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์ œ๋ฌด์žฌํ‘œ๋ถ„์„ ์ตœ์ข…๋ณด๊ณ 


๋Œ€ํ•œํ•ญ๊ณต vs. ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต
   Consulting MBA ์„ฑ๋‚™์ค€ ํƒ์ง€ํ” ์ด๊ธฐํ›ˆ ์ตœ์€์•„ ๊น€์Šนํ˜„
โ… . Project Framework
ํ•ญ๊ณต ์‚ฐ์—… ๋ถ„์„ ๋ฐ ๊ธฐ์—… ๋ถ„์„์„ ์œ„ํ•œ ํ”„๋ ˆ์ž„์›Œํฌ์— ๊ทผ๊ฑฐํ•˜์—ฌ ๋Œ€ํ•œํ•ญ๊ณต๊ณผ ์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต์— ๋Œ€ํ•œ
ํˆฌ์ž์˜๊ฒฌ์„ ๊ฒฐ์ •ํ•  ์ˆ˜ ์žˆ์Œ

1                   2              3
         ์‚ฐ์—…๋ถ„์„           ๊ฐ ๊ธฐ์—… ๋ถ„์„         ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„         ๊ฒฐ๋ก 




     ์‚ฐ์—…ํŠน์„ฑ
                                   Earnings & Growth
                        ๊ธฐ์—… ๋‚ด๋ถ€ํ™˜๊ฒฝ
                                        Analysis
                           ๋ถ„์„
    ์‚ฐ์—…๊ฒฝ์Ÿํ™˜๊ฒฝ
     5-forces
                ์‹œ
                                       Ratio Analysis
     ์ •๋ถ€๊ทœ์ œ       ์‚ฌ                                       ํˆฌ์ž์˜๊ฒฌ
                ์         ์‚ฌ์—…์˜์—ญ
     ๋ฐ ์ง€์›                                                ๊ฒฐ์ •
                ๋„       ๋ฐ ์ˆ˜์ต๊ตฌ์กฐ
                ์ถœ                        Financial
     ์ˆ˜๊ธ‰๋ถ„์„                               forecasting
     ๋ฐ ์ „๋ง

                        ์ฃผ์š” ์ „๋žต ๋ถ„์„         Multiple
    ๊ฒฝ์ œํ™˜๊ฒฝ๋ถ„์„                               Analysis

                                                             2
๋ชฉ์ฐจ      ๋ชฉ์ฐจ

โ… . ํ•ญ๊ณต ์‚ฐ์—… ๋ถ„์„ ๋ถ„์„
    โ… . ํ•ญ๊ณต ์‚ฐ์—…


โ…ก. ๊ธฐ์—… ๋ถ„์„


โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„


โ…ฃ. ๊ฒฐ๋ก 
1. ์‚ฐ์—…๋ถ„์„ > ์‚ฐ์—… ํŠน์„ฑ, ์ •์ฑ…ํ™˜๊ฒฝ ๋ถ„์„
ํ•ญ๊ณต์‚ฐ์—…์€ ์ˆ˜์š”์˜ ํŠน์„ฑ์ƒ ์‚ฌํšŒ, ๊ฒฝ์ œ์  ํ™˜๊ฒฝ๋ณ€ํ™”์— ๋”ฐ๋ผ ๋ฏผ๊ฐํ•˜๊ฒŒ ๋ฐ˜์‘ ํ•จ. 2009๋…„์˜ ๊ฒฝ์šฐ ๊ธ€
๋กœ๋ฒŒ ๊ฒฝ์ œ ์œ„๊ธฐ๋กœ ์‹ค์ ์ด ์ „๋ฐ˜์ ์œผ๋กœ ๋‚ฎ์•˜์œผ๋‚˜, ์ •๋ถ€์˜ โ€˜ํ•ญ๊ณต์ž์œ ํ™”โ€™ ์ •์ฑ…๊ณผ ๋”๋ถˆ์–ด ๊ทธ ์™ธ ์‹ค์ 
์€ ์ฆ๊ฐ€ํ•˜๋Š” ์ถ”์„ธ์ž„
                                              [ํ•ญ๊ณต์ˆ˜์†ก์‹ค์ ]                      ๋‹จ์œ„:์ฒœ
                                                                                     ๏‚ง ๊ตญ์ œ์„  ํ•ญ๊ณต์˜ ๊ฒฝ์šฐ
      ์‚ฐ์—…ํŠน์„ฑ               50,000                                             3,500
                                                                            3,000      ๋Œ€ํ•œํ•ญ๊ณต๊ณผ ์•„์‹œ์•„๋‚˜
                         40,000
                                                                            2,500      ํ•ญ๊ณต์˜ ์ ์œ ์œจ์ด
                         30,000                                             2,000      60%์ด์ƒ์ž„
                         20,000                                             1,500      ๏ƒ  ๋™๋‚จ์•„ ๋ฐ ์ค‘๊ตญ๊ณ„
                         10,000
                                                                            1,000
                                                                                       ์ €๊ฐ€ํ•ญ๊ณต์‚ฌ์˜
                                                                            500
                                                                                       ์‹œ์žฅ์ง„์ž…์œผ๋กœ ๋‹ค์†Œ ๊ฒฝ์Ÿํ™”
                                                                                       ๋˜๊ณ  ์žˆ์Œ
                             0                                              0
                                  2007    2008     2009   2010      2011

                             ๊ตญ์ œ์„  ์—ฌ๊ฐ์ˆ˜          ๊ตญ๋‚ด์„  ์—ฌ๊ฐ์ˆ˜     ๊ตญ์ œ์„  ํ™”๋ฌผ๋Ÿ‰          ๊ตญ๋‚ด์„  ํ™”๋ฌผ๋Ÿ‰




     ์ •๋ถ€ ๊ทœ์ œ
                                                                                     ๏‚ง ์ •๋ถ€์˜ ์ ๊ทน์ ์ธ
      ๋ฐ ์ง€์›                  ํ•ญ๊ณต์ž์œ ํ™” โ€œOpen Skyโ€
                                                                                       ํ•ญ๊ณต์ž์œ ํ™”๋ฅผ ํ†ตํ•ด
                            ๏ƒ ํ•ญ๊ณต์‹œ์žฅ ๊ฐœ๋ฐฉ์ •์ฑ…(โ€ž04)
                                                                                       ๊ตญ์ œํ•ญ๊ณต๋„คํŠธ์›Œํฌ๋„
                                                                                       ํ™•๋Œ€์— ๊ธฐ์—ฌ
                            ๏‚ง ์„ ์ œ์  ํ•ญ๊ณต์ž์œ ํ™” ์ถ”์ง„
                                                                                       ๏ƒ  Star Alliance, Skyteam
                            ๏‚ง ๊ตญ์ œ ํ•ญ๊ณต๋„คํŠธ์›Œํฌ โ€œ1.2.4โ€ ์ „๋žต ์ถ”์ง„
                                                                                       ๋“ฑ ๊ฑฐ๋Œ€ํ•ญ๊ณต์‚ฌ์™€ ์ „๋žต์ 
                            ๏‚ง Great Eastern Bloc ๊ตฌ์ถ•
                                                                                       ์ œํœด๋ฅผ ํ†ตํ•ด ์˜์—…์ด์ต ์ œ๊ณ 

Source: ๊ตญํ† ํ•ด์–‘๋ถ€, IATA sourcing Platts and RBS                                                                 4
1. ์‚ฐ์—…๋ถ„์„ > ๊ฒฝ์ œ ํ™˜๊ฒฝ, ์ˆ˜๊ธ‰ ์ „๋ง ๋ถ„์„
์‚ฐ์—…์— ์˜ํ–ฅ์„ ๋งŽ์ด ๋ฏธ์น˜๋Š” ์œ ๊ฐ€, ํ™˜์œจ์€ 2012๋…„์—๋Š” ์‹ค์  ๋ณ€๋™์„ฑ์ด ๋‹ค์†Œ ํฌ์ง€ ์•Š์„ ๊ฒƒ์œผ๋กœ ์ „
๋ง๋จ. ์ˆ˜์š” ๋˜ํ•œ ํ•œ๋ฅ˜๋‚˜ ๋น„์ž๋ฉด์ œ์˜ ์ด์Šˆ์— ๋”ฐ๋ผ ๊พธ์ค€ํžˆ ์ฆ๊ฐ€ํ•˜๋Š” ์ถ”์„ธ์ž„


                                   [Jet fuel and crude oil prices]

   ๊ฒฝ์ œํ™˜๊ฒฝ ๋ถ„์„
                                                               (USD/barrel)
                                                                              ๏‚ง ์œ ๊ฐ€ ํ•˜ํ–ฅ ์•ˆ์ •ํ™” ๋ฐ
                                                                                ๋‹ฌ๋Ÿฌํ™” ํ™˜์œจ์˜ ์†Œํญ ํ•˜๋ฝ์ด
                                                                                ์˜ˆ์ƒ๋จ์— ๋”ฐ๋ผ 2012๋…„์—๋Š”
                                                                                ์œ ๊ฐ€ ๋ฐ ํ™˜์œจ ๋ณ€๋™์— ๋”ฐ๋ฅธ
                                                                                ์‹ค์  ๋ณ€๋™์„ฑ์€ ํฌ์ง€ ์•Š์„
                                                                                ๊ฒƒ์œผ๋กœ ์ „๋ง๋จ


                                               [์ˆ˜์š” ์ „๋ง]
      ์ˆ˜๊ธ‰๋ถ„์„                                                                    ๏‚ง ์ค‘๊ตญ์ธ ๋น„์ž๋ฐœ๊ธ‰์˜
      ๋ฐ ์ „๋ง                                                                      ์™„ํ™”, ์ง€์—ญ ๋‚ด ํ•œ๋ฅ˜์˜ ์˜ํ–ฅ
                                                                                ๋“ฑ์œผ๋กœ ์ž…๊ตญ์ž ์ˆ˜๊ฐ€
                                                                                ์ง€์†์ ์œผ๋กœ ์ฆ๊ฐ€ํ•  ์ „๋ง
                                                                              ๏‚ง ๋ฏธ๊ตญ๋น„์ž๋ฉด์ œ ํ”„๋กœ๊ทธ๋žจ, ์ฃผ
                                                  ์™ธ๋ถ€ ์ถฉ๊ฒฉ์— ๋”ฐ๋ฅธ ์ถœ๊ตญ์ž ๊ฐ์†Œ์—๋„ ์–‘๋Œ€
                                                                                5์ผ ๊ทผ๋ฌด, ์ˆ˜์—…์˜ ์˜ํ–ฅ์„
                                                   ํ•ญ๊ณต์‚ฌ ๊ตญ์ œ ์—ฌ๊ฐ ์ˆ˜๋Š” ๊ฑด์กฐํ•œ ์ถ”์„ธ          ๋ฐ›์•„ ์ถœ๊ตญ์ž ์ˆ˜๋„
                                                                                ์ฆ๊ฐ€์ถ”์„ธ์ž„


Source: IATA sourcing Platts and RBS, ์ธ์ฒœ๊ณตํ•ญ๊ณต์‚ฌ                                                 5
1. ์‚ฐ์—…๋ถ„์„ > ์‚ฐ์—…๊ฒฝ์Ÿํ™˜๊ฒฝ 5-Forces
์‚ฐ์—…์˜ ๋†’์€ ์ดˆ๊ธฐ ์ž๋ณธํˆฌ์ž…๋Ÿ‰์œผ๋กœ ์ธํ•œ ์ง„์ž…์žฅ๋ฒฝ์œผ๋กœ ์ž ์žฌ์  ์ง„์ž…์ž์™€์˜ ๊ฒฝ์Ÿ์€ ๋‹ค์†Œ
์ ์œผ๋‚˜, ํ˜„์žฌ ๊ฒฝ์Ÿ์šฐ์œ„๋ฅผ ์ฐจ์ง€ํ•˜๊ณ  ์žˆ๋Š” ๋‘ ํ•ญ๊ณต์‚ฌ์™€์˜ ์ฐจ๋ณ„ํ™” ์ „๋žต ๋ฐ ๋น„์šฉ๊ตฌ์กฐ์— ๋Œ€ํ•œ
๊ฒฝ์Ÿ์ด ์‹ฌํ™”๋จ
                          [๋งˆ์ดํด ํฌํ„ฐ์˜ 5-Forces]
                      ์ž ์žฌ์  ์ง„์ž…์ž์™€์˜ ๊ฒฝ์Ÿ
                     1.    ๋†’์€ ์ดˆ๊ธฐ ์ž๋ณธํˆฌ์ž…๋Ÿ‰
                     2.    ๊ทœ๋ชจ์˜ ๊ฒฝ์ œ
                     3.    ๋†’์€ ์ง„์ž… ์žฅ๋ฒฝ
                     4.    ์ •๋ถ€ ๊ทœ์ œ



   ๊ณต๊ธ‰์ž์˜ ๊ต์„ญ๋ ฅ                ๊ธฐ์กด๊ธฐ์—…๊ณผ์˜ ๊ฒฝ์Ÿ              ๊ตฌ๋งค์ž์˜ ๊ต์„ญ๋ ฅ
1. ๊ตญ๋‚ด ํ•ญ๊ณต ์šด์†ก ์‹œ์žฅ์€ ๊ณผ์                              1. ์†Œ๋น„์ž ๋ชฉ์  ๋ณ„ ๊ฐ€๊ฒฉ๋ฏผ๊ฐ๋„
                          1. ๋†’์€ ์‚ฐ์—…์˜ ์ง‘์ค‘๋„
   ํ˜•ํƒœ                                             ์ฐจ์ด
                          2. ์ฐจ๋ณ„ํ™” ์ „๋žต ์ถ”๊ตฌ
2.์„œ๋น„์Šค ์ฐจ๋ณ„ํ™”๋ฅผ ํ†ตํ•œ ๋งˆ์ผ€ํŒ…                              - ๋น„์ฆˆ๋‹ˆ์Šค ๊ณ ๊ฐ
                          3. ๋น„์šฉ๊ตฌ์กฐ
   ์ด๋‚˜ ํ’ˆ์งˆ๊ฒฝ์Ÿ ์‹ฌํ™”                                  - ๋ ˆ์ € ๋ชฉ์  ๊ณ ๊ฐ


                             ๋Œ€์ฒด์žฌ์™€ ๊ฒฝ์Ÿ
                     ํƒ€ ์šด์†ก์ˆ˜๋‹จ ๋Œ€๋น„ ์šด์ž„์ด ์ƒ๋Œ€
                     ์ ์œผ๋กœ ๋น„์Œˆ
                     ๏ƒ ๊ตญ๋‚ด์˜ ๊ฒฝ์šฐ KTX ๋“ฑ์— ์˜ํ–ฅ
                                                              6
๋ชฉ์ฐจ      ๋ชฉ์ฐจ

โ… . ํ•ญ๊ณต ์‚ฐ์—… ๋ถ„์„ ๋ถ„์„
    โ… . ํ•ญ๊ณต ์‚ฐ์—…


โ…ก. ๊ธฐ์—… ๋ถ„์„


โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„


โ…ฃ. ๊ฒฐ๋ก 
โ…ก. ๊ธฐ์—… ๋ถ„์„
๊ตญ๋‚ด ํ•ญ๊ณต ์‚ฐ์—…์€ ๋Œ€ํ•œํ•ญ๊ณต๊ณผ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ ๋ณต์  ์ฒด์ œ๋กœ ์ด๋ฃจ์–ด์ ธ ์žˆ์Œ, 2๊ฐœ์‚ฌ์˜ ์—ฌ๊ฐ ์ˆ˜์†ก
์ ์œ ์œจ๊ณผ ํ™”๋ฌผ ์ˆ˜์†ก์ ์œ ์œจ์€ ์ „์ฒด ์‹œ์žฅ ๋Œ€๋น„ 60% ์ด์ƒ์ž„
               [ํ‰๊ฐ€ ๋Œ€์ƒ ํ•ญ๊ณต์šด์†ก์—…์ฒด ๊ฐœ์š”]                              [๊ตญ์ œ์—ฌ๊ฐ ์ˆ˜์†ก์ ์œ ์œจ]
   ๊ตฌ๋ถ„               ๋Œ€ํ•œํ•ญ๊ณต                  ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต            ์™ธ๊ตญํ•ญ๊ณต    ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต   ๋Œ€ํ•œํ•ญ๊ณต
                                                           39.90%   38.50%   37.00%

