financial report Dutch lady

7/24/2019 financial report Dutch lady

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GRADUATE SCHOOL OF MANAGEMENT

FINANCIAL MANAGEMENT AND POLICIES(FIN 6600)

Semester I, 2014/201

FINANCIAL RATIO ANALYSIS

ASSET MANAGEMENT RATIO

DUTCH LADY & NESTLE CORPORATION

!RE!ARED "#$

MOHAMED MOHAMUD ADEN G1325713

LI ZE YUAN G1314146

PATCHAREEYA SOHHENG G 1217086

FARAH YAZIT G1319716

!RE!ARED FOR$ RO!ASRUL IN DAHARI

T%&'e C*te*ts

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6. Nestle Asset management calculation

2
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INTRODUCTION

13 Cm%* "%-5r*+

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D%' L)( M# M))(+#) /)-%)'%,+ ) ;#, )-., * )#( *%'+ )- /),'+ ',/

%-, ', )- -)/,+ * D%' L)( )- F#+*!

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T, D%' L)( )- )+ #,,-' '(,+ * )#( *%'+ +%#'), * *' #,- )-

)%'+!

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D%' L)( G*;#-. U M#

D%' L)( A'#:G*

D%' L)( #

F* ', F)/#(

D%' L)( M# P*;,

D%' L)( UHT M#

D%' L)( S',##+, M#

D%' L)( P)+',%#+, M#

D%' L)( C**)', D#- E(M#@

D%' L)( Y*.%'

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F#+* )#( *%'+ *-+#+' * /)',-) /# )- .*;#-. % /# #- *;, */ )-

F#+*) #+ ', #-)-' *%'+ )- #- *;, )- #$%# */!

F#+*) C*/*' F#+*) 2

F#+* G* 3 )- F#+* G* 4

3 Oer%t.*s

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D%' L)( M))(+#) /)#-')#-+ )- #/*:,+ *,++,+ '*%. G** M)-%)'%#-.

P)'#,+? H)) A-)(+#+ C#'#) C*-'* P*#-' S(+',/ )- J%)#'( M)-).,/,-'

S(+',/ ! T,# ,*' '*;)+ ', ,-:#*-/,-' #+ ,/*#, #- ', ISO 14001

E-:#*-/,-' M)-).,/,-' S(+',/? ) +(+',/)'# /)-).,/,-' )*) '*;)+ ',

,-:#*-/,-'!

FINANCIAL RATIO ANAL#SIS

13 L.8.+.t R%t.s

1313 T9e Crre*t R%t.

Y,) 2008 2009 2010 2011 2012C%,-' )'#* 1!76 2 2!2 2!39 1!9

Figures and Graph of Current Ratio from 2008 2012

T, )*:, )'+ +*; D%' L)( %,-' )'#*+ * ', )+' #:, (,)+ +')'#-. */ (,)

2008 '* 2012? ', */)-( %,-' )'#* ) #-,)+, *-'#-%*%+( */ (,) 2008 '* 2011

;# +*;+ ')' D%' L)(+ )##'( '* )() #'+ +*'B',/ ,'+ )+ ,,- #-,)+#-. )-

.** ,*/)-,! T#+ #+ ,)%+, '#+ */)-( # -*' ):, *-. ',/ ,' **;#-. #- #'+

%,-' #)##'#,+? )+ +*;- #- ', */)-(+ ))-, +,,' * ', )+' #:, (,)+! #, ',

%,-' )'#* ) ,,)+, #- 2012 ,)%+, '*') %,-' #)##'#,+ #+ #., ')- *', (,)+ )-

5


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'#+ */)-( )+* )+ #. **;#-. */ '), )(), )+ /,-'#*-, #- ))-, +,,'! I-

)#'#*-? ) #. %,-' )'#* *% #-#)', ')' '** /% /*-,( #+ '#, % #- %,-' )++,'+? *

,@)/,? .#:#-. %+'*/,+ '** /% ,#'!

F*/ ', %,-' )'#* ;, )- *-%, ')' *:,) ,*/)-, * '#+ */)-( #+ #-

.** +#-, #$%##'( )'#*+ ), .,)', ')- 1! T,( )- $%#( )() ', ,'+ )- )+* '#+

*/)-( #+ )' .** #-)-#) ,)'! E:,- '*%.? ', )'#* ) *, #- (,) 2012 %' ',(

)- +'# )() * ', ,'+!

132 T9e :.- R%t.

Y,) 2008 2009 2010 2011 2012

J%# )'#* 1!17 1!41 2!21 1!7 1!37

Figures and Graph of Quick Ratio from 2008 2012

T, $%# )'#* *,+ )-*', ;)( '* ,',/#-, ', ),$%)( * ;*#-. )#')! I' #+ )+*

,',/#-, *; */)-(+ #-)-#) +',-.' )- ;,)-,++ )+ ;, +,, */ +*' ',/ #$%##'(!

)+, *- ', )*:, )')? #' +*;+ ')' D%' L)( $%# )'#* #+ /*, ')- ', ):,)., $%#

)'#* * 1? )#'#*-)( '#+ )- #,-'#( ')' D%' L)( #+ $%#( '* *-:,' #'+ )++,'+ #-'* )+

#- +*' ',/ ,#*!

O-, * ', /)* ,)+*-+ ')' , '* #-,)+, * D%' L)( $%# )'#* #+ ')' #- ',

*/)-(+ ))-, +,,'? #' +*;+ ')' )' ', #+' ',, (,)+? ',( # -*' **; /%!

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E+,#)(? ',( # -*' **; #- (,) 2010 ;# /,)- ')' ', $%# )'#* #+ #., ')- *',

(,)+! A+* ', )/*%-' * #-:,-'*#,+ ;)+ #-,)+#-. #- 2011 )- ,,)+#-. ).)#- #- (,) 2012

I- *-%+#*-? */ ', )*:, .) +*;- ')' D%' L)( #+ ), '* .,' #. *#' ,:,-%,?

#' )- , +,,- ')' $%# )'#* #+ /*, ')- 1! A+* '#+ */)-( #+ )+' )' *-:,' #'+ #-:,-'*#,+

#-'* )+!

23 Asset Management Ratios231 T9e A;er%5e C''e-t.* !er.+ (AC!)

T, A:,)., C*,'#*- P,#*,,+,-'+ ', ):,)., -%/, * )(+ ', #/ '),+ '*

*,' #'+ ,,#:),+! T)' #+ *; *-. #' '),+ '* .,' )# *- ,#' +),+!

