Edgar Filing: LG.Philips LCD Co., Ltd.

Form 6-K

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 January 2007

LG.Philips LCD 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

Q4 06 Earnings Results

I.	Performance in Q4 2006 – Korean GAAP Consolidated Financial Data

(Unit: KRW B)


Item	Q4 06	Q3 06	Q4 05	QoQ		YoY
Quarterly Results
Revenues	3,065	2,773	2,963	10.5	%	3.4	%
Operating Income	-177	-382	334	—		—
Ordinary Income	-212	-422	309	—		—
Net Income	-174	-321	328	—		—

II.	IR Event of Q4 2006 Earnings Results


1. Provider of Information:		IR Communication team

2. Participants:		Institutional investors, securities analysts, etc.

3. Purpose:		To present Q4 06 Earnings Results of LG.Philips LCD

4. Date & Time:		4:30 p.m. (Korea Time) on January 16, 2007 in Korean 10:00 p.m. (Korea Time) on January 16, 2007 in English

5. Venue & Method:		1) Earnings release conference in Korean:
		- International conference room, 1st floor, Korea Exchange New Building, Seoul

		2) Conference call in English:
		- Please refer to IR homepage of LG.Philips LCD Co., Ltd. at www.lgphilips-lcd.com

6. Contact Information

1) Head of Disclosure: Dong Joo Kim, Vice President, Finance & Risk Management Department (82-2-3777-0702)

2) Main Contact for Disclosure-related Matters:
Kanghee Kim, Assistant, Financing Team (82-2-3777-1665)

3) Relevant Team: IR Communication team (82-2-3777-1010)

III.

Remarks

Please note that the presentation material for Q4 06 Earnings Results is attached as an appendix and accessible on IR homepage of LG.Philips LCD Co., Ltd. at www.lgphilips-lcd.com.

Please note that the financial data included in the investor presentation and press release are prepared on a consolidated Korean GAAP basis only (US GAAP consolidated and Korean GAAP non-consolidated information are stated below).

Financial data for Q4 06 are unaudited. They are provided for the convenience of investors and can be subject to change.

The following US GAAP consolidated information and Korean GAAP non-consolidated information are included for the convenience of investors.

US GAAP consolidated information

(Unit: KRW B)


Item	Q4 06	Q3 06	Q4 05	QoQ		YoY
Quarterly Results
Revenues	3,065	2,773	2,963	10.5	%	3.5	%
Operating Income	-172	-378	328	—		—
Ordinary Income	-186	-408	334	—		—
Net Income	-145	-307	360	—		—

Korean GAAP non-consolidated information

(Unit: KRW B)


Item	Q4 06	Q3 06	Q4 05	QoQ		YoY
Quarterly Results
Revenues	2,967	2,730	2,675	8.7	%	10.9	%
Operating Income	-151	-384	339	—		—
Ordinary Income	-207	-426	315	—		—
Net Income	-174	-321	328	—		—

Attached: 1) Press Release

2) Presentation Material

Attachment 1. Press Release

LG.PHILIPS LCD REPORTS FOURTH QUARTER 2006 RESULTS

SEOUL, Korea – January 16, 2007 – LG.Philips LCD [NYSE: LPL, KRX: 034220], one of the world’s leading TFT-LCD manufacturers, today reported unaudited earnings results based on consolidated Korean GAAP for the three-month period ended December 31, 2006. Amounts in Korean Won (KRW) are translated into US dollars (USD) at the noon buying rate in effect on December 29, 2006, which was KRW 930.00 per US dollar.

•

Sales in the fourth quarter of 2006 increased by 11% to KRW 3,065 billion (USD 3,296 million) from sales of KRW 2,773 billion (USD 2,982 million) in the third quarter of 2006 and increased 3% compared to KRW 2,963 billion (USD 3,186 million) in the fourth quarter of 2005.

•

Operating loss in the fourth quarter of 2006 was KRW 177 billion (USD 190 million) compared to an operating loss of KRW 382 billion (USD 411 million) in the third quarter of 2006, and an operating profit of KRW 334 billion (USD 359 million) in the fourth quarter of 2005.

•

EBITDA in the fourth quarter of 2006 was KRW 559 billion (USD 601 million), an increase of 89% from KRW 295 billion (USD 317 million) in the third quarter of 2006 and a year-over-year decline of 32% from KRW 824 billion (USD 886 million) in the fourth quarter of 2005.

•

Net income in the fourth quarter of 2006 was a loss of KRW 174 billion (USD 187 million) compared to a loss of KRW 321 billion (USD 345 million) in the third quarter of 2006 and a profit of KRW 328 billion (USD 353 million) in the fourth quarter of 2005.

