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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » PLC.N EPS and NAVPS calculation?

PLC.N EPS and NAVPS calculation?

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1PLC.N EPS and NAVPS calculation? Empty PLC.N EPS and NAVPS calculation? Thu Nov 01, 2012 9:55 am

hunter

hunter
Moderator
Moderator
My calculation of PLC.N EPS and NAVPS are higher than the values in the report.
It seems they have taken the preferential shared as well in to the formula.
(I am not an accountant Sad )

Can someone explain if we should take preferential share also to calculate EPS/NAVPS ?

My understanding is not (If we do not consider 'minority interest' portion)

Thanks in advance.

2PLC.N EPS and NAVPS calculation? Empty Re: PLC.N EPS and NAVPS calculation? Thu Nov 01, 2012 10:06 am

Fresher


Moderator
Moderator
Looks like the preference share dividend is also included in the reported net profit, so ideally we need to deduct that to calculate EPS using ordinary shares.
Same case in NAVP, where preferred equity is also included in stated capital. So deduct that and divide by ordinary shares.
I'm unsure what kind of preference shares these are and why they have included it.

3PLC.N EPS and NAVPS calculation? Empty Re: PLC.N EPS and NAVPS calculation? Thu Nov 01, 2012 10:23 am

hunter

hunter
Moderator
Moderator
npp wrote:Looks like the preference share dividend is also included in the reported net profit, so ideally we need to deduct that to calculate EPS using ordinary shares.
Same case in NAVP, where preferred equity is also included in stated capital. So deduct that and divide by ordinary shares.
I'm unsure what kind of preference shares these are and why they have included it.


Would you mind clarifying it a little for me?

w.r.t. EPS, the Q profit is like this..

Attributable to:
Equity holders of the parent 795
Minority interest 11
Net profit for the period 806

Earnings per share (Basic/ Diluted) (Rs.) 0.49


Ordinary shares 1,560,000,160
Fully paid cumulative redeemable preference shares 80,000,000
Total 1,640,000,160

Now, if I take the profit 795 and divide it by ordinary shares (1,560), I should get the EPS; shouldn't I?


4PLC.N EPS and NAVPS calculation? Empty Re: PLC.N EPS and NAVPS calculation? Thu Nov 01, 2012 10:28 am

Fresher


Moderator
Moderator
@hunter wrote:
Would you mind clarifying it a little for me?

w.r.t. EPS, the Q profit is like this..

Attributable to:
Equity holders of the parent 795
Minority interest 11
Net profit for the period 806

Earnings per share (Basic/ Diluted) (Rs.) 0.49


Ordinary shares 1,560,000,160
Fully paid cumulative redeemable preference shares 80,000,000
Total 1,640,000,160

Now, if I take the profit 795 and divide it by ordinary shares (1,560), I should get the EPS; shouldn't I?



you are correct to a certain extent, but since we are only considering ordinary shares, we need to deduct the preferred share dividend from the net profit (assuming it includes that since they have used total shares for ESP calculation). Need to read and see if it has actually been included somewhere in the income statement. If not then we use 795 as the net profit.
Preferred share dividend can be obtained from the statement of changes to equity.

edit- seems there has been no preferred dividends paid during last 6 months

5PLC.N EPS and NAVPS calculation? Empty Re: PLC.N EPS and NAVPS calculation? Thu Nov 01, 2012 10:55 am

hunter

hunter
Moderator
Moderator
Sorry Still a little unclear....

We get EPS 0.49 if (profit) 806 divided by (Total shares including preferential) 1640.
(I guess that's how they have calculated EPS)

But, as I understand, usual practise is, EPS = 795/1560
(As seen in other statements)

As I understand, minority= pref. share holders.
We should not take preferential shares in to EPS/NAVPS calculations; Should we?

6PLC.N EPS and NAVPS calculation? Empty Re: PLC.N EPS and NAVPS calculation? Thu Nov 01, 2012 11:32 am

Fresher


Moderator
Moderator
@hunter wrote:Sorry Still a little unclear....

We get EPS 0.49 if (profit) 806 divided by (Total shares including preferential) 1640.
(I guess that's how they have calculated EPS)

But, as I understand, usual practise is, EPS = 795/1560
(As seen in other statements) CORRECT

As I understand, minority= pref. share holders. WRONG
We should not take preferential shares in to EPS/NAVPS calculations; Should we? CORRECT

minority interest is NOT preferred equity. don't confuse both. They have not given the breakdown in the balance sheet but given separately(when you see the balance sheet, stated capital includes this)

If you look at the 6 month Income Statement, looks like they have not included minority interest in EPS calculation. ie: only profit attributable to equity holders is taken. BUT we cannot see a preferred dividend figure in the income statement.

So looks like they have used 795/1640 for EPS calculation (decimals rounded down for profit i assume)

7PLC.N EPS and NAVPS calculation? Empty Re: PLC.N EPS and NAVPS calculation? Thu Nov 01, 2012 11:41 am

hunter

hunter
Moderator
Moderator
npp wrote:

minority interest is NOT preferred equity. don't confuse both. They have not given the breakdown in the balance sheet but given separately(when you see the balance sheet, stated capital includes this)


I think that's what made me confused.

Thanks npp for taking time to explain!

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