Excel Risk Management KLBF SIDO

Indikator Unit 2019 2020
Revenue IDR (Million) IDR 22,633,476 IDR 23,112,655

change IDR (Million) IDR 479,179
Net Income IDR (Million) IDR 2,506,765 IDR 2,733,260
Total Asset IDR (Million) IDR 20,264,727 IDR 22,564,300
change IDR (Million) IDR 2,299,573
Inventory Days Days 113 105
Indikator Unit 2019 2020

Revenue IDR (Million) IDR 3,067,434 IDR 3,335,411
Net Income IDR (Million) IDR 807,689 IDR 934,016
Total Asset IDR (Million) IDR 3,529,557 IDR 3,849,516
Inventory Days Days 79 75
2021 2022 2023 STDEV
IDR 26,261,195 IDR 28,933,503 IDR 30,449,134
IDR 3,148,540 IDR 2,672,308 IDR 1,515,631 IDR 1,198,632
IDR 3,183,621 IDR 3,382,210 IDR 2,766,748
IDR 450,361 IDR 198,588 -IDR 615,462 IDR 467,425
IDR 25,666,635 IDR 27,241,313 IDR 27,057,568
IDR 3,102,335 IDR 1,574,678 -IDR 183,745 IDR 1,401,216
124 150 134
2021 2022 2023 STDEV

IDR 4,020,980 IDR 3,865,523 IDR 3,565,930
IDR 685,569 -IDR 155,457 -IDR 299,593 IDR 444,828
IDR 1,260,898 IDR 1,104,714 IDR 950,648
IDR 326,882 -IDR 156,184 -IDR 154,066 IDR 235,110
IDR 4,068,970 IDR 4,081,442 IDR 3,890,706
IDR 219,454 IDR 12,472 -IDR 190,736 IDR 226,909
96 117 96
Mean N-1 (X=98%) VaR KLBF ES KLBF
IDR 1,953,914 2.06 IDR 4,423,096 IDR 10,489,682
IDR 64,996 2.06 IDR 1,027,891 IDR 3,393,650
IDR 1,698,210 2.06 IDR 4,584,715 IDR 11,676,631
Mean N-1 (X=98%) VaR SIDO ES SIDO
IDR 124,624 2.06 IDR 1,040,969 IDR 1,187,753
IDR 35,740 2.06 IDR 520,067 IDR 597,648
IDR 90,287 2.06 IDR 557,719 IDR 632,595

2024F-2029F
IDR 19,959,452 interpretasi : revenue diprediksi tidak akan kurang dari Rp 19.9 Triliun sepanjang
-IDR 626,902 interpretasi : net income diprediksi tidak akan kurang dari 0 sepanjang tahun 20
IDR 15,380,937 interpretasi : Total Asset diprediksi tidak akan kurang dari Rp 15 Triliun sepanjan
2024F-2029F
IDR 2,378,177
IDR 353,000
IDR 3,258,111
p 19.9 Triliun sepanjang tahun 2024-2029
i 0 sepanjang tahun 2024-2029
i Rp 15 Triliun sepanjang tahun 2024-2029

PT Kalbe Farma Tbk. - PT Kalbe Farma, Tbk | Income Statement
IDX:KLBF (MI KEY: 4811847; SPCIQ KEY: 878664)
Source: Recommended
Period Category: Fiscal
Period Type: Years
Reporting Basis: Current/Restated
Sort Order: Latest on Right
Currency: Reported Currency
Magnitude: Millions (M)
Recommended: S&P Capital IQ - Standard 2019 FY

Current/Restated
Period Ended 12/31/2019
Financial Filing Date 3/29/2021
Reported Currency Code IDR
(Rp.M)
Revenue 22,633,476
Total Revenue 22,633,476
Cost Of Goods Sold 12,549,611
Gross Profit 10,083,866
Selling General & Admin Exp. 6,486,989

R & D Exp. 286,655
Other Operating Expense (26,331)
Other Operating Exp., Total 6,747,312
Operating Income 3,336,553
Interest Expense (31,055)

Interest and Invest. Income 137,938
Net Interest Exp. 106,883
Income from Affiliates 5,135
Currency Exchange Gains (21,003)
Other Non-Operating Inc. (9,365)
EBT Excl Unusual Items 3,418,203
Impairment of Goodwill NA
Gain (Loss) On Sale Of Invest. NA
Gain (Loss) On Sale Of Assets 16,480
EBT Incl. Unusual Items 3,434,683
Income Tax Expense 897,081

Earnings from Cont. Ops. 2,537,602
Net Income to Company 2,537,602
Minority Int. in Earnings (30,837)
Net Income 2,506,765
NI to Common Incl Extra Items 2,506,765
NI to Common Excl. Extra Items 2,506,765
Per Share Items (Rp.)
Basic EPS 53.48
Basic EPS Excl. Extra Items 53.48
Weighted Avg. Basic Shares Out. (actual) 46,875,122,110
Diluted EPS Incl. Extra Items 53.48
Diluted EPS Excl. Extra Items 53.48
Weighted Avg. Diluted Shares Out. (actual) 46,875,122,110
Normalized Basic EPS 44.92
Normalized Diluted EPS 44.92
Dividends per Share 26.00
Payout Ratio (%) 48.62
Shares per Depositary Receipt (actual) 200
Supplemental Items (Rp.M)
EBITDA 3,807,141
EBITA 3,344,437
EBIT 3,336,553
EBITDAR 3,946,467
Effective Tax Rate (%) 26.12
Current Domestic Taxes 848,644
Total Current Taxes 848,644
Deferred Domestic Taxes 16,371
Total Deferred Taxes 16,371
Normalized Net Income 2,105,540
Interest on Long-Term Debt 91
Non-Cash Pension Expense (16,004)
Supplemental Operating Expense Items (Rp.M)
Advertising Expense 1,723,583
Marketing Expense 267,629
Selling and Marketing Expense 5,189,741
General and Administrative Expense 1,157,922
R&D Expense 286,655
Net Rental Expense, Total 139,326
Imputed Oper. Lease Interest Exp. 111,769
Imputed Oper. Lease Depreciation 27,558
Maintenance & Repair Expenses 159,602
CIQ Restatement Type Code RC
CIQ Calculation Type Code REP
Capitalized Interest Data (Rp.M)
Interest Capitalized During the Period 27,820
Source: Recommended
Period Type: Years

