FACULTY OF ACCOUNTANCY

(AC220)

FAR670: FINANCIAL STATEMENT ANALYSIS

GROUP PROJECT ASSIGNMENT

CHEETAH HOLDINGS BHD & BONIA CORPORATION BHD

STUDENT NAME STUDENT ID

TENGKU NURKAMILIA BINTI KU AZMAN 2021862062

NOR SYAHMINA BINTI ASMADI 2021497954

NURUL ADIBAH SYAFIQAH BINTI KAMAL AZAM 2021480482

LUQHMAN HARITH BIN MOHD NAZIR 2021858374

MUHAMMAD ASYRAF BIN JAMIL 2021858616

GROUP KAC2207B

PREPARED FOR: MADAM SALUANA CHE SALLEH

SUBMISSION DATE 14th JANUARY 2024

TABLE OF CONTENT

1.0 Introduction

2.0 Vertical Common-Size Analysis

2.1 Statement Of Profit or Loss and Other Comprehensive Income

2.2 Statement Of Financial Position

3.0 Horizontal Common Size Analysis

3.1 Statement Of Profit or Loss and Other Comprehensive Income

3.2 Statement Of Financial Position

4.0 Financial Ratios Analysis

4.1 Profitability Ratios

4.2 Efficiency Ratios

4.3 Leverage Ratios

4.4 Market Ratios

5.0 Conclusion

6.0 Supporting Exhibits

1.0 INTRODUCTION

Cheetah Holdings Berhad is an investment holding company which was formed

on May 6, 1997, in Malaysia. On January 19, 2005, it was listed on the Second Board
of Bursa Malaysia Securities Berhad, and on July 23, 2007, it moved to the Main Board
of Bursa Malaysia Securities Berhad. The company was incorporated in 1997 and is
based in Kuala Lumpur. The main activities of the subsidiary companies are product
design and development, brand building, retailing, and network distribution for sports
and casual wear and accessories under its own brand labels make up the bulk of the
Group's business. Consignment sales are the principal source of income for all of the
nation's department businesses.

Bonia Corporation Berhad is a prominent Malaysian fashion retailer that

specializes in designing, manufacturing, and distributing high-quality leather goods,
accessories, and footwear. Bonia offers a diverse range of products, including
handbags, wallets, footwear, and other fashion accessories, catering to a wide
consumer base. Bonia Corporation Berhad is listed on Bursa Malaysia, the country's
stock exchange. Being publicly traded provides investors with the opportunity to
participate in the company's growth and financial performance by buying and selling
its shares on the stock market. For the latest and most accurate information, it is
advisable to check the current status and developments of Bonia Corporation Berhad
directly from reliable financial sources or the company's official announcements.

1
 2.0 VERTICAL COMMON-SIZE ANALYSIS
2.1 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

CHEETAH HOLDINGS BERHAD

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
2023 2022 2021
RM % RM % RM %
REVENUE 146,780,629 100% 145,404,455 100% 104,027,279 100%
COST OF SALES -100,186,480 -68% -96,293,132 -66% -68,752,402 -66%
GROSS PROFIT 46,594,149 32% 49,111,323 34% 35,274,877 34%
OTHER INCOME 329,139 0% 910,548 1% 2,467,870 2%
DISTRIBUTION EXPENES -21,325,307 -15% -19,806,048 -14% -16,150,025 -16%
ADMINISTRATIVE EXPENSES -18,710,961 -13% -13,437,408 -9% -9,215,126 -9%
OTHER OPERATING EXPENSES -21,837,788 -15% -20,807,923 -14% -3,503,624 -3%
IMPAIRMENT LOSSES ON RECEIVABLES -1,956,033 -1% -95,379 0% -47,936 0%
FINANCE COSTS -273,612 0% -35,997 0% -56,106 0%
(LOSS)/PROFIT BEFORE TAX -17,180,413 -12% -4,160,884 -3% 8,769,930 8%
TAX EXPENSE -1,156,616 -1% -2,926,175 -2% -2,032,528 -2%
(LOSS)/PROFIT FOR THE FINANCIAL YEAR -18,337,029 -12% -7,087,059 -5% 6,737,402 6%
OTHER COMPREHENSIVE LOSS, NET OF TAX 0 0% 0 0% 0 0%
TOTAL COMPREHENSIVE(LOSS)/INCOME -18,337,029 -12% -7,087,059 -5% 6,737,402 6%
LOSS ATTRIBUTABLE TO THE OWNERS OF THE PARENT -18,337,029 -12% -7,087,059 -5% 6,737,402 6%
TOTAL COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO THE OWNERS OF THE PARENT -18,337,029 -12% -7,087,059 -5% 6,737,402 6%
(LOSS)/EARNING PER ORDINARY SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT (SEN):
BASIC AND DILUTED -4 -1.7 1.96
From the table above, revenue of Cheetah have increased from year 2021 to 2023.
Gross profit remains same from 2021 to 2022 which is 34% and has fallen marginally
from 2022 to 2023 which is 32%. This was due to remain cost of sales in 2021 which
is 66% and increase to 68% in year 2023. Other income and distribution have a slightly
changed from year to year. Besides, other operating expenses have risen from 2021
to 2023 which is 3% to 15%. Other than that, profit for the year of Cheetah have
inclined from year to year.

