Talam Corporation Berhad - Final

Amounts in RM millions unless otherwise stated
10 YEAR FINANCIAL SUMMARY

Revenue (Net sales)
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
567,373.00
772,529.00
897,003.00
911,985.00
1,006,032.00
599,814.00
216,723.00
248,349.00
301,278.00
253,714.00
(462,655.00)
(660,378.00)
(768,493.00)
(738,878.00)
(739,457.00)
(796,113.00)
(72,969.00)
(224,796.00)
(273,539.00)
(145,257.00)
Gross profit
104,718.00
112,151.00
128,510.00
173,107.00
266,575.00
-196,299.00
143,754.00
23,553.00
27,739.00
108,457.00
Net income
-7,451.00
2,606.00
-2,234.00
3,303.00
8,376.00
127.00
982.00
3,548.00
60,715.00
9,022.00
6,780.00
7,710.00
5,800.00
17,302.00
36,188.00
18,995.00
60,556.00
130,893.00
164,210.00
46,816.00
27,529.00
32,792.00
29,612.00
131,748.00
80,163.00
73,817.00
71,291.00
74,723.00
68,766.00
66,539.00
(43,310.00)
(67,701.00)
(78,071.00)
(113,290.00)
(157,529.00)
(571,464.00)
(153,188.00)
(81,789.00)
(76,944.00)
(83,744.00)
6%
4%
6%
5%
8%
-225%
0%
1%
15%
1%
18%
15%
14%
19%
26%
-33%
66%
9%
9%
43%
0.3618390
0.4926761
0.5720588
0.5816134
0.6415914
0.3825281
0.1382139
0.1583832
0.1921384
0.1618047
-0.1625862
0.0537353
-0.0398225
0.0443940
0.0602061
-0.0001628
-0.0658574
0.5964028
0.9765493
0.5025064
12.02%
6.75%
6.27%
8.46%
14.44%
-124.83%
23.59%
29.26%
38.17%
28.19%
18
15
12
53
29
45
120
110
83
96
23.0%
34.4%
40.0%
15.0%
22.3%
26.4%
25.7%
26.3%
24.8%
16.5%
33.13%
18.60%
19.85%
23.11%
27.30%
10.00%
10.63%
11.09%
12.87%
18.85%
Cost of Sales
Other Income
Inventories
Selling, administrative and other operating
expenses
Return on equity (profit aft tax over total equity)
Gross Profit over Revenue
Assets Turnover (Revenue over total Assets)
Tax Effects (Profit after tax over Profit before tax)
Operating profit to net sales ratio
Inventory turnover within "days"
(Inventory/Revenue * 365 days)
Debt to total assets ratio
Stockholders' equity to total assets ratio
PROFITABILITY RATIOS
Return on Sale : (Profit before tax & Interest /
Revenue)
2001
2002
9%
2003
6%
2004
7%
2005
8%
Revenue
567,373.00
772,529.00
897,003.00
911,985.00
Oerating Expenses
(43,310.00)
(67,701.00)
(78,071.00)
(113,290.00)
2006
13%
1,006,032.00
(157,529.00)
-130%
2007
2008
-3%
2009
2%
2010
20%
7%
599,814.00
216,723.00
248,349.00
301,278.00
253,714.00
(571,464.00)
(153,188.00)
(81,789.00)
(76,944.00)
(83,744.00)
Amounts in RM million unless otherwise stated
CONSOLIDATED BALANCE SHEETS

ASSETS
2001
2002
2003
2004
2005
2006
2007
2008
2009
941,736.00
32,792.00
258,402.00
99,897.00
373,092.00
0.00
12,254.00
0.00
323.00
1,718,496.00
989,982.00
29,612.00
227,249.00
101,536.00
198,771.00
0.00
13,263.00
0.00
244.00
1,560,657.00
1,991,534.00
131,748.00
297,154.00
254,386.00
310,456.00
0.00
0.00
0.00
0.00
2,985,278.00
1,964,123.00
80,163.00
80,516.00
196,713.00
112,615.00
0.00
0.00
0.00
0.00
2,434,130.00
1,204,668.00
73,817.00
106,994.00
232,486.00
74,515.00
0.00
7,023.00
0.00
0.00
1,699,503.00
1,164,217.00
71,291.00
100,635.00
321,844.00
15,282.00
40,049.00
0.00
0.00
0.00
1,713,318.00
1,181,547.00
74,723.00
88,668.00
194,832.00
22,281.00
0.00
0.00
0.00
0.00
1,562,051.00
1,192,159.00
68,766.00
92,883.00
125,296.00
17,517.00
0.00
0.00
0.00
0.00
1,496,621.00
223,162.00
6,981.00
0.00
245,062.00
0.00
518,925.00
156,630.00
0.00
0.00
37,159.00
332.00
0.00
0.00
0.00
1,188,251.00
2,906,747.00
287,439.00
6,375.00
0.00
99,771.00
0.00
576,105.00
295,378.00
0.00
0.00
65,706.00
0.00
0.00
0.00
5,768.00
1,336,542.00
2,897,199.00
275,225.00
3,178.00
76,332.00
168,303.00
0.00
758,540.00
70,569.00
0.00
0.00
0.00
0.00
10,245.00
0.00
4,647.00
1,367,039.00
4,352,317.00
252,852.00
819.00
76,332.00
162,454.00
0.00
971,596.00
21,833.00
0.00
0.00
0.00
0.00
5,801.00
0.00
0.00
1,491,687.00
3,925,817.00
221,819.00
0.00
76,332.00
123,408.00
0.00
1,087,510.00
16,298.00
0.00
0.00
9,988.00
0.00
0.00
0.00
0.00
1,535,355.00
3,234,858.00
196,458.00
0.00
76,332.00
84,622.00
11,821.00
1,155,469.00
6,810.00
6,231.00
9,328.00
6.00
0.00
0.00
0.00
0.00
1,547,077.00
3,260,395.00
191,177.00
0.00
76,332.00
84,516.00
11,126.00
1,129,501.00
9,801.00
5,874.00
10,077.00
26,042.00
0.00
0.00
0.00
0.00
1,544,446.00
3,106,497.00
128,194.00
28,408.00
0.00
198,275.00
10,431.00
1,131,204.00
8,723.00
183.00
9,218.00
26,186.00
0.00
0.00
0.00
0.00
1,540,822.00
3,037,443.00
222,818.00
128,695.00
300,718.00
81,091.00
0.00
0.00
0.00
4,650.00
0.00
737,972.00
266,289.00
320,336.00
233,152.00
65,609.00
0.00
0.00
0.00
4,650.00
2,301.00
892,337.00
166,499.00
389,774.00
222,120.00
72,212.00
11,172.00
851.00
0.00
0.00
5,831.00
868,459.00
631,007.00
746,033.00
411,181.00
179,302.00
73,926.00
0.00
322,259.00
0.00
0.00
2,363,708.00
349,055.00
512,065.00
325,950.00
214,808.00
99,930.00
0.00
349,231.00
0.00
0.00
1,851,039.00
147,771.00
994,792.00
705,340.00
180,871.00
136,067.00
0.00
487,110.00
0.00
0.00
2,651,951.00
278,435.00
937,851.00
694,250.00
181,110.00
130,172.00
0.00
444,920.00
0.00
0.00
2,666,738.00
241,287.00
861,812.00
729,831.00
182,296.00
97,014.00
0.00
444,920.00
0.00
0.00
2,557,160.00
288,626.00
802,306.00
666,573.00
181,684.00
52,698.00
0.00
391,613.00
0.00
0.00
2,383,500.00
0.00
150,000.00
62,259.00
0.00
150,000.00
518,159.00
0.00
110,000.00
381,405.00
3,850.00
110,000.00
231,173.00
1,020.00
0.00
302,012.00
33.00
0.00
77,268.00
0.00
0.00
76,620.00
0.00
0.00
75,541.00
0.00
0.00
79,625.00
Current assets:
486,074.00
Property development
27,529.00
Inventories
173,820.00
Trade receivables
113,639.00
Other receivables
28,764.00
Bank balances and deposits
0.00
Asset Classified as Held for Sale
13,829.00
Due from associated companies
0.00
Due from subsidaries
323.00
Due from customers for construction
843,978.00
Total current assets
Non-current assets:
231,110.00
PROPERTY, PLANT AND EQUIPMENT
7,587.00
Goodwill
0.00
Other investments
283,530.00
Investment properties
0.00
Prepaid land lease premiums
162,931.00
Land held for development
8,660.00
Sinking Funds held by trustee
0.00
Amount Owed By Jointly controlled entity
0.00
Interest in Jointly Controlled entities
29,898.00
ASSOCIATED COMPANIES
332.00
Subsidiaries
0.00
Deferred tax assets
0.00
Long term receifables
0.00
Loan and financing receivables
724,048.00
Total non-current assets
1,568,026.00
Total assets
EQUITY AND LIABILITIES
Current liabilities:
Trade payables
Other payables
Short term borrowing
Taxation
Provisions for Liabilities
Due to associates
Deferred Progress Billings
Dividend payable
Due to customers for construction contracts
Total current liabilities
Non-current liabilities:
Liability component of irredeemable
Bonds
Other long term payables
2,348.00
Deferred taxation
0.00
0.00
Amount Owed to JkiNtly ControlleD Entities
0.00
60,013.00
Long term borrowing
0.00
Convertible Securities
274,620.00
Total non-current liabilities
1,012,592.00
Total liabilities
Equity attributable to equity holders of the company:
215,300.00
Share capital
Treasury shares
304,197.00
Reserves
Total to equity holders of the company
519,497.00
Irredeemable convertible unsecured loan stocks
0.00
Minority interests
35,937.00
Total equity
555,434.00
Total liabilities and equity
1,568,026.00
FISCAL YEARS
Capital Employed
Total Equity/ Total Assets
4,403.00
0.00
0.00
0.00
767,753.00
0.00
1,440,315.00
2,332,652.00
3,950.00
0.00
0.00
0.00
936,272.00
0.00
1,431,627.00
2,300,086.00
11,263.00
372,965.00
0.00
0.00
242,114.00
0.00
971,365.00
3,335,073.00
11,593.00
137,599.00
0.00
0.00
548,364.00
0.00
1,000,588.00
2,851,627.00
215,300.00
215,300.00
600,290.00
619,868.00
(9.00)
(120.00)
(23.00)
0.00
325,473.00
359,957.00
405,751.00
451,747.00
540,764.00
575,137.00 1,006,018.00 1,071,615.00
0.00
0.00
0.00
0.00
33,331.00
21,976.00
11,226.00
2,575.00
574,095.00
597,113.00 1,017,244.00 1,074,190.00
2,906,747.00 2,897,199.00 4,352,317.00 3,925,817.00
2001
2002
2003
2004
2005
830,054.00 2,014,410.00 2,028,740.00 1,988,609.00 2,074,778.00
35%
20%
21%
23%
27%
64.6%
80.2%
79.4%
76.6%
72.6%
12,365.00
0.00
0.00
0.00
149,904.00
0.00
239,570.00
2,891,521.00
4,116.00
0.00
0.00
6,879.00
144,776.00
0.00
232,391.00
2,899,129.00
3,959.00
0.00
0.00
35,964.00
87,630.00
0.00
203,094.00
2,760,254.00
4,205.00
0.00
43,614.00
46,178.00
85,858.00
0.00
259,480.00
2,642,980.00
641,028.00
642,423.00
643,015.00
386,148.00
(844.00)
(844.00)
(844.00)
(493.00)
(316,596.00) (295,063.00) (297,711.00)
5,282.00
323,588.00
346,516.00
344,460.00
390,937.00
0.00
0.00
0.00
0.00
19,749.00
14,750.00
1,783.00
3,526.00
343,337.00
361,266.00
346,243.00
394,463.00
3,234,858.00 3,260,395.00 3,106,497.00 3,037,443.00
2006
582,907.00
11%
89.4%
2007
593,657.00
11%
88.9%
2008
549,337.00
11%
88.9%
2009
653,943.00
13%
87.0%
Amounts in RM million unless otherwise

stated
CONSOLIDATED
BALANCE SHEETS
ASSETS
Current assets:
Inventories
Trade receivables
Other receivables
Non-current assets:
Goodwill
Other investments
Subsidiaries
Deferred tax assets
Total assets
2010
1,146,333.00
66,539.00
217,308.00
165,636.00
12,133.00
0.00
0.00
0.00
0.00
1,607,949.00
123,701.00
26,822.00
0.00
193,403.00
9,735.00
1,214,598.00
4,198.00
187.00
10,962.00
26,124.00
0.00
0.00
10,060.00
0.00
1,619,790.00
3,227,739.00

