Paper P4. Advanced Financial Management. March/June 2016 Sample Questions. Professional Level Options Module

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1 Profssional Lvl Options Modul Advancd Financial Managmnt March/Jun 2016 Sampl Qustions Tim allowd Rading and planning: Writing: 15 minuts 3 hours This qustion papr is dividd into two sctions: Sction A This ONE qustion is compulsory and MUST b attmptd Sction B TWO qustions ONLY to b attmptd Formula and tabls ar on pags Do NOT opn this qustion papr until instructd by th suprvisor. During rading and planning tim only th qustion papr may b annotatd. You must NOT writ in your answr booklt until instructd by th suprvisor. This qustion papr must not b rmovd from th xamination hall. Papr P4 Th Association of Chartrd Crtifid Accountants

2 Sction A This ONE qustion is compulsory and MUST b attmptd 1 Lirio Co is an nginring company which is involvd in projcts around th world. It has bn growing stadily for svral yars and has maintaind a stabl dividnd growth policy for a numbr of yars now. Th board of dirctors (BoD) is considring bidding for a larg projct which rquirs a substantial invstmnt of $40 million. It can b assumd that th dat today is 1 March Th BoD is proposing that Lirio Co should not rais th financ for th projct through additional dbt or quity. Instad, it proposs that th rquird financ is obtaind from a combination of funds rcivd from th sal of its quity invstmnt in a Europan company and from cash flows gnratd from its normal businss activity in th coming two yars. As a rsult, Lirio Co s currnt capital structur of 80 million $1 quity shars and $70 million 5% bonds is not xpctd to chang in th forsabl futur. Th BoD has askd th company s trasury dpartmnt to prpar a discussion papr on th implications of this proposal. Th following information on Lirio Co has bn providd to assist in th prparation of th discussion papr. Expctd incom and cash flow commitmnts prior to undrtaking th larg projct for th yar to th nd of Fbruary 2017 Lirio Co s sals rvnu is forcast to grow by 8% nxt yar from its currnt lvl of $300 million, and th oprating profit margin on this is xpctd to b 15%. It is xpctd that Lirio Co will hav th following capital invstmnt rquirmnts for th coming yar, bfor th impact of th larg projct is considrd: 1. A $0 10 invstmnt in working capital for vry $1 incras in sals rvnu; 2. An invstmnt quivalnt to th amount of dprciation to kp its non-currnt asst bas at th prsnt productiv capacity. Th currnt dprciation charg alrady includd in th oprating profit margin is 25% of th non-currnt assts of $50 million; 3. A $0 20 invstmnt in additional non-currnt assts for vry $1 incras in sals rvnu; 4. $8 million additional invstmnt in othr small projcts. In addition to th abov sals rvnu and profits, Lirio Co has on ovrsas subsidiary Pontac Co, from which it rcivs dividnds of 80% on profits. Pontac Co producs a spcialist tool which it slls locally for $60 ach. It is xpctd that it will produc and sll 400,000 units of this spcialist tool nxt yar. Each tool will incur variabl costs of $36 pr unit and total annual fixd costs of $4 million to produc and sll. Lirio Co pays corporation tax at 25% and Pontac Co pays corporation tax at 20%. In addition to this, a withholding tax of 8% is dductd from any dividnds rmittd from Pontac Co. A bi-latral tax traty xists btwn th countris whr Lirio Co is basd and whr Pontac Co is basd. Thrfor corporation tax is payabl on profits mad by subsidiary companis, but full crdit is givn for corporation tax alrady paid. It can b assumd that rcipts from Pontac Co ar in $ quivalnt amounts and xchang rat fluctuations on ths can b ignord. Sal of quity invstmnt in th Europan country It is xpctd that Lirio Co will rciv Euro ( ) 20 million in thr months tim from th sal of its invstmnt. Th has continud to rmain wak, whil th $ has continud to rmain strong through 2015 and th start of Th financial prss has also rportd that thr may b a prmannt shift in th /$ xchang rat, with firms facing conomic xposur. Lirio Co has dcidd to hdg th rcipt using on of currncy forward contracts, currncy futurs contracts or currncy options contracts. Th following xchang contracts and rats ar availabl to Lirio Co. Pr 1 Spot rats $ $ Thr-month forward rats $ $ Currncy futurs (contract siz $125,000, quotation: pr $1) March futurs Jun futurs

