CIMA CIMAPRO19-CS3-1 : Strategic Case Study Exam

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CIMA CIMAPRO19-CS3-1 시험 개요:

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최신 CIMA CGMA Professional Qualification CIMAPRO19-CS3-1 무료샘플문제

문제 #1

You have received the following email from Marcus Svenson, Finance Director:
From: Marcus Svenson, Finance Director
To: Senior Finance Manager
Subject: Investment opportunity
Hi,
The Board is considering an investment opportunity to buy a forest in Bravador, a country in South Americ a. This will be a major expansion and will also enable us to diversify into new lines. For example, the forest contains lots of hardwood varieties that we could sell to companies in the double glazing industry or to furniture manufacturers. I downloaded the attached extract from an online encyclopaedia for your information.
The forest that we are planning to buy has not been used for commercial purposes until now. The land belonged to the Government for many years and it has been left to grow naturally. The Government is now keen to sell the land and has agreed that it may be used for commercial forestry purposes.
This investment will enable us to increase our output of softwoods by up to 20% per year, in addition to enabling us to enter the hardwood market.
I need two things from you. I need you to recommend a suitable approach to managing our relationship with the Bravadorian Government. I also need you to identify and explain the political risks that will remain even if we succeed in creating a sound relationship with the Government.
Marcus
Reference Material:

문제 #2

Press clipping from today's Financial News:
Yesterday's announcement of yet another major oil find by Slide should keep everybody happy. Nobody will be happier than the directors of Fouce Oil, whose continuing ownership of one quarter of Slide's shares continues to confuse industry insiders. Perhaps there are hidden depths to the relationship between Slide and Fouce Oil.

문제 #3

Three weeks have passed since you were informed that the relocation would definitely proceed.
You have received the following email from William Seaton, Director of Finance:
From: William Seaton, Director of Finance
To: Finance Manager
Subject: Detailed issues associated with the relocation
Hi,
Congratulations, you are now officially in charge of the transition team! I am confident that you will do an excellent job and that it will be an opportunity to enhance your career.
I realise that the transition team is expected to reduce the pressure on the Board, but I have been asked to keep an eye on things and to ensure that your team has everything that it needs. I won't interfere, but I will stay in touch.
There are a few matters that I think you should address as a matter of urgency.
* Firstly, we need to have plans in place to ensure that our information systems are ready. What changes will we have to make in order to best align the information system with the company's needs? I am not asking about hardware issues or the physical relocation, but the changes to the information system itself.
* Secondly, how might we make use of the data in our own records and external sources to ensure that the new Head Office is managed as efficiently as possible? Remember that the present Head Office is a large and complex operation in its own right and it costs a significant amount to run.
* Thirdly, our relocation will create a number of challenges for our corporate treasury team. I need you to identify the key challenges and suggest how they might be dealt with.
* Finally, I would like you to identify the criteria against which the success or failure of your team will be judged once the transition is complete. I need your recommendations to be relevant and measurable.
William

문제 #4

A further eight weeks have passed since the discussion concerning Wodd's creation of an accredited Forest Certification Service.
Wodd's Chairman has asked you to a meeting:
"I thought that we had a lucky escape over the Barry Crauder story from a recent news article, but the Government is considering modifying the tax arrangements associated with forestry. Professional forestry companies such as Wodd will continue to pay no tax on forestry profits, but private individuals such as Mr Crauder will be taxed on profits just as they would for any other business. The Government is taking this action because public opinion is against granting generous tax relief to wealthy individuals.
For the moment, this is all highly secret. The minister responsible for forestry has spoken to the chairmen of all of the major forestry companies on the basis that each gives a personal guarantee to respect the Government's confidence. The minister has done so because she is concerned that stock markets will panic when the news of the tax changes are announced next week. If the shareholders incorrectly believe that we will lose the tax shield on our profits then the share price will drop like a stone. We will be able to announce that we are aware of the changes and that we will not be taxed differently because of them.
I have spoken to the Board about this, making them promise not to repeat any of this information. We have called in and briefed the key analysts who advise the main institutional investors in Marland on the forestry industry.
As things stand, we can expect a lot of the wealthy individuals who own forests to divest themselves as soon as they discover that there are no more tax incentives. That will have significant implications for Wodd, both directly and indirectly.
The Board believes that the markets will overreact when the tax changes are first announced and that we will be unable to do much to manage that. One suggestion that has been put forward is that we should increase the dividend slightly as a signal that we are confident in the future strength of the industry. I suspect that the executive directors are just a little too concerned with the fact that they all have stock options that can only be exercised on a date that falls just after the government is due to announce its intentions on tax.
I need your thoughts in order to have an independent viewpoint from that voiced by the Board:
* What effect will the tax changes have on our business?
* Do you agree that briefing the analysts will mitigate the risk of our share price overreacting when the tax changes are announced?
* Will the additional dividend payment help to maintain the share price?
* Is granting executive stock options always a sound basis for aligning the interests of the executive directors and the shareholders?"

문제 #5

Daily Gazette
Draft story for comment
The singer, the forester and the tax adviser
Popular singer Barry Crauder is regarded as one of our more financially-aware personalities. He works hard, releasing at least one new album every year and serving as a judge on a popular talent show. He has a reputation for investing this income wisely, choosing to save for his future rather than squandering on the trappings of the show business lifestyle.
Crauder's popularity was severely damaged when it emerged that he pays little or no tax on the investment income derived from his portfolio of investments. That is because he has used one of the few remaining tax loopholes, namely investment in forestry. He owns significant areas of forestry in the far North of Marland. We estimate his earnings from those investments to exceed M$800,000 every year and yet he has not paid a single Cent in tax on that income since he first invested in forestry ten years ago. In contrast, a typical fan who earns the national average wage of M$28,000 every year will pay approximately M$7,000 in tax.
So, could we all invest in forestry? Well, not unless we can afford it. I posed as a wealthy business entrepreneur and approached several leading tax advisers. Most were interested in helping me to invest a seven figure sum to avoid tax, but warned that saving tax could be expensive in terms of fees and commissions.
Four firms recommended forestry as the ideal investment. All recommended Wodd, with whom all four claimed to conduct "significant business". They said that a typical client would give Wodd a bank draft and leave the purchase and subsequent management to Wodd in return for a fee. Most clients had never even seen the forests that they own and none ever need to make a management decision concerning the growth or sale of timber.
Sadly, investing in forestry is a rich person's pursuit. I was warned that companies such as Wodd are unlikely to entertain a potential client whose initial investment does not run into the tens of millions of M$.
Please address any response to Sonia Jones, care of the Daily Gazette news desk, as quickly as possible.

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