In-depth Report (000839) 2005 09 02-2 10.63 15.00 2005-9-1 ( ) 660.00 ( ) 248.37 ( ) 7015.80 ( ) 2640.20 12 / 8.20 14.65 (12 ) 20% 5% -10% -25% -40% 09-04 12-04 03-05 06-05 08-05 PE REP PE REP 1 15-2 % 10.01 14.77 (5.32) 15.33 29.21 (17.76) 50818887-216 maozr@ebscn.com (8621)50818887-205 dengwj@ebscn.com ( ) 2003 2004 2005F 2006F 2007F 1,627.2 1,783.6 1,871.0 2,571.0 3,186.1 192.3 216.0 235.8 343.9 491.9 ( ) 0.29 0.33 0.36 0.52 0.75 (X) 36.49 32.49 29.76 20.40 14.26 ( ) 4.24 4.45 4.81 5.33 5.93 (X) 2.51 2.39 2.21 1.99 1.79 EV/EBITDA(X) 19.95 16.47 16.95 11.40 8.04 ROIC(%) 8.09% 8.30% 8.00% 11.10% 14.38% ROE(%) 9.0% 9.6% 10.2% 15.3% 19.5% (%) 0.94% 0.94% 0.00% 0.00% 1.40% : Wind

...5...8...12...23...30...37...39...43...44...48...49...52 2

3 1....9 2. 1989~2003...15 3. 1989~2003...15 4....15 5....16 6. 2004...16 7. 1970~2003...17 8. 1975~2010F...17 9. KCL...17 10. 1981~2003...17 11. KCL 1999.1~2005.6...18 12. 2003.6~2005.8...18 13. 1999.1~2005.6...19 14....20 15....23 16. 2000~2004...24 17. 1998~2004...26 18. 2000~2008F...32 19....34 20....35 21. 2001~2008F...36 22....49 23....51 24. 2005H...52

4 1. K 2 O...12 2. 2001 2005.1~4...15 3....18 4. 2005F~2008F...21 5. 2005F~2010F...22 6....27 7. 2005F~2008F...27 8. 2004~2008F...28 9. 2004~2008F...29 10. 2004...31 11. 2003~2008F...33 12. 2003~2008F...34 13. 2004~2008F...38 14. 1999~2004...39 15. 1999~2004...40 16. 1999~2005.Q1...41 17. 2002~2008F...42 18. 2003~2008F...43 19....45 20....45 21. 2002~2008F...45 22....46 23....47 24. 2005H...52 25....53 26....54

3 1 7 8 5

PE REP 10.63 06 20 4 15 05~08 1:4:3:2 REP 1 15-2 7 8 6

30 7

2004 9 14 10 04 04 11 3.6 51% 04 3 8

1 1. 20 51% 1700 100 5 2.5 6.6 04 18 9

13 500 02 1500 500 03 10

500 11

04 11 26 3.61 51% 05 3 26 3 7.88 100 5 2.5 1996 2144.7 K 2 O 220.6 3000 80 1.5% 345 116 92% 81% 1 1. K 2 O 1999 2000 832.9 920 440,000 970,000 420 360 180,000 220,000 360 380 80,000 100,000 360 340 71,000 85,000 120 130 10,000 30,000 175 175 4,000 58,000 110 110 4,000 58,000 192 235 51,000 179,000 2,570 2,650 840,000 1,700,000 12

2002 1995 4.57 2.6% 95% 1199 KCl 15 ( A+B+C ) 03 6 570KM 2 2656 308 163 18597 24590 1700 21 200 <000792.SZ> 13

200 45 5 3.5 300 70 7 5 30 100 2 15 1989~2003 CAGR 4.58% 1992 1:0.35:0.18 2003 1:0.42:0.27 3 15 CAGR 9.86% 18% 2 4 14

2. 1989~2003 3. 1989~2003 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 CAGR-4.58 700 600 500 400 300 200 100 CAGR-9.86% 25% 20% 15% 10% 5% 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 0 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 0% 18% 2. 2001 2005.1~4 2001 2,002 2,003 2004 2005.1~4 134.34 144.05 168.02 225.78 67.12 480.78 629.26 593.43 708.00 289.53 615.12 773.31 761.45 933.78 356.65 4. 1200 1000 800 600 400 200 0 2001 2002 2003 2004 2005F 7 5 2005 20 2010 2020 50 200

