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Analisis Kondisi Keuangan

1. Aspek Likuiditas

LIKUIDITAS 2004 2005 2006 2007

Current ratio 3,0098 4,0450 5,0417 4,9825

Quick ratio 2,4396 2,8345 3,6988 3,0915

Cash ratio 0,6928 1,0159 1,9149 1,4793

60.000

50.000

40.000
Axis Title

Current ratio
30.000
Quick ratio
Cash ratio
20.000

10.000

0
2004 2005 2006 2007

Dari grafik diatas, dapat dilihat bahwa Current ratio dari tahun 2004 sampai tahun 2006

mengalami peningkatan namun pada tahun 2007 mengalami penurunan walaupun tidak

signifikan. Quick ratio juga ada pada kondisi yang sama yaitu mengalami peningkatan pada

tahun 2004 sampai tahun 2006, sedangkan pada tahun 2007 Quick ratio mengalami

penurunan yang signifikan. Demikian pula dengan Cash ratio, terjadi peningkatan pada tahun

2004 sampai dengan 2006 dan penurunan yang signifikan


2. Aspek Leverage

2004 2005 2006 2007


Debt Ratio 50,95% 38,52% 23,35% 21,82%
Equity Ratio 4,01% 50,52% 64,75% 65,91%
Debt Equity
Ratio 126,09% 76,24% 36,06% 33,10%

130%
120%
110%
100%
90%
80%
70% Debt Ratio
60% Equity Ratio
50%
40% Debt Equity Ratio
30%
20%
10%
0%
2004 2005 2006 2007

Debt asset pada tahun 2004 sampai tahun 2006 mengalami penurunan yang signifikan

sedangkan untuk tahun 2007 relatif stabil. Untuk Equity ratio mengalami penurunan

yang tidak begitu besar dari tahun 2004 sampai tahun 2006 sedangkan untuk tahun

2007 masih relatif stabil.

3. Aspek Efisiensi

EFISIENSI 2004 2005 2006 2007

Average Collection Period 148,755 134,7335 143,990 163,1268

Account Receivables Turnover 0,0067 0,0074 0,0069 0,00613

Total Asset Turnover 0,296 0,3274 0,352 0,3734


Inventory Turnover 33,827 5,21668 36,9395 29,628

Fixed Asset Turnover 1,805 1,802 1,5919 1,593

700.0000 Fixed Asset


Turnover
600.0000
Inventory Turnover
500.0000

400.0000
Total Asset
Turnover
300.0000

200.0000 Account
Receivables
100.0000 Turnover
Average
0.0000 Collection Period
2004 2005 2006 2007

Fixed asset turnover dari tahun 2004 mengalami peningkatan yang signifikan,namun dari

tahun 2005 menuju 2007 mengalami penurunan yang juga signifikan. Inventory turnover dan

Account receivables turnover mengalami kondisi yang hampir sama dengan Fixed asset

turnover. Hanya total asset turnover yang hamper tiap tahun mengalami peningkatan

walaupun tidak terlalu signifikan.

4. Aspek Profitabilitas

Operating net profit operating income return return


profit margin margin return on investment on equity on asset
2004 19.11 10.9 21.62 30.53 21.62
2005 18.08 11.12 22.45 27.34 22.45
2006 1.76 11.14 23.57 22.59 23.57
2007 16.12 10.07 22.55 22.59 22.55
grafik profitabilitas

35
operating profit margin
30
25
net profit margin
nilai (%)

20
15 operating income return
10 on investment
5 return on equity
0
2004 2005 2006 2007 return on asset

tahun

Operating profit margin dari tahun 2004 ke tahun 2006 mengalami penurunan,peningkatan

terjadi pada tahun 2007 .Net profit margin ,Return on assets (ROA) , dan operating income

return on investment mengalami peningkatan dari tahun 2004 sampai tahun 2006 dan

mengalami penurunan pada tahun 2007 walaupun dalam jumlah yang tidak signifikan.

earning per share


2004 45.845
2005 64.329
2006 66.6188
2007 111.2005

earning per share

120

100
80
nilai (Rp)

60 earning per share

40
20

0
2004 2005 2006 2007
tahun
time interest earned
ratio
2004 9.9648
2005 11.8988
2006 15.189
2007 20.0401

time interest earned ratio

25

20
nilai (kali)

15
time interest earned ratio
10

0
2004 2005 2006 2007
tahun

Time interest earned ratio dan earnings per share (EPS) mengalami pertumbuhan yang positif

dari tahun ke tahun.


