ANALISIS LAPORAN KEUANGAN - C

DOSEN PENGAMPU : Puji Harto, S.E., Akt., M.Si., Ph.D

KELOMPOK 7 PERUSAHAAN FARMASI

Anggota Kelompok NIM Perusahaan
Paris Pebrian Sirait 12030121140211 PT Darya Varia Laboratoria (DVLA)
Mohammad Rizha Pratama Kusuma Adjie 12030121140351 PT Kalbe Farma (KLBF)
Riyo Dimas Saputro 12030121130187 PT Indofarma (INAF)
Farhan Muhammad 12030121130117 PT Kimia Farma (KAEF)
ONGOING ANALYSIS PROJECT
Module 6 KELOMPOK

DATA
Nama Perusahaan Industri Farmasi 2022 2021

PT. DARYA-VARIA Laboratoria TBK

Rp0.00 Rp0.00

PT Kalbe Farma Tbk. (KLBF)

Rp0.00 Rp0.00

PT Indofarma Tbk. (INAF)

Rp0.00 Rp0.00

PT Kimia Farma Tbk. (KAEF)

Rp0.00 Rp0.00
Nama Perusahaan Industri Farmasi 2022 2021

Nama Perusahaan Industri Farmasi 2022 2021

Rp - Rp -
0% 0%
2 1
 1 1
1 1
2 1
PT. DARYA-VARIA Laboratoria TBK
182.5 365

2 1

182.5 365

2 1
2 1
-1 #DIV/0!
2022 2021

Rp - Rp -
0% 0%
2 1
1 1
1 1
2 1

PT Kalbe Farma Tbk. (KLBF)

182.5 365

2 1

182.5 365

2 1
2 1

-1 #DIV/0!
2022 2021

Rp - Rp -
0% 0%
2 1
1 1
1 1

2 1
PT Indofarma Tbk. (INAF)

182.5 365

2 1

182.5 365
 2 1
2 1
-1 #DIV/0!
2022 2021

Rp - Rp -
0% 0%
2 1
1 1
1 1
2 1
PT Kimia Farma Tbk. (KAEF)

182.5 365

2 1

182.5 365

2 1
2 1
-1 #DIV/0!

Nama Perusahaan Industri Farmasi 2022 2021

PT. DARYA-VARIA Laboratoria TBK

0 0

PT Kalbe Farma Tbk. (KLBF)

0 0

PT Indofarma Tbk. (INAF)

0 0

PT Kimia Farma Tbk. (KAEF)

0 0
Nama Perusahaan Industri Farmasi 2022 2021
2 1
1 1
2 1

2 1
PT. DARYA-VARIA Laboratoria TBK
1 1
2 1

1 1

0.5 1

2 1
1 1
2 1

2 1
PT Kalbe Farma Tbk. (KLBF) 1 1
2 1

1 1

0.5 1

2 1
1 1
2 1

PT Indofarma Tbk. (INAF) 2 1

1 1
2 1

1 1
0.5 1

2 1
1 1
2 1

2 1
PT Kimia Farma Tbk. (KAEF)
1 1
2 1

1 1
0.5 1
KELOMPOK 7

TIDAK PERLU DIISI SUDAH AUTO

TOLONG DIISI RUMUS

2020 2019
FIFO
LIFO
AVERAGE COST
LIFO RESERVE
LIFO COGS
Rp0.00 Rp0.00 FIFO COGS

FIFO
LIFO
AVERAGE COST
LIFO RESERVE
LIFO COGS
Rp0.00 Rp0.00 FIFO COGS

FIFO
LIFO
AVERAGE COST
LIFO RESERVE
LIFO COGS
Rp0.00 Rp0.00 FIFO COGS

FIFO
LIFO
AVERAGE COST
LIFO RESERVE
LIFO COGS
Rp0.00 Rp0.00 FIFO COGS
2020 2019

2020 2019
NET SALES
COST OF SALES
Rp - Rp - GROSS PROFIT
0% 0% GROSS PROFIT MARGIN
0 9 COGS
 1 1 INVENTORY
1 1 ACCOUNTS PAYABLE
0 9 INVENTORY TURNOVER
AVERAGE DAYS INVENTORY
#DIV/0! 40.5555555555556 OUTSTANDING JARAK
ACCOUNTS PAYABLE
0 9 TURNOVER

#DIV/0! 40.5555555555556 DAYS PAYABLE OUTSTANDING

DAYS SALES OUTSTANDING /
0 9 ACCOUNTS RECEIVABLE
#DIV/0! 9 CASH CONVERSION CYCLE
#DIV/0! #VALUE! ∆ CASH
2020 2019
NET SALES
COST OF SALES
Rp - Rp - GROSS PROFIT
0% 0% GROSS PROFIT MARGIN
0 9 COGS
1 1 INVENTORY
1 1 ACCOUNTS PAYABLE
0 9 INVENTORY TURNOVER
AVERAGE DAYS INVENTORY
#DIV/0! 40.5555555555556 OUTSTANDING
ACCOUNTS PAYABLE
0 9 TURNOVER

#DIV/0! 40.5555555555556 DAYS PAYABLE OUTSTANDING

DAYS SALES OUTSTANDING /
0 9 ACCOUNTS RECEIVABLE
#DIV/0! 9 CASH CONVERSION CYCLE

#DIV/0! #VALUE! ∆ CASH

2020 2019
NET SALES
COST OF SALES
Rp - Rp - GROSS PROFIT
0% 0% GROSS PROFIT MARGIN
0 9 COGS
1 1 INVENTORY
1 1 ACCOUNTS PAYABLE

