공모 나라

모집(매출) 정보 <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=0> <TBODY> <TR> <TD vAlign=top align=left width=300><BR></TD> <TD vAlign=bottom align=right width=300>(단위 : 원, 주)</TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=734 borderColorLight=black border=1> <THEAD> <TR> <TH vAlign=center align=middle width=106 rowSpan=2>주식의 종류</TH> <TH vAlign=center align=middle width=106 rowSpan=2>모집(매출)의<BR>방법</TH> <TH vAlign=center align=middle width=160 colSpan=2>주식의 수</TH> <TH vAlign=center align=middle width=160 colSpan=2>모집(매출)가액</TH> <TH vAlign=center align=middle width=202 colSpan=2>모집(매출)총액</TH></TR> <TR> <TH vAlign=center align=middle width=104>모집</TH> <TH vAlign=center align=middle width=56>매출</TH> <TH vAlign=center align=middle width=80>예정</TH> <TH vAlign=center align=middle width=80>확정</TH> <TH vAlign=center align=middle width=51>예정</TH> <TH vAlign=center align=middle width=151>확정</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=center align=middle width=106>기명식보통주</TD> <TD vAlign=center align=middle width=106>일반공모</TD> <TD vAlign=center align=right width=104>17,000,000</TD> <TD vAlign=center align=right width=56>-</TD> <TD vAlign=center align=right width=80>0</TD> <TD vAlign=center align=right width=80>6,000</TD> <TD vAlign=center align=right width=51>0</TD> <TD vAlign=center align=right width=151>102,000,000,000</TD></TR></TBODY></TABLE> <P>청약단위 <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=1> <TBODY> <TR> <TD vAlign=top align=middle width=300>구    분</TD> <TD vAlign=top align=middle width=300>청 약 단 위</TD></TR> <TR> <TD vAlign=top align=left width=300>10주 이상 100주 이하</TD> <TD vAlign=top align=middle width=300>10주 단위</TD></TR> <TR> <TD vAlign=top align=left width=300>100주 초과 1,000주 이하</TD> <TD vAlign=top align=middle width=300>50주 단위</TD></TR> <TR> <TD vAlign=top align=left width=300>1,000주 초과 5,000주 이하</TD> <TD vAlign=top align=middle width=300>100주 단위</TD></TR> <TR> <TD vAlign=top align=left width=300>5,000주 초과 20,000주 이하</TD> <TD vAlign=top align=middle width=300>500주 단위</TD></TR> <TR> <TD vAlign=top align=left width=300>20,000주 초과</TD> <TD vAlign=top align=middle width=300>2,000주 단위</TD></TR></TBODY></TABLE></P>공모주식의 배정비율 <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=608 borderColorLight=black border=1> <TBODY> <TR> <TD vAlign=center align=middle width=137>구    분</TD> <TD vAlign=center align=middle width=227>금호생명 임직원 및 보험설계사 금호아시아나 계열회사 임직원</TD> <TD vAlign=center align=middle width=122>일반 법인</TD> <TD vAlign=center align=middle width=122>일반 개인</TD></TR> <TR> <TD vAlign=center align=middle width=137>배정 비율</TD> <TD vAlign=center align=middle width=227>50%</TD> <TD vAlign=center align=middle width=122>    40%</TD> <TD vAlign=center align=middle width=122> 10%</TD></TR></TBODY></TABLE> <P> </P> <P>   [주요 재무현황] <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=0> <TBODY> <TR> <TD vAlign=top align=right width=600>(단위 : 백만원)</TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=730 borderColorLight=black border=1> <TBODY> <TR> <TD vAlign=top align=middle width=120>구 분</TD> <TD vAlign=top align=middle width=118>FY2005 상반기</TD> <TD vAlign=top align=middle width=99>FY 2004</TD> <TD vAlign=top align=middle width=99>FY 2003</TD> <TD vAlign=top align=middle width=98>FY 2002</TD> <TD vAlign=top align=middle width=98>FY 2001</TD> <TD vAlign=top align=middle width=98>FY 2000</TD></TR> <TR> <TD vAlign=top align=left width=120>  현금과 예치금</TD> <TD vAlign=top align=right width=118>59,063</TD> <TD vAlign=top align=right width=99>26,419</TD> <TD vAlign=top align=right width=99>34,414</TD> <TD vAlign=top align=right width=98>40,647</TD> <TD vAlign=top align=right width=98>55,370</TD> <TD vAlign=top align=right width=98>68,179</TD></TR> <TR> <TD vAlign=top align=left width=120>  단기매매증권</TD> <TD vAlign=top align=right width=118>444,029</TD> <TD vAlign=top align=right width=99>454,040</TD> <TD vAlign=top align=right width=99>359,396</TD> <TD vAlign=top align=right width=98>297,308</TD> <TD vAlign=top align=right width=98>545,285</TD> <TD vAlign=top align=right width=98>734,445</TD></TR> <TR> <TD vAlign=top align=left width=120>  매도가능증권</TD> <TD vAlign=top align=right width=118>940,483</TD> <TD vAlign=top align=right width=99>851,628</TD> <TD vAlign=top align=right width=99>821,792</TD> <TD vAlign=top align=right width=98>858,620</TD> <TD vAlign=top align=right width=98>566,014</TD> <TD vAlign=top align=right width=98>555,753</TD></TR> <TR> <TD vAlign=top align=left width=120>  만기보유증권</TD> <TD vAlign=top align=right width=118>428,341</TD> <TD vAlign=top align=right width=99>379,673</TD> <TD vAlign=top align=right width=99>223,713</TD> <TD vAlign=top align=right width=98>0</TD> <TD vAlign=top align=right width=98>0</TD> <TD vAlign=top align=right width=98>0</TD></TR> <TR> <TD vAlign=top align=left width=120>  대출채권</TD> <TD vAlign=top align=right width=118>947,129</TD> <TD vAlign=top align=right width=99>926,949</TD> <TD vAlign=top align=right width=99>953,224</TD> <TD vAlign=top align=right width=98>841,547</TD> <TD vAlign=top align=right width=98>785,638</TD> <TD vAlign=top align=right width=98>490,955</TD></TR> <TR> <TD vAlign=top align=left width=120>  고정자산</TD> <TD vAlign=top align=right width=118>324,104</TD> <TD vAlign=top align=right width=99>327,213</TD> <TD vAlign=top align=right width=99>321,957</TD> <TD vAlign=top align=right width=98>324,169</TD> <TD vAlign=top align=right width=98>329,808</TD> <TD vAlign=top align=right width=98>327,862</TD></TR> <TR> <TD vAlign=top align=left width=120>  기타자산</TD> <TD vAlign=top align=right width=118>853,983</TD> <TD vAlign=top align=right width=99>809,333</TD> <TD vAlign=top align=right width=99>677,204</TD> <TD vAlign=top align=right width=98>625,160</TD> <TD vAlign=top align=right width=98>521,599</TD> <TD vAlign=top align=right width=98>388,405</TD></TR> <TR> <TD vAlign=top align=left width=120>자산총계</TD> <TD vAlign=top align=right width=118>3,999,766</TD> <TD vAlign=top align=right width=99>3,777,399</TD> <TD vAlign=top align=right width=99>3,393,369</TD> <TD vAlign=top align=right width=98>3,068,422</TD> <TD vAlign=top align=right width=98>2,792,306</TD> <TD vAlign=top align=right width=98>2,565,599</TD></TR> <TR> <TD vAlign=top align=left width=120>  책임준비금</TD> <TD vAlign=top align=right width=118>3,123,687</TD> <TD vAlign=top align=right width=99>2,975,948</TD> <TD vAlign=top align=right width=99>2,766,715</TD> <TD vAlign=top align=right width=98>2,570,471</TD> <TD vAlign=top align=right width=98>2,383,915</TD> <TD vAlign=top align=right width=98>2,336,240</TD></TR> <TR> <TD vAlign=top align=left width=120>  계약자지분조정</TD> <TD vAlign=top align=right width=118>13,965</TD> <TD vAlign=top align=right width=99>8,292</TD> <TD vAlign=top align=right width=99>55</TD> <TD vAlign=top align=right width=98>-3</TD> <TD vAlign=top align=right width=98>0</TD> <TD vAlign=top align=right width=98>0</TD></TR> <TR> <TD vAlign=top align=left width=120>  기타부채</TD> <TD vAlign=top align=right width=118>750,680</TD> <TD vAlign=top align=right width=99>7,111,59</TD> <TD vAlign=top align=right width=99>590,448</TD> <TD vAlign=top align=right width=98>496,449</TD> <TD vAlign=top align=right width=98>435,813</TD> <TD vAlign=top align=right width=98>194,736</TD></TR> <TR> <TD vAlign=top align=left width=120>부채총계</TD> <TD vAlign=top align=right width=118>3,888,332</TD> <TD vAlign=top align=right width=99>3,695,400</TD> <TD vAlign=top align=right width=99>3,357,217</TD> <TD vAlign=top align=right width=98>3,068,919</TD> <TD vAlign=top align=right width=98>2,819,728</TD> <TD vAlign=top align=right width=98>2,640,039</TD></TR> <TR> <TD vAlign=top align=left width=120>  자본금</TD> <TD vAlign=top align=right width=118>211,249</TD> <TD vAlign=top align=right width=99>211,249</TD> <TD vAlign=top align=right width=99>211,249</TD> <TD vAlign=top align=right width=98>211,249</TD> <TD vAlign=top align=right width=98>211,249</TD> <TD vAlign=top align=right width=98>211,249</TD></TR> <TR> <TD vAlign=top align=left width=120>  결손금</TD> <TD vAlign=top align=right width=118>-119,037</TD> <TD vAlign=top