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LG Display Co Ltd. (NYSE:LPL)

Q2 2013 Results Earnings Call

July 18, 2013 8:00 AM ET

Executives

Hee Yeon Kim - Head, IR Department

J.S. Park - Head, TV Marketing Department

Analysts

Brian White - Topeka

Nicolas Gaudois - UBS

Ben Lu - Seligman Investments

Ben Akrigg - F&C Asset Management

Operator

Good morning and good evening. First of all, thank you all for joining this conference call and now begin the conference of the Fiscal Year 2013 Second Quarter Earnings Results by LG Display. This conference will start with a presentation followed by (inaudible) Q&A session. (Operator Instructions)

Now we shall commence the presentation on the fiscal year 2013 second quarter earnings results by LG Display.

Hee Yeon Kim

Welcome to LG Display second quarter conference call. My name is Hee Yeon Kim, Head of IR Department. I would like to welcome everyone to our global quarterly earnings conference call. I’m joined by our IR staff, as well as representatives from TV Marketing. J.S. Park is heading up the TV Marketing Department.

Next slide please. Before we move on to the earnings results, please take a minute to read the disclaimer. I would like to remind everyone that results are based on consolidated K-IFRS accounting standards and are unaudited. This conference call will take about an hour. Before we go into the Q&A session, please allow me to highlight our Q2 results, performance and Q3 outlook.

Moving on to revenue and profits on the next slide. Due to the seasonal demand growth, the panel shipments increased by 9% quarter-on-quarter and there was a slight ASP decline in the second quarter. However, the blended ASP was the significant since the small and medium-sized panel portion decrease steeply, which also resulted in a revenue decline at around 3%. We recorded the quarterly revenue at KRW 6.6 trillion, down 3% quarter-on-quarter.

Operating profit increased by 142% quarter-on-quarter as KRW 366 billion due to the continual cost reduction and the improved productivity, as well as the depreciation cost reduction compared to Q1. Operating profit margin was 6%, EBITDA margin up was 20%, income before tax was KRW 162 billion and net income was KRW 105 billion.

Moving onto slide four, looking at our financial positions and ratios. At the end of June, cash and cash equivalents was KRW 2.9 trillion similar to Q1. Inventory recorded at KRW 2.4 trillion, down KRW 133 billion quarter-on-quarter.

Our balance sheet has improved continuously with the enhancement of our profitability, liability to equity ratio recording 118%. Net debt to equity ratio recording 11%, quartet ratio also improved rising to 130%.

Moving onto slide five, looking at our cash flow. Cash at the beginning of the quarter was KRW 3.1 trillion. Cash flow from operating activities resulted in cash inflow of KRW 1.3 trillion. Cash flow from investing activities resulted in an outflow of KRW 826 billion and cash flow from financing activities resulted in an outflow of KRW 630 billion. As a result, the net change in cash was outflow of KRW 124 billion.

Moving on to slide six, I would like to go over our performance highlights. During second quarter, our shipment increased by 9% quarter-on-quarter to 8.9 million square meters. ASP per square meter decreased by 15% quarter-on-quarter to $607 due to the significant decline of the small and medium-sized panel portion. ASP per square meter of the small and medium-sized panel is much higher than that of large-sized panels.

Moving on to our product mix on slide seven. The TV segment represent 51% of our revenue, monitors at 21%, notebook at 11%, tablets at 7%, and mobile applications at 10%.

Since our major smart device customers new product launches remain scheduled for the second half of this year, tablet and smartphone portion declined in Q2 compared to Q1. TV portion lowered significantly in second quarter due to the increase of the largest specialty TV panel shipment, as well as increase of TV panel shipment to China.

Moving on to slide eight and looking at our capacity. Our producible capacity increased by 3% quarter-on-quarter. During the quarter we were able to convert some capacity for panel production, which was previously used for R&D activities. Compared to Q1 the working day increase in Q2 also affected the capacity increase.

Next we turn to our outlook section. We expect the shipment increase in third quarter is likely to be low to mid single-digit percentage. Since the significant shipment increase in tablet and smartphone segments are anticipated.

ASP is likely to decline for the short-term but is anticipated to stabilize from the next quarter. Actually, thanks to the tablet and smartphone volume increase and mild ASP decline, actually we are anticipated our blended ASP is likely to increase significantly in third quarter.

