2002 12 2

1. 2002 8 2. 3. 4. 5. 2002 12 2

1 2 2 2 2 3 3 5 8 11 12 15 17 19 24 24 25 27

2002 8 1 2 16 2004 3 31 17 2005 3 30 16 4 1 17 4 1 1 3 1 3 1 2 1

2002 8 1999 2 3 2 1 2 2 2 3 2 3 3 2

4 1 4 3

2 2 1 IAS 36 3 3 4

2 4 5 20 2 2 2 2 5 5

5 6 6 1992 6

() () 2 20 20 20 20 20 20 4 20 2 3 18 19 20 7

100 30 5 30 1,000 20 100202,000 21 30 100 100 100 100 + 1,000 + + + + = 1,386 1+ 1.05 2 9 10 1+ 1.05 1+ 1.05 1+ 1.05 2,000+1,3863,386 DCF 2 4 4 5 2 4 5 5 8

2 1 IAS 36 1.5 3 4.5 CAPMCapital Asset Pricing Model CAPM 6 TOPIX CAPM 9

6 10 1.5 TOPIX 6 1.2 1.51.2 61.5 6.9 SFAS 144 2 10 2 3 10

7 SFAS 144 IAS 36 3 11

6 1 1 2 6 7 7 2002 11 12

5 5 5 Y X 2 X Y X Y X Y X Y X X Y 8 13

A B C A B C A B C B C B C BC A A BC BC BC A A B C BC ABC 9 2 2 14

2 6 2 7 2 8 2 8 15

10 11 250 1 240 260 240 500 1,250 200500300 250 1,050 880 370 1,250880 240 130 120 11 1 16

2 2 250 250625375 260 365 500 125 292 73 B 208 177 12 2 2 8 1 17

2 8 2 1 2 8 2 13 1 1 14 ABC 250 250 1,250 18

1,230 1,120 130 120 14 1 2 2 B B 500 250 145 105 15 2 3 2 19

16 1998 3 2002 3 31 20

17 3 1000 7000 3,600 2,400 5000 2,000 18 18 3,000 40 21 8

3 34 2 34 2 34 2 32 2 9 10 34 2 32 2 33 9 32 2 10 10 22

68 18 57 16 60 23

11 11 24

19 25

1 2 EVA Free Cash FlowFCF FCFNOPAT NOPAT Net Operating Profit After Tax FCF EVA 12 EVANOPAT 12 EVA 1982 EVA EVA 26

NOPAT 13EVA 2 2 2002 11 13 27