www.samsungfn.com TECHNOLOGY TEAM Head of Technology Research (02) 726-0770 h b i m @ s a m s u n g. c o. k r, CFA (02)726-0177 m a r k 7 @ s a m s u n g. c o. k r, CFA (02) 726-0363 m r g u m p @ s a m s u n g. c o. k r (02) 726-0193 dhl92@samsung.co.kr (02) 726-0519 j e k a l h 0 1 @ s a m s u n g. c o. k r (02) 726-7113 min98@samsung.co.kr (02) 726-0621 t h e m o u n t @ s a m s u n g. c o. k r TELECOM TEAM (02) 726-7152 s t e v e o @ s a m s u n g. c o. k r
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1 8 ~ 2 9 3 0 ~ 3 9 5 0 ~ 6 0 2 4 % 2 6 % 2 8 % - - - - - - - H i g h Middle & High Middle & Low H i g h H i g h - / / / 9
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2000 2001 2002 2003 2004 2005 C A G R (2000~2005, %) Data Processing 198 232 269 302 352 369 13. 3 199 226 300 350 422 461 18. 3 283 288 320 360 405 437 9. 1 47 54 62 71 75 102 16. 8 727 800 951 1,083 1,254 1,369 1 3. 5 255 325 416 508 609 719 2 3. 0 Data Processing 17.2 15.9 12.3 16.6 4.8 13.6 32.7 16.7 20.6 9.2 1.8 11.1 12.5 12.5 7.9 14.9 14.8 14.5 5.6 36.0 10.0 18.9 13.9 15.8 9.2 27.5 28.0 22.0 20.0 1 8. 0 Data Processing 27.2 29.0 28.3 27.9 28.1 27.0 27.4 28.3 31.5 32.3 33.7 33.7 38.9 36.0 33.6 33.2 32.3 31.9 6.5 6.8 6.5 6.6 6.0 7.5 100.0 100.0 100.0 100.0 100.0 100.0 1 2
µ 0.3 8.0 0.5 12.0 0.4 10.0 1.2 15.0 1.4 35.0 1.6 35.0 1.5 35.0 2.8 35.0 0.3 8.0 0.5 12.0 0.4 9.0 0.3 4.0 2.0 49.0 1.8 41.0 1.9 46.0 3.7 46.0 4.0 100.0 4.5 100.0 4.2 100.0 8.0 100.0 783.0 90.0 807.5 85.0 697.0 82.0 730.4 88.0 8.7 1.0 9.5 1.0 8.5 1.0 10.0 1.2 11.3 1.3 19.0 2.0 12.8 1.5 4.2 0.5 67.0 7.7 114.0 12.0 131.8 15.5 85.5 10.3 870.0 100.0 950.0 100.0 850.0 100.0 830.0 100. 0 220.0 55.0 256.5 57.0 212.0 53.0 282.0 60.0 40.0 10.0 40.5 9.0 40.0 10.0 47.0 10.0 32.0 8.0 54.0 12.0 36.0 9.0 14.1 3.0 108.0 27.0 99.0 22.0 112.0 28.0 126.9 27.0 400.0 100.0 450.0 100.0 400.0 100.0 470.0 100.0 1, 132 1, 154 1, 179 1, 439 1, 736 1, 996 1, 984 2, 068 2, 546 3, 577 1, 507 1, 536 1, 647 1, 490 1. 814 1 3
1 4
( / ),, 1 5
PC T F T - L C D Asustek Twinhead F I C A r i m a C o m p a l T w i n h e a d M i t a c Inventec Quanta A r i m a G r a c e S e m i c o n d u c t o r S M I C AU opto, TSMC, UMC A c e r 1 6
