talam corporation berhad - final copy
TRANSCRIPT
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10 YEAR FINANCIAL SUMMARY 2001 2002 2003 2004 2005
Revenue (Net sales) 567,373.00 772,529.00 897,003.00 911,985.00 1,006,032.00 5
Cost of Sales (462,655.00) (660,378.00) (768,493.00) (738,878.00) (739,457.00) (7
Gross profit 104,718.00 112,151.00 128,510.00 173,107.00 266,575.00 -1
Net income -7,451.00 2,606.00 -2,234.00 3,303.00 8,376.00
Other Income 6,780.00 7,710.00 5,800.00 17,302.00 36,188.00
Inventories 27,529.00 32,792.00 29,612.00 131,748.00 80,163.00
Selling, administrative and other operatingexpenses
(43,310.00) (67,701.00) (78,071.00) (113,290.00) (157,529.00) (5
Return on equity (profit aft tax over total equity) 6% 4% 6% 5% 8%
Gross Profit over Revenue 18% 15% 14% 19% 26%
Assets Turnover (Revenue over total Assets) 0.3618390 0.4926761 0.5720588 0.5816134 0.6415914
Tax Effects (Profit after tax over Profit before tax) -0.1625862 0.0537353 -0.0398225 0.0443940 0.0602061 -
Operating profit to net sales ratio 12.02% 6.75% 6.27% 8.46% 14.44%
Inventory turnover within "days"(Inventory/Revenue * 365 days)
18 15 12 53 29
Debt to total assets ratio 23.0% 34.4% 40.0% 15.0% 22.3%
Stockholders' equity to total assets ratio 33.13% 18.60% 19.85% 23.11% 27.30%
Amounts in RM millions unles
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PROFITABILITY RATIOS 2001 2002 2003 2004 2005
Return on Sale : (Profit before tax & Interest /Revenue)
9% 6% 7% 8% 13%
Revenue 567,373.00 772,529.00 897,003.00 911,985.00 1,006,032.00 5
Oerating Expenses (43,310.00) (67,701.00) (78,071.00) (113,290.00) (157,529.00) (5
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2001 2002 2003 2004 2005
Pro ert develo ment 486,074.00 941,736.00 989,982.00 1,991,534.00 1,964,123.00 1,20Inventories 27,529.00 32,792.00 29,612.00 131,748.00 80,163.00 7Trade receivables 173,820.00 258,402.00 227,249.00 297,154.00 80,516.00 1Other receivables 113,639.00 99,897.00 101,536.00 254,386.00 196,713.00 2Bank balances and deposits 28,764.00 373,092.00 198,771.00 310,456.00 112,615.00 7Asset Classified as Held for Sale 0.00 0.00 0.00 0.00 0.00 Due from associated com anies 13,829.00 12,254.00 13,263.00 0.00 0.00 Due from subsidaries 0.00 0.00 0.00 0.00 0.00 Due from customers for construction 323.00 323.00 244.00 0.00 0.00
Total current assets 843,978.00 1,718,496.00 1,560,657.00 2,985,278.00 2,434,130.00 1,69Non-current assets:
PROPERTY, PLANT AND EQUIPMENT 231,110.00 223,162.00 287,439.00 275,225.00 252,852.00 2Goodwill 7,587.00 6,981.00 6,375.00 3,178.00 819.00 Other investments 0.00 0.00 0.00 76,332.00 76,332.00 7Investment ro erties 283,530.00 245,062.00 99,771.00 168,303.00 162,454.00 1Pre aid land lease remiums 0.00 0.00 0.00 0.00 0.00
Land held for development 162,931.00 518,925.00 576,105.00 758,540.00 971,596.00 1,0Sinking Funds held by trustee 8,660.00 156,630.00 295,378.00 70,569.00 21,833.00 Amount Owed B Jointl controlled entit 0.00 0.00 0.00 0.00 0.00 Interest in Jointl Controlled entities 0.00 0.00 0.00 0.00 0.00 ASSOCIATED COMPANIES 29,898.00 37,159.00 65,706.00 0.00 0.00 Subsidiaries 332.00 332.00 0.00 0.00 0.00 Deferred tax assets 0.00 0.00 0.00 10,245.00 5,801.00 Lon term receifables 0.00 0.00 0.00 0.00 0.00 Loan and financin receivables 0.00 0.00 5,768.00 4,647.00 0.00
Total non-current assets 724,048.00 1,188,251.00 1,336,542.00 1,367,039.00 1,491,687.00 1,53
Total assets 1,568,026.00 2,906,747.00 2,897,199.00 4,352,317.00 3,925,817.00 3,23
EQUITY AND LIABILITIES
Current liabilities:Trade payables 222,818.00 266,289.00 166,499.00 631,007.00 349,055.00 1Other payables 128,695.00 320,336.00 389,774.00 746,033.00 512,065.00 9
Short term borrowin 300,718.00 233,152.00 222,120.00 411,181.00 325,950.00 7Taxation 81,091.00 65,609.00 72,212.00 179,302.00 214,808.00 1Provisions for Liabilities 0.00 0.00 11,172.00 73,926.00 99,930.00 13Due to associates 0.00 0.00 851.00 0.00 0.00 Deferred Pro ress Billin s 0.00 0.00 0.00 322,259.00 349,231.00 48Dividend a able 4,650.00 4,650.00 0.00 0.00 0.00 Due to customers for construction contracts 0.00 2,301.00 5,831.00 0.00 0.00
Total current liabilities 737,972.00 892,337.00 868,459.00 2,363,708.00 1,851,039.00 2,65
Liabilit com onent of irredeemable 0.00 0.00 0.00 3,850.00 1,020.00 Bonds 150,000.00 150,000.00 110,000.00 110,000.00 0.00 Other long term payables 62,259.00 518,159.00 381,405.00 231,173.00 302,012.00 7
Non-current liabilities:
ASSETS
Current assets:
CONSOLIDATED BALANCE SHEETS Amounts in RM million unles
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Deferred taxation 2,348.00 4,403.00 3,950.00 11,263.00 11,593.00 Deferred Pro ress Billin s 0.00 0.00 0.00 372,965.00 137,599.00 Provisions for Liabilities 0.00 0.00 0.00 0.00 0.00 Amount Owed to JkiNtly ControlleD Entities 0.00 0.00 0.00 0.00 0.00
Lon term borrowin 60,013.00 767,753.00 936,272.00 242,114.00 548,364.00 1Convertible Securities 0.00 0.00 0.00 0.00 0.00
Total non-current liabilities 274,620.00 1,440,315.00 1,431,627.00 971,365.00 1,000,588.00 2
Total liabilities 1,012,592.00 2,332,652.00 2,300,086.00 3,335,073.00 2,851,627.00 2,89
E uit attributable to e uit holders of the com an :Share ca ital 215,300.00 215,300.00 215,300.00 600,290.00 619,868.00 6Treasury shares (9.00) (120.00) (23.00) 0.00Reserves 304,197.00 325,473.00 359,957.00 405,751.00 451,747.00 (3
519,497.00 540,764.00 575,137.00 1,006,018.00 1,071,615.00 3Irredeemable convertible unsecured loan stocks 0.00 0.00 0.00 0.00 0.00 Minority interests 35,937.00 33,331.00 21,976.00 11,226.00 2,575.00
555,434.00 574,095.00 597,113.00 1,017,244.00 1,074,190.00 31,568,026.00 2,906,747.00 2,897,199.00 4,352,317.00 3,925,817.00 3,23
2001 2002 2003 2004 2005 830,054.00 2,014,410.00 2,028,740.00 1,988,609.00 2,074,778.00 5
35% 20% 21% 23% 27% 64.6% 80.2% 79.4% 76.6% 72.6%
Total to equity holders of the company
Total equityTotal liabilities and equity
FISCAL YEARSCapital Employed
Total Equity/ Total AssetsDebt to total assets ratio
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Pro ert develo mentInventoriesTrade receivablesOther receivablesBank balances and depositsAsset Classified as Held for SaleDue from associated com aniesDue from subsidariesDue from customers for construction
Total current assetsNon-current assets:
PROPERTY, PLANT AND EQUIPMENTGoodwillOther investmentsInvestment ro ertiesPre aid land lease remiums
Land held for developmentSinking Funds held by trusteeAmount Owed B Jointl controlled entitInterest in Jointl Controlled entitiesASSOCIATED COMPANIESSubsidiariesDeferred tax assetsLon term receifablesLoan and financin receivables
Total non-current assets
Total assets
EQUITY AND LIABILITIES
Current liabilities:Trade payablesOther payables
Short term borrowinTaxationProvisions for LiabilitiesDue to associatesDeferred Pro ress Billin sDividend a ableDue to customers for construction contracts
Total current liabilities
