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In our opinion, the YINSON Holdings Berhad is highly rating based on the financial
report performance. This is because every business has financial statements that provide a
picture of how current business models are running and whether they are profitable.
Financial statements and other tools help you manage your company when you can no
longer be hands on with all the details.
There are three primary financial statements that can help the Yinson Holding
Berhad to rate their analysis of their company. Firstly is an Income statement whereby the
income either profit or loss statement tells you the performance of your company. It
shows the revenues earned and related expenses covering a certain period of time like a
fiscal year. This statement is designed to show you if you made a profit.
Second is the balance sheet which is designed to show a picture of the Yinson
Holding Berhad assets and liabilities (debt) at a point time. Third is a cash flow
statement, which is reconciles the net profit from the income statement to the amount of
cash generated for the same period of time.
The income statement shows the performance of your company over a
period of time and the balance sheet shows the value of company. Because current assets
and debts (due within one year) are shown at their current or fair market value, but other
items like machinery, equipment, furniture, etc. are shown at historical costs, meaning
that machine you bought 15 years ago or the building you bought 30 years ago is still
shown at the value you paid for it, not the value it would sell for today. This is only
further confused by depreciation, an accounting tool that attempts to take into account the
2
decline of value over time. Depreciation is subtracted every year to lower the value of
the asset to help reflect a more realistic value.
e. Review and comment on the three most recent new headlines.
1. Yinson clinches $2.54B FPSO Contract from Eni for Ghanas OCTP Block
Malaysias Yinson Holdings Berhad, announced Wednesday (28 January 2015) it has
been awarded a contract for the charteting, operation and maintenance of a floating
production storage and off-loading (FPSO) vessel (the Contract) for development
offshore Ghana by Eni Ghana Exploration & Production Limited (Eni Ghana) via the
consortium of Yinsons Production (West Africa) Pte. Ltd. (YPWA) AND YINSON
Production West Africa Limited (YPWAL). YPWA IS THE FPSO chartering company
while YPWAL is the company engaged in the operation and maintenance of their FPSO.
2. Will new licenses change Yinsons fortunes?
Yinson announced that it had been awarded three PETRONAS licenses that qualify
the company to tender and participate in upcoming works related to floating offshore
facilities, mobile offshore facilities and naval architecture as well as marine engineering.
Yinson is the third company in the country to have a PETRONAS license related to an
FPSO facility, after MISC Bhd and Global Mariner Offshore Services Sdn Bhd.
Although these licenses will provide Yinson with a new avenue to bid for local jobs, its
rationale is that it will only start looking for local jobs from next year onwards based on
the short time-frame left this year.
Highly ambitious Yinson Holdings is seen to be taking prudent steps and is to launch
a fundraising exercise to reduce its debts, local reports said. Yinson's gearing had spiked
to a massive 2.5 times after it bought FPSO operator Fred Olsen Production (FOP) in a
MYR576m ($173m) deal last year. Reports cited sources as saying Yinson aimed to bring
this down to below 1.5 times and the funds would likely be raised through a rights issue.
While the acquisition of FOP, leapfrogged Yinson into the big leagues in the floating
production storage and offloading (FPSO) stakes, it piled on a huge amount of debt to do
so. The deal was paid for, in addition to two share placements, with MYR400m in bank
borrowings and MYR14m in internal funds, pushing up Yinsons total debt to
MYR1.28bn.
1.
2.
For your company and each comparable company, list the current sales.
The current sale for Yinson Holding Berhad
4
Current Sale
2014
RM000
Cost of sales :
Cost of trading goods sold
Cost of service rendered
Other direct expenses
679,812
187,406
124
867,342
33,760
22,041
124
4,951
55,058
115,934
983,276
2014
RM000
25,063
(234)
4,856
8,646
(479)
37,852
Realized
Unrealized
567, 077
(290, 445)
276,632
65,681
Realized
Unrealized
98,465
16,490
457,117
(151)
65,317
Realized
Unrealized
391,800
7,443
208,885
223,917
3,878
164,952
1,448,463
2,677,181
For current sales, select the peer weight for your company
3. For current sales, select the peer aggregate.
Peer aggregate is the total value of each item in the current sale which is RM983, 276 for
Yinson Holding Berhad, and RM2, 677,181 for Alam Maritim Resources Berhad. That
company shown that our companies Yinson Holding Berhad current sale are lower than
Alam Maritim Resources Berhad.
