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BUSINESS SCHOOL

SEMESTER JANUARI 2014

BBPW3103
FINANCIAL MANAGEMENT I

EKMATUL MANURAH BINTI IKHTIMAN

MATRICULATION NO.

780529065374001

IDENTITY CARD NO.

780529-06-5374

MOBILE NO.

019-3935233

E-MAIL ADDRESS

ekmatul_manurah@oum.edu.my

LEARNING CENTRE

PETALING JAYA

Financial Management 1

TABLE OF CONTENTS

BBPW3103
PAGES

1. Introduction of the selected company


Company 1 Dutch Lady Milk Industries Malaysia Berhad................................. 3
Company 2 Nestle Malaysia Berhad................................................................... 4

2. Dutch Lady Milk Industries Berhad computation and interpretation of liquidity


ratios and asset management ratios for year 2012
2.1 Liquidity Ratio. 5
2.2 Asset Management Ratio. 6

3. Nestle Malaysia Berhad computation and interpretation of liquidity ratios and


asset management ratios for year 2012
3.1 Liquidity Ratio 10
3.2 Asset Management Ratio 11

4. Comparison of the companies liquidity and asset management ratio for the year
2012 between Dutch Lady Milk Industries and Nestle Malaysia Berhad............. 15

5. Summary............................................................................................................... 19

REFERENCES
ATTACHMENTS

Financial Management 1

1.

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INTRODUCTION

Company 1 Dutch Lady Milk Industries Berhad


Dutch Lady Milk Industries Berhad was known as Dutch Baby Milk Industries (Malaya)
Berhad before changed its name to Dutch Lady Milk Industries Berhad in 2000. Dutct Lady
was incorporated in 1963 and is based in Petaling Jaya. In 1988 Dutch Lady Milk Industries
Berhad is a public-listed company on the Main Market of Bursa Malaysia Berhad . Dutch
Lady became the first in the world to introduce the growing up milk formula range in 1988
and until today, the range is marketed as Dutch Lady 123, Dutch Lady 456 and Dutch Lady
6+. Dutch Lady also the pioneers in liquid based milk for children through the introduction of
products Dutch Lady Kid & Dutch Lady School in 2010. Dutch Lady Milk Industries
Berhad have on average reduced sugar consumption by 65% instead of the targeted 40%.
Dutch Lady spreading the goodness of milk, which is continued in year 2012 with it 2-aday campaign that encourages peoples in Malaysia to drink 2 servings of milk a day. Dutch
Lady overall revenue increased by 9% to RM882.2 million in 2012, with growth in the key
segments of the business where Dutch Lady chooses to compete in. Demand for the
Companys core Growing Up Milk powder and liquid dairy products continue to be strong,
helped by value-enhancing Dutch Lady product innovations, strongly effective promotions
and appropriate strategies in the market place to get high number in sales. Dutch Lady again
achieved the highest level of profit before tax in its history, amounting to RM165.8 million,
17% higher than the previous year.

Figure 1 : Dutch Lady Milk Industries Berhad Financial Highlight

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Company 2 Nestle Malaysia Berhad


Nestle Malaysia Berhad was a publicly listed company on the Bursa Malaysia Berhad since
13 December 1989. Nestle started in Malaysia since 1912 as the Anglo-Swiss Condensed
Milk Company in Penang. The company core business is food and beverage which focus on
nutrition, health and wellness. The Groups has a very strong brands and products, as well as
marketing investments to generate awareness of the centennial celebrations, higher sales
result in all product categories which is Confectionery, Liquid Drinks, Chilled Dairy and Ice
Cream, recording strong double-digit growth. The Group was also expert in renovating and
innovating its range of existing products, which included the launch of NESCAF 3in1
Brown and Creamy, new MILO mixes variants (MILO Less Sweet, MILO Hi- Fibre , MILO
Cereal), the new MAGGI Mi Goreng and two additional NESTUM 3in1 variants with
Chinese herbs. The new products were well accepted by the market and will help Nestle to
further drive growth and brand image. Despite continuing economic uncertainties globally,
the Malaysian economy continued to be resilient and Nestle took full benefit, registering a
turnover of RM4.6 billion, 7.3% higher than the same period last year, largely due to the
strong growth on the domestic front. Domestic sales grew by 9.7% and export grew by 0.8%
in 2012 after an exceptional strong performance in 2011. Nestle run the business with their
corporate principles such as Nutrition, health and wellness, quality assurance and product
safety, consumer communication, human rights in business activities, leadership and personal
responsibility, safety and health at work, supplier and consumers relation, agriculture and
rural development, environmental and sustainability and also water.

