PT Kalbe Farma Tbk · IDX:KLBF
PT Kalbe Farma Tbk — Q1 2009 Earnings Presentation
31 slides from PT Kalbe Farma Tbk's earnings presentation, 2009
Slide 1: Q1 2009 Performance with Unaudited Financial Statements
Q1 2009 Performance with Unaudited Financial Statements 1 Excellence and Alignment
Slide 2: Forward Looking Statement
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 the 31 March 2009 unaudited results of the Company. The information co
Slide 3: Q1 2009 Highlights
Q1 2009 Highlights • Double Digit Revenue Growth Up 14.1% Gross Profit Margin 0.9% • Improved Margins Operating Profit Margin 0.2% Net Income Margin 0.9% • Improved Working Capital NOC up by 1 day Management Stronger cash generation by Rp 264 Bn • Solid Financial Position Cash Balance of Rp 1.6 Tn 3
Slide 4: Revenue Growth
Revenue Growth • Revenue has increased by 14.1% to Rp 1,989 Bn in Q1 2009 ∆ 12.4% ∆ 26.1% ∆9.2% ∆11.9% ∆ 14.1% Note: The figures are represented in Billion Rupiah 4 Excellence and Alignment
Slide 5: Sales Contribution
Sales Contribution Q1 2008 Q1 2009 (Unaudited) (Unaudited) Prescription Distribution & Pharmaceuticals Packaging 29% 25% Nutritionals Consumer Health 26% 20% 5 Excellence and Alignment
Slide 6: Indonesian Pharmaceuticals Market
Indonesian Pharmaceuticals Market Pharmaceuticals Pharmaceuticals Pharmaceuticals Market Share Market Share Market Share ITMA – Q1 2009 IHPA – Q1 2009 IPA – Q1 2009 Total Market in value= Rp 8.2 trillion Total Market in value = Rp 2.6 trillion Total Market in value = Rp 1.6 trillion Source: IMS Heal
Slide 7: Prescription Pharmaceuticals Division
Prescription Pharmaceuticals Division Prescription Pharmaceuticals • Prescription Pharmaceuticals net sales Net Sales Q1 2007 – Q1 2009 (in Rp billion) grew 12.4% to Rp 569 Bn in Q1 2009 ∆ 15.6% ∆ 12.4% with CAGR of 14.0% over the past 3 years. • Prescription Pharmaceuticals gross profit margin was
Slide 8: Prescription Pharmaceuticals Division
Prescription Pharmaceuticals Division Prescription Pharma Prescription Pharma Prescription Pharma Market Share Market Share Market Share ITMA – Q1 2009 IHPA – Q1 2009 IPA – Q1 2009 Total Market = Rp 4.6 trillion Total Market = Rp 2.2 trillion Total Market = Rp 1.2 trillion Source: IMS Health Q1 2009
Slide 9: Consumer Health Division
Consumer Health Division Consumer Health Net Sales Q1 2007 – Q1 2009 (in Rp billion) • Consumer Health division consists ∆ 26.1% of: – OTC Pharmaceuticals ∆ -11.7% – Energy Drink • Consumer Health net sales was up by 26.1% to Rp 426 Bn in Q1 2009 (Unaudited) (Unaudited) (Unaudited) from Rp 338 Bn in
Slide 10: Consumer Health Division
Consumer Health Division Market share of Kalbe’s top products as per 31 March 2009 Therapeutic Class Kalbe's Products Market Share by Volume Antacid Promag Reg, Promag DA, Waisan 84.3% Anti Diarrhea Neo Entrostop 47.1% Cough Remedies Komix, Woods, Mextril 41.5% Cold Remedies Mixagrip Reg, Mixagrip F
Slide 11: Consumer Health Division
Consumer Health Division OTC Energy Dink Market Share Market Share ITMA – Q1 2009 Q1 2009 By Volume Total Market in unit = 1.3 billion Total Market in value = Rp 3.6 trillion Total Market in value = Rp 1.7 trillion Source: IMS Health Q1 2009 Source: AC Nielsen MAT 03 2009 11 Excellence and Alignment
Slide 12: Nutritionals Division
Nutritionals Division Nutritionals Net Sales Q1 2007 – Q1 2009 (in Rp billion) ∆ 9.2% • Nutritionals division net sales were up ∆ 26.8% by 9.2% to Rp 499 Bn in Q1 2009 from Rp 457 Bn in Q1 2008, with CAGR of 17.7% in the past 3 years. • Nutritionals gross profit margin was (Unaudited) (Unaudited) (U
Slide 13: Nutritionals Division
Nutritionals Division Nutritionals Market Share YTD 03 2009 By Value Market share of Kalbe Nutritionals products as per March 2009 Kalbe Nutritionals Products Market Share by value (%) Prenagen 54.2 Diabetasol 69.7 Milna 67.9 Morinaga BMT 9.1 Chil Mil 9.1 Chil Kid 4.7 Total Market in value = Rp 2.3
Slide 14: Distribution & Packaging Division
Distribution & Packaging Division Sales Composition Distribution & Packaging Distribution & Packaging Sales Composition in Q1 2008 (unaudited) Sales Composition in Q1 2009 (unaudited) Distribution Sales Packaging Sales Distribution Sales Packaging Sales Q1 2008 (unaudited) Q1 2008 (unaudited) Q1 200
Slide 15: Distribution & Packaging Division
Distribution & Packaging Division Distribution & Packaging • Net Sales figures represent the net Net Sales Q1 2007 – Q1 2009 (in Rp billion) sales of 3rd party principals. ∆ 11.9% • Distribution & Packaging division net ∆ 18.1% sales grew 11.9% to Rp 495 Bn in Q1 2009. Its CAGR for the past 3 years
Slide 16: Distribution & Packaging Division