4.
In probability and statistics, mean and expected value are used synonymously to refer to
one measure of the central tendency either of a probability distribution or of the random
variable characterized by that distribution. In the case of a discrete probability
distribution of a random variable X, the mean is equal to the sum over every possible
value weighted by the probability of that value; that is, it is computed by taking the
product of each possible value x of X and its probability P(x), and then adding all these
products together, giving \mu = \sum x P(x). An analogous formula applies to the case of
a continuous probability distribution.
For a data set, the terms arithmetic mean, mathematical expectation, and
sometimes average are used synonymously to refer to a central value of a discrete set of
numbers: specifically, the sum of the values divided by the number of values. The
arithmetic mean of a set of numbers x1, x2, .xn is typically denoted by \bar{x},
pronounced "x bar". If the data set were based on a series of observations obtained by
sampling from a statistical population, the arithmetic mean is termed the sample mean
(denoted \bar{x}) to distinguish it from the population mean (denoted \mu or \mu_x).
The peer mean between this two companies:
YINSON HOLDING BERHAD VS ALAM MARITIM RESOURCES
RM983, 276 + RM2, 677,181
2
= RM 1, 830, 228.50
QUESTION 2
Review directors or nominees for director by name, principal occupation or employment/other
business affiliation, age, and director service.
1
&
3. List the board committee For each boar of committee, determine the
Chairman
Independen
Name
Age
62
Date
appointed
responsibilities
as director
28/9/2009
Weng
t
Non-
executive
director
non-executive.
The chairmen encourage
participant and deliberation
by all board members to
enable the wisdom of all the
members board to be tapped
Executive
Mr Lim Han
55
301/1996
functions.
Participate with the Board of
Joeh
Madam Bah
62
9/3/1993
Director in developing a
50
30/1/199
Kim Lian
Mr. Bah
director
Koon Chye
Independen
t
Non
executive
Dato IR.Adi
30/1/1996
Azmari Bin
BK Koya
Moideen
director
50
of the organization
Providing unbiased and
Kutty
Mr. Kam
Chai Hong
Tuan Haji
65
30/11996
64
21/6/2001
Hassan Bin
Ibrahim
a. component of compensation
Salary and wages
Salary is part of a compensation package that employers provide to employees
in exchange for performing specified services. Besides, it is to covering one
year's worth of services, it is the money an employee earns at regular intervals
often monthly, semi-monthly or even weekly throughout the year. Payment
terms are typically agreed on between an employer and employee at the
beginning of the working relationship, although the details can be changed
over time. While an individual must agree to be a salaried employee, it is the
employer who decides whether to offer this position to a worker. Once hired,
these employees may need to work a minimum number of hours each week,
but compensation is usually based on more than just the time spent at the
office. To maintain their positions, employees must typically continue to meet
certain performance standards.
Wage is a specified amount of money paid to an employee measured by
the amount of time they work. Moreover, wages are different than a salary,
usually people who earn salaries earn a specified amount of money per month
not based on the hours they work. They may still work at least 40 hours a
week, but may be required to work more when necessary. Salary doesnt rise or
fall depending on time at work; wages do. If a wage earner who takes a day off
without vacation pay, the money make in a month will be lower. Alternately, if
the employee works more than 40 hours in a week, the employee may make
more money in a month, and you can be paid extra overtime compensation.
