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Edit Comment Close Premium member Presentation Transcript Economic Value Added : Economic Value Added By !! MODERATORS !! Vikas Chhajed Ankur Loth Gaurav Lokhwani Shubhanshu Soni Prakash Khatik June 10, 2009 !! Moderators !! 1 Topics to be covered : June 10, 2009 !! Moderators !! 2 Topics to be covered Journey of Performance Measures EVA verses ROI How to calculate EVA ? What Does EVA Show? Project Topics Usage of EVA EVA Practices in Indian Corporate Sector Criticism What next after Computing EVA? Performance pays, but how do we measure the performance of a business entity? The first and foremost measure of performance that comes to one’s mind is profit- the accounting measure of performance. Someone has aptly said- profit is an opinion, not the fact. If this were not case , one would not have seen the debacle of big companies like Enron, World Com etc. All such companies managed their earnings well and have shown better performance in terms of PAT & EPS. : June 10, 2009 !! Moderators !! 3 Performance pays, but how do we measure the performance of a business entity? The first and foremost measure of performance that comes to one’s mind is profit- the accounting measure of performance. Someone has aptly said- profit is an opinion, not the fact. If this were not case , one would not have seen the debacle of big companies like Enron, World Com etc. All such companies managed their earnings well and have shown better performance in terms of PAT & EPS. Journey of Performance Measures : June 10, 2009 !! Moderators !! 4 Journey of Performance Measures 1920s : Dupont Model - ROI 1970s : Earning Per Share 1980s : Market to Book Value Ratios, Return on Equity,Return on Assets, Cash Flow,Quality Management. Cont.. Financial & Non-Financial Performance Measures1990s : Economic Value Added, Market value Added,CFROI, Total Shareholders Return, Balance Score Card, Customer Satisfaction2000s : EVA (Stern stewart) BSC (Robert S Kaplan &Norton) Intellectual Capital Index (Ross) Skandia Navigator (Edvinsson) Intellectual Asset Monitor (Karl-Eric Svebiey) : June 10, 2009 !! Moderators !! 5 Financial & Non-Financial Performance Measures1990s : Economic Value Added, Market value Added,CFROI, Total Shareholders Return, Balance Score Card, Customer Satisfaction2000s : EVA (Stern stewart) BSC (Robert S Kaplan &Norton) Intellectual Capital Index (Ross) Skandia Navigator (Edvinsson) Intellectual Asset Monitor (Karl-Eric Svebiey) Return On Investment (ROI)(From 1920 to 1970) : June 10, 2009 !! Moderators !! 6 Return On Investment (ROI)(From 1920 to 1970) The DuPont Powder company formed in 1903. To guide their investment decisions, the chief financial officer Donaldson Brown developed ROI in 1920. ROI = Operating profit / Sales* Sales /Capital Employed . OR Operating Profit/ Capital Employed. OR Profit Margin Ratio*Asset Turnover EVA vs. ROI1. Technical Shortcoming : June 10, 2009 !! Moderators !! 7 EVA vs. ROI1. Technical Shortcoming Santro Ke 10% ROI 15% Maruti Suzuki 10% 8% 2.The Danger of ROI Control : June 10, 2009 !! Moderators !! 8 2.The Danger of ROI Control At first glance, the operating performance seems excellent, with nice increase in ROI each quarter. The decomposition, however, reveals a sharp increase in profit margin that overcomes a drop in asset turnover. Upon investigating the reasons for the increase in profit margin and decrease in turnover, management learned that the division manager had greatly increased production in quarter 2 & 3, with excess production accumulating as finished goods inventory. The much higher rates of production enabled period cost to be absorbed into inventory, allowing for a higher return on sales % on the goods actually sold. The buildup of inventory relative to sales was signaled by the decrease in asset turnover ratio. Thus it is clear that how the division manager had attempted to manipulate his performance through ROI. : June 10, 2009 !! Moderators !! 9 At first glance, the operating performance seems excellent, with nice increase in ROI each quarter. The decomposition, however, reveals a sharp increase in profit margin that overcomes a drop in asset turnover. Upon investigating the reasons for the increase in profit margin and decrease in turnover, management learned that the division manager had greatly increased production in quarter 2 & 3, with excess production accumulating as finished goods inventory. The much higher rates of production enabled period cost to be absorbed into inventory, allowing for a higher return on sales % on the goods actually sold. The buildup of inventory relative to sales was signaled by the decrease in asset turnover ratio. Thus it is clear that how the division manager had attempted to manipulate his performance through ROI. EVA vs. Traditional Measures : June 10, 2009 !! Moderators !! 