align=right width=99>-138,308</TD> <TD vAlign=top align=right width=99>-173,787</TD> <TD vAlign=top align=right width=98>-194,658</TD> <TD vAlign=top align=right width=98>-235,413</TD> <TD vAlign=top align=right width=98>-278,863</TD></TR> <TR> <TD vAlign=top align=left width=120>  자본조정</TD> <TD vAlign=top align=right width=118>19,222</TD> <TD vAlign=top align=right width=99>9,059</TD> <TD vAlign=top align=right width=99>-1310</TD> <TD vAlign=top align=right width=98>-12,088</TD> <TD vAlign=top align=right width=98>-3,258</TD> <TD vAlign=top align=right width=98>-6,826</TD></TR> <TR> <TD vAlign=top align=left width=120>자본총계</TD> <TD vAlign=top align=right width=118>111,434</TD> <TD vAlign=top align=right width=99>81,999</TD> <TD vAlign=top align=right width=99>36,152</TD> <TD vAlign=top align=right width=98>4,503</TD> <TD vAlign=top align=right width=98>-27,422</TD> <TD vAlign=top align=right width=98>-74,440</TD></TR> <TR> <TD vAlign=top align=left width=120>  영업수익</TD> <TD vAlign=top align=right width=118>747,469</TD> <TD vAlign=top align=right width=99>1,379,402</TD> <TD vAlign=top align=right width=99>1,294,786</TD> <TD vAlign=top align=right width=98>1,246,697</TD> <TD vAlign=top align=right width=98>1,300,439</TD> <TD vAlign=top align=right width=98>1,199,387</TD></TR> <TR> <TD vAlign=top align=left width=120>  영업이익</TD> <TD vAlign=top align=right width=118>25,949</TD> <TD vAlign=top align=right width=99>88,413</TD> <TD vAlign=top align=right width=99>44,180</TD> <TD vAlign=top align=right width=98>36,820</TD> <TD vAlign=top align=right width=98>43,944</TD> <TD vAlign=top align=right width=98>-32,688</TD></TR> <TR> <TD vAlign=top align=left width=120>  경상이익</TD> <TD vAlign=top align=right width=118>35,406</TD> <TD vAlign=top align=right width=99>51,623</TD> <TD vAlign=top align=right width=99>29,871</TD> <TD vAlign=top align=right width=98>41,039</TD> <TD vAlign=top align=right width=98>45,291</TD> <TD vAlign=top align=right width=98>-16,770</TD></TR> <TR> <TD vAlign=top align=left width=120>당기순이익</TD> <TD vAlign=top align=right width=118>19,663</TD> <TD vAlign=top align=right width=99>35,800</TD> <TD vAlign=top align=right width=99>20,871</TD> <TD vAlign=top align=right width=98>40,683</TD> <TD vAlign=top align=right width=98>45,291</TD> <TD vAlign=top align=right width=98>-13,075</TD></TR></TBODY></TABLE></P> <P>[지급여력비율 추이]                                 <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=0> <TBODY> <TR> <TD vAlign=top align=right width=600>  (단위 : 백만원)</TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=720 borderColorLight=black border=1> <TBODY> <TR> <TD vAlign=top align=middle width=179>구분</TD> <TD vAlign=top align=middle width=68>FY02</TD> <TD vAlign=top align=middle width=68>FY03</TD> <TD vAlign=top align=middle width=68>FY04.1Q</TD> <TD vAlign=top align=middle width=68>FY04.2Q</TD> <TD vAlign=top align=middle width=68>FY04.3Q</TD> <TD vAlign=top align=middle width=67>FY04.4Q</TD> <TD vAlign=top align=middle width=67>FY05.1Q</TD> <TD vAlign=top align=middle width=67>FY05.2Q</TD></TR> <TR> <TD vAlign=top align=middle width=179>지급여력(A)</TD> <TD vAlign=top align=middle width=68>120,826</TD> <TD vAlign=top align=middle width=68>186,364</TD> <TD vAlign=top align=middle width=68>190,231</TD> <TD vAlign=top align=middle width=68>205,830</TD> <TD vAlign=top align=middle width=68>231,228</TD> <TD vAlign=top align=middle width=67>221,603</TD> <TD vAlign=top align=middle width=67>245,822</TD> <TD vAlign=top align=middle width=67>262,924</TD></TR> <TR> <TD vAlign=top align=middle width=179>수정지급여력(A')</TD> <TD vAlign=top align=middle width=68>2,542</TD> <TD vAlign=top align=middle width=68>37,403</TD> <TD vAlign=top align=middle width=68>43,925</TD> <TD vAlign=top align=middle width=68>59,750</TD> <TD vAlign=top align=middle width=68>86,752</TD> <TD vAlign=top align=middle width=67>79,564</TD> <TD vAlign=top align=middle width=67>103,951</TD> <TD vAlign=top align=middle width=67>123,873</TD></TR> <TR> <TD vAlign=top align=middle width=179>지급여력기준(B)</TD> <TD vAlign=top align=middle width=68>79,199</TD> <TD vAlign=top align=middle width=68>114,570</TD> <TD vAlign=top align=middle width=68>118,758</TD> <TD vAlign=top align=middle width=68>123,721</TD> <TD vAlign=top align=middle width=68>127,210</TD> <TD vAlign=top align=middle width=67>125,490</TD> <TD vAlign=top align=middle width=67>129,123</TD> <TD vAlign=top align=middle width=67>131,008</TD></TR> <TR> <TD vAlign=top align=middle width=179>지급여력비율(A÷B)</TD> <TD vAlign=top align=middle width=68>152.6</TD> <TD vAlign=top align=middle width=68>162.7</TD> <TD vAlign=top align=middle width=68>160.2</TD> <TD vAlign=top align=middle width=68>166.4</TD> <TD vAlign=top align=middle width=68>181.8</TD> <TD vAlign=top align=middle width=67>176.6</TD> <TD vAlign=top align=middle width=67>190.4</TD> <TD vAlign=top align=middle width=67>200.7</TD></TR> <TR> <TD vAlign=top align=middle width=179>수정지급여력비율(A'÷B)</TD> <TD vAlign=top align=middle width=68>3.2</TD> <TD vAlign=top align=middle width=68>32.6</TD> <TD vAlign=top align=middle width=68>37.0</TD> <TD vAlign=top align=middle width=68>48.3</TD> <TD vAlign=top align=middle width=68>68.2</TD> <TD vAlign=top align=middle width=67>63.4</TD> <TD vAlign=top align=middle width=67>80.5</TD> <TD vAlign=top align=middle width=67>94.6</TD></TR> <TR> <TD vAlign=top align=middle width=179>재보험출재 50% 적용 시  지급여력비율</TD> <TD vAlign=center align=middle width=68>131.6</TD> <TD vAlign=center align=middle width=68>138.1</TD> <TD vAlign=center align=middle width=68>136.4</TD> <TD vAlign=center align=middle width=68>147.0</TD> <TD vAlign=center align=middle width=68>157.0</TD> <TD vAlign=center align=middle width=67>149.7</TD> <TD vAlign=center align=middle width=67>159.9</TD> <TD vAlign=center align=middle width=67>167.2</TD></TR> <TR> <TD vAlign=top align=middle width=179>재보험출재 50% 적용 시 지급여력비율</TD> <TD vAlign=center align=middle width=68>2.8</TD> <TD vAlign=center align=middle width=68>27.7</TD> <TD vAlign=center align=middle width=68>31.5</TD> <TD vAlign=center align=middle width=68>42.7</TD> <TD vAlign=center align=middle width=68>58.9</TD> <TD vAlign=center align=middle width=67>53.8</TD> <TD vAlign=center align=middle width=67>67.6</TD> <TD vAlign=center align=middle width=67>78.8</TD></TR></TBODY></TABLE></P> <P>주) 지급여력비율<BR> * 정의 : 지급여력/지급여력기준 ×100<BR> * 지급여력기준 = [위험보험금*보험위험계수의 소정비율] + [(순위험료식 책임준                                 비금-미상 각신계약비)*(책임준비금위험계수의 소정비율)]  <BR>   <BR>당사의 현재 지급여력비율 수준은 대형사인 삼성생명 및 수개의 외자계생보사 등에 비해서는 열위에 있는 수준이나, 2005.3월말 기준 국내 22개생보사 중 12위 정도의 수준이며, 지속적으로 개선되고 있는 추세입니다. <BR>지급여력비율제도 변경에 대해서는 ① 후순위 인정범위 축소(자기자본의 50% 이     내)에 대비한 후순위채 상환, ② 재보출재비율축소 (향후 자기부담율 50% 이내)에    대비한 상품 Mix 개선 등 수익성 강화 및 경영효율제고를 위해 노력하고 있습니다. 또한, 이러한 지급여력비율 강화정책의 일환으로 금번 유상증자를 통해 지급여력비율 상승을 추진하고 있으며 유상증자 성공시 현재 200.7% 에서 278.6%로 약 77.9%p 상승할 것으로 예상됩니다.