Euromoney Legal Training

Finance for Lawyers is designed to show you what analysts do.
 
The course is ideal for lawyers and others, who, whilst not working directly in functions requiring a
detailed knowledge of finance, need to be:

• Appraised of the risks that are involved when using financial information; and
• Familiar with the overall concepts and language used in financial analysis, credit transactions and other corporate finance activities.

The course is in the style of an intensive briefing with some case study material added. Delegates will be required to carry out a fair amount of financial manipulation and will be introduced to spreadsheets with a number of simple cases.
 
Delegates should have with them a simple calculator for use in financial analysis cases. A portable computer with spreadsheet software is also useful. For those who have never touched spreadsheets before, this course represents a gentle introduction, and questions are encouraged to ensure delegates develop their knowledge by enquiry. This is a must-attend course for anyone needing to be aware of the risks involved and inherent in the use of financial information.
 
How this course will help you: 

• You will gain a thorough understanding of:
• Modern financial analysis skills
• The features of a balance sheet, profit & loss and cash flow statement
• Financial analysis techniques
• Global accounting in the new century
• Cash flow analysis
• Evaluating capital investment projects
• The fundamentals of credit analysis

Day 1

Developing modern financial analysis skills

Session 1: 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

Session 2: fundamentals of accounting statements

• The profit and loss account
• 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

Session 3: fundamentals of accounting statements

• The balance sheet
• 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

Session 4: financial analysis techniques – ratio analysis

• Objectives of ratio analysis
• Developing ratio analysis skills
• Defining the twelve key ratios
• How much information is there in ratios?
• Ratio rules – avoiding errors of principle

Session 5

• Case study: Ratio calculation – delegates calculate ratios for a leading UK retail group. Delegates consider what ratios do and don’t tell us.

Day 2

Cash flow analysis, accounting issues and project analysis

Session 1: understanding cash flows

• Detailed review of the cash flow statement
• Analysing and interpreting cash flows
• Summarising cash flows for analysis
• Case study: Summarising cash flows – delegates summarise cash flows for analysis purposes

Session 2: cash flow analysis

• Defining free cash flow
• Case study: Examining patterns of cash flows – delegates match cash flows to sectors
• Case study: Growth and no-growth cash flows – delegates restate cash flows to improve their understanding of performance

Session 3
Case study: Delegates summarise and evaluate the cash flows of this distressed British conglomerate

Session 4: accounting abuses and update

• Abuses of fair accounting
• Basic abuses relevant to all businesses
• More complex abuses relevant to larger groups

Session 5

• Case study: Airtours/Mytravel
  Delegates examine and evaluate the P&L of this major UK based travel group

Session 6: evaluating capital investment projects

• Introduction to capital budgeting
• Discounted cash flow techniques
• Calculating the internal rate of return
• Case study: Speculative housing project
  Delegates perform investment appraisals to decide whether to proceed with a capital investment

Session 7

• Case study: Eight Projects
  Delegates evaluate a number of projects and decide which projects should be pursued and which rejected.

Day 3

Credit analysis and strategy analysis

Session 1: overview of global accounting in the new century

• The history of international accounting
• Current international accounting approaches
• The major issues in international accounting
• The implications of the IAS initiative
• Currently contentious accounting issues

Session 2: funding structures

• 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

Session 3: credit analysis - the basic concepts

• Introducing credit analysis frameworks
• Financial analysis and review of the issues
• Non-financial analysis – developing a framework

Session 4: economic and country risk

• Understanding the indicators and signals
• Implications of macro-economic change for investors, banks and businesses

Session 5: overview of non-financial analysis

• Strategy analysis – what is strategy/business risk?
• Overview of strategy terminology and concepts

Session 6: techniques for corporate assessment

• A pyramid model for strategy evaluation
• SWOT/Environmental analysis
• Porters five forces
• Boston portfolio matrix
• Environments matrix
• Exercises - Strategy evaluation techniques multiple choice

Session 7: mini case studies – strategy analysis

• Mini case study: Major airline strategy change
• Mini case study: Major private equity transaction in the packaging industry.

• Timothy D H Jury

  Timothy Jury 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.
  
  Having joined Piccadilly Radio plc, the UK’s second largest independent radio station, he handled all aspects of a Class 1 acquisition and was a main board director during the period of a contested bid for Piccadilly from Miss World plc. 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. 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, especially cash flow analysis, accounting, valuation, corporate finance, M&A, strategy and management. 
  
  Timothy combines his lecturing career with consultancy assignments in the areas of strategy development, valuation modelling and corporate finance. In house training initiatives have been completed for both the credit and legal functions of Siemens Financial Services – Munich. Other in-house work has been completed for clients such as, Standard Chartered Bank - India, Societe Generale – London, the Brunei Investment Authority – Brunei, Ernst & Young - New York and Paris, and others. He has been involved in graduate and MBA training for London based investment banks such as Deutsche Bank and Barclays Capital. He was responsible for providing financial training for the London office of a substantial American law firm for many years.

  Courses run by this instructor

  • Finance For Lawyers - London

Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.

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** NEW DATES - 30th May to 1st June 2012 **

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Case studies and workshops provide opportunities for participants to study actual transactions and become involved in documentation and negotiation exercises.

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