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GENERAL INFORMATION 1. Corporate name :PT Kalbe Farma Tbk 2. Corporate location : * Head office : Gedung Kalbe 3rd Fl. Jln. Let. Jend. Suprapto Kav. 4, Cempaka Putih, Jakarta 10510 3. Corporate fiscal year end : December 31, 2013 4. The primary products of the corporation: * Prescription Pharmaceutical * Consumer Health * Nutritional * Distribution and logistic 5. Corporation’s selling price of common stock for the last 4 years:
Data harga saham tertinggi dan terendah: | Q1 | Q2 | Q3 | Q4 ( 2010 ) | Q1 | Q2 | Q3 | Q4(2011 ) | Low | Rp1,290 | Rp1,620 | Rp2,000 | Rp2,500 | Rp2,450 | Rp3,225 | Rp2,650 | Rp2,975 | High | Rp1,900 | Rp2,150 | Rp2,725 | Rp4,100 | Rp3,400 | Rp3,725 | Rp3,725 | Rp3,600 | | Q1 | Q2 | Q3 | Q4 (2012) | Q1 | Q2 | Q3 | Q4(2013 ) | Low | Rp675 | Rp680 | Rp735 | Rp875 | Rp1,000 | Rp1,130 | Rp1,110 | Rp1,160 | High | Rp730 | Rp810 | Rp940 | Rp1,150 | Rp1,380 | Rp1,510 | Rp1,510 | Rp1,390 |

6. Common stock price pada tahun 2010 mengalami kenaikan yang sangat signifikan dan pada tahun 2011 walaupun mengalami penurunan harga dari tahun 2010 tetapi hal tersebut masih terbilang konstan. Kenaikan harga saham PT Kalbe Tbk tersebut tidak terlepas dari kondisi industry farmasi yang saat itu memang lagi kondusif. Menurut Data Badan Pengawas Obat dan Makanan (BPOM), pertumbuhan industri farmasi Indonesia rata-rata mencapai 13 persen per tahun selama tahun 2006-2011. Total angka penjualan sektor farmasi tahun 2010 sebesar Rp 38,5 triliun meningkat menjadi Rp 43,1 triliun pada 2011. Kondisi tersebut memacu trend investasi sektor industri farmasi Indonesia. Kementerian Kesehatan Republik Indonesia mencatat pada tahun 2011 beberapa perusahaan industri farmasi memiliki pertumbuhan usaha, pendapatan dan harga saham tertinggi yaitu PT Tempo Scan Pasific Tbk, PT Kalbe Farma Tbk, PT Kimia FarmaTbk, PT Pyridam Farma Tbk dan PT Merck Tbk.
Namun, stabilitas harga saham PT Kalbe Farma Tbk pada tahun 2010-2011 tidak terulang di tahun 2012. Pada awal tahun 2012 manajemen perusahaan memutuskan untuk melakukan stock split 1:5 dari Rp50 per saham menjadi Rp10 per saham. Akibatnya jumlah saham meningkat dari Rp10.156.014.422 menjadi Rp 50.780.072.110 yang mengakibatkan harga saham mengalami penurunan yang sangat signifikan pada awal tahun 2012. Dilihat dari grafik trend harga common stock dari PT Kalbe Farma Tbk, pada tahun 2013 mulai mengalami peningkatan lagi dari tahun 2012. Hal ini di dukung dengan laporan Dewan Komisaris PT Kalbe Farma Tbk yang menyatakan bahwa terjadi trend kenaikan kepercayaan investor terhadap perusahaan yang berdampak terjadi kenaikan harga saham.

7. Range harga saham terendah dan tertinggi: Saham dikatakan dijual dengan rentang harga yang lebar (wide) jika persentase selisih terhadap harga terendah lebih dari 15%. Range ini dapat dilihat pada tabel berikut ini. Q | range (%) | Narrow/ | Q | range (%) | Narrow/ | Q | range (%) | Narrow/ | Q | range (%) | Narrow/ | | | Wide | | | Wide | | | Wide | | | Wide | 2010 | 2011 | 2012 | 2013 | 1 | 47 | Wide | 1 | 39 | Wide | 1 | 8 | Narrow | 1 | 38 | Wide | 2 | 33 | Wide | 2 | 16 | Wide | 2 | 19 | Wide | 2 | 34 | Wide | 3 | 36 | Wide | 3 | 41 | Wide | 3 | 28 | Wide | 3 | 36 | Wide | 4 | 64 | Wide | 4 | 21 | Wide | 4 | 31 | Wide | 4 | 20 | Wide |

Jika di ambil rata-rata dari range harga saham tertinggi dan terendah maka dapat disimpulkan bahwa saham PT Kalbe Farma Tbk di jual dengan range harga yang lebar (wide).

INTERNET INFORMATION
The Corporate Website 1. Internet address of the corporation is www.kalbe.co.id 2. Informations which are provided in websites: * Operating Highlights * Information relating to Corporate Governance * Stock Price Information * Press releases * Annual Reports * Investor Relations Contact 3. Other purposes of the websites: * Describe the corporation * Advertise Corporate products * Facilities the sale of company products or services * Provide product financing information * Identify the location of retail sales sites * Provide customer service information * Publicize corporate citizenship * Publicize recent corporate events * Promote the industry the corporation is in
The Indonesia Stock Exchange Database 1. The date of the latest Form 10-K is December 31 2. The primary Standard Industrial Classification is Property 3. The Corporation’s Cetral Index Key is KLBF

THE PRIMARY FINANCIAL STATEMENT
INCOME STATEMENT 1. Growth in Revenues and Profits
Percentage of Revenue Growth=Current Year Revenue-Previous Year RevenuePrevious Year Revenue

Growth of 2010 Year Percentage of Revenue Growth=2010 Year Revenue-2009 Year Revenue2009 Year Revenue

=10.226.789,00 -9.087.348,009.087.348,00 = 12,54%
Growth of 2011 Year Percentage of Revenue Growth=2011 Year Revenue-2010 Year Revenue2010 Year Revenue

=10.911.860,00 -10.226.789,0010.226.789,00 = 6,70%

Growth of 2012 Year Percentage of Revenue Growth =2012 Year Revenue-2011 Year Revenue2011 Year Revenue

=13.636.405,00-10.911.860,0010.911.860,00 = 24,97%

Growth of 2013 Year Percentage of Revenue Growth=2013 Year Revenue-2012 Year Revenue2012 Year Revenue

=16.002.131,00-13.636.405,0013.636.405,00 = 17,35%

2. Pada tahun 2010: meningkatnya permintaan pasar terhadap produk dari industri farmasi ikut menopang pertumbuhan revenue PT Kalbe Farma. Pendapatan bersih yang di terima di tahun 2010 sebesar Rp10.226.789.
Pada tahun 2011: permintaan konsumen terhadap industry farmasi masih berlanjut hingga sekarang. Permintaan yang meningkat dari tahun ke tahun mengakibatkan pendapatan PT Kalbe Farma juga meningkat. Kalbe mencatat pertumbuhan penjualan bersih sebesar 6,7% dengan total revenue sebesar Rp10.911.861 dengan kontribusi dari penjualan Divisi Obat Resep sebesar 24,5% yakni Rp 2,78 triliun. Sedangkan Divisi Produk Kesehatan memberikan kontribusi 16,9% dengan penjualan Rp 1,84 triliun. Divisi Nutrisi memberikan kontribusi sebesar 22,2% dengan nilai penjualan Rp 2,42 triliun, diikuti dengan penjualan Divisi Distribusi dan Logistik yang memberikankontribusi sebesar 35,5% senilai Rp 3,87 triliun. Penerapan pengendalian biaya produksi secara konsisten dan pengadaan secara terintegrasi mampu meningkatkan marjin laba kotor pada tahun 2011menjadi 50,9% dari 50,5% pada tahun 2010. Pada tahun 2012: revenue PT Kalbe Farma Tbk tahun 2012 meningkat dibandingkan tahun 2011 sebesar 24,97% atau meningkat menjadi Rp13.636. Divisi Obat Resep meraih penjualan bersih sebesar Rp3.288 miliar, sedangkan Divisi Produk Kesehatan, Nutrisi serta Divisi Distribusi dan Logistik membukukan penjualan bersih masing-masing sebesar Rp2.149 miliar, Rp3.012 miliar dan Rp5.188 miliar. Laba tahun berjalan tumbuh 17,0% dari Rp1.482 miliar di tahun 2011 menjadi Rp1.734 miliar di tahun 2012, serta membukukan peningkatan nilai pemegang saham yang berkelanjutan dengan laba per saham dasar mencapai Rp37,0 tahun 2012 dari Rp31,7 di tahun sebelumnya setelah memperhitungkan pengaruh pemecahan saham.
Pada tahun 2013: Laba bersih tumbuh 10,7% dari Rp1.734 miliar menjadi sebesar Rp1.920 miliar di tahun 2013, didukung oleh kinerja penjualan yang solid di seluruh lini usahanya. Divisi Obat Resep membukukan penjualan neto sebesar Rp3.869 miliar, sedangkan Divisi-divisi Produk Kesehatan, Nutrisi serta Distribusi dan Logistik masing-masing membukukan penjualan neto sebesar Rp2.505 miliar, Rp3.792 miliar dan Rp5.836 miliar. Dengan pencapaian tersebut, total penjualan tumbuh sebesar 17,3% di tahun 2013, dari sebesar Rp13.636 miliar di tahun sebelumnya menjadi Rp16.002 di akhir 2013.

