Financial Statement v1

TABLE OF CONTENTTABLE OF CONTENT11.0BACKGROUND COMPANY31.1BERJAYA CORPORATION BERHAD32.0HORIZONTAL ANALYSIS52.1201152.2201072.3200992.42008113.0BACKGROUND COMPANY154.0RATIO ANALYSIS184.1CURRENT RATIO214.2ACID-TEST RATIO214.3RECEIVABLES TURNOVER224.4INVENTORY TURNOVER234.5PROFIT MARGIN244.6ASSET TURNOVER254.7RETURN ON ASSETS264.8RETURN ON COMMON SHAREHOLDERS EQUITY264.9EARNINGS PER SHARE (EPS)274.10PRICE-EARNINGS RATIO284.11PAYOUT RATIO284.12DEBT TO TOTAL ASSETS RATIO294.13TIMES INTEREST EARNED295.0ATTACHMENTS315.1Balance Sheet as at 30 April 2011315.2Income Statement for the year ended 30 April 2011335.3Balance Sheet as at 30 April 2010345.4Income Statement for the year ended 30 April 2010365.5Balance Sheet as at 30 April 2009375.6Income Statement for the year ended 30 April 2009395.7Balance Sheet as at 30 April 2008405.8Income Statement for the year ended 30 April 2008425.9Dividends435.10Berjaya Corporation Berhad Market Share Price45

1.0 BACKGROUND COMPANY

1.1 BERJAYA CORPORATION BERHADThe Berjaya Corporation group of companies history dates back to 1984 when the Chairman/Chief Executive Officer, Tan Sri Dato Seri Vincent Tan Chee Yioun acquired a major controlling stake in Berjaya Industrial Berhad (originally known as Berjaya Kawat Berhad) from the founders, Broken Hill Proprietary Ltd, Australia and National Iron & Steel Mills, Singapore. The shareholding change also resulted in a major change in the business, direction and the dynamic growth of a diversified conglomerate under the flagship of Berjaya Corporation Berhad (BCorp).In October 1988, following a major restructuring, Berjaya Group Berhad (then known as Inter-Pacific Industrial Group Berhad) became the holding company of Berjaya Industrial Berhad.Inter-Pacific Industrial Group Berhad (formerly known as Raleigh Berhad) was incorporated in 1967 as a bicycle manufacturer. In 1969, the Company gained official listing on Bursa Malaysia Securities Berhad (Bursa Securities).BCorp assumed the listing status of Berjaya Group Berhad on the Main Board of Bursa Securities upon the completion of the group restructuring exercise in October 2005 and the listing of the new shares on 3 January 2006.On 26 May 2010, BCorp was added to the Morgan Stanley Capital International (MSCI) Malaysia INDEX.With total employee strength of 16,000, the Group is a diversified entity engaged in the following core businesses: Consumer Marketing, Direct Selling & Retail; Financial Services; Hotels, Resorts, Vacation Timeshare & Recreation Development; Property Investment and Development; Gaming and Lottery Management; Development of Sanitary Landfill, Environmental Services and Clean Technology Investment; Food & Beverage; and Investment Holding and others.Today, Berjaya Group is a major Malaysian conglomerate with annual revenue in excess of RM2.93 billion. Through a series of acquisitions, organic growth and the entrepreneurial leadership of Tan Sri Dato' Seri Vincent Tan, Berjaya Group today has a total employee of over 17,000, and is engaged in a variety of core activities. These include property and construction, vacation, hotels & resorts, education, insurance, investment holdings, food & beverages and industrial businesses.Main companies under Berjaya Corporation listed on Bursa Malaysia Securities Berhad are: Berjaya Land Berhad Berjaya Capital Berhad Berjaya Sports Toto Berhad Berjaya Media Berhad Cosway Corporation Berhad Dunham-Bush (Malaysia) Bhd

2.0 HORIZONTAL ANALYSIS

4.2 2.1 2011BERJAYA CORPORATION BERHAD

Balance Sheet 30 April 2011

GROUPINCREASE OR DECREASE DURING 2011

20112010AMOUNTPERCENTAGES CHANGES

RM ' 000RM ' 000

ASSETS

Non-Current Assets

Property, plant and equipment2,827,8922,830,582(2,690)-0.1%

Biological assets13,98912,7761,2139.5%

Other investments80,100286,364(206,264)-72.0%

Investments properties 609,060586,78922,2713.8%

Prepaid land lease premiums1,0971,118(21)-1.9%

Land held for development2,074,4862,024,09750,3892.5%

Associated companies662,090739,128(77,038)-10.4%

Subsidiary companies0000.0%

Jointly controlled entities115,585155,482(39,897)-25.7%

Deferred tax assets33,45435,594(2,140)-6.0%

Other receivables352,093346,9115,1821.5%

Intangible assets5,893,0716,112,791(219,720)-3.6%

12,662,91713,131,632(468,715)-3.6%

Current Assets

Development properties716,392670,96345,4296.8%

Inventories845,822610,299235,52338.6%

Trade and other receivables1,119,7031,457,965(338,262)-23.2%

Short term investments14,86856,114(41,246)-73.5%

Tax recoverable43,16272,837(29,675)-40.7%

Deposits with financial institutions688,956867,738(178,782)-20.6%

Cash and bank balances579,423509,40070,02313.7%

4,008,3264,245,316(236,990)-5.6%

Assets of disposal groups/ Non-current assets classified as held for sale1,204,287450,902753,385167.1%

5,212,6134,696,218516,39511.0%

TOTAL ASSETS17,875,53017,827,85047,680 0.3%

BERJAYA CORPORATION BERHAD




RM ' 000RM ' 000

EQUITY AND LIABILITIES

Equity attribute to equity holders of the parent

Share capital4,221,3014,021,886199,4155.0%

Equity component of irredeemable convertible unsecured loan stocks176,869313,414(136,545)-43.6%

