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Excel Topglove
10 YEAR FINANCIAL SUMMARY 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Revenue 711,567,000 691,847,000 710,588,000 810,647,000 882,179,000 980,073,000 1,000,244,000 1,001,663,000 1,047,725,000 1,064,536,000
Profit for the year (Net income) 42,647,000 60,400,000 63,887,000 108,082,000 123,380,000 138,264,000 109,841,000 140,980,000 149,074,000 117,717,000
Gross Profit Margin (Gross profit/Sales) 25.98% 33.15% 36.96% 37.56% 39.30% 38.52% 32.85% 42.00% 42.37% 37.68%
Operating profit to sales ratio 8.17% 11.86% 12.56% 17.19% 18.43% 18.79% 14.82% 18.82% 18.76% 14.79%
Debt ratio (Total Liabilities/Total Assets) 38.1% 25.3% 20.0% 328.9% 10451.9% 54.9% 54.5% 61.9% 68.2% 73.5%
Stockholders' equity to total assets ratio 42.15% 52.75% 68.51% 71.87% 13556.23% 45.14% 45.45% 38.11% 31.77% 26.52%
ASSETS 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Current assets:
Inventories 157,766 119,053 167,511 175,532 179,440 113,208,000 92,545,000 99,067,000 112,993,000 115,839,000
Trade receivables 214,196 198,263 247,268 262,129 293,863 35,482,000 37,346,000 55,172,000 90,581,000 106,730,000
Other receivables 14,378 8,333 20,349 4,316 25,791 583,000 1,229,000
Amount owing by related companies
Prepayment 909,000 2,184,000 2,873,000
Derivative financial assets 2,954 144,198 185,000 5,548,000 1,056,000 61,339,000
Cash and bank balances 121,545 185,848 262,930 148,760 167,246 187,641,000 124,269,000 160,391,000 213,619,000
Assets Classified as held for sale 629,000
Total current assets 507,885 511,497 698,058 593,691 810,538 337,728,000 260,937,000 316,595,000 419,377,000 286,781,000
Non-current assets:
Property, plant and equipment 559,437 564,380 580,867 660,692 734,386 77,176,000 82,811,000 90,831,000 95,657,000 100,799,000
Intangible assets 0 1,557,000 1,759,000 5,099,000 5,807,000 4,678,000
Prepaid land lease payments 11,928 14,200 21,741 19,608 22,441
Investments in associate 10,037 9,366 5,056 7,039 6,729
Other investment 145 12,853 145 146 145
Goodwill 20,113 20,113 20,113 20,113 20,113
Total non-current assets 601,660 620,912 627,922 707,598 783,814 78,733,000 84,570,000 95,930,000 101,464,000 105,477,000
TOTAL ASSETS 1,109,545 1,132,409 1,325,980 1,301,289 1,594,352 416,461,000 345,507,000 412,525,000 520,841,000 392,258,000
EQUITY AND LIABILITIES
Current liabilities:
Trade payables 113,209 92,430 105,116 194,611 146,538,000 206,785,000 176,496,000 231,136,000 335,360,000 270,306,000
Other payables and accrued expenses 74,775 104,554 112,602 34,644
Amount owing to other related companies 100,362 11,573 541 157
Provisions 168,000 173,000 229,000 118,000 155,000 178,000
Tax liabilities 3,016 14,721 15,080,000 15,702,000 5,020,000 16,657,000 12,804,000 7,975,000
Dividends payable 14,722 20,781
Derivative financial liabilities 108,000 19,000 1,001,000 71,000 3,181,000
Total current liabilities 306,084 244,059 218,259 229,412 161,786,000 222,768,000 181,764,000 248,912,000 348,390,000 281,640,000
Non-current liabilities:
Borrowings 86,625 8,960 2,851
Deferred tax liabilities 30,047 33,413 44,393 4,051,000 4,854,000 5,695,000 6,704,000 6,394,000 6,958,000 6,608,000
Total non-current liabilities 116,672 42,373 47,244 4,051,000 4,854,000 5,695,000 6,704,000 6,394,000 6,958,000 6,608,000
TOTAL LIABILITIES 422,756 286,432 265,503 4,280,412 166,640,000 228,463,000 188,468,000 255,306,000 355,348,000 288,248,000
