2005 年 4 月 【】 日
DESCRIPTION
中国国际金融有限公司. 跨国并购交易. 2005 年 4 月 【】 日. 目 录. 第一章 跨国并购交易概览 3 第二章 我国跨国并购交易现状 8 第三章 我国企业跨国并购成功要素及 投资银行的作用 18 附录一 中金公司简介 28 附录二 跨国并购典型案例 — 电信业的跨国并购 37. 第一章. 跨国并购交易概览. 全球收购兼并的发展趋势. 20 世纪 90 年代以来，全球兼并收购呈现迅猛发展态势，至 2000 年到达高峰 2003 年开始，全球 M&A 业务呈现复苏的迹象，大宗交易增多 - PowerPoint PPT PresentationTRANSCRIPT
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20054
-
3 8 18 28 37
-
209020002003M&A
Thomson FinancialM&A2004
Chart
Chart
381.746.6
276.539.6
28038.7
358.743.1
449.946.8
837.863.7
97159.8
1470.565.6
2314.894.6
3082.1109.3
3459110.2
174560.5
123051.4
133348
195064
Bar Data
Bar 2Bar 3Bar 4Bar 5Bar 6Bar 7Bar 8Bar 9Bar 10Bar 11Bar 12
1990381.72025303540455055606570
1991276.53035404550556065707580
1992280.04045505560657075808590
1993358.750556065707580859095100
1994449.96065707580859095100105110
1995837.8707580859095100105110115120
1996971.0
19971,470.5
19982,314.8
19993,082.1
20003,459.0
20011745
20021,230.0
20031,333.0
20041,950.0
Line Data
Line 2Line 3Line 4Line 5Line 6Line 7Line 8
199046.620253035404550
199139.630354045505560
199238.740455055606570
199343.150556065707580
199446.860657075808590
199563.7707580859095100
199659.8
199765.6
199894.6
1999109.3
2000110.2
200160.5
200251.4
200348
200464
Chart
Chart
115.6232
140.3885
150.5761
80.7131
79.2803
83.0643
127.1099
186.5929
227.0227
304.8476
531.6484
766.044
1143.816
593.960031
369.78861325
296.98763
Data
1988198919901991199219931994199519961997199819992000200120022003
112.7486135.3045134.239274.047568.348667.6216110.6317163.9496187.6162232.0847443.1996679.4811056.059496.158967307.79327177240.418962
2.87465.08416.33696.665610.931715.442716.478222.643339.406572.762988.448886.56387.75797.80106461.9953414856.568668
115.6232140.3885150.576180.713179.280383.0643127.1099186.5929227.0227304.8476531.6484766.0441143.816593.960031369.78861325296.98763
-
- - 2004
Chart
Chart
0.53676229340.37115083140.02411065950.04261342810.02161476560.003748022
0.34925969280.5090565140.05321706640.04049825890.04099131970.0069771482
0.3554135290.42411290.06806445540.07466264980.06801420230.0097322636
0.38256424510.4955096850.04513376670.02333166130.04980173920.0036589028
0.33662434440.48525158810.0895667270.0379761890.02945495970.0211261917
Data
1988-19901991-19941995-19971998-20002001-20032006
53.7%34.9%35.5%38.3%33.7%75
37.1%50.9%42.4%49.6%48.5%70
2.4%5.3%6.8%4.5%9.0%65
4.3%4.0%7.5%2.3%3.8%
2.2%4.1%6.8%5.0%2.9%
0.4%0.7%1.0%0.4%2.1%80
Series 7
Series 8
Series 9
Series 10
Series 11
Series 12
Total11111290
Chart
Chart
0.49999681020.16207120940.06449801910.06412800080.2093059605
0.49999847190.15312606010.08218801290.0641134960.2005739591
0.49999937280.14875247270.05454474750.06190284450.2348005625
0.49999984060.12557312850.18648808690.07418854830.1137503958
0.50.14624911390.12507723790.08367906490.1449945833
Data
1988-19901991-19941995-19971998-20002001-20032006
50.0%50.0%50.0%50.0%50.0%65
16.2%15.3%14.9%12.6%14.6%70
6.4%8.2%5.5%18.6%12.5%75
6.4%6.4%6.2%7.4%8.4%80
20.9%20.1%23.5%11.4%14.5%
Series 6
Series 7
Series 8
Series 9
Series 10
Series 11
Series 12
Total11111290
-
FDI (FDI: 10%
-
97
-
M&AM&A2001
M&A2004M&A47%30%17%
M&AM&A
