ACCA F9考试真题答案.docx

ACCA F9考试真题答案.docx

《ACCA F9考试真题答案.docx》由会员分享，可在线阅读，更多相关《ACCA F9考试真题答案.docx（35页珍藏版）》请在冰点文库上搜索。

ACCAF9考试真题答案

Answers

FundamentalsLevel–SkillsModule,PaperF9

FinancialManagement

December2014Answers

SectionA

1

A

Monetaryvalueofreturn=$3·10x1·197=$3·71

Currentshareprice=$3·71–$0·21=$3·50

2

3

4

B

C

A

Thehedgeneedstocreateapesoliabilitytomatchthe500,000pesofutureincome.

6-monthpesoborrowingrate=8/2=4%

6-monthdollardepositrate=3/2=1·5%

Dollarvalueofmoneymarkethedge=500,000x1·015/（1·04x15）=$32,532or$32,500

5

6

7

B

C

C

Totalcashflow

（$）

Jointprobability

EVofcashflow

（$）

36,000

14,000

32,000

10,000

16,000

（6,000）

0·1125

0·0375

0·4500

0·1500

0·1875

0·0625

4,050

525

14,400

1,500

3,000

（375）

–––––––

23,100

Lessinitialinvestment

EVoftheNPV

（12,000）

–––––––

11,100

–––––––

8

9

B

A

MV=（7x5·033）+（105x0·547）=$92·67

10

11

12

D

D

A

17

13

B

Inventory=15,000,000x60/360=$2,500,000

Tradereceivables=27,000,000x50/360=$3,750,000

Tradepayables=15,000,000x45/360=$1,875,000

Netinvestmentrequired=2,500,000+3,750,000–1,875,000=$4,375,000

14

15

16

17

C

D

C

A

Gearing=[（4,000x1·05）+6,200+（2,000x0·8）]/（8,000x2x5）=12,000/80,000=15%

18

19

B

D

Dividendgrowthrate=100x（（33·6/32）–1）=5%

MV=33·6/（0·13–0·05）=$4·20

20

D

SectionB

1

（a）

Cashbalancesattheendofeachmonth:

December

January

February

March

April

Sales（units）

1,200

1,250

1,300

1,400

1,500

Sellingprice（$/unit）

800

800

840

840

––––––

––––––

––––––

––––––

Sales（$000）

960

1,000

1,092

1,176

––––––

––––––

––––––

––––––

Monthreceived

January

February

March

April

December

1,250

2,500

500

January

January

1,300

2,600

520

February

February

1,400

2,800

560

March

1,500

3,000

600

Production（units）

Rawmaterials（units）

Rawmaterials（$000）

Monthpayable

March

April

December

1,250

125

January

1,300

130

February

1,400

140

March

1,500

150

Production（units）

Variablecosts（$000）

Monthpayable

December

January

February

March

18

Monthlycashbalances:

January

$000

960

February

$000

1,000

March

$000

1,092

Receivables

Loan

300

––––

––––––

––––––

Income:

960

1,000

1,392

––––

––––––

––––––

Rawmaterials

Variablecosts

Machine

500

130

520

140

560

150

400

––––

––––––

––––––

Expenditure:

630

660

1,110

––––

––––––

––––––

Openingbalance

Netcashflow

40

370

710

330

340

282

––––

––––––

––––––

Closingbalance

370

710

992

––––

––––––

––––––

（b）

Calculationofcurrentratio

Inventoryattheendofthethree-monthperiod:

ThiswillbethefinishedgoodsforAprilsalesof1,500units,whichcanbeassumedtobevaluedatthecostofproduction

of$400perunitformaterialsand$100perunitforvariableoverheadsandwages.Thevalueoftheinventoryistherefore

1,500x500=$750,000.

Tradereceivablesattheendofthethree-monthperiod:

ThesewillbeMarchsalesof1,400x800x1·05=$1,176,000.

