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WestminsterInternational College
Business Analysis
BSP 200
Bachelor of Arts (HONS) Business Studies
1/1/2011 MD. Shahadat Hossain
060DBKL0610
Semester 3
LETURER
Mr. Francis Asirvatham
15/12/2011
Business Analysis 2011
Table of Contents
1. Company background……………………………………………………………………………………………….21.1 Carlsberg…………………………………………………………………………………………………………….21.2 Guinness Anchor Bhd………………………………………………………………………………………….2-3
2. Working Capital Cycle Ratio………………………………………………………………………………………32.1 Debtors Collection Period……………………………………………………………………………………42.2 Creditors Payment Period……………………………………………………………………………………42.3 Stock Turnover Ratio…………………………………………………………………………………………..4-5
3. Capital Structure Ratio………………………………………………………………………………………………53.1 Gearing Ratio………………………………………………………………………………………………………5-63.2 Interest Cover Ratio…………………………………………………………………………………………….6
4. Investors Ratios………………………………………………………………………………………………………...64.1 ROCE……………………………………………………………………………………………………………………6-74.2 EPS………………………………………………………………………………………………………………………7
5. Appendix-1……………………………………………………………………………………………………………….7-106. Appendix-2……………………………………………………………………………………………………………….11-127. Environmental Factors………………………………………………………………………………………………12
7.1 GAB..…………………………………………………………………………………………………………………..12-137.2 Carlsberg…………………………………………………………………………………………………………….13
8. Corporate Governances…………………………………………………………………………………………….138.1 GAB…………………………………………………………………………………………………………………….138.2 Carlsberg…………………………………………………………………………………………………………….14
9. Long-Term Sustainability…………………………………………………………………………………………..1410. Chairmen’s Statement………………………………………………………………………………………………15-1611. Future Investment…………………………………………………………………………………………………….16-1712. Corporate Social Responsibility…………………………………………………………………………………17-1813. Dividend Policy………………………………………………………………………………………………………….18
14. Bibliography………………………………………………………………………………………………………………19-22
MD. Shahadat HossainSemester 3 Page 2
Business Analysis 2011
1. Company Background
1.1 Carlsberg Malaysia Berhad: Carlsberg Malaysia was began brewing Carlsberg Green
Label beer locally in 1972 and it was incorporated in December 1969. From then the brand
Carlsberg has became a part of everyday’s life and also it is the no one beer brand together
with more than 50% market share of Malaysian beer market. Carlsberg Malaysia, Bursa
Malaysia Securities Berhad (Malaysia Stock Exchange) under the Main Board of the
consumer products sector. Carlsberg is an established distillery that distributes and
manufactures beers, stout and other beverage. Carlsberg mainly do that in the Malaysian
domestic market and also has investments in Singapore, Sri Lanka, Taiwan and in a
Malaysian alcoholic beverage company. Carlsberg Malaysia for a variety of palates, and live
every day to drink a beer in each. His extensive portfolio of brand Carlsberg Green Label
Carlsberg Gold, Carlsberg special brew, Tuborg beer, SKOL beer, SKOL super beer, Danish
Royal stout, corona extra, Tetley's, really Shandy Lemon and peach as well as non-alcoholic
drinks are Nutriments. In addition, Carlsberg Malaysia, through its subsidiaries, has been
importing more and more international as a Hoegaarden, Stella Artois, Budweiser, Foster, and
the signal is not as extensive beer brands. The company now has 7 of 9 of the world's top
international beer brands. At the forefront is the novelty value, Carlsberg Malaysia has always
been dynamic and large-scale consumer product launch campaign, led by the market. The
company also had a lot of corporate social responsibility to the environment, community,
workplace and enterprise market has been focused on four aspects of the near championing.
