Business Analysis

WestminsterInternational College

Business Analysis

BSP 200

Bachelor of Arts (HONS) Business Studies

1/1/2011 MD. Shahadat Hossain

060DBKL0610

Semester 3

LETURER

Mr. Francis Asirvatham

15/12/2011

http://malaysiadb.lsclondon.co.uk/resources/user/view.php?id=11&course=1

Business Analysis 2011

Table of Contents

1. Company background……………………………………………………………………………………………….21.1 Carlsberg…………………………………………………………………………………………………………….21.2 Guinness Anchor Bhd………………………………………………………………………………………….2-3

2. Working Capital Cycle Ratio………………………………………………………………………………………32.1 Debtors Collection Period……………………………………………………………………………………42.2 Creditors Payment Period……………………………………………………………………………………42.3 Stock Turnover Ratio…………………………………………………………………………………………..4-5

3. Capital Structure Ratio………………………………………………………………………………………………53.1 Gearing Ratio………………………………………………………………………………………………………5-63.2 Interest Cover Ratio…………………………………………………………………………………………….6

4. Investors Ratios………………………………………………………………………………………………………...64.1 ROCE……………………………………………………………………………………………………………………6-74.2 EPS………………………………………………………………………………………………………………………7

5. Appendix-1……………………………………………………………………………………………………………….7-106. Appendix-2……………………………………………………………………………………………………………….11-127. Environmental Factors………………………………………………………………………………………………12

7.1 GAB..…………………………………………………………………………………………………………………..12-137.2 Carlsberg…………………………………………………………………………………………………………….13

8. Corporate Governances…………………………………………………………………………………………….138.1 GAB…………………………………………………………………………………………………………………….138.2 Carlsberg…………………………………………………………………………………………………………….14

9. Long-Term Sustainability…………………………………………………………………………………………..1410. Chairmen’s Statement………………………………………………………………………………………………15-1611. Future Investment…………………………………………………………………………………………………….16-1712. Corporate Social Responsibility…………………………………………………………………………………17-1813. Dividend Policy………………………………………………………………………………………………………….18

14. Bibliography………………………………………………………………………………………………………………19-22

MD. Shahadat HossainSemester 3 Page 2


1. Company Background

1.1 Carlsberg Malaysia Berhad: Carlsberg Malaysia was began brewing Carlsberg Green

Label beer locally in 1972 and it was incorporated in December 1969. From then the brand

Carlsberg has became a part of everyday’s life and also it is the no one beer brand together

with more than 50% market share of Malaysian beer market. Carlsberg Malaysia, Bursa

Malaysia Securities Berhad (Malaysia Stock Exchange) under the Main Board of the

consumer products sector. Carlsberg is an established distillery that distributes and

manufactures beers, stout and other beverage. Carlsberg mainly do that in the Malaysian

domestic market and also has investments in Singapore, Sri Lanka, Taiwan and in a

Malaysian alcoholic beverage company. Carlsberg Malaysia for a variety of palates, and live

every day to drink a beer in each. His extensive portfolio of brand Carlsberg Green Label

Carlsberg Gold, Carlsberg special brew, Tuborg beer, SKOL beer, SKOL super beer, Danish

Royal stout, corona extra, Tetley's, really Shandy Lemon and peach as well as non-alcoholic

drinks are Nutriments. In addition, Carlsberg Malaysia, through its subsidiaries, has been

importing more and more international as a Hoegaarden, Stella Artois, Budweiser, Foster, and

the signal is not as extensive beer brands. The company now has 7 of 9 of the world's top

international beer brands. At the forefront is the novelty value, Carlsberg Malaysia has always

been dynamic and large-scale consumer product launch campaign, led by the market. The

company also had a lot of corporate social responsibility to the environment, community,

workplace and enterprise market has been focused on four aspects of the near championing.

