(?)????, ??????(Horizontal analysis)

1
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• ??? ????????????
• ??? ????
• ??? ????
• ??? ???????

2
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• (?)????, ??????(Horizontal analysis)
• 1.??????
• 2.????
• (?)????, ??????(Vertical analysis)
• 1.?????
• 2.????

3
?????????

• (?)?????,??????(Horizontal analysis)
• ???????????????????????????
• 1.??????-??????????? ????????????
• 2.????-????????????????????????

4

• (?)?????,??????(Vertical analysis)
• ????????????????????????
• 1.?????-?????????????(?100)???????????????,?
  ????????????
• 2.????-???????????????????,?????????,????????

5

• ????????????????,?????
• 1.?????????-??????????????,???????????????????
  ???
• 2.???????????-???????????????????????
• 3.???????-?????????????????????????,??????????
  ???

6
???? ????? 12?31?

???(??)


2002? 2001? ??
??? ?? ????. 1,020,000 945,000
75,000 7.9 ????(??) 800,000
632,500 167,500 26.5 ????.
15,000 17,500 (2,500) (14.3)
???. 1,835,000 1,595,000 240,000
15.0
7
?? ????. 344,500 303,000
41,500 13.7 ????. 487,500
497,000 (9,500) (1.9)
???. 832,000 800,000
32,000 4.0 ???? ???,??1 275,400
270,000 5,400 2.0 ????
727,600 525,000 202,600 38.6
????? 1,003,000 795,000 208,000
26.2
???????? 1,835,000 1,595,000 240,000
15.0
8
???? ????? 12?31?

???(??)


2002? 2001? ??
??? ?? ????. 1,020,000 945,000
75,000 7.9 ????(??) 800,000
632,500 167,500 26.5 ????.
15,000 17,500 (2,500) (14.3)
???. 1,835,000 1,595,000 240,000
15.0
9
?? ????. 344,500 303,000
41,500 13.7 ????. 487,500
497,000 (9,500) (1.9)
???. 832,000 800,000
32,000 4.0 ???? ???,??1 275,400
270,000 5,400 2.0 ????
727,600 525,000 202,600 38.6
????? 1,003,000 795,000 208,000
26.2
???????? 1,835,000 1,595,000 240,000
15.0
10
???? ????? 12?31?

???(??)


2002? 2001? ??
??? ?? ????. 1,020,000 945,000
75,000 7.9 ????(??) 800,000
632,500 167,500 26.5 ????.
15,000 17,500 (2,500) (14.3)
???. 1,835,000 1,595,000 240,000
15.0
11
?? ????. 344,500 303,000
41,500 13.7 ????. 487,500
497,000 (9,500) (1.9)
???. 832,000 800,000
32,000 4.0 ???? ???,??1 275,400
270,000 5,400 2.0 ????
727,600 525,000 202,600 38.6
????? 1,003,000 795,000 208,000
26.2
???????? 1,835,000 1,595,000 240,000
15.0
12
???? ???

???(??)
2002?
2001? ?? ??? ?? 2,195,000
1,960,000 235,000 12.0 ???????
98,000 123,000 (25,000) (20.3)
???? 2,097,000 1,837,000 260,000
14.2 ???? 1,281,000 1,140,000
141,000 12.4
??. 816,000 697,000
119,000 17.1
????. 253,000 211,500
41,500 19.6 ????. 104,000
108,500 (4,500) (4.1)
?????. 357,000 320,000
37,000 11.6
????. 459,000 377,000
82,000 21.8
13
??????? ????? 9,000
11,000 (2,000) (18.2) ???????
???? 36,000 40,500
(4,500) (11.1)
???? 432,000 347,500 84,500
24.3 ????? 168,200 139,000
29,200 21.0
?? 263,800 208,500 55,300
26.5
14
???? ???

???(??)
2002?
2001? ?? ??? ?? 2,195,000
1,960,000 235,000 12.0 ???????
98,000 123,000 (25,000) (20.3)
???? 2,097,000 1,837,000 260,000
14.2 ???? 1,281,000 1,140,000
141,000 12.4
??. 816,000 697,000
119,000 17.1
????. 253,000 211,500
41,500 19.6 ????. 104,000
108,500 (4,500) (4.1)
?????. 357,000 320,000
37,000 11.6
????. 459,000 377,000
82,000 21.8
15

???? ?????

2001?
???(??)
2002?
2001? ?? ??? ????,1?1? 525,000
376,500 148,500 39.4 ???..
263,800 208,500 55,300 26.5

788,800 585,000
203,800 ???.
61,200 60,000 1,200 2.0
????,12?31?
727,600 525,000 202,600 38.6
16
??????
????????,?????????,?????100,
????????????,??????????????
??? 41,296 38,064 34,835 33,110 30,518
2002? 2001? 2000? 1999?
1998?
???????1998????,?????????????
????????,???????
????????????

??????
(????-????)????
17
??????????????


??????????
????????
?????1998????,?????????????
????????
2002? 2001? 2000? 1999? 1998? 41,296 38,064 34,835 33,110 30,518 135 125 114 108 100
18
???? ????? 12?31?
2002?
2001?