  ์„ค๋ฆฝ๋…„์›”               1962.06                1988.02
                                                           25.30%   25.70%   24.70%


  ์˜์—…๋ฒ”์œ„          ์ •๊ธฐ ๋ฐ ๋ถ€์ •๊ธฐ ์šด์†ก             ์ •๊ธฐ ๋ฐ ๋ถ€์ •๊ธฐ ์šด์†ก
                                                           34.80%   35.80%   38.30%


  ๋…ธ์„ ๋ง         ๊ตญ๋‚ด ๋ฐ 40๊ฐœ๊ตญ 119๊ฐœ ๋„์‹œ       ๊ตญ๋‚ด ๋ฐ 22๊ฐœ๊ตญ 68๊ฐœ ๋„์‹œ
                                                           2009๋…„    2010๋…„    2011๋…„


  ์šด์šฉ๊ธฐ๋‹จ        ์ด 147(์—ฌ๊ฐ121, ํ™”๋ฌผ 26)      ์ด 72 (์—ฌ๊ฐ63, ํ™”๋ฌผ 9)      [๊ตญ์ œํ™”๋ฌผ ์ˆ˜์†ก์ ์œ ์œจ]

                                                           36.70%   36.40%   34.70%
  ์ œํœด๊ทธ๋ฃน              Sky Team              Star Alliance
                                                           18.80%   18.30%   18.80%

  ์ข…์—…์›์ˆ˜              15,619๋ช…                 8,580๋ช…
                                                           44.50%   45.30%   46.50%

  ์†Œ์†๊ณ„์—ด                ํ•œ์ง„                  ๊ธˆํ˜ธ์•„์‹œ์•„๋‚˜
                                                           2009๋…„    2010๋…„    2011๋…„

                                                                                      8
Source : ๋Œ€ํ•œํ•ญ๊ณต, ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต, ์ธ์ฒœ๊ณตํ•ญ๊ณต์‚ฌ (์ธ์ฒœ ์ถœ/๋„์ฐฉ ์ˆ˜์†ก๊ฐ, ์ˆ˜์†ก๋Ÿ‰ ๊ธฐ์ค€)
โ…ก. ๊ธฐ์—… ๋ถ„์„ > ์‚ฌ์—…์˜์—ญ, ์ˆ˜์ต๋น„์œจ
๋Œ€ํ•œํ•ญ๊ณต๊ณผ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์€ ํฌ๊ฒŒ ์—ฌ๊ฐ์‚ฌ์—…๊ณผ ํ™”๋ฌผ์‚ฌ์—… ์˜์—ญ์„ ๊ฐ–๊ณ  ์žˆ์œผ๋ฉฐ, ์˜์—ญ๋ณ„๋กœ ๋น„์Šทํ•œ
์ˆ˜์ต๋น„์œจ์„ ๋‚˜ํƒ€๋ƒ„, ํ•˜์ง€๋งŒ ์—ฌ๊ฐ๋น„์œจ์˜ ๊ฒฝ์šฐ ๋Œ€ํ•œํ•ญ๊ณต์˜ ๊ฒฝ์šฐ ์žฅ๊ฑฐ๋ฆฌ ์—ฌ๊ฐ์ด ์ฃผ๋ฅผ ์ด๋ฃจ๋Š” ๋ฐ˜๋ฉด
์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต์˜ ๊ฒฝ์šฐ ๋‹จ๊ฑฐ๋ฆฌ ๋…ธ์„ ์ด ๋งŽ์Œ

                     [๋Œ€ํ•œํ•ญ๊ณต ์‚ฌ์—…์˜์—ญ]                                         [์•„์‹œ์•„๋‚˜ํ•ญ๊ณต ์‚ฌ์—…์˜์—ญ]


         ํ•ญ๊ณต์šด์†ก์‚ฌ์—…               ์—ฌ๊ฐ์‚ฌ์—…(61.8%)                   ํ•ญ๊ณต์šด์†ก์‚ฌ์—…             ์—ฌ๊ฐ์‚ฌ์—…(60.2%)
         (์ด ์ˆ˜์ต์˜ 88.9%)                                         (์ด ์ˆ˜์ต์˜ 91%)

                              ํ™”๋ฌผ์‚ฌ์—…(27.1%)                                      ํ™”๋ฌผ์‚ฌ์—…(25.7%)

            ๊ธฐํƒ€์‚ฌ์—…              ํ•ญ๊ณต์šฐ์ฃผ์‚ฌ์—…                                              ๊ตญ๋‚ด์—ฌ๊ฐ(4.7%)
                                 (3.8%)
                          ๊ธฐ๋‚ด์‹, ํ˜ธํ…” ์‚ฌ์—…                             ๊ธฐํƒ€์‚ฌ์—…
                                 (7.3%)                            (9.3%)



         [์ˆ˜์ต ๋น„์œจ]                          [์—ฌ๊ฐ๋น„์œจ]                [์ˆ˜์ต ๋น„์œจ]                   [์—ฌ๊ฐ ๋น„์œจ]

                                                         9.30%
                         ๊ตญ์ œ์—ฌ๊ฐ                                                ๊ตญ์ œ์—ฌ๊ฐ
   11.10%                                       ๋ฏธ์ฃผ๋…ธ์„                                       19.90%
                         ๊ตญ๋‚ด์—ฌ๊ฐ             34%          25.70%                ๊ตญ๋‚ด์—ฌ๊ฐ                    ์ผ๋ณธ
27.10%
            57.70%                53%           ์œ ๋Ÿฝ              60.20%               55.80% 24.30%
  4.10%
                         ํ™”๋ฌผ์‚ฌ์—…
                                          13%                                ํ™”๋ฌผ์‚ฌ์—…                    ๋™๋‚จ์•„
                                                ๊ทธ์™ธ     4.70%
                         ๊ธฐํƒ€                                                  ๊ธฐํƒ€                      ๊ทธ์™ธ


                                                                                                      9
โ…ก. ๊ธฐ์—… ๋ถ„์„ > ์‚ฌ์—…์˜์—ญ, ์ˆ˜์ต๋น„์œจ
์—ฌ๊ฐํ•ญ๊ณต ๋ถ„์•ผ์—์„œ ๋Œ€ํ•œํ•ญ๊ณต์˜ ๊ฒฝ์šฐ ์ฃผ๋ ฅ๋…ธ์„ ๊ณผ ๊ณ ์„ฑ์žฅ ๋…ธ์„ ์— ํˆฌ์žํ•˜๋ฉฐ ์ฐจ๋ณ„ํ™” ์ „๋žต์„ ์‚ฌ์šฉ
ํ•˜๊ณ  ์žˆ์œผ๋ฉฐ, ์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต์˜ ๊ฒฝ์šฐ ์ค‘๋‹จ๊ฑฐ๋ฆฌ ์—ฌ๊ฐ๋…ธ์„ ์— ์ง‘์ค‘ํ•˜๊ณ  ์žˆ์Œ



             ์ฃผ๋ ฅ๋…ธ์„ (์žฅ๊ฑฐ๋ฆฌ ๋…ธ์„ )๊ณผ
                             โ€ข ๋ฏธ์ฃผ ๋…ธ์„ ์„ ์ค‘์‹ฌ์œผ๋กœ ์žฅ๊ฑฐ๋ฆฌ ๋น„์ค‘์ด ๋†’์Œ
              ๊ณ ์„ฑ์žฅ ๋…ธ์„ ์˜ ํˆฌ์ž     โ€ข ํ–ฅํ›„ ์ˆ˜์š” ์ฆ๊ฐ€๊ฐ€ ์˜ˆ์ƒ๋˜๋Š” ๋…ธ์„ ์— ์ •๊ธฐ ์šดํ•ญ์„
                               ์‹ค์‹œ(์ŠคํŽ˜์ธ ์‚ฌ๋ผ๊ณ ์‚ฌ, ๋‰ด์š•๋ฐœ ๋ธŒ๋ค ์…€ํ–‰ ๋Œ€์„œ์–‘ ๋…ธ์„ )
   ๋Œ€ํ•œํ•ญ๊ณต
                             โ€ข ๋Œ€ํ˜• ํ•ญ๊ณต๊ธฐ์ธ A380 ํ•ญ๊ณต๊ธฐ๋ฅผ ํˆฌ์ž…ํ•จ์œผ๋กœ์จ
                               ๋Œ€ํ˜•๊ณตํ•ญ์„ ํƒ€๊ฒŸ์œผ๋กœ ์ค‘๊ตญ ํ™˜์Šน๊ฐ ํก์ˆ˜ํ•˜๋ ค๋Š” ์ „๋žต
              ์ฐจ๋ณ„ํ™”(๊ณ ๊ธ‰ํ™”) ์ „๋žต    โ€ข ์ถ”ํ›„ ๋Œ€ํ˜• ํ•ญ๊ณต๊ธฐ ์ถ”๊ฐ€ ๋„์ž…์œผ๋กœ ๋ฏธ์ฃผ ๋…ธ์„ ์˜ ํ™•๋Œ€๋ฅผ
                               ๋…ธ๋ฆฌ๊ณ  ์žˆ์Œ


                             โ€ข๋™๋‚จ์•„ ๋…ธ์„ ์ด ๊ฐ€์žฅ ๋†’์œผ๋ฉฐ ์ผ๋ณธ ๋…ธ์„ ์ด ๋’ค๋ฅผ
             ์ค‘,๋‹จ๊ฑฐ๋ฆฌ ์—ฌ๊ฐ๋…ธ์„  ์ง‘์ค‘   ๋”ฐ๋ฆ„ ,๋‹จ๊ฑฐ๋ฆฌ ๋น„์ค‘์ด ๋†’์Œ


  ์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต
                             โ€ข์ˆ˜์š”๊ฐ€ ๋ถ€์ง„ํ•  ๊ฒฝ์šฐ ๊ฐ€๊ฒฉ์„ ๋‚ฎ์ถ”๊ณ  ํƒ‘์Šน๋ฅ ์„ ๋†’์ด๋Š”
               ๊ฒฝ์Ÿ์‚ฌ ๋ณด๋‹ค ๋†’์€
                             ํƒ„๋ ฅ์ ์ธ ์‹œ์žฅ๋Œ€์‘์œผ๋กœ ๊ณ ์ •๋น„๋ฅผ ์ปค๋ฒ„ํ•˜๋Š” ์ „๋žต
                ์‹œ์žฅ ๋Œ€์‘๋Šฅ๋ ฅ      โ€ข์ „์ฒด ์œ ๋ฅ˜ ์‚ฌ์šฉ๋Ÿ‰์˜ 15~20%๊นŒ์ง€ ํ—ท์ง€๋ฅผ ํ•˜๋ฉด์„œ ๋‹จ๊ธฐ
                             ์œ ๊ฐ€ ๊ธ‰๋“ฑ๋ฝ์— ๋Œ€ํ•œ ๋Œ€๋น„

                                                          10
๋ชฉ์ฐจ      ๋ชฉ์ฐจ

โ… . ํ•ญ๊ณต ์‚ฐ์—… ๋ถ„์„ ๋ถ„์„
    โ… . ํ•ญ๊ณต ์‚ฐ์—…


โ…ก. ๊ธฐ์—… ๋ถ„์„


โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„


โ…ฃ. ๊ฒฐ๋ก 
โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ > ๋Œ€ํ•œํ•ญ๊ณต
๋Œ€ํ•œํ•ญ๊ณต์˜ 2007๋…„๋ถ€ํ„ฐ 2011๋…„๊นŒ์ง€์˜ ์žฌ๋ฌด์ œํ‘œ๋ฅผ ๋ถ„์„ํ•˜์—ฌ ์žฌ๋ฌด๋น„์œจ ๋ถ„์„์„ ํ•˜์˜€์Œ.
Debt-to-Equity๋Š” 2007๋…„ ์ดํ›„ ์ง€์†์ ์œผ๋กœ ์ฆ๊ฐ€ํ•˜๊ณ  ์žˆ๋Š” ์ถ”์„ธ์ž„. Payable Turnover๋Š”
์ง€์†์ ์œผ๋กœ ๋‚ฎ์•„์ง€๊ณ  ์žˆ์Œ. ์ „๋ฐ˜์ ์œผ๋กœ ๋ถ€์ฑ„๋Š” ๋Š˜๊ณ  ์ž๋ณธ์€ ๊ฐ์†Œํ•˜๊ณ  ์žˆ๋Š” ๊ฒƒ์œผ๋กœ ๋‚˜ํƒ€๋‚จ

                                      ๋Œ€ํ•œํ•ญ๊ณต                                         ์•„์‹œ์•„๋‚˜ ๋Œ€ํ•œํ•ญ๊ณต
          Financial Ratio             Dec-11   Dec-10   Dec-09   Dec-08   Dec-07   5yr Avg   5yr Avg
      Current Asset Turnover           3.15     3.06     2.96     4.06     3.12     4.91      3.27
   Account Receivable Turnover        11.07    10.05     8.96     12.8     9.42     11.45    10.46
        Inventory Turnover             3.97     7.26     4.54     5.61     7.38    33.03      5.75
   Non-Current Asset Turnover          0.55     0.54     0.51     0.58     0.46     0.99      0.53
     Tangible Asset Turnover           0.74     0.69     0.66     0.76     0.6      1.54      0.69
          Asset Turnover               0.47     0.46     0.43     0.51     0.4      0.82      0.45
 Current Liabilities/Current Assets    1.98     2.08     1.7      2.02     1.66     2.49      1.89
    Account Payable Turnover           5.96    11.01     9.22    13.61    11.09    20.84     10.18
         Liabilities/Assets            0.88     0.8      0.81     0.81     0.72     0.83       0.8
          Debt-to-Equity               7.09     3.92     4.3      4.36     2.57     5.43      4.45
               ROE                    -0.07     0.16    -0.03    -0.58     0.01     -0.11     -0.1
               ROA                       ํ•ญ๊ณต๊ธฐ ๊ตฌ์ž…
                                      -0.01  0.03       -0.01    -0.11      0       -0.01     -0.02

๏‚งROE๋Š” ๊ธ€๋กœ๋ฒŒ ๊ธˆ์œต์œ„๊ธฐ์˜ ์˜ํ–ฅ์œผ๋กœ ๋‹น๊ธฐ์ˆœ์ด์ต์˜ ๊ธ‰๊ฐ์œผ๋กœ ์ธํ•ด 5๊ฐœ๋…„ ํ‰๊ท (-)๋ฅผ ๊ธฐ๋กํ•˜๊ณ  ์žˆ๋Š” ๊ฒƒ์œผ๋กœ ๋‚˜ํƒ€๋‚จ
๏‚ง์œ ํ˜•์ž์‚ฐ์€ ์ด ์ž์‚ฐ ์ค‘60~70%๋ฅผ ์ฐจ์ง€ํ•˜๊ณ  ์žˆ๋Š”๋ฐ, ์ด๋Š” ํ•ญ๊ณต์‚ฌ๋“ค์ด ์ˆ˜์ต์„ ์ฐฝ์ถœํ•˜๋Š”๋ฐ ์ง์ ‘์ ์œผ๋กœ ๊ด€์—ฌํ•˜๋Š”
์ž์‚ฐ์œผ๋กœ ์œ ํ˜•์ž์‚ฐ์„ ์–ผ๋งˆ๋‚˜ ์ž˜ ํ™œ์šฉํ•˜์—ฌ ์ˆ˜์ต์„ ์ฐฝ์ถœํ–ˆ๋Š”์ง€ ์•Œ ์ˆ˜ ์žˆ์Œ
                                                                                               12
โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ > ๋Œ€ํ•œํ•ญ๊ณต
5๊ฐœ๋…„ ํ‰๊ท ๋งค์ถœ์•ก ์„ฑ์žฅ๋ฅ ์€ 8.4%, ๋งค์ถœ์›๊ฐ€์œจ์€ 82%, ์˜์—…์ด์ต๋ฅ ์€ 4.75%๋กœ ๋ถ„์„๋จ.
๋งค์ถœ์•ก์—์„œ ๋น„์˜์—…๋น„์šฉ์ด ์ฐจ์ง€ํ•˜๋Š” ๋น„์ค‘์ด ์ „์ฒด ๋งค์ถœ์•ก์˜ 16.8%๋กœ ๋†’์€ ๋น„์ค‘์„ ์ฐจ์ง€ํ•˜๊ณ 
์žˆ์Œ

