Financial Pillar. F2 Financial Management. 20 November 2014 Thursday Afternoon Session

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1 DO NOT OPEN THIS QUESTION PAPER UNTIL YOU ARE TOLD TO DO SO. Financial Pillar F2 Financial Management 20 November 2014 Thursday Afternoon Session Instructions to candidates You are allowed three hours to answer this question paper. You are allowed 20 minutes reading time before the examination begins during which you should read the question paper and, if you wish, highlight and/or make notes on the question paper. However, you will not be allowed, under any circumstances, to open the answer book and start writing or use your calculator during this reading time. You are strongly advised to carefully read ALL the question requirements before attempting the question concerned (that is all parts and/or subquestions). ALL answers must be written in the answer book. Answers written on the question paper will not be submitted for marking. You should show all workings as marks are available for the method you use. ALL QUESTIONS ARE COMPULSORY. Section A comprises 5 questions and is on pages 2 to 7. Section B comprises 2 questions and is on pages 8 to 11. Maths tables and formulae are provided on pages 15 to 17. References to IFRS in this paper refer to International Financial Reporting Standards or International Accounting Standards as issued or adopted by the International Accounting Standards Board. The list of verbs as published in the syllabus is given for reference on page 19. Write your candidate number, the paper number and examination subject title in the spaces provided on the front of the answer book. Also write your contact ID and name in the space provided in the right hand margin and seal to close. Tick the appropriate boxes on the front of the answer book to indicate the questions you have answered. F2 Financial Management TURN OVER The Chartered Institute of Management Accountants 2014

2 SECTION A 50 MARKS [You are advised to spend no longer than 18 minutes on each question in this section.] ANSWER ALL FIVE QUESTIONS IN THIS SECTION Question One (a) NB operates a defined benefit pension plan for its employees. At 1 April 2013 the fair value of the pension plan assets was $8,200,000 and the present value of the pension plan liabilities was $8,500,000. The actuary estimated that the service cost for the year to 31 March 2014 was $2,100,000. The pension plan paid $500,000 to retired members and NB paid $1,900,000 in contributions to the pension plan in the year to 31 March The actuary estimated that the relevant discount rate for the year to 31 March 2014 was 6%. On 31 March 2014 NB announced improvements to the benefits offered by the pension plan to all of its members. The actuary estimated that the past service cost associated with these improvements was $2 million. At 31 March 2014 the fair value of the pension plan assets was $10,200,000 and the present value of the pension plan liabilities (including the past service costs) was $12,500,000. Required: In accordance with IAS 19 Employee Benefits: (i) calculate the net actuarial gain or loss (stating which) that will be included in NB s other comprehensive income for the year ended 31 March (ii) calculate the net pension asset or liability (stating which) that will be included in NB s statement of financial position as at 31 March (6 marks) Question one continues on the opposite page November Financial Management

3 (b) NB granted 1,000 share options to each of its 800 employees on 1 April 2013, with the condition that they continue to work for NB for 3 years from the grant date. The fair value of each option on 1 April 2013 was $7. On 31 March 2014 each option had a fair value of $8. At that date 50 employees had left NB and another 110 were expected to leave over the following two years. Required: In accordance with IFRS 2 Share-based Payment: (i) (ii) calculate the charge to NB s profit or loss for the year ended 31 March 2014 in respect of the share options; and: explain why profit or loss is charged with an expense in respect of these share options. (4 marks) (Total for Question One = 10 marks) Section A continues on the next page TURN OVER Financial Management 3 November 2014

