{"id":1585,"date":"2020-05-13T19:53:25","date_gmt":"2020-05-13T10:53:25","guid":{"rendered":"https:\/\/bcgblog.kr\/?p=1585"},"modified":"2020-05-15T17:50:40","modified_gmt":"2020-05-15T08:50:40","slug":"crisis-can-spark-transformation-and-renewal","status":"publish","type":"post","link":"https:\/\/bcgblog.kr\/crisis-can-spark-transformation-and-renewal\/","title":{"rendered":"\uc704\uae30\ub294 \ubcc0\ud601\uacfc \uc0c8\ub85c\uc6b4 \uc2dc\uc791\uc744 \ucd09\ubc1c\ud560 \uc218 \uc788\ub2e4"},"content":{"rendered":"
2008\ub144 \uae00\ub85c\ubc8c \uae08\uc735\uc704\uae30\ub294 \ub300\ubd80\ubd84\uc758 \uae30\uc5c5\ub4e4\uc5d0\uac8c \ubb34\uc790\ube44\ud588\uc9c0\ub9cc, \uc77c\ubd80 \uae30\uc5c5\ub4e4\uc740 \uadf8 \ud6c4 \uc2ed \ub144 \ub3d9\uc548 \uadf9\uc801\uc73c\ub85c \ud68c\uc0dd\ud588\ub2e4. \ud604\uc7ac \ub610 \ud55c\ubc88\uc758 \uacbd\uae30 \uce68\uccb4\uac00 \uc608\uc0c1\ub418\ub294 \uc0c1\ud669\uc5d0\uc11c \uc774 \uae30\uc5c5\ub4e4\uc740 \uacbd\uc601\uc9c4\uc758 \ub300\uc751\ubc29\uc548\uc5d0 \ub300\ud55c \ubaa8\ub378\uc774 \ub420 \uc218 \uc788\ub2e4.<\/p>\n
BCG\ub294 2008\ub144\ubd80\ud130 2019\ub144\uae4c\uc9c0 12\ub144 \ub3d9\uc548\uc758 \uc804\uccb4 \uc7ac\ubb34\uc2e4\uc801\uc744 \uae30\ubc18\uc73c\ub85c \uc0c1\uc7a5 \uae30\uc5c5\ub4e4\uc758 \uc21c\uc704\ubaa9\ub85d\uc744 \uc791\uc131\ud588\ub2e4. \uc0c1\uc704 25\ub300 \uae30\uc5c5\ub4e4\uc740 EBITDA \ub9c8\uc9c4\uc744 25%\ud3ec\uc778\ud2b8, \ucd1d \uc8fc\uc8fc\uc218\uc775\uc728\uc744 \uc5f0\ud3c9\uade0 21% \uc0c1\uc2b9\uc2dc\ucf30\ub2e4. \uc774 \ub450 \uae30\uc900 \ubaa8\ub450\uc5d0\uc11c, \uc774 \uae30\uc5c5\ub4e4\uc740 \ud3c9\uade0\uc801\uc73c\ub85c, S&P \uae00\ub85c\ubc8c 1200(S&P Global 1200) \uae30\uc900\uc744 5\ubc30 \uc774\uc0c1 \ub2a5\uac00\ud55c \uac83\uc774\ub2e4.<\/p>\n
\uc774 \uae30\uc5c5\ub4e4\uc758 \uc131\uacf5\ube44\uacb0\uc740 \uc811\uadfc\ubc95\uc744 \uac70\uc2dc\uc801 \uc0c1\ud669\uc5d0 \ub530\ub77c \ub9de\ucda4\uc801\uc6a9\ud588\ub2e4\ub294 \uc810\uc774\ub2e4. \uc608\ub97c \ub4e4\uc5b4, \uc774 \uc0c1\uc704 25\ub300 \uae30\uc5c5\ub4e4\uc740 \uc704\uae30\uac00 \uadf9\uc2ec\ud55c \uc0c1\ud669\uc5d0\uc11c\ub294 \uc0c1\ub300\uc801\uc73c\ub85c \ubcf4\uc218\uc801\uc778 \uc870\uce58\ub97c \ucde8\ud588\uace0, \uc77c\ub2e8 \ucd5c\uc545\uc758 \uc0c1\ud669\uc774 \uc9c0\ub09c \ud6c4\uc5d0\ub294 \uc131\uc7a5\uc5d0 \ub048\uc9c8\uae30\uac8c \uc9d1\uc911\ud588\ub2e4.<\/p>\n
\uc0c1\uc704 25\ub300 \uae30\uc5c5\ub4e4\uc740 \ubaa8\ub450 \uacf5\ud1b5\uc801\uc778 \ub2e8\uacc4\ub97c \ubc1f\uc558\ub2e4. \uc801\uadf9\uc801\uc73c\ub85c \ud589\ub3d9\ud558\uace0, \ud65c\ub825\uc744 \uc99d\uac00\uc2dc\ud0a4\uace0, \ud655\uc2e4\ud55c \ube44\uc804\uc744 \uc124\uc815\ud558\uace0, \ud68c\ubcf5\ub825\uc744 \ud0a4\uc6b0\uace0, \uc870\uc9c1\uc744 \uac04\uc18c\ud654\ud588\ub2e4.<\/p>\n
\ucd5c\uace0\uc758 \uad70\uc0ac \uc9c0\ub3c4\uc790\ub4e4\uc740 \uc5ed\uc0ac\ub97c \uc5f0\uad6c\ud558\ub294\ub370, \uc751\ub2f9 \uadf8\ub7f4\ub9cc\ud55c \uc774\uc720\uac00 \uc788\ub2e4. \uacfc\uac70\uc758 \uc804\ud22c\ub97c \uc774\ud574\ud558\uba74, \uad70\ub300\ub97c \uc798 \uc815\ube44\ud574 \ud604\uc7ac\uc640 \ubbf8\ub798\uc758 \uc804\ud22c\uc5d0\uc11c \uc2b9\ub9ac\ud560 \uc218 \uc788\uae30 \ub54c\ubb38\uc774\ub2e4. \uc774\ub7f0 \uac1c\ub150\uc740 \ube44\uc988\ub2c8\uc2a4 \uc138\uacc4\uc5d0\ub3c4, \ud2b9\ud788 \uc9c0\uae08\uacfc \uac19\uc740 \uc0c1\ud669\uc5d0\uc11c \ub354\uc6b1, \uc801\uc6a9\ub41c\ub2e4.<\/p>\n
\uc9c0\uae08\uc758 \uacbd\uc81c\uc801 \uc5b4\ub824\uc6c0\uc744 \uc0dd\uac01\ud560 \ub54c, \uc5b4\ub5a4 \uae30\uc5c5\ub4e4\uc774 \uacfc\uac70\uc758 \uc704\uae30-\uae00\ub85c\ubc8c \uacbd\uc81c \uce68\uccb4-\uc5d0\uc11c \uc0b4\uc544\ub0a8\uc558\uc744 \ubfd0 \uc544\ub2c8\ub77c \uc704\uae30 \uc774\ud6c4 \uc2ec\uc9c0\uc5b4 \ub354\uc6b1 \uac15\ub825\ud55c \uae30\uc5c5\uc73c\ub85c \ubd80\uc0c1\ud588\ub294\uc9c0 \uc774\ud574\ud558\ub294 \uac83\uc740 \uc911\uc694\ud558\ub2e4. \ud558\uc9c0\ub9cc, \ub354\uc6b1 \uc911\uc694\ud55c \uac83\uc740 \uc774 \uae30\uc5c5\ub4e4\uc774 \ucd94\uc9c4\ud574 \uacb0\uad6d \uc131\uacf5\ud558\ub294\ub370 \ub3c4\uc6c0\uc774 \ub410\ub358 5\uac00\uc9c0 \ub2e8\uacc4\ub97c \uc774\ud574\ud558\ub294 \uac83\uc774\ub2e4. \uc801\uadf9\uc801\uc73c\ub85c \ud589\ub3d9\ud558\uace0, \ud65c\ub825\uc744 \uc99d\ub300\ud558\uace0, \ud655\uc2e4\ud55c \ube44\uc804\uc744 \uace0\uc218\ud558\uace0, \ud68c\ubcf5\ub825\uc744 \ud0a4\uc6b0\uace0, \uc870\uc9c1\uc744 \uac04\uc18c\ud654\ud55c \uac83\uc774\ub2e4. \uc774 \ub2e8\uacc4\ub4e4\uc740 \uc624\ub298\ub0a0 \uacbd\uc601\uc9c4\uc774 \uadf8\ub4e4\uc758 \uae30\uc5c5\uc758 \uc131\uacf5\uc744 \uc704\ud574 \uc5b4\ub5bb\uac8c \ub2f9\uba74\ud55c \uc704\uae30\uc5d0 \ub300\ucc98\ud560 \uac83\uc778\uc9c0\uc5d0 \ub300\ud55c \uc77c\uc885\uc758 \ub9e4\ub274\uc5bc\uc774 \ub420 \uc218 \uc788\ub2e4.<\/p>\n
2008\ub144\ubd80\ud130 2019\ub144\uae4c\uc9c0 \uc138\uacc4\uc801\uc73c\ub85c \ucd5c\uace0\uc758 \uc2e4\uc801\uc744 \uae30\ub85d\ud55c \uae30\uc5c5\ub4e4\uc744 \uac00\ub824\ub0b4\uae30 \uc704\ud574, \uc6b0\ub9ac\ub294 S&P \uae00\ub85c\ubc8c 1200 \uae30\uc5c5\ub4e4\uc5d0 \ub300\ud574 EBITDA(\uc138\uc804\uc774\uc790\uc9c0\uae09\uc804\uc774\uc775)\uc640 TSR(\ucd1d\uc8fc\uc8fc\uc218\uc775\ub960)\uc744 \ud3c9\uac00\ud588\ub2e4. (\ubcf4\uae30 1 \ucc38\uc870.)<\/p>\n
\uc0c1\uc704 25\ub300 \uae30\uc5c5\ub4e4\uc740 \ub2e4\uc591\ud55c \uc5c5\uc885- \uc0dd\uba85\uacf5\ud559, \ubc18\ub3c4\uccb4, \uc758\ub8cc \uae30\uae30 \ub4f1-\uc5d0 \ud3ec\uc9c4\ud574 \uc788\uc73c\uba70, \uacbd\uc7c1 \uc5c5\uccb4\ub4e4\uc5d0 \ube44\ud574 \uc6d4\ub4f1\ud788 \ub6f0\uc5b4\ub09c \uc2e4\uc801\uc744 \ubcf4\uc600\ub2e4. \uc774 \uc6b0\uc218\uae30\uc5c5\ub4e4\uc758 EBITDA \ub9c8\uc9c4\uc740 \ud3c9\uade0 25%\ud3ec\uc778\ud2b8\ub85c S&P \uae00\ub85c\ubc8c 1200 \uae30\uc5c5\ub4e4\uc774 \ud3c9\uade0 \uaca8\uc6b0 4%\ud3ec\uc778\ud2b8 \uac83\uacfc \ube44\uad50\ub41c\ub2e4. \uc0c1\uc704 25\ub300 \uae30\uc5c5\uc758 TSR \uc5ed\uc2dc \uc5f0\ud3c9\uade0 \uc99d\uac00\uc728\uc774 21%\ub85c S&P \uae00\ub85c\ubc8c \ud3c9\uade0 4%\uc5d0 \ube44\ud574 \ud6e8\uc52c \ub192\uc558\ub2e4.<\/p>\n