4. Percentage Growth in Profits | = | Current Year Income from Continuing Operations - Previous Year Income from Continuing Operations | | | Previous Year Income from Continuing Operations |

Growth of 2010 Year Percentage of Profit Growth=2010 Year Income for the year-2009 Year Income for the year2009 Year Income for the year

= Rp1.343.799,00 – Rp1.049.667,00 Rp1.049.667,00 = 28,02%
Growth of 2011 Year Percentage of Profit Growth=2011 Year Income for the year-2010 Year Income for the year2010 Year Income for the year

= Rp1.522.957,00– Rp1.343.799,00 Rp1.343.799,00 = 13,33%

Growth of 2012 Year Percentage of Profit Growth=2012 Year Income for the year-2011 Year Income for the year2011 Year Income for the year

= Rp1.775.099,00– Rp1.522.957,00 Rp1522.957,00 = 16,56%
Growth of 2013 Year Percentage of Profit Growth=2013 Year Income for the year-2012 Year Income for the year2012 Year Income for the year

= Rp1.970.452,00– Rp1.775.099,00 Rp1.775.099,00 = 11,01%

Performa yang baik di tunjukan PT Kalbe Farma Tbk melalui profit perusahaan mengalami peningkatan setiap tahun. Hal ini di karenakan revenue yang mengalami peningkatan dari tahun ke tahun.

Common-Size Analysis
Common size analysis expresses items in a financial statement as a percentage of a single item. It permits comparisons between two or more years, or between two or more corporations. ACCOUNT | 2010 | 2011 | 2012 | 2013 | Revenue | Rp10,226,789.00 | Rp10,911,860.00 | Rp13,636,405.00 | Rp16,002,131.00 | Cost of Goods / Services | Rp 5,060,404.00 | Rp 5,360,687.00 | Rp 7,102,971.00 | Rp 8,323,018.00 | Gross Profit | Rp 5,166,386.00 | Rp 5,551,173.00 | Rp 6,533,434.00 | Rp 7,679,113.00 | operating Expense | Rp 3,280,556.00 | Rp 3,492,007.00 | Rp 4,224,919.00 | Rp 4,306,745.00 | Interest Expense | Rp 20,716.00 | Rp 13,172.00 | Rp 17,513.00 | Rp 28,642.00 | Research and Development expense | Rp 94,926.00 | Rp 91,211.00 | Rp 90,754.00 | Rp 135,388.00 | Income Tax Expense | Rp 426,635.00 | Rp 464,302.00 | Rp 532,918.00 | Rp 602,070.00 | Income from Continuing Operations | Rp 1,343,798.00 | Rp 1,522,956.00 | Rp 1,775,099.00 | Rp 1,970,452.00 | Net Income | Rp 1,266,330.00 | Rp 1,482,237.00 | Rp 1,733,928.00 | Rp 1,919,508.00 |

Dari data di atas dapat di jadikan persentase sebagai berikut: | 2010 | 2011 | 2012 | 2013 | Revenue | 100% | 100% | 100% | 100% | Cost of Goods / Services | 49% | 49% | 52% | 52% | Gross Profit | 51% | 51% | 48% | 48% | operating Expense | 32% | 32% | 31% | 27% | Interest Expense | 0.2% | 0.1% | 0.1% | 0.2% | Research and Development expense | 1% | 1% | 1% | 1% | Income Tax Expense | 4% | 4% | 4% | 4% | Income from Continuing Operations | 13% | 14% | 13% | 12% | Net Income | 12% | 14% | 13% | 12% |

1. Product or Service Cost Control- melakukan perbandingan antara cost of goods or services terhadap revenue dari tahun berjalan maupun 3 tahun sebelumnya di temukan bahwa cost of goods or service pada tahun 2010-2011 sebesar 49% dan tahun 2012-2013 sebesar 52% dari revenue. Dalam hal terjadi perubahan atau kenaikan pengalokasian biaya cost of goods or services dari total revenue sebesar 3% tahun 2011 ke tahun 2012 karena upaya memperbaiki tingkat kepuasan pelanggan atau strategi untuk mencapai peningkatan performa dari perusahaan. 2. Operating Cost Control- perbandingan antara biaya operating expense terhadap total revenue yaitu tahun 2010 sebesar 32%, tahun 2011 sebesar 32%, tahun 2012 sebesar 31% dan tahun 2013 sebesar 27%. Dilihat dari data tersebut, dapat dikatakan bahwa terjadi perubahan tiap tahun biaya operating expense terhadap revenue. Perubahan tersebut cenderung turun yang mengidentifikasikan bahwa beban operasional perusahaan dari tahun ke tahun menurun. Hal ini dikarenakan upaya meminimalisir biaya yang dilakukan perusahaan untuk meningkatkan laba bersih tahun berjalan terus naik. 3. Debt servicing- Perbandingan interest expense terhadap revenue tahun berjalan untuk melihat persentase perubahan maka diperoleh hasil bahwa persentase interest expense di tahun 2010 sebesar 0.2%, tahun 2011 sebesar 0.1%, tahun 2012, sebesar 0.1%, dan tahun 2013 sebesar 0.2% dari revenue. Perubahan yang konstan dari intereset expense ini di dukung juga dari data annual report perusahaan bahwa total bank loan dari tahun ke tahun semakin menurun. 4. Tax Burden- menganalisa perbandingan antara tax expense dengan revenue untuk memperoleh persentase perubahan pengalokasian beban pajak oleh perusahaan tiap tahun, ternyara tidak terjadi perubahan yang terjadi dalam tiap tahun atau tetap pada nilai 4% tax expense dari revenue yang di dapat perusahaan dalam tahun berjalan. 5. Profitability- perbandingan antara net income dengan revenue untuk memperoleh persentase perubahan tiap tahun net income terhadap jumlah dari revenue perusahaan. Di lihat dari data yang ada, maka pada tahun 2010 perbandingan antara net income terhadap revenue sebesar 12%, tahun 2011 sebesar 14%, tahun 2012 sebesar 13%, dan tahun 2013 sebesar 12%.
Hal ini menunjukkan profitabilitas perusahaan cukup baik/sehat dalam hal konsistensinya meningkatkan operating income dan other income serta sejalan dengan turunnya porsi interest expense terhadap gross profit sehingga net income menjadi naik dalam tahun berjalan. 6. Other Income Statement Items- There is no account that related to discountinued operations and extraordinary items be shown.

