Start Date End Date

Template Version
#REF!

Version

Remarks

Figures (except per shares items) in

10
2014

9
2013

Cash
Inventories
Trade Receivables
Other Receivables
Amount owing by contract customer
Amount owing by related company
Short Term Investment
Derivatives Assets
Tax Refundable
Marketable securities
Tax Recovareble
Other Current Assets
Total Current Asset

267,077
40,041
376,623

23,837
680
287,549

13
420
9,420
693,594

44
734
42031
354,875

Total Current Asset

693,594

354,875

Property, Plant and Equipment

Intengible Assets
Land use right
Available for sale assets
Investments - subsidiaries
Investments - in joint venture
Investments - Properties
Investments in associates
Long Term Assets held for Sales
Intangible Assets
Goodwill
Deferred Tax Asset
Other receivables
Total Non Current Asset

1,023,958
109
4,420
15733

232,313
114
4516
11391

357,965
15,155
29,211

153,498
15,175
29,016

1,148
1,981
1,449,680

446,023

Total Non Current Asset

1,449,680

446,023

Trade Payables
Other Payables
Amount owing to contract customer
Amount owing to holding company
Amount owing to related company
Derivative liabilities
short term Borrowing
Loan and Borrowing
Bank Overdraft
UNFAVOURABLE CONTRACTS
Provision for taxasion
Total Current Liabilities

180,795

65,006

127

120

621,739

309,135

24,577
12198
839,436

647
374,908

Total Current Liabilities

839,436

374,908

Loan and Borrowing

Net employee defined benefit liabilities

668394
7,669

139406

Balance Sheet

UNFAVOURABLE CONTRACTS
Deferred Tax Liabilities
Other Non Current Liabilities
Total Non Current Liabilities

75,483
11,246

2,796

762,792

142,202

Total Non Current Liabilities

762,792

142,202

Issued Capital
Share Premium
Retained Earnings
Capital Reserves
Other Equities
Total Shareholder Equity
Non controllings interests
Total Shareholder Equity

258,200
112,941
146,642
17,344

200,355
8,076
84,345
-11,544

535,127
5,919
541,046

281,232
2,556
283,788

2,143,274
1,602,228
541,046
2,143,274

800,898
517,110
283,788
800,898

Minority Interest
Share Application Monies
Total Asset
Total Liabilities
Total Equity
Total Equity + Liabilities
Check Sum

PASS

PASS

Income Statement
2014
941,861
-867,342
74,519

2013
865,221
-780,639
84,582

74,519
3,694
1
381
58,497

84,582
3,037
2
406
4,346

-63,741
-28,971
35,686
-1,316
78,750

-29,954
-17,286
267
-427
44,973

78,750
78,750

44,973
44,973

Profit before Tax

Income Tax Expense
Profit from Discontinued Operations
Net Profit (Derrived)

78,750
-8,958

44,973
-8,156

69,792

36,817

Net Profit

69,792

36,817

Net Profit to NCI

Net Profit to Shareholder

17,475
52,317

-8,080
44,897

Revenue
Cost of Goood Sold
Gross Profit (Derrived)
Gross Profit
Interest income
Dividend income
Rental income
Other Operating Income
Selling and distribution
Admin expenses
Finance cost
share results of joint ventures
Share results of associates
Operating Profit (Derrived)
Operating Profit (Manual)
Operating Profit
Profit before Tax (Derrived)

Changes in Other Comprehensive Income

-652

-9,070

Total Comprehensive Income (Derrived)

Total Comprehensive Income (Manual)
Total Comprehensive Income

69,140
51,665
51,665

27,747

Total Comprehensive Income to NCI

Total Comprehensive Income to Shareholder

0
51,665

-300,779
328,526

Depreciation
Amortization
Depreciation & Amortization

11,376

10,761

11,376

10,761

65.30
65.30

56.10
56.10

80,118
80,064
80,064

80,030
80,064
80,064

25.00

20.00

EPS (Sen)
EPS - Diluted (Sen)
Weighted Average Shares (Derrived)
Weighted Average Shares (Manual)
Weighted Average Shares
DPS (Sen)

27,747

Est Gross Dividend Payout

Dividend Payout %

Adjusted EPS (Sen)

Adjusted DPS (Sen)

Tax Rate (Derrived)

Tax Rate (Manual)
Tax Rate
Interest (Derrived)
Interest (Manual)
Interest
Interest Rate (Derrived)
Interest Rate (Manual)
Interest Rate

11.375%

18.135%

11.375%

18.135%

#REF!

#REF!

#REF!

#REF!

