Wertorientierte Unternehmensführung bei Mannesmann

Klaus Esser
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Klaus Esser: Mannesmann AG

Schmalenbach Journal of Business Research, 2000, vol. 52, issue 2, 176-187

Abstract: Summary At Mannesmann, value creation is seen as a process, in which the incentive system is closely tied to the management of businesses. In addition, the harmonization of the internal system of value-oriented management and the external accounting and reporting are important aspects of the so-called Value Increase Process (VIP). The main performance figure, apart from EBITDA and cash flow, is the return on gross operating assets. Gross operating assets (i.e. assets including cumulated goodwill amortization) are compared to operating profits before tax, interest and goodwill amortization. In order to reach most effective use of the funding the current performance is compared to targets. These targets are in line with the yield potential of our divisions, which varies according to the market situation and competitive environment. EBITDA is another performance yardstick, especially suited for fast-growing divisions.

Date: 2000
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DOI: 10.1007/BF03372614

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