Parameter PT Kimia Farma Tbk

2017
Net Revenue 6,127,479
Cost of Good Solds 3,925,600
Gross Profit 2,201,879
Total Operating Expenses 1,791,958
Income From Operation 535,661
Interest Income
Other Income
EBIT 449,710
Tax Expense 118,002
Interest Expense

Net Income 331,708

Net Profit
Earning Per Share 58.84

Current Assets 3,662,090

Cash 989,637
Account Receivables 930,000
Inventory 1,192,343
Net Fixed Assets 1,765,913
Depreciation 604,206
Total Assets 6,096,149
Current Liabilities 2,369,507
Total Liabilities 3,523,628
Shares Outstanding 5,554,000,000
Total Equity 2,572,521

EBITDA 1,053,916

REVENUE FORMULA
PT Kimia Farma Tbk
2017
Gross Profit Margin Gross Profit/Revenue 35.93%
Operating Profit Margin Operating Profit/Revenue 8.74%
Net Profit Margin Net Income/Revenue 5.41%
COGS to Revenue COGS/Revenue 64.07%
Operating Expense to Revenue Operating expense/Revenue 29.24%
Profit Margin Ratio Net Profit/Revenue
 MARKET
Earning Per Share Net Income/shares outstanding 58.84
Book Value per Share Equity/Shares Outstanding 463

RETURN
Return on Assets (RoA) Net Income/Assets 5.44%
Return on Equity (RoE) Net Income/Equity 12.89%
Return on Investment (RoI) EBITDA/(Total Assets-Net Fixed Assets) 24.34%

DEBT
Debt to Equity Debt/Equity 136.97%
Debt to Capital Debt/Capital 57.80%

LIQUIDITY
Current Ratio Current Assets/Current Liability 154.55%
Quick Ratio (Cash+Account Receivable)/Current Liab 81.01%
Cash Ratio Cash/Current Liability 41.77%
Collection Period Account Receivables x 365/Revenue 55.40
Inventory Turnover Inventory x 365/Revenue 71.03
Total Asset Turnover Revenue/Assets 100.51
Total Equity/Total Assets Equity/Assets 42.20%
Equity Multiplier Assets/Equity 2.37

The BUMN measurement will be only using the latest year which is year 2010.
The DuPont Analysis will be only using the latest year which is year 2010.
PT Kimia Farma Tbk PT Kalbe Farma Tbk
2018 2019 2017 2018 2019
7,454,115 9,400,536 20,182,120 21,074,306 22,633,476
4,673,936 5,897,248 10,369,837 11,226,380 12,390,009
2,780,179 3,503,288 9,812,283 9,847,926 10,243,467
2,206,878 3,211,857 6,358,635 6,391,572 6,646,591
765,017 501,656 3,453,648 3,456,354 3,596,876

577,726 38,315 3,241,187 3,306,400 3,402,617

175,934 22,425 787,935 809,138 865,015
497,970 40,420

401,793 15,890 2,442,945 2,552,707 2,513,242

(1,267,766) (827,932)
74.88 (2.29) 51.28 52.42 53.48

5,369,547 7,344,787 10,042,739 10,648,288 11,222,491

1,960,038 1,360,268 2,784,706 3,153,328 3,040,487
853,763 2,116,727 2,876,417 3,255,545 3,572,855
1,805,736 2,849,106 3,557,497 3,474,587 3,737,976
2,693,682 9,279,811 5,342,660 6,252,801 7,666,315
703,920 1,038,802 2,815,468 3,155,030 3,519,373
9,460,427 18,352,877 16,616,239 18,146,206 20,264,727
3,774,304 7,392,140 2,227,336 2,286,167 2,577,109
6,103,968 10,939,950 2,722,208 2,851,611 3,559,144
5,554,000,000 5,554,000,000 46,875,122,110 46,875,122,110 46,875,122,110
3,356,460 7,412,927 13,894,032 15,294,595 16,705,582

1,281,646 1,077,117 6,056,655 6,461,430 6,921,990

TAHUN
PT Kimia Farma Tbk PT Kalbe Farma Tbk
2018 2019 2017 2018 2019
37.30% 37.27% 48.62% 46.73% 45.26%
10.26% 5.34% 17.11% 16.40% 15.89%
5.39% 0.17% 12.10% 12.11% 11.10%
62.70% 62.73% 51.38% 53.27% 54.74%
29.61% 34.17% 31.51% 30.33% 29.37%
-13.49% -3.66%
 74.88 (2.29) 51.28 52.42 53.48
604 1,335 296.405 326.284 356.385

