()

Roland Berger & Partners International Management Consultants

Barcelona Beijing Berlin Brussels Bucharest Budapest Buenos Aires Delhi Detroit Dsseldorf Frankfurt Hamburg Kiev Kuala Lumpur Lisbon
London Madrid Milan Moscow Munich New York Paris Prague Riga Rome So Paulo Shanghai Stuttgart Tokyo Vienna Zurich

-1-

SHA-4309-04751-01-11-Y

1.1
1.2
1.3
1.4
1.5

3
4
6
9
23
27

2.1
2.2
2.3
2.4
2.5
2.6

30
33
47
51
55
59
63

66

-2-

SHA-4309-04751-01-11-Y

-3-

SHA-4309-04751-01-11-Y

1.1

-4-

SHA-4309-04751-01-11-Y

-5-

SHA-4309-04751-01-11-Y

1.2

-6-

SHA-4309-04751-01-11-Y

//
/

(8)

-7-

SHA-4309-04751-01-11-Y

-8-

SHA-4309-04751-01-11-Y

1.3

-9-

SHA-4309-04751-01-11-Y

- 10 -

SHA-4309-04751-01-11-Y

SBU4
SBU3

SBU2
SBU1

- 11 -

SHA-4309-04751-01-11-Y

- 12 -

SHA-4309-04751-01-11-Y

()

(
)

()

()

(/)

- 13 -

SHA-4309-04751-01-11-Y

300~500GE

- 14 -

SHA-4309-04751-01-11-Y

.
,;

- 15 -

SHA-4309-04751-01-11-Y

(value hunting)

(value creating)

()

- 16 -

SHA-4309-04751-01-11-Y

(%)

~25%

~25%

()

(
)

~55%

- 17 -

SHA-4309-04751-01-11-Y

()

200

- 18 -

SHA-4309-04751-01-11-Y

- 19 -

SHA-4309-04751-01-11-Y

-
-

- 20 -

SHA-4309-04751-01-11-Y

- 21 -

SHA-4309-04751-01-11-Y

- 22 -

SHA-4309-04751-01-11-Y

1.4

- 23 -

SHA-4309-04751-01-11-Y

()

//

- 24 -

SHA-4309-04751-01-11-Y

/
/SBU
/

/
/SBU
/

R&D
/

+
+

- 25 -

SHA-4309-04751-01-11-Y

()

- 26 -

SHA-4309-04751-01-11-Y

1.5

- 27 -

SHA-4309-04751-01-11-Y

J Undercar Corp.


J

OM. Co Charlie Brown

- 28 -

SHA-4309-04751-01-11-Y

- 29 -

SHA-4309-04751-01-11-Y

100

- 30 -

SHA-4309-04751-01-11-Y

- 31 -

SHA-4309-04751-01-11-Y

1)

(/)

2)
2

(110)

(15)

(18)

//
4

(118)

/ 2

1) ()
2)

- 32 -

SHA-4309-04751-01-11-Y

2.1

- 33 -

SHA-4309-04751-01-11-Y

SBU

SBU

SBU

SBU

SBU

- 34 -

SHA-4309-04751-01-11-Y

SBU

SBU

- 35 -

SHA-4309-04751-01-11-Y

- 36 -

SHA-4309-04751-01-11-Y

()

()

- 37 -

SHA-4309-04751-01-11-Y

(
)

- 38 -

SHA-4309-04751-01-11-Y

- 39 -

SHA-4309-04751-01-11-Y

- 40 -

SHA-4309-04751-01-11-Y

- 41 -

SHA-4309-04751-01-11-Y

()

1
1

(/)

- 42 -

SHA-4309-04751-01-11-Y

1~2

()1

1-21

5-7

* -
- 2

- 43 -

SHA-4309-04751-01-11-Y

1(
)

(
)

6~7

* -
- 2

- 44 -

SHA-4309-04751-01-11-Y

/ *

3~5

1~2

1-2

8-9

* -
- 2

- 45 -

SHA-4309-04751-01-11-Y

* -
- 2

- 46 -

SHA-4309-04751-01-11-Y

2.2

- 47 -

SHA-4309-04751-01-11-Y

SBU

- 48 -

SBU

SHA-4309-04751-01-11-Y

(1)

(2)

(3)

()

10

(4)

SBU

SBUSBU

SBU

SBU

SBU

SBU

SBU

SBU

SBU

- 49 -

SHA-4309-04751-01-11-Y

SBU

SBU

SBU
SBU

SBU

/
- 50 -

SHA-4309-04751-01-11-Y

2.3

- 51 -

SHA-4309-04751-01-11-Y

...

...

...