Y,) 2008 2009 2010 2011 2012

A:,)., C*,'#*- P,#* 60!50 36!42 50!48 54!10 59!80

Figures and Graph of Average Collection eriod from 2008 2012

T, .) +*;+ ', -%/, * *,'#*- ,#* */ 2008B2012!A+ )- , +,,- */

', .)? ',, ;)+ ', #.,+' -%/, #- ', (,) 2008 ;# ;)+ 60!5 )(+ !T#+ #+ ,)%+, *

,*-*/# #+#+ +')'#-. ', /#, * 2007 )- ',- *-'#-%, #-'* 2008 ')' ),', ',

*/)-(! D%' L)( ) *,/ #- *,'#-. ',# ,#' )+ 50K * #'+ %+#-,++! T,-? ',

7


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):,)., *,'#*- ,#* *-'#-%, '* ) .** -%/, #- ', (,) 2009? '#+ ;)+ ', /*+' ,,'#:,

;#' 36!42 )(+! O- ', *', )-? ',, ;,, #-,)+, +#.-##)-'( #- ', -%/, *

*,'#*- ,#* #- ', (,) 2010? 2011 )- 2012? ;# ;,, 50!48? 54!10 )- 59!8

,+,'#:,(! F* *:,) )', )- *,'#*- ,#* #- *,'#-. ',# ,'+? #' #+ -*' ')' )? %'

D%' L)( /%+' #/*:, #'+ ,#' *##,+ '* /), #' /*, ,##,-' )- '* ,-+%, ')' ',( ),

-*' .*#-. '* *+, /% /*-,( '* ) ,'+!

2!2 T9e I*;e*tr Tr*;er

I-:,-'*( '%-*:, )'#* #-#)',+ *; /)-( '#/,+ %#-. ', (,) ', */)-( #+ ), '* +,

) $%)-'#'( * .**+ ,$%) '* #'+ ):,)., #-:,-'*(! O-, '#-. ')' +*% , ,) #- /#- #+ ')'?

', #-:,-'*( '%-*:, )', #-#)',+ *; $%#( #-:,-'*( +,+? %' -*' *; $%#( '#+ )++,'

*-:,'+ #-'* )+!

Y,) 2008 2009 2010 2011 2012

I-:,-'*( T%-*:, 7!03 8!04 6!16 5!42 6!17

Figures and Graph of !nventor" #urnover from 2008 2012

F*/ ', .)? ;, )- +,, ')' ', #-:,-'*( +')' ;#' 7!03 #- ', (,) 2008!T,-? #' ;)+

,#-. )' ', #.,+' #- 2009 ;#' 8!04 )- *-'#-%, '* ,,)+, #- ', (,) 2010 )- 2011! I' )-

, +,,- ')' ', -%/, * I-:,-'*( '%-*:, #-,)+, +#.'( #- ', (,) 2012 ;# ;)+

8


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6!17! F* *:,) #-:,-'*( '%-*:, )',? D%' L)( *,+ -*' )#,:, ', #,) '%-*:, )', (,'

,)%+, ', -%/, #+ %'%)',! H*;,:,? #' ,,-+ *- ', */)-( ;,', #' #,+ '*

*%, #- )., *'#*- * %+' ,-*( *; /).#- * *%'#*-! I' #+ .** '* ):, #. #-:,-'*(

'%-*:, )', )+ #' .,-,)',+ /*, ,:,-%,+ )- ,%, ', *+' * /)#-')#-#-. ', #-:,-'*#,+! T*

#/*:, #-:,-'*( '%-*:,? *-+#, ,%#-. ', $%)-'#'( #' -*/)( %( */ ', +%#,!

237 F.e+ Asset Tr*;er

F#@, )++,' '%-*:, +*;+ ', ,)'#*-+# ,';,,- )++,'+ )- +),+! T, #@, )++,'

'%-*:, )'#* /,)+%,+ ) */)-(+ )##'( '* .,-,)', -,' +),+ */ #@, )++,' #-:,+'/,-'+

)- +,##)( *,'(? )-' )- ,$%#/,-' )- -,' * ,,#)'#*-! A #., #@,

)++,' '%-*:, )'#* +*;+ ')' ', */)-( )+ ,,- /*, ,,'#:, #- %+#-. ', #-:,+'/,-' #-

#@, )++,'+ '* .,-,)', ,:,-%,+! T, )'#*+ ), *-.B',/ /,)+%,+ * ,*/)-,? ;# #+ *

#/)( #-',,+' '* ,$%#'( #-:,+'*+ )- +'* /),' )-)(+'+!

Y,) 2008 2009 2010 2011 2012

F#@, A++,' T%-*:, 10!63 7!93 9!70 10!95 11!88

Figures and Graph of Fi$ed Asset #urnover from 2008 2012

T#+ .) #-#)',+ ')' ', #@, )++,' '%-*:, +')' )' 10!63 #- ', (,) 2008 )- ',- #'

*, +#.-##)-'( '* 7!93 #- ', (,) 2009 ,)%+, * #@, )++,' ;)+ :,( #. RM 78?621

*/), '* *', (,)+! I' )- , ,)( +,,- ')' ', -%/, * #@, )++,' '%-*:, #-,)+,

9


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*-'#-%)( */ 2009 '* 2012? ;# */ 7!93 '* 10!95 '#+ #+ ', #.,+' -%/, * ', (,)!

F* *:,) #@, )++,' '%-*:,? '#+ */)-( #+ $%#', ) .** -%/, ,)%+, ', -%/, *

#@, )++,' '%-*:, #-,)+, *-'#-%)( ')' /,)-+? D%' L)( )+ ,,- /*, ,,'#:, #-

%+#-. ', #-:,+'/,-' #- #@, )++,'+ '* .,-,)', ,:,-%,+!

234 Tt%' Asset Tr*;er

T, '*') )++,' '%-*:, )'#* /,)+%,+ ', )##'( * ) */)-( '* %+, #'+ )++,'+ '* .,-,)',

+),+! T, '*') )++,' '%-*:, )'#* *-+#,+ ) )++,'+ #-%#-. #@, )++,'+? #, )-' )-

,$%#/,-'? )+ ;, )+ #-:,-'*( )- )*%-'+ ,,#:),+!

