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CIMA CIMAPRA19-F03-1 Exam Syllabus Topics:

Section	Weight	Objectives
Sources of Long-Term Funds	25%	- Debt Finance 1. Loan notes and bonds 2. Lease finance 3. Bank borrowing - Capital Structure and Dividend Policy 1. Cost of capital 2. Capital structure theories 3. Dividend policy theories - Equity Finance 1. Private placements 2. Ordinary shares 3. Rights issues
Business Valuation	40%	- Mergers and Acquisitions 1. Financial implications 2. Strategic rationale 3. Acquisition financing - Post-Transaction Issues 1. Performance monitoring 2. Value realization 3. Integration planning - Business Valuation Techniques 1. Earnings and market-based valuation 2. Discounted cash flow valuation 3. Asset-based valuation
Financial Risks	20%	- Currency Risk Management 1. Hedging techniques 2. Translation exposure 3. Transaction exposure - Risk Identification and Assessment 1. Market risk 2. Liquidity risk 3. Credit risk - Interest Rate Risk Management 1. Forward rate agreements 2. Interest rate exposure 3. Interest rate derivatives
Financial Policy Decisions	15%	- Development of Financial Strategy 1. Investment decisions 2. Dividend decisions 3. Financing decisions - Strategic Financial Objectives 1. Financial and non-financial objectives 2. Stakeholder objectives 3. Shareholder wealth maximization

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Seit Neuem aktualisierte CIMAPRA19-F03-1 Examfragen für CIMA CIMAPRA19-F03-1 Prüfung

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CIMA F3 Financial Strategy CIMAPRA19-F03-1 Prüfungsfragen mit Lösungen (Q127-Q132):

127. Frage
A national rail operating company has made an offer to acquire a smaller competitor.
Which of the following pieces of information would be of most concern to the competition authorities?

A. After the acquisition, the board proposes to increase prices on some routes not serviced by other rail operators.
B. The acquisition is likely to result in significant redundancies of staff currently working for the smaller rail operator.
C. The board informed a major institutional shareholder about the proposed acquisition before informing other shareholders.
D. After the acquisition, the board proposes to withdraw some of the less profitable services.

Antwort: A

Begründung:
Competition authorities focus on market power and the potential for abuse of a dominant position.
A is most concerning: raising prices on routes where there are no competing operators suggests the merged entity could exploit monopoly power.
B, C and D relate more to service rationalisation, disclosure/insider issues, and employment, which are not the core focus of competition law.

128. Frage
A listed publishing company owns a subsidiary company whose business activity is training.
It wishes to dispose of the subsidiary company.
The following information is available:
The board of the publishing company believe that the value of the subsidiary company, and hence the value of the equity invested in it, can be determined by calculating the present value of the subsidiary's free cashflows.
Which of the following is the most appropriate discount rate to use when determining the enterprise value of the company?

A. A WACC that the reflects the gearing of the publishing company and the equity beta factor of the publishing company.
B. A cost of equity that reflects the asset beta of a listed company that provides training activities.
C. A WACC that reflects the gearing of the publishing company and the asset beta of a listed company that provides training activities.
D. A WACC that reflects the gearing of the subsidiary company and the asset beta of a listed company that provides training activities.

Antwort: C

129. Frage
A company's current earnings before interest and taxation are $5 million.
These are expected to remain constant for the forseeable future.
The company has 10 million shares in issue which currently trade at $3.60.
It also has a $10 million long term floating rate loan.
The current interest rate on this loan is 5%.
The company pays tax at 20%.
The company expects interest rates to increase next year to 6% and it's Price/Earnings (P/E) ratio to move to
9.5 times by the end of next year.
What percentage reduction in the share price will occur by the end of next year if the interest rate increase and the P/E movement both occur?

A. Reduction of 1%
B. Reduction of 7%
C. Reduction of 5%
D. Reduction of 0%

Antwort: B

Begründung:
Let's walk it through carefully.
1. Current earnings and EPS
EBIT = 5m
Current interest (5% × 10m) = 0.5m
Profit before tax = 5.0 # 0.5 = 4.5m
Tax (20%) = 0.9m
Earnings = 4.5 # 0.9 = 3.6m
Shares = 10m # EPS# = 3.6 / 10 = 0.36
Current share price = 3.60 # current P/E = 3.60 / 0.36 = 10 (matches the question context).
2. Earnings next year with higher interest
New interest rate = 6% # interest = 10m × 6% = 0.6m
Profit before tax = 5.0 # 0.6 = 4.4m
Tax (20%) = 0.88m
Earnings = 4.4 # 0.88 = 3.52m
EPS# = 3.52 / 10m = 0.352
3. New share price using new P/E
Expected P/E next year = 9.5
Price1=EPS1×P/E1=0.352×9.5=3.344\text{Price}_1 = \text{EPS}_1 \times \text{P/E}_1 = 0.352 \times 9.5 =
3.344Price1=EPS1×P/E1=0.352×9.5=3.344
4. Percentage reduction in share price
Current price = 3.60
New price # 3.344
Drop = 3.60 # 3.344 = 0.256
% reduction=0.2563.60#7.1%#7%\%\ \text{reduction} = \frac{0.256}{3.60} \approx 7.1\% \approx
7\%% reduction=3.600.256#7.1%#7%
So the closest option is A. Reduction of 7%.

130. Frage
Company Z has just completed the all-cash acquisition of Company A.
Both companies operate in the advertising industry.
The market considered the acquisition a positive strategic move by Company Z.
Which THREE of the following will the shareholders of Company Z expect the company's directors to prioritise following the acquisition?

A. The integration and retention of key employees.
B. The retention of key customers of the acquired company.
C. The development of a dividend policy to meet the expectations of the target company shareholders.
D. The regulatory approval required to complete the acquisition.
E. The realisation of anticipated post-acquisition synergies.

Antwort: A,B,E

Begründung:
Reasoning:
After an all-cash acquisition which the market views positively, shareholders in Company Z will mainly focus on value delivery from the deal:
A). Realisation of anticipated synergies - core reason for doing the deal.
C). Integration and retention of key employees - critical in an advertising business where human capital and client relationships are key.
E). Retention of key customers of the acquired company - losing major clients would quickly destroy acquisition value.
B is not a priority: target company shareholders have already been paid out in cash.
D is irrelevant now: the acquisition has already been completed, so regulatory approval is in the past.

131. Frage
Company X is based in Country A, whose currency is the A$.
It trades with customers in Country B, whose currency is the B$.
Company X aims to maintain its revenue from exports to Country B at 25% of total revenue.
Company A has the following forecast revenue:

The forecast revenue from Country B has assumed an exchange rate of A$1/B$2, that is A$1 = B$2.
If the B$ depreciates against the A$ by 10%, the ratio of revenue generated from Country B as a percentage of total revenue will:

A. fall to 23.3%.
B. rise to 30.3%.
C. rise to 27.0%.
D. fall to 22.7%.

Antwort: A

Begründung:
Current A$ revenue: Country A = 75m; Country B = 25m # total = 100m; B share = 25%.
At A$1 = B$2, B-revenue in B$ = 25m / 0.5 = 50m B$.
B$ depreciates 10% vs A$: approx new rate 1B$ # 0.4545 A$.
New A$ revenue from B = 50m × 0.4545 # 22.7m A$.
New total revenue # 75 + 22.7 = 97.7m A$.
New percentage from B = 22.7 / 97.7 # 23.3%.

132. Frage
......

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