Presentation Group - All 24 Sept 2010 Final

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Case Studies PresentationCase Studies Presentation

Faizal Bin Shariff Udin (2008729247)Faizal Bin Shariff Udin (2008729247)

Md Hifni Abd Samad (2008529055)Md Hifni Abd Samad (2008529055)

Abd Razak Bin Kassim (2008554789)Abd Razak Bin Kassim (2008554789)

Ruhiyati Idayu Binti Abu Talib (2008354043)Ruhiyati Idayu Binti Abu Talib (2008354043)

Faizal Bin Shariff Udin (2008729247)Faizal Bin Shariff Udin (2008729247)

Md Hifni Abd Samad (2008529055)Md Hifni Abd Samad (2008529055)

Abd Razak Bin Kassim (2008554789)Abd Razak Bin Kassim (2008554789)

Ruhiyati Idayu Binti Abu Talib (2008354043)Ruhiyati Idayu Binti Abu Talib (2008354043)

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Corporate InformationCorporate Information

• Sime Darby was incorporated in 1910 as a small British company Sime Darby was incorporated in 1910 as a small British company managing 500 acres of rubber estates in Malacca. managing 500 acres of rubber estates in Malacca.

• Today, Sime Darby is a key player in the Malaysian economy as well as a Today, Sime Darby is a key player in the Malaysian economy as well as a diversified multinational involved in key growth sectorsdiversified multinational involved in key growth sectors

•For the past 100 years, its business divisions seek to create positive For the past 100 years, its business divisions seek to create positive benefits in the economy, environment and society benefits in the economy, environment and society

• With a workforce of over 100,000 employees in over 20 countries, Sime With a workforce of over 100,000 employees in over 20 countries, Sime Darby is committed to building a sustainable future for all its stakeholders.Darby is committed to building a sustainable future for all its stakeholders.

• Sime Darby was incorporated in 1910 as a small British company Sime Darby was incorporated in 1910 as a small British company managing 500 acres of rubber estates in Malacca. managing 500 acres of rubber estates in Malacca.

• Today, Sime Darby is a key player in the Malaysian economy as well as a Today, Sime Darby is a key player in the Malaysian economy as well as a diversified multinational involved in key growth sectorsdiversified multinational involved in key growth sectors

•For the past 100 years, its business divisions seek to create positive For the past 100 years, its business divisions seek to create positive benefits in the economy, environment and society benefits in the economy, environment and society

• With a workforce of over 100,000 employees in over 20 countries, Sime With a workforce of over 100,000 employees in over 20 countries, Sime Darby is committed to building a sustainable future for all its stakeholders.Darby is committed to building a sustainable future for all its stakeholders.

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HistoryHistory

• On 17 October 1910, European businessmen William Sime and Henry On 17 October 1910, European businessmen William Sime and Henry Darby established Sime, Darby & Co.Darby established Sime, Darby & Co.

• On 11 September 1978, Sime Darby Berhad was incorporated in Malaysia On 11 September 1978, Sime Darby Berhad was incorporated in Malaysia

• In November 2007, Kumpulan Sime Darby Berhad merged with plantation In November 2007, Kumpulan Sime Darby Berhad merged with plantation giants Golden Hope Plantations Berhad and Kumpulan Guthrie Berhad.giants Golden Hope Plantations Berhad and Kumpulan Guthrie Berhad.

• The newly merged entity was renamed Sime Darby Berhad with leading The newly merged entity was renamed Sime Darby Berhad with leading positions in key growth sectors. positions in key growth sectors.

• The synergy from the merger has yielded great benefit and Sime Darby is The synergy from the merger has yielded great benefit and Sime Darby is today a major player in plantations, property, heavy equipment today a major player in plantations, property, heavy equipment distribution, motor vehicle distribution, energy & utilities and healthcare distribution, motor vehicle distribution, energy & utilities and healthcare businesses.businesses.

• On 17 October 1910, European businessmen William Sime and Henry On 17 October 1910, European businessmen William Sime and Henry Darby established Sime, Darby & Co.Darby established Sime, Darby & Co.

