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New York ? Chicago ? Los Angeles ? London ? Paris ? Milan ? Munich ? TokyoSao Paulo ? Singapore ? Sydney ? Johannesburg ? ShanghaiIntroduction to EVA Management System 第一页，共三十四页。
ContentsWhat is EVA?The calculation of EVAThe EVA management system第二页，共三十四页。
ContentsWhat is EVA?The calculation of EVAThe EVA management system第三页，共三十四页。
EVA? is Earnings After the Cost of Capital Revenues- Operating Costs- Depreciation-/+ Adjustments- Taxes= Operating Income After Tax (NOPAT)Capital x c% Capital Charge= EVA?Objective: Continuous Improvement in EVAP/LB/S第四页，共三十四页。
The intrinsic value is the determinant of the market value in efficient capital marketIntrinsic valueFinancial measuresOperating metrics MVA, Stock price EVA ROI, Capital turnover, margin Market share, Unit cost, scrap rate, delivery timeCompetitive strategyBusiness modelManagement systemOperating efficiencyMarket value第五页，共三十四页。
US as example50%40%30%20%10%Correlation with stock priceEVA ROE Cash Flow EPS RevenueAs a measure of business intrinsic value, EVA correlates with stock price better than other measures 第六页，共三十四页。
EVA measure gives more insights into the businessFrom Enron’s 2000 Annual Report (Letter to Shareholders):Enron’s performance in 2000 was a success by any measure…The company’s net income reached a record in 2000. Enron is laser-focused on earnings per share, and we expect to continue strong earnings performance.(in mil)Net IncEPSEVA(in mil)第七页，共三十四页。
ContentsWhat is EVA?The calculation of EVAThe EVA management system第八页，共三十四页。
From the traditional accounting model to the economic model of the firmAccountingFrameworkEVAFrameworkAdjustmentsPLBalance SheetCash Flow StatementNOPATCapitalEVASeparate financing effects from operating performanceExtend matching of costs with revenue to economic basis Separate operating from non-operatingEliminate book keeping entries/reserves that distort cash flow and reduce objectivitySo as toTo b
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