Figure 2 : Nestle Malaysia Berhad Financial Highlight

Financial Management 1

2.

DUTCH

LADY

MILK

INDUSTRIES

BERHAD

BBPW3103

COMPUTATION

AND

INTERPRETATION OF LIQUIDITY RATIOS AND ASSET MANAGEMENT


RATIOS FOR YEAR 2012.
2.1 LIQUIDITY RATIO
Liquidity ratios are used to determine a companys ability to meet its short-term debt
obligations. Investors often take a close look at liquidity ratios when performing fundamental
analysis on a firm. Since a company that is consistently having trouble meeting its short-term
debt is at a higher risk of bankruptcy, liquidity ratios are a good measure of whether a
company will be able to comfortably continue as a going concern. Liquidity ratio can be
divided into 3 as below :2.1.1

Net Working Capital


Net Working Capital measures the fund owned by the company that can easily convert
into cash in daily company operation activities . If the value of net working capital
higher its means that the company is able to pay its short term debts.
Calculation Formula :
Net Working Capital = Current Asset Current Liabilities
= RM308.5 million RM161.8 million
= RM146.7 million
From the result of the calculation above shows that Dutch Lady has a very strong net
working capital and its easily can pay its short-term debts.

2.1.2

Current Ratio
Current Ratio measures the company's current assets by current liabilities. Generally,
the higher figure is better, it indicates that the firm has the higher total current assets
against current liabilities and easily as well as the ability to pay short-term debt using
its current assets.
Calculation Formula :
Current Ratio

= Current Assets__
Current Liabilities
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= RM308.5 million
RM161.8 million
= 1.9
Result of the calculation above shows that Dutch Lady only has RM1.90 value of
current asset for every ringgit of current liability.
2.1.3

Quick Ratio
The Quick Ratio also known as the acid-test ratio, is a Liquidity Ratio that is more
refined and more stringent than the current ratio. Instead of using current assets in the
numerator, the quick ratio uses a figure that focuses on the most liquid assets. The
main asset left out is inventory, which can be hard to liquidate at market value in a
timely fashion. The quick ratio is more conservative than the current ratio and focuses
on cash, short-term investments and accounts receivable. The formula is as follows:
Calculation Formula :
Quick Ratio

= Current Assets (Inventory + Prepayments)


Current Liabilities
= RM308.5 million (RM86.8 million + 0.7 million)
RM161.8 million
= 1.36 times

The quick ratio for Dutch Lady is 1.36 times. It shows the company able to pay its
short term debt from its current assets. Obviously, it is a good position for Dutch Lady
to be in because the firm able to meet its short-term debt without stress.
2.2

ASSET MANAGEMENT RATIO

Asset management ratios show how successfully a company utilizing its asset to generate
sales or cash. The higher the asset turnover ratios, the more sales the company is generating
from its assets. Low asset turnover ratios mean inefficient utilization of assets. Ratios that can
be used to measure the efficiency in asset management as shown below :2.2.1

Account Receivable Turnover


The Account Receivable Turnover indicates the velocity of a company's debt
collection, the number of times average receivables are turned over during a year. This
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ratio determines how quickly a company collects outstanding cash balances from its
customers during an accounting period. It is an important indicator of a company's
financial and operational performance and can be used to determine if a company is
having difficulties collecting sales made on credit.
Calculation formula :
Account Receivable Turnover = Credit Sales______
Account Receivable
= RM882.2 million
RM11.7 million
= 75.4 times
Based on the result of the calculation above shows that Dutch Lady has 75.4 times
ability to collect debts.
2.2.2 Average Collection Period
The average collection period is the number of days, on average, that it takes to the
company to collect its accounts receivables, i.e. the average number of days required
to convert receivables into cash.
Calculation formula :
Average Collection Period
(days sales outstanding)

