BWFF2013 FINANCIAL MANAGEMENT I

INTRODUCTION After having discussion with group members, we have decided to select Top Glove Corporation Berhad as our reference company. We will use the companys annual report to make financial analysis in order to complete this group project. Top Glove Corporation Berhad is the worlds largest rubber glove manufacturer. In 2008, Top Glove Corporation Berhad exports to more than 180 countries worldwide where there are countries from North America, Latin America, Europe, Africa, Middle East, Asia and Oceania. This company has been awarded ISO 9001. Top Glove Corporation Berhad is strive to be worlds leading manufacturer with excellent quality glove products and services that enrich and protect human lives. Besides that, it is also strive to be world class glove manufacturer providing top quality products with excellent services through continuous improvement and innovation. The chairman, Dato Sri Dr. Lim Wee Chai said that the company business philosophies are work for customers, take care of the interest of shareholders, ensure that employees continue to contribute positively to the company and take good care of the well-being of employees and work closer with bankers, suppliers, business associates and friends. The company corporate values are global customer satisfaction, do it right first time and every time, integrity and commitment, excellence in quality and competitiveness, environmental friendly and social responsibilities. This company has the quality policy too. The quality policy are quality and productivity, continuous improvement and innovation and towards zero defect. The company financial year ended is 31st of August in every year. The company has achieved remarkable revenue growth of 55% to RM992.6 million for the financial year ended 31 August 2006, 24% to RM1,228.9 million for the financial year ended 31 August 2007 and 12% to RM1,377.9 million for the financial year ended 31 August 2008. The company forge ahead and it has further strengthened its position by adding more new and highly efficient glove production lines for the financial year ended 31 August 2006. Besides that, the company has a total of 250 advanced glove production lines from 12 factories located in Malaysia, Thailand and China with a production capacity of more than 22 billion pieces of gloves per annum. With this capacity, the company is always looking at growing the business internationally and at the
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moment companys products are exported to more than 175 countries worldwide with a strong customer base of 750 customers. However, in 2007, the company was supported by 16 glove factories that are strategically located in Malaysia, Thailand and China with an immense strong production capacity of about 28 billion pieces of gloves per year, from our 322 advance and highly efficient production lines. Finally, in 2008, the company exporting to more than 180 countries with a strong customer base of 850 customers, constituting 24% of the global market share. In line with the favorable results, the Board of Directors is pleased to recommend a final dividend for the financial year ended 31st August in every year.

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RATIO COMPUTATION Short term solvency / Liquidity Measures 1) Current ratio = Current assets Current liabilities 2007 = = 466,045,000 257,214,000 1.81 times = = 2008 507,885,000 306,084,000 1.66 times

2006 = = 320,291,000 302,030,000 1.06 times

The short term debt paying ability of Top Glove Corporation Berhad is increasing from the year 2006 to 2007 but decreasing from the year 2007 to 2008. 2) Quick ratio = Current assets - Inventory Current liabilities 2006 320,291,000 = 102,232,000 302,030,000 = 0.72 times = = 2007 466,045,000 121,256,000 257,214,000 1.34 times = = 2008 507,885,000 157,766,000 306,084,000 1.14 times

The immediate short term debt paying ability of Top Glove Corporation Berhad is increasing from the year 2006 to 2007 but decreasing from year the 2007 to 2008. 3) Cash ratio = Cash Current liabilities 2007 = = 165,584,000 257,214,000 0.64 times = = 2008 121,545,000 306,084,000 0.40 times

2006 = = 59,211,000 302,030,000 0.20 times

The short term debt paying ability by cash of Top Glove Corporation Berhad is increasing from the year 2006 to 2007 but decreasing from the year 2007 to 2008.
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4)

Net working capital to total assets 2006 = = 18,261,000 762,116,000 2.40%

Net working capital Total assets 2007 = = 208,831,000 1,053,628,000 19.82% = = 2008 201,801,000 1,109,545,000 18.19%

The short term liquidity from total assets of Top Glove Corporation Berhad is increasing from the year 2006 to 2007 but decreasing from the year 2007 to 2008. 5) Interval measure = Current assets Average daily operating costs 2007 = = 466,045,000 2,779,000 168 days = = 2008 507,885,000 3,152,000 161 days

