DHL 2008 Annual Report Download - page 39
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Deutsche Post World Net Annual Report 2008
Group management
EBIT after asset charge introduced as new performance metric
As part of our Roadmap to Value capital markets programme, we have introduced
a er asset charge as our new performance metric from January . is
metric is an additional guideline for managers at all levels and in all areas of activ-
ity, helping them to make decisions that focus their operating businesses on sustained
value growth.
Unlike , the performance indicator so far, takes into account the cost
of tied-up capital. In other words, it re ects pro t generated over and above the cost of
capital. Managers’ incentives have also been tied to the new indicator, which comple-
ments the previous -based bonus scheme.
e weighted average cost of capital is de ned as the weighted average
net cost of interest-bearing liabilities and equity, taking into account sector-speci c
risk factors in a beta factor.
In addition to the cost of capital, the net asset base makes up the second com-
ponent of the calculation. is is identi ed by including assets required for business
operations and subtracting liabilities that do not incur a cost of capital. Goodwill is
included in the net asset base, as value is created only if the required cost of capital is
earned on the entire initial investment, which also includes goodwill.
Capital Market, page 39
Weighted average cost of capital (WACC)
Equity cost of capital Debt cost of capital
Risk-free rate of return 4.2 %
Risk premium on equity 3.9 %
= Market risk premium 5.0 %
× Beta factor 0.78
(specific risk premium for the Group)
8.1 %
Tax effect 1.8 %
9.9 %
Weighting at market rates 70 %
Risk-free rate of return 4.2 %
Average risk premium on debt 1.2 %
5.4 %
Weighting at market rates 30 %
Group cost of capital 8.5 %
Group Management Report
Business and Environment
35