\ubd84\uba85\ud788, \uc774 \uc6b0\uc218\uae30\uc5c5\ub4e4\ub3c4 \ub2e4\ub978 \uacbd\uc7c1\uc5c5\uccb4\ub4e4\uacfc \ub9c8\ucc2c\uac00\uc9c0\ub85c \uc704\uae30\ub85c \uc778\ud55c \ud63c\ub780\uc744 \ub611\uac19\uc774 \uacbd\ud5d8\ud588\ub2e4. 2008\ub144 \ub9d0 \ubb34\ub835, \uc6b0\uc218\uae30\uc5c5\ub4e4\uc758 TSR\ub3c4 \ud3c9\uade0 27%\ud3ec\uc778\ud2b8 \uae09\ub77d\ud588\ub294\ub370, S&P \uae00\ub85c\ubc8c 1200 \uc9c0\uc218\ub9cc\ud07c\uc740 \uc544\ub2c8\ub77c \ud574\ub3c4 \uc5ec\uc804\ud788 \uadf9\uc801\uc778 \ud558\ub77d\uc774\uc5c8\ub2e4. \ud558\uc9c0\ub9cc \uc0c1\uc704 25\ub300 \uae30\uc5c5\ub4e4\uc740 \uc804\uccb4 \uc2dc\uc7a5\uc758 \uc2e4\uc801\uc5d0 \ube44\ud574 \uadf8\ub4e4\uc758 \uc6b4\uba85\uc744 \uc880 \ub354 \ube68\ub9ac \ubc14\uafd4\ub193\uc744 \uc218 \uc788\uc5c8\ub2e4. \uacb0\uacfc\uc801\uc73c\ub85c \uadf8\ub4e4\uc740 \uc804\uccb4 \uc2dc\uc7a5\ub9cc\ud07c \ud3ed\ub77d\ud558\uc9c0\ub294 \uc54a\uace0, \ub354 \ube68\ub9ac \ud68c\ubcf5\ud588\ub2e4.<\/p>\n
\uc0c1\uc704 25\ub300 \uae30\uc5c5\ub4e4 \ub2e4\ub978 \uae30\uc5c5\ub4e4\uacfc \ub611 \uac19\uc740 \ud63c\ub780\uc744 \uacbd\ud5d8\ud588\uc9c0\ub9cc, \uadf8\ub4e4\uc758 \uc6b4\uba85\uc744 \ub354 \ube68\ub9ac \ubc14\uafd4 \ub193\ub294\ub370 \uc131\uacf5\ud588\ub2e4.<\/strong><\/span><\/p>\n \uc8fc\ubaa9\ud560 \uac83\uc740, \uc804 \uc138\uacc4\uc801\uc778 \uae30\uc5c5 \ubaa9\ub85d\uc5d0 \ubbf8\uad6d\uc5d0 \ubcf8\uc0ac\ub97c \ub454 \uae30\uc5c5\ub4e4\uc774 \uc0c1\uc704 25\ub300 \uc911 16\uac1c\ub97c \ucc28\uc9c0\ud558\uba74\uc11c, \uc555\ub3c4\uc801\uc778 \uc810\uc720\uc728\uc744 \ubcf4\uc778\ub2e4\ub294 \uc810\uc774\ub2e4. \uc720\ub7fd\uacfc \uc544\uc2dc\uc544 \uc9c0\uc5ed\uc5d0 \ub300\ud574\uc11c\ub3c4 \uac01\uac01 \uc0c1\uc704 10\ub300 \uae30\uc5c5 \ubaa9\ub85d\uc744 \uc791\uc131\ud588\ub2e4. (\ubcf4\uae30 2\uc640 3 \uac01\uac01 \ucc38\uc870.)<\/p>\n 4\uac1c\uc758 \ub2e8\uacc4\ubcc4 \ub300\ucc45<\/strong><\/p>\n \uc774 \uae30\uc5c5\ub4e4\uc758 \uc131\uacf5 \ube44\uacb0\uc740 \ubb34\uc5c7\uc778\uac00? \ud55c \uac00\uc9c0 \uc8fc\uc694\ud55c \uc694\uc778\uc740 \uc774 \uae30\uc5c5\ub4e4\uc740 \uc704\uae30 \ub3c4\uc911, \uadf8\ub9ac\uace0 \uc704\uae30 \ud6c4\uc5d0 \uacbd\uc7c1\uc5c5\uccb4\ub4e4\uacfc\ub294 \ub2e4\ub978 \uc870\uce58\ub97c \ucde8\ud588\ub2e4\ub294 \uc810\uc774\ub2e4. 12\ub144\uc758 \uae30\uac04 \ub3d9\uc548, \uc6b0\uc218\uae30\uc5c5\ub4e4\uc740 \ud63c\ub780 \ub300\ucc98, \uc548\uc815\ud654, \ud65c\uc131\ud654, \uc9c0\uc18d\uc801 \uac00\uc18d\ud654\uc758 4\ub2e8\uacc4\ub97c \uac70\ucce4\ub2e4. (\ubcf4\uae30 4 \ucc38\uc870.) \uc774\ub4e4\uc740 \uac01 \ub2e8\uacc4\ubcc4\ub85c \ubcc0\ud654\ud558\ub294 \uac70\uc2dc\uacbd\uc81c \uc0c1\ud669\uc5d0 \ub530\ub77c \uc804\ub7b5\uc744 \ub9de\ucda4\uc801\uc6a9\ud558\uba74\uc11c \uc131\uacf5\uc744 \uc774\ub904\ub0c8\ub2e4.<\/p>\n \uadf8 \uc608\ub85c, \uccab \ubc88\uc9f8 \ub2e8\uacc4-\ud63c\ub780 \ub300\ucc98-\uc5d0\uc11c, \uc0c1\uc704 25\ub300 \uae30\uc5c5\ub4e4\uc740 S&P \uae00\ub85c\ubc8c 1200\uc9c0\ud45c \uae30\uc5c5\ub4e4\ubcf4\ub2e4 \ud604\uae08\uc744 \ucd95\uc801\ud558\uace0 \uc720\ub3d9\uc131\uc744 \uc720\uc9c0\ud558\ub294 \ube44\uc728\uc774 \ud6e8\uc52c \ub354 \ub192\uc558\ub2e4. \uc774 \uae30\uc5c5\ub4e4\uc758 \uacbd\uc6b0 \ud604\uae08 \ubc0f \ud604\uae08 \ub4f1\uac00\ubb3c\uc774 \uac01 \ud68c\uc0ac \ucd1d\uc790\uc0b0\uc758 \uac70\uc758 20%\ub97c \ucc28\uc9c0\ud55c \ub370 \ubc18\ud574, \uc9c0\ud45c\uae30\uc5c5\ub4e4\uc758 \ud3c9\uade0\uc740 10%\ubbf8\ub9cc\uc774\uc5c8\ub2e4. \uc774 \uac19\uc740 \uc720\ub3d9\uc131\uc740 \ubcc0\ub3d9\uc131\uc774 \uadf9\uc5d0 \ub2ec\ud55c \uacbd\uc6b0\uc5d0 \uc644\ucda9\uc81c \uc5ed\ud560\uc744 \ud574, \uc0c1\uc704 25\ub300 \uae30\uc5c5\ub4e4\uc774 \ub9e4\ucd9c \ub454\ud654 \ud639\uc740 \uc911\ub2e8 \uc2dc\uae30\ub97c \uc774\uaca8\ub0b4\uace0, \uc2dc\uc7a5\uc774 \uc548\uc815\ud654\ub418\uc790\ub9c8\uc790 \uc801\uc808\ud558\uac8c \uc6c0\uc9c1\uc77c \uc218 \uc788\ub294 \uc218\ub2e8\uc744 \uc81c\uacf5\ud588\ub2e4.<\/p>\n \ub9c8\ucc2c\uac00\uc9c0\ub85c, \ud65c\uc131\ud654 \uae30\uac04\uc5d0\ub3c4, \uc6b0\uc218\uae30\uc5c5\ub4e4\uc740 \uacbd\uc81c\uc801 \uc21c\ud48d\uc744 \ucd5c\ub300\ud55c \ud65c\uc6a9\ud574 \ub9f9\ub82c\ud558\uac8c \uc131\uc7a5\uc744 \ucd94\uad6c\ud588\ub2e4. 2012\ub144 \uc911\ubc18\ubd80\ud130 2016\ub144 \uc911\ubc18\uae4c\uc9c0, \uc804\uccb4 \uc9c0\ud45c\ub294 \uae30\uc5c5\ub4e4\uc758 \uc131\uc7a5\ub960 \uac10\uc18c\ub85c(\ub354\ub518 \uae00\ub85c\ubc8c \uacbd\uae30\ud68c\ubcf5\uc73c\ub85c \uc778\ud574) \ud558\ub77d\ud588\uc74c\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, \uc774 \uae30\uc5c5\ub4e4\uc740 \ud3c9\uade0 19.5% \uc131\uc7a5\ud588\ub2e4. \uadf8\ub9ac\uace0 2016\ub144\ubd80\ud130, \uc0c1\uc704 25\ub300 \uae30\uc5c5\ub4e4\uc740 \uc911\uc810\ub178\ub825\uc744 \ud601\uc2e0\uc73c\ub85c \ub3cc\ub9ac\uace0 \uc131\uc7a5 \uc7a0\uc7ac\ub825\uc774 \uc788\ub294 \uae30\uc5c5\ub4e4\uc744 \uc778\uc218\ud558\uae30 \uc2dc\uc791\ud588\uc73c\uba70, \uc5b4\ub5a4 \uacbd\uc6b0\uc5d0\ub294 \ud604\uae08\uc744 \uc18c\uc9c4\ud558\uba74\uc11c \uc131\uc7a5\ud655\ub300\uc5d0 \ud22c\uc790\ud558\uae30\ub3c4 \ud588\ub2e4.<\/p>\n BCG\ub294 \uae08\uc735\uc704\uae30 \ub3c4\uc911\uacfc \uadf8 \uc774\ud6c4\ubfd0 \uc544\ub2c8\ub77c \uae08\uc735\uc704\uae30 \uc774\uc804\uc5d0 \uc0c1\uc704 25\ub300 \uae30\uc5c5\uc758 \ud589\ub3d9\uc744 \ubd84\uc11d\ud574, \uc774 \uae30\uc5c5\ub4e4\uc774 \uacbd\uc81c \uc704\uae30 \uc774\ud6c4 \uac15\ub825\ud558\uac8c \ud68c\uc0dd\ud560 \uc218 \uc788\uc5c8\ub358 5\uac00\uc9c0 \ud575\uc2ec \ub2e8\uacc4\ub97c \uaddc\uc815\ud588\ub2e4.<\/p>\n \uc801\uadf9\uc801\uc73c\ub85c \ud589\ub3d9\ud558\ub77c.<\/strong> 2008\ub144 \uae08\uc735\uc704\uae30 \ub2f9\uc2dc, S&P \uae00\ub85c\ubc8c 1200 \uae30\uc5c5\ub4e4\uc740 \uc801\uadf9\uc801\uc774\uae30\ubcf4\ub2e4\ub294 \uc0ac\ud6c4\ub300\uc751\uc801\uc73c\ub85c \uc6c0\uc9c1\uc600\ub2e4\uace0 \ud560 \uc218 \uc788\ub2e4. \uacbd\uae30\ud558\ub77d\uc73c\ub85c \uc778\ud574 \uc0ac\uc5c5\uccb4\uac00 \uc9c1\uc811\uc801\uc73c\ub85c \ud0c0\uaca9\uc744 \ubc1b\uc740 \ud6c4\uc5d0\uc57c \uc704\uae30\uc644\ud654\ub97c \uc704\ud55c \ub300\ucc45\uc744 \ucd94\uc9c4\ud588\ub2e4. \uc774\uc640\ub294 \ub300\uc870\uc801\uc73c\ub85c, \uc0c1\uc704 25\ub300 \uae30\uc5c5\ub4e4\uc740 \uc720\ub3d9\uc131\uc744 \uc99d\uac00\uc2dc\ucf30\uc744 \ubfd0\ub9cc \uc544\ub2c8\ub77c \uc804\ub7b5\uc801 \uc778\uc218\ud569\ubcd1\uc5d0 \uc801\uadf9\uc801\uc73c\ub85c \ud22c\uc790\ud588\ub2e4. \uace0\uc7a5\ub098\uae30 \uc804\uc5d0 \uace0\uce58\ub294(fix it before it breaks)<\/span> \uc120\uc81c\uc801 \ud589\ub3d9 \uc6d0\uce59\uc744 \uc801\uc6a9\ud55c \uac83\uc774\ub2e4.