2006 = = 320,291,000 2,255,000 142 days

The number of days that Top Glove Corporation Berhad can operate until it needs another round of financing is increasing from the year 2006 to 2007 but decreasing from the year 2007 to 2008. Long Term Solvency / Measures 1) Total debt ratio = Total Assets - Total Equity Total Assets 2006 762,116,000 = 284,109,000 762,116,000 = 0.63 times = = 2007 1,053,628,000 640,979,000 1,053,628,000 0.39 times = = 2008 1,109,545,000 686,789,000 1,109,545,000 0.38 times

The creditor financing and leverage in Top Glove Corporation Berhad is decreasing from the year 2006 to 2008.
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2) Debt-equity ratio =

Total debt Total equity 2007 = = 0.39 0.61 0.64 times = = 2008 0.38 0.62 0.61 times

2006 = = 0.63 0.37 1.70 times

The creditor financing that can be covered by Top Glove Corporation Berhad is decreasing from the year 2006 to 2008. 3) Equity multiplier 2006 = = 1 + 1.70 2.70 times = = = 1 + Debt-equity ratio 2007 1 + 0.64 1.64 times = = 2008 1 + 0.61 1.61 times

The total assets that financed by Top Glove Corporation Berhad is decreasing from the year 2006 to 2008. 4) Long-term debt ratio = Long-term debt Long-term debt + Total equity 2007 155,435,000 = 155,435,000 + 640,979,000 = 0.20 times = 2008 116,672,000 116,672,000 + 686,789,000 = 0.15 times

2006 175,977,000 = 175,977,000 + 284,109,000 = 0.38 times

The portion of long term debt on Top Glove Corporation Berhads total capitalization is decreasing from the year 2006 to 2008. 5) Times interest earned ratio = EBIT Interest

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2006 = = 102,100,000 10,327,000 9.89 times = =

2007 132,288,000 13,525,000 9.78 times = =

2008 143,869,000 10,151,000 14.17 times

The protection in meeting interest payment of Top Glove Corporation Berhad is decreasing from the year 2006 to 2007 but increasing from the year 2007 to 2008. 6) Cash coverage ratio = EBIT + Depreciation Interest 2007 132,288,000 + 43,482,000 13,525,000 13 times 2008 143,869,000 + 53,062,000 10,151,000 19.4 times

= =

2006 102,100,000 + 28,210,000 10,327,000 12.62 times

= =

= =

The cash available in Top Glove Corporation Berhad to pay interest is increasing from the year 2006 to 2008. Asset Mangement / Turnover Measures 1) Inventory Turnover = Cost of goods sold Inventory 2007 = = 1,014,377,000 121,256,000 8.37 times = = 2008 1,150,360,000 157,766,000 7.29 times

2006 = = 822,959,000 102,232,000 8.05 times

The efficiency of inventory management for Top Glove Corporation Berhad had increased from the year 2006 to 2007 but decreased from the year 2007 to 2008. 2) Days' Sales In Inventory = 365 days Inventory Turnover

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2006 = = 365 days 8.05 45 days = =

2007 365 days 8.37 44 days = =

2008 366 days 7.29 50 days

The efficiency of the day sales for Top Glove Corporation Berhads inventory is decreased from the year 2006 to 2007 but increased from the year 2007 to 2008. 3) Receivables Turnover = Sales Accounts Receivable 2007 = = 1,228,778,000 179,205,000 6.86 times = = 2008 1,377,931,000 228,574,000 6.03 times

2006 992,611,000 = = 158,803,000 6.25 times

The efficiency of collection of Top Glove Corporation Berhads accounts receivable is increased from the year 2006 to 2007 but decreased from the year 2007 to 2008. 4) Days' sales in receivable = 365 days Receivables Turnover 2007 = = 365 days 6.86 53 days = = 2008 366 days 6.03 61 days

2006 = = 365 days 6.25 58 days

The efficiency of the day collection for Top Glove Corporation Berhads accounts receivable is decreased in year 2007 but increased in year 2008.

