All benefits of coconut water

are here

Company Update
Unaudited YTD March 2013

April 2013

Forward Looking Statement

This presentation has been prepared for informational purposes only by PT Kalbe Farma Tbk. (Kalbe or the Company).
This presentation has been prepared solely for use in connection with the release of 31 March 2013 unaudited results of the Company. The
information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or
implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the
opinions contained herein. None of the Company or any of their respective affiliates, and their respective commissioners, directors and
employees, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from
any use of this presentation or its contents or otherwise arising in connection with the presentation. Any decision to purchase or subscribe for
securities of the Company should not be made on the basis of the information contained in this presentation.
The presentation is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent
registration or an exemption from registration.
This presentation and its contents are confidential unless they are or become generally available as public information in accordance with
prevailing laws and regulations (other than as a result of a disclosure by you) and must not be distributed, published or reproduced (in whole
or in part) or disclosed by recipients to any other person. This presentation does not constitute a recommendation regarding the securities of
the Company.
This presentation, including the information and opinions contained herein, is provided as of the date of this presentation and is subject to
change without notice, including change as a result of the issuance of 31 March 2013 unaudited results of the Company .
This presentation includes "forward-looking statements". These statements contain the words "anticipate", "believe", "intend", estimate",
"expect" and words of similar meaning. All statements other than statements of historical facts included in this presentation, including,
without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future
operations (including development plans, objectives relating to the Company's products and services and anticipated product launches) are
forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and
future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak
only as at the date of this presentation. The Company expressly disclaims any obligation or reflection of any change in the Company's
expectations with regard thereto, or any change in events, conditions or circumstances on which any statement is based.
Market data and certain industry forecasts used in this presentation were obtained from market research, publicly available information and
industry publications which have not been independently verified, and no representation is made as to the accuracy of such information.

Table of Contents
Corporate Overview

Market Overview

Business Overview

11

Financial Overview

29

Corporate Actions and Outlook 2013

35

Appendix

39

All benefits of coconut water

are here

SECTION 1
Corporate Overview

Corporate Overview
Largest Publicly-Listed Pharmaceuticals Company in Southeast Asia

Established in 1966 and headquartered in Jakarta

A public company since 1991 and listed in the Indonesia Stock Exchange

The largest publicly-listed pharmaceuticals company in Southeast Asia

Sales breakdown by segment and by geographical location for YTD March 2013 is
as follows:
Distribution &
Logistics
35%

Prescription
Pharmaceuticals
27%

Export, 4%

Domestic, 96%

Consumer Health
16%
Nutritionals
23%

Total Sales = Rp 3,490 Bn

Total Sales = Rp 3,490 Bn

Corporate Strategy
Kalbe has a long track record of sustainable growth
Inception and Entrepreneurial
Driven Expansion

Enhanced Focus and Consolidation

Regionalization

19962005

20062015

19661995

1981:
Spin-off the
distribution business
to PT Enseval due to
government
regulation

1966:
Company
founded

1966 1977

1981

1600
1400
1200
1000
800
600
400
200
0

1985:
Expansion to
consumer
health
through
acquisition of
Bintang
Toedjoe and
in pharma
through
Hexpharm
Jaya
acquisition

1989

1991

1989:
Igar Jaya
and
Dankos
IPOs

1993

1994

1993:
Strengthening
nutritionals
business by
acquiring
Sanghiang Perkasa
and consolidating
nutritional business
to Sanghiang
Perkasa

1995:
Disposed of 50%
of food business
(PT Bukit
Manikam Sakti)
to Arnotts

1995

1997

2005:
Consolidation
of Kalbe Group

2005

1997:
Disposed of Kalbes
remaining 50%
ownership in PT Bukit
Manikam Sakti to
Arnotts
Disposed glass
packaging division to
Schott
Acquired Woods
Peppermint brand
Acquired 80% of Saka
Farma

2006:
Scale through
mergers and
acquisitions

2006

2007

2010

2007:
Launch of new corporate logo
as part of transformation
process
Products entered every
ASEAN countries (except
Laos)
Opening of the Stem Cell and
Cancer Institute
Implementation of end-to-end
supply chain management
Integrated information
technology systems

2011

2012:
Generic production
facility comes on stream
Acquired PT Hale
International
Established a joint
venture company PT
Kalbe Milko Indonesia

2012

2011:
EPMT Rights Issue to
finance expansion
Increased dividend
payout ratio to 50%

16000
14000
12000
10000
8000
6000
4000
2000
0

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Sale s USD

Sale s IDR

(IDR bn)

(USD mm)

1977:
Strengthen
pharma
business by
establishing
Dankos Lab

1985

1991:
Kalbe Farma
IPO

1994:
Entered
energy drink
business
EPMT IPO

2010:
Disposed of Kageo Igar Jaya
Established a joint venture
company, Asiawide Kalbe
Philippines Inc.
Inaugurated Panca Sradha
Kalbe as our Corporate Values

All benefits of coconut water

are here

SECTION 2
Market Overview

Indonesias Health Spending Trends

Healthcare Expenditure/GDP 2010

Total expenditure on health averaged 2.1%

of GDP over the 11 year period 1999-2009.

5.00%

4.8%

4.50%

1
4.1%
3.8%

4.00%

3.5%
3.3%

BPJS Health program of health coverage

shall commence in Jan 2014 and intends to
cover 40%-50% of the population in the year.

3.50%

3.00%
2.50%

2.1%

2.00%

1.50%

1.00%

0.50%

0.00%

0
Malaysia

It is expected that the BPJS Health will cover

the whole population in Indonesia in 2019.

122

2008

139

2009

168

2010

194

221

251

India

Singapore

Indonesia

BPJS Coverage - Roadmap

Growth of 13.9%
281

Philippines

Source : Business Monitor International: Pharmaceutical & Healthcare Report, Q3 2011

(Indonesia, Malaysia, Thailand, Philippines, India, Singapore)

Total Healthcare Expenditure

(Rp Tn)

Thailand

312

2011 2012F 2013F 2014F 2015F 2016F

2019

2014

343

Current

76 mn*
30% coverage

120 mn
50% coverage

* Jamkesmas members
Source : Business Monitor International: Indonesia Pharmaceuticals & Healthcare Report Q3 2012

Source : Roadmap to National Health Insurance 2012 - 2019

250 mn people
100% coverage

Pharmaceuticals Market Breakdown

Kalbe No. 1 in the Pharma Industry

Kalbe continues to be the leader in the highly fragmented

pharmaceuticals industry with over 200 players
Pharma Market Breakdown
Market Share
OTC 40%

Ethicals
60%

Branded &
Licensed
84%

Kalbe

12%

6%

5%

5%

4%

Others

68%

Unbranded
16%

Total Market FY 2012 Rp 50.0Tn

Source: IMS QPMU 4Q 2012
Note: 2012 data adjusted for inclusion of additional companies in survey universe

Recent Indonesian Pharmaceuticals

Regulatory
National Healthcare Insurance System
Presidential Decree No. 101 Year 2012 regarding Recipients of Health Insurance Premium Subsidy
Government will subsidize health insurance premium for poor population members
Presidential Decree No. 13 Year 2013 regarding Health Insurance
All Indonesians are required to be a member of the Health Insurance.
First stage of implementation in 2014 will cover subsidy recipients, military members, civil servants, and formal
sector workers. Second stage will cover all population members by 1 January 2019.

Price Caps on Key Generic Drugs

Ministry of Health Decree No. 092 /Menkes/SK/II/2012 issued on 23 February 2012
Replaces the previous Ministry of Health Decree No. 632 /Menkes/SK/III/2011.
The Indonesian Ministry of Health has set selling price and retail price caps on 498 generics drugs for
pharmacies, hospitals and other healthcare institutions throughout Indonesia.
Ministry of Health Decree No. 094 /Menkes/SK/II/2012 issued on 23 February 2012
Replaces the previous Ministry of Health Decree No. 633 /Menkes/SK/III/2011 issued on 24 March 2011
The Indonesian Ministry of Health has set different price caps based on different regions for government
procurement in government healthcare facilities.

