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TABLE OF CONTENT.............................................................................................1
1.0
1.1
2.0
BACKGROUND COMPANY............................................................................3
BERJAYA CORPORATION BERHAD............................................................3
HORIZONTAL ANALYSIS...............................................................................5
2.1
2011........................................................................................................5
2.2
2010........................................................................................................7
2.3
2009........................................................................................................9
2.4
2008......................................................................................................11
3.0
BACKGROUND COMPANY..........................................................................15
4.0
RATIO ANALYSIS........................................................................................18
4.1
CURRENT RATIO....................................................................................21
4.2
ACID-TEST RATIO...................................................................................21
4.3
RECEIVABLES TURNOVER......................................................................22
4.4
INVENTORY TURNOVER.........................................................................23
4.5
PROFIT MARGIN....................................................................................24
4.6
ASSET TURNOVER.................................................................................25
4.7
RETURN ON ASSETS..............................................................................26
4.8
4.9
ATTACHMENTS..........................................................................................31
5.1
5.2
5.3
5.4
5.5
5.6
5.7
5.8
5.9
Dividends..............................................................................................43
1
1.1
The Berjaya Corporation group of companies history dates back to 1984 when
the Chairman/Chief Executive Officer, Tan Sri Dato Seri Vincent Tan Chee
Yioun acquired a major controlling stake in Berjaya Industrial Berhad (originally
known as Berjaya Kawat Berhad) from the founders, Broken Hill Proprietary
Ltd, Australia and National Iron & Steel Mills, Singapore. The shareholding
change also resulted in a major change in the business, direction and the
dynamic growth of a diversified conglomerate under the flagship of Berjaya
Corporation Berhad (BCorp).
In October 1988, following a major restructuring, Berjaya Group Berhad (then
known as Inter-Pacific Industrial Group Berhad) became the holding company of
Berjaya Industrial Berhad.
Inter-Pacific Industrial Group Berhad (formerly known as Raleigh Berhad) was
incorporated in 1967 as a bicycle manufacturer. In 1969, the Company gained
official listing on Bursa Malaysia Securities Berhad (Bursa Securities).
BCorp assumed the listing status of Berjaya Group Berhad on the Main Board of
Bursa Securities upon the completion of the group restructuring exercise in
October 2005 and the listing of the new shares on 3 January 2006.
On 26 May 2010, BCorp was added to the Morgan Stanley Capital International
(MSCI) Malaysia INDEX.
With total employee strength of 16,000, the Group is a diversified entity
engaged in the following core businesses:
Financial Services;
2011
BERJAYA CORPORATION BERHAD
Balance Sheet 30 April 2011
GROUP
ASSETS
Non-Current Assets
Property,
plant
equipment
Biological assets
2011
2010
RM ' 000
RM ' 000
2,827,892
13,989
2,830,58
2
12,776
80,100
609,060
286,364
586,789
1,097
1,118
2,024,09
7
739,128
0
155,482
35,594
346,911
6,112,79
1
13,131,6
32
and
Other investments
Investments properties
Prepaid
land
lease
premiums
Land held for development
Associated companies
Subsidiary companies
Jointly controlled entities
Deferred tax assets
Other receivables
2,074,486
662,090
0
115,585
33,454
352,093
Intangible assets
5,893,071
12,662,917
Current Assets
Development properties
Inventories
Trade and other receivables
Short term investments
Tax recoverable
Deposits
with
financial
institutions
716,392
845,822
1,119,703
14,868
43,162
670,963
610,299
1,457,96
5
56,114
72,837
688,956
867,738
INCREASE OR
DECREASE DURING
2011
PERCENTA
AMOUN
GES
T
CHANGES
(2,690)
1,213
(206,26
4)
22,271
-0.1%
9.5%
-72.0%
3.8%
(21)
-1.9%
50,389
(77,038)
0
(39,897)
(2,140)
5,182
(219,72
0)
(468,71
5)
2.5%
-10.4%
0.0%
-25.7%
-6.0%
1.5%
45,429
235,523
(338,26
2)
(41,246)
(29,675)
(178,78
2)
6.8%
38.6%
-3.6%
-3.6%
-23.2%
-73.5%
-40.7%
-20.6%
579,423
509,400
4,245,31
6
70,023
(236,99
0)
13.7%
753,385
167.1%
5,212,613
450,902
4,696,21
8
516,395
11.0%
17,875,530
17,827,8
50
47,680
0.3%
4,008,326
Assets of disposal groups/
Non-current assets
classified as held for sale
TOTAL ASSETS
1,204,287
-5.6%
2010
RM ' 000
RM ' 000
4,221,30
1
4,021,88
6
176,869
1,659,97
7
6,058,14
7
37,323
6,095,47
0
4,762,32
0
10,857,7
90
313,414
1,600,76
8
5,936,06
8
3,680
5,939,74
8
4,813,33
8
10,753,0
86
14,381
28,364
INCREASE OR
DECREASE DURING
2011
PERCENTAG
AMOUN
ES
T
CHANGES
Non-controlling interests
Total Equity
Non-current liabilities
Liability
component
of
