2017年5月6日 星期六

已動用資本回報率(Return on Capital Employed;ROCE ratio)EBIT（Earnings Before Interest and Tax，即息稅前利潤）

EBIT＝凈利潤＋所得稅＋利息
或
EBIT＝經營利潤＋投資收益＋營業外收入－營業外支出＋以前年度損益調整。

EBIT通過剔除所得稅和利息，可以使投資者評價項目時不用考慮項目適用的所得稅率融資成本，這樣方便投資者將項目放在不同的資本結構中進行考察。EBIT與凈利潤的主要區別就在於剔除了資本結構和所得稅政策的影響。如此，同一行業中的不同企業之間，無論所在地的所得稅率有多大差異，或是資本結構有多大的差異，都能夠拿出EBIT這類指標來更為準確的比較盈利能力。而同一企業在分析不同時期盈利能力變化時，使用EBIT也較凈利潤更具可比性。

EBIT，全稱Earnings Before Interest and Tax，即息稅前利潤，從字面意思可知是

 ROCE＝ EBIT Total Assets - Current Liabilities
 ＝ Operating Profit+interest Equity Shareholders' Funds+longterm borrowing

一般來說，已動用資本回報率應該高於公司的借貸利率，否則的話，就會減少股東收益。

The Return on Capital Employed ratio (ROCE) tells us how much profit we earn from the investments the shareholders have made in their company. Think of it this way: if we had a savings account with a bank and we'd been paid, say, ￡25 interest at the end of a year; and we had saved ￡500, we could work out the rate of interest we had earned:

$Rate of interest=\frac{Interest earned}{Amount saved}\times 100=\frac{25}{500}\times 100=\frac{1}{20}\times 100=\frac{100}{20}=5%$
So, we have earned 5% interest on our savings.

Imagine now that instead of talking about a savings account, we were talking about a company and the profit for the year and its capital employed had been ￡25 and ￡500 respectively then the ROCE for that company would be 5% too.

$ROCE=\frac{Profit for the Year}{Equity Shareholders' Funds}\times 100 =\frac{25}{500}\times 100=\frac{1}{20}\times 100=\frac{100}{20}=5%$
Did you notice that we use the Equity Shareholders' Funds instead of Capital Employed? In fact, they are different names for the same thing! We could call the ratio the Return on Shareholders' Funds (ROSF) just as easily if we wanted; but generations of accountants and students only know it as ROCE.
In accounting, there can be different definitions of what certain terms mean. The use of the term 'capital employed' can mean different things. It can, for example, include bank loans and overdrafts since these are funds employed within the firm. Because there are different interpretations of what ROCE can mean, it is suggested that you use a method which you feel comfortable with but be aware that others may interpret your definition in a different way. Below is a guide to some of the interpretations that we have found on this issue.
Source and/or Definition of ReturnDefinition of Capital Employed
Elliott & Elliott: ROCE = Net profit/capital employedCapital employed = total assets
Investor Words:Capital employed = fixed assets + current assets - current liabilities
investopedia.com: Return = Profit before tax + interest paidCapital employed = ordinary share capital + reserves + preference share capital + minority interest + provisions + total borrowings - intangible assets
Holmes & Sugden: Return = trading profit plus income from investment and company share of the profit of associatesTRADING capital employed = share capital + reserves + all borrowings including lease obligations, overdraft, minority interest, provisions, associates and investments
OVERALL capital employed = share capital + reserves + all borrowings including lease obligations, overdraft, minority interest, provisions
DTICapital employed = total fixed assets + current assets - (current liabilities + long term liabilities + provisions)
Johnson Matthey Annual Report & AccountsCapital employed = fixed assets + current assets - (creditors + provisions)
Let's calculate the ROCE for the Carphone Warehouse now; and here are the figures we need:
Carphone Warehouse31 March 200125 March 2000
￡'000￡'000
Profit for the financial period38,15916,327
Equity shareholders' funds436,75844,190
Off you go!
Did you get this?
What do we think of these results? Well, the question we have to ask is
"Could we have earned more money (profit) if we had invested in a different business or simply put our money in the bank?"
Well, interest rates at the bank were somewhere around 4 or 5% in 2001 so we did better than that; but there are many businesses that have a ROCE of higher than 8 or 9%. Still, in 2000 the Carphone Warehouse had an ROCE of almost 37%: that's very good by all standards.
So what went wrong between 2000 and 2001? What happened, it didn't necessarily go wrong, was that the capital employed increased from ￡44,190,000 to ￡436,758,000 (a 10 fold increase) BUT the profits increased from ￡16,327 to only ￡38,159... they only just about doubled.
It's no surprise then that the ROCE fell so sharply as capital employed increased 5 times faster than the profit did.
It will be interesting to see what 2002 brings for the Carphone Warehouse and their ROCE.
We will look at Vodafone's ROCE shortly, but for interest here are some other ROCE values to compare with the Carphone Warehouse:
Leisure & HotelsInternational AirlineManufacturerRetailerDiscount AirlineRefiningPizza RestaurantsAccounting Software
ROCE5.56%3.16%-12.12%-0.12%33.63%16.17%16.14%16.29%
Again, these other ROCE values demonstrate that not everyone can get the same results for the same ratio at the same time: it depends on the industry, the management, the economy and so on.
The ROCE results in this new table relate to the Carphone Warehouse's results for the year ended 25 March 2000 of 36.95%. This is a good result as it shows that the business is effectively earning around 37% on the (investment) funds that the shareholders have invested in it.
Contrast the other ROCE values with the Carphone Warehouse and we can see that only the discount airline has a ROCE value anywhere near it. The international airline's ROCE is extremely low at just over 3%. Wouldn't the shareholders be better off selling the business and putting the money in the bank as it would earn more than that?
We should also compare these ROCE values with the profitability values. Let's just compare net profitability with the ROCE.
Leisure & HotelsInternational AirlineManufacturerRetailerDiscount AirlineRefiningPizza RestaurantsAccounting Software
Net Profit7.36%4.05%-10.48%1.63%10.87%12.63%7.55%27.15%
ROCE5.56%3.16%-12.12%-0.12%33.63%16.17%16.14%16.29%
Putting the data from this table on a graph can help us to see if there is a relationship between them:
There does seem to be a relationship between the net profit margin and the ROCE: the higher the net profit margin, the higher the ROCE. After all, the curve on this graph is not a straight line and it might even be a true curve meaning that the relationship is more complex than we might think. Keep an eye on this relationship whenever you assess the profitability of a business.