2
 BONIA CORPORATION BERHAD
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
2023 2022 2021
RM % RM % RM %
REVENUE 424,148 100% 333,011 100% 261,219 100%
COST OF SALES -164,767 -39% -140,517 -42% -124,264 -48%
GROSS PROFIT 259,381 61% 192,494 58% 136,955 52%
OTHER OPERATING INCOME 9,955 2% 22,444 7% 27,221 10%
SELLING AND DISTRIBUTION EXPENES -113,837 -27% -90,404 -27% -81,368 -31%
GENERAL AND ADMINISTRATIVE EXPENSES -69,721 -16% -63,601 -19% -58,616 -22%
FINANCE COSTS -6,603 -2% -4,865 -1% -4,645 -2%
SHARE OF PROFIT OF AN ASSOCIATE, NET OF TAX 786 0% 256 0% -100 0%
(LOSS)/PROFIT BEFORE TAX 79,961 19% 56,234 17% 19,447 7%
TAX EXPENSE -17,366 -4% -8,880 -3% -4,138 -2%
PROFIT FOR THE FINANCIAL YEAR FROM CONTINUING OPERATIONS 47,444 14% 15,309 6%
PROFIT FOR THE FINANCIAL YEAR FROM DISCONTINUING OPERATIONS, NET OF TAX 5,117 2% 853 0%
(LOSS)/PROFIT FOR THE FINANCIAL YEAR 62,595 15% 52,561 16% 16,162 6%
OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX
ITEMS THAT MAY BE RECLASSIFIED SUBSEQUENTLY TO PROFIT OR LOSS UPON DEREGISTRATION OF FOREIGN SUBSIDIARIES - -77 0%
FOREIGN CURRENCY TRANSLATIONS 11434 3% 3016 1% -1246 0%
TOTAL OTHER COMPREHENSIVE INVOME/(LOSS), NET OF TAX 11434 3% 3016 1% -1169 0%
TOTAL COMPREHENSIVE(LOSS)/INCOME 74,029 17% 55,577 17% 14,993 6%
PROFIT/(LOSS) ATTRIBUTABLE TO:
OWNERS OF THE PARENT 55,000 13%
CONTINUING OPERATIONS 39,891 12% 13,019 5%
DISCONTINUING OPERATIONS 5,117 2% 853 0%
45,008 14% 13,872 5%
NON-CONTROLLING INTEREST 7,595 2%
CONTINUING OPERATIONS 7,553 2% 2,290 1%
62,595 15% 52,561 16% 16,162 6%
TOTAL COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO:
OWNERS OF THE PARENT 65,479 15%
CONTINUING OPERATIONS 42,717 13% 11,831 5%
DISCONTINUING OPERATIONS 5,117 2% 853 0%
47,834 14% 12,684 5%
NON-CONTROLLING INTEREST 8,550 2%
CONTINUING OPERATIONS 7,743 2% 2,309 1%
74,029 17% 55,577 17% 14,993 6%
(LOSS)/EARNING PER ORDINARY SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY (SEN):
BASIC AND DILUTED:
CONTINUING OPERATIONS 19.85 6.68
DISCONTINUING OPERATIONS 3 0.44
27 7.12

Referring to the table above, revenue of Bonia have increased outstandingly from year
2021 to 2023. Gross profit has increased from 52% to 61% in year 2021 and 2023
approximately. On the other hand, other operating income, selling and distribution
expenses and general and administrative expenses have a drastic drop from year to
year. Other income, distribution expenses and finance cost constantly change every
year. Other than that, profit for the year of Bonia have increased from 2021 to 2022
and declined in 2023.

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 2.2 STATEMENT OF FINANCIAL POSITION
CHEETAH HOLDINGS BERHAD
STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2023
2023 2022 2021
RM % RM % RM %
ASSET
NON-CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT 14,069,149 11% 14,024,636 9% 10,645,624 8%
RIGHT OF USE ASSETS 4,263,253 3% 3,637,312 2% 2,434,028 2%
INVESTMENT PROPERTY 418,545 0% 431,204 0% 544,346 0%
INVESTMENT IN SUBSIDIARIES 0% 0% 0%
OTHER INVESTMENTS 11,375,135 9% 25,976,083 17% 0 0%
AMOUNT OWING BY A SUBSIDIARY 0% 0% 0%
30,126,082 23% 44,069,235 30% 13,623,998 10%
CURRENT ASSETS
INVENTORIES 65,566,642 49% 45,700,507 31% 45,598,494 34%
TRADE AND OTHER RECEIVABLES 25,094,748 19% 31,614,643 21% 22,512,222 17%
CURRENT TAX ASSETS 2,756,019 2% 617,933 0% 1,333,546 1%
CASH AND BANK BALANCES 9,706,448 7% 17,716,834 12% 12,217,872 9%
SHORT-TERM FUNDS 401,265 0% 8,938,247 6% 40,732,875 30%
103,525,122 77% 104,588,164 70% 122,395,009 90%
TOTAL ASSETS 133,651,204 100% 148,657,399 100% 136,019,007 100%

EQUITY AND LIABILITIES

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT
SHARE CAPITAL 73,134,619 55% 73,134,619 49% 63,810,375 47%
TREASURY SHARES 0 0% 0 0% -6,261,214 -5%
RESERVES 47,536,514 36% 65,873,543 44% 73,643,449 54%
TOTAL EQUITY 120,671,133 90% 139,008,162 94% 131,192,610 96%

LIABILITIES
NON-CURRENT LIABILITIES
DEFERRED TAX LIABILITIES 394,576 0% 735,079 0% 586,655 0%
LEASE LIABILITIES 1,301,755 1% 963,490 1% 0 0%
1,696,331 1% 1,698,569 1% 586,655 0%
CURRENT LIABILITIES
TRADE AND OTHER PAYABLES 7,538,286 6% 7,412,313 5% 3,966,287 3%
BORROWING 2,868,437 2% 0 0% 0 0%
CURRENT TAX LIABILITIES 0 0% 0 0% 0 0%
LEASE LIABILITIES 877,017 1% 538,355 0% 273,455 0%
11,283,740 8% 7,950,668 5% 4,239,742 3%
TOTAL LIABILITIES 12,980,071 10% 9,649,237 6% 4,826,397 4%
TOTAL EQUITY AND LIABILITIES 133,651,204 100% 148,657,399 100% 136,019,007 100%

Based on the result above, Cheetah is highly financed by debt where 4%, 6% and
10% of their total assets are financed by liabilities for the year 2021 until 2023. The
large portion of assets for the three-year period are in the form of current assets where
90%, 70% and 77% of total assets represented by current assets for company
Cheetah Holdings Bhd. Inventory of Cheetah decreased from year 2021 to 2022 which
is 34% to 31% and increased to 49% in 2023. This explain that Cheetah is a

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 merchandising firm that have large inventories of finished goods. The company
receivables are 17% and 21% respectively for 2021 and 2022. It is also decreasing
from 2022 to 2023 which is 19%. In terms of liability, Cheetah has less debt in which
the total liabilities for year 2021 amounted 4%. The amount of current liabilities for
Cheetah is increased from year 2021 to 2022 which are 3% to 8%. Cheetah do not
involve with any borrowings from year 2021 to 2022.