Liabilit com onent of irredeemableBondsOther long term payables
Non-current liabilities:
ASSETS
Current assets:
CONSOLIDATED BALANCE SHEETS
2010
1,146,333.0066,539.00
217,308.00165,636.00
12,133.000.000.000.000.00
1,607,949.00
123,701.0026,822.00
0.00193,403.00
9,735.00
1,214,598.004,198.00
187.0010,962.0026,124.00
0.000.00
10,060.000.00
1,619,790.00
3,227,739.00
457,262.00823,562.00
312,869.00192,733.0011,301.00
0.000.000.000.00
1,797,727.00
0.000.00
78,009.00
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Deferred taxationDeferred Pro ress Billin sProvisions for LiabilitiesAmount Owed to JkiNtly ControlleD Entities
Lon term borrowinConvertible Securities
Total non-current liabilities
Total liabilities
E uit attributable to e uit holders of the com aShare ca italTreasury sharesReserves
Irredeemable convertible unsecured loan stocksMinority interests
Total to equity holders of the company
Total equityTotal liabilities and equity
FISCAL YEARSCapital Employed
Total Equity/ Total AssetsDebt to total assets ratio
37,765.000.00
43,614.0048,756.00
218,866.00390,186.00817,196.00
2,614,923.00
477,757.00(493.00)
131,317.00608,581.00
0.004,235.00
612,816.003,227,739.00
20101,430,012.00
19%81.0%
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Pro ert develo mentInventoriesTrade receivablesOther receivablesBank balances and depositsAsset Classified as Held for SaleDue from associated com aniesDue from subsidariesDue from customers for construction
Total current assetsNon-current assets:
PROPERTY, PLANT AND EQUIPMENTGoodwillOther investmentsInvestment ro ertiesPre aid land lease remiums
Land held for developmentSinking Funds held by trusteeAmount Owed B Jointl controlled entitInterest in Jointl Controlled entitiesASSOCIATED COMPANIESSubsidiariesDeferred tax assetsLon term receifablesLoan and financin receivables
Total non-current assets
Total assets
EQUITY AND LIABILITIES
Current liabilities:Trade payablesOther payables
Short term borrowinTaxationProvisions for LiabilitiesDue to associatesDeferred Pro ress Billin sDividend a ableDue to customers for construction contracts
Total current liabilities
Liabilit com onent of irredeemableBondsOther long term payables
Non-current liabilities:
ASSETS
Current assets:
CONSOLIDATED BALANCE SHEETS
2001 2002 2003 2004 2005 200
58% 55% 63% 67% 81% 73% 2% 2% 4% 3%
21% 15% 15% 10% 3% 13% 6% 7% 9% 8% 3% 22% 13% 10% 5% 0% 0% 0% 0% 0% 2% 1% 1% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
100% 100% 100% 100% 100% 10
32% 19% 22% 20% 17% 1% 1% 0% 0% 0% 0% 0% 0% 6% 5%
39% 21% 7% 12% 11% 0% 0% 0% 0% 0%
23% 44% 43% 55% 65% 71% 13% 22% 5% 1% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 4% 3% 5% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 1% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
100% 100% 100% 100% 100% 10
100% 100% 100% 100% 100% 10
30% 30% 19% 27% 19% 17% 36% 45% 32% 28% 3
41% 26% 26% 17% 18% 211% 7% 8% 8% 12% 0% 0% 1% 3% 5% 0% 0% 0% 0% 0% 0% 0% 0% 14% 19% 1% 1% 0% 0% 0% 0% 0% 1% 0% 0%
100% 100% 100% 100% 100% 10
0% 0% 0% 0% 0% 55% 10% 8% 11% 0% 23% 36% 27% 24% 30% 3
Vertical Percen
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Deferred taxationDeferred Pro ress Billin sProvisions for LiabilitiesAmount Owed to JkiNtly ControlleD Entities
Lon term borrowinConvertible Securities
Total non-current liabilities
Total liabilities
E uit attributable to e uit holders of the com aShare ca italTreasury sharesReserves
Irredeemable convertible unsecured loan stocksMinority interests
Total to equity holders of the company
Total equityTotal liabilities and equity
FISCAL YEARSCapital Employed
Total Equity/ Total AssetsDebt to total assets ratio
1% 0% 0% 1% 1% 0% 0% 0% 38% 14% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
22% 53% 65% 25% 55% 60% 0% 0% 0% 0%
100% 100% 100% 100% 100% 10
200% 200% 200% 200% 200% 200% 0% 0% 0% 0%
39% 38% 36% 59% 58% 180% 0% 0% 0% 0%
55% 57% 60% 40% 42% -994% 94% 96% 99% 100% 90% 0% 0% 0% 0% 6% 6% 4% 1% 0%
100% 100% 100% 100% 100% 10100% 100% 100% 100% 100% 10
2001 2002 2003 2004 2005 200Vertical Asset 50% 50% 50% 50% 50% 5
Vertical Liabili 131% 295% 283% 206% 168% 29Vertical Equit 18% 10% 10% 12% 14%
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Pro ert develo mentInventoriesTrade receivablesOther receivablesBank balances and depositsAsset Classified as Held for SaleDue from associated com aniesDue from subsidariesDue from customers for construction
Total current assetsNon-current assets:
PROPERTY, PLANT AND EQUIPMENTGoodwillOther investmentsInvestment ro ertiesPre aid land lease remiums
Land held for developmentSinking Funds held by trusteeAmount Owed B Jointl controlled entitInterest in Jointl Controlled entitiesASSOCIATED COMPANIESSubsidiariesDeferred tax assetsLon term receifablesLoan and financin receivables
Total non-current assets
Total assets
EQUITY AND LIABILITIES
Current liabilities:Trade payablesOther payables
Short term borrowinTaxationProvisions for LiabilitiesDue to associatesDeferred Pro ress Billin sDividend a ableDue to customers for construction contracts
Total current liabilities
Liabilit com onent of irredeemableBondsOther long term payables
Non-current liabilities:
ASSETS
Current assets:
CONSOLIDATED BALANCE SHEETS
2001 2002 2003 2004 2005 200
0% 94% 5% 101% 0% 0% 19% -10% 345% -39% 0% 49% -12% 31% -73% 0% 0% 2% 0% -23% 0% 1197% -47% 56% -64% -0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 104% -9% 91% -18% -
0% -3% 29% -4% -8% -0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% -14% 0% 0% 0% 0% 0% 0% 0% 0%
0% 218% 11% 32% 28% 0% 1709% 89% 0% 0% 0% 0% 0% 0% 0%
0% 24% 77% -100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% -10% 0% 0% 0% 0% 0% 0% 0% -19% -100% 0% 64% 12% 2% 9%
0% 85% 0% 50% -10% -
0% 20% -37% 279% -45% -0% 0% 22% 91% -31%
0% -22% -5% 0% -21% 10% -19% 10% 148% 20% -0% 0% 0% 0% 0%
0% 0%0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 21% -3% 172% -22%
0% 0% 0% 0% -74% -0% 0% 0% 0% 0% 0% 732% -26% -39% 31% -
Horizontal Percen
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Deferred taxationDeferred Pro ress Billin sProvisions for LiabilitiesAmount Owed to JkiNtly ControlleD Entities
Lon term borrowinConvertible Securities
Total non-current liabilities
Total liabilities
E uit attributable to e uit holders of the com aShare ca italTreasury sharesReserves
Irredeemable convertible unsecured loan stocksMinority interests
Total to equity holders of the company
Total equityTotal liabilities and equity
FISCAL YEARSCapital Employed
Total Equity/ Total AssetsDebt to total assets ratio
0% 88% -10% 185% 3% 0% 0% 0% 0% 0% -1
0% 1179% 22% -74% 126% -0% 0% 0% 0% 0% 0% 424% -1% -32% 3% -
0% 130% -1% 45% -14%
0%0% 0% 0% 179% 3% 0% 0% 0% 0% -100% 0% 7% 11% 13% 11% -10% 4% 6% 75% 7% -0% 0% 0% 0% 0% 0% -7% -34% -49% -77% 60% 3% 4% 70% 6% -0% 85% 0% 50% -10% -
2001 2002 2003 2004 2005 200Horizontal 0.00% 85.38% -0.33% 50.22% -9.80% -17.
