Financial Performance

Analysis:
Kimia Farma and
Kalbe Farma

SYNDICATE GROUP 4

29320071 - Putra Gusrianto

29320115 - Anggia Saniagati
29320130 - Rahajeng Puput Aryani
29320149 - Fadhila Nurfida Hanif
 Introduction

Case Objective
Financial Performance Analysis

Content
Result and Conclusion
Recommendation
Introduction
PT Kimia Farma Tbk PT Kalbe Farma Tbk

About About
First pharmaceutical industry company in Established in 1966 and now is one of the
Indonesia established by the Dutch Indies leading pharmaceutical company in Indonesia
Government in 1817. Now is one of BUMN.

Business Business
Pharmaceutical industry, Trade and Distribution, Prescription Pharmaceutical Division, Consumer
Pharmaceutical Retail, International Trade Health Division, Nutritionals Division, and
Distribution and Logistics Division

First Initial Public Offering (IPO) First Initial Public Offering (IPO)
On 4 July 2001 (200 IDR), Company was listed at First listed in BEI (Bursa Efek Indonesia) on 30
Jakarta Stock Exchange and Surabaya Stock July 1991 (7,800 IDR).
Exchange.
KAEF Historical Data
KAEF's share price in 2001 was 200 IDR, in December 2019 it reached 1,250 IDR and
then in January 2021 it had reached 3,120 IDR. This is even more attractive because its
value increases by 149.60% in one year. 

In this case, PT Kalbe Farma Tbk is used

as a comparison company because Kalbe
is a private company engaged in the same
field as Kimia Farma and is considered
worthy of being a benchmark for Kimia
Farma as a state-owned company.
 Trend Analysis BUMN Financial Scoring
The data used are the SK BUMN Nomor : Kep-100/Mbu/2002
financial statements of Kimia Tentang Penilaian Tingkat Kesehatan
Farma and Kalbe Farma from Badan Usaha Milik Negara

Analysis
2017 to 2019.

Methods

Du Pont Analysis
Evaluate the component
parts of a company's return
on equity (ROE) to compare
the operational efficiency of
KF and Kalbe

5
Trend
Analysis

Kimia Farma Kalbe Farma There are four main aspects:

Aspects revenue, market, return, and debt
2017 2018 2019 CAGR 2017 2018 2019 CAGR
performance
Revenue
Gross Profit Margin 35.93% 39.76% 37.27% 1.85% 48.62% 46.73% 45.26% -3.5%
Operating Profit Margin 8.74% 11.17% 5.34% -21.87% 16% 15.72% 15% -4.2%
Net profit margin 5.41% 6.33% 0.17% -82.27% 11.91% 11.66% 11.08% -3.5% All ratios are taken from the
COGS to revenue 64.07% 60.24% 62.73% -1.05% 51% 53.27% 55% 3.2% financial statements of Kimia
Operating expenses to Farma and Kalbe Farma.
29.24% 30.69% 34.17% 8.09% 33% 31.01% 31% -3.2%
revenue
Market For earning per share, ROA, and
Earning per share 58.84 88.51 -2.29 N/A 51.28 52.42 53.48 2.1% ROE of Kimia Farma, the CAGR
356385.7 can not be calculated because
Book value per share 589.469 746.5355 1334.700576 50.47% 296406.016 326284.7 5 10%
the value in 2019 negative
Return
Return of assets 4.49% 4.34% -0.07% N/A 14.47% 13.54% 12.37% -7.5%
Return of equity 11.79% 13.25% -0.22% N/A 17.30% 16.07% 15.01% -6.9%
Debt
Debt to equity 122.12% 173.24% 147.58% 9.93% 2.27% 1.96% 4.89% 46.8%
6
Debt to capital 54.98% 63.40% 59.61% 4.13% 1.90% 2.33% 4.03% 45.6%
 Trend Analysis Chart
CAGR on Revenue Aspects CAGR on Market Aspects
20.00%

10%
0.00%
Gross Profit Margin Operating Profit Margin Net profit margin COGS to revenue Operating expenses to Book value per share
revenue
-20.00% 50.47%

