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NewYorkChicagoLosAngelesLondonParisMilanMunichTokyoSaoPauloSingaporeSydneyJohannesburgShanghaiIntroductiontoEVAManagementSystemContentsWhatisEVA?ThecalculationofEVATheEVAmanagementsystemContentsWhatisEVA?ThecalculationofEVATheEVAmanagementsystemEVA®isEarningsAftertheCostofCapitalRevenues-OperatingCosts-Depreciation-/+Adjustments-Taxes=OperatingIncomeAfterTax(NOPAT)-Capitalxc%CapitalCharge=EVA®•Objective:ContinuousImprovementinEVAP/LB/STheintrinsicvalueisthedeterminantofthemarketvalueinefficientcapitalmarketIntrinsicvalueFinancialmeasuresOperatingmetrics¶MVA,Stockprice¶EVA¶ROI,Capitalturnover,margin¶Marketshare,Unitcost,scraprate,deliverytime¶Competitivestrategy¶Businessmodel¶Managementsystem¶OperatingefficiencyMarketvalueUSasexample50%40%30%20%10%CorrelationwithstockpriceEVAROECashFlowEPSRevenueAsameasureofbusinessintrinsicvalue,EVAcorrelateswithstockpricebetterthanothermeasuresEVAmeasuregivesmoreinsightsintothebusinessFromEnron’s2000AnnualReport(LettertoShareholders):Enron’sperformancein2000wasasuccessbyanymeasure…Thecompany’snetincomereachedarecordin2000.Enronislaser-focusedonearningspershare,andweexpecttocontinuestrongearningsperformance.(inmil)$0$200$400$600$800$1,000$1,20019961997199819992000$0.00$0.20$0.40$0.60$0.80$1.00$1.20$1.40NetIncEPS-$700-$600-$500-$400-$300-$200-$100$0$10019961997199819992000NetIncEPSEVA(inmil)ContentsWhatisEVA?ThecalculationofEVATheEVAmanagementsystem9FromthetraditionalaccountingmodeltotheeconomicmodelofthefirmAccountingFrameworkEVAFrameworkAdjustmentsP&LBalanceSheetCashFlowStatementNOPATCapitalEVASeparatefinancingeffectsfromoperatingperformanceExtendmatchingofcostswithrevenuetoeconomicbasisSeparateoperatingfromnon-operatingEliminatebookkeepingentries/reservesthatdistortcashflowandreduceobjectivitySoastoTobetterreflectvaluecreationTomotivatetherightvalue-creatingbehavior10OptimizingtheEVAMeasureMateriality–DifferenceinEVAwithorwithoutadjustment–Isitmaterial?–SetaruleofthumbandusecommonsenseMotivation–Adjustmentmustmotivatemanagerstodotherightthing–StartwithdysfunctionalbehaviorsinstandardoperatingproceduresDataAvailability–CostofcollectinginformationmustbereasonableSimplicity–EVAisforoperatingpeople–keepitsimple–AfullyadjustedEVAistoocomplicatedtouseandcommunicate11TheEVACalculationPrecisionVariesBasicEVATailoredEVATrueEVADisclosedEVABasicEVADisclosedEVATailoredEVATrueEVASlightImprovementonFinancial(GAAP)AccountingRecognizesequitycapitalhasacostAdjustpubliclydisclosedFinancial(GAAP)IncomeStatements&BalanceSheets.UseforPeerBenchmarkingCustom-tailoredfor:-OrganizationalCulture-BusinessMix-Strategies-ProcessesOptimizedusing4criteriaMakeallpossibleAdjustmentsTheoreticalbutnotuseful……ExceptwhenlevelofEVAmatters;consideradditionaladjustmentsforspecificbutlimiteddecisions12ADJUSTMENTSCashtoEconomicNon-operatingItemsNon-recurringEventsAccrualtoCashAccountingconservatismtreatsmanyinvestmentsascurrentexpenses(R&D,significantMarketing/Training-onlythosespecificallyrelatingtoa“strategic”purpose)EVAviewsthemasinvestmentsinthefutureAccountingmisstatescashflow(Reserves)EVAseekstoemphasizeactualcasheventsAccountingdistortsongoingoperatingperformance(RestructuringandAssetsales)EVAtreatmentavoidsprofitpeaksandtroughsItemsnotincludedinthenormalcourseofbusiness,ornotusuallymanagedatunitlevel(InterestExpensefromDebt;OtherFinancing)IntheEVAframework,wemustturntheaccountingmodelintoaneconomicmodel13CostofDebtCostofCapital?%+CostofEquity?%?%Thecostofcapitalcomprisesbothdebt&equitycosts•RiskFreeRate•EquityRisk•Premium•DebtPremium(Creditspread)14CostofEquityCapital(requiredreturnbyequityholders)Risk(ß)Risk-FreeRateRfMarketRiskPremiumMRP(Rm-Rf)}RelationshipbetweenRiskandReturnMarketRisk=1CostofEquity=Rf+(BetaxMRP)ABetavalueisrequiredtodeterminecostofequity15Ingeneral,ahigherbusinessriskimplieshigherbetavalue,hencehighercostofequity16TocalculateBeta,alistofpeersneedtobeidentifiedfor{Client}Apeercompanyisnotnecessarilyacompetitor,butratheracompanyengagedinprincipallysimilarbusinesssubjecttothesameunderlyingeconomicforces.Theymaybecompetitorsorcompaniesinsimilarindustriesandbusinessenvironments.Peercomparisonsareusedto:–DeriveBetasfortherespectivebusinessunitsandthecorporationtofacilitatecostofcapital(COC)calculations.Non-listedcompanies,wholly-ownedsubsidiariesandbusinessunitsdonothavepubliclytradedsharesfromwhichtomeasuretheleveredBetas.Wherepossible,apure-playanalysisofpubliclytradedpeercompaniesisusedtoestimatetheunleveredBeta,orBRI.ThisisthentranslatedintotheleveredBetaforthatcompany,usingthecapitalstructureandthecostofdebt.–BenchmarkEVAperformanceandidentifyvaluedrivers.ContentsWhatisEVA?ThecalculationofEVATheEVAmanagementsystem18StrategyFormationGoalSettingPlanning&BudgetingExecutionEvaluationMotivationEVAEVAEVAEVAEVAValueBasedManagementEVAprovidesacomprehensivevaluemanagementframeworktotranslatestrategyintoaction20Goalsettingandbenchmarking21IntheEVAframework,MarketValuecanbebrokendownintoFutureGrowthValueandCurrentOperationsValueCapitalPVofcurrentEVAinpe