Samsung 2007 Annual Report Download - page 115
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113
20. RETAINED EARNINGS
Retained earnings as of December 31, 2007 and 2006, consist of the following:
Appropriated
Legal reserve
Earned surplus reserve 1
￦
450,789
￦
450,789
Reserve for improvement of financial structure 2 - 204,815
Discretionary reserve
Reserve for improvement of financial structure 2 204,815 -
Reserve for business rationalization 8,512,101 7,512,101
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 22,936,458 18,936,458
Reserve for export losses 167,749 167,749
Reserve for loss on disposal of treasury stock 2,550,000 2,000,000
Reserve for capital expenditure 8,216,439 6,660,814
43,714,083 36,608,458
Unappropriated 7,351,091 7,855,225
￦
51,065,174
￦
44,463,683
2007 2006
(In millions of Korean won)
1. The Commercial Code of the Republic of Korea requires SEC 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 (“Regulation”), SEC 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 was not available for the payment of cash dividends, but could be
transferred to capital stock or used to reduce accumulated deficit, if any. However, effective December 21, 2007, the Regulation was amended and as
result the Company is no longer required to further accumulate reserve and removed the restrictions on the usage of the existing reserve.