2016年6月ACCA考试F9财务管理真题SB部分_真题-无答案

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2016年6月ACCA考试F9财务管理真题（SectionB部分）

(总分60,考试时间195分钟)

Section B

1. Crago Co is concerned that it may be overtrading. Financial information relating to **pany is as follows.Companies which are similar to Crago Co have the following average values for 20X5:Assume there are 360 days in each year.Required:Evaluate whether Crago can be considered to be overtrading and discuss how overtrading can be **e.Note: Up to 4 marks are available for calculations.

The directors of Plam Co expect that interest rates will fall over the next year and they are looking forward to paying less interest on **pany's debt finance. The dollar is the domestic currency of Plam Co. **pany has a number of different kinds of debt finance, as follows:The 7% loan notes were issued domestically while the 10% loan notes were issued in a foreign country.The interest rate on the long-term bank loan is reset to bank base rate plus a fixed percentage at the end of each year. The annual payment on the bank loan consists of interest on the year-end balance plus a capital repayment.Relevant exchange rates are as follows:Plam Co can place pesos on deposit at 3% per year and borrow dollars at 10% per year. **pany has no cash available for hedging purposes.Required:

2. (a) Evaluate the risk faced by Plam Co on its peso-denominated interest payment in six months' time and advise how this risk might be hedged.

3. (b) Identify and discuss the different kinds of interest rate risk faced by Plam Co.

Darlga Co is partly financed by 7% loan notes which are redeemable at their nominal value of $1,000 per loan note in eight years' time. Alternatively, the loan notes are convertible after seven years into 110 ordinary shares of Darlga Co per loan note. The ordinary shares of Darlga Co are currently trading at $6·50 per share on an ex dividend basis. The current cost of debt of the convertible loan notes is 8%.Required:

4. (a) Justifying any assumptions which you make, calculate the current market value of the loan notes of Darlga Co, using future share price increases of:(i) 4% per year;(ii) 6% per year.

5. (b) Discuss the limitations of the dividend growth model as a way of valuing the ordinary shares of a company.

Dinla Co has the following capital structure.The ordinary shares of Dinla Co are currently trading at $4·26 per share on an ex dividend basis and have a nominal value of $0·25 per share. Ordinary dividends are expected to grow in the future by 4% per year and a dividend of $0·25 per share has just been paid.The 5% preference shares have an ex dividend market value of $0·56 per share and a nominal value of $1·00 per share. These shares are irredeemable.The 6% loan notes of Dinla Co are currently trading at $95·45 per loan note on an ex interest basis and will be redeemed at their nominal value of $100 per loan note in

five years' time.The bank loan has a fixed interest rate of 7% per year.Dinla Co pays corporation tax at a rate of 25%.Required:

6. (a) Calculate the after-tax weighted average cost of capital of Dinla Co on a market value basis. 7. (b) Discuss the connection between the relative costs of sources of finance and the creditor hierarchy.

8. (c) Explain the differences between Islamic finance and other conventional finance.

Degnis Co is a company which installs kitchens and bathrooms to customer specifications. It is planning to invest $4,000,000 in a new facility to convert vans and trucks into motorhomes. Each motorhome will be designed and built according to customer requirements. Degnis Co expects motorhome production and sales in the first four years of operation to be as follows.The selling price for a motorhome depends on the van or truck which is converted, the quality of the units installed and the extent of conversion work required. Degnis Co has undertaken research into likely sales and costs of different kinds of motorhomes which could be selected by customers, as follows:Fixed costs of the production facility are expected to depend on the volume of motorhome production as follows:Degnis Co pays corporation tax of 28% per year, with the tax liability being settled in the year in which it arises. **pany can claim tax allowable depreciation on the cost of the investment on a straight-line basis over ten years. Degnis Co evaluates investment projects using an after-tax discount rate of 11%.Required:

9. (a) Calculate the expected net present value of the planned investment for the first four years of operation.

10. (b) After the fourth year of operation, Degnis Co expects to continue to produce and sell 450 motorhomes per year for the foreseeable future.Required:Calculate the effect on the expected net present value of the planned investment of continuing to produce and sell motorhomes beyond the first four years **ment on the financial acceptability of the planned investment.

11. (c) Critically discuss the use of probability analysis in incorporating risk into investment appraisal.