Local Production Facilities Requirements

Ministry of Health Regulation No. 1010/MENKES/PER/XI/2008 issued on 3 November 2008
It prohibits foreign pharmaceutical companies from registering drugs in Indonesia unless they have local
production facilities.

10

All benefits of coconut water

are here

SECTION 3
Business Overview

Prescription Pharmaceuticals Division

Strong Top Line Growth
No. 1 player in Indonesian Prescription Pharma
Market.

+19.2%
930

780

The largest medical representatives team in Indonesia

with more than 2,300 personnel.
Comprehensive product offerings which covers all
income groups

31 Mar 2012
31 Mar 2013
(Unaudited)
(Unaudited)
SALES in Rp Bn
Market Share (ITMA)
YTD 12 2012
KALBE
GROUP
13%

a
8%

b
6%

c
6%

d
e
4%
4% f
3%

OTHERS
57%

Total Market = Rp 30.1Tn

Source: IMS Health Prescription Pharmaceuticals YTD 12 2012
Note: 2012 data adjusted for inclusion of additional companies in survey
universe

Licensed
Products
26.1%

Branded
Generics
63.4%

Unbranded
Generics
10.6%

Total Sales Rp 930 Bn

Gross Profit Margin (GPM) declined to 61.3% in YTD
03 2013 from 67.9% in YTD 03 2012 mostly due to
product mix and Rupiah depreciation. GPM was stable
compared to 61.8% in YTD 12 2012.
12

Prescription Pharmaceuticals Division

Growth Drivers
Market Share Unbranded Generic (ITMA)
YTD 12 2012

Penetrate further in the unbranded

generics market

Others
45%

a
26%
b
13%

Kalbe
16%

Source: IMS QPMU 4Q 2012

Note: 2012 data adjusted for inclusion of additional companies in survey universe

Completion of Kalbes first oncology

factory in Indonesia by 2014

Expand licensed products from

multinational companies to gain
technology transfer

13

Consumer Health Division

Strong Brand Equity with Leading Market Position
Market share of Kalbes brands YTD December 2012
Therapeutic Class

Kalbes Products

Antacid

Promag, Waisan

73.8%*

Anti Diarrhea

Neo Entrostop

44.8%**

Cough Remedies

Komix, Woods, Mextril, Mixadin

33.9%

Cold Remedies

Mixagrip Reg, Mixagrip FB, Procold

36.5%

Multivitamin

Cerebrovit, Fatigon, Sakatonik Liver

30.8%

Children Multivitamin

Cerebrofort, Sakatonik ABC

18.1%

Energy Drink

ExtraJoss

23.4%

Market Share by Volume

Source : AC Nielsen jaguar method, based on volume (unit)

Note : * urban data only
** based on AC Nielsen August 2010

14

Consumer Health Division

Strong Net Sales Performance
+20.1%

No. 1 Player in OTC market and No.2 in Energy

Drink category.

GPM decreased from 54.5% in YTD 03 2012 to

53.1% in YTD 03 2013 due to change in product
mix and Rupiah depreciation. GPM amounted
to 55.2% in YTD 12 2012.

557

464

31 Mar 2012
(Unaudited)

31 Mar 2013
(Unaudited)

SALES in Rp Bn

OTC
YTD 12 2012
KALBE a
GROUP 10%
10%

b
8%

c
8%

d
e
5%
4% f
3%

Others
52%

Energy Drink
YTD 12 2012 (Unit)
c
7.3%
b
12.9%

d
7.0%

Others
7.3%
a
42.1%
Extra
Joss
23.4%

Total Market = Rp 19.9 Tn

Source : IMS Health ITMA OTC YTD 12 2012

Note: 2012 data adjusted for inclusion of additional companies in survey universe

Total Market (in volume) = 2,371Mn

Source : AC Nielsen YTD 12 2011

15

Consumer Health Division

Innovative New Products
Hydro Coco
An isotonic drink made of real coconut water.