457,262.00
Trade payables
823,562.00
Other payables
312,869.00
192,733.00
Taxation
11,301.00
0.00
Due to associates
0.00
0.00
Dividend payable
0.00
Total current liabilities 1,797,727.00
0.00
0.00
Bonds
78,009.00
37,765.00
Deferred taxation
0.00
43,614.00
48,756.00
218,866.00
Long term borrowing
390,186.00
817,196.00
2,614,923.00
Total liabilities
477,757.00
Share capital
(493.00)
Treasury shares
131,317.00
Reserves
608,581.00
0.00
Minority interests
4,235.00
Total equity
612,816.00
3,227,739.00
FISCAL YEARS
Capital Employed
2010
1,430,012.00
19%
81.0%
Vertical Percentage

ASSETS
Current assets:
Inventories
Trade receivables
Other receivables
Non-current assets:
Goodwill
Other investments
Subsidiaries
Deferred tax assets
Total assets
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
58%
3%
21%
13%
3%
0%
2%
0%
0%
100%
55%
2%
15%
6%
22%
0%
1%
0%
0%
100%
63%
2%
15%
7%
13%
0%
1%
0%
0%
100%
67%
4%
10%
9%
10%
0%
0%
0%
0%
100%
81%
3%
3%
8%
5%
0%
0%
0%
0%
100%
71%
4%
6%
14%
4%
0%
0%
0%
0%
100%
68%
4%
6%
19%
1%
2%
0%
0%
0%
100%
76%
5%
6%
12%
1%
0%
0%
0%
0%
100%
80%
5%
6%
8%
1%
0%
0%
0%
0%
100%
71%
4%
14%
10%
1%
0%
0%
0%
0%
100%
32%
1%
0%
39%
0%
23%
1%
0%
0%
4%
0%
0%
0%
0%
100%
100%
19%
1%
0%
21%
0%
44%
13%
0%
0%
3%
0%
0%
0%
0%
100%
100%
22%
0%
0%
7%
0%
43%
22%
0%
0%
5%
0%
0%
0%
0%
100%
100%
20%
0%
6%
12%
0%
55%
5%
0%
0%
0%
0%
1%
0%
0%
100%
100%
17%
0%
5%
11%
0%
65%
1%
0%
0%
0%
0%
0%
0%
0%
100%
100%
14%
0%
5%
8%
0%
71%
1%
0%
0%
1%
0%
0%
0%
0%
100%
100%
13%
0%
5%
5%
1%
75%
0%
0%
1%
0%
0%
0%
0%
0%
100%
100%
12%
0%
5%
5%
1%
73%
1%
0%
1%
2%
0%
0%
0%
0%
100%
100%
8%
2%
0%
13%
1%
73%
1%
0%
1%
2%
0%
0%
0%
0%
100%
100%
8%
2%
0%
12%
1%
75%
0%
0%
1%
2%
0%
0%
1%
0%
100%
100%
30%
17%
41%
11%
0%
0%
0%
1%
0%
100%
30%
36%
26%
7%
0%
0%
0%
1%
0%
100%
19%
45%
26%
8%
1%
0%
0%
0%
1%
100%
27%
32%
17%
8%
3%
0%
14%
0%
0%
100%
19%
28%
18%
12%
5%
0%
19%
0%
0%
100%
6%
38%
27%
7%
5%
0%
18%
0%
0%
100%
10%
35%
26%
7%
5%
0%
17%
0%
0%
100%
9%
34%
29%
7%
4%
0%
17%
0%
0%
100%
12%
34%
28%
8%
2%
0%
16%
0%
0%
100%
25%
46%
17%
11%
1%
0%
0%
0%
0%
100%
0%
55%
23%
0%
10%
36%
0%
8%
27%
0%
11%
24%
0%
0%
30%
0%
0%
32%
0%
0%
33%
0%
0%
37%
0%
0%
31%
0%
0%
10%

Trade payables
Other payables
Taxation
Due to associates
Dividend payable
Bonds
1%
0%
0%
0%
22%
0%
100%
200%
0%
39%
0%
55%
94%
0%
6%
100%
100%
0%
0%
0%
0%
53%
0%
100%
200%
0%
38%
0%
57%
94%
0%
6%
100%
100%
0%
0%
0%
0%
65%
0%
100%
200%
0%
36%
0%
60%
96%
0%
4%
100%
100%
1%
38%
0%
0%
25%
0%
100%
200%
0%
59%
0%
40%
99%
0%
1%
100%
100%
1%
14%
0%
0%
55%
0%
100%
200%
0%
58%
0%
42%
100%
0%
0%
100%
100%
5%
0%
0%
0%
63%
0%
100%
200%
0%
187%
0%
-92%
94%
0%
6%
100%
100%
2%
0%
0%
3%
62%
0%
100%
200%
0%
178%
0%
-82%
96%
0%
4%
100%
100%
2%
0%
0%
18%
43%
0%
100%
200%
0%
186%
0%
-86%
99%
0%
1%
100%
100%
2%
0%
17%
18%
33%
0%
100%
200%
0%
98%
0%
1%
99%
0%
1%
100%
100%
5%
0%
5%
6%
27%
48%
100%
200%
0%
78%
0%
21%
99%
0%
1%
100%
100%
2001
Vertical Asset % 50%
Vertical Liabilities 131%
%
Vertical Equity % 18%
2002
50%
295%
10%
2003
50%
283%
10%
2004
50%
206%
12%
2005
50%
168%
14%
2006
50%
294%
5%
2007
50%
289%
6%
2008
50%
279%
6%
2009
50%
339%
6%
2010
50%
240%
9%
Deferred taxation
Long term borrowing
Total liabilities
Share capital
Treasury shares
Reserves
Minority interests
Total equity
FISCAL YEARS
Capital Employed
Horizontal Percentage

ASSETS
Current assets:
Inventories
Trade receivables
Other receivables
Non-current assets:
Goodwill
Other investments
Subsidiaries
Deferred tax assets
Total assets
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
94%
19%
49%
0%
1197%
0%
0%
0%
0%
104%
5%
-10%
-12%
2%
-47%
0%
0%
0%
0%
-9%
101%
345%
31%
0%
56%
0%
0%
0%
0%
91%
0%
-39%
-73%
-23%
-64%
0%
0%
0%
0%
-18%
0%
-8%
33%
0%
-34%
0%
0%
0%
0%
-30%
0%
-3%
-6%
0%
-79%
0%
0%
0%
0%
1%
0%
5%
-12%
-39%
46%
-100%
0%
0%
0%
-9%
0%
-8%
5%
-36%
-21%
0%
0%
0%
0%
-4%
0%
-3%
134%
32%
-31%
0%
0%
0%
0%
7%
0%
0%
0%
0%
0%
0%
0%
0%
-3%
0%
0%
-14%
0%
218%
1709%
0%
29%
0%
0%
0%
0%
11%
89%
0%
-4%
0%
0%
0%
0%
32%
0%
0%
-8%
0%
0%
0%
0%
28%
0%
0%
-12%
0%
0%
0%
0%
12%
0%
0%
-11%
0%
0%
0%
0%
6%
0%
0%
-3%
0%
0%
0%
0%
-2%
0%
0%
-33%
0%
-100%
135%
0%
0%
0%
-97%
-4%
-6%
0%
-2%
-7%
7%
0%
2%
0%
0%
0%
0%
0%
0%
0%
24%
0%
0%
0%
0%
64%
85%
77%
0%
0%
0%
0%
12%
0%
-100%
0%
0%
0%
-19%
2%
50%
0%
0%
0%
0%
-100%
9%
-10%
0%
0%
-100%
0%
0%
3%
-18%
-100% 433933%
0%
0%
0%
0%
0%
0%
0%
0%
1%
0%
1%
-5%
1%
0%
0%
0%
0%
0%
-2%
0%
0%
0%
0%
0%
5%
6%
0%
0%
0%
0%
0%
20%
0%
-22%
-19%
0%
-37%
22%
-5%
10%
0%
279%
91%
0%
148%
0%
-45%
-31%
-21%
20%
0%
-58%
94%
116%
-16%
0%
88%
-6%
-2%
0%
0%
-13%
-8%
5%
1%
0%
20%
-7%
-9%
0%
-46%
0%
58%
3%
0%
6%
-79%
0%
0%
0%
0%
0%
0%
0%
0%
21%
0%
0%
-3%
0%
0%
172%
0%
0%
-22%
0%
0%
43%
0%
0%
1%
0%
0%
-4%
0%
0%
-7%
0%
0%
-25%
0%
0%
0%
0%
0%
732%
0%
0%
-26%
0%
0%
-39%
-74%
0%
31%
-97%
0%
-74%
-100%
0%
-1%
0%
0%
-1%
0%
0%
5%
0%
0%
-2%