Ron Wirahadiraksa, CFO of LG.Philips LCD, said, “We are encouraged by our performance this quarter and the results of the enhanced cost reduction initiatives we are implementing. During the fourth quarter, we were able to reduce our COGS per square meter in KRW by 10% sequentially. In addition, we maintained finished goods inventory levels at slightly under three weeks at the end of the quarter. Further, the increasing number of long-term supply agreements we have secured, reflects our continued focus on closer customer collaboration as we head into a challenging market environment in 2007.”

“Responding to the needs of our customers and a rapidly evolving global business environment remains a key focus of LG.Philips LCD,” Mr. Wirahadiraksa continued. “We believe our strategy is strong and that the new leadership team, announced in late December, will further enhance the Company’s global standing and business capabilities.”

Fourth Quarter Financial Review

Revenue and Cost

Revenue in the three-month period ended December 31, 2006, increased by 3% to KRW 3,065 billion (USD 3,296 million) from KRW 2,963 billion (USD 3,186 million) in the corresponding period of 2005. TFT-LCD panels for TVs, desktop monitors, notebook computers and other applications accounted for 48%, 27%, 21% and 4%, respectively, on a revenue basis in the fourth quarter of 2006.

Overall, the Company shipped a total of 2.3 million square meters of net display area in the fourth quarter of 2006, a 14% increase quarter-on-quarter, with an average selling price per square meter of USD 1,414. This represents a decrease in the average selling price per square meter of net display area of approximately 3% compared to the end of the third quarter of 2006 and an average decrease of 1% from the third quarter of 2006.

The total cost of goods sold increased 2% sequentially to KRW 3,090 billion (USD 3,323 million), and increased 26% year-over-year driven by shipment growth. The cost of goods sold per square meter of net display area shipped was KRW 1.4 million (USD 1,460) for the fourth quarter of 2006, down 10% from the third quarter of 2006.

Liquidity

As of December 31, 2006, LG.Philips LCD had KRW 954 billion (USD 1,026 million) of cash and cash equivalents. Total debt was KRW 4,121 billion (USD 4,431 million), and the net debt-to-equity ratio was 46% as of December 31, 2006, compared to 57% as of September 30, 2006.

Capital Spending

Capital expenditures in the fourth quarter of 2006 were KRW 324 billion (USD 348 million) compared to KRW 1,396 billion (USD 1,501 million) in the fourth quarter of 2005, and were primarily invested in Gen 5.5, the Poland module plant, the enhancement of production efficiency, and the maintenance of existing facilities.

Utilization and Capacity

Total input capacity on an area basis increased approximately 17% sequentially in the fourth quarter, mainly attributable to the ramp up of P7, which currently averages 78,000 input sheets per month.

Outlook

The following expectations are based on current information as of January 16, 2007. The Company does not expect to update its expectations until next quarter’s earnings announcement. However, the Company may update its full business outlook, or any portion thereof, at any time for any reason.

“For the first quarter of 2007, we anticipate a mid-single digit decrease percentage in total area shipments sequentially, where TV decreases by a high-teens and IT increases by a mid-single digit percentage,” commented Mr. Wirahadiraksa. “We anticipate both the ASP per square meter at the end of the first quarter of 2007 as well as the average ASP during the quarter to decline by a low-teens percentage, which is the same for both TV and IT.”

Mr. Wirahadiraksa continued, “Our COGS reduction per square meter is expected to be a mid-single digit percentage in the first quarter. Accordingly, our EBITDA margin for the first quarter of 2007 is expected to be a mid-teens percentage. Looking forward to 2007, we anticipate continued progress in our cost reduction efforts and expect that these strategies will reduce costs by 25 to 30 percent.”

“Our CAPEX guidance for 2007 remains at approximately KRW 1 trillion. Our 2007 CAPEX will be utilized for future production facilities, production efficiency enhancement and existing facility maintenance, thereby providing us with more operational flexibility,” Mr. Wirahadiraksa concluded.

Earnings Conference and Conference Call

LG.Philips LCD will hold a Korean language earnings conference on January 16, 2007, at 4:30 p.m. Korea Standard Time on the 1st floor, in the International Conference Room of the Korea Exchange Building (KRX). An English language conference call will follow at 10:00 p.m. Korea Standard Time, 8:00 a.m. EST and 1:00 p.m. GMT. The call-in number is +82 (0)31-810-3001 for both callers in Korea and callers outside of Korea. The confirmation number is 3777. Corresponding slides will be available at the Investor Relations section of the LG.Philips LCD web site: http://www.lgphilips-lcd.com

Investors can listen to the conference call via the Internet at http://www.lgphilips-lcd.com. To listen to the live call, please go to the Investor Relations section of the web site at least 15 minutes prior to the call to register and install any necessary audio software.

