【正文】 Sinopec equity value (fiscal 2022) Base Case What is it worth if we improve? Note: Growth only improves value if CFROI improves to “positive spread” 如 何 在 一 體 企 業(yè) 中 實(shí) 施 財(cái) 務(wù) 分 析 系 統(tǒng) CEO/Board Business Units Operations How do I influence Share Price? What is the best way to allocate my capital? How do I improve execution? Determine where value is being created/destroyed Allocate capital like a portfolio manager Implement a consistent amp。 Management CompuVal Investments Crabbe Huson Group, Inc. Cramblit amp。 Associates Roberts, Glore amp。 Farrell Spero Smith Investment Advisers, Inc. Stafford Trading Standard Pacific Capital LLC Star Bank Starbuck, Tisdale amp。 G Group Marathon Asset Management Meiji Mutual Life Insurance Merrill Lynch Mercury Asset Management* Merrill Lynch Mercury Asset Mgmt. Japan Man Grenfell Asset Management* NPI National Australia Asset Management Newton Investment Management Norwich Investment Management, Ltd. Philips Pensioenfond Prudential Life Insurance Company, Ltd.* Prudential Portfolio Managers, Ltd. Putnam Companies, Inc. Robertson, Stephens amp。 Associates Washington Investment Advisors Weiss, Peck amp。 Company, Inc. Salomon Brothers Asset Management Sand Hill Advisors, Inc. Schneider Capital SCI Capital Management Scholtz amp。 Glossberg, Inc. Greenleaf Capital Management Gries Financial Corp. Guardian, The HGK Asset Management, Inc. Hotchkis amp。 project IRR Metrics implemented 按不同的事業(yè)部特性確定價(jià)值衡量指標(biāo) Link to KPIs % Gross Investment CFROI 10 20 30 40 50 60 70 80 90 100 5 0 5 10 20 Gas Exploration Chemicals Refining and Marketing Cost of Capital 15 各類(lèi)投資項(xiàng)目的審核從劃分事業(yè)部起始 Growth Projects CFROI Improvement Projects CFROI Improvement Projects: Asset management % of Gross Investment % Avg CFROI in Plan 10 20 30 40 50 60 70 80 90 100 5 0 5 10 15 20 25 30 35 Chemical 1 Exploration Gas 1 Chemical 2 Gas 2 Gas 3 Marketing Refining Cost of Capital Chemical 3 Chemical 4 而事業(yè)部進(jìn)一步按業(yè)務(wù)類(lèi)型細(xì)化 石油開(kāi)采事業(yè)部 市場(chǎng)零售 7 . 0 7 . 27 . 56 . 05 . 44 . 33 . 03 . 50 . 01 . 02 . 03 . 04 . 05 . 06 . 07 . 08 . 01993 1994 1995 1996 1997 1998 1999 2022C F R O I W A C C煉油 舉例：細(xì)分后的不同結(jié)果 2 . 21 . 1 0 . 8 3 . 4 1 . 6 1 . 40 . 2 0 . 1 4 . 0 2 . 00 . 02 . 04 . 06 . 08 . 093 94 95 96 97 98 99 0C F R O I W A C C1 0 . 21 3 . 5 1 3 . 11 2 . 81 1 . 9 1 2 . 11 2 . 5 1 2 . 30 . 02 . 04 . 06 . 08 . 01 0 . 01 2 . 01 4 . 01 6 . 093 94 95 96 97 98 99 0C F R O I W A C CLink to Strategy Cleaning Supplies Household Products Chemical Additives Fertilizers Specialty Plastics 產(chǎn)品 市場(chǎng) 零售 工業(yè) 商業(yè) 政府 直銷(xiāo) Major Market Minor Market No current market 舉例 (續(xù) )：按銷(xiāo)售渠道進(jìn)一步細(xì)化市場(chǎng)零售事業(yè)部 Link to Strategy 利潤(rùn)表 : 銷(xiāo)售 利潤(rùn) 管理費(fèi)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 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(xiāo)售成本 按負(fù)債 /權(quán)益 會(huì)計(jì)科目表 預(yù)計(jì)流程 而進(jìn)一步將資產(chǎn)分配到各市場(chǎng)單位可深入分析投資回報(bào)率 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(xiāo) 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(qiáng)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(diǎn)的強(qiáng)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 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 ? Focu