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Managerial Finance

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Financial Management

FIN2601

Semesters 1 and 2

CONTENTS

FIN2601/101

Page

1 1.1 2 2.1 2.2 3 3.1 3.2 3.3 4 4.1 4.2 4.3 5 6 7 8 8.1 8.2 8.2.1 8.2.2 8.3 8.4 9 10 11 12 INTRODUCTION ............................................................................................................................ 3 Tutorial matter ................................................................................................................................. 3 PURPOSE OF AND OUTCOMES FOR THE MODULE ............................................................... 4 Purpose .......................................................................................................................................... 4 Outcomes ....................................................................................................................................... 4 LECTURER(S) AND CONTACT DETAILS .................................................................................... 4 Lecturer(s) ...................................................................................................................................... 4 Department ..................................................................................................................................... 4 University ........................................................................................................................................ 5 MODULE-RELATED RESOURCES .............................................................................................. 5 Prescribed books ............................................................................................................................ 5 Recommended books ..................................................................................................................... 5 Electronic Reserves (e-Reserves) .................................................................................................. 5 STUDENT SUPPORT SERVICES FOR THE MODULE ................................................................ 5 MODULE-SPECIFIC STUDY PLAN............................................................................................... 6 MODULE PRACTICAL WORK AND WORK-INTEGRATED LEARNING ..................................... 6 ASSESSMENT ............................................................................................................................... 6 Assessment plan ............................................................................................................................ 6 General assignment numbers ......................................................................................................... 8 Unique assignment numbers .......................................................................................................... 8 Due dates for assignments ............................................................................................................. 8 Submission of assignments ............................................................................................................ 8 Assignments ................................................................................................................................. 10 OTHER ASSESSMENT METHODS............................................................................................. 49 EXAMINATION ............................................................................................................................. 49 FREQUENTLY ASKED QUESTIONS .......................................................................................... 50 CONCLUSION .............................................................................................................................. 57

Please register as a user of myUnisa as soon as possible. It is free of charge. Visit https://my.unisa.ac.za for details. At myUnisa you will be able to get in touch with fellow students, submit your assignments, update your details, find self-assessment questions, and participate in discussion forums and blogs. It is also important that you provide Unisa with your cellular number because important announcements may be sent to you by sms. Please note that this module carries 12 credits and requires at least 120 hours of study, including the time required to complete the assignments and to prepare for the examination. Devote at least 120 hours to this module to ensure your success. Take note of Rule 12 in the myRegistration @ Unisa brochure. You must pass at least four modules of 12 credits each or two modules of 24 credits each per year. Students who do not comply with this requirement will be excluded from further admission to the University.

INTRODUCTION

Dear Student Welcome to this module, Financial Management (FIN2601). You have enrolled for an interesting yet challenging module. To pass the module, you have to devote at least two hours per day to reading and summarising, and to practising calculations. On completion of this module, you should be able to apply financial management knowledge and the necessary tools to perform the managerial finance function. 1.1 Tutorial matter

Your tutorial matter for Financial Management (FIN2601) consists of the following: A study guide for Financial Management (FIN2601) Tutorial Letters 201 and 202 will be sent to you shortly after the closing dates of the assignments. These letters will contain solutions to the assignment questions of FIN2601. Additional resources are available on https://my.unisa.ac.za. -3-

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2.1

Purpose

The purpose of this module is to equip students with knowledge of the fundamental principles of financial management theory and practice.

2.2

Outcomes

On completion of this module, you should be able to: demonstrate your understanding of the markets and the environment in which financial management is practised apply financial management concepts and principles relating to financial statement analysis apply techniques relating to the time-value of money to value financial instruments within a risk/return framework

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3.1

Lecturer(s)

Enquiries of a purely academic nature concerning this module (eg about a specific calculation in the prescribed book) may be directed to: Mr AB Sibindi HEAD OF MODULE Fax: 086 569 8848 E-mail: Course contact (First Semester): (Second Semester): 3.2 Department Mr GPM Grebe LECTURER Fax: 086 754 9216 Fin2601-13-S1@unisa.ac.za Fin2601-13-S2@unisa.ac.za

This module is offered by academic staff members from the Department of Finance, Risk Management and Banking (DFRB).

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FIN2601/101

Please note that you may contact fellow students, download study material, submit assignments, change your address, receive notice of a change of examination venue, view your assignment marks, download previous examination papers, find self-assessment questions, and get in touch with your lecturer at https://my.unisa.ac.za.

Academic enquiries may also be directed to telephone number 012 429 3603.

3.3

University

Administrative queries should be directed to the appropriate department indicated in the myRegistration @ Unisa brochure. Examples of administrative queries are registration matters, study material matters, account queries, and graduation issues. Registration matters must be directed to econ@unisa.ac.za. Other queries must be directed to the College Information Officer, Tel 012 429-3925, e-mail CEMSenquiries@unisa.ac.za.

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4.1

MODULE-RELATED RESOURCES

Prescribed books

You must acquire the following prescribed book from one of the official Unisa bookstores (indicated in Section 13): Gitman LJ et al. 2010. Principles of managerial finance: global and Southern African perspectives. (1st edition). Pearson. 4.2 Recommended books

Besley/Brigham (2012) CFIN 3 (with Finance Coursemate with eBook Printed Access Card), 3rdEdition ISBN Number 9781133626404

4.3 None

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Refer to your my Studies @ Unisa brochure for general time management and planning skills. A study programme for this module is available on myUnisa. You can make changes to the plan to accommodate your own circumstances. The study programme indicates the notional hours you would need to work through the learning outcomes in this module (if applicable).

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None

8

8.1

ASSESSMENT

Assessment plan

Assignments are deemed part of the learning material for this module. When you do the assignments, study the reading texts, consult other sources, discuss the work with fellow students or tutors, or do research. You are then actively engaged in learning. Pay attention to the assessment criteria for each assignment. These criteria will help you to understand what is required from you. You may submit written assignments and assignments completed on mark-reading sheets either by post or electronically via myUnisa. Assignments may not be submitted by fax or e-mail. The brochure, my Studies @ Unisa (which you received with your study material), contains detailed information and requirements as far as assignments are concerned.

Compulsory assignments There are two compulsory assignments for this module. These assignments comprise multiplechoice questions. The submission deadlines for each assignment in this module are nonnegotiable. You must submit these assignments if you wish to gain admission to write the examination. These assignments contribute to your year mark.

