||||||
|
|
|
|
|
|
Purchase and others |
||
|
|
Sales and others |
|
Dividend income |
|
Purchase of raw material and others |
|
Others (*) |
Associates |
|
|
|
|
|
|
|
|
AVATEC Co., Ltd. |
W |
- |
|
200 |
|
45,294 |
|
2,743 |
Paju Electric Glass Co., Ltd. |
|
- |
|
- |
|
116,875 |
|
4,043 |
WooRee E&L Co., Ltd. |
|
- |
|
- |
|
3,868 |
|
15 |
YAS Co., Ltd. |
|
- |
|
- |
|
4,217 |
|
6,685 |
Material Science Co., Ltd. |
|
- |
|
- |
|
- |
|
888 |
Entity that has significant influence over the Parent Company |
|
|
|
|
|
|
|
|
LG Electronics Inc. |
W |
192,728 |
|
- |
|
10,839 |
|
214,905 |
Subsidiaries of the entity that has significant influence over the Parent Company |
|
|
|
|
|
|
|
|
LG Electronics India Pvt. Ltd. |
W |
24,190 |
|
- |
|
- |
|
179 |
LG Electronics Vietnam Haiphong Co., Ltd. |
|
146,725 |
|
- |
|
- |
|
4,295 |
LG Electronics Nanjing New Technology Co., Ltd. |
|
193,315 |
|
- |
|
- |
|
465 |
LG Electronics do Brasil Ltda. |
|
10,891 |
|
- |
|
- |
|
210 |
LG Innotek Co., Ltd. |
|
5,589 |
|
- |
|
9,182 |
|
41,122 |
LG Electronics Mlawa Sp. z o.o. |
|
408,234 |
|
- |
|
- |
|
607 |
LG Electronics Reynosa S.A. DE C.V. |
|
374,801 |
|
- |
|
- |
|
394 |
LG Electronics Egypt S.A.E |
|
9,565 |
|
- |
|
- |
|
15 |
LG Electronics Japan, Inc. |
|
- |
|
- |
|
- |
|
2,989 |
LG Electronics RUS, LLC |
|
- |
|
- |
|
- |
|
4,005 |
P.T. LG Electronics Indonesia |
|
242,161 |
|
- |
|
- |
|
588 |
HI-M Solutek Co., Ltd |
|
- |
|
- |
|
- |
|
3,557 |
Others |
|
5 |
|
- |
|
91 |
|
1,952 |
Total |
|
1,608,204 |
|
200 |
|
190,366 |
|
289,657 |
(*) Others include the amount of the acquisition of property, plant, and equipment.
53
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(c) Details of balances of receivables and payables from transactions with related parties as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
|
||||||
|
|
Trade accounts and notes receivable and others |
|
Trade accounts and notes payable and others |
||||
|
|
June 30, 2025 |
|
December 31, 2024 |
|
June 30, 2025 |
|
December 31, 2024 |
Associates |
|
|
|
|
|
|
|
|
Paju Electric Glass Co., Ltd. |
W |
- |
|
- |
|
66,299 |
|
64,140 |
Material Science Co., Ltd. |
|
- |
|
- |
|
39 |
|
261 |
Entity that has significant influence over the Parent Company |
|
|
|
|
|
|
|
|
LG Electronics Inc. (*1) |
W |
78,605 |
|
179,710 |
|
86,091 |
|
1,071,592 |
Subsidiaries of the entity that has significant influence over the Parent Company |
|
|
|
|
|
|
|
|
LG Electronics Vietnam Haiphong Co., Ltd. |
W |
20,353 |
|
72,521 |
|
110 |
|
921 |
LG Electronics Nanjing New Technology Co., Ltd. |
|
21,833 |
|
61,922 |
|
3 |
|
15 |
LG Electronics India Pvt. Ltd. |
|
6,016 |
|
3,317 |
|
- |
|
- |
LG Innotek Co., Ltd. (*2) |
|
1,445 |
|
1,803 |
|
219,087 |
|
207,258 |
LG Electronics Mlawa Sp. z o.o. |
|
81,160 |
|
149,789 |
|
11 |
|
131 |
LG Electronics Reynosa S.A. DE C.V. |
|
93,801 |
|
55,500 |
|
- |
|
- |
P.T. LG Electronics Indonesia |
W |
51,123 |
|
63,719 |
|
50 |
|
53 |
Others |
|
3,570 |
|
17,322 |
|
3,560 |
|
6,397 |
Total |
W |
357,906 |
|
605,603 |
|
375,250 |
|
1,350,768 |
(*1) Trades accounts and notes payable and others for LG Electronics Inc. as of December 31, 2024 includes borrowings of W1,000,000 million(see Note 12.(C))
(*2) Trade accounts and note payable and others for LG Innotek Co., Ltd. as of June 30, 2025 and December 31, 2024 includes deposits received amount W180,000 million from lease agreement.
54
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(d) Details of significant financial transactions with related parties and others for the six-month periods ended June 30, 2025 and 2024 are as follows:
|
2025 |
||
(In millions of won)
|
Company Name |
|
Repayment of borrowings |
Entity that has significant influence over the Company |
LG Electronics Inc. |
W |
1,000,000 |
|
2024 |
||||
(In millions of won)
|
Company Name |
|
Capital increase |
|
Collection of loans |
Associates |
WooRee E&L Co., Ltd. (*) |
W |
- |
|
219 |
Entity that has significant influence over the Company |
LG Electronics Inc. |
|
436,031 |
|
- |
(*) For the year ended December 31, 2024, it was excluded from related parties and others due to loss of significant influence and transaction amount is the amount prior to exclusion.
55
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(e) Large Enterprise Group Transactions
According to the 'Related Party Disclosures' under the Korean IFRS 1024, although not included in the scope of related parties, the major transaction details with the Large Enterprise Group subsidiaries and their affiliates, as well as the amounts of receivables and payables for the six-month periods ended June 30, 2025 and 2024 and as of June 30, 2025 and December 31, 2024, in accordance with the Monopoly Regulation and Fair Trade Act, are as follows:
(In millions of won) |
||||||||
|
|
For the six-month period ended June 30, 2025 |
|
June 30, 2025 |
||||
|
|
Sales and others |
|
Purchase and others |
|
Trade accounts and notes receivable and others |
|
Trade accounts and notes payable and others |
LG Uplus Corp. |
W |
- |
|
1,188 |
|
- |
|
163 |
LG Chem Ltd. and its subsidiaries |
|
234 |
|
173,711 |
|
145 |
|
139,046 |
D&O Corp. and its subsidiaries |
|
129 |
|
6,245 |
|
- |
|
3,122 |
LG Corp. (*) |
|
- |
|
27,077 |
|
8,994 |
|
- |
LG Management Development Institute |
|
- |
|
22,593 |
|
3 |
|
575 |
LG CNS Co., Ltd. and its subsidiaries |
|
76 |
|
106,822 |
|
3 |
|
43,986 |
LG Household & Health Care Ltd. and its subsidiaries |
|
- |
|
39 |
|
- |
|
1 |
HSAD Inc. and its subsidiaries |
|
- |
|
621 |
|
- |
|
74 |
Robostar Co., Ltd. |
|
- |
|
134 |
|
- |
|
68 |
Total |
W |
439 |
|
338,430 |
|
9,145 |
|
187,035 |
(*) According to the lease agreement signed with LG Corp., the recognized lease liabilities as of June 30, 2025 are W3,044 million, and the lease liabilities are not included in the amount of 'Trade accounts and notes payable and others' above. The amount of lease repayment for the six-month period ended June 30, 2025 is W3,453 million.
56
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(In millions of won) |
||||||||
|
|
For the six-month period ended June 30, 2024 |
|
December 31, 2024 |
||||
|
|
Sales and others |
|
Purchase and others |
|
Trade accounts and notes receivable and others |
|
Trade accounts and notes payable and others |
LG Uplus Corp. |
W |
105,300 |
|
1,579 |
|
- |
|
164 |
LG Chem Ltd. and its subsidiaries |
|
264 |
|
278,396 |
|
188 |
|
239,895 |
D&O Corp. and its subsidiaries (*1) |
|
141 |
|
61,675 |
|
- |
|
86,714 |
LG Corp. (*2) |
|
- |
|
28,992 |
|
7,551 |
|
10,731 |
LG Management Development Institute |
|
- |
|
13,303 |
|
3 |
|
340 |
LG CNS Co., Ltd. and its subsidiaries |
|
97 |
|
98,529 |
|
- |
|
78,229 |
LG Household & Health Care Ltd. and its subsidiaries |
|
- |
|
48 |
|
- |
|
- |
HSAD Inc. and its subsidiaries |
|
- |
|
4,318 |
|
- |
|
542 |
Robostar Co., Ltd. |
|
- |
|
306 |
|
- |
|
2,398 |
Total |
W |
105,802 |
|
487,146 |
|
7,742 |
|
419,013 |
(*1) Among the D&O Corp. and its subsidiaries, S&I Corporation Co., Ltd. and Xi C&A Co., Ltd. were excluded from the large corporate group as of March 19, 2024.
(*2) According to the lease agreement signed with LG Corp., no recognized lease liabilities as of December 31, 2024. The amount of lease repayment for the six-month period ended June 30, 2024 is W4,395 million.
57
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
(f) Key management personnel compensation
Details of compensation costs of key management for the six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
2025 |
|
2024 |
Short-term benefits |
W |
1,216 |
|
1,197 |
Post-employment benefit |
|
393 |
|
483 |
Total |
W |
1,609 |
|
1,680 |
Key management refers to the registered directors who have significant control and responsibilities over the Parent Company’s operations and business.
(g) At the end of the reporting period, the Group did not set an allowance for doubtful accounts on the balance of receivables for related parties.
58
LG DISPLAY CO., LTD. AND ITS SUBSIDIARIES
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2025 and 2024 (Unaudited), and December 31, 2024
For the year ended December 31, 2024, management of the Group decided to sell 80% of its stake in LG Display (China) Co., Ltd. and 100% of its stake in LG Display Guangzhou Co., Ltd. to TCL CSOT. The contract was signed on September 26, 2024, and the transaction was completed on April 1, 2025.
59
LG DISPLAY CO., LTD.
Condensed Separate Interim Financial Statements
(Unaudited)
June 30, 2025 and 2024
(With Report on Review of Condensed Interim Financial Statements)
Contents
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Page |
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Report on Review of Condensed Interim Financial Statements |
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1 |
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Separate Interim Statements of Financial Position |
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3 |
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Separate Interim Statements of Comprehensive Income (Loss) |
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4 |
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Separate Interim Statements of Changes in Equity |
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5 |
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Separate Interim Statements of Cash Flows |
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6 |
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Notes to the Condensed Separate Interim Financial Statements |
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7 |
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1
Report on Review of Condensed Interim Financial Statements
(English Translation of a Report Originally Issued in Korean)
To the Shareholders and Board of Directors of
LG Display Co., Ltd.
Reviewed Financial Statements
We have reviewed the accompanying condensed interim financial statements of LG Display Co., Ltd. (referred to as the “Company”). These condensed interim financial statements consist of the interim statement of financial position of the Company as at June 30, 2025, and the related interim statements of comprehensive income for the three-month and six-month periods ended June 30, 2025 and 2024, and statements of changes in equity and cash flows for the six-month periods ended June 30, 2025 and 2024, and material accounting policy information and other selected explanatory notes, expressed in Korean won.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and presentation of these condensed interim financial statements in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (Korean IFRS) 1034 Interim Financial Reporting, and for such internal control as management determines is necessary to enable the preparation of condensed interim financial statements that are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express a conclusion on these condensed interim financial statements based on our review.
We conducted our review in accordance with quarterly or semi-annual review standards established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe the accompanying condensed interim financial statements are not prepared, in all material respects, in accordance with Korean IFRS 1034 Interim Financial Reporting.
Other Matters
We have audited the statement of financial position of the Company as at December 31, 2024, and the related statements of comprehensive income, changes in equity and cash flows for the year then ended, not presented herein, in accordance with Korean Standards on Auditing. We expressed an unqualified opinion on those financial statements in our audit report dated March 4, 2025. The statement of financial position as at December 31, 2024, presented herein for comparative purposes, is consistent, in all material respects, with the above audited statement of financial position as at December 31, 2024.
Review standards and their application in practice vary among countries. The procedures and practices used in the Republic of Korea to review such financial statements may differ from those generally accepted and applied in other countries.