irredeemable
convertible unsecured loan
199,415
5.0%
(136,54
5)
-43.6%
59,209
3.7%
122,079
33,643
2.1%
914.2%
155,722
2.6%
(51,018)
-1.1%
104,704
1.0%
(13,983)
-49.3%
stocks
8% Secured exchangeable
bonds due 2011
Long term borrowings
Other long term liabilities
Deferred tax liabilities
Provisions
Current liabilities
8% Secured exchangeable
bonds due 2011
Trade and other payables
Provisions
Short term borrowings
Taxation
Derivative liability
Insurance reserves
Liabilities directly associated
with
disposal
groups classified as held for
sale
Total Liabilities
TOTAL
EQUITY
LIABILITIES
2.2
AND
0
1,350,31
9
442,641
355,044
10,484
2,172,86
9
702,000
1,377,31
3
520,265
337,944
7,950
2,973,83
6
702,000
1,861,03
6
0
1,750,31
8
964
1,731,68
2
35,271
24,388
340,753
1,486,80
7
81,217
0
0
4,355,34
1
156,073
3,815,16
8
564,176
4,919,51
7
7,092,38
6
17,950,1
76
17,835,2
10
(702,00
0)
-100.0%
(26,994)
(77,624)
17,100
2,534
(800,96
7)
-2.0%
-14.9%
5.1%
31.9%
702,000
0.0%
110,718
(339,78
9)
6.3%
-26.9%
-99.7%
244,875
(45,946)
24,388
(156,07
3)
16.5%
-56.6%
0.0%
-100.0%
540,173
14.2%
293,120
271,056
92.5%
4108288
7,082,12
4
811,229
19.7%
10,262
0.1%
114,966
0.6%
2010
BERJAYA CORPORATION BERHAD
Balance Sheet 30 April 2010
GROUP
2010
2009
RM ' 000
RM ' 000
INCREASE OR
DECREASE DURING
2011
PERCENTA
AMOUN
GES
T
CHANGES
ASSETS
Non-Current Assets
Property,
plant
and
equipment
Biological assets
Other investments
Investments properties
Prepaid
land
lease
premiums
2,704,014
12,776
286,364
586,789
2,317,65
8
9,797
284,328
543,799
386,356
2,979
2,036
42,990
16.7%
30.4%
0.7%
7.9%
(2,236)
-1.8%
380,742
177,520
0
(34,986)
(8,239)
23.2%
31.6%
0.0%
-18.4%
-19.9%
(79,131)
-1.3%
868,031
7.3%
(381,64
2)
127,291
-36.3%
26.4%
56,732
17,912
(47,175)
3.2%
46.9%
-39.3%
69,985
82,854
8.9%
19.4%
(74,043)
-1.6%
426,128
1720.1%
5,045,402
24,774
4,693,31
7
352,085
7.5%
17,825,436
16,605,3
20
1,220,11
6
7.3%
125,413
2,024,097
739,128
0
155,482
33,180
Intangible assets
6,112,791
12,780,034
127,649
1,643,35
5
561,608
0
190,468
41,419
6,191,92
2
11,912,0
03
Current Assets
Development properties
Inventories
Trade and other receivables
Short term investments
Tax recoverable
Deposits
with
financial
institutions
Cash and bank balances
670,963
610,299
1,819,256
56,114
72,837
855,631
509,400
4,594,500
TOTAL ASSETS
450,902
1,052,60
5
483,008
1,762,52
4
38,202
120,012
785,646
426,546
4,668,54
3
INCREASE OR
DECREASE DURING
2011
PERCENTA
AMOUN
GES
T
CHANGES
2010
2009
RM ' 000
RM ' 000
4,021,88
6
3,169,554
852,332
26.9%
763,893
(450,479
)
-59.0%
1,659,229
(53,159)
-3.2%
5,592,676
0
348,694
(3,680)
6.2%
0.0%
5,592,676
345,014
6.2%
4,395,623
419,691
9.5%
9,988,299
764,705
7.7%
Minority interests
Total Equity
Non-current liabilities
Liability
component
of
irredeemable
convertible unsecured loan
stocks
8% Secured exchangeable
bonds due 2011
Long term borrowings
Other long term liabilities
Deffered tax liabilities
Provisions
313,414
1,606,07
0
5,941,37
0
(3,680)
5,937,69
0
4,815,31
4
10,753,0
04
28,364
174,799
702,000
1,473,83
1
383,480
337,944
7,950
2,933,56
9
882,000
(146,435
)
(180,000
)
1,174,507
288,822
368,045
7,264
299,324
94,658
(30,101)
686
25.5%
32.8%
-8.2%
9.4%
2,895,437
38,132
1.3%
1,524,397
313,539
249,090
27,214
(179,039
)
16.3%
8.7%
-83.8%
-20.4%
Current liabilities
Trade and other payables
Provisions
Short term borrowings
1,773,48
7
340,753
1,494,21
3
9
1,673,252
-10.7%
Taxation
Insurance reserves
81,217
156,073
3,845,74
3
2.3
13,462
13,432
19.9%
9.4%
3,721,584
124,159
3.3%
293,120
4,138,86
3
7,072,43
2
293,120
0.0%
3,721,584
417,279
11.2%
6,617,021
455,411
6.9%
AND 17,825,4
36
16,605,32
0
1,220,11
6
7.3%
Total Liabilities
TOTAL
EQUITY
LIABILITIES
67,755
142,641
2009
BERJAYA CORPORATION BERHAD
Balance Sheet 30 April 2009
GROUP
ASSETS
Non-Current Assets
Property,
plant
and
equipment
Biological assets
Other investments
Investments properties
Prepaid
land
lease
premiums
2009
2008
RM ' 000
RM ' 000
2,319,400
9,797
284,328
543,799
2,157,12
9
8,714
307,924
551,588
127,649
1,643,355
561,608
0
190,468
41,419
Intangible assets
6,191,922
11,913,745
Current Assets
10
121,027
1,616,12
2
578,403
0
141,260
19,134
6,190,08
1
11,691,3
82
INCREASE OR
DECREASE DURING
2011
PERCENTA
AMOUN
GES
T
CHANGES
162,271
1,083
(23,596)
(7,789)
7.5%
12.4%
-7.7%
-1.4%
6,622
5.5%
27,233
(16,795)
0
49,208
22,285
1.7%
-2.9%
0.0%
34.8%
116.5%
1,841
0.0%
222,363
1.9%
Development properties
Inventories
1,052,605
483,008
1,760,782
26,802
120,012
797,046
426,546
4,666,801
TOTAL ASSETS
24,774
805,566
344,083
1,721,57
0
39,316
121,840
980,467
507,989
4,520,83
1
247,039
138,925
30.7%
40.4%
39,212
(12,514)
(1,828)
(183,42
1)
(81,443)
2.3%
-31.8%
-1.5%
145,970
3.2%
-18.7%
-16.0%
(638)
-2.5%
4,691,575
25,412
4,546,24
3
145,332
3.2%
16,605,320
16,237,6
25
367,695
2.3%
INCREASE OR
DECREASE DURING
2011
PERCENTA
AMOUN
GES
T
CHANGES
2009
2008
RM ' 000
RM ' 000
3,169,55
4
3,003,791
165,763
5.5%
822,826
(58,933)
(126,04
1)
-7.2%
763,893
1,659,22
9
11
1,785,270
-7.1%
5,592,67
6
4,395,62
3
9,988,29
9
Minority interests
Total Equity
Non-current liabilities
Liability
component
of
irredeemable
convertible unsecured loan
stocks
8% Secured exchangeable
bonds due 2011
Long term borrowings
Other long term liabilities
Deffered tax liabilities
Provisions
5,611,887
(19,211)
-0.3%
4,468,769
10,080,65
6
(73,146)
(92357.