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5)

Net Working Capital turnover 2006 992,611,000 18,261,000 54.36 times

Sales Net Working Capital 2007 1,228,778,000 208,831,000 5.88 times 2008 1,377,931,000 201,801,000 6.83 times

= =

= =

= =

The efficiency of handling of net working capital for Top Glove Corporation Berhad is decreasing from the year 2006 to 2007 but increasing from the year 2007 to 2008. 6) Fixed Asset Turnover = Sales Net fixed assets 2007 = = 1,228,778,000 587,583,000 2.09 times = = 2008 1,377,931,000 601,660,000 2.29 times

2006 = = 992,611,000 441,825,000 2.25 times

The sales generated in each RM of fixed assets for Top Glove Corporation Berhad has decreased from the year 2006 to 2007 but increased from the year 2007 to 2008. 7) Total Asset Turnover = Sales Total Assets 2007 = = 1,228,778,000 1,053,628,000 1.17 times = = 2008 1,377,931,000 1,109,545,000 1.24 times

2006 = = 992,611,000 762,116,000 1.3 times

The efficiency of assets in producing sales for Top Glove Corporation Berhad has decreased from the year 2006 to 2007 but increase from the year 2007 to 2008.

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Profitability Measures 1) Profit Margin = Net Income Sales 2007 = = 88,652,000 1,228,778,000 7.21% = = 2008 108,103,000 1,377,931,000 7.85%

2006 = = 79,061,000 992,611,000 7.96%

The companys profit margin has decreased 0.75% from the year 2006 to 2007 and increased 0.64% from the year 2007 to 2008. 2) Return on assets = Net Income Total assets 2007 = = 88,652,000 1,053,628,000 8.41% = = 2008 108,103,000 1,109,545,000 9.74%

2006
= =

79,061,000 762,116,000 10.37%

Return on assets for the year 2006 was 10.37% and it has decreased 1.96% to 8.41% in 2007. However, return on assets has increased 1.33% to 9.74% in 2008. 3) Return on equity = Net Income Total Equity 2007 = = 88,652,000 640,979,000 13.83% = = 2008 108,103,000 686,789,000 15.74%

2006 = = 79,061,000 284,109,000 27.83%

The company return on equity for the year 2006 was 27.83% and it has decreased 14% to 13.83% in 2007. In 2008, return on equity was 15.74% and it has increased 1.91% from the year 2007.

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Trend Analysis

TOP GLOVE CORPORATION BERHAD Summary of Standardized Balance Sheets Assets (RM'000) 2006 2007 ASSETS Current assets Inventories Trade receivables Other receivables Tax recovarable Cash and bank balances Non-current assets Property, plant and equipment Investments in associate Other investment Goodwill TOTAL ASSETS 102,232 149,761 9,042 45 59,211 320,291 121,256 168,764 10,441 165,584 466,045 Combined Common-Size Common-Size and assets Year Assets Base-Year Assets 2006(%) 2007(%) 2007 2007 CommonBase

13.41% 19.65% 1.19% 0.60% 7.77% 42.03% 55.16% 0.05% 2.77% 57.97% 100%

11.51% 16.02% 0.99% 15.72% 44.23% 52.92% 0.83% 0.01% 2.00% 55.77% 100%

1.19 1.13 1.15 0.00 2.80 1.46 1.33 0.41 1.00 1.33 1.38

0.86 0.82 0.83 0.00 2.02 1.05 0.96 0.20 0.72 0.96 1.00

420,391 557,623 8,737 356 145 21,078 21,078 441,825 587,583 762,116 1,053,628

EQUITY AND LIABILTIES Equity and Liabilities Current liabilities Borrowings Trade payables Other payables Tax payable Dividends payable

