12增长引擎还是利润陷阱？化工产业的复杂性管理之道

੔ܻ౅ ੔ܻ౅ஃ٘ A.T.�KEARNEY�FORUM 8: ࣅ߾ႜᄽኟঢ়૦ጣტ໏ڦՎ߫ă߳ٷࠅິܔތႜକबๆ౎ڦׂ೗ፇࢇ቟୼ݵݵ৊ႜ କٷژગާăཚࡗৎઠڦժࠔLjగၵࠅິકٷ କࡀఇĂଣহࡀఇLjܸዮසәຯސĂ༩๧ኄᄣ ڦࠅິሶਸ๔ገၠକ߸ጀዘᅜਜ਼ࢽྺڞၠڦႎ ڦ༬๺ࣅ߾ଶᇘă໯ᆶڦኄᅃၵՎࣅٝ๑߲߳ ࣅ߾ഓᄽփڥփዘႎٶଉጲमڦፇኯĊĊ༬՚ ๟ܔްሗႠփ܏ሺेڦଶᇘăీ࠶૙ްሗႠڦ ഓᄽᅨీࣩ݀ഄᆕ૧യ૰Ljᅃӯ൧઄ူ੗ሺे 2%-5%ڦ૧ා୲ă๟ޏీํ၄සُٷڦ૧ා༵ ืᄺਦۨକ࿄ઠഓᄽڦׯӨᇑޏă ሺ׊ᆅ൤࣏๟૧ා။ᑝǛ ࣅ߾ׂᄽڦްሗႠ࠶૙ኮڢ ෙٷ൵๞ླྀۯጣࣅ߾ׂᄽڦ݀ቛǖඇ൰ ࣅĂժࠔĂᅜतሁઠሁጀዘ஢ፁਜ਼ࢽႴ൱ڦׂ ೗ጆᄽࣅă๴ኄၵ൵๞ڦᆖၚLj߳ॆࣅ߾ഓᄽ ਸ๔ᆌܔփ܏ሺेڦްሗႠăԲසLj༩๧ेٷ କᅜ๨ׇྺڞၠڦᄽခ݀ቛ૰܈Ljժ๭ࠔକஆ ோࡘຯLjәຯސժࠔକഛәLjሺेഄሞ༬๺ࣅ ბ೗ڦᄽခLjܸࡲߛሶࠔசକெࡔࡔ௷ۏݹࣅ ბࠅິڦٷևݴࠣ඄Ljኄၵۼ๟ഓᄽᆌܔްሗ Ⴀڦᆶ૰ፒኤă ໜጣްሗႠڦփ܏ሺٷLj๟ޏీᆶၳ࠶ ૙ኄၵްሗႠׯྺକ࿄ઠᆕ૧ڦ࠲॰ăఫၵׯ ੔ܻ౅91 ࠀ੦዆ްሗႠڦഓᄽණྺन๑ሞड़వڦ޲؜ᄺ ๟ኵڥڦăཚࡗইگްሗ܈Ljၥ३ᇱ֌ଙĂิ ׂĂၨ๳Ă঍ऋڦׯԨLj༵ߛׂ೗ۨॏLjഓᄽ ᆕ૧੗ሺे2%-5%DŽ֖९཮1Džăኟස੔ܻ౅ ৎઠڦᅃၜۙჺ݀၄ǖ৽ްሗႠ࠶૙ܸჾLjఫ ၵਥڥጲमࠅິᄲԲ৪ኛܔ๮ፔڦ߸ࡻڦߛ࠶ ்ණྺLj໱்ࠅິڦ݀ቛ໏܈๟৪ኛܔ๮ڦଇ ԠLj൐Բܔ๮ᆕ૧ᄲܠ70%ăُۅຫ௽ްሗႠ ࠶૙ᆌׯྺഓᄽڦዘۅ݀ቛଶᇘǖփৈీླྀۯ ૧ාሺ׊Ljᆼీ๑໯ᆶڦጨᇸۼీ࠲ጀሺ׊ă ཚࡗܔ߲߳ႜᄽᅜतࣅ߾ႜᄽጲวڦჺ ৯Lj࿢்݀၄ׯࠀڦްሗႠ࠶૙๟ࠓॺሞᅜူ ब߲֧୼एإኮฉڦǖ ő� ዆ۨኟඓڦްሗႠ቟୼DŽएᇀഓᄽڦ቟ ୼ణՔDž ᅃژൎڦݛ݆ኻࣷڞዂ߸گڦၳ୲DŽනᆩࣅ߾ഓᄽDžĂ ߸ܠ฿ྭڦਜ਼ࢽDŽ༬๺ࣅ߾ഓᄽDžă ő� ࠓॺްሗႠׯԨᇑॏኵڦཪ௽ࣅ ő� ૙঴ॏኵ૾ڦްሗႠ඄࢚ ő� ॺ૬੗׼ჄႠ݀ቛڦްሗႠ࠶૙ऐ዆ ৑࠶ᆶႹܠࠅິۼׯࠀևຈକഄዐڦᅃଇ ཉ֧୼Ljڍኈኟీቨ࿥໯ᆶኄၵ֧୼ڦഓᄽփ ܠăܸടട৽๟ኄबॆྺຕփܠڦഓᄽᆕ૧ඐ ߸ܠDŽनՍتᇀኄ߲گ૧ාڦႜᄽDžLjժ൐ీ ๥ݣ؜߸ܠڦጨᇸጆጀᇀظႎᇑሺ׊ă থူઠLj࿢்ॽܔኄၵ֧୼৊ႜᅃᅃၘຎă ዆ۨኟඓڦްሗႠ቟୼ ᅃӯܸჾLjఫၵتᇀူᆴLjሁྺᇺ૗ᆳഘ ࠃߴᄽခڦഓᄽLjഄްሗႠᄺሁߛă૩සLjఫ ၵׂ೗փܠLjٷਜ਼ࢽᄺփܠڦएإࣅ߾ईዐक़ ၨ๳ܮ ڦ3& !. 6& ၄ሞڦ ૧ා୲ ႎڦ૧ ා୲ •࠲Կิׂ၍ᇑׇں •༵ߛ૧ᆩ୲ •Ն௨ཨጨ •३ณକࠃᆌฆڦຕଉLj዆वᇑᇱ֌ଙ •ᆅ෇କरຍೝ໼ •๑ፇኯĂୁײĂጨᇸޜခᇀׂ೗ڦਸ݀Ăर ຍޜခᇑၨ๳ •༵ืׂ೗ፇࢇ •༵ߛॏ߭ •ገ࣑ई༲՗၄փॅڦׂ೗ ၨ๳ܮ ڦ3& !. 6& ሏᆐᆫࣅ ֌ଙׯԨၥ३ ิׂ૰༵ߛ ۥ၍ฉื ཮1ǖްሗႠॳ੃ॠֱ ઠᇸǖ੔ܻ౅ݴဆ ሺ׊ᆅ൤࣏๟૧ා။ᑝǛࣅ߾ׂᄽڦްሗႠ࠶૙ኮڢ ੔ܻ౅ ੔ܻ౅ஃ٘ A.T.