ROACEReturns on Average Capital Employed
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BG expects ROACE to be 11-12pc in 2003, instead of the 13pc originally forecast, although 2006's target of 14pc remains unchanged.
We expect the company to post a 2009E ROACE of 38%, which would be the strongest in the sector.
Statoil also intends to maintain ROACE at 2013 level adjusted for price and currency level, and to keep unit of production cost in the top quartile of peer group.
We expect 2009-18E EBITDA and net income CAGRs of 21% and 23%, respectively, with an average ROACE of over 30%, which is higher than Russian oil majors' 25%.
Downstream has the potential to average 10-12% ROACE, more
The ROA and ROACE for the fourth quarter of 2008 were 0.
These measures, as well as EBITDA and ROACE, provide a more consistent view of performance than the closest GAAP equivalent for management and investors.
Downstream has the potential to average 10-12% ROACE, more than double current levels, and to deliver around $10 billion of annual cash flow.
Return on average capital ROACE is operating profit Provides a
In this calculation, ROACE is defined as the sum of income for the current and previous three quarters adjusted for after-tax interest expense as a percentage of the average capital employed for the same period.