5 SQM 2004 7 SQM 41% Chemetall FMC 6 5000 SQM FMC 5. 6. 2004 Others 16% SQM 41% FMC 22% Chemetall 21% SQM International Fertilizer Industry Association IFA 90 03 2469 K 2 O 1989 88% 7 16

8 04 90% 7. 1970~2003 8. 1975~2010F 30 25 20 15 10 5 0 1971 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 World Developed Developing IFA PotashCorp, Fertecon, NRCanada PotashCorp 72% 2003 9 PotashCorp 10 100 /3 9. KCl 10. 1981~2003 PotashCorp, Fertecon, NRCanada Fertecon, PotashCorp 04 1600~1800 / 1800 11 12 17

11. KCl 1999.1~2005.6 12. 2003.6~2005.8 2,400 / 2,200 2,000 1,800 1,600 1,400 1,200 1600~1800 / 1,000 Jan-99 Jul-99 Jan-00 Jul-00 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 12 2200 / K 2 O 50% 24% 950 / 8% MgO CIF 1800 / 1500~1600 / 70 08 1200 / 3. % K 2O MgO Cl 22 18 1.5 26~30 8~12 28 9±1 24 8 1

7 5 04 13 99 5000 / 4200 13. 1999.1~2005.6 6,000 5,500 5,000 4,500 4,000 3,500 Jan-99 Jul-99 Jan-00 Jul-00 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 7 SQM 99.5% 2 / 4 / 23000 / 70% SQM FMC 06 7 8

14 300 / 500~600 / 2500 / 6000 / 14. 22.94 19.13 1.91 1.9 11 56.73km 2 135 3300 m 3 30 7 28 1 05 10 300 70 06 7~8 5 3.5 1.2 8000 1 20

07 SQM 4 5 4. 2005F~2008F 2005F 2006F 2007F 2008F 100 500 700 800 7,500 37,500 52,500 60,000 / 75 75 75 75 10,500 52,500 73,500 84,000 / 105 105 105 105 17,000 85,000 119,000 136,000 / 170 170 170 170 22,000 66,000 66,000 66,000 8,500 17,000 17,000 17,000 65,500 258,000 328,000 363,000 / 655 516 469 454 0 12 30 50 21,600 54,000 90,000 / 1,800 1,800 1,800 4,080 10,200 17,000 / 340 340 340 16,000 16,000 16,000 4,500 4,500 4,500 46,180 84,700 127,500 / 3,848 2,823 2,550 0 8 15 20 30,400 57,000 76,000 / 3,800 3,800 3,800 7,200 13,500 18,000 / 900 900 900 15,000 15,000 15,000 12,000 12,000 12,000 64,600 97,500 121,000 / 8,075 6,500 6,050 21

4 05 06 0.4 5 5. 2005F~2010F 2005F 2006F 2007F 2008F 2009F 2010F 95,000 760,600 1,279,000 1,635,000 1,913,000 2,191,000 95,000 525,000 805,000 960,000 1,080,000 1,200,000 100 500 700 800 900 1,000 0 51,600 129,000 215,000 258,000 301,000 0 12 30 50 60 70 0 184,000 345,000 460,000 575,000 690,000 0 8 15 20 25 30 65,500 368,780 510,200 611,500 712,625 813,750 65,500 258,000 328,000 363,000 408,375 453,750 0 46,180 84,700 127,500 153,000 178,500 0 64,600 97,500 121,000 151,250 181,500 1,425 11,409 19,185 24,525 28,695 32,865 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 28,075 380,411 749,615 998,975 1,171,680 1,344,385 2,850 45,636 76,740 98,100 114,780 131,460 3.00% 6.00% 6.00% 6.00% 6.00% 6.00% 7,600 60,848 102,320 130,800 153,040 175,280 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 9,000 36,000 30,000 24,000 18,000 12,000 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 8,625 237,927 540,555 746,075 885,860 1,025,645 0 0 0 0 0 153,847 0.00% 0.00% 0.00% 0.00% 0.00% 15.00% 8,625 237,927 540,555 746,075 885,860 871,798 51% 4,399 121,343 275,683 380,498 451,789 444,617 / 0.007 0.184 0.418 0.577 0.685 0.674 5 15% 8 5 22

2 MGL 3000 MGL 90% 90% 10% 72.2% 22.5% MGL94.7% 12 15. 90% 90% 72.2% 90% 10% 25% 2.8% 21 1990 1995 30% 03 12.55 05 20 90% 02 04 6 03 30% 16 50% 23