Thomson FinancialM&A2004
Chart
Chart
8
124.8
221.1
561.2
714.9
402.8
1905.5
1855.6
797.8
2395
2247
2324.631
2072.44937
3820.107
Series 1
Data
19901991199219931994199519961997199819992000200120022003
Series 181252215617154031906185679823952247232520723820
Series 2203040506070
Series 3253545556575
Series 4304050607080
Series 5354555657585
Series 6405060708090
Series 7455565758595
Series 85060708090100
Series 95565758595105
Series 1060708090100110
Series 1165758595105115
Series 12708090100110120
Chart
Chart
48
762
1302
2791
2038
2352
4171
11915
9267
14765
41208
1275126.19
2637327.5
2887319.038
2453911.46
Bar Data
199019911992199319941995199619971998199920002001200220032004
48.00762.001302.002791.002038.002352.004171.0011915.009267.0014765.0041208.0012751.0026373.0028873.0024539.00
Bar 2203040506070
Bar 3253545556575
Bar 4304050607080
Bar 5354555657585
Bar 6405060708090
Bar 7455565758595
Bar 85060708090100
Bar 95565758595105
Bar 1060708090100110
Bar 1165758595105115
Bar 12708090100110120
Line Data
199019911992199319941995199619971998199920002001200220032004
26.1927.5019.0411.46
Line 2203040506070
Line 3253545556575
Line 4304050607080
Line 5354555657585
Line 6405060708090
Line 745556575859526.19
Line 8506070809010027.50
19.04
11.46
26.19
-
M&AM&A
IBM 100IBM200448.9 5 2004TCLThomson4.23ThomsonTCL2004TCLAlcatel1 AlcatelTCL20048000 2002 2.16 2002PCCW20% 10PCCW2004 AIG9.9% ~2 AIG2003H81.6 200118200320%1 200319.9%144.612004
-
//
WTOWTO
-
2004
19994
WTO
-
200419.9%
20035%
5%-20%
WTO
-
20047500
200150%1
-
20025050
-
2004IBM
200448.9
-
200075%
-
-
-
/
-
DCF
-
////
-
/ /
-
1234
-
ECM
-
200311H8.0520031235200320041111200412122020024A11020041165
-
200011A7820001034.620018A1182000656.5200210A11520047A452000428.919971042.2199861999112000104368.76.920028200410
-
1997
2000AA
199720042000-2004A (Equityware; 100
(%)1334.6502261.3393190.2284126.519588.513
(%)152.4614239.2410333.089431.38518.75
-
)200
5AIPO19972004A19972004Equityware;
-
2000/2001/2002
-
170
200411A
171
20029
TCL
20041IPO
-
328.47
200010
27.2 (48)9
200212
103.4(28)
200272002
7.79
20018
-
-
-
1002004
-
1999
19991999
Chart
Chart
11910
11131
10685
8649
7455
7321
7050
6385
5876
5866
Series 1
Data
Series 11191011131106858649745573217050638558765866
Series 2203040506070
Series 3253545556575
Series 4304050607080
Series 5354555657585
Series 6405060708090
Series 7455565758595
Series 85060708090100
Series 95565758595105
Series 1060708090100110
Series 1165758595105115
Series 12708090100110120
Chart
Chart
22747.41
14119.08
10474.33
8301.97
7354.14
7047.77
6419.68
6021.06
5962.48
5819.67
Series 1
Data
Series 122747.4114119.0810474.338301.977354.147047.776419.686021.065962.485819.67
Series 2203040506070
Series 3253545556575
Series 4304050607080
Series 5354555657585
Series 6405060708090
Series 7455565758595
Series 85060708090100
Series 95565758595105
Series 1060708090100110
Series 1165758595105115
Series 12708090100110120
-
10
100 2004100 19912003
Chart
Chart
42.445.739.9
57.652.752.6
Data
199520022003200420052006
42.457.635455565
45.752.740506070
39.952.645556575
Series 4304050607080
Series 5354555657585
Series 6405060708090
Series 7455565758595
Series 85060708090100
