Net Operating Profit After Taxes

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The Net Operating Profit After Taxes ( NOPAT ) or German business result after taxes describes the after-tax profit, consequently the operating profit after taxes .

From the point of view of all capital providers (i.e. debt and equity providers), NOPAT is the already taxed profit that can be distributed to the capital provider.

calculation

In order to calculate the NOPAT, the EBIT (Earnings Before Interest and Taxes) must first be known. This results from the result of the income statement ( income statement ). If you deduct the taxes from this, you get the NOPAT as a result. 

   Jahresüberschuss (Gewinn)                       EBIT
+  Fremdkapitalzinsen (abzüglich Tax Shield)     - tatsächlicher Steueraufwand (auf EBIT)
-  außerordentliches Ergebnis        oder
-  tatsächlicher Steueraufwand
 ----------------------------                     ------------------------------------
=  NOPAT                                         = NOPAT

The value of the NOPAT is usually of little interest. It is used to calculate other key figures such as Economic Value Added (EVA) or Return on Capital Employed (ROCE) .

Differentiation from NOPLAT

While NOPAT (Net Operating Profit After Taxes) deducts the taxes actually payable from EBIT, NOPLAT (Net Operating Profit Less Adjusted Taxes) deducts the notional taxes to be paid. Since no taxes are paid on interest expenses, the NOPLAT is higher than the NOPAT if there are borrowing costs. Since the difference will be closed out again in the next period, there will be an equalization in the medium term.

See also

Individual evidence

  1. ↑ (EBIT * tax rate)

literature

  • Ernst, Schneider, Thielen: Create and understand company evaluations . Vahlen, 3rd edition, 2008, ISBN 978-3800635269 .