Financial Analysis

Main goal and outline The course is aimed at the better understanding of the basic principles of the financial analysis. It also provides the students with the methodology of financial analysis for different purposes. This course will provide participants with an understanding of the techniques used to alter and evaluate the key competitive value drivers of a firm and assess the nature and likelihood of future cash flows. We begin by reviewing the basics of accounting information. Next we deepen our examination of ratio analysis and extend our analysis to build pro-forma (as if, or future) financial statements. Then, we look at certain accounting choices and their impact on financial statements and analysis. We will study the nature of bankruptcy and also how creditors make their decisions.

Main goal and outline It is supposed that the students after learning the course would acquire the following competencies: Knowledge in the following spheres: financial management, corporate finance, investment management Abilities: To make organizational, marketing, strategic and financial plan To work efficiently in the team To make financial analysis for different purposes Skills: to communicate in group, to organize group work

Main topics Theme Class hours, lectures Tutorial hours 1. Basic principles and methodology of the financial analysis. Financial mechanisms of the company management. Value-oriented approach. 2 2. Financial reports. Interpreting financial statements. 3. Ratio Analysis. 3 4. Prognostic financial analysis. Analysis of the company strategy. 5. Financing operations. Techniques for analyzing financing alternatives. 6. Evaluating investment opportunities. 7. Budgetary System. Quantitative analysis in budgeting. 8. Performance management information systems. Management reports. 9. Performance analysis in private sector organisations. Total 20

Assessment Type of testing Form of testing Parameters Current Students’ activities The students’ individual and group work at the seminars and tutorials in the form of case analysis, presentations, problems solving, business game etc Intermediate Homework Case Analysis, its presentation and following discussion Final test Written test Test consists of questions and problems solving

Assessment Оfinal result = 0.4 Оexam + 0.6 Оaccumulated , where Оaccumulated = 0.7 Оcurrent+ 0.3 Оauditorial Оcurrent = 0.5 Оtest + 0.5 Оbusiness game

Business game «Investment session»

Main goal Main goal of this game– to form the investment culture which deals with special relations between creditors, investors and project managers. Main goal for Companies – to present its investment project to the creditors and investors on the investment session and get from their first feedback. Main goal for the investors and creditors– to analyze the projects and to give the first feedback.

The main aim and role of the Company Main aim of the Company (project initiator) – to present it project (presentation, analytical report with the financial analysis of your company, forecasts) and to get the first feedback from the investors and creditors. To role of the Company: prepare and present its investments project for the creditors and investors. answer all the questions of the investors and creditors

The main aim and the role of the creditors and investors on the investment session To develop your own criteria for the projects’ evaluation; Investors and creditors listen the presentations, analyzes it and give the feedback about the possibility to take part in the financing of the projects presented (the type of credit/participation in another form, period, interest rate, other conditions).

Since 1997 Elizaveta Markovskaya has been combining practical activities in the fields of consulting and finance with research and lecturing activities. At present Elizaveta is Associate Professor in the Finance Department of the Higher School of Economics (HSE), one of the leading Russian economic research institutions. She is an author of more than 70 publications dedicated to various aspects of the Russian economy development. Her practical experience covers both business consulting (including cross-border projects) and top positions in finance both in banking and corporate sectors. Elizaveta lectures several disciplines related to finance : Financial Analysis, Performance Management, Project Management. She is ACCA’s certified instructor and holds business appraiser’s certificate.  The field of my scientific interests: institutional analysis; adaptive mechanisms of the economic agents and economy at whole; intellectual resourses and the principles of its management Contacts: emarkovskaya@hse.ru , https://www.hse.ru/org/persons/31135086?_r=idm393616

Thank you!!!