SAMSUNG ELECTRONICS Co., Ltd. Half Year Report January 1, 2014 – June 30, 2014

Total Page:16

File Type:pdf, Size:1020Kb

SAMSUNG ELECTRONICS Co., Ltd. Half Year Report January 1, 2014 – June 30, 2014 SAMSUNG ELECTRONICS Co., Ltd. Half Year Report January 1, 2014 – June 30, 2014 Note about forward-looking statements Certain statements in the document, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements.” Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in our financial reports available on our website. Samsung Electronics 2014 Half Year Report 1 / 153 Table of Contents Certification ....................................................................................................................................................... 3 I. Corporate Overview ....................................................................................................................................... 4 II. Businesses Overview .................................................................................................................................. 19 III. Management Discussion and Analysis ....................................................................................................... 52 IV. Corporate Governance and Affiliates .......................................................................................................... 53 V. Information on Shareholders ....................................................................................................................... 93 VI. Executives and Employees ........................................................................................................................ 99 VII. Related Party Transactions ..................................................................................................................... 106 VIII. Other Information Related to Investment Protection ............................................................................... 110 IX. Auditor’s Report ....................................................................................................................................... 116 X. Financial Statements ................................................................................................................................ 118 XI. Summary of Significant Accounting Policies ............................................................................................. 134 XII. Supplementary Information ..................................................................................................................... 149 Samsung Electronics 2014 Half Year Report 2 / 153 Certification Letter of Certification We, Oh-Hyun Kwon and Sang-Hoon Lee, as CEO and director of the company in charge of reporting, certify that we have reviewed this half year report of Samsung Electronics Co., Ltd. Based on our knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary that would be misleading with respect to the period covered by this report. Based on our knowledge, the financial statements, and other financial information included in the report, fairly present in all materials respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report. We confirm that Samsung Electronics operates an Internal Accounting Management System, responsible for establishing and maintaining disclosure controls and procedures and internal controls over financial reporting, as defined in Article 2.2 and 2.3 of the External Audit Act. We have disclosed our most recent evaluation of internal controls over financial reporting to the Company’s auditors and to the audit committee of the Company’s board of directors. Date: 2014. 8. 14 Samsung Electronics 2014 Half Year Report 3 / 153 I. Corporate Overview 1. Overview A. Legal, Commercial Name: - Samsung Electronics Co., Ltd. B. Date of Establishment: - Samsung Electronics (“SEC” or `“The Company”) was established as Samsung Electronics Industry Co., Ltd. on January 13, 1969, held an Initial Public Offering on June 11, 1975. - The Company changed its name from Samsung Electronics Industry Co., Ltd. to Samsung Electronics Co., Ltd. in accordance with the resolution of the Annual General Meeting of Shareholders on February 28, 1984. C. Address, Phone Number, and Website of the corporate headquarter - Address: 129 Samsung-ro Maetan-3dong Yeongtong-gu, Suwon, Gyeonggi-do, Korea - Phone Number: 82-31-200-1114 - Website: http:// www.samsung.com/us D. The Company is not subject to Article 2 of the Framework Act on Small and Medium Enterprises. E. Core Businesses - The Company independently manages three divisions, CE (Consumer Electronics), IM (Information Technology & Mobile Communications), DS (Device Solutions). Products in each division are presented below: Division Products CE CTV, Monitor, Printer, Air Conditioner, Refrigerator, Washing Machine, Medical Devices IM HHP, Network System, Computer, Digital Camera DS DRAM, NAND Flash, Mobile AP, LCD panel, OLED panel, LED The Company is a global electronics company comprised of the headquarters in Korea and 150 subsidiaries across the world including 9 regional headquarters for the CE and IM divisions and 5 regional headquarters for the DS division. [CE Division] The CE division is leading the global digital era through continuous new product offerings with innovative technology, unique design, and value. CTV is the core product of the CE. The