16. 2000~2004 7 6 5 4 3 2 1 0 6 4.5 2.5 0.2 0.7 2000 2001 2002 2003 2004 2000 4 2003 2004 05 2 2008 04 10 74 5A MGL 1800 500 100 35% MGL MGL 1957 10 1977 1992 1992 2000 24

2000 9 MGL 80 4300 35% MGL 60 100 5% 20% MGL 500 3000 / 25

MGL 08 1000 450Kg 450 600 2008 1000 MGL 14 6 17. 1998~2004 600 500 400 300 200 100 0 180% 160% 140% 120% 100% 80% 60% 40% 20% 0% 1998 1999 2000 2001 2002 2003 2004 26

6. 300~400 /15Ah 1600~2600 / 100,000 / 1.5Kg 30% 500 /15Ah ( ) 3500 / 80% 70% 2003 MGL MGL 7 7. 2005F~2008F 2004 2005F 2006F 2007F 2008F 650 700 750 800 800 / 220 210 200 195 200 143,000 147,000 150,000 156,000 160,000 150 200 400 600 1000 / 110 100 100 100 100 16,500 20,000 40,000 60,000 100,000 159,500 167,000 190,000 216,000 260,000 27

1800 500 100 2 3000 MGL 05 06 07 08 3000 MGL 8 9 8. 2004~2008F 2004 2005F 2006F 2007F 2008F 650 700 750 800 800 / 220,000 210,000 200,000 200,000 200,000 13.86% 14.50% 15.50% 16.50% 16.00% / 189,508 179,550 169,000 167,000 168,000 150 250 500 700 1,000 6,750 12,500 27,500 38,500 55,000 / 45,000 50,000 55,000 55,000 55,000 900 1,500 2,500 3,500 5,000 / 6,000 6,000 5,000 5,000 5,000 3,000 4,000 8,000 10,000 11,000 2,000 4,000 8,000 12,000 12,000 12,650 22,000 46,000 64,000 83,000 / 84,333 88,000 92,000 91,429 83,000 MGL 8 28

1000 9 9. 2004~2008F 2004 2005 2006 2007 2008 159,500 167,000 190,000 216,000 260,000 143,000 147,000 150,000 156,000 160,000 650 700 750 800 800 16,500 20,000 40,000 60,000 100,000 150 200 400 600 1,000 135,830 143,285 163,550 188,457 217,400 123,180 125,685 126,750 133,600 134,400 12,650 17,600 36,800 54,857 83,000 2,393 2,505 2,850 3,240 3,900 1.50% 1.50% 1.50% 1.50% 1.50% 21,277 21,210 23,600 24,303 38,700 4,785 5,010 5,700 6,480 7,800 3.00% 3.00% 3.00% 3.00% 3.00% 7,975 8,350 9,500 10,800 13,000 5.00% 5.00% 5.00% 5.00% 5.00% 1,120 1,120 1,120 1,120 1,120 5.60% 5.60% 5.60% 5.60% 5.60% 7,397 6,730 7,280 5,903 16,780 1,110 1,010 1,092 885 2,517 15.00% 15.00% 15.00% 15.00% 15.00% 6,288 5,721 6,188 5,017 14,263 94.7% 5,954 5,417 5,860 4,752 13,507 / 0.009 0.008 0.009 0.007 0.020 1 MGL 15% 2 MGL 2000 5.6% 29

1993 04 18 12.1 516 10 04 6.34 1.66 26.18% 2004 28.22% 7253 43.69% 30

10. 2004 04 03 04 03 97,624 49% 180.00 3,246 3.33% 17 0.02% 17,640 49% 3.67 684 3.88% 244 1.38% 38,603 49% 11.27 1,215 3.15% 688 1.78% 29,400 49% 9.56 1,772 6.03% 1,602 5.45% 22,098 49% 7.30 3,007 13.61% 2,800 12.67% 68,600 49% 22.69 4,596 6.70% 7,010 10.22% 49,000 49% 14.64 2,407 4.91% 2,532 5.17% 108,687 40% 24.28 6,250 5.75% 7,138 6.57% 36,899 49% 8.59 2,296 6.22% 2,991 8.11% 37,953 49% 10.56 3,690 9.72% 3,688 9.72% 37,149 49% 12.82 3,189 8.58% 2,515 6.77% 86,434 49% 27.25 4,910 5.68% 3,611 4.18% 34,300 49% 12.00 6,989 20.38% 4,247 12.38% 151,105 47% 61.62 5,745 3.80% - - 59,030 49% 17.64 3,920 6.64% 2,453 4.16% 61,058 49% 20.87 5,880 9.63% 6,182 10.12% 37,069 49% 10.53 221 0.60% 2,954 7.97% 236,950 35% 61.27 17,500 7.39% - - 1,209,599-516.56 77,517 6.41% 50,672 4.19% 10 04 7253 10 7 17 2000 15 10 01 49% 31