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FIN2601/101 Year mark Your year mark, based on the mark obtained for the two compulsory assignments, contributes 10% towards your final mark, and your examination mark contributes 90% to the final mark.

The combined weighted average of your year mark and the examination mark must be 50% or higher to pass this module. However, you must obtain a minimum of 40% in the examination, regardless of your year mark. If you obtain less than 40% in the examination, your year mark will not be taken into account and you will fail.

For example: Assignment 1 mark = 50% Assignment 2 mark = 90% These marks contribute 50% to the final 10% of your year mark.

Assignment number 1 2

Mark (%) 50 90

Weight (%) 50 50

Total

25 45 70 x 10% of final = 7

Assume an examination mark of 50%. 90% of the examination mark = 45%. Final mark = (10% assignment mark) + (90% examination mark) = 7% + 45% = 52% You will need a final mark of at least 40% in order to qualify for a supplementary examination. Consult the brochure, my Studies @ Unisa (which you received with your study material), for general information and requirements as far as assignments are concerned.

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8.2

Assignments are numbered consecutively, starting from 01. 8.2.1 Unique assignment numbers Each assignment has been allocated a unique number in order to identify it in the Unisa assessment plan. ALWAYS indicate the correct unique number when you submit an assignment. 8.2.2 Due dates for assignments You should preferably submit your assignments on https://my.unisa.ac.za, prior to the due date of the particular assignment. Do not wait until the due date becomes a problem. Technical problems with the computer servers of myUnisa may prevent you from submitting your assignment at the last minute. Please ensure that your assignments reach the Unisa main campus by the due dates. If you are unable to submit your assignments via myUnisa and need to mail the assignments in hard copy, you should leave enough time to accommodate the snailmail. No extension of due dates for assignments will be granted. These due dates have been set to allow you sufficient time to complete other assignments and to prepare for the examination. Information about whether Unisa has received your assignment and the mark you obtained for an assignment is available on https://my.unisa.ac.za. 8.3 Submission of assignments

Via myUnisa: Go to myUnisa at https://my.unisa.ac.za. Log in with your student number and password. Select the module. Click on Assignments in the left-hand menu. Click on the assignment number you want to submit. Follow the instructions on the screen.

Only If you do not have access to the internet should you submit your assignment by means of a mark-reading sheet (for MCQs) or on hard paper copy (for essay-type questions) and mail it to Unisa. If you use a mark-reading sheet, remember to (1) (2) use an HB pencil indicate your student number and the above-mentioned unique number on the markreading sheet

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FIN2601/101 (3) (4) follow the instructions for completing mark-reading sheets (Incomplete mark-reading sheets will be returned to you unmarked.) submit the assignment in good time (It must have reached the Unisa Main Campus by the date indicated in the assignments below, otherwise it might not be in time to be marked by the Assignment Section.

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8.4

Assignments

Assignment 01 COMPULSORY (First Semester only) This assignment has been designed to evaluate your knowledge of some of the fundamental aspects of managerial finance as well as important concepts in finance. You have to study Chapters 1, 2 and 4 of your prescribed book before you attempt to complete this assignment. When you complete a mark-reading sheet or submit this assignment via myUnisa, be sure to use the correct unique number (see below). Due date 12 March 2013 Unique number 222135

This assignment consists of 20 multiple-choice questions. QUESTION 1 Which of the following is not an agency cost? (1) (2) (3) (4) bonding and structuring expenses cost of goods sold monitoring expenses opportunity costs

QUESTION 2 How does the deductibility of expenses affect a companys after-tax cost? (1) (2) (3) (4) The after-tax cost increases. The after-tax cost decreases. It does not affect the after-tax cost. The effect on after-tax cost is undermined.

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FIN2601/101 QUESTION 3 Which one of the following represents the true owner(s) of the company? (1) (2) (3) (4) board of directors chief executive officer shareholders creditors

QUESTION 4 Which is the best profit measure to determine how well a company performed in the relevant industry? (1) (2) (3) (4) gross profit operating profit earnings before taxes net profit

The following information is available for Biking Accessories. Use this information to answer Questions 5 to 9 below. Sales Inventory turnover Total assets turnover Earnings available for ordinary shareholders Ordinary share equity Book value of shares Number of days in a year R4 500 000 4,20 0,85 R900 000 R2 500 000 R6 365

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QUESTION 5 Suppose the net profit margin of Biking Accessories declines, but the CEO plans to maintain the companys return on shareholders equity. He must therefore... (1) (2) (3) (4) increase the companys utilisation of assets. reduce the amount of debt in the companys capital structure. increase the companys total assets. increase the companys total shareholders equity.

QUESTION 6 The average age of inventory (AAI) of a rival company is 90 days. The AAI of Biking Accessories indicates that the company (1) (2) (3) (4) has a higher average number of days sales in inventory than the rival company. has a lower average number of days sales in inventory than the rival company. is less effective in utilising its inventory to generate sales. turns over its inventory more slowly than the rival company.

QUESTION 7 Assume that the total liability of Biking Accessories comes to R3 500 000. Also assume that the average debt ratio in the industry is 50%. The current debt ratio for Biking Accessories therefore indicates that it has (1) (2) (3) (4) less risk of becoming bankrupt compared to its competitors in the industry. a higher risk of becoming bankrupt compared to its competitors in the industry. half its assets financed by debt. all its assets financed by debt.