Distribution & Packaging Division Distribution Division YTD Mar 2008 YTD Mar 2009 (unaudited) (unaudited) RMT MIDI Others MIDI Others 8% 3% 0% RMT 4% 0% 7% Ethical Ethical 28% 29% Nutrition 27% Nutrition 28% OTC OTC 13% 12% Consumer Consumer 20% 21% 16 Excellence and Alignment
Slide 17: Distribution & Packaging Division
Distribution & Packaging Division Packaging Division The charts below show the contribution of the revenue from Packaging Division. Q1 2008 Q1 2009 (Unaudited) (Unaudited) 17 Excellence and Alignment
Slide 18: Improved Margins
Improved Margins • Consolidated gross profit margin has Gross Profit Margin improved by 0.9%, despite 65.4% depreciation of IDR/USD exchange 64.7% 65.1% rate, by approximately 27% . 53.7% 54.2% 48.1% 47.2% 48.1% Month end BI USD/IDR middle 2008 2009 ∆ Change 31-Jan 9,291 11,355 22.2% 28-Feb 9,051 11
Slide 19: Improved Margins
Improved Margins Operating Expenses to Net Sales Ratios ▲0.7% ▲0.2% • In Q1 2009, total operating expenses increased by 16.7%. ▲0.4% ▲0.1% • Total operating expenses to net sales ratio was up from 31.9% in Q1 2008 to 32.6% in Q1 2009. Operating Expense Contribution Q1 2009 (Unaudited) • Selling expe
Slide 20: Improved Margins
Improved Margins Operating Profit Margin • Operating Profit increased to Rp 308 Billion; its margin was up 0.2%, to 15.5% in Q1 2009. Q1 2008 Q1 2009 (Unaudited) (Unaudited) Net Income Margin • Net Income increased by 24.0%, from Rp 172 Bn to Rp 213 Bn in Q1 2009, with Net Income Margin rising from
Slide 21: Improved Working Capital Management
Improved Working Capital Management Q1 2008 Q1 2009 (Unaudited) (Unaudited) ∆ Change • With implementation of end – to – end Days of Account Receivable 44 44 0 Supply Chain Management (SCM), it Days of Inventory 147 133 14 has become possible to manage Days of Account Payable 51 36 15 inventory leve
Slide 22: Solid Financial Position
Solid Financial Position Increased Net Cash Position Net Cash Balance Q1 2007 – Q1 2009 (in Rp billion) Increased by Rp. 438 Bn Q1 2007 Q1 2008 Q1 2009 (Unaudited) (Unaudited) (Unaudited) 22 Excellence and Alignment
Slide 23: Solid Financial Position
Solid Financial Position Total Debt & Gearing Ratio Very low gearing ratio (Unaudited) (Unaudited) (Unaudited) 23 Excellence and Alignment
Slide 24: Share Buyback
Share Buyback Total Shares Phase Period Repurchased Phase I 8 February 2007 – 7 August 2008 497,262,000 Phase II 17 September 2008 – 16 March 2010 16,685,500 (until Nov 12, 2008) Based on Phase A 14 November 2008 – 13 February 2009 198,338,500 Bapepam-LK No.XI.B.3 Phase B 17 February 2009 – 16 May 2
Slide 25: Appendix
Appendix 25 Excellence and Alignment
Slide 26: Consolidated Statements of Income
Consolidated Statements of Income Q1 2008 Q1 2009 In Rp Million (unaudited) (unaudited) (unaudited) (unaudited) Growth In Rp Million % Change NET SALES 1,743,278 1,988,996 14.1% COGS 920,548 1,032,440 12.2% % to NS 52.8% 51.9% GROSS PROFIT 822,730 956,556 16.3% % to NS 47.2% 48.1% OPERATING EXPENSES
Slide 27: Consolidated Balance Sheets
Consolidated Balance Sheets Q1 2008 Q1 2009 In Rp Million (unaudited) (unaudited) % Change ASSETS CURRENT ASSETS Cash and cash equivalents 1,048,138 1,579,587 50.7% Short term investments, net 175,341 153,259 -12.6% Trade receivables 859,726 973,447 13.2% Other receivables 61,066 77,041 26.2% Invent
Slide 28: Consolidated Balance Sheets
Consolidated Balance Sheets Q1 2008 Q1 2009 In Rp Million (unaudited) (unaudited) % Change LIABILITIES CURENT LIABILITIES Short-term loans 46,216 145,192 214.2% Trade payables 525,606 422,850 -19.6% Taxes payable 236,940 329,113 38.9% Accrued expenses 168,741 302,184 79.1% Other payables 48,557 55,8
Slide 29: Consolidated Balance Sheets
Consolidated Balance Sheets Q1 2008 Q1 2009 In Rp Million (unaudited) (unaudited) % Change EQUITY Capital stock Issuued and fully paid - 10,156,014,422 shares 507,801 507,801 0.0% Additional paid-in capital 2,640 2,640 0.0% Retained earnings Appropriated 26,032 33,089 27.1% Unappropriated 3,247,639
Slide 30: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Q1 2008 Q1 2009 In Rp Million (unaudited) (unaudited) % Change CASH FLOWS FROM OPERATING ACTIVITIES Cash received from customers 1,908,414 2,160,566 13.2% Cash paid to suppliers and employees (1,188,245) (1,114,088) -6.2% Cash provided by operations 720,169 1,04
Slide 31: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Q1 2008 Q1 2009 In Rp Million (unaudited) (unaudited) % Change CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from bank loans 11,957 86,972 627.4% Buyback of shares (165,326) (93,199) -43.6% Payments of bank loans (13,647) (86,917) 536.9% Payments of interest exp