<\/p>\n \uc77c\ub840\ub85c, \ub9c8\uce74\uc624\uc5d0\uc11c \uce74\uc9c0\ub178 \ubcf5\ud569\ub9ac\uc870\ud2b8\ub97c \uc6b4\uc601\ud558\uba70 25\ub300 \uae30\uc5c5 \uc911 6\uc704\uc5d0 \uc624\ub978 \uac24\ub7ed\uc2dc \uc5d4\ud130\ud14c\uc778\uba3c\ud2b8 \uadf8\ub8f9(Galaxy Entertainment Group)\uc740 \ub450 \uac1c\uc758 \uc911\ub300\ud55c \uc870\uce58\ub97c \ucde8\ud574 \uae08\uc735\uc704\uae30 \uc804\uc5d0 \uc790\ubcf8\uc0c1\ud0dc\ub97c \uac15\ud654\ud588\ub2e4. \uccab\uc9f8, 2007\ub144\uc5d0 \uc720\ub7fd\uc0ac\ubaa8\ud380\ub4dc\uc778 \ud37c\ubbf8\ub77c(Permira)\uc5d0 20% \uc9c0\ubd84\uc744 \ub9e4\uac01\ud588\ub2e4. \ud37c\ubbf8\ub77c\uc758 \uae00\ub85c\ubc8c \uac8c\uc774\ubc0d \ubc0f \uc18c\ub9e4\ubd80\ubb38\uc758 \uc804\ubb38\uc131\uc740 \uac24\ub7ed\uc2dc \uadf8\ub8f9\uc5d0 \uc804\ub7b5\uc801\uc778 \uc790\uc0b0\uac00\uce58\uac00 \uc788\uc5c8\ub2e4. \ub610\ud55c, \uc774 \uac70\ub798\ub97c \ud1b5\ud574 \ud655\ubcf4\ud55c 10\uc5b5 \ub2ec\ub7ec\uc758 \ud604\uae08\uc740 \uac24\ub7ed\uc2dc\uc758 \uc790\ubcf8\uae30\ubc18\uc744 \ud0c4\ud0c4\ud788 \ud574\uc92c\ub2e4. \ub458\uc9f8, \uac24\ub7ed\uc2dc \uc5d4\ud130\ud14c\uc778\uba3c\ud2b8 \uadf8\ub8f9\uc740 2007\ub144 \uc2e0\uc8fc\ub97c \ubc1c\ud589\ud574, \ubd80\ucc44\uc0c1\ud658\uc5d0 \uc0ac\uc6a9\ub41c \uc790\ubcf8\uc744 \uc870\ub2ec\ud588\ub2e4.<\/p>\n \ud65c\ub825\uc744 \uc99d\ub300\ud558\ub77c.<\/strong> \uc801\uadf9\uc801\uc73c\ub85c \uc6c0\uc9c1\uc774\ub294 \uac83\ubfd0 \uc544\ub2c8\ub77c, \uc131\uacf5\uc801\uc778 \ube44\uc988\ub2c8\uc2a4\ubaa8\ub378\uc744 \uac16\ucd98 \ucd5c\uace0\uc2e4\uc801 \uae30\uc5c5\ub4e4\uc740 \uadf8\ub4e4\uc758 \uc131\ucde8\uc5d0 \uc548\uc8fc\ud558\uace0 \uc2f6\uc740 \uc720\ud639\uc744 \uc774\uaca8\ub0c8\ub2e4. \uc774\ub4e4\uc740 \uc5b4\ub5a4 \uc131\uacf5\uc801\uc778 \uc811\uadfc\ubc95\ub3c4 \uacc4\uc18d \uc9c0\uc18d\ub420 \uc218\ub294 \uc5c6\uc74c\uc744 \uc798 \uc54c\uace0 \uc788\uc5c8\ub2e4. \ub530\ub77c\uc11c, \uc77c\uc885\uc758 \u2018\ud65c\ub825\u2019(\uc9c0\uc18d\uac00\ub2a5\ud55c \uc7a5\uae30\uc801 \uc131\uc7a5\uc744 \ub2ec\uc131\ud558\uae30 \uc704\ud574 \ud601\uc2e0\ud558\uace0, \uc0c8\ub85c\uc6b4 \uc544\uc774\ub514\uc5b4\ub97c \ubaa8\uc0c9\ud558\uace0, \uae30\uc5c5 \uc804\ub7b5\uc744 \uc7ac\uad6c\uc131\ud560 \uc218 \uc788\ub294 \ub2a5\ub825\uc774\ub77c\uace0 \uc815\uc758\ud568)\uc744 \uc99d\uac00\uc2dc\ucf30\ub2e4. \uc801\uadf9\uc801\uc73c\ub85c \uc720\ub9dd\ud55c \uc2dc\uc7a5\uacfc \uac1c\ub150\uc744 \ucc3e\uc544\ub0c8\uc73c\uba70, \uac1c\ubc1c \ud504\ub85c\uc138\uc2a4\ub97c \uc7ac\uc124\uacc4\uc5d0 \uc0c8\ub85c\uc6b4 \uc544\uc774\ub514\uc5b4\ub97c \uc2dc\uc7a5\uc5d0 \ube60\ub974\uac8c \uc801\uc6a9\ud588\ub2e4. \uc774\ub807\ub4ef \ud65c\ub825\uc744 \uac15\uc870\ud558\ub294 \ud0dc\ub3c4\ub97c \ud1b5\ud574 \uc774 \uae30\uc5c5\ub4e4\uc740 \ubbfc\ucca9\uc131\uc744 \uc720\uc9c0\ud558\uace0 \uc2dc\uc7a5\uc0c1\ud669\uc774 \uc5b4\ub5bb\uac8c \ubcc0\ud558\ub4e0 \uc131\uc7a5\ub3d9\ub825\uc744 \ucc3e\uc544\ub0bc \uc218 \uc788\uc5c8\ub2e4.<\/p>\n \uadf8 \uc608\ub85c, \uc21c\uc704 \ubaa9\ub85d\uc5d0\uc11c 2\uc704\uc5d0 \uc624\ub978 \ubbf8\uad6d \uc758\ub8cc\uc124\ube44\uc5c5\uccb4 \uc544\ube44\uc624\uba54\ub4dc(Abiomed)\uc758 \uacbd\uc6b0 \ub300\ub300\uc801\uc778 \uc8fc\uc694 \ub3d9\ub825\uc744 \ub9cc\ub4e4\uc5b4 \ub0b4 \uae30\uc5c5\uc131\uc7a5\uc744 \uc774\ub04c\uc5b4 \ub0c8\ub2e4. 1990\ub144\ub300\uc5d0 \uc138\uacc4 \ucd5c\ucd08 \uc778\uacf5\uc2ec\uc7a5 \uac1c\ubc1c\uc5d0 \uc9d1\uc911\ud588\uc5c8\ub358 \uc544\ube44\uc624\uba54\ub4dc\ub294 2005\ub144 \uc784\ud3a0\ub77c(Impella)\ub77c\uace0 \ud558\ub294 \uc2ec\uc7a5\ud38c\ud504\uae30\uc220\uc744 \uc778\uc218\ud588\ub2e4. \uc784\ud3a0\ub77c \ud38c\ud504\ub294 \uc77c\uc815 \ud615\ud0dc\uc758 \uc2ec\uc7a5\ub9c8\ube44\ub97c \uacaa\uc740 \ud658\uc790\ub4e4\uc744 \ub3d5\ub294\ub370 \uc0ac\uc6a9\ub418\ub294 \uae30\uae30\uc774\ub2e4. \uc774 \ud38c\ud504\ub294 \ucd08\uc18c\ud615\uc73c\ub85c \uc218 \ubd84\ub0b4\ub85c(\ud658\uc790\uac00 CPR\uc744 \ubc1b\uace0 \uc788\ub294 \ub3c4\uc911\uc5d0\ub3c4) \ud658\uc790\uc758 \ub300\ud1f4\ub3d9\ub9e5\uc5d0 \uc0bd\uc785\uac00\ub2a5\ud558\uae30 \ub54c\ubb38\uc5d0, \uc2ec\uc7a5\uc808\uac1c \uc218\uc220\uc758 \ud544\uc694\uc131\uc744 \uc904\uc5ec\uc900\ub2e4. \uc544\ube44\uc624\uba54\ub4dc\uc5d0\uac8c \uc788\uc5b4, \uc774 \uc778\uc218\ub294 \ub300\ub300\uc801\uc778 \uc804\ub7b5\uc801 \ubcc0\ud654-\uc2ec\uc7a5\uce58\ud658\uc218\uc220\uc5d0\uc11c \uc2ec\uc7a5\ud68c\ubcf5\uce58\ub8cc\ub85c-\ub97c \uc758\ubbf8\ud588\ub2e4. \ud604\uc7ac, \uc784\ud3a0\ub77c \ud38c\ud504\uc758 \ub9e4\ucd9c\uc740 \uc544\ube44\uc624\uba54\ub4dc \ub9e4\ucd9c\uc758 \ub300\ubd80\ubd84\uc744 \ucc28\uc9c0\ud558\uace0 \uc788\ub2e4.<\/p>\n \ud655\uc2e4\ud55c \ube44\uc804\uc744 \uace0\uc218\ud558\ub77c.<\/strong> \uc0c8\ub85c\uc6b4 \uc131\uc7a5\ub3d9\ub825\uc744 \ucc3e\uace0 \uc788\uc744 \ub54c\uc5d0\ub3c4, \uc6b0\uc218\uae30\uc5c5\ub4e4\uc740 \uae00\ub85c\ubc8c\uae08\uc735\uc704\uae30 \uc774\uc804\ubd80\ud130 \uc788\uc5c8\ub358 \ud655\uc2e4\ud55c \ube44\uc804- \uc18c\uc218\uc758 \uc7a5\uae30\uc801 \ubaa9\ud45c\ub97c \uae30\ubc18\uc73c\ub85c \ud55c \ube44\uc804- \uc744 \uafb8\uc900\ud788 \ucd94\uad6c\ud588\ub2e4. \uc608\ub97c \ub4e4\uc5b4, \ub300\ubd80\ubd84\uc758 \uae30\uc5c5\ub4e4\uc774 \uc0c8\ub85c\uc6b4 \uad6d\uac00\ub85c\uc758 \uc2dc\uc7a5 \ud655\ub300\uc640 \ud504\ub85c\uc138\uc2a4 \ubc0f \uace0\uac1d\uc11c\ube44\uc2a4\uc758 \ub514\uc9c0\ud138\ud654\ub97c \uc704\ud55c \ub300\ub300\uc801 \ud22c\uc790\ub97c \uacc4\ud68d\ud588\uc5c8\ub2e4. \uc704\uae30\ub85c \uc778\ud574 \uc774\ub7f0 \ubaa9\ud45c\ub97c \ucd94\uc9c4\ud558\uae30 \uc704\ud55c \ud504\ub85c\uc81d\ud2b8\ub4e4\uc740 \ubcc0\ud654\ud588\uc9c0\ub9cc, \ubaa9\ud45c\uc790\uccb4\ub294 \uadf8\ub300\ub85c \uc720\uc9c0\ub410\uc73c\uba70, \uc870\uc9c1\uc758 \uc911\uc810\ub178\ub825\uc740 \uc5ec\uc804\ud788 \ub3d9\uc77c\ud55c \uac83\uc774\uc5c8\ub2e4.