Balance sheet

in million rupiah 2017 2019 Q3 2020

Total Assets 16,616,239 20,264,727 22,450,538
Total Liabilities 2,722,208 3,559,144 4,547,942
Total Equity 13,894,032 16,705,582 17,902,596
Investment in Other Entities
Depreciation (LK hal 93(2019), 95 (Q3 2020)) 3,519,013 3,889,084
Net Fix asset 7,666,315 8,188,467
Non current asset (Aset tidak lancar) 9,042,236 9,563,427
Cash+Cash Equevalent 3,040,487 4,401,391
Current Liabilities 2,577,109 3,362,011
Inventory 3,737,976 4,161,626
Acc Receiv (Main Trade/Main business) 3,572,855 3,492,017
Current Assets 12,887,114

Income statement
in million rupiah
Sales 20,182,120 22,633,476 17,095,838
Cost of Goods Sold 10,369,837 12,390,008 9,324,490
Gross Profit 9,812,283 10,243,468 7,771,348
Operating Expense (selling exp + general adm exp+rnd e 6598570 6933245 5,213,138
Operating profit 3,213,713 3,310,223 2,558,210
Revenue 2,404,000 2,507,000
Number of Shares outstanding (in million shares) 47 47
Net Earnings Per Share (Full Amount) 51 53
Net income 2,513,242 2,179,990
Income before tax 3,402,617 2,687,770
Interest expense 40,420 67,433
Interest Income 137,938 114,857

Financial ratio (%) --> diambil dari annual report hal 9

Gross profit margin 49 45
Net income margin 12 11
Return of assets 14 12
Return of equity 17 15
Current ratio 451 435
Debt to assets ratio 2 4
Debt to equity ratio 2 5
Operating expenses to revenue (net sales) ratio 33 31
1.2130512
 Kalbe
End Begin
Revenue Ratio
Gross Profit margin 45.26 48.62
-3.5%
Operating profit margin 0.15 0.16
-4.2%
Net profit margin 11.08 11.91
-3.5%
COGS to Revenue 0.55 0.51
3.2%
Operating expenses to Re 0.31 0.33
-3.2%
Market Ratio
Earnings per Share 53.48 51.28
2.1%
Book value per Share 356385.7493 296406.016
10%
Return Ratio
Return on Assets 12.37 14.47
-7.5%
Return on Equity 15.01 17.3
-6.9%
Debt Ratio
Debt to Equity 4.89 2.27
46.8%
Debt to Capital*) 4.03 1.9
45.6%

*) nilai capital = nilai aset sehingga debt to capital = debt to asset

 PT Kalbe Farma
Profit Margin Ratio 0.110765133910496
Total Asset Turnover 1.11689024974282
Equity Multiplier 1.21305124239311
15.01%
 INDICATORS Formula Weighted
Profitability Performance
A.1 ROE Ratio Net income / Equity 20
A.2 ROI Ratio EBITDA/Capital Employed 15
EBITDA= (Income before tax + Interest
Expense – Interest Income)+ Depreciation
Capital Employed=(Total asset-net fix asset)

Liquidity Performance
B.1 Cash Ratio
B.2 Current Ratio
Activity Performance
C.1 Collection Period (days)
C.2 Inventory Turnover (days)
Cash + cash equivalents/Current Liabilities 5
Current Asset/Current Liabilities 5
(Average Accounts Receivables/Sales 5
Revenue) x 365 days
(Average Inventory/Sales Revenue) x 365 days 5

C.3 Total Asset Turn Over (TATO) Revenue/Capital Employed 5

Solvency Performance
Total Equity to Total Asset (TETA) Total Equity/Total Asset 10
TOTAL
WEIGHT 70
TOTAL WEIGHT
SCORE
 Kalbe Farma
2019 Q3 2020
Ratio Score Ratio Score
15.01 20 12.18 16
54.17 15.0 45.78 15.00