Series 95565758595105
Series 1060708090100110
Series 1165758595105115
Series 12708090100110120
Chart
Chart
47.859.753.9
54.562.956.5
Data
199520022003200420052006
47.854.535455565
59.762.940506070
53.956.545556575
Series 4304050607080
Series 5354555657585
Series 6405060708090
Series 7455565758595
Series 85060708090100
Series 95565758595105
Series 1060708090100110
Series 1165758595105115
Series 12708090100110120
Chart
Chart
8028235
7907943
101110257
108211049
106611264
981611465
1351615176
136914560
131914063
147315069
1941420871
2361224870
2202424482
Total
Bar Data
1991199219931994199519961997199819992000200120022003
807910110810698135136131147194236220
201261616993141224
Bar 4
Bar 5
Bar 6
Bar 7
Bar 8
Bar 9
Bar 10
Bar 11
Bar 12
Total8279102110112114151145140150208248244
Line Data
1991199219931994199519961997199819992000200120022003
35435749646576606369717082
Line 2203040506070
Line 3253545556575
Line 4304050607080
Line 5354555657585
Line 6405060708090
Line 7455565758595
Line 85060708090100
-
10OECD(OECD)3030 2003.
Chart
Chart
2712
2712
2514
2415
2316
2217
2217
2118
19011
8022
7023
6024
3027
2028
1029
Data
198919901991199219931994199519961997199819992000200120022003
272725242322222119876321
111111110000000
2245677811222324272829
Total303030303030
Chart
Chart
24600
23700
23700
181219920
151230
111441
111342
61653
31845
01488
09138
051510
041412
041016
Data
19891990199119921993199419951996199719981999200020012002
242323181511116300000
677121214131618149544
00034454813151410
00000123588101216
Total303030303029
-
ITU)1991-2003
Chart
Chart
40151
43148
55135
88102
10486
11179
Data
199119931995199920012003
40435588104111
1511481351028679
Series 3253545556575
Series 4304050607080
Series 5354555657585
Series 6405060708090
Series 7455565758595
Series 85060708090100
Series 95565758595105
Series 1060708090100110
Series 1165758595105115
Series 12708090100110120
-
1998-200020002003199920%20041998
Chart
Chart
100100
98.445339021295.1437889728
103.052242617298.6123646209
105.502147985798.2103298326
105.9632889717100.5374138497
108.769189173103.8377912701
107.6891879713104.6203232688
108.5348634602106.0684689859
110.1616246583107.6202001969
110.765463995108.27145553
115.370865503109.5965293732
119.2071980052112.7297341648
119.9342085499112.3482113554
121.5955177697115.1439940926
121.006699312113.910198556
120.7873944783115.1460452904
118.6168774597113.6261076469
119.8035269024114.9696422711
118.0100339472113.6507220217
117.3205756001113.7112323597
120.6206627212113.889686577
118.8932616337111.8743846406
122.5343227086114.2373646209
118.7670862499112.6969149984
122.2654489741112.8825484083
122.1197464476116.2208729898
126.4562742212117.5767148014
126.9880133385119.4135625205
133.045933848121.7129553659
132.1792291285117.0003281917
130.7191996876114.9357975057
125.2576080752111.7338775845
122.8122089705108.9955283886
123.8276203923110.885707253
122.0100940307105.3433705284
120.213596899799.8820561208
122.5388289723103.4890876272
122.8452549043104.6203232688
122.5132934779107.149450279
118.6919818548102.8265507056
118.0881425181100.9589350181
126.289542464108.3463242534
127.4731877309109.8078027568