Tipco Fruit Juice

A healthy drink made of fruits and vegetables

Original Love Juice & Pomerama

Fresh bottled fruit juice made of quality fruits available in orange,
guava, apple and pomegranate flavors. Pomerama is a pioneer
and market leader in pomegranate juice in Indonesia.

Komix DT
A non-drowsy cough syrup with more convenient packaging.

Bintang Toedjoe Turun Panas Anak

Analgesic product for children in convenient sachet packaging.

Bintang Toedjoe Masuk Angin

Traditional herbal remedy for common cold symptoms in sachet
packaging.

Nitros
Concentrated energy drink in liquid form with convenient tube
packaging.
16

Nutritionals Division
Complete Range of Nutritional Products
Catered to expecting & lactating mothers, babies, toddlers, children, tweens and
adults.

Expecting

Lactating

Baby

Toddler

Kid

Tween

Teen

25+

Clinical

35+

17

Nutritionals Division
Growth of Indonesian Powdered Milk Market
By Volume (Kg 000)

By Value (Rp Bn)

3.7%
17,550

183,157

FY 2011

190,398

FY 2012

16,159

FY 2011

FY 2012

Source : AC Nielsen, YTD 12 2012

18

8.6%

Nutritionals Division
Strong Net Sales Performance
+22.6%

796

649

Kalbes Products

31 Mar 2012
(Unaudited)

31 Mar 2013
(Unaudited)

SALES in Rp Bn
Powdered Milk Market Share YTD 12 2012

d
8%

Kalbe
Nutritionals
10%

e
6%

Existing major products continued to gain

market share.

g h i Others
f
3% 3% 2% 2%
4%

c
13%

a
30%

b
19%

Total Market = Rp 17.5 Tn

Market Share

Diabetasol

88.1%

Milna

76.5%

Prenagen

55.6%

Morinaga Chil Mil

10.7%

Morinaga BMT

11.2%

Entrasol

8.0%

Morinaga Chil Kid

6.1%

Zee

3.7%

Morinaga Chil School

2.2%

GPM was stable at 61.5% in YTD 03 2013 from

61.6% in YTD 03 2012. GPM for YTD 12 2012 was
62.7%.

Source : AC Nielsen, based on Value (Rp)

19

Nutritionals Division
Launching of New Products
Fitbar
A healthy snack bar made of oats and cereals that comes in 2 flavors,
fruits and nuts, with only 110 calories per bar, Zero Cholesterol and Zero
Trans Fat, enriched with Calcium, Vitamins A, B12 and C.

KidZee and Zee

Powder milk for kids and tweens targeted to the
middle segment, now also available in sachet
packaging

Nutrive Benecol
Smoothie with special ingredient to lower cholesterol

Lovamil
A new powder milk product for expecting and lactating
mothers, targeted to the middle segment

Morinaga Soya & P-HP

Customized infant formula and growing up milk for lactose intolerance
and milk protein allergy.
20

Nutritionals Division
Multi Channel Customer Touch Points
Kalbe e-store - the 1st Online Nutrition Store in Indonesia

Nutritionals Division launched new channel of consumer order through hotline service Kalbe Home
Delivery 500-880 and online shopping through www.kalbestore.com . Kalbe Family Reward Card offers
point rewards for consumers to increase Kalbe products consumption.
21

Distribution & Logistics Division

The Most Extensive Distribution Network

RDC

Branches

Cities

66

48
22

Distribution & Logistics Division

Net Sales Performance
+8.6%

Distribution & Logistics Division is run under

PT Enseval Putera Megatrading Tbk (EPMT.JK), a publicly
listed company (91.75% owned).

Net sales represents the 3rd party product sales and

distribution margin of internal product sales for consolidated
accounting purposes.

GPM increased to 27.5% in YTD 03 2013 from 26.0% in YTD 03

2012, and 27.5% in YTD 12 2012.

