Assignment Finance Miss Farah 2015

EXECUTIVE SUMMARY
Tan Sri Dr Ahmad Tajuddin Ali

(Non-Independent Non-Executive Chairman)
Dato Wan Abdullah Wan Ibrahim
(Managing Director/Chief Executive Officer)
Dato Izzaddin Idris
(Non-Independent Non-Executive Director)
Md Ali Md Dewal
(Senior Independent Non-Executive Director)
Oh Kim Sun
(Independent Non-Executive Director)
Sheranjiv Sammanthan
(Non-Independent Non-Executive Director)
Professor Philip Sutton Cox
Lim Tian Huat
Dato Srikandan Kanagainthiram
YM Ungku Suseelawati Ungku Omar
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EXECUTIVE SUMMARY
Y. Bhg. Tan Sri Dato Ir. (Dr) Wan Abdul

Rahman Bin Wan Yaacob
(Independent Non-Executive Chairman)
Y. Bhg. Tan Sri Dato
Tan Boon Seng @ Krishnan
(Executive Deputy Chairman)
Y. Bhg. Dato Teh Kean Ming
(Chief Executive Officer & Managing Director)
Tan Gim Foo
(Deputy Chief Executive Officer &
Deputy Managing Director)
Y. Bhg. Datuk Yahya Bin Ya acob
(Senior Independent Non-Executive Director)
Y.Bhg. Tan Sri Abdul Halim Bin Ali
Y.Bhg. Datuk Oh Chong Peng
(Independent Non- Executive Director)
Y.Bhg. Datuk Hj Hasni Bin Harun
(Non-Executive Director)
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UEM Land Berhad or now known as UEM Sunrise Berhad is a public company listed on
the Main Market of Bursa Malaysia Securities Berhad. It is the flagship Company for real estate
investment and property development businesses of UEM Group Berhad and Khazanah Nasional
Berhad which is an inversment holding arm of the Malaysia government. UEM Group is a whole
owned subsidiary by Khazanah, as a solid foundation.
As stated, UEM Sunrise Berhad which is the flagship for real estate and property
development has core competencies in macro township development, high-rise residential,
commercial, retail and integrated developments, as well as property management and project &
construction services. Making real estate and property development kind of field as the main
business of UEM Sunrise Berhad.
The Company, the master developer of Nusajaya is currently undertaking the
development of Nusajaya, one of the five flagship zones of Iskandar Malaysia, Johor into
Southeast Asias newest regional city. Upon completion, it will be the largest fully integrated
urban development in Southeast Asia that will provide significant investment, financial and
business opportunities to economic growth and development in the region. As being said out, the
development not only gave an impact to the company but also the surrounding of its activities
will received a huge positive impact upon the development itself.
Embracing innovation and technology, Nusajaya will be a role model of an economically,
socially and environmentally sustainable city for Southeast Asia. By doing so, other companies
can make this as a marking site on achieving greater success. With its modern infrastructure and
cutting edge architectural masterplan, the expected local and foreign investment inflows into
Nusajaya will propel economic growth and transform south Johor into an exciting centre of
economic development. This will be an historical moment where the development will make
south Johor into a place never think of.
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Nusajaya spans close to 24,000 acres, with approximately 7,600 acres currently owned by
UEM Sunrise and at various stages of development. Nusajaya comprises a range of catalytic
developments including Kota Iskandar, the Johor State administrative centre which houses State
and Federal Government offices and others which development will be comprising mixed,
commercial projects with activity malls, campus offices, trade centres and residential
developments. Together with a mix of residential, commercial and industrial properties, hotels,
resorts and many other amenities, Nusajaya will emerge as a vibrant and dynamic destination
offering holistic and integrated lifestyle, with immense potential growth for investors. The
corporation is indeed making an income while pleasing the ones connected.
Gerbang Nusajaya, the second phase development of Nusajaya is a 4,551 acre project
which will feature various catalytic developments including Nusajaya Tech Park, Motorsports
City, Signature Residences and Gerbang Nusantara. Gerbang Nusajaya will be developed over a
period of 25 years and will include components such as lifestyle & retail parks, campus offices &
industrial parks as well as residential precincts. Showing that the corporation can handle a long
term and huge project that will generate the income.
In the Central Region, UEM Sunrise is renowned for its award-winning, up-market high
rise residential projects as well as commercial developments largely in the MontKiara enclave,
including 28 MontKiara, Arcoris MontKiara and Residensi22. It is also responsible for
introducing the concept of creative retail in Solaris Dutamas known as Publika. It is shown that
the corporation itself not only been active in business within the south region but also within the
central. On top of that handling a big project more than one at a time.
UEM Sunrise is also the owner of 98 acres of freehold site adjacent to the Central
Business District of Cyberjaya where Symphony Hills, an exclusive residential development and
the Countrys first Connected Intelligent Community resides, offering smart-home features and
community connectivity through high-speed broadband. UEM Sunrise has achieved a greater
concept of developing using the technology presently developed.
UEM Sunrise presence extends internationally into Vancouver, Canada via its mixed-use
development, Quintet and Aurora Melbourne Central in Melbourne, Australia. It also oversees
the sales and marketing of Khazanah and Temaseks Marina One and DUO mixed-use
developments in Singapore. UEM Sunrise retains a landbank in Durban, South Africa.
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IJM is one of Malaysia's leading conglomerates corporation ever established and is listed
on the Main Market of Bursa Malaysia Securities Berhad. Its core business activities are not sole
and encompass construction, property development, manufacturing and quarrying, infrastructure
concessions and plantations. Having a wide field of business showing the high generative income
obtain by the company which is why it IJM Corporation Berhad is listed on the Main Market of
Bursa Malaysia Securities Berhad.
Headquartered is located in Selangor, Malaysia, where the place itself is a strategic venue
which is one of the main core business state in Malaysia. IJM's regional aspirations have seen it
establish a growing presence in neighbouring developing markets with operations presently
spanning 10 countries, with primary focus in Malaysia, India, United Arab Emirates, China and
Indonesia. Going worldwide also expanding and fully utilize IJM Corporation Berhad on going
futher. IJM's phenomenal growth over the past three decades has been the result of its
unwavering focus on its core competencies, diversification into strategically related businesses
and selective expansion into new markets. While standing firm on the top, IJM Corporation
Berhad still aim to go higher in achieving their organizational goals.
Initially supporting in house needs, the Group's Industry Division quickly grew its operations
into scalable core activities focused on catering to demand from outside the Group. This was the
step on IJM expanding its business field. IJM continued to expand on its operations in this
division with strategic acquisitions such as the takeover of Industrial Concrete Products Berhad
in 2004 and successful market diversifications into China, India and Pakistan was a huge stone
step for IJM Corporation Berhad in standing where it is right now.
In April 2007, IJM acquired the Road Builder Group, its nearest competitor, to augment
its position as one of the countrys biggest builders. Making it to stand firm as one of the best
leading corporation in Malaysia. In addition to bolstering its construction order book, property
land bank and infrastructure portfolio, the enlarged Group enabled IJM to attain considerable
synergistic benefits, greater local prominence as well as attain a more sizeable balance sheet to
bid for larger jobs and facilitate its expansion into overseas markets. By doing so, the business of
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IJM Corporation have extended to a whole new level where the corporation became larger and
achieving more business activities and projects throughout the years.
Leveraging on its construction expertise, the Group also owns and operates infrastructure
concessions to create long-term recurrent income streams. Initial advancements into concession
assets in Malaysia, however, proved elusive and, thus, an international focus was adopted. IJM's
involvement in overseas infrastructure privatisation schemes met with considerable success.
Amongst the corporations present investments in major overseas infrastructure projects are the
Western Access Tollway in Argentina, five tolled highways and the Gautami power plant in
India, and the Binh An water treatment concession in Vietnam. In Malaysia, the group owns and
operates three highways and port concessions from the RBH merger. IJM had previously
invested in and profitably sold several infrastructure assets in China. Making a stream of income
into IJM Corporation Berhad as an income that will always generate.
IJM's undertaking as a property developer began as a natural progression from its
experience in the construction business. The Group's property arm has since grown considerably.
IJM Land Berhad is one of the largest property developers in Malaysia with sprawling
townships, commercial buildings and high rise condominiums under development in key growth
areas throughout the country. Besides establishing itself as a reputable township developer in
India, IJM had also successfully undertaken ventures overseas in the past such as in Orlando
USA, Singapore and Australia. As stated showing that IJM also aim its business not only in
Malaysia but also in the foreign countries.
The Group also ventured into oil palm plantations in 1985 as a source of steady income to
cushion the cyclical nature of its core construction business. Where at that time the currency rate
of oil palm is high and demanding. This investment has since paid off handsomely towards the
corporation. Now listed on the Main Market of Bursa Securities, IJM Plantations Berhad has
contributed significantly to the Group's earnings over the years and has also accorded the Group
better resilience to weather macro-economic and input costs volatilities. Showing that the