(carlsbergmalaysia, 2011)
1.2 Guinness Anchor Bhd(GAB): Guinness was first formed in 1989 with the merger of
Guinness Malaysia Bhd and Malaysia Breweries (Malay) Sdn, which parent companies were
Malayan Breweries Ltd ( the present Asia Pacific Breweries Ltd) and Guinness overseas Ltd
(GOL) . GOL Diageo PLC, a world leading spirits, wine and premium beers across the
brands, with its outstanding collection of beverage group owner. Combination of the
following, during the same year GAB was listed on the main board of Kuala Lumpur Stock
Exchange. In 1965 the Sungei Way Brewery started operations and GAB is operates with it
and located in Selangor. The brewery occupies a land area of 23.72 acres and oversees
Guinness, Tiger, Heineken, Anchor Smooth, Anchor Strong, Kilkenny, Anglia Shandy Malta
in the country. GAB is the first and only brewery in Malaysia who received the Hazard
Analysis Critical Control point (HACCP) certification from the Ministry of Health and
MD. Shahadat HossainSemester 3 Page 3
Business Analysis 2011
received the ISO 9001:2008 certification and having the fulfilled the additional requirements
of ISO 9001:2000. In today’s competitive business market GAB is the market leader of the
Malaysian stout and beer industry. (gab, 2011)
2. Working Capital Cycle Ratios
Working capital cycle ratio analysis and indicates the efficiency of any private or public
listed company and this ratio also tells that how fast company can collect money from debtors
and as well as how often the payments to the creditors and the stock turnover. In the
organization there are two elements that absorb cash are inventory and receivables. The main
sources of cash are creditors (Payables) and equity and loans. The working capital cycle show
below: (planware, 2011)
The working capital ratio graph of GAB given below:
MD. Shahadat HossainSemester 3 Page 4
Business Analysis 2011
Debtors Collection Period
5.89 days
Creditors Payment Period22 days
Stock Turnover Ratio10.69 days
Working Capital Cycle Ratio
The working Capital Cycle Ratio of Carlsberg shown in pie chart below:
Debtors Collection Period
26.9 days
Creditors Payment Period
34.5 days
Stock Turnover Ratio12.26 days
Working Capital Cycle Ratio
2.1 Debtors Collection Period: Debtors collection period is the number of times by
which debtors are payable to the business during the company’s target time to collect cash.
The shorter time between sales and collecting cash indicates well for business. Here from the
appendix-2, in 2011 the debtors’ collection period of Guinness Anchor Bhd is 5.89 days. The
shorter period of time of collecting money from debtors is good for the GAB. On the other
hand, Carlsberg Malaysia’s debtor’s collection period in 2010 was 26.9 days. To compare
MD. Shahadat HossainSemester 3 Page 5
Business Analysis 2011
with GAB is well position this is because they collect the money faster than Carlsberg
Malaysia Bhd. To improve Carlsberg have to collect their money fast from debtors.
2.2 Creditors Payments Period: The creditors’ payments period is a performance ratio of a
company, which indicates the efficiency of a business. Efficiency and performance tells that
the business is profitable or not. The creditor’s payments longer period is good for the
company. From appendix-2 the creditors’ payment period of GAB is 22 days in 2011. This is
good for the GAB this is because they collect money fast from debtors and the payments are
longer time. However, Carlsberg Malaysia’s creditors’ payments period in 2010 is 34.5 days.
2.3 Stock Turnover Ratio: How well a company coverts stocks into revenues is measured by
stock turnover. This ratio is closely similar to the asset turnover and this also tells the
efficiency of the company. Stock turnover is more specific than the asset turnover. Stock
turnover measures how well the company is making use of the part of its working capital
which has been invested in stock (moneyterms, 2011). The stock turnover ratio of GAB is
10.69days in 2011 from appendix-2. On the other hand Carlsberg’s stock turnover ratio is
12.26 days in 2010. GAB stock turnover ratio is good this is because it can turnover his stock
faster than Carlsberg Malaysia Bhd.
