TABLE OF CONTENTS
EXECUTIVE SUMMARY 1
BODY OF REPORT
INDUSTRY BACKGROUND 2 - 3
COMPANY BACKGROUND 3 - 4
ISSUES OF NESTLE (MALAYSIA) BERHAD
2.3.1 Issue on Higher Debt-to-Equity Ratio Issue 4 - 5
2.3.2 Issue on Liquidity Risk 5 - 6
2.3.3 Issue on Rising of Raw Material Prices 6 - 7
2.3.4 Issue of Creation of Counterfeit Goods by Others 7 - 8
2.4 POSSIBLE SOLUTIONS TO THE ISSUES
2.4.1 Solutions for Issue on Higher Debt-to-Equity Ratio Issue 8 - 9
2.4.2 Solutions for Issue on Liquidity Risk 9 - 11
2.4.3 Solutions for Issue on Rising of Raw Material Prices 11-12
2.4.4 Solution for Issue of Creation of Counterfeit Goods by Others 13 - 14
2.5 CONCLUSION 14 - 16
3.0 REFERENCES
4.0 APPENDICES
EXECUTIVE SUMMARY
In brief, this case study is conducted along with the objective of identifying one of the top companies on a listed local company. The top company that has selected by our group is Nestle Malaysia Berhad (NMB). As all of us know that, NMB is a multinational company and is one of the leading food and beverage’s companies in the world. It was founded by Henry Nestle in 1867, a German-born Swiss Confectioner, who was begun with pharmacist’s assistant to founder of leading in nutrition, health and wellness. Eventually, this success has brought in Malaysia until now they had already manufactures and distributes over 500 products that certified Halal in food and beverages industry.
This study will provide an overview on the possible issues raised in NMB. There are four issues that we will discuss in this case study which includes higher debt-to-equity ratio, liquidity risk, rising of raw material prices and creation of counterfeit goods by others. We have suggested several possible ways to cope with these issues and select the best solution to solve it.
BODY OF REPORT
2.1 INDUSTRY BACKGROUND
Food and beverage industry or also known as F&B industry considered as one of the largest industry throughout the world. The F&B industry play an important role in Malaysia economy. It is a rapidly growing industry. Since 2010, this industry shows a stable growing in Malaysia with an annual growth rate about 5.1% (The Star Online, 2017). It captures a large share in export market. Every year, there are over than 200 countries that import Malaysia’s food and beverage product such as Thailand, Singapore and Indonesia.
F&B industry in Malaysia mostly lead by small and medium enterprise (SMEs) corporation and also has notable foreign and MNCs companies involved in. The main players in Malaysia F&B industry include F&N, Hwa Tai, Nestle, Hup Seng, and many more. The research shows that there are a lot of guidelines, rules, regulations and standards that govern the F&B industry. This means that the companies in this industry should obey and comply with them. The industry can make some adjustment on their products to make it suitable to global market. Nowadays, consumers place food quality as relatively important factor when they choose the food and beverage. In order to make sure the foods and beverages are produced in high quality, therefore the food control system has applied.
This industry includes a range of activities, from transform raw agricultural materials to finished products until food service. It comprises sectors such as beverages, cocoa and chocolate products, fishery products, cereal products, dairy products, and many more.
The highly sensitivity of the consumers consciousness towards their health raised challenges to the F&B industry. Thus, the players in this industry need to produce their product that fit to the customers demand. Worldwide dominance of Muslim population has increased the demand for Halal products. Therefore, F&B industry has to ensure that their products have been recognized as Halal to gain competitive advantage.
2.2 COMPANY BACKGROUND
This company began with the foundation of the Anglo-Swiss Condensed Milk Company which incorporated by Charles and George Page at Swiss town of Vevey in year of 1866. Trace back to 1867, Henry Nestle who was a pharmacist developed a breakthrough development of food for infants who cannot breast-feed to reduce mortality. Later in 1912, Anglo-Swiss merged with Nestle to form a new company which is known as Nestle. The origin of the company name is taken from the name of the founder which is Henri Nestle. It has been established for more than 150 years and now is one of popular manufacturer in the food and beverage industry across the world.
