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Transcription:

26 49 41 26 1,074 159 3 1,074 1,200 26 10 10 11 10 589 54.8% 159 26 10 10 11 10 86 54.1%

26... 1... 2... 2... 2... 3... 5... 6... 6... 7 ROE... 9... 10... 11... 11... 13... 14... 14... 15... 15... 16... 17... 19... 19... 19... 20... 21... 21... 22... 22... 24... 25... 25... 25... 26... 27

26... 27... 28... 28... 28... 30... 32... 33... 33... 34... 36... 37

26 313 276

26 26 26 2 27 3 26 ROE 3-1 -

26 ROE 3.5% 43.46.5% 93. 1 1 3.5% 3.4% 2.7% 43. 42.5% 42.7% 46.5% 50.6% 50.7% 0. 2.3% 4.7% 0. 1.1% 2.3% 2.7% 1.3% 0. a. b. c. d. e. 2 4 6 8 10 : :86, :87, :75 a b c d e 79.1% 60.5% 2 2 8 6 4 2 79.1% 60.5% 54.7% 24.4% 26.7% 2.3% 4.7% a b c d e f a. b. c. d. e. f. : :86, :87, :75-2 -

26 48.8% 46.5% 3 3 a. b. c. d. e. f. g. h. i. j. k. : : 86, : 87, 75 6 46.5% 48.8% 48.8% 4 2 29.1% 19.8% 39.5% 32.6% 22.1% 34.9% 12.8% 4.7% 5.8% a b c d e f g h i j k 70.1% 93.2% 6 45 4 5 70.1% 26.5% 3.4% 93.2% 6.8% 0. 75.3% 23. 1.7% 94.2% 5.8% 0. 73.4% 26.3% 0.4% 94.5% 5.3% 0.2% 2 4 6 8 10 a b 2 4 6 8 10 a b a. b. a. b. : :589, :575, :571 : :413, :433, :419-3 -

26 87.2% 71.4% 6 6 10 8 6 4 87.2% 71.4% 41.9% 45.8% a. b. c. d. e. 2 1.2% 3.9% a b c d e : :413, :433, :419 69.6% 63.6%ROE 39.7% 7 7 a. ROE b. ROA c. d. e. f. g. EVA h. ROIC i. FCF j. k. DOE DOE=ROE l. 1 m. n. 1 o. p. DE q. WACC r. 8 6 4 2 39.7% 16.1% 50.1% 63.6% 69.6% 3.4% 0. 3.1% 7.8% 24.9% 4.9% 6.5% 3.9% 0.5% : :385, :408, :396 18.4% 15.8% a b c d e f g h i j k l m n o p q r 0.5% 33. 0.5% - 4 -

26 87.2%69.5% 8 8 a. b. c. d. e. f. g. h. i. j. k. : :413, :433, :419 10 8 6 87.2% 69.5% 4 2 20.8% 34.1% 32.7% 29.5% 28.1% 22.5% 22. 16. 3.9% 1. a b c d e f g h i j k 7 2 9 ROE - 5 -

26 ROE 68.6%55.8% 9 9 8 6 4 2 68.6% 55.8% 48.8% 48.8% 14. 12.8% 4.7% 4.7% a b c d e f g a. b. c. d. e. f. g. : :86 3 ROE 93. 54.7% 10 10 a. ROE b. ROA c. d. e. f. g. EVA h. ROIC i. FCF j. k. DOE DOE=ROE l. 1 m. n. 1 o. p. DE q. WACC r. : :86, :87, :75 10 8 93. 6 4 2 54.7% 43. 26.7% 32.6% 38.4% 29.1% 25.6% 20.9% 11.6% 11.6% 15.1% 14. 15.1% 18.6% 8.1% 8.1% 4.7% 2.3% a b c d e f g h i j k l m n o p q r - 6 -