Reserves1,659,9771,600,76859,2093.7%

6,058,1475,936,068122,0792.1%

Treasury shares37,323 3,680 33,643914.2%

6,095,4705,939,748155,7222.6%

Non-controlling interests4,762,3204,813,338(51,018)-1.1%

Total Equity10,857,79010,753,086104,7041.0%

Non-current liabilities

Liability component of irredeemable convertible unsecured loan stocks14,38128,364(13,983)-49.3%

8% Secured exchangeable bonds due 20110702,000(702,000)-100.0%

Long term borrowings1,350,3191,377,313(26,994)-2.0%

Other long term liabilities442,641520,265(77,624)-14.9%

Deferred tax liabilities355,044337,94417,1005.1%

Provisions10,4847,9502,53431.9%

2,172,8692,973,836(800,967)-26.9%

Current liabilities

8% Secured exchangeable bonds due 2011702,0000702,0000.0%

Trade and other payables1,861,0361,750,318110,7186.3%

Provisions964340,753(339,789)-99.7%

Short term borrowings1,731,6821,486,807244,87516.5%

Taxation35,27181,217(45,946)-56.6%

Derivative liability24,388024,3880.0%

Insurance reserves0156,073(156,073)-100.0%

4,355,3413,815,168 540,17314.2%

Liabilities directly associated with disposal groups classified as held for sale564,176293,120271,05692.5%

4,919,5174108288811,22919.7%

Total Liabilities7,092,3867,082,12410,2620.1%

TOTAL EQUITY AND LIABILITIES17,950,17617,835,210114,9660.6%

2.2 2010BERJAYA CORPORATION BERHAD




RM ' 000RM ' 000

ASSETS

Non-Current Assets

Property, plant and equipment2,704,0142,317,658386,356 16.7%


Other investments286,364284,3282,036 0.7%

Investments properties 586,789543,79942,9907.9%

Prepaid land lease premiums125,413127,649(2,236)-1.8%


Associated companies739,128561,608177,520 31.6%


Jointly controlled entities155,482190,468(34,986)-18.4%

Deferred tax assets33,18041,419(8,239)-19.9%

Intangible assets6,112,7916,191,922(79,131)-1.3%

12,780,03411,912,003868,031 7.3%

Current Assets

Development properties670,9631,052,605(381,642)-36.3%

Inventories610,299483,008127,29126.4%

Trade and other receivables1,819,2561,762,52456,7323.2%

Short term investments56,11438,20217,91246.9%

Tax recoverable72,837120,012(47,175)-39.3%

Deposits with financial institutions855,631785,64669,9858.9%


4,594,5004,668,543(74,043)-1.6%

Assets of disposal groups/ Non-current assets classified as held for sale450,90224,774426,1281720.1%

5,045,4024,693,317352,0857.5%

TOTAL ASSETS17,825,43616,605,3201,220,116 7.3%





RM ' 000RM ' 000


Equity attribute to equity holders of the parent

Share capital4,021,8863,169,554852,33226.9%


Reserves1,606,0701,659,229(53,159)-3.2%

5,941,3705,592,676348,6946.2%

Treasury shares(3,680)0 (3,680)0.0%

5,937,6905,592,676345,0146.2%

Minority interests4,815,314 4,395,623419,6919.5%

Total Equity10,753,0049,988,299764,7057.7%



8% Secured exchangeable bonds due 2011702,000882,000(180,000)-20.4%

Long term borrowings1,473,8311,174,507299,32425.5%

Other long term liabilities383,480288,82294,65832.8%

Deffered tax liabilities337,944368,045(30,101)-8.2%

Provisions7,9507,2646869.4%

2,933,5692,895,43738,1321.3%

Current liabilities


Provisions340,753313,53927,2148.7%

Short term borrowings1,494,2131,673,252(179,039)-10.7%

Taxation81,21767,75513,46219.9%

Insurance reserves156,073142,64113,4329.4%

3,845,7433,721,584124,1593.3%

Liabilities directly associated with disposal groups classified as held for sale293,1200293,1200.0%

4,138,8633,721,584 417,27911.2%


TOTAL EQUITY AND LIABILITIES17,825,43616,605,3201,220,1167.3%





RM ' 000RM ' 000

ASSETS

Non-Current Assets




Investments properties 543,799551,588(7,789)-1.4%

Prepaid land lease premiums127,649121,0276,622 5.5%


Associated companies561,608578,403(16,795)-2.9%


Jointly controlled entities190,468141,26049,20834.8%

Deferred tax assets41,41919,13422,285116.5%

Intangible assets6,191,9226,190,0811,8410.0%

11,913,74511,691,382222,363 1.9%

Current Assets

Development properties1,052,605805,566247,03930.7%

Inventories483,008344,083138,92540.4%


Short term investments26,80239,316(12,514)-31.8%

Tax recoverable120,012121,840(1,828)-1.5%

Deposits with financial institutions797,046980,467(183,421)-18.7%

Cash and bank balances426,546507,989(81,443)-16.0%

4,666,8014,520,831145,9703.2%

Assets of disposal groups/ Non-current assets classified as held for sale24,77425,412(638)-2.5%

