Esame completo di Accounting, Finance & Control per il corso di Management Engineering presso Politecnico di Milano. Il documento tratta: AFC – IV call - July 2026 QUESTION 1A – 3 POINTS You have the following info available about the company Logic for 2025: - CR (Current Ratio) = 1.2 - Non-Current Liabilities = 120,000 € - Trade Accounts Receivable = 270,000 € - Total Liabilities / Equity = 1.4 - ATR (Assets…
Esame completo di Accounting, Finance & Control per il corso di Management Engineering presso Politecnico di Milano. Il documento tratta: AFC – IV call - July 2026 QUESTION 1A – 3 POINTS You have the following info available about the company Logic for 2025: - CR (Current Ratio) = 1.2 - Non-Current Liabilities = 120,000 € - Trade Accounts Receivable = 270,000 € - Total Liabilities / Equity = 1.4 - ATR (Assets…
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AFC – IV call - July 2026 QUESTION 1A – 3 POINTS You have the following info available about the company Logic for 2025: - CR (Current Ratio) = 1.2 - Non-Current Liabilities = 120,000 € - Trade Accounts Receivable = 270,000 € - Total Liabilities / Equity = 1.4 - ATR (Assets Turnover Ratio) = 1.5 - DSO = 73 days (calculated using 365 days) - ITR (Inventory Turnover Ratio) = 9 - Current Financial Assets = 18,000 € Based on this information, what is the value of Cash and Cash Equivalents at the end of 2025? A) 192,000 € B) 48,000 € C) 66,000 € D) None of the other answers is correct SOLUTION DSO = Acc. Rec/Revenues*365 Revenues = Acc Rec/DSO * 365 = 270,000 * 365/73 = 1,350,000 € ATR = Revenues/Total Assets = 1.5 → Tot Assets = Revenues/ATR = 1,350,000/1.5 = 900,000 € TL/E = 1.4 → E+1.4 E = E+TL = Tot Assets → 2.4 E = 900,000 → E = 900,000/2.4 = 375,000 € TL = 1.4 * E = 1.4 * 375,000 = 525,000 € Current Liabilities = TL – NCL = 525,000 – 120,000 = 405,000 € Current Assets = 1.2 * 405,000 = 486,000 € ITR = Rev / Inv = 9 → Inv = Rev / 9 = 1,350,000/9 = 150,000 € Cash and cash equiv = CA – Acc Rev – Inv – Fin CA = 486,000 – 270,000 – 150,000 – 18,000 = 48,000 € The correct answer is B Wrong answers: A: Current Ratio computed using Total Liab (NCL not taken into account) C: Short-term financial credits are not taken into account D: Wrong, since B is correct QUESTION 1B – 3 POINTS You have the following additional information available about company Logic (still regarding year 2025): - EBIT Margin = 8% - ICR (Interest Coverage Ratio) = 3.6 - NPM (Net Profit Margin) = 5% - Income tax rate = 25% - ROI (computed on Invested Capital) = +14.8%
10-year government bond yields: • United States: 3.15% • United Kingdom = 1.60% • Germany = 2.00% • Italy = 4.00% What is the value of the unlevered beta of Racket Ltd in 2028? (Please round up all calculations to the second decimal place for numbers and the fourth decimal place for percentages. E.g., 10.4174%: keep 10.42% and not just 10%). A. 1.37 B. 1.54 C. 1.72 D. None of the other answers is correct SOLUTIONS TV = FCFF / WACC → WACC = FCFF/TV = 12% Financial expenses = Financial expenses /(1-t) = 17.5 / 70% = 25 k€ Kd = financial expenses / D = 8% E/D+E = 1/1+D/E = 0.4 D/D+E = 1- E/D+E = 0.6 WACC = ke* E/D+E + kd * (1-tc) * D/D+E → ke = (WACC - kd * (1-tc) * D/D+E) / E/D+E = 21.6% Rf = 2% Rm = 9% Bl = (ke-rf) / (rm-rf) = 2.80 Bu = bl / (1+(1-tc) * D/E) = 1.37 → Answer A B is wrong due to wrong computation of kd C is wrong due to wrong assignment of rf QUESTION 2B – 2 POINTS Now, you want to estimate the FCFE of Company Racket Ltd in 2028. The following information is available for year 2028 (values in k€): • Financial Revenues = 7 k€ • Dividends = 10 k€ • Delta CAPEX (final – initial) = 40 k€ • Debt repaid = 0 k€ • New debt raised = 30k€ Based on the available information, what is the FCFE of Company Racket Ltd in 2028? A. 117.4 k€ B. 177.4 k€ C. 157.4 k€ D. None of the other answers is correct