Company has maintained its market leadership position for the past 8 consecutive years through competitive advantage in hardware products such as LCD and LED TV as well as software driven product features with our Smart TV product portfolio. Samsung Electronics 2014 Half Year Report 4 / 153 [IM Division] The IM division is leading mobile lifestyle innovation with consumer-friendly products such as the premium brand ‘GALAXY’ series, while at the same time driving the paradigm shift in the market beyond mobile convergence to focus on software. The IM division is focused on meeting market demands by enhancing mobile product differentiation through integration of key features from various product categories. In addition to HHP products, including smartphones, the IM division is also leading technological development and standardization in the global networks system market, including Long Term Evolution (LTE). [DS Division] The DS division is comprised of semiconductor and display businesses. The semiconductor business is divided into memory and System LSI businesses. The Memory business manufactures and sells DRAM and NAND products. System LSI manufactures Mobile AP (Application Processors) and various sensors including CIS (Central Imaging Sensors). The display business manufactures and sells display panels, including TFT-LCD and OLED. The memory business produces differentiated products and has maintained number one position in the global memory market by applying advanced process technology. The System LSI business is leading the industry shift from PC to mobile. For display business, the Company is leading the market with technological development and investment resulting in superior quality and cost competitiveness in TFT-LCD and increasing applications of OLED panels in various IT products. ☞ Refer to 『II. Businesses Overview』, for more details about each division Samsung Electronics 2014 Half Year Report 5 / 153 F. Affiliates The Company is an affiliate of Samsung Group according to the Monopoly Regulation and Fair Trade Act. As at June 30, 2014, Samsung Group had a total of 73 domestic affiliates. Compared to December 31, 2013, three new affiliates (Samsung Welstory, Samsung Card Customer Service, and Seoul Lakeside CC) were added and five (Samsung Corning Precision Materials, Samsung SNS, Global Tech, 365Homecare, and Samsung Petrochemical) were excluded. Among Samsung Group’s 73 affiliates, 17 including Samsung Electronics are listed, and 56 are unlisted. [As of June 30, 2014] No. of Name of affiliates affiliates Samsung C&T, Cheil Industries, Samsung Electronics, Samsung SDI, Samsung Techwin, SEMCO, Samsung Listed 17 Heavy Industries, Samsung Card, Samsung Life Insurance, Hotel Shilla, Samsung Fire & Marine Insurance, Samsung Securities, Samsung Fine Chemicals, Samsung Engineering, S1, Cheil Worldwide, CREDU Samsung Everland, Samsung SDS, Samsung General Chemicals, Samsung Total Petrochemicals, Samsung Lions, SERI, STECO, Samsung Thales, SEMES, Samsung Electronics Sales, Samsung Electronics Service, Samsung Electronics Logitech, Hantok Chemicals, CVnet Corporation, Care Camp, Allat., SECUI, Gacchinet, Open Tide Korea, Samsung Futures, Samsung Venture Investment Corporation, Samsung Asset Management, Saengbo, SD Flex, World Cyber Games, Samsung Claim Adjustment Service, Samsung Fire & Unlisted 56 Marine Insurance Service, S-Core, Suwon Samsung Bluewings FC, Human TSS, RAY, Songdo Land Mark City, S-1CRM, OpenHands, S-EnPol, Samsung Medison, Samsung Biologics, SMP, STM, Nuri Solution, Colombo Korea, Samsung Life Service, Miracom, SU Materials, Natural9, Samsung Display, Samsung Bioepis, Samsung Corning Advanced Glass , Daejung Offshore Wind Power Co., Ltd., SAMSUNG
Recommended publications
  • Samsung Electronics Co., Ltd. and Its Subsidiaries NOTES to INTERIM
    Samsung Electronics Co., Ltd. and its Subsidiaries NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS 1. General Information 1.1 Company Overview Samsung Electronics Co., Ltd. (“SEC”) was incorporated under the laws of the Republic of Korea in 1969 and listed its shares on the Korea Stock Exchange in 1975. SEC and its subsidiaries (collectively referred to as the “Company”) operate four business divisions: Consumer Electronics (“CE”), Information technology & Mobile communications (“IM”), Device Solutions (“DS”) and Harman. The CE division includes digital TVs, monitors, air conditioners and refrigerators and the IM division includes mobile phones, communication systems, and computers. The DS division includes products such as Memory, Foundry and System LSI in the semiconductor business (“Semiconductor”), and LCD and OLED panels in the display business (“DP”). The Harman division includes connected car systems, audio and visual products, enterprise automation solutions and connected services. The Company is domiciled in the Republic of Korea and the address of its registered office is Suwon, the Republic of Korea. These interim consolidated financial statements have been prepared in accordance with Korean International Financial Reporting Standards (“Korean IFRS”) 1110, Consolidated Financial Statements. SEC, as the controlling company, consolidates its 256 subsidiaries including Samsung Display and Samsung Electronics America. The Company also applies the equity method of accounting for its 41 associates, including Samsung Electro-Mechanics.