<BR> <BR>                                    [본 증자에 따른 지급여력비율 변화]</P> <P> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=0> <TBODY> <TR> <TD vAlign=top align=left width=600>[2005년 9월말 기준]]                                                                      (단위 : 백만원)</TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=1> <TBODY> <TR> <TD vAlign=center align=middle width=258>구    분</TD> <TD vAlign=center align=middle width=114>유상증자 전(A)</TD> <TD vAlign=center align=middle width=114>유상증자 후(B)</TD> <TD vAlign=center align=middle width=114>비 교(B-A)</TD></TR> <TR> <TD vAlign=center align=left width=258>지급여력기준</TD> <TD vAlign=center align=right width=114>131,008</TD> <TD vAlign=center align=right width=114>131,008</TD> <TD vAlign=center align=right width=114>- </TD></TR> <TR> <TD vAlign=center align=left width=258>   책임준비금</TD> <TD vAlign=center align=right width=114>113,587</TD> <TD vAlign=center align=right width=114>113,587</TD> <TD vAlign=center align=right width=114>- </TD></TR> <TR> <TD vAlign=center align=left width=258>   위험보험금</TD> <TD vAlign=center align=right width=114>17,421</TD> <TD vAlign=center align=right width=114>17,421</TD> <TD vAlign=center align=right width=114>- </TD></TR> <TR> <TD vAlign=center align=left width=258>지급여력(1-2+3)</TD> <TD vAlign=center align=right width=114>262,924</TD> <TD vAlign=center align=right width=114>364,924</TD> <TD vAlign=center align=right width=114>102,000</TD></TR> <TR> <TD vAlign=center align=left width=258>   합산항목(1)</TD> <TD vAlign=center align=right width=114>548,460</TD> <TD vAlign=center align=right width=114>650,460</TD> <TD vAlign=center align=right width=114>102,000</TD></TR> <TR> <TD vAlign=center align=left width=258>     납입자본금</TD> <TD vAlign=center align=right width=114>211,248</TD> <TD vAlign=center align=right width=114>296,248</TD> <TD vAlign=center align=right width=114>85,000</TD></TR> <TR> <TD vAlign=center align=left width=258>     자본잉여금</TD> <TD vAlign=center align=right width=114>0</TD> <TD vAlign=center align=right width=114>15,450</TD> <TD vAlign=center align=right width=114>15,450</TD></TR> <TR> <TD vAlign=center align=left width=258>     이익잉여금</TD> <TD vAlign=center align=right width=114>-119,037</TD> <TD vAlign=center align=right width=114>-119,037</TD> <TD vAlign=center align=right width=114><BR></TD></TR> <TR> <TD vAlign=center align=left width=258>     자본조정</TD> <TD vAlign=center align=right width=114>19,222</TD> <TD vAlign=center align=right width=114>20,772</TD> <TD vAlign=center align=right width=114>1,550</TD></TR> <TR> <TD vAlign=center align=left width=258>     대손충당금</TD> <TD vAlign=center align=right width=114>6,351</TD> <TD vAlign=center align=right width=114>6,351</TD> <TD vAlign=center align=right width=114><BR></TD></TR> <TR> <TD vAlign=center align=left width=258>     후순위채무액</TD> <TD vAlign=center align=right width=114>132,700</TD> <TD vAlign=center align=right width=114>132,700</TD> <TD vAlign=center align=right width=114><BR></TD></TR> <TR> <TD vAlign=center align=left width=258>     계약자이익배당준비금</TD> <TD vAlign=center align=right width=114>377</TD> <TD vAlign=center align=right width=114>377</TD> <TD vAlign=center align=right width=114><BR></TD></TR> <TR> <TD vAlign=center align=left width=258>     계약자배당안정화준비금</TD> <TD vAlign=center align=right width=114>0</TD> <TD vAlign=center align=right width=114>0</TD> <TD vAlign=center align=right width=114><BR></TD></TR> <TR> <TD vAlign=center align=left width=258>     배당보험손실보전준비금</TD> <TD vAlign=center align=right width=114>0</TD> <TD vAlign=center align=right width=114>0</TD> <TD vAlign=center align=right width=114><BR></TD></TR> <TR> <TD vAlign=center align=left width=258>    "순보험료식보험료적립금-해약  공      제액"을 초과하는 보험료적립금</TD> <TD vAlign=center align=right width=114>283,633</TD> <TD vAlign=center align=right width=114>283,633</TD> <TD vAlign=center align=right width=114><BR></TD></TR> <TR> <TD vAlign=center align=left width=258>    계약자지분조정의 투자유가증권 평      가손익</TD> <TD vAlign=center align=right width=114>13,965</TD> <TD vAlign=center align=right width=114>13,965</TD> <TD vAlign=center align=right width=114>- </TD></TR> <TR> <TD vAlign=center align=left width=258>차감항목(2)</TD> <TD vAlign=center align=right width=114>285,536</TD> <TD vAlign=center align=right width=114>285,536</TD> <TD vAlign=center align=right width=114>- </TD></TR> <TR> <TD vAlign=center align=left width=258>    미상각신계약비</TD> <TD vAlign=center align=right width=114>276,629</TD> <TD vAlign=center align=right width=114>276,629</TD> <TD vAlign=center align=right width=114>- </TD></TR> <TR> <TD vAlign=center align=left width=258>    영업권 등 무형자산</TD> <TD vAlign=center align=right width=114>8,166</TD> <TD vAlign=center align=right width=114>8,166</TD> <TD vAlign=center align=right width=114> </TD></TR> <TR> <TD vAlign=center align=left width=258>    선급비용</TD> <TD vAlign=center align=right width=114>741</TD> <TD vAlign=center align=right width=114>741</TD> <TD vAlign=center align=right width=114>- </TD></TR> <TR> <TD vAlign=center align=left width=258>    이연법인세차</TD> <TD vAlign=center align=right width=114>0</TD> <TD vAlign=center align=right width=114>0</TD> <TD vAlign=center align=right width=114>- </TD></TR> <TR> <TD vAlign=center align=left width=258>    자회사 자본과부족(3)</TD> <TD vAlign=center align=right width=114>- </TD> <TD vAlign=center align=right width=114>- </TD> <TD vAlign=center align=right width=114>- </TD></TR> <TR> <TD vAlign=center align=left width=258>지급여력비율</TD> <TD vAlign=center align=middle width=114>200.7%</TD> <TD vAlign=center align=middle width=114>278.6%</TD> <TD vAlign=center align=middle width=114>77.9%P</TD></TR></TBODY></TABLE></P> <P><BR>▶ 유상증자 후 기준에 대한 가정<BR> - 공모예정주식수 17,000,000주 가정에 따라 자본금 850억원 증가 기준<BR> - 공모가 6,000원 가정에 따라 주식발행초과금 170억원 증가 기준<BR> <BR>이러한 유상증자 후의 지급여력비율 증가 예상에도 불구하고, 향후 당사의 수익구조가 악화되거나, 금번 유상증자가 실패할 경우 당사의 지급여력비율의 하락 및 재무구조가 악화될 수 있습니다. 이 경우 금융감독 기관으로부터 금융감독기준상(보험감독규정 제3절)의 적기시정조치를 받을 수 있습니다. </P> <P><BR> <공모가액 산정표> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=1> <THEAD> <TR> <TH vAlign=center align=middle width=104>평가기관</TH> <TH vAlign=center align=middle width=361>산정방법</TH> <TH vAlign=center align=middle width=135>주식의 가치</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=center align=middle width=104>한영회계법인</TD> <TD vAlign=center align=middle width=361>순자산가치</TD> <TD vAlign=center align=middle width=135>2,796 원</TD></TR> <TR> <TD vAlign=center align=middle width=104>밀리만코리아<BR>보험계리법인</TD> <TD vAlign=center align=middle width=361>현금흐름할인모형(DCF)을 이용한 계약가치</TD> <TD vAlign=center align=middle width=135>6,386 원</TD></TR> <TR> <TD vAlign=center align=middle width=104>우리투자증권</TD> <TD vAlign=center align=middle width=361>PER 지표를 이용한 상대가치</TD> <TD vAlign=center align=middle width=135>7,410원</TD></TR> <TR> <TD vAlign=center align=middle width=104>평 가 가 액</TD> <TD vAlign=center align=middle width=361>순자산가치와 계약가치의 합과 PER을 이용한 상대가치의 산술평균</TD> <TD vAlign=center align=middle width=135>8,296 원</TD></TR> <TR> <TD vAlign=center align=middle width=465 colSpan=2>할  인  율</TD> <TD vAlign=center align=middle width=135>27.68%</TD></TR> <TR> <TD vAlign=center align=middle width=465 colSpan=2>공  모  가</TD> <TD vAlign=center align=middle width=135>6,000 원</TD></TR></TBODY></TABLE></P> <P></P> <P>2005년 9월 30일 현재 회사의 현재 순자산가치의 평가내역은 다음과 같습니다.<BR>                                                                                                      (단위 : 원)</P> <P> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=1> <THEAD> <TR> <TH align=middle width=150>계정과목</TH> <TH align=middle width=150>회사제시금액</TH> <TH align=middle width=150>평가조정금액</TH> <TH align=middle width=150>평가후금액</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=top align=left width=150>현금과예치금</TD> <TD vAlign=top align=right width=150>59,063,414,536</TD> <TD vAlign=top align=right width=150>- </TD> <TD vAlign=top align=right width=150>59,063,414,536</TD></TR> <TR> <TD vAlign=top align=left width=150>유가증권</TD> <TD vAlign=top align=right width=150>1,815,487,010,956</TD> <TD vAlign=top align=right width=150>17,701,157,070</TD> <TD vAlign=top align=right width=150>1,833,188,168,026</TD></TR> <TR> <TD vAlign=top align=left width=150>대출채권</TD> <TD vAlign=top align=right width=150>947,128,969,069</TD> <TD vAlign=top align=right width=150>- </TD> <TD vAlign=top align=right width=150>947,128,969,069</TD></TR> <TR> <TD vAlign=top align=left width=150>유형자산</TD> <TD vAlign=top align=right width=150>315,937,189,436</TD> <TD vAlign=top align=right width=150>- </TD> <TD vAlign=top align=right width=150>315,937,189,436</TD></TR> <TR> <TD vAlign=top align=left width=150>기타자산</TD> <TD vAlign=top align=right width=150>382,938,145,725</TD> <TD vAlign=top align=right width=150>(277,355,540,959)</TD> <TD vAlign=top align=right width=150>105,582,604,766</TD></TR> <TR> <TD vAlign=top align=left width=150>무형자산</TD> <TD vAlign=top align=right width=150>8,166,563,695</TD> <TD vAlign=top align=right width=150>(8,166,563,695)</TD> <TD vAlign=top align=right width=150>- </TD></TR> <TR> <TD vAlign=top align=left width=150>특별계정자산</TD> <TD vAlign=top align=right width=150>471,044,629,975</TD> <TD vAlign=top align=right width=150>- </TD> <TD vAlign=top align=right width=150>471,044,629,975</TD></TR> <TR> <TD vAlign=top align=left width=150>자산</TD> <TD vAlign=top