Current/Restated
Assets (Rp.M)
Cash and Equivalents 3,040,487
Short Term Investments 195,619
Cash & Short Term Investments 3,236,106
Accounts Receivable 3,572,855
Other Receivables 124,805
Total Receivables 3,697,660
Inventory 3,885,098
Prepaid Exp. 85,489
Other Current Assets 318,139
Total Current Assets 11,222,491
Gross Property, Plant & Equipment 11,185,688
Accumulated Depreciation (3,519,373)
Net Property, Plant & Equipment 7,666,315
Long-term Investments 91,064
Goodwill 293,280
Other Intangibles 369,273
Loans Receivable Long-Term 14,000
Deferred Tax Assets, LT 123,162
Other Long-Term Assets 485,142
Total Assets 20,264,727
Liabilities (Rp.M)
Accounts Payable 1,215,860
Accrued Exp. 507,984
Short-term Borrowings 149,638
Curr. Port. of LT Debt 19,424
Current Portion of Leases 95
Curr. Income Taxes Payable 187,997
Other Current Liabilities 496,110
Total Current Liabilities 2,577,109
Long-Term Debt 647,647
Long-Term Leases 41
Pension & Other Post-Retire. Benefits 334,106
Def. Tax Liability, Non-Curr. 242
Other Non-Current Liabilities NA
Total Liabilities 3,559,144
Equity (Rp.M)
Common Stock 468,751
Retained Earnings 15,361,121
Treasury Stock NA
Comprehensive Inc. and Other 63,255
Total Common Equity 15,893,126
Total Minority Interest 812,456
Total Equity 16,705,582
Total Liabilities And Equity 20,264,727
Supplemental Items (Rp.)
ECS Total Shares Outstanding on Filing Date (actual) 46,875,122,110
ECS Total Common Shares Outstanding (actual) 46,875,122,110
Book Value per Share 339.05
Tangible Book Value 15,230,573
Tangible Book Value per Share 324.92
Total Debt 816,845
Net Debt (2,419,260)
Debt Equiv. of Unfunded Proj. Benefit Obligation (74,360)
Debt Equivalent Oper. Leases 1,114,609
Total Minority Interest 812,456
Equity Method Investments 27,937
Raw Materials Inventory 924,754
Work in Progress Inventory 70,520
Finished Goods Inventory 2,692,401
Other Inventory Accounts 58,051
Land 1,658,377
Buildings 2,641,220
Machinery 4,299,617
Construction in Progress 2,453,566
Leasehold Improvements 132,496
Full Time Employees (actual) 12,427
Assets under Capital Lease - Gross 411
Assets under Cap. Lease, Accum. Depr. (360)
Accumulated Allowance for Doubtful Accounts 27,840
CIQ Restatement Type Code NC
Fair Value Measurements (Rp.M)
Level 1 Assets - Quoted Prices 258,745
Fair Value of Assets 258,745
PT Kalbe Farma Tbk. - PT Kalbe Farma, Tbk | Cash Flow

Source: Recommended
Period Type: Years

Current/Restated
Operating Activities (Rp.M)

Net Income - CF 2,506,765
Depreciation & Amort. 462,704
Amort. of Goodwill and Intangibles 7,884
Depreciation & Amort., Total 470,587
Other Amortization 39,204
Other Operating Activities (513,587)
Cash from Ops. 2,502,969
Investing Activity (Rp.M)
Capital Expenditure (1,733,323)
Sale of Property, Plant and Equipment 13,144
Cash Acquisitions (34,848)
Divestitures 1,997
Sale (Purchase) of Intangible assets (249,604)
Invest. in Marketable & Equity Securt. (2,132)
Net (Inc.) Dec. in Loans Orig/Sold: Investing NA
Other Investing Activities 104,224
Cash from Investing (1,900,541)
Financing Activity (Rp.M)
Short Term Debt Issued 95,526
Long-Term Debt Issued 507,000
Total Debt Issued 602,526
Short Term Debt Repaid (58,526)
Long-Term Debt Repaid (128,025)
Total Debt Repaid (186,551)
Repurchase of Common Stock NA
Common Dividends Paid (1,218,753)
Total Dividends Paid (1,218,753)
Other Financing Activities 95,863
Cash from Financing (706,915)
Other Cash Flow (Rp.M)
Foreign Exchange Rate Adj. (51,836)
Misc. Cash Flow Adj. NA
Net Change in Cash (156,324)
Cash Interest Paid 40,014
Cash Taxes Paid 818,595
Levered Free Cash Flow 141,848
Unlevered Free Cash Flow 161,257
Change in Net Working Capital 450,954
Net Debt Issued 415,975
tement
2020 FY 2021 FY 2022 FY 2023 FY

Current/Restated Current/Restated Current/Restated Current/Restated
12/31/2020 12/31/2021 12/31/2022 12/31/2023
3/31/2022 3/28/2023 4/1/2024 4/1/2024
IDR IDR IDR IDR
23,112,655 26,261,195 28,933,503 30,449,134

23,112,655 26,261,195 28,933,503 30,449,134
13,038,095 15,156,133 17,414,902 18,897,645
10,074,560 11,105,061 11,518,601 11,551,489
6,238,255 6,800,994 7,008,307 7,591,031

281,059 285,159 286,805 322,297
(31,247) (11,954) (24,730) (11,322)
6,488,067 7,074,199 7,270,382 7,902,006
3,586,493 4,030,862 4,248,219 3,649,483
(75,837) (45,486) (41,226) (82,958)

151,559 110,792 81,827 88,218
75,722 65,306 40,601 5,259
21,698 80,070 36,498 26,972
29,621 (20,022) 155,833 (55,928)
(13,744) (11,898) (13,833) (12,146)
3,699,791 4,144,318 4,467,318 3,613,641
(98,054) NA NA NA
42,649 20,305 12,105 15,850
19,395 7,782 3,038 1,093
3,663,782 4,172,405 4,482,461 3,630,584
864,159 940,397 1,032,378 852,179

2,799,623 3,232,008 3,450,083 2,778,405
2,799,623 3,232,008 3,450,083 2,778,405
(66,363) (48,386) (67,874) (11,657)
2,733,260 3,183,621 3,382,210 2,766,748
2,733,260 3,183,621 3,382,210 2,766,748
2,733,260 3,183,621 3,382,210 2,766,748
58.31 67.92 72.71 59.81

58.31 67.92 72.71 59.81
46,873,434,439 46,872,947,110 46,515,940,526 46,255,641,410
58.31 67.92 72.71 59.81
58.31 67.92 72.71 59.81
46,873,434,439 46,872,947,110 46,515,940,526 46,255,641,410
47.92 54.23 58.57 48.58
47.92 54.23 58.57 48.58
28.00 35.00 38.00 31.00
44.59 41.23 48.23 63.53
200 200 200 200
4,146,252 4,649,287 4,907,579 4,314,625

3,593,261 4,042,922 4,269,363 3,658,003
3,586,493 4,030,862 4,248,219 3,649,483
4,243,967 4,750,086 5,004,240 4,412,914
23.59 22.54 23.03 23.47
794,510 909,274 994,386 843,174
794,510 909,274 994,386 843,174
33,500 1,983 14,428 (15,342)
33,500 1,983 14,428 (15,342)
2,246,007 2,541,812 2,724,200 2,246,869
7,676 6,723 4,490 4,452
(16,331) (36,851) (40,334) (2,782)
1,635,342 1,999,089 2,062,426 2,110,219

