江西财经大学公司金融期中考Mid Term Exam QuestionsREVISED

1、mid term exam 一 october 11, 2011.student id:student name (汉字)student name (pinyin)instructions:answers to questions 2 and question 4 must be handwritten on this exam paper. answers to questions 1 and question 3 need to be done in an excel spreadsheetthe excel file name should be the usual "stud

2、entid”, extension xlsz or xlsx. the excel spreadsheet will have three tabs, named as follows: tabl = "question”; tab2="question3a”; tab3=question3b.at the end of the exam, you will hand in a) this test paper and b) the excel file, via usb card provided.you have two hours to complete the te

3、st. all tests must be handed in by 20:30.at the beginning of the exam, please create the excel spreadsheet, name it, and save it. save it regularly, so that you won't lose any work. don't leave this to the last minute, as you will have no time left.score:question 1 一 financial statement exer

4、cise= points 60question 2 一 ratio analysis = points 15question 3 一 growth rates = points 10question 4 一 multiple topics = points 33total points = 118!.you have 18 point 'bonus'.so your chances of getting a higher score are higher.financial statement exercise (computer exercise) (points: 60)u

5、sing:a) the information provided in the ''consolidate statement of lncome,/ "'consolidate statement of income (continued), ''consolidate balance sheet" and '"consolidate balance sheet (continued) (available in both english and chinese )b) the ''addition

6、al assumptions”do the following:open a new excel spreadsheet1) create historic income statement and balance sheet for the years 2009 and 2010.2) create forecast income statement, balance sheet and cash flow statement for the year: 2011, 2011 .etc.until 2020.your spreadsheet can be a simplified versi

7、on of the financial statements as published by china unicom. therefore, you can 'aggregate' multiple items into a single line. for example, all long term debty (convertible, corporate, etc.etc.) can be shown into a single, breakdown. you are free to 'compress' the items into single l

8、ine as you wish, but be careful to show what needs to be shown.all item should be shown in the format xxyyy (in rmb million). pay attention on how to colour code each cells: remember yellow background and blue font for input."additional assumptions* revenue growth rate for the forecast year is

9、the same as for the 2009/2008 ebitda margin increases by 2pp every year (that means that, for example, if ebitda margin was 34% in 2010, then it should be 36% in 2011, 38% in 2012 and 39% in 2013, etc. cost of borrowing is 5% interest income rate is 3% capex (capital expenditure) grows at the same r

10、ate as ebit growth rate life time of new assets is 5 years. depreciation cost of existing assets remains constant at 2009 level until 2020. dividend payout ratio is 40% of total net income for the period 2011 一 2020. working capital grows at half the rate as revenues (ex: if revenues grow by 4%, the

11、 wc growth by 2%) there will be new debt (long term) financing of 15,000mn rmb every three years (2012,2015,2018) equity financing will be rmb =25,000mn in 2014 and rmb = 35,000 in 2018.consolidatedbalance sheetas at 31 december 2010(all amounts in renminbi ("rmb”) millions)as at 31 decembernot

12、e20102009assetsnon-current assetsproperty, plant and equipment6366,060351,157lease prepayments77,6077,729goodwill82,7712,771deferred income tax assets94,8405,202available-for-sale financial assets106,2147,977other assets1211,75311,596399,245386,432current assetsinventories and consumables133,7282,41

13、2accounts receivable, net149,2868,825prepayments and other current assets155j154,252amounts due from related parties39.15053amounts due from domestic carriers39.21,2611,134proceeds receivable for disposal of th© cdma business39.25,121short-term bank deposits16273996cash and cash equivalents1722

14、,4957,82042,20830,613total assets441,453417,045equityequity attributable to owners of the parentshare capital182,3102,310share premium18173,436173,435reserves19(18,273)(18,088)retained profits一 proposed final dividend361,8853,770一 others46,48345,038205,841206,465non-controlling interests2total equit