Capital and Reserves
Issued capital 150,532 151,879 309,081 309,256 64,000,000 64,000,000 64,000,000 64,000,000 64,000,000 64,000,000
Unappropriated profit 317,100 445,420 599,407 625,936 152,134,000 123,998,000 93,039,000 93,219,000 101,493,000 40,010,000
Total to equity holders of the company 467,632 597,299 908,488 935,192 216,134,000 187,998,000 157,039,000 157,219,000 165,493,000 104,010,000
Minority interests 0 0 0 0 0 0 0 0 0 0
TOTAL EQUITY 467,632 597,299 908,488 935,192 216,134,000 187,998,000 157,039,000 157,219,000 165,493,000 104,010,000
Total Liabilities and Equity 890,388 883,731 1,173,991 5,215,604 382,774,000 416,461,000 345,507,000 412,525,000 520,841,000 392,258,000
Statements of Comprehensive Income
RM
STATEMENTS OF COMPREHENSIVE INCOME 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Revenue 711,567,000 691,847,000 710,588,000 810,647,000 882,179,000 980,073,000 1,000,244,000 1,001,663,000 1,047,725,000 1,064,536,000
Cost of sales (526,711,000) (462,510,000) (447,961,000) (506,175,000) (535,475,000) (602,556,000) (671,677,000) (580,947,000) (603,852,000) (663,372,000)
Gross profit 184,856,000 229,337,000 262,627,000 304,472,000 346,704,000 377,517,000 328,567,000 420,716,000 443,873,000 401,164,000
Other Income 1,541,000 1,561,000 1,147,000 2,057,000 864,000 765,000 7,193,000 6,587,000 4,909,000 0
Distribution cost (82,403,000) (98,697,000) (106,091,000) (106,180,000) (120,676,000) (125,044,000) (121,628,000) (157,873,000) (167,342,000) (149,930,000)
Administration expenses (18,342,000) (19,048,000) (22,657,000) (26,134,000) (27,472,000) (25,254,000) (25,067,000) (24,330,000) (24,995,000) (27,389,000)
Other operating expenses (27,498,000) (31,122,000) (45,805,000) (34,847,000) (36,813,000) (43,782,000) (40,876,000) (56,609,000) -59,851,000 (66,440,000)
Operating Profit 58,154,000 82,031,000 89,221,000 139,368,000 162,607,000 184,202,000 148,189,000 188,491,000 196,594,000 157,405,000
Interest income 0 451,000 883,000 3,104,000 6,056,000 5,788,000 3,784,000 3,854,000 4,508,000 3,109,000
Finance cost (296,000) (1,000) 0 (919,000) (2,862,000) (3,316,000) (3,550,000) (3,608,000) (3,120,000) (2,995,000)
Profit before tax 57,858,000 82,481,000 90,104,000 141,553,000 165,801,000 186,674,000 148,423,000 188,737,000 197,982,000 157,519,000
Income tax expense (15,211,000) (22,081,000) (26,217,000) (33,471,000) (42,421,000) (48,410,000) (38,582,000) (47,757,000) (48,908,000) (39,802,000)
Profit / (Loss) after tax 42,647,000 60,400,000 63,887,000 108,082,000 123,380,000 138,264,000 109,841,000 140,980,000 149,074,000 117,717,000
Earning per ordinary share (Basic:RM) 0.67 0.940 0.998 1.689 1.928 2.160 1.716 2.203 2.329 1.839
Cash Flow Statements
RM
CONSOLIDATED STATEMENTS OF CASH FLOWS 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Net cash from / (used in) operating activities 29,897,000 89,377,000 98,389,000 161,936,000 184,451,000 160,861,000 90,003,000 200,592,000 209,691,000 43,086,000
Net cash from / (used in) investing activities (14,756,000) (29,436,000) (8,064,000) (7,131,000) (3,488,000) (8,348,000) (9,025,000) (20,062,000) (12,543,000) (13,171,000)
Net cash from / (used in) financing activities (8,616,000) (42,001,000) (46,400,000) (47,319,000) (169,262,000) (169,716,000) (144,350,000) (144,408,000) (143,920,000) (182,195,000)
