DIPLOMA IN BUSINESS AND MANAGEMENT

(AB101)

FINANCIAL MANAGEMENT
(PFN1223)

TOPIC :

ANALYZE FINANCIAL PERFORMANCE

COMPANY:
FRASER & NEAVE (F&N) SDN BHD

PREPARED FOR :
MADAM NOR ASILAH AMIN

PREPARED BY :

ARIANEE BINTI AHMAD SAINI BGN210210538

NUR AMIRA NATASYA BINTI NORDIN BGN210210493

NUR SYAFIQAH BINTI MOHAMAD HAFIZ BGN210210430

NOR MASYITAH ALYA BINTI MOHD AZWAN BGN210210121

SECTION :

AB4.41
 TABLE OF CONTENTS

ORGANIZATION INFORMATION 2

FINANCIAL PERFORMANCE EVALUATION 4

A) Liquidity Ratios 4

i) Current Ratio 4

ii) Quick Ratio 5

B) Efficiency Ratios 6

i) Inventory Turnover 6

ii) Total Asset Turnover 7

iii) Fixed Asset Turnover 8

iv) Average collection Period 9

C) Leverage Ratios 10

i) Debt Ratio 10

ii) Debt to Equity Ratio 11

iii) Times Interest Earned 12

D) Profitability Ratio 13

i) Gross Profit Margin 13

ii) Operating Profit Margin 14

iii) Net Profit Margin 15

iv) Return on Equity 16

v) Return on Asset 17

CONCLUSION 18

REFERENCES 21

APPENDICES 23

1
ORGANIZATION INFORMATION

Fraser & Neave Holdings Bhd (F&NHB) or famously known as F&N is a Malaysia-based
investment holding company. The company was founded by John Fraser and David Chalmers
Neave in 1883, and the recognisable initials ‘F&N’ are derived from their names. Today, the
brand is synonymous with high quality and halal-compliant products that are trusted by
generations.

F&N is one of the largest beverage manufacturers and distributors in the region with
leading brands such as 100PLUS, F&N Fun Flavours, F&N SEASONS, F&N NutriSoy, F&N ICE
MOUNTAIN, OYOSHI, Rangers and EST Cola. Deeply entwined into the nation’s fabric, F&N
beverages have been a part of almost every celebration and occasion, creating enjoyment and
treasured memories over the last century. The company also is the undisputed leader in the
Sweetened Condensed Milk and Evaporated Milk markets in Malaysia and Thailand.

Their products are exported to 82 countries across the globe and the company is set to
extend the breadth and depth of their export footprint while focusing intently on halal markets,
leveraging the nation’s halal hub accreditation. F&N has 9 manufacturing facilities in Malaysia
and Thailand, serving the needs of consumers in the regions. According to the company, their
state-of-the-art plants utilize the latest manufacturing technologies to meet the highest
standards of food safety and efficiencies in the production of its various products, with strict
quality control measures undertaken at each step of the manufacturing processes.

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 The mission of F&N Malaysia Bhd is to be ASEAN’s leading owner and provider of
quality and innovative products that consumers choose and trust. They are guided firmly by the
commitment to create value for our stakeholders by ensuring that the corporate actions
positively impact socio-economic and environmental factors by supporting the company.

The vision of F&N Malaysia Bhd is to be a stable and sustainable Food & Beverage
leader in the ASEAN region as the region’s oldest and most established food and beverage
companies with its brands enjoying the distinction of being a market leader and household
name in many categories.

F&N Malaysia Bhd is a Syariah-compliant company listed on Bursa Malaysia’s Main

Board with an annual turnover of RM 4 billion from its core business in the manufacture, sale
and marketing of beverages and dairy products.

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FINANCIAL PERFORMANCE EVALUATION
A) Liquidity Ratios

i) Current ratio

2019 2020 2021

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠
Current Ratio =
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

𝑅𝑀 1,755,692 𝑅𝑀 1,739,461 𝑅𝑀 1,764,827

𝑅𝑀 795,008 𝑅𝑀 719,459 𝑅𝑀 655,878

= 2. 21 𝑡𝑖𝑚𝑒𝑠 = 2. 42 𝑡𝑖𝑚𝑒𝑠 = 2. 69 𝑡𝑖𝑚𝑒𝑠

According to the graph above, the current ratio for the year 2019 is 2.21 times while for
2020 it is 2.42 times and 2.69 times for 2021. The lowest ratio is the year 2021 which is
2.21 times. It is because the company with the lower debt or inventory can turn into cash
rapidly and the company is in a better place. The company can reduce expenses by
paying off expenses and current liabilities. The more cash dedicated to the company, the
better the current ratio will be achieved.

