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1.

INTRODUCTION

Panasonic is the well known electrical manufacturing company established by the


founder, Mr. Konosuke Matsushita. The first commencement of the business in 1918 was selling
the duplex lamp socket. In 1920, the first company logo is designed with diamond surrounded
letter M as a target reaching symbol for the founder. Later in 1927, Panasonic produced bicycle
lamp under National brand name. The business is continuously developed with positive sales
growth even though the company has gone through series of economic crisis. The founder
decided to have a greater specialization in the further expansion beyond the industry where in
1951, Matsushita revamp the company outlook into a wider global business perspectives. The
decision was made after Matsushita went to US business trip for a closer business gap in the
electronic industry.

In 1961, the company started to provide the technical assistance to the oversea branches
and the manufacturing plants to support the global scale operations. The later expansion on the
products manufacturing in the electronic products does not limited in the home appliances only
but expand into the electronic devices, gadgets, until the small electronic parts including the
electronic products under SANYO brand after the business acquisition. In 1991, the management
began the “Environmental Charter” to perform the latest environmental friendly technologies in
the production manufacturing processes. Every operating unit began to apply the parameters of
the environment charter. Currently, Panasonic is the leader in the manufacturing company in
practicing the green technology.

Panasonic create the new perspective with the motto of “Innovation and Environment” for
the innovative corporate charter. The objective “ Contributing to the progress and development
of the society and the well being of the people worldwide through the organizational business
activities” as well as the new vision “To be number one green innovation company in the
electronics industry by 2018”. Staff becomes the main concern as the main engines for the
business progress in becoming the ideal manufacturing company by implement the divisional
organizational structure. Based on the structure though limiting the cooperation among the staffs
from different division, it is the most effective structure to manage the wide diversification of the
company business.

Diagram 1: Panasonic Divisional Organizational Chart


(Source: http://panasonic.net/es/company/org/)
2. EVALUATION ON PANASONIC’S PERFORMANCE OF 2017 AND 2018

In business, financial report is one of the indications of the company position in term of
quantitative analysis. The financial ratio analysis will become the powerful tools in calculating
the standardized relationship between the financial data recorded in the financial statement. This
will help the stakeholders to understand the financial position and the performance of the
company especially in facing the financial crisis.

2.1 Profitability Ratios

The profitability ratio involves the data in the income statement against the annual
revenue or total equity. While liquidity ratio reflects the company’s ability to generate the cash in
facing the solvency involving balance sheet data. Thus, to assessing the related information, the
information of Panasonic Manufacturing Malaysia Berhad will be considered.

(i) Returns in Shareholders’ Funds

Return in the shareholders fund is considers the return on the average total investment on
the shareholders’ equity. The ratio will measure the overall profitability of the company in the
view of the investors’ point of views. At the same time, the ratio indicates the efficiency of the
management in using the resources provided by the shareholders.

2018 2017
Return on Shareholders’ 𝟏𝟑𝟏, 𝟎𝟐𝟓 𝟏𝟐𝟕, 𝟏𝟏𝟖
𝒙 𝟏𝟎𝟎 𝒙 𝟏𝟎𝟎
Funds (𝟖𝟖𝟏, 𝟕𝟑𝟔 + 𝟖𝟐𝟏, 𝟕𝟖𝟒)/𝟐 (𝟕𝟕𝟗, 𝟏𝟎𝟑 + 𝟖𝟐𝟏, 𝟕𝟖𝟒)/𝟐
𝟏𝟑𝟏,𝟎𝟐𝟓 𝟏𝟐𝟕,𝟏𝟏𝟖
= 𝒙 𝟏𝟎𝟎 = 𝟖𝟎𝟎,𝟒𝟒𝟑.𝟓 𝒙 𝟏𝟎𝟎
𝟖𝟓𝟏,𝟕𝟔𝟎
𝑰𝒏𝒄𝒐𝒎𝒆 𝑨𝒇𝒕𝒆𝒓 𝑰𝒏𝒕𝒆𝒓𝒆𝒔𝒕 & 𝑻𝒂𝒙
= 15.38% = 15.88%
𝑨𝒗𝒆𝒓𝒂𝒈𝒆 𝑻𝒐𝒕𝒂𝒍 𝑬𝒒𝒖𝒊𝒕𝒚
Based on the financial report, Panasonic is increasing the income after interest and tax.
However, the return is slightly decreased by 0.5% as the shareholders are increasing their
investment from RM 800 million to RM 851 million (increased by 6.4%) while the income after
interest and tax only increased by 3.1%.