(carlsbergmalaysia, 2011)

1.2 Guinness Anchor Bhd(GAB): Guinness was first formed in 1989 with the merger of

Guinness Malaysia Bhd and Malaysia Breweries (Malay) Sdn, which parent companies were

Malayan Breweries Ltd ( the present Asia Pacific Breweries Ltd) and Guinness overseas Ltd

(GOL) . GOL Diageo PLC, a world leading spirits, wine and premium beers across the

brands, with its outstanding collection of beverage group owner. Combination of the

following, during the same year GAB was listed on the main board of Kuala Lumpur Stock

Exchange. In 1965 the Sungei Way Brewery started operations and GAB is operates with it

and located in Selangor. The brewery occupies a land area of 23.72 acres and oversees

Guinness, Tiger, Heineken, Anchor Smooth, Anchor Strong, Kilkenny, Anglia Shandy Malta

in the country. GAB is the first and only brewery in Malaysia who received the Hazard

Analysis Critical Control point (HACCP) certification from the Ministry of Health and



received the ISO 9001:2008 certification and having the fulfilled the additional requirements

of ISO 9001:2000. In today’s competitive business market GAB is the market leader of the

Malaysian stout and beer industry. (gab, 2011)

2. Working Capital Cycle Ratios

Working capital cycle ratio analysis and indicates the efficiency of any private or public

listed company and this ratio also tells that how fast company can collect money from debtors

and as well as how often the payments to the creditors and the stock turnover. In the

organization there are two elements that absorb cash are inventory and receivables. The main

sources of cash are creditors (Payables) and equity and loans. The working capital cycle show

below: (planware, 2011)

The working capital ratio graph of GAB given below:



Debtors Collection Period

5.89 days

Creditors Payment Period22 days

Stock Turnover Ratio10.69 days

Working Capital Cycle Ratio

The working Capital Cycle Ratio of Carlsberg shown in pie chart below:

Debtors Collection Period

26.9 days

Creditors Payment Period

34.5 days

Stock Turnover Ratio12.26 days

Working Capital Cycle Ratio

2.1 Debtors Collection Period: Debtors collection period is the number of times by

which debtors are payable to the business during the company’s target time to collect cash.

The shorter time between sales and collecting cash indicates well for business. Here from the

appendix-2, in 2011 the debtors’ collection period of Guinness Anchor Bhd is 5.89 days. The

shorter period of time of collecting money from debtors is good for the GAB. On the other

hand, Carlsberg Malaysia’s debtor’s collection period in 2010 was 26.9 days. To compare



with GAB is well position this is because they collect the money faster than Carlsberg

Malaysia Bhd. To improve Carlsberg have to collect their money fast from debtors.

2.2 Creditors Payments Period: The creditors’ payments period is a performance ratio of a

company, which indicates the efficiency of a business. Efficiency and performance tells that

the business is profitable or not. The creditor’s payments longer period is good for the

company. From appendix-2 the creditors’ payment period of GAB is 22 days in 2011. This is

good for the GAB this is because they collect money fast from debtors and the payments are

longer time. However, Carlsberg Malaysia’s creditors’ payments period in 2010 is 34.5 days.

2.3 Stock Turnover Ratio: How well a company coverts stocks into revenues is measured by

stock turnover. This ratio is closely similar to the asset turnover and this also tells the

efficiency of the company. Stock turnover is more specific than the asset turnover. Stock

turnover measures how well the company is making use of the part of its working capital

which has been invested in stock (moneyterms, 2011). The stock turnover ratio of GAB is

10.69days in 2011 from appendix-2. On the other hand Carlsberg’s stock turnover ratio is

12.26 days in 2010. GAB stock turnover ratio is good this is because it can turnover his stock

faster than Carlsberg Malaysia Bhd.

3. Capital Structure Ratio

The capital structure ratio is another very important ratio of any business organization. It

always shows the extent of loan risk and the level of borrowings. Term capital structure for

different types of debentures, equity shares of the capital reserves and surpluses with the

preferences and the relationship between form and means of financing such as long-term.

Long-term leverage ratio of capital formation is considered a strong financial position of the

test. (accountingformanagement, 2011). The capital structure ratios of GAB and Carlsberg

Malaysia Bhd are shown in pie chart below:



Geraring( Carlsberg)7.1%

Interest Cover(GAB)83 times

Interest Cover(Carlsberg)51.1 times

Capital Structure Ratio

3.1 Gearing Ratio: Term "capital gearing" or "leverage" is usually the preferred shares and

capital surpluses and other fixed interest bearing funds or debt ratio represents the relationship

between the equity share capital. Gearing is the measurement of the risk as per the capital

providers and equity share holders of the business. When the long term loan and preference

share are higher than equity share holder that means, the company is in high risk. Therefore,

too much debt is risky for business, again too less debt also means different that business is

not so potential. (accountingformanagement, 2011). The gearing ratio of Carlsberg is 7.1% in

2010. This result of ratio is indicating that the financial risk of Carlsberg Malaysia Bhd is low.

3.2 Interest cover ratio: The interest cover ratio is used to determine a company’s ability

to how easily can pay its interest payment. The higher ratio is indicates the company’s better

financial health and its means that the company is more capable to meeting its interest rather

than operating earnings. (Loth, 2011). The interest cover ratio of GAB is 83 times in 2011.