Analisis Hubungan dan Pengaruh Kondisi Keuangan terhadap Harga Saham

Perusahaan

Grafik Harga Saham PT Kalbe Farma Tbk

Grafik.1

45,000,000.00
40,000,000.00
35,000,000.00
Open
30,000,000.00
High
25,000,000.00
Low
20,000,000.00
Close
15,000,000.00
Avg Vol
10,000,000.00
5,000,000.00
0.00
Jan-04

Jan-05

Jan-06

Jan-07
Jul-04

Jul-05

Jul-06

Jul-07
Apr-04

Apr-05

Apr-06

Apr-07
Oct-04

Oct-05

Oct-06

Oct-07
Grafik 2

1,800.00
1,600.00
1,400.00
1,200.00 Open
1,000.00 High
800.00 Low
600.00 Close
400.00
200.00
0.00
Jan-04

Jan-05

Jan-06

Jan-07
Jul-04

Jul-05

Jul-06

Jul-07
Apr-04

Apr-05

Apr-06

Apr-07
Oct-04

Oct-05

Oct-06

Oct-07

Dilihat dari grafik 2 pertumbuhan antara harga saham dari nilai open (pembukaan),high

(tinggi), low(rendah), dan close (penutupan) relatif sama. Awal tahun 2004 sampai tahun

akhir tahun 2005 peningkatan dan penurunan harga yang terjadi relatif stabil.
Nilai open atau pembukaan mengalami pertumbuhan yang signifikan pada bulan Januari

2006 sampai dengan bulan April 2006. Titik tertinggi dari data saham pada nilai open yaitu

titik 1520,00 pada bulan Maret 2006, sedangkan titik terendah pada nilai open berada pada

titik 364,00 pada bulan Juli 2004.

Dari nilai high atau tinggi, pertumbuhan yang stabil dimulai pada bulan Desember 2005

dengan diawali peningkatan yang signifikan sebesar 430,00 dari bulan sebelumnya. Titik

tertinggi harga saham pada nilai high yaitu pada titik 1570,00 pada bulan April 2006.

Nilai low atau rendah mengalami peningkatan yang signifikan pada akhir tahun 2005. Namun

pada bulan berikutnya di tahun 2006 nilai low atau rendah mengalami penurunan yang

signifikan yaitu sebesar 240,00 00 (dari nilai 1330,00 pada bulan April 2006 turun menjadi

1090,00 di bulan Mei pada tahun yang sama). Titik terendah pada nilai low atau rendah

berada bulan Mei dan Juni 2004 yaitu di titik 350,00.

Nilai close atau penutupan mengalami pertumbuhan yang relatif lebih stabil bila

dibandingkan nilai-nilai yang lain. Peningkatan yang signifikan terjadi pada bulan Januari

2006 yaitu di titik 1300,00 dan penurunan signifikan terjadi pada bulan Mei 2006 yaitu titik

1320,00. Titik tertinggi pada nilai close terjadi pada bulan Februari 2006 yaitu titik 1520,00.
LAMPIRAN

Perhitungan Rasio Keuangan

1. Aspek Likuiditas

Tahun 2004

Current ratio = Total current assets = 2.355.453.119.543 = 3,0098 kali

Total current liabilities 782.589.561.271

Quick ratio = Current assets – inventories = 2.355.453.119.543 – 446.229.261.434

Current liabilities 782.589.561.271

= 2,4396 kali

Cash ratio = Cash + Marketable Securities = 524.225.511.866 + 0 = 0,6928 kali

Current liabilities 782.589.561.271

Tahun 2005

Current ratio = Total current assets = 3.654.805.881.213 = 4,0450 kali

Total current liabilities 903.515.824.098

Quick ratio = Current assets – inventories = 3.654.805.881.213 – 1.093.722.204.050