Horizontal 0.00% 130.36% -1.40% 45.00% -14.50% 1.Horizontal 0.00% 3.36% 4.01% 70.36% 5.60% -68.
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2001 2002 2003 2004 2005 1.1436 1.9258 1.7970 1.2630 1.3150 1.1063 1.8891 1.7629 1.2072 1.2717
2001 2002 2003 2004 2005 567,373.00 772,529.00 897,003.00 911,985.00 1,006,032.00
1,568,026.00 2,906,747.00 2,897,199.00 4,352,317.00 3,925,817.00 3724,048.00 1,188,251.00 1,336,542.00 1,367,039.00 1,491,687.00 1,5
27,529.00 32,792.00 29,612.00 131,748.00 80,163.00 (462,655.00) (660,378.00) (768,493.00) (738,878.00) (739,457.00) (7
0.36 0.27 0.31 0.21 0.26 0.78 0.65 0.67 0.67 0.67 1.09 1.43 1.56 0.91 0.94 1.14 1.93 1.80 1.26 1.32
-16.81 -20.14 -25.95 -5.61 -9.22
ASSETS TURNOVER RATIOSSales Revenue (Net Sales)Total Asset
LIQUIDITY RATIOSCurrent Ratio: Current Assets / Current LiabilitiesQuick Ratio: (Current Assets inventories) /
Total Fixed AssetInventoriesCost of SalesAsset Turnover: Sales Revenues / Total AssetsFixed Asset Turnover : Sales Revenues / Total FEquity Turnover (Revenue / Shareholder'sWorking Capital (Current Ratio) (Current AssetInventory turnover (Cost of Sales / Inventory)
1.1436
1.92581.7970
1.2630 1.3150
0.6409 0.6425 0.6109 0.6279
0.8944
0.0000
0.5000
1.0000
1.5000
2.0000
2.5000
2001 2003 2005 2007 2009
Times
Fiscal Year
Current Ratio
Current Ratio: Current Assets /Current Liabilities
1.1063
1.8
0.0000
0.5000
1.0000
1.5000
2.0000
2.5000
2001 2002 20
Times
0.40
Asset Turnover
2.00
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.
0.27
0.31
0.21
0.26
0.19
0.070.08
0.100.08
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Times
Fiscal Year
Asset Turnover: SalesRevenues / Total Assets
1.0
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
.
2001 2
Times
-16.81
-20.14
-25.95
-5.61
-9.22-10.78
-1.02
-3.01-3.98
-2.18
-30.00
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Fiscal Year
Inventory turnover
Inventory turnover (Cost ofSales / Inventory)
0.00
0.50
1.00
1.50
2.00
2.50
2001
Times
0.90
Fixed Assets Turnover
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0.78
0.65
0.67 0.67 0.67
0.39
0.14 0.160.20
0
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Times
Fiscal Year
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ASSETS TURNOVER RATIOSSales Revenue (Net Sales)Total Asset
LIQUIDITY RATIOSCurrent Ratio: Current Assets / Current LiabilitiesQuick Ratio: (Current Assets inventories) /
Total Fixed AssetInventoriesCost of SalesAsset Turnover: Sales Revenues / Total AssetsFixed Asset Turnover : Sales Revenues / Total FEquity Turnover (Revenue / Shareholder'sWorking Capital (Current Ratio) (Current AssetInventory turnover (Cost of Sales / Inventory)
1.1436
1.92581.7970
1.26
0.0000
0.5000
1.0000
1.5000
2.0000
2.5000
2001 2003 2
Times
Fisc
Curren
0.40
Asset T
20100.89440.8574
2010253,714.00
3,227,739.001,619,790.00
66,539.00(145,257.00)
0.080.160.420.89
-2.18
io: (Current Assetsries) / Current
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0.36
0.27
0.31
0.21
0.26
0.19
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
2001 2002 2003 2004 2005 2006 200
Times
Fiscal Year
-16.81
-20.14
-25.95
-5.61
-9.22-10.78
-
-30.00
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
2001 2002 2003 2004 2005 2006 2007
Fiscal Year
Inventor
ity Turnovvenue /reholder's
0.63
9 201(Currentsset /Curr
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2001 2002 2003 2004 2005 1,012,592.00 2,332,652.00 2,300,086.00 3,335,073.00 2,851,627.00
555,434.00 574,095.00 597,113.00 1,017,244.00 1,074,190.00 1,568,026.00 2,906,747.00 2,897,199.00 4,352,317.00 3,925,817.00
0.6458 0.8025 0.7939 0.7663 0.7264 1.8231 4.0632 3.8520 3.2785 2.6547
FINANCIAL LEVERAGE RATIOS
Debt-to-Equity Ratio = Total Liabilities / Total Eq
Total EquityTotal Assets
Debt Ratio = Total Liabilities / Total Assets
Total Liabilities
0.6458
0.8025 0.7939 0.76630.7264
0.8939 0.8892 0.8885 0.87010.8101
0.0000
0.1000
0.2000
0.30000.4000
0.5000
0.6000
0.7000
0.8000
0.9000
1.0000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Millionsin%
Fiscal Year
Debt Ratio
Debt Ratio = Total Liabilities /Total Assets
1.823
0.0000
1.0000
2.0000
3.0000
4.0000
5.0000
6.0000
7.0000
8.0000
9.0000
10.0000
2001 2
Millio
nsin%
4.06323.85203.2785
2.6547
8.42188.02497.9720
6.7002
4.2671
2.0000
3.0000
4.0000
5.0000
6.0000
7.0000
8.0000
9.000010.0000
Times
Equity Multiplier
Debt-to-Equity Ratio = TotalLiabilities / Total Equity
81,091.00
65,62%
4%
6%
8%
10%
12%
14%
16%
18%
Ratios
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FISCAL YEAR 2001 2002 2003 2004 2005 Profit Margin: Net Income / Revenue -1% 0% 0% 0% 1% Asset Turnover: Sales Revenues / Assets 36% 27% 31% 21% 26% E uit Multi lier: Total (Assets / E uit ) 282% 506% 485% 428% 365% 9ROE: 0.060397815 0.040665743 0.061507621 0.049870041 0.077867975 -2.24ROE in Percentage -1% 0% 0% 0% 1%
.
0.0000
1.0000
.
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Fiscal Year
-1%
-4%
-2%
0%2001 2002 2003
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FINANCIAL LEVERAGE RATIOS
Debt-to-Equity Ratio = Total Liabilities / Total Eq
Total EquityTotal Assets
Debt Ratio = Total Liabilities / Total Assets
Total Liabilities
0.6458
0.8025 0.7939 0.766
0.0000
0.1000
0.2000
0.30000.4000
0.5000
0.6000
0.7000
0.8000
0.9000
1.0000
2001 2002 2003 2004 2
Millionsin%
Fiscal Year
Debt
4.06323.85203.2785
2.6547
8.42
2.0000
3.0000
4.0000
5.0000
6.0000
7.0000
8.0000
9.000010.0000
Times
Equit
20102,614,923.00
612,816.003,227,739.00
0.81014.2671
6.7002
4.2671
09 2010
,733.00
100,000.00
150,000.00
200,000.00
250,000.00
RE:
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FISCAL YEARProfit Margin: Net Income / RevenueAsset Turnover: Sales Revenues / AssetsE uit Multi lier: Total (Assets / E uit )ROE:ROE in Percentage
.
0.0000
1.0000
.