   ๊ณ„์ •๊ณผ๋ชฉ๋ช…
                ๋‹จ์œ„   2007/12   2008/12   2009/12   2010/12   2011/12   5yr Average
  (์ ์šฉํšŒ๊ณ„๊ธฐ์ค€)

    ๋งค์ถœ์•ก         %     100       15.62     -7.86     20.49     5.40        8.41
 ๋งค์ถœ์›๊ฐ€/๋งค์ถœ์•ก       %     76.41     86.05     84.42     77.78     85.90       82.11
 ๋งค์ถœ์ด์ด์ต/๋งค์ถœ์•ก      %     23.59     13.95     15.58     22.22     14.10       17.89
  SG&A/๋งค์ถœ์•ก      %     15.58     14.37     13.77     11.60     10.35       13.13
 ์˜์—…์ด์ต/๋งค์ถœ์•ก       %     8.02     (0.42)     1.81      10.62     3.75        4.75
 ๋น„์˜์—…์ด์ต/๋งค์ถœ์•ก      %     4.17      9.30      12.02     8.86      7.69        8.41
 ๊ธˆ์œต์ˆ˜์ต/๋งค์ถœ์•ก       %     0.48      2.24      1.28      0.49      0.83        1.06
 ์ด์ž์ˆ˜์ต/๋งค์ถœ์•ก       %     0.40      0.57      0.45      0.29      0.29        0.40
  ๊ธฐํƒ€์ˆ˜์ต/Sales ํ™˜์œจ๋ณ€๋™์— ๋”ฐ๋ฅธ ์ฐจ์†, ์žฅ๊ธฐ์ฑ„๋ฌด์ด์ž๋น„์šฉ
  ์†์‹ค์˜ ๊ฒฝ์šฐ        %   2.53   6.10 10.74               5.37      4.31        5.81
  ์™ธํ™˜์ด์ต/Sales    %     1.07      5.43      10.25     5.07      3.91        5.15
๋น„์˜์—…๋น„์šฉ/์†์‹ค/๋งค์ถœ์•ก    %     10.67     32.00     15.22     12.56     13.56       16.80
  ๊ธˆ์œต๋น„์šฉ/Sales    %     5.46      5.87      6.52      5.85      5.07
                                                                          5.76
  ์ด์ž๋น„์šฉ/Sales    %     5.46      5.48      6.39      5.47      4.65
                                                                          5.49
    ๊ธฐํƒ€๋น„์šฉ        %     4.92      25.55     7.16      6.58      6.95
                                                                          10.23
    ์™ธํ™˜์†์‹ค        %     1.23      23.08     5.26      5.03      6.04
                                                                          8.13
   ๋‹น๊ธฐ์ˆœ์ด์ต                                                                  -3.04
                %     0.41     (18.29)   (1.07)     5.36     (1.63)
  (์ˆœ์†์‹ค)/Sales
                                                                                  13
โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ > ๋Œ€ํ•œํ•ญ๊ณต
5๊ฐœ๋…„ ํ‰๊ท ๋งค์ถœ์•ก ์„ฑ์žฅ๋ฅ ์€ 8.4%, ๋งค์ถœ์›๊ฐ€์œจ์€ 82%, ์˜์—…์ด์ต๋ฅ ์€ 4.75%๋กœ ๋ถ„์„๋จ.
๋งค์ถœ์•ก์—์„œ ๋น„์˜์—…๋น„์šฉ์ด ์ฐจ์ง€ํ•˜๋Š” ๋น„์ค‘์ด ์ „์ฒด ๋งค์ถœ์•ก์˜ 16.8%๋กœ ๋†’์€ ๋น„์ค‘์„ ์ฐจ์ง€ํ•˜๊ณ 
์žˆ์Œ

   ๊ณ„์ •๊ณผ๋ชฉ๋ช…
                 ๋‹จ์œ„   2007/12   2008/12   2009/12   2010/12   2011/12   5yr Average
  (์ ์šฉํšŒ๊ณ„๊ธฐ์ค€)

    ๋งค์ถœ์•ก           %    100       15.62     -7.86     20.49     5.40        8.41

 ๋งค์ถœ์›๊ฐ€/๋งค์ถœ์•ก         %    76.41     86.05     84.42     77.78     85.90       82.11

 ์˜์—…์ด์ต/๋งค์ถœ์•ก         %    8.02     (0.42)     1.81      10.62     3.75        17.89

 ๋น„์˜์—…์ด์ต/๋งค์ถœ์•ก        %    4.17      9.30      12.02     8.86      7.69        4.75
                                                                           8.41
๋น„์˜์—…๋น„์šฉ/์†์‹ค/๋งค์ถœ์•ก      %    10.67     32.00     15.22     12.56     13.56
   ๋‹น๊ธฐ์ˆœ์ด์ต                                                                   16.80
                  %    0.41     (18.29)   (1.07)     5.36     (1.63)
  (์ˆœ์†์‹ค)/Sales                                                              -3.04




           ๏‚ง    2011๋…„ ๋“ค์–ด ์ผ๋ณธ ๋Œ€์ง€์ง„๊ณผ ๊ณ ์œ ๊ฐ€ ์˜ํ–ฅ์œผ๋กœ ๊ฐ ํ•ญ๊ณต์‚ฌ์˜ ์˜์—…์ˆ˜์ต์„ฑ์ด 2010๋…„ ๋Œ€๋น„
                ์ €ํ•˜๋˜์—ˆ์œผ๋‚˜, ๋™๋ถ์•„์‹œ์•„ ์ง€์—ญ์˜ ๊ฒฌ๊ณ ํ•œ ํ•ญ๊ณต ์—ฌ๊ฐ์ˆ˜์š” ์ฆ๊ฐ€์„ธ์™€ ์œ ๋ฅ˜ํ• ์ฆ๋ฃŒ ์ฒด๊ณ„์—
                ๊ธฐ๋ฐ˜ํ•˜์—ฌ ์œ ๊ฐ€์ƒ์Šน๋ถ„์˜ ์ผ์ • ๋ถ€๋ถ„์„ ํ•ญ๊ณต์šด์ž„์— ์ „๊ฐ€ํ•จ์œผ๋กœ์จ ์ „์ฒด ์˜์—…์‹ค์  ์ €ํ•˜
   ์‹œ์‚ฌ์ 
                ํญ์€ ํฌ์ง€ ์•Š์€ ์ƒํ™ฉ์ž„
           ๏‚ง    2010๋…„ ๊ธˆ์œต์œ„๊ธฐ์—์„œ ์ผ์‹œ์ ์œผ๋กœ ํšŒ๋ณตํ•˜๋ฉด์„œ ์‹ค์ ์ด Turnaround ํ•˜์˜€์œผ๋‚˜ 2011๋…„
                ์œ ๋Ÿฝ๋ฐœ ์œ„๊ธฐ๋กœ ์ธํ•ด 2011๋…„ ์ˆœ์ด์ต์ด ์ ์ž ์ „ํ™˜ํ•จ
                                                                                   14
โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ > ๋Œ€ํ•œํ•ญ๊ณต
์•ž์„œ ๋ถ„์„ํ•œ 5๊ฐœ๋…„ ํ‰๊ท  ๋ฐ์ดํ„ฐ๋ฅผ ๊ธฐ์ค€์œผ๋กœ ๋งค์ถœ์•ก, ๋งค์ถœ์›๊ฐ€์˜ ํ–ฅํ›„ 5๋…„์น˜ ์‹ค์ ์„ ์ถ”์ •ํ•˜์˜€์Œ


Forecasting
  ๊ณ„์ •๊ณผ๋ชฉ๋ช…
                     ๋‹จ์œ„           2012                   2013                  2014            2015              2016
 (์ ์šฉํšŒ๊ณ„๊ธฐ์ค€)
     Sales           ์ฒœ์›      13,250,610,117      14,310,658,927         15,455,511,641    16,691,952,572    18,027,308,778
  Cost of Sales      ์ฒœ์›      -10,600,488,093     -11,448,527,140       -12,364,409,312    -13,353,562,057   -14,421,847,021
  Gross Profit       ์ฒœ์›       2,650,122,024          2,862,131,786      3,091,102,329     3,338,390,515     3,605,461,757
Operating Income     ์ฒœ์›       795,036,607            858,639,536            927,330,698   1,001,517,154     1,081,638,527
 Other Income        ์ฒœ์›       927,542,708            1,001,746,125      1,081,885,815     1,168,436,680     1,261,911,614
 Other Expense       ์ฒœ์›       1,590,073,214          1,717,279,071      1,854,661,397     2,003,034,309     2,163,277,053
  Net Income         ์ฒœ์›       132,506,101            143,106,589            154,555,116    166,919,526       180,273,088

Assumptions
                                                                                                      ์‹œ์‚ฌ์ 
    ๊ณ„์ •๊ณผ๋ชฉ๋ช…
                      2012        2013        2014        2015        2016
                                                                                      ์™ธ๋ถ€ ์ถฉ๊ฒฉ์— ๋”ฐ๋ฅธ ์ถœ๊ตญ์ž ๊ฐ์†Œ์—๋„
   (์ ์šฉํšŒ๊ณ„๊ธฐ์ค€)
       Sales           8%          8%           8%         8%          8%
    Cost of Sales     80%         80%          80%        80%         80%
                                                                                      ์–‘๋Œ€ ํ•ญ๊ณต์‚ฌ ์—ฌ๊ฐ์ˆ˜๋Š” ๊ฒฌ๊ณ ํ•œ
    Gross Profit                                                                      ์ƒ์Šน์ถ”์„ธ๋ฅผ ๋‚˜ํƒ€๋‚ด๋Š” ๊ฒƒ์œผ๋กœ
  Operating Income      6%          6%         6%           6%          6%            ํŒŒ์•…๋จ. ํ–ฅํ›„ ๊ธ€๋กœ๋ฒŒ ๊ฒฝ๊ธฐ๊ฐ€
   Other Income       7.00%       7.00%      7.00%        7.00%       7.00%           ํšŒ๋ณต๋œ๋‹ค๋Š” ๊ฐ€์ •ํ•˜์— ๋Œ€ํ•œํ•ญ๊ณต์€
   Other Expense     12.00%      12.00%     12.00%       12.00%      12.00%           2012๋…„์— ํ‘์ž์ „ํ™˜ ํ•˜๋Š” ๊ฒƒ์œผ๋กœ
*์˜์—…์ด์ต๊ณผ ๋น„์˜์—…์ด์ต/๋น„์šฉ์€ ๊ณผ๊ฑฐ 10๋…„์น˜ ํ‰๊ท ์„ ์‚ฌ์šฉํ•จ
                                                                                      ๋ถ„์„๋จ
                                                                                                                        15
โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ > ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต
์žฌ๋ฌด๋น„์œจ ๋ถ„์„๊ฒฐ๊ณผ Inventory Turnover์™€ Account payable Turnover๋Š” 2007๋…„์— ๋น„ํ•ด ์ ์ฐจ
๋‚ฎ์•„์ง€๊ณ  ์žˆ๋Š” ๊ฒƒ์œผ๋กœ ๋ถ„์„๋จ


                                     ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต                                       ์•„์‹œ์•„๋‚˜ ๋Œ€ํ•œํ•ญ๊ณต
         Financial Ratio             Dec-11   Dec-10   Dec-09   Dec-08   Dec-07   5yr Avg   5yr Avg
     Current Asset Turnover           5.12     5.11     3.9      5.18     5.23     4.91      3.27
  Account Receivable Turnover        11.33    11.16     9.5     13.17    12.07     11.45    10.46
       Inventory Turnover            29.19    29.01    33.21    37.79    35.96    33.03      5.75
  Non-Current Asset Turnover          1.21     1.02     0.84     0.84     1.06     0.99      0.53
    Tangible Asset Turnover           1.73     1.6      1.42     1.6      1.37     1.54      0.69
         Asset Turnover               0.98     0.85     0.69     0.72     0.88     0.82      0.45
Current Liabilities/Current Assets    2.64     2.64     2.47     2.93     1.78     2.49      1.89
   Account Payable Turnover          18.64    19.53    21.89    22.76     21.4    20.84     10.18
        Liabilities/Assets            0.85     0.83     0.87     0.87     0.74     0.83       0.8
         Debt-to-Equity               5.67     4.95     6.86     6.81     2.89     5.43      4.45
              ROE                    -0.03     0.08    -0.37    -0.31     0.09     -0.11     -0.1
              ROA                    -0.01     0.01    -0.05    -0.04     0.02     -0.01     -0.02

๏‚ง ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต๊ณผ ๋Œ€ํ•œํ•ญ๊ณต์˜ ์žฌ๋ฌด๋น„์œจ ๊ฒฐ๊ณผ Inventory Turnover์™€ Accounting Payable Turnover์—์„œ ํฐ ์ฐจ์ด๋ฅผ ๋‚˜ํƒ€๋ƒ„
  ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ ๊ฒฝ์šฐ Inventory Turnover๋Š” 33.03๋ฐฐ๋กœ ๋Œ€ํ•œํ•ญ๊ณต์˜ 5.75๋ฐฐ์— ๋น„ํ•ด 6๋ฐฐ ๊ฐ€๋Ÿ‰ ๋†’์€ ๊ฒƒ์œผ๋กœ ๋ถ„์„๋จ
๏‚ง Inventory Turnover์€ ์žฌ๊ณ ์ž์‚ฐ ๋ณด์œ ์ˆ˜์ค€์˜ ๊ณผ๋ถ€์กฑ์„ ํŒ๋‹จํ•˜๋Š” ๋ฐ ๊ฐ€์žฅ ์ ํ•ฉํ•œ ์ง€ํ‘œ๋กœ์„œ ์ผ์ •ํ•œ ํ‘œ์ค€๋น„์œจ์€ ์—†์œผ๋‚˜
  ์ผ๋ฐ˜์ ์œผ๋กœ ์ด ๋น„์œจ์ด ๋†’์„์ˆ˜๋ก ์ž๋ณธ์ˆ˜์ต๋ฅ ์ด ๋†’์•„์ง€๊ณ , ๋งค์ž…์ฑ„๋ฌด๊ฐ€ ๊ฐ์†Œ๋˜๋ฉฐ, ์ƒํ’ˆ์˜ ์žฌ๊ณ ์†์‹ค์„ ๋ง‰์„ ์ˆ˜ ์žˆ์Œ

                                                                                              16
โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ > ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต
์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ 5๊ฐœ๋…„ ํ‰๊ท  ๋งค์ถœ์•ก ์ฆ๊ฐ€์œจ์€ 10.59%, ๋งค์ถœ์›๊ฐ€์œจ์€ 83.26%, ์˜์—…์ด์ต๋ฅ ์€
2.96%๋กœ ํŒŒ์•…๋จ


     ๊ณ„์ •๊ณผ๋ชฉ๋ช…          ๋‹จ์œ„   2007/12   2008/12   2009/12   2010/12   2011/12   5yr Avg
      ๋งค์ถœ์•ก           %     100       16.65     -9.71     29.28     6.14     10.59
   ๋งค์ถœ์›๊ฐ€/๋งค์ถœ์•ก         %     80.85     86.62     89.89     76.50     82.44    83.26
  ๋งค์ถœ์ด์ด์ต/๋งค์ถœ์•ก         %     19.15     13.38     10.11     23.50     17.56    16.74
    SG&A/๋งค์ถœ์•ก        %     14.25     14.56     15.81     13.08     11.17    13.78
   ์˜์—…์ด์ต/๋งค์ถœ์•ก         %     4.90     (1.19)    (5.70)     10.42     6.39      2.96
  ๋น„์˜์—…์ด์ต/๋งค์ถœ์•ก         %     4.26      13.80     12.71     4.26      5.60      8.13
   ๊ธˆ์œต์ˆ˜์ต/๋งค์ถœ์•ก         %     1.33      6.32      2.12      0.54      0.30      2.12
   ์ด์ž์ˆ˜์ต/๋งค์ถœ์•ก         %     0.19      0.25      0.30      0.24      0.28      0.25
  ์†์‹ค์˜ ๊ฒฝ์šฐ ํ™˜์œจ๋ณ€๋™์— ๋”ฐ๋ฅธ ์ฐจ์†, ์žฅ๊ธฐ์ฑ„๋ฌด์ด์ž๋น„์šฉ
   ๊ธฐํƒ€์ˆ˜์ต/Sales %   1.44  5.90 5.93                       2.94      5.06      4.25
   ์™ธํ™˜์ด์ต/Sales       %     1.12      4.85      5.62      2.25      2.02      3.17
 ๋น„์˜์—…๋น„์šฉ/์†์‹ค/Sales     %     6.25      18.62     16.69     11.12     12.64    13.06
   ๊ธˆ์œต๋น„์šฉ/Sales       %     4.13      7.61      6.26      3.76      3.68      5.09
   ์ด์ž๋น„์šฉ/Sales       %     3.22      5.07      4.92      3.35      3.31      3.97
     ๊ธฐํƒ€๋น„์šฉ(*)        %     2.08      10.96     6.79      3.63      8.08      6.31
    ์™ธํ™˜์†์‹ค(*)         %     1.35      10.27     3.52      1.94      2.47      3.91
๋ฒ•์ธ์„ธ๋น„์šฉ์ฐจ๊ฐ์ „(๊ณ„์†์‚ฌ์—…)
                    %     2.92     (6.01)    (9.68)     3.56     (0.66)     -1.97
      ์†์ต
 ๋‹น๊ธฐ์ˆœ์ด์ต(์ˆœ์†์‹ค)/Sales   %     2.61     (5.45)    (6.55)     1.63     (0.53)     -1.66
                                                                                    17
โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ > ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต
์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ 5๊ฐœ๋…„ ํ‰๊ท  ๋งค์ถœ์•ก ์ฆ๊ฐ€์œจ์€ 10.59%, ๋งค์ถœ์›๊ฐ€์œจ์€ 83.26%, ์˜์—…์ด์ต๋ฅ ์€
2.96%๋กœ ํŒŒ์•…๋จ


