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CIMA CIMAPRA19-F03-1 Exam Syllabus Topics:

Section	Weight	Objectives
Sources of Long-term Funds	25%	- Debt finance 1. Bonds, loans, convertible instruments 2. Leasing and sale-and-leaseback - Dividend policy and distribution strategies - Capital structure theories and WACC 1. Modigliani-Miller propositions 2. Cost of capital calculation - Equity finance 1. Flotation and listing methods 2. Ordinary shares, preference shares, rights issues
Financial Risks	20%	- Types of financial risk 1. Credit and liquidity risk 2. Interest rate risk 3. Foreign exchange risk - Risk measurement and assessment 1. Value-at-Risk, sensitivity analysis - Risk reporting and governance - Risk management techniques 1. Derivatives: futures, forwards, swaps, options 2. Hedging strategies
Business Valuation	40%	- Mergers, acquisitions and divestments 1. Valuation of target companies 2. Financing and post-deal integration - Impairment testing and value management - Valuation methods 1. Discounted cash flow (DCF) 2. Relative valuation: P/E, EV/EBITDA 3. Asset-based valuation - Investment appraisal 1. NPV, IRR, payback, discounted payback 2. Adjusted present value (APV)
Financial Policy Decisions	15%	- Strategic financial objectives and stakeholder impact 1. Financial objective setting 2. Taxation and regulatory framework 3. ESG and ethical influences - Interaction between investment, financing and dividend decisions

>> Exam CIMAPRA19-F03-1 Topics <<

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CIMA F3 Financial Strategy Sample Questions (Q128-Q133):

NEW QUESTION # 128
A company financed by equity and debt can be valued by discounting:

A. free cash flow before interest at the cost of equity.
B. free cash flow after interest at the cost of equity.
C. free cash flow after interest at WACC.
D. free cash flow before interest at WACC.

Answer: D

NEW QUESTION # 129
A venture capitalist has made an equity investment in a private company and is evaluating possible methods by which it can exit the investment over the next 3 years. The private company shareholders comprise the four original founders and the venture capitalist.
Advise the venture capitalist which THREE of the following methods will enable it to exit its equity investment?

A. The private company conducts a stock split of its share capital.
B. The private company obtains a stock market listing.
C. Trade sale of shares to an external 3rd party.
D. The private company buys back the equity shares.
E. The private company undertakes a 1 for 4 rights issue.

Answer: B,C,D

Explanation:
A). Private company buys back the equity shares - VC can sell its shares back to the company # full exit.
C). Company obtains a stock market listing - creates a market for the shares; VC can sell on IPO or in the market # exit.
E). Trade sale of shares to an external 3rd party - classic VC exit route.
A rights issue (B) or stock split (D) do not, by themselves, provide an exit - they just change capital structure or number of shares.

NEW QUESTION # 130
M is an accountant who wishes to take out a forward rate agreement as a hedging instrument but the company treasurer has advised that a short-term interest rate future would be a better option.
Which of the following is true of a short-term interest rate future?

A. It interest rates have gone down the price of the future will have fallen.
B. The date is flexible and the position can be closed quickly and easily.
C. It can be tailored to the exact reeds of the company.
D. It must be kept for ne whole duration of the contract

Answer: B

Explanation:
Short-term interest rate futures (STIRs) are:
Standardised, exchange-traded contracts
Not tailored exactly to one company's needs (that's FRAs)
Traded on an exchange, so you can close out early by taking an opposite position If interest rates fall, futures prices rise (since price # 100 - interest rate) Now check each statement:
A). "Tailored to exact needs" # False (that's an FRA)
B). "If interest rates go down the price will have fallen" # False (it rises)
C). "Must be kept for whole duration" # False
D). "Date is flexible and the position can be closed quickly and easily" # True (you choose the contract month and can close out any time before expiry)

NEW QUESTION # 131
A company wishes to raise new finance using a rights issue to invest in a new project offering an IRR of 10% The following data applies:
* There are currently 1 million shares in issue at a current market value of $4 each.
* The terms of the rights issue will be $3.50 for 1 new share for 5 existing shares.
* The company's WACC is currently 8%.
What is the yield-adjusted theoretical ex-rights price (TERP)?
Give your answer to 2 decimal places.
$ ?

Answer:

Explanation:
4.06, 4.060

NEW QUESTION # 132
A company plans a four-year project which will be financed by either an operating lease or a bank loan.
Lease details:
* Four year lease contract.
* Annual lease rentals of $45,000, paid in advance on the 1st day of the year.
Other information:
* The interest rate payable on the bank borrowing is 10%.
* The capital cost of the project is $200,000 which would have to be paid at the beginning of the first year.
* A salvage or residual value of $100,000 is estimated at the end of the project's life.
* Purchased assets attract straight line tax depreciation allowances.
* Corporate income tax is 20% and is payable at the end of the year following the year to which it relates.
A lease-or-buy appraisal is shown below:
Which THREE of the following items are errors within the appraisal?

A. The bank loan repayments should be included
B. Lease payments are timed incorrectly
C. The salvage value has been included within the lease option
D. Using the 10% discount rate is incorrect
E. The project's operating cashflows should be included
F. Tax relief on lease payments have not been lagged correctly

Answer: C,D,F

NEW QUESTION # 133
......

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