LSE Summer 2009 examination AC100 Elements of Accounting and Finance 2008/2009 syllabus only — not for resit candidates Instructions to candidates Time allowed: 3 hours + 15 minutes reading time You are allowed 15 minutes for reading the question paper. During this time you may NOT write anything in your answer book but you may annotate the question paper if you wish, You are then allowed 3 hours in which to answer the paper. Show all workings clearly, and state clearly any assumptions you need to make. If accounting paper or graph paper is used for any answer, fasten the sheets securely inside the answer book with the string provided. Answer the following questions: Section A: answer any SIX of the twelve questions in this section Section 8: answer the question in this section Section C: answer any TWO of the four questions in this section Marks are allocated as follows: Section A: § marks for each question 30 marks Section B: 30 marks Section C: 20 marks foreach question 40. marks TOTAL 100 marks You are supplied with: Graph paper Accounting paper Present Value Tables attached to this examination paper You may also use: Electronic calculator (as prescribed in the examination reguiations) except during the period allowed for reading the question paper. All workings should be to the nearest £ unless otherwise stated © LSE 2009/AC100 Page 1 of 15Answer SIX questions from the tweive questions in this section - each question in this section is worth 5 marks 1. Describe and explain two of the principal functions of financial accounting, [5 marks] 2. The following information has been extracted from the accounts of Sound Telecom Ltd: Balance Sheet extracts at: 31.12.2007 31.12.2008 £000 £000 Total assets 980 1,120 Current liabilities 125 180 Total assets less current liabilities B55 940 Non-current liabilities 340 370 Share capital and reserves 515 570 855 940 Income Statement for the periods ended: 31.12.2007 31.12.2008 £1000 £000 Sales 1,780 1,930 Cost of sales 1,250 1.280 Gross profit 530 650 Operating expenses 245 340 Operating profit 285 340 Interest 70 _85 Profit before tax 215 255 Tax 55 —10 Profit for the year iso 185 Required: a) Calculate the percentage real change in sales between 2007 and 2008. The average value of the retail price index was 210 for the year to December 2008 and 202 for the year to December 2007; the value of the index was 100 on January 1987 [1 mark] © LSE 2009/AC100 Page 2 of 15b) Calculate the operating net profit margin, the asset tumover ratio and the return on capital employed for 2007 and 2008. in each case show the basis of your calculation. For those ratios where you would normally use average figures, you may use year-end figures in your calculations. Using these ratios, comment briefly on the company's profitability and efficiency in 2008 compared to 2007 [4 marks] {Totat: § marks] 3. Research evidence suggests that forecasts of future earings are more useful for economic decision making than earnings reported in the income statement Briefly discuss the benefits and limitations of allowing companies to publish forecast earnings in their income statement [5 marks} 4. On 4 January 2008 Euphoria Ltd acquired 80% of the ordinary share capital of Happiness Ltd by way of a share exchange. Euphoria issued four of its own shares, priced at £3 per share, for every three shares in Happiness. The following information has been extracted from the balance sheet of Happiness at the date of acquisition Happiness Ltd Balance Sheet extract at 1 January 2008 £000 Share capital (£1 ordinary shares) 150 Share premium 50 Retained earnings 270 Total equity 470 Additional information: () On 1 January 2008 the fair value of the net assets of Happiness was estimated at £500,000. The excess of fair value over book value is refated to fand. (ii) During the year to 31 December 2008, Happiness made a profit of £5,000. Happiness has not issued any shares or paid any dividends since the date of acquisition (iii) There were no inter-company transactions during the year. Required: Calculate Goodwill arising on consolidation and the Minority Interest to be