FSA
Financial Statement Analysis

English

Intermediate

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Course Overview

This Financial Statement Analysis (FSA) programme is designed to develop participants’ ability to interpret financial statements, assess the quality of reported performance, identify financial and operational risks, and connect financial results to business strategy and decision-making.

The programme adopts an analyst’s and executive’s perspective, teaching participants how to read annual reports c

Qassim A.

Senior Specialist - Program Enrollment

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Key Takeaways

Interpret Financial Statements in Context: Understand how income statements, balance sheets, and cash flow statements reflect underlying business models, performance drivers, and financial risk.

Assess Earnings Quality and Performance Sustainability: Distinguish between recurring and non-recurring results, evaluate EBITDA critically, and identify whether reported profits are sustainable.

Evaluate Liquidity, Working Capital, and Financial Stability: Analyze balance sheet structure, working capital dynamics, and liquidity indicators to assess short-term and structural financial risk.

Analyze Cash Flow and Cash-Based Risk Signals: Interpret cash flow statements, assess free cash flow generation, and identify warning signs where profits are not supported by cash.

Integrate Financial Analysis with Strategy and Risk: Use ratios, DuPont analysis, and strategic frameworks to connect financial results with competitive position, risk exposure, and long-term viability.

Babson College

Founded in 1919, Babson College is the top-ranked college for entrepreneurship education. We believe that entrepreneurship is the most positive force on the planet for generating sustainable economic and social value, and Babson is a dynamic living and learning laboratory where more than 3,000 students from over 70 countries work together with faculty and staff to address the problems of business and society. In our collaborative community, students gain the fundamental business skills and liberal arts knowledge necessary to cultivate an entrepreneurial mindset. They then use that mindset to put what they learn into practice, making an impact on campus and around the world.

Course Outline

Day 1: Business Context, Accounting Foundations & Annual Report Orientation

Business models, value creation, and key performance drivers

Management commentary, governance, and internal control disclosures

Accounting foundations:

Basis of preparation
Management vs financial vs tax accounting
IFRS conceptual framework

Financial statements overview

Income statement, balance sheet, cash flow statement
Profit vs cash and statement linkages

Annual report navigation

Mandatory vs discretionary disclosures
Risk disclosures
Auditor’s report and its limitations

Case & Application

Facilitated discussion or activity examining the role of audit, assurance, and reliability of published financial information
Guided practical activity focused on navigating annual reports and identifying relevant financial, risk, and governance disclosures

Day 2: Income Statement Analysis – Performance, EBITDA & Earnings Quality

Income statement interpretation and analytical meaning

Accounting profit vs economic performance

Other comprehensive income and non-operating items

EBITDA:

Purpose and usefulness
Limitations and common misinterpretations

Earnings quality

Recurring vs non-recurring performance
Normalisation and analyst adjustments
Sustainability of profits

Case & Application

Applied analytical exercise focused on interpreting income statement structure, performance drivers, and key profitability components
Practical discussion or case-based activity assessing earnings quality, sustainability, and normalisation considerations

Day 3: Balance Sheet & Working Capital Analysis – Position, Liquidity & Risk

Balance sheet as a risk and stability tool

Asset quality and classification risk

Liability structure, leverage, and maturity profiles

Working capital analysis:

Operating cycle and cash conversion cycle
Peer comparison and performance levers

Receivables management:

Credit policies
Factoring and invoice discounting

Negative working capital:

Interpretation
Conditions for sustainability

Case & Application

Applied exercise analysing working capital dynamics, liquidity position, and operating risk indicators
Facilitated discussion / scenario-based activity examining liquidity risk, credit exposure, and sustainability of funding structures

Day 4: Cash Flow Analysis – Cash Reality, Free Cash Flow & Warning Signals

Cash flow statement structure and interpretation

Bridging profit to cash:

Non-cash items
Working capital movements

Free cash flow

Meaning and analytical importance

Cash-based risk signals:

Profits not supported by cash
Funding dependence
Early distress indicators

Case & Application

Practical exercise focused on analysing cash flow information and bridging profit to cash generation
Case-based or scenario-driven activity identifying cash-based risk signals, funding dependence, and early warning indicators

Day 5: Integrated Analysis – Ratios, Strategy, Failure Patterns

Ratio analysis discipline:

Common-size statements
Key ratio categories and interpretation

DuPont analysis:

ROE decomposition
Performance drivers
Red flags and limitations

Strategy frameworks:

PESTEL
Porter’s Five Forces
Value chain analysis
Benchmarking

Failure patterns:

Liquidity vs insolvency
Analyst oversights
Restructuring vs liquidation decisions

Case & Application

Integrated analysis exercise requiring participants to assess financial performance, risk, and strategic positioning using annual report information
Group-based synthesis activity culminating in evidence-based conclusions and recommendations

Who Should Attend?

This highly practical and interactive course has been specifically designed for

This course has been specifically designed for the benefit of:

→ Finance professionals and financial controllers

→ Analysts (equity, credit, investment, risk)

→ Strategy, corporate development, and planning teams

→ Senior managers and decision-makers who rely on financial information

→ Professionals involved in performance assessment, lending, or investment decisions

FAQ

What language will the course be taught in and what level of English do I need to take part in a LEORON training program?

Most LEORON courses are delivered in English. However, there are some courses offered in Arabic, mainly online. For our in-house courses, sessions can be curated and delivered in any language upon request. In general, the best way to confirm language availability is to check with our Enrollment Managers for the most up-to-date information. Simply click on “Let’s talk on WhatsApp” to chat with us directly.

