Samsung 2000 Annual Report Download

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Annual Report 2000

Table of contents

  • Page 1
    Annual Report 2000

  • Page 2
    ... [4] Financial Highlights [8] CEO's Message [12] 2000 Highlights [13] Business Portfolios [16] Home Networks [22] Mobile Networks [28] Office Networks [34] Core Components [40] Vision in Action [44] Sports Sponsorship [46] Community Service [47] Financial Report [88] Board of Directors [90] Global...

  • Page 3
    ... on enhancing the value chain by realigning our operations into four major business portfolios-home networks, mobile networks, office networks, and core components. The " E" or "electronic" part aims to create a solid support framework for these portfolios by optimizing the supply chain to make our...

  • Page 4
    The year 2000 presented Samsung Electronics with a host of external challenges. But even record-high oil prices, plummeting memory prices, and faltering technology sector stocks couldn't stop us from once again recording our best financial performance ever.

  • Page 5
    ...037.5 695.4 2000 Capital Ratio Debt to Equity Ratio Return on Equity Ratio Net Debt Equity Ratio EBITDA Margin Earnings per Share 60.2% 66.1% 41% 9% 32% 35,006 US$28 • The financial results in the above tables are for Samsung Electronics only and do not reflect the results of its subsidiaries or...

  • Page 6
    ... by the Digital Media System Business Group with 27% (9.3 trillion won), the Information & Communications Business Group with 22% (7.6 trillion won), and the Home Appliances Business Group with 8% (2.7 trillion won). Gross Profit Ongoing restructuring and management innovation activities were...

  • Page 7
    ... 82% rise in EPS from 19,214 won to 35,006 won. The fact that net income rose nearly 90%-nearly triple the 31% increase in sales-is a solid indicator that we've successfully made the transition to a profit-driven organizational structure. Return on Equity Total shareholders' equity rose to 16...

  • Page 8
    Dear Customers, Partners, and Shareholders, 08 " Samsung Electronics is dedicated to leading the digital convergence revolution..."

  • Page 9
    ... to enhance the value of the Samsung brand as well as our aggressive marketing and pricing policies in markets worldwide. Taken in the context that they and similarly impressive figures in 1998 and 1999 were recorded in an environment marked by unfavorable economic conditions at home and unclear...

  • Page 10
    ... them in the name of our new master plan- Digital- e Company-a strategy that seeks to maximize both customer and corporate value through a comprehensive solutionand process-centric approach to enhancing the value chain and optimizing the supply chain. Our value chain focus is now putting in place an...

  • Page 11
    ... and greater value as our divisions cooperate, share, and together create digital solutions far superior to anything they could achieve on their own. Similarly, our supply chain focus now reflects the simple reality that value innovation is not just about developing the most innovative products. It...

  • Page 12
    ... workstations, PCs, and game consoles. May 1 We join AMD, Compaq, Gateway, Hitachi, HP, Infineon, NEC, Quantum, SCI Systems, Solectron, and Western Digital to form eHITEX, an independent online B2B marketplace focused on creating a high-tech supply chain for the computing and electronics industries...

  • Page 13
    ... revolution It takes a special combination of capabilities and resources to lead the digital convergence revolution. At Samsung, we believe we've got the critical mass of...set the pace for industry innovation in home networks, mobile networks, and office networks into the indefinite future. Welcome to...

  • Page 14
    ...digitall portfolio of solutions Samsung Electronics is the world leader in computer memory, TFT-LCD and CDT monitors, DVD-ROM and combination CD-RW/DVD-ROM drives, microwave ovens, and CDMA mobile phones as well as a top-ten player in CD-ROM and IDE hard drives, color TVs, VCRs, and DVD players. Our...

  • Page 15
    ... in this portfolio. We also make a full range of computers and peripherals including hard drives, combination DVD/CD-RW drives, fax machines, laser and ink-jet printers, multifunction printers, and business communications solutions that will make any office network more productive and efficient.

  • Page 16
    Home Networks We're serving up the tastiest digital dishes in the industry.

