UNIVERSITY OF THE SOUTH PACIFIC SCHOOL OF ACCOUNTING AND FINANCE AF208 FINANCIAL MANGEMENT Semester 2, 2020 (Face-to-face and Blended Mode) Final Examination. Duration Reading time 10 minutes, Writing time 3 hours. Instructions Answer the multiple choice questions on the special answer sheet provided. All questions are compulsory. This examination carries a 50% weighting towards your overall course grade ‘You may only use a non-programmable calculator. No other materials are allowed. There are sixteen pages in this examination paper, including this cover page. Relevant present value tables and formulae are provided for you on pages 13 and 16.SECTION A MULTIPLE CHOICE QUESTIONS 30 MARKS (SUGGESTED TIME ALLOCATION: 54 Minutes) 1. A firm has just instituted a regular dividend for the first time in its history. That action might be interpreted in the market as: A signal that is believes that it will be able to permanently sustain the future dividends A signal that its growth opportunity set might be slowing, ‘A signal that itis a high quality firm All of the above, pom> 2. A firm is planning to issue 1 million shares at $5 each. If the costs of the issue are $50 000, the net proceeds of the issue are: A. $4500 000 B. $4950 000 Cc. $4995 000 D. — $4999500 3. The discount rate used to evaluate a firm’s projects should: reflect the opportunity costs of investing in either the firm’s project or a similar project be high enough to compensate investors for the risk of the project be the same across all the firm’s projects Both (A) and (B) are true. pose 4, ‘The main sources of corporate capital can be ranked according to their risk (from most risky to least risky) as follows: A. _ bonds, preference shares, ordinary shares B, preference shares, bonds, ordinary shares C. ordinary shares, preference shares, bonds D. preference shares, ordinary shares, bonds. 5. A company’s share price is currently $4.72. Its most recent dividend was 50 cents per share; dividends are expected to grow indefinitely at a rate of 4% pa and the tax rate is 30%. The company’s before-tax cost of retained earnings is: 19.74% 19.13% 14.59% . 15.02% PORE Page 2 of 126. It is more appropriate for a company to use its after-tax weighted average cost of capital (WACC) rather than its before-tax WACC when: ‘A. its marginal investor is a non-resident foreigner who is unable to benefit from franking, credits B. —_aminority of its shareholders are Australian residents C. imputation credits are not reflected in the price of the company’s shares D. _aminority of its shareholders are Australian residents 7. A zero-coupon bond has a face value of $1000 and 10 years to maturity. Bondholder’s have ‘a required return of 12% p.a. compounded annually. The net proceeds per bond from the issue are: $400 $350 $284 $322. poe . Which of the following is nat a common characteristic of investment decisions? Relative small initial outlay Relatively long horizons Projects can be difficult to reverse Projects have risk goR> 9. XYZ Company is looking at expanding its production by buying a new machine. The purchase price of the machine is $2 million. Shipping and road transport costs are expected to be $180 000. Installation costs are $40 000. ‘The installed cost for this project A. $2,000.00 B, $2180000 Cc. $2220000 D. $2040 000 10, A project has an initial outflow of $400 000. However, the project will generate an instantaneous inflow of $150 000. The project will generate a net inflow of $2 000 000 next year, an outflow of -$100 000 the year after. In the following year, a terminal value of $50 000 is expected to be realised. Given a cost of capital of 15%, the expected NPV of this project is: A. $1698 230 B. $1509873 Cc. $1.446392 D. $1289094 Page 3 of 1211, Anadvantage of IRR over NPV is: A. _ itis an easier concept for non-finance people to grasp B. _ the assumption of reinvestment of all cash flows is realistic C. when a project’s net cash flows have a reversal of sign, IRR will always give a straightforward decision D. none of the above. 12. A project had an initial outlay of $40 000 and is expected to generate net cash inflows of $1000 for each year in perpetuity. Given a cost of capital of 12%, the expected NPV of the project is: A. $83333 B, $43 333 C. $123.33 D. $30 000 13, Which of the following five indivisible projects should a company invest in, given a capital budget constraint of $1 million? Project Initial outlay Net Present Value 8 $ A 300 000 66000 B 200 000 40 000 c 600 000 90 000 D 400 000 56 000 E 500 000 55000 A. A,B,C BAB Cc ABD D. AC 14, Which of the following measures is most suitable for evaluating mutually exclusive projects of unequal lives? A. Net Present Value B. Internal Rate of Return C. Accounting Rate of Return D. — Equivalent Annual Annuity Page 4 of 1215. Which of the following factors is unlikely to vary between mutually exclusive projects? A. project size B, project life C. reinvestment rate D. project cash flow timing. 