    [Show full text]
  • Short Form Catalogue 2011
    Short form catalogue 2011 TM Always On WiFi Short description Nanoradio AB has developed the smallest and most power NRG831 - 802.11b/g/n single chip System in Package efficient Wi-Fi solutions in the world, for battery operated mobile (SiP) for Mobile Devices devices like: The NRG831 is 802.11b/g/n compliant Wireless LAN System-in- Mobile phones, VoIP phones, tablets (MID), multimedia devices Package (SiP) solution. This ultra-low power circuit is optimized for (Mobile gaming terminals, portable multimedia players, digital use in mobile phones and supports full coexistence with Bluetooth cameras, positioning devices and E-book readers) and headsets. chips. Wi-Fi Certifications including 802.11b/g/n, WPA. WPA2, Nanoradio AB is now broadening its offerings by developing WMM. UMA support. solutions including further connectivity features, e.g. Bluetooth. NRG800 - Combo WLAN 802.11b/g/Bluetooth single chip The Nanoradio solutions are offered as Wi-Fi chipset or as System-in-Package (SiP) for mobile devices. complete modules from our global module partners. The NRG800 is a complete Wireless LAN/ Bluetooth© Combo System- in-Package (SiP) Solution for Mobile devices. The NRG800 delivers a PRODUCTS complete and fully tested implementation of 802.11b/g and Bluetooth NRX600 - 802.11 b/g true one chip (COB) functionality. Best WiFi/BT coexistence on the market. High performance 802.11 b/g true one chip for direct PCB NRG850 - Combo WLAN 802.11b/g/n/Bluetooth single mounting, designed to handle the 802.11 b/g standards. This ultra chip System-in-Package (SiP) for mobile devices. low power chip is optimized for use in battery operated The NRG850 is a complete Wireless LAN/Bluetooth© Combo mobile devices, due to one chip power System-in-Package (SiP) Solution for Mobile devices.
