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Sunday, 20 November 2011

细解TIMECOM Turnaround 改革三部曲 第一部 (正常篇)

细解TIMECOM改革三部曲-
第一部-盈利盈利还是盈利(正常篇)


TIMECOM 转亏为盈的真相
Afzal如何这么厉害能在短短时间里将TIMECOM转亏为盈?
难道他像Idris Jala般金指一点便能起死回生?

其实Afzal 还未入主TIMECOM已有人准备就绪让它从新出发。 是谁?我怎知道?你以为我是谁?(看吹水篇)

一般公司转亏为盈脱离不了开源节流,但TIMECOM有今日大部分是离不了一颗保命丸-DIGI.Com

以下的分享比较正式,英文部分都是从年报copy and paste 的,顺序按照年份来排,希望不会闷到大家。



2006 Revenue RM335.4 million 亏RM177mil




2007 Revenue RM301.1 million 亏RM 160mil

-the lower revenue was mainly attributable to stiffer competition resulting in lower usage of fixed-line voice and payphone services.


-the main revenue contributors during the year under review were the Group’s voice and payphone services, 58.4 percent to TIME dotCom’s total revenue.


-Other significant contributions to the revenue are data and broadband services which amount to 30.1 percent of the total revenue.
-Annual Report 2007 pg8

感想:亏到火烧眉毛,voice and payphone还占有收入〉50%,而且是亏钱那种。


-During the year, the Group through its wholly-owned subsidiary had acquired 50.25 million of DiGi.Com Berhad (“DiGi”) shares at a price of RM 21.50 per DiGi share amounting to RM1,080.4 million representing 6.5% of the enlarged issued and paid-up share capital of 777.5 million DiGi shares.The acquisition was financed through a bank loan secured over all the DiGi shares.

-On 14 November 2007, the Board made a strategic decision to enter into an alliance with DiGi, which will result in the transfer of the Group’s 3G spectrum to DiGi in return for 27.5 million new DiGi shares, representing 3.5 percent of its enlarged paid-up share capital.

-Upon completion of the transfer of the 3G spectrum, TIME dotCom will eventuallyhold a total interest of 10.0 percent of DiGi’s enlarged paidup share capital.
-Annual Report 2007 pg42

感想: 上市公司借钱买股炒股,利用官营身份之便夺得3G谱,还要厚着脸皮说要与DIGI合作互惠互利。最后还持有10% DIGI股,让DIGI 哑口吃黄连。。







2008 Revenue RM286.5 million亏RM 949.6mil 亏损上升~300%---The decrease in revenue was largely contributed by declining payphone and fixed line revenues.

-While data and managed services revenue rose by 55.8%, the rise was not significant enough to offset the 23.3% loss in voice and payphone revenue from 2007 to 2008.

-The losses were due to assets write-off, provisions for impairment of goodwill, assets and inventories, as well as provisions for diminution in value of other investment amounting to RM1,303.8 million. At the same time, the Group revised the useful life of its telecommunications network resulting in additional depreciation charges of RM198.5 million.

-As a result of the above exercise, the Group is now in a better position to begin 2009 on a clean slate. The financial performance of the Group in 2009 will now be more closely influenced by the productivity of the Group.

-These losses, however were mitigated by the gain on the transfer of the 3G spectrum amounting to RM617.0 million to DiGi and the dividend income from DiGi shares of RM151.0 million.

-The Group also incurred finance cost of RM72.3 million in relation to loans obtained in 2007 to finance the purchase of DiGi shares.
  -Annual Report 2008 pg 10
感想:注意了,Timecom做出一次性减计已让Afzal 进来时可以大展拳手,这招airasia也用过。简单来说就是让今年亏损报大,因为产业的depreciation可以flexible处理。

搞笑的是DiGi dividend income RM151.0 million,他的Revenue RM286.5 million。
这种情形到2010还发生着,迟些分享。


Completion of TIME dotCom – DiGi Alliance
-An earlier acquisition in 2007 resulted in TIME dotCom Berhad (TdC) acquiring a 6.5% shareholding in DiGi.Com Berhad (DiGi).
Subsequently, on 12 May 2008, TdC transferred the Group’s 3G spectrum to DiGi in consideration of the issuance of 27,500,000 new ordinary shares of RM0.10 each, which further increased the Group’s holding in DiGi to 10%.

-Subsequently in January 2009, the Group decided to divest 2.9% of its holdings in DiGi stocks as a means of managing the fast changing business scenario and prevalent market conditions.
This effectively reduced the level of its borrowings by RM461 million and reduced its gearing from 1.08 to 0.59 times.