align=right width=150>3,999,765,923,392</TD> <TD vAlign=top align=right width=150>(267,820,947,584)</TD> <TD vAlign=top align=right width=150>3,731,944,975,808</TD></TR> <TR> <TD vAlign=top align=left width=150>책임준비금</TD> <TD vAlign=top align=right width=150>3,123,686,746,229</TD> <TD vAlign=top align=right width=150>(276,628,703,699)</TD> <TD vAlign=top align=right width=150>2,847,058,042,530</TD></TR> <TR> <TD vAlign=top align=left width=150>계약자지분조정</TD> <TD vAlign=top align=right width=150>13,965,574,529</TD> <TD vAlign=top align=right width=150>- </TD> <TD vAlign=top align=right width=150>13,965,574,529</TD></TR> <TR> <TD vAlign=top align=left width=150>기타부채</TD> <TD vAlign=top align=right width=150>279,635,708,842</TD> <TD vAlign=top align=right width=150>2,127,663,393</TD> <TD vAlign=top align=right width=150>281,763,372,235</TD></TR> <TR> <TD vAlign=top align=left width=150>특별계정부채</TD> <TD vAlign=top align=right width=150>471,044,629,975</TD> <TD vAlign=top align=right width=150>- </TD> <TD vAlign=top align=right width=150>471,044,629,975</TD></TR> <TR> <TD vAlign=top align=left width=150>부채</TD> <TD vAlign=top align=right width=150>3,888,332,659,575</TD> <TD vAlign=top align=right width=150>(274,501,040,306)</TD> <TD vAlign=top align=right width=150>3,613,831,619,269</TD></TR> <TR> <TD vAlign=top align=left width=150>순자산가치</TD> <TD vAlign=top align=right width=150>111,433,263,817</TD> <TD vAlign=top align=right width=150>6,680,092,722</TD> <TD vAlign=top align=right width=150>118,113,356,539</TD></TR></TBODY></TABLE></P> <P> </P> <P>평가기준일 현재 평가후 순자산가치 118,113,356,539원을 평가기준일 현재 발행주식수인 42,249,721주로 나눈 주당 순자산가치는 2,796원입니다. </P> <P> </P> <P>계약가치의 평가】</P> <P>(1) 평가의 개요<BR> <BR>계약가치(Business Value)는 보험계약의 보유와 자산의 운용에 의하여 발생하는 장래이익 중 보험회사를 유지하기위해서 필요한 지급여력금액을 차감한 주주배당가능이익 (Shareholders' Distributable Earnings)을 할인한 가치를 의미합니다.<BR> <BR>(2) 평가의 구조  <BR> <BR>계리적인 기법을 이용하여 기업가치(Actuarial Appraisal Value)를 산정하는데는 다음과 같은 구성항목으로 구분하여 계산합니다.</P> <P> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=1> <THEAD> <TR> <TH vAlign=center align=middle width=415>구성항목</TH> <TH vAlign=center align=middle width=185><BR></TH></TR></THEAD> <TBODY> <TR> <TD vAlign=center align=left width=415>1) 장부조정가치 (Net Adjusted Book Value)</TD> <TD vAlign=center align=left width=185><BR></TD></TR> <TR> <TD vAlign=center align=left width=415>2) 보유계약가치 (Existing Business Value)</TD> <TD vAlign=center align=left width=185 rowSpan=2>계약가치<BR>(Business Value)</TD></TR> <TR> <TD vAlign=center align=left width=415>3) 신계약가치 (New Business Value)</TD></TR> <TR> <TD vAlign=center align=left width=415>(1)+(2)+(3): 기업가치 (Actuarial Appraisal Value)</TD> <TD vAlign=center align=left width=185><BR></TD></TR></TBODY></TABLE></P> <P><BR>▶ 5년간 추정 손익계산서                                                             (단위: 십억원) <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=672 borderColorLight=black border=1> <THEAD> <TR> <TH align=middle width=174> </TH> <TH align=middle width=100>FY2006</TH> <TH align=middle width=100>FY2007</TH> <TH align=middle width=100>FY2008</TH> <TH align=middle width=99>FY2009</TH> <TH align=middle width=99>FY2010</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=top align=left width=174>   수입보험료</TD> <TD vAlign=top align=right width=100>1,247.50</TD> <TD vAlign=top align=right width=100>1,407.70</TD> <TD vAlign=top align=right width=100>1,559.50</TD> <TD vAlign=top align=right width=99>1,706.00</TD> <TD vAlign=top align=right width=99>1,825.60</TD></TR> <TR> <TD vAlign=top align=left width=174>   투자수익</TD> <TD vAlign=top align=right width=100>163.8</TD> <TD vAlign=top align=right width=100>181.2</TD> <TD vAlign=top align=right width=100>205.1</TD> <TD vAlign=top align=right width=99>232.5</TD> <TD vAlign=top align=right width=99>257.4</TD></TR> <TR> <TD vAlign=top align=left width=174>       총수익</TD> <TD vAlign=top align=right width=100>1,411.30</TD> <TD vAlign=top align=right width=100>1,588.90</TD> <TD vAlign=top align=right width=100>1,764.60</TD> <TD vAlign=top align=right width=99>1,938.50</TD> <TD vAlign=top align=right width=99>2,083.00</TD></TR> <TR> <TD vAlign=top align=left width=174>   보험금</TD> <TD vAlign=top align=right width=100>87.7</TD> <TD vAlign=top align=right width=100>91</TD> <TD vAlign=top align=right width=100>97.1</TD> <TD vAlign=top align=right width=99>104.6</TD> <TD vAlign=top align=right width=99>112.5</TD></TR> <TR> <TD vAlign=top align=left width=174>   만기 환급금</TD> <TD vAlign=top align=right width=100>227.6</TD> <TD vAlign=top align=right width=100>268.9</TD> <TD vAlign=top align=right width=100>210.8</TD> <TD vAlign=top align=right width=99>228.9</TD> <TD vAlign=top align=right width=99>297.4</TD></TR> <TR> <TD vAlign=top align=left width=174>   해약 환급금</TD> <TD vAlign=top align=right width=100>446.9</TD> <TD vAlign=top align=right width=100>503.9</TD> <TD vAlign=top align=right width=100>579.2</TD> <TD vAlign=top align=right width=99>662.4</TD> <TD vAlign=top align=right width=99>737.7</TD></TR> <TR> <TD vAlign=top align=left width=174>   특별계정 이전액</TD> <TD vAlign=top align=right width=100>23</TD> <TD vAlign=top align=right width=100>35.6</TD> <TD vAlign=top align=right width=100>45.1</TD> <TD vAlign=top align=right width=99>52.4</TD> <TD vAlign=top align=right width=99>58.4</TD></TR> <TR> <TD vAlign=top align=left width=174>   준비금 증가</TD> <TD vAlign=top align=right width=100>302.6</TD> <TD vAlign=top align=right width=100>347.6</TD> <TD vAlign=top align=right width=100>456.4</TD> <TD vAlign=top align=right width=99>477.7</TD> <TD vAlign=top align=right width=99>431.6</TD></TR> <TR> <TD vAlign=top align=left width=174>   사업비</TD> <TD vAlign=top align=right width=100>163.2</TD> <TD vAlign=top align=right width=100>175.6</TD> <TD vAlign=top align=right width=100>186.9</TD> <TD vAlign=top align=right width=99>198.8</TD> <TD vAlign=top align=right width=99>209.9</TD></TR> <TR> <TD vAlign=top align=left width=174>   수당</TD> <TD vAlign=top align=right width=100>97.4</TD> <TD vAlign=top align=right width=100>102.9</TD> <TD vAlign=top align=right width=100>107.6</TD> <TD vAlign=top align=right width=99>113</TD> <TD vAlign=top align=right width=99>118.6</TD></TR> <TR> <TD vAlign=top align=left width=174>       총비용</TD> <TD vAlign=top align=right width=100>1,348.30</TD> <TD vAlign=top align=right width=100>1,525.50</TD> <TD vAlign=top align=right width=100>1,683.20</TD> <TD vAlign=top align=right width=99>1,837.80</TD> <TD vAlign=top align=right width=99>1,966.20</TD></TR> <TR> <TD vAlign=top align=left width=174>세전이익</TD> <TD vAlign=top align=right width=100>63</TD> <TD vAlign=top align=right width=100>63.4</TD> <TD vAlign=top align=right width=100>81.4</TD> <TD vAlign=top align=right width=99>100.7</TD> <TD vAlign=top align=right width=99>116.8</TD></TR> <TR> <TD vAlign=top align=left width=174>기타이익</TD> <TD vAlign=top align=right width=100>1.1</TD> <TD vAlign=top align=right width=100>(-)2.6</TD> <TD vAlign=top align=right width=100>3.8</TD> <TD vAlign=top align=right width=99>3.7</TD> <TD vAlign=top align=right width=99>3.6</TD></TR> <TR> <TD vAlign=top align=left width=174>투자수익(지급여력 자본)</TD> <TD vAlign=top align=right width=100>6.7</TD> <TD vAlign=top align=right width=100>8.4</TD> <TD vAlign=top align=right width=100>7.8</TD> <TD vAlign=top align=right width=99>8.1</TD> <TD vAlign=top align=right width=99>8.8</TD></TR> <TR> <TD vAlign=top align=left width=174>총세전이익</TD> <TD vAlign=top align=right width=100>70.8</TD> <TD vAlign=top align=right width=100>69.1</TD> <TD vAlign=top align=right width=100>93</TD> <TD vAlign=top align=right width=99>112.5</TD> <TD vAlign=top align=right width=99>129.2</TD></TR> <TR> <TD vAlign=top align=left width=174>법인세</TD> <TD vAlign=top align=right width=100>19.5</TD> <TD vAlign=top align=right width=100>19</TD> <TD vAlign=top align=right width=100>25.6</TD> <TD vAlign=top align=right width=99>30.9</TD> <TD vAlign=top align=right width=99>35.5</TD></TR> <TR> <TD vAlign=top align=left width=174>총세후이익</TD> <TD vAlign=top align=right width=100>51.3</TD> <TD vAlign=top align=right