?? ??? ?? ??? ?? ????.
1,020,000 55.6 945,000
59.2 ????(??) 800,000 43.6
632,500 39.7 ????. 15,000
0.8 17,500 1.1
???. 1,835,000 100.0 1,595,000
100.0 ?? ????. 344,500 18.8
303,000 19.0 ????.
487,500 26.5 497,000 31.2

???. 832,000 45.3
800,000 50.2 ???? ???,??1
275,400 15.0 270,000 16.9
???? 727,600 39.7
525,000 32.9
????? 1,003,000 54.7
795,000 49.8
???????? 1,835,000 100.0 1,595,000
100.0
19
????
???
2002? 2001?
?? ??? ??
??? ?? 2,195,000 104.7 1,960,000
106.7 ??????? 98,000 4.7
123,000 6.7 ???? 2,097,000
100.0 1,837,000 100.0 ????
1,281,000 61.1 1,140,000
62.1 ??. 816,000 38.9
697,000 37.9 ????. 253,000
12.0 211,500 11.5 ????.
104,000 5.0 108,500
5.9 ?????. 357,000 17.0
320,000 17.4 ????. 459,000
21.9 377,000 20.5 ???????
????? 9,000 0.4
11,000 0.6 ??????? ????
36,000 1.7 40,500
2.2 ???? 432,000 20.6
347,500 18.9 ????? 168,200
8.0 139,000 7.5 ??
263,800 12.6 208,500 11.4
20
??????,?????????????????????
?,??????????????,??????????
(?)????????????? (?)???????????? (?)????????????
(?)???????
21
????????????????????,
????????
???(Percentage)??????????205 ? ??(Rate)???????
???2.05?? ??(Proportion)??????????2.051?
22
?????????,????

• (?)?????(Liquidity Ratio)
• (?)?????(Profit ability Ratio)
• (?)?????(Solvency Ratio)

23
????

????????????


????
2002?
2001? 1,020,000344,5002.961
945,000303,0003.11
??????(Working capital ratio)??????(????-????)
????
24
??????(Acid-Test Ratio)
2002? 2001? ?? 100,000 155,000 ???? 20,000 70,000 ????(??). 230,000 180,000 ?? 620,000 500,000 ???? 50,000 40,000 ????? 1,020,000 945,000
????
?????????????????(??)?????
2002? (100,00020,000230,000)344,5001.01
2001? (155,00070,000180,000)303,0001.31
25
?????????? (Current Cash Debt Coverage Ratio)

?????????????????????????
2002? 404,000?(303,000344,500)2?1.251 200
1? 340,000?(290,000303,000)2?1.51
26
???????(Receivable Turnover)

?????????????????
2,097,000?(180,000230,000)2?10.2? 200
1? 1,837,000?(200,000180,000)2?9.7?
2002?
27
?????(Inventory Turnover)

?????????????
1,281,000?(500,000620,000)2?
2.3? 2001? 1,140,000?(450,000500,000)2?2.4
?
2002?
28
???(Profit margin)

???????????
2002?
2001? 263,8002,097,00012.6
208,5001,837,00011.4
29
???????(Cash Return on Sales)

???????????????????
2002?
2001? 404,0002,097,00019.3
340,0001,837,00018.5
30
?????(Asset Turnover)

?????????????
2002? 2,097,000?(1,595,0001,835,000) 2?
1.22? 2001?
1,837,000?(1,446,0001,595,000) 2?1.21?
31
?????(Return on Assets)

???????????
2002? 263,800?(1,595,0001,835,000) 2?
15.4 2001?
208,500?(1,446,0001,595,000) 2?13.7
32
?????????? (Return on Common stockholders
Equity)

?????????????????????
2002? 263,800?(795,0001,003,000) 2? 29.3
2001?
208,500?667,000795,000? 2?28.5
33
???????????????
??????????(??-?????)?????????
34
????(EPS)(Earnings Per Share)

????????????????????
2002? 263,800?(270,000275,400) 2?0.97
2001? 208,500270,0000.77
35
???(Price-Earnings Ratio)

???????????
2002?
2001? 12.000.9712.4?
8.000.7710.4?
36
?????(Payout Ratio)

???????????
2002?
2001? 61,200263,80023.2
60,000208,50028.8
37
????????(Debt to Total Assets Ratio)

??????????????
2002?
2001? 832,0001,835,00045.3
800,0001,595,00050.2
38
??????(Times Interest Earned)

??????????????????????
2002?
2001? 468,00036,00013?
388,00040,5009.6?
39
????????(Cash Debt Coverage Ratio)

??????????????????????
404,000?(800,000832,000)2?0.4
95? 2001? 340,000?(740,000800,000)2?0.442?
2002?
40
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??????(??) ??? 5.?????
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42
13.????? ????
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????? 15.?????? ??????????????
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??? 16.?????? ?????????
???????? ??
????? (????)
43

• ??
• ??????2002????600,000,??????2001??????25,?2001??
  ?????

44

• ?? 2002 2001 ??
• a.?? 600,000 x 25
• 600,000-x 0.25x
• x480,000

45

• ??
• ?????????????????????????
• ???? (?) 2003 2002 2001
• ?? 100.0 100.0 100.0
• ???? 60.0 62.0 65.0
• ?? 24.0 26.0 29.0
• ?????????????????,??????????????????????????????

46

• ?? (?) 2003 2002 2001
• ?? 100 100 100
• ???? 60 62 65
• ?? 24 26 29
• ?? 16 12 6
• ???????????,??????????????????,?????????