LG 2011年第二季度业绩报告

2Q’11 Earnings ReleaseJuly 27th2011All information regarding management performance and financial results of LG Electronics (the “Company”) during the 2nd quarter of 2011 as contained herein has been prepared on a consolidated basis in accordance with International Financial Reporting Standards (“IFRS”).In addition, the information regarding results of 2nd quarter of 2011 has been prepared in advance, prior to being reviewed by outside auditors, solely for the convenience of investors of the Company, and is subject to change in the process of final reviewing by outside auditors.The information contained herein includes forward-looking statements in respect to future plans, prospects, and performances of the Company as well as the Company’s projected sales plan for the 3rd quarter of 2011. These forward-looking statements also refer to the Company’s performance on consolidated base, as indicated.The aforementioned forward-looking statements are influenced by changes in the management environment and relative events, and by their nature, these statements refer to uncertain circumstances. Consequently, due to these uncertainties, the Company’s actual future results may differ materially from those expressed or implied by such statements.Please note that as the forward-looking statements contained herein are based on the current market situation and the Company’s management direction, they are subject to change according to the changes in future market environment and business strategy.The information contained herein should not be utilized for any legal purposes in regards to investors’investment results. The Company hereby expressly disclaims any and all liability for any loss or damage resulting from the investors’reliance on the information contained herein.Table of ContentsⅠ. OverviewⅡ. 2Q’11 Results (Consolidated)Ⅲ. Performance and Outlook by SectorⅠ. Overview9Comment on 2Q’11 Results9Comment on 3Q’11 Outlook2Q’11 Results(Unit : KRW tn)SalesProfit(Unit : KRW bn)0.2%↓13.1614.4114.399.3%↑2Q’111581084621Q’11QoQYoYÏ8%131429-162Q’101Q’11 2Q’102Q’11 n/aÐ87%Ï21%Ï25%Ï12%Net Profit Operating ProfitEBITDA126413856Net ProfitInvestment Income(Unit: KRW bn)(Unit: KRW bn)1Q’112Q’1162933-10Net financial expense Investment incomeOp. ProfitTax108158293841LG Display-48LG Innotek-15Others7Investment Income-56Net ProfitII. 2Q’11 Results (LGE Consolidated)Cash Flow Statement2Q Net *Cash Flow(Unit : KRW bn)Cash Flow Statement(Unit : KRW bn)2Q’111Q’11Cash OutCash flow from operating activitiesCash at beginning of periodNet income Depreciation Investment income Increase in working capital OthersCash flow from investing activities108304-29342362,212653-669-1629856-3682011,944171-466Net *Cash In-28341082362912669304Investment income FX effect from foreign currency denominated cashOthersIncrease in working capitalCash flow from investing activitiesDepreciation-388-387Increase in tangible assetsChanges in the scope of consolidation Cash flow from financing activities59557-1480Net Profit93557Increase in debtNet changes in cash FX effect from foreign currency denominated cash 31-122686Cash at end of period2,2432,212II. 2Q’11 Results (LGE Consolidated)Financial StructureBalance SheetFinancial Ratio(Unit : %)(Unit: KRW tn)2Q’112Q’114Q’101Q’111Q’114Q’1016633.8432.3233.53 Assets LiabilitiesEquity Current LiabilitiesNon-Current Liabilities Current AssetsDebt Cash Inventory Non-Current Assets Net DebtDebt to EquityNet Debt to EquityTotal Liability to Equity21.1019.4620.8012.7412.8612.7316.674.4317.537.76 2.246.0916.311.945.8715.802.216.3815.87 5.5215.394.0716.517.195.2516.304.5117.667.725.51151564161431636143Performance and OutlookIII. Performance and Outlook by Sector*Sales/ProfitConsolidated Sales and Profit by Division(Unit : KRW bn)1Q’11 Home Entertainment Mobile Communications Handset Home Appliance Air Conditioning & Energy Solution Sales Op. Income Sales Op. Income Sales Op. Income Sales Op. Income