Y,) 2008 2009 2010 2011 2012

T*') A++,' T%-*:, 2!45 2!46 2!31 3!13 2!30

Figures and Graph of #otal Asset #urnover from 2008 2012

R,,#-. '* ', .)? '*') )++,' '%-*:, #+ ', #.,+' #- 2011 ;# ;)+ 3!13? ;#, ',

,+' ;,, )*%- 2!5! I' )- , +,,- ')' ',, ;,, ,/)#- +'), ,';,,- 2008 )- 2009? ',- #'

+#.'( ,,)+, #- ', (,) 2010! , )- +,, ')' ', '*') )++,' '%-*:, #- ', (,) 2011 )-

2013 ;,, ', +)/, -%/, ;# #+ 2!3! T, *:,) * '*') )++,' '%-*:, #- '#+ */)-( #+

-*' )? %' ',( ):, '* #/*:, ', +),+ ( #-,)+#-. ', %'##)'#*- * )++,'+ * #+*+,

+*/, * ', %-%+, )++,'+!

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73 De&t M%*%5eme*t R%t.s

D,' /)-).,/,-' )'#*+ )'',/' '* /,)+%, ', #/+ %+, * ,'+ )-

)##'( '* ):*# #-)-#) #+',++ #- ', *-. %-! T,+, )'#*+ ), )+* -*;- )+ *-.B',/

+*:,-( )'#*+! T,+, )'#*+ ), *-+#,, )+ ) /,)+%, * ', ,@',-' '* ;# ) #/ %+,+

**;, %-+ '* #-)-, #'+ *,)'#*-+! O;-,+ )- ,#'*+ ), #-',,+', #- ,'

/)-).,/,-' )'#*+ ,)%+, ', )'#*+ #-#)', ', #+#-,++ * ', #/+ *+#'#*-! #' ', %+, *

,' )+* */,+ ', *++###'( * #-)-#) #+',++ )- )-%'(!

731 T9e De&t R%t.

D, )'#* #+ ,',/#-, *; /% ', */)-( #- ,'+ )- )+* *; .** */)-( #-

/)-).#-. #'+ ,'+! I' )- #,-'#( *; /% */)-(+ )++,' )- #-)-, ', ,' ;# )- +,,

*/ ', ))-, +,,' * D%' L)( C*/)-(! T#+ )- , )%)', */ '*') #)##'#,+

#:#, ( '*') )++,'+! I- )#'#*-? #' /,)+%,+ ', ,:, * #+#-,++ * ', */)-(!

Y,) 2008 2009 2010 2011 2012

D,' R)'#* 0!44 0!34 0!36 0!54 0!44

11


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Figures and Graph of %e&t Ratio from 2008 2012

T, ,' )'#* * D%' L)( )+ %'%)', */ 2008 '*%. 2012! I- 2011 ', */)-(

;)+ ,,-#-. *- *)-+ * #-)-#-. ',# )++,'+! T, .) +*;- ')' ', ,' )'#* )

%'%)'#-. #- ,:,( (,)! I- 2011 #' #+ */))'#:,( #.! T#+ )'#* #+ )+* *-+#,, *-, * ',

/*+' #/*')-' #-#)'*+ * ', ,##,-( * ', */)-(! T, )'#* ;)+ -*' :,( #. #- ,)

(,) ,)%+, '#+ */)-( )- /)-)., ',# ,' ;, #- ,:,( (,)!

I- +%/ %? *:,) ,*/)-, * ,' )'#* #+ )' .** #-)-#) ,)' +#-, ',# )++,'+ ),

.,)', ')- #)##'#,+ ,+,#)(? #- (,) 2010 ', */)-( # -*' /), )-( **;#-. */

*',+!

732 De&t t E8.t R%t.

T#+ )'#* #+ ) /,)+%, * ', /#@ * ,' )- ,$%#'( ;#'#- ', #/+ '*') )#')! I' #+ )-

#/*')-' /,)+%, * #+? ,)%+, ) #. ,:, * ,' )- %,- ', #-*/, +')',/,-' ;#'

,@,++#:, #-',,+'! T#+ /),+ ', #/+ *#')##'( ).#, #- ,,++#*-)( '#/,+! T#+ )'#* #+

%-%+%) #- ')' #' #+ *//*-( +')', )+ ) **'#*- )', ')- )+ ) ,#/) * ) ,,-').,!

Y,) 2008 2009 2010 2011 2012

D,' T* E$%#'( R)'#* 0!80 0!56 0!56 0!54 0!77

12


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Figures and Graph of %e&t to '(uit" from 2008 2012

T, .) )*:, ,@)#-, ', ,' '* ,$%#'( )'#* * D%' L)( M# I-%+'#,+

,)! L*;, )'#* ;)+ #-#)', ,++ #- #+! O- ', *', )-? #. )'#* ', #/ /*,

,,-+ *- ,@',-) ,-,+! S#-, '#+ */)-(+ )'#* #+ ,++ ')- 1 #- ,:,( (,)! I' /,)-' ')'

'#+ %+#-,++ # -*' ):, /)-( ,'+! T, )'#* ,,)+, */ 2008 )- ,/)#-, %-'# 2011

)- #-,)+, ).)#- #- 2012? +*;- ')' ', ,,-')., * )++,'+ * ', %+#-,++ ;# ),

#-)-, ( ', ,'+ #+ #-,)+#-.!

737 T.mes I*terest E%r* (TIE)

I-',,+' '#/, ,)-, )'#* /,)+%,+ *; ,)+#( */)-( )- )( #-',,+' ,@,-+, *-

*%'+')-#-. ,'! I' )%)', */ */)-(+ ,)-#-.+ ,*, #-',,+' )- ')@,+ )-

#:#, ( ', '*') #-',,+' ,@,-+,! I' #+ %+%)( $%*', )+ ) )'#* )- #-#)',+ *; /)-( '#/,+

) */)-( )- *:, #'+ #-',,+' ).,+ )- )##-. '* /,,' ',+, *#.)'#*-+ *% *, )

*/)-( #-'* )-%'(!

Y,) 2008 2009 2010 2011 2012

T#/, I-',,+' E)-, 196!46 82031 0 151!65 56!82

Figures and Graph of #ime !nterest 'arned from 2008 2012

A+ +')', #- ', ))-, +,,'? '#+ */)-( # -*' /% *- /)#-. **;#-. */ *',+!

E+,#)(? #- (,) 2010 )+ #' +*;- */ ', '), )*:, ', )'#* )--*' ,',/#-, %, '*

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#-)-#) *+' * #-',,+' ,@,-+, ;)+ ,* )/*%-'+ ;# /,)-' ')' ',( # -*' /), )-(

**;#-. #- (,) 2010! T#+ (,) ', */)-( # -*' )+ #-)-#) #)##'#,+ ;)+ -*' ,@*+,

'* ) #+ * )-., #- )+ *; %, '* -* +*' ',/ **;#-.!

