Kalbe Vs Tempo

USER
Internal Uses Financial Manager
Karyawan
External Uses Creditor
StockHolders
Supplier
Customers
Government
CONCERN
Performance evaluation – compensation and comparison between divisions
Planning for the future – guide in estimating future cash flows
1. Kompensasi
2. Kondisi perusahaan di masa yad. 3. pensiun
1. Berapa besar kredit yang akan disalurkan

2. Berapa lama kredit akan disalurkan
3. Dalam jangka waktu kredit itu, berapa laba dan arus kas yang akan dihasilkan
4. Berapa baik arus kas yang dihasilkan akan mampu menutup cicilan hutang (pokok & Bunga)
5. Berapa baik proyeksi yang dilakukan memenuhi kriteria minimal yang disyaratkan oleh kreditor
1. Berapa besar intrinsic value perusahaan, dgn melihat : proyeksi tk pertumbuhan, proyeksi tk laba, proyeksi aru
2. Bagaimana portfolio saham yang ideal
Kelangsungan pembayaran utang pembayaran perusahaan kepada pemasok
Kelangsungan produk yang telah dibeli, garansi
Pajak & Kebijakan Terkait

Liquidity
Debt vs Equity
Value vs Cost
Short-term solvency/ Liquidity
Long-Term Solvency/ Financial leverage ratios
Profitability ratios
Activity Ratios
Market Value Ratios
FORMULA
Asset = Liabilities + Stockholder's Equity

Asset
Current Asset
Cash
Trade Receivable
Inventories
Liabilities
Current Liabilities
Interest Expense
Stockholder's Equity
COGS
Earning Before Income Tax / Gross Profit
Earning Before Tax
Earning After Tax
Dividen Payout Ratio = Dividen / EPS
Dividen
Earning Per Share
Book Price / share
Market Price / Share
Net Working Capital = Current Asset - Current Liabilities
Current Ratio = Total Current Assets / Total Current Liabilities
Quick Ratio = Quick Assets (Current Assets - Inventories) / Total Current Liabilities
Cash Ratio = Cash / Total Current Liabilities
Interest Coverage = EBIT / Interest Expense
Net Profit Margin = Net Income / Total Operating Revenue
Return on Assets = Profit Margin x Asset Turnover

Return on Assets = Net Income / Average Total Assets
ROE = Profit margin x Asset turnover X Equity multiplier

Return on Equity = Net Income / Average Shareholders Equity
Total Asset Turnover = Total Operating Revenues / Average Total Assets
Receivables Turnover = Total Operating Revenues / Average Receivables

Average Collection Period = Days in Period (i.e. 365) / Receivables Turnover
Inventory Turnover = COGS / Average Inventory
Days in Inventory = Days in Period (i.e. 365) / Inventory Turnover
Price-Earning Ratio = Market Price per Share / Current Annual Earnings per Share
Market-to-Book Ratio = Market Price per share / Book Value / Share

KALBE TEMPO SCAN Kalbe vs Tempo
2021 2021 Discrepancy Percentage
25,666,635,156,271 9,644,326,662,784 13,459,642,784,008 166.13%

15,712,209,507,638 6,238,985,603,903 7,134,235,696,480 151.84%
6,216,247,801,928 2,687,633,660,874 2,561,998,604,435 131.29%
3,431,018,099,213 1,180,258,737,299 2,218,997,720,648 190.70%
5,087,299,647,536 1,608,950,113,060 2,111,658,297,532 216.19%
4,400,757,363,148 2,769,022,665,619 1,560,796,347,683 58.93%
3,534,656,089,431 1,895,260,237,723 1,168,202,893,392 86.50%
57,384,355,149 47,506,615,674 41,239,352,849 20.79%
21,265,877,793,123 6,875,303,997,165 11,898,846,436,325 209.31%
14,977,410,271,049 7,226,149,613,742 5,810,719,486,712 107.27%

11,283,784,241,264 1,104,346,538,604 9,170,675,329,518 921.76%
4,143,264,634,774 1,098,370,417,471 2,563,184,039,870 277.22%
3,232,007,683,281 877,817,637,643 1,965,252,764,132 268.19%
0.41 0.33 0.06 25.74%
28 60 (30.00) -53.33%
68 183 (116.69) -62.89%
10 50 (40.00) -80.00%
1,615 1,475 115.00 9.49%
12,177,553,418,207 4,343,725,366,180 5,966,032,803,088 180.35%
4.45 3.29 1.16 35.03%
3.01 2.44 0.77 23.04%
1.76 1.42 0.32 24.02%
196.64 23.25 92.13 745.88%
28.64% 79.49% (0.50) -63.97%
13.40% 9.36% 0.03 43.13%
16.35% 13.25% 0.02 23.40%
46.79% 11.78% 0.34 297.19%
3.27 90.58% 2.09 260.66%