Current liabilities 903.515.824.098

= 2,8345 kali

Cash ratio = Cash + Marketable Securities = 917.902.597.501 + 0 = 1,0159 kali

Current liabilities 903.515.824.098

Tahun 2006

Current ratio = Total current assets = 3.321.278.260.845 = 5,0417 kali

Total current liabilities 658.759.610.990

Quick ratio = Current assets – inventories = 3.321.278.260.845 – 884.654.354.165

Current liabilities 658.759.610.990


= 3,6988 kali

Cash ratio = Cash + Marketable Securities = 1.261.454.016.042 + 0 = 1,9149 kali

Current liabilities 658.759.610.990

Tahun 2007

Current ratio = Total current assets = 3.760.007.626.324 = 4,9825 kali

Total current liabilities 754.629.114.054

Quick ratio = Current assets – inventories

Current liabilities

= 3.760.007.626.324 – 1.427.067.984.707

754.629.114.054

= 3,0915 kali

Cash ratio = Cash + Marketable Securities = 1.116.346.134.197 + 0 = 1,4793 kali

Current liabilities 754.629.114.054

2. Aspek Leverage

Tahun 2004

Total Debt to Equity = 1.537.379.862.592 / 1.219.193.365.029

= 1, 2609

Total Debt Ratio = 1.537.379.862..592 / 3. 016.864.058.832

= 0,5095

Total Equity Ratio = 1.219.193.365.029 / 3.016.864.058.832

= 0, 0401
Tahun 2005

Total Debt to Equity = 1.821.583.815.287 / 2.389.006.139.774

= 0,7624

Total Debt Ratio = 1.821.583.815.287 / 4. 728.368.509.889

= 0,3852

Total Equity Ratio = 2.389.006.139.774 / 4. 728.368.509.889

= 0, 5052

2006

Total Debt to Equity = 1.080.170.510.233 / 2.994.816.751.748

= 0, 3606

Total Debt Ratio = 1.080.170.510.233 / 4.624.619.204.478

= 0, 2335

Total Equity Ratio = 2.994.816.751.748 / 4.624.619.204.478

= 0, 6475

2007

Total Debt to Equity = 1.121.188.133.752 / 3.386.861.941.228

= 0,3310

Total Debt Ratio = 1.121.188.133.752 / 5.138.212.506.980

= 0,2182

Total Equity Ratio = 3.386.861.941.228 / 5.138.212.506.980

= 0,6591
3. Aspek Efisiensi

Tahun 2004

Average Collection Period = Accounts receivable = 517.538.017.729 .

Sales/360 1.252.483.148.923/360

= 517.538.017.729

3.479.119.856

= 148,755 hari

Total Asset Turnover = Sales = 1.252.483.148.923 = 0,296 kali

Total assets 4.231.054.215.67

Accounts Receiveable Turnover = Credit sales = 3.479.119.856

Accounts receivable 517.538.017.729

= 0.006722 kali

Inventory Turnover = Cost of Good Sold = 2.594.106.408.677

Inventory (34.525.749.482+42.159.610.714) / 2

= 33,827 kali

Fixed Asset Turnover = Sales = 1.252.483.148.923 = 1,805 kali

Fixed Asset 693.891.151.39

Tahun 2005

Average Collection Period = Accounts receivable = 579.456.506.285 .