26 ROE ROE 4.7% 11 11 ROE 4.7% 26.7% 60.5% 5.8% 2.3% ROE 4.6% 1.3% 24.1% 13.3% 70.7% 63.2% 4.6% 13.3% 3.4% 1.3% a. b. c. d. 2 4 6 8 10 a b c d : :86, :87, :75 ROE 1 12% 40.7% 8% 117.4% 11.4% 12 12 ROE 5 4 11.4% 40.7% 3 2 1 9.3% 1.2% 1.2% 17.4% 10.5% 8.1% 5.8% 5.8% 6% 6% 8% 8% 1 1 12% 12% 14% 14% 16% 16% : :86 80.6% 59.9%54.3% 13 13 10 8 6 4 2 59.9% 80.6% 54.3% 20.5% 25.5% 7.3% 5.3% 4.1% a. b. c. d. e. f. g. a b c d e f g : :589 3-7 -

26 61. ROE59.1%58.7% 14 14 a. ROE b. ROA c. d. e. f. g. EVA h. ROIC i. FCF j. k. DOE DOE=ROE l. 1 m. n. 1 o. p. DE q. WACC r. : :589, :575, :571 8 6 59.1% 58.7% 50.9% 61. 47.5% 4 2 28. 29.4% 29.9% 20.4% 20.4% 18.8% 3.6% 7.8% 13.6% 10.4% 7. 5.4% 7.5% 0.7% a b c d e f g h i j k l m n o p q r ROE 41.6% 15 ROE 30.9% ROE 16 15ROE 16 ROE 10 3.2% 2.5% 4.8% 5.8% 6. 4.9% 5.7% 4.8% 30.9% 22.9% 25.1% 12.7% 8.3% 8 6 48.1% 47.1% 57.1% 60.2% 59.9% 58.3% 56.5% 53.7% 28.7% 17.9% 28. 16. 9.4% 4 22.9% 16.5% 30.3% 15.4% 14.9% 2 48.6% 50.3% 38. 34. 34.1% 36.8% 37.7% 41.6% 2 4 6 8 10 a b c d H19 H20 H21 H22 H23 : :589, :575, :571, H23 :613, H22 :658, H21 :644, H20 :630, H19 :590 ROE a. b. c. d. : :589, :575, :571-8 -

26 ROE ROE 32.6% 17 17ROE 4 3 2 1 32.6% 24.4% 14.6% 8.5% 4.1% 5.7% 5.7% 1.6% 2.8% a b c d e f g h a. b. c. d. e. f. g. h. : :316, :325, :333 ROE ROE 25 8.5% 5.3% ROE ROE 1820ROE ROA ROA ROE 19 18 ROE 19 ROE 2 16% 12% 8% 4% ROE ROE 14.7% 8.5% H4 H6 H8 H10 H12 H14 H16 H18 H20 H22 ROE 8.5% 14.7% ROA 3.2% 6.6% 3.4% 8.5% 0.9 0.8 2.6 2.2 Quarterly Financial Report 43 112 Quarterly Financial Report 43 112 20 ROE 1,200 1,134 1,000 800 600 400 200 353 405 398 275 186 113 387 0 6% 6% 8% 8% 1 1 12% 12% 14% 14% 16% 16% - 9 -

26 9 ROE ROE ROE ROE ROE ROE ROE ROE ROE ROE ROE ROE ROE - 10 -

26 68.6% 60.5% 11.6% 72.1% 2122 82.6% 61.6%16.3% 77.9% 2324 21 22 68.6% 24.4% 1.2% 5.8% 0. 23.3% 60.5% 11.6% 4.7% 64.4% 27.6% 2.3% 5.7% 0. 26.4% 57.5% 10.3% 5.7% 54.7% 37.3% 4. 4. 1.3% 24. 52. 16. 6.7% 2 4 6 8 10 a b c a. b. c. : :86, :87, :75 2 4 6 8 10 a b c d a. b. c. d. : :86, :87, :75 23 24 82.6% 11.6% 1.2% 4.7% 1.2% 16.3% 61.6% 16.3% 4.7% 77. 17.2% 0. 5.7% 0. 20.7% 60.9% 12.6% 5.7% 76. 14.7% 5.3% 4. 0. 18.7% 57.3% 17.3% 6.7% 2 4 6 8 10 a b c a. b. c. : :86, :87, :75 2 4 6 8 10 a b c d a. b. c. d. : :86, :87, :75-11 -

