samsung electronics co ltd (SSNLF) Key Developments
Samsung Electronics Co. Ltd. Announces Court's Ruling on Samsung Motors Case
Jan 30 15
Samsung Electronics Co. Ltd. announced Court's Ruling on Samsung Motors Case. This lawsuit is related to an agreement made between 28 Samsung affiliates including Samsung Electronics and creditors of Samsung Motors in September 1999. (Related public disclosure: December 22, 2005 - Filing of lawsuit against Samsung Electronics and its affiliates; December 22, 2005 and February 14, 2008 and January 19, 2011- Court's rulings). The Supreme Court modified the Seoul High Court's decision as follows: The annual interest rate for delay of the 600 billion Korean Won penalty should be changed from 5% to 6%. The Supreme Court dismissed all other appeals. The appeal costs between the bankruptcy trustee of the plaintiff bankrupt and the defendant Kun-hee Lee (Chairman of Samsung Electronics) shall be paid by the plaintiff bankrupt. The total litigation costs between the plaintiffs and the defendants (28 Samsung affiliates) shall be borne by each party half and half. The payment for the penalty of KRW 600 billion and the delay interest of KRW 20.4 billion have been made in January 2011 right after the Seoul High Court's ruling. The additional amount that should be paid in accordance with the Supreme Court ruling is estimated to be about KRW 4 billion.
Samsung To Buy Helicopter And Jet Operations From Hanwha
Jan 30 15
Samsung Electronics Co. Ltd. (KOSE:A005930) would buy back helicopter and jet operations, acquired by Hanwha Group in the process of the sale of its arm Samsung Techwin, for KRW 120 billion within the first half 2015. According to the business community on January 29, 2015, Samsung would repurchase the helicopter and jet operations for KRW 50 billion and KRW 70 billion, each, from Hanwha by late June 2015 after the completion of the sales procedures of four subsidiaries including Samsung Techwin. Decisions have yet to be made on which unit of Samsung Group would take over the operations.
Samsung Electronics Co. Ltd. Announces Dividend for the Fourth Quarter of 2014
Jan 29 15
Samsung Electronics Co. Ltd. announced a dividend of KRW 19,500 a share for the fourth quarter of 2014, up from KRW 13,800 a year earlier.
Samsung Electronics Reports Earnings Results for the Fourth Quarter and Year Ended December 2014; Provides Capital Expenditure Guidance for the Year 2015
Jan 28 15
Samsung Electronics reported earnings results for the fourth quarter ended December 2014. The company posted a 26.8% fall in fourth quarter net profit as the company continued to battle escalating competition from Apple and Chinese firms. Net profit for October to December amounted to KRW 5.3 trillion. Operating profit dropped 36.4% on-year to KRW 5.3 trillion. Sales fell 11% to KRW 52.7 trillion. The total revenue increased by approximately 11% compared to third quarter of 2014 as overall business performance improved.
For the year 2014, the company executed KRW 23.4 trillion in capital expenditure, which is in line with the plan that set up earlier. Net profit for the whole of 2014 was KRW 23.4 trillion ($21.4 billion), down 23.2% from the previous year. Operating profit fell 32% to KRW 25.0 trillion last year, while total sales fell by 9.9% to KRW 206.2 trillion.
As of now, the company expects the total amount of the 2015 capital expenditure to increase from that of 2014.
Samsung to Soon Launch Tizen Z1 Smartphone in Bangladesh
Jan 28 15
Samsung announced that the company plans to soon launch its Tizen OS-based smartphone dubbed 'Z1' in Bangladesh. Samsung first introduced its Z1 device in India on 14 January.