对VAPS叙述最准确的是（）

A. 臭氧负离子空气清新净化系统
B. 空气质量自动控制系统
C. 全自动控制恒温空调
D. 抬头显示

洽谈时请注意（）的执行要点

A. 专业
B. 认真
C. 顾客第一
D. 强辩

SBZA侧面盲区接近预警，对左右侧盲区（）的范围进行实时监测

A. 3.0m
B. 3.5m
C. 3.8m
D. 4.0m

凯迪拉克车型发动机的新标识方式採两位数字+单个字母，两位数字中第二位数字是指什么（）

A. 排量等级
B. 发动机类型
C. 功率级别
D. C.燃油经济性

增压发动机常见的增压技术手段有哪些（）

A. 机械增压
B. 电子增压
C. 废气涡轮增压
D. 进气谐波增压

1 Paxis plc will soon announce a takeover bid for Wragger plc, a company in the same industry. The initial bid will be<br>an all share bid of four Paxis shares for every five Wragger shares.<br>The most recent annual data relating to the two companies are shown below:<br>The takeover is expected to result in cost savings in advertising and distribution, reducing the operating costs<br>(including depreciation) of Paxis from 76% of sales to 70% of sales. The growth rate of the combined company is<br>expected to be 6% per year for four years, and 5% per year thereafter. Wragger’s debt obligations will be taken over<br>by Paxis. The corporate tax rate is expected to remain at 30%.<br>Sales and costs relevant to the decision may be assumed to be in cash terms.<br>Required:<br>(a) Using free cash flow analysis for each individual company and the potential combined company, estimate<br>how much synergy is expected to be created from the takeover. State clearly any assumptions that you make.<br>Note: The weighted average cost of capital of the combined company may be assumed to be the market weighted<br>average of the current costs of capital of the individual companies, weighted by the current market value of debt and<br>equity of the combined company, with the equity of Wragger adjusted for the effect of the bid price. (20 marks)

2 A proposal has been put to the board of directors of Semer plc that the company should increase its capital gearing<br>to at least 50%, in order to reduce the company’s cost of capital and increase its market value.<br>The managing director of Semer is not convinced by the logic of the proposal, or the accuracy of the calculations, but<br>is unable to explain the reasons for his reservations.<br>A summary of the proposal and its implications is shown below.<br>Proposal to increase the capital gearing of Semer plc<br>The company’s current weighted average cost of capital is estimated to be 10·6%. If the proportion of debt is<br>increased to 50% of total capital, by the repurchase of ordinary shares at their current market value, the cost of capital<br>may be reduced to 9·9%. A reduced cost of capital means that the value of the company will increase which will be<br>welcomed by our shareholders. Calculations supporting the above proposal are shown below:<br>(ii) The current price of Semer’s ordinary shares is 410 pence.<br>(iii) The market price of one 8% debenture 2010 is ￡112.<br>(iv) The market return is 10·5% and the risk free rate 4·0%.<br>(v) Semer’s equity beta is 1·2.<br>(vi) Semer currently pays ￡15 million in dividends.<br>(vii) The corporate tax rate is 30%.<br>(viii) The company currently generates a free cash flow of ￡60 million per year, which is expected to increase by<br>approximately 3% per year.<br>Required:<br>(a) What, if any, are the mistakes in the proposal？ Correcting for any mistakes produce revised estimates of the<br>company’s current cost of capital and current value. Brief explanation of the reasons for any revisions should<br>be included. (15 marks)