BONIA CORPORATION BERHAD

STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2023
2023 2022 2021
RM % RM % RM %
ASSET
NON-CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT 144,373 21% 90,376 14% 87,522 15%
RIGHT OF USE ASSETS 73,630 11% 59,777 9% 44,953 8%
INVESTMENT PROPERTIES 99,186 14% 98,476 15% 98,952 17%
INTANGIBLE ASSETS 77,563 11% 73,813 11% 73,740 13%
INVESTMENT IN SUBSIDIARIES - - -
INTEREST IN ASSOCIATES 1160 0% 494 0% 238 0%
OTHER INVESTMENTS 2,766 0% 7,444 1% 1,120 0%
DEFERRED TAX ASSETS 1115 0% 1878 0% 1428 0%
OTHER RECEIVABLES - - 2092 0%
399,793 58% 332,258 51% 310,045 53%
CURRENT ASSETS
INVENTORIES 94,140 14% 53,869 8% 60,792 10%
TRADE AND OTHER RECEIVABLES 55,132 8% 50,429 8% 43,351 7%
CURRENT TAX ASSETS 1,953 0% 1,514 0% 1,644 0%
CASH AND BANK BALANCES 112,454 16% 115,286 18% 85,203 15%
SHORT-TERM FUNDS 30,510 4% 27,318 4% 15,493 3%
294,189 42% 248,416 38% 206,483 35%
NON-CURRENT ASSETS/DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE/DISTRIBUTION - 64,824 10% 65,149 11%
TOTAL ASSETS 693,982 100% 645,498 100% 581,677 100%

EQUITY AND LIABILITIES

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT
SHARE CAPITAL 201,572 29% 201,572 31% 201,572 35%
RESERVES 226,046 33% 196,747 30% 162,983 28%
427,618 62% 398,319 62% 364,555 63%
NON-CONTROLLING INTEREST 27,986 4% 24,831 4% 20,480 4%
TOTAL EQUITY 455,604 66% 423,150 66% 385,035 66%

LIABILITIES
NON-CURRENT LIABILITIES
BORROWINGS 67,598 10% 70,173 11% 75,046 13%
OTHER PAYABLE 5,796 1% 5,246 1% 5,015 1%
LEASE LIABILITIES 52,670 8% 42,322 7% 28288 5%
PROVISION FOR RESTORATION COSTS 1,518 0% 1,113 0% 1370 0%
DEFERRED TAX LIABILITIES 5,708 1% 5,558 1% 6240 1%
133,290 19% 124,412 19% 115,959 20%
CURRENT LIABILITIES
TRADE AND OTHER PAYABLES 29,232 4% 32,953 5% 20,943 4%
BORROWINGS 22,402 3% 10,182 2% 6,834 1%
LEASE LIABILITIES 25,175 4% 20,240 3% 20,846 4%
PROVISION FOR RESTORATION COSTS 702 0% 552 0% 415 0%
CONTRACT LIABILITIES 20,776 3% 19645 3% 21137 4%
CURRENT TAX LIABILITIES 6,801 1% 6,302 1% 1,250 0%
105,088 15% 89,874 14% 71,425 12%
LIABILITIES FOR DISPOSAL GROUP CLASSIFIED AS HELD FOR DISTRIBUTION - 8,062 1% 9,258 2%
TOTAL LIABILITIES 238,378 34% 222,348 34% 196,642 34%
TOTAL EQUITY AND LIABILITIES 693,982 100% 645,498 100% 581,677 100%

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 Based on the result above, Bonia is constantly financed by debt where 34% of their
total assets are financed by liabilities for the year 2021 until 2023. The large portion of
assets for the three-year period are in the form of current assets where 35%, 38% and
42% of total assets represented by current assets for company Bonia. Inventory of
Bonia decreased from year 2021 to 2022 which is 10% to 8% and increased to 14%
in 2023. The company receivables are 7% and 8% respectively for 2021 and 2022. It
is also remains same in year 2023 which is 8%. In terms of liability, Bonia has remains
constant debt in which the total liabilities for three-year period amounted 34%. The
amount of current liabilities for Bonia increased from year 2021 to 2022 which are 12%
to 14%.

3.0 HORIZONTAL COMMON-SIZE ANALYSIS

3.1 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

CHEETAH HOLDINGS BERHAD

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023

2023 2022 2021

RM % RM % RM %
REVENUE 146,780,629 141% 145,404,455 140% 104,027,279 100%
COST OF SALES -100,186,480 146% -96,293,132 140% -68,752,402 100%
GROSS PROFIT 46,594,149 132% 49,111,323 139% 35,274,877 100%
OTHER INCOME 329,139 13% 910,548 37% 2,467,870 100%
DISTRIBUTION EXPENES -21,325,307 132% -19,806,048 123% -16,150,025 100%
ADMINISTRATIVE EXPENSES -18,710,961 203% -13,437,408 146% -9,215,126 100%
OTHER OPERATING EXPENSES -21,837,788 623% -20,807,923 594% -3,503,624 100%
IMPAIRMENT LOSSES ON RECEIVABLES -1,956,033 4081% -95,379 199% -47,936 100%
FINANCE COSTS -273,612 488% -35,997 64% -56,106 100%
(LOSS)/PROFIT BEFORE TAX -17,180,413 -196% -4,160,884 -47% 8,769,930 100%
TAX EXPENSE -1,156,616 57% -2,926,175 144% -2,032,528 100%
(LOSS)/PROFIT FOR THE FINANCIAL YEAR -18,337,029 -272% -7,087,059 -105% 6,737,402 100%
OTHER COMPREHENSIVE LOSS, NET OF TAX
TOTAL COMPREHENSIVE(LOSS)/INCOME -18,337,029 -272% -7,087,059 -105% 6,737,402 100%
LOSS ATTRIBUTABLE TO THE OWNERS OF THE PARENT -18,337,029 -272% -7,087,059 -105% 6,737,402 100%
TOTAL COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO THE OWNERS OF THE PARENT -18,337,029 -272% -7,087,059 -105% 6,737,402 100%
(LOSS)/EARNING PER ORDINARY SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT (SEN):
BASIC AND DILUTED -4 -1.7 1.96

Based on the data above, comparing with the base year, the revenue of Cheetah
produces a loss for the financial year which is 47% in 2022. However, the revenue is
higher than revenue reported in 2022 which increase to 93.056%. On the other hand,
the distribution expense, administrative expenses, and other operating expenses have
increasing from year to year. The cost of sales has increased from 140% to 146% in
year 2022 to 2023.