Trade payables
Other payables
Taxation
Due to associates
Dividend payable
Bonds
0%
0%
88%
0%
-10%
0%
185%
0%
3%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1179%
0%
424%
130%
22%
0%
-1%
-1%
-74%
0%
-32%
45%
0%
0%
7%
4%
0%
-7%
3%
85%
0%
0%
11%
6%
0%
-34%
4%
0%
2001
Horizontal Asset0.00%
%
Horizontal Liabilities
0.00%
%
Horizontal Equity0.00%
%
2002
85.38%
130.36%
3.36%
2003
-0.33%
-1.40%
4.01%
Deferred taxation
Long term borrowing
Total liabilities
Share capital
Treasury shares
Reserves
Minority interests
Total equity
FISCAL YEARS
Capital Employed
-67%
0%
0%
0%
-3%
0%
-3%
0%
-4%
0%
0%
6%
0%
0%
798%
0%
126%
0%
3%
-14%
7%
-100%
0%
0%
-73%
0%
-76%
1%
-39%
0%
-13%
-5%
-2%
0%
28%
-4%
0%
0%
215%
-1%
179%
0%
13%
75%
0%
-49%
70%
50%
3%
-100%
11%
7%
0%
-77%
6%
-10%
3%
0%
-170%
-70%
0%
667%
-68%
-18%
0%
0%
-7%
7%
0%
-25%
5%
1%
0%
0%
1%
-1%
0%
-88%
-4%
-5%
-40%
-42%
-102%
13%
0%
98%
14%
-2%
24%
0%
2386%
56%
0%
20%
55%
6%
2004
50.22%
45.00%
70.36%
2005
-9.80%
-14.50%
5.60%
2006
-17.60%
1.40%
-68.04%
2007
0.79%
0.26%
5.22%
2008
-4.72%
-4.79%
-4.16%
2009
-2.22%
-4.25%
13.93%
2010
6.27%
-1.06%
55.35%
LIQUIDITY RATIOS
Current Ratio: Current Assets / Current Liabilities
Quick Ratio: (Current Assets inventories) /
2001
1.1436
1.1063
2002
1.9258
1.8891
2003
1.7970
1.7629
2004
1.2630
1.2072
2005
1.3150
1.2717
2006
0.6409
0.6130
2008
0.6109
0.5816
2009
0.6279
0.5991
Quick Ratio
Current Ratio
2.5000
2.5000
1.9258
2.0000
1.7970
Times
2.0000
Times
2007
0.6425
0.6157
1.8891
1.7629
1.5000
1.5000
1.2630 1.3150
1.1436
1.0000
0.8944
1.0000
0.6409 0.6425 0.6109 0.6279
0.5000
0.5000
0.0000
2001
2003
2005
Fiscal Year
2007
2009
1.1063
1.2717
1.2072
Quick Ratio: (Current Assets

inventories) / Current
Liabilities
0.8574
0.6157
0.6130
0.5991
0.5816
0.0000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Current Ratio: Current Assets /

Current Liabilities
Fiscal Year
ASSETS TURNOVER RATIOS

2001
2002
2003
2004
2005
2006
2007
2008
2009
Sales Revenue (Net Sales)
567,373.00
772,529.00
897,003.00
911,985.00 1,006,032.00
599,814.00
216,723.00
248,349.00
301,278.00
Total Asset
1,568,026.00 2,906,747.00 2,897,199.00 4,352,317.00 3,925,817.00 3,234,858.00 3,260,395.00 3,106,497.00 3,037,443.00
Total Fixed Asset
724,048.00 1,188,251.00 1,336,542.00 1,367,039.00 1,491,687.00 1,535,355.00 1,547,077.00 1,544,446.00 1,540,822.00
Inventories
27,529.00
32,792.00
29,612.00
131,748.00
80,163.00
73,817.00
71,291.00
74,723.00
68,766.00
Cost of Sales
(462,655.00) (660,378.00) (768,493.00) (738,878.00) (739,457.00) (796,113.00)
(72,969.00) (224,796.00) (273,539.00)
Asset Turnover: Sales Revenues / Total Assets
0.36
0.27
0.31
0.21
0.26
0.19
0.07
0.08
0.10
Fixed Asset Turnover : Sales Revenues / Total Fixed Assets0.78
0.65
0.67
0.67
0.67
0.39
0.14
0.16
0.20
Equity Turnover (Revenue / Shareholder's
1.09
1.43
1.56
0.91
0.94
1.85
0.63
0.72
0.77
Working Capital (Current Ratio) (Current Asset
1.14
1.93
1.80
1.26
1.32
0.64
0.64
0.61
0.63
Inventory turnover (Cost of Sales / Inventory)
-16.81
-20.14
-25.95
-5.61
-9.22
-10.78
-1.02
-3.01
-3.98
Equity Turnover
Asset Turnover
2.00
0.40
0.35
0.36
1.80
1.85
Times
1.60
0.31
0.30
1.56
1.43
1.40
0.27
0.25
1.85
1.80
0.36
0.26
1.20
Asset Turnover: Sales

Revenues / Total Assets
0.21
0.20
0.19
Times
0.35
0.91
0.80
0.15
0.07
0.05
0.08
0.10
0.63
0.72
0.77
0.42
0.40
0.08
0.20
0.00
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Fiscal Year
Fiscal Year
Working Capital Ratio
Inventory turnover
0.00
2.50
-1.02
2001 2002 2003 2004 2005 2006 2007 2008-3.01

2009 2010-2.18
-3.98
-5.00
-5.61
2.00
1.93
-10.78
Inventory turnover (Cost of

Sales / Inventory)
-15.00
-16.81
-20.14
Times
-9.22
-10.00
-25.00
0.94
0.60
0.10
-20.00
Equity Turnover
(Revenue /
Shareholder's Equity)
1.09
1.00
1.80
1.50
1.00
1.26
1.14
1.32
0.64
0.50
-25.95
0.64
0.61
0.63
0.00
2001
-30.00
2002
2003
2004
Fiscal Year
Fiscal Year
Fixed Assets Turnover

0.90
2005
2006
2007
2008
2009
Working Capital (Current

Ratio) (Current Asset /Current
Liabilities)
0.90
0.80
0.78
0.70
Times
0.60
0.65
0.67
0.67
0.67
Fixed Asset Turnover :

Sales Revenues / Total
Fixed Assets
0.50
0.40
0.39
0.30
0.20
0.14
0.10
0.16
0.20
0.16
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Fiscal Year
LIQUIDITY RATIOS
Current Ratio: Current Assets / Current Liabilities
Quick Ratio: (Current Assets inventories) /
2010
0.8944
0.8574
Current Ratio
2.5000
Times
2.0000
1.9258
1.7970
1.5000

inventories)
1.2630 / Current
Liabilities
1.1436
1.0000
0.5000
0.0000
2001
2003
2005
Fiscal Year
ASSETS TURNOVER RATIOS

2010
Sales Revenue (Net Sales)
253,714.00
Total Asset
3,227,739.00
Total Fixed Asset
1,619,790.00
Inventories
66,539.00
Cost of Sales
(145,257.00)
Asset Turnover: Sales Revenues / Total Assets
0.08
Fixed Asset Turnover : Sales Revenues / Total Fixed Assets0.16
Equity Turnover (Revenue / Shareholder's
0.42
Working Capital (Current Ratio) (Current Asset
0.89
Inventory turnover (Cost of Sales / Inventory)
-2.18
Asset Turnover
0.40
0.35
0.36
0.35
0.36
0.31
Times
0.30
0.27
0.25
0.26
0.21
0.20
Equity Turnover
(Revenue /
0.19
Shareholder's Equity)
0.15
0.10
0.07
0.05
0.00
2001 2002 2003 2004 2005 2006 2007
Fiscal Year
Inventory turnover
0.00
-1.02
2001 2002 2003 2004 2005 2006 2007 2008

-5.00
-5.61
-9.22
-10.00
-10.78
-15.00
-16.81
-20.00
-25.00
-30.00
0.89
0.63
-20.14
-25.95
2009
2010
Working Capital (Current

Ratio) (Current Asset /Current
Fiscal Year
FINANCIAL LEVERAGE RATIOS

2001
Total Liabilities
1,012,592.00
Total Equity
555,434.00
Total Assets
1,568,026.00
Debt Ratio = Total Liabilities / Total Assets
0.6458
Debt-to-Equity Ratio = Total Liabilities / Total Equity
1.8231
2002
2,332,652.00
574,095.00
2,906,747.00
0.8025
4.0632
2003
2,300,086.00
597,113.00
2,897,199.00
0.7939
3.8520
2004
3,335,073.00
1,017,244.00
4,352,317.00
0.7663
3.2785
2005
2,851,627.00
1,074,190.00
3,925,817.00
0.7264
2.6547
2006
2,891,521.00
343,337.00
3,234,858.00
0.8939
8.4218
Debt Ratio
0.8939 0.8892 0.8885 0.8701
Millions in %
0.8025 0.7939
0.7663
9.0000
0.8101
0.7264
0.6458
0.5000
0.4000
0.3000
5.0000
2004
2005
2006
2007
2008
2009
3.2785
2.6547
1.8231
0.0000
2010
2001
2002
Debt Ratio = Total Liabilities /

Total Assets
Fiscal Year
3.8520
3.0000
1.0000
2003
4.0632
4.0000
0.1000
2002
2003
2004
2008
2009
250,000.00
16%
4.2671
192,733.00
182,296.00
181,684.00
181,110.00
180,871.00
150,000.00
8%
Ratios
Debt-to-Equity Ratio = Total

Liabilities / Total Equity
5.0000
179,302.00
10%
6.0000
4.0632
3.8520
3.2785
2.6547
1.8231
200,000.00
12%
6.7002
15%
214,808.00
14%
8.4218
8.0249
7.9720
7.0000
Times
2007
18%
9.0000
2.0000
2006
ROE Chart
10.0000
3.0000
2005
Fiscal Year
Equity Multiplier
4.0000
7.9720
6.0000
2.0000
0.0000
8.0249
7.0000
0.2000
2001
8.4218
8.0000
Millions in %
0.8000
8.0000
2009
2,642,980.00
394,463.00
3,037,443.00
0.8701
6.7002
10.0000
0.9000
0.6000
2008
2,760,254.00
346,243.00
3,106,497.00
0.8885
7.9720
Debt-to-Equity Ratio
1.0000
0.7000
2007
2,899,129.00
361,266.00
3,260,395.00
0.8892
8.0249
6%
4%
2%
0%
100,000.00
81,091.00
72,212.00
65,609.00
0%
0%
0%
1%
0%
0%
1%
1%
50,000.00
2.0000
65,609.00
1.8231
0%
1.0000
-2%
0.0000
1%
1%
0%
0%
0%
0%
2003 2004 2005 2006 2007 2008 2009
0%
2001-1%2002
0.00
Fiscal Years
Fiscal Year
2001
-1%
36%
282%
0.060397815
-1%
2002
0%
27%
506%
0.040665743
0%
2003
0%
31%
485%
0.061507621
0%
2004
0%
21%
428%
0.049870041
0%
50,000.00
2010
-4%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
FISCAL YEAR
Profit Margin: Net Income / Revenue
Asset Turnover: Sales Revenues / Assets
Equity Multiplier: Total (Assets / Equity)
ROE:
ROE in Percentage
1%
2005
1%
26%
365%
0.077867975
1%
2006
0%
19%
942%
-2.248295407
0%
2007
0%
7%
902%
0.002718219
0%
2008
1%
8%
897%
0.010247139
1%
2009
20%
10%
770%
0.153918111
15%

2010
Total Liabilities
2,614,923.00
Total Equity
612,816.00
Total Assets
3,227,739.00
Debt Ratio = Total Liabilities / Total Assets
0.8101
Debt-to-Equity Ratio = Total Liabilities / Total Equity
4.2671
Debt Ratio
1.0000
0.9000
0.8000
Millions in %
0.7000
0.6000
0.8025 0.79397.9720
0.7663
6.7002
0.6458
0.5000
4.2671
0.4000
0.3000
0.2000
0.1000
0.0000
2001
2002
2003
2004
2005
2009
2010
Fiscal Year
Equity Multiplier
10.0000
250,000.00
9.0000
8.0000
7.0000
Times
6.0000
8.4218
200,000.00
8.0249
192,733.00
181,684.00
150,000.00
RO
E:
5.0000
4.0000
3.0000
2.0000
4.0632
100,000.00
3.8520
3.2785
2.65471%
50,000.00
1.8231
2.0000
1%
1.8231
50,000.00
1.0000
0.0000
0.00
2001 2002 2003 2004 2005 2006 2007
Fiscal Year
FISCAL YEAR
Profit Margin: Net Income / Revenue
Asset Turnover: Sales Revenues / Assets
Equity Multiplier: Total (Assets / Equity)
ROE:
ROE in Percentage
2010
4%
8%
527%
0.0147222
1%
CONSOLIDATED STATEMENTS OF INCOME

