Samsung El.gdr Regulatory News (SMSN)

5 Sep 2007 07:00

Samsung Electronics Co. Ld05 September 2007 Samsung Electronics Co., Ltd.Non-Consolidated Balance SheetsJune 30, 2007 and December 31, 2006 (In millions of Korean won, in thousands of U.S. dollars (Note 3)) 2007 2006 2007 2006 Assets Current assets KRW KRW Cash and cash equivalents 1,941,425 977,989 $ 2,096,571 $1,056,144 Short-term financial instruments 1,406,425 3,335,141 1,518,817 3,601,664 Short-term available-for-sale securities (Note 4) 761,110 2,058,781 821,933 2,223,306 Trade accounts and notes receivable, net of allowance for doubtful accounts (Note 5) 2,021,561 1,842,439 2,183,111 1,989,675 Other accounts and notes receivable, net of allowance for doubtful accounts (Note 5) 554,716 864,669 599,045 933,768 Inventories, net of valuation losses (Note 6) 3,174,486 3,219,474 3,428,171 3,476,754 Short-term deferred income tax assets (Note 21) 1,293,538 1,155,410 1,396,909 1,247,743 Short-term receivables under finance lease (Note 7) 109,189 69,348 117,916 74,890 Prepaid expenses and other current assets 1,351,868 1,190,906 1,459,901 1,286,074 ------------------------------------------------------------------------ Total current assets 12,614,318 14,714,157 13,622,374 15,890,018 Property, plant and equipment, including revaluations, net of accumulated depreciation (Note 10) 29,802,129 28,820,442 32,183,725 31,123,587 Long-term available-for-sale securities (Note 8) 2,106,487 1,148,944 2,274,824 1,240,760 Equity-method investments (Note 9) 12,809,708 11,265,083 13,833,378 12,165,316 Intangible assets, net of accumulated amortization (Note 11) 543,185 522,378 586,593 564,123 Long-term receivables under finance lease (Note 7) 288,836 154,140 311,918 166,458 Long-term deposits and other assets, net (Note 12) 1,085,582 1,183,984 1,172,334 1,278,602 ------------------------------------------------------------------------ Total assets 59,250,245 57,809,128 $63,985,146 $ 62,428,864 ------------------------------------------------------------------------ (In millions of Korean won, in thousands of U.S. dollars (Note 3)) 2007 2006 2007 2006Liabilities and Shareholders' Equity KRW KRW Current liabilities Trade accounts and notes payable 2,158,847 1,869,101 $ 2,331,368 $2,018,468Other accounts and notes payable 2,493,053 3,291,797 2,692,282 3,554,856Accrued expenses (Note 14) 3,022,591 2,873,148 3,264,137 3,102,752Income taxes payable 1,047,401 1,111,233 1,131,103 1,200,036Other current liabilities 605,714 489,736 654,120 528,872 --------------------------------------------------------------------------Total current liabilities 9,327,606 9,635,015 10,073,010 10,404,984 Foreign currency notes and bonds (Note 13) 87,089 87,317 94,049 94,295Long-term advances received 252,975 340,033 273,191 367,206Long-term accrued expenses (Note 14) 28,325 274,527 30,589 296,465Deferred income tax liabilities (Note 21) 1,528,476 1,221,815 1,650,622 1,319,455Accrued severance benefits, net 826,095 620,469 892,111 670,053Other long-term liabilities 386,700 432,368 417,601 466,920 --------------------------------------------------------------------------Total liabilities 12,437,266 12,611,544 13,431,173 13,619,378 -------------------------------------------------------------------------- Commitments and contingencies (Note 15)Shareholders' equity Capital stock (Note 16) Common stock 778,047 778,047 840,224 840,224Preferred stock 119,467 119,467 129,014 129,014Capital surplus Paid-in capital in excess of par value 4,403,893 4,403,893 4,755,824 4,755,824Other capital surplus 1,960,574 1,963,351 2,117,251 2,120,249Capital adjustments Treasury stock (Note 18) (9,242,595) (7,520,023) (9,981,204) (8,120,975)Stock options (Note 19) 504,202 539,153 544,495 582,239Accumulated other comprehensive income (Note 20) 1,656,969 556,924 1,789,382 601,429Retained earnings (Note 17) 46,632,422 44,356,772 50,358,987 47,901,482 --------------------------------------------------------------------------Total shareholders' equity 46,812,979 45,197,584 50,553,973 48,809,486 --------------------------------------------------------------------------Total liabilities & shareholders' equity 