Samsung 2002 Annual Report Download - page 12

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Dear Customers, Partners and Shareholders:
13
The year of 2002 was predicted to be a year of
challenges, and for many of the world’s leading
companies, it was. Here at Samsung Electronics,
however, we responded to these challenges with
discipline and creativity. In the end, we had a
record-breaking year, with sales of 40.5 trillion won
and net income of 7.05 trillion won—a 25%
growth in sales and a remarkable 216% increase in
operating income over 2001.
How were we able to sustain such an
outstanding performance despite this year’s
challenges? A key source of our competitiveness is the
continuous transformation of our business through
diversification. This year, our Telecommunication
Network surged to become the world’s third largest
market share leader in mobile handset sales (thanks
to a whopping 48% increase in annual sales), and the
Device Solution Network pushed semiconductor
sales to 12.8 trillion won, making us the world’s
second largest semiconductor manufacturer after
Intel. Our competitors in the mobile handset and
semiconductor business had a difficult year, but we
achieved surprisingly strong results with competitive
pricing and a distinctive portfolio of products
catering to premium demand. Our other divisions
are also outperforming the competition. The Digital