26 69.8% 15.1% 25 25 69.8% 67.8% 4.7% 15.1% 0. 2.3% 3.4% 14.9% 1.1% 3.4% 8.1% 9.2% a. b. c. d. e. 2 4 6 8 10 : :86, :87 a b c d e 48.8%8.1% 56.9% 26 67.4% 27 26 0. 37.2% 48.8% 8.1% 5.8% 27 1.2% 5.8% 67.4% 18.6% 1.2% 5.8% 0. 32.2% 54. 10.3% 3.4% 3.4% 65.5% 24.1% 1.1% 0. 5.7% 1.3% 30.7% 56. 12. 0. 1.3% 74.7% 18.7% 1.3% 0. 4. 2 4 6 8 10 a b c d a. b. c. d. : :86, :87, :75 2 4 6 8 10 a b c d e a. b. c. d. e. : :86, :87, :75-12 -

26 56.7% 28 63.7% 29 28 29 26. 56.7% 14.3% 3.1% 28. 63.7% 4.8% 3.6% 22.1% 60.7% 15.5% 1.7% 26.4% 65. 6.1% 2.4% 21.5% 57.8% 19.1% 1.6% 22.2% 69. 6.8% 1.9% 2 4 6 8 10 a b c a. b. c. : :589, :575, :571 2 4 6 8 10 a b c a. b. c. : :589, :575, :571 59.8% 30 30 28.7% 32.2% 59.8% 58.8% 3.2% 1.9% 3.7% 3.1% 4.6% 4. a. b. c. d. : :589, :575 2 4 6 8 10 a b c d 60.6% 19.7% 31 31 60.6% 59.8% 19.7% 20.5% 4.9% 1. 6.1% 4.8% 2.9% 5.9% 0.3% 4.3% 5. 4. a. b. c. d. e. f. 2 4 6 8 10 a b c d e f : :589, :575-13 -

26 57.6% 32 45.8% 25.4% 33 32 33 10.2% 8.5% 57.6% 22. 1.7% 45.8% 25.4% 6.8% 3.4% 5.1% 13.6% 9.8% 8.2% 54.1% 23. 4.9% 57.4% 24.6% 4.9% 4.9% 6.6% 1.6% 10.8% 9.2% 53.8% 16.9% 9.2% 56.9% 24.6% 3.1% 3.1% 4.6% 7.7% 2 4 6 8 10 a b c d a. b. c. d. : :59, :61, :65 2 4 6 8 10 a b c d e a. b. c. d. e. : :59, :61, :65 34 35 34 35 250 215 80,000 200 150 60,000 100 40,000 50 20,000 0 H16 H17 H18 H19 H20 H21 H22 H23 TOPIX 10 12 0 S60 H1 H5 H9 H13 H17 H21-14 -

26 62.8% 57.37.2% 36 36 8 6 4 2 57. 18.6% 62.8% 11.6% 3.5% 0. 37.2% 33.7% 11.6% 4.7% 5.8% a b c d e f g h i j a. b. c. d. e. f. g. h. i. j. : :86, :87 3 ROI 84.9% 37 37 10 8 6 4 2 84.9% 32.6% 33.7% 23.3% 16.3% 3.5% 3.5% a b c d e f a. b. c. ROI d. IRR e. NPV f. : :86, :87, :75-15 -