For those who are unable to participate in the call, a replay will be available for 30 days after the call. The call-in number is 031-810-3100 for callers in Korea and +82-31-810-3100 for callers outside of Korea. The confirmation number for the replay is 76999#.

About LG.Philips LCD

LG.Philips LCD Co., Ltd [NYSE: LPL, KRX: 034220] is a leading manufacturer and supplier of thin-film transistor liquid crystal display (TFT-LCD) panels. The Company manufactures TFT-LCD panels in a wide range of sizes and specifications for use in TVs, monitors, notebook PCs, and various applications. LG.Philips LCD currently operates seven fabrication facilities and four back-end assembly facilities in Korea, China and Poland. In addition, LG.Philips LCD has sales and representative offices in ten countries and has approximately 21,000 employees globally. Please visit http://www.lgphilips-lcd.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 Contacts:*

C.H. Lee [Korea]		Joshua Hochberg [USA]
LG.Philips LCD		Sloane & Company
Tel: +822-3777-1010		Tel: +1-212-446-1892
Email: ch.lee@lgphilips-lcd.com		Email: jhochberg@sloanepr.com

*Media Contacts:*

Elliot Sloane [USA]		Sue Kim [Korea]
Sloane & Company		LG.Philips LCD
Tel: +1-212-446-1860		Tel: +822-3777-0970
Email: ESloane@sloanepr.com		Email: sue.kim@lgphilips-lcd.com

LG.Philips LCD

CONSOLIDATED STATEMENTS OF INCOME

( In millions of KRW)

(The financial statements are based on unaudited Korean GAAP)


	2006								2005
	Three months ended Dec 31				Twelve months ended Dec 31				Three months ended Dec 31				Twelve months ended Dec 31
REVENUES	3,065,294		100	%	10,624,200		100	%	2,962,697		100	%	10,075,580		100	%
Cost of goods sold	(3,090,235	)	-101	%	(10,932,316	)	-103	%	(2,456,670	)	-83	%	(9,094,711	)	-90	%

GROSS PROFIT	(24,941	)	-1	%	(308,116	)	-3	%	506,027		17	%	980,869		10	%

Selling, general & administrative	(151,647	)	-5	%	(570,922	)	-5	%	(171,643	)	-6	%	(511,172	)	-5	%

OPERATING INCOME	(176,588	)	-6	%	(879,038	)	-8	%	334,384		11	%	469,697		5	%

Interest income	5,773		0	%	29,309		0	%	14,135		0	%	50,622		1	%
Interest expense	(53,440	)	-2	%	(179,199	)	-2	%	(26,253	)	-1	%	(104,928	)	-1	%
Foreign exchange gain (loss),net	4,469		0	%	3,426		0	%	(9,461	)	0	%	(30,500	)	0	%
Others, net	7,947		0	%	4,026		0	%	(4,253	)	0	%	(16,196	)	0	%

Total other income (expense)	(35,251	)	-1	%	(142,438	)	-1	%	(25,832	)	-1	%	(101,002	)	-1	%

INCOME BEFORE TAX	(211,839	)	-7	%	(1,021,476	)	-10	%	308,552		10	%	368,695		4	%

Income tax (expense) benefit	37,494		1	%	252,163		2	%	19,274		1	%	148,317		1	%

NET INCOME(LOSS)	(174,345	)	-6	%	(769,313	)	-7	%	327,826		11	%	517,012		5	%

- These financial statements are provided for informational purposes only.

LG.Philips LCD

CONSOLIDATED BALANCE SHEET

( In millions of KRW)

(The financial statements are based on unaudited Korean GAAP)


	2006								2005
	Dec 31				Sep 30				Dec 31				Sep 30
ASSETS
Current assets:
Cash and cash equivalents	954,362		7	%	471,747		3	%	1,579,452		12	%	2,129,456		16	%
Trade accounts and notes receivable	859,300		6	%	1,330,539		10	%	1,266,899		9	%	1,307,958		10	%
Inventories	1,052,705		8	%	1,148,286		8	%	690,785		5	%	724,954		5	%
Other current assets	288,260		2	%	320,707		2	%	308,932		2	%	248,701		2	%
Total current assets	3,154,627		23	%	3,271,279		24	%	3,846,068		28	%	4,411,069		33	%

Investments and other non-current assets	781,287		6	%	703,452		5	%	469,109		3	%	413,959		3	%
Property, plant and equipment, net	9,428,048		70	%	9,578,309		70	%	9,199,599		67	%	8,548,527		63	%
Intangible assets, net	123,825		1	%	181,576		1	%	159,306		1	%	167,933		1	%

Total assets	13,487,787		100	%	13,734,616		100	%	13,674,082		100	%	13,541,488		100	%

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:

Short-term debt	813,735		6	%	672,720		5	%	749,809		5	%	794,504		6	%
Trade accounts and notes payable	949,436		7	%	881,443		6	%	693,588		5	%	730,003		5	%
Other payables and accrued liabilities	1,445,618		11	%	1,230,405		9	%	1,695,439		12	%	1,816,328		13	%

Total current liabilities	3,208,789		24	%	2,784,568		20	%	3,138,836		23	%	3,340,835		25	%

Long-term debt	3,306,988		25	%	3,806,675		28	%	2,815,969		21	%	2,822,930		21	%
Other non-current liabilities	82,334		1	%	71,812		1	%	43,681		0	%	59,528		0	%

Total liabilities	6,598,111		49	%	6,663,055		49	%	5,998,486		44	%	6,223,293		46	%

Common stock and additional paid-in capital	4,064,250		30	%	4,064,250		30	%	4,068,328		30	%	4,069,499		30	%
Retained earnings	2,839,373		21	%	3,013,718		22	%	3,608,686		26	%	3,280,838		24	%
Capital adjustment	(13,947	)	0	%	(6,407	)	0	%	(1,418	)	0	%	(32,142	)	0	%
Shareholders’ equity	6,889,676		51	%	7,071,561		51	%	7,675,596		56	%	7,318,195		54	%

Total liabilities and shareholders’ equity	13,487,787		100	%	13,734,616		100	%	13,674,082		100	%	13,541,488		100	%

- These financial statements are provided for informational purposes only.

LG.Philips LCD

CONSOLIDATED STATEMENTS OF CASH FLOW

(In millions of KRW)

(The financial statements are based on unaudited Korean GAAP)


	2006				2005
	Three months ended Dec 31		Twelve months ended Dec 31		Three months ended Dec 31		Twelve months ended Dec 31
Net Income	(174,345	)	(769,313	)	327,826		517,012
Depreciation	715,314		2,593,439		492,179		1,746,901
Amortization	7,456		45,410		11,196		45,421
Others	24,518		80,253		(9,512	)	68,877

Operating Cash Flow	572,943		1,949,789		821,689		2,378,211
Net Change in Working Capital	598,922		(84,289	)	67,569		(269,795	)

Change in accounts receivable	483,584		409,123		5,807		(398,445	)
Change in inventory	95,582		(361,919	)	34,097		114,503
Change in accounts payable	63,038		256,642		(27,506	)	122,926
Change in others	(43,282	)	(388,135	)	55,171		(108,779	)

Cash Flow from Operation	1,171,865		1,865,500		889,258		2,108,416
Capital Expenditures	(324,404	)	(3,067,195	)	(1,396,205	)	(4,197,874	)

Acquisition of property, plant and equipment	(330,887	)	(3,075,985	)	(1,379,631	)	(4,166,151	)
(Delivery)	(521,337	)	(2,833,983	)	(1,141,287	)	(4,419,223	)
(Other account payables)	190,450		(242,002	)	(238,344	)	253,072
Intangible assets investment	(2,888	)	(8,251	)	(2,557	)	(12,704	)
Others	9,371		17,041		(14,017	)	(19,019	)

Cash Flow before Financing	847,461		(1,201,695	)	(506,947	)	(2,089,458	)
Cash Flow from Financing Activities	(364,846	)	576,605		(43,219	)	906,329
Proceeds from Issuance of common stock	0		0		162		1,401,342

Net Cash Flow	482,615		(625,090	)	(550,004	)	218,213

- These financial statements are provided for informational purposes only.

LG.Philips LCD

CONSOLIDATED STATEMENTS OF INCOME

(In millions of KRW)

(The financial statements are based on unaudited US GAAP)


	2006								2005
	Three months ended Dec 31				Twelve months ended Dec 31				Three months ended Dec 31				Twelve months ended Dec 31
REVENUES	3,065,294		100	%	10,624,200		100	%	2,962,697		100	%	10,075,580		100	%
Cost of goods sold	(3,076,094	)	-100	%	(10,910,267	)	-103	%	(2,456,269	)	-83	%	(9,069,848	)	-90	%

GROSS PROFIT	(10,800	)	0	%	(286,067	)	-3	%	506,428		17	%	1,005,732		10	%

Selling, general & administrative	(160,921	)	-5	%	(595,781	)	-6	%	(178,037	)	-6	%	(528,084	)	-5	%

OPERATING INCOME	(171,721	)	-6	%	(881,848	)	-8	%	328,391		11	%	477,648		5	%

Interest income	5,773		0	%	29,309				14,135		0	%	50,622		1	%
Interest expense	(51,926	)	-2	%	(169,598	)	-2	%	(26,391	)	-1	%	(107,540	)	-1	%
Foreign exchange gain (loss), net	16,699		1	%	52,400		0	%	9,409		0	%	(23,607	)	0	%
Others, net	14,988		0	%	34,855		0	%	8,334		0	%	7,807		0	%

Total other income (expense)	(14,466	)	0	%	(53,034	)	0	%	5,487		0	%	(72,718	)	-1	%

INCOME BEFORE TAX	(186,187	)	-6	%	(934,882	)	-9	%	333,878		11	%	404,930		4	%

Income tax (expense) benefit	41,426		1	%	242,103		2	%	25,837		1	%	136,719		1	%

NET INCOME(LOSS)	(144,761	)	-5	%	(692,779	)	-7	%	359,715		12	%	541,649		5	%

- These financial statements are provided for informational purposes only.