129.5520773876112.6794798162
133.2171718689117.0218657696
128.961756842115.4537249754
135.6355333914119.3335658024
138.9221017214122.2811371841
137.2367590951120.6863308172
139.2675819389119.6320150968
143.5981013609121.8442320315
148.4663682519125.7661224155
150.2087902184126.0696997046
160.2532520203130.7730964883
157.3902724787127.5086150312
162.1819328867125.6553577289
164.7775407817131.2397440105
159.6208730135127.1127338366
160.1075494938126.1620036101
161.5585664073127.0911962586
162.9705290354127.0029947489
163.0651605732130.8120692484
162.4432961817132.7730144404
161.240123772133.2550459468
157.0823444588131.5638332786
159.8476882867132.6837873318
168.2488659236138.2866343945
163.4406825487135.2765014769
165.0629374831139.1583935018
163.69753958136.9359205776
166.9345390092137.9430587463
165.4339531949137.2046275025
166.9345390092136.4344026912
163.436176285133.516573679
165.6727851714136.1739005579
169.6653348154132.6755825402
172.4772433683137.7215293732
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226.2655090576150.1958893994
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62.809805629892.40236298
63.237900681991.7644404332
64.822603418893.3120692484
67.852314717595.4371102724
68.415597680896.0278552675
66.033286267993.5582129964
63.72908342691.2249753856
65.486526271591.8680259271
63.808694084889.7809320643
66.745275933593.1848949787
68.507225042895.1314817854
67.371646588892.4864620939
63.822212875988.3450935346
62.555952774487.7605021332
62.519902664785.0929192649
62.803797278285.6262307187
60.800012016786.9882261241
59.299426202486.2682556613
57.379757863485.0108713489
58.579926097385.4600836889
61.235617508391.8721283229
59.655421035288.5604693141
60.992279268290.134763702
60.649803226589.05275681
61.689248054891.645470955
63.993450896792.1818592058
65.714843632695.3889071218
65.767416709295.730431572
67.23045032696.8473088284
68.466668669595.710945192
69.920689758898.8256892025
70.9946826088101.3045618641
70.2811908553101.3917377749
72.2008591943102.1178618313
70.8775197525100.1210206761
71.1493976628101.0932884805
69.4400216301102.369133574
67.4317301048101.8747948802
68.3570162526102.4245159173
67.1238020849100.5240810633
67.6660558176100.2615277322
68.7175173491101.6030111585
67.8628293328101.8481293075
67.3040526332103.3813997374
68.3224682308104.7536511323
68.9112866885104.4705858221
70.1384925046106.2828191664
67.9108961456102.2368313095
69.7224141557105.6213078438
69.8455853637106.4633245816
69.2612731697106.5925500492
69.2342355875105.5249015425
70.1429987683107.760707253
69.1936792141108.0171069905
70.5200228317107.7237856908
71.0082013999106.1782080735
72.6304563343108.5288808664
74.3142968727108.8673285199
74.8910986271110.1636855924
75.9921290594111.6538808664
76.9414486136112.3943633082
79.407876949113.685592386
82.8356415417115.0578437808
81.8667948448116.9008450935
83.6723045033117.0772481129
80.7912999069116.0085740072
81.7781716586117.2013455858
82.7905789047117.5141532655
82.6749181362117.339801444
81.0977258389117.4249261569
82.5472406645118.647440105
78.8731336558114.9255415162
79.0684050831113.8189202494