199,918 242,032 182,650 297,638
4,880,607 5,416,286 5,689,468 6,153,068
1,259,933 1,283,909 1,222,178 1,339,675
285,055 290,761 293,320 329,621
97,715 100,799 96,661 98,289
74,572 41,121 35,543 72,910
23,143 59,679 61,119 25,379
171,762 176,259 177,453 216,216
RC RC RC O
REP REP REP REP
18,350 NA NA NA
P
2020 FY 2021 FY 2022 FY 2023 FY

12/31/2020 12/31/2021 12/31/2022 12/31/2023
3/31/2022 3/28/2023 4/1/2024 4/1/2024
IDR IDR IDR IDR
5,207,929 6,216,248 3,949,769 3,232,421

188,316 258,923 145,307 165,496
5,396,246 6,475,171 4,095,076 3,397,917
3,477,221 3,431,018 4,613,623 4,651,971
117,706 114,125 174,145 168,170
3,594,927 3,545,143 4,787,768 4,820,141
3,745,067 5,162,583 7,138,818 6,942,767
35,088 30,030 31,686 37,372
304,004 499,283 656,882 719,527
13,075,332 15,712,210 16,710,230 15,917,724
12,305,195 12,560,229 13,264,324 13,814,958
(3,995,050) (4,458,296) (5,209,438) (5,747,917)
8,310,144 8,101,933 8,054,887 8,067,041
123,338 303,272 384,543 450,799
195,226 209,684 479,347 479,347
464,792 923,048 1,026,046 1,298,685
NA NA NA NA
85,420 91,862 127,494 136,103
310,048 324,628 458,766 707,870
22,564,300 25,666,635 27,241,313 27,057,568
1,240,386 1,667,596 1,996,615 1,690,720

519,560 718,464 616,814 534,904
220,500 NA 705,600 120,800
123,843 70,000 123,702 158,217
24,921 23,646 26,517 21,465
378,658 327,548 267,079 168,484
668,358 727,402 694,712 548,578
3,176,226 3,534,656 4,431,038 3,243,169
722,819 490,277 287,031 300,702
65,732 42,232 24,868 20,442
320,350 313,520 368,048 336,944
2,591 19,572 32,500 35,790
500 500 500 500
4,288,218 4,400,757 5,143,985 3,937,546
468,751 468,751 468,751 468,751

16,875,671 18,746,849 20,497,739 21,506,772
(2,063) (2,063) (1,003,973) (1,003,973)
63,174 365,989 422,701 447,306
17,405,533 19,579,526 20,385,218 21,418,857
870,549 1,686,352 1,712,110 1,701,166
18,276,082 21,265,878 22,097,328 23,120,022
22,564,300 25,666,635 27,241,313 27,057,568
46,872,947,110 46,872,947,110 46,255,641,410 46,255,641,410

46,872,947,110 46,872,947,110 46,255,641,410 46,255,641,410
371.33 417.72 440.71 463.05
16,745,515 18,446,795 18,879,824 19,640,824
357.25 393.55 408.16 424.62
1,157,816 626,155 1,167,718 621,627
(4,238,430) (5,849,016) (2,927,358) (2,776,290)
(170,788) (144,554) (90,265) (148,595)
781,718 806,395 773,290 786,310
870,549 1,686,352 1,712,110 1,701,166
49,635 175,791 212,290 129,742
806,567 1,159,416 2,140,010 1,995,119
86,824 146,617 241,941 212,894
2,656,915 3,730,592 4,630,996 4,605,261
60,532 63,276 75,325 82,354
1,661,011 1,661,011 1,636,883 1,638,756
4,100,259 4,337,522 4,784,342 4,848,173
5,133,747 5,486,798 6,007,512 6,349,124
1,054,878 682,852 398,386 534,552
158,425 204,081 231,605 260,791
12,137 12,334 12,724 13,108
NA NA NA NA
NA NA NA NA
23,892 24,581 30,288 32,040
RC NC NC O
REP REP REP REP
262,019 386,404 317,560 486,552

262,019 386,404 317,560 486,552
2020 FY 2021 FY 2022 FY 2023 FY

12/31/2020 12/31/2021 12/31/2022 12/31/2023
3/31/2022 3/28/2023 4/1/2024 4/1/2024
IDR IDR IDR IDR
2,733,260 3,183,621 3,382,210 2,766,748

597,307 652,146 683,347 702,843
6,768 12,060 21,144 8,519
604,075 664,206 704,491 711,362
33,046 29,611 35,725 19,612
851,168 (1,051,492) (2,850,537) (590,248)
4,221,550 2,825,946 1,271,889 2,907,475
(926,997) (503,910) (705,458) (881,551)

22,468 21,451 8,668 14,916
NA (64,000) (691,070) NA
2 NA NA NA
(148,605) (488,845) (145,324) (278,441)
20,400 (128,826) 120,105 (110,095)
NA NA (4,620) NA
81,517 108,111 47,309 114,384
(951,215) (1,056,019) (1,370,390) (1,140,787)
689,535 136,100 1,453,200 1,746,293
417,000 NA NA 227,600
1,106,535 136,100 1,453,200 1,973,893
(618,673) (356,600) (945,600) (2,331,093)
(266,810) (312,694) (187,663) (215,277)
(885,483) (669,294) (1,133,263) (2,546,370)
(2,063) NA (1,001,910) NA
(1,218,710) (1,312,443) (1,631,320) (1,757,714)
(1,218,710) (1,312,443) (1,631,320) (1,757,714)
(99,991) 1,100,460 (92,460) (113,795)
(1,099,712) (745,177) (2,405,754) (2,443,986)
51,264 (16,433) 237,776 (40,050)

(6,805) NA NA NA
2,215,081 1,008,318 (2,266,479) (717,348)
80,466 66,572 53,591 91,495

592,189 965,742 1,152,778 985,600
2,461,989 1,268,018 (725,102) 1,262,874
2,509,387 1,296,446 (699,336) 1,314,722
(706,310) 923,904 3,243,906 537,187
221,052 (533,194) 319,937 (572,477)
NC NC NC O
REP REP REP REP
PT Kalbe Farma Tbk. - PT Kalbe Farma, Tbk | Balance Sheet
Source: Recommended
Period Type: Years

Current/Restated
Profitability (%)
Return on Assets 10.86
Return on Capital 12.57
Return on Equity 15.86
Return on Common Equity 16.43
Margin Analysis (%)