<\/p>\n \uc21c\uc704 3\uc704\uc5d0 \uc624\ub978 \ubd80\ud0b9 \ud640\ub529\uc2a4(Booking Holdings)- \uad6c \ud504\ub77c\uc774\uc2a4\ub77c\uc778(Priceline)-\uac00 \uadf8 \uc88b\uc740 \uc608\uc774\ub2e4. \uc774 \ud68c\uc0ac\ub294 \uba87 \uac00\uc9c0 \ud575\uc2ec \ubaa9\ud45c\ub97c \ub048\uc9c8\uae30\uac8c \uace0\uc218\ud588\ub2e4. \uc5ec\ud589\uc5c5\uacc4 \uc804\uccb4\uc5d0\uc11c \uc11c\ube44\uc2a4 \uc81c\uacf5\uc744 \ud655\ub300\ud558\uace0, \ud544\uc694\ud55c \uacbd\uc6b0 \uc778\uc218\ub97c \ud1b5\ud574 \ub514\uc9c0\ud138 \ud50c\ub7ab\ud3fc\uc744 \uac15\ud654\ud558\uba70, \uc250\ubcf4\ub808 (Chevolet), \ud2f0\ucf13\ub9c8\uc2a4\ud130(Ticketmaster), \uc720\ub098\uc774\ud2f0\ub4dc \ud56d\uacf5(United Airlines), \ubc84\uc9c4\uc544\uba54\ub9ac\uce74 (Virgin America) \ub4f1 \uae30\uc874 \uc5c5\uccb4\ub4e4\uacfc\uc758 \ud30c\ud2b8\ub108\uc2ed\uc744 \ud1b5\ud574 \uc131\uc7a5\ud558\ub294 \uac83\uc774 \uadf8\uac83\uc774\uc5c8\ub2e4. 2010\ub144, \uc774 \ud68c\uc0ac\ub294 \uacbd\uc7c1\uc5c5\uccb4\ub4e4\uc744 \uaebe\uace0, \uc138\uacc4\uc5d0\uc11c \uac00\uc7a5 \ud070 \uc628\ub77c\uc778 \ud638\ud154\uc608\uc57d\uc5c5\uccb4\ub85c \uc790\ub9ac\ub9e4\uae40\ud588\ub2e4.<\/p>\n \ub9c8\ucc2c\uac00\uc9c0\ub85c, 24\uc704\uc5d0 \uc624\ub978 \uc5d0\ub4dc\uc6cc\ub4dc \ub77c\uc774\ud504\uc0ac\uc774\uc5b8\uc2a4(Edwards Lifesciences)\ub294 \uc2ec\uc7a5\ubc38\ube0c\uc640 \uc911\uc99d\uce58\ub8cc \uc124\ube44\ub97c \uc804\ubb38\uc73c\ub85c \ud558\ub294 \ubbf8\uad6d \uc758\ub8cc\uc124\ube44\uc5c5\uccb4\uc774\ub2e4. \uae08\uc735\uc704\uae30 \uc774\ud6c4 \uc2ed \ub144\uac04 \uc774 \ud68c\uc0ac\uc758 \uac15\ub825\ud55c \uc2e4\uc801\uc758 \ub300\ubd80\ubd84\uc740 \uc0c1\ud488 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub97c \uc804\ub7b5\uc801\uc73c\ub85c \uc7ac\uad6c\uc131\ud574 \uc2ec\uc7a5 \ubc0f \ubc38\ube0c \ub77c\uc778\uacfc \uc2ec\uc7a5\uc218\uc220\uc6a9 \uc124\ube44 \ubd80\ubb38\uc5d0\uc11c \uc2dc\uc7a5\uc8fc\ub3c4\uc801\uc778 \uc704\uce58\ub97c \uac15\ud654\ud55c \ub355\ubd84\uc774\uc5c8\ub2e4. 2008\ub144 \uc774\ud6c4, \uc774 \ud68c\uc0ac\ub294 6\uac1c\uc758 \uc778\uc218\ub97c \uac10\ud589\ud588\ub2e4. \ubaa8\ub450 \uc2ec\uc7a5 \uad00\ub828 \uc0c1\ud488\ub77c\uc778 \uac15\ud654\uc640 \uad00\ub828\ub41c \ube44\uc988\ub2c8\uc2a4 \ub77c\uc778\uc774\ub098 \uc2dc\uc7a5\uc73c\ub85c\uc758 \ud655\ub300\ub97c \ubd84\uba85\ud55c \ubaa9\uc801\uc73c\ub85c \ud558\ub294 \uac83\ub4e4\uc774\uc5c8\ub2e4. \uc774\ub7f0 \uc790\uc0b0 \ub9e4\uc785\uc744 \ucd94\uc9c4\ud558\ub294 \ub3d9\uc2dc\uc5d0, \ube44\ud575\uc2ec \ubd84\uc57c \uc790\uc0b0\ub4e4\uc740 \ub9e4\uac01\uc744 \uc9c4\ud589\ud574 \ubcf4\ub2e4 \uc804\ub7b5\uc801\uc778 \uc0c1\ud488 \ub77c\uc778\uacfc \uc11c\ube44\uc2a4\uc5d0 \uc7ac\ubc30\ubd84\ud560 \uc218 \uc788\ub294 \uc790\uc6d0\uc744 \ub9c8\ub828\ud588\ub2e4. \ub610\ud55c, R&D \ud22c\uc790\ub97c \uc5c5\uacc4\ud3c9\uade0\ubcf4\ub2e4 \ub192\uc740 \uc218\uc900\uc73c\ub85c \uc720\uc9c0\ud568\uc73c\ub85c\uc368 \uc0c1\ud488 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub97c \uc9c0\uc18d\uc801\uc73c\ub85c \ud601\uc2e0\ud558\uace0 \ud655\ub300\ud560 \uc218 \uc788\uc5c8\ub2e4.<\/p>\n \uc6b0\uc218\uae30\uc5c5\ub4e4\uc740 \uc870\uc9c1\uc744 \ubbf8\ub798\uc758 \ucda9\uaca9\uc744 \uacac\ub51c \ubfd0 \uc544\ub2c8\ub77c \uc774\ub97c \uc608\uc0c1\ud560 \uc218 \uc788\ub3c4\ub85d \ub9cc\ub4e4\uc5c8\ub2e4.<\/strong><\/span><\/p>\n \ud68c\ubcf5\ub825\uc744 \ud655\ub9bd\ud558\ub77c.<\/strong> \uc6b0\uc218\uae30\uc5c5\ub4e4\uc740 \uadf8\ub4e4\uc774 \ubbf8\ub798\uc758 \ucda9\uaca9\uc744 \ud53c\ud560 \uc218 \uc5c6\ub2e4\ub294 \uac83\uc744 \uc54c\uace0 \uc788\uc5c8\uae30\uc5d0, \uc870\uc9c1\uc774 \ubbf8\ub798\uc758 \ucda9\uaca9\uc744 \uacac\ub51c \ubfd0 \uc544\ub2c8\ub77c \uc774\ub97c \uc608\uc0c1\ud560 \uc218 \uc788\ub3c4\ub85d \ub9cc\ub4e4\uc5c8\ub2e4. \uadf8 \uc608\ub85c, \ub300\ubd80\ubd84\uc758 \uc6b0\uc218\uae30\uc5c5\ub4e4\uc740 \uc0c8\ub85c\uc6b4 \ud2b8\ub80c\ub4dc\uc640 \ubbf8\ub798\uc758 \uc704\uae30 \uac00\ub2a5\uc131\uc5d0 \ub300\ud55c \ubaa8\ub2c8\ud130\ub9c1\uc744 \uc8fc\uc5c5\ubb34\ub85c \ud558\ub294 \uc2dc\ub098\ub9ac\uc624 \uacc4\ud68d \ud300\uc744 \uc870\uc9c1\ud588\ub2e4. \uc774 \uae30\uc5c5\ub4e4\uc740 \ub610\ud55c S&P \uae00\ub85c\ubc8c 1200 \uae30\uc5c5\ub4e4\uc758 \ud3c9\uade0 \ubcf4\uc720\uace0\ubcf4\ub2e4 \ud3c9\uade0\uc801\uc73c\ub85c \ub450 \ubc30 \ub354 \ub192\uc740 \ud604\uae08 \ubcf4\uc720\uace0\ub97c \uc720\uc9c0\ud588\ub2e4. \uc774 \ub355\ubd84\uc5d0 \uc0c1\uc704 25\ub300 \uae30\uc5c5\ub4e4\uc740 \uc5ec\ub7ec \uc635\uc158\uc744 \uc790\uc720\ub86d\uac8c \uc120\ud0dd\ud560 \uc218 \uc788\uc5c8\ub2e4. \ub610\ud55c, \ub2e4\uc591\ud55c \uc804\ubb38\uc131\uc744 \uc9c0\ub2cc \uc778\uc7ac\ub97c \uace0\uc6a9\ud588\ub2e4. \ud68c\ubcf5\ub825 \ud655\ub9bd\uc5d0 \uc8fc\ub825\ud55c \uc774\uc720\ub85c, \uc774 \uae30\uc5c5\ub4e4\uc740 \uc9c0\uae08 \uc5ec\ub7ec \uc2a4\ud0ac\uacfc \uc544\uc774\ub514\uc5b4\ub97c \uc9c0\ub2cc \ub2e4\uc591\ud55c \uc9c1\uc6d0\ub4e4\uacfc \uc778\uc7ac \uac1c\ubc1c \ud504\ub85c\uadf8\ub7a8\uc744 \uac16\ucd94\uace0 \uc788\ub2e4.<\/p>\n \uc608\ub97c \ub4e4\uc5b4, \uad6c\ucc0c(Gucci), \ubc1c\ub80c\uc2dc\uc544\uac00(Balenciaga), \uc54c\ub809\uc0b0\ub354\ub9e5\ud038(Alexander McQueen)\uacfc \uac19\uc740 \ube0c\ub79c\ub4dc\uc758 \ubaa8\uae30\uc5c5\uc778 \ucf00\ub9c1(Kering)\uc740 18\uc704\uc5d0 \uc624\ub978 \ud328\uc158 \ub300\uae30\uc5c5\uc73c\ub85c \uc5ec\uc131\uc9c1\uc6d0\uc774 \uc804\uccb4 \uc778\ub825\uc758 60%\ub97c, \ub9ac\ub354\uc2ed \ud3ec\uc9c0\uc158\uc5d0\uc11c\ub294 50% \uc774\uc0c1\uc744 \ucc28\uc9c0\ud55c\ub2e4. \ucf00\ub9c1\uc740 \ub610\ud55c, \uba85\ud488 \ubc0f \ud328\uc158\uc5c5\uacc4\uc758 \ucc28\uc138\ub300 \ub9ac\ub354\ub97c \uc591\uc131\ud558\uae30 \uc704\ud574 \ub2e4\uc591\ud55c \uad6d\uc81c \ud30c\ud2b8\ub108\uc2ed\uc744 \ub9fa\uace0 \uc788\ub2e4. \uadf8\ub7f0 \ud504\ub85c\uadf8\ub7a8 \uc911 \ud558\ub098\ub85c \uc2a4\ucfe0\uc62c\ub77c \ub514 \uc54c\ud0c0 \uc0ac\ub974\ud1a0\ub9ac\uc544 \uc544\ub974\ud2f0\uc7c8\ub098\ub808 \uc774\ud0c8\ub9ac\uc544\ub098(Scuola di Alta Sartoria Artigianale Italiana)\ub97c \ud1b5\ud574 \uc7ac\ub2e8\uc0ac\ub4e4\uc744 \uad50\uc721\ud558\uace0 \uc788\ub2e4. \uc774 \ud504\ub85c\uadf8\ub7a8\uc740 3\ub144 \ucf54\uc2a4\uc640 1\ub144 \uac04\uc758 \uc778\ud134\uc2ed\uc73c\ub85c \uc774\ub8e8\uc5b4\uc838 \uc788\ub2e4. \ub354\ubd88\uc5b4, \ucf00\ub9c1\uacfc LCF(London College of Fashion)\ub294 \uba85\ud488\ud328\uc158\ubd80\ubd84\uc5d0\uc11c \ud658\uacbd\uc9c0\uc18d\uac00\ub2a5\uc131\uc744 \uc804\ub2f4\uc73c\ub85c \ud558\ub294 \ucf54\uc2a4\ub97c \uacf5\ub3d9\uae30\ud68d, \uad00\ub9ac\ud558\uace0 \uc788\ub2e4.<\/p>\n \uc870\uc9c1\uc744 \uac04\uc18c\ud654\ud558\ub77c.