Thesis (MBA)--Stellenbosch Universiteit, 2000. / ENGLISH ABSTRACT: The important changes in real interest rates, deregulation, amalgamation and the change of enterprise form from co-operatives to companies, require a new approach towards the utilisation and management of capital in the agricultural business. The economic environment has changed from a situation where management used nearly uncontrolled amounts of capital to get turnover, towards a capital scarce situation where capital is applied with caution and where profits are required. This new approach calls for focus on working capital. This study proposes a conceptual approach to the evaluation of the management of cash. The concept of a STREAM / WELL of cash, as used by Hamman (1999) at the Business School of the University of Stellenbosch, is described. The cash flow statements of some co-operatives have been standardised to produce comparable figures for income from operating -, investment- and financing activities. The STREAM / WELL approach with a graphic presentation of income from operating -, investment - and financing activities are used to demonstrate the usefulness thereof. The conclusion is made that profit margins are too low in this kind of business because of a lower than needed mark-up. The working capital cycle is too long in most of the businesses, which indicates that too much working capital is used to generate the income. Lastly, the growth in turnover is as a determinant factor for working capital, too unpredictable and uncontrolled because of inherent qualities of this business environment. The risk in this market, because of climate and uncontrollable factors, is not calculated but indications are that this risk is high. / AFRIKAANSE OPSOMMING: Die ingrypende verandering van reële rentekoerse, deregulering, amalgamasies en omskakeling van koöperasies na maatskappye, verg nuwe benaderings tot die bestuur en aanwending van kapitaal in die landbou. Vanuit 'n omgewing waar omsette nagejaag is met feitlik onbeperkte toegang tot fondse, het die landbouondernemings se benadering verander na ondernemings met beperkte kapitaal wat oordeelkundig aangewend moet word en bevredigende opbrengste moet lewer. Hierdie tendens noodsaak 'n gefokusde benadering tot die bestuur van bedryfskapitaal. Die studie stel 'n konsepsuele benadering voor om ondernemings se bestuur van kontant, soos gerapporteer in kontantvloeistate, te evalueer. Die konsep van 'n STROOM / PUT benadering, soos jare lank deur Hamman (1999) gebruik om die begrippe te verduidelik aan die Bestuurskool van die Universiteit van Stellenbosch, word omskryf. Die kontantvloeistate van 'n aantal landbouondernemings is gestandaardiseer om vergelykende opbrengste uit bedryfs-, investerings- en finansieringsaktiwiteite te bereken. Die STROOM / PUT benadering word saam met 'n grafiese voorstelling van die bydraes uit bedryfs-, investerings- en finansieringsaktiwiteite gebruik om die aanwending daarvan te demonstreer. Daar word tot die slotsom gekom dat winsgewendheid te laag is in ondernemings van dié aard hoofsaaklik omdat winsgrense te laag is. Oor die algemeen is die bedryfskapitaalsiklus te lank, wat daarop dui dat te veel bedryfskapitaal aangewend word om die opbrengs te genereer. Laastens is die groei in omset, as bepaler van die vraag na bedryfskapitaal, ongekontroleerd en wisselvallig as gevolg van die inherente eienskappe van die landbou sakeomgewing. Die risiko opgesluit in dié markomgewing wat grootliks deur klimaat en ander onbeheerbare faktore beïnvloed word, word nie bereken nie, maar die studie dui op besondere hoë risiko's van dié aard.

