Financial Statement v1

TABLE OF CONTENT
TABLE OF CONTENT.............................................................................................1
1.0
1.1
2.0
BACKGROUND COMPANY............................................................................3
BERJAYA CORPORATION BERHAD............................................................3
HORIZONTAL ANALYSIS...............................................................................5
2.1
2011........................................................................................................5
2.2
2010........................................................................................................7
2.3
2009........................................................................................................9
2.4
2008......................................................................................................11
3.0
BACKGROUND COMPANY..........................................................................15
4.0
RATIO ANALYSIS........................................................................................18
4.1
CURRENT RATIO....................................................................................21
4.2
ACID-TEST RATIO...................................................................................21
4.3
RECEIVABLES TURNOVER......................................................................22
4.4
INVENTORY TURNOVER.........................................................................23
4.5
PROFIT MARGIN....................................................................................24
4.6
ASSET TURNOVER.................................................................................25
4.7
RETURN ON ASSETS..............................................................................26
4.8
RETURN ON COMMON SHAREHOLDERS EQUITY..................................26
4.9
EARNINGS PER SHARE (EPS).................................................................27
4.10 PRICE-EARNINGS RATIO........................................................................28

4.11 PAYOUT RATIO.......................................................................................28
4.12 DEBT TO TOTAL ASSETS RATIO.............................................................29
4.13 TIMES INTEREST EARNED.....................................................................29
5.0
ATTACHMENTS..........................................................................................31
5.1
Balance Sheet as at 30 April 2011........................................................31
5.2
Income Statement for the year ended 30 April 2011............................33
5.3
5.4
5.5
5.6
5.7
5.8
5.9
Dividends..............................................................................................43
1
5.10 Berjaya Corporation Berhad Market Share Price...................................45
1.0 BACKGROUND COMPANY
1.1
BERJAYA CORPORATION BERHAD
The 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.

3
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

2.1
2011
Balance Sheet 30 April 2011
GROUP
ASSETS
Non-Current Assets
Property,
plant
equipment
Biological assets
2011
2010
RM ' 000
RM ' 000
2,827,892
13,989
2,830,58
2
12,776
80,100
609,060
286,364
586,789
1,097
1,118
2,024,09
7
739,128
0
155,482
35,594
346,911
6,112,79
1
13,131,6
32
and
Other investments
Investments properties
Prepaid
land
lease
premiums
Land held for development
Associated companies
Subsidiary companies
Jointly controlled entities
Deferred tax assets
Other receivables
2,074,486
662,090
0
115,585
33,454
352,093
Intangible assets
5,893,071
12,662,917
Current Assets
Development properties
Inventories
Trade and other receivables
Short term investments
Tax recoverable
Deposits
with
financial
institutions
716,392
845,822
1,119,703
14,868
43,162
670,963
610,299
1,457,96
5
56,114
72,837
688,956
867,738
INCREASE OR
DECREASE DURING
2011
PERCENTA
AMOUN
GES
T
CHANGES
(2,690)
1,213
(206,26
4)
22,271
-0.1%
9.5%
-72.0%
3.8%
(21)
-1.9%
50,389
(77,038)
0
(39,897)
(2,140)
5,182
(219,72
0)
(468,71
5)
2.5%
-10.4%
0.0%
-25.7%
-6.0%
1.5%
45,429
235,523
(338,26
2)
(41,246)
(29,675)
(178,78
2)
6.8%
38.6%
-3.6%
-3.6%
-23.2%
-73.5%
-40.7%
-20.6%
Cash and bank balances
579,423
509,400
4,245,31
6
70,023
(236,99
0)
13.7%
753,385
167.1%
5,212,613
450,902
4,696,21
8
516,395
11.0%
17,875,530
17,827,8
50
47,680
0.3%
4,008,326
Assets of disposal groups/
Non-current assets
classified as held for sale
TOTAL ASSETS
1,204,287
-5.6%

GROUP
2011
2010
RM ' 000
RM ' 000
4,221,30
1
4,021,88
6
176,869
1,659,97
7
6,058,14
7
37,323
6,095,47
0
4,762,32
0
10,857,7
90
313,414
1,600,76
8
5,936,06
8
3,680
5,939,74
8
4,813,33
8
10,753,0
86
14,381
28,364
INCREASE OR
DECREASE DURING
2011
PERCENTAG
AMOUN
ES
T
CHANGES
EQUITY AND LIABILITIES

Equity attribute to equity
holders of the parent
Share capital
Equity
component
of
irredeemable
convertible unsecured loan
stocks
Reserves
Treasury shares
Non-controlling interests
Total Equity
Non-current liabilities
Liability
component
of
irredeemable
199,415
5.0%
(136,54
5)
-43.6%
59,209
3.7%
122,079
33,643
2.1%
914.2%
155,722
2.6%
(51,018)
-1.1%
104,704
1.0%
(13,983)
-49.3%
stocks
8% Secured exchangeable
bonds due 2011
Long term borrowings
Other long term liabilities
Deferred tax liabilities
Provisions
Current liabilities
bonds due 2011
Trade and other payables
Provisions
Short term borrowings
Taxation
Derivative liability
Insurance reserves
Liabilities directly associated
with
disposal
groups classified as held for
sale
Total Liabilities
TOTAL
EQUITY
LIABILITIES
2.2
AND
0
1,350,31
9
442,641
355,044
10,484
2,172,86
9
702,000
1,377,31
3
520,265
337,944
7,950
2,973,83
6
702,000
1,861,03
6
0
1,750,31
8
964
1,731,68
2
35,271
24,388
340,753
1,486,80
7
81,217
0
0
4,355,34
1
156,073
3,815,16
8
564,176
4,919,51
7
7,092,38
6
17,950,1
76
17,835,2
10
(702,00
0)
-100.0%
(26,994)
(77,624)
17,100
2,534
(800,96
7)
-2.0%
-14.9%
5.1%
31.9%
702,000
0.0%
110,718
(339,78
9)
6.3%
-26.9%
-99.7%
244,875
(45,946)
24,388
(156,07
3)
16.5%
-56.6%
0.0%
-100.0%
540,173
14.2%
293,120
271,056
92.5%
4108288
7,082,12
4
811,229
19.7%
10,262
0.1%
114,966
0.6%
2010
GROUP
2010
2009
RM ' 000
RM ' 000
INCREASE OR
DECREASE DURING
2011
PERCENTA
AMOUN
GES
T
CHANGES
ASSETS
Non-Current Assets
Property,
plant
and
equipment
Biological assets
Other investments
Prepaid
land
lease
premiums
2,704,014
12,776
286,364
586,789
2,317,65
8
9,797
284,328
543,799
386,356
2,979
2,036
42,990
16.7%
30.4%
0.7%
7.9%
(2,236)
-1.8%
380,742
177,520
0
(34,986)
(8,239)
23.2%
31.6%
0.0%
-18.4%
-19.9%
(79,131)
-1.3%
868,031
7.3%
(381,64
2)
127,291
-36.3%
26.4%
56,732
17,912
(47,175)
3.2%
46.9%
-39.3%
69,985
82,854
8.9%
19.4%
(74,043)
-1.6%
426,128
1720.1%
5,045,402
24,774
4,693,31
7
352,085
7.5%
17,825,436
16,605,3
20
1,220,11
6
7.3%
125,413

