Company update q2 2012

7/31/2012
1
Company Update
Unaudited YTD June 2012 Results
July 2012
2
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 30 June 2012 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 30 June 2012 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.

7/31/2012
2
Table of Contents
3
SECTION 2 Market Overview 8
SECTION 3 Business Overview 12
SECTION 4 Financial Overview 38
SECTION 5 Corporate Actions & Outlook in 2012 45
SECTION 1 Corporate Overview 4
SECTION 6 Appendix 49
4
SECTION 1
Corporate Overview

7/31/2012
3
Domestic96%
Export 4%
•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 June 2012 is
as follows:
•Over 10,000 employees and a marketing and sales force of 4,000 covering 80% of
the Indonesian consumer health and 100% of the Indonesian prescription
pharmaceuticals market
Largest Publicly-Listed Pharmaceuticals Company in Southeast Asia
Total Sales = Rp 6,244 Bn Total Sales = Rp 6,244 Bn
Corporate Overview
5
Prescription
Pharmaceuticals
26%
Consumer
Health
16%
Nutritionals
21%
Distribution &
Logistics
37%
Corporate Strategy
6
1966 1977 1985 1989 1991 1993 20051981 1994 1995 1997 2007 2010
1966:
Company
founded
1977:
Dankos Lab
1981:
Spin-off the
distribution business
to PT Enseval due to
government
regulation
1985:
Acquired
Bintang
Toedjoe &
Hexpharm
1989:
Igar Jaya
and
Dankos
IPOs
1991:
Kalbe Farma
IPO
1993:
 Acquired
Sanghiang Perkasa
and consolidated
nutritional business
to Sanghiang
Perkasa
1994:
 Entered
energy drink
business
 EPMT IPO
1995:
Disposed of 50%
of food business
(PT Bukit
Manikam Sakti)
to Arnotts
1997:
 Disposed of Kalbe’s
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
2005:
Consolidation
of Kalbe Group
2006
2006:
Scale through
mergers and
acquisitions
2007:
 Launch of new corporate logo
as part of transformation
process
 Products enter every ASEAN
countries (except Laos)
 Opening of the Stem Cell and
Cancer Institute
 Implementation of end-to-end
supply chain management
 Integrate information
technology systems
2010:
 Disposed of Kageo Igar Jaya
 Established a joint venture
company, Asiawide Kalbe
Philippines Inc.
 Inaugurated Panca Sradha
Kalbe as our Corporate Values
Inception and Entrepreneurial
Driven Expansion
1966–1995
Enhanced Focus and Consolidation
1996–2005
Regionalization
2006–2015
Kalbe has a long track record of sustainable growth
6
2011
2011:
 EPMT Rights Issue to
finance expansion
 Increased dividend
payout ratio to 51%
0
200
400
600
800
1000
1200
1400
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
(USDmm)
0
2000
4000
6000
8000
10000
12000
(IDRbn)
Sales USD Sales IDR
2012
2012:
♦ Generic production
facility comes on stream
♦ Acquired PT Hale
International
♦ Established a joint
venture company PT
Kalbe Milko Indonesia

7/31/2012
4
• Total expenditure on health averaged 2.1%
of GDP over the 11 year period 1999-2009.
Indonesia’s Health Spending Trends
7
Share of Total Health Expenditure (%) 1999-2009
• In Q4 2009, the new Healthcare Law has been
approved and provides guideline for
Government to increase the healthcare
spending from 2% up to 5% of GDP.
• Law on National Social Security System has
been passed since 2004, but implementation
regulation on Social Security Provider Body
(BPJS) has just been passed in October
2011. There will be two BPJS: BPJS Health
(Jan 1, 2014) and BPJS Labor (Jul 1, 2015).
20
30
40
50
60
70
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
public private out-of-pocket private
Source: The World Bank
4.8%
4.1%
3.8%
3.5%
3.3%
2.1%
0
0.2
0.4
0.6
0.8
1
1.2
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
Malaysia Thailand Philippines India Singapore Indonesia
Healthcare Expenditure/GDP 2010
86
101
116
133
153
173
196
221
247
0
0.2
0.4
0.6
0.8
1
1.2
-
50.0
100.0
150.0
200.0
250.0
300.0
2007 2008 2009 2010 2011F 2012F 2013F 2014F 2015F
Total Healthcare Expenditure
(Rp Tn) Growth of 14.1%
Source : Business Monitor International: Pharmaceutical & Healthcare Report, Q3 2011
(Indonesia, Malaysia, Thailand, Philippines, India, Singapore)
Source : Business Monitor International: Pharmaceutical & Healthcare Report, Q3 2011
(Indonesia, Malaysia, Thailand, Philippines, India, Singapore)
8
SECTION 2
Market Overview

