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LG Reports 2014 Financial Results; Net Profit Soars 125 Percent

Tuesday, February 3rd, 2015

Uploaded 2015-01-29 Country Korea Division Corporate Product Corporate/Brand

SEOUL /KARACHI, February 03, 2015 ― LG Electronics Inc. (LG) today announced net profit of KRW 501.40 billion (USD 474.81 million) for full-year 2014, an increase of 125 percent over 2013 net profit. Operating profit increased significantly in 2014 to KRW 1.83 trillion (USD 1.73 billion) from KRW 1.25 trillion (USD 1.14 billion) in 2013, an increase of 46 percent. Full-year consolidated revenue of KRW 59.04 trillion (USD 55.91 billion) was mainly boosted by a 24 percent increase in smartphone shipments.

Fourth-quarter 2014 consolidated revenue was KRW 15.27 trillion (USD 14.06 billion) with an operating profit of KRW 275.1 billion (USD 253.31 million), an increase of 28 percent from the same period the previ-ous year. Net profit for the fourth quarter ending Dec. 31, 2014 showed a net loss of KRW 205.7 billion (USD 189.41 million) primarily due to the write-off resulting from the closure of LG’s plasma TV operations.

The LG Home Entertainment Company reported full-year operating profit of KRW 509 billion (USD 482.01 million), an increase of 31 percent year-on-year while full-year revenue increased slightly to 19.38 trillion (USD 18.35 billion). Fourth-quarter revenue increased 20 percent quarter-on-quarter to KRW 5.43 trillion (USD 5.00 billion) as a result of increased TV demand during the peak selling season in Europe, CIS and North America. Despite higher competition and weaker currency movements in emerging markets, the company is optimistic that the premium segment ― OLED and ULTRA HD TVs ― will continue to grow, along with the digital signage industry.

The LG Mobile Communications Company reported a 16 percent increase in annual revenue to KRW 15.06 trillion (USD 14.26 billion) with help from North America, where shipments increased 78 percent during the fourth quarter of 2014 from the previous year. Fourth-quarter revenue of 3.78 trillion (USD 3.48 billion) was 5 percent higher than the same period in 2013. A total of 59.1 million smartphones were shipped in 2014, an increase of 24 percent from the previous year, among 78.2 million mobile handsets sold last year. Expecting a challenging year ahead with greater competition globally from various manufacturers, LG will concentrate on improving its brand power, operating more efficiently, and focusing on selective key markets.

The LG Home Appliance Company reported full-year 2014 sales of KRW 11.54 trillion (USD 10.93 billion) where the company saw stronger sales in Europe and emerging markets such as the Middle East, Africa and Southeast Asia, offsetting somewhat slower sales in North America. Fourth-quarter revenue of 2.88 trillion (USD 2.65 billion) was up slightly from the same period 2013 while operating profit of KRW 85 billion (USD 78.27 million) was 64 percent higher quarter-on-quarter and up 2 percent from the same period the previ-ous year. The company will respond to the expected sluggish overall demand this year by innovating in en-ergy efficient products and improving cost competitiveness.

The LG Air Conditioning & Energy Solutions Company reported full-year revenue of KRW 4.56 trillion (USD 4.32 billion) and operating profit of KRW 255.1 billion (USD 241.57 million). Fourth-quarter sales of KRW 781.4 billion (USD 719.52 million) increased 9 percent from the same period in 2013, primarily due to in-cremental growth of commercial air-conditioners. LG plans to overcome the uncertainty of the global econ-omy by improving cost and product competitiveness with more energy-efficient products.

2014 4Q Exchange Rates Explained

LG Electronics’ unaudited quarterly earnings results are based on IFRS (International Financial Reporting Standards) for the three-month period starting January 1, 2014. Amounts in Korean won (KRW) are translat-ed into U.S. dollars (USD) at the average rate of the three-month period of each corresponding quarter ― KRW 1,086 per USD (2014 4Q) and KRW 1,062 per USD (2013 4Q). Average rate of the twelve-month period in 2014 was KRW 1,056 per USD.

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Coca-Cola Book Bank at KLF2015 to collect books for TCF

Tuesday, February 3rd, 2015

Karachi, February 03, 2015: Coca-Cola Pakistan will be enhancing its involvement with the Karachi Literature Festival this year, by setting up a Book Bank during KLF 2015 that will collect donations of books by visitors and share complimentary Coke products. All books collected during the Festival will be reviewed by The Citizens Foundation (TCF), and all books found suitable for TCF students will be taken over by the Foundation. Other books will be sold off in the market and the proceeds will also be donated to TCF. For this Book Bank activity, old glass-fronted coolers, not in use any more, will be refurbished to serve as bookshelves to collect all donated books.