- 52 -

SHA-4309-04751-01-11-Y

(1)

(
)

- 53 -

SHA-4309-04751-01-11-Y

- 54 -

SHA-4309-04751-01-11-Y

2.4

- 55 -

SHA-4309-04751-01-11-Y

...

...

- 56 -

...

SHA-4309-04751-01-11-Y

(1)

- 57 -

8
SBU

SBU

SHA-4309-04751-01-11-Y

- 58 -

SHA-4309-04751-01-11-Y

2.5

- 59 -

SHA-4309-04751-01-11-Y

- 60 -

SHA-4309-04751-01-11-Y

( 118)

/ 4

()

- 61 -

SHA-4309-04751-01-11-Y

/
SBU

- 62 -

SHA-4309-04751-01-11-Y

2.6

- 63 -

SHA-4309-04751-01-11-Y

...

...

//

- 64 -

...

SHA-4309-04751-01-11-Y

()

//
5()

()

- 65 -

SHA-4309-04751-01-11-Y

- 66 -

SHA-4309-04751-01-11-Y

68

70

72

74

76

77

79

81

()

83

85

- 67 -

SHA-4309-04751-01-11-Y

(1)

SBU

SBU

/
10

- 68 -

SHA-4309-04751-01-11-Y

(2)

SBU

SBU

SBU

SBU

SBU

SBU

- 69 -

SHA-4309-04751-01-11-Y

(1)

62

/
5

- 70 -

SHA-4309-04751-01-11-Y

(2)

- 71 -

SHA-4309-04751-01-11-Y

(1)

SBU

CPA

/
8

- 72 -

SHA-4309-04751-01-11-Y

(2)
/

SBU

SBU

SBU

SBU

SBU

SBU

SBU

- 73 -

SHA-4309-04751-01-11-Y

 (1)

- 74 -

SHA-4309-04751-01-11-Y

 (2)

- 75 -

SHA-4309-04751-01-11-Y

- 76 -

SHA-4309-04751-01-11-Y

(1)

SBU

CPA

- 77 -

SHA-4309-04751-01-11-Y

(2)

//

SBU

SBU

- 78 -

SHA-4309-04751-01-11-Y

 (1)

-
-
-

- 79 -

SHA-4309-04751-01-11-Y

 (2)

- 80 -

SHA-4309-04751-01-11-Y

(1)

- 81 -

SHA-4309-04751-01-11-Y

(2)

- 82 -

SHA-4309-04751-01-11-Y

 (1)

//5

- 83 -

SHA-4309-04751-01-11-Y

 (2)

- 84 -

SHA-4309-04751-01-11-Y

 (1)

-
-
-

- 85 -

SHA-4309-04751-01-11-Y

 (2)

- 86 -

SHA-4309-04751-01-11-Y

ARGENTINA
Roland Berger y Asociados S.A.
International Management Consultants
Tte. Gral. J.D. Peron 346 - Piso 5
1038 Buenos Aires
Phone ++54-11-43 42 14 98
Fax
++54-11-43 45 57 58

CZECH REPUBLIC
Roland Berger & Partner GmbH
International Management Consultants
Vsehrdova 2/ 560
CS-110 00 Prague 1 - Mal Strana
Phone ++420-2-57 31 11 61
Fax
++420-2-57 31 11 63

AUSTRIA
Roland Berger & Partner Ges.m.b.H
International Management Consultants
Freyung 3/2/10
A-1010 Vienna
Phone ++43-1-5 36 02 0
Fax
++43-1-5 36 02 60

FRANCE
Roland Berger & Partner GmbH
International Management Consultants
16, avenue George V
F-75008 Paris
Phone ++33-1-53 67 03 20
Fax
++33-1-53 67 03 75

BELGIUM
Roland Berger
International Management Consultants S.A.
100, Boulevard du Souverain
B-1170 Brussels
Phone ++32-2-6 79 01 70
Fax
++32-2-6 72 92 22 or 51 81 25 01

GERMANY
Roland Berger & Partner GmbH
International Management Consultants

BRAZIL
Roland Berger & Partners S/C Ltda.
Rua Alexandre Dumas, 2220-5 andar
04717-004 So Paulo / S.P.
Phone ++55-11-51 81 83 66
Fax
++55-11-51 81 69 19

Georg-Glock-Strae 3
D-40474 Dsseldorf
Phone ++49-211-4 38 90 1
Fax
++49-211-4 38 91 40

rb addresses

CHINA
Roland Berger (Shanghai)
International Management Consultants Ltd.
China World Trade Center
914-916 China World Tower
No. 1 Jianguomenwai Avenue
Beijing 100004, P.R.C.
Phone ++86-10-65 05 21 96
Fax
++86-10-65 05 54 84
72 Xing Guo Road
3F Business Building
Shanghai 200052 , P.R.C.
Phone
++86-21-62 12 64 11
Fax/Phone ++86-21-62 12 74 71