= __________360__________
Account Receivable Turnover
= 360
75.4
= 4.77 days

or
Average collection period

= Account Receivable
Yearly Sales /360
= 11.7 million
882.2/360
= 4.77 days

Based on the calculation above shows that Dutch Lady need 4.77 days to collect debts
from its customer. Its mean that Dutch Lady has a very effiencient startegy in
collecting their debts.
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2.2.3 Inventory Turnover


Inventory turnover to measure number of times inventory is sold in a period of time as
one year. It is a good indicator of inventory quality efficient buying practices, and also
in inventory management. This ratio is important to show how gross profit is earned
each time inventory is turned over. If the company shows the higher value for
inventory turnover usually company can sell a lot of items to maintain an adequate
return on the capital invested in the company.
Calculation formula :
Inventory Turnover

= Cost of Good Sold


Inventory
= 535,475 million
86,781 million
= 6.17 times

Based on the calculation above shows that Dutch Lady can sell its inventory 6.17
times in a period of time of a year.
2.2.4 Average Inventory Sales Period
The average inventory sales period measure the numbers of days had been taken to
make one complete circle of inventory sales. The higher number of average shows
that the company takes longer time to sell its inventory.
Calculation formula :
Average Inventory Sales Period = _____360________
Inventory Turnover
= 360
6.17
= 58.3 days
Or
Average Inventory Sales Period = Inventory___________
Cost of Good Sold/360
= 86,781 million
535,475 / 360
= 58.3 days
Based on the calculation above shows that Dutch Lady takes 58.3 days to sell its
inventory.
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2.2.5 Fixed Asset Turnover


Fixed asset turnover tells us how effectively and efficiently a company is using its
fixed assets to generate revenue. This ratio indicates the productivity of fixed assets in
generating revenues. If a company has a high fixed asset turnover ratio, it shows that
the company is efficient at managing its fixed assets. Fixed assets are important
because they usually represent the largest component of total assets.
Calculation formula :
Fixed Asset Turnover

____Sales_____
Net Fixed Asset

= 882.2 million
73.1 million
= 12.6 times
Result of the above calculation shows that Dutch Lady can use 12.6 times its fixed
asset in generating sales. Dutch Lady has a good asset management.

2.2.6 Total Asset Turnover


Total asset turnover tells us how effectively and efficiently a company is using all its
assets to generate revenue. This ratio indicates the productivity of all assets in
generating revenues. If a company has a high total asset turnover ratio, it shows that
the company is efficient at managing its all assets. This ratio frequently use by the
management as it shown that overall efficiency of the company operations.
Calculation formula :
Total Asset Turnover

= Sales_____
Total Assets
= RM882.2 million
RM382.8
= 2.3 times

Base on the calculation Dutch Lady company total asset turnover shows 2.3 times which
shows the company has made rapid sales for the whole year. The company use it asset
effectively to generate sales for 2012.
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3.

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NESTLE MALAYSIA BERHAD COMPUTATION AND INTERPRETATION OF


LIQUIDITY RATIOS AND ASSET MANAGEMENT RATIOS FOR YEAR 2012.

3.1 LIQUIDITY RATIO


Liquidity ratios are used to determine a companys ability to meet its short-term debt
obligations. Investors often take a close look at liquidity ratios when performing fundamental
analysis on a firm. Since a company that is consistently having trouble meeting its short-term
debt is at a higher risk of bankruptcy, liquidity ratios are a good measure of whether a
company will be able to comfortably continue as a going concern. Liquidity ratio can be
divided into 3 as below :3.1.1

Net Working Capital


Net Working Capital measures the fund owned by the company such as cash and
items can easily convert into cash in daily company operation activities . If the value
of net working capital higher its means that the company is able to pay its short term
debts.
Calculation Formula :
Net Working Capital = Current Asset Current Liabilities
= RM840.7 million RM929.4 million
= -RM88.7 million

3.1.2

Current Ratio
Current ratio measures the company's current assets by current liabilities. Generally,
the higher figure is better, it indicates that the firm has the higher total current assets
against current liabilities and easily as well as the ability to pay short-term debt using
its current assets.
Calculation Formula :
Current Ratio

= Current Assets__
Current Liabilities
= RM840.7 million
RM929.4 million
= 0.9

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3.1.3

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Quick Ratio
The Quick Ratio also known as the acid-test ratio, is a Liquidity Ratio that is more
refined and more stringent than the current ratio. Instead of using current assets in the
numerator, the quick ratio uses a figure that focuses on the most liquid assets. The
main asset left out is inventory, which can be hard to liquidate at market value in a
timely fashion. The quick ratio is more conservative than the current ratio and focuses
on cash, short-term investments and accounts receivable. The formula is as follows:
Calculation Formula :
Quick Ratio