00)
-1.6%
174,799
176,948
(2,149)
-1.2%
882,000
1,174,50
7
288,822
368,045
7,264
2,895,43
7
900,000
-2.0%
-25.6%
3.0%
1.6%
49.0%
3,302,581
(18,000)
(403,56
9)
8,527
5,658
2,389
(407,14
4)
1,384,480
229,864
139,917
83,675
10.1%
36.4%
1,026,025
68,032
132,329
647,227
(277)
10,312
63.1%
-0.4%
7.8%
2,840,730
880,854
31.0%
1,578,076
280,295
362,387
4,875
-0.9%
-12.3%
Current liabilities
Trade and other payables
Provisions
Short term borrowings
Taxation
Insurance reserves
Liabilities directly associated
with
disposal
groups classified as held for
sale
Total Liabilities
TOTAL
EQUITY
LIABILITIES
1,524,39
7
313,539
1,673,25
2
67,755
142,641
3,721,58
4
0
3,721,58
4
6,617,02
1
13,658
(13,658)
-100.0%
2,854,388
867,196
30.4%
6,156,969
460,052
7.5%
AND 16,605,3
20
16,237,62
5
367695.
00
2.3%
12
2.4
2008
BERJAYA CORPORATION BERHAD
Balance Sheet 30 April 2008
GROUP
ASSETS
Non-Current Assets
Property,
plant
equipment
Biological assets
Other investments
2008
2007
RM ' 000
RM ' 000
2,132,121
8,714
307,924
2,063,43
6
7,293
337,989
551,588
893,946
146,450
143,598
1,640,80
3
1,296,27
0
1,402
22,945
15,602
and
Investments properties
Prepaid
land
lease
premiums
Land held for development
Associated companies
Subsidiary companies
Jointly controlled entities
Deferred tax assets
Intangible assets
1,573,687
578,403
0
141,260
19,134
6,348,236
11,807,517
Current Assets
Development properties
Inventories
Trade and other receivables
Short term investments
Tax recoverable
Deposits
with
financial
institutions
Cash and bank balances
883,164
338,920
1,721,155
39,316
121,840
980,467
507,989
4,592,851
25,412
4,618,263
13
828,500
7,251,78
4
INCREASE OR
DECREASE DURING
2011
PERCENTA
AMOUN
GES
T
CHANGES
68,685
1,421
(30,065)
(342,358
)
3.3%
19.5%
-8.9%
-38.3%
2,852
2.0%
(67,116)
(717,867
)
(1,402)
118,315
3,532
5,519,73
6
4,555,73
3
-4.1%
-55.4%
-100.0%
515.6%
22.6%
666.2%
62.8%
774,865
346,256
1,207,44
1
10,144
149,938
108,299
(7,336)
14.0%
-2.1%
513,714
29,172
(28,098)
42.5%
287.6%
-18.7%
530,652
329,459
3,348,75
5
449,815
178,530
1,244,09
6
84.8%
54.2%
175,107
3,523,86
2
(149,695
)
1,094,40
1
-85.5%
31.1%
TOTAL ASSETS
16,425,780
10,775,6
46
5,650,13
4
52.4%
INCREASE OR
DECREASE DURING
2011
PERCENTA
AMOUN
GES
T
CHANGES
2008
2007
RM ' 000
RM ' 000
3,003,79
1
2,423,841
579,950
23.9%
890,706
-7.6%
Minority interests
Total Equity
Non-current liabilities
Liability
component
of
irredeemable
convertible unsecured loan
stocks
8% Secured exchangeable
bonds due 2011
Long term borrowings
Other long term liabilities
822,826
1,819,39
4
5,646,01
1
4,592,80
0
10,238,8
11
3,336,566
4,529,269
(67,880)
1,797,37
5
2,309,44
5
3,400,09
7
5,709,54
2
176,948
751,978
(575,030
)
-76.5%
900,000
1,578,07
6
280,295
900,000
0.0%
1,540,925
256,705
37,151
23,590
2.4%
9.2%
14
22,019
1,192,703
8162.8%
69.2%
285.1%
126.1%
362,387
4,875
3,302,58
1
415,201
4,712
-12.7%
3.5%
3,869,521
(52,814)
163
(566,940
)
1,123,587
209,605
290,893
20,259
25.9%
9.7%
805,593
37,242
93,746
2,2
69,773
220,432
30,790
38,583
27.4%
82.7%
41.2%
600,957
26.5%
-14.7%
Current liabilities
Trade and other payables
Provisions
Short term borrowings
Taxation
Insurance reserves
Liabilities directly associated
with
disposal
groups classified as held for
sale
Total Liabilities
TOTAL
EQUITY
LIABILITIES
1,414,48
0
229,864
1,026,02
5
68,032
132,329
2,870,73
0
13,658
2,884,38
8
6,186,96
9
107,083
(93,425)
-87.2%
2,376,856
507,532
21.4%
6,246,377
(59,408)
-1.0%
AND 16,425,7
80
10,775,64
6
5,650,13
4
52.4%
2009 -2010
15
increased
increased
or 3.3%
increased
2008-2009
The horizontal analysis of 2 years condensed balance sheets for Berjaya
Corporation Berhad (shown in Ringgit Malaysia and percentage changes
(increased or decreased)) indicates that a number of significant changes have
occurred in Berjaya Corporation Berhad financial structure from 2008 to 2009.
