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
Corporate social responsibility (CSR) is a management concept whereby companies integrate social and environmental concerns into their business operations and interactions with their stakeholders. CSR has been considered an efficient marketing tool for gaining the competitive advantages a company needs in order to be on top in the context of the current hyper-competitive environment.
You will learn vital skills for managing and creating content in this course. To help you establish a social media presence, you'll learn how to craft compelling social media posts and how to develop a powerful brand. Additionally, you'll discover how to create an ongoing procedure for handling your content. A content calendar should be created, postings should be managed and moderated, data should be analyzed for insights and iteration, and post effectiveness should be increased.
Are you under pressure from an ever-growing task list, conflicting demands and constantly changing priorities? Productive working practices are valuable skills in today’s work environment. Competition is intense and companies need people who can organize their time effectively, collaborate with others to achieve goals, and who constantly strive to better meet customer and stakeholder needs.
This popular course will support you to develop practices and techniques to manage this pressure proactively, allowing you to meet deadlines and deliver against your objectives. You will also develop skills in working well with others to ensure success.
The 5-Day Mini MBA is a unique distillation of the skills that need to be acquired in order to be considered successful in modern business. Not everyone is able to devote a year or two of their time to studying for a Masters in Business Administration, but in an age of rapid change in a highly competitive environment, it is crucial to have a thorough understanding of the issues involved in the smooth and successful running of a business. The 5 Day Mini MBA Leadership & Management Masterclass is a highly intensive training course covering all the usual subjects associated with an MBA. In 5 days, a delegate will learn what normally takes a year of full-time study. The Mini MBA course is designed to provide delegates with comprehensive knowledge of fundamental, proven strategies taught as both an academic and practical exercise. As a result, the course will provide a comprehensive understanding of the skills and knowledge that will be required for any person to further develop their business knowledge and skills and even to prepare them for actual formal study for an MBA. The course is designed to be delivered either as an “In House” class for an organization’s directors and senior management or as a public class where delegates from a number of companies can learn both from the course and from one another and exchange ideas and best practice.
Large capital-intensive projects in the oil and gas industries require substantial - and mostly risky - investments in the acquisition, exploration, and subsequent operation and maintenance of new organizational assets.
The decision of whether or not to invest in new capital projects in the oil and gas industry starts with critical decisions during the exploration phase of new development or the expansion of an existing field. The decision-making tools used to analyze project risk under conditions of uncertainty will help companies to determine the probability of success or loss and will drive the decision to develop or abandon the well.
Crisis management is concerned with responding to, managing, and recovering from an unforeseen event. Risk management is concerned with identifying, assessing, and mitigating any activity or event that could cause harm to the business. Risks can be strategic or operational in nature. A business continuity plan (BCP) is a process that outlines the potential impact of disaster situations on business operations. It creates policies that respond to various situations to ensure a business is able to recover quickly after a crisis.