In 1912, Nestle initiated its business which named as Anglo-Swiss Condensed Milk Company in Bishop Street, Penang. Nestle moved to Kuala Lumpur in 1939 due to the factor of the growing and expansion of the business. The first factory of Nestle was set up in Petaling Jaya at 1962. After that, the company changed its name to become Nestle Malaysia Berhad when it was issuing its share to public. NMB also known as with the registration number 110925-W successfully has become a public listed company in Kuala Lumpur Stock Exchange (now known as Bursa Saham) since 13 December 1989. Now, the head office of NMB is headquartered in Mutiara Damansara, Selangor. Besides that, Nestle manage to operate seven factories that are based in 3 different states, which are Selangor, Negeri Sembilan and Sarawak. Moreover, there is extensive network of 56 sales representative stations set up at West and East of Malaysia.
Currently, Juan Aranols, is the Chief Executive Officer of NMB, effective since 1 December 2018. NMB aims to improve the quality of consumer life and contribute to a healthier future. This reflects in its tagline, which ‘Good Food, Good Life”. It is a company which had great achievement and excellent array of well-known brands that retain strong standing leadership in market. NMB become a leader in nutrition, health and wellness area. Nowadays, NMB is recognized as one of the leading multinational corporation in Malaysia that manufactures and distributes over 500 products that certified Halal in food and beverages industry. Due to the factor of effective continuous research and development carry out by the company, NMB launch variety of products that cater the demand of consumers throughout these years. It offers wide categories of products in its product line such as ready-to-drink, infant and maternal nutrition, ice cream and chilled dairy. NMB’s well-known brand products include Milo, Maggi, Nesvita, Kit Kat and Nescafé. All these brands are quite popular among consumers. It sells its product not only in local market but also exports to 50 countries worldwide.
2.3 ISSUES OF NESTLE MALAYSIA BERHAD
2.3.1 Issue on Higher Debt-to-Equity Ratio
In this assignment, in order to detect Nestle Malaysia Berhad financial leverage risk, we are going to measure it through the debt-to-equity ratio. According to Ashifa and Isrochmani (2015), debt-to-equity ratio is one of the solvency ratios. It demonstrates how is the portion of debt and equity that used to fund the company operation. It is crucial as it will give the investors an insight on the capital structure. We use total liabilities divided by total shareholders’ equity to calculate the debt to equity ratio.
Table 1 presents the debt to equity ratio of NMB. It is clearly showed that the debt-to-equity ratio of NMB positioned at upwards trend throughout the last 5 years. It is not a good sign for NMB’s financial leverage. It implicated that the financial leverage risk faced by the company keep on rising. For instance, NMB has a financial leverage of 1.56 in year of 2013. This means that for every RM 1 of equity owned by shareholder, the company owes RM 1.56 to creditor. Meanwhile, in 2017, the debt-to-equity ratio recorded at 3.00. It implied that NMB very aggressive in the financing of its debt. Indirectly, this shows that the business is less financially stable over the years.
The higher debt-to-equity ratio implied that NMB use aggressive growth strategy being funded by debt in order to generate more earnings. It can be proven through the financial statement of NMB from the year of 2013 to 2017. As can be seen in Table 2, it clearly showed that the debt to equity ratio has increased mainly due to a decline in the equity which was become negative in its reserves on year ended of 2017. Besides, the total liabilities have been increased throughout last 5 years. The result was not encouraging. It is considered more risky because debt can be a far more expensive form of financing than equity financing. It will decrease NMB profit because the company has to bear higher interest. Therefore, it is not a preferable situation to Nestle as the risks of not being able to pay back its contractual debt payment on time may increase. The company will get itself in trouble to payback debt with interest.