C T V 6, 378 3, 754 1. 7 1, 694 1, 152 1. 5 2, 227 1, 269 1. 8 3, 317 970 3. 4 M W O 867 600 1. 5 LOCAL CONTENTS 1 7
( ) ( P C ) ( P C) 2 ~ 3 2 ~ 3 HHP GSM CDMA (R&D ), TFT-LCD, PCB 1 8
1 9
2 0
2 1
TV ( ), Konka( ), TCL, Haier( ) 100 10 ( 3. 8 ) H a i e r ( ), ( ), ( ) H a i e r ( 1. 2 ) (, EU ) H a i e r ( ), Midea( ), Kelon( ), 100 ( 1 ) ( ), ( ) 5 60% M/S L G 6 MWO G a l a n z ( ), LG, Midea( ) 30 L G 2 2 2
2 3
2 4
( % ) 1 9 9 7 1 9 9 8 1 9 9 9 2 0 0 0 2. 6 3. 8 5. 9 7 0 12. 2 15 23. 5 84 5. 0 5. 8 11. 2 74 8. 6 13. 2 19. 6 69 9. 1 12. 3 17. 2 61 2 5
( % ) 2 6
2 7
2 8
( % ) 1 9 9 7 1 9 9 8 1 9 9 9 2 0 0 0 90.6 86.9 92.3 96.0 1.4 0.8 0.7 0.6 0.5 0.5 0.2 0.3 7.5 11.8 6.8 3.2 2 9
3 0
3 1
3 2
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1 9 9 9 2 0 0 0 2 0 0 1 P 2 0 0 2 E 2 0 0 3 E 2,220 4,011 2,640 3,054 3,359 ( B = C + D ) 16 638 475 576 653 0.7 15.9 18.0 18.9 19.4 ( C ) 7 265 203 254 292 ( D ) 9 372 272 323 361 47 ( 16 ) 6 29 39 ( F = G + H + I + J ) ( 0 ) 6 5 7 9 n / a n / a 83.3 22.4 23.9 ( G ) 0 1 1 1 1 ( H ) 0 4 3 3 4 ( I ) ( 0 ) 1 2 2 4 ( J ) - - - - - 9.4 368.7 281.9 352.1 406.0 9.6 363.9 275.0 341.8 391.4 0.1 3.5 5.3 8.3 10.3 ( 0. 3 ) 1.3 1.6 2.1 4.3 100 100 96 91 88 72 72 72 72 72 1.0 1.0 1.0 1.0 1.0 0.5 0.5 0.5 0.5 0.5 (/ ) 1,190 1,131 1,291 1,295 1,216 3 4
3 5
3 6
1998 1999 2000 ( R M B ) 196.0 260.0 349.8 1,000.0 ( ) 24.3 30.4 42.1 n / a ( n / a 160.0 179.0 n / a ( 110.0 160.0 215.0 560.0 (%) 10.7 15.3 20.1 39.0 ( 84.3 116.8 129.7 260.0 (%) 8.2 11.2 12.1 18.0 ( 25.7 43.2 85.3 300.0 (%) 2.5 4.1 8.0 21.0 ( 2.1 8.9 22.5 200.0 ( % ) 0.2 0.9 2.1 14.0 3 7
3 8
2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 CAGR (%) G S M 45.0 58.8 74.1 89.9 105.3 21.4 ( %) 30.7 26.0 21.3 17.1 C D M A 0.0 0.6 8.0 15.0 22.0 242.0 ( %) n / a 1,354.5 87.5 46.7 45.0 59.4 82.1 104.9 127.3 29.0 ( %) 31.9 38.3 27.8 21.4 410.2 378.8 412.3 452.8 520.0 11.1 ( %) ( 7. 7 ) 8.8 9.8 14.8 (%) 11.0 15.7 19.9 23.2 24.5 1 4 0 1 2 0 1 0 0 C D M A 8 0 6 0 4 0 G S M 2 0 0 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 600 500 400 300 200 100 0 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 3 9
