2004
1
2004
2005 1 21
( )
070002 160702
2003 7 9
1,088,304,715.66
2004
2
40-75% 20-55% 5%
500
0.5 0.8
( )
(10 -12 )
( ) 16,421,012.53
( / ) 0.0150
( ) 1,192,996,719.03
( / ) 1.096
(1)
- -
-3.86% 0.76% -10.35% 1.54% 6.49% -0.78%
2
-40%
-20%
0%
20%
40%
2003-7-8
2003-9-8
2003-11-8
2004-1-8
2004-3-8
2004-5-8
2004-7-8
2004-9-8
2004-11-8
2004
3
1 80% 2 10% 3 10% 4 20% 5 80% 6
10
2003 7 9
( )
1
754,057,911.11 63.07%
350,467,077.90 29.31%
82,821,530.86 6.93%
8,305,880.17 0.69%
1,195,652,400.04 100%
2
A
193,358.00
0.02%
B
47,769,544.11
4.01%
C
443,356,039.68
37.16%
C0
44,699,628.61
3.75%
C1
24,665,568.58
2.07%
C2
- -
C3
- -
C4
55,641,375.90
4.66%
C5
- -
C6
62,333,420.49
5.22%
C7
62,361,992.18
5.23%
C8
193,654,053.92
16.23%
C99
- -
2004
4
D
6,608,054.31
0.55%
E
7,701,842.08
0.65%
F
198,582,283.67
16.65%
G
144,544.62
0.01%
H
23,712,250.12
1.99%
I
1,217,096.00
0.10%
J
12,107,228.64
1.01%
K
10,633,863.34
0.89%
L
- -
M
2,031,806.54
0.17%
754,057,911.11 63.21%
3
1 600521
3,813,398
72,416,428.02
6.07%
2 000538
3,832,195
59,820,563.95
5.01%
3 600267
4,874,582
53,035,452.16
4.45%
4 600125
6,479,692
52,485,505.20
4.40%
5 600009
3,184,213
48,463,721.86
4.06%
6 000022
1,992,848
47,170,712.16
3.95%
7 000617
3,116,174
38,547,072.38
3.23%
8 000869
2,728,659
34,899,548.61
2.93%
9 000726
2,566,051
24,582,768.58
2.06%
10 600529
2,011,243 18,845,346.91
1.58%
4
1
136,421,748.90
11.44%
2
-
3
-
4
119,569,000.00 10.02%
5
94,476,329.00 7.92%
350,467,077.90 29.38%
21.46%
5
1
04
80,122,020.00
6.72%
2
04 10
70,009,000.00
5.87%
3
01 10
29,466,000.00
2.47%
4
26,354,700.00
2.21%
5
04
20,816,968.20
1.74%
6
2004
5
(1)
(2)
(3)
434,182.35
2,615,850.91
4,426,603.68
780,786.27
48,456.96
8,305,880.17
(4)
1 100016
3,070,200.00 0.26%
2 100236
5,266,757.10 0.44%
3 100567
2,587,000.00 0.22%
4 110001
7,745,450.60 0.65%
5 125069
6,066,710.44 0.51%
6 125930
974,024.70 0.08%
( )
1,024,905,950.34
1,088,304,715.66
259,085,076.04
195,686,310.72
( )
070003 160703
2003 7 9
943,370,357.54
2004
6
40-75% 20-55% 5%
200
0.5 0.8
( )
(10 -12 )
( ) -5,740,282.80
( / ) -0.0063
( ) 956,506,862.84
( / ) 1.014
(1)
- -
-5.06% 0.71% -9.84% 1.13%4.78%-0.42%
(2)
2004
7
-30%
-20%
-10%
0%
10%
20%
30%
2003-7-8
2003-9-8
2003-11-8
2004-1-8
2004-3-8
2004-5-8
2004-7-8
2004-9-8
2004-11-8
1 80% 2 10% 3 10% 4 20% 5 80% 6
10
2003 7 9
( )
1
609,463,019.14
62.26%
272,523,155.40
27.83%
88,753,946.59
9.07%
8,224,931.91
0.84%
978,965,053.04
100%
2
2004
8
A
- B
61,115,003.00
6.39%
C
237,030,527.12 24.79%
C0
23,030,199.77
2.41%
C1
6,650,436.00
0.70%
C2
-
C3
11,504,135.84
1.20%
C4
10,212,556.14
1.07%
C5
- 0.00%
C6
74,384,647.66
7.78%
C7
36,905,531.48
3.86%
C8
74,343,020.23
7.77%
C99
-
D
67,878,920.32
7.10%
E
- F
176,483,523.17
18.45%
G
14,679,500.00
1.53%
H