�KEARNEY�FORUM 92 ࣅ߾ഓᄽLjԲഐఫၵׂ೗ਜ਼ࢽۼ࢔ܠڦ਋ࢇ࿿ ഓᄽ৽ᄲ०ڇႹܠă༬๺ࣅ߾ഓᄽĊᆮഄ๟ ఫၵᄲ௬ܔዚܠዕ܋ᆌᆩ๨ׇĂׂ೗ฉӥĂਜ਼ ࢽฉഥڦഓᄽLj๟ፌྺްሗڦă ഓᄽᆌኍܔ߳ጲڦփཞ൧઄዆ۨ๢ᆌጲ ว݀ቛڦްሗႠ࠶૙቟୼ăఫዖᅃژൎڦ቟୼ ᇑ࿔ࣅ๟ႜփཚڦăఫᄣኻࣷڞዂ߸گڦၳ୲ DŽනᆩࣅ߾ഓᄽDžĂ߸ܠ฿ྭڦਜ਼ࢽDŽ༬๺ࣅ ߾ഓᄽDžă ࿢்ঢ়׉ࣷདڟኄᄣᅃ߲ຫ݆ǖᆶࡻڦް ሗႠLjᅨᆶ࣋ڦްሗႠLjీׯࠀೝ࢚ኄଇ߲ް ሗႠLjლቴڟ๢ࢇጲमްሗႠ຤ೝڦࠅິ๟ፌ ྺׯࠀڦࠅິăఫ஺Ljܔࣅ߾ഓᄽܸჾLj๊஺ ֍๟๢ᅓڦްሗ຤ೝ఼Ǜ࿢்փݟፔᅃ߲ጆྺ ࣅ߾ഓᄽଉวۨፔڦĐްሗႠॳ੃ॠֱđăሞ ࣅ߾ႜᄽLjްሗႠፌྺጚඓڦ࢚ଉՔጚन௅዆ वڦೝ਩ၨ๳ܮDŽईኁڪपDž1ሞ༬๺ࣅ߾Ljړ ௅዆वڦೝ਩ၨ๳ܮইڟ500ྤெᇮᅜူ้Ljް ሗႠ࠶૙ᆶځዘႎೠࠚǗܸړ௅዆वڦೝ਩ၨ ๳ܮگᇀ200ྤெᇮᅜူ้LjইگްሗႠ๞ሞՂ ႜă2أ޿ኸՔᅜྔLjޤᅜ૧ා୲LjӀ10%ڦ૧ ාோ၌ऺ໙Lj3࿢்Սీቨ࿥߸ྺڟඇ௬ڦᆶ࠲ ްሗႠᇑഄᄽခᆖၚڦ႑တă ࿢்჋ስକ౎๭෇ሞ50-150ᅢெᇮ4ڦෙॆ ༬๺ࣅ߾ഓᄽLjኍܔഄܔྔࠅքڦᄽခဦݴ৊ႜ କĐްሗႠॳ੃ॠֱđLjჺ৯঳ࡕස཮2໯๖ă ݴဆዐڦᄽခဦݴ௅዆वڦၨ๳ܮٗፌߛ ڦ1100ྤெᇮᅃ኱ڟፌگڦ100ྤெᇮLjްሗႠ ࡀఇຌᇀডߛăတ຦മ૧ාሞ3%-15%ኮक़ă ස཮2໯๖Ljܔ࿋ᇀᅃၡ၌ڦᄽခڇᇮLjኄ ၵᄽခڇᇮۼ๟گ૧ා୲ĂߛްሗႠLjཚࡗް ሗ܈࠶૙ၜణन੗༵ߛ૧ා୲ăܔᇀܾၡ၌ڦ ᄽခڇᇮܸჾLj໱்ڦਜ਼ࢽᄺႹᇼᅪசڇްሗ ຤ೝߛڦׂ೗Ljᆯُླྀۯକ૧ාڦሺेăDŽन ๑ኄᄣLjሞగၵएإڦᄽခڇᇮᅈ඗੗ీࣷ٪ ሞইگްሗႠڦऐࣷDžްሗႠ࠶૙๟ᅃ߲ႜኮ 5/!๯ံ࠲ጀഄ໱ߘ ߇ 4/!਌ਨްሗႠ 2/!ཚࡗްሗႠ࠶૙ ༵ߛ EBIT 3/!