Kalbe Farma: a Profile of Indonesia's Largest Pharmaceutical Company

Kalbe Farma Corporate News 2014:

• In the first quarter of 2014, Kalbe Farma posted growth in net profit of 11 percent (year on year) to IDR 493.1 billion (USD $41.8 million) and had IDR 1.4 trillion (USD $118.6 million) of cash reserves as of the end of March 2014. The company recorded IDR 4.07 trillion in sales in Q1-2014, an increase of 16.5 percent from the same period in 2013.

• The company allocated between IDR 1 trillion and IDR 1.2 trillion for capital expenditure in 2014 to support expansion of production capacity. Sales growth and net income growth is targeted to reach 14 percent and 16 percent, respectively. The company aims to introduce up to 20 new products in 2014.

• Over 2013, Kalbe Farma’s net profit grew 10.8 percent (yoy) to IDR 1.9 trillion (USD $161.0 million), while revenue increased 17.4 percent (yoy) to IDR 16.01 trillion.

• In its fast-food division, Kalbe aims to continue construction of a production facility for nutritional drinks. This is expected to be operational by mid-2015.

• Mitra Keluarga Hospital, the hospital operator of the Kalbe Group, plans to raise USD $300 million from its initial public offering (IPO) later this year.

• Kalbe Farma announced that it intends to expand to Myanmar, Vietnam and the Philippines through either joint ventures, mergers or purchases over the next two years in the context of the ASEAN Economic Community (which will be implemented in late 2015). The AEC aims for regional economic integration, including trade.

• The company was one of the five winners of the Investor Awards 2014 in the category of "Top Performing Listed Companies 2014. It won the “Most Admired CEO and Most Admired Company Award for year 2014” by Indonesia’s Warta Ekonomi Magazine. Lastly, it was mentioned as one of Indonesia's most admired companies in Fortune Indonesia's “Most Admired Companies 2014”.

• Kalbe Farma employs approximately 17,000 people, including 6,000 sales and marketing professionals. About 96 percent of the company’s revenue stems from Indonesia.

Stock Quote Kalbe Farma - KBLF:

The sharp decline that is visible in the chart below is because Kalbe Farma conducted a 1:5 stock split in October 2012.

Kalbe Farma's Financial Highlights:

	2008	2009	2010	2011	2012	2013
Net Sales	7,877.4	9,087.3	10,226.8	10,911.9	13,636.4	16,002.1
Gross Profit	3,803.6	4,511.9	5,166.4	5,551.2	6,533.4	7,679.1
Net Income	706.8	929.0	1,286.3	1,482.2	1,733.9	1,919.5
Income before Tax	1,178.0	1,471.1	1,770.4	1,987.3	2,308.0	2,572.5
Total Assets	5,703.8	6,482.4	7,032.5	8,274.6	9,418.0	11,315.1
Total Liabilities	1,359.0	1,691.5	1,260.4	1,758.6	2,046.3	2,815.1
Earnings per Share¹²	72	97	137	158	37	41
Cash Dividend per Share¹²	12.5	25	70	95	19

^{in billion IDR rupiah unless otherwise stated
¹ in IDR rupiah
² note 1:5 stock split in October 2012
Source: Kalbe Farma, Annual Report 2013}

Future Projection Kalbe Farma's Financial Highlights:

	2012	2013	2014F	2015F	2016F
Net Sales	13,636.4	16,002.1	18,450.0	21,576.0	25,246.0
EBITDA	2,454.0	2,807.0	3,298.0	3,981.0	4,715.0
Net Income	1,733.9	1,919.5	2,241.0	2,739.0	3,266.0
P/E Ratio (x)	44.9	40.2	34.1	27.9	23.4

^{in billion IDR rupiah unless otherwise stated
Source: CIMB Securities}

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