LG.Philips LCD

CONSOLIDATED BALANCE SHEETS

(In millions of KRW)

(The financial statements are based on unaudited US GAAP)


	2006								2005
	Dec 31				Sep 30				Dec 31				Sep 30
ASSETS
Current assets:
Cash and cash equivalents	954,362		7	%	471,747		3	%	1,579,452		12	%	2,129,456		16	%
Trade accounts and notes receivable	859,300		6	%	1,330,539		10	%	1,266,899		9	%	1,307,957		10	%
Inventories	1,051,590		8	%	1,147,575		8	%	689,577		5	%	723,917		5	%
Other current assets	289,050		2	%	326,424		2	%	310,837		2	%	248,029		2	%
Total current assets	3,154,302		23	%	3,276,285		24	%	3,846,765		28	%	4,409,359		33	%

Investments and other non-current assets	794,998		6	%	710,701		5	%	492,311		4	%	434,719		3	%
Property, plant and equipment, net	9,485,148		70	%	9,663,242		71	%	9,234,104		68	%	8,578,817		64	%
Intangible assets, net	61,911		0	%	45,380		0	%	43,374		0	%	42,341		0	%

Total assets	13,496,359		100	%	13,695,608		100	%	13,616,554		100	%	13,465,236		100	%

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt	814,776		6	%	672,853		5	%	751,109		6	%	794,690		6	%
Trade accounts and notes payable	949,436		7	%	881,443		6	%	733,588		5	%	730,003		5	%
Other payables and accrued liabilities	1,482,955		11	%	1,236,235		9	%	1,660,262		12	%	1,820,553		14	%

Total current liabilities	3,247,167		24	%	2,790,531		20	%	3,144,959		23	%	3,345,246		25	%

Long-term debt	3,291,065		24	%	3,801,984		28	%	2,851,353		21	%	2,875,674		21	%
Other non-current liabilities	84,557		1	%	75,560		1	%	46,040		0	%	61,138		0	%

Total liabilities	6,622,789		49	%	6,668,075		49	%	6,042,352		44	%	6,282,058		47	%

Common stock and additional paid-in capital	4,036,025		30	%	4,035,331		29	%	4,032,878		30	%	4,032,294		30	%
Retained earnings	2,849,913		21	%	2,994,673		22	%	3,542,691		26	%	3,182,976		24	%
Capital adjustment	(12,368	)	0	%	(2,471	)	0	%	(1,367	)	0	%	(32,092	)	0	%
Shareholders’ equity	6,873,570		51	%	7,027,533		51	%	7,574,202		56	%	7,183,178		53	%

Total liabilities and shareholders’ equity	13,496,359		100	%	13,695,608		100	%	13,616,554		100	%	13,465,236		100	%

- These financial statements are provided for informational purposes only.

LG.Philips LCD

CONSOLIDATED STATEMENTS OF CASH FLOW

(In millions of KRW)

(The financial statements are based on unaudited US GAAP)


	2006				2005
	Three months ended Dec 31		Twelve months ended Dec 31		Three months ended Dec 31		Twelve months ended Dec 31
Net Income	(144,761	)	(692,779	)	359,715		541,649
Depreciation	710,783		2,597,479		492,550		1,748,385
Amortization	1,788		6,766		1,536		6,778
Others	17,499		19,560		(27,868	)	81,442

Operating Cash Flow	585,309		1,931,026		825,933		2,378,254
Net Change in Working Capital	586,556		(65,526	)	63,325		(269,838	)

Change in accounts receivable	483,584		409,123		56,108		(400,838	)
Change in inventory	95,985		(362,013	)	34,267		114,540
Change in accounts payable	83,188		256,642		(27,506	)	121,391
Change in others	(76,201	)	(369,278	)	456		(104,931	)

Cash Flow from Operation	1,171,865		1,865,500		889,258		2,108,416
Capital Expenditures	(324,404	)	(3,067,195	)	(1,396,205	)	(4,197,874	)

Acquisition of property, plant and equipment	(330,887	)	(3,075,985	)	(1,379,631	)	(4,166,151	)
(Delivery)	(521,337	)	(2,833,983	)	(1,141,287	)	(4,419,223	)
(Other account payables)	190,450		(242,002	)	(238,344	)	253,072
Intangible assets investment	(2,888	)	(8,251	)	(2,557	)	(12,704	)
Others	9,371		17,041		(14,017	)	(19,019	)

Cash Flow before Financing	847,461		(1,201,695	)	(506,947	)	(2,089,458	)
Cash Flow from Financing Activities	(364,846	)	576,605		(43,219	)	906,329
Proceeds from Issuance of common stock	0		0		162		1,401,342

Net Cash Flow	482,615		(625,090	)	(550,004	)	218,213

- These financial statements are provided for informational purposes only.