ํ ၄ްሗႠ࠶૙ ऐࣷ ࠅິ4Ljᄽခဦݴ2 ࠅິ3Ljᄽခဦݴ3 ࠅິ4Ljᄽခဦݴ4 ࠅິ3Ljᄽခဦݴ3 ࠅິ2Ljᄽခဦݴ4 ࠅິ2Ljᄽခဦݴ3 ࠅ 2ິLjᄽခဦݴ2 ࠅິ4Ljᄽခဦݴ3 ࠅ 3ິLjᄽခဦݴ2 6& 21& 26& %21 %6 %1 5/!๯ံ࠲ጀഄ໱ߘ ߇ 4/!਌ਨްሗႠ 2/!ཚࡗްሗႠ࠶૙ ༵ߛ EBIT 3/!ํ ၄ްሗႠ࠶૙ ऐࣷ ࠅິ3Ljᄽခဦݴ2 26& %6 EBIT૧ා୲ ௅ ዆ व ೝ ਩ ၨ ๳ ܮ DŽ ӥ ྤ ெ ᇮ Dž EBITǖတ຦മ૧ා ઠᇸǖ੔ܻ౅ݴဆ ཮2ǖްሗႠॳ੃ॠֱ ੔ܻ౅93 ᆶၳڦ߾ਏLjཚࡗኄ߲߾ਏLjᄽခဦݴీٗড گڦၡ၌ฉืڟ໯೺ྭڦෙၡ၌ăሞ຺ၡ၌Lj ૧ා୲گᇀഄ໱՗၄ᆫᅴڦᄽခဦݴLjڍ๟ް ሗ܈੗ీփ๟ሰׯگ૧ා୲ڦፌٷᇱᅺă ްሗႠ࠶૙቟୼ፌᆶᆩ࿴ኮںڦںݛړຌ ᅃၡ၌ĊĊፌྺ๢ᅓᆌܔᅺగ߲ᄽခဦݴׂ೗ ฆ೗ࣅ໯ሰׯڦ૧ා୲๭໫ă༬՚๢ᆩᇀᄽခ ဦݴ຤ೝᅜူڦኟඓڦްሗႠ࠶૙቟୼ڦඓۨ ᇑํแă཮3၂๖କ࿢்໯ݴဆڦగၵࠅິڦᄽ ခڇᇮप՚ڦ௅዆वڦၨ๳ܮă൩ጀᅪन๑๟ ሞཞᅃ߲ᄽခဦݴዐްሗႠڦՎࣅᄺ࢔ٷăኄ ၵᄽခڇᇮڦ࠶૙ݛ݆ኟඓᇑޏ࣏ൽਦᇀׂ೗ ิంዜ೺ڦ׊܈Ăׂ೗ፇࢇڦׯຄ܈ᅜतฆ೗ ࣅڦ൵๞ă ࠓॺްሗႠׯԨᇑॏኵڦཪ௽ࣅ ᆯᇀጨׂक़ڦ၎ࢻᅈડႠĂׂ೗रຍᅜत ๨ׇڦᇹࠤLjࣅ߾ࢅ࢔ܠഄ໱ႜᄽփٷᅃᄣă ዚܠڦׂ೗၍ۼ๟ᆯᅃ༫ࠌᆶڦጨׂิׂLj඗ ࢫ؜๳ߴփཞڦ๨ׇă ޿ႜᄽڦްሗႠ࠶૙ᄲ൱໯ᆶႜᄽဦݴᇑ ᆌᆩڦཪ௽ࣅLj֍ీඇ௬ቨ࿥ްሗႠܔኝׂ߲ ೗ፇࢇڦׯԨൻۯᅺ໎໯ሰׯڦᆖၚă੗ཚࡗ ዘႎॺ૬ׂ೗֫प঳ࠓDŽࠓॺሞएإरຍೝ໼ ᅜฉDžํ၄ްሗႠׯԨൻۯᅺ໎ڦཪ௽ࣅLjස