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讲解AFM知识点：股利分红能力估算
文章来源：中博教育
发布时间：2018-11-16 14:10
阅读：4516次
Advanced financial management(AFM)考纲6(b)要求：
Advise,in the context of a specified capital investment programme,on an organisation’s current and projected dividend capacity.即，在一个特定的资本投资项目的背景下，估计企业当前和未来的股力分红能力。
股利分红能力估算的过程，可以理解为寻找free cash flow to equity(FCFE)的过程。我先为大家引入FCFE的format。
注意，这个format只是给大家一个寻找FCFE的一个大致的过程，在考试中，要分析题目对format进行增加或减少调整项目。切忌生搬硬套。
接下来我通过分析2016年3月6月Q1b(i)，为大家介绍企业股利分红能力的估算方法。题目的要求为：Estimates Lirio Co’s dividend capacity as at 28 February 2017,prior to investing in the large project.(9 marks)忽略此大项目的投资，估算Lirio Co在2017年2月28日的股利分红能力。
现在我们来看看案例内容。在看内容的过程中注意结合上面的format思考。
Lirio Co is an engineering company which is involved in projects around the world.It has been growing steadily for several years and has maintained a stable dividend growth policy for a number of years now.The board of directors(BoD)is considering bidding for a large project which requires a substantial investment of$40 million.It can be assumed that the date today is 1 March 2016.
*段话是介绍Lirio Co的背景，提及了董事会正在考虑投资一个需要启动资金$40m的大项目。由于题目明确指出忽略这个大项目，这段话并没有我们需要的信息。
The BoD is proposing that Lirio Co should not raise the finance for the project through additional debt or equity.Instead,it proposes that the required finance is obtained from a combination of funds received from the sale of its equity investment in a European company and from cash flows generated from its normal business activity in the coming two years.As a result,Lirio Co’s current capital structure of 80 million$1 equity shares and$70 million 5%bonds is not expected to change in the foreseeable future.
第二段话介绍了这个大项目所需资金的来源。让我们感兴趣的是*后一句话，就是企业当前的资本结构。从format中，我们知道，interest paid是需要从税前利润profit before tax减去的，根据题意，我们可算出interest paid为70m*5%=$3.5m。
The BoD has asked the company’s treasury department to prepare a discussion paper on the implications of this proposal.The following information on Lirio Co has been provided to assist in the preparation of the discussion paper.
第三段话和解题明显没有关联。
Expected income and cash flow commitments prior to undertaking the large project for the year to the end of February 2017这个小标题显然在告诉我们大部分寻找FCFE所需信息可以在以下的notes中找到。
Lirio Co’s sales revenue is forecast to grow by 8%next year from its current level of$300 million（下年的sales revenue是300m*1.08）,and the operating profit margin on this is expected to be 15%（下年的operating profit为300m*1.08*15%）.由于这里没有直接提及taxation的信息，我们可以先建立format，在读完后面的内容后，再把taxation补全。It is expected that Lirio Co will have the following capital investment requirements for the coming year,before the impact of the large project is considered:
以下的每个小点，我们每读完一点，都可以做调整了。
1.A$0·10 investment in working capital for every$1 increase in sales revenue（营运资产要追加投资300m*8%*0.01）;
2.An investment equivalent to the amount of depreciation to keep its non-current asset base at the present productive capacity（这句话意思是我们每年得追加NCA的投资，金额和当年的depreciation一样）.The current depreciation charge already included in the operating profit margin is 25%of the non-current assets of$50 million（由于depreciation并不是相关现金流，但可以抵税，当前的operating profit margin已扣除过depreciation，我们可以直接使用operating profit计算taxation，但减去税后，要加回depreciation 50m*25%=12.5m。紧接着，不要忘记减去这一年追加投资NCA的$12.5m）;
3.A$0·20 investment in additional non-current assets for every$1 increase in sales revenue（其他的NCA还要追加投资300m*8%*0.2）;
4.$8 million additional investment in other small projects（投资$8m到其它小项目）.
In addition to the above sales revenue and profits,Lirio Co has one overseas subsidiary–Pontac Co,from which it receives dividends of 80%on profits.Pontac Co produces a specialist tool which it sells locally for$60 each.It is expected that it will produce and sell 400,000 units of this specialist tool next year.Each tool will incur variable costs of$36 per unit and total annual fixed costs of$4 million to produce and sell.
这段话提及Lirio Co有一个海外子公司Pontac Co，并收到这个子公司支付的利息。要找到利息，就先要找到Pontac Co的税后利润profit after tax。从上述信息，我们较为直接地找到profit before tax为60-36)*400000-4,000,000。但我们还要继续找taxation。
Lirio Co pays corporation tax at 25%and Pontac Co pays corporation tax at 20%（税率在这里给出了，Lirio Co和Pontac Co产生的税就可以求出）.In addition to this,a withholding tax of 8%is deducted from any dividends remitted from Pontac Co（意味着Lirio Co收到来自Pontac Co的股息为Profit after tax*80%*92%）.A bi-lateral tax treaty exists between the countries where Lirio Co is based and where Pontac Co is based.Therefore corporation tax is payable on profits made by subsidiary companies,but full credit is given for corporation tax already paid（双边税务协议规定，子公司的利润在海外交过的税务可以在母公司所在全额豁免。所以Pontac Co利润的20%的税可以在Lirio Co所在*豁免。由于Lirio Co所在*的税率比Pontac Co所在*税率高，所以Pontac的利润仍然要在Lirio Co所在交5%的税）.
这篇文章结合ACCA真题为大家详细讲解了dividend capacity estimation的考核方式。希望大家在AFM考试中碰到类似的题目懂得带着format思考和分析题目，吃透AFM知识点。
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