Cashbalanceattheendofthethree-monthperiod:

Thiswasforecasttobe$992,000.

Tradepayablesattheendofthethree-monthperiod:

ThiswillbethecashowedforMarchrawmaterialsof$600,000.

Forecastcurrentratio

Assumingthatcurrentliabilitiesconsistsoftradepayablesalone:

Currentratio=（750,000+1,176,000+992,000）/600,000=4·9times

（c）

（a）

IfFlitCogeneratesashort-termcashsurplus,thecashmaybeneededagaininthenearfuture.Inordertoincrease

profitability,theshort-termcashsurpluscouldbeinvested,forexample,inabankdeposit,however,theinvestmentselected

wouldnormallynotbeexpectedtocarryanyriskofcapitalloss.Sharestradedonalargestockmarketcarryasignificantrisk

ofcapitalloss,andhencearerarelysuitableforinvestingshort-termcashsurpluses.

2

Averagehistoricalsharepricegrowth=100x（（10·90/9·15）1/3–1）=6%peryear

Futuresharepriceafter7years=10·90x1·067=$16·39pershare

Conversionvalueofeachloannote=16·39x8=$131·12

Theinvestorisfacedwiththechoiceofredeemingtheloannotesattheirnominalvalueof$100orconvertingtheminto

sharesworth$131·12.Therationalchoiceistomaximisewealthbytakingtheconversionoption.

Marketvalueofeachloannote=（8x5·033）+（131·12x0·547）=40·26+71·72=$111·98

（b）

Theaverageprice/earningsratio（P/Eratio）oflistedcompaniessimilartoParCohasbeenrecentlyreportedtobe12times

andthemostrecentearningspershare（EPS）ofParCois62centspershare.ThesharepricecalculatedusingtheP/Eratio

methodistherefore$7·44（12x62/100）.

OneproblemwithusingtheP/EratiovaluationmethodrelatestotheselectionofasuitableP/Eratio.TheP/Eratiousedhere

isanaverageP/EratioofsimilarcompaniesandParCoisclearlynotanaveragecompany,asevidencedbyitsyear-endshare

pricebeing$10·90pershare,some47%morethanthecalculatedvalueof$7·44.Thebusinessriskandfinancialriskof

ParCowillnotbeexactlythesameasthebusinessriskandfinancialriskofthesimilarcompanies,forexample,becauseof

diversificationofbusinessoperationsanddifferingcapitalstructures.ParComaybeamarketleaderorarisingstarcompared

tosimilarcompanies.

TheP/Eratiomethodismoresuitedtovaluingthesharesofunlistedcompanies,ratherthanlistedcompaniessuchas

ParCo.Ifthestockexchangeonwhichitssharesaretradedisefficient,whichislikelyasitisalargestockexchange,the

sharepriceofParCowillbeafairreflectionofitsvalueanditsprospects.Asalistedcompany,ParCowouldinfactcontribute

totheaverageP/Eratioforitsbusinesssector,usedinvaluingsimilarunlistedcompanies.

19

LookingattheP/EratioofParCo,itcanbeseenthatthisisnotconstant,buthasincreasedeachyearforfouryears,from

14·3timesin2011to17·6timesin2014.ThisraisesquestionsaboutusingaP/Eratiobasedonhistoricalinformationas

awayofvaluingfutureactivity.

Ideally,theP/Eratiomethodshoulduseforecastmaintainableearnings,butthecalculatedvalueof$7·44hasusedthe

historicalEPSof2014.AsthiswasthelowestEPSoverthefouryears,forecastingfuturemaintainableearningsmaybea

problemhere.