Deferred tax assets
2,024,097
739,128
0
155,482
33,180
Intangible assets
6,112,791
12,780,034
127,649
1,643,35
5
561,608
0
190,468
41,419
6,191,92
2
11,912,0
03
Current Assets
Inventories
Tax recoverable
Deposits
with
financial
institutions
670,963
610,299
1,819,256
56,114
72,837
855,631
509,400
4,594,500

Non-current assets
TOTAL ASSETS
450,902
1,052,60
5
483,008
1,762,52
4
38,202
120,012
785,646
426,546
4,668,54
3

GROUP
INCREASE OR
DECREASE DURING
2011
PERCENTA
AMOUN
GES
T
CHANGES
2010
2009
RM ' 000
RM ' 000
4,021,88
6
3,169,554
852,332
26.9%
763,893
(450,479
)
-59.0%
1,659,229
(53,159)
-3.2%
5,592,676
0
348,694
(3,680)
6.2%
0.0%
5,592,676
345,014
6.2%
4,395,623
419,691
9.5%
9,988,299
764,705
7.7%

holders of the parent
Share capital
Equity
component
of
irredeemable
stocks
Reserves
Treasury shares
Minority interests
Total Equity
Liability
component
of
irredeemable
stocks
bonds due 2011
Deffered tax liabilities
Provisions
313,414
1,606,07
0
5,941,37
0
(3,680)
5,937,69
0
4,815,31
4
10,753,0
04
28,364
174,799
702,000
1,473,83
1
383,480
337,944
7,950
2,933,56
9
882,000
(146,435
)
(180,000
)
1,174,507
288,822
368,045
7,264
299,324
94,658
(30,101)
686
25.5%
32.8%
-8.2%
9.4%
2,895,437
38,132
1.3%
1,524,397
313,539
249,090
27,214
(179,039
)
16.3%
8.7%
-83.8%
-20.4%
Current liabilities
Provisions
1,773,48
7
340,753
1,494,21
3
9
1,673,252
-10.7%
Taxation
Insurance reserves
81,217
156,073
3,845,74
3

with
disposal
sale
2.3
13,462
13,432
19.9%
9.4%
3,721,584
124,159
3.3%
293,120
4,138,86
3
7,072,43
2
293,120
0.0%
3,721,584
417,279
11.2%
6,617,021
455,411
6.9%
AND 17,825,4
36
16,605,32
0
1,220,11
6
7.3%
Total Liabilities
TOTAL
EQUITY
LIABILITIES
67,755
142,641
2009
GROUP
ASSETS
Non-Current Assets
Property,
plant
and
equipment
Biological assets
Other investments
Prepaid
land
lease
premiums
2009
2008
RM ' 000
RM ' 000
2,319,400
9,797
284,328
543,799
2,157,12
9
8,714
307,924
551,588
127,649

Deferred tax assets
1,643,355
561,608
0
190,468
41,419
Intangible assets
6,191,922
11,913,745
Current Assets
10
121,027
1,616,12
2
578,403
0
141,260
19,134
6,190,08
1
11,691,3
82
INCREASE OR
DECREASE DURING
2011
PERCENTA
AMOUN
GES
T
CHANGES
162,271
1,083
(23,596)
(7,789)
7.5%
12.4%
-7.7%
-1.4%
6,622
5.5%
27,233
(16,795)
0
49,208
22,285
1.7%
-2.9%
0.0%
34.8%
116.5%
1,841
0.0%
222,363
1.9%
Inventories
1,052,605
483,008

Tax recoverable
Deposits
with
financial
institutions
1,760,782
26,802
120,012
797,046
426,546
4,666,801

Non-current assets
TOTAL ASSETS
24,774
805,566
344,083
1,721,57
0
39,316
121,840
980,467
507,989
4,520,83
1
247,039
138,925
30.7%
40.4%
39,212
(12,514)
(1,828)
(183,42
1)
(81,443)
2.3%
-31.8%
-1.5%
145,970
3.2%
-18.7%
-16.0%
(638)
-2.5%
4,691,575
25,412
4,546,24
3
145,332
3.2%
16,605,320
16,237,6
25
367,695
2.3%

GROUP
INCREASE OR
DECREASE DURING
2011
PERCENTA
AMOUN
GES
T
CHANGES
2009
2008
RM ' 000
RM ' 000
3,169,55
4
3,003,791
165,763
5.5%
822,826
(58,933)
(126,04
1)
-7.2%

holders of the Company
Share capital
Equity
component
of
irredeemable
stocks
Reserves
763,893
1,659,22
9
11
1,785,270
-7.1%
5,592,67
6
4,395,62
3
9,988,29
9
Minority interests
Total Equity
Liability
component
of
irredeemable
stocks
bonds due 2011
Provisions
5,611,887
(19,211)
-0.3%
4,468,769
10,080,65
6
(73,146)
(92357.
00)
-1.6%
174,799
176,948
(2,149)
-1.2%
882,000
1,174,50
7
288,822
368,045
7,264
2,895,43
7
900,000
-2.0%
-25.6%
3.0%
1.6%
49.0%
3,302,581
(18,000)
(403,56
9)
8,527
5,658
2,389
(407,14
4)
1,384,480
229,864
139,917
83,675
10.1%
36.4%
1,026,025
68,032
132,329
647,227
(277)
10,312
63.1%
-0.4%
7.8%
2,840,730
880,854
31.0%
1,578,076
280,295
362,387
4,875
-0.9%
-12.3%
Current liabilities
Provisions
Taxation
Insurance reserves
with
disposal
sale
Total Liabilities
TOTAL
EQUITY
LIABILITIES
1,524,39
7
313,539
1,673,25
2
67,755
142,641
3,721,58
4
0
3,721,58
4
6,617,02
1
13,658
(13,658)
-100.0%
2,854,388
867,196
30.4%
6,156,969
460,052
7.5%
AND 16,605,3
20
16,237,62
5
367695.
00
2.3%
12
2.4
2008
GROUP
ASSETS
Non-Current Assets
Property,
plant
equipment
Biological assets
Other investments
2008
2007
RM ' 000
RM ' 000
2,132,121
8,714
307,924
2,063,43
6
7,293
337,989
551,588
893,946
146,450
143,598
1,640,80
3
1,296,27
0
1,402
22,945
15,602
and
Prepaid
land
lease
premiums
Deferred tax assets
Intangible assets
1,573,687
578,403
0
141,260
19,134
6,348,236
11,807,517
Current Assets
Inventories
Tax recoverable
Deposits
with
financial
institutions
883,164
338,920
1,721,155
39,316
121,840
980,467
507,989
4,592,851