• On 11 September 1978, Sime Darby Berhad was incorporated in Malaysia On 11 September 1978, Sime Darby Berhad was incorporated in Malaysia

• In November 2007, Kumpulan Sime Darby Berhad merged with plantation In November 2007, Kumpulan Sime Darby Berhad merged with plantation giants Golden Hope Plantations Berhad and Kumpulan Guthrie Berhad.giants Golden Hope Plantations Berhad and Kumpulan Guthrie Berhad.

• The newly merged entity was renamed Sime Darby Berhad with leading The newly merged entity was renamed Sime Darby Berhad with leading positions in key growth sectors. positions in key growth sectors.

• The synergy from the merger has yielded great benefit and Sime Darby is The synergy from the merger has yielded great benefit and Sime Darby is today a major player in plantations, property, heavy equipment today a major player in plantations, property, heavy equipment distribution, motor vehicle distribution, energy & utilities and healthcare distribution, motor vehicle distribution, energy & utilities and healthcare businesses.businesses.

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Sime Darby Business UnitsSime Darby Business Units

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Top Shareholding CompanyTop Shareholding CompanySource: Annual Report 2009Source: Annual Report 2009

38.76%38.76%38.76%38.76%

13.17%13.17%13.17%13.17%

12.43%12.43%12.43%12.43%

35.64%35.64%35.64%35.64%

TOTALTOTALTOTALTOTAL 100%100%100%100%

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Issue : Cost Overrun on ProjectIssue : Cost Overrun on Project

• In October 2009, the Board of Directors of Sime Darby Berhad had established a Board Work Group to review the operation of its Energy & Utilities Division.

•The purpose of the workgroup was to assess the corporate governance and performance of the Division.

•The Work Group reviewed in particular the 4 core project in Energy & Utilities Division. The issues that were the key findings of the Board were the cost overrun on all key project.

•The Energy & Utilities division had reported an operating loss of RM1,019 million in the first nine month of the year. This was after recording provisions for the oil & gas and engineering sub-segment in 3QFY2010 amounting to RM964 million that was announced on 13 May 2010.

• In October 2009, the Board of Directors of Sime Darby Berhad had established a Board Work Group to review the operation of its Energy & Utilities Division.

•The purpose of the workgroup was to assess the corporate governance and performance of the Division.

•The Work Group reviewed in particular the 4 core project in Energy & Utilities Division. The issues that were the key findings of the Board were the cost overrun on all key project.

•The Energy & Utilities division had reported an operating loss of RM1,019 million in the first nine month of the year. This was after recording provisions for the oil & gas and engineering sub-segment in 3QFY2010 amounting to RM964 million that was announced on 13 May 2010.

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IssueIssue

•The breakdown in the provision totaling RM964 million was as follows :

RM200 million for the Bulhanine Mahzam project with Qatar Petroleum (QP) ProjectRM159 million for the Maersk oil Qatar (MOQ) ProjectRM155 million for the Marine Project ( a project concerning the construction of vessels for use in the MOQ Project).RM450 million for the Bakun Hydroelectric Dam Project.

•The President & Group Chief Executive (GEC), Dato’ Seri Ahmad Zubir Murshid, has been asked to take leave of absence prior to the expiry of his contract on 26 November 2010.

•The breakdown in the provision totaling RM964 million was as follows :

RM200 million for the Bulhanine Mahzam project with Qatar Petroleum (QP) ProjectRM159 million for the Maersk oil Qatar (MOQ) ProjectRM155 million for the Marine Project ( a project concerning the construction of vessels for use in the MOQ Project).RM450 million for the Bakun Hydroelectric Dam Project.

•The President & Group Chief Executive (GEC), Dato’ Seri Ahmad Zubir Murshid, has been asked to take leave of absence prior to the expiry of his contract on 26 November 2010.

Issue : Cost Overrun on ProjectIssue : Cost Overrun on Project

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IssueIssueIssue : Cost Overrun on ProjectIssue : Cost Overrun on Project

The QP ProjectThe QP Project

The MOQ ProjectThe MOQ Project

The Bakun ProjectThe Bakun Project

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Causes of The IssueCauses of The Issue

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1. Project Delays1. Project Delays


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IssueIssueCauses of The IssueCauses of The Issue

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IssueIssue

•Corporate governance is an important theme to ensure the accountability of certain individuals in an organization through mechanisms that try to reduce or eliminate the principal-agent problem.