LG.Philips LCD

Net Income Reconciliation to US GAAP

(In millions of KRW)


	2006
	Q4		Q3
Net Income under K GAAP	(174,345	)	(320,966	)
US GAAP Adjustments	29,584		13,475
Depreciation of PP&E	(655	)	(655	)
Amortization of IPR	9,399		9,510
Adjustment of AR discount loss	(1,408	)	1,670
Capitalization of financial interests	2,121		2,767
Pension expense	2,268		509
Income tax effect of US GAAP Adjustments	3,965		(573	)
ESOP	(694	)	(694	)
Convertible bonds (including FX valuation)	9,293		5,467
Stock appreciation right	1,533		(322	)
Cash flow hedge	2,355		(3,884	)
Others	1,407		(320	)

Net Income under US GAAP	(144,761	)	(307,491	)

- These financial statements are provided for informational purposes only (Unaudited).

Q4 06

Earnings Results

January 16, 2007

Attachment 2. Presentation Material

Disclaimer

This presentation contains forward-looking statements. We may also make written or oral forward-looking

statements in our periodic reports to the United States Securities and Exchange Commission and the Korean

Financial Supervisory Service, in our annual report to shareholders, in our proxy statements, in our offering

circulars and prospectuses, in press releases and other written materials and in oral statements made by our

officers, directors or employees to third parties. 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.

caution

you

that

number

important factors could cause actual results to differ materially from those contained in any forward-looking

statement. Such factors include, but are not limited to: our highly competitive environment; the cyclical nature of

our industry; our ability to introduce new products on a timely basis; our dependence on growth in the demand

for our products; our ability to successfully execute our expansion strategy; our dependence on key personnel;

and general economic and political conditions, including those related to the TFT-LCD industry; possible

disruptions in business activities caused by natural and human-induced disasters, including terrorist activity and

armed conflict; and fluctuations in foreign currency exchange rates. Additional information as to these and other

factors that may cause actual results to differ materially from our forward-looking statements can be found in our

filings with the Securities and Exchange Commission.

This presentation also includes information regarding our historical financial performance through

December 31, 2006, and our expectations regarding future performance as reflected in certain non-GAAP financial

measures as defined by United States

Securities and Exchange Commission rules. As required by such rules, we

have provided a reconciliation of those measures to the most directly comparable GAAP measures, which is

available

our

investor

relations

website

http://www.lgphilips-lcd.com

under

the

file

name

Earnings

Presentation.

Agenda

Q4 06 Earnings Results

Performance Highlights

Outlook

Gen 5.5 located in P8

47”W

32”W

37”W

42”W

Q4 06 Earnings Results

Q4 06 Earnings Results

Income Statement

Margin (%)

Q4 06 Q3 06 QoQ

Q4 05 YoY

KRW b

Revenue

COGS

Gross profit

Operating income

EBITDA

Income before tax

Net income

26%

(32%)

11%

89%

Gross margin

Operating margin

EBITDA margin

Net margin

Source: Unaudited, Company financials

K GAAP (Consolidated)

(18)

(17)

(10)

(17)

(1)

(6)

2,773

3,019

(246)

(382)

295

(422)

(321)

3,065

3,090

(25)

(177)

559

(212)

(174)

2,963

2,457

506

334

824

309

328

(9)

(14)

(12)

YoY

2005

2006

20%

(20%)

(13)

(5)

(12)

10,624

10,932

(308)

(879)

1,767

(1,021)

(769)

10,076

9,095

981

470

2,215

369

517

(3)

(8)

(7)

Balance Sheet

Q4 06 Q3 06 QoQ Q4 05

YoY

KRW b

Assets

Cash and cash equivalents

Inventory

Liabilities

Short-term debt

Long-term debt

Shareholders’

equity

Net debt to equity ratio (%)

(1%)

(40%)

52%

10%

17%

(10%)

(2%)

102%

(8%)

(1%)

21%

(13%)

(3%)

(11)

K GAAP (Consolidated)