( % ) ( % ) 5 0 4 0 3 0 2 0 30 20 1 0 0 ( 1 0 ) 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 1 0 0 ( % ) 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 29.0 28.0 26.0 25.5 25.0 28.6 26.0 24.0 23.0 22.0 5.0 7.0 10.0 13.0 15.0 18.1 13.0 10.0 8.0 7.5 5.3 5.0 4.5 4.0 3.5 10.1 16.0 15.0 10.0 4.0 3.9 5.0 10.5 16.5 23.0 4 0
4 1 2001
( ) ( ), 200 ( ), 1 20 T C L 120 G V C / C C T 100 ( ), 100 ZTE ( ), T T P ( ), 100 (, Eastcom), 100 Xoxeco (, A m o i s o n i c ) Acer,, 70 PTIC (,, Capitel), 50 Soutec ( ),, 40 ( C E C ) - 30 UT Starcom PHS 30 D a x i a n, 20-20 HiSense ( ), 10 Datang ( ) - Zhenhua ( ) n / a - L G - (PTIC ) - S a n y o - 4 2
4 3
4 4
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2,040 1,490 1,767 2,339 2,698 2,900 7. 3 % (, %) 36.8 ( 27. 0 ) 18.6 32.4 15.3 7.5 117.0 132.0 185.0 250.0 311.0 350.0 24. 5 % (, %) 68.4 12.8 40.2 35.1 24.4 12.5 ( ) 5.7 8.9 10.5 10.7 11.5 12.1 8 0 6 0 1 4 1 2 40 20 0 ( 20 ) ( 40 ) 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 10 8 6 4 2 0 117.0 132.0 185.0 250.0 311.0 350.0 24. 5 22.7 22.0 32.0 55.6 72.5 85.0 30. 2 D 14.1 14.0 22.0 31.2 45.6 60.1 33. 6 MPU 38.1 42.5 52.9 62.1 78.9 95.2 20. 1 L o g i c 17.2 22.0 28.0 35.1 40.9 45.6 21. 5 39.0 45.5 72.1 97.2 118.7 124.2 26. 1 5 0
9.6 115.6 172.8 245.0 24.8 31.6 41.9 63.8 ( ) 15.2 ( 84. 0 ) ( 130. 9 ) ( 181. 2 ) 34.8 46.0 75.3 133.0 8.5 9.5 18.9 27.7 ( ) ( 26. 3 ) ( 36. 5 ) ( 56. 4 ) ( 105. 3 ) 5 0 0 ( 5 0 ) ( 1 0 0 ) ( 1 5 0 ) ( 2 0 0 ) 1 9 9 7 1 9 9 8 1 9 9 9 2 0 0 0 5 1
5 2
F a b - 5 - N E C H S M C C S M C S H A R P T O S H I B A N o - 1 M o t o r o l a H I T A C H I P H I L I P S A M D S A M S U N G M o t o r o l a F U J I T S U S G S - t h o m s o n S I C B E L L I N G A S M C - N E C S M I C G R A C E I N T E L P H I L I P S N S M A T S U S H I T A A N A M C h i p a c 5 3
5 4
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75 70 80 90 100 110 8. 0 (, %) 15.0 ( 6. 7 ) 14.3 12.5 11.1 10.0 5 10 15 30 40 50 58. 5 C A P A 5 5 15 10 10 (, %) 30.0 31.0 32.0 33.0 34.0 35.0 (, %) 6.7 14.3 18.8 33.3 40.0 45.5 ( ) 20 25 44 48 52 56 4 8 8 10 50 0. 13 u m 0. 22 u m High Pin Low Pin 7 ~ 8 30% 10% 60% 40% 5 7