2.3.2 Issue on Liquidity Risk
Liquidity is useful as it is one of the parameter used to analyze the possible risk that will give impact to the company’s performance. Current ratio is common used to measure the liquidity. According to Peavler (2018), current ratio is used to measure the ability of the company to pay off its debts in short term with its current assets. This financial analysis is important as it provides the management and analysts a more comprehensive understanding towards the liquidity of the company. It measures the company’s financial health in short run. Thus, this ratio can be the indicator for investors to do investment decision.
The second issue faced by NMB was about the liquidity risk, where it is measured by computing current ratio for 5 years (2013-2017). Table 3 presents the current ratio values over 5 subsequent years. It is clearly showed that the company’s current ratio was fall dramatically from 0.87 to 0.68 in 2014. The year after, the ratio became 0.67 and 0.65 respectively in 2015 and 2016. There was only a thin increasing in current ratio during 2017. Due to the extremely poor performance in term of current ratio of less than 1.0, it could be a red flag to the company. It signifies the higher liquidity risk happened in NMB. Meaning to said, it faces financial difficulty, where NMB does not have enough current assets to pay off its current liabilities when it is due. For example, in the year of 2017, the current ratio of 0.66 reflects that NMB only capable to pay RM0.66 for its RM1 debt in short term. It was located at unacceptable level, in which imply that NMB unable to pay back its current liabilities from its current assets.
The amount of current liabilities of NMB for the past five years was much higher than the amount of current assets. The current loans and borrowings increase aggressively from time to time. The results showed the downtrend of current ratio, indicated that NMB expose to higher liquidity issue. The lower the liquidity, the higher risk expose to the company.
2.3.3 Issue on Rising of Raw Material Prices
Raw materials are the primary basis for producing the product and extending the process in producing final output. In these few years, NMB suffer in the issue where there is sharp rise in raw material prices, which will give impact to the company. The company experiences problems in daily activities and influences its products. The rising of raw material cost reduce the gross profit of company. Therefore, other activities involving raw materials are also disturbed such as reduced production volume, efficiency and business operations are disrupted. Inadequate raw materials can increase problems inside and outside the business.
Although the management of raw materials NMB is in good condition, profit margins show a reduction in 2017. This is largely due to higher raw material prices coupled with the weaker Ringgit which has made input costs more expensive. Major raw material prices such as powdered milk, coffee beans and palm oil increased. In addition, Major raw materials show lower trends that reduce the volume of production for NMB. Moreover, companies are forced to face rising commodity prices in the market.
The expenses on raw and packaging materials accounted for a majority in the total cost of
sales. The main reason or the high cost of raw materials is due to the devaluation in Ringgit Malaysia and rise in commodity price (Annual Report, 2017). The difference in value against the US dollar against the ringgit will affect the NMB income. Currently, most of the raw materials for NMB products are imported from oversea, where it will expose the company to the fluctuating of currency exchange rate. The company was affected by rising prices for the commodity such as sugar, milk powder, cocoa and coffee beans which caused by currency exchange.
2.3.4 Issue of Creation of Counterfeit Goods by Others
Subsequently, other issue that can be found in NMB is creation of counterfeit goods by other parties. Counterfeiting of goods is an action of copying and imitating goods of the company without any consent of the intellectual property right holder. Even, people around the world know that NMB is a well-known company and had received much national and international recognition, complied with standards and regulations and excellent in their quality management system. Besides, NMB have their own Halal Committee in ensuring their quality and safety of the productions, too.
Unfortunately, NMB still cannot deal with the problem of imitate products in market by parties who wants to take advantage on NMB’s goods. For instance, in 2015, Straits Times on their headline reported that fake products of Milo chocolate drink found in Malaysia, particularly in Negeri Sembilan. Even, some of irresponsible sellers still dare to continue their operation and distribution of counterfeit Milo product in this state.
