30th Oct 2009 08:38
BOD Authorization of Management Decisions
On October 30, 2009, the BOD of Samsung Electronics authorized the following management decisions.
1. Sales of the VSS business to Samsung Techwin
The BOD of Samsung Electronics authorized sales of the Company's VSS (Visual Surveillance System) business to Samsung Techwin for KRW 185.7 billion. Samsung Techwin will take over the VSS business on January 1, 2010.
2. Capital Expenditure Outlook for FY09 & FY10
Samsung Electronics announced the Company's capital expenditure plan for FY09 and FY10. Our capital expenditure for FY10 has not been finalized yet as we are still in the process of planning our budget for FY10.
Our tentative capital expenditure plan is as follows:
Consolidated capital expenditure for FY09: KRW 7 trillion
Consolidated capital expenditure for FY10: More than KRW 5.5 trillion in memory, and KRW 3 trillion in LCD
3. Asset Revaluation Results
Samsung Electronics conducted its asset revaluation with the Samjong KPMG Advisory to prepare for K-IFRS adoption.
The results are as follows:
Original book value of land & buildings: KRW 3,398.8 billion
Re-evaluated value: KRW 7,215.1 billion
Difference: KRW 3,816.3 billion
The following changes will be made to our financial statement as a result of the asset revaluation:
Increase in PP&E (Land): KRW 3,816.3 billion
Retained earnings: KRW 2,976.7 billion
Deferred income tax liabilities: 839.6 billion
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