Non-current assets
25,412
4,618,263
13
828,500
7,251,78
4
INCREASE OR
DECREASE DURING
2011
PERCENTA
AMOUN
GES
T
CHANGES
68,685
1,421
(30,065)
(342,358
)
3.3%
19.5%
-8.9%
-38.3%
2,852
2.0%
(67,116)
(717,867
)
(1,402)
118,315
3,532
5,519,73
6
4,555,73
3
-4.1%
-55.4%
-100.0%
515.6%
22.6%
666.2%
62.8%
774,865
346,256
1,207,44
1
10,144
149,938
108,299
(7,336)
14.0%
-2.1%
513,714
29,172
(28,098)
42.5%
287.6%
-18.7%
530,652
329,459
3,348,75
5
449,815
178,530
1,244,09
6
84.8%
54.2%
175,107
3,523,86
2
(149,695
)
1,094,40
1
-85.5%
31.1%
TOTAL ASSETS
16,425,780
10,775,6
46
5,650,13
4
52.4%

GROUP
INCREASE OR
DECREASE DURING
2011
PERCENTA
AMOUN
GES
T
CHANGES
2008
2007
RM ' 000
RM ' 000
3,003,79
1
2,423,841
579,950
23.9%
890,706
-7.6%

Share capital
Equity
component
of
irredeemable
stocks
Reserves
Minority interests
Total Equity
Liability
component
of
irredeemable
stocks
bonds due 2011
822,826
1,819,39
4
5,646,01
1
4,592,80
0
10,238,8
11
3,336,566
4,529,269
(67,880)
1,797,37
5
2,309,44
5
3,400,09
7
5,709,54
2
176,948
751,978
(575,030
)
-76.5%
900,000
1,578,07
6
280,295
900,000
0.0%
1,540,925
256,705
37,151
23,590
2.4%
9.2%
14
22,019
1,192,703
8162.8%
69.2%
285.1%
126.1%

Provisions
362,387
4,875
3,302,58
1
415,201
4,712
-12.7%
3.5%
3,869,521
(52,814)
163
(566,940
)
1,123,587
209,605
290,893
20,259
25.9%
9.7%
805,593
37,242
93,746
2,2
69,773
220,432
30,790
38,583
27.4%
82.7%
41.2%
600,957
26.5%
-14.7%
Current liabilities
Provisions
Taxation
Insurance reserves
with
disposal
sale
Total Liabilities
TOTAL
EQUITY
LIABILITIES
1,414,48
0
229,864
1,026,02
5
68,032
132,329
2,870,73
0
13,658
2,884,38
8
6,186,96
9
107,083
(93,425)
-87.2%
2,376,856
507,532
21.4%
6,246,377
(59,408)
-1.0%
AND 16,425,7
80
10,775,64
6
5,650,13
4
52.4%
HORIZONTAL ANALYSIS SUMMARY

2010 -2011
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 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 -2010
15


and equipment
RM386,356,000 or 16.7% whereas for biological assets
RM2,979,000 or 30.4%.
In the liabilities section, current liabilities increased RM124,159
In the stockholders equity section, share capital
RM852,332,000 or 26.9%
increased
increased
or 3.3%
increased
2008-2009

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

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%
16
In the stockholders equity section, share capital increased RM579, 950,000 or

23.9%
3.0 BACKGROUND COMPANY

Income Statements For The Years Ended 30 April
2011
2010
200
AMOUNT PERCE AMOUNT PERCE AMOUNT
(RM '000)
NT
(RM '000)
NT
(RM '000)
107.5
100.0
7,043,612
%
6,756,034
%
6,339,012
Revenue
Less:
Revenue
from
discontinued operation
(490,647)
Revenue from continuing
operations
6,552,965
17
-7.5%
100.0
%
0
6,756,034
0.0%
100.0
%
0
6,339,012
(4,397,711
)
2,155,254
417,473
Administrative expenses
Selling
and
distribution
expenses
(923,267)
67.1%
32.9%
6.4%
14.1%
(446,344)
-6.8%
(438,956)
-6.5%
(357,532)
Other expenses
(166,421)
1,036,695
(286,642)
93,420
-2.5%
15.8%
-4.4%
1.4%
(380,991)
818,666
(295,574)
108,021
-5.6%
12.1%
-4.4%
1.6%
(210,928)
600,738
(289,842)
15,104
(25,852)
817,621
(227,220)
-0.4%
12.5%
-3.5%
(29,721)
601,392
(206,976)
-0.4%
8.9%
-3.1%
(51,439)
274,561
(165,465)
590,401
9.0%
0.0%
35,587
0.5%
0.0%
625,988
9.6%
394,416
5.8%
109,096
Cost of sales
Gross profit
Other income
Finance costs
Share of results of associates
Share of results of jointly
controlled entities
Profit before tax
Income tax expenses
Profit for the year from
continuing operations
Discontinued operation
Profit for the year from
continuing operations
Profit for the year
COMPETITOR
e
g expenses
erating income
(4,520,744
)
2,235,290
405,282
(1,001,959
)
66.9%
33.1%
6.0%
14.8%
(4,389,930
)
1,949,082
189,592
(969,476)
SIME DARBY BERHAD