3. Capital Structure Ratio
The capital structure ratio is another very important ratio of any business organization. It
always shows the extent of loan risk and the level of borrowings. Term capital structure for
different types of debentures, equity shares of the capital reserves and surpluses with the
preferences and the relationship between form and means of financing such as long-term.
Long-term leverage ratio of capital formation is considered a strong financial position of the
test. (accountingformanagement, 2011). The capital structure ratios of GAB and Carlsberg
Malaysia Bhd are shown in pie chart below:
MD. Shahadat HossainSemester 3 Page 6
Business Analysis 2011
Geraring( Carlsberg)7.1%
Interest Cover(GAB)83 times
Interest Cover(Carlsberg)51.1 times
Capital Structure Ratio
3.1 Gearing Ratio: Term "capital gearing" or "leverage" is usually the preferred shares and
capital surpluses and other fixed interest bearing funds or debt ratio represents the relationship
between the equity share capital. Gearing is the measurement of the risk as per the capital
providers and equity share holders of the business. When the long term loan and preference
share are higher than equity share holder that means, the company is in high risk. Therefore,
too much debt is risky for business, again too less debt also means different that business is
not so potential. (accountingformanagement, 2011). The gearing ratio of Carlsberg is 7.1% in
2010. This result of ratio is indicating that the financial risk of Carlsberg Malaysia Bhd is low.
3.2 Interest cover ratio: The interest cover ratio is used to determine a company’s ability
to how easily can pay its interest payment. The higher ratio is indicates the company’s better
financial health and its means that the company is more capable to meeting its interest rather
than operating earnings. (Loth, 2011). The interest cover ratio of GAB is 83 times in 2011.
This ratio result is good because this company’s financial health is better. However,
Carlsberg’s interest cover ratio is 51.1 times in 2010. The condition of interest cover of GAB
is better than Carlsberg Malaysia Bhd.
4. Investors Ratios
The investor ratios are the main measurement of a company’s capability of returning
profit for the shareholders and investor in a company. This ratio evaluates return on capital
MD. Shahadat HossainSemester 3 Page 7
Business Analysis 2011
employed, earning per share and price earnings ratio. The investor ratio of GAB and
Carlsberg Malaysia Bhd are shown in pie chart below:
ROCE(GAB)48.17%
ROCE(Carlsberg)24.59%
EPS(GAB)60 Sen
EPS(Carlsberg)43.58 Sen
Investors Ratios
4.1 ROCE: A satisfactory return on investment in business capital investment, the main
objective is to obtain. Thus, the capital employed to realize these objectives, the business is
successfully used as a measure. In the business it used to show the overall efficiency and
profitability of the business. (accountingformanagement, 2011). From the appendix-2 the
ROCE of GAB is 48.17% in 2011. On the other hand the Carlsberg’s ROCE is 24.59 in 2010.
This result shows that the GABs profitability ratios are better than Carlsberg’s ratios.
4.2 EPS: Earnings per share determine the ratio that allows the net income of company. The
measure of net income is based on the profit as per share. For this ratio, higher is better. If the
company acquires more value for per share, this means that the financial position of the
company is better and it can meet its stakeholder’s value. The earnings per share ratio of GAB
is 60 sen in 2011 and 43.58 sen for Carlsberg Malaysia Bhd in 2010. This ratio shows that the
GAB’s EPS ratio is better than Carlsberg Malaysia Bhd. The earnings per share ratio and
dividend per share of GAB show on graph below: (gap, 2011)
MD. Shahadat HossainSemester 3 Page 8
Business Analysis 2011
5. Appendix-1:
Guinness Anchor Berhad
Income Statement
For the year ended 30 June 2011
MD. Shahadat HossainSemester 3 Page 9
Business Analysis 2011
MD. Shahadat HossainSemester 3 Page 10
Business Analysis 2011
Balance Sheet
As at 30 June 2011
MD. Shahadat HossainSemester 3 Page 11
Business Analysis 2011
Carlsberg Malaysia Berhad
Income Statement
For the year ended 31st December 2010
MD. Shahadat HossainSemester 3 Page 12
Business Analysis 2011
Balance Sheet
As at 31st December 2010
MD. Shahadat HossainSemester 3 Page 13
Business Analysis 2011
6. Appendix-2:
Working Capital Cycle Ratio GAB 2011 Carlsberg 2010Debtors Collection Period=
TradedebtorsCredit sales
×365days
165241023341
×365
= 5.89 days
53627727034
×365
=26.9 days
Creditors payments period
¿ CreditorsSales
×365days
619071023341
×365
= 22 days
68723727034
×365
= 34.5 daysStock Turnover=
= Stock
Cost of Sales×365 days
27750946947
×365
= 10.69 days
22419667593
× 365
=12.26 daysCAPITAL STRUCTUREGearing ratio=
Lomngterm loanLongterm loan+shareholder funds
×100 %
41441
41441+535951×100
=7.1%Interest cover
PBITInterest cover
=¿
2005162415
= 83 times
1588783108
= 51.1 times
INVESTORS RATIOSReturn on capital employed(ROCE)=
PBITCapital employed
×100 %
200516416304
×100 %
= 48.17%
158878646115
×100 %
=24.59%
Earning per shares(ESP)=
Profit after tax(PAT )Number of ord . shares
×100 pence
60 43.58
7. Environmental Factors
MD. Shahadat HossainSemester 3 Page 14
Business Analysis 2011
7.1 GAB: Guinness Anchor Berhad is the market leader in the beer and stout industry. GAB
is a big public listed company in Malaysia. Guinness anchor berhad has influence of
environmental factors such as government, social- cultural and economic condition of
Malaysia. The environmental factors affected the company in many areas to perform well.
However the company still can come out from those environmental factors. The revenue of
GAB in 2011 is group RM 1,488,720,000 and company is RM 1,023,341,000 in 2011. (gab,
2011)
7.2 Carlsberg: Carlsberg Malaysia Bhd is one of the market leaders in the beer industry in
Malaysia with over 60% share in market. Carlsberg is hugely influenced by the government
polices, the economic situation and the social-cultural perception of Malaysian. From the
environmental factors that Carlsberg The ability to dominate the market and smuggled
Carlsberg beer, local spirits (samsu) and soft drinks, which is Malaysia's most popular thirst
quenching like to be threatened to some of the options. However, Malaysian is very brand-
conscious and because of high commodity differentiation, and Carlsberg consumers to stay
loyal to a brand. A detailed analysis of energy and Carlsberg weak opponent reveals. Overall,
group sales and profitability performance is better than his rival. A thorough financial analysis
of the strengths and weaknesses of the team reveals. (carlsbergmalaysia, 2011)
8. Corporate governance
8.1 GAB: The Board of Directors (the Board) of Guinness Anchor Berhad is committed to
ensure that the business of high-quality ethics and corporate governance are discussed through
the implementation and the practice of group effective policies and good governance. The
company adheres to principles good corporate governance, which has to contribute to the
group's achievement strategic objectives and business value. This has led group to achieve
long-term sustainable financial Increase efficiency. The principles are adopted by the
company in accordance with the principles and practices of the Malaysian code on corporate
governance and the Malaysian International Chamber of Commerce and industry’s ethics
charter. (gab, 2011) . The governance and management system in the organization shown
below: (gab, 2011)
MD. Shahadat HossainSemester 3 Page 15
Business Analysis 2011
8.2 Carlsberg: Carlsberg companies board of directors is fully committed to ensure the
highest standards of corporate governance including accountability and transparency are
practiced by the company and throughout the group as a fundamental part of discharging its
responsibility to protect and enhance shareholder value and the financial performance of the
group. Carlsberg also practice the Malaysian Code on Corporate Governance.
