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1 Profssional Lvl Options Moul Avanc Financial Managmnt Tusay 3 Dcmbr 2013 Tim allow Raing an planning: Writing: 15 minuts 3 hours This papr is ivi into two sctions: Sction A This ONE qustion is compulsory an MUST b attmpt Sction B TWO qustions ONLY to b attmpt Formula an tabls ar on pags Do NOT opn this papr until instruct by th suprvisor. During raing an planning tim only th qustion papr may b annotat. You must NOT writ in your answr booklt until instruct by th suprvisor. This qustion papr must not b rmov from th xamination hall. Papr P4 Th Association of Chartr Crtifi Accountants

2 Sction A This ONE qustion is compulsory an MUST b attmpt 1 Sinc bcoming inpnnt just ovr 20 yars ago, th country of Mhgam has aopt protctionist masurs which hav ma it ifficult for multinational companis to tra thr. Howvr, rcntly, aftr iscussions with th Worl Tra Organisation (WTO), it sms likly that Mhgam will ruc its protctionist masurs significantly. Encourag by ths iscussions, Chmura Co, a company proucing packag foos, is consiring a projct to st up a manufacturing bas in Mhgam to sll its goos thr an in othr rgional countris narby. An initial invstigation costing $500,000 stablish that Mhgam ha appropriat manufacturing facilitis, aquat transport links an a rasonably skill but chap work forc. Th invstigation conclu that, if th protctionist masurs wr ruc, thn th man potntial for Chmura Co s proucts look promising. It is also flt that an arly ntry into Mhgam woul giv Chmura Co an avantag ovr its comptitors for a prio of fiv yars, aftr which th currnt projct will cas, u to th vlopmnt of nw avanc manufacturing procsss. Mhgam s currncy, th Pso (MP), is currntly traing at MP72 pr $1. Stting up th manufacturing bas in Mhgam will rquir an initial invstmnt of MP2,500 million immiatly, to covr th cost of lan an builings (MP1,250 million) an machinry (MP1,250 million). Tax allowabl prciation is availabl on th machinry at an annual rat of 10% on cost on a straight-lin basis. A balancing ajustmnt will b rquir at th n of yar fiv, whn it is xpct that th machinry will b sol for MP500 million (aftr inflation). Th markt valu of th lan an builings in fiv yars tim is stimat to b 80% of th currnt valu. Ths amounts ar inclusiv of any tax impact. Chmura Co will rquir MP200 million for working capital immiatly. It is not xpct that any furthr injctions of working capital will b rquir for th fiv yars. Whn th projct cass at th n of th fifth yar, th working capital will b rlas back to Chmura Co. Prouction of th packag foos will tak plac in batchs of prouct mixs. Ths batchs will thn b sol to suprmarkt chains, wholsalrs an istributors in Mhgam an its nighbouring countris, who will rpackag thm to thir iniviual rquirmnts. All sals will b in MP. Th stimat avrag numbr of batchs prouc an sol ach yar is givn blow: Yar Batchs prouc an sol 10,000 15,000 30,000 26,000 15,000 Th currnt slling pric for ach batch is stimat to b MP115,200. Th costs rlat to proucing an slling ach batch ar currntly stimat to b MP46,500. In aition to ths costs, a numbr of proucts will n a spcial packaging matrial which Chmura Co will sn to Mhgam. Currntly th cost of th spcial packaging matrial is $200 pr batch. Training an vlopmnt costs, rlat to th prouction of th batchs, ar stimat to b 80% of th prouction an slling costs (xcluing th cost of th spcial packaging) in th first yar, bfor falling to 20% of ths costs (xcluing th cost of th spcial packaging) in th scon yar, an thn nil for th rmaining yars. It is xpct that th costs rlating to th prouction an sal of ach batch will incras annually by 10% but th slling pric an th spcial packaging costs will only incras by 5% vry yar. Th currnt annual corporation tax rat in Mhgam is 25% an Chmura Co pays annual corporation tax at a rat of 20% in th country whr it is bas. Both countris taxs ar payabl in th yar that th tax liability ariss. A bi-latral tax traty xists btwn th two countris which prmits offst of ovrsas tax against any tax liabilitis Chmura Co incurs on ovrsas arnings. Th risk-ajust cost of capital applicabl to th projct on $-bas cash flows is 12%, which is consirably highr than th rturn on short-at $ trasury bills of 4%. Th currnt rat of inflation in Mhgam is 8%, an in th country whr Chmura Co is bas, it is 2%. It can b assum that ths inflation rats will not chang for th forsabl futur. All nt cash flows from th projct will b rmitt back to Chmura Co at th n of ach yar. Chmura Co s financ irctor is of th opinion that thr ar many uncrtaintis surrouning th projct an has assss that th cash flows can vary by a stanar viation of as much as 35% bcaus of ths uncrtaintis. Rcntly Bulu Co offr Chmura Co th option to sll th ntir projct to Bulu Co for $28 million at th start of yar thr. Chmura Co will mak th cision of whthr or not to sll th projct at th n of yar two. 2

