某公司EVA财务知识手册(英文版).docx

EVAManualGeneralConceptTableofContentsGeneralConceptI. Introduction11. EVAisamanagementtoolthatmeasurestrueeconomicprofit12. EVAcanbeintegratedinallkeyprocesses13. Decision-makingbasedonEVA2II. Decision-makingwithEVA3A. HowtobuildupEVAonoperatingunitlevel31. Overview32. NOPAT(Netoperatingprofitaftertax)33. Investedcapital44. Costofcapital65. FocusonDeltaEVA7B. HowtobuildupEVAontheGroupandSBUlevel8C. UseofEVAintheXYmanagementsystem91. Managementreporting92. Capitalexpenditures103. Portfolioanalysis11DetailsoftheEVACalculationIII. AppendixI. Introduction1. EVAisamanagementtoolthatmeasurestrueeconomicprofitAllmanagersofXYshouldfocusonimprovingtheGroup'soverallvalue.WithEVA,forthefirsttime,thereisatoolthatreflectsnotonlytheoperatingperformance,butalsotheexpectedreturnontheinvestedcapitalofXY.TheEVAsystemencouragesmanagerstothinkandactlikeowners,treatingthecompany,sresourcesasiftheyweretheirown.EVAreflectsnotonlyoperatingprofitaftertaxes,butalsotakesintoaccountcostsfordebtandequitycapital.Creatingshareholdervaluemaybeachievedbyimprovingperformance,growth,portfoliomanagementandoptimisationofcapitalstructure.EVAprovidesatoolforalloftheseaspects.EVAisamanagementtool.Ithelpsmanagerstoevaluateopportunities,setgoals,measureresults,andbenchmarkperformance.EVAisalsoanaccuratebasisforvalue-orientedincentivecompensationschemes.2. EVAcanbeintegratedinallkeyprocessesTypically,companiesuseavarietyofconflictingmeasuressuchasearningsgrowth,earningspershare,returnonequity,marketshare,grossandnetmargin,cashflow,NPVandROIC.Usinganumberofdifferentmeasuresleadstoconflictinggoals.ThisiswhywewilluseEVAasasinglemajorperformancemeasure.Incentive SystemOperating DecisionsCapital Budgeting & AcquisitionsStrategic & Operating planningPerformance MeasurementGoal settingTheEVAfinancialmanagementsystemsupportsandmotivatesvalue-baseddecision-makingforday-to-dayoperatingdecisions,budgetingandcapitalplanningandstrategicinitiatives.ByusingEVAforalloftheseprocesses,aswellasforperformancemeasurementandincentives,managersofXYwillfocusonthegoalofcreatingvalue.3. Decision<makingbasedonEVAAlthoughtherearecountlessindividualactivitiespeoplecanpursuetocreatevalue,ultimatelytheyallfallintooneoffourcategories:EVAcanbeincreasedbyenhancingoperatingefficiency(performance"),investinginvalue-creatingprojects("growth")ordivestingcapitalfromunenomicassetsoractivities(uassetmanagement").EVAcanalsobeincreasedbythefinancingstrategyofminimisingthecostofcapitalbyoptimisingthecapitalstructure.NetOperatingrWeightedAverageEVA=ProfitafterTaxes-IInvestedCapitalxCostofCapital(NOPAT)L(WACC)PerformanceImprovingoperatingprofitswithouttyingupmorecapitalinthebusinesswilldirectlyincreaseEVA.GrowthInvestmentsinnewequipmentandworkingcapitalmayberequiredtoincreasesales,developnewproducts,services,marketsandcustomers,allofwhichresultsinhigherprofits.Aslongastheseinvestmentsgenerateahigherreturnthanthecostofcapital,shareholdervaluewillincrease.EVAisaperfectindicatorofthisvaluecreation.AssetManagementRationalising,liquidatingorcurtailinginvestmentsinoperationsmaybenecessaryifabusinessorassetcannotgeneratereturnshigherthanthecostofcapital.Thus,EVAencouragesactiveassetportfoliomanagement.Additionally,workingcapitalmanagementisameansofincreasingEVAbyoptimisinginventorylevelsandmanagingpayablesandreceivables.CapitalStructure1.endersandshareholdersexpectdifferentratesofreturnaccordingtotherisktheyaretaking.ImprovingEVAbyoptimisingthecapitalstructureisanactionthatcanprimarilybetakenontheGroupandSBUlevel.II. Decision-makingwithEVAA. HowtobuildupEVAontheoperatingunitlevel1. OverviewEVAisatransparentmeasurethatiseasytocalculate:IIEVA=NetOperatingProfitAfterTaxes_Capitalcharges(NOPAT)or:1 EVA=Adjustedoperating.TaXeS1-InVeStedXwaccILIncomeJLC叩Ital2. NOPAT(Netoperatingprofitaftertax)a) IntroductionNOPATistheadjustedoperatingincomeafterstandardtaxes.Ifyouwanttoknowhowtomanageoperatingperformance,useNOPAT.Itincludesstandardtaxesbecausetheyareanimportantcostfactor.Somespecificadjustmentsareincorporatedtoreflecteconomicrealitybetterandtomotivatecorrectdecision-making.b) CalculationOperatingIncome+/-EVAadjustments.Standardtaxes=Netoperatingprofitaftertaxes(NOPAT)Thefollowingpositionswillbeadjusted:(Foradetaileddescriptionoftheadjustmentsandtheaccountsinvolved,seeAppendix):+Goodwillamortisation+/-Resultsfromloansandparticipations+/-Separationoffinancingresults=EVAadjustmentsonoperatingincomeGoodwillamortisationGoodwillamortisationoftheperiodisaddedbacktooperatingincomeasfromaneconomicpointofviewthevalueoftheacquisitionreflectedingoodwilldoesnotdiminish,incontrasttostandardaccountingtreatment.Resultsfromloanstoandshareholdingsinnon<consolidatedandequitycompaniesAsoperatingmanagementisresponsiblefortheperformanceofinvestmentsinandloanstonon-consolidatedcompanies,theresultsfromtheseassetsareincludedintheopera