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In the EVA Calculation for Boltzman & GM I am unsure where the (81) & (88) for ‘less tax benefit interest are coming from as well as the 18,758 & 20,373 figures for Capital employed.
It would be greatly appreciated if you could explain there quickly to me.
Thanks
CE in EVA is the opening CE. So for Boltzman, the EVA uses the CE at the end of 2013 so is 8983 (equity) + 9801 (debt) = 18785.
NOPAT is after tax but before interest. Interest woild have been allowed in the tax computation so if we go pre-interest we lose the tax relief.
291 x 28% = 81
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