Corporation itself is ready to dominate the oil palm plantation. It is currently expanding its
plantation operations throughout Indonesia in expanding the oil palm plantation business.
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SUMMARY OF ANNUAL REPORT
Based on the income statement as 31st December, the operating revenue for 2010 is
RM471136000 while in 2011 is RM1703172000 and in 2012 is RM 1939676000. The highest
revenue for this company is in 2012 compare to the 2011 and 2010. The lowest revenue is in
2010 with RM 471136000, so this indicates that the company has improve its profitability by
increasing its sales revenue year by year.
Besides, the net profit for the year 2010 is RM 195537000, for 2011 is RM 302942000
and in 2012 is RM 447863000. As you can clearly see that in the year 2012 its net profit is higher
than both year which is 2011 and 2010. The highest is in 2012 with RM 447863000 and the
lowest is in 2010 with RM 195537000. This means that UEM Land increased their profit by
increasing its sales revenue in 2012 more than in 2011 and 2010.
Based on the Balance sheet as at 31st December, the total current assets in year 2010 is
RM 1782609000, in year 2011 is RM 3115162000 and in year 2012 is RM 4083978000. As you
can see the highest total assets is in year 2012 compare to 2011 and 2010. Between 2011 and
2010, the higher total assets is in 2011. In the year 2010, it has the lowest total assets than both
2011 and 2012. This show that this company has a good liquidity or which they can turned assets
into cash easily. Moreover, the non-current assets for UEM Land for the year 2010 is RM
2188524000 while in 2011 is RM4678595000 and in 2012 is RM5002507000. In 2012 the
company has higher non-current assets than in 2010 and 2011. The lowest non-current assets is
in 2010 with 2188524000, meaning UEM Land allocates the cost of the assets in 2012 is more
than 2011 and 2010 for which the assets will be used.
The non-current liability for 2010 is RM 569319000 and in year 2011 is RM 1772359000
whereas in 2012 is RM 1739978000. The lowest non-current liability is in 2010 with RM
569319000. The highest is in 2012 compare to both year in 2011 and 2010. These liabilities
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represent in 2012 the money company owes is more than in 2011 and 2010. Furthermore, the
current liabilities in 2010 for UEM Land is RM 259864000, but in 2011 is RM 724785000 also
in 2012 is RM 1529472000. Hence, the highest current liabilities is in 2012 compared in 2011
and 2010. As for the lowest is in 2010. This shows that this company has grown in debt from
year to year.
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SUMMARY OF ANNUAL REPORT
IJM Corporation which is one of the top corporation must have solid and stable foundation in
which they must up hold to. One of the few important prospect is net income of the firm itself.
For a big company as IJM Corporation, its net income had its ups and downs, where on 2010 its
net income had soar to 446 million. Where in the upcoming year which is 2011, the corporations
net income had fall back a little but went back up in the year of 2012. It can be seen that theres a
fall of the net income in 2011 may due to the ineffectiveness and utilization of resource might be
not enough. The increased of the net income can be seen where from 304 million to 409 million
where there is an increase of 34.35% in its income growth between 2011 and 2012.
Other than that, revenue is a must watch figure in evaluating a company. As known
that revenue is corresponding with neither income nor profit, the graft line of the revenue is also
slightly the same. As stated, on 2010 the revenue of IJM Corporation Berhad had a revenue
worth of 4013 million where in 2011 the revenue of the firm had slightly decreased to 3721
million. But in the year of 2012, the corporation had stand tall again and made a revenue with the
amount of 4518 million. As well as the net income previously stated, the revenue is quite the
same where the revenue itself is align with the net income.
IJM Corporation a lot of assets which make it one if the stand tall firm in Malaysia.
The assets they had will always be used to generate more income for the upcoming future ahead.
The corporation itself own a sum of 12557 million of total asset in the year of 2010. The asset
had slightly went down the next upcoming year with the figure of 12554 million, showing that
there was an ineffective way in utilizing the assets. Following the next year which is 2012, the
total assets had rose up with a figure worth of 13891 million where it can be seen the way of the
corporation doing its activities do gave a positive return on them.
In summarizing the financial data of a company, the liabilities is an important thing to
be look into. Basically liabilities is known as the loan of a company or one would say liability
but in business activities, the higher the liability, the more business activities the company own.
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Making it seem as a high and active firm. On the year of 2010, the corporation have a liability
that reached 5596 million where it had slightly increased in 2011 from the previously stated to
5988 million. Another year a full prosperity where the liability of the year in 2011 had increased
dramatically to the point of 6852 million.
Earnings per share is an important thing to be looking at. IJM Corporation Berhad had
given their shareholders of earnings per share worth 25.21 cent for basic and 24.84 cent for fully
diluted. Moving to the next year onward, the earnings per share had slightly drop to 23.88 cent
for basic and 23.26 for fully diluted. This incident can give a quite waver for the corporation in
maintaining its shareholders. On the year of 2012, the corporation went berserk and had an
earnings of 29.84 cent for its basic earnings per share. This had given a great trust to the
company and also its shareholder on the increase rate of earnings per share.
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RATIOS
2010
2011
2012
Current ratio
6.86 times
4.30 times
2.67 times
Acid test ratio
6.70 times
4.13 times
2.59 times
354.00 days
217.70 days
337.14 days
Account receivable turnover
1.03 times
1.68 times
1.08 times
Inventory turnover
6.14 times
9.51 times
10.05 times
20.88 %
32.04 %
35.98 %
Times interest earned
25.79 times
7.91times
13.93times
Total asset turnover
0.12 times
0.22 times
0.21 times
Fixed asset turnover
0.22 times
0.36 times
0.39 times
Gross profit margin
44.93 %
30.45 %
36.48 %
Operating profit margin
38.09 %
21.38 %
25.12 %
Net profit margin
41.54 %
17.79 %
23.09 %
Operating return on assets
5.38 %
5.22%
6.34 %
Return on equity(ROE)
6.23 %
5.85 %
7.86 %
Average collection period
Debt ratio
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RATIOS
2010
2011
2012
Current ratio
2.08 times
2.18 times
2.21 times
Acid test ratio
1.89 times
1.96 times
2.04 times
197.41 days
183.85 days
152.20 days
1.85 times
1.99 times
2.40 times
Inventory turnover
5.78 times
4.61 times
6.75 times
47.69%
47.41 %
49.32 %
3.72 times
4.39 times
5.63 times
0.32 times
0.30 times
0.33 times
0.58 times
0.55 times
0.61 times
Gross profit margin
23.76%
27.59 %
25.41 %
18.65 %
22.84 %
21.53 %
Net profit margin
10.54 %
12.88 %
12.19 %
5.95 %
6.75 %
7.00 %
6.55 %
7.36 %
7.91 %
Debt ratio
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RATIO ANALYSIS
(Trends Analysis)
Based on the liquidity ratio which is current ratio and Acid test ratio, In 2010, UEM Land
Holdings current ratio is greater compare to year 2011. The company in 2010 has 6.86 times
assets whereas in 2011 has 4.30 times assets. Meanwhile, in year 2012 the company recorded a
current ratio of 2.67 times. This shows a decreasing trends of current ratio for the three
consecutive years. Therefore, it shows that in 2010, UEM Land has more sufficient short- term
assets to settle short- term liabilities.
Acid test ratio for UEM Land Holdings in year 2010 is higher compare to year 2011. The
acid test ratio for the company in 2010 is 6.70 times and in 2011 is 4.13 times while in 2012 is
2.59 times. UEM Land in 2010 is more capable in paying its liabilities and obligations due to the
higher acid test ratio.
8
7
6
5
Times
4
3
2
1
0
2010
2011
2012
Year
Current ratio
Acid test ratio
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12
10
8
Times
6
4
2
0
2010
2011
2012
Year
Inventory turnover
Days
400
350
300
250
200
150
100
50
0
2010
2011
2012
Years
The average collection period of UEM Land in
year 2010 is 354.00 days and in year 2011 is 217.70 days. Whereas in 2012 the average
collection period is 337.14 days. The company has better average collection period in year 2010
compare to year 2011 and year 2012. This explain why UEM Land able to collect debts in short
period of time in year 2010.
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Besides, the account receivable turnover of the company also shows a fluctuate trends.
In 2010, the account receivable turnover is 1.03 times while in 2011 is 1.68 times followed by
year 2012 which recorded a value of 1.08 times. This clearly shows that the company retain their
money from their debtors more efficiently in 2011.
Furthermore, the inventory turnover for UEM Land in year 2010 is 6.14 times while in
year 2011 is 9.51 times. The value keep increasing which result the value of 10.05 times in 2012.
Thus, 2012 recorded the highest inventory turnover compare to 2011 and 2010. This is probably
due to the higher efficiency on managing their inventories. The higher the efficiency will make
the companys sales and cash flow increase.
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For capital structure ratio, it is presented by debt ratio and times interest earned. As for the debt
ratio, UEM Land Holdings in 2010 is 20.88% whereas in 2011 the company has a debt ratio of
32.04% and in 2012 is 35.98%. This shows that the debt ratio in 2012 is higher than 2011 and
2012. This increasing trends also shows that the financial position of the company is risker in
2012.
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
Debt ratio
2010
2011
2012
The times interest earned in 2010 is 25.79 times while in 2011 is 7.91 times. Meanwhile,
in year 2012, the value increase to 13.93 times. The fluctuate trends illustrated that the company
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has improved their performance in their capability in paying their interest expenses. This shows
that the company is more capable to pay it interest expenses in 2010 compared to 2011 and 2012.