77.6939946526113.6425172301
80.1664313396117.1039136856
79.8645116712116.8485395471
78.8986691501116.3654824417
79.1390032145116.9798162127
78.0529936612113.5645717099
77.0901553159112.6825566131
74.3022801694112.3748769281
75.7412803797112.1553987529
75.4408627993114.9368231047
75.4228377445115.1234821136
76.5283744405116.5562438464
76.6545498243116.4075319987
76.089764773116.3470216606
76.22795686115.4188546111
75.9710998288114.1296767312
75.4288460961112.9584427306
74.1085108301111.4005579258
76.0161624658112.9922874959
74.7243668699109.1206514605
75.1930182954109.2057761733
76.5584161985112.6466606498
77.1216991618113.6127748605
76.935440262114.2137758451
78.6958872833115.2691171644
78.3489049779115.7439694782
77.9778892661113.8527650148
79.9696578244116.0465211684
80.9324961697115.0865605514
80.6125514465113.6568756154
80.6951662811112.3789793239
81.7796737465115.9131933049
84.629134497119.6022727273
85.841319434121.4483508369
86.287439541120.0299474893
86.9123081083121.2924597965
89.6581247935122.1662701017
87.9547571124121.8411552347
88.3828521645122.4790777814
89.9164839126124.1108057105
90.1553158891124.2943879225
MSCI
500
Data
MSCI500
1/2/98100100
1/9/989895
1/16/9810399
1/23/9810698
1/30/98106101
2/6/98109104
2/13/98108105
2/20/98109106
2/27/98110108
3/6/98111108
3/13/98115110
3/20/98119113
3/27/98120112
4/3/98122115
4/10/98121114
4/17/98121115
4/24/98119114
5/1/98120115
5/8/98118114
5/15/98117114
5/22/98121114
5/29/98119112
6/5/98123114
6/12/98119113
6/19/98122113
6/26/98122116
7/3/98126118
7/10/98127119
7/17/98133122
7/24/98132117
7/31/98131115
8/7/98125112
8/14/98123109
8/21/98124111
8/28/98122105
9/4/98120100
9/11/98123103
9/18/98123105
9/25/98123107
10/2/98119103
10/9/98118101
10/16/98126108
10/23/98127110
10/30/98130113
11/6/98133117
11/13/98129115
11/20/98136119
11/27/98139122
12/4/98137121
12/11/98139120
12/18/98144122
12/25/98148126
1/1/99150126
1/8/99160131
1/15/99157128
1/22/99162126
1/29/99165131
2/5/99160127
2/12/99160126
2/19/99162127
2/26/99163127
3/5/99163131
3/12/99162133
3/19/99161133
3/26/99157132
4/2/99160133
4/9/99168138
4/16/99163135
4/23/99165139
4/30/99164137
5/7/99167138
5/14/99165137
5/21/99167136
5/28/99163134
6/4/99166136
6/11/99170133
6/18/99172138
6/25/99170135
7/2/99173143
7/9/99173144
7/16/99175146
7/23/99170139
7/30/99170136
8/6/99163133
8/13/99162136
8/20/99160137
8/27/99164138
9/3/99163139
9/10/99163139
9/17/99162137
9/24/99161131
10/1/99162132
10/8/99171137
10/15/99166128
10/22/99167133
10/29/99176140
11/5/99181141
11/12/99188143
11/19/99192146
11/26/99201145
12/3/99202147
12/10/99206145
12/17/99204146
12/24/99214150
12/31/99214151
1/7/00198148
1/14/00208150
1/21/00205148
1/28/00206139
2/4/00220146
2/11/00225142
2/18/00215138
2/25/00219137
3/3/00241145
3/10/00237143
3/17/00226150
3/24/00231157
3/31/00223154
4/7/00219156
4/14/00199139
4/21/00199147
4/28/00197149
5/5/00190147
5/12/00185146
5/19/00167144
5/26/00174141
6/2/00196152
6/9/00193149
6/16/00192150
6/23/00186148
6/30/00180149
7/7/00191152
7/14/00188155
7/21/00180152
7/28/00166146
8/4/00165150
8/11/00162151
8/18/00158153
8/25/00157155
9/1/00164156
9/8/00156153
9/15/00151150
9/22/00144149