August 11, 2025
Seoul, Korea
This report is effective as of August 11, 2025, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying condensed interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that there is a possibility that the above review report may have to be revised to reflect the impact of such subsequent events or circumstances, if any. |
2
LG DISPLAY CO., LTD. |
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Separate Interim Statements of Financial Position |
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As of June 30, 2025 and December 31, 2024 |
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(In millions of won) |
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Note |
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June 30, 2025 |
|
December 31, 2024 |
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
4, 23 |
W |
204,441 |
|
238,477 |
Trade accounts and notes receivable, net |
|
5, 15, 23, 25 |
|
3,050,389 |
|
4,964,594 |
Other accounts receivable, net |
|
5, 23 |
|
176,685 |
|
215,920 |
Other current financial assets |
|
6, 23 |
|
74,435 |
|
320,071 |
Inventories, net |
|
7 |
|
1,987,522 |
|
1,786,678 |
Prepaid income tax |
|
|
|
980 |
|
2,492 |
Assets held for sale |
|
26 |
|
- |
|
1,016,645 |
Other current assets |
|
|
|
119,581 |
|
102,518 |
Total current assets |
|
|
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5,614,033 |
|
8,647,395 |
Deposits in banks |
|
4, 23 |
|
11 |
|
11 |
Investments, net |
|
8 |
|
3,892,054 |
|
3,939,474 |
Other non-current accounts receivable, net |
5, 23 |
|
6,696 |
|
9,679 |
|
Other non-current financial assets |
|
6, 23 |
|
27,495 |
|
123,523 |
Property, plant and equipment, net |
|
9 |
|
11,117,813 |
|
11,913,336 |
Intangible assets, net |
|
10 |
|
1,515,134 |
|
1,485,789 |
Investment property |
|
11 |
|
25,974 |
|
27,911 |
Deferred tax assets, net |
|
|
|
3,338,572 |
|
3,474,990 |
Defined benefits assets, net |
|
13 |
|
76,486 |
|
160,564 |
Other non-current assets |
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23,404 |
|
16,379 |
Total non-current assets |
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20,023,639 |
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21,151,656 |
Total assets |
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|
W |
25,637,672 |
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29,799,051 |
Liabilities |
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Trade accounts and notes payable |
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23, 25 |
W |
9,644,736 |
|
12,011,544 |
Current financial liabilities |
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12, 23, 24, 25 |
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4,241,407 |
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5,866,670 |
Other accounts payable |
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23 |
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1,430,583 |
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1,438,724 |
Accrued expenses |
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446,218 |
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483,236 |
Provisions |
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14 |
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87,143 |
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103,962 |
Advances received |
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32,905 |
|
899,164 |
Other current liabilities |
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69,692 |
|
62,195 |
Total current liabilities |
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15,952,684 |
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20,865,495 |
Non-current financial liabilities |
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12, 23, 24 |
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4,814,221 |
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4,308,608 |
Non-current provisions |
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14 |
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53,481 |
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60,908 |
Long-term advances received |
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- |
|
220,500 |
Other non-current liabilities |
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23, 25 |
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535,973 |
|
547,742 |
Total non-current liabilities |
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5,403,675 |
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5,137,758 |
Total liabilities |
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21,356,359 |
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26,003,253 |
Equity |
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Share capital |
|
16 |
W |
2,500,000 |
|
2,500,000 |
Share premium |
|
16 |
|
2,821,006 |
|
2,821,006 |
Accumulated deficit |
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(1,039,693) |
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(1,525,208) |
Total equity |
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4,281,313 |
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3,795,798 |
Total liabilities and equity |
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W |
25,637,672 |
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29,799,051 |
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See accompanying notes to the condensed separate interim financial statements. |
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3
LG DISPLAY CO., LTD. |
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Separate Interim Statements of Comprehensive Income (Loss) |
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For the three-month and six-month periods ended June 30, 2025 and 2024 |
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(In millions of won, except earnings (loss) per share amounts) |
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For the three-month periods |
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For the six-month periods |
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2025 |
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2024 |
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2025 |
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2024 |
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Note |
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(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Revenue |
17, 25 |
W |
5,137,636 |
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6,122,223 |
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10,757,702 |
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11,259,241 |
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Cost of sales |
7, 18, 25 |
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(5,012,123) |
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(6,026,177) |
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(10,386,082) |
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(11,265,465) |
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Gross profit (loss) |
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|
125,513 |
|
96,046 |
|
371,620 |
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(6,224) |
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Selling expenses |
18, 19 |
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(43,913) |
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(72,011) |
|
(100,908) |
|
(132,677) |
|
Administrative expenses |
18, 19 |
|
(127,753) |
|
(142,406) |
|
(257,928) |
|
(288,793) |
|
Research and development expenses |
18 |
|
(335,077) |
|
(339,510) |
|
(682,971) |
|
(675,007) |
|
Operating loss |
|
|
(381,230) |
|
(457,881) |
|
(670,187) |
|
(1,102,701) |
|
Finance income |
21 |
|
322,347 |
|
337,010 |
|
554,381 |
|
499,197 |
|
Finance costs |
21 |
|
(326,512) |
|
(325,795) |
|
(579,669) |
|
(620,602) |
|
Other non-operating income |
20 |
|
1,922,940 |
|
311,512 |
|
2,160,880 |
|
655,297 |
|
Other non-operating expenses |
20 |
|
(573,720) |
|
(425,065) |
|
(831,969) |
|
(1,110,734) |
|
Profit (loss) before income tax |
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|
963,825 |
|
(560,219) |
|
633,436 |
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(1,679,543) |
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Income tax benefit (expense) |
|
|
(114,392) |
|
27,012 |
|
(148,596) |
|
269,891 |
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Profit (loss) for the period |
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|
849,433 |
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(533,207) |
|
484,840 |
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(1,409,652) |
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Other comprehensive income (loss) |
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|
|
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Items that will never be reclassified to profit or loss |
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|
|
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Remeasurements of net defined benefit liabilities |
|
|
549 |
|
(1,480) |
|
675 |
|
(4,269) |
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Other comprehensive income (loss) for the period, net of income tax |
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|
549 |
|
(1,480) |
|
675 |
|
(4,269) |
|
Total comprehensive income (loss) for the period |
|
W |
849,982 |
|
(534,687) |
|
485,515 |
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(1,413,921) |
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Earnings (loss) per share (in won) |
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|
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|
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Basic earnings (loss) per share |
22 |
W |
1,699 |
|
(1,066) |
|
970 |
|
(3,188) |
|
Diluted earnings (loss) per share |
22 |
W |
1,699 |
|
(1,066) |
|
970 |
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(3,188) |
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See accompanying notes to the condensed separate interim financial statements. |
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4
LG DISPLAY CO., LTD. |
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Separate Interim Statements of Changes in Equity |
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For the six-month periods ended June 30, 2025 and 2024 |
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|
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|
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Share capital |
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Share premium |
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Retained earnings (Accumulated deficit) |
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Other capital |
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Total equity |
(In millions of won) |
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|
|
|
|
|||||
Balances at January 1, 2024 |
W |
1,789,079 |
|
2,251,113 |
|
1,641,363 |
|
- |
|
5,681,555 |
Total comprehensive loss for the period |
|
|
|
|
|
|
|
|
|
|
Loss for the period |
|
- |
|
- |
|
(1,409,652) |
|
- |
|
(1,409,652) |
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
Remeasurements of net defined benefit liabilities |
|
- |
|
- |
|
(4,269) |
|
- |
|
(4,269) |
Total comprehensive loss for the period |
W |
- |
|
- |
|
(1,413,921) |
|
- |
|
(1,413,921) |
Transaction with owners, recognized directly in equity |
|
|
|
|
|
|
|
|
|
|
Capital increase (Note 16) |
|
710,921 |
|
569,893 |
|
- |
|
- |
|
1,280,814 |
Balances at June 30, 2024 (unaudited) |
W |
2,500,000 |
|
2,821,006 |
|
227,442 |
|
- |
|
5,548,448 |
Balances at January 1, 2025 |
W |
2,500,000 |
|
2,821,006 |
|
(1,525,208) |
|
- |
|
3,795,798 |
Total comprehensive income for the period |
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
- |
|
- |
|
484,840 |
|
- |
|
484,840 |
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
Remeasurements of net defined benefit liabilities |
|
- |
|
- |
|
675 |
|
- |
|
675 |
Total comprehensive income for the period |
W |
- |
|
- |
|
485,515 |
|
- |
|
485,515 |
Balances at June 30, 2025 (unaudited) |
W |
2,500,000 |
|
2,821,006 |
|
(1,039,693) |
|
- |
|
4,281,313 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
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See accompanying notes to the condensed separate interim financial statements. |
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5
LG DISPLAY CO., LTD. |
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Separate Interim Statements of Cash Flows |
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For the six-month periods ended June 30, 2025 and 2024 |
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|
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(In millions of won)
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Note |
|
2025 (unaudited) |
|
2024 (unaudited) |
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Cash flows from (used in) operating activities: |
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|
|
|
|
|||||
Cash used in operations |
24 |
W |
(314,958) |
|
(1,722,164) |
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Income taxes paid |
|
|
(10,164) |
|
(11,044) |
|||||
Interests received |
|
|
10,566 |
|
8,974 |
|||||
Interests paid |
|
|
(266,308) |
|
(298,728) |
|||||
Cash flows used in operating activities |
|
|
(580,864) |
|
(2,022,962) |
|||||
Cash flows from (used in) investing activities: |
|
|
|
|
|
|||||
Dividends received |
|
|
102,399 |
|
228,833 |
|||||
Proceeds from disposal of financial assets at fair value through profit or loss |
|
|
34 |
|
- |
|||||
Acquisition of investments |
|
|
(53,080) |
|
(837,340) |
|||||
Proceeds from disposal of investments |
|
|
100,500 |
|
913,400 |
|||||
Proceeds from disposal of assets held for sale |
|
|
1,979,561 |
|
- |
|||||
Acquisition of property, plant and equipment |
|
|
(459,757) |
|
(807,040) |
|||||
Proceeds from disposal of property, plant and equipment |
|
|
71,806 |
|
165,292 |
|||||
Acquisition of intangible assets |
|
|
(436,093) |
|
(468,329) |
|||||
Proceeds from disposal of intangible assets |
|
|
1,918 |
|
5,140 |
|||||
Proceeds from settlement of derivatives |
|
|
98,259 |
|
183,219 |
|||||
Decrease in short-term loans |
|
|
11,749 |
|
9,126 |
|||||
Increase in deposits |
|
|
- |
|
(980) |
|||||
Decrease in deposits |
|
|
1,800 |
|
87 |
|||||
Proceeds from disposal of greenhouse gas emission permits |
|
|
- |
|
6,494 |
|||||
Cash flows from (used in) investing activities: |
|
|
1,419,096 |
|
(602,098) |
|||||
Cash flows from (used in) financing activities: |
24 |
|
|
|
|
|||||
Proceeds from short-term borrowings |
|
|
3,269,930 |
|
4,033,497 |
|||||
Repayments of short-term borrowings |
|
|
(2,897,576) |
|
(2,642,243) |
|||||
Repayments of current portion of bonds |
|
|
(612,000) |
|
(80,000) |
|||||
Proceeds from long-term borrowings |
|
|
1,837,493 |
|
1,457,135 |
|||||
Repayments of current portion of long-term borrowings |
|
|
(2,467,928) |
|
(1,656,016) |
|||||
Payment guarantee fee received |
|
|
3,512 |
|
3,739 |
|||||
Payments of payment guarantee fee |
|
|
- |
|
(759) |
|||||
Capital increase |
|
|
- |
|
1,292,455 |
|||||
Transaction cost from capital increase |
|
|
- |
|
(11,641) |
|||||
Payments of lease liabilities |
|
|
(5,699) |
|
(7,012) |
|||||
Cash flows from (used in) financing activities |
|
|
(872,268) |
|
2,389,155 |
|||||
Net decrease in cash and cash equivalents |
|
|
(34,036) |
|
(235,905) |
|||||
Cash and cash equivalents at January 1 |
|
|
238,477 |
|
334,502 |
|||||
Cash and cash equivalents at June 30 |
|
W |
204,441 |
|
98,597 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the condensed separate interim financial statements. |
|
|
|
|
||||||
6
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
1. Organization and Description of Business
LG Display Co., Ltd. (the "Company") was incorporated in February 1985 and the Company is a public corporation listed in the Korea Exchange since 2004. The main business of the Company is to manufacture and sell displays and its related products. As of June 30, 2025, the Company is operating Thin Film Transistor Liquid Crystal Display (“TFT-LCD”) and Organic Light Emitting Diode (“OLED”) panel manufacturing plants in Gumi, Paju and China and TFT-LCD and OLED module manufacturing plants in Gumi, Paju, China and Vietnam. The Company is domiciled in the Republic of Korea with its address at 128 Yeoui-daero, Yeongdeungpo-gu, Seoul, the Republic of Korea. As of June 30, 2025, LG Electronics Inc., a major shareholder of the Company, owns 36.72% (183,593,206 shares) of the Company’s common stock.
As of June 30, 2025, 500,000,000 shares of the Company's common stock is listed on Korea Exchange under the identifying code 034220, and 22,800,134 American Depository Shares ("ADSs", 2 ADSs represent one share of common stock) is listed on the New York Stock Exchange under the symbol "LPL".
2. Basis of Preparation
(a) Application of accounting standards
The Company's condensed separate interim financial statements have been prepared in accordance with International Financial Reporting Standard as adopted by the Republic of Korea (Korean IFRS) 1034 Interim Financial Reporting. These condensed separate interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the separate financial statements of the Company as of and for the year ended December 31, 2024.
(b) Basis of Measurement
The condensed separate interim financial statements have been prepared on the historical cost basis except for the following material items in the separate statement of financial position:
7
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
2. Basis of Preparation, Continued
(c) Functional and Presentation Currency
Items included in the financial statements are measured using the currency of the primary economic environment in which each entity operates (the “functional currency"). The separate financial statements are presented in Korean won, which is the Company’s functional currency.
(d) Estimates and Judgments
The preparation of the condensed separate interim financial statements in conformity with Korean IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The actual results may differ from the estimates at the end of the interim reporting period which are based on management’s best estimate, as the underlying assumptions may vary from actual outcomes.
(e) Accounting standards and Interpretation issued and adopted by the Company
The Company has applied the following standards and amendments for the first time for their annual reporting period commencing January 1, 2025.
The amendment requires the entity to disclose the relevant information when an entity estimates a spot exchange rate because exchangeability between two currencies is lacking. The amendments do not have a significant impact on the financial statements.
(f) Accounting standards and Interpretation issued but not yet adopted by the Company
The following new accounting standards and interpretations have been published that are not mandatory for June 30, 2025 reporting periods and have not been early adopted by the Company.
Korean IFRS 1109 Financial Instruments and Korean IFRS 1107 Financial Instruments: Disclosures have been amended to respond to recent questions arising in practice, and to include new requirements. The amendments should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. The key amendments are as follows. The Company is currently reviewing the impact of these amendments on it’s financial statements.
8
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
2. Basis of Preparation, Continued
Annual Improvements to Korean IFRS - Volume 11 shall be effective for fiscal years beginning on or after January 1, 2026, and early application is effective. The amendments are not expected to have a significant impact on the financial statements.
Hedge accounting by a first-time adopter
Gain or loss on derecognition and implementation guidance
Derecognition of lease liabilities and definition of transaction price
(g) Income Tax Expense
The Company is within the scope of the Pillar Two model rules, and applied the exception to recognizing and disclosing information about deferred tax.
9
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
3. Accounting Policies
The accounting policies followed by the Company in the preparation of its condensed separate interim financial statements are the same as those followed by the Company in its preparation of the separate financial statements as of and for the year ended December 31, 2024, except for the application of Korean IFRS 1034, Interim Financial Reporting.