4,691,5754,546,243145,3323.2%

TOTAL ASSETS16,605,32016,237,625367,695 2.3%





RM ' 000RM ' 000


Equity attribute to equity holders of the Company

Share capital3,169,5543,003,791165,7635.5%


Reserves1,659,2291,785,270(126,041)-7.1%

5,592,6765,611,887(19,211)-0.3%

Minority interests4,395,6234,468,769(73,146)-1.6%

Total Equity9,988,29910,080,656(92357.00)-0.9%



8% Secured exchangeable bonds due 2011882,000900,000(18,000)-2.0%

Long term borrowings1,174,5071,578,076(403,569)-25.6%


Deffered tax liabilities368,045362,3875,6581.6%

Provisions7,2644,8752,38949.0%

2,895,4373,302,581(407,144)-12.3%

Current liabilities


Provisions313,539229,86483,67536.4%

Short term borrowings1,673,2521,026,025647,22763.1%

Taxation67,75568,032(277)-0.4%


3,721,5842,840,730880,85431.0%

Liabilities directly associated with disposal groups classified as held for sale013,658(13,658)-100.0%

3,721,5842,854,388 867,19630.4%


TOTAL EQUITY AND LIABILITIES 16,605,320 16,237,625367695.00 2.3%





RM ' 000RM ' 000

ASSETS

Non-Current Assets




Investments properties 551,588893,946(342,358)-38.3%

Prepaid land lease premiums146,450143,5982,852 2.0%

Land held for development1,573,6871,640,803(67,116)-4.1%

Associated companies578,4031,296,270(717,867)-55.4%

Subsidiary companies01,402(1,402)-100.0%

Jointly controlled entities141,26022,945118,315515.6%

Deferred tax assets19,13415,6023,53222.6%

Intangible assets6,348,236828,5005,519,736666.2%

11,807,5177,251,7844,555,733 62.8%

Current Assets

Development properties883,164774,865108,29914.0%

Inventories338,920346,256(7,336)-2.1%


Short term investments39,31610,14429,172287.6%

Tax recoverable121,840149,938(28,098)-18.7%

Deposits with financial institutions980,467530,652449,81584.8%


4,592,8513,348,7551,244,096

Assets of disposal groups/ Non-current assets classified as held for sale25,412175,107(149,695)-85.5%

4,618,2633,523,8621,094,40131.1%

TOTAL ASSETS16,425,78010,775,6465,650,134 52.4%





RM ' 000RM ' 000


Equity attribute to equity holders of the Company

Share capital3,003,7912,423,841579,95023.9%


Reserves1,819,39422,0191,797,3758162.8%

5,646,0113,336,5662,309,44569.2%

Minority interests4,592,800 1,192,7033,400,097285.1%

Total Equity10,238,8114,529,2695,709,542126.1%



8% Secured exchangeable bonds due 2011900,000900,00000.0%

Long term borrowings1,578,0761,540,92537,1512.4%


Deffered tax liabilities362,387415,201(52,814)-12.7%

Provisions4,8754,7121633.5%

3,302,5813,869,521(566,940)-14.7%

Current liabilities


Provisions229,864209,60520,2599.7%

Short term borrowings1,026,025805,593220,43227.4%

Taxation68,03237,24230,79082.7%


2,870,730 2,269,773 600,95726.5%

Liabilities directly associated with disposal groups classified as held for sale13,658107,083(93,425)-87.2%

2,884,3882,376,856 507,53221.4%

Total Liabilities6,186,9696,246,377(59,408)-1.0%

TOTAL EQUITY AND LIABILITIES 16,425,780 10,775,6465,650,13452.4%

HORIZONTAL ANALYSIS SUMMARY

2010 -2011The horizontal analysis of 2 years condensed balance sheets for Berjaya Corporation Berhad (shown in Ringgit Malaysia and percentage changes (increased or decreased)) indicates that a number of significant changes have occurred in Berjaya Corporation Berhad financial structure from 2010 to 2011.

In the assets section, property, plant and equipment decreased ( RM2,690,000) or (0.1%) whereas for biological assets increased RM1,213,000 or 9.5%. In the liabilities section, current liabilities increased RM540,173,000 or 14.2% In the stockholders equity section, share capital increased RM199,415,000 or 5.0%

2009 -2010The horizontal analysis of 2 years condensed balance sheets for Berjaya Corporation Berhad (shown in Ringgit Malaysia and percentage changes (increased or decreased)) indicates that a number of significant changes have occurred in Berjaya Corporation Berhad financial structure from 2009 to 2010.

In the assets section, property, plant and equipment increased RM386,356,000 or 16.7% whereas for biological assets increased RM2,979,000 or 30.4%. In the liabilities section, current liabilities increased RM124,159 or 3.3% In the stockholders equity section, share capital increased RM852,332,000 or 26.9%

2008-2009The horizontal analysis of 2 years condensed balance sheets for Berjaya Corporation Berhad (shown in Ringgit Malaysia and percentage changes (increased or decreased)) indicates that a number of significant changes have occurred in Berjaya Corporation Berhad financial structure from 2008 to 2009.

In the assets section, property, plant and equipment decreased RM162,271,000 or 7.5% whereas for biological assets increased RM1,083,000 or 12.4%. In the liabilities section, current liabilities increased RM880,854 or 31.0% In the stockholders equity section, share capital increased RM165,763,000 or 5.5%

2007-2008

The horizontal analysis of 2 years condensed balance sheets for Berjaya Corporation Berhad (shown in Ringgit Malaysia and percentage changes (increased or decreased)) indicates that a number of significant changes have occurred in Berjaya Corporation Berhad financial structure from 2007 to 2008.