9/29/00147147
10/6/00147145
10/13/00138141
10/20/00140143
10/27/00148141
11/3/00145146
11/10/00136140
11/17/00135140
11/24/00133138
12/1/00131135
12/8/00134140
12/15/00134135
12/22/00122134
12/29/00125135
1/5/01132133
1/12/01139135
1/19/01139138
1/26/01133139
2/2/01133138
2/9/01125135
2/16/01118133
2/23/01113128
3/2/01114127
3/9/01115126
3/16/01110118
3/23/01106117
3/30/01110119
4/6/01110116
4/13/01115121
4/20/01118127
4/27/01117129
5/4/01117130
5/11/01113128
5/18/01114133
5/25/01111131
6/1/01106129
6/8/01105130
6/15/01100125
6/22/0197126
6/29/0199126
7/6/0197122
7/13/01100125
7/20/0199124
7/27/01100124
8/3/01101125
8/10/0196122
8/17/0193119
8/24/0194122
8/31/0190116
9/7/0185111
9/14/0185112
9/21/018799
9/28/0192107
10/5/0193110
10/12/0192112
10/19/0190110
10/26/0191113
11/2/0189112
11/9/0192115
11/16/0195117
11/23/0193118
11/30/0192117
12/7/0194119
12/14/0190115
12/21/0191117
12/28/0192119
1/4/0295120
1/11/0290117
1/18/0287116
1/25/0285116
2/1/0282115
2/8/0279112
2/15/0277113
2/22/0276112
3/1/0280116
3/8/0283119
3/15/0282120
3/22/0280118
3/29/0279118
4/5/0278115
4/12/0272114
4/19/0274115
4/26/0271110
5/3/0267110
5/10/0266108
5/17/0271113
5/24/0271111
5/31/0270109
6/7/0267105
6/14/0264103
6/21/0262101
6/28/0263102
7/5/0263101
7/12/026294
7/19/026087
7/26/025687
8/2/025889
8/9/025893
8/16/026095
8/23/026196
8/30/025994
9/6/025792
9/13/025691
9/20/025487
9/27/025285
10/4/025482
10/11/025686
10/18/025991
10/25/026192
11/1/026392
11/8/026392
11/15/026593
11/22/026895
11/29/026896
12/6/026694
12/13/026491
12/20/026592
12/27/026490
1/3/036793
1/10/036995
1/17/036792
1/24/036488
1/31/036388
2/7/036385
2/14/036386
2/21/036187
2/28/035986
3/7/035785
3/14/035985
3/21/036192
3/28/036089
4/4/036190
4/11/036189
4/18/036292
4/25/036492
5/2/036695
5/9/036696
5/16/036797
5/23/036896
5/30/037099
6/6/0371101
6/13/0370101
6/20/0372102
6/27/0371100
7/4/0371101
7/11/0369102
7/18/0367102
7/25/0368102
8/1/0367101
8/8/0368100
8/15/0369102
8/22/0368102
8/29/0367103
9/5/0368105
9/12/0369104
9/19/0370106
9/26/0368102
10/3/0370106
10/10/0370106
10/17/0369107
10/24/0369106
10/31/0370108
11/7/0369108
11/14/0371108
11/21/0371106
11/28/0373109
12/5/0374109
12/12/0375110
12/19/0376112
12/26/0377112
1/2/0479114
1/9/0483115
1/16/0482117
1/23/0484117
1/30/0481116
2/6/0482117
2/13/0483118
2/20/0483117
2/27/0481117
3/5/0483119
3/12/0479115
3/19/0479114
3/26/0478114
4/2/0480117
4/9/0480117
4/16/0479116
4/23/0479117
4/30/0478114
5/7/0477113
5/14/0474112
5/21/0476112
5/28/0475115
6/4/0475115
6/11/0477117
6/18/0477116
6/25/0476116
7/2/0476115
7/9/0476114
7/16/0475113
7/23/0474111
7/30/0476113
8/6/0475109
8/13/0475109
8/20/0477113
8/27/0477114
9/3/0477114
9/10/0479115
9/17/0478116
9/24/0478114
10/1/0480116
10/8/0481115
10/15/0481114
10/22/0481112
10/29/0482116
11/5/0485120
11/12/0486121
11/19/0486120
11/26/0487121
12/3/0490122
12/10/0488122
12/17/0488122
12/24/0490124
12/31/0490124
Chart
Chart
3433.62
7731.62
7130.9
2544.36
1236.31
1195.5
2757.08
Data
1998199920002001200220032004
3433.627731.627130.92544.361236.311195.52757.08
Series 2203040506070
Series 3253545556575
Series 4304050607080
Series 5354555657585
