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Analisis Kondisi Keuangan
1. Aspek Likuiditas
LIKUIDITAS 2004 2005 2006 2007
Current ratio 3,0098 4,0450 5,0417 4,9825
Quick ratio 2,4396 2,8345 3,6988 3,0915
Cash ratio 0,6928 1,0159 1,9149 1,4793
Dari grafik diatas, dapat dilihat bahwa Current ratio dari tahun 2004 sampai tahun 2006
mengalami peningkatan namun pada tahun 2007 mengalami penurunan walaupun tidak
signifikan. Quick ratio juga ada pada kondisi yang sama yaitu mengalami peningkatan pada
tahun 2004 sampai tahun 2006, sedangkan pada tahun 2007 Quick ratio mengalami
penurunan yang signifikan. Demikian pula dengan Cash ratio, terjadi peningkatan pada tahun
2004 sampai dengan 2006 dan penurunan yang signifikan
0
10.000
20.000
30.000
40.000
50.000
60.000
2004 2005 2006 2007
Axi
s Ti
tle
Current ratio
Quick ratio
Cash ratio
2. Aspek Leverage
2004 2005 2006 2007 Debt Ratio 50,95% 38,52% 23,35% 21,82%
Equity Ratio 4,01% 50,52% 64,75% 65,91% Debt Equity
Ratio 126,09% 76,24% 36,06% 33,10%
Debt asset pada tahun 2004 sampai tahun 2006 mengalami penurunan yang signifikan
sedangkan untuk tahun 2007 relatif stabil. Untuk Equity ratio mengalami penurunan
yang tidak begitu besar dari tahun 2004 sampai tahun 2006 sedangkan untuk tahun
2007 masih relatif stabil.
3. Aspek Efisiensi
EFISIENSI 2004 2005 2006 2007
Average Collection Period 148,755 134,7335 143,990 163,1268
Account Receivables Turnover 0,0067 0,0074 0,0069 0,00613
Total Asset Turnover 0,296 0,3274 0,352 0,3734
0%10%20%30%40%50%60%70%80%90%
100%110%120%130%
2004 2005 2006 2007
Debt Ratio
Equity Ratio
Debt Equity Ratio
Inventory Turnover 33,827 5,21668 36,9395 29,628
Fixed Asset Turnover 1,805 1,802 1,5919 1,593
Fixed asset turnover dari tahun 2004 mengalami peningkatan yang signifikan,namun dari
tahun 2005 menuju 2007 mengalami penurunan yang juga signifikan. Inventory turnover dan
Account receivables turnover mengalami kondisi yang hampir sama dengan Fixed asset
turnover. Hanya total asset turnover yang hamper tiap tahun mengalami peningkatan
walaupun tidak terlalu signifikan.
4. Aspek Profitabilitas
Operating
profit margin net profit margin
operating income return on investment
return on equity
return on asset
2004 19.11 10.9 21.62 30.53 21.62 2005 18.08 11.12 22.45 27.34 22.45 2006 1.76 11.14 23.57 22.59 23.57 2007 16.12 10.07 22.55 22.59 22.55
0.0000
100.0000
200.0000
300.0000
400.0000
500.0000
600.0000
700.0000
2004 2005 2006 2007
Fixed AssetTurnover
Inventory Turnover
Total AssetTurnover
AccountReceivablesTurnoverAverageCollection Period
Operating profit margin dari tahun 2004 ke tahun 2006 mengalami penurunan,peningkatan
terjadi pada tahun 2007 .Net profit margin ,Return on assets (ROA) , dan operating income
return on investment mengalami peningkatan dari tahun 2004 sampai tahun 2006 dan
mengalami penurunan pada tahun 2007 walaupun dalam jumlah yang tidak signifikan.
grafik profitabilitas
05
1015
20253035
2004 2005 2006 2007
tahun
nila
i (%
)operating profit margin
net profit margin
operating income returnon investmentreturn on equity
return on asset
earning per share
0
20
40
60
80
100
120
2004 2005 2006 2007
tahun
nila
i (R
p)
earning per share
earning per share 2004 45.845 2005 64.329 2006 66.6188 2007 111.2005
time interest earned
ratio 2004 9.9648 2005 11.8988 2006 15.189 2007 20.0401
Time interest earned ratio dan earnings per share (EPS) mengalami pertumbuhan yang positif
dari tahun ke tahun.
time interest earned ratio
0
5
10
15
20
25
2004 2005 2006 2007
tahun
nila
i (ka
li)
time interest earned ratio
Analisis Hubungan dan Pengaruh Kondisi Keuangan terhadap Harga Saham
Perusahaan
Grafik Harga Saham PT Kalbe Farma Tbk
Grafik.1
Grafik 2
Dilihat dari grafik 2 pertumbuhan antara harga saham dari nilai open (pembukaan),high
(tinggi), low(rendah), dan close (penutupan) relatif sama. Awal tahun 2004 sampai tahun
akhir tahun 2005 peningkatan dan penurunan harga yang terjadi relatif stabil.