•In Sime Darby, the Board Work Group had been established to review its Energy & Utilities Division to assess the corporate governance and performance of the Division.

•Apart from the current issue, the CEO’s departure comes almost two years after Sime fired CFO Razidan Ghazali and second executive following a RM 120 million trading loss at a refining division. The unit lost the money on future between October 2006 and August 2007.

•Therefore, Sime Darby should always strengthen their corporate governance issue as they are one of the biggest Government Link Company (GLC) that give big effect on the local economic environment.

•Corporate governance is an important theme to ensure the accountability of certain individuals in an organization through mechanisms that try to reduce or eliminate the principal-agent problem.

•In Sime Darby, the Board Work Group had been established to review its Energy & Utilities Division to assess the corporate governance and performance of the Division.

•Apart from the current issue, the CEO’s departure comes almost two years after Sime fired CFO Razidan Ghazali and second executive following a RM 120 million trading loss at a refining division. The unit lost the money on future between October 2006 and August 2007.

•Therefore, Sime Darby should always strengthen their corporate governance issue as they are one of the biggest Government Link Company (GLC) that give big effect on the local economic environment.

2. Corporate Governance2. Corporate Governance


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IssueIssue

•For example, in the Bakun Hydro Project, it was given to Sime Darby and Chinese partner at RM1.8billion and the cost overruns in the project amounting to RM900 million. On top of that, the Government has already compensated Sime Darby with about RM700 million. So, the total cost overruns would be almost equal to the bided price of RM 1.8 billion.

•In this case, the engineer and consultant in Sime Darby must be able to identify at the early stage if they can’t be able to build a dam at RM1.8billion. Therefore, the responsibility for the cost overruns should be share and not only the CEO is responsible.

•For example, in the Bakun Hydro Project, it was given to Sime Darby and Chinese partner at RM1.8billion and the cost overruns in the project amounting to RM900 million. On top of that, the Government has already compensated Sime Darby with about RM700 million. So, the total cost overruns would be almost equal to the bided price of RM 1.8 billion.

•In this case, the engineer and consultant in Sime Darby must be able to identify at the early stage if they can’t be able to build a dam at RM1.8billion. Therefore, the responsibility for the cost overruns should be share and not only the CEO is responsible.


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IssueIssue

•It was due to the advantages of size and economies of scale that Sime Darby, Guthrie and Golden Hope decided to merge. It is clearly that the benefits of merger in Sime Darby have so far not outweighed the disadvantages.

•The merger brought about the huge conglomerate with great financial prowess that could take up to RM2bil losses at its energy and utility division, which gobbled up all the great profits made at its other divisions.

•The strength of Sime Darby was used to get into projects in which it had limited or no expertise – big mistake.

•If energy and utilities had been a company listed on its own, this probably would not happen, because no one would have given it a job that big based on its value.

•It was due to the advantages of size and economies of scale that Sime Darby, Guthrie and Golden Hope decided to merge. It is clearly that the benefits of merger in Sime Darby have so far not outweighed the disadvantages.

•The merger brought about the huge conglomerate with great financial prowess that could take up to RM2bil losses at its energy and utility division, which gobbled up all the great profits made at its other divisions.

•The strength of Sime Darby was used to get into projects in which it had limited or no expertise – big mistake.

•If energy and utilities had been a company listed on its own, this probably would not happen, because no one would have given it a job that big based on its value.

3. Ineffective Business Practice3. Ineffective Business Practice


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IssueIssue

•The 100-year-old-company, has diversified into business ranging from plantation and shipbuilding to property development.

•Set up in 1910 as an operator of rubber plantations, Sime also made an unsuccessful foray into banking in the 1990s. The company sold control of Sime Bank in 1999 after posting a loss of RM540.9 million the previous year, its first losses in two decade.

•Therefore, it shows how Sime Darby decision on the investment that they are not expert in, will contribute as a big losses to the company.

•Sime Darby should leave to the other GLC to handle on other diversified business that they are not expert in, and work hand in hand with other firm to lower their risk in any new investment division.

•The 100-year-old-company, has diversified into business ranging from plantation and shipbuilding to property development.