10 EVA vs. Traditional Measures Traditional measures ignore the definite requirement that the rate of return should be at least as high as the cost of capital. Conceptually EVA is superior to accounting profit as a measure of value creation because it recognizes the cost of capital and hence, the risk ness of a firms operations. Economic Value Added (Residual Income) : June 10, 2009 !! Moderators !! 11 Economic Value Added (Residual Income) The limitation and dysfunctional action associated with using a ratio to evaluate the performance of a manager or division have been known and discussed for decades. Business, such as general electric in the 1950s,and academics have shown how to overcome these limitations by using an alternative performance measure, originally called residual income. Slide 12: June 10, 2009 !! Moderators !! 12 But a revolution in thinking occurred starting in the late 1980s,when several consulting firms published studies that showed a high correlation between the change in companies’ residual incomes and change in stock market valuation. The move toward the RI measure received even greater publicity when it was renamed into a far more accessible and acceptable term-Economic Value Added- by the Stern Stewart consulting firm, a prime advocate for the EVA concept. Their ideas were published in the journal of Applied Corporate Finance and culminated in a cover story in september20,1993,issue of fortune magazine, entitled “EVA- the Real Key to Creating Wealth.” How to calculate EVA ? : June 10, 2009 !! Moderators !! 13 How to calculate EVA ? EVA= NOPAT – CAPITAL EMPLOYED * WACC (KO) NOPAT : June 10, 2009 !! Moderators !! 14 NOPAT Net Operating Profit after tax before exceptional items and interest i.e. NOPAT =(Profit after Tax + Non-Recurring Expenses + Revenue Expenditure on R&D + Interest Expenses + Provision for Taxes) – (Non Recurring Income + R&D Amortization + cash operating Taxes) Cash operating Taxes (Provision for Taxes + Tax benefit of non recurring expenses + Tax benefit of interest expenses - Tax on non-recurring Income) Capital Employed : June 10, 2009 !! Moderators !! 15 Capital Employed Net Fixed Assets + Investment +Current Assets – (NIBCLs + Miscellaneous Expenditure not written off + Intangible Assets + Cumulative Non-Recurring Losses + Capital Expenditure on R&D) – Revaluation reserve – Cumulative Non-Recurring Gains. Source: Business Today,April13,2003. WACC (Ko) : June 10, 2009 !! Moderators !! 16 WACC (Ko) WACC (Ko) = Ke (weight of equity Capital+ free reserve) +Kd (weight of long-term Debt) For calculating ‘Ke’ Capital Assets pricing Model (CAPM) is used Ke = Rf +Beta (R m + Rf ) Technical Adjustments to ROI & EVA : June 10, 2009 !! Moderators !! 17 Technical Adjustments to ROI & EVA A survey made by Dodd & Johns identified significant inconsistencies in the measurement of EVA. All of the 29 respondents to this survey are of stern stewart & co. clients. Although a consistent philosophy has been applied, none of the companies measure EVA the same way. Many adjustments have to be made in order to calculate EVA. Alone NOPAT requires as many as 120 to 164 adjustments to financial statements compiled in accordance with GAAP. According to Stern Stewart adjustment should be based on the following criteria: Materiality: Adjustment should make a material difference in EVA Manageability: Adjustment should impact future decision Definitiveness: Adjustment should be definitive & objectively determined Simplicity: adjustment should not be too complex Due to the measurement differences, EVA is a limited tool that cannot be used for competitive analysis. What Does EVA Show? : June 10, 2009 !! Moderators !! 18 What Does EVA Show? +Ve The Company has Managed to create Shareholder Value Zero This should be treated as the Shareholders have earned a return that compensates the risk -Ve The Company has destroyed the Shareholder Value. Usage of EVA : June 10, 2009 !! Moderators !! 