Economic Value Added, EVA is economic value added. The indicator answers the questions of what additional income the company creates on invested capital, and whether the owners will make a profit. Standard balance sheet and income statement data can be used to calculate EVA. Details are in the article.

What is EVA

The concept of Economic Value Added (EVA) was developed in the late 80s by Joel Stern and Bennett Stewart.

EVA is the difference between a company's profit and its cost of capital. Sounds simple. But if we follow the position of the authors, then calculating EVA will require about 160 adjustments to the profit value. In practice, it is easier to estimate the value of the indicator.

Classic EVA formula

Calculating EVA using the classic formula proposed by Stewart and Stern looks like this:

EVA = NOPAT – WACC × CE,

where NOPAT (Net Operating Profit After Tax) is after-tax operating profit excluding accrued interest on loans and received loans, rub. When calculating it, all income and expenses of the enterprise reflected in the income statement, including income tax, are taken into account. To determine NOPAT, interest payable must be added to the net profit of the reporting period.

CE (Capital Employed) – invested capital, rub. .;

WACC (Weighted Average Cost of Capital) – weighted average cost of capital,% per year, which is calculated by the formula:

WACC = r LC × LC: CE + r OC × OC: CE,

where r LC – average cost of borrowed capital, % per year;

LC (Loan Capital) – borrowed capital or capital received in the form of debt obligations, rub.;

OC (Own Capital) – equity capital invested by the founders in the enterprise, rub.;

r OC – cost of equity capital, % per year. It is determined by shareholders and shows the minimum level of return that they expect to receive on their invested funds.

Formula for calculating EVA based on accounting data

The EVA formula can be converted into a more convenient form for calculations based on accounting data:

EVA = Net profit – r OC × OC.

Then it's a matter of technology. The value of net profit is taken from the income statement (p. 190), equity - from the balance sheet (p. 490, value at the beginning of the period). It remains to determine the cost of equity capital (rOC). (See also roe return on equity.) In practice, most often it is equated to the profitability that the owner wants to see. If a specific figure is not specified, you can use the formula:

r OC = r wr × β,

where r wr is the average rate of low- and risk-free investments (for example, the rate on deposits in highly reliable banks), % per annum;

β is an additional payment for risk when investing capital in a specific enterprise (in % per annum) required by the investor.

The amount of risk payment is individual for each enterprise and is determined by shareholders. Naturally, such data is not available in the financial statements. If the founders have not voiced their wishes - how much additional they want to receive for their risks, then the following can be used to estimate this indicator:

• , if it was determined at the stage of the decision to open an enterprise;
• average market return on equity for enterprises in this industry.

What adjustments should be taken into account when calculating economic added value?

Before proceeding with the calculation of economic added value, it is necessary to adjust the financial statements - to bring the profit and invested capital, calculated according to accounting standards, closer to real monetary values. Read how to correctly calculate EVA by making the necessary adjustments to the company’s financial statements.

Step-by-step algorithm for calculating EVA by balance

I’ll show you step by step how to calculate it from financial statements, using the example of the conditional company “Delta Co.”

Step 1. Bring your balance sheet and other reporting to a convenient form

• balance sheet (No. 1);
• statements of financial results (No. 2) and changes in equity;
• explanations of the reports that will be required to calculate the EVA indicator.

Bring accounting forms No. 1 and No. 2 to a unified form. The main framework of the table was developed by McKinsey, and I adjusted it to calculate EVA according to RAS.

To correctly convert the balance sheet, copy the values ​​of the articles “Initial cost of fixed assets”, “Initial cost of intangible assets”, “Goodwill” and depreciation data from the notes to the financial statements. The balance sheet currency will remain the same as in the standard report (see Table 1). Similarly with the balance sheet, transform the income statement (see Table 2).

Table 1. Transformed balance sheet, thousand rubles. (fragment)

table 2. Transformed statement of financial results, thousand rubles. (fragment)

Indicate the cost, commercial and administrative expenses in the form without depreciation; we will highlight it as a separate indicator. Take the values ​​from the notes to the financial statements. “Retained earnings” and “Dividends” can be found in the statement of changes in equity.

Step 2: Calculate your net operating income

The basis for calculating EVA is net operating profit after taxes (NOPAT). Subsequently, we subtract from it the product of the invested capital and its cost.

