全面eva计算手册英文版(编辑修改稿)

全面eva计算手册英文版(编辑修改稿)内容摘要：

CC) the cost of debt and the cost of equity are bined, with weights based on the debt/equity ratio. WACC = %debt * Net Cost of Debt + %equity * Cost of Equity Using this approach countryspecific WACC‟s are calculated. To illustrate the formula the WACC calculation for one country is shown. The cost of debt is 3,9% aftertax. The shareholders expect a return of 10,5%, a higher figure because the risk is higher than for a debt investment. The debttomarket value (leverage) ratio is 52%: Cost Weight Weighted Cost Debt after tax 3,9% 52% 2,0% Equity 10,5% 48% 5,1% Weighted Average Cost of Capital 7,1% (rounded 7%) You can find the specific WACC of different countries on the Intra under Group functions/Reporting, Controlling, Investor Relations (RCI)/WACC. _ 5. Focus on Delta EVA If you have calculated EVA for your business, you may have found out that it is not parable to other units. This is due to the fact that invested capital is stated at book value, which often does not reflect fair value. Does that mean that EVA does not work? No. As absolute values are sometimes not parable, we focus on Delta EVA, which reflects the change in EVA from one period to another. EVA is a management tool. It can help managers to evaluate opportunities, set goals, measure results, benchmark performance and deliver incentive pensation. Delta EVA is the measure because management action should always be directed towards the future when evaluating opportunities, an increase of EVA gives the right signal when setting goals, Delta EVA gives appropriate incentives when measuring results, Delta EVA shows a parable figure The following example pares the reporting of a unit that belongs to the Group for a long time to the reporting of a recently acquired unit. Both panies have a NOPAT of 120. Due to depreciation, the book value of assets of the pany that has been part of the Group for a long time is much lower than the book value of assets of the recently acquired pany. Both units invest in a new project that is equally profitable: H is toric p a rt of G roupEVAIn v e s te d c a pi ta lN O P A TC a pi ta l c ha rgeD e lta EVAE x i s ti n gb u s i n e s s100 1 .0 0 0 10040012 120 121201 0 1 0 0 1 04 0220280 2 282 22R e c e nt A c qu is iti onN e wIn v e s tm e n tE x i s ti n gb u s i n e s sN e wIn v e s tm e n tT o ta lT o ta l5 01325001 1 01321 .1 0 0 Because of different levels of invested capital, the EVA of the existing pany is much higher than the EVA of the new pany. The example shows that Delta EVA correctly indicates the performance of the units because it reflects the profitability of the new project. _ B. How to build up EVA on the Group and SBU level Valueoriented decisions are taken on all corporate levels. The EVA definition applied on the respective level reflects managers‟ responsibilities: G roup • O per ati ng m anagem ent • O per ati ng i n v es tm ent d ec i s i ons • Res pons i bi l i t y f or i nv es ted c api ta l (i nc l . goo d wi l l ) • Inv es tor Re l at i ons • Cap i ta l s tr uc ture • T ax es • Maj or i nv es tm ents /ac qui s i t i ons • G ood wi l l f r om the ac qui s i t i on of c om pan y A and c om pan y B SBU O pera t i ng U nit s As pared to the EVA definition on the operating unit level, the following items are treated differently on the Group and SBU level: Taxes Goodwill from the acquisition of A and B Currency Translation Adjustment (CTA) For details of the EVA calculation on the group and SBU level, see Appendix B. _ C. Use of EVA in the XY management system From 2020 onwards all operating units will report EVA on a quarterly basis. In the following, examples for EVA reporting are shown. Please be aware that this is not the final design, but gives you an impression of the analytical features of the tool. 1. Management reporting The following example shows the EVA analysis for an operating unit: 20035030180N O PA T C a p i ta lc h a r g eEV A N o n O p e r a ti n gEV AAnalysis of Delta EVA3000150011005000A d j .t a n g . / I n t a n g .A s s e t sI n v e s t m e n t s N e t W C I n v . C a p i t a lAnalysis of Delta Invested CapitalExam pl e 2020 2020 Del t aO per at i ng I n e 1. 000 1. 300 300EVA Adj us t m ent s * 290 313 23 T ax es 490 613 123Net oper at i ng i n e af t er t axe s 800 1. 000 200Capi t al cha r ge ( W A CC 7%) 770 1. 120 350EVA 30 120 150Del t a EVA non ope r at ing 30Del t a EVA 180I nv est ed Capi t al T ang ibl e/ int ang ibl e as s et s af t er adj . 10. 000 12. 300 2. 300Financ ial loans 100 100 0I nv es t m ent s 500 2. 000 1. 500Net w or k ing c apit al 900 2. 000 1. 100Pr ov isions 500 400 100T ot al 11. 000 16. 000 5. 000* m ainly due t o add bac k of g ood w il l am or t isat ion The following conclusions can be derived from this example: Operating ine increased by 300 or 30%. Detailed analysis is provided in the ine statement and the variance analysis. The increase in capital charges outweighed the positive development of NOPAT. Analysis of the changes in invested capital shows that the increase in the capital charge is due to the following factors: The book value of tangible assets increased, which means that the investments of the pany were higher than the depreciation, and the pany could not improve its operating ine to the same extent. Nonconsolidated investments increased by and did not earn the cost of capital Net working capital increased. The payment time for accounts rece。