w涵盖了企业价值、不动产、无形资产、机器设备、珠宝首饰等评估业务主要领域，涉及业务承接、业务操作、报告出具等评估业务全过程，在基本概念、方法体系、价值类型等方面与国际评估准则趋同，初步构建了资产评估准则体系，执业有据可依、检查有规可循的格局基本形成。wEVA ManualGeneral ConceptTable of ContentsGeneral ConceptI.Introduction11.EVA is a management tool that measures true economic profit12.EVA can be integrated in all key processes13.Decision-making based on EVA2II.Decision-making with EVA3A.How to build up EVA on operating unit level31.Overview32.NOPAT (Net operating profit after tax)33.Invested capital44.Cost of capital65.Focus on Delta EVA7B.How to build up EVA on the Group and SBU level8C.Use of EVA in the XY management system91.Management reporting92.Capital expenditures103.Portfolio analysis11Details of the EVA CalculationIII. Appendix.I. Introduction 1. EVA is a management tool that measures true economic profitAll managers of XY should focus on improving the Groups overall value. With EVA, for the first time, there is a tool that reflects not only the operating performance, but also the expected return on the invested capital of XY. The EVA system encourages managers to think and act like owners, treating the companys resources as if they were their own.EVA reflects not only operating profit after taxes, but also takes into account costs for debt and equity capital. Creating shareholder value may be achieved by improving performance, growth, portfolio management and optimisation of capital structure. EVA provides a tool for all of these aspects.EVA is a management tool. It helps managers to evaluate opportunities, set goals, measure results, and benchmark performance. EVA is also an accurate basis for value-oriented incentive compensation schemes.2. EVA can be integrated in all key processes Typically, companies use a variety of conflicting measures such as earnings growth, earnings per share, return on equity, market share, gross and net margin, cash flow, NPV and ROIC. Using a number of different measures leads to conflicting goals. This is why we will use EVA as a single major performance measure.The EVA financial management system supports and motivates value-based decision-making for day-to-day operating decisions, budgeting and capital planning and strategic initiatives. By using EVA for all of these processes, as well as for performance measurement and incentives, managers of XY will focus on the goal of creating value.3. Decision-making based on EVA Although there are countless individual activities people can pursue to create value, ultimately they all fall into one of four categories: EVA can be increased by enhancing operating efficiency (“performance”), investing in value-creating projects (“growth”) or divesting capital from uneconomic assets or activities (“asset management”). EVA can also be increased by the financing strategy of minimising the cost of capital by optimising the capital structure. - PerformanceImproving operating profits without tying up more capital in the business will directly increase EVA. - GrowthInvestments in new equipment and working capital may be required to increase sales, develop new products, services, markets and customers, all of which results in higher profits. As long as these investments generate a higher return than the cost of capital, shareholder value will increase. EVA is a perfect indicator of this value creation.- Asset ManagementRationalising, liquidating or curtailing investments in operations may be necessary if a business or asset cannot generate returns higher than the cost of capital. Thus, EVA encourages active asset portfolio management. Additionally, working capital management is a means of increasing EVA by optimising inventory levels and managing payables and receivables.- Capital StructureLenders and shareholders expect different rates of return according to the risk they are taking. Improving EVA by optimising the capital structure is an action that can primarily be taken on the Group and SBU level.II. Decision-making with EVA A. How to build up EVA on the operating unit level1. OverviewEVA is a transparent measure that is easy to calculate:2. NOPAT (Net operating profit after tax) a) IntroductionNOPAT is the adjusted operating income after standard taxes.If you want to know how to manage operating performance, use NOPAT. It includes standard taxes because they are an important cost factor. Some specific adjustments are incorporated to reflect economic reality better and to motivate correct decision-making.b) CalculationThe following positions will be adjusted: (For a detailed description of the adjustments and the accounts involved, see Appendix):- Goodwill amortisationGoodwill amortisation of the period is added back to operating income