50
March 2006 PT Kalbe Farma Tbk Roadshow Materials
March 2006
PT Kalbe Farma Tbk
Roadshow Materials
1
Safe Harbor Statement
This presentation has been prepared solely for use at the presentation to be made on 13-24 March 2006 in connection with the 31 December 2005 unaudited results of PT Kalbe Farma Tbk (the "Company"). By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations and warrant that you are a person to whom this presentation may be made in compliance with applicable laws.
This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.
This presentation has been prepared solely for use in connection with the release of the 31 December 2005 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 the 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, are provided as at the date of this presentation and are subject to change without notice including as a result of the issuance of the audited 31 December 2005 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 reflect anychange in the Company's expectations with regards 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.
2
Table of Contents
SECTION 1 Corporate Overview 4
SECTION 2 Industry Overview 12
SECTION 3 Business Overview 20
3.A Consumer Health
3.B Prescription Pharmaceuticals
3.C Distribution and Packaging Business
SECTION 4 Operational Overview 33
SECTION 5 Growth Drivers 36
SECTION 6 Financial Overview 41
APPENDIX A Contact Information 48
3
Investment Highlights
Largest Publicly-Listed Pharmaceutical Company in
Southeast Asia
♦ 40-year old pharmaceutical company with long track record of profitable growth ♦ The largest publicly-listed pharmaceutical company in Southeast Asia with over US$1.5 billion market cap
3
Substantial Market Opportunity
♦ Large target population of 224 million in Indonesia, or approximately 49% of EU and 76% of US populations, and 500 million in Southeast Asia
♦ Low penetration rates and rapid economic growth driving growth in OTC and prescription pharma in the region, with the Indonesian and Southeast Asian markets expected to grow annually at 12% and 13% respectively over the next four years
Market Leading Positions in Indonesia
♦ The market leader in Indonesian consumer health market with 13% OTC market share, 10% share in nutrition market and 43% in energy drink market
♦ Number 3 in Indonesian prescription pharma market, with more than double the market share of the largest multinational competitor
♦ Unrivaled health distribution network which directly and indirectly covers more than 1 million outlets
Strong, Diversified, High Growth Product Portfolio
♦ Consumer health portfolio which includes 13 market leading OTC brands in 7 main therapeutic categories, the market leading brand in pregnant nutrition and clinical foods, and the leading energy drink in Indonesia
♦ Prescription pharma portfolio of 180 products and over 500 SKUs
Highly Experienced Senior Management Team
♦ Average senior management tenure of over 20 years at Kalbe, providing strategic continuity and depth of senior management bench
♦ Kalbe’s management team has in aggregate over 200 years of experience or an average industry experience of over 20 years developing, manufacturing, marketing and selling consumer health and pharmaceutical products, providing it with deep local market insight and expertise
Strong Financial Track Record ♦ Broad based growth across all business segments with consolidated revenues and operating income have grown
at a CAGR of 18% and 15% respectively from 2002-2005 ♦ Strong balance sheet with net cash balance
Substantial Growth Opportunities
♦ Consumer health new product development ♦ Development of prescription pharmaceutical portfolio ♦ Continued expansion in Southeast Asia
SECTION 1
Corporate Overview
5
Corporate Overview
♦ Established in 1966 and headquartered in Jakarta
♦ A public company since 1991 and listed on the Jakarta Stock Exchange and Surabaya Stock Exchange