2007-2008
The horizontal analysis of 2 years condensed balance sheets for Berjaya
Corporation Berhad (shown in Ringgit Malaysia and percentage changes
(increased or decreased)) indicates that a number of significant changes have
occurred in Berjaya Corporation Berhad financial structure from 2007 to 2008.
Revenue
Less:
Revenue
from
discontinued operation
(490,647)
Revenue from continuing
operations
6,552,965
17
-7.5%
100.0
%
0
6,756,034
0.0%
100.0
%
0
6,339,012
(4,397,711
)
2,155,254
417,473
Administrative expenses
Selling
and
distribution
expenses
(923,267)
67.1%
32.9%
6.4%
14.1%
(446,344)
-6.8%
(438,956)
-6.5%
(357,532)
Other expenses
(166,421)
1,036,695
(286,642)
93,420
-2.5%
15.8%
-4.4%
1.4%
(380,991)
818,666
(295,574)
108,021
-5.6%
12.1%
-4.4%
1.6%
(210,928)
600,738
(289,842)
15,104
(25,852)
817,621
(227,220)
-0.4%
12.5%
-3.5%
(29,721)
601,392
(206,976)
-0.4%
8.9%
-3.1%
(51,439)
274,561
(165,465)
590,401
9.0%
0.0%
35,587
0.5%
0.0%
625,988
9.6%
394,416
5.8%
109,096
Cost of sales
Gross profit
Other income
Finance costs
Share of results of associates
Share of results of jointly
controlled entities
Profit before tax
Income tax expenses
Profit for the year from
continuing operations
Discontinued operation
Profit for the year from
continuing operations
Profit for the year
COMPETITOR
e
g expenses
erating income
(4,520,744
)
2,235,290
405,282
(1,001,959
)
66.9%
33.1%
6.0%
14.8%
(4,389,930
)
1,949,082
189,592
(969,476)
ng Profit
f results of jointly
d entities
of
results
of
es
5,483.3
13.1%
3,145.5
9.7%
3,151.0
10.2%
1,368.9
34.0
0.1%
(265.2)
-0.8%
(69.7)
-0.2%
0.0
84.4
0.2%
95.8
0.3%
84.2
0.3%
0.0
5,601.7
155.3
(307.8)
13.4%
0.4%
-0.7%
2,976.1
107.7
(265.2)
9.2%
0.3%
-0.8%
3,165.5
158.7
(252.6)
10.2%
0.5%
-0.8%
1,368.9
11.4
(55.0)
efore tax
nse
5,449.2
(1,602.7)
13.0%
-3.8%
2,818.6
(905.5)
8.7%
-2.8%
3,071.6
(730.8)
9.9%
-2.4%
1,325.3
102.1
18
from continuing
ons
ss)
from
nuing operations
or the year
3,846.5
9.2%
1,913.1
5.9%
0.0
0.0%
0.0
1.4
3,847.9
0.0%
9.2%
(1,058.3)
854.8
-3.3%
2.6%
0.0
2,340.8
0.0%
7.5%
0.0
1,223.2
19
Comparing Berjaya Corporation Berhad (Berjaya) and Sime Darby Berhad (Sime
Darby) income statements for the year of 2008 and 2011, it shows that in
Berjaya revenue is 2703.9 times greater than revenue of Sime Darby in 2008,
204.4 times greater in 2009, 207.8 times greater in 2010 and 156.5 greater in
2011. However, the vertical analysis eliminates this difference in size.
The percentages shows that Berjayas and Sime Darbys operating profit
slightly different at 40.3% and 106.8% respectively in 2008, slightly different at
9.5% and 10.2% respectively in 2009, slightly different at 12.1% and 9.7%
respectively in 2010 and slightly different at 15.8% and 13.1% in 2011
.However, the percentages related to profit before tax rates were significantly
different at 34.4% and 103.4% respectively in 2008, significantly different at
4.3% and 9.9% respectively in 2009, comparable at 8.9% and 8.7%
respectively in 2010 and comparable at 12.5% and 13.0% respectively in 2011.
This disparity can be attributed to finance and other costs for Berjaya and Sime
Darby.
Although, Berjaya earned profit for the year more than 942.5 times larger than
Sime Darby in 2008, 46.6 times larger in 2009, 462.4 times larger in 2010 and
162.7 times larger in 2011, Berjayas profit for the year as a percent of sales
(33.3%) is only 35% of Sime Darby (95.4%) in 2008 and 23% in 2009 (Berjayas
1.7% vs Sime Darbys 7.5%). However in 2010, Sime Darbys profit for the year
as a percent of sales (2.6%) is only 45% of Berjaya (5.8%) in 2010 and 96% in
2011 (Sime Darbys 9.2% vs Berjayas 9.6%)
20
YEARS
NO
DESCRIPTION
.
1 Current Ratio
2 Acid Test Ratio
Receivables
3
Turnover (Times)
Receivables
4
Turnover (Days)
Inventory
5
Turnover (Times)
Inventory
6
Turnover (Days)
7 Profit Margin
8 Asset Turnover
9 Return on Assets
Return
on
Common
10
Stockholders
Equity
Earnings
Per
11 Share (EPS) (Per
Share)
Price
Earnings
12
Ratio (Times)
13 Payout Ratio
Debt
to
Total
14
Assets Ratio
Times
Interest
15
Earned (Times0
2011
2010
2009
2008
1.06
0.88
1.22
1.07
1.26
1.13
1.60
1.48
5.08
3.77
3.64
2.37
72
97
100
154
(6.04)
(8.27)
(10.60)
(6.40)
(60.00)
(44.00)
(34.40)
(57.00)
9.60%
37%
3.51%
5.80%
9.60%
2.29%
1.72%
38.50%
0.66%
33.30%
25.50%
8.48%
5.82%
3.80%
6.24%
15.61%
RM0.15
RM0.11
RM0.02
RM0.48
0.15
0.09
0.02
0.48
40.2%
31.3%
55.8%
16.5%
39.7%
39.7%
39.8%
37.7%
(7,520.1
)
(7,561.9
)
(6,725.