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FIN2601/101 QUESTION 8 The return on investment (ROI) for Biking Accessories in the year before was 10%. What does Biking Accessories current ROI indicate? (1) (2) (3) (4) Managements effectiveness in generating profits with the companys debt has improved. Managements effectiveness in generating profits with the companys available assets has improved. Managements effectiveness in generating profits with the companys available assets has deteriorated. Managements effectiveness in generating profits with the companys available assets remains unchanged. QUESTION 9 The price/earnings (P/E) ratio for Biking Accessories is currently 12. Given this value, calculate the ordinary share price for Biking Accessories shares. (1) (2) (3) (4) R23, 52 R23, 92 R25, 52 R29, 92

Use the following financial data for Brothers Green Co to answer Questions 10 to 11. Net sales Cost of goods sold Operating expenses Net income Total assets Total liabilities Current liabilities Inventory Current assets R100 000 R 45 000 R 40 000 R 5 000

QUESTION 12 Calculate the future value (FV) of R40 000 in 5 years, assuming that the interest rate is 6% per year. (1) (2) (3) (4) R42 500,00 R51 675,66 R53 529,02 R55 529,02

QUESTION 13 Calculate the future value of R95 000 received today, deposited into an account for 5 years, paying a semi-annual interest of 10%. (1) (2) (3) (4) -14R101 552,61 R121 246,74 R124 529,02 R154 744,99

FIN2601/101 QUESTION 14 Calculate the present value (PV) of R100 000 received 10 years from now, assuming the interest rate is 5% per year. (1) (2) (3) (4) R52 442,87 R61 391,33 R62 441,34 R73 345,20

QUESTION 15 The present value of R25 000 that will be received for 10 consecutive years at a discount rate of 17%, is best represented by which of the following amounts? (1) (2) (3) (4) R29 250 R116 475 R207 500 R292 500

QUESTION 16 Nico de Beer borrows R70 000 from the bank at an 8% annual compounded interest rate. The loan is to be repaid in three equal annual instalments. Calculate the balance after the second instalment has been paid. (1) (2) (3) (4) R21 562,35 R25 150,32 R27 162,35 R48 337,65

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QUESTION 17 Jake would like to accumulate R100 000 by the end of three years from now, to buy a sport car from his friend. He already has R25 000 and would like to save equal end-of-the-year deposits to pay for the car. Calculate the amount he will have to deposit at the end of each year into an account that pays 8% interest to buy the car. (1) (2) (3) (4) R21 102,51 R30 803,35 R34 057,69 R43 442,10

QUESTION 18 An investment will pay you R30 000 at the end of this year, and R10 000 at the end of each of the following four years. What is the present value of this investment, given that the interest rate is 3% per year? (1) (2) (3) (4) R65 214,54 R66 214,56 R75 316,70 R83 456,33

QUESTION 19 Determine the present value of the following cash-flow stream, and assume that the company has an opportunity cost of 13%. Year 1-5 6-10 Amount (R) 15 000 per year 35 000 per year

FIN2601/101

QUESTION 20 John is saving money to buy a new bicycle that costs R2 000. He deposits R1 000 in a bank account earning interest at 14% per year. Calculate how many years he will have to wait before he has enough money to buy the bike. (1) (2) (3) (4) 3 years 5 years 7 years 10 years

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Assignment 02 COMPULSORY (First Semester only) This assignment has been designed to evaluate your knowledge of some of the fundamental aspects of managerial finance and important concepts in finance. You have to study Chapters 5, 6 and 7 of your prescribed book before you attempt to complete this assignment. When you complete a mark-reading sheet or submit this assignment via myUnisa, be sure to use the correct unique number (see below). Due date 27 March 2013 Unique number 398100

This assignment consists of 20 multiple-choice questions. QUESTION 1 If a financial managers required rate of return increases for an increased risk, then he/she is a (1) (2) (3) (4) risk-seeking manager. risk-indifferent manager. risk-averse manager. risk-control manager.

Use the following information to answer Questions 2 to 4: Risk Bank Limited is a successful investment bank. A new investment is being considered. The following options are available: Standard deviation (%) Investment A Investment B Investment C Investment D Investment E ? 5,07 4,65 13,10 12,54 Expected annual return on investment ? 17,82 15,22 20,55 18,62 (%)

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FIN2601/101 Additional information regarding Investment A: Possible annual return (%) 11 14 15 20 QUESTION 2 The expected rate of return on Investment A (rounded to two decimals) is (1) (2) (3) (4) 15,00% 20,00% 13,50% 14,90% Probability (%) 25 10 45 20

QUESTION 3 The standard deviation on Investment A (rounded to two decimals) is (1) (2) (3) (4) 3,86 3,01 6,48 9,09

QUESTION 4 The investment a rational financial manager would choose if he/she had to choose between Investments B, C, D or E is (1) (2) (3) (4) Investment B Investment C Investment D Investment E -19-

QUESTION 5 Asset A has a beta value of 1,5. The risk-free rate of return is 4%, and the return on the market portfolio is 16%. What is the assets market risk premium? (1) (2) (3) (4) 9% 11% 12% 16%

QUESTION 6 The beta coefficient (1) (2) (3) (4) represents the portion of an assets risk that is associated with random causes. is a relative measure of non-diversifiable risk. is sometimes called unsystematic risk. is attributable to a company-specific event.

QUESTION 7 You are considering an investment in Winterberg Ltd. The risk-free rate of return is 7%. The beta value of the share is 0,6 and the market rate of return (Rm) is 10%. To which is the required rate of return (Rj) the closest? (1) (2) (3) (4) 5,70% 8,80% 9,00% 12,70%

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FIN2601/101

QUESTION 8 Consider a zero-coupon bond with a face value of R1 000. Nine years are left until maturity. What (1) (2) (3) (4) is R0 R424 R605 R1 000 the market price of this bond if it has a yield-to-maturity of 10%?

QUESTION 9 What is the annual coupon rate of a 20-year, R1 000 par value debenture of which the current price is R1 300, with interest paid every six months, and a simple yield of 12%? (1) (2) (3) (4) 4,39% 8,79% 10,32% 11,00%

QUESTION 10 The ABC Bond Corporation issued a R1 000 par value bond bearing a coupon rate of 14%. Coupons are paid quarterly. This bond has three years remaining to maturity and is currently priced at R940. What is its annual yield-to-maturity (YTM)? (1) (2) (3) (4) 8,29% 10,64% 16,58% 19,34%

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QUESTION 11 Which type of bonds have short maturities (ie typically one to five years), can be renewed for a similar period if the holder chooses, and are similar to a floating-rate bond? (1) (2) (3) (4) junk bonds puttable bonds floating-rate bonds extendible notes

QUESTION 12 What is the current price of a R1 000 par value bond that matures in 12 years, has a coupon rate of 14%, is paid semi-annually, and has a yield-to-maturity of 13%? (1) (2) (3) (4) R604 R1 090 R1 060 R1 073

QUESTION 13 If a corporate bond is issued with a coupon rate that varies directly from the required return, the price of the bond will (1) (2) (3) (4) equal the face value. be less than the face value. exceed the face value. be greater than or less than the face value, depending on how interest rates vary.