7/31/2012
5
43.6 44.4 44.1 41.9 41.9 43.0
56.4 55.6 55.9 58.1 58.1 57.0
2007 2008 2009 2010 2011 F2012
OTC Ethical
Pharmaceuticals Market Breakdown
Source: IMS QPMU 4Q 2011
9
Ethical (Rp Bn) 14,889 17,178 20,220 22,785 25,046 27,526
Ethical Growth (%) 6.0 15.4 17.7 12.7 9.9 9.9
OTC (Rp Bn) 11,561 13,788 15,200 15,713 18,035 20,750
OTC Growth (%) 21.1 19.3 10.2 3.4 14.8 15.1
Total Market (Rp Bn) 26,450 30,966 35,420 38,498 43,081 48,276
Total Growth (%) 12.1 17.1 14.4 8.7 11.9 12.1
Market Splits Remain Stable
Total Market Trend 2007 – F2012
KALBE
GROUP
8%
a
7%
b
6%
c
5%
d
4% e
4% f
3%
OTHERS
63%
10
Indonesian Pharmaceuticals Market
Highly Fragmented Industry With More Than 200 Pharmaceutical Players
Total Market (ITMA)
YTD 12 2011
Hospital (IHPA)
YTD 12 2011
Pharmacy (IPA)
YTD 12 2011
Total Market = Rp 13.8TnTotal Market = Rp 43.1Tn Total Market = Rp 7.9Tn
KALBE
GROUP
13%
a
5%
b
5%
c
5% d
5%
e
4% f
3%
OTHERS
60%
KALBE
GROUP
9%
a
7%
b
7%
c
5%
d
4%
e
4% f
4%
OTHERS
60%
Source : IMS Health Prescription Pharmaceuticals YTD 12 2011(Ethical + OTC)

7/31/2012
6
Recent Indonesian Pharmaceuticals
Regulatory
11
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 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.
Ministry of Health Decree No. HK.02.02/Menkes/068/I/2010 issued on 14 January 2010
• Physicians (including doctors, dentists, dental specialists and specialists) who serve in the government health
service facilities shall prescribe generic drugs for all patients.
• Physicians can write prescriptions to be taken at the pharmacy or outside of healthcare facilities if generic drugs
are not available in the healthcare facilities.
• Doctors at the hospital or healthcare facilities may approve the change of generic drugs with branded generic /
prescription drugs if generic drugs are not yet available.
Price Caps on Key Generic Drugs
Mandatory Use of Generic Drugs in Government Healthcare Facilities
Local Production Facilities Requirements
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.
11
SECTION 3
Business Overview

7/31/2012
7
13
Prescription Pharmaceuticals Division
Net Sales Performance
• Net sales grew by 15.2% to Rp 1,598 Bn in
YTD 06 2012.
• The largest medical representatives team
in Indonesia with more than 2,300
personnel.
• Unique and innovative marketing strategy.
• The Division has launched 8 new products
in the first half of 2012.
• Lower gross profit margin in YTD 06 2012
is mostly due to product mix.
1,387
1,598
66.1%
62.9%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
65.0%
70.0%
500
700
900
1,100
1,300
1,500
1,700
1,900
30 June 2011
(Unaudited)
30 June 2012
(Unaudited)
SALES in Rp Bn
Gross Profit Margin
+15.2%
Branded
Generics
59%Unbranded
Generics
9%
Licensed
Products
32%
14
Comprehensive Product Range Targeted to All Income Groups
Sales Contribution By
Product Categories
YTD 06 2012
Total Sales = Rp 1,598 Bn
Number of
Products Therapeutic Class
Licensed
Products
90
• General Anti-Infectives
• Hospital Solutions
• Oncology
• Blood and Blood Forming Organs
• Musculo-Skeletal System
• Alimentary Tract and Metabolism
Branded
Generics
251
• Central Nervous system
• Musculo-Skeletal System
• Cardiovascular System
Unbranded
Generics
42
• Cardiovascular System
• Central Nervous system
Key Licensors

7/31/2012
8
15
Leading in Indonesia Prescription Pharmaceuticals Market Share
Total Market (ITMA)
YTD 12 2011
Pharmacy (IPA)
YTD 12 2011
Hospital (IHPA)
YTD 12 2011
Source: IMS Health Prescription Pharmaceuticals YTD 12 2011 (Ethical)
Total Market = Rp 25.0Tn Total Market = Rp 6.1Tn Total Market = Rp 11.5Tn
KALBE
GROUP
12%
a
8%
b
6%
c
4%
d
4%
e
4%
f
4%
OTHERS
58%
a
7%
KALBE
GROUP
7%
b
7%
c
7%
d
5%
e
5% f
3%
OTHERS
59%
KALBE
GROUP
10%
a
8%
b
8%
c
5%
d
4%
e
4%
f
3%
OTHERS
58%
16
New Production Facilities
• Dedicated for generic drugs’ tablet
production line.
• Certification from local FDA has
been obtained in December 2011.
• Inaugurated by Minister of Health
in February 2012.
• New production facility in
Cikarang:
• Dedicated for oncology drugs.
• Construction started in early April 2011 and
expected to be completed in 18 months.
• New production facility in Pulogadung:

7/31/2012
9
17
Consumer Health Division
Strong Brand Equity with Leading Market Position
Therapeutic Class Kalbe’s Products Market Share by Volume
Antacid Promag, Waisan 77.4%*
Anti Diarrhea Neo Entrostop 44.8%**
Cough Remedies Komix, Woods, Mextril, Mixadin 39.1%
Cold Remedies Mixagrip Reg, Mixagrip FB, Procold 35.9%
Multivitamin & Vitamin C
Cerebrovit, Fatigon, Sakatonik Liver,
Xon-Ce
42.2%
Children Multivitamin Cerebrofort, Sakatonik ABC 21.1%
Energy Drink ExtraJoss 23.8%
Market share of Kalbe’s top products YTD December 2011
Source : AC Nielsen jaguar method, based on volume (unit)
Note : * urban data only
** based on AC Nielsen August 2010
932
1,003
56.1% 55.5%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
500
600
700
800
900
1,000
1,100
1,200
30 June 2011
(Unaudited)
30 June 2012
(Unaudited)
SALES in Rp Bn
Gross Profit Margin
• Consumer Health net sales increased
by 7.7% to Rp 1,003 Bn in YTD 06
2012, from Rp 932 Bn in YTD 06 2011.
• The increase was supported by good
sales growth of OTC.
• Gross profit margin decreased from
56.1% in YTD 06 2011 to 55.5% in
YTD 06 2012 due to change in product
mix.
18
+7.7%

7/31/2012
10
19
Leading Market Position
Energy Drink
YTD 12 2011 (Unit)
OTC
YTD 12 2011
Total Market (in volume) = 2,371Mn
Source : AC Nielsen YTD 12 2011
Total Market = Rp 18.0Tn
Source : IMS Health ITMA OTC YTD 12 2011
KALBE
GROUP
13%
a
8%
b
8%
c
8%
d
5% e
4% f
4%
OTHERS
50%
a
42%
Extra Joss
24%
b
13%
c
7%
d
6%
Others
8%
20
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 & Pomegranate
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

7/31/2012
11
21
Ready to Drink ExtraJoss in Philippines
• Following the success of Ready-to-Drink (RTD)
ExtraJoss in returnable glass bottle (RGB), Kalbe has
launched Extra Joss in PET bottle in March 2011.
• Promoting ExtraJoss through direct-to-customer
programs to improve awareness, convenience and
availability.
22
Complete Range of Nutritional Products
TeenExpecting Lactating Baby Toddler Kid Tween 25+ 35+ Clinical
• Catered to expecting & lactating mothers, babies, toddlers, children, tweens and
adults.
Nutritionals Division

7/31/2012
12
Indonesia Thailand Philippines Malaysia Vietnam South Korea
2006 2.29 13.55 1.48 7.49 2.71 35.7
2007 2.39 12.28 1.51 8.15 2.39 34.92
2008 2.5 12.94 1.31 7.75 2.72 35.83
2009 2.57 13.68 1.52 7.46 2.87 35.73
2010 2.58 13.74 1.51 7.51 2.76 30.83
2011 2.63 14.34 1.55 7.61 2.85 30.61
2012 2.68 14.92 1.58 7.73 2.98 30.99
0
5
10
15
20
25
30
35
40
23
Relatively Low Milk per Capita Consumption
Milk per Capita Consumption (kg)
Source: FAPRI (Food & Agricultural Policy Research Institute) for whole milk powder, liquid milk and non fat dry milk categories
2006 – 2010 = Real Data; 2011 – 2012 = Projection
2.7%
1.6%
1.1%
0.5%
-2.3%
Note : %growth represents 6 years (2006-2012) CAGR
1.6%
13,995
14,810
FY 2010 FY 2011
162,795
169,093
FY 2010 FY 2011
24
Growth of Indonesian Powdered Milk Market
Source : AC Nielsen, YTD 12 2011
By Value (Rp Bn)By Volume (Kg ‘000)
5.8%3.9%