included in the consolidated balance sheet of Euphoria Ltd at 31 December 2008. [5 marks] © LSE 2009/AC100 Page 3 of 155. Larger companies tend to have a separation of ownership from day-to-day contro! of the business. Briefly discuss the main issues that a sound framework for corporate governance seeks to solve and list the key elements of such a framework. [5 marks] 6. David and John run a financial consultancy company together, Finance Track. Their partnership agreement contains the following details: David John Interest on capital 5% 5% Salary £26,000 per year £36,000 per year Share of residual profits 113 213 The following information has been extracted from the trial balance of Finance Track at 30 September 2008: Finance Track Trial balance extract at 30 September 2008 Capital at 1 October 2007: David John Drawings: David 45 John 55 The profit of Finance Track for the year to 30 September 2008 was £80,000. Required: a) Prepare the appropriation of profit for the financial year to 30 September 2008. [3 marks} b) Prepare the capital accounts of David and John that will be included in the balance sheet of Finance Track at 30 September 2008 [2 marks] [Total: 5 marks] 7. Why might Residual Income (RI) be preferred as a performance measure over Return on Investment (ROI)? Explain and critically discuss. [5 marks] © LSE 2008/AC100 Page 4 of 158 CareClinic Ltd operates a 200-bed hospital and offers a number of specialised medical services. CareClinic’s hospital facility and equipment are leased on a fong-term basis. The hospital charges £250 per patient-day. On the basis of past cost data, CareClinic has estimated its variable costs as £182.80 per patient-day. Fixed costs are £182,160 per month, The hospital's administrator has estimated that the hospital will have on average 4,600 patient-days per month. Required: a) How much will the hospital need to charge per patient-day to break even at this level of activity? [1.5 marks] b) Refer to the original data in the question. How many patient-days must Care Clinic have on average each month to eam a target profit of £60,000 ber month? [1.5 marks] c) What is the difference between a linear and a non-linear cost function? Give an example of each type of cost function. [2 marks] Clearly show your workings. [Total: 5 marks] 9. Oliochemicals Ltd has set up the following standards per finished output unit for direct materials and direct manufacturing labour. Direct materials: 10 kg at £6.00 per kg £60.00 Direct manufacturing labour: 0.75 hour at £30.00 per hour £22.50 The number of finished output units budgeted for January 2009 was 14,000; 13,750 units were actually produced: Actual results in January 2009 were Direct materials: 135,758 kg used Direct manufacturing labour: 8,800 hours which cost £270,175 Assume that there were no opening stocks of either direct materials ar finished units. During the month, materials purchases amounted to 150,000 kg, at a total cost of £915,000. Price variances are calculated at the point of purchase. Efficiency variances are calculated at the time of usage. Required: Calculate the January 2009 price and efficiency variances of direct materials and direct manufacturing labour. Comment on these variances. {6 marks] © LSE 2009/AC100 Page 5 of 1510. Explain, compare and contrast three different methods of allocating the costs of service departments to production departments. [5 marks} 11. Zuco Ltd produces and bottles energy drinks. The information below relates to March production at Zuco’s bottling department. Each unit listed below consists of a case of 12 bottles. Equivalent Units Direct Materials. Conversion Work in progress, 7 March 3,000 70% complete 60% complete Started in March 15,000 To account for 18,000 Completed and transferred out 12,000 100% complete 100% complete Work in progress, 31 March 6,000 40% complete 25% complete Accounted for 18,000 Costs beginning of March £1,575 £4,860 Costs added during March £12,300 £33,930 £13,875 £38,790 Required: a) Using the weighted-average method, determine the total cost per equivalent unit for production completed and transferred out