59,250,245 57,809,128 $63,985,146 $ 62,428,864 -------------------------------------------------------------------------- Samsung Electronics Co., Ltd.Non-Consolidated Statements of IncomeFor the Three-Month and Six-Month Periods ended June 30, 2007 and 2006 (In millions of Korean won, in thousands of U.S. dollars (Note 3)) For the three-month period ended June 30 --------------------------------------------------------------------- 2007 2006 2007 2006 KRW KRW Sales (Note 26) 14,632,873 14,107,860 $15,802,239 $15,235,270 Cost of sales 11,289,660 10,396,837 12,191,857 11,227,686 --------------------------------------------------------------------- Gross profit 3,343,213 3,711,023 3,610,382 4,007,584 Selling, general and administrative expenses 2,432,540 2,292,984 2,626,934 2,476,224 ---------------------------------------------------------------------Operating profit 910,673 1,418,039 983,448 1,531,360 --------------------------------------------------------------------- Non-operating income Interest and dividend income 43,533 51,514 47,012 55,631Commission income 93,084 66,891 100,523 72,237Gain on disposal of available-for-sale securities 5,538 28,104 5,981 30,350Gain on disposal of property, plant and equipment 8,177 36,040 8,830 38,920Foreign exchange gains 21,222 115,521 22,918 124,753Gain on foreign currency translation 80,079 2,499 86,478 2,699Gain on valuation of equity-method investments 579,366 286,035 625,665 308,893Reversal of allowance for doubtful acoounts 2,303 606 2,487 654Others 93,013 76,952 100,446 83,101 --------------------------------------------------------------------- 926,315 664,162 1,000,340 717,238 --------------------------------------------------------------------- For the six-month period ended June 30 --------------------------------------------------------------------- 2007 2006 2007 2006 KRW KRW Sales (Note 26) 29,018,885 28,067,117 $31,337,889 $ 30,310,062 Cost of sales 22,231,348 20,575,116 24,007,934 22,219,348 --------------------------------------------------------------------- Gross profit 6,787,537 7,492,001 7,329,955 8,090,714 Selling, general and administrative expenses 4,693,757 4,459,976 5,068,853 4,816,389 ---------------------------------------------------------------------Operating profit 2,093,780 3,032,025 2,261,102 3,274,325 --------------------------------------------------------------------- Non-operating income Interest and dividend income 114,491 131,784 123,640 142,315Commission income 161,957 137,498 174,900 148,486Gain on disposal of available-for-sale securities 20,658 35,153 22,309 37,962Gain on disposal of property, plant and equipment 46,935 43,835 50,686 47,338Foreign exchange gains 65,125 193,946 70,329 209,445Gain on foreign currency translation 91,562 98,911 98,879 106,815Gain on valuation of equity-method investments 1,234,453 737,396 1,333,103 796,324Reversal of allowance for doubtful acoounts 2,800 3,368 3,024 3,637Others 163,410 163,984 176,468 177,089 --------------------------------------------------------------------- 1,901,391 1,545,875 2,053,338 1,669,411 --------------------------------------------------------------------- (In millions of Korean won, in thousands of U.S. dollars (Note 3)) For the three-month period ended June 30 --------------------------------------------------------------------- 2007 2006 2007 2006 KRW KRW Non-operating expenses Interest expenses 11,545 11,766 $12,468 $12,706Loss on disposal of trade accounts and notes receivable 62,983 60,522 68,016 65,359Donations 19,456 50,894 21,011 54,961Loss on disposal of available-for-sale securities 1,752 - 1,892 -Loss on disposal of equity method investments 25,142 - 27,151 -Loss on disposal of property, plant and equipment 945 19,058 1,021 20,581Foreign exchange losses 55,060 108,170 59,460 116,814Loss on foreign currency translation 8,959 2,104 9,675 2,272Loss on valuation of equity-method investments 23,751 51,215 25,649 55,308Others 9,078 18,175 9,803 19,628 --------------------------------------------------------------------- 218,671 321,904 236,146 347,629 ---------------------------------------------------------------------Net income before income