Gross Profit Margin 44.55
SG&A Margin 28.66
EBITDA Margin 16.82
EBITA Margin 14.78
EBIT Margin 14.74
Earnings from Cont Ops Margin 11.21
Net Income Margin 11.08
Net Inc. Avail. for Common Margin 11.08
Normalized Net Income Margin 9.30
Levered Free Cash Flow Margin 0.63
Unlevered Free Cash Flow Margin 0.71
Asset Turnover(x)
Total Asset Turnover 1.18
Fixed Asset Turnover 3.25
Accounts Receivable Turnover 6.63
Inventory Turnover 3.35
Short Term Liquidity

Current Ratio (x) 4.36
Quick Ratio (x) 2.69
Cash from Ops. to Curr. Liab. (x) 0.97
Avg. Days Sales Out. 55.1
Avg. Days Inventory Out. 108.9
Average Days Payable Out. 35.6
Average Cash Conversion Cycle 128.3
Long Term Solvency(x)

Total Debt/Equity (%) 4.89
Total Debt / Total Capital (%) 4.66
LT Debt/Equity (%) 3.88
Long-Term Debt / Total Capital (%) 3.70
Total Liabilities / Total Assets (%) 17.56
EBIT / Interest Expense 107.44

EBITDA / Interest Expense 122.59
(EBITDA - Capex) / Interest Expense 66.78
Total Debt / EBITDA 0.22
Net Debt / EBITDA NM
Total Debt/(EBITDA-CAPEX) 0.39
Net Debt/(EBITDA-CAPEX) NM
Growth Over Prior Year(%)

Total Revenues, 1 Year Growth 7.40
Gross Profit, 1 Yr. Growth 4.23
EBITDA, 1 Yr. Growth 4.65
EBITA, 1 Yr. Growth 4.13
EBIT, 1 Yr. Growth 4.18
Earnings From Cont. Operations, 1 Yr. Growth 1.62
Net Income, 1 Yr. Growth 2.02
Normalized Net Income, 1 Yr. Growth 3.30
Diluted EPS Before Extra, 1 Year Growth 2.02
Accounts Receivable, 1 Yr. Growth 9.75

Inventory, 1 Yr. Growth 7.83
Net Property, Plant and Equip., 1 Yr. Growth 22.61
Total Assets, 1 Year Growth 11.68
Tangible Book Value, 1 Yr. Growth 7.33

Common Equity, 1 Yr. Growth 8.68
Cash From Operations, 1 Yr. Growth (9.67)
Capital Expenditures, 1 Yr. Growth 32.59
Levered Free Cash Flow, 1 Yr. Growth (85.45)
Unlevered Free Cash Flow, 1 Yr. Growth (83.66)
Dividend Per Share, 1 Yr. Growth 0.00
Compound Annual Growth Rate Over Two Years(%)

Total Revenues, 2 Yr. CAGR 5.90
Gross Profit, 2 Yr. CAGR 2.44
EBITDA, 2 Years CAGR 2.96
EBITA, 2 Yr. CAGR 2.42
EBIT, 2 Yr. CAGR 2.48
Earnings From Cont. Operations, 2 Yr. CAGR 1.71
Net Income, 2 Yr. CAGR 2.12
Normalized Net Income, 2 Yr. CAGR 2.90
Diluted EPS Before Extra, 2 Yr. CAGR 2.12
Accounts Receivable, 2 Yr. CAGR 11.45

Inventory, 2 Yr. CAGR 4.50
Net Property, Plant and Equip., 2 Yr. CAGR 19.79
Total Assets, 2 Yr. CAGR 10.43
Tangible Book Value, 2 Yr. CAGR 8.82

Common Equity, 2 Yr. CAGR 9.39
Cash From Operations, 2 Yr. CAGR 11.64
Capital Expenditures, 2 Yr. CAGR 22.04
Levered Free Cash Flow, 2 Yr. CAGR (46.78)
Unlevered Free Cash Flow, 2 Yr. CAGR (44.16)
Dividend Per Share, 2 Year CAGR 1.98
Compound Annual Growth Rate Over Three Years(%)



Dividend Per Share, 3 Yr. CAGR 5.73
Compound Annual Growth Rate Over Five Years(%)



PT Kalbe
2020 FY 2021 FY 2022 FY 2023 FY

12/31/2020 12/31/2021 12/31/2022 12/31/2023
3/31/2022 3/28/2023 4/1/2024 4/1/2024
IDR IDR IDR IDR
10.47 10.45 10.04 8.40

12.13 12.19 11.76 9.71
16.01 16.35 15.91 12.29
16.42 17.22 16.93 13.24
43.59 42.29 39.81 37.94

26.99 25.90 24.22 24.93
17.94 17.70 16.96 14.17
15.55 15.40 14.76 12.01
15.52 15.35 14.68 11.99
12.11 12.31 11.92 9.13
11.83 12.12 11.69 9.09
11.83 12.12 11.69 9.09
9.72 9.68 9.42 7.38
10.65 4.83 (2.51) 4.15
10.86 4.94 (2.42) 4.32
1.08 1.09 1.09 1.12

2.89 3.20 3.58 3.78
6.56 7.60 7.19 6.57
3.42 3.40 2.83 2.68
4.12 4.45 3.77 4.91
2.83 2.84 2.01 2.53
1.33 0.80 0.29 0.90
55.8 48.0 50.7 55.5
107.1 107.3 128.9 136.0
34.8 32.0 34.5 36.0
128.1 123.2 145.2 155.5
6.34 2.94 5.28 2.69

5.96 2.86 5.02 2.62
4.32 2.50 1.41 1.39
4.06 2.43 1.34 1.35
19.00 17.15 18.88 14.55
47.29 88.62 103.05 43.99

55.26 103.22 120.14 52.57
43.03 92.14 103.02 41.94
0.28 0.13 0.24 0.14
NM NM NM NM
0.36 0.15 0.28 0.18
NM NM NM NM
2.12 13.62 10.18 5.24

(0.09) 10.23 3.72 0.29
8.91 12.13 5.56 (12.08)
7.44 12.51 5.60 (14.32)
7.49 12.39 5.39 (14.09)
10.33 15.44 6.75 (19.47)
9.04 16.48 6.24 (18.20)
6.67 13.17 7.18 (17.52)
9.04 16.48 7.05 (17.74)
(2.68) (1.33) 34.47 0.83

(3.60) 37.85 38.28 (2.75)
8.40 (2.51) (0.58) 0.15
11.35 13.75 6.14 (0.68)
9.95 10.16 2.35 4.03

9.52 12.49 4.12 5.07
68.66 (33.06) (54.99) 128.60
(46.52) (45.64) 40.00 24.96
NM (48.50) NM NM
NM (48.34) NM NM
7.69 25.00 8.57 (18.42)
4.72 7.72 11.89 7.68

