1

(?) 200843048 200843059 200843054 200843043 200843058 201143059 2008~2010PPT 2012. 5. 15()

1. () ()

2. 2/10

1. : : : 1962. 12. 6 : 1975. 5. 29 : 150-3 :

: 4,300(11 12 ) 3/10

Mahindra &Mahindra Ltd.()Ssangyoung European Parts Center BV[ ]

1. 1979 .

1998 1 . 1999 .

2001 SUV , 2002 SUT, 2003 , 2004 MPV .

2009 4 , .

2009 5 , 6 976 . 8 .

.

2011 10,763 (+) SUV . 19.1%. 4/10

1. . .

3 9 10 2.92% 2470000 , 1.32% 76700 . 1% .

1.37% 296500 .

3 .

" 5 8.3% . 18%, 7% 3 " .

" " "3 , 40.6% 9.5% 12 109000 " . - (12.4.15) 5/10

1. 4 - 8445(QoQ +39.7%, +2401), 203(QoQ +19.4%, +33) , 2.4% , 2 3 .

08 , - 08 2 9,518(YoY -13.3%, -4,519), 273 (YoY +294), 0.9% .

- SUV . .

- , , 2009 .

()6/10

1. , 3,300() - Neutral 6,000 3,300 . 2 RV , SAIC Business .

2Q08 - 2Q08 -39.6%YoY 19.162 18.5% YoY 6,511 -323 . CKD RV . . SAIC - SAIC( ) . . SAIC 750, 550 . SAIC SAIC JV .

()7/10

8/10

20102009200810 10 09 09 []566,178402,775614,628163,40340.57%-211,853-34.47%350,784188,600248,096162,18485.99%-59,496-23.98%215,395214,176366,5321,2190.57%-152,356-41.57%[]909,081985,6991,090,661-76,618-7.77%-104,962-9.62%19,17751,47547,061-32,298-62.75%4,4149.38%769,001803,766867,756-34,765-4.33%-63,990-7.37%86,704102,818135,095-16,114-15.67%-32,277-23.89%34,19927,63940,7496,56023.73%-13,110-32.17%1,475,2601,388,4741,705,28886,7866.25%-316,814-18.58%[]967,518334,205859,690633,313189.50%-525,485-61.12%[]198,856753,648587,728-554,792-73.61%165,92028.23%1,166,3741,087,8531,447,41878,5217.22%-359,565-24.84%[]182,688542,052604,023-359,364-66.30%-61,971-10.26%[]839,222473,60544,914365,61777.20%428,691954.47%[]1,0097,1460-6,137-85.88%7,146[]666633918335.21%-285-31.05%[]-714,700-722,815-391,9858,115-1.12%-330,83084.40%308,886300,621257,8708,2652.75%42,75116.58%2. : 8

9/10

20102009200810 10 09 09 []2,070,4821,066,8162,495,2171,003,66694.08%-1,428,401-57.25%[]1,703,1301,003,0792,186,791700,05169.79%-1,183,712-54.13%[]367,35363,737308,426303,616476.36%-244,689-79.33%[ ]422,389357,159535,81565,23018.26%-178,656-33.34%[]-55,037-293,422-227,389238,385-81.24%-66,03329.04%[]210,372413,740257,853-203,368-49.15%155,88760.46%[]147,220466,588740,148-319,368-68.45%-273,560-36.96%[]8,115-346,270-709,684354,385-102.34%363,414-51.21% 2. : 9

10/10

20102010 2010 20092009 2009 []566,17838.38%36.88%402,77529.01%37.19%350,78423.78%30.04%188,60013.58%30.99% 80,1975.44%6.30%13,1850.95%7.62%8320.06%8.11%1,7160.12%6.38%169,54211.49%13.02%90,8536.54%13.98%-2,349-0.16%-2,112-0.15%2,2270.15%2,3460.17%19,0001.29%25,1921.81%-2,058-0.14%-3,529-0.25%81,0485.49%58,6874.23%215,39514.60%6.85%214,17615.43%6.21%21,2571.44%3.82%25,4191.83%3.38%-408-0.03%-4,499-0.32%[]909,08161.62%63.12%985,69970.99%62.81%19,1771.30%29.41%51,4753.71%25.76%5600.04%5600.04%3,8450.26%3,6660.26%14,6420.99%17,0001.22%2. : 10

11/10

20102010 2010 20092009 2009 769,00152.13%29.41%803,76657.89%32.26%211,12114.31%8.36%258,62818.63%9.42%1,202,64481.52%9.05%1,153,49183.08%9.92%-959,556-65.04%-946,601-68.18%86,7045.88%2.56%102,8187.41%2.75%6040.04%7380.05%84,0435.70%3.09%99,6587.18%3.33%1,475,260100.00%100.00%1,388,474100.00%100.00%[]967,51865.58%31.02%334,20524.07%33.40%162,82011.04%15.28%68,1184.91%15.42%00.00%2.45%80,0305.76%4.31%270,09518.31%93,1186.71%475,99332.27%2.89%00.00%2.82%[]198,85613.48%12.26%753,64854.28%15.13%00.00%2.89%00.00%4.40%00.00%1.55%492,88035.50%2.78%2,2480.15%226,05116.28%1,166,37479.06%43.27%1,087,85378.35%48.54%2. : 11

12/10

20102010 2010 20092009 2009 []182,68812.38%6.11%542,05239.04%7.15%[]839,22256.89%12.75%473,60534.11%13.78%4,1710.28%30.00%835,05256.60%473,60234.11%[]-714,700-48.45%35.58%-722,815-52.06%28.60%00.00%00.00%-714,700-48.45%-722,815-52.06%308,88620.94%56.73%300,62121.65%51.46% 1,475,260100.00%100.00%1,388,474100.00%100.00%2. : 12