tax 1,618,317 1,760,297 1,747,642 1,900,969Income tax expense (Note 21) 195,803 263,644 211,450 284,713 ---------------------------------------------------------------------Net income 1,422,514 1,496,653 $1,536,192 $ 1,616,256 ---------------------------------------------------------------------Basic earnings per share (Note 22) 9,740 9,949 $11 $11 (in Korean won and U.S.dollars) ---------------------------------------------------------------------Diluted earnings per share (Note 22) (in Korean won and U.S. dollars) 9,618 9,794 $10 $11 --------------------------------------------------------------------- For the six-month period ended June 30 --------------------------------------------------------------------- 2007 2006 2007 2006 KRW KRW Non-operating expenses Interest expenses 24,132 23,404 $ 26,060 $25,274Loss on disposal of trade accounts and notes receivable 126,407 113,410 136,509 122,473Donations 34,372 73,336 37,119 79,197Loss on disposal of available-for-sale securities 1,752 503 1,892 543Loss on disposal of equity method investments 25,142 - 27,151 -Loss on disposal of property, plant and equipment 21,715 21,489 23,450 23,206Foreign exchange losses 132,823 177,639 143,437 191,835Loss on foreign currency translation 18,216 35,551 19,672 38,392Loss on valuation of equity-method investments 120,398 94,505 130,019 102,057Others 30,998 54,031 33,476 58,349 --------------------------------------------------------------------- 535,955 593,868 578,785 641,326 ---------------------------------------------------------------------Net income before income tax 3,459,216 3,984,032 3,735,655 4,302,410Income tax expense (Note 21) 437,491 605,584 472,453 653,978 ---------------------------------------------------------------------Net income 3,021,725 3,378,448 $3,263,202 $3,648,432 ---------------------------------------------------------------------Basic earnings per share (Note 22) 19,429 22,378 $ 21 $24 (in Korean won and U.S.dollars) ---------------------------------------------------------------------Diluted earnings per share (Note 22) (in Korean won and U.S. dollars) 19,185 22,022 $ 21 $24 --------------------------------------------------------------------- Samsung Electronics Co., Ltd.Non-Consolidated Statements of Cash FlowsFor the Three-Month and Six-Month Periods ended June 30, 2007 and 2006(In millions of Korean won, in thousands of U.S. dollars (Note 3)) For the three-month period ended June 30 --------------------------------------------------------------------- 2007 2006 2007 2006 KRW KRW Cash Flows from operating activities Net income 1,422,514 1,496,653 $1,536,192 $ 1,616,256Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 1,728,309 1,359,761 1,866,424 1,468,424Provision for severance benefits 141,201 156,237 152,485 168,722Loss on disposal of trade accounts and notes receivable 62,983 60,522 68,016 65,359Loss on disposal of property, plant and equipment 945 19,058 1,021 20,581Gain on disposal of property, plant and equipment (8,177) (36,040) (8,830) (38,920)Loss on disposal of available-for-sale securities 1,752 - 1,892 -Gain on disposal of available-for-sale securities (5,538) (28,104) (5,981) (30,350)Loss on foreign currency translation 8,959 2,104 9,675 2,272Gain on foreign currency translation (80,079) (2,499) (86,478) (2,699)Loss on valuation of equity-method investments 23,751 51,215 25,649 55,308Gain on valuation of equity-method investments (475,657) (173,899) (513,668) (187,796)Deferred income taxes (89,912) (20,127) (97,097) (21,735)Others 47,160 71,216 50,928 76,907 --------------------------------------------------------------------- 2,778,211 2,956,097 3,000,228 3,192,329 For the six-month period ended June 30 --------------------------------------------------------------------- 2007 2006 2007 2006 KRW KRW Cash Flows from operating activities Net income 3,021,725 3,378,448 $3,263,202 $ 3,648,432Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 3,390,489 2,644,493 3,661,435 2,855,824Provision for severance benefits 286,490 277,210 309,384 299,363Loss on disposal of trade accounts and notes receivable 126,407 113,410 136,509 122,473Loss on disposal of