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1、An swersFundamentals Level - Skills Module, Paper F9December 2014 AnswersFinancial ManagementSection A1 AMonetary value of return = $310 x 1 197 = $3 71Current share price = $371 -$0 21 = $3 502 B3 C4 AThe hedge needs to create a peso liability to match the 500,000 peso future income.6-month peso bo
2、rrowing rate = 8/2 = 4%6-month dollar deposit rate = 3/2 = 15%-Dollar value of money market hedge = 500,000 x 1015/(1 - 04 x 15) = $32,532 or $32,5005B6C7CTotal cash flowJoint probabilityEV of cash flow($)($)36,0000 11254,05014,0000 037552532,0000 450014,40010,0000 15001,50016,0000 18753,000(6,000)0
3、 0625(375)23,100Less initial investment(12,000)EV of the NPV11,1008 B9 AMV = (7 x 5 033) + (105 x 0547) = $92 6710 D11 D12 A13 BInventory = 15,000,000 x 60/360 = $2,500,000Trade receivables = 27,000,000 x 50/360 = $3,750,000Trade payables = 15,000,000 x 45/360 = $1,875,000Net investment required = 2
4、,500,000 + 3,750,000-1,875,000 = $4,375,00014 C15 D16 C17Gearing = (4,000 x 105) + 6,200 + (2,000 x 08)/(8,000 x 2 x 5) = 12,000/80,000 = 15%18 B19 DDividend growth rate = 100 x (336/32) - -1) = 5%MV = 33 -6/(0 13 -0 05) = $4 2020 DSection B1(a) Cash balances at the end of each month:DecemberJanuary
5、FebruaryMarchAprilSales (units)1,2001,2501,3001,4001,500Selling price ($/unit)800800840840Sales ($000)9601,0001,0921,176Month receivedJanuaryFebruaryMarchAprilDecemberJanuaryFebruaryMarchProduction (units)1,2501,3001,4001,500Raw materials (units)2,5002,6002,8003,000Raw materials ($000)500520560600Mo
6、nth payableJanuaryFebruaryMarchAprilDecemberJanuaryFebruaryMarchProduction (units)1,2501,3001,4001,500Variable costs ($000)125130140150Month payableDecemberJanuaryFebruaryMarchMonthly cash balances:January $000February$000March$000Receivables9601,0001,092Loan300Income:9601,0001,392Raw materials50052
7、0560Variable costs130140150Machine400Expenditure:6306601,110Opening balance40370710Net cash flow330340282Closing balance370710992(b) Calculation of current ratioInventory at the end of the three-month period:This will be the finished goods for April sales of 1,500 units, which can be assumed to be v
8、alued at the cost of production of $400 per unit for materials and $100 per unit for variable overheads and wages. The value of the inventory is therefore 1,500 x 500 = $750,000.Trade receivables at the end of the three-month period:These will be March sales of 1,400 x 800 x 105 = $1,176,000.Cash ba
9、lance at the end of the three-month period:This was forecast to be $992,000.Trade payables at the end of the three-month period:This will be the cash owed for March raw materials of $600,000.Forecast current ratioAssuming that current liabilities consists of trade payables alone:Current ratio = (750
10、,000 + 1,176,000 + 992,000)/600,000 = 49 times (c) If Flit Co generates a short-term cash surplus, the cash may be needed again in the near future. In order to increase profitability, the short-term cash surplus could be invested, for example, in a bank deposit, however, the investment selected woul
11、d normally not be expected to carry any risk of capital loss. Shares traded on a large stock market carry a significant risk of capital loss, and hence are rarely suitable for investing short-term cash surpluses.(a)2Average historical share price growth = 100 x (1090/9 15) 1/3 -1) = 6% per yearFutur
12、e share price after 7 years = 1090 x 1 067 = $16 39 per shareConversion value of each loan note = 1639 x 8 = $13112The investor is faced with the choice of redeeming the loan notes at their nominal value of $100 or converting them into shares worth $13112. The rational choice is to maximise wealth b
13、y taking the conversion option.Market value of each loan note = (8 x 5033) + (131 12 x 0 547) = 40 26 + 71 72 = $111 98(b) The average price/earnings ratio (P/E ratio) of listed companies similar to Par Co has been recently reported to be 12 timesand the most recent earnings per share (EPS) of Par C
14、o is 62 cents per share. The share price calculated using the P/E ratio method is therefore $744 (12 x 62/100).One problem with using the P/E ratio valuation method relates to the selection of a suitable P/E ratio. The P/E ratio used here is an average P/E ratio of similar companies and Par Co is clearly not an average company, as evidenced by its year-end share price being $1090 per share, some 47% more than the calculated value of $744. The business risk and financial risk ofPar Co will not be exactly the same as the business risk and financial risk of the similar companies, for example