19 Usage of EVA EVA Bonus to employee Extra remuneration to management Incentive dividend to preference shareholders Bonus shares to equity shareholders Setting organization goal Performance measurement Motivation of manager Corporate valuation Communication with shareholder & Investor EVA Practices in Indian Corporate Sector : June 10, 2009 !! Moderators !! 20 EVA Practices in Indian Corporate Sector In India companies like NIIT, Goderej group and TCS have implemented EVA as a performance measurement and evaluation system linked with incentives. EVA implementation helped Godrej group in segregating the entire business into several units to see which of them are creating EVA or not. As a result of this exercise, Goderej demerged the consumer products division and turned around low- EVA activities like chemicals. A number of companies like Infosys, Satyam, Dr. Reddy’s laboratories, Hindustan lever report EVA as an additional information in their annual reports. CRITICISM : June 10, 2009 !! Moderators !! 21 CRITICISM EVA is based on past accounting performance derived from financial statements. Accounting based measures like EVA may not be able to measure value creation. Overemphasis on EVA may leads to its manipulation On the basis of survey made by Chen and others, it is found that market may place higher reliance on audited accounting earnings than the unaudited EVA metric. Slide 22: June 10, 2009 !! Moderators !! 22 EVA can be biased against low return stat-up investments and can favour business with heavily depreciated assets as a result of the adjustments made to compute EVA. EVA approach can penalize companies that invest in assets with long term returns. EVA overemphasized the need to generate immediate results,therefore it creates a disincentive for the managers to invest in innovative product or process technologies. What next after Computing EVA? : June 10, 2009 !! Moderators !! 23 What next after Computing EVA? Like most ratios a single EVA value is meaningless.The easiest way to interpret it is to express it as % of capital employed. It can be compared with that of peers to see if it higher or lower. And a time series can be used to measure growth in EVA over a long period. Absolute EVA is not comparable across industries due to different level of capitalization. What next after …………EVA? : June 10, 2009 !! Moderators !! 24 What next after …………EVA? Balance score Card. Customer Perspective (How do customer see us?) Financial Perspective (How do we look to Shareholders? Internal Business Perspective (What must we excel at?) Innovation & Learning Perspective (Can we continue to improve & create Value? What next after …………EVA? : June 10, 2009 !! Moderators !! 25 What next after …………EVA? Market Value Added (MVA) = Market Value – Book Value Revised Economic Value Added (REVA) =NOPAT – Market value of firm* Ko Owners Value added = PAT before interest + Inflationary assets – Appreciation +Appreciation in value of brands & human resources) – ( actual cost of equity Capital & borrowing + Opportunity cost of Reserves) Cash Flow Return on Investment Project Topics : June 10, 2009 !! Moderators !! 26 Project Topics A Comparative Study of New & Old Performance Measurers of Banking Industry……. A Study of Inconsistency in Calculating EVA. (Gap B/W theory & Practice) An Analysis of Shareholder wealth creation in any industry (Through EVA) To examine the relationship between shareholder wealth (EVA) and certain financial variables To examine the comparative study of Traditional and EVA Measures To create a EVA prediction Model To rank the Sample units on the basis of EVA or MVA Project Topics : June 10, 2009 !! Moderators !! 27 Project Topics Analysis of Working Capital Management Practices In India. Trend of Cost of Capital In Indian Corporate Sector. A Study of Valuation and Accounting of Intellectual Capital practices in Indian Corporate Sector. Analysis of Financial Health of Indian Corporate Sector. Impact of merger and Acquisition on wealth of shareholders All The Best : All The Best June 10, 2009 !! Moderators !! 28 You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.