2001 2002 2003 2004 2005 2006 200
Fiscal Year
20104%8%
527%0.0147222
1%
0.00
, .
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2001 2002 2003 2004 2005 2006
567,373.00 772,529.00 897,003.00 911,985.00 1,006,032.00 599,81
(462,655.00) (660,378.00) (768,493.00) (738,878.00) (739,457.00) (796,113
Gross profit 104,718.00 112,151.00 128,510.00 173,107.00 266,575.00 (196,299
6,780.00 7,710.00 5,800.00 17,302.00 36,188.00 18,99
Gain/ (LosS) in Disposal of S5Bsidiaries 0.00 0.00 8,666.00 28,966.00 (921.00) 4,76Administrative and other operating expenses (24,670.00) (45,496.00) (86,737.00) (142,256.00) (156,608.00) (576,23
Provision / write-off of current assets 0.00 0.00 0.00 0.00 0.00
Other expenses (18,640.00) (22,205.00) 0.00 0.00 0.00
(43,310.00) (67,701.00) (78,071.00) (113,290.00) (157,529.00) (571,46
Operating profit 68,188.00 52,160.00 56,239.00 77,119.00 145,234.00 (748,768
Results arising from investing activities 0.00 0.00 0.00 0.00 0.00
Group restructuring costs 0.00 0.00 0.00 0.00 0.00
Non-operating losses, net 0.00 0.00 0.00 0.00 0.00
Finance cost (16,525.00) (9,065.00) (16.00) (10,265.00) (14,488.00) (31,52
Exceptional items 0.00 0.00 0.00 0.00 0.00
Share of results in jointly controlled entity 0.00 0.00 0.00 0.00 0.00 Share of results in associate companies 1,616.00 2,796.00 2,110.00 4,245.00 0.00
Gain on dilution of equity investment in associate 0.00 0.00 0.00 0.00 0.00
(14,909.00) (6,269.00) 2,094.00 (6,020.00) (14,488.00) (31,52
53,279.00 45,891.00 58,333.00 71,099.00 130,746.00 (780,29
Taxation - group/ company (18,997.00) (20,711.00) (20,778.00) (19,721.00) (47,101.00) 8,36
Taxation - associated company (735.00) (1,834.00) (828.00) (648.00) 0.00
Income tax (expense)/ Credit 0.00 0.00 0.00 0.00 0.00
Profit after taxation 33,547.00 23,346.00 36,727.00 50,730.00 83,645.00 (771,92
Profit before interest and taxation 45,828.00 48,497.00 56,099.00 74,402.00 139,122.00 (780,163
Attributable to:
Equity holders of the Company
Minority interests (7,451.00) 2,606.00 (2,234.00) 3,303.00 8,376.00 12
Profit for the financial year (7,451.00) 2,606.00 (2,234.00) 3,303.00 8,376.00 12
Basic earnings per share (sen) 12.21 12.05 16.02 18.29 15.83 (125
Diluted earnings per share (sen) 15.90 14.86
Basic earnings / (loss) per share (sen) as per 2009
10 yrs summary12.21 12.05 16.02 18.29 15.83 (125
CONSOLIDATED STATEMENTS OF INCOME
Other operating income
Other income & (deductions):
Revenue (Net sales)
Cost of sales
Profit Before Taxation
Gross dividends per share (sen)
Earnings per share for profit attributable to the
equity holders
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2001 2002 2003 2004 2005 2006 2007 2008 2009
100% 100% 100% 100% 100% 100% 100% 100% 100%
-82% -85% -86% -81% -74% -133% -34% -91% -91%
18% 15% 14% 19% 26% -33% 66% 9% 9%
-1% -1% -1% -2% -5% -2% -83% -58% -60%
0% 0% 1% 3% 0% 1% 2% 7% 0% -4% -6% -10% -16% -16% -96% -72% -40% -26%
0% 0% 0% 0% 0% 0% 0% 0% 0%
-3% -3% 0% 0% 0% 0% 0% 0% 0%
-8% -9% -9% -12% -16% -95% -71% -33% -26%
12% 7% 6% 8% 14% -125% 24% 29% 38%
0% 0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0% 0%
-3% -1% 0% -1% -1% -5% -26% -27% -18%
0% 0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0% 0%
-3% -1% 0% -1% -1% -5% -27% -27% -18%
9% 6% 7% 8% 13% -130% -3% 2% 20%
-3% -3% -2% -2% -5% 1% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 4% -1% 0%
6% 3% 4% 6% 8% -129% 0% 1% 20%
8% 6% 6% 8% 14% -130% -7% 2% 21%
0% 0% 0% 0% 0% 0% 4% 1% 20%
-1% 0% 0% 0% 1% 0% -4% 0% 1%
-1% 0% 0% 0% 1% 0% 0% 1% 20%
-0.16% 0.46% -0.72% 0.55% 0.19% -99.02% 0.15% 0.01% 0.02%
0.00% 0.00% 0.00% 0.48% 0.18% 0.00% 0.14% 0.01% 0.02%
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2001 2002 2003 2004 2005 2006 2007 2008 2009
0.0% 36.2% 16.1% 1.7% 10.3% -40.4% -63.9% 14.6% 21.3%
0.0% 42.7% 16.4% -3.9% 0.1% 7.7% -90.8% 208.1% 21.7%
0.0% 7.1% 14.6% 34.7% 54.0% -173.6% -173.2% -83.6% 17.8%
0.0% 13.7% -24.8% 198.3% 109.2% -47.5% 218.8% 116.2% 25.5%
0.0% 0.0% 0% 234.2% -103.2% -617.5% -30.3% 456.3% -100.0%0.0% 84.4% 90.6% 64.0% 10.1% 267.9% -72.8% -35.9% -23.3%
0.0% 0% 0% 0% 0% 0% 0% 0% 0%
0.0% 19.1% -100.0% 0% 0% 0% 0% 0% 0%
0.0% 56.3% 15.3% 45.1% 39.0% 262.8% -73.2% -46.6% -5.9%
0.0% -23.5% 7.8% 37.1% 88.3% -615.6% -106.8% 42.1% 58.3%
0.0% 0% 0% 0% 0% 0% 0% 0% 0%
0.0% 0% 0% 0% 0% 0% 0% 0% 0%
0.0% 0% 0% 0% 0% 0% 0% 0% 0%
0.0% -45% -100% 64056% 41% 118% 82% 17% -20%
0.0% 0% 0% 0% 0% 0% 0% 0% 0%
0.0% 0% 0% 0% 0% 0% 0% 0% 0%0.0% 73% -25% 101% -100% 0% 0% 0% 0%
0.0% 0% 0% 0% 0% 0% 0% 0% 0%
0% -58% -133% -387% 141% 118% 84% 15% -19%
0.0% -14% 27% 22% 84% -697% -99% -184% 940%
0.0% 9% 0% -5% 139% -118% -100% 0% 0%
0.0% 150% -55% -22% -100% 0% 0% 0% 0%
0.0% 0% 0% 0% 0% 0% 0% -129% -107%
0% -30% 57% 38% 65% -1023% -100% 261% 1611%
0% 6% 16% 33% 87% -661% -98% -140% 945%
0.0% 0% 0% 0% 0% 0% 0% -62% 1628%
0.0% -135% -186% -248% 154% -98% -6380% -102% 1158%
0% -135% -186% -248% 154% -98% 673% 261% 1611%
0% -1% 33% 14% -13% -894% -101% -63% 1672%
0% 0% 0% 0% -7% -100% 0% -62% 1672%
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2001 2002 2003 2004 2005 2006
(53,055.00) (69,056.00) (72,287.00) (106,253.00) (135,829.00) (583,99
12.21 12.05 16.02 18.29 15.83 (125
-6.15 18.61 -25.11 22.53 16.61 -614
18.5% 14.5% 14.3% 19.0% 26.5% -3
-29224.424 -37230.443 -38932.340 -58697.265 -78286.555 -250934
596,597 809,759 935,935 970,682 1,084,319 850
Tax Effect: After Tax/ Before Tax -0.1626 0.0537 -0.0398 0.0444 0.0602 -0.
