ANALISIS HORIZONTAL

PT. KALBE FARMA Tbk. DAN ENTITAS ANAKNYA

LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN KONSOLIDASIAN
2018 2017
PENJUALAN NETO 21,074,306,186,027 20,182,120,166,616
BEBAN POKOK PENJUALAN 11,226,380,392,484 10,369,836,693,616
LABA BRUTO 9,847,925,793,543 9,812,283,473,000
Beban Penjualan 5,098,823,973,870 5,217,254,463,765
Beban umum dan Administrasi 1,191,705,459,131 1,141,381,509,277
Beban penelitian dan pengembangan 243,606,080,000 239,905,662,440
Pendapatan operasi lainnya 75,482,640,119 42,115,570,263
Beban operasi lainnya 176,247,725,116 96,887,474,326
Penghasilan bunga 125,786,575,249 134,914,292,587
Beban bunga dan keuangan 29,738,266,966 36,391,625,753
Bagian atas rugi entitas asosiasi 2,673,834,807 16,305,874,297
LABA SEBELUM BEBAN PAJAK PENGHASILAN 3,306,399,669,021 3,241,186,725,992
BEBAN PAJAK PENGHASILAN, Neto 809,137,704,264 787,935,315,388
LABA TAHUN BERJALAN 2,497,261,964,757 2,453,251,410,604
PENGHASILAN KOMPREHENSIF LAIN
Keuntungan (Kerugian) aktuarial atas
liabilitas imbalan kerja jangka panjang, neto 50,950,561,708 25,600,704,750
Laba belum direalisasi dari aset keuangan
tersedia untuk dijual, neto 6,021,165,569 5,042,399,005
Selisih kurs atas penjabaran laporan keuangan 10,588,832,653 4,155,729,626
Pajak penghasilan terkait 12,115,579,063 6,096,477,893
Penghasilan (Rugi)Komprehensif Lain
Setelah Pajak 55,444,980,867 10,306,098,226
TOTAL LABA KOMPREHENSIF TAHUN BERJAL 2,552,706,945,624 2,442,945,312,378
Laba Tahun Berjalan Yang dapat
Diatribusikan Kepada
Pemilik entitas Induk 2,457,129,032,271 2,403,605,933,399
Kepentingan non-pengendali 40,132,932,486 49,645,477,205
Total 2,497,261,964,757 2,453,251,410,604
Total Laba Komprehensif Yang Dapat
Diatribusikan Kepada
Pemilik entitas Induk 2,510,650,879,252 2,392,807,308,460
Kepentingan non-pengendali 42,056,066,372 50,138,003,918
Total 2,552,706,945,624 2,442,945,312,378
Laba Per Saham 52.42 51.28

ANALISIS HORIZONTAL
PT. KALBE FARMA Tbk. DAN ENTITAS ANAKNYA
LAPORAN POSISI KEUANGAN KONSOLIDASIAN
2018 2017
ASET
ASET LANCAR
Kas dan setara kas 3,153,327,557,478 2,784,705,831,122
Piutang usaha
pihak ketiga, neto 3,230,855,504,419 2,851,855,047,281
pihak berelasi 24,689,355,369 24,562,301,353
Piutang lain-lain
pihak ketiga 116,632,910,355 91,081,776,623
pihak berelasi 1,391,500,261 194,143,183
Aset keuangan lancar lainnya 178,719,216,214 186,495,242,626
Persediaan, neto 3,474,587,231,854 3,557,496,638,218
PPN dibayar di muka 123,737,714,663 133,890,272,364
Biaya dibayar di muka 62,218,079,760 61,651,218,626
Aset lancar lainnya 282,129,316,353 350,806,178,568
Total Aset Lancar 10,648,288,386,726 10,042,738,649,964
ASET TIDAK LANCAR
Aset keuangan tidak lancar lainnya 63,304,700,000 53,386,000,000
Investasi pada entitas asosiasi 22,801,731,228 25,475,566,035
Aset pajak tangguhan, neto 131,100,220,342 155,865,496,386
Tagihan restitusi pajak 54,345,381,927 29,710,566,050
Aset tetap, neto 6,252,801,150,475 5,342,659,713,054
Aset tidak berwujud, neto 433,440,697,623 419,572,828,665
Aset tidak lancar lainnya 540,123,877,048 546,830,596,181
Total Aset Tidak Lancar 7,497,917,758,643 6,573,500,766,371
TOTAL ASET 18,146,206,145,369 16,616,239,416,335