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FIN2601/101 QUESTION 14 When a bond is valued, the characteristics of the bond that remain fixed are all of the following, except the (1) (2) (3) (4) coupon rate. price. face value. interest payment.

QUESTION 15 John would like to buy a share of Rocket Launcher Ltd for R45,00. He expects dividends of R3,00 in year one and R5,00 in year two. He expects to sell the stock for R58,00 in two years. His current required return is 18%. According to this information, John should buy the share, since (1) (2) (3) (4) it is currently overvalued. it is currently undervalued. it is currently priced at R48,78. it will be priced at R48,78 in two years time.

QUESTION 16 All of the following may be characteristics of preferred stock, except the following: (1) (2) (3) (4) callable no maturity date tax-deductible dividends convertible

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QUESTION 17 A company expects a dividend of R1,20 per share next year, a zero growth rate of dividends, and a required return of 10%. The value of a share of this companys common stock is (1) (2) (3) (4) R10 R12 R100 R120

QUESTION 18 Emmy Lou Inc expects a dividend of R5,60 per share next year, a growth rate of 10% for dividends, and a required return of 20%. Calculate the value of one share of Emmy Lou Inc. (1) (2) (3) (4) R18,67 R22,40 R28,00 R56,00

QUESTION 19 Nico Custom Cycles common stock currently pays no dividends. The company plans to begin paying dividends in three years time. The first dividend will be R3,00 after which dividends will grow at 5% per year. Given a required return of 15%, what would you pay for the stock today? (1) (2) (3) (4) R19,73 R22,68 R26,00 R30,00

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FIN2601/101 QUESTION 20 At year-end, Tangshang Companys balance sheet showed total assets of R60 million, total liabilities (including preferred stock) of R45 million, and 100 000 shares of common stock outstanding. Use this information to calculate Tangshangs book value per share of common stock. (1) (2) (3) (4) R10,50 R15,00 R105,00 R150,00

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Assignment 01 COMPULSORY (Second Semester only) This assignment has been designed to evaluate your knowledge of some of the fundamental aspects of managerial finance and important concepts in finance. You have to study Chapters 1, 2 and 4 of your prescribed book before you attempt to complete this assignment. When you complete a mark-reading sheet or submit this assignment via myUnisa, be sure to use the correct unique number (see below).

QUESTION 1 Which of the following actions is consistent with social responsibility but is necessarily inconsistent with stockholder wealth maximisation? (1) Investing in a smokestack "scrubber" to reduce the companys air pollution as mandated by law. (2) Voluntarily installing expensive machinery to treat effluent which is currently dumped into a river where it is ruining the drinking water of the community next to the plant. (3) Investing in a smokestack filter to reduce sulphurdioxide emissions. This installation would reduce the current pollution tax levied by the state. (4) Each of the above actions is consistent with social responsibility. However, none is necessarily inconsistent with stockholder wealth maximisation.

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FIN2601/101 QUESTION 2 Maximo Corporation has recently been declared bankrupt. The price of Maximo's shares has dropped from approximately R10 per share a year ago to R1 today. The shareholders are very unhappy about the drastic drop in their shareholding investment. Moreover, while the financial position of the company was deteriorating, Maximos executives increased their salaries and perquisites substantially. Nothing they did violate legislation or was considered unethical. How would you best describe this situation? (1) (2) (3) (4) an accounting glitch the agency problem inappropriate use of tax laws a fraudulent activity and unethical conduct

QUESTION 3 Compared to corporations, what is the primary disadvantage of partnerships as a form of doing business? (1) (2) (3) (4) The tax rates applied to partnership are higher than the tax rates applied to corporations. All dividends paid to the owners of a partnership are taxed twice once at the partnership level and once at the individual level. Partnerships are generally much easier to form (start up) than corporations. The partners have unlimited liability when it comes to business obligations, whereas the owners of a corporation have limited liability. QUESTION 4 A company has a profit margin of 15% on sales of R20 million. If the companys debts are R7,5 million, its total assets are R22,5 million, and an after-tax interest cost on total debt of 5%, what is the companys return on assets (ROA)? (1) (2) (3) (4) 8,4% 10,9% 12,0% 13,3%

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QUESTION 5 The Caprivi Corporation faces total interest charges of R10 000 per year, annual sales of R1 million, a tax rate of 40%, and a net profit margin of 6%. What is the Caprivi Corporations times-interest-earned ratio? (1) (2) (3) (4) 7,0% 10,0% 11,0% 16,0%

QUESTION 6 The Meryl Corporation's ordinary shares are currently selling for R100 per share, which represents a P/E ratio of 10. If the corporation has 100 ordinary shares outstanding, a return on equity of 20%, and a debt ratio of 60%, what is Meryls return on total assets (ROA)? (1) (2) (3) (4) 8,0% 10,0% 12,0% 16,7%

QUESTION 7 Gringo Supplies has a current ratio of 3,0, a quick ratio of 2,4, and an inventory turnover ratio of 6. Gringo Supplies total assets come to R1 million and its debt ratio is 0,20. The company has no long-term debt. What is Gringo Supplies sales figure if the total cost of goods sold is 75% of sales?

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FIN2601/101 (1) (2) (3) (4) R 720 000 R 960 000 R1 200 000 R1 620 000

QUESTION 8 The Cruywagen Company has the following characteristics: Sales: Total assets: Total debt/Total assets: Earnings before interest and tax (EBIT): Tax rate: Interest rate on total debt: R1 000 R1 000 35% R200 40% 4,57%

What is the Cruywagen Companys return on equity (ROE)? (1) (2) (3) (4) 11,04% 12,31% 16,99% 28,31%

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2010 Return on equity Return on total assets Total asset turnover 19,8% 8,1% 2,0

Based on the above information only, the most appropriate conclusion is that, over the period 2010 to 2012, this company's (1) (2) (3) (4) net profit margin and financial leverage decreased. net profit margin and financial leverage increased. net profit margin decreased, but its financial leverage increased. net profit margin increased, but its financial leverage decreased.

