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NewYorkChicagoLosAngelesLondonParisMilanMunichTokyoSaoPauloSingaporeSydneyJohannesburgShanghaiIntroductiontoEVAManagementSystemContentsWhatisEVA?ThecalculationofEVATheEVAmanagementsystemContentsWhatisEVA?ThecalculationofEVATheEVAmanagementsystemEVA®isEarningsAftertheCostofCapital Revenues- OperatingCosts- Depreciation-/+Adjustments- Taxes= OperatingIncomeAfterTax(NOPAT)Capital

xc%

CapitalCharge= EVA®Objective:ContinuousImprovementinEVAP/LB/STheintrinsicvalueisthedeterminantofthemarketvalueinefficientcapitalmarketIntrinsicvalueFinancialmeasuresOperatingmetrics

MVA,StockpriceEVA

ROI,Capitalturnover,margin

Marketshare,Unitcost,scraprate,deliverytimeCompetitivestrategyBusinessmodelManagementsystemOperatingefficiencyMarketvalueUSasexample50%40%30%20%10%CorrelationwithstockpriceEVAROE

CashFlowEPS

RevenueAsameasureofbusinessintrinsicvalue,EVAcorrelateswithstockpricebetterthanothermeasures

EVAmeasuregivesmoreinsightsintothebusinessFromEnron’s2000AnnualReport(LettertoShareholders):Enron’sperformancein2000wasasuccessbyanymeasure…Thecompany’snetincomereachedarecordin2000.Enronislaser-focusedonearningspershare,andweexpecttocontinuestrongearningsperformance.(inmil)NetIncEPSEVA(inmil)ContentsWhatisEVA?ThecalculationofEVATheEVAmanagementsystemFromthetraditionalaccountingmodel

totheeconomicmodelofthefirmAccountingFrameworkEVAFrameworkAdjustmentsP&LBalanceSheetCashFlowStatementNOPATCapitalEVASeparatefinancingeffectsfromoperatingperformanceExtendmatchingofcostswithrevenuetoeconomicbasisSeparateoperatingfromnon-operatingEliminatebookkeepingentries/reservesthatdistortcashflowandreduceobjectivitySoastoTobetterreflectvaluecreationTomotivatetherightvalue-creatingbehaviorOptimizingtheEVAMeasureMaterialityDifferenceinEVAwithorwithoutadjustment–Isitmaterial?SetaruleofthumbandusecommonsenseMotivationAdjustmentmustmotivatemanagerstodotherightthingStartwithdysfunctionalbehaviorsinstandardoperatingproceduresDataAvailabilityCostofcollectinginformationmustbereasonableSimplicityEVAisforoperatingpeople–keepitsimpleAfullyadjustedEVAistoocomplicatedtouseandcommunicateTheEVACalculationPrecisionVariesBasicEVATailoredEVATrueEVADisclosedEVAADJUSTMENTSCashtoEconomicNon-operatingItemsNon-recurringEventsAccrualtoCashAccountingconservatismtreatsmanyinvestmentsascurrentexpenses(R&D,significantMarketing/Training-onlythosespecificallyrelatingtoa““strategic””purpose)EVAviewsthemasinvestmentsinthefutureAccountingmisstatescashflow(Reserves)EVAseekstoemphasizeactualcasheventsAccountingdistortsongoingoperatingperformance(RestructuringandAssetsales)EVAtreatmentavoidsprofitpeaksandtroughsItemsnotincludedinthenormalcourseofbusiness,ornotusuallymanagedatunitlevel(InterestExpensefromDebt;OtherFinancing)IntheEVAframework,wemustturntheaccountingmodelintoaneconomicmodelCostofDebtCostofCapital?%+CostofEquity?%?%Thecostofcapitalcomprisesbothdebt&equitycostsRiskFreeRateEquityRiskPremiumDebtPremium(Creditspread)CostofEquityCapital