This ratio result is good because this company’s financial health is better. However,

Carlsberg’s interest cover ratio is 51.1 times in 2010. The condition of interest cover of GAB

is better than Carlsberg Malaysia Bhd.

4. Investors Ratios

The investor ratios are the main measurement of a company’s capability of returning

profit for the shareholders and investor in a company. This ratio evaluates return on capital



employed, earning per share and price earnings ratio. The investor ratio of GAB and

Carlsberg Malaysia Bhd are shown in pie chart below:

ROCE(GAB)48.17%

ROCE(Carlsberg)24.59%

EPS(GAB)60 Sen

EPS(Carlsberg)43.58 Sen

Investors Ratios

4.1 ROCE: A satisfactory return on investment in business capital investment, the main

objective is to obtain. Thus, the capital employed to realize these objectives, the business is

successfully used as a measure. In the business it used to show the overall efficiency and

profitability of the business. (accountingformanagement, 2011). From the appendix-2 the

ROCE of GAB is 48.17% in 2011. On the other hand the Carlsberg’s ROCE is 24.59 in 2010.

This result shows that the GABs profitability ratios are better than Carlsberg’s ratios.

4.2 EPS: Earnings per share determine the ratio that allows the net income of company. The

measure of net income is based on the profit as per share. For this ratio, higher is better. If the

company acquires more value for per share, this means that the financial position of the

company is better and it can meet its stakeholder’s value. The earnings per share ratio of GAB

is 60 sen in 2011 and 43.58 sen for Carlsberg Malaysia Bhd in 2010. This ratio shows that the

GAB’s EPS ratio is better than Carlsberg Malaysia Bhd. The earnings per share ratio and

dividend per share of GAB show on graph below: (gap, 2011)



5. Appendix-1:

Guinness Anchor Berhad

Income Statement

For the year ended 30 June 2011





Balance Sheet

As at 30 June 2011



Carlsberg Malaysia Berhad

Income Statement

For the year ended 31st December 2010



Balance Sheet

As at 31st December 2010



6. Appendix-2:

Working Capital Cycle Ratio GAB 2011 Carlsberg 2010Debtors Collection Period=

TradedebtorsCredit sales

×365days

165241023341

×365

= 5.89 days

53627727034

×365

=26.9 days

Creditors payments period

¿ CreditorsSales

×365days

619071023341

×365

= 22 days

68723727034

×365

= 34.5 daysStock Turnover=

= Stock

Cost of Sales×365 days

27750946947

×365

= 10.69 days

22419667593

× 365

=12.26 daysCAPITAL STRUCTUREGearing ratio=

Lomngterm loanLongterm loan+shareholder funds

×100 %

41441

41441+535951×100

=7.1%Interest cover

PBITInterest cover

=¿

2005162415

= 83 times

1588783108

= 51.1 times

INVESTORS RATIOSReturn on capital employed(ROCE)=

PBITCapital employed

×100 %

200516416304

×100 %

= 48.17%

158878646115

×100 %

=24.59%

Earning per shares(ESP)=

Profit after tax(PAT )Number of ord . shares

×100 pence

60 43.58

7. Environmental Factors



7.1 GAB: Guinness Anchor Berhad is the market leader in the beer and stout industry. GAB

is a big public listed company in Malaysia. Guinness anchor berhad has influence of

environmental factors such as government, social- cultural and economic condition of

Malaysia. The environmental factors affected the company in many areas to perform well.

