【正文】 t Link to Strategy 利潤表 : 銷售 利潤 管理費用 利息 折舊 稅務(wù) 資產(chǎn)負(fù)債表 : 應(yīng)收帳款 存貨 固定資產(chǎn) 應(yīng)付帳款 負(fù)債 而進(jìn)一步將資產(chǎn)分配到各市場單位可深入分析投資回報率 可獲取 可獲取 按人力分配 按負(fù)債額分配 預(yù)定年限 Division rate 按產(chǎn)品 可獲取 特殊區(qū)分 按銷售成本 按負(fù)債 /權(quán)益 會計科目表 預(yù)計流程 Link to Strategy 10 20 30 40 50 60 70 80 90 100 10 5 0 5 10 15 20 25 30 商業(yè) 直銷 零售 工業(yè) 政府 CFROI % % Gross Investment WACC Consolidated CFROI 渠道獲利率分析揭示了渠道的強弱 Link to Strategy Sample Stores CFROI Site Keep ? Keep Fix Close Strong Weak Weak Strong Stores were grouped for next steps Cost of Capital % Cons. CFROI % 5 0 5 10 15 20 25 30 Management 而零售渠道的進(jìn)一步細(xì)分可揭示各零售點的強弱 Link to Strategy Price/ Order Order Size 0 1 2 3 4 5 6 0 10 20 30 40 50 60 70 80 90 100 Problem orders 而工業(yè)渠道注重于挖掘擴(kuò)展能使之盈利的顧客 Link to Strategy Commercial Direct Sales Retail Industrial Government 分析的結(jié)果引起顯著的戰(zhàn)略變化 Customer Group ? Good business, but limited growth ? Generally ignored, profitable but unexciting ? Well managed ? Value mature ? Thought to be profitable ? Good relationships with customers ? Problem area ? Necessary evil Prior View ? 10% increase in growth doubles value ? “Hidden jewel” readdressed marketing strategy ? Results below peers in region ? Throughput identified as key value driver ? Site acquisition model redone ? Asset intensity the key ? Focus on raising CFROI ? Significant problem area Post VBM View ? Maintain ? Aggressive growth plans ? Site improvement program ? New store format ? Evaluate accounts individually ? Focus on valuable customers ? Focus on improving CFROI ? Expand into other products ? Possible exit Next Steps Link to Strategy Corporate Office Internal “Capital Market” BU 1 BU 2 BU 3 Project Life Outlay Project Life Outlay Cash Flow Cash Flow Project Project Internal View Investors External “Capital Market” Stock 1 Stock 2 Stock 3 External View Accounting Data Share Price Ine Statement Balance Sheet EPS, ROE, ROCE CFROI Growth WACC Fade CFROI Cash Flow Gross Assets Asset Life CFROI 既用于外部投資，也由于內(nèi)部管理 CFROI ? Revenue ? Costs ? Operating Profit ? Tax Profit and Loss Statement ? Working capital ? Fixed Assets ? Liabilities ? Debt ? Equity Balance Sheet CFROI 汲取了利潤表和資產(chǎn)負(fù)債表中的各類數(shù)據(jù) (1) CFROI 汲取了利潤表和資產(chǎn)負(fù)債表中的各類數(shù)據(jù) (2) ? Revenue ? Costs ? Operating Profit ? Tax Profit and Loss Statement Operating Margin Gross Margin Expense Margin Selling costs Admin costs Overhead costs Other costs Raw Material costs Refining Costs Overhead costs 計劃驅(qū)動預(yù)算 % % % Actual Budget Key % % CFROI Operating Margin Asset Turnover % % Gross Margin % % Expense Margin % % Raw Material Refining Costs % % Selling Costs Admin Costs .87 .90 Fixed Assets Working Capital Receivables Inventory 75% 80% Utilisation Rate 10% 12% Maintenance % % % % % 驅(qū)動預(yù)算三個主要方面 ? Provides a financial profile of the business for munication and analysis – Nonfinancial managers brought into value equation – Summary measures broken down into parts for greater focus ? Graphically displays a parison of performance standards – Actual versus budget – Current versus historic – Sinopec performance versus “best practice” ? Relationships can be used for “what if?” analysis: 10% Improvement in: Results in CFROI Change of: Revenue % Cost of Goods Sold % Operating Costs % Overhead Costs % AFA Financial Investment Aeltus Investment Mgmt., Inc. Alex Brown Capital Allied Investment Advisors Alliance Capital Mgmt. Corp. American Century American Century Investment Atlantic Capital Mgmt. Atlas Capital, . Arden Group, Inc., The Auchincloss Lawrence, Inc. BP America, Inc. BTR Capital Management, Inc. Bahl Gaynor Investment Counsel Bank of America Bay Isle Financial Boys, Arnold Company Cambiar Investment Inc. Canyon Partners Inc. Capital Research Co. Capital Technology CastleRock Partners Chase Investment Counsel Corp. Citibank Clifford Associates Columbia Management Co. Composite Research Management CompuVal Investments Crabbe Huson Group, Inc. Cramblit Carney, Inc. Creekside Investment Management Crestwood Asset Management Davis Selected Advisors, . Davis Skaggs Investment Mgmt. Dean Witter Intercapital Inc. Delaware Investment Advisors, Inc. Eagle Global Advisors Eaton Corporation Edward Jones Co. Enright Financial