Furlion Co manufactures heavy agricultural equipment and machinery which can be used in difficult farming conditions. Furlion Co’s chief executive has been investigating a significant opportunity in the country of Naswa, where Furlion Co has not previously sold any products. The government of Naswa has been undertaking a major land reclamation programme and Furlion Co’s equipment is particularly suitable for use on the reclaimed land. Because of the costs and other problems involved in transporting its products, Furlion Co’s chief executive proposes that Furlion Co should establish a plant for manufacturing machinery in Naswa. He knows that the Naswan government is keen to encourage the development of sustainable businesses within the country.<br>Initial calculations suggest that the proposed investment in Naswa would have a negative net present value of $1·01 million. However, Furlion Co’s chief executive believes that there may be opportunities for greater cash flows in future if the Naswan government expands its land reclamation programme. The government at present is struggling to fund expansion of the programme out of its own resources and is looking for other funding. If the Naswan government obtains this funding, the chief executive has forecast that the increased demand for Furlion Co’s products would justify $15 million additional expenditure at the site of the factory in three years’ time. The expected net present value for this expansion is currently estimated to be $0.<br>It can be assumed that all costs and revenues include inflation. The relevant cost of capital is 12% and the risk free rate is 4%. The chief executive has estimated the likely volatility of cash flows at a standard deviation of 30%.<br>One of Furlion Co’s non-executive directors has read about possible changes in interest rates and wonders how these might affect the investment appraisal.<br>Required:<br>(a) Assess, showing all relevant calculations, whether Furlion Co should proceed with the significant opportunity. Discuss the assumptions made and other factors which will affect the decision of whether to establish a plant in Naswa. The Black Scholes pricing model may be used, where appropriate. (16 marks)<br>(b) Explain what is meant by an option’s rho and discuss the impact of changes in interest rates on the appraisal of the investment. (5 marks)<br>(c) Discuss the possibility of the Naswan government obtaining funding for further land reclamation from the World Bank, referring specifically to the International Development Association. (4 marks)

Staple Group is one of Barland’s biggest media groups. It consists of four divisions, organised as follows:<br>– Staple National – the national newspaper, the Daily Staple. This division’s revenues and operating profits have decreased for the last two years.<br>– Staple Local – a portfolio of 18 local and regional newspapers. This division’s operating profits have fallen for the last five years and operating profits and cash flows are forecast to be negative in the next financial year. Other newspaper groups with local titles have also reported significant falls in profitability recently.<br>– Staple View – a package of digital channels showing sporting events and programmes for a family audience. Staple Group’s board has been pleased with this division’s recent performance, but it believes that the division will only be able to sustain a growth rate of 4% in operating profits and cash flows unless it can buy the rights to show more major sporting events. Over the last year, Staple View’s biggest competitor in this sector has acquired two smaller digital broadcasters.<br>– Staple Investor – established from a business which was acquired three years ago, this division offers services for investors including research, publications, training events and conferences. The division gained a number of new clients over the last year and has thus shown good growth in revenues and operating profits.<br>Some of Staple Group’s institutional investors have expressed concern about the fall in profitability of the two newspaper divisions.<br>The following summarised data relates to the group’s last accounting year. The % changes in pre-tax profits and revenues are changes in the most recent figures compared with the previous year.<br>Staple Group’s board regards the Daily Staple as a central element of the group’s future. The directors are currently considering a number of investment plans, including the development of digital platforms for the Daily Staple. The finance director has costed the investment programme at $150 million. The board would prefer to fund the investment programme by disposing parts or all of one of the other divisions. The following information is available to help assess the value of each division:<br>– One of Staple Group’s competitors, Postway Co, has contacted Staple Group’s directors asking if they would be interested in selling 15 of the local and regional newspapers for $60 million. Staple Group’s finance director believes this offer is low and wishes to use the net assets valuation method to evaluate a minimum price for the Staple Local division.<br>– Staple Group’s finance director believes that a valuation using free cash flows would provide a fair estimate of the value of the Staple View division. Over the last year, investment in additional non-current assets for the Staple View division has been $12·5 million and the incremental working capital investment has been $6·2 million. These investment levels will have to increase at 4% annually in order to support the expected sustainable increases in operating profit and cash flow.<br>– Staple Group’s finance director believes that the valuation of the Staple Investor division needs to reflect the potential it derives from the expertise and experience of its staff. The finance director has calculated a value of $118·5 million for this division, based on the earnings made last year but also allowing for the additional earnings which he believes that the expert staff in the division will be able to generate in future years.<br>Assume a risk-adjusted, all-equity financed, cost of capital of 12% and a tax rate of 30%. Goodwill should be ignored in any calculations.<br>Staple Group’s finance and human resources directors are looking at the staffing of the two newspaper divisions. The finance director proposes dismissing most staff who have worked for the group for less than two years, two years’ employment being when staff would be entitled to enhanced statutory employment protection. The finance director also proposes a redundancy programme for longer-serving staff, selecting for redundancy employees who have complained particularly strongly about recent changes in working conditions. There is a commitment in Staple Group’s annual report to treat employees fairly, communicate with them regularly and enhance employees’ performance by structured development.<br>Required:<br>(a) Evaluate the options for disposing of parts of Staple Group, using the financial information to assess possible disposal prices. The evaluation should include a discussion of the benefits and drawbacks to Staple Group from disposing of parts of the Staple Group. (19 marks)<br>(b) Discuss the significance of the finance director’s proposals for reduction in staff costs for Staple Group’s relationships with its shareholders and employees and discuss the ethical implications of the proposals. (6 marks)