734 F.*%*-.%' Le;er%5e I*+e

T, F#-)-#) L,:,)., I-,@ /,)+%,+ *; ;, ) */)-( #+ %+#-. #'+ ,'! T, F#-)-#)

L,:,)., I-,@ */),+ ';* *', #-)-#) ,*/)-, )'#*+ ;# ), ,'%- *- ,$%#'(

)- ) /*##, :,+#*- * ,'%- *- '*') )++,'+! T, ,'%- *- '*') )++,'+ #+ /)#-(

)#-. #- ', ,,'+ * #-',,+' ,@,-+, )- ', ')@ )',!

Y,) 2008 2009 2010 2011 2012

F#-)-#) L,:,)., I-,@ 1!79 1!56 1!55 1!52 1!74

Figures and Graph of Financial )everage !nde$ from 2008 2012

)+, *- *% #.%,+ )- .)? #' )- , +,,- ')' ', D%' L)(+ #-)-#) ,:,).,#-,@ ;)+ ,,)+, #- 2008? 2009? 2010? )- 2011! H*;,:,? ', */)-( )+ ,*/, ,'',

#- 2012! T, #-)-#) ,:,)., #-,@ ,+%'+ ), .,)', ')- 1! T#+ /,)-+ ')' ', */)-( #+

%+#-. #'+ ,' #- ) *+#'#:, ;)( * )-*', ;)( * +)(#-. '#+ #+ #'+ ,'%- *- ,$%#'( #+ )., ')-

#'+ ,'%- *- )++,'+! T#+ )'#* ;# , ), '* ', #-:,+'*+ ')' )+ **;#-. #-,)+,+ * )

*/)-(? ;,', * -*' ', ,' ', */)-( +*%,, ;)+ *:,) ,-,##) * ,'#/,-')!

14


15/55

F* D%' L)(? ',( ), ), '* %+, #'+ ,' ,##,-'( * %'##, #' #- ', ,+' ;)( ')' #-.+

*#' '* ', */)-(!

73 "%*rt- R.s (


16/55

43 !r.t%&.'.t R%t.s

431 Retr* * S%'es (ROS)

R,'%- *- +),+ #+ ) )'#* ;#,( %+, '* ,:)%)', )- ,-'#'(+ *,)'#-. ,*/)-,! I' #+ )+*

-*;- )+ *#' /).#- * -,' *#' /).#-! I' /,)+%,+ *; /% * ,:,-%, ,+%'+ #- *#'

* ', */)-( )', ')- .*#-. '*;) )(#-. ', */)-(+ *+'+! A #., )'#* /,)-+ ')'

', */)-( ,,+ /*, /*-,( #- *#'! T(#)(? ', )'#* #+ /,)+%, )+ ) ,,-').,? ;#

+*;+ *; /)-( ,-'+ , *) ', */)-( ,,+ )+ *#'!

Y,) 2008 2009 2010 2011 2012

R,'%- *- S),+ 5!99K 8!73K 8!99K 13!33K 13!98K

Figures and Graph of Return on ,ales from 2008 2012

16


17/55

, )- +,, ')' D%' L)(+ ,'%- *- +),+ * 5!99K? 8!73K? 8!99K? 13!33K? )-

13!98K #- 2008? 2009? 2010? 2011? )- 2012 ,+,'#:,(! I' /,)-+ ')' ', */)-(

.,-,)', 5!99 ,-'+? 8!73,-'+? 8!99 ,-'+? 13!33 ,-'+? )- 13!98 ,-'+ * *#' , *) *

+),+ #- 2008? 2009? 2010? 2011? )- 2012 ,+,'#:,(! T, */)-( )+ ,*/, :,( ;,!

T, #.%,+ )- .) +*;+ ')' ,'%- *- +),+ * D%' L)( M# I-%+'#,+ )+ #-,)+,

*-'#-%*%+( */ (,) '* (,) )- ;# *-'#-%, '* #-,)+, #- ', %'%,! T#+ #-,)+#-. #-

ROS #-#)',+ ', */)-( #+ ,*/#-. /*, ,##,-'!

432 Retr* * Assets (ROA)

R,'%- *- )++,'+ #+ )- #-#)'* * *; *#'), ) */)-( #+ ,)'#:, '* #'+ '*') )++,'+! I'

.#:,+ )- #,) )+ '* *; ,##,-' /)-).,/,-' * ', %+#-,++ #+ )' %+#-. #'+ )++,'+ '* .,-,)',

,)-#-.+! T, #., ', ,'%-? ', /*, ,##,-' /)-).,/,-' #+ #- %'###-. #'+ )++,' )+, *

')' %+#-,++ #+ /*, *#'),! T#+ )'#* +*% , *-( %+, '* */), */)-#,+ #- ',

+)/, #-%+'(!

Y,) 2008 2009 2010 2011 2012

R,'%- *- A++,'+ 14!65K 21!49K 20!78K 27!12K 32!23K

Figures and Graph of Return on Assets from 2008 2012

17


18/55

F*/ ', #.%, )- ', .) +*;+ ')' '#+ */)-( #+ ,,'#:,( #- *-:,'#-. #'+

'*') )++,'+ #' )+ '* #-:,+' #-'* -,' #-*/,! T, .) #+ %;) +*#-. ;# #+ ) .**

,#'#*- * *#')##'( * ', */)-( #- ', %'%,! E:,- '*%. ',, ;)+ ) +#.'(

,,)+, #- ROS * 0!71K #- 2010 %' ', */)-( )- ,*:, #- 2 (,)+ )',! T, #-,)+#-.

',- * ROA * D%' L)( #-#)',+ ')' ', *#')##'( * ', */)-( #+ #/*:#-.!

437 Retr* * E8.t (ROE)

R,'%- *- ,$%#'( #+*-, * ', /*+' %-)/,-') *#')##'( )'#*+! R,'%- *- ,$%#'( *

,'%- *- )#') #+ ', )'#* * -,' #-*/, * ) %+#-,++ %#-. ) (,) '* #'+ +'**,+ ,$%#'(

%#-. ')' (,)! I' #+ ) /,)+%, * *#')##'( * +'**,+ #-:,+'/,-'+! I' +*;+ -,'#-*/, )+ ,,-')., * +),*, ,$%#'(!