property, plant and equipment 21,715 21,489 23,450 23,206Gain on disposal of property, plant and equipment (46,935) (43,835) (50,686) (47,338)Loss on disposal of available-for-sale securities 1,752 503 1,892 543Gain on disposal of available-for-sale securities (20,658) (35,153) (22,309) (37,962)Loss on foreign currency translation 18,187 35,551 19,640 38,392Gain on foreign currency translation (91,562) (98,911) (98,879) (106,815)Loss on valuation of equity-method investments 120,398 94,505 130,019 102,057Gain on valuation of equity-method investments (970,127) (487,256) (1,047,653) (526,194)Deferred income taxes (154,448) 15,278 (166,790) 16,499Others 97,965 194,621 105,795 210,173 --------------------------------------------------------------------- 5,801,398 6,110,353 6,265,009 6,598,653 (In millions of Korean won, in thousands of U.S. dollars (Note 3)) For the three-month period ended June 30 --------------------------------------------------------------------- 2007 2006 2007 2006 Changes in opearting assets and liabilities KRW KRW Decrease (increase) in trade accounts and notes receivable 156,288 (409,361) $168,778 $ (442,075)Decrease (increase) in other accounts and notes receivable 60,563 (90,457) 65,403 (97,686)Decrease (increase) in inventories 16,510 (56,834) 17,829 (61,376)Increase (decrease) in trade accounts and notes payable 7,232 (56,419) 7,810 (60,928)Decrease in other accounts and notes payable (569,846) (172,267) (615,384) (186,033)Increase (decrease) in accrued expenses 396,782 423,250 428,490 457,073Increase (decrease) in income taxes payable 144,125 (215,914) 155,643 (233,168)Payment of severance benefits (43,629) (32,483) (47,116) (35,079)Others 188,293 146,836 203,340 158,571 ---------------------------------------------------------------------Net cash provided by operating activities 3,134,529 2,492,448 3,385,021 2,691,628 --------------------------------------------------------------------- For the six-month period ended June 30 --------------------------------------------------------------------- 2007 2006 2007 2006 Changes in opearting assets and liabilities KRW KRW Decrease (increase) in trade accounts and notes receivable (310,833) (445,770) $(335,673) $ (481,393)Decrease (increase) in other accounts and notes receivable 310,170 303,974 334,957 328,266Decrease (increase) in inventories (21,927) (307,330) (23,679) (331,890)Increase (decrease) in trade accounts and notes payable 290,944 211,888 314,194 228,821Decrease in other accounts and notes payable (872,962) (460,717) (942,724) (497,535)Increase (decrease) in accrued expenses (129,658) (139,073) (140,019) (150,187)Increase (decrease) in income taxes payable (61,867) (267,869) (66,811) (289,275)Payment of severance benefits (119,548) (84,539) (129,102) (91,295)Others 101,062 54,559 109,138 58,919 ---------------------------------------------------------------------Net cash provided by operating activities 4,986,779 4,975,476 5,385,290 5,373,084 --------------------------------------------------------------------- (In millions of Korean won, in thousands of U.S. dollars (Note 3)) For the three-month period ended June 30 --------------------------------------------------------------------- 2007 2006 2007 2006 KRW KRW Cash flows from investing activities Net decrease (increase) in short-term financial instruments (256,281) 1,578,596 $(276,761) $ 1,704,747Proceeds from disposal of short-term available-for-sale securities 715,539 977,890 772,720 1,056,037Acquisition of short-term available-for-sale securities (505,020) (318,885) (545,378) (344,368)Proceeds from disposal of property, plant and equipment 68,317 158,379 73,776 171,036Acquisition of property, plant and equipment (1,941,614) (2,501,117) (2,096,775) (2,700,990)Proceeds from disposal of long-term available-for-sale securities 14,199 - 15,334 -Proceeds from disposal of investments 335,735 66 362,565 71Acquisition of long-term available-for-sale securities (1,869) (7,249) (2,018) (7,828)Acquisition of equity-method investments (448,060) (305,477) (483,866) (329,889)Others (1,727) (32,856) (1,866) (35,482) ---------------------------------------------------------------------Net