6)
(3,754.4)
21
YEARS
NO
DESCRIPTION
.
2011
2010
2009
2008
1 Current Ratio
1.70
1.64
1.70
2.10
1.15
1.18
1.16
1.56
9%
3%
8%
11%
4 Return on Assets
10%
2%
7%
11%
5 Payout Ratio
17%
157%
98%
20%
42%
44%
38%
38%
3 Profit Margin
Debt
to
Assets Ratio
Total
22
23
I.
Current Assets
Current Liabilites
2011
5,212,613
=1.06 :1
4,919,517
II.
2010
5,045,402
=1.22:1
4,138,863
III.
2009
4,691,575
=1.26 :1
3,721,584
IV.
2008
4,618,263
=1.60 :1
2,884,388
I.
Current AssetsInventory
Current Liabilites
2011
5,212,613845,822 4,366,791
=
=0.88 :1
4,919,517
4919,517
II.
2010
5,045,402610,299 4,435,103
=
=1.07 :1
4,138,863
4,138,863
III.
2009
24
4,619,575483,008 4,208,567
=
=1.13 :1
3,721,584
3,721,584
IV.
2008
4,618,263338,920 4,279,343
=
=1.48 :1
2,884,388
2,884,388
2011
6,552,965
6,552,965
=
=5.08
1,288,834
1,119,703+1,457,965
2
2010
6,756,034
6,756,034
=
=3.77
1,790,890
1,819,256+1,762,524
2
2009
6,339,012
6,339,012
=
=3.64
1,741,176
1,760,782+1,721,570
2
25
2008
3,465,837
3,465,837
=
=2.37
1,721,155+ 1,207,441 1,464,298
2
2011
4,397,711
4,397,717
=
=6.04
728,060.5
845,822+ 610,299
2
2010
26
4,520,744
4,520,744
=
=8.27
546,653.5
610,299+483,008
2
2009
4,389,930
4,389,930
=
=10.6
413,545.5
483,008+344,083
2
2008
2,180,692
2,180,692
=
=6.4
342,588
338,920+ 346,256
2
Net Income
Net Sales
27
I.
2011
625,988
x 100 =9.6
6,552,965
II.
2010
394,416
x 100 =5.8
6,756,034
III.
2009
109,096
x 100 =1.72
6,339,012
IV.
2008
1,152,837
x 100 =3.33
3,465,837
I.
Net Sales
Average Assets
2011
6,552,965
6,552,965
=
=0.37
17,875,530+ 17,827,850 17,841,690
2
II.
2010
6,756,034
6,756,034
=
=0.392
17,215,378
17,825,436+16,605,320
2
III.
2009
28
6,339,012
6,339,012
=
=0.385
16,605,320+ 16,237,625 16,466,472.5
2
IV.
2008
3,465,837
3,465,837
=
=0.255
13,600,713
16,425,780+ 10,775,646
2
I.
Net come
Average Assets
2011
625,988
x 100 =3.51
17,841,690
II.
2010
394,416
x 100 =2.29
17,215,378
III.
2009
109,096
x 100 =0.66
16,466,472.5
IV.
2008
1,152,837
x 100 =8.48
13,600,713
2011
29
625,988
625,988
=
=0.0582
10,764,435
10,783,144+10,745,726
2
2010
394,416
394,416
=
=0.038
10 ,753 , 004+ 9,988,299 10,370,651.5
2
2009
625,988
625,988
=
=0.0624
10,034,477.5
9,988,299+10,080,656
2
2008
1,152,837
1,152,837
=
=0.1561
10,238,811+4,529,269 7,384,040
2
I.
2011
(
II.
Net Income
Wighted Average Common
Share Outstanding
RM 625,988
RM 625,988
=
=RM 0.15 per share
4,121,593.5
4,221,301+4,021,886
2
2010
RM 394,416
RM 394,416
=
=RM 0.11 per shar e
3,595,720
4,021,886+3,169,554
2
30
III.
2009
(
IV.
RM 109,096
RM 109,096
=
=RM 0.02 per share
6,173,347
3,169,554+3,003,791
2
2008
RM 1,152,837
RM 1,152,837
=
=RM 0.48 per share
2,423,843
3,003,791+2,423,841
2
4.10
PRICE-EARNINGS RATIO
Price- Earnings Ratio=
I.
2011
RM 0.15
=0.15
RM 1.00
II.
2010
RM 0.11
=0.09time s
RM 1.20
III.
2009
RM 0.02
=0.02 time s
RM 1.02
IV.
2008
RM 0.48
=0.48 time s
RM 1.00
4.11
PAYOUT RATIO
Payout Ratio=
I.
Cash Dividends
Net Income
2011
251,651
x 100 =40.2
625,988
31
II.
2010
123,624
x 100 =31.3
394,416
III.
2009
60,867
x 100 =55.8
109,096
IV.
2008
190,555
x 100 =16.5
1,152,837
4.12
I.
Total Debt
Total Assets
2011
7,092,386
x 100 =39.7
17,875,530
II.
2010
7,072,432
x 100 =39.7
17,825,436
III.
2009
6,617,021
x 100 =39.8
16,605,320
IV.
2008
6,186,969
x 100 =37.7
16,425,780
32
4.13
I.
2011
2,155,254
=0
0
II.
2010
2,235,290
=0
0
III.
2009
1,949,082
=0
0
IV.