Thesis (MBA)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: This study examines the construction and comparability of Value Added Statements published by listed industrial companies on the Johannesburg Stock Exchange during a two-year period starting in 1999. No Accounting Standard is presently available for preparing the Value Added Statement. Therefore, this study has as its aim the encapsulation of the various faulty recordings of different items in the statement. The published financial statements for 1999 and 2000 of more than 200 companies were analysed and compared to a previously developed standardised statement to ascertain items incorrectly included or omitted. The inclusion or extraction of these items in the standardised statement determines the actual value added by a company. The study also accurately identifies those items that are mostly recorded incorrectly and which contribute to the inadequacies of the Value Added Statement. For the Value Added Statement to put the wealth created by an organisation in a proper perspective, the comparability thereof will have to be enhanced by the constant application of a methodical and uniform model that incorporates clearly defined entries. Users of Value Added Statements should thus be able to compare the results in a statement of an entity over a given period of time to evaluate trends and cycles and should furthermore, be able to compare the statements of various companies in order to determine the relative performance of a company in the creation of wealth. / AFRIKAANSE OPSOMMING: Hierdie studie ondersoek die konstruksie en vergelykbaarheid van Toegevoegdewaardestate wat gepubliseer is oor 'n tydperk van twee jaar, beginnende 1999, deur industriële maatskappye wat op die Johannesburgse Effektebeurs genoteer is. Geen Rekeningkundige Standpunt is tans beskikbaar vir die opstel van Toegevoegdewaardestate nie. Gevolglik het hierdie studie dit ten doel om die foutiewe inskrywings van verskeie items te identifiseer. Die gepubliseerde finansiële state vir 1999 en 2000 van meer as 200 maatskappye is geanaliseer en vergelyk met 'n gestandaardiseerde staat wat vooraf ontwikkel is. Die doel van hierdie analise was om items te identifiseer wat verkeerdelik ingesluit is of weggelaat is in die betrokke state. Die werklike waarde wat toegevoeg is, word gevolglik bepaal deur die insluiting of weglating van die items in die gestandaardiseerde staat. Die studie identifiseer ook daardie items wat die meeste verkeerdelik gerapporteer word en wat die grootste bydrae lewer tot die vermindering in die aanwending en waarde van die Toegevoegdewaardestaat. Om werklik perspektief te plaas op die rykdom wat geskep word deur 'n organisasie, sal die vergelykbaarheid van die Toegevoegdewaardestaat verbeter moet word deur die deurlopende toepassing van 'n sistematiese en konstante model wat duidelik omskryfde inskrywings inkorporeer. Die gebruikers van Toegevoegdewaardestate moet dus in staat gestel word om 'n vergelyking te tref tussen die resultate van 'n entiteit oor 'n gegewe tydperk ten einde tendense en siklusse te evalueer, asook om die resultate van verskillende maatskappye te vergelyk ten einde 'n maatskappy se relatiewe werksverrigting te bepaal aangaande waardetoevoeging.

Thesis (MBA)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: Both the income statement and the cash flow statement of a company provide useful information to the user of financial statements. The net profit after tax in the income statement and the cash from operating activities in the cash flow statement have basically the same transactions as source, however they still differ, because of timing differences between the accrual of income and expenses and the cash receipts or payments thereof, as well as the inclusion of items in the net profit after tax that rather forms part of cash flow from investment activities. A growth in turnover usually coincides with an increase in non-cash working capital. When the company is expanding at too high a rate, too much of his cash resources are taken up by the increase in non-cash working capital and that could lead to cash flow problems. This trend can be plotted on a graph, with a growing net profit after tax and a decline in the cash flow from operating activities. The two lines move away from each other when there is a significant difference between the net profit after tax and the cash flow from operating activities. This study tries to measure the angle between the two lines where they reach the danger zone. Users of financial statements will be able to use this as an indicator of companies