Take the converted income statement. Calculate net operating income using the formula:

NOPAT = EBIT – N + OtN (2)

Where , rub.;

EBIT (Earnings before interest and taxes) – profit before taxes and interest, rub.;

N – adjusted income tax, rub.;

FromN – change in deferred tax liabilities and assets, rub.

To find earnings before interest and taxes, use the formula:

EBIT = B – C – C&L – A (3)

where EBIT is profit before taxes and interest, rub.;

B – revenue, rub.;

C – cost without depreciation, rub.;

C&U – commercial and administrative expenses without depreciation, rub.;

A – depreciation, rub.

Calculation example

For the company "Delta and Co", profit before taxes and interest in 2015 amounted to 83,858 thousand rubles (291,287 - 121,207 - 48,160 - 37,599 - 463). We calculate the remaining years by analogy. The base for adjusting the income tax will include interest payments and income, as well as items that do not relate to the main activity:

• income tax reserve (line 2410 + line 2430 – line 2450 + line 2460);
• tax protection on interest payable (line 2330 × tax rate 20%);
• tax on interest receivable (line 2320 × tax rate 20%);
• tax on profits from non-core activities, if any.

The adjusted tax in 2015 is equal to 13,347 thousand rubles (10,726 thousand rubles + 893 thousand rubles – 130 thousand rubles + 11 thousand rubles + 14,414 thousand rubles × 0.2 – 5181 thousand . rub. × 0.2 + 0). The years 2014 and 2015 can be calculated similarly.

Change deferred taxes of the current and last year, find according to the balance sheet data for 2015 and 2014: the difference between IT and SHE for 2015 (line 1420 - page 1180) minus the difference between IT AND SHE for 2014. In the example, the deferred tax is equal to 1,145 thousand rubles ((15,070 – 1,354) – (14,046 – 1,475)). Similarly, determine the indicators for 2014 and 2013.

We have all the metrics to find net operating income. Let’s substitute the found values ​​into the formula for net operating profit after taxes for the company for 2015 and get 71,656 thousand rubles (83,858 – 13,347 + 1145).

Step 3: Find your invested capital

Let's calculate the amount invested in the main activity. Do not take into account income from non-core assets. We use the formula:

IC = CHOB + CHOS + Pr (4)

where IC is the capital invested in the main activity, rub.;

NOL – net working capital (line 1200 – line 1240 – (line 1521 + line 1522 + line 1523 + line 1524)), rub.;

NOS – net fixed assets – residual value of fixed assets and intangible assets (line 1150 + line 1110 + line 1120), rub.;

Pr – other operating assets and liabilities (line 1190 – line 1450 – line 1550 – line 1430 – line 1540), rub.

Let's calculate net working capital:

CHOB = OA – KFV – (KZ + Zn) (5)

where NER – net working capital, rub.;

OA – current assets (line 1200), rub.;

KFV – short-term financial investments (line 1240), rub.;

KZ – accounts payable (line 1521 + line 1522), rub.;

Zn – arrears of taxes and contributions (line 1523 + line 1524), rub.

Calculation example

Invested capital at the beginning of 2015:

NOR = 99,667 – 55,160 – (25,621 + 3597 + 5936 + 986) = 8367 thousand rubles.

NOS = 200,964 + 342 = 201,306 thousand rubles.

Pr = 34,176 – 2303 – 14,631 – 4958 – 7372 = 4912 thousand rubles.

IC = 8367 + 201,306 + 4912 = 214,585 thousand rubles.

Step 4: Evaluate return on invested capital

To calculate EVA on the balance sheet, we will calculate what return the company receives from the money invested. To do this, we find the ratio of net operating profit after taxes to capital:

ROIC = NOPAT: IC × 100% (6)

where ROIC (Return on invested capital) – return on invested capital, %;

NOPAT – net operating profit after taxes, rub.;

IC – invested capital at the beginning of the year, rub.

Calculation example

For the Delta and Co. company, the return on invested capital for 2015 is 33.393 percent (71,656 thousand rubles: 214,585 thousand rubles × 100%).

Specify the ROIC value to the nearest hundredth, otherwise there will be a noticeable difference in subsequent calculations.

Step 5: Determine the Economic Value Added EVA

To determine economic value added, we lack the weighted average cost of capital:

WACC = Ks × Ws + Kd × Wd × (1 – T) (7)

where WACC (Weight average cost of capital) – weighted average cost of capital, %;

Ks – cost of equity capital,%;

Ws – share of equity capital, units;

Kd – cost of borrowed capital, %;

Wd – share of borrowed capital, units;

T – profit tax rate, units.