4. Cash and Cash Equivalents and Deposits in Banks
Details of cash and cash equivalents and deposits in banks as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
Current assets |
|
|
|
|
Cash and cash equivalents |
|
|
|
|
Deposits |
W |
204,441 |
|
238,477 |
|
|
|
|
|
Non-current assets |
|
|
|
|
Deposits in banks |
|
|
|
|
Deposit for checking account |
W |
11 |
|
11 |
10
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
5. Trade Accounts and Notes Receivable, and Other Accounts Receivable
(a) Details of trade accounts and notes receivable and other accounts receivable as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
Trade accounts and notes receivable, net |
W |
3,050,389 |
|
4,964,594 |
Other accounts receivable |
|
|
|
|
Non-trade receivables, net |
|
153,261 |
|
206,313 |
Accrued income, net |
|
30,120 |
|
19,286 |
Subtotal |
|
183,381 |
|
225,599 |
Total |
W |
3,233,770 |
|
5,190,193 |
(b) The aging of trade accounts and notes receivable and other accounts receivable as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
June 30, 2025 |
||||||
|
|
Original Amount |
|
Allowance for doubtful account |
||||
|
|
Trade accounts and notes receivable |
|
Other accounts receivable |
|
Trade accounts and notes receivable |
|
Other accounts receivable |
Not past due |
W |
3,037,373 |
|
150,125 |
|
(219) |
|
(450) |
1-15 days past due |
|
11,859 |
|
7,124 |
|
(1) |
|
(10) |
16-30 days past due |
|
- |
|
26 |
|
- |
|
- |
31-60 days past due |
|
1,377 |
|
8,056 |
|
- |
|
- |
More than 60 days past due |
|
- |
|
18,533 |
|
- |
|
(23) |
Total |
W |
3,050,609 |
|
183,864 |
|
(220) |
|
(483) |
11
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
5. Trade Accounts and Notes Receivable, and Other Accounts Receivable, Continued
(In millions of won) |
|
December 31, 2024 |
||||||
|
|
Original Amount |
|
Allowance for doubtful account |
||||
|
|
Trade accounts and notes receivable |
|
Other accounts receivable |
|
Trade accounts and notes receivable |
|
Other accounts receivable |
Not past due |
W |
4,962,069 |
|
183,436 |
|
(362) |
|
(283) |
1-15 days past due |
|
2,887 |
|
37,621 |
|
- |
|
(2) |
16-30 days past due |
|
- |
|
1,914 |
|
- |
|
(1) |
31-60 days past due |
|
- |
|
350 |
|
- |
|
(3) |
More than 60 days past due |
|
- |
|
2,575 |
|
- |
|
(8) |
Total |
W |
4,964,956 |
|
225,896 |
|
(362) |
|
(297) |
The movement in the allowance for doubtful account in respect of trade accounts and notes receivable and other accounts receivable for the six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
2025 |
|
2024 |
||||
|
|
Trade accounts and notes receivable |
|
Other accounts receivable |
|
Trade accounts and notes receivable |
|
Other accounts receivable |
At January 1 |
W |
362 |
|
297 |
|
234 |
|
78 |
(Reversal of) bad debt expense |
|
(142) |
|
186 |
|
123 |
|
67 |
At June 30 |
W |
220 |
|
483 |
|
357 |
|
145 |
12
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
6. Other Financial Assets
Details of other financial assets as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
Current assets |
|
|
|
|
Financial assets at fair value through profit or loss |
|
|
|
|
Derivatives (*1) |
W |
43,961 |
|
186,676 |
Fair value hedging derivatives |
|
|
|
|
Derivatives (*2) |
W |
- |
|
99,116 |
Financial assets carried at amortized cost |
|
|
|
|
Deposits |
W |
10,238 |
|
8,181 |
Short-term loans |
|
20,236 |
|
26,098 |
Subtotal |
W |
30,474 |
|
34,279 |
Total |
W |
74,435 |
|
320,071 |
|
|
|
|
|
Non-current assets |
|
|
|
|
Financial assets at fair value through profit or loss |
|
|
|
|
Equity instruments |
W |
21,802 |
|
22,138 |
Derivatives (*1) |
|
4,640 |
|
69,575 |
Subtotal |
W |
26,442 |
|
91,713 |
Fair value hedging derivatives |
|
|
|
|
Derivatives (*2) |
W |
- |
|
19,982 |
Financial assets carried at amortized cost |
|
|
|
|
Deposits |
W |
688 |
|
783 |
Long-term loans |
|
365 |
|
11,045 |
Subtotal |
W |
1,053 |
|
11,828 |
Total |
W |
27,495 |
|
123,523 |
(*1) The derivatives, which are not designated as hedging instruments, arise from cross currency interest rate swap contracts and others for the purpose of managing currency and interest rate risks associated with foreign currency denominated borrowings and bonds.
(*2) The derivatives, which are designated as hedging instruments, arise from forward exchange contracts for the purpose of managing currency risk associated with advances received in foreign currency.
13
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
7. Inventories
Details of inventories as of June 30, 2025 and December 31, 2024 are as follows:
(i) As of June 30, 2025
(In millions of won) |
|
|
|
|
|
|
|
|
Cost |
|
Valuation allowance |
|
Carrying amount |
Finished goods |
W |
374,645 |
|
(20,094) |
|
354,551 |
Work-in-process |
|
1,134,269 |
|
(50,443) |
|
1,083,826 |
Raw materials |
|
448,667 |
|
(13,070) |
|
435,597 |
Supplies |
|
130,214 |
|
(16,666) |
|
113,548 |
Total |
W |
2,087,795 |
|
(100,273) |
|
1,987,522 |
(ii) As of December 31, 2024
(In millions of won) |
|
|
|
|
|
|
|
|
Cost |
|
Valuation allowance |
|
Carrying amount |
Finished goods |
W |
377,955 |
|
(29,308) |
|
348,647 |
Work-in-process |
|
1,003,741 |
|
(79,673) |
|
924,068 |
Raw materials |
|
435,557 |
|
(16,441) |
|
419,116 |
Supplies |
|
111,539 |
|
(16,692) |
|
94,847 |
Total |
W |
1,928,792 |
|
(142,114) |
|
1,786,678 |
For the six-month periods ended June 30, 2025 and 2024, the amount of inventories recognized as expenses and (reversal of) loss on valuation of inventory allowance are as follows:
(In millions of won) |
|
|
|
|
|
|
2025 |
|
2024 |
Cost of sales |
W |
10,386,082 |
|
11,265,465 |
Inventories recognized as expense |
|
10,427,923 |
|
11,234,115 |
(Reversal of) write-downs of inventories included in (deducted from) cost of sales |
|
(41,841) |
|
31,350 |
14
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
8. Investments
(In millions of won) |
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
||||
Subsidiaries |
|
Location |
|
Business |
|
Percentage of ownership |
|
Carrying amount |
|
Percentage of ownership |
|
Carrying amount |
LG Display America, Inc. |
|
San Jose, U.S.A. |
|
Sales of display products |
|
100% |
W |
36,815 |
|
100% |
W |
36,815 |
LG Display Germany GmbH |
|
Eschborn, Germany |
|
Sales of display products |
|
100% |
|
19,373 |
|
100% |
|
19,373 |
LG Display Japan Co., Ltd. |
|
Tokyo, Japan |
|
Sales of display products |
|
100% |
|
15,686 |
|
100% |
|
15,686 |
LG Display Taiwan Co., Ltd. |
|
Taipei, Taiwan |
|
Sales of display products |
|
100% |
|
35,230 |
|
100% |
|
35,230 |
LG Display Nanjing Co., Ltd. |
|
Nanjing, China |
|
Production of display products |
|
100% |
|
593,726 |
|
100% |
|
593,726 |
LG Display Shanghai Co., Ltd. |
|
Shanghai, China |
|
Sales of display products |
|
100% |
|
9,093 |
|
100% |
|
9,093 |
LG Display Guangzhou Co., Ltd.(*1) |
|
Guangzhou, China |
|
Production of display products |
|
- |
|
- |
|
100% |
|
- |
LG Display Shenzhen Co., Ltd. |
|
Shenzhen, China |
|
Sales of display products |
|
100% |
|
3,467 |
|
100% |
|
3,467 |
LG Display Singapore Pte. Ltd. |
|
Singapore |
|
Sales of display products |
|
100% |
|
1,250 |
|
100% |
|
1,250 |
L&T Display Technology (Fujian) Limited |
|
Fujian, China |
|
Production and sales of LCD module and LCD monitor sets |
|
51% |
|
10,123 |
|
51% |
|
10,123 |
LG Display Yantai Co., Ltd. |
|
Yantai, China |
|
Production of display products |
|
100% |
|
169,195 |
|
100% |
|
169,195 |
Nanumnuri Co., Ltd. |
|
Gumi, South Korea |
|
Business facility maintenance |
|
100% |
|
800 |
|
100% |
|
800 |
LG Display (China) Co., Ltd.(*1) |
|
Guangzhou, China |
|
Production and sales of display products |
|
- |
|
- |
|
51% |
|
- |
Unified Innovative Technology, LLC |
|
Wilmington, U.S.A. |
|
Intellectual property management |
|
100% |
|
9,489 |
|
100% |
|
9,489 |
LG Display Guangzhou Trading Co., Ltd. |
|
Guangzhou, China |
|
Sales of display products |
|
100% |
|
218 |
|
100% |
|
218 |
Global OLED Technology, LLC |
|
Sterling, U.S.A. |
|
OLED intellectual property management |
|
100% |
|
164,322 |
|
100% |
|
164,322 |
LG Display Vietnam Haiphong Co., Ltd. |
|
Haiphong, Vietnam |
|
Production and sales of display products |
|
100% |
|
672,658 |
|
100% |
|
672,658 |
Suzhou Lehui Display Co., Ltd. |
|
Suzhou, China |
|
Production and sales of LCD module and LCD monitor sets |
|
100% |
|
121,640 |
|
100% |
|
121,640 |
LG DISPLAY FUND I LLC(*2) |
|
Wilmington, U.S.A. |
|
Investment in venture business and technologies |
|
100% |
|
99,386 |
|
100% |
|
97,936 |
LG Display High-Tech (China) Co., Ltd.(*3) |
|
Guangzhou, China |
|
Production and sales of display products |
|
70% |
|
1,846,177 |
|
69% |
|
1,794,547 |
MMT(Money Market Trust)(*4) |
|
Seoul, South Korea |
|
Management of trust assets |
|
100% |
|
40,100 |
|
100% |
|
140,600 |
Total |
|
|
|
|
|
|
W |
3,848,748 |
|
|
W |
3,896,168 |
15
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
8. Investments, Continued
(*1) For the year ended December 31, 2024, the contract was signed to sell 100% of its stake in LG Display Guangzhou Co., Ltd. and 51% of its stake in LG Display (China) Co., Ltd., and the transaction was completed on April 1, 2025.
(*2) For the six-month period ended June 30, 2025, the Company contributed W1,450 million in cash for the capital increase of LG DISPLAY FUND I LLC. There was no change in the Company’s percentage of ownership in LG DISPLAY FUND I LLC as a result of this additional investment.
(*3) For the six-month period ended June 30, 2025, the Company acquired an additional shares of LG Display High-Tech (China) Co., Ltd. worth W51,630 million. There was 1.2% increase in the Company’s percentage of ownership in LG Display High-Tech (China) Co., Ltd. as a result of this additional acquisitions.
(*4) For the six-month period ended June 30, 2025, the Company decreased by W100,500 million as a result of acquisition and disposal of Money Market Trust. There was no change in the Company’s percentage of ownership in Money Market Trust with this regard.
(In millions of won) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
||||
Associates |
|
Location |
|
Business |
|
Percentage of ownership |
|
Carrying amount |
|
Percentage of ownership |
|
Carrying amount |
Paju Electric Glass Co., Ltd. |
|
Paju, South Korea |
|
Production of glass for display |
|
40% |
W |
39,608 |
|
40% |
W |
39,608 |
Arctic Sentinel, Inc. |
|
Los Angeles, U.S.A. |
|
Development and production of tablet for kids |
|
10% |
|
- |
|
10% |
|
- |
Cynora GmbH |
|
Bruchsal, Germany |
|
Development of organic light emitting materials for displays and lighting devices |
|
10% |
|
- |
|
10% |
|
- |
Material Science Co., Ltd. |
|
Seoul, South Korea |
|
Development, production and sales of materials for display |
|
14% |
|
3,698 |
|
14% |
|
3,698 |
Total |
|
|
|
|
|
|
W |
43,306 |
|
|
W |
43,306 |
Although the Company’s respective share interests in Arctic Sentinel, Inc., Cynora GmbH and Material Science Co., Ltd. are below 20%, the Company is able to exercise significant influence through its right to appoint one or more directors to the board of directors of each investee. Accordingly, the investments in these investees have been classified as investments in associates.
Dividend income recognized from subsidiaries and associates for the six-month periods ended June 30, 2025 and 2024 amounted to W95,053 million and W220,337 million, respectively.
16
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
9. Property, Plant and Equipment
(a) Changes in property, plant and equipment for the six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
2025 |
|
2024 |
Book value as of January 1 |
W |
11,913,336 |
|
13,584,247 |
Acquisitions |
|
313,647 |
|
533,074 |
Depreciation |
|
(1,021,695) |
|
(1,289,105) |
Disposals |
|
(88,834) |
|
(161,714) |
Impairment reversal (loss) (*) |
|
1,771 |
|
(67,530) |
Others |
|
(412) |
|
(913) |
Book value as of June 30 |
W |
11,117,813 |
|
12,598,059 |
(*) If there are indications of impairment, impairment losses are recognized for the difference between the carrying amount and the recoverable amount of property, plant and equipment.
(b) For the six-month period ended June 30, 2025, the capitalized borrowing costs amounted to W4,420 million (For the six-month period ended June 30, 2024: W18,938 million), and capitalization rate is 4.77% (For the six-month period ended June 30, 2024: 5.50%).
10. Intangible Assets
Changes in intangible assets for the six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
2025 |
|
2024 |
Book value as of January 1 |
W |
1,485,789 |
|
1,683,029 |
Acquisitions |
|
61,462 |
|
53,758 |
Acquisitions by Internal Development |
|
340,636 |
|
355,209 |
Amortization |
|
(367,181) |
|
(359,876) |
Disposals |
|
(4,067) |
|
(5,466) |
Impairment loss (*) |
|
(1,505) |
|
(49,913) |
Book value as of June 30 |
W |
1,515,134 |
|
1,676,741 |
(*) If there are indications of impairment, impairment losses are recognized for the difference between the carrying amount and the recoverable amount of intangible assets.
