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CIMA F3 Exam Syllabus Topics:

SectionWeightObjectives
Financial Policy Decisions15%- Interaction between investment, financing and dividend decisions
- Strategic financial objectives and stakeholder impact
  • 1. Financial objective setting
  • 2. ESG and ethical influences
  • 3. Taxation and regulatory framework
Business Valuation40%- Mergers, acquisitions and divestments
  • 1. Financing and post-deal integration
  • 2. Valuation of target companies
- Valuation methods
  • 1. Discounted cash flow (DCF)
  • 2. Asset-based valuation
  • 3. Relative valuation: P/E, EV/EBITDA
- Investment appraisal
  • 1. Adjusted present value (APV)
  • 2. NPV, IRR, payback, discounted payback
- Impairment testing and value management
Financial Risks20%- Risk reporting and governance
- Risk management techniques
  • 1. Hedging strategies
  • 2. Derivatives: futures, forwards, swaps, options
- Risk measurement and assessment
  • 1. Value-at-Risk, sensitivity analysis
- Types of financial risk
  • 1. Credit and liquidity risk
  • 2. Interest rate risk
  • 3. Foreign exchange risk
Sources of Long-term Funds25%- Equity finance
  • 1. Ordinary shares, preference shares, rights issues
  • 2. Flotation and listing methods
- Dividend policy and distribution strategies
- Capital structure theories and WACC
  • 1. Cost of capital calculation
  • 2. Modigliani-Miller propositions
- Debt finance
  • 1. Leasing and sale-and-leaseback
  • 2. Bonds, loans, convertible instruments

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CIMA F3 Financial Strategy F3 Prüfungsfragen mit Lösungen (Q253-Q258):

253. Frage
A company is planning a share repurchase programme with the following details:
* Repurchased shares will be immediately cancelled.
* The shares will be purchased at a premium to the market share price.
The current market share price is greater than the nominal value of the shares.
Which of the following statements about the impact of the share repurchase programme on the company's financial statements is correct?

Antwort: B

Begründung:
The company is repurchasing and cancelling its own shares.
When shares are cancelled:
Share capital is reduced by the nominal value of the shares bought back. # Any amount paid above nominal value reduces equity reserves (such as share premium and/or retained earnings), but it does not go through the Income Statement.
Total equity does decrease by the full repurchase amount (so option C is wrong).
No element of the repurchase (including any "premium to market value") is treated as an expense in the Income Statement under IFRS - it's purely an equity transaction (so D is wrong).
Option A is too specific and not strictly correct, because the premium over nominal is not necessarily all charged only to retained earnings - it can also be charged to share premium / other reserves.
So the one fully correct statement is:
B). The share capital figure would reduce by the nominal value of the shares purchased.


254. Frage
Company HJK is planning to bid for listed company BNM
Financial data for BNM for the financial year ended 31 December 20X1:

HJK is not forecasting any growth in these figures for the foreseeable future
Profit and cost data above should be assumed to be equivalent to cash flow data when answenng this question
Which THREE of the following approaches would be most appropriate for HJK to use to value the equity of BNM?

Antwort: B,D,E


255. Frage
A manufacturing company is based in Country L whose currency is the L$.
One of the company's products is exported to Country M, a rapidly growing economy, whose currency is the M$.
In the most recent financial year:
* 100,000 units of the product were sold to customers in country M
* The unit selling price was M$12
The spot rate today is L$1 = M$5
The company has an objective of growth in total sales value in L$ of 10% a year.
If the L$ strengthens by 5% next year against the M$, what volume of sales of this product is needed next year to achieve the objective?

Antwort: A


256. Frage
The two founding directors of an unlisted geared company want to establish its value as they are intending to approach a venture capitalist for additional funding.
The funding will be used to invest in a major new project which has very high growth potential. The directors intend to sell 10% of the company to the venture capitalist They have prepared the following current valuation of the company using the divided valuation model:

The following information is relevant.
* $60,000 is the most recent dividend paid.
* 4% is the average dividend growth over the last few years.
* 10% is an estimate of the company's cost of equity using the CAPM model with the industry average asset beta Which THREE of the following are weaknesses of the valuation method used in these circumstances?

Antwort: A,B,D

Begründung:
A - Industry average asset beta: The company is geared, so the appropriate beta for use in CAPM is an equity beta (asset beta re-geared to the firm's capital structure). Using an asset beta directly will understate equity risk and therefore understate the cost of equity and overvalue the company.
B - Constant dividend growth unlikely: The Gordon growth (dividend valuation) model assumes a constant growth rate in dividends in perpetuity. Here, a major new high-growth project means growth is likely to be uneven (possibly high for a period then stabilising), so the constant-g assumption is weak.
C - Future vs historical growth: They have simply projected the historical 4% growth into the future, but with a "very high growth potential" project, future dividend growth is unlikely to match the historic rate. That makes the choice of g highly questionable.
D is not inherently a weakness - the model values total equity; a 10% stake is simply 10% of that value (before considering any minority discounts).
E is incorrect - CAPM can be used for unlisted companies by using proxy betas from comparable listed firms.


257. Frage
The following information relates to Company A's current capital structure:

Company A is considering a change in the capital structure that will increase gearing to 30:70 (Debt:Equity).
The risk -free rate is 3% and the return on the market portfolio is expected to be 10%.
The rate of corporate tax is 25%
Using the Capital Asset Pricing Model, calculate the cost of equity resulting from the proposed change to the capital structure.

Antwort: D


258. Frage
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