UNDERSTANDING THE COMPANY 

LEARNING OBJECTIVES

Does the past lead you to the future? Not necessarily. But understanding the past and current economics of the firm will certainly help in assessing the today’s decisions that will condition your future. Nevertheless, any valuation will be drawn from a cash flow planning based itself on the most recent accounting report of the firm. This module will first focus on making sure you can read and understand financial statements under one of the major international reporting standards, namely IFRS principles and rules. Then, the next key objective will be to make sure participants can easily switch from the accounting perspective to the financial perspective and produce sustainable cash flow forecasts. By implementing that workflow, a change in a business driver can automatically be linked to an expected impact in today’s assessment of the activity, in the valuation of the company and be considered for the next decisions to be made. Thanks to this module you will

• understand the impact of IFRS when reading and analyzing financial statements.

• know how to produce a full-fledged financial accounting analysis of a company, with the financial synthesis as a result.

• master ratio analysis, in particular for profitability, liquidity and solvency assessments.

• be able to assess the sustainability of growth of the company.

• earn how to build cash-flow statements and link them to business drivers.

• earn financial planning based on the previous analysis and produce free cash flow forecasts.

DAY 1

The module starts with a half-day review of understanding the accounting statements, revisiting first some main concepts of the International Financial Reporting Standards (IFRS). This excellent refresher will guarantee that all participants share a common view of those concepts and common reading of the statements.

As from the second half-day, a main real-life case is used as a storyline to work on the concepts and produce the required assessments. Additional cases are provided to illustrate alternatives.

USING FINANCIAL STATEMENTS TO ASSESS THE SITUATION:

➢ Synthesizing the balance sheet

➢ Ratio analysis: liquidity, profitability and solvency, the Dupont model.

➢ The analysis of the cash flow reality behind accounting: working capital requirement, net working capital, net liquid balance, sustainable growth.

➢ Sustainable growth

➢ Recognizing businesses and sectors.

UNDERSTANDING THE CONSOLIDATED STATEMENT OF CASH FLOW

➢ Impact of operating vs. investment cash flows.

➢ Use made of cash flows: dividends, capital rebalancing,

funding decisions.

ABOUT THE FACULTY

KIM OOSTERLINCK

Kim is Professor of Finance at the Solvay BS of the Université Libre de Bruxelles. There,

Kim is in charge of the courses of Advanced Finance, and Financial History in particular.

Kim has published extensive research in topics related to financial valuation and financial

history cases.

VERONIQUE WEETS

After 7 years as an independent IFRS Consultant and Trainer, Veronique joined the Belgian

Financial Services and Markets Authority where she isinvolved with the supervision of

listed companies and the surveillance of financial markets. Next to that she is a professor

at the Free University of Brussels.

NICOLAS DE CLERCQ

Nicolas is CFO of Kinepolis. He has extensive experience in leading financial positions: controller

at KBC, Telenet and Solvus. He was subsequently finance manager at Start People

and VP Finance at USG People. He has been CFO of Kinepolis since 2012.

MORE INFO

HOW TO GET THE MOST OUT OF YOUR TRAINING

Combine with "Investment and Financing decision", another module of the EMF programme

Solvay Brussels School

Franklin Rooseveltlaan 42

1050 Brussels

 

The Solvay building is located in the green heart of Brussels, on the edge of the beautiful Ter Kameren forest and a 15-minute walk (or 5 minutes by public transport) from the bustling center of Brussels. If desired, there are numerous
accommodation options (hotels and (air) bnb) in the neighborhood and in the center of the city. Need help?  Do not hesitate to contact us.

1.650 euro, excl VAT

Other price formulas: 

  • You can choose to follow this module in the context of the EMF programme. If you complete all 15 modules in a period of 15 subsequent months, then you pay € 16.000. If you spread it over a period of 3 years, then you pay € 18.000. 

  • Five Module package: 7500 euro / 5x2 modules of your choice. 

  • In-company:  This training personalized as part of your in company: good idea! Call us. 

NEXT TRAINING DATES

JANUARY 2020 16-17

 

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