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ANALYSIS OF ANNUAL REPORT OF

SAMSUNG
Company full name: Samsung india electronics pvt ltd
Contacts: +(91)-124-4881234
180030008282, 18002668282, + (91)-124-4881415,
4882122

Address : 2 n d , 3 r d & 4 t h fl oor, tower C, Vipul Tech square,


Golf course road, sector 43,
Gurgaon- 122002

+:

mobile phone manufacturers, AC manufacturers

more.

Email: www.samsung .com%2Cwwwsam


Hours of operation: 09:00am-06:00pm

250000

200000
2009

150000

2010
2011

100000

2012
2013

50000

2014

0
sales
operating profit

250

200

150
2011
2012
100

2013

50

0
revenur(in trillion KRW)

50000
45000
40000
35000

2009

30000

2010
2011

25000

2012

20000

2013

15000

2014

10000
5000
0
cash flow operating activities

cash fiow investing activities

35
30
25
20

2011
2012

15

2013

10
5
0
Net profit(in trillion KRW)

2011

2012

2013

Revenue

165,002

201,104

228,693

Gross profit

52,857

74,452

90,996

Operating Profit

15,644

29,049

36,785

Profit before Income Tax

17,192

29,915

38,364

Net Profit

13,759

23,845

30,475

Segment /regional information


Revenue by segment

140
120
100
2011

80

2012

60

2013

40
20
0
segment revenue

2013
2012
2011

Operating profit by segment

25
20
15
2011
10

2012
2013

5
2013
0
operating profit by segment
-5

2012
2011

Regional portion of revenue

0.3
0.25
0.2

2011
2012

0.15

2013
0.1
0.05

2013
2012

0
1

2011

Summary B/S

250
200
150
100

2013

50
0

2012
2011

2011
2012
2013

2011

2012

2013

Total Assets

155,63 181,07
214,075
1
2

Current Assets

71,502 87,269 110,760

Cash & cash equivalents

26,878 37,448 54,496

Trade & other receivables 21,882 23,861 24,989


Inventories
Non-current Assets
PP&E

15,717 17,747 19,135


84,129 93,803 103,315
62,044 68,485 75,496

Total Liabilities

53,786 59,591 64,059

Current Liabilities

44,319 46,933 51,315

Trade & other payables

10,277 9,489

Accounts payables &


others

16,057 16,895 20,541

Total Borrowings

14,647 14,895 11,161

Total shareholders' equity


Capital Stock

8,437

101,84 121,48
150,016
5
0
898

898

898

* Cash & cash equivalents = Cash + Cash equivalents


+Short-term financial instruments + Short-term
available-for-sale securities
* Total borrowings: Short-term borrowings + Current potion
of long-term Borrowings,
Lon-term borrowings, etc

2011

Cash at beginning of the


period
Cashflow from operations

2012

2013

22.48 26.88 37.45


22.92 37.97 46.71

2011

2012

2013

Cashflow from investing

-21.62 -24.85 -25.19

Cashflow from finance

3.11

Net increase/decrease in cash 4.40

-1.86

-4.14

10.57 17.05

Cash at end of the period

26.88 37.45 54.50

Net cash

12.23 22.55 43.34

Financial ratios

2011

2012

2013

ROA

9.5%

14.2% 15.4%

ROE

14.4% 21.4% 22.4%

Debt/EBITDA

0.50

0.34

0.21

EBITDA/Interest Expenses

45

76

120

* Debt= total borrowings


* EBITDA= Operating Profit + Depreciation
Net Margin (%)

8.3%

11.9%

13.3%

Asset Turnover

1.14

1.19

1.16

Financial Leverage

1.52

1.51

1.46

Current ratio (%)

161%

186%

216%

Liability/Equity (%)

53%

49%

43%

Debt/Equity (%)

14%

12%

7%

Net debt/Equity (%)

- 12%

- 19%

-29%

25.00%
20.00%
Series 1

15.00%

Series 2
Series 3

10.00%
Series 3
5.00%
Series 2
0.00%
Series 1

ROA
ROE

120
100
2011

80

2012

60

2013
2013

40
20

2012

0
2011

Debt/EBITDA
EBITDA/Interest expenses

MAJOR MERGER ACQUISITION

The electronics giant wants to invest more of its huge war


chest in new technology and marketing, and is looking to
reward investors more by at least doubling its dividend
yield.
Samsung Electronics wants to invest more money for new
growth technologies, and part of that will come from being
more aggressive in mergers and acquisitions as well as R&D.
M&A will aim to reinforce current businesses, secure talent
and find new opportunities, said Lee Sang-hoon, president
and CFO of Samsung Electronics. The company has already
spent about US$1 billion investing in 14 companies since
2010, which has been "somewhat conservative".
Lee was kicking off Samsung's first Analyst Day since 2005 in
Seoul which was streamed live. The event is seen as a
platform for the company to better communicate with
investors and analysts, amid sagging share prices and
returns.
Samsung currently has a cash pile of around US$50 billion,
which is about 20 percent of its market capitalization and
has attracted complaints from investors of being at a level
too high at their expense. According to Lee, the war chest
will now being prepared for "significant investment" in
strategic technologies, mergers or acquisitions.
"We plan to allocate a significant portion of our annual cash
flow into capex and R&D to secure future growth and
shareholder return," Lee said.

Samsung has been shifting its focus away from building


capacity and capturing market share, to developing new
technologies and creating new markets.

Balancing growth vs dividends


Despite a more aggressive stance to invest more for growth
, Samsung also announced a more generous dividend policy
to distribute its free cash.
Samsung will double its dividend yield to around 1 percent
of its share price, compared with 0.5 percent last year. This
ratio would be reviewed every three years to reflect changes
in business conditions, added the CFO.
The new approach is an interesting balance as many high
growth mode companies, particularly in technology such as
Google, typically shy away from offering dividends in favor
of investing their spare cash.

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