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 BONIA CORPORATION BERHAD
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
2023 2022 2021
RM % RM % RM %
REVENUE 424,148 162% 333,011 127% 261,219 100%
COST OF SALES -164,767 133% -140,517 113% -124,264 100%
GROSS PROFIT 259,381 189% 192,494 141% 136,955 100%
OTHER OPERATING INCOME 9,955 37% 22,444 82% 27,221 100%
SELLING AND DISTRIBUTION EXPENES -113,837 140% -90,404 111% -81,368 100%
GENERAL AND ADMINISTRATIVE EXPENSES -69,721 119% -63,601 109% -58,616 100%
FINANCE COSTS -6,603 142% -4,865 105% -4,645 100%
SHARE OF PROFIT OF AN ASSOCIATE, NET OF TAX 786 -786% 256 -256% -100 100%
(LOSS)/PROFIT BEFORE TAX 79,961 411% 56,234 289% 19,447 100%
TAX EXPENSE -17,366 420% -8,880 215% -4,138 100%
PROFIT FOR THE FINANCIAL YEAR FROM CONTINUING OPERATIONS 47,444 310% 15,309 100%
PROFIT FOR THE FINANCIAL YEAR FROM DISCONTINUING OPERATIONS, NET OF TAX 5,117 600% 853 100%
(LOSS)/PROFIT FOR THE FINANCIAL YEAR 62,595 387% 52,561 325% 16,162 100%
OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX
ITEMS THAT MAY BE RECLASSIFIED SUBSEQUENTLY TO PROFIT OR LOSS UPON DEREGISTRATION OF FOREIGN SUBSIDIARIES 0% - -77 100%
FOREIGN CURRENCY TRANSLATIONS 11434 -918% 3016 -242% -1246 100%
TOTAL OTHER COMPREHENSIVE INVOME/(LOSS), NET OF TAX 11434 -978% 3016 -258% -1169 100%
TOTAL COMPREHENSIVE(LOSS)/INCOME 74,029 494% 55,577 371% 14,993 100%
PROFIT/(LOSS) ATTRIBUTABLE TO:
OWNERS OF THE PARENT 55,000
CONTINUING OPERATIONS 0% 39,891 306% 13,019 100%
DISCONTINUING OPERATIONS 0% 5,117 600% 853 100%
0% 45,008 324% 13,872 100%
NON-CONTROLLING INTEREST 7,595
CONTINUING OPERATIONS 0% 7,553 330% 2,290 100%
62,595 387% 52,561 325% 16,162 100%
TOTAL COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO:
OWNERS OF THE PARENT 65,479
CONTINUING OPERATIONS 0% 42,717 361% 11,831 100%
DISCONTINUING OPERATIONS 0% 5,117 600% 853 100%
0% 47,834 377% 12,684 100%
NON-CONTROLLING INTEREST 8,550
CONTINUING OPERATIONS 0% 7,743 335% 2,309 100%
74,029 494% 55,577 371% 14,993 100%
(LOSS)/EARNING PER ORDINARY SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY (SEN):
BASIC AND DILUTED:
CONTINUING OPERATIONS 19.85 6.68
DISCONTINUING OPERATIONS 3 0.44
27 7.12

Based on the data above, comparing with the base year, the revenue for Bonia has
increased to 127% in 2022 and resulting in increase of profit after tax to 289%. In the
same years, the cost of sales also increased to 113%. In 2023, they managed to
increase more revenue to 162% due to largely attributable to the high demand for
products during the post-pandemic. The cost of sales in 2023 is higher than in 2022
which increase to 162%.

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 3.2 STATEMENT OF FINANCIAL POSITION

CHEETAH HOLDINGS BERHAD

STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2023
2023 2022 2021
RM % RM % RM %
ASSET
NON-CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT 14,069,149 132% 14,024,636 132% 10,645,624 100%
RIGHT OF USE ASSETS 4,263,253 175% 3,637,312 149% 2,434,028 100%
INVESTMENT PROPERTY 418,545 77% 431,204 79% 544,346 100%
INVESTMENT IN SUBSIDIARIES
OTHER INVESTMENTS 11,375,135 0% 25,976,083 0% 0 0%
AMOUNT OWING BY A SUBSIDIARY
30,126,082 221% 44,069,235 323% 13,623,998 100%
CURRENT ASSETS
INVENTORIES 65,566,642 144% 45,700,507 100% 45,598,494 100%
TRADE AND OTHER RECEIVABLES 25,094,748 111% 31,614,643 140% 22,512,222 100%
CURRENT TAX ASSETS 2,756,019 207% 617,933 46% 1,333,546 100%
CASH AND BANK BALANCES 9,706,448 79% 17,716,834 145% 12,217,872 100%
SHORT-TERM FUNDS 401,265 1% 8,938,247 22% 40,732,875 100%
103,525,122 85% 104,588,164 85% 122,395,009 100%
TOTAL ASSETS 133,651,204 98% 148,657,399 109% 136,019,007 100%

EQUITY AND LIABILITIES

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT
SHARE CAPITAL 73,134,619 115% 73,134,619 115% 63,810,375 100%
TREASURY SHARES 0 0% 0 0% -6,261,214 100%
RESERVES 47,536,514 65% 65,873,543 89% 73,643,449 100%
TOTAL EQUITY 120,671,133 92% 139,008,162 106% 131,192,610 100%

LIABILITIES
NON-CURRENT LIABILITIES
DEFERRED TAX LIABILITIES 394,576 67% 735,079 125% 586,655 100%
LEASE LIABILITIES 1,301,755 0% 963,490 0% 0 0%
1,696,331 289% 1,698,569 290% 586,655 100%
CURRENT LIABILITIES
TRADE AND OTHER PAYABLES 7,538,286 190% 7,412,313 187% 3,966,287 100%
BORROWING 2,868,437 0% 0 0% 0 0%
CURRENT TAX LIABILITIES 0 0 0% 0 0%
LEASE LIABILITIES 877,017 321% 538,355 197% 273,455 100%
11,283,740 266% 7,950,668 188% 4,239,742 100%
TOTAL LIABILITIES 12,980,071 269% 9,649,237 200% 4,826,397 100%
TOTAL EQUITY AND LIABILITIES 133,651,204 98% 148,657,399 109% 136,019,007 100%

Based on the data above, comparing with the base year, the total of non-current asset
of Cheetah has increased to 323% in 2022 due to the increasing in other assets. On
the other hand, the equity attributable to owners of the company has slightly increased

8
 to 106% in 2022 due to increase in share capital. It also lowers down to 92% in 2023.
The total liabilities in 2022 and 2023 have increased to 200% and 269% respectively.

BONIA CORPORATION BERHAD

STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2023
2023 2022 2021
RM % RM % RM %
ASSET
NON-CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT 144,373 165% 90,376 103% 87,522 100%
RIGHT OF USE ASSETS 73,630 164% 59,777 133% 44,953 100%
INVESTMENT PROPERTIES 99,186 100% 98,476 100% 98,952 100%
INTANGIBLE ASSETS 77,563 105% 73,813 100% 73,740 100%
INVESTMENT IN SUBSIDIARIES - - -
INTEREST IN ASSOCIATES 1160 487% 494 208% 238 100%
OTHER INVESTMENTS 2,766 247% 7,444 665% 1,120 100%
DEFERRED TAX ASSETS 1115 78% 1878 132% 1428 100%
OTHER RECEIVABLES - - 2092 100%
399,793 129% 332,258 107% 310,045 100%
CURRENT ASSETS
INVENTORIES 94,140 155% 53,869 89% 60,792 100%
TRADE AND OTHER RECEIVABLES 55,132 127% 50,429 116% 43,351 100%
CURRENT TAX ASSETS 1,953 119% 1,514 92% 1,644 100%
CASH AND BANK BALANCES 112,454 132% 115,286 135% 85,203 100%
SHORT-TERM FUNDS 30,510 197% 27,318 176% 15,493 100%
294,189 142% 248,416 120% 206,483 100%
NON-CURRENT ASSETS/DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE/DISTRIBUTION - 64,824 100% 65,149 100%
TOTAL ASSETS 693,982 119% 645,498 111% 581,677 100%