In the assets section, property, plant and equipment decreased RM68,685 or (3.3%) whereas for biological assets increased RM1,421,000 or 19.5%. In the liabilities section, current liabilities increased RM600,957 or 26.5%In the stockholders equity section, share capital increased RM579, 950,000 or 23.9%

2

3.0 BACKGROUND COMPANY


Income Statements For The Years Ended 30 April

2011201020092008

AMOUNT(RM '000)PERCENTAMOUNT(RM '000)PERCENTAMOUNT(RM '000)PERCENTAMOUNT(RM '000)PERCENT

Revenue7,043,612 107.5%6,756,034 100.0%6,339,012 100.0%3,465,837 100.0%

Less: Revenue from discontinued operation (490,647)-7.5%0 0.0%0 0.0%0 0.0%

Revenue from continuing operations6,552,965 100.0%6,756,034 100.0%6,339,012 100.0%3,465,837 100.0%

Cost of sales(4,397,711)-67.1%(4,520,744)-66.9%(4,389,930)-69.3%(2,180,692)-62.9%

Gross profit2,155,254 32.9%2,235,290 33.1%1,949,082 30.7%1,285,145 37.1%

Other income417,473 6.4%405,282 6.0%189,592 3.0%1,557,966 45.0%

Administrative expenses(923,267)-14.1%(1,001,959)-14.8%(969,476)-15.3%(710,230)-20.5%

Selling and distribution expenses(446,344)-6.8%(438,956)-6.5%(357,532)-5.6%(210,296)-6.1%

Other expenses(166,421)-2.5%(380,991)-5.6%(210,928)-3.3%(524,665)-15.1%

1,036,695 15.8%818,666 12.1%600,738 9.5%1,397,920 40.3%

Finance costs(286,642)-4.4%(295,574)-4.4%(289,842)-4.6%(342,327)-9.9%

Share of results of associates93,420 1.4%108,021 1.6%15,104 0.2%137,455 4.0%

Share of results of jointly controlled entities(25,852)-0.4%(29,721)-0.4%(51,439)-0.8%(75)0.0%

Profit before tax817,621 12.5%601,392 8.9%274,561 4.3%1,192,973 34.4%

Income tax expenses(227,220)-3.5%(206,976)-3.1%(165,465)-2.6%(40,136)-1.2%

Profit for the year from continuing operations590,4019.0%0 0.0%0 0.0%1,152,837 33.3%

Discontinued operation

Profit for the year from continuing operations35,587 0.5%0 0.0%0 0.0%0 0.0%

Profit for the year625,988 9.6%394,416 5.8%109,096 1.7%1,152,837 33.3%

COMPETITORSIME DARBY BERHAD

Income Statements For The Years Ended 30 June

2011201020092008

AMOUNT(RM '000)PERCENTAMOUNT(RM '000)PERCENTAMOUNT(RM '000)PERCENTAMOUNT(RM '000)PERCENT

Revenue41,858.8 100.0%32,506.2 100.0%31,013.9 100.0%1,281.8 100.0%

Operating expenses(37,359.5)-89.3%(30,181.6)-92.8%(28,877.0)-93.1%(13.4)-1.0%

Other operating income984.0 2.4%820.9 2.5%1,014.1 3.3%100.5 7.8%

Operating Profit5,483.3 13.1%3,145.5 9.7%3,151.0 10.2%1,368.9 106.8%

Share of results of jointly controlled entities34.0 0.1%(265.2)-0.8%(69.7)-0.2%0.0 0.0%

Share of results of associates84.4 0.2%95.8 0.3%84.2 0.3%0.0 0.0%

Profit before interest and tax5,601.7 13.4%2,976.1 9.2%3,165.5 10.2%1,368.9 106.8%

Finance income155.3 0.4%107.7 0.3%158.7 0.5%11.4 0.9%

Finance costs(307.8)-0.7%(265.2)-0.8%(252.6)-0.8%(55.0)-4.3%

Profit before tax5,449.2 13.0%2,818.6 8.7%3,071.6 9.9%1,325.3 103.4%

Tax expense(1,602.7)-3.8%(905.5)-2.8%(730.8)-2.4%102.1 8.0%

Profit from continuing operations3,846.5 9.2%1,913.1 5.9%0.0 0.0%0.0 0.0%

Profit/(loss) from discontinuing operations1.4 0.0%(1,058.3)-3.3%0.0 0.0%0.0 0.0%

Profit for the year3,847.9 9.2%854.8 2.6%2,340.8 7.5%1,223.2 95.4%

VERTICAL ANALYSIS SUMMARY

Comparing Berjaya Corporation Berhad (Berjaya) and Sime Darby Berhad (Sime Darby) income statements for the year of 2008 and 2011, it shows that in Berjaya revenue is 2703.9 times greater than revenue of Sime Darby in 2008, 204.4 times greater in 2009, 207.8 times greater in 2010 and 156.5 greater in 2011. However, the vertical analysis eliminates this difference in size.The percentages shows that Berjayas and Sime Darbys operating profit slightly different at 40.3% and 106.8% respectively in 2008, slightly different at 9.5% and 10.2% respectively in 2009, slightly different at 12.1% and 9.7% respectively in 2010 and slightly different at 15.8% and 13.1% in 2011 .However, the percentages related to profit before tax rates were significantly different at 34.4% and 103.4% respectively in 2008, significantly different at 4.3% and 9.9% respectively in 2009, comparable at 8.9% and 8.7% respectively in 2010 and comparable at 12.5% and 13.0% respectively in 2011. This disparity can be attributed to finance and other costs for Berjaya and Sime Darby.Although, Berjaya earned profit for the year more than 942.5 times larger than Sime Darby in 2008, 46.6 times larger in 2009, 462.4 times larger in 2010 and 162.7 times larger in 2011, Berjayas profit for the year as a percent of sales (33.3%) is only 35% of Sime Darby (95.4%) in 2008 and 23% in 2009 (Berjayas 1.7% vs Sime Darbys 7.5%). However in 2010, Sime Darbys profit for the year as a percent of sales (2.6%) is only 45% of Berjaya (5.8%) in 2010 and 96% in 2011 (Sime Darbys 9.2% vs Berjayas 9.6%)

