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In Stillwater services question, there was a calculation of EVA and while calculating capital employed why the figure from published accounts was taken and why it didn’t include figure measured by regulator?
The CE employed figure for EVA is always the CE at the START of the year. At the end of 2011/start of 2012 the published accounts showed this to be 637, but that then has to be adjusted for the general bad debt provision and non-cash expenses which had been deducted from it.
The regulator simply takes its own figure (779) for the CE employed by regulated services only. Unregulated services are not assessed by the regulator.
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