Training

Training

Training has always been a main activity of Bert van Manen. He offered practical training in enterprise financing, agricultural credit, SME Banking, and micro finance. At the scientific level, he offered specialised courses for MBA students in Financial Resources Management and Management of Investment Portfolios. Another training activity is Financial Management for Non-financial Managers, mainly aimed at Non-profit development organisations. Bert has also provided over twenty training seminars in EU contractual and financial procedures.

Enterprise Financing Workshops

Based on the below routine, enterprise financing workshops were conducted in Azerbaijan (1996 and 1997), Romania (1996), Uzbekistan (1996 and 1997), Ukraine (1998 and 1999), Kazakhstan (1998/99), Guinea-Bissau (1994) and The Netherlands (1995/96). This training was mainly aimed at consultants and credit advisors. An adapted version was used in Bosnia (2003) to train senior managers, in Morocco for business advisors (2003) and Ghana (2008) for business advisors as well. In Rwanda, bankers were trained in cash and loan planning and risk assessment (2009).

1 SME Accounts			2 Enterprise Financing				3 Business Planning

1.1 Understanding SME accounts and financial ratios	1.2 Cash Flow Theory	2.1 Financing Mix	2.2 Financial products	2.3 How bankers appraise loans	2.4 Interest calculations	3.1 Business plan basics	3.2 Market and marketing	3.3 Costing	3.4 Feasibility and sensitivity

1.1.1 Analysis annual report Philips NV	1.2.1 Bakery case, Supermarket case, Brick factory, Calculator case			2.3.1 Rita's Retailshop		3.1.1 SWOT and business strategy	3.2.1 Market analysis	3.3.1 Soft drink bottling, direct costing	3.4.1 Inflation in feasibility calculations

1.1.2 Du Pont Chart	1.2.2 Other cf cases (Dairy, Printing, Toy store, Onions farm, Pyrethrum)			2.3.2 Repeat borrower		3.1.2 Discuss participants business plans	3.2.2 Marketing game	3.3.2 Printing shop, full costing	3.4.2 Feasibility models

1.1.3 Dayton Oil Case		4 Integrated cases				3.1.3 Entrepreneurial characteristics		3.3.3 Example process costing - egg farm

	4.1 Business take-over	4.2 Electro shop	4.3 Car workshop	4.4 Cosy restaurant	4.5 Test	3.1.4 Entrepreneurship game

Farm Financing / Agricultural Credit Workshops

Agricultural Credit Training was provided in Kazakhstan to loan officers in preparation of a World Bank rural credit line (2000 / 2001 - seminars conducted in eight oblasts). Similar training was offered in Kyrgyzstan (2001 / 2002) to bank staff in preparation of World Bank and Asian Development Bank credit lines. In Romania, Bert trained staff of the local credit co-operative in the implementation of a new agricultural credit scheme - Sept 1996.

Session	Theme	Materials
1.1	Introduction, programme, time keeping	Name cards, Programme
1.2	The ADB credit line. Characteristics, eligibility. What is expected from a loan application	Guidelines PSS
1.3	Working capital analysis – prepare cash flow and business calculations for a working capital loan. Determine loan requirements (amount, disbursement and repayment schedule). Case study of an onion farm	CF06

2.1	Financial performance ratios to assess viability of the project – ‘onion case’	CF06
2.2	Investment analysis – prepare business calculations for an investment loan. Continuation of the ‘onion case’	CF06

3.1	NPV / IRR – onion case	CF06
3.2	Using discounting to value firms and collateral

4.1	Dealing with family farms – simplified calculations	Guidelines SPSS + example
4.2	Dealing with family farms – example of Nurlan dairy farm	CF11
4.3	Questions, conclusions

SME Banking

Five SME banking courses were conducted in Dubai, Riyadh (2x), Bahrain and Malaysia as follows (2008/10).

