Financial Analysis and Management of Celcom and Maxis

This report analyses the financial performance of Celcom and Maxis for the past 5 years using various financial ratios like liquidity ratio, efficiency ratio, profitability ratio and gearing ratio. It also evaluates the strategic and operational issues of Celcom.

Running head: FINANCIAL ANALYSIS AND MANAGEMENT
Financial analysis and management
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1FINANCIAL ANALYSIS AND MANAGEMENT
Table of Contents
1.0 Introduction...........................................................................................................................2
2.0 Background of Celcom.........................................................................................................2
2.1 Nature of the core business...............................................................................................2
2.2 Future Outlook..................................................................................................................3
2.3 Key challenges..................................................................................................................3
3.0 Relative position in industry.................................................................................................3
4.0 Ratio analysis for measuring financial performance............................................................4
4.1 Background for ratio analysis...........................................................................................4
4.2 Rational for selecting Celcom and Maxis.........................................................................4
4.3 Profitability analysis.........................................................................................................4
4.3.1 Background................................................................................................................4
4.3.2 Profitability ratio table...............................................................................................5
4.3.3 Line graph..................................................................................................................5
4.3.4 Interpretation..............................................................................................................6
4.4 Liquidity analysis..............................................................................................................7
4.4.1 Background................................................................................................................7
4.4.2 Liquidity ratio table....................................................................................................7
4.4.3 Line graph..................................................................................................................8
4.4.4 Interpretations............................................................................................................8

2FINANCIAL ANALYSIS AND MANAGEMENT
4.5 Efficiency ratio..................................................................................................................9
4.5.1 Background................................................................................................................9
4.5.2 Efficiency ratio table................................................................................................10
4.5.3 Line graph................................................................................................................10
4.5.4 Interpretation............................................................................................................11
4.6 Solvency ratio.................................................................................................................11
4.6.1 Background..............................................................................................................11
4.6.2 Solvency ratio table..................................................................................................12
4.6.3 Line graph................................................................................................................12
4.6.4 Interpretation............................................................................................................13
4.7 Investor’s analysis...........................................................................................................14
4.7.1 Background..............................................................................................................14
4.7.2 Investor’s analysis ratio table...................................................................................14
4.7.3 Line graph................................................................................................................15
4.7.4 Interpretation............................................................................................................15
5.0 Identification of the operational and strategic issues and recommendation.......................16
5.1 Analysis of revenue.........................................................................................................16
5.1.1 Strategic issues.........................................................................................................17
5.1.2 Recommendation.....................................................................................................17
5.2 Gearing analysis..............................................................................................................17
5.2.1 Issues........................................................................................................................17
5.2.3 Recommendation.....................................................................................................17

3FINANCIAL ANALYSIS AND MANAGEMENT
5.3 Analysis of expenses.......................................................................................................17
5.3.1 Issues........................................................................................................................18
5.3.2 Recommendation.....................................................................................................18
5.4 Efficiency analysis..........................................................................................................18
5.4.1 Issues........................................................................................................................18
5.4.2 Recommendation.....................................................................................................19
6.0 Limitation of analysis.........................................................................................................19
6.1 Limitation of ratio analysis.............................................................................................19
6.2 Recommendation............................................................................................................19
References.................................................................................................................................20

4FINANCIAL ANALYSIS AND MANAGEMENT
1.0 Introduction
The report will focus on analysing the financial performance of Celcom
telecommunication as against the performance of Maxis for the past 5 years. The report will
concentrate on measuring various financial ratios for both the companies to analyse their
performance and position. It will further evaluate the strategic and operational issues of
Celcom.
Celcom started its operation as the STM Cellular Communication in the year 1988
along with Telekom Malaysia and Fleet Group. The company is the subsidiary of Axiata
Group Berhad. It was incorporated as private company on 12th June 1992 in Malaysia
(Celcom.com.my 2018).
On the other hand the competitor of Celcom that is Maxis Berhad is the investment
holding company that is based in Malaysia and is engaged in managing its operation in
telecommunication industry. Principally the company is engaged in telecommunication
provision, selling of devices and providing digital services. Major business activities of the
company include includes supply of post-paid and prepaid mobile services, providing network
facilities, fixed line services and various other digital, converged and related services.
Advanced Wireless Technologies Sdn. Bhd is the main subsidiary of Maxis Berhad that
operates the national network for public switched and provides applications and internet
services (Maxis 2018).
2.0 Background of Celcom
2.1 Nature of the core business
It delivers telecommunication services that include network services for fiber and
cellular optic transmission, data and voice transmission services through fixed and cellular