during March [2.5 marks] b) “There is no reason for me to get excited about the choice between the weighted-average and FIFO methods in my process-costing system. | have long-term contracts with my materials suppliers at fixed prices.” Critically discuss this statement. [2.5 marks} [Total: 5 marks] 12. Choose two of the six core functions of the financial system and discuss the way in which they “mis-functioned” during the current global financial turmoil [5 marks] © LSE 2009/AC 100 Page 6 of 15Section B Answer this question Walnut ple is an office furniture manufacturer. The following trial balance was extracted from its books as at 31 March 2008: ‘iia! Balance at 31 March 2008 £000 £'000 Land at cost 120 Buildings at cost 250 Equipment at cost 196 Vehicles at cost 284 Goodwill at cost 300 Accumulated depreciation at 1 April 2007 Buildings 90 Equipment 76 Vehicles 132 Inventory 1 April 2007 107 Trade receivables 183 Provision for doubtful debts 1 April 2007 8 Prepayments 1 April 2007 6 Bank balance 46 Trade payables 124 Accrued expenses 1 April 2007 9 Corporation tax 6 Share capital (£1 ordinary shares) 200 Retained earnings at 1 April 2007 503 Sales 1,432 Purchases 488 Directors fees 150 Wages and salaries 270 General distribution costs 100 Other administrative expenses 180 Dividend paid 20 Rents received 30 Disposal of vehicle __ 10 2,660 2,660 (i) The company's land was valued at £300,000 on 31 March 2008 and managers decided to incorporate this valuation in the accounts for the year to 31 March 2008 (ii) The company's depreciation policy is as follows: Buildings 4% p.a. straight line Equipment 40% p.a. reducing balance Vehicles 25% p.a. straight line The company charges a full year's depreciation in the year of acquisition and no depreciation in the year of disposal. There has been no impairment of goodwill for the year to 31 December 2008. © LSE 2009/AC100 Page 7 of 15On 1 February 2008 a vehicle was sold for £10,000. The sale proceeds were banked and credited to a disposal account but no other entries were made in elation to this disposal. The vehicle had cost £44,000 in August 2004. This was the only disposal of a non-current asset made during the year to 31 March 2008. (iii) Walnut pic prices its office furniture using a normal 30% mark-up on cost. A stock count was carried out on 31 March 2008 and inventory was valued at a normal selling price of £162,500. This included two board tables at normal selling price of £10,400 each, which the directors decided should be reduced in price to £5,000 each (iv) Trade receivables at 31 March 2008 include a debt of £8,000 from a company’s customer that was recently declared bankrupt. The company does not expect to collect any of this debt and has decided to maintain the provision for doubtful debts at 4% of the remaining trade receivables. (v) The balance of prepayments at 1 April 2007 refers to insurance charges. Prepaid insurance included in general distribution costs at 31 March 2008 amounted to £12,000. (vi) The balance of accrued expenses at 1 April 2007 refers to accrued electricity expense. After the year end the company received an electricity bill for £15,000 covering the period 1 February - 30 April 2008. The company classifies heat and light costs under other administrative expenses (vii) Other administrative expenses include bank overdraft interest of £9,000. The directors will make a provision of £9,000 for audit fees. (viii) Corporation tax for the year to 31 March 2007 was under-estimated by £6,000. The corporation tax liability for the year to 31 March 2008 is estimated to be £30,000 (ix) A dividend of 10p per ordinary share was paid on 31 December 2007. No further dividends are proposed for the year to 31 March 2008. (x) The company issued 50,000 additional ardinary shares on 21 March 2008. The proceeds of issue were £85,000. The proceeds were paid into a separate bank account and no entries have yet been made in the company's accounting records with respect to the cash received or the shares issued Required: a) Prepare the income statement of Wainut pic for the year ended 31 March 2008 and the