118% 5 131% 5.00

435.47 5 383% 5.00

57.62 5 74.56 4.50

60.28 4.5 88.85 4.50

180% 5.0 120% 4.50

0.82 0.80
59.5 54.5
70 70
85.0% 77.9%
AA A
Healthiness Level of SOEs (State Owned Enterprise)

Healthiness level Rating Scoring (SK Ministry of BUMN) `

Healthy AAA TS > 95
AA 80<TS≤95
A 65<TS≤80
Less Healthy BBB 50<TS≤65
BB 40<TS≤50
B 30<TS≤40
Unhealthy CCC 20<TS≤30
CC 10<TS≤20
C TS ≤ 10

Total Score of Each Ratio

Weight
Ratio Classification No Indicator Infrastructure

Profitability 1 RoE 15
2 RoI 10
Liquidity 3 Cash Ratio 3
4 Current Ratio 4
Activity 5 Collection Period 4
6 Inventory Turnover 4
7 Total Asset Turnover 4
Solvency 8 Total Equity to Asset Ratio 6
Total Weight 50

Krakatau Steel termasuk BUMN Non Infrastructure

No Indicators Weight Scores

1 RoE 20
2 RoI 15
3 Cash Ratio 5
4 Current Ratio 5
5 Collection Period 5
6 Inventory Turnover 5
7 Total Asset Turnover 5
8 Total Equity to Asset Ratio 10
Total Weight 70

ROE (%) Score

ROE > 15 20
 13 < ROE<= 15 18
11< ROE <= 13 16
9 < ROE <= 11 14
7,9<ROE <= 9 12
6,6<ROE <= 7,9 10
5,3<ROE <= 6,6 8.5
4 <ROE <= 5,3 7
2,5 <ROE<= 4 5.5
1 <ROE <= 2,5 4
0 <ROE <= 1 2
ROE < 0 0

ROI (%) Score

ROI > 18 15
15 < ROI < = 18 13.5
13 < ROI < = 15 12
12 < ROI < = 13 10.5
10,5 < ROI < = 12 9
9 < ROI < = 10,5 7.5
7 < ROI < = 9 6
5 < ROI < = 7 5
3 < ROI < = 5 4
1 < ROI < = 3 3
0 < ROI < = 1 2
ROI < 0 1

Cash Ratio = x (%) Score

x > = 35 5
25 < = x < 35 4
15 < = x < 25 3
10 < = x < 15 2
5 < = x < 10 1
0<=x<5 0

Current Ratio = x (%) Score

125 < = x 5
110 < = x < 125 4
100 < = x < 110 3
95 < = x < 100 2
90 < = x < 95 1
x < 90 0

Collection Period = x (days) Score

x < = 60 5
 60 < x < = 90 4.5
90 < x < = 120 4
120 < x < = 150 3.5
150 < x < = 180 3
180 < x < = 210 2.4
210 < x < = 240 1.8
240 < x < = 270 1.2
270 < x < = 300 0.6
300 < x 0

Table 8 Inventory Turnover = x (days) Score

x < = 60 5
60 < x < = 90 4.5
90 < x < = 120 4
120 < x < = 150 3.5
150 < x < = 180 3
180 < x < = 210 2.4
210 < x < = 240 1.8
240 < x < = 270 1.2
270 < x < = 300 0.6
300 < x 0

TATO = x (%) Score

120 < x 5
105 < x < = 120 4.5
90 < x < = 105 4
75 < x < = 90 3.5
60 < x < = 75 3
40 < x < = 60 2.5
20 < x < = 40 2
x < = 20 1.5

Table 10 Total Equity to Total Asset (%) = x Score

x<0 0
0 < = x < 10 4
10 < = x < 20 6
20 < = x < 30 7.25
30 < = x < 40 10
40 < = x < 50 9
50 < = x < 60 8.5
60 < = x < 70 8
70 < = x < 80 7.5
80 < = x < 90 7
90 < = x < 100 6.5
Weight
Non-
infrastructure
20
15
5
5
5
5
5
10
70

CP Adjustment
4.18 175.25 -61.23 -65.31 32.08 16.99
TATO adjustment
-0.36 -2.90 3.92 1.05 0.43