ิׂୁײĂᇱ֌ଙĂԈጎă໯ᆶڦۼ੗ᅜࡃڟ ፌگप՚ڦׂ೗रຍૌă ᅃڋࠓॺକኄᄣᅃ߲ࠌᆶ঳ࠓLjन੗ඇ ௬କ঴ሰްሗႠڦኈํׯԨăሞٲॺኄᄣڦ঳ ࠓ้Ljዘۅᆌ࠲ጀనၵׯԨĊĊनሞړമ࢚ଉ ঳ࠓዐፌྺփጚඓڦׯԨLj޿঳ࠓ๟ᆩᇀ࢚ଉ ׂ೗૧ා୲ڦăԲසLjঢ়׉݀ิڦิׂൎ࣑Lj ׂ೗क़ܮྔڦت૙ୁײईݭ೗໦฿DŽփཞڦ ᄽခڇᇮ ௅዆वೝ਩ၨ๳ܮ 2 ᄽခڇᇮ3 ᄽခڇᇮ4 ᄽခڇᇮ9 ᄽခڇᇮ21 ᄽခڇᇮ: ᄽခڇᇮ7 ᄽခڇᇮ22 ᄽခڇᇮ8 ᄽခڇᇮ23 ᄽခڇᇮ5 ᄽခڇᇮ6 %21%6%1 %26 ᄽခဦݴǍ ᄽခဦݴ 3 ᄽခဦݴ 4 ཮3ǖࠅິ2ڦްሗႠ ઠᇸǖࠅິྪஏǗ੔ܻ౅ݴဆ ሺ׊ᆅ൤࣏๟૧ා။ᑝǛࣅ߾ׂᄽڦްሗႠ࠶૙ኮڢ ੔ܻ౅ ੔ܻ౅ஃ٘ A.T.�KEARNEY�FORUM 94 ײ܈DžLj඗ܸኄၵ࿚༶ժுᆶ੊୯෇ׂ೗ڦ֫ ௬Ljิׂևோ੗ీႴᄲ֑ൽᅃ߲एᇀፕᄽڦׯ Ԩࢃ໙ݛ݆ઠग़ࠥڟኄၵ࿚༶ăأิׂᅜྔLj SG&ADŽၨ๳ׯԨĂጹࢇਸၨतႜአ࠶૙ݯᆩDž ૛ڦዷᄲׯԨၜԥଚ෇କ໦ᅮ՗ዐڦԈ߅ݯዐă ܸ዁ᇀሏ๼Ă֞ئĂၨ๳ᇑᆐၨڦׯԨLjሶ๟ሞ ௅߲؜๳ڦׂ೗ڦׯԨฉሺेᅃ߲ࠦۨڦӥݴ Բă໯ᅜLj้׉ׂ೗ڦ૧ා୲ժփీݒᆙׂ೗ ኮक़ՎࣅڦްሗႠăኻᆶܔኄၵՎࣅઠᇸ৊ႜ ۙኝࢫLj֍ీੂڟׂ೗क़ڦްሗႠڦኈํׯԨLj ฯ዁࣏ీੂڟਜ਼ࢽक़ڦްሗႠኈํׯԨă ᅃڋׂ೗֫प঳ࠓॺ૬Ljഓᄽ੗߸ࡻڥ૙ ঴ׂ೗ڦኈํᆕ૧Ljཞ้ܔ໯ᆶၠᄽခޜခڦ ๨ׇဦݴᇑरຍዐ໯٪ሞڦްሗႠ৊ႜೠࠚă ቴ؜ఫၵگॏኵĂኈํ૧ා୲փߛڦፇࢇଶᇘ ᄺׯྺକ੗ీăగၵଶᇘॽԥ༨༁Ljܸᆶၵሶ ॽፔ৊ᅃօڦ߀৊ăೠࠚׂ೗ፇࢇඓۨ޿༨༁ ڦईኁ޿߀৊ڦଶᇘLj৛०฻ᇆڦׂ೗ፇࢇă ኻᆶሞକ঴କްሗႠڦኈํׯԨࢫLjࢫჄ֍ీ ܔׂ೗ۨॏፔ৊ᅃօ๹૙Lj֍ీಒۨሹᄣڦۨ ॏ๟ᆌीჄྼ׼Ljܸሹᄣڦۨॏᆌ৊ႜۙኝă ૙঴ॏኵ૾ڦްሗႠ඄࢚ ްሗႠ඄࢚ኸڦ๟ԍ׼ॏኵᇑްሗႠׯԨ क़ڦೝ࢚ăၙᄲԍ׼ೝ࢚ժփඹᅟLjڍ๟ཚࡗ ްሗႠڦଶံᇑ஌ࢫኸՔLj࿢்੗ᅜ݀၄ްሗ ႠׯԨ੗ీגࡗକዖૌॏኵăଶံኸՔԈࡤକ ฆᄽႜྺई঳ࠓLjኄၵႜྺई঳ࠓࣷټઠగၵ ްሗႠ࿚༶LjܸኄၵްሗႠ࿚༶ᆼ๟׊೺٪ሞ ᇀഓᄽዐLjڍ๟ഄᆖၚᆼ࿄ԥඇ௬ں૙঴ई࢚ ଉă஌ࢫኸՔԈࡤକ੗࢚ଉڦၜణLj൐஌ࢫኸ Ք૛ڦްሗႠ࿚༶ኻ๟യሞڦăᅜူ๟ۆ႙ڦ ଶံĂ஌ࢫኸՔǖ ްሗႠଶံኸՔᆶǖ ő� క๭෇ሺ׊Ljܸփڇڇኻ๟൱૧ා ő� փీ૙঴ਜ਼ࢽڦኈํႴ൱ ő� ࿄ీඇ௬૙঴ׂ೗ईޜခڦׯԨᇑ૧ා ୲ ő� ׂ೗ิంዜ೺࠶૙ୁײඍณDŽईுᆶย ۨኄᄣڦୁײDž൐ްሗႠ࠶૙ኰሴփ௽ඓ ްሗႠ஌ࢫኸՔᆶǖ ő� ໚඗ၨଉٳڟକᇨ೺ሺ׊Ljڍ๟૧ා୲ ժ࿄Վࣅई၎ݒ࣏ইگକ ő� ߸ܠڦׂ೗Ljڍ๟ጺ૧ා୲ுᆶ༵ߛ ő� ߸ܠڦᄽခဦݴĂႜᄽဦݴई೗ಈLjڍ ๟ுᆶ߸ܠڦॏኵׂ؜ ő� ްሗႠইگईĐׂ೗Ⴊ२đၜణڦׯၳ փٷ ଷྔLj࣏ᆶब߲ኸՔ़փຌᇀଶံኸՔ ᄺփຌᇀ஌ࢫኸՔă૩සLjසժࠔࢫኝࢇփ฀ ڦࣆLjഓᄽॽ௬ଣׂ೗Ă዆वĂरຍዘްڦ࿚ ༶Ǘ৪ኛܔ๮සٗߵԨฉ߀Վକฆᄽఇ๕Ljॽ ܔᄽခ݀ቛ߭ਆᅜत৪ኛ֧୼ׂิᆖၚǗܔᅜ മֶᅴࣅڦ༬๺ׂ೗৊ႜฆ೗ࣅॽླ࡞ۨॏీ ૰ăᅜฉᄺຌᇀްሗႠኸՔڦᅃևݴă ްሗႠॽ቞ᆶईၩࡼኝ߲ഓᄽڦጨᇸLj ഄᆖၚᆌభ෇ॏኵ૾ڦ௅߲ۅڦ඄࢚ਦ֧ዐă සLjᆯᇀްሗႠڦ٪ሞLjׂ೗ਸ݀ևோփڥփ ࠶૙߸ܠڦၜణፇࢇLjሰׯକჺ݀ዜ೺ჽ׊ă ֑ࠔևோփڥփࢅߛ঍ᅟׯԨፔ۷ኛLj࠶૙ٷ ଉڦᇱ֌ଙĂᆌܔࢅٷଉࠃᆌฆڦ࠲ဣLjܸ൐ ֑ࠔ૰ڦ໦࡞ڞዂକೝ਩֑ࠔࡀఇڦူইăิ ׂևோሶ௬ଣጣ঍ऋ้क़ჽ׊Ljิׂൎ࣑ೕݏ ݀ิLjݭ೗ݓ߾ڦೕ୲ฉืăׯ೗࿿ୁሶ๴ჽ ׊ڦ঍ऋ้क़Ăੰ٪຤ೝגܮDŽԈઔఫၵᅙ༨ ༁ڦׯ೗DžઓඡLjժ൐ᅺྺ၄ᆶׂ೗ڦᎍ݄Lj ڞዂၨ๳ܮူইăᆐၨĂၨ๳ᅜतޜခևோሶ ੔ܻ౅95 ௬ଣኄᄣڦუ૰ǖၨ๳ޜခሏᆐၳ୲ইگLjၨ ๳৪๋Ăᇨ֪݀ิٱဃĂᆯᇀׂ೗ዖૌڦሺ ܠLj࠽ߢਸኧᄺໜኮฉቩă ԍ׼ኟඓڦ඄࢚Ⴔᄲሞ๊஺ްሗႠ๟੗ᅜ ԍ׼ڦLj๊஺ᄣڦްሗႠ๟ᆌ޿ইگڦݛ௬ፔ ؜ኟඓڦਦ֧ăྺକ࣮ٴኄၵ࿚༶Lj࿢்֑ᆩ କੵኰీڦݛ݆Ljࡥ߃କฉຎॏኵ૾໯ภतڦ ݛݛ௬௬Ljժ൐ඟኄၵևோܔްሗႠᅜतׯԨ ᆶକएԨڦକ঴ăߛްሗႠĂگ૧ා୲ڦೝ໼ ᆌࢇժڟଷྔᅃ߲ೝ໼஘Ǜᅨई๟ޏᆌٷଉ৛ ०ఫ߲ೝ໼ڦׂ೗ຕଉǛᅃ߲ኟඓڦਦ֧๟ए ᇀኈํׯԨڦཪ௽ࣅĂްሗႠڦᆖၚᅜतएإ ೝ໼ᇑᄽခဦݴڦ቟୼ॏኵă ॺ૬੗׼ჄႠڦްሗႠ࠶૙ऐ዆ ੗׼ჄႠڦްሗ੦዆Ⴔᄲ๑ഓᄽᇺ૗ްሗ ႠLjԍ׼ഓᄽްሗ຤ೝڦ੗๫ࣅLjยۨୁײ༲ أۖփీׂิॏኵڦްሗႠ࣍বăํ၄କްሗ Ⴀׯࠀ࠶૙ڦഓᄽཚࡗፇॺઠጲׂ೗ჺ݀Ă֑ ࠔĂิׂĂၨ๳ᇑᆐၨᅜतഄ໱ଶᇘڦੵኰీ ߾ፕཷܓLjीჄํ၄੗׼ჄڦްሗႠ࠶૙ăᄲ ൱ཷܓׯᇵت૙ኝ߲ॏኵ૾ڦްሗႠ࿚༶ĊĊ ಒ๊ۨ஺๟ࡻڦްሗႠLj๊஺๟࣋ڦްሗႠLj ֑ᆩᄽခڇᇮ༬ۨڦோ၌ᅜतՔጚLjॽްሗႠ ઺઺ںڔሞோྔă૩සLjܔᇀگ૧ා୲Ljׂ೗ ฆ೗ࣅڦᄽခڇᇮLjডኮ؜๳ֶᅴࣅLjߛ૧ා୲ ׂ೗ڦᄽခڇᇮLjഄܔްሗႠڦඹඨ܈߸گăሺ ेႎׂ೗Ăႎᇱ֌ଙतႎୁײ้ࢪย૬๢ᅓڦோ ၌Lj޿ٯแᅙԥభ෇କႎڦׂ೗ჺ݀ୁײዐLjՆ ௨ඪࢆփీׂิॏኵڦްሗႠ݀ิă ްሗႠኸՔᆌభ෇၄ᆶڦऺݴਸ਼ဣཥዐLj ፕྺᄽခڇᇮኸՔڦᅃևݴLjժԈࡤ߲߳ްሗ ຤ೝڦٯแDŽස௅዆वڦၨ๳ܮDžᅜतዷᄲׂ ೗၍ڦׂ೗૧ා୲ăፌࢫLjೝ໼ཷܓLjሞׂ೗ ࠶૙ڦኸᆅူLjᆌओट֖ᇑڟׂ೗ิంዜ೺࠶ ૙ୁײዐăओट߶ጷ࠲॰ዕ܋ᆌᆩڦׂ೗၍ᇑ ഄ၎࠲ڦิంዜ೺࿋ዃLjժᇑ๨ׇ൵๞Ă৪ኛ ൧઄Ăཞᅃ߲रຍĂയሞ༺پरຍ৊ႜ၎ܔ Բăܔᇀ૧ා୲گĂްሗ຤ೝߛLj൐ᆯᇀتᇀ ׯຄڦิం঩܎ֶܸᅴࣅփٷڦׂ೗Ljॽٗᄽ ခፇࢇዐ༲أۖă ްሗႠLjړခኮथ ްሗႠ࠶૙ᅙׯྺକࣅ߾ഓᄽణമ቟୼ํ แڦړခኮथLjཚࡗްሗႠ࠶૙Ljዘႎۨᅭժ ࠔࢫڦᅍାᄽခᇑरຍڦۨ࿋Ăᆫࣅႎᄽခă ႜᄽଶڞ்ᅙॽ޿າྼభ෇କ໱்ڦฆᄽ݀ቛ ऺࣄዐLj዆ۨକඇ௬ڦׂ೗ᇑरຍೝ໼࠶૙ీ ૰ăړ඗LjްሗႠ࠶૙ժփඹᅟLj৑࠶සُLj ႜᄽڦ൵๞ᅜतᆕ૧ڦ࣮Ԓ՗௽ᅈ඗ࣷ߸ܠڦ ࠅິॽްሗႠ࠶૙ଚྺ቟୼݀ቛڦዘۅ ፕኁ०঻ǖ Hendrik�DisteldorfLj੔ܻ౅ጧკ฾Lj׉ጂ౨ሀӸ๚تLjᆰၒں኷ǖhendrik.disteldorf@atkearney.com Andrew�Walberer,�੔ܻ౅ۭ๚Lj׉ጂእेߣӸ๚تLjᆰၒں኷ǖandrew.disteldorf@atkearney.com 1��௅዆वڦೝ਩ၨ๳ܮǖഓᄽၨ๳ଉأᅜ޿ഓᄽ໯؜๳ڦׂ೗዆वጺଉ 2��޿࿔໯ᆶڦऋԼӀெᇮऺ 3��޿࿔໯༵ڟڦ໯ᆶ૧ාۼ๟ኸEBITDŽတ຦മ૧ාDž 4��ᄽခဦݴڦၨ๳ܮᇑ૧ා୲֖ቷࠅິܔྔࠅքڦኵ ሺ׊ᆅ൤࣏๟૧ා။ᑝǛࣅ߾ׂᄽڦްሗႠ࠶૙ኮڢ