7/31/2012
13
1,130
1,331
60.5% 62.6%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
65.0%
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
1,500
30 June 2011
(Unaudited)
30 June 2012
(Unaudited)
SALES in Rp Bn
Gross Profit Margin
25
+17.8%
• Nutritionals Division net sales were up
by 17.8% to Rp 1,331 Bn in YTD 06
2012 from Rp 1,130 Bn in YTD 06
2011.
• Existing major products continued to
gain market share.
• Gross profit margin increased to 62.6%
in YTD 06 2012 from 60.5% in YTD 06
2011 mostly due to lower raw material
price.
26
Market Share of Kalbe Nutritionals Products
in its Category YTD December 2011
Gaining Market Shares Against Multinational Competitors
Source : AC Nielsen, based on Value (Rp)
Powder Milk Market Share
YTD 12 2011
Total Market = Rp 14.8 Tn
a
31%
b
19%
d
9%
c
12%
Kalbe
Nutritionals
9%
e
6%
g
3%f
3%
h
3%
i
2% Others
2%
Source : AC Nielsen, based on Value (Rp)
Kalbe’s Products Market Share
Diabetasol 79.5%
Milna 63.5%
Prenagen 55.4%
Morinaga Chil Mil 8.4%
Morinaga BMT 8.6%
Entrasol 7.6%
Morinaga Chil Kid 5.9%
Zee 3.5%
Morinaga Chil School 1.9%

7/31/2012
14
Launching of New Products
Milna Toddler Milk with Vegetable
Formulated milk combined with vegetables concentrate
specially formulated for children (above 1 year old)
27
Lovamil
A new powder milk product for expecting and lactating
mothers, targeted to the middle segment
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
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
Innovation in Business Channel
28
Modern
Channel
Traditional
Channel
Nutritionals Division launched new channel of consumer order through hotline service Nutrition Home
Delivery (NHD) 500-880 and online shopping through www.kalbestore.com . Kalbe Nutritionals Rewards
offers point rewards for consumers to increase Kalbe products consumption.
Kalbe e-store - the 1st Online Nutrition Store in Indonesia

7/31/2012
15
Distribution & Logistics Division
29
The Most Extensive Distribution Network
Branches
65 47
CitiesRDC
2
30
• Distribution & Logistics Division is run under
PT Enseval Putera Megatrading Tbk
(EPMT), a publicly listed company
(now, 91.75% owned).
• Net sales represents the 3rd party product
sales and distribution margin of internal
product sales.
• On 29th September 2011, PT Abbott Indonesia
Nutritional Division has signed a distribution
agreement with EPMT for Indonesia coverage
through trade channel.
+54.1%
1,500
2,312
30.4%
28.9%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
-
500
1,000
1,500
2,000
2,500
3,000
3,500
30 June 2011
(Unaudited)
30 June 2012
(Unaudited)
Distribution & Logistics
Gross Profit Margin

7/31/2012
16
31
Distribution Business Details
Total Net Sales = Rp 6,210 BnFigures based on EPMT YTD 06 2012 Unaudited Financial Statements
(Figures in Rp Bn)
Kalbe Group
67%
3rd Party
Principals
22%
Medical
Devices
4%
Raw
Materials
Trading &
others
7%
Distribution & Logistics
and Health Services
89%
6,210
627
214
10.1%
3.4%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Net Sales Gross Profit Income Before Tax
Gross profit margin
Income before tax
margin
32
Medical Devices, a New Growth Driver
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)
233
315
502
673
915
870
FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011
Medical Devices
CAGR
30.1%
Major Principals

7/31/2012
17
33
Major Third Party Principals by Category
Prescription
Pharmaceuticals Consumer
Medical Instrument
& Diagnostic
Fine Chemical
Raw Materials
34
New Retail Health Service : Mitrasana Clinic
• A 100% owned subsidiary of EPMT.
• Opening of Mitrasana Clinics as a one-stop service,
includes family doctor, pharmacy, laboratory, and
convenient store.
• Operational excellence in several areas, such as supply
chain management, system and in-store operation.
• To date, Kalbe has opened 27 Mitrasana clinics in
Jakarta and its Greater Area.
• Offered in 2 business models, namely direct investment
and collaboration / joint - operation models.