Another video has been viral regarding fake Nestle product, too. This matter spread like a wildfire especially in newspaper and powerful social media like Facebook, YouTube, and Instagram which leads to confusion. Instead, some of consumer inquired feedback about truthfulness of counterfeit goods that happened in NMB. Due to that, again in Straits Times, news of this issue hit again when it stated difference between genuine Milo and fake Milo. Milo products differentiate based on the colour, ingredients, and their taste.
2.4 POSSIBLE SOLUTIONS TO THE ISSUES
2.4.1 Solutions for Issue on Higher Debt-to-Equity Ratio Issue
In order to handle with the issue, we recommend that NMB should raise shareholders’ capital. The contribution of investors in company’s capital is important as it will increase the company’s equity. NMB may use this way to increase its equity portion. For instance NMB can bring more investors to inject more capital into the business. Through this way, NMB may issue new preference share to investors in exchange for the cash. The increasing in equity indirectly can reduce demand for debt financing on capital, then may reduce company burden on paying back higher debt with interest. Ultimately, it will reduce the damage on the company's survival.
Besides, they may engage financial expert for short period. NMB may appoint a potential expert to fix the problem. The company’s current loan and borrowings increase dramatically. With the engagement of a professional expert service, the particular person can guide the business in a good direction. The professional may give advices to company on the restructuring of the company’s liabilities. He or she also can act as the intermediate to negotiate with the lenders to reschedule the payment terms. For instance, negotiate with the lender to lengthen the payback period. The expert also can try to ask the lender minimize the interest rate imposed on the loan by offer few benefits. The lender and NMB may agree at a circumstance where the company gives a portion of share to lender in exchange for the reduction of debt. As the lender becomes the shareholder, therefore the equity will increase.
In addition, NMB should find out the possible way to reduce its non-current liabilities. NMB should have a good planning to keep control of their money and find out the solution to reduce its long-term liabilities. The company’s management team can improve the financial performance by putting up an analysis on the non-current liabilities. They can reduce the amount of non-current liabilities. The company should control from getting more loans and make sure that they able to settle the debt before it is due. NMB should list out all the debts it owes and identify ways to pay its debt as much as possible. The reduction in non-current liabilities may help in reducing the higher debt-to-equity ratio issue.
The best solution that can be used to improve leverage issue is through the increasing in shareholders’ capital. The company is encouraged to increase the share capital instead of getting more loans from the related parties. Though this strategy, NMB able to increase its working capital which will give a positive impact on the business. The company can avoid from paying high loan interest. The company not necessarily has to pay the dividend to investors unless the company has made sufficient return. But for debt capital, NMB must pay the debt amount with interest, no matter how the financial situation of company. The investors may also bring their expertise into the business. They can give contribution to ensure the company at the right path and in making any proper decision.
2.4.2 Solutions for Issue on Liquidity Risk
First and foremost, the possible solution to reduce liquidity issue is through efficiently handling of NMB’s trade receivables. The increasing in collection period from trade receivables will give impact to the liquidity risk. Therefore, NMB should speed up its conversion cycle of trade receivables in order to increase its cash inflow. The company can offer some benefits to entice the trade receivables. For instance, discount will be given to the trade receivables who settle the debt within 10 days after the bill has been issued. Besides, NMB should perform credit checking on the new trade receivables. This process can avoid the company from acceptance of clients who have bad credit history in this industry. Indirectly, it may help to reduce the bad debt. The shorter collective period of trade receivable will increase the company's cash balance, which indirectly reduce the liquidity risk. Moreover, the company should immediately follow up if there is any trade receivables have not pay when due. The liquidity problem will be reduce when NMB capable to manage its trade receivables efficiently.
Besides that, NMB itself also play an important role in improving the liquidity of company. NMB should pay its current liabilities as early as possible. The early payment to trade payables beneficial to the company as it may enable the company to enjoy discount and avoid the company from paying high interest rate. Settlement of short-term debts will reduce the owing amount, thus may improve the current ratio. NMB should select the suppliers that give a favorable credit term such as the company will be given discount if settle the debt earlier.