  • Page 17
    ...a wall. Or even the ceiling. You see, this isn't just your ordinary kind of meal. It's a digital smorgasbord that's a feast for the eyes. Bon appétit! SPK-4215 42-inch 16:9 Plasma TV There's simply no other way to get a bigger, flatter picture hanging on your wall. Or anywhere else for that matter.

  • Page 18
    ... and organized with Internet access, videophone capability, TV reception, recipe file, scheduler, and a digital photo album. 18 "The fully automated home has been a technophile's dream since the 1960s. Today, Samsung's making it a digital reality with the world's first home network solution to use...

  • Page 19
    ... with a market share exceeding 10%. In home appliances, we'll extend our market leadership in microwave ovens by boosting production capacity, focusing on high-margin recreational vehicle and commercial models, and expanding sales channels to major retail chains worldwide. Our refrigerator lineup is...

  • Page 20
    ...digital broadcasts. It was a banner year for home appliances as microwave oven sales rose over 24%, propelling us into the global No. 1 position for the first time. Bestsellers in some 20 countries, our microwaves now command a 25% market share. Refrigerator sales were also up 25% as our high-margin...

  • Page 21
    0% thinner...The space-saving, pearl-white Tantus 32-inch HDTV will brighten any room it's in. And with the world's shallowest 32-inch picture tube, it'll take up about 20% less space than a standard 32-inch and about the same as a 20-inch. Key features include a built-in DTV ...

  • Page 22
    Mobile Networks We're designing the haute couture of the communications world.

  • Page 23
    ... show with world-first designs. Like phones with a built-in TV, MP3 player, digital camera, or even a mobile videoconferencing center. And that's what makes them great entertainers as well as great communicators. 3G Mobile Phone It's a multimedia future. And our 3G phones will let you see, hear, and...

  • Page 24
    ... product that truly rocks. MP3 With Vision Your music is portable, why not your photos? Our YVP-P64 Yepp Internet audio player is the world's first to let you share digital photos and text when you're on the go. Guinness Candidate Our first-generation SPH-WP10 wristwatch phone made it into the...

  • Page 25
    ... networks. Samsung notebook PCs will continue to get lighter, thinner, and faster in the coming year. We intend to maintain our commanding 50% market share at home as we build on our impressive 100% sales growth that pushed overseas revenues to US$3.3 billion in 2000. Our Yepp Internet audio player...

  • Page 26
    No. 26 SCH-X120 cdma2000 Mobile Phone As the maker of the world's first cdma2000 1x mobile phone, we continue to roll out new upscale models like the SCH-X120 that are helping bring the promise of true global 3G communications one step closer in style.

  • Page 27
    ... amazing 28% market share as it helped us surpass the 10million-unit sales milestone in that market in just three short years. In 2000, we led the global CDMA phone industry for a fourth straight year as we shipped a new lineup of convergence phones with MP3 player, TV, digital camera, and Internet...

  • Page 28
    Office Networks We're helping people get the big picture of the future.

  • Page 29
    ... to express themselves in new ways on screen, on paper, on optical media, and on the Internet. Get the picture? SyncMaster 240T 24-inch TFT-LCD Monitor Easily displaying two A4-size pages side-by-side with room to spare, this massive flatpanel monitor will change the dynamics of desktop computing.

  • Page 30
    ... seamless, scalable support for CDMA wireless, voice-over-IP, data, and standard phone networks. 30 "The world is flat. At least the monitor world of the future is. And Samsung is a leader in bringing flat-screen CDT and flat-panel TFT-LCD monitors to the desktop. Our latest development is a 24...

  • Page 31
    ...annually. In the desktop PC category, our market leadership in virtually every major component area will ensure we maintain a 50%-plus share of the Korean market... printer. With unique features like standard full-speed duplex printing and the lowest cost-per-page in the class, this printer engine ...

  • Page 32
    ... SpinPoint hard drive capacities also continued their rapid growth, doubling to 40 GB. Printers and fax machines are an increasingly important part of our office network strategy. The year saw us launch the world's first flatbed multifunction ink-jet printer with a built-in SmartMediaâ„¢ memory card...