QUESTION 10 Use the following information to calculate the market price per share of the Eastdale Corporation: Earnings after interest and taxes: Earnings per share: Stockholders' equity: Market/Book ratio: (1) (2) (3) (4) R2 R4 R8 R20 R200 000 R2,00 R2 000 000 0,20

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FIN2601/101 QUESTION 11 A recent advertisement in the financial section of the Business Chronicle carried the following claim: "Invest your money with us at 14%, compounded annually, and we guarantee to double your money sooner than you imagine." Ignoring taxes, how long would it take to double your money at a simple rate of 14%, compounded annually? (1) (2) (3) (4) approximately 3,5 years approximately 5 years exactly 7 years approximately 10 years

QUESTION 12 On the day Harry was born, his parents deposited R10 000 in an investment account that promised to pay a fixed interest rate of 4% per year. How much money will Harry have in this account when he turns 18? (1) (2) (3) (4) R17 200 R20 260 R28 040 R48 060

QUESTION 13 Helen is saving to start a business. If she invests R100 000 in a savings account now, which of the following is the minimum interest rate required to ensure that she has R250 000 in her account in ten years time? (1) (2) (3) (4) 2,5% 6,4% 9,6% 10,2%

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QUESTION 14 An investment pays you R20 000 at the end of this year, and R10 000 at the end of each of the next four years. What is the present value (PV) of this investment, given that the interest rate is 4% per year? (1) (2) (3) (4) R42 150 R45 913 R54 134 R58 614

QUESTION 15 A bank is negotiating a loan. The loan can either be paid off as a lump sum of R100 000 after five years, or in equal payments at the end of each of the next five years. If the interest rate on the loan is 10%, what annual payments should be made so that both forms of payment are equivalent? (1) (2) (3) (4) R12 000 R16 380 R19 588 R20 000

QUESTION 16 Your company is planning to borrow R1 million at a 5-year, 15%, annual payment, fully amortised term loan. How much of the payment made at the end of the second year will represent repayment of the principal? (1) (2) (3) (4) 29,83% 35,02% 57,18% 64,45%

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FIN2601/101

QUESTION 17 Courage Bravo, who is 60, plans to retire in two years, and he expects to live independently for three years. He wants a retirement income which has, in the first year, the same purchasing power as R400 000 has today. However, his retirement income will be a fixed amount, so his real income will decline over time. His retirement income will start the day he retires, two years from today, and he will receive a total of three retirement payments. Inflation is expected to be constant at 5%. Courage has R1 million in savings and he can earn 8% on his savings now and in future. How much must he save each year, starting today, to meet his retirement goals? (1) (2) (3) (4) R18 630 R20 340 R27 160 R53 500

QUESTION 18 Kelly, a recent finance graduate, plans to buy a house valued at R1,5 million. He has applied for a mortgage loan from his bank and has been requested to pay a 20% deposit, with the balance financed at 9% over 30 years. What would his monthly mortgage repayment be? (1) (2) (3) (4) R7 993 R8 952 R9 656 R10 234

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QUESTION 19 Calculate the present value of the following cash-flow stream by assuming that the company has an opportunity cost of 9%.

Years Amount (R) 15 610 15 000 per year 25 000 per year

QUESTION 20 What is the effective annual rate for a credit card that charges 18%, compounded, monthly?

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This assignment has been designed to evaluate your knowledge of some of the fundamental aspects of managerial finance and important concepts in finance. You have to study Chapters 5, 6 and 7 of your prescribed book before you attempt to complete this assignment. When you complete a mark-reading sheet or submit this assignment via myUnisa, be sure to use the correct unique number (see below).

QUESTION 1 Asset A has a beta value of 0,8. The risk-free rate of return is 4% and the return on the market portfolio is 11%. What is the assets market risk premium? (1) (2) (3) (4) 5,60% 7,00% 9,60% 15,00%

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QUESTION 2 Which of the following statements is false? (1) (2) The coefficient of variation is a better measure of risk than the standard deviation if the expected returns of the securities being compared differ significantly. Managers cannot act in the best interests of their shareholders unless they know their shareholders' average time preference for receiving their money and which risks a typical shareholder is prepared to accept. (3) Companies should deliberately increase their risk relative to the market if the actions that increase the risk also increase the expected rate of return on the companys assets by enough to compensate for the higher risk. (4) If the expected rate of return on a particular investment, as seen by the marginal investor, exceeds its required rate of return, there would soon be an increase in demand for the investment, and the price will likely increase until a price is established that equates the expected return with the required return. QUESTION 3 What is the standard deviation () of the returns for Asset A below? Pr 0,10 0,40 0,50 (1) (2) (3) (4) 10,67% 10,71% 14,82% 18,19% Return -10% 25% 10%

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FIN2601/101 QUESTION 4 Assume that a new law is passed in South Africa which limits investors to only one asset. A riskaverse investor is considering two possible assets to comply. The assets' possible returns and related probabilities (ie the probability distributions) are as follows: ASSET X Probability 0,10 0,10 0,25 0,25 0,30 ASSET X Return (%) -3 2 5 8 10 ASSET Y Probability 0,05 0,10 0,30 0,30 0,25 ASSET Y Return (%) -3 2 5 8 10

Which asset would the risk-averse investor prefer? (1) (2) (3) (4) Asset X, since its expected return is higher. Asset Y, since its beta value is probably lower. Asset X, since its standard deviation is lower. Asset Y, since its coefficient of variation is lower.

QUESTION 5 As the investment banker for Unisa Inc, you have to construct a portfolio for a risk-averse client. You receive R100 000 as an initial investment, and decide to invest in Max, Mak & Yun shares as well as in some government treasury bills for short-term liquidity. An amount of R10 000 will be allocated to Max shares with a beta value of 2,0; R30 000 will be allocated to Mak shares with a beta value of 1,5; R15 000 will be allocated to Yun shares with a beta value of 0,5 and the balance will be invested in treasury bills. What is the portfolio beta? (1) (2) (3) (4) 0,725 1,333 1,725 4,000 -37-

QUESTION 6 Consider the following information on the Scientific Investment Fund of South Africa: Asset A B C D Investment 200 000 300 000 500 000 1 000 000 Beta 1,5 -0,5 1,25 0,75

You are also told that the Scientific Investment Fund of South Africa has a total investment of R2 million. The market requires a return of 15%, and the three-month Treasury Bill rate is 7%. What would the required rate of return of this Fund be? (1) (2) (3) (4) 10,3% 12,7% 13,1% 14,2%

QUESTION 7 If the risk-free rate is 7%, the expected market return is 10%, and the expected return on Security J is 13, what is the beta value of Security J? (1) (2) (3) (4) 1,0 2,0 3,0 4,0

QUESTION 8 Which type of investor would most likely purchase a zero-coupon bond? (1) (2) (3) (4) -38retired individuals seeking income for current consumption individuals in high tax brackets tax-free investors such as pension funds risk-averse investors anticipating increases in interest rates

FIN2601/101 QUESTION 9 Which of the following statements is false? (1) (2) (3) (4) All bonds sold outside the country of the borrower are called international bonds. Foreign bonds and Eurobonds are two important types of international bonds. Foreign bonds are bonds sold by a foreign borrower but denominated in the currency of the country in which the issue is sold. The term Eurobond specifically applies to foreign bonds denominated in US dollars.

