【正文】 y 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 ? Focus on improving CFROI ? Expand into other products ? Possible exit Next Steps 分析的結(jié)果引起顯著的戰(zhàn)略變化 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(rùn)表和資產(chǎn)負(fù)債表中的各類數(shù)據(jù) (1) CFROI 汲取了利潤(rùn)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(jì)劃驅(qū)動(dòng)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(dòng)預(yù)算三個(gè)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 amp。 Company, Inc. Salomon Brothers Asset Management Sand Hill Advisors, Inc. Schneider Capital SCI Capital Management Scholtz 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 Roberts, Glore amp。 LT, minority interest % $49,701 m % 10% $ mil $Fade Rate Discount Rate % CFROI Sinopec, Fiscal 2022 estimate 的股價(jià)是由 CFROI和增長(zhǎng)決定的 Real Asset Growth Rate (%) CFROI (%) 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。石油化工股份有限公司 財(cái)務(wù)成本分析項(xiàng)目方案 (草案 ) 備注 : 本文檔所包含的內(nèi)容屬于德勤咨詢的商業(yè)機(jī)密，其知識(shí)產(chǎn)權(quán)也歸德勤咨詢所有，任何個(gè)人與實(shí)體在未經(jīng)德勤咨詢?cè)S可的情況下不得復(fù)制與分發(fā)。 planning process linked to KPI’s and p.