Management Accounting - Financial Strategy
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1 PUBLISHING CIMA'S Official Leorning System Strategic Level Management Accounting - Financial Strategy John Ogilvie ELSEVIER AMSTERDAM BOSTON HEIDELBERG LONDON NEW YORK OXFORD PARIS SAN DIEGO SAN FRANCISCO SINGAPORE SYDNEY TOKYO
2 Contents The CIMA Learning System xi Acknowledgements How to use your CIMA Learning System Guide to the Icons used within this Text Study technique Management Accounting - Financial Strategy Syllabus Formulae 1 Formulation of Financial Strategy 1 Learning Outcomes Introduction Objectives of profit-making entities Financial objectives Stakeholders Non-financial.objectives Agency theory Shareholder value analysis Objectives of not-for-profit entities Value for money Public and private - similarities and differences Assessing attainment offinancialobjectives Financial performance indicators Non-financial performance indicators The three key decisions offinancialmanagement Investment decisions Financing decisions Dividend decisions Policies for distribution of earnings Practical dividend policies Theory of dividend irrelevance Scrip dividends Share repurchases The impact of internal and external constraints on financial strategy Internal constraints External constraints Government influence Market failure Developing financial strategy in the context of regulatory requirements Corporate governance Regulatory bodies The impact of regulation on business combinations 26 xi xi xii xiii xv xxi in
3 iv MANAGEMENT ACCOUNTING - FINANCIAL STRATEGY P Major economic influences Interest rates 28 O Term structure of interest rates 29 u Inflation Exchange rates Modelling and forecasting cashflowsandfinancialstatements Forecasting cash flows Forecasting financial statements Sensitivity analysis Current and emerging issues in financial.reporting IFRS 1firsttime adoption of IFRS IFRS 2 share-based payment Reporting environmental issues Reporting of social issues Inclusion of forecasts in the annual report Reporting of human capital Summary 47 Readings 49 Revision Questions 53 Solutions to Revision Questions 55 2 Financial Management 6i Learning Outcomes Introduction Thefinancefunction Financial control Evaluating key success factors in the management of the finance function Relationships with stakeholders Outsourcing and shared service centres The treasury function The role of the treasury function Cost centre or profit centre Advantages of a specialised central treasury function Financial markets Money market Capital or securities market The foreign exchange market Derivatives markets Share price volatility Technical analysis or chartism Fundamental analysis Random Walk theory The efficient market hypothesis Weak form Semi-strong form 71
4 MANAGEMENT ACCOUNTING - FINANCIAL STRATEGY v Strong form 72 Q Implications of EMH forfinancialmanagers 72 Z 2.7 Investor ratios 73 Z Market price per share Earnings per share The price/earnings ratio Earnings yield Dividend-payout rate Dividend yield Dividend cover Book value per share Working capital management strategies The investment decision Thefinancingdecision Liquidity ratios The operating cycle Overtrading Symptoms of overtrading Preventing overtrading Multinational working capital management Summary 84 Revision Questions 85 Solutions to Revision Questions 87 3 Sources of Long-term Finance 93 Learning Outcome Introduction Shareholders' funds Ordinary shares Preference shares Reserves Raising share capital Stock market listing Methods of obtaining a flotation Rights issues Bonus issues Share splits Debt finance Bonds Debt yields Convertible bonds Warrants Medium-term financing Term loans Mezzanine finance The lender's assessment of creditworthiness 111
5 vi MANAGEMENT ACCOUNTING - FINANCIAL STRATEGY P Leasing 112 \±± Lease-or-buy decisions Factoring 120 u 3.6 Financing of small profit-making entities Venture capital Business 'angels' Government assistance Summary 125 Readings 127 Revision Questions 131 Solutions to Revision Questions Capital Structure and Cost of Capital 147 Learning Outcomes Introduction Gearing Measuring gearing Classification of debt and equity Interest cover Leverage Cost of capital Cost of equity Cost of debt Cost of preference shares Weighted average cost of capital Assumptions in the use of WACC Marginal cost of capital The traditional theory of gearing Modigliani and Miller's theories of gearing Limitations of MM theory Cost of capital and adjusted cost of capital Adj usted present value Adjusted cost of capital-modigliani and Miller Risk and reward Portfolio theory Systematic risk and unsystematic risk The capital asset pricing model Measuring beta values The security market line Using the CAPM as an investment tool MM, CAPM and geared betas Ungearing Beta Geared equity beta Use of CAPM in investment appraisal Limitations of CAPM Arbitrage pricing model Summary 192 Revision Questions 195 Solutions to Revision Questions 201
