[求助]请教2.5－06年6月试题中关于eps的计算(页 1) - 【ACCA 答疑解惑】 - ACCA论坛

aimeee 发表于 2007-9-14 12:11

[求助]请教2.5－06年6月试题中关于eps的计算

The issued share capital of Savoir, a publicly listed company, at 31 March 2003 was $10 million. Its sharesare denominated at 25 cents each. Savoir’s earnings attributable to its ordinary hareholders for the year ended 31 March 2003 were also $10 million, giving an earnings per share of 25 cents.Year ended 31 March 2004On 1 July 2003 Savoir issued eight million ordinary shares at full market value. On 1 January <chmetcnv unitname="a" sourcevalue="2004" hasspace="True" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>2004 a<chmetcnv></chmetcnv> bonus issue of one new ordinary share for every four ordinary shares held was made. Earnings attributable toordinary shareholders for the year ended 31 March 2004 were $13,800,000.Required:Calculate Savoir’s earnings per share for the years ended 31 March 2004 includingcomparative figures.Savoir – EPS year ended 31 March 2004:The issue on 1 July 2003 at full market value needs to be weighted:<chmetcnv unitname="m" sourcevalue="40" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>40m<chmetcnv></chmetcnv> x 3/12 = <chmetcnv unitname="m" sourcevalue="10" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>10m<chmetcnv></chmetcnv>New shares <chmetcnv unitname="m" sourcevalue="8" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>8m<chmetcnv></chmetcnv><chmetcnv unitname="m" sourcevalue="48" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>48m<chmetcnv></chmetcnv> x 9/12 = <chmetcnv unitname="m" sourcevalue="36" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>36m<chmetcnv></chmetcnv><chmetcnv unitname="m" sourcevalue="46" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>46m<chmetcnv></chmetcnv>Without the bonus issue this would give an EPS of <chmetcnv unitname="C" sourcevalue="30" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>30c<chmetcnv></chmetcnv> ($13·<chmetcnv unitname="m" sourcevalue="8" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>8m<chmetcnv></chmetcnv>/<chmetcnv unitname="m" sourcevalue="46" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>46m<chmetcnv></chmetcnv> x 100).The bonus issue of one for four would result in 12 million new shares giving a total number of ordinary shares of 60 million. The dilutive effect of the bonus issue would reduce the EPS to <chmetcnv unitname="C" sourcevalue="24" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>24c<chmetcnv></chmetcnv> (<chmetcnv unitname="C" sourcevalue="30" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>30c<chmetcnv></chmetcnv> x <chmetcnv unitname="m" sourcevalue="48" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>48m<chmetcnv></chmetcnv>/<chmetcnv unitname="m" sourcevalue="60" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>60m<chmetcnv></chmetcnv>).     <span style="FONT-SIZE: 15pt; COLOR: #ff6600; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: NewsGothicBT-Light; mso-ascii-font-family: NewsGothicBT-Light; mso-hansi-font-family: NewsGothicBT-Light;">这里请问BONUS ISSUE<span style="FONT-SIZE: 15pt; COLOR: #ff6600; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: NewsGothicBT-Light; mso-ascii-font-family: NewsGothicBT-Light; mso-hansi-font-family: NewsGothicBT-Light;">的计算是不是都视同会计年度的第1<span style="FONT-SIZE: 15pt; COLOR: #ff6600; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: NewsGothicBT-Light; mso-ascii-font-family: NewsGothicBT-Light; mso-hansi-font-family: NewsGothicBT-Light;">天发生？为什么不是这么算：<chmetcnv unitname="m" sourcevalue="13.8" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>13.8m<chmetcnv></chmetcnv>/(<chmetcnv unitname="m" sourcevalue="46" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>46m<chmetcnv></chmetcnv>+<chmetcnv unitname="m" sourcevalue="12" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>12m<chmetcnv></chmetcnv>*3/12)=<chmetcnv unitname="C" sourcevalue="28" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>28c<chmetcnv></chmetcnv>?The comparative EPS (for 2003) would be restated at <chmetcnv unitname="C" sourcevalue="20" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>20c<chmetcnv></chmetcnv> (<chmetcnv unitname="C" sourcevalue="25" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>25c<chmetcnv></chmetcnv> x <chmetcnv unitname="m" sourcevalue="48" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>48m<chmetcnv></chmetcnv>/<chmetcnv unitname="m" sourcevalue="60" hasspace="False" negative="False" numbertype="1" tcsc="0" wst="on"></chmetcnv>60m<chmetcnv></chmetcnv>).

bobaini 发表于 2007-9-20 20:30

bonus issue的计算不是视同会计年度的第一天发生的，我觉得正确的解法应该是这样：40M+40M*1/4=50M(这是不需要加权的那部分加上bonus issue)8*9/12=6M(这是七月一号发行的，加权后的)bonus issue:6M(加权后的)*1/4=1.5M所以总共的加权数：50+1.5+6=57.5Meps=13.8/57.5=0.24楼主贴出的计算方法是另一种方法，如果照楼主的疑惑的解法的话，那么就犯了两次加权的错误。鄙人愚见，愿抛砖引玉借贴问件事儿：为什么斑竹没有让我加入qq群~~

aimeee 发表于 2007-9-25 10:16

谢谢你的解答，还有一点小疑问：我理解，新的8百万股不管是7月还是8月或是4月等月发行，这8百万股带来的bonus issue应该都是2百万股，因为是在1月得到的，所以加权后应该是2×3/12=0.5M按你的理解，如果新股是八月1号发行，bonus issue:8*8/12*1/4=1.3M。实际上，新股如果是八月1号发行，我还是得到2百万bonus issue啊。

aimeee 发表于 2007-9-28 09:36

<div align="left" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; LAYOUT-GRID-MODE: char; TEXT-ALIGN: left;">bobaini，第一贴是官方答案。</div><div align="left" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; LAYOUT-GRID-MODE: char; TEXT-ALIGN: left;">网友Hilson的答复： “Because of no additional resource injection, the basic EPS will be diluted. ”</div><div align="left" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; LAYOUT-GRID-MODE: char; TEXT-ALIGN: left;">我觉得这句话是重点，是不是应该这样理解：bonus issue没有相应的资源注入，因此总资源还是13,800,000.00, 即30C×46M,由60M股来分，eps=30c*46/60.</div><div align="left" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; LAYOUT-GRID-MODE: char; TEXT-ALIGN: left;">可是，为什么答案是48？而不是 30C*46/58?</div><div align="left" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; LAYOUT-GRID-MODE: char; TEXT-ALIGN: left;"></div><div align="left" style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; LAYOUT-GRID-MODE: char; TEXT-ALIGN: left;"></div>

bobaini 发表于 2007-9-28 20:04

您那个58又是哪里来的啊，我昨天向国内求助了，证实了那个想法，bonus issue不用做时间加权。“因此总资源还是13,800,000.00, 即30C×46M,由60M股来分，eps=30c*46/60.”要分也不是用这个来分啊，要分也是30c*46/[40+40*1/8+8*9/12+(8*9/12*1/4)]=30*46/57.5=24c，结果一样，验证了吧，你没有对8m加权.答案是48/60是因为前面的30c是加权过的了，你再加权不就两次了吗。 [em31]

bobaini 发表于 2007-10-5 20:04

呵呵我有什么可以学习的啊，大家可以互相讨论一下，共同进步，帮你解答问题的同时，我也学到了好多东西的。以后有什么疑惑，大家再一起讨论吧PS:你是在这个论坛中第一个我认为诚心诚意想学习acca的人

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[求助]请教2.5－06年6月试题中关于eps的计算