[DOCUMENT] Financial Statement Analysis

The provided financial statement analysis includes a detailed breakdown of assets, liabilities, equity, and other key metrics. The balance sheet shows total assets of £44,587, with current assets comprising £41,821, while non-current liabilities amount to £1,628. The income statement presents revenue and expenses, with net profit coming in at £10,035. Various ratios and calculations are also provided to assess the company's performance.

Running Head: Financial Analysis
Financial Analysis

Financial Analysis 2
Table of Contents
Introduction:.......................................................................................................... 3
SWOT Analysis:...................................................................................................... 4
Ratio Analysis:....................................................................................................... 6
Vertical and Horizontal Analysis:...........................................................................9
Cash flow Analysis............................................................................................... 11
Segment analysis................................................................................................ 12
Recommendation and conclusion........................................................................13
References........................................................................................................... 14
Appendix.............................................................................................................. 16

Financial Analysis 3
Introduction:
Financial analysis means analysing and evaluating the books of accounts and financial
statements of a company y. financial analysis can be done company wise or for comparing
the financial results of one company with other company or for comparing the financial
statements of any company segment wise. Financial analysis is border in its concept and
includes analysis on the basis of intercompany analysis or intra company analysis.
Our report is regarding the financial analysis of two different companies namely, ABR
Holdings Ltd and Pavilion Holdings Ltd. Our analysis is intercompany analysis and we will
compare these two companies on the basis of SWOT analysis, ratio analysis and segment
analysis. We will also analyse the cash flow statement and vertical and horizontal analysis of
both the companies.
ABR Holdings Ltd is a food and beverages company they offer fine dining restaurants and
casual dining restaurants to many families. It holds the franchise of Swensen’s in Singapore
and also has the franchise for Yogen Fruz. The company is also engaged in manufacturing ice
cream. It has major four segments which are restaurants and confessionary, pubs, chocolates
retail and distribution, distribution of bathroom shower system and import and export of
wines.
Pavilion Holdings Ltd. is an investment holding company, manages, operates and franchises
restaurants in Singapore, the People’s Republic of China and internationally. The company
operates in three segments: Corporate and Franchising Services, Restaurant Operations and
Leasing and Financing Services. It owns self-managed restaurants and franchise restaurants.
This company also provides car financing services and equipment leasing services in addition
this it is also involved in trading, import, business development, export and import of
machineries.

Financial Analysis 4
SWOT Analysis:
Basis ABR Holdings Ltd Pavilion Holdings Ltd.
Strength o Company makes high
revenue.
o It has skilled workforce
and the labour cost is
also low.
o The growth rate of the
company is also high
(Swotanalysis24.com.
2018)
o It has developed many of its
brands and also expanded its
business in many fields.
o It is operating in remarkably
different segments.
Weakness o The weakness of the
company is that it is
operating in small
business units
o They face high competition in the
market as there are many mid-
range restaurants which give high
competition to them with their
unique concepts.
o There major operations are in
Singapore and in other countries
very less operating units.
Opportunit
y
o ABR can increase their
profit and growth by
entering into new
markets and penetrating
the target markets.
o The company can also
o Establishing more stores across the
world especially in China.
o It can acquire more franchises and
expand the business in diversified
fields as well.

Financial Analysis 5
offer its manufacturing
services in global market
also.
Threats o Changes in technology
and problems related to
it can affect the
manufacturing process
of ice-creams.
o Market forces like
changes in interest rates
can also create a treat to
the company.
o The advancement of technology
and market competition is a major
area of threat for the company.