26 38 59.3% 44.2% 39 38 1.2% 2.3% 44.2% 42.5% 46.5% 48.3% 2.3% 3.4% 5.8% 3.4% a. b. c. d. 2 4 6 8 10 a b c d : :86, :87 39 8 6 4 2 59.3% 39.5% 41.9% 44.2% 39.5% 38.4% 34.9% 14. 17.4% 1.2% 4.7% a b c d e f g h i j a. b. c. d. e. f. g. h. i. j. : :86, :87 69.3% 49.6% 34. 40 40 8 6 4 2 69.3% 49.6% 34. 29.7% 20.5% 23.4% 14.4% 18. 4.6% 3.6% 5.9% a b c d e f g h i j a. b. c. d. e. f. g. h. i. j. : :589, :575 3-16 -

26 62. 60.6% 41 41 8 6 4 2 60.6% 62. 27.2% 22.4% 20.4% 7.6% 10.4% 3.7% a. b. c. ROI d. IRR e. NPV f. g. a b c d e f g : :589, :575, :571 72.7%47.9% 42 42 8 6 4 2 72.7% 36.8% 47.9% 36. 31.9% 27. 21.9% 30.1% 13.4% 2.2% 3.7% a b c d e f g h i j a. b. c. d. e. f. g. h. i. j. : :589, :575 ROI - 17 -

26-18 -

26 3 38.4% 47.7% 86.1% 43 70.3%67.6% 44 43 44 38.4% 47.7% 0. 9.3% 4.7% 8 70.3% 67.6% 6 41.4% 43.7% 4.6% 5.7% 4.6% 4 54.7% 36. 2.7% 4. 2.7% 2 4 6 8 10 a b c d 2 18.9% 6.8% 8.1% 2.7% 0. a b c d e f a. b. c. d. : :86, :87, :75 a. b. c. DOE (DOE=ROE) d. 1 e. f. : :74, :74, :68 51.2%7. 58.2% 45 45 1.2% 0. 23. 36. 64.4% 51.2% 7. 9.2% 4.7% 3.4% a. b. c. d. 0. 34.7% 50.7% 13.3% 1.3% : :86, :87, :75 2 4 6 8 10 a b c d - 19 -

26 43.5% 1 33.4% 2 46 46 43.5% 43.1% 0.3% 1. 3.2% 2.8% 33.4% 35.7% 8.7% 0.7% 5.3% 7.5% 0.3% 4.3% 4.9% 5.2% a. b. c. DOE d. 1 e. f. + g. 2 4 6 8 10 a b c d e f g : :589, :575 47.2% 47 39.6% 48 47 48 47.2% 49.9% 2.9% 10 8 51. 47.3% 52.6% 57.9% 58.2% 57.6% 58.3% 60.4% 48.7% 49.9% 1.4% 6 50.8% a. b. 47.5% 2 4 6 8 10 a b 1.8% : :589, :575, :571 4 2 49. 52.7% 47.4% 42.1% 41.8% 42.4% 41.7% 39.6% H19 H20 H21 H22 H23 : :589, :575, :571, H23 :613 H22 :658, H21 :644, H20 :630, H19 :590 77.2% 49 49 1. 3.1% 3.3% 5.1% 4.2% 3.7% 77.2% 76.3% 76.4% 6.1% 8.4% 7. 6.8% 2.7% 1. 4.9% 1.7% 1.4% 5.9% 1.1% 2.6% a. b. c. d. e. f. 2 4 6 8 10 a b c d e f : :294, :287, :271-20 -