that are going to be in cash flow trouble over the next period. In order to measure this angle when the company reaches the danger zone, 365 listed industrial companies were studied. The net profit after tax and the cash flow from operating activities were both transformed into an index, with cash flow relative to net profit. The difference between the index strings was calculated. This study only focuses on companies with an index-difference where the cash flow from operating activities is smaller than the net profit after tax. An index-difference of -2 was identified as the possible danger zone. In order to substantiate this figure, companies with an index-difference of -2 or larger negative that still were listed at the time of the study were examined to find the reason for the difference. Items that do not form part of the cash flow from operating activities cannot be used in the calculation of the index-difference, because it will generate a permanent difference between the net profit after tax and the cash from operating activities. Companies that have a huge negative index-difference only because of such items are not in the danger zone. 33 companies with an index-difference of -2 or more negative were identified. Focus was placed on the thirteen companies that did not have losses and that were still listed at the time of the study. Six of these companies were removed from the danger list after the individual examination, because of other reasons for the difference rather than an increase in non-cash working capital. That leaves seven companies that are shown by this study to be in danger to get into serious cash flow trouble in the foreseeable future. A few additional companies were examined which led to another six companies being placed on the danger list. Only time will tell whether these companies do get into serious financial difficulty. If so, the index-difference can be calculated as an indicator of the point when a company, regardless of a strong growth in turnover, and sometimes because thereof, does not generate enough cash from operating activities to finance the growth in non-cash working capital. Unless the company has a holding company that is willing to pour more cash into the company, or unless the company can do a successful rights issue, it will find itself in the position where it cannot finance the expansion and also cannot obtain more additional funding. / AFRIKAANSE OPSOMMING: Beide die inkomstestaat en kontantvloeistaat van 'n maatskappy verskaf nuttige inligting aan gebruikers van finansiële state. Die netto wins na belasting uit die inkomstestaat en die kontantvloei uit bedryfsaktiwiteite uit die kontantvloeistaat het basies dieselfde transaksies as bron, maar verskil tog, hoofsaaklik vanweë tydverskil in die erkenning van die toevalling van inkomste en uitgawes en die kontantontvangstes en -betalings daarvan, asook vanweë die insluiting van items in die netto wins na belasting wat eerder deel vorm van die kontantvloei uit investeringsaktiwiteite. Wanneer die maatskappy 'n groei in omset toon, gaan dit gewoonlik gepaard met 'n toename in nie-kontant bedryfskapitaal. Wanneer die maatskappy te vinnig groei, word te veel van sy kontantbronne vasgevang in die verhoogde nie-kontant bedryfskapitaal en dit kan lei tot kontantvloeiprobleme. Hierdie tendens kan op 'n grafiek uitgebeeld word met 'n stygende netto wins na belasting, terwyl die kontantvloei uit bedryfsaktiwiteite daal. Wanneer daar 'n aansienlike verskil tussen die netto wins na belasting en die kontantvloei uit bedryfsaktiwiteite is, beweeg die twee lyne uit mekaar. Dié studie poog om die grootte van die hoek tussen die twee lyne wanneer die gevaarsone bereik word, te bepaal. Dit kan dan deur gebruikers van die finansiële state as 'n aanduiding gebruik word om te voorspel watter maatskappye oor die volgende tydperk kontantvloeiprobleme sal hê. Ten einde die grootte van die hoek te meet waar die maatskappy die gevaarsone binne beweeg is 365 genoteerde industriële maatskappye se data bestudeer. Die netto wins na belasting en die kontantvloei uit bedryfsaktiwiteite is beide as 'n indeks uitgedruk, laasgenoemde relatief tot eersgenoemde. Die verskil tussen die twee indeks-reekse is bereken, naamlik die indeks-verskil. Die studie is slegs gefokus op maatskappye met 'n indeks-verskil waar die kontantvloei uit bedryfsaktiwitete kleiner is as die netto wins na belasting. 