Revenue (Net sales)
Cost of sales
Gross profit
Other operating income
Gain/ (LosS) in Disposal of S5Bsidiaries
Administrative and other operating expenses
Provision / write-off of current assets
Other expenses
Operating profit
Other income & (deductions):
Results arising from investing activities
Group restructuring costs
Non-operating losses, net
Finance cost
Exceptional items
Share of results in jointly controlled entity
Share of results in associate companies
Gain on dilution of equity investment in associate
Profit Before Taxation
Taxation - group/ company
Taxation - associated company
Income tax (expense)/ Credit
Profit after taxation
Profit before interest and taxation
Attributable to:
Equity holders of the Company
Minority interests
Profit for the financial year
Earnings per share for profit attributable to the
equity holders
Basic earnings per share (sen)
Diluted earnings per share (sen)
Gross dividends per share (sen)
Basic earnings / (loss) per share (sen) as per 2009
10 yrs summary
2001
567,373.00
(462,655.00)
104,718.00
6,780.00
0.00
(24,670.00)
0.00
2002
772,529.00
(660,378.00)
112,151.00
7,710.00
0.00
(45,496.00)
0.00
2003
897,003.00
(768,493.00)
128,510.00
5,800.00
2004
8,666.00
28,966.00
(86,737.00)
(142,256.00)
0.00
0.00
2005
911,985.00 1,006,032.00
(738,878.00) (739,457.00)
173,107.00
266,575.00
17,302.00
36,188.00
0.00
(156,608.00)
0.00
0.00
2007
4,766.00
(576,230.00)
0.00
0.00
216,723.00
(72,969.00)
143,754.00
60,556.00
3,321.00
(156,509.00)
0.00
0.00
2008
248,349.00
(224,796.00)
23,553.00
130,893.00
2009
2010
301,278.00
(273,539.00)
27,739.00
164,210.00
253,714.00
(145,257.00)
108,457.00
46,816.00
(76,944.00)
(83,744.00)
18,474.00
(100,263.00)
0.00
0.00
0.00
0.00
0.00
(18,640.00)
(22,205.00)
(43,310.00)
(67,701.00)
(78,071.00)
(113,290.00)
(157,529.00)
(571,464.00)
(153,188.00)
(81,789.00)
(76,944.00)
(83,744.00)
68,188.00
52,160.00
56,239.00
77,119.00
145,234.00
(748,768.00)
51,122.00
72,657.00
115,005.00
71,529.00
0.00
0.00
0.00
(16,525.00)
0.00
0.00
1,616.00
0.00
(14,909.00)
0.00
0.00
0.00
(9,065.00)
0.00
0.00
2,796.00
0.00
(6,269.00)
0.00
0.00
0.00
(10,265.00)
0.00
0.00
4,245.00
0.00
(6,020.00)
0.00
0.00
0.00
(14,488.00)
0.00
0.00
0.00
0.00
(14,488.00)
0.00
0.00
0.00
(31,522.00)
0.00
0.00
0.00
0.00
(31,522.00)
0.00
0.00
0.00
(57,398.00)
0.00
(660.00)
0.00
0.00
(58,058.00)
0.00
0.00
0.00
(67,085.00)
0.00
249.00
0.00
0.00
(66,836.00)
0.00
0.00
0.00
(53,573.00)
0.00
(869.00)
0.00
0.00
(54,442.00)
0.00
0.00
0.00
(56,028.00)
0.00
1,744.00
0.00
0.00
(54,284.00)
0.00
0.00
0.00
(16.00)
0.00
0.00
2,110.00
0.00
2,094.00
0.00
(921.00)
2006
599,814.00
(796,113.00)
(196,299.00)
18,995.00
0.00
53,279.00
45,891.00
58,333.00
71,099.00
130,746.00
(780,290.00)
(6,936.00)
5,821.00
60,563.00
17,245.00
(18,997.00)
(735.00)
0.00
33,547.00
45,828.00
(20,711.00)
(1,834.00)
0.00
23,346.00
48,497.00
(20,778.00)
(828.00)
0.00
36,727.00
56,099.00
(19,721.00)
(648.00)
0.00
50,730.00
74,402.00
(47,101.00)
0.00
0.00
83,645.00
139,122.00
8,367.00
0.00
0.00
(771,923.00)
(780,163.00)
0.00
0.00
7,918.00
982.00
(14,911.00)
0.00
0.00
(2,273.00)
3,548.00
5,949.00
0.00
0.00
152.00
60,715.00
62,173.00
0.00
0.00
(8,223.00)
9,022.00
17,954.00
(7,451.00)
(7,451.00)
2,606.00
2,606.00
(2,234.00)
(2,234.00)
3,303.00
3,303.00
8,376.00
8,376.00
8,957.00
(7,975.00)
982.00
3,420.00
128.00
3,548.00
59,105.00
1,610.00
60,715.00
8,313.00
709.00
9,022.00
127.00
127.00
12.21
12.05
16.02
18.29
15.90
15.83
14.86
(125.76)
1.43
1.39
0.53
0.53
9.39
9.39
0.42
0.41
12.21
12.05
16.02
18.29
15.83
(125.76)
1.43
0.53
9.39
0.42
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
100%
-82%
18%
-1%
100%
-85%
15%
-1%
100%
-86%
14%
-1%
100%
-81%
19%
-2%
100%
-74%
26%
-5%
100%
-133%
-33%
-2%
100%
-34%
66%
-83%
100%
-91%
9%
-58%
100%
-91%
9%
-60%
100%
-57%
43%
-32%
0%
0%
1%
3%
0%
1%
2%
7%
0%
0%
-4%
-6%
-10%
-16%
-16%
-96%
-72%
-40%
-26%
-33%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
-3%
-3%
0%
0%
0%
0%
0%
0%
0%
0%
-8%
-9%
-9%
-12%
-16%
-95%
-71%
-33%
-26%
-33%
12%
7%
6%
8%
14%
-125%
24%
29%
38%
28%
0%
0%
0%
-3%
0%
0%
0%
0%
-3%
0%
0%
0%
-1%
0%
0%
0%
0%
-1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
-1%
0%
0%
0%
0%
-1%
0%
0%
0%
-1%
0%
0%
0%
0%
-1%
0%
0%
0%
-5%
0%
0%
0%
0%
-5%
0%
0%
0%
-26%
0%
0%
0%
0%
-27%
0%
0%
0%
-27%
0%
0%
0%
0%
-27%
0%
0%
0%
-18%
0%
0%
0%
0%
-18%
0%
0%
0%
-22%
0%
1%
0%
0%
-21%
9%
6%
7%
8%
13%
-130%
-3%
2%
20%
7%
-3%
0%
0%
6%
8%
-3%
0%
0%
3%
6%
-2%
0%
0%
4%
6%
-2%
0%
0%
6%
8%
-5%
0%
0%
8%
14%
1%
0%
0%
-129%
-130%
0%
0%
4%
0%
-7%
0%
0%
-1%
1%
2%
0%
0%
0%
20%
21%
0%
0%
-3%
4%
7%
0%
-1%
-1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
1%
0%
0%
0%
4%
-4%
0%
1%
0%
1%
20%
1%
20%
3%
0%
4%
-0.16%
0.00%
0.46%
0.00%
-0.72%
0.00%
0.55%
0.48%
0.19% -99.02%
0.18% 0.00%
0.15%
0.14%
0.01%
0.01%
0.02%
0.02%
0.00%
0.00%
2001
2002
2003
2004
2005
0.0%
0.0%
0.0%
0.0%
36.2%
42.7%
7.1%
13.7%
16.1%
16.4%
14.6%
-24.8%
1.7%
-3.9%
34.7%
198.3%
10.3%
0.1%
54.0%
109.2%
2006
-40.4%
7.7%
-173.6%
-47.5%
2007
2008
0.0%
0.0%
0%
234.2% -103.2%
-617.5%
0.0%
84.4%
90.6%
64.0%
10.1%
267.9%
-72.8%
-35.9%
-23.3%
8.8%
0.0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
-63.9% 14.6%
-90.8% 208.1%
-173.2% -83.6%
218.8% 116.2%
2009
2010
21.3% -15.8%
21.7% -46.9%
17.8% 291.0%
25.5% -71.5%
-30.3% 456.3% -100.0%
0%
0.0%
19.1% -100.0%
0%
0%
0%
0%
0%
0%
0%
0.0%
56.3%
15.3%
45.1%
39.0%
262.8%
-73.2%
-46.6%
-5.9%
8.8%
0.0%
-23.5%
7.8%
37.1%
88.3%
-615.6%
-106.8%
42.1%
58.3%
-37.8%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0%
0%
0%
0%
-45%
0%
0%
73%
0%
-58%
0%
0%
0%
0%
0%
0%
-100% 64056%
0%
0%
0%
0%
-25%
101%
0%
0%
-133%
-387%
0%
0%
0%
41%
0%
0%
-100%
0%
141%
0%
0%
0%
118%
0%
0%
0%
0%
118%
0%
0%
0%
82%
0%
0%
0%
0%
84%
0%
0%
0%
17%
0%
0%
0%
0%
15%
0%
0%
0%
-20%
0%
0%
0%
0%
-19%
0%
0%
0%
5%
0%
0%
0%
0%
0%
0.0%
-14%
27%
22%
84%
-697%
-99%
-184%
940%
-72%
0.0%
0.0%
0.0%
0%
0%
9%
150%
0%
-30%
6%
0%
-55%
0%
57%
16%
-5%
-22%
0%
38%
33%
139%
-100%
0%
65%
87%
-118%
0%
0%
-1023%
-661%
-100%
0%
0%
-100%
-98%
0%
0%
-129%
261%
-140%
0%
0%
0%
0%
-107% -5510%
1611%
-85%
945%
-71%
0.0%
0.0%
0%
0%
-135%
-135%
0%
-186%
-186%
0%
-248%
-248%
0%
154%
154%
0%
-98%
-98%
0%
-6380%
673%
-62%
-102%
261%
1628%
1158%
1611%
-86%
-56%
-85%
0%
0%
-1%
0%
33%
0%
14%
0%
-13%
-7%
-894%
-100%
-101%
0%
-63%
-62%
1672%
1672%
-96%
-96%