(requiredreturnby

equityholders)Risk(ß)Risk-FreeRate

RfMarketRiskPremium

MRP

(Rm-Rf)}RelationshipbetweenRiskandReturnMarketRisk=1

CostofEquity=Rf+(BetaxMRP)ABetavalueisrequiredtodeterminecostofequityIngeneral,ahigherbusinessriskimplieshigherbetavalue,hencehighercostofequityTocalculateBeta,alistofpeersneedtobeidentifiedfor{Client}Apeercompanyisnotnecessarilyacompetitor,butratheracompanyengagedinprincipallysimilarbusinesssubjecttothesameunderlyingeconomicforces.Theymaybecompetitorsorcompaniesinsimilarindustriesandbusinessenvironments.Peercomparisonsareusedto:DeriveBetasfortherespectivebusinessunitsandthecorporationtofacilitatecostofcapital(COC)calculations.Non-listedcompanies,wholly-ownedsubsidiariesandbusinessunitsdonothavepubliclytradedsharesfromwhichtomeasuretheleveredBetas.Wherepossible,apure-playanalysisofpubliclytradedpeercompaniesisusedtoestimatetheunleveredBeta,orBRI.ThisisthentranslatedintotheleveredBetaforthatcompany,usingthecapitalstructureandthecostofdebt.BenchmarkEVAperformanceandidentifyvaluedrivers.ContentsWhatisEVA?ThecalculationofEVATheEVAmanagementsystemStrategyFormationGoalSettingPlanning&BudgetingExecutionEvaluationMotivationEVAEVAEVAEVAEVAMotivationStrategyGoalSettingPlanningExecutionEvaluationValueBasedManagementEVAprovidesacomprehensivevaluemanagementframeworktotranslatestrategyintoactionFromEVAGoalSettingtoExecutionEPSConsensusEstimatesIndustryDataBenchmarkingInternalforecastsSimulationsofpasthistory{Client}StrategicGoalsConsolidatedEVAGrowthGoalBusinessUnitEVAGrowthGoalsOperatingPlansCapitalPlansResults/OutlookReportingEVAPlansReasonablenessCheckMarketExpectationsInternalForecastsAccuracyCheckGoalsettingisnotanissueoftherightnumber,butoneofalignmentALIGNMENTGoalsettingandbenchmarkingIntheEVAframework,MarketValuecanbebrokendownintoFutureGrowthValueandCurrentOperationsValueCapitalPVofcurrentEVAinperpetuityPVofEVAImprovementMVA=PresentValueofCurrentEVA+PresentValueofExpectedImprovementstoCurrentEVAFutureGrowthValue(FGV)CurrentOperationsValue(COV)MarketValueMarketValueAdded(MVA)CapitalFuturegrowthvaluerepresentsanexpectationofincreaseinEVAMarketValueCurrentOperationsValue(COV)FutureGrowthValue(FGV)ExpectedImprovementsinEVAFutureGrowthValuerepresentsthepremiumonthevalueofcurrentoperations(Capital+EVA/c*).ThepresenceofaFutureGrowthValue,whichequalsPVofallfutureEVAimprovements,signalsthemanagersthatowners/investorsexpectincreasesinEVA.IncreasesinEVAwillalsodriveincreasesinMVA.AsaresultInvestorWealthwillgoupaswell.Applying“industryaveragegrowthexpectations”to{Client’s}1999EVA,weestimateanFGVof$691mFGV39%COV61%1999{Client}EVA1999COV1,069mFGV?Ifweknow{Client’s}1999COVis$1060m(COV=1999capital+1999EVA/WACC)thenwecancalculateFGVbasedontheindustryaverageCOV:FGVratioof69:311999EVAcouldbeconsideredanabnormallygoodyearfor{Client},soapplyinganaverageEVAfrom97-00(alowerEVA),theFGVfor{Client}wouldcomeoutto$319MEstimatedFGV(using1999EVA)FGV691mConservative{Client’s}IndustryRatio1999COV1,069mCAPITAL526mEVA/C544mEstimatedFGV(usingavg.97-00EVA)FGV319m97-00COV493mTaking{Client’s}FGVof$691m,weconvertitintoimpliedannualExpectedImprovementsinEVA(EI)2000COV$(18m)FGV$691m20012003200220042005...2010ExpectedImprovement(EI)$26millionMarketValue$673MAssuming{Client}weretoachievethisEVAgrowthovera10yearperiod,annualEVAimprovementswouldhavetobe$26millionayear.FGVEI(for10Years)Aggressive$691m $26mperyearConservative $319m $12mperyearToachieveEIs,managementshouldfirstunderstandthecurrentEVAbyfocusingonreturnoncapitalMarginxTurnover=ROCScenarioA 20%x 0.75=15%ScenarioB 5% x3.0 =15%NOPATCapitalProfitMarginCapitalTurnoverXReturnonCapitalNOPATSalesSalesCapitalXorDissectingtherateofreturnbringstolightthetrade-offsbetweenprofitmarginandcapitalefficiency.=Acompanycouldachievea15%returnbyeither:AcompanycanuseROCcurvestounderstandandmapoutitsstrategytoimprovereturns{Client1999}{Client2000}{Client}peersusefundamentallydifferentbusinessstrategiestocreatevalueintheindustryTotalOperationExpenseMargin0%20%40%60%80%100%120%BaltransEGLExped.{Client}1999{Client}2000AirborneAtlasCNFFedexUPSAverage%ofSalesNOPATMargin-5%0%5%10%15%20%25%30%35%BaltransEGLExped.{Client}1999{Client}2000AirborneAtlasCNFFedexUPSAverage%ofSalesVariableExpensesMargin0%10%20%30%40%50%60%70%80%EGLExped.{Client}1999{Client}2000AirborneAtlasFedexUPSAverage%ofSalesFixedExpensesMargin0%10%20%30%40%50%60%70%80%90%EGLExped.{Client}1999{Client}2000AirborneAtlasFedexUPSAverage%ofSalesBenchmarkingNOPATmarginsgive{Client}asenseofhowitfallsintermsofoperatingefficiencyNote:BaltransandCNFremovedfromVariableandFixedExpensedriversanalysisduetoinsufficientdataCapitalChargeMargin0%5%10%15%20%25%30%35%40%BaltransEGLExped.{Client}1999{Client}2000AirborneAtlasCNFFedexUPSAverage%ofSalesNWCCapitalChargeMargin0%1%2%3%4%5%6%7%BaltransEGLExped.{Client}1999{Client}2000AirborneAtlasCNFFedexUPSAverage%ofSalesFixedAssetsChargeMargin0%5%10%15%20%25%BaltransEGLExped.{Client}1999{Client}2000AirborneAtlasCNFFedexUPSAverage%ofSalesOtherCapitalChargeMargin-2%0%2%4%6%8%10%12%BaltransEGLExped.{Client}1999{Client}2000AirborneAtlasCNFFedexUPSAverage%ofSalesCapitalbenchmarkingpointstoworkingcapitalandfixedassetsasanopportunityfor{Client}todriveEVAupwardsSummaryofBenchmarkingstudy1999DataInThousandsofUSDCompany/ItemsBaltransEGLExped.Client1999Client2000AirborneAtlasCNFFedexUPSAverageBestinClassSales100%100%100%100%100%100%100%100%100%100%100%100%Var.Exp/Sales97%62%69%34%54%34%11%N/A14%8%17%8%FixedExp/SalesN/A16%23%45%45%58%59%94%79%78%74%16%Selling/SalesN/A15%1%1%1%2%0%N/A0