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I had the VFM, rewards , balance score card and trasfer pricing, I would say it was not too difficult but unfortunately run out of time and the last one on transfer pricing that I knew the most had to rush and write in 5 mins so not sure if I had done enough
So from memory the Q1 requirement calculate the new statement of financial position plus new share price after restructuring then write a report can’t remember much about report requirement I think impact on bond holders as well as assumption explaination for shareprice calculation. Q2 requirement was hedging one was a loan of 24m future and the other was a deposit of 16m with option then commenting on 3 queries made by manager A B and C on hedging. Q3 was APV with 2 different options
Mine was very tricky, first question on recostructuring, second on hedging and last one APV but run out of time for the last question. Q2 and Q3 were straightforward but had limited time. Q1 was tricky and is 50 marks so not sure I pass. It was a retake last AFM exam in sept was defo easier
Just because no one mentioned about the swap, I got CBBR +1.7% after the swap which ended up being 5.70% .. it was asked to be calculated in the notes paper but not in an actual question. Also the Q2 on cash flow to equity valuation I didn’t not understand so left it blank. Did anyone attempt that?
I had the same but NPV got a negative(yes Ke 12%), then calculated APV and even adding tax benefits still gave a negative APV, so not sure if I had messed somewhere. Spent so much time on question A that I then messed up the other 2 questions, did not do ratio analysis on the last one just narrative , I don’t think I passed
I had the same paper, but made a mistake and included Legal cost.
As for the intangible asset, I made the same point it had indication that the life was not indefinite so it had to be definite but I added a point saying that if it were to be indefinite it had to be tested for impairment annually.
Tbh it was my second attempt doing SBR and I think this paper was was better than the last one. Finger crossed I passed.