7/31/2012
18
35
Kalbe believes that strong distribution network is a key competitive advantage, and therefore
is committed to further improve capacities and facilities to achieve better product availability
and working capital management.
Strengthening Distribution Network
Banjarmasin Jember Surakarta Banda Aceh
In December 2011, we completed the upgrading of 4 branches in
Banjarmasin, Jember, Surakarta and Banda Aceh.
1. Expand into new territories in Indonesia
2. Upgrade existing branch facilities to improve service quality
3. Establish several Regional Distribution Centers (RDC) throughout Indonesia
4. Expand warehouse capacity
Kalbe completed Rights Issue in March 2011 in the amount of Rp 300 Bn to finance 2 years
expansion plans:
Marketing and Sales Infrastructure
36
The largest sales force for Pharma and Consumer Health in Indonesia
Prescription
Pharmaceuticals
Consumer Health Nutritionals
Distribution &
Logistics
Infra-
structures
Indonesia
Coverage
Comments
• Over 2,300 medical
representatives
• Over 1,000 marketing
personnel
• Over 2,000 sales &
marketing personnel
• Total of 4,000
employees
• 65 marketing branches
throughout Indonesia
• 42 branches & 23 at
subsidiaries
•1,000 trucks
• 500 motorcycles
• Directly cover
200,000 outlets
• Products available in
over 1mn outlets or
80% of total
consumer health
market
Market coverage
• 70% of GP market
covered
• 90% of specialist market
covered
• 100% of all hospitals
covered
• 100% pharmacy
coverage
• Largest marketing
team in Indonesia
• Approximately 1,000
marketing and sales
force
• Market Coverage
throughout Indonesia
• Most developed
telemarketing team in
the nutritional sector
• 80% of consumer
health market
•100% of prescription
pharma market
• Largest sales force in
Indonesia

7/31/2012
19
Manufacturing Infrastructure
37
Operates 10 GMP facilities complying with international standards
Facility
Products
Manufactured
Building
Area
(m2)
Production Lines Licenses Certification
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 -- --
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)
38
SECTION 4
Financial Overview

7/31/2012
20
1,387
932 1,130
1,500
4,949
1,598
1,003
1,331
2,312
6,244
Prescription PharmaceuticalsConsumer Health Nutritionals Distribution & Logistics Consolidation
30 June 2011 (Unaudited) 30 June 2012 (Unaudited)
Consolidated Sales
39
Net Sales Growth
Net Sales (in Rp Bn)
15.2%
7.7%
17.8%
54.1%
26.2%
27.8% 26.8%
5.7% 5.0%
0.8% 0.8%
30 June 2011
(Unaudited)
30 June 2012
(Unaudited)
Selling & Marketing
General &
Administrative
Research &
Development
52.1%
49.1%
30 June 2011
(Unaudited)
30 June 2012
(Unaudited)
Strong Financial Performance
40
Improved operating expenses efficiency
- 3.1%
Gross Profit Margin Operating Expenses to Net Sales Ratios
• Improved Operating Expenses to Net Sales Ratio
by 1.8% due to strong sales growth.
• Gross Profit Margin decreased by 3.1%
mostly due to change in business mix.
-1.8%34.4% 32.6%

7/31/2012
21
675
807
13.6% 12.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
500
600
700
800
900
1,000
1,100
30 June 2011
(Unaudited)
30 June 2012
(Unaudited)
Net Income in Rp Bn
Net Income Margin
903
1,088
18.3% 17.4%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
500
700
900
1,100
1,300
1,500
30 June 2011
(Unaudited)
30 June 2012
(Unaudited)
Income Before Tax in Rp Bn
Income Before Tax Margin
41
Strong Earnings Growth
Income Before Tax Margin Net Income Margin
• Income before tax was up by 20.5% to
Rp 1,088 Bn
+20.5%
• Net Income was up by 19.6% to Rp 807 Bn
+19.6%
72
97
137
158
72
86
FY 2008
(Audited)
FY 2009
(Audited)
FY 2010
(Audited)
FY 2011
(Audited)
30 Jun 2011
(Unaudited)
30 Jun 2012
(Unaudited)
42
High Earnings per Share Growth
+19.6%
• Expansion of margin
• Operating profit margin grew from 14.5%
in 2008 to 18.1% in 2011
• Net income margin grew from 9% in 2008
to 13.6% in 2011
• Share buy back program
• Company has 780,990,000 treasury shares
which represents 7.7% of total
outstanding shares
• Total cash spent for treasury shares was
Rp 687 bn
• Current market value of treasury shares
approximately Rp 2,812 bn
• Increase of ownership in several
subsidiaries
• PT Enseval Putera Megatrading Tbk from
58.8% in 2008 to 91.75% in 2011
• PT Saka Farma from 80% in 2008 to 100%
in 2009
High EPS Growth
4 Yr - CAGR
30%

