financialperformancemgmtintelco(doc29)-经营管理(编辑修改稿)

financialperformancemgmtintelco(doc29)-经营管理(编辑修改稿)内容摘要：

第 6 页 共 28 页 Af te r t a x R OC EF i n a n ci a lcon tr i b u tionR OE M a r g i n o n d e b t xD e b t/ ca p i ta le m p l o yedM a r g i n o np r e fe r r e d sto ck xPr e f e r r e d sto ck/cap i ta l e m p l o ye dM a r g i n o nm i n o r i ty in te r e st xM i n o r i tyi n te r e st/ cap i t a le m p l o yedAf te r t a x R OC E Af te r t a x co sto f p r e fe r r e d++Af te r t a x R OC E Af te r t a x co sto f d e b tPr e t a x co st o f d e b t x1 M a r g i n a l ta x r a te1Op e r a t i n gta x r a teT a x e xp e n se/ E BI T +D e b t ta xshie l d /E BI TC a sh t a xes/ E BI T +D e fe r r e dta xes/ E BI TIn te r e st e xpe n se/ EBI T x1 M a r g i n a l ta x r a tePr e t a xR OC ESe e R O C E t re eW e i g h te dfina n ci a l m a r g i n xL e ver a g e ( C a p i ta le m p l o yed /e q u i t y)RET UR N O N EQ UI T Y T REEF i n an cial re l a ted b re ak d o w nExhi bi t 3Cor por ate Fi nanc e ac co unt abil iti es Therefore, each unit’s report needs to be designed around these different responsibilities. CFU Reports As stated above, CFUs will be held accountable for the profitability of their customers and over the Operating Return on Capital Employed (Operating ROCE) to run the business. Therefore, CFU financial reports should include a Profit and Loss (Pamp。 L) statement and a report down to Contribution/Net Operating Assets based on those balance sheet elements that the unit can influence. As a management and performance evaluation tool, CFU reports should allow an overall understanding of the business development vs. the budget, the historical trends and benchmarks, and an easy assessment of the drivers of contribution and the development of the units’ performance on each of them. The distinction between controllable and non controllable drivers should be reflected on the Pamp。 L by using a contribution line to divide revenues and costs, locating controllable revenues and expenses above the line and noncontrollable expenses below the line or off the report, as shown in Exhibit 4. 中国最大的管理资源中心 第 7 页 共 28 页 The division of expenses should allow CFU Heads to identify those items they can decide upon and therefore be evaluated on, by locating them above the line. Above the line The expenses located above the line should include all direct costs and transferred costs that the Unit can control or influence:  Network costs that are driven by the CFU’s access requirements and service usage  Shared Resources Costs (., Real Estate, IT, Fleet, etc.), also driven by usage of services, and Human Resources costs that are deployed to support Unit functions (such as recruiting, training and definition of pensation levels)  Specific Corporate Center expenses that are directly generated by a particular unit (., planning resources dedicated to new product feasibility analysis or issue management related to a specific unit (ATM/Frame Relay for Large and Medium Clients)) PROF IT AN D LOS S S TAT EM ENT S TRU CTU REABOVE AN D BE LOW TH E LI NE A TTR IB UTI ONAbove contribution line• Realize d revenues (Book revenues bad debt)• Direct internal CFU costs– Direct cost structure– Advertising and Pro motion– Direct depreciation– Operative t axes (concessio n, sales)– Capitaliz able Expenses• Internally transferred cost– Network cost s– SRU and Human Resourc es costs– Specif ic Corpora te Center expenses– Ramp。 D expenses– Transfer costs from oneCFU to another• Variances (see page 22)CFU Contribution marginBelow contribut ion line• General Corpo rate Center costs• Variances (see page 22) Net p rofit/loss before interest, ine tax an d non relatedrevenues/ expensesC ontrol l ed ori nfl uenced byC F U H ead( +)()()( =)N ot i nfl uencedby C F U H eadbu t re l evant tothe operat i on()( =)Exhi bi t 4( +/ )( +/ ) 中国最大的管理资源中心 第 8 页 共 28 页  Transfer costs from one division to another, when one unit acts a sales channel for products/services from other unit  Variances to the budgeted costs (see Attribution of Variances on page 22) Below the line Although CFU Heads do not control all operative expenses, they should be aware that they exist and are required to run the business. For example, CFU Heads will not have decisionmaking power or focus efforts on managing most Corporate Center Expenses, but should be aware that these units are necessary to run the business and have an effect on the Telco’s bottomline. This would be the case for the Regulatory Unit which manages the relationship with the government to set tariffs and handle other business related activities. CFU Heads, although not accountable nor evaluated on these expenses, should have the option of making remendations on how to better handle them. The expenses located below the line should include:  General Corporate Center costs which are difficult to be transferred on a specific driver (Regulatory, Finance, Corporate Communications, and Transformation), and  Variances to the budgeted costs (See Attribution of Variances on page 22) Off the report Finally, there are revenues and costs generated by the Telco that are irrelevant to the operations and should therefore be OFF the report. These items would include all elements related t。