balance sheet at that date in a form suitable for presentation to the directors of the company (i.e. compliance with the accounting requirements of the Companies Act 2006 or with {AS is not required). [26 marks] b) Explain the main accounting conventions underlying the preparation of the financial statements of Walnut plc. [4 marks] [Total: 30 marks] © LSE 2009/4C100 Page 8 of 15Section C Answer TWO questions from the four questions in this section 1. The accountant of Snow ple has prepared the following summarised accounting statements: Balance Sheet at 31 December 2007 £000 Non-current assets Land at valuation 78 94 Property plant and equipment 469 625 Less: depreciation 2340-235 313 312 313 406 Current Assets Inventory 188 156 Trade and other receivables 206 266 Cash _19 _53 443 475 Current liabilities Trade and other payables 219 209 Taxation 163 203 7% debenture loan 2008 42 — 423 412 Non-current liabilities 5% debenture oan 2015 — 31 Net assets 297, 438 Equity Ordinary shares of £1 34 Share premium 9 Revaluation reserve 24 Retained earnings 230 297 @ LSE 2009/40 100 Page 9 of 15Income Statement for the year to 31 December 2008 £000 Revenue 2,408 Cost of sales 1,688 Gross profit 718 Administrative expenses 372 Operating profit 346 Loss on disposal of equipment 13 333 Interest payable _5 Profit before taxation 328 Taxation 203 Profit for the financial year 2s The following information is relevant: (i) Included in administrative expenses is the depreciation charge for the year on property plant and equipment of £234,000. (ii) During the year to 31 December 2008 the company sold some equipment for cash, which had been depreciated to a net book value of £73,000, (iii) Included in trade and other payables at 31 December 2008 is accrued interest of £2,000; the corresponding amount at 31 December 2007 was 1,000. (iv) Dividends of £40,000 were paid during the year. Required: a) Prepare a cash flow statement for Snow pic for the year to 31 December 2008. 196 marks] b) Discuss what information could be obtained from Snow's cash flow statement that may prove useful to the company’s shareholders and potential investors. [4 marks] [Total: 20 marks] © LSE 2009/4C100 Page 10 of 152. ABC Bank is developing an activity-based cost system for its cashier department. A task force has identified five different activities: (1) the processing of deposits, (2) the processing of withdrawals, (3) answering customer inquiries, (4) selling negotiable instruments, and (5) the balancing of cash registers. By tracing the costs of operating the cashier department to these five activities, the task force has compiled the following information regarding support costs and activities for one of its branches: Support Activity Estimated Cost Quantity Processing deposits £44,445 49,875 Processing withdrawals £39,120 34,125 ‘Answering inquiries £37,290 67,500 Selling negotiable instruments £7,290 1,650 Balancing cash registers _£6,435 1,960 £134,580 The task force has developed the following list of activities for a current account product marketed to retired persons: Support Activity Average monthly volume per current account Processing deposits 35 Processing withdrawals 65 ‘Answering inquities 34 Selling negotiable instruments 1.0 Required: a) Calculate the total monthly support costs for the current account product. [4 marks} b) How can the information from the activity-based costing system guide improvements in operations and decisions at ABC Bank? Explain and discuss with reference to the calculations you made above. [8 marks] c) Does activity-based costing always lead to more accurate costing? Critically discuss. [4 marks] d) Why might individuals resist the impiementation of activity-based costing? Explain and discuss. [4 marks] (Total: 20 marks] © LSE 2009/AC100 Page 11 of 153. What different factors and criteria should management accountants take into account when designing budgets as a too! for performance management in organisations? What “dysfunctional consequences” (Ridgway 1956) can budgets, when used as a performance management tool, have? How, if at all, can these dysfunctional