Total Operating Cost (Derrived)

Total Operating Cost (Manual)
Total Operating Cost
Total Cost (Derrived)
Total Cost (Manual)
Total Cost

58,342

47,400

58,342

47,400

872,069

828,404

872,069

828,404

EBIT (Derrived)
EBIT (Manual)
EBIT

EBITDA (Derrived)
EBITDA (Manual)
EBITDA

NOPAT (Derrived)
NOPAT (Manual)

69,792

36,817

NOPAT

69,792

36,817

Income Statement (Per Share Items)

RPS
EPS
EPS - Diluted
DPS
Adjusted EPS
Adjusted DPS

0.65
0.65
0.25

0.56
0.56
0.20
-

Cash Flow Statement

OCF (Before WC Change)
(Increase) / Decrease in Inventories
(Increase) / Decrease in amount owing by contract customer
(Increase) / Decrease in Receivables
Other current assets
Increase / (Decrease) in Payables
Short term deposits
Employee Benefits
Cash From Operation

62,961
-36,946

80,713
-25

-78,465
32,611
10,960

-70,017
-23,379
-17,903
238

-8,879

-30,373

-8,879

-30,373

Tax Paid
Prepayment
Interest Paid
Intrest received
Operating Cash Flow (Derrived)

-11,543

-8,531

-26,502
3,694
-43,230

-16,192
3,037
-52,059

Operating Cash Flow

-43,230

-52,059

-3,118
4,324
1

-23,186
606
2

-3

-8

Cash from Operations

Purchase of PPE
Proceeds from Disposal of PPE
Dividend received
Investment in quoted share
Investment in golf club membership
Acquisition of treasury shares
Purchase of Marketable Securities
Proceeds from Disposal of Marketable Securities
Purchase intangible assets
Proceeds from Disposal of Subsidiary
Purchase of Short Term Invesment
Proceeds from Disposal of Short Term Invesment
Purchase of Assets held for Sales
Proceeds from Disposal of Assets held for Sales
Purchase of Investments - Properties
Proceeds from Disposal of Investments - Properties
Purchase of Investments - Subsidiary
Proceeds from Disposal of assets held for sale
Purchase of Investments - Associates
Proceeds from Disposal of Investments - Associates
Purchase of Investments - JV
Proceeds from Disposal of Investments - JV
Purchase of Investments associates
Proceeds from Disposal of land use rights

-322

576

-44,105

-124,212

-193

-26,392

Interest Received
Net cashflow on acquisition of subsidiaries
Investing Cash Flow (Derrived)

-358,320
-401,414

-172,936

Investing Cash Flow

-401,414

-172,936

Dividends Paid
Advance from director
Short term borrowings
Placement of fixed deposite
Share issuance expense
Drawdown - Loans
Repayment - Loans
Proceeds from issuance of shares
Repayment of obligence under finance
Proceeds - non controlling interetes
Repayment - Creditors
Other Financing Cash Impact
Financing Cash Flow (Derrived)

-4,132
84,572
62,899
-66,914
-412
404,647
-32,502
163,122
-3,826

-3,757

607,454

218,914

Financing Cash Flow

607,454

218,914

Net Cash (Derrived)

162,810

-6,081

Net Cash

162,810

-6,081

7,323
-1,235
216,777
-103,943
105,144
-1,877
482

8
2012

30,334
655
249,873

47
644
18,652
300,205
300,205
145,373
118
4612

29,820
14,855
610

195,388
195,388
82,546

180,025

791
263,362
263,362
71917

2,937
74,854
74,854
75,347

82,355
157,702
-325
157,377

495,593
338,216
157,377
495,593
PASS

2012
715,824
-660,041
55,783
55,783
187
1
4,395
-16,365
-11,209
-23
32,769
32,769
32,769
32,769
-6,539
26,230
26,230
-6,225
32,455

#REF!

#REF!

26,230
26,230
-6,225
32,455
7,578
7,578
40.50
40.50
80,136
80,064
80,064
15.00
19.955%
19.955%
#REF!
#REF!
27,597
27,597
689,594
689,594
26,230

26,230

0.41
0.41
0.15
-

49,764
-106
-20,641
28,986
-59
57,944
57,944
-7,773
-16,371
-10,784
187
23,203
23,203
-7,915
458
1

-1
4,069

2,010

-29,844

2,199

-29,023
-29,023
-1,413
-5,533
-96
40,000
-10,859
11,315
-1,619

31,795
31,795
25,975
25,975

#REF!
Worksheet Name
Stock Name

Ratio Analysis
#REF!

Sub-Sector
Stock Code

Instructions:
No data input required.

Notes:
All ratio will be auto calculated based on data from Input (Finance) worksheet.
T4Q - Trailing four quarter data
AQR - Annualize Data for the current FY based on the available announced result. IS = Sum(Available Data)/Avaialabl
CU - Current Price vs Latest Financial Year Data; Per Share Items will be Adjusted based on Latest NOSH.
Figures (except per shares items) in

#REF!