7/31/2012
22
43 45 44
50
46
142
122
110 115
129
27
38 35
57 49
158
129
120
108
126
31 December 2008
(Audited)
31 December 2009
(Audited)
31 December 2010
(Audited)
31 December 2011
(Audited)
30 June 2012
(Unaudited)
No. of days
Days of Account Receivables Days of Inventories
Days of Account Payables Net Operating Cycle
Working Capital Management
43
A Temporary Spike in Working Capital
End-to-end supply chain
management would be
continuously implemented
to overcome any
fluctuation in inventory
Net Operating Cycle has
been decreased by 32 days
from 158 days in 2008 to 126
days in 2012
Temporarily building up
inventory level due to price
trend and Ramadhan festive
season
Solid Financial Position
44
Total Debt and Gearing Ratio Cash & Net Cash Balance
Rp 2.0 Trillion of Net Cash Position
405
340
25
141
65
11.2%
7.9%
0.5%
2.3%
1.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0
50
100
150
200
250
300
350
400
450
FY 2008
(Audited)
FY 2009
(Audited)
FY 2010
(Audited)
FY 2011
(Audited)
YTD06 2012
(Unaudited)
Total Debt in Rp Billion
GearingRatio
1,322
1,562
1,902
2,291
2,099
917
1,223
1,877
2,151 2,034
FY 2008
(Audited)
FY 2009
(Audited)
FY 2010
(Audited)
FY 2011
(Audited)
YTD06 2012
(Unaudited)
Cash and Cash Equivalent in Rp Billion
Net Cash in Rp Billion

7/31/2012
23
45
SECTION 5
Corporate Actions &
Outlook 2012
Corporate Actions in 2012
46
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 93.9 billion.
Acquisition of PT Hale International
Special Dividend Payment in 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
10.0 12.5 25.0
70.0
95.0
14% 17%
26%
51%
60%
0%
20%
40%
60%
80%
0.0
20.0
40.0
60.0
80.0
100.0
2007 2008 2009 2010 2011
Cash Dividend (Rp/share) Dividend Payout Ratio (%)
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.

7/31/2012
24
Achievements in 2011 and 2012
47
• ASEAN Business Awards 2011 – Most Admired Enterprise for Innovation category,
from ASEAN
Major Awards in 2011 and 2012
• Best Managed Companies Award, from Finance Asia
• Worldstar Award 2011-2012 in Medical and Pharmaceutical Category,
from World Packaging Organization in United Kingdom.
• Indonesia 2nd Best Investor Relations, from Asia Money.
Outlook 2012
48
Updated Earnings Guidance 2012
• Encouraging financial results in 1H-2012
• More optimist for price increase in 1H-2012
• Improving trend for newly launched products
1. Year-on-year Sales Growth 20% - 25%
2. Operating Profit Margin 16% - 16.5%
3. Earnings per Share Rp 183– Rp 190, representing a year-on-year growth of 16% - 20%
4. Dividend payout ratio minimum 50%
Prescription
Pharmaceuticals
25%
Consumer
Health
17%Nutritionals
22%
Distribution &
Logistics
36%
YTD September 2011 2012
In the short term, change in business mix is expected to impact margin. However, Kalbe believes that
our Pharma, Consumer Health and Nutritionals businesses will grow faster and allow us to resume
existing business mix and profitability level.

7/31/2012
25
49
SECTION 6
Appendix
Financial Information
YTD June 30, 2012 (Unaudited)
Unaudited Financial Statement
YTD 06 2012
50
Consolidated Balance Sheets
* Comparative Jun 2012 to Dec 2011 in compliance with SFAS No. 1
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents 2,291,335,810,101 2,098,746,986,435 -8.4%
Short-term Investments 113,871,418,384 230,891,547,975 102.8%
Trade Receivables 1,529,991,628,590 1,585,988,331,748 3.7%
Other Receivables 105,319,628,145 123,819,783,907 17.6%
Inventories 1,705,189,186,310 2,284,449,261,310 34.0%
Other Current Assets 210,415,568,777 294,243,929,524 39.8%
TOTAL CURRENT ASSETS 5,956,123,240,307 6,618,139,840,899 11.1%
TOTAL NON-CURRENT ASSETS 2,318,430,872,533 2,522,976,139,682 8.8%
TOTAL ASSETS 8,274,554,112,840 9,141,115,980,581 10.5%
31 December 2011
(Audited)
30 June 2012
(Unaudited) % Change