0.005,000,000.00
10,000,000.0015,000,000.0020,000,000.0025,000,000.0030,000,000.0035,000,000.0040,000,000.0045,000,000.00
Jan-
04
Apr-0
4
Jul-0
4
Oct
-04
Jan-
05
Apr-0
5
Jul-0
5
Oct
-05
Jan-
06
Apr-0
6
Jul-0
6
Oct
-06
Jan-
07
Apr-0
7
Jul-0
7
Oct
-07
OpenHighLowCloseAvg Vol
0.00200.00400.00600.00800.00
1,000.001,200.001,400.001,600.001,800.00
Jan-
04
Apr-0
4
Jul-0
4
Oct
-04
Jan-
05
Apr-0
5
Jul-0
5
Oct
-05
Jan-
06
Apr-0
6
Jul-0
6
Oct
-06
Jan-
07
Apr-0
7
Jul-0
7
Oct
-07
OpenHighLowClose
Nilai open atau pembukaan mengalami pertumbuhan yang signifikan pada bulan Januari
2006 sampai dengan bulan April 2006. Titik tertinggi dari data saham pada nilai open yaitu
titik 1520,00 pada bulan Maret 2006, sedangkan titik terendah pada nilai open berada pada
titik 364,00 pada bulan Juli 2004.
Dari nilai high atau tinggi, pertumbuhan yang stabil dimulai pada bulan Desember 2005
dengan diawali peningkatan yang signifikan sebesar 430,00 dari bulan sebelumnya. Titik
tertinggi harga saham pada nilai high yaitu pada titik 1570,00 pada bulan April 2006.
Nilai low atau rendah mengalami peningkatan yang signifikan pada akhir tahun 2005. Namun
pada bulan berikutnya di tahun 2006 nilai low atau rendah mengalami penurunan yang
signifikan yaitu sebesar 240,00 00 (dari nilai 1330,00 pada bulan April 2006 turun menjadi
1090,00 di bulan Mei pada tahun yang sama). Titik terendah pada nilai low atau rendah
berada bulan Mei dan Juni 2004 yaitu di titik 350,00.
Nilai close atau penutupan mengalami pertumbuhan yang relatif lebih stabil bila
dibandingkan nilai-nilai yang lain. Peningkatan yang signifikan terjadi pada bulan Januari
2006 yaitu di titik 1300,00 dan penurunan signifikan terjadi pada bulan Mei 2006 yaitu titik
1320,00. Titik tertinggi pada nilai close terjadi pada bulan Februari 2006 yaitu titik 1520,00.