11. Investment Property
(a) Changes in investment property for the six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
2025 |
|
2024 |
Book value as of January 1 |
W |
27,911 |
|
32,995 |
Depreciation |
|
(2,550) |
|
(2,541) |
Others |
|
613 |
|
- |
Book value as of June 30 |
W |
25,974 |
|
30,454 |
(b) For the six-month period ended June 30, 2025, rental revenue from investment property is W5,114 million (For the six-month period ended June 30, 2024: W4,024 million) and rental cost is W2,725 million (For the six-month period ended June 30, 2024: W2,717 million).
17
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
12. Financial Liabilities
(In millions of won) |
|
June 30, 2025 |
|
December 31, 2024 |
Current |
|
|
|
|
Short-term borrowings |
W |
2,635,526 |
|
2,454,295 |
Current portion of long-term borrowings |
|
1,377,152 |
|
2,787,100 |
Current portion of bonds |
|
180,354 |
|
611,882 |
Current portion of payment guarantee liabilities |
|
4,811 |
|
6,092 |
Derivatives (*) |
|
36,754 |
|
3,762 |
Lease liabilities |
|
6,810 |
|
3,539 |
Total |
W |
4,241,407 |
|
5,866,670 |
|
|
|
|
|
Non-current |
|
|
|
|
Long-term borrowings |
W |
4,421,978 |
|
3,762,972 |
Bonds |
|
334,604 |
|
525,957 |
Non-current payment guarantee liabilities |
|
6,696 |
|
9,678 |
Derivatives (*) |
|
46,756 |
|
7,006 |
Lease liabilities |
|
4,187 |
|
2,995 |
Total |
W |
4,814,221 |
|
4,308,608 |
(*) The derivatives, which are not designated as hedging instruments, arise from cross currency interest rate swap contracts and others for the purpose of managing currency and interest rate risks associated with foreign currency denominated borrowings and bonds.
(In millions of won) |
|
|
|
|
|
|
|
|
Lender |
|
Description |
|
Annual interest rate as of June 30, 2025 (%) |
|
June 30, 2025 |
|
December 31, 2024 |
LG Display Singapore Pte. Ltd. |
|
Working Capital |
|
4.29 |
W |
1,627,680 |
|
2,160,900 |
Standard Chartered Bank Korea Limited and others |
|
Working Capital and others |
|
2.60~6.13 |
|
1,007,846 |
|
293,395 |
Total |
|
|
|
|
W |
2,635,526 |
|
2,454,295 |
18
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
12. Financial Liabilities, Continued
(In millions of won) |
|
|
|
|
|
|
|
|
|
|
Lender |
|
Description |
|
Latest Maturity date |
|
Annual interest rate as of June 30, 2025 (%) |
|
June 30, 2025 |
|
December 31, 2024 |
LG Electronics Inc. |
|
Operating capital |
|
- |
|
- |
W |
- |
|
1,000,000 |
Korea Development Bank and others |
|
Facility capital and others |
|
July 2025~ March 2030 |
|
2.41~5.65 |
|
4,232,512 |
|
3,668,538 |
Less: current portion |
|
|
|
|
|
|
|
(1,133,000) |
|
(1,861,000) |
Total |
|
|
|
|
|
|
W |
3,099,512 |
|
2,807,538 |
(In millions of won and USD) |
|
|
|
|
|
|
|
|
||
Lender |
|
Description |
|
Latest Maturity date |
|
Annual interest rate as of June 30, 2025 (%) |
|
June 30, 2025 |
|
December 31, 2024 |
KEB Hana Bank and others |
|
Facility capital and others |
|
August 2025~ March 2029 |
|
5.76~6.70 |
W |
1,566,618 |
|
1,881,534 |
Foreign currency equivalent of foreign currency borrowings |
|
|
|
|
|
|
|
USD 1,155 |
|
USD 1,280 |
Less: current portion |
|
|
|
|
|
|
|
(244,152) |
|
(926,100) |
Total |
|
|
|
|
|
|
W |
1,322,466 |
|
955,434 |
19
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
12. Financial Liabilities, Continued
(In millions of won and USD) |
|
|
|
|
|
|
||
|
|
Maturity |
|
Annual interest rate as of June 30, 2025 (%) |
|
June 30, 2025 |
|
December 31, 2024 |
Korean won denominated bonds at amortized cost (*1) |
|
|
|
|
|
|
|
|
Publicly issued bonds |
|
September 2026~ February 2027 |
|
2.79~3.66 |
W |
335,000 |
|
655,000 |
Privately issued bonds |
|
January 2026 |
|
7.25 |
|
45,000 |
|
337,000 |
Less: discount on bonds |
|
|
|
|
|
(424) |
|
(705) |
Less: current portion |
|
|
|
|
|
(44,972) |
|
(611,882) |
Subtotal |
|
|
|
|
W |
334,604 |
|
379,413 |
Foreign currency denominated bonds at amortized cost (*2) |
|
|
|
|
|
|
|
|
Privately issued bonds |
|
April 2026 |
|
6.18 |
W |
135,640 |
|
147,000 |
Foreign currency equivalent of foreign currency denominated bonds |
|
USD 100 |
|
USD 100 |
||||
Less: discount on bonds |
|
|
|
|
W |
(258) |
|
(456) |
Less: foreign currency equivalent of discount on bonds of foreign currency denominated bonds |
|
USD (0) |
|
USD (0) |
||||
Less: current portion |
W |
(135,382) |
|
- |
||||
Subtotal |
|
|
|
|
W |
- |
|
146,544 |
Total |
|
|
|
|
W |
334,604 |
|
525,957 |
(*1) Principal of the Korean won denominated bonds is to be repaid at maturity and interests are paid quarterly.
(*2) Principal of the foreign currency denominated bonds is to be repaid at maturity and interests are paid quarterly.
20
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
13. Post-employment Benefits
(a) Defined benefit plans
The Company’s defined benefit plans provide a lump-sum payment to an employee based on final salary rates and
length of service at the time the employee leaves the Company.
i) Details of net defined benefit liabilities (defined benefit assets) recognized as of June 30, 2025 and December 31,
2024 are as follows:
(In millions of won) |
|
June 30, 2025 |
|
December 31, 2024 |
|
|
|||
Present value of defined benefit obligations |
W |
1,402,844 |
|
1,436,251 |
Fair value of plan assets |
|
(1,479,330) |
|
(1,596,815) |
Total |
W |
(76,486) |
|
(160,564) |
ii) Details of plan assets as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
Time deposits in banks |
W |
1,479,330 |
|
1,596,815 |
As of June 30, 2025, the Company maintains the plan assets primarily with Shinhan Bank, KEB Hana Bank and others.
iii) Details of expenses related to defined benefit plans recognized in profit or loss for the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
|
|
|
||||
|
|
For the three-month periods ended June 30 |
|
For the six-month periods ended June 30 |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Current service cost |
W |
36,367 |
|
38,115 |
|
72,734 |
|
76,230 |
Net interest cost |
|
(1,562) |
|
(4,713) |
|
(3,123) |
|
(9,427) |
Total (*) |
W |
34,805 |
|
33,402 |
|
69,611 |
|
66,803 |
(*) The total cost related to the defined benefit plans includes capitalized amounts of W5,344 million (for the six-month period ended June 30, 2024: W5,161 million).
21
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
13. Post-Employment Benefits, Continued
(b) Defined contribution plans
The amount recognized as an expense in relation to the defined contribution plan in the six-month period ended
June 30, 2025 is W14,746 million (for the six-month period ended June 30, 2024: W8,726 million).
14. Provisions
Changes in provisions for the six-month periods ended June 30, 2025 and 2024 are as follows:
(i) 2025
(In millions of won) |
|
|
|
|
|
|
|
|
|
|
Litigation |
|
Warranties (*) |
|
Others |
|
Total |
At January 1, 2025 |
W |
7,479 |
|
151,394 |
|
5,997 |
|
164,870 |
Additions |
|
3,537 |
|
11,162 |
|
5,132 |
|
19,831 |
Usage |
|
(11,016) |
|
(25,640) |
|
(7,421) |
|
(44,077) |
At June 30, 2025 |
W |
- |
|
136,916 |
|
3,708 |
|
140,624 |
Current |
W |
- |
|
83,435 |
|
3,708 |
|
87,143 |
Non-current |
W |
- |
|
53,481 |
|
- |
|
53,481 |
(*) The Company provides warranty on defective products for warranty periods after sales. The provision is calculated based on the assumption of expected number of warranty claims and costs per claim considering historical experience.
(ii) 2024
(In millions of won) |
|
|
|
|
|
|
|
|
|
|
Litigation |
|
Warranties (*) |
|
Others |
|
Total |
At January 1, 2024 |
W |
1,806 |
|
171,952 |
|
5,880 |
|
179,638 |
Additions (reversal) |
|
126 |
|
24,304 |
|
(1,032) |
|
23,398 |
Usage |
|
- |
|
(50,193) |
|
- |
|
(50,193) |
At June 30, 2024 |
W |
1,932 |
|
146,063 |
|
4,848 |
|
152,843 |
Current |
W |
1,932 |
|
90,640 |
|
4,848 |
|
97,420 |
Non-current |
W |
- |
|
55,423 |
|
- |
|
55,423 |
(*) The Company provides warranty on defective products for warranty periods after sales. The provision is calculated based on the assumption of expected number of warranty claims and costs per claim considering historical experience.
22
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
15. Contingent Liabilities and Commitments
(a) Legal Proceedings
Anti-trust litigations
The Company and other LCD panel manufacturers have been sued by individual claimants on allegations of violating EU competition laws. The company continues its vigorous defense of this pending proceeding. As of June 30, 2025, it cannot predict the final outcomes of the lawsuits that have been filed.
Others
The Company is involved in various lawsuits and disputes in addition to the pending proceeding described above. The Company cannot reliably estimate the timing and amount of outflows of resources embodying economic benefits relating to the disputes.
(b) Commitments
Factoring and securitization of accounts receivable
The Company has discount agreements with Korea Development Bank and other banks for accounts receivable related to export sales transactions with its subsidiaries, up to USD 1,000 million (W1,356,400 million). As of June 30, 2025, the amount of discounted accounts receivable in connection with these agreements that is outstanding is USD 153 million (W207,822 million). In relation to the above agreements, the financial institutions have the right of recourse for accounts receivable that are past due.
The Company has assignment agreements with MUFG Bank and other banks for accounts receivable related to domestic and export sales transactions, up to W508,650 million. As of June 30, 2025, the amount of sold accounts receivable in connection with these agreements that is outstanding is W17,891 million. In relation to the above agreements, the financial institutions do not have the right of recourse for accounts receivable that are past due.
23
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
15. Contingent Liabilities and Commitments, Continued
Loan commitment
As of June 30, 2025, the Company has entered into agreements with Hana Bank and other banks for credit lines and opening of letter of credits up to a limit of W2,525,880 million and with LG Display Singapore Pte. Ltd. for borrowing up to W1,627,680 million.
Payment guarantees
The Company provides payment guarantee to LG Display Vietnam Haiphong Co., Ltd. for the loan principal of USD 1,000 million (W1,356,400 million).
In addition, as of June 30, 2025, the Company obtained payment guarantees of USD 600 million (W813,840 million) from KB Kookmin Bank and other banks for advances previously recognized in connection with the long-term supply agreements.
The Company has received a payment guarantee of W1,921 million from Seoul Guarantee Insurance Co., Ltd. in relation to performance guarantees and others.
License agreements
As of June 30, 2025, the Company has a trademark license agreement with LG Corp. and pays the usage fee according to the terms of the Agreement.
24
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
15. Contingent Liabilities and Commitments, Continued
Collateral
Details of the collateral provided by the Company as of June 30, 2025 are as follows:
(In millions of won) |
|
|
|
|
|
|
|
|
Collateral |
|
Carrying amount |
|
Maximum amount of credit |
|
Secured creditor |
|
Collateral borrowings amount |
Property, plant and equipment and others |
|
62,335 |
|
326,400 |
|
Korea Development Bank and others |
|
68,000 |
Property, plant and equipment and others (*) |
|
228,982 |
|
780,000 |
|
Korea Development Bank and others |
|
650,000 |
(*) The carrying amount of collateral amounting to W228,982 million includes the collateral asset of W62,335 million for collateralized borrowings of W68,000 million from Korea Development Bank and other banks.
Commitments for asset acquisition
The amount committed to acquire property, plant, equipment and intangible assets not recognized on the financial statements as of June 30, 2025 is W365,410 million.
16. Share Capital and Share Premium
The total number of shares to be issued by the Company is 1,000,000,000 shares, the number of shares issued is 500,000,000 shares (December 31, 2024 : 500,000,000 shares), and the par value per share is W5,000. There were no changes in the Company's share capital for the six-month period ended June 30, 2025.
The Company's share premium consists of paid-in capital in excess of par value, and there were no changes in this paid-in capital for the six-month period ended June 30, 2025.
The Company conducted a paid-in capital increase based on the resolution of the board of directors on December 18, 2023, and the newly issued shares were listed on the Korea Exchange (KRX) on March 26, 2024.
With the new shares of common stock, the capital stock increased by W710,921 million to W2,500,000 million, and capital surplus increased by W569,893 million to W2,821,006 million in the three-month period ended March 31, 2024.
25
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
17. Revenue
Details of revenue for the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
|
|
|
||||
|
|
For the three-month periods ended June 30 |
|
For the six-month periods ended June 30 |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Sales of goods |
W |
5,083,648 |
|
6,103,508 |
|
10,660,833 |
|
11,229,167 |
Royalties |
|
37,994 |
|
10,593 |
|
71,385 |
|
13,273 |
Others (*) |
|
15,994 |
|
8,122 |
|
25,484 |
|
16,801 |
Total |
W |
5,137,636 |
|
6,122,223 |
|
10,757,702 |
|
11,259,241 |
(*) Others include rental revenue.