  • Page 33
    ... a total of 130 and 43 top ratings to our CDT and LCD monitor families during the year. And as the year came to a close, we marked yet another milestone as we shipped our 100 millionth monitor to date. market share SyncMaster 740 DFT 17-Inch Monitor Samsung brings DynaFlat flat-screen technology...

  • Page 34
    Core Components

  • Page 35
    ... the electronics industry. Samsung derives great inner strength from industry leadership in computer memory and LCD displays as well as a rapidly increasing share of the systemon-chip and optical storage device markets. And electronics manufacturers worldwide are finding that fact very enlightening...

  • Page 36
    ...chips per wafer as today's 8-inch lines, giving us a major competitive advantage as the industry moves to higher-margin 256Mb and 512Mb chips. 36 "The networked multimedia future is going to require lots of memory. In 2000, we developed the world's first 0.10-micron process technology for the next...

  • Page 37
    ...new high-margin products. Hand-in-hand with ongoing work on larger, higherresolution TFT-LCDs, we'll allocate more resources on small and medium-size LCD development to meet increasing demand for higher-quality displays for PDAs, mobile phones, Internet appliances, and other portable digital devices...

  • Page 38
    ...per-wafer yields by 25%. In 2000, we marked our 8th consecutive year at the top of the memory business, capturing 21% of the DRAM and the SRAM markets. Among the year's key developments were a 0.12-micron 512Mb SDR/DDR DRAM, 128MB SmartMediaâ„¢ flash memory card, 500Mbps 128M DDR SDRAM, 0.17-micron...

  • Page 39
    ...stage of chip development time by at least 20%, Right Ware will save us approximately US$2 million annually in software licensing fees. During the year, we also maintained our No. 1 ranking in the TFT-LCD industry for a 3rd straight year with a 20.1% market share, recording US$3 billion in sales as...

  • Page 40
    the vision: leading the digital convergence revolution the strategy: year zero

  • Page 41
    ... an electronics industry leader with 66,000 employees and operations in some 50 countries around the globe. We're currently the world's top-selling brand in six core product areas-memory chips, TFT-LCDs, computer monitors, microwave ovens, DVD-ROM drives, and CDMA mobile phones- and a top-ten player...

  • Page 42
    42 Our Digital Media System and Home Appliances Business Groups continued to move away from single-function, low-margin commodity products to multifunction, high-margin convergence products like a combination DVD player/VHS recorder, an MP3 player capable of storing and displaying digital photos, ...

  • Page 43
    ... billion won or 5.3% of sales-a 12.5% year-on-year increase in mone- tary terms-in developing tomorrow's digital network technologies at our nine-center global R&D network. Our staff of 13,000 engineers was hard at work adding links to the value chain and acquiring key Internet techno- logies as it...

  • Page 44
    ... Asian Games, Samsung Running Festival 5 km fun runs, and dozens of professional and amateur sports teams worldwide. But our biggest and most meaningful involvement with sports is our successful relationship with the Olympic Movement as the Worldwide Wireless Communications Equipment Partner of the...

  • Page 45
    ... 1997, we've helped keep the Olympic Games running smoothly with state-of-the-art wireless communications technology. However, our presence at the 2000 Sydney Games was much more than just about mobile phones and two-way radios. Our Olympic Rendezvous@Samsung pavilion in Olympic Park drew more than...

  • Page 46
    ... in Corporate Community Service, we continue to actively develop programs and support the over 10,000 employees who volunteer their time to help the disabled and disadvantaged, protect the environment, and promote computer literacy to make their local communities better places to live. In 2000, we...

  • Page 47
    ... Report 2000 [48] Report of Independent Accountants [49] Balance Sheets [52] Statements of Income [53] Statements of Appropriations of Retained Earnings [54] Statements of Cash Flows [56] Notes to Financial Statements * The financial results in the following report are for Samsung Electronics...

  • Page 48
    ... this agreement, the Company and the Affiliates agreed to sell 3,500,000 shares of Samsung Life Insurance Co., Ltd. stock and transfer the proceeds to the Creditors in connection with the petition for court receivership of SMI by December 31, 2000. In the event that the sale proceeds fall short of...

