贝恩－业绩评估-CorporatePerformanceMeasurement（_106页）.ppt

* CorporatePerformanceMeasurement Harnischfeger’s working capital requirements at October 31, 1996 were $374.46 M Amount ($ K) WorkingCapitalRequirements Market Value Added - Solution (Working Capital Requirements) MVA Exercise * CorporatePerformanceMeasurement Harnischfeger’s net fixed assets at October 31, 1996 were $1.28 B Amount ($ Thousands) Net PPE Market Value Added - Solution (Net Fixed Assets) MVA Exercise * CorporatePerformanceMeasurement Harmishfeger’s invested capital at 31 October, 1996 was $1,662.535 M Invested Capital ($ M) Market Value Added - Solution (Invested Capital) MVA Exercise * CorporatePerformanceMeasurement Harnischfeger’s market value added at October 31, 1996 was $1042.44 M Market Value Added - Solution (Market Value Added) MVA Exercise * CorporatePerformanceMeasurement Agenda Executive Summary Objectives Background Performance Measurement Framework Market Value Added (MVA) Economic Profit (EP) Cash Flow Return on Investment (CFROI) Exercises MVA Economic Profit Case Study - Diageo * CorporatePerformanceMeasurement Exercise: Calculate Harnischfeger’s EP for the year ended October 31, 1996 Information Required: Interest income $6.505 million WACC equals 12% Economic Profit Exercise EP Exercise * CorporatePerformanceMeasurement Assets 1996 1995 Property, Plant and Equipment: Land and improvements Buildings Machinery and equipment Accumulated depreciation 48,371 301,010 776,332 1,125,713 (491,668) 634,045 31,571 233,788 676,546 941,905 (454,249) 487,656 Investment and Other Assets: 512,693 39,173 93,868 645,734 $2,690,029 147,943 66,796 124,982 339,721 $2,040,767 Source: Harnischfeger’s 1996 Annual Report; INSEAD Harnischfeger Industries Inc.Consolidated Balance Sheet - Year Ended 31 October 1996 Economic Profit Exercise Current Assets: Other current assets Business held for sale Inventories Accounts receivable - net Cash and cash equivalents 1,213,390 57,999 - 416,395 499,953 $239,043 1,410,250 1