2.05 4.94 6.93 1.99
6.76 10.51 8.79 (3.67)
5.77 9.95 9.00 (4.88)
5.82 9.91 8.84 (4.85)
5.88 12.86 11.01 (7.28)
5.47 12.70 11.24 (6.78)
4.97 9.87 10.13 (5.98)
5.47 12.70 11.67 (6.16)
3.35 (2.01) 15.19 16.44

1.95 15.27 38.07 15.97
15.28 2.80 (1.55) (0.22)
11.51 12.54 9.88 2.67
8.63 10.05 6.18 3.19

9.10 10.99 8.22 4.59
23.43 6.26 (45.11) 1.43
(15.79) (46.08) (12.76) 32.27
58.94 198.99 (45.73) (0.20)
59.46 183.54 (47.21) 0.70
3.77 16.02 16.50 (5.89)
4.62 7.61 8.53 9.63

1.59 4.70 4.53 4.67
4.91 8.52 8.83 1.34
4.07 7.97 8.48 0.60
4.12 7.97 8.39 0.58
4.50 8.98 10.78 (0.25)
4.38 9.02 10.50 0.41
4.14 7.64 8.97 0.01
4.38 9.02 10.78 0.85
6.53 1.77 8.90 10.19

1.73 12.74 22.48 22.85
15.87 9.02 1.66 (0.99)
10.74 12.25 10.36 6.24
9.20 9.14 7.42 5.46

9.44 10.22 8.65 7.16
28.10 0.66 (20.20) (11.69)
(7.30) (27.22) (25.89) (1.66)
70.04 9.17 72.26 (19.95)
69.30 9.52 63.08 (19.38)
3.85 10.42 13.49 3.45
5.26 6.27 7.47 7.64

3.68 3.62 3.69 3.61
6.95 6.33 6.45 3.47
6.58 5.98 6.02 2.64
6.64 5.99 5.98 2.65
6.35 6.57 7.06 2.16
6.40 6.72 7.07 2.40
6.42 6.05 6.50 1.97
6.40 6.72 7.24 2.68
8.11 5.45 9.91 7.40

4.52 9.07 14.95 14.02
16.11 12.20 8.56 5.23
10.50 11.01 10.39 8.32
10.75 9.90 7.98 6.72

10.71 10.46 8.95 7.93
11.70 5.52 (8.73) 0.97
0.51 (13.48) (9.53) (7.58)
15.51 14.00 7.68 5.32
15.84 14.12 6.22 5.91
8.06 9.73 8.74 3.58
PT Kalbe Farma Tbk. - PT Kalbe Farma, Tbk | Performance Analysis
IDX:SIDO (MI KEY: 4912306; SPCIQ KEY: 240586908)
Source: Recommended
Period Type: Years

Current/Restated
(Rp.M)
Revenue 3,067,434
Total Revenue 3,067,434
Cost Of Goods Sold 1,386,870
Gross Profit 1,680,564
Selling General & Admin Exp. 663,017

Other Operating Expense (13,489)
Other Operating Exp., Total 649,528
Operating Income 1,031,036
Interest Expense (18)

Interest and Invest. Income 49,745
Net Interest Exp. 49,727
Currency Exchange Gains (1,612)
Other Non-Operating Inc. (154)
EBT Excl Unusual Items 1,078,997
Gain (Loss) On Sale Of Assets (5,162)
EBT Incl. Unusual Items 1,073,835
Income Tax Expense 266,146

Earnings from Cont. Ops. 807,689
Net Income to Company 807,689
Net Income 807,689
NI to Common Incl Extra Items 807,689
NI to Common Excl. Extra Items 807,689
Per Share Items (Rp.)
Basic EPS 26.93
Basic EPS Excl. Extra Items 26.93
Weighted Avg. Basic Shares Out. (actual) 29,995,964,017
Diluted EPS Incl. Extra Items 26.93
Diluted EPS Excl. Extra Items 26.93
Weighted Avg. Diluted Shares Out. (actual) 29,995,964,017
Normalized Basic EPS 22.48
Normalized Diluted EPS 22.48
Dividends per Share 24.31
Payout Ratio (%) 79.24
EBITDA 1,123,172
EBITA 1,031,036
EBIT 1,031,036
EBITDAR 1,127,697
Effective Tax Rate (%) 24.79
Total Current Taxes 254,317
Total Deferred Taxes 11,829
Normalized Net Income 674,373
Interest on Long-Term Debt NA
Non-Cash Pension Expense 4,651
Supplemental Operating Expense Items (Rp.M)
Advertising Expense 357,109
Selling and Marketing Expense 466,806
General and Administrative Expense 191,686
Net Rental Expense, Total 4,525
Imputed Oper. Lease Interest Exp. NA
Imputed Oper. Lease Depreciation NA
Maintenance & Repair Expenses 24,551
Source: Recommended
Period Type: Years

Current/Restated
Assets (Rp.M)
Cash and Equivalents 864,824
Cash & Short Term Investments 864,824
Accounts Receivable 529,405
Other Receivables 7,699
Total Receivables 537,104
Inventory 299,244
Prepaid Exp. 9,315
Other Current Assets 5,748
Total Current Assets 1,716,235
Gross Property, Plant & Equipment 2,184,997
Accumulated Depreciation (599,279)
Net Property, Plant & Equipment 1,585,718
Goodwill 91,366
Other Intangibles 44,856
Deferred Tax Assets, LT 52,005
Other Long-Term Assets 39,377
Total Assets 3,529,557
Liabilities (Rp.M)
Accounts Payable 146,797
Accrued Exp. 133,289
Current Portion of Leases NA
Curr. Income Taxes Payable 91,749
Unearned Revenue, Current 7,496
Other Current Liabilities 29,539
Total Current Liabilities 408,870
Long-Term Leases NA
Pension & Other Post-Retire. Benefits 42,803
Def. Tax Liability, Non-Curr. 13,177
Total Liabilities 464,850
Equity (Rp.M)
Common Stock 1,500,000
Additional Paid In Capital 706,434
Retained Earnings 917,545
Treasury Stock (59,279)
Total Common Equity 3,064,700
Total Minority Interest 7
Total Equity 3,064,707
Total Liabilities And Equity 3,529,557
Supplemental Items (Rp.)
ECS Total Shares Outstanding on Filing Date (actual) 29,995,964,017
ECS Total Common Shares Outstanding (actual) 29,995,964,017
Book Value per Share 102.17
Tangible Book Value 2,928,478
Tangible Book Value per Share 97.63
Total Debt 0
Net Debt (864,824)
Debt Equiv. of Unfunded Proj. Benefit Obligation 31,387
Debt Equivalent Oper. Leases 36,200
Total Minority Interest 7
Raw Materials Inventory 185,641
Work in Progress Inventory 55,072
Finished Goods Inventory 68,764
Other Inventory Accounts 2,363
Land 369,779
Buildings 656,738
Machinery 992,356
Construction in Progress 166,124
Full Time Employees (actual) 2,758
Accumulated Allowance for Doubtful Accounts 2,945
CIQ Restatement Type Code RS
Source: Recommended
Period Type: Years