    [Show full text]
  • Interim Consolidated Financial Statements of Samsung Electronics Co., Ltd
    INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF SAMSUNG ELECTRONICS CO., LTD. AND ITS SUBSIDIARIES INDEX TO FINANCIAL STATEMENTS Page Independent Auditors’ Review Report 1-2 Inteim Consolidated Statements of Financial Position 3-5 Inteim Consolidated Statements of Profit or Loss 6 Inteim Consolidated Statements of Comprehensive Income 7 Inteim Consolidated Statements of Changes in Equity 8-11 Inteim Consolidated Statements of Cash Flows 12-13 Notes to the Inteim Consolidated Financial Statements 14 Deloitte Anjin LLC 9F., One IFC, 10, Gukjegeumyung-ro, Youngdeungpo-gu, Seoul 07326, Korea Tel: +82 (2) 6676 1000 Fax: +82 (2) 6674 2114 www.deloitteanjin.co.kr Independent Auditors’ Review Report [English Translation of Independent Auditors’ Report Originally Issued in Korean on November 13th, 2020] To the Shareholders and the Board of Directors of Samsung Electronics Co., Ltd.: Reviewed Financial Statements We have reviewed the accompanying interim consolidated financial statements of Samsung Electronics Co., Ltd. and its subsidiaries. The interim consolidated financial statements consist of the consolidated statement of financial position as of September 30, 2020, and the related consolidated statements of profit or loss and comprehensive income for the three-month and the nine-month period ended September 30, 2020, changes in equity and cash flows for the nine-month period ended September 30, 2020, all expressed in Korean won, and a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these interim consolidated financial statements in accordance with Korean International Financial Reporting Standards (“K-IFRS”) No. 1034 Interim Financial Reporting, and for such internal control as management determines is necessary to enable the preparation of interim consolidated financial statements that are free from material misstatement, whether due to fraud or error.
    [Show full text]
  • 2014 Business Report for the Year Ended December 31, 2014
    SAMSUNG ELECTRONICS Co., Ltd. 2014 Business Report For the year ended December 31, 2014 Note about forward-looking statements Certain statements in the document, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements.” Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in our financial reports available on our website. See, also, 『1. Note on Forward-Looking Statements』 in 『V. Management Discussion and Analysis』. Samsung Electronics 2014 Business Report 1 / 170 Table of Contents Certification ................................................................................................................................................................................ 3 I. Corporate Overview ............................................................................................................................................................... 4 II. Businesses Overview ......................................................................................................................................................... 20
    [Show full text]
  • Nanoradio at a Glance
    Nanoradio at a glance 1 © Nanoradio 2010 Confidential Nanoradio - Geographic Reach Headquarters: Kista, Sweden Sales Office in Lund NA: Agent Korea: Seoul China: Shanghai Japan: Tokyo Patras, Greece Taiwan: Taipei Development office Sales & Customer support office 2 © Nanoradio 2010 Confidential Nanoradio - Major Progress During the Last 12 Months 15 major mobile phone manufactures have selected Nanoradio, and growing 5 Global TOP10 mobile players, including Samsung, selected the Nanoradio Solution #1 Japanese vendor Sharp leading ODM’s and OEM’s in China and Taiwan Nanoradio also selected for MIDs VoIP phones Wi-Fi headsets DSC Photo frames Volumes increasing fast 350% 2008->2009 350% 2009->2010 Leading wafer and back-end partners Ported on major operating systems and platforms, increasing the addressable market to 70% 3 © Nanoradio 2010 Confidential Nanoradio - Wi-Fi Design Wins Samsung Haier P250 (2008) Q1 (2010) P270 (2008) N8 (2010) GT-M5650 (2010) K-Touch GT-M5650u (2010) W606 (2010) GT-B7722 (2010) Coolpad GT-B7722u (2010) W711(2010) GT-B7732 (2010) Huawei GT-B7722i (2011) T8301(2011) W6370 (VoIP phone) (2010) Acer Sharp beTouch E120 (2010) 940SH (2009) beTouch E130 (2010) 941SH (2009) 943SH (2010) 944SH (2010) 945SH (2010) 945SH-G (2010) 002SH (2010) 004SH (2011) 4 © Nanoradio 2010 Confidential Nanoradio - Other Applications Selected by World’s largest Camera ODM for Wi-Fi products Major SIM card Top headset player selected brand, launching NRX600 for SIM + World’s first Wi-Fi Wi-Fi cards headset China’s largest Close cooperation SD-card player with a leading selected NRX600 video chip for Flash + Wi-Fi provider cards WiFi partner by China’s largest application processor suppliers.