What formats are the courses offered in?

LEORON delivers training in various formats including face-to-face, live virtual sessions, self-paced learning, in-house delivery as well as online courses.

Are LEORON Public courses certified by an official body/organization?

Yes, most LEORON public courses are accredited by internationally recognized bodies such as CIPD, ATD, PMI, EdEx, and many others—depending on the course.

Who accredits LEORON’s training programs?

LEORON partners with over 20 international bodies such as PMI, CIPD, ATD, EdEx, NASBA, CISI, GARP, HRCI, SHRM, ACCA, ASQ, IIA, ILM, IAC, and others

Are CPD points or PDUs provided?

Yes, learners can earn CPD credits and professional development units (PDUs) including NASBA CPEs, PMI PDUs, CISI, GARP, HRCI, SHRM, and more.

How can I register for a course?

You can register through our website by filling in the inquiry form, or by speaking directly with one of our consultants via WhatsApp or email. Once we confirm your interest, we’ll guide you through the steps.

When is the registration deadline for public courses?

Registration typically closes 14 days before the course start date, with occasional late registrations accepted upon confirmation

What is included in the course fee?

The fee generally covers 5-star venue facilities, training materials, certified instruction, lunches and refreshments, plus certification and membership where applicabl0065

Are there group rates or discounts?

Yes, group bookings and corporate-level discounts are available. Learners are encouraged to reach out to discuss specific arrangements

What support is available with registration?

Enrollment Managers and a Registration Desk assist with the entire process, including deadlines, travel logistics, and course customization. As well as any other special requests you might have. Simply to go your preferred course and click on “Let’s chat on WhatsApp” to do so.

Can I request a bespoke course at my location or within my organization?

Yes, in-house training is fully customizable in terms of curriculum, language, delivery, and timing. You can suggest dates and locations. Simply to go your preferred course and click on “Let’s chat on WhatsApp” in order to address any questions or concerns in this regards.

What is the refund or cancellation policy?

Refund and cancellation policies vary depending on the course type and location. Generally, cancellations made at least 14 days before the course start date may be eligible for a full or partial refund, while cancellations made closer to the course date may incur a fee. For exact terms, please consult your Enrollment Manager or refer to the course confirmation email.

Can I register multiple employees from my company?

Yes. We support group registrations and offer corporate packages for organizations enrolling multiple participants. Our team can help coordinate the logistics for group bookings.

Who should attend these courses?

LEORON caters to a variety of professionals: from those seeking leadership development to project managers, HR specialists, finance professionals, cybersecurity, procurement, Ai enthusiasts and many others.

Do I need prior experience or academic qualifications?

Not always. Many specialized paths, like cybersecurity, accept learners without prior experience. However, some courses (e.g., PMI PDU-based ones) may have recommended prerequisites. Its always better to chat with one of our Enrollment Managers to discuss more. Simply to go your preferred course and click on “Let’s chat on WhatsApp” to do so.

Will I receive a certificate after completing the course?

Yes. Upon full attendance and successful completion, you will receive a certificate of participation or accreditation, depending on the course.

Are meals and refreshments included in face-to-face courses?

Yes. For in-person courses, lunch and coffee breaks are provided daily at the venue.

Can LEORON deliver a course in-house at our organization?

Absolutely. All programs can be delivered privately at your company or virtually for your team, customized to match your internal goals and structure.

Reviews

Review:
IAMM Internal Audit Maturity Model
In recognition of their dedication and contribution supporting IKEA Saudi Arabia in arranging training programs during 2017 & 2018, looking forward for more development and exciting effort this year. On behalf of IKEA Saudi Arabia, THANK YOU!
Dalal Kutbi
Country Learning & Development Manager at IKEA Saudi Arabia
Review:
Certified Professional in Quality and Patient Safety
Dating back to 2014, Mobily’s “LEORON” experience has grown from a single collaboration to a long-term partnership. We consider ‘’LEORON” Institute as a strategic partner, whose contribution has been nothing but premium in equipping our staff with field-based knowledge and information. Past three years have resulted with an expanded collaboration with superior customer service and support. Best Regards,
Turki S. Alsahaan
Dir L&D, Talent Management at Mobily, Etihad Etisalat Company
Review:
Certified Professional in Quality and Patient Safety
Since the partnership was signed between BAE Systems Saudi Development & Training and LEORON in 2017, we have been working together to offer the Saudi market a complete portfolio of training solutions benefiting from the wide and extensive experience of both parties. Recognizing the great success of this partnership, we are looking for further collaborations in the future that will position both companies as one of the leading training providers in Saudi Arabia. We thank the LEORON team for their full cooperation and continuing support, and look forward to further success together in the years to come.
Emad Alrajih
VP, Business Winning at BAE Systems Saudi Development & Training
Review:
Certified Professional in Quality and Patient Safety
We have been working with LEORON for the past two years and will be working with them again this upcoming year. The programs they delivered were fruitful and exciting and our organization has received positive feedback from the participants. What our organization aims to do is to provide at no cost training for all the private sector employees so that they may benefit from our offered programs in Innovation and Professional development. Leoron has helped us achieve this goal. We look forward to continuing this service and wish them the best of luck. Regards,
Nasser M. Al-Subaie
Sr. Program Officer, Enterprise Learning & Human Development at Kuwait Foundation for the Advancemen