For Delta Co, we take return on assets as the cost of equity. The tax rate is 20 percent. Substitute the values ​​into formula (8) and find that the WACC is equal to 11.68 percent (10.2% × 0.35 + 15.6% × 0.65 × (1 – 0.2)).

Let's use an alternative formula to calculate economic added value:

EVA = IC × (ROIC – WACC) : 100% (8)

where EVA is economic value added, rub.;

IC – invested capital, rub.;

ROIC – return on invested capital, %;

WACC – weighted average cost of capital, %.

An example of calculating EVA on a balance sheet

Hence, the company created economic added value for its shareholders in 2015 of 46,592.5 thousand rubles (214,585 thousand rubles × (33.393% - 11.68%): 100%).

Let's double-check the correctness of the calculation of the indicator using formula 1. The added value of the company is equal to 46,592.5 thousand rubles (71,656 - 214,585 × 11.68: 100). The numbers agree.

If the company maintains added economic value at the level of 46 thousand rubles or manages to increase it, the business has good prospects for further development.

Table 3. Weighted average cost of capital

Three ways to increase EVA

1. Increase operating profit while constantly spending on capital.
2. Additionally, invest in projects whose profitability is higher than the cost of raising money.
3. Free up capital. If a company has invested money in an activity or property, the income from which does not cover the cost of capital, it can sell this resource and receive funds.

Instructions

If you know the volume of the company's gross profit (VP), the amount of material costs for production (M) and the amount of depreciation charges (A), calculate the added value (VA) using the formula VA = BB - (M + A).

Material costs for production (M) include raw materials, supplies, fuel, electricity and general production costs for repairs and maintenance of equipment.

The volume of the company's gross revenue (GR) is equal to the sum of the cost of production and the company's profit before tax (SB + P). Therefore, if you have this data, you can calculate the added value using the formula DS = (SB + P) – (M + A).

Expand the formula indicated in the second paragraph: DS = (M + ZP + A + PR + % + P) – (M + A), that is, DS = (ZP + P + PR +%). Thus, you can determine the value added by simply adding up the accrued wages, the company's profit before taxes and the interest paid on the loan. If the organization incurs costs for renting premises, do not forget to include them in the added cost.

The company's profit before tax (P) is equal to the difference between the company's gross revenue and the cost of production, P = (BB - SB).

VAT is an indirect tax paid on consumer goods or services. It is charged on almost all types of goods and falls on the shoulders of the end consumer. In this case, the amount of VAT that is intended to be paid to the budget is determined in the form of the difference in the amount of tax calculated with the amount of payment for products sold by the taxpayer and the tax that was paid to suppliers for purchased materials.

Instructions

In order to receive VAT, certain conditions must be met:
- goods must be purchased for carrying out any production activity or, as well as other operations that are subject to VAT;
- was actually paid to the customs authorities for the goods in the customs territory;
- the goods have been accepted for registration;
- The invoice must be correctly drawn up.

In order to receive a VAT deduction when purchasing intangible assets and fixed assets, you need to accept the objects for accounting.

In order to receive VAT deductions withheld from foreign persons, you must first pay it to the budget and comply with the condition on the use of purchased goods for production activities.

VAT deduction calculated from the advance payment for the upcoming export of goods sold outside the Russian Federation is made only after the date of sale of these goods.

All VAT deductions that relate to goods used in the production activities and sale of these exported goods can only be made upon presentation of documents confirming the export to the tax authorities.

To understand why there is no VAT, you need to understand what this abbreviation means. Value added tax is one of the indirect taxes, which is formed at different stages of production and further sale of goods and is subject to payment to the budget. Today there are 3 VAT rates: a standard rate of 18%, a preferential rate of 10% (for essential goods) and a 0% rate.

Instructions

There are two types of VAT – import and domestic. Import VAT is paid at customs when goods are imported from Russia. The exception is when the product falls under the 0% rate. This happens if goods are exported according to the procedure established by law or fall under the regime of a free customs zone on the territory of the member countries of the Customs Union.