4,330,137.84
0.45%
I
28,691,510.15
3.00%
J
19,253,897.54
2.01%
K
- L
-
M
-
609,463,019.14 63.72%
3
1 600009
3,702,430 56,350,984.60
5.89%
2 600026
3,831,879 35,214,968.01
3.68%
3 600018
2,089,050 31,837,122.00
3.33%
4 600028
6,704,000 29,229,440.00
3.06%
5 600036
3,436,109 28,691,510.15
3.00%
6 000898
5,000,000 28,400,000.00
2.97%
7 600085
1,345,467 28,375,899.03
2.97%
8 600900
2,976,466 26,163,136.14
2.74%
9 000022
924,768 21,889,258.56
2.29%
10 600795
3,343,144 20,827,787.12 2.18%
4
1
129,214,438.00
13.51%
2
-
3
-
4
68,573,918.72 7.17%
5
74,734,798.68 7.81%
2004
9
272,523,155.40 28.49%
20.68%
5
1
04
57,416,304.00
6.00%
2
04 10
49,995,000.00
5.23%
3
01 06 30,453,000.00
3.18%
4
03 7
29,970,000.00
3.13%
5
02 09
18,578,918.72
1.94%
6
(1)
(2)
(3)
251,048.65
3,773,271.71
4,130,512.33
70,099.22
8,224,931.91
(4)
1 100096
4,776,294.60 0.50%
2 100236
3,456,083.40 0.36%
3 100567
1,625,670.80 0.17%
4 110001
13,774,244.60 1.44%
5 110037
4,686,667.50 0.49%
6 125930
3,678,156.90 0.38%
( )
995,387,765.36
943,370,357.54
82,243,112.82
134,260,520.64
2004
10
( )
070005 160704
2003 7 9
131,294,713.63
( )
(10 -12 )
( ) -3,346,890.12
( / )
-0.0239
( ) 122,366,317.48
( / ) 0.932
(1)
- -
-2.61% 0.16% -0.97% 0.33%-1.64%-0.17%
(2)
2004
11
-9%
-6%
-3%
0%
3%
2003-7-8
2003-8-8
2003-9-8
2003-10-8
2003-11-8
2003-12-8
2004-1-8
2004-2-8
2004-3-8
2004-4-8
2004-5-8
2004-6-8
2004-7-8
2004-8-8
2004-9-8
2004-10-8
2004-11-8
2004-12-8
1 80% 2 20% 3 BBB 80%
10
2003 7 9
( )
1
113,291,154.14
91.82%
2,817,348.10
2.28%
7,271,829.62
5.90%
123,380,331.86
100%
2
2004
12
1
17,069,434.70
13.95%
2
- 3
2,000,000.00 1.63%
4
49,799,497.24 40.70%
5
44,422,222.20 36.30%
113,291,154.14 92.58%
3
1
03 18
29,970,000.00
24.49%
2
20
13,461,027.20
11.00%
3
03 02
9,990,000.00
8.16%
4
04 72
9,839,497.24
8.04%
5
8,046,627.30
6.58%
4
(1)
(2)
18,292.17
1,376,611.29
873,516.24
3,409.92
5,000,000.00
7,271,829.62
(3)
1 100087 1,541,775.00 1.26%
2 100177 542,450.00 0.44%
3 100567 413,920.00 0.34%
4 100726 3,180,972.60 2.60%
5 110317 172,910.40 0.14%
6 110418 525,950.00 0.43%
7 125069
426,914.88 0.35%
8 125729
3,477,315.70 2.84%
9 125930
2,721,691.50 2.22%
( )
2004
13
147,857,427.87
131,294,713.63
1,992,658.83
18,555,373.07
1
8 ,
2003 7
(MBA) 8 2002 12
MBA 7 2004 4
2
A 2003 8 270 2.93 A
3
1
2004
14
2003 7 9 2004 12 31 1.227
-3.86% 10.35 % 6.49%
3 , 4 A 1266
A
2
2003 7 9 2004 12 31 1.09
-5.06% 9.84% 4.78%
2004 9 13 1259 200 , H
2004
15
11 17 10 0.20 0.75
2005
2005
ROIC/WACC G ROE
3
2004 4 0.932 -2.61% -0.97% 1.64%
2004 10 29 9 5.31%
5.58% 1.98% 2.25% 1995 7 1993 7 , 10 11 10 CPI 9 4.3% 9 0.9 11 CPI 2.8% 10 0.3% 2004 4 0.5% 0.73% -0.97% 2004 4 A 9.32 11.09
2004 4
2004
16
4
1
2
3
4
5
8 8
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2005 1 22