15、y205,841206,467consolidated balance sheetas at 31 december 2010 (all amounts in renminbi ("rmb”) millions)as at 31 decembernote20102009liabilitiesnon-current liabilitieslong-term bank loans201,462759promissory notes2115,000convertible bonds2211,558corporate bonds237,0007,000deferred income tax

16、liabilities922245deferred revenue2,1712.562other obligations2416218737,37510.753current liabilitiesaccounts payable and accrued liabilities2597,659104,072taxes payable1,484912amounts duo to ultimate holding company39.1229308amounts due to related parties39.15j915.438amounts due to domestic carriers3

17、9.28731,136payables in relation to disposal of the cdma business39.27commercial papers2623,000short-term bank loans2736,72763,909current portion of long-term bank loans205862dividend payable36431331current portion of deferred revenue1,0421.397current portion of other obligations242,6372,534advances

18、from customers28,90619,719198,237199,825total liabilities235,612210.578total equity and liabilities441,453417.045net current liabilities(156,029)(169,212)total assets less current liabilities243,216217.220consolidatedstatement of incomefor the year ended 31 december 2010(all amounts in rmb millions,

19、 except per share data)year ended 31 decembernote20102009revenue28171,298153,945interconnection charges(13,727)(12,955)depreciation and amortisation(54,433)(47,587)networks, operations and support expenses29, 42(26,383)(23,728)employee benefit expenses30(23,327)(21.931)other operating expenses31(48,

20、269)(36,723)finance costs32(1,749)(1.036)interest income14291realised gain on changes in fair value of derivative financial instrument331,239other income net341,221962profit before income tax4,77312,277income tax expenses9(922)(2,721)profit for th© year3,8519,556profit attributable to:owners of

21、 the parent3,8519,556non-controlling interests3,8519.556earnings per share for profit attributable to owners of th© parent during the yearbasic earnings per share (rmb)370.160.40diluted earnings per share (rmb)370.160.40合彳并表辎甬击日於十二月三十一日附u二零一零年二零零九年非流固定资走6366,060351,157fg付租赁暨77,6077.729商詈82,7712

22、,771遁延所得税资走94,8405,202可供出售金融资走106,2147,977其他资走1211,75311,596399,245386,432流存货及易耗品133,7282,412雁收眼款.净值149,2868,825fg付眼款及其他流155,1154,252雁收嗣聊公司款39.15053雁收境内霍信11智商款39.21,2611,134雁收出售c dma棠矜之代值39.25,121短期ir行存款16273996现金及现金等僵物1722,4957,82042,20830,613441,453417,045福益都属於本公司榷益持有者股本182,3102,310股本溢值18173,43617

23、3,435留存收益19(18,273)(18,088)一摄派末期股息361,8853,770一其他46,48345,038205,841206,465非控制性槽益2统榷益205,841206,467合表於十二月三十一日附就二零一零年二零零九年非流勤黄倩长期叙行借款201,462759中期票嫁2115,000可换股（1券2211,558公司倩券237,0007,000遂延所得税其倩922245避延收入2,1712,562其他值矜2416218737,37510,753流雁付眼款及琪提费用2597,659104,072雁交税金1,484912雁付最忍控股公司款39.1229308废付嗣聊公司款39

24、.15,1915,438雁付境内至信述督商款39.28731,136cdma案矜出售相屈雁付款39.27短期融资券2623,000短期ir行借款2736,72763,909年内到期的辰期叙行借款205862雁付股利36431331逮延收入的流励部份1,0421,397一年内到期的其他倩矜242,6372.534琪收眼款28,90619,719198,237199,825235,612210,578糠榷益及其倩441,453417,045浮流(156,029)(169,212)流勤其倩243,216217,220合彳并揖益表予赠籍云二言蠹楠）度截至十二月三十一日止年度附u二零一零年二零零九年收入

25、28171,298153,945算成本(13,727)(12,955)折售及捶卸(54,433)(47,587)、管逼及支撑成本29, 42(26,383)(23,728)淀员薪酬及福利品支30(23,327)(21,931)其他略暨用31(48,269)(36,723)豺矜暨用32(1,749)(1,036)利息收入14291衍生金融工具公允值燮勤之已置现盈利331,239净其他收入341,221962税前利润4,77312,277所得税9(922)(2,721)年度盈利3,8519,556雁彳占盈利：本公司榷益持有者3,8519,556非控制性檀益3,8519,556年内本公司罹益持有者愿