26 36.5%57.6% 94.1% 50 50 36.5% 57.6% 4.1% 0.3% 1.5% 0.7% 34.4% 57. 7.3% 0.5% 0.9% 33.6% 58.3% 6.3% 0.9% 2 4 6 8 10 a b c d a. b. c. d. : :589, :575, :571 1,200 431 432 345 DOE 35 51 3 250 51 34.2% 3 2 52 51 52 H20 H21 H22 H23 321 328 336 324 353 343 345 3 193 209 228 229 239 244 250 3 128 119 108 95 114 99 95 66 68 59 55 71 89 86 DOE 34 34 32 35 31 35 35 32 34 27 20 40 54 51 387 396 395 379 424 432 431 1,200 10 8 6 4 2 78.8% 21.2% H18 74.3% 69.2% 68.8% 68.8% 70.2% 66.1% 65.5% 65.8% 25.7% 30.8% 31.3% 31.3% 29.8% 33.9% 34.5% 34.2% H19 H20 H21 H22 H23 1,200 9 5 3 5-21 -

26 2.3%40.7%48.8% 91.8% 53 30.2% 29.1% 59.3% 54 53 2.3% 2.3% 1.3% 40.7% 39.1% 45.3% 48.8% 54. 50.7% 1.2% 2.3% 4.7% 0. 2.3% 2.3% 1.3% 1.3% 0. a. b. c. d. e. 2 4 6 8 10 a b c d e : :86, :87, :75 54 30.2% 26.4% 29.3% 29.1% 46. 42.7% 0. 3.5% 32.6% 2.3% 4.6% 16.1% 0. 6.7% 21.3% 4.7% 4.6% 0. a. b. c. d. e. 2 4 6 8 10 a b c d e : :86, :87, :75-22 -

26 24 41.9%46 39.5% 81.4% 55 55 0. 8.1% 0. 2.3% 0. 8. 39.5% 58.6% 53.3% 41.9% 32.2% 29.3% 3.5% 2.3% 5.3% 7. 4.6% 4. a. 8 b. 68 c. 46 d. 24 e. 2 2 4 6 8 10 a b c d e : :86, :87, :75 3 4 38.4%37.2% 38.4% 4 5 24.4% 56 56 5 4 3 2 1 <> 37.2% 38.4% 9.3% 5.8% 4.7% 4.7% 0. 0. a b c d e f g a. b. 1 2 c. 2 3 d. 3 4 e. 4 5 f. 5 6 g. 6 : :86 5 4 3 2 1 <> 38.4% 24.4% 16.3% 12.8% 0. 1.2% 3.5% 3.5% a b c d e f g a. b. 1 2 c. 2 3 d. 3 4 e. 4 5 f. 5 6 g. 6 : :86-23 -

26 25 81.8% 53.5% 57 26 62.1% 29.7% 58 57 25 58 26 53.5% 27.5% 0.8% 81.8% 3.6% 10.7% 2.2% 16.5% 29.7% 26. 1.2% 5.3% 62.1% 6.3% 15.4% 3.2% 1.7% 26.7% 1.5% 3.7% 0. 4.4% 9.7% 57. 38.2% 3.1% 98.3% 37.5% 45.2% 4.4% 11.4% 98.5% 1.7% 1.5% : :589 : :589 25 TOPIX 10 7.3 19.5% 59 25 27.29.8% 60 59 60 30 25 20 15 10 5 0 7.3 H16 H17 H18 H19 H20 H21 H22 H23 8 7 6 5 4 3 2 1 0 5 4 3 2 1 36.6% 35.7% 32.7% 32. 29.6% 28.2% 28.1% 28.5% 32.3% 32.9% 19.9%19.8% 22.5%25.8% 38.8% 37.5% 31.6% 30.5% 29.8% 27. H16 H17 H18 H19 H20 H21 H22 H23 TOPIX 10 TOPIX S&P500 10-24 -

26 3 61 61 600 500 400 300 200 151 100 0 1 368 1 2 509 2 3 324 3 4 136 4 5 79 5 6 49 6 7 26 19 8 7 8 8 9 TOPIX 53 9 10 10 3 4 4 3 4 3 8 3 75.6% 62-25 -

