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*** December 2024 ACCA AFM exam – Instant Poll and comments ***

Forums › ACCA Forums › ACCA AFM Advanced Financial Management Forums › *** December 2024 ACCA AFM exam – Instant Poll and comments ***

  • This topic has 34 replies, 19 voices, and was last updated 5 months ago by Kotsali@hotmail.com.
Viewing 25 posts - 1 through 25 (of 35 total)
1 2 →
  • Author
    Posts
  • December 6, 2024 at 9:00 am #713842
    opentuition_team
    Keymaster
    • Topics: 1389
    • Replies: 1405
    • ☆☆☆☆☆

    How was your December 2024 ACCA AFM exam?

    Vote in the Instant Poll


    (Comments will be opened after 5PM UK)

    December 6, 2024 at 1:31 pm #714008
    pvassallo
    Participant
    • Topics: 3
    • Replies: 14
    • ☆

    ‘Currency swaps are rarely tested..’ yeah OK, only in the June 2024 exam AND this one XD

    December 6, 2024 at 2:45 pm #714011
    norm
    Participant
    • Topics: 0
    • Replies: 1
    • ☆

    I got APV, Acquisition and Swap…

    Acquisition question as a big blunder for me. Probably scored 5 marks out of 25 on that one!

    December 6, 2024 at 2:51 pm #714012
    jayhelena
    Participant
    • Topics: 2
    • Replies: 50
    • ☆☆

    Think I got the same, the acquisition with the cash for shares? Both the swaps and acquisitions were a complete flop for me, at least attempted to do what I could- 4th time sitting and gutted I think I will be sitting again.

    December 6, 2024 at 4:20 pm #714031
    maidei
    Participant
    • Topics: 0
    • Replies: 1
    • ☆

    I was not ready for swaps

    December 6, 2024 at 4:26 pm #714032
    dinkvanstink
    Participant
    • Topics: 0
    • Replies: 3
    • ☆

    Exam was an unmitigated disaster. Couldn’t remember APV at all, same for the acquisition question and then swaps. Was not prepared for the swaps at all. I managed to get some marks in each I think but I would not be surprised if I got single digit/low double digit marks come January. I’m absolutely fuming.

    December 6, 2024 at 5:23 pm #714034
    maria9186
    Participant
    • Topics: 0
    • Replies: 6
    • ☆

    My exam had first question with international NPV (can anyone tell me what they calculated, I had 4.something million positive?) and 10 marker re free trade, single market and customs union.
    Second question was acquisition share per share offer: valuation and gain.
    Third had interest rate hedging with collar. Disaster 🙁

    December 6, 2024 at 5:57 pm #714035
    Elliot479
    Participant
    • Topics: 0
    • Replies: 7
    • ☆

    I got the same one as you, international IV appraisal for 50m was a blessing. But I got 2.3m positive. No clue what a single market was though.
    Equity value question was v nice
    The hedging question, why do they have to test collars ffs, I gave it go and said that no hedging strategy is the best way forward, futures and collar seemed to give worse rates than if no hedge is done.

    December 6, 2024 at 5:58 pm #714036
    mariochase24
    Participant
    • Topics: 2
    • Replies: 9
    • ☆

    The international npv was messy. Honestly too long of a question to do everything correct. Was I to translate the cashflows? I totally forgot which figures were in which currency. I calculated the spot rates for the currency at least. That free trade question was a kick in the guts, why would they test that? I feel like International npv wasn’t a big area so to have a 50 mark question on that was unnessary. Seems they try everything for you to fail. They seriously need to assess how much can be done in time allotted. I cant do good quality work for that 50 mark question and still 2 additional questions.

    December 6, 2024 at 6:06 pm #714037
    MajorR123
    Participant
    • Topics: 6
    • Replies: 10
    • ☆

    How are you all getting such varied answers for international IA? I got 1.XX something and I am 200% sure I got it right because I have practiced the exact same sum in the exam kit thrice.