Financial Analysis 6
Ratio Analysis:
Ratio analysis is used to measure the financial viability of the company in terms of
profitability, liquidity, efficiency and capital structure of the company. Ratio analysis is done
in order to analyse the final accounts of both the companies. Ratio analysis helps to know
about different aspects of the company (Achelis, 2001).
Liquidity Ratio:
These ratios measure the liquidity of a company. They are used to determine how quickly a
company can convert its assets into liquid. Two types of ratios are current ratio and quick
ratio (Higgins, 2012).
The current ratio of Pavilion Holdings has fallen as we see appendix 1.1 in 2015 is was 16.91
and in 2016 it gradually decreased to 6.31 and the same happened with quick ratio as well as
in 2015 it was 16.29 and in 2016 it decreased to 6.09.
On the other hand, the Current Ratio of ABR Holdings was 6.23 in 2015, which reduced to
5.82 in 2016. The Quick Ratio also decreases and reported at 5.67 in year 2016. Both of the
ratios of ABR are less than the Pavilion Holdings, but still the ratios are satisfactory which
implies that the company’s liquidity position is better and it has enough assets to pay off its
short term liabilities.
Profitability ratios:
These ratios help in knowing the ability of a company to generate profits from its operations.
They provide an overview of the company’s profits made during the year (Coelli, Rao,
O'Donnell and Battese, 2005).
As we see there is 5% decrease in the operating profit ratio of Pavilion Holdings, whereas
ABR’s Operating Profit Ratio reduced by 3% only. This shows that ABR is good at

Financial Analysis 7
maintaining its profits. Similarly net profit ratio of ABR is better than Pavilion Holdings and
in 2015, both companies has same ratio (Abr.com.sg. 2018). The reason for having a better
ratio is that the decrease in the amount of net profit of ABR is less than the reduction in the
profit of Pavilion Holding Ltd. Refer Appendix 1.2
Capital structure ratio:
They shows the degree of financial leverage maintained by a company. It basically includes
debt equity ratio and interest coverage ratio (Palepu and Healy, 2007).
As we analysed the ratios and we can say that the D/E ratio of Pavilion Holding Ltd is 69% in
2016, whereas the same for ABR was 17%. This implies that most of assets of Pavilion
Holding is financed through debt rather than equity. As a result, having high debt portion
would lead to high risk. Also ABR has high interest coverage ratio which means it can pay its
interest expense more effectively. Refer Appendix 1.3
Efficiency ratios:
This shows efficient management of available resources by the company. They indicate the
potentiality of the company to use its assets and manage its liabilities in an effective and
efficient manner (Lesakova, 2007).
The DTR and CTR of ABR Holdings is less than the former company. This reflects that
company is not efficient enough in collecting its receivables and paying its creditors.
Inventory turnover ratio of ABR is 24.2 and of Pavilion Holdings is 25.30. The ATR of
former company was reported at 2.37 cents, which is more than the latter company’s ATR of
0.89 cents. So, on a whole it means that Pavilion Holdings is much more efficient than ABR
in maintaining its resources. Refer Appendix 1.4

Financial Analysis 8

Financial Analysis 9
Vertical and Horizontal Analysis:
Vertical analysis:
It is one of the tools used for financial statement analysis in which relationship between
various items of the statement is measured (Gibson, 2011). On balance sheet, each item is
represented as a percentage of total assets and liabilities, whereas on income statement, each
item is shown as percentage of sales. The financial statements prepared are known as
common-size statement (Lee, Lee and Lee, 2009)
The analysis shows that, the COGS of Pavilion Holdings have increased not only in terms of
dollars but also in terms of percentage. In 2015, it was 34% of the sales and in 2016, it was
36% of sales. The same goes with ABR Holdings but comparatively, the cost of sales of the
company is less than the former company. ABR’s gross profit reported at 44.37% in 2016 is
less than Pavilion group’s GP of 64% in the same year, though reduced as compare to 2015.
The expenses of both the companies have risen in 2016. The net profit of Pavilion Group is
negative in 2015 and in next year, it incurred profit of 6%. In contrast to it, ABR Holdings
has a net profit of 7.55% in 2015 and 5.40% in 2016, which was much more than Pavilion
Group Ltd (Abr.com.sg. 2016).
The vertical analysis of the balance sheet shows that Pavilion’s portion of current assets is
78.66% of the total assets in 2015, which fallen to 73.90% in 2016. Whereas, the current
liabilities comprises of 4.66%, that increased to 11.72% in 2016. This shows that Pavilion
Group has strong position of its working capital and can meet its financial obligation easily.
Moreover, the percentage of total equity is also higher than the liabilities. Similarly, ABR
Holdings also has higher portion of assets and equity than the liabilities but when compare to
Pavilion, it has more assets and equity and very less portion of liabilities. In 2016, ABR’s
equity comprises 85.45% of total liabilities and equity, current assets were 77.98% of total

