Value Based Management 1. Main Fields of Application, Instruments & Requirements of Value Based Management
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1 Value Based Management 1. Main Fields of Application, Instruments & Requirements of Value Based Management Professor Dr. Louis Velthuis Chair of Management Accounting Johannes Gutenberg-Universität Mainz
2 Important information and tenders Important announcements and messages for all our students are published on the newsboard of our homepage: Announcements from practice lecturers Important deadlines & news Attetion: Cancellations or changes of the consultation hours are NOT announced on the newsboard. Instead, they are listed separately on our homepage under the heading Sprechstunde Aktuell. Important information about the lecture Value Based Management (Especially about short-term cancellation, deadlines for the review of the case, etc.) receive all students who are registered for this lecture by mail to your Uni-Mail account. (This informations will also NOT be publushed on the newsboard.) Please remember to check your s regularly. Chair of Management Accounting 2
3 Basic Literature Velthuis, Louis/Wesner, Peter (2005): Value Based Management: Bewertung, Performancemessung und Managemententlohnung mit ERIC, Stuttgart. Young, S. David/O Byrne, Stephen F. (2001): EVA and Value-Based Management: A Practical Guide to Implementation, New York et al. Further Literature Further literature resources will be announced in the beginning of each lecture. Chair of Management Accounting 3
4 Course Time Schedule (1/2) HS 17 Lect. Wednesday RW 2 Lect. Thursday Okt 17 VBM 1 Main Fields of Application, Instruments & Requirements of Value Based Management 26. Okt 17 VBM 2 Shareholder Value Approach and Maximizing Market Value 01. Nov 17 Allerheiligen 02. Nov 17 VBM Nov 17 VBM 3 Traditional Performance Measures and their Limits 09. Nov 17 VBM 4 Traditional Performance Measures and their Limits General Adequacy of Residual Income as a Performance Measure 15. Nov 17 VBM 4 General Adequacy of Residual Income as a Performance Measure 16. Nov 17 VBM 5 Value Added Measures and Concepts: EVA 22. Nov 17 VBM 5 Value Added Measures and Concepts: EVA 23. Nov 17 VBM 6 Value Added Measures and Concepts: CVA & ERIC 29. Nov 17 VBM 6 Value Added Measures and Concepts: CVA & ERIC 30. Nov 17 VBM 7 Importance and Limits of Adjustments 06. Dez 17 VBM 7 Importance and Limits of Adjustments 07. Dez 17 VBM 8 Determining the Cost of Capital 13. Dez 17 VBM 8 Determining the Cost of Capital 14. Dez 17 VBM 9 Risk-adjusted vs. Risk-free Costs of Capital as Hurdle Rates Value Based Management 1 4
5 Course Time Schedule (2/2) HS 17 Lect. Wednesday RW 2 Lect. Thursday Dez 17 VBM 9 Risk-adjusted vs. Risk-free Costs of Capital as Hurdle Rates 21. Dez 17 VBM 10 Management Compensation Schemes: Practice vs. Theory 27. Dez Dez 17 semester break 03. Jan Jan 18 semester break 10. Jan 18 _ 11. Jan 18 _ 17. Jan 18 VBM 10 Management Compensation Schemes: Practice vs. Theory 18. Jan 18 VBM 11 Implementing VBM, Value Drivers & Balanced Scorecard 24. Jan 18 Corporate Lecture 25. Jan 18 Corporate Lecture 31. Jan 18 Corporate Lecture 01. Feb 18 Cases from Practice 07. Feb Feb 18 _ Value Based Management 1 5
6 Value Based Management 1. Main Fields of Application, Instruments & Requirements of Value Based Management Professor Dr. Louis Velthuis Chair of Management Accounting Johannes Gutenberg-Universität Mainz
7 VBM Course Structure 1. Main Fields of Application, Instruments & Requirements of Value Based Management 2. Shareholder Value Approach and Maximizing Market Value 3. Traditional Performance Measures and their Limits 4. General Adequacy of Residual Income as a Performance Measure 5. Value Added Measures and Concepts: EVA 6. Value Added Measures and Concepts: CVA & ERIC 7. Importance and Limits of Adjustments 8. Determining the Cost of Capital 9. Risk-adjusted vs. Risk-free Costs of Capital as Hurdle Rates 10. Management Compensation Schemes: Practice vs. Theory Value Based Management 1 7
8 Overview 1 Introduction 2 Value Based Management - Main Fields Application 3 Value Based Figures 4 Requirements and Principles of VBM 5 Value Based Management - Overview Value Based Management 1 8
9 1 Introduction The main fields (areas) in which Value Based Management (VBM) is applied will be discussed. An overview of Value Based Figures as the key instruments of VBM will be given. The key role of value added measures in the form of residual income will be illustrated. The central principle of shareholder value maximization and the requirements in VBM-fields, planning, performance measurement, management compensation and controlling business units is specified. Value Based Management 1 9
10 2 Value Based Management - Main Fields of Application Value Based Management (Shareholder Value Management) Alignment of all management activities to the goal of increasing the (intrinsic) market value of the equity of the company (Shareholder Value). Main Fields of Application Value Based Management incorporates a value orientated integration of management control systems with respect to Planning (ex ante valuation) Performance Measurement (ex post control) Management Compensation (incentives) Controlling Business Units (coordinated control) Value Based Management and Management Control Systems Alignment of internal control (esp. Accounting / Controlling) regarding its decision support and behavior control function to achieve value and value creation. Value Based Management 1 10