EQUITY AND LIABILITIES

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT
SHARE CAPITAL 201,572 100% 201,572 100% 201,572 100%
RESERVES 226,046 139% 196,747 121% 162,983 100%
427,618 117% 398,319 109% 364,555 100%
NON-CONTROLLING INTEREST 27,986 137% 24,831 121% 20,480 100%
TOTAL EQUITY 455,604 118% 423,150 110% 385,035 100%

LIABILITIES
NON-CURRENT LIABILITIES
BORROWINGS 67,598 90% 70,173 94% 75,046 100%
OTHER PAYABLE 5,796 116% 5,246 105% 5,015 100%
LEASE LIABILITIES 52,670 186% 42,322 150% 28288 100%
PROVISION FOR RESTORATION COSTS 1,518 111% 1,113 81% 1370 100%
DEFERRED TAX LIABILITIES 5,708 91% 5,558 89% 6240 100%
133,290 115% 124,412 107% 115,959 100%
CURRENT LIABILITIES
TRADE AND OTHER PAYABLES 29,232 140% 32,953 157% 20,943 100%
BORROWINGS 22,402 328% 10,182 149% 6,834 100%
LEASE LIABILITIES 25,175 121% 20,240 97% 20,846 100%
PROVISION FOR RESTORATION COSTS 702 169% 552 133% 415 100%
CONTRACT LIABILITIES 20,776 98% 19645 93% 21137 100%
CURRENT TAX LIABILITIES 6,801 544% 6,302 504% 1,250 100%
105,088 147% 89,874 126% 71,425 100%
LIABILITIES FOR DISPOSAL GROUP CLASSIFIED AS HELD FOR DISTRIBUTION - 8,062 87% 9,258 100%
TOTAL LIABILITIES 238,378 121% 222,348 113% 196,642 100%
TOTAL EQUITY AND LIABILITIES 693,982 119% 645,498 111% 581,677 100%

Based on the data above, comparing with the base year, the total of non-current asset
of Bonia has increases to 107% and 129% in 2022 and 2023 respectively due to the

9
increasing in right of use assets. The total assets also increased to 111% in 2022 and
119% in 2023. The equity attributable to owners of the Company has increased to
110% in 2022 and continue to increase in 2023 to 118%. In 2022 and 2023, the total
liabilities of the company have increased to 113% and 121% respectively.

10
4.0 FINANCIAL RATIO ANALYSIS
4.1 PROFITABILITY RATIOS
1.0 PROFITABILITY RATIOS

1.1 NET PROFIT MARGIN

Company 2021 2022 2023

Bonia Corporation Berhad 6.18% 14.24% 14.76%

Cheetah Holding Berhad 6.47% -4.87% -12.49%

Investors and analysts typically use net margin (NPM) to gauge how efficiently a
company is managed and forecast future profitability based on management’s sales forecasts.
By comparing net income to total sales, investors can see what percentage of revenues goes
to paying operating and non-operating expenses and what percentage is left over to pay
shareholders or reinvest in the company. A higher margin is always better than a lower margin
because it means that the company can translate more of its sales into profits at the end of
the period.

Bonia Corporation BHD experiencing a massive increase in net profit margins from
2021 to 2022. Bonia Bhd also experienced small increases in net profit of 0.52% from 2022 to
2023. While Cheetah Bhd experienced massive drop in their net profit margin for each year
since 2021 untill 2023.

1.2 OPERATING INCOME MARGIN

Company 2021 2022 2023

Bonia Corporation Berhad 21.86% 24.74% 28.06%

Cheetah Holding Berhad 9.89% 9.62% 3.59%

Operating income margin is a financial metric that measures the profitability of a

company’s core operations. It is calculated by dividing operating income (also known as
operating profit) by total revenue and expressing the result as a percentage. Operating income
represents the profit generated from a company’s primary business activities, excluding
interest and taxes. A higher operating income margin indicates efficient cost management and
strong operational performance, while a lower margin may suggest challenges in controlling
expenses or pricing strategies.

Both companies experienced a decrease and increase in operating income margin

from 2021 to 2023. Bonia Bhd Berhad has slightly increased from 21.86% in 2021 to 24.74%
in 2022 and also increased to 28.06% in 2023. While Cheetah Bhd has decreased significantly
from 9.89% in 2021 to 9.62% in 2022 and will experiencing massive decrease significantly to
3.59% in 2023.

11
 1.3 RETURN ON ASSETS

Company 2021 2022 2023

Bonia Corporation Berhad 2.52% 8.21% 9.77%

Cheetah Holding Berhad 4.83% -5.08% -13.15%

Return on Assets (ROA) is a financial metric that evaluates a company’s profitability

by measuring its ability to generate earnings from its total assets. It is calculated by dividing
the net income of a company by its average total assets. ROA provides insight into how
efficiently a company utilizes its assets to generate profit. A higher ROA indicates better asset
utilization and profitability, while a lower ROA suggests less effective use of assets in
generating earnings.

Both companies experienced an increase and decrease in return on assets from 2021
to 2023. Bonia Berhad has increase significantly from 2.52% in 2021 to 8.21% in 2022 and
has increased to 9.77% in 2023. While Cheetah Berhad had slightly decreased from 4.83% in
2021 to -5.08% in 2022 and has continuing decreased to -13.15% in 2023.

1.4 RETURN ON EQUITY

Company 2021 2022 2023

Bonia Corporation Berhad 3.84% 12.48% 14.56%

Cheetah Holding Berhad 5.17% -5.44% -14.01%

Return on Equity (ROE) is a financial metric that measures the profitability of a

company in relation to its shareholders’ equity. It is calculated by dividing the net income of
the company by its average shareholders’ equity during a specific period. ROE is expressed
as a percentage and serves as an indicator of how well a company is utilizing its equity to
generate profits. A higher ROE typically signifies effective management in generating returns
for shareholders, while a lower ROE may indicate less efficient use of equity capital. It’s
essential to consider industry benchmarks and other financial metrics when evaluating ROE
to gain a comprehensive understanding of a company’s financial performance.

Both companies experienced decrease and increase in return on equity from 2021 to
2023. Bonia Berhad has slightly increase from 3.84% in 2021 to 12.48% in 2022 and has
increase to 14.56% in 2023. While for Dayang Enterprise has decrease significantly from
5.17% in 2021 to -5.44% in 2022 and decrease to -14.01% in 2023.