width=100>50.1</TD> <TD vAlign=top align=right width=100>67.4</TD> <TD vAlign=top align=right width=99>81.5</TD> <TD vAlign=top align=right width=99>93.7</TD></TR> <TR> <TD vAlign=top align=left width=174>지급여력증가액</TD> <TD vAlign=top align=right width=100>29.7</TD> <TD vAlign=top align=right width=100>(-)10.4</TD> <TD vAlign=top align=right width=100>5.5</TD> <TD vAlign=top align=right width=99>11.8</TD> <TD vAlign=top align=right width=99>12.7</TD></TR> <TR> <TD vAlign=top align=left width=174>배당가능익</TD> <TD vAlign=top align=right width=100>21.6</TD> <TD vAlign=top align=right width=100>60.5</TD> <TD vAlign=top align=right width=100>61.9</TD> <TD vAlign=top align=right width=99>69.7</TD> <TD vAlign=top align=right width=99>80.9</TD></TR></TBODY></TABLE></P> <P>비교대상업체의 주요 평가 지표<BR> <BR>(1) PER 지표 <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=0> <TBODY> <TR> <TD vAlign=top align=right width=600>(단위 : 백만원, 천주, 원, 배)</TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=669 borderColorLight=black border=1> <THEAD> <TR> <TH align=middle width=96><BR></TH> <TH align=middle width=96>자본금</TH> <TH align=middle width=96>당기순이익</TH> <TH align=middle width=96>총발행주식수</TH> <TH align=middle width=95>기준주가(원)</TH> <TH align=middle width=95>EPS(원)</TH> <TH align=middle width=95>PER(배)</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=top align=left width=96>동부화재</TD> <TD vAlign=top align=right width=96>35,400</TD> <TD vAlign=top align=right width=96>114,375</TD> <TD vAlign=top align=right width=96>70,800</TD> <TD vAlign=top align=right width=95>13,207</TD> <TD vAlign=top align=right width=95>1,615</TD> <TD vAlign=top align=right width=95> 8.18 </TD></TR> <TR> <TD vAlign=top align=left width=96>메리츠화재</TD> <TD vAlign=top align=right width=96>42,900</TD> <TD vAlign=top align=right width=96>21,113</TD> <TD vAlign=top align=right width=96>8,580</TD> <TD vAlign=top align=right width=95>30,514</TD> <TD vAlign=top align=right width=95>2,461</TD> <TD vAlign=top align=right width=95> 12.40 </TD></TR> <TR> <TD vAlign=top align=left width=96>현대해상</TD> <TD vAlign=top align=right width=96>44,700</TD> <TD vAlign=top align=right width=96>68,105</TD> <TD vAlign=top align=right width=96>89,400</TD> <TD vAlign=top align=right width=95>9,279</TD> <TD vAlign=top align=right width=95>762</TD> <TD vAlign=top align=right width=95> 12.18 </TD></TR> <TR> <TD vAlign=top align=left width=96>LG화재</TD> <TD vAlign=top align=right width=96>30,000</TD> <TD vAlign=top align=right width=96>45,082</TD> <TD vAlign=top align=right width=96>60,000</TD> <TD vAlign=top align=right width=95>12,243</TD> <TD vAlign=top align=right width=95>751</TD> <TD vAlign=top align=right width=95> 16.30 </TD></TR> <TR> <TD vAlign=top align=left width=96>평균 PER</TD> <TD vAlign=top align=right width=96>-</TD> <TD vAlign=top align=right width=96>-</TD> <TD vAlign=top align=right width=96>-</TD> <TD vAlign=top align=right width=95>-</TD> <TD vAlign=top align=right width=95>-</TD> <TD vAlign=top align=right width=95> 12.26 </TD></TR></TBODY></TABLE></P> <P>* 상기 재무지표는 FY 2004(2005년 3월) 기준</P> <P>동사의 주당순이익(EPS) 산출 <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=1> <THEAD> <TR> <TH align=middle width=200>당기순이익</TH> <TH align=middle width=200>주식수</TH> <TH align=middle width=200>EPS</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=top align=middle width=200>35,800백만원</TD> <TD vAlign=top align=middle width=200>59,249,721주</TD> <TD vAlign=top align=middle width=200>604원 </TD></TR></TBODY></TABLE></P> <P> </P> <P>주당순이익(EPS) = 당기순이익 / 주식수 <BR>* 주식수는 2005년 3월 현재 총발행주식수 42,249,721주에 공모예정 주식수 17,000,000주를 포함한 59,249,721주를 적용하였습니다. <BR> <BR>(2) 적용 PER  : 12.26 <BR> <BR>(3) 주당 주식가치 산출 <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=1> <THEAD> <TR> <TH align=middle width=200>주당순이익(EPS)</TH> <TH align=middle width=200>적용 PER</TH> <TH align=middle width=200>주당 주식가치</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=top align=middle width=200> 604원</TD> <TD vAlign=top align=middle width=200> 12.26배</TD> <TD vAlign=top align=middle width=200> 7,410원</TD></TR></TBODY></TABLE></P> <P>* 주당 주식가치 = 동사 주당순이익(EPS) × 비교대상업체 적용 PER </P> <P> 참고 : PBR 지표 적용 시 주식가치 산출 </P> <P><BR>일반적으로 PBR지표는 엄격한 회계기준이 적용되고, 자산건전성을 중요시하는 금융기관의 비교가치 평가시 주로 사용되는 지표로서 동사를 포함한 대부분 금융기관들과 같이 보유자산으로부터 안정적인 수익이 창출될 수 있으며 이러한 자산의 원천이 자기자본(자본총계)인 점을 감안하여 가치평가를 행하는 방법입니다. 그러나, 현재 동사의 경우 자본잠식 상태이므로 이러한 가치평가의 한계성을 내포하고 있습니다. 또한, 장부가치는(BPS) 자산의 현재가치(청산가치)를 의미하는 것으로 향후 기업의 성장성 및 수익성에 대한 반영이 미흡하다고 할 수 있기 때문에 금번 평가방법에서는 제외하였습니다. <BR> <BR>그러나 상기 선정된 국내 비교대상업체인 상장 손해보험회사와의 PBR 지표를 적용할 경우 다음과 같이 산출될 수 있으므로 참고하시기 바랍니다. </P> <P>1. 비교대상업체의 주요 평가 지표</P> <P> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=0> <TBODY> <TR> <TD vAlign=top align=right width=600>(단위 : 백만원, 천주, 원, 배)</TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=669 borderColorLight=black border=1> <THEAD> <TR> <TH align=middle width=96><BR></TH> <TH align=middle width=96>자산총계</TH> <TH align=middle width=96>자본총계</TH> <TH align=middle width=96>총발행주식수</TH> <TH align=middle width=95>기준주가(원)</TH> <TH align=middle width=95>BPS(원)</TH> <TH align=middle width=95>PBR(배)</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=top align=left width=96>동부화재</TD> <TD vAlign=top align=right width=96>4,832,458</TD> <TD vAlign=top align=right width=96>544,608</TD> <TD vAlign=top align=right width=96>70,800</TD> <TD vAlign=top align=right width=95>13,207</TD> <TD vAlign=top align=right width=95>7,692</TD> <TD vAlign=top align=right width=95> 1.72 </TD></TR> <TR> <TD vAlign=top align=left width=96>메리츠화재</TD> <TD vAlign=top align=right width=96>2,676,078</TD> <TD vAlign=top align=right width=96>226,728</TD> <TD vAlign=top align=right width=96>8,580</TD> <TD vAlign=top align=right width=95>30,514</TD> <TD vAlign=top align=right width=95>26,425</TD> <TD vAlign=top align=right width=95> 1.15 </TD></TR> <TR> <TD vAlign=top align=left width=96>현대해상</TD> <TD vAlign=top align=right width=96>5,574,670</TD> <TD vAlign=top align=right width=96>452,962</TD> <TD vAlign=top align=right width=96>89,400</TD> <TD vAlign=top align=right width=95>9,279</TD> <TD vAlign=top align=right width=95>5,067</TD> <TD vAlign=top align=right width=95> 1.83 </TD></TR> <TR> <TD vAlign=top align=left width=96>LG화재</TD> <TD vAlign=top align=right width=96>4,639,540</TD> <TD vAlign=top align=right width=96>363,693</TD> <TD vAlign=top align=right width=96>60,000</TD> <TD vAlign=top align=right width=95>12,243</TD> <TD vAlign=top align=right width=95>6,062</TD> <TD vAlign=top align=right width=95> 2.02 </TD></TR> <TR> <TD vAlign=top align=left width=96>평균 PBR</TD> <TD vAlign=top align=right width=96>-</TD> <TD vAlign=top align=right width=96>-</TD> <TD vAlign=top align=right width=96>-</TD> <TD vAlign=top align=right width=95>-</TD> <TD vAlign=top align=right width=95>-</TD> <TD vAlign=top align=right width=95> 1.68 </TD></TR></TBODY></TABLE></P> <P>* 상기 재무지표는 FY 2004(2005년 3월) 기준<BR>* 기준주가는 1개월평균주가 <BR>* 총발행주식수는 FY 2004(2005년 3월) 기말주식수 기준 <BR>* PBR은 기준주가/BPS  </P> <P></P> <P>2. 금호생명보험의 주당순자산가치(BPS) 산출 </P> <P> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=1> <THEAD> <TR> <TH align=middle width=200>순자산</TH> <TH align=middle width=200>주식수</TH> <TH align=middle width=200>BPS</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=top align=middle width=200>166,999백만원</TD> <TD vAlign=top align=middle width=200>59,249,721주</TD> <TD vAlign=top align=middle width=200> 2,819원</TD></TR></TBODY></TABLE></P> <P>* 주당순자산가치(BPS) = 순자산 / 주식수<BR>* 순자산가치는 2005년 3월말 현재 자본총계에서 본 공모로 인해 증가되는 자본금(액면가 기준)만을 포함하였으며 공모가격의 액면가 이상 발행분에 대한 주식발행초과금은 감안하지 않았습니다.<BR>* 주식수는 2005년 3월 현재 총발행주식수 42,249,721주에 공모예정 주식수 17,000,000주를 포함한 59,249,721주를 적용하였습니다. <BR> <BR>3. 적용 PBR  : 1.68<BR> <BR>4. 