CAMEL Vs EVA

CAMEL vs EVA?
Secara simple, CAMEL merupakan metodologi yang pada mulanya diterapkan untuk mengevaluasi kesehatan keuangan dan manajerial institusi perbankan (pertama kali diperkenalkan di US). Sesuai dengan namanya, CAMEL (= Capital Adequacy,Asset Quality, Management, Earnings, & Liquidity Management) me-review dan mengukur tingkat kinerja keuangan dan manajerial perusahaan dari segi :

  • kecukupan modal (e.g. Leverage, ability to raise equity, adequacy of reserves),
  • kualitas asset (e.g.portfolio at risk, write off policy, productivity of longterm assets, infrastructure),
  • manajemen (governance, human resources, processes, control, and audit, Teknologi informasi,strategic planning and budgeting),
  • Earnings (Return on Equity, return on assets, efisiensi operasional,kebijakan bunga)
  • manajemen likuiditas (liability structure, proyeksi kas, produktivitas aktiva lancar, etc).

Jadi, CAMEL yang diterapkan secara komprehensif tidak hanya mengukur kinerja secara kuantitatif (ukuran angka) tetapi juga kualitatif (misal: menilai seberapa baik management governance perusahaan). Maka, untuk mengukur kinerja dengan CAMEL biasanya diperlukan data-data sbb:

  • Laporan keuangan
  • Budget/Proyeksi Cash Flows
  • Portfolio aging schedules
  • Funding resources
  • Informasi mengenai board of directors
  • Operations/Staffing
  • Informasi makroekonomi.

Sedangkan EVA (Economic Value Added) lebih menekankan pada pengukuran kinerja secara kuantitatif (value based financial performance measure) yang mencerminkan ukuran absolut dari nilai tambah yang diperoleh pemegang saham perusahaan setiap tahunnya (fokus: mengukur shareholder’s value creation).

EVA pertama kali diperkenalkan oleh Stern Stewart & Co., dan kabarnya sekarang diadopsi oleh lebih dari 250 perusahaan besar di dunia. Jika CAMEL biasanya diterapkan pada perusahaan perbankan, maka perusahaan yang menerapkan EVA lebih beragam.

Rumus EVA = NOPAT – C * CCR, dimana NOPAT = Net Operating Profit After Tax (biasanya diambil dari income statement’s profit dengan adjustment-adjustment tertentu), C = Total capital (pengertian capital disini mencakup debt & equity), CCR = Capital Cost Rate (kadang pakai WACC/Weighted Average of Cost of Capital & Debt). Jadi, untuk menghitung EVA diperlukan data income statement dan balance sheet (neraca).

Berikut ini contoh sederhana untuk perhitungan EVA (sumber: presentasi model EVA untuk small business, Esa Makelainen & Narcyz Roztocki-Pittsburg University):

Misal: diketahui data Income Statement & Balance Sheet sbb:
Net Sales 2,600.00
Cost of Goods Sold -1,400.00
SG&A Expenses -400.00
Depreciation -150.00
Other Operating Expenses -100.00
Operating income 550.00
Interest Expenses -200.00
Income Before Tax 350.00
Income Tax (40%) -140.00
Net Profit After Taxes 210.00
Cash 50.00, Accounts Payable (A\P) 100.00
Receivable (A\R) 370.00, Accrued Expenses (A\E) 250.00
Inventory 235.00, Short-Term Debt 300.00
Other Current Assets 145.00, Total Current Liabilities 650.00
Total Current Assets 800.00.
Long-Term Debt 760.00,
Property, Land 650.00, Total Long-Term Liabilities 760.00
Equipment 410.00, Capital (Common Equity)
Other Long-Term Assets 490.00, Capital Stock 300.00
Total Fixed Assets 1,550.00, Retained Earnings 430.00
Year to Date Profit/Loss 210.00
Total Equity Capital 940.00
Jadi TOTAL ASSETS 2,350.00, TOTAL LIABILITIES 2,350.00

Tahap-tahap perhitungan EVA:
1. Calculate Net Operating Profit After Tax (NOPAT)
2. Identify company’s Capital (C)
3. Determine a reasonable Capital Cost Rate(CCR)
4. Calculate company’s Economic Value Added (EVA)

Step 1: Calculate Net Operating Profit After Taxes (NOPAT)
Net Sales 2,600.00
Cost of Goods Sold -1,400.00
SG&A Expenses -400.00
Depreciation -150.00
Other Operating Expenses -100.00
Operating income 550.00
Tax (40%) -140.00
NOPAT 410.00

Note: This NOPAT calculation does not include the tax savings of debt.
Companies paying high taxes and having high debts may have to consider tax savings effects, but this is perhaps easiest to do by adding the tax savings component later in the capital cost rate (CCR)

Step 1: Calculate Net Operating Profit After Taxes (NOPAT) (Cont.)
An alternative way to calculate NOPAT:
Net Profit After Tax 210.00
Interest Expenses +200.00
NOPAT 410.00
Catatan: perhitungan NOPAT yang kompleks bisa melibatkan tidak kurang dari 164 penyesuaian thd laba dari laporan laba rugi konvensional.

Step 2: Identify Company’s Capital (C)
Company’s Capital (C) are
Total Liabilities less Non-Interest Bearing Liabilities:
Total Liabilities 2,350.00
less
Accounts Payable (A\P) -100.00
Accrued Expenses (A\E) -250.00
———-
Capital (C) 2,000.00

Step 3: Determine Capital Cost Rate (CCR)
In this example: CCR * = 10%
==>assumptions:
-Owners expect 13 % return* for using their money because less are not attractive to them; this is about the return that investors can get by investing long-term with equal risk (stocks, mutual funds, or other
companies). Company has 940/2350 =40% (or 0.4) of equity with a cost of 13%.

-Company has also 60% debt and assume that it has to pay 8% interest for it.
So the average capital costs would be:
CCR ** = Average Equity proportion * Equity cost + Average Debt proportion *
Debt cost = 40% * 13% + 60% * 8% = 0.4 * 13% + 0.6 * 8% = 10%
* Note: CCR depends on current interest level (interest higher, CCR higher)
and company’s business (company’s business more risky, CCR higher).
**Note: if tax savings from interests are included (as they should if we do
not want to simplify), then CCR would be:
CCR = 40% * 13% + 60% * 8% *(1- tax rate) =
0.4 * 13% + 0.6 * 8% * (1 – 0.4) = 8.08 % (Using 40 % tax rate)

Step 4: Calculate Company’s EVA
EVA = NOPAT – C * CCR
= 410.00 – 2,000.00 * 0.10
= 210.00
Jadi perusahaan tsb telah menciptakan EVA = 210.

CATATAN:
This is the EVA calculation for one year. If a company calculates EVA e.g.
for a quarterly report (3 months) then it should also calculate capital
costs accordingly:
· Capital costs for 3 months: 3/12 * 10% * 2,000 = 50
· Capital costs for 4 months: 4/12 * 10% * 2,000 = 67
· Capital costs for 6 months: 6/12 * 10% * 2,000 = 100
· Capital costs for 9 months: 9/12 * 10% * 2,000 = 150

Mudah-mudahan keterangan ini ada manfaatnya…..

Regards,
Taufikurrahman

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