5FINANCIAL ANALYSIS AND MANAGEMENT
systems and the paging services. It also provides the training services regarding dealing under
marketable securities (Amba 2014). Further it provides unified messaging services that enable
the users to see fax message through Air Cash services and Web that allows instant access to
the money through the mobile phones of client
2.2 Future Outlook
The company has made good progress with regard to revamp of digital customer’s
experience. Further, the retail outlet will give the customers new experience and they will be
connected in better way (Brigham et al. 2016). In near future the company is also planning to
relocate few of its existing stores to more attractive commercial locations that will make more
convenient access for the customers.
2.3 Key challenges
Telecommunication companies in Malaysia are increasing day by day and the
telecommunication market is dominated by major companies like Tune Talk and Umobile.
The market in telecommunication sector is becoming oligopoly due to higher level of
competition. To maintain the position under the telecommunication market the companies like
Celcom and Maxis are required to analyse the possible reaction of competitors to set their
strategies regarding advertising, output and pricing decisions (Arokiasamy and Abdullah
2013).
3.0 Relative position in industry
If the industry position of Celcom is compared with Maxis it can be observed that with
regard to market share Maxis is the leader and is followed by Celcom. In last 5 years
Malaysia’s telecommunication industry is led by companies like Celcom and Maxis. Their
services helped the people significantly to make their lives simple and easier (Hossain and
Suchy 2013).

6FINANCIAL ANALYSIS AND MANAGEMENT
4.0 Ratio analysis for measuring financial performance
4.1 Background for ratio analysis
Financial statement is the formal record of financial data of any business. All major
information of the business is recorded through financial statements. Main objective of
financial statement is to provide information regarding financial performance, position and
variation in financial position of the company. It helps the users of financial statement to gain
reasonable knowledge regarding the economic activities and position of the business (Delen,
Kuzey and Uyar 2013). Financial performance can be analysed through performing various
ratios like liquidity ratio, efficiency ratio, profitability ratio and gearing ratio. Ratio is the
mathematical expression regarding the relationship of one item with another. It helps in
understanding the financial performance of the company and at the same time it can be
compared with other companies in the same industry as well as with the past performance of
the company (Babalola and Abiola 2013). Further, the creditors and potential investors are
able to evaluate the company’s financial position and performance through using the ratios.
4.2 Rational for selecting Celcom and Maxis
Celcom and Maxis are leading companies among top 3 telecommunication companies
in Malaysia. Celcom is fastest growing telecommunication company that provides fiber and
cellular optic transmission, data and voice transmission services through fixed and cellular
systems and the paging services. On the other hand, Maxis is the leader in telecommunication
industry in Malaysia and can be used as a competitor for Celcom.
4.3 Profitability analysis
4.3.1 Background
Profitability ratios are used to analyse the ability of the company to generate earnings
compared to the expenses and various other costs related to income generation during the

7FINANCIAL ANALYSIS AND MANAGEMENT
particular period of time. It represents the company’s final result that is how profitable the
company is. Various profitability ratios considered for comparing the performance of Celcom
against Maxis are gross profit margin and net profit margin.
4.3.2 Profitability ratio table
4.3.3 Line graph
2013 2014 2015 2016 2017
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
Gross profit margin
Celcom
Maxis

8FINANCIAL ANALYSIS AND MANAGEMENT
2013 2014 2015 2016 2017
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
Net profit margin
Celcom
Maxis
4.3.4 Interpretation
Gross profit margin is a profitability metrics used for measuring the profitability
position of the company after paying off the cost of selling the good used for generated for
generating revenue. From the computation table for last 5 years it can be identified that gross
profit margin for Celcom are ranging between 79% and 82%. Till 2015 it was in reducing
trend. However, it improved in 2016. On the other hand, the gross profit margins for Maxis
for the last 5 years are ranging between 66% and 69%. Till the year 2016 it was is increasing
trend. However, it reduced in the year 2017. Therefore, if the gross profit of both the
companies are compared it can be stated that the profitability position of Celcom is better as
compared to Maxis.
Net profit margin is the percentage of revenue remains with the company after paying
all the expenses including operating, financing and tax expenses of the company. It is used to
measure the company’s profitability position as compared to other in the same industry or as
compared to the previous performance of the company (Vogel 2014). It can be identified that
the net profit margin of Celcom is in reducing trend and fell from 13.88% to 3.73% over the
years from 2013 to 2017. On the contrary, the net profit margin of Maxis for the last 5 years