BALANCE SHEET
The balance sheet summarizes assets and equities of a corporation.
Asset Growth 1. Percentage of Growth of Assets Percentage Growth of Assets | = | Current Year Total Assets - Previous Year Total Assets | | | Previous Year Total Assets |

Growth of 2010 Year
Percentage of Asset Growth=2010 Year Total Assets-2009 Year Total Assets2009 Year Total Assets

= Rp7.032.497,00 – Rp6.482.447,00 Rp6.482.447,00 = 8%
Growth of 2011 Year
Percentage of Asset Growth=2011 Year Total Assets-2010 Year Total Assets2010 Year Total Assets

= Rp8.274.554,00 – Rp7.032.497,00 Rp7.032.497,00 = 17%
Growth of 2012 Year
Percentage of Asset Growth=2012 Year Total Assets-2011 Year Total Assets2011 Year Total Assets

= Rp9.417.957,00 – Rp8.274.554,00 Rp8.274.554,00 = 13%
Growth of 2013 Year
Percentage of Asset Growth=2013 Year Total Assets-2012 Year Total Assets2012 Year Total Assets

= Rp11.315.061,00 – Rp9.417.957,00 Rp9.417.957,00 = 20%

2. Dari grafik di atas dapat dilihat bahwa total asset PT Kalbe Farma Tbk dari tahun ke tahun semakin meningkat. Peningkatan Total asset ini di dudung dengan peningkatan yang terjadi pada cash & cash equivalents, account receivables, dan fixed assets yang dari tahun ke tahun semakin meningkat. Kenaikan pada cash & cash equivalents dari tahun 2010-2013 yaitu 1,562,664; 1,901,872; 2,291,336 1,859,663; dan 1,426,461. Account receivable dari tahun 2010-2013 sebesar 1,318,080; 1,363,957; 1,635,311; 1,938,156; dan 2,273,379. Sedangkan fixed asset dari tahun 2010-2013 sebesar 1,398,128; 1,605,266; 1,860,288; 2,254,763; dan 2,925,547. Dari ketigas akun tersebut menyumbang terjadinya penaikan total asset dari tahun ke tahun. Peningkatan pada cash & cash equivalent dan account receivable di dukung dari analisis pada total revenue yang mengalami peningkatan, yang berarti banyaknya penjualan mengakibatkan peningkatan penerimaan cash akibat dari penjualan secara cash dan kenaikan account receivable akibat dari meningkatnya penjualan secara kredit. Sedangkan peningkatan fixed asset dikarenakan peningkatan pembelian mesin untuk operasional perusahaan. 3. Account dalam balance sheet yang terjadi perubahan yang sangat signifikan dari tahun ke tahun adalah cash & cash equivalents. Hal ini dikarenakan peningkatan penjualan secara cash yang dilakukan perusahaan selama tahun berjalan.

CASH FLOW STATEMENT

1. Cash Flow Activity

Expressed in Rupiah | 2010 | 2011 | 2012 | 2013 | CASH FLOW FROM OPERATING ACTIVITIES | | | | | | 11.039.919 | 11.692.691 | 14.721.985 | 17.253.943 | | | | (8.307.373) | (9.172.211) | | (6.637.307) | (6.666.419) | (1.192.359) | (1.659.792) | | 4.402.612 | 5.026.272 | 5.222.252 | 6.421.939 | | 20.723 | 5.468 | 20.838 | 5.308 | | (435.230) | (424.641) | (526.395) | (650.905) | | (2.734.197) | (3.133.604) | (3.340.350) | (4.849.179) | | 1.253.907 | 1.473.495 | 1.376.343 | 927.163 | | 52.000 | 125.000 | 145.968 | 219.262 | | 54.977 | 99.743 | 74.469 | 51.517 | | 19.642 | 22.069 | 24.409 | 28.053 | | 115.049 | - | 4.817 | 2.117 | | (469.775) | (469.105) | (783.478) | (993.929) | | (4.720) | (233.555) | (270.905) | (153.574) | | - | (172.978) | (98.589) | - | | 692 | (2.127) | (11.223) | (35.593) | | (232.134) | (630.953) | (914.531) | (882.146) | | | | | | | 676.113 | 579.500 | 261.182 | 1.627.390 | | 11.984 | 49.721 | 1.208 | 26.504 | | (990.657) | (463.734) | (229.758) | (1.317.771) | | (234.376) | (549.527) | (890.627) | (890.627) | | (18.730) | (7.934) | (25.415) | (10.066) | | (20.716) | (14.586) | (17.206) | (25.882) | | (1.215) | - | (20.373) | (22.542) | | (192) | (414) | (278) | (327) | | (574.668) | (406.975) | (921.269) | (613.320) | | 447.106 | 435.566 | (459.456) | (568.303) | | (13.156) | (39.181) | (1.229) | 95.474 | | 1.559.682 | 1.893.315 | 2.289.700 | 1.829.015 | Deduction ending balance | (100.316) | | | | | 1.893.315 | 2.289.700 | 1.829.015 | 1.356.186 | | 1.901.872 | 2.291.335 | 1.859.662 | 1.426.460 | | (8.556) | (1.634) | (30.647) | (70.274) | | 1.893.316 | 2.289.700 | 1.829.015 | 1.356.186 | Currency in
Millions of Indonesian Rupiahs | As of: | Dec 31
2010
Reclassified
IDR | Dec 31
2011
Reclassified
IDR | Dec 31
2012
IDR | Dec 31
2013
IDR | NET INCOME | 1,286,330.0 | 1,482,237.0 | 1,733,928.1 | 1,919,508.4 | 2. Tidak terlalu signifikan perubahan jumlah cash untuk operating activities, kalaupun dihitung secara growth hanya akan terlihat perubahan kecil atau biasa dikatakan konstan. 3. Terjadi perubahan pergeseran kenaikan pada cash flow from investing activities tetapi masih dalam kisaran tipis. 4.

5. Berdasarkan perbandingan antara income statement dengan cash flow, yang mempengaruhi kenaikan atau penurunan pada ke duanya yaitu cash received from customers.

STATEMENT OF CHANGES IN STOCKHOLDER’S EQUITY
Shares Outstanding (in million)
The number of common shares increase.

Company conducted a 1:5 stock split from Rp50 per share to Rp10 per share on October 2, 2012. The number of shares increased from 10,156,014,422 to 50,780,072,110 after the stock split.

Retained Earnings description Retained Earnings
Balance as of January 1, 2010 4.310.437.877.062
Excess of proceeds from re-sale of treasury stock 3.121.157.136
Distribution of cash dividends (253.900.360.551)
Dividends from treasury stock 19.524.750.000
Net income for 2010 1.288.628.614.628
Effect from sale of the company’s shares owneshop in Kageo Igar 5.972.262.925
Balance as of December 31,2010 5.581.253.810.560
Adjustment in relation to implementation of PSAK No. 4 200.200.090
Balance as of January 1,2011 after adjustment 5.373.984.501.290
Difference arising from transaction with non-controlling interest (1.791.581.795)
Distribution of cash dividends (710.921.009.540)
Dividends from treasury stock 54.669.300.000
Comprehensive income for 2011 1.498.876.920.863
Balance as of December 31,2011 6.214.818.130.918
Adjustment in relation to implementation of PSAK No. 4 0
Balance as of January 1,2012 after adjustment 6.214.818.130.918
Distribution of cash dividends (964.821.370.090)
Dividends from treasury stock 74.194.050.000
Realized of appreciation on MV of investment (1.000.582.570)
Comprehensive income for 2012 1.730.864.008.242
Balance as of December 31,2012 7.054.054.236.500
Adjustment in relation to implementation of PSAK No. 4 0
Balance as of January 1,2013 after adjustment 7.054.054.236.500
Change in subsidiaries equity (204.078)
Distribution of cash dividends (964.821.370.090)
Realized of appreciation on MV of investment (7.773.750.719)
Comprehensive income for 2012 1.952.588.559.890
Balance as of December 31,2013 8.108.241.521.503

NOTES AND SUPPORTING SCHEDULES TO THE FINANCIAL STATEMENTS * Cash and Cash Equivalents
Cash Turnover= SalesAverage Cash& cash equivalents
Cash Turnover 2010= 10.226.7891.732.268=5,90
Cash Turnover 2011= 10.911.8602.096.604 5,20
Cash Turnover 2012= 13.636.4052.075.499,50 =6,57
Cash Turnover 2013= 16.002.1311.643.067=9,74

Cash and cash equivalent pada PT Kalbe Farma Tbk mengalami peningkatan dari tahun ke tahun, hal ini di dorong dari peningkatan dari: kas, bank pihak ke tiga, dan setara kas-call deposit dan deposito berjangka-pihk ketiga. * Accounts Receivable
Receivable Turnover= SalesAverage Account Receivables
Receivable Turnover 2010= 10.226.7891.233.325,50=8,29 times
Receivable Turnover 2011= 10.911.8601.396.311,00= 7,81 times
Receivable Turnover 2012= 13.636.4051.667.573,50= 8,18 times
Receivable Turnover 2013= 16.002.1311.975.227,00= 8,10 times