18. 2000~2008F 11% 10% 9% 02 03 50% 50% 8% 7% 6% 5% 4% 2000 2001 2002 2003 2004 2005E 2006E 2007E 2008E 500 5~6% 11 32

11. 2003~2008F 2003 2004 2005F 2006F 2007F 2008F 404,000 634,000 690,016 756,856 787,960 819,064 /- 41.00% 56.93% 8.84% 9.69% 4.11% 3.95% 107,813 166,000 179,404 196,783 204,870 212,957 26.69% 26.18% 26.00% 26.00% 26.00% 26.00% 50,672 77,520 84,320 90,520 94,240 97,960 /- 52.98% 8.77% 7.35% 4.11% 3.95% 47.00% 46.70% 47.00% 46.00% 46.00% 46.00% - 296,070 324,308 348,154 362,462 376,769 2002 11 2032.95 536.11 55% 49% 04 4461.7 51% IVR 12590 WAP 04 4 26% 19 33

19. 200 160 120 187% 103.3 172.6 80 40 0 7.3 40.4 2001 2002 2003 2004 38 2M 2534.13 8 12 12. 2003~2008F 2003 2004 2005E 2006E 2007E 2008E 259,160 400,000 480,000 552,000 634,800 730,020 +/- - 54% 20% 15% 15% 15% 24,782 27,663 31,824 33,782 35,612 37,231 55% 51% 51% 51% 51% 51% 45,058 54,241 62,400 66,240 69,828 73,002 17.39% 13.56% 13.0% 12.0% 11.0% 10.0% 20,329 49,195 49,195 49,195 49,195 49,195 121.90% 56.23% 64.69% 68.67% 72.39% 75.68% 34

20 2003 2004 20. 21 35

21. 2001~2008F 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 2001 2002 2003 2004 2005F 2006F 2007F 2008F 100% 80% 60% 40% 20% 0% -20% -40% -60% 01 70% 2300 95% / 40% 36

04 1.1 3080 1 2000 IT 01 IT 02 70% 03 2.48% 10.16 3% 122Km 2 37

13 13. 2004~2008F 2002 2003 2004H 2004 2005F 2006F 2007F 2008F 623,693 890,409 240,395 450,000 400,000 350,000 300,000 300,000 41,164 61,141 17,103 44,678 30,000 24,500 21,000 21,000 15,745 12,838 7,281 15,568 17,903 19,694 21,663 23,829 +/- 191.04% -18.46% 35.79% 21.26% 15.00% 10.00% 10.00% 10.00% 218,000 144,000 342,454 195,283 60,000 65,000 70,000 20,000 14,000 32,615 18,598 10,000 10,000 10,000 / 6,818 6,818 6,818 6,818 4,200 4,500 4,500 31.82% 33.71% 35.07% 35.07% 30.00% 30.77% 35.71% % 10% 40% 30% 20% 4000 16000 12000 8000 ( ) 36,435 149,238 113,677 78,700 ( ) 24,193 96,771 72,579 48,386 12,242 52,466 41,099 30,314 639,438 1,121,247 391,676 808,022 649,621 578,931 500,340 472,529 21.00% 26.49% 25.62% 36.23% 28.00% 30.00% 30.00% 30.00% 72.87% 38

14. 1999~2004 1999 2000 2001 2002 2003 2004 17.26 10.59 5.40 4.96 3.19 1.97 2.47 1.79 3.82 3.18 2.75 2.44 0.70 0.44 0.34 0.67 0.70 0.65 4.18 7.73 5.66 4.82 4.85 1.53 0.56 0.44 0.29 0.44 0.60 0.62 0.41 0.28 0.16 0.24 0.31 0.28 WIND 2000 IT 04 03 3.19 4.85 1.97 1.53 04 39