Measure / Hints

Formula

Profitability
Revenue
Gross Profit
Gross Profit Margin

Increasing, Preferably
30%

Gross Profit / Revenue

Revenue
Operating Profit
Operating Profit Margin

Increasing, Preferably
20%

Operating Profit /
Revenue

Revenue
Profit before Tax
Profit before Tax Margin

Increasing, Preferably
20%

Profit before Tax /

Revenue

Revenue
Net Profit
Net Profit Margin

Increasing, Preferably
15%

Net Profit / Revenue

Total Asset
Net Profit
ROA

Increasin, , Preferably
12%

Net Profit / Total Asset

Total Equity
Net Profit
ROE
Cash Flow

Increasin, , Preferably
15%

Net Profit / Total

Equity

Net Profit
Operating Cash Flow
OCF/NP

Increasing, Preferably 1

Operating Cash Flow /

Net Profit

Revenue
Operating Cash Flow
OCF/Revenue

Increasing, Preferably >=

10%

Operating Cash Flow /

Revenue

Cost of Goood Sold

Inventories
Days In Inventory

Decreasing

Inventories / Cost of
Goood Sold * 365

Revenue
Trade Receivables
Days In Receivables

Decreasing

Trade Receivables /
Revenue * 365

Revenue
Trade Payables
Days Payable Outstanding

Decreasing

Trade Payables /
Revenue * 365

Days In Inventory
Days In Receivables
Days Payable Outstanding
Cash Conversion Cycle

Decreasing

DIV+DIR-DPO

Total Asset
Revenue
Sales Turnover

Increasing

Revenue / Total Asset

Revenue
Inventories
Inventory Turnover

Decreasing

Inventories / Revenue

Revenue
Trade Receivables
Receivables Turnover

Decreasing

Trade Receivables /
Revenue

Revenue
Inventories
Inventories % of Revenue

Decreasing

Inventories / Revenue

Revenue
Trade Receivables
Receivables % of Revenue

Decreasing

Trade Receivables /
Revenue

Efficiency

Leverage

Total Equity
Total Asset
Equity Multiplier

Lower = Lower Leverage

Total Asset / Total

Equity

Total Equity
Declining, Preferably < 1
Total Liabilities
Total Liabilities / Total Equity

Total Liabilities / Total

Equity

Total Asset
Total Liabilities
Total Liabilities / Total Asset
Liquidity

Declining, Preferably < 0.5

Total Liabilities / Total

Asset

Total Current Liabilities

Total Current Asset
Current Ratio

Increasing, Preferably 2

Total Current Asset /

Total Current
Liabilities

Total Current Liabilities

Inventories
Total Current Asset
Quick Ratio
Spotting Danger Signs

Increasing, Preferably 1

(Total Current Asset Inventories) / Total

Current Liabilities

Net Profit
Operating Cash Flow
Earning Quality

Increasing, Preferably
80%

Operating Cash Flow /

Net Profit

Revenue
Trade Receivables
Revenue Quality

Increasing, Preferably
80%

1(Receivable/Revenue)

Revenue
Inventories
Inventory Quality

Decreasing, Preferably <=

20%

Inventories / Revenue

Date
Company Name

. IS = Sum(Available Data)/Avaialable Mth * 4; BS and CF - Not available

ed based on Latest NOSH.

10
2014

9
2013

8
2012

941,861
74,519
7.91%

865,221
84,582
9.78%

715,824
55,783
7.79%

941,861
78,750
8.36%

865,221
44,973
5.20%

715,824
32,769
4.58%

941,861
78,750
8.36%

865,221
44,973
5.20%

715,824
32,769
4.58%

941,861
69,792
7.41%

865,221
36,817
4.26%

715,824
26,230
3.66%

2,143,274
69,792
3.26%

800,898
36,817
4.60%

495,593
26,230
5.29%

541,046
69,792
12.90%

283,788
36,817
12.97%

157,377
26,230
16.67%

69,792
-43,230
-61.94%

36,817
-52,059
-141.40%

26,230
23,203
88.46%

941,861
-43,230
4.59%

865,221
-52,059
6.02%

715,824
23,203
3.24%

-867,342
40,041
16.85

-780,639
680
0.32

-660,041
655
0.36

941,861
376,623
145.95

865,221
287,549
121.30

715,824
249,873
127.41

941,861
180,795
70.06

865,221
65,006
27.42

715,824
82,546
42.09

17
146
70
92.74

0
121
27
94.20

0
127
42
85.68

2,143,274
941,861
0.44

800,898
865,221
1.08

495,593
715,824
1.44

941,861
40,041
0.04

865,221
680
0.00

715,824
655
0.00

941,861
376,623
0.40

865,221
287,549
0.33

715,824
249,873
0.35

941,861
40,041
4.25%

865,221
680
0.08%

715,824
655
0.09%

941,861
376,623
39.99%

865,221
287,549
33.23%

715,824
249,873
34.91%

541,046
2,143,274
3.96

283,788
800,898
2.82

157,377
495,593
3.15

541,046
1,602,228
296.14%

283,788
517,110
182.22%

157,377
338,216
214.91%

2,143,274
1,602,228
74.76%

800,898
517,110
64.57%

495,593
338,216
68.24%

839,436
693,594
0.83

374,908
354,875
0.95

263,362
300,205
1.14

839,436
40,041
693,594
0.78

374,908
680
354,875
0.94

263,362
655
300,205
1.14

69,792
-43,230
-61.94%

36,817
-52,059
-141.40%

26,230
23,203
88.46%

941,861
376,623
60.01%

865,221
287,549
66.77%

715,824
249,873
65.09%

941,861
40,041
4.25%

865,221
680
0.08%

715,824
655
0.09%

#REF!