'n Indeks-verskil van -2 is geïdentifiseer as die moontlike gevaarsone. Ten einde hierdie syfer te steun is die maatskappye wat ten tye van die navorsing steeds genoteer is en 'n indeks-verskil van -2 of groter negatief het, individueel ondersoek om die rede vir die indeks-verskil vas te stel. Items wat op 'n ander plek in die kontantvloeistaat as in die bedryfsaktiwiteite hanteer word, kan nie in ag geneem word in die berekening van die indeks-verskil nie, aangesien dit 'n permanente afwyking tussen die netto wins na belasting en kontant uit bedryfsaktiwiteite sal veroorsaak. Maatskappye wat dus bloot as gevolg van sodanige items 'n groot negatiewe indeks-verskil het, val nie in die gevaarsone nie. 33 maatskappye is geïdentifiseer met 'n indeks-verskilvan -2 of groter negatief. Daar is gefokus op die dertien maatskappye wat nie verliese gely het nie en steeds ten tye van die afhandeling van die studie genoteer was. Ses van hierdie maatskappye is tydens die individuele ondersoek van die gevaarlys gehaal aangesien daar ander redes vir die groot indeks-verskil was as 'n toename in nie-kontant bedryfskapitaal. Dit laat dan sewe maatskappye wat deur dié studie aangedui word as om moontlik finansiële probleme op te tel binne die afsienbare toekoms. 'n Paar addisionele maatskappye is ondersoek, waarna 'n verdere ses op die gevaarlys geplaas is. Slegs die tyd sal leer of die betrokke maatskappye wel in 'n finansiële verknorsing beland. Indien wel, kan hierdie indeks-verskil bereken word en as 'n aanduiding gebruik word van die punt wanneer 'n maatskappy, in baie gevalle ten spyte van goeie groei in omset, maar dan ook juis as gevolg daarvan, nie genoeg kontant uit bedryfsaktiwiteite genereer om die groei in nie-kontant bedryfskapitaal te finansier nie. Tensy die maatskappy 'n houermaatskappy het wat bereid is om nog kontant te stort in die maatskappy, of tensy die maatskappy 'n suksesvolle regte-uitgifte kan maak, vind hy homself in die posisie dat hy nie die uitbreiding kan finansier nie en dat hy ook nie meer addisionele finansiering kan bekom nie.

Study project (MAcc)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: Earnings per share and headline earnings per share are two popular performance measures, in spite of a number of shortcomings. This assignment argues that an additional performance measure ought to be disclosed in the financial statements, namely maintainable earnings. The objective of maintainable earnings is to give an indication of the core earnings of the company, excluding the effect of non-recurring items that are not expected to influence the financial results in future years. The reason for this performance measure is mainly based on the needs of the users of financial statements and the application that it finds in their analises. There is circumstancial evidence that shows that users want an indication of maintainable earnings per share. It is also argued that the disclosure of maintainable earnings is in the interest of the users of financial statements, as they do not necessarily have the knowledge or time to make the necessary calculations for themselves. The recommendations made are, among others, that non-recurring items be excluded from the calculation of headline earnings and that changes in accounting estimates be done retrospectively. Recommendations for comprehensive disclosure are also made to be of help in the evaluation of earnings. / AFRIKAANSE OPSOMMING: Verdienste per aandeel en wesensverdienste per aandeel is twee gewilde prestasiemaatstawwe, ten spyte van 'n aantal tekortkominge. Hierdie werkstuk lewer 'n betoog dat 'n addisionele maatstaf in die finansiële state geopenbaar behoort te word, naamlik handhaafbare verdienste. Die doelstelling van handhaafbare verdienste is om 'n aanduiding te gee van die kernverdienste van 'n maatskappy, geskei van die effek van eenmalige items wat na verwagting nie die resultate in toekomstige jare sal beïnvloed nie. Die beweegrede vir so 'n maatstaf word in hoofsaak gebaseer op die behoeftes van gebruikers van finansiële state en die aanwending wat dit in hul analises kan vind. Daar is omstandigheidsgetuienis wat daarop dui dat gebruikers In aanduiding verlang van die handhaafbare verdienste per aandeel. Daar word ook In betoog gelewer dat die openbaarmaking van handhaafbare verdienste in die belang van gebruikers is, aangesien die moontlikheid bestaan dat gebruikers nie noodwendig die kennis of tyd het om self so In berekening te maak nie. Die voorstelle wat gemaak word, behels onder andere die uitsluiting van eenmalige items uit die berekening van handhaafbare verdienste en dat veranderinge in rekeningkundige ramings terugwerkend aangepas behoort te word. Daar word ook voorstelle gemaak vir omvattende openbaarmaking ten einde die oorweging van verdienste te vergemaklik.