1,207

1,111

31 Mar 2012
(Unaudited)

31 Mar 2013
(Unaudited)

SALES in Rp Bn

Distribution Business Details on Stand Alone Basis

(Figures in Rp Bn)

4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
-

3,433

Gross profit margin

12.0%

10.7%

10.0%

Kalbe Group 69%

8.0%

Income before tax

margin
366

3.1%
107

6.0%

3rd Party Principals 21%

4.0%

Raw Material Trading 7%

2.0%

Medical Devices 2%

0.0%
Net Sales

Gross Profit

Income Before Tax

23

Distribution & Logistics Division

Major Third Party Principals by Category
Prescription
Pharmaceuticals

Consumer

Medical Instrument
& Diagnostic

Fine Chemical
Raw Materials

24

Distribution & Logistics Division

Growth Drivers
Medical Devices

Retail Health Services : Mitrasana Clinics

Medical Devices is an area of potential

growth,
especially
in
the
implementation of National Healthcare
Insurance System where demand for
medical devices is projected to grow
further.
Net Sales (in Rp Bn)
CAGR
915

870

969

Opening of Mitrasana Clinics as a

one-stop
service
with
4-in-1
concept, including family doctor,
pharmacy,
laboratory,
and
convenient store.
A 100% owned subsidiary of EPMT.
To date, Kalbe has opened 46
Mitrasana clinics in Jakarta and its
Greater Area.

25.2%

673
502
315

FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

25

Distribution & Logistics Division

Strengthening Distribution Network
Continues to expand distribution infrastructure
1.
2.
3.
4.

Expand into new territories in Indonesia

Upgrade existing branch facilities to improve service quality
Establish several Regional Distribution Centers (RDC) throughout Indonesia
Expand warehouse capacity

Collaborate with local sub-distributors to gain territorial expansion

Banda Aceh

Surakarta

Jember

Banjarmasin

Denpasar

26

Marketing and Sales Infrastructure

The largest sales force for Pharma and Consumer Health in Indonesia
Prescription
Pharmaceuticals

Consumer Health

Nutritionals

Comments

Over 2,000 sales &

marketing personnel
Total of 4,000
employees
66 marketing branches
throughout Indonesia
43 branches & 23 at
subsidiaries
1,000 trucks
500 motorcycles

Over 2,300 medical

representatives

Approximately 1,000
marketing and sales
force

Over 1,000 marketing

personnel

Market coverage
70% of GP market
covered
90% of specialist market
covered
100% of all hospitals
covered
100% pharmacy
coverage

Directly cover
200,000 outlets
Products available in
over 1mn outlets or
80% of total
consumer health
market

Market Coverage
throughout Indonesia

80% of consumer
health market
100% of prescription
pharma market

Most developed
telemarketing team in
the nutritional sector

Largest sales force in

Indonesia

Infrastructures

Indonesia
Coverage

Distribution &
Logistics

Largest marketing
team in Indonesia

27

Manufacturing Infrastructure
Operates 11 GMP facilities complying with international standards
Products
Manufactured

Building Area
(m2)

Kalbe Farma

448

42,684

9 lines of Non Beta Lactam Products

(tablet, capsule, cream, liquid oral, injection)

Astellas

ISO 9001, ISO 14001,

OHSAS18001

Bintang Toedjoe

46

20,849

3 lines; effervescent, powder & liquid

--

ISO 9001, ISO 14001,

OHSAS18001, HACCP

Dankos Farma

189

14,905

3 factories; Non Beta Lactam, Penicillin &

Cephalosporin lines

Daiichi

ISO 9001, ISO 14001,

OHSAS18001

Sanghiang Perkasa

132

11,869

6 lines (4 lines sachet, 1 line tin,

1 line mixed sachet)

Morinaga

ISO 9001, ISO 14001, HACCP,

OHSAS18001

Saka Farma

32

1,763

Liquid, Non Beta Lactam products

--

ISO 9001, ISO 14001,

OHSAS18001

Hexpharm Jaya
(Cikarang)

88

16,533

Solid tablet & dry syrup

(Non Beta Lactam products)

--

ISO 9001

Hexpharm Jaya
(Cipanas)

143

3,400

Solid, Liquid oral & semi solid

--

ISO 9001

Fima

24

2,500

Large volume Parenteral Line

Baxter

ISO 9001, ISO 14001,

OHSAS18001

Kalbe Morinaga

19

33,733

1 wet - drier line, 1 can line, 2 sachet lines

Morinaga

ISO 9001, ISO 22000

Orange Kalbe Ltd.