Source: Unaudited, Company financials

13,488

954

1,053

6,598

814

3,307

6,890

13,674

1,579

691

5,998

750

2,816

7,676

13,735

472

1,148

6,663

673

3,807

7,072

Cash Flow

Q4 06 Q3 06

QoQ

Q4 05 YoY

KRW b

Net income

Depreciation & Amortization

Others

Net change in working capital

Cash flow from operations

CAPEX

Cash flow before financing

Financing activities

Proceeds from issuance

of common stock

Net change in cash

K GAAP (Consolidated)

Source: Unaudited, Company financials

(321)

672

(34)

322

(908)

(586)

279

(307)

328

503

(10)

889

(1,396)

(507)

(43)

(550)

147

633

850

584

1,434

(645)

789

(502)

219

531

283

1,072

1,355

(323)

1,032

(174)

722

599

1,172

(324)

848

(366)

482

2005 YoY

2006

517

1,792

(270)

2,108

(4,198)

(2,090)

907

1,401

218

(1,286)

846

186

(242)

1,131

889

(331)

(1,401)

(843)

(769)

2,638

(84)

1,866

(3,067)

(1,201)

576

(625)

Performance Highlights

Shipments and ASP

Total K m²

ASP**/m²

(USD)

Source: Company financials

Net display area shipped

** Quarterly average selling price per square meter of net display area shipped

Display area shipment in K m²

ASP per m²

(USD)

1,343

1,274

1,485

1,993

2,275

$2,112

$1,953

$1,598

$1,430

$1,414

1,000

2,000

3,000

4,000

5,000

Q4 05

Q1 06

$1,000

$2,000

Q4 05

Q3 06

Q4 06

Revenue: Product Mix

Source: Company financials

(Based on USD)

Notebooks

Monitors

TVs

Applications

34%

48%

38%

26%

21%

24%

48%

27%

21%

Q4 06 Capacity Update

P7 has

achieved

average

78K

input

sheets

per

month

for

the

quarter

Source: Company financials

Unit: Quarterly input capacity

by Area (K m²

)

P1-P3

1,000

2,000

3,000

Q4 05

Q1 06

412

424

421

409

368

367

359

389

490

487

494

507

929

1,082

1,092

216

452

682

2,199

2,576

2,808

3,079

412

418

534

1,211

1,032

3,607

4,000

Cash ROIC

Source: Unaudited, Company financials

(Invested

Capital)

equals

average

net

debt

and

equity

for

the

designated

period;

Quarterly

ratios

are

annualized

K GAAP (Consolidated)

EBITDA margin

Sales / IC*

Cash ROIC

18%

28%

142%

124%

23%

39%

Q4 05

Q1 06

27%

112%

30%

10%

98%

10%

Q4 05

Q1 06

11%

112%

12%

Q4 05

Q1 06

Outlook

Outlook

Source: Company financials, delivery base

Capex Schedule (KRW b)

549

1,064

1,221

2006

2007

Others

Future production facilities

2,834

566

197

252

1,015

Total Shipments in m²

Q1 07 vs. Q4 06

: Mid-single digit (%)

ASP per m²

shipped

End of Q1 07 vs. End of Q4 06,

Average Q1 07 vs. Average Q4 06 : Low teens (%)

–

TV: Low teens (%)

–

IT: Low teens (%)

COGS per m²

Q1 07 : Mid-single digit (%)

2007 : 25 to 30%

EBITDA Margin

Q1 07 : Mid teens (%)

CAPEX

2007 : Approximately KRW 1 trillion

Questions and Answers

Appendix

US GAAP Income Statement

Margin (%)

Q4 06 Q3 06 QoQ

Q4 05 YoY

KRW b

Revenue

COGS

Gross profit

Operating income

EBITDA

Income before tax

Net income

25%

(65%)

11%

93%

Gross margin

Operating margin

EBITDA margin

Net margin

Source: Unaudited, Company financials

(17)

(9)

(17)

(0)

(6)

(5)

2,773

3,009

(236)

(378)

297

(408)

(307)

3,065

3,076

(11)

(172)

574

(186)

(145)

2,963

2,457

506

328

841

334

360

(9)

(14)

(11)

YoY

2005

2006

20%

(18%)

(13)

(5)

(12)

10,624

10,910

(286)

(882)

1,814

(935)

(693)

10,076

9,070

1,006

478

2,223

405

542

(3)

(8)

(7)

US GAAP Balance Sheet

Q4 06 Q3 06

QoQ

Q4 05 YoY

KRW b

Assets

Cash and cash equivalents

Inventory

Liabilities

Short-term debt

Long-term debt

Shareholders’

equity

Net debt to equity ratio (%)

(1%)

102%

(8%)

(1%)

21%

(13%)

(2%)

(11)

Source: Unaudited, Company financials

13,496

954

1,052

6,623

815

3,291

6,873

13,616

1,579

690

6,042

751

2,851

7,574

13,696

472

1,148

6,668

673

3,802

7,028

(1%)