4.0 RATIO ANALYSIS


YEARS

NO.DESCRIPTION2011201020092008

1Current Ratio1.061.221.261.60

2Acid Test Ratio0.881.071.131.48

3Receivables Turnover (Times)5.083.773.642.37

4Receivables Turnover (Days)7297100154

5Inventory Turnover (Times)(6.04)(8.27)(10.60)(6.40)

6Inventory Turnover (Days)(60.00)(44.00)(34.40)(57.00)

7Profit Margin9.60%5.80%1.72%33.30%

8Asset Turnover37%9.60%38.50%25.50%

9Return on Assets3.51%2.29%0.66%8.48%

10Return on Common Stockholders Equity5.82%3.80%6.24%15.61%

11Earnings Per Share (EPS) (Per Share)RM0.15RM0.11RM0.02RM0.48

12Price Earnings Ratio (Times)0.150.090.020.48

13Payout Ratio40.2%31.3%55.8%16.5%

14Debt to Total Assets Ratio39.7%39.7%39.8%37.7%

15Times Interest Earned (Times0(7,520.1)(7,561.9)(6,725.6)(3,754.4)

COMPETITOR SIME DARBY BERHAD

YEARS

NO.DESCRIPTION2011201020092008

1Current Ratio1.701.641.702.10

2Acid Test Ratio1.151.181.161.56

3Profit Margin9%3%8%11%

4Return on Assets10%2%7%11%

5Payout Ratio17%157%98%20%

6Debt to Total Assets Ratio42%44%38%38%

LIQUIDITY RATIO SUMMARYCURRENT RATIOThe 2011current ratio of 1.06:1 means that for every Ringgit Malaysia of current liabilities, Berjaya Corporation Berhad has RM1.06 of current assets. It shows that the current ratio for the year 2011 has decreased, compare to 1.22 (2010), 1.26 (2009) and 1.60 (2008). Whereas for its competitor, Sime Darby Berhads current ratio is higher than current ratio for Berjaya Corporation Berhad for every same year with 1.70 in 2011, 1.64 in 2010, 1.70 in 2009 and 2.10 in 2008. This indicates Sime Darby has more assets that can be liquid to cover its current liabilities compared to Berjaya Corporation.

ACID TEST RATIO

The acid test ratio of Berjaya Corporation Berhad shows a declination in 2011 at 0.88 compared to 1.07 (2010), 1.13 (2009) and 1.48 (2008). This depends on the industry and the economy. Whereas for its competitor, Sime Darby Berhads acid test ratio is higher than acid test ratio for Berjaya Corporation Berhad for every same year with 1.15 in 2011, 1.18 in 2010, 1.16 in 2009 and 1.56 in 2008. This indicates Sime Darby is able to liquefy its assets more immediate compared to Berjaya Corporation.

PROFITABILITY RATIOS SUMMARY

PROFIT MARGIN

The profit margin that Berjaya Corporation between 2008 and 2011 fluctuates as in 2008 gained 33.3%, significantly decrease in 2009 to 1.72%, slightly increase in 2010 to 5.8% and another increase in 2011 to 9.6%. Compared to Sime Darby, its profit margin do not fluctuates significantly as in 2008 gained 11%, decrease in 2009 to 8%, decrease again in 2010 to 3% and increase in 2011 to 9%.

RETURN ON ASSETS

The return on assets for Berjaya Corporation fluctuates differently as in 2008 gained 8.48%, degenerate significantly in 2009 to 0.66%, improve slightly in 2010 to 2.29% and another improvement in 2011 to 3.51%. Compared to Sime Darby, its return on assets do not fluctuates that significant as in 2008 gained 11%, degenerate in 2009 to 7%, another degenerate in 2010 to 2% but increase significantly in 2011 to 10%.

PAYOUT RATIO

The payout ratio for Berjaya fluctuates significantly between 2008 and 2009 but almost maintain between 2009 and 2011 where the ratio in 2008 is 16.5%, 55.8% in 2009, 31.3% in 2010 and 40.2% in 2011. Compare to Sime Darby, its payout ratio increase between 2008 and 2010 but decrease substantially in 2011 where the ratio in 2008 is 20%, 98% in 2009, 157% in 2010 and 17% in 2011.

SOLVENCY RATIOS SUMMARY

DEBT TO TOTAL ASSETS RATIO

The debt to total assets ratio of Berjaya Corporation is lower than Sime Darby throughout the year between 2008 and 2011 with the exception in 2009, where in 2008, Berjayas ratio is at 37.7% compare to Sime Darbys 38%, in 2009, Berjayas ratio is at 39.8% compare to Sime Darbys 38%, in 2010 Berjayas ratio is at 39.7% compare to Sime Darbys 44% and in 2011, Berjayas ratio is at 39.7% compare to Sime Darbys 42%. This indicates that, from the creditors point of view, Berjaya Corporation Berhad has an overall lower ratio of debt to total assets compare to Sime Darby Berhad, which is more desirable.