	Day 1	Day 2	Day 3
A	Introduction and Welcome	Q&A day 1	Q&A day 2
A	SMEs and their financing needs	Small loan appraisal	Setting up SME banking
B	Development of SME financial products	Credit scoring and credit rating	Identify SWOT of your bank in SME lending
B	SME products in GCC	SME loan appraisal in GCC	Identify SWOT of your bank in SME lending
C	Middle market: Example Brick Factory	Financial ratio exercise	Develop SME products and lending methods for your bank
C	Small case - Dairy factory	Small case - Meat factory	Develop SME products and lending methods for your bank
D	Basel II	Risk management	Participants' cases
D	Participants' cases	Participants' cases	Conclusions and End

Micro Finance Training

In India, Bert conducted a workshop 'Institutional Strengthening of NGOs in Enterprise Financing' - June 1995.

Related training was held in the Netherlands for development workers, active in credit programmes - five times in 1995/96.

In Guinea-Bissau, staff was trained in the various aspects of credit management, including administrative procedures and loan-administration - continuous 1992/94.

In Yugoslavia (Serbia) a presentation was made during a SME development conference on 'micro finance theory' - Mar 1999.

Date	Morning Session 09.30 - 12.30 hours	Afternoon Session 13.30 - 16.30 hours
Monday, May 22	·Introduction ·Course Framework, concepts ·Objectives, Course Flow ·Expectations Part.	·Institutional Dev. SE ·Matching SE target groups ·Video SE Dev.
Tuesday, May 23	·Presentation Participants: Sharan, CDS, TBF, SISU	·Presentation Participants: CCD, FMPB, SSA, Sacred, ESAF
Wednesday, May 24	·Pro. Strategies ·SE Fin. Serv. ·SE Collateral ·SE Non-Fin. Serv.	·Group based Financial Assistance ·Linking SHG's and Banks - Video ·Entrepreneurial Characteristics ·Preparation Businessplan
Thursday, May 25	·Characteristic Women Enterprise & Buss. Strategies ·Operational Issues Gender ·Savings Mobilisation ·Assess Needs/Demand for Credit ·Successful lending programmes	·The Institutional Environ. ·Network Development ·Project Planning, OOPP ·Org. Analyses ·Resistance to Change
Friday, May 26	·Video Managing Credit Programmes ·Loan Types ·Calculating Interest	·Presentation TBF Management and Evaluation System ·Programme Sources, Cost Effectiveness
Saturday, May 27	·Loan Disbursement ·Loan collection/follow-up ·Problem Loans ·Portfolio Monitoring and Management	·Financial Management SE ·Working Capital Management ·Break Even Analysis, Sales price, Fixed and Variable Costs, Financial Costs
Sunday, May 28
Monday, May 29	·Financial Analysis and Profitability, working capital management, SWOT	·Loan Appraisal/Approval ·Video Loan Appraisal ·Case-Studies
Tuesday, May 30	·Field Visits	·Field Visits
Wednesday, May 31	·Grey Areas, Case Studies	·Evaluation/Concluding Session

Financial Resources Management

Training conducted in Kazakhstan for the International Academy of Business / Almaty School of Management (2002).