LAMPIRAN
Perhitungan Rasio Keuangan
1. Aspek Likuiditas
Tahun 2004
Current ratio = Total current assets = 2.355.453.119.543 = 3,0098 kali
Total current liabilities 782.589.561.271
Quick ratio = Current assets – inventories = 2.355.453.119.543 – 446.229.261.434
Current liabilities 782.589.561.271
= 2,4396 kali
Cash ratio = Cash + Marketable Securities = 524.225.511.866 + 0 = 0,6928 kali
Current liabilities 782.589.561.271
Tahun 2005
Current ratio = Total current assets = 3.654.805.881.213 = 4,0450 kali
Total current liabilities 903.515.824.098
Quick ratio = Current assets – inventories = 3.654.805.881.213 – 1.093.722.204.050
Current liabilities 903.515.824.098
= 2,8345 kali
Cash ratio = Cash + Marketable Securities = 917.902.597.501 + 0 = 1,0159 kali
Current liabilities 903.515.824.098
Tahun 2006
Current ratio = Total current assets = 3.321.278.260.845 = 5,0417 kali
Total current liabilities 658.759.610.990
Quick ratio = Current assets – inventories = 3.321.278.260.845 – 884.654.354.165
Current liabilities 658.759.610.990
= 3,6988 kali
Cash ratio = Cash + Marketable Securities = 1.261.454.016.042 + 0 = 1,9149 kali
Current liabilities 658.759.610.990
Tahun 2007
Current ratio = Total current assets = 3.760.007.626.324 = 4,9825 kali
Total current liabilities 754.629.114.054
Quick ratio = Current assets – inventories
Current liabilities
= 3.760.007.626.324 – 1.427.067.984.707
754.629.114.054
= 3,0915 kali
Cash ratio = Cash + Marketable Securities = 1.116.346.134.197 + 0 = 1,4793 kali
Current liabilities 754.629.114.054
2. Aspek Leverage
Tahun 2004
Total Debt to Equity = 1.537.379.862.592 / 1.219.193.365.029
= 1, 2609
Total Debt Ratio = 1.537.379.862..592 / 3. 016.864.058.832
= 0,5095
Total Equity Ratio = 1.219.193.365.029 / 3.016.864.058.832
= 0, 0401
Tahun 2005
Total Debt to Equity = 1.821.583.815.287 / 2.389.006.139.774
= 0,7624
Total Debt Ratio = 1.821.583.815.287 / 4. 728.368.509.889
= 0,3852
Total Equity Ratio = 2.389.006.139.774 / 4. 728.368.509.889
= 0, 5052
2006
Total Debt to Equity = 1.080.170.510.233 / 2.994.816.751.748
= 0, 3606
Total Debt Ratio = 1.080.170.510.233 / 4.624.619.204.478
= 0, 2335
Total Equity Ratio = 2.994.816.751.748 / 4.624.619.204.478
= 0, 6475
2007
Total Debt to Equity = 1.121.188.133.752 / 3.386.861.941.228
= 0,3310
Total Debt Ratio = 1.121.188.133.752 / 5.138.212.506.980
= 0,2182
Total Equity Ratio = 3.386.861.941.228 / 5.138.212.506.980
= 0,6591
3. Aspek Efisiensi
Tahun 2004
Average Collection Period = Accounts receivable = 517.538.017.729 .
Sales/360 1.252.483.148.923/360
= 517.538.017.729
3.479.119.856
= 148,755 hari
Total Asset Turnover = Sales = 1.252.483.148.923 = 0,296 kali
Total assets 4.231.054.215.67
Accounts Receiveable Turnover = Credit sales = 3.479.119.856
Accounts receivable 517.538.017.729
= 0.006722 kali
Inventory Turnover = Cost of Good Sold = 2.594.106.408.677
Inventory (34.525.749.482+42.159.610.714) / 2
= 33,827 kali
Fixed Asset Turnover = Sales = 1.252.483.148.923 = 1,805 kali
Fixed Asset 693.891.151.39
Tahun 2005
Average Collection Period = Accounts receivable = 579.456.506.285 .
Sales/360 1.548.272.703.156/360
= 579.456.506.285
4.300.757.508
= 134,7335 hari
Total Asset Turnover = Sales = 1.548.272.703.156 = 0,32744 kali
Total assets 4.728.368.509.889
Accounts Receiveable Turnover = Credit sales = 4.300.757.508
Accounts receivable 579.456.506.285
= 0,007422 kali
Inventory Turnover = Cost of Good Sold = 2.861.338.378.048
Inventory (579.456.506.285+ 517.538.017.729) / 2
= 5,21668 kali