For the six-month period ended June 30, 2025, the revenue recognized by satisfying performance obligation for the amount received from the customer in prior reporting periods is W1,103,787 million. (For the six-month period ended June 30, 2024 : W198,766 million)
26
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
18. The Nature of Expenses
The classification of expenses by nature for the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
|
|
|
||||
|
|
For the three-month periods ended June 30 |
|
For the six-month periods ended June 30 |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Changes in inventories |
W |
17,645 |
|
134,406 |
|
(200,843) |
|
(353,305) |
Purchases of raw materials and others |
|
1,926,122 |
|
2,207,636 |
|
4,303,490 |
|
4,583,434 |
Depreciation and amortization |
|
673,477 |
|
839,525 |
|
1,365,669 |
|
1,614,758 |
Outsourcing |
|
1,574,097 |
|
2,029,768 |
|
3,293,705 |
|
3,759,187 |
Labor |
|
618,886 |
|
633,862 |
|
1,236,442 |
|
1,295,072 |
Supplies and others |
|
158,880 |
|
156,066 |
|
316,135 |
|
313,598 |
Utility |
|
250,680 |
|
250,542 |
|
507,294 |
|
502,146 |
Fees and commissions |
|
88,282 |
|
88,388 |
|
179,316 |
|
192,301 |
Freight cost |
|
13,414 |
|
15,615 |
|
25,427 |
|
30,843 |
Advertising |
|
13,027 |
|
16,410 |
|
26,825 |
|
30,689 |
Warranty |
|
254 |
|
26,593 |
|
11,162 |
|
24,304 |
Travel |
|
10,075 |
|
10,380 |
|
18,968 |
|
23,835 |
Taxes and dues |
|
16,175 |
|
18,841 |
|
34,272 |
|
38,168 |
Others |
|
157,852 |
|
152,072 |
|
310,027 |
|
306,912 |
Total (*) |
W |
5,518,866 |
|
6,580,104 |
|
11,427,889 |
|
12,361,942 |
(*) Total expenses consist of cost of sales, selling, administrative, research and development expenses.
27
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
19. Selling and Administrative Expenses
Details of selling and administrative expenses for the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
|
|
|
||||
|
|
For the three-month periods ended June 30 |
|
For the six-month periods ended June 30 |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Salaries |
W |
53,687 |
|
55,758 |
|
109,711 |
|
117,431 |
Post-employment benefit |
|
5,974 |
|
5,331 |
|
11,991 |
|
10,706 |
Other employee benefits |
|
10,905 |
|
12,670 |
|
22,900 |
|
25,211 |
Freight cost |
|
5,210 |
|
5,269 |
|
8,898 |
|
10,648 |
Fees and commissions |
|
31,661 |
|
31,399 |
|
65,180 |
|
80,176 |
Depreciation and amortization |
|
32,215 |
|
39,152 |
|
63,980 |
|
77,219 |
Taxes and dues |
|
1,310 |
|
1,289 |
|
2,508 |
|
2,393 |
Advertising |
|
13,027 |
|
16,410 |
|
26,825 |
|
30,689 |
Warranty |
|
254 |
|
26,593 |
|
11,162 |
|
24,304 |
Insurance |
|
2,570 |
|
2,509 |
|
5,044 |
|
4,654 |
Travel |
|
2,091 |
|
1,803 |
|
3,850 |
|
4,510 |
Training |
|
1,534 |
|
1,701 |
|
4,490 |
|
5,310 |
Others |
|
11,228 |
|
14,533 |
|
22,297 |
|
28,219 |
Total |
W |
171,666 |
|
214,417 |
|
358,836 |
|
421,470 |
28
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
20. Other Non-operating Income and Other Non-operating Expenses
(a) Details of other non-operating income for the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
|
|
|
||||
|
|
For the three-month periods ended June 30 |
|
For the six-month periods ended June 30 |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Foreign currency gain |
W |
907,296 |
|
268,477 |
|
1,143,121 |
|
605,708 |
Gain on disposal of assets held for sale |
|
971,905 |
|
- |
|
971,905 |
|
- |
Gain on disposal of property, plant and equipment |
|
4,281 |
|
38,725 |
|
5,333 |
|
43,978 |
Gain on disposal of intangible assets |
|
1,592 |
|
25 |
|
1,592 |
|
25 |
Reversal of impairment loss on property, plant and equipment |
|
2,418 |
|
3,697 |
|
2,418 |
|
3,697 |
Others |
|
35,448 |
|
588 |
|
36,511 |
|
1,889 |
Total |
W |
1,922,940 |
|
311,512 |
|
2,160,880 |
|
655,297 |
(b) Details of other non-operating expenses for the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
|
|
|
||||
|
|
For the three-month periods ended June 30 |
|
For the six-month periods ended June 30 |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Foreign currency loss |
W |
556,758 |
|
396,528 |
|
800,522 |
|
945,015 |
Loss on disposal of property, plant and equipment |
|
9,006 |
|
23,471 |
|
21,868 |
|
40,262 |
Impairment loss on property, plant and equipment |
|
- |
|
4,438 |
|
647 |
|
71,227 |
Impairment loss on intangible assets |
|
1,052 |
|
- |
|
1,505 |
|
49,996 |
Others |
|
6,904 |
|
628 |
|
7,427 |
|
4,234 |
Total |
W |
573,720 |
|
425,065 |
|
831,969 |
|
1,110,734 |
29
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
21. Finance Income and Finance Costs
Details of finance income and costs recognized in profit or loss for the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
|
|
|
||||
|
|
For the three-month periods ended June 30 |
|
For the six-month periods ended June 30 |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Finance income |
|
|
|
|
|
|
|
|
Interest income |
W |
3,815 |
|
5,825 |
|
10,445 |
|
8,805 |
Dividend income |
|
267 |
|
219,667 |
|
95,320 |
|
220,337 |
Foreign currency gain |
|
282,894 |
|
6,329 |
|
343,380 |
|
18,009 |
Gain on transaction of derivatives |
|
33,989 |
|
98,047 |
|
99,639 |
|
183,219 |
Gain on valuation of derivatives |
|
(737) |
|
5,257 |
|
845 |
|
65,041 |
Gain on valuation of financial assets at fair value through profit or loss |
|
784 |
|
- |
|
1,676 |
|
- |
Others |
|
1,335 |
|
1,885 |
|
3,076 |
|
3,786 |
Total |
W |
322,347 |
|
337,010 |
|
554,381 |
|
499,197 |
|
|
|
|
|
|
|
|
|
Finance costs |
|
|
|
|
|
|
|
|
Interest expense |
W |
128,304 |
|
176,026 |
|
273,874 |
|
322,885 |
Foreign currency loss |
|
(31,382) |
|
145,700 |
|
17,979 |
|
289,992 |
Loss on transaction of derivatives |
|
1,238 |
|
- |
|
1,380 |
|
- |
Loss on valuation of derivatives |
|
225,650 |
|
1,375 |
|
281,238 |
|
2,082 |
Loss on valuation of financial assets at fair value through profit or loss |
|
1,195 |
|
- |
|
2,012 |
|
- |
Others |
|
1,507 |
|
2,694 |
|
3,186 |
|
5,643 |
Total |
W |
326,512 |
|
325,795 |
|
579,669 |
|
620,602 |
30
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
22. Earnings (Loss) Per Share
(a) Basic earnings (loss) per share for the three-month and six-month periods ended June 30, 2025 and 2024 are as follows:
(In won and number of shares) |
|
|
|
|
||||
|
|
For the three-month periods ended June 30 |
|
For the six-month periods ended June 30 |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Profit (Loss) for the period |
W |
849,433,006,974 |
|
(533,207,452,957) |
|
484,839,540,363 |
|
(1,409,652,231,123) |
Weighted-average number of common shares outstanding |
|
500,000,000 |
|
500,000,000 |
|
500,000,000 |
|
442,188,801 |
Basic earnings (loss) per share |
W |
1,699 |
|
(1,066) |
|
970 |
|
(3,188) |
Due to paid-in capital increase for the six-month periods ended June 30, 2024, the number of outstanding shares has increased.
(b) Diluted earnings (loss) per share is not different from basic earnings (loss) per share as there are no dilution effects of potential common stocks.
31
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
23. Financial Risk Management
The Company is exposed to credit risk, liquidity risk and market risk. The Company identifies and analyzes such risks, and controls are implemented under a risk management system to monitor and manage these risks at below an acceptable level.
(a) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices, will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.
(i) Currency risk
The Company is exposed to currency risk on sales, purchases and borrowings that are denominated in a currency other than the functional currency of the Company, Korean won (KRW). The currencies in which these transactions primarily are denominated are USD, JPY, etc.
Interest on borrowings is accrued in the currency of the borrowing. Generally, borrowings are denominated in currencies that match the cash flows generated by the underlying operations of the Company, primarily KRW and USD.
The Company adopts policies to ensure that its net exposure is kept to a manageable level by buying or selling foreign currencies at spot rates when necessary to address short-term imbalances. In respect of monetary assets and liabilities denominated in foreign currencies, the Company manages currency risk through continuously managing the position of foreign currencies, measuring the currency risk and, if necessary, using derivatives such as currency forwards, currency swap and others.
32
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
23. Financial Risk Management, Continued
i) Exposure to currency risk
The Company’s exposure to foreign currency risk for major foreign currencies as of June 30, 2025 and December 31, 2024 is as follows:
(In millions) |
|
Net exposure |
||
|
|
June 30, 2025 |
|
December 31, 2024 |
USD |
|
(5,076) |
|
(4,754) |
JPY |
|
(12,784) |
|
(13,282) |
Net exposure is the difference between foreign currency assets and liabilities and it includes derivatives assets and liabilities from cross currency interest rate swap contracts and forward exchange contracts.
Cross currency interest rate swap contracts, USD 630 million (2024: USD 500 million) and CNY 700 million (2024: CNY 726 million) were entered into to manage currency risk with respect to foreign currency denominated borrowings and USD 955 million (2024: USD 980 million) were entered into to manage currency risk and interest rate risk with respect to foreign currency denominated borrowings and bonds.
Forward exchange contracts, there is no balance which were entered into to manage currency risk with respect to advances received in foreign currency. (2024: USD 750 million)
33
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
23. Financial Risk Management, Continued
Average exchange rates applied for the six-month periods ended June 30, 2025 and 2024 and the exchange rates as of June 30, 2025 and December 31, 2024 are as follows:
(In won) |
|
Average rate |
|
Reporting date spot rate |
||||
|
|
2025 |
|
2024 |
|
June 30, 2025 |
|
December 31, 2024 |
USD |
W |
1,427.38 |
|
1,349.50 |
W |
1,356.40 |
|
1,470.00 |
JPY |
|
9.62 |
|
8.88 |
|
9.39 |
|
9.36 |
ii) Sensitivity analysis
A weaker won, as indicated below, against the following currencies which comprise the Company’s assets or liabilities denominated in a foreign currency as of June 30, 2025 and December 31, 2024 would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis is based on foreign currency exchange rate variances that the Company considers to be reasonably possible at the end of the reporting period. The analysis assumes that all other variables, in particular interest rates, would remain constant. The changes in equity and profit or loss would have been as follows:
(In millions of won) |
|
June 30, 2025 |
|
December 31, 2024 |
||||
|
|
Equity |
|
Profit or loss |
|
Equity |
|
Profit or loss |
USD (5 percent weakening) |
W |
(265,451) |
|
(265,451) |
W |
(269,379) |
|
(269,379) |
JPY (5 percent weakening) |
|
(4,627) |
|
(4,627) |
|
(4,794) |
|
(4,794) |
A stronger won against the above currencies as of June 30, 2025 and December 31, 2024 would have had the equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant.
34
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
23. Financial Risk Management, Continued
(ii) Interest rate risk
Interest rate risk arises principally from the Company’s variable interest-bearing bonds and borrowings. The Company establishes and applies its policy to reduce uncertainty arising from fluctuations in interest rates and to minimize finance cost and manages interest rate risk by monitoring of trends of fluctuations in interest rate and establishing plan for countermeasures. Meanwhile, the Company entered into cross currency interest rate swap contracts amounting to USD 955 million (W1,295,362million) and interest rate swap contracts amounting to W2,355,000 million in notional amount to hedge interest rate risk with respect to variable interest bearing borrowings.
i) Profile
The interest rate profile of the Company’s interest-bearing financial instruments as of June 30, 2025 and December 31, 2024 is as follows:
(In millions of won) |
|
June 30, 2025 |
|
December 31, 2024 |
|
|
|
||
Fixed rate instruments |
|
|
|
|
Financial assets |
W |
204,441 |
|
238,477 |
Financial liabilities |
|
(2,756,830) |
|
(4,076,162) |
Total |
W |
(2,552,389) |
|
(3,837,685) |
Variable rate instruments |
|
|
|
|
Financial liabilities |
W |
(6,192,784) |
|
(6,066,044) |
ii) Equity and profit or loss sensitivity analysis for variable rate instruments
As of June 30, 2025 and December 31, 2024, a change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts shown below for the respective following 12 month periods. This analysis assumes that all other variables, in particular foreign currency rates, remain constant.
(In millions of won) |
|
|
|
|
|
|
|
|
|
|
Equity |
|
Profit or loss |
||||
|
|
1%p increase |
|
1%p decrease |
|
1%p increase |
|
1%p decrease |
June 30, 2025 |
|
|
|
|
|
|
|
|
Variable rate instruments |
W |
(47,740) |
|
47,740 |
|
(47,740) |
|
47,740 |
December 31, 2024 |
|
|
|
|
|
|
|
|
Variable rate instruments |
W |
(46,763) |
|
46,763 |
|
(46,763) |
|
46,763 |
35
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
23. Financial Risk Management, Continued
(b) Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s receivables from customers.
The Company’s exposure to credit risk of trade and other receivables is influenced mainly by the individual characteristics of each customer. However, management believes that the default risk of the country in which each customer operates, does not have a significant influence on credit risk since the majority of the customers are global electronic appliance manufacturers operating in global markets.
The Company establishes credit limits for each customer and each new customer is analyzed quantitatively and qualitatively before determining whether to utilize third party guarantees, insurance or factoring as appropriate.
