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Additional info for ACCA P4 Advanced Financial Management: Study Text
Hence, they will prefer to raise debt or retain profits giving a lower payout ratio. 3 Dividend payout policy ial Senior management have to decide on a suitable payout policy that reflects the expectations and preferences of investors. As mentioned above, dividend payout is linked closely with the life cycle of the company therefore it is unlikely that investors in a growing company will expect dividends in the near future. ter The focus of all financial management decisions should be on the primary objectives of the company.
Ym a Management control is sometimes called tactics or tactical planning. Operational control is sometimes called operational planning. Investment Strategic Selection of products and markets Financing Dividend Target debt/equity mix Capital growth or high dividend payout Lease versus buy Scrip or cash dividends Working capital management N/A Required levels of profitability Tactical tud Purchase of non-current assets fundamental to the business Other non-current asset purchases Efficient use of resources Operational as Pricing Working capital management Similarly, it may be in the long-term interests of a company to invest in R&D, in spite of the costs and loss of profits in the short term.
New companies tend to have fluctuating earnings, as do companies in volatile businesses. As interest still has to be paid regardless of earnings levels, unstable earnings are not conducive to high gearing ratios. High levels of fixed costs mean that contribution (sales revenue – variable costs) will be high relative to profits after fixed costs – that is, operational gearing will be high. This cost structure means volatile cash flows, therefore high levels of gearing are not recommended. (d) Security/collateral for the debt tud If a company is unable to offer sufficient levels of security or collateral then debt will be difficult to obtain.