Anlisis Keuangan Pt. Kalbe Farma Tbk

Analisis Kondisi Keuangan 1. Aspek Likuiditas LIKUIDITAS

2004

2005

2006

2007

Current ratio

3,0098

4,0450

5,0417

4,9825

Quick ratio

2,4396

2,8345

3,6988

3,0915

Cash ratio

0,6928

1,0159

1,9149

1,4793

60.000 50.000

Axis Title

40.000 Current ratio

30.000

Quick ratio Cash ratio

20.000 10.000 0 2004

2005

2006

2007

Dari grafik diatas, dapat dilihat bahwa Current ratio dari tahun 2004 sampai tahun 2006 mengalami peningkatan namun pada tahun 2007 mengalami penurunan walaupun tidak signifikan. Quick ratio juga ada pada kondisi yang sama yaitu mengalami peningkatan pada tahun 2004 sampai tahun 2006, sedangkan pada tahun 2007 Quick ratio mengalami penurunan yang signifikan. Demikian pula dengan Cash ratio, terjadi peningkatan pada tahun 2004 sampai dengan 2006 dan penurunan yang signifikan

2. Aspek Leverage

Debt Ratio Equity Ratio Debt Equity Ratio

2004

2005

2006

2007

50,95% 4,01%

38,52% 50,52%

23,35% 64,75%

21,82% 65,91%

126,09%

76,24%

36,06%

33,10%

130% 120% 110% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

Debt Ratio Equity Ratio Debt Equity Ratio

2004

2005

2006

2007

Debt asset pada tahun 2004 sampai tahun 2006 mengalami penurunan yang signifikan sedangkan untuk tahun 2007 relatif stabil. Untuk Equity ratio mengalami penurunan yang tidak begitu besar dari tahun 2004 sampai tahun 2006 sedangkan untuk tahun 2007 masih relatif stabil.

3. Aspek Efisiensi EFISIENSI

2004

2005

2006

2007

Average Collection Period

148,755

134,7335

143,990

163,1268

Account Receivables Turnover

0,0067

0,0074

0,0069

0,00613

Total Asset Turnover

0,296

0,3274

0,352

0,3734

Inventory Turnover

33,827

5,21668

36,9395

29,628

Fixed Asset Turnover

1,805

1,802

1,5919

1,593

700.0000

Fixed Asset Turnover

600.0000 Inventory Turnover

500.0000 400.0000

Total Asset Turnover

300.0000

Account Receivables Turnover Average Collection Period

200.0000 100.0000 0.0000 2004

2005

2006

2007

Fixed asset turnover dari tahun 2004 mengalami peningkatan yang signifikan,namun dari tahun 2005 menuju 2007 mengalami penurunan yang juga signifikan. Inventory turnover dan Account receivables turnover mengalami kondisi yang hampir sama dengan Fixed asset turnover. Hanya total asset turnover yang hamper tiap tahun

mengalami peningkatan

walaupun tidak terlalu signifikan.

4. Aspek Profitabilitas

2004 2005 2006 2007

Operating profit margin 19.11 18.08 1.76 16.12

net profit margin 10.9 11.12 11.14 10.07

operating income return on investment 21.62 22.45 23.57 22.55

return on equity 30.53 27.34 22.59 22.59

return on asset 21.62 22.45 23.57 22.55

grafik profitabilitas 35 operating profit margin

30

nilai (%)

25

net profit margin

20 15

operating income return on investment

10

return on equity

5 0 2004

2005

2006

return on asset

2007

tahun

Operating profit margin dari tahun 2004 ke tahun 2006 mengalami penurunan,peningkatan terjadi pada tahun 2007 .Net profit margin ,Return on assets (ROA) , dan operating income return on investment mengalami peningkatan dari tahun 2004 sampai tahun 2006 dan mengalami penurunan pada tahun 2007 walaupun dalam jumlah yang tidak signifikan.

2004 2005 2006 2007

earning per share 45.845 64.329 66.6188 111.2005

earning per share 120

nilai (Rp)

100 80 60

earning per share

40 20 0 2004

2005

2006 tahun

2007

time interest earned ratio 9.9648 11.8988 15.189 20.0401

2004 2005 2006 2007

time interest earned ratio 25

nilai (kali)

20 15 time interest earned ratio 10 5 0 2004

2005

2006

2007

tahun

Time interest earned ratio dan earnings per share (EPS) mengalami pertumbuhan yang positif dari tahun ke tahun.