In relation to the impairment of financial assets subsequent to initial recognition, the Company recognizes the changes in expected credit loss (“ECL”) in profit or loss at each reporting date.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
Financial assets carried at amortized cost |
|
|
|
|
Cash equivalents |
W |
204,441 |
|
238,477 |
Deposits in banks |
|
11 |
|
11 |
Trade accounts and notes receivable, net |
|
3,050,389 |
|
4,964,594 |
Non-trade receivables, net |
|
153,261 |
|
206,313 |
Accrued income, net |
|
30,120 |
|
19,286 |
Deposits |
|
10,926 |
|
8,964 |
Loans |
|
20,601 |
|
37,143 |
Subtotal |
W |
3,469,749 |
|
5,474,788 |
Financial assets at fair value through profit or loss |
|
|
|
|
Derivatives |
|
48,601 |
|
256,251 |
Financial assets effective for fair value hedging |
|
|
|
|
Derivatives |
|
- |
|
119,098 |
Total |
W |
3,518,350 |
|
5,850,137 |
36
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
23. Financial Risk Management, Continued
In addition to the financial assets above, as of June 30, 2025, the Company provides payment guarantees to LG Display Vietnam Haiphong, Co., Ltd. in connection with the principal amount of credit facilities amounting to USD 1,000 million (W1,356,400 million) (see note 15).
Trade accounts and notes receivable are insured in order for the Company to manage credit risk if they do not meet the Company’s internal credit ratings. Uninsured trade accounts and notes receivable are managed by continuous monitoring of internal credit rating standards established by the Company and seeking insurance coverage, if necessary. There are no significant concentrations of credit risk, whether through exposure to individual customers, specific industry sectors and/or regions.
(c) Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. The Company’s liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.
The Company has historically been able to satisfy its cash requirements from cash flows from operations and debt and equity financing. In addition, the Company maintains a line of credit with various banks.
37
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
23. Financial Risk Management, Continued
The following are the contractual maturities of financial liabilities, including estimated interest payments, as of June 30, 2025 and December 31, 2024.
(i) As of June 30, 2025
(In millions of won) |
|
|
|
Contractual cash flows in |
||||||||||
|
|
Carrying amount |
|
Total |
|
6 months or less |
|
6-12 months |
|
1-2 years |
|
2-5 years |
|
More than 5 years |
Non-derivative financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
W |
8,434,656 |
|
9,042,961 |
|
1,585,376 |
|
2,743,100 |
|
2,076,241 |
|
2,638,244 |
|
- |
Bonds |
|
514,958 |
|
541,799 |
|
11,041 |
|
190,865 |
|
339,893 |
|
- |
|
- |
Trade accounts and notes payable (*1) |
|
9,644,736 |
|
9,644,736 |
|
9,644,351 |
|
385 |
|
- |
|
- |
|
- |
Other accounts payable (*1) |
|
1,430,583 |
|
1,432,590 |
|
1,375,423 |
|
57,167 |
|
- |
|
- |
|
- |
Long-term other accounts payable |
|
229,354 |
|
263,141 |
|
- |
|
- |
|
63,751 |
|
170,906 |
|
28,484 |
Payment guarantee (*2) |
|
11,507 |
|
1,356,400 |
|
1,356,400 |
|
- |
|
- |
|
- |
|
- |
Security deposits received |
|
165,998 |
|
190,120 |
|
678 |
|
870 |
|
7,007 |
|
181,565 |
|
- |
Lease liabilities |
|
10,997 |
|
11,869 |
|
5,831 |
|
1,283 |
|
1,884 |
|
1,765 |
|
1,106 |
Derivative financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives |
W |
83,510 |
|
34,887 |
|
23,005 |
|
11,180 |
|
1,948 |
|
(1,246) |
|
- |
Cash outflow |
|
- |
|
1,861,480 |
|
556,390 |
|
173,916 |
|
393,644 |
|
737,530 |
|
- |
Cash inflow |
|
- |
|
(1,826,593) |
|
(533,385) |
|
(162,736) |
|
(391,696) |
|
(738,776) |
|
- |
Total |
W |
20,526,299 |
|
22,518,503 |
|
14,002,105 |
|
3,004,850 |
|
2,490,724 |
|
2,991,234 |
|
29,590 |
(*1) As of June 30, 2025, it includes W1,119,283 million of payable to credit card companies for utility expenses and others paid using business credit card for purchases. The Company presented the payable to credit card companies as trade account notes payables and other accounts payable and disclosed related cash flows as operating and investing activities since the Company is using the business credit card for purchases through agreements with suppliers for transactions arising from purchasing of goods and services, the payment term is within a year from the purchase, as part of the normal operating cycle, and no collateral is provided.
(*2) Contractual cash flows of payment guarantee represents the maximum amount to the earliest period that the Company could be required to pay the guarantee amount.
38
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
23. Financial Risk Management, Continued
(ii) As of December 31, 2024
(In millions of won) |
|
|
|
Contractual cash flows in |
||||||||||
|
|
Carrying amount |
|
Total |
|
6 months or less |
|
6-12 months |
|
1-2 years |
|
2-5 years |
|
More than 5 years |
Non-derivative financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
W |
9,004,367 |
|
9,610,754 |
|
4,350,636 |
|
1,135,893 |
|
1,751,037 |
|
2,347,875 |
|
25,313 |
Bonds |
|
1,137,839 |
|
1,185,892 |
|
631,539 |
|
11,638 |
|
416,573 |
|
126,142 |
|
- |
Trade accounts and notes payable (*1) |
|
12,011,544 |
|
12,011,544 |
|
11,740,183 |
|
271,361 |
|
- |
|
- |
|
- |
Other accounts payable (*1) |
|
1,438,724 |
|
1,441,594 |
|
1,112,327 |
|
329,267 |
|
- |
|
- |
|
- |
Long-term other accounts payable |
|
279,774 |
|
323,400 |
|
- |
|
- |
|
69,090 |
|
192,570 |
|
61,740 |
Payment guarantee (*2) |
|
15,770 |
|
1,984,500 |
|
1,984,500 |
|
- |
|
- |
|
- |
|
- |
Security deposits received |
|
160,710 |
|
189,210 |
|
- |
|
808 |
|
6,837 |
|
181,565 |
|
- |
Lease liabilities |
|
6,534 |
|
6,968 |
|
1,944 |
|
1,831 |
|
1,797 |
|
1,233 |
|
163 |
Derivative financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives |
W |
10,768 |
|
11,184 |
|
930 |
|
3,447 |
|
4,495 |
|
2,312 |
|
- |
Cash outflow |
|
- |
|
75,016 |
|
21,402 |
|
20,467 |
|
22,342 |
|
10,805 |
|
- |
Cash inflow |
|
- |
|
(63,832) |
|
(20,472) |
|
(17,020) |
|
(17,847) |
|
(8,493) |
|
- |
Total |
W |
24,066,030 |
|
26,765,046 |
|
19,822,059 |
|
1,754,245 |
|
2,249,829 |
|
2,851,697 |
|
87,216 |
(*1) As of December 31, 2024, it includes W1,187,450 million of payable to credit card companies for utility expenses and others paid using business credit card for purchases. The Company presented the payable to credit card companies as trade account notes payables and other accounts payable and disclosed related cash flows as operating and investing activities since the Company is using the business credit card for purchases through agreements with suppliers for transactions arising from purchasing of goods and services, the payment term is within a year from the purchase, as part of the normal operating cycle, and no collateral is provided.
(*2) Contractual cash flows of payment guarantee represents the maximum amount to the earliest period that the Company could be required to pay the guarantee amount.
It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts.
39
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
23. Financial Risk Management, Continued
(d) Capital management
Management’s policy is to maintain a capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Liabilities to equity ratio, net borrowings to equity ratio and other financial ratios are used by management to achieve an optimal capital structure. Management also monitors the return on capital as well as the level of dividends to ordinary shareholders. The Company is also responsible for complying with certain financial ratios as part of capital maintenance conditions imposed externally. To fulfill this responsibility, the Company regularly monitors these financial ratios and takes proactive measures when necessary.
(In millions of won) |
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
Total liabilities |
W |
21,356,359 |
|
26,003,253 |
Total equity |
|
4,281,313 |
|
3,795,798 |
Cash and deposits in banks (*1) |
|
204,441 |
|
238,477 |
Borrowings (including bonds) |
|
8,949,614 |
|
10,142,206 |
Total liabilities to equity ratio |
|
499% |
|
685% |
Net borrowings to equity ratio (*2) |
|
204% |
|
261% |
(*1) Cash and deposits in banks consist of cash and cash equivalents and current deposits in banks.
(*2) Net borrowings to equity ratio is calculated by dividing total borrowings (including bonds and excluding lease liabilities and others) less cash and current deposits in banks by total equity.
(i) Measurement of fair value
A number of the Company’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.
40
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
23. Financial Risk Management, Continued
(ii) Fair values versus carrying amounts
The fair values of financial assets and liabilities, together with the carrying amounts as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
June 30, 2025 |
|
December 31, 2024 |
||||
|
|
Carrying amounts |
|
Fair values |
|
Carrying amounts |
|
Fair values |
Financial assets carried at amortized cost |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
W |
204,441 |
|
(*1) |
|
238,477 |
|
(*1) |
Deposits in banks |
|
11 |
|
(*1) |
|
11 |
|
(*1) |
Trade accounts and notes receivable, net |
|
3,050,389 |
|
(*1) |
|
4,964,594 |
|
(*1) |
Non-trade receivables |
|
153,261 |
|
(*1) |
|
206,313 |
|
(*1) |
Accrued income |
|
30,120 |
|
(*1) |
|
19,286 |
|
(*1) |
Deposits |
|
10,926 |
|
(*1) |
|
8,964 |
|
(*1) |
Loans |
|
20,601 |
|
(*1) |
|
37,143 |
|
(*1) |
Financial assets at fair value through profit or loss |
|
|
|
|
|
|
|
|
Equity instruments |
W |
21,802 |
|
21,802 |
|
22,138 |
|
22,138 |
Derivatives |
|
48,601 |
|
48,601 |
|
256,251 |
|
256,251 |
Financial assets effective for fair value hedging |
|
|
|
|
|
|
|
|
Derivatives |
W |
- |
|
- |
|
119,098 |
|
119,098 |
Financial liabilities carried at amortized cost |
|
|
|
|
|
|
|
|
Borrowings |
W |
8,434,656 |
|
8,485,372 |
|
9,004,367 |
|
9,074,818 |
Bonds |
|
514,958 |
|
517,335 |
|
1,137,839 |
|
1,142,725 |
Trade accounts and notes payable |
|
9,644,736 |
|
(*1) |
|
12,011,544 |
|
(*1) |
Other accounts payable |
|
1,659,937 |
|
(*1) |
|
1,718,498 |
|
(*1) |
Payment guarantee liabilities |
|
11,507 |
|
(*1) |
|
15,770 |
|
(*1) |
Security deposits received |
|
165,998 |
|
(*1) |
|
160,710 |
|
(*1) |
Financial liabilities at fair value through profit or loss |
|
|
|
|
|
|
|
|
Derivatives |
W |
83,510 |
|
83,510 |
|
10,768 |
|
10,768 |
Other financial liabilities |
|
|
|
|
|
|
|
|
Lease liabilities |
W |
10,997 |
|
(*2) |
|
6,534 |
|
(*2) |
(*1) Excluded from disclosures as the carrying amount approximates fair value.
(*2) Excluded from the fair value disclosures in accordance with Korean IFRS 1107 'Financial Instruments: Disclosures'.
41
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
23. Financial Risk Management, Continued
(iii) Fair values of financial assets and liabilities
i) Fair value hierarchy
Financial instruments carried at fair value are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques. The different levels have been defined as follows:
The Company measures fair value for financial reporting purposes, including fair value measurements, which are classified as "Level 3". The Company consults on the fair value assessment process and its results in accordance with the financial reporting schedule, and recognizes changes in the "level" at the end of the reporting period when there is a change in events or circumstances that cause a shift between fair value levels.