We understand that there is some concern in the market related to the termination of subsidy program in China and how it is going to affect the demand. We believe these issues could put potential need to the unit base demand decline in the second half of -- second half to a certain degree.

However, the area base demand is likely to be increase since the size migration is continually taking place. We expect that the capacity increase in the second half compared to the first half will be limited and there will be better seasonality in the second half versus the first half.

Lastly, we will mention our strategy. As the LCD industry has entered the slow growth space, we are going to put force and efforts to continually implementing the differentiated product strategy which will mainly focus on increasing the value of each product in it.

In case of ultra HD TV, we have been executing high-end product strategy so far with the introduction of 84-inch panel last year and 65-inch and 55-inch panels in June this year. Going forward, we will try to diversify our model line outs to list on it to post high end and mid-end market needs.

Regarding tablet and smartphone segment, we will launch various high resolution film and Narrow Bezel products to maintain our leadership position in the market. Regarding OLED, our ultimate differentiated products, we will continually focus on obtaining on OLED business base that will generate profit from this business as early as possible.

In case of OLED TV, the yield rate has been continually improved in line with our internal plan and the setting of the second OLED fab which is M2 has been carried out on schedule. Regarding the plastic OLED, the mass production will start in the middle of the second half.

In order to effectively carrying out our differentiated products strategy, our capital spending will be focused on OLED and TPS and other advantageous display effects. This year about 80% of our CapEx will be spend on these areas and also our CapEx amount should be similar to last year which is at around KRW 4 trillion.

This ends our presentation for second quarter. And I would be glad to take your questions. To use the time efficiently, please limit to three questions per person. Operator, please proceed to Q&A session.

Question-and-Answer Session

Operator

(Operator Instructions) The first questions will be presented by Mr. Brian White from Topeka. Please go ahead sir. Mr. Brian, please go ahead with your question?

Brian White - Topeka

Yeah. The ASP decline of 15%, I just want to be clear that’s all from tablets and smartphones?

Hee Yeon Kim

Actually, if you look at apple-to-apple ASP decline, we see it as advantage of 2%in the second quarter. However, as you already know that our ASP per square meter per small size with tablet and smartphone is usually higher advance seven to eight times. So the reduction of these small size sales decline gave us our ASP decline at around 50%. Lastly, actually EBITDA decline which is 2% and the remaining 13% come from our revenue mix.

Brian White - Topeka

Okay. That’s helpful. And when we think about, you said in the third quarter you expect a significant increase in tablet and smartphones, number one, will those be your strongest markets in the September quarter. And when you say significant, are we talking up 10% or are we talking up 50%?

Hee Yeon Kim

Actually, if you look at our sales mix, our second quarter, tablet sales quotient declined significantly. Right now, our tablet and smartphone sales mix declined significantly. Now, we are expecting that kind of mix that will be similar as the first quarter. So you can reasonably assume our volume increase in third quarter based on our sales mix guidance.

Brian White - Topeka

Okay. And finally, China, so the China subsidy program ended at the end of May, do you -- is this going to have a meaningful impact do you think on the third quarter, meaning is there excess channel inventory in China because this subsidy program was allowed to expire?

J.S. Park

Short term for Q3, did we impact on later? I don’t think it will impact Q4 in the next year. And you mentioned excess inventory in China. That means retailer or semi maker or panel maker?

Brian White - Topeka

Everyone.

J.S. Park

Everyone.

Brian White - Topeka

If no one is buying, it impacts everyone.

J.S. Park

As I know, panel makers inventory level is normal. And semi maker extends on brand as I know just one brand has truly excess inventory. And most of our customers inventory level is slightly higher than normal. So our customers doesn’t care inventory level now. They just care the weak demand in the short term before October 1st holiday.

Brian White - Topeka

Okay. Great. Thanks a lot.

Operator

The next questions will be presented by Mr. Nicolas Gaudois from UBS. Please go ahead sir.

Nicolas Gaudois - UBS

Good evening. It’s Nick Gaudois from UBS. Maybe just a follow-up to start with on the ASP question. Will it be possible to just have an order of magnitude or how we look with mobile, tablet, ASP per square inch area versus TVs. Just to get an order of magnitude of how the mix can indeed affect so significantly in your case, ASPs in the given quarter?

Hee Yeon Kim

As I already mentioned, ASP per square meter on mobile and tablet is priced high because it is quite expensive for this phase. ASP per square meter usually for smartphone is as high as seven to eight times the user base.

