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Indofarma Vs Kalbe Syndicate Group 4

PT Indofarma and PT Kalbe Farma are two leading pharmaceutical companies in Indonesia. An analysis of their financial performance over time found that PT Kalbe Farma has stronger growth and is healthier financially based on several metrics. Specifically, PT Kalbe Farma showed higher CAGR values, better scores on the BUMN financial scoring system, and higher return on equity according to DuPont analysis. While PT Indofarma performed better on some individual indicators, the overall analysis indicates PT Kalbe Farma has outperformed financially. Recommendations to improve PT Indofarma's growth include increasing revenue or decreasing costs of goods sold, and improving total asset turnover by reducing idle assets.

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Fadhila Nurfida Hanif
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66 views12 pages

Indofarma Vs Kalbe Syndicate Group 4

PT Indofarma and PT Kalbe Farma are two leading pharmaceutical companies in Indonesia. An analysis of their financial performance over time found that PT Kalbe Farma has stronger growth and is healthier financially based on several metrics. Specifically, PT Kalbe Farma showed higher CAGR values, better scores on the BUMN financial scoring system, and higher return on equity according to DuPont analysis. While PT Indofarma performed better on some individual indicators, the overall analysis indicates PT Kalbe Farma has outperformed financially. Recommendations to improve PT Indofarma's growth include increasing revenue or decreasing costs of goods sold, and improving total asset turnover by reducing idle assets.

Uploaded by

Fadhila Nurfida Hanif
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Financial Performance Analysis:

PT Indofarma and PT Kalbe Farma

Syndicate Group 4 – SLEMBA BPOM

29320071 - Putra Gusrianto


29320115 - Anggia Saniagati
29320130 - Rahajeng Puput Aryani
29320149 - Fadhila Nurfida Hanif
Introduction
PT Indofarma Tbk PT Kalbe Farma Tbk

About About
First pharmaceutical industry company in Established in 1966 and now is one of the
Indonesia established by the Dutch Indies leading pharmaceutical company in Indonesia
Government in 1817. Now is one of BUMN.

Business Business
Generic drugs, Over the Counter, Diagnostic, Prescription Pharmaceutical Division,
Medical devices, Consumer Health Division, Nutritionals
pharmaceutical machine Division, and Distribution and Logistics
Division

First Initial Public Offering (IPO) First Initial Public Offering (IPO)
On 17 April 2001, the company was listed at First listed in BEI (Bursa Efek Indonesia) in
Indonesia Stock Exchange. 1991.
Financial Performance Analysis

BUMN Financing
Trend analysis DuPont
Scoring
Formula
Compound annual growth Based on Keputusan DuPont analysis
rate (CAGR) is a business Menteri Badan Usaha Milik calculates the ROE where
and investing specific term for Negara, KEP- in business world it is one
the geometric progression 100/MBU/2002. of the important ratios for
ratio that provides a constant Performance of company investors since it gives a
rate of return over the time can be classified into three brief look on how
period. categories such as healthy, profitable the company to
Several ratios are used that less healthy, and unhealthy. the investor’s interest.
are revenue, return, market,
and debt performance.
1. CAGR
ASPECT PT Indofarma PT Kalbe Farma

REVENUE
Higher is better • Gross Profit Margin 3,1% -3,5%
Higher is better • Operating Profit Margin N/A -4,2%
Higher is better • Net Profit Margin N/A -3,5%
Lower is better • COGS to Revenue -0,7% 3,2%
Lower is better • Operating Expenses to -8,5% -3,2%
Revenue

MARKET
• Earning per share N/A 2,1%
• Book value per share -2% 10%

RETURN
Higher is better • Return on Assets N/A -7,5%%
Higher is better • Return on Equity N/A -6,9%

DEBT
Lower is better • Debt to Equity -4,7% 46,8%
Lower is better • Debt to Capital -1,7% 45,6%
Analysis of CAGR Result
 In CAGR calculation of PT Indofarma, there are 5 ratios (operating profit
margin, net profit margin, earning per share, return on assets, and return
on equity) that cannot be calculated because it has a negative beginning
amount and a positive ending amount.
• For PT Indofarma, the positive growth are gross profit margin, COGS to re
venue, operating expenses to revenue, debt to equity, debt to capital.
 While PT Kalbe Farma showed positive growth in several ratios, that are
operating expenses to revenue, earning per share, and book value per
share.
2. BUMN FINANCIAL SCORING
Financial Indicators Weight PT Indofarma PT. Kalbe Farma

Return on Equity (ROE) 20 1.58 4 15.01 20


Return on Investment (ROI) 15 47.32 15 54.17 15
Cash Ratio 5 34.34 4 118 5
Current Ratio 5 188.08 5 435.47 5
Collection Period 5 59.19 5 57.62 5
Inventory Turnover 5 7.48 5 60.28 4.5
Total Asset Turnover 5 207.84 5 180 5
Total Equity / Total Asset 10 36.49 10 0.82 7
BUMN Financial Scoring
Total Score 53 66.5
100.00%
Total weight 70 A 75.71% AA 95,0% 80.00%
HEALTHY HEALTHY
60.00%

40.00%

20.00%

0.00%
PT. Indo Farma PT. Kalbe Farma
Analysis of BUMN Scoring

 From the BUMN Financial Scoring, we can concluded that Kalbe Farma is healthier than Indo
Farma.
 Kalbe Farma has better significant value on ROE, Cash ratios, and Current ratios
 For PT Indofarma, the maximum score are for indicators ROI ratio, Current Ratio, Collection
Period, Inventory Turnover, Total Asset Turnover, and Total Equity / Total Asset
3. DUPONT

Profit Margin Total Asset Equity


COMPANY ROE
Ratio Turnover Multiplayer

PT. Indofarma 0.0059 0.9821 2.7408 1,58%

PT. Kalbe Farma 0.1108 1.1169 1.2131 15,01%


DuPont
16
14
12
10
8
6
4
2
0
PT Indofarma PT Kalbe Farma
Analysis of DuPont

 From the Dupont Analysis, the ROE Kalbe Farma is much higher than Indofarma.
 Equity Multiplayer Indofarma is better than Kalbe farma, but Profit Margin Ratio and Total
Asset Turnover Indofarma still have a room for improvement.
Conclusion

 Company growth can be measured by the CAGR. From CAGR value, Kalbe Farma has better
growth than Indo Farma

 Company health can be measured by BUMN Financial Scoring where Kalbe Farma healthier th
an Kimia Farma in Financial Aspect

 From Du Pont Analysis, it can be seen which companies are more attractive to invest in becau
se it's not only measure profit, but also measure efficiency. In this case Kalbe Farma is more i
nteresting than Indo Farma
Recommendation

 To improve the growth of PT Indofarma, we recommend PT Indofarma to improve profit by i


ncrease the revenue or decrease the COGS
 Increase TATO, Kimia Farma could decrease the idle asset (i.e. vehicle)
THANK YOU

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