With KLF 2015, Coca-Cola’s support to the festival enters its third consecutive year. The Company remains the sponsor of the KLF – Coca-Cola Prize for the best book in English language by a Pakistani author. The yearly sponsorship has also included an honorarium for the judges, and complimentary availability of the Company’s drinks for thousands of visitors to the KLF throughout its duration.

“We have absolutely no doubt that the wider spread of education and learning is a fundamental pre-requisite for Pakistan to progress and be able to counter negative forces in our society,” stated Rizwan U. Khan, General Manager of Coca-Cola, Pakistan & Afghanistan, and added: “As such, we as a company, are deeply committed to support and partner with, organizations and initiatives like the KLF and the TCF that are tirelessly working for education promotion, especially for the less privileged. I encourage you all to please vigorously support the Book Bank activity.”

Coca-Cola Pakistan has previously also sponsored the complete construction of a TCF school in flood-affected Muzaffargarh district, and is also bearing the operational costs of the school for 3 years. Its ongoing support to education also extends to the CARE Foundation and to government schools, under the Adopt-a-School programme.

About The Coca-Cola Company
The Coca-Cola Company (NYSE: KO) is the world’s largest beverage company, refreshing consumers with more than 500 sparkling and still brands. Led by Coca-Cola, one of the world’s most valuable and recognizable brands, our Company’s portfolio features 17 billion-dollar brands including Diet Coke, Fanta, Sprite, Coca-Cola Zero, vitaminwater, Powerade, Minute Maid, Simply, Georgia and Del Valle. Globally, we are the No. 1 provider of sparkling beverages, ready-to-drink coffees, and juices and juice drinks. Through the world’s largest beverage distribution system, consumers in more than 200 countries enjoy our beverages at a rate of 1.9 billion servings a day. With an enduring commitment to building sustainable communities, our Company is focused on initiatives that reduce our environmental footprint, support active, healthy living, create a safe, inclusive work environment for our associates, and enhance the economic development of the communities where we operate. Together with our bottling partners, we rank among the world’s top 10 private employers with more than 700,000 system associates. For more information, visit Coca-Cola Journey at www.coca-colacompany.com, follow us on Twitter at twitter.com/CocaColaCo, visit our blog, Coca-Cola Unbottled, at www.coca-colablog.com or find us on LinkedIn at www.linkedin.com/company/the-coca-cola-company.

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Visa Inc. Reports Fiscal First Quarter 2015 Net Income of $1.6 billion or $2.53 per Diluted Share and Announces a Four-for-One Stock Split

Monday, February 9th, 2015

Karachi – February 9, 2015 – Visa Inc. (NYSE:V) today announced financial results for the Company’s fiscal first quarter 2015. Net income for the quarter was $1.6 billion, an increase of 11% over the prior year, or $2.53 per share, an increase of 15% over the prior year. All references to earnings per share assume fully-diluted class A share count unless otherwise noted.

Net operating revenue in the fiscal first quarter of 2015 was $3.4 billion, an increase of 7% nominally or 9% on a constant dollar basis over the prior year, driven by solid growth in service revenues, data processing revenues and international transaction revenues. The strengthening of the U.S. dollar impacted net operating revenues by approximately 2 percentage points of negative growth during the quarter.

“Visa kicked-off fiscal 2015 delivering another solid quarter of revenue and earnings growth. While the challenges of the macro global environment don’t seem to abate, our results have remained consistent and reflect the strength and underlying resilience of our business model,” said Charlie Scharf, Chief Executive Officer of Visa Inc. “Our focus remains squarely on investing in our long-term strategic initiatives, driving new technologies and ways to pay as we continue to work collaboratively with governments, issuers, acquirers, and merchant partners.”

The Company also announces its board of directors has authorized a four-for-one stock split. Trading will begin on a split-adjusted basis on March 19, 2015.

Fiscal First Quarter 2015 Financial Highlights:
Payments volume growth, on a constant dollar basis, for the three months ended September 30, 2014, on which fiscal first quarter service revenue is recognized, was 11% over the prior year at $1.2 trillion.

Payments volume growth, on a constant dollar basis, for the three months ended December 31, 2014, was 11% over the prior year at $1.2 trillion.

Cross-border volume growth, on a constant dollar basis, was 8% for the three months ended December 31, 2014.
Total processed transactions, which represent transactions processed by VisaNet, for the three months ended December 31, 2014, were 17.6 billion, a 10% increase over the prior year.

Fiscal first quarter 2015 service revenues were $1.5 billion, an increase of 8% over the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 9% over the prior year to $1.4 billion. International transaction revenues grew 9% over the prior year to $970 million. Other revenues, which include the Visa Europe licensing fee, were $204 million, an increase of 14% over the prior year. Client incentives, which are a contra revenue item, were $713 million and represent 17.4% of gross revenues.
Total operating expenses were $1.1 billion for the quarter, a 6% increase over the prior year.