15. 1999~2004 1999 2000 2001 2002 2003 2004 (%) 21.75 18.13 13.16 6.91 6.88 7.35 (%) 19.38 16.3 11.2 8.05 6.97 6.85 14.3 (CROA)(%) 10.22 5.65 4.77 3.97 6.2 (%) 50.18 51.45 47.52 29.24 27.57 41.91 (%) 43.64 50.26 47.06 19.27 11.82 12.11 (%) 11.3 11.08 20.78 16.09 18.98 24.45 EBITDA/ (%) 50.12 60.07 69.34 35.28 24.55 30.75 WIND 1999 03 IT 14 03 04 40

16. 1999~2005.Q1 1999 2000 2001 2002 2003 2004 2005Q1 ( ) 426.32 870.35 134.78 364.08-50.36-1,040.95-1,024.71 2.06 2.25 1.14 1.27 0.98 0.71 0.73 2.02 2.2 1.09 1.11 0.81 0.57 0.59 1.96 2.07 1 1.06 0.76 0.52 0.55 (%) 30.04 37.48 46.78 41.94 51.19 54.36 54.73 (%) 43.72 61.2 89.61 73.77 108.7 129.09 131.06 (%) 43.87 61.31 89.64 73.85 109.35 140.15 142.02 / 0.14 0.31 0.22 0.02 0.05 0.05 0.23 3.71 1.55-1.24-0.15-0.15 /EBITDA 1.75 2.82 4.62 5.83 7.61 6.91 8.03 ( ) 6.42 4.19 4.27 3.68 WIND 2002 7000 A 9.6 05 1 29.8 8036 16 54.73% 0.59 3.68 10:3 8 3 2 41

6 17 05 4 10 2.92% 17. 2002~2008F 2002 2003 2004 2005F 2006F 2007F 2008F 982,194 1,127,191 1,107,958 1,318,126 1,176,940 1,212,040 1,239,758 (6,298) (10,596) (13,523) (14,499) (12,946) (13,332) (13,637) 0.80% 1.00% 1.21% 1.10% 1.10% 1.10% 1.10% 1,396,000 2,307,000 2,861,805 2,300,000 2,500,000 2,300,000 2,000,000 80,272 96,520 133,681 124,200 135,000 126,500 110,000 6.40% 5.21% 5.17% 5.40% 5.40% 5.50% 5.50% 1,000,000 1,000,000 1,000,000 1,000,000 7,500 22,500 30,000 22,500 3.00% 3.00% 3.00% 3.00% 78 382 536 500 500 500 500 74,052 86,306 120,694 117,701 145,054 143,668 119,363 1: 2: 1 42

18. 2003~2008F 2003 2004 2005F 2006F 2007F 2008F 1,627,245 1,783,636 1,870,973 2,570,993 3,186,092 3,685,712 - - 95,000 760,600 1,279,000 1,635,000 - - 95,000 525,000 805,000 960,000 - - 31.05% 50.86% 59.25% 62.19% 0 51,600 129,000 215,000 - - 0.00% 10.50% 34.34% 40.70% - - 0 184,000 345,000 460,000 - - 0.00% 64.89% 71.74% 73.70% 443,433 857,830 967,918 1,079,666 1,192,677 1,321,287-50,888 63,610 79,513 95,415 114,498-400,000 480,000 552,000 634,800 730,020-110,872 100,000 100,000 100,000 100,000 296,070 324,308 348,154 362,462 376,769 45.87% 50.95% 52.00% 52.00% 52.00% 52.00% 58,936 159,094 167,000 190,000 216,000 260,000 19.81% 14.60% 14.20% 13.92% 12.75% 16.38% 1,139,402 808,022 736,056 540,727 498,415 469,425-454,391 450,000 350,000 300,000 300,000-15,568 17,903 18,798 19,738 20,725-342,454 195,283 60,000 65,000 70,000 - - 72,870 111,928 113,677 78,700 26.49% 36.23% 30.00% 32.00% 32.00% 31.00% 1,178,624 1,036,034 1,093,624 1,418,264 1,610,064 1,787,021 (14,527) (41,310) 0 0 0 0 448,621 747,602 777,349 1,152,729 1,576,028 1,898,691 27.57% 41.91% 41.55% 44.84% 49.47% 51.51% 21,765 41,201 43,032 59,133 73,280 84,771 1.34% 2.31% 2.30% 2.30% 2.30% 2.30% 426,856 706,401 734,317 1,093,596 1,502,747 1,813,920 5,102 10,044 10,000 10,000 10,000 10,000 81,478 113,578 116,512 161,501 198,794 229,346 5.01% 6.37% 6.23% 6.28% 6.24% 6.22% 141,139 201,787 229,597 287,147 340,707 387,139 8.67% 11.31% 12.27% 11.17% 10.69% 10.50% 86,306 120,694 117,701 145,054 143,668 119,363 123,035 280,386 280,507 509,894 829,580 1,088,072 43