  • Page 49
    ...000 in 1999 Guarantee deposits Other Total current assets Property, plant and equipment, including revalued portion, net of accumulated depreciation (Note 8) Equity investments (Note 9) Long-term financial instruments, receivables and other assets (Notes 4, 6 and 10) Deferred income tax assets (Note...

  • Page 50
    ... of Korean Won In Thousands of U.S. Dollars (Note 3) 2000 1999 2000 1999 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Trade accounts and notes payable Other accounts and notes payable Short-term borrowings (Note 11) Current maturities of long-term debt, net of discounts and...

  • Page 51
    ...1999 In Thousands of Korean Won In Thousands of U.S. Dollars (Note 3) 2000 1999 2000 1999 LIABILITIES AND SHAREHOLDERS' EQUITY Commitments and contingencies (Note 14) Shareholders' equity: Capital stock (Note 1): Common stock Preferred stock Paid-in capital in excess of par value (Note 1) Other...

  • Page 52
    ... of sales (Note 21) Gross profit Selling, general and administrative expenses Operating profit Non-operating income: Interest and dividend income Gain on foreign currency transactions Gain on foreign currency translation (Note 23) Gain on valuation of investments using the equity method Other Total...

  • Page 53
    ... effects of changes in accounting policy (Note 2) Additional accrued severance benefits Interim dividends (Note 16, dividend rate: 10%) Net income Total retained earnings before approp. Transfers from voluntary reserves (Note 15): Reserve for overseas market development Reserve for overseas...

  • Page 54
    ... valuation of investments using the equity method Deferred income taxes Other Total items not involving cash flows Changes in operating assets and liabilities: Trade accounts and notes receivable Inventories Accrued income Advance payments Guarantee deposits Trade accounts and notes payable Accrued...

  • Page 55
    ...and 1999 In Thousands of Korean Won In Thousands of U.S. Dollars (Note 3) 2000 1999 2000 1999 Cash flows from investing activities: Increase in short-term financial instruments (761,536,523) Decrease in short-term financial instruments - Proceeds from sale of marketable securities 1,708,799,613...

  • Page 56
    ... the laws of the Republic of Korea to manufacture and sell electronic goods, communication facilities, semiconductors, telecommunication products and other similar products. The Company's stock is publicly traded and all issued and outstanding shares are listed on the Korea Stock Exchange. Under...

  • Page 57
    ... balance sheet as short-term financial instruments. The cost of these investments approximates fair value. Marketable Securities Marketable securities are stated at fair value. Allowance for Doubtful Accounts The Company provides an allowance for doubtful accounts and notes receivable based on the...

  • Page 58
    ... and accounts and notes receivables under rescheduled debt payments approved by the Korean judiciary are stated at present value. Product Warranties and Performance Guarantees In conformity with accounting practices prevailing in the Republic of Korea, costs related to repairs, service and...

  • Page 59
    ... of the following: Asset Annual Interest Rate (%) 2000 Thousands of Won 2000 1999 59 (1) Cash and cash equivalents Cash on hand and in banks Passbook accounts Money market deposit accounts Foreign currency deposits Total cash and cash equivalents (2) Short-term financial instruments Installment...

  • Page 60
    ...and long-term installment transactions are as follows: Account Face Value Long-term installment transactions Long-term trade receivables Other long-term receivables Rescheduled Long-term trade receivables and other assets Total Discount Millions of Won Present Value 5,867 403,694 5,607 415,168 375...

  • Page 61
    ... insured amount, Korea Development Bank is the beneficiary for 789,621 million, held as collateral for borrowings. At December 31, 2000 and 1999, the value of land based on the posted price issued by the Korean tax authority is 1,099,429 million, respectively. 1,277,325 million and Interest costs...

  • Page 62
    ... Co., Ltd. Samsung Yokohama Research Institute Samsung Electronics Australia Pty. Ltd. Samsung Electronics Malaysia Sdn. Bhd. Samsung Gulf Electronics Co., Ltd. P.T. Samsung Electronics Indonesia Samsung Electronics Display (M) Sdn. Bhd. Acquisition Market Value Cost (Net Book Value) 100.00 100...