Receivable turnover dari tahun 2010-2013 mengalami penurunan. Walaupun penurunan terbilang kecil namun hal ini harus tetap di perhatikan oleh manajemen perusahaan karena dilihat bahwa salesnya meningkat dari tahun ke tahun tetapi dari sales yang meningkat tersebut account receivable juga meningkat atau penjualan secara kredit meningkat sehingga harus lebih konsentrasi terhadap piutang tidak tertagih. * Inventories
Inventory Turnover= Cost of salesAverage Inventory
Inventory Turnover 2010= 5.060.4041.556.105,50=3,25 times
Inventory Turnover 2011= 5.360.6871.628.009,00=3,29 times
Inventory Turnover 2012= 7.102.9711.910.336,50=3,72 times
Inventory Turnover 2013= 8.323.0182.584.489,00=3,22 times

Inventory turnover PT Kalbe Farma Tbk tahun 2010-2012 mengalami peningkatan tetapi pada tahun 2013 mengalami penurunan. Peningkatan dari inventory turnover ini di akibatkan kepercayaan diri perusahaan dalam memproduksi barang karena melihat sebuah cela yang menguntungkan di sebabkan oleh trend kenaikan permintaan terhadap industry farmasi mengalami peningkatan sejak tahun 2009, tetapi justru inventory meningkat walaupun tetap di imbangi dengan pendapatan secara cash dan kredit juga meningkat.
Persediaan dinyatakan sebesar nilai yang lebih rendah antara biaya perolehan atau nilai realisasi neto. Nilai realisasi neto persediaan adalah estimasi harga jual dalam kegiatan usaha biasa dikurangi estimasi biaya penyelesaian dan estimasi biaya yang diperlukan untuk menjual. Biaya perolehan persediaan ditentukan dengan menggunakan metode rata-rata bergerak atau metode rata-rata tertimbang. * Property and Depreciation
PT Kalbe Farma Tbk menerapkan PSAK NO.16 (Revisi 2011), “Aset TetapP dan ISAK NO. 25, “Ha katas Tanak”. PT Kalbe FArma memilih model biaya sebagai kebijakan akuntansi sebagai pengukuran asset tetapnya kecuali tanah, dinyatakan sebesar biaya perolehan dikurangi akumulasi penyusutan dan penurunan nilai. PT Kalbe Farma Tbk menghitung penyusutan dengan menggunakan metode garis lurus, kecuali untuk asset tetap Entitas Anak tertentu, berdasarkan estimasi umur manfaat ekonomis asset tetap yang bersangkutan dengan rincian sebagai berikut: Type of Fixed Assets Year of Depreciation
Buildings and improvements 10-20
Leasehold improvements 3-8
Machinery and equipment 2-20
Office equipment, furniture and fixtures 2-8
Vehicles and transportation equipment 2-8
Medical equipment 5
Percentage of Fixed Asset Depreciation= Accumulated Depreciation GrossDepreciable Fixed Asset
Percentage of Fixed Asset Depreciation 2010= 1.159.5011.605.266=72,23%
Percentage of Fixed Asset Depreciation 2011= 1.324.4241.860.288=71,19%
Percentage of Fixed Asset Depreciation 2012= 1.444.5822.254.763=64,07%
Percentage of Fixed Asset Depreciation 2013= 1.494.0522.925.547=51,07%

Persentase depresiasi asset tetap mengalami penurunan terus-menerus sejak taun 2010 hingga 2013 yaitu sebesar 72,23% - 51,07% yang terjadi karena kenaikan asset tetap sebesar 22,28% lebih besar daripada kenaikan akumulasi depresiasi sebesar 8,91%.
Fixed Asset Turnover Ratio= RevenueAverage Net Fixed Asset
Fixed Asset Turnover Ratio 2010= 10.226.7891.501.697=6,81 times
Fixed Asset Turnover Ratio 2011= 10.911.8601.732.777=6,20 times
Fixed Asset Turnover Ratio 2012= 13.636.4052.057.525,50=6,63 times
Fixed Asset Turnover Ratio 2013= 16.002.1312.590.155=6,18 times

* Capitalized Lease
Sewa yang mengalihkan secara substansial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset diklasifikasikan sebagai sewa pembiayaan. * OperatingLease
Suatu sewa dikatakan sebagai sewa operasi apabila iika sewa tidak mengalihkan secara substansial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset kepada penyewa. Karena PT Kalbe Farma menggunakan metode garis lurus selama masa sewa maka biaya tersebut akan diakui sebagai beban pada tahun berjalan. * Long-term Debt
Suku bunga per tahun untuk fasilitas pinjaman yang diperoleh perusahaan: | 2013 | | 2012 | Rupiah | 7,00%-9,50% | 7,25%-9,50% | Dolar A.S | 1,10%-5,00% | | 1,01%-5,00% | | Dolar Singapura | 1,10%-1,20% | | 1,92-2,52% |

| Floating rate | Floating rate | | Fixed rate | | Liabilities | Kurang dari 1 tahun | Lebih dari 1 tahun | Kurang dari 1 tahun | Lebih dari 1 tahun | | Short-term loans | 2,640,590 | | | | | Long term bank loans | | 595,847 | | | | Bonds Payable | | | | | | * Pension Plans
PT Kalbe Farma menyelenggarakana program pensiun manfaat pasti untuk seluruh karyawan tetapnya. Keawijiban imbalan pensiun seluruhnya merupakan gaji dan bonus yang masih harus dibayar oleh perusahaan. * Income Taxes
Rincian beban pajak penghasilan neto yang dilaporkan pada laporan laba rugi komprehensif konsolidasian adalah: | 2010 | 2011 | 2012 | 2013 | Current year+adjustment | 426.635.641 | 464.302.541 | 543.399.597 | 617.409.976 | Deferred: current year | 6.430.494.758 | 7.245.225.598 | (10.481.353) | (15.339.709) | Income tax expense, net | 20.205.146 | 457.057.316 | 532.918.244 | 602.070.267 |
Aktivitas yang secara signifikan menghasilkan asset pajak tangguhan adalah adanya tunjangan produktivitas dan uang jasa serta adanya liabilitas imbalan kerja dari entitas anak dan induk. Aktivitas yang secara signifikan menghasilkan liabilitas pajak tangguhan adalah adanya asset tetap dan tunjangan produktivitas dan uang jasa. * Segmental and Geographic Information
Berikut segmen usaha PT Kalbe Farma berdasarkan wilayah geografis: | 2010 | 2011 | 2012 | 2013 | Net sales: - domestic | 9.819.344 | 10.481.124 | 13.148.030 | 15.345.775 | -Export | 407.445 | 430.736 | 488.375 | 656.355 | Total | 10.226.789 | 10.911.860 | 13.636.405 | 16.002.131 | Assets: domestic | 6.73.789 | 8.004.021 | 9.107.796 | 10.847.148 | Capital expenditures domestic | 467.728 | 451.266. | 782.414 | 990.712 |
Data di atas merupakan total dari konsolidasi dari 4 segmen operasi utama yaitu obat resep, produk kesehatan, nutrisi, dan distribusi dan logistik. Segmen operasi dilaporkan dengan cara yang sejalan dengan pelaporan internal yang diberikan kepada pengambil keputusan operasional. Direksi Perseroan diidentifikasi sebagai pengambil keputusan operasional, yang bertanggung jawab mengalokasikan sumber daya, menilai kinerja segmen operasi dan membuat kebijakan strategis. * Contingencies
Dalam hal mengatasi ketidakpastian mengenai kemungkinan diperolehnya laba atau rugi pada tahun berjalan, PT Kalbe Farma mendapat fasilitas kredit dari berbagai bank nasional maupun internasional, seperti: Perusahaan mendapat fasilitas pinjaman dari PT Bank DBS Indonesia (DBS), dengan batas maksimum kredit sebesar Rp84.000.000.000,00 dan SGD2,2juta. Perusahaan juga memperoleh fasilitas pinjaman dari Citibank, N.A. (Citibank), Jakarta, yang terdiri dari fasilitas pinjaman jangka pendek dan cerukan dengan batas maksimum tabungan sebesar Rp33.000.000.000. Serta Perusahaan memperoleh fasilitas kredit dari PT Bank Central Asia Tbk, dengan fasilitas kredit berulang sebesar Rp75.000.000.000, fasilitas cerukan sebesar Rp25M, fasilitas uncommitted time revolving loan sebesar Rp100, fasilitas USLC sebesar $2juta dan fasilitas foreign exchange line sebesar $5juta.
Interim data
Diketahui revenue per quarter tahun 2010 s.d 2013 sebagai berikut: Q1 | Q2 | Q3 | Q4 | Tahun | 4.000.533 | 8.001.066 | 5.334.044 | 16.002.131 | 2013 | 3.409.101 | 6.818.203 | 4.545.468 | 13.636.405 | 2012 | 2.727.965 | 5.455.930 | 3.637.287 | 10.911.860 | 2011 | 2.556.697 | 5.113.395 | 3.408.930 | 10.226.789 | 2010 |
Dari data di atas dapat dibuat dalam bentuk grafik sebagai berikut:

Pada dasarnya pendapatan mengalami peningkatan secara terus-menerus kecuali kuartal 3 pada setiap tahun yang mengalami penurunan dalam rata-rata sebesar 50% dari kuartal 2 ke kuartal 3. Namun secara keseluruhan dari tahun 2010 s.d tahun 2013 dari kuartal 1 hingga 4 memiliki trend peningkatan. Alasan adanya penurunan pendapatan kuartal ke-3 di setiap tahun antara lain karena pada bulan juli s.d bulan september(Q3) pada dasarnya cuaca panas oleh sebab itu permintaan terhadap obat-obatan sedikit menurun karena cuaca yang stabil.
REPORT OF INDEPENDENT AUDITOR
Auditor : KAP Purwantono, Suherman, dan Surja
Alamat : Ged Bursa Efek Indonesia
Jl Jend Sudirman Kav 52-53 Ged Bursa Efek Indonesia Tower I Lt 13, Senayan, Kebayoran Baru,Jakarta Selatan 12190 DKI Jakarta
Opini : Wajar Tanpa Pengecualian (Unqualified)
Tanggung jawab manajemen atas laporan keuangan
Manajemen bertanggung jawab atas penyusunan dan penyajian wajar laporan keuangan konsolidasi tersebut sesuai dengan Standar Akuntansi Keuangan di Indonesia, dan atas pengendalian internal yang dianggap perlu oleh manajemen untuk memungkinkan penyusunan laporan keuangan konsolidasi yang bebas dari kesalahan penyajian material, baik yang disebabkan oleh kecurangan maupun kesalahan.
Tanggung jawab auditor
Tanggung jawab auditor adalah untuk menyatakan suatu opini atas laporan keuangan konsolidasian berdasarkan audit KAP tersebut. Auditor melaksanakan audit berdasarkan standar auditing yang ditetapkan oleh Institut Akuntan Publik Indonesia (IAPI). Standar tersebut mengharuskan KAP untuk mematuhi ketentuan etika serta merencanakan dan melaksanakan audit untuk memperoleh keyakinan memadai tentang apakah laporan keuangan tersebut bebas dari kesalahan penyajian material.
Kami yakin bahwa bukti audit yang telah kami peroleh adalah cukup dan tepat untuk menyediakan suatu basis bagi opini audit.
Opini
Menurut opini kami, laporan keuangan konsolidasi terlampir menyajikan secara wajar, dalam semua hal yang material, posisi keuangan konsolidasi PT Kalbe Farma Tbk. Dan Entitas Anak tanggal 31 Desember 2013, serta kinerja keuangan dan arus kas konsolidasi untuk tahun yang berakhir pada tanggal tersebut, sesuai dengan Standar Akuntansi Keuangan di Indonesia.

Report on Internal Controls
Unit audit internal membantu manajemen dalam mengelola Perseroan dengan menyusun suatu pendekatan yang sistematis serta teratur dalam melaksanakan tugas pemantauan dan evaluasi atas pengelolaan risiko, pengendalian serta proses penerapan tata kelola perusahaan.

RATIO ANALYSIS
ANALYSIS OF PROFITABILITY 1. Profit Margin
Profit Margin=Income from Continuing OperationsNet Revenue Year | Profit Margin | 2010 | 13,14% | 2011 | 13,96% | 2012 | 13,02% | 2013 | 12,31% |
Laba perusahaan dari tahun 2010-2013 terbilang konstan atau stabil, hal ini menunjukkan kemampuan perusahaan dalam menjaga keuntungan perusahaan supaya berada di titik aman serta perwujudan dari pengambilan keputusan yang tepat dari manajemen perusahaan. 2. Return on Assets Return on Assets= Income from Continuing Operations for Current YearCurrent Year Total Assets+Previous Year Total Assets/ 2 Year | Return on Assets | 2010 | 19,11% | 2011 | 18,41% | 2012 | 18,85% | 2013 | 17,41% | peningkatan asset setiap tahunnya sejalan dengan laba perusahaan sehingga memberikan efek ROA menjadi cenderung naik. 3. Return on Stockholders’ Equity
Return on Equity= Income from Continuing Operations for Current YearCurrent Year Equity+Previous Year Equity/ 2 Year | Return on Equity | 2010 | 25,01% | 2011 | 23,37% | 2012 | 24,08% | 2013 | 23,18% |
Ekuitas perusahaan yang meningkat dari tahun ke tahun berdampak pada menurunnya ROE walaupun laba perusahaan juga meningkat setiap tahunnya. 4. Earning Per Share Year | Earning Per Share (Rp) | 2010 | 124,69 | 2011 | 145,95 | 2012 | 28,45 | 2013 | 37,80 |
Earning per share PT Kalbe Farma Tbk mengalami penurunan dari tahun 2012-2013. Mengacu pada data tahun 2008-2011 EPS perusahaan memang mengalami peningkatan yang sangat signifikan. Hal ini ikut di pengaruhi oleh trend kebutuhan atau perminitaan konsumen terhadap industri farmasi mengalami peningkatan. Karena sektor yang mendukung serta PBV dan PER perusahaan pada tahun tersebut dalam keadaan sangat baik, manajemen perusahaan awal tahun 2012 mengambil keputusan untuk melakukan stock split dengan harapan harga per lembar saham akan semakin meningkat dan likuditas saham-sahamnya. Tetapi dengan melihat EPS perusahaan mulai tahun 2012 atau sama halnya dengan tahun buku saat perusahaan melakukan stock split mulai mengalami penurunan mengindentifikasikan bahwa perusahaan gagal dalam menjaga profitabilitasnya. 5. Cash Dividends Per Share
Cash Dividends Per Share=Cash Dividends Paid to Common StockholdersCurrent Year Number of Shares+Last Year Number of Shares/ 2

Year | Cash Dividends per Share (Rp) | 2010 | 70,00 | 2011 | 95,00 | 2012 | 19,00 | 2013 | - |