Analisis Hubungan dan Pengaruh Kondisi Keuangan terhadap Harga Saham Perusahaan Grafik Harga Saham PT Kalbe Farma Tbk Grafik.1 45,000,000.00 40,000,000.00 35,000,000.00

Open

30,000,000.00

High

25,000,000.00

Low

20,000,000.00

Close

15,000,000.00

Avg Vol

10,000,000.00 5,000,000.00 Oct-07

Jul-07

Apr-07

Jan-07

Oct-06

Jul-06

Apr-06

Jan-06

Oct-05

Jul-05

Apr-05

Jan-05

Oct-04

Jul-04

Apr-04

Jan-04

0.00

Grafik 2 1,800.00 1,600.00 1,400.00 1,200.00

Open

1,000.00

High

800.00

Low

600.00

Close

400.00 200.00

Oct-07

Jul-07

Apr-07

Jan-07

Oct-06

Jul-06

Apr-06

Jan-06

Oct-05

Jul-05

Apr-05

Jan-05

Oct-04

Jul-04

Apr-04

Jan-04

0.00

Dilihat dari grafik 2 pertumbuhan antara harga saham dari nilai open (pembukaan),high (tinggi), low(rendah), dan close (penutupan) relatif sama. Awal tahun 2004 sampai tahun akhir tahun 2005 peningkatan dan penurunan harga yang terjadi relatif stabil.

Nilai open atau pembukaan mengalami pertumbuhan yang signifikan pada bulan Januari 2006 sampai dengan bulan April 2006. Titik tertinggi dari data saham pada nilai open yaitu titik 1520,00 pada bulan Maret 2006, sedangkan titik terendah pada nilai open berada pada titik 364,00 pada bulan Juli 2004. Dari nilai high atau tinggi, pertumbuhan yang stabil dimulai pada bulan Desember 2005 dengan diawali peningkatan yang signifikan sebesar 430,00 dari bulan sebelumnya. Titik tertinggi harga saham pada nilai high yaitu pada titik 1570,00 pada bulan April 2006. Nilai low atau rendah mengalami peningkatan yang signifikan pada akhir tahun 2005. Namun pada bulan berikutnya di tahun 2006 nilai low atau rendah mengalami penurunan yang signifikan yaitu sebesar 240,00 00 (dari nilai 1330,00 pada bulan April 2006 turun menjadi 1090,00 di bulan Mei pada tahun yang sama). Titik terendah pada nilai low atau rendah berada bulan Mei dan Juni 2004 yaitu di titik 350,00. Nilai close atau penutupan mengalami pertumbuhan yang relatif lebih stabil bila dibandingkan nilai-nilai yang lain. Peningkatan yang signifikan terjadi pada bulan Januari 2006 yaitu di titik 1300,00 dan penurunan signifikan terjadi pada bulan Mei 2006 yaitu titik 1320,00. Titik tertinggi pada nilai close terjadi pada bulan Februari 2006 yaitu titik 1520,00.

LAMPIRAN Perhitungan Rasio Keuangan 1. Aspek Likuiditas Tahun 2004 Current ratio

Total current assets

=

=

Total current liabilities Quick ratio

=

2.355.453.119.543 = 3,0098 kali 782.589.561.271

Current assets – inventories = 2.355.453.119.543 – 446.229.261.434 Current liabilities

782.589.561.271 =

Cash ratio

=

2,4396 kali

Cash + Marketable Securities = 524.225.511.866 + 0 Current liabilities

=

0,6928 kali

782.589.561.271

Tahun 2005 Current ratio

=

Total current assets

=

Total current liabilities Quick ratio

=

3.654.805.881.213 = 4,0450 kali 903.515.824.098

Current assets – inventories = 3.654.805.881.213 – 1.093.722.204.050 Current liabilities

903.515.824.098 =

Cash ratio

=

2,8345 kali

Cash + Marketable Securities = 917.902.597.501 + 0 Current liabilities

=

1,0159 kali

903.515.824.098

Tahun 2006 Current ratio

=

Total current assets Total current liabilities

Quick ratio

=

=

3.321.278.260.845 = 5,0417 kali 658.759.610.990

Current assets – inventories = 3.321.278.260.845 – 884.654.354.165 Current liabilities