However the company still can come out from those environmental factors. The revenue of

GAB in 2011 is group RM 1,488,720,000 and company is RM 1,023,341,000 in 2011. (gab,

2011)

7.2 Carlsberg: Carlsberg Malaysia Bhd is one of the market leaders in the beer industry in

Malaysia with over 60% share in market. Carlsberg is hugely influenced by the government

polices, the economic situation and the social-cultural perception of Malaysian. From the

environmental factors that Carlsberg The ability to dominate the market and smuggled

Carlsberg beer, local spirits (samsu) and soft drinks, which is Malaysia's most popular thirst

quenching like to be threatened to some of the options. However, Malaysian is very brand-

conscious and because of high commodity differentiation, and Carlsberg consumers to stay

loyal to a brand. A detailed analysis of energy and Carlsberg weak opponent reveals. Overall,

group sales and profitability performance is better than his rival. A thorough financial analysis

of the strengths and weaknesses of the team reveals. (carlsbergmalaysia, 2011)

8. Corporate governance

8.1 GAB: The Board of Directors (the Board) of Guinness Anchor Berhad is committed to

ensure that the business of high-quality ethics and corporate governance are discussed through

the implementation and the practice of group effective policies and good governance. The

company adheres to principles good corporate governance, which has to contribute to the

group's achievement strategic objectives and business value. This has led group to achieve

long-term sustainable financial Increase efficiency. The principles are adopted by the

company in accordance with the principles and practices of the Malaysian code on corporate

governance and the Malaysian International Chamber of Commerce and industry’s ethics

charter. (gab, 2011) . The governance and management system in the organization shown

below: (gab, 2011)



8.2 Carlsberg: Carlsberg companies board of directors is fully committed to ensure the

highest standards of corporate governance including accountability and transparency are

practiced by the company and throughout the group as a fundamental part of discharging its

responsibility to protect and enhance shareholder value and the financial performance of the

group. Carlsberg also practice the Malaysian Code on Corporate Governance.


9. Long term sustainability

9.1 Carlsberg: Carlsberg Malaysia is focused on its stakeholders by creating long-term value.

Carlsberg delivered a strong performance in 2010 by following the successful integration of

their subsides, Luen Heng F&B Sdn Bhd and Carlsberg Singapore Pte Ltd. As Carlsberg

continue to develop its regional businesses and robust brand portfolio. Carlsberg committed to

remain in making sustainability an integral part of its business operation and growth strategy.


9.2 GAB: GAB is an icon in business which is respected by the world over for brands and

performance and delivering exceptional growth in people.GAB have a passion for winning

which is driven by a passion to be the best in everything they do. GAB strongly advocates

responsible corporate conduct and we look to create sustainable value for all of our

stakeholders, including our employees and shareholders, our consumers and the communities

we operate in.



10.Chairman’s Statement

10.1 GAB: It gives me great pleasure to report that Guinness Anchor Berhad (GAB) has

delivered its tenth successive year of growth with another year of very solid results. In the last

financial year, revenue and profi t after tax grew by 9.6% and 18.8% respectively. When we

look back over a longer period, in the last decade we have seen revenue and profits expand by

89% and 150% respectively. Furthermore, we have grown market share in every one of the

last 10 years and are the clear market leader. We are fortunate to have a prudent Government

who, through its Economic Transformation Programmed (ETP), has boosted the economy,

sustained Gross Domestic Product (GDP) growth and shielded the country from the

continuing after effects of the global financial crisis. The country recorded a healthy GDP

growth of 4.8% in the last quarter of 2010, which carried through to the fi rst quarter of 2011.

While the growth momentum moderated in the second quarter due to supply disruptions from

the Japan disaster, the overall positive scenario provided for a conducive business

environment as growth in domestic demand was sustained at around 5% throughout the period

from July 2010 to June 2011. While the favorable economic climate played a part in our

performance, much of the credit has to go to our people, our processes and systems, and our

portfolio of international premium brands. Led by Managing Director, Charles Ireland, we

have seen our dynamic and passionate teams take significant strides in meeting consumer

preferences and needs, improving efficiencies and taking significant steps to innovate our

product and service offerings.

10.2 Carlsberg: On behalf of the Board of Directors of Carlsberg Brewery Malaysia

Berhad(Carlsberg Malaysia), I am pleased topresent the Annual Report and the Audited

Financial Statements of the Group and the Company for the fi nancial year ended 31

December 2010. For the year under review, the Malaysian economy achieved a positive GDP

growth of 7.2% led by strong expansion in all sectors. Under this positive economic

environment, our Group with its strengthened brand portfolio and the successful integration of

Carlsberg Singapore achieved RM1.4 billion in revenue for the year ended 31 December

2010, a 31% growth over the previous year. Our Carlsberg brand achieved its fair share of the

growth through the successful execution of the 2010 Chinese New Year campaign and the

World Cup activation program. The Group’s profi t after tax was a record RM134.1 million in

