Talam Corporation Berhad - Final Copy

7/31/2019 Talam Corporation Berhad - Final Copy

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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


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


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





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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Total assets







ASSETS

Current assets:


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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Total liabilities







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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Total assets







ASSETS

Current assets:


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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Total liabilities







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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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


22/44

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%


23/44

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%


24/44

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


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 &


25/44

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:


26/44

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


CASH AND CASH EQUIVALENTS CARRIED FORWARD

EFFECT OF EXCHANGE RATE CHANGES


27/44

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


28/44

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


29/44


30/44

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


31/44

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


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


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 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

RM'000


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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

Documents

Talam Corporation Berhad - Final Copy