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ii) Quick ratio

2019 2020 2021

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠 − 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 − 𝑃𝑟𝑒𝑝𝑎𝑖𝑑 𝐸𝑥𝑝𝑒𝑛𝑠𝑒𝑠

Quick ratio =
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

1,755,692 − 578,404 −7,567 1,739,461 − 655,981 −200 1,764,827 − 659,745 −3770

𝑅𝑀 795,008 𝑅𝑀 719,459 𝑅𝑀 655,878

= 1. 47 𝑡𝑖𝑚𝑒𝑠 = 1. 51 𝑡𝑖𝑚𝑒𝑠 = 1. 68 𝑡𝑖𝑚𝑒𝑠

According to the graph above, the quick ratio for the year 2019 is 1.47 times, while for
the year 2020 is 1.51 times and the year 2021 is 1.68 times. The lowest ratio is the year
2019 which is 1.47 times. It's because the company's sales are decreasing. To prevent
this situation, a firm can increase sales and inventory turnover which is discounting or
increasing marketing. Also, pay short term liabilities quickly. Current liabilities are in the
denominator of the quick ratio and keeping them low puts a firm in the better positions.

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B) Efficiency ratios

i) Inventory turnover

2019 2020 2021

𝐶𝑜𝑠𝑡 𝑜𝑓 𝐺𝑜𝑜𝑑𝑠 𝑆𝑜𝑙𝑑

Inventory Turnover =
𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦

𝑅𝑀 2,810,372 𝑅𝑀 2,758,139 𝑅𝑀 2,936,714

𝑅𝑀 578,404 𝑅𝑀 655,981 𝑅𝑀 659,745

= 4. 86 𝑡𝑖𝑚𝑒𝑠 = 4. 20 𝑡𝑖𝑚𝑒𝑠 = 4. 45 𝑡𝑖𝑚𝑒𝑠

According to the graph above, Inventory Turnover Ratio for the year 2019 is 4.86.
Meanwhile, for 2020 it is 4.20. Next, for 2021 increased 0.25 which is 4.45. As you can
see, 2019 is higher than 2020. It shows that the year 2019, companies’ inventory are
highly marketable and inventory has been selling faster. For the year 2021,the company
can improve by increasing the company’s sales and needs to formulate better marketing
strategies.

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 ii) Total Asset Turnover

2019 2020 2021

𝑆𝑎𝑙𝑒𝑠
Total Assets Turnover =
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠

𝑅𝑀 4,077,138 𝑅𝑀 3,988,507 𝑅𝑀 4,130,872

𝑅𝑀 3,503,845 𝑅𝑀 3,520,061 𝑅𝑀 3,631,746

= 1. 16 𝑡𝑖𝑚𝑒𝑠 = 1. 13 𝑡𝑖𝑚𝑒𝑠 = 1. 14 𝑡𝑖𝑚𝑒𝑠

According to the graph above, total asset turnover has reached more than 1 in three years. For
the year 2019, the company has a higher turnover which is 1.16 times. Meanwhile, for the year
2020 dropped 0.3 times, the firm made 1.13 times. For 2021, the firm has increased 0.1, which
is 1.14 times. This shows that a high cash balance can affect very low returns. Having more
assets in cash is not an efficient use of capital for a company. The company should analyze how
the assets are used to improve the productivity of each asset in the company.

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iii) Fixed Asset Turnover

2019 2020 2021

𝑆𝑎𝑙𝑒𝑠
Fixed Assets Turnover =
𝑁𝑒𝑡 𝐹𝑖𝑥𝑒𝑑 𝐴𝑠𝑠𝑒𝑡𝑠

𝑅𝑀 4,077,138 𝑅𝑀 3,988,507 𝑅𝑀 4,130,872

𝑅𝑀 1,748,153 𝑅𝑀 1,780,600 𝑅𝑀 1,866,919

= 2. 33 𝑡𝑖𝑚𝑒𝑠 = 2. 24 𝑡𝑖𝑚𝑒𝑠 = 2. 21 𝑡𝑖𝑚𝑒𝑠

According to the graph above, fixed asset turnover for the year 2019 is 2.33 times,
higher than 2020 which is 2.24 times and for 2021 is 2.21 times. The highest fixed asset
turnover was 2.33 times in 2019. A lower ratio indicates that a firm should increase its
sales,or some assets may need to be disposed of. This shows the year 2019, the firm
has been utilizing its assets very well. For the year 2021, the company should sell those
assets that do not make sales to the company.

