2. VTR CEO 1 3Q6S 70% 6S 3. VTR CEO 3Q6S 6S M&A 4. 1973 AC
1976 1978 8FDAC 1984 3.5FD 198811 2 M&A M&A 5. 1984 2 1989
3 HD 1995 2 1997 3 4 5 1998 2 10 1999 10 2000 3 2003 10 2006 11 12
2007 2 HD 4 2010 1 10 2011 7 M&A M&A 6. M&A 7. p.77
UPM&A 8. K M 3Q6S Quality 6S 9. 2005 2006 2007 2008 2009 2010
2011 485,861 536,858 629,667 742,126 610,803 586,029 688,530
370,938 413,012 486,627 583,910 480,475 435,035 513,170 114,923
123,846 143,040 158,216 130,328 150,994 175,360 61,258 70,420
79,031 81,383 78,313 72,481 84,833 53,665 53,426 64,009 76,833
52,015 78,513 90,527 929 1,664 2,565 2,930 2,536 838 1,063 871
1,362 2,022 2,421 1,403 702 365 57,290 64,378 65,595 62,683 47,270
75,002 79,525 12,847 15,213 17,460 15,484 12,475 17,530 18,533
33,455 40,949 39,932 41,156 31,235 56,151 57,492
200821.32%201125.47% 200810.35%201113.15% KM 10. 2005 2006 2007
2008 2009 2010 2011 23.65% 23.07% 22.72% 21.32% 21.34% 25.77%
25.47% 11.05% 9.95% 10.17% 10.35% 8.52% 13.4% 13.15% 6.89% 7.63%
6.34% 5.55% 5.11% 9.58% 8.35% Interest Coverage Ratio 62.680 40.448
32.925 32.946 38.882 113.036 250.932 3.73 3.19 3.49 3.92 4.55 4.06
4.69 22.82 6.04 5.69 5.5 7.11 9.73 13.31 2.69 2.06 2.63 1.91 1.44
1.77 2.62 20102008 M&A 11. 20038 10 12. !15,000&
!10,000& !5,000& 0& 5,000& 10,000& 15,000&
20,000& 25,000& 0& 20,000& 40,000& 60,000&
80,000& 100,000& 120,000& 140,000& 160,000&
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 13. 0"
2,000" 4,000" 6,000" 8,000" 10,000" 12,000" 14,000" 16,000" 0"
20,000" 40,000" 60,000" 80,000" 100,000" 120,000" 140,000" 2001
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 14. !10.00%&
!5.00%& 0.00%& 5.00%& 10.00%& 15.00%&
20.00%& 25.00%& 2001 2002 2003 2004 2005 2006 2007 2008
2009 2010 2011 15. 2004 20052008 20092011 20103 KM