= Current Assets (Inventory + Prepayments)


Current Liabilities
= RM840.7 million (RM411.2 million)
RM929.4 million
= 0.46 times

3.2

ASSET MANAGEMENT RATIO

Asset management ratios show how successfully a company utilizing its asset to generate
sales or cash. The higher the asset turnover ratios, the more sales the company is generating
from its assets. Low asset turnover ratios mean inefficient utilization of assets. Ratios that can
be used to measure the efficiency in asset management as shown below :3.2.1

Account Receivable Turnover


The Account Receivable Turnover indicates the velocity of a company's debt
collection, the number of times average receivables are turned over during a year. This
ratio determines how quickly a company collects outstanding cash balances from its
customers during an accounting period. It is an important indicator of a company's
financial and operational performance and can be used to determine if a company is
having difficulties collecting sales made on credit.
Calculation formula :
Account Receivable Turnover = Credit Sales______
Account Receivable
= RM139.23 million
RM11.7 million
= 11.9 times
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3.2.2

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Average Collection Period


The average collection period is the number of days, on average, that it takes to the
company to collect its accounts receivables, i.e. the average number of days required
to convert receivables into cash.
Calculation formula :
Average Collection Period
(days sales outstanding)

= __________360__________
Account Receivable Turnover
= 360
11.9
= 30.3 days

or
Average collection period

= Account Receivable
Yearly Sales /360
= 11.7 million
139.23/360
= 11.7 million
0.386
= 30.3 days

3.2.3

Inventory Turnover
Inventory turnover to measure number of times inventory is sold in a period of time as
one year. It is a good indicator of inventory quality efficient buying practices, and also
in inventory management. This ratio is important to show how gross profit is earned
each time inventory is turned over. If the company shows the high value for inventory
turnover usually company can sell a lot of items to maintain an adequate return on the
capital invested in the company.
Calculation formula :
Inventory Turnover

= Cost of Good Sold


Inventory
= 3,003.2 million
411.2 million
= 7.3 times
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Based on the calculation above, the ratio of inventory turnover shows 7.3 which is
consider as very high ratio . Nestle has done a brisk business over the whole year by
converting its stock into sales rapidly.
3.2.4

Average Inventory Sales Period


The average inventory sales period measure the numbers of days had been taken to
make one complete circle of inventory sales. The higher number of average shows
that the company takes longer time to sell its inventory.
Calculation formula :
Average Inventory Sales Period = _____360________
Inventory Turnover
= 360
7.3
= 49.3 days
Or
Average Inventory Sales Period = Inventory___________
Cost of Good Sold/360
= 411.2 million
3,003.2 / 360
= 49.3 days

3.2.5

Fixed Asset Turnover


Fixed asset turnover tells us how effectively and efficiently a company is using its
fixed assets to generate revenue. This ratio indicates the productivity of fixed assets in
generating revenues. If a company has a high fixed asset turnover ratio, it shows that
the company is efficient at managing its fixed assets. Fixed assets are important
because they usually represent the largest component of total assets.
Calculation formula :
Fixed Asset Turnover

____Sales_____
Net Fixed Asset

= 4,556.4 million
945.8 million
= 4.8 times
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3.2.6

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Total Asset Turnover


Total asset turnover tells us how effectively and efficiently a company is using all its
assets to generate revenue. This ratio indicates the productivity of all assets in
generating revenues. If a company has a high total asset turnover ratio, it shows that
the company is efficient at managing its all assets. This ratio frequently use by the
management as it shown that overall efficiency of the company operations.
Calculation formula :
Total Asset Turnover

= Sales_____
Total Assets
= RM4,556.4 million
RM1,905.2 million
= 2.4 times

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4.

COMPARISON OF THE COMPANIES LIQUIDITY AND ASSET MANAGEMENT RATIO FOR THE YEAR 2012.

RATIOS
Liquidity Ratio :
Net Working Capital

DUTCH LADY MILK INDUSTRIES BERHAD

NESTLE MALAYSIA BERHAD

RM146.7 million
405 % higher than Nestle Malaysia Berhad
This figure shown that the company had a very higher
surplus fund and able to settles its short-term debts.