30
25
20
Times
15
10
5
0
2010
2011
2012
Years
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For the assets management ratio, it is presented by the total assets turnover and fixed assets
turnover. The total assets turnover in year 2010 is 0.12 times whereas in year 2011 is 0.22 times.
Besides, in 2012, the total assets turnover is 0.21 times. Thus, in year 2011 the assets turnover is
higher than year 2010 and 2012. This shows that in year 2011 the company uses its assets to
generate sales more efficiently.
0.45
0.4
0.35
0.3
Times
0.25
0.2
0.15
0.1
0.05
0
2010
2011
2012
Years
As
fixed assets turnover, in year 2010 recorded 0.22 times and in
for
the
year 2011 is 0.36 times.
Nevertheless, the value keep increasing in year 2012 which is 0.39 times. Thus, year 2012 has
the highest fixed assets turnover.
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The profitability ratio is shown by the gross profit margin, operating profit margin, net profit
margin, operating return on assets and return on equity (ROE). For the gross profit margin, in
year 2010 recorded percentage of 4.93%, 30.45% in year 2011 and 36.48% in year 2012. The
operating profit margin at 2010 is 38.09% while in 2011 is at 21.38%. As for year 2012, the
percentage recorded is 25.12%. The net profit margin at 2010 is 41.54% and in 2011 is 17.79%
while in 2012 is 25.12% for UEM Land. Thus, year 2010 has the highest percentage for the three
ratio. This shows that the gross profit, operating profit and net profit generate per dollar of sales
is greater in 2010 compare to 2011 and 2012.
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Futhermore, the operating return on assets in year 2010 is 5.38%, 5.22% in year 2011
and 6.34% in year 2012. Thus, year 201 shows the highest percentage among the three
consecutive years The return on equity (ROE) for UEM Land in 2010 is 6.23% and in 2011 is
5.85%. Meanwhile in year 2012, it recorded percentage of 7.86%. Thus , it clearly shows that
2012 recorded the highest percentage. In 2010 , the company return on equity shows an
outstanding performance which mean the rate return on shareholders investment is higher.
Profitability ratios
45.00%
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
2010
2011
2012
Years
Gross profit margin
Net profit margin
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RATIO ANALYSIS
(Trends Analysis)
Based on the liquidity ratio which is current ratio and quick asset ratio, In 2010, IJM Corporation
Berhad current ratio is lower compare to year 2011 while 2011 is lower than 2012. The
company in 2010 has 2.08 times assets whereas in 2011 has 2.18 times assets and in 2012 has
2.21 times assets. Therefore, it shows that in 2012, IJM Corp. has more sufficient short- term
assets to settle short- term liabilities.
Quick assets ratio for IJM Corp. in year 2012 is higher compare to in year 2011 and 2011
is higher to 2010. The quick assets ratio for the company in 2010 is 1.89 times and in 2011 is
1.96 times while in 2012 is 2.04 times. IJM Corp. in 2012 is more capable in paying its liabilities
and obligations due to the higher quick assets ratio.
Liquidity Ratio
2.3
2.1
Times
2
1.9
2.21
2.18
2.2
2.08
2.04
1.96
1.89
1.8
1.7
2010
2011
2012
Year
Current ratio
Acid test ratio
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The average collection period of IJM Corp. in year 2010 is 197.41 days and in year 2011
is 183.85 days also in 2012 is 152.2 days. The company has better average collection period in
year 2012 compare to year 2011 and 2010. This explain why IJM Corp. able to collect debts in
short period of time in year 2012.