cash used in investing activities (2,020,781) (450,653) (2,182,269) (486,666) --------------------------------------------------------------------- For the six-month period ended June 30 --------------------------------------------------------------------- 2007 2006 2007 2006 KRW KRW Cash flows from investing activities Net decrease (increase) in short-term financial instruments 1,928,716 1,867,010 $2,082,847 $ 2,016,210Proceeds from disposal of short-term available-for-sale securities 2,040,659 1,644,689 2,203,735 1,776,122Acquisition of short-term available-for-sale securities (715,020) (1,077,800) (772,160) (1,163,931)Proceeds from disposal of property, plant and equipment 174,730 192,905 188,693 208,321Acquisition of property, plant and equipment (4,682,651) (4,781,771) (5,056,859) (5,163,900)Proceeds from disposal of long-term available-for-sale securities 14,349 3,197 15,496 3,452Proceeds from disposal of investments 335,735 66 362,565 71Acquisition of long-term available-for-sale securities (2,918) (8,492) (3,151) (9,171)Acquisition of equity-method investments (601,216) (374,218) (649,261) (404,123)Others (6,987) (59,520) (7,545) (64,276) ---------------------------------------------------------------------Net cash used in investing activities (1,514,603) (2,593,934) (1,635,640) (2,801,225) --------------------------------------------------------------------- (In millions of Korean won, in thousands of U.S. dollars (Note 3)) For the three-month period ended June 30 --------------------------------------------------------------------- 2007 2006 2007 2006 KRW KRW Cash flows from financing activities Payment of dividends - - $ - $-Acquisition of treasury stock - (1,768,758) - (1,910,106)Exercise of stock options 29,711 16,717 32,085 18,053 --------------------------------------------------------------------- Net cash provided by (used in) financing activities 29,711 (1,752,041) 32,085 (1,892,053) --------------------------------------------------------------------- Net increase (decrease) in cash and cash equivalents 1,143,459 289,754 1,234,837 312,909 Cash and cash equivalents Beginning of the period 797,966 720,505 861,734 778,083 ---------------------------------------------------------------------End of the period 1,941,425 1,010,259 $2,096,571 $ 1,090,992 --------------------------------------------------------------------- For the six-month period ended June 30 --------------------------------------------------------------------- 2007 2006 2007 2006 KRW KRW Cash flows from financing activities Payment of dividends (746,075) (757,403) $(805,697) $ (817,930)Acquisition of treasury stock (1,825,395) (1,768,758) (1,971,269) (1,910,105)Exercise of stock options 62,730 101,326 67,743 109,423 --------------------------------------------------------------------- Net cash provided by (used in) financing activities (2,508,740) (2,424,835) (2,709,223) (2,618,612) --------------------------------------------------------------------- Net increase (decrease) in cash and cash equivalents 963,436 (43,293) 1,040,427 (46,753) Cash and cash equivalents Beginning of the period 977,989 1,053,552 1,056,144 1,137,745 ---------------------------------------------------------------------End of the period 1,941,425 1,010,259 $2,096,571 $ 1,090,992 --------------------------------------------------------------------- Samsung Electronics Co., Ltd.Non-Consolidated Statements of Changes in Shareholders' EquityFor the Three-Month and Six-Month Periods ended June 30, 2007 (In millions of Korean won, in thousands of U.S. dollars (Note 3)) Capital Capital Capital Accumulated Retained Total Stock adjustments other earnings Surplus comprehensive income KRW KRW KRW KRW KRW KRWShareholders' equity, 897,514 6,367,244 (6,980,870) 516,520 44,460,189 45,260,597January 1, 2007 Cumulative effects of - - - 40,404 (103,417) (63,013)restatements (Note 21) Restated beginning 897,514 6,367,244 (6,980,870) 556,924 44,356,772 45,197,584balance Cash dividends - - - - (746,075) (746,075)Retained earnings - - - - 43,610,697 44,451,509after appropriations Acquisition of - - (1,825,395) - - (1,825,395)treasury stock Disposal