consequences be alleviated? In your discussion make reference to Argyris’s study of the impact of budgets on people and Hopwood's (1980) uncertainty matrix. [Total: 20 marks] 4. At the beginning of 2008, a small company was trying to find ways to reduce costs in light of a likely secession. One possibility was to buy a high-tech machine and reduce overall labour costs. A technical report costing £6,000 was commissioned to investigate options. It identified a particular new machine that would cost £410,000 and would have an expected economic life of five years. The machine could use the remaining space in a warehouse which was only partly utilised. The warehouse was leased for 10 years at £4,000 per year and could not be sub-leased. The production process with the new machine would eliminate the need for three workers whose salary was £30,000 per year each. Fringe benefits and overtime for each of the employees were £2,500 per year. ‘An advantage of the new machine would be that cusrent waste and defects of £5,000 per year would be cut in half, However, a skilled engineer would need to be employed to operate the machine and her salary would be £35,000 per year for a five-year contract. Her fringe benefits would amount to £2,900 per year. In addition, the efectronic parts of the machine would need to be insured. The premium would be a fixed yearly amount of 0.25 percent of the initial cost of the machine. Finaily, maintenance expenses would go up by £1,000 per year. The more efficient machine would double the firm’s current revenue of £20,000 per year. The corporate tax rate was 28% and the firm uses straight line depreciation. Capital allowances are equal to depreciation for this company. Required: a) You were asked to evaluate this project using the Net Present Value technique and using incremental cash flows, i. the difference between the relevant cash flows of the firm with the project and the relevant cash flows of the firm without the project. In January 2008 the Bank of England base rate was 5.5% and you evaluated the required rate of return to be 5% above the base rate in those market conditions. Would you have undertaken this project in January 2008? [30 marks} © LSE 2009/4C100 Page 12 of 15,b) As 2008 went by, the overall economic outlook became more uncertain and the firm postponed its decision. By December 2008 the Bank of England had lowered the base rate to 2%. With the recession now impending, you were asked to reconsider the project. You revised the required rate of return and decided that it should be 4.5% above the base rate. All other costs and projections remained the same. Did your recommendation in December differ from the one in January? Why? [5 marks] ©) What is meant by “required rate of return” in capital budgeting? Discuss. [5 marks} [Total: 20 marks] © LSE 2009/AC 100 Page 13 of 15Table 1: Present vatue factors To determine the present value of a single payment of 1 received ‘n’ years from the present, with a constant discount rate of x% per year Periods 4.5% 5.0% += 5% = 6.0% =» 65% ©=— 20% ©=« 7.8% © 8.0% 1 0.9569 0.9524 0.9479 0.9434 0.9399 09346 0.9302 0.9259 2 0.9157 0.9070 0.8985 0.8900 0.8817 0.8734 08653 0.8573 3 0.8763 0.8638 0.8516 © 0.8396 0.8278 0.8163 0.8050 0.7938 4 0.8388 0.8227 0.8072 0.7921 0.7773 0.7629 0.7488 0.7350 5 0.8025 0.7835 0.7651 0.7473 07299 07130 08986 0.6806 6 0.7679 0.7462 0.7252 0.7050 0.6853 0.6663 0.8480 0.6302 7 0.7348 0.7107 0.6874 0.6651 0.6435 0.6227 0.6028 0.5835 8 0.7032 0.6768 0.6516 06274 0.6042 0.5820 0.5607 0.5403, 9 0.8729 06446 06176 0.5919 0.5674 0.5439 0.5218 0.6002 10 0.6439 0.6139 0.5854 0.5584 0.6327 0.5083 0.4852 0.4632 1" 06162 0.5847 0.5549 0.5268 0.5002 0.4751 0.4513 0.4289 12 0.5897 06568 0.5260 0.4970 0.4697 0.4440 94199 0.3971 13 0.5643 05303 0.4986 0.4688 0.4410 0.4150 0.3906 0.3677 4 0.5400 0.5051 0.4726 0.4423 0.4141 0.3878 0.3633 (0.3405 15 0.8167 0.4810 0.4479 0.4173 0.3888 (0.3624 0.3380 0.3152 18 0.4945 0.4587 0.4246 0.3936 0.3651 0.9387 0.3144 0.2019 7 0.4732 0.4363 0.4024 0.3714 0.3428 0.3166 0.2925 0.2703 18 0.4528 0.4185 0.3815 0.3503 0.3219 0.2959 0.2720 0.2502 19 