[국제재무관리] 삼성전자 환관리(영문)

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2011.09.23 / 2019.12.24
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목차: ㅣCONTENTSㅣ

0. Abstract

1. Current Economic Situation of SEC

2. Foreign Exchange risk
2.1. SEC’s exposure to exchange risk in 2009
2.2. SEC’s exposure to exchange risk in 2010

3. Foreign Exchange Risk management
3.1. SEC’s current hedging activities
3.2. SEC’s mainstream of hedging strategy; Natural hedge

4. Conclusion / Prospect

5. Appendix

6. References

본문내용: 2.2. SEC’s exposure to exchange risk in 2010.

The Samsung Electronics Co., Ltd (SEC) is exposed to credit risk, liquidity risk and market risk. Market risk arises from currency risk, interest rate risk and fair value risk associated with investments etc. The company has a risk management program in place to monitor and actively manage such risks. In this report, our group will be focusing on the currency risk/ foreign exchange risk of the market risk.
The company operates primarily in Korean Won (KRW) and its official accounting records are maintained in Korean Won. The effect of foreign currency risk to net income is a sum of net foreign currency fluctuations of Korean Won against other foreign currency fluctuations. Foreign currency exposure to financial assets and liabilities of a 5% currency rate change against the Korean Won are presented below.

Year 2010
(In millions of KRW) Increase Decrease
Financial
Assets \ 145,776 \(145,776)
Financial
Liabilities (136,113) 136,113
Net Effect 9,663 (9,663)

In short, as shown in the table above, it is expected that when the exchange rate of the foreign currency against Korean Won decreases by 5%, the company will lose \9,663 million. On the other hand, if it increases, the company will gain \9,663 million. At the end of year 2010, the total assets were \ 134,288,744,000,000.
It seems complicated because the exchange rate of the foreign currencies is shown as sum of net foreign currency fluctuations. However, if we just relate this result simply to the won-dollar exchange rates, it is more comprehensible. For example, in March 31 2011, the won-dollar exchange rates decreased from \1,100/$ to \1,096.70/$. This is currency rate change of 0.3%. Its effect is calculated to \579.78 million. Although this is shown in simple numbers, the amount is huge. Therefore, indeed, we can conclude that the exchange rate movements of foreign currencies have some critical effect on Samsung Electronics Company.

3. Foreign Exchange Risk management

3.1. SEC’s current hedging activities

In accordance with its risk management policy, the Company uses derivative instruments, primarily forward exchange contracts, to hedge foreign currency exchange rate risks regarding foreign assets and liabilities. In other words, a foreign branch buys or sells currency forward products about 6 months before expired through the bank for risk aversion. The following table presents the currency forward trades in late 2010.

(In Millions of KRW) Assets Liabilities Valuation gains Valuation losses
Currency forward 34,458 24,638 31,075 17,264
Total 34,458 24,638 31,075 17,264

The following table presents the assets and liabilities that are measured at fair value at 31 December 2010.

(In Millions of KRW) Level 1 Level 2 Level 3 Total balance
Short-term derivatives
Available for sale financial assets* -
3,823,284 34,458
49,765 -
326,359 34,458
4,199,358
Total assets 3,823,234 84,233 326,359 4,233,816
Short-term derivatives - 24,638 - 24,638
Total liabilities - 24,638 - 24,638
(*) Investments in Samsung Life Insurance and iMarket Korea, classified as available-for-sale financial assets, were listed during 2010, ￦94,102 million of level 3 as of December 31, 2009 and January 1, 2009 was transferred to level 1 (￦238,238 million as of December 31, 2010).

The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in level 1. Instruments included in level 1 comprise primarily listed equity investments classified as trading securities or available-for-sale.
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

3.2. SEC’s mainstream of hedging strategy; Natural hedge

3.2.1. Main reason
SEC’s mainstream of hedging strategy does not focus on currency hedging. This is because of their special characteristic of business structure. Their businesses can be divided into five part; semi-conductors, TFT-LCDs, info

참고문헌: 6. References

Main references
- Homepage of Samsung Electronics Co. (http://www.samsung.com/sec)
- 금융감독원 전자공시시스템 (http://dart.fss.or.kr/)

Other references
- DisplaySearch•IDC•SA, 2010
- 「The change of international economic order and action after the economic crisis」, Samsung Economic Research Institute. 2011.
- Financia lNews,
http://fnnews.com/view?ra=Real0101m_i02&corp=fnnews&arcid=0921157741&cDateYear=2007&cDateMonth=11&cDateDay=21&
- Gwangnam news, http://media.paran.com/news/print.kth?dirnews=2797768&year=2009
- Asiaeconomic news, http://www.asiae.co.kr/news/view.htm?idxno=2009101510322339285#

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