Bonuses
Bonus is often connected directly to performance, such as generating more
sales or motivating a production line to meet or exceed a quota. Knowing there
is a tangible financial reward for increased productivity can be precisely the
kind of motivation many employees need. Besides, employee can use the
promise of extra pay to entice managers to motivate their subordinates towards
a specific goal. Sometimes, simply maintaining an accident-free work
11
QUESTION 3
12
2014
693,594
2013
354,875
2012
300,205,365
2011
246,733,022
2010
166,603,888
2,143,274
800,898
495,594
385,131
241,373
839,436
374,908
263,362,130
214,430,932
127,072,443
liabilities
6.Total
Current liability
Current
Current liability +
Current liability +
Current liability +
liabilities
+ non-current
liability + non-
non-current
non-current
non-current liability
liability
current
liability
liability
127,072,443+8,470,
839,436+
liability
263,362,130+
214,430,932+48,74
962=135,543,405
Current
Asset
Total Cash+
Account
Receivable
Inventory+
Deposit
Paid+
Prepaid
Expenses
2. Total
asset
3. Total
current
asset vs
trend in
total asset
4. total
current
liabilities
5. Total
current
asset vs
total current
13
7. Total
762,792 =
374,908+
75,280,753=
6,931=
1,602,228
142,202 =
338,642,883
263,177,863
541,046
517,110
283,788
156,950,913
121,952,792
105,829,391
common
equity
1. Based on the total current asset for each year from 2010 until 2014, it was found that, total
current asset for Yinson Bhd have a number that fluctuated. The year 2010 is the best among the
other five years because it has a high amount of total current assets of RM166,603,888, while in
2011, increase by 1.481% of the previous year. Next, start from 2011 to 2014 shows the rate of
total current asset was maintained because the increase and decrease each year just a little. From
2012 was decreased by 1.22% from 2011, decrease by 0.11% in 2012 and increase again by
1,95% in 2014.
2. With the total current assets over five years, from 2010 to 2014, it shows that the asset of the
company is increase year by year for the five year period. Year of 2014 is show the highest
increase for the current asset which is 2.68% than 2013.
3. From the report analysis results of total current assets and total assets over five years, it was
show that the increase in total asset is not affected by an increase in the total current asset. This
is because, in the element of asset there are other elements such as long term asset and other
asset that influence changes in total asset.
4. Based on the total current liabilities over five years, from 2010 to 2014, the total current
liabilities in 2012 was the highest of current liabilities which is RM263,362,130 and the lowest
of current liability is in 2013 which is RM374,908.
5. Based on the analysis results of total current assets and total current liabilities over five years,
it shows that the current liabilities can be influence in change of amount of net total current asset.
This is because to get the net asset, the asset should be minus the total liabilities so, a higher
amount of current liabilities, a lower amount of current asset. Its means, the total current
14
liabilities should be lower than total current asset so that the company always in good position in
business.
6. Based on the total liabilities over five years, from 2010 to 2014, in year of 2012 was the
highest total liability which is RM338,642,883 and the lowest is 2013 which is RM517,110.
7. Based on the total common equity over five years, from 2010 to 2014, the total common
equity in the five years show that the common equity is decrease. The highest of the common
equity is in 2012 which is RM156, 950,913. The lowest wan in 2013 which is RM283, 788.
Question 5
a. Comment on significant trends in the common-size balance sheet company Yinson for 5
years
1. Assets
Balance sheets
2010
2010
2011
2011
2012
2012
Amounts
Percentage
Amounts
Percentage
Amounts
Percentage
(RM)
(%)
(RM)
(%)
(RM)
(%)
15
Assets
1. Current assets
- Inventories
- Trade and other
658,558
0.27
628,493
0.16
655,484
0.13
159,302,677
66.00
233,963,687
60.75
249,872,722
50.42
304,911
0.13
488,945
0.13
644,283
0.13
receivables
Current tax
recoverable
Marketable
securities
Cash and bank
49,640
0.02
37,340
0.01
46,930
0.01
balances
Prepayments
Other currents assets
6,288,102
12.60
9,072,546
2.36
30,333,442
6.12
2,542,011
0.66
18,652,454
3.76
166,603,888
69.02
246,733,022
64.07
300,205,365
60.57
53,391,290
22.12
121,519,338
31.55
145,372,841
29.33
9,165,000
3.80
9,265,000
2.41
14,855,00
0.30
11,020,304
4.57
5,696,401
1.48
4,612,193
0.93
40,969
0.17
129,166
0.03
118,178
0.02
100,000
0.04
101,345
0.04
552,169
0.14
29,820,237
6.02
equipment
Investment
properties
Land use rights
Intangible assets
Investments in
subsidiaries
Other investments
Advance and loan to
subsidiary
Deferred tax asset
Investment in joint
venture
Investment in
associate
Available for sale
investment
Other receivables
Total assets
73,818,908
30.74%
137,162,074
35.61
194,778,449
36.6
950,000
0.39
1,235,559
0.32
610,000
0.12
241,372,796
100
385,130,655
100
495,593,814
100
2013
2013
2014
2014
Amounts (RM)
Percentage
Amounts (RM)
Percentage
(%)
(%)
Assets
4.