Income Statements For The Years Ended 30 June
2011
2010
2009
200
AMOUNT PERCE AMOUNT PERCE AMOUNT PERCE AMOUNT
(RM '000)
NT
(RM '000)
NT
(RM '000)
NT
(RM '000)
100.0
100.0
100.0
41,858.8
%
32,506.2
%
31,013.9
%
1,281.8
(37,359.5) 89.3% (30,181.6) 92.8% (28,877.0) 93.1%
(13.4)
984.0
2.4%
820.9
2.5%
1,014.1
3.3%
100.5
ng Profit
f results of jointly
d entities
of
results
of
es
5,483.3
13.1%
3,145.5
9.7%
3,151.0
10.2%
1,368.9
34.0
0.1%
(265.2)
-0.8%
(69.7)
-0.2%
0.0
84.4
0.2%
95.8
0.3%
84.2
0.3%
0.0
fore interest and tax

ncome
costs
5,601.7
155.3
(307.8)
13.4%
0.4%
-0.7%
2,976.1
107.7
(265.2)
9.2%
0.3%
-0.8%
3,165.5
158.7
(252.6)
10.2%
0.5%
-0.8%
1,368.9
11.4
(55.0)
efore tax
nse
5,449.2
(1,602.7)
13.0%
-3.8%
2,818.6
(905.5)
8.7%
-2.8%
3,071.6
(730.8)
9.9%
-2.4%
1,325.3
102.1
18
from continuing
ons
ss)
from
nuing operations
or the year
3,846.5
9.2%
1,913.1
5.9%
0.0
0.0%
0.0
1.4
3,847.9
0.0%
9.2%
(1,058.3)
854.8
-3.3%
2.6%
0.0
2,340.8
0.0%
7.5%
0.0
1,223.2
19
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%)
20
4.0 RATIO ANALYSIS

YEARS
NO
DESCRIPTION
.
1 Current Ratio
2 Acid Test Ratio
Receivables
3
Turnover (Times)
Receivables
4
Turnover (Days)
Inventory
5
Turnover (Times)
Inventory
6
Turnover (Days)
7 Profit Margin
8 Asset Turnover
9 Return on Assets
Return
on
Common
10
Stockholders
Equity
Earnings
Per
11 Share (EPS) (Per
Share)
Price
Earnings
12
Ratio (Times)
13 Payout Ratio
Debt
to
Total
14
Assets Ratio
Times
Interest
15
Earned (Times0
2011
2010
2009
2008
1.06
0.88
1.22
1.07
1.26
1.13
1.60
1.48
5.08
3.77
3.64
2.37
72
97
100
154
(6.04)
(8.27)
(10.60)
(6.40)
(60.00)
(44.00)
(34.40)
(57.00)
9.60%
37%
3.51%
5.80%
9.60%
2.29%
1.72%
38.50%
0.66%
33.30%
25.50%
8.48%
5.82%
3.80%
6.24%
15.61%
RM0.15
RM0.11
RM0.02
RM0.48
0.15
0.09
0.02
0.48
40.2%
31.3%
55.8%
16.5%
39.7%
39.7%
39.8%
37.7%
(7,520.1
)
(7,561.9
)
(6,725.
6)
(3,754.4)
21
COMPETITOR SIME DARBY BERHAD
YEARS
NO
DESCRIPTION
.
2011
2010
2009
2008
1 Current Ratio
1.70
1.64
1.70
2.10
2 Acid Test Ratio
1.15
1.18
1.16
1.56
9%
3%
8%
11%
4 Return on Assets
10%
2%
7%
11%
5 Payout Ratio
17%
157%
98%
20%
42%
44%
38%
38%
3 Profit Margin
Debt
to
Assets Ratio
Total
LIQUIDITY RATIO SUMMARY

CURRENT RATIO
The 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.
22
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.
23
4.1 CURRENT RATIO

Current Ratio =
I.
Current Assets
Current Liabilites
2011
5,212,613
=1.06 :1
4,919,517
II.
2010
5,045,402
=1.22:1
4,138,863
III.
2009
4,691,575
=1.26 :1
3,721,584
IV.
2008
4,618,263
=1.60 :1
2,884,388
4.2 ACID-TEST RATIO

Acid Test Ratio=
I.
Current AssetsInventory
Current Liabilites
2011
5,212,613845,822 4,366,791
=
=0.88 :1
4,919,517
4919,517
II.
2010
5,045,402610,299 4,435,103
=
=1.07 :1
4,138,863
4,138,863
III.
2009
24
4,619,575483,008 4,208,567
=
=1.13 :1
3,721,584
3,721,584
IV.
2008
4,618,263338,920 4,279,343
=
=1.48 :1
2,884,388
2,884,388
4.3 RECEIVABLES TURNOVER

Receivables Turnover=
I.
Net Credit Sales

Average Net Receivables
2011
6,552,965
6,552,965
=
=5.08
1,288,834
1,119,703+1,457,965
2
A variant of the receivables turnover ratio is to convert it to an average

collection period in term of day
5.08=71.9 days
365 days
This means that receivables turnover on average is every 72 days

II.
2010
6,756,034
6,756,034
=
=3.77
1,790,890
1,819,256+1,762,524
2

3.77=96.8 days
365 days

III.
2009
6,339,012
6,339,012
=
=3.64
1,741,176
1,760,782+1,721,570
2
25

3.64=100.2 days
365 days

IV.
2008
3,465,837
3,465,837
=
=2.37
1,721,155+ 1,207,441 1,464,298
2

2.37=154.0 days
365 days

4.4 INVENTORY TURNOVER
Inventory Turnover=
I.
Cost of Goods Sold

Average Inventory
2011
4,397,711
4,397,717
=
=6.04
728,060.5
845,822+ 610,299
2
A variant of the inventory turnover is the number of days in inventory

6.04=60.4 days
365 days
This means the inventory turnover ratio in 2011 is considerably good

among industries
II.
2010
26
4,520,744
4,520,744
=
=8.27
546,653.5
610,299+483,008
2

8.27=44.1 days
365 days

among industries
III.
2009
4,389,930
4,389,930
=
=10.6
413,545.5
483,008+344,083
2

10.6=34.4 days
365 days

among industries
IV.
2008
2,180,692
2,180,692
=
=6.4
342,588
338,920+ 346,256
2

6.4=57.0 days
365 days

among industries
4.5 PROFIT MARGIN
Profit Margin=
Net Income
Net Sales
27
I.
2011
625,988
x 100 =9.6
6,552,965
II.
2010
394,416
x 100 =5.8
6,756,034
III.
2009
109,096
x 100 =1.72
6,339,012
IV.
2008
1,152,837
x 100 =3.33
3,465,837
4.6 ASSET TURNOVER