0 9 INVENTORY TURNOVER
AVERAGE DAYS INVENTORY
#DIV/0! 40.5555555555556 OUTSTANDING
ACCOUNTS PAYABLE
0 9 TURNOVER

#DIV/0! 40.5555555555556 DAYS PAYABLE OUTSTANDING

 DAYS SALES OUTSTANDING /
0 9 ACCOUNTS RECEIVABLE
#DIV/0! 9 CASH CONVERSION CYCLE
#DIV/0! #VALUE! ∆ CASH
2020 2019
NET SALES

COST OF SALES
Rp - Rp - GROSS PROFIT
0% 0% GROSS PROFIT MARGIN
0 9 COGS
1 1 INVENTORY
1 1 ACCOUNTS PAYABLE
0 9 INVENTORY TURNOVER
AVERAGE DAYS INVENTORY
#DIV/0! 40.5555555555556 OUTSTANDING
ACCOUNTS PAYABLE
0 9 TURNOVER

#DIV/0! 40.5555555555556 DAYS PAYABLE OUTSTANDING

DAYS SALES OUTSTANDING /
0 9 ACCOUNTS RECEIVABLE
#DIV/0! 9 CASH CONVERSION CYCLE
#DIV/0! #VALUE! ∆ CASH

2020 2019
PROCEEDS FROM SALE
NET BOOK VALUE OF ASSET
SOLD

0 0 GAIN OR LOSS ON ASSET SALE

PROCEEDS FROM SALE

NET BOOK VALUE OF ASSET
SOLD

0 0 GAIN OR LOSS ON ASSET SALE

PROCEEDS FROM SALE

NET BOOK VALUE OF ASSET
SOLD

0 0 GAIN OR LOSS ON ASSET SALE

PROCEEDS FROM SALE

NET BOOK VALUE OF ASSET
SOLD

0 0 GAIN OR LOSS ON ASSET SALE

2020 2019
0 9 SALES
1 1 AVERAGE PPE
0 9 PPE TURNOVER
AVERAGE DEPRECIABLE ASSET
0 9 COST
1 1 DEPRECIATION EXPENSE
0 9 AVERAGE USEFUL LIFE

1 1 ACCUMULATED DEPRECIATION

#DIV/0! 0.111111111111111 PERCENT USED UP

0 9 SALES
1 1 AVERAGE PPE
0 9 PPE TURNOVER
AVERAGE DEPRECIABLE ASSET
0 9 COST
1 1 DEPRECIATION EXPENSE
0 9 AVERAGE USEFUL LIFE

1 1 ACCUMULATED DEPRECIATION

#DIV/0! 0.111111111111111 PERCENT USED UP

0 9 SALES
1 1 AVERAGE PPE
0 9 PPE TURNOVER
AVERAGE DEPRECIABLE ASSET
0 9 COST
1 1 DEPRECIATION EXPENSE
0 9 AVERAGE USEFUL LIFE

1 1 ACCUMULATED DEPRECIATION
#DIV/0! 0.111111111111111 PERCENT USED UP

0 9 SALES
1 1 AVERAGE PPE
0 9 PPE TURNOVER
AVERAGE DEPRECIABLE ASSET
0 9 COST
1 1 DEPRECIATION EXPENSE
0 9 AVERAGE USEFUL LIFE

1 1 ACCUMULATED DEPRECIATION
#DIV/0! 0.111111111111111 PERCENT USED UP
COMPARING

TIDAK PERLU DIISI BOLEH DI CEK KALO BEDA DENGAN

FIFO INVENTORY =

Nama Perusahaan Industri Farmasi FIFO INV

2022
PT. DARYA-VARIA Laboratoria TBK Rp -
PT Kalbe Farma Tbk. (KLBF) Rp -
PT Indofarma Tbk. (INAF) Rp -
PT Kimia Farma Tbk. (KAEF) Rp -

FIFO COGS =

Nama Perusahaan Industri Farmasi FIFO C

2022
PT. DARYA-VARIA Laboratoria TBK Rp -
PT Kalbe Farma Tbk. (KLBF) Rp -
PT Indofarma Tbk. (INAF) Rp -
PT Kimia Farma Tbk. (KAEF) Rp -

INVENTORY TURNOVER =
Nama Perusahaan Industri Farmasi 2022
PT. DARYA-VARIA Laboratoria TBK 2.00
PT Kalbe Farma Tbk. (KLBF) 2.00
PT Indofarma Tbk. (INAF) 2.00
PT Kimia Farma Tbk. (KAEF) 2.00
AVERAGE DAYS INVENTORY =
OUTSTANDING
Nama Perusahaan Industri Farmasi 2022

PT. DARYA-VARIA Laboratoria TBK 182.50

PT Kalbe Farma Tbk. (KLBF) 182.50

PT Indofarma Tbk. (INAF) 182.50

PT Kimia Farma Tbk. (KAEF) 182.50

ACCOUNTS PAYABLE TURNOVER =

Nama Perusahaan Industri Farmasi 2022
PT. DARYA-VARIA Laboratoria TBK 2.00
PT Kalbe Farma Tbk. (KLBF) 2.00
PT Indofarma Tbk. (INAF) 2.00
PT Kimia Farma Tbk. (KAEF) 2.00

