全面的EVA计算手册.doc

EVA Manual General Concept Table of Contents General Concept I. Introduction 1 1. EVA is a management tool that measures true economic profit 1 2. EVA can be integrated in all key processes 1 3. Decision-making based on EVA 2 II. Decision-making with EVA 3 A. How to build up EVA on operating unit level 3 1. Overview 3 2. NOPAT (Net operating profit after tax) 3 3. Invested capital 4 4. Cost of capital 6 5. Focus on Delta EVA 7 B. How to build up EVA on the Group and SBU level 8 C. Use of EVA in the XY management system 9 1. Management reporting 9 2. Capital expenditures 10 3. Portfolio analysis 11 Details of the EVA Calculation III. Appendix…………………………………………………………………………………………………………….Introduction EVA is a management tool that measures true economic profit All managers of XY should focus on improving the Group’s 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. The EVA system encourages managers to think and act like owners, treating the company’s 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 performance, 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 incentive compensation schemes. 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 to conflicting goals. This is why we will use EVA as a single major performance measure. The EVA financ