Nicolas Gaudois - UBS

Seven to eight times. Sorry, I didn’t prior understood correctly. That’s perfect. And the second question is on the cost side, I mean, even if we issued about the precision we had, COGS coming down quite nicely. We obviously had about 15% decline in the coding Won to Yen in that quarter sequentially. So leaving aside hedging, how much of that COGS decline came from a, currency affecting your supply from Japan on your side in terms of cost and b, actual price reductions like for like in these areas or any thing else in terms of efficiency, glass efficiency level or OELs of course. Thank you.

Hee Yeon Kim

Actually, yen weakness was after fall. However, when you are looking at our bid of material portion for yen, transition is not that higher. Actually, it is 10% to 15% among our bid of material. So the improvement was not that high.

Nicolas Gaudois - UBS

Okay. About Won and Yen, if you were to balance basically improvements in efficiency you talked about in your Korea meeting versus just price declines for ex-currency obviously for glass, polarizer et cetera. I mean, how should we think about it?

Hee Yeon Kim

Hello. Hello.

Nicolas Gaudois - UBS

Yeah.

Hee Yeon Kim

Hello. Could you ask again your question? I don’t understand what you mean exactly?

Nicolas Gaudois - UBS

Sure. Of course. Since you have this understanding the yen factor was not that material. How should we qualitatively think about the importance in cost reduction off on one side improved combined efficiency and on the other side actual reductions in cost and currency terms of price inputs for glass and other materials?

Hee Yeon Kim

Let us put it in this way. If you look at our cost of good sold, the percentage of our LG market improvement, actually 80% comes from our depreciation cost reduction and the remaining 20% comes from our material cost reduction and also remaining 21% to 30% comes from our yield improvement.

Nicolas Gaudois - UBS

That's great. Excellent. And last question, if you -- so you guided for area, low-single digit to mid-single digit increase, obviously we win that we have quite an increase in the mobile side, so if I was to leave mobile side and just focus on large panels, how should we think about the fourth quarter?

Hee Yeon Kim

If we take our mobile and tablet aside, we believe 95% TV shipment should be flat quarter-on-quarter. Is this a correct answer for your question?

Nicolas Gaudois - UBS

Yeah. Well, it’s fine. Thank you very much.

Operator

The following question will be presented by Mr. Brian White from Topeka. Please go ahead, sir.

Brian White - Topeka

I have just got a question on the others if you look on the income statement, you had others -- looks like KRW 288 billion, what is that?

Hee Yeon Kim

Your question is related to the current profit side, actually however, recording those increase.

Brian White - Topeka

Yeah. So just explain what that is, 288.716?

Hee Yeon Kim

That was our number reason is our FX related provision loss, actually we have U.S. $2.5 million debt, $1 rate change was around KRW 40. So we have KRW 100 billion FX related provision loss. And also we have interest expenses amounting to KRW 13 billion, and the remaining was our reserve amount relating to anti-trust issue.

Brian White - Topeka

Okay. And the FX gain was just what strengthened our outlook?

Hee Yeon Kim

FX loss. FX provision loss.

Brian White - Topeka

Okay. In the TV market versus the PC market in the third quarter, what do you think will outperform? TV will do better than PC or PC will do better than the TV market in the third quarter?

Hee Yeon Kim

Actually, demand is soft. If there is some seasonality, however, nobody wants to carry inventory at the expectation of the seasonality. So order trend is similar but in our basic assumption for third quarter, IT is better than TV because in second quarter, there is no specific demand event for the IT side. But in the case of TV, there is some specific event came from China size, there is some inventory adjustment for short-term period. Looking at the number, unit shipment number itself is IT is better than TV.

Brian White - Topeka

Okay. So TV will actually go down quarter on quarter?

Hee Yeon Kim

Almost flat. Because our guidance is -- yeah, it’s almost flat.

Brian White - Topeka

Okay. And just when you look at the smartphone market in the second half of the year, are you seeing 5-inch smartphones becoming more prevalent in your portfolio when you are ramping for customers, are you seeing an increasingly number of 5-inch phones in second half versus first half or is it about the same?

Hee Yeon Kim

If you only focus on the 5-inch segment, yeah, 5-inch demand is much higher than first half. However, the 5-inch is not the major product for us.

