Matric Number - 150804535

Name of Student -
Class Category
Class No:

Name of Company - Sterling Assurance Nigeria Limited

Industry of Company - Finance
Year of establishment of company - 1990
Year end date

2019 2020
N'000 N'000
1 Property plant and equipment 719,981 717,350
2 Intangible assets and goodwill
3 Investment properties held for sale 1,270,000 1,270,000
4 Investments in Associates
5 Assets Pledged as Collateral
6 Held to Maturity Investments 55,836
7 Other Investments 1,079,106 756,033
8 Other Assets 407,389 336,695
9 Loans and Advances to Customers 700,275 556,097
10 Loans and Advances to Banks 0
11 Deferred tax assets 92,031
12 Derivative Assets
13 Financial Assets held for trading
14 Cash and balances with CBN 655,816 378,939
15 Total assets 6,691,904 6,653,889
16 Share capital 4,064,351 4,064,351
17 Share Premium 70,393 70,393
18 Retained earnings/accumulated deficit -732,145 -653,128
19 Revaluation Reserve 204,419 204,419
20 Other reserves -17,442 -58,031
21 Statutory reserve 1,191,902 1,310,375
22 Regulatory risk reserve
23 Small scale industries (SSI) reserve
24 Fair value reserve 68,414 45,491
25 Foreign currency translation reserve
26 Equity attributable to owners 4,849,891 4,983,869
27 Non-controlling interest
28 Total Equity 4,849,891 4,983,869
29 Loans and borrowings
30 Long term debt
31 Employee benefits 141,800 206,270
32 Deferred tax liabilities 92,031 88,309
33 Other long term liabilities
34 Total Non-current liabilities 233,831 233,831
35 Deposits from banks
36 Deposits from customers
37 Derivative liabilities
38 Current income tax liability 55,688 30,003
39 Dividend payable
40 Other payables 105,176 190,494
41 Total Current liabilities 55,688 1,608,182
42 Total liabilities 1,842,013 1,670,021
43 Total equity and liabilities 4,849,891 6,653,889
44 Gross earnings 6,691,904 3,949,079
45 Interest and similar income 183,667
46 Interest expense 22,113
47 Net interest income 161,554
48 Net impairment loss on financial assets 122,952
49 Net fee and commission income 119,417 155,148
50 Net trading income
51 Other operating income 42,365 49,307
52 Net gain/doss) from other financial instruments -23,152 86,662
53 Net operating income 3,383,378
54 Personnel expenses 628,478 671,572
55 Depreciation and amortisation -284,686
56 Operating lease expenses
57 Other operating expenses -214,667 691,614
58 Interest on Borrowings 22,113
59 Total expenses -1,425,239 1,980,287
60 Share of loss of associates
61 Profit before tax 505,181 214,476
62 Income tax expense -45,049 16,987
63 Profit after tax 505,181 197,489
64 Profit for the year attributable to: Owners 197,489
65 Non-controlling interest
66 Profit for the year 505,181
67 Other comprehensive income, net of tax 256,521
68 Non-controlling interest
69 Total comprehensive income for the year 619,716 197,489

70 Earnings per share 6.21 2.43

71 Interim Dividend paid
72 Dividend per share
 73 Bonus Shares distributed (Stock Dividends)
74 ex-scrip date
75 Total Dividend paid 30,428
76 Dividend record date
77 Dividend payment date
78 Ex-div date
79 Proposed Dividend 30,428
80 Nominal value par share 0.05
81 Quoted Share Price at Year-end
82 Staff Cost 671,572
83 Donation 44,500