주당 주식가치 산출</P> <P> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=1> <THEAD> <TR> <TH align=middle width=200>주당순자산가치(BPS)</TH> <TH align=middle width=200>적용 PBR</TH> <TH align=middle width=200>주당 주식가치</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=top align=middle width=200> 2,819원</TD> <TD vAlign=top align=middle width=200> 1.68배</TD> <TD vAlign=top align=middle width=200> 4,737원</TD></TR></TBODY></TABLE></P> <P>* 주당 주식가치 = 동사 주당순자산가치(BPS) × 비교대상업체 적용 PBR </P> <P> </P> <P>요약 재무정보 <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=0> <TBODY> <TR> <TD vAlign=top align=left width=300><BR></TD> <TD vAlign=top align=right width=300>(단위 : 백만원)</TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=690 borderColorLight=black border=1> <THEAD> <TR> <TH vAlign=center align=middle width=150>구 분</TH> <TH vAlign=center align=middle width=90>제 18 기<BR>상반기</TH> <TH vAlign=center align=middle width=90>제 17 기</TH> <TH vAlign=center align=middle width=90>제 16 기</TH> <TH vAlign=center align=middle width=90>제 1 5기</TH> <TH vAlign=center align=middle width=90>제 14 기</TH> <TH vAlign=center align=middle width=90>제 13 기</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=top align=left width=150>[현금과 예치금]</TD> <TD vAlign=top align=right width=90>59,063</TD> <TD vAlign=top align=right width=90>26,419</TD> <TD vAlign=top align=right width=90>34,414</TD> <TD vAlign=top align=right width=90>40,647</TD> <TD vAlign=top align=right width=90>55,370</TD> <TD vAlign=top align=right width=90>68,179</TD></TR> <TR> <TD vAlign=top align=left width=150>[유가증권]</TD> <TD vAlign=top align=right width=90>1,815,487</TD> <TD vAlign=top align=right width=90>1,687,485</TD> <TD vAlign=top align=right width=90>1,406,570</TD> <TD vAlign=top align=right width=90>1,155,928</TD> <TD vAlign=top align=right width=90>1,111,299</TD> <TD vAlign=top align=right width=90>1,290,198</TD></TR> <TR> <TD vAlign=top align=left width=150>[대출채권]</TD> <TD vAlign=top align=right width=90>947,129</TD> <TD vAlign=top align=right width=90>926,949</TD> <TD vAlign=top align=right width=90>953,224</TD> <TD vAlign=top align=right width=90>922,518</TD> <TD vAlign=top align=right width=90>774,229</TD> <TD vAlign=top align=right width=90>490,955</TD></TR> <TR> <TD vAlign=top align=left width=150>[고정자산]</TD> <TD vAlign=top align=right width=90>324,104</TD> <TD vAlign=top align=right width=90>327,213</TD> <TD vAlign=top align=right width=90>321,957</TD> <TD vAlign=top align=right width=90>324,169</TD> <TD vAlign=top align=right width=90>329,808</TD> <TD vAlign=top align=right width=90>336,637</TD></TR> <TR> <TD vAlign=top align=left width=150>[기타자산]</TD> <TD vAlign=top align=right width=90>853,983</TD> <TD vAlign=top align=right width=90>809,333</TD> <TD vAlign=top align=right width=90>677,204</TD> <TD vAlign=top align=right width=90>625,160</TD> <TD vAlign=top align=right width=90>521,599</TD> <TD vAlign=top align=right width=90>379,630</TD></TR> <TR> <TD vAlign=top align=middle width=150>자산총계</TD> <TD vAlign=top align=right width=90>3,999,766</TD> <TD vAlign=top align=right width=90>3,777,399</TD> <TD vAlign=top align=right width=90>3,393,369</TD> <TD vAlign=top align=right width=90>3,068,422</TD> <TD vAlign=top align=right width=90>2,792,305</TD> <TD vAlign=top align=right width=90>2,565,599</TD></TR> <TR> <TD vAlign=top align=left width=150>[책임준비금]</TD> <TD vAlign=top align=right width=90>3,123,687</TD> <TD vAlign=top align=right width=90>2,975,948</TD> <TD vAlign=top align=right width=90>2,766,715</TD> <TD vAlign=top align=right width=90>2,570,471</TD> <TD vAlign=top align=right width=90>2,383,914</TD> <TD vAlign=top align=right width=90>2,336,240</TD></TR> <TR> <TD vAlign=top align=left width=150>[계약자지분조정]</TD> <TD vAlign=top align=right width=90>13,965</TD> <TD vAlign=top align=right width=90>8,292</TD> <TD vAlign=top align=right width=90>54</TD> <TD vAlign=top align=right width=90>△3,000</TD> <TD vAlign=top align=right width=90>0</TD> <TD vAlign=top align=right width=90>0</TD></TR> <TR> <TD vAlign=top align=left width=150>[기타부채]</TD> <TD vAlign=top align=right width=90>750,680</TD> <TD vAlign=top align=right width=90>711,159</TD> <TD vAlign=top align=right width=90>590,449</TD> <TD vAlign=top align=right width=90>496,449</TD> <TD vAlign=top align=right width=90>435,813</TD> <TD vAlign=top align=right width=90>303,799</TD></TR> <TR> <TD vAlign=top align=middle width=150>부채총계</TD> <TD vAlign=top align=right width=90>3,888,332</TD> <TD vAlign=top align=right width=90>3,695,399</TD> <TD vAlign=top align=right width=90>3,357,218</TD> <TD vAlign=top align=right width=90>3,063,920</TD> <TD vAlign=top align=right width=90>2,819,727</TD> <TD vAlign=top align=right width=90>2,640,039</TD></TR> <TR> <TD vAlign=top align=left width=150>[자본금]</TD> <TD vAlign=top align=right width=90>211,249</TD> <TD vAlign=top align=right width=90>211,249</TD> <TD vAlign=top align=right width=90>211,249</TD> <TD vAlign=top align=right width=90>211,249</TD> <TD vAlign=top align=right width=90>211,249</TD> <TD vAlign=top align=right width=90>211,249</TD></TR> <TR> <TD vAlign=top align=left width=150>[결손금]</TD> <TD vAlign=top align=right width=90>△119,037</TD> <TD vAlign=top align=right width=90>△138,308</TD> <TD vAlign=top align=right width=90>△173,788</TD> <TD vAlign=top align=right width=90>△194,659</TD> <TD vAlign=top align=right width=90>△235,413</TD> <TD vAlign=top align=right width=90>△278,863</TD></TR> <TR> <TD vAlign=top align=left width=150>[자본조정]</TD> <TD vAlign=top align=right width=90>19,222</TD> <TD vAlign=top align=right width=90>9,059</TD> <TD vAlign=top align=right width=90>△1,310</TD> <TD vAlign=top align=right width=90>△12,088</TD> <TD vAlign=top align=right width=90>△3,258</TD> <TD vAlign=top align=right width=90>△6,826</TD></TR> <TR> <TD vAlign=top align=middle width=150>자본총계</TD> <TD vAlign=top align=right width=90>111,434</TD> <TD vAlign=top align=right width=90>82,000</TD> <TD vAlign=top align=right width=90>36,151</TD> <TD vAlign=top align=right width=90>4,502</TD> <TD vAlign=top align=right width=90>△27,422</TD> <TD vAlign=top align=right width=90>△74,440</TD></TR> <TR> <TD vAlign=top align=left width=150>매출액</TD> <TD vAlign=top align=right width=90>747,469</TD> <TD vAlign=top align=right width=90>1,379,402</TD> <TD vAlign=top align=right width=90>1,294,786</TD> <TD vAlign=top align=right width=90>1,246,697</TD> <TD vAlign=top align=right width=90>1,300,439</TD> <TD vAlign=top align=right width=90>1,199,387</TD></TR> <TR> <TD vAlign=top align=left width=150>영업이익</TD> <TD vAlign=top align=right width=90>25,949</TD> <TD vAlign=top align=right width=90>88,413</TD> <TD vAlign=top align=right width=90>44,180</TD> <TD vAlign=top align=right width=90>36,820</TD> <TD vAlign=top align=right width=90>43,944</TD> <TD vAlign=top align=right width=90>△32,688</TD></TR> <TR> <TD vAlign=top align=left width=150>경상이익</TD> <TD vAlign=top align=right width=90>35,406</TD> <TD vAlign=top align=right width=90>51,623</TD> <TD vAlign=top align=right width=90>29,871</TD> <TD vAlign=top align=right width=90>41,036</TD> <TD vAlign=top align=right width=90>45,291</TD> <TD vAlign=top align=right width=90>△16,770</TD></TR> <TR> <TD vAlign=top align=left width=150>당기순이익</TD> <TD vAlign=top align=right width=90>19,663</TD> <TD vAlign=top align=right width=90>35,800</TD> <TD vAlign=top align=right width=90>20,871</TD> <TD vAlign=top align=right width=90>40,683</TD> <TD vAlign=top align=right width=90>45,291</TD> <TD vAlign=top align=right width=90>△13,075</TD></TR></TBODY></TABLE></P> <P>                                                                                        [Δ는 부(-)의 수치임]</P> <P>주) 당사는 3월말 결산법인으로 당사의 회계연도는 매년 4월 1일부터 3월 31일까지       입니다.(18기 상반기는 2005.4.1일 부터 2005.9.30일까지 입니다).<BR>주) 특별계정자산, 부채는 기타자산, 부채에 포함되어있습니다.</P> <P><BR> </P> <P class=p-small>【계약가치의 평가】</P> <P>(1) 평가의 개요<BR> <BR>계약가치(Business Value)는 보험계약의 보유와 자산의 운용에 의하여 발생하는 장래이익 중 보험회사를 유지하기위해서 필요한 지급여력금액을 차감한 주주배당가능이익 (Shareholders' Distributable Earnings)을 할인한 가치를 의미합니다.<BR> <BR>(2) 평가의 구조  <BR> <BR>계리적인 기법을 이용하여 기업가치(Actuarial Appraisal Value)를 산정하는데는 다음과 같은 구성항목으로 구분하여 계산합니다.