2008
1,285,145
=0
0
33
5.0 ATTACHMENTS
5.1 Balance Sheet as at 30 April 2011
GROUP
COMPANY
2011
RM000
2010
RM000
(Restated)
1.5.2009
RM000
(Restated)
2011
RM000
2,827,892
2,830,582
2,448,283
65
2009
RM000
ASSETS
Non-current assets
Property,
plant
equipment
Biological assets
and
Other investments
Investment properties
Prepaid
land
lease
premiums
Land held for development
Associated companies
Subsidiary companies
Jointly controlled entities
Deferred tax assets
Other receivables
Intangible assets
Current assets
Development properties
Inventories
Trade
and
other
receivables
Short term investments
Tax recoverable
Deposits with
financial
institutions
Cash and bank balances
TOTAL ASSETS
32
13,989
12,776
9,797
80,100
286,364
284,328
609,060
586,789
543,799
1,097
1,118
2,074,486
2,024,097
1,643,355
662,090
739,128
561,608
1,444,90
1
1,303,127
115,585
155,482
190,468
33,454
35,594
42,387
352,093
346,911
353,056
5,893,071
6,112,791
6,191,922
12,662,917
13,131,632
12,269,003
716,392
670,963
1,052,605
845,822
610,299
483,008
1,119,703
1,457,965
1,398,912
14,868
56,114
43,162
72,837
688,956
1,444,96
6
1,303,159
3,846,563
38,202
3,772,07
1
120,012
216
1,396
867,738
793,226
3,292
26,921
579,423
509,400
426,546
74
4,008,326
4,245,316
4,312,511
1,204,287
450,902
24,774
5,212,613
4,696,218
4,337,285
3,775,65
3
3,881,602
17,875,5
30
17,827,8
50
16,606,2
88
5,220,61
9
5,184,76
1
34
3,775,65
3
6,722
3,881,602
GROUP
COMPANY
2011
RM000
2010
RM000
(Restated)
1.5.2009
RM000
(Restated)
2011
RM000
2009
RM000
4,221,301
4,021,886
3,1694,554
4,221,301
4,021,886
176,869
313,414
763,893
346,063
446,881
1,659,977
1,600,768
1,657,095
248,753
448,057
Treasury shares
6,058,147
(37,323)
5,936,068
(3,680)
5,590,542
4,816,117
(37,323)
4,916,824
(3,680)
Minority interests
6,020,824
4,762,320
5,932,388
4,813,338
5,590,542
4,394,827
4,778,794
4,913,144
10,783,144
10,745,726
9,985,369
4,778,794
4,913,144
14,381
28,364
174,799
1,350,319
702,000
1,377,313
882,000
1,174,507
149,250
13,000
442,641
520,265
324,209
355,044
337,944
368,045
10,484
7,950
7,264
2,172,869
2,973,836
2,930,824
149,250
13,000
702,000
1,861,036
1,750,318
1,492,908
153,532
161,855
964
340,753
313,539
to
the
Share capital
Equity component of
irredeemable
convertible
unsecured loan stocks
Reserves
Total equity
Non-current liabilities
Liability component of
irredeemable
convertible
unsecured loan stocks
8%
Secured
exchangeable
bonds due 2011
Long term borrowings
Provisions
Current liabilities
8%
Secured
exchangeable
bonds due 2011
Trade and other payables
Provisions
Short term borrowings
1,731,682
1,486,807
1,673,252
139,043
96,762
Taxation
35,271
81,217
67,755
Derivative liability
24,388
Insurance reserves
Liabilities directly associated
with
disposal groups classified as
held for sale
Total liabilities
156,073
142,641
4,355,341
3,815,168
3,690,095
292,575
258,617
564,176
293,120
4,919,517
7,092,386
4,108,288
7,082,124
3,690,095
6,620,919
292,575
441,825
35
258,617
271,617
TOTAL
EQUITY
LIABILITIES
AND
17,875,530
17,827,850
16,606,288
5,220,619
5,184,761
Revenue
Less:
Revenue
operation
from
COMPANY
2011
RM000
2010
RM000
(Restated)
2011
RM000
2010
RM000
7,043,612
6,757,534
97,511
61,744
(490,647)
(444,938)
97,511
discontinued
6,552,965
6,312,596
Cost of sales
(4,397,711)
(4,146,677)
Gross profit
2,155,254
2,165,919
97,511
61,744
Other income
417,473
366,851
251
2,613
Administrative expenses
(923,267)
(953,001)
(14,979)
(12,759)
(446,344)
(426,603)
Other expenses
Finance costs
Share of results of associates
Share of results of jointly
entities
61,744
(166,421)
(380,770)
1,036,695
772,396
82,783
51,598
(286,642)
(295,574)
(25,407)
(15,998)
93,420
108,021
(25,852)
(29,721)
controlled
817,621
555,122
57,376
(227,220)
(200,547)
(6,702)
590,401
354,575
50,674
35,600
35,600
35,587
35,493
625,988
390,068
50,674
35,600
327,257
56,478
50,674
35,600
Attributable to:
Owners of the parent
-from continuing operations
-from discontinued operation
Non-controlling interests
24,911
24,472
352,168
80,950
50,674
273,820
309,118
625,988
390,068
50,674
7.5
1.4
0.6
0.6
8.1
2.0
7.4
1.3
36
35,600
35,600
0.6
0.6
8.0
1.9
5.00
-Final dividend
2.00
1.00
COMPANY
2010
RM000
2009
RM000
2010
RM000
2009
RM000
2,704,014
2,317,658
32
34
12,776
9,797
Other investments
286,364
284,328
Investment properties
586,789
543,799
125,413
127,649
2,024,097
1,643,355
Associated companies
739,128
561,608
Subsidiary companies
1,303,127
1,105,469
155,482
190,468
33,180
6,112,791
41,419
6,191,922
12,780,034
11,912,003
1,303,159
1,105,503
670,963
1,052,605
610,299
483,008
1,819,256
1,762,524
3,846,563
