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Illustrated
calculation
The process
of adjusting to arrive at the IIMR and normalised earnings figures
is illustrated using the following example, with exceptional
items categorised as either trading or non-trading.
The profit
and Loss statement might appear as follows (Table 1)
Table
1: Profit and Loss Statement
(NOTE:
It is assumed that the exceptional profits and charges have
no minority interest implications.)
In order
to arrive at an IIMR adjusted earnings figure, it is necessary
to reverse the effect of the non-trading exceptional
items in the above example. The full effect, from the operating
profit level right down to retained profit, is demonstrated
in the table below giving the IIMR adjusted figure.
Then, using
the same example, let us assume that both of the trading
exceptional items meet the criteria for adjusting earnings to
a normalised basis, and are therefore to be excluded. The combined
effect of all the adjustments is seen in the normalised figure,
shown in the right-hand column of the table below.
Table
2: Profit and Loss Statement
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