Worksheet Name
Stock Name

Panser

Sub-Sector
Stock Code

#REF!
#REF!

Instructions:
No data input required.
Notes:
All value will be auto captured and presented on this worksheet based on data from Input (Finance) worksheet.

Figures (except per shares items) in

10
2013
Revenue
YOY Chg (%)
Vertical
Horizontal
Cost of Goood Sold
YOY Chg (%)
Vertical
Horizontal
Gross Profit
YOY Chg (%)
Vertical
Horizontal
Other Operating Income
YOY Chg (%)
Vertical
Horizontal
Administrative Expenses
YOY Chg (%)
Vertical
Horizontal
Other Operating Expenses
YOY Chg (%)
Vertical
Horizontal
Operating Profit
YOY Chg (%)
Vertical
Horizontal
Profit before Tax
YOY Chg (%)
Vertical
Horizontal
Income Tax Expense
YOY Chg (%)
Vertical
Horizontal

Net Profit
YOY Chg (%)
Vertical
Horizontal
Net Profit to NCI
YOY Chg (%)
Vertical
Horizontal
Net Profit to Shareholder

9
2012

941,861
8.86%
100.00%
108.86%
-867,342
11.11%
-92.09%
111.11%
74,519
-11.90%
7.91%
88.10%
58,497
1246.00%
6.21%
1346.00%
-27,625,505
0.18%
-2933.08%
100.18%
-

865,221
-99.76%
100.00%
0.24%
-780,639
18.27%
-90.22%
118.27%
84,582
51.63%
9.78%
151.63%
4,346
-99.94%
0.50%
0.06%
-27,576,752
13.58%
-3187.25%
113.58%
-

78,750
75.11%
8.36%
175.11%
78,750
75.11%
8.36%
-

-8,958
9.83%
-0.95%
109.83%

69,792
89.56%
7.41%
189.56%
17,475
-316.27%
1.86%
-216.27%
52,317

8
2011
354,975,347
100.00%
41027.13%
-660,041
-0.19%
84.55%
55,783
0.02%
65.95%
7,815,637
2.20%
179835.18%
-24,278,637
-6.84%
88.04%
-

44,973
37.24% 5.20%
137.24%
44,973
37.24% 5.20%
-8,156
24.73% -0.94%
124.73%

36,817
40.36% 4.26%
140.36%
-8,080
29.80% -0.93%
129.80%
44,897

32,769
0.01%
72.86%
32,769
0.01%
-6,539
0.00%
80.17%

26,230
0.01%
71.24%
-6,225
0.00%
77.04%
32,455

YOY Chg (%)

Vertical
Horizontal

16.53%
5.55%
116.53%

38.34% 5.19%
138.34%

0.01%
72.29%

#REF!

Worksheet Name
Stock Name
Instructions:
No data input required.
Notes:
All value will be auto captured and presented on this worksheet based on data from Input (Finance) worksheet.

Figures (except per shares items) in

10
2013
Cash
YOY Chg (%)
Vertical
Horizontal
Marketable Securities
YOY Chg (%)
Vertical
Horizontal
Short Term Invesment
YOY Chg (%)
Vertical
Horizontal
Short Term Assets held for Sales
YOY Chg (%)
Vertical
Horizontal
Inventories
YOY Chg (%)
Vertical
Horizontal
Trade Receivables
YOY Chg (%)
Vertical
Horizontal
Receivables - Associates
YOY Chg (%)
Vertical
Horizontal
Receivables - JV
YOY Chg (%)
Vertical
Horizontal
Other Receivables
YOY Chg (%)
Vertical
Horizontal
Prepayment
YOY Chg (%)
Vertical
Horizontal
Tax Refundable

9
2012

267,077
1020.43%
12.46%
1120.43%
13
-70.45%
0.00%
-

23,837
-21.42%
2.98%
78.58%
44
-6.38%
0.01%
-

40,041
5788.38%
1.87%
5888.38%
376,623
30.98%
17.57%
130.98%
-

680
3.82%
0.08%
103.82%
287,549
15.08%
35.90%
115.08%
-

0
-

0
-

0.00%
-

0.00%
-

0
-100.00%
0.00%

0.00%
-

YOY Chg (%)