    ๊ณ„์ •๊ณผ๋ชฉ๋ช…          ๋‹จ์œ„   2007/12   2008/12   2009/12   2010/12   2011/12   5yr Avg
     ๋งค์ถœ์•ก           %     100       16.65     -9.71     29.28     6.14     10.59
  ๋งค์ถœ์›๊ฐ€/๋งค์ถœ์•ก         %     80.85     86.62     89.89     76.50     82.44    83.26
  ๋งค์ถœ์ด์ด์ต/๋งค์ถœ์•ก        %     19.15     13.38     10.11     23.50     17.56    16.74
  ์˜์—…์ด์ต/๋งค์ถœ์•ก         %     4.90     (1.19)    (5.70)     10.42     6.39      2.96
  ๋น„์˜์—…์ด์ต/๋งค์ถœ์•ก        %     4.26      13.80     12.71     4.26      5.60      8.13
๋น„์˜์—…๋น„์šฉ/์†์‹ค/Sales     %     6.25      18.62     16.69     11.12     12.64    13.06
๋‹น๊ธฐ์ˆœ์ด์ต(์ˆœ์†์‹ค)/Sales   %     2.61     (5.45)    (6.55)     1.63     (0.53)     -1.66




         ๏‚ง ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ ๊ฒฝ์šฐ ๋งค์ถœ์„ฑ์žฅ์œจ์€ ๋Œ€ํ•œํ•ญ๊ณต ๋Œ€๋น„ ๋†’๊ณ  ๋งค์ถœ์›๊ฐ€์œจ ์—ญ์‹œ ๋†’์€ ๊ฒƒ์œผ๋กœ
           ์กฐ์‚ฌ๋จ
   ์‹œ์‚ฌ์    ๏‚ง ํŒ๋งค๋น„์™€ ๊ด€๋ฆฌ๋น„ ๋น„์ค‘์ด ๋Œ€ํ•œํ•ญ๊ณต ๋Œ€๋น„ ์†Œํญ ๋†’์€ ๊ด€๊ณ„๋กœ ์˜์—…์ด์ต๋ฅ ์€ -1.8% ๋‚ฎ์€
           ๊ฒƒ์œผ๋กœ ๋‚˜ํƒ€๋‚จ
         ๏‚ง ๋งค์ถœ์•ก ๋Œ€๋น„ ๋น„์˜์—…๋น„์šฉ/์†์‹ค ๋น„์ค‘์€ ๋Œ€ํ•œํ•ญ๊ณต ๋Œ€๋น„ -3.7%๊ฐ€๋Ÿ‰ ๋‚ฎ์Œ

                                                                                   18
โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ > ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต
์•ž์„œ ๋ถ„์„ํ•œ 5๊ฐœ๋…„ ํ‰๊ท  ๋ฐ์ดํ„ฐ๋ฅผ ๊ธฐ์ค€์œผ๋กœ ๋งค์ถœ์•ก, ๋งค์ถœ์›๊ฐ€์˜ ํ–ฅํ›„ 5๋…„์น˜ ์‹ค์ ์„ ์ถ”์ •ํ•˜์˜€์Œ


Forecasting
   ๊ณ„์ •๊ณผ๋ชฉ๋ช…
                     ๋‹จ์œ„           2012                  2013                 2014         2015             2016
  (์ ์šฉํšŒ๊ณ„๊ธฐ์ค€)
      Sales          ์ฒœ์›       6,226,432,246         6,911,339,793    7,671,587,170    8,515,461,759    9,452,162,552

   Cost of Sales     ์ฒœ์›       -5,105,674,443        -5,667,298,631   -6,290,701,481   -6,982,678,643   -7,750,773,294

   Gross Profit      ์ฒœ์›       1,120,757,803         1,244,041,162    1,380,885,690    1,532,783,116    1,701,389,258

 Operating Income    ์ฒœ์›        373,585,935           414,680,388      460,295,230      510,927,706      567,129,753

  Other Income       ์ฒœ์›        435,850,257           483,793,786      537,011,102      596,082,323      661,651,379

  Other Expense      ์ฒœ์›        747,171,870           829,360,775      920,590,460     1,021,855,411    1,134,259,506

   Net Income        ์ฒœ์›        62,264,322            69,113,398        76,715,872      85,154,618       94,521,626

Assumptions                                                                                      ์‹œ์‚ฌ์ 
    ๊ณ„์ •๊ณผ๋ชฉ๋ช…
                      2012      2013         2014          2015       2016
   (์ ์šฉํšŒ๊ณ„๊ธฐ์ค€)                                                                         ์œ ๋Ÿฝ์žฌ์ •์œ„๊ธฐ๋กœ ์ธํ•ด 2011๋…„ ์ด
                                                                                    ์ต์ด (-)์„ฑ์žฅํ•˜์˜€์œผ๋‚˜ ๊ณผ๊ฑฐ 5๋…„์น˜
      Sales           11%        11%          11%          11%        11%
    Cost of Sales     82%        82%          82%          82%        82%
    Gross Profit
                                                                                    ํ‰๊ท  ์„ฑ์žฅ์œจ๋กœ ํ–ฅํ›„ ์ด์ต์ถ”์ •์น˜๋ฅผ
  Operating Income    6%         6%            6%          6%         6%            ๋ถ„์„ํ•œ ๊ฒฐ๊ณผ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์€
    Other Income     7.00%      7.00%        7.00%        7.00%      7.00%          2012๋…„์— ํ‘์ž์ „ํ™˜ ํ•˜๋Š” ๊ฒƒ์œผ๋กœ
   Other Expense     12.00%    12.00%       12.00%        12.00%     12.00%         ๋‚˜ํƒ€๋‚จ
*์˜์—…์ด์ต๊ณผ ๋น„์˜์—…์ด์ต/๋น„์šฉ์€ ๊ณผ๊ฑฐ 10๋…„์น˜ ํ‰๊ท ์„ ์‚ฌ์šฉํ•จ                                                                                19
Multiple Valuation Analysis
๊ตญ๋‚ด ํ•ญ๊ณต์‚ฌ์˜ ๋น„๊ต์—์„œ๋Š” ์ˆ˜์ต์„ฑ์€ ์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต์ด ๋†’์ง€๋งŒ ํ˜„์žฌ PER์ˆ˜์น˜๊ฐ€ ๋‚ฎ์•„ ์ €ํ‰๊ฐ€ ๋˜
์–ด์žˆ์Œ, ์ˆ˜์ต์„ฑ์€ ๋Œ€ํ•œํ•ญ๊ณต๊ณผ ์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต์ด ๋†’์€๋ฐ ๋ฐ˜ํ•ด Asiaํ•ญ๊ณต์‚ฌ์˜ ๋น„ํ•ด ์ €ํ‰๊ฐ€ ๋˜์–ด์žˆ
์Œ

                      [๋Œ€ํ•œํ•ญ๊ณต Valuation]                                        [์‹œ์‚ฌ์ ]

                                                                ๏‚ง ๋Œ€ํ•œํ•ญ๊ณต๊ณผ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜
            2012F      2013F    2014F       2015F     2016F
  ROE         14         16       17          18        20
  PER        8.46       7.83     7.25        6.71      6.21
                                                                  Multiple Valuation Analysis ๊ฒฐ๊ณผ
  PBR        1.21       1.12     1.04        0.96      0.89       ROE๋Š” ๋Œ€ํ•œํ•ญ๊ณต์— ๋น„ํ•ด ์•„์‹œ์•„๋‚˜
                    [์•„์‹œ์•„๋‚˜ํ•ญ๊ณต Valuation]
                                                                  ํ•ญ๊ณต์˜ ์ˆ˜์ต์„ฑ์ด ๋†’์€ ๊ฒƒ์œผ๋กœ ์ถ”์ •
                                                                  ๋จ
            2012F      2013F    2014F       2015F     2016F
  ROE         22         24       27          30        33
  PER        7.31       6.59     5.93        5.35      4.82     ๏‚ง PER์€ 6/11์ผ ์ข…๊ฐ€ ๊ธฐ์ค€ 2012๋…„ ์˜ˆ
  PBR        1.59       1.47     1.36        1.26      1.17       ์ƒ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์€ 7.31๋ฐฐ, ๋Œ€ํ•œํ•ญ
2012๋…„ 6/11์ผ ์ข…๊ฐ€๊ธฐ์ค€: ๋Œ€ํ•œํ•ญ๊ณต46,700์›, ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต 7,000์›                      ๊ณต์€ 8.46๋ฐฐ๋กœ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์ด ์ฃผ๊ฐ€
ASIA ํ•ญ๊ณต์‚ฌ Valuation(%, ๋ฐฐ)                                          ๋Œ€๋น„ ์ €ํ‰๊ฐ€ ๋˜์–ด์žˆ๋Š” ๊ฒƒ์œผ๋กœ ํŒŒ์•…
                                                                  ๋จ
  (๋ฐฐ, %)            ROE             PER              PBR
ํšŒ์‚ฌ๋ช…(๊ตญ๊ฐ€)          12F   13F      12F       13F     12F   13F
                                                                ๏‚ง Asiaํ•ญ๊ณต์‚ฌ์™€์˜ ๋™์ข…๊ทธ๋ฃน ๋น„๊ต ์‹œ
   ANA            4.00  6.70    27.00     15.10    1.10  1.10
์ค‘๊ตญ๊ตญ์ œํ•ญ๊ณต           13.10 13.30     8.10      7.00    1.20  1.00
                                                                  ROE๋Š” ๊ตญ๋‚ด ํ•ญ๊ณต์‚ฌ๊ฐ€ ๋†’๊ณ  (์ˆ˜์ต์„ฑ
์ค‘๊ตญ๋™๋ฐฉํ•ญ๊ณต           17.40 16.80     5.70      4.80    1.00  0.90     ์ด ๋†’๊ณ )PER๋Š” ๋‚ฎ์€ ๊ฒƒ์œผ๋กœ ๋ถ„์„๋˜
์ผ€์„ธ์ดํŒจ์‹œํ”ฝ            7.50  9.90    12.20      9.00    0.90  0.90     ์–ด ASIAํ•ญ๊ณต์‚ฌ ๋Œ€๋น„ ๊ตญ๋‚ด ํ•ญ๊ณต์‚ฌ์˜
์‹ฑ๊ฐ€ํฌ๋ฅดํ•ญ๊ณต            3.40  4.50    26.40     19.30    1.00  1.00     ์ฃผ๊ฐ€ ์ƒ์Šน์—ฌ๋ ฅ์ด ์ถฉ๋ถ„ํ•œ ๊ฒƒ์œผ๋กœ ํŒ
  ํƒ€์ดํ•ญ๊ณต            4.80  6.90    14.40     10.60    0.90  0.80     ๋‹จ๋จ
 AVERAGE          8.37  9.68    15.63     10.97    1.02  0.95
Source: ์‹ ํ•œ๊ธˆ์œตํˆฌ์ž 2011
                                                                                               20
Multiple Valuation Analysis
๊ตญ๋‚ด ํ•ญ๊ณต์‚ฌ์˜ ๋น„๊ต์—์„œ๋Š” ์ˆ˜์ต์„ฑ์€ ์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต์ด ๋†’์ง€๋งŒ ํ˜„์žฌ PER์ˆ˜์น˜๊ฐ€ ๋‚ฎ์•„ ์ €ํ‰๊ฐ€
๋˜์–ด์žˆ์Œ, ์ˆ˜์ต์„ฑ์€ ๋Œ€ํ•œํ•ญ๊ณต๊ณผ ์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต์ด ๋†’์€๋ฐ ๋ฐ˜ํ•ด Asiaํ•ญ๊ณต์‚ฌ์˜ ๋น„ํ•ด ์ €ํ‰๊ฐ€
๋˜์–ด์žˆ์Œ

                [๋Œ€ํ•œํ•ญ๊ณต๊ณผ ์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต์‚ฌ์˜ ๋น„๊ต]




               [๊ตญ๋‚ดํ•ญ๊ณต์‚ฌ์™€ ASIA ์ฃผ์š” ํ•ญ๊ณต์‚ฌ์˜ ๋น„๊ต]




                                               21
๋ชฉ์ฐจ      ๋ชฉ์ฐจ

โ… . ํ•ญ๊ณต ์‚ฐ์—… ๋ถ„์„ ๋ถ„์„
    โ… . ํ•ญ๊ณต ์‚ฐ์—…


โ…ก. ๊ธฐ์—… ๋ถ„์„


โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„


โ…ฃ. ๊ฒฐ๋ก 
์ข…ํ•ฉ ๊ฒฐ๋ก  ๋„์ถœ
์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ ๊ฒฝ์šฐ 2012๋…„ ์ ์ • PBR์€ 1.59๋ฐฐ๋กœ Peer Company์ธ Asiaํ•ญ๊ณต์‚ฌ ๋Œ€๋น„ ๋†’์€
์ˆ˜์ค€์ž„, ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ ์„ฑ์žฅ์„ฑ๊ณผ ๋†’์€ ROE๋ฅผ ๊ณ ๋ คํ•  ๋•Œ ๊ฒฝ์Ÿ์‚ฌ ๋Œ€๋น„ ํ”„๋ฆฌ๋ฏธ์—„ ๋ถ€์—ฌ๊ฐ€ ํ•ฉ๋ฆฌ์ 
์ด๋ผ๊ณ  ํŒ๋‹จ๋จ


                    ํ•ญ๊ณต์‚ฌ PBR-ROE Band                 ๏‚ง ๋Œ€ํ•œํ•ญ๊ณต๊ณผ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ 2012๋…„
ROE                                                    ์ ์ •PBR์€ ๊ฐ๊ฐ 1.21๋ฐฐ, 1.59๋ฐฐ์ด๋ฉฐ
25
                                                       ์ด๋Š” ์–‘์‚ฌ์˜ Global Peer์ธ
                                         ์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต
                                                       Asiaํ•ญ๊ณต์‚ฌ๋“ค ๋Œ€๋น„ ๋†’์€ ์ˆ˜์ค€์ž„
20
                   ์ค‘๊ตญ๋™๋ฐฉํ•ญ๊ณต                            ๏‚ง ํŠนํžˆ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ ๊ฒฝ์šฐ ๊ฒฝ์Ÿ์‚ฌ
                               ๋Œ€ํ•œํ•ญ๊ณต                    ๋Œ€๋น„ ๋›ฐ์–ด๋‚œ 22% ์ˆ˜์ค€์˜ ๋†’์€ ROE๋ฅผ
15                                                     ๊ธฐ๋กํ•˜๊ณ  ์žˆ์Œ
                                ์ค‘๊ตญ๊ตญ์ œํ•ญ๊ณต
10                                                   ๏‚ง ์–‘์‚ฌ์˜ ์ ์ •์ฃผ๊ฐ€๋ฅผ PER Valuation์„
            ์ผ€์„ธ์ดํผ์‹œํ”ฝ
                                                       ํ†ตํ•ด ์ ‘๊ทผํ•ด๋ณด๋ฉด ๋Œ€ํ•œํ•ญ๊ณต๊ณผ
                                                       ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ 2012๋…„ ์ ์ •PER์€
           ํƒ€์ดํ•ญ๊ณต         ANA
 5
                                                       ๊ฐ๊ฐ 8.46๋ฐฐ, 7.31๋ฐฐ ์ˆ˜์ค€์ž„
                    ์‹ฑ๊ฐ€ํฌ๋ฅด ํ•ญ๊ณต
 0                                                   ๏‚ง ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ ์„ฑ์žฅ์„ฑ๊ณผ ๋†’์€ ROE๋ฅผ
                                               PBR
     0.7          0.9    1.1      1.3    1.5           ๊ณ ๋ คํ•  ๋•Œ ๊ฒฝ์Ÿ์‚ฌ ๋Œ€๋น„ ํ”„๋ฆฌ๋ฏธ์—„
                                                       ๋ถ€์—ฌ๋Š” ํ•ฉ๋ฆฌ์ ์ด๋ผ๊ณ  ํŒ๋‹จ๋จ




                                                                             23
๊ฐ์‚ฌํ•ฉ๋‹ˆ๋‹ค.

