ACCA P4历年试题大全（2002年-2008年）

ACCA P4历年试题大全（2002年-2008年）

包含（2002年-2008年）ACCA P4历年考试真题及答案，文件列表如下：
Dec-2002.PDF、Dec-2003.PDF、Dec-2004.PDF、Dec-2005.PDF、Dec-2006.PDF、Dec-2007.PDF、Dec-2008.PDF；
June-2003.PDF、June-2004.PDF、June-2005.PDF、June-2006.PDF、June-2007.PDF、June-2008.PDF；

Advanced Financial
Management
Thursday 5 June 2008

Time allowed
Reading and planning: 15 minutes
Writing: 3 hours
This paper is divided into two sections:
Section A – BOTH questions are compulsory and MUST be attempted
Section B – TWO questions ONLY to be attempted
Formulae tables are on pages 11-15.

2 Venus Systems, a publicly quoted company, is a specialist manufacturer of mechanical control units for both the
defence and civil aviation industries. Its principal customers are the defence procurement agencies of a number of
western governments and European Aerospace Co, an aeroplane manufacturer. Over recent years the company has
suffered a collapse in profitability and has attempted to respond by reducing its defence related business and focusing
on its civil aviation business.
On the civil side, long delays at European Aerospace Co in the development of a new large-bodied passenger
aeroplane, the European Aircoach, have severely impacted upon suppliers such as Venus Systems. As a result Venus’s
share price has declined over the last three years, in line with movements in the sector index. However, market
valuations have not followed the general decline in earnings across the sector. Market analysts attribute this to the
high level of advance orders by airlines for the Aircoach and the confident expectation that full production will
commence in mid 2009.
Orders for defence components have fallen rapidly over the last three years and the company has taken the decision
to scale down its defence division and switch production resources to the civil side of the business. Wherever possible
the company has redeployed and retrained its workforce. Indeed, its commitment to its workforce has helped maintain
good industrial relations and the redeployment has been successfully matched against its natural labour turnover in
the civil division.
During 2007 the company commenced the decommissioning of its defence manufacturing site and began
rationalising both defence and civil production to one site.
The summary financial statements for the company over the last three years are as follows:
Venus Systems
Accounts for the year ended 30 April:
2008 2007 2006
$m $m $m
Income statements
Revenue 72·6 88·2 90·0
Cost of Sales 44·0 50·5 58·0
—— —— ——
Gross Profit 28·6 37·7 32·0
less other operating costs 27·0 25·2 24·0
—— —— ——
Operating profit 1·6 12·5 8·0
Finance Costs 1·4 1·4 2·5
—— —— ——
Profit before tax 0·2 11·1 5·5
Income tax expense (at 30%) 0·1 3·3 1·7
—— —— ——
Profit for the period 0·1 7·8 3·8
———— ———— ————
Summary statements of cash flows 2008 2007 2006
$m $m $m
Operating cash flow -4·0 25·4 35·0
less interest -1·4 -2·5 -2·5
less taxation -3·3 -1·7 -6·5
—— —— ——
Free cash flow before reinvestment -8·7 21·2 26·0
Dividend paid 0·0 -5·0 -12·0
Capital expenditure 10·0 25·0 -30·0
Financing 0·0 -13·0 0·0
—— —— ——
Net cash flow 1·3 28·2 -16·0
———— ———— ————
Market value of equity ($ million) 40·0 97·0 105·0
The board believes that it can reverse the decline in the company’s profitability with the following turnaround strategy:
1. By cost saving and other measures, it can return to its 2007 level of operating profit on its existing business.
2. By investment in new fabrication equipment at a cost of $35 million, it can increase the value of the company
by $20·2 million.
3. Through the introduction of just-in-time manufacturing systems, it anticipates that it can reduce its inventories
by 10 days in each of the next three years. Its current receivables can be brought back to the 2007 level by
improvements in its credit control but, because of the nature of its business, it does not anticipate being able to
improve beyond that.