OEM ( Local Contents ) QC/QA. / : 5 8
5 9
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1, 400 1, 200 1, 000 800 600 400 200 0 6 1
4, 000 3, 500 3, 000 2, 500 2, 000 1, 500 1, 000 500 0 6 2
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2 0 0 0 2 0 0 1 E 2 0 0 5 E 5-yr CAGR (%) 10, 630 8, 950 12, 525 3. 3 230 240 295 5. 1 5, 354 5, 100 6, 200 3. 0 24, 917 25, 370 33, 450 6. 1 12, 190 12, 120 13, 750 2. 4 4, 600 4, 970 6, 710 7. 8 3, 635 4, 030 7, 350 15. 1 2, 053 2, 125 2, 890 7. 1 2, 439 2, 125 2, 750 2. 4 675 660 780 2. 9 4 1, 8 0 6 4 0, 3 2 0 5 3, 2 5 0 5. 0 (%) 8. 7 10. 0 13. 8 (%) 4. 9 5. 3 5. 4 6 4
7, 110 6, 350 19, 750 8, 600 8, 800 15, 300 4, 360 2, 100 2, 700 5, 200 3, 400 9, 500 6, 330 1, 020 1, 200 7, 000 1, 550 1, 400 17, 800 9, 470 23, 650 20, 800 13, 750 26, 200 6 5
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Strong BUY 1998 200,842 31,000 4,409 3,132 2,134 ( 44. 3 ) 37.8 89,325 36,670 5.4 1.0 4.9 1999 261,178 44,815 42,942 31,704 18,904 785.8 14.1 43,327 71,285 5.9 1.6 31.2 2000 342,838 74,352 79,468 60,145 32,892 74.0 4.8 14,560 101,395 2.3 0.7 40.7 2001 P 323,804 22,953 30,825 29,469 16,674 ( 49. 3 ) 16.7 ( 950 ) 56,282 8.0 1.4 16.5 2002 E 410,752 57,272 65,134 48,850 27,118 62.6 12.9 ( 5, 742 ) 93,106 6.1 1.4 22.6 2003 E 488,729 77,931 86,381 64,786 35,951 32.6 9.7 ( 19, 913 ) 119,132 4.6 1.1 24.1 400, 000 350, 000 300, 000 250, 000 200, 000 150, 000 100, 000 () 50, 000 0 0145 678 91 01 1120 223 3 1 ( ) 2 0 0 1 8 0 1 6 0 1 4 0 1 2 0 1 0 0 8 0 6 0 4 0 2 0 0 6 8
87 94 95 93 93 68 33 53 55 37 51 20 65 92 92 88 88 73 T T S E C 94. 9 C T V T S E C 93. 6 VCR, DVD T S E D 98. 2 M o n i t o r S S T 93. 3 FAX, Printer S S E C 96. 1 REF, MWO, W/M, A/C S E H Z 93. 9 A U D I O T S T C 01. 8 H H P S E S S 96. 7 LSI / 6 9
BUY 2000 15 16 33 36 2004 10 10 28 52 () 45, 000 40, 000 35, 000 2 5, 000 20, 000 15, 000 10, 000 5, 000 30, 000 1999 4,483 195 103 93 1,445 15. 2 10.3 920 469 4.7 0.5 7.0 2000 5,649 667 498 359 4,936 241. 5 3.4 421 874 1.8 0.3 23.7 2001 5,944 471 484 361 4,484 ( 9. 2 ) 3.0 446 1,025 1.5 0.3 16.3 2002 E 5,525 396 508 376 4,820 7. 5 8.8 314 862 4.3 0.7 13.5 2003 E 5,883 473 611 452 5,711 18. 5 7.4 ( 14 ) 840 4.1 0.6 14.5 2004 E 6,461 560 719 532 6,724 17. 7 6.3 ( 180 ) 946 3.5 0.5 14.8 0 014 5 67891 01 11 20 223 3 1 ( ) 2 5 0 2 0 0 1 5 0 1 0 0 5 0 0 7 0
