Intorduction To The Principles Of Finance Finance Essay

This is an assignment to analyse and compare the fiscal ratio for the company in two different old ages. I have chosen to look into and analyse the Ratio Analysis which by the nutrient company called NESTLE ( M ) BHD. After making few hebdomads investigate I understand clearly what fiscal ratio is and how to analyse and compare to two different old ages. I besides more understand the background, vision and mission, and SWOT analysis about NESTLE. Financial ratio is one of the of import elements when it comes to puting and analysing fiscal statement. However, through fiscal ratio analysis, we can clearly to cognize how good the organisation making during the specific twelvemonth.

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INTRODUCTION OF NESTLE

2.1 BACKGROUND

Nestle is a good established and respected trade name throughout the universe. Nestle S.A. happens to be the universe ‘s largest nutrition, wellness and health company. Nestle was founded in 1905 in consequence of a amalgamation between The Anglo-Swiss Milk Company, founded by the Page brothers and Farine Lactee Henri Nestle, founded by Henri Nestle in the twelvemonth 1866. Nestle was listed as the universe ‘s most profitable corporation in the Fortune Global 500.

Nestle ‘s procuts chiefly consists of dairy merchandises, such as milk, yoghurt, cofe, breakfast cereals and so on. They focus on their construct of selling merchandises that contains good nutrition, which in bend maintains the consumer ‘s good wellness.

The merchandise we have chosen is Nestle ‘s yoghurt drink Nestle Bliss. Nestle Bliss is a merchandise that keeps Nestle ‘s vision true, which is to supply merchandises that is nutritionary and healthy. This peculiar merchandise helps ease consumers ‘ digestion, and happens to be the lone drink in Malaysia that contains Inulin, which happens to be a type of fiber that is non digestible. Inulin encourages the growing of good bacteriums and in consequence, consumers will hold improved gut wellness. This, of class supports Nestle ‘s thought of keeping a healthy lifestly by devouring their merchandises.

Nestle Bliss is most decidedly a really good merchandise in footings of quality and nutritionary value. Therefore, I think it is critical that this merchandise be marketed suitably utilizing good and effectual selling schemes at the right clip and at the right topographic point.

2.2 VISION and MISSION

2.2.1 Vision

“ Nestle purpose is to run into the assorted demands of the consumer every twenty-four hours by marketing and selling nutrient of a systematically high quality. ”

To accomplish this vision Nestle has two stairss to follow, foremost is High quality and coaction, which is built-in portion of any nutrient concern to boom and back is Focus on e-business and web sites. Nestle has started puting heavy in development of vitamin E concern and its publicity so as to capture clients in vitamin E concern sphere besides.

2.2.2 Mission

“ Nestle is dedicated to supplying the best nutrients to people throughout their twenty-four hours, throughout their lives, throughout the universe. With our alone experience of expecting consumers ‘ demands and making solutions, Nestle contributes to your well-being and enhances your quality of life. ”

The mission statement of Nestle is good articulated and reflects the long term aim for making the concern. It has mentioned in the mission statement that the company will supply systematically the best nutrient merchandise with the best quality throughout the life of their clients, which will finally heighten the quality of the life of its clients. The mission statement put the accent on the presence of the company in about every state. It promises in its mission statement that the company will understand the demand of its clients and supply the best merchandises to carry through the demands. The mission besides shows the high quality which is maintained in the broad scope of merchandises of Nestle. The company reassures that they provide the best scope of nutrient merchandises to stay the first penchant of its consumers.

2.3 S.W.O.T ANALYSIS

3.0 FINANCIAL STATEMENT AND RATIO ANALYSIS FOR 2010

STATEMENT OF COMPREHENSIVE INCOME

For the twelvemonth ended 31 December 2010

Group

Company

Note

2010

2010

RM’000

RM’000

Gross

4,026,319

383,815

Cost of goods sold

( 2,682,027 )

Gross net income

1,344,292

383,815

Other income

736

Distribution and merchandising disbursals

( 749,794 )

Administrative disbursals

( 95,576 )

( 1,500 )

Other disbursals

( 12,167 )

Consequences from operating activities

14

487,491

382,315

Finance income

35

2,730

Finance costs

( 21,669 )

Net finance ( costs ) /income

( 21,643 )

2,730

Share of ( loss ) /profit of an equity accounted associate, cyberspace of revenue enhancement

( 113 )

Net income before revenue enhancement

465,744

385,045

Income revenue enhancement disbursal

( 74,346 )