Current/Restated
Operating Activities (Rp.M)
Net Income - CF 807,689
Depreciation & Amort. 92,136
Depreciation & Amort., Total 92,136
Other Operating Activities (62,911)
Cash from Ops. 836,914
Investing Activity (Rp.M)
Capital Expenditure (137,350)
Sale of Property, Plant and Equipment 1,922
Other Investing Activities (797)
Cash from Investing (136,225)
Financing Activity (Rp.M)
Long-Term Debt Repaid NA
Total Debt Repaid NA
Issuance of Common Stock NA
Common Dividends Paid (640,028)
Total Dividends Paid (640,028)
Other Financing Activities NA
Cash from Financing (640,028)
Other Cash Flow (Rp.M)
Foreign Exchange Rate Adj. (1,670)
Net Change in Cash 58,991
Cash Interest Paid NA
Cash Taxes Paid 222,621
Levered Free Cash Flow 526,015
Unlevered Free Cash Flow 526,027
Change in Net Working Capital 73,157
Net Debt Issued NA
PT Indus
2020 FY 2021 FY 2022 FY 2023 FY

12/31/2020 12/31/2021 12/31/2022 12/31/2023
2/7/2022 2/10/2023 2/19/2024 2/19/2024
IDR IDR IDR IDR
3,335,411 4,020,980 3,865,523 3,565,930

3,335,411 4,020,980 3,865,523 3,565,930
1,496,628 1,734,948 1,696,832 1,547,235
1,838,783 2,286,032 2,168,691 2,018,695
692,989 726,004 793,988 774,984

(6,197) (21,171) (8,545) 11,338
686,792 704,833 785,443 786,322
1,151,991 1,581,199 1,383,248 1,232,373
(415) (739) (642) (542)

49,045 37,401 27,566 29,349
48,630 36,662 26,924 28,807
(1,229) (4,758) 9,169 (42,840)
(113) (123) (138) (139)
1,199,279 1,612,980 1,419,203 1,218,201
269 251 649 1,338
1,199,548 1,613,231 1,419,852 1,219,539
265,532 352,333 315,138 268,891

934,016 1,260,898 1,104,714 950,648
934,016 1,260,898 1,104,714 950,648
934,016 1,260,898 1,104,714 950,648
934,016 1,260,898 1,104,714 950,648
934,016 1,260,898 1,104,714 950,648
31.14 42.28 36.82 31.69
31.14 42.28 36.82 31.69
29,995,964,017 29,825,671,066 30,000,000,000 30,000,000,000
31.14 42.28 36.82 31.69
31.14 42.28 36.82 31.69
29,995,964,017 29,825,671,066 30,000,000,000 30,000,000,000
24.99 33.80 29.57 25.38
24.99 33.80 29.57 25.38
31.16 37.88 36.50 30.60
82.87 80.75 98.31 112.34
1,255,807 1,683,878 1,490,684 1,346,995

1,151,991 1,581,199 1,383,248 1,232,373
1,151,991 1,581,199 1,383,248 1,232,373
1,260,201 1,687,002 1,493,736 1,350,930
22.14 21.84 22.20 22.05
276,506 348,508 310,585 271,735
(10,974) 3,825 4,553 (2,844)
749,549 1,008,113 887,002 761,376
409 739 642 542
NA (14,384) 2,675 1,781
359,460 395,325 397,783 387,916

487,936 553,316 568,085 566,454
200,659 169,564 222,851 204,595
4,394 3,124 3,052 3,935
NA 2,329 2,836 2,898
NA 795 216 1,037
19,500 19,448 21,983 21,278
NC NC RC O
REP REP REP REP
PT In
2020 FY 2021 FY 2022 FY 2023 FY
12/31/2020 12/31/2021 12/31/2022 12/31/2023
2/7/2022 2/10/2023 2/19/2024 2/19/2024
IDR IDR IDR IDR
1,031,954 1,082,219 923,047 830,128

1,031,954 1,082,219 923,047 830,128
663,757 664,058 686,662 788,722
3,890 3,032 2,042 1,806
667,647 667,090 688,704 790,528
309,478 456,264 542,624 408,454
14,633 11,528 8,324 6,848
28,369 27,606 31,543 30,812
2,052,081 2,244,707 2,194,242 2,066,770
2,254,881 2,370,519 2,479,377 2,532,286
(678,806) (770,963) (863,384) (965,714)
1,576,075 1,599,556 1,615,993 1,566,572
91,366 91,366 91,366 91,366
40,612 38,745 37,925 36,719
59,920 59,600 47,971 52,777
29,462 34,996 93,945 76,502
3,849,516 4,068,970 4,081,442 3,890,706
203,691 188,668 209,323 187,198

178,374 160,208 165,100 133,380
2,974 6,285 2,385 6,091
124,990 153,446 131,450 110,986
6,711 4,107 2,815 17,536
43,303 30,656 29,975 6,788
560,043 543,370 541,048 461,979
4,216 2,385 NA 3,300
54,682 37,788 24,412 29,609
8,835 14,242 10,507 9,877
627,776 597,785 575,967 504,765
1,500,000 1,500,000 1,500,000 1,500,000

707,314 648,900 651,798 651,798
1,073,314 1,323,435 1,353,670 1,234,136
(58,895) (1,157) NA NA
3,221,733 3,471,178 3,505,468 3,385,934
7 7 7 7
3,221,740 3,471,185 3,505,475 3,385,941
3,849,516 4,068,970 4,081,442 3,890,706
29,997,475,467 30,224,458,767 30,000,000,000 30,000,000,000

29,997,475,467 30,224,458,767 30,000,000,000 30,000,000,000
107.40 114.85 116.85 112.86
3,089,755 3,341,067 3,376,177 3,257,849
103.00 110.54 112.54 108.60
7,190 8,670 2,385 9,391
(1,024,764) (1,073,549) (920,662) (820,737)
NA 17,627 (55,072) (49,005)
35,152 24,992 24,416 31,480
7 7 7 7
219,939 325,033 369,076 279,268
53,402 72,221 97,328 78,528
49,196 71,553 84,093 59,605
2,172 2,438 2,752 3,082
372,226 376,464 377,443 385,395
629,006 632,409 736,109 791,043
1,038,361 1,063,668 1,095,943 1,126,320
207,477 286,523 264,726 217,494
2,864 2,971 3,166 3,448
5,283 3,133 60 32,670
NC NC NC O
REP REP REP REP
2020 FY 2021 FY 2022 FY 2023 FY