4 Question Two Extracts from the financial statements of QA and LM for the year ended 31 March 2014 are presented below. Summarised statement of profit or loss and statement of other comprehensive income for the year ended 31 March 2014 QA LM $m $m Profit from operations Finance costs (70) (12) Profit before tax Income tax expense (100) (44) Profit for the year Other comprehensive income: Items that may be reclassified to profit or loss Gains on the investment in LM 10 Items that will not be reclassified to profit or loss Revaluation of property, net of tax Other comprehensive income for the year Total comprehensive income Additional information: 1. QA acquired 35% of the equity share capital of LM for $255 million in 2011 when the net assets of LM were $670 million. QA was able to exercise significant influence over LM by virtue of this investment. QA accounted for this investment in its individual financial statements in accordance with IAS 39 Financial instruments: recognition and measurement. On 1 January 2014 QA acquired a further 40% of the equity share capital of LM, giving QA control. The consideration paid was $320 million and the net assets of LM had a fair value of $710 million on 1 January On 1 January 2014 the initial 35% investment in LM had a fair value of $280 million. 2. Assume that profits, gains and losses accrue evenly throughout the year. 3. Non-controlling interest had a fair value of $180 million on 1 January LM has not issued any share capital since Required: (a) Calculate the goodwill arising on the acquisition of LM. (3 marks) (b) Prepare the summarised consolidated statement of profit or loss and other comprehensive income for the QA Group for the year ended 31 March 2014 (round all workings to the nearest $ million). (7 marks) (Total for Question Two = 10 marks) November Financial Management

5 Question Three (a) KJ, a listed entity, had 20,000,000 ordinary $1 shares in issue on 1 April On 1 June 2013 KJ made a 1 for 5 bonus issue from retained earnings. On 1 January 2014 KJ issued 4,000,000 $1 ordinary shares at their full market price of $5.80 per share. KJ s profit after tax for the year ended 31 March 2014 was $7,500,000. KJ had reported basic earnings per share of 34 cents for the year ended 31 March Required: Calculate the basic earnings per share to be reported in the financial statements of KJ for the year ended 31 March 2014, including the comparative figure, in accordance with IAS 33 Earnings Per Share. (5 marks) (b) On 1 April 2013 the ordinary shareholders of KJ held options to purchase 2,000,000 ordinary $1 shares at $4.50. The options are exercisable between 1 January 2015 and 1 July No further options were issued in the year to 31 March The average market value of one ordinary $1 share in KJ during the year ended 31 March 2014 was $5.60. Required: (i) Calculate the diluted earnings per share that will be reported in the financial statements of KJ for the year ended 31 March 2014, in accordance with IAS 33 Earnings Per Share. (No comparative figure is required). (ii) Explain why diluted earnings per share will be reported in the financial statements with equal prominence to basic earnings per share. (5 marks) (Total for Question Three = 10 marks) Section A continues on the next page TURN OVER Financial Management 5 November 2014

6 Question Four (a) RT issued a $10 million 6% convertible bond on 31 March 2014 at its par value. The bond is redeemable at par on 31 March 2019 or can be converted at that date on the basis of twenty ordinary $1 shares for every $100 of bond held. Required: Explain how this bond issue would be initially recorded in RT s statement of financial position as at 31 March 2014, in accordance with IAS 32 Financial Instruments: Presentation. (3marks) (b) On 1 May 2013 RT acquired 100% of the equity shares of AB, a listed entity that operates overseas, at a cost of $3,400,000. RT paid its agent $20,000 in transactions fees in respect of this acquisition. RT intends to classify this investment as available for sale in its own financial statements. As at 31 March 2014 the investment in AB had a fair value of $3,600,000. AB operates in Country Y, which has Yip as its currency. AB recruits its workforce and sources the majority of its raw materials locally. AB s sales and purchases are subject to local indirect taxes and 30% of AB s sales are to customers in Country Y with the remainder being overseas sales that are settled in dollars. AB raised a significant longterm loan from its local bank in July 2013 and RT intends to allow AB to continue to operate autonomously. Required: (i) Prepare the journal entries required in the accounting records of RT to record the initial purchase and the subsequent measurement of the investment in AB as at 31 March 2014, in accordance with IAS 39 Financial Instruments: Recognition and Measurement. (ii) Explain the key factors which determine an entity s functional currency, in accordance with IAS 21 Foreign Currency Translation, and using these factors identify the functional currency of AB. (7 marks) (Total for Question Four = 10 marks) November Financial Management