         24

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ํ˜„๋Œ€์นด๋“œ ๊ตญ๋ฌธ
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Korean Air vs Asiana Air

  • 1. ์ œ๋ฌด์žฌํ‘œ๋ถ„์„ ์ตœ์ข…๋ณด๊ณ  ๋Œ€ํ•œํ•ญ๊ณต vs. ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต Consulting MBA ์„ฑ๋‚™์ค€ ํƒ์ง€ํ” ์ด๊ธฐํ›ˆ ์ตœ์€์•„ ๊น€์Šนํ˜„
  • 2. โ… . Project Framework ํ•ญ๊ณต ์‚ฐ์—… ๋ถ„์„ ๋ฐ ๊ธฐ์—… ๋ถ„์„์„ ์œ„ํ•œ ํ”„๋ ˆ์ž„์›Œํฌ์— ๊ทผ๊ฑฐํ•˜์—ฌ ๋Œ€ํ•œํ•ญ๊ณต๊ณผ ์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต์— ๋Œ€ํ•œ ํˆฌ์ž์˜๊ฒฌ์„ ๊ฒฐ์ •ํ•  ์ˆ˜ ์žˆ์Œ 1 2 3 ์‚ฐ์—…๋ถ„์„ ๊ฐ ๊ธฐ์—… ๋ถ„์„ ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ ๊ฒฐ๋ก  ์‚ฐ์—…ํŠน์„ฑ Earnings & Growth ๊ธฐ์—… ๋‚ด๋ถ€ํ™˜๊ฒฝ Analysis ๋ถ„์„ ์‚ฐ์—…๊ฒฝ์Ÿํ™˜๊ฒฝ 5-forces ์‹œ Ratio Analysis ์ •๋ถ€๊ทœ์ œ ์‚ฌ ํˆฌ์ž์˜๊ฒฌ ์  ์‚ฌ์—…์˜์—ญ ๋ฐ ์ง€์› ๊ฒฐ์ • ๋„ ๋ฐ ์ˆ˜์ต๊ตฌ์กฐ ์ถœ Financial ์ˆ˜๊ธ‰๋ถ„์„ forecasting ๋ฐ ์ „๋ง ์ฃผ์š” ์ „๋žต ๋ถ„์„ Multiple ๊ฒฝ์ œํ™˜๊ฒฝ๋ถ„์„ Analysis 2
  • 3. ๋ชฉ์ฐจ ๋ชฉ์ฐจ โ… . ํ•ญ๊ณต ์‚ฐ์—… ๋ถ„์„ ๋ถ„์„ โ… . ํ•ญ๊ณต ์‚ฐ์—… โ…ก. ๊ธฐ์—… ๋ถ„์„ โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ โ…ฃ. ๊ฒฐ๋ก 
  • 4. 1. ์‚ฐ์—…๋ถ„์„ > ์‚ฐ์—… ํŠน์„ฑ, ์ •์ฑ…ํ™˜๊ฒฝ ๋ถ„์„ ํ•ญ๊ณต์‚ฐ์—…์€ ์ˆ˜์š”์˜ ํŠน์„ฑ์ƒ ์‚ฌํšŒ, ๊ฒฝ์ œ์  ํ™˜๊ฒฝ๋ณ€ํ™”์— ๋”ฐ๋ผ ๋ฏผ๊ฐํ•˜๊ฒŒ ๋ฐ˜์‘ ํ•จ. 2009๋…„์˜ ๊ฒฝ์šฐ ๊ธ€ ๋กœ๋ฒŒ ๊ฒฝ์ œ ์œ„๊ธฐ๋กœ ์‹ค์ ์ด ์ „๋ฐ˜์ ์œผ๋กœ ๋‚ฎ์•˜์œผ๋‚˜, ์ •๋ถ€์˜ โ€˜ํ•ญ๊ณต์ž์œ ํ™”โ€™ ์ •์ฑ…๊ณผ ๋”๋ถˆ์–ด ๊ทธ ์™ธ ์‹ค์  ์€ ์ฆ๊ฐ€ํ•˜๋Š” ์ถ”์„ธ์ž„ [ํ•ญ๊ณต์ˆ˜์†ก์‹ค์ ] ๋‹จ์œ„:์ฒœ ๏‚ง ๊ตญ์ œ์„  ํ•ญ๊ณต์˜ ๊ฒฝ์šฐ ์‚ฐ์—…ํŠน์„ฑ 50,000 3,500 3,000 ๋Œ€ํ•œํ•ญ๊ณต๊ณผ ์•„์‹œ์•„๋‚˜ 40,000 2,500 ํ•ญ๊ณต์˜ ์ ์œ ์œจ์ด 30,000 2,000 60%์ด์ƒ์ž„ 20,000 1,500 ๏ƒ  ๋™๋‚จ์•„ ๋ฐ ์ค‘๊ตญ๊ณ„ 10,000 1,000 ์ €๊ฐ€ํ•ญ๊ณต์‚ฌ์˜ 500 ์‹œ์žฅ์ง„์ž…์œผ๋กœ ๋‹ค์†Œ ๊ฒฝ์Ÿํ™” ๋˜๊ณ  ์žˆ์Œ 0 0 2007 2008 2009 2010 2011 ๊ตญ์ œ์„  ์—ฌ๊ฐ์ˆ˜ ๊ตญ๋‚ด์„  ์—ฌ๊ฐ์ˆ˜ ๊ตญ์ œ์„  ํ™”๋ฌผ๋Ÿ‰ ๊ตญ๋‚ด์„  ํ™”๋ฌผ๋Ÿ‰ ์ •๋ถ€ ๊ทœ์ œ ๏‚ง ์ •๋ถ€์˜ ์ ๊ทน์ ์ธ ๋ฐ ์ง€์› ํ•ญ๊ณต์ž์œ ํ™” โ€œOpen Skyโ€ ํ•ญ๊ณต์ž์œ ํ™”๋ฅผ ํ†ตํ•ด ๏ƒ ํ•ญ๊ณต์‹œ์žฅ ๊ฐœ๋ฐฉ์ •์ฑ…(โ€ž04) ๊ตญ์ œํ•ญ๊ณต๋„คํŠธ์›Œํฌ๋„ ํ™•๋Œ€์— ๊ธฐ์—ฌ ๏‚ง ์„ ์ œ์  ํ•ญ๊ณต์ž์œ ํ™” ์ถ”์ง„ ๏ƒ  Star Alliance, Skyteam ๏‚ง ๊ตญ์ œ ํ•ญ๊ณต๋„คํŠธ์›Œํฌ โ€œ1.2.4โ€ ์ „๋žต ์ถ”์ง„ ๋“ฑ ๊ฑฐ๋Œ€ํ•ญ๊ณต์‚ฌ์™€ ์ „๋žต์  ๏‚ง Great Eastern Bloc ๊ตฌ์ถ• ์ œํœด๋ฅผ ํ†ตํ•ด ์˜์—…์ด์ต ์ œ๊ณ  Source: ๊ตญํ† ํ•ด์–‘๋ถ€, IATA sourcing Platts and RBS 4
  • 5. 1. ์‚ฐ์—…๋ถ„์„ > ๊ฒฝ์ œ ํ™˜๊ฒฝ, ์ˆ˜๊ธ‰ ์ „๋ง ๋ถ„์„ ์‚ฐ์—…์— ์˜ํ–ฅ์„ ๋งŽ์ด ๋ฏธ์น˜๋Š” ์œ ๊ฐ€, ํ™˜์œจ์€ 2012๋…„์—๋Š” ์‹ค์  ๋ณ€๋™์„ฑ์ด ๋‹ค์†Œ ํฌ์ง€ ์•Š์„ ๊ฒƒ์œผ๋กœ ์ „ ๋ง๋จ. ์ˆ˜์š” ๋˜ํ•œ ํ•œ๋ฅ˜๋‚˜ ๋น„์ž๋ฉด์ œ์˜ ์ด์Šˆ์— ๋”ฐ๋ผ ๊พธ์ค€ํžˆ ์ฆ๊ฐ€ํ•˜๋Š” ์ถ”์„ธ์ž„ [Jet fuel and crude oil prices] ๊ฒฝ์ œํ™˜๊ฒฝ ๋ถ„์„ (USD/barrel) ๏‚ง ์œ ๊ฐ€ ํ•˜ํ–ฅ ์•ˆ์ •ํ™” ๋ฐ ๋‹ฌ๋Ÿฌํ™” ํ™˜์œจ์˜ ์†Œํญ ํ•˜๋ฝ์ด ์˜ˆ์ƒ๋จ์— ๋”ฐ๋ผ 2012๋…„์—๋Š” ์œ ๊ฐ€ ๋ฐ ํ™˜์œจ ๋ณ€๋™์— ๋”ฐ๋ฅธ ์‹ค์  ๋ณ€๋™์„ฑ์€ ํฌ์ง€ ์•Š์„ ๊ฒƒ์œผ๋กœ ์ „๋ง๋จ [์ˆ˜์š” ์ „๋ง] ์ˆ˜๊ธ‰๋ถ„์„ ๏‚ง ์ค‘๊ตญ์ธ ๋น„์ž๋ฐœ๊ธ‰์˜ ๋ฐ ์ „๋ง ์™„ํ™”, ์ง€์—ญ ๋‚ด ํ•œ๋ฅ˜์˜ ์˜ํ–ฅ ๋“ฑ์œผ๋กœ ์ž…๊ตญ์ž ์ˆ˜๊ฐ€ ์ง€์†์ ์œผ๋กœ ์ฆ๊ฐ€ํ•  ์ „๋ง ๏‚ง ๋ฏธ๊ตญ๋น„์ž๋ฉด์ œ ํ”„๋กœ๊ทธ๋žจ, ์ฃผ ์™ธ๋ถ€ ์ถฉ๊ฒฉ์— ๋”ฐ๋ฅธ ์ถœ๊ตญ์ž ๊ฐ์†Œ์—๋„ ์–‘๋Œ€ 5์ผ ๊ทผ๋ฌด, ์ˆ˜์—…์˜ ์˜ํ–ฅ์„ ํ•ญ๊ณต์‚ฌ ๊ตญ์ œ ์—ฌ๊ฐ ์ˆ˜๋Š” ๊ฑด์กฐํ•œ ์ถ”์„ธ ๋ฐ›์•„ ์ถœ๊ตญ์ž ์ˆ˜๋„ ์ฆ๊ฐ€์ถ”์„ธ์ž„ Source: IATA sourcing Platts and RBS, ์ธ์ฒœ๊ณตํ•ญ๊ณต์‚ฌ 5
  • 6. 1. ์‚ฐ์—…๋ถ„์„ > ์‚ฐ์—…๊ฒฝ์Ÿํ™˜๊ฒฝ 5-Forces ์‚ฐ์—…์˜ ๋†’์€ ์ดˆ๊ธฐ ์ž๋ณธํˆฌ์ž…๋Ÿ‰์œผ๋กœ ์ธํ•œ ์ง„์ž…์žฅ๋ฒฝ์œผ๋กœ ์ž ์žฌ์  ์ง„์ž…์ž์™€์˜ ๊ฒฝ์Ÿ์€ ๋‹ค์†Œ ์ ์œผ๋‚˜, ํ˜„์žฌ ๊ฒฝ์Ÿ์šฐ์œ„๋ฅผ ์ฐจ์ง€ํ•˜๊ณ  ์žˆ๋Š” ๋‘ ํ•ญ๊ณต์‚ฌ์™€์˜ ์ฐจ๋ณ„ํ™” ์ „๋žต ๋ฐ ๋น„์šฉ๊ตฌ์กฐ์— ๋Œ€ํ•œ ๊ฒฝ์Ÿ์ด ์‹ฌํ™”๋จ [๋งˆ์ดํด ํฌํ„ฐ์˜ 5-Forces] ์ž ์žฌ์  ์ง„์ž…์ž์™€์˜ ๊ฒฝ์Ÿ 1. ๋†’์€ ์ดˆ๊ธฐ ์ž๋ณธํˆฌ์ž…๋Ÿ‰ 2. ๊ทœ๋ชจ์˜ ๊ฒฝ์ œ 3. ๋†’์€ ์ง„์ž… ์žฅ๋ฒฝ 4. ์ •๋ถ€ ๊ทœ์ œ ๊ณต๊ธ‰์ž์˜ ๊ต์„ญ๋ ฅ ๊ธฐ์กด๊ธฐ์—…๊ณผ์˜ ๊ฒฝ์Ÿ ๊ตฌ๋งค์ž์˜ ๊ต์„ญ๋ ฅ 1. ๊ตญ๋‚ด ํ•ญ๊ณต ์šด์†ก ์‹œ์žฅ์€ ๊ณผ์  1. ์†Œ๋น„์ž ๋ชฉ์  ๋ณ„ ๊ฐ€๊ฒฉ๋ฏผ๊ฐ๋„ 1. ๋†’์€ ์‚ฐ์—…์˜ ์ง‘์ค‘๋„ ํ˜•ํƒœ ์ฐจ์ด 2. ์ฐจ๋ณ„ํ™” ์ „๋žต ์ถ”๊ตฌ 2.์„œ๋น„์Šค ์ฐจ๋ณ„ํ™”๋ฅผ ํ†ตํ•œ ๋งˆ์ผ€ํŒ… - ๋น„์ฆˆ๋‹ˆ์Šค ๊ณ ๊ฐ 3. ๋น„์šฉ๊ตฌ์กฐ ์ด๋‚˜ ํ’ˆ์งˆ๊ฒฝ์Ÿ ์‹ฌํ™” - ๋ ˆ์ € ๋ชฉ์  ๊ณ ๊ฐ ๋Œ€์ฒด์žฌ์™€ ๊ฒฝ์Ÿ ํƒ€ ์šด์†ก์ˆ˜๋‹จ ๋Œ€๋น„ ์šด์ž„์ด ์ƒ๋Œ€ ์ ์œผ๋กœ ๋น„์Œˆ ๏ƒ ๊ตญ๋‚ด์˜ ๊ฒฝ์šฐ KTX ๋“ฑ์— ์˜ํ–ฅ 6
  • 7. ๋ชฉ์ฐจ ๋ชฉ์ฐจ โ… . ํ•ญ๊ณต ์‚ฐ์—… ๋ถ„์„ ๋ถ„์„ โ… . ํ•ญ๊ณต ์‚ฐ์—… โ…ก. ๊ธฐ์—… ๋ถ„์„ โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ โ…ฃ. ๊ฒฐ๋ก 
  • 8. โ…ก. ๊ธฐ์—… ๋ถ„์„ ๊ตญ๋‚ด ํ•ญ๊ณต ์‚ฐ์—…์€ ๋Œ€ํ•œํ•ญ๊ณต๊ณผ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ ๋ณต์  ์ฒด์ œ๋กœ ์ด๋ฃจ์–ด์ ธ ์žˆ์Œ, 2๊ฐœ์‚ฌ์˜ ์—ฌ๊ฐ ์ˆ˜์†ก ์ ์œ ์œจ๊ณผ ํ™”๋ฌผ ์ˆ˜์†ก์ ์œ ์œจ์€ ์ „์ฒด ์‹œ์žฅ ๋Œ€๋น„ 60% ์ด์ƒ์ž„ [ํ‰๊ฐ€ ๋Œ€์ƒ ํ•ญ๊ณต์šด์†ก์—…์ฒด ๊ฐœ์š”] [๊ตญ์ œ์—ฌ๊ฐ ์ˆ˜์†ก์ ์œ ์œจ] ๊ตฌ๋ถ„ ๋Œ€ํ•œํ•ญ๊ณต ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต ์™ธ๊ตญํ•ญ๊ณต ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต ๋Œ€ํ•œํ•ญ๊ณต 39.90% 38.50% 37.00% ์„ค๋ฆฝ๋…„์›” 1962.06 1988.02 25.30% 25.70% 24.70% ์˜์—…๋ฒ”์œ„ ์ •๊ธฐ ๋ฐ ๋ถ€์ •๊ธฐ ์šด์†ก ์ •๊ธฐ ๋ฐ ๋ถ€์ •๊ธฐ ์šด์†ก 34.80% 35.80% 38.30% ๋…ธ์„ ๋ง ๊ตญ๋‚ด ๋ฐ 40๊ฐœ๊ตญ 119๊ฐœ ๋„์‹œ ๊ตญ๋‚ด ๋ฐ 22๊ฐœ๊ตญ 68๊ฐœ ๋„์‹œ 2009๋…„ 2010๋…„ 2011๋…„ ์šด์šฉ๊ธฐ๋‹จ ์ด 147(์—ฌ๊ฐ121, ํ™”๋ฌผ 26) ์ด 72 (์—ฌ๊ฐ63, ํ™”๋ฌผ 9) [๊ตญ์ œํ™”๋ฌผ ์ˆ˜์†ก์ ์œ ์œจ] 36.70% 36.40% 34.70% ์ œํœด๊ทธ๋ฃน Sky Team Star Alliance 18.80% 18.30% 18.80% ์ข…์—…์›์ˆ˜ 15,619๋ช… 8,580๋ช… 44.50% 45.30% 46.50% ์†Œ์†๊ณ„์—ด ํ•œ์ง„ ๊ธˆํ˜ธ์•„์‹œ์•„๋‚˜ 2009๋…„ 2010๋…„ 2011๋…„ 8 Source : ๋Œ€ํ•œํ•ญ๊ณต, ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต, ์ธ์ฒœ๊ณตํ•ญ๊ณต์‚ฌ (์ธ์ฒœ ์ถœ/๋„์ฐฉ ์ˆ˜์†ก๊ฐ, ์ˆ˜์†ก๋Ÿ‰ ๊ธฐ์ค€)