5,000

2 lines; tablet and cream

--

NAFDAC (local FDA)

Hale International

10,000

Semi hot-filled PET

--

ISO 22000/2005 GMP, HACCP

Facility

Production Lines

Licenses

Certification

28

All benefits of coconut water

are here

SECTION 4
Financial Overview

Consolidated Sales
Strong Top Line Growth of Internal Kalbe Products
Net Sales (in Rp Bn)

16.2%

31 Mar 2012 (Unaudited)

3,490

31 Mar 2013 (Unaudited)

3,005

8.6%
19.2%
780

20.1%

22.6%
1,111 1,207

930
464

Prescription
Pharmaceuticals

557

Consumer Health

649

796

Nutritionals

Distribution & Logistics

Consolidation

30

Consolidated Operating Performance

Stable Margin
Gross Profit Margin

47.9%

49.0%

48.4%

Operating Expenses to Net Sales Ratios

31.6%

31.8%

31.9%

0.7%
4.8%

0.7%
5.2%

0.7%
4.7%

31 Dec 2012 31 Mar 2012 31 Mar 2013

(Audited)
(Unaudited) (Unaudited)

Operating Profit Margin

16.3%

17.2%

Selling &
Marketing
General &
Administrative

26.2%

25.9%

26.5%

Research &
Development

16.5%

31 Dec 2012 31 Mar 2012 31 Mar 2013

(Audited)
(Unaudited) (Unaudited)

31 Dec 2012 31 Mar 2012 31 Mar 2013

(Audited)
(Unaudited) (Unaudited)
Extensive marketing efforts to create brand
awareness and support sales growth
31

Consolidated Net Earnings

Sustainable Earnings Growth
Income Before Tax
(in Rp bn)

Net Income
(in Rp bn)

+ 8.0 %

+10.1%

542

585
403

31 Mar 2012
(Unaudited)

31 Mar 2013
(Unaudited)

Income before tax margin declined from 18.0%

in YTD 03 2012 to 16.8% in YTD 03 2013. As of
YTD 12 2012, income before tax margin was
stable at 16.9%

31 Mar 2012
(Unaudited)

444

31 Mar 2013
(Unaudited)

Net income margin declined from 13.4% in

YTD 03 2012 to 12.7% in YTD 03 2013. As of
YTD 12 2012, income before tax margin was
stable at 12.7%
32

Working Capital Management

Improved Net Operating Cycle
158

Consistent improvement in
working capital management

No. of days
129

142

120

108

114

112

107

111

122
115

110

43

45

44

50
57

38

35

48

41

48
47

27
31 Dec 2008
(Audited)

31 Dec 2009
(Audited)

31 Dec2010
(Audited)

Days of Account Receivables

Days of Account Payables

31 Dec 2011
(Audited)

31 Dec 2012
(Audited)

Days of Inventories
Net Operating Cycle

Net Operating Cycle has

been decreased by 46 days
from 158 days in 2008 to 112
days in March 2013

31 Mar 2013
(Unaudited)

End-to-end supply chain

management would be
continuously implemented
to overcome any
fluctuation in inventory

33

Solid Financial Position

Rp 1.7 Trillion of Net Cash Position
Total Debt and Gearing Ratio

400

Cash & Net Cash Balance

9.0%

7.9%

350

8.0%

300

7.0%
6.0%

250

5.0%

200
150

340

2.3%

100
50
0
FY 2009
(Audited)

2,291
2,151

0.5%
25

141

FY 2010
(Audited)