Moreover, NMB may promote cash sales rather than credit sales to its customers in order to increase the cash equivalent which will improve its liquidity position. NMB can give special discount to the customers if the counterparty agreed with the cash sales. The company will receive money if most of the sales carry out in term of cash basis. The increase of cash on hand will enable the company used the money to settle its debt as it has sufficient money. NMB will less face bad debt issue if the clients bought through cash basis. Hence, increase of cash sales will lead to better current ratio.
Based on our opinion, the best solution that can solve this issue is NMB should handle the trade receivables efficiently. This is because if the company manages to receive the payment from trade receivable on time, then the company can used the money to settle its debt and for running the operation purpose. The company could have a contractual agreement with its trade receivables so that they will pay the debt timely to avoid extra interest charge or penalty. If the conversion period of trade receivables do not improved, the company may not have sufficient money to pay debt and other expenses. Therefore, we believed that the effective management of trade receivables will improve the financial performance of NMB
2.4.3 Solutions for Issue on Rising of Raw Material Prices
To deal with the above issue, NMB can use commodity derivatives to hedge raw materials prices. It can be said as a risk-mitigation plan that applies by the company. NMB and its counterparties will reach a consensus where both of them agree at a fix price for the raw materials no matter how is the exchange rate. This can protect NMB from suffering significant unexpected price increase that caused by foreign exchange risk. In addition, NMB gained the edge by maintaining the purchase price of raw materials when there was an increase in commodity prices and exchange rates. Through this commodity derivative also NMB can overcome the rising prices of raw materials in the future. Efficient commodity derivatives will give benefits to the company.
Another possible solution to overcome the issue of increasing in price of raw material is searching for another new supplier. NMB should not limit itself to only current suppliers. NMB should collaborate with other suppliers who able to offer cheaper and high quality raw materials and competitive prices compared to existing suppliers. NMB can reduce the cost of raw materials within the company. Therefore, they need to have a lot of connections with new suppliers either domestically or overseas so they can get the best supplier choices. For example, when NMB gets a suitable supplier then it overcomes the shortage of raw material resources. NMB should not depend on the imported raw material. It should try to source for their raw material in local market. This can prevent the company from experience unstable currency exchange. Thus, it may reduce the cost of goods sold.
The best solution that NMB can choose to conquer with this problem is sourcing for new supplier. Means the source of raw materials obtained through new suppliers offering better goods and services from previous suppliers. Good supplier offerings such as timely delivery, quality raw materials and reasonable prices. A new supplier with a strong operating system will increase NMB production capacity. NMB also needs to consider a more profitable supplier by looking at the potential and performance of suppliers they want. This will contribute to efficiency and effectiveness in their supply operations. When a lot of information pertains to new suppliers then the company can identify suppliers who are more in line with the company's circumstances. NMB can choose the supplier that suit for their operation. For example, there is a list of approved suppliers; NMB can collaborate with those who offer cheaper price that can supply good value raw material to NMB. The company's choice of new potential suppliers will affect the success of NMB. A convenient supply chain can reduce risks and errors, where good supplier performances also can improve efficiency as businesses adapt to each other.
2.4.4 Solution for Issue of Creation of Counterfeit Goods by Others
The first solution that can be suggested in order to minimize the problem of counterfeit goods is through the investment with advanced anti-counterfeit technology in NMB. In this globalization era, it is better if NMB do invest and apply advanced anti-counterfeit technology for its products. QR code and Radio Frequency Identification (RFID) are types of tools that can avoid from any misleading and counterfeiting. NMB may apply this method to enhance product safety for all types of its product. It will be useful to track the products from factory to next level of parties. The ID Code will help in recording origin and history of the product as well identifying changes in hand each time they scanned the code. It is not a loss if NMB take cautious action by investing in advanced technology for the beneficial of the company.
