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Good day, can you please confirm if the answer provided in Dec 2007 past paper for 2007 a 2008 ROCE is correct. When I used PBIT/shares+reserve+long term liability, I am not getting there answer. thanks
No – it is not correct. (This was the previous examiner, and I have no idea how he arrived at those figures!)
The correct figures are 2007: 45.7%; 2008: 37.7% (leave the deferred tax out of the liabilities).
Do be aware that EVA is no longer in the syllabus, so if you are using the actual exam paper then it is not all relevant.
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