    December 6, 2024 at 6:49 pm #714040
    maria9186
    Participant
    • Topics: 0
    • Replies: 6
    • ☆

    I remember the way I answered quite well but can’t guarantee I didn’t mess up cells/formula.
    In CL currency I had revenue (units times unit price which was already inflated), minus variable costs (again units times cost per unit inflated at 20%), minus transfer price ($5 per unit inflated at home country inflation 3% and then translated in CL, but not sure this was to be included), minus fixed costs inflated at inflation rate, minus TAD (which i added back after calculating the tax). Tax at 25% on operating flows, TAD added back, working capital (incremental amount only), investment cost in year 1 and scrap value in year 4. That was it for the flows in CL I think.
    I then translated at FX to dollars and added contribution, deducted fall on contribution for stopping exporting $0.5m annually (not sure that had to be accounted for either), added royalties and calculated tax at 20% on extra flows. Then added to remitted flows and calculated NPV at 13%.

    Please let me know where I went wrong. Thank you

    December 6, 2024 at 6:54 pm #714041
    maria9186
    Participant
    • Topics: 0
    • Replies: 6
    • ☆

    @Elliot479
    For acquisition/company valuation question, did you calculate market value of both companies as share price times number of shares (with Yennock share price calculated using other company PE ratio)?
    Was it then the sum of earnings plus synergies to get combined earnings and previous PE+10% to arrive at new share price (with 800 + 450/3*2 = 1,100 shares after issue)?

    December 6, 2024 at 7:45 pm #714043
    estherhazy
    Participant
    • Topics: 0
    • Replies: 6
    • ☆

    This was my last exam and I am so disheartened – I have sailed through ACCA up til now – never under 70 – and actually really enjoyed this syllabus. But this exam was a kicker. I really think I’ve failed and it’s a huge shock and embarrassment. I can usually tell within 5-10 marks how i’ve done, and this one, let’s just say it’s marginal at best.

    I got customs unions etc and international NPV.
    10 marks was a lot for a really specific knowledge area that was unlikely to be much covered as not related to calculations.

    Then that NPV – I was really unclear what we were meant to do across the foreign and home currencies – which to include in which section. I started doing it all in the lira inc the royalties etc. Then realised the 2nd part of th question was about that, but didn’t have time to take these bits back to dollars. Really unsure how I’ll do as it was all a big mess and the 5 marks for dollar stuff will be hard to mark for me as all in the wrong currency.

    Second was the acquisition thing. I got a really unlikely answer so who knows- I must have gone down the wrong track.

    Third was the hedging. I had a nightmare with the hedges despite having it really down before, somehow it all went out the window. Didn’t get the collar at all so that’s 1/3 of those marks gone.

    I just feel like it’s one of those exams where because they don’t guide you on how to do something, if you go down the wrong track you have potentially no marks at all.

    Also really pushed for time – no time to ‘think through’ answers, so much to read, hard to find the information to use in so much text.

    And then those professional marks seem a bonkers system- I have no idea how they award them when your answers are clearly so wrong.

    December 6, 2024 at 8:12 pm #714044
    mariochase24
    Participant
    • Topics: 2
    • Replies: 9
    • ☆

    I totally agree with Esther, That international npv should alone be worth 20 marks easily. Yh we may know how to do it but it’s too time consuming and exactly what you said the back and forth had me confused. As I said I cant rmr which amounts were which currencies so I totally messed that up but that question was all over the place. I wonder how they can say everyone had similar exams so the marks should be leveled but I doubt. I admit I have only done one Int NPV question and figured it wasnt a big topic (study hub didnt cover much or topic explainers) but I’ve seen straight forward npv questions have a better mark weighting than that question.

    December 7, 2024 at 3:25 am #714048
    maria9186
    Participant
    • Topics: 0
    • Replies: 6
    • ☆

    Just realised that royalties had to be substracted as cost in sub in sub currency and added as income in home country. I just added them as income…so bad…hopefully I will not lose too many marks for that

    December 7, 2024 at 5:43 am #714050
    xxajxx
    Participant
    • Topics: 0
    • Replies: 11
    • ☆

    Hey, anyone remembers marks split for Q2 Osman/Mehmed?