42
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
23. Financial Risk Management, Continued
ii) Valuation techniques and inputs for Assets and Liabilities measured by the fair value hierarchy
Fair value hierarchy classifications of the financial instruments that are measured at fair value as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
June 30, 2025 |
|
Total |
|||||
Classification |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|||
|
Financial assets at fair value through profit or loss |
|
|
|
|
|
|||
|
Equity instruments |
W |
18,622 |
|
- |
|
3,180 |
|
21,802 |
|
Derivatives |
|
- |
|
48,601 |
|
- |
|
48,601 |
|
Financial liabilities at fair value through profit or loss |
|
|
|
|
|
|||
|
Derivatives |
W |
- |
|
83,510 |
|
- |
|
83,510 |
(In millions of won) |
|
December 31, 2024 |
|
Total |
|||||
Classification |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|||
|
Financial assets at fair value through profit or loss |
|
|
||||||
|
Equity instruments |
W |
18,958 |
|
- |
|
3,180 |
|
22,138 |
|
Derivatives |
|
- |
|
256,251 |
|
- |
|
256,251 |
|
Financial assets effective for fair value hedging |
|
|
|
|
|
|
|
|
|
Derivatives |
W |
- |
|
119,098 |
|
- |
|
119,098 |
|
Financial liabilities at fair value through profit or loss |
|
|
|
|
|
|
|
|
|
Derivatives |
W |
- |
|
10,768 |
|
- |
|
10,768 |
43
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
23. Financial Risk Management, Continued
The valuation techniques and inputs for assets and liabilities measured at fair value those are classified as Level 2 and Level 3 within the fair value hierarchy as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
June 30, 2025 |
|
December 31, 2024 |
|
Valuation technique |
|
Input |
|||||
Classification |
|
Level 2 |
|
Level 3 |
|
Level 2 |
|
Level 3 |
|||||
|
Financial assets at fair value through profit or loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity instruments |
W |
- |
|
3,180 |
|
- |
|
3,180 |
|
Net asset value method and Comparable company analysis |
|
Price to book value ratio |
|
Derivatives |
|
48,601 |
|
- |
|
256,251 |
|
- |
|
Discounted cash flow |
|
Discount rate and Exchange rate |
|
Financial assets effective for fair value hedging |
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives |
W |
- |
|
- |
|
119,098 |
|
- |
|
Discounted cash flow |
|
Discount rate and Exchange rate |
|
Financial liabilities at fair value through profit or loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives |
W |
83,510 |
|
- |
|
10,768 |
|
- |
|
Discounted cash flow |
|
Discount rate and Exchange rate |
44
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
23. Financial Risk Management, Continued
iii) Financial instruments not measured at fair value but for which the fair value is disclosed
Fair value hierarchy classifications, valuation technique and inputs for fair value measurements of the financial instruments not measured at fair value but for which the fair value is disclosed as of June 30, 2025 and December 31, 2024 are as follows:
(In millions of won) |
|
June 30, 2025 |
|
Valuation technique |
|
Input |
|||||
Classification |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
W |
- |
|
- |
|
8,485,372 |
|
Discounted cash flow |
|
Discount rate |
|
Bonds |
|
- |
|
- |
|
517,335 |
|
Discounted cash flow |
|
Discount rate |
(In millions of won) |
|
December 31, 2024 |
|
Valuation technique |
|
Input |
|||||
Classification |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
W |
- |
|
- |
|
9,074,818 |
|
Discounted cash flow |
|
Discount rate |
|
Bonds |
|
- |
|
- |
|
1,142,725 |
|
Discounted cash flow |
|
Discount rate |
iv) The interest rates applied for determination of the above fair value as of June 30, 2025 and December 31, 2024 are as follows:
|
|
June 30, 2025 |
|
December 31, 2024 |
Borrowings, bonds and others |
|
2.87%~3.50% |
|
3.70%~3.96% |
v) There is no transfer between Level 1, Level 2 and Level 3 for the six-month periods ended June 30, 2025 and 2024, and the changes in financial assets classified as Level 3 of fair value measurements for the six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
|||||
Classification |
|
January 1, 2025 |
|
Valuation |
|
June 30, 2025 |
Equity instruments |
W |
3,180 |
|
- |
|
3,180 |
(In millions of won) |
|
|||||
Classification |
|
January 1, 2024 |
|
Valuation |
|
June 30, 2024 |
Equity instruments |
W |
3,967 |
|
- |
|
3,967 |
Convertible securities |
|
1,838 |
|
- |
|
1,838 |
45
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
24. Cash flow information
(a) Details of cash flows generated from operations for the six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
2025 |
|
2024 |
Profit (loss) for the period |
W |
484,840 |
|
(1,409,652) |
Adjustments for: |
W |
|
|
|
Income tax expense (benefit) |
|
148,596 |
|
(269,891) |
Depreciation and amortization (Note 18) |
|
1,365,669 |
|
1,614,758 |
Gain on foreign currency translation |
|
(444,570) |
|
(177,088) |
Loss on foreign currency translation |
|
146,045 |
|
375,966 |
Post-employment benefit (Note 13) |
|
69,611 |
|
66,803 |
Gain on disposal of property, plant and equipment |
|
(5,333) |
|
(43,978) |
Loss on disposal of property, plant and equipment |
|
21,868 |
|
40,262 |
Impairment loss on property, plant and equipment |
|
647 |
|
71,227 |
Reversal of impairment loss on property, plant and equipment |
|
(2,418) |
|
(3,697) |
Gain on disposal of intangible assets |
|
(1,592) |
|
(25) |
Loss on disposal of intangible assets |
|
- |
|
350 |
Impairment loss on intangible assets |
|
1,505 |
|
49,996 |
Reversal of impairment loss on intangible assets |
|
- |
|
(14) |
Expense on increase of provisions |
|
19,831 |
|
24,304 |
Finance income |
|
(616,001) |
|
(493,613) |
Finance costs |
|
559,378 |
|
611,323 |
Gain on disposal of assets held for sale |
|
(971,905) |
|
- |
Others |
|
(32,838) |
|
(6,373) |
Changes in: |
W |
|
|
|
Trade accounts and notes receivable |
|
791,343 |
|
(1,158,380) |
Other accounts receivable |
|
82,132 |
|
(65,922) |
Inventories |
|
(200,843) |
|
(353,305) |
Other current assets |
|
(20,151) |
|
(20,245) |
Other non-current assets |
|
(7,597) |
|
(4,560) |
Proceeds from settlement of derivatives |
|
79,881 |
|
10,733 |
Trade accounts and notes payable |
|
(1,845,970) |
|
(310,806) |
Other accounts payable |
|
182,820 |
|
(183,526) |
Accrued expenses |
|
(37,532) |
|
1,434 |
Provisions |
|
(45,154) |
|
(51,226) |
Advances received |
|
(91,627) |
|
(8,164) |
Other current liabilities |
|
1,259 |
|
(23,276) |
Defined benefit liabilities, net |
|
14,285 |
|
(7,459) |
Other non-current liabilities |
|
38,863 |
|
1,880 |
Cash used in operations |
W |
(314,958) |
|
(1,722,164) |
46
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
24. Cash flow information, Continued
(b) Changes in liabilities arising from financing activities for the six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Non-cash transactions |
|
|
|||||||
|
|
January 1, 2025 |
|
Cash flows from financing activities |
|
Gain or loss on foreign currency translation |
|
Interest expense |
|
Others |
|
June 30, 2025 |
|||
Short-term borrowings |
W |
2,454,295 |
|
372,354 |
|
(191,123) |
|
- |
|
- |
|
2,635,526 |
|||
Payment guarantee liabilities |
|
15,770 |
|
3,512 |
|
- |
|
- |
|
(7,775) |
|
11,507 |
|||
Long-term borrowings |
|
6,550,072 |
|
(630,435) |
|
(122,636) |
|
2,129 |
|
- |
|
5,799,130 |
|||
Bonds |
|
1,137,839 |
|
(612,000) |
|
(11,338) |
|
457 |
|
- |
|
514,958 |
|||
Lease liabilities |
|
6,534 |
|
(5,699) |
|
- |
|
- |
|
10,162 |
|
10,997 |
|||
Total |
W |
10,164,510 |
|
(872,268) |
|
(325,097) |
|
2,586 |
|
2,387 |
|
8,972,118 |
|||
(In millions of won) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash transactions |
|
|
||||
|
|
January 1, 2024 |
|
Cash flows from financing activities |
|
Gain or loss on foreign currency translation |
|
Interest expense |
|
Others |
|
June 30, 2024 |
Short-term borrowings |
W |
1,428,213 |
|
1,391,254 |
|
108,285 |
|
- |
|
- |
|
2,927,752 |
Payment guarantee liabilities |
|
20,613 |
|
3,739 |
|
- |
|
- |
|
(5,904) |
|
18,448 |
Long-term borrowings |
|
6,785,749 |
|
(198,881) |
|
167,860 |
|
2,161 |
|
- |
|
6,756,889 |
Bonds |
|
1,488,143 |
|
(80,000) |
|
9,938 |
|
861 |
|
- |
|
1,418,942 |
Lease liabilities |
|
14,400 |
|
(7,012) |
|
- |
|
- |
|
6,512 |
|
13,900 |
Total |
W |
9,737,118 |
|
1,109,100 |
|
286,083 |
|
3,022 |
|
608 |
|
11,135,931 |
47
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
25. Related Parties and Others
(a) Related parties
Details of related parties as of June 30, 2025 are as follows:
Classification |
|
Description |
Subsidiaries (*) |
|
LG Display America, Inc. and others |
Associates (*) |
|
Paju Electric Glass Co., Ltd. and others |
Entity that has significant influence over the Company |
|
LG Electronics Inc. |
Subsidiaries of the entity that has significant influence over the Company |
|
Subsidiaries of LG Electronics Inc. |
(*) Details of subsidiaries and associates are described in Note 8.
48
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
25. Related Parties and Others, Continued
(b) Details of major transactions with related parties for the six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
2025 |
||||||
|
|
|
|
|
|
Purchase and others |
||
|
|
Sales and others |
|
Dividend |
|
Purchase of raw material and others |
|
Others (*1) |
Subsidiaries |
|
|
|
|
|
|
|
|
LG Display America, Inc. |
W |
6,326,371 |
|
- |
|
- |
|
2,495 |
LG Display Japan Co., Ltd. |
|
412,074 |
|
- |
|
- |
|
4 |
LG Display Germany GmbH |
|
608,424 |
|
- |
|
- |
|
14,323 |
LG Display Taiwan Co., Ltd. |
|
1,144,005 |
|
- |
|
- |
|
1,222 |
LG Display Nanjing Co., Ltd. |
|
47,925 |
|
- |
|
661,369 |
|
3,974 |
LG Display Shanghai Co., Ltd. |
|
237,989 |
|
- |
|
- |
|
232 |
LG Display Guangzhou Co., Ltd.(*2) |
|
3,578 |
|
93,389 |
|
47,666 |
|
58,480 |
LG Display Shenzhen Co., Ltd. |
|
136,412 |
|
- |
|
- |
|
- |
LG Display Yantai Co., Ltd. |
|
10 |
|
- |
|
113,979 |
|
3,270 |
LG Display (China) Co., Ltd. (*2) |
|
968 |
|
- |
|
357,672 |
|
56 |
LG Display Singapore Pte. Ltd. |
|
774,714 |
|
- |
|
- |
|
24,615 |
L&T Display Technology (Fujian) Limited |
|
78,404 |
|
- |
|
- |
|
57 |
Nanumnuri Co., Ltd. |
|
153 |
|
- |
|
- |
|
12,429 |
LG Display Guangzhou Trading Co., Ltd. |
|
181,045 |
|
- |
|
- |
|
- |
LG Display Vietnam Haiphong Co., Ltd. |
|
36,326 |
|
- |
|
1,463,367 |
|
30,059 |
Suzhou Lehui Display Co., Ltd. |
|
40,209 |
|
- |
|
1,930 |
|
- |
LG Display High-Tech (China) Co., Ltd. |
|
3,749 |
|
- |
|
1,303,081 |
|
7,159 |
49
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
25. Related Parties and Others, Continued
(In millions of won) |
|
2025 |
||||||
|
|
|
|
|
|
Purchase and others |
||
|
|
Sales and others |
|
Dividend income |
|
Purchase of raw material and others |
|
Others (*1) |
Associates |
|
|
|
|
|
|
|
|
Paju Electric Glass Co., Ltd. |
|
- |
|
1,664 |
|
129,044 |
|
6,560 |
Material Science Co., Ltd. |
|
- |
|
- |
|
203 |
|
- |
Entity that has significant influence over the Company |
|
|
|
|
|
|
|
|
LG Electronics Inc. |
W |
134,103 |
|
- |
|
5,009 |
|
95,392 |
50
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
25. Related Parties and Others, Continued
(In millions of won) |
|
2025 |
||||||
|
|
|
|
|
|
Purchase and others |
||
|
|
Sales and others |
|
Dividend income |
|
Purchase of raw material and others |
|
Others (*1) |
Subsidiaries of the entity that has significant influence over the Company |
|
|
|
|
|
|
|
|
LG Electronics India Pvt. Ltd. |
W |
16,900 |
|
- |
|
- |
|
39 |
LG Electronics Vietnam Haiphong Co., Ltd. |
|
102,683 |
|
- |
|
- |
|
935 |
LG Electronics Reynosa S.A. DE C.V. |
|
10,526 |
|
- |
|
- |
|
700 |
LG Electronics do Brasil Ltda. |
|
4,403 |
|
- |
|
- |
|
55 |
LG Electronics Egypt S.A.E |
|
6,319 |
|
- |
|
- |
|
6 |
LG Innotek Co., Ltd. |
|
4,011 |
|
- |
|
1 |
|
36,789 |
P.T. LG Electronics Indonesia |
|
11,499 |
|
- |
|
- |
|
418 |
Others |
|
6 |
|
- |
|
- |
|
10,134 |
Total |
W |
10,322,806 |
|
95,053 |
|
4,083,321 |
|
309,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) Others include the amount of the acquisition of property, plant, and equipment, and the purchase amount of LG Display High-Tech (China) Co., Ltd. Shares held by LG Display Guangzhou Co., Ltd.
(*2) As of April 1, 2025, the sale of 100% of LG Display Guangzhou Co., Ltd. and 51% of LG Display (China) Co., Ltd. was completed.
51
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
25. Related Parties and Others, Continued
(In millions of won) |
|
2024 |
||||||
|
|
|
|
|
|
Purchase and others |
||
|
|
Sales and others |
|
Dividend |
|
Purchase of raw material and others |
|
Others (*) |
Subsidiaries |
|
|
|
|
|
|
|
|
LG Display America, Inc. |
W |
6,467,124 |
|
- |
|
- |
|
18 |
LG Display Japan Co., Ltd. |
|
468,831 |
|
- |
|
- |
|
175 |
LG Display Germany GmbH |
|
662,116 |
|
- |
|
- |
|
14,133 |
LG Display Taiwan Co., Ltd. |
|
1,244,226 |
|
- |
|
- |
|
989 |
LG Display Nanjing Co., Ltd. |
|
48,523 |
|
- |
|
824,665 |
|
6,544 |
LG Display Shanghai Co., Ltd. |
|
275,466 |
|
- |
|
- |
|
7 |
LG Display Guangzhou Co., Ltd. |
|
13,575 |
|
- |
|
716,543 |
|
7,160 |
LG Display Shenzhen Co., Ltd. |
|
330,283 |
|
- |
|
- |
|
- |
LG Display Yantai Co., Ltd. |
|
- |
|
- |
|
115,149 |
|
809 |
LG Display (China) Co., Ltd. |
|
1,074 |
|
219,667 |
|
658,301 |
|
1,693 |
LG Display Singapore Pte. Ltd. |
|
706,674 |
|
- |
|
- |
|
27,285 |
L&T Display Technology (Fujian) Limited |
|
61,140 |
|
- |
|
- |
|
32 |
Nanumnuri Co., Ltd. |
|
136 |
|
470 |
|
- |
|
11,986 |
LG Display Guangzhou Trading Co., Ltd. |
|
200,911 |
|
- |
|
- |
|
- |
LG Display Vietnam Haiphong Co., Ltd. |
|
94,038 |
|
- |
|
1,530,875 |
|
17,602 |
Suzhou Lehui Display Co., Ltd. |
|
54,419 |
|
- |
|
1,829 |
|
- |
LG Display High-Tech (China) Co., Ltd. |
|
407 |
|
- |
|
1,147,779 |
|
1,128 |
52
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
25. Related Parties and Others, Continued
(In millions of won) |
|
2024 |
||||||
|
|
|
|
|
|
Purchase and others |
||
|
|
Sales and others |
|
Dividend income |
|
Purchase of raw material and others |
|
Others (*) |
Associates |
W |
|
|
|
|
|
|
|
WooRee E&L Co., Ltd. |
|
- |
|
- |
|
297 |
|
15 |
AVATEC Co., Ltd. |
|
- |
|
200 |
|
45,294 |
|
2,743 |
Paju Electric Glass Co., Ltd. |
|
- |
|
- |
|
116,875 |
|
4,043 |
YAS Co., Ltd. |
|
- |
|
- |
|
4,217 |
|
4,438 |
Material Science Co., Ltd. |
|
- |
|
- |
|
- |
|
888 |
Entity that has significant influence over the Company |
|
|
|
|
|
|
|
|
LG Electronics Inc. |
W |
182,594 |
|
- |
|
6,154 |
|
108,090 |
|
|
|
|
|
|
|
|
|
53
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
25. Related Parties and Others, Continued
(In millions of won) |
|
2024 |
||||||
|
|
|
|
|
|
Purchase and others |
||
|
|
Sales and others |
|
Dividend income |
|
Purchase of raw material and others |
|
Others (*) |
Subsidiaries of the entity that has significant influence over the Company |
|
|
|
|
|
|
|
|
LG Electronics India Pvt. Ltd. |
W |
24,190 |
|
- |
|
- |
|
179 |
LG Electronics Vietnam Haiphong Co., Ltd. |
|
89,714 |
|
- |
|
- |
|
4,231 |
LG Electronics Reynosa S.A. DE C.V. |
|
11,758 |
|
- |
|
- |
|
394 |
LG Electronics do Brasil Ltda. |
|
8,025 |
|
- |
|
- |
|
210 |
LG Electronics RUS, LLC |
|
- |
|
- |
|
- |
|
4,005 |
LG Electronics Egypt S.A.E |
|
9,565 |
|
- |
|
- |
|
15 |
LG Innotek Co., Ltd. |
|
5,016 |
|
- |
|
1 |
|
41,122 |
P.T. LG Electronics Indonesia |
|
13,033 |
|
- |
|
- |
|
588 |
Others |
|
5 |
|
- |
|
- |
|
8,141 |
Total |
W |
10,972,843 |
|
220,337 |
|
5,167,979 |
|
268,663 |
(*) Others include the amount of the acquisition of property, plant, and equipment.