(carlsbergmalaysia, 2011)
9. Long term sustainability
9.1 Carlsberg: Carlsberg Malaysia is focused on its stakeholders by creating long-term value.
Carlsberg delivered a strong performance in 2010 by following the successful integration of
their subsides, Luen Heng F&B Sdn Bhd and Carlsberg Singapore Pte Ltd. As Carlsberg
continue to develop its regional businesses and robust brand portfolio. Carlsberg committed to
remain in making sustainability an integral part of its business operation and growth strategy.
(carlsbergmalaysia, 2011)
9.2 GAB: GAB is an icon in business which is respected by the world over for brands and
performance and delivering exceptional growth in people.GAB have a passion for winning
which is driven by a passion to be the best in everything they do. GAB strongly advocates
responsible corporate conduct and we look to create sustainable value for all of our
stakeholders, including our employees and shareholders, our consumers and the communities
we operate in.
MD. Shahadat HossainSemester 3 Page 16
Business Analysis 2011
10.Chairman’s Statement
10.1 GAB: It gives me great pleasure to report that Guinness Anchor Berhad (GAB) has
delivered its tenth successive year of growth with another year of very solid results. In the last
financial year, revenue and profi t after tax grew by 9.6% and 18.8% respectively. When we
look back over a longer period, in the last decade we have seen revenue and profits expand by
89% and 150% respectively. Furthermore, we have grown market share in every one of the
last 10 years and are the clear market leader. We are fortunate to have a prudent Government
who, through its Economic Transformation Programmed (ETP), has boosted the economy,
sustained Gross Domestic Product (GDP) growth and shielded the country from the
continuing after effects of the global financial crisis. The country recorded a healthy GDP
growth of 4.8% in the last quarter of 2010, which carried through to the fi rst quarter of 2011.
While the growth momentum moderated in the second quarter due to supply disruptions from
the Japan disaster, the overall positive scenario provided for a conducive business
environment as growth in domestic demand was sustained at around 5% throughout the period
from July 2010 to June 2011. While the favorable economic climate played a part in our
performance, much of the credit has to go to our people, our processes and systems, and our
portfolio of international premium brands. Led by Managing Director, Charles Ireland, we
have seen our dynamic and passionate teams take significant strides in meeting consumer
preferences and needs, improving efficiencies and taking significant steps to innovate our
product and service offerings.
10.2 Carlsberg: On behalf of the Board of Directors of Carlsberg Brewery Malaysia
Berhad(Carlsberg Malaysia), I am pleased topresent the Annual Report and the Audited
Financial Statements of the Group and the Company for the fi nancial year ended 31
December 2010. For the year under review, the Malaysian economy achieved a positive GDP
growth of 7.2% led by strong expansion in all sectors. Under this positive economic
environment, our Group with its strengthened brand portfolio and the successful integration of
Carlsberg Singapore achieved RM1.4 billion in revenue for the year ended 31 December
2010, a 31% growth over the previous year. Our Carlsberg brand achieved its fair share of the
growth through the successful execution of the 2010 Chinese New Year campaign and the
World Cup activation program. The Group’s profi t after tax was a record RM134.1 million in
2010 with growth in profi tability from both the Malaysian segment and the full year’s
inclusion of the consolidated results of Carlsberg Singapore. The signifi cant improvement in
MD. Shahadat HossainSemester 3 Page 17
Business Analysis 2011
the Malaysian segment was mainly due to the continued successful implementation of the
Group’s strategies, Must Win Battles and Excellence programs. The improvement in margins
was also due to lower procurement costs as a result of a well executed forward buying
strategy. With our commitment to continue delivering value to our shareholders, the Board
after consideration of the Group’s funding requirements are pleased to propose the
distribution of 99% of the Group’s 2010 profi ts. The Board of Directors is recommending a fi
nal gross dividend and special gross dividend of 7.5 sen per ordinary share of RM0.50 each
and 43.0 sen per ordinary share of RM0.50 each respectively less Malaysian income tax.