9FINANCIAL ANALYSIS AND MANAGEMENT
was in increasing trend and it increased from 19.43% to 25.21% over the years from 2013 to
2017. Therefore, though the gross profit position of Celcom is better, net profit position of
Maxis is significantly better as compared to Celcom.
4.4 Liquidity analysis
4.4.1 Background
Liquidity ratio indicates the ability of the company to meet the debt obligation as and
when it becomes payable. To be more specific, this ratio states how quickly the company is
able to convert its short term assets into cash which in turn will enable it to meet the
obligations on timely manner (Ehiedu 2014). Various liquidity ratios considered for
comparing the performance of Celcom against Maxis are current ratio and quick ratio.
4.4.2 Liquidity ratio table

10FINANCIAL ANALYSIS AND MANAGEMENT
4.4.3 Line graph
2013 2014 2015 2016 2017
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
Current ratio
Celcom
Maxis
2013 2014 2015 2016 2017
0.00
0.20
0.40
0.60
0.80
1.00
1.20
Quick ratio
Celcom
Maxis
4.4.4 Interpretations
Current ratio is used to measure the ability of the company to pay its short-term
obligations. It is computed through comparing the current assets of the company with the
current liabilities. It can be identified that the current ratio of Celcom is in reducing trend till
the year 2016 and fell from 1.15 to 0.53 over the years from 2013 to 2016. However, the
company improved its position in 2017 as the current ratio has been increased from 0.53 to
0.65. On the contrary, the current ratio of Maxis for the last 5 years was in increasing trend

11FINANCIAL ANALYSIS AND MANAGEMENT
and it increased from 0.51 to 0.57 over the years from 2013 to 2017. However, if the current
ratio of both the companies are compared it can be stated that the liquidity position of Celcom
is better as compared to Maxis.
Like current ratio quick ratio is also used to measure the ability of the company to pay
its short-term obligations. Difference of quick ratio with current ratio is that unlike current
ratio the quick ratio does not consider entire current assets of the company and it does not
consider most liquid assets like prepaid expenses and inventories. It is computed through
comparing the quick assets of the company with the current liabilities. It can be identified that
the quick ratio of Celcom is in reducing trend till 2016 and fell from 1.02 to 0.40 over the
years from 2013 to 2016. However, the company improved its position in 2017 as the quick
ratio has been increased from 0.40 to 0.54. On the contrary, the current ratio of Maxis for the
last 5 years was in increasing trend and it increased from 0.42 to 0.49 over the years from
2013 to 2017. However, if the quick ratio of both the companies are compared it can be stated
that the liquidity position of Celcom is better as compared to Maxis.
4.5 Efficiency ratio
4.5.1 Background
Efficiency ratio measure the company’s ability to deploy the assets and liabilities for
generating sales. Organization those are highly efficient minimizes the net investment in asset
and therefore requires lower amount of debt as well as capital for sustaining in the operation.
In case of assets the efficiency ratio compares the aggregate set of assets with sales or with the
cost of selling the goods (Uechi et al. 2015). On the contrary, in case of liabilities the
efficiency ratio compares the payables with total purchases or total payables of the company
to the suppliers. Various efficiency ratios considered for comparing the performance of
Celcom against Maxis are account receivable ratio and inventory turnover ratio

12FINANCIAL ANALYSIS AND MANAGEMENT
4.5.2 Efficiency ratio table
4.5.3 Line graph
2013 2014 2015 2016 2017
0.00
5.00
10.00
15.00
20.00
25.00
Receivable turnover ratio
Celcom
Maxis
2013 2014 2015 2016 2017
0.00
100.00
200.00
300.00
400.00
500.00
600.00
700.00
Inventory turnover ratio
Celcom
Maxis