250
200
197.41
183.85
150
152.2
Days 100
50
0
2010
2011
2012
Year
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The account receivable turnover for the year 2010 is 1.85 times while the year 2011 is
1.99 times and in 2012 is 2.4 times. In 2012 the account receivable turnover is higher than in
2011 and 2010 so the company has better account receivables turnover than in year 2011 and
2010. This show that IJM Corp. able to roll over their debtors money faster.
Inventory turnover for IJM Corp. in year 2010 is 5.78 times, in year 2011 is 4.61 times
and in 2012 is 6.75 times. In year 2012 the inventory turnover is higher than 2011 and 2011 is
lower than 2010. This is probably due to the higher efficiency on managing their inventories. The
higher the efficiency will make the companys sales and cash flow increase.
8
7
6
5
TIMES 4
3
2
1
0
6.75
5.78
4.61
1.85
2010
1.99
2011
2.4
2012
yEAR
Inventory turnover
Based on the capital structure ratio, the debt ratio of IJM Corporation Berhad in 2010 is 47.69%
whereas in 2011 the company has a debt ratio of 47.41% while in year 2012 its debt ratio is
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49.32%. This shows that the debt ratio in 2012 is higher than both 2011 and 2010 so this also
shows that the financial position of the company is riskier in 2012
Debt ratio
Prcentage
49.5
49
48.5
48
47.5
47
46.5
46
49.32
47.69
2010
47.41
2011
2012
Year
The times interest earned in 2010 is 3.72 times while in 2011 is 4.39 times and in 2012 is
5.63 times. This shows that the company is more capable to pay it interest expenses in 2011
compared to 2010. Hence in 2012 the company is more capable to pay its interest in 2012 than in
2011. The company grow in a positive way year by year and the graph of IJM Corp. is expected
to increase in future year.
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5.63
6
5
4
times
4.39
3.72
3
2
1
0
2010
2011
2012
Year
For the assets management ratio, the total assets turnover in year 2010 is 0.32 times whereas in
year 2011 is 0.3 times while in year 2012 is 0.33. Thus, in year 2012 the assets turnover is higher
than year 2011 but total assets turnover in 2011 is lower than in year 2010. This shows that in
year 2012 the company uses its assets to generate sales more efficiently and in year 2011 the IJM
Corp. uses its assets to generate sales is less efficiently than in 2010.
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Assets Management Ratio

0.7
0.58
0.6
0.61
0.55
0.5
0.4
Times
0.32
0.3
0.3
0.33
0.2
0.1
0
2010
2011
2012
Year
Fixed
assets
turnover in year 2010 is 0.58 times, in 2011 is 0.55 times and in year 2012 is 0.61 times. IJM
Corp. presented that in year 2012 is higher fixed assets turnover than in both 2011 and 2010. So,
in 2012 is the highest fixed assets turnover that is 0.61 times. The company assets grow more in
2012.
Based on the profitability ratio, IJM Corporation Berhad in 2011 is greater and better than 2010
and 2012 but in 2012 the profitability ratio is better than in 2010. This is shown by the gross
profit margin, operating profit margin and net profit margin. The gross profit margin, operating
profit margin and net profit margin is fluctuated. The gross profit margin in year 2010 is lower
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than 2011 which is 23.76% in year 2010 while 27.59% in year 2011. In year 2012, it is 25.41%
which is lower than 2011. The operating profit margin at 2010 is 18.65% while in 2011 is at
22.84% and in 2012 is 21.53%. The net profit margin at 2010 is 10.54% and in 2011 is 12.88%
whereas in 2012 is 12.19% for IJM Corp. This shows that the gross profit, operating profit and
net profit generate per dollar of sales is fluctuate in 2010 to 2012.
The return on equity (ROE) for IJM Corp. in 2010 is 6.55% and in 2011 is 7.36% while
in year 2012 is 7.91%. In 2012 , the company return on equity
shows an outstanding
performance which mean the rate return on shareholders investment is higher.