3,868,533
56,114
38,202
ASSETS
Non-current assets
Property, plant and equipment
Biological assets
Current assets
Development properties
Inventories
Trade and other receivables
Short term investments
Tax recoverable
Deposits with financial institutions
72,837
120,012
1,396
1,396
855,631
785,646
26,921
8,911
509,400
426,546
6,722
98
4,594,500
4,668,543
3,881,602
3,878,938
450,902
5,045,402
24,774
4,693,317
3,881,602
3,878,938
17,825,436
16,605,320
5,184,761
4,984,441
TOTAL ASSETS
37
GROUP
COMPANY
2010
RM000
2009
RM000
2010
RM000
2009
RM000
4,021,886
3,169,554
4,021,886
3,169,554
313,414
1,606,070
763,893
1,659,229
446,881
448,057
1,004,035
536,091
unsecured
loan
5,941,370
Treasury shares
5,592,676
4,916,824
4,709,680
(3,680)
(3,680)
5,937,690
5,592,676
4,913,144
4,709,680
4,815,314
4,395,623
10,753,004
9,988,299
4,913,144
4,709,680
28,364
702,000
174,799
882,000
5,653
-
1,473,831
1,174,507
13,000
76,422
383,480
288,822
337,944
368,045
7,950
7,264
2,933,569
2,895,437
13,000
82,075
1,773,487
1,524,397
161,855
6,653
Minority interests
Total equity
Non-current liabilities
Liability component of
irredeemable convertible unsecured loan
stocks
8% Secured exchangeable bonds due 2011
Long term borrowings
Provisions
Current liabilities
Trade and other payables
Provisions
Short term borrowings
Taxation
Insurance reserves
Liabilities directly associated with
disposal groups classified as held for sale
Total liabilities
TOTAL EQUITY AND LIABILITIES
340,753
340,753
1,494,213
1,673,252
96,762
186,033
81,217
67,755
156,073
142,641
3,845,743
3,721,584
258,617
192,686
293,120
4,138,863
3,721,584
258,617
192,686
7,072,432
6,617,021
271,617
274,761
17,825,436
16,605,320
5,184,761
4,984,441
38
COMPANY
2010
RM000
2009
RM000
2010
RM000
2009
RM000
6,756,034
6,339,012
61,744
31,930
Cost of sales
(4,520,744)
(4,389,930)
Gross profit
2,235,290
1,949,082
61,744
31,930
Other income
405,282
189,592
2,613
16,567
(12,759)
(9,889)
Revenue
(1,001,959)
(969,476)
(438,956)
(357,532)
Other expenses
(380,991)
(210,928)
818,666
600,738
51,598
38,608
(295,574)
(289,842)
108,021
(29,721)
15,104
(51,439)
601,392
(206,976)
274,561
(165,465)
35,600
-
14,999
558
394,416
109,096
35,600
15,557
Administrative expenses
Finance costs
Share of results of associates
Share of results of jointly
entities
Profit before tax
Taxation
Profit for the year
controlled
(15,998)
(23,609)
Attributable to:
84,118
(53,383)
35,600
15,557
310,298
162,479
394,416
109,096
35,600
15,557
- Basic
2.1
(1.4)
- Diluted
1.9
2.35
1.00
1.00
39
COMPANY
2009
RM000
2008
RM000
2009
RM000
2008
RM000
2,319,400
2,157,129
34
29
9,797
8,714
Other investments
284,328
307,924
Investment properties
543,799
551,588
127,649
121,027
1,643,355
1,616,122
561,608
578,403
1,105,469
1,101,752
190,468
141,260
41,419
6,191,922
19,134
6,190,081
11,913,745
11,691,382
1,105,503
1,101,781
1,052,605
805,566
483,008
344,083
1,760,782
1,721,570
3,868,533
3,941,179
26,802
39,316
Tax recoverable
Deposits with financial institutions
120,012
121,840
1,396
1,176
797,046
980,467
8,911
71,305
426,546
507,989
98
1,065
4,666,801
4,520,831
3,878,938
4,014,725
24,774
4,691,575
25,412
4,546,243
3,878,938
4,014,725
16,605,320
16,237,625
4,984,441
5,116,506
ASSETS
Non-current assets
Property, plant and equipment
Biological assets
Current assets
Development properties
Inventories
Trade and other receivables
Short term investments
TOTAL ASSETS
40
GROUP
COMPANY
2009
RM000
2008
RM000
2009
RM000
2008
RM000
3,169,554
3,003,791
3,169,554
3,003,791
763,893
1,659,229
822,826
1,785,270
1,004,035
536,091
1,168,381
581,401
5,592,676
5,611,887
4,709,680
4,753,573
equity
Share capital
Equity component of
irredeemable convertible unsecured
loan stocks
Reserves
Minority interests
4,395,623
4,468,769
Total equity
9,988,299
10,080,656
4,709,680
4,753,573
174,799
176,948
5,653
6,909
882,000
900,000
1,174,507
1,578,076
76,422
214,439
288,822
280,295
368,045
362,387
Non-current liabilities
Liability component of
irredeemable convertible unsecured
loan stocks
8% Secured exchangeable bonds due
2011
Long term borrowings
Provisions
7,264
4,875
2,895,437
3,302,581
82,075
221,348
1,524,397
1,384,480
6,653
2,052
313,539
229,864
1,673,252
1,026,025
186,033
139,533
67,755
68,032
142,641
132,329
3,721,584
2,840,730
192,686
141,585
13,658
3,721,584
2,854,388
192,686
141,585
6,617,021
6,156,969
274,761
362,933
16,605,320
16,237,625
4,984,441
5,116,506
Current liabilities
Trade and other payables
Provisions
Short term borrowings
Taxation
Insurance reserves
Liabilities directly associated with
disposal groups classified as held for