1,602

Net income for the twelvemonth

391,398

386,647

Other comprehensive income, cyberspace of revenue enhancement

Cash flow hedge

4,125

Defined benefit program actuarial additions

2,384

Other comprehensive income for the twelvemonth, cyberspace of revenue enhancement

6,509

Entire comprehensive income for the twelvemonth

397,907

386,647

Basic net incomes per ordinary portion ( sen )

167

STATEMENT OF FINANCIAL POSITION

As at 31 December 2010

Group

Company

Note

2010

2010

RM’000

RM’000

Assetss

Property, works and equipment

3

897,505

Good will

4

61,024

Investings in subordinates

5

188,022

Investing in an associate

6

3,189

3,000

Deferred revenue enhancement assets

7

10,441

Receivabless, sedimentation and prepayments

8

22,653

Entire non-current assets

994,812

191,022

Receivable, sedimentations and prepayments

8

354,303

347,743

Inventories

9

380,539

Current revenue enhancement assets

344

20

Cash and bank balance

48,683

Entire current assets

783,869

347,763

Entire assets

1,778,681

538,785

Equity

Share capital

234,500

234,500

Militias

37,016

33,000

Retained net incomes

341,820

270,481

Entire equity attributable to proprietors of the company

10

613,336

537,981

Liabilitiess

Loans and adoptions

11

326,298

Employee benefits

12

42,537

Deferred revenue enhancement liabilities

7

75,595

Entire non-current liabilities

444,430

Loans and adoptions

11

87,256

Payabless and accumulations

13

623,269

804

Tax

10,390

Entire current liabilities

720,915

804

Entire liabilities

1,165,345

804

Entire equity and liabilities

1,778,681

538,785

3.1 Liquidity Ratio 2010

Liquidity ( ‘000 )

1

Current Ratio= Current Assetss

Current Liabilitiess

2

Net Working Capital= Current Assets- Current Liabilitiess

3

Acid Test Ratio= Current Assets – Inventory

Current Liabilitiess

3.2 Activity/ Efficiency Ratio 2010

Activity/ Efficiency ( ‘000 )

1

Inventory Turnover Ratio ( ITO ) = Cost of Goods Sold

Inventory

2

Average Collection Periods= Account receivable A- 365 yearss

Gross saless

3

Average Payment Period= Account Payable A- 365 yearss

Gross saless

4

Entire Assets Turnover Ratio= Gross saless

Entire Assetss

5

Fixed Assets Turnover= Gross saless

Fixed Assetss

3.3 Leverage/ Debt Ratio 2010

Leverage/ Debt ( ‘000 )

1

Debt Ratio = Total Liabilities A- 100

Entire Assetss

2

Time Interest Earned= Earnings Before Interest and Tax

Interest Expense

3

Debt- To- Equity- Ratio= Total Debt

Shareholder ‘s Equity

3.4 Profitability Ratio 2010

Profitability ( ‘000 )

1

Gross Profit Margin= Gross Profit A-100

Gross saless

2

Net Net income Margin= Net Net income After Tax A- 100

Gross saless

3

Operating Net income Margin= Operating Profit A- 100

Gross saless

4

Tax return on Assets= Net Net income After Tax A- 100

Entire Assetss

5

Tax return On Equity= Net Net income After Tax

Shareholder Equity

4.0 FINANCIAL STATEMENT AND RATIO ANALYSIS FOR Year 2011

STATEMENT OF COMPREHENSIVE INCOME

For the twelvemonth ended 31 December 2011

Group

Company

Note

2011

2011

RM’000

RM’000

Gross

4,700,994

422,400

Cost of goods sold

( 3,158,877 )

Gross Net income

1,542,117

422,400

Other income

1,595

537

Distribution and merchandising disbursals

( 828,947 )

Administrative disbursals

( 128,711 )

( 1,351 )

Other disbursals

( 6,626 )

Consequence from operating activities

15

579,428

421,586

Finance income

458

2,514

Finance cost

( 21,398 )

Net finance ( costs ) /income

( 20,940 )

2,514

Share of profit/ ( loss ) of an equity accounted associate, cyberspace of tex

321

Net income before revenue enhancement

558,809

424,100

Income revenue enhancement disbursal

17

( 102,508 )

( 660 )

Net income for the twelvemonth

456,301

423,440

Other comprehensive ( disbursal ) /income, cyberspace of revenue enhancement

Cash flow hedge

( 26,456 )

Defined benefit program actuarial ( losingss ) /gains

( 3,671 )