658.759.610.990

=

Cash ratio

=

3,6988 kali

Cash + Marketable Securities = 1.261.454.016.042 + 0 Current liabilities

=

1,9149 kali

658.759.610.990

Tahun 2007 Current ratio

Total current assets

=

=

Total current liabilities Quick ratio

=

3.760.007.626.324 = 4,9825 kali 754.629.114.054

Current assets – inventories Current liabilities

= 3.760.007.626.324

– 1.427.067.984.707

754.629.114.054

Cash ratio

=

3,0915 kali

=

Cash + Marketable Securities = 1.116.346.134.197 + 0 Current liabilities

754.629.114.054

2. Aspek Leverage Tahun 2004 Total Debt to Equity = 1.537.379.862.592 / 1.219.193.365.029 = 1, 2609 Total Debt Ratio

= 1.537.379.862..592 / 3. 016.864.058.832 = 0,5095

Total Equity Ratio

= 1.219.193.365.029 / 3.016.864.058.832 = 0, 0401

=

1,4793 kali

Tahun 2005 Total Debt to Equity = 1.821.583.815.287 / 2.389.006.139.774

= 0,7624 Total Debt Ratio

= 1.821.583.815.287 / 4. 728.368.509.889 = 0,3852

Total Equity Ratio

= 2.389.006.139.774 / 4. 728.368.509.889 = 0, 5052

2006 Total Debt to Equity = 1.080.170.510.233 / 2.994.816.751.748 = 0, 3606 Total Debt Ratio

= 1.080.170.510.233 / 4.624.619.204.478 = 0, 2335

Total Equity Ratio

= 2.994.816.751.748 / 4.624.619.204.478 = 0, 6475

2007 Total Debt to Equity = 1.121.188.133.752 / 3.386.861.941.228 = 0,3310 Total Debt Ratio

= 1.121.188.133.752 / 5.138.212.506.980 = 0,2182

Total Equity Ratio

= 3.386.861.941.228 / 5.138.212.506.980 = 0,6591

3. Aspek Efisiensi Tahun 2004 Average Collection Period

=

Accounts receivable = Sales/360

517.538.017.729

.

1.252.483.148.923/360 = 517.538.017.729

3.479.119.856 =

Total Asset Turnover

Sales

=

148,755 hari

= 1.252.483.148.923 =

0,296 kali

Total assets 4.231.054.215.67

Accounts Receiveable Turnover =

Credit sales

Accounts receivable

517.538.017.729 =

Inventory Turnover

=

Cost of Good Sold Inventory

=

Sales

0.006722 kali

2.594.106.408.677

=

(34.525.749.482+42.159.610.714) / 2 =

Fixed Asset Turnover

3.479.119.856

=

=

33,827 kali

1.252.483.148.923 = 1,805 kali

Fixed Asset

693.891.151.39

Tahun 2005 Average Collection Period = Accounts receivable = Sales/360

579.456.506.285

1.548.272.703.156/360 = 579.456.506.285

4.300.757.508 =

134,7335 hari

.