Vertical
Horizontal
Other Current Assets
YOY Chg (%)
Vertical
Horizontal
Total Current Asset
YOY Chg (%)
Vertical
Horizontal
Property, Plant and Equipment
YOY Chg (%)
Vertical
Horizontal
Land Use Rights
YOY Chg (%)
Vertical
Horizontal
Biological Assets
YOY Chg (%)
Vertical
Horizontal
Long Term Receivable
YOY Chg (%)
Vertical
Horizontal
Investments - Associates
YOY Chg (%)
Vertical
Horizontal
Investments - JV
YOY Chg (%)
Vertical
Horizontal
Investments - Properties
YOY Chg (%)
Vertical
Horizontal
Investments
YOY Chg (%)
Vertical
Horizontal
Long Term Assets held for Sales
YOY Chg (%)
Vertical
Horizontal
Intangible Assets
YOY Chg (%)
Vertical
Horizontal
Goodwill
YOY Chg (%)
Vertical
Horizontal
Deferred Tax Asset
YOY Chg (%)
Vertical

0.00%

0.00%
-

9,420
-77.59%
0.44%
-

42,031
125.34%
5.25%
-

693,594
95.45%
32.36%
195.45%

354,875
18.21%
44.31%
118.21%

1,023,958
340.77%
47.78%
440.77%

232,313
59.80%
29.01%
159.80%

15,155
-0.13%
0.71%

15,175
2.15%
1.89%
-

0
-100.00%
0.00%

0.00%
-

0
-

0.00%
-

0.00%
-

0
-

0
-

0.00%
-

0.00%
-

1,148
-

0
-

0.05%

0.00%

Horizontal
Other Non Current Assets
YOY Chg (%)
Vertical
Horizontal
Total Non Current Asset
YOY Chg (%)
Vertical
Horizontal

Total Asset
YOY Chg (%)
Vertical
Horizontal
Short-term Loans
YOY Chg (%)
Vertical
Horizontal
Short-term Hire Purchase
YOY Chg (%)
Vertical
Horizontal
Trade Payables
YOY Chg (%)
Vertical
Horizontal
Payables - Associates
YOY Chg (%)
Vertical
Horizontal
Payables - JV
YOY Chg (%)
Vertical
Horizontal
Other Payables
YOY Chg (%)
Vertical
Horizontal
Accruals
YOY Chg (%)
Vertical
Horizontal
Asstes held for Sales (Liabilities)
YOY Chg (%)
Vertical
Horizontal
Taxation Payable
YOY Chg (%)
Vertical
Horizontal
Dividend Payable
YOY Chg (%)
Vertical
Horizontal
Other Current Liabilities
YOY Chg (%)
Vertical
Horizontal

1,449,680
225.02%
67.64%
325.02%

446,023
128.28%
55.69%
228.28%

2,143,274
167.61%
100.00%
267.61%

800,898
61.60%
100.00%
161.60%

180,795
178.12%
8.44%
278.12%

65,006
-21.25%
8.12%
78.75%
-

0
-

0
-

0.00%
-

0.00%
-

Total Current Liabilities

YOY Chg (%)
Vertical
Horizontal
Long-term Loans
YOY Chg (%)
Vertical
Horizontal
Long-term Hire Purchase
YOY Chg (%)
Vertical
Horizontal
Retirement benefits
YOY Chg (%)
Vertical
Horizontal
Deferred Tax Liabilities
YOY Chg (%)
Vertical
Horizontal
Other Non Current Liabilities
YOY Chg (%)
Vertical
Horizontal
Total Non Current Liabilities
YOY Chg (%)
Vertical
Horizontal

839,436
123.90%
39.17%
223.90%
-

11,246
302.22%
0.52%
402.22%
0

2,796
-4.80%
0.35%
95.20%
0
-

0.00%
-

Total Liabilities
YOY Chg (%)
Vertical
Horizontal
Paid Up Capital
YOY Chg (%)
Vertical
Horizontal
Share Premium
YOY Chg (%)
Vertical
Horizontal
Retained Earnings
YOY Chg (%)
Vertical
Horizontal
Capital Reserves
YOY Chg (%)
Vertical
Horizontal
Other Equities
YOY Chg (%)
Vertical
Horizontal
Total Shareholder Equity
YOY Chg (%)
Vertical
Horizontal

374,908
42.35%
46.81%
142.35%

0.00%
-

762,792
436.41%
35.59%
536.41%

142,202
89.97%
17.76%
189.97%

1,602,228
209.84%
74.76%
309.84%

517,110
52.89%
64.57%
152.89%
-

112,941
1298.48% 5.27%
146,642
73.86% 6.84%
17,344
-250.24%
0.81%
-150.24%
0
0.00%
541,046
90.65%
25.24%
190.65%

8,076
1.01%
84,345
10.53%
-11,544
-114.02%
-1.44%
-14.02%
0
0.00%
283,788
80.32%
35.43%
180.32%

Minority Interest
YOY Chg (%)
Vertical
Horizontal
Share Application Monies
YOY Chg (%)
Vertical
Horizontal
Total Equity
YOY Chg (%)
Vertical
Horizontal