6 MANAGEMENT ACCOUNTING - FINANCIAL STRATEGY vii Business Valuations Learning Outcomes 215 ppj 5.1 Introduction 215? 5.2 Asset-based valuations Choice of valuation base The strengths and weaknesses of asset-based valuations Earnings-based valuations P/E ratio valuation Earnings yield valuation The strengths and weaknesses of earnings-based valuations Dividend-based valuations Dividend yield Dividend growth model Uneven growth rates The strengths and weaknesses of dividend-based valuations Capital asset pricing model Cash-based valuations Discounted cash flow Free cash flow Shareholder value analysis Economic Value Added (EVA) The strengths and weaknesses of cash-based valuations Valuation of new economy entities Business valuations and efficient markets Intellectual capital, Forms of intellectual capital The components of intellectual capital Valuing intellectual capital Comparative indicators Example - estimating flotation value The impact of changing capital structure Recognition of the interests of different stakeholder groups in company valuations Liquidation Re-financing Mergers and acquisitions Summary 239 Reference 239 Revision Questions 241 Solutions to Revision Questions 245 Mergers, Acquisitions and Buyouts 253 Learning Outcomes Introduction Terminology and types of merger Terminology Types of merger 256
7 viii MANAGEMENT ACCOUNTING - FINANCIAL STRATEGY P9 I O 6.3 The reasons for merger or acquisition 6.4 Defences against takeover Before the bid After the bid 6.5 Methods of payment for an acquisition Cash Share exchange Other types of finance Earn-out arrangements 6.6 The post-merger or post-acquisition integration process Druker's Golden Rules Post-acquisition value enhancement strategies Impact on ratios or performance measures Acquirer's post-acquisition share price Example: Impact on stakeholders Reasons why mergers and acquisitions fail 6.7 Exit strategies Sell-off Spin-off 6.8 Management buyouts Financing MBOs Evaluation by investors and financiers 6.9 Reconstruction Effect on the share price of a listed entity 6.10 Summary, Readings Revision Questions Solutions to Revision Questions Investment Appraisal Techniques Learning Outcomes 7.1 Introduction 7.2 Accounting rate of return 7.3 Payback Discounted payback 7.4 Discounting techniques Net present value Internal rate of return Modified internal rate of return Discussion of techniques 7.5 Capital rationing Single-period capital rationing Single-period rationing with mutually exclusive projects Single-period rationing with indivisible projects 7.6 Annual equivalent cost Asset replacement cycles 7.7 Summary
8 MANAGEMENT ACCOUNTING - FINANCIAL STRATEGY ix Revision Questions 319 Q Solutions to Revision Questions z 8 Advanced Investment Appraisal Techniques 325 Learning Outcomes Introduction Identification of a project's relevant costs and benefits Taxation Depreciation and tax depreciation allowances Inflation Working capital Linking investments with customer requirements and product/ service design Reasons for developing new products or services Linking investment in IS/IT with strategic, operational and control needs Benefits of a formal strategy IS, IT and IM strategy Content of information systems strategy Cost-benefit analysis Evaluating system performance Adjusting for risk Sensitivity analysis Decision trees Certainty equivalents Non-constant discount rate Risk-adjusted discount rate Capital asset pricing model Evaluating and reporting investment opportunities Adjusted present value Side-effects of financing Advantages and disadvantages of APV Assessing investments as options on future cash flows The abandonment option Timing options Strategic investment options Valuing options Project implementation and control The investment cycle Post-completion auditing Benefits of post-completion auditing Limitations of post-completion auditing Organisation of PCA Role of post-appraisal in project abandonment Summary 361 Revision Questions 363 Solutions to Revision Questions 371
9 MANAGEMENT ACCOUNTING - FINANCIAL STRATEGY P9 9 Financing and Appraisal of International Investments 383 Learning Outcomes Introduction Finance for international investments Subsidiary Joint venture Risk The effect of restrictions on remittances The Euromarkets Eurocurrency markets Eurobonds The effect of taxation Double taxation relief Evaluating international investments Interest rate parity (IRP) APV method Summary 396 Revision Questions 397 Solutions to Revision Questions 401 Preparing for the Examination 409 Revision technique 411 Planning 411 Getting down to work 412 Tips for the final revision phase 412 Format of the examination 412 Structure of the paper 412 Types of question 413 Allocation of time 413 Weighting of subjects 414 Case-study Questions 417 Solutions to Case-study Questions 453 Scenario Questions 525 Solutions to Scenario Questions 577 November 2007 Examinations 699 Index 737
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