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 iv) Average Collection Period

2019 2020 2021

𝐴𝑐𝑐𝑜𝑢𝑛𝑡 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒
Average Collection Period =
𝐶𝑟𝑒𝑑𝑖𝑡 𝑆𝑎𝑙𝑒𝑠 ÷ 360

𝑅𝑀 599,996 𝑅𝑀 589,661
𝑅𝑀 545,932
𝑅𝑀 4,077,138 ÷ 360 𝑅𝑀 3,899,507 ÷ 360
𝑅𝑀 4,130,872 ÷ 360

= 53 𝑑𝑎𝑦𝑠 = 53 𝑑𝑎𝑦𝑠
= 48 𝑑𝑎𝑦𝑠

According to the graph above, for the year 2019 it has 53 days in extending credit and
collecting debts. Meanwhile, 2020 also has 53 days. 2021 has been collecting debts in 48
days which is way faster than 2019 and 2020. From here, we can see that the firm in
debtors collection in 2021 has more effectiveness and efficiency. Company can improve its
list and organize by the due date and update at least weekly.

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C) Leverage Ratios

i) Debt Ratio

2019 2020 2021

𝑇𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
Debt Ratio =
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠
× 100

𝑅𝑀 974,442 𝑅𝑀 829,621 𝑅𝑀 812,967

𝑅𝑀 3,502,845
× 100 𝑅𝑀 3,520,061
× 100 𝑅𝑀 3,631,746
× 100

= 27. 81% = 23. 57% = 22. 39%

According to the graph above, debt ratio for the year 2019 is 27.81%, meanwhile debt
ratio for 2020 is 23.57%, and for 2021 is 22.39%. The highest debt ratio is the year 2019
with 27.81%. This shows that the company may be borrowing more than is necessary. A
suggestion to improve is that the company should have an optimum mixture of sources
of financing.

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ii) Debt to Equity Ratio

2019 2020 2021

𝑇𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
Debt to Equity Ratio =
𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦
× 100

𝑅𝑀 974, 422 𝑅𝑀 829,621 𝑅𝑀 812,967

𝑅𝑀 2,529,423
× 100 × 100 × 100
𝑅𝑀 2,690,440 𝑅𝑀 2,818,770

= 38. 52% = 30. 84% = 28. 84%

According to the graph above, the debt to equity ratio for the year 2019 is 38.52%,
meanwhile debt ratio for 2020 is 30.84% and for 2021 is 28.84%. The lowest debt to
equity ratio is in the year 2021 with 28.84%. This shows that the company does not have
a high dividend pay-out ratio. The company can continue or already review its dividend
policy, as this will affect the company’s sources of financing.

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 iii) Times Interest Earned

2019 2020 2021

𝐸𝐵𝐼𝑇
Time Interest Earned =
𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡

𝑅𝑀 504,260 𝑅𝑀 491,538 𝑅𝑀 455,436

𝑅𝑀 4,512 𝑅𝑀 5,473 𝑅𝑀 3,191

= 111. 76 𝑡𝑖𝑚𝑒𝑠 = 89. 81 𝑡𝑖𝑚𝑒𝑠 = 142. 73 𝑡𝑖𝑚𝑒𝑠

According to the graph above, time interest earned for 2019 is 111.76 times, meanwhile time
interest earned for 2020 is 89.81 times, and time interest earned for 2021 is 142.73 times. The
highest interest earned is in the year 2021, which is 142.73 times. This shows that the company
can pay and has sufficient earnings to pay off interest expense and debt obligations.

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 D) Profitability Ratio

i) Gross Profit Margin

2019 2020 2021

𝐺𝑟𝑜𝑠𝑠 𝑃𝑟𝑜𝑓𝑖𝑡
Gross Profit Margin =
𝑆𝑎𝑙𝑒𝑠
× 100

𝑅𝑀 1,266,766 𝑅𝑀 1,230,368 𝑅𝑀 1,194,158

𝑅𝑀 4,077,138
× 100 𝑅𝑀 3,988,507
× 100 𝑅𝑀 4,130,872
× 100

= 31. 07% = 30. 85% = 28. 91%

According to the graph above, Gross Profit Margin for year 2019 is 31.07%, meanwhile for 2020
is 30.85% and for 2021 is 28.91%. In the year 2019, it is higher than the other year with the ratio
31.07%. The higher the ratio, the better it is because it shows the efficiency of the company in
controlling its costs of goods sold. The firm can continue to reduce costs of sales by changing
the supplier, reducing labor and production wastage.