13FINANCIAL ANALYSIS AND MANAGEMENT
4.5.4 Interpretation
Account receivable ratio indicates the efficiency of the company regarding collection
of receivables. Higher value of ratio indicates that the rate of receivable turnover is favourable
and on the contrary low value indicates that the company is not efficient in collecting its
receivables. If last 5 years performance is considered, it can be identified that Celcom is
taking 14 days to 19 days on an average to collect its debt. On the other hand, it is identified
that Maxis takes 9 days to 15 days on an average to collect its debt. Therefore, if the
collection period is considered, it can be identified that Maxis is more efficient as compared
to Celcom.
Inventory turnover ratio indicates the efficiency of the company regarding replacing
its inventories or selling out entire stock of inventories. Higher value of ratio indicates that the
rate of inventory turnover is favourable and on the contrary low value indicates that the
company is not efficient in replacing its inventories. If last 5 years performance is considered,
it can be identified that Celcom is taking 14 days to 20 days on an average to collect its debt
(Sarlin 2015). On the other hand, it is identified that Maxis takes 44 days to 588 days on an
average to collect its debt. Hence, Maxis is taking significantly long time to replace its
inventories. Therefore, if the replacing period for inventories are considered it can be
identified that Celcom is more efficient as compared to Maxis.
4.6 Solvency ratio
4.6.1 Background
Solvency ratio is used for analysing the company’s ability to meet its debt related
liabilities. It indicates whether the company has adequate balance of cash to meet the long
term and short term liabilities. High level of debt or low interest coverage ratio indicates that
the company may not be able to meet its obligations (Enekwe, Agu and Eziedo 2014).

14FINANCIAL ANALYSIS AND MANAGEMENT
Various solvency ratios considered for comparing the performance of Celcom against Maxis
are debt to equity ratio and interest coverage ratio.
4.6.2 Solvency ratio table
4.6.3 Line graph
2013 2014 2015 2016 2017
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
Debt to equity ratio
Celcom
Maxis

15FINANCIAL ANALYSIS AND MANAGEMENT
2013 2014 2015 2016 2017
0.00
5.00
10.00
15.00
20.00
25.00
30.00
Interest coverage ratio
Celcom
Maxis
4.6.4 Interpretation
Debt to equity ratio that is computed through dividing total liabilities of the company
by the shareholder’s equity is used to measure the financial leverage of the company. It
indicates the proportion of debt used by the company to finance its assets as compared to
equity. Generally, the high debt equity ratio indicates that the company is aggressive in nature
and using debt for its growth. However, high debt level associate the company with high risk
as the company may be overburdened with high amount of interest expenses. Further, it may
result into volatile earnings owing to additional expenses towards interest (Fathi, Farahmand
and Khorasani 2013). It can be identified that the debt to equity ratio of Celcom has been
increased from 1.22 to 1.83 over the years from 2013 to 2017. Therefore, it can be stated that
the company’s financial risk is increased. On the other hand, the debt to equity ratio of Maxis
was in increasing trend till 2016 and it reached to 3.16 from 1.89 over the years from 2013 to
2016. However, the company was able to improve its position in 2017 as the debt to equity
ratio has been reduced to 1.73
Interest coverage ratio measures the times the company can pay off the interest
obligation out of the operating incomes. This ratios is not concerned regarding the principal

16FINANCIAL ANALYSIS AND MANAGEMENT
payment of debt, rather it is concerned regarding the payment of interest due on debts. It can
be identified from the table that interest coverage ratio of Celcom was in reducing trend and it
reduced to 4.77 times from 8.26 times over the period from 2013 to 2017. On the contrary, the
interest coverage ratio of Maxis was in increasing trend it increased from 12.36 to 24.94 over
the years from 2013 to 2017.
4.7 Investor’s analysis
4.7.1 Background
These ratios are used to get an overall picture of organization regarding the return
company is able to earn to satisfy the requirement of the shareholders. It is further used as the
key metrics to analyse whether the company is able to generate return for its shareholders or
not (Yesil and Kaya 2013). Various investors’ analysis ratios considered for comparing the
performance of Celcom against Maxis are earning per share and return on invested capital.
4.7.2 Investor’s analysis ratio table

17FINANCIAL ANALYSIS AND MANAGEMENT
4.7.3 Line graph
2013 2014 2015 2016 2017
0
5
10
15
20
25
30
35 Earning per share
Celcom
Maxis
2013 2014 2015 2016 2017
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
20.00% Return on invested capital
Celcom
Maxis
4.7.4 Interpretation
An earning per share is the percentage of profit that is distributed for each outstanding
share of the common stock. It indicates the profitability of the company it is calculated
through dividing the net income of the company by number of shares outstanding during the
period (Lundholm and Sloan 2013). It can be identified from the annual report of the
company that the earning per share of Celcom was in reducing trend and it reduced to 10.1
Sen from 29.9 Sen over the period from 2013 to 2017. On the contrary, the earning per share