-
Current assets
Inventories
Trade and other receivables
Current tax recoverable
Marketable securities
Cash and bank balances
Prepayments
Other currents assets
Non-current assets
Property, plant and equipment
Investment properties
Land use rights
Intangible assets
Investments in subsidiaries
Other investments
Advance and loan to
subsidiary
Deferred tax asset
Investment in joint venture
Investment in associate
Available for sale investment
680,178
0.08
40,041,000
1.87
287,549.076
35.90
376,623,000
17.57
733,885
0.09
420,000
0.02
43,700
0.01
13,000
0.01
23,837,041
2.98
267,077,000
12.46
42,031,405
5.25
9,420,000
0.44
166,603,888
44.31
693,594,000
32.37
232,312,846
29.01
1,023,958,000
47.78
15,175,000
1.89
15,155,000
0.71
4,516,106
0.56
4,442,000
0.21
114,432
0.01
109,000
0.01
17
Other receivables
1,148,000
0.05
153,497,977
19.17
357,965,000
16.70
29,015,630
3.62
29,211,000
1.36
11,391,135
1.42
15,733,000
7.34
1,981,000
0.10
446,023,126
55.68
1,449,680,000
67.64
800,898,411
100
2,143,274,000
100
Total assets
2010
2010
2011
2011
2012
2012
Amounts
Percentage
Amounts
Percentag
Amounts
Percentage
(RM)
(%)
(RM)
(RM)
(%)
(%)
1)
-
Equity
Retained earning
Share capital
Reserves
Minority Interests
68,497,500
28.38
68,497,500
17.79
75,347,200
15.20
37,054,174
15.35
53,440,572
13.88
81,428,243
16.53
18
Total equity
2) Liabilities
Current liabilities
-
Short term
borrowings
Trade and other
payables
Current tax
277,717
0.12
14,720
0.01
(324,512)
0.07
105,829,39
43.85
121,952,79
31.67
157,275,44
31.66
38.38
92,644, 933
37.37
36.33
143,947,84
180,025,31
13.74
17.52
16.67
0.52
67,473,574
0.78
82,545,815
0.16
52.65
3,009,514
55.67
791,000
53.14
2.27
214,430,93
11.95
263,362,13
14.51
33,169,418
payables
Total current liabilities
Non- current liabilities
-
Long-term
borrowings
Deferred tax
1,258,092
127,072,44
3
liabilities
Total non-current
2
5,488,962
1.24
liabilities
0.71
0.68
46,007,931
Total liabilities
2,982,000
3.51
71,916,753
12.66
15.19
2,739,000
8,470,962
56.16
3,364,000
68.33
30.38
48,746,931
75,280,753
263,177,86
338,642,88
135,543,40
5
3
3) Total equity +
liabilities
241,372,79
100
495,593,81
100
800,898,411 100
2013
2013
2014
2014
Amounts (RM)
Percentage
Amounts
Percentage
19
(%)
(RM)
(%)
84,345,000
10.53
146,642,000
6.84
208,431,000
26.02
371,141,000
17.32
(11,544,000)
1.49
17,344,000
0.81
2,556,000
0.32
5,919,000
0.28
283,788,000
35.43
541,046,000
25.25
309,135,000
38.60
621,739,000
29.00
65,006,000
8.12
180,795,000
8.44
647,000
0.08
36,902,000
1.7
374,908,000
46.80
839,436,000
39.14
139,406,000
17.41
668,394,000
31.19
2,796,000
0.35
94,398,000
4.40
142,202,000
17.76
762,792,000
35.59
517,110,000
0.06
1,602,228,000
74.73
800,898,411
100
2,143,274,000
100
4)
-
Equity
Retained earning
Share capital
Reserves
Minority Interests
Total equity
5) Liabilities
Current liabilities
-
Long-term borrowings
Deferred tax liabilities
QUESTION 6
Comment on the trend in the following ratios:
20
1.