Together with the interim gross dividend and interim special gross dividend of 5.0 sen per
ordinary share of RM0.50 each and 2.5 sen per ordinary share of RM0.50 each respectively,
the total gross dividend for the fi nancial year 2010 is 58.0 sen per ordinary share of RM0.50
each (2009 – total gross dividend of 23.0 sen per ordinary share of RM0.50 each). The fi nal
and special dividends will be tabled for shareholders approval at the annual general meeting
on 26 April 2011. (carlsbergmalaysia, 2011)
11.Future Investment
11.1 GAB: Guinness Anchor Berhad is good for future investment. I will prefer to invest on
this company this is because worldwide and large group of company and the company making
profit and the devidend per share is 54.0 and the revenue growth is 9.6% in 2011. The reasons
of investing money on this company we can understand from those line graph shown below:
(gab, 2011)
MD. Shahadat HossainSemester 3 Page 18
Business Analysis 2011
11.2 Carlsberg: This company is also suitable for investment. On the otherhand to comapre
this company with GAB it is small. The revenue of carlsberg is RM13682 million in 2010.
The reasons of investing on this company are shown in line graph below: (carlsbergmalaysia,
2011)
12.Corporate Social Responsibility
12.1 GAB: This year is a special year for GAB, while we celebrate 10 consecutive years of
growth of incomes, profit and market share. We are felling very proud of our finance of
performances, all the more so as they are accompanied by achievements also impressive of
our performance responsibility of firm. We want to make a source of our beer and the stout of
pleasure for our consumers and who want to become leader in the prevention of the adverse
MD. Shahadat HossainSemester 3 Page 19
Business Analysis 2011
effects of the alcohol. We promote one potable culture judicious to create one more
responsible place for the alcohol in the society. (gab, 2011)
12.2 Carlsberg: Carlsberg Malaysia continues to emphasise its Corporate Social
Responsibility (CSR) policies implementation in order to achieve a sustainable social,
economic and environmental future. These policies focus on four core elements of
sustainability namely Community, Environment, Workplace and Marketplace. In 2010, our
achievements have been recognised when Carlsberg Malaysia was awarded a Certifi cate of
Merit by the National Annual Corporate Report Awards (NACRA) Committee for having
proven our excellence in corporate reporting, corporate accountability and effective
communication through the publication of informative, factual, timely and reader friendly
annual report. (carlsbergmalaysia, 2011).
13. Devivend policy
13.1 GAB: Once a firm makes profit, direction must decide what to make with these profit.
They could continue keeping benefits in the firm, or they could pay benefits for the owners of
the firm in form of dividends. (studyfinance, 2011). Ginness Anchor Berhad several years
maintained dividend policy of 85% to 90% of their profit. In the financial year GAB has
declared 54 sen dividend per share. The earnig per share is 60 sen pershare. GAB is paying
high rate of dividend this is because positive cashflow, compititors, don’t have any future
investment and the passer from the same in dustry. The compititors of GAB is Carlsberg
paying almost same 58 sen in 2009 finanacial year. The dividend and earning per share show
in chart below: (SAY, 2011)
MD. Shahadat HossainSemester 3 Page 20
Business Analysis 2011
13.2 Carlsberg: Carlsberg devidend per share is rais in 2009 58 sen this is because Carlsberg
Singapore Pte Ltd for 370 million. Carlsberg dividend was improved from 23 sen to 58 sen in
2009. Carlsberg revenue increase 30.9% of 1,37 billion profit in the financial year of 2010.
Carlsberg paying dividend to the shareholders 50% to 70 % from annual profit. Of December
30th, 2010, Carlsberg had net cash per share of 16 sen. The analysts respect that the company
had a net cash per share of 11 sen as the financial year ending on December 31st, 2011.
Carlsberg paying higher dividend due to positive cash flow and competitiveness. (SAY,
2011)
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Business Analysis 2011
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