Segmentele finansiele rapportering van Suid-Afrikaanse konglomerate

Vermeulen, Roelof Andries (1993-12)

Thesis (MBA)--Stellenbosch University, 1993.

Thesis

ENGLISH ABSTRACT: The success rate of an undertaking is normally measured against the industrial average of the specific undertaking. In theory it is very easy, but in practice many problems arise which must be overcome before any ratio analysis becomes meaningful. All companies listed on the Johannesburg Stock Exchange were measured against the definition of a conglomerate. After the selection there were efforts to divide all the South · African conglomerates into homogeneous groups according to an article by Amit & Livnat (1990: 65-100) of the United States of America "Grouping of Conglomerates by their segments' economic attributes: Towards a meaningful ratio analysis." Thereby a more meaningful ratio analysis can be devised. A method of selection was devised to select the conglomerates from the universe which consisted of all listed companies on the Johannesburg Stock Exchange on 1 February 1993. Out of 685 companies 44 were selected as conglomerates. When the USA article was applied to South Africa it appeared that, due tot various problems, it was impossible to apply the USA article directly to the South African situation. Therefore the South African situation was approached differently. Due to the fact that guidelines only existed according to which conglomerates report their financial information segmentally, there were efforts to determine which methods were applied by the 44 conglomerates and whether any uniform measures existed in the segmental reporting. After the analysis of the separate companies it was found that 19 of the 44 companies which were selected as conglomerates report financial figures for their operational segments; 16 companies disclose no segmental reporting; 17 companies only mentioned certain segmental information in the directors' reports and 2 companies reported financial information for their subsidiaries instead of operational segments. From the research it becomes clear that segmental reporting was practiced in less than 50% of South African conglomerates. It appears that company management avoid segmental reporting to ensure that opposition companies cannot benefit from it.

AFRIKAANSE OPSOMMING: Die mate van sukses van 'n onderneming word normaalweg aan die gemiddelde van die industrie waarin die onderneming homself bevind, gemeet. Teoreties is dit baie maklik, maar in die praktyk ontstaan daar vele probleme wat oorkom moet word voordat enige verhoudingsanalise enigsins betekenisvol kan wees. Alle maatskappye wat op die Johannesburgse Effektebeurs genoteer is, is aan die definisie van 'n konglomeraat gameet. Na die seleksie is daar aan die hand van 'n aftikel deur Amit & Livnat (1990: 65·'00) van die Verenigde State van Amerika "Grouping of Conglomerates by their segments' economic attributes: Towards a more meaningful ratio analysis" . gepoog om die Suid·Afrikaanse konglomerate in homogene groepe te deel. Sodoende word 'n meer sinvolle verhoudingsanalise daargestel. 'n Seleksiemetode is gevind om die konglomerate uit die universum, wat bestaan uit alle maatskappye wat op 1 Februarie 1993 op die Johannesburgse Effektebeurs genoteer was, te selekteer. Met die toe passing van die VSA-artikel op Suid-Afrika het dit egter geblyk dat dit weens verskeie probleme onmoontlik sou wees om die VSA-artikel direk op die Suid-Afrikaanse situasie toe te pas. Daar is toe van die VSA-artikel afgewyk en die Suid-Afrikaanse situasie is op 'n ander manier benader. Aangesien daar slegs riglyne bestaan waarvolgens konglomerate segmentele rapportering in hul finansiële state doen, is daar toe gepoog om te bepaal watter metodes die 44 konglomeraatmaatskappye volg en of daar enigsins 'n mate van eenvormigheid in hul segmentele rapportering bestaan. Nadat die verskillende bedryfsegmente van elk van die 44 maatskappye geïdentifiseer is, is elkeen se finansiêle state sorgvuldig ontleed sodat daar vasgestel kon word of daar enigsins finansiële rapportering in die verskillende bedryfsegmente plaasvind. Uit die ontleding van die onderskeie maatskappye is daar gevind dat 10 van die 44 maatskappye wat as konglomerate geselekteer is, wel finansiële syfers in segmentele verband rapporteer; 16 maatskappye doen geen segmentele rapportering nie; 7 maatskappye maak slegs in hul direkteursverslag melding van sekere segmentele inligting en 2 maatskappye rapporteer finansiële inligting in filiaalverband in plaas van bedryfsegmente. Uit die ondersoek blyk dit dat segmentele rapportering in minder as 50% van SuidAfrikaanse konglomeraatmaatskappye voorkom . Dit wil egter voorkom of maatskappybestuur hul van segmentele finansiële rapportering in hul jaarverslae weerhou uit vrees dat hul opposisiemaatskappye bevoordeel mag word .

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