CEO REPORT ON CURRENT ISSUE CER- 2002-2 1 2002. 10
.. TEL : 3771-0346 FAX : 3771-0110 E- mail : pjs @fki.or.kr * : FKI (3771-0245)
I. 1. 10 10 11. 14 1. 14 2. 15 < > 15 19 (M&A) 22 27 29 33 35 40 42
CURREN T ISSUE PAPER 1 I. 1970,, M&A, 1998 5+3-1998 1 13 5 5, 1999 8 15 3 5 ( 98. 2) :,,,, 3 ( 99. 8) :, 2, 64 2000200% 1) ( 98. 2. 14) - 200% 99 ( ) 1) 2002 9, 200% ( 52 3, 4 ).
2 CURREN T ISSUE PAPER - 2) ( 97. 10 2000) -, (CRC) - M&A - (3 ),, 5, 6 64 < > 98 6, 6455 3) 4) 2) 8 (, ) 70%, 70% 100% 2 1, 2 (,,, ) 3), ( 99. 4. 14 4 ) 4) 5 20, 6 64 32, 3
CURREN T ISSUE PAPER 3 2000 11, 5) 52 42 10 55 5 630 4 8 8 15 4 4 27( 49%) 3 6 2 4 1 1 11( 20%) 3 6 2 3 3 4 13( 24%) 1 1 3( ) 4( 7%) 20 23 12 55(100%) 98 6, 83, 47 ( 31, 16), 15 ( 8, 7 ) 99 6) 5 2002 9 21 5) 500 31 6) 12 58 4,000, 3 7,000
4 CURREN T ISSUE PAPER (: ) 104 8 17 +4 83 47 15 21 : 1) 2002 9 2) 16 : 2002. 9. 18 (21) (4) : KP ( ),,, 2002 (10 ) (6) :,,,,, (14 ) 2003(2) :, (4 ) (2) :,, :,,, (7 ),,, : 2002. 9. 18-9 (,,,,,,,, ) 16
CURREN T ISSUE PAPER 5 1998 12 LG,,,,, : LG ( 99. 7),, ( 00. 7) ( 99. 10) ( 99. 7) ( 00. 10) ( 99. 12) HDS (99. 12) -, - ( 99. 9), ( 01. 12)
6 CURREN T ISSUE PAPER : 6 64 16 21 1 3 10-4 6 1-3 - - 27-10 1 12-15 3 7 1-2 27 6 7 2 10-13 - 4 2 2 3 16-8 - 5-26 - 9 6 5 3 13-5 3 1 1 41-48 4 7-13 - 6 2-1 15-5 -3 4-14 - 5 3 5-20 1 8 6 4 5 18-4 6 - - 8-4 - - 2 303 12 109 52 55 21 : 2,500 40 1999 : 6 64 15
CURREN T ISSUE PAPER 7 2000 ( 01. 3) ( 01. 9 ) - 500, 500,,, - 156 117, 39-2002 39 01 156 111 6 22 17 : 2002 8 (CRV, 00. 10), ( 01. 4), M&A ( 01. 3), 3
8 CURREN T ISSUE PAPER <> 1998 6 55 (5 20, 6 64 32, 3) 2000 11 52 40 2001 83 ( ) (,,,,, ) (,,, ) (, ) LG(LG ) (,, ) :,,,,,,, :,,,,,,,,,,,,,,,,,,,, ( ) :,,,,,,,,,,,,,,,,,,,, :,,,,,,,,,,,,, ( ), :,,,,,,,,,,, JMC,,,,, (21) : (p4) 5 6 64,, 40,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
CURREN T ISSUE PAPER 9 < > 1997 1998 1999 2000 2001 5 3 (Big Deal) 64 200% :, M&A :,, : :, 55, :, :, CRV, 30 : 5, 52 :, :, : 52 40 :,,, 3 : 2001 156, 2002 8 111 M&A : M&A,,
10 CURREN T ISSUE PAPER. < > 97 98 99 00 01. 02. 3 396.3 303.0 214.7 210.6 182.2 174.4 20.2 24.8 31.8 32.2 35.4 36.5 / 6.4 9.0 6.9 4.7 4.2 (%) 129.1 68.3 96.1 157.2 132.6 245.5 : 1) =/ x100 2) = / x100 3) = / : 80-89 90-99 97 98 99 00 01 (01) (00) (%) 44.3 46.6 54.2 50.8 42.8 41.2 39.8 27.4 29.7 : = ( + ) / 97 98 99 00 01 02. 1/4 (%) -0.3-1.9 1.7 1.3 0.4 8.0 (%) 129.1 68.3 96.1 152.7 132.6 245.5 : = - /, = /
