Corporates are encountering difficulties that are comparable in severity to those encountered during the financial crisis of 2008–2009 as the economic outlook in Europe and the US continues to worsen. Commercial banks and other lending institutions will be vulnerable to significant credit losses if they do not accurately analyze their credit risk exposures and update their forecasting models. This training assists a variety of credit professionals in overcoming the analytical, structure, and forecasting difficulties they now encounter. In order to evaluate, limit, and balance credit risks, we analyze complex accounts, group structures, and scenarios using increasingly sophisticated analytical and structuring tools. We evaluate the relationships between parent and subsidiary credit as well as how to apply notching to layered capital structures.
We also look at debt structuring, including different forms of hybrid capital, ESG-related issuance, and supplier finance, as well as how to assist a borrower in creating an ideal capital structure. In our final section, we go through how to analyze troubled and deteriorating credits, how to recognize early indicators of a credit profile that is deteriorating, and how to reorganize companies that are still viable.
At the end of this course, participants will be able to:
Know how firms may manipulate GAAP and non-GAAP figures
Recommended adjustments to financial statements
Know Complex group structures
Understand the credit impact of different consolidation methods
Understand the credit impact of legal and structural subordination and security
Understand how different types of hybrid securities are rated and how they can impact credit quality
Market-side credit analysts
Credit counterparty risk specialists
fund managers for fixed income
Credit analysts in asset management working for the buy-side
Managers of the sell side of the debt capital markets
Investing bankers
Investors in fixed income and credit
those who sell credit or fixed income
Directors of private equity
Treasurers
Securities analysts and strategists
Internal auditing personnel and compliance officials
trades and sells of equity
Business finance attorneys
How do income statement entries affect the credit analysis and what adjustments should we make?
Revenues and costs
Segmental analysis
IFRS reported numbers versus management adjustments
Adjusted EBITDA versus underlying EBITDA; EBITDA add-backs
Key adjustments to reported numbers
Can losses be hidden in off-balance sheet vehicles?
Understanding lease expense post IFRS 16
Taxation – effective, statutory and marginal rates
Items in the statement of other comprehensive income
How do balance sheet entries affect the credit analysis and what adjustments should we make?
Non-current tangible assets
Intangible assets
Shareholdings in equity accounted entities
Deferred tax assets
Current assets
Discontinued items
Current liabilities
Seasonality of Net Working Capital and Manipulating NWC
Current and non-current provisions
Deferred revenues - effect of unwinds on liquidity
Retained earnings from taxes
Post-IFRS 16 analysis of lease obligations
Dealing with leases that are still off-balance sheet under IFRS 16
Differences between a lease and a service agreement
Unfunded liabilities for retirees
Subsidiaries' and non-consolidated enterprises' non-recourse debt
The management of "other creditors"
How do cash ow statement entries affect the credit analysis and what adjustments should we make?
Are operating earnings turning into operating cash flow?
What is the impact on cash ow of NWC changes, provisions, equit accounted entities and other non-cash items?
Is the firm under or over-investing in maintenance and expansionary capex?
Are investment forecasts consistent with growth forecasts?
How are leases dealt with in the cash ow statement, post IFRS 16?
Can the firm cover debt service, tax and investment spending?
How are dividends funded? Are they sustainable?
What is the scope for dividend increases and share buybacks?
Is the firm reliant on external funding?
Complex group structures and parent and subsidiary rating linkage
Defining complex group structures
The credit and rating impacts of partial ownership, a high level of NCI and
off balance sheet entities
Proportional debt, earnings and cash ow of entities that are not whollyowned
Who owns/controls the debt, assets, earnings, cash flows?
The impacts of different consolidation methods and how to make
adjustments
The credit and rating impacts of different types of subordination
The credit and rating impacts of security packages
Credit assessment of groups, the importance of ownership, analysing a
group
Non-recourse projects e.g. associates and joint-ventures
Being an operations administrator and planning who does what and when within a team requires a high level of ability and is fraught with difficulties. This training program in administrative operations and coordination will offer a special chance to grasp the abilities needed for this position, from the macro to the micro. From the technical talents needed to plan and implement procedures, to the more delicate abilities of speaking clearly and confidently with others, to the leadership and management capacities to think broadly and organize.
The term ‘strategic management’ is used to denote a branch of management that is concerned with the development of strategic vision, setting out objectives, formulating and implementing strategies, and introducing corrective measures for the deviations (if any) to reach the organization’s strategic intent.
Therefore, this Strategic Management Course focuses on delivering a high-level practical understanding of the complete elements of the subject – analysis, planning, implementation, review, development.
Achieving outstanding sales results in an increasingly competitive world is a difficult task. Only by establishing a modern sales force management system and by training sales management personnel effectively, can today’s firm compete. The Certified Sales Manager course provides frontline sales managers with the knowledge, skills, and tools they need to drive bottom-line performance. It focuses on improving organization and forecasting skills, as well as other technical competencies aimed at guiding salespeople towards higher performance.
Alliances in business are a natural route for development – but not all contracting relationships can truly be seen as alliances. A good, trusting and open relationship is essential for a long-term and successful alliance – and this needs to be practiced by the negotiators involved. Negotiation is inevitably at the heart of every process to achieve what you want, whether in an agreement, bargaining for an item, or closing a deal. At the end of each negotiation, the goal is to seek a win/win outcome – an essential characteristic of long-lasting alliances. This course provides an essential framework for effective negotiation — which will be vital for building and exploiting an alliance - from building the relationship, critical thinking to prioritize goals
A greater grasp of IT governance and management is the goal of this COBIT 2019 Foundation course. COBIT is a comprehensive library of information, tools, models, and resources that enable business executives to achieve their goals for effective governance. Best practices for corporate information and technology governance and management can be found in COBIT 2019 FOUNDATION, the most recent version of the industry-leading framework for these activities.
The economic analysis is a scientific method of research and a logical method of economic study, through which the factors influencing the behavior of economic phenomena can be explained. And it provides us with the different logical tools that are used to derive the different economic theories. If the theory represents the conclusion, the analysis represents the research platform.
There are different classifications of the types of economic analysis On different criteria related to the size of the economic unit covered by the analysis and the degree of comprehension desired by the analyst and can be classified economic analysis: to partial analysis, and comprehensive analysis.