【正文】 est Expense+ Minority Interest+ Gross Cash FlowNet Working Capital+Land+Investments= Non Depreciating Assets+ Net Fixed Assets+ Accum. Depr.*+ Inflation Adjustment*Gross Investment資產(chǎn)年限 = 20營運資本+ 土地Sinopec1999 ($ millions)Source: DC Analysis, Company financial statementsCFROI = IRR = %48,1404,0796,068*DC Estimates?Peers??Cost of Capital??Plan CFROI?IRR： 內(nèi)部收益率592707396,66622,89710,5999,53949,7011926*2322*814*110*5172*Net Ine+ Depreciation+ Interest Expense+ Minority Interest+ Gross Cash FlowNet Working Capital+Land+Investments= Non Depreciating Assets+ Net Fixed Assets+ Accum. Depr.*+ Inflation Adjustment*Gross Investment資產(chǎn)年限 = 20營運資本+ 土地Sinopec2023 ($ millions)Source: DC Analysis, Company financial statementsCFROI = IRR = %49,7015,1726,666*DC Estimates?Peers??Cost of Capital??Plan CFROI?CFROI計算結(jié)果計算結(jié)果 (2023年年 )IRR： 內(nèi)部收益率PositiveSpreadBusinessNeutralSpreadBusiness NegativeSpreadBusinessDiscount Rate: WACC? Increase CFROI? Hold CFROIGrow Assets? Erode CFROIGrow Faster? Increase CFROI? Then Grow? Increase CFROI? Reduce Reinvestment? Divest or LiquidateCFROI%Strategies for Value Creation任何業(yè)務(wù)都可創(chuàng)造價值任何業(yè)務(wù)都可創(chuàng)造價值 – 但需要按不同的情況設(shè)但需要按不同的情況設(shè)定戰(zhàn)略定戰(zhàn)略Note: this applies to business units as well as corporations overall市場是如何設(shè)定股價的市場是如何設(shè)定股價的 ?CFROIAsset SizeFadeNet Cash Flows1 + Discount RateShare PriceAsset Growth=Investors評估使用表現(xiàn)指標和貼現(xiàn)現(xiàn)金流量評估使用表現(xiàn)指標和貼現(xiàn)現(xiàn)金流量GrossInvestmentSustainableGrowthPV Cash Flow Existing AssetsPV Cash Flow Future InvestmentTotal Economic Value Market Value of Debt1)Equity Value3423610263321012687205231) ST LT, minority interest%$49,701 m%10%$ mil$Fade RateDiscountRate%CFROISinopec, Fiscal 2023 estimate的股價是由的股價是由 CFROI和增長決定的和增長決定的Real AssetGrowth Rate(%)CFROI (%)Sinopec equity value (fiscal 2023)Base CaseWhat is it worth if we improve?Note: Growth only improves value if CFROI improves to “positive spread”如如 何何 在在 一一 體體 企企 業(yè)業(yè) 中中 實實 施施 財財 務(wù)務(wù) 分分 析析 系系 統(tǒng)統(tǒng)CEO/BoardBusiness UnitsOperationsHow do I influenceShare Price?What is the best wayto allocate my capital?How do I improveexecution?Determine where value is being created/destroyedAllocate capital like a portfolio managerImplement a consistent planning process linked to KPI’s and p.Communicate to the market in a language they respond toFund ManagersShareholdersHow do I maximizeshareholder returns?Realize maximum valuefor shareholders TSR股價和運營的聯(lián)接股價和運營的聯(lián)接 Link to KPIs各種價值指標的波動直接影響股價各種價值指標的波動直接影響股價ValueSinopecCFROI%Asset Life20 yearsAsset TurnsGross PlantAsset Turns Cash FlowAsset Growth%Fade Rate10%/yearSize DifferentialLeverage Differential+.57Gross Cash FlowAdjustedGross Assets48,002NonDep.Assets6,666Operating Margin% Sales Growth??%COGS as a %of Sales%SGA as a %of Sales%Inventory TurnsA/R TurnsCFROI VariabilityHighPloughbackLow to AverageCountry Discount Rate%1+ WACC=Unit VolumePrice RealisationLink to KPIsValue Drivers provide the direction and KPIs provide the feedback. A multitier system of measures is optimal, with the most accurate (and usually plicated) used by the finance department. From there on, simplification and controllability of KPIs is critical as they are driven broadly and deeply throughout the anisationRevenue GrowthOperating Margins/ExpensesWorking CapitalAsset ProductivityStimulate Sales? Economic Devel Activities? Expand service territoryManage Cost? Fuel usage? Wage RatesManage Cash? Billing/Collection Cycle? Fuel and Stock InvestmentReturn on Capital? Asset Availability? Asset UtilisationCash FlowInvestment財務(wù)回報價值驅(qū)動 KPIs% Rev New Products% Rev New MarketsAverage heat rate% Cost ReductionInventory TurnsReceivable Turns Equivalent AvailabilityCapacity Factor方向 反饋戰(zhàn)略我 們該觀 注什么 ? 我 們 如何去做 ? 如何知道我 們 做得 對 ?KPI被用于監(jiān)督運作，反饋于目標設(shè)立被用于監(jiān)督運作，反饋于目標設(shè)立什么是目 標 ?Link to KPIsXXXPECChemicals Marketing Refining UpstreamStrategy focused on petitive position and new productsCost control, capacity utilization, new product development and product line managementStrategy focused on petitive positionPricing, regional shifts and format economics are key driversMany small betsValue driven by customer strategy, store economics and growthStrategy focused on flexibility versus efficiencyLocked into LP Mindset?Find “out of box” optionsCost control and throughput are key shortterm value driversStrategy focused on investment optionsField versus new geography investment and exploration costs versus success rate are