Total Asset Turnover =

Sales

=

Total assets

Accounts Receiveable Turnover

1.548.272.703.156

=

0,32744 kali

4.728.368.509.889

Credit sales

=

4.300.757.508

=

Accounts receivable 579.456.506.285 =

Inventory Turnover

=

Cost of Good Sold = Inventory

=

Sales Fixed Asset

2.861.338.378.048

(579.456.506.285+ 517.538.017.729) / 2 =

Fixed Asset Turnover

0,007422 kali

=

5,21668 kali

1.548.272.703.156 = 1,802 kali 859.117.129.272

Tahun 2006 Average Collection Period = Accounts receivable =

652.272.015.649

Sales/360

1.630.792.432.129/360 = 652.272.015.649

4.529.978.978 =

Total Asset Turnover

=

Sales

143,990 hari

= 1.630.792.432.129

Total asset

Accounts Receiveable Turnover =

=

0,352 kali

4.624.619.204.478

Credit sales

Accounts receivable

=

4.529.978.978 652.272.015.649

=

Inventory Turnover = Cost of Good Sold = Inventory

2.972.908.038.954

(108.103.347.457+52.857.397.965) / 2 =

Fixed Asset Turnover =

0,006944 kali

Sales

=

Fixed Asset

36,9395 kali

1.630.792.432.129= 1,5919 kali 1.024.371.537.180

Tahun 2007 Average Collection Period = Accounts receivable =

869.572.349.473

Sales/360

1.919.034.803.322 / 360 = 869.572.349.473

5.330.652.231 =

Total Asset Turnover =

Sales

= 1.919.034.803.322 =

Total assets Accounts Receiveable Turnover

163,1268 hari 0,3734 kali

5.138.212.506.980 Credit sales

=

=

5.330.652.231

Accounts receivable 869.572.349.473

=

Inventory Turnover =

Cost of Good Sold Inventory

2.453.279.199.660

=

(57.501.290.031+108.103.347.457) / 2 =

Fixed Asset Turnover =

Sales

=

0,00613 kali

29,628 kali

1.919.034.803.322 = 1,593 kali

Fixed Asset

1.204.147.773.194

4. Aspek Profitabilitas Tahun 2004 Operating Income Return on Investment = Operating Income = 652.280.954.708 Total assets

3.016.864.058.832 =

0,2162%

Operating Profit Margin = Operating Income = 652.280.954.708 Sales

= 0,1911%

3.413.097.280.247

Net Profit Margin = Net Income = 372.335.218.425 = 0,1090% Sales

3.413.097.280.247

Times Interest Earned Ratio = Operating Income = 733.588.774.605 = 9,9648 kali Interest Expense 73.617.289.483

Return on Equity =

Net Income

=

372.335.218.425

=

0,30539%

Common equity 1.219.193.365.029

Return on Asset =

EBIT

Total assets

Earning per shares =

= =

652.280.954.708

= 0.2162 %

3.016.864.058.832

Net Income Share Outstanding

=

372.335.218.425 = 45,8450% 8.121.600.000

Tahun 2005

Operating Income Return on Investment = Operating Income = 1.061.851.753.517 Total assets

4.728.368.509.880 =

0,2245%

Operating Profit Margin = Operating Income = 1.061.851.753.517 Sales

= 0,1808%

5.870.938.590.836

Net Profit Margin = Net Income = 653.329.339.498 = 0,1112% Sales

5.870.938.590.836

Times Interest Earned Ratio = Operating Income = 1.106.300.745.333 = 11,8988 kali Interest Expense 92.975.053.874

Return on Equity =

Net Income

=

653.329.399.498 = 0,2734%

Common equity 2.389.006.139.774

Return on Asset =

EBIT

Total assets

Earning per shares =

=

1.061.851.753.517 4.728.368.509.880

Net Income Share Outstanding

=

=

0,2245%

653.329.399.498 10.156.014.422

=

64,329%

Tahun 2006

Operating Income Return on Investment = Operating Income = 1.090.081.383.436 Total assets

5.870.938.590.836 =

0,2357%

Operating Profit Margin = Operating Income = 1.071.271.451.115 = 0,0176% Sales

6.071.550.437.967

Net Profit Margin = Net Income = 676.581.653.872 = 0,1114% Sales

6.071.550.437.96

Times Interest Earned Ratio = Operating Income = 1.071.271.451.115

=

15,1890 kali

Interest Expense 70.529.166.485

Return on Equity =

Net Income

=

676.581.653.872 = 0,2259%

Common equity 2.994.816.751.748

Return on Asset =

EBIT

Total assets

Earning per shares =

=

1.090.081.383.436

=

0,2357%

5.870.938.590.836

Net Income Share Outstanding

=

676.581.653.872 10.156.014.422

=

66,6188%

Tahun 2007 Operating Income Return on Investment = Operating Income = 1.158.667.237.090 Total assets