Gross Profit margin: Gross Profit/Net Sales 18.46% 14.52% 14.33% 18.98% 26.50% -32
Net Profit margin: Net Profit/Net Sales -1.31% 0.34% -0.25% 0.36% 0.83% 0
Overhead vs Net Sales -9.35% -8.94% -8.06% -11.65% -13.50% -97
2001 2002 2003 2004 2005 2006
0.12 0.07 0.06 0.08 0.14
-1% 0% 0% 0% 1%
5.42 6.89 6.98 5.27 3.77
0% 0% 0% 0% 0%
-1% 0% 0% 1% 1%
8% 6% 6% 8% 14% -1
2001 2002 2003 2004 2005 2006
-1% 0% 0% 1% 1%
0.8602 1.0568 0.9617 1.0465 1.0641 0.
2.8231 5.0632 4.8520 4.2785 3.6547 9.
3% 2% 2% 2% 3% -
0.73 0.48 0.65 0.68 0.60
PROFITABILITY RATIOS
Profit Margin : (Operating Income / Revenue)
Basic earnings / (loss) per share (sen) as per 2008 10 yrs
Times Interest Earned: (Profit Before Tax + Interest) /
Gross profit to net sales ratio
Breakeven Point:
Safety margin:Actual Sales - Breakeven Sales
Gearing Ratio : Total Assets / Total Equity
FINANCIAL LEVERAGE RATIOS
Operating Expenses (Overhead)
Return on Asset : Profit before Interest & Tax / Total
Tax Effect : Profit After Tax / profit Before Tax
Net Profit Margin : (Net Income / Revenue)
Gross profit Margin : (Gross Income / Revenue)
Return on assets:(Net income/average of total assets)
Return on stockholders equity: (Net income/average of
Return on sales: (Income bf tax/Sales Revenue)
PROFITABILITY RATIOS
Return on Equity (ROE) : Profit after tax / Total Equity
Interest Effect : Profit Before Tax / Profit before Interest &
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2001 2002 2003 2004 20
Cash flows from operating activities:
ProfIt bef're taxatign 53,279.00 45,891.00 58,333.00 71,099.00 130,
Attribut!ble rofits froi Deve o ment ro erties (79,053.00) (82,870.00) (93,797.00) (149,451.00)Bad Deb s WrItten off 219.00 1,629.00 4,226.00 216.00 Profision for doubtful debts 506.00 233.00 414.00 4,796.00 9,Provision for doubtful debts sritten back 0.00 0.00 0.00 (280.00)Inventories writTen off 517.00 18.00 0.00 2.00 De rechation 11,674.00 14,262.00 11,003.00 10,178.00 9,Gain on dis osal of rO ert , lan and e ui ment (255.00) (203.00) (347.00) (40.00) Gain on dis osal of an nvEstment ro ert 0.00 (507.00) 0.00 0.00 Gain on dis osal of subsidiaries 0.00 0.00 (8,666.00) (28,966.00)AmOrtisation of oodwill 603.00 747.00 748.00 429.00 Interes ex enses 19,050.00 62,966.00 16,534.00 20,740.00 22,InterEst Income (8,812.00) (15,175.00) (16,518.00) (10,475.00) (8,
Investments writte. off384.00 0.00 0.00 0.00
Pro er4 , lant and E ui ment written off 0.00 447.00 208.00 612.00 Share of rofit in assnciated com anies (1,616.00) (2,796.00) 0.00 0.00 (Increase)/ ecrease in develOpment properties anddue from customersfor construction contracts
(29,181.00) (360,939.00) 186,390.00 373,223.00 268,
IncreAse in inventories (8,252.00) (5,281.00) (3,919.00) (50,274.00) (24,Decrease/(increase) in associated c m anie3 balances (7,644.00) 1,575.00 0.00 0.00 (Increase)/ ecrease in receivables (6,017.00) (52,702.00) 4,733.00 (35,037.00) 21,Increas%/ (Decrease) in a ables 46,549.00 231,270.00 (100,068.00) 89,658.00 (398,Increa3e iN short term borrowin s 22,459.00 8,874.00 0.00 0.00 Income taxes aid (10,976.00) (36,237.00) (14,610.00) (29,667.00) (5,
In4erest aid (32,329.00) (62,966.00) (91,329.00) (66,293.00) (67,Interest received 8,812.00 15,175.00 16,518.00 10,475.00 8,
Provision for im airment loss of a subsidiar under 0.00 0.00 332.00 0.00 Provision for liAbilities 0.00 0.00 936.00 17,567.00 2,
Share O& results of associates 0.00 0.00 (2,110.00) (4,245.00)Pa ment for li ui`ated ascertained dama es 0.00 0.00 (49.00) (5,070.00) (12,
Amortisation of discount on deferred ro ress billin 0.00 0.00 0.00 0.00 43,Develo ment costs written off 0.00 0.00 0.00 0.00
Goodwill written off 0.00 0.00 0.00 0.00 2,
Reversal of rovision for doubtful debts 0.00 0.00 0.00 0.00Reversal of waiver of debts 0.00 0.00 0.00 0.00
Provision for writedown in value of inventor 0.00 0.00 0.00 0.00 Provision for im airment loss in investment ro ert 0.00 0.00 0.00 0.00
Provision for im airment loss in land held for 0.00 0.00 0.00 0.00 Allowance for doubtful receivables 0.00 0.00 0.00 0.00
De reciation of ro ert , lant and e ui ment 0.00 0.00 0.00 0.00 Allowance for writedown in inventories 0.00 0.00 0.00 0.00
Bad receivables written off 0.00 0.00 0.00 0.00 Amortisation of re aid lease a ments 0.00 0.00 0.00 0.00
De reciation of investment ro erties 0.00 0.00 0.00 0.00
Reversal of rovision for li uidated ascertained 0.00 0.00 0.00 0.00 Reversal of allowance for doubtful receivables 0.00 0.00 0.00 0.00 Waiver of interest 0.00 0.00 0.00 0.00
Reversal of allowance for writedown in inventories 0.00 0.00 0.00 0.00 Share of results of ointl controlled entities 0.00 0.00 0.00 0.00 (Increase)/decrease in ro ert develo ment costs 0.00 0.00 0.00 0.00 (Increase)/decrease in inventories 0.00 0.00 0.00 0.00 Impairment loss on goodwill 0.00 0.00 0.00 0.00 Write back of accrued ex enses 0.00 0.00 0.00 0.00 Waiver of debts 0.00 0.00 0.00 0.00
(20,083.00) (236,589.00) (31,038.00) 219,197.00 4,
Cash flows from investin activities:Increase in lon term a aBles 0.00 455,900.00 0.00 0.00 D l t t f i t t ti (524 00) 0 00 (575 00) 0 00
CONSOLIDATED STATEMENTS OF CASH FLOWS
NET CASH FLOW GENERATED FROM/(USED IN)
OPERATING ACTIVITIES
Amounts in RM
Adjustments for:
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Amount aid to land vendor 0.00 0.00 (97,483.00) (94,844.00) (156,Investment in associates 0.00 0.00 0.00 0.00 Net cash outflow arising on disposal, representing cash
and
0.00 0.00 0.00 0.00
Advances from ointl controlled entities 0.00 0.00 0.00 0.00 Investment in ointl controlled entities 0.00 0.00 0.00 0.00 Net cash inflow arisin from ac uisition of subsidiaries 0.00 0.00 0.00 0.00 Re a ment of advances from ointl controlled entities 0.00 0.00 0.00 0.00 Net chan e in associates balances 0.00 0.00 0.00 0.00
NET CASH FLOW FROM INVESTING ACTIVITIES (15,892.00) 104,716.00 (140,917.00) (172,282.00) (176,