(ii) Gross Profit (as Percentage of Sales)

The ratio is calculated by consider the net sales minus the cost of goods sold in
representing the profit margin gained by the company as the percentage of the net sales. The cost
of goods sold will include the cost in associate of producing the products including the expenses
of selling, general and administrative expenses.

2018 2017
Gross Profit 𝟏, 𝟏𝟗𝟗, 𝟏𝟐𝟎 − 𝟗𝟓𝟔, 𝟓𝟔𝟏 𝟏, 𝟏𝟐𝟐, 𝟗𝟔𝟒 − 𝟖𝟗𝟗, 𝟏𝟎𝟓
𝒙 𝟏𝟎𝟎 𝒙 𝟏𝟎𝟎
𝟏, 𝟏𝟗𝟗, 𝟏𝟐𝟎 𝟏, 𝟏𝟐𝟐, 𝟗𝟔𝟒
𝟐𝟒𝟐,𝟓𝟓𝟗 𝟐𝟐𝟑,𝟖𝟓𝟗
𝑹𝒆𝒗𝒆𝒏𝒖𝒆 − 𝑪𝑶𝑮𝑺 = 𝒙 𝟏𝟎𝟎 = 𝒙 𝟏𝟎𝟎
𝟏,𝟏𝟗𝟗,𝟏𝟐𝟎 𝟏,𝟏𝟐𝟐,𝟗𝟔𝟒
𝑹𝒆𝒗𝒆𝒏𝒖𝒆
= 20.22% = 19.93%

To illustrate the gross profit for Panasonic, the net sales are increase from RM1.1 billion
in 2017 to RM1.2 billion which is the gross profit was increase from 19.93% to 20.22%.

(iii) Net Profit (as Percentage of Sales)

While the net profit ratio is calculated to measure the overall profitability of the business.
The higher the ratio indicated the efficiencies in the business management. The comparison with
the previous years will become the benchmark to evaluate the improvement of the business.
Therefore, the ratio will be compare with the industry averages and the forecast of the
management on the net profit to help the investors indicates their investment return.
2018 2017
Net Profit 𝟏𝟑𝟏, 𝟎𝟐𝟓 𝟏𝟐𝟕, 𝟏𝟏𝟖
𝒙 𝟏𝟎𝟎 𝒙 𝟏𝟎𝟎
𝟏, 𝟏𝟗𝟗, 𝟏𝟐𝟎 𝟏, 𝟏𝟐𝟐, 𝟗𝟔𝟒

𝑵𝒆𝒕 𝑷𝒓𝒐𝒇𝒊𝒕 𝒂𝒇𝒕𝒆𝒓 𝑻𝒂𝒙


𝑺𝒂𝒍𝒆𝒔 = 10. 93% = 11.32%

The net profit after tax for Panasonic in 2018 has been slightly increase from RM 127
Million in 2017u to RM 131 million in 2018. However, the net profit ratio has been decrease
from 11.32% to 10.93%. The net profit is increase, so does the sales. The increasing in cost of
raw material in producing the goods, distributions and marketing costs as well as the tax payable
contributes to the decreasing in net profit margin for 2018.

(iv) Return on Assets Ratio

Assets are come from the capital investment of the company’s shareholders. Therefore, it
is important to make sure positive return on the assets to show the efficient of the management in
using the assets to generate profits for the investors. The return on the assets is highly depends on
the industry performance thus the ratio will be compare with the other players in the same
industry.

