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2014 Samsung Electronics Annual Report2014 Samsung Electronics Annual Report
(C) The aging analysis of trade and other receivables as at December 31, 2014 and 2013, is as follows: (In millions of Korean won)
2014 2013
Receivables not past due ₩25,271,779 ₩25,420,912
Past due but not impaired1:
Less than 31 days overdue 2,333,812 2,058,708
Impaired2:
31 days to 90 days overdue 378,242 184,405
Over 90 days overdue 583,291 559,811
Total ₩28,567,124 ₩28,223,836
1 The Group does not consider receivables that are overdue for less than or equal to 31 days as impaired.
2 Provisions for impaired receivables amount to KRW 287,682 million as at December 31, 2014 (2013: KRW 287,721 million).
(D) The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. As at December 31, 2014, the Group has
credit insurance with Korea Trade Insurance and overseas insurance companies against its export accounts receivables. In accordance with the terms of the con-
tract, the Group is entitled to a compensation on bad debts if the criteria set forth in the agreement, such as customer’s refusal of payment, are satisfied.
11. Inventories
Inventories as at December 31, 2014 and 2013, are as follows: (In millions of Korean won)
2014 2013
Gross Amount Valuation
Allowance
Book Value Gross Amount Valuation
Allowance
Book Value
Finished goods ₩6,011,078 ₩(237,630)₩5,773,448 ₩7,597,391 ₩(168,041)₩7,429,350
Work in process 5,018,416 (553,345)4,465,071 4,352,080 (281,814)4,070,266
Raw materials and supplies 6,244,161 (287,155)5,957,006 6,960,985 (151,873)6,809,112
Materials in transit 1,121,979 - 1,121,979 826,140 - 826,140
Total ₩18,395,634 ₩(1,078,130)₩17,317,504 ₩19,736,596 ₩(601,728)₩19,134,868
The cost of inventories recognized as expense and included in ‘cost of sales’ for the year ended December 31, 2014, amounts to KRW 127,584,292 million (2013: KRW
136,755,644 million). Inventory valuation loss of KRW 637,233 million was recognized for the year ended December 31, 2014 (2013: KRW 435,607 million).
12. Investments in Associates and Joint Ventures
(A) Changes in investments in associates and joint ventures for the years ended December 31, 2014 and 2013, are as follows: (In millions of Korean won)
2014 2013
Balance as at January 1 ₩6,422,292 ₩8,785,489
Acquisition 721,299 181,307
Disposal (38,450) (240)
Share of profit 342,516 504,063
Other1(2,215,196) (3,048,327)
Balance as at December 31 ₩5,232,461 ₩6,422,292
1 Other consists of dividends, business combinations, and effects of changes in foreign exchange rates.