Cash dividen yang di bagikan perusahaan kepada pemilik saham biasa cenderung mengalami penurunan. 6. Dividend Payout Ratio
Dividend Payout Ratio= Cash Dividends Paid to Common StockholdersNet Income-Preferred Dividends Paid Year | Cash Dividends per Share | 2010 | 56,14 | 2011 | 65,09 | 2012 | 66,77 | 2013 | - |
Dividen Payout Ratio mengalami peningkatan dari tahun ke tahun yang di pengaruhi oleh net income yang mengalami peningkatan dari tahun ke tahun. 7. Price/Earnings Ratio (P/E Ratio)
PriceEarningsRatio=Market Price per ShareEarnings per Share Year | Cash Dividends per Share (X) | 2010 | 22,43 | 2011 | 30,38 | 2012 | 32,17 | 2013 | 36,16 |
P/E Ratio perusahaan 16.87 terletak pada range P/E Ratio perusahaan secara umum yaitu 14-25. P/E ratio sebesar 16.87 berarti bahwa saham perusahaan saat ini dijual pada harga16.87 kali lipat dari labanya.
ANALYSIS OF LIQUIDITY 1. Current (or Working Capital) Ratio
Current Ratio = Current AssetsCurrent Liabilities
2013 ratio (%) = 2.839,26 : 1
2012 ratio (%) = 340,54 : 1
2011 ratio (%)= 365,27 : 1
2010 ratio (%)= 439,36 : 1
Current ratio menunjukkan angka lebih dari 1, artinya perusahaan mampu melunasi hutang jangka pendeknya dengan menggunakan asset jangka pendeknya tanpa sumber daya tambahan. 2. Quick (or Acid-Test) Ratio
Quick Ratio = Cash+Marketable Securities+Net ReceivablesCurrent Liabilities
2010 Quick Ratio = 2,85 : 1 2011 Quick Ratio = 2,41 : 1
2012 Quick Ratio = 2,01 : 1
2013 Quick Ratio = 14,01 : 1
Karena quick ratio lebih dari 1 berarti bahwa sebuah perusahaan memiliki kemampuan dari aset likuid yang tersedia untuk menutupi setiap 1 dari kewajiban lancar. Quick ratio dari tahun 2010-2013 cenderung menigkat, maka posisi likuiditas perusahaan dalam keadaan baik.
ANALYSIS OF SOLVENCY 1. Debt to Total Assets
Debt to Total Assets = Total LiabilitiesTotal Assets
2010 Debt to Total Assets = 1.260.5807.032.497 = 17,93%
2011 Year Debt to Total Assets = 1.758.6198.274.554 = 21,25%
2012 Year Debt to Total Assets = 2.046.3149.417.957 = 21,73%
2013 Year Debt to Total Assets = 438.57211.315.061 = 3,88%
Debt to Total Asset cenderung stabil artinya perusahaan masih mengandalkan hutang walaupun pada persentase yang wajar untuk membeli aset-aset perusahaan. 2. Times Interest Earned Ratio
Times Interest Earned = Net Income+Interest Expense+Tax expense Interest Expense
2010 Times Interest Earned = 1.266.330+20.716+426.635 20.716 = 82,72 times.
2011 Times Interest Earned = 1.482.237+13.172+426.635 13.172 = 148,78 times.
2012 Times Interest Earned = 1.733.928+17.513+532.918 17.513 = 130,44 times.
2013 Times Interest Earned = 1.919.508+28.642+602.070 28.642 = 89,04 times.
Times Interest Earned on the Cash Basis=Cash Flow from Operations+Cash Paid for Interest Cash Paid for Interest
2010=1.253.907.864+20.716.335 20.716.335 = 61,53 times.
2011= 1.473.495.223+14.586.783 14.586.783 = 102,02 times.
2012= 1.376.343.990+17.206.913 17.206913. = 80,99 times.
2013= 927.163.654+25.881.719 25.881.719 = 61,53 times.
Dikarenakan laba perusahaan cenderung mengalami peningkatan dari tahun ke tahun sehinga times interest earned cenderung meningkat yang berarti perusahaan mampu untuk membayar bunga dari pendapatan tersebut. INDUSTRY OR COMPETITOR COMPARISONS
Salah satu cara untuk mengevaluasi keberhasilan perusahaan adalah membandingkan dengan perusahaan lain dalam sektor usaha yang sejenis. Banyaknya perusahaan dalam suatu sektor yang sama yaitu dalam hal ini adalah farmasi membuat kerumitan yang menarik dalam hal menganalisis sejauh mana keberhasilan PT Kalbe Farma Tbk dengan perbandingannya dengan kompetitornya. Perusahaan yang dipilih adalah perusahaan yang memiliki kredibilitas yang mirip dengan PT Kalbe Farma Tbk. Sebagian besar sumber data industri yang luas diselenggarakan berdasarkan kode standar klasifikasi industri (SIC) dan berdasarkan ukuran perusahaan dalam kode itu. Kode SIC untuk sebuah perusahaan tertentu diidentifikasi dalam laporan 10-K perusahaan.
Metode Perbandingan : Primer Kompetisi-Perbandingan
Nama dari Pesaing : PT Darya Varia Laboratoria Tbk

| PT Kalbe Farma Tbk | PT Darya Varia Laboratoria Tbk | Income Statement Common-Size Data | | | Gross Profit/ Sales | 47,99% | 59,96% | Income from Cont. Operation / Sales | 12,31% | 11,41% | | Balance Sheet Common-Size Data | | | Current Assets/ Total Assets | 66,26% | 76,80% | Current Liabilities/ Total Assets | 23,34% | 18,11% | Liabilities / Total Assets | 24,88% | 23,14% | Equity/ Total Assets | 75,12% | 76,86% | | Profitability Ratio | | | Profit Margin | 12,31% | 60,0% | Return on Assets | 17,41% | 10,6% | Return on Equity | 23,18% | 13,8% | Dividend Payout Ratio | 0% | 40,63% | | Liquidity Ratio | | | Current Ratio | 2.839,26 : 1 | 4,24 :1 | Quick Ratio | 14,01 : 1 | 3,22:1 | | Solvency Ratios | | | Debt/ Total Assets | 3,88kali | 0,23 kali | Times Interest Earned | 89,04 kali | 22,21 kali | | Operational Ratios | | | Receivable Turnover | 8,10 kali | 3,20 kali | Inventory Turnover | 3,22 kali | 2,60 kali |

1. Berdasarkan rasio di atas, perbedaan signifikan antara PT Kalbe Farma Tbk dan PT Darya Varia Laboratoria Tbk terletak pada liquidity ratio data dan solvency ratio. Pada liquidity ratio perbedaan terbesar terletak pada current ratio, dimana PT Kalbe Farma Tbk memiliki proporsi current ratio jauh lebih besar dibandingkan PT Darya Varia Laboratoria Tbk, yang artinya PT Kalbe Farma memiliki total current asset yang lebih besar dibanding kompetitornya. Sedangkan pada sisi solvency ratio, PT Kalbe Farma memiliki persentase yang lebih tinggi dibandingkan kompetitornya yang terletak pada time interest earned, yang berarti bahwa PT Kalbe Farma memiliki proporsi yang besar dalam hal penggunaan hutang untuk membiayai operasional perusahaan sehingga akan berpengaruh pada besar jaminan keuntungan yang digunakan untuk membayar bunga hutang jangka panjang yang besar juga. 2. Secara umum performa yang (ditunjukkan dengan rasio) PT Darya Varia Laboratoria Tbk lebih baik dari pada PT Kalbe Farma, tetapi melihat bahwa PT Kalbe Farma memiliki pangsa pasar yang paling besar di industri farmasi maka perusahaan lebih favorable dibandingkan PT Darya Varia Laboratoria Tbk.