3 Rquir: (a) (b) Discuss th rol of th Worl Tra Organisation (WTO) an th possibl bnfits an rawbacks to Mhgam of rucing protctionist masurs. (9 marks) Prpar an valuativ rport for th Boar of Dirctors of Chmura Co which arsss th following parts an rcommns an appropriat cours of action: (i) (ii) An stimat of th valu of th projct bfor consiring Bulu Co s offr. Show all rlvant calculations; (14 marks) An stimat of th valu of th projct taking into account Bulu Co s offr. Show all rlvant calculations; (9 marks) (iii) A iscussion of th assumptions ma in parts (i) an (ii) abov an th aitional businss risks which Chmura Co shoul consir bfor it maks th final cision whthr or not to unrtak th projct. (14 marks) Profssional marks will b awar in part (b) for th format, structur an prsntation of th rport. (4 marks) (50 marks) 3 [P.T.O.

4 Sction B TWO qustions ONLY to b attmpt 2 Awan Co is xpcting to rciv $48,000,000 on 1 Fbruary 2014, which will b invst until it is rquir for a larg projct on 1 Jun Du to uncrtainty in th markts, th company is of th opinion that it is likly that intrst rats will fluctuat significantly ovr th coming months, although it is ifficult to prict whthr thy will incras or cras. Awan Co s trasury tam want to hg th company against avrs movmnts in intrst rats using on of th following rivativ proucts: Forwar rat agrmnts (FRAs); Intrst rat futurs; or Options on intrst rat futurs. Awan Co can invst funs at th rlvant intr-bank rat lss 20 basis points. Th currnt intr-bank rat is 4 09%. Howvr, Awan Co is of th opinion that intrst rats coul incras or cras by as much as 0 9% ovr th coming months. Th following information an quots ar provi from an appropriat xchang on $ futurs an options. Margin rquirmnts can b ignor. Thr-month $ futurs, $2,000,000 contract siz Prics ar quot in basis points at 100 annual % yil Dcmbr 2013: March 2014: Jun 2014: Options on thr-month $ futurs, $2,000,000 contract siz, option prmiums ar in annual % Calls Strik Puts Dcmbr March Jun Dcmbr March Jun Voblaka Bank has offr th following FRA rats to Awan Co: 1 7: 4 37% 3 4: 4 78% 3 7: 4 82% 4 7: 4 87% It can b assum that sttlmnt for th futurs an options contracts is at th n of th month an that basis iminishs to zro at contract maturity at a constant rat, bas on monthly tim intrvals. Assum that it is 1 Novmbr 2013 now an that thr is no basis risk. Rquir: (a) (b) Bas on th thr hging choics Awan Co is consiring, rcommn a hging stratgy for th $48,000,000 invstmnt, if intrst rats incras or cras by 0 9%. Support your answr with appropriat calculations an iscussion. (19 marks) A mmbr of Awan Co s trasury tam has suggst that if option contracts ar purchas to hg against th intrst rat movmnts, thn th numbr of contracts purchas shoul b trmin by a hg ratio bas on th lta valu of th option. Rquir: Discuss how th lta valu of an option coul b us in trmining th numbr of contracts purchas. (6 marks) (25 marks) 4