18 2003 2004 2005F 2006F 2007F 2008F 159,126 14,824 10,000 15,000 15,000 15,000 745 28,484 20,000 10,000 10,000 10,000 (1,673) (1,257) (1,000) (1,000) (1,000) (1,000) 281,234 322,436 309,507 533,894 853,580 1,112,072 81,682 84,270 49,521 53,389 76,822 100,087 29.04% 26.14% 16.00% 10.00% 9.00% 9.00% 7,259 22,204 24,226 136,584 284,872 385,577 192,293 215,962 235,760 343,921 491,885 626,409 0.2914 0.3272 0.3572 0.5211 0.7453 0.9491 1: 18 2: 3: 5 4: 05 44

19. 12 48.78% 20 39.35% 25 1.75% 10 10.12% 15.17 100.00% 2007 15 20% 18 EPS 20 20. 2005 2006 2007 2008 EPS 0.357 0.521 0.745 0.949 10% 40% 30% 20% EPS 0.658 18.21 11.97 REP 21. 2002~2008F 2002 2003 2004 2005F 2006F 2007F 2008F REP (P/B) / (ROE/Ke) 2.74 2.56 2.28 2.00 1.20 0.85 0.72 Price/Book 2.54 2.68 2.51 2.39 2.21 1.99 1.79 ROE/Ke 0.98 0.98 0.98 1.05 1.10 1.67 2.12 FTC 45

REP P/B REP 1 REP 4 32.23% 1 REP 1.5 REP 22. 2005F 2006F 2007F 2008F ROE/Ke 1.10 1.67 2.12 2.24 ROE/Ke 1.78 REP 1.50 P/Bv 2.68 Book Value 4.81 5.33 5.93 6.59 10% 40% 30% 20% BV 5.709 15.28 FTC 46 04 2005 62.37% 46

10 3.4 10 3 23 23. 10.63 10 2.5 3 3.5 4 4.5 8.50 8.18 7.87 7.59 7.33 PE 05~08 EPS 12.93 12.44 11.97 11.55 11.15 10 3.5 50% 11.97, 04 10 3.5 10.63 06 20 4 15 05~08 1:4:3:2 REP 1 15-2 47

7 8 30 48

1997 10 A 22. 50% 50% 62.37% 1979 10 4 20 44 2003 5966.30 16 49

2003 139.6 38.4 2 50

51 23. 51% 49% 51% 35% 47% 40% 49% 40% 70% 90% 90% 100% 95% 94.35% 2.48% 0.81%

24. 2005H 62.37% 37.63% 24. 2005H ( ) (%) 411,627,900 62.37-1,360,646 0.21 1,200,000 0.18 947,236 0.14 770,000 0.12-100 766,071 0.12-741,800 0.11 700,000 0.11 670,300 0.1-300 654,395 0.1 419,438,348 63.56 WIND 52