-Furthermore, as a result of the TdC-DiGi alliance, TT dotCom Sdn. Bhd. (TTdC) was appointed DiGi’s wholesale supplier for 3 years, resulting in a minimum of RM12.5 million in fixed bandwidth revenue each year.
-Annual Report 2008 pg 10

感想: 看看DIGI几帮他吧,TDC炒他的股票还要给他生意做。都不知TDC卖股票时DIGI是不是一边骂一边买回。在那念我直接给你钱好了,一买一卖我还要亏水钱。


TDC这样占DIGI便宜也有点不好意思,抚心自问我是不是很过分?我要不要做点什么?

Afzal进来后想想,哇太过分了吧,帮到这么出脸,如何显示我的能干?不可以!!我要干些什么。。结果TDC终于开始节流。。。




-Simultaneously, we have consistently sought to adjust our internal expectations towards reducing,or indeed eliminating, all costs that are not directly related to our 2009 targets including above-the-line advertising and certain capital expenditure items.

-Our move from Wisma TIME in the centre of KL to our own premises in Glenmarie in early 2009 was one such TIME dotcom example of this adjustment, saving the Group RM3.5 million annually in the process.
-Annual report 2008 pg14&15


-The Company has, on 1 December 2008 entered into a Share Sale Agreement with PayComm Sdn. Bhd. for the disposal of the Company’s entire equity interest comprising 116,805,285
ordinary shares of RM1.00 in TIME Reach Sdn. Bhd. (“TRSB”) for a cash consideration ofRM8,300,000.
-TimedotCom Annual Report 2008 67
感想:够了,勒紧裤带吧!打什么广告? CUT ! 还想在中环上班? 搬家!!!!亏钱的部门?? CUT !!!








2009 revenue RM286.8 million profit after tax of RM33.1 million-we managed to make up revenues lost from the divestment of our payphone business earlier in the year, as detailed in the following pages of this report.

-However, revenue erosion in our fixed-line voice services continues to affect our growth story.

-Our growth in data and non-data services were significant. This means that for the first time, we are growing our market share.

感想:坚决砍掉payphone business ,数据服务见到成长。
可怜的最后一句。。。第一次or 第一千零一次。。我们成长啦!!!!!!


-Under the objective to cut our borrowings, we disposed a total of 50.25 million shares in our investment of DiGi.Com Berhad (DiGi), consisting 22.50 million shares at RM20.60 each in January. Subsequently in August, we disposed of another 27.75 million shares at a price of RM21.80 ringgit each.The disposal, which amounted to approximately 6.5 percent of DiGi’s entire share capital, raised a total of RM1.07 billion for the Group, which allowed us to fully settle our borrowings.

-Following this sale, we are left with about 27.5 million DiGi shares, or approximately 3.5 percent equity interest in DiGi,
which is expected to continue to yield us dividend income.

-The Group is now debt-free and able to raise capital to enhance and improve our network, services and coverage.
Annual; report 2009 pg8

感想: 再卖DIGI 来保命,最后剩下3.5% 。
TIMECOM 终于还清所有负债,有借有还,再借不难。


-As part of that initiative to address manpower, we retrained 30 percent of our workforce, mainly in the sales and technical divisions, equipping them with the latest industry knowledge to better represent the company.
-Annual; report 2009 Pg9

感想: 砍了一些人,重新训练一批人。









2010 Revenue RM286.8 million profit after tax of RM107 million


-For example, we posted revenues from our global bandwidth business in the current year, a new revenuestream, from zero contribution a year earlier. However, the fact is while global bandwidth continues to look promising, it also tends to be non-linear and inconsistent, not just in revenues, but also in regards to margins.

感想:第一次把宽带生意纳入收入,但这是不稳定,不重复,更惨是连赚幅也不稳定。 怕吧?


-Most importantly, the bulk of this advance came from data services, an area of business we expect will be our mainstay for the future.

感想: 数据服务 是未来主力。

-All this has resulted in us ending the year in good a financial position: the three months ended December was the seventh straight quarter of growing revenues and profits. Of course, it might be difficult to continue this performance, but we are certainly going to try our hardest.

感想: 暗示接下来路难走了。。。担心。。


-I am proud to say that we are also financially healthy: cash and cash equivalents of RM199.7 million at the end of December, up 15% from RM173.6 million in the previous corresponding year.
We are also now debt-free, which means our finance costs are now at zero, giving us lots of room to take on debt if at all necessary in future.

感想: 吹一下自己无负债,净现金


-We also continue to own a strategic 3.5% stake in DiGi.Com Bhd where we received an additional RM48 million in dividend income for the year, making it a good passive investment for TIME.

感想:保命丸DIGI还有3.5% ,留来保命。


                                 完

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