Wertorientierte Unternehmensführung bei RWE

Clemens Börsig
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Clemens Börsig: RWE AG

Schmalenbach Journal of Business Research, 2000, vol. 52, issue 2, 167-175

Abstract: Summary The main concept of performance measurement in the RWE-Group is a rate of return on invested capital. A positive spread between the rate of return on invested capital and the cost of capital rate is the main value driver. The required target-return on invested capital for business units is determined by a benchmark analysis. Net operating profit after taxes is determined by net income before financing costs, while business assets are taken from the balance sheet. The relevant profit includes return on investment in associates minus non-operating income plus implicit interest on non-interest bearing liabilities. Profit is defined before taxes. The adjustment of contingent liabilities is treated separately.

Date: 2000
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DOI: 10.1007/BF03372613

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