Cash flows from financing activities:Net shares sold/(bou ht back) 0.00 (9.00) (111.00) 97.00 Placement kf de osits he $ b9 tRustees (8,660.00) (147,970.00) (138,748.00) 246,806.00 48,7Net ra a meNt of tebm loa.s (60,930.00) (75,504.00) (2,278.00) (35,279.00)
Net (repaymeNt)/drawdown of h)re purchase and leasefinancan
2,313.00 (2,134.00) (530.00) (659.00) 1,3
et re a ment of block discountin aN$ bri` in lOan (7,033.00) (362.00) (1,925.00) (2,561.00) 1,Proceeds from issuance of shares, net of ex enses 24,890.00 0.00 0.00 0.00 Proceeds from issuance of bknds 126,748.00 0.00 0.00 0.00 Net drawdown of Islamic financ n facilit 0.00 709,000.00 180,000.00 0.00 71,Ac uishtion of shares from a mInoritY sha2eholder (12,800.00) 0.00 0.00 0.00 Div dend aid (4,306.00) (4,650.00) (4,650.00) (6,197.00) (22,5Net roceeds from sale of future ro ress billin 0.00 0.00 0.00 695,224.00 Proceeds from exercise of warrants 0.00 0.00 0.00 54,439.00 Placement with an Escrow account 0.00 0.00 0.00 (168,117.00) 73,5Redem tion of bonds 0.00 0.00 (40,000.00) 0.00 (110,0Redem tion of BaIDS 0.00 0.00 0.00 (900,000.00) 140,0Net drawdown of short term borrowin s 0.00 0.00 6396 3,353.00 124,Re urchase of treasur shares 0.00 0.00 0.00 0.00 (5,Proceeds from dis osal of treasur shares 0.00 0.00 0.00 0.00 5,8Re a ment of deferred ro ress billin s 0.00 0.00 0.00 0.00 (251,
Net re a ment of Islamic debt securities 0.00 0.00 0.00 0.00 Housing development accounts
led ed as securit values0.00 0.00 0.00 0.00
Bank balances released assecurit values
0.00 0.00 0.00 0.00
Deposits with licensed banksled ed as securit values
0.00 0.00 0.00 0.00
NET CASH FLOW FROM FINANCING ACTIVITIES 60,222.00 478,371.00 (1,846.00) (112,894.00) 75,7
24,247.00 346,498.00 (173,801.00) (65,979.00) (96,0
(31,890.00) (7,334.00) 341,931.00 168,121.00 102,
309.00 (26.00) (9.00) (9.00)
(7,334.00) 339,138.00 168,121.00 102,133.00 6,0
ANALYSIS OF CASH AND CASH EQUIVALENTS
Bank balances and de osits 28,764.00 373,092.00 198,771.00 310,456.00 112,6De osits with financial institutionsBank Overdraf (36,098.00) (33,954.00)Less: De osit lacement b an insurance subsidiaLess: Remisiers' de osits held in trustLess: Clients' monies held in trustLess: Trust accountsLess: Securit retainer accumulation fund
Add: Cash and cash equivalesnts classified as held forsale
TOTAL (7,334.00) 339,138.00 198,771.00 310,456.00 112,6
T t l t l i bi li ti 737 972 892 337 868 459 2 363 708 1 85
NET INCREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT
BEGINNING OF THE FINANCIAL YEAR
FINANCIAL LEVERAGE RATIOS
CASH AND CASH EQUIVALENTS CARRIED FORWARD
EFFECT OF EXCHANGE RATE CHANGES
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ISSUES AND
BASIC
QUESTIONS :
1. IF SHARE PRICE IS TO BE RISEN BY 30% - WHAT SHOULD BE DONE ?
2. HOW CAN WE IMPROVE OVERALL PERFORMANCE BY ALTERING THE DU-PONT FACTORS?
3. HOW CAN WE ACHIEVE THE REVENUE AND PROFIT TARGET BY ALTERING :
A. SALE PRICE
B. VARIABLE COSTS
C. FIXED COSTS
NEW PRICE - PROJECTED 1.39
INCREASED IN PRICE PERCENTAGE 30%
NEW EPS 0.0245493
NEW PAT 11728.6
NEW ROE 2%
QUESTION 1 :
IF SHARE PRICE IS TO BE RISEN BY 30%...
EPS 0.018884077 WHAT ARE THE STEP THAT MUST BE TAKEN UP ?.
EPS X PER NEW PRICE 1.391
PER 56.66149302INCREASED INPRICE
30% THE DECISION
1.07
2. EARNINGPER SHARE
PAT 9,022.00 NEW EPS 0.0245493
PAT/NO. OF SHARE
NO. OF SHARE 477,757.00 NEW PAT 11728.6
0.02
NEW PAT 9,022.00 NEW ROE 2%
3. RETURN ONEQUITY
PAT/TOTAL EQUITY
612,816.00
0.01
1% QUESTION 2 :
CAN WE IMPROVE THE DU-PONT COMPONENT TO IMPROVE
RETURN ON EQUITY - SYSTEM ROE AND EPS
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PBT 17,954.00 NEW PBIT/PBT
4. FINANCINGCOSTS
PBIT/PBT
1. REDUCE
INTEREST
EXPENSE
98%
PBIT 17,245.00
1.04
3,227,739.00 NEW TA/TE
5. GEARING
RATETA/TE
2. INCREASE
GEARING4
612,816.00
5.27
NEW PAT/TA
3. INCREASE ROA 30%
PBIT 17,245.00
6. RETURN ON
ASSETSPAT/TA NEW ROA 0%
3,227,739.00
0.01
NEW GP/R
4. INCREASE
PROFIT43%
GROSSPROFIT
108,457.00NEW GROSSPROFIT
104684.6
7. PROFITMARGIN
GP/R
REVENUE 253,714.00 NEW REVENUE 244889.2059
0.43
NEW R/TA
5. INCREASE
ASSETS
TURNOVER
1.6
REVENUE 253714NEW ASETSTURNOVER
0.075870201
8. ASSETSTURNOVER
R/TA
3,227,739.00
0.08
NEW PBT/PAT
6. IMPROVE
TAX FACTOR90%
PAT 9,022.00.
PBT/PAT
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RETURN ON EQUITY
2,000 2001 2002 2003 2004 2005 2006 2007
Profit after Tax 33,547.00 23,346.00 36,727.00 50,730.00 83,645.00 (771,923.00) 982.00 3,548
Total Equity 555,434.00 574,095.00 597,113.00 1,017,244.00 1,074,190.00 343,337.00 361,266.00 346,24
ROE 0.06 0.040665743 0.061507621 0.049870041 0.077867975 -2.248295407 0.002718219 0.01024
ROE (%) 0.06 4.07% 6.15% 4.99% 7.79% -224.83% 0.27% 1
2,000 2001 2002 2003 2004 2005 2006 2007
Profit Before Tax 53,279.00 45,891.00 58,333.00 71,099.00 130,746.00 (780,290.00) (6,936.00) 5,82
Profit Before Interest &
Tax45,828.00 48,497.00 56,099.00 74,402.00 139,122.00 (780,163.00) (14,911.00) 5,94
Financial Charges
(Interest Effect)1.16 94.63% 103.98% 95.56% 93.98% 100.02% 46.52% 97
Interest Rate = 100% -
Interest Effect(0.16) 5.37% -3.98% 4.44% 6.02% -0.02% 53.48% 2
2,000 2001 2002 2003 2004 2005 2006 2007
Total Assets 1,568,026.00 2,906,747.00 2,897,199.00 4,352,317.00 3,925,817.00 3,234,858.00 3,260,395.00 3,106,497
Total Equity 555,434.00 574,095.00 597,113.00 1,017,244.00 1,074,190.00 343,337.00 361,266.00 346,24
Financial Structure
(Gearing/Leverage Effect) 2.82 5.06 4.85 4.28 3.65 9.42 9.02
Overall Effect of Gearing (0.46) 27.21% -19.32% 18.99% 22.00% -0.15% 482.69% 19
2,000 2001 2002 2003 2004 2005 2006 2007
Profit Before Interest &
Tax53,279.00 45,891.00 58,333.00 71,099.00 130,746.00 (780,290.00) (6,936.00) 5,82
Total Assets 1,568,026.00 2,906,747.00 2,897,199.00 4,352,317.00 3,925,817.00 3,234,858.00 3,260,395.00 3,106,497
Return on Assets (Assets
Productivity Effect)0.03 0.0158 0.0201 0.0163 0.0333 (0.2412) (0.0021) 0.0
ROA (%) 0.03 1.58% 2.01% 1.63% 3.33% -24.12% -0.21% 0
Profit After Tax 33,547.00 23,346.00 36,727.00 50,730.00 83,645.00 (771,923.00) 982.00 3,548
