3. INCOME STATEMENT
• Profits = Revenue - Expenses
Net Income 1. COGS
2. SGAE
0
10
20
30
40
50
60
70
0
100
200
300
400
500
600
2009 2010 2011 2012 2013
Operating Income (Earning BF taxes)
= Total Revenue - Total Operating Expense
Total revenue (in mil)
Total operating
expense
Operating income
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
0
10
20
30
40
50
60
70
80
2009 2010 2011 2012 2013
Net Income
Net income before
taxes
Net income
Net income %
change year over
year
-30.00%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
2009 2010 2011 2012 2013
% change in
Revenue year over
year
% change in Total
operating expense
year over year
% change Iin
Operating income
year over year
Net income DOWN
2012-2013: 14%
2012-2011: 52%
2012-2013
Rev: 2.54%
OP EXP: 0.71%
OP INC: 17.31%
4. BALANCE SHEET_Summary
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
0
100
200
300
400
500
600
2009 2010 2011 2012 2013
Assets
Total non-current
assets
Total current assets
% change in Total
current assets
% change in Total
non-current assets
2012-2013: Non-Current asset increase.
Business expansion.
-30.00%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
0
50
100
150
200
250
300
2009 2010 2011 2012 2013
Liabilities vs Equity
Total liabilities
Total equity
% change in Total
liabilities
% change in Total
equity
2013: Increase in LIAB higher
than EQU, contributed by Acct
Payable (Short term loan)
Increase in asset 2013 is largely due to increase in Liabilities, specially
incrase in Non-current assets Business expansion.
• Assets = Equity + Liabilities
5. BALANCE SHEET_Assests
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
0
100
200
300
400
500
600
2009 2010 2011 2012 2013
Assets
Total non-current
assets
Total current assets
% change in Total
current assets
% change in Total
non-current assets
0
50
100
150
200
250
300
350
2009 2010 2011 2012 2013
Current Assets
Other current assets,
total
Prepaid expenses
Total Inventory
Total Receivables, Net
Cash And Short Term
Investments
0
20
40
60
80
100
120
140
160
180
200
2009 2010 2011 2012 2013
Non-Current Assets
Other long term assets
Note receivable - long
term
Long term investments
Intangibles, net
Goodwill, net
Property, plant &
equipment, net
2012-2013: Non-Current asset increase.
Business expansion.
2012-2013: Total RECV and
Inventory increase
Business expansion??
6. BALANCE SHEET_Liabilities vs Equity
-30.00%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
0
50
100
150
200
250
300
2009 2010 2011 2012 2013
Liabilities vs Equity
Total liabilities
Total equity
% change in Total
liabilities
% change in Total
equity
-40.00%
-20.00%
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
140.00%
0
50
100
150
200
250
2009 2010 2011 2012 2013
Liabilities
Other current
liabilities, total
Current portion long-
term debt/capital
leases
Notes
payable/short-term
debt
Accrued expenses
Accounts payable
% change in Total
current liabilities
-30.00%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
-50
0
50
100
150
200
250
300
2009 2010 2011 2012 2013
Equity Other equity, total
Retained earnings
(accumulated deficit)
Common stock
% change in Total
equity
% change in
Retained earnings
(accumulated deficit)
2013: Increase in RET EARN
2013: Increase in LIAB higher
than EQU, contributed by Acct
Payable (Short term loan)
7. CASH FLOW_Summary
• Free Cash Flow
= Amortization/Depreciation – Changes in Working Capital – Capital Expenditure
-500.00%
-450.00%
-400.00%
-350.00%
-300.00%
-250.00%
-200.00%
-150.00%
-100.00%
-50.00%
0.00%
-20
-10
0
10
20
30
40
50
60
70
80
90
2009 2010 2011 2012 2013
Net Cash
Net cash-begin
balance/reserved for
future use
Net cash-end
balance/reserved for
future use
Net change in cash
% change in Net
change in cash
-60
-40
-20
0
20
40
60
80
2009 2010 2011 2012 2013
Cash from Operation,
Financing and Investing
Total cash from
financing
Total cash from
investing
Total cash from
operations
2013: Increase in CAP EXP
Business expasion
2013: -7.1mil drop in cash flow
but major for capital expansion
investment.
8. CASH FLOW_Operations VS Investing VS Financing
-80.00%
-60.00%
-40.00%
-20.00%
0.00%
20.00%
40.00%
60.00%
80.00%
0
10
20
30
40
50
60
2009 2010 2011 2012 2013
Cash from Operations
Total cash from
operations
% change in total
cash from operations
-150.00%
-100.00%
-50.00%
0.00%
50.00%
100.00%
150.00%
200.00%
250.00%
300.00%
-50
-40
-30
-20
-10
0
10
20
2009 2010 2011 2012 2013
Cash from Investing
Other investing and
cash flow items, total
Capital expenditures
Total cash from
investing
% change in Capital
expenditures year
over year
% change in Total
cash from investing
year over year
-800.00%
-700.00%
-600.00%
-500.00%
-400.00%
-300.00%
-200.00%
-100.00%
0.00%
100.00%
200.00%
-40
-30
-20
-10
0
10
20
30
2009 2010 2011 2012 2013
Cash from Financing
Financing cash flow
items
Total cash dividends
paid
Issuance (retirement)
of debt, net
Total cash from
financing
% change in Total
cash dividends paid
% change in Total
cash from financing
2013: Increase in CAP EXP
Business expasion
Editor's Notes
OP INC maintain 15%-20% Earnings from daily operation NO CHANGE 2011-2013. This suggests
a) Revenue is not generated in larger extend, probably delivery of product and service probably keep at certain level yearly, probably now new sales.
2. Taxes imposed indeed quite stable years over years. As Net Income increase significantly in year 2012, causing sharp hike in Net income 2012-2013. Revenue holds at same level in 2012-2013 Net Incomge % only 14%.
3. Flat revenues (473.24m to 484.68m), though the company grew net income 11.49% from 44.45m to 49.56m. A reduction in the cost of goods sold as a percentage of sales from 77.24% to 73.46% was a component in the net income growth despite flat revenues
4. Gross margin: (REV – COGS) / REV 27.12%. Deleum would retain RM0.27 from each RM of revenue generated, to be put towards paying off selling, general and administrative expenses, interest expenses and distributions to shareholders.
5. Net profit margin: Net Profit / Revenue 12.34%. Deleum would have RM 0.12 of each RM earned translated into profits.
6. Operating margin: Operating Income / Net Sales 13.1%. Deleum would makes RM0.13 (before interest and taxes) for every RM of sales
1. Quick Ratio =(Current Assets – Inventories)/Current Liabilities. 1 or higher, it says that the company has enough cash and liquid assets to cover its short-term debt obligations.
2.
Current assets: cash, inventories and accounts receivables.
Non-current assets: fixed assets, such as property, plant and equipment (PP&E)
Inventory always keep a good turn over level, but in 2013, inventory increases a lot more than previous years suggest new sales generated.
1. RE: The percentage of net earnings not paid out as dividends, but retained by the company to be reinvested in its core business or to pay debt: Beginning RE + Net Income - Dividends