งานนำเสนอกำลังจะดาวน์โหลด โปรดรอ

งานนำเสนอกำลังจะดาวน์โหลด โปรดรอ

1 1 ผลการดำเนินงานของ ปตท. ปี 2545 7-8 กรกฎาคม 2546 Economic Value Added แนวทางแห่งความสำเร็จในการบริหารองค์กร 9 พฤษภาคม 2549.

งานนำเสนอที่คล้ายกัน


งานนำเสนอเรื่อง: "1 1 ผลการดำเนินงานของ ปตท. ปี 2545 7-8 กรกฎาคม 2546 Economic Value Added แนวทางแห่งความสำเร็จในการบริหารองค์กร 9 พฤษภาคม 2549."— ใบสำเนางานนำเสนอ:

1 1 1 ผลการดำเนินงานของ ปตท. ปี กรกฎาคม 2546 Economic Value Added แนวทางแห่งความสำเร็จในการบริหารองค์กร 9 พฤษภาคม 2549

2 Performance Management Division 2 •EVA Overview •What is EVA ? •Why EVA ? •EVA Improvement •EVA Value Tree & Key Value Drivers •EVA-based Management Platform •PTT Introduction •PTT Practice •EVA Key Success Factors & Benefit Agenda

3 Performance Management Division 3 •EVA Overview •What is EVA ? •Why EVA ? •EVA Improvement •EVA Value Tree & Key Value Drivers •EVA-based Management Platform •PTT Introduction •PTT Practice •EVA Key Success Factors & Benefit Agenda

4 Performance Management Division 4 EVA is widely endorsed by leading independent experts… “We need data on total factor productivity…That explains the growing popularity of EVA Analysis.” “By measuring the value added over all costs, including the cost of capital, EVA measures, in effect, the productivity of all factors of production…it shows what we need to find out and that we need to take action. EVA should also be used to find out what works. It does show which products, services, operations or activities have unusually high productivity and add unusually high value. Then we should ask ourselves, “What can we learn from these successes?” Peter F. Drucker Management Challenges for the 21st Century, page 117, 1999 “We need data on total factor productivity…That explains the growing popularity of EVA Analysis.” “By measuring the value added over all costs, including the cost of capital, EVA measures, in effect, the productivity of all factors of production…it shows what we need to find out and that we need to take action. EVA should also be used to find out what works. It does show which products, services, operations or activities have unusually high productivity and add unusually high value. Then we should ask ourselves, “What can we learn from these successes?” Peter F. Drucker Management Challenges for the 21st Century, page 117, 1999 “Creating EVA is the ideal outcome of a successful strategy, and that’s what we are trying to do.” Robert S Kaplan Author of Balanced Scorecard “Creating EVA is the ideal outcome of a successful strategy, and that’s what we are trying to do.” Robert S Kaplan Author of Balanced Scorecard “The major reason for the conflict of interest between the agent and a principal, between the managers and the shareholders, is that the managers are playing poker with somebody else’s money.” Michael Jensen Professor of Finance, Harvard Business School “The major reason for the conflict of interest between the agent and a principal, between the managers and the shareholders, is that the managers are playing poker with somebody else’s money.” Michael Jensen Professor of Finance, Harvard Business School “You have to account for the cost of capital or you’re nowhere. The people at Stern Stewart are very talented at applying M&M to real world situations.” Merton Miller Noble Prize winning Financial Economist “You have to account for the cost of capital or you’re nowhere. The people at Stern Stewart are very talented at applying M&M to real world situations.” Merton Miller Noble Prize winning Financial Economist Copyright © 2004 by Stern Stewart & Co. All rights reserved

5 Performance Management Division 5 “EVA ® …more accurately reflects economic reality (as opposed to accounting reality) when compared with many traditional valuation measures, such as earnings-per-share, return on equity and free cash flow.” Goldman Sachs & Co. EVA ® Primer “The EVA ® methodology explicitly addresses business and financial risk and allows the investor to gauge the magnitude and sustainability of returns. Of all financial measures, it best explains the creation of shareholder value.” Credit Suisse First Boston EVA ® Primer “EVA ® … not only focuses management on creating value for shareholders, but helps investors and managers measure, observe and understand the underlying value drivers or destroyers of a business.” Salomon Smith Barney EVA ® Primer EVA AND EVA GOVERNANCE Copyright © 2004 by Stern Stewart & Co. All rights reserved EVA is globally recognized by investment community to be one of the best performance measures for managing for shareholder value