Operating Expenses (Overhead)
Basic earnings / (loss) per share (sen) as per 2008 10 yrs
Times Interest Earned: (Profit Before Tax + Interest) /
Gross profit to net sales ratio
Breakeven Point:
Safety margin:Actual Sales - Breakeven Sales
Tax Effect: After Tax/ Before Tax
Gross Profit margin: Gross Profit/Net Sales
Net Profit margin: Net Profit/Net Sales
Overhead vs Net Sales
2001
(53,055.00)
12.21
-6.15
18.5%
-29224.424
596,597
-0.1626
18.46%
-1.31%
-9.35%
Profit Margin : (Operating Income / Revenue)
Net Profit Margin : (Net Income / Revenue)
Gross profit Margin : (Gross Income / Revenue)
Return on assets:(Net income/average of total assets)
Return on stockholders equity: (Net income/average of
Return on sales: (Income bf tax/Sales Revenue)
2001
Return on Equity (ROE) : Profit after tax / Total Equity
Interest Effect : Profit Before Tax / Profit before Interest &
Gearing Ratio : Total Assets / Total Equity
Return on Asset : Profit before Interest & Tax / Total
Tax Effect : Profit After Tax / profit Before Tax
2001
2002
(69,056.00)
12.05
18.61
14.5%
-37230.443
809,759
0.0537
14.52%
0.34%
-8.94%
2002
0.12
-1%
5.42
0%
-1%
8%
-1%
0.8602
2.8231
3%
0.73
2003
(72,287.00)
16.02
-25.11
14.3%
-38932.340
935,935
-0.0398
14.33%
-0.25%
-8.06%
2003
0.07
0%
6.89
0%
0%
6%
2002
0%
1.0568
5.0632
2%
0.48
2004
(106,253.00)
18.29
22.53
19.0%
-58697.265
970,682
0.0444
18.98%
0.36%
-11.65%
2004
0.06
0%
6.98
0%
0%
6%
2003
0%
0.9617
4.8520
2%
0.65
2005
(135,829.00)
15.83
16.61
26.5%
-78286.555
1,084,319
0.0602
26.50%
0.83%
-13.50%
2005
0.08
0%
5.27
0%
1%
8%
2004
1%
1.0465
4.2785
2%
0.68
2006
(583,991.00)
(125.76)
-6143.02
-32.7%
-250934.309
850,748
-0.0002
-32.73%
0.02%
-97.36%
2006
0.14
1%
3.77
0%
1%
14%
2005
1%
1.0641
3.6547
3%
0.60
2007
(150,030.00)
1.43
1.87
66.3%
-112239.729
328,963
-0.0659
66.33%
0.45%
-69.23%
2007
-1.25
0%
-3.06
0%
0%
-130%
2006
0%
0.9998
9.4218
-24%
0.99
2008
(17,981.00)
0.53
46.48
9.5%
-9438.044
257,787
0.5964
9.48%
1.43%
-7.24%
2008
0.24
0%
1.51
0%
0%
-7%
2007
0%
2.1498
9.0249
0%
-0.07
0.29
1%
10.54
0%
1%
2%
2008
1%
1.0220
8.9720
0%
0.60
2009
33,693.00
9.39
38.62
9.2%
17659.463
283,619
0.9765
9.21%
20.15%
11.18%
2009
2010
(92,956.00)
0.42
25.32
42.7%
-59112.664
312,827
0.5025
42.75%
3.56%
-36.64%
2010
0.38
20%
10.86
2%
11%
21%
2009
10%
1.0266
7.7002
2%
0.98
0.28
4%
2.34
0%
2%
7%
2010
2%
1.0411
5.2671
1%
0.50
Amounts in RM '000 unless otherwise stated

CONSOLIDATED STATEMENTS OF CASH FLOWS
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Cash flows from operating activities:

ProfIt bef're taxatign
Adjustments for:
Attribut!ble profits froi Deve,opment properties
Bad Deb s WrItten off
Profision for doubtful debts
Provision for doubtful debts sritten back
Inventories writTen off
Deprechation
Gain on disposal of prOperty, planp and equipment
Gain on disposal of an )nvEstment property
Gain on disposal of subsidiaries
AmOrtisation of goodwill
Interesp expenses
InterEst Income
Investments writte. off
Proper4y, plant and Equipment written off
Share of profit in assnciated companies
(Increase)/ ecrease in develOpment properties and
due from customers
for construction contracts
IncreAse in inventories
Decrease/(increase) in associated cgmpanie3 balances
(Increase)/ ecrease in receivables
Increas%/ (Decrease) in payables
Increa3e iN short term borrowings
Income taxes paid
In4erest paid
Interest received
Provision for impairment loss of a subsidiary under
Provision for liAbilities
Share O& results of associates
Payment for liqui`ated ascertained damages
Amortisation of discount on deferred progress billing
Development costs written off
Goodwill written off
Reversal of provision for doubtful debts
Reversal of waiver of debts
Provision for writedown in value of inventory
Provision for impairment loss in investment property
Provision for impairment loss in land held for
Allowance for doubtful receivables
Depreciation of property, plant and equipment
Allowance for writedown in inventories
Bad receivables written off
Amortisation of prepaid lease payments
Depreciation of investment properties
Reversal of provision for liquidated ascertained
Reversal of allowance for doubtful receivables
Waiver of interest
Reversal of allowance for writedown in inventories
Share of results of jointly controlled entities
(Increase)/decrease in property development costs
(Increase)/decrease in inventories
Impairment loss on goodwill
Write back of accrued expenses
Waiver of debts
NET CASH FLOW GENERATED FROM/(USED IN)

OPERATING ACTIVITIES
Cash flows from investing activities:
Increase in long term payaBles
Development cort of investment properties
Proceeds from disposal of an investment property
Development expenditure on l!nd held for development
PuRchases of property, plant and equipment
Proceeds from disposal of property, plant and
Acquisition of subsidiaries, nET of cash acq5Ired
Pro#eeds from disposal of deconsklidated subsidiaries in
prior year
Subscrippion of additional shares in associated
53,279.00
45,891.00
58,333.00
71,099.00
(79,053.00)
219.00
506.00
0.00
517.00
11,674.00
(255.00)
0.00
0.00
603.00
19,050.00
(8,812.00)
384.00
0.00
(1,616.00)
(82,870.00)
1,629.00
233.00
0.00
18.00
14,262.00
(203.00)
(507.00)
0.00
747.00
62,966.00
(15,175.00)
0.00
447.00
(2,796.00)
(93,797.00)
4,226.00
414.00
0.00
0.00
11,003.00
(347.00)
0.00
(8,666.00)
748.00
16,534.00
(16,518.00)
0.00
208.00
0.00
(149,451.00)
216.00
4,796.00
(280.00)
2.00
10,178.00
(40.00)
0.00
(28,966.00)
429.00
20,740.00
(10,475.00)
0.00
612.00
0.00
(29,181.00)
(360,939.00)
186,390.00
373,223.00
268,660.00
439,222.00
(8,252.00)
(7,644.00)
(6,017.00)
46,549.00
22,459.00
(10,976.00)
(32,329.00)
8,812.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(5,281.00)
1,575.00
(52,702.00)
231,270.00
8,874.00
(36,237.00)
(62,966.00)
15,175.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(3,919.00)
0.00
4,733.00
(100,068.00)
0.00
(14,610.00)
(91,329.00)
16,518.00
332.00
936.00
(2,110.00)
(49.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(50,274.00)
0.00
(35,037.00)
89,658.00
0.00
(29,667.00)
(66,293.00)
10,475.00
0.00
17,567.00
(4,245.00)
(5,070.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(24,505.00)
0.00
21,656.00
(398,525.00)
0.00
(5,222.00)
(67,398.00)
8,504.00
0.00
2,350.00
0.00
(12,222.00)
43,544.00
0.00
2,291.00
(17.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(84,230.00)
0.00
(149,188.00)
206,448.00
0.00
(1,592.00)
(41,936.00)
3,628.00
0.00
116,651.00
0.00
(2,803.00)
39,194.00
4,000.00
1,369.00
0.00
2,339.00
23,888.00
17,000.00
78,155.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(24,502.00)
(35,221.00)
0.00
(6,772.00)
(24,022.00)
3,799.00
0.00
0.00
0.00
(154.00)
26,133.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
22,982.00
7,709.00
1,369.00
14,162.00
698.00
0.00
(2,515.00)
(17,437.00)
(20,083.00)
(236,589.00)
(31,038.00)
219,197.00
4,288.00
41,094.00
104,763.00
(2,204.00)
68,872.00
7,326.00
0.00
(524.00)
0.00
(7,971.00)
(15,942.00)
731.00
0.00
455,900.00
0.00
22,800.00
(355,994.00)
(7,611.00)
3,497.00
(7,436.00)
0.00
(575.00)
0.00
(9,736.00)
(6,805.00)
1,726.00
(266.00)
0.00
0.00
0.00
(47,152.00)
(6,337.00)
582.00
(24,531.00)
0.00
0.00
5,849.00
(33,795.00)
(9,836.00)
2,306.00
16,231.00
0.00
0.00
0.00
0.00
(1,000.00)
943.00
(899.00)
0.00
0.00
0.00
(60,355.00)
(325.00)
305.00
0.00
0.00
0.00
63,500.00
(36,253.00)
(2,729.00)
131.00
0.00
0.00
0.00
300.00
(8,116.00)
(2,249.00)
410.00
0.00
0.00
0.00
0.00
0.00
(2,704.00)
605.00
0.00
13,574.00
(5,760.00)
0.00
(6,440.00)
0.00
(27,778.00)
130,746.00
0.00
7.00
9,020.00
0.00
0.00
9,916.00
(63.00)
0.00
921.00
68.00
22,992.00
(8,504.00)
0.00
69.00
0.00
(780,290.00)
0.00
14,473.00
99,635.00
0.00
0.00
7,699.00
(2,367.00)
12,107.00
(4,766.00)
0.00
35,150.00
(3,628.00)
0.00
10,936.00
0.00
982.00
0.00
0.00
0.00
0.00
0.00
0.00
(114.00)
0.00
(3,321.00)
0.00
57,398.00
(3,799.00)
0.00
83.00
0.00
0.00
(1,330.00)
660.00
85,488.00
2,487.00
0.00
0.00
0.00
3,548.00
60,563.00
17,245.00
0.00
0.00
0.00
0.00
0.00
0.00
124.00
(23,451.00)
(18,474.00)
0.00
67,085.00
(2,005.00)
0.00
77.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
313.00
233.00
0.00
0.00
53,573.00
(1,701.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(307.00)
0.00
(774.00)
0.00
50,498.00
(2,034.00)
2,295.00
0.00
0.00
(6,684.00)
(26,325.00)
4,340.00
0.00
132,095.00
(52,848.00)
0.00
(83.00)
(5,249.00)
1,701.00
0.00
738.00
0.00
(1,440.00)
0.00
41.00
0.00
0.00
0.00
0.00
0.00
0.00
17,071.00
7,602.00
1,617.00
409.00
695.00
4,102.00
0.00
(2,465.00)
(62,277.00)
0.00
869.00
0.00
0.00
0.00
(1,385.00)
(82,958.00)
3,193.00
0.00
(175,357.00)
117,993.00
0.00
(39.00)
(433.00)
2,034.00
0.00
0.00
0.00
(767.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
22,676.00
6,899.00
1,412.00
320.00
696.00
2,577.00
(2,305.00)
(13.00)
0.00
0.00
(1,744.00)
0.00
0.00
1,586.00
0.00
(12,000.00)
0.00
0.00
0.00
158,133.00
(105,978.00)
0.00
3,704.00
(14,930.00)
2,005.00
0.00
8,912.00
0.00
(1,342.00)
0.00
9,588.00
0.00
0.00
(3,700.00)
0.00
0.00
0.00
14,083.00
7,586.00
7,030.00
2,704.00
695.00
106.00
(38,247.00)
(36,437.00)
(2,300.00)
(603.00)
(249.00)
(21,532.00)
(18,336.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Amount paid to land vendor