0
-

0
-

0.00%
-

0.00%
-

0
-

0
-

0.00%
-

0.00%
-

541,046
90.65%
25.24%
190.65%

283,788
80.32%
35.43%
180.32%

Sub-Sector
Stock Code

8
2011
30,334
6.12%
127.26%
47
0.01%
655
0.13%
96.32%
249,873
50.42%
86.90%
0
0.00%
-16,371
-3.30%
0

0.00%
18,652
3.76%
300,205
60.57%
84.59%
145,373
29.33%
62.58%
14,855
3.00%
610
0.12%
0
0.00%
0
0.00%
0
0.00%

195,388
39.43%
43.81%
495,593
100.00%
61.88%
82,546
16.66%
126.98%
0
0.00%
-

263,362
53.14%
70.25%
2,937
0.59%
105.04%
0
0.00%
74,854
15.10%
52.64%
338,216
68.24%
65.41%
0
0.00%
0
0.00%
82,355
16.62%
-713.40%
0
0.00%
157,377
31.76%
55.46%

0
0.00%
0
0.00%
157,377
31.76%
55.46%

#REF!
Worksheet Name
Stock Name
Instructions:
No data input required.
Notes:
All value will be auto captured and presented on this worksheet based on data from Input (Finance) worksheet.

Figures (except per shares items) in

10
2013
Net Profit
YOY Chg (%)
Horizontal
OCF (Before WC Change)
YOY Chg (%)
(Increase) / Decrease in Inventories
YOY Chg (%)
Horizontal
(Increase) / Decrease in Receivables
YOY Chg (%)
Horizontal
Increase / (Decrease) in Payables
YOY Chg (%)
Horizontal
Cash from Operations
YOY Chg (%)
Vertical
Horizontal
Tax (Opg Cash Impact)
YOY Chg (%)
Horizontal
Interest (Opg Cash Impact)
YOY Chg (%)
Horizontal
Operating Cash Flow
YOY Chg (%)
Vertical
Horizontal
Purchase of PPE
YOY Chg (%)
Horizontal
Proceeds from Disposal of PPE
YOY Chg (%)
Horizontal
Investing Cash Flow
YOY Chg (%)
Horizontal
Dividends Paid
YOY Chg (%)

9
2012

69,792
89.56%
189.56%
62,961
-21.99%
-36,946
147684.00%
147784.00%
-78,465
12.07%
112.07%
10,960
-161.22%
-61.22%
-8,879
-70.77%
-

36,817
40.36%
140.36%
80,713
62.19%
-25
-76.42%
23.58%
-70,017
239.21%
339.21%
-17,903
-161.76%
-61.76%
-30,373
-152.42%
-

29.23%
-

-52.42%
-

-43,230
-16.96%
-

-52,059
-324.36%
-

83.04%

-224.36%

-3,118
-86.55%
13.45%
4,324
613.53%
713.53%
-401,414
132.12%
232.12%

-23,186
192.94%
292.94%
606
32.31%
132.31%
-172,936
495.86%
595.86%

-4,132
9.98%

-3,757
165.89%

Horizontal
Financing Cash Flow
YOY Chg (%)
Horizontal
Net Cash
YOY Chg (%)
Horizontal

Operating Cash Flow

YOY Chg (%)
Horizontal

109.98%
607,454
177.49%
277.49%

265.89%
218,914
588.52%
688.52%

162,810
-2777.36%
-2677.36%

-6,081
-123.41%
-23.41%

-43,230
-16.96%

-52,059
-324.36%

Investing Cash Flow

YOY Chg (%)
Horizontal

-401,414
132.12%

Financing Cash Flow

YOY Chg (%)
Horizontal

-172,936
495.86%
-

607,454
177.49%
-

218,914
588.52%
-

Cash Flow Summary

800,000

600,000

400,000

200,000

0
2013

2012

2011

-200,000

-400,000

-600,000
Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Sub-Sector
Stock Code

8
2011
26,230
71.24%
49,764
-106
-20,641
28,986
57,944
23,203
-7,915
458
-29,023
-1,413
-

31,795
25,975
-

23,203
-29,023
31,795
-

2011

#REF!

#REF!

Worksheet
Financial
Name
Statement Analysis
Stock Name
#REF!

#REF!
#REF!

Instructions:
A sheet to perform Financial Statement Analysis

Review the data and fill in comments on the purple colour cell.
Notes:

Income Statement Analysis

[1]

To check the revenue, cogs, profit margin growth based on horizontal analysis.
10
#REF!
Revenue
Horizontal
Cost of Goood Sold
Horizontal
Gross Profit
Horizontal
Operating Profit
Horizontal
Net Profit
Horizontal

9
#REF!

941,861
-

865,221
-

-867,342
-

-780,639
84,582
-

55,783
-

78,750

44,973
-

32,769
-

69,792
-

-660,041
-

74,519

715,824
-

8
#REF!