DAYS PAYABLE OUTSTANDING =

Nama Perusahaan Industri Farmasi DAYS PAYABLE

2022
PT. DARYA-VARIA Laboratoria TBK 182.50
PT Kalbe Farma Tbk. (KLBF) 182.50
PT Indofarma Tbk. (INAF) 182.50
PT Kimia Farma Tbk. (KAEF) 182.50

CASH COVERSION CYCLE =

Nama Perusahaan Industri Farmasi 2022

PT. DARYA-VARIA Laboratoria TBK 2.00

PT Kalbe Farma Tbk. (KLBF) 2.00

PT Indofarma Tbk. (INAF) 2.00
PT Kimia Farma Tbk. (KAEF) 2.00

∆ CASH

Nama Perusahaan Industri Farmasi 2022

PT. DARYA-VARIA Laboratoria TBK -Rp 1.00
PT Kalbe Farma Tbk. (KLBF) -Rp 1.00
PT Indofarma Tbk. (INAF) -Rp 1.00
PT Kimia Farma Tbk. (KAEF) -Rp 1.00

GAIN OR LOSS ON ASSET SALE =

Nama Perusahaan Industri Farmasi 2022

PT. DARYA-VARIA Laboratoria TBK 0.00%

PT Kalbe Farma Tbk. (KLBF) 0.00%

PT Indofarma Tbk. (INAF) 0.00%
PT Kimia Farma Tbk. (KAEF) 0.00%
PPE TURNOVER SALES
Nama Perusahaan Industri Farmasi 2022
PT. DARYA-VARIA Laboratoria TBK 200.00%
PT Kalbe Farma Tbk. (KLBF) 200.00%

PT Indofarma Tbk. (INAF) 200.00%

PT Kimia Farma Tbk. (KAEF) 200.00%

AVERAGE DEPRECIABLE
AVERAGE USEFUL LIFE ASSET COST

Nama Perusahaan Industri Farmasi 2022

PT. DARYA-VARIA Laboratoria TBK 200.00%

PT Kalbe Farma Tbk. (KLBF) 200.00%

PT Indofarma Tbk. (INAF) 200.00%
PT Kimia Farma Tbk. (KAEF) 200.00%

ACCUMULATED
PERCENT USED UP DEPRECIATION
Nama Perusahaan Industri Farmasi 2022
PT. DARYA-VARIA Laboratoria TBK 50.00%
PT Kalbe Farma Tbk. (KLBF) 50.00%
PT Indofarma Tbk. (INAF) 50.00%

PT Kimia Farma Tbk. (KAEF) 50.00%

K PERLU DIISI BOLEH DI CEK KALO BEDA DENGAN DI DATA

LIFO INVENTORY +

FIFO INVENTORY
2021 2020
Rp - Rp -
Rp - Rp -
Rp - Rp -
Rp - Rp -

-
LIFO COGS or
+

FIFO COGS
2021 2020
Rp - Rp -
Rp - Rp -
Rp - Rp -
Rp - Rp -

COGS /
2021 2020
1.00 -
1.00 -
1.00 -
1.00 -
 365 =
INVENTORY TURNOVER
2021 2020

365.00 #DIV/0!

365.00 #DIV/0!

365.00 #DIV/0!

365.00 #DIV/0!

COGS /
2021 2020
1.00 -
1.00 -
1.00 -
1.00 -

365 =
ACCOUNTS PAYABLE
TURNOVER

DAYS PAYABLE OUTSTANDING

2021 2020
365.00 #DIV/0!
365.00 #DIV/0!
365.00 #DIV/0!
365.00 #DIV/0!

+ DAYS INVENTORY
DAYS SALES OUTSTANDING
OUTSTANDNING

2021 2020

1.00 #DIV/0!

1.00 #DIV/0!
 1.00 #DIV/0!
1.00 #DIV/0!

∆ DAYS INVENTORY x
OUTSTANDINGT

2021 2020
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!

PROCEEDS FROM SALE -

2021 2020

0.00% 0.00%

0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
/ AVERAGE PPE
2021 2020
100.00% 0.00%
100.00% 0.00%

100.00% 0.00%
100.00% 0.00%

/ DEPRECIATION EXPENSE

2021 2020
100.00% 0.00%

100.00% 0.00%
100.00% 0.00%
100.00% 0.00%

AVERAGE DEPRECIABLE
/ ASSET COST
2021 2020
100.00% #DIV/0!
100.00% #DIV/0!
100.00% #DIV/0!

100.00% #DIV/0!
 CHART

LIFO RESERVE

2019
Rp -
Rp -
Rp -
Rp -

INCREASE in LIFO RESERVE

DECREASE in LIFO RESERVE

2019
Rp -
Rp -
Rp -
Rp -

AVERAGE INVNTORY
2019
9.00
9.00
9.00
9.00
 365 x AVERAGE INVENTORY
COGS
2019

40.56

40.56

40.56

40.56

AVERAGE ACCOUNTS PAYABLE

2019
9.00
9.00
9.00
9.00

365 x AVERAGE ACCOUNTS PAYABLE

COGS

DING
2019
40.56
40.56
40.56
40.56

- DAYS PAYABLE OUTSTANDING

2019

9.00

9.00
 9.00
9.00

COGS

365
2019
#VALUE!
#VALUE!
#VALUE!
#VALUE!