LIABILITAS
LIABILITAS JANGKA PENDEK
Utang bank jangka pendek 69,154,653,794 168,774,628,237
Utang usaha pihak ketiga 1,214,689,608,252 1,040,508,502,669
Utang usaha pihak berelasi 75,208,161,202 68,042,882,218
Utang lain-lain pihak ketiga 409,642,234,398 432,571,986,284
Beban akrual 259,860,294,192 289,821,941,676
Liabilitas imbalan kerja jangka pendek 41,239,785,972 32,208,894,121
Utang pajak 188,121,543,643 190,792,898,939
Bagian jangka pendek dari
Utang bank 27,102,572,574 2,666,666,667
Utang sewa pembiayaan 1,148,617,567 1,947,610,904
Total Liabilitas Jangka Pendek 2,286,167,471,594 2,227,336,011,715
LIABILITAS JANGKA PANJANG
Utang bank 259,831,249,648 144,338,491,229
Utang sewa pembiayaan 170,594,130 1,264,503,262
Liabilitas pajak tangguhan, neto 129,248,672 636,618,114
Liabilitas imbalan kerja jangka panjang 291,592,784,971 338,832,009,326
Utang lain-lain Jangka panjang Pihak ketiga 13,720,000,000 9,800,000,000
Total Liabilitas Jangka Panjang 565,443,877,421 494,871,621,931
TOTAL LIABILITAS 2,851,611,349,015 2,722,207,633,646
EKUITAS
Modal saham 468,751,221,100 468,751,221,100
Tambahan modal disetor, neto 34,118,673,814 34,118,673,814
Selisih Transaksi Kepentingan non pengendali 46,967,626,117 42,779,769,837
Saldo Laba telah ditentukan penggunaannya 201,390,130,325 177,354,070,991
Saldo laba belum ditentukan penggunaannya 13,871,718,983,242 12,610,504,063,055
Selisih kurs atas penjabaran laporan keuangan 71,460,322,752 60,871,490,099
laba belum direalisasi dari aset keuangan
tersedia untuk dijual, neto 42,056,395,763 36,878,429,914
Kerugian aktuarial liabilitas imbalan jasa
jangka panjang 44,768,029,424 82,212,896,444
Sub-total 14,623,457,976,061 13,280,807,474,738
Kepentingan Non-pengendali 671,136,820,293 613,224,307,951
Total Ekuitas 15,294,594,796,354 13,894,031,782,689
TOTAL LIABILITAS DAN EKUITAS 18,146,206,145,369 16,616,239,416,335
AKNYA
LAIN KONSOLIDASIAN
Kenaikan (Penurunan)Persentase
892,186,019,411 4.42%
856,543,698,868 8.26%
35,642,320,543 0.36%
118,430,489,895 -2.27%
50,323,949,854 4.41%
3,700,417,560 1.54%
33,367,069,856 79.23%
79,360,250,790 81.91%
9,127,717,338 -6.77%
6,653,358,787 -18.28%
13,632,039,490 -83.60%
65,212,943,029 2.01%
21,202,388,876 2.69%
44,010,554,153 1.79%

76,551,266,458 -299.02%

978,766,564 19.41%
6,433,103,027 154.80%
18,212,056,956 -298.73%

65,751,079,093 -637.98%
109,761,633,246 4.49%

53,523,098,872 2.23%
9,512,544,719 -19.16%
44,010,554,153 1.79%

117,843,570,792 4.92%
8,081,937,546 -16.12%
109,761,633,246 4.49%
1.14 2.22%

AKNYA
ASIAN
Kenaikan (Penurunan)Persentase

368,621,726,356 13.24%
 379,000,457,138 13.29%
127,054,016 0.52%

25,551,133,732 28.05%
1,197,357,078 616.74%
7,776,026,412 -4.17%
82,909,406,364 -2.33%
10,152,557,701 -7.58%
566,861,134 0.92%
68,676,862,215 -19.58%
605,549,736,762 6.03%

9,918,700,000 18.58%
2,673,834,807 -10.50%
24,765,276,044 -15.89%
24,634,815,877 82.92%
910,141,437,421 17.04%
13,867,868,958 3.31%
6,706,719,133 -1.23%
924,416,992,272 14.06%
1,529,966,729,034 9.21%

99,619,974,443 -59.03%
174,181,105,583 16.74%
7,165,278,984 10.53%
22,929,751,886 -5.30%
29,961,647,484 -10.34%
9,030,891,851 28.04%
2,671,355,296 -1.40%

24,435,905,907 916.35%
798,993,337 -41.02%
58,831,459,879 2.64%

115,492,758,419 80.02%
1,093,909,132 -86.51%
507,369,442 -79.70%
47,239,224,355 -13.94%
3,920,000,000 40.00%
70,572,255,490 14.26%
129,403,715,369 4.75%

0 0
0 0
4,187,856,280 9.79%
 24,036,059,334 13.55%
1,261,214,920,187 10.00%
10,588,832,653 17.40%