The second type of tax - internal VAT - is paid when selling goods, as well as works or services in our country. However, not all legal entities are required to know the intricacies of calculating this tax. In order to reduce the burden on small businesses, those firms that apply a single tax on imputed income or a simplified taxation system as a tax regime are exempt from VAT. On the one hand, this is convenient for them, but if such organizations work with companies under the general taxation regime, and VAT is allocated as a separate line in the invoice, they, unfortunately, can no longer return this money from the budget. And, conversely, it is not profitable for organizations working on the simplified tax system to work with those who use the simplified tax system, since the cost of goods is indicated without VAT, while in a similar company with a general taxation regime the cost may be the same, but with VAT included. , which can be returned from the budget.

It turns out that if you do not see a VAT line on the receipt, then perhaps the company from which you are buying the goods is one of the taxpayers who do not apply the general taxation regime. Otherwise, the absence of VAT on a cash receipt may serve as grounds for holding the company liable by the tax office.

Often, for consumers of goods, the presence or absence of allocated VAT in an invoice or receipt is not important. In any case, only legal entities can recover the amount of input VAT from the budget, that is, the tax is ultimately paid from the pockets of individuals.

+ indirect taxes

Indirect taxes are added to the price, such as value added tax, excise taxes, customs duties.

Gross value added is the difference between the output of goods and services and intermediate consumption. Output of goods and services is the total cost of goods and services resulting from the economic activities of the organization in the reporting period. Intermediate consumption is the value of goods consumed (excluding consumption of fixed capital) and market services consumed during the reporting period for the purpose of producing other goods and services. In accordance with the methodology of the system of national accounts, intermediate consumption includes the following elements: material costs (goods and material services), including raw materials and supplies, purchased components and semi-finished products, work and services of a production nature performed by other organizations, fuel, electrical energy, thermal energy ; payment for intangible services; travel expenses in terms of payment for travel to and from the place of business travel and the cost of renting living quarters; rent; other elements of intermediate consumption.

Purchased materials and services are purchased ready-made and created by suppliers and contractors, so they are not included in added value. In this case, all internal costs of the company (for wages, depreciation of fixed capital, etc.), as well as the profit of the organization, are included in added value.

Gross value added by type of economic activity is summed up and participates in the calculation of the country's gross domestic product using the production method.

• • • • • • Added value from a tax point of view... this is the part, the minimum that theoretically cannot be hidden from tax (VAT), everyone can check at their own enterprise! And in fact, it is easy to check whether value added tax, payroll and all taxes on it are correctly calculated; this is an added value that cannot be compensated. This means the minimum amount of value added tax = (payroll + taxes accrued on payroll). This value can be reduced in a specific time interval, but sooner or later this (hidden) amount will have to be paid, i.e. This hidden value will grow like a snowball.....

see also

Wikimedia Foundation.

2010.

See what “Added Value” is in other dictionaries: Financial Dictionary

added value- The cost of the finished product of the company (company) minus the cost of raw materials, materials, semi-finished products and other resources purchased from other companies and used for its production. D.s. is used as a tax base for one of... ... Technical Translator's Guide

- (value added) The value added to a product as it passes through the chain from the place of its initial acquisition, production, etc. before retail sale. For example, if a manufacturer purchases a semi-finished product, the added value will be... ... Dictionary of business terms

Added value- (value added by processing) 1. In the national accounting system (see National Accounts), the difference between the value of goods and services produced and the value of goods and services that were used in the production process (i.e. ... Economic and mathematical dictionary

Modern encyclopedia

Added value- (English additional cost) value added during the production process of a product; includes wages with social security contributions, depreciation charges, profit... Encyclopedia of Law

Added value- (value added by processing), the cost of a product sold minus the cost of products (materials) purchased and used for its production; equal to revenue including wages, rent, rent, bank interest,... ... Illustrated Encyclopedic Dictionary

See Value Added Dictionary of Business Terms. Akademik.ru. 2001... Dictionary of business terms

- (value added) Total sales of the company minus purchases of resources from other companies. The remainder is intended to pay salaries to the company's employees and pay profits to its owners. National income is the sum of the added value of all enterprises in the economy... ... Economic dictionary

Added value- the difference between the price of a product ex-factory and the cost of imported raw materials and materials used for its production;... Source: Agreement between the Government of the Russian Federation, the Government of the Republic of Belarus and the Government of the Republic... ... Official terminology

The difference between the cost of a product sold by an organization (services provided) and the materials spent on its production; equal to revenue. Includes equivalent costs of wages, interest on capital, rent and profit. This indicator... ... Legal dictionary