2.
Quick Ratio=
QUICK RATIO
Current AssetInventories
Current Liabilities
2010
2011
246,733,022628,493
214, 430,932
= 1.15
2012
300,205,365655,484
263,362,130
= 1.14
2013
384, 875,285680,178
374,907,895
= 0.94
2014
693,59400040,041,000
839,436,000
CURRENT RATIO
Current Ratio =
Current Asset
Current Liabilities
YEARS
2010
CALCULATION
166,603,888/127,072,443
2011
= 1.31
246,733,022/214,430,932
2012
= 1.15
300,205,365/263,362,130
2013
= 1.14
354,875,285/374,907,895
2014
= 0.95
693, 594,000/ 839,436,00
= 0.83
21
= 0.78
3.
YEARS
2010
CALCULATION
32,833,141/470,170,328
2011
= 25 Times
52,162,724/ 640,817,583
2012
= 29.7 Times
55,783,286/ 715,824,003
2013
= 28.4 Times
84,581,669/ 865,220,854
2014
= 35.7 Times
74,519,000/ 941,861,000
= 28.9 times
4.
INVENTORY TURNOVER
Inventory turnover = Sales
Inventories
Year
2010
Calculation
470,170,328
658,558
2011
= 713.93
640,817,583
628,493
2012
= 1019.61
715,824,003
655,484
2013
= 1092.05
865,220,854
22
680,178
=1272.05
941,861,000
2014
1.08. Current ratio in year 2014 is more liquid than the base year.
QUESTION 7
Comment on the trends in the following debt ratios:
1.
Total debt in year 2014 are more higher RM342,422 compared to year 2013 only
RM188,720. YINSON Holding Bhd. have to pay more debt compared to the
previous year.
Common equity in year 2014 are more higher RM374,049 compared to year 2013
only
2.
RM209,772.
Total liabilities in year 2014 are more higher RM342,422 compared to year 2013
only RM188,720. YINSON Holding Bhd. have to pay more debt compared to the
previous year.
YINSON Holding Bhd have more assets in year 2014 that cost RM716,471 while
only RM398,492 in the base year 2013.
QUESTION 8
Required Comment on the 5-year trends in the following profitability ratios:
1. Return on assets
24
NET INCOME
TOTAL ASSET
2014= 5699000
7164471
= 7.95
YEAR
2010
CALCULATION
371,054
70,826,303
RATE OF RETURN
00.524
2011
2,025,996
385,130,655
00.526
2012
24,310,805
205,140,573
0.11
2013
5,633,089
800,898,411
00.703
2014
5699000
0.795
7164471
The rate of return is fluctuated over the year with a positive value and at year
2014 it was near to 1 which is show their efficiency in manage the asset in return
to get profit during that period. This ratio help the management and the investors
see how well the company can convert its investment in assets into profits. In
shorts, this ratio measures how profitable this companys assets are.