Net Changes 6,525,000 17,940,000 43,925,000 107,486,000 11,701,000 (17,203,000) (63,372,000) 36,122,000 53,228,000 (152,280,000)
Opening balance Cash and cash equivalents at beginning of the financial year 17,267,000 23,792,000 41,732,000 85,657,000 193,143 204,844,000 187,641,000 124,269,000 160,391,000 213,619,000
Ending balance Cash and cash equivalents at end of the financial year 23,792,000 41,372,000 85,657,000 193,143,000 204,844,000 187,641,000 124,269,000 160,391,000 213,619,000 61,339,000
FINANCIAL LEVERAGE RATIOS 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Total current liabilities 306,084 244,059 218,259 229,412 161,786,000 222,768,000 181,764,000 248,912,000 348,390,000 281,640,000
Total Liabilities and Equity 890,388 883,731 1,173,991 5,215,604 382,774,000 416,461,000 Net cash from
345,507,000 / (used
412,525,000 in)520,841,000
operating activities
392,258,000
Cash Ratio: (Cash / Current Liability) 77.73 169.52 392.46 841.90 1.27 0.84 0.68 0.64 0.61 0.22
200,000,000
Cash flow/Total liabilities(Debt) 2672% 4682% 7296% 3703% 54% 45% 36% 39% 41% 16%
180,000,000
160,000,000
140,000,000
120,000,000
100,000,000
80,000,000
60,000,000
40,000,000
20,000,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
a, Working Capital b, Retained Earning c, Operating d, Sales e, Total Assets f, Net Worth
Income
Year
a b c d e
CA CL Total Accumulated Profit EAT Revenue TA TA
2008 507,885 306,084 201,801 317,100 42,647,000 711,567,000 1,109,545 1,109,545
2009 511,497 244,059 267,438 445,420 60,400,000 691,847,000 1,132,409 1,132,409
2010 698,058 218,259 479,799 599,407 63,887,000 710,588,000 1,325,980 1,325,980
2011 593,691 229,412 364,279 625,936 108,082,000 810,647,000 1,301,289 1,301,289
2012 810,538 161,786,000 -160,975,462 152,134,000 123,380,000 882,179,000 1,594,352 1,594,352
2013 337,728,000 222,768,000 114,960,000 123,998,000 138,264,000 980,073,000 416,461,000 416,461,000
2014 260,937,000 181,764,000 79,173,000 93,039,000 109,841,000 1,000,244,000 345,507,000 345,507,000
2015 316,595,000 248,912,000 67,683,000 93,219,000 140,980,000 1,001,663,000 412,525,000 412,525,000
2016 419,377,000 348,390,000 70,987,000 101,493,000 149,074,000 1,047,725,000 520,841,000 520,841,000
2017 286,781,000 281,640,000 5,141,000 40,010,000 117,717,000 1,064,536,000 392,258,000 392,258,000
a Working Capital = CA - CL
b Retained Earning (Accumulated Profit)
c Operating Income = Profit After Tax
d Sales = Revenue
e Total Assets
f Net Worth = TA - TL
g Total Debt = TL
Analysis of 'Altman Z-Score'
Altman's Z-score is a financial statistic that is used to determine the likelihood of a company going bankrupt. A company's Altman's Z-score is
calculated using
basic indicators found on its financial statements. Lower and negative Altman's Z-scores mean that a company is more likely to go bankrupt, whereas
higher
and positive Z-scores mean that a company will survive.The Altman Z-score is calculated as follows:
Where:
A = Working Capital/Total Assets
B = Retained Earnings/Total Assets
C = Earnings before Interest & Tax/Total Asse
D = Market Value of Equity/Total Liabilities
E = Sales/Total Assets
The Z-Score measures the probability of insolvency (inability to pay debts as they become due).
· 1.8 or less indicates a very high probability of insolvency.
· 1.8 to 2.7 indicates a high probability of insolvency.
· 2.7 to 3.0 indicate possible insolvency.
· 3.0 or higher indicates that insolvency is not likely.