11 3 Value Based Figures Value Based Figures as Key Instruments of VBM For value-orientated Planning, Performance Measurement, Management Compensation and Control of Business Units the problem evolves: How can value contributions be measured/assessed? Value Based Figures are used as key performance indicators to measure resp. to assess value contributions. Value Based Figures: Overview Value Based Figures as performance measures can be divided in: Profitability Measures Value Added Measures Aggregated Measures Value Based Management 1 11
12 Value Based Figures - Overview (1/3) Value-orientated Profitability Measures Profitability Measures (Ratios) are used to measure the relative value contribution in a period Return on Invested Capital (RoIC); Return on Net Assets (RoNA) Return on Capital Employed (ROCE); Cash Flow Return on Investment (CFRoI) Value Added Measures Value Added Measures in the form of Residual Income are used to measure the absolute value contribution in a period Economic Value Added (EVA), Economic Profit (EP), Cash Value Added (CVA) Earnings less Riskfree Interest Charge (ERIC) Value Based Management 1 12
13 Value Based Figures - Overview (2/3) Aggregated Measures Aggregated Measures are used to measure the whole value contribution over all periods Discounted Cashflow (DCF) Market Value Added (MVA) Value Based Management 1 13
14 Value Based Figures - Overview (3/3) Value Based Figures Description Discussion Aggregated Measures (DCF, MVA) Value Added Measures (EVA, CVA) Profitability Measures (ROIC, CFRoI) Components (NOPAT, Capital) Decision Support Influence on Behavior Value Based Management 1 14
15 Key-Performance-Indicators in Practice KPIs of the DAX 100-Companies KPIs Profitability Measures 40% 21% Value Added Measures 42% 61% Shareholder Value-Management is prevalent! Trend developed from traditional profitability measures to value added measures. Source: KPMG Value Based Management 1 15
16 Key Figures and VBM-Concepts Key Figures and Concepts Integrated value orientated management control systems based on residual income (value added measures) as the key performance figure are prevalent in practice. Concept & Key Figure Economic Value Added Economic Profit Cash value Added ERIC Value Based Management 1 16
17 Value Added Measures Introduction (1/2) Key role of Value Added Measures and Calculation Value Added Measures are by far the most important KPIs in SVM Value Added Measures are calculated as residual income (RI): RI t =P t k IC t 1 From accounting income (before interest) (P) a capital charge for the invested capital is subtracted. The capital charge is calculated by multiplying the cost of capital k with the invested capital (IC) at the beginning of the relevant period. Value Based Management 1 17
18 Value Added Measures Introduction (2/2) Value Added Measures and efficient controlling of invested capital Value Added Measures help control in all areas of Value Based Management for an efficient capital employment. The capital charge serves in... Planning for an adequate valuation of the invested capital Performance Measurement for an internal and external control of invested capital and the costs Management Compensation for adequate incentives regarding the optimal investment of capital Control of Business Units for an efficient coordination of decentral capital investments. Value Based Management 1 18
19 4 Requirements and Principles of VBM Central Requirement: Shareholder Value-Orientation All management activities should be aligned to the goal of the shareholders. As such the relevant goal is to increase rsp. to maximize the (intrinsic) market value (not the market price) of the equity of the company (Shareholder Value). Maximize Discounted value of future (free) cash flows (CF) a firm generates, i.e. present value: V t = τ=t+1 CF τ (1+k) τ with k=wacc Requirement for VBM-Instruments: goal-consistency (goal-congruence) All controlling-instruments should be in line, i.e. consistent to the goal of value maximization. The requirement of shareholder value-orientation plays the role of a overriding principle. Value Based Management 1 19
20 Specification of the Principle of Shareholder Value-Orientation Necessity of Concretization The general principle of shareholder-value orientation muss be specified for the different fields of application. Specific requirements for the various fields of SV-Management Filed Planning Performance Measurement Management Compensation Controlling Business Units Requirement NPV-Identity Comparability Win-Win-Criteria Allocatability Value Based Management 1 20
21 Specific Requirement for Planning Objective of value-orientated planning Realization of value-enhancing investments, rejection of value-decreasing investments Valuation of investment projects must coincide with the valuation of the shareholder Requirement of NPV-identity i.e. Present value of the performance measure equals the (net) present value of cash flows Value Based Management 1 21
22 Requirement for Performance Measurement Objective of Performance Measurement Measurement of actual performance (attained value) as to control the achievement of companies, business units or investments Asses the achievement (income) of a manager within a relative comparison to a benchmark Requirement Comparability Income measure should reflect, what has been really earned and the benchmark should reflect an adequate alternative interest yield Value Based Management 1 22