    [Show full text]
  • Samsung Electronics Co., Ltd. and Its Subsidiaries NOTES
    Samsung Electronics Co., Ltd. and its Subsidiaries NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 1. General Information 1.1 Company Overview Samsung Electronics Co., Ltd. (“SEC”) was incorporated under the laws of the Republic of Korea in 1969 and listed its shares on the Korea Stock Exchange in 1975. SEC and its subsidiaries (collectively referred to as the “Company”) operate four business divisions: Consumer Electronics (“CE”), Information technology & Mobile communications (“IM”), Device Solutions (“DS”) and Harman. The CE division includes digital TVs, monitors, air conditioners and refrigerators and the IM division includes mobile phones, communication systems, and computers. The DS division includes products such as Memory, Foundry and System LSI in the semiconductor business (“Semiconductor”), and LCD and OLED panels in the display business (“DP”). The Harman division includes connected car systems, audio and visual products, enterprise automation solutions and connected services. The Company is domiciled in the Republic of Korea and the address of its registered office is Suwon, the Republic of Korea. These interim consolidated financial statements have been prepared in accordance with Korean International Financial Reporting Standards (“Korean IFRS”) 1110, Consolidated Financial Statements. SEC, as the controlling company, consolidates its 252 subsidiaries including Samsung Display and Samsung Electronics America. The Company also applies the equity method of accounting for its 46 associates and joint ventures, including
    [Show full text]
  • THE NEXT PHASE the NEXT PHASE Samsung Annual Report 2003
    Samsung Annual Report 2003 THE NEXT PHASE THE NEXT PHASE Samsung Annual Report 2003 THE NEXT PHASE MOTIVATION To understand where we’re going, it helps to take a look at what’s driving us there. 9 COLLABORATION Successful companies no longer always go it alone. 23 EXPECTATION Customers are all about expectations. 35 DEMONSTRATION It is important to demonstrate that our standards, values and goals are indeed real. 44 COMPUTATION 61 All Samsung products and services mentioned in this publication are the property of Samsung. ORGANIZATION Published by Samsung in coordination with Cheil Communications Inc. The power of Samsung as a brand is tied Printed by Samsung Moonwha Printing Co., Seoul, Korea to the strength of its organizations. Written by Denis Jakuc 65 Principal Photography by Ashton Worthington Created by The Corporate Agenda: www.corporateagenda.com TEN YEARS AGO, Samsung launched its New Management initiative, with the ultimate goal of becoming one of the world’s premier companies. 1993 June Samsung adopts New Management initiative 1994 1995 1996 February January January January July Chairman Kun-Hee Lee holds Japanese headquarters opens Samsung opens headquarters Samsung Electronics begins Samsung Everland opens Carribean electronics products comparison in USA, Europe and China mass production of 64Mb DRAMs Bay, world’s first indoor and outdoor and evaluation conference July water park in Los Angeles, California, USA Samsung Corporation is the February March first Korean company to reach Samsung Electronics completes Samsung Electronics
    [Show full text]
  • Interim Business Report for the Quarter Ended September 30, 2014
    SAMSUNG ELECTRONICS Co., Ltd. Interim Business Report For the quarter ended September 30, 2014 Note about forward-looking statements Certain statements in the document, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements.” Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in our financial reports available on our website. Samsung Electronics 2014 Interim Business Report 1 / 152 Table of Contents Certification ........................................................................................................................................................................... 3 I. Corporate Overview .................................................................................................................................................... 4 II. Businesses Overview ................................................................................................................................................ 20 III. Management Discussion and Analysis ...................................................................................................................