Books

• National interests: priorities and security No. 14 (203) 2013, The magazine covers current problems of national interests, priority directions for economic development, issues of national security of Russia and the regions in various spheres of the economy,… Category: Politics, political science Series: Magazine “National Interests: Priorities and Security” 2013 Publisher: FINANCE and CREDIT, eBook(fb2, fb3, epub, mobi, pdf, html, pdb, lit, doc, rtf, txt)
• How to use value added data analysis to improve student learning, Kennedy Kate, Peters Mary, Thomas Mike, The book is dedicated to the explanation, methods of application and interpretation of technology for assessing the performance of both educational institutions (regional and municipal governments ... Category: Educational administration Series: Library of the journal "Educational Issues" Publisher:

Let's talk about such an important criterion for assessing the value of an enterprise as economic added value ( Economic Value Added). Let's consider the formula for calculating this indicator, methods of its analysis and management. Let's conduct a comparative analysis with other approaches to company valuation.

Economic added value. Definition

In the modern economic environment, economic value added is an indicator of assessing the value of a company/enterprise for owners/shareholders.

Economic added value (EnglishEVA,EconomicValueAdded) is an indicator of the economic profit of an enterprise after paying all taxes and fees for all capital invested in the enterprise.

EVA vs Net Profit

Formula for calculating economic added value

Economic value added shows the excess of net operating profit after taxes and the cost of using capital. The formula for calculating EVA is given below:

NOPAT(English Net Operating Profit Adjusted Taxes) – profit from operating activities after taxes, but before interest payments ( NOPAT=EBIT (operating profit)–Taxes (tax payments));

WACC (English Weight Average Cost Of Capital) is the weighted average cost of capital, and represents the cost of equity and borrowed capital, that is, the rate of return that the owner (shareholder) wants to receive on invested money;

C.E. (English Capital Employed, Invested Capital, Capital Sum) – investment capital, is the sum of total assets ( Total Assets) based on the beginning of the year minus non-interest-bearing current liabilities (payables to suppliers, budget, advances received, other payables). In the balance sheet, investment capital is the sum of the lines “Capital and reserves” (line 1300) and “Long-term liabilities” (line 1400).

To calculate the weighted average cost of capital (WACC), we use the following formula:

Where: R e ,R d – expected/required return on equity and debt capital, respectively;

E/V, D/V – share of equity and debt capital in the capital of the enterprise;

t – interest rate of income tax.

What does economic value added show?

Economic added value shows the efficiency of an enterprise's use of its capital and shows the excess of the enterprise's profitability over the weighted average cost of capital. The higher the value of economic added value, the higher the efficiency of capital use of the enterprise. Efficiency is determined by exceeding profitability and cost of capital (debt and equity). Large EVA values ​​indicate a high rate of additional return on capital. Comparing the EVA of several enterprises allows you to choose the one that is more attractive for investment.

The EVA indicator reflects various categories of enterprise activity: investment attractiveness, competitiveness, financial stability, solvency, sustainability and profitability. The figure shows schematically the relationship between EVA and other enterprise characteristics.

Users of the indicator economic added value of the enterprise

The users of this criterion are shareholders, top managers, and investors who evaluate changes in EVA as an integral criterion for the economic attractiveness and efficiency of enterprise development.

Economic Value Added in the Value Based Management system

Based on the EVA indicator, the VBM enterprise management system is built ( ValueBasedManagement). This enterprise management system is based on maximizing economic added value. The goal of all management decisions at an enterprise is to increase value for shareholders and owners. Finance serves to create a positive return on investment over invested capital. In this system, corporate governance serves to develop a system for measuring the contribution of managers to the growth of the company's value and a system for their material motivation and reward.

Economic studies on the importance of economic value added indicator

Thus, in her work, Gabriela Chmelíková (in 2008) proved that the EVA indicator has a strong correlation with such classic indicators as ROA and ROE. This proves that EVA is a better indicator of shareholder sentiment than traditional measures. Research by Klapper, Love, Jang, Kim (2005) proved that the EVA coefficient has a positive correlation with sales volume, leverage, age and company/enterprise size. A particularly strong influence on the EVA indicator is the corporate one, expressed by J. Tobin's coefficient (Q). These studies once again prove the importance of this indicator, which characterizes the efficiency of an enterprise.