6 Performance Management Division 6 The California Public Employees’ Retirement System seeks to improve shareholder value by identifying the worst performers among the 1,626 U.S. companies in its $128 billion stock portfolio. Its target list has long reflected companies’ relative rates of shareholder returns and weaknesses in corporate governance practices. The Wall Street Journal, Feb. 24, 1998 Institutional Investors use EVA for making their investment decisions EVA AND EVA GOVERNANCE Copyright © 2004 by Stern Stewart & Co. All rights reserved

7 Performance Management Division 7 •EVA Overview •What is EVA ? •Why EVA ? •EVA Improvement •EVA Value Tree & Key Value Drivers •EVA-based Management Platform •PTT Introduction •PTT Practice •EVA Key Success Factors & Benefit Agenda

8 Performance Management Division 8 ความหมายของ EVA EVA เป็น เครื่องมือในการบริหารจัดการองค์กร ให้มีผลการดำเนินงานที่เป็นตัวเงินเป็นไปตามเป้าหมายใน รอบระยะเวลาบัญชีนั้น ๆ ซึ่งแสดงถึงประสิทธิภาพและ ประสิทธิผลในการสร้างผลกำไร เมื่อเปรียบเทียบ กับต้นทุน ทางการเงินที่จัดหามาลงทุน” (Capital Charge)

9 Performance Management Division 9 EVA= NOPAT – (WACC x Invested Capital) Capital Charge = (WACC x Invested Capital) EVA = NOPAT – Capital Charge EVA =(ROIC – WACC) x Invested Capital Spread = (ROIC – WACC) EVA= Spread x Invested Capital ROIC = NOPAT / Invested Capital สูตรการคำนวณค่า EVA NOPAT = Net Operating Profit After Tax ROIC = Return on Invested Capital Invested Capital = Working Capital + Non Current Assets Working Capital = Current Assets Exclude Excess Cash - Non Interest Bearing Current Liabilities

10 Performance Management Division 10 การวิเคราะห์ผลลัพธ์ของค่า EVA EVAมีค่า = 0 แสดงว่าการบริหารงานก่อให้เกิดผลกำไร ครอบคลุมต้นทุนของเงินลงทุนพอดี EVAมีค่า > 0 แสดงว่าการบริหารงานมีประสิทธิภาพสามารถ สร้างผลกำไรได้มากกว่าต้นทุนของเงินลงทุน EVAมีค่า < 0 แสดงว่าการบริหารงานไม่บรรลุเป้าหมาย ผลกำไรที่ได้ไม่คุ้มกับต้นทุนของเงินลงทุน

11 Performance Management Division 11 EVA: A Measure of Economic Profit Copyright © 2004 by Stern Stewart & Co. All rights reserved Sales Revenue2,000 -Operating Expenses1,600 30%120 =NOPAT280 SALES REVENUE OPERATING EXPENSES NET OPERATING PROFIT AFTER TAX (NOPAT) 2,000 1, Illustrative Bars in graph are not to scale Trading profits, as if all- equity financed, after paying cash taxes A "rental charge" for using all the assets of the business Note: *Capital charge includes total cost of operating asset funding from both debt and equity. Interest expense is part of capital charge. = CAPITAL CHARGE EVA Invested Capital2500 Cost of Capitalx 10% -Capital Charge250 =EVA30 TAX 120

12 Performance Management Division 12 EVA : measures economic profit it is a single period measure of performance…... and managing for EVA ensures the clear focus on wealth creation Copyright © 2004 by Stern Stewart & Co. All rights reserved Net Operating Profit After Tax (NOPAT) EVA Residual income after all operating and capital costs Cost of Debt Capital + Cost of Equity Capital Capital Charge