The effective tax rate was 30.6% for the quarter ended December 31, 2014.

Cash, cash equivalents, and available-for-sale investment securities were $7.5 billion at December 31, 2014.
The weighted-average number of diluted shares of class A common stock outstanding was 619 million for the quarter ended December 31, 2014.

Notable Events:
During the three months ended December 31, 2014, the Company repurchased 3.1 million shares of class A common stock, at an average price of $259.52per share, using $803 million of cash on hand. From January 1, 2015, through January 27, 2015, the Company repurchased 2.5 million shares of class A common stock, at an average price of $256.31 per share, using $650 million of cash on hand. Fiscal year to date through January 27, 2015, the Company repurchased a total of 5.6 million shares of class A common stock, at an average price of $258.08 per share, using $1.5 billion of cash on hand. The Company has $4.2 billion of remaining funds, authorized by the board of directors, available for share repurchase under the current program.

On January 28, 2015, the board of directors declared a quarterly cash dividend of $0.48 per share of class A common stock (determined in the case of class B and class C common stock on an as-converted basis) payable on March 3, 2015, to all holders of record of the Company’s class A, class B and class C common stock as of February 13, 2015.

In addition, on January 28, 2015, the Company held its 2015 Annual Meeting of Stockholders during which holders of the Company’s class A, B and C common stock at the close of business on December 1, 2014, voted on proposals enumerated in the Company’s proxy statement. All Proposals other than Proposal 5(a) and 5(d) passed.

Also, on January 28, 2015, Visa’s board of directors declared a four-for-one split of its class A common stock. On March 18, 2015, each class A common stockholder of record at the close of business on February 13, 2015 (the “Record Date”), will receive a dividend of three additional shares for every share held on the Record Date. Trading will begin on a split-adjusted basis on March 19, 2015. Holders of class B and C common stock will not receive a stock dividend. Instead, the conversion rate for class B common stock will increase to 1.6483 shares of class A common stock per share of class B common stock, and the conversion rate for class C common stock will increase to 4.0 shares of class A common stock per share of class C common stock. Immediately following the split, the class A, B and C stockholders will retain the same relative ownership percentages that they had prior to the stock split. The stock split will increase the Company’s total as-converted shares of class A common stock outstanding as of March 19, 2015, from approximately 614 million shares to approximately 2.5 billion shares based on the share count as of January 27, 2015.

Financial Outlook:
Visa Inc. reaffirms its financial outlook for the following metrics for fiscal full-year 2015:

  • Annual net revenue growth: Constant dollar revenue growth of low double digits, with an expectation of two percentage points of negative foreign currency impact;
  • Client incentives as a percent of gross revenues: 17.5% to 18.5% range;
  • Annual operating margin: Mid 60s;
  • Tax rate: Low 30s;
  • Annual diluted class A common stock earnings per share growth: Mid teens; and
  • Annual free cash flow greater than $6 billion.

Fiscal full-year 2015 annual diluted earnings per share growth assumes an adjusted basis for fiscal full-year 2014.

Fiscal First Quarter 2015 Earnings Results Conference Call Details: Visa’s executive management team will host a live audio webcast beginning at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to discuss the financial results and business highlights. All interested parties are invited to listen to the live webcast at http://investor.visa.com. A replay of the webcast will be available on the Visa Investor Relations website for 30 days. Investor information, including supplemental financial information, is available on Visa Inc.’s Investor Relations website at http://investor.visa.com.

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LG announces world’s lightest 14-inch ultra PC and all-in-one PC packed with ultra-usability

Wednesday, February 11th, 2015

Light, Integrated and Beautiful Computers from LG to Be Available Starting in Korea

Karachi, February, 11, 2015 ― LG Electronics (LG) will begin rolling out the world’s lightest 14-inch Ultra PC (Model 14Z950) and the world’s first 21:9 curved all-in-one (AIO) PC (Model 29V950) in key markets includ-ing South Korea and countries in South America. The two Ultra PC laptops are super-lightweight and ultra-slim, and the AIO PCs are perfect for customers who need to get things done and look good while doing so.

Lightest 14-inch Ultra PC in the World
The 14-inch Ultra PC can be easily taken anywhere, as it features an extremely lightweight, streamlined design. Even with its 14-inch Full HD IPS panel display, this Ultra PC weighs a scant 980g, about the same as three apples. Currently the lightest 14-inch laptop on the market, this visually striking PC, with its premium metal finish and embossed illuminated graphic on the lid, measures only 13.4 mm at its thickest point. With a long-lasting 10.5 hours of battery life, this is the perfect companion for users on the move. The 14Z950 Ultra PC is powered by Intel’s fifth-generation Core CPU and the HiFi Wolfson chip delivers amazingly clear, high quality sound.