  • Page 63
    .... Samsung Economic Research Institute Samsung SDS Co., Ltd. 73.87 70.00 81.62 91.50 96.14 94.25 75.03 56.59 51.00 61.08 83.33 96.77 100.00 83.33 81.82 99.00 99.00 99.00 65.67 99.00 50.00 50.00 - - - Acquisition Market Value Cost (Net Book Value...

  • Page 64
    ...., New ICO Global Communications, Samsung Electronics Moscow Service Center Ltd., TRL Microwave Tech, Inc. and Samsung Crosana Joint Stock Company have deteriorated significantly. Accordingly, these investments have been written down and charged to current operations. The cumulative net gain on the...

  • Page 65
    ... as of December 31,200 and 1999 consist of the following: Annual Interest Rate (%) 2000 Hanvit Bank Korea Development Bank Kookmin Bank Korea Technology Banking Corporation Samsung Card Co., Ltd. 5 - 6.5 9.35 - 9.65 11.5 - 12.45 6.5 6.5 Thousands of Won 2000 1,114,195 66,053,000 18,823,440 12,198...

  • Page 66
    ... 1999 consist of the following: Foreign Denominated Debt Annual Interest Rate (%) Thousands of U.S. Dollars 2000 ING Citibank, N.A. Korea Development Bank Korea Exchange Bank Hanvit Bank Bank of Seoul Korea Development Leasing Corporation and others U. S. Dollar equivalent of foreign currencies Won...

  • Page 67
    ...current maturities Add: premiums Less: discounts Add: long-term accrued interest Less: conversion rights Total May 16, 2000 (A) (B) (C) (D) (E) (F) (G) (H) (I) (J) November 1, 2002 March 24, 2000... 2, 1997, the Company issued straight bonds of US$100 million at 99.85% of face value. The bonds bear ...

  • Page 68
    ... the closing price of the Company's common stock has reached 135% of the conversion price for a stipulated period. The Company recorded 115,678 million of consideration for conversion rights, the difference between the nominal value and the discounted present value at a 5.558% guaranteed return rate...

  • Page 69
    ...is insured for the fulfillment of such warranties. • At December 31, 2000, the Company has entered into lease agreements with several leasing companies that are recognized as direct financing leases. These lease agreements are summarized as follows: Account Acquisition Cost Machinery and equipment...

  • Page 70
    ... this agreement, the Company and the Affiliates agreed to sell 3,500,000 shares of Samsung Life Insurance Co., Ltd. stock and transfer the proceeds to the Creditors in connection with the petition for court receivership of SMI by December 31, 2000. In the event that the sale proceeds fall short of...

  • Page 71
    ... equipment and 10% of net earnings for each year until shareholders' equity equals 30% of total assets. This reserve is not available for payment of cash dividends, but may be transferred to capital stock or used to reduce the accumulated deficit, if any. (D) Pursuant to Korean tax law, the Company...

  • Page 72
    .... The Company recognized the compensation cost for these options using the fair value method based on an expected stock price volatility of 69.48%, estimated risk-free interest rates of 9.08%, expected exercise term of four years and expected dividend yield of 0.39%. The cost of the stock option...

  • Page 73
    ... in accounting policy in the current year (see Note 2) resulted in a cumulative increase in deferred income tax of 3,009 million that was adjusted to opening retained earnings. 20. Earnings Per Share Earnings per share and diluted earnings per share are calculated as follows: EPS Calculation Net...

  • Page 74
    ... Electronics Samsung Techwin Cheil Communications Seoul Commtech Samsung Heavy Industries Novita Samsung Everland Samsung Life Insurance Samsung Electronics Service Samsung Thales Korea Electronics & Information Distribution Other local subsidiaries and affiliated companies Foreign subsidiaries...

  • Page 75
    ...Research and Development Costs Research and development costs incurred for the year ended December 31, 2000 and 1999 comprise the following: R&D Costs 2000 Research expenses Ordinary development expenses Total...3,138 163,897 Korean Won (translated) Translation Loss ...Trade accounts and notes receivable...