Besides, the operating return on assets in 2012 is greater than 2011 and in the year 2011
is higher than 2010 where in year 2012 the operating return on assets is 7% whereas in 2011 is
6.75% and in year 2010 is 5.95% only.
Profitability Ratio
30
25
20
15
10
Percentage
ui
ty
(R
O
E)
eq
on
Re
t
ur
n
G
ro
s
et
pr
o fi
t
pr
o fi
t
m
ar
gi
n
m
ar
gi
n
2010
2011
2012
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RATIO ANALYSIS
UEM LAND HOLDINGS
VS
IJM CORPORATION BERHAD
(Cross-sectional Analysis)
Based on the liquidity ratio which is current ratio and acid test ratio, In 2012, UEM Land
Holdings current ratio is greater compare to IJM Corp.Berhad. UEM Land has 2.67 times
assets whereas IJM Corp.has 2.21 times assets. This performance is also the same as in 2010 and
2011 which shows that UEM Land has higher current ratio. Therefore, it shows that UEM Land
has more sufficient short- term assets to settle short- term liabilities.
Likewise, acid test ratio for UEM Land in year 2012 is higher compare to IJM Corp. The
acid test ratio for the UEM Land in 2012 is 2.59 times and IJM Corp.is 2.04 times. This
outstanding performance by UEM Land are similar in year 2010 and 2011 with a higher acid test
ratio compare to IJM Corp. Therefore, UEM Land is more capable in paying its liabilities and
obligations due to the higher acid test ratio.
IJM Corp.
2.3
2.18
2.2
2.1
Times
2
1.9
2.21
2.08
2.04
1.96
1.89
1.8
1.7
2010
2011
2012
Year
Current ratio
Acid test ratio
29 | P a g e
UEM Land
Times
8
7
6
5
4
3
2
1
0
2010
2011
2012
Year
Current ratio
Acid test ratio
30 | P a g e
IJM Corp.
250
200
197.41
183.85
152.2
150
Days
100
50
2010
2011
2012
Year
31 | P a g e
UEM Land
400
350
300
250
Days
200
150
100
50
0
2010
2011
2012
Years
The average collection period of UEM Land in
year 2012 is 337.14 days and IJM Corp. is 152.20 days. IJM Corp. has better average collection
period in year 2012 compare to UEM Land and same goes for 2010 and 2011. This explain why
IJM Corp. able to collect debts in short period of time in the three consecutive years compare to
UEM Land.
Besides, the account receivable turnover of the company also shows that IJM Corp. has
a better performance than UEM Land. For example, UEM Land recorded a value of 1.08 times
in 2012 while IJM Corp. recorded value of 2.40 times . This clearly shows that IJM Corp. retain
their money from their debtors more efficiently in the three consecutive years.
Furthermore, the inventory turnover for UEM Land is higher than IJM Corp. in all three
years. For instances, UEM Land is10.05 times in 2012 while IJM Corp. only 6.75 times. This is
probably due to the higher efficiency on managing their inventories. The higher the efficiency
will make the companys sales and cash flow increase.
32 | P a g e
IJM Corp.
8
6
TIMES 4
2
6.75
5.78
1.85
4.61
2.4
1.99
2010
2011
2012
yEAR
Inventory turnover
IJM Corp.
49.5
49.32
49
48.5
48
Prcentage
47.69
47.41
47.5
47
46.5
46
2010
2011
2012
Year
For capital structure ratio, it is presented by debt

ratio and times interest earned. As for the debt ratio, IJM Corp. has a higher debt ratio compare
to UEM Land. For example in 2012, UEM Land only recorded a debt ratio of 35.98% while IJM
Corp recorded 49.32% This clearly shows that the financial position of the IJM Corp. is risker
than UEM Land.
33 | P a g e
UEM Land
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
Debt ratio
2010
2011
2012
UEM Land
15
10
Times
5
0
2010
2011
2012
Year
Inventory turnover
34 | P a g e
IJM Corp.
5.63
6
5
4
4.39
3.72
times 3
2
1
0
2010
2011
2012
Year
UEM Land
30
25
20
Times
15
10
5
0
2010
2011
2012
Years
The times interest earned of UEM Land is better
than IJM Corp. For example, UEM Land recorded a value of 13.93 times while IJM Corp. only
5.63 times in year 2012.This shows that the UEM Land is more capable to pay it interest
expenses in 2010 compared to 2011 and 2012.
35 | P a g e
IJM Corp.
0.7
0.6
0.5
0.4
Times 0.3
0.2
0.1
0
0.58
0.32
2010

0.55
0.3
2011
0.61
0.33
2012
Year
For the assets management ratio, it is presented