12/31/2020 12/31/2021 12/31/2022 12/31/2023
2/7/2022 2/10/2023 2/19/2024 2/19/2024
IDR IDR IDR IDR
934,016 1,260,898 1,104,714 950,648
103,816 102,679 107,436 114,622
103,816 102,679 107,436 114,622
(2,078) (164,260) (105,013) (9,876)
1,035,754 1,199,317 1,107,137 1,055,394
(95,139) (122,553) (178,403) (50,387)

1,154 905 686 3,742
(1,134) (2,657) (1,905) (348)
(95,119) (124,305) (179,622) (46,993)
(2,183) (6,375) (6,285) (6,265)

(2,183) (6,375) (6,285) (6,265)
1,264 6,988 4,055 NA
(773,988) (1,018,142) (1,086,000) (1,068,000)
(773,988) (1,018,142) (1,086,000) (1,068,000)
NA (7,664) NA NA
(774,907) (1,025,193) (1,088,230) (1,074,265)
1,402 446 1,543 (27,055)

167,130 50,265 (159,172) (92,919)
409 739 642 542

244,347 315,523 336,341 270,119
707,895 805,569 686,033 785,907
708,154 806,030 686,434 786,246
20,517 162,345 107,129 48,222
(2,183) (6,375) (6,285) (6,265)
NC NC NC O
REP REP REP REP
PT Industri Jamu dan Farmasi Sido Muncul Tbk | Income Statement
PT Industri Jamu dan Farmasi Sido Muncul Tbk | Balance Sheet
PT Industri Jamu dan Farmasi Sido Muncul Tbk | Cash Flow
Source: Recommended
Period Type: Years

Current/Restated
Profitability (%)
Return on Assets 18.77
Return on Capital 21.60
Return on Equity 27.07
Return on Common Equity 27.07
Margin Analysis (%)

Gross Profit Margin 54.79
SG&A Margin 21.62
EBITDA Margin 36.62
EBITA Margin 33.61
EBIT Margin 33.61
Earnings from Cont Ops Margin 26.33
Net Income Margin 26.33
Net Inc. Avail. for Common Margin 26.33
Normalized Net Income Margin 21.99
Levered Free Cash Flow Margin 17.15
Unlevered Free Cash Flow Margin 17.15
Asset Turnover(x)
Total Asset Turnover 0.89
Fixed Asset Turnover 1.95
Accounts Receivable Turnover 6.53
Inventory Turnover 4.54
Short Term Liquidity

Current Ratio (x) 4.20
Quick Ratio (x) 3.43
Cash from Ops. to Curr. Liab. (x) 2.05
Avg. Days Sales Out. 55.9
Avg. Days Inventory Out. 80.3
Average Days Payable Out. 43.6
Average Cash Conversion Cycle 92.6
Long Term Solvency(x)

Total Debt/Equity (%) NA
Total Debt / Total Capital (%) NA
LT Debt/Equity (%) NA
Long-Term Debt / Total Capital (%) NA
Total Liabilities / Total Assets (%) 13.17
EBIT / Interest Expense NM

EBITDA / Interest Expense NM
(EBITDA - Capex) / Interest Expense NM
Total Debt / EBITDA NA
Net Debt / EBITDA NM
Total Debt/(EBITDA-CAPEX) NA
Net Debt/(EBITDA-CAPEX) NM
Growth Over Prior Year(%)

Total Revenues, 1 Year Growth 11.01
Gross Profit, 1 Yr. Growth 17.99
EBITDA, 1 Yr. Growth 27.88
EBITA, 1 Yr. Growth 26.31
EBIT, 1 Yr. Growth 26.31
Earnings From Cont. Operations, 1 Yr. Growth 21.67
Net Income, 1 Yr. Growth 21.67
Normalized Net Income, 1 Yr. Growth 24.38
Diluted EPS Before Extra, 1 Year Growth 21.66
Accounts Receivable, 1 Yr. Growth 29.17

Inventory, 1 Yr. Growth (3.84)
Net Property, Plant and Equip., 1 Yr. Growth 2.08
Total Assets, 1 Year Growth 5.75
Tangible Book Value, 1 Yr. Growth 6.00

Common Equity, 1 Yr. Growth 5.58
Cash From Operations, 1 Yr. Growth (1.12)
Capital Expenditures, 1 Yr. Growth (44.38)
Levered Free Cash Flow, 1 Yr. Growth 11.12
Unlevered Free Cash Flow, 1 Yr. Growth 11.12
Dividend Per Share, 1 Yr. Growth 36.11
Compound Annual Growth Rate Over Two Years(%)



Capital Expenditures, 2 Yr. CAGR (36.92)
Levered Free Cash Flow, 2 Yr. CAGR 74.34
Unlevered Free Cash Flow, 2 Yr. CAGR 73.47
Dividend Per Share, 2 Year CAGR 29.99
Compound Annual Growth Rate Over Three Years(%)


Inventory, 3 Yr. CAGR (1.91)

Compound Annual Growth Rate Over Five Years(%)



PT Industri J
2020 FY 2021 FY 2022 FY 2023 FY

12/31/2020 12/31/2021 12/31/2022 12/31/2023
2/7/2022 2/10/2023 2/19/2024 2/19/2024
IDR IDR IDR IDR
19.51 24.96 21.21 19.32

22.88 29.46 24.74 22.32
29.72 37.68 31.67 27.59
29.72 37.68 31.67 27.59
55.13 56.85 56.10 56.61

20.78 18.06 20.54 21.73
37.65 41.88 38.56 37.77
34.54 39.32 35.78 34.56
34.54 39.32 35.78 34.56
28.00 31.36 28.58 26.66
28.00 31.36 28.58 26.66
28.00 31.36 28.58 26.66
22.47 25.07 22.95 21.35
21.22 20.03 17.75 22.04
21.23 20.05 17.76 22.05
0.90 1.02 0.95 0.90

2.11 2.53 2.40 2.24
5.59 6.06 5.72 4.83
4.92 4.53 3.40 3.25
3.66 4.13 4.06 4.47
3.04 3.22 2.98 3.51
1.85 2.21 2.05 2.29
65.5 60.3 63.8 75.5
74.4 80.5 107.4 112.2
42.6 38.1 40.7 51.2
97.3 102.8 130.5 136.5
0.22 0.25 0.07 0.28

0.22 0.25 0.07 0.28
0.13 0.07 NA 0.10
0.13 0.07 NA 0.10
16.31 14.69 14.11 12.97
NM NM NM NM
NM NM NM NM
NM NM NM NM
0.01 0.01 0.00 0.01
NM NM NM NM
0.01 0.01 0.00 0.01
NM NM NM NM
8.74 20.55 (3.87) (7.75)