Sales Op. Income 5,280 82 2,909 -101 2,852 -101 2,699 103 1,452 39QoQ 2.7%2Q’11 5,420 90YoY 5.4%2Q’10 5,727 -2611.6%3,246 -544.6%3,403 -11912.2%3,200 -555.1%3,373 -1206.9%2,885 516.0%2,722 18529.2%1,876 4415.3%1,628 59* Divisional sales includes internal transactions between divisions10 6III. Performance and Outlook by Sector2Q’11 PerformanceBusiness Performance(KRW tn)Home EntertainmentSales : Revenue improved QoQ due to increase in premium product sales and growth in developing marketsLCD TV : Sales increased QoQ due to strong Cinema 3D and LED TV salesOp. Margin1.5%1.6%1.7%PDP TV : Sales grew QoQ especially in N. America and Asia Monitor : Sales decreased QoQ as a result of market decline△ 0.5%△ 1.0%Profitability : Improved QoQ due to better product mix and cost reductionSales3Q’11 Outlook5.73 5.77 6.65 5.28 5.42Market : Despite weak demand in the developed markets, expect growth due to rising penetration of flat panel TVs in the developing countries and stronger sales in new feature products such as 3D / Smart TVs LGE : Plan to increase sales and secure profitability by expanding sales of high-end models such as Cinema 3D / Smart TV2Q'103Q'104Q'101Q'112Q'1111 7III. Performance and Outlook by Sector2Q’11 PerformanceBusiness Performance(KRW tn)Mobile CommunicationsSales : Shipments slightly grew QoQ to 24.8M while revenue was up 11% QoQ to KRW 3.2 trillion due to increased smartphone portionSmartphone sales increased while there was a relative decline for feature phones - N. America : Growth in Optimus One/ 2X sales - Europe : Increased sales for smartphones (Optimus 2X / Black) while featurephone sales were weak - Emerging markets : Operated a profitability focused business△ 3.5% △ 7.7%Op. Margin△ 3.5%△ 1.7%△ 10.0%SalesProfitability : Profitability improved due to rising smartphone sales and efforts to cut down fixed costs3Q’11 Outlook3.4 3.02 3.38 2.91 3.25Market : Competition is expected to intensify with handset makers launching new models with the opening of the 3D phone market and 4G LTE expanding in the developed countries2Q'103Q'104Q'101Q'112Q'11LGE : Increase sales by timely introducing new models with hardware competency and gain profitability by improving product mix12 8III. Performance and Outlook by Sector2Q’11 PerformanceBusiness Performance(KRW tn)Home ApplianceSales : Increased 6% YoY to KRW 2.9 trillion due to rising sales in the developing markets (14% YoY growth based on USD)Korea : Maintained sales growth by increasing sales of premium products (850 liter large size refrigerator, 6 motion washing machine, TROMM Styler) Overseas : Grew 15% YoY based on USD due to strong emerging market sales1.8%6.8% 3.8%Op. Margin2.4%2.8%(India 19%, CIS 59%, MEA 19%, CS America 23%)SalesProfitability : Declined due to raw material cost increase, appreciating KRW, and increased competition3Q’11 Outlook2.72 2.75 2.82 2.7 2.88Market : Despite the slow economy in the US and Europe, the appliance market is expected to increase 7% YoY due to strong growth in the developing markets LGESales : Dominate premium image by continuously launching new products and increasing sales of larger, more energy efficient, and smart products2Q'103Q'104Q'101Q'112Q'11Profitability : Plan to secure profitability by increasing revenue and cutting costs despite challenges such as raw material price increase and FX rate13 9III. Performance and Outlook by Sector Air-Conditioning & Energy Solution2Q’11 PerformanceBusiness Performance(KRW tn)Sales : Increased 15% YoY due to strong growth in Korea and the emerging markets such as CISKorea : Posted 55% growth YoY driven by launching products with superior functions and quality3.6%1.1%2.7%2.3%Overseas : Up 12% YoY with strong Multi V and Inverter product salesOp, Margin△ 4.7%SalesProfitability : Despite revenue growth from the improvement of product mix with new model launches, profitability declined QoQ and YoY due to rising raw material costs and unfavorable FX movements3Q’11 Outlook1.63 1.11 0.91 1.88 1.45Market : Although the market is entering into the slow season, demand is expected to increase YoY in Korea, CIS, and MEA1Q'11 2Q'112Q'103Q'104Q'10LGE : Plan to increase global market share by maximizing sales in the Korean market and utilize our competitive advantage for strategic products such as Multi V and Inverter products 14 1015Appendix. 