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蜗牛也是牛Megan · 2025年04月17日

core performance

NO.PZ2024101001000072

问题如下:

Question An analyst gathers the following information about a company (in € millions):

The adjusted profit before tax that best reflects the company's core performance (in € millions) is:

选项:

A.A.20. B.B.24. C.C.27.

解释:

Solution
  1. Incorrect because net profit is adjusted for one-off gains only as follows: Adjusted profit before tax of core operations = Profit before tax – One-off income from associates and joint ventures = 30 – 10 = 20.

  2. Correct because the analyst is interested in the ongoing operations of the company unaffected by non-repeating types of gains or losses (such as One-off income from associates and joint ventures and One-off revaluation loss).

    Accordingly, the Adjusted profit before tax of core operations = Profit before tax – One-off income from associates and joint ventures + One-off revaluation loss = 30 – 10 + 4 = 24.

    Recurring yearly provisions for restructuring activities are already reflected in Profit before tax and no adjustment is needed. Provisions involve decisions by management, they recur regularly, and they affect the returns to shareholders. In assessing the company’s prospects, these charges are important variables that should not to be ignored.

  3. Incorrect because net profit is adjusted for one-offs and recurring items, as follows: Adjusted profit before tax of core operations = Profit before tax – One-off income from associates and joint ventures + One-off revaluation loss + Recurring yearly provisions for restructuring activities= 30 – 10 + 4 + 3 = 27.

Integration of Financial Statement Analysis Techniques
  • evaluate how a given change in accounting standards, methods, or assumptions affects financial statements and ratios

这个是哪个知识点,在哪里有讲过?怎么判断哪些加哪些不加

1 个答案

王园圆_品职助教 · 2025年04月17日

同学你好,请看以下二级equity的讲义截图,这部分在equity下也是讲过的,只是这里可能涉及到I/S 表adjusted profit before tax 的计算,所以被归在了财务下面

讲义这里说了,总体原则就是会重复发生的,就不需要在计算core earnings/ core adjusted profit before tax 等数据的时候予以计算予以考虑;而不会持续发生的,一次性的费用和收入,则要从原本会计计算的earnings/ profit before tax 等数据中予以调整——即一次性费用/损失需要在会计计算的earnings/ core adjusted profit before tax 上加回,一次性收益则需要在会计计算的earnings/ core adjusted profit before tax 上减去

本题的“One-off income from associates and joint ventures ”和“One-off revaluation loss”都是一次性的,所以就需要予以调整,前者需要在现有的profit before tax上减去,后者需要加回——到这里即可计算出正确答案

而第三个“Recurring yearly provisions for restructuring activities”既然明确说了是重复发生的,就属于应该计算进core earnings/ core adjusted profit before tax 等数据的一部分,就不应该再调整

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