Series 6405060708090
Series 7455565758595
Series 85060708090100
Series 95565758595105
Series 1060708090100110
Series 1165758595105115
Series 12708090100110120
-
19986719992000962%
20004,199819996AirTouch20005,Orange20015VoiceStream20019,20008,O2200011,NTTAT&T Wireless200110,OPTUS20023,Sonera20001,
Chart
Chart
1249.128708571249.12870857
60.93911599512.61338401573.5525
182.16917052204.86126.721413
221.337660668649.4217393314270.7594
109.1519109.1519
104.2929104.2929
9898
47.9198424348.9687575796.8886
86.491886.4918
83.678283.6782
Data
1249.1287085760.93911599182.16917052221.3376606686109.1519104.29299847.9198424383.6782
512.61338401204.86149.421739331448.9687575786.4918
26.721
Series 5
Series 6
Series 7
Series 8
Series 9
Series 10
Series 11
Series 12
Total1249.12870857573.5525413270.7594109.1519104.29299896.888686.491883.6782
-
20042002
-
- - - - 10101010
Chart
Chart
31.4114.059
33.1787.761
35.10713.202
35.28818.401
34.69121.147
Data
199920002001200220032006
31.41133.17835.10735.28834.69165
4.0597.76113.20218.40121.14770
Series 375
Series 4
Series 5
Series 6
Series 7
Series 8
Series 9
Series 10
Series 11
Series 12
Total35.4740.93948.30953.68955.838210
Chart
Chart
2.9014.972
3.44411.56
3.76319.082
4.02626.349
4.74428.815
Data
199920002001200220032006
2.9013.4443.7634.0264.74465
4.97211.5619.08226.34928.81570
Series 375
Series 4
Series 5
Series 6
Series 7
Series 8
Series 9
Series 10
Series 11
Series 12
Total7.87315.00422.84530.37533.559210
Chart
Chart
8.51704714.439953
10.182918.302
10.220420.8322
16.76266711.648633
17.60787610.791924
Data
199920002001200220032006
8.51704710.182910.220416.76266717.60787665
14.43995318.30220.832211.64863310.79192470
Series 375
Series 4
Series 5
Series 6
Series 7
Series 8
Series 9
Series 10
Series 11
Series 12
Total22.95728.484931.052628.411328.3998210
Chart
Chart
4.84970.0161
4.91110.0144
4.87342.3958
4.51755.7412
3.8558.1397
Data
199920002001200220032006
4.84974.91114.87344.51753.85565
0.01610.01442.39585.74128.139770
Series 375
Series 4
Series 5
Series 6
Series 7
Series 8
Series 9
Series 10
Series 11
Series 12
Total4.86584.92557.269210.258711.9947210
-
/
- - - - 410%341%220%2595%
Chart
Chart
11998199819981998
11.035199919991999
11.0350.11620002000
11.0350.1160.3342001
11.0350.1160.3340.1
2.622003200320032003
Series 1
Series 2
Series 3
Series 4
Series 5
3.1%
Data
199819992000200120022003
Series 1111112.62
Series 2103.50%103.50%103.50%103.50%
Series 311.60%11.60%11.60%
Series 433.40%33.40%
Series 510%
Series 6
Series 7
Series 8
Series 93.10%
Series 10
Series 11
Series 12
Total12.0352.1512.4852.6162.62
Chart
Chart
119991999
10.8812000
10.8810.068
220032003
Series 1
Series 2
Series 3
Data
199920002001200320052006
Series 111125565
Series 288.10%88.10%6070
Series 36.80%6575
Series 4
Series 5
Series 6
Series 7
Series 8
Series 9
Series 10
Series 11
Series 12
Total11.8811.9492180210
Chart
Chart
100
10.1510
10.1510.239
2.220032003
Series 1
Series 2
Series 3
Data
200020012003200320052006
Series 11112.25565
Series 2015.10%15.10%6070
Series 30023.90%6575
Series 4
Series 5
Series 6
Series 7
Series 8
Series 9
Series 10
Series 11
Series 12
Total10.1510.2392.2180210
