Samsung 1998 Annual Report Download - page 6

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TO OUR CUSTOMERS AND SHAREHOLDERS
1998 was an extremely challenging year for Samsung Electronics and countless
other companies in Korea and throughout Asia. It will be remembered as a year where
companies unable to adapt to the rapidly-changing business environment and finan-
cial crisis either went bankrupt or faced serious difficulties. Through this period of
upheaval, it has been the trust and support of our shareholders that has been our great-
est source of strength in overcoming the challenges of the past year. Thank you for
standing behind us! On that note, it is my pleasure to brief you on our 1998 busi-
ness performance.
QWhat is your analysis of the business conditions in 1998 and Samsung Electronics’
performance during the year?
A In the wake of the IMF bailout, we faced the most difficult business conditions
in our company history. Aside from the U.S. and parts of Europe, markets world-
wide continue to remain stagnant. Countries in Southeast Asia, the CIS, and Latin
America saw their economies and markets contract, sharply affecting the prof-
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