5,177,965,849 14.04%

37,444,867,020 -45.55%
1,342,650,501,323 10.11%
57,912,512,342 9.44%
1,400,563,013,665 10.08%
1,529,966,729,034 9.21%
 ANALISIS VERTIKAL
PT. KALBE FARMA Tbk. DAN ENTITAS ANAKNYA
LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN KONSOLIDASIAN
2018 PERSENTASE 2017
PENJUALAN NETO 21,074,306,186,027 100% 20,182,120,166,616
BEBAN POKOK PENJUALAN 11,226,380,392,484 53.27% 10,369,836,693,616
LABA BRUTO 9,847,925,793,543 46.73% 9,812,283,473,000
Beban Penjualan 5,098,823,973,870 24.19% 5,217,254,463,765
Beban umum dan Administrasi 1,191,705,459,131 5.65% 1,141,381,509,277
Beban penelitian dan pengembangan 243,606,080,000 1.16% 239,905,662,440
Pendapatan operasi lainnya 75,482,640,119 0.36% 42,115,570,263
Beban operasi lainnya 176,247,725,116 0.84% 96,887,474,326
Penghasilan bunga 125,786,575,249 0.60% 134,914,292,587
Beban bunga dan keuangan 29,738,266,966 0.14% 36,391,625,753
Bagian atas rugi entitas asosiasi 2,673,834,807 0.01% 16,305,874,297
LABA SEBELUM BEBAN PAJAK PENGHASILAN 3,306,399,669,021 15.69% 3,241,186,725,992
BEBAN PAJAK PENGHASILAN, Neto 809,137,704,264 3.84% 787,935,315,388
LABA TAHUN BERJALAN 2,497,261,964,757 11.85% 2,453,251,410,604
PENGHASILAN KOMPREHENSIF LAIN
Keuntungan (Kerugian) aktuarial atas liabilitas
imbalan kerja jangka panjang, neto 50,950,561,708 0.24% 25,600,704,750
Laba belum direalisasi dari aset keuangan
tersedia untuk dijual, neto 6,021,165,569 0.03% 5,042,399,005
Selisih kurs atas penjabaran laporan keuangan 10,588,832,653 0.05% 4,155,729,626
Pajak penghasilan terkait 12,115,579,063 0.06% 6,096,477,893
Penghasilan (Rugi)Komprehensif Lain Setelah
Pajak 55,444,980,867 0.26% 10,306,098,226
TOTAL LABA KOMPREHENSIF TAHUN BERJALA 2,552,706,945,624 12.11% 2,442,945,312,378

ANALISIS HORIZONTAL
PT. KALBE FARMA Tbk. DAN ENTITAS ANAKNYA
LAPORAN POSISI KEUANGAN KONSOLIDASIAN
2018 Persentase 2017
ASET
ASET LANCAR
Kas dan setara kas 3,153,327,557,478 17.38% 2,784,705,831,122
Piutang usaha
pihak ketiga, neto 3,230,855,504,419 17.80% 2,851,855,047,281
pihak berelasi 24,689,355,369 0.14% 24,562,301,353
Piutang lain-lain
pihak ketiga 116,632,910,355 0.64% 91,081,776,623
 pihak berelasi 1,391,500,261 0.01% 194,143,183
Aset keuangan lancar lainnya 178,719,216,214 0.98% 186,495,242,626
Persediaan, neto 3,474,587,231,854 19.15% 3,557,496,638,218
PPN dibayar di muka 123,737,714,663 0.68% 133,890,272,364
Biaya dibayar di muka 62,218,079,760 0.34% 61,651,218,626
Aset lancar lainnya 282,129,316,353 1.55% 350,806,178,568
Total Aset Lancar 10,648,288,386,726 58.68% 10,042,738,649,964
ASET TIDAK LANCAR
Aset keuangan tidak lancar lainnya 63,304,700,000 0.35% 53,386,000,000
Investasi pada entitas asosiasi 22,801,731,228 0.13% 25,475,566,035
Aset pajak tangguhan, neto 131,100,220,342 0.72% 155,865,496,386
Tagihan restitusi pajak 54,345,381,927 0.30% 29,710,566,050
Aset tetap, neto 6,252,801,150,475 34.46% 5,342,659,713,054
Aset tidak berwujud, neto 433,440,697,623 2.39% 419,572,828,665
Aset tidak lancar lainnya 540,123,877,048 2.98% 546,830,596,181
Total Aset Tidak Lancar 7,497,917,758,643 41.32% 6,573,500,766,371
TOTAL ASET 18,146,206,145,369 100.00% 16,616,239,416,335

