Introduction to modelling – recap the main points learned during EFM, model layout and reasons for it, formula consistency, how these all help to produce versatile, robust models. 
Refinancing a company – How to add extra debt instruments and repayment profiles

Consolidating balance sheets – How to treat reserves and shareholders’ funds,

Macros in Excel – Their power and resulting complexity.  How to record macros and how to edit recorded macros.  

Exercise 1 – Taking our existing model and adding further senior and mezzanine debt instruments with variable repayment profiles

Exercise 5 – Consolidating the balance sheets, calculating the reserves, calculating and amortising goodwill

Exercise 9 – Recording and editing macros to allow easy printing of individual parts of the spreadsheet

LBO models – How they differ from what we already have.  The typical instruments used, maximum amounts possible and order used to establish maxima

Funding the acquisition – different instruments that may be used.  How to code automatic repayments of revolver debt
Use of the =MIN() and =MAX() functions to show the cash figure in the appropriate place in a model

Quality control – how you make sure that your model actually does do what it is supposed to
First step of checking a model – finding row differences and investigating them

Exercise 2 – Adding covenant calculations for the debt instruments.  Adapting our model to allow goal seek to run properly. 
Working out the maximum value of our existing company using an LBO approach and comparing this to our DCF valuation

Exercise 6 – Adding new funding to the Acquiero Group model, ordinary shares, senior and subordinated debt

Exercise 10 – Identifying the errors present in a new model that is handed out using row differences

Acquisition models – How to lay them out, the extra columns required, consistency of columns in each sheet, variable acquisition dates

Differences between mergers and acquisitions.  Effect on group accounts, legal requirements before using merger accounting under different jurisdictions.

Second step of checking a model – the detailed logic check

Exercise 3 – Starting with a simple model for a target company, drawing up accounts to a new year end and splitting the acquisition year into pre and post acquisition periods

Exercise 7 – Drawing up accounts using merger accounting rules and comparing them to the consolidated accounts already produced

Exercise 11 – Identifying the remaining errors present in the new model by carrying out a detailed logic check

Consolidation – when accounts should be consolidated and how to do it – How reserves are handled during consolidation
How to lay your model out so that backing schedules can be written very easily. 
Using text functions in model narratives

Data analysis functions in Excel – Using the =SUMIF function, conditional formatting the cells to highlight important numbers. 
Using some of Excel’s database functions – Extracts and Pivot tables

Techniques for writing robust, powerful models that retain simplicity in their calculations
Excel features, tips & tricks – Session covering the use of some of the less well understood features of Excel (includes demonstrations worked by the lecturer)

Exercise 4 – Combining the two models and consolidating the income statement

Exercise 8 – Performing some basic extraction and advanced analysis on data found in a spreadsheet that you are given

Summary:  All points covered during course