<\/strong> \ub9c8\uc9c0\ub9c9\uc73c\ub85c, \uc6b0\uc218\uae30\uc5c5\ub4e4\uc740 \ud575\uc2ec \uc6b4\uc601\ubd80\ubd84\uc744 \uac04\uc18c\ud654\ud558\uace0, \ub514\uc9c0\ud138\uc744 \ud65c\uc6a9\uc744 \uc704\ud574 \ud504\ub85c\uc138\uc2a4\ub97c \uc7ac\uc124\uacc4\ud558\uace0, \uc5b4\ub824\uc6b4 \uc2dc\uae30\uac00 \ub2e4\uc2dc \ub2e4\uac00\uc624\uae30 \uc804\uc5d0 \uc870\uc9c1\uc744 \ucd5c\ub300\ud55c \ub9b0(lean)\ud558\uac8c \ub9cc\ub4e4\uc5b4 \ud6a8\uc728\uc131\uc744 \ud5a5\uc0c1\uc2dc\ud0a4\ub294 \ub4f1 \uc870\uc9c1\uc744 \uc7ac\uc815\ube44\ud588\ub2e4. \uc774\ub294 \ub300\ubd80\ubd84\uc758 \uc870\uc9c1\ub4e4\ubcf4\ub2e4 \ub354\uc6b1 \uc55e\uc744 \ub0b4\ub2e4\ubcf4\ub294 \uc811\uadfc\uc774\uc5c8\ub2e4. \ub300\ubd80\ubd84\uc758 \uc870\uc9c1\ub4e4\uc740 \uc704\uae30\uac00 \ub2e5\uce58\uba74, \uc608\uc0b0\uc0ad\uac10\uacfc \uc778\uc6d0\uac10\ucd95\uc5d0 \uc758\uc874\ud558\ub294 \uacbd\ud5a5\uc774 \uc788\ub2e4.<\/p>\n 16\uc704 \uae30\uc5c5\uc73c\ub85c \uc601\uad6d\uc5d0 \ubcf8\uc0ac\ub97c \ub454 \uc560\uc26c\ud0dc\ub4dc \uadf8\ub8f9(Ashtead Group)\uc740 \uac15\ub825\ud55c \uc2dc\uc7a5 \uc9c0\uc704\uac00\uc704\ud611\ubc1b\uc744 \uc0c1\ud669\uc5d0 \ub193\uc600\uc5c8\ub2e4. \uc560\uc26c\ud0dc\ub4dc\ub294 \uc8fc\ub825\uc2dc\uc7a5\uc778 \uce90\ub098\ub2e4, \uc601\uad6d, \ubbf8\uad6d\uc5d0\uc11c \ucd5c\ub300\uaddc\ubaa8\uc758 \uc124\ube44\ub300\uc5ec\uc5c5\uccb4 \uc911 \ud558\ub098\uc600\ub2e4. \ud558\uc9c0\ub9cc 2008\ub144 \ud6c4\ubc18, \ube44\uc6a9\uc808\uac10 \uc774\ub2c8\uc154\ud2f0\ube0c\ub97c \uc2e4\uc2dc\ud574 100\uac1c \uc774\uc0c1\uc758 \uc810\ud3ec\ub97c \ud3d0\uc1c4\ud558\uac70\ub098 \ud1b5\ud569\ud558\uace0, \uc9c1\uc6d0 \uc218\ub97c \uc57d 4\ubd84\uc758 1 \uac00\uae4c\uc774 \uc904\uc774\uace0, \ubc30\uc1a1\ucc28\ub7c9, \ud2b9\ud788 \uad6c\ud615 \ubaa8\ub378, \uc218\ub97c \uac10\uc18c\uc2dc\ucf1c \uaddc\ubaa8\ub294 \ub354 \uc791\uc9c0\ub9cc \ub354 \uc2e0\ud615\uc778 \ucc28\ub7c9\ub4e4\uc744 \uac16\ucdc4\ub2e4. \uc774 \uac19\uc740 \ub178\ub825\uc744 \ud1b5\ud574 \uac10\uac00\uc0c1\uac01\ube44\uac00 \uc904\uc5c8\uace0, \uc804\uccb4\uc801\uc73c\ub85c, \ube44\uc6a9\uac10\uc18c \ub178\ub825\uc744 \ud1b5\ud574 \uc5f0\uac04 1\uc5b5 \ub2ec\ub7ec\uc758 \uc808\uac10 \ud6a8\uacfc\uac00 \uc788\uc5c8\ub2e4.<\/p>\n \ub2e4\uc74c\uc758 \uc0ac\ub840\uc5f0\uad6c\ub294 \ub450 \uac1c\uc758 \uc6b0\uc218\uae30\uc5c5\ub4e4-ASML \ud640\ub529(ASML Holding)\uacfc \uc54c\ub798\uc2a4\uce74 \ud56d\uacf5\uadf8\ub8f9(Alaska Air Group)-\uc774 \uae08\uc735\uc704\uae30\uc640 \uadf8 \uc774\ud6c4 \uc5ec\ud30c\ub97c \uc5b4\ub5bb\uac8c \uadf9\ubcf5\ud574 \ub098\uac14\ub294\uc9c0\ub97c \uc0c1\uc138\ud788 \ubcf4\uc5ec\uc900\ub2e4. \ub610 \ub2e4\ub978 \uacbd\uc81c \uce68\uccb4\uac00 \ub2e4\uac00\uc624\ub294 \uc0c1\ud669\uc5d0\uc11c, \uc774 \ubd84\uc11d\ub0b4\uc6a9\uc740 \ub9ce\uc740 \uae30\uc5c5 \ub9ac\ub354\ub4e4\uc5d0\uac8c \uc601\uac10\uc744 \uc904 \uc218 \uc788\uc744 \uac83\uc774\ub2e4.<\/p>\n ASML \ud640\ub529.<\/strong> \ub2f9\uc2e0\uc740 \ub124\ub35c\ub780\ub4dc \uae30\uc220\uae30\uc5c5\uc778 ASML \ud640\ub529\uc5d0 \ub300\ud574 \ub4e4\uc5b4\ubcf8 \uc801\uc774 \uc5c6\uc744 \uc9c0\ub3c4 \ubaa8\ub978\ub2e4. \ud558\uc9c0\ub9cc, \ub2f9\uc2e0\uc774 \uc774 \uae30\uc0ac\ub97c \uc628\ub77c\uc778\uc5d0\uc11c \uc77d\uace0 \uc788\ub2e4\uba74, \ub2f9\uc2e0\uc740 \uc774 \ud68c\uc0ac\uac00 \ub9cc\ub4e0 \uc0c1\ud488\uc744 \uc0ac\uc6a9\ud558\uace0 \uc788\ub294 \uac83\uc774\ub2e4. ASML\uc740 \ubc18\ub3c4\uccb4 \uc81c\uc870\uc5c5\uccb4\ub4e4\uc774 \ub9c8\uc774\ud06c\ub85c\uce69\uc744 \uc0dd\uc0b0\ud558\uae30 \uc704\ud574 \uc0ac\uc6a9\ud558\ub294 \uc124\ube44\uc778 \ub9ac\uc18c\uadf8\ub798\ud53c(lithography) \uae30\uacc4\ub97c \uc81c\uc870\ud558\ub294 \uc5c5\uccb4\uc774\ub2e4. \uc774 \ud68c\uc0ac\uc758 \uc9c1\uc6d0\uc740 2\ub9cc4500\uba85 \uc774\uc0c1\uc73c\ub85c \ubc18\ub3c4\uccb4 \uc0b0\uc5c5\uc758 \ubaa8\ub4e0 \uc8fc\uc694 \uce69 \uc81c\uc870\uc5c5\uccb4\uc5d0 \uc81c\ud488\uc744 \uacf5\uae09\ud558\uace0 \uc788\ub2e4.<\/p>\n \uc774 \ud68c\uc0ac\ub294 \uae08\uc735 \uc704\uae30 \uc774\ud6c4 \ub9e4\uc6b0 \ub6f0\uc5b4\ub09c \uc2e4\uc801\uc744 \uad6c\uac00\ud588\ub2e4. (\ubcf4\uae30 5 \ucc38\uc870.) \uc21c\uc704\ub85c\ub294 17\uc704\uc5d0 \uc62c\ub790\ub2e4. \uc774\ucc98\ub7fc \ud6cc\ub96d\ud55c \uc131\uc801\uc758 \uc8fc\uc694\uc778\uc740 \uc774 \ud68c\uc0ac\uac00 \uc801\uadf9\uc801\uc778 \uc870\uce58\ub97c \ucde8\ud574 \uc704\uae30 \uc774\uc804\uacfc \uc704\uae30 \uc911\uc5d0 \uc2dc\uc7a5 \uc9c0\uc704\ub97c \ud655\uace0\ud788 \ud588\uae30 \ub54c\ubb38\uc774\ub2e4.<\/p>\n 2007\ub144, ASML\uc740 \ub300\ud615 \ubc0f \uc18c\ud615 \uce69 \uc81c\uc870 \ubaa8\ub450\uc5d0\uc11c \uac15\ub825\ud55c \uc2dc\uc7a5\uc9c0\uc704\ub97c \ud655\ubcf4\ud558\uace0 \uc788\uc5c8\uace0, \uace0\uac1d\ub9cc\uc871\ub3c4\ub3c4 \ub9e4\uc6b0 \ub192\uc558\ub2e4. \ud558\uc9c0\ub9cc, \ub2e4\ub978 \ub300\ubd80\ubd84\uc758 \uae30\uc220\uc0b0\uc5c5 \uc5c5\uccb4\ub4e4\uacfc \ub9c8\ucc2c\uac00\uc9c0\ub85c ASML \uc5ed\uc2dc \uae08\uc735\uc704\uae30\ub85c \ud0c0\uaca9\uc744 \uc785\uc5c8\ub2e4. \uc804\uc790\uc81c\ud488\uc758 \uc218\uc694\uac00 \ub454\ud654\ub428\uc5d0 \ub530\ub77c, \ubc18\ub3c4\uccb4 \uc81c\uc870\uc5c5\uccb4\ub4e4\uc774 \uc0dd\uc0b0\uc744 \uc644\ud654\ud558\uace0 \uc124\ube44\uc9c0\ucd9c\uc744 \uc904\uc774\uba74\uc11c ASLM\ub3c4 \uc5c5\uc2a4\ud2b8\ub9bc \uc601\ud5a5\uc744 \ubc1b\uc558\ub2e4. \uc2e0\uc6a9\ubd80\uc871 \ub610\ud55c \uc77c\ubd80 \uace0\uac1d\ub4e4\uc774 \uc790\ubcf8\uc9c0\ucd9c\uc5d0 \ub300\ud55c \ud22c\uc790\ud560 \uc218 \uc788\ub294 \ub2a5\ub825\uc744 \uc81c\ud55c\ud558\uac8c \ub9cc\ub4e4\uc5c8\ub2e4. \uc5c5\uacc4\uc758 \ub300\ubd80\ubd84\uc740 \uc0ac\ud0dc\ub97c \uad00\ub9dd\ud558\ub294 \ubd84\uc704\uae30\uc600\uc9c0\ub9cc, ASML\uc758 \uacbd\uc601\uc9c4\uc740 \uc774 \uc0c1\ud669\uc744 \uacfc\uac10\ud55c \ud22c\uc790\ub97c \ud1b5\ud574 \uc774\ubbf8 \uac15\ub825\ud55c \uc2dc\uc7a5\uc9c0\uc704\ub97c \ub354\uc6b1 \uac15\ud654\ud558\ub294 \uae30\ud68c\ub85c \uc0bc\uc558\ub2e4.<\/p>\n ASML\uc740 \ub300\ubd80\ubd84\uc758 \ubd80\ud488 \ubc0f \ud558\ubd80\uc870\ub9bd\uacf5\uc815\uc758 \uc81c\uc870\ub97c \uc544\uc6c3\uc18c\uc2f1\ud588\ub2e4. \uc774\ub85c \uc778\ud574 \ube44\uc6a9\uc744 \uc904\uc774\uace0 R&D \ud22c\uc790\ub97c \uc99d\ub300\ud560 \uc218 \uc788\uc5c8\ub2e4.