NET BOOK VALUE OF ASSET SOLD

2019

0.00%

0.00%
0.00%
0.00%
 2019
900.00%
900.00%

900.00%
900.00%

2019
900.00%

900.00%
900.00%
900.00%

2019
11.11%
11.11%
11.11%

11.11%
ONGOING ANALYSIS PROJECT KELOMPOK 7
Module 5

COGS / Revenue
Nama Perusahaan Industri Farmasi 2022 2021 2020 2019
PT. DARYA-VARIA Laboratoria TBK 44.82% 45.06% 45.42% 45.71% COGS / R
PT Kalbe Farma Tbk. (KLBF) 39.74% 39.37% 38.54% 38.31% 60.00%
PT Indofarma Tbk. (INAF) 47.43% 48.11% 49.35% 51.30%
PT Kimia Farma Tbk. (KAEF) 42.79% 42.54% 43.72% 43.54% 50.00%

40.00%

30.00%
R&D Expense / Revenue
20.00%
Nama Perusahaan Industri Farmasi 2022 2021 2020 2019
PT. DARYA-VARIA Laboratoria TBK 2.97% 2.84% 2.81% 2.78% 10.00%
PT Kalbe Farma Tbk. (KLBF) 2.41% 2.34% 2.34% 2.23%
PT Indofarma Tbk. (INAF) 1.40% 1.38% 1.38% 1.41% 0.00%
2022 2021
PT Kimia Farma Tbk. (KAEF) 1.32% 1.49% 1.25% 1.34%
PT. DARYA-VARIA Laboratoria TBK
PT Indofarma Tbk. (INAF)

Net Income Horizontal

Nama Perusahaan Industri Farmasi 2022 2021 2020 2019
PT. DARYA-VARIA Laboratoria TBK 16% 117% 29% -69%
Net Income H
PT Kalbe Farma Tbk. (KLBF) 8% 13% 10% 1% PT. DARYA-VARIA Laboratoria TBK
PT Indofarma Tbk. (INAF) -651% -27% 141% -10875% PT Indofarma Tbk. (INAF)
PT Kimia Farma Tbk. (KAEF) 16% 117% 29% -69%
2000%

0% 16%
8% 117%
13%
-27%
-651%
2022 2021
Account Receivable Balance -2000%
Nama Perusahaan Industri Farmasi 2022 2021 2020 2019 -4000%
PT. DARYA-VARIA Laboratoria TBK (0.02) (0.17) 0.25 (0.03)
-6000%
PT Kalbe Farma Tbk. (KLBF) 0.59 0.53 0.59 0.58
PT Indofarma Tbk. (INAF) -0.30 0.50 1.19 -0.02 -8000%
PT Kimia Farma Tbk. (KAEF) (0.02) (0.17) 0.25 (0.03)
-10000%

-12000%
 -6000%

-8000%

-10000%

-12000%

Accounts Receivable Turnover

Nama Perusahaan Industri Farmasi 2022 2021 2020 2019
PT. DARYA-VARIA Laboratoria TBK 1.23 1.06 0.85 0.95 Accounts Receiv
PT Kalbe Farma Tbk. (KLBF) 6.94 7.36 6.34 6.40
PT Indofarma Tbk. (INAF) 3.99 05.01 4.14 5.25 8.00
PT Kimia Farma Tbk. (KAEF) 1.23 1.06 0.85 0.95 7.00
6.00
5.00
4.00
Days Sales Outstanding (DSO)
3.00
Nama Perusahaan Industri Farmasi 2022 2021 2020 2019
PT. DARYA-VARIA Laboratoria TBK 297.83 345.44 427.97 385.94 2.00
PT Kalbe Farma Tbk. (KLBF) 52.56 49.62 57.58 57.02 1.00
PT Indofarma Tbk. (INAF) 91.56 60.61 88.11 69.53 -
PT Kimia Farma Tbk. (KAEF) 297.83 345.44 427.97 385.94 2022 2021

PT. DARYA-VARIA Laboratoria TB

PT Indofarma Tbk. (INAF)
 COGS / Revenue R&D / Revenue
2.97% 2.84% 2.81% 2.78%
2.41% 2.34% 2.34% 2.23%

1.40% 1.49%
1.38% 1.38% 1.41%
1.32% 1.25% 1.34%

2022 2021 2020 2019 2022 2021 2020 2019

DARYA-VARIA Laboratoria TBK PT Kalbe Farma Tbk. (KLBF) PT. DARYA-VARIA Laboratoria TBK PT Kalbe Farma Tbk. (KLBF)
ndofarma Tbk. (INAF) PT Kimia Farma Tbk. (KAEF) PT Indofarma Tbk. (INAF) PT Kimia Farma Tbk. (KAEF)

Net Income Horizontal Account Receivable Balance

DARYA-VARIA Laboratoria TBK PT Kalbe Farma Tbk. (KLBF) 0.70
ndofarma Tbk. (INAF) PT Kimia Farma Tbk. (KAEF) 0.60
0.50
0.40
16%
8% 117%
13%
-27% 141%
29%
10% 1%
-69%
-651%
2022 2021 2020 2019 0.30
0.20
0.10
-
2022 2021 2020 2019
(0.10)
(0.20)
(0.30)

-10875% PT. DARYA-VARIA Laboratoria TBK PT Kalbe Farma Tbk. (KLBF)

PT Indofarma Tbk. (INAF) PT Kimia Farma Tbk. (KAEF)
 2022 2021 2020 2019
(0.10)
(0.20)
(0.30)

-10875% PT. DARYA-VARIA Laboratoria TBK PT Kalbe Farma Tbk. (KLBF)