Sales/360 1.548.272.703.156/360

= 579.456.506.285

4.300.757.508

= 134,7335 hari
Total Asset Turnover = Sales = 1.548.272.703.156 = 0,32744 kali

Total assets 4.728.368.509.889

Accounts Receiveable Turnover = Credit sales = 4.300.757.508

Accounts receivable 579.456.506.285

= 0,007422 kali

Inventory Turnover = Cost of Good Sold = 2.861.338.378.048

Inventory (579.456.506.285+ 517.538.017.729) / 2

= 5,21668 kali

Fixed Asset Turnover = Sales = 1.548.272.703.156 = 1,802 kali

Fixed Asset 859.117.129.272

Tahun 2006

Average Collection Period = Accounts receivable = 652.272.015.649

Sales/360 1.630.792.432.129/360

= 652.272.015.649

4.529.978.978

= 143,990 hari

Total Asset Turnover = Sales = 1.630.792.432.129 = 0,352 kali

Total asset 4.624.619.204.478

Accounts Receiveable Turnover = Credit sales = 4.529.978.978

Accounts receivable 652.272.015.649


= 0,006944 kali

Inventory Turnover = Cost of Good Sold = 2.972.908.038.954

Inventory (108.103.347.457+52.857.397.965) / 2

= 36,9395 kali

Fixed Asset Turnover = Sales = 1.630.792.432.129= 1,5919 kali

Fixed Asset 1.024.371.537.180

Tahun 2007

Average Collection Period = Accounts receivable = 869.572.349.473

Sales/360 1.919.034.803.322 / 360

= 869.572.349.473

5.330.652.231

= 163,1268 hari

Total Asset Turnover = Sales = 1.919.034.803.322 = 0,3734 kali

Total assets 5.138.212.506.980

Accounts Receiveable Turnover = Credit sales = 5.330.652.231

Accounts receivable 869.572.349.473

= 0,00613 kali

Inventory Turnover = Cost of Good Sold = 2.453.279.199.660

Inventory (57.501.290.031+108.103.347.457) / 2

= 29,628 kali

Fixed Asset Turnover = Sales = 1.919.034.803.322 = 1,593 kali

Fixed Asset 1.204.147.773.194


4. Aspek Profitabilitas

Tahun 2004

Operating Income Return on Investment = Operating Income = 652.280.954.708

Total assets 3.016.864.058.832

= 0,2162%

Operating Profit Margin = Operating Income = 652.280.954.708 = 0,1911%

Sales 3.413.097.280.247

Net Profit Margin = Net Income = 372.335.218.425 = 0,1090%

Sales 3.413.097.280.247

Times Interest Earned Ratio = Operating Income = 733.588.774.605 = 9,9648 kali

Interest Expense 73.617.289.483

Return on Equity = Net Income = 372.335.218.425 = 0,30539%

Common equity 1.219.193.365.029

Return on Asset = EBIT = = 652.280.954.708 = 0.2162 %

Total assets 3.016.864.058.832

Earning per shares = Net Income = 372.335.218.425 = 45,8450%

Share Outstanding 8.121.600.000


Tahun 2005

Operating Income Return on Investment = Operating Income = 1.061.851.753.517

Total assets 4.728.368.509.880

= 0,2245%

Operating Profit Margin = Operating Income = 1.061.851.753.517 = 0,1808%

Sales 5.870.938.590.836

Net Profit Margin = Net Income = 653.329.339.498 = 0,1112%

Sales 5.870.938.590.836

Times Interest Earned Ratio = Operating Income = 1.106.300.745.333 = 11,8988 kali

Interest Expense 92.975.053.874

Return on Equity = Net Income = 653.329.399.498 = 0,2734%

Common equity 2.389.006.139.774

Return on Asset = EBIT = 1.061.851.753.517

Total assets 4.728.368.509.880 = 0,2245%

Earning per shares = Net Income = 653.329.399.498 = 64,329%

Share Outstanding 10.156.014.422


Tahun 2006

Operating Income Return on Investment = Operating Income = 1.090.081.383.436

Total assets 5.870.938.590.836

= 0,2357%

Operating Profit Margin = Operating Income = 1.071.271.451.115 = 0,0176%

Sales 6.071.550.437.967

Net Profit Margin = Net Income = 676.581.653.872 = 0,1114%

Sales 6.071.550.437.96

Times Interest Earned Ratio = Operating Income = 1.071.271.451.115 = 15,1890 kali

Interest Expense 70.529.166.485

Return on Equity = Net Income = 676.581.653.872 = 0,2259%

Common equity 2.994.816.751.748

Return on Asset = EBIT = 1.090.081.383.436 = 0,2357%

Total assets 5.870.938.590.836

Earning per shares = Net Income = 676.581.653.872 = 66,6188%

Share Outstanding 10.156.014.422


Tahun 2007

Operating Income Return on Investment = Operating Income = 1.158.667.237.090

Total assets 5.138.212.506.980

= 0,2255%

Operating Profit Margin = Operating Income = 1.129.354.542.486 = 0,1612%

Sales 7.004.909.851,908

Net Profit Margin = Net Income = 705.694.196.679 = 0,1007%

Sales 7.004.909.851.908

Times Interest Earned Ratio = Operating Income = 1.129.354.542.486 = 20,0401 kali

Interest Expense 56.354.715.106

Return on Equity = Net Income = 705.694.196.679 = 0,2259%

Common equity 3.386.861.941.228

Return on Asset = EBIT = 1.158.667.237.090 = 0,2255%

Total assets 5.138.212.506.980

Earning per shares = Net Income = 1.129.354.542.486 = 111,2005%

Share Outstanding 10.156.014.422


Daftar Harga Saham Bulanan PT Kalbe Farma Tbk

Date Open High Low Close Avg Vol Adj Close*


Dec-07 1,220.00 1,320.00 1,180.00 1,260.00 8,367,400 1,244.25

Nov-07 1,380.00 1,380.00 1,190.00 1,220.00 14,232,000 1,204.75


Oct-07 1,340.00 1,420.00 1,320.00 1,360.00 16,447,200 1,343.00
Sep-07 1,360.00 1,390.00 1,280.00 1,330.00 10,134,400 1,313.38