Thesis (MBA)--Universiteit van Stellenbosch, 1995. / ENGLISH ABSTRACT: Traditional financial ratios are used by different analysts to predict and evaluate various elements of a company. However, such ratios all suffer from the basic limitation of accrual-based accounting, hence the perception that cash flow ratios may be more suitable and possibly even more appropriate to evaluate companies. Most of these applications employ parametric statistical procedures of which the validity partly depends on the underlying distributional properties of the ratio involved. This study project is an evaluation of the underlying distributional properties of forty seven cash flow ratios based on the published annual results of 350 industrial companies, listed on the Johannesburg Stock Exchange for the period 1975 to 1993. As an initial test, the results of the ratios were subject to the null-hypothesis of normality as reflected by the p-values of the chi - square and Kolmogorov-Smirnov tests respectively . Secondly, the study project attempted to give an indication of the underlying distributional properties by comparing the average with the median of the various cash flow ratios. The first evaluation was done for each ratio. after the data was aggregated, for both the various divisions and over all the financial periods to evaluate what is referred to as the sector as a whole. The results of this evaluation clearly indicate that the underlying distributional properties are definitely not normally distributed. However, the lack of normality may be founded in either the lack of homogeneity between the various divisions. or due to the aggregation of the various financial periods . A second evaluation was done on the individual ratios for each financial period. Although the different years lead to slightly different results it is still apparent that the null-hypothesis of normality for the majority of ratios are being rejected, especially consistent results to this effect were found for the period 1988 to 1993. A third and final evaluation was done on all the different ratios for the individual divisions. Again the results for the different divisions vary, but once again it ;s apparent that the null-hypothesis of normality is being rejected for the vast majority of the ratios . In this regard the results of specifically divisions industrial holding (15), food (25), engineering (28) and electronics (29) are particularly consistent. The lack of normality in the sector analysis may indicate the presence of specific division relevant characteristics, while the results of the intertemporal evaluation indicate that the distributional properties approximate normality by aggregation over time . The analysis also proves beyond any doubt that irrespective of whether disaggregation is done over either financial periods or between the different divisions, ratios 02, 03, 06, 15, 16 and 17 are positive skewely distributed . Accordingly, ratios 13 and 27 are negative skewely distributed . If one has to advise a researcher or practitioner to whom an underlying normal distribution of a cash flow ratio is important, one would probably advise in the first instance to disaggregate over time, as a second app roach to disaggregate over divisions, but never to treat the industrial sector as a pooled sample. / AFRIKAANSE OPSOMMING: Tradisionele finansiele verhoudings word deur verskeie markontleders vir verskillende voorspellings aangewend . Aangesien die verhoudings almal onderworpe is aan die beperking van opgelope rekeningkundige waarde word kontantvloeiverhoudings voorgehou as 'n nuttiger en moontlik selfs doeltreffender metode om ondernemings te evalueer. In die meeste van die toepassings word parametriese statistiese prosedures gebruik, waarvan die geldigheid gedeeltelik berus op die onderliggende verdelingseienskappe van die verhoudings. Die werkstuk is 'n studie van die onderliggende verde' ingseienskappe van sewe-en-veertig kontantvloeiverhoudings S005 jaarliks vir die tydperke 1975 tot 1993 gepubliseer is in die finansie1e verslae van 350 maatskappye wat genoteer is in die nywerheidsektor van die Johannesburgse Effektebeurs. In die verband is die resultate van die verhoudings eerstens onderwerp aan die nulhipotese van normaliteit deur dit te evalueer aan die hand van die p-waarde van sowel die chi-kwadraat- as Kolmogorov-Smirnovtoetse. Vervolgens dui die werkstuk die onderliggende verdeling aan, deur die gemiddeld en