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    Return On Invested Capital: Disaggregation of Profit Margin

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    mohihsan
    The document discusses formulas and calculations for return on invested capital (ROIC), return on net operating assets (RNOA), return on equity (ROE), and other related financial metrics. It breaks down the components of these metrics and provides example calculations using financial data values. The goal is to disaggregate or break down the metrics into their constituent parts to better understand the drivers of returns.

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    Return On Invested Capital: Disaggregation of Profit Margin

    Uploaded by

    mohihsan
    43 views8 pages
    The document discusses formulas and calculations for return on invested capital (ROIC), return on net operating assets (RNOA), return on equity (ROE), and other related financial metrics. It breaks down the components of these metrics and provides example calculations using financial data values. The goal is to disaggregate or break down the metrics into their constituent parts to better understand the drivers of returns.

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    Itungan Chp8

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    The document discusses formulas and calculations for return on invested capital (ROIC), return on net operating assets (RNOA), return on equity (ROE), and other related financial metrics. It breaks down the components of these metrics and provides example calculations using financial data values. The goal is to disaggregate or break down the metrics into their constituent parts to better understand the drivers of returns.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    43 views8 pages

    Return On Invested Capital: Disaggregation of Profit Margin

    Uploaded by

    mohihsan
    The document discusses formulas and calculations for return on invested capital (ROIC), return on net operating assets (RNOA), return on equity (ROE), and other related financial metrics. It breaks down the components of these metrics and provides example calculations using financial data values. The goal is to disaggregate or break down the metrics into their constituent parts to better understand the drivers of returns.

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    © All Rights Reserved
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    You are on page 1of 8

    2020

    Return on invested capital


    Income
    ROIC =
    Invested capital

    Persamaan untuk menghitung invested capital, terbagi 2, yaitu:


    Return Net Operating Assets
    Net operating profits after tax (NOPA 7,163,536,000,000
    RNOA = = =
    Average net operating assets (NOA) - 1,651,264,000,000

    NOA = Net Financial Obligation (NFO) + Stock = - 6,588,632,000,000 +


    NFO = Financial liabilities - financial assets = 2,239,728,000,000 -

    Return on Equity Control


    Net income - preferred dividends 9,206,869,000,000
    ROCE = = =
    Average common shareholders equit 5,109,615,000,000

    Disaggregating Return on Net Operating Assets (RNOA)


    Net operating profits after tax (NOPA 7,163,536,000,000
    RNOA = = =
    Average net operating assets (NOA) - 1,651,264,000,000
    NOPAT Sales
    RNOA = x =
    Sales Average NOA
    NOPAT Sales
    RNOA = x x
    Sales Average OA
    OLLEV = Operating Liabilities 13,357,536,000,000
    = =
    NOA - 1,651,264,000,000
    OA = Operating Assets

    Disaggregation of Profit Margin


    NOPAT 7,163,536,000,000
    OPM= = =
    Sales 42,972,474,000,000
    Pretax PM = Pretax Sales PM + Pretax Other PM = 42,972,474,000,000 +

    Gross Profit Selling Expenses


    Pretax PM = - -
    Sales Sales
    Equity Income Special Items
    Pretax PM = + +
    Sales Sales

    Disagregation of Asset Turnover


    Asset Turnover Sales 42,972,474,000,000
    = =
    = Average Net Operating Assets - 1,651,264,000,000

    Disagregating ROCE
    ROCE = RNOA + (LEV x SPREAD) = -4.33821363513042 +
    ROCE = Adjusted Profit margin x Asset Turnover x Leverage
    Net income - preferred dividends Net Income - Preferred Dividens
    ROCE = = x
    Average common shareholders equit Sales

    Equity Growth Rate


    Equity Growth Net income - Preferred Devidends - 9,206,869,000,000 -
    =
    Rate = Average Commmon Equity 4,937,368,000,000

    Sustainable Equity Growth Rate


    Sustainable Equity Growth Rate = ROCE x (1 - Payout = 1.8019 x
    - 4.338

    4,937,368,000,000 = - 1,651,264,000,000
    8,828,360,000,000 = - 6,588,632,000,000

    1.802

    -4.338

    7,163,536,000,000 42,972,474,000,000
    x = - 4
    42,972,474,000,000 - 1,651,264,000,000
    7,163,536,000,000 42,972,474,000,000
    (1 + OLLEV) = x x (1 - 8,09) = 4
    42,972,474,000,000 14,964,386,000,000

    -8.08927948529127

    0.1667

    - 20,122,000,000 = 42,952,352,000,000

    Administrations R&D Expenses 22,456,990,000,000 - 8,628,647,000,000


    - = x x
    Sales Sales 42,972,474,000,000 42,972,474,000,000
    ….....

    -26.024

    4.15902399821119 = -0.179189636919229
    Sales Average Assets 9,206,869,000,000 42,972,474,000,000
    x = x x
    Average Assets Average Common Equit 42,972,474,000,000 20,534,632,000,000

    7,371,069,000,000
    = 0.372
    4,937,368,000,000

    (1 - 1,03) = - 0.052
    2019

    7,392,837,000,000
    = - 7.813
    - 946,271,000,000

    - 6,228,133,000,000 + 5,281,862,000,000 =
    2,302,201,000,000 - 8,530,334,000,000 =

    9,901,772,000,000
    = 1.56357811821362
    6,332,764,500,000

    7,392,837,000,000
    = -7.813
    - 946,271,000,000
    7,392,837,000,000 42,922,563,000,000
    x =
    42,922,563,000,000 - 946,271,000,000
    7,392,837,000,000 42,922,563,000,000
    x x
    42,922,563,000,000 15,132,703,000,000
    13,065,308,000,000
    = -13.8071524964836
    - 946,271,000,000

    7,392,837,000,000
    = 0.172236615972816
    42,922,563,000,000
    42,922,563,000,000 + 3,082,000,000 =

    4,357,209,000,000 22,028,693,000,000 - 8,049,388,000,000


    = - 0.011 x x
    42,972,474,000,000 42,922,563,000,000 42,922,563,000,000

    42,922,563,000,000
    = -45.36
    - 946,271,000,000

    -7.81260019592696 + 3.90948703317126 =
    20,534,632,000,000 9,901,772,000,000 42,922,563,000,000
    = 1.86 x x
    4,937,368,000,000 42,922,563,000,000 20,649,371,000,000

    9,901,772,000,000 - 9,176,417,000,000
    =
    4,937,368,000,000

    1.5636 x (1 - 1,24) =
    - 946,271,000,000
    - 6,228,133,000,000

    -7.81260019592696

    (1-(-13,8)) = 7.233795

    42,925,645,000,000

    - 3,861,481,000,000
    = 0.009
    42,922,563,000,000

    -3.9031131627557
    20,649,371,000,000
    = 1.87
    5,281,862,000,000

    0.147

    - 0.377

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