<\/strong><\/span><\/p>\n 2008\ub144, \uc774 \ud68c\uc0ac\ub294 \uc81c\ud488 \uc81c\uc870\uc5d0 \uc4f0\uc774\ub294 \ub300\ubd80\ubd84\uc758 \ubd80\ud488 \ubc0f \ud558\ubd80 \uc870\ub9bd\uacf5\uc815\uc744 \uac15\ub825\ud55c \uacf5\uae09\ub9dd \uc5ed\ub7c9\uc744 \uc774\uc6a9\ud574 \uc758\ub3c4\uc801\uc73c\ub85c \uc544\uc6c3\uc18c\uc2f1\ud588\ub2e4. \uc774\ub97c \ud1b5\ud574 ASML\uc740 \ube44\uc6a9\uc744 \uc904\uc774\uace0 R&D \ud22c\uc790\ub97c \uc99d\ub300\uc2dc\ucf1c \ucd5c\uc885\uc0c1\ud488\uc758 \ud488\uc9c8\uc744 \uac1c\uc120\ud560 \uc218 \uc788\uc5c8\ub2e4. \uc804\ubc18\uc801\uc73c\ub85c R&D \uc9c0\ucd9c\uc740 2007\ub144\uc5d0 \ube44\ud574 2008\ub144\uc5d0 \uc57d 9% \uc0c1\uc2b9\ud574, ASML\uc740 \uace0\uac1d\ub4e4\uc774 \uce69 \uc81c\uc870\ube44\uc6a9\uc744 \uc808\uac10\ud558\uace0 \uc218\uc775\uc744 \uc99d\ub300\ud560 \uc218 \uc788\ub3c4\ub85d \ud574\uc8fc\ub294 \uc0c8\ub85c\uc6b4 \ub9ac\uc18c\uadf8\ub798\ud53c \uae30\uc220\uacfc \uc2dc\uc2a4\ud15c\uc744 \uac1c\ubc1c\ud560 \uc218 \uc788\uc5c8\ub2e4. \uc774\ub7f0 \ud22c\uc790-\uad11\ubc94\uc704\ud55c \uacbd\uc81c\uc801 \ubd88\ud655\uc2e4 \uc18d\uc5d0 \uc774\ub8e8\uc5b4\uc9c4-\uc758 \uacb0\uacfc\ub85c, ASML\uc740 \uc77c\ubd80 \uacbd\uc7c1\uc5c5\uccb4\ub4e4\uc774 \uc2dc\uc7a5\uc744 \ub5a0\ub098\ub294 \uc640\uc911\uc5d0 \ucd5c\ucca8\ub2e8 \ub9ac\uc18c\uadf8\ub798\ud53c \uc124\ube44\ub85c \ud6e8\uc52c \ub354 \uac15\ub825\ud55c \uc785\uc9c0\ub97c \uad73\ud790 \uc218 \uc788\uc5c8\ub2e4.<\/p>\n \ub0b4\ubd80 R&D \ub178\ub825\uc5d0 \ub367\ubd99\uc5ec, ASML\uc740 \ud601\uc2e0\uc801\uc778 \uacf5\ub3d9\ud22c\uc790 \ud504\ub85c\uadf8\ub7a8\uc744 \ub9cc\ub4e4\uc5b4 3\ub300 \uace0\uac1d\uc0ac\ub4e4\ub85c\ubd80\ud130 2013\ub144\ubd80\ud130 2017\ub144\uae4c\uc9c0 \uc57d 14\uc5b5 \uc720\ub85c\uc758 \ud22c\uc790\ub97c \uc720\uce58\ud588\uace0, \uc774\ub294 ASML\uc774 \uc0c8\ub85c\uc6b4 \uce69 \uc0dd\uc0b0\uae30\uc220\uc744 \uac1c\ubc1c\ud558\ub294\ub370 \ub3c4\uc6c0\uc774 \ub410\ub2e4. (\uace0\uac1d\uc0ac\ub4e4\uc740 \ub300\uac00\ub85c ASML\uc758 \uc9c0\ubd84\uc744 \ubc1b\uc558\ub2e4.) \uc774\ub7f0 \uc2dd\uc73c\ub85c \uc790\uc6d0\uc744 \ub9c8\ub828\ud568\uc73c\ub85c\uc368, \ucc38\uc5ec\uc790\ub4e4\uc740 R&D \ub178\ub825\uc758 \ub9ac\uc2a4\ud06c\ub97c \uacf5\ub3d9\ubd80\ub2f4\ud558\ub294 \ud55c\ud3b8, \uc9c4\uc804\uc774 \uc788\uc744 \uacbd\uc6b0 \uadf8\ub85c \uc778\ud55c \ud61c\ud0dd\uc744 \ub204\ub9b4 \uc218 \uc788\uc5c8\ub2e4.<\/p>\n \ube44\uc6a9 \uc808\uac10 \uc5ed\uc2dc \uc774 \ud68c\uc0ac\uc758 \uac15\ub825\ud55c \uc2e4\uc801\uc5d0 \ud06c\uac8c \uae30\uc5ec\ud588\ub2e4. 2008\ub144, ASML\uc740 \uc57d 1000\uba85(\uc989 12%)\uc758 \uc778\ub825-\uc8fc\ub85c \uacc4\uc57d\uc9c1-\uc744 \uc904\uc774\uace0, 2008\ub144\uc5d0\uc11c 2009\ub144 \uc9e7\uc740 \uae30\uac04 \ub3d9\uc548 \uc77c\ubd80 \uc81c\uc870\uc124\ube44\uc758 \uac00\ub3d9\uc744 \uc911\ub2e8\ud588\ub2e4. \ub610\ud55c, \uae30\uc5c5\ub4e4\uc774 \uc9c1\uc6d0\ub4e4\uc758 \uae09\uc5ec\uc5d0 \ubcc0\ub3d9 \uc5c6\uc774 \uc9c1\uc6d0\uadfc\ubb34\uc2dc\uac04\uc744 \uc904\uc77c \uc218 \uc788\ub3c4\ub85d \ud574 \uc8fc\ub294 \ub124\ub35c\ub780\ub4dc \uad6d\uac00 \ud504\ub85c\uadf8\ub7a8\uc5d0 \ub3d9\ucc38\ud588\ub2e4. (\ub124\ub35c\ub780\ub4dc \uc815\ubd80\ub294 \uc9c1\uc6d0\ub4e4\uc774 \ube44\uc5c5\ubb34\uc2dc\uac04\uc744 \ud6c8\ub828 \ubc0f \uad50\uc721\uc5d0 \uc0ac\uc6a9\ud55c \uacbd\uc6b0, \uc9c1\uc6d0 \uae09\uc5ec\uc758 \uc77c\ubd80\ub97c \uc9c0\uae09\ud574 \uc92c\ub2e4.) ASML\uc740 \ubbf8\uad6d \ubc0f \uae30\ud0c0 \uba87\uba87 \uc9c0\uc5ed\uc5d0\uc11c \uad50\uc721\uc13c\ud130\ub97c \ud3d0\uc1c4\ud558\uace0 \ubbf8\uad6d \uc9c0\ubd80 \uaddc\ubaa8\ub97c \ucd95\uc18c\ud588\ub2e4.<\/p>\n \uc774 \uac19\uc740 \uc870\uce58\ub4e4\ub85c \uc778\ud574 2008\ub144 \ub300\ub7b5 3000\ub9cc \uc720\ub85c, 2009\ub144 2\uc5b5 \uc720\ub85c \uc774\uc0c1\uc758 \ube44\uc6a9\uc774 \uc808\uac10\ub410\ub2e4. \ub354\uc6b1 \uc911\uc694\ud55c \uac83\uc740, \uc774 \uac04\uc18c\ud654\ub41c \ube44\uc6a9\uad6c\uc870\uac00 2009\ub144 \ud558\ubc18\uae30\uc5d0 \ub9e4\ucd9c\uc774 \ub2e4\uc2dc \uc0c1\uc2b9\ud558\uae30 \uc2dc\uc791\ud55c \uc774\ud6c4\uc5d0\ub3c4 \uacc4\uc18d \uc720\uc9c0\ub418\uc5b4 \uc218\uc775 \ub9c8\uc9c4\uc758 \uc9c0\uc18d\uc801\uc778 \uc0c1\uc2b9\uc73c\ub85c \uc774\uc5b4\uc84c\ub2e4\ub294 \uc0ac\uc2e4\uc774\ub2e4.<\/p>\n \ub9c8\uc9c0\ub9c9\uc73c\ub85c, ASML\uc740 \uc778\uc7ac\uc5d0 \ub300\ud574 \ud655\uc2e4\ud788 \uc8fc\ub825\ud55c \ub355\ubd84\uc5d0 \ube60\ub978 \ud601\uc2e0 \uc18d\ub3c4\ub97c \uc720\uc9c0\ud588\ub2e4. \ube44\ub85d \uc704\uae30 \uc911\uc5d0 \uc77c\ubd80 \uacc4\uc57d\uc9c1 \uc9c1\uc6d0\ub4e4\uc744 \ud574\uace0\ud574\uc57c \ud588\uc9c0\ub9cc, \uc774\ub4e4\uacfc \uc5f0\ub77d\uc744 \uc720\uc9c0\ud574 \uacbd\uae30\uac00 \ud68c\ubcf5\ub418\uc790 \uc774\ub4e4\uc744 \uc801\uadf9\uc801\uc73c\ub85c \ubaa8\uc9d1\ud588\uace0, \uacb0\uad6d \uc57d 400\uba85\uc744 \uc7ac\ucc44\uc6a9\ud588\ub2e4. \uc774\ub85c \uc778\ud574 \uc774\ubbf8 \uc774 \uc870\uc9c1\uacfc \uc870\uc9c1 \ubb38\ud654\ub97c \uc774\ud574\ud558\uace0 \uc788\ub294 \uc9c1\uc6d0\ub4e4\uc774 \ub354 \ube68\ub9ac \uac00\uce58\ub97c \ucc3d\ucd9c\ud560 \uc218 \uc788\uc5c8\ub2e4.<\/p>\n \uac70\uc758 \ubaa8\ub4e0 \ub2e4\ub978 \uc870\uc9c1\ub4e4\ucc98\ub7fc, ASML\uc740 \ub514\uc9c0\ud138 \uc2a4\ud0ac\uc744 \uac16\ucd98 \uc778\uc7ac\ub97c \uc9c0\uc18d\uc801\uc73c\ub85c \ucc3e\uc544\ub0bc \ud544\uc694\uac00 \uc788\ub2e4. \uc774\ub97c \uc704\ud574 \uc544\uc2dc\uc544, \uc720\ub7fd, \ubbf8\uad6d\uc758 \ub300\ud559\ub4e4\uacfc \uc5f0\uacc4\ud558\uace0, \uac1c\ubcc4 \uc9c1\uc6d0\uc758 \ub2c8\uc988\ub97c \uc815\ud655\ud788 \uaca8\ub0e5\ud55c \uad50\uc721 \ubc0f \uac1c\ubc1c \ud504\ub85c\uadf8\ub7a8\uc744 \ub3c4\uc785\ud558\uba70, \ubc84\ub514 \uc2dc\uc2a4\ud15c(buddy system)\uc744 \ub9c8\ub828\ud558\ub294 \ub4f1\uc758 \uc870\uce58\ub97c \uc2e4\ud589\ud588\ub2e4. \uc774 \uc870\uc9c1\uc758 \ubb38\ud654 \ubc0f \uc778\uc7ac\uc5d0 \ub300\ud55c \uac15\uc870\ub294 \ucd5c\uace0\uae30\uc220\ucc45\uc784\uc790(CTO)\uc778 \ub9c8\ud2f4 \ubc18 \ub374 \ube0c\ub9c1\ud06c(Martin van den Brink) \uc0ac\uc7a5\uc5d0\uc11c \ube44\ub86f\ub41c \uac83\uc774\ub2e4. \uc774 \ud68c\uc0ac\uc758 \ucd08\ucc3d\uae30 \uc9c1\uc6d0 \uc911 \ud55c \uba85\uc778 \ubc18 \ub374 \ube0c\ub9c1\ud06c \uc0ac\uc7a5\uc740 \uc774\ud6c4 \ubc18\ub3c4\uccb4 \uc81c\uc870\uc5d0 \uc0ac\uc6a9\ub418\ub294 \uad11\ud559 \ub9ac\uc18c\uadf8\ub798\ud53c \uacf5\uc815\uc744 \ud601\uc2e0\uc801\uc73c\ub85c \ubc1c\uc804\uc2dc\ucf30\ub2e4.