Y,) 2008 2009 2010 2011 2012

R,'%- *- E$%#'( 26!39K 33!56K 32!35K 41!70K 57!08K

Figures and Graph of Return on '(uit" from 2008 2012

18


19/55

F*/ ', #.%, )- ', .)? ;, )- +,, ')' ', ROE #-,)+, ( 7!17K %, '* )#+#-.

*/ -,' #-*/, #- 2009! A+*? ', ROE #- 2010 ;)+ 32!35K! I' /,)-+ ')' ,:,( *) *

+),*,+ ,$%#'(? ', +),*, ;# ,)- RM32!35! S* #' #+ .** * ', +),*,+

,)%+, ', */)-( ;)+ ,##,-' #- .,-,)'#-. #-*/, *- -,; #-:,+'/,-'! H*;,:,? ', ROE

#- 2010 ;)+ +#.'( *;, ')- ', ROE #- 2009 %' ',- ', ROE ,' #-,)+#-. #- )', (,)+?

2011 )- 2012! T#+ #+ ,)%+, * ', #-,)+#-. #- -,' #-*/, * *' (,)+! T,,*,? ;, )-

+)( ')' ', */)-( ;)+ ,##,-' #- .,-,)'#-. #-*/, *- -,; #-:,+'/,-'! I' #+ +%..,+', ')'

#-:,+'*+ +*% */), ', ROE * #,,-' */)-#,+ )- )+* , ', ',- #- ROE *:,

'#/, )- ,(#-. +*,( *- ROE * #-:,+'/,-' ,#+#*-+ #+ -*' +),!

434 D !*t E8%t.*s

Y,) 2008 2009 2010 2011 2012

D% P*-' E$%)'#*-+26!37K 33!52K 32!20K 41!49K 57!04K

Figures and Graph of %u ont '(uations from 2008 2012

T, ,@',-, D% P*-' E$%)'#*- +)(+ +*/,'#-. :,( #/*')-' )*%' %--#-. ) %+#-,++!

T, *,)'#*- * ', %+#-,++ #'+, #+ ,,', #- ROA! T#+ /,)-+ /)-).#-. %+'*/,+?

,*,? *+'+? ,@,-+,+? )- ,$%#/,-'! F* ,@)/, #- 2012? D%' L)( )+ '*') )++,'+ * RM

382?774 )- ,$%#'( * RM 216?134 ',- ', ,$%#'( /%'##, #+ 1!77! T, ,@',-, D% P*-'

,$%)'#*- +)(+ ')' ', #/+ ROE ;# , 1!77 '#/,+ #'+ ROA ,)%+, ', %+, * *', ,*,+

19


20/55

/*-,(! D%' L)( #+ /)#-. ) *#' )- ROA #+ ) *+#'#:, -%/,! T#+ (,) ROA #+ 32!23K?

ROE ;*% , ) ,)'( 57!04K! , )- +,, ')' */ 2008B2012? '#/,+ * ', ,$%#'( /%'##,

.,' ;,! I' /,)-+ ')' ', */)-( #- %+#-. *', ,*,+ /*-,( #+ .,-,)( .**!

434 I*ter*%' Gr>t9 R%te

Y,) 2008 2009 2010 2011 2012

I-',-) G*;' R)', 0!13 0!07 0!18 0!31 0!1

I-',-) .*;' )', +*;+ ', .,-,) %+#-,++ *,)'#*-+ )- *-'#-%, '* %- )- .*;'

', */)-(! T#+ #-',-) .*;' )', ,',/#-,+ ', /)@#/%/ ', #/ )- .*;' ;#'*%'

**;#-. */ )-+ * +),*,+! F*/ ', '), )*:,? ', #-',-) .*;' )', )

,,)+, )' ', (,) 2009 )- 2012 )- )+* +#.-##)-'( #-,)+, #- 2011 %, '* #'+ ,')#-

,)-#-.+ )- #:#,- )/*%-'+ ), #., ')- *', (,)+! A+ ) ,+%'? '#+ %+#-,++ )- .*;'

)- .,-,)', ',# *#' ;#'*%' ,)'#-. ', ,'+!

3 M%ret %'e R%t.s5.1E%r*.*5s er S9%re (E!S)

E)-#-.+ , +), * ) %+#-,++ ), ', *'#*- * #'+ -,' #-*/, * ) ,#* ')' )-

, )''#%', '* ,) +), * #'+ *//*- +'*! I' +,:,+ )+ )- #-#)'* * ) */)-(+

*#')##'(!

Y,) 2008 2009 2010 2011 2012

E)-#-.+ , S), 0!67 0!94 0!99 1!69 1!93

20


21/55

Figures and Graph of 'arnings per ,hare from 2008 2012

T, -,' #-*/, * D%' L)( )+ #-,)+, */ 2008 '*%. 2012 )- #'+ -%/, *

+),+ * *//*- +'* *%'+')-#-. ;)+ ', +)/, #- ', +,## (,)+ ;# ;)+ RM

64?000?000! )+, *- ', )%)'#*-+? ', ,)-#-.+ ):)#), '* +),*,+ ):, #-,)+,

,:,( (,)! T,,*,? ;, ,*//,- ')' ', #-:,+'*+ +*% #-:,+' #- '#+ */)-( )+ ',

,)-#-.+ *-'#-%, '* #+, #- ', %'%,!

5.2D.;.+e*+ er S9%re (D!S)

D#:#,- , +), +*;+ *; /% ', +),*,+ ;,, )'%)( )# ( ;)( *

#:#,-+! I' #+ ', '*') #:#,- )( *:, ) (,) #:#, ( ', -%/, * +),+ #++%,!

Y,) 2008 2009 2010 2011 2012

D#:#,- , S), 0!13 0!66 0!73 0!73 2!6

21


22/55

Figures and Graph of %ividend per ,hare from 2008 2012

D%' L)( )+ #-,)+, ', -%/, * #:#,-+ )# '* +),*,+ ,:,( (,) )- ',

-%/, * +),+ #++%, ,/)#-, ', +)/, */ 2008 '* 2012! A+ ) ,+%'? ', #:#,- ,

+), * ', */)-( *-'#-%,+ '* /*:, %;) )*#-. '* ', .)? )'#%)( #- 2012!

T,, ;)+ ) %., #-,)+, * #:#,-+ )# #- '#+ (,) */ 0!73 '* 2!6!