2010 with growth in profi tability from both the Malaysian segment and the full year’s

inclusion of the consolidated results of Carlsberg Singapore. The signifi cant improvement in



the Malaysian segment was mainly due to the continued successful implementation of the

Group’s strategies, Must Win Battles and Excellence programs. The improvement in margins

was also due to lower procurement costs as a result of a well executed forward buying

strategy. With our commitment to continue delivering value to our shareholders, the Board

after consideration of the Group’s funding requirements are pleased to propose the

distribution of 99% of the Group’s 2010 profi ts. The Board of Directors is recommending a fi

nal gross dividend and special gross dividend of 7.5 sen per ordinary share of RM0.50 each

and 43.0 sen per ordinary share of RM0.50 each respectively less Malaysian income tax.

Together with the interim gross dividend and interim special gross dividend of 5.0 sen per

ordinary share of RM0.50 each and 2.5 sen per ordinary share of RM0.50 each respectively,

the total gross dividend for the fi nancial year 2010 is 58.0 sen per ordinary share of RM0.50

each (2009 – total gross dividend of 23.0 sen per ordinary share of RM0.50 each). The fi nal

and special dividends will be tabled for shareholders approval at the annual general meeting

on 26 April 2011. (carlsbergmalaysia, 2011)

11.Future Investment

11.1 GAB: Guinness Anchor Berhad is good for future investment. I will prefer to invest on

this company this is because worldwide and large group of company and the company making

profit and the devidend per share is 54.0 and the revenue growth is 9.6% in 2011. The reasons

of investing money on this company we can understand from those line graph shown below:

(gab, 2011)



11.2 Carlsberg: This company is also suitable for investment. On the otherhand to comapre

this company with GAB it is small. The revenue of carlsberg is RM13682 million in 2010.

The reasons of investing on this company are shown in line graph below: (carlsbergmalaysia,

2011)

12.Corporate Social Responsibility

12.1 GAB: This year is a special year for GAB, while we celebrate 10 consecutive years of

growth of incomes, profit and market share. We are felling very proud of our finance of

performances, all the more so as they are accompanied by achievements also impressive of

our performance responsibility of firm. We want to make a source of our beer and the stout of

pleasure for our consumers and who want to become leader in the prevention of the adverse



effects of the alcohol. We promote one potable culture judicious to create one more

responsible place for the alcohol in the society. (gab, 2011)

12.2 Carlsberg: Carlsberg Malaysia continues to emphasise its Corporate Social

Responsibility (CSR) policies implementation in order to achieve a sustainable social,

economic and environmental future. These policies focus on four core elements of

sustainability namely Community, Environment, Workplace and Marketplace. In 2010, our

achievements have been recognised when Carlsberg Malaysia was awarded a Certifi cate of

Merit by the National Annual Corporate Report Awards (NACRA) Committee for having

proven our excellence in corporate reporting, corporate accountability and effective

communication through the publication of informative, factual, timely and reader friendly

annual report. (carlsbergmalaysia, 2011).

13. Devivend policy

13.1 GAB: Once a firm makes profit, direction must decide what to make with these profit.

They could continue keeping benefits in the firm, or they could pay benefits for the owners of

the firm in form of dividends. (studyfinance, 2011). Ginness Anchor Berhad several years

maintained dividend policy of 85% to 90% of their profit. In the financial year GAB has

declared 54 sen dividend per share. The earnig per share is 60 sen pershare. GAB is paying

high rate of dividend this is because positive cashflow, compititors, don’t have any future

investment and the passer from the same in dustry. The compititors of GAB is Carlsberg

paying almost same 58 sen in 2009 finanacial year. The dividend and earning per share show

in chart below: (SAY, 2011)



13.2 Carlsberg: Carlsberg devidend per share is rais in 2009 58 sen this is because Carlsberg

Singapore Pte Ltd for 370 million. Carlsberg dividend was improved from 23 sen to 58 sen in

2009. Carlsberg revenue increase 30.9% of 1,37 billion profit in the financial year of 2010.

Carlsberg paying dividend to the shareholders 50% to 70 % from annual profit. Of December

30th, 2010, Carlsberg had net cash per share of 16 sen. The analysts respect that the company

had a net cash per share of 11 sen as the financial year ending on December 31st, 2011.

Carlsberg paying higher dividend due to positive cash flow and competitiveness. (SAY,

2011)

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