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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
In accordance with the Asset Revaluation Law, on January 1,
1980, 1982, 1998 and April 1, 1999, SEC revalued a substantial
portion of its property, plant, equipment and investments in equity
securities by ￦3,051,612 million. The remaining revaluation
increments amounting to ￦1,209,024 million, net of revaluation
tax, credits to deferred foreign currency translation losses
and others, were credited to capital surplus, a component
of shareholders’ equity. Also, in ccordance with the Asset
Revaluation Law, on October 1, 2000, Samsung Gwangju
Electronics Co., Ltd., an SEC subsidiary, revalued a portion of its
property, plant and equipment by ￦63,326 million. The remaining
revaluation increments amounting to ￦62,145 million, net of
revaluation tax, were credited to capital surplus, a component of
shareholders’ equity.
As of December 31, 2007 and 2006, a certain portion of overseas
subsidiaries’ property, plant and equipment amounting to ￦5,251
million equivalent to US$5,597 thousand (2006: ￦4,633 million,
equivalent to US$4,984 thousand is pledged as collaterals for
various loans from financial institutions.
As of December 31, 2007, property, plant, equipment are insured
against fire and other casualty losses, and business interruption
losses of up to ￦69,342,078 million (2006: ￦56,492,021
million) and ￦22,424,885 million (2006: ￦21,456,224 million),
respectively.
As of December 31, 2007, the value of land owned by SEC and
its Korean subsidiaries based on the posted price issued by the
Korean tax authority amounted to ￦4,124,574 million (2006: ￦
3,654,206 million).
As of December 31, 2007 and 2006, Samsung Card Co., Ltd.,
an SEC subsidiary, recorded ￦626,731 million (2006: ￦505,319
million) of operating lease assets, cancellation lease assets and
prepaid finance lease assets acquired through the lease financing
business (Note 8).
12. INTANGIBLE ASSETS
The changes in intangible assets for the years ended December 31, 2007 and 2006, are as follows:
(In millions of Korean won)
Negative Intellectual
Goodwill Goodwill Property Rights Others Total
(In millions of Korean won)
1. Acquisitions include amounts transferred from other accounts such as construction-inprogress.
2. Others include amounts from changes in scope of consolidation and changes in foreign currency exchange rates.
Balance at January 1, 2007
￦
6,776
￦
(186)
￦
262,726
￦
389,069
￦
658,385
Acquisition 1 22,830 - 113,564 108,006 244,400
Disposal - - (3,019) (3,145) (6,164)
Amortization (3,181) 186 (58,329) (134,950) (196,274)
Others 2 219 - (41) 4,102 4,280
Balance at December 31, 2007
￦
26,644
-
￦
314,901
￦
363,082
￦
704,627
Balance at January 1, 2006
￦
9,839
￦
(599)
￦
240,754
￦
382,862
￦
632,856
Acquisition 1 512 - 80,354 124,292 205,158
Disposal (237) - (2,661) (1,469) (4,367)
Amortization (3,170) 413 (55,706) (117,815) (176,278)
Others 2 (168) - (15) 1,199 1,016
Balance at December 31, 2006
￦
6,776
￦
(186)
￦
262,726
￦
389,069
￦
658,385
2007
Negative Intellectual
Goodwill Goodwill Property Rights Others Total
2006