()2006. 2. 20.

Contents1. 2. , 3. , 4. M&A5. , 6.

Contents

Page 1. 1 32 Vision, Mission & Goal43 Core Competency ( )54 65 76 BCG Growth/Share Matrix87 GE / Mckinsey Matrix98 Value Chain Analysis()109 PLC( ) 1110 1211 Five Forces 1312 SWOT 1413 1514 16 2. , 15 WACC1716 1817 NPV, IRR & Payback1918 ROE & ROIC2019 DCF 21

Page20 EVA2221 PER, PBR & EV / EBITDA2322 & 2423 25 3. ,24 26 25 2726 (CB)2827 (EB)2928 (BW)30 4. M&A29 1, 231~3230 M&A 1 ~ 4 33~3731 5% 38 5. , 32 3 39 33 40 34 4135 42 6. 36 Stock Option ()4337 4438

1. VISION , .

(//) SWOT ( ) ( ) ( ) (KPI)

, 1) , 2) 3) (2003. 1., )

Vison, Mission, & Goal 1.

Mid-TermGoalVision0607080910(:)050301 ( *)

Organization's vision states its goals and directions in the most general terms- What do we want to create?Organization's mission is the purpose for which an organization exists.- Mission statements commonly address the topics of company core values, products, or services, markets, technologies, philosophies, self-concepts, and images.Organizational goals are specific targets toward which the organization directs its efforts.- They provide important guidance for managers' decisions and for initiatives to increase organizational efficiency and to evaluate performance.- Short-term and long-term objectives focus on.

Core Competency () 1.

(/R&D //)

. (resource based view) , , .

1. (Drivers) (Opportunity) (Threat) ,

( ) SWOT ( )

,

1. , .

( ) SWOT ( ) BCG MatrixGE Matrix//R&D//TMT

: : / : (: , , EBITDA, , , 1 ) :

BCG Growth/Share Matrix 1. - / / Market Growth RateRelative Market Share (1.0)30%2.05% DogsCash cowsQuestionmarks

Stars15% 0.5

Boston Consulting Group business portfolio . , - Star() : / - Cash Cow () : / - Question Mark () : / . , - Dogs () : /

GE / Mckinsey Matrix 1. / / ,

highlowmediumstrongaverageweakIndustry attractiveness(product-market)Business strength(Competitive Position)115

BCG GE / Mckinsey 9 ( ), ( ), () . ,

Value Chain Analysis () 1. - - - : (cost), (speed), (efficiency) - ServicesMarketing and Sales

(S&M)Outbound Logistics

(OL)Operations

(OP)Inbound Logistics

(IL)MARGINMARGINFirm InfrastuctureHuman Resource ManagementTechnology DevelopmentProcurement

( ) (primary activities) (support activities) - : , , , - : , , , - : BP , - ( ) - : - : , - : , - : - : , ,

PLC( ) 1. /(SBU)/

Time

(industry evolution)/(industry development) (life cycle) : , /SBU, : 5~10 , , ,

1.

153246A C B XY D 7

* (/ ) , (reaction)

* (mobility barriers) :

Five Forces 1. 5 , Five forces framework // . . . . . . . .. . . ...

. ,

5 (threat of new entrants) : : , / , (bargaining power of suppliers) : (bargaining power of buyers) : :

SWOT 1. , , , ,

Strength Weakness Opportunity Threat

SO ST WO WT

, (strengths) : , , , , , (weaknesses) : , , R&D , , , , (opportunities) : , , ////////IT/,/(threats) : , , , /,

1. 2. . 1. . . . . . . 15%35%5%45%

, , Contingency Plan ()

(Driving Forces) , Uncertainty Impact/Importance

Conventional PlanningScenario Planning ? ? Certainty Uncertainty

L U Double Cascade Upward L

1. , < >

2 , , ,

Procompetitive Alliances 3214Noncompetitive Alliances 2143Precompetitve Alliance, 4321Competitive Alliance 1432

WACC (Weighted Average Cost of Capital) 2. , 2. CAPM (Capital Asset Pricing Model)

=1 1.

() CAPM

B/S

(Working Capital) 2. , 2. = / = [ - ] / = [, + + ] / = / = / = / 1. : , , , : ( ,), (), (, ) :

+ ()

[ / ]

[ / ] 10 ~20%.

