Samsung 2003 Annual Report Download - page 51

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million are to be distributed to the Company and the Affiliates. As of the date of
this report, the shares in Samsung Life Insurance Co., Ltd. have not been sold.
As of the balance sheet date, the ultimate effect of these matters on the
financial position of the Company cannot presently be determined.
As discussed in Note 25 to the accompanying non-consolidated financial
statements, the Company had sales to, and purchases from, subsidiaries and
affiliated companies within the Samsung Group amounting to ￦1,423,958 million
and US$24,533,201 thousand, and ￦8,373,540 million and US$7,328,688
thousand, respectively, during the year ended December 31, 2003, and the
related accounts receivable and accounts payable as of December 31, 2003
amounted to ￦437,101 million and US$211,136 thousand, and ￦1,813,976
million and US$530,508 thousand, repectively.
As discussed in Note 32 to the accompanying non-consolidated financial state-
ments, subsequent to December 31, 2003, the Company acquired 76,100 shares
of its own common stock and 53,880 shares of its own non-voting preferred
stock at ￦49,555 million, and 2,150,000 shares of common stock and 330,000
shares of non-voting preferred stock (with an acquisition cost of ￦1,046,818
million) were retired on January 15, 2004, with the Board of Directors’ approval
on October 17, 2003.
As discussed in Note 9 to the accompanying non-consolidated financial
statements, Samsung Card Co., Ltd. and Samsung Capital Co., Ltd. are going
to be merged on February 1, 2004.
The amounts expressed in U.S. Dollars, provided solely for the convenience of
the reader, have been translated on the basis set forth in Note 3 to the accom-
panying non-consolidated financial statements.
Accounting principles and auditing standards and their application in practice
vary among countries. The accompanying non-consolidated financial state-
ments are not intended to present the financial position, results of operations
and cash flows in conformity with accounting principles and practices general-
ly accepted in countries and jurisdictions other than the Republic of Korea. In
addition, the procedures and practices used in the Republic of Korea to audit
such financial statements may differ from those generally accepted and
applied in other countries. Accordingly, this report and the accompanying non-
consolidated financial statements are for use by those who are knowledgeable
about Korean accounting principles or auditing standards and their application
in practice.
Seoul, Korea
January 30, 2004
This report is effective as of January 30, 2004, the audit date. Certain subsequent events or circumstances, which
may occur between the audit report date and the time of reading this report, could have a material impact on the
accompanying non-consolidated financial statements and notes thereto. Accordingly, the readers of the audit
report should understand that there is a possibility that the above audit report may have to be revised to reflect the
impact of such subsequent events or circumstances, if any.
The above accompanying notes are according to the notes to the financial statements from Audit Report of Fiscal
Year 2003 prepared by Samil Accounting Corporation, January 30, 2004. Additional information on Notes to
Financial Statements and other supporting documents are available in the company.