5.138.212.506.980 0,2255%

=

Operating Profit Margin = Operating Income = 1.129.354.542.486 = 0,1612% Sales

7.004.909.851,908

Net Profit Margin = Net Income = 705.694.196.679 = 0,1007% Sales

7.004.909.851.908

Times Interest Earned Ratio = Operating Income = 1.129.354.542.486

=

20,0401 kali

Interest Expense 56.354.715.106

Return on Equity =

Net Income

=

705.694.196.679 = 0,2259%

Common equity 3.386.861.941.228

Return on Asset =

EBIT

Total assets

Earning per shares =

=

1.158.667.237.090 = 0,2255% 5.138.212.506.980

Net Income Share Outstanding

=

1.129.354.542.486 10.156.014.422

=

111,2005%

Daftar Harga Saham Bulanan PT Kalbe Farma Tbk Date

Open

High

Low

Close

Avg Vol

Adj Close*

Dec-07

1,220.00

1,320.00

1,180.00

1,260.00

8,367,400

1,244.25

Nov-07

1,380.00

1,380.00

1,190.00

1,220.00

14,232,000

1,204.75

Oct-07

1,340.00

1,420.00

1,320.00

1,360.00

16,447,200

1,343.00

Sep-07

1,360.00

1,390.00

1,280.00

1,330.00

10,134,400

1,313.38

Aug-07

1,480.00

1,480.00

1,150.00

1,360.00

11,528,100

1,343.00

Jul-07

1,380.00

1,490.00

1,340.00

1,490.00

11,856,100

1,471.38

15-Jun-07

$ 10.00 Dividend

Jun-07

1,240.00

1,430.00

1,220.00

1,390.00

25,903,100

1,372.62

May-07

1,260.00

1,260.00

1,210.00

1,240.00

14,875,100

1,214.54

Apr-07

1,210.00

1,300.00

1,210.00

1,260.00

17,050,200

1,234.13

Mar-07

1,210.00

1,280.00

1,160.00

1,210.00

26,557,500

1,185.16

Feb-07

1,310.00

1,370.00

1,150.00

1,220.00

17,341,600

1,194.96

Jan-07

1,200.00

1,380.00

1,190.00

1,300.00

39,892,200

1,273.31

Dec-06

1,180.00

1,250.00

1,130.00

1,190.00

22,807,600

1,165.57

Nov-06

1,360.00

1,360.00

1,170.00

1,180.00

29,711,400

1,155.78

Oct-06

1,320.00

1,370.00

1,290.00

1,360.00

15,408,100

1,332.08

Sep-06

1,120.00

1,350.00

1,120.00

1,320.00

22,396,100

1,292.90

Aug-06

1,190.00

1,200.00

1,120.00

1,120.00

19,314,800

1,097.01

Jul-06

1,250.00

1,270.00

1,110.00

1,200.00

11,544,600

1,175.37

Jun-06

1,330.00

1,350.00

1,180.00

1,250.00

11,807,500

1,224.34

May-06

1,520.00

1,550.00

1,090.00

1,310.00

33,050,000

1,283.11

Apr-06

1,360.00

1,570.00

1,330.00

1,520.00

42,715,100

1,488.80

Mar-06

1,350.00

1,410.00

1,320.00

1,360.00

18,480,600

1,332.08

Feb-06

1,300.00

1,430.00

1,270.00

1,360.00

22,634,700

1,332.08

Jan-06

990.00

1,310.00

970.00

1,300.00

25,790,200

1,273.31

Dec-05

580.00

1,020.00

570.00

990.00

7,040,200

969.68

Nov-05

570.00

590.00

480.00

580.00

614,400

568.09

Oct-05

600.00

620.00

550.00

570.00

286,900

558.30

Sep-05

620.00

630.00

560.00

620.00

755,200

607.27

11-Aug-05

$ 5.00 Dividend

Aug-05

700.00

730.00

580.00

640.00

2,714,800

626.86

Jul-05

710.00

730.00

680.00

700.00

987,400

680.73

Jun-05

730.00

830.00

710.00

710.00

2,987,800

690.46

May-05

680.00

730.00

630.00

720.00

479,100

700.18

Apr-05

690.00

760.00

670.00

670.00

2,891,200

651.56

Mar-05

700.00

760.00

650.00

680.00

5,356,300

661.28

Feb-05

570.00

870.00

530.00

700.00

7,516,900

680.73

Jan-05

530.00

620.00

530.00

580.00

2,832,800

564.04

Dec-04

525.00

575.00

500.00

550.00

1,925,900

534.86

Nov-04

450.00

575.00

450.00

550.00

5,393,000

534.86

Oct-04

415.00

480.00

415.00

450.00

8,723,400

437.61

Sep-04

405.00

430.00

385.00

410.00

4,669,400

398.71

12-Aug-04

$ 10.00 Dividend

Aug-04

405.00

415.00

375.00

405.00

2,624,800

393.85

Jul-04

365.00

440.00

360.00

405.00

7,191,900

383.88

Jun-04

400.00

405.00

350.00

360.00

1,217,000

341.23

May-04

500.00

525.00

350.00

410.00

4,310,600

388.62

Apr-04

475.00

625.00

475.00

500.00

2,334,400

473.93

Mar-04

500.00

525.00

460.00

470.00

2,161,700

445.49

Feb-04

490.00

575.00

480.00

525.00

3,393,500

497.62

Jan-04

370.00

525.00

370.00

490.00

9,493,000

464.45

* Close price adjusted for dividends and splits.