Asset Turnover=
I.
Net Sales
Average Assets
2011
6,552,965
6,552,965
=
=0.37
17,875,530+ 17,827,850 17,841,690
2
0.37 x 100 =37
II.
2010
6,756,034
6,756,034
=
=0.392
17,215,378
17,825,436+16,605,320
2
0.392 x 100 =39.2
III.
2009
28
6,339,012
6,339,012
=
=0.385
16,605,320+ 16,237,625 16,466,472.5
2
0.385 x 100 =3 8.5
IV.
2008
3,465,837
3,465,837
=
=0.255
13,600,713
16,425,780+ 10,775,646
2
0.255 x 100 =25.5
4.7 RETURN ON ASSETS

Returnon Assets=
I.
Net come
Average Assets
2011
625,988
x 100 =3.51
17,841,690
II.
2010
394,416
x 100 =2.29
17,215,378
III.
2009
109,096
x 100 =0.66
16,466,472.5
IV.
2008
1,152,837
x 100 =8.48
13,600,713
4.8 RETURN ON COMMON SHAREHOLDERS EQUITY

Returnon Common
Net Income
=
'
Shareholder s Equity Average Common Stockholder s ' Equity
I.
2011
29
625,988
625,988
=
=0.0582
10,764,435
10,783,144+10,745,726
2
0.0582 x 100 =5.82

II.
2010
394,416
394,416
=
=0.038
10 ,753 , 004+ 9,988,299 10,370,651.5
2
0. 038 x 100 =3.80

III.
2009
625,988
625,988
=
=0.0624
10,034,477.5
9,988,299+10,080,656
2
0.0624 x 100 =6.24

IV.
2008
1,152,837
1,152,837
=
=0.1561
10,238,811+4,529,269 7,384,040
2
0.1561 x 100 =15.61
4.9 EARNINGS PER SHARE (EPS)

Earning per Share=
I.
2011
(
II.
Net Income
Wighted Average Common
Share Outstanding
RM 625,988
RM 625,988
=
=RM 0.15 per share
4,121,593.5
4,221,301+4,021,886
2
2010
RM 394,416
RM 394,416
=
=RM 0.11 per shar e
3,595,720
4,021,886+3,169,554
2
30
III.
2009
(
IV.
RM 109,096
RM 109,096
=
=RM 0.02 per share
6,173,347
3,169,554+3,003,791
2
2008
RM 1,152,837
RM 1,152,837
=
=RM 0.48 per share
2,423,843
3,003,791+2,423,841
2
4.10
PRICE-EARNINGS RATIO
Price- Earnings Ratio=
I.
Market Price per Share of Stock

Earnings per Share
2011
RM 0.15
=0.15
RM 1.00
II.
2010
RM 0.11
=0.09time s
RM 1.20
III.
2009
RM 0.02
=0.02 time s
RM 1.02
IV.
2008
RM 0.48
=0.48 time s
RM 1.00
4.11
PAYOUT RATIO
Payout Ratio=
I.
Cash Dividends
Net Income
2011
251,651
x 100 =40.2
625,988
31
II.
2010
123,624
x 100 =31.3
394,416
III.
2009
60,867
x 100 =55.8
109,096
IV.
2008
190,555
x 100 =16.5
1,152,837
4.12
DEBT TO TOTAL ASSETS RATIO
Debt Assets Ratio=
I.
Total Debt
Total Assets
2011
7,092,386
x 100 =39.7
17,875,530
II.
2010
7,072,432
x 100 =39.7
17,825,436
III.
2009
6,617,021
x 100 =39.8
16,605,320
IV.
2008
6,186,969
x 100 =37.7
16,425,780
32
4.13
TIMES INTEREST EARNED

Interest Earned =
I.
Income before Income Taxes Interest Expense

Interest Expense
2011
2,155,254
=0
0
II.
2010
2,235,290
=0
0
III.
2009
1,949,082
=0
0
IV.
2008
1,285,145
=0
0
33
5.0 ATTACHMENTS
5.1 Balance Sheet as at 30 April 2011
GROUP
COMPANY
2011
RM000
2010
RM000
(Restated)
1.5.2009
RM000
(Restated)
2011
RM000
2,827,892
2,830,582
2,448,283
65
2009
RM000
ASSETS
Non-current assets
Property,
plant
equipment
Biological assets
and
Other investments
Investment properties
Prepaid
land
lease
premiums
Deferred tax assets
Other receivables
Intangible assets
Current assets
Inventories
Trade
and
other
receivables
Tax recoverable
Deposits with
financial
institutions

Non-current
assets
TOTAL ASSETS
32
13,989
12,776
9,797
80,100
286,364
284,328
609,060
586,789
543,799
1,097
1,118
2,074,486
2,024,097
1,643,355
662,090
739,128
561,608
1,444,90
1
1,303,127
115,585
155,482
190,468
33,454
35,594
42,387
352,093
346,911
353,056
5,893,071
6,112,791
6,191,922
12,662,917
13,131,632
12,269,003
716,392
670,963
1,052,605
845,822
610,299
483,008
1,119,703
1,457,965
1,398,912
14,868
56,114
43,162
72,837
688,956
1,444,96
6
1,303,159
3,846,563
38,202
3,772,07
1
120,012
216
1,396
867,738
793,226
3,292
26,921
579,423
509,400
426,546
74
4,008,326
4,245,316
4,312,511
1,204,287
450,902
24,774
5,212,613
4,696,218
4,337,285
3,775,65
3
3,881,602
17,875,5
30
17,827,8
50
16,606,2
88
5,220,61
9
5,184,76
1
34
3,775,65
3
6,722
3,881,602
GROUP
COMPANY
2011
RM000
2010
RM000
(Restated)
1.5.2009
RM000
(Restated)
2011
RM000
2009
RM000
4,221,301
4,021,886
3,1694,554
4,221,301
4,021,886
176,869
313,414
763,893
346,063
446,881
1,659,977
1,600,768
1,657,095
248,753
448,057
Treasury shares
6,058,147
(37,323)
5,936,068
(3,680)
5,590,542
4,816,117
(37,323)
4,916,824
(3,680)
Minority interests
6,020,824
4,762,320
5,932,388
4,813,338
5,590,542
4,394,827
4,778,794
4,913,144
10,783,144
10,745,726
9,985,369
4,778,794
4,913,144
14,381
28,364
174,799
1,350,319
702,000
1,377,313
882,000
1,174,507
149,250
13,000
442,641
520,265
324,209
355,044
337,944
368,045
10,484
7,950
7,264
2,172,869
2,973,836
2,930,824
149,250
13,000
702,000
1,861,036
1,750,318
1,492,908
153,532
161,855
964
340,753
313,539