•Set up in 1910 as an operator of rubber plantations, Sime also made an unsuccessful foray into banking in the 1990s. The company sold control of Sime Bank in 1999 after posting a loss of RM540.9 million the previous year, its first losses in two decade.

•Therefore, it shows how Sime Darby decision on the investment that they are not expert in, will contribute as a big losses to the company.

•Sime Darby should leave to the other GLC to handle on other diversified business that they are not expert in, and work hand in hand with other firm to lower their risk in any new investment division.

4. Lack of Expertise and Experience 4. Lack of Expertise and Experience


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Analysis

Internal Strengths

Internal Weaknesses

External Opportunities

External Threats

SWOT AnalysisSWOT Analysis

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• Cost escalation on engineering project• Price of raw materials increased• Additional requirements from regulatory

authorities• Escalating cost of design and analysis software• Global financial crisis• CPO price volatility• Unfavourable weather conditions and biological • tree stress• Unstable political situation in Indonesia• Resistance by indigenous native and • environmentalist



THREATS (T)

THREATS (T)

1. Financially sound2. Abundant professional with diverse expertise3. Able to secure long term contracts in domestic

and international mega projects4. Joint venture with established companies in

domestic and overseas5. Merger synergy initiative with giant plantation

company6. Diversified conglomerate which do not depend

on certain industry7. Good track record and project accomplishment8. World’s largest palm-oil producer9. Second largest company by market value in

Bursa Malaysia after Maybank10. Excellent back up and support by Malaysian

Government11. Excellence in Corporate Social Responsibility

Government (GLC)12. Excellent employee fringe benefit





on certain industry7. Good track record and project accomplishment8. World’s largest palm-oil producer9. Second largest company by market value in

Bursa Malaysia after Maybank10. Excellent back up and support by Malaysian

Government11. Excellence in Corporate Social Responsibility


STRENGTHS (S)

STRENGTHS (S)









1. Price of raw materials increased2. Cost escalation on engineering project3. Global financial crisis4. CPO price volatility during the economy crisis 5. Unfavorable weather conditions and biological

tree stress6. Negative sentiment in Indonesia against

Malaysian Company & people7. Stiff competition from other industry player

especially in property & healthcare industry 8. Inconsistent policies in foreign country 9. Resistance by indigenous native and

environmentalist10. Frequent government intervention11. Boycott against palm oil by US soy bean

industry 12. Vulnerable to information leakage due to weak IT

monitoring13. Alarming trend of global cyber crime14. Trade union continuous demand







monitoring13. Alarming trend of global cyber crime14. Trade union continuous demand

THREAT(T)THREAT(T)

STRENGTH-THREAT AnalysisSTRENGTH-THREAT Analysis

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1.1. Become shareholder in foreign supplier Become shareholder in foreign supplier company(S1,S4,T1,T2)company(S1,S4,T1,T2)

2.2. Rebrand & reposition certain divisions & services (S5, Rebrand & reposition certain divisions & services (S5, S6, S8,S9, S3,T4,T5,T7)S6, S8,S9, S3,T4,T5,T7)

3.3. Increases CSR activities domestically & Increases CSR activities domestically & abroad(S10,S11,T6,T9,T11)abroad(S10,S11,T6,T9,T11)

4.4. Emphasis on talent management & succession Emphasis on talent management & succession planning(S2,T13, T12,)planning(S2,T13, T12,)

5.5. Increase competitive advantage internationally & Increase competitive advantage internationally & domestically (S7,T3,T8,T10)domestically (S7,T3,T8,T10)

6.6. Maintain harmonious relationship with Trade Union Maintain harmonious relationship with Trade Union domestically & internationally (S12,T14)domestically & internationally (S12,T14)

STRENGTH-THREAT StrategiesSTRENGTH-THREAT Strategies

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Financial SummaryFinancial SummaryFY ’07-’09FY ’07-’09

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Financial RatiosFinancial Ratios- Liquidity Ratio -- Liquidity Ratio -

• 2007 : at risk as ratio <1.0 2007 : at risk as ratio <1.0

• 2008 and 2009: can still meet its short-term obligations 2008 and 2009: can still meet its short-term obligations

• actively manage its operating cash flows and the availability actively manage its operating cash flows and the availability of funding to ensure that all repayment and funding needs are of funding to ensure that all repayment and funding needs are metmet

• company’s objectives on liquidity: to maintain sufficient company’s objectives on liquidity: to maintain sufficient levels of cash or cash convertible investments to meet its levels of cash or cash convertible investments to meet its working capital requirementsworking capital requirements

2009 2008 2007Current ratios = Current Asset Current Liabilities

1.70 1.13 0.53

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Financial RatiosFinancial Ratios

• For Leverage ratios, percentage of total funds provided by the For Leverage ratios, percentage of total funds provided by the creditor has decreased 4 times from 0.81 to 0.25. creditor has decreased 4 times from 0.81 to 0.25.