PENGAMBILAN KEPUTUSAN BERDASARKAN LAPORAN TAHUNAN

1. Kinerja pendapatan (revenue performance) perusahaan selama empat tahun terakhir mengalami tren kenaikan. Alasan adanya tren kenaikan pendapatan adalah meningkatnya permintaan terhadap industri farmasi. Hal ini di dukung oleh data dari Badan Pengawas Obat dan Makanan (BPOM) yang mencatat pertumbuhan industri farmasi Indonesia rata-rata mencapai 13% per tahun selama tahun 2006-2011. 2. Faktor-faktor yang memiliki pengaruh besar terhadap pendapatan tahun depan adalah ekonomi, permintaan, persaingan, dan peraturan pemerintah. Kondisi ekonomi lebih dititik beratkan pada kemampuan konsumen untuk membeli produk dan dengan ekonomi yang stabil akan mengakibatkan gaya hidup yang mewah sehingga akan sejalan dengan kerugian yang didapat sehingga permintaan terhadap industri farmasi juga akan berpengaruh. Hal ini tercermin dari ekonomi Indonesia yang stabil sehingga berdampak pada permintaan yang meningkat selanjutnya berpengaruh pada pendapatan yang meninggkat tahun 2008-2011. Permintaan terhadap industri farmasi sedang dalam tren kenaikan. Peraturan pemerintah yang kondusif dibidang farmasi berdampak pada peningkatan minat investor asing untuk masuk di Industri farmasi Indonesia. Hal ini sesuai dengan pendapat yang tuturkan oleh Chairman of the Board tianjin Lu Yang Chan saat menandatangani kerja sama dengan PT Kalbe Farma. Hal ini tentu akan memberikan dampak positif terhadap industri farmasi akibat dari tren minat investor asing yang meningkat sehingga pendapatan perusahaan pun akan meningkat. 3. Melihat prediksi para pakar ekonom di tahun 2012 bahwa investasi di dunia farmasi akan mengalami peningkatan, serta adanya tren kenaikan investor asing yang akan memicu kenaikan harga saham beredar, maka prediksi pendapatan tahun depan (2014) adalah sekitar 125% x Rp16.002.131.057.048,00 = Rp2.000.266.382.131.000,00 atau kenaikan 25% dari pendapatan tahun 2013. 4. Operating income selama empat tahun terakhir mengalami peningkatan terutama disebabkan oleh kenaikan pendapatan serta peningkatan kapasitas produksi dan peningkatan harga jual. 5. Prediksi net income tahun depan (2014). Saat ini kapasitas produksi di setiap divisi perusahaan akan mendokrak kenaikan sebesar 25%-50% di tahun berikutnya atau sekitas 300 juta ampul, 20 juta infus dan 87 juta tablet . Melihat kondisi tersebut laba diprediksi meningkat menjadi 125% x Rp1.970.452.449.686,00= Rp246.318.566.210.750,00 6. Total aset mengalami peningkatan dari tahun ke tahun dengan rata pertumbuhan 15% tiap tahun. Kenikan terkecil pada total aset perusahaan yaitu terjadi di tahun 2010 yaitu hanya sebesar 8%, sedangkan kenaikan tertinggi total aset perusahaan yaitu terjadi di tahun 2013 yaitu sebesar 20%. Kenaikan yang cukup besar ini dikarenakan adanya kerja sama dengan PT Tigaka Distrindo perkasa dan perusahaan asal China, Tianjin Pharmaceutical Group Co. Ltd dalam hal pembangunan pabrik baru yang akan di bangun di Cikarang. 7. Prediksi total asset di masa depan akan terus mengalami peningkatan akibat dari perkembangan perusahaan yang selalu melakukan investasi baik nasional maupun internasional untuk meningkatkan kapasitas produksinya. 8. Investasi atau peningkatan kebutuhan perusahaan di masa depan tentu membutuhkan pembiayaan. Bagi perusahaan farmasi dengan market share yang tergolong banyak pasti tidaklah sulit untuk mendapatkan pembiayaan seperti dalam bentuk pengeluaran obligasi maupun pengedaran saham. Apalagi dengan arus kas yang senantiasa positif membuat investor tidak ragu dalam berinvestasi pada saham maupun obligasi perusahaan. 9. Tiga aspek terkuat perusahaan: * Capacity management. Perusahaan telah berhasil dalam menjalin kerjasama bahkan Kalbe berhasil mendirikan Kalbe International Pte dalam rangka value manager. Namun yang lebih utama adalah Kalbe bekerjasama dengan perusahaan farmasi raksasa asal China, Tianjin Pharmaceutical Group Co. Ltd untuk membangun pabrik baru dalam upaya peningkatan produksi. Dengan dibangunnya pabrik-pabrik baru maka otomatir kapasitas produksinya juga akan meningkat * Cost management. Perusahaan dalam hal operasional perusahaan terus melakukan berbagai inovasi sehingga bisa meminimalkan biaya untuk proses produksi. Produk dari Kalbe Farma sangat terkenal di kalangan masyarakat, dikarenakan produknya yang berkualitas tetapi dengan harga yang terjangkau. Selain itu perusahaan terus melakukan inovasi pada produk-produk baru yang dibutuhkan masyarakat. * Revenue management. Dengan peningkatan kapasitas produksi dan efisiensi. Perseroan menargetkan pertumbuhan pendapatan 20%-25%. 10. Aspek terlemah perusahaan: * Solvency Ratio. Dibandingkan dengan PT Darya Varia Laboratoria Tbk, PT Kalbe Farma Tbk memiliki kekurangan dalam hal solvency ratio. Hal ini tergambar pada debt to tatal asset yang besar dan time interest earned juga besar, yang berarti bahwa perusahaan masih terlalu mengandalkan hutang untuk membiayai aset perusahaan. * Ekspansinya ke non core-business, seperti ke bisnis property (PT Kalbe Land) dan pendidikan (STIE Kalbe).Ekspansi ini dapat mengakibatkan kurang fokusnya perusahaan dalam pengembangan bisnis farmasi. 11. Saya optimis akan masa depan PT Kalbe Farma Tbk karena Kalbe Farma masih menjadi market leader di Industri Farmasi, selain itu dibangunnya Pabrik di Cikarang yang membuat peningkatan kapasitas produksi 300 juta ampul dan 20 juta. Hal ini tentu akan membuat laba perusaahan semakin meningkat. 12. Jika saya memiliki cukup dana, maka saya akan berinvestasi pada saham dan obligasi yang dikeluarkan oleh perusahaan ini. Karena walaupun sebagian besar performance competitor (PT Darya Varia Laboratoria Tbk) lebih baik dibandingkan PT Kalbe Farma, tetapi PT Kalbe Farma Tbk mempunyai pangsa pasar yang lebih besar dibandingkan kompetitornya.…...

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...University of Phoenix Material Reading Comprehension Worksheet Respond to the following in 100 to 150 words each: Describe your outcome from this week’s MyFoundationsLab® assignment. The outcome of this week’s MyFoundationsLab assignment was I got all the questions right the first try in Getting the most from your reading. In Concentrating when reading and studying I got one question wrong the first attempt. I went and reviewed the question I got wrong and retook the test again. The reason I got the question wrong in the first place was I got distracted at the moment I answered the question and lost my focus. In the overview of concentrating when reading and studying, I learned about how to build a routine when it comes to reading and studying. Identify the skills you’ve learned this week. How could each of these apply to your academic work? How could each of these apply to your professional work? The skills I have learned this week are creating an outline of the headings and subheadings in the chapter. Writing down new terms and their definitions. I learned to read each section before I highlight any areas. I learned to create study questions out of the headings and subheadings. Describe the reading and comprehension strategies you will employ. How will these help make you a more effective reader? The strategies I will employ will be to study in a quiet location away from distractions. I will read for small blocks of time......

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...GRADING RUBRIC/Final Essay: Aspect of Human Experience Instructor: Katie Reed Written Assignment Feedback Form Student/Group Name(s) Course ENG 125/Literature in Society/Reed | Date Dec 11 by 11:59pm Assignment Aspect of Human Experience Literary Research Paper | Content and Development = 9 Points | Points Earned X/9 = | | Additional Comments: | All key elements of the assignment are covered in a substantive way. * Student writes about a specific theme of the human experience conveyed in the assigned readings for the course. * Essay is 1,400 – 1,750 words in length. | | The content is comprehensive and developed. * Student explains the connection or larger theme among 3 different reading selections from the course. * Student includes the use of specific literary devices and quotes from selections to support interpretations and analysis. * Student addresses how the authors and readers create meaning from the text, the role of the imagination in literature. * Student addresses how individual experiences shape interpretations, including self-identity and culture. * Student uses one of the studied criticism theories to analyze the texts/themes: gender, historical, formalist, or reader-response. * Student includes a minimum of two secondary sources as research for the paper. * Major points are stated clearly and are supported by specific details, examples, or analysis. Content is......

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...University of Phoenix Material Reading Comprehension Worksheet Respond to the following in 50 to 100 words each: 1. Describe your outcome from this week’s MyFoundationsLab® assignment. I received a master’s score on this weeks “MyFoundationsLab”. I found the material helpful and insightful because it taught me ways to become a better student by improving my study scores. I mostly enjoyed the video parts of it because I feel like I learn the most from them and they are not as boring as always reading the information. 2. Identify the skills you’ve learned this week. How could each of these apply to your academic work? How could each of these apply to your professional work? The skills that I learned from this week that I can apply to both my academic work and professional work are taking notes as I read important material, and how to understand and remember information. Taking good notes will help me in my academics because it will help me put the main points in my reading material in my own words while creating a short version of a study guide for myself. This also helps in a work setting because if I learn something new I can take short hand notes to help me remember all the important aspects of the job. Along with writing the notes I also have to make myself understand the information and retain it. This is the most important skill for me because I often forget things shortly after learning it. When I improve this skill I will be able to recall more......

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...exposed to reading at a young age. My earliest reading memory was my mother reading Dr. Seuss books to me when I was four or five. I used to enjoy seeing the pictures in the books more then I liked being read too. I also use to enjoy watching the characters in the books on television. As a kid I was in love with talking animals. I thought that was the coolest thing in the world. The Arthur series was a big influence growing up. I remember one Christmas I got a stack of Arthur books and I was the happiest kid in the world. That whole week my mother would help me read the books and then I would watch the show on television right after. As I grew older, I started to enjoy reading horror books. I also liked horror films and I think that influenced what I liked to read. I really liked the Goosebumps series and could read them all day. I prefer to read about things that interest me. It’s hard for me to read something that doesn’t have my interest. In high school, I rarely read about something that interested me. At a young age, my grandmother would tell me stories about how she grew up in the south and how different the country was as a kid. She would tell me about how segregated it was and all about the civil rights movement and how it was a big part of her childhood. Hearing these stories that my grandmother would tell me made me want to learn more about the civil rights era in the south. A lot of things influenced me to read. When I read, I like to learn new things. Reading for......