LIABILITAS
LIABILITAS JANGKA PENDEK
Utang bank jangka pendek 69,154,653,794 0.38% 168,774,628,237
Utang usaha pihak ketiga 1,214,689,608,252 6.69% 1,040,508,502,669
Utang usaha pihak berelasi 75,208,161,202 0.41% 68,042,882,218
Utang lain-lain pihak ketiga 409,642,234,398 2.26% 432,571,986,284
Beban akrual 259,860,294,192 1.43% 289,821,941,676
Liabilitas imbalan kerja jangka pendek 41,239,785,972 0.23% 32,208,894,121
Utang pajak 188,121,543,643 1.04% 190,792,898,939
Bagian jangka pendek dari
Utang bank 27,102,572,574 0.15% 2,666,666,667
Utang sewa pembiayaan 1,148,617,567 0.01% 1,947,610,904
Total Liabilitas Jangka Pendek 2,286,167,471,594 12.60% 2,227,336,011,715
LIABILITAS JANGKA PANJANG 0.00%
Utang bank 259,831,249,648 1.43% 144,338,491,229
Utang sewa pembiayaan 170,594,130 0.00% 1,264,503,262
Liabilitas pajak tangguhan, neto 129,248,672 0.00% 636,618,114
Liabilitas imbalan kerja jangka panjang 291,592,784,971 1.61% 338,832,009,326
Utang lain-lain Jangka panjang Pihak ketiga 13,720,000,000 0.08% 9,800,000,000
Total Liabilitas Jangka Panjang 565,443,877,421 3.12% 494,871,621,931
TOTAL LIABILITAS 2,851,611,349,015 15.71% 2,722,207,633,646
EKUITAS
Modal saham 468,751,221,100 2.58% 468,751,221,100
Tambahan modal disetor, neto 34,118,673,814 -0.19% 34,118,673,814
Selisih Transaksi Kepentingan non pengendali 46,967,626,117 0.26% 42,779,769,837
Saldo Laba telah ditentukan penggunaannya 201,390,130,325 1.11% 177,354,070,991
Saldo laba belum ditentukan penggunaannya 13,871,718,983,242 76.44% 12,610,504,063,055
Selisih kurs atas penjabaran laporan keuangan 71,460,322,752 0.39% 60,871,490,099
laba belum direalisasi dari aset keuangan
tersedia untuk dijual, neto 42,056,395,763 0.23% 36,878,429,914
Kerugian aktuarial liabilitas imbalan jasa
jangka panjang 44,768,029,424 -0.25% 82,212,896,444
Sub-total 14,623,457,976,061 80.59% 13,280,807,474,738
Kepentingan Non-pengendali 671,136,820,293 3.70% 613,224,307,951
Total Ekuitas 15,294,594,796,354 84.29% 13,894,031,782,689
TOTAL LIABILITAS DAN EKUITAS 18,146,206,145,369 100.00% 16,616,239,416,335
DASIAN
PERSENTASE
100.00%
51.38%
48.62%
25.85%
5.66%
1.19%
0.21%
0.48%
0.67%
0.18%
0.08%
16.06%
3.90%
12.16%

0.13%

0.02%
0.02%
0.03%

0.05%
12.10%

Persentase

16.76%

17.16%
0.15%

0.55%
 0.00%
1.12%
21.41%
0.81%
0.37%
2.11%
60.44%

0.32%
0.15%
0.94%
0.18%
32.15%
2.53%
3.29%
39.56%
100.00%

1.02%
6.26%
0.41%
2.60%
1.74%
0.19%
1.15%

0.02%
0.01%
13.40%

0.87%
0.01%
0.00%
2.04%
0.06%
2.98%
16.38%

2.82%
-0.21%
0.26%
1.07%
75.89%
 0.37%

0.22%

-0.49%
79.93%
3.69%
83.62%
100.00%
 ANALISIS RASIO PT KALBE FARMA Tbk. DAN ENTITAS ANAKNYA
RASIO RUMUS 2018 2017
Rasio Likuiditas
Net Working Capital Current Assets - Current Liabilities 8,362,120,915,132 7,815,402,638,249
Current Ratio Current Assets / Current Liabilities 4.66 4.51
Quick Ratio Quick Assets / Current Liabilities 2.85 2.58
Cash Ratio Cash + Equivalents / Current Liabilities 1.38 1.25
Rasio Aktivitas
Receivable Turnover Net Credit Sales/Avg Net trade Receivabl 56 51
Avg. Age of ReceivableDays in year/ Receivable Turnover 6.52 7.16
Inventory Turnover COGS/Avg Inventory 111 124
Avg. Days Supply in In Days in year/ Inventory Turnover 3.29 2.94
Rasio Solvabilitas
Debt to Equity Total Liabilities/Equity 0.19 0.20
Debt Ratio Total Liabilities/Total Asset 0.16 0.16
Rasio Profitabilitas
Gross Profit Margin Gross profit/Net Sales 47% 49%
Profit Margin Income/Net Sales 15.69% 16.06%
ROE Income/avg equity 17.90% 19.48%