2018 2017
Return on Asset Ratio 𝟏𝟑𝟏, 𝟎𝟐𝟓 𝟏𝟐𝟕, 𝟏𝟏𝟖
𝟏, 𝟎𝟕𝟏, 𝟏𝟗𝟒 𝟏, 𝟎𝟎𝟓, 𝟒𝟒𝟒

𝑵𝒆𝒕 𝑰𝒏𝒄𝒐𝒎𝒆
𝑻𝒐𝒕𝒂𝒍 𝑨𝒔𝒔𝒆𝒕𝒔 = 0.12 X = 0.13 X

The income for Panasonic on 2018 has been increased, however the ratio for return on
assets decreased from 0.13 times to 0.12 times. Though the change has not presence significant
impact on the assets management efficiencies, but the management need to alert on the signs of
business misconduct.
2.2 Liquidity Ratio

(i) Current Ratio

Current ratio is calculated to indicate the liquidity of the company. It measures the ability
of the company to fulfil their short term obligation based on the available current assets. The
larger amount of the current liabilities assured the company is able to pay the obligation that
coming due will be paid. The analysis of the liquidity ratio will consider the improvement on the
current ratio especially in considering the ability of the company to have more current assets
rather than slow moving inventories.

2018 2017
Current Ratio 𝟖𝟑𝟒, 𝟒𝟔𝟑 𝟕𝟔𝟗, 𝟖𝟒𝟗
𝟏𝟖𝟗, 𝟏𝟗𝟕 𝟏𝟖𝟑, 𝟒𝟐𝟖

𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝑨𝒔𝒔𝒆𝒕𝒔 = 4.41 X = 4.20 X


𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝑳𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔

The company is the multinational corporation that is operates in most of the major
countries in the world. The management of the company consider having low financial assistance
from the financial institutions with more capital injection from the parents and sisters company.
Therefore, there Panasonic is showing above average current ratio with 4.20 times in 2018 and
the company had increased the current assets to RM 834 million (2017: RM769 million) to make
2018’s current ratio increased to 4.41 times.

(ii) Acid- test Ratio

Where the current ratio is considering the ability of the company to fulfil the short term
obligation, acid- test ratio is similarly considering the ability of the company for short term
obligation but it will only include the total cash, temporary marketable securities and account
receivable to compare with the current liabilities. The ratio will only consider the cash and the
assets that can convert to cash instantly.

2018 2017
Acid- Test Ratio 𝟔𝟓𝟎, 𝟔𝟏𝟎 𝟔𝟎𝟐, 𝟒𝟑𝟏
𝟏𝟖𝟗, 𝟏𝟗𝟕 𝟏𝟖𝟑, 𝟒𝟐𝟖

𝑪𝒂𝒔𝒉 & 𝑪𝒂𝒔𝒉 𝑬𝒒𝒖𝒊𝒗𝒂𝒍𝒆𝒏𝒕𝒔 = 3.44 X = 3.28 X


𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝑳𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔

By considering the cash and cash equivalents, the ratio is lower than the current ratio.
However, the amount is still above the industry average where on 2017 the ratio is at 3.28 times
while on 2018 it has been increase to 3.44 times.

(iii) Trade Payables to Purchase Ratio

The ratio is to measure the short term liquidity of the company which company is
required to pay to the suppliers. The ratio is considering the ability of the company to pay their
supplier where the higher the number the shorter time for the company to pay the supplier. The
ability to pay their supplier will indicate the actual financial condition of the company.

2018 2017
Trade Payable to Purchase 𝟏𝟐𝟐, 𝟏𝟐𝟖 𝟏𝟐𝟏, 𝟏𝟗𝟕
Ratio 𝟏𝟖𝟏, 𝟗𝟏𝟗 𝟏𝟕𝟓, 𝟓𝟒𝟗
= 0.67 X = 0.69 X

𝑻𝒐𝒕𝒂𝒍 𝑺𝒖𝒑𝒑𝒍𝒊𝒆𝒓 𝑷𝒖𝒓𝒄𝒉𝒂𝒔𝒆


𝑨𝒄𝒄𝒐𝒖𝒏𝒕 𝑷𝒂𝒚𝒂𝒃𝒍𝒆

Panasonic recorded the trade payable to purchase ratio at 0.69 times in 2017 and slightly
decrease in 2018 to 0.67 times. The number is a sign to the management that the company is
facing the financial constraint and could reflect the negotiation of the company with the other
debtor. The internal investors may inject more capital or to retain the share distribution as capital
to the company but the management need to take the early action to increase the profit of the
company.