mediaan van die kontantvloeiverhoudings te vergelyk. Vir die eerste evaluasie is alle verhoudings oar jie verskillende finansiele tydperke en van die verskillende afdelings saamgevoeg am die sektor in die geheel te eva1ueer. Vol gens die evaluasie is die onderliggende verde1ing van die verhoudings nie normaal nie. Oit mag moontlik logies verklaar word deur die heterogeniteit van die verskil1ende afde1ings, of weens die samevoeging van die resultate oar verskillende finansiele tydperke. Tweedens is die onderskeie finans;ele tydperke afsonder1ik ont1eed . A1 het die resultate van die onderskeie termyne effens verskil, is dit duidelik dat die nulhipotese van normaliteit by die oorgrotte meerderheid van verhoud ings beslis verwerp moet word. Dit is interessant dat in die resu1tate van spesifiek 1988 tot 1993 die hipotese absoluut konsekwent verwerp word. laastens is die verhoudings afsonderlik vir elk van die onderskeie afdelings ontleed. Weereens het die resultate van die onderskeie afdelings verskil, maar dit was oak weer duidelik dat die oor9rote meerderheid van verhoudings die nulhipotese van normaliteit verwerp . In die verband was veral die resultate van die afdelings nywerheids beherend (15), voedsel (25). ingenieurswese (28) en elektronika (29) merkwaardig konsekwent. Die gebrek aan normaliteit tussen die verskillende afdelings mag maontlik aantoon dat sekere eienskappe, eie aan die afdeling, die verdelingseienskappe beinvloed . Die resultate van die intertemporale studie toon beslis dat normaliteit benaderd word indien verhoudings oar tyd saamgevaeg word. Wat die ontleding ook bo alle twyfel bewys is dat die verhoudings 02, 03, 06, 15, 16 en 17 vir die sektor as 'n geheel, die intertemporale- en die kruissektorale-ontledings konsekwent onderliggend positief skeef verdee1 is. Verhoudings 13 en 27 is egter onderliggend negatief skeef verdeel. Aanbevelings rakende die onderliggende verdeling van kontantvloeiverhoudings is beslis om eerstens verskillende finansiele tydperke te onderskei en tweedens die verskillende afdelings. maar beslis om nie die nywerheidsektor as 'n geheel te evalueer nie.

Thesis (MBA)--University of Stellenbosch, 2011. / The study was undertaken to determine whether companies listed on the Johannesburg Stock Exchange disclose shareholder spread in line with the available statutes such as the JSE Listing Requirements. Further, the study explored the closing balances for group, company, trusts, subsidiaries, and treasuries of all the 50 companies studied to ascertain whether there were differences with the ex WDH share program. Various sources to answering the question were used including the Internet, McGregor BFA, Annual Reports of the companies, and material from University of Stellenbosch Business School (USB). There were varying findings with regards to the study as it was found that some companies had differences in group, company, trusts, subsidiaries, and treasuries. Most of the differences were due to company mistakes, non-consolidation of trusts, and use of different methods. It was found that certain companies tend to omit certain information in disclosing the shareholder spread and this has resulted in many companies with differences in their closing balances for the company, group, trusts, subsidiaries, and treasuries. In addition, it was also discovered that certain companies disclosed major shareholders of less than the prescribed five percent which proved to be very helpful in this study.

Thesis (MBA)--University of Stellenbosch, 2011. / In the absence of clear accounting guidelines, the closing number of shares reported in the company annual report is not always equivalent to the closing balance of the group shares. The closing balance of the number of shares of 111 companies listed on the Johannesburg Stock Exchange, for the period 2000 to 2009, was analysed and compared to an electronic database, managed and maintained by the Graduate School of Business of the University of Stellenbosch, on which a reconciliation of the closing number of group shares was recorded for the companies selected. In addition, the effect of the incorrect number of shares reported in the annual report was compared to the net asset value and/or tangible net asset value ratio, to the extent that the information was available. For the purposes of this empirical study, the mining, most of the financials, development capital and alternative exchange sectors were excluded.