</P> <P> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=1> <THEAD> <TR> <TH vAlign=center align=middle width=415>구성항목</TH> <TH vAlign=center align=middle width=185><BR></TH></TR></THEAD> <TBODY> <TR> <TD vAlign=center align=left width=415>1) 장부조정가치 (Net Adjusted Book Value)</TD> <TD vAlign=center align=left width=185><BR></TD></TR> <TR> <TD vAlign=center align=left width=415>2) 보유계약가치 (Existing Business Value)</TD> <TD vAlign=center align=left width=185 rowSpan=2>계약가치<BR>(Business Value)</TD></TR> <TR> <TD vAlign=center align=left width=415>3) 신계약가치 (New Business Value)</TD></TR> <TR> <TD vAlign=center align=left width=415>(1)+(2)+(3): 기업가치 (Actuarial Appraisal Value)</TD> <TD vAlign=center align=left width=185><BR></TD></TR></TBODY></TABLE></P>4) 주당 계약가치 산정 (2005년 9월 30일 기준)<BR> <BR>                                   [주당 계약가치의 산출 내역]                 (단위 : 백만원) <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=1> <THEAD> <TR> <TH align=middle width=300>항목</TH> <TH align=middle width=300>금액</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=top align=left width=300>1) 보유계약 가치 (Existing Business Value)</TD> <TD vAlign=top align=right width=300>74,400</TD></TR> <TR> <TD vAlign=top align=left width=300>2) 신계약 가치 (New Business Value)</TD> <TD vAlign=top align=right width=300>195,400</TD></TR> <TR> <TD vAlign=top align=left width=300>3) 총계약가치 (=1 + 2)</TD> <TD vAlign=top align=right width=300>269,800</TD></TR> <TR> <TD vAlign=top align=left width=300>4) 발행주식 총수</TD> <TD vAlign=top align=right width=300>42,249,721</TD></TR> <TR> <TD vAlign=top align=left width=300>5) 주당 계약가치 (=3 / 4)</TD> <TD vAlign=top align=right width=300>6,386</TD></TR></TBODY></TABLE>평가 시 사용한 추정 손익계산서<BR> <BR>  ▶ 5년간 추정 손익계산서                                                             (단위: 십억원) <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=672 borderColorLight=black border=1> <THEAD> <TR> <TH align=middle width=174> </TH> <TH align=middle width=100>FY2006</TH> <TH align=middle width=100>FY2007</TH> <TH align=middle width=100>FY2008</TH> <TH align=middle width=99>FY2009</TH> <TH align=middle width=99>FY2010</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=top align=left width=174>   수입보험료</TD> <TD vAlign=top align=right width=100>1,247.50</TD> <TD vAlign=top align=right width=100>1,407.70</TD> <TD vAlign=top align=right width=100>1,559.50</TD> <TD vAlign=top align=right width=99>1,706.00</TD> <TD vAlign=top align=right width=99>1,825.60</TD></TR> <TR> <TD vAlign=top align=left width=174>   투자수익</TD> <TD vAlign=top align=right width=100>163.8</TD> <TD vAlign=top align=right width=100>181.2</TD> <TD vAlign=top align=right width=100>205.1</TD> <TD vAlign=top align=right width=99>232.5</TD> <TD vAlign=top align=right width=99>257.4</TD></TR> <TR> <TD vAlign=top align=left width=174>       총수익</TD> <TD vAlign=top align=right width=100>1,411.30</TD> <TD vAlign=top align=right width=100>1,588.90</TD> <TD vAlign=top align=right width=100>1,764.60</TD> <TD vAlign=top align=right width=99>1,938.50</TD> <TD vAlign=top align=right width=99>2,083.00</TD></TR> <TR> <TD vAlign=top align=left width=174>   보험금</TD> <TD vAlign=top align=right width=100>87.7</TD> <TD vAlign=top align=right width=100>91</TD> <TD vAlign=top align=right width=100>97.1</TD> <TD vAlign=top align=right width=99>104.6</TD> <TD vAlign=top align=right width=99>112.5</TD></TR> <TR> <TD vAlign=top align=left width=174>   만기 환급금</TD> <TD vAlign=top align=right width=100>227.6</TD> <TD vAlign=top align=right width=100>268.9</TD> <TD vAlign=top align=right width=100>210.8</TD> <TD vAlign=top align=right width=99>228.9</TD> <TD vAlign=top align=right width=99>297.4</TD></TR> <TR> <TD vAlign=top align=left width=174>   해약 환급금</TD> <TD vAlign=top align=right width=100>446.9</TD> <TD vAlign=top align=right width=100>503.9</TD> <TD vAlign=top align=right width=100>579.2</TD> <TD vAlign=top align=right width=99>662.4</TD> <TD vAlign=top align=right width=99>737.7</TD></TR> <TR> <TD vAlign=top align=left width=174>   특별계정 이전액</TD> <TD vAlign=top align=right width=100>23</TD> <TD vAlign=top align=right width=100>35.6</TD> <TD vAlign=top align=right width=100>45.1</TD> <TD vAlign=top align=right width=99>52.4</TD> <TD vAlign=top align=right width=99>58.4</TD></TR> <TR> <TD vAlign=top align=left width=174>   준비금 증가</TD> <TD vAlign=top align=right width=100>302.6</TD> <TD vAlign=top align=right width=100>347.6</TD> <TD vAlign=top align=right width=100>456.4</TD> <TD vAlign=top align=right width=99>477.7</TD> <TD vAlign=top align=right width=99>431.6</TD></TR> <TR> <TD vAlign=top align=left width=174>   사업비</TD> <TD vAlign=top align=right width=100>163.2</TD> <TD vAlign=top align=right width=100>175.6</TD> <TD vAlign=top align=right width=100>186.9</TD> <TD vAlign=top align=right width=99>198.8</TD> <TD vAlign=top align=right width=99>209.9</TD></TR> <TR> <TD vAlign=top align=left width=174>   수당</TD> <TD vAlign=top align=right width=100>97.4</TD> <TD vAlign=top align=right width=100>102.9</TD> <TD vAlign=top align=right width=100>107.6</TD> <TD vAlign=top align=right width=99>113</TD> <TD vAlign=top align=right width=99>118.6</TD></TR> <TR> <TD vAlign=top align=left width=174>       총비용</TD> <TD vAlign=top align=right width=100>1,348.30</TD> <TD vAlign=top align=right width=100>1,525.50</TD> <TD vAlign=top align=right width=100>1,683.20</TD> <TD vAlign=top align=right width=99>1,837.80</TD> <TD vAlign=top align=right width=99>1,966.20</TD></TR> <TR> <TD vAlign=top align=left width=174>세전이익</TD> <TD vAlign=top align=right width=100>63</TD> <TD vAlign=top align=right width=100>63.4</TD> <TD vAlign=top align=right width=100>81.4</TD> <TD vAlign=top align=right width=99>100.7</TD> <TD vAlign=top align=right width=99>116.8</TD></TR> <TR> <TD vAlign=top align=left width=174>기타이익</TD> <TD vAlign=top align=right width=100>1.1</TD> <TD vAlign=top align=right width=100>(-)2.6</TD> <TD vAlign=top align=right width=100>3.8</TD> <TD vAlign=top align=right width=99>3.7</TD> <TD vAlign=top align=right width=99>3.6</TD></TR> <TR> <TD vAlign=top align=left width=174>투자수익(지급여력 자본)</TD> <TD vAlign=top align=right width=100>6.7</TD> <TD vAlign=top align=right width=100>8.4</TD> <TD vAlign=top align=right width=100>7.8</TD> <TD vAlign=top align=right width=99>8.1</TD> <TD vAlign=top align=right width=99>8.8</TD></TR> <TR> <TD vAlign=top align=left width=174>총세전이익</TD> <TD vAlign=top align=right width=100>70.8</TD> <TD vAlign=top align=right width=100>69.1</TD> <TD vAlign=top align=right width=100>93</TD> <TD vAlign=top align=right width=99>112.5</TD> <TD vAlign=top align=right width=99>129.2</TD></TR> <TR> <TD vAlign=top align=left width=174>법인세</TD> <TD vAlign=top align=right width=100>19.5</TD> <TD vAlign=top align=right width=100>19</TD> <TD vAlign=top align=right width=100>25.6</TD> <TD vAlign=top align=right width=99>30.9</TD> <TD vAlign=top align=right width=99>35.5</TD></TR> <TR> <TD vAlign=top align=left width=174>총세후이익</TD> <TD vAlign=top align=right width=100>51.3</TD> <TD vAlign=top align=right width=100>50.1</TD> <TD vAlign=top align=right width=100>67.4</TD> <TD vAlign=top align=right width=99>81.5</TD> <TD vAlign=top align=right width=99>93.7</TD></TR> <TR> <TD vAlign=top align=left width=174>지급여력증가액</TD> <TD vAlign=top align=right width=100>29.7</TD> <TD vAlign=top align=right width=100>(-)10.4</TD> <TD vAlign=top align=right width=100>5.5</TD> <TD vAlign=top align=right width=99>11.8</TD> <TD vAlign=top align=right width=99>12.7</TD></TR> <TR> <TD vAlign=top align=left width=174>배당가능익</TD> <TD vAlign=top align=right width=100>21.6</TD> <TD vAlign=top align=right width=100>60.5</TD> <TD vAlign=top align=right width=100>61.9</TD> <TD vAlign=top align=right width=99>69.7</TD> <TD vAlign=top align=right width=99>80.9</TD></TR></TBODY></TABLE> <P><BR> 1) PER 지표 <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=0> <TBODY> <TR> <TD vAlign=top align=right width=600>(단위 : 백만원, 천주, 원, 배)</TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=669 borderColorLight=black border=1> <THEAD> <TR> <TH align=middle width=96><BR></TH> <TH align=middle width=96>자본금</TH> <TH align=middle width=96>당기순이익</TH> <TH align=middle width=96>총발행주식수</TH> <TH align=middle width=95>기준주가(원)</TH> <TH align=middle width=95>EPS(원)</TH> <TH align=middle width=95>PER(배)</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=top align=left width=96>동부화재</TD> <TD