Paper F9. Financial Management. September/December 2017 Sample Questions. Fundamentals Level Skills Module

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1 Fundamntals Lvl Skills Modul Financial Managmnt Sptmbr/Dcmbr 217 Sampl Qustions Tim allowd: 3 hours 15 minuts This qustion papr is dividd into thr sctions: Sction A ALL 15 qustions ar compulsory and MUST b attmptd Sction B ALL 15 qustions ar compulsory and MUST b attmptd Sction C BOTH qustions ar compulsory and MUST b attmptd Formula Sht, Prsnt Valu and Annuity Tabls ar on pags 4 6. Do NOT opn this qustion papr until instructd by th suprvisor. Do NOT rcord any of your answrs on th qustion papr. This qustion papr must not b rmovd from th xamination hall. Papr F9 Th Association of Chartrd Crtifid Accountants

2 Sction C BOTH qustions ar compulsory and MUST b attmptd Plas writ your answrs to all parts of ths qustions on th lind pags within th Candidat Answr Booklt. 31 Th following statmnt of financial position information rlats to Tufa Co, a company listd on a larg stock markt which pays corporation tax at a rat of 3%. $m $m Equity and liabilitis Shar capital 17 Rtaind arnings 15 Total quity 32 Non-currnt liabilitis Long-trm borrowings 13 Currnt liabilitis 21 Total liabilitis 34 Total quity and liabilitis 66 Th shar capital of Tufa Co consists of $12m of ordinary shars and $5m of irrdmabl prfrnc shars. Th ordinary shars of Tufa Co hav a nominal valu of $ 5 pr shar, an x dividnd markt pric of $7 7 pr shar and a cum dividnd markt pric of $7 52 pr shar. Th dividnd for 2X7 will b paid in th nar futur. Dividnds paid in rcnt yars hav bn as follows: Yar 2X6 2X5 2X4 2X3 Dividnd ($/shar) Th 5% prfrnc shars of Tufa Co hav a nominal valu of $ 5 pr shar and an x dividnd markt pric of $ 31 pr shar. Th long-trm borrowings of Tufa Co consist of $1m of loan nots and a $3m bank loan. Th bank loan has a variabl intrst rat. Th 7% loan nots hav a nominal valu of $1 pr loan not and a markt pric of $12 34 pr loan not. Annual intrst has just bn paid and th loan nots ar rdmabl in four yars tim at a 5% prmium to nominal valu. Rquird: (a) Calculat th aftr-tax wightd avrag cost of capital of Tufa Co on a markt valu basis. (11 marks) (b) Discuss th circumstancs undr which it is appropriat to us th currnt WACC of Tufa Co in appraising an invstmnt projct. (3 marks) (c) Discuss THREE advantags to Tufa Co of using convrtibl loan nots as a sourc of long-trm financ. (6 marks) (2 marks) 2

3 32 Th dirctors of Plta Co ar considring a plannd invstmnt projct costing $25m, payabl at th start of th first yar of opration. Th following information rlats to th invstmnt projct: Yar 1 Yar 2 Yar 3 Yar 4 Sals volum (units/yar) 52, 624, 717, 788, Slling pric ($/unit) Variabl costs ($/unit) Fixd costs ($/yar) 7, 735, 779, 841, This information nds adjusting to tak account of slling pric inflation of 4% pr yar and variabl cost inflation of 3% pr yar. Th fixd costs, which ar incrmntal and rlatd to th invstmnt projct, ar in nominal trms. Th yar 4 sals volum is xpctd to continu for th forsabl futur. Plta Co pays corporation tax of 3% on yar in arrars. Th company can claim tax-allowabl dprciation on a 25% rducing balanc basis. Th viws of th dirctors of Plta Co ar that all invstmnt projcts must b valuatd ovr four yars of oprations, with an assumd trminal valu at th nd of th fourth yar of 5% of th initial invstmnt cost. Both nt prsnt valu and discountd payback must b usd, with a maximum discountd payback priod of two yars. Th ral aftr-tax cost of capital of Plta Co is 7% and its nominal aftr-tax cost of capital is 12%. Rquird: (a) (i) Calculat th nt prsnt valu of th plannd invstmnt projct. (9 marks) (ii) Calculat th discountd payback priod of th plannd invstmnt projct. (b) Discuss th financial accptability of th invstmnt projct. (c) Critically discuss th viws of th dirctors on Plta Co s invstmnt appraisal. (2 marks) (3 marks) (6 marks) (2 marks) 3 [P.T.O.

4 Formula Sht Economic ordr quantity = 2C D C h Millr Orr Modl Rturn point = Lowr limit + ( 1 3 sprad ) Sprad = transaction cost varianc of cash flows intrst rat Th Capital Asst Pricing Modl ( ) ( ) = + ( ) Er R β Er R i f i m f 1 3 β a = Th asst bta formula V ( V + V T d( 1 )) β V d ( 1 T + ) ( V + V 1 T d( )) β d Th Growth Modl P ( ( D 1+ g = r g ) ) r ( D 1+ g = P ) + g Gordon s growth approximation g = br Th wightd avrag cost of capital V WACC V V k V d = + V V k 1 d + T d + d Th Fishr formula i ) = r ) h ) ( ) Purchasing powr parity and intrst rat parity S h c ) = S h b ) 1 F ( 1 + i c ) = S i b ) 4

5 Prsnt Valu Tabl Prsnt valu of 1 i.. (1 + r) n Whr r = discount rat n = numbr of priods until paymnt Discount rat (r) Priods (n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 1% (n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 2% [P.T.O.

6 Annuity Tabl Prsnt valu of an annuity of 1 i.. 1 (1 + r) n r Whr r = discount rat n = numbr of priods Discount rat (r) Priods (n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 1% (n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 2% End of Qustion Papr 6

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