Alt Moabit 101b

D-10559 Berlin
Phone ++49-30-3 99 27 50
Fax
++49-30-3 99 27 30 3

Bockenheimer Landstrae 42
D-60323 Frankfurt
Phone ++49-69-17 00 30
Fax
++49-69-17 00 35 02
Stadthausbrcke 7
D-20355 Hamburg
Phone ++49-40-37 63 10
Fax
++49-40-37 63 11 02
Arabellastr. 33
D-81925 Munich
Phone ++49-89-9 22 30
Fax
++49-89-9 22 32 02
Lffelstrae 40
D-70597 Stuttgart
Phone ++49-711-7 67 30
Fax
++49-711-7 67 34 01

GREAT BRITAIN
Roland Berger & Partners Ltd.
International Management Consultants
12 Stratford Place
GB-London
W1N 9AF
Phone ++44-171-2 90 48 00
Fax
++44-171-4 99 99 38

HUNGARY
Roland Berger & Partner Kft.
International Management Consultants
Andrssy t 64
H-1062 Budapest
Phone ++36-1-3 53 02 29
Fax
++36-1-3 53 24 34

INDIA
Roland Berger
International Management Consultants
Pvt. Ltd.
Hyatt Regency Hotel, Suite No. 423
Bhikaji Cama Place, Ring Road
Delhi - 110 066
Phone ++91-11-6 10 94 12 or 6 10 92 48
Fax
++91-11-6 10 93 95

ITALY
Roland Berger & Partner S.R.L.
International Management Consultants
Via Sirtori, 32
I-20129 Milan
Phone ++39-02-29 50 11
Fax
++39-02-29 52 48 37
Via Ludovisi, 35
I-00187 Rome
Phone ++39-06-48 82 11 9
Fax
++39-06-48 91 94 83

JAPAN
Roland Berger & Partner Ltd.
International Management Consultants
ARK Mori Building 22nd Floor
1-12-32, Akasaka
Minato-ku, Tokyo 107-6022
Phone ++81-3-35 87 66 60
Fax
++81-3-35 87 66 70

- 87 -

LATVIA
Roland Berger & Partner GmbH
International Management Consultants
Basteja Blvd. 12
LV-1050 Riga
Phone ++371-7 21 20 68
Fax
++371-7 21 69 38

SPAIN
Roland Berger S.A.
International Management Consultants

MALAYSIA
Roland Berger & Partner SDN. BHD.
International Management Consultants
Letter Box 81, Level 17 Menara IMC
No 8 Jalan Sultan Ismail
50250 Kuala Lumpur
Phone ++60-3-2 06 57 13
Fax
++60-3-2 06 57 14

Paseo de la Castellana, 140, 3rd Floor

E-Madrid 28046
Phone ++34-91-5 64 73 61
Fax
++34-91-5 64 72 75

PORTUGAL
Roland Berger & Partner Lda.
International Management Consultants
Edificio Monumental
Av. Fontes Pereira de Melo, 51-4 E
P-1050 Lisbon
Phone ++351-1-3 52 43 61/2/3/4
Fax
++351-1-3 52 43 60

ROMANIA
Roland Berger & Partner SRL
International Management Consultants
Str. Emanoil Porumbaru 10, Sect. 1
RO-71263 Bucharest
Phone ++40-1-2 22 19 05
Fax
++40-1-2 22 62 71

RUSSIA
Roland Berger & Partner GmbH
International Management Consultants
1. Tverskaja - Jamskaja ul. 23
RF-125047 Moscow
Phone ++7-095-7 21 19 51
Fax
++7-095-7 21 19 54

Avda. Diagonal, 567, 3rd Floor

E-Barcelona 08029
Phone ++34-93-4 94 74 40
Fax
++34-93-4 94 74 20

SWITZERLAND
Roland Berger AG
International Management Consultants
Dufourstr. 56
CH-8008 Zurich
Phone ++41-1-2 67 41 11
Fax
++41-1-2 67 41 19

UKRAINE
Roland Berger & Partner GmbH
International Management Consultants
23 Shota Rustaveli Str., Apt. 10
252023 Kiev
Phone ++380-2 27 09 83
Fax
++380-44-2 46 78 54

USA
Roland Berger & Partner, LLC
International Management Consultants
100 West Big Beaver Road, Suite 200
Troy, MI 48084
Phone ++1-248-6 80 67 30
Fax
++1-248-6 80 67 31
90, Park Avenue, Suite 1600
New York, N.Y. 10016
Phone ++1-212-9 84 10 97
Fax
++1-212-3 51 50 66

SHA-4309-04751-01-11-Y