#	Subject	Study materials, Author, Page number
I	Introduction into Financial Resources Management
I.1	What is the financial system? - Company financing - Fin department and tasks - Fin system – functional perspective - Financial intermediaries, money and capital markets - Jobs in finance	Handout ‘Financial System’, and Merton, p 21 – 36, 50 - 56 or Brigham p 109 – 127
I.2	Introduction financing instruments – money, capital and financial market instruments	Handout ‘Financial Products’, and Myers p 383 – 401
I.3	The shareholder’s report Financial ratio analysis, ROE and ROI	Handouts ‘Financial Ratios’, ‘Identify Industries’, ‘Dupont’ and Brigham p 69 – 95 or Myers p 820 – 836 or Merton p 63 – 82
I.4	Debt / Equity (leverage), Long-term / Short-term financing	Handout ‘Financing Mix’
II	Working capital management and short-term financial planning
II.1	Short-term financial planning and working capital management	Handout ‘Cash flow case’ and Myers p 855 – 874, or Brigham p 613 – 625
II.2	Cash, inventory and receivables management	Myers p 899 – 904, or Brigham p 626 – 647, 656 – 658 Suggested: Merton p 89 – 90
II.3	Credit management and short-term financing instruments	Myers p 879 – 893, 917 – 935, or Brigham p 661 – 684, 691 – 696
III	Capital budgeting / investment planning
III.1	Effective and real interest - Interest types - Loan types - Compounding / discounting	Handout ‘Interest calculations’, and Brigham p 127 – 133
III.2	The time-value of money	Brigham p 205 – 241, or Myers p 15 – 25, 35 – 53, or Merton p 101 – 137 Suggested: Merton p 143 – 160
III.3	The long-term investment decision - Net cash flow – Investment decisions based on NPV / IRR, how to do it in practice - NPV and inflation - NPV and exchange rates (interest equalisation) - Expansion and replacement projects - Projects with different lives - Uncertainty in investment decisions	Handout ‘NPV / IRR’, and Brigham p 387 – 414, 423 – 442, or Myers p 93 – 108, 121 – 142, or Merton p 165 - 185
III.4	Long-term financial and investment planning	Handout ‘Investment case’
III.5	Risk assessment through sensitivity and scenario analysis	Brigham p 459 – 466, or Myers p 259 – 267
IV	Long-term financial structure
IV.1	Risk and return (CAPM) - CAPM / CML - Beta as risk measurement - SML - Market efficiency	Handout ‘Risk and return’ and Brigham p 155 – 191, 199 - 200 or Myers p 153 – 180
IV.2	The value of stocks and bonds	Handout ‘Stock valuation’ Handout ‘Bond valuation’
IV.3	The long-term financial structure and the cost of capital (WACC)	Handout ‘Cost of capital’ Brigham p 351 – 378 or Myers p 221 – 249, 541 – 572
IV.4	Capital structure and financial leverage - Leverage - Capital structure - Debt policy - Issuing stocks and bonds	Handout ‘Capital structure’ Brigham p 491 – 526, or Myers 473 – 491, 499 – 530
IV.5	Dividend policy	Brigham p 541 – 574, or Myers p 439 – 464
IV.6	Mergers and take-overs	Suggested: Myers p 940 – 970, 976 – 985, or Brigham p 801 – 834, or Merton p 443 – 454h
IV.7	Financial forecasting and planning	Suggested: Brigham p 583 – 602, or Merton p 82 – 91

Management of Investment Portfolios

Training conducted in Kazakhstan for the International Academy of Business / Almaty School of Management (2002), and also at ABN-Amro Bank for staff of regional offices (1987 / 1989).

