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Financial Management

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  1. Financial Management Ing. Zuzana Čierna, PhD. Department of Finance 037/641 41 40 zuzana.cierna@uniag.sk

  2. Course objectives • An overview of financial management • Financial statements, Cash Flow and Taxes • Financial analysis • Financial Planning and Forecasting • Financial markets and institutions of the Financial market • Risk and Rates of Return • Time value of Money • Securities valuation • The cost of capital • Capital structure and Leverage • Working Capital Management • Exchange rates and Exchange Rate risk

  3. Texts and Materials • Fundamentals of Financial Management • Course web page materials • Seminary works • www.nbs.sk • www.finance.gov.sk

  4. Requirements and classification • Evaluation – total 100 points: • Activity and attendance – max. 5 points, • Test 1 – max. 20 points, • Presentation of a project – max. 15 points, • Exam – max. 60 points. • At the end of semester minimum points obtained -25 • The minimum requirement (totally) is to obtainat least 64 points in accordance with presented evaluation.

  5. Evaluative scale Level of knowledge Classification Grade • Excellent 93-100 % A Excellent 1 • Above standard 86-92 % B Very good 1,5 • Average 79-85 % C Good 2 • Acceptable 72-78 % D Satisfactory 2,5 • Minimal criteria 64-71 % E Sufficient 3 • Less than minimal criteria  63 % FX Fail 4

  6. Presentations of projects • Structure (.doc): • Title page – topic, authors, faculty • Content • Introduction • Body – 10pages, citations directly in the text • Conclusion • Bibliography – books, articles and interne • Presentation (.ppt): • 15 Minutes

  7. Topics • Financial statements, structure and basic relations • Financial analysis, procedure, basic ratios • Financial planning, types of plans in a company • Risk valuation and risk quantification • Financial resources acquirement, own capital and liabilities, external and internal funds, cost of capital • Modern portfolio theory, risk diversification • Multinational financial management and exchange rate risk

  8. Financial management • Financial Management entails planning for the future for a person or a business enterprise to ensure a positive cash flow. It includes the administration and maintenance of financial assets. • Besides, financial management covers the process of identifying and managing risk.

  9. Scope of Financial Management • Money and capital markets - which deals with securities markets and financial institutions; • Investments - which focuses on the decisions made by both individual and institutional investors as they choose securities for their investment portfolios; • Financial management - or ‘business finance’, which involves decisions within firms.

  10. THE FINANCIAL STAFF’S RESPONSIBILITIES • Forecasting and planning. • Major investment and financing decisions. • Coordination and control. • Dealing with the financial markets. • Risk management.

  11. An agencyproblem • is a potential conflict of interests that can arisebetween a principal and an agent. Two important agency relationshipsare • (1) those between the owners of the firm and its management and • (2) those between the managers, acting for stockholders, and the debtholders.

  12. Direct and Indirect financing

  13. Than you for your attention!