Brian White - Topeka

Okay. Great. Thank you.

Operator

Currently, there are no participants with questions. (Operator Instructions) The next question will be presented by Mr. Ben Lu from Seligman Investments. Please go ahead, sir.

Ben Lu - Seligman Investments

Hi, Hee. Thanks for the call. I have a few questions, one just housekeeping, can you talk about how depreciation will do in Q3 and Q4?

Hee Yeon Kim

In Q3, we also have some depreciation expense reduction which will be around KRW 60 billion or KRW 70 billion and then the depreciation will compare to maybe second quarter right now.

Ben Lu - Seligman Investments

Okay. And then if I exclude the depreciation reduction of about KRW 150 billion in Q2 and I think the FX benefit of about roughly KRW 100 billion, it looks like your core operating profit was down sequentially. Can you talk about, what drove that?

Hee Yeon Kim

Yeah, definitely, it is true. Actually, as you already witnessed our tablet and mobile, sales declined significantly. With this kind of sales reduction and sales loss, our other business with this kind of sales loss from the small size and smart device, our existing business such as monitor and notebook side. This should -- that divisions earnings should improve significantly.

Ben Lu - Seligman Investments

Okay. So with small and mid-sized panels, ASP is up significantly next quarter, that should get back to profitability?

Hee Yeon Kim

Yeah.

Ben Lu - Seligman Investments

Okay. Great. And then also just in terms of some of the newer capacity you are talking about, in terms of the China fab, is that still on track to ramp in sometime middle of the next year, despite the end of the China subsidies?

Hee Yeon Kim

Yeah. We will do our plan for the China Fab. Actually we don’t expect the subsidy program could impact the China demand for that kind long time. The subsidy program impact will be a short-term issue within this year.

Ben Lu - Seligman Investments

Okay. Great. And Hee Yeon, can I ask one last question?

Hee Yeon Kim

Yeah.

Ben Lu - Seligman Investments

Are you seeing any LCD driver, IC issues for the small to mid-sized panels?

Hee Yeon Kim

Actually we also weathered that kind of articles. However, our order trend does not impact that kind of news articles. So we don’t know.

Ben Lu - Seligman Investments

So, there is no issue with producing retina display on amorphous silicon panels right?

Hee Yeon Kim

We don’t have any issue for our all kind of products, only for the retina display.

Ben Lu - Seligman Investments

Right. Thank you, so much.

Hee Yeon Kim

We don’t have any issue.

Ben Lu - Seligman Investments

Okay. Great. Thank you.

Operator

The following questions will be presented by [Ms. Vivienne Tang] from AllianceBernstein. Please go ahead Ma’am.

Unidentified Analyst

Hi. Thank you for taking my question. So first of all, my question is about your utilization rate in third quarter. Could you comment about are you going to change your current utilization rate in third quarter?

Hee Yeon Kim

So far our utilization ratio in second quarter was little bit around the low 90% in second quarter and in third quarter actually our TV utilization ratio should be lower. But as we already mentioned, our small-sized volume should kick in significantly that utilization ratio should increase.

Unidentified Analyst

Okay. And my second question is regarding to blended ASP. I know on your guidance you are saying that the ASP will drop quarter-on-quarter, but is that for the like-for-like basis? Because if you’re considering the blended mix change, if you look at the ASP from the blended perspective, do you think because since smartphone and tablets they are per inch per square meter ASP is much higher. So is the blended ASP will also drop or you think what kind of direction the blended ASP will go?

Hee Yeon Kim

Yeah. That’s very good question. Actually our guidance is based on April-to-April basis. April-to-April basis our expectation for the price should decline a bit. However, blended ASP should increase meaningfully in the third quarter led by sales increase from smart device.

Unidentified Analyst

Okay. And my last question is for your third quarter capacity, do you expect capacity to further grow or you think capacity will be relatively flat quarter-on-quarter?

Hee Yeon Kim

Third quarter capacity should be flat sequentially.

Unidentified Analyst

Okay. Thank you very much.

Operator

Currently, there are no participants with questions. (Operator Instructions) The next question will be presented by Ben Akrigg from F&C Asset Management. Please go ahead sir.