QUESTION 10 If you buy a bond that is selling for less than its face value, or maturity value, what will happen to the price (value) of the bond as the maturity date nears and if market interest rates do not change during the life of the bond? (1) (2) (3) (4) Because interest rates remain constant, nothing happens to the market value of the bond. The price of the bond should decrease even further below the bonds face value because the rates in the market are too high. The price of the bond will increase as the bond gets closer to its maturity because the bonds value has to equal its face value at maturity. Inflationary expectations would result in the bond value decreasing below its face value due to the increased perceived risk. QUESTION 11 You are considering the purchase of a R1 000 par value bond that pays interest of R70 semiannually and has 10 years to go before it matures. If you buy this bond, you expect to hold it for 5 years and then to sell it in the market. Investors currently require a simple annual rate of 16%, but you expect the market to require a rate of only 12% when you sell the bond due to a general decline in interest rates. How much would you be willing to pay for this bond? (1) (2) (3) (4) R842,00 R966, 69 R1 115, 81 R1 359,26 -39-

QUESTION 12 If interest rates drop from 8% to 7%, which of the following bonds would have the largest percentage increase in value? (1) (2) (3) (4) a 10-year zero-coupon bond a 10-year bond with a 10% semi-annual coupon a 5-year zero-coupon bond a 5-year bond with a 12% annual coupon

QUESTION 13 Assuming other factors remain constant, which of the following statements about bonds is not true? (1) (2) (3) From a borrowers perspective, interest paid on bonds is tax-deductible. A 20-year zero-coupon bond has less reinvestment rate risk than a 20-year coupon bond. For any given maturity, a given percentage point increase in the interest rate causes a smaller dollar capital loss than the capital gain stemming from an identical decrease in the interest rate. (4) For a given bond of any maturity, a given percentage point increase in the interest rate causes a larger dollar capital loss than the capital gain stemming from an identical decrease in the interest rate.

QUESTION 14 MicroManage (Pty) Ltd has 10 million authorised ordinary shares, and 8 million shares outstanding, each with a par value of R1. The companys additional paid-in capital account has a balance of R18 million. The previous years retained earnings account was R124 million. In the year just ended, MicroManage generated a net income of R16 million, and the company has a dividend payout ratio of 40%. On what will MicroManages book value per share be based in the final year-end balance sheet? -40-

QUESTION 15 One share of preference shares pays an annual dividend of R6 per share. If investors require a 12% rate return, what should the price of this preference share be? (1) (2) (3) (4) R2,00 R6,72 R50,00 R57,25

QUESTION 16 You are given the following information: (1) (2) (3) (4) (5) The Treasury Bill rate is 5%. The required return on the market is 8%. The expected growth rate for the company is 4%. The last dividend paid was R0,80. The beta value is 1,3.

Now, assume the following changes occur: (a) (b) (c) (d) The inflation premium drops by 1%. An increased degree of risk aversion causes the required return on the market to go to 10% after adjustment for the changed inflation premium. The expected growth rate increases to 6%. The beta value rises to 1,5.

What would the change in the share price be, assuming that the share was in equilibrium before the changes? -41-

QUESTION 17 Consider an ordinary share at a current price of R82,50. It is expected to grow at a constant rate of 10%. If you require a 14% rate of return, what is the current dividend on this share? (1) (2) (3) (4) R3,00 R3,81 R4,29 R4,75

QUESTION 18 What is the real rate of interest on your investment if the current inflation rate is 4% and you have an investment opportunity that pays 10%? (1) (2) (3) (4) 5,8% 6,0% 10,0% 14,0%

QUESTION 19 Burger Inc has just paid a dividend of R2. Its shares are now selling for R48 per share. The company is half as risky as the market. The expected return in the market is 14%, and the yield on the three-month Treasury Bill is 11%. If the market is in equilibrium, what is the expected growth rate? (1) (2) (3) (4) -42-2% 4% 8% 12,5%

FIN2601/101 QUESTION 20 Da Gama (Pty) Ltd has a current dividend of R3. Analysts expect that the dividend will grow at a rate of 25% per annum for the next three years. It will then grow at a constant 10% per annum. The companys cost of equity capital is estimated to be 15%. What is the current share price of Da Gama? (1) (2) (3) (4) R88,55 R95,42 R110,00 R128,91

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Assignment 03 SELF-EVALUATION (NOT to be submitted) QUESTION 1 (1) (2) Construct the DuPont system of analysis using the following financial data for AlphaOmega Industries. and indicate how the company can improve on them. Key financial data of Alpha-Omega Industries (11) (4) Determine which areas of the company need further analysis, comment on these areas,

Sales Profit after tax Total assets Total liabilities Industry averages Total asset turnover Debt ratio Financial leverage multiplier Return on total assets Return on equity Net profit margin

Answer Ratios for Alpha-Omega Industries: Total asset turnover = 4,500,000 = 0,67 6,750,000 (2)

Debt ratio =

(2)

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1 =2 1 0 .5

(2)

ROA =

337,500 = 5% 6,750,000

(2)

(2)

(1)

DuPont system of analysis According to the return on equity, Alpha-Omega Industries performs equally/at par with the industry. However, when the financial data are further dissected into the three key components of the DuPont system (a profit-on-sale, efficiency-of-asset use, and a use-of-leverage component), some areas can be improved. Alpha-Omega Industries has a lower net profit margin and return on total assets than the industry average. Nevertheless, the company makes up for the low profit margin through excessive use of leverage (a 50% debt ratio versus 33% for the industry). Financial risk can be reduced with the same return on equity by increasing the net profit margin and reducing debt.