12
4.2 EFFICIENCY RATIOS
2023 2022 2021
CHEETAH BONIA CHEETAH BONIA CHEETAH BONIA
Current 60.92 : 1 2.80 : 1 13.15 : 1 2.76 : 1 28.87 : 1 1.78 : 1
ratio

Acid test 23.38 : 1 1.90 : 1 7.41 : 1 2.16 : 1 18.11 : 1 1.26 : 1

ratio

Accounts 71 days - 68 days 1 day 109 days 4 days

receivable
turnover
in day
Days’ 203 days 164 days 173 days 149 days 266 days 231 days
sales of
inventory
Operating 274 days 164 days 241 days 150 days 375 days 235 days
cycle
Free Cash (18,500,956) 120,625,000 278,242 93,728,000 9,999,602 82,662,000
Flow

The table compares the financial results of two companies, Cheetah and Bonia,
for the years 2021, 2022, and 2023. A number of significant financial statistics and
measures are displayed, providing information on the two companies' liquidity,
effectiveness, and overall financial health.

Firstly, the current ratio evaluates how well a company can use its short-term
assets to pay off its short-term liabilities. Better liquidity is often indicated by a greater
current ratio. Cheetah has a very high current ratio (20.92:1) in the year 2023,
indicating a sizable excess of current assets over liabilities. In contrast to Cheetah,
Bonia has a more conservative current ratio of 2.80:1, which is still within the allowed
boundaries but suggests a worse liquidity situation.

Besides that, inventory is not included in the fast ratio, also known as the acid
test ratio, which makes it a more precise indicator of liquidity. Once more, Cheetah
indicates a higher acid test ratio than Bonia, indicating a greater capacity to fulfil short-
term demands without the need for inventory.

Next, the rapidity at which the company collects its receivables is shown by this
ratio. In general, less days is preferable. Cheetah's accounts receivable turnover in
2023 is 71 days, compared to 1 day for Bonia, indicating Cheetah's superior efficiency
in customer payment collection.

13
 This indicator shows the number of days it takes the company to sell all of its
inventory. A smaller figure is better. Cheetah has 203 days in 2023 compared to
Bonia's 149 days, proving that Bonia manages its inventory turnover more effectively.

The operating cycle gives an in-depth overview of how long it takes a company
of converting its resources into cash through the combination of the days' sales of
inventory and the turnover of accounts receivable. In 2023, Cheetah’s operating cycle
is longer than Bonia's, suggesting that it maintains working capital not really effectively.

The cash that continues to be in the company after capital expenses have been
deducted is known as free cash flow. Compared to Bonia, which has a positive free
cash flow of RM82,662,000 in 2023, Cheetah has a negative free cash flow of
RM18,500,956. This implies that Bonia has greater cash on hand for a variety of
purposes, like as growth, debt service, or shareholder dividend.

In conclusion, Cheetah exhibits abnormally high liquidity ratios, whereas Bonia

looks to have a more effective operating cycle and produces positive free cash flow,
indicating stronger working capital management and financial success. These insights
can be used by stakeholders and investors to make well-informed decisions regarding
these companies' operational effectiveness and financial stability.

14
 4.3 LEVERAGE RATIOS

2023 2022 2021

CHEETAH BONIA CHEETAH BONIA CHEETAH BONIA

Debt ratio = 9.71% = 34.35% = 6.49% = 34.45% = 3.55% = 33.81%

Debt-to- = 10.75% = 52.32% = 6.94% = 52.55% = 3.68% = 51.07%

equity ratio

Times = - 63.79 =11.11 = - 116.59 = 10.98 = 155.31 = 3.19

interest times times times times times times
earned (TIE)

Leverage ratios measure a company's debt to equity ratio, indicating financial obligations
and debt usage. Higher ratios indicate higher risk but potential returns. Common ratios include
debt-to-assets, debt-to-equity, debt-to-capital, and debt-to-EBIT.

Cheetah has a lower debt ratio than Bonia, with a slightly higher ratio from 33.81% in 2021
to 34.45% in 2022, and a slightly lower ratio from 34.35% in 2023. This indicates a conservative
financing strategy and high financial flexibility, while Bonia's higher ratio suggests increased
leverage and vulnerability to interest rate changes and economic conditions. Cheetah's low debt
ratio in 2021 and 2022 demonstrates this.

The debt-to-equity ratio measures a company's total debt to its total equity, reflecting the
contribution of creditors and shareholders to financing. A higher ratio indicates higher debt
dependence and lower equity cushion for creditors. Cheetah's ratios have increased from 3.68%
in 2021 to 10.75% in 2023, contrasting with Bonia's consistently high ratios of 50%+, indicating a
more aggressive capital structure and higher financial leverage. Cheetah's low ratio indicates a
higher reliance on equity for operations and growth.

Times Interest Earned (TIE) measures a company's ability to meet its interest obligations
from its operating income. A higher TIE indicates a greater margin of safety and a lower probability
of default, while a negative TIE indicates insufficient income to cover interest expenses.
Cheetah's high interest earned in 2021 is positive, but its TIE decreased in 2022 and 2023,
indicating a high risk of default or bankruptcy. Bonia's slightly increased TIE suggests severe

15
financial distress. Cheetah, despite a negative TIE, is better off due to a lower debt burden and
higher operating income.

In conclusion, Bonia has a higher degree of financial leverage than Cheetah, which may
increase its potential returns but also its financial risk. Cheetah has a lower degree of financial
leverage than Bonia, which may reduce its financial risk but also its profitability. Thus, Cheetah
has a more prudent and sustainable financing policy, while Bonia has a more risky and unstable
financing policy. Both companies should aim for an optimal level of leverage that balances their
risk and return objectives.

16
 4.4 MARKET RATIOS

2023 2022 2021

CHEETAH BONIA CHEETAH BONIA CHEETAH BONIA

Price/Earnings ratio 3.71% 6.47% 10.14% 5.61% 13.48%

6.58%

Dividend per share NIL (No 17.95% NIL (No 6.98% 0.35% 3.89%
dividend) dividend)

Dividend yield NIL (No 10% NIL (No 31% 3.27% 4.06%
dividend dividend
yield) yield)

One way to gauge a company's valuation is through the Price/Earnings ratio. A lower P/E ratio
may be a sign of undervaluation, whereas a higher ratio could be an indication of
overvaluation. CHEETAH's P/E ratio fluctuated between the years 2021 (5.61%), 2022
(6.47%), and 2023 (3.71%). BONIA's P/E ratio shows a significant decline in 2021 (13.48%),
2022 (10.14%), and 2023 (6.58%). The decrease in the P/E ratio from 2022 to 2023 could
indicate either an increase in earnings or a decrease in perceived risk.

