Acca f9 2012 Notes

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Financial Management

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ACCA F9 Financial Management ACCA F9 Financial Management

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Chapter 1 Chapter 1

Financial Management Function

KEY

KNOWLEDGE

The

Nature

and

Purpose

of

Financial

Management

The main purpose of financial strategy is to ensure that financial resources are available to The main purpose of financial strategy is to ensure that financial resources are available to the organization in support of its overall corporate objectives, which include financial

the organization in support of its overall corporate objectives, which include financial objectives.

objectives.

Management accounting is a set of tools and disciplines measuring corporate performance Management accounting is a set of tools and disciplines measuring corporate performance and to facilitate decision-making; it is designed and implemented in coordination with the and to facilitate decision-making; it is designed and implemented in coordination with the company’s strategy.

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KEY

KNOWLEDGE

Financial

Objectives

and

the

Relationship

with

Corporate

Strategy

In pursuing its financial objectives, the firm must ensure that those objectives are congruent In pursuing its financial objectives, the firm must ensure that those objectives are congruent – i.e. consistent – with its overall corporate strategy.

– i.e. consistent – with its overall corporate strategy.

KEY

KNOWLEDGE

Stakeholders

and

Impact

on

Corporate

Objectives

Stakeholder groups



 Shareholders: A Shareholders: A ss owners of the business, they rank supreme, as reflected in US/UK owners of the business, they rank supreme, as reflected in US/UK

models of corporate governance;



 Lenders: Important if the business relies heavily on providers of loan capital (banks,Lenders: Important if the business relies heavily on providers of loan capital (banks,

bondholders);



 Directors: The executive directors or senior management of the business are centralDirectors: The executive directors or senior management of the business are central

since they have “hands-on” power and can serve their own interests (giving rise to

agency risk);



 Employees: Often referred to as a company’s “most valuable asset”; they must beEmployees: Often referred to as a company’s “most valuable asset”; they must be

motivated and adequately compensated;



 Customers: No customers, no business! How influential they are or how carefullyCustomers: No customers, no business! How influential they are or how carefully

management needs to listen to their concerns depends on the type of business activity

and the competitive environment;

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Conflicting stakeholder interests

Conflicting interests can exist between various stakeholder groups. Conflicting interests can exist between various stakeholder groups.

Management must examine the degrees of stakeholder influence and actively manage the Management must examine the degrees of stakeholder influence and actively manage the relationship with relevant stakeholders.

relationship with relevant stakeholders. Agency theory

Agency theory

Agency theory addresses the risk that management will not act in the best interest of the Agency theory addresses the risk that management will not act in the best interest of the

shareholders, but will make decisions that will serve its own interests. shareholders, but will make decisions that will serve its own interests.

Examples of self-serving management behavior could include: (a) artificially boosting Examples of self-serving management behavior could include: (a) artificially boosting

corporate profits in the short-term in order to earn bonuses; (b) paying too much to acquire corporate profits in the short-term in order to earn bonuses; (b) paying too much to acquire another company for reasons of prestige or in order to “build empires”; (c) rejecting

another company for reasons of prestige or in order to “build empires”; (c) rejecting

opportunities, such as takeover bids, or restructuring initiatives, that might jeopardize their opportunities, such as takeover bids, or restructuring initiatives, that might jeopardize their positions (an orientation to maintaining the “status quo”).

positions (an orientation to maintaining the “status quo”). Influencing managerial behavior

Influencing managerial behavior

In order to cause managers to behave in a way consistent with stakeholder interests, In order to cause managers to behave in a way consistent with stakeholder interests, rewards and bonus schemes need to be carefully designed. This can be seen as the rewards and bonus schemes need to be carefully designed. This can be seen as the

“internal” dimension to corporate governance. The other dimension -- “external” – comes in “internal” dimension to corporate governance. The other dimension -- “external” – comes in

the form of regulation. the form of regulation.

Scope of strategic performance measures in private sector

Shareholder value measurements focus on creation of shareholder value as fundamental aim Shareholder value measurements focus on creation of shareholder value as fundamental aim of profit oriented companies.

of profit oriented companies.