13 Performance Management Division 13 EVA Calculation Income Statement Sales Revenue 40,000 Cost of Goods Sold 25,000 Gross Margin 15,000 Selling & Admin 4,000 D & A 3,000 Operating Profit 8,000 Other Operating Income + 1,000 EBIT 9,000 Interest 3,000 EBT 6,000 Income Tax (30%) 1,800 Net Profit (EAT) 4,200 NOPAT=EBIT (1-t) 6,300 Balance Sheet Assets Current Assets: CA Cash 1,000 AR 2,500 Inventories 3,000 Other CA 500 Total CA (A) 7,000 Non Current Assets:NCA LT Investment 10,000 Net PP&E 40,000 Other Assets 200 Total NCA(D) 50,200 Total Assets 57,200 EVA = NOPAT – ( WACC x Invested Capital ) EVA = 6,300 – ( 10% x 55,900 ) = 710 Liabilities&Shareholders”Equity Current Liabilities: CL ST Loan (B) 900 AP 1,000 Accrue Expense 200 Other CL 100 Total CL(C) 2,200 Non Current Liabilities:NCL LT Loan 9,000 Total Liabilities 11,200 Shareholders”Equity: SE Share Capital 30,000 Premium on Share Capital 15,000 Retain Earnings 1,000 Total SE 46,000 Liabilities&Shareholders”Equity 57,200 Working Capital [A- (C- B)] = 5,700 Invested Capital [A- (C- B)] + D = 55,900

14 Performance Management Division 14 EVA Value Tree EVA NOPLAT WACC Invested Capital - x Capital Charge Income Tax EBIT Operating Profit Other Operational Income Deferred Charge Depreciation & Amortization Selling & Admin Exp. Gross Profit COCS Sales รายได้อื่น ๆ ที่ เกี่ยวเนื่องกับการ ดำเนินธุรกิจโดยปกติ ไม่รวมดอกเบี้ยรับ จากธนาคาร ไม่รวม ค่าใช้จ่ายจาก การด้อยค่า สินทรัพย์

15 Performance Management Division 15 EVA Value Tree : Oil Business A/R EVA NOPLAT WACC Invested Capital Fixed Capital Worki ng Capit al Net Plant Property and Equipment Other Asset Service Station Depots Building - x + Capital Charge Invent ory Material & Supply CAEE C NIBCL A/P Accrued Expenses Cash CAEEC= Current Assets Exclude Excess Cash NIBCL = Non Interest Bearing Current Liability AR= Account Receivable AP= Account Payable

16 Performance Management Division 16 EVA Value Tree : Business  = Sensitivity of Stock RF = Risk free rate RP = Risk premium RM= Return of market EVA NOPLAT WACC Invested Capital Cost of Debt After Tax Cost of Equit y Propor tion of Debt 1-Tax Rate Propor tion of Equity Total Equity Total Capit al RF RP  RF Tot al Deb t Total Capit al Cost of Debt (Interest Rate) Cost of Equit y - x + x x - / x x / + RM Capital Charge

17 Performance Management Division 17 •EVA Overview •What is EVA ? •Why EVA ? •EVA Improvement •EVA Value Tree & Key Value Drivers •EVA-based Management Platform •PTT Introduction •PTT Practice •EVA Key Success Factors & Benefit Agenda

18 Performance Management Division 18 Enron Aimed at the Wrong Target, and Got What It Paid For -- an EPS Win but an EVA Loss Enron Aimed at the Wrong Target, and Got What It Paid For -- an EPS Win but an EVA Loss “Enron’s performance in 2000 was a success by any measure…The company’s net income reached a record in Enron is laser-focused on earnings per share, and we expect to continue strong earnings performance.” From Enron’s 2000 Annual Report (Letter to Shareholders) EPS & NI EVA Copyright © 2004 by Stern Stewart & Co. All rights reserved

19 Performance Management Division 19 Stern Stewart developed EVA Governance System as an integrated and value-aligned system of internal corporate governance “Manage for Value” 2.Redesign the Management Systems so that strategy, resource allocation and performance management focuses on creating value “Understand Value Creation” 4.Reshape the corporate Mindset through training, coaching and communication to make managers more entrepreneurial, capital conscious, and value-focused “Encourage Value Creation” 3.Motivate managers to create value by tying their rewards to value creation “See the Value” 1.Focus Performance Measurement on the underlying economics of value and wealth creation EVA Governance makes employees accountable for developing and executing value adding strategies Copyright © 2004 by Stern Stewart & Co. All rights reserved

20 Performance Management Division 20 Makes managers accountable for the Continuous Improvement in Shareholder Value Strengthens the Culture of Ownership An EVA ® company is a company that… Focuses the Management System on shareholder value  Incorporate the cost of capital into business planning, resource allocation and performance measurement  Value growth is the “bottom line”  Managers who think like owners, act like owners, because they are paid like owners WHY EVA ? Copyright © 2004 by Stern Stewart & Co. All rights reserved

21 Performance Management Division 21 EVA Measurement - The EVA Governance Concept in 60 Seconds... Static Analysis Dynamic Analysis