Financial Analysis 10
assets and current liabilities were only 13.39% of total liabilities. This implies that, ABR is
better at maintaining its capital structure and meeting its short term and long term obligations.
Refer Appendix 1.5
Horizontal analysis:
It measures year to year change in each and every item of financial statement. The change is
determined in the terms, dollar and percentage by taking one year as a base. In other words,
the analysis shows increase or decrease in the items of statement (Sharan, 2015).
Referring to Appendix 1.6, in income statement, the revenue of Pavilion Group has been
increased by $2204 and 16.54% in 2016 along with the increase in gross profit of $1143 and
13.04%. In contrary to this, revenue of ABR has increased by $3514 and 3.5% with a rise of
0.1% in gross profit. But in terms of amount, revenue and GP of ABR is much more than
Pavilion Group. The net profit of both the companies has reduced in 2016 but comparatively,
the decrease in the profit of ABR is less than that of in the profit of Pavilion Group Ltd. So
overall, it can be said that, though the change in the revenue earned by ABR is less but the
company is making profits which are more than Pavilion Group.
The analysis on the balance sheet shows that, former company’s total assets decreases by
$644 which is less than the increase in the total assets of latter company that is $1815. The
total liabilities of Pavilion group have increased by 29.24%, whereas in case of ABR, same
has risen by 6.25%. Moreover, an increase of 0.82% is been noticed in the total equity of
ABR Holdings as compare to Pavilion Group. This reflects that, the financial position of
ABR Holdings is better than Pavilion Group Ltd, because of high percentage of assets and
equity and less debt.

Financial Analysis 11
Cash flow Analysis
Cash flow statement shows the inflow and outflow of the cash in the business (Weygandt,
Kimmel and Kieso, 2009). In Appendix 1.7, the cash flow statements of both the companies
are analysed. In year 2016, ABR has generated more cash from its operations than Pavilion,
amounted to $9376, though less than that of in 2015. This is because the changes in working
capital of the company are comparatively less, creditors has increased which leads to the
inflow of cash in the business. Talking about investing activities, Pavilion only has cash
outflow of $2016 and $602 for the purpose of purchasing property and acquiring shares. On
the other hand, major cash outflow in ABR’s investing activities was in purchase of property
amounted to $5839 in 2016. This resulted in net cash used worth $5074, which is more than
that of Pavilion group. Similarly, in financing activities, ABR and Pavilion group has more
cash outflow than inflow. But comparatively, the net cash used in the financing activities of
Pavilion group Ltd, is less than ABR because of its gross proceeds from IPO worth $7518.
This overall analysis shows that, the former company is slightly more effective and efficient
in managing its cash position than the latter company (Jury, 2012).

Financial Analysis 12
Segment analysis
The analysis of each and every segment of the companies is done. The revenue generated
from the segments is determined. Referring to Appendix 1.8, Pavilion’s most of the revenue
is generated from Singapore amounted to $54,941 and the non-current assets used are worth
$6,798 .On the other hand, ABR has its revenue mostly form Singapore and Malaysia
amounted to $89,611 and $14,239 respectively. Also its Non-current assets are in the same
countries worth $20,828 and $4,866. This shows that segments of ABR produces more
revenue than Pavilion Group Ltd., reason being the company not only operates in Singapore
but also in Malaysia and rest of the Asia.

Financial Analysis 13
Recommendation and conclusion
From the above analysis, it can be recommended that ABR Holding is performing well in
comparison to Pavilion Group Ltd. It has high liquidity and profitability position and is also
less risky because of less debt financing. Though it generate less returns on its assets and
equity, but from other aspects it is way better than Pavilion Group. For an investor, it will be
better to choose ABR over Pavilion Group for the purpose of investment because of its high
profits, high sales and less borrowings or debt. Moreover, it is capable of generating enough
cash from its operations. So, ABR Holdings is a desirable option for investing the funds.