Other comprehensive ( disbursal ) /income for the twelvemonth, cyberspace of revenue enhancement

18

( 30,127 )

Entire comprehensive income for the twelvemonth

426,174

423,440

Basic and diluted net incomes per ordinary portion ( sen )

19

195

STATEMENT OF FINANCIAL POSITION

As at 31 December 2011

Group

Company

Note

2011

2011

RM’000

RM’000

Assetss

Property, works and equipment

3

889,741

Good will

4

61,024

Investings in subordinates

5

188,022

Investing in an associate

6

3,210

3,000

Deferred revenue enhancement assets

7

9,482

Trade and other receivables

8

23,802

Entire non-current assets

987,259

191,022

Trade and other receivable

8

444,854

372,401

Inventories

9

517,573

Current revenue enhancement assets

176

91

Cash and hard currency equivalents

10

52,461

Entire current assets

1,015,064

372,492

Entire assets

2,002,323

563,514

Equity

Share capital

234,500

234,500

Militias

10,560

33,000

Retained net incomes

395,800

295,271

Entire equity attributable to proprietors of the company

11

640,860

562,771

Liabilitiess

Loans and adoptions

12

337,711

Employee benefits

13

42,316

Deferred revenue enhancement liabilities

7

66,696

Entire non-current liabilities

446,723

Loans and adoptions

12

4,223

Trade and other payables

14

878,321

743

Tax

32,196

Entire current liabilities

914,740

743

Entire liabilities

1,361,463

743

Entire equity and liabilities

2,002,323

563,514

4.1 Liquidity Ratio 2011

Liquidity ( ‘000 )

1

Current Ratio= Current Assetss

Current Liabilitiess

2

Net Working Capital= Current Assets- Current Liabilitiess

3

Acid Test Ratio= Current Assets – Inventory

Current Liabilitiess

4.2 Activity/ Efficiency Ratio 2011

Activity/ Efficiency ( ‘000 )

1

Inventory Turnover Ratio ( ITO ) = Cost of Goods Sold

Inventory

2

Average Collection Periods= Account receivable A- 365 yearss

Gross saless

3

Average Payment Period= Account Payable A- 365 yearss

Gross saless

4

Entire Assets Turnover Ratio= Gross saless

Entire Assetss

5

Fixed Assets Turnover= Gross saless

Fixed Assetss

4.3 Leverage/ Debt Ratio 2011

Leverage/ Debt ( ‘000 )

1

Debt Ratio = Total Liabilities A- 100

Entire Assetss

2

Time Interest Earned= Earnings Before Interest and Tax

Interest Expense

3

Debt- To- Equity- Ratio= Total Debt

Shareholder ‘s Equity

4.4 Profitability Ratio 2011

Profitability ( ‘000 )

1

Gross Profit Margin= Gross Profit A-100

Gross saless

2

Net Net income Margin= Net Net income After Tax A- 100

Gross saless

3

Operating Net income Margin= Operating Profit A- 100

Gross saless

4

Tax return on Assets= Net Net income After Tax A- 100

Entire Assetss

5

Tax return On Equity= Net Net income After Tax

Shareholder Equity

5.0 Comparison

Liquidity ( ‘000 )

2010

1

Current Ratio

1.08732 times

2

Net Working Capital

$ 62,954

3

Acid Test Ratio

0.55947 times

Normally the first ratios we analysis is Liquidity ratios. Liquidity ratios is to prove the liquid assets ( illustration, those can easy converted to hard currency, such as hard currency, hard currency in bank, stock list ) of the company, and to mensurate a company ‘s ability to pay the short-run debts, and ability to run operation. In twelvemonth 2011 this two companies the public presentation of this two companies besides non that good, both of them the liquidness ratio besides non more than 1, in a ratio analysis this is consider low.

Remark:

Current Ratio is to mensurate the ability of a company to cover its short- term duties. Current ratio is a popular fiscal ratio used to prove a company ‘s liquidness besides can cognize its current or working capital place. Referred to the Liquidity Ratio above, in this state of affairs, by deducing the proportion of it current assets available to cover their current liabilities, the ratio of this company for two old ages is besides more than 1. This is means the overall of this company is besides making good during these specific old ages. But in 2011 Nestle making more better than 2010, means 2011 they started bettering their scheme to do their net income. Current ratio of twelvemonth 2011 is higher than twelvemonth 2010, the current ratio of 2011 is 1: times and the twelvemonth 2010 is merely 1: times. In 2011, the current ratio of Nestle is higher than 2010 is because in 2011 there is non much difference between the current assets and current ratio comparison to 2010. So in 2010 Nestle are more hard to settle all their liabilities.