Workings

Year

2011

64

9·15

14·3

274·5

2012

68

9·88

14·5

296·4

2013

70

10·49

15·0

314·7

2014

62

10·90

17·6

327·0

Earningspershare（cents）

Year-endshareprice（$）

P/Eratio（times）

ValueofParCo（$m）

（Note:

Itisassumedthatthenumberofordinaryshareshasremainedconstant）

3

（a）

Thecurrentdollarvalueofthefutureeuroreceipt=€1,200,000/4·2080=$285,171

Ifaforwardcontractistakenout,PZKCocanlockintothesix-monthforwardexchangerateof4·2606eurosperdollar.

Futuredollarvalueusingtheforwardcontract=€1,200,000/4·2606=$281,651

Lossusingtheforwardcontract=285,171–281,651=$3,520

IfPZKCochoosesnottohedgethefutureeuroreceipt,itwillbeabletoexchangetheeurosfordollarsatthefuturespot

exchangerateprevailingwhenthepaymentismade.Thisfuturespotexchangeratemaygiveabetterorworsedollarvalue

thanusingthesix-monthforwardexchangerate.Atthecurrenttime,PZKComaypreferthecertaintyofferedbytheforward

exchangecontracttotheuncertaintyofleavingthefutureeuroreceiptunhedged.Inaddition,theforwardexchangerateisan

unbiasedestimatorofthefuturespotexchangerate.

（b）

（c）

Theimpliedinterestrateintheforeigncountrycanbecalculatedusinginterestrateparity.

Fromtheformulaesheet,F0=S0x（1+ic）/（1+ib）

Hence4·3132=4·2080x（1+ic）/1·04

Rearranging,（1+ic）=4·3132x1·04/4·2080=1·066

Theimpliedannualinterestrateintheforeigncountryis6·6%.

OneofthesimplestwaysforPZKCotoavoidingexchangerateriskistoinvoiceinitshomecurrency,whichpassesthe

exchangerateriskontotheforeigncustomer,whomusteffectivelyfindthedollarswithwhichtomakethepayment.

Thisstrategymaynotbecommerciallyviable,however,sincethecompany’sforeigncustomerswillnotwanttotakeonthe

exchangeraterisk.TheywillinsteadtransfertheirbusinesstothosecompetitorsofPZKCowhoinvoiceintheforeigncurrency

andwhothereforeshouldertheexchangeraterisk.

IfPZKCoisconcernedaboutexchangeraterisk,itwillneedtoconsiderotherhedgingmethods.Forexample,ifthecompany

regularlyreceivesreceiptsandmakespaymentsineuros,itcouldopenabankaccountdenominatedineuros.

20

4

（a）

Reviseddraftevaluationofinvestmentproposal

1

2

3

4

5

$000

2,475

（1,097）

$000

2,714

（1,323）

$000

4,413

（2,084）

$000

4,775

（2,370）

$000

Salesrevenue

Variablecosts

Fixedcosts

（155）

（159）

（164）

（169）

––––––

––––––

––––––

––––––

Cashflowbeforetax

TAdepreciation

1,223

1,232

2,165

2,236

（450）

（338）

（253）

（759）

––––––

––––––

––––––

––––––

Taxableprofit

Taxation

773

894

1,912

1,477

（170）

（197）

（421）

（325）

––––––

773

––––––

––––––

––––––

––––––

After-taxprofit

TAdepreciation

724

1,715

1,056

（325）

450

338

253

759

––––––

––––––

––––––

––––––

––––––

（325）

After-taxcashflow

Discountat12%

1,223

1,062

1,968

1,815

0·893

0·797

0·712

0·636

0·567

––––––

––––––

––––––

––––––

––––––

Presentvalues

1,092

846

1,401

1,154

（184）

––––––

––––––

––––––

––––––

––––––

$000

Presentvalueofcashinflows

Costofmachine

4,309

（1,800）

––––––

NPV

2,509

––––––

Thereviseddraftevaluationoftheinvestmentproposalindicatesthatapositivenetpresentvalueisexpectedtobeproduced.

Theinvestmentprojectisthereforefinanciallyacceptableandacceptingitwillincreasethewealthoftheshareholdersof

UftinCo.

Workings

Year

1