Financial Analysis 14
References
Abr.com.sg. 2016, ANNUAL REPORT 2016. [Online] Available at:
http://www.abr.com.sg/pdf/ABR_Annual_Report_2016.pdf [Accessed 08 Mar. 2018].
Abr.com.sg. 2018, Company Profile. [Online] Available at:
http://www.abr.com.sg/profile.html [Accessed 08 March 2018].
Achelis, S.B., 2001. Technical Analysis from A to Z. New York: McGraw Hill.
Coelli, T.J., Rao, D.S.P., O'Donnell, C.J. and Battese, G.E., 2005. An introduction to
efficiency and productivity analysis. Springer Science & Business Media.
Gibson, C.H., 2011. Financial reporting and analysis. South-Western Cengage Learning.
Higgins, R.C., 2012. Analysis for financial management. McGraw-Hill/Irwin.
Lee, A.C., Lee, J.C. and Lee, C.F., 2009, Financial Analysis, Planning and Forecasting:
Theory and Application Second Edition. 2nd ed. Singapore: World Scientific Publishing
Company.
Lesakova, L., 2007, June. Uses and limitations of profitability ratio analysis in managerial
practice. In International Conference on Management, Enterprise and Benchmarking (pp. 1-
2).
Palepu, K.G. and Healy, P.M., 2007. Business analysis and valuation. Cengage Learning
EMEA.
Sharan, V., 2015, Fundamentals of Financial Management. 3rd ed. New Delhi: Pearson
Education India.

Financial Analysis 15
Swotanalysis24.com. 2018, ABR Holdings Ltd SWOT Analysis - Strengths, Weaknesses,
Opportunities, Threats of ABR Holdings Ltd. [Online] Available at:
https://www.swotanalysis24.com/swot-a/924-swot-analysis-abr-holdings-ltd.html [Accessed
8 March 2018].
Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2009, Managerial accounting: tools for
business decision making. 5th ed. New Jersey: John Wiley & Sons.

Financial Analysis 16
Appendix
1.1
Pavilion Holdings ABR Holdings
2015 2016
2
015
20
16
Current ratio 16.91 6.31
6
.23
5.82
Quick ratio 16.29 6.09 6.07 5.67
1.2
Profitability Ratios
Pavilion Holdings ABR Holdings
2015 2016
2
015
20
16
Operating Profit
Margin
10% 5% 9% 6%
Net Profit Margin 8% 4% 7% 6%
Return on Capital
Employed
31% 20% 9% 7%
Return on Equity 27% 16% 8% 6%
Return on Total assets 18% 10% 6% 5%
1.3
Capital structure ratio
Pavilion Holdings ABR Holdings
2015 2016
2
015
20
16

Financial Analysis 17
Debt- equity 49% 69% 16% 17%
Interest coverage ratio 569.44 1038.33
1787.
2
1123.17
1.4
Efficiency ratio
Pavilion
Holdings
ABR Holdings
2016 2016
Receivable turnover ratio 142.95 14.76
Creditor turnover ratio 10.85 4.81
Inventory turnover ratio - 24.2
Assets turnover ratio 2.37 0.89
1.7
Analysis of operating activities
Particulars
Pavilion
Holdings
ABR Holdings
20
15
20
16
20
15
20
16
$'
000
$'
000
$'
000
$'
000
Net cash generated from operating
activities
5875 6280 10406 9376
Cash flow before WC changes 2257 3543 12182 9953