84 Number of Shares in issue 8,069,714 8,069,714

85 Number of shares of the company held by government
86 Number of shares of the company held by Regulatory Institutions
87 Number of shares of the company held by Banking Institutions
88 Number of shares of the company held by Non-Bank Financial Institutions
89 Number of shares of the company held by other companies/institutions
90 Number of shares of the company held by Trade Unions, Staff Associations and Employees
91 Number of shares of the company held by individuals
92 Number of shares of the company held by the Chairman 76,525,000
93 Number of shares of the company held by the CEO 54,191,000
94 Number of shares of the company held by the Directors 20,000,000
95 Number of shares of the company held by the female Director 20,000,000
96 Number of shares held by the executive directors 54,191,000
97 Number of shares held by the female executive directors 0
98 Number of shares held by the family
99 Number of directors of the Company 6
100 Number of directors of the Company holding directorship of 1
101 Number of shares held by the largest shareholder 76,525,000
102 Number of shares held by largest single family members
103 Number of executive directors of the Company 3
104 Number of non-executive directors of the Company 3
105 Number of women directors of the Company 2
106 Number of women executive directors of the Company 0
107 Number of shareholders holding more than 5% of the company 2
108 Number of Board Committees 2
109 Number of Board Meetings 4
110 Number of People in Audit Committee 6
111 Number of Non-executive Directors in Audit Committee 2
112 Number of Audit Committee meetings 4
113 Number of Directors Attending Committee Meetings 4
114 Number of Directors Attending Audit Committee Meetings 3
115 Is the CFO a member of the board? No No
116 Is the Chairman the same as CEO?(Yes/No) No No
117 IFRS Compliance (Yes/No) Yes Yes
118 Governance Report (Yes/No) Yes Yes
119 Audit Committee Report (Yes/No) Yes Yes
120 Number of Employees 101 101
121 Climate Change/CO2 Emission Reporting (Yes/ No No
122 Has the company taken any action on CO2 emiss No No
123 Environmental Sustainability Reporting (Yes/No)No No
124 Risk Management Report (Yes/No) Yes Yes
125 Cyber Security Reporting (Yes/No) No No
Number of Shares in issue
126 Assess the Company's ESG policies, practices and performance

Please use the following Likert Scale

0 - Very Poor
1 - Poor
2. Average
3 - Good
4 - Very Good

Reduce emissions and climate impact (Carbon E 1 1

Climate Change Vulnerability 1 1
Financing Environmental Impact 1 1
Product Carbon Footprint 0 0
Environmental reporting/disclosure 2 2
Biodiversity & Land Use 0 0
Raw Material Sourcing 0 0
Water Stress 0 0
Electronic Waste 1 1
Packaging Material & Waste 0 0
Toxic Emissions & Waste 0 0
Opportunities in Clean Tech 1 1
Opportunities in Green Building 1 1
Opportunities in Renewable Energy 1 1
Workplace Diversity 3 3
Health & Safety 3 3
Human Capital Development 3 3
Labor Management Relations 3 3
Supply Chain Labor Standards 1 1
Work-Life Balance of Staff 2 2
Staff Turnover and Retention Rates 2 2
Human Rights 2 2
 Chemical Safety 0 0
Consumer Financial Protection 3 3
Privacy & Data Security 2 2
Product Safety & Quality 3 3
Emerging technology issues 2 2
Responsible Investment 2 2
Community Relations 2 2
Controversial Sourcing 0 0
Corporate philanthropy 1 1
Access to Finance 3 3
Access to Health Care 2 2
Opportunities in Nutrition & Health 1 1
Board Roles and Responsibities 4 4
Board Performance Evaluation 3 3
Board Development and Education 2 2
Board Transparency and Communication 3 3
Board Ethics and Integrity 3 3
Board Independence 3 3
Executive Compensation 2 2
Ownership & Control (Shareholder rights) 3 3
Reporting and Disclosure 4 4
Business Ethics 3 3
Tax Compliance &Transparency 3 3
Return on Investment 3.30%
Net Cash Flow 61,000
Current Asset Ratio 1.5x
Dividend per share 0
Number of Full time equivalent staff 101

Q1 What is the current Age of the CEO

Please tick the appropriate in the relevant year

0 - 29 years
30 - 39
40 - 49
50 - 59
60 - 69
70 and above þ þ

Q2 What is the current Age of the CFO

Please tick the appropriate in the relevant year

0 - 29 years
 30 - 39
40 - 49
50 - 59 þ þ
60 - 69
70 and above

Q3 Does the CEO posseses an MBA degree (Yes/NO)

Q4 Does the CFO posseses an MBA degree (Yes/NO)

Q5 What is the highest level of education of the CEO?

Please tick the appropriate in the relevant year

Undergraduate
Bachelor Degree/HND
Masters Degree
Professional Qualification
Ph.D/DBA þ þ

Q6 What is the highest level of education of the CFO?