2011 Business Reorganization- Realigned to 4 business units (vs. previous 5 units) and renamed Regional Headquarters to Regional Representatives - BS Company has been dissolved with the Monitor and Commercial Display & Security business units transferring to HE Company while the rest became independent business units - AC Company took on a new name of Air-Conditioning and Energy Solution (AE) Company - Changes in effect as of December 1, 2010 - Monitor (to HE)- Digital Storage (DS) (to Independent Business Unit) - PC (to Independent Business Unit) - Commercial Display & Security (to HE) - Car (to Independent Business Unit)Home EntertainmentMobile CommunicationsHome ApplianceAir ConditioningBusiness SolutionHome Entertainment- LCD/ CRT TV - PDP TV/ Module - Media - CEM (previously RMC)** - Monitor (from BS) - Commercial Display & Security (from BS)Mobile Communications- Handset - NetworkHome Appliance- Refrigerator - Washing machine - Cooking & Cleaning - Compressor & Motor - Healthcare - Water TreatmentAir-Conditioning & Energy Solution- Residential Air-Con. - Commercial Air-Con. - Air-Con. Compressor - Solar cell - LED lightingIndependent Business Unit- DS (from HE) - PC (from MC) - Car (from BS)* Independent business units report directly to the CEO ** CEM= Chemical & Electronic Material / RMC= Recording Media & Chemitronics16 11AppendixSummarized Financial Statements (LGE Parent Only) *Income Statement(Unit : KRW bn)1Q 7,227 100.0% 1,606 22.2% 5,621 77.8% 5,838 80.8% 1,389 19.2% 1,244 17.2% 52 0.7% 93 1.3% 143 2.0% 236 3.3% 7 0.1% 229 3.2% 2Q 7,653 100.0% 1,802 23.5% 5,851 76.5% 6,441 84.2% 1,212 15.8% 1,443 18.9% (19) -0.2% (213) -2.8% (182) -2.4% (395) -5.2% (144) -1.9% (251) -3.3% 2010 3Q 7,229 100.0% 1,783 24.7% 5,446 75.3% 6,244 86.4% 985 13.6% 1,443 20.0% (66) -0.9% (393) -5.4% 85 1.2% (308) -4.3% (121) -1.7% (187) -2.6% 4Q 7,129 98.6% 1,701 23.5% 5,428 75.1% 6,370 88.1% 759 10.5% 1,338 18.5% 14 0.2% (593) -8.2% (18) -0.2% (611) -8.4% (184) -2.5% (427) -5.9% Total 29,239 100.0% 6,892 23.6% 22,346 76.4% 24,894 85.1% 4,345 14.9% 5,468 18.7% (19) -0.1% (1,105) -3.8% 28 0.1% (1,077) -3.7% (441) -1.5% (636) -2.2% 2011 1Q 2Q 6,933 100.0% 7,574 100.0% 1,953 28.2% 2,151 28.4% 4,980 71.8% 5,423 71.6% 5,716 82.4% 6,266 82.7% 1,217 17.6% 1,308 17.3% 1,300 18.8% 1,410 18.6% (34) -0.5% (16) -0.2% (49) -0.7% (87) -1.1% 65 0.9% 14 0.2% 16 0.2% (73) -1.0% 1 0.0% (37) -0.5% 15 0.2% (36) -0.5%Sales Domestic Export Cost of goods sold Gross profit Selling & admin expense Other operating gain (Loss) Operating income (Loss) Financial income (Expense) Net profit (Loss) before tax Tax Net profit (Loss)* Since this is not an audited nor reviewed report, content may be changed in the future if an auditor has a concern.12AppendixSummarized Financial Statements (LGE Parent Only) *Balance Sheet2010 Assets Current Assets Cash and cash equivalents Accounts receivable Inventory Other Non-current Assets Investment PP&E Intangible assets Other Liabilities Accounts payable Debt Other Equity 1Q 23,428 9,021 715 6,070 1,049 1,187 14,407 7,897 4,594 696 1,220 12,595 4,888 3,919 3,787 10,833 2Q 24,230 9,742 716 6,983 1,184 859 14,488 7,909 4,559 722 1,298 13,647 4,925 4,957 3,765 10,583 3Q 24,021 9,294 561 6,637 1,172 924 14,727 7,919 4,654 737 1,417 13,684 4,235 5,726 3,723 10,337 4Q 22,975 8,094 869 5,488 1,065 673 14,881 7,845 4,661 726 1,649 13,049 4,285 5,000 3,764 9,926(Unit : KRW bn)2011 1Q 23,970 8,990 903 6,074 1,259 754 14,980 7,845 4,732 728 1,676 14,064 4,564 5,665 3,834 9,906 2Q 24,143 8,824 860 6,017 1,151 796 15,319 7,870 4,839 