126,229 100,407 68,650 6,744 302,030

63,726 104,092 76,764 619 12,013 257,214

16.56% 13.17% 9.01% 0.88% 39.63%

6.05% 9.88% 7.29% 0.06% 1.14% 24.41%

0.50 1.04 1.12 1.78 0.85

0.37 0.75 0.81 1.30 0.62

Non-current liabilities Borrowings Deferred taxation

146,439 29,538

128,467 30,809
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19.21% 3.88%

12.19% 2.92%

0.88 1.04

0.63 0.75

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TOTAL LIABILITIES Equity attributable to equity holders of the company Share capital Reserves Shareholders' equity Minority interests TOTAL EQUITY TOTAL EQUITY AND LIABILITIES

175,977 478,007

159,276 416,490

23.09% 62.72%

15.12% 39.53%

0.91 0.87

0.65 0.63

96,143 150,238 185,963 465,453 282,106 615,691 2,003 21,447 284,109 637,138 762,116 1,053,628

12.62% 24.40% 37.02% 0.26% 37.28% 100%

14.26% 44.18% 58.44% 2.04% 60.47% 100%

1.56 2.50 2.18 10.71 2.24 1.38

1.13 1.81 1.58 7.85 1.62 1.00

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TOP GLOVE CORPORATION BERHAD Summary of Standardize Balance Sheet Assets Common-Size assets CommonBase Year Assets 2008 Combined Common-Size and Base-Year Assets 2008

(RM'000) 2007 2008 2007(%) 2008(%) ASSETS Current assets Inventories Trade receivables Other receivables Cash and bank balances Non-current assets Property, plant and equipment Prepaid land leased payment Investments in associate Other investment Goodwill TOTAL ASSETS 121,256 168,764 10,441 165,584 466,045 157,766 214,196 14,378 121,545 507,885 11.51% 16.02% 0.99% 15.72% 44.23% 51.97% 0.95% 0.83% 0.01% 2.00% 55.77% 100% 14.22% 19.30% 1.30% 10.95% 45.77% 50.42% 1.08% 0.90% 0.01% 1.81% 54.23% 100%

1.30 1.27 1.38 0.73 1.09 1.02 1.19 1.15 1.00 0.95 1.02 1.05

1.24 1.20 1.31 0.70 1.03 0.97 1.14 1.08 1.00 0.91 0.97 1.00

547,588 559,437 10,035 11,928 8,737 10,037 145 145 21,078 20,113 587,583 601,660 1,053,628 1,109,545

EQUITY AND LIABILTIES Equity and Liabilities Current liabilities Borrowings Trade payables Other payables Tax payable Dividends payable Non-current liabilities Borrowings Deferred tax liabilities TOTAL LIABILITIES Equity attributable to equity holders of the company

63,726 104,092 76,764 619 12,013 257,214 128,467 26,968 155,435 412,649

100,362 113,209 74,775 3,016 14,722 306,084 86,625 30,047 116,672 422,756

6.05% 9.88% 7.29% 0.06% 1.14% 24.41% 12.19% 2.56% 14.75% 39.16%

9.05% 10.20% 6.74% 0.27% 1.33% 27.59% 7.81% 2.71% 10.52% 38.10%

1.57 1.09 0.97 4.87 1.23 1.19 0.67 1.11 0.75 1.02

1.50 1.03 0.92 4.50 1.17 1.13 0.64 1.06 0.72 0.97

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Share capital Share premium Treasury shares Other reserves Retained earnings Shareholders' equity Minority interests TOTAL EQUITY TOTAL EQUITY AND LIABILITIES

150,238 228,811 4,671 235,812 619,532 21,447 640,979

150,532 230,193 -38,427 7,650 317,100 667,048 19,741 686,789

14.26% 21.72% 0.44% 22.38% 58.80% 2.04% 60.84% 100%

13.57% 20.75% -3.46% 0.69% 28.58% 60.12% 1.78% 61.90% 100%

1.00 1.01 1.64 1.34 1.08 0.92 1.07 1.05

0.95 0.96 1.57 1.28 1.02 0.87 1.02 1.00

1,053,628 1,109,545

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Common Size Analysis Top Glove Corporation Berhad Common-Size Balance Sheets 2006 and 2007 2006 ASSETS Non-current assets % Property, plant and equipment 55.16 Investments in associate Other investment 0.05 Goodwill 2.77 57.97 Current assets Inventories Trade receivables Other receivables Tax recoverable Cash and bank balances TOTAL ASSETS EQUITY AND LIABILTIES Equity attributable to equity holders of the Company Share capital Reserves Shareholders equity Minority interests Total equity Non-current liabilities Borrowings Deferred taxation Non-current liabilities Current liabilities Borrowings Trade payables Other payables Tax payable
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2007 % 52.92 0.83 0.01 2.00 55.77