In 2022 and 2023, CHEETAH did not pay dividends to shareholders, indicating that the
company did not make a profit during those years. Rather than representing a substantial
return on investment, the 2021 small dividend of 0.35% may be viewed as a nominal
distribution. BONIA paid dividends every three years; in 2021 (3.89%), it increased to 6.89%
in 2022, and in 2023 it rose to 17.95%. Income-seeking investors may be drawn in by the
notable increase in 2023.

CHEETAH’s moderate 3.27% dividend yield in 2021 indicates a respectable return for
investors. Nonetheless, it appears that investors did not receive dividend income in 2022 or
2023 based on the lack of a dividend yield in those years. When compared to the stock's
market price, BONIA's 31% dividend yield in 2022 is exceptionally high, indicating a sizable
return on investment through dividends. On the other hand, 2023's decline to 10% might point
to a more modest return than the year before.

In general, the P/E ratios of BONIA and CHEETAH both show oscillations, which suggest shifts
in expectations and market sentiment. A deliberate attempt to give shareholders a larger
portion of profits or strong financial performance could be indicated by BONIA's large dividend

17
increase in 2023. Conversely, CHEETAH has a less impressive dividend history, paying out
no dividends in the previous years and a meager one in 2022.

18
5.0 CONCLUSION
Based on vertical and horizontal analysis, it can be said that both Cheetah
Holdings Bhd and Bonia Corporation Bhd give a same result in which the expenses
are increasing from 2021 until 2023. If the company can keep this performance, it
might give result in a lower income for the next year.

The analysis is used to assess a company's operational and financial

performance, including efficiency, liquidity, leverage, profitability, and market ratio.
Efficiency ratios are used to assess how effectively a business uses its assets and
liabilities to generate sales and maximise profits. According to the ratio analysis, Bonia
has a higher degree of financial leverage than Cheetah, which may increase its
potential returns but also its financial risk.

19
6.0 SUPPORTING EXHIBITS
CHEETAH HOLDINGS BERHAD

20
BONIA CORPORATION BERHAD

21
 Workings
Working For Profitability Ratio:
BONIA CORPORATION BERHAD (GROUP):
2021
Net Profit Margin:
16162/261219 = 6.1871
Operating Income Margin:
57094/261219 = 21.85
Return On Asset:
16162/640385 = 2.524
Return On Equity:
16162/421263 = 3.8365
CHEETAH HOLDING BERHAD (GROUP):
2021
Net Profit Margin:
6737402/104027279 = 6.476
Operating Income Margin:
10296532/104027279 =
9.897
Return On Asset:
6737402/139442536 = 4.831
Return On Equity:
6737402/130290635 = 5.171
C. working for leverage ratios
CHEETAH HOLDING BERHAD (GROUP)
LEVERAGE 2023
RATIOS
Debt ratio = ( RM 12,980,071 / RM
133,651,204 )
(T.Liability /
T.Asset) = 9.71%
Debt-to-equity = ( RM 12,980,071 / RM
2022
Net Profit Margin:
52562/369257 = 14.24
Operating Profit Margin :
91345/369257 = 24.74
Return On Asset:
52561/640385 = 8.207
Return On Equity:
52561/421263 = 12.472
2022
Net Profit Margin:
(7087059)/145404455 = -
4.874
Operating Profit Margin :
13988131/145404455 = 9.62
Return On Asset:
(7087059)/139442536 = -
5.082
Return On Equity:
(7087059)/130290635 = -
5.439
2022
= ( RM 9,649,237 / RM
148,657,399 )
= 6.49%
= ( RM 9,649,237 / RM
22
2023
Net Profit Margin :
62595/424148 = 14.76
Operating Profit Margin:
119016/424148 = 28.06
Return On Asset:
62595/640385 = 9.774
Return On Equity:
62595/421263 = 14.85
2023
Net Profit Margin :
(18337029)/14780629 = -
12.49
Operating Profit Margin:
5269660/14780629 = 3.5901
Return On Asset:
(18337029)/139442536 =
-13.15
Return On Equity:
(18337029)/130290635 =
-14.07
2021
= ( RM 4,826,397 / RM
136,019,007 )
= 3.55%
= ( RM 4,826,397 / RM
 ratio 120,671,133 ) 139,008,162 ) 131,192,610 )

(T.Liability /
T.Equity)
= 10.75% = 6.94% = 3.68%

Times interest = ( - RM 17,180,413 - RM = ( - RM 4,160,884 - RM = ( RM 8,769,930 - RM

earned (TIE) 273,612) / (RM 273,612) 35,997) / (RM 35,997) 56,106) / (RM 56,106)

(EBIT / Interest) = - 63.79 times = - 116.59 times = 155.31 times

BONIA CORPORATION BERHAD (GROUP)

LEVERAGE 2023 2022 2021

RATIOS
‘000’ ‘000’ ‘000’

Debt ratio = ( RM 238,378 / RM = ( RM 222,348 / RM = ( RM 196,642 / RM

693,982 ) 645,498 ) 581,677 )

(T.Liability /
T.Asset) = 34.35% = 34.45% = 33.81%

Debt-to-equity = ( RM 238,378 / RM = ( RM 222,348 / RM = ( RM 196,642 / RM

ratio 455,604 ) 423,150 ) 385,035 )

(T.Liability /
T.Equity)
= 52.32% = 52.55% = 51.07%

Times interest = ( RM 79,961 - RM 6,603 / = ( RM 62,382 - RM 5,208 / = ( RM 19,447 - RM 4,645 /

earned (TIE) RM 6,603 ) RM 5,208 ) RM 4,645 )

(EBIT / Interest) =11.11 times = 10.98 times = 3.19 times

D. Workings for market ratio

CHEETAH HOLDINGS BERHAD (GROUP)