PT Indofarma Tbk. (INAF) PT Kimia Farma Tbk. (KAEF)

ccounts Receivable Turnover Days Sales Outstanding (DSO)

PT Kimia Farma Tbk. (KAEF)

PT Indofarma Tbk. (INAF)

PT Kalbe Farma Tbk. (KLBF)

022 2021 2020 2019 PT. DARYA-VARIA Laboratoria TBK

DARYA-VARIA Laboratoria TBK PT Kalbe Farma Tbk. (KLBF)

ndofarma Tbk. (INAF) PT Kimia Farma Tbk. (KAEF) - 0 0 0 0 0 0 0 0 0
0 .0 0 .0 0 .0 0 .0 0 .0 0 .0 0 .0 0 .0 0 .0
5 1 0 1 5 2 0 2 5 3 0 3 5 4 0 4 5

2019 2020 2021 2022

O)

00 .0
0
.0
0
.0
0
0. 5 0 0 0 5 0
3 4 4
ONGOING ANALYSIS PROJECT KELOMPOK 7
Module 4

Interest Earned
Nama Perusahaan Industri Farmasi 2022 2021 2020 2019
PT. DARYA-VARIA Laboratoria TBK 872.78 1,186.53 2,062.15
PT Kalbe Farma Tbk. (KLBF) (23.10) (49.25) (47.13) (61.92)
PT Indofarma Tbk. (INAF) 2.95 (2.15) (1.15) (0.51)
PT Kimia Farma Tbk. (KAEF) 0.10 0.65 0.12 0.08

Interest Earned
PT Kimia Farma Tbk. (KAEF) PT Indofarma Tbk. (INAF)
PT Kalbe Farma Tbk. (KLBF) PT. DARYA-VARIA Laboratoria TBK

2019

2020

2021

2022

-500 0 500 1000 1500 2000 2500

Operating cash flow to debt

Nama Perusahaan Industri Farmasi 2022 2021 2020 2019
PT. DARYA-VARIA Laboratoria TBK 0.25 0.21 0.25 0.42
PT Kalbe Farma Tbk. (KLBF) 1.28 5.76 4.48 3.14
PT Indofarma Tbk. (INAF) (0.82) 0.22 0.10 0.04
PT Kimia Farma Tbk. (KAEF) 0.01 (0.03) 0.15 (0.24)

Operating cash flow to debt

2019 2020
2021 Operating cash flow to debt 2022

PT Kimia Farma Tbk. (KAEF)

 Operating cash flow to debt
2019 2020
2021 Operating cash flow to debt 2022

PT Kimia Farma Tbk. (KAEF)

PT Indofarma Tbk. (INAF)

PT Kalbe Farma Tbk. (KLBF)

PT. DARYA-VARIA Laboratoria TBK

-2 -1 0 1 2 3 4 5 6 7

Free operating cash flow to total debt

Nama Perusahaan Industri Farmasi 2022 2021 2020 2019
PT. DARYA-VARIA Laboratoria TBK 0.25 0.26 0.18 0.43
PT Kalbe Farma Tbk. (KLBF) 0.57 4.74 3.49 0.97
PT Indofarma Tbk. (INAF) (0.92) 0.17 0.08 0.04
PT Kimia Farma Tbk. (KAEF) (0.09) (0.13) 0.07 (0.34)

Free operating cash flow to total debt

PT Kimia Farma Tbk. (KAEF) PT Indofarma Tbk. (INAF)
PT Kalbe Farma Tbk. (KLBF) PT. DARYA-VARIA Laboratoria TBK

2019

2020

2021

2022

-2 -1 0 1 2 3 4 5 6
 Current Ratio
Nama Perusahaan Industri Farmasi 2022 2021 2020 2019
PT. DARYA-VARIA Laboratoria TBK 3.00 2.57 2.52 2.91
PT Kalbe Farma Tbk. (KLBF) 3.77 4.45 4.12 4.35
PT Indofarma Tbk. (INAF) 0.88 1.35 1.36 1.88
PT Kimia Farma Tbk. (KAEF) 1.06 1.04 0.90 0.99

Current Ratio
PT. DARYA-VARIA Laboratoria TBK PT Kalbe Farma Tbk. (KLBF)
4.445187625075
PT Indofarma Tbk. (INAF) PT Kimia Farma Tbk. (KAEF)
4.354682640066
94 4.115976955352
3.771176829628 17
68
16
3.001953548716 2.913254533477
4 2.565379859552 2.519129609500 72
38 3
1.880791304490
1.350369032220 1.356116153557 53
1.058594628969
0.876509119546 1.036885605699
02 06
0.897768699138 0.993594121292
908 06 43 754 945

2022 2021 2020 2019

Quick Ratio
Nama Perusahaan Industri Farmasi 2022 2021 2020 2019
PT. DARYA-VARIA Laboratoria TBK 1.76 2.45 2.52 2.26
PT Kalbe Farma Tbk. (KLBF) 2.00 2.83 2.83 2.69
PT Indofarma Tbk. (INAF) 0.46 0.74 0.87 0.93
PT Kimia Farma Tbk. (KAEF) 0.57 0.49 0.44 0.50

Quick Ratio
PT. DARYA-VARIA Laboratoria TBK PT Kalbe Farma Tbk. (KLBF)
PT Indofarma Tbk. (INAF)
2.834876574642 PT Kimia Farma Tbk. (KAEF)
2.830326520870
2.690521155131
38
2.452002612243 06
2.522491687456 19
54 48 2.260558364493
2.004686616934 07
1.758445204351
2
52