16. A company disposes of Asset A at a loss of $10 000 and Asset B at a profit of $40 000. If the tax rate is 30% and each asset was sold for $60 000, the company’s after-tax proceeds from the sale of both assets are: A. $111 000 B. $51 000 Cc. $108 000 D. $48 000. 17. A and B are two projects with the same internal rate of return (IRR) and expected life-span. Which of the following factors is the most likely explanation for A having a higher NPV than B? B has a larger initial outlay than A. ‘A has a larger initial outlay than B. Ais more risky than B and therefore has a higher discount rate. ‘The two projects are mutually exclusive. paop> 18, Which of the following indicates that a project should be rejected? A, IRR> hurdle rate B, Hurdle rate> WACC Cc. NPV<0 D. NPV>0 19. Taxes impact the WACC calculation because: idends paid on common stock are tax deductible idends paid on preferred stock are tax deductible Interest paid on debt is tax deductible All of the above poe 20. Which of the following is not a concern of working capital management? Maintaining liquidity Maintaining the required rate of return on assets Maintaining the dividend pay-out ratio Managing the cost and risk of short-term funding Page 5 of 12 poseau poeP> casP 23, pORP> A retail toy store (which is a proprietary company) places a large order for toys to be sold during the lead-up to Christmas. The toys are delivered in mid-October for payment by 30 November. The store will have insufficient funds to pay the invoice until close of business Christmas Eve. The store’s best course of action is to: delay payment until the New Year issue more shares to raise extra cash lay-off staff to save on wages arrange a short-term financing facility Floor-plan finance is most likely to be used by: a supermarket a real estate agent a retailer of motor vehicles a firm of public accountants. A firm purchases on credit. Credit terms require settlement by the end of the month following the month of invoicing, but a discount of 2% is offered for settlement within 7 days of invoicing, The firm decides to take the prompt settlement discount on all invoices received after the 20th day of the month. What is the cost of forgoing the discount on the other invoices (assuming an average credit period of 50 days)? 14.90% 15.89% 14.6% 15.55% ABC company receives trade credit for the purchase of $40000 worth of goods, marker “2/10, net 35. The cost of forgoing the cash discount is: 29.8% 32% 37.24% 31.2%. . If demand for chocolate bars is 5000 per year and ordering and holding costs are $1.25 and $1.75 respectively, then the economic order quantity (EOQ) is: 95 85 118 93, Page 6 of 1226. If demand for cars is 1300 per year and ordering and holding costs are $3000 and $4000 respectively, assuming a constant rate of demand this order would last: A. 161 days B. 12 days C. 29 days D. 83 days. 27. Which of the following is not an assumption underlying economic order quantity (E0Q) theory? Demand is known Demand is constant Delivery is lagged Ordering costs are known. 28, Chelsea’s Classics Inc. a publically-held firm, recently announced plans to raise new equity funds for expansion, They will have a rights offering at a subscription price of $20 per share with 10 rights necessary to buy each new share. The 1 million shares currently outstanding are trading for $25 pet share. How much new money will be raised through this offering? A. $25,000,000 B. $20,000,000 C. $2,000,000 D. None of the above 29. If a firm is contemplating a relaxation of its credit standards, which of the following might be expected to result? A. decreased unit sales B. increased contribution margin C, increased investment in accounts receivable D. decreased bad debt expense 30. The appropriate cost of capital for a project depends on: A. The type of assets used in the project B. The interest rate on the firm’s outstanding long-term bonds C. The type of security issued to finance the project D. The risk associated with the project Page 7 of 12SECTION B PROBLEM SOLVING QUESTIONS 50 MARKS (SUGGESTED TIME ALLOCATION: 90 Minutes) ‘Question 1 (1S marks) Tanoa Ltd is the Fijian subsidiary of a large Australian company. Most of the shareholders are overseas residents who cannot utilise imputation credits. The company is interested in calculating its weighted average cost of capital and has presented you with the following