#	Subject	Study materials, Author, Page number
I	Basics investment theory
I.1	Capital market and capital market instruments - Stock and bond markets - Stock and bond trading - Capital market participants (traders, investment bankers, corporations)	Handout ‘Capital Market Instruments’, and Haugan chapter 2 Suggested: Myers p 383 – 401, 405 – 416
I.2	Statistics for investors - Probability distributions, standard normal distribution - Regression, correlation - Statistics applied to investment theory - Portfolios of investments	Handout ‘Statistics for Investors’, and Hanke Reitsch chapters 2, 5, 6, and Haugan chapter 4 Suggested: Haugan chapter 6
II	The capital market and tradable securities
II.1	Asset valuation and market efficiency	Merton p 193 – 211
II.2	Equity securities (stocks) and pricing - Types of stock and dividends - Trading conventions and price quotations in the newspaper - P / E - Pricing and risk - dividend discounting - Correcting stock price for dividends, splits etc	Handouts ‘Stock valuation’, and Brigham p 307 – 341, or Myers 61 – 84, or Merton p 234 - 242
II.3	Debt securities (bonds) and pricing - Types of bonds - Trading conventions and price quotations in the newspaper - Pricing and risk. Bond rating - The yield curve, term structure, duration - Bond management and immunisation	Handout ‘Bond valuation’, and Brigham p 127 – 145, 255 – 287, or Myers p 709 – 722, 669 -701, or Merton p 215 - 231
II.4	Derivative securities: options, warrants and futures - Principles of options, futures, warrants, convertibles - Trading conventions and price quotations in the newspaper - Option strategies - Pricing (Black and Scholes)	Handout ‘Derivatives’ Brigham p 735 - 763, 767 - 793 or Myers p 583 – 609, 645 – 660, or Merton p 383 – 413
II.5	Hedging risks through forward contracts, futures and SWAPS - Interest rate parity, purchasing power parity, and forward prices - Hedging strategies – examples	Handout ‘Hedging examples’ Myers p 760 – 781, 790 – 811, or Merton p 284 – 306, 360 – 379
III	The efficient (optimum) portfolio, consisting of a mix of securities
III.1	Are capital markets efficient?	Handout ‘Market efficiency’ Myers p 351 – 377
III.2	The Markowitz portfolio investment model and asset allocation - Risk reduction through diversification over assets, countries, sectors, individual values - Portfolio diversification and ‘optimum’ portfolios - Combining the ‘optimum’ portfolio with the risk free asset - Life cycle, risk tolerance and time horizon - Examples	Handout ‘Asset Allocation and Portfolio Strategies’, and Haugan chapter 5, excluding annexes, and Haugan chapter 7 p 176 – 184 Suggested: Merton p 318 – 339, or Myers p 187 – 203
III.3	Why risk and return go hand in hand. - The Capital Asset Pricing Model, CML, Beta and the SML - The trade-off between risk and return - CAPM to estimate risk and return - CAPM to spot undervalued assets	Handout ‘CAPM’, and Haugan chapter 8, or Brigham p 155 – 191, 199 – 200, or Myers p 153 – 180 Suggested: Merton p 255 – 280 and 343 – 356
III.4	Performance measurement – ex-post evaluation of asset allocation decisions: - Jensen ratio - Treyner ratio - Sharpe ratio	Handout ‘Performance measurement’
III.5	Mutual investment funds - Description, types, operations - Open and closed-end	Handout ‘Investing in mutual funds’
IV	Assignment
IV.1	Distribution of assignments

Financial Management for Non-financial Managers

Training twice-yearly conducted for NGOs, project staff, donor agencies in the Netherlands and abroad (2002 - 2012).

Day, Session, Contents
Monday
A	Introduction and programme framework. Understanding financial management in an organisational perspective
B	Case introduction, Logframe, financial sustainability
C	Understanding financial statements
D	Financial performance indicators, liquidity, solvency, risk, cost effectiveness and efficiency
Tuesday
A	Recap, analyse financial statements of well-known NGOs (Oxfam, Care, etc)
B	Introduction to cost accounting
C	Introduction to accounting systems and main steps in accountancy
D	Economic analysis of Development intervention
Wednesday
A	Overview of resource allocation and budgeting
B	Analysing a budget
C	Introduction to Planbud as a financial management tool
D	The Planbud software package / Planbud exercise
Thursday
A	Liquidity plan
B	Financial reporting
C	Budget control
D	Auditing and control
Friday
A	Financial alternatives for own organisation
B	Preparing for presentations
C	Presentations
D	Evaluation and closing

EC contractual and financial procedures

Bert is involved in training of national governments in EU/EDF/Budget contractual and financial procedures (Djibouti 2004, Congo Brazzaville, Chad, Burundi, Brussels, Cameroun, and Mozambique 2005, Guinea Bissau, Cape Verde and Gabon 2006, Algeria, Morocco, Jordan, Senegal, Egypt, Mozambique 2007, Guinea Conakry, Kenya, Jordan, Syria, Algeria, Egypt and Paris 2008, Chad and Brussels 2009, Paris, Madrid, Brussels, DPR Korea and Curacao, 2010, Algeria 2011, Paris, Pakistan, 2012, Algeria and Chad, 2013, Jamaica 2014).