Financial Analysis 18
Total changes in working capital -678 482 -101 625
Analysis of investing activities
Particulars
Pavilion
Holdings
ABR Holdings
20
15
20
16
20
15
20
16
$'
000
$'
000
$'
000
$'
000
Purchase of property -2772 -2016 -3179 -5839
Acquisition of shares -602
Interest received 602 771
Sale of property 24 17
Addition of intangible asset -23
Net cash used -2772 -2618 -2553 -5074
Analysis of financing activities
Particulars
Pavilion
Holdings
ABR Holdings
20
15
20
16
20
15
20
16
$'
000
$'
000
$'
000
$'
000
Repayment of loans and borrowings -203 -169 -116
Proceeds from borrowings 176
Fixed deposits pledged 265

Financial Analysis 19
Dividends paid -8500 -5025 -5025
Dividends paid to non-controlling interest -7 -7
Gross proceeds from initial public offering 7518
IPO expenses -1422
Interest expense -5 -6
Funds placed in non-liquid asset -23 -3
Acquisition of non-controlling interest -2940
Net cash from/used 62 -2573 -8116 -4865
1.5
Consolidated income statement
Pavilion Holdings ABR Holdings Limited
2015 2016 2015 2016
Particulars
Amou
nt
($'000
)
%
Amou
nt
($'000
)
%
Amou
nt
($'000
)
%
Amou
nt
($'000
)
%
Revenue 13326
100
%
15530
100
%
10041
1
10
0
10392
5
10
0
Cost of sales 4561
34
%
5622
36
%
54355
54
.1
3
57816
55.
63
Gross profit 8765 66
%
9908 64
%
46056 45
.8
46109 44.
37

Financial Analysis 20
7
Other Income 153 1% 1870
12
%
2088
2.
08
2590
2.4
9
Selling and Distribution cost 7408
56
%
7092
46
%
26211
26
.1
28080
27.
02
Administrative expenses 756 6% 660 4% 12014
11
.9
6
12758
12.
28
IPO expenses 0 0% 518 3% 0
-
0
-
Interest expense/Income 199 1% 303 2% 5 0 6
0.0
1
Other expense 2969
22
%
3701
24
%
932
0.
93
1116
1.0
7
Share of results of equity-
accounted investee
0 0% 0 0% 51
0.
05
6
0.0
1
Profit Before Tax -2016
-
15
%
1146 7% 8931
8.
89
6733
6.4
8
Income tax expense -60 0% -268
-
2%
1350
1.
34
1122
1.0
8
Net Profit -2076
-
16
%
878 6% 7581
7.
55
5611 5.4
Loss from Discontinued -149 - 0 0%

Financial Analysis 21
Operations net of tax 1%
Other comprehensive income 256 2% -1091
-
7%
104
0.
1
234
0.2
3
Net income available to owners -1969
-
15
%
-213
-
1%
7477
7.
45
5845
5.6
2
Consolidated Balance sheet
Pavilion Holdings ABR Holdings Limited
2015 2016 2015 2016
Particulars
Amou
nt
($'000
)
%
Amou
nt
($'000
)
%
Amou
nt
($'000
)
%
Amou
nt
($'000
)
%
Assets
Non-current assets
Property, plant and equipment 2320
5.1
8%
1676
3.6
5%
19844
17
.2
2
22113
18.
89
Investment properties 0
0.0
0%
0
0.0
0%
3508
3.
04
3350
2.8
6
Intangible assets 0
0.0
0%
0
0.0
0%
292
0.
25
278
0.2
4
Refundable deposits 240
0.5
4%
166
0.3
6%
0
-
0
-

Financial Analysis 22
Deferred tax assets 0
0.0
0%
0.0
0%
0
-
0
-
Invetment in associates
0.0
0%
5670
12.
36
%
Trade receivables 3953
8.8
3%
4393
9.5
8%
Other receivables 60
0.1
3%
65
0.1
4%
Available-for-sale financial
assets
0
0.0
0%
35
0.
03
35
0.0
3
Total non-current assets 6573
14.
68
%
11970
26.
10
%
23679
20
.5
5
25776
22.
02
Current assets
0.0
0%
0.0
0%
Inventories 1292
2.8
8%
1173
2.5
6%
2374
2.
06
2405
2.0
5
Trade receivables 1109
2.4
8%
20431
44.
55
%
6975
6.
05
7107
6.0
7
Other receivables 54
0.1
2%
548
1.1
9%
0
-
0
-
Refundable deposits 210
0.4
7%
315
0.6
9%
0
-
0
-