Please tick the appropriate in the relevant year

Undergraduate
Bachelor Degree/HND
Masters Degree
Professional Qualification
Ph.D/DBA þ þ

Q7 What is the CEO tenure?

Please tick the appropriate in the relevant year

Below 3 years
3-6
7 - 10
Above 10 years þ þ

Q8 What is the CFO tenure?

Please tick the appropriate in the relevant year

Below 3 years
3-6
7 - 10 þ þ
Above 10 years

Q9 Assess the importance of the following statements that best describes the business philosophy of the company
 Please use the following Likert Scale
0 - Not important
1 - Fairly Important
2. Average Important
3 - Important
4 - Very Important

The business is run primarily for the benefit of shareholde 2 2

The business is run for the benefit of shareholders but t 4 4
The business is run for the benefit of many stakeholders 3 3
The business is run primarily for the benefit of the people 2 2

Q10 Please assess the importance of the value placed by the company on the following Finance Functions
Please use the following Likert Scale
0 - Not important
1 - Fairly Important
2. Average Important
3 - Important
4 - Very Important

Capital structure 4 4
Debt issuance and management 4 4
Equity issuance 3 3
Dividend & share buyback policy 3 3
Tax management 3 3
Foreign exchange Management 2 2
Risk management 4 4
Investor relations 3 3
Bank relationships 3 3
Pension management 3 3
Cash management 4 4
Working capital management 4 4
Making investment decisions 4 4
Merger, acquisition and disposal decisions 3 3
Internal audit 4 4
Management reporting/accounting 4 4
External financial reporting/accounting 4 4
Accounting policies 4 4
Financial planning and analysis 4 4
Regulatory compliance 4 4
Digital Finance 3 3
Climate Finance (including Green & Low Carbon Finance) 2 2
Sustainable Finance 2 2

Q11 What fraction of thecompany's shares is held by the following?

Please use the following scale
0 - 0%
1 - 1 - 5%
2 - 6 - 10%
 3- 11 - 25%
4- 26 - 50%
5- Above 50%

Large corporate holders (parent or corporate cross holdin 0 0

Large institutional investors 0 0
Large family or private shareholders 4 4
Broadly diffused shareholder base 3 3
Foreign Government 0 0
Foreign Corporate Institutional Investors 0 0
Foreign Individual Investors 0 0
Government 0 0
Board of Directors 3 3
CEO 2 2
Executive Directors 1 1
Female Directors 1 1
Top Management (excluding Board Members) 0 0
Single Individual largest investor 3 3
Other employees 1 1

Q12 Is the distribution of shareholder voting rights the same as the distribution of share holdings as reported above
Yes/ No Yes Yes

Q13 To what extent does the following represent the CEO objective function/financial management objective?

Please rate in terms of importance using the following Likert Scale

0 - Not important
1 - Fairly Important
2. Average Important
3 - Important
4 - Very Important

Achieve and maintain high debt ratings 4 4

Achieve a capital structure similar to that of other firms 3 3
Enhance and sustain financial flexibility, independence, & 4 4
Maximize the market price of bonds and stock 3 3
Maximize the market share (in terms of net total assets) 3 3
Maximize the Price Earnings Ratio 3 3
Maximize the Return on Investment 4 4
Maximize the Return on Equity 4 4
Maximize the growth of earnings per share 4 4
Maximize shareholders' returns 4 4
Maximize the book value of a share of stock 3 3
Maximize the book value of the bank's net total assets 3 3
Maximize the cash flow per share of stock 3 3
Minimize the risk of financial distress and bankruptcy 4 4
Minimize the company's cost of capital 4 4

Q14 How often is the company rated by the following credit rating agencies?
Please use the following Likert Scale
 0 - Never
1 - Rarely
2 - Sometimes
3 - Often
4 - Always

Agusto and Co. 3 3

Datapro Limited 2 2
Global Credit Rating 2 2
S & P Global 1 1
Moody 2 2
Fitch 1 1
Others 0 0

Q15 What is the current rating on your long-term debt

Please use the following bench mark

AAA
AA
A
BBB
BB
B
CCC
CC
C
Others (Please Specify)