(i) Inventory Turnover

The ratio shows the efficiency of the company to prepare the order of their customers on
time. The higher the ratio the better the company is preparing the order on time. This will also to
indicate if the company is retain excess or obsolete inventories. Thus, to identify the problem, the
inventory turnover will measure the inventory management by compare it to the recent sales of
each item.

2018 2017
Inventory Turnover 𝟗𝟓𝟔, 𝟓𝟔𝟏 𝟖𝟗𝟗, 𝟏𝟎𝟓
(𝟓𝟎, 𝟐𝟖𝟒 + 𝟓𝟎, 𝟑𝟑𝟏)/𝟐 (𝟓𝟎. 𝟐𝟖𝟒 + 𝟒𝟑, 𝟖𝟒𝟒)/𝟐
𝟗𝟓𝟔,𝟓𝟔𝟏 𝟖𝟗𝟗,𝟏𝟎𝟓
𝑪𝒐𝒔𝒕 𝒐𝒇 𝑮𝒐𝒐𝒅𝒔 𝑺𝒐𝒍𝒅 = =
𝟓𝟎,𝟑𝟎𝟕.𝟓 𝟒𝟕,𝟎𝟔𝟒
𝑨𝒗𝒆𝒓𝒂𝒈𝒆 𝑰𝒏𝒗𝒆𝒕𝒐𝒓𝒊𝒆𝒔
= 19.01 X = 19.10 X

Even though the changes is not so obvious, the ratio in 2018 is at 19.01 times compare to
19.10 times in 2017. The small changes is the early sign to the company to manage their
inventory in better way and check whether there is any obsolete inventories in hand.

2.3 Solvency Ratio

(i) Debt to Total Asset Ratio

The ratio is indicates the financial leverage of the company that shows the percentage of
total assets that are financed by the creditors and other debts. The higher the percentage shows
the company are more leverage and facing higher risks.
2018 2017
Debt to Total Asset Ratio 𝟏𝟖𝟗, 𝟒𝟓𝟖 𝟏𝟖𝟑, 𝟔𝟔𝟎
𝟏, 𝟎𝟕𝟏, 𝟏𝟗𝟒 𝟏, 𝟎𝟎𝟓, 𝟒𝟒𝟒

𝑻𝒐𝒕𝒂𝒍 𝑳𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔
𝑻𝒐𝒕𝒂𝒍 𝑨𝒔𝒔𝒆𝒕𝒔 = 0.18 X = 0.18 X

Panasonic is showing the lower debt to total asset ratio on both years at 0.18 times. The
company is maintaining lower liabilities numbers with greater assets in term of cash and cash
equivalents within the company. Lower liabilities does shows that the company is depends more
on the equity to run the business compare to debts.

(ii) Times Interest Earned Ratio

The time interest earned ratio is important for the creditors and the investors to evaluate
the financial conditions and the dependencies of the company to run the business. The company
that have weak ratio will face the difficulties in raising sufficient funds for business operations.

2018 2017
Time Interest Earned Ratio
𝑰𝑰𝑰, 𝑰𝑰𝑰 𝑰𝑰𝑰, 𝑰𝑰𝑰
𝑰𝑰𝑰𝑰𝑰𝑰 𝑰𝑰𝑰𝒐𝑰𝑰 𝑰𝑰𝑰𝑰𝑰𝑰𝑰 & 𝑰𝑰𝑰 𝑰𝑰 𝑰𝑰
𝑰𝑰𝑰𝑰𝑰𝑰𝑰𝑰 𝑰𝑰𝑰𝑰𝑰𝑰𝑰𝑰
= 4690. 27 X = 2022.40 X