Fixed Asset Turnover = Sales = 1.548.272.703.156 = 1,802 kali
Fixed Asset 859.117.129.272
Tahun 2006
Average Collection Period = Accounts receivable = 652.272.015.649
Sales/360 1.630.792.432.129/360
= 652.272.015.649
4.529.978.978
= 143,990 hari
Total Asset Turnover = Sales = 1.630.792.432.129 = 0,352 kali
Total asset 4.624.619.204.478
Accounts Receiveable Turnover = Credit sales = 4.529.978.978
Accounts receivable 652.272.015.649
= 0,006944 kali
Inventory Turnover = Cost of Good Sold = 2.972.908.038.954
Inventory (108.103.347.457+52.857.397.965) / 2
= 36,9395 kali
Fixed Asset Turnover = Sales = 1.630.792.432.129= 1,5919 kali
Fixed Asset 1.024.371.537.180
Tahun 2007
Average Collection Period = Accounts receivable = 869.572.349.473
Sales/360 1.919.034.803.322 / 360
= 869.572.349.473
5.330.652.231
= 163,1268 hari
Total Asset Turnover = Sales = 1.919.034.803.322 = 0,3734 kali
Total assets 5.138.212.506.980
Accounts Receiveable Turnover = Credit sales = 5.330.652.231
Accounts receivable 869.572.349.473
= 0,00613 kali
Inventory Turnover = Cost of Good Sold = 2.453.279.199.660
Inventory (57.501.290.031+108.103.347.457) / 2
= 29,628 kali
Fixed Asset Turnover = Sales = 1.919.034.803.322 = 1,593 kali
Fixed Asset 1.204.147.773.194
4. Aspek Profitabilitas
Tahun 2004
Operating Income Return on Investment = Operating Income = 652.280.954.708
Total assets 3.016.864.058.832
= 0,2162%
Operating Profit Margin = Operating Income = 652.280.954.708 = 0,1911%
Sales 3.413.097.280.247
Net Profit Margin = Net Income = 372.335.218.425= 0,1090%
Sales 3.413.097.280.247
Times Interest Earned Ratio = Operating Income = 733.588.774.605 = 9,9648 kali
Interest Expense 73.617.289.483
Return on Equity = Net Income = 372.335.218.425 = 0,30539%
Common equity 1.219.193.365.029
Return on Asset = EBIT = = 652.280.954.708 = 0.2162 %
Total assets 3.016.864.058.832
Earning per shares = Net Income = 372.335.218.425 = 45,8450%
Share Outstanding 8.121.600.000
Tahun 2005
Operating Income Return on Investment = Operating Income = 1.061.851.753.517
Total assets 4.728.368.509.880
= 0,2245%
Operating Profit Margin = Operating Income = 1.061.851.753.517 = 0,1808%
Sales 5.870.938.590.836
Net Profit Margin = Net Income = 653.329.339.498= 0,1112%
Sales 5.870.938.590.836
Times Interest Earned Ratio = Operating Income = 1.106.300.745.333 = 11,8988 kali
Interest Expense 92.975.053.874
Return on Equity = Net Income = 653.329.399.498 = 0,2734%
Common equity 2.389.006.139.774
Return on Asset = EBIT = 1.061.851.753.517
Total assets 4.728.368.509.880 = 0,2245%
Earning per shares = Net Income = 653.329.399.498 = 64,329%
Share Outstanding 10.156.014.422
Tahun 2006
Operating Income Return on Investment = Operating Income = 1.090.081.383.436
Total assets 5.870.938.590.836
= 0,2357%
Operating Profit Margin = Operating Income = 1.071.271.451.115 = 0,0176%
Sales 6.071.550.437.967
Net Profit Margin = Net Income = 676.581.653.872= 0,1114%
Sales 6.071.550.437.96
Times Interest Earned Ratio = Operating Income = 1.071.271.451.115 = 15,1890 kali
Interest Expense 70.529.166.485
Return on Equity = Net Income = 676.581.653.872 = 0,2259%
Common equity 2.994.816.751.748
Return on Asset = EBIT = 1.090.081.383.436 = 0,2357%
Total assets 5.870.938.590.836
Earning per shares = Net Income = 676.581.653.872 = 66,6188%
Share Outstanding 10.156.014.422
Tahun 2007
Operating Income Return on Investment = Operating Income = 1.158.667.237.090
Total assets 5.138.212.506.980
= 0,2255%