BUY 1999 2000 2001 ( ) 12 21 31 (%) 8 10 17 1998 9,853 753 167 122 1,294 3,693.3 31.0 1,103 4,681 10.2 1.1 1999 10,546 684 2,588 2,005 1,583 22.4 25.3 1,174 3,195 8.4 0.9 2000 14,836 921 729 502 3,799 140.0 10.5 1,455 4,534 7.7 0.8 2001 E 16,601 796 576 403 204 ( 94. 6 ) 196.0 1,601 3,911 6.6 0.6 2002 E 17,136 1,038 817 572 3,282 1,506.4 12.2 1,736 3,515 5.8 0.6 2003 E 18,188 1,148 1,031 722 4,144 26.3 9.7 1,874 3,344 5.3 0.5 () 48, 000 40, 000 32, 000 24, 000 16, 000 8, 000 0 0145678 91 01 11 20 223 3 1 ( ) 2 5 0 2 0 0 1 5 0 1 0 0 5 0 0 7 1
7 2
BUY 1998 3,304 506 182 150 3,874 4.6 18.4 1,090 673 6.6 1.3 1999 3,643 599 520 189 9,844 154.1 7.2 591 822 4.8 1.1 2000 4,162 585 704 544 11,069 12.4 6.4 296 756 4.8 0.9 2001 E 3,930 514 699 540 10,996 ( 0. 7 ) 6.5 535 899 4.3 1.0 2002 E 4,221 562 740 572 11,641 5.9 6.1 286 965 3.8 0.9 2003 E 4,698 660 867 670 13,638 17.1 5.2 104 1,100 3.1 0.7 () 80, 000 72, 000 64, 000 56, 000 48, 000 40, 000 32, 000 24, 000 16, 000 8, 000 0 0145678 91 01 11 20 223 3 1 ( ) 1 2 0 1 0 0 8 0 6 0 4 0 2 0 0 7 3
7 4
Market Performer 1998 822,080 15,135 (22,772) 4,550 ( 790 ) ( 80. 6 ) n / a 258, 883 23, 607 34. 4 1999 2,219,903 90,752 68,424 46,525 1,596 9. 3 22, 946 135, 631 4. 3 2000 4,010,895 55,173 18,382 (15,904) 152 ( 90. 5 ) 97. 7 53, 328 100, 567 6. 0 2001 P 2,639,901 36,102 5,773 6,433 ( 214 ) n / a 112, 540 62, 372 10. 7 2002 E 3,054,015 49, 192 26, 275 29, 278 835 17. 7 43, 567 79, 593 7. 5 2003 E 3,359,072 54, 783 34, 949 38,944 1, 094 30. 9 13. 5 34, 037 90, 696 6. 5 18, 000 () ( ) 2 5 0 15, 000 12, 000 9, 000 6, 000 3, 000 0 0145 678 91 01 11 20 223 3 1 2 0 0 1 5 0 1 0 0 5 0 0 7 5
1 9 9 9 2 0 0 0 2 0 0 1 P 2 0 0 2 E 2 0 0 3 E 2,220 4,011 2,640 3,054 3,359 ( B = C + D ) 16 638 475 576 653 (B/A, %) 0.7 15.9 18.0 18.9 19.4 ( C ) 7 265 203 254 292 ( D ) 9 372 272 323 361 47 ( 16 ) 6 29 39 ( F = G + H + I + J ) ( 0 ) 6 5 7 9 (E/F, %) n / a n / a 83.3 22.4 23.9 ( G ) 0 1 1 1 1 ( H ) 0 4 3 3 4 ( I ) ( 0 ) 1 2 2 4 ( J ) - - - - - 9.4 368.7 281.9 352.1 406.0 9.6 363.9 275.0 341.8 391.4 0.1 3.5 5.3 8.3 10.3 ( 0. 3 ) 1.3 1.6 2.1 4.3 100 100 96 91 88 72 72 72 72 72 1.0 1.0 1.0 1.0 1.0 0.5 0.5 0.5 0.5 0.5 (/ ) 1,190 1,131 1,291 1,295 1,216 7 6