2009 2008 2007Debt-to-equity Ratio = Total Debt Total Equity

2009 2008 2007Debt-to-Total Asset Ratio = Total Debt Total Asset

0.38 0.38 0.42

0.25 0.22 0.81

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Financial RatiosFinancial Ratios

2009 2008 2007Profitability RatioReturn On Total Asset = Net Income Total Asset

2009 2008 2007Return On Equity = Net Income Equity

2009 2008 2007Earning Per Share = Net Income Share Capital

10.59 18.00 14.57

37.94 59.63 44.16

3.56 3.61 3.15

• With regard to profitability ratios, the return on With regard to profitability ratios, the return on investment has shown a decline for the latest investment has shown a decline for the latest financial year of 2009 as compared to two financial year of 2009 as compared to two previous years. The earnings available to the previous years. The earnings available to the share holder also shows that every one ringgit share holder also shows that every one ringgit one invests, it will get RM 37.94 return in 2009,a one invests, it will get RM 37.94 return in 2009,a decline compared to the other 2 years.decline compared to the other 2 years.

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Talent ManagementTalent Management

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Sime Darby’s Stakeholder Sime Darby’s Stakeholder SpectrumSpectrum

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1. Easy penetration into global market2. Technological advances in plantation industry3. Political stability particularly in Malaysia4. Consumer spending and business confidence

have increased lately 5. CPO prices have stabilized due to economic rebound6. Increasing purchasing power for imported cars7. Potential market for consumer goods in Muslim based

country especially in Middle East 8. Huge potential for health tourism9. Plenty prospective company for merger & acquisition10.Collaboration with university for R&D11.High end market for property has been encouraging 12.Potential market in China




OPPORTUNITIES (O)

OPPORTUNITIES (O)





on certain industry i.e Energy & Utilization7. Good track record and project accomplishment8. World’s largest palm-oil producer9. Second largest company by market value in

Bursa Malaysia after Maybank10. Excellent back up and support by Malaysian 11. Excellence in Corporate Social Responsibility






on certain industry i.e Energy & Utilization7. Good track record and project accomplishment8. World’s largest palm-oil producer9. Second largest company by market value in

Bursa Malaysia after Maybank10. Excellent back up and support by Malaysian 11. Excellence in Corporate Social Responsibility


STRENGTHS (S)

STRENGTHS (S)

STRENGTH-OPPORTUNITIES STRENGTH-OPPORTUNITIES AnalysisAnalysis

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• Ready pool of specialized professionals to Ready pool of specialized professionals to capitalize growth in all industries capitalize growth in all industries (S2,S12,S9,O9)(S2,S12,S9,O9)

• Market expansion toward globalization Market expansion toward globalization (S1,S3,S4,S5,S7,O1,O2,O3,04,O5,O8,O11,O6)(S1,S3,S4,S5,S7,O1,O2,O3,04,O5,O8,O11,O6)

• To segregate the E&U business into China & To segregate the E&U business into China & Non-China due to potential business with China Non-China due to potential business with China (S6,O12)(S6,O12)

• Develop R&D capabilities with local universities Develop R&D capabilities with local universities (S8,O10)(S8,O10)

STRENGTH-OPPORTUNITIES STRENGTH-OPPORTUNITIES StrategiesStrategies

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1. Bidding for projects in which it had limited or no expertise

2. Low corporate governance3. Too many diversification 4. Inefficient check & balance system in financial

management5. Underbid when participate in tender for project

(project management)6. Political interference7. Corruption such as graft or bribery8. Bureaucracy9. Office politics


2. Low corporate governance3. Too many diversification 4. Inefficient check & balance system in financial



WEAKNESSES (W)