Net Working Capital is used to mensurate the overall liquidness of the company. In twelvemonth 2010 they merely have $ 62,954 but during 2011 they have $ 100,324 liquidness to utilize for settle their debts. Means twelvemonth 2011, when they use all their current assets to pay their current liability, they still have much assets to run another undertaking or to utilize when exigency instance go on.

The acid- test- ratio is farther refines the current ratio, is to mensurate the sum of most liquid current assets of the company there are to cover their current liabilities. This besides can allow us cognize how much we can cover and how many current assets that can easy or instantly convert to hard currency for exigency instance. This ratio is excludes the stock list which are more hard to turn into hard currency. The acid- test- ratio of 2010 is 1:0.55947 but 2011 they merely have 1: 0.54386, this is non much different between these two old ages. The stock list of 2010 is 380,539 and 2011 is 517,573. This is means that the current assets of twelvemonth 2011 is more dependent on their stock list compared to 2010. Meaning that, they are more hard to change over their hard currency in 2011.

Activity/ Efficiency ( ‘000 )

2010

1

Inventory Turnover Ratio ( ITO )

7.04797 times

2

Average Collection Periods

32.12 yearss

3

Average Collection Periods

56.5 yearss

4

Entire Assets Turnover Ratio

2.26365 times

5

Fixed Assets Turnover

4.04732 times

Assetss direction ratios are used to analysing and mensurate how efficaciously and efficiency of the company success in pull offing and working its assets to bring forth gross revenues. These ratios are provided the information of turnover ratios and recognition policy every bit good as the stock list of the company.

Remark:

Inventory Turnover Ratio in general, this is to mensurate how many times in a twelvemonth stock lists are being purchased. If the buying rate is high, average they gross revenues a batch of merchandises during the twelvemonth, more than 1times is consider high of stock list turnover. The twelvemonth 2010, the stock list turnover ratio is 1:7.04797 times and 2011 is merely 1: 6.10325 times. Mean during these two twelvemonth, Nestle besides making really good of their gross revenues and sell really rapidly.

Average aggregation period is to cognize the company ‘s direction of its history receivable and how long they need to roll up money on its gross revenues to client on recognition ( its recognition policy ) . In general, is usage to mensurate the figure of yearss it takes a company to roll up its recognition history from client, the lower the figure of mean aggregation period the better, this is means that the company gets its money more rapidly. Referred to ratio above, in 2010 Nestle merely need to utilize 32.12dyas to roll up their money from history receivable, compared to 2011, they need to utilize 34.54 yearss to roll up their money. In this state of affairs, 2010 can acquire the money more rapidly than twelvemonth 2011, and the hard currency influx of twelvemonth 2010 will faster than 2011. 2010 can acquire back their money from history receivable more rapidly and utilize the money to make other new trade or undertaking and can pay for their creditor or other liabilities. Year 2010 can more rapidly to roll up the money from history receivable is because they have merely 8.799 % of their gross revenues is recognition gross revenues, more of the gross revenues is hard currency gross revenues. But compared to twelvemonth 2011, 9.463 % of the gross revenues is recognition gross revenues. The different between recognition gross revenues is 0.664 % , this is the ground why in twelvemonth 2010 they can acquire back their money more rapidly.

Average payment period is to cognize the company ‘s relationship with their provider, and how long of the period of the provider gave them to pay their payment. This besides measures the mean figure of yearss taken by the company to pay its providers. In twelvemonth 2010, they need to utilize 56.5 yearss to pay their payment to provider and 2011 they can utilize 68.2 yearss to pay for their history collectible. This is average 2011 they no demand to pay their provider in short period, they can keep their money thirster to utilize or run another projrct.

The entire assets turnover ratio is used to mensurate and compares the turnover with the assets of how expeditiously at utilizing a company ‘s assets generate gross and turnover. The higher the figure is better. The entire assets turnover ratio of twelvemonth 2010 is 1: 2.26365 times and 2011 is 1: 2.34778 times. This clip, 2011 is consider making good in manage and utilizing their entire assets. Because in 2011 their gross revenues much more than their entire assets mean their gross revenues can cover all their entire assets and acquire the higher turnover times. 2010, their gross revenues is besides more than their entire assets, but the different is less than 2011.