36,817
-

26,230
-

The revenue grew by 97.86% from 2004 to 2013 (CAGR of 7.88%). The COGS grew at a slower rate
of 47.60% (CAGR of 4.42%) and this result a higher Gross Profit growth rate of 451.63% (CAGR of
20.89%).
Compare to the revenue, Operating profit and Net Profit grew at a higher rate of 457.83% and 428.29%
respectively. The profit growth is in tandem with revenue growth and the quality of growth is hence
[2]

To check how the revenues and the spending on different types of expenses change from one year to the next base
10
2013
Revenue
Vertical
Gross Profit
Vertical
Operating Profit
Vertical
Net Profit
Vertical
Cost of Goood Sold
Vertical
Net Finance Cost
Vertical

9
2012

941,861
100.00%
74,519
7.91%
78,750
8.36%
69,792
7.41%
867,342
92.09%
-

8
2011

865,221
100.00%
84,582
9.78%
44,973
5.20%
36,817
4.26%
780,639
90.22%
-

715,824
100.00%
55,783
7.79%
32,769
4.58%
26,230
3.66%
660,041
92.21%
-

Total Operating Cost

Vertical

58,342
6.19%

47,400
5.48%

27,597
3.86%

The profit margin (gross, operating, and net) is on a steady up trend.

The managements ability to contain the total operating cost to about 5% each year.
The growth in profit margin is in tandem with the revenue growth. On the latest financial year, the gross
profit margin, operating profit margin and net profit margin is 34.68%, 38.85% and 30.27%
respectively. The good result here give us more confident on the company growth quality.
The 0 finance cost of the company did contribute positively to the high net profit margin

Chasing high growth is not necessary a good investing strategy, but searchi
Margin ratios never offer perfect information - it depend on
the timeliness and accuracy of the financial data that gets
fed into them, and analyzing them also depends on a
consideration of the company's industry and its position in
[3]

Revenue vs Inventory
9
2013
Revenue
YOY Chg (%)
Horizontal

865,221
-

20.87% -

3.82% 0.08%
-

Inventories
YOY Chg (%)
Vertical
Horizontal

800,898

655 0.13% -

495,593 -

61.60% -

7
2011

715,824 -

680

Total Asset
YOY Chg (%)
Horizontal

8
2012

The inventory increased 50.55% (CAGR 4.65%), while the revenue increase 118.49% (CAGR 9.07%).
The inventory is 4.65% of the total assets and it is slightly lower if compare to previous year record.
This show that the company did a good jobs in the inventory management

[4]

Revenue vs Trade Receivables

9
2013
Revenue
YOY Chg (%)
Horizontal

865,221
-

Trade Receivables
YOY Chg (%)
Vertical
Horizontal

20.87% -

287,549

Total Asset
YOY Chg (%)
Horizontal

8
2012

15.08% 35.90%
-

800,898
-

61.60% -

7
2011

715,824 -

249,873 50.42% -

495,593 -

The growth in trade receivables at 140.91% (CAGR 12.92%) and is higher than the revenue growth
rate of 97.86% (CAGR 9.07%). It may mean its customers are taking a little bit longer to pay.
However, the Trade receivables on year 2013 is 24.92% of total asset is slightly lower compare to its
historical range.
And. from the historical records, the sales proceeds are collected and converted to cash, as evidence
[4]

Core Business Asset

9
2013
Revenue
YOY Chg (%)
Horizontal

865,221
-

232,313

145,373 -

59.80% -

7
2011

715,824 -

20.87% -

Property, Plant and Equipment

YOY Chg (%)
Horizontal

8
2012

Land Use Rights

YOY Chg (%)

Horizontal

Biological Assets

YOY Chg (%)

Horizontal

Core Business Asset

YOY Chg (%)
Horizontal

CAPEX
YOY Chg (%)
Horizontal

Free Cash Flow

YOY Chg (%)

Horizontal

The Core Business Asset is increasing on 116.34% with a CAGR of 8.95% and the growth rate is
almost same with the revenue growth rate of 97.86% (CAGR 9.07%).
It show that the revenue growth is consistent with the core business asset growth.
And, the CAPEX was funded by Opg Cash Flow in view of the positive free cash flow in 9 out of 10 on
the pass 10 years.

Cash Flow Statement Analysis

[1]

Net Income vs Operating Cash Flow

9
#REF!
Net Profit
Operating Cash Flow

OCF/NP

36,817
-52,059
-141.40%

8
#REF!
26,230 23,203 88.46% -

7
#REF!

OCF is below NP in 6 out of 10 years. This is not a good sign as not all the net income was able to
convert to the cash.
This is align with above analysis which show that the Trade Receivables was growing faster than the
Revenue.

[2]

Capital Allocation and Earning Quality

9
#REF!
Revenue
Horizontal
Net Profit

8
#REF!

865,221

715,824 -

Invested Capital

26,230 -

CAPEX/Revenue
FCF/Revenue
FCFF/IC

CAPEX
Free Cash Flow
FCFF

7
#REF!