Chart
Chart
1199819981998
11.05819991999
11.0580.1052000
11.0580.0551.629
3.8200320032003
Series 1
Series 2
Series 3
Series 4
5.5%
Data
199819992000200120032006
Series 111113.865
Series 2105.80%105.80%105.80%70
Series 310.50%5.50%75
Series 4162.90%
Series 5
Series 6
Series 75.50%
Series 8
Series 9
Series 10
Series 11
Series 12
Total12.0582.2183.7423.8210
-
599-03 - 599-03 - 599-03 - 599-03 -
Chart
Chart
-0.055770908
0.5
Series 1
374.2%
Data
2003200420052006
Series 1-5.6%50.0%35455565
Series 2203040506070
Series 3253545556575
Series 4304050607080
Series 5354555657585
Series 6405060708090
Series 7455565758595
Series 85060708090100
Series 95565758595105
Series 1060708090100110
Series 1165758595105115
Series 12708090100110120
Chart
Chart
0.0251413795
0.5108015736
Series 1
Data
2003200420052006
Series 12.5%51.1%35455565
Series 2203040506070
Series 3253545556575
Series 4304050607080
Series 5354555657585
Series 6405060708090
Series 7455565758595
Series 85060708090100
Series 95565758595105
Series 1060708090100110
Series 1165758595105115
Series 12708090100110120
Chart
Chart
0.1308349901
0.5515717941
Series 1
Data
2003200420052006
Series 113.1%55.2%35455565
Series 2203040506070
Series 3253545556575
Series 4304050607080
Series 5354555657585
Series 6405060708090
Series 7455565758595
Series 85060708090100
Series 95565758595105
Series 1060708090100110
Series 1165758595105115
Series 12708090100110120
Chart
Chart
0.214
0.225
-0.276
Series 1
Data
(99-01)(01-03)200420052006
Series 121.40%22.50%-27.60%455565
Series 2203040506070
Series 3253545556575
Series 4304050607080
Series 5354555657585
Series 6405060708090
Series 7455565758595
Series 85060708090100
Series 95565758595105
Series 1060708090100110
Series 1165758595105115
Series 12708090100110120
-
2003ITU17.1915.48ITU2001
Chart
Chart
65.8778.54
56.669.59
42.9191.61
46.2979.8
Data
20052006
65.8756.6042.9146.295565
78.5469.5991.6179.86070
Series 3253545556575
Series 4304050607080
Series 5354555657585
Series 6405060708090
Series 7455565758595
Series 85060708090100
Series 95565758595105
Series 1060708090100110
Series 1165758595105115
Series 12708090100110120
-
200315.4817.19339.5325ITU2001
Chart
Chart
0.06710.11
0.11910.18
0.12870.27
0.07050.16
0.0320.11
0.02470.0463
0.05520.0365
0.10550.342
0.04170.263
0.31870.2814136126
0.36120.4870029412
0.24080.3976538889
Data
7%12%13%7%3%2%6%10.6%4.2%31.9%36.1%24.1%
11%18%27%16%11%5%4%34.2%26.3%28%49%40%
Series 3
Series 4307080
Series 5357585
Series 6408090
Series 7458595
Series 85090100
Series 95595105
Series 1060100110
Series 1165105115
Series 1270110120
:2002
:2002
:2002
:2002
Chart
Chart
5.24
10.75
8.7
339.49
Series 1
Data
20052006
Series 15.2410.758.7339.495565
Series 2203040506070
Series 3253545556575
Series 4304050607080
Series 5354555657585
Series 6405060708090
Series 7455565758595
Series 85060708090100
Series 95565758595105
Series 1060708090100110
Series 1165758595105115
Series 12708090100110120
Chart
Chart
30
15
325
Series 1
Data
200420052006
Series 13015325455565
Series 2203040506070
Series 3253545556575
Series 4304050607080
Series 5354555657585
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