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1、EVAManualGeneralConceptTableofContentsGeneralConceptI. Introduction11. EVAisamanagementtoolthatmeasurestrueeconomicprofit12. EVAcanbeintegratedinallkeyprocesses13. Decision-makingbasedonEVA2II. Decision-makingwithEVA3A. HowtobuildupEVAonoperatingunitlevel31. Overview32. NOPAT(Netoperatingprofitafter
2、tax)33. Investedcapital44. Costofcapital65. FocusonDeltaEVA7B. HowtobuildupEVAontheGroupandSBUlevel8C. UseofEVAintheXYmanagementsystem91. Managementreporting92. Capitalexpenditures103. Portfolioanalysis11DetailsoftheEVACalculationIII. AppendixI. Introduction1. EVAisamanagementtoolthatmeasurestrueeco
3、nomicprofitAllmanagersofXYshouldfocusonimprovingtheGroupsoverallvalue.WithEVA,forthefirsttime,thereisatoolthatreflectsnotonlytheoperatingperformance,butalsotheexpectedreturnontheinvestedcapitalofXY.TheEVAsystemencouragesmanagerstothinkandactlikeowners,treatingthecompany,sresourcesasiftheyweretheirow
4、n.EVAreflectsnotonlyoperatingprofitaftertaxes,butalsotakesintoaccountcostsfordebtandequitycapital.Creatingshareholdervaluemaybeachievedbyimprovingperformance,growth,portfoliomanagementandoptimisationofcapitalstructure.EVAprovidesatoolforalloftheseaspects.EVAisamanagementtool.Ithelpsmanagerstoevaluat
5、eopportunities,setgoals,measureresults,andbenchmarkperformance.EVAisalsoanaccuratebasisforvalue-orientedincentivecompensationschemes.2. EVAcanbeintegratedinallkeyprocessesTypically,companiesuseavarietyofconflictingmeasuressuchasearningsgrowth,earningspershare,returnonequity,marketshare,grossandnetma
6、rgin,cashflow,NPVandROIC.Usinganumberofdifferentmeasuresleadstoconflictinggoals.ThisiswhywewilluseEVAasasinglemajorperformancemeasure.Incentive SystemOperating DecisionsCapital Budgeting & AcquisitionsStrategic & Operating planningPerformance MeasurementGoal settingTheEVAfinancialmanagementsystemsup
7、portsandmotivatesvalue-baseddecision-makingforday-to-dayoperatingdecisions,budgetingandcapitalplanningandstrategicinitiatives.ByusingEVAforalloftheseprocesses,aswellasforperformancemeasurementandincentives,managersofXYwillfocusonthegoalofcreatingvalue.3. DecisionmakingbasedonEVAAlthoughtherearecount
8、lessindividualactivitiespeoplecanpursuetocreatevalue,ultimatelytheyallfallintooneoffourcategories:EVAcanbeincreasedbyenhancingoperatingefficiency(performance),investinginvalue-creatingprojects(growth)ordivestingcapitalfromunenomicassetsoractivities(uassetmanagement).EVAcanalsobeincreasedbythefinanci
9、ngstrategyofminimisingthecostofcapitalbyoptimisingthecapitalstructure.NetOperatingrWeightedAverageEVA=ProfitafterTaxes-IInvestedCapitalxCostofCapital(NOPAT)L(WACC)PerformanceImprovingoperatingprofitswithouttyingupmorecapitalinthebusinesswilldirectlyincreaseEVA.GrowthInvestmentsinnewequipmentandworki
10、ngcapitalmayberequiredtoincreasesales,developnewproducts,services,marketsandcustomers,allofwhichresultsinhigherprofits.Aslongastheseinvestmentsgenerateahigherreturnthanthecostofcapital,shareholdervaluewillincrease.EVAisaperfectindicatorofthisvaluecreation.AssetManagementRationalising,liquidatingorcu
11、rtailinginvestmentsinoperationsmaybenecessaryifabusinessorassetcannotgeneratereturnshigherthanthecostofcapital.Thus,EVAencouragesactiveassetportfoliomanagement.Additionally,workingcapitalmanagementisameansofincreasingEVAbyoptimisinginventorylevelsandmanagingpayablesandreceivables.CapitalStructure1.e
12、ndersandshareholdersexpectdifferentratesofreturnaccordingtotherisktheyaretaking.ImprovingEVAbyoptimisingthecapitalstructureisanactionthatcanprimarilybetakenontheGroupandSBUlevel.II. Decision-makingwithEVAA. HowtobuildupEVAontheoperatingunitlevel1. OverviewEVAisatransparentmeasurethatiseasytocalculat
13、e:IIEVA=NetOperatingProfitAfterTaxes_Capitalcharges(NOPAT)or:1 EVA=Adjustedoperating.TaXeS1-InVeStedXwaccILIncomeJLC叩Ital2. NOPAT(Netoperatingprofitaftertax)a) IntroductionNOPATistheadjustedoperatingincomeafterstandardtaxes.Ifyouwanttoknowhowtomanageoperatingperformance,useNOPAT.Itincludesstandardta
14、xesbecausetheyareanimportantcostfactor.Somespecificadjustmentsareincorporatedtoreflecteconomicrealitybetterandtomotivatecorrectdecision-making.b) CalculationOperatingIncome+/-EVAadjustments.Standardtaxes=Netoperatingprofitaftertaxes(NOPAT)Thefollowingpositionswillbeadjusted:(Foradetaileddescriptiono
15、ftheadjustmentsandtheaccountsinvolved,seeAppendix):+Goodwillamortisation+/-Resultsfromloansandparticipations+/-Separationoffinancingresults=EVAadjustmentsonoperatingincomeGoodwillamortisationGoodwillamortisationoftheperiodisaddedbacktooperatingincomeasfromaneconomicpointofviewthevalueoftheacquisitionreflectedingoodwilldoesnotdiminish,incontrasttostandardaccountingtreatment.ResultsfromloanstoandshareholdingsinnonconsolidatedandequitycompaniesAsoperatingmanagementisresponsiblefortheperformanceofinvestmentsinandloanstonon-consolidatedcompanies,theresultsfromtheseassetsareincludedintheopera