D#:#,-+ ), ) +#.- * #-:,+'*+! I #:#,- , +), #+ *, *;- ')- #-:,+'*+

,#' #' /,)-+ ')' */)-( #+ -*' #- .** *-#'#*-! O- ', *', )-? # ) #:#,- , +),

#+ .*#-. % ',- #-:,+'*+ ,, ')' #' ,*/+ ;,! , ,*//,- ', #-:,+'*+ '* #-:,+' #-

D%' L)( +#-, #' )+ ,*/, ;, )+ #:#,- , +), *-'#-%, '* #-,)+,!

37 D.;.+e*+ #.e'+ (D#)

D#:#,- (#, #+ ', )/*%-' ')' ) */)-( )(+ '* #'+ +),*,+ )--%)( * ',#

#-:,+'/,-'+! I' #+ ,@,++, )+ ) ,,-')., )- #-#)',+ )'')'#:,-,++ * #-:,+'#-. #- )

*/)-(+ +'*+! D#:#,- (#, #+ *-+#,, )+ ROI * #-*/, #-:,+'*+ ;* ), -*'#-',,+', #- )#') .)#-+ * *-.B',/ ,)-#-.+! I' #+ )%)', )+ )--%) #:#,- , +),

#:#, ( %,-' /),' #, , +),!

Y,) 2008 2009 2010 2011 2012

D#:#,- Y#, 0!28K 1!41K 1!56K 1!56K 5!54K

22


23/55

Figures and Graph of %ividend -ield from 2008 2012

F*/ *% )-)(+#+ *- #:#,- (#,? ;, %+, ', %,-' /),' #, )+, *- ',

S')#? M)( 8? 2013! I' )- , +,,- ')' #:#,- (#, ;)+ #-,)+#-. */ (,) ( (,)

,+,#)( #- 2012 ;# ;)+ #-,)+, ( 3!85K! T* ,)*)',? # ', #-:,+'*+ #-:,+' #- D%'

L)( ',( ;# .,' 5!54K ,)-#-. * ,) *) #-:,+', #- ) */)-( * ', (,) 2012! A+ )-

#-:,+'*? ;, )- *-+#, ',# )+' #:#,- (#, )'#*+ '* ,#, ;,', '* #-:,+' #- ',

*/)-( * -*'! T#+ )- , *-%, ')' D%' L)( #+ .** * #-:,+'*+ '* #-:,+'!

34 !r.-e/E%r*.*5s R%t.

T, PE )'#* **+ )' ', ,)'#*-+# ,';,,- ', +'* #, )- ', */)-(+ ,)-#-.+! I'

.#:,+ )- #,) * *; /% #-:,+'*+ ), ;##-. '* )( * ) *) * ', #/+ ,)-#-.+! T,

PE )'#* #+ :,( #/*')-' #- ', +'* /),' )-)(+#+!

Y,) 2008 2009 2010 2011 2012

P#,E)-#-.+ R)'#* 70 49!37 47!37 27!73 24!30

23


24/55

Figures and Graph of rice.'arnings Ratio from 2008 2012

F*/ *% )-)(+#+? #' )- , +,,- ')' PE R)'#* ;)+ ,,)+, */ (,) ( (,) %' #' *,+

-*' /)'', ,)%+, #' ',+ %+ *; /% #-:,+'*+ ), ;##-. '* )( * ) *) * ', #/+

,)-#-.+! F* ,@)/,? ', */)-(+ PE #+ 24!30 )- ,)-#-.+ , +), ), 1!93 #- 2012? ',

+'* +,#-. * 46!90! T,+, +'* /),' ,*, ;*% +)( ')' ', */)-( #+ +,#-. *

24!30 '#/,+ ,)-#-.+!

I- .,-,)? ) #. PE +%..,+'+ ')' #-:,+'*+ ), ,@,'#-. #., ,)-#-.+ .*;' #- ',%'%, */), '* */)-#,+ ;#' ) *;, PE! H*;,:,? ', PE )'#* *,+ -*' ', %+ ',

;*, +'*( ( #'+,! I' #+ %+%)( /*, %+,% '* */), ', PE )'#*+ * *-, */)-( '* *',

*/)-#,+ #- ', +)/, #-%+'(? '* ', /),' #- .,-,) * ).)#-+' ', */)-(+ *;- #+'*#)

PE )'#*!

3 M%ret t " %'e R%t.

M),' '* ** )%, R)'#* /,)+%,+ *; /% ) */)-( ;*'+ )' ,+,-'? #-

*/)#+*- ;#' ', )/*%-' * )#') #-:,+', ( %,-' )- )+' +),*,+ #-'* #'! I' #+ )-

#-#)'#*- * *; /% +),*,+ ), )(#-. * ', -,' )++,'+ * ) */)-(!

Y,) 2008 2009 2010 2011 2012

M),' '* ** )%, R)'#* 18!61 16!69 15!22 11!60 13!91

24


25/55

Figures and Graph of /arket to ook alue Ratio from 2008 2012

M),' '* ** :)%, )'#* *:#,+ #-:,+'*+ ) ;)( '* */), ', /),' :)%, * ;)'

',( ), )(#-. * ,) +),? '* ) *-+,:)'#:, /,)+%, * ', :)%, * ', #/! F* ,@)/, #-

2012? ', *) )/*%-' #- ', -%/,)'*? 46!90? #+ ', *+#-. +'* #, * D%' L)( M#

I-%+'#,+ ,) )+ * M)(? 2013? )+ ,*', #- ', S')#! I- ', ,/*/#-)'*? ', **

:)%, , +), #+ )%)', ( #:##-. ', +),*,+ ,$%#'( ( ', -%/, * *//*-

+),+ *%'+')-#-. '* *')#- ', 3!37 ** :)%, , +),! ( +#/( #:##-.? #' .#:,+ %+ ',

/),' '* ** :)%, )'#* #-#)'#-. ')'? )+ * D%' L)( M# I-%+'#,+ ,)2012 #+)

(,),-? #'+ +'* ;)+ ')#-. )' 13!91B'#/,+ ', */)-(+ ** :)%, * 3!37 , +),!T,

/),' '* ** :)%, )'#* #+ ;#,( %+, )+ ) :)%)'#*- /,'#! I' #+ *)( /*, ,,:)-' *

%+, ( #-:,+'*+ **#-. )' )#') #-',-+#:, * #-)-, ,)', %+#-,++,+? +% )+ )-+! I-

',/+ * .,-,) %+).,? #' ),)+ ')' ', PE )'#* #+ #/( ,-',-, )+ ', :)%)'#*- *

*#, ( ', #-:,+'/,-' *//%-#'(!