Ben Akrigg - F&C Asset Management

Hi, there. Could you talk about your LTPS capacity expansion, your 60 fab is due to come on like Q4 I think, how quickly are you ramping that? You’re supposed to grow double your capacity and clearly your main client is unlikely to double their handset shipments in, say, the first half of next year compared to the second half of this year. So how you are going to ensure utilization is high enough to make it vis-à-vis profitable?

Hee-Yeon Kim

Actually we are planning at about 50% of our new facility will be ramped up in Q4 and then the remaining will be done in accordance with our order increase. It means 50% will be ramped in Q4 this year.

Ben Akrigg - F&C Asset Management

And the utilization will be in 18%, 19% with that schedule you think?

Hee-Yeon Kim

Actually based on our 50% ramp up schedule, our utilization ratio should be 4%.

Ben Akrigg - F&C Asset Management

Okay. What’s happening to pricing for the higher value smartphone and tablet panels? Obviously you compete to a large extent with Japanese companies and they’ve obviously seen the currency benefit recently. And in addition, both you and the Japan display are expanding LTPS capacity significantly, Sharp seems to have sorted out some yield issues at least on its oxide fabs. So there is basically more supply and your competitive sort of better coincide that one, so what’s happening to pricing there, please?

Hee-Yeon Kim

Actually we cannot mention about the pricing issue for now as we have very limited customer base for that product segment, please understand this.

Ben Akrigg - F&C Asset Management

And in general, is there lots of pressure or is it being offset by continued kind of resolution with Samsung?

Hee-Yeon Kim

Actually we hope whether we expect any price -- severe price pressure at this point.

Ben Akrigg - F&C Asset Management

Okay. And in terms of your OLED your M2 and you’re switching down from an existing a more of silicon facility I believe? Can you remind me how much LG more of silicon you are taking out over the next few quarters and how much OLED capacity will be added, please?

Hee-Yeon Kim

Actually we already announced with 26K in Gen P8, P83 facility for OLED partition in Finland. But in case our oxide conversion to meet the kind of 26K the partition facility, we have two scenarios. One is 26K at one shot and second scenario is step-by-step pace to meet 26K the partition.

So the migration speed will depend on the LCD demand situation. Actually we have to consider the trading cost for the loss of LCD capacity. So maximum capacity for OLED should be 26K. Our LCD capacity conversion will be determined by the LCD demand situation.

Ben Akrigg - F&C Asset Management

Okay. And when do you envisage that 26,000 or a reasonably higher level of that being fairly fully utilized? Do you with your clients have a product roadmap?

Hee-Yeon Kim

Actually the full ramping up period is not decided yet because it totally depends on what yield improvement speed. So we will give you more clear idea maybe 1st April next year.

Ben Akrigg - F&C Asset Management

Okay.

Hee-Yeon Kim

Because our ramping up timing for second OLED facility is in the middle of next year.

Ben Akrigg - F&C Asset Management

Okay. And I suppose or if I can speak in the final quick question just on the depreciation side. You said the Q4 also was backlog to the Q2 level which is just a bit under KRW 1 trillion. Will that be increasing through the first part of next year because you’ll have more LTPS capacity perhaps but then again I guess some of your LG capacity you’re adding in 2010 will roll off. So in aggregate, will depreciation be kind of trending flat or trending higher or lower through 2014?

Hee-Yeon Kim

It’s very at least mention about that actually our CapEx for this year is just KRW 1 trillion.

Ben Akrigg - F&C Asset Management

Yeah.

Hee-Yeon Kim

And then next year CapEx should be similar or smaller than this year and then we also have another depreciation closing plan for second 8th Generation first quarter next year. So we…

Ben Akrigg - F&C Asset Management

First quarter is…

Hee-Yeon Kim

The first quarter next year. So with this kind of combination, actually our depreciation seems will decline next year but for this point we’ll get back to you with correct numbers.

Ben Akrigg - F&C Asset Management

Okay and is it CapEx might be slightly lower next year, did you say?

Hee-Yeon Kim

For now we expect.

Ben Akrigg - F&C Asset Management

Yeah. Okay. Thank you very much.

Hee-Yeon Kim

Because our CapEx will be mostly focused on the new facilities such as OLED conversion LTPS conversion and our LCD investment should be very limited. So for now we only have second phase OLED facility, so our CapEx will not be that high next year.

Ben Akrigg - F&C Asset Management

Okay. Thank you very much.

Operator

Currently there are no participants with questions. (Operator Instructions) The next question will be presented by Mr. Ben Akrigg from F&C Asset Management. Please go ahead, sir.