As being mentioned, Panasonic is maintaining the low level of external debt by


maintaining high equity within the company. On 2017 the company recorded the time interest
earned ratio at 2022.40 times and it has been increase to 4690.27 times on 2018. At the same
time the parents and sisters company also provide loans to the other subsidiaries and branches to
avoid the whole organisation too much depends on the external financing. High number of ratio
shows that the company is only requires minimum amount of financial facilities and it is a good
indicators for the investors
3. PERFORMANCE OF THE COMPANY

The performance of the company is summarizing as follow;

2018 2017
Profitability Ratio
Return on Shareholders’ 15.38% 15.88%
Funds
Gross Profit 20.22% 19.93%
Net Profit 10. 93% 11.32%
Return on Asset Ratio 0.12 0.13
Liquidity Ratio
Current Ratio 4.41 X 4.20 X
Acid- Test Ratio 3.44 X 3.28 X
Trade Payable to Purchase 0.67 X 0.69 X
Ratio
Inventory Turnover 19.01 X 19.10 X
Solvency Ratio
Debt to Total Asset Ratio 0.18 X 0.18 X
Time Interest Earned Ratio 4690. 27 X 2022.40 X

3.1 Profitability

Panasonic has been recorded a positive sales growth in 2018 with RM 1.2 billion
compare to RM 1.1 billion on 2017. However, the increasing of the cost of manufacturing the
goods, marketing and distribution costs as well as the increase in tax payable had affected the
return on the equity. Marketing is the management process for the business to anticipate the
methods to satisfy the customers to maximize the profitability. However, the increase of the
marketing costs had affected the return to the shareholders.
The basic functions of the business in doing the product innovation thus market the product
marketing style is different based on the nature of the business. The innovation of the business
into green product technology requires high investment however, for longer term the company is
able to maintain the production costs and maintain the gross profits at sufficient level even in the
difficult economic conditions. In order to penetrate the market and increasing the shares portion
of the global business, Panasonic continue the principles in preserving the nature. In order to
grow the Eco- Navi air conditions market, the management agreed to focus shift the focus on the
quantity into the profitability by reducing the fixed costs. The transformation will help to
increase the marginal profit ratio via the cost restructure.

3.2 The Efficiencies of Profit Conversion from Revenue

The innovation of the products is the variety from many products range from the basic
home appliances into the sophisticated appliances to cater different need of the customers. The
productions are unique in term of the features and specifications compare to other brands.
Panasonic engaged in the massive promotional activities in Malaysia via the mass media
advertisement and road shows. The customers respond very well on the new products with the
significant profit increments every year.

Though the company recorded high revenue for the years, high cost of productions had
affected the profit of the company. The return on assets has been reduced for 2018 as the net
income is insufficient to raise the return on the assets used. The other costs that are out of their
control such as taxes, interest charge as well as distribution and marketing costs keep on
increasing from 2017 to 2018. Therefore, to maintain the sufficient net profit for 2018, the
management had reduced the administrative expenses and other operating expenses while
increasing the operating income.
3.3 Resources and Asset Usability

Capital structure and financial structure is the terms used in business to analyze the
potential risks and profit earnings to the owners as well as the creditors form their funding
portion of the organization. The funding is purposely using to support the company’s operation
and business set up. One of the purposes of the financing other than to support the business
operations are to purchase the assets of the company. Compare to current assets, fixed assets
usually expensive and specifically build for the unique operation process of the company.
Therefore, the ability to liquidate the assets may take some times to find the suitable buyer with
the offered price.

Assessing the debt- equity part of Panasonic can enhance the understanding on the capital
structure of the corporation. Both are the short term and long term funding to support the growth
of the corporation as well as the related assets. Equity of Panasonic is consists of the common
and preferred stock as well as the retained earnings which reported in the balance sheet of the
company. The commitment of the shareholders in order for the company’s long term
sustainability was showed in the balance sheet report where high retain earning are maintain for
the revolving capital of the business. The company is maintaining high ratio of inventory
turnover to shows the efficiency of the manufacturing team in preparing the products to fulfil the
market needs and at the same time increase the revenue of the company.

