Westminster

International 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

Business Analysis 2011

Table of Contents
1. Company background.2 1.1 Carlsberg.2 1.2 Guinness Anchor Bhd.2-3 2. Working Capital Cycle Ratio3 2.1 Debtors Collection Period4 2.2 Creditors Payment Period4 2.3 Stock Turnover Ratio..4-5 3. Capital Structure Ratio5 3.1 Gearing Ratio5-6 3.2 Interest Cover Ratio.6 4. Investors Ratios...6 4.1 ROCE6-7 4.2 EPS7 5. Appendix-1.7-10 6. Appendix-2.11-12 7. Environmental Factors12 7.1 GAB....12-13 7.2 Carlsberg.13 8. Corporate Governances.13 8.1 GAB.13 8.2 Carlsberg.14 9. Long-Term Sustainability..14 10. Chairmens Statement15-16 11. Future Investment.16-17 12. Corporate Social Responsibility17-18 13. Dividend Policy.18 14. Bibliography21-22

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Business Analysis 2011 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 everydays 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
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received the ISO 9001:2008 certification and having the fulfilled the additional requirements of ISO 9001:2000. In todays 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:

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Business Analysis 2011 Working Capital Cycle Ratio

Stock Turnover Ratio 10.69 days Debtors Collection Period 5.89 days

Creditors Payment Period 22 days

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

Working Capital Cycle Ratio

Stock Turnover Ratio 12.26 days Debtors Collection Period 26.9 days

Creditors Payment Period 34.5 days

2.1 Debtors Collection Period: Debtors collection period is the number of times by
which debtors are payable to the business during the companys 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 Malaysias debtors collection period in 2010 was 26.9 days. To compare
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Business Analysis 2011

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 creditors 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 Malaysias 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 Carlsbergs 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:

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Business Analysis 2011 Capital Structure Ratio

Geraring( Carlsberg) 7.1%

Interest Cover(Carlsberg) 51.1 times Interest Cover(GAB) 83 times

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 companys ability
to how easily can pay its interest payment. The higher ratio is indicates the companys 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 companys financial health is better. However, Carlsbergs 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 companys capability of returning profit for the shareholders and investor in a company. This ratio evaluates return on capital
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employed, earning per share and price earnings ratio. The investor ratio of GAB and Carlsberg Malaysia Bhd are shown in pie chart below:

Investors Ratios
ROCE(GAB) 48.17%

EPS(Carlsberg) 43.58 Sen

EPS(GAB) 60 Sen

ROCE(Carlsberg) 24.59%

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 Carlsbergs ROCE is 24.59 in 2010. This result shows that the GABs profitability ratios are better than Carlsbergs 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 stakeholders 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 GABs 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)

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Business Analysis 2011

5. Appendix-1:

Guinness Anchor Berhad Income Statement For the year ended 30 June 2011

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Business Analysis 2011

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Balance Sheet As at 30 June 2011

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Carlsberg Malaysia Berhad Income Statement For the year ended 31st December 2010

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Balance Sheet As at 31st December 2010

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6. Appendix-2:
Working Capital Cycle Ratio Debtors Collection Period= days = 5.89 days Creditors payments period =26.9 days GAB 2011 Carlsberg 2010

= 22 days Stock Turnover= 365 = 10.69 days CAPITAL STRUCTURE Gearing ratio=

= 34.5 days 365 =12.26 days

365 days

=7.1% Interest cover

= 83 times INVESTORS RATIOS Return on capital employed(ROCE)=

= 51.1 times

= 48.17% Earning per shares(ESP)=

=24.59%

60

43.58

7. Environmental Factors

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Business Analysis 2011

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 brandconscious 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 industrys ethics charter. (gab, 2011) . The governance and management system in the organization shown below: (gab, 2011)

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Business Analysis 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 (carlsbergmalaysia, 2011) 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. (carlsbergmalaysia, 2011) 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.

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10.Chairmans 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 Groups 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 years inclusion of the consolidated results of Carlsberg Singapore. The signifi cant improvement in
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Business Analysis 2011

the Malaysian segment was mainly due to the continued successful implementation of the Groups 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 Groups funding requirements are pleased to propose the distribution of 99% of the Groups 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)

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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
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Business Analysis 2011

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, dont 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)

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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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