112 403 (303.09) -72.27%
3.45 4.67 (1.17) -26.11%
105.85 78.22 25.14 35.33%
23.78 8.06 17.70 195.01%
161.50 29.50 121.50 447.46%

Measure the firm’s ability to meet recurring financial obligations
A higher current ratio indicates greater liquidity
Quick assets = Current assets – inventories

Quick ratio determines firm’s ability to pay off current liabilities without relying on the sale of inventories.
Quick ratio determines firm’s ability to pay off current liabilities with relying on Cash on Hands
Interest coverage ratio is directly connected to the firm’s ability to pay interest.
trade firms and service firms tend to have low and high profit ratios respectively.
Firms tend to face a trade-off between turnover and margin
The difference between ROA and ROE is due to financial leverage.
Measure how effectively the firm’s assets are being managed

Example: retail and wholesale trade firms tend to have high asset turnover ratios compared to manufacturing fir
These ratios provide information on the success of the firm in managing its investment in accounts receivable.
Measure how quickly inventory is produced and sold
•P/E ratio shows how much investors are willing to pay for $1 of earnings per share.
• It also reflects investors’ views of the growth potential of different sectors.
•The M/B ratio compares the market value of the firm’s investments to their cost .
• a M/B value < 1 indicates that the firm has not been successful in creating value for its shareholders.
KALBE
Slide 1 PT Kalbe Farma Tbk. (“Kalbe”) was established in 1966 and is one of the largest publicly-listed pha
PT Tempo Scan Pacific Tbk (the “Company”) and its subsidiaries are part of the Tempo Group, a g
e largest publicly-listed pharmaceutical companies in Southeast Asia. Kalbe has four main divisions managing a broad and
rt of the Tempo Group, a group of companies which commenced its business activities through the establishment of PT PD
ns managing a broad and strong portfolio of brands; Prescription Pharmaceuticals Division, Consumer Health Division comp
he establishment of PT PD Tempo on 3 November 1953 in the trading business of pharmaceutical products. With time, the
sumer Health Division comprising over-the-counter drugs, as well as supplement drink and ready to drink products, Nutrition
al products. With time, the Company through its subsidiaries has also manufactured cosmetics and consumer products sinc
to drink products, Nutritionals Division, and Distribution & Logistics Division. Kalbe currently has more than 40 subsidiaries a
nd consumer products since 1977. The Company operates 17 manufacturing facilities, one of which is still under constructio
more than 40 subsidiaries and 15 production facilities with international standards, employed around 16,000 employees and
ch is still under construction.

und 16,000 employees and have 76 branches of distribution & logistics across Indonesia. Since 1991, Kalbe’s shares have b
991, Kalbe’s shares have been listed on the Indonesia Stock Exchange (IDX: KLBF).

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USER

Internal Uses Financial Manager

External Uses Creditor

Planning for the future – guide in estimating future cash flows

1. Berapa besar kredit yang akan disalurkan

Kelangsungan pembayaran utang pembayaran perusahaan kepada pemasok

Kelangsungan produk yang telah dibeli, garansi

Pajak & Kebijakan Terkait

Short-term solvency/ Liquidity

Long-Term Solvency/ Financial leverage ratios

Asset = Liabilities + Stockholder's Equity

Cash Ratio = Cash / Total Current Liabilities

Interest Coverage = EBIT / Interest Expense

Net Profit Margin = Net Income / Total Operating Revenue

Return on Assets = Profit Margin x Asset Turnover

ROE = Profit margin x Asset turnover X Equity multiplier

Total Asset Turnover = Total Operating Revenues / Average Total Assets

Receivables Turnover = Total Operating Revenues / Average Receivables

Inventory Turnover = COGS / Average Inventory

Days in Inventory = Days in Period (i.e. 365) / Inventory Turnover

Market-to-Book Ratio = Market Price per share / Book Value / Share

25,666,635,156,271 9,644,326,662,784 13,459,642,784,008 166.13%

14,977,410,271,049 7,226,149,613,742 5,810,719,486,712 107.27%

3.01 2.44 0.77 23.04%

1.76 1.42 0.32 24.02%

196.64 23.25 92.13 745.88%

28.64% 79.49% (0.50) -63.97%

13.40% 9.36% 0.03 43.13%

16.35% 13.25% 0.02 23.40%

46.79% 11.78% 0.34 297.19%

3.27 90.58% 2.09 260.66%

3.45 4.67 (1.17) -26.11%

105.85 78.22 25.14 35.33%

23.78 8.06 17.70 195.01%

161.50 29.50 121.50 447.46%

Quick assets = Current assets – inventories

Firms tend to face a trade-off between turnover and margin

The difference between ROA and ROE is due to financial leverage.

Measure how effectively the firm’s assets are being managed

ch is still under construction.

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