Thesis (MBA (Business Management))--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: Market capitalisation is a measure of size and prestige for various JSE listed companies. Changes in the Companies Act in relation to the capital maintenance provided companies the opportunity to repurchase their own shares. South Africa’s legislation is different to those of its international peers which resulted in a different interpretation of how to deal with treasury shares and resultantly impacted on the valuation of market capitalisation. This study was undertaken with the aim of establishing if there are differences in the reporting of closing balances of the number of shares of the company and group as provided by the share analysis section of the annual financial reports which is required by the JSE Listing Requirements. Thirty-four companies were selected specifically, analysed and compared to information as per the University of Stellenbosch Business School share program to determine whether differences arise and to determine the impact that this has on the market capitalisation valuation and explanations for deviations. The results reflected that the non reconciliation of closing balances of the group was primarily due to the non consolidation of trusts, subsidiaries and treasury shares and companies not adhering to the listing requirements as per section 3.3 of the shareholders’ spread to adequately disclose treasury related transactions. The study also found ambiguity in accounting standards IAS 1 in that they did not provide conclusive guidance in terms of the disclosure of share movements in rand value and units to reconcile between opening and closing balances of all treasury shares. Changes in the tax legislation will in future negate the reason for share repurchases through the subsidiaries or trusts which will have an impact on the reconciliation process going forward. Ultimately the accounting profession and JSE will have to implement standardised guidelines to ensure that the reporting of treasury shares is simplified to ensure that market users’ understanding of treasury activities and market capitalisation valuation can be improved.

Thesis (MBA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: The study involves an examination of the current situation of the responsibility of companies listed on the Johannesburg Stock Exchange on the disclosure requirements of the accounting standards. In 1995, Statement AC 108 'Inventories' was introduced and it deals with the definition and disclosure of cost of sales. In 1997, Statement AC 306 was introduced and deals with the scope, calculation and disclosure of headline earnings per share (HEPS). The research shows that since the disclosing requirements of Statements 108 and 306 (cost of sales and HEPS) were published, there has been a significant effect on the nature of disclosure of these items by listed South African companies. In addition, income statement items (not yet part of the USB database) were identified and will be loaded onto the USB database of income statements of industrial companies listed on the JSE. These items are: ~ Cost of sales, ~ Gross profit, ~ Gross profit percentage, and ~ HEPS. A large sample of four hundred companies' financial statements over an eleven year period (1990 - 2000) was reviewed, and the data regarding sales, cost of sales, EPS, HEPS, exceptional items, abnormal items and extraordinary items were recorded on a spreadsheet model. Regarding cost of sales, the gross profit and gross profit percentage were calculated, and the arithmetic and weighted means were calculated. The data was analysed against the disclosure requirements and it was found that thirty percent of the companies on the USB's database reports cost of sales as an item on the income statement (without disclosing the item as specified above in "notes to the income statement)". Seventy percent reports cost of sales as a note underoperating profit in the income statement. First in, first out (FIFO) is the method of inventory valuation that is clearly the dominant method used by listed companies in South Africa. An analysis of the HEPS of the listed companies revealed a similar trend and the majority of companies disclosing HEPS do so as per the requirements set out in Statement AC 306. / AFRIKAANSE OPSOMMING: Hierdie studie behels 'n ondersoek na die huidige situasie van maatskappye wat genoteer is op die Johanneburg Effektebeurs se verantwoordelikheid ten opsigte van bekendmaking van rekeningkundige standaarde. Gedurende 1995 is Standpunt RE 108 gepubliseer en dit handel oor die defineëring en openbaarmaking van koste van verkope. Gedurende 1997, is Standpunt RE 306 bekendgestel en handel oor die omvang, berekening en bekendmaking van wesensverdienste per aandeel. Die navorsing toon dat sedert Standpunte 108 en 306 (koste van verkope en wesensverdienste per aandeel) gepubliseer is, daar 'n aansienlike effek op die aard van bekendmaking van hierdie items deur genoteerde Suid Afrikaanse maatskappye is. Verder is inkomstestaat items (wat nog nie deel van die USB databasis is nie) geidentifiseer en sal op die USB databasis van inkomstestate van industriële maatskappye genoteer op JEB geplaas word. Hierdie items is: ~ Koste van verkope, ~ Bruto wins, ~ Bruto wins persentasie, en ~ Wesensverdienste per aandeel. 'n Groot steekproef van 400 maatskappye se finansiële state oor 'n 11 jaar tydperk (1990 - 2000) is nagegaan, en die inligting aangaande verkope, koste van verkope, verdienste per aandeel, wesensverdienste per aandeel, abnormale en uitsonderlike items is opgeneem in 'n sigblad model. Wat die koste van verkope betref, is die bruto wins en bruto wins persentasie bereken, en die gewone sowel as die geweegde gemiddeldes is bereken. Die data is geanaliseer teen die bekendmaking vereistes en daar is gevind dat ongeveer dertig persent van die maatskappye op die USB se databasis rapporteer koste van verkope as 'n item op die inkomstestaat. Sewentig persent rapporteer koste van verkope as 'n nota onder bedryfswins in die inkomstestaat. Eerste in, eerste uit (EIEU) is duidelik die vooraadwaardasie wat die meeste gebruik word deur genoteerde maatskappye in Suid Afrika. 'n Analise van die wesensverdienste per aandeel van die genoteerde maatskappye dui 'n soortgelyke tendens en die meerderheid van maatskappye wat wesensverdienste per aandeel verklaar, doen so volgens die vereistes soos neergelê in Standpunt RE 306.