Revenue 567,373.00 772,529.00 897,003.00 911,985.00 1,006,032.00 599,814.00 216,723.00 248,34
Profitability 0.06 3.02% 4.09% 5.56% 8.31% -128.69% 0.45% 1
Revenue 567,373.00 772,529.00 897,003.00 911,985.00 1,006,032.00 599,814.00 216,723.00 248,34
Total Assets 1,568,026.00 2,906,747.00 2,897,199.00 4,352,317.00 3,925,817.00 3,234,858.00 3,260,395.00 3,106,497
Assets Turnover 0.36 0.27 0.31 0.21 0.26 0.19 0.07 0
2,000 2001 2002 2003 2004 2005 2006 2007
Profit after Tax 33,547.00 23,346.00 36,727.00 50,730.00 83,645.00 (771,923.00) 982.00 3,548
Profit Before Tax 45,828.00 48,497.00 56,099.00 74,402.00 139,122.00 (780,163.00) (14,911.00) 5,94
Tax Effect 0.73 48.14% 65.47% 68.18% 60.12% 98.94% -6.59% 59
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Effective Tax Rate = 100%
- Tax Effect0.27 51.86% 34.53% 31.82% 39.88% 1.06% 106.59% 40
ROE 0.08 3.64% 6.65% 4.55% 6.88% -224.90% 0.06% 0
DU PONT ANALYSIS
2,000 2001 2002 2003 2004 2005 2006 2007
33,547.00 23,346.00 36,727.00 50,730.00 83,645.00 (771,923.00) 982.00 3,548
Revenue (Sales) 567,373.00 772,529.00 897,003.00 911,985.00 1,006,032.00 599,814.00 216,723.00 248,349
Net Profit Margin
(Profitability0.06 0.03022022 0.04094412 0.05562591 0.08314348 (1.28693728) 0.00453113 0.01428
2,000 2001 2002 2003 2004 2005 2006 2007
Total Revenue (Sales) 567,373.00 772,529.00 897,003.00 911,985.00 1,006,032.00 599,814.00 216,723.00 248,349
Total Assets 1,568,026.00 2,906,747.00 2,897,199.00 4,352,317.00 3,925,817.00 3,234,858.00 3,260,395.00 3,106,497
TATR 0.36 0.26577098 0.30961042 0.209540114 0.256260544 0.185422049 0.066471394 0.07994
2,000 2001 2002 2003 2004 2005 2006 2007
Total Assets 1,568,026.00 2,906,747.00 2,897,199.00 4,352,317.00 3,925,817.00 3,234,858.00 3,260,395.00 3,106,497
Total Equity 555,434.00 574,095.00 597,113.00 1,017,244.00 1,074,190.00 343,337.00 361,266.00 346,24
Financial Structure
(Gearing)2.82 5.063181181 4.852011261 4.278537893 3.654676547 9.421815884 9.024915159 8.97201
Total Liabilities 1,012,592.00 2,332,652.00 2,300,086.00 3,335,073.00 2,851,627.00 2,891,521.00 2,899,129.00 2,760,25
Total Assets 1,568,026.00 2,906,747.00 2,897,199.00 4,352,317.00 3,925,817.00 3,234,858.00 3,260,395.00 3,106,497
Debt Ratio 0.65 0.802495711 0.793899901 0.766275297 0 .726377974 0.893863347 0 .889195634 0.88854
1/(1-Debt Ratio) 2.82 5.063181181 4.852011261 4.278537893 3.654676547 9.421815884 9.024915159 8.97201
ROE 0.060 0.041 0.062 0.050 0.08 -2.25 0.003 0.01
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Year 2001 2002 2003 2004 2005 2006 2007
Net Profit After Tax 33,547 23,346 36,727 50,730 83,645 (771,923) 982
Total Assets 1,568,026 2,906,747 2,897,199 4,352,317 3,925,817 3,234,858 3,260,395
Return on Assets 2.1% 0.8% 1.3% 1.2% 2.1% -23.9% 0.0%
Year 2001 2002 2003 2004 2005 2006 2007
Net Profit After Tax 33,547 23,346 36,727 50,730 83,645 (771,923) 982
Share Capital 215,300 215,300 215,300 600,290 619,868 641,028 642,423
Return on Investment 15.6% 10.8% 17.1% 8.5% 13.5% -120.4% 0.2%
Year 2001 2002 2003 2004 2005 2006 2007
Net Profit After Tax 33,547 23,346 36,727 50,730 83,645 (771,923) 982
Total Equity 555,434 574,095 597,113 1,017,244 1,074,190 343,337 361,266
Return on Equity 6.0% 4.1% 6.2% 5.0% 7.8% -224.8% 0.3%
Year 2001 2002 2003 2004 2005 2006 2007
Revenue 567,373 772,529 897,003 911,985 1,006,032 599,814 216,723
Cost of sales (462,655) (660,378) (768,493) (738,878) (739,457) (796,113) (72,969)
Gross Profit = Revenue - Cost
of sales104,718 112,151 128,510 173,107 266,575 (196,299) 143,754
Gross Profit Margin = Gross
profit / Revenue x 100% 18.5% 14.5% 14.3% 19.0% 26.5% -32.7% 66.3%
Year 2001 2002 2003 2004 2005 2006 2007
Total equity 555,434 574,095 597,113 1,017,244 1,074,190 343,337 361,266
Intangible assets / Goodwill 0 0 0 0 0 0 0
NTA = Total equity -
Intangible assets1,177,632 1,283,528 597,113 1,017,244 1,074,190 343,337 361,266
Share Capital 215,300 142,765 142,765 142,765 142,765 142,765 142,765
Number of oustanding shares
= Share Capital / RM 0.50430,600 285,530 285,530 285,530 285,530 285,530 285,530
RM'000
RM'000
RM'000
RM'000
RM'000
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NTA per share = NTA / no of
shares (RM) 2.73 4.50 2.09 3.56 3.76 1.20 1.27
Share price (RM) 34.38 35.19 35.25 39.4 47.06 39.75 41.88
Year 2001 2002 2003 2004 2005 2006 2007
Revenue 567,373 772,529 897,003 911,985 1,006,032 599,814 216,723
Net Profit After Tax 33,547 23,346 36,727 50,730 83,645 (771,923) 982
Net Profit Margin = Net Profit
after tax / Revenue x 100% 5.9% 3.0% 4.1% 5.6% 8.3% -128.7% 0.5%
Year 2001 2002 2003 2004 2005 2006 2007
Earnings per share (RM) 12.21 12.05 16.02 18.29 15.83 (125.76) 1.43
Share price (RM) 34.38 35.19 35.25 39.4 47.06 39.75 41.88
Price Earning Ratio = Share
price / EPS0.00 2.92 2.20 2.15 2.97 -0.32 29.29
Year 2001 2002 2003 2004 2005 2006 2007
Distribution and marketing
costs0 0 8,666 28,966 -921 4,766 3,321
Administrative expenses -24,670 -45,496 -86,737 -142,256 -156,608 -576,230 -156,509
Other operating expenses -18,640 -22,205 0 0 0 0 0
Finance cost - interest -16,525 -9,065 -16 -10,265 -14,488 -31,522 -57,398
Total Overheads (59,835) (76,766) (78,087) (123,555) (172,017) (602,986) (210,586)Profit Margin Ratio / Gross
Profit Margin 0.185 0.145 0.143 0.190 0.265 -0.327 0.663
Breakeven point =
Overhead/Profit Margin(324,192) (528,787) (545,049) (650,929) (649,178) 1,842,493 (317,479)
Revenue 567,373 772,529 897,003 911,985 1,006,032 599,814 216,723
Safety Margins = (Revenue -
BEP)/BEP-275.01% -246.09% -264.57% -240.11% -254.97% -67.45% -168.26%
Success Probability Factor =
Revenue / BEP -1.750 -1.461 -1.646 -1.401 -1.550 0.326 -0.683
FINANCIAL LEVERAGE
RATIOS2001 2002 2003 2004 2005 2006 2007
Total Liabilities 1,012,592 2,332,652 2,300,086 3,335,073 2,851,627 2,891,521 2,899,129
RM'000
RM'000
RM'000
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Total Equity 555,434 574,095 597,113 1,017,244 1,074,190 343,337 36
Total Assets 1,568,026 2,906,747 2,897,199 4,352,317 3,925,817 3,234,858 3,260Debt Ratio = Total Liabilities /