3 Currncy options (contract siz $125,000, xrcis pric quotation pr $1, prmium pr $1) Calls Puts Exrcis pric March Jun March Jun It can b assumd that futurs and options contracts xpir at th nd of thir rspctiv months. Dividnd history, xpctd dividnds and cost of capital, Lirio Co Yar to nd of Fbruary Numbr of $1 quity shars in issu (000) 60,000 60,000 80,000 80,000 Total dividnds paid ($ 000) 12,832 13,602 19,224 20,377 It is xpctd that dividnds will grow at th historic rat, if th larg projct is not undrtakn. Expctd dividnds and dividnd growth rats if th larg projct is undrtakn Yar to nd of Fbruary 2017 Rmaining cash flows aftr th invstmnt in th $40 million projct will b paid as dividnds. Yar to nd of Fbruary 2018 Th dividnds paid will b th sam amount as th prvious yar. Yar to nd of Fbruary 2019 Dividnds paid will b $0 31 pr shar. In futur yars from Fbruary 2019 Dividnds will grow at an annual rat of 7%. Lirio Co s cost of quity capital is stimatd to b 12%. Rquird: (a) (b) With rfrnc to purchasing powr parity, xplain how xchang rat fluctuations may lad to conomic xposur. (6 marks) Prpar a discussion papr, including all rlvant calculations, for th board of dirctors (BoD) of Lirio Co which: (i) (ii) Estimats Lirio Co s dividnd capacity as at 28 Fbruary 2017, prior to invsting in th larg projct; (9 marks) Adviss Lirio Co on, and rcommnds, an appropriat hdging stratgy for th Euro ( ) rcipt it is du to rciv in thr months tim from th sal of th quity invstmnt; (14 marks) (iii) Using th information on dividnds providd in th qustion, and from (b) (i) and (b) (ii) abov, asssss whthr or not th projct would add valu to Lirio Co; (8 marks) (iv) Discusss th issus of proposd mthods of financing th projct which nd to b considrd furthr. (9 marks) Profssional marks will b awardd in part (b) for th format, structur and prsntation of th discussion papr. (4 marks) (50 marks) 3 [P.T.O.

4 Sction B TWO qustions ONLY to b attmptd 2 Louid Co Louid Co, a listd company, is a major supplir of ducational matrial, slling its products in many countris. It supplis schools and collgs and also producs larning matrial for businss and profssional xams. Louid Co has xclusiv contracts to produc matrial for som xamining bodis. Louid Co has a wll-dfind managmnt structur with formal procsss for making major dcisions. Although Louid Co producs onlin larning matrial, most of its profits ar still drivd from sals of traditional txtbooks. Louid Co s growth in profits ovr th last fw yars has bn slow and its dirctors ar currntly rviwing its long-trm stratgy. On ara in which thy fl that Louid Co must bcom much mor involvd is th production of onlin tsting matrials for xams and to validat cours and txtbook larning. Bid for Tiddd Co Louid Co has rcntly mad a bid for Tiddd Co, a smallr listd company. Tiddd Co also supplis a rang of ducational matrial, but has bn on of th ladrs in th dvlopmnt of onlin tsting and has shown strong profit growth ovr rcnt yars. All of Tiddd Co s initial fiv foundrs rmain on its board and still hold 45% of its issud shar capital btwn thm. From th start, Tiddd Co s dirctors hav bn usd to making quick dcisions in thir aras of rsponsibility. Although listing has imposd som formalitis, Tiddd Co has rmaind focusd on acting quickly to gain comptitiv advantag, with th fiv foundrs continuing to giv strong ladrship. Louid Co s initial bid of fiv shars in Louid Co for thr shars in Tiddd Co was rjctd by Tiddd Co s board. Thr has bn furthr discussion btwn th two boards sinc th initial offr was rjctd and Louid Co s board is now considring a proposal to offr Tiddd Co s sharholdrs two shars in Louid Co for on shar in Tiddd Co or a cash altrnativ of $22 75 pr Tiddd Co shar. It is xpctd that Tiddd Co's sharholdrs will choos on of th following options: (i) To accpt th two-shars-for-on-shar offr for all th Tiddd Co shars; or, (ii) To accpt th cash offr for all th Tiddd Co shars; or, (iii) 60% of th sharholdrs will tak up th two-shars-for-on-shar offr and th rmaining 40% will tak th cash offr. In cas of th third option bing accptd, it is thought that thr of th company's foundrs, holding 20% of th shar capital in total, will tak th cash offr and not join th combind company. Th rmaining two foundrs will probably continu to b involvd in th businss and b mmbrs of th combind company's board. Louid Co s financ dirctor has stimatd that th mrgr will produc annual post-tax synrgis of $20 million. H xpcts Louid Co s currnt pric-arnings (P/E) ratio to rmain unchangd aftr th acquisition. Extracts from th two companis most rcnt accounts ar shown blow: Louid Tiddd $m $m Profit bfor financ cost and tax Financ costs (74) (24) Profit bfor tax Tax (76) (30) Profit aftr tax Issud $1 nominal shars 340 million 90 million P/E ratios, basd on most rcnt accounts Long-trm liabilitis (markt valu) ($m) Cash and cash quivalnts ($m) Th tax rat applicabl to both companis is 20%. Assum that Louid Co can obtain furthr dbt funding at a pr-tax cost of 7 5% and that th rturn on cash surpluss is 5% pr-tax. Assum also that any dbt funding ndd to complt th acquisition will b rducd instantly by th balancs of cash and cash quivalnts hld by Louid Co and Tiddd Co. 4