-RM88.7 Million
Negative symbol means that the company unable to settle its
short-term debts.
Had more subsidiaries and investments.

Influence Factors :

Business maintain level of cash and cash equivalents

Business had more long term liabilities

Able to manage daily operations effienciency

Short term fixed deposits

Business dont have any drawndown of banking


facilities

Influence Factors :
Business run with low inventory and account receivable.
Business operation almost strictly cash basis

Business increasing short-term debts

1.9 times
36% higher than Nestle
The ratio shows that the business has RM1.90 value of
current assets to pay every ringgit of current liabilities.
Business has enough current assets to cover its current
liabilities.

0.9 times

Influence Factors :

The business has enough current assets to settle


short-term debts.

Business has less short-term debts

Business has low investment rate

Influence Factors :

Business has less current asset to cover its currents


liabilities

Current Ratio

36% lower than Dutch Lady


The ratio shows that the business only has RM0.90 value of
current assets to pay every ringgit of current liabilities
Business has less current assets to convert into cash to cover
its current liabilities.

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Quick Ratio
1.36 times
Business able to settle its short-term debts from its current
assets
Its shows that business have no stress in handling shortterm debts.

0.46 times
Business has problem to settle its shor-term debts using its
current asset.
Business has more fixed asset than current asset.

Influence Factors :
Business has more short-term debts than long term debts

Influence factors :
Shows that business run the with more long term debts.

75.4 times
Business has good strategy to collect debts from customer
Business can use the funds for others investments
Shows that the company has low bad debts

11.9 times
Business only has 11.9 times to collect debts from its customer
Business has

Influence Factors :

Business adopted a policy of only dealing with


creditworthy customers.

Business maintain a large number of customers so


as to limit high credit concentration in a single customer.

Business also mitigated by an arrangement with a


financial institution so that customers can pay via
puchasing cards issued by the financial institution.

Influence Factors :
Business has less customer that pay via credit term
Business used more funds to invests than keep as a surplus
fund.

Asset Management Ratio :


Account Receivable
Turnover

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Average Collection Period

Credit Monitoring Policy adopted and prosedure.

4.77 days
Dutch Lady has good strategy to collect debts from
customer
Dutch Lady can use the funds for others investments
Shows that the company has low bad debts
Influence Factors :

Dutch Lady adopted a policy of only dealing with


creditworthy customers.

Dutch Lady maintain a large number of customers so


as to limit high credit concentration in a single customer.

Dutch Lady also mitigated by an arrangement with a


financial institution so that customers can pay via
puchasing cards issued by the financial institution.

Credit Monitoring Policy adopted and prosedure.

Inventory Turnover

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30.3 days
Ratio figure shows that Nestle took every 30.3 days to collect
debts from customer.
Shows that Nestle has high bad debts compare to Dutch Lady
Influence Factors :
Nestle has dealing with more cash transaction customers.
Nestle focus more on one big customer

6.17 times
Shows that Dutch Lady has less inventory turnover 6.17
times compare with Nestle 7.3 times.
Shows that business not productive

7.3 times
Shows that Nestle has more inventory turnover 7.3 times
compare with Dutch Lady.
Shows that business are productive

Influence Factors :

Business has more surplus inventory

Slow marketing strategy

More focus on CSR (Corporate Social Responsibility)

Sales & Operation still in process for improvement

Influence Factors :

Strategic marketing plan which is FMGC (Fast Moving


Consumer Goods)

FMCG is wide industry with many competitors. The


number of manufacturers is growing. The investment in this
industry is also growing.

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Average Inventory Sales


Period

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58.3 days
Shows that business need more numbers of days (9 days)
taken to make one round inventory sales.
Compare to Nestle only takes 49.3 days to complete one
round inventory sales.

49.3 days
Shows that Nestle only took 49.3 days to make one round
inventory sales that is less than Dutch Lady

Influence Factors :

Marketing Strategy Plan not effective

To many surplus inventory

Influence Factors :

Has a good strategy marketing plan

Less surplus inventory

12.6 times
Shows that Dutch Lady more efficient in using fixed assets
to generate sales compare to Nestle
Shows that Dutch Lady has more 23.5% times to generate
sales using its fixed asset.
The higher ratio shows that Dutch Lady better than Nestle
because it indicates efficient asset management.

