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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » How do ratios given in annual reports for a particular year change in the next year's report.

How do ratios given in annual reports for a particular year change in the next year's report.

Go down  Message [Page 1 of 1]

K.Haputantri

K.Haputantri
Co-Admin
While examining the annual audited reports of listed companies, I noticed that PE for year 2008 given in 2008 annual report is completely different from the PE for the same year (2008) as given in 2009 report. Similar errors were noted in almost all reports.

?Can any one explain how this happens.

malanp


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@K.Haputantri wrote:While examining the annual audited reports of listed companies, I noticed that PE for year 2008 given in 2008 annual report is completely different from the PE for the same year (2008) as given in 2009 report. Similar errors were noted in almost all reports.

?Can any one explain how this happens.

is it completely different or slightly different? if it is completely different then they should disclose in the account,

Slight or minor differences arise through prior year adjustments ie. when they get income or expense relating to previous year they straight charge to the prior year profit, then prior year EPS is calculated on the adjusted profit.

some companies like VFIN show annualised EPS, and this can always change.

K.Haputantri

K.Haputantri
Co-Admin
@malanp wrote:
@K.Haputantri wrote:While examining the annual audited reports of listed companies, I noticed that PE for year 2008 given in 2008 annual report is completely different from the PE for the same year (2008) as given in 2009 report. Similar errors were noted in almost all reports.

?Can any one explain how this happens.

is it completely different or slightly different? if it is completely different then they should disclose in the account,

Slight or minor differences arise through prior year adjustments ie. when they get income or expense relating to previous year they straight charge to the prior year profit, then prior year EPS is calculated on the adjusted profit.

some companies like VFIN show annualised EPS, and this can always change.
Thanks for your professional explanation. 2010 report gives PE for year 2009 as Rs:13.56 while year 2009 report gives PE for 2009 as Rs:30.08 where a significant difference is noticed. Year 2011 report gives 2011 PE as Rs 26.53 while year 2012 report gives the same PE as Rs:23.00 where over 10% diferrence is noticed. I did not go through the full report to see if there are explanations. However, shouldn't they give some mark referring to an explanation where significant difference is noticed?

Also they do not use the same format every year making it very difficult for the reader to comprehend. This is prevalant in almost all listed companies. CSE, SEC and professional bodies should do some thing to fix this problem.

malanp


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

there can be bonus issue or share split during the year, it might change prior year EPS because they reinstate the previous EPS as per current year number of shares.

It is an interesting story, if you can put the company name it is better, because I am also interested in this case.

innam

innam
Manager - Equity Analytics
Manager - Equity Analytics
@K.Haputantri wrote:
2010 report gives PE for year 2009 as Rs:13.56 while year 2009 report gives PE for 2009 as Rs:30.08 where a significant difference is noticed.

What is the company used in your example? PE is a ratio and shouldn't have Rupees in front of it. If you are talking about EPS then it may be a split.

But looks like your example may be due to the company using the current year end share price to calculate the PE. eg if the 2010 share price is 135 and 2009 EPS was 10 then the PE calculated in the 2010 report would be 13.5, but the year end share price at 2009 could have been 300 giving a PE in 2009 report as 30

K.Haputantri

K.Haputantri
Co-Admin
@innam wrote:
@K.Haputantri wrote:
2010 report gives PE for year 2009 as Rs:13.56 while year 2009 report gives PE for 2009 as Rs:30.08 where a significant difference is noticed.

What is the company used in your example? PE is a ratio and shouldn't have Rupees in front of it. If you are talking about EPS then it may be a split.

But looks like your example may be due to the company using the current year end share price to calculate the PE. eg if the 2010 share price is 135 and 2009 EPS was 10 then the PE calculated in the 2010 report would be 13.5, but the year end share price at 2009 could have been 300 giving a PE in 2009 report as 30

Innam, sorry, its not PE its EPS. Is my mistake.
Malnap, I'll PM you the company as its unfair to go public. Any way, its a good subject for further research as we take our investment decisions on such info. God bless poor investors.

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