-40.00%

2%
-60.00%
Earning per share

-80.00%

-100.00% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00%

Kimia Farma Kalbe Farma Kimia Farma Kalbe Farma

•• There
There are
are 33 indicators
indicators in
in revenue
revenue aspect
aspect that
that shows
shows Kalbe
Kalbe Farma
Farma has
has better
better growth
growth than
than Kimia
Kimia Farma
Farma >> Operating
Operating Profit
Profit
Margin,
Margin, Net
Net Profit
Profit Margin,
Margin, and
and Operating
Operating expenses
expenses to
to revenue.
revenue.
•• Net
Net profit
profit margin
margin CAGR
CAGR of of Kimia
Kimia Farma
Farma was
was plummeted
plummeted from from 2017
2017 to
to 2019,
2019, especially
especially in
in 2019,
2019, where
where thethe values
values isis the
the
lowest
lowest (0.17%).
(0.17%). This
This indicates
indicates that
that the
the company's
company's profit
profit has
has decreased
decreased drastically
drastically from
from the
the previous
previous year.
year. This
This isis caused
caused by
by
increase
increase of
of the
the Ratio
Ratio of
of Cost
Cost of
of Goods
Goods Sold
Sold to
to Revenue
Revenue in in 2019
2019 by
by 2.49%
2.49% compared
compared to to 2018
2018 and
and increase
increase in
in the
the Ratio
Ratio of
of
Operating
Operating Expense
Expense to
to Revenue
Revenue inin 2019
2019 by
by 3.48%
3.48% compared
compared to to that
that of
of the
the year
year 2018.
2018.
•• On
On earnings
earnings per
per share,
share, Kimia
Kimia Farma
Farma has
has decreased
decreased drastically
drastically that
that the
the years
years ended
ended December
December 31,
31, 2019
2019 and
and 2018
2018 amounting
amounting
to
to (Rp2.29)
(Rp2.29) and
and Rp.88.51
Rp.88.51 respectively.
respectively.
 Trend Analysis Chart

CAGR on Return Aspects CAGR on Debt Aspects

50.00% 46.8% 45.6%
45.00%

-6.9% Return on equity 40.00%

35.00%
30.00%
25.00%
20.00%

-7.5% Return on assets 15.00%

9.93%
10.00%
5.00% 4.13%

0.00%
-7.60% -7.50% -7.40% -7.30% -7.20% -7.10% -7.00% -6.90% -6.80% -6.70% -6.60% Debt to equity Debt to capital

Kalbe Farma Kimia Farma Kalbe Farma

Kalbe
Kalbe Farma
Farma has higher
has higher CAGR
CAGR on on debt
debt aspects
aspects than
than
In
In 2019,
2019, ROE
ROE and
and ROA
ROA ofof Kimia
Kimia Farma
Farma has
has negative
negative Kimia
Kimia Farma
Farma indicates
indicates that
that thethe company
company is is getting
getting
values
values so
so CAGR
CAGR can’t
can’t be
be calculated
calculated in
in term
term of
of 2017
2017 -- more
more of
of its
its financing
financing by
by borrowing
borrowing money money every
every year
year
2019
2019 periods.
periods. over
over the
the lastlast three
three years,
years, which
which subjects
subjects the
the
company
company to to potential
potential risk
risk ifif debt
debt levels
levels are
are too
too high.
high.
 BUMN Financial Scoring
Kimia Farma Kalbe Farma
INDICATORS Weighted 2019 2019
   
Ratio Score Ratio Score
Kalbe Farma Profitability Performance
-
AA (Healthy) A.1 ROE Ratio 20 -0.22% 15.01%
20

A.2 ROI Ratio 15 2.92% 3.0 54.17% 15.0

95.0%
Liquidity Performance
B.1 Cash Ratio 5 18.40% 118% 5
3
B.2 Current Ratio 5 99.36% 435.47% 5
Kimia Farma 2
Activity Performance
B (Less Healthy) C.1 Collection Period (days) 5 110.00 4 57.62 5
C.2 Inventory Turnover (days) 5 154.00 3.0 60.28 4.5
C.3 Total Asset Turn Over (TATO) 5 63.34% 3.0 180% 5.0
Solvency Performance
Total Equity to Total Asset (TETA) 10 40.39% 9.0 0.82 7 
38.57% TOTAL       66.5
27.0
WEIGHT 70   70   70
TOTAL WEIGHT   38.57%   95.0%
SCORE     B (Less Healthy)   AA (Healthy)

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 BUMN Financial Scoring

• From the BUMN Financial Scoring, we

can concluded that Kalbe Farma is
healthier than Kimia Farma.
• Kalbe Farma has better significant value
on ROE, ROI, Cash, Current ratios and
collection period than Kimia Farma

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 Du Pont
Kimia Farma Kalbe Farma

2019 2019
Profit Margin Ratio -0.00135 Profit Margin Ratio 0.110765134
-0.22% Total Asset Turnover 0.6334 Total Asset Turnover 1.11689025 15.01%
Equity Multiplier 2.475794 Equity Multiplier 1.213051242
ROE -0.22% ROE 15.01%

• ROE of Kimia Farma has negative value because Profit Attributable To Owner of the
Parent Entity has negative value (IDR 12.724 million ).
• Net profit in Kimia Farma has divided to Owner of the Parent Entity and Non-
controlling interests.

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 • Company growth can be measured by the
CAGR.
• From CAGR value, Kalbe Farma has better
growth than Kimia Farma

Conclusion
Company health can be measured by BUMN
Financial Scoring where Kalbe Farma healthier
than Kimia Farma in Financial Aspect

From Du Pont Analysis, it can be seen which

companies are more attractive to invest in
because it's not only measure profit, but also
measure efficiency.
In this case Kalbe Farma more interesting than
Kimia Farma
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 Recommendation
Improve ROE of Kimia Farma

Kimia Farma should

increase profit by
increase the revenue
or decrease the COGS
Increase
TATO, Kimia
Farma could
decrease the
idle asset (i.e.
vehicle)

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THANK
YOU