Investment in associates
Net cash outflow arising on disposal, representing cash
and
Advances from jointly controlled entities
Investment in jointly controlled entities
Net cash inflow arising from acquisition of subsidiaries
Repayment of advances from jointly controlled entities
Net change in associates balances
NET CASH FLOW FROM INVESTING ACTIVITIES

Cash flows from financing activities:
Net shares sold/(bought back)
Placement kf deposits he,$ b9 tRustees
Net rapaymeNt of tebm loa.s
Net (repaymeNt)/drawdown of h)re purchase and lease
financang
et repayment of block discounting aN$ bri`ging lOan
Proceeds from issuance of shares, net of expenses
Proceeds from issuance of bknds
Net drawdown of Islamic financ)ng facility
Acquishtion of shares from a mInoritY sha2eholder
Div)dend paid
Net proceeds from sale of future progress billing
Proceeds from exercise of warrants
Placement with an Escrow account
Redemption of bonds
Redemption of BaIDS
Net drawdown of short term borrowings
Repurchase of treasury shares
Proceeds from disposal of treasury shares
Repayment of deferred progress billings
Net repayment of Islamic debt securities
Housing development accounts
pledged as security values
Bank balances released as
security values
Deposits with licensed banks
pledged as security values
NET CASH FLOW FROM FINANCING ACTIVITIES

NET INCREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT
BEGINNING OF THE FINANCIAL YEAR
EFFECT OF EXCHANGE RATE CHANGES
CASH AND CASH EQUIVALENTS CARRIED FORWARD
ANALYSIS OF CASH AND CASH EQUIVALENTS
Deposits with financial institutions
Bank Overdraf
Less: Deposit placement by an insurance subsidiay
Less: Remisiers' deposits held in trust
Less: Clients' monies held in trust
Less: Trust accounts
Less: Security retainer accumulation fund
Add: Cash and cash equivalesnts classified as held for
sale
TOTAL
Cash Ratio: (Cash / Current Liability)
Cash flow/Total liabilities(Debt)
0.00
0.00
0.00
0.00
0.00
0.00
(97,483.00)
0.00
0.00
(94,844.00)
0.00
0.00
(156,800.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(15,892.00)
104,716.00
(140,917.00)
(172,282.00)
(176,045.00)
0.00
(8,660.00)
(60,930.00)
(9.00)
(147,970.00)
(75,504.00)
(111.00)
(138,748.00)
(2,278.00)
97.00
246,806.00
(35,279.00)
0.00
48,736.00
(15.00)
2,313.00
(7,033.00)
24,890.00
126,748.00
0.00
(12,800.00)
(4,306.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(2,134.00)
(530.00)
(659.00)
(362.00)
0.00
0.00
709,000.00
0.00
(4,650.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(1,925.00)
0.00
0.00
180,000.00
0.00
(4,650.00)
0.00
0.00
0.00
(40,000.00)
0.00
6396
0.00
0.00
0.00
0.00
(2,561.00)
0.00
0.00
0.00
0.00
(6,197.00)
695,224.00
54,439.00
(168,117.00)
0.00
(900,000.00)
3,353.00
0.00
0.00
0.00
0.00
1,320.00
1,131.00
0.00
0.00
71,172.00
0.00
(22,510.00)
0.00
0.00
73,505.00
(110,000.00)
140,000.00
124,166.00
(5,701.00)
5,862.00
(251,938.00)
0.00
(39,000.00)
(9,988.00)
(4.00)
0.00
(11,572.00)
0.00
(226.00)
(541.00)
(1,312.00)
0.00
0.00
0.00
0.00
0.00
(29,356.00)
0.00
0.00
0.00
0.00
(23.00)
6,879.00
0.00
889.00
652.00
0.00
29,442.00
(500.00)
0.00
0.00
0.00
0.00
(10.00)
518.00
15,906.00
(169.00)
0.00
0.00
0.00
2,574.00
62.00
(50,170.00)
(52,500.00)
40,707.00
(22,766.00)
514.00
0.00
5,535.00
0.00
0.00
9,488.00
0.00
0.00
(2,991.00)
0.00
0.00
1,078.00
(36,535.00)
0.00
4,525.00
(17,304.00)
(334.00)
(1,038.00)
(503.00)
(16.00)
0.00
0.00
0.00
0.00
(7,529.00)
0.00
(722.00)
0.00
0.00
35,995.00
0.00
(10,000.00)
(1,140.00)
(844.00)
0.00
(38,914.00)
0.00
3,370.00
0.00
0.00
0.00
0.00
(720.00)
0.00
0.00
58,617.00
0.00
0.00
(44,342.00)
0.00
0.00
(68,323.00)
(8,500.00)
65,865.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(31,382.00)
0.00
0.00
0.00
(59,228.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(1,207.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(1,223.00)
2,613.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,722.00
1,896.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
60,222.00
24,247.00
478,371.00
346,498.00
(1,846.00)
(173,801.00)
(112,894.00)
(65,979.00)
75,728.00
(96,029.00)
102,133.00
(31,890.00)
(7,334.00)
341,931.00
168,121.00
309.00
(7,334.00)
(26.00)
339,138.00
(9.00)
168,121.00
(9.00)
102,133.00
198,771.00
310,456.00
198,771.00
310,456.00
28,764.00
373,092.00
(36,098.00)
(33,954.00)
(7,334.00)
339,138.00
737,972
1,568,026
(0.010)
-0.47%
892,337
2,906,747
0.380
11.67%
868,459
2,897,199
0.194
5.80%
2,363,708
4,352,317
0.043
2.35%
(17,953.00)
(27,029.00)
(51,448.00)
815.00
(28,239.00)
10,264.00
(157.00)
167.00
(36,338.00)
9,768.00
(8,103.00)
(263.00)
6,065.00
720.00
4,098.00
2,254.00
(1,171.00)
21,684.00
720.00
2,563.00
4,098.00
407.00
14,769.00
(13,193.00)
(1,171.00)
(8.00)
(1,442.00)
112,615.00
74,515.00
15,282.00
22,281.00
17,517.00
12,133.00
112,615.00
74,515.00
15,282.00
22,281.00
17,517.00
12,133.00
2,651,951
3,234,858
0.000
0.02%
2,666,738
3,260,395
0.002
0.13%
2,557,160
3,106,497
0.006
0.48%
2,383,500
3,037,443
(0.000)
-0.04%
1,797,727
3,227,739
(0.001)
-0.04%
(39.00)
6,065.00
1,851,039
3,925,817
0.003
0.15%
ISSUES AND
BASIC
QUESTIONS :
1. IF SHARE PRICE IS TO BE RISEN BY 30% - WHAT SHOULD BE DONE ?
2. HOW CAN WE IMPROVE OVERALL PERFORMANCE BY ALTERING THE DU-PONT FACTORS?
3. HOW CAN WE ACHIEVE THE REVENUE AND PROFIT TARGET BY ALTERING :
A. SALE PRICE
B. VARIABLE COSTS
C. FIXED COSTS
NEW PRICE - PROJECTED
INCREASED IN PRICE PERCENTAGE
NEW EPS
NEW PAT
NEW ROE
1. SHARE
PRICE
1.39
30%
0.0245493
11728.6
2%
QUESTION 1 :
IF SHARE PRICE IS TO BE RISEN BY 30%...
WHAT ARE THE STEP THAT MUST BE TAKEN UP ?
NEW PRICE
1.391
INCREASED IN
30% THE DECISION
PRICE
EPS
0.018884077
PER
56.66149302
PAT
9,022.00
NEW EPS
0.0245493
477,757.00
NEW PAT
11728.6
9,022.00
NEW ROE
2%
EPS X PER
1.07
2. EARNING
PER SHARE
PAT/NO. OF SHARE
NO. OF SHARE
0.02
NEW PAT
3. RETURN ON
PAT/TOTAL EQUITY
EQUITY
TOTAL
EQUITY
0.01
612,816.00
1%
RETURN ON EQUITY - SYSTEM
QUESTION 2 :
CAN WE IMPROVE THE DU-PONT COMPONENT TO IMPROVE
ROE AND EPS
PBT
4. FINANCING
COSTS
17,954.00
NEW PBIT/PBT
1. REDUCE
INTEREST
EXPENSE
PBIT/PBT
PBIT
98%
17,245.00
1.04
5. GEARING
RATE
TOTAL
ASSETS
3,227,739.00
TOTAL
EQUITY
612,816.00
TA/TE
5.27
NEW TA/TE
2. INCREASE
GEARING
3. INCREASE ROA
PBIT
6. RETURN ON
PAT/TA
ASSETS
0.01
NEW PAT/TA
30%
17,245.00
NEW ROA
TOTAL
ASSETS
0%
3,227,739.00
NEW GP/R
4. INCREASE
PROFIT
7. PROFIT
MARGIN
GROSS
PROFIT
108,457.00
NEW GROSS
PROFIT
REVENUE
253,714.00
NEW REVENUE
43%
104684.6
GP/R
244889.2059
0.43
NEW R/TA
REVENUE
8. ASSETS
TURNOVER
253714
5. INCREASE
ASSETS
TURNOVER
1.6
NEW ASETS
TURNOVER
0.075870201
R/TA
TOTAL
ASSETS
0.08
3,227,739.00
NEW PBT/PAT
6. IMPROVE
TAX FACTOR
9. TAX
FACTOR
PAT
PBT/PAT
9,022.00
90%
PBT
17,954.00
NEW ROE
106%
0.50
NEW EPS
REQUIRED
PROFIT
10. REVENUE
REQUIRED
(P+O)/PM
OVERHEADS
244,889.21
PROFIT
MARGIN
REQUIRED
PROFIT
11. PRICE
INCREASED
11728.6
92,956.00
43%
11728.6
(P+O)/PM
NEW SITUATIONCURRENT SITUATION

OVERHEADS
92,956.00
253,714.00
NEW PROFIT
MARGIN
REQUIRED
PROFIT
41%
PRICE
VARIABLE
COST
PROFIT
MARGIN
100%
57%
57% PRICE CHANGE
41%
43%
-1%
11728.6
12. VARIABLE
COSTS
(P+O)/PM
REDUCTION
NEW SITUATIONCURRENT SITUATION

OVERHEADS
92,956.00
253,714.00
NEW PROFIT
MARGIN
REQUIRED
PROFIT
13. FIXED
COST OVERHEADS
99%
41%
PRICE
VARIABLE
COST
PROFIT
MARGIN
NEW
OVERHEADS
96728.40
59%
57% VC CHANGE
41%
43%
2.60%
43%
96,728.40
0 OVERHEADS CH
OLD
OVERHEADS
253,714.00
PROFIT
MARGIN
100%
11728.6
(P+O)/PM
NEW
OVERHEADS
100%
92,956.00
4%
RETURN ON EQUITY
Profit after Tax