  • 9. โ…ก. ๊ธฐ์—… ๋ถ„์„ > ์‚ฌ์—…์˜์—ญ, ์ˆ˜์ต๋น„์œจ ๋Œ€ํ•œํ•ญ๊ณต๊ณผ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์€ ํฌ๊ฒŒ ์—ฌ๊ฐ์‚ฌ์—…๊ณผ ํ™”๋ฌผ์‚ฌ์—… ์˜์—ญ์„ ๊ฐ–๊ณ  ์žˆ์œผ๋ฉฐ, ์˜์—ญ๋ณ„๋กœ ๋น„์Šทํ•œ ์ˆ˜์ต๋น„์œจ์„ ๋‚˜ํƒ€๋ƒ„, ํ•˜์ง€๋งŒ ์—ฌ๊ฐ๋น„์œจ์˜ ๊ฒฝ์šฐ ๋Œ€ํ•œํ•ญ๊ณต์˜ ๊ฒฝ์šฐ ์žฅ๊ฑฐ๋ฆฌ ์—ฌ๊ฐ์ด ์ฃผ๋ฅผ ์ด๋ฃจ๋Š” ๋ฐ˜๋ฉด ์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต์˜ ๊ฒฝ์šฐ ๋‹จ๊ฑฐ๋ฆฌ ๋…ธ์„ ์ด ๋งŽ์Œ [๋Œ€ํ•œํ•ญ๊ณต ์‚ฌ์—…์˜์—ญ] [์•„์‹œ์•„๋‚˜ํ•ญ๊ณต ์‚ฌ์—…์˜์—ญ] ํ•ญ๊ณต์šด์†ก์‚ฌ์—… ์—ฌ๊ฐ์‚ฌ์—…(61.8%) ํ•ญ๊ณต์šด์†ก์‚ฌ์—… ์—ฌ๊ฐ์‚ฌ์—…(60.2%) (์ด ์ˆ˜์ต์˜ 88.9%) (์ด ์ˆ˜์ต์˜ 91%) ํ™”๋ฌผ์‚ฌ์—…(27.1%) ํ™”๋ฌผ์‚ฌ์—…(25.7%) ๊ธฐํƒ€์‚ฌ์—… ํ•ญ๊ณต์šฐ์ฃผ์‚ฌ์—… ๊ตญ๋‚ด์—ฌ๊ฐ(4.7%) (3.8%) ๊ธฐ๋‚ด์‹, ํ˜ธํ…” ์‚ฌ์—… ๊ธฐํƒ€์‚ฌ์—… (7.3%) (9.3%) [์ˆ˜์ต ๋น„์œจ] [์—ฌ๊ฐ๋น„์œจ] [์ˆ˜์ต ๋น„์œจ] [์—ฌ๊ฐ ๋น„์œจ] 9.30% ๊ตญ์ œ์—ฌ๊ฐ ๊ตญ์ œ์—ฌ๊ฐ 11.10% ๋ฏธ์ฃผ๋…ธ์„  19.90% ๊ตญ๋‚ด์—ฌ๊ฐ 34% 25.70% ๊ตญ๋‚ด์—ฌ๊ฐ ์ผ๋ณธ 27.10% 57.70% 53% ์œ ๋Ÿฝ 60.20% 55.80% 24.30% 4.10% ํ™”๋ฌผ์‚ฌ์—… 13% ํ™”๋ฌผ์‚ฌ์—… ๋™๋‚จ์•„ ๊ทธ์™ธ 4.70% ๊ธฐํƒ€ ๊ธฐํƒ€ ๊ทธ์™ธ 9
  • 10. โ…ก. ๊ธฐ์—… ๋ถ„์„ > ์‚ฌ์—…์˜์—ญ, ์ˆ˜์ต๋น„์œจ ์—ฌ๊ฐํ•ญ๊ณต ๋ถ„์•ผ์—์„œ ๋Œ€ํ•œํ•ญ๊ณต์˜ ๊ฒฝ์šฐ ์ฃผ๋ ฅ๋…ธ์„ ๊ณผ ๊ณ ์„ฑ์žฅ ๋…ธ์„ ์— ํˆฌ์žํ•˜๋ฉฐ ์ฐจ๋ณ„ํ™” ์ „๋žต์„ ์‚ฌ์šฉ ํ•˜๊ณ  ์žˆ์œผ๋ฉฐ, ์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต์˜ ๊ฒฝ์šฐ ์ค‘๋‹จ๊ฑฐ๋ฆฌ ์—ฌ๊ฐ๋…ธ์„ ์— ์ง‘์ค‘ํ•˜๊ณ  ์žˆ์Œ ์ฃผ๋ ฅ๋…ธ์„ (์žฅ๊ฑฐ๋ฆฌ ๋…ธ์„ )๊ณผ โ€ข ๋ฏธ์ฃผ ๋…ธ์„ ์„ ์ค‘์‹ฌ์œผ๋กœ ์žฅ๊ฑฐ๋ฆฌ ๋น„์ค‘์ด ๋†’์Œ ๊ณ ์„ฑ์žฅ ๋…ธ์„ ์˜ ํˆฌ์ž โ€ข ํ–ฅํ›„ ์ˆ˜์š” ์ฆ๊ฐ€๊ฐ€ ์˜ˆ์ƒ๋˜๋Š” ๋…ธ์„ ์— ์ •๊ธฐ ์šดํ•ญ์„ ์‹ค์‹œ(์ŠคํŽ˜์ธ ์‚ฌ๋ผ๊ณ ์‚ฌ, ๋‰ด์š•๋ฐœ ๋ธŒ๋ค ์…€ํ–‰ ๋Œ€์„œ์–‘ ๋…ธ์„ ) ๋Œ€ํ•œํ•ญ๊ณต โ€ข ๋Œ€ํ˜• ํ•ญ๊ณต๊ธฐ์ธ A380 ํ•ญ๊ณต๊ธฐ๋ฅผ ํˆฌ์ž…ํ•จ์œผ๋กœ์จ ๋Œ€ํ˜•๊ณตํ•ญ์„ ํƒ€๊ฒŸ์œผ๋กœ ์ค‘๊ตญ ํ™˜์Šน๊ฐ ํก์ˆ˜ํ•˜๋ ค๋Š” ์ „๋žต ์ฐจ๋ณ„ํ™”(๊ณ ๊ธ‰ํ™”) ์ „๋žต โ€ข ์ถ”ํ›„ ๋Œ€ํ˜• ํ•ญ๊ณต๊ธฐ ์ถ”๊ฐ€ ๋„์ž…์œผ๋กœ ๋ฏธ์ฃผ ๋…ธ์„ ์˜ ํ™•๋Œ€๋ฅผ ๋…ธ๋ฆฌ๊ณ  ์žˆ์Œ โ€ข๋™๋‚จ์•„ ๋…ธ์„ ์ด ๊ฐ€์žฅ ๋†’์œผ๋ฉฐ ์ผ๋ณธ ๋…ธ์„ ์ด ๋’ค๋ฅผ ์ค‘,๋‹จ๊ฑฐ๋ฆฌ ์—ฌ๊ฐ๋…ธ์„  ์ง‘์ค‘ ๋”ฐ๋ฆ„ ,๋‹จ๊ฑฐ๋ฆฌ ๋น„์ค‘์ด ๋†’์Œ ์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต โ€ข์ˆ˜์š”๊ฐ€ ๋ถ€์ง„ํ•  ๊ฒฝ์šฐ ๊ฐ€๊ฒฉ์„ ๋‚ฎ์ถ”๊ณ  ํƒ‘์Šน๋ฅ ์„ ๋†’์ด๋Š” ๊ฒฝ์Ÿ์‚ฌ ๋ณด๋‹ค ๋†’์€ ํƒ„๋ ฅ์ ์ธ ์‹œ์žฅ๋Œ€์‘์œผ๋กœ ๊ณ ์ •๋น„๋ฅผ ์ปค๋ฒ„ํ•˜๋Š” ์ „๋žต ์‹œ์žฅ ๋Œ€์‘๋Šฅ๋ ฅ โ€ข์ „์ฒด ์œ ๋ฅ˜ ์‚ฌ์šฉ๋Ÿ‰์˜ 15~20%๊นŒ์ง€ ํ—ท์ง€๋ฅผ ํ•˜๋ฉด์„œ ๋‹จ๊ธฐ ์œ ๊ฐ€ ๊ธ‰๋“ฑ๋ฝ์— ๋Œ€ํ•œ ๋Œ€๋น„ 10
  • 11. ๋ชฉ์ฐจ ๋ชฉ์ฐจ โ… . ํ•ญ๊ณต ์‚ฐ์—… ๋ถ„์„ ๋ถ„์„ โ… . ํ•ญ๊ณต ์‚ฐ์—… โ…ก. ๊ธฐ์—… ๋ถ„์„ โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ โ…ฃ. ๊ฒฐ๋ก 
  • 12. โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ > ๋Œ€ํ•œํ•ญ๊ณต ๋Œ€ํ•œํ•ญ๊ณต์˜ 2007๋…„๋ถ€ํ„ฐ 2011๋…„๊นŒ์ง€์˜ ์žฌ๋ฌด์ œํ‘œ๋ฅผ ๋ถ„์„ํ•˜์—ฌ ์žฌ๋ฌด๋น„์œจ ๋ถ„์„์„ ํ•˜์˜€์Œ. Debt-to-Equity๋Š” 2007๋…„ ์ดํ›„ ์ง€์†์ ์œผ๋กœ ์ฆ๊ฐ€ํ•˜๊ณ  ์žˆ๋Š” ์ถ”์„ธ์ž„. Payable Turnover๋Š” ์ง€์†์ ์œผ๋กœ ๋‚ฎ์•„์ง€๊ณ  ์žˆ์Œ. ์ „๋ฐ˜์ ์œผ๋กœ ๋ถ€์ฑ„๋Š” ๋Š˜๊ณ  ์ž๋ณธ์€ ๊ฐ์†Œํ•˜๊ณ  ์žˆ๋Š” ๊ฒƒ์œผ๋กœ ๋‚˜ํƒ€๋‚จ ๋Œ€ํ•œํ•ญ๊ณต ์•„์‹œ์•„๋‚˜ ๋Œ€ํ•œํ•ญ๊ณต Financial Ratio Dec-11 Dec-10 Dec-09 Dec-08 Dec-07 5yr Avg 5yr Avg Current Asset Turnover 3.15 3.06 2.96 4.06 3.12 4.91 3.27 Account Receivable Turnover 11.07 10.05 8.96 12.8 9.42 11.45 10.46 Inventory Turnover 3.97 7.26 4.54 5.61 7.38 33.03 5.75 Non-Current Asset Turnover 0.55 0.54 0.51 0.58 0.46 0.99 0.53 Tangible Asset Turnover 0.74 0.69 0.66 0.76 0.6 1.54 0.69 Asset Turnover 0.47 0.46 0.43 0.51 0.4 0.82 0.45 Current Liabilities/Current Assets 1.98 2.08 1.7 2.02 1.66 2.49 1.89 Account Payable Turnover 5.96 11.01 9.22 13.61 11.09 20.84 10.18 Liabilities/Assets 0.88 0.8 0.81 0.81 0.72 0.83 0.8 Debt-to-Equity 7.09 3.92 4.3 4.36 2.57 5.43 4.45 ROE -0.07 0.16 -0.03 -0.58 0.01 -0.11 -0.1 ROA ํ•ญ๊ณต๊ธฐ ๊ตฌ์ž… -0.01 0.03 -0.01 -0.11 0 -0.01 -0.02 ๏‚งROE๋Š” ๊ธ€๋กœ๋ฒŒ ๊ธˆ์œต์œ„๊ธฐ์˜ ์˜ํ–ฅ์œผ๋กœ ๋‹น๊ธฐ์ˆœ์ด์ต์˜ ๊ธ‰๊ฐ์œผ๋กœ ์ธํ•ด 5๊ฐœ๋…„ ํ‰๊ท (-)๋ฅผ ๊ธฐ๋กํ•˜๊ณ  ์žˆ๋Š” ๊ฒƒ์œผ๋กœ ๋‚˜ํƒ€๋‚จ ๏‚ง์œ ํ˜•์ž์‚ฐ์€ ์ด ์ž์‚ฐ ์ค‘60~70%๋ฅผ ์ฐจ์ง€ํ•˜๊ณ  ์žˆ๋Š”๋ฐ, ์ด๋Š” ํ•ญ๊ณต์‚ฌ๋“ค์ด ์ˆ˜์ต์„ ์ฐฝ์ถœํ•˜๋Š”๋ฐ ์ง์ ‘์ ์œผ๋กœ ๊ด€์—ฌํ•˜๋Š” ์ž์‚ฐ์œผ๋กœ ์œ ํ˜•์ž์‚ฐ์„ ์–ผ๋งˆ๋‚˜ ์ž˜ ํ™œ์šฉํ•˜์—ฌ ์ˆ˜์ต์„ ์ฐฝ์ถœํ–ˆ๋Š”์ง€ ์•Œ ์ˆ˜ ์žˆ์Œ 12
  • 13. โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ > ๋Œ€ํ•œํ•ญ๊ณต 5๊ฐœ๋…„ ํ‰๊ท ๋งค์ถœ์•ก ์„ฑ์žฅ๋ฅ ์€ 8.4%, ๋งค์ถœ์›๊ฐ€์œจ์€ 82%, ์˜์—…์ด์ต๋ฅ ์€ 4.75%๋กœ ๋ถ„์„๋จ. ๋งค์ถœ์•ก์—์„œ ๋น„์˜์—…๋น„์šฉ์ด ์ฐจ์ง€ํ•˜๋Š” ๋น„์ค‘์ด ์ „์ฒด ๋งค์ถœ์•ก์˜ 16.8%๋กœ ๋†’์€ ๋น„์ค‘์„ ์ฐจ์ง€ํ•˜๊ณ  ์žˆ์Œ ๊ณ„์ •๊ณผ๋ชฉ๋ช… ๋‹จ์œ„ 2007/12 2008/12 2009/12 2010/12 2011/12 5yr Average (์ ์šฉํšŒ๊ณ„๊ธฐ์ค€) ๋งค์ถœ์•ก % 100 15.62 -7.86 20.49 5.40 8.41 ๋งค์ถœ์›๊ฐ€/๋งค์ถœ์•ก % 76.41 86.05 84.42 77.78 85.90 82.11 ๋งค์ถœ์ด์ด์ต/๋งค์ถœ์•ก % 23.59 13.95 15.58 22.22 14.10 17.89 SG&A/๋งค์ถœ์•ก % 15.58 14.37 13.77 11.60 10.35 13.13 ์˜์—…์ด์ต/๋งค์ถœ์•ก % 8.02 (0.42) 1.81 10.62 3.75 4.75 ๋น„์˜์—…์ด์ต/๋งค์ถœ์•ก % 4.17 9.30 12.02 8.86 7.69 8.41 ๊ธˆ์œต์ˆ˜์ต/๋งค์ถœ์•ก % 0.48 2.24 1.28 0.49 0.83 1.06 ์ด์ž์ˆ˜์ต/๋งค์ถœ์•ก % 0.40 0.57 0.45 0.29 0.29 0.40 ๊ธฐํƒ€์ˆ˜์ต/Sales ํ™˜์œจ๋ณ€๋™์— ๋”ฐ๋ฅธ ์ฐจ์†, ์žฅ๊ธฐ์ฑ„๋ฌด์ด์ž๋น„์šฉ ์†์‹ค์˜ ๊ฒฝ์šฐ % 2.53 6.10 10.74 5.37 4.31 5.81 ์™ธํ™˜์ด์ต/Sales % 1.07 5.43 10.25 5.07 3.91 5.15 ๋น„์˜์—…๋น„์šฉ/์†์‹ค/๋งค์ถœ์•ก % 10.67 32.00 15.22 12.56 13.56 16.80 ๊ธˆ์œต๋น„์šฉ/Sales % 5.46 5.87 6.52 5.85 5.07 5.76 ์ด์ž๋น„์šฉ/Sales % 5.46 5.48 6.39 5.47 4.65 5.49 ๊ธฐํƒ€๋น„์šฉ % 4.92 25.55 7.16 6.58 6.95 10.23 ์™ธํ™˜์†์‹ค % 1.23 23.08 5.26 5.03 6.04 8.13 ๋‹น๊ธฐ์ˆœ์ด์ต -3.04 % 0.41 (18.29) (1.07) 5.36 (1.63) (์ˆœ์†์‹ค)/Sales 13
  • 14. โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ > ๋Œ€ํ•œํ•ญ๊ณต 5๊ฐœ๋…„ ํ‰๊ท ๋งค์ถœ์•ก ์„ฑ์žฅ๋ฅ ์€ 8.4%, ๋งค์ถœ์›๊ฐ€์œจ์€ 82%, ์˜์—…์ด์ต๋ฅ ์€ 4.75%๋กœ ๋ถ„์„๋จ. ๋งค์ถœ์•ก์—์„œ ๋น„์˜์—…๋น„์šฉ์ด ์ฐจ์ง€ํ•˜๋Š” ๋น„์ค‘์ด ์ „์ฒด ๋งค์ถœ์•ก์˜ 16.8%๋กœ ๋†’์€ ๋น„์ค‘์„ ์ฐจ์ง€ํ•˜๊ณ  ์žˆ์Œ ๊ณ„์ •๊ณผ๋ชฉ๋ช… ๋‹จ์œ„ 2007/12 2008/12 2009/12 2010/12 2011/12 5yr Average (์ ์šฉํšŒ๊ณ„๊ธฐ์ค€) ๋งค์ถœ์•ก % 100 15.62 -7.86 20.49 5.40 8.41 ๋งค์ถœ์›๊ฐ€/๋งค์ถœ์•ก % 76.41 86.05 84.42 77.78 85.90 82.11 ์˜์—…์ด์ต/๋งค์ถœ์•ก % 8.02 (0.42) 1.81 10.62 3.75 17.89 ๋น„์˜์—…์ด์ต/๋งค์ถœ์•ก % 4.17 9.30 12.02 8.86 7.69 4.75 8.41 ๋น„์˜์—…๋น„์šฉ/์†์‹ค/๋งค์ถœ์•ก % 10.67 32.00 15.22 12.56 13.56 ๋‹น๊ธฐ์ˆœ์ด์ต 16.80 % 0.41 (18.29) (1.07) 5.36 (1.63) (์ˆœ์†์‹ค)/Sales -3.04 ๏‚ง 2011๋…„ ๋“ค์–ด ์ผ๋ณธ ๋Œ€์ง€์ง„๊ณผ ๊ณ ์œ ๊ฐ€ ์˜ํ–ฅ์œผ๋กœ ๊ฐ ํ•ญ๊ณต์‚ฌ์˜ ์˜์—…์ˆ˜์ต์„ฑ์ด 2010๋…„ ๋Œ€๋น„ ์ €ํ•˜๋˜์—ˆ์œผ๋‚˜, ๋™๋ถ์•„์‹œ์•„ ์ง€์—ญ์˜ ๊ฒฌ๊ณ ํ•œ ํ•ญ๊ณต ์—ฌ๊ฐ์ˆ˜์š” ์ฆ๊ฐ€์„ธ์™€ ์œ ๋ฅ˜ํ• ์ฆ๋ฃŒ ์ฒด๊ณ„์— ๊ธฐ๋ฐ˜ํ•˜์—ฌ ์œ ๊ฐ€์ƒ์Šน๋ถ„์˜ ์ผ์ • ๋ถ€๋ถ„์„ ํ•ญ๊ณต์šด์ž„์— ์ „๊ฐ€ํ•จ์œผ๋กœ์จ ์ „์ฒด ์˜์—…์‹ค์  ์ €ํ•˜ ์‹œ์‚ฌ์  ํญ์€ ํฌ์ง€ ์•Š์€ ์ƒํ™ฉ์ž„ ๏‚ง 2010๋…„ ๊ธˆ์œต์œ„๊ธฐ์—์„œ ์ผ์‹œ์ ์œผ๋กœ ํšŒ๋ณตํ•˜๋ฉด์„œ ์‹ค์ ์ด Turnaround ํ•˜์˜€์œผ๋‚˜ 2011๋…„ ์œ ๋Ÿฝ๋ฐœ ์œ„๊ธฐ๋กœ ์ธํ•ด 2011๋…„ ์ˆœ์ด์ต์ด ์ ์ž ์ „ํ™˜ํ•จ 14