Long-term wealth maximization is not always consistent with the “artificial” inflation of Long-term wealth maximization is not always consistent with the “artificial” inflation of

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Accounting Capital Employed = Total Assets – Current Liabilities = Total Non-Current Assets, Accounting Capital Employed = Total Assets – Current Liabilities = Total Non-Current Assets,

net + Working Capital net + Working Capital

Disadvantage: ROI/ROCE increases as investment centre’s fixed assets grow older, thus a Disadvantage: ROI/ROCE increases as investment centre’s fixed assets grow older, thus a ROI improvement over time (or a better ROI compared to another division) may be partly ROI improvement over time (or a better ROI compared to another division) may be partly attributable to the age of the assets used.

attributable to the age of the assets used.

Consequently, gross value of fixed assets may be used in measuring performance based on Consequently, gross value of fixed assets may be used in measuring performance based on ROI.

ROI.

Earnings Per Share (EPS)

Net income less any preferred dividends divided by the number of shares outstanding. Net income less any preferred dividends divided by the number of shares outstanding. Return on Equity

Return on Equity

Net income divided by shareholders’ equity. Net income divided by shareholders’ equity.

KEY

KNOWLEDGE

Financial

and

Other

Objectives

in

Non

_‐

for

_‐

Profit

Organisations

Profit and Not-for-profit organisations

Profit-seeking organizations exist ultimately to create wealth for their owners.

Non-profit (or not-for-profit) organizations are created to accomplish a pre-defined mission,

such as the delivery of a service; they are expected to do so in an economical manner.

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Chapter 2 Chapter 2

Financial Management Environment

The economic environment for business

The general economic environment, and in particular the influence of governments – The general economic environment, and in particular the influence of governments – through its monetary and fiscal policies – has a far-reaching impact on most businesses. through its monetary and fiscal policies – has a far-reaching impact on most businesses.

The impact of macro-economics

Businesses must also take

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(d)

(d) Trade policy: to what Trade policy: to what degree is any protectionism likely degree is any protectionism likely to stay in place?to stay in place? Again, actively

Again, actively keeping up with readingkeeping up with reading on these issues will be the best way to prepare foron these issues will be the best way to prepare for this section of the exam.

this section of the exam.

The nature and role of financial markets and institutions

Financial markets and institutions have achieved such a degree of global integration that Financial markets and institutions have achieved such a degree of global integration that shocks in one part – as shown with the onset of the financial crisis in 2008 – can have shocks in one part – as shown with the onset of the financial crisis in 2008 – can have systematic implications across all markets.

systematic implications across all markets.

Stock markets

A stock exchange is an organized and regulated market place which permits:

(i)

(i) Companies to raise capital through the issuance of new shares or debenturesCompanies to raise capital through the issuance of new shares or debentures

(collectively known as securities); the proceeds of such issuances go to the

company issuing them

company issuing them -- this is -- this is called the “primary called the “primary market”; andmarket”; and

(ii)

(ii) Investors to buy and sell already-issued securities – called the “secondaryInvestors to buy and sell already-issued securities – called the “secondary

market”.

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Chapter 3 Chapter 3

Working Capital

Working Capital Management

Management

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Raw m

Raw m ateriaaterialsls received received Receipt of Receipt of cash cash Payment to

Payment to suppliersupplier

Sale

Sale of of goods goods Conversion Conversion intointo finished goods finished goods

The above diagram shows the operating cash flows for a typical manufacturing company The above diagram shows the operating cash flows for a typical manufacturing company converting raw materials into finished goods for sale. The company needs its own cash to converting raw materials into finished goods for sale. The company needs its own cash to pay the supplier and can only recover this from the sale of the finished goods.

pay the supplier and can only recover this from the sale of the finished goods.

The cash invested in inventories and receivables represents a cost to the company. This is The cash invested in inventories and receivables represents a cost to the company. This is most directly obvious in opportunity cost terms: the cash could be earning interest, reducing most directly obvious in opportunity cost terms: the cash could be earning interest, reducing interest-bearing debt, or ultimately find its way into shareholders’ pockets as a dividend interest-bearing debt, or ultimately find its way into shareholders’ pockets as a dividend payment.

payment.

