MPF_AFAP Financial Analysis and Plan

Ekonomicko-správní fakulta
jaro 2011
Rozsah
2/2/0. 6 kr. Ukončení: zk.
Vyučující
Ing. Bc. Alois Konečný, Ph.D. (přednášející)
Garance
Ing. Bc. Alois Konečný, Ph.D.
Katedra financí – Ekonomicko-správní fakulta
Kontaktní osoba: Mgr. Jana Nesvadbová
Rozvrh
St 16:20–17:55 S308
  • Rozvrh seminárních/paralelních skupin:
MPF_AFAP/01: St 18:00–19:35 S308
Předpoklady
(! KFFAAP Finanční analýza a plán )
Omezení zápisu do předmětu
Předmět je určen pouze studentům mateřských oborů.
Mateřské obory/plány
Cíle předmětu
This follow-up course requires previous knowledge about causality of information origin in a company resulting from its financial statements that are intended for external and internal users. It should allow students to understand financial outcomes, to enhance its informative value and to interpret it. Financial analysis and planning in companies is a very important part of financial management. It is also important for external agents interested in the information concerning the state of the company financial management. The course is, therefore, an important part of financial preparation for economists.

At the end of the course students should be able to: - understand the theory of financial analysis and company planning and be able to use it;
- understand methods of financial analysis applicable to analysis of historic development of a company;
- understand methods of financial analysis applicable to monitoring the differences from a plan and prediction of a future company development;
- analyse and interpret economic results;
- recognize and qualify influences that have shaped these economic results
Osnova
  • * Thematic plan of lectures:
  • * 1) Classification of financial accounting systems and generally accepted accounting principles (fundamentals of financial accounting), valuation of company assets – summarization of valuation principles in the Czech Republic, methods of company valuation and their impact on informative value of Czech accounting;
  • * 2) Property and financial structure of company – material definition of selected parts of balance sheet in extended version (as statement informing about company financial state at particular date) and profit and loss statement in extended version (as statement informing about effect of economic activities in targeted period), supplements to financial statements in extended version;
  • * 3) Cash flow statement – explanation of methodical procedures for preparation of cash flow statement in accordance with legislation in force, their comparison and assessment including changes that have increased its informative value, use of cash flow indicators for dynamic (retrospective) financial analysis and financial planning;
  • * 4) Consolidated accounting statements – concepts, procedures, content and forms, utilization for financial analysis;
  • * 5) Objectives and basic methodological instruments of financial analysis – function, phases, methodological principles and instruments used in financial analysis, users of financial analysis and their needs, external financial analysis;
  • * 6) Extensive ratios of financial analysis – horizontal and vertical methods of financial analysis, cash funds and conception of fund concept of cash flow statement;
  • * 7) Profitability ratios and their use - profitability ratios and their use, basic pyramidal factorization;
  • * 8) Activity ratios – indicators monitoring parts of assets blocked in other than cash form in context of different impact on company profit;
  • * 9) Pyramidal factorization of profitability of capital contributed, analysis of operating and financial risk – pyramidal factorization of equity profitability and profitability of total capital, multiplicator of shareholder value (financial leverage), analysis of operating and financial risk, contribution margin;
  • * 10) Indebtedness analysis – long-term solvency, fundamentals of financial structure in context of theoretical rules and methods of financial structure optimization, liquidity analysis – liquidity measurement;
  • * 11) Indicators based on capital market data, indicators based on cash flow and net working capital;
  • * 12) Prediction of financial tightness – Altmans Z-score, Index IN, Quicktest, Index bonity, Tafflers model, Beermans model;
  • * 13) Aspects and creation of financial plan, long-term financial plan, short-term financial plan, basic methods for creation of financial plan, company budgets, traditional budget methods (incremental, ZBB, CMP) and new budget methods (PBB, KAIZEN, WCM and contingency attitudes);
  • * Thematic plan of seminars:
  • * All the seminars are conducted in an active form, i.e. practical exercises and case studies concerning above mentioned themes are solved there.
  • * 1) Balance sheet – detailed material analysis of balance sheet in full range, creation of classes of assets and liabilities and their mutual connections;
  • * 2) Profit and loss statement - detailed material analysis of profit and loss statement in full range, creation of classes of costs and revenues in context of creation of business margin, added value, operating, financial and extraordinary profit;
  • * 3) Non-standards parts of assets, liabilities, costs and revenues – cases demonstrating origin of selected items and their influence on balance amount or profit – receivables resulting from subscribed equity, asset provisions, reserves, financial investments, equity and own shares, temporary debit accounts, deferred tax liability or receivable, variation in internally produced inventory and their influence on company results, self-manufactured asset revenue and their influence on company results and total influence on added value from company operating operations;
  • * 4) Cash flow – use of balance sheet and profit and loss statement for preparation of cash flow statement by indirect method, analysis of operating, investing and financial cash flow in case studies. Methodical procedures of calculation of cash flow resulting from investments operations and cash flows connected with internal financing and refinancing - exercises (profit funds, accumulated profit from previous years and its distribution);
  • * 5) Retrospective comparison of legislation related to cash flow statement (case study of forming cash flow statement using either "old" or "new" version and evaluation of their informative value for assessment of changes in company financial situation);
  • * 6) In-term 1;
  • * 7) Full method for consolidation – case study regarding full consolidative method used in creation of consolidated accounting statement, consolidative difference, aspects of view on group of companies as one consolidated unit suppressing portion of ownership;
  • * 8) Equivalent methods for consolidation - case study regarding consolidative method used in creation of consolidated accounting statement, consolidative difference, aspects of view on a group of companies on the basis of shareholders concept;
  • * 9) Horizontal and vertical analysis – case study of selected Czech company in the course of two or three successive periods;
  • * 10) Analysis of net working capital and cash receivable fund in exercises, in context of fund conception of cash flow statement;
  • * 11) Profitability, activity and pyramidal systems – indicators (mainly Du Pont and INFA analysis) in case study;
  • * 12) In-term test 2;
  • * 13) Creation of financial plan – use of financial analysis for creating financial plan – case study;
  • * Alternative overall in-term test;
Literatura
    doporučená literatura
  • BREALEY, Richard A., Stewart C. MYERS a Franklin ALLEN. Principles of corporate finance. 8th ed. Boston: McGraw-Hill, 2006, xxviii, 10. ISBN 0072957239. info
Výukové metody
Lectures, person-to-person tuition, data mining, ratios calculation, application of models of financial analysis, personal presentation
Metody hodnocení
The course is completed by both a written and oral exam. Admission to the exam is subject to passing two in-term tests and submitting a semester paper assessed “passed”.
Vyučovací jazyk
Angličtina
Informace učitele
The course is taught annually.
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Předmět je vyučován každoročně.
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Předmět je zařazen také v obdobích jaro 2012, jaro 2013, jaro 2014, jaro 2015, jaro 2016, jaro 2017, jaro 2018, jaro 2019, jaro 2020, jaro 2021, jaro 2022, jaro 2023, jaro 2024, jaro 2025.