Samsung 2006 Annual Report Download - page 117
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107
Note 21 : Retained Earnings
Retained earnings as of December 31, 2006 and 2005, consist of the following:
2006 2005
Appropriated legal reserve ¹\450,789 \450,789
Reserve for business rationalization 7,512,101 6,512,101
Reserve for improvement of financial structure ²204,815 204,815
Reserve for overseas market development 510,750 510,750
Reserve for overseas investment losses 164,982 164,982
Reserve for research and human resource development 18,936,458 14,936,458
Reserve for export losses 167,749 167,749
Reserve for loss on disposal of treasury stock 2,000,000 1,350,000
Reserve for capital expenditure 6,660,814 5,504,657
36,608,458 29,802,301
Unappropriated 7,855,225 7,566,964
\44,463,683 \37,369,265
¹ The Commercial Code of the Republic of Korea requires the Company to appropriate as a legal reserve, an amount equal to a minimum of 10% of annual cash dividends declared, until
the reserve equals 50% of its issued capital stock. The reserve is not available for the payment of cash dividends, but may be transferred to capital stock through a resolution of the
Board of Directors or used to reduce accumulated deficit, if any, with the ratification of the shareholders.
² In accordance with the Regulation for Securities Issuance and Disclosure, the Company is required to appropriate, as a reserve for improvement of financial structure, an amount equal
to at least 50% of the net extraordinary gain on disposal of property, plant and equipment and 10% of net earnings for each year, until the shareholders’ equity equals 30% of total
assets. This reserve is not available for the payment of cash dividends, but may be transferred to capital stock or used to reduce accumulated deficit, if any.
The par value of capital stock differs from paid-in capital as the
retirement of capital stock was recorded as a deduction from
retained earnings.
(In millions of Korean won)