Project - Investment Appraisals / CAPEX
Available Online
The first upcoming dates or use "All Dates"

English 08 & 09 May 2023 - NH Collection Brussels Centre BE - Brussels (Price: 1460 Euro )
Dutch 1 & 2 June 2023 - Pillows Grand Hotel Reylof BE - Ghent (Price: 1460 Euro )
Dutch 25 & 26 September 2023 - Agoria Bluepoint Antwerp BE - Antwerp (Price: 1460 Euro )
English 27 & 28 November 2023 - NH Collection Brussels Centre BE - Brussels (Price: 1460 Euro )
Ask us a question about this course or request In-Company information

PROGRAM OUTLINE for this 2 day course in English

How do managers make decisions on WHETHER, WHEN and HOW to invest and spend money on projects? What will be the profits and the creation of value?

11 basic principles you need to know about project appraisals (CAPEX)

  1. Project appraisals is the study and decision-making process on all types of projects (business cases and proposals) in the company to ensure its growth and profit.
  2. The techniques allow for the calculation of the net present value (NPV) created for the company by doing the project, the internal rate of return (IRR) and the payback of the project.
  3. All the above techniques must be considered together to make the most optimal decision.
  4. The technique allows to bring together the experts within the company and decide on projects. 
  5. It highlights the qualitative and quantitative benefits of each project and which projects should be implemented. 
  6. It demonstrates that the techniques are completely different from the standard budgeting techniques as it considers the time value of money.
  7. Each project must reach at least the cost of capital to be valuable.
  8. The cost of capital (WACC) and IRR are the benchmarks within the company to make financial and strategic decisions.  
  9. The risk associated with the project can be eliminated by adjusting the cost of capital.
  10. That project appraisals are the decision instrument for the CEO, CFO and management teams to decide, select and approve projects.
  11. That every manager or professional who participates in business decisions, must have the necessary knowledge to participate constructively in these crucial management decisions.    

The course and the learning outcome

Whether you are a manager evaluating/deciding on projects or you are in charge of developing project plans, the course teaches you the crucial role which a project appraisal plays in financial decision making and brings you the tools and techniques on how to analyse and forecast the economic viability of your project.

The 2 days are dedicated to develop the skills to evaluate, calculate the viability and decide on new projects, by learning:

  • The rationale behind project appraisals.
  • Understand the capital expenditure decision-making process.
  • Learn the business case for capital expenditure investments.
  • Get to grips with project management principles.
  • Capital budgeting techniques and the capital expenditure framework.
  • Learn techniques such as the Net Present Value (NPV), the internal rate of return (IRR) and Payback methods for managerial decision making.
  • Explore the capital investment decision model and the soft side of project decisions.
  • Use sensitivity and scenario analysis to build and decide on alternatives.
  • Decide on the discount factor by calculating the firm's cost of capital. 
  • Explore the complexity of international capital budgeting.
  • Evaluate methods of debt and/or equity financing and the impact on the capital structure.
  • Understand the importance of reviewing a capital expenditure investment after completion.


You will be equipped with a comprehensive approach on how to evaluate or calculate project outcomes.  You will have mastered the latest industry techniques available and feel comfortable defending your project plans to your peers.

Recommended background

This course is designed for all responsible for setting up new projects or the need to evaluate and approve these projects. You could be working for the banking sector, healthcare, retail, construction companies, project contractors, facilities management companies, government and public service offices, public service utilities, commercial banks, project investment funds, project insurance companies, engineering consultants, environmental consultants or development agencies

Course format (Residential and Online)

  • Besides the course materials provided on the day, all course resources are available online, including audio and video material from industry experts. 
  • Practice-based learning and critical engagement is a key theme through all our courses allowing delegates to acquire the needed skills and techniques to be applied as soon as they are learned and developed.



Day 1:


  Introduction to project appraisals:

  • Exploring the use of project appraisals in corporate finance
  • Defining a project, setting the boundaries.
  • Project feasibility and risk, the business case for Capital expenditure
  • Estimating the cost, revenues and intangible revenues
  • Appraising the project and introduction to the techniques available


  The strategic investment process:

  • The strategic investment process and procedures
  • Project preparation and the formulation of the case to directors
  • Project authorisation and presentation of the business case
  • Project implementation and carrying out a post implementation audit.