13/10

20102010 2010 20092009 2009 []2,070,482100.00%100.00%1,066,816100.00%100.00%[]1,703,13082.26%81.86%1,003,07994.03%81.99%[]367,35317.74%18.14%63,7375.97%18.01%[ ]422,38920.40%11.90%357,15933.48%12.81%27,5641.33%2.22%96,7189.07%2.66%3,4540.17%0.28%2,6670.25%0.31%5,6130.27%0.31%7,2450.68%0.34%1,1890.06%0.03%5780.05%0.04%1,0310.05%9280.09%3,7840.18%5,0380.47%8390.04%3100.03%13,9600.67%7,7340.72%16,6030.80%0.45%9,7740.92%0.49%3450.02%1420.01%62,1513.00%20,5801.93%75,7903.66%1.24%55,4115.19%1.11%5,5960.27%0.85%4,6650.44%0.78%[]-55,037-2.66%6.24%-293,422-27.50%5.19%2. : 13

14/10

20102010 2010 20092009 2009 []210,37210.16%7.82%413,74038.78%8.28%7620.04%0.56%1,6850.16%0.65%12,0350.58%0.87%8,9930.84%1.17%18,4750.89%0.08%58,5045.48%0.27%39,4871.91%0.25%12,7171.19%0.44%96,3564.65%16,3461.53%31,8441.54%1.07%12,6961.19%1.42%[]147,2207.11%2.64%466,58843.74%5.38%45,2962.19%0.60%106,99010.03%1.10%13,6790.66%1.01%9,4630.89%1.33%6,0000.29%0.10%145,29213.62%0.36%15,2650.74%9,8350.92%5,1120.25%0.15%3860.04%0.11%870.00%60.00%49,1262.37%0.56%105,6959.91%1.01%[]8,1150.39%11.42%-346,270-32.46%8.09%[]00.00%1.84%00.00%1.79%[]8,1150.39%9.60%-346,270-32.46%6.31%2. : 14

15/10

20102009

100 58.51%118.91%120.5%111.35% 100 36.25%96.84%56.43%92.77% 100 377.60%75.10%361.86%92.44% -1.2110.32-2.744.712. 15

16/10

20102009(ROI) 100 0.57%8.00%-22.39%4.57%(ROE) 100 2.66%10.62%-80.64%6.66% 100 0.39%9.60%-32.46%6.31% (+)/21.451.220.691.07 7.9315.283.4512.402. 16

17/10

2. = / * 100 - . 200% . 2009 [] 2010 [] . , 2010 .

2010200958.51%120.5% 118.91%111.35% F/S20102009[] 566,178 402,775[ ]967,518 334,205475,9930[] 198,856 753,6480492,880 : 17

18/10

2. = / * 100 - . 100% . 2010 [] 2009 [] . , .

2010200936.25%56.43% 96.84%92.77% F/S20102009[] 566,178 402,775 350,784 188,600[ ] 967,518 334,205475,9930[] 198,856 753,6480492,880 : 18

19/10

2. = / * 100 - . 100% . 80%, 20% () .

20102009 377.60% 361.86% 75.10% 92.44% F/S20102009[] 967,518 334,205[] 198,856 753,648 1,166,374 1,087,853 308,886300,621 : 19

20/10

2. = / - . . (-) (-) .

20102009 -1.21 -2.74 10.32 4.71 F/S20102009[]2,070,4821,066,816[]1,703,1301,003,079[]367,35363,737[ ]422,389357,159[]-55,037-293,422[]210,372413,740[]147,220466,58845,296106,990 : 20

21/10

2. (ROI) = / * 100 - .

= / * 100 - .

(ROI)20102009 0.57% -22.39% 8.00% 4.57% F/S201020091,475,2601,388,474 308,886300,621[]8,115-346,270(ROE)20102009 2.66% -80.64% 10.62% 6.66% : 21

22/10

2. = / (/2) = / - . , .

201020091.450.69 1.221.07201020097.933.45 15.2812.40 : F/S20102009 1,475,2601,388,474[]2,070,4821,066,816[]1,703,1301,003,07922

23/10

2. CASE1 :

2009 976 2009 2010 . (-) . [ ] (-) (+) .

F/S20102009[ ]422,389357,15927,56496,718[]-55,037-293,422[]8,115-346,270 : 23

24/10

2. CASE2 :

2009 [] [] (1 ) . , .

F/S20102009[]967,518334,205475,9930[]198,856753,6480492,880 : 24

25/10

2. :

( - 20. )

1 5:1, 3:1 , 2 3:1 .

F/S20102009[]182,688542,052[]839,222473,605 : 2002 6 4(10 : 1)5,149,844,3052003 3 27(5,134,404,024)2007 7 329,474,0432009 3 31(15,440,281)2009 12 281 444,128,1602010 1 272 361,449,375835,051,57825

26/10

2. 200843048 - 2009 [] . 80%, 20% [] , , , , . , (NEWS) , .

200843059 - , 2002 16 1 . . , 2008 . . , . 2009 , 1 10 151.2, 30~40 3.74 . . , , 2011 . , .2008~2011 . , . , . .

26

27/10

2. 200843054 - . 2011 ,SUV C . . () . .( ) .

200843043 - 2012 C 1 22.0% c . C 1 (7990) 1 327 . 5 2 . . .

27

28/10

2. 200843058 - 2009 2010 . . 2011 C SUV 2008 (-) . 2010 . 1 , 2009 2010 . .

201143059 - 100% . 300% . . + . . .

28

! \ (http://tax.ansan.ac.kr/2009/) > >