Total Assets0.6458 0.8025 0.7939 0.7663 0.7264 0.8939 0
Debt-to-Equity Ratio = TotalLiabilities / Total Equity
1.8231 4.0632 3.8520 3.2785 2.6547 8.4218 8
Total Equity / Total Liabilities 0.5485 0.2461 0.2596 0.3050 0.3767 0.1187 0Total Assets / Total Equity 2.8231 5.0632 4.8520 4.2785 3.6547 9.4218 9Total Borrowing / Total Equity 1.8231 4.0632 3.8520 3.2785 2.6547 8.4218 8
ACTIVITY RATIOS 2001 2002 2003 2004 2005 2006 20
Revenue 567,373 772,529 897,003 911,985 1,006,032 599,814 216Total Asset 1,568,026 2,906,747 2,897,199 4,352,317 3,925,817 3,234,858 3,260Total Fixed Asset 724,048 1,188,251 1,336,542 1,367,039 1,491,687 1,535,355 1,547Inventories 27,529 32,792 29,612 131,748 80,163 73,817 7
Average Inventories 27,529 2,632 (1,590) 51,068 (25,793) (3,173) (
Cost of Sales (462,655) (660,378) (768,493) (738,878) (739,457) (796,113) (72
Payables 222,818 266,289 166,499 631,007 349,055 147,771 278
Average Payables 222,818 21,736 (49,895) 232,254 (140,976) (100,642) 65Receivables 173,820 258,402 227,249 297,154 80,516 106,994 100Average Receivables 173,820 42,291 (15,577) 34,953 (108,319) 13,239 (3Asset Turnover: Revenue /Total Assets
0.36 0.27 0.31 0.21 0.26 0.19
Fixed Asset Turnover :
Revenue / Total Fixed Assets0.78 0.65 0.67 0.67 0.67 0.39
Equity Turnover : Revenue /Shareholder's E uit
1.02 1.35 1.50 0.90 0.94 1.75
Inventory Turnover : Revenue
/ Average Inventory20.61 25.61 28.75 11.30 9.49 7.79
Debtors Turnover : Revenue /Avera e Debtors
3.26 3.57 3.69 3.48 5.33 6.40
Receivables management :(Average Receivables /
Revenue) x 365 da s
111.82 102.11 98.81 104.94 68.51 57.05 1
Payables management :
(Average Payables /Purchases) x 365 da s
-175.79 -135.17 -102.78 -196.98 -241.88 -113.89 -10
Inventories management :
(Average Inventories /Purchases) x 365 da s
-21.72 -16.67 -14.82 -39.86 -52.30 -35.30 -3
Working Capital Turnover :
Receivables management +Inventories management -Pa ables mana ement
265.89 220.60 186.77 262.07 258.09 135.65 8
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LIQUIDITY RATIOS 2001 2002 2003 2004 2005 2006 20
Inventories 27,529 32,792 29,612 131,748 80,163 73,817 71,2
Current Assets 843,978 1,718,496 1,560,657 2,985,278 2,434,130 1,699,503 1,713
Current Liabilities 737,972 892,337 868,459 2,363,708 1,851,039 2,651,951 2,666Current Ratio: Current Assets
/ Current Liabilities1.14 1.93 1.80 1.26 1.32 0.64 0.6
Quick Ratio: (Current Assets
Inventories) / Current1.11 1.89 1.76 1.21 1.27 0.61 0.6
RM'000
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2008 2009 2010
3,548 60,715 9,022
3,106,497 3,037,443 3,227,739
0.1% 2.0% 0.3%
2008 2009 2010
3,548 60,715 9,022
643,015 386,148 477,757
0.6% 15.7% 1.9%
2008 2009 2010
3,548 60,715 9,022
346,243 394,463 612,816
1.0% 15.4% 1.5%
2008 2009 2010
248,349 301,278 253,714
(224,796) (273,539) (145,257)
23,553 27,739 108,457
9.5% 9.2% 42.7%
2008 2009 2010
346,243 394,463 612,816
0 0 10,060
346,243 394,463 602,756
142,765 142,765 142,765
285,530 285,530 285,530
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
1 2 3 4 5 6 7
Year
ROA Profile
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1.21 1.38 2.11
43.14 42.36 44.86
2008 2009 2010
248,349 301,278 253,714
3,548 60,715 9,022
1.4% 20.2% 3.6%
2008 2009 2010
0.53 9.39 0.42
43.14 42.36 44.86
81.40 4.51 106.81
2008 2009 2010
18,474 0 0
-100,263 -76,944 -83,744
0 0 0
-67,085 -53,573 -56,028(148,874) (130,517) (139,772)
0.095 0.092 0.427
(1,569,766) (1,417,567) (326,969)
248,349 301,278 253,714
-115.82% -121.25% -177.60%
-0.158 -0.213 -0.776
2008 2009 2010
2,760,254 2,642,980 2,614,923
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346,243 394,463 612,8163,106,497 3,037,443 3,227,739
0.8885 0.8701 0.8101
7.9720 6.7002 4.2671
0.1254 0.1492 0.23448.9720 7.7002 5.26717.9720 6.7002 4.2671
2008 2009 2010
248,349 301,278 253,7143,106,497 3,037,443 3,227,7391,544,446 1,540,822 1,619,790
74,723 68,766 66,5391,716 (2,979) (1,114)
(224,796) (273,539) (145,257)241,287 288,626 457,262(18,574) 23,670 84,31888,668 92,883 217,308(5,984) 2,108 62,213
0.08 0.10 0.08
0.16 0.20 0.16
0.72 0.76 0.41
3.40 4.20 3.75
2.62 3.32 1.64
139.11 109.98 223.12
-421.93 -353.55 -937.13
-118.54 -95.73 -170.00
442.50 367.79 990.26
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2008 2009 2010
74,723 68,766 66,5391,562,051 1,496,621 1,607,9492,557,160 2,383,500 1,797,727
0.61 0.63 0.89
0.58 0.60 0.86
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9 10
Return on Assets
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Net Tangible Assets
2001 2002 2003 2004 2005 2006 2007 2008 2009
No of shares 215,300.00 215,300.00 215,300.00 600,290.00 619,868.00 641,028.00 642,423.00 643,015.00 386,148.
Total Equity 555,434.00 574,095.00 597,113.00 1,017,244.00 1,074,190.00 343,337.00 361,266.00 346,243.00 394,463
Goodwill 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0
NTA 555,434.00 574,095.00 597,113.00 1,017,244.00 1,074,190.00 343,337.00 361,266.00 346,243.00 394,463
NTA per share 2.58 2.67 2.77 1.69 1.73 0.54 0.56 0.54 1
NTA = TA-G-IA
NTA/S= NTA-TL/NOS
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2010
477,757.00
612,816.00
10,060.00
602,756.00
1.28
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Year 2000 2001 2002 2003 2004 2005 2006
Profit Before Interest and Tax 45,828 48,497 56,099 74,402 139,122 (780,163) (14,911)
Revenue 567,373 772,529 897,003 911,985 1,006,032 599,814 216,723
Return on Sales 8.08% 6.28% 6.25% 8.16% 13.83% -130.07% -6.88%
RM'000
(1,000,000)
(800,000)
(600,000)
(400,000)
(200,000)
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
BEP vs Revenue
Profit Befo
Interest an
#REF!
Revenue0.00
0.20
0.40
0.60
0.80
1.00
1.20
Year
Success Probability Factor
-140.00%
-120.00%
-100.00%
-80.00%
-60.00%
-40.00%
-20.00%
0.00%
20.00%
40.00%
Year
Return on Sales
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2007 2008 2009
5,949 62,173 17,954
248,349 301,278 253,714
2.40% 20.64% 7.08%
re
d Tax
Return on