by the total assets turnover and fixed assets turnover. The total assets turnover and fixed assets
turnover of IJM Corp. is better than UEM Land. For example, in 2012 UEM Land recorded 0.21
times while IJM Corp. recorded 0.33 times for total assets turnover . Meanwhile, For fixed assets
turnover, IJM Corp. recorded value of 0.61 times and UEM Land recorded value of 0.39 times
in 2012.
0.45
0.4
0.35
0.3
Times
0.25
0.2
0.15
0.1
0.05
0
2010
2011
2012
Years
The profitability ratio is shown by the gross profit margin, operating profit margin, net profit
margin, operating return on assets and return on equity (ROE). For the gross profit margin,
36.48% in year 2012 by UEM Land while IJM Corp. recorded percentage of 25.41% . The
36 | P a g e
operating profit margin of UEM Land as for year 2012, is 25.12% while IJM Corp. only
21.53% The net profit margin of UEM Land in 2012 is 25.12% while IJM Corp. only 12.19%.
Thus, UEM Land has the highest percentage for the three ratio and three consecutive years. This
shows that the gross profit, operating profit and net profit generate per dollar of sales is greater
by UEM Land compare to IJM Corp.
UEM Land
60.00%
40.00%
20.00%
0.00%
2010
2011
2012
Years
Gross profit margin
Net profit margin
However, the operating return on assets and return on equity (ROE) of IJM Corp. is higher than
UEM Land. IJM Corp. return on equity shows an outstanding performance which mean the rate
return on shareholders investment is higher
IJM Corp.
m
ar
gi
n
2011
2012
Re
t
2010
ur
n
G
ro
s
et
on
eq
pr
o fi
t
pr
o fi
t
m
ar
gi
n
Percentage
ui
ty
(R
O
E)
30
25
20
15
10
5
0
37 | P a g e
CASH CONVERSION CYCLE
DETA
IL
2010
2011
2012
6.14 times
9.51 times
10.05 times
59.45 days
38.38 days
36.32 days
354.00 days
217.70 days
337.14 days
413.45 days
256.08 days
373.46 days
Operating Cycle
218.99 days
158.94 days
211.11 days
Cash Conversion
194.46 days
97.14 days
162.35 days
YEA
R
Inventory Turnover
Ratio
Inventory
Conversion Period
Average Collection
Period
Account Payable
Deferral Period
Cycle
38 | P a g e
Inventory Turnover Ratio

14
12.49
11.46
12
9.8
10
8
Times
6
4
2
0
2012
2013
2014
Year
Inventory Conversion Period

40
37.24
35
30
31.85
29.22
25
Days
20
15
10
5
0
2012
2013
2014
Year
39 | P a g e
Average Collection Period

30
27.47
25
20
Days
15
11.31
10.95
10
5
0
2012
2013
2014
Year
Operating Cycle
70
64.71
60
50
40
Days
42.8
40.53
30
20
10
0
2012
2013
2014
Year
40 | P a g e
Account Payable Deferral Period

27.5
27.19
27
26.5
Days
26.2
26
25.8
25.5
25
2012
2013
2014
Year
Cash Conversion Cycle

40
37.52
35
30
25
Days
20
15
17
14.33
10
5
0
2012
2013
2014
Year
41 | P a g e
Analysis
14.33
17
Cash Coversion Cycle
37.52
26.2
27.19
25.8
AccountPayable Deferral Period
40.53
42.8
Operating Cycle
11.31
10.95
64.71
27.47
29.22
37.24
31.85

Inventory Turnover
0
12.49
9.8
11.46
10
20
2014
2013
30
40
50
60
70
2012
The operating cycle of UEM Land was longer in 2012 than in 2011 but the longest operating
cycle was in 2010. It shows that UEM Land had improvement in managing its working capital in
2011 than in 2010. However, the operating cycle in 2012 increase from 256.08 days to 373.46
days. EUM Land operating cycle in 2011 has the lowest record in these 3 years of operating
which is the best of these 3 years.
For inventory conversion period, UEM Land experienced a slightly decreasing in number
of days taken to sell their inventories over these 3 years from 2010 till 2012. Sales of EUM Land
is increase from 2010 till 2012 based on inventory conversion period, the inventories became
faster to convert into sales. Therefore, the best inventory conversion period was 2012.
In 2011, the chart shows that the average collection period for EUM Land is shorter than
2010. In 2011, it clearly shows that EUM Land able to collect from their account receivable
efficiently but in 2012 EUM Land had some problem in collecting debt from their account
receivable as the average collection period increase from 217.7 days to 337.14 days.
42 | P a g e
For account payable deferral period, 2011 has the lowest days among these 3 years. 2012 has
higher days than 2011 in paying its supplier but lower days than 2010. The average number of
days taken to pay its suppliers in 2010 is the highest among these 3 years which is the worst.
Conclusion, 2011 has the best account payable deferral period as the lowest days is the best.
43 | P a g e
DETA
IL
2010
2011
2012
5.78 times
4.61 times
6.75 times
197.41 days
183.85 days
152.20 days
201.49 days
222 days
193.40 days
63.15 days
78.16 days
54.10 days
Operating Cycle
260.56 days
262.01 days
206.30 days
Cash Conversion
59.07 days
40.01 days
12.90 days
YEA
R
Inventory Turnover
Ratio
Average Collection
Period
Account Payable
Deferral Period
Inventory
Conversion Period
Cycle
44 | P a g e
Inventory Turnover Ratio

8
6.75
5.78
4.61
Times 4
3
2
1
0
2010
2011
2012
Year

250
200
197.41
183.85
152.2
150
Days
100
50
0
2010
2011
2012
Year
45 | P a g e
Account Payable Deferral Period
Days
225
220
215
210
205
200
195
190
185
180
175
222
201.49
193.4
2010
2011
2012
Year

90
79.18
80
70
63.15
54.1
60
50
Days 40
30
20
10
0
2010
2011
2012
Year
46 | P a g e
Operating Cycle
300
260.56
263.03
250
206.3
200
Days 150
100
50
0
2010
2011
2012
Year
Cash Conversion Cycle