Total Equity
ROE
ROE (%)
2,000
33,547.00
555,434.00
0.06
0.06
2001
23,346.00
574,095.00
0.040665743
4.07%
2002
36,727.00
597,113.00
0.061507621
6.15%
2003
50,730.00
1,017,244.00
0.049870041
4.99%
2004
83,645.00
1,074,190.00
0.077867975
7.79%
2005
(771,923.00)
343,337.00
-2.248295407
-224.83%
2006
982.00
361,266.00
0.002718219
0.27%
2007
3,548.00
346,243.00
0.010247139
1.02%
2008
60,715.00
394,463.00
0.153918111
15.39%
2009
9,022.00
612,816.00
0.0147222
1.47%
DU PONT
DECOMPOSITION
Profit Before Tax
Profit Before Interest &
Tax
Financial Charges
(Interest Effect)
Interest Rate = 100% Interest Effect
Total Assets
Total Equity
Financial Structure
(Gearing/Leverage Effect)
Overall Effect of Gearing
2,000
53,279.00
2001
45,891.00
2002
58,333.00
2003
71,099.00
2004
130,746.00
2005
(780,290.00)
2006
(6,936.00)
2007
5,821.00
2008
60,563.00
2009
17,245.00
45,828.00
48,497.00
56,099.00
74,402.00
139,122.00
(780,163.00)
(14,911.00)
5,949.00
62,173.00
17,954.00
1.16
94.63%
103.98%
95.56%
93.98%
100.02%
46.52%
97.85%
97.41%
96.05%
(0.16)
5.37%
-3.98%
4.44%
6.02%
-0.02%
53.48%
2.15%
2.59%
3.95%
2,000
1,568,026.00
555,434.00
2001
2,906,747.00
574,095.00
2002
2,897,199.00
597,113.00
2003
4,352,317.00
1,017,244.00
2004
3,925,817.00
1,074,190.00
2005
3,234,858.00
343,337.00
2006
3,260,395.00
361,266.00
2.82
5.06
4.85
4.28
3.65
9.42
9.02
(0.46)
27.21%
-19.32%
18.99%
22.00%
-0.15%
482.69%
2,000
Profit Before Interest &
Tax
Total Assets
Return on Assets (Assets
Productivity Effect)
ROA (%)
2001
2002
2003
2004
2005
53,279.00
45,891.00
58,333.00
71,099.00
130,746.00
(780,290.00)
1,568,026.00
2,906,747.00
2,897,199.00
4,352,317.00
3,925,817.00
3,234,858.00
0.03
0.0158
0.0201
0.0163
0.0333
(0.2412)
0.03
1.58%
2.01%
1.63%
3.33%
33,547.00
567,373.00
0.06
23,346.00
772,529.00
3.02%
36,727.00
897,003.00
4.09%
50,730.00
911,985.00
5.56%
Revenue
Total Assets
Assets Turnover
567,373.00
1,568,026.00
0.36
772,529.00
2,906,747.00
0.27
897,003.00
2,897,199.00
0.31
Profit after Tax

Profit Before Tax
Tax Effect
2,000
33,547.00
45,828.00
0.73
2001
23,346.00
48,497.00
48.14%
2002
36,727.00
56,099.00
65.47%
Profit After Tax

Revenue
Profitability
2006
(6,936.00)
2007
3,106,497.00
346,243.00
2008
3,037,443.00
394,463.00
2009
3,227,739.00
612,816.00
8.97
7.70
5.27
19.30%
19.94%
20.80%
2007
2008
2009
5,821.00
60,563.00
17,954.00
3,106,497.00
3,037,443.00
3,227,739.00
(0.0021)
0.0019
0.0199
0.0056
-24.12%
-0.21%
0.19%
1.99%
0.56%
83,645.00
1,006,032.00
8.31%
(771,923.00)
599,814.00
-128.69%
982.00
216,723.00
0.45%
3,548.00
248,349.00
1.43%
60,715.00
301,278.00
20.15%
9,022.00
253,714.00
3.56%
911,985.00
4,352,317.00
0.21
1,006,032.00
3,925,817.00
0.26
599,814.00
3,234,858.00
0.19
216,723.00
3,260,395.00
0.07
248,349.00
3,106,497.00
0.08
301,278.00
3,037,443.00
0.10
253,714.00
3,227,739.00
0.08
2003
50,730.00
74,402.00
68.18%
2004
83,645.00
139,122.00
60.12%
2005
(771,923.00)
(780,163.00)
98.94%
2007
3,548.00
5,949.00
59.64%
2008
60,715.00
62,173.00
97.65%
2009
9,022.00
17,245.00
52.32%
3,260,395.00
2006
982.00
(14,911.00)
-6.59%
Effective Tax Rate = 100%

- Tax Effect
0.27
51.86%
34.53%
31.82%
39.88%
1.06%
106.59%
40.36%
2.35%
47.68%
ROE
0.08
3.64%
6.65%
4.55%
6.88%
-224.90%
0.06%
0.98%
14.60%
1.47%
2,000
33,547.00
567,373.00
2001
23,346.00
772,529.00
2002
36,727.00
897,003.00
2003
50,730.00
911,985.00
2004
83,645.00
1,006,032.00
2005
(771,923.00)
599,814.00
2006
982.00
216,723.00
2007
3,548.00
248,349.00
2008
60,715.00
301,278.00
2009
9,022.00
253,714.00
0.06
0.03022022
0.04094412
0.05562591
0.08314348
(1.28693728)
0.00453113
0.01428635
0.20152484
0.03555972
2,000
567,373.00
1,568,026.00
0.36
2001
772,529.00
2,906,747.00
0.26577098
2002
897,003.00
2,897,199.00
0.30961042
2003
911,985.00
4,352,317.00
0.209540114
2004
1,006,032.00
3,925,817.00
0.256260544
2005
599,814.00
3,234,858.00
0.185422049
2006
216,723.00
3,260,395.00
0.066471394
2007
248,349.00
3,106,497.00
0.079945031
2008
301,278.00
3,037,443.00
0.099188034
2009
253,714.00
3,227,739.00
0.078604249
2,000
1,568,026.00
555,434.00
2001
2,906,747.00
574,095.00
2002
2,897,199.00
597,113.00
2003
4,352,317.00
1,017,244.00
2004
3,925,817.00
1,074,190.00
2005
3,234,858.00
343,337.00
2006
3,260,395.00
361,266.00
2007
3,106,497.00
346,243.00
2008
3,037,443.00
394,463.00
2009
3,227,739.00
612,816.00
2.82
5.063181181
4.852011261
4.278537893
3.654676547
9.421815884
9.024915159
8.972013875
7.700197484
5.267060586
1,012,592.00
1,568,026.00
0.65
2.82
2,332,652.00
2,906,747.00
0.802495711
5.063181181
2,300,086.00
2,897,199.00
0.793899901
4.852011261
3,335,073.00
4,352,317.00
0.766275297
4.278537893
2,851,627.00
3,925,817.00
0.726377974
3.654676547
2,891,521.00
3,234,858.00
0.893863347
9.421815884
2,899,129.00
3,260,395.00
0.889195634
9.024915159
2,760,254.00
3,106,497.00
0.888542303
8.972013875
2,642,980.00
3,037,443.00
0.870133201
7.700197484
2,614,923.00
3,227,739.00
0.810140783
5.267060586
DU PONT ANALYSIS
Profit After Tax (Net
Profit)
Revenue (Sales)
Net Profit Margin
(Profitability
Total Revenue (Sales)

Total Assets
TATR
Total Assets
Total Equity
Financial Structure
(Gearing)
Total Liabilities
Total Assets
Debt Ratio
1/(1-Debt Ratio)
ROE
0.060
0.041
0.062
0.050
0.08
-2.25
0.003
0.01
0.15
0.015
Ratio Analysis of BAT

Year
2001
2002
2003
2004
2005
2006
50,730
4,352,317
83,645
3,925,817
2007
RM'000
Net Profit After Tax
Total Assets
Return on Assets
Year
33,547
1,568,026
23,346
2,906,747
2.1%
2001
0.8%
2002
36,727
2,897,199
1.3%
2003
1.2%
2004
2.1%
2005
(771,923)
3,234,858
-23.9%
2006
982
3,260,395
0.0%
2007
RM'000
Share Capital
Return on Investment
Year
33,547
215,300
23,346
215,300
15.6%
2001
10.8%
2002
36,727
215,300
50,730
600,290
17.1%
2003
8.5%
2004
83,645
619,868
13.5%
2005
(771,923)
641,028
-120.4%
2006
982
642,423
0.2%
2007
RM'000
Total Equity
Return on Equity
Year
33,547
555,434
23,346
574,095
6.0%
2001
4.1%
2002
36,727
597,113
50,730
1,017,244
6.2%
2003
83,645
1,074,190
5.0%
2004
7.8%
2005
(771,923)
343,337
-224.8%
2006
982
361,266
0.3%
2007
RM'000
Revenue
Cost of sales
Gross Profit = Revenue - Cost
of sales
Gross Profit Margin = Gross
profit / Revenue x 100%
Year
567,373
(462,655)
772,529
(660,378)
897,003
(768,493)
911,985
(738,878)
1,006,032
(739,457)
599,814
(796,113)
216,723
(72,969)
104,718
112,151
128,510
173,107
266,575
(196,299)
143,754
18.5%
2001
14.5%
2002
14.3%
2003
19.0%
2004
26.5%
2005
-32.7%
2006
66.3%
2007
RM'000
Total equity
Intangible assets / Goodwill
NTA = Total equity Intangible assets
Share Capital
Number of oustanding shares
= Share Capital / RM 0.50
555,434
0
574,095
0
597,113
0
1,017,244
0
1,074,190
0
343,337
0
361,266
0
1,177,632
1,283,528
597,113
1,017,244
1,074,190
343,337
361,266
215,300
142,765
142,765
142,765
142,765
142,765
142,765
430,600
285,530
285,530
285,530
285,530
285,530
285,530
NTA per share = NTA / no of