5 Rquird: (a) (b) (c) Discuss th advantags and disadvantags of th acquisition of Tiddd Co from th viwpoint of Louid Co. (6 marks) Calculat th P/E ratios of Tiddd Co implid by th trms of Louid Co s initial and proposd offrs, for all thr of th abov options. (5 marks) Calculat, and commnt on, th funding rquird for th acquisition of Tiddd Co and th impact on Louid Co s arnings pr shar and garing, for ach of th thr options givn abov. Not: Up to 10 marks ar availabl for th calculations. (14 marks) (25 marks) 5 [P.T.O.

6 3 Stapl Group is on of Barland s biggst mdia groups. It consists of four divisions, organisd as follows: Stapl National th national nwspapr, th Daily Stapl. This division s rvnus and oprating profits hav dcrasd for th last two yars. Stapl Local a portfolio of 18 local and rgional nwspaprs. This division s oprating profits hav falln for th last fiv yars and oprating profits and cash flows ar forcast to b ngativ in th nxt financial yar. Othr nwspapr groups with local titls hav also rportd significant falls in profitability rcntly. Stapl Viw a packag of digital channls showing sporting vnts and programms for a family audinc. Stapl Group s board has bn plasd with this division s rcnt prformanc, but it blivs that th division will only b abl to sustain a growth rat of 4% in oprating profits and cash flows unlss it can buy th rights to show mor major sporting vnts. Ovr th last yar, Stapl Viw s biggst comptitor in this sctor has acquird two smallr digital broadcastrs. Stapl Invstor stablishd from a businss which was acquird thr yars ago, this division offrs srvics for invstors including rsarch, publications, training vnts and confrncs. Th division gaind a numbr of nw clints ovr th last yar and has thus shown good growth in rvnus and oprating profits. Som of Stapl Group s institutional invstors hav xprssd concrn about th fall in profitability of th two nwspapr divisions. Th following summarisd data rlats to th group s last accounting yar. Th % changs in pr-tax profits and rvnus ar changs in th most rcnt figurs compard with th prvious yar. Division Total National Local Viw Invstor Rvnus ($m) 1, Incras/(dcras) in rvnus (%) (5 1) (14 7) Pr-tax profits ($m) Incras/(dcras) in pr-tax profits (%) (4 1) (12 6) Post-tax cash flows ($m) Shar of group nt assts ($m) Shar of group long-trm liabilitis ($m) Stapl Group s board rgards th Daily Stapl as a cntral lmnt of th group s futur. Th dirctors ar currntly considring a numbr of invstmnt plans, including th dvlopmnt of digital platforms for th Daily Stapl. Th financ dirctor has costd th invstmnt programm at $150 million. Th board would prfr to fund th invstmnt programm by disposing parts or all of on of th othr divisions. Th following information is availabl to hlp assss th valu of ach division: On of Stapl Group s comptitors, Postway Co, has contactd Stapl Group s dirctors asking if thy would b intrstd in slling 15 of th local and rgional nwspaprs for $60 million. Stapl Group s financ dirctor blivs this offr is low and wishs to us th nt assts valuation mthod to valuat a minimum pric for th Stapl Local division. Stapl Group s financ dirctor blivs that a valuation using fr cash flows would provid a fair stimat of th valu of th Stapl Viw division. Ovr th last yar, invstmnt in additional non-currnt assts for th Stapl Viw division has bn $12 5 million and th incrmntal working capital invstmnt has bn $6 2 million. Ths invstmnt lvls will hav to incras at 4% annually in ordr to support th xpctd sustainabl incrass in oprating profit and cash flow. Stapl Group s financ dirctor blivs that th valuation of th Stapl Invstor division nds to rflct th potntial it drivs from th xprtis and xprinc of its staff. Th financ dirctor has calculatd a valu of $118 5 million for this division, basd on th arnings mad last yar but also allowing for th additional arnings which h blivs that th xprt staff in th division will b abl to gnrat in futur yars. Assum a risk-adjustd, all-quity financd, cost of capital of 12% and a tax rat of 30%. Goodwill should b ignord in any calculations. Stapl Group s financ and human rsourcs dirctors ar looking at th staffing of th two nwspapr divisions. Th financ dirctor proposs dismissing most staff who hav workd for th group for lss than two yars, two yars mploymnt bing whn staff would b ntitld to nhancd statutory mploymnt protction. Th financ dirctor 6

