石油化工公司財務控制咨詢報告(編輯修改稿)

　

【文章內容簡介】 Metrics implemented 按不同的事業部特性確定價值衡量指標 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 各類投資項目的審核從劃分事業部起始 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 而事業部進一步按業務類型細化 石油開采事業部 市場零售 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 2023C F R O I W A C C煉油 舉例：細分后的不同結果 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 產品 市場 零售 工業 商業 政府 直銷 Major Market Minor Market No current market 舉例 (續 )：按銷售渠道進一步細化市場零售事業部 Link to Strategy 利潤表 : 銷售 利潤 管理費用 利息 折舊 稅務 資產負債表 : 應收帳款 存貨 固定資產 應付帳款 負債 可獲取 可獲取 按人力分配 按負債額分配 預定年限 Division rate 按產品 可獲取 特殊區分 按銷售成本 按負債 /權益 會計科目表 預計流程 而進一步將資產分配到各市場單位可深入分析投資回報率 Link to Strategy 10 20 30 40 50 60 70 80 90 100 10 5 0 5 10 15 20 25 30 商業 直銷 零售 工業 政府 CFROI % % Gross Investment WACC Consolidated CFROI 渠道獲利率分析揭示了渠道的強弱 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 而零售渠道的進一步細分可揭示各零售點的強弱 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 而工業渠道注重于挖掘擴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 ? Focus on improving CFROI ? Expand into other products ? Possible exit Next Steps 分析的結果引起顯著的戰略變化 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 汲取了利潤表和資產負債表中的各類數據 (1) CFROI 汲取了利潤表和資產負債表中的各類數據 (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