63 ?r.*5 C%.t%' M%*%5eme*t631 C%s9 C*;ers.* C-'e (CCC)

Y,) 2008 2009 2010 2011 2012

C)+ C*-:,+#*- C(, 29!95 11!9 B19!28 8!95 B3!31

25


26/55

Figures and Graph of Cash Conversion C"cle from 2008 2012

C)+ *-:,+#*- (, ,@)#-+ *,++#-. ;,, ', */)-( %)+,+ #-:,-'*( )- +,

#-:,-'*( *- ,#'? ',- *,' ,,#:), #-'* )+! I- )'? ', +*', ,#* *- )+

*-:,+#*- (, #+ ,'',! A+ +*;- )' ', '), )*:,? CCC ;)+ ,,)+, +#.-##)-'( */

(,) 2008 '* 2010 ,)%+, D%' L)( # -*' *;, /% ,'+ )- **;#-.+! I- (,) 2010?

', CCC ;)+ ) -,.)'#:, )/*%-' ,)%+, D%' L)( *%.' /*-,( */ )*%-' ,,#:),

#+' ',- ',( # -*' ,$%#, * **; /*-,( */ ', )- '* #-)-, ',# %+#-,++!

632 ?r.*5 C%.t%' F.*%*-.*5

*#-. )#') #-)-#-. ;)+ ,',/#-, *; /% ', */)-( )+ '* **; */

', )- #- *, '* *:, ',# #-:,+'/,-' *,)'#*- )(/,-'! A+ ;, )- +,, */ ', .)

)*:,? CCC *-'#-%, '* ,,)+, */ (,) '* (,)! A+* ;*#-. )#') #-)-#-. )/*%-' )+

,,)+, #- ,:,( (,) */ RM 107?505!91 '* RM 20?153!59 ;# /,)-' ')' ',( # -*'

):, /% ,'? ',( )- *-'* ',# %+#-,++ )- .,' /*-,( '* )( ',# %+#-,++ *,)'#*-+!

TREND ANAL#SIS NESTLE

Re-e.;%&'e tr*;er

26

Y,) 2008 2009 2010 2011 2012

*#-. C)#') F#-)-#-. 107?505!91 22?869!39 B 20?153!59 B


27/55


28/55

', #@, )++,' '%-*:, )'#* ):,+ ,%, */4!35 '* 4!48! T#+ /)( ),- ,)%+, ',

*/)-( ,@,', #., %'%, +),+ )+ #' ;)-'+ '* ,*/, ', #..,+' */)-( * ** /),'

#- ', ;*!

T, ):,)., #@, )++,' '%-*:, )'#* * ** #-%+'( ;)+ 4!6?)' ,?31 2012!,+#', ',

,%'#*- * #@, )++,' '%-*:, )'#* ;# ;)+ *%, %#-. ', (,)+ 2008!-,+', )'#* ;)+

#., ')- ', */,'#'*+ D%' )(? )- )+* -,+', #+ )*:, ', ):,)., #-%+'(!

Tt%' %sset tr*;er r%t.

CONCLUSION

D%' L)( M# I-%+'#,+ ,) #+ +'# #- #'+ .*;' )+,! L**#-. )' ', %+#-,++

(,? #' *% , +)# ')' *:, */#-. (,)+ ', **)'#*- *% ;* /*, )--,+ *

.,-,)'#-. ,:,-%,! T, '*') ,:,-%, #-,)+, *:, ', (,) */ 2008 '* 2012!

( **#-. )' :)#*%+ #-)-#) )'#*+ )-)(+#+ #+ ,:#,-' ')' ', #/ #+ ,##,-' #-

.,-,)'#-. #$%##'( )- ,##,-( #- *,)'#*-+! T, #/ )+ )##'( '* *:, #'+ +*' ',/

*#.)'#*-+ #- 5 (,)+ ;# /,)-+ ')' ',( ;,, ), '* *:, ) ', ,'+! M*,*:,? D%'

L)( #+ $%#( #- *-:,'#-. #'+ %,-' )++,'+ +% )+ #-:,-'*#,+ #-'* )+!

D,' /)-).,/,-' )'#*+ ,',/#-, *; ', #/ )- %+, *', ,*,+ /*-,( '* #'+

*;- ):)-').,! S#-, /*+' * ', ,' /)-).,/,-' )'#*+ ), *;, ')- 1? #' /,)-+ ')' ',

#/ %+, *', ,*,+ /*-,( #- ', ,+' ;)( '* .,-,)', *#'! , *%- ')' ', */)-(*,+ -*' %+, +* /% * %-+ * ',( **;, ,++ ')' #' )++%/,+ ,@,++#:, #+! T, */)-(

**;, ,++ +* ',( ):, '* )( ,++ ', )+ *%'*;+ * #-',,+' )- ,)(/,-'!

I- ',/+ * L#$%##'(? D%' L)( )+ )##'( '* .,-,)', ,)-#-.+ ,)'#:, '* +),+? )++,'+

)- ,$%#'(! T, *#')##'( * ) */)-( #+ ,#-. ,,'#:,( /)-).,! T, *#')##'( )'#*+

28


29/55

#-%#-. ,'%- *- +),+ ? ,'%- *- )++,'+ ? )- ,'%- *- ,$%#'( ! A *

',+, )'#*+ #-#)', ')' ', */)-( #+ *#-. ;, )- #' #+ .** )' .,-,)'#-. *#'+? ,:,-%,+?

)- )+ *;+! L)+'(? D%' L)( ;# , )'')', ( /*, #-:,+'*+ #- ', %'%, )+ #'+

,)-#-.+ #-,)+, (,) ( (,) )- ,@,', '* ):, #., ,)-#-.+ .*;' #- ', %'%,! T*

*-%,? D%' L)(+ ,*/)-, #+ )' .** #-)-#) ,)'!