18FINANCIAL ANALYSIS AND MANAGEMENT
of Maxis was in increasing trend it increased from 23.5 Sen to 28.6 Sen over the years from
2013 to 2017.
Return on invested capital or ROIC indicates the percentage the company is earning
on each dollar of capital. To be more specific, ROIC is the percentage return on the invested
capital (Heikal, Khaddafi and Ummah 2014). It can be identified from the annual report of the
company that the ROIC of Celcom was in reducing trend and it reduced to 4.70% from
10.70% over the period from 2013 to 2017. On the contrary, the ROIC of Maxis was in
increasing trend it increased from 16.10% to 18.30% over the years from 2013 to 2017.
5.0 Identification of the operational and strategic issues and recommendation
5.1 Analysis of revenue
Celcom 2013 2014 2015 2016 2017
Revenue 18,371 18,712 19,885 21,565 24,402
2013 2014 2015 2016 2017
-
5,000
10,000
15,000
20,000
25,000
Revenue
Revenue
From the above table and graph it can be identified that the revenue of the Celcom for
the last 5 years were in increasing trend and it increased from RM 18,371 million to RM

19FINANCIAL ANALYSIS AND MANAGEMENT
24,402 million over the years from 2013 to 2017. Therefore, it can be stated that the
company’s strategy regarding its sales, operation and marketing are in appropriate manner.
5.1.1 Strategic issues
Major strategic issue Celcom facing is how to enhance the profit and and how to
maintain the competitive advantage in Malaysian telecommunication industry. Further, the
company is using the same promotional strategy that is used by its main competitor Maxis.
5.1.2 Recommendation
To maintain the competitive position the company shall concentrate on innovating
new products in addition to sales of existing products. Further, it shall establish its key
strategies like pricing strategies, marketing strategies and competitive strategies by taking into
consideration the strategies of the competitor.
5.2 Gearing analysis
Increasing debt to equity ratio is indicating that the company is raising large
proportion of finance through debt (Enekwe, Agu and Eziedo 2014).
5.2.1 Issues
Large amount of debt may lead the company to unsustainable position as the company
may not be able to pay its debt obligations when they will become due.
5.2.3 Recommendation
As large proportion of finance is raised through borrowing Celcom is suggested to
raise the additional fund through equity, if required.
5.3 Analysis of expenses
Celcom 2013 2014 2015 2016 2017
Expense
s 15,832 16,343 17,247 20,908 23,240

20FINANCIAL ANALYSIS AND MANAGEMENT
2013 2014 2015 2016 2017
-
5,000
10,000
15,000
20,000
25,000
Expenses
Expenses
5.3.1 Issues
The expenses were in increasing trend due to the increasing amount of losses in
foreign exchange fluctuation and staff costs. However, further details were not available from
the income statement presented in the annual report of the company (Abdullah, Putit and Teo
2014).
5.3.2 Recommendation
The company shall prepare the budgets and shall compare it with the actual expenses.
Further, the staff costs shall be controlled through engaging efficient and productive
employees.
5.4 Efficiency analysis
Company’s efficiency ratios have been deteriorated over the last 5 years period of
time. Both its receivable turnover period and inventory turnover ratios have been increased
over the period
5.4.1 Issues
The company is not efficient is collecting its dues and replacing its inventories

21FINANCIAL ANALYSIS AND MANAGEMENT
5.4.2 Recommendation
It shall reduce the credit period allowed to debtors and before stocking the inventories
market research shall be carried out for analysing the demand.
6.0 Limitation of analysis
6.1 Limitation of ratio analysis
Though ratio analysis is a useful tool for measuring and comparing the financial
performance, it has some inherent limitations. Ratios are computed based on the past years
data, however, it does not analyse the future performance of the company. Further, if the data
is not presented correctly the calculation and analysis will be wrong (Schmidlin 2014).
6.2 Recommendation
Apart from ratio analysis, the company is recommended to perform the variance
analysis after preparing the budgets, vertical analysis and horizontal analysis.

22FINANCIAL ANALYSIS AND MANAGEMENT
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