Equity
attributable
equity
holders
of
Company
to
the
Share capital
Equity component of
irredeemable
convertible
unsecured loan stocks
Reserves
Total equity
Liability component of
irredeemable
convertible
unsecured loan stocks
8%
Secured
exchangeable
bonds due 2011
Provisions
Current liabilities
8%
Secured
exchangeable
bonds due 2011
Provisions
1,731,682
1,486,807
1,673,252
139,043
96,762
Taxation
35,271
81,217
67,755
Derivative liability
24,388
Insurance reserves
with
disposal groups classified as
held for sale
Total liabilities
156,073
142,641
4,355,341
3,815,168
3,690,095
292,575
258,617
564,176
293,120
4,919,517
7,092,386
4,108,288
7,082,124
3,690,095
6,620,919
292,575
441,825
35
258,617
271,617
TOTAL
EQUITY
LIABILITIES
AND
17,875,530
17,827,850
16,606,288
5,220,619
5,184,761
5.2 Income Statement for the year ended 30 April 2011

GROUP
Revenue
Less:
Revenue
operation
from
COMPANY
2011
RM000
2010
RM000
(Restated)
2011
RM000
2010
RM000
7,043,612
6,757,534
97,511
61,744
(490,647)
(444,938)
97,511
discontinued
Revenue from continuing operations
6,552,965
6,312,596
Cost of sales
(4,397,711)
(4,146,677)
Gross profit
2,155,254
2,165,919
97,511
61,744
Other income
417,473
366,851
251
2,613
(923,267)
(953,001)
(14,979)
(12,759)
Selling and distribution expenses
(446,344)
(426,603)
Other expenses
Finance costs
entities
61,744
(166,421)
(380,770)
1,036,695
772,396
82,783
51,598
(286,642)
(295,574)
(25,407)
(15,998)
93,420
108,021
(25,852)
(29,721)
controlled
Profit before tax

Taxation
Profit for the year from continuing
operations
Discontinued operation
Profit for the year from discontinued
operation
Profit for the year
817,621
555,122
57,376
(227,220)
(200,547)
(6,702)
590,401
354,575
50,674
35,600
35,600
35,587
35,493
625,988
390,068
50,674
35,600
327,257
56,478
50,674
35,600
Attributable to:
Owners of the parent
-from continuing operations
-from discontinued operation
Non-controlling interests
24,911
24,472
352,168
80,950
50,674
273,820
309,118
625,988
390,068
50,674
Earnings/(Loss) per share (sen)

-Basic, for the year from continuing
operations
-Basic, for the year from discontinued
operation
7.5
1.4
0.6
0.6
-Basic, for the year
8.1
2.0
-Diluted, for the year from continuing

operations
7.4
1.3
36
35,600
35,600
-Diluted, for the year from discontinued

operation
0.6
0.6
-Diluted, for the year
8.0
1.9
Dividend per share (sen)

-First interim dividend
5.00
-Final dividend
2.00
1.00

GROUP
COMPANY
2010
RM000
2009
RM000
2010
RM000
2009
RM000
2,704,014
2,317,658
32
34
12,776
9,797
Other investments
286,364
284,328
586,789
543,799
125,413
127,649
2,024,097
1,643,355
739,128
561,608
1,303,127
1,105,469
155,482
190,468
33,180
6,112,791
41,419
6,191,922
12,780,034
11,912,003
1,303,159
1,105,503
670,963
1,052,605
610,299
483,008
1,819,256
1,762,524
3,846,563
3,868,533
56,114
38,202
ASSETS
Non-current assets
Property, plant and equipment
Biological assets
Prepaid land lease premiums


Deferred tax assets
Intangible assets
Current assets
Inventories
Tax recoverable
Deposits with financial institutions
72,837
120,012
1,396
1,396
855,631
785,646
26,921
8,911
509,400
426,546
6,722
98
4,594,500
4,668,543
3,881,602
3,878,938
450,902
5,045,402
24,774
4,693,317
3,881,602
3,878,938
17,825,436
16,605,320
5,184,761
4,984,441

Non-current assets classified as held for
sale
TOTAL ASSETS
37
GROUP
COMPANY
2010
RM000
2009
RM000
2010
RM000
2009
RM000
4,021,886
3,169,554
4,021,886
3,169,554
313,414
1,606,070
763,893
1,659,229
446,881
448,057
1,004,035
536,091

Equity attributable to equity holders of
the Company
Share capital
Equity component of
irredeemable convertible
stocks
Reserves
unsecured
loan
5,941,370
Treasury shares
5,592,676
4,916,824
4,709,680
(3,680)
(3,680)
5,937,690
5,592,676
4,913,144
4,709,680
4,815,314
4,395,623
10,753,004
9,988,299
4,913,144
4,709,680
28,364
702,000
174,799
882,000
5,653
-
1,473,831
1,174,507
13,000
76,422
383,480
288,822
337,944
368,045
7,950
7,264
2,933,569
2,895,437
13,000
82,075
1,773,487
1,524,397
161,855
6,653
Minority interests
Total equity
irredeemable convertible unsecured loan
stocks
8% Secured exchangeable bonds due 2011
Provisions
Current liabilities
Provisions
Taxation
Insurance reserves
Liabilities directly associated with
disposal groups classified as held for sale
Total liabilities
TOTAL EQUITY AND LIABILITIES
340,753
340,753
1,494,213
1,673,252
96,762
186,033
81,217
67,755
156,073
142,641
3,845,743
3,721,584
258,617
192,686
293,120
4,138,863
3,721,584
258,617
192,686
7,072,432
6,617,021
271,617
274,761
17,825,436
16,605,320
5,184,761
4,984,441
38

GROUP
COMPANY
2010
RM000
2009
RM000
2010
RM000
2009
RM000
6,756,034
6,339,012
61,744
31,930
Cost of sales
(4,520,744)
(4,389,930)
Gross profit
2,235,290
1,949,082
61,744
31,930
Other income
405,282
189,592
2,613
16,567
(12,759)
(9,889)
Revenue
(1,001,959)
(969,476)
(438,956)
(357,532)
Other expenses
(380,991)
(210,928)
818,666
600,738
51,598
38,608
(295,574)
(289,842)
108,021
(29,721)
15,104
(51,439)
601,392
(206,976)
274,561
(165,465)
35,600
-
14,999
558
394,416
109,096
35,600
15,557
Finance costs
entities
Profit before tax
Taxation
Profit for the year
controlled
(15,998)
(23,609)
Attributable to:
84,118
(53,383)
35,600
15,557
310,298
162,479
394,416
109,096
35,600
15,557
- Basic
2.1
(1.4)
- Diluted
1.9
2.35
1.00
1.00
Equity holders of the Company