    December 7, 2024 at 8:29 am #714055
    Elliot479
    Participant
    • Topics: 0
    • Replies: 7
    • ☆

    @maria9186
    Yes that’s exactly what I did too!
    Original was share price times shares using the same P/E ratio.
    Then combined shares after exchange was 1100, 300 issued to yekkon on top of the original 800. Can’t remember the results too well I think I said morexa had a gain of 4% wealth and yekkon 57% and EPS increased for Yekkon by 115% something like that. As combined earnings were 710 and shares 1100 giving EPS of 0.64/0.65 compared to original yekkon eps of 0.3
    Also agree with Esther, the 10 marks on trade practices was insane!
    With NPV I had the CFs in CL first – revenue minus processor cost, variable cost, royalties, tad, tax loss carried over, add back tad, minus investment and add residual, minus WC and then convert to home currency, minus contribution and royalties income and tax those at home rate then discount it, i didn’t add deduct thr 0.5m I think that might have been the wrong decision.
    This was my last exam too, think it was the hardest syllabus of the entire thing.

    December 7, 2024 at 8:34 am #714056
    Nandakishore
    Participant
    • Topics: 0
    • Replies: 3
    • ☆

    Yeah even I faced the same problem. The acquisition question was very tough

    December 7, 2024 at 8:38 am #714057
    AshiqEXASH
    Participant
    • Topics: 0
    • Replies: 8
    • ☆

    Hey , did how was the hedging question, other than collars anything else like futures options FRA or only collar? I mean in the set which got INt NPV question. And about the valuation qn in that set any similar model qn in kit or prev yr paper?

    December 7, 2024 at 9:27 am #714058
    maria9186
    Participant
    • Topics: 0
    • Replies: 6
    • ☆

    @Elliott479
    Thank you for your reply.
    It comforts me a little as I also got 57% positive impact in wealth for Yekkon’s shareholder (forgot to comment that they would accept the offer as well above the required 20% but maybe other considerations re control or wanting to consider other bidder offer or hoping price would even go higher as other bidder, so 3 easy marks lost there). I also forgot to calculate the change in EPS for Yekkon. I felt so time pressured and wanted to stick with time but also wanted to get as much of the easy marks as quickly as possible as I started with Section B and moved backwards.
    Also, as soon as I started the exam, I realised that the keyboard was not working and they had to move me to another working station after they tried to fix it. I was so tense that I was nearly in tears and when I could continue with the exam, I was shivering.

    December 7, 2024 at 10:00 am #714059
    maria9186
    Participant
    • Topics: 0
    • Replies: 6
    • ☆

    Is anyone remembering how many marks were in the competition authority question or how the split of marks was in question 2?

    December 7, 2024 at 10:42 am #714061
    AshiqEXASH
    Participant
    • Topics: 0
    • Replies: 8
    • ☆

    Was it the valuation or hedging question?

    December 7, 2024 at 11:15 am #714062
    SAS1SOF
    Participant
    • Topics: 1
    • Replies: 9
    • ☆

    @maria9186

    10 points for pre- acquisition figures
    10 points for post – acquisition
    5 points for authority

    @ can you please share your thoughts about the student tasks in question 3 (particularly the one with forward to hedge unhedged exposure from option – I think, it is not possible, because don’t know which direction the underlying security price will move), and how according to you will be split the points from the first part of hedge question.

    Probably:

    5 points for collar
    4 points futures
    4 points basis
    2 points advise which one is best

    December 7, 2024 at 11:42 am #714063
    SAS1SOF
    Participant
    • Topics: 1
    • Replies: 9
    • ☆

    @ Elliot I got mostly the same results. I have calculated cost synergy by multiplying 27m on P/E 12. Calculated also another revenue synergy from 10% increase in P/E. Total synergy was approximately 1167 m of value. Final results 56% in value and 137% for EPS, 4+/- for Mortexa. 3,6 was the estimate price for Yekkon and 13,2 new PE.

    December 8, 2024 at 8:43 am #714076
    DeltaThetha
    Participant
    • Topics: 0
    • Replies: 4
    • ☆

    Does anyone remember the breakdown of APV Q1, the electric vans one?

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  • The topic ‘*** December 2024 ACCA AFM exam – Instant Poll and comments ***’ is closed to new replies.

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