Samsung Electronics' US and China subsidiaries lose more than $8 billion in assets in 2022!
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Update time : 2023-03-10 13:48:40
According to Korean media BusinessKorea, weak global demand, coupled with the trade conflict between the US and China, has resulted in Samsung Electronics' major subsidiaries in the US and China losing a combined total of more than 10.48 trillion won (about RMB 56 billion, or about US$8.06 billion) in assets in 2022.
According to Samsung's integration audit report released on March 3, Samsung's overseas subsidiaries in the US and China (excluding Harman and its subsidiaries) held assets of 97.51 trillion won at the end of 2022, down 10.48 trillion won from 107.99 trillion won at the end of 2021, the report said. This performance was much weaker than in 2021. The data shows that assets of Samsung's overseas subsidiaries increased significantly by KRW 15.41 trillion in 2021, thanks to the then booming electronics and semiconductor markets. Specifically, Samsung Semiconductor International (SSI), the North American sales arm of Samsung's Device Solutions division, saw its assets shrink by 11% to KRW12.2 trillion by the end of 2022. In China, Samsung China Semiconductor's (SCS) assets in Xi'an fell by 1.95 trillion won, while Shanghai Samsung Semiconductor's (SSS) assets also shrank by 2.7 trillion won during the same period. Experts say that the decline in global demand has caused Samsung's revenue to weaken, which in turn has led to a significant reduction in accounts receivable, a capital item. In addition, the decline in assets of Samsung's subsidiaries located in China is also related to Samsung's inability to invest in new facilities following the trade conflict between the US and China. In addition, the assets held by Samsung's major subsidiaries in Europe, Vietnam and India also shrank by more than 8 trillion won.
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