Fixed assets turnover is used to mensurate the efficiency of the company ‘s usage fo its fixed assets to bring forth gross revenues. This is about some with entire assets turnover ratio, but this clip we used their fixed assets to compare to the gross revenues.

Leverage ( ‘000 )

2010

1

Debt Ratio

65.517 %

2

Time Interest Earned

22.47542 times

3

Debt- To- Equity Ratio

1.90001 times

Fiscal Leverage gives us a general thought about the debt burden every bit good as equity and debt of the organisation. This ratio besides can allow us cognize about the overall degree of fiscal hazard an organisation and its stockholders are confronting. In overall of the fiscal purchase of Nestle company of these two twelvemonth besides non execute really good, because the debt of this two companies besides over 50 % , is consider high.

Remark:

The debt ratio is use to mensurate the debts of the sum of an organisation and analysis how many they borrow money from others. This is compares an organisation ‘s entire liabilities to its entire assets, to mensurate how many ratio of the company ‘s assets is use to cover their debts. If the ratio is higher, the more debts comparisons to assets a company has, means the more hazard that the organisation is considered to hold taken on, this is unstable state of affairs. Referred to the instance above, the debt ratio of twelvemonth 2010 has 65.517 % and comparison to twelvemonth 2011 they have 67.994 % . In this instance, the debt ratio of 2010 is better than 2011, because in 2010, Nestle got $ 1,778,681 entire assets but merely $ 1,165,345 entire liabilities, the difference between entire assets and entire liabilities is $ 613,336, they have more than plenty to pay their debt. In this ratio when the lower the better. Compared to year2011, Nestle organisation is confronting more hazard than 2010, possibly non adequate assets to cover back their debts.

Timess involvement earned ( TIE ) is used to mensurate the ability of the company to run into its debt duties. This it is normally tell us about how many times can cover its involvement charges on a pretax footing of an organisation. This can do certain the involvement payments to debt holders and forestalling bankruptcy depends chiefly on an organisation ‘s ability to prolong gaining. Time involvement earned is calculated by earned before involvement and revenue enhancement ( EBIT ) and involvement disbursal. The lower ratio the better, this is because holding excessively much debt is non good for the company ‘s public presentation, alternatively of holding excessively much debt, the net income can be used to put in other activities that can bring forth more income. In this state of affairs, Nestle company in twelvemonth 2010 is making better than 2011. Above demoing 2010 have 1: 22.47542 times and the 2011 have 1: 27.07861 times. 2011 acquire higher clip is because the difference between their earned before involvement and revenue enhancement and involvement disbursal is $ 558,030 and 2010 is merely $ 465,802. This is intending 2011 is keeping many debts. In overall, in twelvemonth 2010 Nestle can pull off their debt more efficiency than 2011.

Debt- To- Equity Ratio describe the relationship between the external equities financess and stockholder ‘s financess. This is usage to mensurate what proportion of equity and debt the company is utilizing to finance its assets. In twelvemonth 2010, Nestle have 1: 1.90001 times of their Debt- To – Equity Ratio, but in twelvemonth 2011 they have 1: 2.12443 times. This ratio is when the lower the better, means in 2010 they manage good than 2011 of the long term fiscal policies if the company by looking at their entire debt to stockholder ‘s equity.

Profitability Ratio ( ‘000 )

2010

1

Gross Profit Margin

33.388 %

2

Net Net income Margin

9.721 %

3

Operating Net income Margin

12.108 %

4

Tax return On Assetss

22.005 %

5

Tax return On Equity

0.63815 times

Profitability ratios are analysis and step the profitableness and fiscal public presentation of the organisation. This is more on operational public presentation, this is clearly demoing us of how good the company utilized its resources in bring forthing net income.

Remark:

Gross Profit Margin is comparing of gross net income to net gross revenues. This is depicting the relationship between gross net incomes and gross revenues, this can besides utilize to mensurate the gross net income as a per centum of gross revenues. When twelvemonth 2010 gross net income border of Nestle that have 33.388 % but in 2011 they merely have 32.804 % . In twelvemonth 2011 the gross net income border of Nestle lessening, mean they done better in 2010. The ground of lessening in twelvemonth 2011 maybe is because they decrease their selling monetary value of goods, but without lessening in their cost of goods sold, or they increase in their cost of goods sold, but ne’er increase their selling monetary value.