3.4 Ability to Meet the Short Term Obligation

For stronger established company, most of the times the capital requirements are obtain
either from. However, most of the business obtains the capital from the creditors either the
financial institutions or other creditors such as the supplier. The fixed assets equity ratio assessed
that the company is self purchasing the equipment by a minimum portion of the creditors’ capital
top up. The decision made to not to depending on the capital debts since the dependency will
increase the costs on the interest payable. The liquidity ratio shows that Panasonic has no
problem to face their short term obligations.
For the liquidity assessment of Panasonic, the ratio shows high number that showing that
Panasonic has no issue in meeting their short term obligation. Even with the cash and cash
equivalent retained by the company, they are able to meet their short term obligation with above
market average ratio. The current ratio recorded at 4.41 times while acid- test ratio is recorded at
3.44 times on 2018. The ratio is showing that the company is purchasing most of the fixed assets
using the equity funding. The ratio taking the consideration on the company’s long term debts by
comparing it with the total value of the preferred and common stock into the calculation. Based
on the calculation on the Panasonic’s balance sheet figures, the company shows less dependency
on the debts is recorded.

3.5 Sufficient Cash Generation for Organisation Growth and Sustainable

Determine the leverage of the company by including all the short term and long term debts.
The total capital is includes the company’s debt with the equity injected by the shareholders by
taking into the consideration the common stocks, preferred stocks, minority interest and the net
debts. Panasonic showed the positive trend on the ratio from 2017 to 2018 financial years. The
trend shows that the company is not relying on the creditors’ funding in order to ensure the
improvement in the manufacturing operations. For the raw material purchases, the company
decided to buy more on cash by analyze on the trend of the trades payable to the creditors which

The focus on using the equity financing instead of the debt financing is enable Panasonic to
maintain the low leverage level at all time. The corporation is at lower risk in facing the
liquidation as there is limited debt financing repayable to establish a stronger position company
with lowers shares of secured and unsecured debt. Therefore, Panasonic is able to depend on
their corporate creditworthiness in assessing the overall performance. Panasonic has no problem
to grow and sustain their business with the injection from the parents and sisters company.
Therefore, the company is not paying high financing cost and can focus on business growth.
4. CONCLUSION

Financial performance determines the health of the business within the specific financial
years among the players within the same industry. The focus on using the equity financing
instead of the debt financing is enable Panasonic to maintain the low leverage level at all time.
The corporation is at lower risk in facing the liquidation as there is limited debt financing
repayable to establish a stronger position company with lowers shares of secured and unsecured
debt. Therefore, Panasonic is able to depend on their corporate creditworthiness in assessing the
overall performance. Panasonic is one of the Japanese national products that are able to spread
the business to the entire world with the penetration of the special green products features.

The establishment of the Panasonic Manufacturing Sdn. becomes one of the income
generators for the business. Latest on 2014, the company has increase 4% revenue mainly
contributed by the Fan ranges of products. Though in the economic turmoil, the company
nevertheless recorded a positive growth due to less dependency on the debt financing which
cause the company to incur high interest payable cost. The stronger financial performance due to
the assets- liabilities management result the low debt ratio and high abilities of the company to
maintain the interest payable. Referring to the analysis, 90% of the fixed assets for Panasonic is
payable by the equity funding that enable the company to manage the financial effectively and
free from the economic uncertainty that cause the fluctuation on the interest rates.

The decision made Panasonic’s liquidity rates at the sensible level though most of the
assets are recorded as the fixed assets. The less dependency on the debt financing becomes a
good indicator for the debtors. However, it is also indicate a negative sign and questionable on
the low debt financing which is either the management is prefer to use the equity financing or
there are some credit issues of Panasonic that is limits the ability of credits facilities granted.
Therefore, in the view of the investors, the investment on Panasonic will give a good return as
the Group has the responsibility to ensure the company is continuously sustain and grow.
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