11 pt. Times New Roman font, 1.5 line spacing, 5Pages (including all title pages, exhibits, appendices, attachments, analysis, etc.)
You should review the nature of the Client’s business and the nature / scope / extent of its foreign operations with a view to identifying exposure to various risks as a direct consequence of participating in foreign operations. Investigate, identify and describe the nature / scope / extent of current risk management strategies, if any, that the client is employing with respect to its exposure to foreign risks and comment on the adequacy of such strategies (Hint: consider the presence of FX gains & losses in its Statement of Earnings or Notes). Finally, develop recommendations for improving the Client’s management of foreign exposure and risk.
Document your finds in a report. Include in the report any recommendations for improving their strategies for managing their risk associated with foreign operations and demonstrate the value of such recommendations with specific descriptions and numerical examples that pertain to the period covered by the most recent financial statements. Use the appropriate currencies the Client deals in and use real historical exchange rates (citing sources) in your examples do demonstrate the benefit of your recommendations. Your report should include the following, as a minimum:
Banner / masthead identifying your Group and members on p.1
A summary description of the Client business (to demonstrate your understanding), which is NOT a
verbatim copy / past from the AIF
A summary / brief description of the nature / scope / extent of the Client’s foreign operations
An identification of exposure issues arising from foreign operations
An identification of associated risks, including (where possible) an estimated quantification of such risks
A summary of existing risk management strategies, together with your comments on their suitability and
A list of recommendations for improving risk management strategies for foreign operations
Up to 2 pages of exhibits / appendices (included in the 10-pg limit) showing the Client’s Statement of
Earnings and any relevant Notes from their Financial Statements.
Information / Tools / Assistance:
For your Client Company, you should be able to find essential corporate, business and financial information for review by visiting SEDAR’s website ( www.sedar.com ). Once there, follow this navigation path:
> English > SEARCH DATABASE > search for PUBLIC COMPANY documents > [enter your selected] Company Name
Be sure to review their most recent Annual Information Form (AIF) and Audited Financial Statements. In particular, and as a minimum, consider the following:
1. Annual Information Form:
￼2 a. Company overview
b. Management Discussion and Analysis – MD&A (Annual Report)
c. Corporate organization chart
d. Description of business
e. Foreign operations
f. Risks & uncertainties
2. Audited Financial Statements:
a. Balance Sheet
b. Income Statement (Statement of Earnings (Loss))
c. Statement of Comprehensive Income
d. Notes to Financial Statements (especially Notes on policies with respect to consolidation, foreign
currency translation, financial instruments, financial derivatives and hedging, acquisition / divestiture of foreign operations).
You may find additional information helpful to your understanding of the business at the companies’ website, but be careful not to get overwhelmed with information. Everything you need is probably contained in the documents filed by the company with SEDAR
A. Rather than simply answer a theoretical textbook question, this scenario requires you to think like a financial consultant in a real life situation. Some amount of analysis and justification is required, as a financial consultant might do in such a real situation. Feel free to consult one another, the text and lecture notes & slides or any other resource you can. (Remember: I personally will only field questions from groups and then only after they have consulted amongst themselves!)
B. Respect the page limit.
C. Please consult the Economist’s style-guide (http://www.economist.com/research/styleguide/) and/or
The Elements of style by Willliam Strunk for correct English usage. They are both available on the web.
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