Net net income border can used to absolute figure for net net income degree and the figure as a per centum of net gross revenues. This is to observe consistence or positive / negative tendencies in a company ‘s net incomes and is most frequently mentioned when discoursing about the profitableness of the company. When the net net income border is higher, the public presentation of the company is better. In 2010 Nestle is demoing there net net income border at 9.721 % and 2011 is 9.7064 % . During this two twelvemonth, Nestle in twelvemonth 2010 did pull off their operational public presentation better than twelvemonth 2011. In net net income border, we can easy analysis there are several income and disbursals that determine a net net income border. We calculate by utilizing the net net income and net gross revenues, in this instance, when the gross of 2010 is $ 4,026,319 they will acquire $ 3,634,921 as their net income, this is really high net income, because they spand less than twelvemonth 2011 by looking at their gross revenues. in overall, this is stating us in 2010 they have more ability to command their disbursals compared with 2011, this is the ground why in 2010 they get higher net income border than 2011.

Operating Net income Margin is the ratio of operating net income to gross revenues. It is by and large use to mensurate the operating net income as a per centum of gross revenues. This is demoing us how efficiency of the company making in operational. In this instance, during this two old ages, Nestle besides non making really good, in twelvemonth 2010, they have 12.108 % , in 2011 they have 12.326 % , this is consider low in operating net income border. But in twelvemonth 2011, is better than 2010, they started bettering in their company operation.

The return on assets ( ROA ) ratio is to demoing us how good the direction is using the entire assets to do a net income to an organisation. The more efficiency and effectivity of direction will acquire the higher return on assets. This is comparing the net net income after revenue enhancement to entire assets. This is intending the net net income of the organisation is equal to how many per centum or return compared to their assets. In return on assets, in twelvemonth 2011 Nestle is done good than 2010. 2011 they have 22.789 % of their return on assets but 2010 merely have 22.005 % . Because in 2010 they are keeping $ 1,778,681 assets, but they merely have $ 391,398 in their net net income that is really large difference between the assets and net net income.

Tax return on equity is use to mensurate a corporation ‘s profitableness by uncovering how much net income a company generates with the money stockholders have invested. This is besides the higher the better. In twelvemonth 2010 they have 1: 0.63815 times in their return on equity, in 2011 the return on equity improve to 1: 0.71202 times, more than 2010. But in this instance, during this 2 old ages Nestle besides non making good, mean their stockholder can non acquire back their investing 100 % .

5.1 OVERALL BETTER Year OF NESTLE

2010

1

Current Ratio

2

Net Working Capital

3

Acid Test Ratio

4

Inventory Turnover Ratio

5

Average Collection Periods

6

Average Payment Time periods

7

Entire Assets Turnover Ratio

8

Fixed Assets Turnover Ratio

9

Debt Ratio

10

Time Interest Earned

11

Debt- To- Equity Ratio

12

Gross Profit Margin

13

Net Net income Margin

14

Operating Net income Margin

15

Tax return On Assetss

16

Tax return On Equity

Entire

8

REFERRENCES

NESTLE ( M ) BHD one-year fiscal study 2010. Fiscal Statement. NESTLE ( M ) BHD, [ Online ] , ( 2010 ) . Available from: hypertext transfer protocol: //www.bursamalaysia.com/market/listed-companies/company-announcements/917898 { Accessed 3rd October 2012 }

NESTLE ( M ) BHD one-year fiscal study 2011. Fiscal Statement. NESTLE ( M ) BHD, [ Online ] , ( 2011 ) . Available from: hypertext transfer protocol: //www.bursamalaysia.com/market/listed-companies/company-announcements/922595 { Accessed 3rd October 2012 }

Approximately Nestle. Background, Vision and Mission, SWOT analysis. Nestle, [ Online ] , ( 2011 ) . Available from: hypertext transfer protocol: //www.nestle.com.my/Pages/Nestle.aspx { Accessed 25 October 2012 }

Accounting Ratio. What is fiscal accounting ratio? Accounting for direction. [ on-line ] , ( 2011 ) . Available from: hypertext transfer protocol: //www.accounting4management.com/financial_statement_analysis_accounting_ratios.htm { Accessed 30th October 2012 }

Accounting Ratio. What is ratio analysis? Cliffs Notes. [ on-line ] . ( 2010 ) . Available from: hypertext transfer protocol: //www.cliffsnotes.com/study_guide/Ratio-Analysis.topicArticleId-21248, articleId-21213.html { Accessed 30th October 2012 }

Fiscal Ratio. How to notice fiscal ratio. Principle of Finance. [ Slide ] . { Accessed 30th October 2010 }

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