Reële winssyfers vir 1986 van genoteerde industriële maatskappye op die Johannesburgse Effektebeurs

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Inflation Adjusted Income Figures for Listed Jse Industrials In 1986

By the application of AC201 the after tax net income figures of 266 listed industrial companies were recalculated for their financial year ending during 1986. Three adjustments, for additional depreciation of fixed assets, a stock adjustment as well as a gearing adjustment, were calculated and totalled to arrive at a total adjustment per company. The total after tax income was overstated by 78%, thus the real after tax net income seems to be only 22% of the actual historical figures reported. Furthermore, 55% ot the companies apparently paid dividends out of capital, 23% skipped the 1986 dividend and only 22% had a real dividend cover. No wonder that 1987 saw so many rights issues.

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Notes on contributors

W. Gevers

Wim Gevers en Willie Hamman is onderskeidelik Senior Lektor en Professor, beide van die Universiteit van Stellenbosch – Bestuurskool

W. Hamman

Wim Gevers en Willie Hamman is onderskeidelik Senior Lektor en Professor, beide van die Universiteit van Stellenbosch – Bestuurskool