4.1 CURRENT RATIO

I. 2011

II. 2010

III. 2009

IV. 2008

4.2 ACID-TEST RATIO

I. 2011

II. 2010

III. 2009

IV. 2008

4.3 RECEIVABLES TURNOVER

I. 2011

A variant of the receivables turnover ratio is to convert it to an average collection period in term of day

This means that receivables turnover on average is every 72 days

II. 2010



III. 2009



IV. 2008



4.4 INVENTORY TURNOVER

I. 2011

A variant of the inventory turnover is the number of days in inventory

This means the inventory turnover ratio in 2011 is considerably good among industries

II. 2010



III. 2009



IV. 2008



4.5 PROFIT MARGIN

I. 2011

II. 2010

III. 2009

IV. 2008

4.6 ASSET TURNOVER

I. 2011

II. 2010

III. 2009

IV. 2008

4.7 RETURN ON ASSETS

I. 2011

II. 2010

III. 2009

IV. 2008

4.8 RETURN ON COMMON SHAREHOLDERS EQUITY

I. 2011

II. 2010

III. 2009

IV. 2008

4.9 EARNINGS PER SHARE (EPS)

I. 2011

II. 2010

III. 2009

IV. 2008

4.10 PRICE-EARNINGS RATIO

I. 2011

II. 2010

III. 2009

IV. 2008

4.11 PAYOUT RATIO

I. 2011

II. 2010

III. 2009

IV. 2008

4.12 DEBT TO TOTAL ASSETS RATIO

I. 2011

II. 2010

III. 2009

IV. 2008

4.13 TIMES INTEREST EARNED

I. 2011

II. 2010

III. 2009

IV. 2008

5.0 ATTACHMENTS

5.1 Balance Sheet as at 30 April 2011GROUPCOMPANY

2011RM0002010RM000(Restated)1.5.2009RM000(Restated)2011RM0002009RM000

ASSETS

Non-current assets

Property, plant and equipment2,827,8922,830,5822,448,2836532

Biological assets13,98912,7769,797

Other investments80,100286,364284,328

Investment properties609,060586,789543,799

Prepaid land lease premiums1,0971,118

Land held for development2,074,4862,024,0971,643,355

Associated companies662,090739,128561,608

Subsidiary companies1,444,9011,303,127

Jointly controlled entities115,585155,482190,468

Deferred tax assets33,45435,59442,387

Other receivables352,093346,911353,056

Intangible assets5,893,0716,112,7916,191,922

12,662,91713,131,63212,269,0031,444,9661,303,159

Current assets

Development properties716,392670,9631,052,605

Inventories845,822610,299483,008

Trade and other receivables1,119,7031,457,9651,398,9123,772,0713,846,563

Short term investments 14,86856,11438,202

Tax recoverable43,16272,837120,0122161,396

Deposits with financial institutions688,956867,738793,2263,29226,921

Cash and bank balances579,423509,400426,546746,722

4,008,3264,245,3164,312,5113,775,6533,881,602

Assets of disposal groups/Non-current assets classified as held for sale1,204,287450,90224,774

5,212,6134,696,2184,337,2853,775,6533,881,602

TOTAL ASSETS17,875,53017,827,85016,606,2885,220,6195,184,761

GROUPCOMPANY

2011RM0002010RM000(Restated)1.5.2009RM000(Restated)2011RM0002009RM000


Equity attributable to equity holders of the Company

Share capital4,221,3014,021,8863,1694,5544,221,3014,021,886

Equity component ofirredeemable convertible unsecured loan stocks176,869313,414763,893346,063446,881

Reserves1,659,9771,600,7681,657,095248,753448,057

6,058,1475,936,0685,590,5424,816,1174,916,824

Treasury shares(37,323)(3,680)(37,323)(3,680)

6,020,8245,932,3885,590,5424,778,7944,913,144

Minority interests4,762,3204,813,3384,394,827

Total equity10,783,14410,745,7269,985,3694,778,7944,913,144


Liability component ofirredeemable convertible unsecured loan stocks14,38128,364174,799

8% Secured exchangeable bonds due 2011702,000882,000

Long term borrowings1,350,3191,377,3131,174,507149,25013,000

Other long term liabilities442,641520,265324,209

Deferred tax liabilities355,044337,944368,045

Provisions10,4847,9507,264

2,172,8692,973,8362,930,824149,25013,000

Current liabilities

8% Secured exchangeable bonds due 2011702,000

Trade and other payables1,861,0361,750,3181,492,908153,532161,855

Provisions964340,753313,539

Short term borrowings1,731,6821,486,8071,673,252139,04396,762

Taxation35,27181,21767,755

Derivative liability24,388

Insurance reserves156,073142,641

4,355,3413,815,1683,690,095292,575258,617

Liabilities directly associated withdisposal groups classified as held for sale564,176293,120

4,919,5174,108,2883,690,095292,575258,617

Total liabilities7,092,3867,082,1246,620,919441,825271,617

TOTAL EQUITY AND LIABILITIES17,875,53017,827,85016,606,2885,220,6195,184,761

5.2 Income Statement for the year ended 30 April 2011GROUPCOMPANY

2011RM0002010RM000(Restated)2011RM0002010RM000

Revenue7,043,6126,757,53497,51161,744

Less: Revenue from discontinued operation(490,647)(444,938)

Revenue from continuing operations6,552,9656,312,59697,51161,744

Cost of sales(4,397,711)(4,146,677)

Gross profit2,155,2542,165,91997,51161,744

Other income417,473366,8512512,613

Administrative expenses(923,267)(953,001)(14,979)(12,759)

Selling and distribution expenses(446,344)(426,603)

Other expenses(166,421)(380,770)

1,036,695772,39682,78351,598

Finance costs(286,642)(295,574)(25,407)(15,998)

Share of results of associates93,420108,021

Share of results of jointly controlled entities(25,852)(29,721)

Profit before tax817,621555,12257,37635,600

Taxation(227,220)(200,547)(6,702)

Profit for the year from continuing operations590,401354,57550,67435,600

Discontinued operation

Profit for the year from discontinued operation35,58735,493

Profit for the year625,988390,06850,67435,600

Attributable to:Owners of the parent

from continuing operations327,25756,47850,67435,600

from discontinued operation24,91124,472

Non-controlling interests352,16880,95050,67435,600

273,820309,118

625,988390,06850,67435,600

Earnings/(Loss) per share (sen)