CURREN T ISSUE PAPER 11, M&A, < >,, () () ( ) 119,275 35,322 81,906-47,710-14,129-32,762 (-0.44) (-0.28) (-0.20) (, %) :, 2002. 5, -,,
12 CURREN T ISSUE PAPER 91 95 96 97 98 99 00 01 02 (%) 11.5 9.1-8.7-38.8 36.3 35.3-9.8-2.0 : 02 : 97 98 99 00 01 (%) 8.3 6.1 6.6 7.4 5.5 : 2001 1961 96 97 98 99 00 01 ( ) 6,522.4 5,903.7 5,238.4 4,654.4 4,949.6 4,527.1 (%) 31.6-9.5-11.3-11.2 6.3-8.5 : ( ) - -
CURREN T ISSUE PAPER 13 -,, -, -, -,,, 4 12% 68% 20% 0% 35% 59% 6% 0% 0% 32% 59% 9% 3% 41% 41% 15% :,, 2002. 4
14 CURREN T ISSUE PAPER. 1. -, -,, M&A, -, DIP, CRC,,, -, - -
CURREN T ISSUE PAPER 15 2. : 8 25 (1) ( 82 ) ( 10, 12 ) ( 10 ) - 100%,, 50%,, 30%,,,,, ( : 100% 200%, : 12 ), (50% 30%),, ( : 3 5 ) ( : 3 5 ) 50
16 CURREN T ISSUE PAPER (2) (M&A) (12 ) (232 ) ( 374 ) ( 422, 530 ) ( 52 ) ( 122 ) M&A - : 20%, - : 1,000 - : 30 2 1 20 M&A - 98 ( 1,000 1) 30 (60 ) (2 1 ) ( 15 ), M&A,, : 12,
CURREN T ISSUE PAPER 17 (3), 10%, 4% : / ( + ) / ( - ) (4) 5,, M&A ( 45, 18 ) ( 27, 28 ) ( : 510 ), (5) M&A,, (30 ) ( 31 ), 60 M&A 30
18 CURREN T ISSUE PAPER (6),,, DIP, (CRC, CRV ),, DIP(Debtor in Possession) (Automatic Stay) (7) (01.4),,,,,, ( 10, 17 ) ( 19 22 ) (8) 98,
CURREN T ISSUE PAPER 19 1. ( 82 ) - 100% ( ) - -,, - 50% ( 30%),,, 200%, ( 1 2 ), (50% 30%) :,,
20 CURREN T ISSUE PAPER :, ( : 50%) 2. ( 10, 12 ) ( ), - 30%, 20% -,, ( ),, ( 20% ), ( : 3 5 ) - EBO( ),
CURREN T ISSUE PAPER 2 1, ( : 3 5 ) 3. ( 10172 ) 2001 4 25% ( 30% 5 ), 50
22 CURREN T ISSUE PAPER (M&A) 1. ( 12 ) M&A - : 20%, - : 1,000 - : 30 (60 ) M&A - 30 (60 ) - (1,000 1) - ( : M&A, )
CURREN T ISSUE PAPER 23 2. ( 232, 269, 5275) 21, -, 3. ( 3742), 20, ( )
24 CURREN T ISSUE PAPER 2 ( 3742 ) 1 4. ( 15 ) -,,,,,,
CURREN T ISSUE PAPER 25 5. ( 422, 5304) :,,, - 2, 6. M&A ( 52, 217, 2224) M&A -,,
26 CURREN T ISSUE PAPER 7. (122, 11 5 ) 3 1998 6 26, Work-out -, ( ),, : 12 ( : 5,, 3 ) 3
CURREN T ISSUE PAPER 2 7 1. ( / ) () -, * = ( + ) / ( - ) 2. ( 02. 4. 8 ) - 10% ( 151) 10%, 25%, 33% - 4% ( 154)
28 CURREN T ISSUE PAPER,,, (%) NEWBRIDGE(: 50.989), (45.915) COMMERZBANK AG(: 31.624), (16.244), (15.916) GOLDMANSACHS(: 10.875), (6.39) JP Morgan & Co. Inc(KAI Limited,: 17.90) Allianz AG( : 12.458) : 2001 9, -, - : 25% 50% : 2 30
CURREN T ISSUE PAPER 29 1. ( 45, 18 ) 5, 5 -, M&A, -, 5 - : 20 2 : 1 :, 1 : 1
30 CURREN T ISSUE PAPER, ( : 5 10 ) -, - 2.,,,
CURREN T ISSUE PAPER 3 1 -,,, 20, 2002 -, - 80%(, ), - 3. ( 27, 28, 49 ),, ( )
32 CURREN T ISSUE PAPER -, -