LG_13.3-inch_Ultra_PC_(Model_13Z940)

LG_Curved_All-In-One_PC_(Model_29V950)

LG_Lightest_14-inch_Ultra_PC_(Model_14Z950)1

The 13.3-inch LG Ultra PC (Model 13Z940) also tips the scale at only 980g. Both Ultra PCs are available in several colors to fit any lifestyle and surroundings. Every color accentuates the PC’s compact and svelte de-sign for a classy and stylish look. Both models feature Reader Mode that closely simulates the feel of actual books and newspapers on the laptop’s display The combination of Reader Mode and Full HD IPS significantly reduces eye fatigue, allowing an optimal work experience that is more natural and comfortable.

World’s First 21:9 Curved AIO PC with Superb Usability
LG’s new AIO PC (Model 29V950) is the world’s first 21:9 Curved All-In-One PC. Its 21:9 UltraWide curved screen is visually stunning, complementing its simple and minimalist design. Even though the integrated package boasts a sizable 29-inch screen, the AIO PC is compact enough to fit perfectly even in small spaces. The model employs Intel’s latest fifth-generation Core Processor which packs enough power to ensure smooth performance.

The LG AIO PC can be accessed outside of home through the HOMEDRIVETM. Now anything stored on the computer can be accessed on a mobile device from any location. Files can also be transferred to HOMEDRIVETM from tablets or smartphones. What’s more, the PC also functions as a TV and can switch between modes without needing to reboot. So whether at work or play, the AIO PC will cover everyone’s multimedia needs.

“Through our constant drive to innovate, LG was able to implement our mastery of ultra-lightweight tech-nology to become the first to break the one kilogram barrier for a 14-inch laptop,” said In-kyu Lee, senior vice president and head of the TV and monitor division at the LG Electronics Home Entertainment Company. “This is a great opportunity for us to introduce the new lineup and showcase how LG prioritizes mobility and usability, making us a leader in the industry.”

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LG G3 and Google Cardboard Bring Mobile Virtual Reality to Everyday Life

Tuesday, February 24th, 2015

More Consumers Get Access to Affordable and Powerful VR Experience with LG’s VR for G3 Giveaway

SEOUL / Karachi, Feb. 24, 2015 — LG Electronics (LG) and Google are making virtual reality (VR) more accessible to mainstream consumers. LG today announced a free VR for G3 giveaway for customers who purchase new LG G3 smartphones. LG’s VR for G3 works with Google Cardboard and enables G3 owners to experience a variety of VR-compatible apps and games that they can download on the Google Play store.

Unlike other head-mounted VR devices that are designed with their own processors and displays, VR for G3 takes advantage of the visual and sound capabilities of G3 to offer a ­­lighter and more convenient solution. Thanks to the LG G3’s class-leading Quad HD display, VR for G3 is able to provide users with much sharper image quality for a smoother, more realistic VR experience.

LGE_VR03

VR for G3 features a unique design that leverages the G3’s signature Rear Key layout, compared to other smartphones where the volume rockers are located on the side of the phone. This unique design also means VR for G3 takes full advantage of the flagship phone’s 1W speaker with Boost AMP to provide richer, clearer sound effects that complement the rich visuals. For a more personal experience, VR for G3 can be combined with a Bluetooth headsets such as LG Tone Infinim™ for wireless enjoyment.

The design of VR for G3 is based on the blueprint for Google Cardboard, available online for home DIY fans. The neodymium ring magnet on the side of the VR for G3 works with the magnetic gyroscope sensor in the G3 to select applications and scroll through menus without touching the display. VR for G3 requires no as-sembly other than inserting the phone in the viewer.

“While still in its infancy, this is just the beginning of the virtual reality movement which until recently was expensive and inaccessible to everyday consumers,” said Chris Yie, vice president and head of marketing communications at the LG Electronics Mobile Communications Company. “By leveraging Google Cardboard, not only are regular consumers able to participate in the VR experience, we’ll be able to introduce this technology to future developers who may one day show us how VR can be used to improve our lives.”

“With Google Cardboard, we wanted to create more immersive and delightful experiences for anyone on their mobile devices,” said Andrew Nartker, Product Manager for Google Cardboard. “We are excited about VR for G3, and the rich ecosystem of developers and manufacturers who are innovating with Google Card-board and making VR more easily accessible.”

The VR for G3 promotion will roll out this month in select markets. Purchasers of LG G3 buyers can also download a free VR game, Robobliteration, using the in-box QR code.

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