贝恩－业绩评估-CorporatePerformanceMeasurement.ppt

* CorporatePerformanceMeasurement Source: Harnischfeger’s 1996 Annual Report; INSEAD Liabilities and Shareholders’ Equity 1996 1995 $22,802 263,750 100,041 154,401 43,801 138,508 723,303 459,110 Long-term Obligations 78,814 101,605 52,237 20,820 34,805 209,467 89,611 Minority Interest 51,118 603,712 53,560 (42,118 (60,483 (46,513 559,276 $ 2,040,767 ) ) ) Harnischfeger Industries Inc.Consolidated Balance Sheet - Year Ended 31 October 1996 Economic Profit Exercise Other current liabilities Accrued warranties Advance payments and progress billings Employee compensation and benefits Trade accounts payable Short-term notes payable Current Liabilities: 657,765 1,077,127 315,033 50,718 155,199 160,488 346,056 $49,633 Deferred income taxes Other liabilities Accrued pension and related costs Liability for post-retirement benefits Other Liabilities: 93,652 188,000 54,920 14,364 39,902 Treasury Stock Less: Stock Employee Compensation Trust Cumulative translation adjustments Retained earnings Capital in excess of par value Common stock Shareholders’ Equity: $ 2,690,029 673,485 (42,242) (61,360) (37,584) 148,175 615,089 51,407 EP Exercise * CorporatePerformanceMeasurement Dollar amounts in thousands Sales Cost of Sales Product Development, Selling and Administration Expenses Restructuring Charge $2,887,570 2,166,775 433,776 43,000 Operating Income Interest Expense - Net 244,019 (62,258) Income before Taxes and Minority Interest Provision for Income Taxes Minority Interest 181,761 (63,600) (3,944) Source: Harnischfeger’s 1996 Annual Report; INSEAD Net Income $114,217 Harnischfeger Industries Inc.Consolidated Balance Sheet - Year Ended 31 October 1996 Economic Profit Exercise EP Exercise * CorporatePerformanceMeasurement 63.600 181.761 Harnischfeger’s 1996 NOPAT was $162.857 M Operating Income + Interest Income +Equity Income + Other Investment Income - Income Taxes - Tax shield on interest* = Net Operating Profit After Tax (NOPAT) *Tax shield o