(40%)

52%

10%

15%

(9%)

US GAAP Cash Flow

Q4 06 Q3 06

QoQ

Q4 05 YoY

KRW b

Net income

Depreciation & Amortization

Others

Net change in working capital

Cash flow from operations

CAPEX

Cash flow before financing

Other financing activities

Proceeds from issuance

of common stock

Net change in cash

Source: Unaudited, Company financials

(307)

664

(36)

322

(908)

(586)

279

(307)

360

494

(28)

889

(1,396)

(507)

(43)

(550)

162

623

850

584

1,434

(645)

789

(505)

219

524

283

1,072

1,355

(323)

1,032

(145)

713

587

1,172

(324)

848

(366)

482

2005

YoY

2006

542

1,755

(270)

2,108

(4,198)

(2,090)

907

1,401

218

(1,235)

849

(60)

204

(242)

1,131

889

(331)

(1,401)

(843)

(693)

2,604

(66)

1,866

(3,067)

(1,201)

576

(625)

Net Income Reconciliation to US GAAP

Source: Unaudited, Company financials

2005

2006

Cash flow hedge

Others

Convertible bonds (including FX valuation)

Stock appreciation right

ESOP

Pension expense

Income tax effect of US GAAP Adjustments

Amortization of IPR

Depreciation of PP&E

Capitalization of financial interests

Adjustment of AR discount loss

Net Income under K GAAP

US GAAP Adjustments

Net Income under US GAAP

Q4 06 Q3 06

KRW b

(174)

(1)

(145)

(321)

(1)

(4)

(1)

(307)

(769)

(3)

(10)

(3)

(2)

(693)

517

(3)

(1)

(12)

(3)

(2)

(1)

542

EBITDA Reconciliation

2,215

1,747

(148)

(51)

105

517

2005

824

492

(19)

(14)

328

Q4 05

295

659

(101)

(5)

(321)

Q3 06

(448)

846

(104)

(1,286)

YoY

1,767

2,593

(252)

(29)

179

(769)

2006

559

715

(38)

(5)

(174)

Q4 06

(265)

(4)

223

(19)

(502)

YoY

264

(6)

147

QoQ

EBITDA(1+2+3+4+5+6+7)

2. Interest Expense

5. Depreciation of PP&E

Provision (benefit) for Income Taxes

7. Amortization of Debt Issuance Cost

6. Amortization of Intangible Asset

1. Net Income

3. Interest Income

K GAAP (KRW bn)

2,223

1,748

(137)

(51)

108

542

2005

841

492

(26)

(14)

360

Q4 05

297

662

(100)

(5)

(307)

Q3 06

(409)

(1)

849

(105)

(1,235)

YoY

1,814

2,597

(242)

(29)

169

(693)

2006

574

711

(41)

(5)

(145)

Q4 06

(267)

219

(15)

(505)

YoY

277

162

QoQ

EBITDA(1+2+3+4+5+6+7)

2. Interest Expense

5. Depreciation of PP&E

Provision (benefit) for Income Taxes

7. Amortization of Debt Issuance Cost

6. Amortization of Intangible Asset

1. Net Income

3. Interest Income

US GAAP (KRW bn)

EBITDA Reconciliation (Continued)

EBITDA is defined as net income (loss) plus: interest income (expense); provision (benefit) for income taxes;

depreciation of property, plant and equipment; amortization of intangible assets; and amortization of debt

issuance cost. EBITDA is a key financial measure used by our senior management to internally evaluate the

performance of our business and for other required or discretionary purposes. Specifically, our significant capital

assets are in different stages of depreciation, and because we do not have separate operating divisions, our

senior management uses EBITDA internally to measure the performance of these assets on a comparable basis.

We also believe that the presentation of EBITDA will enhance an investor’s understanding of our operating

performance as we believe it is commonly reported and widely used by analysts and investors in our industry. It

also provides useful information for comparison on a more comparable basis of our operating performance and

those of our competitors, who follow different accounting policies. For example, depreciation on most of our

equipment is made based on a four-year useful life while most of our competitors use different depreciation

schedules from our own. EBITDA is not a measure determined in accordance with U.S. GAAP. EBITDA should not

be considered as an alternative to operating income, cash flows from operating activities or net income, as

determined in accordance with U.S. GAAP. Our calculation of EBITDA may not be comparable to similarly titled

measures reported by other companies.

LG.Philips LCD makes

Technology you can see!

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.Philips LCD Co., Ltd.
	(Registrant)

Date: January 16, 2007	By:	/s/ Ron H. Wirahadiraksa
		(Signature)

	Name:	Ron H. Wirahadiraksa
	Title:	Joint Representative Director/
		President & Chief Financial Officer