Agusto and Co. B B

Datapro Limited
Global Credit Rating B B
S & P Global
Moody
Fitch
Others

Q16 What is the current rating on your short-term debt

Please use the following bench mark

AAA
AA
A
BBB
BB
B
CCC
CC
C
Others (Please Specify)
 Agusto and Co.
Datapro Limited
Global Credit Rating
S & P Global
Moody
Fitch
Others

Q17 What is the most frequently used method used in appraising capital investment projects?
Please use the following Likert Scale
0 - Never
1 - Rarely
2 - Sometimes
3 - Often
4 - Always

Net Present Value (NPV) 3 3

Adjusted NPV (ANPV) 2 2
Profitability Index (PI) 2 2
Internal Rate of Return (IRR) 3 3
Modified IRR (MIRR) 2 2
Accounting Rate of Return 2 2
Hurdle Rate (HR) 3 3
P/E Multiples 2 2
Return On Assets (ROA) 3 3
Return On Equity (ROE) 4 4
Pay Back Period (PBP) 3 3
Discounted Payback (DPBP) 2 2
Sensitivity Analysis 3 3
Real Options (RO) 1 1
Simulation 2 2
Value at Risk (VAR) 2 2
Other Techniques 1 1

Q18 Does your firm estimate the cost of equity capital? ( Yes Yes

Q19 To what extent do you use the following to determine the cost of equity
Please use the following Likert Scale
0 - Never
1 - Rarely
2 - Sometimes
3 - Often
4 - Always

using the capital asset pricing model (CAPM,the "beta" a 4 4

using the average historical returns on common stock 3 3
using the CAPM but including some extra "risk factors" 3 3
back out from discounted dividend/earnings model, 2 2
whatever our investors tell us they require 3 3
 by regulatory decisions 2 2

Q20 When valuing a project, to what extent do you adjust either the discount rate or cash flows for the following risk
Please use the following Likert Scale
0 - Never
1 - Rarely
2 - Sometimes
3 - Often
4 - Always

Interest rate risk (change in general level of interest rates) 4 4

Foreign exchange risk 4 4
GDP or business cycle risk 4 4
Risk of unexpected inflation 4 4
Size (small firms being riskier) 3 3
Commodity price risk 3 3
Term structure risk (change in the long-term vs. short-term 3 3
Distress risk (probability of bankruptcy) 4 4
Market-to-book" ratio (ratio of market value of firm to book 3 3
Momentum (recent stock price performance) 2 2

Q21 To what extent has your firm issued equities or equity-related securities with the following features?
Please use the following Likert Scale
0 - Never
1 - Rarely
2 - Sometimes
3 - Often
4 - Always

Preferred or preference shares (nonconvertible into comm 1 1

Convertible preferred or preference shares 1 1
Capped appreciation preferred shares 0 0
Supervoting shares 0 0
Trust preferred securities 0 0
Convertible debt 1 1
Units consisting of debt with warrants 0 0
Floating rate debt 2 2
Mandatory convertible securities (either bonds or preferre 0 0
Separately issued warrants? 0 0
Share of subsidiary listed separately from those of parent 0 0

Q22 What factors affect how your choice of the appropriate amount of debt for your firm?
Please rate in terms of importance using the following Likert Scale
0 - Not important
1 - Fairly Important
2. Average Important
 3 - Important
4 - Very Important

Financial flexibility (we restrict debt so we have enough 4 4

Our credit rating (as assigned by rating agencies) 4 4
The volatility of our earnings and cash flows 4 4
The tax advantage of interest deductibility 3 3
The transactions costs and fees for issuing debt 3 3
The debt levels of other firms in our industry 3 3
The potential costs of bankruptcy, near-bankruptcy, or fina 4 4
We limit debt so our customers/suppliers are not worried a 3 3
We restrict our borrowing so that profits from new/future 3 3
We try to have enough debt that we are not an attractive 2 2
The personal tax cost our investors face when they receiv 2 2
If we issue debt our competitors know that we are very unl 2 2
To ensure that upper management works hard and efficientl 3 3
A high debt ratio helps us bargain for concessions from 2 2

Q23 How important are the following factors in deciding on the appropriate amount of debt or capital structure for yo

Please rate in terms of importance using the following Likert Scale

0 - Not important
1 - Fairly Important
2. Average Important
3 - Important
4 - Very Important