A,-#@29


30/55

13 "%'%*-e S9eet St%teme*t

30


31/55

31


32/55

23 St%teme*t Cmre9e*s.;e I*-me

32


33/55

73 C%s9 F'> St%teme*t

33


34/55

43 Smm%r R%t.s r Dt-9 L%+ M.' I*+str.es "er9%+ 200@=2012

R%t. #e%r

2012 2011 2010 2009 2008

L.8.+.t R%t.s

1! C%,-' R)'#* 1!90 2!39 2!2 2!00 1!76

2! J%# R)'#* 1!37 1!70 2!21 1!41 1!17

Asset M%*%5eme*t R%t.s

1! A:,)., C*,'#*- P,#* 59!80 54!10 50!48 36!42 60!50

2! I-:,-'*( T%-*:, 6!17 5!42 6!16 8!04 7!03

3! F#@, A++,' T%-*:, 11!88 10!95 9!70 7!93 10!63

4! T*') A++,' T%-*:, 2!30 3!13 2!31 2!46 2!45

De&t M%*%5eme*t R%t.s

1! D,' R)'#* 0!44 0!54 0!36 0!34 0!44

2! D,' '* E$%#'( R)'#* 0!77 0!54 0!56 0!56 0!80

3! T#/, I-',,+' E)-, 56!82 151!65 B 82?031 196!46

4! F#-)-#) L,:,)., I-,@ 1!74 1!53 1!56 1!56 1!79

5! )-%'( R#+ 9!49 19!33 20!43 22!05 17!85

!r.t%&.'.t R%t.s

1! R,'%- *- S),+ 13!98K 13!33K 8!99K 8!73K 5!99K

2! R,'%- *- A++,'+ 32!23K 27!12K 20!78K 21!49K 14!65K

3! R,'%- *- E$%#'( 57!08K 41!70K 32!35K 33!56K 26!39K

M%ret %'e R%t.s

1! E)-#-.+ , S), 1!93 1!69 0!99 0!94 0!67

2! D#:#,- , S), 2!6 0!73 0!73 0!66 0!13

3! D#:#,- Y#, 5!54K 1!56K 1!56K 1!41K 0!28K

4! P#,E)-#-.+ R)'#* 24!30 27!73 47!37 49!37 70

5!M),' '* ** )%, R)'#* 13!91 11!60 15!22 16!69 18!61

?r.*5 C%.t%' M%*%5eme*t

1! C)+ C*-:,-'#*-) C(, B3!31 8!95 B19!28 11!91 29!95

2! *#-. C)#') F#-)-#-. B 20?153!59 B 22?869!39 107?505!91

I*ter*%' Gr>t9 R%te 0!78 0!13 0!18 0!18 0!30

D !*t E8%t.*s 57!04K 41!49K 32!20K 33!52K 26!37K

34


35/55

3 R%t. C%'-'%t.*s

1. L.8.+.t R%t.s

11 Current Ratio 3

2008 3 1!76

2004 3

2010 3

20113

20123

12 Quick Ratio 3

2008 3

2004 3

35


36/55

2010 3

2011 3

2012 3

2. Asset M%*%5eme*t R%t.s

21 AC 3

20083

20043

20103

20113

20123

22 !nventor" turnover 3

20083

36


37/55

2004 3

2010 3

2011 3

2012 3

25 Fi$ed Asset #urnover 3

2008 3

2004 3

2010 3

2011 3

2012 3

26 #otal Asset #urnover 3

2008 3

37


38/55

2004 3 267

2010 3 251

2011 3 515

2012 3 250

3. Debt Management Ratios

51 %e&t Ratio 3

2008 3

2004 3

2010 3

2011 3

2012 3

38


39/55


40/55

56 Financial )everage !nde$ 3

20083

2004 3 31!5609

2010 3 3 1!5568

2011 3 1!5280

2012 3 3 1!7408

3!5 )-%'( R#+

Z score3 12$1 16$2 55$5 07$6 10$9

2008: 1

2

3

4

40


41/55

5

Z score2008 Q Q Q Q2!4517!849

2009: 1

2

3

4

5

Z score200 Q Q Q Q 2!35 22!05

2010$ 1

2

3

4

41


42/55

5

Z score20103 :12;062< :16;065< :55;024< :07 ; 27=7< 25132065

2011: 1

2

3

4

5

Z score20113 :12;05=< :16;0=9< :55;096< :07;2196< 51531455

2012: 1

2

3

4

42


43/55

5

Z score20123 :12;058< :16;054


44/55

2011 3

2012 3

65 Return on '(uit" :R>'< 3

2008 3

2004 3

2010 3

2011 3

2012 3

66 '(uit" multiplier

2008

2009

2010

44


45/55

2011

2012

69 R>' 3

2008

2009

2010

2011

2012

67 !nternal Gro?th Rate3

20083

20043

20103 0!18

45


46/55

20103 0!31

20123

5. M%ret %'e R%t.s

91 'arnings per ,hare 3

20083

20093

20103

20113

20123

92 %ividend per ,hare

20083

20093

46


47/55

20103

20113

20123

95 %ividend -ield 3

2008 3

2004 3 3 001613161@

2010 3

20113

2012 3 3 00993996@

96 rice.'arnings Ratio 3

2008 3 3 =0

2004 3

47


48/55

2010 3

2011 3

2012 3

99 ook alue per ,hare

20083

20043

20103

20113

20123

97 /arket to ook alue Ratio

2008

2009

48


49/55

2010

2011

2012

6. ?r.*5 C%.t%' M%*%5eme*t

Cash Conversion Cc!e3 :Account Receiva&le eriod!nventor" Conversion eriod< + Account

a"a&le eriod

CCC2008 ARP

20083

ICP

2008 3

APP

2008 3

CCC2008 3 :70905=84< + 663 9654 or 96 da"s

"or#ing Ca$ita! %inancing20083

49


50/55

CCC200$ ARP

20043

ICP

20043 * 30 )(+

APP

2004 3

CCC2009 3 :57622449


51/55

2010 3

CCC2010 3 :90681026< 80 3 +1428

CCC2011$ ARP

20113

ICP

2011 3

APP

2011 3

CCC2011 3 :96106190< + 87793 849

"or#ing Ca$ita! %inancing2011 3

CCC2012$ ARP

20123

ICP

51


52/55

2012 3

APP

2012 3

CCC2012 3 :94805961< + 48923 +551

Tre*+ %*%'s.s *est'e r%t. -%'-'%t.*

Asset M%*%5eme*t R%t.s

AC 3

20083

20043 10!11

20103

20113

20123

52


53/55

!nventor" turnover 3

20083

2004 3 6!95

2010 3

2011 3

2012 3

%a"s !nventor"33

20083

20043

20103

20113

20123

Fi$ed Asset #urnover 3

2008 3

53


54/55

2004 3

2010 3

2011 3

2012 3

#otal Asset #urnover 3

2008 3

2004 3

2010 3 2!26

2011 3 2!34

2012 3 2!39

54


55/55

financial report Dutch lady

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