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Financial Analysis & Forecasting
Dealing with the fundamentals
Introduction to financial analysis
- Differences in UK/US accounting terminology
- Identifying the relationship between cash flow and profit
- Development of an integrated cash flow model
- Recognising it’s all about cash
- Understanding the relationships between the three main accounting statements
- Exercise 1 - Accounting terminology
- How the P&L has changed over the last 25 years
- Detailed review of the Profit and Loss account including explanation of all significant accounting terminology
- Profit types - trading, asset and business
- Inventory, depreciation, capitalised interest
- Minority interests and consolidation
- Exceptional and material items
- Detailed review of the balance sheet including explanation of all significant accounting terminology
- Understanding the fixed assets note
- Accounting goodwill – what is it?
- Liabilities, pension fund accounting
- Debt and other liabilities like debt
- Deferred tax, contingent liabilities
- Objectives of ratio analysis
- Developing ratio analysis skills
- Different types of ratios
- How much information is there in ratios?
- Ratio rules – avoiding errors of principle
Delegates match ratios to different types of businesses
Delegates consider what ratios do and don’t tell us
Cash flow analysis and accounting issues
Understanding cash flows
- Detailed review of the cash flow statement
- Analysing and interpreting cash flows
- Summarising cash flows for analysis
Delegates summarise cash flows for analysis purposes
Cash flow analysis
- The four phases in the life of a business
Delegates match cash flows to sectors
Cash flow analysis-taking it further
- Dealing with the consequences of growth and no-growth
Delegates restate cash flows to improve their understanding of performance
Accounting abuses and update
- Abuses of Fair Accounting
- Basic abuses relevant to all businesses
- More complex abuses relevant to larger groups
Delegates examine and evaluate the P&L of this major UK based travel group
Global accounting in the new century
- Overview of the International Accounting Standards Board
- The implications of the IAS Initiative
- Review of new standards produced in the last five years
Financial mathematics and project analysis
The time value of money
- Present and future values
- Defining the discount factor
- Exercises: Discounting calculations
- NPV’s and varying future cash flows
- Perpetuities and annuities
- Exercises: Annuities and perpetuities
- Introduction to project analysis
- Developing a forecast of the project cash flows
- Identifying the key risk areas
- Discounted cash flow techniques
- Calculating the internal rate of return
Delegates perform investment appraisals to decide whether to proceed with a capital investment
Case study: Eight Projects
Six delegates evaluate a number of projects and decide which projects should be pursued and which rejected
The responsibilities of management
- The essential aspects of the management task
Delegates review and manipulate management information using Excel
Costing and break-even analysis
- Fixed and variable costs
- Marginal, absorption and standard costing
Delegates review a variance report and consider the possible causes for variances
Spreadsheet analysis skills
Introduction to spreadsheets
- Using spreadsheet programmes for business analysis and forecasting
- The issue of spreadsheet risk
- Overview of the forecasting process
- Creating useful models
- Sales, growth and margins
- Cost identification
- Driving the cash flow
Delegates prepare a spreadsheet summarising the forecasted first twelve months performance of this low cost airline and analyse it
Case study: New low cost airline
Delegates identify the break-even of the project and develop a cash flow forecast for the same business
Case study: Financial analysis
Delegates analyse a business and prepare forecasts of future performance
- The relationship between business risk and financial risk
- The four phases of the corporate life-cycle
- Identifying appropriate funding structures
- Recognising the drivers of funding strategies
Case studies and presentation skills
Case study: Business analysis
Delegates analyse a business using the methods presented earlier in the course
Case study: Business forecasting
Delegates value a business using the methods presented earlier in the course
Case study: Financial presentation
In small groups delegates prepare and present a slide based presentation of the salient features gained from the analysis case in session one using spreadsheets and graphical techniques
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
Timothy JuryTo remain competitive and provide a truly top quality service, lawyers serving the international business and finance markets need a strong understanding of the law and of their clients' requirements. That's where my training comes in.
BiographyThe course instructor is a chartered accountant, who qualified with KPMG. He has held main board financial and general management directorships in both quoted and private companies. He has considerable experience of management in turnaround situations and has completed a number of acquisitions, disposals and corporate reorganisations. Following a corporate recovery assignment he joined a major UK consultancy specialising in training for financial services businesses. He spent over two years developing and presenting corporate credit training for a number of large UK banks. Clients included Natwest, HSBC, Lloyds Banking Group, Allied Irish Bank, Co-operative Bank, Hill Samuel Merchant Bank, Swiss Bank Corporation & Trade Indemnity plc.After a further corporate recovery assignment in the textiles industry he became a full time training and strategy consultant offering courses covering all aspects of corporate lending, financial analysis, accounting, valuation, corporate finance, M&A, strategy and management. He combines his lecturing career with consultancy assignments in strategy and change management and advising on corporate recovery situations.In-house training initiatives have been completed for Standard Chartered Bank – India, Societe Generale – London, The Kenya Pipeline Company and others, in addition to developing and delivering Euromoney public courses in places such as London, Germany, South Africa, Egypt, Jamaica, Kenya, Ghana, Zimbabwe, Sri Lanka, India, Poland, Romania, Macedonia, Croatia and Hungary. He is involved in graduate and MBA training for London based investment banks such as Deutsche Bank and Barclays Capital. Private consultancy assignments have included advising a leading venture capital fund, the strategic review of a national tape and CD retailer and providing strategy advice and research for a major new business venture in Egypt. He is the co-author of – Advanced Credit Analysis – published by Euromoney in January 1997.