54
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
25. Related Parties and Others, Continued
(c) Details of balances of receivables and payables from transactions with related parties as of June 30, 2025 and December 31, 2024 are as follows :
(In millions of won) |
|
|
|
|
||||
|
|
Trade accounts and notes receivable and others |
|
Trade accounts and notes payable and others |
||||
|
|
June 30, 2025 |
|
December 31, 2024 |
|
June 30, 2025 |
|
December 31, 2024 |
Subsidiaries |
|
|
|
|
|
|
|
|
LG Display America, Inc. |
W |
738,040 |
|
2,360,124 |
|
255 |
|
473 |
LG Display Japan Co., Ltd. |
|
212,840 |
|
195,597 |
|
17 |
|
1 |
LG Display Germany GmbH |
|
361,782 |
|
521,945 |
|
23,899 |
|
12,631 |
LG Display Taiwan Co., Ltd. |
|
616,174 |
|
778,589 |
|
165 |
|
181 |
LG Display Nanjing Co., Ltd. |
|
173 |
|
265 |
|
2,853,545 |
|
2,572,165 |
LG Display Shanghai Co., Ltd. |
|
92,886 |
|
122,650 |
|
72 |
|
29 |
LG Display Guangzhou Co., Ltd. |
|
- |
|
75 |
|
- |
|
991,122 |
LG Display Guangzhou Trading Co., Ltd. |
|
112,152 |
|
292,729 |
|
- |
|
- |
LG Display Shenzhen Co., Ltd. |
|
14,784 |
|
88,304 |
|
- |
|
- |
LG Display Yantai Co., Ltd. |
|
- |
|
1 |
|
122,284 |
|
172,693 |
LG Display (China) Co., Ltd. |
|
- |
|
2,251 |
|
- |
|
992,630 |
LG Display Singapore Pte. Ltd. (*1) |
|
363,858 |
|
283,171 |
|
1,627,988 |
|
2,161,167 |
L&T Display Technology (Fujian) Limited |
|
23,008 |
|
29,366 |
|
112,655 |
|
137,881 |
Nanumnuri Co., Ltd. |
|
- |
|
- |
|
2,484 |
|
1,795 |
LG Display Vietnam Haiphong Co., Ltd. |
|
13,619 |
|
19,057 |
|
1,365,149 |
|
1,686,540 |
Suzhou Lehui Display Co., Ltd. |
|
7,225 |
|
6,311 |
|
1,785 |
|
32 |
LG Display High-Tech (China) Co., Ltd. |
|
46,325 |
|
19,214 |
|
2,676,730 |
|
2,689,403 |
|
|
|
|
|
|
|
|
|
55
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
25. Related Parties and Others, Continued
(In millions of won) |
|
|
||||||
|
|
Trade accounts and notes receivable and others |
|
Trade accounts and notes payable and others |
||||
|
|
June 30, 2025 |
|
December 31, 2024 |
|
June 30, 2025 |
|
December 31, 2024 |
Associates |
|
|
|
|
|
|
|
|
Paju Electric Glass Co., Ltd. |
|
- |
|
- |
|
66,299 |
|
64,140 |
Material Science Co., Ltd. |
|
- |
|
- |
|
39 |
|
261 |
|
|
|
|
|
|
|
|
|
Entity that has significant influence over the Company |
|
|
|
|
|
|
|
|
LG Electronics Inc. (*2) |
W |
75,736 |
|
177,926 |
|
50,530 |
|
1,042,000 |
56
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
25. Related Parties and Others, Continued
(In millions of won) |
|
|
||||||
|
|
Trade accounts and notes receivable and others |
|
Trade accounts and notes payable and others |
||||
|
|
June 30, 2025 |
|
December 31, 2024 |
|
June 30, 2025 |
|
December 31, 2024 |
Subsidiaries of the entity that has significant influence over the Company |
|
|
|
|
|
|
|
|
LG Electronics India Pvt. Ltd. |
W |
6,016 |
|
3,317 |
|
- |
|
- |
LG Electronics Vietnam Haiphong Co., Ltd. |
|
19,374 |
|
32,967 |
|
110 |
|
919 |
LG Electronics Reynosa S.A. DE C.V. |
|
7,421 |
|
820 |
|
- |
|
- |
LG Electronics do Brasil Ltda. |
|
1,122 |
|
2,689 |
|
1 |
|
- |
LG Electronics Egypt S.A.E |
|
2,340 |
|
3,877 |
|
2 |
|
7 |
LG Innotek Co., Ltd. (*3) |
|
1,364 |
|
1,734 |
|
209,155 |
|
201,297 |
P.T. LG Electronics Indonesia |
|
436 |
|
4,335 |
|
50 |
|
53 |
Others |
|
1 |
|
4 |
|
3,241 |
|
5,806 |
Total |
W |
2,716,676 |
|
4,947,318 |
|
9,116,455 |
|
12,733,226 |
(*1) Trades accounts and notes payable and others for LG Display Singapore Pte. Ltd. as of June 30, 2025 includes borrowings of USD 1,200 million (W1,627,680 million), and as of December 31, 2024 includes borrowings of USD 1,470 million (W2,160,900 million).
(*2) Trades accounts and notes payable and others for LG Electronics Inc. as of December 31, 2024 includes borrowings of W1,000,000 million(see Note 12.(c))
(*3) Trade accounts and note payable and others for LG Innotek Co., Ltd. as of June 30, 2025 and December 31, 2024 includes deposits received amount W180,000 million from lease agreement.
57
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
25. Related Parties and Others, Continued
(d) Details of significant financial transactions with related parties and others for the six-month periods ended June 30, 2025 and 2024 are as follows:
|
|
|
2025 |
||
(In millions of won)
|
Company Name |
|
Borrowings |
|
Repayment |
Subsidiary |
LG Display Singapore Pte. Ltd. (*) |
W |
1,719,552 |
|
2,117,523 |
Entity that has significant influence over the Company |
LG Electronics Inc. |
W |
- |
|
1,000,000 |
(*) As of June 30, 2025, the borrowing agreement with LG Display Singapore Pte. Ltd. is valid with a limit of USD 1,200 million (W1,627,680 million), of which USD 1,200 million (W1,627,680 million) has been executed and is included in short-term borrowings.
For the six-month period ended June 30, 2025, the Company contributed W1,450 million in cash for the capital increase of LG DISPLAY FUND I LLC and decreased by W100,500 million as a result of acquisition and disposal of Money Market Trust in addition to the above transactions.
|
|
|
2024 |
||||
(In millions of won)
|
Company Name |
|
Borrowings |
|
Capital increase |
|
Collection of loans |
Subsidiary |
LG Display Singapore Pte. Ltd. |
W |
1,989,054 |
|
- |
|
- |
Associates |
WooRee E&L Co., Ltd. |
|
- |
|
- |
|
219 |
Entity that has significant influence over the Company |
LG Electronics Inc. |
|
- |
|
436,031 |
|
- |
For the six-month period ended June 30, 2024, the Company contributed W5,140 million in cash for the capital increase of LG DISPLAY FUND I LLC and decreased by W81,200 million as a result of acquisition and disposal of Money Market Trust in addition to the above transactions.
58
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
25. Related Parties and Others, Continued
(e) Large Enterprise Group Transactions
According to the 'Related Party Disclosures' under the Korean IFRS 1024, although not included in the scope of related parties, the major transaction details with the Large Enterprise Group subsidiaries and their affiliates, as well as the amounts of receivables and payables for the six-month periods ended June 30, 2025 and 2024 and as of June 30, 2025 and December 31, 2024, in accordance with the Monopoly Regulation and Fair Trade Act, are as follows:
(In millions of won) |
|
For the six-month period ended June 30, 2025 |
|
June 30, 2025 |
||||
|
|
Sales and others |
|
Purchase and others |
|
Trade accounts and notes receivable and others |
|
Trade accounts and notes payable and others |
LG Uplus Corp. |
W |
- |
|
1,184 |
|
- |
|
163 |
LG Chem Ltd. and its subsidiaries |
|
203 |
|
135,468 |
|
134 |
|
110,172 |
D&O Corp. and its subsidiaries |
|
129 |
|
4,081 |
|
- |
|
1,439 |
LG Corp. (*) |
|
- |
|
27,077 |
|
8,994 |
|
- |
LG Management Development Institute |
|
- |
|
22,578 |
|
3 |
|
575 |
LG CNS Co., Ltd. and its subsidiaries |
|
- |
|
75,909 |
|
3 |
|
32,282 |
HSAD Inc. and its subsidiaries |
|
- |
|
621 |
|
- |
|
74 |
Robostar Co., Ltd. |
|
- |
|
18 |
|
- |
|
18 |
Total |
W |
332 |
|
266,936 |
|
9,134 |
|
144,723 |
(*) According to the lease agreement signed with LG Corp., the recognized lease liabilities as of June 30, 2025 are W3,404 million, and the lease liabilities are not included in the amount of 'Trade accounts and notes payable and others' above. The amount of lease repayment for the six-month period ended June 30, 2025 is W3,453 million.
59
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
25. Related Parties and Others, Continued
(In millions of won) |
|
For the six-month period ended June 30, 2024 |
|
December 31, 2024 |
||||
|
|
Sales and others |
|
Purchase and others |
|
Trade accounts and notes receivable and others |
|
Trade accounts and notes payable and others |
LG Uplus Corp. |
W |
105,300 |
|
1,579 |
|
- |
|
164 |
LG Chem Ltd. and its subsidiaries |
|
233 |
|
222,280 |
|
160 |
|
183,430 |
D&O Corp. and its subsidiaries (*1) |
|
141 |
|
34,163 |
|
- |
|
4,343 |
LG Corp. (*2) |
|
- |
|
28,992 |
|
7,551 |
|
10,731 |
LG Management Development Institute |
|
- |
|
13,288 |
|
3 |
|
340 |
LG CNS Co., Ltd. and its subsidiaries |
|
- |
|
67,320 |
|
- |
|
64,692 |
HSAD Inc. and its subsidiaries |
|
- |
|
4,314 |
|
- |
|
542 |
Robostar Co., Ltd. |
|
- |
|
41 |
|
- |
|
369 |
Total |
W |
105,674 |
|
371,977 |
|
7,714 |
|
264,611 |
(*1) Among the D&O Corp. and its subsidiaries, S&I Corporation Co., Ltd. and Xi C&A Co., Ltd. were excluded from the large corporate group as of March 19, 2024.
(*2) According to the lease agreement signed with LG Corp., no recognized lease liabilities as of June 30, 2024.The lease repayment for the six-month period ended June 30, 2024 amounts to W4,395 million.
60
LG DISPLAY CO., LTD.
Notes to the Condensed Separate Interim Financial Statements
June 30, 2025 and 2024 (unaudited), and December 31, 2024
25. Related Parties and Others, Continued
(f) Key management personnel compensation
Details of compensation costs of key management for the six-month periods ended June 30, 2025 and 2024 are as follows:
(In millions of won) |
|
|
|
|
|
|
2025 |
|
2024 |
Short-term benefits |
W |
1,216 |
|
1,197 |
Post-employment benefit |
|
393 |
|
483 |
Total |
W |
1,609 |
|
1,680 |
Key management refers to the registered directors who have significant control and responsibilities over the Company’s operations and business.
(g) At the end of the reporting period, the Company did not set an allowance for doubtful accounts on the balance of receivables for related parties.
26. Assets Held for Sale
For the year ended December 31, 2024, management of the Company decided to sell 51% of its stake in LG Display (China) Co., Ltd. and 100% of its stake in LG Display Guangzhou Co., Ltd. to TCL CSOT. The contract was signed on September 26, 2024, and the transaction was completed on April 1, 2025.
61
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
LG Display Co., Ltd.
(Registrant)
Date: August 14, 2025 By: /s/ Kyu Dong Kim
(Signature)
Name: Kyu Dong Kim
Title: Vice President / Finance & Risk Management Division
FAQ
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Did LG Display report an operating profit in 2025 H1?
How did derivative contracts affect LG Display's results in 2025 H1?
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