Asset Risk 3 3
Correct mispricing in past security issues 2 2
Historical performance of company's shares 3 3
Possibility of a takeover bid 2 2
Private consumption behavior 1 1
Foreign exchange rate fluctuation 3 3
Capital market performance 3 3
World economy performance 3 3
Nigerian economy performance 4 4
Importation of raw materials 2 2
Political Stability 4 4
Militancy and Terrorism Attack 3 3
Domestic fuel crisis 2 2
International Oil price volatility 3 3
Legal restrictions on share repurchases 1 1
Interest rate changes 4 4
Employees, Industrial Relations and Collective Bargaining 3 3
Customers Customer Service 3 3

Q24 How important are the following factors in your firm's decisions about issuing foreign debt?
Please rate in terms of importance using the following Likert Scale
0 - Not important
1 - Fairly Important
 2. Average Important
3 - Important
4 - Very Important

Providing a "natural hedge" (e.g., if the foreign currency d 4 4

Keeping the "source of funds" close to the "use of funds" 4 4
Favorable tax treatment relative to Nigeria (e.g., different 3 3
Foreign interest rates may be lower than domestic interest 4 4
Relative credit spreads 3 3
Tax treatment of interest deductions 3 3
Relative interest rates 4 4
Expected exchange rate movements 4 4
Foreign cashflow or investment exposure 3 3
Laws and regulations 4 4
Access to larger capital markets or new investor base 4 4
Tax on repatriated income or cashflows 3 3
Accounting implications 3 3

Q25 What factors factors affect your firm's decisions about issuing common stock/ordinary shares?
Please rate in terms of importance using the following Likert Scale
0 - Not important
1 - Fairly Important
2. Average Important
3 - Important
4 - Very Important

Earnings-per-share dilution 4 4
The amount by which our stock is undervalued or overval 3 3
If our stock price has recently risen, the price 2 2
Providing shares to employee bonus/stock option plans 3 3
Maintaining a target debt-to-equity ratio 3 3
Diluting the holdings of certain shareholders 2 2
Stock is our "least risky" source of funds 3 3
Whether our recent profits have been sufficient to fund our 4 4
Using a similar amount of equity as is used by other firms 3 3
Issuing stock gives investors a better impression of our fi 3 3
Inability to obtain funds using debt, convertibles, or other 3 3
Common stock is our cheapest source of funds 2 2
The capital gains tax rates faced by our investors (relative 2 2

Q26 What other factors affect your firm's debt policy?

Please rate in terms of importance using the following Likert Scale
0 - Not important
1 - Fairly Important
2. Average Important
3 - Important
4 - Very Important

We issue debt when interest rates are particularly low 4 4

 We issue debt when our recent profits (internal funds) are n 4 4
We use debt when our equity is undervalued 3 3
Changes in the price of our common stock 2 2
We delay issuing debt because of transactions costs and 3 3
We delay retiring debt because of recapitalization costs a 3 3
Using debt gives investors a better impression of our fi 4 4

Q27 What factors affect your firm's decisions about issuing convertible debt?
Please rate in terms of importance using the following Likert Scale
0 - Not important
1 - Fairly Important
2. Average Important
3 - Important
4 - Very Important

Convertibles are an inexpensive way to issue delayed" 3 3

Our stock is currently undervalued 3 3
Ability to "call" or force conversion of convertible debt if 3 3
Avoiding short-term equity dilution 3 3
To attract investors unsure about the riskiness of our co 3 3
Convertibles are less expensive than straight debt 2 2
Other firms in our industry successfully use convertibles 2 2
Protecting bondholders against unfavorable actions by m 2 2

Q28 What factors affect your firm's choice between short- and long-term debt?3
Please rate in terms of importance using the following Likert Scale
0 - Not important
1 - Fairly Important
2. Average Important
3 - Important
4 - Very Important

Matching the maturity of our debt with the life of our asset 4 4
We issue long-term debt to minimize the risk of having to 4 4
We issue short-term when short-term interest rates are l 3 3
We issue short-term when we are waiting for long-term mar 3 3
We borrow short-term so that returns from new projects can 3 3
We expect our credit rating to improve, so we borrow short 3 3
Borrowing short-term reduces the chance that our firm will 3 3