25. ( ) 2003 2004 2005F 2006F 2007F 1,627.2 1,783.6 1,871.0 2,571.0 3,186.1 1,178.6 1,036.0 1,093.6 1,418.3 1,610.1 426.9 706.4 734.3 1,093.6 1,502.7 (%) 26.2% 39.6% 39.2% 42.5% 47.2% 5.1 10.0 10.0 10.0 10.0 81.5 113.6 116.5 161.5 198.8 141.1 201.8 229.6 287.1 340.7 EBIT 368.5 415.9 408.2 669.9 988.2 86.3 120.7 117.7 145.1 143.7 123.0 280.4 280.5 509.9 829.6 159.1 14.8 10.0 15.0 15.0 281.2 322.4 309.5 533.9 853.6 192.3 216.0 235.8 343.9 491.9 ( ) 2003 2004 2005F 2006F 2007F 2,927.0 2,596.0 3,843.9 3,825.1 3,920.2 1,131.0 1,155.0 832.1 629.7 841.9 771.3 796.5 525.4 526.5 654.8 642.7 637.2 508.9 2,471.2 2,323.8 2,951.9 3,416.3 110.3 314.4 452.9 638.0 867.4 250.2 1,515.2 1,871.0 2,313.9 2,548.9 5,938.8 6,976.6 7,866.5 8,709.9 9,177.3 2,977.4 3,636.9 3,122.6 3,285.5 2,974.4 1,807.0 2,788.3 2,000.0 2,000.0 1,700.0 363.4 459.2 561.3 642.7 637.2 807.0 389.4 561.3 642.7 637.2 62.6 155.7 300.0 500.0 600.0 62.6 155.7 300.0 500.0 600.0 - - 1,000.0 1,000.0 1,000.0 - - - - - 3,040.0 3,792.6 4,422.6 4,785.5 4,574.4 2,796.8 2,938.0 3,173.7 3,517.6 3,911.1 5,938.8 6,976.6 7,866.5 8,709.9 9,177.3 ( ) 2003 2004 2005F 2006F 2007F 368.5 415.9 408.2 669.9 988.2 106.7 115.8 68.4 67.9 89.8 261.7 300.1 339.9 602.1 898.5 28.6 97.2 138.5 185.1 229.4 487.3-2.6 455.4-40.6 71.1-197.0 399.9 22.9 827.8 1,056.8 69.7 1,362.2 494.2 628.0 464.4 - -56.5-593.4 242.2 419.4 137.2 13.2 768.7 736.5 1,047.4 601.6-210.1-368.8-713.6-219.6 455.2 / 181.4 141.2 235.8 343.9 393.5 66.0 66.0 - - 98.4 410.2 1,074.4 356.0 200.0-200.0 494.3 1,188.9-25.7 554.6-70.7 : Wind 80% 70% 60% 50% 40% 30% 20% 10% 0% 25% 20% 15% 10% 5% 0% 50% 40% 30% 20% 10% 0% -10% -20% 2,000 1,500 1,000 500 0 (%) 2001 2002 2003 2004 2005F 2006F 2007F 2008F (%) 2001 2002 2003 2004 2005F 2006F 2007F 2008F ROIC ROE ROA & 1.5 2001 2002 2003 2004 2005F 2006F 2007F 2008F 1.0 0.5 0.0-0.5-1.0-1.5 & / (%) 2001 2002 2003 2004 2005F 2006F 2007F 2008F / 70% 60% 50% 40% 30% 20% 10% 0%

26. 2003 2004 2005F 2006F 2007F 26.2% 39.6% 39.2% 42.5% 47.2% EBITDA/24.4% 28.8% 29.2% 33.3% 38.2% EBIT/ 22.6% 23.3% 21.8% 26.1% 31.0% / 11.8% 12.1% 12.6% 13.4% 15.4% 12.9% 14.0% 81.0% 72.8% 72.6% 106.3% 164.1% 138.7% 149.5% 120.1% 282.7% 333.0% 372.9% 306.0% 273.4% 51.2% 54.4% 56.2% 54.9% 49.8% 108.7% 129.1% 139.4% 136.0% 117.0% 0.98 0.71 1.23 1.16 1.32 0.81 0.57 1.02 0.97 1.10 73.6% 9.6% 4.9% 37.4% 23.9% 66.4% 65.5% 4.9% 48.9% 37.4% EBIT 19.8% 12.9% -1.9% 64.1% 47.5% 6.4% 12.3% 9.2% 45.9% 43.0% ( ) 0.29 0.33 0.36 0.52 0.75 ( ) 4.24 4.45 4.81 5.33 5.93 ( ) -0.32-0.56-1.08-0.33 0.69 (X) 36.49 32.49 29.76 20.40 14.26 (X) 2.51 2.39 2.21 1.99 1.79 EV/EBITDA(X) 19.95 16.47 16.95 11.40 8.04 0.94% 0.94% 0.00% 0.00% 1.40% : Wind 30 25 20 15 10 5 44 33 22 11 - (x) 2001 2002 2003 2004 2005F 2006F 2007F 2008F EV/EBITDA EV/EBIT 108x 94x 80x 66x 51x 37x 0 09-00 12-01 03-03 06-04 08-05 6 15% 6 5% 15% 6-5% 5% 6 5% 15% 6 15% 1 6 2 6 54