4.25% 0.09% 14.70% 14.07% 12.40%

11.97% 0.21% 17.58% 16.69% 15.04%
18.94% 11.87% 53.72% 54.33% 54.94%

181.86% 147.58% 19.59% 18.64% 21.31%

64.52% 59.61% 16.38% 15.71% 17.56%

142.27% 99.36% 450.89% 465.77% 435.47%

74.55% 47.04% 254.17% 280.33% 256.62%
51.93% 18.40% 125.02% 137.93% 117.98%
41.81 82.19 52.02 56.38 57.62
88.42 110.62 64.34 60.18 60.28
78.79 51.22 121.46 116.14 111.69
35.48% 40.39% 83.62% 84.29% 82.44%
2.82 2.48 1.20 1.19 1.21
 PT Indo Farma Tbk
2017 2018 2019
1,631,317 1,592,980 1,359,175
1,348,504 1,308,760 1,108,815
282,813 284,220 250,360
271,794 277,410 228,179
(4,282) 25,910 50,055

(56,817) (25,298) 9,746

10,532 (7,438) (1,784)
40,589

(49,347) (29,763) 8,288

(277,512)
(14.93) (10.56) 2.57

930,982 867,493 829,104

182,588 129,325 151,388
180,679 170,685 220,427
254,679 215,495 148,108
598,892 574,858 554,832
166,338 184,752 260,888
1,529,875 1,442,351 1,383,935
893,289 827,238 440,827
1,003,465 945,704 879,000
3,099,267,500 3,099,267,500 3,099,267,500
526,410 496,647 504,935

109,521 159,454 270,634

PT Indo Farma Tbk

2017 2018 2019
17.34% 17.84% 18.42%
-0.26% 1.63% 3.68%
-3.02% -2% 0.61%
82.66% 82.16% 81.58%
16.66% 17.41% 16.79%
-20.42%
 (14.93) (10.56) 2.57
169.850 160.247 162.921

-3.23% -2.06% 0.60%

-9.37% -5.99% 1.64%
11.76% 18.38% 32.64%

190.62% 190.42% 174.08%

65.59% 65.57% 63.51%

104.22% 104.87% 188.08%

40.67% 36.27% 84.34%
20.44% 15.63% 34.34%
40.43 39.11 59.19
56.98 49.38 39.77
106.63 110.44 98.21
34.41% 34.43% 36.49%
2.91 2.90 2.74
 CAGR
PT Kimia Farma Tbk PT Kalbe Farma
Revenue Ratio
Gross Profit Margin 1.84% -3.52%
Operating Profit Margin -21.87% -3.63%
Net Profit Margin -82.33% -4.22%
COGS to Revenue -1.05% 3.22%
Operating Expense to Revenue 8.09% -3.46%

Market Ratio
Earning Per Share 27.26% 2.12%
Book Value per Share 44.08% 9.65%

Return Ratio
Return on Assets (RoA) -99.20% -57.82%
Return on Equity (RoE) -99.17% -57.22%

Debt Ratio
Debt to Equity -46.13% -45.63%
Debt to Capital -48.44% -46.40%
PT Indofarma Tbk

3.08%
126.42%
N/A
-0.66%
0.38%

N/A
-2.06%

N/A
N/A

-4.44%
-1.60%
 Criteria PT Kimia Farma Tbk PT Kalbe Farma
Ratio Score Ratio Score
Return on Equity (RoE) 0.21% 2 15.04% 20
Return on Investment (RoI) 11.87% 9 54.94% 15
Cash Ratio 18.40% 3 117.98% 5
Current Ratio 99.36% 2 435.47% 5
Collection Period 82.19 4.5 57.62 5
Inventory Turnover 110.62 4 60.28 4.5
Total Asset Turnover 51.22 2.5 111.69 4.5
Total Equity/Total Assets 40.39% 9 82.44% 7
Total Score 36 66
Total Weight 51.43 94.29
Rating (Classification) BBB (Less Healthy) AA (Healthy)

The BUMN measurement will be only using the latest year which is year 2019
 PT IndofarmaTbk Healthiness Level of SOEs (State
Ratio Score
1.64% 4
32.64% 15
34.34% 4
188.08% 5
59.19 5
39.77 5
98.21 4
36.49% 10
52
74.29
A (Healthy)
Total Score of Each
lthiness Level of SOEs (State Owned Enterprise)

Healthiness level Rating Total Weighted Score (TWS)

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

Total Score of Each Ratio

Ratio Classification No Indicator Weight

Infrastructure Non-infrastructure
Profitability 1 RoE 15 20
2 RoI 10 15
Liquidity 3 Cash Ratio 3 5
4 Current Ratio 4 5
Activity 5 Collection Period 4 5
6 Inventory Turnover 4 5
7 Total Asset Turnover 4 5
Solvency 8 Total Equity to Asset Ratio 6 10
Total Weight 50 70
 Criteria PT Kimia Farma Tbk PT Kalbe Farma PT Indofarma Tbk
ROE 0.21% 15.04% 1.64%
Profit Margin -13.49% -3.66% -20.42%
Total Asset Turnover 51.22 111.69 98.21
Financial Leverage 2.48 1.21 2.74

The DuPont Analysis will be only using the latest year which is year 2019