sale
Total liabilities
TOTAL EQUITY AND LIABILITIES
41
COMPANY
2009
RM000
2008
RM000
2009
RM000
2008
RM000
6,339,012
3,465,837
31,930
969,792
Cost of sales
(4,389,930)
(2,180,692)
Gross profit
1,949,082
1,285,145
31,930
969,792
Other income
189,592
1,557,966
16,567
12,987
Administrative expenses
(969,476)
(710,230)
(9,889)
(13,217)
(357,532)
(210,296)
Other expenses
(210,928)
(524,665)
600,738
1,397,920
38,608
959,562
(289,842)
(342,327)
Revenue
Finance costs
Share of results of associates
(23,609)
(18,015)
15,104
137,455
(51,439)
(75)
274,561
1,192,973
14,999
951,547
(165,465)
(40,136)
558
(122,269)
109,096
1,152,837
15,557
829,278
(53,383)
616,549
15,557
829,278
Minority interests
162,479
536,288
109,096
1,152,837
15,557
829,278
(1.4)
18.5
16.6
2.95
4.00
- Final dividend
Note * - Anti-dilutive
2.00
Taxation
Profit for the year
Attributable to:
42
COMPANY
2008
RM000
2007
RM000
(Restated)
2008
RM000
2007
RM000
2,132,121
2,063,436
29
8,714
7,293
Other investments
307,924
337,989
Investment properties
551,588
893,946
146,450
143,598
1,573,687
1,640,803
578,403
1,296,270
1,402
1,101,752
1,101,720
141,260
22,945
ASSETS
Non-current assets
Property, plant and equipment
Biological assets
19,134
15,602
6,348,236
828,500
11,807,517
7,251,784
1,101,781
1,101,727
883,164
774,865
Current assets
Development properties
Inventories
Trade and other receivables
338,920
346,256
1,721,155
1,207,441
3,941,179
4,922,794
39,316
10,144
Tax recoverable
Deposits with financial institutions
121,840
149,938
1,176
1,820
980,467
530,652
71,305
91,937
507,989
329,459
1,065
100
4,592,851
3,348,755
4,014,725
5,016,651
25,412
4,618,263
175,107
3,523,862
4,014,725
5,016,651
16,425,780
10,775,646
5,116,506
6,118,378
TOTAL ASSETS
43
GROUP
COMPANY
2008
RM000
2007
RM000
(Restated)
2008
RM000
2007
RM000
3,003,791
2,423,841
3,003,791
2,423,841
unsecured
loan
Reserves
Minority interests
Total equity
822,826
890,706
1,168,381
3,641,384
1,819,394
22,019
581,401
(57,322)
5,646,011
3,336,566
4,753,573
6,007,903
4,592,800
1,192,703
10,238,811
4,529,269
4,753,573
6,007,903
176,948
751,978
6,909
61,951
900,000
900,000
Non-current liabilities
Liability component of
irredeemable convertible
stocks
unsecured
loan
1,578,076
1,540,925
214,439
46,000
280,295
256,705
362,387
415,201
Provisions
4,875
4,712
3,302,581
3,869,521
221,348
107,951
1,414,480
1,123,587
2,052
1,059
229,864
209,605
1,026,025
805,593
139,533
68,032
37,242
1,465
Current liabilities
Trade and other payables
Provisions
Short term borrowings
Taxation
Insurance reserves
Liabilities directly associated with
disposal groups classified as held for sale
Total liabilities
132,329
93,746
2,870,730
2,269,773
141,585
2,524
13,658
107,083
2,884,388
2,376,856
141,585
2,524
6,186,969
6,246,377
362,933
110,475
16,425,625
10,775,646
5,116,506
6,118,37
8
44
COMPANY
2008
RM000
2007
RM000
(Restated)
2008
RM000
2007
RM000
3,465,837
2,211,391
969,792
8,596
Cost of sales
(2,180,692)
(1,218,288)
Gross profit
1,285,145
993,103
969,792
8,596
Other income
1,557,966
367,795
12,987
472
Administrative expenses
(710,230)
(648,479)
(13,217)
(4,617)
(210,296)
(145,005)
Revenue
Other expenses
Finance costs
Share of results of associates
(524,665)
(191,728)
1,397,920
375,686
959,562
4,451
(342,327)
(270,348)
(18,015)
(1,875)
137,455
164,980
year
from
Discontinued Operations
Loss for the year from
operations
(75)
1,192,973
270,318
951,547
2,576
(40,136)
16,634
(122,269)
(1,480)
1,152,837
286,952
829,278
1,096
(13,602)
1,152,837
273,350
829,278
1,096
616,549
196,818
829,278
1,096
(18,095)
616,549
178,723
829,278
1,096
continuing
discontinued
536,288
94,627
1,152,837
273,350
829,278
1,096
18.5
6.3
(0.6)
18.5
5.7
16.6
5.3
(0.5)
16.6
4.8
45
2.95
4.00
5.9 Dividends
Note * - Anti-dilutive
Dividends (2011)
GROUP
2011
Net
dividend
per share
(sen)
2011
Net
dividend
(RM000)
2010
Net
dividend
per share
(sen)
2010
Net
dividend
(RM000)
5.00
209,801
2.35
90,045
1.00
41,850
1.00
33,589
6.00
251,651
3.35
123,634
Dividends (2010)
GROUP
2010
Net
dividend
per share
(sen)
2010
Net
dividend
(RM000)
2009
Net
dividend
per share
(sen)
2009
Net
dividend
(RM000)
2.35
1.00
90,045
33,589
2.00
60,867
123,634
2.00
60,867
Dividends (2009)
GROUP
2009
Net
dividend
per share
(sen)
2009
Net
dividend
(RM000)
2008
Net
dividend
per share
(sen)
2008
Net
dividend
(RM000)
2.00
60,867
2.95
72,528
4.00
118,027
2.00
60,867
6.95
190,555
Dividends (2008)
GROUP
2008
Net
dividend
per share
(sen)
2008
Net
dividend
(RM000)
2007
Net
dividend
per share
(sen)
2007
Net
dividend
(RM000)
2.95
72,528
5.10
4.00
118,027
6.95
190,555
48
49