f, Net Worth g, Total debt
f g
TL Total TL
422,756 686,789 422,756
286,432 845,977 286,432
265,503 1,060,477 265,503
4,280,412 -2,979,123 4,280,412
166,640,000 -165,045,648 166,640,000
228,463,000 187,998,000 228,463,000
188,468,000 157,039,000 188,468,000
255,306,000 157,219,000 255,306,000
355,348,000 165,493,000 355,348,000
288,248,000 104,010,000 288,248,000
ALTMAN Z-SCORE
2017 4.08
2016 3.67
2015 4.44
2014 5.10
2013 4.69
2012 820.52
2011 897.64
2010 698.36
2009 789.57
2008 769.75
0.00 100.00 200.00 300.00 400.00 500.00 600.00 700.00 800.00 900.00
2012 820.52
2011 897.64
2010 698.36
2009 789.57
2008 769.75
0.00 100.00 200.00 300.00 400.00 500.00 600.00 700.00 800.00 900.00
RATIO ANALYSIS
Company Size Inventory Current Ratio (x) Quick (Acid Test ratio) (x) Debt (%)
Years (Total Assets)
TA CA CL TOTAL CA-Inventory CL TOTAL TL
2008 1,109,545 157,766 507,885 306,084 1.66 350,119 306,084 1.14 422,756
2009 1,132,409 119,053 511,497 244,059 2.10 392,444 244,059 1.61 286,432
2010 1,325,980 167,511 698,058 218,259 3.20 530,547 218,259 2.43 265,503
2011 1,301,289 175,532 593,691 229,412 2.59 418,159 229,412 1.82 4,280,412
2012 1,594,352 179,440 810,538 161,786,000 0.01 631,098 161,786,000 0.00 166,640,000
2013 416,461,000 113,208,000 337,728,000 222,768,000 1.52 224,520,000 222,768,000 1.01 228,463,000
2014 345,507,000 92,545,000 260,937,000 181,764,000 1.44 168,392,000 181,764,000 0.93 188,468,000
2015 412,525,000 99,067,000 316,595,000 248,912,000 1.27 217,528,000 248,912,000 0.87 255,306,000
2016 520,841,000 112,993,000 419,377,000 348,390,000 1.20 306,384,000 348,390,000 0.88 355,348,000
2017 392,258,000 115,839,000 286,781,000 281,640,000 1.02 170,942,000 281,640,000 0.61 288,248,000
Debt (%) ROA (%) ROE (%) Net Profit Margin (%)
Year FS 2 FC 3 4
Financing
TA TL Debt Ratio Financial Sturucture EBT EBIT Cost, % Sales TA Total Gross Profit Sales
2008 1,109,545 422,756 0.3810 2.6246 57,858,000 140,261,000 0.4125 58.75% 711,567,000 1,109,545 641.3142 184,856,000 711,567,000
2009 1,132,409 286,432 0.2529 3.9535 82,481,000 180,727,000 0.4564 54.36% 691,847,000 1,132,409 610.9515 229,337,000 691,847,000
2010 1,325,980 265,503 0.2002 4.9942 90,104,000 195,312,000 0.4613 53.87% 710,588,000 1,325,980 535.8965 262,627,000 710,588,000
2011 1,301,289 4,280,412 3.2894 0.3040 141,553,000 244,629,000 0.5786 42.14% 810,647,000 1,301,289 622.9569 304,472,000 810,647,000
2012 1,594,352 166,640,000 104.5190 0.0096 165,801,000 280,421,000 0.5913 40.87% 882,179,000 1,594,352 553.3151 346,704,000 882,179,000
2013 416,461,000 228,463,000 0.5486 1.8229 186,674,000 305,930,000 0.6102 38.98% 980,073,000 416,461,000 2.3533 377,517,000 980,073,000
2014 345,507,000 188,468,000 0.5455 1.8332 148,423,000 266,267,000 0.5574 44.26% 1,000,244,000 345,507,000 2.8950 328,567,000 1,000,244,000
2015 412,525,000 255,306,000 0.6189 1.6158 188,737,000 342,756,000 0.5506 44.94% 1,001,663,000 412,525,000 2.4281 420,716,000 1,001,663,000
2016 520,841,000 355,348,000 0.6823 1.4657 197,982,000 360,816,000 0.5487 45.13% 1,047,725,000 520,841,000 2.0116 443,873,000 1,047,725,000
2017 392,258,000 288,248,000 0.7348 1.3608 157,519,000 304,340,000 0.5176 48.24% 1,064,536,000 392,258,000 2.7139 401,164,000 1,064,536,000
ECT, % TAX EFFECT Tax Rate, %
5 6
Total
300.68%
357.11%
283.61%
391.88%
416.34%
421.78%
372.81%
397.61%
404.60%
314.32%
DEGREE OF OPERATING LEVERAGE
TOTAL EXPENSES
1,000,000,000
900,000,000
800,000,000
700,000,000
600,000,000
500,000,000
400,000,000
300,000,000
200,000,000
100,000,000
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-1
ministration Expenses
Equity Attributable to Equity Holders (RM)
Years Share CapitalRetained Earnings
TOTAL EQUITY
2008 150,532 97,585,000 97,735,532
2009 64,000,000 ### 179,985,000
2010 64,000,000 ### 197,472,000
2011 64,000,000 ### 259,154,000
2012 64,000,000 ### 216,134,000
2013 64,000,000 ### 187,998,000
2014 64,000,000 93,039,000 157,039,000
2015 64,000,000 93,219,000 157,219,000
2016 64,000,000 ### 165,493,000
2017 64,000,000 40,010,000 104,010,000
629,000