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QUESTION 2 Champion Breweries must choose between two asset purchases. The annual rate of return and the related probabilities below summarise the companys analysis. (15)

Asset A Rate of return 10% 15% 20% Probability 30% 40% 30%

(a) Compute the expected rate of return for each asset. (b) Calculate the standard deviation of the expected return for each asset. (8) (c) Calculate the coefficient of variation of the return for each asset. (d) Which asset would you advise Champion to select? Why?

Answers (a)

(1)

FIN2601/101 Expected return B = 15% (b) Asset A (10% - 15%)^2 0,30 = 7,5% (15% - 15%)^ 0,40 =

2

(1)

0% 15%

(1)

Asset B (5% - 15%)^2 0,40 = 40% (15% - 15%)^2 0,20 = 0% (25% - 15%)^2 0,40 = 40% 80% Standard deviation of B = 80 = 8,94% (c) CVA = 3,87/15 = 0,26; CVB = 8,94/15 = 0,60 (d) (1) (1) (1) (1) (1) (1)

Asset A (1), for 15% rate of return (1), and lesser risk as reflected by the lower CV (1).

QUESTION 3 (1) State the efficient market hypothesis (EMH) propositions and briefly outline their implications for investors. Answers (a) Weak (2) (6)

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All information contained in past price movements is fully reflected in current market prices. Therefore information on past trends is of no use to an investor who intends to select winning investments . (b) Semistrong (2)

Current market prices reflect all information available to the public. In this case it does not help an investor to scrutinise published data in a corporations financial statements to look for abnormal returns, because market prices will adjust to good news or bad news contained in such reports as soon as they are made public.

(c) Strong

(2)

Current market prices reflect all pertinent information, whether publicly available or privately held. The implication for investors would be that it is impossible to realise abnormal returns even if insider trading is possible

(2)

The Pitco Corporations shares are currently selling for R160,00 per share, and the companys dividends are expected to grow by 5% indefinitely. In addition, the Pitco Corporations most recent dividend was R5,50. The expected risk-free rate of return is 3%, the expected market return is 8%, and the Pitco Corporation has a beta value of 1,20.

Determine the expected return based on the dividend valuation model. Determine the required return based on the Capital Asset Pricing Model (CAPM).

(4) (3)

Would the Pitco Corporation be a good investment at this time? Explain your answer. (2)

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FIN2601/101

ke = =

D1 + g P0

5 . 5 0 (1 + 0 . 0 5 ) + 0 .0 5 160 = 0 .0 8 6 1 = 8,6 1 %

(Allocate 1 mark for correct formula, 1 mark for calculating D1, and 2 marks for the final answer.) (b) The required return is calculated below: re = rf + ( rm rf ) = = = = 0 .0 3 + 1 .2 (0 .0 8 0 .0 3 ) 0 .0 3 + 1 .2 (0 .0 5 ) 0 .0 9 9 % (3)

(Allocate 1 mark for correct formula, 1 mark for substituting correctly, and 1 mark for the final answer.)

(c) Pitco would not be a good investment as its expected return of 8,61% is less than the required return of 9,0%. If these shares were bought, the investor would suffer a loss. (2)

9

None

10

EXAMINATION

Examination admission will be granted to all students who submit the compulsory assignment. Students who do not submit the compulsory assignment will not be allowed to write the examination. The provisional examination dates have been published on https://my.unisa.ac.za. The examination paper for FIN2601 will consist of Sections A and B.Students should try to answer all the questions. Section A will contain 40 multiple-choice questions, and Section B will contain at most two essay questions. No equations will be provided in the examination paper.

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Students must receive at least 40% to qualify for admission to write the supplementary examination. Details about the procedure and the cost for re-marking examination scripts are listed on myUnisa (https://my.unisa.ac.za).

11

SECTION A: ADMINISTRATIVE MATTERS (1) Matters pertaining to registration What should I do if any of my personal details (name, address, etc) have been incorrectly captured during the registration process? Please use myUnisa (https://my.unisa.ac.za) to rectify all errors. Or you may send us an e-mail to econ@unisa.ac.za. Or mail us a letter addressed to The Registrar, PO Box 392, Unisa, 0003. Please remember to quote your student number in all your correspondence with the University. How do I obtain items that were out of stock when I registered? Please use the internet facility, https://my.unisa.ac.za, to download copies of all study material. Or you may send us an e-mail to despatch@unisa.ac.za. Please remember to quote your student number in all correspondence with the University. Please allow about four weeks for delivery of outstanding items before you contacting Unisa about out-ofstock items.

(2)

Assignments My assignment is late because ... Can I submit it at a later date? It is your responsibility to ensure that your assignments are submitted on myUnisa or reach the Unisa Main Campus on or before the closing date. Please do not call us to request an extension for submission of an assignment. When you receive the tutorial letter containing the solutions, you will know that you definitely can no longer submit the assignment. Are the assignments of this module compulsory?

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FIN2601/101 The assignments are compulsory. You should use the assignments to prepare for the examination. Do the marks I obtain for assignments count towards the final mark? The assignment marks do count towards the final marks, as explained in this tutorial letter. Who do I contact to find out if Unisa has received the assignment(s) I sent by mail? Preferably submit your assignments via myUnisa. If you do not have access to the internet and post your assignments to Unisa, send an sms to 43584 to check whether Unisa has received your assignment(s). What do I do if my assignment goes missing in the mail? Preferably submit your assignments via myUnisa. Always make a copy of your assignment and keep it in a safe place in case you need to submit a duplicate copy. Can I submit my assignments by e-mail? NO. All assignments must either be submitted via myUnisa or posted by snail mail. Assignments e-mailed to lecturers will not be marked. How long do I have to wait before I can expect my assignment(s) results? We aim to have assignments marked within three weeks after each due date. Visit https://my.unisa.ac.za to determine the mark you received. Allow an additional week or two for the post office to deliver the results to your postal address. All assignment results are returned to the postal address you provided when you registered. Please do not call us to enquire about your assignment before four weeks after the due date for submission. Can I expect my assignment to be returned sooner if I submit it well before the due date? The marking of assignments normally starts on the due dates indicated in this tutorial letter. Assignments are not marked or returned prior to the due dates. What mark did I obtain for my assignment(s)? Register as a user of the myUnisa facility and visit https://my.unisa.ac.za to find out the mark you received for your assignment(s). -51-

(3)