22 Performance Management Division 22 EVA :The Real Key to Creating Wealth “MVA, or Market Value Added, is shareholder wealth” MVA = Market Value - Total Capital MVA = Present Value of EVA Copyright © 2004 by Stern Stewart & Co. All rights reserved

23 Performance Management Division 23 X EVA Cost of Capital Capital Net Operating Profit After Taxes (NOPAT) Value Creation Market Enterprise Value Invested Capital MVA Wealth Creation Shareholders and MVA The shareholders’ objective is to increase wealth. Wealth equates to MVA, which is the present value of all future EVAs EVA measure managers like owners. If managers are rewarded for improving long-term EVA, their interests will be aligned with those of the shareholders Managers and EVA EVA is a measure of period-by-period value created by managers WHY EVA ? Copyright © 2004 by Stern Stewart & Co. All rights reserved

24 Performance Management Division 24 Which BU has Performed Better? Year 1Year 2Year 3Year 4 EVA Business Unit A (50) (25) Year 1Year 2Year 3Year 4 EVA Business Unit B WHY EVA ? Copyright © 2004 by Stern Stewart & Co. All rights reserved

25 Performance Management Division 25 •EVA Overview •What is EVA ? •Why EVA ? •EVA Improvement •EVA Value Tree & Key Value Drivers •EVA-based Management Platform •PTT Introduction •PTT Practice •EVA Key Success Factors & Benefit Agenda

26 Performance Management Division 26 Three strategies for EVA Improve EVA Value Matrix Return Spread (R-C) Invested Capital Operating Efficiency Low High Copyright © 2004 by Stern Stewart & Co. All rights reserved 1

27 Performance Management Division 27 EVA Method#1:Improve Operating Efficiency Sales Operating Cost & Taxes NOPAT Capital x Cost of Capital 10% 10% Capital Charge EVA 5 6 Cut Cost,Save Taxes, Increase Efficiency and Raise NOPAT without Raising Capital Copyright © 2004 by Stern Stewart & Co. All rights reserved

28 Performance Management Division 28 EVA Method#2: Profitable Growth Sales Operating Cost & Taxes NOPAT Capital x Cost of Capital 10% 10% Capital Charge EVA 5 6 Invest Capital and Grow, But Earn More than the Cost of Capital Copyright © 2004 by Stern Stewart & Co. All rights reserved

29 Performance Management Division 29 EVA Method#3: Manage Assets Sales Operating Cost & Taxes NOPAT Capital x Cost of Capital 10% 10% Capital Charge EVA 5 6 Reduce Capital that earning a less return, But More than the Cost of Capital Copyright © 2004 by Stern Stewart & Co. All rights reserved

30 Performance Management Division 30 •EVA Overview •What is EVA ? •Why EVA ? •EVA Improvement •EVA Value Tree & Key Value Drivers •EVA-based Management Platform •PTT Introduction •PTT Practice •EVA Key Success Factors & Benefit Agenda

31 Performance Management Division 31 EVA Value Tree : Drivers EVA NOPAT WACC Invested Capital Fixed Capital Worki ng Capit al - x + EBIT Ta x GM OPEX Depre. Sales Rev. COGS Price per Litre Total Litre sold Driver • Negotiation Skill • Understanding of customer alternative • Understanding of regional supply & balance KPI • Contribution margin • Gross margin Ratio Driver • Pricing vs competitor • Sales force effectiveness • Customer service • Technical support • Reliability/speed KPI • Customer Satisfaction Score • Market share •Compliance (Preventive Maintenance Driver • Detail understanding of supply /demand Balances & price trends/ • Negotiation Skill x KPI • Distribution Cost • Product Purchase Cost Index

32 Performance Management Division 32 EVA Value Tree : Drivers EVA NOPAT WACC Invested Capital Fixed Capital Worki ng Capit al Net Plant Property and Equipment Other Asset Service Station Depots Building Driver • Format • Land cost • Site efficiency • Construction cost • Material cost KPI • Investment/ Station • Throughput/ Station - x + Driver • Format • Land cost • Site efficiency • Construction cost • Material cost KPI • Depot Investment /Litre of storage Capacity • Depot Throughput /Litre of Storage Capacity

33 Performance Management Division 33 EVA Value Tree : Drivers A/R Invent ory Material & Supply EVA NOPAT WACC Invested Capital Fixed Capital Worki ng Capit al Driver • Collection effectiveness • Mix of customer • Proportion of sales Under extended terms • Effectiveness in identifying overdue accounts • Grace Period and Term Driver • Utilization • Understanding Supply/Demand Balance • Forecast Accuracy + x - KPI • A/R Turnover • Collection day • Overdue A/R KPI • Inventory day • Inventory turnover

