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15.- Brief Recap

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Finance for Managers

IESE Business School

4.8 (349 notes) | 11K étudiants inscrits

Cours 1 de 5 dans Foundations of Management Spécialisation

When it comes to numbers, there is always more than meets the eye. In operational finance, you will learn how to read the “story” that the balance sheet and income statement tells about the company’s operations. The insights you gain from this “financial story” will then become a tool for short-term decision-making at the top management level relating to current assets, current liabilities and the management of working capital. Finally, by the end of the course you will understand the financial consequences of managerial decisions on operations, marketing, etc.

Visualiser le programme de cours

Compétences que vous apprendrez

Dupont Analysis, Management Accounting, Business Analysis, Finance

Avis

4.8 (349 notes)

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AC

May 27, 2019

Fantastic course, such a well laid out structure, Miguel sir explained with such enthusiasm, especially the case with Working Capital as to why it's not an asset. An excellent course!!!

JF

Jul 01, 2018

Amazing course, the questions posed are very insteresting and you actually have to think to be able to solve them. The best course of the first 4 courses of this specialization.

À partir de la leçon

Course Overview & Week 1

Welcome to Operational Finance: Finance for Managers. In this course you will learn the basics of operational finance to help you make sound financial decision or to run a robust business! Before you get started with this week's video content, please have a look at the course syllabus. In this first week, we'll discuss what operational finance is all about by looking at a business case. What do the numbers on the Balance Sheet and P&L Statement tell us about its performance and future prospects? If you were a bank, would you approve a half million euro loan for this business? Why or why not? Course objective: To get an overview of operational finance and the types of analyses necessary to develop solid financing decisions.

Welcome to the Course: Intro Video2:58

1.- Operational Finance: Course Outline1:26

2.- Introduction: Operational Finance2:59

3.- Polypanel Case: What to do?7:44

4.- Polypanel Case: What to do? (continued)5:23

5.- Business Analysis Part 1: Sales7:10

6.- Business Analysis Part 1: Sales, (continued)3:33

7.- Business Analysis Part 2: Strategy and Management5:51

8.- P&L Analysis Part 1: Sales and Gross Margin6:18

9.- P&L Analysis Part 1: Sales and Gross Margin, (continued)3:36

10.- P&L Analysis Part 2: OPEX, EBITDA and Financial Results6:14

11.- P&L Analysis Part 2: OPEX, EBITDA and Financial Results, (continued)2:09

12.- What is a Balance Sheet?7:38

13.- Polypanel's Balance Sheet8:36

14.- Polypanel's Balance Sheet, (continued)7:03

15.- Brief Recap3:08

Enseigné par

Miguel Antón
Associate Professor

Transcription

[MUSIC]

With this question that I put forward to you, which is how can we distinguish

the increase in receivables, is coming from an increasing sales or

coming from a deterioration of dates of collection?

With this question in mind, we close this first session.

Now, doing a brief recap of this first session of

operation of finance build in a robust business,

what we did is an introduction what we saw what operational finance is all about.

Then we went into trying to understand a case, a specific case that is

Co Polypanel, that is the case we're using through all the sessions.

The first question was clear, is whether we give a credit to this Mr.

Lichstein, that runs a company called Polypanel.

And before jumping into the numbers, we asked the panel in the bank.

And as you remember, there were three people that said in the bank that didn't

have to be clear whether they would give the loan or not,

and there were reasons for the yes, and reasons for the no.

And all of them were right, were correct, but we didn't know exactly.

What was the correct answer?

So to answer that question, we backed up out little bit and said, before looking

into the numbers, let's analyse the business because we need a context.

So with the context, we start analysing the business.

What do they sell?

To whom do they sell?

Who are the clients?

The suppliers?

What is the strategy of the company?

How is the management?

Do we trust this person?

And once we did all this business analysis,

then we started moving into the numbers, and we looked at the P&L.

And as you remember, the P&L were basically four steps, one sales,

gross margin, operational expenses, and return on sales.

And our conclusion there was that the company's profitable,

but it's not a money machine.

Now in the last part that we just saw today, we analyzed a balance sheet.

And in the balance sheet, we said that there are three steps.

The first step is analyzing the structure of one year on how is the asset side and

the liability side.

And we saw that in the asset side, 60% were receivables, 40% were inventory.

That was financed with equity, then with payables and then with credit and

long-term debt, a mix of everything.

And we noted that leverage is pretty high,

which banks don't like although shareholders do.

The third step in the analysis of the balance sheet is to look at

the operational ratios, which is the question that I put you forward and

is the way we would start session two.

See you next week.

[MUSIC]

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