5 3 Makonis Co, a list company proucing motor cars, wants to acquir Nuvola Co, an nginring company involv in proucing innovativ vics for cars. Makonis Co is kn to incorporat som of Nuvola Co s innovativ vics into its cars an thrby boosting sals rvnu. Th following financial information is provi for th two companis: Makonis Co Nuvola Co Currnt shar pric $5 80 $2 40 Numbr of issu shars 210 million 200 million Equity bta Asst bta It is thought that combining th two companis will rsult in svral bnfits. Fr cash flows to firm of th combin company will b $216 million in currnt valu trms, but ths will incras by an annual growth rat of 5% for th nxt four yars, bfor rvrting to an annual growth rat of 2 25% in prptuity. In aition to this, combining th companis will rsult in cash synrgy bnfits of $20 million pr yar, for th nxt four yars. Ths synrgy bnfits ar not subjct to any inflationary incras an no synrgy bnfits will occur aftr th fourth yar. Th bt-to-quity ratio of th combin company will b 40:60 in markt valu trms an it is xpct that th combin company s cost of bt will b 4 55%. Th corporation tax rat is 20%, th currnt risk fr rat of rturn is 2% an th markt risk prmium is 7%. It can b assum that th combin company s asst bta is th wight avrag of Makonis Co s an Nuvola Co s asst btas, wight by thir currnt markt valus. Makonis Co has offr to acquir Nuvola Co through a mix offr of on of its shars for two Nuvola Co shars plus a cash paymnt, such that a 30% prmium is pai for th acquisition. Nuvola Co s quity holrs fl that a 50% prmium woul b mor accptabl. Makonis Co has sufficint cash rsrvs if th prmium is 30%, but not if it is 50%. Rquir: (a) Estimat th aitional quity valu crat by combining Nuvola Co an Makonis Co, bas on th fr cash flows to firm mtho. Commnt on th rsults obtain an brifly iscuss th assumptions ma. (13 marks) (b) Estimat th impact on Makonis Co s quity holrs if th prmium pai is incras to 50% from 30%. (5 marks) (c) Estimat th aitional funs rquir if a prmium of 50% is pai insta of 30% an iscuss how this prmium coul b financ. (7 marks) (25 marks) 5 [P.T.O.