Financial Analysis 23
Prepayments 18
0.0
4%
102
0.2
2%
0
-
0
-
Cash and cash equivalents 8852
19.
76
%
8294
18.
08
%
29003
25
.1
7
21174
18.
09
Fixed deposits 23696
52.
91
%
3031
6.6
1%
53219
46
.1
8
60603
51.
77
Total current assets 35231
78.
66
%
33894
73.
90
%
91571
79
.4
5
91289
77.
98
Assets of disposal group
classified as held for sale
2983
6.6
6%
Total Assets 44787
100
.00
%
45864
100
.00
%
11525
0
10
0
11706
5
10
0
Equity and Liabilities
Current Liabilities
Trade and other payables 576
1.2
9%
996
2.1
7%
11718
10
.1
7
12334
10.
54
Other liabilities 1305
2.9
2%
4076
8.8
9%
0
-
0
-
Provision 190 0.4 95 0.2 1647 1. 1944 1.6

Financial Analysis 24
2% 1% 43 6
Amounts due to directors 0
0.0
0%
0
0.0
0%
0
-
0
-
Loans and borrowings 0
0.0
0%
0
0.0
0%
0
-
176
0.1
5
Deferred Rental Payable 12
0.0
3%
0
0.0
0%
Provision for taxation 0
0.0
0%
206
0.4
5%
1330
1.
15
1223
1.0
4
Total current liabilities 2083
4.6
6%
5373
11.
72
%
14695
12
.7
5
15677
13.
39
Liabilities directly associated
with disposal group classified
as held for sale
2000
4.4
7%
0
0.0
0%
Net current assets 34131
76.
28
%
28521
62.
19
%
76876
66
.7
75612
64.
59
0
0.0
0%
0
0.0
0%
Non-current liabilities 0
0.0
0%
0
0.0
0%
Other payables 0
0.0
0%
0
0.0
0%
0
-
0
-
Provision 90 0.2 90 0.2 0 0

Financial Analysis 25
0% 0% - -
Franchise Deposits 110
0.2
5%
100
0.2
2%
Deferred tax liabilities 128
0.2
9%
138
0.3
0%
1333
1.
16
1353
1.1
6
Total non-current liabilities 328
0.7
3%
328
0.7
2%
1333
1.
16
1353
1.1
6
Total liabilities 4411
9.8
6%
5701
12.
43
%
16028
13
.9
1
17030
14.
55
Net assets 40376
90.
24
%
40163
87.
57
%
99222
86
.0
9
10003
5
85.
45
0.0
0%
0.0
0%
Equity attributable to the
owners of the Company
0.0
0%
0.0
0%
Share capital 39433
88.
13
%
39433
85.
98
%
43299
37
.5
7
43299
36.
99
Other reserves 487
1.0
9%
0.0
0%
-336
-
0.
29
-82
-
0.0
7
Retained earnings 135 0.3
0%
1542 3.3
6%
55942 48
.5
56327 48.
12

Financial Analysis 26
4
Foreign Currency Translation
Reserve
279
0.6
2%
-812
-
1.7
7%
Non-controlling interest 0
0.0
0%
0
0.0
0%
317
0.
28
491
0.4
2
Total equity 40334
90.
14
%
40163
87.
57
%
99222
86
.0
9
10003
5
85.
45
Total equity and liabilities 44745
100
.00
%
45864 100
11525
0
10
0
11706
5
10
0
1.6
Consolidated income statement
Pavilion
Holdings
Increase
or
Decrease
ABR
Holdings
Limited
Increase
or
Decrease
Particulars
201
5
201
6
Am
ount
Perc
ent
2015 2016
Am
ount
Perc
ent
Revenue
133
26
155
30
220
4
16.5
4
1004
11
1039
25
351
4
3.5
Cost of sales
456
1
562
2
106
1
23.2
6
5435
5
5781
6
346
1
6.4
Gross profit 876 990 114 13.0 4605 4610 53 0.1