26、估盈利的每股盈利每股盈利一基本（人民警元）370.160.40每股盈利一攥薄（人民邮元）370.160.40ratio analysis (points: 15)using the financial statements for china unicom and with reference to 2008, write down the correct formula, substitute the values and calculate the results, in the corresponding columns:questionformulasubstitute valuesr

27、esults1) ebitda marginsebitda/sales227.2/452.150.2%2) current ratio3) cash ratio4) quick ratio5) total debt ratio6) equity multiplier7) cash coverage8) inventory turnover9) receivable turnover10) total asset turnover11) profit margin12) return on assets13) return of equity14) write down the du pont

28、identity (roe=x *y*z)roe =15) internal growth rate16) sustainable growth rate3 growth rates (points: 10)using the internal growth rate and the sustainable growth rate calculated in exercise 2, question 14) and 15).open a new excel spreadsheet. copy and paste the historic financial statement (2008 an

29、d 2009) from exercise 1.a) create a income statement and balance sheet for 2011 (one forecast year) using internal growth rate as key growth assumptionb) create a income statement and balance sheet for 2011 (one forecast year) using sustainable growth rate as key growth assumptionex)multiple topics

30、(points: 33)please circle the correct answer,1 financial ratios that measure a firm's ability to pay its bills over the short run without undue stress are known asratios.a. asset managementb. long-term solvencyc. short-term solvencyd. profitabilitye. market value2 ratios that measure a firm'

31、s financial leverage are known asratios.a. asset managementb. long-term solvencyc. short-term solvencyd. profitabilitye. market value3 the financial ratio measured as earnings before interest and taxes, divided by interest expense is the:a. cash coverage ratio.b. debt-equity ratio.c. times interest

32、earned ratio.d. gross margin.e. total debt ratio.4 ratios that measure how efficiently a firm's management uses its assets and equity togenerate bottom line net income are known asratios.a. asset managementb. long-term solvencyc. short-term solvencyd. profitabilitye. market value5 the financial

33、ratio measured as the price per share of stock divided by earnings per share is known as the:a. return on assets.b. return on equity.c. debt-equity ratio.d. price-earnings ratio.e. du pont identity.6 to calculate sustainable growth rate without using return on equity, the analyst needs the:a. profit

34、 margin.b. payout ratio.c. debt-to-equity ratio.d. asset requirement ratio.e. all of these.7 sustainable growth can be determined by the:a. profit margin, total asset turnover and the price to earnings ratio.b. profit margin, the payout ratio, the debt-to-equity ratio, and the asset requirement rati

35、o.c. total growth less capital gains growth.d. either a or b.e. none of these.8 which of the following are liquidity ratios?i. cash coverage ratioii. current ratioiii. quick ratioiv. inventory turnovera. ii and iii onlyb. i and ii onlyc. ii, iii, and iv onlyd. i, iii, and iv onlye. i, ii, iii, and i

36、v9 an increase in which one of the following accounts increases a firm's current ratio without affecting its quick ratio?a. accounts payableb. cashc. inventoryd. accounts receivablee. fixed assets10 a banker considering loaning a firm money for ten years would most likely prefer the firmhave a d

37、ebt ratio ofand a times interest earned ratio of.a. .75; .75.b. .50; 1.00.c. .45; 1.75.d. .40; 2.50.e. .35; 3.00.11 which one of the following statements is correct if a firm has a receivables turnover measure of 10?a. it takes a firm 10 days to collect payment from its customers.b. it takes a firm

38、36.5 days to sell its inventory and collect the payment from the sale.c. it takes a firm 36.5 days to pay its creditors.d. the firm has an average collection period of 36.5 days.e. the firm has ten times more in accounts receivable than it does in cash.12 the three parts of the du pont identity can

