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Business and management paper 2 HL 2013 May.pdf
Business_and_management_paper_2_HL_2013_May.pdf
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Business_and_management_paper_2_HL_2013_May.pdf-M13/3/BUSMT/HP2/ENG/TZ0/XX BUSINESS AND MANAGEMENT HIGHER LEVEL
Business and management paper 2 HL ...
Business_and_management_paper_2_HL_2013_May.pdf-M13/3/BUSMT/HP2/ENG/TZ0/XX BUSINESS AND MANAGEMENT HIGHER LEVEL
Page 1
M13/3/BUSMT/HP2/ENG/TZ0/XX
BUSINESS AND MANAGEMENT
HIGHER LEVEL
PAPER 2
Tuesday 21 May 2013 (morning)
INSTRUCTIONS TO CANDIDATES
Do not open this examination paper until instructed to do so.
Section A: answer one question.
Section B: answer two questions.
A calculator is required for this examination paper.
Clean copies of the
Business and Management
formulae sheet and discount tables
are required
for this examination paper.
The maximum mark for this examination paper is
[75 marks]
.
2 hours 15 minutes
2213-5012
8 pages
© International Baccalaureate Organization 2013
Page 2
M13/3/BUSMT/HP2/ENG/TZ0/XX
2213-5012
– 2 –
SECTION A
Answer
one
question from this section.
1.
Las Rosas (LR)
Las Rosas
(
LR
) is a large commercial dairy farm owned and managed by the D’Aremberg family
since 1986.
It has 3800 cows.
LR
sells milk, cheese and yoghurts.
In 1996,
LR
started to export some
of its dairy products.
Profits and cash flow have been improving year on year.
LR
has no outstanding
loans and therefore its current gearing ratio is zero.
LR’s
unique selling proposition (USP) comes from the organic quality of its products as they are
made without chemical additives.
The cows’ diet does not include hormones and other supplements.
The farm’s products also meet national and international quality standards.
LR’s
corporate culture encourages innovation and the use of cell production.
To stay ahead of the
competition
LR
has increased its spending on research and development (R&D) and workers are
given the opportunity to create new products, or to add value to existing ones.
LR’s
financial manager,
however, believes that the R&D budget is too high and needs to be cut.
He also argues that there are
too many legal constraints limiting the development of new products.
LR’s
management is considering buying
El Remanzo
, a large sheep farm located nearby.
This
acquisition will cost $24 million and
LR
will need to cut its R&D budget to zero and organize a
new loan to finance the takeover.
A significant restructuring would need to occur at both
LR
and
El Remanzo
to allow both companies to combine resources and knowledge.
However, the potential
economies of scale experienced by
LR
could be substantial.
Total capital employed at
LR
is $45 million.
Year
Expected net
cash flows
($m)
1
2
2
5
3
9
4
12
5
17
[Source: © International Baccalaureate Organization 2013]
(This question continues on the following page)
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