2002821

1.
2.

1.
2.

3.

EVA
DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

2002

1080
EVA

100

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

DL-aps-xhj-020821

EVA

Dlong A&P Strategic Mgt.Dept.

28

25

100

17
12

13
5

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.


1.
2.

1.
2.

3.

EVA
DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

10

(ROIC)

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

...

11

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

12

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

13

DL-aps-xhj-020821

60 %
30 %
10%

Dlong A&P Strategic Mgt.Dept.

14

2002001

__________________

2002111231

KPI

2002

40%
0%
0%
20%
30%
%
%

%
%

407
6388
478

10%
%

100
4

____________

DL-aps-xhj-020821

1000

____________

Dlong A&P Strategic Mgt.Dept.

15

1.

2.

3.

139003000
2
3
4
5
6
7
8
114001720
2 -0.75%
38.7
45.3
55.8
67.5
73.5
83.4
93.7
103.6
116
12100
1350
142
152

DL-aps-xhj-020821

30%-30%
30%-30%

2
1
2
1
1
1
1
1
2
2
0.5
0.5
0.5
0.5
0.5
0.5
0.5

30%-30%
1%-1%
-5%
5%-5%
10%-10%

0.5
0.5
0.5
0.5
0.5

1%-1%
3%-3%
30%-50%
30%-50%
10%-10%
30%-30%

100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100

200
100
200
100
100
100
100
100
200
200
50
50
50
50
50
50
50

100
100
100
100
100

50
50
50
50
50

Dlong A&P Strategic Mgt.Dept.

16


**

+
/

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

17

//

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

18

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

19

40%

60%

60%

40%

20%

40%

60%

40%

20%

20%

100%

80%

20%

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

20


1.
2.

1.
2.

3.

EVA
DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

21

EVA)

EVA

/EVA

DL-aps-xhj-020821

NOPAT(

EVA

Dlong A&P Strategic Mgt.Dept.

22

EVA)

EVA

1
2
3

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

23

2000EVA)20
1080

2000

EVA

1999 2000 1999

EVA MVA MVA

25

EVA

MVA FGV
MVA

0539

105,960

2,288,202

469,232

1,127,929

600019

83,564

4,235,744

152,341

3,211,505

600018

77,999

1,704,928

158,739

856,156

96

600642

76,914

2,746,155

422,061

1,800,127

36

57

198

0956

66,887

785,880

196,470

109,660

12

0858

64,441

1,588,102

397,025

858,268

14

13

19

600098

51,360

1,581,035

295,308

1,134,795

104

46

600001

49,588

587,413

193,624

32,102

24

11

600104

48,074

1,238,655

371,596

669,944

10

22

51

45

600005

40,754

872,954

133,627

391,715

11

166

474

600835

40,346

477,359

192,471

33,962

12

17

11

15

0682

40,309

1,625,188

1,066,009

1,248,701

13

33

0959

37,697

2,086,076

316,072

1,626,829

14

272

185

0557

36,581

1,781,262

989,081

1,196,975

15

79

39

101

600207

36,127

1,009,645

413,037

651,752

16

48

85

129

600205

33,817

663,438

189,554

278,287

17

45

13

600009

32,631

918,271

319,965

510,523

18

350

60

140

0817

31,767

776,847

141,245

468,198

19

37

200

116

0527

31,179

445,136

267,650

94,380

20

134

74

600709

30,283

533,584

238,956

187,786

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

24

EVA

2 0 0 0 1999 2000 1999

EVA MVA MVA

E V A

E V A MVA FGV
MVA

23

46

172

111

6 0 0 6 5 3

29,221

470,866

470,866

92,414

91

198

73

52

0 5 4 9

9,238

706,456

451,668

558,394

115

105

577

463

6 0 0 7 4 2

7,204

256,325

125,051

180,407

166

155

326

353

0 5 5 9

5,421

353,649

110,439

295,881

540

493

1038

504

0 7 6 0

447

117,158

55,506

112,007

667

252

863

513

600148

(575)

178,484

47,704

185,741

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

25

EVA

()
()
()
()
()
()
()
()
()
()
()
()
()

DL-aps-xhj-020821

2000

91
9,237.71
90
5,516.71
12 451,668.40
31 179,087.68
73 706,455.71
155 233,982.45
107 768,552.28
190
13,594.11
563
62,096.58
0.19
0.06
558,393.65
0.73

1999

198
3,721.00
424
79.91
12 272,580.73
6 172,094.69
52 472,473.26
25 298,297.46
91 542,297.69
313
7,256.26
418
69,824.43
0.13
0.06
414,910.26
0.77

Dlong A&P Strategic Mgt.Dept.

1998

3,641.09
3,804.46
100,486.04
68,175.82
174,175.80
118,171.41
213,730.60
7,045.36
39,554.80
0.21
0.10
138,104.99
0.65

1997

-163.37
2,493.53
32,310.22
17,641.23
56,004.38
30,578.14
83,899.09
2,755.65
27,894.70
0.12
0.13
-

1996

-2,656.89
14,668.99
25,426.25
48,432.89
303.60
23,006.65
0.01
0.14
-

26

----=

EVA
----EVA=
= 0.33 19981999
2000

EVA=

=/1
/
=BETA

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

27

----A
----BH
BETA
----2000100100
2000100

1)//(/
)
2)

35

EVA=EVA
MVA=
=

COV=/
---- =/
FGV=
---- =/

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

28

EVA)

COV

25%

75%

32%

68%

50%

50%

56%

44%

MVA)

0.81

0.7

0.1

FGV

1= -
2=COV+ FGV

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

29

EVA)

EVA
2000

EVA

EVA

23
91
115
166
540
667

A
B
C
D
E
F

(1)=(2)+(3)
574,223
800,576
353,041
446,447
156,333
197,826

(2)
103,357
94,120
96,716
92,798
39,175
19,342

MVA

2000

(3)
470,866
706,456
256,325
353,649
117,158
178,484

(4)
29,221
9,238
7,204
5,421
447
(575)

COV
(5)
481,809
242,182
172,634
150,566
44,326
12,085

FGV
(6)
92,414
558,394
180,407
295,881
112,007
185,741

1= -
2=COV+ FGV

2000

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

30

EVA)

163

146

100%
16%

70%

51%

66%

72%

94%

FGV

49

84%
39

37

32

49%

34%

30%

28%

(COV)

6%

A
DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

F
31

EVA

EVA
EVA
EVA

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

32

EVA5

1
2CEO
3EVA
4EVA
5

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

33

EVA

DL-aps-xhj-020821

Dlong A&P Strategic Mgt.Dept.

34