LG Display : 2023 Semi Annual Report

6-K 1 d486043d6k.htm FORM 6-K

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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 2023

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☒

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 ☒

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SEMI-ANNUAL REPORT

(From January 1, 2023 to June 30, 2023)

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	4
	A.	Name and contact information	4
	B.	Credit rating	4
	C.	Capitalization	5
	D.	Voting rights	6
	E.	Dividends	6
	F.	Matters relating to Articles of Incorporation	7
2.	Business	7
	A.	Business overview	7
	B.	Industry	8
	C.	New businesses	11
	D.	Customer-oriented marketing activities	11
3.	Major Products and Raw Materials	11
	A.	Major products	11
	B.	Average selling price trend of major products	11
	C.	Major raw materials	12
4.	Production and Equipment	13
	A.	Production capacity and output	13
	B.	Production performance and utilization ratio	13
	C.	Investment plan	13
5.	Sales		14
	A.	Sales performance	14
	B.	Sales organization and sales route	14
	C.	Sales methods and sales terms	15
	D.	Sales strategy	15
	E.	Major customers	15
			2

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6.	Purchase Orders	15
7.	Risk Management and Derivative Contracts	15
	A.	Risk management	15
	B.	Derivative contracts	16
8.	Major Contracts	17
9.	Research & Development	18
	A.	Summary of R&D-related expenditures	18
	B.	R&D achievements	18
10.	Intellectual Property	19
11.	Environmental and Safety Matters	19
	A.	Business environment management	19
	B.	Product environment management	20
	C.	Green Management	21
	D.	Status of sanctions	22
12.	Financial Information	25
	A.	Financial highlights (Based on consolidated K-IFRS)	25
	B.	Financial highlights (Based on separate K-IFRS)	26
	C.	Consolidated subsidiaries as of June 30, 2023	27
	D.	Status of equity investments as of June 30, 2023	28
13.	Audit Information	29
	A.	Audit service	29
	B.	Non-audit service	29
14.	Management's Discussion and Analysis of Financial Condition and Results of Operations	29
15.	Board of Directors	29
	A.	Members of the board of directors	29
	B.	Committees of the board of directors	29
	C.	Independence of directors	30
16.	Information Regarding Shares	31
	A.	Total number of shares	31
	B.	Shareholder list	31
17.	Directors and Employees	31
	A.	Directors	31
	B.	Employees	34
	C.	Remuneration for executive officers (excluding directors)	35
18.	Other Matters	35
	A.	Legal proceedings	35
	B.	Status of collateral pledged to related party	35
	C.	Material events subsequent to the reporting period	35

Attachment: 1. Financial Statements in accordance with K-IFRS

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1. Company

1. Name and contact information

The name of our company is "EL-GI DISPLAY CHUSIK HOESA," which shall be "LG Display Co., Ltd." in English.

Our principal executive office is located at LG Twin Towers, 128 Yeoui-daero,Yeongdeungpo-gu, Seoul 07336, Republic of Korea, and our telephone number is [phone]. Our website address is http://www.lgdisplay.com.

1. Credit rating

1. Corporate bonds (Domestic)

Subject instrument

Corporate bonds

Month of rating

May 2021

February 2022

June 2022

March 2023

May 2023

March 2021

August 2021

February 2022

June 2022

August 2022

January 2023

May 2023

April 2021

September 2021

June 2022

March 2023

May 2023

Credit rating (1)

A+

A

A+

A

A+

A

4

Rating agency (Rating range)

NICE Information Service Co., Ltd. (AAA ~ D)

Korea Investors Service, Inc. (AAA ~ D)

Korea Ratings Corporation (AAA ~ D)

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1. Domestic corporate bond credit ratings are generally defined to indicate the following:

Subject instrument	Credit rating		Definition
	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
Corporate bonds			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.

1. Commercial paper

Subject instrument	Month of rating	Credit rating(1)	Rating agency (Rating range)
	January 2023	A2+	Korea Investors Service, Inc. (A1 ~ D)
Commercial paper	January 2023	A2+	NICE Information Service Co., Ltd. (A1 ~ D)
	June 2023	A2+	NICE Information Service Co., Ltd. (A1 ~ D)

1. Domestic commercial paper credit ratings are generally defined to indicate the following:

Subject instrument	Credit rating
	A1
	A2
Commercial paper	A3
	B
	C
	D

Definition

Timely repayment capability is at the highest level.

Strong capacity for timely repayment, though slightly inferior than is the case for the highest rating category.

Capacity for timely repayment is acknowledged, though it may be influenced by short-term changes in external factors.

Capacity for timely repayment is uncertain, displaying a high degree of speculative characteristics. Capacity for timely repayment is questionable and there is a high risk of default.

Insolvency.

øA '+' or '-' modifier may be attached to ratings A2 through B to differentiate ratings within broader rating categories.

1. Capitalization

1. Change in capital stock (as of June 30, 2023)

There were no changes to our issued capital stock during the reporting period ended June 30, 2023.

1. Convertible bonds (as of June 30, 2023)

We have no outstanding convertible bonds as of June 30, 2023.

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