39、be generally described as:i. operating efficiency, asset use efficiency and firm profitability.ii. financial leverage, operating efficiency and asset use efficiency.iii. the equity multiplier, the profit margin and the total asset turnover.iv. the debt-equity ratio, the capital intensity ratio and t

40、he profit margin.a. i and ii onlyb. ii and iii onlyc. i and iv onlyd. i and iii onlye. ill and iv only13 a firm's sustainable growth rate in sales does not directly depend on itsa. debt to equity ratio.b. profit margin.c. dividend policy.d. asset efficiency.e. all of these.14 a firm has sales of

41、 $1,200, net income of $200, net fixed assets of $500, and current assets of $300. the firm has $100 in inventory. what is the common-size statement value of inventory?a. 8.3 percentb. 12.5 percentc. 20.0 percentd. 33.3 percente. 50.0 percent15 a firm has total debt of $1,200 and a debt-equity ratio

42、 of .30. what is the value of the total assets?a. $1,560b. $3,000c. $3,600d. $4,000e. $5,20016 mario's home systems has sales of $2,800, costs of goods sold of $2,100, inventory of $500, and accounts receivable of $400. how many days, on average, does it take mario's to sell their inventory?

43、a. 65.2 daysb. 85.2 daysc. 86.9 daysd. 96.9 dayse. 117.3 days17 rosita's restaurante has sales of $4,500, total debt of $1,300, total equity of $2,400, and a profit margin of 5 percent. what is the return on assets?a. 5.00 percentb. 6.08 percentc. 7.39 percentd. 9.38 percente. 17.31 percent18 ju

44、piter explorers has $6z400 in sales. the profit margin is 4 percent. there are 6,400 shares of stock outstandings the market price per share is $1.20. what is the price-earnings ratio?a. 13b. 14c. 21d. 30e. 4819 samuelson's has a debt-equity ratio of 40 percent, sales of $8,000, net income of $6

45、00, and total debt of $2,400. what is the return on equity?a. 6.25 percentb. 7.50 percentc. 9.75 percentd. 10.00 percente. 11.25 percent20 a firm has a return on equity of 15 percent. the debt-equity ratio is 50 percent. the total asset turnover is 1.25 and the profit margin is 8 percent. the total

46、equity is $3,200. what is the amount of the net income?a. $480b. $500c. $540d. $600e. $62021 the green giant has a 5% profit margin and a 40% dividend payout ratio. the total asset turnover is 1-40 and the equity multiplier is l>50. what is the sustainable rate of growth?a. 6.30 percentb. 6.53 pe

47、rcentc. 6.72 percentd. 6.80 percente. 6.83 percent22 katelyn's kites has net income of $240 and total equity of $2,000. the debt-equity ratio is1. 0 and the plowback ratio is 40 percent. what is the internal growth rate?a. 2.46 percentb. 3.00 percentc. 4.92 percentd. 5.88 percente. 6.00 percent2

48、3 rally's auto has a roa of 10 percent and a 20 percent dividend payout ratio. what is rally's internal growth rate?a. 3.00 percentb. 3.95 percentc. 6.66 percentd. 7.85 percente. 8.70 percent24 lou's shop has net income of $3,000, a price-earnings ratio of 10, and earnings per share of $

49、1.80. how many shares of stock are outstanding?a. 1,667b. 1,800c. 1,195d. 1,247e. 3,00025 a firm has a debt-equity ratio of .50. what is the total debt ratio?a. .25b. .33c. .50d. 1.00e. 1.2026-refers to the changes in net capital assets.a. operating cash flowb. cash flow from investingc. net working

50、 capitald. cash flow from assetse. cash flow to creditors27. is calculated by adding back noncash expenses to net income and adjusting for changesin current assets and liabilities.a. total cash flowb. capital spendingc. net working capitald. cash flow from operationse. cash flow to creditors28. which of the following are included in current liabilities?i. note payable to a supplier in eighteen monthsii. debt payable to a mortgage company in nine monthsiii. accounts payable to supp