  • 15. โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ > ๋Œ€ํ•œํ•ญ๊ณต ์•ž์„œ ๋ถ„์„ํ•œ 5๊ฐœ๋…„ ํ‰๊ท  ๋ฐ์ดํ„ฐ๋ฅผ ๊ธฐ์ค€์œผ๋กœ ๋งค์ถœ์•ก, ๋งค์ถœ์›๊ฐ€์˜ ํ–ฅํ›„ 5๋…„์น˜ ์‹ค์ ์„ ์ถ”์ •ํ•˜์˜€์Œ Forecasting ๊ณ„์ •๊ณผ๋ชฉ๋ช… ๋‹จ์œ„ 2012 2013 2014 2015 2016 (์ ์šฉํšŒ๊ณ„๊ธฐ์ค€) Sales ์ฒœ์› 13,250,610,117 14,310,658,927 15,455,511,641 16,691,952,572 18,027,308,778 Cost of Sales ์ฒœ์› -10,600,488,093 -11,448,527,140 -12,364,409,312 -13,353,562,057 -14,421,847,021 Gross Profit ์ฒœ์› 2,650,122,024 2,862,131,786 3,091,102,329 3,338,390,515 3,605,461,757 Operating Income ์ฒœ์› 795,036,607 858,639,536 927,330,698 1,001,517,154 1,081,638,527 Other Income ์ฒœ์› 927,542,708 1,001,746,125 1,081,885,815 1,168,436,680 1,261,911,614 Other Expense ์ฒœ์› 1,590,073,214 1,717,279,071 1,854,661,397 2,003,034,309 2,163,277,053 Net Income ์ฒœ์› 132,506,101 143,106,589 154,555,116 166,919,526 180,273,088 Assumptions ์‹œ์‚ฌ์  ๊ณ„์ •๊ณผ๋ชฉ๋ช… 2012 2013 2014 2015 2016 ์™ธ๋ถ€ ์ถฉ๊ฒฉ์— ๋”ฐ๋ฅธ ์ถœ๊ตญ์ž ๊ฐ์†Œ์—๋„ (์ ์šฉํšŒ๊ณ„๊ธฐ์ค€) Sales 8% 8% 8% 8% 8% Cost of Sales 80% 80% 80% 80% 80% ์–‘๋Œ€ ํ•ญ๊ณต์‚ฌ ์—ฌ๊ฐ์ˆ˜๋Š” ๊ฒฌ๊ณ ํ•œ Gross Profit ์ƒ์Šน์ถ”์„ธ๋ฅผ ๋‚˜ํƒ€๋‚ด๋Š” ๊ฒƒ์œผ๋กœ Operating Income 6% 6% 6% 6% 6% ํŒŒ์•…๋จ. ํ–ฅํ›„ ๊ธ€๋กœ๋ฒŒ ๊ฒฝ๊ธฐ๊ฐ€ Other Income 7.00% 7.00% 7.00% 7.00% 7.00% ํšŒ๋ณต๋œ๋‹ค๋Š” ๊ฐ€์ •ํ•˜์— ๋Œ€ํ•œํ•ญ๊ณต์€ Other Expense 12.00% 12.00% 12.00% 12.00% 12.00% 2012๋…„์— ํ‘์ž์ „ํ™˜ ํ•˜๋Š” ๊ฒƒ์œผ๋กœ *์˜์—…์ด์ต๊ณผ ๋น„์˜์—…์ด์ต/๋น„์šฉ์€ ๊ณผ๊ฑฐ 10๋…„์น˜ ํ‰๊ท ์„ ์‚ฌ์šฉํ•จ ๋ถ„์„๋จ 15
  • 16. โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ > ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต ์žฌ๋ฌด๋น„์œจ ๋ถ„์„๊ฒฐ๊ณผ Inventory Turnover์™€ Account payable Turnover๋Š” 2007๋…„์— ๋น„ํ•ด ์ ์ฐจ ๋‚ฎ์•„์ง€๊ณ  ์žˆ๋Š” ๊ฒƒ์œผ๋กœ ๋ถ„์„๋จ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต ์•„์‹œ์•„๋‚˜ ๋Œ€ํ•œํ•ญ๊ณต Financial Ratio Dec-11 Dec-10 Dec-09 Dec-08 Dec-07 5yr Avg 5yr Avg Current Asset Turnover 5.12 5.11 3.9 5.18 5.23 4.91 3.27 Account Receivable Turnover 11.33 11.16 9.5 13.17 12.07 11.45 10.46 Inventory Turnover 29.19 29.01 33.21 37.79 35.96 33.03 5.75 Non-Current Asset Turnover 1.21 1.02 0.84 0.84 1.06 0.99 0.53 Tangible Asset Turnover 1.73 1.6 1.42 1.6 1.37 1.54 0.69 Asset Turnover 0.98 0.85 0.69 0.72 0.88 0.82 0.45 Current Liabilities/Current Assets 2.64 2.64 2.47 2.93 1.78 2.49 1.89 Account Payable Turnover 18.64 19.53 21.89 22.76 21.4 20.84 10.18 Liabilities/Assets 0.85 0.83 0.87 0.87 0.74 0.83 0.8 Debt-to-Equity 5.67 4.95 6.86 6.81 2.89 5.43 4.45 ROE -0.03 0.08 -0.37 -0.31 0.09 -0.11 -0.1 ROA -0.01 0.01 -0.05 -0.04 0.02 -0.01 -0.02 ๏‚ง ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต๊ณผ ๋Œ€ํ•œํ•ญ๊ณต์˜ ์žฌ๋ฌด๋น„์œจ ๊ฒฐ๊ณผ Inventory Turnover์™€ Accounting Payable Turnover์—์„œ ํฐ ์ฐจ์ด๋ฅผ ๋‚˜ํƒ€๋ƒ„ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ ๊ฒฝ์šฐ Inventory Turnover๋Š” 33.03๋ฐฐ๋กœ ๋Œ€ํ•œํ•ญ๊ณต์˜ 5.75๋ฐฐ์— ๋น„ํ•ด 6๋ฐฐ ๊ฐ€๋Ÿ‰ ๋†’์€ ๊ฒƒ์œผ๋กœ ๋ถ„์„๋จ ๏‚ง Inventory Turnover์€ ์žฌ๊ณ ์ž์‚ฐ ๋ณด์œ ์ˆ˜์ค€์˜ ๊ณผ๋ถ€์กฑ์„ ํŒ๋‹จํ•˜๋Š” ๋ฐ ๊ฐ€์žฅ ์ ํ•ฉํ•œ ์ง€ํ‘œ๋กœ์„œ ์ผ์ •ํ•œ ํ‘œ์ค€๋น„์œจ์€ ์—†์œผ๋‚˜ ์ผ๋ฐ˜์ ์œผ๋กœ ์ด ๋น„์œจ์ด ๋†’์„์ˆ˜๋ก ์ž๋ณธ์ˆ˜์ต๋ฅ ์ด ๋†’์•„์ง€๊ณ , ๋งค์ž…์ฑ„๋ฌด๊ฐ€ ๊ฐ์†Œ๋˜๋ฉฐ, ์ƒํ’ˆ์˜ ์žฌ๊ณ ์†์‹ค์„ ๋ง‰์„ ์ˆ˜ ์žˆ์Œ 16
  • 17. โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ > ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ 5๊ฐœ๋…„ ํ‰๊ท  ๋งค์ถœ์•ก ์ฆ๊ฐ€์œจ์€ 10.59%, ๋งค์ถœ์›๊ฐ€์œจ์€ 83.26%, ์˜์—…์ด์ต๋ฅ ์€ 2.96%๋กœ ํŒŒ์•…๋จ ๊ณ„์ •๊ณผ๋ชฉ๋ช… ๋‹จ์œ„ 2007/12 2008/12 2009/12 2010/12 2011/12 5yr Avg ๋งค์ถœ์•ก % 100 16.65 -9.71 29.28 6.14 10.59 ๋งค์ถœ์›๊ฐ€/๋งค์ถœ์•ก % 80.85 86.62 89.89 76.50 82.44 83.26 ๋งค์ถœ์ด์ด์ต/๋งค์ถœ์•ก % 19.15 13.38 10.11 23.50 17.56 16.74 SG&A/๋งค์ถœ์•ก % 14.25 14.56 15.81 13.08 11.17 13.78 ์˜์—…์ด์ต/๋งค์ถœ์•ก % 4.90 (1.19) (5.70) 10.42 6.39 2.96 ๋น„์˜์—…์ด์ต/๋งค์ถœ์•ก % 4.26 13.80 12.71 4.26 5.60 8.13 ๊ธˆ์œต์ˆ˜์ต/๋งค์ถœ์•ก % 1.33 6.32 2.12 0.54 0.30 2.12 ์ด์ž์ˆ˜์ต/๋งค์ถœ์•ก % 0.19 0.25 0.30 0.24 0.28 0.25 ์†์‹ค์˜ ๊ฒฝ์šฐ ํ™˜์œจ๋ณ€๋™์— ๋”ฐ๋ฅธ ์ฐจ์†, ์žฅ๊ธฐ์ฑ„๋ฌด์ด์ž๋น„์šฉ ๊ธฐํƒ€์ˆ˜์ต/Sales % 1.44 5.90 5.93 2.94 5.06 4.25 ์™ธํ™˜์ด์ต/Sales % 1.12 4.85 5.62 2.25 2.02 3.17 ๋น„์˜์—…๋น„์šฉ/์†์‹ค/Sales % 6.25 18.62 16.69 11.12 12.64 13.06 ๊ธˆ์œต๋น„์šฉ/Sales % 4.13 7.61 6.26 3.76 3.68 5.09 ์ด์ž๋น„์šฉ/Sales % 3.22 5.07 4.92 3.35 3.31 3.97 ๊ธฐํƒ€๋น„์šฉ(*) % 2.08 10.96 6.79 3.63 8.08 6.31 ์™ธํ™˜์†์‹ค(*) % 1.35 10.27 3.52 1.94 2.47 3.91 ๋ฒ•์ธ์„ธ๋น„์šฉ์ฐจ๊ฐ์ „(๊ณ„์†์‚ฌ์—…) % 2.92 (6.01) (9.68) 3.56 (0.66) -1.97 ์†์ต ๋‹น๊ธฐ์ˆœ์ด์ต(์ˆœ์†์‹ค)/Sales % 2.61 (5.45) (6.55) 1.63 (0.53) -1.66 17
  • 18. โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ > ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ 5๊ฐœ๋…„ ํ‰๊ท  ๋งค์ถœ์•ก ์ฆ๊ฐ€์œจ์€ 10.59%, ๋งค์ถœ์›๊ฐ€์œจ์€ 83.26%, ์˜์—…์ด์ต๋ฅ ์€ 2.96%๋กœ ํŒŒ์•…๋จ ๊ณ„์ •๊ณผ๋ชฉ๋ช… ๋‹จ์œ„ 2007/12 2008/12 2009/12 2010/12 2011/12 5yr Avg ๋งค์ถœ์•ก % 100 16.65 -9.71 29.28 6.14 10.59 ๋งค์ถœ์›๊ฐ€/๋งค์ถœ์•ก % 80.85 86.62 89.89 76.50 82.44 83.26 ๋งค์ถœ์ด์ด์ต/๋งค์ถœ์•ก % 19.15 13.38 10.11 23.50 17.56 16.74 ์˜์—…์ด์ต/๋งค์ถœ์•ก % 4.90 (1.19) (5.70) 10.42 6.39 2.96 ๋น„์˜์—…์ด์ต/๋งค์ถœ์•ก % 4.26 13.80 12.71 4.26 5.60 8.13 ๋น„์˜์—…๋น„์šฉ/์†์‹ค/Sales % 6.25 18.62 16.69 11.12 12.64 13.06 ๋‹น๊ธฐ์ˆœ์ด์ต(์ˆœ์†์‹ค)/Sales % 2.61 (5.45) (6.55) 1.63 (0.53) -1.66 ๏‚ง ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ ๊ฒฝ์šฐ ๋งค์ถœ์„ฑ์žฅ์œจ์€ ๋Œ€ํ•œํ•ญ๊ณต ๋Œ€๋น„ ๋†’๊ณ  ๋งค์ถœ์›๊ฐ€์œจ ์—ญ์‹œ ๋†’์€ ๊ฒƒ์œผ๋กœ ์กฐ์‚ฌ๋จ ์‹œ์‚ฌ์  ๏‚ง ํŒ๋งค๋น„์™€ ๊ด€๋ฆฌ๋น„ ๋น„์ค‘์ด ๋Œ€ํ•œํ•ญ๊ณต ๋Œ€๋น„ ์†Œํญ ๋†’์€ ๊ด€๊ณ„๋กœ ์˜์—…์ด์ต๋ฅ ์€ -1.8% ๋‚ฎ์€ ๊ฒƒ์œผ๋กœ ๋‚˜ํƒ€๋‚จ ๏‚ง ๋งค์ถœ์•ก ๋Œ€๋น„ ๋น„์˜์—…๋น„์šฉ/์†์‹ค ๋น„์ค‘์€ ๋Œ€ํ•œํ•ญ๊ณต ๋Œ€๋น„ -3.7%๊ฐ€๋Ÿ‰ ๋‚ฎ์Œ 18
