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www.samil.com
LS Yongsan Tower, 191, Hangangno 2-ga,
Yongsan-gu, Seoul 140-702, Korea
(Yongsan P.O Box 266, 140-600)
41 REPORT OF INDEPENDENT AUDITORS
40
Without qualifying our opinion, we draw your attention to Note 19 to the accompanying
consolidated financial statements, in which as discussed, the amount of Company’s obligation
arising from the suit filed by Samsung Motors Inc.’s creditors is uncertain as of date of this report.
Accordingly, the ultimate effect of this matter on the Company’s consolidated financial statements
can not be reasonably determined.
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 accompanying consolidated financial
statements.
Accounting principles and auditing standards and their application in practice vary among
countries. The accompanying consolidated financial statements are not intended to present the
financial position, results of operations, changes in their equity and cash flows in conformity with
accounting principles and practices generally 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 consolidated financial statements are
for use by those who are informed about Korean accounting principles or auditing standards and
their application in practice.
Seoul, Korea
March 10, 2010
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF
SAMSUNG ELECTRONICS CO., LTD.
We have audited the accompanying consolidated balance sheets of Samsung Electronics Co.,
Ltd. and its subsidiaries (collectively referred to as the “Company”) as of December 31, 2009 and
2008, and the related consolidated statements of income, changes in equity and cash flows for
the years then ended, expressed in Korean won. These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on these financial
statements based on our audits. We did not audit the financial statements of certain subsidiaries
including Samsung Card Co., Ltd., whose financial statements represent 19% and 21% of
the consolidated total assets as of December 31, 2009 and 2008, respectively, and 26% and
25% of the consolidated total sales for the years then ended, respectively. Those statements
were audited by other auditors whose reports thereon have been furnished us, and our opinion
expressed herein, insofar as it relates to the amounts included for those companies, is based
solely on the reports of the other auditors.
We conducted our audits in accordance with auditing standards generally accepted in the
Republic of Korea. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits and the reports of the other auditors provide a
reasonable basis for our opinion.
In our opinion, based on our audits and the reports of the other auditors, the consolidated
financial statements referred to above present fairly, in all material respects, the financial position
of Samsung Electronics Co., Ltd. and its subsidiaries as of December 31, 2009 and 2008, and
the results of their operations, the changes in their equity and their cash flows for the years then
ended in conformity with accounting principles generally accepted in the Republic of Korea.
REPORT OF INDEPENDENT AUDITORS
Samil PricewaterhouseCoopers is the Korean network firm of PricewaterhouseCoopers International Limited (PwCIL).
“PricewaterhouseCoopers” and “PwC” refer to the network of member firms of PwCIL. Each member firm is a separate legal entity and does
not act as an agent of PwCIL or any other member firm.
This report is effective as of March 10, 2010, the audit report 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 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.