Thesis (MBA)--Stellenbosch University, 2004 / ENGLISH ABSTRACT: Value added is the wealth that a reporting entity has been able to create by its own and its employees' efforts. A Value Added Statement (VAS) reports on how this value added is shared between employees, providers of capital, the state and reinvestment. In order to put wealth created by an organization in proper perspective, the users of VAS should be able to compare the results in a statement of an entity over a given period of time to evaluate trends and should furthermore be able to compare the statements of various companies in order to determine the relative performance of a company in the creation of wealth. Little empirical work has been done on Value Added Statements in South Africa resulting in a lack of standards or benchmarks against which to judge/compare the value-added data and ratios of different entities. The aim of this study was to contribute towards creating a data bank, which ultimately will be used in setting industry standards. This study was limited to 65 companies, which published Value Added Statements for five or more consecutive years and disclosed the number of employees during the period 1977 to 2000. The research is of an exploratory nature and it was decided to focus on the following aspects of a Value Added Statement in order to calculate standards or benchmarks: (a) Common size Value Added Statements. (b) Compound growth rates for the different elements of a Value Added Statement. (c) Annual growth rates of sales/employee, salaries and wages/employee and valueadded/ employee. Certain trends were identified. / AFRIKAANSE OPSOMMING: Toegevoegde waarde is die rykdom wat 'n verslaggewende eenheid skep deur eie en werknemers se pogings. Toegevoegdewaardestate (TWS) doen verslag oor hoe hierdie toegevoegde waarde gedeel word tussen die werknemers, kapitaalvoorsieners, die staat en herinvestering. Ten einde die rykdom wat deur 'n organisasie geskep is in toepaslike perspektief te sien, moet die gebruikers van TWS hierdie resultate, kan vergelyk oor 'n gegewe tydperk ten einde tendensie-ontledings te kan doen. Verder moet die gebruikers van TWS 'n vergelyking kan maak tussen die state van verskillende maatskappye om sodoende die relatiewe prestasie in die skepping van rykdom te evalueer. In Suid-Afrika is min proefondervindelike navorsing gedoen oor TWS, met die gevolg dat daar 'n gebrek aan standaarde of beginpunte is waarteen die toegevoegde waarde data en verhoudings van verskillende maatskappye gemeet kan word. Die doel van hierdie studie is om by te dra tot die databank wat uiteindelik gebruik sal word in die daarstelling van bedryfstandaarde. Die studie is beperk tot 65 maatskappye wat TWS vir 'n tydperk van vyf of meer opeenvolgende jare gepubliseer het asook die hoeveelheid werknemers vir die tydperk 1977 tot 2000 bekend gemaak het. Die navorsing is ondersoekend van aard en daar is gefokus op die volgende aspekte in die daarstelling van standaarde en beginpunte in 'n Toegevoegdewaardestaat: (a) Gemene grootte Toegevoegdewaardestate. (b) Saamgestelde groeikoers vir die verskillende komponente van TWS. (c) Jaarlikse groeikoers in toegevoegde waarde, verkope/werknemers, toegevoegde waarde/werknemers en salarisse en lone/werknemers. Sekere tendensies is geidentifiseer.