34 Performance Management Division 34 EVA Value Tree : Drivers EVA NOPAT WACC Invested Capital Cost of Debt After Tax Cost of Equit y Propor tion of Debt 1-Tax Rate Propor tion of Equity Total Equity Total Capit al RF RP  RF Tot al Deb t Total Capit al Cost of Debt (Interest Rate) Cost of Equit y KPI • Cost of fund Domestic • Cost of fund International • Total Cost of Funds - x + x x - / x x / + RM  Sensitivity of Stock Price to market RF = Risk free rate RP = Risk premium RM= Return of market Driver • Understanding of global markets • Loan portfolio management • Understanding of currency markets • Country Risks • Currency hedging • Negotiation skills • Type and Maturity KPI • D/E Ratio • EPS • P/E Ratio • DPS • Dividend Payment Ratio Driver • Portfolio Management • Understanding of Thailand capital market • Stock market situation • Good Governance

35 Performance Management Division 35 •EVA Overview •What is EVA ? •Why EVA ? •EVA Improvement •EVA Value Tree & Key Value Drivers •EVA-based Management Platform •PTT Introduction •PTT Practice •EVA Key Success Factors & Benefit Agenda

36 Performance Management Division 36 Enterprise Value Illustrative EVA Improvement Illustrative EVA-based Management Platform The principle of EVA Governance is to integrate core management systems with EVA to foster long-term value creation 3. Performance Management Process  Assign decision rights  Define accountabilities  Monitor and report performance  Adjust strategies or management to achieve outcomes 3. Performance Management Process  Assign decision rights  Define accountabilities  Monitor and report performance  Adjust strategies or management to achieve outcomes 4.Rewards Management Process  Link rewards to performance outcomes  Base rewards on cumulative performance to balance short- and long- term performance 4.Rewards Management Process  Link rewards to performance outcomes  Base rewards on cumulative performance to balance short- and long- term performance 1. Strategic Planning Process • Set goals • Develop and value alternative strategies • Select best strategy • Set goals • Develop and value alternative strategies • Select best strategy Year 1 Year 2 Year 3 Year 4 Year 5 … … Develop Strategies Set Targets, Milestones and KPIs 2. Resource Allocation Process Year 1 Year 2 Year 3 Year 4 Year 5 … … Prepare budgets & fund projects to achieve strategy Allocate Resources Performance Mandate Define Desired Outcomes Define Mission and Measures of Success Inputs Outputs Execute Strategy EVA Copyright © 2004 by Stern Stewart & Co. All rights reserved

37 Performance Management Division 37 ความสำคัญ EVA •EVA เป็นตัววัดผลกำไรที่แท้จริงของธุรกิจ •EVA เป็นตัววัดที่บริษัทชั้นนำต่าง ๆ ระดับโลกนำมาใช้วัด Performance ขององค์กร •EVA เป็นตัวชี้ให้ทราบถึงต้นทุนที่แท้จริงขององค์กร •EVA เป็นตัวชี้ให้เห็นถึงประสิทธิภาพในการบริหารงานขององค์กร ที่ทำให้มูลค่าขององค์กรเพิ่มขึ้นหรือลดลง •EVA ทำให้ผู้บริหารให้ความสำคัญในเรื่องของการจัดการสินทรัพย์ •EVA สะท้อนมูลค่าเพิ่มและราคาหุ้นขององค์กรนั้น ๆ ทำให้ผู้ถือหุ้นมีความมั่นใจ และสามารถคาดหวังการเติบโตอย่างยั่งยืน ผลลัพธ์ EVA ที่ติดลบ ไม่ใช่เป็นตัวเบรก การลงทุน แต่เป็นตัวชี้ให้ผู้บริหารเห็นความสำคัญในเรื่องการบริหาร ทรัพย์สินที่ลงทุนไปให้เกิดประสิทธิภาพสูงที่สุด


ดาวน์โหลด ppt 1 1 ผลการดำเนินงานของ ปตท. ปี 2545 7-8 กรกฎาคม 2546 Economic Value Added แนวทางแห่งความสำเร็จในการบริหารองค์กร 9 พฤษภาคม 2549.

งานนำเสนอที่คล้ายกัน


Ads by Google