The most common way to solve issue of fake product is by improving packaging of their production. Enhancement in packaging not only can attract buyers to choose the products but also a way to make the products distinct to other products. NMB fully utilize research and development (R&D) department to create and design new packaging style. For example, before this, technique to identify between fake and genuine Milo is based on the original Milo packaging will look as machine packed and cut. So, maybe after this, NMB can upgrade their design which can obviously show that that is the genuine not the fake one. NMB can play with colours or shape of the packaging to make its look interesting. Thus, crucial for NMB to make improvement to their products as people attracted into new design.
Nestle should try to increase the level awareness of their consumer to help stop the counterfeit industry. It is can effectively done through distribution knowledge or information to them. For example, by doing advertisements and campaign. Nestle should put into posters on magazine pages or shopping areas and broadcast it on the media about the hazards of counterfeiting. Then, by having a good advertisement and campaign, consumers able to increase their knowledge and assist them to think rationally. It is important to warn consumers about the consequences and dangers on buying counterfeit products as it can cause higher risk to their health and safety when consuming fake products.
After finalizing all suggested solutions, it is clearly that the best solution to solve issue of counterfeit products in NMB is by making investment in advanced anti-counterfeit technology. Technology is one of the external key successful factors of the organization. Keeping up with technology is necessary as it reflect on competency of the NMB with other competitors to stay on top. Besides, it shows NMB really want to serve the best quality products to its consumers. The company will leave behind if NMB refuses to keep update with technology advancement. QR an RFID are the most common, efficient and effective tools that can be used to detect counterfeiting of production. After scanning on the ID Code, just in one click, they can identify and record origin and history of the products. NMB can identify changes in hand each time they scanned the bar code on the products, too. This method will involve high cost of production because of the investment of high technology, but it reflects on NMB seriousness in ensuring a safety and high quality of brand to their customers. Therefore, it is clearly that technology vital to the successful of the company as it is a key indicator to compete in today’s business environment.
2.5 CONCLUSION
Nestle (Malaysia) Berhad involves in food and beverage industry with a wide range of well-known products such as Milo, Kit Kat, Maggi and some more in Malaysia over 20 years. Every year, NMB will improve and make innovation on its product line to retain the current customers and attract more potential buyers. NMB strive to achieve their tagline “Good Food, Good Life”.
Regardless of the company's excellent reputation, the company will still need to confront with a number of issues or challenges in order to sustain in the business. We found out that there are four issues in NMB. We have come out with the possible solutions and choose the best way to solve the particular issue. Begin with the issue on higher debt-to-equity ratio. It reflects that NMB did not have a good financial leverage over the years, which could lead to decreasing in company’s profit and the possibility of financial distress as the company demand on loans rather than equity to run the business. So, from the 3 possible solutions discussed in above, we recommend that the best solution that can be used to overcome this issue is by increasing the shareholders’ capital. This strategy enables them to increase the working capital and elude from paying high loan interest.
Second, the issue on liquidity risk, where NMB has a higher liquidity risk and thus they will faces financial difficulty. In order to solve this issue, the best solution that NMB should do is have to deal with the trade receivables competently so that the company can receive the payment timely from the trade receivables. This is because when they able to manage the trade receivables efficiently, then the company will have more money in hand, indirectly will enhance the financial performance of company.
Subsequently, due to the devaluation of Ringgit Malaysia in 2017 and rise in commodity price, has resulted NMB on rising of raw material prices which diminish the company’s profit. The best way for NMB is they should look for new suppliers that can offer them a lower price and high quality raw materials. They should not only depend on foreign suppliers, but also try to source in Malaysia market.
Lastly, NMB also get in with the issue of creation of counterfeit goods by others, where there are some irresponsible parties tried to copy and imitate Nestle’s product illegally. Therefore, the most feasible way to control this matter is applying anti-counterfeit technology. This method will cost a lot of money, but if we look in long run, it is worth as it benefit to the company.
REFERENCES
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4.0 APPENDICES
Table 1: Calculation of debt-to-equity ratio of NMB
Table 2: Statements of Financial Position of NMB from 2013 to 2017
Table 3: Calculation of current ratio of NMB
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