36,817

The revenue was growing from 87.36M to 172.85M and it is equivalent to a 118.49% growth rate. The
growth was achieved by a total of 117.22M of capex and the average CAPEX is 8.07% of the revenue.
The FCF on year 2013 is equivalent to 23.64% of revenue and FCFF is 29.65% of the invested capital,
and the average FCF/Revenue and FCFF/IC is 11.74% and 16.12% respectively. This shows that the
growth quality and earning quality is good.
[3]

How the company being financed?

9
#REF!

8
#REF!
-52,059

7
#REF!

Net Share Buyback \ (Resale)

23,203 -

FCF/Revenue
FCFF/IC

Operating Cash Flow

CAPEX
Free Cash Flow
Net Cash from\(to) Owners
Net Cash from\(to) Creditors

Most of the time, the CAPEX is lesser than the OCF and the firm able to generate Free Cash Flow from
9 out of 10 years. It mean that the firm able to generate enough cash from its operating activities to
meet its capex requirement. Owing to this, we can see the firm not only need not to acquire cash from
owners or creditors, but it able to pay dividends to owners with the free cash flow.
The CAPEX provides a good yield to its shareholder in view of the average FCF/Revenue and FCDF/IC
is very high which is 23.64% and 29.65% respectively.
[4]
Monetary investments?

9
#REF!
Free Cash Flow
Total Investment Cash Flow
Net Cash from\(to) Owners
Net Cash from\(to) Creditors
Net Share Buyback \ (Resale)

8
#REF!

7
#REF!
-

Analysis of Return on Capital

[1]

ROE DuPont Analysis

9
#REF!

8
#REF!

Net Profit Margin

Sales Turnover
Equity Multiplier
ROE

3.66% 1.4444 3.1491 -

YOY Chg (%)

Horizontal

WACC

4.26%
1.0803
2.8222

7
#REF!

PTARAS ROE is way above the WACC (19.30% vs 12.00%) and it have been grew in 128.41% with a
CAGR of 7.71%.
The ROE was achieved with a high profit margin of 30.27% and this is the most desirable way to
achieve a higher ROE.
The sales turnover is verly low and experience a negative growth (CAGR -2.05%). PTARAS should
able to achieve a higher ROE if he able to increase the sales turnover.
Furthermore, it have a very low equity multiplier - 1.2226 and it can increase the financial leverage and
[2]
ROIC Analysis
9
#REF!
44,973
18.14%
36,817
-

Tax Rate
NOPAT

ROIC
YOY Chg (%)
Horizontal

WACC

7
#REF!

32,769 19.95% 26,230 -

Operating Profit

Invested Capital

8
#REF!

PTARAS Invester Capital grew by a CAGR of 10.09% while the NOPAT growth at a much higher rate at
CAGR of 19.83%.
And, owing to this the ROIC was improved from good to best - from 14.77% to 37.97% with a CAGR if
8.85%.
The ROIC is far above the WACC of 12%.

[3]

ROCE and CROIC

9
#REF!
36,817

ROCE
YOY Chg (%)
Horizontal
FCFF
Invested Capital

CROIC
YOY Chg (%)
Horizontal

WACC

7
#REF!

26,230 -

Net Profit
Capital Employed

8
#REF!

ROCE and CROIC is above WACC.

Valuations
[1]

Price to Book Ratio

10
#REF!
FYE - Close
Net Asset (Per Share)
P/Net Asset

9
#REF!
-

8
#REF!
-

We evaluate PTARAS based on earnign power.

[2]

Price to Earning Ratio

10
#REF!
FYE - Close
EPS
P/E

9
#REF!
-

8
#REF!
-

The P/E is increasing. Let's examine PEG

[3]

Earning Yield
10
#REF!

9
#REF!

8
#REF!

Earning Yield

FYE NOSH

FYE - Close
Market Capitalization
Minority Interest
Total Debt
Excess Cash
Non Operating Asset
Enterprise Value

EBIT
EV/EBIT

Earning Yield (Joel Greenblatt)

Earning Yield (Joel Greenblatt) 11.85% > 10 % - Pass.

[4]

PE/Growth Ratio
10
#REF!
P/E
Estimated Growth Rate
PEG

9
#REF!
-

8
#REF!
-

PEG of 1.051 is sligthly > 1

[5]

Price to Free Cash Flow

10
#REF!
FYE - Close
Free Cash Flow (Per Share)
P/FCF

9
#REF!
-

8
#REF!
-

P/FCF = 16.03 < 20 is reasonalbe

[6]

Price to Sales Ratio

10
#REF!
FYE - Close
RPS
P/S

Not Applicable

9
#REF!
-

8
#REF!
-

es change from one year to the next based on vertical analysis.

Vertical

Vertical

Total

Avg

1,581,045

790,523

63,047
0
0
0
0

31,524
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Total

-28,856
0
0
0
0
0

Avg

-14,428
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

Total

Avg

0
0
0
0
0

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!