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 December 2008
LG Display Co., Ltd.
(Translation of Registrant’s name into English)
20 Yoido-dong, Youngdungpo-gu, Seoul 150-721, The 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
LG Display Updates Fourth Quarter 2008 Business Outlook
Seoul, Korea (December 10, 2008) - LG Display (NYSE:LPL, KRX:034220), one of the world’s leading TFT-LCD manufacturers, today updated its outlook for the fourth quarter of 2008 .
Due to the global economic recession, demand for LCD panels has sharply declined and the price of LCD panels has dropped more than expected during the fourth quarter. Given the market situation, LG Display expects the fourth quarter earnings results are not likely to meet the initial guidance. Therefore, the company decided to update the outlook based on currently available information and current market conditions as part of its transparent disclosure practices.
[Area Shipments]
LG Display’s area shipments are expected to increase by a low single digit percentage in the fourth quarter compared to the third quarter of 2008, a decline from the initial guidance of a low to mid teens percentage increase quarter-on-quarter.
[Average selling price per square meter]
The ASP per square meter is expected to decline by the low twenties percentage quarter-on-quarter, compared to a high single digit percentage decrease guided initially.
[COGS reduction per square meter]
COGS reduction per square meter in the fourth quarter is expected to be a low teens percentage, compared to the initial guidance of a high single digit percentage.
James Jeong, CFO of LG Display, said, “Due to the demand slowdown resulting from the global economic recession, we have been adjusting the input volume of glass substrates since the third quarter. We expect our factory utilization rate to be about 80% in the fourth quarter. The company has been adjusting the utilization rate with the principle of responding flexibly to market situations. We will continue with such efforts to maintain healthy inventory levels.”
He added, “We expect to surpass our initial COGS reduction guidance in the fourth quarter, however the EBITDA margin is expected to be around the low to mid teens percentage, which is lower than the low twenties percentage initially guided. Despite the challenging market environment, we will further strengthen our customer base and cost competitiveness, thus enhancing our market position. With thorough preparation for the future, we will continue to create value for our shareholders, customers and employees.”
About LG Display
LG Display Co., Ltd [NYSE: LPL, KRX: 034220] is a leading manufacturer and supplier of thin-film transistor liquid crystal display (TFT-LCD) panels, OLEDs and flexible displays.
The company provides TFT-LCD panels in a wide range of sizes and specifications for use in TVs, monitors, notebook PCs, and various applications. LG Display currently operates seven fabrication facilities and five back-end assembly facilities in Korea, China and Poland. The company has a total of 23,000 employees operating in ten countries around the world. Please visit http://www.lgdisplay.com for more information.
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Additional information as to factors that may cause actual results to differ materially from our forward-looking statements can be found in our filings with the United States Securities and Exchange Commission.
Investor Relations Contact:
Thomas Hyun
Vice President, IR
LG Display
Tel: +822-3777-1770
Media Contact:
Bang-Soo Lee, VP, Public Affairs & PR
LG Display
Phone: +822-3777-1020
E-mail: bsleeb@lgdisplay.com
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: December 10, 2008 | By: | /s/ Dong Joo Kim | ||||
| (Signature) | ||||||
| Name: | Dong Joo Kim | |||||
| Title: | Vice President/ | |||||
| Finance & Risk Management Department | ||||||