The document details a 2-day intensive training program focused on financial analysis using Excel, designed for participants without a finance background. It aims to teach value creation through understanding financial statements and provides illustrative examples and discussions rather than traditional lectures. Key topics include financial statement analysis, value maximization, and methods for measuring financial performance and risk.

1. FINANCIAL ANALYSIS
DELIVERED WITH EXCEL EXAMPLES
JOIN OUR 2-DAY INTENSIVE TRAINING AND FIND OUT HOW MUCH YOU COULD ADD YOUR
UNDERSTANDING ON HOW TO ANALYZE THE FINANCIALS OF A BUSINESS EVEN IF YOU DO
NOT HAVE A FINANCE BACKGROUND COZ’ FINANCE SENSE IS ABOUT LOGIC…..
WE WILL NOT BRING YOU TOO MUCH ON UNDERSTANDING STANDARD FINANCIAL
STATEMENTS ANALYSIS RATIOS….PROBABLY TOO BORING FOR YOU….

2. Feel a Different Kind of Training With Us
We will not bore you by just
talking in front of class for two
days full
This training will be delivered approx. 50% by
illustrative examples using MS Excel (2010/2013)
AND involving you with
many discussions and
Qs-&-As
Burberry 2014 (in million euro)
Shareholders Equity 1,195
Net Debt 385
Short Term Financial Investment Yield 0.1%
Tax Rate 26%
Operating Profit 463
ROCE 42%
ROE 28.5%
ROCE = 463 × (1−26%)/ (1195−385) = 42%
ROE = (463+ 0.1% × 385) × (1 − 26% ) / 1195
= 42% − (42% − 0.1%) × −385 / 1195 = 28.5%

3. Accounting View
Financial Statement
Analysis
Financial Ratio Analysis
Planning/Forecast
There is NO FINANCE in Financial
Planning Models
ROCE > WACC
Residual Income
Economic Profit
EVA
SVA
Just ONE
Period
NO :
Time Value of Money
Size of Cash flow
Risk/Cost of Capital
Is NOT Operational
Value Based
Management
• Break The Value
Drivers
• NPV (+)
DCF
VALUATION
ROCE
ROE
No Value
FIRST we want to warn you that this training is not about financial
ratio analysis! (as we are not Accountants)
BUT how to identify whether your company creates value, even
from the company’s borrowing….

4. The Changing
Emphasis in
Corporate
Performance
Measures….yet
still how to
identify value-
creating
decisions in
your business

5. Four BIG Topics You Will Get
From This Training
1. Value Maximization and
Corporate Objectives
2. Financial Statements
Analysis:
Where are the Problems?
3. Financial Analysis:
A Bridge for Measuring
Value
4. Illustrative Examples:
Value-Creating Analysis

6. 1. Value Maximization and
Corporate Objectives
WHY focus on Value ?
BECAUSE
All decisions in
business should lead
to value creation in a
cash flow context

7. 2. Financial Statements Analysis:
Where are the Problems?
 Analysis to answer if earnings = value added?
 A quick look on standardized financial statements :
common size and ratio analysis. Everybody can do
this…..
 Why financial statements analysis IS NOT
FINANCIAL ANALYSIS? Because there is NO
identification, timing, and risk of cash flows in the
financial statements analysis.
 Everybody says that TIME IS MONEY but where is
“time value of money” in the financial statements
analysis?
THE BIG TOPICS
• Role of accounting to
measure value
• Is doing financial
statement analysis enough
to get value?
• Shortcomings with
financial statements
analysis

8. 3. Financial Analysis:
A Bridge for Measuring Value
THE BIG TOPICS
• Margin Analysis :
Structure Analysis & Risk
• Working Capital and
Capital Expenditures
Analysis
• Financing Analysis
• Profitability Analysis
 Watch out “Scissors’ Effects” in your margin analysis!
 Do you know that there are 3 types of break-even point
(BEP) analysis? (i) operating BEP, (ii) financial BEP, and (iii)
total BEP
 Trust working capital ratio: Why Not?
 Capex analysis : it takes money to make money!
 Help your banker’s job : A quick look on assessing the
company’s ability to service its debts, and is the company
running illiquidity risk?
 Decompose the company’s ROCE and ROE to analyze the
financial leverage effect in your company. We see more later

9. 4. Illustrative Examples:
Value-Creating Analysis
 What is the logic of NPV? Having positive NPV is like
having positive CASH VALUE today? Why?
 Why you should NOT USE Return on Investment (ROI) in
your project analysis? ROI shows uptrend but the firm
value does not change?
 If not ROI, then what alternative of investment return
measure that we could use?
 The company’s sales growth might not create value for
the company. How to identify this?
 The company’s sales growth is not sustainable, how do
you know this?
 How to have a quick analysis that the company’s
business is ready for getting debt?
 Why debt is good and not good for the company’s
shareholders? How to analyze the increase in the
company’s risk with debt borrowing?
All about Value Analysis
 Introduction to Shareholder Value Added (SVA)
Analysis in (i) valuing alternative business
opportunities and (ii) in valuing interdivisional
strategies
 Introduction to Market Value Added (MVA)
Analysis in comparing two alternatives, which
are creating higher value to the company?
 Introduction to Economic Value Added (EVA)
and CFROI Analysis in evaluating a firm’s
existing projects

10. Training Desktop
 Date : please check it at “FUTURUM CORFINAN” website
 Venue : Hotel at Jakarta Pusat
 Notes :
 Presentation slides will be distributed in .pdf file
 Bring your laptop to the class with MS Office standard applications
 Post-training discussions with the trainers via website about the training materials
 Visit our website and training testimonials : google “Futurum Corfinan Training Testimonials”
 Contact email : futurumcorfinan@gmail.com,
mputrawal@futurumcorfinan.com
sukarnen.suwanto@futurumcorfinan.com

11. Train Your Employees!
By now, we’ve probably all heard the
classic HR executives’ exchange —
Colleague #1: “What if we pay to
train our people and they leave?”
Colleague #2: “Right, but what if we
DON’T train them and they NEVER
leave?!?”
We can all agree that the latter
scenario is worse.