SBWL Controlling im Sommersemester 2013 Probeklausur zu Value Based Management

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1 SBWL Controlling im Sommersemester 2013 Probeklausur zu Value Based Management Name: Vorname: _Matrikel-Nr.: Studienrichtung: Semester: Allgemeine Hinweise zu allen Aufgaben: Prüfen Sie, ob Ihre Klausurangabe (inkl. Deckblatt) 5 leserlich bedruckte Seiten (3 Aufgaben) enthält. Andernfalls verlangen Sie bitte ein anderes Exemplar! Bitte benutzen Sie nur die Aufgabenblätter zur Beantwortung der Fragestellungen. Verwenden Sie evtl. die Rückseite des Aufgabenblatts. Achten Sie darauf, dass die Aufgaben eindeutig beschriftet sind! Trennen Sie die Blätter nicht voneinander. Die Bearbeitungsdauer beträgt insgesamt 100 Minuten. Als Hilfsmittel ist lediglich ein nicht programmierbarer Taschenrechner erlaubt. Das Mitbringen von Mobiltelefonen ist nicht gestattet! Bei Unterbrechung der Bearbeitungszeit ist der Klausurbogen bei der Aufsichtsführung zu hinterlegen. Bei Täuschungshandlungen oder beim Auffinden unerlaubter Hilfsmittel wird die Prüfungsleistung als nicht ausreichend (5,0) gewertet. Wir wünschen Ihnen viel Erfolg! Aufgabe Gesamt Punkte Note

2 1. Calculating EVA and adjustments for performance measurement (30) The following information about a company is available: 1) Balance Sheet as of December 31, 2006 (in thousands of EUR): ASSETS Current assets Cash and cash equivalents Marketable securities Accounts receivable (trade) net Inventories Other current assets Total Property, plant, and equipment Land and improvements Buildings net Machinery and equipment net Total net TOTAL ASSETS LIABILITIES Current liabilities Short-term debt Trade accounts payable Accrued expenses Other current liabilities 1) Total Long-term liabilities Long-term debt Other noncurrent liabilities Total Shareholders equity Common stock Retained earnings Total TOTAL LIABILITIES The position other current liabilities does not include interest-bearing liabilities.

3 2) R&D expenses (in thousands of EUR): Year R&D expenses Income Statement 2006 (in thousands of EUR): Sales Cost of Sales Selling, general and administrative Research and development Operating income Interest income 2) 600 Interest expense Income before taxes Provision for income taxes Net income Interest income stems from cash and marketable securities hold for operating activities. 1.1 Calculate the company s EVA in Assume a corporate tax rate of 40 % and a weighted average cost of capital (WACC) of the company of 10 %. To improve the accuracy of the EVA number for the purpose of performance measurement R&D expenses have to be capitalized and amortized on a straight-line basis over 3 years, beginning in the year the R&D expense takes place. (20) 1.2 Often it is proposed to capitalize operating leases to further improve the accuracy of the EVA number. What is the reason for this adjustment? Describe what has to be done to implement this adjustment. What are the critics of the adjustment? (10) 2. Management Compensation (22) The annual compensation of the manager of one of your company s numerous divisions is composed of a fixed salary, a bonus based on the division s return on investment (ROI) and stock options on the company s stock. The level of the total expected compensation is competitive.

4 2.1 Discuss whether this compensation schedule fulfils the four main objectives of managerial compensation. Point out the conflicts concerning the achievement of the different objectives by this compensation schedule. (14). Assume that the performance bonus of another manager of your company depends on corporate EVA. The bonus plan is designed with a performance threshold and a cap on the bonus payouts. 2.2 Discuss the advantages and disadvantages of such a bonus plan design. Thereby refer to the level of performance the manager might have achieved near the end of the performance period. (8) 3. Value-based Management and Ratio Analysis (18) 3.1 Use the balance sheet and income statement in question 1 to calculate the following ratios: inventory turnover, receivables turnover and fixed asset turnover. (6) 3.2 What is the link between these ratios and EVA? What are the advantages and possible disadvantages of using these ratios as performance measures? (12) 4. Goal Congruent Performance Measures (30) Consider a company that has to decide, at date t = 0, about the acceptance of an investment project to launch a certain product. The project needs an initial investment of b at t = 0 and has cash flows θ x t at time t = 1, 2, 3. The vector X = (x 1, x 2, x 3 ) presents the inter-temporal pattern of the future cash flows. The parameter θ fixes the actual magnitude of the cash flows and reflects the market success of the product. The company s cost of capital is r = 10 %. The amount of the initial investment is given by b = The vector X of the project is given by X = (1400, 300, 500) and the magnitude parameter θ can take two different values: θ {1; 1,2}. 4.1 Is it advantageous for the company s shareholders to undertake the project in each possible state of the market? (6) 4.2 Suppose now that the state of the market, θ, is private information to a divisional manager. Company s headquarters only know the vector X. The divisional manager decides about the realization of the project on the basis of his compensation. The manager will be compensated on the basis of residual income in the periods t = 1, 2, 3. For calculating residual income the concept of the relative benefit cost allocation rule is adopted. The weights z t (X) thereby represent the shares of depreciation and interest payments of the initial investment assigned to period t. Calculate the residual income in each period for both possible values of θ. (10)

5 4.3 Will the manager decide in the interest of the company s shareholders when applying the relative benefit cost allocation rule? Why? Refer to the manager s time preferences. (6) 4.4 Calculate residual income for each period in the case of θ = 1, thereby using straight-line depreciation. Might the manager have incentives to decide against the interest of the shareholders? Illustrate your arguments with an example. (8)

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