<\/p>\n \uc704\uae30 \uc911 \uc2dc\uc7a5 \uc810\uc720\uc728 \uc99d\ub300, R&D \ud22c\uc790, \ube44\uc6a9 \uc808\uac10, \uc704\uae30 \uae30\uac04 \ub3d9\uc548 \uc778\uc7ac\uc5d0 \ub300\ud55c \uc9d1\uc911\uc774 \ubaa8\ub450 \ud569\uccd0\uc838, ASML\uc740 \uadf8 \ud6c4 10\ub144 \uac04 \ud6cc\ub96d\ud55c \uc2e4\uc801\uc744 \uc62c\ub9b4 \uc218 \uc788\uc5c8\ub2e4. \ub9e4\ucd9c\uc740 300% \uc131\uc7a5\ud574 2019\ub144 \uae30\uc900 118\uc5b5 \uc720\ub85c\uc5d0 \ub2ec\ud588\uc73c\uba70 EBITDA \ub9c8\uc9c4\uc740 \uac70\uc758 \ub450 \ubc30\ub85c \ub6f0\uc5b4 27.4% \ub97c \uae30\ub85d\ud588\ub2e4. \uc774 \ud68c\uc0ac\uc758 \uc8fc\uac00\ub294 2008\ub144 \ucd08 \uc774\ud6c4 1100% \uc774\uc0c1 \uc0c1\uc2b9\ud588\ub2e4.<\/p>\n ASML\uc758 \uc0ac\ub840\ub294 \uacbd\uc81c\uc801 \ubd88\ud655\uc2e4\uc131\uc758 \uc2dc\uae30\uc5d0 \uacfc\uac10\ud55c \ub300\ucc45\uc744 \ucd94\uc9c4\ud558\ub294 \uac83\uc758 \uac00\uce58\ub97c \uc798 \ubcf4\uc5ec\uc900\ub2e4. \uc774 \ud68c\uc0ac\ub294 \uc704\uae30\ub97c \uadf8\uc800 \uc798 \ub118\uae30\uae30 \uc704\ud574 \ub178\ub825\ud558\uae30 \ubcf4\ub2e4\ub294, \uc774\ub97c \uc801\uadf9 \ud65c\uc6a9\ud574 \ud6e8\uc52c \ub354 \uac15\ub825\ud558\uac8c \uc131\uc7a5\ud588\ub2e4.<\/p>\n \uc54c\ub798\uc2a4\uce74 \ud56d\uacf5\uadf8\ub8f9.<\/strong> \ud56d\uacf5\uc5c5\uc740 \ub192\uc740 \uc790\ubcf8\ube44\uc6a9\uacfc \ubcc0\ub355\uc2a4\ub7ec\uc6b4 \uc720\uac00\ub85c \uc778\ud574 \ud638\ub77d\ud638\ub77d\ud558\uc9c0 \uc54a\uc740 \ube44\uc988\ub2c8\uc2a4\ub85c \uc545\uba85\uc774 \ub192\ub2e4. 2008\ub144 \uae08\uc735\uc704\uae30 \ub2f9\uc2dc, \ud56d\uacf5\uc218\uc694\uac00 \ud558\ub77d\ud558\uace0 \uc720\uac00\ub294 \uae09\ub4f1\ud574 \uc774\ub7f0 \uc5b4\ub824\uc6c0\uc740 \uadf9\uc5d0 \ub2ec\ud588\ub2e4. \ub9ce\uc740 \ud56d\uacf5\uc0ac\ub4e4\uc774 \ub2e8\uc21c\ud788 \uc774 \ube44\uc6a9\uc744 \uac10\ub2f9\ud558\uae30 \uc704\ud574 \ud56d\uacf5\uc694\uae08\uc744 \uc778\uc0c1\ud588\uc9c0\ub9cc \uacb0\uad6d \uc720\uac00\uc758 \uae09\ub77d\uc744 \uacbd\ud5d8\ud558\uac8c \ub410\ub2e4. \ud558\uc9c0\ub9cc \uc774\ub7f0 \ud639\ub3c5\ud55c \uc0c1\ud669\uc5d0\uc11c, \ubbf8\uad6d\uc5d0 \ubcf8\uc0ac\ub97c \ub454 \ud56d\uacf5\uc0ac, \uc54c\ub798\uc2a4\uce74 \ud56d\uacf5\uadf8\ub8f9\uc740 \uc774 \uc704\uae30\uc758 \uc601\ud5a5\uc744 \ucd5c\uc18c\ud654\ud558\uae30 \uc704\ud574 \uc801\uadf9\uc801\uc778 \uc870\uce58\ub97c \ub2e8\ud589\ud588\uace0, \uc2e4\uc801\uc744 \uae0d\uc815\uc801\uc73c\ub85c \uac1c\uc120\ud574 \ub0c8\ub2e4. (\ubcf4\uae30 6 \ucc38\uc870.) \uacb0\uacfc\uc801\uc73c\ub85c \uc21c\uc704 13\uc704\uc5d0 \uc62c\ub790\ub2e4.<\/p>\n \ud655\uc2e4\ud788, \uc54c\ub798\uc2a4\uce74 \ud56d\uacf5\uc740 \uc704\uae30\uac00 \ub2e5\ucce4\uc744 \ub54c \ub0b4\ubd80\uc801\uc778 \ubb38\uc81c\uac00 \uc788\uc5c8\ub2e4. \uad6d\ub0b4 \ubc0f \uad6d\uc81c \uc5ec\ub7ec \ub3c4\uc2dc\ub97c \uc6b4\ud56d\ud558\ub294 \ub300\uaddc\ubaa8 \ub178\uc120\uc744 \uac16\ucd98 \ubbf8\uad6d\uc758 \ub2e4\ub978 \uad6d\ub0b4\ud56d\uacf5\uc0ac\ub4e4\uacfc\ub294 \ub2ec\ub9ac, \uc54c\ub798\uc2a4\uce74 \ud56d\uacf5\uc758 \ub178\uc120\uc740 \uc8fc\ub85c \uc11c\ubd80\ud574\uc548(West Coast)\uc744 \ub530\ub77c \uc6c0\uc9c1\uc774\ub294 \ubd81\ucabd \ubc0f \ub0a8\ucabd \uc9c0\uc5ed \ub178\uc120\uc5d0 \uc9d1\uc911\ub3fc \uc788\uc5c8\ub2e4. \uc989, \uc5ec\ud589\uc218\uc694\uac00 \uc904\uc5b4\ub4e0 \uae30\uac04 \ub3d9\uc548 \uc218\uc6a9\ub2a5\ub825\uc774 \ub0a8\uc544\ub3cc\uc558\ub2e4. \ub610, \uc54c\ub798\uc2a4\uce74\ud56d\uacf5\uc740 \ubcf4\ud1b5 \uc6b4\uc784\uc774 \ub354 \ub192\uace0 \ub9c8\uc9c4\ub3c4 \ub354 \ub192\uc740 \uae30\uc5c5 \ucd9c\uc7a5 \uc2dc\uc7a5\uc5d0 \ub178\ucd9c\uc774 \uc81c\ud55c\ub410\uc5c8\ub2e4. \ub610\ud55c \uc2e0\uaddc\uc9c4\ucd9c\uae30\uc5c5\uc778 \ubc84\uc9c4 \uc544\uba54\ub9ac\uce74\ub294 \ubd84\uba85\ud55c \uc704\ud611\uc774\uc5c8\ub294\ub370, \uc218\uc6a9\ub2a5\ub825\uc740 \uc2ec\uc9c0\uc5b4 \ub354 \ub298\uc5b4\ub098\uace0 \uc88c\uc11d\uc744 \ucc44\uc6b0\uae30 \uc704\ud574 \ub354 \uacf5\uaca9\uc801\uc778 \uac00\uaca9\uc815\ucc45\uc744 \ud3bc\uce58\uac8c \ub420 \uac83\uc774\uae30 \ub54c\ubb38\uc774\ub2e4.<\/p>\n \uc774\ub7f0 \uc0c1\ud669\uc5d0\uc11c, \uc54c\ub798\uc2a4\uce74 \ud56d\uacf5\uc740 \uc2e4\uc801 \uac1c\uc120\uc744 \uc704\ud574 \uad6c\uccb4\uc801\uc778 \ub300\ucc45\uc744 \ucd94\uc9c4\ud588\ub2e4. \ud56d\uacf5\uae30\ub97c \ud55c \uc885\ub958-\uc5f0\ub8cc \uc808\uac10\ud615 \ubcf4\uc789 737-\ub85c \ub2e8\uc21c\ud654\uc2dc\ucf1c, \uc720\uc9c0\ubcf4\uc218, \uad50\uc721, \uc2a4\ucf00\uc974\ub9c1, \uae30\ud0c0 \uc6b4\uc601\uc694\uc18c\ub4e4\uc758 \ubcf5\uc7a1\uc131\uc744 \uc904\uc5ec, \ud68c\uc0ac\uc758 \ub0b4\ubd80 \ud6a8\uc728\uc131\uc744 \uac1c\uc120\uc2dc\ud0ac \uc218 \uc788\uc5c8\ub2e4. \uc774\uc81c \uc54c\ub798\uc2a4\uce74\ud56d\uacf5\uc740 \uac00\uc7a5 \ube44\uc6a9 \ud6a8\uc728\uc801\uc778 \ud56d\uacf5\uae30\ub97c \ubcf4\uc720\ud558\uac8c \ub410\ub2e4. \uadf8 \ud6c4 5\ub144 \ub3d9\uc548, \uc774\ub7f0 \ubcc0\ud654\ub4e4\ub85c \uc778\ud574 \uc54c\ub798\uc2a4\uce74 \ud56d\uacf5\uc740 \uc5f0\ub8cc \uac24\ub7f0\ub2f9 \uc720\ud6a8\uc88c\uc11d\ub9c8\uc77c(\uc5c5\uacc4 \uc8fc\uc694 \uc9c0\ud45c)\uc744 3.7% \uac1c\uc120\uc2dc\ucf30\ub294\ub370 \uc5f0\ub8cc\uac00\uaca9 \ud558\ub77d\uc73c\ub85c \uc545\ud654\ub41c \uc131\uacfc\uc600\ub2e4. (\uc54c\ub798\uc2a4\uce74 \ud56d\uacf5\uc758 \uc790\ud68c\uc0ac\uc778 \ud638\ub77c\uc774\uc98c \ud56d\uacf5(Horizon Air)\uc740 \ud604\uc7ac 2\uc885\uc758 \ud56d\uacf5\uae30\ub97c \ucd94\uac00 \uc6b4\ud589 \uc911\uc774\ub2e4.)<\/p>\n \uc54c\ub798\uc2a4\uce74 \ud56d\uacf5\uc740 \ud56d\uacf5\uae30\uc885\uc744 \uac00\uc7a5 \ud6a8\uc728\uc801\uc778 \uae30\uc885\uc73c\ub85c \ub2e8\uc21c\ud654\uc2dc\ucf1c \uc5f0\ub8cc \uac24\ub7f0\ub2f9 \uc720\ud6a8\uc88c\uc11d\ub9c8\uc77c\uc744 3.7% \uac1c\uc120\uc2dc\ucf30\ub2e4.<\/strong><\/span><\/p>\n 2009\ub144, \uc54c\ub798\uc2a4\uce74 \ud56d\uacf5\uc740 \ube44\uc6a9\uc744 \ub0ae\ucd94\uace0 \uc9c1\uc6d0 \uc0dd\uc0b0\uc131\uc744 \uac1c\uc120\ud558\uae30 \uc704\ud55c \uc870\uce58\ub97c \ucde8\ud588\ub2e4. \ub610\ud55c \ub300\ubd80\ubd84\uc758 \ud56d\uacf5\uc0ac\uac00 \ub178\uc120\uc744 \ucd95\uc18c\ud558\ub294 \uc640\uc911\uc5d0, \ud56d\uacf5 \ub178\uc120\uc744 \ud655\ub300\ud558\ub294 \uac83\uc758 \uc774\uc810\uc744 \ucda9\ubd84\ud788 \ud65c\uc6a9\ud588\ub2e4. \uc5f0\ub8cc\ud6a8\uc728\uc131 \uac1c\uc120\uacfc \ub354\ubd88\uc5b4, \uc774 \uac19\uc740 \uc6c0\uc9c1\uc784\uc73c\ub85c \uc778\ud574 \uc54c\ub798\uc2a4\uce74 \ud56d\uacf5\uc740 \uae30\uc874 \ud56d\uacf5\uc0ac\ub4e4\uc5d0 \ube44\ud574 \uc5c5\uacc4\uc5d0\uc11c \ube44\uc6a9 \uc6b0\uc704\ub97c \ud655\ub300\ud558\uac8c \ub410\ub2e4.