CIMAPRA19-F03-1 Exam Vce Format, Study CIMAPRA19-F03-1 Materials

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CIMA F3 exam is a computer-based test, which means that candidates can take the exam at any time of the year, subject to availability. CIMAPRA19-F03-1 exam is available in over 5,000 test centers worldwide, making it accessible to finance professionals all over the world. CIMAPRA19-F03-1 exam is also available in multiple languages, including English, Chinese, Spanish, and Arabic.

CIMA CIMAPRA19-F03-1 exam consists of two parts: the objective test and the case study exam. The objective test is a computer-based exam that tests the candidate's knowledge of the core principles of financial strategy. The case study exam, on the other hand, is a scenario-based exam that tests the candidate's ability to apply their knowledge to real-life situations.

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CIMA F3 Financial Strategy Sample Questions (Q222-Q227):

NEW QUESTION # 222
Company P is a large unlisted food-processing company.
Its current profit before interest and taxation is $4 million, which it expects to be maintainable in the future.
It has a $10 million long-term loan on which it pays interest of 10%.
Corporate tax is paid at the rate of 20%.
The following information on P/E multiples is available:
Which of the following is the best indication of the equity value of Company P?

A. $48 million
B. $24 million
C. $40 million
D. $80 million

Answer: B

NEW QUESTION # 223
Assume today is 31 December 20X1.
A listed mobile phone company has just launched a new phone which is proving to be a great success.
As a direct result of the product's success, earnings are forecast to increase by:
* 5% a year in each of years 20X2 - 20X6
* 3% from 20X7 onwards
Market analysts were very excited to hear the news of the success of the product and future growth forecasts.
Assuming a semi-efficient market applies, which of the following company valuation methods is likely to give the best estimate of the company's equity value today?

A. Today's share price x number of shares in issue + retained earnings.
B. Today's share price x number of shares in issue.
C. P/E valuation based on the company's long term P/E and earnings for the year ended 31 December
20X1.
D. Discounted free cash flow using the company's forecast growth rates.

Answer: B

NEW QUESTION # 224
Company C is a listed company. It is currently considering the acquisition of Company D. The original founder of Company C currently owns 52% of the shares.
Alternative forms of consideration for Company D being considered are as follows:
* Cash payment, financed by new borrowing
* issue of new shares in Company C
Which of the following is an advantage of a cash offer over a share-for exchange from the viewpoint of the original founder of Company C?

A. A share-for-share exchange would require the approval shareholders in Company C but a cash offer would not.
B. A share for share exchange would result in a significant change in control of Company C whereas a cash offer would not.
C. A cash offer would result in a lower gearing ratio therefore reduce the weighted overage cost of capital whereas a cash offer would not.
D. A share-for-share exchange would require the approval of the Competition Authorities but a cash offer would not.

Answer: B

NEW QUESTION # 225
At the last financial year end, 31 December 20X1, a company reported:

The corporate income tax rate is 30% and the bank borrowings are subject to an interest cover covenant of 4 times.
The results are presently comfortably within the interest cover covenant as they show interest cover of 8.3 times. The company plans to invest in a new product line which is not expected to affect profit in the first year but will require additional borrowings of $20 million at an annual interest rate of 10%.
What is the likely impact on the existing interest cover covenant?

A. Interest cover would reduce to 3 times and the covenant would be breached.
B. Interest cover would reduce to 5 times and the covenant would be breached.
C. Interest cover would reduce to 3 times and the covenant would NOT be breached.
D. Interest cover would reduce to 5 times and the covenant would NOT be breached.

Answer: D

NEW QUESTION # 226
An all-equity financed company currently generates total revenue of $50 million.
Its current profit before interest and taxation (PBIT) is $10 million.
Due to difficult trading conditions, the company expects its total revenue to be constant next year, although some margins will reduce.
It forecasts next year's PBIT will fall to 18% on 40% of its revenue, but that the PBIT on the other 60% of its revenue will be unaffected.
The rate of corporate tax is 20%.
What is the forecast percentage reduction in next year's Earnings?

A. Reduction of 0.8%
B. Reduction of 0%
C. Reduction of 4.0%
D. Reduction of 2.0%

Answer: C

NEW QUESTION # 227
......

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