FY 2011
(Audited)

2.9%

2.9%

205

214

1,889
1,860
1,675
1,655

1,902 1,877
1,562
1,222

4.0%
3.0%
2.0%
1.0%
0.0%

FY 2012
(Audited)

Total Debt in Rp Billion

Gearing Ratio

YTD 03 2013
(Unaudited)

FY 2009
(Audited)

FY 2010
(Audited)

FY 2011
(Audited)

FY 2012
(Audited)

YTD 03 2013
(Unaudited)

Cash and Cash Equivalent in Rp Billion

Net Cash in Rp Billion

34

All benefits of coconut water

are here

SECTION 5
Corporate Actions &
Outlook 2013

Corporate Actions in 2012

Acquisition of PT Hale International
To accelerate expansion in the ready-to-drink segment, on July 6,
2012, Kalbe completed the acquisition of PT Hale International, a
health beverage manufacturing company, worth Rp 98.6 billion.

Joint Venture to form PT Kalbe Milko Indonesia

Kalbe signed an agreement with PT Milko Beverage Industry to form a joint venture company, PT
Kalbe Milko Indonesia, to manufacture liquid nutritionals products with an estimated investment
of Rp 100 150 Bn.

Special Dividend Payment for Fiscal Year 2011

Kalbe has obtained the approval of the AGMS
on May 23, 2012 to pay dividend of Rp 891 bn,
or equivalent to Rp 95 per share. This reflects a
higher payout of 60% which is a special
dividend for financial year 2011.
Dividend has been paid on July 17, 2012.

Historical Dividends
100.0
80.0
60.0
40.0
20.0
0.0

51%
14%

17%

10.0

12.5

26%
25.0

70.0

60%

80%
60%

95.0

40%
20%
0%

2007
2008
2009
Cash Dividend (Rp/share)

2010
2011
Dividend Payout Ratio (%)

Stock Split
Kalbe has conducted a 1:5 stock split from Rp. 50,- per share to Rp 10,- in October 2012 to
encourage retail investors participation.
36

Brands Acknowledgement
Strong market acceptance

37

Outlook 2013
Earnings Guidance 2013
1. Year-on-year Sales Growth 15% - 18%
2. Operating Profit Margin 16.0% -17.0%
3. Earnings per Share growth of 15% - 18%
4. Dividend payout ratio minimum 50%

Capex Rp 1 1.5 Tn for production capacity and distribution network expansion

Cancellation of Treasury Stocks - subject to shareholders approval in EGMS in

May 2013

38

All benefits of coconut water

are here

SECTION 6
Appendix
Financial Information
YTD March 31, 2013 (Unaudited)

Unaudited Financial Statement

YTD 03 2013
Consolidated Balance Sheets

40

Unaudited Financial Statement

YTD 03 2013
Consolidated Balance Sheets

41

Unaudited Financial Statement

YTD 03 2013
Consolidated Balance Sheets

42

Unaudited Financial Statement

YTD 03 2013
Consolidated Balance Sheets

43

Unaudited Financial Statement

YTD 03 2013
Consolidated Statements of Income

44

Unaudited Financial Statement

YTD 03 2013
Consolidated Statements of Income
31 March 2012
(Unaudited)

31 March 2013
(Unaudited)

% Change

* adjusted, after stock split

45

Unaudited Financial Statement

YTD 03 2013
Consolidated Statement of Cash Flows

46

Unaudited Financial Statement

YTD 03 2013
Consolidated Statement of Cash Flows
31 March 2012
(Unaudited)

31 March 2013
(Unaudited)

47

% Change

THANK YOU
For further information:
PT Kalbe Farma Tbk.
Jalan Let.Jend. Suprapto Kav. 4
Jakarta 10510, Indonesia
Tel.
: 62-21-42873888
Fax.
: 62-21-42873678
Email
: vidjongtius@kalbe.co.id
jhandajani@kalbe.co.id
investor.relations@kalbe.co.id
Website : www.kalbe.co.id

48