<\/p>\n \uc131\uc7a5\uc744 \ud655\ub300\ud558\uae30 \uc704\ud574, \uc54c\ub798\uc2a4\uce74 \ud56d\uacf5\uc740 \ub9c8\ucf00\ud305 \ub178\ub825\uc744 \uac15\ud654\ud588\ub2e4. \ud2b9\ud788 2009\ub144 \uc804\uccb4 \uc9c1\uc6d0\uc774 \ud68c\uc0ac\uc758 \ub9c8\ucf00\ud305 \ub178\ub825\uc5d0 \ub3d9\uc6d0\ub41c \uc0c8\ub85c\uc6b4 \uad11\uace0 \ucea0\ud398\uc778\uc774 \ub3c4\uc6c0\uc774 \ub410\ub2e4. \ub2e4\ub978 \ud56d\uacf5\uc0ac\uc640 \ub9c8\ucc2c\uac00\uc9c0\ub85c, \uc54c\ub798\uc2a4\uce74 \ud56d\uacf5 \uc5ed\uc2dc \ub9e4\ucd9c\ucc3d\ucd9c\uc6d0\uc744 \ub2e4\uc591\ud654\ud588\ub2e4. \ud56d\uacf5\uad8c\ud310\ub9e4\ubfd0 \uc544\ub2c8\ub77c, \uae30\ub0b4 \uc640\uc774\ud30c\uc774 \uc694\uae08, \uc704\ud0c1 \uc218\ud654\ubb3c\uc694\uae08, \uc2b9\uac1d\ub4e4\uc774 \ud56d\uacf5\uc0ac \ud648\ud398\uc774\uc9c0\ub97c \ud1b5\ud574 \uc608\uc57d\ud55c \uacbd\uc6b0 \ub80c\ud130\uce74 \uc5c5\uccb4\uc640 \ud638\ud154\uc5d0\uc11c \ubc1b\ub294 \uc218\uc218\ub8cc \ub4f1\uc744 \ud1b5\ud574 \uc218\uc775\uc744 \ucc3d\ucd9c\ud558\uae30 \uc2dc\uc791\ud588\ub2e4.<\/p>\n \uc774\ub807\uac8c \ud655\ubcf4\ud55c \uc720\ub3d9\uc131\uc73c\ub85c, \uc54c\ub798\uc2a4\uce74 \ud56d\uacf5\uc740 \uc804\ub7b5\uc801 \ud30c\ud2b8\ub108\uc2ed\uacfc \uc778\uc218\uc5d0 \ud22c\uc790\ud574 \ub124\ud2b8\uc6cc\ud06c\ub97c \ud655\ub300\ud588\ub2e4. 2011\ub144\uc5d0\ub294 \ud638\ub77c\uc774\uc98c \ud56d\uacf5\uc744 \uc778\uc218\ud588\ub294\ub370, \ud638\ub77c\uc774\uc98c \ud56d\uacf5\uc774 \uc790\uccb4 \ud56d\uacf5\uae30\ub97c \uacc4\uc18d \uc6b4\uc601 \ubc0f \uc720\uc9c0\ud558\uba74\uc11c \uc54c\ub798\uc2a4\uce74 \ud56d\uacf5\uc740 \uc2a4\ucf00\uc974\ub9c1\uacfc \ub9c8\ucf00\ud305, \uac00\uaca9\uc815\ucc45 \ub4f1 \uc0c1\uc5c5\uc801\uc778 \ubd80\ubd84\uc744 \uad00\ub9ac\ud558\ub294 \uc0b0\uc5c5 \ud611\uc57d\uc774\uc5c8\ub2e4.<\/p>\n \ub354\uc6b1 \ub300\ub300\uc801\uc778 \uc870\uce58\ub294 2016\ub144 \ud6c4\ubc18 \ubc84\uc9c4 \uc544\uba54\ub9ac\uce74\ub97c \uc778\uc218\ud55c \uac83\uc774\uc5c8\ub2e4. \uc774 \uac70\ub798\ub294 \uc5ec\ub7ec \uac00\uc9c0 \uc774\uc720\uc5d0\uc11c \ud569\ub9ac\uc801\uc778 \uc6c0\uc9c1\uc784\uc774\uc5c8\ub294\ub370 \ud2b9\ud788 \uaddc\ubaa8\ub97c \ud655\uc7a5\ud55c\ub2e4\ub294 \uc810\uc774 \uc8fc\ud6a8\ud588\ub2e4. \uc774 \uc778\uc218\uac00 \ub9c8\ubb34\ub9ac \ub41c \ud6c4, \uc54c\ub798\uc2a4\uce74 \ud56d\uacf5\uc740 \ubbf8\uad6d 9\ub300 \ud56d\uacf5\uc0ac\uc5d0\uc11c 5\ub300 \ud56d\uacf5\uc0ac\ub85c \uc131\uc7a5\ud588\uace0, \ub2e4\ub978 \uc5b4\ub5a4 \uacbd\uc7c1 \ud56d\uacf5\uc0ac\ubcf4\ub2e4 \uc11c\ubd80\ud574\uc548\uc5d0 \ub354 \ub9ce\uc740 \ud56d\uacf5\uc11d\uc744 \ud655\ubcf4\ud588\ub2e4. \ubc84\uc9c4 \uc544\uba54\ub9ac\uce74 \uc778\uc218\ub294 \uc131\uc7a5\uc758 \ubc1c\ud310\uc73c\ub85c \uc791\uc6a9\ud588\ub2e4. \ubc84\uc9c4 \uc544\uba54\ub9ac\uce74\ub294 \uac15\ub825\ud55c \ube0c\ub79c\ub4dc\uc758 \uc800\uac00 \uc0c1\ud488, \uc8fc\uc694 \uacf5\ud56d\uc5d0\uc758 \uc811\uadfc\uc131(\ud2b9\ud788 \uce98\ub9ac\ud3ec\ub2c8\uc544\uc640 \ub3d9\ubd80\ud574\uc548(East Coast)), \uadf8\ub9ac\uace0 \uad6d\uc81c\uc801 \ud30c\ud2b8\ub108\uc2ed\uc744 \uac16\ucd94\uace0 \uc788\uc5c8\ub2e4.<\/p>\n 2017\ub144, \uc54c\ub798\uc2a4\uce74 \ud56d\uacf5\uc740 \uc774 \ub450 \ud56d\uacf5\uc0ac\uc758 \ub9c8\uc77c\ub9ac\uc9c0 \ud504\ub85c\uadf8\ub7a8\uc744 \ud1b5\ud569\ud574 \uace0\uac1d \ucda9\uc131\ub3c4\uc640 \uc720\uc9c0\uc728 \uc0c1\uc2b9\uc5d0 \uae30\uc5ec\ud588\ub2e4. \ud56d\uacf5\uc5c5\uc740 \uc2b9\uac1d\ub370\uc774\ud130 \ud65c\uc6a9\uc5d0 \uc560\ub97c \uba39\uace4 \ud558\ub294\ub370 \uc5b4\ub290 \uc815\ub3c4\ub294 \ud56d\uacf5\uad8c\uc774 \uc885\uc885 \uc775\uc2a4\ud53c\ub514\uc544(Expedia)\uc640 \uac19\uc740 \uc628\ub77c\uc778 \uc5ec\ud589\uc0ac\uc774\ud2b8\uc5d0\uc11c \uc608\uc57d\ub418\uae30 \ub54c\ubb38\uc774\ub2e4. \ud558\uc9c0\ub9cc \uace0\uac1d \ucda9\uc131\ub3c4 \ud504\ub85c\uadf8\ub7a8\uc740 \uc774\ub97c \ub9cc\ud68c\ud560 \uc218 \uc788\ub294 \ud575\uc2ec \uc218\ub2e8\uc774\ub2e4. \uace0\uac1d \ud504\ub85c\uadf8\ub7a8\uc744 \ud1b5\ud574 \uc2b9\uac1d \uacbd\ud5d8 \uc804\uccb4- \ube44\ud589 \uc804, \ub3c4\uc911, \uc774\ud6c4-\uc5d0 \ub300\ud55c \ud1b5\uc81c\uad8c\uc744 \ub418\ucc3e\uace0 \uc911\uc694\ud55c \uc2b9\uac1d \ub370\uc774\ud130\uc5d0 \uc811\uadfc\ud560 \uc218 \uc788\ub2e4. \uc774 \ub370\uc774\ud130\ub97c \uc774\uc6a9\ud574 \ud56d\uacf5\uc0ac\ub4e4\uc740 \uace0\uac1d \ub2c8\uc988\ub97c \ub354 \uc798 \uc774\ud574\ud558\uace0 \ub9c8\ucf00\ud305 \ucc44\ub110, \uac00\uaca9 \ub4f1 \uc5ec\ub7ec \ucc28\uc6d0\uc5d0\uc11c \uc0c1\ud488 \ubc0f \uc11c\ube44\uc2a4 \uc81c\uacf5\uc744 \ub354\uc6b1 \ud6a8\uacfc\uc801\uc73c\ub85c \uac1c\uc778\ub9de\ucda4\ud654\ud560 \uc218 \uc788\ub2e4. 2017\ub144 \ub9d0, \uc54c\ub798\uc2a4\uce74 \ud56d\uacf5\uc758 \ucda9\uc131\ub3c4 \ud504\ub85c\uadf8\ub7a8(\ubc84\uc9c4 \uc544\uba54\ub9ac\uce74 \uc778\uc218 \uc774\ud6c4)\uc740 \uc804\uccb4 \ud310\ub9e4\uc758 11%\ub97c \ucc28\uc9c0\ud588\ub2e4.<\/p>\n \uc774\ub7f0 \ub300\ucc45\ub4e4\uc740 \ubaa8\ub450 \ud569\uccd0\uc838 \uc7ac\ubb34\uc2e4\uc801\uc758 \uadf9\uc801\uc778 \uac1c\uc120\uc774\ub77c\ub294 \uacb0\uacfc\ub85c \uc774\uc5b4\uc84c\ub2e4. 2008\ub144\ubd80\ud130 2019\ub144\uae4c\uc9c0, \ub9e4\ucd9c\uc740 \ub450 \ubc30 \uc774\uc0c1 \uc99d\uac00\ud574 88\uc5b5 \ub2ec\ub7ec\uc5d0 \ub2ec\ud588\uace0 EBITDA \ub9c8\uc9c4\uc740 14%\ud3ec\uc778\ud2b8 \uc774\uc0c1 \uc0c1\uc2b9\ud588\ub2e4. \uc774\ubcf4\ub2e4 \ub354\uc6b1 \uc778\uc0c1\uc801\uc778 \uac83\uc740 \uc774 \ud68c\uc0ac\uc758 \uc8fc\uac00\uac00 \uc57d 1000% \uac00\ub7c9 \uc0c1\uc2b9\ud55c \uac83\uc778\ub370, \uc774\ub294 S&P \uae00\ub85c\ubc8c 1200 \uc9c0\uc218\uc758 \uc99d\uac00\ubcf4\ub2e4 \uac70\uc758 9\ubc30 \ud070 \uc0c1\uc2b9\uc774\uc5c8\ub2e4.<\/p>\n<\/p>\n
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5\uac00\uc9c0 \ud575\uc2ec \ub2e8\uacc4<\/strong><\/h3>\n
\ub450 \uac00\uc9c0 \uc0ac\ub840\uc5f0\uad6c<\/strong><\/h3>\n
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