Ben Akrigg - F&C Asset Management

Hi. Sorry, just if you know, sometime, housekeeping question. And in terms of the increase in Q3 volumes from the higher value mobile and tablet displays, there is obviously a lot of rumors back and forth about product increase and whether or not things are going to delayed. How backend loaded do you think the increase in higher value panels will be during Q3 or are you seeing it in the first part of Q3? Are you actually genuinely seeing the orders coming through now or is it still an expectation at this stage?

Hee Yeon Kim

Your question is our shipment will be mostly loaded in second half of third quarter, that’s your?

Ben Akrigg - F&C Asset Management

Yeah. And there is a lot of people out there saying, well, some of your major clients product are delayed and it will be Q4 and Q3, are you actually ship, are you seeing an increase in shipments right here now in July, or is it a hope that you will be seeing shipments, and this is not happening yet, but you are hoping it will happen kind of August and September?

Hee Yeon Kim

Some product shipment has already started, some product is not yet, so most of the product shipment will be done in the middle of third quarter.

Ben Akrigg - F&C Asset Management

So when you are saying that the mix will return to the similar mix you had in Q1, is that kind of a best case scenario or is there a meaningful downside to that kind of guidance?

Hee Yeon Kim

Actually in third -- our third quarter sales mix should be similar to the first quarter, Q1. Q1 is already reflected our customer's order reduction.

Ben Akrigg - F&C Asset Management

Yeah.

Hee Yeon Kim

Now third quarter should reflect versus Q1…

Ben Akrigg - F&C Asset Management

Okay.

Hee Yeon Kim

… our Q1 should be similar to Q4 last year.

Ben Akrigg - F&C Asset Management

Okay. Thank you.

Operator

The following questions were presented by [Ms. Vivienne Tang] from AllianceBernstein. Please go ahead, ma'am.

Unidentified Analyst

Yes. I have a follow-up question on your outlook in the second half. So, do you think that peak season for -- peak quarter for this year will be in third quarter or you expect a season will be copying fourth quarter? Do you think this year will follow like normal pattern in terms of seasonality?

Hee Yeon Kim

Our total sales, it is very tough question. Because we expect our peak period should be September, October and November. For now it is very difficult to expect December, user December inventory correction, level inventory correction. Usually Q4 is higher than third quarter. We still believe Q4 should be better than third quarter.

Unidentified Analyst

Okay. Thank you. Yeah. That was my question.

Operator

Currently, there are no participants with questions (Operator Instruction) the following questions will be presented by Mr. Ben Akrigg from F&C Asset Management. Please go ahead sir.

Ben Akrigg - F&C Asset Management

When do you think you will be in a position to ship oxide-based displays or tablets?

Hee Yeon Kim

For tablets, we are in developing stages. For smartphones, we will ship them.

Ben Akrigg - F&C Asset Management

Do you think it’s likely the first half from next year or second half next year? For tablets, that is. Sorry.

Hee Yeon Kim

We cannot mention about orders. Please understand for that.

Ben Akrigg - F&C Asset Management

It is -- I mean, it’s -- I’m not asking about orders from your client side. It’s just more in terms of your own capabilities. I mean, how long does the development phase take perhaps?

Hee Yeon Kim

Actually.

Ben Akrigg - F&C Asset Management

Product to be ready?

Hee Yeon Kim

Product ready -- the time we have a product ready, we will be determined by technology and the customer value. Actually when you look at the technology side we are ready. However, when you look at oxide tablet, our cost increases should be meaningful. So the cost increase versus customer value, this is our decision point to start the production, the business study.

Ben Akrigg - F&C Asset Management

When you say meaningful, I mean, is it 50% or 100% higher for a normal 10-inch panel? What kind of magnitude of increase?

Hee Yeon Kim

We can give you that kind of answer when we release the product, much time or we will mention about that.

Ben Akrigg - F&C Asset Management

Okay. Thanks. Thank you.

Operator

Currently, there are no participants with the question. (Operator Instructions)

Hee Yeon Kim

Operator, if there is no participant for the question, please end the Q&A session.

Operator

Yeah, you may.

Hee Yeon Kim

Yeah. On behalf of LG Display, we thank you for participating in our second quarter earnings conference call. Should you have further questions, please contact either myself or my colleagues. Thank you for your participation.

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