Aug-07 1,480.00 1,480.00 1,150.00 1,360.00 11,528,100 1,343.00


Jul-07 1,380.00 1,490.00 1,340.00 1,490.00 11,856,100 1,471.38

15-Jun-07 $ 10.00 Dividend


Jun-07 1,240.00 1,430.00 1,220.00 1,390.00 25,903,100 1,372.62

May-07 1,260.00 1,260.00 1,210.00 1,240.00 14,875,100 1,214.54


Apr-07 1,210.00 1,300.00 1,210.00 1,260.00 17,050,200 1,234.13

Mar-07 1,210.00 1,280.00 1,160.00 1,210.00 26,557,500 1,185.16


Feb-07 1,310.00 1,370.00 1,150.00 1,220.00 17,341,600 1,194.96

Jan-07 1,200.00 1,380.00 1,190.00 1,300.00 39,892,200 1,273.31


Dec-06 1,180.00 1,250.00 1,130.00 1,190.00 22,807,600 1,165.57
Nov-06 1,360.00 1,360.00 1,170.00 1,180.00 29,711,400 1,155.78

Oct-06 1,320.00 1,370.00 1,290.00 1,360.00 15,408,100 1,332.08


Sep-06 1,120.00 1,350.00 1,120.00 1,320.00 22,396,100 1,292.90
Aug-06 1,190.00 1,200.00 1,120.00 1,120.00 19,314,800 1,097.01
Jul-06 1,250.00 1,270.00 1,110.00 1,200.00 11,544,600 1,175.37

Jun-06 1,330.00 1,350.00 1,180.00 1,250.00 11,807,500 1,224.34


May-06 1,520.00 1,550.00 1,090.00 1,310.00 33,050,000 1,283.11

Apr-06 1,360.00 1,570.00 1,330.00 1,520.00 42,715,100 1,488.80


Mar-06 1,350.00 1,410.00 1,320.00 1,360.00 18,480,600 1,332.08
Feb-06 1,300.00 1,430.00 1,270.00 1,360.00 22,634,700 1,332.08
Jan-06 990.00 1,310.00 970.00 1,300.00 25,790,200 1,273.31
Dec-05 580.00 1,020.00 570.00 990.00 7,040,200 969.68

Nov-05 570.00 590.00 480.00 580.00 614,400 568.09


Oct-05 600.00 620.00 550.00 570.00 286,900 558.30

Sep-05 620.00 630.00 560.00 620.00 755,200 607.27


11-Aug-05 $ 5.00 Dividend

Aug-05 700.00 730.00 580.00 640.00 2,714,800 626.86


Jul-05 710.00 730.00 680.00 700.00 987,400 680.73

Jun-05 730.00 830.00 710.00 710.00 2,987,800 690.46


May-05 680.00 730.00 630.00 720.00 479,100 700.18
Apr-05 690.00 760.00 670.00 670.00 2,891,200 651.56
Mar-05 700.00 760.00 650.00 680.00 5,356,300 661.28
Feb-05 570.00 870.00 530.00 700.00 7,516,900 680.73

Jan-05 530.00 620.00 530.00 580.00 2,832,800 564.04


Dec-04 525.00 575.00 500.00 550.00 1,925,900 534.86
Nov-04 450.00 575.00 450.00 550.00 5,393,000 534.86

Oct-04 415.00 480.00 415.00 450.00 8,723,400 437.61


Sep-04 405.00 430.00 385.00 410.00 4,669,400 398.71

12-Aug-04 $ 10.00 Dividend


Aug-04 405.00 415.00 375.00 405.00 2,624,800 393.85

Jul-04 365.00 440.00 360.00 405.00 7,191,900 383.88


Jun-04 400.00 405.00 350.00 360.00 1,217,000 341.23

May-04 500.00 525.00 350.00 410.00 4,310,600 388.62


Apr-04 475.00 625.00 475.00 500.00 2,334,400 473.93

Mar-04 500.00 525.00 460.00 470.00 2,161,700 445.49


Feb-04 490.00 575.00 480.00 525.00 3,393,500 497.62
Jan-04 370.00 525.00 370.00 490.00 9,493,000 464.45
* Close price adjusted for dividends and splits.