♦ The largest publicly-listed pharmaceutical company in Southeast Asia
♦ Kalbe markets and sells its products in 6 major markets in Southeast Asia which in aggregate represent a population of almost 500 million
♦ Three business segments
– consumer health: 47% of revenues
– prescription pharmaceuticals: 23% of revenues
– distribution and packaging: 30% of revenues
♦ Over 12,000 employees and a marketing and sales force of 6,000 covering 80% of the Indonesian consumer health and 100% of the Indonesian prescription pharmaceutical market
Established in 1966, Kalbe Farma is the largest publicly-listed pharmaceutical company in Southeast Asia
6
Business Overview
Consumer Health Prescription Pharma Distribution and Packaging
Key Product Categories
♦ OTC pharmaceuticals
♦ Nutritionals
♦ Energy drinks
♦ Licensed products ♦ Branded generics ♦ Unbranded generics
♦ Consumer health ♦ Prescription pharmaceuticals ♦ Medical instruments and diagnostics ♦ Consumer products ♦ Fine chemical raw materials
Market Position in Key
Markets
♦ A market leader in Indonesian OTC market with 13% market share
♦ A market leader in Indonesian nutrition market with a 10% market share, and has the leading market position in high end nutrition market
♦ Market leader in Indonesian energy drinks with 43% market share
♦ Number 3 in Indonesian prescription pharma market with 9% market share
♦ More than double in market share than the largest multinational pharma company in Indonesia
♦ Largest pharmaceutical distribution network in Indonesia
♦ 40 distribution centers
♦ Indirectly and directly covers more than 1mm outlets
2005 Revenues 1
♦ US$280mm
♦ US$139mm
♦ US$180mm
Revenue Growth
2002–05 1, 2
♦ 21.7%
♦ 17.3%
♦ 13.0%
Note: 1 Unaudited financials. Pro forma for restructuring completed 12/16/05 2 Revenue growth rate based on local currency financials
Kalbe Farma is the market leader in consumer health and a market leader in prescription pharmaceuticals in Indonesia
7
2006-2010 Business Focus♦ Expand regional footprint♦ Build global brands and infrastructure♦ Scale through mergers and acquisitions♦ Proprietary drug development♦ Global partnerships and networks
1966:Company founded
1977:Dankos Lab
1985:Bintang Toedjoe,Hexpharm
1989:Igar Jaya and Dankos IPOs
1991:Kalbe Farma IPO
1994:EPM IPO
2005:Consolidation of Kalbe Group
19661966 19771977 19851985 19891989 19911991 19931993 20052005 2006200619811981
Corporate Strategy
Inception and EntrepreneurialDriven Expansion
1966–1995
Enhanced Focus and Consolidation1996–2005
Globalization2006–2015
Kalbe was established in 1966 and has a long track record of profitable growth
Long Track Record of Sustainable Revenue Growth
1993:♦ Acquired Sanghiang
Perkasa and consolidated nutritional business to Sanghiang Perkasa
♦ Entered energy drink business
19941994 19961996 19971997
1996: Disposed of 50% of food business (PT Bukit Manikam Sakti) to Arnotts
1997:♦ Disposed of Kalbe’s remaining
50% ownership in PT Bukit Manikam Sakti to Arnotts
♦ Disposed glass packaging division to Schott
♦ Acquired Woods Peppermint brand
♦ Acquired 80% of Saka Farma
1981:Spin-off the distribution business to PT Enseval due to government regulation
Note: 1 Unaudited financials. Pro forma for restructuring completed 12/16/05
0100200300400500600700
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005¹
(US$
mm
)
01,0002,0003,0004,0005,0006,0007,000
(IDR bn)
US$ (mm) IDR (bn)
8
Market PositionKalbe is the overall market leader in Indonesia
Consumer Health Market Share Prescription Pharma Market Share Total Market Share
Total Market = US$ 2.1 billion Total Market = US$ 1.5 billion Total Market = US$ 3.6 billion
Source: AC Nielsen, IMS Health and Management estimates
Note: Consumer health includes OTC, nutritionals and energy drinks
Novartis2.5%
Aventis2.6%
Radjawali2.6%
Pharos Group2.9%
Kimia Farma3.0%
Others47.3%
Pfizer3.9%