Basic, for the year from continuing operations7.51.4

Basic, for the year from discontinued operation0.60.6

Basic, for the year8.12.0

Diluted, for the year from continuing operations7.41.3

Diluted, for the year from discontinued operation0.60.6

Diluted, for the year8.01.9

Dividend per share (sen)

First interim dividend5.00

Final dividend2.001.00


2010RM0002009RM0002010RM0002009RM000

ASSETS

Non-current assets

Property, plant and equipment2,704,0142,317,6583234

Biological assets12,7769,797--

Other investments286,364284,328--

Investment properties586,789543,799--

Prepaid land lease premiums125,413127,649--

Land held for development2,024,0971,643,355--

Associated companies739,128561,608--

Subsidiary companies--1,303,1271,105,469

Jointly controlled entities155,482190,468--

Deferred tax assets33,18041,419--

Intangible assets6,112,7916,191,922--

12,780,03411,912,0031,303,1591,105,503

Current assets

Development properties670,9631,052,605--

Inventories610,299483,008--

Trade and other receivables1,819,2561,762,5243,846,5633,868,533

Short term investments 56,11438,202--

Tax recoverable72,837120,0121,3961,396

Deposits with financial institutions855,631785,64626,9218,911

Cash and bank balances509,400426,5466,72298

4,594,5004,668,5433,881,6023,878,938

Assets of disposal groups/Non-current assets classified as held for sale450,90224,774--

5,045,4024,693,3173,881,6023,878,938

TOTAL ASSETS17,825,43616,605,3205,184,7614,984,441

GROUPCOMPANY

2010RM0002009RM0002010RM0002009RM000



Share capital4,021,8863,169,5544,021,8863,169,554

Equity component ofirredeemable convertible unsecured loan stocks313,414763,893446,8811,004,035

Reserves1,606,0701,659,229448,057536,091

5,941,370 5,592,6764,916,824 4,709,680

Treasury shares(3,680)-(3,680)-

5,937,6905,592,6764,913,1444,709,680

Minority interests4,815,3144,395,623--

Total equity10,753,0049,988,2994,913,1444,709,680


Liability component ofirredeemable convertible unsecured loan stocks28,364174,799-5,653

8% Secured exchangeable bonds due 2011702,000882,000--

Long term borrowings1,473,8311,174,50713,00076,422

Other long term liabilities383,480288,822--

Deferred tax liabilities337,944368,045--

Provisions7,9507,264--

2,933,5692,895,43713,00082,075

Current liabilities

Trade and other payables1,773,4871,524,397161,8556,653

Provisions340,753340,753--

Short term borrowings1,494,2131,673,25296,762186,033

Taxation81,21767,755--

Insurance reserves156,073142,641--

3,845,7433,721,584258,617192,686

Liabilities directly associated withdisposal groups classified as held for sale293,120---

4,138,8633,721,584258,617192,686

Total liabilities7,072,4326,617,021271,617274,761

TOTAL EQUITY AND LIABILITIES17,825,43616,605,3205,184,7614,984,441


2010RM0002009RM0002010RM0002009RM000

Revenue6,756,0346,339,01261,74431,930

Cost of sales(4,520,744)(4,389,930)--

Gross profit2,235,2901,949,08261,74431,930

Other income405,282189,5922,61316,567

Administrative expenses(1,001,959)(969,476)(12,759)(9,889)

Selling and distribution expenses(438,956)(357,532)- -

Other expenses(380,991)(210,928)--

818,666600,73851,59838,608

Finance costs(295,574)(289,842)(15,998) (23,609)

Share of results of associates108,02115,104--

Share of results of jointly controlled entities(29,721)(51,439)--

Profit before tax601,392274,56135,60014,999

Taxation(206,976)(165,465)-558

Profit for the year394,416109,09635,60015,557

Attributable to:

Equity holders of the Company84,118(53,383)35,60015,557

Minority interests310,298162,479--

394,416109,09635,60015,557


- Basic2.1(1.4)

- Diluted1.9*


- First interim dividend-2.35

- Final dividend1.001.00

Note * - Anti-dilutive


2009RM0002008RM0002009RM0002008RM000

ASSETS

Non-current assets







Associated companies561,608578,403--

Subsidiary companies--1,105,4691,101,752



Intangible assets6,191,9226,190,081--

11,913,74511,691,3821,105,5031,101,781

Current assets

Development properties1,052,605805,566--




Tax recoverable120,012121,8401,3961,176



4,666,8014,520,8313,878,9384,014,725


4,691,5754,546,2433,878,9384,014,725

TOTAL ASSETS16,605,32016,237,6254,984,4415,116,506

GROUPCOMPANY

2009RM0002008RM0002009RM0002008RM000



Share capital3,169,5543,003,7913,169,5543,003,791

Equity component ofirredeemable convertible unsecured loan stocks763,893822,8261,004,0351,168,381

Reserves1,659,2291,785,270536,091581,401

5,592,6765,611,8874,709,6804,753,573


Total equity9,988,29910,080,6564,709,6804,753,573


Liability component ofirredeemable convertible unsecured loan stocks174,799176,9485,6536,909






2,895,4373,302,58182,075221,348

Current liabilities


Provisions313,539229,864--

Short term borrowings1,673,2521,026,025186,033139,533

Taxation67,75568,032--


3,721,5842,840,730192,686141,585

Liabilities directly associated withdisposal groups classified as held for sale-13,658--

