Display apparatus and method of manufacturing same

A display apparatus, comprising:

• a flexible substrate including a display area, a penetrating hole area, and a peripheral area adjacent to the penetrating hole area, and a first penetrating portion corresponding to the penetrating hole area;
• a thin-film transistor unit in the display area and at least a portion of the peripheral area, the thin-film transistor unit including a thin-film transistor and an insulation layer and having a second penetrating portion corresponding to the penetrating hole area;
• a light-emitting unit on the thin-film transistor unit and including a pixel electrode, an intermediate layer, and a counter electrode;
• and
• at least one hole in the peripheral area, the at least one hole surrounding the penetrating hole area,
• wherein at least a portion of the intermediate layer is disposed in the at least one hole.