Samsung 2005 Annual Report Download - page 99

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97
Note 8: Financing Receivables
Financing receivables of consumer financing subsidiary, Samsung Card, as of December 31, 2005 and 2004, are as follows:
(in millions of Korean won) 2005 2004
Short-term financing receivables
Credit card assets \4,362,375 \3,371,748
Lease assets 98,131 112,765
Installment finance 827,507 706,614
General loans 1,104,146 1,593,125
Others - 1,854
6,392,159 5,786,106
Less: Allowance for doubtful accounts (728,812) (601,508)
5,663,347 5,184,598
Long-term financing receivables
Credit card assets 2,312,520 3,643,732
Lease assets 687,505 486,634
Installment finance 757,109 734,894
General loans 1,049,144 1,308,150
Others 5,908 1,791
4,812,186 6,175,201
Less : Accumulated depreciation (158,725) (95,131)
Allowance for doubtful accounts (899,991) (618,641)
3,753,470 5,461,429
\9,416,817 \10,646,027
Samsung Card Co., Ltd. has trusted the current credit card
assets inclusively and the trustee have issued classⅠ and
classⅡ beneficiary certificates. ClassⅡ beneficiary certificates
accounted for as available-for-sale securities as of December
31, 2004, have been reclassified as credit card assets.
As a result, the Company has restated the prior year financial
statements to reclassify both short-term available-for-sale
securities amounting to \308,357 million and long-term
available-for-sale securities amounting to \758,560 million
into short-term financing receivables and long-term financing
receivables, respectively (notes 5 and 9).