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 ii) Operating Profit Margin

2019 2020 2021

𝐸𝐵𝐼𝑇
Operating Profit Margin =
𝑆𝑎𝑙𝑒𝑠
× 100

𝑅𝑀 504,260 𝑅𝑀 491,538 𝑅𝑀 455,436

𝑅𝑀 4,077,138
× 100 𝑅𝑀 3,988,507
× 100 4,130,872
× 100

= 12. 37% = 12. 32% = 11. 03%

According to the graph above, Operating Profit Margin for the year 2019 is 12.37%, meanwhile
2020 is 12.32% and 11.09% for 2021. The lower ratio in 2021 is because the F&N company is
making enough money from its ongoing operations to pay for its variable costs as well as its
fixed costs. The higher is 12.37% in 2019 because the amount of operating profit generated on
each dollar of revenue is high. Thus, the company should try to reduce the cost of goods sold as
well as the operating expenses depending on the situation and they need to review the selling
price.

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 iii) Net Profit Margin

2019 2020 2021

𝑁𝑒𝑡 𝐴𝑣𝑎𝑖𝑙𝑎𝑏𝑙𝑒 𝑓𝑜𝑟 𝐶𝑜𝑚𝑚𝑜𝑛 𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟

Net Profit Margin =
𝑆𝑎𝑙𝑒𝑠
× 100

𝑅𝑀 439,839 𝑅𝑀 380,607 𝑅𝑀 351,385

𝑅𝑀 4,077,138
× 100 𝑅𝑀 3,988,507
× 100 𝑅𝑀 4,130,872
× 100

= 10. 79% = 9. 54% = 8. 51%

According to the graph above, Net Profit Margin for year 2019 is 10.79%, meanwhile for 2020 is
9.54% and for 2021 is 8.51%. In the year 2019, the net profit margin is the highest compared to
the other year. This shows that the firm can translate more of its sales into profits at the end of
the period. The funding expansion can be used due to it being an effective long-term strategy to
improve the net margin. Not only that, higher sales volume is increased by the production
capacity and it also reduces the average cost per item produced.

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 iv) Return on Equity

2019 2020 2021

𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 𝐴𝑣𝑎𝑖𝑙𝑎𝑏𝑙𝑒 𝑓𝑜𝑟 𝐶𝑜𝑚𝑚𝑜𝑛 𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟

Return on Equity =
𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦
× 100

𝑅𝑀 439,839 𝑅𝑀 380,607 𝑅𝑀 351,385

𝑅𝑀 2,529,423
× 100 𝑅𝑀 2,690,440
× 100 𝑅𝑀 2,818,770
× 100

= 17. 39% = 14. 15% = 12. 47%

According to the graph above, Return on Equity for the year 2019 is 17.39%, meanwhile 2020 is
14.15% and for 2021 is 12.47%. The highest return on equity is in 2019 with 17.39%. If a
company negotiates lower costs with its product suppliers, it improves profit and return on
equity. The company can continue to raise return on equity with maintaining the costs while
revenue raises or to cut costs. In order to perform much better, the company should decrease
the amount of assets used to achieve a certain level of sales in a year.

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 v) Return on Asset

2019 2020 2021

𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 𝐴𝑣𝑎𝑖𝑙𝑎𝑏𝑙𝑒 𝑓𝑜𝑟 𝐶𝑜𝑚𝑚𝑜𝑛 𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟

Return on Asset =
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠
× 100

𝑅𝑀 439,839 𝑅𝑀 380,607 𝑅𝑀 351,385

𝑅𝑀 3,503,845
× 100 𝑅𝑀 3,520,061
× 100 𝑅𝑀 3,631,746
× 100

= 12. 55% = 10. 81% = 9. 68%

According to the graph above, Return on Asset for the year 2019 is 12.55%, meanwhile for
2020 is 10.81% and for 2021 is 9.68%. The lowest return on equity is in 2021 with 9.68%. The
company might have lower return on assets for some reasons. To improve this situation, the
company can buy or replace old equipment and technology with brand new versions. This will
help the employees to improve their productivity and it will generate more work, products with
the same human resources.

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CONCLUSION

To conclude, the overall financial performance of the Fraser & Neave (F&N) Sdn Bhd is
evaluated based on the different types of financial ratios. For our evaluation of this company, we
took a 3 years’ time frame which is 2019, 2020, and 2021. The first evaluation is based on
liquidity ratios. The ratios in this type of ratio are to show the ability of the company or firm to
meet its short-term obligations which the company has the resources to its creditors when
payments are due. These ratios compare the firm’s total current assets with total current
liabilities. Higher ratios indicate increased liquidity so the higher the liquidity, the easier for the
company to pay its creditors on time and vice versa. The two commonly used liquidity ratios are
current and quick ratios.