  Return on investment:

  • Defining the project returns on an investment
  • Explore the meaning of the time preference rate
  • Evaluate the effects of Inflation 
  • Determine the risk premium for the risk taken
  • Learn about the notion of "present value"
  • What is the "future value"
  • Calculate the "Net Present Value"


  Investment appraisal techniques:

  • The Payback method (period)
  • The Accounting rate of return (ARR)
  • The internal rate of return (IRR)
  • The net present value (NPV)
  • The advantages and disadvantages of using each method


  Practicing the techniques and Group case work:

  • Case 1: Building infrastructure projects
  • Case 2: New product development
  • Case 3: Usage of real versus nominal
  • Case 4: Multiple project evaluation


Day 2:


  Issues in investment appraisals:

  • Time Periods
  • Cash flows or accounting flows
  • Inflation
  • Relevant cash flows
  • International capital budgeting
  • Real options


  The cost of capital and the hurdle rate:

  • The project cost of capital
  • The cost of equity finance
  • The cost of debt finance
  • The weighted average cost of capital (WACC)
  • The hurdle rate


  Cross border investment appraisals:

  • International project appraisals
  • A step by step approach to assessing projects from a home or host country perspective


  Cross border case study:

  • International capital budgeting and the challenges it involves


  Capital rationing and project finance:

  • The capital rationing problem
  • Competing projects


Projects and the capital structure:

  • The choices in financing
  • Financing through debt and equity
  • The optimal financing mix
  • The optimal capital structure



All Course Dates



When: 08 & 09 May 2023

Where: NH Collection Brussels Centre Boulevard Adolphe Max. 7, 1000 BE - Brussels, Belgium
Project - Investment Appraisals / CAPEX in: English

Timing: From 09:00 till 17:00
Price: 1460 Euro  (VAT Exclusive)
Early booking discount: A 10%  discount will be applied if you register before or on 09/03/2023


When: 1 & 2 June 2023

Where: Pillows Grand Hotel Reylof Hoogstraat 36, 9000 BE - Ghent, Belgium
Investeringsanalyse / CAPEX in: Dutch

Timing: From 09:00 till 17:00
Price: 1460 Euro  (VAT Exclusive)
Early booking discount: A 10%  discount will be applied if you register before or on 02/04/2023


When: 25 & 26 September 2023

Where: Agoria Bluepoint Antwerp Filip Williotstraat 9, 2600 BE - Antwerp, Belgium
Investeringsanalyse / CAPEX in: Dutch

Timing: From 09:00 till 17:00
Price: 1460 Euro  (VAT Exclusive)
Early booking discount: A 10%  discount will be applied if you register before or on 27/07/2023


When: 27 & 28 November 2023

Where: NH Collection Brussels Centre Boulevard Adolphe Max. 7, 1000 BE - Brussels, Belgium
Project - Investment Appraisals / CAPEX in: Dutch

Timing: From 09:00 till 17:00
Price: 1460 Euro  (VAT Exclusive)
Early booking discount: A 10%  discount will be applied if you register before or on 28/09/2023

Participant feedback

  • This course provided me with a very complete framework for project appraisals. The lecturer combined both academic and professional skills which was a real added value. TB – Gemeentelijk Havenbedrijf Antwerpen
  • Complex financial theories adequately explained for both financial as non-financial people. OL -Matexi NV
  • The lecturer is a very driven and motivated person and he knows his curriculum very well. Egemin Automation NV
  • The course provided an effective bridge between economic and accounting theory and the practical business application. PD


Learn the way that suits you most!

Course Lecturers

Kris De Clercq, MBA

Kris has lectured finance to managers for more than 25 years in Europe and Eastern Europe. His teaching as an associate for a UK based global business school included “Issues in International Finance and Investments”,” Corporate Finance” and “Issues in IFRS”. His industry experience is over 20 years working for asset managers, investment banks, global custodians in the UK, Luxembourg and Belgium. He received a universities award for innovation in finance teaching and learning.  

Dr. Johannes Hofinger, MBA, FRM

Dr. Johannes Hofinger is specialized in Risk Management, Basel III, IFRS and regulatory reporting. His professional skills are reinforced by strong academic roots. He lectures for global business schools in corporate finance, managerial accounting and financial reporting. The main roles undertaken are lecturing, consulting and project management.  

Bruno Bosch, MBA

Bruno Bosch has over 25 years of experience in international financial management. He has held a number of CFO positions in US and Belgian based companies. He has large experience with M&A, international financial reporting, financing, private equity, financial engineering and international tax planning. He also lectured at MBA level in “Corporate Financial Strategy” and “Accounting” in Brussels, Paris, Zurich and The Hague for a triple accredited global business school for over 15 years. He is also author and co-author of several books on company valuation, investments and tax management  

Not convinced yet? Register to one of our "Free Online Open Event".
If none listed, request a seminar or personal talk

Books we studied for you

Investment Appraisal: Methods and Models - Uwe Götze (auteur), Deryl Northcott (auteur), Peter Schuster (auteur)
Investment Appraisal: Methods and Models - Uwe Götze (auteur), Deryl Northcott (auteur), Peter Schuster (auteur)

This book provides an introduction to investment appraisal and presents a range of methods and models, some of which are not widely known, or at least not well covered by other textbooks. Each approach is thoroughly described, evaluated and illustrated using examples, with its assumptions and limitations analyzed in terms of their implications for investment decision-making practice. Investment decisions are of vital importance to all companies.  

