EVA TRAINING培训教材.ppt

Summary of Benchmarking study 1999 Data In Thousands of USD Company / Items Baltrans EGL Exped. Client 1999 Client 2000 Airborne Atlas CNF Fedex UPS Average Best in Class Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Var. Exp / Sales 97% 62% 69% 34% 54% 34% 11% N/A 14% 8% 17% 8% Fixed Exp / Sales N/A 16% 23% 45% 45% 58% 59% 94% 79% 78% 74% 16% Selling / Sales N/A 15% 1% 1% 1% 2% 0% N/A 0% 0% 1% 0% - Operation Expenses / Sales 97% 92% 94% 80% 101% 95% 71% 94% 93% 85% 88% 23% - Tax / Sales 0% 3% 1% 1% 0% 2% 12% 2% 5% 4% 5% 0% + Other Income / Sales 2% 1% 0% 0% 0% 1% 15% 1% 4% -6% 3% 15% = NOPAT Margin 5% 5% 5% 20% -1% 4% 32% 5% 7% 5% 7% NWC Charge / Sales 1% 1% 1% 6% 6% 0% 5% 0% 0% 1% 1% 0% Fixed Assets Charge / Sales 1% 0% 1% 2% 3% 3% 21% 2% 4% 5% 7% 2% Other Assets Charge / Sales 0% 1% 0% -1% 3% 1% 10% 2% 5% 0% 4% 0% - Capital Charge / Sales 3% 3% 2% 8% 12% 5% 36% 4% 9% 6% 12% = Net Margin 2% 2% 3% 11% -13% -1% -4% 1% -2% -1% -5% x Sales 172,127 595,173 1,444,575 19,534 13,418 3,140,226 637,081 5,592,810 16,773,470 27,052,000 = EVA 3,259 12,638 45,445 2,240 (1,726) (24,340) (22,405) 68,874 (361,190) (261,400) Looking at best in class Margin and Turnover, we can chart the EVA of {Client} under different scenarios (B) Achieve Best in Class Turns (D) Achieve Best in Class ROC (A) Achieve Best in Class NOPAT Margin (C) Also Best in Class Turns History Peer Benchmark {Client} Forecast {Client} 97-99 Best In Class 97-99 Company {Client}, Inc. 2000-2005 NOPAT Margin 15.0% 25.6% Atlas Air 7.5% Capital Turnover 313.6% 505.0% Expeditors 266.1% Return on Capital 45.2% 45.2% {Client}, Inc. 23.0% {Client} Best In Class Analysis (86,325) 138,666 146,190 56,438 146,190 (100,000) (50,000) 0 50,000 100,000 150,000 200,000 Current EVA Achieve NOPAT margin of 25.6% Achieve Cap. T/O of 5x Achieve ROC = 45% EVA USD000s EVA improve by $224,991 EVA improve by $142,763 Is there Trade off between capital T/O and Nopat Margin? EVA improve by a further