Financial Analysis 27
5 8 3 4 6 9
Other Income 153
187
0
171
7
112
2.22
2088 2590 502 24
Selling and Distribution cost
740
8
709
2
-
316
-
4.27
2621
1
2808
0
186
9
7.1
Administrative expenses 756 660 -96
-
12.7
0
1201
4
1275
8
744 6.2
IPO expenses 0 518 518 0.00 0 0 0 0
Interest expense 199 303 104
52.2
6
5 6 1 20
Other expense
296
9
370
1
732
24.6
5
932 1116 184 19.7
Share of results of equity-accounted
investee
0 0 0 0.00 51 6 -45
-
88.2
Profit Before Tax
-
201
6
114
6
316
2
-
156.
85
8931 6733
-
219
8
-
24.6
Income tax expense -60
-
268
-
208
346.
67
1350 1122 -228
-
16.9
Net Profit
-
207
6
878
295
4
-
142.
29
7581 5611
-
197
0
-26
Other comprehensive income 256 -
109
-
134
-
526.
104 234 130 125

Financial Analysis 28
1 7 17
Net income available to owners
-
182
0
-
213
160
7
-
88.3
0
7477 5845
-
163
2
-
21.8
Consolidated Balance sheet
Pavilion
Holdings
Increase
or
Decrease
ABR
Holdings
Limited
Increase
or
Decrease
Particulars
201
5
201
6
Am
ount
Perc
ent
2015 2016
Am
ount
Perc
ent
Assets
Non-current assets
Property, plant and equipment
232
0
167
6
-
644
-
27.7
586
1984
4
2211
3
226
9
11.4
342
Investment properties 0 0 0 0 3508 3350 -158
-
4.50
4
Intangible assets 0 0 0 0 292 278 -14
-
4.79
45
Refundable deposits 240 166 -74 -
30.8
0 0 0 0

Financial Analysis 29
333
Deferred tax assets 0 0 0 0 0 0 0
Invetment in associates
567
0
567
0
0 0 0
Trade receivables
395
3
439
3
440
11.1
308
0 0
Other receivables 60 65 5
8.33
333
0 0
Available-for-sale financial assets 0 0 0 35 35 0 0
Total non-current assets
657
3
119
70
539
7
82.1
086
2367
9
2577
6
209
7
8.85
595
Current assets
Inventories
129
2
117
3
-
119
-
9.21
053
2374 2405 31
1.30
581
Trade receivables
110
9
204
31
193
22
174
2.29
6975 7107 132
1.89
247
Other receivables 54 548 494
914.
815
0 0 0 0
Refundable deposits 210 315 105 50 0 0 0 0
Prepayments 18 102 84
466.
667
0 0 0 0
Cash and cash equivalents
885
2
829
4
-
558
-
6.30
366
2900
3
2117
4
-
782
9
-
26.9
94

Financial Analysis 30
Fixed deposits
236
96
303
1
-
206
65
-
87.2
088
5321
9
6060
3
738
4
13.8
747
Total current assets
352
31
338
94
-
133
7
-
3.79
495
9157
1
9128
9
-282
-
0.30
8
Assets of disposal group classified
as held for sale
298
3
-
298
3
-100 0 0
Total Assets
447
87
458
64
107
7
2.40
472
1152
50
1170
65
181
5
1.57
484
Equity and Liabilities
Current Liabilities
Trade and other payables 576 996 420
72.9
167
1171
8
1233
4
616
5.25
687
Other liabilities
130
5
407
6
277
1
212.
337
0 0 0 0
Provision 190 95 -95 -50 1647 1944 297
18.0
328
Amounts due to directors 0 0 0 0 0 0 0 0
Loans and borrowings 0 0 0 0 0 176 176 0
Deferred Rental Payable 12 0 -12 -100 0 0
Provision for taxation 0 206 206 0 1330 1223 -107 -
8.04