中石化财务控制的策划.pptVIP

% Gross Investment CFROI 10 20 30 40 50 60 70 80 90 100 -5 0 5 10 20 Gas Exploration 6.0 Chemicals Refining and Marketing Cost of Capital 15 各类投资项目的审核从划分事业部起始 Growth Projects CFROI Improvement Projects CFROI Improvement Projects: Asset management % of Gross Investment % Avg CFROI in Plan 10 20 30 40 50 60 70 80 90 100 -5 0 5 10 15 20 25 30 35 Chemical 1 Exploration Gas 1 Chemical 2 Gas 2 Gas 3 Marketing Refining 6.0 Cost of Capital Chemical 3 Chemical 4 而事业部进一步按业务类型细化 石油开采事业部 市场零售 炼油 举例：细分后的不同结果 Link to Strategy Cleaning Supplies Household Products Chemical Additives Fertilizers Specialty Plastics 产品 市场 零售 工业 商业 政府 直销 Major Market Minor Market No current market 举例(续)：按销售渠道进一步细化市场零售事业部 Link to Strategy 利润表: 销售 利润 管理费用 利息 折旧 税务 资产负债表: 应收帐款 存货 固定资产 应付帐款 负债 可获取 可获取 按人力分配 按负债额分配 预定年限 Division rate 按产品 可获取 特殊区分 按销售成本 按负债/权益 会计科目表 预计流程 而进一步将资产分配到各市场单位可深入分析投资回报率 Link to Strategy 10 20 30 40 50 60 70 80 90 100 -10 -5 0 5 10 15 20 25 30 商业 直销 零售 工业 政府 CFROI % % Gross Investment WACC Consolidated CFROI 渠道获利率分析揭示了渠道的强弱 Link to Strategy Sample Stores CFROI Site Keep ? Keep Fix Close Strong Weak Weak Strong Stores were grouped for next steps Cost of Capital 6.0% Cons. CFROI 17.0% -5 0 5 10 15 20 25 30 Management 而零售渠道的进一步细分可揭示各零售点的强弱 Link to Strategy Now on to the valuation model, the second major component of the HOLT methodology We use CFROI, the performance measurement as the basis for our valuation model W create cash flow forecasts for 20,000 companies using the CFROI forecast, the asset size, a forecast of the asset growth rate, and a concept called fade We discount these cash flows using our market derived rate All of this is only important if we can change behaviors and motivate value creating activities. This is a sample of how we’ve pushed the measure down through an organization by linking operational measures through to those drivers of valuation that we can link to real wealth creation and improvements in stock price. Describe the 3 Levels of Industry