Examination What happens if I am unable to write the examination because of ill health, work commitments or another crisis? All requests for aegrotat examinations have to be in writing, addressed to the Head: Examinations, PO Box 392, Unisa, 0003, or to exams@unisa.ac.za. A fee is payable for such requests, and the amount payable is determined by the Examination Section. What happens if I fail any papers? Students who fail any of the papers may be granted admission to write the supplementary examination scheduled for the next examination, provided they received a final mark of at least 40%. All enquiries in this regard should be addressed to the Head: Examinations, PO Box 392, Unisa, 0003, or to exams@unisa.ac.za. What will happen if I do not write any of the papers during the supplementary examination? In that case you will have to obtain a registration form, complete it, pay the required fee, and register again. What do I need to bring to the examination venue? Bring your identity document (ID), your student card, an HB pencil, a black pen, a financial calculator, a ruler, eraser, and pencil sharpener. Will it be an open-book examination? No Could you give me an idea of the scope of the examination paper? The examination paper is based on your prescribed book and the learning outcomes provided in your study guide. Every learning outcome statement and assessment criterion may be used to set examination questions. Please do not call us to enquire about the scope of the examination paper.

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FIN2601/101 (4) Results I am going to be away when the examination results are released. Could you please tell me what mark I received for this paper? The results should be available four weeks after completion of the examination period. Please do not call the lecturers for your results. How will the results be announced? The results are mailed to students. However, the results are also published on myUnisa, https://my.unisa.ac.za, and on the MTN results facility, cellular number 083 1234.

(5)

Study guide and tutorial letters I have lost my study guide and tutorial letters. Could the University please mail or fax me copies? Please download a copy from myUnisa. Register as a user at https://my.unisa.ac.za. The lecturers do not mail or fax copies to students. You may also order replacement copies of study guides from Unisas Despatch Department. Please send an e-mail to despatch@unisa.ac.za or a letter to The Head: Despatch, PO Box 392, Unisa, 0003.

(6)

Changes to registration details What do I do if I want to add or cancel modules? Please update your details on myUnisa. Or you may send an e-mail, facsimile or letter to indicate changes to your registration details. All such changes must be completed two months before the examination. Please send an e-mail to econ@unisa.ac.za. Or mail a letter addressed to The Registrar, Box 392, Unisa, 0003. Please remember to quote your student number in all your correspondence with the University.

(7)

Accounts What do I do if I do not agree with my account statement? Please send a letter addressed to The Head, Student Accounts, Box 392, Unisa, 0003. Or send an e-mail to finan@unisa.ac.za. -53-

Please provide a copy of your receipt(s), deposit slips or electronic funds transfers (EFT) as proof of payment, and remember to add your student number. Will the payment immediately appear on my account statement? Please note that your payment will only be reflected on your next account statement.

SECTION B: ACADEMIC MATTERS (1) The prescribed book May I use other relevant books? We strongly recommend that you use the prescribed book. You are welcome to consult additional reading material, but the examination paper will be based on the prescribed book. Which specific pages do I need to study and which can I leave out? The chapters you have to study are indicated in your study guide. The study guide will clearly state whether some pages may be left out. You should focus on achieving the learning outcomes. Could you highlight the most important aspects in each chapter? Some students are inclined to study only the most important aspects. This may prove disastrous in the examination. All aspects of the prescribed chapters identified by way of the learning outcome statements should be deemed important for examination purposes. (2) Calculators Am I allowed to use a calculator? Yes. In fact, we encourage you to use a financial calculator. I have a scientific calculator. Will it be sufficient for this paper? No. Please use a financial calculator.

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FIN2601/101 Which calculator is prescribed or recommended? We recommend the HP10-B II+. # You may purchase the recommended calculator from the following list of suppliers Game Stores Country Wide Incredible Connection Country Wide Van Schaik Country Wide Juta Stores Country Wide Web stores: Kalahari http://www.kalahari.com/ Digital Planet http://digitalplanet.co.za/ Take a lot.com http://www.takealot.com/ MyCalculatorhttp://www.mycalculator.co.za/

(3)

Supplementary books and videos Are there supplementary books and videos I can use? No supplementary books and videos are prescribed. I would like to do some additional exercises and calculations. Could you send me the tutorial letters of 20..? Because of limited storage space at Unisa, no tutorial letters from previous years are kept and/or made available to students. Visit myUnisa for additional resources.

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(4)

Contact with fellow students I wish to contact other students in my area who enrolled for this module. Would you please provide their contact details? Contact may be established with fellow students at the discussion forum and blog on myUnisa. Because of the constitutional right to privacy, we may not disclose the details of students to others.

(5)

Examination Are any old examination papers available? Previous examination papers are published on myUnisa, but no memoranda are available. Questions will not necessarily be repeated in subsequent examination papers, and students are warned not to rely on old examination papers in order to pass the module. What will the format of the examination paper be like? The format of the examination paper will be confirmed in one of the tutorial letters (normally Tutorial Letter 201) which is sent to you during the semester/year. Will the examination paper contain any theory questions or will there only be calculations and interpretations? Most of the questions involve theory, applications, calculations and interpretations. Will all the equations be provided as an annexure to the examination paper? The equations will not be provided as part of the examination paper. You must be able to apply the equations in the exam. No marks are awarded for quoting equations in the examination script. If I study only the assignment questions, will I be adequately prepared for the examination? No. It is unlikely that you will be adequately prepared if you study only the assignment questions. The assignment questions represent a sample of the work and cannot be regarded as representative of all the study material.

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FIN2601/101 Can you give me the scope of or any hints for the exam? No hints are provided to students. Please do not call the lecturers about the scope of or hints for the exam. Base your preparation for the examination on the learning outcome statements.

12

CONCLUSION

This tutorial letter contains the purpose and outcomes of the module. The contact details of the lecturer(s) have been provided, as were module-related resources and student support services. It is important to prepare a study plan for yourself. Devote 120 hours to this module in order to be successful in the examination. Details of your assessment have been provided, including your assignments for the semester/year. Some frequently asked questions (FAQs) have been provided in order to save you a telephone call or e-mail message. In Section 13 (below) of this tutorial letter we provide a list and details of the official bookstores where you can purchase the prescribed book for this module.

We wish you the best with your studies! Mr AB Sibindi and Mr GPM Grebe Your Lecturers

UNISA 2013

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