3,721,5842,854,388192,686141,585




2009RM0002008RM0002009RM0002008RM000

Revenue6,339,0123,465,83731,930969,792

Cost of sales(4,389,930)(2,180,692)--

Gross profit1,949,0821,285,14531,930969,792

Other income189,5921,557,96616,56712,987


Selling and distribution expenses(357,532)(210,296)- -

Other expenses(210,928)(524,665)--

600,7381,397,92038,608959,562

Finance costs(289,842)(342,327)(23,609) (18,015)


Share of results of jointly controlled entities(51,439)(75)--

Profit before tax274,5611,192,97314,999951,547

Taxation(165,465)(40,136)558(122,269)

Profit for the year109,0961,152,83715,557829,278

Attributable to:

Equity holders of the Company(53,383)616,54915,557829,278


109,0961,152,83715,557829,278


- Basic(1.4)18.5

- Diluted*16.6


- First interim dividend-2.95

- Second interim dividend-4.00

- Final dividend-2.00

Note * - Anti-dilutive



ASSETS

Non-current assets







Associated companies578,4031,296,270--

Subsidiary companies-1,4021,101,7521,101,720



Intangible assets6,348,236828,500--

11,807,5177,251,7841,101,7811,101,727

Current assets

Development properties883,164774,865--




Tax recoverable121,840149,9381,1761,820



4,592,8513,348,7554,014,7255,016,651


4,618,2633,523,8624,014,7255,016,651

TOTAL ASSETS16,425,78010,775,6465,116,5066,118,378

GROUPCOMPANY




Share capital3,003,7912,423,8413,003,7912,423,841

Equity component ofirredeemable convertible unsecured loan stocks822,826890,7061,168,3813,641,384

Reserves1,819,39422,019581,401(57,322)

5,646,0113,336,5664,753,5736,007,903


Total equity10,238,8114,529,2694,753,5736,007,903


Liability component ofirredeemable convertible unsecured loan stocks176,948751,9786,90961,951






3,302,5813,869,521221,348107,951

Current liabilities


Provisions229,864209,605--

Short term borrowings1,026,025805,593139,533-

Taxation68,03237,242-1,465


2,870,7302,269,773141,5852,524

Liabilities directly associated withdisposal groups classified as held for sale13,658107,083--

2,884,3882,376,856141,5852,524





Revenue3,465,8372,211,391969,7928,596

Cost of sales(2,180,692)(1,218,288)--

Gross profit1,285,145993,103969,7928,596

Other income1,557,966367,79512,987472


Selling and distribution expenses(210,296)(145,005)--

Other expenses(524,665)(191,728)--

1,397,920375,686959,5624,451

Finance costs(342,327)(270,348)(18,015)(1,875)


Share of results of jointly controlled entities(75)---

Profit before tax1,192,973270,318951,5472,576

Taxation(40,136)16,634(122,269)(1,480)

Profit for the year from continuing operations1,152,837286,952829,2781,096

Discontinued Operations

Loss for the year from discontinued operations-(13,602)--

Profit for the year1,152,837273,350829,2781,096

Attributable to:

Equity holders of the Company from continuing operations616,549196,818829,2781,096

from discontinued operations-(18,095)--

616,549178,723829,2781,096


1,152,837273,350829,2781,096


- Basic, for the year from continuing operations18.56.3

- Basic, for the year from discontinuing operations-(0.6)

- Basic, for the year18.55.7

- Diluted, for the year from continuing operations16.65.3

- Diluted, for the year from discontinuing operations-(0.5)

- Diluted, for the year16.64.8


- First interim dividend2.95-

- Second interim dividend4.00-

5.9 DividendsNote * - Anti-dilutiveDividends (2011)GROUP

2011Net dividend per share (sen)2011Net dividend(RM000)2010Net dividend per share (sen)2010Net dividend(RM000)

Recognised during the year

Interim dividend of 5% single-tier exempt dividend-in-specie approved in respect of financial year ended 30 April 2011 (2010: Interim dividend of 2.35% single-tier exempt dividend-in-specie approved in respect of financial year ended 30 April 2009)5.00209,8012.3590,045

Final dividend of 1% single-tier exempt dividend approved in respect of financial year ended 30 April 2010 (2010: Final dividend of 1% single-tier exempt dividend approved in respect of financial year ended 30 April 2009)1.0041,8501.0033,589

6.00251,6513.35123,634

Dividends (2010)GROUP


In respect of prior year

Interim dividend of 2.35% single-tier exempt dividend-in-specie approved in respect of financial year ended 30 April 20092.3590,045--

Final dividend of 1% single-tier exempt dividend approved in respect of financial year ended 30 April 2009 (2009: Final dividend of 2% single-tier exempt dividend approved in respect of financial year ended 30 April 2008)1.0033,5892.0060,867

3.35123,6342.0060,867




Final dividend of 2% single-tier exempt dividend per share approved in respect of financial year ended 30 April 20082.0060,867--

In respect of current year

First interim dividend - Nil (2008: 3% per share comprising of2.8% single-tier exempt dividend and a 0.2% dividend less tax of 26%)--2.9572,528

Second interim dividend - Nil (2008: 4% single-tier exempt dividend per share)--4.00118,027

2.0060,8676.95190,555




First interim dividend of 3% per share comprising of 2.8% single-tier exempt dividend and a 0.2% dividend less tax of 26% in respect of year ended 30 April 2008 on 2,460,230,092 ordinary shares2.9572,528--

Second interim dividend of 4% single-tier exempt dividend per share in respect of year ended 30 April 2008 on 2,950,687,115 ordinary shares4.00118,027--

6.95190,555--

5.10 Berjaya Corporation Berhad Market Share Price

Documents

Financial Statement v1