CURREN T ISSUE PAPER 33 1. ( 301),,,, 2. ( 31 ), 60 ( ) -,
34 CURREN T ISSUE PAPER - : 30
CURREN T ISSUE PAPER 35 1.,, - 3,, 2. * * (pre-packaged bankruptcy) :, -,
36 CURREN T ISSUE PAPER - ( ), 90 3. DIP(debtor in possession)*, ( 53 ) * DIP :,, DIP
CURREN T ISSUE PAPER 3 7 4. (Automatic Stay) - 2 ( 39 ), 2,, - 5. CRC, CRV -
38 CURREN T ISSUE PAPER ( : Private Equity Fund) :, CEO, CRC (:, ) 1999 2000 2001 CR C 1,622 6,597(+4,975) 20,511(+13,914) 1,226 4,183(+2,957) 6,901(+2,718) 2,848 10,780(+7,932) 27,412(+16,632) : ( ) :, CRC, 2002. 4 (:, 2001 ) CR C 2,045(9.97%) 14,043(68.46%) 4,423(21.56%) 20,511 1,921(27.84%) 1,847(26.76%) 3,133(45.4%) 6,901 3,966(14.47%) 15,890(57.96%) 7,556(27.57%) 27,412 (CRC, CRV ),,
CURREN T ISSUE PAPER 39 CRC (: ) KTB 540 (8) 180 (1) 55 (3) 775 (12) KTIC 139 (2) 337 (21) 476 (23) - 334 (12) - 334 (12) - - 320 (2) 320 (2) - 160 (4) 15 (1) 175 (5) 3 10 (1) 9 (1) 13 (29) 32 (3) 8 689 (11) 683 (18) 740 (29) 2,112 (58) -LB - 9,712 (489) - 9,712 (489) 21 140 1,768 (2) (21) - 1,908 (23) 246 500 463 1,209 (1) (1) (6) (8) - - 675 (1) 675 (9) - 366 (3) 49 (2) 414 (5) - - 353 (3) 353 (3) -SG 349 (1) - - 349 (1) 12 (2) 202 (5) 8 (1) 222 (8) 48 609 (32) 812 (39) 2,135 (111) 1,751 (82) 56 1,356 (38) 13,360 (558) 3,683 (124) 18,399 (720) 64 2,045 (49) 14,043 (576) 4,423 (153) 20,511 (778) KTIC 369 (2) 977 (3) 1,343 (49) 2,689 (54) KTB 842 (8) 270 (4) 46 (4) 1,158 (16) 372 (2) - - 372 (2) - 57 (1) 266 (13) 323 (14) (40 ) 338 (9) 543 (14) 1,478 (34) 1,879 (47) 44 1,921 (21) 1,847 (22) 3,133 (100) 6,901 (143) 64 44 3,966 (70) 15,890 (598) 7,556 (253) 27,412 (921) : 200 1 12 :, CRC, 2002. 4
40 CURREN T ISSUE PAPER 1. ( 10, 172) 2001 4 (5) 25% - -,,, - 2002
CURREN T ISSUE PAPER 4 1 2. ( 19 22 ),, - :,,,,,,
42 CURREN T ISSUE PAPER 98, KT 7, 4,, - 3 ( ) - SK KT - ( 02. 8. 1)
CURREN T ISSUE PAPER 43 98. 11 (40%), (46.5%) 99. 1 (10.2%) 98. 12 DR (3.1%), (2.7%) 99. 7 DR (8%) 99. 12 (3%) 00. 6 (3%) 00. 9 DR (4.6%) (7) 00. 10 (2.2%) 00. 4 (44.3%) 00. 11 00. 9 00. 12 99. 5 DR (6.7%), (7.8%) 01. 2 (1.1%) 01. 6 DR (17.8%) 01. 12 MS (11.8%) 02. 5 (28.4%) (4),,, : 2002. 9. 6 DR (17.8%, 01. 6), EB BW (11.8%, 01. 12) DR(11.88%) EB(7.96%) ( 01. 10) (36%), (36%) ( 01. 8) ( 01. 10) ( 01. 11) : 2001 4
44 CURREN T ISSUE PAPER, 02., 2002. 8,, 2002. 9. 18,, 2002. 4, CRC, 2002. 4,, 2002. 2,, 2000. 6, 2001 4, 2002. 1. 18,,, 1999. 2, 4 :, 2002. 3,, 2002. 6,, 2002. 6,, 2002. 6,, 2002. 6,, 2002. 4,,, 2002. 5,, 2002. 5