IDEAS CREA LIGHT SHINE DARK NEoN Flash Non-Fin Liabilities 58 52 77 42 85 59 94 Cash and cash equivalents 10 8 12 11 22 15 18 Equity Book Value 58 89 61 102 113 121 133 You also know that the Net Profit of IDEAS for 2025 is 19 M€. Considering the additional information here provided and the information about the possible comparable companies of the previous exercise, you are asked to apply the relative valuation to estimate the EV of IDEAS with P/E as selected multiple. What is the value of EV of IDEAS for 2025? Use two significant digits in every step of your computation. A. Around 292.56 M€ B. Around 288.59 M€ C. Around 272.8 M€ D. None of the above answers is correct SOLUTION The text asks to compute the EV of IDEAS with an equity side approach and to use the P/E as multiple. As for possible comparable companies, looking at size, cash, growth and risk profiles, the comparable companies of IDEAS are CREA, SHINE, and NEoN. LIGHT is excluded because the cash, risk and growth profiles are considerably different compared to IDEAS. Dark is excluded because it has a negative growth rate and different cash profile. Flash is excluded because is significantly different in terms of size and cash profile. The starting point consists in calculating the Net Financial Position (NFP) of each comparable company. Net Financial Position = Financial Liabilities – Cash & Cash Equivalents For each of the selected comparable companies, we have the D/E computed on financial liabilities and the book value of equity. Starting from the Book Value of the Equity, and using data concerning D/E provided in the previous question, you get to the following values: CREA SHINE NEoN Equity Book Value 89 102 121 D/E (with D financial) 1.5 1.3 1.4 Financial Liabilities 133.5 132.6 169.4 Now we can…
SOLUTION A. WRONG. The choice between FIFO and LIFO method does not affect the physical quantity of raw materials consumed; it affects how those materials are valued. B. CORRECT. When purchasing costs differ across periods, the choice between FIFO and LIFO method may lead to different valuations of material usage and inventories, with an impact on budgeted cost of goods sold and therefore on budgeted operating income. C. WRONG. The choice between FIFO and LIFO method affects budgeted operating income through the valuation of material usage, inventories, and cost of goods sold. D. WRONG. Answer B is correct. QUESTION 5 – 2 POINTS Which statement best explains how the performance of responsibility centres should be evaluated? A. Cost centres should be evaluated based on their EBIT B. Revenues centres should be evaluated using performance measures that reflect the activities and results they can directly influence C. Administration departments should be evaluated based on market share and market price D. None of the other answers SOLUTION A. WRONG. Cost centres should not be evaluated based on EBIT, because they are not responsible for both revenues and costs. B. CORRECT. Revenues centres and, more in general all responsibility centres, should be evaluated using performance measures that reflect the activities and results they can directly influence. C. WRONG. Administration departments should not be evaluated based on market share and market price, because they do not interact directly with the external market and their output is often difficult to measure. D. WRONG. Answer B is correct. QUESTION 6 – 2 POINTS Which of the following statements about full actual cost transfer pricing with mark-up, is correct? A. Full actual cost transfer pricing with mark-up may reward…
A. Yes, because climate change mitigation is one of the six environmental objectives. B. Yes, because the environmental benefits outweigh the negative impacts. C. No, because it does not contribute to the transition to circular economy, one of the six environmental objectives as defined in the Regulation. D. No, because it fails the “Do No Significant Harm” criterion. SOLUTION The correct answer is letter D. A is wrong because contributing to one environmental objective is only the first step. The activity must also satisfy DNSH and minimum safeguards requirements. B is wrong because the EU Taxonomy does not operate on a "net positive" basis. Significant harm to another environmental objective cannot be offset. C is wrong because an activity does not need to contribute to multiple environmental objectives to be taxonomy-aligned. It only needs to make a substantial contribution to at least one objective while meeting the DNSH and minimum safeguards requirements.
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