UNDERSTANDING THE COMPANY
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.
ABOUT THE FACULTY
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
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.