  • Page 76
    ...Account 2000... 55,317,612 1,237,686 66,349,790 Translation Loss - - Korean Won (translated) 48,726 538,095 36,413 - 6,000 - ...,546,478 5,176 21,643,175 - Trade accounts and notes payable BEF DEM EUR FRF JPY... 216,751 - 233,862 - Short-term borrowings Other accounts payable USD GBP USD EUR JPY ...

  • Page 77
    ... required for the calculation of gross added value for the year ended December 31, 2000 and 1999 are as follows: Account Manufacturing Cost 2000 1999 Wages and salaries Provision for severance benefits Welfare expenses Rental expenses Depreciation expenses Taxes and dues Total 834,611,555 77,271,611...

  • Page 78
    ... shares to the employee stock ownership association. • Operates a mutual savings scheme to assist employees in urgent need of funds. • Individual pension plans to support a comfortable retirement. • Provides housing for employees assigned to factories or provincial office jobs. • Provides...

  • Page 79
    ... 31, 2000 and for the year then ended is as follows (in millions of Won): Financial Data by Business Segment Digital Media Home Appliances Information & Communications Semiconductors Other Areas 1. Sales Sales to unaffiliated customers Intersegment sales 2. Operating profit (loss) 3. Tangible...

  • Page 80
    ...,517 1,478,708 - 508,878 $3,641,531 912,283 - - 634,647 $2,027,782 Ordinary profit Extraordinary income Extraordinary loss Net income before income taxes Income tax expense Net income Earnings per share (in Korean Won and U.S. Dollars) $6,312,005 $3,410,823 $365,247 $110,293 $264,965 122,029...

  • Page 81
    Thousands of Korean Won 2000 10,903,383,976 23,380,368,303 34,283,752,279 21,993,377,770 12,290,374,509 4,855,219,849 7,435,154,...

  • Page 82
    ... candidates for the Board. Samsung Electronics' 20-member Board of Directors took up a total of 34 agenda items over the course of 12 meetings in 2000, including the approval of the year 2000 business and management plan, the declaration of a 10% interim cash dividend of 500 won per share in July...

  • Page 83
    ...[1994-present] • Member, OCEO Committee [1994-present] Sung-Lark Rim • Outside director, Samsung Electronics [2000-present] • Chief consultant, Korea Financial Planner Association [2000-present] • Outside auditor, Samsung Electronics [1998-2000] • President & CEO, Kookmin Investment Trust...

  • Page 84
    ... Office Samsung Main Building 250-2 ga, Taepyong-ro, Chung-gu Seoul, Korea Tel: 82-2-727-7114 Fax: 82-2-727-7985 www.samsungelectronics.com OVERSEAS NETWORK CHINA Production Bases Tianjin Tongguang Samsung Electronics Co., Ltd. (TTSEC) Tianjin, China Tel: 86-22-2296-2400 Tianjin Samsung Electronics...

  • Page 85
    ...(SEM) Mexico D.F., Mexico Tel: 525-747-5100 Samsung Information Systems America, Inc. (SISA) California, U.S.A. Tel: 1-408-544-5435 Samsung Electronics Latinoamerica (Zona Libre), S.A. (SELA-Panama) Panama City, Panama Tel: 507-210-1122 Samsung Electronics Latinoamerica Miami Inc. (SELA-Miami) Miami...

  • Page 86
    ... in Samsung Electronics! For all the latest news and investor information, please visit our website at www.samsungelectronics.com and point your mouse at the "who we are" link in the upper left corner. IR Team, 24th Floor, Samsung Main Building, 250-2 ga, Taepyung-ro, Chung-gu, Seoul, Korea E-mail...

  • Page 87
    Produced by Cheil Communications Planned by INCA Created by I&I

  • Page 88
    SAMSUNG ELECTRONICS CO., LTD. Samsung Main Bldg., 250-2 ga, Taepyung-ro, Chung-gu, Seoul, Korea 100-742 Tel: 82-2-727-7114 Fax: 82-2-727-7985