7/31/2012
26
51
YTD 06 2012
* Comparative Jun 2012 to Dec 2011 in compliance with SFAS No. 1
LIABILITIES
CURRENT LIABILITIES
Short-term Loans 140,056,547,003 64,038,983,989 -54.3%
Trade Payables 850,398,382,129 868,710,907,998 2.2%
Other Payables 202,423,719,905 202,439,971,482 0.0%
Dividend Payables - 890,627,320,090 100.0%
Accrued Expenses 283,137,947,283 426,136,469,610 50.5%
Taxes Payable 154,286,544,102 123,849,340,533 -19.7%
Current Maturities of Obligations Under Finance Leases 285,388,096 275,972,659 -3.3%
TOTAL CURRENT LIABILITIES 1,630,588,528,518 2,576,078,966,361 58.0%
TOTAL NON-CURRENT LIABILITIES 128,030,525,896 133,978,032,382 4.6%
TOTAL LIABILITIES 1,758,619,054,414 2,710,056,998,743 54.1%
EQUITY
ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT COMPANY
Capital Stock -Issued and Fully Paid - 10,156,014,422 Shares 507,800,721,100 507,800,721,100 0.0%
Additional Paid-in Capital 4,441,133,136 4,441,133,136 0.0%
Retained Earnings 6,407,439,270,888 6,324,113,133,264 -1.3%
Treasury Stocks - 780,990,000 Shares (687,283,369,009) (687,283,369,009) 0.0%
Others (17,579,625,197) (13,195,724,352) 24.9%
Sub-total 6,214,818,130,918 6,135,875,894,139 -1.3%
Non-controlling Interest 301,116,927,508 295,183,087,699 -2.0%
EQUITY, NET 6,515,935,058,426 6,431,058,981,838 -1.3%
TOTAL LIABILITIES AND EQUITY 8,274,554,112,840 9,141,115,980,581 10.5%
31 December 2011
(Audited)
30 June 2012
YTD 06 2012
52
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents 2,356,318,272,435 2,098,746,986,435 -10.9%
Short-term Investments 66,527,688,357 230,891,547,975 247.1%
Trade Receivables 1,508,927,327,275 1,585,988,331,748 5.1%
Other Receivables 77,854,053,068 123,819,783,907 59.0%
Inventories 1,534,517,879,330 2,284,449,261,310 48.9%
Other Current Assets 260,512,032,480 294,243,929,524 12.9%
TOTAL CURRENT ASSETS 5,804,657,252,945 6,618,139,840,899 14.0%
TOTAL NON-CURRENT ASSETS 2,090,194,007,687 2,522,976,139,682 20.7%
TOTAL ASSETS 7,894,851,260,632 9,141,115,980,581 15.8%
30 June 2011
(Unaudited)
30 June 2012

7/31/2012
27
53
YTD 06 2012
LIABILITIES
CURRENT LIABILITIES
Short-term Loans 139,497,671,383 64,038,983,989 -54.1%
Trade Payables 624,173,005,578 868,710,907,998 39.2%
Other Payables 145,299,522,273 202,439,971,482 39.3%
Dividend Payables 658,395,793,565 890,627,320,090 0.0%
Accrued Expenses 293,853,619,330 426,136,469,610 45.0%
Taxes Payable 74,152,492,101 123,849,340,533 67.0%
Current Maturities of Obligations Under Finance Leases 269,935,999 275,972,659 2.2%
TOTAL CURRENT LIABILITIES 1,935,642,040,229 2,576,078,966,361 33.1%
TOTAL NON-CURRENT LIABILITIES 114,115,076,251 133,978,032,382 17.4%
TOTAL LIABILITIES 2,049,757,116,480 2,710,056,998,743 32.2%
EQUITY
ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT COMPANY
Capital Stock -Issued and Fully Paid - 10,156,014,422 Shares 507,800,721,100 507,800,721,100 0.0%
Additional Paid-in Capital 4,441,133,136 4,441,133,136 0.0%
Retained Earnings 5,600,207,696,279 6,324,113,133,264 12.9%
Treasury Stocks - 780,990,000 Shares (687,283,369,009) (687,283,369,009) 0.0%
Others (24,942,968,707) (13,195,724,352) 47.1%
Sub-total 5,400,223,212,799 6,135,875,894,139 13.6%
Non-controlling Interest 444,870,931,353 295,183,087,699 -33.6%
EQUITY, NET 5,845,094,144,152 6,431,058,981,838 10.0%
TOTAL LIABILITIES AND EQUITY 7,894,851,260,632 9,141,115,980,581 15.8%
30 June 2011
(Unaudited)
30 June 2012
54
Consolidated Statements of Income
YTD 06 2012
NET SALES 4,948,716,279,038 6,243,946,899,934 26.2%
COST OF GOODS SOLD 2,368,068,908,712 3,180,797,227,933 34.3%
% to NS 47.9% 50.9% 3.1%
GROSS PROFIT 2,580,647,370,326 3,063,149,672,001 18.7%
% to NS 52.1% 49.1% -3.1%
Selling Expense (1,378,163,251,374) (1,672,307,721,055) 21.3%
% to NS -27.8% -26.8% 1.1%
General and Administrative Expense (283,516,533,291) (312,560,921,433) 10.2%
% to NS -5.7% -5.0% 0.7%
Research and Development Expense (40,294,767,609) (47,739,505,582) 18.5%
% to NS -0.8% -0.8% 0.0%
Inventory Write-off (11,124,123,041) (14,222,451,739) 27.9%
Interest Expense and Financial Charges (3,990,345,133) (6,322,051,995) 58.4%
Interest Income 50,557,108,970 45,669,378,244 -9.7%
Gain (Loss) on Foreign Exchange, Net (15,357,264,769) 16,409,673,740 -206.9%
Gain on Sale of Property and Equipment 1,304,478,979 13,432,509,284 929.7%
Miscellaneous, Net 3,299,072,677 2,734,775,222 -17.1%
INCOME BEFORE INCOME TAX
BENEFIT (EXPENSE) 903,361,745,735 1,088,243,356,687 20.5%
% to NS 18.3% 17.4% -0.8%
30 June 2011
(Unaudited)
30 June 2012

