FIN 510
Financial Management & Accounting Principles
IAU Barcelona · Fall 2026 · Marc Bara
Income Statement
Is this business making money?
1 Feb 2024 – 31 Jan 2025
€ millions
Balance Sheet
What does it own and owe, right now?
As of 31 January 2025
€ millions
Cash Flow Statement
Where is the cash actually going?
1 Feb 2024 – 31 Jan 2025
€ millions
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Session 1 · Key Terms
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Which statement do you open first?
Six situations. One correct answer each.
Session 1 · Resources
Primary sources and reference material for this session.
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Primary Source
Inditex Investor Relations
Where the FY2024 results PDF comes from. Annual reports, earnings presentations, and quarterly data — all public and free.
inditex.com/en/investors
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Session 2 Preparation
H&M Group Investor Relations
Download the H&M Group Annual Report 2025 here. Used in Session 2 for ratio analysis and benchmarking against Inditex.
hmgroup.com/investors
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Background Reading
WeWork files for bankruptcy (CNBC)
How a company once valued at $47 billion filed for Chapter 11 with $18.6 billion in debt. The numbers that should have raised questions were always public.
cnbc.com · November 2023
All investor relations documents are publicly available and free to access without subscription.
Session 2 · The Four Families
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Is that number a problem?
Seven readings. The calculation is done for you, so the question is what it means.
Session 2 · Resources
Where the figures came from, and where yours will come from.
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Case Company
Inditex Investor Relations
Annual reports and results presentations. Every figure used in class comes from here, and it costs nothing to access.
inditex.com/en/investors
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Case Company
H&M Group Investor Relations
The other half of every comparison in this session. Worth seeing how differently two companies in the same industry lay out the same information.
hmgroup.com/investors
Your project company's annual report is provided in the course materials, so there is nothing for you to download or search for.
Session 3 · NPV Lab
Move money across time at a chosen annual return, in either direction.
The annual return you require for waiting. The higher it is, the less a future amount is worth today.
Cash flows in euros. Enter payments as negative amounts.
Session 3 · Time Value of Money
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What does the number mean?
Seven situations. The Lab does the arithmetic, so the question here is what to make of the answer.
Session 3 · Resources
The reading for next session, the case you heard in class, and two places to go further.
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Reading for Session 4
A Refresher on Net Present Value
Amy Gallo, Harvard Business Review, 2014. Read it after finishing the Session 3 exercises, and come with answers to three questions: what NPV compares, where the discount rate comes from, and whether a correct calculation can still lead to a bad decision.
hbr.org · November 2014
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The case
Benjamin Franklin's 200-year experiment
The Franklin Institute's own account of the £2,000 bequest, the loans to young tradespeople, and the two centuries of instructions. Worth reading to see how far the real funds fell short of the plan, and why.
fi.edu
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Background
Life below zero: negative interest rates
The European Central Bank speech from September 2014 that explains why it began charging banks to hold deposits, the source of the €100 million at −0.20% example.
ecb.europa.eu · September 2014
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Optional, free
Time Value of Money basics
An open textbook chapter with more worked examples of future value and present value, for anyone who wants extra practice beyond the Lab. Nothing in it is required.
openstax.org
The HBR article is the one piece to read before Session 4. Everything else here is optional.