0.872400078986 0.925194773124
0.739432513234 445
0.566552412370 0.491954666661 39 0.498556230929
0.458462686844 041 0.443638493697
879 729 071 058
863
 PT Indofarma Tbk. (INAF)
2.834876574642 PT Kimia Farma Tbk. (KAEF)
2.830326520870
2.690521155131
38
2.452002612243 06
2.522491687456 19
54 48 2.260558364493
2.004686616934 07
1.758445204351
2
52

0.872400078986 0.925194773124
0.739432513234 445
0.566552412370 0.491954666661 39 0.498556230929
0.458462686844 041 0.443638493697
879 729 071 863 058

2022 2021 2020 2019

Liabilities to equity ratio

Nama Perusahaan Industri Farmasi 2022 2021 2020 2019
PT. DARYA-VARIA Laboratoria TBK 0.43 0.50 0.50 0.40
PT Kalbe Farma Tbk. (KLBF) 0.23 0.21 0.23 0.21
PT Indofarma Tbk. (INAF) 16.77 2.96 2.98 1.74
PT Kimia Farma Tbk. (KAEF) 1.18 1.46 1.47 1.48

Liabilities to equity ratio

2019

2020

2021

2022

0 2 4 6 8 10 12 14 16 18

PT Kimia Farma Tbk. (KAEF) PT Indofarma Tbk. (INAF)

PT Kalbe Farma Tbk. (KLBF) PT. DARYA-VARIA Laboratoria TBK

Total debt to equity

Nama Perusahaan Industri Farmasi 2022 2021 2020 2019
PT. DARYA-VARIA Laboratoria TBK 0.34 0.43 0.42 0.34
PT Kalbe Farma Tbk. (KLBF) 0.04 0.02 0.05 0.05
PT Indofarma Tbk. (INAF) 1.58 0.82 1.05 0.96
PT Kimia Farma Tbk. (KAEF) 1.54 1.41 1.68 1.77
 Total debt to equity
PT. DARYA-VARIA Laboratoria TBK PT Kalbe Farma Tbk. (KLBF)
PT Indofarma Tbk. (INAF) PT 1.774729025289
Kimia Farma Tbk. (KAEF)
1.680182390590
1.580404471041
1.542864138478 66
45
45 92 1.413476591461
02
1.051839592489
0.957183290095
0.824149434493 06
964
87
0.427696210432 0.419097420896
0.343642540961 0.336460536489
443 886
004 39
0.044920852983 0.023054638531 0.051614954571 0.047725706307
1531 8525 8452 1544

2022 2021 2020 2019

Z-Score
Nama Perusahaan Industri Farmasi 2022 2021 2020 2019
PT. DARYA-VARIA Laboratoria TBK 3.00 2.71 2.77 3.40
PT Kalbe Farma Tbk. (KLBF) 2.80 2.97 3.21 3.09
PT Indofarma Tbk. (INAF) 0.15 1.35 0.99 1.19
PT Kimia Farma Tbk. (KAEF) 0.63 1.01 0.71 0.70

Z-Score
PT. DARYA-VARIA Laboratoria TBK PT Kalbe Farma Tbk. (KLBF)
PT Indofarma Tbk. (INAF) PT Kimia 3.396477331666
Farma Tbk. (KAEF)
3.205684746417 3.087333014940
73
3.001709410199 2.969028306488 4
2.800694351095
61 2.705560971839 2.765264196053 4
14
53 09 13

1.349234758599
1.185884087739
91
1.0092772726330.988629354277
0.714413215099 45
0.630756255363 29 944 0.698680815400
562 211 084
0.146483127867
554

2022 2021 2020 2019

 1.349234758599
1.185884087739
91
1.0092772726330.988629354277
0.714413215099 45
0.630756255363 29 944 0.698680815400
562 211 084
0.146483127867
554

2022 2021 2020 2019

ONGOING ANALYSIS PROJECT KELOMPOK 7
Module 3

ROE
Nama Perusahaan Industri Farmasi 2022 2021 2020
PT. DARYA-VARIA Laboratoria TBK 10.17% 12.58% 10.48%
PT Kalbe Farma Tbk. (KLBF) 16.21% 16.23% 16.39%
PT Indofarma Tbk. (INAF) -141.92% -5.07% -0.78%
PT Kimia Farma Tbk. (KAEF) 1.28% -0.02% -0.9%

ROA
Nama Perusahaan Industri Farmasi 2022 2021 2020
PT. DARYA-VARIA Laboratoria TBK 6.95% 8.40% 7.23%
PT Kalbe Farma Tbk. (KLBF) 13.28% 13.3% 13.38%
PT Indofarma Tbk. (INAF) -23.80% -1.28% -0.23%
PT Kimia Farma Tbk. (KAEF) 0.56% -0.01% -0.36%

RNOA
Nama Perusahaan Industri Farmasi 2022 2021 2020
PT. DARYA-VARIA Laboratoria TBK 9.48% 9.28% 9.30%
PT Kalbe Farma Tbk. (KLBF) 19.9% 21.87% 19.66%
PT Indofarma Tbk. (INAF) 46.72% 3.41% -0.87%
PT Kimia Farma Tbk. (KAEF) -0.76% 2.12% 0.15%
 NOPM
Nama Perusahaan Industri Farmasi 2022 2021 2020
PT. DARYA-VARIA Laboratoria TBK 7.79% 7.71% 8.86%
PT Kalbe Farma Tbk. (KLBF) 11.92% 12.31% 12.11%
PT Indofarma Tbk. (INAF) -37% -1% 0%
PT Kimia Farma Tbk. (KAEF) -1.14% 2.26% 0.2%

