Business Context and Reporting Period
This Form 6-K filing by LG.Philips LCD Co., Ltd. (now LG Display Co., Ltd.) covers the reporting period for the month of January 2005, specifically addressing a material change in revenues or income exceeding 15%. The registrant is a foreign private issuer based in Seoul, Republic of Korea, and files annual reports under Form 20-F.
Key Financial Metrics (Consolidated)
Financial data is presented in Korean Won Billions (KRW B) under Korean GAAP for the fiscal years 2004 and 2003.
| Metric | 2004 | 2003 | YoY Change |
|---|---|---|---|
| Revenues | 8,328 | 6,098 | +36.6% |
| Operating Income | 1,728 | 1,074 | +60.9% |
| Net Income | 1,655 | 1,019 | +62.4% |
| Total Assets | 10,357 | 6,459 | N/A |
| Total Liabilities | 4,585 | 3,565 | N/A |
| Total Shareholders' Equity | 5,772 | 2,894 | N/A |
Note: The filing does not provide specific cash flow statements, debt maturity schedules, or liquidity ratios beyond the balance sheet totals.
Material Changes vs. Prior Period
The company reported significant growth across all major performance indicators for 2004 compared to 2003:
- Revenue Growth: Increased by 36.6% (KRW 2,230 billion), driven primarily by an increase in sales of LCD panels and related products.
- Profitability Expansion: Operating income grew by 60.9%, and Net Income surged by 62.4%, indicating improved operating leverage and margin expansion.
- Balance Sheet Strength: Total Shareholders' Equity more than doubled from KRW 2,894 billion to KRW 5,772 billion, raising the equity-to-capital stock ratio from 199.6% to 354.8%.
Outlook, Risks, and Management Commentary
Management Commentary: The primary driver for the financial improvement was explicitly identified as the "Increase in sales of LCD panels, etc."
Risks and Contingencies: The filing text does not contain specific forward-looking guidance, risk factors, or discussion of contingencies beyond the historical performance data.
Unusual Items: The filing notes that past financial statements were reclassified for comparison purposes pursuant to the enactment of Korean GAAP.
Investor Verification Checklist
- Verify the specific product mix and pricing trends for LCD panels that drove the 36.6% revenue increase.
- Confirm the impact of Korean GAAP reclassification on the comparability of 2003 and 2004 figures.
- Review the full annual report (Form 20-F) for detailed cash flow statements and debt maturity profiles not included in this summary.
- Assess the sustainability of the operating margin expansion (from ~17.6% in 2003 to ~20.7% in 2004) in the context of the cyclical LCD market.