Financial Analysis on Kalbe

Performance Half Year 2016 and 2017

Kalbes sales performance outperform the industry

+5% +1.4%

Kalbe keep doing

innovation with added
value to their products &
services and as a result
all their business division
growth positively in
1H2016

Net Sales Net Sales

1H'16 1H'17 1H'16 1H'17

Note: The industry growth figure is real from Nielsen data, while the net sales
industry is not real
Kalbes sales performance

+5%

Kalbes sales performance growth by 5%

mainly supported by volume growth

Net Sales
1H'16 1H'17

Source: Company press release at IDXnet

Sales growth as much as 510.5 billion in 1H2016
All divisions give positive contribution to total net sales
Distribution and logistics is still the biggest contributor to total net sales and Nutritional division
contribute around 50% to total growth of net sales

Sales Increment distribution Net Sales Composition

255.1 5.5 10,066.3

101.6 148.4 29.0%
9,555.8 30.5%

+ 510.5 27.6% 28.8%

17.6% 18.2%

24.3% 24.1%

1H16 Prescription Consumer health Nutritionals Distribution and 1H17

1H16 1H17
pharmaceutical Logistics
Prescription pharmaceutical Consumer health
Nutritionals Distribution and Logistic
Nutritionals division leads the contribution of
gross profit
All divisions give positive contribution to gross profit except distribution and logistics
Nutritional division still the biggest contributor to total gross profit and contribute around 69% to total
growth of gross profit

Gross Profit Increment distribution Gross Profit Composition

-26.1 19.0% 17.4%

183.0 4,925.0
4,662.7 27.3 78.2

32.0% 34.0%
+ 262.3

20.2% 20.7%

28.8% 27.8%

1H16 Prescription Consumer Nutritionals Distribution and 1H17 1H16 1H17

pharmaceutical health Logistics
Prescription pharmaceutical Consumer health
Nutritionals Distribution and Logistic
Gross profit performance

-248.2 4,925.0
4,662.7 510.5

Net sales grew faster than the

+ 262.3
growth of COGS

1H16 Net Sales COGS 1H17

Prescription pharmaceutical

+4.38%

The growth of net sales for prescription

Net Sales pharmaceutical is 4.38% while the growth of gross
1H'16 1H'17 profit is 2.04%

+2.04%

Gross Profit
1H'16 1H'17
Consumer Health
+8.83%

Net Sales The growth of net sales for consumer health is 8.83%
1H'16 1H'17 while the growth of gross profit is 8.30%

+8.30%

Gross Profit
1H'16 1H'17
Nutritional

+9.66%

The growth of net sales for nutritional is 9.66% while

Net Sales
the growth of gross profit is 12.25%
1H'16 1H'17

+12.25%

Gross Profit
1H'16 1H'17
Distribution and Logistics

+0.19%

The growth of net sales for distribution and logistics

Net Sales is 0.19% and the decline of gross profit is 2.95%.
1H'16 1H'17 Extension of the distribution area with low increment
of net sale might be the reason with the decrease of
gross profit in distribution and logistics division

-2.95%

Gross Profit
1H'16 1H'17
Financial Ratio

Growth
1H16 1H17
(in bps)

Gross Profit Margin 48.79% 48.93% 132

EBIT Margin 16.11% 16.12% 7

Gross Gearing 0.21 0.28 -

EPS 24.45 25.95 -

Thank you