NOAT
Nama Perusahaan Industri Farmasi 2022 2021 2020
PT. DARYA-VARIA Laboratoria TBK 8.88% 8.91% 10.11%
PT Kalbe Farma Tbk. (KLBF) 1,67 1,78 1,62
PT Indofarma Tbk. (INAF) -127% -416% 410%
PT Kimia Farma Tbk. (KAEF) 66% 94% 72%

FLEV
Nama Perusahaan Industri Farmasi 2022 2021 2020
PT. DARYA-VARIA Laboratoria TBK 146.00% 150.00% 145.00%
PT Kalbe Farma Tbk. (KLBF) 122.01% 121.97% 122.43%
PT Indofarma Tbk. (INAF) 596% 397% 331%
PT Kimia Farma Tbk. (KAEF) 230% 246% 247%

SPREAD
Nama Perusahaan Industri Farmasi 2022 2021 2020
PT. DARYA-VARIA Laboratoria TBK 0.47% 2.20% 0.81%
PT Kalbe Farma Tbk. (KLBF) -3.03% -4.63% -2.68%
PT Indofarma Tbk. (INAF) -31.64% -2.14% 0.03%
PT Kimia Farma Tbk. (KAEF) 0.89% -0.87% -0.42%
1. Which company is more profitable?
Perusahaan yang paling menguntungkan (mengacu pada Net Income dan ROA ) berdasarkan urutan adalah :
1. PT Kalbe Farma Tbk. (KLBF)
2. PT. DARYA-VARIA Laboratoria TBK
3. PT Kimia Farma Tbk. (KAEF)
4. PT Indofarma Tbk. (INAF)

2. How do the operating and nonoperating portions of ROE compare?

Operating Portion of ROE (RNOA)

RNOA
Nama Perusahaan Industri Farmasi 2022 2021 2020
PT. DARYA-VARIA Laboratoria TB 9.48% 9.28% 9.30%
PT Kalbe Farma Tbk. (KLBF) 19.9% 21.87% 19.66%
PT Indofarma Tbk. (INAF) 46.72% 3.41% -0.87%
PT Kimia Farma Tbk. (KAEF) -0.76% 2.12% 0.15%

Non-Operating Portion of ROE (FLEV x Spread)

(FLEV x Spread)
Nama Perusahaan Industri Farmasi 2022 2021 2020
PT. DARYA-VARIA Laboratoria TB 0.69% 3.30% 1.17%
PT Kalbe Farma Tbk. (KLBF) -3.70% -5.65% -3.28%
PT Indofarma Tbk. (INAF) -188.57% -8.50% 0.10%
PT Kimia Farma Tbk. (KAEF) -72.77% -2.14% -1.04%
 3. Compare the ROE and RNOA with the graph in Exhibit 3.8. If the ratios for the companies under analysis differ from the graph, i

RNOA
Nama Perusahaan Industri Farmasi 2022 2021 2020

PT. DARYA-VARIA Laboratoria TB 9.48% 9.28% 9.30%

PT Kalbe Farma Tbk. (KLBF) 19.9% 21.87% 19.66%
PT Indofarma Tbk. (INAF) 46.72% 3.41% -0.87%
PT Kimia Farma Tbk. (KAEF) -0.76% 2.12% 0.15%

4. Is the net operating profit margin similar for the two companies? Given that they are roughly in the same industry, major differenc
NOPM
Nama Perusahaan Industri Farmasi 2022 2021 2020
PT. DARYA-VARIA Laboratoria TB 7.79% 7.71% 8.86%
PT Kalbe Farma Tbk. (KLBF) 11.92% 12.31% 12.11%
PT Indofarma Tbk. (INAF) -37% -1% 0%
PT Kimia Farma Tbk. (KAEF) -1.14% 2.26% 0.2%

NOPM antar perusahaan tidak mirip dimana seperti yang bisa kita lihat, perbedaan ini bisa disebabkan oleh difresnsiasi produkn

5 Are the companies net operating asset turnover ratios similar or markedly different?
NOAT dari setiap perusahaan farmasi yang dianalisis sangat berbeda

NOAT
Nama Perusahaan Industri Farmasi
Nama Perusahaan Industri Farmasi 2022 2021 2020
PT. DARYA-VARIA Laboratoria TB 8.88% 8.91% 10.11%
PT Kalbe Farma Tbk. (KLBF) 1,67 1,78 1,62
PT Indofarma Tbk. (INAF) -127% -416% 410%
PT Kimia Farma Tbk. (KAEF) 66% 94% 72%
asarkan urutan adalah :

Untuk operating portion dari ROE dalam industri farmasi yang kami teliti memiliki rata-rata :
2022 2021 2020
18.83% 9.17% 7.06%

Dengan persentase terbesar dimiliki oleh: Dengan persentase terkecil dimiliki oleh:
PT Indofarma Tbk. (INAF) 46.72% PT Kimia Farma Tbk. (KAEF) -0.76%

Untuk Non-operating portion dari ROE dalam industri farmasi yang kami teliti memiliki rata-rata :
2022 2021 2020
-66.09% -3.25% -0.76%

Dengan persentase terbesar dimiliki oleh: Dengan persentase terkecil dimiliki oleh:
2022 PT. DARYA-VARIA Laboratoria 0.69% PT Indofarma Tbk. (INAF) -188.57%
 2021 PT. DARYA-VARIA Laboratoria 3.30% PT Indofarma Tbk. (INAF) -8.50%
2020 PT. DARYA-VARIA Laboratoria 1.17% PT Kalbe Farma Tbk. (KLBF) -3.28%

ies under analysis differ from the graph, is there an explanation?