%0%1%0%-OperationExpenses/Sales97%92%94%80%101%95%71%94%93%85%88%23%-Tax/Sales0%3%1%1%0%2%12%2%5%4%5%0%+OtherIncome/Sales2%1%0%0%0%1%15%1%4%-6%3%15%=NOPATMargin5%5%5%20%-1%4%32%5%7%5%7%NWCCharge/Sales1%1%1%6%6%0%5%0%0%1%1%0%FixedAssetsCharge/Sales1%0%1%2%3%3%21%2%4%5%7%2%OtherAssetsCharge/Sales0%1%0%-1%3%1%10%2%5%0%4%0%-CapitalCharge/Sales3%3%2%8%12%5%36%4%9%6%12%=NetMargin2%2%3%11%-13%-1%-4%1%-2%-1%-5%xSales172,127595,1731,444,57519,53413,4183,140,226637,0815,592,81016,773,47027,052,000=EVA3,25912,63845,4452,240(1,726)(24,340)(22,405)68,874(361,190)(261,400)LookingatbestinclassMarginandTurnover,wecancharttheEVAof{Client}underdifferentscenarios(B)AchieveBestinClassTurns(D)AchieveBestinClassROC(A)AchieveBestinClassNOPATMargin(C)AlsoBestinClassTurnsHistoryPeerBenchmark{Client}Forecast{Client}97-99BestInClass97-99Company{Client},Inc.2000-2005NOPATMargin15.0%25.6%AtlasAir7.5%CapitalTurnover313.6%505.0%Expeditors266.1%ReturnonCapital45.2%45.2%{Client},Inc.23.0%{Client}BestInClassAnalysis(86,325)138,666146,19056,438146,190(100,000)(50,000)050,000100,000150,000200,000CurrentEVAAchieveNOPATmarginof25.6%AchieveCap.T/Oof5xAchieveROC=45%EVAUSD'000sEVAimproveby$224,991EVAimproveby$142,763IsthereTradeoffbetweencapitalT/OandNopatMargin?EVAimprovebyafurther$7,524Using{Client’s}2000EVAasanillustration,thelargestEVAopportunityisfromNOPATmarginimprovement(A)(B)(C)(D){Client}BestInClassAnalysis,inThousandDollarsCurrentEVAAchieveNOPATMarginAchieveCapitalTurnsAchieveNOPATMargin&CapitalTurnsAchieveReturnonCapitalSales670,895670,895670,895670,895670,895NOPAT(4,080)171,829(4,080)171,82998,516AvgCapital426,138426,138132,846132,846218,018WACC19.3%19.3%19.3%19.3%19.3%EVA(86,325)138,666(29,720)146,19056,438Theindustryvalue-basedstrategymapindicatesthemarket’’sapprovalofcertainbusinessstrategies9、静夜四无无邻，荒居居旧业贫。。。12月-2212月-22Thursday,December22,202210、雨中黄叶叶树，灯下下白头人。。。03:22:4403:22:4403:2212/22/20223:22:44AM11、以我独沈久久，愧君相见见频。。12月-2203:22:4403:22Dec-2222-Dec-2212、故故人人江江海海别别，，几几度度隔隔山山川川。。。。03:22:4403:22:4403:22Thursday,December22,202213、乍见见翻疑疑梦，，相悲悲各问问年。。。12月月-2212月月-2203:22:4403:22:44December22,202214、他乡乡生白白发，，旧国国见青青山。。。22十十二二月20223:22:44上上午03:22:4412月月-2215、比不了了得就不不比，得得不到的的就不要要。。。十二月223:22上午午12月-2203:22December22,202216、行动出成成果，工作作出财富。。。2022/12/223:22:4403:22:4422December202217、做前，能能够环视四四周；做时时，你只能能或者最好好沿着以脚脚为起点的的射线向前前。。3:22:44上上午3:22上上午03:22:4412月-229、没没有有失失败败，，只只有有暂暂时时停停止止成成功功！！。。12月月-2212月月-22Thursday,December22,202210、很多多事情情努力力了未未必有有结果果，但但是不不努力力却什什么改改变也也没有有。。。03:22:4503:22:4503:2212/22/20223:22:45AM11、成成功功就就是是日日复复一一日日那那一一点点点点小小小小努努力力的的积积累累。。。。12月月-2203:22:4503:22Dec-2222-Dec-2212、世世间间成成事事，，不不求求其其绝绝对对圆圆满满，，留留一一份份不不足足，，可可得得无无限限完完美美。。。。03:22:4503:22:4503:22Thursday,December22,202213、不知香香积寺，，数里入入云峰。。。12月-2212月-2203:22:4503:2