26 62 75.6% 19.8% 1.2% 3.5% 73.6% 20.7% 1.1% 4.6% a. b. c. 78.7% 18.7% 1.3% 1.3% : :86, :87, :75 2 4 6 8 10 a b c 87.2%ROE 54.7% 63 63 10 87.2% 8 6 4 2 31.4% 29.1% 54.7% 5.8% 3.5% 3.5% a. b. c. d. ROE e. f. a b c d e f : :86 3 58.2% 30.2% 64 43.4% 65 64 65 5 43.4% 30.2% 25.2% 58.2% 64. 11.5% 10.8% 4 3 2 15.7% 16. 29.4% 16.9% 28.5% 63. a. b. 8.4% 2 4 6 8 10 a b : :589, :575, :571 1 5.8% 1.5% a b c d e f a. b. c. d. e. f. : :343, :368, :360-26 -

26 25 4 26 66 67 66 67 4 3 2 1 0 356 353 334 400 299 290 274 300 2.5 200 1.9 1.6 1.6 100 1.2 0.7 0 H21 H22 H23 6 5 4 3 2 1 51.2% 51.3% 53.3% 42.7% 30.7% 6.9% 7.6% 11.5% 9.1% 6.5% H21 H22 H23 12 TOPIX Standard & Poor ss&p500 25 4 26 8 6-27 -

26 69.8% 53.5% 68 IR 62.8% 17.4% 69 68 69 62.8% 15.1% 17.4% 1.2% 3.5% 1 69.8% 2 53.5% 41.4% 23. 26.4% 0. 9.2% 3 51.2% 4 30.2% 5 14. 6 14. 7 12.8% 8 7. 9 7. 10 4.7% 41.3% 22.7% 33.3% 0. 2 4 6 8 10 a b c d 2.7% a. IR b. c. d. : :86, :87, :75 : :86 10 84.9% 70 77.4% 50. 71 70 84.9% 79.3% 3.5% 3.5% 8. 3.4% 8.1% 9.2% a. b. c. : :86, :87 2 4 6 8 10 a b c - 28 -

26 71 8 6 4 2 77.4% 50. 35.5% 32.3% 24.2% 8.1% 1.6% 3.2% 0. a b c d e f g h a. b. c. d. e. f. g. h. : :62 3 60.5%58.1% 72 72 8 6 4 2 58.1% 60.5% 53.5% 26.7% 29.1% 18.6% 25.6% 14. 4.7% 2.3% 7. a b c d e f g h i j a. b. c. d. e. f. g. h. i. j. : :86 74.4% 70.9%53.5% 73 41.9% 38.4% 31.4% 74 73 8 6 4 2 74.4% 70.9% 53.5% 41.9% 36. 40.7% 16.3% 14. 5.8% 2.3% 8.1% a b c d e f g h i j a. b. c. d. e. f. g. h. IR i. j. : :86, :87-29 -

26 74 5 4 3 2 1 41.9% 38.4% 31.4% 23.3% 23.3% 31.4% 8.1% 2.3% a b c d e f g a. b. c. d. e. f. g. : :86, :87 80.2% 34.9% 75 75 10 8 6 4 2 80.2% 34.9% 30.2% 19.8% 26.7% 22.1% 15.1% 11.6% 0. a b c d e f g h a. b. c. d. e. f. g. h. : :86 3 76.6% 76.2% 82.3% 67.4% 76 74.5%72.5% 47.5% 44.5% 77 87.6%81.8% 78-30 -