shares (RM)
Share price (RM)
Year
2.73
4.50
2.09
3.56
3.76
1.20
1.27
34.38
35.19
35.25
39.4
47.06
39.75
41.88
2001
2002
2003
2004
2005
2006
2007
RM'000
Revenue
Net Profit Margin = Net Profit
after tax / Revenue x 100%
567,373
33,547
772,529
23,346
5.9%
Year
Earnings per share (RM)
Share price (RM)
Price Earning Ratio = Share
price / EPS
2001
Year
2001
0.00
911,985
50,730
1,006,032
83,645
599,814
(771,923)
216,723
982
3.0%
4.1%
5.6%
8.3%
-128.7%
0.5%
12.05
35.19
2003
16.02
35.25
2004
18.29
39.4
2005
15.83
47.06
2006
(125.76)
39.75
2007
1.43
41.88
2.92
2.20
2.15
2.97
-0.32
29.29
2002
12.21
34.38
897,003
36,727
2002
2003
2004
2005
2006
2007
RM'000
Distribution and marketing
costs
Administrative expenses
Other operating expenses
Finance cost - interest
Total Overheads
Profit Margin Ratio / Gross
Profit Margin
Breakeven point =
Overhead/Profit Margin
Revenue
Safety Margins = (Revenue BEP)/BEP
Success Probability Factor =
Revenue / BEP
FINANCIAL LEVERAGE
RATIOS
Total Liabilities
8,666
28,966
-921
4,766
3,321
-24,670
-18,640
-16,525
(59,835)
-45,496
-22,205
-9,065
(76,766)
-86,737
0
-16
(78,087)
-142,256
0
-10,265
(123,555)
-156,608
0
-14,488
(172,017)
-576,230
0
-31,522
(602,986)
-156,509
0
-57,398
(210,586)
0.185
0.145
0.143
0.190
0.265
-0.327
0.663
(324,192)
(528,787)
(545,049)
(650,929)
(649,178)
567,373
772,529
897,003
911,985
-275.01%
-246.09%
-264.57%
-240.11%
-1.750
-1.461
-1.646
-1.401
2001
1,012,592
2002
2,332,652
2003
2,300,086
1,006,032
1,842,493
(317,479)
599,814
216,723
-254.97%
-67.45%
-168.26%
-1.550
0.326
-0.683
2004
2005
2006
3,335,073
RM'000
2,851,627
2,891,521
2007
2,899,129
Total Equity
Total Assets
Debt Ratio = Total Liabilities /
Total Assets
Debt-to-Equity Ratio = Total
Liabilities / Total Equity
Total Equity / Total Liabilities
Total Assets / Total Equity
Total Borrowing / Total Equity
ACTIVITY RATIOS
Revenue
Total Asset
Total Fixed Asset
Inventories
Average Inventories
Cost of Sales
Payables
Average Payables
Receivables
Average Receivables
Asset Turnover: Revenue /
Total Assets
Fixed Asset Turnover :
Revenue / Total Fixed Assets
Equity Turnover : Revenue /
Shareholder's Equity
Inventory Turnover : Revenue
/ Average Inventory
Debtors Turnover : Revenue /
Average Debtors
Receivables management :
(Average Receivables /
Revenue) x 365 days
Payables management :
(Average Payables /
Purchases) x 365 days
Inventories management :
(Average Inventories /
Purchases) x 365 days
Working Capital Turnover :
Receivables management +
Inventories management Payables management
555,434
1,568,026
574,095
2,906,747
597,113
2,897,199
1,017,244
4,352,317
1,074,190
3,925,817
343,337
3,234,858
361,266
3,260,395
0.6458
0.8025
0.7939
0.7663
0.7264
0.8939
0.8892
1.8231
4.0632
3.8520
3.2785
2.6547
8.4218
8.0249
0.5485
2.8231
1.8231
0.2461
5.0632
4.0632
0.2596
4.8520
3.8520
0.3050
4.2785
3.2785
0.3767
3.6547
2.6547
0.1187
9.4218
8.4218
0.1246
9.0249
8.0249
2001
2002
2003
2004
2005
2006
RM'000
1,006,032
599,814
3,925,817
3,234,858
1,491,687
1,535,355
80,163
73,817
(25,793)
(3,173)
(739,457)
(796,113)
349,055
147,771
(140,976)
(100,642)
80,516
106,994
(108,319)
13,239
2007
567,373
1,568,026
724,048
27,529
27,529
(462,655)
222,818
222,818
173,820
173,820
772,529
2,906,747
1,188,251
32,792
2,632
(660,378)
266,289
21,736
258,402
42,291
897,003
2,897,199
1,336,542
29,612
(1,590)
(768,493)
166,499
(49,895)
227,249
(15,577)
911,985
4,352,317
1,367,039
131,748
51,068
(738,878)
631,007
232,254
297,154
34,953
216,723
3,260,395
1,547,077
71,291
(1,263)
(72,969)
278,435
65,332
100,635
(3,180)
0.36
0.27
0.31
0.21
0.26
0.19
0.07
0.78
0.65
0.67
0.67
0.67
0.39
0.14
1.02
1.35
1.50
0.90
0.94
1.75
0.60
20.61
25.61
28.75
11.30
9.49
7.79
2.99
3.26
3.57
3.69
3.48
5.33
6.40
2.09
111.82
102.11
98.81
104.94
68.51
57.05
174.84
-175.79
-135.17
-102.78
-196.98
-241.88
-113.89
-1065.97
-21.72
-16.67
-14.82
-39.86
-52.30
-35.30
-362.92
265.89
220.60
186.77
262.07
258.09
135.65
877.89
LIQUIDITY RATIOS
2001
2002
2003
2004
2005
2006
2007
RM'000
Inventories
Current Assets
Current Liabilities
Current Ratio: Current Assets
/ Current Liabilities
Inventories) / Current
27,529
843,978
737,972
32,792
1,718,496
892,337
29,612
1,560,657
868,459
131,748
2,985,278
2,363,708
80,163
2,434,130
1,851,039
73,817
1,699,503
2,651,951
71,291
1,713,318
2,666,738
1.14
1.93
1.80
1.26
1.32
0.64
0.64
1.11
1.89
1.76
1.21
1.27
0.61
0.62
2008
2009
3,548
3,106,497
60,715
3,037,443
0.1%
2008
2010
9,022
3,227,739
2.0%
2009
0.3%
2010
ROA Profile
3,548
643,015
60,715
386,148
0.6%
2008
15.7%
2009
3,548
346,243
1.9%
2009
9,022
612,816
15.4%
5.0%
0.0%
2010
60,715
394,463
1.0%
2008
9,022
477,757
1.5%
2010
-5.0%
-10.0%
-15.0%
248,349
(224,796)
301,278
(273,539)
253,714
(145,257)
23,553
27,739
108,457
-20.0%
-25.0%
9.5%
2008
9.2%
2009
42.7%
2010
346,243
0
394,463
0
612,816
10,060
346,243
394,463
602,756
142,765
142,765
142,765
285,530
285,530
285,530
-30.0%
Year
1.21
1.38
2.11
43.14
42.36
44.86
2008
2009
248,349
3,548
301,278
60,715
1.4%
2008
2010
253,714
9,022
20.2%
2009
3.6%
2010
0.53
43.14
9.39
42.36
0.42
44.86
81.40
4.51
106.81
2008
2009
2010
18,474
-100,263
0
-67,085
(148,874)
-76,944
0
-53,573
(130,517)
-83,744
0
-56,028
(139,772)
0.095
0.092
0.427
(1,569,766)
(1,417,567)
(326,969)
248,349
301,278
253,714
-115.82%
-121.25%
-177.60%
-0.158
-0.213
-0.776
2008
2,760,254
2009
2,642,980
2010
2,614,923
346,243
3,106,497
394,463
3,037,443
612,816
3,227,739
0.8885
0.8701
0.8101
7.9720
6.7002
4.2671
0.1254
8.9720
7.9720
0.1492
7.7002
6.7002
0.2344
5.2671
4.2671
2008
2009
2010
248,349
3,106,497
1,544,446
74,723
1,716
(224,796)
241,287
(18,574)
88,668
(5,984)
301,278
3,037,443
1,540,822
68,766
(2,979)
(273,539)
288,626
23,670
92,883
2,108
253,714
3,227,739
1,619,790
66,539
(1,114)
(145,257)
457,262
84,318
217,308
62,213
0.08
0.10
0.08
0.16
0.20
0.16
0.72
0.76
0.41
3.40
4.20
3.75
2.62
3.32
1.64
139.11
109.98
223.12
-421.93
-353.55
-937.13
-118.54
-95.73
-170.00
442.50
367.79
990.26
2008
2009
2010
74,723
1,562,051
2,557,160
68,766
1,496,621
2,383,500
66,539
1,607,949
1,797,727
0.61
0.63
0.89
0.58
0.60
0.86
10
Return on Assets
Net Tangible Assets
2001
No of shares
Total Equity
Goodwill
NTA
NTA per share
NTA = TA-G-IA
NTA/S= NTA-TL/NOS
215,300.00
555,434.00
0.00
555,434.00
2.58
2002
215,300.00
574,095.00
0.00
574,095.00
2.67
2003
2004
2005
215,300.00
600,290.00
619,868.00
597,113.00 1,017,244.00 1,074,190.00
0.00
0.00
0.00
597,113.00 1,017,244.00 1,074,190.00
2.77
1.69
1.73
2006
641,028.00
343,337.00
0.00
343,337.00
0.54
2007
642,423.00
361,266.00
0.00
361,266.00
0.56
2008
643,015.00
346,243.00
0.00
346,243.00
0.54
2009
386,148.00
394,463.00
0.00
394,463.00
1.02
2010
477,757.00
612,816.00
10,060.00
602,756.00
1.28
RM'000
Year
2000
2001
2002
2003
2004
2005
2006
(780,163)
(14,911)
1,006,032
599,814
216,723
13.83%
-130.07%
-6.88%
Profit Before Interest and Tax
45,828
48,497
56,099
74,402
139,122
Revenue
567,373
772,529
897,003
911,985
8.08%
6.28%
6.25%
8.16%
Return on Sales
40.00%
20.00%
0.00%
-20.00% Year
Success Probability
BEP vs Revenue
-40.00%
-60.00%
-80.00%
-100.00%
-120.00%
-140.00%
Factor
Profit Before
Interest and Tax
2009
2008
2007
2006
2005
2004
2003
2002
#REF!
2001
1,200,000
1.20
1,000,000
1.00
800,000
0.80
600,000
400,000
0.60
200,000
0.40
0
0.20
(200,000)
(400,000)
0.00
(600,000) Year
(800,000)
(1,000,000)
2000
Return on Sales
Revenue
2007
2008
62,173
17,954
248,349
301,278
253,714
2.40%
20.64%
7.08%
Return on
Profit Before
Interest and Tax
Revenue
2009
5,949

Talam Corporation Berhad - Final

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Talam Corporation Berhad - Final

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Amounts in RM millions unless otherwise stated

10 YEAR FINANCIAL SUMMARY

Amounts in RM million unless otherwise stated

CONSOLIDATED BALANCE SHEETS

Amounts in RM million unless otherwise

EQUITY AND LIABILITIES

CONSOLIDATED BALANCE SHEETS

EQUITY AND LIABILITIES

CONSOLIDATED BALANCE SHEETS

EQUITY AND LIABILITIES

0.6409 0.6425 0.6109 0.6279

Quick Ratio: (Current Assets

Current Ratio: Current Assets /

ASSETS TURNOVER RATIOS

Asset Turnover: Sales

Working Capital Ratio

2001 2002 2003 2004 2005 2006 2007 2008-3.01

Inventory turnover (Cost of

Fixed Assets Turnover

Working Capital (Current

Fixed Asset Turnover :

Quick Ratio: (Current Assets

ASSETS TURNOVER RATIOS

2001 2002 2003 2004 2005 2006 2007

2001 2002 2003 2004 2005 2006 2007 2008

Working Capital (Current

FINANCIAL LEVERAGE RATIOS

0.8939 0.8892 0.8885 0.8701

Debt Ratio = Total Liabilities /

Debt-to-Equity Ratio = Total

FINANCIAL LEVERAGE RATIOS

CONSOLIDATED STATEMENTS OF INCOME

-30.3% 456.3% -100.0%

FINANCIAL LEVERAGE RATIOS

Amounts in RM '000 unless otherwise stated

Cash flows from operating activities:

NET CASH FLOW GENERATED FROM/(USED IN)

Amount paid to land vendor

NET CASH FLOW FROM INVESTING ACTIVITIES

NET CASH FLOW FROM FINANCING ACTIVITIES

RETURN ON EQUITY - SYSTEM

NEW SITUATIONCURRENT SITUATION

57% PRICE CHANGE

NEW SITUATIONCURRENT SITUATION

Profit after Tax

Profit after Tax

Profit After Tax

Effective Tax Rate = 100%

Total Revenue (Sales)

Ratio Analysis of BAT

NTA per share = NTA / no of

Net Tangible Assets

Profit Before Interest and Tax

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