Economic value added aSGuest20287 Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINT lite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: Embed: Flash iPad Copy Does not support media & animations WordPress Embed Customize Embed URL: Copy Thumbnail: Copy The presentation is successfully added In Your Favorites. Views: 5680 Category: Education License: All Rights Reserved Like it (2) Dislike it (0) Added: June 10, 2009 This Presentation is Public Favorites: 0 Presentation Description No description available. Comments Posting comment... By: rahulreshu (18 month(s) ago) well explenatory............... Saving..... Post Reply Close Saving..... Edit Comment Close By: pbssasaak_dec9 (23 month(s) ago) hello friends your presentation is very nice da you are form which colleges da Saving..... Post Reply Close Saving..... Edit Comment Close Premium member Presentation Transcript Economic Value Added : Economic Value Added By !! MODERATORS !! Vikas Chhajed Ankur Loth Gaurav Lokhwani Shubhanshu Soni Prakash Khatik June 10, 2009 !! Moderators !! 1 Topics to be covered : June 10, 2009 !! Moderators !! 2 Topics to be covered Journey of Performance Measures EVA verses ROI How to calculate EVA ? What Does EVA Show? Project Topics Usage of EVA EVA Practices in Indian Corporate Sector Criticism What next after Computing EVA? Performance pays, but how do we measure the performance of a business entity? The first and foremost measure of performance that comes to one’s mind is profit- the accounting measure of performance. Someone has aptly said- profit is an opinion, not the fact. If this were not case , one would not have seen the debacle of big companies like Enron, World Com etc. All such companies managed their earnings well and have shown better performance in terms of PAT & EPS. : June 10, 2009 !! Moderators !! 3 Performance pays, but how do we measure the performance of a business entity? The first and foremost measure of performance that comes to one’s mind is profit- the accounting measure of performance. Someone has aptly said- profit is an opinion, not the fact. If this were not case , one would not have seen the debacle of big companies like Enron, World Com etc. All such companies managed their earnings well and have shown better performance in terms of PAT & EPS. Journey of Performance Measures : June 10, 2009 !! Moderators !! 4 Journey of Performance Measures 1920s : Dupont Model - ROI 1970s : Earning Per Share 1980s : Market to Book Value Ratios, Return on Equity,Return on Assets, Cash Flow,Quality Management. Cont.. Financial & Non-Financial Performance Measures1990s : Economic Value Added, Market value Added,CFROI, Total Shareholders Return, Balance Score Card, Customer Satisfaction2000s : EVA (Stern stewart) BSC (Robert S Kaplan &Norton) Intellectual Capital Index (Ross) Skandia Navigator (Edvinsson) Intellectual Asset Monitor (Karl-Eric Svebiey) : June 10, 2009 !! Moderators !! 5 Financial & Non-Financial Performance Measures1990s : Economic Value Added, Market value Added,CFROI, Total Shareholders Return, Balance Score Card, Customer Satisfaction2000s : EVA (Stern stewart) BSC (Robert S Kaplan &Norton) Intellectual Capital Index (Ross) Skandia Navigator (Edvinsson) Intellectual Asset Monitor (Karl-Eric Svebiey) Return On Investment (ROI)(From 1920 to 1970) : June 10, 2009 !! Moderators !! 6 Return On Investment (ROI)(From 1920 to 1970) The DuPont Powder company formed in 1903. To guide their investment decisions, the chief financial officer Donaldson Brown developed ROI in 1920. ROI = Operating profit / Sales* Sales /Capital Employed . OR Operating Profit/ Capital Employed. OR Profit Margin Ratio*Asset Turnover EVA vs. ROI1. Technical Shortcoming : June 10, 2009 !! Moderators !! 7 EVA vs. ROI1. Technical Shortcoming Santro Ke 10% ROI 15% Maruti Suzuki 10% 8% 2.The Danger of ROI Control : June 10, 2009 !! Moderators !! 8 2.The Danger of ROI Control At first glance, the operating performance seems excellent, with nice increase in ROI each quarter. The decomposition, however, reveals a sharp increase in profit margin that overcomes a drop in asset turnover. Upon investigating the reasons for the increase in profit margin and decrease in turnover, management learned that the division manager had greatly increased production in quarter 2 & 3, with excess production accumulating as finished goods inventory. The much higher rates of production enabled period cost to be absorbed into inventory, allowing for a higher return on sales % on the goods actually sold. The buildup of inventory relative to sales was signaled by the decrease in asset turnover ratio. Thus it is clear that how the division manager had attempted to manipulate his performance through ROI. : June 10, 2009 !! Moderators !! 