Change % -2.24 0.83 -0.03 -0.77 -2.21

13.41 11.51 19.65 16.02 1.19 0.99 0.01 7.77 15.72 42.03 44.23 100.00 100.00

-1.91 -3.63 -0.20 -0.01 7.95 2.21 0.00

12.62 24.40 37.02 0.26 37.28

14.26 44.18 58.44 2.04 60.47

1.64 19.78 21.42 1.77 23.19

19.21 3.88 23.09

12.19 2.92 15.12

-7.02 -0.95 -7.97

16.56 13.17 9.01 -

6.05 9.88 7.29 0.06

-10.51 -3.30 -1.72 0.06

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Dividends payable Total liabilities TOTAL EQUITY AND LIABILITIES

0.88 1.14 39.63 24.41 62.72 39.53 100.00 100.00

0.26 -15.22 -23.19 0.00

Top Glove Corporation Berhad Common-Size Income Statements 2007 Revenue Cost of sales Gross profit
Other operating income Distribution and selling costs Administrative and general expenses Operating profit Finance costs Share of loss of associate Profit before tax Income tax expense Profit for the year Attributable to: Equity holders of the Company Minority interests % 100.00 -82.55 17.45 0.72 -3.56 -3.84 10.77 -1.10 -0.01 9.66 -1.28 8.37 8.45 -0.07 8.37

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Top Glove Corporation Berhad Common-Size Balance Sheets 2007 and 2008 2,007.00 2,008.00 Change ASSETS Non-current assets % % % Property, plant and equipment 51.97 50.42 -1.55 Prepaid land leased payment 0.95 1.08 0.12 Investments in associate 0.83 0.90 0.08 Other investment 0.01 0.01 0.00 Goodwill 2.00 1.81 -0.19 55.77 54.23 -1.54 Current assets Inventories Trade receivables Other receivables Cash and bank balances TOTAL ASSETS EQUITY AND LIABILTIES Equity attributable to equity holders of the Company Share capital Share premium Treasury shares Other reserves Retained earnings Shareholders equity Minority interests Total equity Non-current liabilities Borrowings Deferred tax liabilities Non-current liabilities Current liabilities Borrowings Trade payables Other payables
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11.51 16.02 0.99 15.72 44.23 100.00

14.22 19.30 1.30 10.95 45.77 100.00

2.71 3.29 0.30 -4.76 1.54 0.00

14.26 21.72 0.44 22.38 58.80 2.04 60.84

13.57 20.75 -3.46 0.69 28.58 60.12 1.78 61.90

-0.69 -0.97 -3.46 0.25 6.20 1.32 -0.26 1.06

12.19 2.56 14.75

7.81 2.71 10.52

-4.39 0.15 -4.24

6.05 9.88

7.29

9.05 10.20 6.74

3.00 0.32 -0.55

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Tax payable Dividends payable Total liabilities TOTAL EQUITY AND LIABILITIES

0.06 1.14 24.41 39.16 100.00

0.27 1.33 27.59 38.10 100.00

0.21 0.19 3.17 -1.06 0.00

Top Glove Corporation Berhad Common-Size Income Statements 2008 Revenue Cost of sales Gross profit
Other operating income Distribution and selling costs Administrative and general expenses Operating profit Finance costs Share of loss of associate Profit before tax Income tax expense Profit for the year Attributable to: Equity holders of the Company Minority interests % 100.00 -83.48 16.52 0.65 -3.38 -3.35 10.44 -0.74 0.07 9.77 -1.92 7.85 7.99 -0.14 7.85

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Du Pont Analysis In choosing what assets to include in a portfolio, more often than not an in-depth analysis of the investment alternatives is made. If one of the alternatives is an ownership share in a corporation, then it is likely that the Du Pont ratio will be one of the tools used to analyze that investment. Return on equity (ROE) can be defined as: Return on equity = Net Income Total Equity

