• Board members and senior managers
• Business unit managers and project leaders
• Finance and controlling professionals
• Investment, strategy and business development teams
• Entrepreneurs, founders and startup managers
• Non-financial managers responsible for budgets, performance and capital allocation

Participants will be able to:
• Understand how financial statements describe business performance, risk and value creation
• Read and interpret the Balance Sheet, Income Statement and Cash Flow Statement in an integrated way
• Use financial ratios to assess liquidity, profitability, efficiency and financial risk
• Detect early warning signals of financial distress
• Evaluate business sustainability and capital structure
• Support managerial, investment and financing decisions with financial analysis

After completing the program, participants can:
• Read and interpret financial statements
• Assess liquidity, profitability, efficiency and financial risk
• Identify financial strengths and weaknesses
• Evaluate business sustainability and value creation
• Support strategic and financial decisions with reliable financial analysis

1. Understanding Financial Statements:
a) role of financial reporting in management and decision-making,
b) accrual-based vs cash-based performance,
c) how Balance Sheet, Income Statement and Cash Flow are linked,
d) financial statements as a system of business signals.

2. Balance Sheet Analysis:
a) structure of assets: fixed assets and current assets,
b) structure of financing: equity and liabilities,
c) capital stability and financial safety,
d) net working capital and operational continuity.

3. Income Statement Analysis:
a) revenue structure and business model logic,
b) cost behaviour and operating leverage,
c) gross profit, operating profit and net profit,
d) EBITDA as a measure of operating performance,
e) profit quality and sustainability.

4. Cash Flow Analysis:
a) operating, investing and financing cash flows,
b) profit vs cash generation,
c) liquidity and financial resilience,
a) free cash flow and growth capacity.

5. Liquidity Ratio Analysis:
a) participants analyse:
• current Ratio,
• quick Ratio (Acid Test),
• cash Ratio,
• net Working Capital Ratio,
• operating Cash Flow to Current Liabilities.
Focus: short-term solvency, payment capacity and liquidity buffers.

6. Capital Structure and Debt Analysis:
a) participants analyse:
• debt to Equity Ratio,
• debt to Assets Ratio,
• equity Ratio,
• interest Coverage Ratio,
• cash Flow Coverage.
Focus: financial risk, leverage and long-term solvency.

7. Efficiency and Asset Utilisation:
a) participants work with:
• asset Turnover,
• fixed Asset Turnover,
• inventory Turnover,
• receivables Turnover,
• payables Turnover,
• cash Conversion Cycle.
Focus: how effectively the company converts resources into revenue and cash.

8. Profitability and Value Creation:
a) participants analyse:
• gross Profit Margin,
• operating Margin,
• EBITDA Margin,
• net Profit Margin,
• return on Assets (ROA),
• return on Equity (ROE),
• return on Invested Capital (ROIC).
Focus: operational efficiency, capital productivity and shareholder value.

9. Integrated Profitability Logic (DuPont Framework):
a) profitability drivers,
b) asset efficiency,
c) financial leverage.
d) how operating, investment and financing decisions interact

10. Benchmarking and Peer Comparison:
a) comparison with industry averages,
b) comparison with competitors,
c) strengths, weaknesses and strategic positioning.