830 1,780 14,278 4,271 5,919 4,088 9,864* Since this is not an audited nor reviewed report, content may be changed in the future if an auditor has a concern.13AppendixSummarized Financial Statements (LGE Consolidated)*Income Statement2010 1Q Sales Cost of goods sold Gross profit Selling & admin expense Other operating gain (Loss) Operating income (Loss) Financial income (Expense) Investment income (Loss) Net income before tax Tax Profit (Loss) from discontinued operations Net income Controlled shares Noncontrolled shares 13,217 9,807 3,411 2,895 35 481 59 219 759 117 32 675 650 24 100.0% 74.2% 25.8% 21.9% 0.3% 3.6% 0.4% 1.7% 5.7% 0.9% 0.2% 5.1% 2Q 14,410 11,110 3,300 3,185 (11) 126 (270) 210 66 25 815 856 842 14 100.0% 77.1% 22.9% 22.1% -0.1% 0.9% -1.9% 1.5% 0.5% 0.2% 5.7% 5.9% 3Q 13,429 10,555 2,874 3,187 (128) (185) 45 123 (17) (24) 0 8 (6) 14 100.0% 78.6% 21.4% 23.7% -1.0% -1.4% 0.3% 0.9% -0.1% -0.2% 0.0% 0.1% 4Q 14,698 11,982 2,716 2,946 16 (246) (54) (74) (374) (117) 0 (256) (260) 3 100.0% 81.5% 18.5% 20.0% 0.1% -1.7% -0.4% -0.5% -2.5% -0.8% 0.0% -1.7% Total 55,754 43,453 12,301 12,213 (88) 176 (219) 477 435 0 848 1,282 1,227 55 100.0% 77.9% 22.1% 21.9% -0.2% 0.3% -0.4% 0.9% 0.8% 0.0% 1.5% 2.3% 1Q 13,160 10,195 2,965 2,896 (61) 131 (37) (55) 38 54 0 (16) (30) 14(Unit : KRW bn)2011 2Q 100.0% 77.5% 22.5% 22.0% -0.5% 1.0% -0.3% -0.4% 0.3% 0.4% 0.0% -0.1% 14,385 11,078 3,307 3,193 (44) 158 (38) 29 150 41 0 108 98 11 100.0% 77.0% 23.0% 22.2% -0.3% 1.1% -0.3% 0.2% 1.0% 0.3% 0.0% 0.8%* Since this is not an audited nor reviewed report, content may be changed in the future if an auditor has a concern. * Profit from LG Innotek being excluded from the consolidation of LGE has been indicated as “Profit (Loss) from discontinued operations”14Appendix Summarized Financial Statements (LGE Consolidated) *Balance Sheet (Unit : KRW bn)1Q 2Q 3Q 4Q1Q 2Q Assets 33,79434,03633,82232,31833,53433,845Current Assets 18,40918,63518,19516,51517,66017,534Cash and cash equivalents 1,9771,6841,7851,9442,2122,243Accounts receivable 8,0428,6297,4777,0027,3767,512Inventory 6,0116,3797,0255,8726,3766,091Other 2,3791,9431,9081,6961,6971,688Non-current Assets 15,38615,40115,62715,80415,87416,310Investment 4,5126,0636,1586,0085,8685,889PP&E 7,7366,2566,3266,5006,6456,810Intangible assets 820758773763766881Other 2,3182,3232,3712,5322,5942,731Liabilities 21,13920,77420,73819,45920,80221,101Accounts payable 6,7286,7076,1745,8246,3676,320Debt 6,9077,0837,7237,1937,7217,764Other 7,5056,9846,8426,4426,7147,017Equity 12,65513,26113,08412,86012,73212,7442011201015* 1Q10 numbers are based on a consolidated basis including LG Innotek * Since this is not an audited nor reviewed report, content may be changed in the future if an auditor has a concern.Divisional Sales (LGE Consolidated)*Appendix (Unit : KRW bn)QoQ YoY Sales 5,5485,7275,7726,64823,6955,2805,4203%-5%Op. Income 150-2686-651458290(%) 2.7%-0.5% 1.5%-1.0%0.6% 1.6% 1.7%Sales 3,1723,4033,0203,38112,9752,9093,24612%-5%Op. Income 29-119-303-261-654-101-54(%)0.9%-3.5%-10.0%-7.7%-5.0%-3.5%-1.7%Handset Sales 3,1403,3732,9713,32812,8112,8523,20012%-5%Op. Income 28-120-304-262-658-101-55(%)0.9%-3.5%-10.2%-7.9%-5.1%-3.5%-1.7%Sales 2,3812,7222,7502,81910,6732,6992,8857%6%Op. Income 207185677853810351(%)8.7% 6.8% 2.4% 2.8% 5.0% 3.8% 1.8%Sales 1,1721,6281,1079134,8201,4521,87629%15%Op. Income 4359-5210603944(%) 3.7% 3.6%-4.7% 1.1% 1.2% 2.7% 2.3%Others Sales 9449297809373,59182195817%3%Op. Income 532717-888727Total Sales 13,21714,41013,42914,69855,75413,16014,3859%0%Op. Income 481126-185-246176131158(%) 3.6%0.9%-1.4%-1.7%0.3% 1.0% 1.1%2Q'11'10 Total 1Q'114Q'101Q'102Q'103Q'10Home Appliance Air Conditioning & Energy Solution Home Entertainment Mobile Communications * Since this is not an audited nor reviewed report, content may be changed in the future if an auditor has a concern.* Others include independent business unit earnings, other subsidiaries’earnings, internal transactions, etc.16。