70
60
59.07
50
41.03
40
Days 30
20
12.9
10
0
2010
2011
2012
Year
47 | P a g e
Chart Title
2010
2011
2012
263.03
260.56
206.3
222
201.49
193.4
197.41
183.85
152.2
79.18
63.15
54.1
59.07
41.03
12.9
le
y
g
ti
ra
e
p
O
In
ya
to
le
ry
Tu
fe
rn
rr
ri
ti
6.75
5.78
4.61
The operating cycle of IJM Corporation Berhad was longer in 2011 compared to 2010 but
in 2012 IJM Corporation Berhad had shown some minor improvements in managing its working
capital. However, the operating cycle in 2012 decreased by a surprising number of 56.73 days,
the lowest ever recorded in these 3 years of operating.
For inventory conversion period, IJM Corporation Berhad experienced a slight fluctuation in
number of days taken to sell its inventories over the next 3 years from 2010 to 2012. For
inventory turnover ratio, IJM Corporation Berhad had some hiccup, resulting a slight decrease in
the number of restock in 2011 compared to 2010. However in 2012, IJM Corporation Berhad
managed to restock its inventories rapidly, even faster than in previous years.
In 2011, the chart shows that the average collection period for IJM Corporation Berhad is
shorter compared to 2010. It clearly shows that IJM Corporation Berhad was able to collect from
their account receivable efficiently. Maintaining the record, in 2012, IJM Corporation Berhad
was even more efficient in collecting debt from its account receivables, proving the statement is
its shorter average number of days compared to year 2011 and 2010.
For accounts payable deferral period, from 2010 to 2012, the average number of days taken
to pay its suppliers fluctuate, but managed to score the lowest days in 2012 which had given IJM
Corporation Berhad trade credit to finance the firm.
48 | P a g e
CONCLUSION
Based on the financial position of both company , it can conclude that UEM Land has a
better overall performance compare to IJM Corp. UEM Land is more liquid from IJM Corp.
except for the average collection period and account receivable turnover ratio. As for the capital
structure ratio, IJM Corp. is much more riskier than UEM Land while for assets management
ratio, IJM Corp. shows a better performance. UEM Land as the best financial position in year
2010 while IJM Corp in year 2012.
Besides, the cash conversion cycle of IJM Corp. is much more better than UEM Land.
UEM Land has better cash conversion cycle in year 2011 while IJM Corp. in year 2012. This is
due to the low period of cash conversion cycle which illustrates how fast a company can convert
resource inputs into cash flows.
49 | P a g e
RECOMMENDATION
From the point of view of a bankers the company that deserves additional capital is UEM Land
Holdings because it has a better performance than IJM Corp. Based on the capital structure ratio,
UEM Land are more capable to pay their interest expenses and debt . Thus, the bank are more
confident in giving loan to this company . Besides, this company is more liquid. So, it can
convert its assets to money in much more shorter period. The increasing revenue in three
consecutive years really shows that the company are really on track. The IJM Corp. does not
deserve additional capital because its financial position is more riskier.
From the point of view of an investors, UEM Land in a good investment because based on the
return on equity, its shows an increasing trends. Thus, it illustrates that the company has manage
to increase the rate of return of the shareholder investment. Although IJM Corp. shows a better
result, but the company make less profit. Thus in future may result in lack of income in the
company.
50 | P a g e
REFERENCES
1. http://www.uemsunrise.com/pdf/UEMLAND_AR2012.pdf
2. http://www.uemsunrise.com/pdf/UEMLAND_AR2011.pdf
3. http://www.financialreport.biz/File/AR/2011/7/29/3336%20%202152222830876.pdf
4. http://www.financialreport.biz/File/AR/2012/7/30/3336%20%202152178469349.pdf
51 | P a g e
Calculation
2010
2011
2012
1782609000
3115162000
4083978000
Current Assets
259864000
724785000
1529472000
Current Liabilities
= 6.86 times
= 4.30 times
= 2.67 times
(1782609000
(3115162000
(4083978000
-42252000)
-124494000)
122622000)
259864000
724785000
1529472000
= 6.70 times
= 4.13 times
= 2.59 times
456933000 x 365
1015836000 x 365
1791635000 x 365
471136000
1703172000
1939676000
= 354.00 days
= 217.70 days
= 337.14 days
471136000
1703172000
1939676000
456933000
1015836000
1791635000
= 1.03 times
= 1.68 times
= 1.08 times
COGS
259457000
1184516000
1232008000
Inventories
42252000
124494000
122622000
= 6.14 times
= 9.51 times
= 10.05 times
RATIOS
Current ratio:
Quick assets ratio:

(Current AssetsStock)
Current Liabilities
Average collection
period:
Account Receivable x 365
Annual credit Sales
Account Receivable
Turnover:
Annual credit Sales
Account Receivable
Inventory Turnover:
52 | P a g e
Debt ratio:
Total liabilities x 100
829183000 x 100
2497144000 x100
3269450000 x 100
3971133000
7793757000
9086485000
= 20.88 %
= 32.04 %
= 35.98 %
Earned before interest
213796000
406648000
576505000
and tax (EBIT)
8289000
51402000
41372000
= 25.79 times
= 7.91times
= 13.93times
Sales
471136000
1703172000
1939676000
Total assets
3971133000
7793757000
9086485000
= 0.12 times
= 0.22 times
= 0.21 times
Sales
471136000
1703172000
1939676000
Total Fixed assets
2188524000
4678595000
5002507000
= 0.22 times
= 0.36 times
= 0.39 times
Gross profit x 100
211679000 x 100
518656000 x 100
707668000 x 100
sales
471136000
1703172000
1939676000
= 44.93 %
= 30.45 %
= 36.48 %
Operating profit x 100
179473000 x 100
364116000 x 100
487171000 x 100
sales
471136000
1703172000
1939676000
= 38.09 %
= 21.38 %
= 25.12 %
Total assets
Times interest earned:
Interest expenses
Total Asset turnover:
Fixed Asset turnover:
Gross profit margin:
Operating profit margin:
53 | P a g e
Net profit margin:

Net profit x 100
195687000 x 100
302942000 x 100
447863000 x 100
Sales
471136000
1703172000
1939676000
= 41.54 %
= 17.79 %
= 23.09 %
213796000 x 100
406648000 x 100
576505000 x 100
3971133000
7793757000
9086485000
and tax (EBIT) x 100
= 5.38 %
= 5.22%
= 6.34 %
Net income x 100
195687000 x 100
302942000 x 100
447863000 x 100
Common Equity
3141950000
5176092000
5697967000
= 6.23 %
= 5.85 %
= 7.86 %
Operating Return on
assets:
Total assets
Return on equity (ROE):
54 | P a g e
Calculation
RATIOS
2010
2011
2012
Current ratio:
5598615
5848682
6518546
Current Assets
2685623
2685623
2952834
Current Liabilities
=2.08 times
=2.18 times
=2.21 times
Quick assets ratio:
5598615-529320
5848682-584071
6518546-499100
(Current AssetsStock)
2685623
2685623
2952834
Current Liabilities
=1.89 times
=1.96 times
=2.04 times
Average collection period:
2170690 x365
1874107 x 365
1883863 x 365
Account Receivable x 365
4013530
3720717
4517860
Annual credit Sales