data: 1. $500 000 can be borrowed from the bank for a term of 10 years. The bank will charge Tanoa Ltd an annual effective rate of 12% pa. II, Preference shares have a market price of $7 and pay an annual dividend per share of $0.85. Flotation costs will be 3.7% of the issue price of $7.80. III, The firm has $400 000 of retained earnings available for investments. IV. Tanoa Ltd *s ordinary shares have a market value of $7.50 per share. The next dividend is expected to be $0.75. The current growth rate of % % is expected to continue indefinitely Flotation costs will be 2.8% for shares issued at $7.25 each. ‘The corporate tax rate is 30 per cent. The target capital structure is as follows: Source SCO00 Long-term debt 460 Preference shares | 250 Ordinary shares 460 Required: Calculate the appropriate WACC for Tanoa Ltd to use, assuming no retained earnings are available for investing in new projects. Question 2: (9 marks) National bank is an all-equity firm with an after-tax operating income of $350 million per annum; it has 200 million outstanding shares. The firm needs $180 million to meet its annual reinvestment target. The firm expects after-tax operating income to grow at the rate of 5% per annum indefinitely and the cost of capital to remain at its current rate of 12% in the foreseeable future. Required: Estimate the market value of the firm and total value per share accruing to existing shareholder, assuming that the company pays all ofits free cash flows as dividend, Page 8 of 12Question 3: (20 marks) Jakie and Chan are planning to invest in Talanoa Treks Ski project. The marginal tax rate is 27% and the company tax rate is 30%, Due to their lack of finance expertise, they have asked for your assistance in determining whether they should invest in Talanoa Treks Ski or not. ‘They have provided you with the following information: © The project has a life of 5 years; ‘© The equipment cost $280,000 with an additional installation cost of $10,000; ‘+ The equipment will be sold at the end of project life for $45,000; © Straight line method is used in calculating deprecit © The Tax Authority has given this type of equipment a depreciating rate of 25% per annum; «Sales for the first year will be $70,000 and sales are expected to grow at 5% pa for each year of the project; © Cost of goods sold is 15% of sales each year; ‘+ Working capital will be 5% of sales revenues for each year. ‘The working capital investment has to be made at the start of each period. All working capital will be recovered; ‘© Marketing costs will be 2.5% per annum; * The current market salary is $20,000 per annum. They will need to hire 3 employees. © The hurdle rate is 11% Required: 1. Caloulate NPV for Talanoa Treks Ski project (17 marks). 2. Advice Jakie and Chan on the acceptability of the project (3 marks). Question 4 (6 marks) Discuss the hedging principle. How can this principle be used in the management of working capital? (Discuss in terms of permanent, temporary and spontaneous sources of funding) Page 9 of 12SECTION C THEORY (20 marks) (SUGGESTED TIME ALLOCATION: 36 Minutes) After working for the past four years as a financial analyst for New Power Corporation, you receive a well-deserved promotion. You have been appointed to work on special projects for Mr. Larkin, the chief financial officer (CFO). Your first assignment is to gather information on dividend theory and policy, because the CFO wants to reassess the firm’s current dividend policy. Required: 1, Why do firms with more diverse shareholder bases typically pay higher dividends than private firms or public firms with more-concentrated ownership structures? (6 marks) 2. How are fixed dividends used as a bonding (commitment) mechanism by managers of firms with dispersed ownership structures and large amounts of free cash flow? (7 marks) 3. What is a stock dividend and how does that differ from a stock split? 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BAT, . . . se, SBS BTW SSNSK SARIN R M535. 290. 05h . . . :‘AF208 SECTION A: MULTIPLE CHOICE ANSWER GRID Student Id. Surname, First Name: Please FILL. IN the letter corresponding to the correct answer for each question in the separate answer grid provided. 1 JA |B |c |D 2 {A |B |[C |D 2 [A |B (ic |[D 2 |A (iB |[c [D 3. (A |B [c |D 23 [A |B [Cc |D 4 jA [B [Cc [D- 2 [A |B ic {[D SE Aree |B CEE ED 2 [A |B |e |[D 6 |A |B [Cc |D 26 [A |B (Cc |D_ | 7 |A (|B {ce {[D 27 {A |B (Cc [D 8 |A (BG |D 28 [A |B. (|e (D EH a ce eS ee ED 29 {A (|B [Cc |D 1 /A |B [Cc |D 30 [A iB |c |D m [A |B [Cc |D 12 A peice Dy B {A |B [Cc [D 4 /A [B |[c |D i {A |B |[c [D 16 [A |B |c [D 17 {A |B |e [D i {A |B |c |D i {A ([B |c |D 2 [A |B [Cc |D