Q29 How important are the following factors in deciding the proportion of your debt that should be Fixed Rate versu
Please rate in terms of importance using the following Likert Scale
0 - Not important
1 - Fairly Important
2. Average Important
3 - Important
 4 - Very Important

Floating rate debt leads to more volatile earnings per sha 3 3

Floating rate debt increases the risk that we do not have 4 4
Historically, floating rates have on average been lower tha 3 3
The current spread between fixed and floating rate relative 3 3
The current spread between fixed and floating rate relativ 3 3
The current level of long-term interest rates relative to his 3 3
The current level of long-term interest rates relative to ex 3 3
The correlation between operating cashflows and floating i 2 2
The magnitude of interest expense relative to operating c 3 3
The volatility of interest expense relative to the volatility 3 3
Limitations due to counterparty credit exposures 2 2
The proportion of fixed versus floating rate debt held by 2 2
Accounting consequences 3 3
Our ability to access the fixed, floating or swap markets 3 3

Q30 How important are the following factors in deciding on the Maturity Structure of your debt?
Please rate in terms of importance using the following Likert Scale
0 - Not important
1 - Fairly Important
2. Average Important
3 - Important
4 - Very Important

The Treasury function is evaluated based on the extent to 3 3

The Treasury function is evaluated based on the total inte 3 3
The current slope of yield curve - this is the difference be 3 3
The expected slope of the yield curve - this is the differ 3 3
The maximum amount of debt maturing each year 4 4
The market mispricing of our debt at different maturities 3 3
Our current credit risk versus expected credit risk - if we 3 3
The credit spreads at different maturities on an absolute b 3 3
The credit spreads at different maturities relative to their h 3 3
Market depth - the ability to borrow large volumes at given 4 4
If we have long-term debt, we have an incentive to take on 3 3
We match the maturity of our assets and our liabilities 4 4
The maturity structure of debt of the other companies in m 3 3

Q31 How important are the following factors in your choice between bank debt, privately placed debt, and publicly is
Please rate in terms of importance using the following Likert Scale
0 - Not important
1 - Fairly Important
2. Average Important
3 - Important
4 - Very Important
Relative credit spreads 3 3
Access to larger capital markets or new investor base 4 4
Documentation and disclosure requirements 3 3
Speed of execution 3 3
Covenants 3 3
Need to obtain a rating 3 3
Customization of borrowing terms 3 3
Prior experience 3 3
Signal provided to competitors and customers 2 2
Signal provided to capital markets 3 3
Transaction costs 3 3
Practice of other companies in my industry 3 3
Practice of other companies with similar ratings category 3 3
 2021 2022 2023 2024
N'000 N'000 N'000 N'000
724,595 880,529 938,797

1,430,000 1,430,000

55,836
1,661,626 1,843,660 665750
235,553 271,590

2,687,139
737,626 1,109,907 1,507,989
7,176,602 7,433,024 8,922,110
4,064,351 4,064,789 4,060,000
70,393 70,393
-416,068 -121,487 6,049,819
257,941 257,941
-47,093 -59,623
1,450,684 1,598,581 300,150

25,663 25,267

5,405,871 5,835,862 6,049,819

5,405,871 5,835,862 6,049,819

227,048 226,790
 86,738 89,784

79,414 89,660

210,732 102,777
1,597,162
1,770,731 1,597,162
7,176,602 7,433,024
4,677,009 4,929,908
89,802
20,866 23,472
68,936
122,952 398,489
153,109 165,354
71,510 476,611
17,981 116,363
160,000

781,691 802,918

966,591 973,967
20,866 23,472

447,542 535,165
70,172 92,686
377,370 442,479
377,370 442,479

377,370 442,479
44,632 -12,926

422,002 429,553

4.64 5.44
 438,000

781,691 802,918
0

8,129,578

6,443,939
ssociations and Employees
1,685,639
76,525,000 76,525,000
54,191,000 54,191,000
150,716,000
20,000,000
54,191,000

7 7

1,685,899,000

3 3
4 4
2 2
0 0
2 2
2 4
4 5
5
3 2
No No No
No No No
Yes Yes Yes
Yes Yes Yes
Yes Yes Yes
94
No No No
No No No
No No No
Yes Yes Yes
No No No