Based on our calculation for the 3 year frame, it shows that the current and quick ratio
for each year is inconsistent as some of the years passed and some other years are unable to
meet the benchmark of liquidation ratios. The benchmark of the liquidity ratio is, if it's more than
one (1), the company can meet its short-term obligation and if it's less than one (1), the
company is unable to meet the short-term obligation. If the company is unable to reach the
benchmark in a certain year, the company is probably facing some problems such as having
poor cas management. However, if the company passed the benchmark that year, the company
promoted their cash sales to resolve their problem as it can be taken to improve the liquidity
position.

Next, for efficiency ratio this ratio measures how effective the company is in managing its
assets in order to generate sales. The efficiency ratio consists of inventory turnover ratio (ITO),
fixed asset turnover (FATO), total asset turnover (TATO), and average collection period (ACP).
This ratio has its own benchmark for each of the ratios. For ITO, the benchmark is when more
than 35 will be taken as poor and less than 35 will be taken as good. Overall, the year 2020 has
the lowest ITO ratio as this is probably because of their poor inventory management. For FATO
and TATO, the benchmark for these ratios is more than 1 will be considered as good but higher
is better. The year 2019 is the highest FATO and TATO compared to the other years and this
shows that during 2019, the company is utilizing its assets more efficiently than other years and
indicates an efficient use of the assets to produce sales.

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 As for ACP, the benchmark is the shorter the days are, the better it is as it shows
company effectiveness in extending their credit and collecting debts. The company's
effectiveness in terms of ACP can be shown during the year 2021 as it has the lowest days
which is 43 days compared to the other 2 years. In summary, the efficiency ratios for the 3
years’ time frame are moderate as some of the years had passed the benchmarks and some
had not.

Other than that, for leverage ratios, these ratios measure the level of debt in an
organization or company. If the ratio is high, it will show the company is facing a higher risk
means that the chances of the firm to pay back its borrowing is higher. The leverage ratios
include, debt ratio (DR), debt to equity ratio (DER) and times interest earned (TIE). Each one of
the ratios has its own benchmark. For DR, the benchmark is if its more than 50% will be
considered as poor but 1-50% will be considered as good and less risky as the company has
twice as many assets as liabilities. All in all, the year 2021 has the lowest DR compared to the
other 2 years. This shows that during the year of 2021, the company has not been borrowing
more than necessary and has an optimum mixture of sources of financing.

Next, for DER, the benchmark is the same as DR’s benchmark. The year 2021 has the
lowest DER compared to the other years and this shows that the company does not have a high
dividend pay-out ratio and is already reviewing its dividend policy, as this will affect the
company’s sources of financing. Next, for TIE, the benchmark is, the higher the ratio, the higher
is the company’s ability to fulfill interest obligations. The year 2020 is the lowest TIE compared
to the other 2 years based on the calculation. During 2020, the company has a less sufficient
earnings to pay off interest expense and its debt obligations. Moreover, for profitability ratios,
this ratio indicates how well the company utilizes its assets to make profit for the company and
value for shareholders. These profitability ratios include, gross profit margin (GPM), operating
profit margin (OPM), net profit margin (NPM), return on asset (ROA) and return on equity
(ROE). All of these ratios have the same benchmarks which is the higher it is, the better.
Overall, the highest GPM is during the year 2021 and this shows the company’s efficiency in
controlling its cost of goods sold.

As for OPM, the lowest is during the year 2021 compared to the other 2 years. Lower
operating margins could arise from the lower gross profit margin. In this case, during the year
2021, the company should review the selling price and reduce the operating expenses. The next

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ratio is NPM that shows how much a net income a business makes from each dollar of sales.
Overall, the year 2019 has the highest NPM compared to the other 2 years, and this clearly
shows that the firm is able to turn more of its sales into profits at the end of the period.

Next, ROE is serving as an indicator of how effective management is at using equity

financing to fund operations and grow the firm. Based on the calculation, the highest is 2019.
The company had performed better this year as the company has decreased the amount of
assets it uses to achieve a certain level of sales. As for ROA, it measures how efficient a
company can manage its assets to produce profits during a period. Overall, the highest ROA is
during 2019 compared to the other years. This has shown that over the years, the company has
replaced its outdated technology and equipment with some new updated versions and improved
the productivity that generated more work product with the same human resources.

To sum up, the company performed quite well in all of the leverage ratios by year but
some of the year actually stood out more in some of the ratios and this has shown that the
company is effectively using their assets to earn profits over the years.

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REFERENCES

Bursa Malaysia. (n.d.). Annual Report. Bursa Malaysia. Retrieved December 17th, 2022, from

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APPENDICES

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