Practical Techniques for Effective Project Investment Appraisal- Ralph Tiffin
Practical Techniques for Effective Project Investment Appraisal- Ralph Tiffin

Spending money on projects automatically necessitates an effective appraisal system – a way of telling if the correct decisions on investment have been made. Has your company got such a system? You may already carry out some form of discounted cash flow or DCF appraisal. However, are there other measures you could be using? And do you use best practice in approaching and executing appraisals?  

Investment Appraisal - Ken Langdon
Investment Appraisal - Ken Langdon

Covers the key areas of return on investment, from cost benefitanalysis and risk analysis to accounting techniques and thebalanced scorecard Examples and lessons from some of the world's most successfulbusinesses, including oil and telecommunications giants, and ideasfrom the smartest thinkers, including Mack Hanan and WarrenBuffet  

Companies who attended our courses


AG Insurance
Allianz Benelux
Argenta NV
AXA Belgium
Baloise Insurance
Banca Monte Paschi Belgio S.A.
Bank De Groof
Banking Association (Kosovo)
Belfius Investment Partners
BNP Paribas Fortis
Bpost Bank
Buy Way
CBC Bank
Celio Finance SPRL
Delen Private Bank
Delta Lloyd Life
Deutsche Bank AG
DKV Belgium
Ethias SA
Euler Hermes Services
Euroclear Bank SA/NV
Euroclear Investments
Europ Assistance
European Investment Bank - EIB (Luxembourg)
European Union - EDFIMC / ElectriFI
Flanders Investment & Trade
Gras Savoye Belgium
Incofin Investment Management
ING Bank België
KBC Bank
Ministry of European Integration (Kosovo)
National Bank of Belgium
NN Insurance Belgium
Record Bank
Société Générale Private Banking
The Royal Bank of Scotland (RBS)
Triodos Bank
VGD International -Audit & Tax
Wolters Kluwer Financial Services
Zurich Insurance plc, Belgium branch
Vanbreda International
Afton Chemical SPRL
Air Liquide
Allnex Belgium SA/NV
ANL Plastics
Arcelor Mittal ( Belgium & Luxembourg)
Axalta Coating Systems 
BASF Antwerpen
BASF Belgium Coordination Center
Beaulieu International Group
Borealis Polymers NV
Bridgestone Europe SA
CNH Industrial Belgium NV
Cofely Fabricom
Cytec Belgium
DOMO Chemicals (Germany)
Dow Corning
Electrolux Appliances AB - EMA- EMEA (SEE)
Engineered Pressure Systems International
European Owens Corning Fiberglas
Fost Plus
GDF Suez
Griffith Foods
Hamon & Cie
Heraeus Electro-Nite International NV
Jacobs Belgium
Milliken Europe
Niko Group
NXP Semiconductors - Prodis  (Netherlands)
SPX Cooling Technologies
Synventive Molding Solutions (Germany)
Vinçotte International
VPK Packaging Group NV
Yara Belgium NV
Antwerp World Diamond Centre
AVEVE Biochem NV
Carrefour Belgium
Delhaize Corporate Group
Abbott Logistics B.V. (Netherlands)
AbbVie (Canada)
Agfa HealthCare NV
AZ Sint-Blasius
Baxter International (Austria)
Catalent Pharma Solutions
CinnaGen (Tehran)
Datwyler Pharma Packaging International
Groep OZ ESV
Landelijke Christelijke mutualiteit (LCM)
Mutualités Libres: MLOZ
Novartis Pharma
SA Bristol- Myers Squibb Belgium NV
Stryker (Netherlands)
Terumo BCT Europe NV
Zorgbedrijf Antwerpen
AW Europe
Belgian Nuclear Research Centre (SCK-CEN)
Corelio Printing
De Persgroep Publishing nv
EDF Luminus
Elia System Operator
Engie Electrabel NV/SA
Eni Gas & power
Fluxys Belgium
Itineris NV
Agentschap Innoveren en Ondernemen
Europees Parlement
Ministry of European Integration
National Agency for Protection of Personal Data
Nationale Loterij
SD Diensten NV (SD Worx)
SESAR Joint Undertaking
Stad Antwerpen
Stadsbestuur Harelbeke
Syntra Brussel
UGent - FBW
Vrije Universiteit Brussel (VUB)
Acturus sprl
ARC Europe
BIA Africa
Bia Overseas
Brooser BE Operations 
Cipal Schaubroeck
Computer Task Group
Deloitte Accountancy
Egemin International
Enhesa International
FIS (former Clear2Pay)
Interel Group
K&L Gates
Matexi NV
Pricewaterhouse Coopers
PwC Tax Consultants
Vinçotte International sa
Alstom Belgium
ARC Europe 
Brussels Airport Company
De Lijn
D'Ieteren Auto
Gemeentelijk Havenbedrijf Antwerpen
Globachem nv
GSC Greensea Chartering 
HONDA Motor Logistics
Neovia Logistics
PSA Antwerp nv
Retail & Wholesale
Seatrade Reefer Chartering
Thalys International
Trimble T&L
Volkswagen Group Services
Wallenius Wilhelmsen Logistics Zeebrugge NV
Witzenmann Benelux nv

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