1 1 1 1
1 1 1 1
1 1 1 1
0 0 0 0
2 2 2 2
0 0 0 0
0 0 0 0
0 0 0 0
1 1 1 1
0 0 0 0
0 0 0 0
1 1 1 1
1 1 1 1
1 1 1 1
3 3 3 3
3 3 3 3
3 3 3 3
3 3 3 3
1 1 1 1
2 2 2 2
2 2 2 2
2 2 2 2
 0 0 0 0
3 3 3 3
2 2 2 2
3 3 3 3
2 2 2 2
2 2 2 2
2 2 2 2
0 0 0 0
1 1 1 1
3 3 3 3
2 2 2 2
1 1 1 1
4 4 4 4
3 3 3 3
2 2 2 2
3 3 3 3
3 3 3 3
3 3 3 3
2 2 2 2
3 3 3 3
4 4 4 4
3 3 3 3
3 3 3 3

þ þ þ
 þ þ þ

þ þ þ

þ þ þ

þ þ þ

þ þ þ

the business philosophy of the company?

 2 2 2
4 4 4
3 3 3
2 2 2

he following Finance Functions

4 4 4
4 4 4
3 3 3
3 3 3
3 3 3
2 2 2
4 4 4
3 3 3
3 3 3
3 3 3
4 4 4
4 4 4
4 4 4
3 3 3
4 4 4
4 4 4
4 4 4
4 4 4
4 4 4
4 4 4
3 3 3
2 2 2
2 2 2
 0 0 0
0 0 0
4 4 0
3 3 0
0 0 0
0 0 0
0 0 0
0 0 0
3 3 3
2 2 2
1 1 1
1 1 1
0 0 0
3 3 3
1 1 1

ion of share holdings as reported above?

Yes Yes Yes

/financial management objective?

4 4 4
3 3 3
4 4 4
3 3 3
3 3 3
3 3 3
4 4 4
4 4 4
4 4 4
4 4 4
3 3 3
3 3 3
3 3 3
4 4 4
4 4 4
 3 3 3
2 2 2
2 2 2
1 1 1
2 2 2
1 1 1
0 0 0

B B B

B B B
estment projects?

3 3 3
2 2 2
2 2 2
3 3 3
2 2 2
2 2 2
3 3 3
2 2 2
3 3 3
4 4 4
3 3 3
2 2 2
3 3 3
1 1 1
2 2 2
2 2 2
1 1 1

Yes Yes Yes

4 4 4
3 3 3
3 3 3
2 2 2
3 3 3
 2 2 2

t rate or cash flows for the following risk factors?

4 4 4
4 4 4
4 4 4
4 4 4
3 3 3
3 3 3
3 3 3
4 4 4
3 3 3
2 2 2

s with the following features?

1 1 1
1 1 1
0 0 0
0 0 0
0 0 0
1 1 1
0 0 0
2 2 2
0 0 0
0 0 0
0 0 0

or your firm?
 4 4 4
4 4 4
4 4 4
3 3 3
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2 2 2
2 2 2
2 2 2
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2 2 2

amount of debt or capital structure for your firm?

3 3 3
2 2 2
3 3 3
2 2 2
1 1 1
3 3 3
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3 3 3
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2 2 2
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2 2 2
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1 1 1
4 4 4
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ssuing foreign debt?

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4 4 4
3 3 3
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n stock/ordinary shares?

4 4 4
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2 2 2
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4 4 4
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3 3 3
2 2 2
2 2 2

4 4 4
 4 4 4
3 3 3
2 2 2
3 3 3
3 3 3
4 4 4

3 3 3
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2 2 2
2 2 2
2 2 2

4 4 4
4 4 4
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our debt that should be Fixed Rate versus Floating Rate including the impact of interest rate derivatives?
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3 3 3
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2 2 2
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3 3 3
2 2 2
2 2 2
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ucture of your debt?

3 3 3
3 3 3
3 3 3
3 3 3
4 4 4
3 3 3
3 3 3
3 3 3
3 3 3
4 4 4
3 3 3
4 4 4
3 3 3

ebt, privately placed debt, and publicly issued debt?

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4 4 4
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2 2 2
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