Example of EVA calculation for OJSC ALROSA

In order to better understand the meaning of economic value added (EVA), let’s look at a practical example of how this indicator is constructed. Since all indicators are based on international reporting, they do not exactly coincide with domestic analogues. The result, in a simplified version, is the following formula:

EconomicValueAdded= Net profit – WACC*(Capital and reserves + Long-term liabilities)

The table below shows the calculation of EVA for the enterprise OJSC ALROSA.

The enterprise's net profit is taken from balance sheet line 2400 and is the final result of the organization's activities (NOPLAT).

The sum of “capital and reserves” and “long-term liabilities” forms the enterprise’s investment capital (CE).

To calculate WACC, you can compare ROE indicators (return on equity, level of profitability) for similar companies in the same industry. In this example, the profitability of enterprise capital management (both own and borrowed) was taken at the rate of 10% per annum.

Economic Value Added = B4-B3*(B5+B6)

Control levers in the EVA model

Based on the above formula, we can identify the main levers and factors for managing economic added value (NOPLAT, WACC and CE):

• increasing the profitability/profitability of the enterprise by increasing sales volume. This can be achieved by developing marketing strategies for product promotion. The second direction is reducing costs in the production of products through the use of new technologies, materials, raw materials, highly qualified personnel, etc.;
• managing the cost of borrowed capital: reducing the interest rate through on-lending, obtaining an international/national credit rating;
• capital management. Liquidation of low-profit assets, search for new areas of capital investment.

Summary

For the sustainable development of a company/enterprise, a single criterion for assessing value for owners is required, which allows one to link the strategic and operational levels of management. The economic value added (EVA) indicator is one of the most common indicators for an owner to assess the value of his business. Based on the EVA indicator, a VBM (Value Based Management) enterprise management model is built, where all enterprise indicators affect changes in added value. To stimulate managers in actions aimed at increasing value, based on this model, various systems for assessing contributions and monetary incentives are being developed.

With the help of the FinEkAnalysis 2019 program you can quickly carry out Assessment of economic added value.

An example of a report automatically generated by the FinEkAnalysis 2019 program.

Estimation of economic value added
CJSC "Arsenal" as of 01/01/2010

Economic value added is a method of measuring the financial health of a company that calculates real economic income. EVA can be calculated as the difference between net operating income after taxes and the opportunity cost of invested capital.

The main idea and meaning of the EVA indicator is that the company's capital must work with such efficiency as to provide the rate of return required by the investor, shareholder or other owner on the invested capital.

Economic added value is calculated using the formula:

EVA = NOPAT – WACC x CE

where NOPAT is net profit according to financial statements, taking into account the necessary adjustments;

WACC – weighted average cost of capital;

CE - invested capital.

Economic added value arises in a company if, over a given period of time, it was possible to earn a return on invested capital higher than the investor’s rate of return.

A positive EVA value means an increase in market value compared to the book value of net assets and an incentive for owners to make further investments in the enterprise. A negative one leads to a decrease in the market value of the company and the loss of invested capital by the owners due to the lack of alternative profitability. At zero EVA, the market value of the enterprise and the book value of net assets coincide, which means that the owner’s market gain is zero.

It is advisable to calculate EVA in 3 stages:

1) determination of the weighted average cost of capital;

2) making amendments to the profit and capital indicator;

3) determination of the return on invested capital, profitability spread and economic added value.

The weighted average cost of capital of Arsenal CJSC is 3.99% (see block "Calculation of the weighted average cost of capital")

Balance sheet adjustments are made to convert NOPAT and CAPITAL from accounting book value to economic book value. In Russian conditions, it is advisable to use an approach with a financial perspective to calculate NOPAT.

NOPAT calculation

Features of the enterprise's accounting policy made it possible to make adjustments when calculating economic profit by the amount of: costs associated with financing and interest income, investment loss. In this regard, economic profit exceeded accounting profit by 7723.3 thousand rubles.

When calculating the CAPITAL indicator, the approach with an operational perspective seems to be the least labor-intensive.

CAPITAL calculation

In 2009, amendments made when converting the balance sheet value of the capital indicator into economic value increased its level by 578 thousand rubles.

Calculation of EVA indicators - menagment

In 2009, Arsenal CJSC earned a profitability that exceeded the investor's requirement by 20.91%. The increase in the market value of the enterprise over the book value of assets amounted to 24,791 thousand rubles. This encourages the owner to further invest in the enterprise.