of treasury - (5,179) 102,823 - - 97,644stock Stock options - 2,402 (34,951) - - (32,549)Gain on valuation of - - - 703,480 - 703,480available-for-sale securities Loss on valuation of - - - 1,326 - 1,326available-for-sale securities Gain on valuation of - - - 286,357 - 286,357equity-method investments Loss on valuation of - - - 108,882 - 108,882equity-method investments Net income - - - - 3,021,725 3,021,725 ----------------------------------------------------------------------------------Shareholders' equity, 897,514 6,364,467 (8,738,393) 1,656,969 46,632,422 46,812,979June 30, 2007 ---------------------------------------------------------------------------------- Capital Capital Capital Accumulated Retained Total Stock Surplus adjustments other earnings comprehensive income Shareholders' equity, $969,238 $ 6,876,073 $ (7,538,736) $ 557,797 $ 48,013,163 $48,877,535January 1, 2007 Cumulative effects of - - - 43,632 (111,681) (68,049)restatements (Note 21) Restated beginning 969,238 6,876,073 (7,538,736) 601,429 47,901,482 48,809,486balance Cash dividends - - - - (805,697) (805,697)Retained earnings after - - - - 47,095,785 48,003,789appropriations Acquisition of treasury - - (1,971,269) - - (1,971,269)stock Disposal of treasury - (5,592) 111,040 - - 105,448stock Stock options - 2,594 (37,744) - - (35,150)Gain on valuation of - - - 759,697 - 759,697available-for-sale securities Loss on valuation of - - - 1,432 - 1,432available-for-sale securities Gain on valuation of - - - 309,241 - 309,241equity-method investments Loss on valuation of - - - 117,583 - 117,583equity-method investments Net income - - - - 3,263,202 3,263,202 ----------------------------------------------------------------------------------Shareholders' equity, $969,238 $ 6,873,075 $ (9,436,709) $ 1,789,382 $ 50,358,987 $50,553,973June 30, 2007 ---------------------------------------------------------------------------------- (In millions of Korean won, in thousands of U.S. dollars (Note 3)) Capital Capital Capital Accumulated Retained Total Stock Surplus adjustments other earnings comprehensive income KRW KRW KRW KRW KRW KRWShareholder's equity, 897,514 6,363,176 (8,767,436) 730,217 45,209,908 44,433,379April 1, 2007 Disposal of treasury - (1,111) 47,081 - - 45,970stock Stock options - 2,402 (18,038) - - (15,636)Gain on valuation of - - - 617,175 - 617,175available-for-sale securities Loss on valuation of - - - 883 - 883available-for-sale securities Gain on valuation of - - - 297,943 - 297,943equity-method investments Loss on valuation of - - - 10,751 - 10,751equity-method investments Net income - - - - 1,422,514 1,422,514 ----------------------------------------------------------------------------------Shareholder's 897,514 6,364,467 (8,738,393) 1,656,969 46,632,422 46,812,979equity June 30, 2007 ---------------------------------------------------------------------------------- Capital Capital Capital Accumulated Retained Total Stock Surplus adjustments other earnings comprehensive income Shareholder's equity, $ 969,238 $ 6,871,680 $ (9,468,073) $ 788,571 $ 48,822,795 $47,984,211April 1, 2007 Disposal of treasury - (1,200) 50,843 - - 49,643stock Stock options - 2,595 (19,479) - - (16,884)Gain on valuation of - - - 666,496 - 666,496available-for-sale securities Loss on valuation of - - - 954 - 954available-for-sale securities Gain on valuation of - - - 321,751 - 321,751equity-method investments Loss on valuation of - - - 11,610 - 11,610equity-method investments Net income - - - - 1,536,192 1,536,192 ----------------------------------------------------------------------------------Shareholder's $ 969,238 $ 6,873,075 $ (9,436,709) $ 1,789,382 $ 50,358,987 $ 50,553,973equity June 30, 2007 ---------------------------------------------------------------------------------- The accompanying notes are an integral part of these non-consolidated financialstatements. See Report of Independent Accountants. For a detailed information of our 2007 1H Non-consolidated financial statement,Please refer to the following link : http://www.samsung.com/ir This information is provided by RNS The company news service from the London Stock Exchange