Section A – This ONE question is compulsory and MUST be attempted<br>Lirio Co is an engineering company which is involved in projects around the world. It has been growing steadily for several years and has maintained a stable dividend growth policy for a number of years now. The board of directors (BoD) is considering bidding for a large project which requires a substantial investment of $40 million. It can be assumed that the date today is 1 March 2016.<br>The BoD is proposing that Lirio Co should not raise the finance for the project through additional debt or equity. Instead, it proposes that the required finance is obtained from a combination of funds received from the sale of its equity investment in a European company and from cash flows generated from its normal business activity in the coming two years. As a result, Lirio Co’s current capital structure of 80 million $1 equity shares and $70 million 5% bonds is not expected to change in the foreseeable future.<br>The BoD has asked the company’s treasury department to prepare a discussion paper on the implications of this proposal. The following information on Lirio Co has been provided to assist in the preparation of the discussion paper.<br>Expected income and cash flow commitments prior to undertaking the large project for the year to the end of February 2017<br>Lirio Co’s sales revenue is forecast to grow by 8% next year from its current level of $300 million, and the operating profit margin on this is expected to be 15%. It is expected that Lirio Co will have the following capital investment requirements for the coming year, before the impact of the large project is considered:<br>1. A $0·10 investment in working capital for every $1 increase in sales revenue;<br>2. An investment equivalent to the amount of depreciation to keep its non-current asset base at the present productive capacity. The current depreciation charge already included in the operating profit margin is 25% of the non-current assets of $50 million;<br>3. A $0·20 investment in additional non-current assets for every $1 increase in sales revenue;<br>4. $8 million additional investment in other small projects.<br>In addition to the above sales revenue and profits, Lirio Co has one overseas subsidiary – Pontac Co, from which it receives dividends of 80% on profits. Pontac Co produces a specialist tool which it sells locally for $60 each. It is expected that it will produce and sell 400,000 units of this specialist tool next year. Each tool will incur variable costs of $36 per unit and total annual fixed costs of $4 million to produce and sell.<br>Lirio Co pays corporation tax at 25% and Pontac Co pays corporation tax at 20%. In addition to this, a withholding tax of 8% is deducted from any dividends remitted from Pontac Co. A bi-lateral tax treaty exists between the countries where Lirio Co is based and where Pontac Co is based. Therefore corporation tax is payable on profits made by subsidiary companies, but full credit is given for corporation tax already paid.<br>It can be assumed that receipts from Pontac Co are in $ equivalent amounts and exchange rate fluctuations on these can be ignored.<br>Sale of equity investment in the European country<br>It is expected that Lirio Co will receive Euro (€) 20 million in three months’ time from the sale of its investment. The € has continued to remain weak, while the $ has continued to remain strong through 2015 and the start of 2016. The financial press has also reported that there may be a permanent shift in the €/$ exchange rate, with firms facing economic exposure. Lirio Co has decided to hedge the € receipt using one of currency forward contracts, currency futures contracts or currency options contracts.<br>The following exchange contracts and rates are available to Lirio Co.<br>Currency options (contract size $125,000, exercise price quotation € per $1, premium € per $1)<br>It is expected that dividends will grow at the historic rate, if the large project is not undertaken.<br>Lirio Co’s cost of equity capital is estimated to be 12%.<br>Required:<br>(a) With reference to purchasing power parity, explain how exchange rate fluctuations may lead to economic exposure. (6 marks)<br>(b) Prepare a discussion paper, including all relevant calculations, for the board of directors (BoD) of Lirio Co which:<br>(i) Estimates Lirio Co’s dividend capacity as at 28 February 2017, prior to investing in the large project; (9 marks)<br>(ii) Advises Lirio Co on, and recommends, an appropriate hedging strategy for the Euro (€) receipt it is due to receive in three months’ time from the sale of the equity investment; (14 marks)<br>(iii) Using the information on dividends provided in the question, and from (b) (i) and (b) (ii) above, assesses whether or not the project would add value to Lirio Co; (8 marks)<br>(iv) Discusses the issues of proposed methods of financing the project which need to be considered further. (9 marks)<br>Professional marks will be awarded in part (b) for the format, structure and presentation of the discussion paper. (4 marks)