2. Gross profit margin
GROSS PROFIT= TOTAL REVENUE TOTAL COST OF GOODS
GROSS PROFIT MARGIN= GROSS PROFIT
TOTAL REVENUE
YEAR
2010
2011
2012
2013
CALCULATION
= 1,037,869
1,692,423
=3,913,388
TIMES
0.61
1
3,913,388
= 34834430
34,834,430
= 9,500,000
9,500,500
1
1
25
2014
= 7,949,000
7,949,000
The gross profit margin ratio is used as one indicator of a business's financial
health. It shows how efficiently a business is using its materials and labor in the
production process and gives an indication of the pricing, cost structure, and
production efficiency of the business. Gross profit is fluctuated and getting better
where when the gross profit margin is more than 1 is shows a better performance.
In 2010, the company only gets around 0.61 then after that they are able to
maintain their gross profit margin with 1 times. It shows this company is efficient
which means more money is left over for other operating expenses and net profit.
The higher the percentage, the more the business retains of each dollar of sales.
CALCULATION
572,898
TIMES
0.34
1,692,423
2011
2,449,687
0.63
2012
3,913,388
31,063,805
0.89
2013
34,834,430
5,633,089
0.59
2014
9,500,000
5,765,000
0.73
7,949,000
26
Operating profit margin gives the business owner a lot of important information about the firms
profitability, particularly with regard to cost control. It shows how much cash in thrown off after
most of the expenses are met. A high operating profit margin means that the company has good
control and that sales are increasing faster than costs, which is the optimal situation for the
company. In year 2010 they only able to make 0.34 times as return but the company getting
better in year 2011 until 2012, decrease in year 2013 and increase with 0.13 in year 2014.
QUESTION 9
a. Review the EPS estimate forecasts. Comment on how those forecasts could influence the
market value of the common stock.
year
EPS
2011
0.06
2012
0.08
2013
0.06
2014
0.10
2015
0.26
The EPS for Yinson Holding Bhd is 0.10 and show a better performance. This forecast
influenced market value of the common stock because the stock market is forward
looking. That is, stock prices are established based on the expectations that prospective
investors have for the future earnings power of the firm.
27
Forward price earnings ratio is a valuation method used to compare a companys current share
price to its expected per-share earnings. The price earnings ratio for Yinson Holding Bhd is 14.08
and if includes extra ordinary items it become 15.23.
2. Comment on how the price/earnings ratio is influenced by the earnings per share forecasts.
a. 1. Toward the top of the page, view Market Capitalization Note how it is computed.
Market capitalization is the market value of a company at any particular moment in time.
It can be determined by multiplying the market price of a single share of company stock
by the total number of the company's outstanding shares. Yinson Holding Berhad market
price based on Bursa Malaysia is RM 2.900 for year 2014.
2. Go back to Annual Ratios Section in the website or annual report under the heading
Leverage Ratios, select the dividend payout. Comment on the dividend payout.
The amount of dividend paid by the Company since 31 January 2013 was as follows: RM000 In
respect of the financial year ended 31 January 2013: First and final dividend of 2.5% less 25%
taxation on 220,390,610 ordinary shares declared on 31 July 2013 and paid on 10 September
2013 4,132 At the forthcoming Annual General Meeting, a final single tier dividend of 1.25 cent
per ordinary shares in respect of the financial year ended 31 January 2014, amounting to
approximately RM12.91 million, will be proposed for shareholders approval. The financial
statements for the current financial year do not reflect this proposed dividend. Such dividend, if
approved by the shareholders, will be accounted for in equity as an appropriation of retained
earnings in the financial year ending 31 January 2015.
d. Why is the market capitalization different than the total shareholder equity?
Market capitalization is the market value of a company at any particular moment in time. It can
be determined by multiplying the market price of a single share of company stock by the total
number of the company's outstanding shares. A company's market capitalization may fluctuate
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from day to day, or even from moment to moment, based on the current market price of its stock.
Meanwhile, shareholder equity is sometimes referred to as a company's net worth. A company's
shareholder equity is calculated by subtracting the company's liabilities from its assets. The
remainder is shareholder equity. The shareholder equity per share is determined by dividing the
total shareholder equity by the number of outstanding shares. Shareholder equity is not
influenced by the market price of the company stock.
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