February 28, 2003 in Social Responsibility News

SAMSUNG Electronics Holds the 34th Annual General Shareholders’ Meeting

SEOUL, Korea - February 28, 2003 - Samsung Electronics held its 34th annual general shareholders meeting at the Ho-am Art Hall in Seoul on February 28.
The company achieved a record-breaking KRW 7.0518 trillion in net income during the past fiscal year, despite a global economic slump.

The meeting agenda included approving the balance sheet, income statement and statement of retained earnings for FY02; naming internal and outside directors; approving the remuneration limit for directors and establishing a standard for adjusting stock options.
Samsung Electronics’ performance during FY02 was unprecedented. Assets at year’s end totaled KRW 34.4396 trillion, up KRW 6.5202 trillion year on year. Total liabilities reached KRW 10.4456 trillion in 2002, while capital stock rose KRW 4.8366 trillion year on year to total KRW 24.3103 trillion. The company achieved KRW 7.0518 trillion in net income on sales of KRW 40.5115 trillion.

The KRW 5,500 per share dividend for FY02 was more than twice the dividend allotted during the pervious term. The payout ratio came to 34.2% when factoring in the buyback of company stock. This is the first time for the payout ratio to surpass 30% in the history of Samsung Electronics.

The limit on directors’ remuneration (to include performance pay) for the coming fiscal year was set at KRW 50 billion, the same level as in FY02. During the past fiscal year, only KRW 36.8 billion of the approved total was actually paid out.

Also approved at the general shareholders’ meeting was a proposal to establish a standard for adjusting the stock option parameters (number of shares allowed and purchase price). The approved standard, based on the stock option standard model set by the Korea Listed Companies Association, will serve to protect shareholder rights and maintain the value of the stock option.

About Samsung Electronics
Samsung Electronics Co. Ltd. is a global leader in semiconductor, telecommunication, and digital convergence technology. Samsung Electronics employs approximately 70,000 people in 87 offices in 47 countries.
The company is the world's largest producer of memory chips, TFT-LCDs, CDMA mobile phones, monitors and VCRs. Samsung Electronics consists of four main business units: Digital Media Network, Device Solution Network, Telecommunication Network and Digital Appliance Network Businesses.

For more information, please visit http:// www.samsungelectronics.com

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