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Advanced Corporate Credit Analysis
A 4-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
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.
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
- Compliance officers
- Financial decision makers in corporations
Day 1Advanced 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
- 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
- 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
Day 2Advanced 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
Credit enhancement methods
- Typical structure and participants
- Creating cashflow ring-fencing measures
- Rating considerations
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
Importance of sovereign risk to corporate analysis
- Sovereign composite issuance
- Sovereign guaranteed debt
- Sovereign partially-guaranteed debt
Day 3Company 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
Day 4Non-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
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
BiographyMichael specialises in Credit Risk Management Programmes: Policy & Marketing, Structuring & Evaluation, Rating Methodologies, Analysis & Approval, Collateral & Documentation, Restructuring and Work Out for different levels of management including Country CEOs and MDs. He is familiar with diverse banking businesses: Corporate & Investment Banking, SME Lending, Trade Finance, Transaction Banking and Retail Financing as well as Insurance and Micro Finance. He also delivers GRC topics including ERM, Risk Strategies and Operations, and FCC-AML & Sanction courses. Some of the technical courses include Accounting with applications on Window Dressing, Cash Flows Analysis, Fraud and selected Regulatory Framework issues. Training Experience Michael is passionate about training, Since early 1990s, he was the prime mover in designing and delivering internal courses in the banks which he was employed. He has conducted numerous Central Banks’ certification programmes, Credit and Risk Management workshops for all levels of management in Asia. As the APAC Master Trainer for a global banking academy, Michael was commended for his consistent high quality course delivery and his ability to integrate learning to local markets and global trends. He assists banks and Central Banks in emerging markets developing competency framework and certification process. Michael also teaches UK-LSE Banking Degree courses on an adjunct basis. Corporate/Private Banking Experience Michael’s career with financial institutions spanned over 20 years with DBS, ABN, CAI and AIG Group. As the Chief Credit & Credit Risk Officer overseeing the Asia Pacific Region, he was in charge of GRC-ERM, Credit and Investment Approval, Portfolio Management and Risk management Operations for the Asia Pacific Region. He has managed diverse countries and portfolios covering Corporate & Investment banking, Private Banking, Commercial SMEs Lending and Consumer Retails Financing. Michael managed his own businesses in Private Equity Investments, Risk Advisory and Specialised Training Services for banking institutions and associations in Asia Relevant Qualifications Michael is a Chartered Accountant. He holds an Accountancy Degree from Singapore and Master Degree in Finance from New York. He is Fluent in English, Mandarin and Cantonese. His Professional Associations include: Member of Institute of Directors. Board Member of Risk Management Association, and Independent Director/Chairman of Board Risk Committee as well as Board Risk Advisor to local financial institutions in emerging markets