7 Question Five TY is a listed entity operating in a service-based industry. Required: (a) Discuss how the recognition criteria for assets prevent employees from being recorded as an asset in the statement of financial position. (5 marks) (b) Discuss the potential advantages for TY of including additional voluntary information about its human capital in its financial statements. (5 marks) (Total for Question Five = 10 marks) (Total for Section A = 50 marks) End of Section A Section B starts on page 8 TURN OVER Financial Management 7 November 2014

8 SECTION B 50 MARKS [You are advised to spend no longer than 45 minutes on each question in this section.] ANSWER BOTH QUESTIONS IN THIS SECTION 25 MARKS EACH Question Six Extracts from the draft financial statements of BX, Y and Z are presented below. Statements of financial position as at 31 March 2014 BX Y Z ASSETS $m $m $m Non-current assets Property, plant and equipment Investment in Y Investment in Z Current assets Total assets EQUITY AND LIABILITIES Equity attributable to owners of the parent Share capital ($1 equity shares) Share premium Other reserves Retained earnings Total equity Non-current liabilities Current liabilities Total liabilities Total equity and liabilities Additional information: 1. BX acquired 75% of the equity share capital of Y on 1 April 2011 when the retained earnings of Y were $45 million and the balance on Y s other reserves was nil. This acquisition resulted in BX having power over Y which when exercised affects its return from the investment. Y has not issued any shares since the acquisition date. The noncontrolling interest in Y was valued at fair value at the date of acquisition. The fair value of one equity share in Y was $2.00 on 1 April The fair value of the net assets of Y was deemed to be the same as the carrying value at the date of acquisition with one exception. A contingent liability which could be reliably measured, had a fair value of $5 million at the date of acquisition and a fair value of $2 million at 31 March Y acquired 80% of the equity share capital of Z on 1 January 2012 when the retained earnings of Z were $20 million and the balance on Z s other reserves was nil. This acquisition resulted in Y having power over Z which when exercised affects its return from the investment. Z has not issued any shares since the acquisition date. The noncontrolling interest in Z was valued at fair value at the date of acquisition. The fair value of one equity share in Z was $1.75 on 1 January November Financial Management

9 3. BX concluded that the goodwill on the acquisition of Y was impaired by 20% on 31 March No other impairments of goodwill have arisen. 4. The balance on other reserves for both BX and Y relate solely to movements in the values of their investments in Y and Z respectively. 5. BX issued a debt instrument on 1 April 2013 at its nominal value of $25,000,000. The instrument carries a fixed coupon interest rate of 5.5%, which is payable annually in arrears. The loan is repayable at a premium in 7 years time. Transaction costs of $250,000 were paid on the issue of the debt instrument and charged to administrative expenses. The effective interest rate applicable to this instrument has been calculated at approximately 9.5%. The interest due was paid in March Required: Prepare the consolidated statement of financial position for the BX group as at 31 March (Total for Question Six = 25 marks) Section B continues on the next page TURN OVER Financial Management 9 November 2014

10 Question Seven FG is a listed entity that operates in a highly competitive market. A new entrant to this market (which entered on 1 June 2013) has created pressure within the market by developing a marginally lower quality product and selling it at a lower price. The result has been a shift in market share to this new entrant. You have been asked to review the financial performance and position of FG for a large institutional investor who has identified FG as a potential investment. FG s share price fell significantly following poor interim results. The share price was $5.29 on 31 March 2013 and $3.94 on 31 March FG announced any final dividend was likely to be in the form of a scrip dividend. Extracts from FG s financial statements are provided below: Consolidated statement of financial position at 31 March ASSETS $m $m Non-current assets Property, plant and equipment Goodwill (Note 3) Current assets Inventories Trade and other receivables Cash and cash equivalents Total assets EQUITY AND LIABILITIES Equity attributable to owners of the parent Share capital ($1 shares) Share premium Retained earnings Non-controlling interest Total equity Non-current liabilities Long-term borrowings (Note 1) Current liabilities Trade and other payables Short-term borrowings (Note 2) Total liabilities Total equity and liabilities November Financial Management