Account Receivable
=197.41 days
4013530
=183.85 days
3720717
=152.20 days
4517860
Turnover:
2170690
1874107
1883863
Annual credit Sales
=1.85 times
=1.99 times
=2.40 times
Account Receivable
Inventory Turnover:
3060100
2694040
3370011
COGS
529320
584071
499100
Inventories
=5.78 times
=4.61 times
=6.75 times
55 | P a g e
Debt ratio:
Total liabilities x 100
5988686 x100
5963790 x 100
6851527 x 100
Total assets
12558295
12579858
13890648
=47.69%
=47.41 %
=49.32 %
748698
849687
972507
and tax (EBIT)
201421
193738
172875
Interest expenses
=3.72 times
=4.39 times
=5.63 times
Sales
4013530
3720717
4517860
Total assets
12558295
12579858
13890648
=0.32 times
=0.30 times
=0.33 times
Sales
4013530
3720717
4517860
Total Fixed assets
6959680
6731176
7372102
=0.58 times
=0.55 times
=0.61 times
Gross profit x 100
953430 x 100
1026677 x 100
1147849 x 100
sales
4013530
3720717
4517860
=23.76%
=27.59 %
=25.41 %
Operating profit margin:
748698 x 100
849687 x 100
972507 x 100
Operating profit x 100
4013530
3720717
4517860
sales
=18.65 %
=22.84 %
=21.53 %
Times interest earned:
Total Asset turnover:
Fixed Asset turnover:
Gross profit margin:
56 | P a g e
Net profit margin:
423164 x 100
479373 x 100
550486 x 100
Net profit x 100
4013530
3720717
4517860
Sales
=10.54 %
=12.88 %
=12.19 %
Operating Return on
748698 x 100
849687 x 100
972507 x 100
assets:
12558295
12579858
13890648
=5.95 %
=6.75 %
=7.00 %
Total assets
Return on equity (ROE):
423164 x 100
479373 x 100
550486 x 100
Net income x 100
6457359
6516907
6957698
CommonEquity
=6.55 %
=7.36 %
=7.91 %
and tax (EBIT) x 100
57 | P a g e
Calculation

DETA
IL
2010
2011
2012
Inventory Turnover
259457000
1184516000
1232008000
Ratio:
422252000
124494000
122622000
COGS
= 6.14 times
= 9.51 times
= 10.05 times
Inventory
365
365
365
Conversion Period:
6.14
9.51
10.05
365
= 59.45 days
= 38.38days
= 36.32 days
Average Collection
456933000
1015836000
1791635000
Period:
471136000
1703172000
1939676000
365
365
365
= 354.00 days
= 217.70 days
= 337.14 days
YEA
R
Inventory
Inventory Turnover
Ratio
Account Receivables
+Annual Credit Sales
365
58 | P a g e
Operating Cycle:
59.45 + 354.00
38.38 + 217.70
36.32 + 373.14
= 413.45 days
= 256.08 days
= 373.46 days
Account Payable
365
365
365
Deferral Period:
259457000
1184516000
1232008000
155669000
515787000
712587000
= 218.99 days
= 158.94 days
= 211.11 days
413.45 218.99
256.08 158.94
373.46 211.11
= 194.46 days
= 97.14 days
= 162.35 days
Inventory Conversion
Period
+
Average Collection
Period
365
COGS
Accounts Payables
Cash Conversion
Cycle:
Operating Cycle
Account Payable
Deferral Period
Calculation
59 | P a g e

DETA
IL
2010
2011
2012
Inventory Turnover
Ratio:
3060100000
529320000
2694040000
584071000
3370011000
499100000
COGS
Inventory
=5.78 times
=4.61 times
=6.75 times
Average Collection
Period:
2170690000
4013530000
365
1874107000
3720717000
365
1883863000
4527860000
365
=197.41 days
=183.85 days
=152.20 days
365
3060100000
1689300000
365
2729703000
1660175000
365
3370011000
1785685000
=201.49 days
=222 days
=193.40 days
YEA
R
Account Receivables
+Annual Credit Sales
365
Account Payable
Deferral Period:
365
COGS
Accounts Payables
60 | P a g e
Inventory
Conversion Period:
365
5.78
365
4.67
365
6.75
365
Inventory Turnover
Ratio
=63.15 days
=78.16 days
=54.10 days
Operating Cycle:
63.15 + 197.41
78.16 + 183.85
54.10 + 152.20
=260.56 days
=262.01 days
=206.30 days
260.56 201.49
262.01 222
206.30 193.40
=59.07 days
=40.01 days
=12.90 days
Inventory Conversion
Period
+
Average Collection
Period
Cash Conversion
Cycle:
Operating Cycle
Account Payable
Deferral Period
61 | P a g e
Annual Report UEM Land
62 | P a g e
63 | P a g e
64 | P a g e
65 | P a g e
66 | P a g e
67 | P a g e
Annual Report IJM Corp.
68 | P a g e
69 | P a g e
70 | P a g e
71 | P a g e
72 | P a g e

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EXECUTIVE SUMMARY

Tan Sri Dr Ahmad Tajuddin Ali

Y. Bhg. Tan Sri Dato Ir. (Dr) Wan Abdul

SUMMARY OF ANNUAL REPORT

SUMMARY OF ANNUAL REPORT

Acid test ratio

Account receivable turnover

Times interest earned

Total asset turnover

Fixed asset turnover

Gross profit margin

Operating profit margin

Net profit margin

Operating return on assets

Average collection period

Acid test ratio

Account receivable turnover

Times interest earned

Total asset turnover

Fixed asset turnover

Gross profit margin

Operating profit margin

Net profit margin

Operating return on assets

Average collection period

Acid test ratio

Average collection period

Times interest earned

Fixed asset turnover

year 2011 is 0.36 times.

Operating profit margin

Operating return on assets

Net profit margin

Acid test ratio

Average collection period

Times interest earned

Assets Management Ratio

Fixed asset turnover

performance which mean the rate return on shareholders investment is higher.

IJM CORPORATION BERHAD

Acid test ratio

Acid test ratio

For capital structure ratio, it is presented by debt

Fixed asset turnover

For the assets management ratio, it is presented

Fixed asset turnover

Operating profit margin

Operating return on assets

Net profit margin

CASH CONVERSION CYCLE

Inventory Turnover Ratio

Inventory Conversion Period

Average Collection Period

Account Payable Deferral Period

Cash Conversion Cycle

Cash Coversion Cycle

AccountPayable Deferral Period

Average Collection Period

Inventory Conversion Period

CASH CONVERSION CYCLE

Inventory Turnover Ratio

Average Collection Period

Account Payable Deferral Period

Inventory Conversion Period