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: euromoney@vatit.com  

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.

RECLAIMING YOUR VAT WITH VAT IT

Course details

Download course brochure

Advanced Corporate Credit Analysis

Learn advanced analytical & structuring techniques for credit risks
  • A 3-day training course with extensive case studies covering:

    • Advanced financial analysis, including calculating key credit ratios
    • Advanced financial modelling in Excel
    • Credit enhancement methods; creating cashflow ring-fencing structures; CLNs
    • Parent and subsidiary rating linkage; related party risks
    • Company valuation for acquisition finance and distressed situations
    • Deteriorating credits, potential and actual NPLs: warning signs and strategies for minimizing loss

    COURSE BACKGROUND

    During the financial crisis, many banks and other financial institutions lost billions of dollars due to their failure to analyse credit risks correctly. Even when financial institutions do not suffer direct financial losses due to default or market movements, they may be receiving an inadequate return for the risks involved. With leveraged instruments set to remain a standard part of corporate capital structures, in both the private and public markets, knowing how to analyse and minimize credit risk remains key to avoiding losses, maximising returns and limiting capital usage. This course introduces more advanced analytical and structuring techniques for assessing, limiting and offsetting credit risks. This course does not extend to the analysis of banks, insurance companies or structured vehicles.

     


    METHODOLOGY

    The course combines formal theoretical instruction with frequent use of exercises and case studies. These are based on real situations and are designed to help delegates implement new practices and to learn from empirical experience. Delegates are expected to know how to use Excel. The course is practical and inter-active, with delegates encouraged to ask questions. The techniques taught are intended to be of immediate practical use in the workplace. The lecturer will be available throughout the duration of the course to offer additional help if required.

    WHO SHOULD ATTEND?

    • Bank credit officers
    • Investment bankers
    • Management consultants
    • Bond credit analysts
    • Fixed income/credit traders
    • Fixed income/credit sales people
    • Fund managers
    • Treasurers
    • Compliance officers
    • Financial decision makers in corporations

     

  • Day 1


    Advanced financial analysis, including calculating key credit ratios

    Analysing the income statement

    • Adjusting for non-recurring, non-core earnings, discontinued items, operating leases, derivatives
    • Adjusting for joint-ventures/associates and NCI
    • Analysing EBITDAR, EBITDA, EBIT; pitfalls of using EBITDA or adjusted EBITDA
    • What constitutes finance expense, including expenses for derivatives and quasi debt
    • Ratio analysis: margins (gross, EBITDAR, EBITDA, EBIT, pre-tax, net), interest cover, basic and enhanced dividend cover

    Analysing the cashflow statement

    • IFRC layout – operating cashflow, NWC, investment & financing
    • Reorganising the cashflow statement to show CADR
    • Differences between operating earnings and operating cashflow
    • Primary and secondary sources of debt repayment
    • Cashflow based lending vs asset based lending
    • Ratio analysis: Interest and investment coverage; debt service and debt repayment coverage, cash conversion ratios, dependence on external financing, cashflow based ROIC, dividend coverage

    Analysing the balance sheet

    • The asset base and consolidation policies
    • What constitutes debt – derivatives & quasi-debt
    • Off balance sheet liabilities
    • Adjusting for securitised receivables, operating leases, vendor funding, recourse financing, contingent liabilities, letters of credit, performance guarantees, retiree benefit deficits
    • Liquidity analysis
    • NCI, joint ventures & equity accounting
    • Ratio analysis: leverage, liquidity, asset coverage, working capital, ROIC, ROE, asset turnover, Dupont analysis
    Case studies of high yield and complex high grade accounts – to be agreed with Standard Bank

    Day 2


    Advanced financial modelling in Excel

    • Modelling amend and extend facilities
    • Modelling for a new capital structure eg following new shareholder value policies, leveraged buyouts, deleveraging
    • Modelling new loan features eg PIK toggles, amortizations, equity kickers

    Loan structuring

     

    Credit enhancement methods


    Securitization

    • Typical structure and participants
    • Creating cashflow ring-fencing measures
    • Rating considerations

    Credit linked notes


    Case study of a major ring-fencing mechanism to give lenders additional protection


    Parent and subsidiary rating linkage

    • Credit assessment of groups, the importance of ownership, analysing a group
    • Non-recourse projects eg associates and joint-ventures
    • Non-guaranteed subsidiaries
    • Captive finance subsidiaries
    • Fitch criteria for associates, j/vs, subsidiaries
    • S&P criteria for associates, j/vs, subsidiaries, captive finance subs

    Sovereign risk


    Importance of sovereign risk to corporate analysis

    Sovereign debt

    • Sovereign composite issuance
    • Sovereign guaranteed debt
    • Sovereign partially-guaranteed debt


    Day 3


    Company valuation for acquisition finance and distressed situations

    • Why do bankers need to value companies
    • Background to company valuation – growth, ROIC, WACC etc
    • Enterprise value vs equity value
    • Multiple valuations – revenues, EBITDAR, EBITDA, EBIT, net income
    • DCF valuations
    • NAV/NBV valuations

    Case studies to practice equity valuation and to cover the importance of equity valuations to lenders



    Non-performing loans and distressed debt

    • Background and definitions
    • Factors leading to NPLS and early warning signs
    • Options for restructuring and recovery – operational and capital restructurings
    • Modelling debt restructuring options for distressed firms

    Case studies of distressed credits that survived and that went bankrupt

     

  • 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
This course can be run as an In-house or Tailored Learning programme

Instructor

  • Sarah Martin

    Banks and other financial institutions can lose billions of dollars annually due to their failure to analyse and anticipate risks correctly. That's where my training course comes in.

    Biography

    Former Executive Director of CSFB and Lehman Brothers, the Course Director has spent seventeen years working as an investment banker in Europe and the US. She has principally worked in the credit markets and has experience of the US and European high grade and high yield markets, the European new issue markets, the Asian convertible bond markets and of corporate restructurings of distressed credits. She specialised in the telecoms sector and was closely involved in the structuring, raising and/or trading of bank and public debt for telecoms companies in many countries, including Europe, South Africa, Asia and Latin America. She also has extensive experience of corporate finance transactions, including mergers, disposals, privatisations, IPOs and capital raisings. Until 2003, she was an Executive Director at Lehman Brothers in Fixed Income Research in London, having also worked for CS First Boston and Kleinwort Benson. She now works on an independent basis advising the legal and private equity professions on credit analysis and company valuation. She has a degree in economics from the London School of Economics and stock exchange qualifications from London and New York.

Venue

London

The course will take place at a Central London hotel.

The map attached details some of our most frequently used venues

If you need help booking accommodation for your visit, please contact accommodation@euromoney.com and one of our partners will help you get the best rate possible.