7 also proposs a rdundancy programm for longr-srving staff, slcting for rdundancy mploys who hav complaind particularly strongly about rcnt changs in working conditions. Thr is a commitmnt in Stapl Group s annual rport to trat mploys fairly, communicat with thm rgularly and nhanc mploys prformanc by structurd dvlopmnt. Rquird: (a) (b) Evaluat th options for disposing of parts of Stapl Group, using th financial information to assss possibl disposal prics. Th valuation should includ a discussion of th bnfits and drawbacks to Stapl Group from disposing of parts of th Stapl Group. (19 marks) Discuss th significanc of th financ dirctor s proposals for rduction in staff costs for Stapl Group s rlationships with its sharholdrs and mploys and discuss th thical implications of th proposals. (6 marks) (25 marks) 7 [P.T.O.

8 4 Furlion Co manufacturs havy agricultural quipmnt and machinry which can b usd in difficult farming conditions. Furlion Co s chif xcutiv has bn invstigating a significant opportunity in th country of Naswa, whr Furlion Co has not prviously sold any products. Th govrnmnt of Naswa has bn undrtaking a major land rclamation programm and Furlion Co s quipmnt is particularly suitabl for us on th rclaimd land. Bcaus of th costs and othr problms involvd in transporting its products, Furlion Co s chif xcutiv proposs that Furlion Co should stablish a plant for manufacturing machinry in Naswa. H knows that th Naswan govrnmnt is kn to ncourag th dvlopmnt of sustainabl businsss within th country. Initial calculations suggst that th proposd invstmnt in Naswa would hav a ngativ nt prsnt valu of $1 01 million. Howvr, Furlion Co s chif xcutiv blivs that thr may b opportunitis for gratr cash flows in futur if th Naswan govrnmnt xpands its land rclamation programm. Th govrnmnt at prsnt is struggling to fund xpansion of th programm out of its own rsourcs and is looking for othr funding. If th Naswan govrnmnt obtains this funding, th chif xcutiv has forcast that th incrasd dmand for Furlion Co s products would justify $15 million additional xpnditur at th sit of th factory in thr yars tim. Th xpctd nt prsnt valu for this xpansion is currntly stimatd to b $0. It can b assumd that all costs and rvnus includ inflation. Th rlvant cost of capital is 12% and th risk fr rat is 4%. Th chif xcutiv has stimatd th likly volatility of cash flows at a standard dviation of 30%. On of Furlion Co s non-xcutiv dirctors has rad about possibl changs in intrst rats and wondrs how ths might affct th invstmnt appraisal. Rquird: (a) (b) (c) Assss, showing all rlvant calculations, whthr Furlion Co should procd with th significant opportunity. Discuss th assumptions mad and othr factors which will affct th dcision of whthr to stablish a plant in Naswa. Th Black Schols pricing modl may b usd, whr appropriat. (16 marks) Explain what is mant by an option s rho and discuss th impact of changs in intrst rats on th appraisal of th invstmnt. (5 marks) Discuss th possibility of th Naswan govrnmnt obtaining funding for furthr land rclamation from th World Bank, rfrring spcifically to th Intrnational Dvlopmnt Association. (4 marks) (25 marks) 8

9 Formula Modigliani and Millr Proposition 2 (with tax) V i i k = k +( 1 T)(k k ) d V d Th Capital Asst Pricing Modl E(r ) = R + β ( E(r ) R ) i f i m f β a Th asst bta formula V V T d = β V + V T)) V V d + ( 1 ) β d ( ( 1 ( + ( 1 T)) d Th Growth Modl P o D ( 1+ g) o = (r g) Gordon s growth approximation g = br Th wightd avrag cost of capital V WACC V V k V d = + V V k ( 1 T) d + d + d Th Fishr formula ( 1+ i) = ( 1+ r)(1+h) Purchasing powr parity and 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 9 [P.T.O.

10 Modifid Intrnal Rat of Rturn PV R MIRR = PV I 1 n ( 1+ r ) 1 Th Black-Schols option pricing modl c = PN(d ) PN(d ) Whr: d 1 a 1 2 rt ln( P / P ) + ( r+ 0.5s ) t a = s t d = d s t 2 1 Th Put Call Parity rlationship p = c P + P a 2 rt 10

11 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% 10% (n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% [P.T.O.

12 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% 10% (n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%

13 Standard normal distribution tabl This tabl can b usd to calculat N(d), th cumulativ normal distribution functions ndd for th Black-Schols modl of option pricing. If d i > 0, add 0 5 to th rlvant numbr abov. If d i < 0, subtract th rlvant numbr abov from 0 5. End of Qustion Papr 13

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