Reclaiming Your VAT
Reclaim the VAT on your Euromoney Training Courses in the UK
Why am I being charged VAT?
The EU VAT Directive stipulates that all training and educational courses that are provided in the UK must include a VAT charge on payment.
Can I reclaim my VAT back?
Overseas delegates who attend our courses in the UK are eligible to claim their VAT back once it has been paid.
How can I claim the VAT back paid on a course?
There are two ways in which you can claim back VAT back from the UK.
Option 1 - Directly through HM Revenue and Customs
The most cost-efficient way is to claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form.
For European clients, please refer to form VAT 65.
All other clients, please refer to form VAT 65A.
Option 2 - Through our Recommended VAT Reclaim Service – VAT IT
The specific rules for VAT reclaim will vary according to the laws of your country of residence. This can be complicated and time-consuming.
Euromoney have an exclusive partnership with VAT IT, specialists in international VAT reclaim. VAT IT will review, process and submit your VAT refund on your behalf.
VAT IT will charge a percentage of the VAT refund if/when it is successful.
If you want to find out more about this service, please email your details to: firstname.lastname@example.org
You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.
Corporate Finance School (BIBF)
This course is run in partnership with the Bahrain Institute of Banking and Finance
To book your place, please contact email@example.com
The course is based on case studies and model building and covers all the practical aspects of the major corporate finance activities including:
Day 1: Valuation by WACC and by multiples
Day 2: M&A Structuring, synergies, due diligence and pro forma analysis
Day 3: IPOs and restructuring in financial distress
The course is built around actual case studies illustrating current practices including:
- BA/Iberia merger;
- Marathon corporate restructuring; Tommy Hilfiger LBO;
- Phelps Dodge M&A valuation; Royal Bank of Scotland; Allianz;
- Real estate company;
- and many others.
The case study work will include team based negotiation and excel modelling (using spreadsheets supplied).
The course is delivered by Paul Richards, who has substantial banking expertise and experience of delivering courses in finance to banks and financial institutions all over the world. He has also taught MBAs and Masters in Finance students in leading UK business schools.
The course delivers in-depth exposure to all the main corporate finance disciplines including valuation, M&A and acquisition financing, LBOs and debt restructuring as well as the associated model-building.
Day 1: Investment Appraisal and Valuation
Session 1: Investment appraisal and model building
- Introduction to modelling – the key principles
- Payback; Discounted payback
- Net present value, internal rate of return
- Key assumptions, modelling principles
- Model drivers: tax; working capital; capex
- Capital Structure Theory: Modigliani and Miller
- Enterprise value concept
- Impact of tax and financial distress costs
- Cost of debt, cost of equity
- WACC (weighted average cost of capital)
- How CAPM can be used to identify the cost of equity
- The impact of gearing on the cost of equity
- Model inputs and sensitivity
- Calculating beta and the risk premium
Case study: Calculating the cost of equity using beta and adjusting the beta for changes in gearing
Session 2: WACC (Weighted average cost of capital)
- Estimating enterprise value using WACC
- Forecasting free cash flows and the growth rate
- Terminal value calculations
- Obtaining an equity value using WACC
- Review of WACC as a valuation tool
- Alternative terminal value calculations
- Return on invested capital
Case Study: Valuation involving preparation of cash flows, calculation of WACC, estimating enterprise value and hence equity value
Session 3: Valuation using multiples
- Background to the multiple-based approach
- Requirements to achieve reliable results
- Alternative valuation ratios
- Value drivers and valuation
Case study: Phelps Dodge multiple based M&A valuation
- Session 4: M&A rationale, synergies and due diligence
- Strategic decision making: do companies need to grow?
- Acquisition versus organic growth
- Types of transaction
- Types of synergies
- Identifying the acquisition benefits
- Quantifying the benefits
- Types of synergy
- Legal risks in acquisitions and risk mitigation
- Credit risk in the event of a problem
- Impact of the nature of the transaction (friendly/hostile) on due diligence
- Due diligence: financial, legal and commercial
- Deal breakers, adjusting the price
- Managing acquisition risk
Case studies: BA/Iberia
Day 2: Acquisition Analysis
Session 1: Corporate restructuring events and implications
- Acquisitions; JVs; Spin-offs; Split-offs; Carve-outs; Targeted stock
- Contingent value rights
- Disposals – the controlled auction
- Bilateral negotiation
- Data room
- Vendor due diligence
- Sale and purchase agreement
- Pro forma financials
- Accretion and dilution
- Breakeven PER of cash/debt
- Impact of capital structure
- Considering all debt and all equity financing
- Including synergies in the analysis
Case study: M&A presentation by Rona
Session 2: Modelling the acquisition
- Building the model
- Income statements
- Balance sheets and cash flow statements
- Capital structure assumptions
- Financing options
- Examining the impact on credit ratios
- Dividend policy
- Capital structure flexibility
- Bridge financing
- Issuing equity
- Vendor placing
- Deferred consideration: Earn-outs
- Highly leveraged transactions: LBOs
- Senior and mezzanine acquisition debt
Case study: model building to examine the impact of the acquisition, its synergies and its financing on the financial statements of the buyer
Session 3: Leveraged buy-out types
- Deal types: LBO, MBO, MBI, BIMBO, SBO, LBU, P2P, etc.
- Example capital structures
- Establishing the amount of debt that can be used
- Assessing the type of debt that can be used
- Disadvantages of the high level of gearing
- Key credit ratios
Case study: Materis, international secondary and tertiary buyout
Session 4: Building the LBO model
- Secondary buy-out case
- Senior and junior mezzanine
- Key ratios determining the financing structure
- Preparing projections for the appraisal of an LBO and mezzanine candidate
- Model the equity returns
- Model the mezzanine warrant participation
- Setting the covenant structure
- Internal approvals, facility letters
- Acquisition vehicle structure
- Contractual subordination
- Structural subordination
- Achieving debt pushdown
- Achieving tax relief
Case study: Building a model of the cash flows and capital structure to test syndication feasibility
Day 3: IPO Marketing and Underwriting and Restructuring in financial distress
Session 1: Marketing the IPO
- Exit strategies for existing shareholders
- Strategic considerations: float or sell?
- The objective of the due diligence exercise
- Book-building/placing as an issue method
- Offers for sale as an issue method
- The role of the analyst
- Roadshows and company visits
- Preparing the management
Case study: Roadshow presentation for major IPO
Session 2: IPO Underwriting
- Hard and soft underwriting
- The financial risk in underwriting
- Underwriting as an option
- Competition issues in fees charged
- Underwriting in public offers
- Pre-emption rights
- Theoretical ex-rights price (TERP)
- Deeply discounted issues
Case study: The overallotment option/Greenshoe
Session 3: The road to financial distress
- Symptoms of distress
- Causes of distress
- The cycle of distress
- The role of covenants as early warning devices
- The rating agencies and missed problems
- Distressed security prices
- Systemic distress or ad hoc distress
- Speed of recognition versus management denial
Case Study: Americredit and the US car industry
Session 4: Restructuring options
- What business levels can be projected in the future
- Can the projections support the current debt burden?
- Does the company need more cash to execute the new plan?
- Legal options available
- Approaches to insolvency (INSOL Principles)
- Prepackaged deals
- Court led/judicial restructurings
- Comparing international approaches
Case Study: Restructuring Drax
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
- Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product