0.4333 0.3957 03616 0.3305 0.3022 02765 0.2531 0.2317 20 0.4146 0.3769 0.3427 0.3118 0.2838 0.2584 0.2354 0.2145 Periods 5% 9.09% 5% 10.0% 10.5% 14.0% 115% 12.0% 1 09217 0.9174 0.9132 09091 0.9050 0.9009 0.8969 0.8929 2 0.8495 0.8417 0.8340 0.8264 0.8190 0.8116 0.8044 0.7972 3 0.7829 0.7722 0.7617 0.7513 07412 07912 ar2t4 a7tt8 4 0.7216 0.7084 0.6956 0.6830 0.6707 0.6587 0.6470 0.6355 5 0.6650 0.6499 0.6352 0.6209 0.6070 0.5935 0.5803 0.5674 6 06129 0.5963 0.5801 0.5645 0.5493 0.5346 0.5204 0.5086 7 0.5649 0.5470 0.5208 0.8132 0.4971 0.4817 0.4667 0.4523 8 0.5207 0.8019 0.4838 0.4665 0.4499 0.4339 «(0.4186 0.4039. 9 0.4799 0.4604 0.4418 © 0.4241 «0.4071 (0,9909 0.3754 0.9608 10 0.4423 0.4224 «0.4035 (0.3855 0.3684 0.3522 0.3367 0.3220 " 0.4078 0.3875 0.3685 0.3505 0.8334 0.3173 0,3020 0.2875 12 0.3757 0.3555 0.3365 0.3186 0.3018 0.2858 ©0.2708 0.2567 13 0.3462 0.3262 0.3073 02807 0.2731 0.2575 0.2429 0.2292 14 03191 02992 0.2607 0.2633 0.2471 0.2320 0.2178 0.2046 15 0.2941 0.2745 0.2583 0.2394 0.2236 0.2090 0.1954 0.1827 16 0.2711 0.2519 0.2341 0.2176 0.2024 «0.1883 0.1752 0.1631 7 0.2499 0.2311 0.2138 0.1978 01832 0.1696 0.1572 0.1456, 18 0.2303 0.2120 0.1952 0.1799 0.1658 0.1528 0.1409 0,130 19 0.2122 0.1945 0.1783 0.1635 0.1500 0.1377 0.1264 0.1161 20 0.1956 0.1784 0.1628 0.1486 0.1358 0.1240 0.1134 0.1037 © LSE 2009/AC 100 Page 14 of 15Table 2: Cumulative present value factors ‘The table gives the present value of in’ annual payments of 1 received for the next'n’ years, with a constant discount rate of x% per year. For example, with a discount rate of 8% and with six annual payments of £1 the present value is £4.6229 (‘annuity factors’) Periods 45% © 5.0% 85% = G.0%H— 5% 0% 5% BOM 1 0.9569 0.9524 0.9479 0.3434 0.9390 0.9346 0.9302 0.9259 2 1.8727 1.8594 1.8463 1.8334 1.8206 1.8080 1.7956 1.7833 3 2.7490 27232 26979 26730 26485 26243 26005 2.5771 4 3.8875 38460 35052 3.4851 3.4258 3.3872 33493 3.3121 5 43900 43295 42703 42124 4.1857 4.1002 4.0459 3.9927 6 5.1879 6.0757 4.9955 49173 4.8410 4.7665 4.6938 4.6229 7 5.8927 5.7864 5.6830 5.5824 $4845 5.3893 5.2966 5.2064 8 6.5959 6.4632 6.3345 6.2098 6.0888 59713 5.8573 5.7466 9 7.2688 7.1078 6.9522 6.8017 66561 65152 6.3789 6.2469 10 7.9127 7.7217 7.5378 7.3601 7.1888 7.0236 6.8641 6.7101 "1 8.5289 8.3064 8.0925 7.8869 7.6890 7.4987 7.3154 7.1390 12 9.1186 8.8633 8618S 8.9838 6.1587 7.9427 7.7353 7.5361 139.6828 «9.3036 9.1171 8.8827 8.5997 8.3577 8.1258 7.9038, 14 10.2228 9.8986 9.5896 9.2850 9.0138 8.7455 8.4892 8.2442 18 10.7305 10.3797 100376 9.7122 9.4027 9.1079 8.8271 8.5595 48 11.2340 10.8378 10.4622 10.1089 9.7678 9.4466 9.1415 8.8514 17 14.7072 11.2741 10.8646 10.4773 10.1106 9.7692 9.4340 9.1216 18 12.1600 11.6896 17.2461 10.8276 10.4325 10.0591 9.7060 9.3719 19 128933 12.0853 11.6077 11.1881 10.7347 10.3366 9.9591 9.6036 20 13.0079 12.4622 11.9504 11.4699 11.0185 70.5840 10.1945 9.8181 Periods 85% 9.0% + 9.5% 10.0% 10.5% © 11.0% + 11.5% + 12.0% 1 0.9217 05174 09132 0.9091 09050 0.9009 0.8969 0.8929 2 ATT 1.7591 1.7473 1.7355 1.7240 1.7125 1.7012 1.690 3 25540 25313 2.5089 24869 24651 2.4437 2.4226 2.4018 4 3.2756 3.2307 3.2045 3.1699 3.1359 3.1024 3.0696 3.0373 5 3.9408 3.8897 238307 3.7908 3.7429 3.6959 326499 3.6048 6 45536 4.4859 4.4198 4.3553 4.2922 4.2308 4.1703 4.1114 7 5.1185 5.0330 4.9496 4.8684 4.7893 4.7122 46370 4.5638 8 56302 5.5348 5.4334 5.3349 5.2302 51461 5.0558 4.9876 9 61191 5.9952 58759 57590 5.6463 55370 5.4311 5.3282 10 6.5613 6.4177 6.2788 6.1446 6.0148 5.8892 5.7678 5.6502 11 6.9690 6.8052 6.6473 6.4951 6.3482 6.2065 6.0697 5.9377 127.347 «7.1607 © 6.9638 6.8137 6.6500 6.4924 6.3406 6.1944 137.6810 7.4859 7.2912 7.1034 6.9230 67499 6.5835 6.4235 14 80101 _7.7862 7.8719 7.3667 7.1702 6.9819 6.8013 6.6282 15 8.3042 8.0607 7.6282 7.6081 7.3938 7.1909 6.9967 6.8109 16 «8.8753 8.3126 8.0623 7.8237 7.5062 7.3792 7.1719 6.9740 17 8.8252 8.6436 8.2760 8.0218 7.7784 7.5488 7.3201 7.1196 18 9.0555 8.7556 8471382014 7.9481 7.7016 7.4700 7.2407 19 9.2677 8.9501 8.6496 8.3649 8.0952 7.8393 7.5964 7.3658 20 9.4633 9.1285 8.8124 85196 62309 7.9633 7.7098 7.4684 © LSE 2009/AC100 Page 15 of 15