新版全面的EVA计算手册模板.doc
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1、EVA ManualGeneral ConceptTable of ContentsGeneral ConceptI.Introduction11.EVA is a management tool that measures true economic profit12.EVA can be integrated in all key processes13.Decision-making based on EVA2II.Decision-making with EVA3A.How to build up EVA on operating unit level31.Overview32.NOP
2、AT (Net operating profit after tax)33.Invested capital44.Cost of capital65.Focus on Delta EVA7B.How to build up EVA on the Group and SBU level8C.Use of EVA in the XY management system91.Management reporting92.Capital expenditures103.Portfolio analysis11Details of the EVA CalculationIII. Appendix.I.
3、Introduction 1. EVA is a management tool that measures true economic profitAll managers of XY should focus on improving the Groups overall value. With EVA, for the first time, there is a tool that reflects not only the operating performance, but also the expected return on the invested capital of XY
4、. The EVA system encourages managers to think and act like owners, treating the companys resources as if they were their own.EVA reflects not only operating profit after taxes, but also takes into account costs for debt and equity capital. Creating shareholder value may be achieved by improving perf
5、ormance, growth, portfolio management and optimisation of capital structure. EVA provides a tool for all of these aspects.EVA is a management tool. It helps managers to evaluate opportunities, set goals, measure results, and benchmark performance. EVA is also an accurate basis for value-oriented inc
6、entive compensation schemes.2. EVA can be integrated in all key processes Typically, companies use a variety of conflicting measures such as earnings growth, earnings per share, return on equity, market share, gross and net margin, cash flow, NPV and ROIC. Using a number of different measures leads
7、to conflicting goals. This is why we will use EVA as a single major performance measure.The EVA financial management system supports and motivates value-based decision-making for day-to-day operating decisions, budgeting and capital planning and strategic initiatives. By using EVA for all of these p
8、rocesses, as well as for performance measurement and incentives, managers of XY will focus on the goal of creating value.3. Decision-making based on EVA Although there are countless individual activities people can pursue to create value, ultimately they all fall into one of four categories: EVA can
9、 be increased by enhancing operating efficiency (“performance”), investing in value-creating projects (“growth”) or divesting capital from uneconomic assets or activities (“asset management”). EVA can also be increased by the financing strategy of minimising the cost of capital by optimising the cap
10、ital structure. - PerformanceImproving operating profits without tying up more capital in the business will directly increase EVA. - GrowthInvestments in new equipment and working capital may be required to increase sales, develop new products, services, markets and customers, all of which results i
11、n higher profits. As long as these investments generate a higher return than the cost of capital, shareholder value will increase. EVA is a perfect indicator of this value creation.- Asset ManagementRationalising, liquidating or curtailing investments in operations may be necessary if a business or
12、asset cannot generate returns higher than the cost of capital. Thus, EVA encourages active asset portfolio management. Additionally, working capital management is a means of increasing EVA by optimising inventory levels and managing payables and receivables.- Capital StructureLenders and shareholder
13、s expect different rates of return according to the risk they are taking. Improving EVA by optimising the capital structure is an action that can primarily be taken on the Group and SBU level.II. Decision-making with EVA A. How to build up EVA on the operating unit level1. OverviewEVA is a transpare
14、nt measure that is easy to calculate:2. NOPAT (Net operating profit after tax) a) IntroductionNOPAT is the adjusted operating income after standard taxes.If you want to know how to manage operating performance, use NOPAT. It includes standard taxes because they are an important cost factor. Some spe
15、cific adjustments are incorporated to reflect economic reality better and to motivate correct decision-making.b) CalculationThe following positions will be adjusted: (For a detailed description of the adjustments and the accounts involved, see Appendix):- Goodwill amortisationGoodwill amortisation o
16、f the period is added back to operating income as from an economic point of view the value of the acquisition reflected in goodwill does not diminish, in contrast to standard accounting treatment. - Results from loans to and shareholdings in non-consolidated and equity companiesAs operating manageme
17、nt is responsible for the performance of investments in and loans to non-consolidated companies, the results from these assets are included in the operating performance measure.- Separation of financing resultsTo exclude any financing costs from NOPAT, some financial charges that are included in ope
18、rating income (e.g. interest related to pensions, which are part of personnel costs, or interest related to operating leases, which is implicit in the leasing rates) are added back to operating income. Foreign currency results are included in NOPAT (and not in financing costs) as they are regarded a
19、s being part of the operating activities. 3. Invested capitala) IntroductionCapital is not free since both lenders and equity investors expect a return on their investments. The concept of EVA is based on a simple rule:A business only creates value if in the long term it earns at least the cost of t
20、he invested capital. Invested capital includes all assets that can be attributed to a business minus provisions and liabilities for which no financing costs are charged (e.g. trade payables). b) CalculationIn addition to tangible and intangible assets, the following positions are included in investe
21、d capital (For a detailed description of the adjustments and the accounts involved, see Appendix):- Investments and loansInvestments in and financial loans to non-consolidated and equity companies (including cash) are part of the invested capital, as operating management is responsible for the perfo
22、rmance of these activities.- Net working capitalNet Working Capital consists of inventory and operating receivables less operating liabilities. Efficient management of net working capital reduces invested capital, capital charges and therefore improves EVA.- ProvisionsProvisions are regarded as non-
23、interest bearing and are therefore deducted from invested capital. Provisions for pensions and provisions for deferred taxes are treated differently and will not be deducted from invested capital.- Adjustments- Goodwill amortisationThe full historical goodwill from the time of the acquisition is inc
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