    [Show full text]
  • Samsung Electronics Co., Ltd. and Subsidiaries NOTES to the CONSOLIDATED FINANCIAL STATEMENTS
    Samsung Electronics Co., Ltd. and Subsidiaries NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. General Information 1.1 Company Overview Samsung Electronics Co., Ltd. ("SEC") was incorporated under the laws of the Republic of Korea in 1969 and listed its shares on the Korea Stock Exchange in 1975. SEC operates two business units: DMC (Digital Media & Communications) and DS (Devise Solutions). The DMC unit is subdivided into CE (Consumer Electronics) and IM (Information technology & Mobile Communications) divisions. The CE division offers products such as digital TVs, monitors, air conditioning systems, and refrigerators. The IM (Information technology & Mobile Communications) division also offers a wide variety of products including HHP, telecommunication systems, printers, and computers. The DS unit is comprised of Semiconductor, LCD, and other LED divisions. The semiconductor division offers products such as memory and system LSI, whereas the LCD division offers products such as LCD display panels and OLED panels designed for mobiles. The company is domiciled in the Republic of Korea and the address of its registered office is Suwon City, the Republic of Korea. These consolidated financial statements have been prepared in accordance with Korean International Financial Reporting Standards (“K-IFRS”) 1027, Consolidated and Separate Financial Statements. SEC, as the controlling company, consolidates its 161 subsidiaries (collectively referred to as "the Company") including Samsung Display and Samsung Electronics America. The Company also
    [Show full text]
  • Samsung Press Information
    Company Overview History of Samsung Samsung's history dates to 1938 when "Samsung General Stores" opened in North Kyung- sang Province, Korea. The company conducted its trade business until the 1950s when it became a producer of basic commodities such as sugar and wool. In 1958, Samsung be- came involved in the insurance industry by incorporating a local fire & marine insurance company. During the 1960s, Samsung became one of the first Korean companies to actively expand its overseas trade. The group consolidated its manufacturing base by adding paper and fer- tilizer businesses. Samsung continued with expansion into the life insurance business, strengthened its retail operations and then moved into the communications sector, success- fully establishing a newspaper and a broadcasting company. The 1970s were a crucial period in shaping present-day Samsung. Its strengths in the semi- conductor, information and telecommunications industries grew from the significant in- vestments made during this period. Samsung also took a meaningful step toward heavy industries by venturing into aircraft manufacturing, shipbuilding and construction, as well as chemical industries. In the 1980s, Samsung expanded its efforts into exploring the larger markets overseas. The group began contributing to foreign economies by building facilities in the US, the UK and Portugal. Samsung also invested considerable resources into fostering Korea's rich heritage by supporting a wide range of cultural and artistic activities. The final decade of the 20th century saw the evolution of Samsung's new approach to management. Chairman Kun-Hee Lee's insightful vision and the introduction of the "New Management" in 1993 acknowledged the need to transform management philosophy in or- der to keep up with a rapidly changing global economy.
    [Show full text]
  • SAMSUNG ELECTRONICS Co., Ltd. 2017 Business Report for the Year Ended December 31, 2017
    SAMSUNG ELECTRONICS Co., Ltd. 2017 Business Report For the year ended December 31, 2017 Certain statements in the document, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements.” Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in our financial reports available on our website. See, also, 『Note on Forward-Looking Statements』 in preamble of 『II. Business Overview』. Samsung Electronics 2017 Business Report 1 / 271 Table of Contents Certification ................................................................................................................................................................................ 3 I. Corporate Overview ............................................................................................................................................................... 4 II. Businesses Overview ......................................................................................................................................................... 29 III. Financial Affairs ................................................................................................................................................................
    [Show full text]
  • SAMSUNG ELECTRONICS Co., Ltd. Interim Business Report for the Quarter Ended March 31, 2015
    SAMSUNG ELECTRONICS Co., Ltd. Interim Business Report For the quarter ended March 31, 2015 Note about forward-looking statements Certain statements in the document, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements.” Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in our financial reports available on our website. See, also, 『Note on Forward-Looking Statements』 in preamble of 『II. Business Overview』. Samsung Electronics Interim Business Report 1 / 170 WorldReginfo - 35d6727f-d380-43ba-b636-eb9cfe08293a Table of Contents Certification ................................................................................................................................................................................ 3 I. Corporate Overview ............................................................................................................................................................... 4 II. Businesses Overview ........................................................................................................................................................
    [Show full text]