  • 19. โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ > ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต ์•ž์„œ ๋ถ„์„ํ•œ 5๊ฐœ๋…„ ํ‰๊ท  ๋ฐ์ดํ„ฐ๋ฅผ ๊ธฐ์ค€์œผ๋กœ ๋งค์ถœ์•ก, ๋งค์ถœ์›๊ฐ€์˜ ํ–ฅํ›„ 5๋…„์น˜ ์‹ค์ ์„ ์ถ”์ •ํ•˜์˜€์Œ Forecasting ๊ณ„์ •๊ณผ๋ชฉ๋ช… ๋‹จ์œ„ 2012 2013 2014 2015 2016 (์ ์šฉํšŒ๊ณ„๊ธฐ์ค€) Sales ์ฒœ์› 6,226,432,246 6,911,339,793 7,671,587,170 8,515,461,759 9,452,162,552 Cost of Sales ์ฒœ์› -5,105,674,443 -5,667,298,631 -6,290,701,481 -6,982,678,643 -7,750,773,294 Gross Profit ์ฒœ์› 1,120,757,803 1,244,041,162 1,380,885,690 1,532,783,116 1,701,389,258 Operating Income ์ฒœ์› 373,585,935 414,680,388 460,295,230 510,927,706 567,129,753 Other Income ์ฒœ์› 435,850,257 483,793,786 537,011,102 596,082,323 661,651,379 Other Expense ์ฒœ์› 747,171,870 829,360,775 920,590,460 1,021,855,411 1,134,259,506 Net Income ์ฒœ์› 62,264,322 69,113,398 76,715,872 85,154,618 94,521,626 Assumptions ์‹œ์‚ฌ์  ๊ณ„์ •๊ณผ๋ชฉ๋ช… 2012 2013 2014 2015 2016 (์ ์šฉํšŒ๊ณ„๊ธฐ์ค€) ์œ ๋Ÿฝ์žฌ์ •์œ„๊ธฐ๋กœ ์ธํ•ด 2011๋…„ ์ด ์ต์ด (-)์„ฑ์žฅํ•˜์˜€์œผ๋‚˜ ๊ณผ๊ฑฐ 5๋…„์น˜ Sales 11% 11% 11% 11% 11% Cost of Sales 82% 82% 82% 82% 82% Gross Profit ํ‰๊ท  ์„ฑ์žฅ์œจ๋กœ ํ–ฅํ›„ ์ด์ต์ถ”์ •์น˜๋ฅผ Operating Income 6% 6% 6% 6% 6% ๋ถ„์„ํ•œ ๊ฒฐ๊ณผ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์€ Other Income 7.00% 7.00% 7.00% 7.00% 7.00% 2012๋…„์— ํ‘์ž์ „ํ™˜ ํ•˜๋Š” ๊ฒƒ์œผ๋กœ Other Expense 12.00% 12.00% 12.00% 12.00% 12.00% ๋‚˜ํƒ€๋‚จ *์˜์—…์ด์ต๊ณผ ๋น„์˜์—…์ด์ต/๋น„์šฉ์€ ๊ณผ๊ฑฐ 10๋…„์น˜ ํ‰๊ท ์„ ์‚ฌ์šฉํ•จ 19
  • 20. Multiple Valuation Analysis ๊ตญ๋‚ด ํ•ญ๊ณต์‚ฌ์˜ ๋น„๊ต์—์„œ๋Š” ์ˆ˜์ต์„ฑ์€ ์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต์ด ๋†’์ง€๋งŒ ํ˜„์žฌ PER์ˆ˜์น˜๊ฐ€ ๋‚ฎ์•„ ์ €ํ‰๊ฐ€ ๋˜ ์–ด์žˆ์Œ, ์ˆ˜์ต์„ฑ์€ ๋Œ€ํ•œํ•ญ๊ณต๊ณผ ์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต์ด ๋†’์€๋ฐ ๋ฐ˜ํ•ด Asiaํ•ญ๊ณต์‚ฌ์˜ ๋น„ํ•ด ์ €ํ‰๊ฐ€ ๋˜์–ด์žˆ ์Œ [๋Œ€ํ•œํ•ญ๊ณต Valuation] [์‹œ์‚ฌ์ ] ๏‚ง ๋Œ€ํ•œํ•ญ๊ณต๊ณผ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ 2012F 2013F 2014F 2015F 2016F ROE 14 16 17 18 20 PER 8.46 7.83 7.25 6.71 6.21 Multiple Valuation Analysis ๊ฒฐ๊ณผ PBR 1.21 1.12 1.04 0.96 0.89 ROE๋Š” ๋Œ€ํ•œํ•ญ๊ณต์— ๋น„ํ•ด ์•„์‹œ์•„๋‚˜ [์•„์‹œ์•„๋‚˜ํ•ญ๊ณต Valuation] ํ•ญ๊ณต์˜ ์ˆ˜์ต์„ฑ์ด ๋†’์€ ๊ฒƒ์œผ๋กœ ์ถ”์ • ๋จ 2012F 2013F 2014F 2015F 2016F ROE 22 24 27 30 33 PER 7.31 6.59 5.93 5.35 4.82 ๏‚ง PER์€ 6/11์ผ ์ข…๊ฐ€ ๊ธฐ์ค€ 2012๋…„ ์˜ˆ PBR 1.59 1.47 1.36 1.26 1.17 ์ƒ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์€ 7.31๋ฐฐ, ๋Œ€ํ•œํ•ญ 2012๋…„ 6/11์ผ ์ข…๊ฐ€๊ธฐ์ค€: ๋Œ€ํ•œํ•ญ๊ณต46,700์›, ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต 7,000์› ๊ณต์€ 8.46๋ฐฐ๋กœ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์ด ์ฃผ๊ฐ€ ASIA ํ•ญ๊ณต์‚ฌ Valuation(%, ๋ฐฐ) ๋Œ€๋น„ ์ €ํ‰๊ฐ€ ๋˜์–ด์žˆ๋Š” ๊ฒƒ์œผ๋กœ ํŒŒ์•… ๋จ (๋ฐฐ, %) ROE PER PBR ํšŒ์‚ฌ๋ช…(๊ตญ๊ฐ€) 12F 13F 12F 13F 12F 13F ๏‚ง Asiaํ•ญ๊ณต์‚ฌ์™€์˜ ๋™์ข…๊ทธ๋ฃน ๋น„๊ต ์‹œ ANA 4.00 6.70 27.00 15.10 1.10 1.10 ์ค‘๊ตญ๊ตญ์ œํ•ญ๊ณต 13.10 13.30 8.10 7.00 1.20 1.00 ROE๋Š” ๊ตญ๋‚ด ํ•ญ๊ณต์‚ฌ๊ฐ€ ๋†’๊ณ  (์ˆ˜์ต์„ฑ ์ค‘๊ตญ๋™๋ฐฉํ•ญ๊ณต 17.40 16.80 5.70 4.80 1.00 0.90 ์ด ๋†’๊ณ )PER๋Š” ๋‚ฎ์€ ๊ฒƒ์œผ๋กœ ๋ถ„์„๋˜ ์ผ€์„ธ์ดํŒจ์‹œํ”ฝ 7.50 9.90 12.20 9.00 0.90 0.90 ์–ด ASIAํ•ญ๊ณต์‚ฌ ๋Œ€๋น„ ๊ตญ๋‚ด ํ•ญ๊ณต์‚ฌ์˜ ์‹ฑ๊ฐ€ํฌ๋ฅดํ•ญ๊ณต 3.40 4.50 26.40 19.30 1.00 1.00 ์ฃผ๊ฐ€ ์ƒ์Šน์—ฌ๋ ฅ์ด ์ถฉ๋ถ„ํ•œ ๊ฒƒ์œผ๋กœ ํŒ ํƒ€์ดํ•ญ๊ณต 4.80 6.90 14.40 10.60 0.90 0.80 ๋‹จ๋จ AVERAGE 8.37 9.68 15.63 10.97 1.02 0.95 Source: ์‹ ํ•œ๊ธˆ์œตํˆฌ์ž 2011 20
  • 21. Multiple Valuation Analysis ๊ตญ๋‚ด ํ•ญ๊ณต์‚ฌ์˜ ๋น„๊ต์—์„œ๋Š” ์ˆ˜์ต์„ฑ์€ ์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต์ด ๋†’์ง€๋งŒ ํ˜„์žฌ PER์ˆ˜์น˜๊ฐ€ ๋‚ฎ์•„ ์ €ํ‰๊ฐ€ ๋˜์–ด์žˆ์Œ, ์ˆ˜์ต์„ฑ์€ ๋Œ€ํ•œํ•ญ๊ณต๊ณผ ์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต์ด ๋†’์€๋ฐ ๋ฐ˜ํ•ด Asiaํ•ญ๊ณต์‚ฌ์˜ ๋น„ํ•ด ์ €ํ‰๊ฐ€ ๋˜์–ด์žˆ์Œ [๋Œ€ํ•œํ•ญ๊ณต๊ณผ ์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต์‚ฌ์˜ ๋น„๊ต] [๊ตญ๋‚ดํ•ญ๊ณต์‚ฌ์™€ ASIA ์ฃผ์š” ํ•ญ๊ณต์‚ฌ์˜ ๋น„๊ต] 21
  • 22. ๋ชฉ์ฐจ ๋ชฉ์ฐจ โ… . ํ•ญ๊ณต ์‚ฐ์—… ๋ถ„์„ ๋ถ„์„ โ… . ํ•ญ๊ณต ์‚ฐ์—… โ…ก. ๊ธฐ์—… ๋ถ„์„ โ…ข. ์žฌ๋ฌด์ œํ‘œ ๋ถ„์„ โ…ฃ. ๊ฒฐ๋ก 
  • 23. ์ข…ํ•ฉ ๊ฒฐ๋ก  ๋„์ถœ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ ๊ฒฝ์šฐ 2012๋…„ ์ ์ • PBR์€ 1.59๋ฐฐ๋กœ Peer Company์ธ Asiaํ•ญ๊ณต์‚ฌ ๋Œ€๋น„ ๋†’์€ ์ˆ˜์ค€์ž„, ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ ์„ฑ์žฅ์„ฑ๊ณผ ๋†’์€ ROE๋ฅผ ๊ณ ๋ คํ•  ๋•Œ ๊ฒฝ์Ÿ์‚ฌ ๋Œ€๋น„ ํ”„๋ฆฌ๋ฏธ์—„ ๋ถ€์—ฌ๊ฐ€ ํ•ฉ๋ฆฌ์  ์ด๋ผ๊ณ  ํŒ๋‹จ๋จ ํ•ญ๊ณต์‚ฌ PBR-ROE Band ๏‚ง ๋Œ€ํ•œํ•ญ๊ณต๊ณผ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ 2012๋…„ ROE ์ ์ •PBR์€ ๊ฐ๊ฐ 1.21๋ฐฐ, 1.59๋ฐฐ์ด๋ฉฐ 25 ์ด๋Š” ์–‘์‚ฌ์˜ Global Peer์ธ ์•„์‹œ์•„๋‚˜ ํ•ญ๊ณต Asiaํ•ญ๊ณต์‚ฌ๋“ค ๋Œ€๋น„ ๋†’์€ ์ˆ˜์ค€์ž„ 20 ์ค‘๊ตญ๋™๋ฐฉํ•ญ๊ณต ๏‚ง ํŠนํžˆ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ ๊ฒฝ์šฐ ๊ฒฝ์Ÿ์‚ฌ ๋Œ€ํ•œํ•ญ๊ณต ๋Œ€๋น„ ๋›ฐ์–ด๋‚œ 22% ์ˆ˜์ค€์˜ ๋†’์€ ROE๋ฅผ 15 ๊ธฐ๋กํ•˜๊ณ  ์žˆ์Œ ์ค‘๊ตญ๊ตญ์ œํ•ญ๊ณต 10 ๏‚ง ์–‘์‚ฌ์˜ ์ ์ •์ฃผ๊ฐ€๋ฅผ PER Valuation์„ ์ผ€์„ธ์ดํผ์‹œํ”ฝ ํ†ตํ•ด ์ ‘๊ทผํ•ด๋ณด๋ฉด ๋Œ€ํ•œํ•ญ๊ณต๊ณผ ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ 2012๋…„ ์ ์ •PER์€ ํƒ€์ดํ•ญ๊ณต ANA 5 ๊ฐ๊ฐ 8.46๋ฐฐ, 7.31๋ฐฐ ์ˆ˜์ค€์ž„ ์‹ฑ๊ฐ€ํฌ๋ฅด ํ•ญ๊ณต 0 ๏‚ง ์•„์‹œ์•„๋‚˜ํ•ญ๊ณต์˜ ์„ฑ์žฅ์„ฑ๊ณผ ๋†’์€ ROE๋ฅผ PBR 0.7 0.9 1.1 1.3 1.5 ๊ณ ๋ คํ•  ๋•Œ ๊ฒฝ์Ÿ์‚ฌ ๋Œ€๋น„ ํ”„๋ฆฌ๋ฏธ์—„ ๋ถ€์—ฌ๋Š” ํ•ฉ๋ฆฌ์ ์ด๋ผ๊ณ  ํŒ๋‹จ๋จ 23