ACCA F9考试真题答案Word下载.docx
- 文档编号:7803151
- 上传时间:2023-05-09
- 格式:DOCX
- 页数:35
- 大小:23.74KB
ACCA F9考试真题答案Word下载.docx
《ACCA F9考试真题答案Word下载.docx》由会员分享,可在线阅读,更多相关《ACCA F9考试真题答案Word下载.docx(35页珍藏版)》请在冰点文库上搜索。
Jointprobability
EVofcashflow
36,000
14,000
32,000
10,000
16,000
(6,000)
0·
1125
0375
4500
1500
1875
0625
4,050
525
14,400
1,500
3,000
(375)
–––––––
23,100
Lessinitialinvestment
EVoftheNPV
(12,000)
11,100
8
9
MV=(7x5·
033)+(105x0·
547)=$92·
67
10
11
12
D
17
13
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
Gearing=[(4,000x1·
05)+6,200+(2,000x0·
8)]/(8,000x2x5)=12,000/80,000=15%
18
19
Dividendgrowthrate=100x((33·
6/32)–1)=5%
MV=33·
6/(0·
13–0·
05)=$4·
20
SectionB
(a)
Cashbalancesattheendofeachmonth:
December
January
February
March
April
Sales(units)
1,200
1,250
1,300
1,400
Sellingprice($/unit)
800
840
––––––
Sales($000)
960
1,000
1,092
1,176
Monthreceived
2,500
500
2,600
520
2,800
560
600
Production(units)
Rawmaterials(units)
Rawmaterials($000)
Monthpayable
125
130
140
150
Variablecosts($000)
Monthlycashbalances:
$000
Receivables
Loan
300
––––
Income:
1,392
Rawmaterials
Variablecosts
Machine
400
Expenditure:
630
660
1,110
Openingbalance
Netcashflow
40
370
710
330
340
282
Closingbalance
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)
IfFlitCogeneratesashort-termcashsurplus,thecashmaybeneededagaininthenearfuture.Inordertoincrease
profitability,theshort-termcashsurpluscouldbeinvested,forexample,inabankdeposit,however,theinvestmentselected
wouldnormallynotbeexpectedtocarryanyriskofcapitalloss.Sharestradedonalargestockmarketcarryasignificantrisk
ofcapitalloss,andhencearerarelysuitableforinvestingshort-termcashsurpluses.
Averagehistoricalsharepricegrowth=100x((10·
90/9·
15)1/3–1)=6%peryear
Futuresharepriceafter7years=10·
90x1·
067=$16·
39pershare
Conversionvalueofeachloannote=16·
39x8=$131·
Theinvestorisfacedwiththechoiceofredeemingtheloannotesattheirnominalvalueof$100orconvertingtheminto
sharesworth$131·
12.Therationalchoiceistomaximisewealthbytakingtheconversionoption.
Marketvalueofeachloannote=(8x5·
033)+(131·
12x0·
547)=40·
26+71·
72=$111·
98
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.
LookingattheP/EratioofParCo,itcanbeseenthatthisisnotconstant,buthasincreasedeachyearforfouryears,from
14·
3timesin2011to17·
6timesin2014.ThisraisesquestionsaboutusingaP/Eratiobasedonhistoricalinformationas
awayofvaluingfutureactivity.
Ideally,theP/Eratiomethodshoulduseforecastmaintainableearnings,butthecalculatedvalueof$7·
44hasusedthe
historicalEPSof2014.AsthiswasthelowestEPSoverthefouryears,forecastingfuturemaintainableearningsmaybea
problemhere.
Workings
Year
2011
64
9·
274·
2012
68
88
296·
2013
70
10·
49
15·
314·
2014
62
90
17·
327·
Earningspershare(cents)
Year-endshareprice($)
P/Eratio(times)
ValueofParCo($m)
(Note:
Itisassumedthatthenumberofordinaryshareshasremainedconstant)
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.
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.
Reviseddraftevaluationofinvestmentproposal
2,475
(1,097)
2,714
(1,323)
4,413
(2,084)
4,775
(2,370)
Salesrevenue
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)
After-taxprofit
724
1,715
1,056
450
338
253
759
After-taxcashflow
Discountat12%
1,062
1,968
1,815
893
797
712
636
567
Presentvalues
846
1,401
1,154
(184)
Presentvalueofcashinflows
Costofmachine
4,309
(1,800)
NPV
2,509
Thereviseddraftevaluationoftheinvestmentproposalindicatesthatapositivenetpresentvalueisexpectedtobeproduced.
Theinvestmentprojectisthereforefinanciallyacceptableandacceptingitwillincreasethewealthoftheshareholdersof
UftinCo.
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- ACCA F9考试真题答案 F9 考试 答案