7.8 times
Shows that Nestle asset management in generating sales is
less effiicient
Shows that Nestle has less 23.5% times to generate sales
using its fixed asset.
The lower ratio shows that Nestle weaker than Dutch Lady
because it indicates less efficient asset management.

Influence Factors :

Business has less fixed assets

Business has more satisfactory sales

Influence Factors :
Business has lots of fixed assets
Business has more unsatisfactory sales

2.3 times
Total asset turnover between Dutch Lady and Nestle not
much difference. Dutch Lady less only 2.95% compare to
Nestle.

2.44 times
Nestle has higher total asset turnover value which is more
2.95% and its shows that Nestle more efficient in using its all
asset to generate sales.

Influence Factors :

Influence Factors :

Fixed Asset Turnover

Total Asset Turnover

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Business shows rapid sales for the whole year


Business use it asset effectively to generate sales.

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Business shows more rapid compare to Dutch Lady


Business use it all asset more effectively to generate sales.

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5.

SUMMARY

Dutch Lady Milk Industries Berhad was incorporated in Malaysia since 1963 and became the
the first in the world to introduce the growing up milk formula. Dutch Lady expanding the
business with variety of product such as Dutch Lady 123, Dutch Lady 456 and Dutch Lady
6+ and more. In year 2012 Dutch Lady achieved the highest level of profit before tax in its
history, amounting to RM165.8 million, 17% higher than the previous year. Nestle Malaysia
Berhad was a public listed company on the Bursa Malaysia Berhad since 13 December 1989.
Nestle started in Malaysia since 1912 as the Anglo-Swiss Condensed Milk Company in
Penang. Nestle shows higher sales in all product categories which is Confectionery, Liquid
Drinks, Chilled Dairy and Ice Cream, recording strong double-digit growth. Nestle took full
benefit, registering a turnover of RM4.6 billion, 7.3% higher than the same period last year,
largely due to the strong growth on the domestic front. Domestic sales grew by 9.7% and
export grew by 0.8% in 2012 after an exceptional strong performance in 2011.

Dutch Lady Milk Indutries Berhad Based on those ratios calculation results, it looks Nestle
has a better performance than Dutch Lady. Nestle has a lot of variety category of products
that they have sold and Nestle company is also has wider market than Dutch Lady. The
categories of Nestle products are baby foods, breakfast cereals, chocolate and confectionery,
beverages, bottled water, dairy products, ice cream, prepared foods, foodservice, and pet
care. That reason is the one of many reasons that is causing Nestle performance is better than
Dutch Lady. However, if we observe in one category such as assets management and cash
flow, Dutch Lady has a efficient management rather than Nestle. Dutch Lady run the
business with focusing in environmental awareness

Words count 3250

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REFERENCES

Bursa Malaysia Berhad Website. (2014). Consumer Products : [Online]. Available :


http://www.bursamalaysia.com/market/listed-companies/sustainability/focus-areas/consumerproducts/. [01 March 2014].

Dutch Lady Website (1963). Dutch Lady : The Company : Company Profile : [Online].
Available : http://www.dutchlady.com.my/en/home.asp?page=company&subpage=
comp_profile. [03 March 2014].

Nestle Malaysia Berhad Website. (2014). Nestle In Malaysia : [Online]. Available :


http://www.nestle.com.my/aboutus/nestle_in_malaysia. [01 March 2014].

Bursa Malaysia Berhad Website. (2014). Dutch Lady Milk Industries Annual Report 2012 :
[Online]. Available
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1270293

Bursa Malaysia Berhad Website. (2014). Nestle Malaysia Berhad Annual Report 2012 :
[Online]. Available
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1250881

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ATTACHMENT 1
Income Statement Nestle Malaysia Berhad for the year 2012

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ATTACHMENT 2
Balance Sheet Nestle Malaysia Berhad for the year 2012 (page 1)

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ATTACHMENT 3
Balance Sheet Nestle Malaysia Berhad for the year 2012 (page 2)

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ATTACHMENT 4
Income Statement Dutch Lady Milk Industries Berhad for the year 2012

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ATTACHMENT 5
Balance Sheet Dutch Lady Milk Industries Berhad for the year 2012

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