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...Dr. Pedro D. Abanador Problem : Factors Affecting Reading Comprehension of Students Solutions: A. Interactive 1. Story Retelling 2. Story Grammar Training 3. Question-Answer 4. Reading Tutorial 5. Recitation B. Self-Enrichment 1. Inferring 2. Synthesizing 3. Summarization 4. Paraphrasing Strategy 5. Repeated Readings C. Assessment 1. Giving exam 2. Giving assignments 3. Book report 4. Impromptu Speech 5. Story Mapping INTERACTIVE Story Retelling Retelling is a reading skill that demonstrates comprehension. Retelling is the ability to read or listen to a story, then summarize it in paraphrased form. Children begin learning the basics of retelling in kindergarten where teachers start to informally assess the students' overall understanding of a story. Retelling is a useful assessment tool throughout school because it can measure simple to advanced comprehension, as well as help the students improve their listening and speaking skills. Instructions 1. Review retelling strategy. Model it again for those who may struggle. Read a short story aloud to the class, then summarize the important details in the correct sequence. Write each summarizing statement on chart paper. Number the statements so students understand how to retell in the order that events happened. 2. Choose an instructional level text, like a short story from a reading book or a chapter from a novel, that is leveled for......

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...Reading can be very influential to reader’s life, whether it encourages readers to overcome an obstacle, or it _____. This article comes from a website and is written by the author Cassie Murdock. It discusses how reading can significantly affect the behavior of a person and the views the person has. The researchers, Kaufman and Libby, performed several experiments pertaining to the effects of reading and its "experience taking". "Experience taking" is a term given when readers begin to identify with their favorite character. It means that readers will begin to think and act similar to the way their favorite character will. Although Murdock presents strong points that reading can change someone's life, it should be noted that the extent of this life-changing effect may vary largely, and some people may not even experience it at all. Cassie Murdoch’s, "Do Your Favorite Book Characters Change Your Life?” strongly suggests that a person's behavior and view toward a certain idea can be influenced by reading about his or her favorite character. Kaufman, who performed several experiments regarding the issue, suggests that people tend to mimic their favorite character's thoughts and actions through a process called "experience taking." However, the duration of this effect may depend on how deeply connected the reader is with the specific character. Kaufman believes that this effect will not be prominent if the audience is watching a movie because people often watch movies from......

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...EJELE BSE-I Cognitive Factors That Affect Reading Comprehension Reading comprehension refers to the ability of a reader to construct meaning from text. Expected levels of reading comprehension vary throughout a reader's lifespan. When children first learn to read, the emphasis is on understanding the meaning of words and how they form sentences to communicate simple ideas. As children grow into adults, reading comprehension grows to include semantic and symbolic understanding of written text. 1. Decoding and Word Recognition Speed * One cognitive factor that can affect reading comprehension is the speed at which the reader decodes and recognizes words. Decoding refers to the reader's ability to make sense of letter-sound relationships, including proper word pronunciation and noticing common letter combinations, in order to quickly recognize familiar words. Readers who experience difficulty with decoding and recognizing words read at a much slower pace and find it more difficult to comprehend the meaning of reading passages than their peers without decoding difficulties. Vocabulary * Vocabulary breadth can also have an impact on reading comprehension. Readers use decoding skills to figure out the pronunciation and approximate meaning of words they haven't seen before, but this process takes far more time than recognition of a familiar word. Individuals with a wider vocabulary can interpret the meaning of reading passages faster and more thoroughly than......

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...than to jump into another one. Reading gives us a place to go when we want to stay where we are. I like reading because it's like dreaming. Going on an adventure, living a different life, experiencing new things. I love reading and I love my books, their tattered covers, the well-thumbed pages, the intoxicating smell and the smooth feel of the spine. They are my friends, my companions. And book collection is an obsession, an occupation, a disease, an addiction, an absurdity, a fate. It's not just a hobby. My books are my treasure, my gateway to flights of fancy, realms of magic. Open the cover and you fall in. Into the Tartarus of a imagination, of magic. I have just one life but Fiction and Fantasy help me live many. But there's a problem with fiction. It makes too much sense, reality never does. Novels are just for entertainment, they say. You'll never really learn anything from them, they say. But to be honest, there are things the books have taught me my school never could. I sometimes wish I could read in the shower. Also in the dark. Also in my sleep. It sounds like an overstatement but there are times when I find a really good book I can't put down and I read it late into the night and only stop because my eyes start to hurt or my vision goes blurry from either strain or sleep and I have to force myself to put it down and go to sleep. But, in the morning the first thing I do is pick up the book and start reading again until I'm either......

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...Reading comprehension involves two levels of processing, shallow (low-level) processing and deep (high-level) processing. Deep processing involves semantic processing, which happens when we encode the meaning of a word and relate it to similar words. Shallow processing involves structural and phonemic recognition, the processing of sentence and word structure and their associated sounds. There are two elements that make up the process of reading comprehension: vocabulary knowledge and text comprehension. In order to understand a text the reader must be able to comprehend the vocabulary used in the piece of writing. If the individual words don’t make the sense then the overall story will not either. Children can draw on their prior knowledge of vocabulary, but they also need to continually be taught new words. The best vocabulary instruction occurs at the point of need. Parents and teachers should pre-teach new words that a child will encounter in a text or aid her in understanding unfamiliar words as she comes upon them in the writing. In addition to being able to understand each distinct word in a text, the child also has to be able to put them together to develop an overall conception of what it is trying to say. This is text comprehension. Text comprehension is much more complex and varied that vocabulary knowledge. Readers use many different text comprehension strategies to develop reading comprehension. These include monitoring for understanding, answering and......

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...5 Reading, Writing, and Speaking in Mathematics As teachers of mathematics, we sometimes forget that the words and phrases that are familiar to us are foreign to our students. Students need to master this language if they are to read, under­ stand, and discuss mathematical ideas. -Thompson & Rubenstein Thompson and Rubenstein were referring to the issue of language and mathematics learning in mainstream classrooms. They state vocabulary or the fluent use of terminology is a necessary condition for overall mathematics achievement. If the learning of mathematics is highly dependent on its language and the teaching of math vocabulary is crucial, it is doubly so for ELLs. English language learners in secondary schools should have many opportunities to communicate their mathematical ideas and questions. Talking and writing about their mathematical thinking helps ELLs build word knowledge and oral expression and clarify their thinking. Discussions with the teacher or peers are also useful monitoring tools for teachers. Through listening and recording student conversations and peer problem solving, teachers can monitor individual student progress. Mathematics is no longer viewed as isolated, individualistic, or competitive. Mathematics problems are ideally suited to cooperative group discussions because they have solutions that can be objectively demonstrated. Students can persuade one another by the logic of their arguments. Mathematics problems can often be solved by......

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...150 Do you agree or disagree with the following statement? Reading comic books is bad for children. Use specific details and examples to support your answer. I disagree with this statement.  Children can learn something from comic books. So, as long as children don’t spend too much time reading comic books, comic books could be good for them. I think reading books is good for children, but some children don’t like reading books. However, some of these children like reading comic books. It would be difficult for children who are not accustomed to reading texts to start reading books. But, once they come to like reading comic books, it would be a bit easier for them to start reading books. I mean, comic books could help children start reading un-comic books. So, I disagree with this statement. (111 words) I disagree with this statement.  Children can learn something from comic books.  So, as long as children don’t spend too much time reading comic books, comic books could be good for them.  I think reading books is good for children, but some children don’t like reading books.  However, some of these children like reading comic books.  It would be difficult for children who are not accustomed to reading texts to start reading books.  But, once they come to like reading comic books, it would be a bit easier for them to start reading regular books.  I mean, comic books could help children start reading un-comic text-based books.  So, I disagree with this statement. ...

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...F Reading Strategies Worksheet Identify two reading goals, one short-term and one long-term. * Long-term reading goal: To learn to enjoy reading Short-term reading goal: Read and understand all of the readings for my classes Write a 100- to 150-word response to each of the following questions: * How do you currently approach the weekly readings in the course? I approach the weeks readings by previewing it early in the week. Then going back over it when a discussion question is asking for input on what was read. I do this to give more detail and convert it to my own words. Then depending on what the assignment is I will go back over it again to make sure that I have a complete understanding of it. I also refer back to the readings while doing my assignments to make sure that what I am answering is correct. How might you incorporate three of the suggestions covered this week into your study time? I plan on reading the first and last sentence in each paragraph and paying attention to words listed in bold and italics. I do this to an extent now but I plan to do it more in the future as it has helped me to understand what the readings are about and grasp what is trying to be taught. I also plan on setting goals for myself for the weekly readings since I do not like to read. These will help me to achieve my academic goals I have set for myself. How might this plan help you accomplish your reading goals? This plan will help me get my readings......

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