6 4 Nubo Co has ivisions oprating in two ivrs sctors: prouction of aircraft parts an suprmarkts. Whras th aircraft parts prouction ivision has bn growing rapily, th suprmarkts ivision s growth has bn slowr. Th company is consiring slling th suprmarkts ivision an focusing solly on th aircraft parts prouction ivision. Extracts from th Nubo Co s most rcnt financial statmnts ar as follows: Yar n 30 Novmbr 2013 $m Profit aftr tax 166 Non-currnt assts 550 Currnt assts 122 Non-currnt liabilitis 387 Currnt liabilitis 95 About 70% of Nubo Co s non-currnt assts an currnt assts ar attributabl to th suprmarkts ivision an th rmainr to th aircraft parts prouction ivision. Each of th two ivisions gnrats roughly half of th total profit aftr tax. Th markt valu of th two ivisions is thought to b quivalnt to th pric-to-arnings (PE) ratios of th two ivisions inustris. Th suprmarkt inustry s PE ratio is 7 an th aircraft parts prouction inustry s PE ratio is 12. Nubo Co can ithr sll th suprmarkts ivision as a going concrn or sll th assts of th suprmarkts ivision sparatly. If th assts ar sol sparatly, Nubo Co blivs that it can sll th non-currnt assts for 115% of th book valu an th currnt assts for 80% of th book valu. Th funs rais from th sal of th suprmarkts ivision will b us to pay for all th company s currnt an non-currnt liabilitis. Following th sal of th suprmarkts ivision an paying off th liabilitis, Nubo Co will rais aitional financ for nw projcts in th form of bt. It will b abl to borrow up to a maximum of 100% of th total asst valu of th nw ownsiz company. On of th nw projcts which Nubo Co is consiring is a joint vntur with Pilvi Co to prouc an innovativ typ of machinry which will b us in th prouction of light aircraft an privat jts. Both companis will provi th xprtis an funing rquir for th projct qually. Rprsntativs from both companis will mak up th snior managmnt tam an cisions will b ma jointly. Lgal contracts will b rawn up onc profit-sharing an othr aras hav bn iscuss by th companis an agr on. Pilvi Co has approach Ulap Bank for th financ it rquirs for th vntur, bas on Islamic financ principls. Ulap Bank has agr to consir th rqust from Pilvi Co, but bcaus th financing rquirmnt will b for a long prio of tim an bcaus of uncrtaintis surrouning th projct, Ulap Bank wants to provi th financ bas on th principls of a Musharaka contract, with Ulap Bank rquiring rprsntation on th vntur s snior managmnt tam. Normally Ulap Bank provis funs bas on th principls of a Muaraba contract, which th bank provis for short-trm, low-risk projcts, whr th rsponsibility for running a projct rsts solly with th borrowr. Rquir: (a) (b) Avis Nubo Co whthr it shoul sll th suprmarkts ivision as a going concrn or sll th assts sparatly an stimat th aitional cash an bt funs which coul b availabl to th nw, ownsiz company. Show all rlvant calculations. (7 marks) An altrnativ to slling th suprmarkts ivision woul b to mrg both th ivisions. In this cas, all of Nubo Co s liabilitis woul b takn ovr by th mrg suprmarkts ivision. Also, ithr of th mrg companis can borrow up to 100% of thir rspctiv total asst valus. Rquir: Discuss whthr a mrgr of th suprmarkts ivision may b mor appropriat than a sal. (6 marks) (c) Discuss why Ulap Bank may want to consir proviing th financ bas on a Musharaka contract insta of a Muaraba contract, an th ky concrns Nubo Co may hav from th arrangmnt btwn Pilvi Co an Ulap Bank. (12 marks) (25 marks) 6

7 Formula Moigliani an Millr Proposition 2 (with tax) V i i k = k +( 1 T)(k k ) V Th Capital Asst Pricing Mol E(r ) = R + β ( E(r ) R ) i f i m f β a Th asst bta formula V V T = β V + V T)) V V + ( 1 ) β ( ( 1 ( + ( 1 T)) Th Growth Mol P o D ( 1+ g) o = (r g) Goron s growth approximation g = br Th wight avrag cost of capital V WACC V V k V = + V V k ( 1 T) + + Th Fishr formula ( 1+ i) = ( 1+ r)(1+h) Purchasing powr parity an intrst rat parity S S x (1+h ) F S x (1+i ) c c = = 0 0 (1+h ) (1+i b ) 1 0 b 7 [P.T.O.

8 Moifi Intrnal Rat of Rturn PV R MIRR = PV I 1 n ( 1+ r ) 1 Th Black-Schols option pricing mol c = PN( ) PN( ) Whr: 1 a 1 2 rt ln( P / P ) + ( r+ 0.5s ) t a = s t = s t 2 1 Th Put Call Parity rlationship p = c P + P a 2 rt 8

9 Prsnt Valu Tabl Prsnt valu of 1 i.. (1 + r) n Whr r = iscount rat n = numbr of prios until paymnt Discount rat (r) Prios (n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% (n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% [P.T.O.

10 Annuity Tabl Prsnt valu of an annuity of 1 i.. 1 (1 + r) n r Whr r = iscount rat n = numbr of prios Discount rat (r) Prios (n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% (n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%

11 Stanar normal istribution tabl This tabl can b us to calculat N(), th cumulativ normal istribution functions n for th Black-Schols mol of option pricing. If i > 0, a 0 5 to th rlvant numbr abov. If i < 0, subtract th rlvant numbr abov from 0 5. En of Qustion Papr 11

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