We can multiply Assets/Assets without changing anything in this ratio. Net Income Total Equity Net Income Total Equity Net Income Assets 108,103,000 1,109,545,000 15.74% Assets Assets Assets Total Equity 1,109,545,000 686,789,000

Return On Equity

= =

Further more, we can express ROE as the product of two other ratios ROA and the equity multiplier: ROE = = = ROA ROA Net Income Total Asset 108,103,000 1,109,545,000 9.74% 9.74% 15% (1+ Equity multiplier ( 1 + Debt-equity Ratio ) Total Debt Total Equity 0.38 0.62 ( 1 + 0.61 ) 1.61 )

= = = =

(1+

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The difference between ROE and ROA can be substantial. Apart from that, we can also further expand ROE by adding total sales to the top and the bottom: Sales Sales Net Income Assets Assets Total equity

ROE =

And when we rearrange the position, ROE will be: ROE = Net Income Sales Sales Assets Assets Total equity

Return on assets = Profit margin Total asset turnover Equity multiplier = 7.85% 1.24 1.61 = 15% This ROE is affecting by three things: 1. Operating efficiency (as measured by profit margin) 2. Asset use efficiency (as measured by total asset turnover) 3. Financial leverage (as measured by the equity multiplier) Weakness in either operating or asset use efficiency (or both) will show up in a diminished return on assets, which will translate into a lower ROE. Considering the Du Pont identity, it appears that the ROE could be leveraged up by increasing the amount of debt in the firm. However, notice that increasing debt also increases interest expense, which reduces profit margins, which acts to reduce ROE. So, ROE could go up or down, depending. More important, the use of debt financing has a number of other effects, and, the amount of leverage a firm uses is governed by its capital structure policy. In fact, the Du Pont Analysis should not be used as the sole, investment analysis tool in deciding on what stock to include in a portfolio. Other tools such as the ROI and cash flows as a percentage of sales, or any other income statement item, are just few of numerous financial tools that an investor can easily use in investment analysis.

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CONCLUSION In conclusion, the glove industry has been blessed with the exponential growth in demand for gloves globally particularly due to the high demand from the traditional medical markets driven by stringent regulatory standards, aging population and emergence of health threats. For the examples, bioterrorism threats, SARS, bird flu, anthrax as well as from the increasing use of gloves in non medical sectors due to the increasing hygiene awareness particularly within the food and services industries. Top Glove Corporation Berhad operates in a recession-proof market, taking into consideration the products are basic necessities, particularly in the healthcare and food services industry. As such, demand is anticipated to stay resilient in times when major consuming economies slow down. The company maintains a positive outlook towards continuous growth and securing better performance for the coming years in terms of sales revenue and profitability through the continuous effort of aggressive marketing strategies, increase in production capacity to capitalize on economies of scale coupled with further improvement in product quality, cost control and management efficiency. Moving forward in tandem with the above mentioned initiatives, the company has adopted a two-prong growth strategies namely vertical growth strategy by moving downstream to get closer to the customers via setting up of more overseas marketing offices as well as horizontal growth strategy in product range expansion by increasing sales in value added products such as the enhanced and much improved version of powder free latex examination, soft nitrile, vinyl, clean room and surgical gloves to capture bigger market share. The presence in China will also enable the company to tap for opportunities that synergize with the distribution channel.

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REFERENCES Stephen A. Ross. (2007). Financial Management Fundamentals in Malaysia. Mc Graw Hill. Top Glove Corporation Berhad. (n.d). Annual report 2006. Retrieved at 04 August, 2009 from http://topglove.listedcompany.com/misc/AR2006.pdf Top Glove Corporation Berhad. (n.d). Annual report 2007. Retrieved at 04 August, 2009 from http://topglove.listedcompany.com/misc/AR2007.pdf Top Glove Corporation Berhad. (n.d). Annual report 2008. Retrieved at 04 August, 2009 from http://topglove.listedcompany.com/misc/AR2008.pdf

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Attachment

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