2023 2022 2021

23
Price/Earnings ratio RM 0.14 RM 0.11 RM 0.11

Market price per share RM (3.77) RM (1.70) RM 1.96

Earnings per share = 3.71% = 6.47% = 5.61%

Dividend per share NIL NIL RM 459, 388

Dividend paid 486, 235, 250 486, 235, 250 127,620,750

No of common stock = NIL = NIL = 0.35%

Dividend yield NIL NIL RM 0.0036

Dividend per share RM 0.14 RM 0.11 RM 0.11

Market price per share = NIL = NIL = 3.27%

24
 BONIA CORPORATION BERHAD (GROUP)

2023 2022 2021

Price/Earnings ratio RM 1.80 RM 2.27 RM 0.96

Market price per share RM 27.36 RM 22.39 RM 7.12

Earnings per share = 6.58% = 10.14% = 13.48%

Dividend per share RM 36,180,000 RM 14,070,000 RM 7,835,000

Dividend paid 201, 572,000 201, 572,000 201, 572,000

No of common stock = 17.95% = 6.98% =3.89%

Dividend yield RM 0.179 RM 0.698 RM 0.039

Dividend per share RM 1.80 RM 2.27 RM 0.96

Market price per share = 10% = 31% = 4.06%

25
 CHEETAH
FORMULA/YEAR 2021 2022 2023
1. Current CA = 122,395,009 CA = 104,588,164 CA = 103,525,122
ratio CL = 4,239,742 CL = 7,950,668 CL = 1,696,331
103,525,122/1,696,331 = 60.92
CA/CL 122,395,009/4,239,742 104,588,164/7,950,668
= 28.87 =13.15
2. Acid test CA = 122,395,009 CA = 104,588,164 CA = 103,525,122
ratio Inventory = 45,598,494 Inventory = 45,700,507 Inventory = 65,566,642
Prepaid = - Prepaid = - Prepaid = -
(CA – CL = 4,239,742 CL = 7,950,668 CL = 1,696,331
Inventory – (103,525,122 - 65,566,642) /
Prepaid) / (122,395,009 - 45,598,494) / (104,588,164 - 45,700,507) / 7,950,668 = 1,696,331 = 23.38
CL 4,239,742 = 18.11 7.41

3. Accounts Avg a/c receivables = [(22,512,222 Avg a/c receivables = [(31,614,643 + Avg a/c receivables = [(25,094,748
receivable +17,217,563) / 2] =31,151,003.5 22,512,222) / 2] = 27,063,432.5 + 31,614,643) / 2] = 28,354,695.5
turnover in
day Net sales = 104,027,279 Net sales = 145,404,455 Net sales = 146,780,629
(Average
collection [365 / (104,027,279 / 31,151,003.5)] = [365 / (145,404,455 / 27,063,432.5)] = [365 / (146,780,629/28,354,695.5)]
period) 109.30 days 67.94 days = 70.51 days

365 / (Net
sales /Avg
a/c
receivables)

4. Days’ sales Avg inventories = [(45,598,494 + Avg inventories = [(45,700,507 + Avg inventories = [(65,566,642 +
of 54,490,472) / 2] = 50,044,483 45,598,494) / 2] = 45,649,500.5 45,700,507) / 2] = 55,633,574.5
inventory
(Average COGS = 68,752,402 COGS = 96,293,132 COGS = 100,186,480

26
 age of
inventory) [365 / (68,752,402 / 50,044,483)] = [365 / (96,293,132 / 45,649,500.5)] = [365 / (100,186,480 / 55,633,574.5)
265.68 days 173.03 days = 202.68 days
365 /
(COGS
/Avg
inventory)

5. Operating cycle A/C Receivables Turnover in days = A/C Receivables Turnover in days = A/C Receivables Turnover in days
109.30 67.94 = 70.51
A/C Receivables A/C Inventory Turnover in days =
Turnover in days + A/C Inventory Turnover in days = A/C Inventory Turnover in days = 173.03 202.68
A/C Inventory 265.68
Turnover in days 67.94 + 173.03 = 240.97 days 70.51 + 202.68 = 273.19 days
109.30 + 265.68 = 374.98 days
6. Free Cash Flow Operating Cash Flow = 10,240,733 Operating Cash Flow = 4,953,012 Operating Cash Flow =
(OCF – CAPEX) (15,769,620)
Capital Expenditure = 241,131 Capital Expenditure = 4,674,770
Operating Cash Capital Expenditure = 2,731,336
Flow – Capital 10,240,733 – 241,131
Expenditure = 9,999,602 4,953,012 – 4,674,770 = 278,242 (15,769,620) – 2,731,336 =
(18,500,956)

27
 BONIA
FORMULA/YEAR 2021 2022 2023
1. Current CA = 206,483,000 CA = 248,416,000 CA = 294,189,000
ratio CL = 115,959,000 CL = 89,874,000 CL = 105,088,000

CA/CL 206,483,000/115,959,000 248,416,000/89,874,000 294,189,000/105,088,000 = 2.80

= 1.78 = 2.76
2. Acid test CA = 206,483,000 CA = 248,416,000 CA = 294,189,000
ratio Inventory = 60,792,000 Inventory = 53,869,000 Inventory = 94,140,000
Prepaid = - Prepaid = - Prepaid = -
(CA – CL = 115,959,000 CL = 89,874,000 CL = 105,088,000
Inventory –
Prepaid) / (206,483,000 - 60,792,000) / (248,416,000 - 53,869,000) / 89,874,000 (294,189,000 - 94,140,000) /
CL 115,959,000 = 1.26 = 2.16 105,088,000 = 1.90

3. Accounts Avg a/c receivables = Avg a/c receivables = [(0+ 2,092,000) / 2] Avg a/c receivables = [(0+ 0) / 2] = 0
receivable [(2,092,000+4,193,000) / 2] = = 1,046,000
turnover 3,142,500 Net sales = 424,148,000
in day Net sales = 333,011,000
(Average Net sales = 261,219,000 [365 / (424,148,000 / 0)] = -
collection [365 / (333,011,000 / 1,046,000)] = 1.15
period) [365 / (261,219,000 / 3,142,500)] = days
4.39 days
Avg a/c
receivables
/ Net sales
x 365

4. Days’ Avg inventories = [(60,792,000 + Avg inventories = [(53,869,000 + Avg inventories = [(94,140,000 +
sales of 96,457,000) / 2] = 78,624,500 60,792,000) / 2] = 57,330,500 53,869,000) / 2] = 74,004,500
inventory

28
 (Average COGS = 124,264,000 COGS = 140,517,000 COGS = 164,767,000
age of [365 / (124,264,000 / 78,624,500)] = [365 / (140,517,000 / 57,330,500)] = [365 / (164,767,000 / 74,004,500)] =
inventory) 230.94 days 148.92 days 163.94 days

Avg
inventories
/ COGS x
365

5. Operating A/C Receivables Turnover in days = A/C Receivables Turnover in days = 1.15 A/C Receivables Turnover in days = 0
cycle 4.39 days days
A/C Inventory Turnover in days
A/C Receivables A/C Inventory Turnover in days = A/C Inventory Turnover in days = 148.92 163.94 days
Turnover in days + 230.94 days days
A/C Inventory 0 + 163.94 = 163.94 days
Turnover in days 4.39 + 230.94 = 235.33 days 1.15 + 148.92 = 150.07 days

6. Free Cash Operating Cash Flow = 79,061,000 Operating Cash Flow = 103,401,000 Operating Cash Flow = 70,831,000
Flow (OCF –
CAPEX) Capital Expenditure = 3,601,000 Capital Expenditure = 9,673,000 Capital Expenditure = 49,794,000

Operating Cash 79,061,000 - 3,601,000 = 103,401,000 - 9,673,000 = 93,728,000 70,831,000 - 49,794,000 =

Flow – Capital 82,662,000 120,625,000
Expenditure

29