ROE
Nama Perusahaan Industri Farmasi 2022 2021 2020

PT. DARYA-VARIA Laboratoria TBK 10.17% 12.58% 10.48%

PT Kalbe Farma Tbk. (KLBF) 16.21% 16.23% 16.39%
PT Indofarma Tbk. (INAF) -141.92% -5.07% -0.78%
PT Kimia Farma Tbk. (KAEF) 1.28% -0.02% -0.9%

ughly in the same industry, major differences should prompt further exploration

bisa disebabkan oleh difresnsiasi produknya, struktur biayanya, efisiensi biayanya dan lain-lain
ONGOING ANALYSIS PROJECT KELOMPOK 7
Module 2

Biggest Assets
Nama Perusahaan Industri Farmasi 2022 2021 2020
PT. DARYA-VARIA Laboratoria TBK 23.5% 21% 22%
PT Kalbe Farma Tbk. (KLBF) 29% 31% 36%
PT Indofarma Tbk. (INAF) 29% 23% 27%
PT Kimia Farma Tbk. (KAEF) 48.66% 53.85% 54.64%

Biggest Liabilities
Nama Perusahaan Industri Farmasi 2022 2021 2020
PT. DARYA-VARIA Laboratoria TBK 18% 25% 18%
PT Kalbe Farma Tbk. (KLBF) 7% 6% 5%
PT Indofarma Tbk. (INAF) 32% 24% 32%
PT Kimia Farma Tbk. (KAEF) 21.15% 20.45% 24.94%

Proportion Total Assets Financed By Owner

Nama Perusahaan Industri Farmasi 2022 2021 2020
PT. DARYA-VARIA Laboratoria TBK 71% 71% 67%
PT Kalbe Farma Tbk. (KLBF) 81% 83% 81%
PT Indofarma Tbk. (INAF) 6% 25% 25%
PT Kimia Farma Tbk. (KAEF) 46% 41% 40%
 Proportion Total Assets Financed By Nonowner
Nama Perusahaan Industri Farmasi 2022 2021 2020
PT. DARYA-VARIA Laboratoria TBK 29% 29% 33%
PT Kalbe Farma Tbk. (KLBF) 19% 17% 19%
PT Indofarma Tbk. (INAF) 94% 75% 75%
PT Kimia Farma Tbk. (KAEF) 54% 59% 60%

Major Expenses
Nama Perusahaan Industri Farmasi 2022 2021 2020
PT. DARYA-VARIA Laboratoria TBK Rp774,247,594 Rp839,538,301 Rp897,710,889
PT Kalbe Farma Tbk. (KLBF) Rp17,229,436,210,443 Rp14,977,410,271,049 Rp12,866,332,497,453
PT Indofarma Tbk. (INAF) Rp1,254,216,941,753 Rp2,450,332,548,549 Rp1,314,987,873,576
PT Kimia Farma Tbk. (KAEF) Rp6,013,310,323 Rp8,461,341,494 Rp6,349,041,832

Operating Cash Flow than Net Income

Nama Perusahaan Industri Farmasi 2022 2021 2020
97,128,760 348,017,373 160,730,884
PT. DARYA-VARIA Laboratoria TBK 203,324,139 219,199,794 137,903,496
1,271,888,674,258 2,825,946,276,086 4,221,549,815,090
PT Kalbe Farma Tbk. (KLBF)
PT Kalbe Farma Tbk. (KLBF) 3,513,671,510,204 3,208,499,314,413 2,865,987,119,268
(112,573,636,115) 92,899,478,946 86,958,810,438
PT Indofarma Tbk. (INAF) (421,961,397,793) (23,814,079,562) (3,629,965,496)
Rp51,742,845 -Rp223,924,978 Rp1,018,975,185
PT Kimia Farma Tbk. (KAEF) Rp106,446,668 -Rp1,208,269 -Rp65,354,455
sets
2019 2018
20% 19%
38% 34%
34% 34%
50.56% 29.26%

ilities
2019 2018
16% 20%
6% 7%
15% 14%
28.48% 24.58%

nanced By Owner
2019 2018
70% 67%
82% 84%
36% 34%
40% 37%
anced By Nonowner
2019 2018
30% 33%
18% 16%
64% 66%
60% 63%

nses
2019 2018
Rp910,918,060 Rp905,125,390
Rp12,390,008,590,196 Rp11,226,380,392,484
Rp1,108,815,136,496 Rp1,308,760,117,807
Rp5,897,247,790 Rp5,096,044,699

han Net Income

2019 2018
515,473,370 42,472,909
142,128,442 170,889,949
2,502,968,822,391 2,770,775,949,459
2,513,242,403,090 2,552,706,945,624
61,379,696,995 (19,150,369,765)
8,288,467,178 (29,763,037,846)
-Rp1,853,834,642 Rp171,669,100
Rp4,780,373,522 Rp931,548,379