The presence of payables indicates that cash payments (outflows) are delayed; this is The presence of payables indicates that cash payments (outflows) are delayed; this is beneficial to the company as long as it is not overdue on its payments, as late payment beneficial to the company as long as it is not overdue on its payments, as late payment

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Turnover ratios Turnover ratios

(1)

(1) Trade debtors (receivables)Trade debtors (receivables) Trade

Trade Debtors Debtors x x 365365 Sales

Sales (2)

(2) Inventory turnoverInventory turnover Inventory

Inventory x 365x 365 COGS

COGS (3)

(3) Trade creditors (payables)Trade creditors (payables) Trade

Trade Payables Payables x x 365365 COGS

COGS

Economic Order Quantity (EOQ)

Within a company, there is a natural temptation to accumulate buffer stocks (raw materials Within a company, there is a natural temptation to accumulate buffer stocks (raw materials and semi-finished goods) so that production is never interrupted.

and semi-finished goods) so that production is never interrupted.

Similarly, in order to avoid stock-outs, sales managers will insist on maintaining a plentiful Similarly, in order to avoid stock-outs, sales managers will insist on maintaining a plentiful

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The total cost function is as follows: The total cost function is as follows:

Total

Total cost cost = = Purchase cost Purchase cost + Ordering + Ordering cost + cost + Holding costHolding cost which can be expressed algebraically as follows:

which can be expressed algebraically as follows: TC

TC = = P P x x D D + + C C x x D/Q D/Q + + H H x x Q/2Q/2 It is this total cost function which must be minimized.

It is this total cost function which must be minimized. Recognizing that:

Recognizing that:



 PD does not vary;PD does not vary; 

 Ordering costs rise the more frequently one places (during the year); andOrdering costs rise the more frequently one places (during the year); and 

 Holding costs rise the fewer times one places orders (due to larger quantities beingHolding costs rise the fewer times one places orders (due to larger quantities being

ordered each time), ordered each time),

It follows that there is a trade-off between the Ordering and the Holding costs. It follows that there is a trade-off between the Ordering and the Holding costs.

The optimal order quantity (Q*) is found where the Ordering and Holding costs equal each The optimal order quantity (Q*) is found where the Ordering and Holding costs equal each other, i.e.

other, i.e.

C x D/Q = H x Q/2 C x D/Q = H x Q/2

Rearranging the above and solving for Q results in Rearranging the above and solving for Q results in

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Assessing the creditworthiness of customers

When assessing the creditworthiness of (potential) clients, companies can use the approach

typically employed by banks, referred to (originally) as the 3 C’s of credit, later expanded to

the 5 C’s. They are

(1)

(1) Character: Focuses on the reputation of the principals/decision makers at a company;Character: Focuses on the reputation of the principals/decision makers at a company;

credit checking agencies and bank references assist to this end;

(2)

(2) Capacity: Examines the company’s cash flow generation in the context of management’sCapacity: Examines the company’s cash flow generation in the context of management’s

ability to perform competently and reliably in meeting their obligations, based on an

examination of their track record (either directly or via the experiences of others).

Financial statement analysis is a major part of the exercise here (and in the next point);

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A company granting settlement discounts must ensure that the benefits of doing so will

outweigh the costs.

EXAMPLE

Redwood Co. currently gives payment terms of 3 months to its customers. If it shortens this

to one month by offering a 2% settlement discount, calculate what the impact will be if

sales of USD 5m remain unchanged and all customers elect to take advantage of the

discount. The company’s cost of capital is 15%.

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Deductions

Another phenomenon which results in significant write-offs of receivable is the practice of

“deductions” in which a customer pays less than the full amount of the invoice, giving a

reason for withholding the difference. This amounts to a renegotiation of the original invoice

and is often accepted as a “fait accompli” by the supplier.

A company managing its receivables diligently will have the following:

(1)

(1) A monitoring system that clearly “flags” late payers, known as an aging system. This A monitoring system that clearly “flags” late payers, known as an aging system. This

includes identifying properly the practice of deductions mentioned above;

(2)

(2) A follow-up system that assigns responsibility to specific staff doing the follow-up; this A follow-up system that assigns responsibility to specific staff doing the follow-up; this

includes an elevating of difficult cases to more senior and/or more experienced staff to

handle;

Acca f9 2012 Notes

Financial Management

Financial Management

For exams in 2012

For exams in 2012

the

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Contents

Contents

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Financial Management Function

Financial Management Function

KEY

KEY

KNOWLEDGE

KNOWLEDGE

The

The

Nature

Nature

and

and

Purpose

Purpose

of

of

Financial

Financial

Management

Management

ExPress Notes

ExPress Notes

KEY

KEY

KNOWLEDGE

_Notes

_Notes

_Notes

_Notes

_‐

_‐

_‐

_‐