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24

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2005 =1,695,113.0 - 307,694.7=1,387,418.3

2006 =1,809,070.5 478,012.5=1,331,058.0

: 2006

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25

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2005 =1,695,113.0

307,694.7= 5,50

2006 =1,809,070.5

478,012.5= 3,78

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26

2005 =1,695,113.0 1,077,655.3

307,694.7= 2,006

2006 = 1,809,070.5 1,274,575.7

478,012.5= 1,118

:

2005 2,006 , 2006

1,118 . 1-.

2006

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//

2005 =4,197,200,4

1,077,655.3= 3,894//

2006 =4,098,924.8

1,274,575.7= 3,215//

2,006

1,118

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27

:

2005 3,894 2006 3,215 .

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//

2005 =365

3,894 = 93,733//

2006 =365

3,293= 110,841//

:

3,894

3,215

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93,733

110,841

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28

2005 93,733 2006

110,841.

.

1.

=

//

2005 =5,151,207.9

543,781.1= 9,472 //

2006 =4,919045.2

394,723.9= 12,461 //

: 2005 9,472

2006 12,461

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//

2005 =365

9,472= 38,53//

2006 =365

12,461= 29,29 //

2005

2006

9,472

12,461

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29

: 2006

.

2005 38,53

2006 29,29 .

1.

=

//

2005 =5,151,207.9

4,026,643.8= 1,279//

2006 =4,919,045.2

4,035,072.0= 1,219//

38,53

29,29

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1,279

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30

:

2006 2005 .

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2.

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2005 =5,151,207.9

2,321,942.4= 2,218//

2006 =4,919,045.2

2,217,934.2= 2,217//

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2,218

2,217

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31

2005 =808,304.7

4,026,643.8= 0,201 = 20,1%

2006 =850,812.5

4,035,072.0= 0,210 = 21,08%

: 2005 20,1%-

2006

21,1%-

.

2.

=

2005 =500,610.0

3,218,339.1= 0,156 = 15,6 %

2006 =37,800.0

3,184,259.6= 0,117 = 11,7%

0,201

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32

:2005

15,6%- 2006

11,7% .

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2005 =5,151,207.9 4,197,200.4

5,151,207,9= 0,185 = 18,5%

2006 =4,919,045.2 4,098,924.8

4,919,045.2= 0,167 = 16,7%

: 2006

2005 . 2006

16,7%

.

2.

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/%/

2005 =272,788.5

5,151,207,9= 0,052 = 5,2%

0,185

0,167

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www.zaluu.comwww.zaluu.com

[Type text]

33

2006 =69,390.1

4,919,045.2= 0,014 = 1,4%

: 2005

5,2% 2006 1,4 .

=

/%/

2005 =138,706.4

5,151,207,9= 0,026 = 2,6%

2006 =8,282.6

4,919,045.2= 0,002 = 0,2%

0,052

0,014

0 0

www.zaluu.comwww.zaluu.com

[Type text]

34

: 2005 2,5%

2006 -0,2% .

.

/ROA/

=

. /%

2005 =138,706.4

4,026,643.8= 0,034 = 3,44%

2006 =8,282.6

4,035,072.1= 0,002 = 0,205%

-0,005 0 0,005 0,01 0,015 0,02 0,025 0,03

2005

2006

0,0344

-0,0020 0

www.zaluu.comwww.zaluu.com

[Type text]

35

:

2005 3,44% 2006 0,205%-.

/ROE/

=

/%/

2005 =138,706.4

3,218,339.1= 0,043 = 4,309%

2006 =8,282.6

3,184,259.6= 0,0026 = 0,26%

:

2006 -0,26%

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=

//

2005 =138,706.4

174,136= 796.54

2006 =8,282,6

174,136= 47.56

-0,01 0 0,01 0,02 0,03 0,04 0,05

2005

2006

www.zaluu.comwww.zaluu.com

[Type text]

36

:

2005 2006

.

1. P/E

=

/2005 =1026

796.540= 1.288

/2006 =1929

47.563= 40.55

:

796,54

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1,288

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www.zaluu.comwww.zaluu.com

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37

2006 -

40,55 .

,

Du-Pont

Du- Pont

: 4919045.2

: 4098924.8

: 750730.3

: 1.267

: 4035072.1

: 3184259.6

: 3184259.6

: 850812.5

: 84154.9

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: 478012.5

: 4919045.2

: 4035072.1

ROA: -0.205

: -0.002

: 1.219

: 4919045.2

ROE: -0.26

www.zaluu.comwww.zaluu.com

[Type text]

38

//

2005 :

1 =199,820.1

4,026,643.8= 0,050

2 =5,151,207.9

4,026,643.8= 1,279

3 =3,218,339.1

4,026,643.8= 0,799

4 =138,706.4

4,026,643.8= 0,034

5 =1,387,418.3

4,026,643.8= 0,345

Z = 3,3 1 + 1,0 2 + 0,6 3 + 1,4 4 + 1,2 5

Z2005 =3,3*0,050 + 1,0*1,279 + 0,6*0,799 + 1,4*0,034 + 1,2*0,345= 2,385

Z2006=3,3*0,001 + 1,0*1,219 + 0,6*0,789 + 1,4*0,317 + 1,2*0,330= 3,7545

Z2005 2,385> 1,8 2005

.

Z2006 3,7545 > 1,8 2006 2005

. -

, .

1 =2,667.3

4,035,072.0= 0,001

2 =4,919,045.2

4,035,072.0= 1,219

3 =3,184,259.6

4,035,072.0= 0,789

4 =1,280,342.9

4,035,072.0= 0,317

5 =1,331,058.0

4,035,072.0= 0,330

2006 :

www.zaluu.comwww.zaluu.com

39

2005 2006

:

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40

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-3,174,480.6 -3,272,451.0

5,496,423.0

9,588.4 8,067.4

/+/ 4,026,643.8 4,035,072,0

.

307,694.7 478,012.5

65,715.6 27,048.7

2,818.6

26,876.8 23,949.9

311.4 21,246.9

- 1,244.7 2,029.1

2,421.1

207,570.0 400000.0

2,605.6 228.7

552.0 1,088.0

. 500,610.0 372,800.0

500,610.0 372,800.0

/+/

808,304.7 850,812.5

. 3,218,339.1 3,184,259.6

17,413.6 17,413.6

-250.9 -250.9

-2,490.2 -2,490.2

3,064,960.1 1,889,244.2

// 138,706.4 -8,282.6

// 1,288,625.5

www.zaluu.comwww.zaluu.com

52

/+/ 4,026,643.8 4,035,072.0

2005

2006

1. 5,151,207.9 4,919,045.2

5,151,207.9 4,946,992.3

9,070.2

18,876.9

2. 4,197,200.4 4,098,924.8

3./1-2/ 954,007.6 820,120.4

4. 681,219.1 750,730.3

223,276.7 262,096.9

42,782.4 60,179.2

35,804.7 42,015.2

4,476.8

17,352.3 21,629.1

11,209.4 13,439.6

68,529.6 53,919.6

4,308.3

10,828.9 15,143.7

25,480.6 23,853.2

135,768.5 144,960.4

105,877.7 109,016.5

5. // /3-4/ 272,788.5 69,390.1

6. 211.6 8,716.0

7,337.4

1,378.7

7. 284.5 75,438.9

75,438.9

8. // 272,715.5 2,667.3

www.zaluu.comwww.zaluu.com

53

/5+6-7/

9. 0.0 0.0

10. 0.0 0.0

11. /8+9+10/ 199,820.1 2,667.3

12. 61,113.7 10,949.9

13. // /11-

12/

138,706.4 -8,282.6

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