Operating Profit Margin = Operating Income = 1.129.354.542.486 = 0,1612%
Sales 7.004.909.851,908
Net Profit Margin = Net Income = 705.694.196.679= 0,1007%
Sales 7.004.909.851.908
Times Interest Earned Ratio = Operating Income = 1.129.354.542.486 = 20,0401 kali
Interest Expense 56.354.715.106
Return on Equity = Net Income = 705.694.196.679 = 0,2259%
Common equity 3.386.861.941.228
Return on Asset = EBIT = 1.158.667.237.090 = 0,2255%
Total assets 5.138.212.506.980
Earning per shares = Net Income = 1.129.354.542.486 = 111,2005%
Share Outstanding 10.156.014.422
Daftar Harga Saham Bulanan PT Kalbe Farma Tbk
Date Open High Low Close Avg Vol Adj Close*
Dec-07 1,220.00 1,320.00 1,180.00 1,260.00 8,367,400 1,244.25
Nov-07 1,380.00 1,380.00 1,190.00 1,220.00 14,232,000 1,204.75
Oct-07 1,340.00 1,420.00 1,320.00 1,360.00 16,447,200 1,343.00
Sep-07 1,360.00 1,390.00 1,280.00 1,330.00 10,134,400 1,313.38
Aug-07 1,480.00 1,480.00 1,150.00 1,360.00 11,528,100 1,343.00
Jul-07 1,380.00 1,490.00 1,340.00 1,490.00 11,856,100 1,471.38
15-Jun-07 $ 10.00 Dividend
Jun-07 1,240.00 1,430.00 1,220.00 1,390.00 25,903,100 1,372.62
May-07 1,260.00 1,260.00 1,210.00 1,240.00 14,875,100 1,214.54
Apr-07 1,210.00 1,300.00 1,210.00 1,260.00 17,050,200 1,234.13
Mar-07 1,210.00 1,280.00 1,160.00 1,210.00 26,557,500 1,185.16
Feb-07 1,310.00 1,370.00 1,150.00 1,220.00 17,341,600 1,194.96
Jan-07 1,200.00 1,380.00 1,190.00 1,300.00 39,892,200 1,273.31
Dec-06 1,180.00 1,250.00 1,130.00 1,190.00 22,807,600 1,165.57
Nov-06 1,360.00 1,360.00 1,170.00 1,180.00 29,711,400 1,155.78
Oct-06 1,320.00 1,370.00 1,290.00 1,360.00 15,408,100 1,332.08
Sep-06 1,120.00 1,350.00 1,120.00 1,320.00 22,396,100 1,292.90
Aug-06 1,190.00 1,200.00 1,120.00 1,120.00 19,314,800 1,097.01
Jul-06 1,250.00 1,270.00 1,110.00 1,200.00 11,544,600 1,175.37
Jun-06 1,330.00 1,350.00 1,180.00 1,250.00 11,807,500 1,224.34
May-06 1,520.00 1,550.00 1,090.00 1,310.00 33,050,000 1,283.11
Apr-06 1,360.00 1,570.00 1,330.00 1,520.00 42,715,100 1,488.80
Mar-06 1,350.00 1,410.00 1,320.00 1,360.00 18,480,600 1,332.08
Feb-06 1,300.00 1,430.00 1,270.00 1,360.00 22,634,700 1,332.08
Jan-06 990.00 1,310.00 970.00 1,300.00 25,790,200 1,273.31
Dec-05 580.00 1,020.00 570.00 990.00 7,040,200 969.68
Nov-05 570.00 590.00 480.00 580.00 614,400 568.09
Oct-05 600.00 620.00 550.00 570.00 286,900 558.30
Sep-05 620.00 630.00 560.00 620.00 755,200 607.27
11-Aug-05 $ 5.00 Dividend
Aug-05 700.00 730.00 580.00 640.00 2,714,800 626.86
Jul-05 710.00 730.00 680.00 700.00 987,400 680.73
Jun-05 730.00 830.00 710.00 710.00 2,987,800 690.46
May-05 680.00 730.00 630.00 720.00 479,100 700.18
Apr-05 690.00 760.00 670.00 670.00 2,891,200 651.56
Mar-05 700.00 760.00 650.00 680.00 5,356,300 661.28
Feb-05 570.00 870.00 530.00 700.00 7,516,900 680.73
Jan-05 530.00 620.00 530.00 580.00 2,832,800 564.04
Dec-04 525.00 575.00 500.00 550.00 1,925,900 534.86
Nov-04 450.00 575.00 450.00 550.00 5,393,000 534.86
Oct-04 415.00 480.00 415.00 450.00 8,723,400 437.61
Sep-04 405.00 430.00 385.00 410.00 4,669,400 398.71
12-Aug-04 $ 10.00 Dividend
Aug-04 405.00 415.00 375.00 405.00 2,624,800 393.85
Jul-04 365.00 440.00 360.00 405.00 7,191,900 383.88
Jun-04 400.00 405.00 350.00 360.00 1,217,000 341.23
May-04 500.00 525.00 350.00 410.00 4,310,600 388.62
Apr-04 475.00 625.00 475.00 500.00 2,334,400 473.93
Mar-04 500.00 525.00 460.00 470.00 2,161,700 445.49
Feb-04 490.00 575.00 480.00 525.00 3,393,500 497.62
Jan-04 370.00 525.00 370.00 490.00 9,493,000 464.45
* Close price adjusted for dividends and splits.