Minority interests

- First interim dividend
- Final dividend
Note * - Anti-dilutive
39

GROUP
COMPANY
2009
RM000
2008
RM000
2009
RM000
2008
RM000
2,319,400
2,157,129
34
29
9,797
8,714
Other investments
284,328
307,924
543,799
551,588
127,649
121,027
1,643,355
1,616,122
561,608
578,403
1,105,469
1,101,752
190,468
141,260
41,419
6,191,922
19,134
6,190,081
11,913,745
11,691,382
1,105,503
1,101,781
1,052,605
805,566
483,008
344,083
1,760,782
1,721,570
3,868,533
3,941,179
26,802
39,316
Tax recoverable
120,012
121,840
1,396
1,176
797,046
980,467
8,911
71,305
426,546
507,989
98
1,065
4,666,801
4,520,831
3,878,938
4,014,725
24,774
4,691,575
25,412
4,546,243
3,878,938
4,014,725
16,605,320
16,237,625
4,984,441
5,116,506
ASSETS
Non-current assets
Biological assets

Deferred tax assets
Intangible assets
Current assets
Inventories

sale
TOTAL ASSETS
40
GROUP
COMPANY
2009
RM000
2008
RM000
2009
RM000
2008
RM000
3,169,554
3,003,791
3,169,554
3,003,791
763,893
1,659,229
822,826
1,785,270
1,004,035
536,091
1,168,381
581,401
5,592,676
5,611,887
4,709,680
4,753,573

Equity attributable to
equity
Share capital
Equity component of
irredeemable convertible unsecured
loan stocks
Reserves
Minority interests
4,395,623
4,468,769
Total equity
9,988,299
10,080,656
4,709,680
4,753,573
174,799
176,948
5,653
6,909
882,000
900,000
1,174,507
1,578,076
76,422
214,439
288,822
280,295
368,045
362,387
irredeemable convertible unsecured
loan stocks
8% Secured exchangeable bonds due
2011
Provisions
7,264
4,875
2,895,437
3,302,581
82,075
221,348
1,524,397
1,384,480
6,653
2,052
313,539
229,864
1,673,252
1,026,025
186,033
139,533
67,755
68,032
142,641
132,329
3,721,584
2,840,730
192,686
141,585
13,658
3,721,584
2,854,388
192,686
141,585
6,617,021
6,156,969
274,761
362,933
16,605,320
16,237,625
4,984,441
5,116,506
Current liabilities
Provisions
Taxation
Insurance reserves
disposal groups classified as held for
sale
Total liabilities
41

GROUP
COMPANY
2009
RM000
2008
RM000
2009
RM000
2008
RM000
6,339,012
3,465,837
31,930
969,792
Cost of sales
(4,389,930)
(2,180,692)
Gross profit
1,949,082
1,285,145
31,930
969,792
Other income
189,592
1,557,966
16,567
12,987
(969,476)
(710,230)
(9,889)
(13,217)
(357,532)
(210,296)
Other expenses
(210,928)
(524,665)
600,738
1,397,920
38,608
959,562
(289,842)
(342,327)
Revenue
Finance costs
(23,609)
(18,015)
15,104
137,455
Share of results of jointly controlled entities
(51,439)
(75)
Profit before tax
274,561
1,192,973
14,999
951,547
(165,465)
(40,136)
558
(122,269)
109,096
1,152,837
15,557
829,278
(53,383)
616,549
15,557
829,278
Minority interests
162,479
536,288
109,096
1,152,837
15,557
829,278
(1.4)
18.5
16.6
2.95
- Seco nd i nterim dividend
4.00
- Final dividend
2.00
Taxation
Profit for the year
Attributable to:

- Basic
- Diluted
42

GROUP
COMPANY
2008
RM000
2007
RM000
(Restated)
2008
RM000
2007
RM000
2,132,121
2,063,436
29
8,714
7,293
Other investments
307,924
337,989
551,588
893,946
146,450
143,598
1,573,687
1,640,803
578,403
1,296,270
1,402
1,101,752
1,101,720
141,260
22,945
ASSETS
Non-current assets
Biological assets

Deferred tax assets
Intangible assets
19,134
15,602
6,348,236
828,500
11,807,517
7,251,784
1,101,781
1,101,727
883,164
774,865
Current assets
Inventories
338,920
346,256
1,721,155
1,207,441
3,941,179
4,922,794
39,316
10,144
Tax recoverable
121,840
149,938
1,176
1,820
980,467
530,652
71,305
91,937
507,989
329,459
1,065
100
4,592,851
3,348,755
4,014,725
5,016,651
25,412
4,618,263
175,107
3,523,862
4,014,725
5,016,651
16,425,780
10,775,646
5,116,506
6,118,378

sale
TOTAL ASSETS
43
GROUP
COMPANY
2008
RM000
2007
RM000
(Restated)
2008
RM000
2007
RM000
3,003,791
2,423,841
3,003,791
2,423,841
Equity attributable to equity holders of

the Company
Share capital
Equity component of
stocks
unsecured
loan
Reserves
Minority interests
Total equity
822,826
890,706
1,168,381
3,641,384
1,819,394
22,019
581,401
(57,322)
5,646,011
3,336,566
4,753,573
6,007,903
4,592,800
1,192,703
10,238,811
4,529,269
4,753,573
6,007,903
176,948
751,978
6,909
61,951
900,000
900,000
stocks
unsecured
loan
8% Secured exchangeable bonds due 2011

1,578,076
1,540,925
214,439
46,000
280,295
256,705
362,387
415,201
Provisions
4,875
4,712
3,302,581
3,869,521
221,348
107,951
1,414,480
1,123,587
2,052
1,059
229,864
209,605
1,026,025
805,593
139,533
68,032
37,242
1,465
Current liabilities
Provisions
Taxation
Insurance reserves
disposal groups classified as held for sale
Total liabilities
132,329
93,746
2,870,730
2,269,773
141,585
2,524
13,658
107,083
2,884,388
2,376,856
141,585
2,524
6,186,969
6,246,377
362,933
110,475
16,425,625
10,775,646
5,116,506
6,118,37
8
44

