In RM (mn) 2014 2015 2016 2017

Revenue 3,089 3,123 2,931 2,113

Cost of sales (2,108) (2,101) (1,959) (1,711)
Gross Profit 981 1,022 972 402
Other income 77 54 46 70
Administrative expenses (665) (696) (725) (214)
Selling and marketing expenses (7) (6) (6) (2)
Other expenses (47) (58) (195) (54)
Operating Profit 339 316 92 202
Finance costs (14) (17) (22) (49)
Share of profit/(loss) of joint ventures 0 (4) 1 0
Share of profit of associates (1) 10 15 20
Profit Before Tax 324 305 86 173
Zakat (3) (1) (2) (2)
Income tax (expense)/benefit (79) (94) (66) (46)
Profit After Tax From Continuing Operation 242 210 18 125
Results from operation 0 0 0 35
Gain on disposal 0 0 0 275
Profit After Tax From Discontinued Operation 242 210 18 435
Other comprehensive income/(loss) 9 47 10 (86)
Total Comprehensive Income 251 257 28 349

Source: Company Data

2018
2,182
(1,773)
409
50
(202)
(1)
(46)
210
(28)
0
17
199
(3)
(43)
153
0
0
153
(1)
152
In RM (mn) 2014 2015 2016 2017 2018
ASSETS
Current Assets
Property development cost 42 71 128 0 0
Cash, bank balances and deposits 812 553 640 520 496
Short term investments 257 245 42 183 107
Derivative financial instruments 8 12 1 0 0
Inventories, net 43 42 37 169 157
Trade and other receivables 731 925 872 710 769
Taxes recoverable 0 0 30 23 23
Contract assets 0 0 355 262 180
Assets held for sale 0 0 0 0 3
Total Current Assets 1,893 1,848 2,105 1,867 1,735
Non-current Assets
Property, plant and equipment, net 188 213 228 193 185
Land held for property development 1 1 1 1 1
Prepaid land lease payments 3 3 3 3 3
Intangible assets 475 453 965 734 732
Investment in joint ventures 13 6 2 0 0
Investment in asociates 6 18 33 51 61
Trade and other receivables 21 30 142 142 128
Derivative financial instruments 0 1 0 0 0
Defined benefit pension plan 1 1 0 0 0
Contract assets 0 0 0 0 20
Deferred tax assets 45 44 52 15 13
Total Non-current Assets 753 770 1,426 1,139 1,143
Total Assets 2,646 2,618 3,531 3,006 2,878
LIABILITES AND EQUITY
Current Liabilities
Retirement benefit obligations 0 0 0 0 1
Provisions 17 16 18 2 2
Borrowings 37 45 229 117 124
Trade and other payables 676 652 750 693 740
Contract liabilities 0 0 82 28 14
Derivative financial instruments 0 0 1 0 0
Income tax payable 14 15 36 15 11
Dividend payable 146 0 0 0 0
Total Current Liabilities 890 728 1,116 855 892
Non-current Liabilities
Retirement benefit obligations 6 4 4 4 4
Defined benefit pension plan 0 0 7 2 2
Provisions 21 20 17 1 2
Borrowings 314 330 761 443 408
Trade and other payables 49 5 30 51 5
Derivative financial instruments 0 0 6 0 0
Deferred tax liabilities 4 3 52 49 49
Total Non-current Liabilities 394 362 877 550 470
Total Liabilities 1,284 1,090 1,993 1,405 1,362
Equity
Share capital 203 203 208 268 268
Share premium 0 0 60 0 0
Capital reserve 314 314 314 314 314
Other reserves 37 69 78 (13) (1)
Retained earnings 605 753 709 1,014 921
Non-controlling interests 202 188 169 18 14
Total Equity 1,361 1,527 1,538 1,601 1,516
Total Liabilities and Equity 2,645 2,617 3,531 3,006 2,878