NPV, IRR & Payback 2. , 2. PI (Profitability Index) =

PI 1.

, , NPV, IRR, PBP NPV (Net Present Value) : -

IRR (Internal Rate of Return) :

PBP :

NPVIRRPaybackNPV0IRRPB , , , PBP

ROE & ROIC 2. , 2. = = + = [ROIC ] X = + 1. B/S

ROE (Return on equity) ROIC (Return on invested capital) ROE = / ROIC = / ROE = ROIC +

ROE : ROIC : WACC

= [ROE - ] X = EVA = [ROIC - WACC] X

( )

DCF (Discounted Cash Flow) 2. , 2. FCF : Free Cash Flow ( )1. Example

=

CVT = T =

g = 0 ,

200320042005 906030 605050303030302020605050 60300 , 10%

DCF ?? (C)605050 (I)000FCF = C - I60 5050

EVA (Economic Value Added) 2. , 2. = - 1. ()

EVA = IC X (ROIC - WACC)

= + EVA =

= + EVA

= EVA

()

PER, PBR & EV / EBITDA 2. , 2. EBITDA = + + + + ( + ) = PCR = / EBIT = NOPLAT = 1. : (, , EBITDA )

. PER PBR PER = / PBR = / EV / EBITDA = ( + ) / EBITDA PER , PBR

A = PER X A

& 2. , 2. : [ X 2 + X 3] / 5 : / : : / : 1 1.5

1 1.5 ,

3. : 1. ( 6) ( 7)

( 82, 5)1. ( , ): 1. 1 ( )2. 1 () 3.

2. : 1 , 1

(Equity Method) 2. , 2. 1.

() ,

1. - 20% -

2. - : - : , ()

3. , 2. - - ( )1. /

( )1.

2. - - , , , , - , ,

3. , 2. - - ( )1. //

1. - - , 3 - 3 , / / -

(CB, Convertible Bond) 3. , 2. - - - - 1.

() , ( + )

: : : : /100% :

(EB, Exchageable Bond) 3. , 2. - - - - - 1.

,

- , -

(BW, Bond with Warrant) 3. , 2. - - - 2 (+) - - 1.

,

() ()

- -

1 4. M&A 2. M&A3 3 1. - M&A 3 , , , , ,

2 4. M&A 3.

M&A (Merger & Acquisition) 11.

,, 4. M&A , : , , : , , , ( ) , ,

- : - : M&A 1) - - - 2) - - - - 3) - - -

M&A (Merger & Acquisition) 2 4. M&A 2. M&A

M&A (Merger & Acquisition) 3 4. M&A 3. M&A Financing

M&A (Merger & Acquisition) 4 4. M&A 4. M&A

M&A (Merger & Acquisition) 4 4. M&A 4. M&A ()

5% () 4. M&A 2. , - 188 6 1. M&A (Example) - 5% , 5% M&A

- KCC M&A KCC BNP 12.82%, KCC 2 4.95%, 2.05%, KCC 0.82% 5%

- 2004 2 (12.82%) (7.82%) 20.64% 5% KCC M&A

( 5% ) 5 , 1% 5 ( 2002 1) , , ( 1748) , 5%

3 5. , ,

5. , 3 ,

(Cumulative Voting) 5. , 2. Example

- 100 A 26, B 74 3 ,

A 78, B 222 B 3 74 , A 78 1. - S, D , 1 (X1) X1 = [S / (D+1)]+1 , N (Xn) Xn = [SN / (D+1)] + 1 ([ ] = Gauss , [ ] )

1 , 3 1 3 , () 1. 2

2. -

3. - 3% ( 3822 1) ,

5. , 3. / - : - : 1.

2. ( 20)(1 ) NYNY

,

1. / ,

2. : :

Stock Option () 6. 2. Example A 3 5 1 1,000 100 ,

3 1 1,500 , A 1,000 1,500 100 A 1. . - - 10% ( 1894 3) . -

( 3402 ~ 3405)

1. ( 3402 1)

2. ( 3402 1 ) - , , - 10% , , ,

3. ( 3402 3 ) - 10% (, 20%, 1894 3)

6. 2. - - - ( ) - ( )1.

/

, , : - ( ) - 3 5 1.5 100 , 20%