vAlign=top align=right width=96>35,400</TD> <TD vAlign=top align=right width=96>114,375</TD> <TD vAlign=top align=right width=96>70,800</TD> <TD vAlign=top align=right width=95>13,207</TD> <TD vAlign=top align=right width=95>1,615</TD> <TD vAlign=top align=right width=95> 8.18 </TD></TR> <TR> <TD vAlign=top align=left width=96>메리츠화재</TD> <TD vAlign=top align=right width=96>42,900</TD> <TD vAlign=top align=right width=96>21,113</TD> <TD vAlign=top align=right width=96>8,580</TD> <TD vAlign=top align=right width=95>30,514</TD> <TD vAlign=top align=right width=95>2,461</TD> <TD vAlign=top align=right width=95> 12.40 </TD></TR> <TR> <TD vAlign=top align=left width=96>현대해상</TD> <TD vAlign=top align=right width=96>44,700</TD> <TD vAlign=top align=right width=96>68,105</TD> <TD vAlign=top align=right width=96>89,400</TD> <TD vAlign=top align=right width=95>9,279</TD> <TD vAlign=top align=right width=95>762</TD> <TD vAlign=top align=right width=95> 12.18 </TD></TR> <TR> <TD vAlign=top align=left width=96>LG화재</TD> <TD vAlign=top align=right width=96>30,000</TD> <TD vAlign=top align=right width=96>45,082</TD> <TD vAlign=top align=right width=96>60,000</TD> <TD vAlign=top align=right width=95>12,243</TD> <TD vAlign=top align=right width=95>751</TD> <TD vAlign=top align=right width=95> 16.30 </TD></TR> <TR> <TD vAlign=top align=left width=96>평균 PER</TD> <TD vAlign=top align=right width=96>-</TD> <TD vAlign=top align=right width=96>-</TD> <TD vAlign=top align=right width=96>-</TD> <TD vAlign=top align=right width=95>-</TD> <TD vAlign=top align=right width=95>-</TD> <TD vAlign=top align=right width=95> 12.26 </TD></TR></TBODY></TABLE></P> <P>* 상기 재무지표는 FY 2004(2005년 3월) 기준<BR>* 기준주가는 1개월평균주가 <BR>* 총발행주식수는 FY 2004(2005년 3월) 기말주식수 기준 <BR>* PER은 기준주가/EPS  </P> <P><BR>.1) 동사의 주당순이익(EPS) 산출 <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=1> <THEAD> <TR> <TH align=middle width=200>당기순이익</TH> <TH align=middle width=200>주식수</TH> <TH align=middle width=200>EPS</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=top align=middle width=200>35,800백만원</TD> <TD vAlign=top align=middle width=200>59,249,721주</TD> <TD vAlign=top align=middle width=200>604원 </TD></TR></TBODY></TABLE></P>3) 주당 주식가치 산출 <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=1> <THEAD> <TR> <TH align=middle width=200>주당순이익(EPS)</TH> <TH align=middle width=200>적용 PER</TH> <TH align=middle width=200>주당 주식가치</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=top align=middle width=200> 604원</TD> <TD vAlign=top align=middle width=200> 12.26배</TD> <TD vAlign=top align=middle width=200> 7,410원</TD></TR></TBODY></TABLE> <P>* 주당 주식가치 = 동사 주당순이익(EPS) × 비교대상업체 적용 PER </P> <P> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=1> <THEAD> <TR> <TH vAlign=center align=middle width=104>평가기관</TH> <TH vAlign=center align=middle width=361>산정방법</TH> <TH vAlign=center align=middle width=135>주식의 가치</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=center align=middle width=104>한영회계법인</TD> <TD vAlign=center align=middle width=361>순자산가치</TD> <TD vAlign=center align=middle width=135>2,796 원</TD></TR> <TR> <TD vAlign=center align=middle width=104>밀리만코리아<BR>보험계리법인</TD> <TD vAlign=center align=middle width=361>현금흐름할인모형(DCF)을 이용한 계약가치</TD> <TD vAlign=center align=middle width=135>6,386 원</TD></TR> <TR> <TD vAlign=center align=middle width=104>우리투자증권</TD> <TD vAlign=center align=middle width=361>PER 지표를 이용한 상대가치</TD> <TD vAlign=center align=middle width=135>7,410원</TD></TR> <TR> <TD vAlign=center align=middle width=104>평 가 가 액</TD> <TD vAlign=center align=middle width=361>순자산가치와 계약가치의 합과 PER을 이용한 상대가치의 산술평균</TD> <TD vAlign=center align=middle width=135>8,296 원</TD></TR> <TR> <TD vAlign=center align=middle width=465 colSpan=2>할  인  율</TD> <TD vAlign=center align=middle width=135>27.68%</TD></TR> <TR> <TD vAlign=center align=middle width=465 colSpan=2>공  모  가</TD> <TD vAlign=center align=middle width=135>6,000 원</TD></TR></TBODY></TABLE></P> <P>참고 : PBR 지표 적용 시 주식가치 산출 </P> <P><BR>일반적으로 PBR지표는 엄격한 회계기준이 적용되고, 자산건전성을 중요시하는 금융기관의 비교가치 평가시 주로 사용되는 지표로서 동사를 포함한 대부분 금융기관들과 같이 보유자산으로부터 안정적인 수익이 창출될 수 있으며 이러한 자산의 원천이 자기자본(자본총계)인 점을 감안하여 가치평가를 행하는 방법입니다. 그러나, 현재 동사의 경우 자본잠식 상태이므로 이러한 가치평가의 한계성을 내포하고 있습니다. 또한, 장부가치는(BPS) 자산의 현재가치(청산가치)를 의미하는 것으로 향후 기업의 성장성 및 수익성에 대한 반영이 미흡하다고 할 수 있기 때문에 금번 평가방법에서는 제외하였습니다. <BR> <BR>그러나 상기 선정된 국내 비교대상업체인 상장 손해보험회사와의 PBR 지표를 적용할 경우 다음과 같이 산출될 수 있으므로 참고하시기 바랍니다. </P> <P>1. 비교대상업체의 주요 평가 지표</P> <P> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=0> <TBODY> <TR> <TD vAlign=top align=right width=600>(단위 : 백만원, 천주, 원, 배)</TD></TR></TBODY></TABLE> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=669 borderColorLight=black border=1> <THEAD> <TR> <TH align=middle width=96><BR></TH> <TH align=middle width=96>자산총계</TH> <TH align=middle width=96>자본총계</TH> <TH align=middle width=96>총발행주식수</TH> <TH align=middle width=95>기준주가(원)</TH> <TH align=middle width=95>BPS(원)</TH> <TH align=middle width=95>PBR(배)</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=top align=left width=96>동부화재</TD> <TD vAlign=top align=right width=96>4,832,458</TD> <TD vAlign=top align=right width=96>544,608</TD> <TD vAlign=top align=right width=96>70,800</TD> <TD vAlign=top align=right width=95>13,207</TD> <TD vAlign=top align=right width=95>7,692</TD> <TD vAlign=top align=right width=95> 1.72 </TD></TR> <TR> <TD vAlign=top align=left width=96>메리츠화재</TD> <TD vAlign=top align=right width=96>2,676,078</TD> <TD vAlign=top align=right width=96>226,728</TD> <TD vAlign=top align=right width=96>8,580</TD> <TD vAlign=top align=right width=95>30,514</TD> <TD vAlign=top align=right width=95>26,425</TD> <TD vAlign=top align=right width=95> 1.15 </TD></TR> <TR> <TD vAlign=top align=left width=96>현대해상</TD> <TD vAlign=top align=right width=96>5,574,670</TD> <TD vAlign=top align=right width=96>452,962</TD> <TD vAlign=top align=right width=96>89,400</TD> <TD vAlign=top align=right width=95>9,279</TD> <TD vAlign=top align=right width=95>5,067</TD> <TD vAlign=top align=right width=95> 1.83 </TD></TR> <TR> <TD vAlign=top align=left width=96>LG화재</TD> <TD vAlign=top align=right width=96>4,639,540</TD> <TD vAlign=top align=right width=96>363,693</TD> <TD vAlign=top align=right width=96>60,000</TD> <TD vAlign=top align=right width=95>12,243</TD> <TD vAlign=top align=right width=95>6,062</TD> <TD vAlign=top align=right width=95> 2.02 </TD></TR> <TR> <TD vAlign=top align=left width=96>평균 PBR</TD> <TD vAlign=top align=right width=96>-</TD> <TD vAlign=top align=right width=96>-</TD> <TD vAlign=top align=right width=96>-</TD> <TD vAlign=top align=right width=95>-</TD> <TD vAlign=top align=right width=95>-</TD> <TD vAlign=top align=right width=95> 1.68 </TD></TR></TBODY></TABLE></P> <P>* 상기 재무지표는 FY 2004(2005년 3월) 기준<BR>* 기준주가는 1개월평균주가 <BR>* 총발행주식수는 FY 2004(2005년 3월) 기말주식수 기준 <BR>* PBR은 기준주가/BPS  </P> <P></P> <P>2. 금호생명보험의 주당순자산가치(BPS) 산출 </P> <P> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=1> <THEAD> <TR> <TH align=middle width=200>순자산</TH> <TH align=middle width=200>주식수</TH> <TH align=middle width=200>BPS</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=top align=middle width=200>166,999백만원</TD> <TD vAlign=top align=middle width=200>59,249,721주</TD> <TD vAlign=top align=middle width=200> 2,819원</TD></TR></TBODY></TABLE></P> <P>* 주당순자산가치(BPS) = 순자산 / 주식수<BR>* 순자산가치는 2005년 3월말 현재 자본총계에서 본 공모로 인해 증가되는 자본금(액면가 기준)만을 포함하였으며 공모가격의 액면가 이상 발행분에 대한 주식발행초과금은 감안하지 않았습니다.<BR>* 주식수는 2005년 3월 현재 총발행주식수 42,249,721주에 공모예정 주식수 17,000,000주를 포함한 59,249,721주를 적용하였습니다. <BR> <BR>3. 적용 PBR  : 1.68<BR> <BR>4. 주당 주식가치 산출</P> <P> <TABLE cellSpacing=0 borderColorDark=white cellPadding=1 width=600 borderColorLight=black border=1> <THEAD> <TR> <TH align=middle width=200>주당순자산가치(BPS)</TH> <TH align=middle width=200>적용 PBR</TH> <TH align=middle width=200>주당 주식가치</TH></TR></THEAD> <TBODY> <TR> <TD vAlign=top align=middle width=200> 2,819원</TD> <TD vAlign=top align=middle width=200> 1.68배</TD> <TD vAlign=top align=middle width=200> 4,737원</TD></TR></TBODY></TABLE></P> <P>* 주당 주식가치 = 동사 주당순자산가치(BPS) × 비교대상업체 적용 PBR </P> <P></P> <P> </P>