Source: Company Data

In RM (mn) 2014
CASH FLOW FROM OPERATING ACTIVITIES
Cash receipts from customers 3,207
Cash payments to suppliers (2,463)
Cash payments to employees and for expenses (316)
Cash generated from/(used in) operations 428
Interest paid (10)
Taxes paid (81)
Cash flows from discontiued operations 0
Net cash flows generated from/(used in) operating activities 337
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from disposal of property, plant and equipment 7
Proceeds from disposal of a subsidiary, net of cash disposed 0
Settlement of remaining consideration for the acquisition of subsidiaries in prior year (259)
Payment of deferred consideration (9)
Investment in associates (2)
Joint venture equalisation settlement 0
Repayment of loan from joint ventures 0
Placement of short term investments (146)
Proceeds from withdrawal of short term investments 163
Proceeds from forward hedging contract 19
Interest received 19
Dividend received from joint ventures 2
Dividends received from associates 0
Purchase of property, plant and equipment (49)
Purchase of intangible assets (10)
Advances to an associate (1)
Cash flows from discontinued operation 0
Acquisition of non-controlling interest 0
Net cash flows generated from investing activities (266)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issuance of ordinary shares to non-controlling interests 2
Capital repayment to non-controlling shareholders of a subsidiary (29)
Finance lease repayment (5)
Drawdown of borrowings 193
Repayment of borrowings (22)
Dividends paid (36)
Dividends paid to non-controlling shareholders of subsidiaries (37)
(Placement)/withdrawal of fixed deposits 4
Cash flows from discontinued operation 0
Net cash flows used in financing activities 70
Net (decrease)/increase in cash and cash equivalents 141
Net foreign exchange difference 3
Cash and cash equivalents at beginning of year 639
Cash and cash equivalents at end of year 783
Source: Company Data
2015 2016 2017 2018

2,930 2,808 2,085 2,302

(1,542) (1,325) (943) (1,086)
(1,286) (1,355) (951) (938)
102 128 191 278
(10) (19) (36) (26)
(86) (75) (60) (46)
0 0 57 0
6 34 152 206

0 3 0 5
0 0 405 0
0 (511) (19) 0
(24) 0 (3) 0
(1) 0 0 0
(12) 0 (2) 0
0 4 0 0
(131) (27) (194) (100)
153 233 54 180
5 14 0 0
18 13 7 10
3 3 0 0
0 2 2 6
(54) (54) (92) (50)
(4) (5) (13) (10)
0 0 0 0
0 0 (6) 0
(10) 0 0 0
(57) (325) 139 41

1 2 16 0
0 0 0 0
(6) (8) (1) (1)
104 629 337 150
(107) (154) (552) (175)
(187) (122) (125) (241)
(40) (11) (1) (2)
6 (62) 67 (2)
0 0 (36) 0
(229) 274 (295) (271)
(280) (17) (4) (24)
18 13 (18) (1)
781 518 512 489
519 514 490 464
 MARKET CAP P/E (x) DIVIDEND YIELD (%)
COMPANY COUNTRY (USD MN) CURRENT 1Y CURRENT 1Y
UEM Edgenta MY 659.98 18.19 3.6
GFM Services MY 40.79 13.48 3.02
HSS Engineers MY 93.97 - -
AWC Berhad MY 43.83 8.72 0.81
Widad Group MY 201.87 33.71 -
Muhhibah Engineering MY 281.05 8.43 3.07
Domestic Mean 220.25
Aeon Delight Co Ltd JP 1,789.51 20.75 1.81
Rentokil Initital Plc GB 10,530.91 - 1.04
Regional Mean 6,160.21
Overall Mean 1,705.24

as at 16/10/2019

Sources: Bloomberg, Morning Star, Company Data

 EBITDA MARGIN FCFF YIELD
ROA (%) ROE (%) P/B (x) (%) (%)
5.44 9.62 1.84 9.09 0.0551
2.44 9.99 1.76 9.97 -0.0698
-39.10 -68.08 1.87 -49.83 -0.0116
7.62 14.2 0.91 11.17 -0.0149
8.81 20.92 5.13 9.73 -
4.02 13.33 0.99 17.37 -0.0358
-1.80 -0.003 2.08 1.25
4.56 7.49 2.33 4.35 0.3285
-3.18 -11.16 9.44 -4.62 0.0019
0.69 -1.84 5.89 -0.14
-1.17 -0.46 3.03 0.90