7/31/2012
28
55
Consolidated Statements of Income
YTD 06 2012
30 June 2011
(Unaudited)
30 June 2012
INCOME TAX EXPENSE, NET 210,506,182,147 262,266,648,961 24.6%
% to NS 4.3% 4.2% -0.1%
INCOME FOR THE PERIOD 692,855,563,588 825,976,707,726 19.2%
% to NS 14.0% 13.2% -0.8%
OTHER COMPREHENSIVE INCOME (EXPENSES) 7,485,025,880 760,145,852 -89.8%
COMPREHENSIVE INCOME FOR THE PERIOD 700,340,589,468 826,736,853,578 18.0%
% to NS 14.2% 13.2% -0.9%
Income for the Period Attributable to:
Parent Company 675,205,595,259 807,301,182,466 19.6%
Non-controlling Interest 17,649,968,329 18,675,525,260 5.8%
Total 692,855,563,588 825,976,707,726 19.2%
% to NS 14.0% 13.2% -0.8%
Comprehensive Income for the Period
Attributable to:
Parent Company 682,690,621,139 807,832,688,963 18.3%
Non-controlling Interest 17,649,968,329 18,904,164,615 7.1%
Total 700,340,589,468 826,736,853,578 18.0%
% to NS 14.2% 13.2% -0.9%
Earnings Per Share Attributable
to Equity Holder of the Parent 72 86 19.6%
56
YTD 06 2012
Consolidated Statement of Cash Flows
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers 5,173,332,213,212 6,789,208,920,225 31.2%
Cash paid to suppliers and employees (2,879,347,821,633) (4,604,650,343,758) 59.9%
Cash provided by operations 2,293,984,391,579 2,184,558,576,467 -4.8%
Receipts of claims for income tax refund 5,460,616,386 15,293,283,688 180.1%
Payments of income taxes (269,101,750,391) (280,589,962,128) 4.3%
Payments of other operating expenses, net (1,507,547,753,218) (1,607,696,700,103) 6.6%
Net Cash Provided by Operating Activities 522,795,504,356 311,565,197,924 -40.4%
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of short-term investments
and time deposits 74,088,231,846 20,000,000,000 -73.0%
Interest income received 53,366,658,357 45,669,378,243 -14.4%
Proceeds from sales of property and equipment 17,466,780,318 21,774,894,623 24.7%
Acquisitions of property, plant and equipment (192,871,884,426) (346,458,817,386) 79.6%
Placements in short-term investments
and time deposits (135,300,000,000) (129,600,000,000) 4.2%
Acquisitions from other investing activities, net 463,131,957 1,936,912,433 -318.2%
Net Cash Used in Investing Activities (182,787,081,948) (386,677,632,087) -111.5%
30 June 2011
30 June 2012
(Unaudited)

7/31/2012
29
57
YTD 06 2012
Consolidated Statement of Cash Flows
30 June 2011
30 June 2012
(Unaudited)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank loans 289,574,000,000 115,654,125,546 -60.1%
Receipts of capital contributions from
Subsidiaries' non-controlling interest 39,339,700,116 - -100.0%
Payments of bank loans (175,234,229,596) (199,346,066,868) 13.8%
Payments of interest expense (3,504,629,011) (6,719,110,715) 91.7%
Payments of cash dividends
Subsidiaries (5,865,122,995) (21,455,115,931) 265.8%
Payments from other financing activities, net (8,675,780,025) (11,288,128,880) 30.1%
Net Cash Provided by (Used in) Financing Activities 135,633,938,489 (123,154,296,848) -190.8%
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENT 475,642,360,897 (198,266,731,010) -141.7%
Net Effect of Changes in Foreign Exchange Rates of Foreign Currency
Denominated Cash and Cash Equivalents (22,495,673,742) (2,338,863,805) -89.6%
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,893,315,663,897 2,289,700,859,692 20.9%
CASH AND CASH EQUIVALENTS AT END OF PERIOD 2,346,462,351,052 2,089,095,264,877 -11.0%
THANK YOU
58
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

Company update q2 2012

Recomendados

Recomendados

Mais conteúdo relacionado

Semelhante a Company update q2 2012

Semelhante a Company update q2 2012 (20)

Último

Último (20)

Company update q2 2012