Day1 Deriving Cash Flow - The Importance Of Cash
-    Accounting profit v cash
-    Income v expense
-    Profit manipulation
-    International accounting issues
-    Constructing Financial Statements
-    Cash flow statements
-    Constructing a basic set of financial statements
-    Emphasizing financial integration and the need for cash flow disclosures
Case study - Tesco plc
-    Cash Flow Derivation
-    Cash flow statements
-    Deriving cash flow
-    Direct approach cash flow preparation
-    Cash from customers
-    Cash paid to suppliers
-    Other operating cash flows
-    Indirect approach: cash flow preparation
-    Operating activities
-    Investing activities
-    Financing activities
Case study - Tesco plc
International Cash Flow Issues
-    Cash flow statements (continued)
-    Reconciliation from net income v EBIT
-    US v IAS v UK
-    Converting UK to US / US to UK
-    Generating comparable cash flows  
Day 2  Analyzing The Cash Flow Statement
-    Profit quality
-    EBITDA
-    EBITDA convertibility
-    Cash from operations
-    Free cash flow (pre & post capex)
-    Maintenance capex
-    Investment capex
-    Cash based interest cover
-    Marginal gearing proportion
-    Case study - Tesco plc
-    Analyzing A Live Company
-    Applying the analysis to Safeway plc
-    Case study - Safeway plc
Cash Based Ratio Analysis
-    Cash gearing ratios
-    Cash flow to interest expense
-    Cash flow coverage of fixed financial cost coverage
-    Cash flow to long term debt
-    Cash flow ratio analysis
-    Liquidity, solvency and financial adaptability
-    Current ratio
-    Quick ratio
-    Cash ratio
-    Cash burn and cash crunch
-    Working capital management
-    Inventory days / inventory turnover
-    Receivable days / receivable turnover
-    Payable days / payable turnover  
-    Cash operating cycle
-    Applying the analysis to Safeway plc
-    Case study - Safeway plc
Manipulating Cash Flow Disclosures
-    Cash flow manipulation
-    Manipulating cash flow classifications
-    Leasing
-    Capitalisation of costs
-    Joint venture and associates
-    Case study - Tesco plc  
Day 3 Managing Working Capital
-    Managing working capital
-    Invoice discounting v debt factoring
-    To discount or not?
-    Discounting calculations
-    Case Study / Exercises:  
Managing Working Capital II
-    Economic order quantity - stock control
-    Miller-Orr and Baumol models
-    Sweeping
-    Types of cash sweep
-    Zero balance pooling
-    Notional pooling
-    Why sweep
-    Case Study / Exercises
Managing Cash Finance
-    Managing capital structure to maximise cash
-    Cash implications of debt v equity
-    Theories of gearing
-    Traditional theories
-    M&M 1958 (no taxes)
-    M&M 1963 (taxes)
-    Financial leverage
-    Operating leverage
-    Case study / Exercises
Developing Cash Budgets
-    Cash budgeting
-    Methods of budget preparation
-    Functional cash budgeting
-    Master cash budgets
-    Putting a full cash budget together
-    Case study / Exercises
Day 4
Managing Cash Flow
-    Cash efficient debt instruments
-    Vanilla debt
-    Amortising loans
-    Zeros and discounted debt instruments
-    Revenue bonds
-    Interest rate risks
-    Using interest rate swaps to manage cash interest obligations
-    Cash flow volatility
-    Case Study / Exercises
Managing Foreign Currency Cash Flow  Risk
-    Managing foreign currency cash flow risks
-    Transaction risk
-    Translation risk
-    Economic risk
-    Managing risks using derivatives
-    Foreign currency accounts
-    Forward contracts
-    Futures
-    Options
-    Currency swaps
-    Case Study / Exercises
Accounting For Derivatives
-    Accounting impact of using derivatives (IAS 39)
-    New rules on accounting for derivatives
-    Financial assets and liabilities
-    Held to maturity financial assets
-    Available for sale financial assets
-    Trading financial assets
-    Fair value accounting
-    Accounting for derivatives, using interest rate
-    Swaps as the vehicle
-    Case Study / Exercises
Introduction To Discounting
-    The time value of money
-    Discount factors and discount rates
-    Annuities
-    Perpetuities
-    Risk v return
Day 5  Capital Budgeting
-    Elements of discounting
-    Weighted average cost of capital
-    Cost of new equity
-    Cost of internal equity
-    Cost of internal equity
-    Cost of debt
-    Market v book values
-    Capital asset pricing model
-    Risk free rates
-    Market risk premiums
-    Betas
-    Case Study / Exercises
Cash Flow Appraisal Techniques I
-    Cash flow appraisal techniques
-    7 drivers of cash flow
-    Sales growth rates
-    EBIT margins
-    Working capital to sales ratio
-    Capex to sales ratio
-    Competitive  advantage  period
-    Tax rates, WACC
-    Relevant cash flows
-    Sunk costs,
-    Opportunity costs
-    Payback periods
-    Discounted payback periods
-     Case Study / Exercises
 Cash Flow Appraisal Techniques II
-    Cash flow appraisal techniques
-    Discounted cash flow
-    Net present values
-    Cash flow return on investment
-    Discounted economic profit
-    Adjusted present value
-    Internal rates of return
-    Critical sensitivities
-    Case study / Exercises
Valuing a Company
-    Using the financial statements of Tesco plc and associated equity research delegates will attempt to place a valuation on the company