Market Performer 1998 2,476 105 54 46 1,400 47.1 42.8 392 1,195 14.6 2.3 1999 3,028 110 181 ( 142 ) 1,083 ( 22. 6 ) 55.3 403 921 13.6 1.8 2000 4,229 304 441 343 4,698 333.7 12.8 646 1,034 8.6 1.3 2001 E 3,112 24 129 90 1,950 ( 58. 5 ) 30.7 395 977 14.0 1.8 2002 E 3,472 164 385 270 3,474 78.2 17.2 510 922 10.7 1.6 2003 E 3,898 261 507 355 4,578 31.8 13.1 592 868 9.2 1.4 () 64, 000 56, 000 48, 000 40, 000 32, 000 24, 000 16, 000 8, 000 0 0145 678 91 01 1120 223 3 1 ( ) 1 2 0 1 0 0 8 0 6 0 4 0 2 0 0 7 7
1 9 9 9 2 0 0 0 2 0 0 1 P 267 462 434 360 620 492 ( ) 627 1,082 926 (%) 25 29 38 7 8
BUY 1998 138. 7 10. 9 22. 0 18. 0 937 103. 7 13. 7 43. 9 40. 0 5. 7 1999 143. 0 19. 5 31. 1 22. 0 1, 034 10. 3 12. 4 83. 4 33. 3 5. 7 2000 165. 4 18. 6 30. 8 22. 2 904 ( 12. 6 ) 14. 2 80. 1 38. 8 5. 0 2001 E 180. 7 24. 2 34. 8 24. 6 1, 074 18. 7 12. 0 79. 3 43. 0 4. 5 2002 E 220. 2 33. 2 43. 5 30. 8 1, 362 26. 8 9. 4 114. 5 53. 9 2. 9 2003 E 246. 1 39. 8 48. 7 34. 5 1, 545 13. 4 8. 3 152. 1 53. 8 2. 2 () 16, 000 14, 000 12, 000 10, 000 8, 000 6, 000 4, 000 2, 000 0 0145 678 91 01 11 20 223 3 1 ( ) 1 6 0 1 4 0 1 2 0 1 0 0 8 0 6 0 4 0 2 0 0 7 9
BUY () 16, 000 14, 000 12, 000 10, 000 8, 000 6, 000 2, 000 1998 221 4 22 18 412 150.4 32.6 9 68 9.2 2.8 1999 263 25 37 29 516 25.1 26.1 62 74 7.7 2.2 2000 343 52 78 58 1,114 116.0 12.1 83 110 5.0 1.6 2001 E 293 33 51 38 761 ( 31. 7 ) 17.7 172 76 6.2 1.6 2002 E 327 38 60 44 859 12.8 15.7 217 76 5.6 1.3 2003 E 379 52 77 57 1,109 29.1 12.1 270 102 3.6 1. 0 4, 000 0 0145 678 91 01 1120 223 3 1 ( ) 140 1 2 0 1 0 0 8 0 6 0 4 0 2 0 0 8 0
BUY 1998 16,909 3,954 3,695 3,199 428 194.5 34.1 3,729 ( 4, 698 ) 37.7 8.3 1999 31,689 9,194 9,040 7,175 816 90.6 17.9 9,139 ( 20, 327 ) 13.7 3.9 2000 44,851 13,067 15,952 13,004 1,307 60.2 11.2 13,832 ( 21, 588 ) 8.9 2.8 2001 E 36,568 7,326 9,626 7,606 765 ( 41. 5 ) 19.1 9,037 ( 27, 420 ) 13.0 3.2 2002 E 54,325 12,412 14,061 10,546 1,060 38.7 13.8 13,826 ( 32, 962 ) 8.1 2.1 2003 E 74,765 18,772 23,062 17,296 1,739 64.0 8.4 20,394 ( 43, 570 ) 5.0 1. 4 () 16, 000 14, 000 12, 000 10, 000 8, 000 6, 000 4, 000 2, 000 0 50 0145678 91 01 11 20 223 3 1 ( ) 2 5 0 2 0 0 1 5 0 1 0 0 0 8 1