9 At first glance, the operating performance seems excellent, with nice increase in ROI each quarter. The decomposition, however, reveals a sharp increase in profit margin that overcomes a drop in asset turnover. Upon investigating the reasons for the increase in profit margin and decrease in turnover, management learned that the division manager had greatly increased production in quarter 2 & 3, with excess production accumulating as finished goods inventory. The much higher rates of production enabled period cost to be absorbed into inventory, allowing for a higher return on sales % on the goods actually sold. The buildup of inventory relative to sales was signaled by the decrease in asset turnover ratio. Thus it is clear that how the division manager had attempted to manipulate his performance through ROI. EVA vs. Traditional Measures : June 10, 2009 !! Moderators !! 10 EVA vs. Traditional Measures Traditional measures ignore the definite requirement that the rate of return should be at least as high as the cost of capital. Conceptually EVA is superior to accounting profit as a measure of value creation because it recognizes the cost of capital and hence, the risk ness of a firms operations. Economic Value Added (Residual Income) : June 10, 2009 !! Moderators !! 11 Economic Value Added (Residual Income) The limitation and dysfunctional action associated with using a ratio to evaluate the performance of a manager or division have been known and discussed for decades. Business, such as general electric in the 1950s,and academics have shown how to overcome these limitations by using an alternative performance measure, originally called residual income. Slide 12: June 10, 2009 !! Moderators !! 12 But a revolution in thinking occurred starting in the late 1980s,when several consulting firms published studies that showed a high correlation between the change in companies’ residual incomes and change in stock market valuation. The move toward the RI measure received even greater publicity when it was renamed into a far more accessible and acceptable term-Economic Value Added- by the Stern Stewart consulting firm, a prime advocate for the EVA concept. Their ideas were published in the journal of Applied Corporate Finance and culminated in a cover story in september20,1993,issue of fortune magazine, entitled “EVA- the Real Key to Creating Wealth.” How to calculate EVA ? : June 10, 2009 !! Moderators !! 13 How to calculate EVA ? EVA= NOPAT – CAPITAL EMPLOYED * WACC (KO) NOPAT : June 10, 2009 !! Moderators !! 14 NOPAT Net Operating Profit after tax before exceptional items and interest i.e. NOPAT =(Profit after Tax + Non-Recurring Expenses + Revenue Expenditure on R&D + Interest Expenses + Provision for Taxes) – (Non Recurring Income + R&D Amortization + cash operating Taxes) Cash operating Taxes (Provision for Taxes + Tax benefit of non recurring expenses + Tax benefit of interest expenses - Tax on non-recurring Income) Capital Employed : June 10, 2009 !! Moderators !! 15 Capital Employed Net Fixed Assets + Investment +Current Assets – (NIBCLs + Miscellaneous Expenditure not written off + Intangible Assets + Cumulative Non-Recurring Losses + Capital Expenditure on R&D) – Revaluation reserve – Cumulative Non-Recurring Gains. Source: Business Today,April13,2003. WACC (Ko) : June 10, 2009 !! Moderators !! 16 WACC (Ko) WACC (Ko) = Ke (weight of equity Capital+ free reserve) +Kd (weight of long-term Debt) For calculating ‘Ke’ Capital Assets pricing Model (CAPM) is used Ke = Rf +Beta (R m + Rf ) Technical Adjustments to ROI & EVA : June 10, 2009 !! Moderators !! 17 Technical Adjustments to ROI & EVA A survey made by Dodd & Johns identified significant inconsistencies in the measurement of EVA. All of the 29 respondents to this survey are of stern stewart & co. clients. Although a consistent philosophy has been applied, none of the companies measure EVA the same way. Many adjustments have to be made in order to calculate EVA. Alone NOPAT requires as many as 120 to 164 adjustments to financial statements compiled in accordance with GAAP. According to Stern Stewart adjustment should be based on the following criteria: Materiality: Adjustment should make a material difference in EVA Manageability: Adjustment should impact future decision Definitiveness: Adjustment should be definitive & objectively determined Simplicity: adjustment should not be too complex Due to the measurement differences, EVA is a limited tool that cannot be used for competitive analysis. What Does EVA Show? : June 10, 2009 !! Moderators !! 