Certified Cash Flow Manager 1 - 5 Jun 2008 • Kempinski Hotel, Mall of the Emirates • Dubai 
Enhance Company Performance By Developing, Improving
And Measuring Cash Flow Management Strategies
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Day 5
Course Timings: Registration will be at 08.00 on Day One with the programme commencing at 08.30 each day. There will be two short breaks for refreshments each day and the sessions will conclude at 14.30 with lunch.
Day Five – Thursday, 5 June 2008
Cost Of Capital And Performance Based Valuation
• Weighted average cost of capital
• Cost of new and internal equity
• Cost of debt
• Market vs. book values
• Capital asset pricing model
• Risk free rates
• Market risk premiums
• Betas
• Project risk classification grids
Managing Cash Finance
• Strategic financial structures
• Managing capital structure to maximise cash
• Cash implications of debt vs. equity
• Theories of gearing
• Traditional theories
• Net income and net operating income approaches
• Financial and operating leverage
Free Cash Flow Appraisal In Valuing A Company
• Managing value
• Competitive advantage period
• Cash flow appraisal techniques
• Estimating cash operating value
• Profit vs. cash flow: adjustments
• Free-cash-flow
• Continuing values
• Price-earning and market-to-book ratios
• Annuity-based continuing values
• Seven value-drivers of cash flow
• Sales growth rates
• Cash from operations
• Free cash flow (pre and post capex)
• Capex to sales ratio
• Business, corporate and shareholder values
Case Study
Managing Foreign Currency Cash Flow Risk
• Managing foreign currency cash flow risks
• Transaction and translation risk
• Economic risk
• Managing risks using derivatives
• Foreign currency accounts
• Forward contracts
• Futures
• Options
• Currency swaps
• International accounting issues