9.42 24.32 (5.13) (6.92)
11.81 34.09 (11.47) (9.64)
11.73 37.26 (12.52) (10.91)
11.73 37.26 (12.52) (10.91)
15.64 35.00 (12.39) (13.95)
15.64 35.00 (12.39) (13.95)
11.15 34.50 (12.01) (14.16)
15.64 35.77 (12.90) (13.95)
25.38 0.05 3.40 14.86

3.42 47.43 18.93 (24.73)
(0.61) 1.49 1.03 (3.06)
9.07 5.70 0.31 (4.67)
5.51 8.13 1.05 (3.51)

5.12 7.74 0.99 (3.41)
23.76 15.79 (7.69) (4.67)
(30.73) 28.82 45.57 (71.76)
34.58 13.80 (14.84) 14.56
34.62 13.82 (14.84) 14.54
28.16 21.57 (3.65) (16.16)
9.87 14.49 7.65 (5.83)

13.62 16.63 8.60 (6.03)
19.58 22.44 8.95 (10.56)
18.80 23.84 9.58 (11.72)
18.80 23.84 9.58 (11.72)
18.62 24.95 8.76 (13.17)
18.62 24.95 8.76 (13.17)
17.58 22.27 8.78 (13.10)
18.61 25.30 8.75 (13.42)
27.26 12.00 1.71 8.98

(0.28) 23.48 32.41 (5.38)
0.73 0.44 1.26 (1.04)
7.40 7.37 2.97 (2.22)
5.75 6.81 4.53 (1.25)

5.35 6.43 4.31 (1.24)
10.62 19.71 3.39 (6.19)
(37.93) (5.54) 36.94 (35.88)
22.29 23.75 (1.56) (1.23)
22.31 23.79 (1.55) (1.24)
32.08 24.82 8.23 (10.13)
9.02 13.32 8.01 2.25

15.78 17.08 8.87 3.16
21.42 24.23 9.90 2.36
21.58 24.66 10.29 2.27
21.58 24.66 10.29 2.27
20.50 23.84 11.00 0.59
20.50 23.84 11.00 0.59
20.76 22.97 9.57 0.52
20.50 24.08 11.00 0.59
15.81 17.45 9.06 5.92

4.93 13.61 21.94 9.69
9.06 0.98 0.63 (0.20)
6.82 6.83 4.96 0.36
3.41 6.54 4.86 1.78

3.62 6.14 4.58 1.67
17.36 12.32 9.78 0.63
(34.92) (20.83) 9.11 (19.09)
59.93 19.39 9.26 3.55
59.41 19.41 9.28 3.55
29.38 28.48 14.50 (0.61)
8.50 9.44 8.47 5.23

15.92 16.45 12.85 7.22
18.06 21.51 16.27 8.93
19.21 22.11 16.63 8.59
19.21 22.11 16.63 8.59
16.38 21.28 15.66 7.45
16.38 21.28 15.66 7.45
16.45 20.72 15.82 7.03
16.45 21.24 15.65 7.44
14.61 12.58 9.95 13.99

3.15 7.55 15.16 5.59
10.38 8.76 5.87 0.17
6.60 6.37 5.26 3.11
4.27 4.61 3.86 3.35

4.40 4.71 3.90 3.13
19.06 20.99 11.56 4.51
(13.52) (6.95) (12.37) (27.23)
48.11 38.27 31.71 10.67
48.12 37.88 31.47 10.68
20.23 24.04 20.46 11.37
PT Industri Jamu dan Farmasi Sido Muncul Tbk | Performance Analysis

Excel Risk Management KLBF SIDO

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Indikator Unit 2019 2020

Revenue IDR (Million) IDR 22,633,476 IDR 23,112,655

Indikator Unit 2019 2020

2021 2022 2023 STDEV

IDR 1,953,914 2.06 IDR 4,423,096 IDR 10,489,682

IDR 64,996 2.06 IDR 1,027,891 IDR 3,393,650

IDR 1,698,210 2.06 IDR 4,584,715 IDR 11,676,631

Mean N-1 (X=98%) VaR SIDO ES SIDO

IDR 124,624 2.06 IDR 1,040,969 IDR 1,187,753

IDR 35,740 2.06 IDR 520,067 IDR 597,648

IDR 90,287 2.06 IDR 557,719 IDR 632,595

i 0 sepanjang tahun 2024-2029

i Rp 15 Triliun sepanjang tahun 2024-2029

Recommended: S&P Capital IQ - Standard 2019 FY

Selling General & Admin Exp. 6,486,989

Interest Expense (31,055)

Income Tax Expense 897,081

Recommended: S&P Capital IQ - Standard 2019 FY

PT Kalbe Farma Tbk. - PT Kalbe Farma, Tbk | Cash Flow

Recommended: S&P Capital IQ - Standard 2019 FY

Operating Activities (Rp.M)

2020 FY 2021 FY 2022 FY 2023 FY

23,112,655 26,261,195 28,933,503 30,449,134

6,238,255 6,800,994 7,008,307 7,591,031

(75,837) (45,486) (41,226) (82,958)

864,159 940,397 1,032,378 852,179

58.31 67.92 72.71 59.81

4,146,252 4,649,287 4,907,579 4,314,625

1,635,342 1,999,089 2,062,426 2,110,219

2020 FY 2021 FY 2022 FY 2023 FY

5,207,929 6,216,248 3,949,769 3,232,421

1,240,386 1,667,596 1,996,615 1,690,720

468,751 468,751 468,751 468,751

46,872,947,110 46,872,947,110 46,255,641,410 46,255,641,410

262,019 386,404 317,560 486,552

2020 FY 2021 FY 2022 FY 2023 FY

2,733,260 3,183,621 3,382,210 2,766,748

(926,997) (503,910) (705,458) (881,551)

51,264 (16,433) 237,776 (40,050)

80,466 66,572 53,591 91,495

Recommended: S&P Capital IQ - Standard 2019 FY

Margin Analysis (%)

Short Term Liquidity

Long Term Solvency(x)

EBIT / Interest Expense 107.44

Growth Over Prior Year(%)

Accounts Receivable, 1 Yr. Growth 9.75

Tangible Book Value, 1 Yr. Growth 7.33

Compound Annual Growth Rate Over Two Years(%)

Accounts Receivable, 2 Yr. CAGR 11.45

Tangible Book Value, 2 Yr. CAGR 8.82

Compound Annual Growth Rate Over Three Years(%)

Accounts Receivable, 3 Yr. CAGR 10.74

Tangible Book Value, 3 Yr. CAGR 9.79

Compound Annual Growth Rate Over Five Years(%)

Accounts Receivable, 5 Yr. CAGR 8.77

Tangible Book Value, 5 Yr. CAGR 11.32

2020 FY 2021 FY 2022 FY 2023 FY