18 What Does EVA Show? +Ve The Company has Managed to create Shareholder Value Zero This should be treated as the Shareholders have earned a return that compensates the risk -Ve The Company has destroyed the Shareholder Value. Usage of EVA : June 10, 2009 !! Moderators !! 19 Usage of EVA EVA Bonus to employee Extra remuneration to management Incentive dividend to preference shareholders Bonus shares to equity shareholders Setting organization goal Performance measurement Motivation of manager Corporate valuation Communication with shareholder & Investor EVA Practices in Indian Corporate Sector : June 10, 2009 !! Moderators !! 20 EVA Practices in Indian Corporate Sector In India companies like NIIT, Goderej group and TCS have implemented EVA as a performance measurement and evaluation system linked with incentives. EVA implementation helped Godrej group in segregating the entire business into several units to see which of them are creating EVA or not. As a result of this exercise, Goderej demerged the consumer products division and turned around low- EVA activities like chemicals. A number of companies like Infosys, Satyam, Dr. Reddy’s laboratories, Hindustan lever report EVA as an additional information in their annual reports. CRITICISM : June 10, 2009 !! Moderators !! 21 CRITICISM EVA is based on past accounting performance derived from financial statements. Accounting based measures like EVA may not be able to measure value creation. Overemphasis on EVA may leads to its manipulation On the basis of survey made by Chen and others, it is found that market may place higher reliance on audited accounting earnings than the unaudited EVA metric. Slide 22: June 10, 2009 !! Moderators !! 22 EVA can be biased against low return stat-up investments and can favour business with heavily depreciated assets as a result of the adjustments made to compute EVA. EVA approach can penalize companies that invest in assets with long term returns. EVA overemphasized the need to generate immediate results,therefore it creates a disincentive for the managers to invest in innovative product or process technologies. What next after Computing EVA? : June 10, 2009 !! Moderators !! 23 What next after Computing EVA? Like most ratios a single EVA value is meaningless.The easiest way to interpret it is to express it as % of capital employed. It can be compared with that of peers to see if it higher or lower. And a time series can be used to measure growth in EVA over a long period. Absolute EVA is not comparable across industries due to different level of capitalization. What next after …………EVA? : June 10, 2009 !! Moderators !! 24 What next after …………EVA? Balance score Card. Customer Perspective (How do customer see us?) Financial Perspective (How do we look to Shareholders? Internal Business Perspective (What must we excel at?) Innovation & Learning Perspective (Can we continue to improve & create Value? What next after …………EVA? : June 10, 2009 !! Moderators !! 25 What next after …………EVA? Market Value Added (MVA) = Market Value – Book Value Revised Economic Value Added (REVA) =NOPAT – Market value of firm* Ko Owners Value added = PAT before interest + Inflationary assets – Appreciation +Appreciation in value of brands & human resources) – ( actual cost of equity Capital & borrowing + Opportunity cost of Reserves) Cash Flow Return on Investment Project Topics : June 10, 2009 !! Moderators !! 26 Project Topics A Comparative Study of New & Old Performance Measurers of Banking Industry……. A Study of Inconsistency in Calculating EVA. (Gap B/W theory & Practice) An Analysis of Shareholder wealth creation in any industry (Through EVA) To examine the relationship between shareholder wealth (EVA) and certain financial variables To examine the comparative study of Traditional and EVA Measures To create a EVA prediction Model To rank the Sample units on the basis of EVA or MVA Project Topics : June 10, 2009 !! Moderators !! 27 Project Topics Analysis of Working Capital Management Practices In India. Trend of Cost of Capital In Indian Corporate Sector. A Study of Valuation and Accounting of Intellectual Capital practices in Indian Corporate Sector. Analysis of Financial Health of Indian Corporate Sector. Impact of merger and Acquisition on wealth of shareholders All The Best : All The Best June 10, 2009 !! Moderators !! 28