23 Specific Requirement for Management Compensation Objective of management compensation Manager must have a financial incentive to make investment decisions which create value for the shareholders Requirement: Win-Win-Criteria (incentive compatibility) The manager only gets a financial advantage (disadvantage) from the incentive scheme, if the shareholders get an advantage (disadvantage). Goal of the manager (agent) is in line with the goal of the shareholders (principals) only if the bonus function (compensation function) is continuous, i.e. no caps and floors if the performance measure is goal-congruent. A performance (accounting) measure is only goal-congruent, if it fulfills the criteria of NPV-identity. Value Based Management 1 23
24 Requirement for Controlling Business Units Objective of Controlling Business Units Business Units should controlled to achieve value (creation). Requirement of Allocatability To measure resp. to assess value contributions of the various business units it is necessary to allocate income contributions and capital costs. As such this enables value-orientated planning, performance measurement and management compensation on the business unit level. Value Based Management 1 24
25 5 Value Based Management - Overview Value Based Management Shareholder Value Orientation Fields of Application Value Based Figures Integrated Concepts Theoretical Foundation Shareholder vs. Stakeholder Approach Maximizing Shareholder Value vs. Shareholder Utility Determining Shareholder Value Planning Performance Measurement Management Compensation Control of Business Units Profitability Measures Value Added Measures EVA CVA ERIC Aggregated Measures EVA-Concept CVA-Concept ERIC-Concept Value Based Management 1 25
26 Exercises
27 Question 1: VBM - Fields of Application, Instruments & Requirements (1/7) a) Specify the central requirement of VBM (4) b) Specify the objective and requirements in the VBM-fields, planning, performance measurement, management compensation and controlling business units. (16) c) State the general purpose of the use of value based figures in VBM. In which three different types can they be divided into and what does each type measure. Which type of value based figure is predominant as the key performance indicator in practice? (5) Value Based Management 1 27
28 Question 1: VBM - Fields of Application, Instruments & Requirements (2/7) Solution a) Central Requirement: Shareholder Value-Orientation: All management activities should be aligned to the goal of the shareholders. As such the relevant goal is to increase rsp. to maximize the (intrinsic) market value (not the market price) of the equity of the company (Shareholder Value). Maximize Discounted value of future (free) cash flows (CF) a firm generates, i.e. present value: CF τ V t = with k=wacc (1+k) τ τ=t+1 Value Based Management 1 28
29 Question 1: VBM - Fields of Application, Instruments & Requirements (3/7) Solution b) Objective of value-orientated planning Realization of value-enhancing investments, rejection of value-decreasing investments Valuation of investment projects must coincide with the valuation of the shareholder Requirement of NPV-identity i.e. Present value of the performance measure equals the (net) present value of cash flows Value Based Management 1 29
30 Question 1: VBM - Fields of Application, Instruments & Requirements (4/7) Solution b) Objective of Performance Measurement Measurement of actual performance (attained value) as to control the achievement of companies, business units or investments Asses the achievement (income) of a manager within a relative comparison to a benchmark Requirement Comparability Income measure should reflect, what has been really earned and the benchmark should reflect an adequate alternative interest yield. Value Based Management 1 30
31 Question 1: VBM - Fields of Application, Instruments & Requirements (5/7) Solution b) Objective of management compensation Manager must have a financial incentive to make investment decisions which create value for the shareholders Requirement: Win-Win-Criteria (incentive compatibility) The manager only gets a financial advantage (disadvantage) from the incentive scheme, if the shareholders get an advantage (disadvantage). Bonus function and performance measure must be continuous resp. goal congruent Value Based Management 1 31
32 Question 1: VBM - Fields of Application, Instruments & Requirements (6/7) Solution b) Objective of Controlling Business Units Business Units should controlled to achieve value (creation). Requirement of Allocatability To measure resp. to assess value contributions of the various business units it is necessary to allocate income contributions and capital costs. As such this enables value-orientated planning, performance measurement and management compensation on the business unit level. Value Based Management 1 32
33 Question 1: VBM - Fields of Application, Instruments & Requirements (7/7) Solution c) Value Based Figures are used as key performance indicators to measure resp. to assess value contributions. Profitability Measures (Ratios) are used to measure the relative value contribution in a period Value Added Measures in the form of Residual Income are used to measure the absolute value contribution in a period Aggregated Measures are used to measure the whole value contribution over all periods Value added measures are predominant in practice Value Based Management 1 33
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