Paper F9. Financial Management. March/June 2018 Sample Questions. Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

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1 Fundamntals Lvl Skills Modul Financial Managmnt March/Jun 218 Sampl Qustions F9 ACCA 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 Tin Co is planning an xpansion of its businss oprations which will incras profit bfor intrst and tax by 2%. Th company is considring whthr to us quity or dbt financ to rais th $2m ndd by th businss xpansion. If quity financ is usd, a 1 for 5 rights issu will b offrd to xisting sharholdrs at a 2% discount to th currnt x dividnd shar pric of $5 pr shar. Th nominal valu of th ordinary shars is $1 pr shar. If dbt financ is usd, Tin Co will issu 2, 8% loan nots with a nominal valu of $1 pr loan not. Financial statmnt information prior to raising nw financ: $ Profit bfor intrst and tax 1,597 Financ costs (intrst) (315) Taxation (282) Profit aftr tax 1, $ Equity Ordinary shars 2,5 Rtaind arnings 5,488 Long-trm liabilitis: 7% loan nots 4,5 Total quity and long-trm liabilitis 12,488 Th currnt pric/arnings ratio of Tin Co is 12 5 tims. Corporation tax is payabl at a rat of 22%. Companis undrtaking th sam businss as Tin Co hav an avrag dbt/quity ratio (book valu of dbt dividd by book valu of quity) of 6 5% and an avrag intrst covr of 9 tims. Rquird: (a) (i) Calculat th thortical x rights pric pr shar. (2 marks) (ii) Assuming quity financ is usd, calculat th rvisd arnings pr shar aftr th businss xpansion. (4 marks) (iii) Assuming dbt financ is usd, calculat th rvisd arnings pr shar aftr th businss xpansion. (3 marks) (iv) Calculat th rvisd shar prics undr both financing mthods aftr th businss xpansion. (1 mark) (v) Us calculations to valuat whthr quity financ or dbt financ should b usd for th plannd businss xpansion. (4 marks) (b) Discuss TWO Islamic financ sourcs which Tin Co could considr as altrnativs to a rights issu or a loan not issu. (6 marks) (2 marks) 2

3 32 Coppr Co is concrnd about th risk associatd with a proposd invstmnt and is looking for ways to incorporat risk into its invstmnt appraisal procss. Th company has hard that probability analysis may b usful in this rspct and so th following information rlating to th proposd invstmnt has bn prpard: Yar 1 Yar 2 Cash flow Probability Cash flow Probability ($) ($) 1,, 1 2,, 3 2,, 5 3,, 6 3,, 4 5,, 1 Howvr, th company is not sur how to intrprt th rsults of an invstmnt appraisal basd on probability analysis. Th proposd invstmnt will cost $3 5m, payabl in full at th start of th first yar of opration. Coppr Co uss a discount rat of 12% in invstmnt appraisal. Rquird: (a) Using a joint probability tabl: (i) Calculat th man (xpctd) NPV of th proposd invstmnt; (8 marks) (ii) Calculat th probability of th invstmnt having a ngativ NPV; (iii) Calculat th NPV of th most likly outcom; (iv) Commnt on th financial accptability of th proposd invstmnt. (1 mark) (1 mark) (2 marks) (b) Discuss TWO of th following mthods of adjusting for risk and uncrtainty in invstmnt appraisal: (i) Simulation; (ii) Adjustd payback; (iii) Risk-adjustd discount rats. (8 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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