11 Consolidated statement of comprehensive income for the year ended 31 March 2014 $m 2013 $m Revenue Cost of sales (498) (453) Gross profit Operating expenses (Note 3) (142) (144) Finance costs (8) (5) Profit before tax Income tax expense (10) (12) Profit for the year Profit for the year attributable to: Equity holders of the parent Non-controlling interest Notes: 1. The long-term borrowings are repayable in FG has a facility in place permitting short-term borrowings up to a maximum of $50 million. 3. Goodwill was impaired this year and this has been charged to operating expenses. No further investments were acquired in the year. Required: (a) (i) Calculate the P/E ratio for FG at 31 March 2014 and 31 March 2013; and (ii) Explain what conclusions can be drawn from FG s P/E ratios and the movement in the share price in the year. (5 marks) (b) Analyse the financial performance and financial position of FG and discuss whether or not you would recommend that FG be considered further for investment. (6 marks are available for the calculation of relevant ratios). (20 marks) (Total for Question Seven = 25 marks) (Total for Section B = 50 marks) End of Question Paper Maths Tables and Formulae are on pages 15 to 17 Financial Management 11 November 2014

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15 Present value table MATHS TABLES AND FORMULAE Present value of $1, that is (1 + r) -n where r = interest rate; n = number of periods until payment or receipt. Periods Interest rates (r) (n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% Periods Interest rates (r) (n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% Financial Management 15 November 2014

16 Cumulative present value of $1 per annum, Receivable or Payable at the end of each year for n years n 1 (1+ r ) r Periods (n) Interest rates (r) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% Periods (n) Interest rates (r) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% November Financial Management

17 FORMULAE Annuity Present value of an annuity of $1 per annum receivable or payable for n years, commencing in one year, discounted at r% per annum: PV = r [1 + r ] n Perpetuity Present value of $1 per annum receivable or payable in perpetuity, commencing in one year, discounted at r% per annum: PV = r 1 Growing Perpetuity Present value of $1 per annum, receivable or payable, commencing in one year, growing in perpetuity at a constant rate of g% per annum, discounted at r% per annum: PV = 1 r g Financial Management 17 November 2014

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19 LIST OF VERBS USED IN THE QUESTION REQUIREMENTS A list of the learning objectives and verbs that appear in the syllabus and in the question requirements for each question in this paper. It is important that you answer the question according to the definition of the verb. LEARNING OBJECTIVE VERBS USED DEFINITION Level 1 - KNOWLEDGE What you are expected to know. List Make a list of State Express, fully or clearly, the details/facts of Define Give the exact meaning of Level 2 - COMPREHENSION What you are expected to understand. Describe Communicate the key features Distinguish Highlight the differences between Explain Make clear or intelligible/state the meaning or purpose of Identify Recognise, establish or select after consideration Illustrate Use an example to describe or explain something Level 3 - APPLICATION How you are expected to apply your knowledge. Level 4 - ANALYSIS How are you expected to analyse the detail of what you have learned. Level 5 - EVALUATION How are you expected to use your learning to evaluate, make decisions or recommendations. Apply Calculate Demonstrate Prepare Reconcile Solve Tabulate Analyse Categorise Compare and contrast Construct Discuss Interpret Prioritise Produce Advise Evaluate Recommend Put to practical use Ascertain or reckon mathematically Prove with certainty or to exhibit by practical means Make or get ready for use Make or prove consistent/compatible Find an answer to Arrange in a table Examine in detail the structure of Place into a defined class or division Show the similarities and/or differences between Build up or compile Examine in detail by argument Translate into intelligible or familiar terms Place in order of priority or sequence for action Create or bring into existence Counsel, inform or notify Appraise or assess the value of Advise on a course of action Financial Management 19 November 2014

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