GROUP
COMPANY
2008
RM000
2007
RM000
(Restated)
2008
RM000
2007
RM000
3,465,837
2,211,391
969,792
8,596
Cost of sales
(2,180,692)
(1,218,288)
Gross profit
1,285,145
993,103
969,792
8,596
Other income
1,557,966
367,795
12,987
472
(710,230)
(648,479)
(13,217)
(4,617)
(210,296)
(145,005)
Revenue
Other expenses
Finance costs
(524,665)
(191,728)
1,397,920
375,686
959,562
4,451
(342,327)
(270,348)
(18,015)
(1,875)
137,455
164,980
Share of results of jointly controlled entities

Profit before tax
Taxation
Profit for the
operations
year
from
Discontinued Operations
Loss for the year from
operations
(75)
1,192,973
270,318
951,547
2,576
(40,136)
16,634
(122,269)
(1,480)
1,152,837
286,952
829,278
1,096
(13,602)
1,152,837
273,350
829,278
1,096
616,549
196,818
829,278
1,096
(18,095)
616,549
178,723
829,278
1,096
continuing
discontinued
Profit for the year

Attributable to:
-from continuing operations
-from discontinued operations
Minority interests
536,288
94,627
1,152,837
273,350
829,278
1,096
18.5
6.3
(0.6)
- Basic, for the year

Diluted, for the year from continuing
operations
- Diluted, for the year from discontinuing
operations
18.5
5.7
16.6
5.3
(0.5)
- Diluted, for the year
16.6
4.8

Basic, for the year from continuing
operations
Basic, for the year from discontinuing
operations
45

2.95
- Seco nd i nterim dividend
4.00
5.9 Dividends
Dividends (2011)
GROUP
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 dividendin-specie approved in respect of
financial year ended 30 April 2009)
- Final dividend of 1% single-tier
exempt dividend approved in respect
of financial year ended 30 April 2010
(2010: Final dividend of 1% singletier exempt dividend approved in
respect of financial year ended 30
April 2009)
2011
Net
dividend
per share
(sen)
2011
Net
dividend
(RM000)
2010
Net
dividend
per share
(sen)
2010
Net
dividend
(RM000)
5.00
209,801
2.35
90,045
1.00
41,850
1.00
33,589
6.00
251,651
3.35
123,634
Dividends (2010)
GROUP
In respect of prior year

- Interim dividend of 2.35% single-tier
exempt dividend-in-specie approved
April 2009
exempt dividend approved in respect
of financial year ended 30 April 2009
46
2010
Net
dividend
per share
(sen)
2010
Net
dividend
(RM000)
2009
Net
dividend
per share
(sen)
2009
Net
dividend
(RM000)
2.35
1.00
90,045
33,589
2.00
60,867
(2009: Final dividend of 2% singletier exempt dividend approved in

respect of financial year ended 30
April 2008)
3.35
123,634
2.00
60,867
Dividends (2009)
GROUP

exempt dividend per share approved
April 2008
In respect of current year
- First interim dividend - Nil (2008: 3%
per share comprising of2.8% singletier exempt dividend and a 0.2%
dividend less tax of 26%)
- Second interim dividend - Nil (2008:
4% single-tier exempt dividend per
share)
2009
Net
dividend
per share
(sen)
2009
Net
dividend
(RM000)
2008
Net
dividend
per share
(sen)
2008
Net
dividend
(RM000)
2.00
60,867
2.95
72,528
4.00
118,027
2.00
60,867
6.95
190,555
Dividends (2008)
GROUP

- 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 shares
47
2008
Net
dividend
per share
(sen)
2008
Net
dividend
(RM000)
2007
Net
dividend
per share
(sen)
2007
Net
dividend
(RM000)
2.95
72,528
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 shares
5.10
4.00
118,027
6.95
190,555
Berjaya Corporation Berhad Market Share Price
48
49

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TABLE OF CONTENT

RETURN ON COMMON SHAREHOLDERS EQUITY..................................26

EARNINGS PER SHARE (EPS).................................................................27

4.10 PRICE-EARNINGS RATIO........................................................................28

Balance Sheet as at 30 April 2011........................................................31

Income Statement for the year ended 30 April 2011............................33

Balance Sheet as at 30 April 2010........................................................34

Income Statement for the year ended 30 April 2010............................36

Balance Sheet as at 30 April 2009........................................................37

Income Statement for the year ended 30 April 2009............................39

Balance Sheet as at 30 April 2008........................................................40

Income Statement for the year ended 30 April 2008............................42

5.10 Berjaya Corporation Berhad Market Share Price...................................45

1.0 BACKGROUND COMPANY

BERJAYA CORPORATION BERHAD

Consumer Marketing, Direct Selling & Retail;

Hotels, Resorts, Vacation Timeshare & Recreation Development;

Property Investment and Development;

Gaming and Lottery Management;

Development of Sanitary Landfill, Environmental Services and Clean

Food & Beverage; and

Investment Holding and others.

Today, Berjaya Group is a major Malaysian conglomerate with annual revenue

Berjaya Land Berhad

Berjaya Capital Berhad

Berjaya Sports Toto Berhad

Berjaya Media Berhad

Cosway Corporation Berhad

Dunham-Bush (Malaysia) Bhd

2.0 HORIZONTAL ANALYSIS

Cash and bank balances

BERJAYA CORPORATION BERHAD

EQUITY AND LIABILITIES

Land held for development

Assets of disposal groups/

BERJAYA CORPORATION BERHAD

EQUITY AND LIABILITIES

Liabilities directly associated

Land held for development

Trade and other receivables

Assets of disposal groups/

BERJAYA CORPORATION BERHAD

EQUITY AND LIABILITIES

Assets of disposal groups/

BERJAYA CORPORATION BERHAD

EQUITY AND LIABILITIES

Deffered tax liabilities

HORIZONTAL ANALYSIS SUMMARY

In the assets section, property, plant

The horizontal analysis of 2 years condensed balance sheets for Berjaya

In the assets section, property, plant

In the assets section, property, plant

In the assets section, property, plant

In the stockholders equity section, share capital increased RM579, 950,000 or

3.0 BACKGROUND COMPANY

BERJAYA CORPORATION BERHAD

SIME DARBY BERHAD

fore interest and tax

VERTICAL ANALYSIS SUMMARY

4.0 RATIO ANALYSIS

COMPETITOR SIME DARBY BERHAD

2 Acid Test Ratio

LIQUIDITY RATIO SUMMARY

PROFITABILITY RATIOS SUMMARY