26 76 1 76.6% 82.3% 2 71.6% 67.4% 3 54.5% 39. 4 76.2% 32.8% 5 72.3% 10.4% 6 34.8% 10.4% 7 26.5% 6.1% 8 15.8% 4.8% 9 60.3% 4.6% 10 4.1% 3.9% 10 : :589 77 1 70.6% 47.5% 2 74.5% 44.5% 3 72.5% 39.9% 4 51.1% 39. 5 43.8% 38.2% 6 29.9% 29.9% 7 36.8% 26. 8 23.4% 24.6% 9 15.1% 20. 10 7.3% 9.2% : :589 78 10 8 6 4 2 87.6% 80. 81.8% 59.4% 62.5% 38.7% 17.8% 1.2% 0.5% a b c d e f g h a. b. c. d. e. f. g. h. : :589, :575 66.2%IR 62.1% 79 43.3% 40.1% 80 79 8 6 4 2 62.1% 48.4% 66.2% 17.1% 1.2% 3.1% a b c d e a. b. c. IR d. e. : :589 80 5 4 3 2 1 35.1% 10.9% 43.3% 40.1% 5.6% 7.1% a b c d e a. b. c. d. e. : :589, :575, :571-31 -

26 77.9% 70.3% 81 81 10 8 6 4 2 77.9% 70.3% 38.7% 17.7% 14.8% 9.3% 2.2% 1.2% 5.3% a b c d e f g h a. b. c. d. e. f. g. h. : :589 3 27 3 8 7 6-32 -

26 62.8% ROE 58.1% 82 82 8 6 4 2 62.8% 58.1% 38.4% 30.2% 9.3% 7. 10.5% 10.5% 5.8% 10.5% a b c d e f g h i a. b. ROE c. d. e. f. g. h. i. : :86, :87 3 65.1% 53.5% 83 83 8 6 4 2 65.1% 65.1% 53.5% 10.5% 14. 15.1% 3.5% 8.1% a b c d e f g a. b. c. d. e. f. g. : :86, :87, :75 1 51.2% 3 17.4% 84 84 8.1% 8. 17.4% 26.4% 51.2% 52.9% 15.1% 6.9% 8.1% 5.7% a. 2 b. 3 c. 1 d. 1 8. 25.3% 44. 20. 2.7% : :86, :87, :75 2 4 6 8 10 a b c d - 33 -

26 40.7%3.5% 44.2% 85 54.7% 30.2% 86 85 1.2% 45.3% 40.7% 3.5% 9.3% 3.4% 1.3% 37.9% 41.3% 47.1% 49.3% 3.4% 5.3% 8. 2.7% a. b. c. d. 2 4 6 8 10 a b c d : :86, :87, :75 86 6 54.7% 4 2 29.1% 30.2% 29.1% 9.3% a. b. c. d. e. 0. a b c d e : :86, :87, :75 71.1% 51.3% 36.3% 87 87 8 6 4 2 51.3% 71.1% 36.3% 51.3% 43.3% 6.6% 6.6% 4.1% a. b. c. d. e. f. g. a b c d e f g : :589, :575, :571-34 -

26 20 63.8% 30 1.7% 65.5% 88 88 10 8 6 4 2 1.6% 1.4% 2.6% 2.3% 2.5% 2.3% 2.5% 1.1% 0.8% 1.5% 0.7% 0.5% 1.9% 1.7% 49.7% 47.5% 52.9% 59.4% 63.7% 63.1% 63.8% 47.6% 50.2% 42.9% 37.4% 33.3% 32. 31.4% 0. 0.2% 0.2% 0.3% 0. 0.7% 0.5% H20 H21 H22 H23 a b c d a. 10 b. 10 c. 20 d. 30 : :589, :575, :571 H23 :613, H22 :658, H21 :644, H20 :630 34.54.2% 88.2% 89 71.6% 90 89 6 4 2 54.2% 34. 7.8% 3.6% 0.5% a b c d a. b. c. d. : :589, :575, :571 90 8 71.6% 6 4 2 23.4% 17. 12.6% 13.1% 2.7% a b c d e a. b. c. d. e. : :589, :575, :571-35 -

26 43. 91 91 5 4 3 2 1 12.4% 31.6% 24.4% 43. 26.1% 6.8% 13.9% a. b. c. d. e. f. a b c d e f : :589 3 1 30 1.7% - 36 -

26 ROE ROE ROE ROE ROE ROE 27 3-37 -