WEAKNESSES (W)







OPPORTUNITIES (O)

OPPORTUNITIES (O)

WEAKNESSES-OPPORTUNITIES WEAKNESSES-OPPORTUNITIES AnalysisAnalysis

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1.1. Merging with project management company Merging with project management company with specialized expertise (W1,W5,O9)with specialized expertise (W1,W5,O9)

2.2. To streamline its businesses through the To streamline its businesses through the divestment of unprofitable non-core assets. divestment of unprofitable non-core assets. (W3,W4,O8,O9,O11,O12)(W3,W4,O8,O9,O11,O12)

3.3. To revert to its original corporate structure by To revert to its original corporate structure by establishing a wholly owned anchor or establishing a wholly owned anchor or flagship company for each of its six divisions flagship company for each of its six divisions (W2,W3,W4,W6,W7,W8,W9,O1,O2,O3,O4,O5,O6(W2,W3,W4,W6,W7,W8,W9,O1,O2,O3,O4,O5,O6,O7,O8,O11,O12),O7,O8,O11,O12)

WEAKNESSES-OPPORTUNITIES WEAKNESSES-OPPORTUNITIES StrategiesStrategies

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Malaysian Anti Corruption Commission is prosecuting the ex GM for business development and investment of Sime Darby Marine for receiving bribery.

Malaysian Anti Corruption Commission is prosecuting the ex GM for business development and investment of Sime Darby Marine for receiving bribery.

Sime Darby Executive Faces Sime Darby Executive Faces GraftGraft

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monitoring13. Alarming trend of global cyber crime14. Trade union continuous high demand







monitoring13. Alarming trend of global cyber crime14. Trade union continuous high demand


2. Poor corporate governance3. Too many diversification 4. Inefficient check & balance system in financial




2. Poor corporate governance3. Too many diversification 4. Inefficient check & balance system in financial



THREATS (T)

THREATS (T)

WEAKNESSES (W)

WEAKNESSES (W)

WEAKNESSES-THREAT AnalysisWEAKNESSES-THREAT Analysis

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• Carry out thorough feasibility study for all the Carry out thorough feasibility study for all the future undertaking (T1, T2, T3, T4, T5, W1, W3, future undertaking (T1, T2, T3, T4, T5, W1, W3, W4, W5)W4, W5)

• Collaborate with government bodies to combat Collaborate with government bodies to combat against global menace (W6,T6,T7,T8,T9,T11)against global menace (W6,T6,T7,T8,T9,T11)

• To nurture good corporate culture in providing To nurture good corporate culture in providing harmonious working ambience (T14,W9)harmonious working ambience (T14,W9)

• To have clear guideline on working & business To have clear guideline on working & business ethic (T12,T13, W7,W8)ethic (T12,T13, W7,W8)

WEAKNESSES-THREAT WEAKNESSES-THREAT StrategiesStrategies

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Sime Darby’s Current Share PriceSime Darby’s Current Share Price

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RecommendationRecommendationTo revert to its original corporate structure by establishing a wholly owned anchor or flagship company for each of its six divisions

To streamline its businesses through the divestment of unprofitable non-core assets. Merging with project management company with specialized expertise To segregate the E&U business into China & Non-China due to potential business with China Carry out thorough feasibility study for all the future undertaking Collaborate with government bodies to combat against global menace To nurture good corporate culture in providing harmonious working ambience To have clear guideline on working & business ethic Develop R&D capabilities with local universities

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ConclusionConclusionSime Darby is Malaysian based conglomerate company that is financially sound.

Sime Darby is no exception to controversy. Its cost overrun in Qatar oil & gas project and Bakun hydro-electric dam has operating loss around RM 1.8 billion

Whilst it is good for them to diversify, steering away too far from their core business, their business strength which is plantation might not be a good idea. This is due to their inexperience in managing those other businesses.

Based on their current situations, we found out that the problem that they face is because they lack experience in the project that they bid for and their corporate governance is ineffective.

After running an analysis of their SWOT, we recommend that they focus back to their core business and dispose all of the unprofitable non-core business. We also would like to propose that they revert to their original corporate structure as their current structure is not suitable for their business operation.

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Presentation Group - All 24 Sept 2010 Final