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(ii) Comment briefly on the use of its own tree plantations as a source of raw materials by Our Timbers Ltd.
(3 marks)
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When preparing the draft financial statements for the year ended 30 September 2011, the directors are proposing to show the loan note within equity in the statement of financial position, as they believe all the loan note holders will choose the equity option when the loan note is due for redemption. They further intend to charge a finance cost of $500,000 ($10 million x 5%) in the income statement for each year up to the date of redemption.
The present value of $1 receivable at the end of each year, based on discount rates of 5% and 8%, can be taken as:
Required:
(a) (i) Explain why the nominal interest rate on the convertible loan notes is 5%, but for non-convertible loan notes it would be 8%. (2 marks)
(ii) Briefly comment on the impact of the directors’ proposed treatment of the loan notes on the financial statements and the acceptability of this treatment. (3 marks)
(b) Prepare extracts to show how the loan notes and the finance charge should be treated by Bertrand in its financial statements for the year ended 30 September 2011. (5 marks)
Production and sales from the new machine are expected to be 100,000 units per year. Each unit can be sold for $16 per unit and will incur variable costs of $11 per unit. Incremental fixed costs arising from the operation of the machine will be $160,000 per year.
Warden Co has an after-tax cost of capital of 11% which it uses as a discount rate in investment appraisal. The company pays profit tax one year in arrears at an annual rate of 30% per year. Capital allowances and inflation should be ignored.
Required:
(a) Calculate the net present value of investing in the new machine and advise whether the investment is financially acceptable. (7 marks)
(b) Calculate the internal rate of return of investing in the new machine and advise whether the investment is financially acceptable. (4 marks)
(c) (i) Explain briefly the meaning of the term ‘sensitivity analysis’ in the context of investment appraisal; (1 mark) (ii) Calculate the sensitivity of the investment in the new machine to a change in selling price and to a change in discount rate, and comment on your findings. (6 marks)
(d) Discuss the nature and causes of the problem of capital rationing in the context of investment appraisal, and explain how this problem can be overcome in reaching the optimal investment decision for a company. (7 marks)
Required:
(iii) A firm of consultants has offered to undertake a study on behalf of Envico Ltd which will provide perfect
information regarding seminar attendance during the forthcoming year.
Advise the management of Envico Ltd with regard to the maximum amount that they should pay to
consultants for perfect information regarding seminar attendance and comment briefly on the use of
perfect information in such decisions. (5 marks)
(ii) Briefly discuss THREE disadvantages of using EVA？ in the measurement of financial performance.
(3 marks)
(ii) Briefly discuss FOUR non-financial factors which might influence the above decision. (4 marks)
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