BUY 1998 46,671 10,319 12,110 11,096 909 119.2 13.5 10,605 ( 18, 822 ) 17.0 3.9 1999 70,085 14,135 16,046 13,679 780 32.5 15.8 17,563 ( 22, 936 ) 10.0 2.5 2000 90,779 19,126 17,660 14,064 838 10.1 14.7 22,521 ( 20, 918 ) 8.8 2.2 2001 E 80,282 11,821 15,938 12,751 716 ( 18. 0 ) 17.2 17,564 ( 20, 928 ) 11.3 2.5 2002 E 100,747 21,968 22,933 18,346 1,030 14.9 11.9 28,279 ( 27, 876 ) 6.8 1.9 2003 E 110,176 23,363 24,589 19,671 1,104 16.6 11.1 30,288 ( 38, 883 ) 6.0 1.6 14, 000 12, 000 10, 000 6, 000 4, 000 2, 000 () 8, 0 0 0 0 0145 678 91 01 1120 223 3 1 ( ) 1 4 0 1 2 0 1 0 0 8 0 6 0 4 0 2 0 0 8 2
8 3
Market Performer 2001 E 2002 E 2003 E ( ) 65. 0 78. 0 87. 0 EPS (%) 18. 0 18. 5 20. 0 (%) 54. 5 57. 3 60. 1 1998 163. 0 13. 2 17. 2 9. 0 497 ( 13. 6 ) 22. 8 23. 4 ( 2. 0 ) 9. 6 1. 4 1999 181. 7 22. 2 23. 6 17. 0 840 69. 1 13. 5 38. 4 ( 19. 3 ) 5. 4 1. 1 2000 223. 5 28. 7 42. 6 29. 8 1, 507 79. 4 7. 5 49. 3 1. 6 4. 6 1. 0 2001 E 161. 2 10. 2 17. 7 12. 5 613 ( 59. 3 ) 18. 4 31. 0 3. 1 7. 4 1. 4 2002 E 195. 5 20. 1 28. 3 20. 0 1, 015 65. 6 11. 1 44. 3 ( 19. 0 ) 4. 7 1. 1 2003 E 229. 7 28. 3 37. 2 26. 3 1, 335 31. 5 8. 5 55. 8 ( 38. 7 ) 3. 4 0. 8 () 14, 000 12, 000 10, 000 8, 000 6, 000 4, 000 2, 000 0 0145 678 91 01 1120 223 3 1 ( ) 1 4 0 1 2 0 1 0 0 8 0 6 0 4 0 2 0 0 8 4
Market Performer 2001 E 2002 E 2003 E ( ) 1. 5 3. 9 9. 8 EPS (%) 0. 0 3. 0 10. 0 (%) 1. 5 3. 5 10. 0 1998 142. 3 12. 4 16. 7 14. 0 2, 443 8, 949. 2 4. 7 42. 0 0. 6 1. 6 0. 5 1999 152. 3 19. 8 22. 6 16. 3 2, 813 15. 1 4. 1 41. 5 ( 16. 2 ) 1. 2 0. 3 2000 162. 8 12. 5 13. 7 10. 3 1, 778 ( 36. 8 ) 6. 5 32. 1 0. 4 2. 1 0. 4 2001 E 135. 4 1. 9 0. 8 0. 6 116 ( 93. 5 ) 99. 8 22. 9 10. 2 3. 4 0. 6 2002 E 155. 7 8. 7 7. 9 5. 5 1, 062 818. 1 10. 9 30. 4 7. 3 2. 4 0. 5 2003 E 163. 5 11. 2 10. 9 7. 5 1, 298 22. 2 8. 9 32. 2 ( 2. 5 ) 2. 0 0. 4 () 16, 000 14, 000 12, 000 10, 000 8, 000 6, 000 4, 000 2, 000 0 0145678 91 01 1120 223 3 1 ( ) 1 2 0 100 8 0 6 0 4 0 2 0 0 8 5