Indofarma3.5%
Dexa12.0%
Sanbe10.3%
Kalbe9.4%
Soho2.1%
Mead Johnson
2.3%Wyeth2.3%
Pfizer2.4%
Tempo3.4%
Others50.1%
Sanbe5.4%
Sari Husada4.1%
Kalbe12.0%
Nestle10.3%
Dexa5.6%
Others34.9%
Konimex2.8%
Red Bull2.6%
Abbott2.6%
Nutricia3.1%
Wyeth4.1%Mead
Johnson4.1%
Tempo5.5%
Sari Husada7.2%
Kalbe15.1%
Nestle18.0%
9
Management OverviewKalbe’s management team has in aggregate 200 years of experience developing, manufacturing, marketing and selling consumer health and pharmaceutical products
Executive Position Years of
Experience Years with
Kalbe Experience Johannes Setijono President Director 36 35 ♦ President Director since 1998
♦ Joined Kalbe Farma as a R&D Manager in 1971, as a Marketing Director in 1976, as a Commissioner from 1992 until 1998
♦ Graduated from Institut Teknologi Bandung in Pharmacy in 1969 Johannes Berchman Apik Ibrahim
VP Director, Head of Strategic Business Unit
21 21 ♦ Vice President Director since 2005 ♦ Joined Bintang Toedjoe in 1985 and became Managing Director of Kalbe Farma from 2002 to
2005 ♦ Graduated from Catholic University of Parahyangan in Bandung in Economic Management
Budi Dharma Wreksoatmodjo
VP Director, CFO, Head of Strategic Business Operation
23 21 ♦ Joined the Group in 1982. President Director of Kalbe Farma from 1992-1998 and President Director of EPM from 1998-2005
♦ Graduated from Institut Teknologi Bandung Yozef Darmawan Angkasa
Director, Head of Consumer
17 11 ♦ President Director of Bintang Toedjoe since 2002 and Director of Dankos Laboratories from 2002-2005. Director of Kalbe Farma since 2005
♦ Worked at Deutsche Bank AG, Jakarta and joined KC Pharmaceuticals Inc. in 1992 ♦ Graduated from University of Portland in Engineering Management in 1990, and from Loyola
Marymount University with an MBA in 1993 Bernadetta Ruth Irawati Setiady
Director, Head of Nutritional
18 18 ♦ Kalbe’s Marketing Director since 1997 ♦ President Director of Sanghiang Perkasa since 1994 ♦ Started in 1987 as Product Manager of Bukit Manikam Sakti ♦ Graduated from Cornell Univ. with a Master degree from Faculty of Food Science in 1986
Herman Widjaja Director, Head of Ethical and Generic Pharmaceuticals
31 20 ♦ President Director of Dankos Laboratories from 2002-2005 and Director of Kalbe from 2005 ♦ President Director of Bintang Toedjoe from 1996-2002 ♦ Started in 1974 as a Medical Representative at MSD Company, Surabaya ♦ Studied in Faculty of Pharmacy of Surabaya University from 1973 until 1977
Vidjongtius Director, Head of Distribution and Logistics
15 15 ♦ Joined Kalbe Farma in 1990 in Finance and Accounting ♦ Finance Director of Dankos from 1992-1997 and Finance Director of Kalbe from 1997–2005 ♦ Graduated from Universitas Trisakti, Jakarta, in Economics
Santoso Oen Director, Head of Central Purchasing & Manufacturing
15 8 ♦ Manufacturing Director at Kalbe since June 2000, and Director since December 2005 ♦ Started in 1987 as a Production Supervisor at KC Pharmaceuticals ♦ Graduated from Boulder Colorado University in Economics in 1991
Gracy Indriani Director, Head of Human Resources
24 24 ♦ Appointed as HR Director of Kalbe Farma in July 2000 ♦ Joined Kalbe Group in 1981 as HR Manager at Enseval Putera Megatrading ♦ Graduated from Universitas Indonesia with a Law degree in 1974
10
Executive Position Years of
Experience Years with
Kalbe Experience
Dr. Boenjamin Setiawan, Ph.D.
President Commissioner
53 40 ♦ President Commissioner of Kalbe since 1991 ♦ Founder of Kalbe
Rustiyan Oen Commissioner 17 15 ♦ Managing Director of Mitra Keluarga since 1997 and Commissioner of Kalbe since 2005 ♦ Director of EPM from 1993 to 1995 ♦ Started in 1985 as Finance Manager of J.I. Management Co., Inc. ♦ Graduated from Institut Pertanian Bogor and San Diego State University
Dra. Nina Gunawan Commissioner 35 29 ♦ Senior Vice President of Enseval from 1992 to December 2005 and Commissioner of Kalbe since 1993
♦ Divisional Director and a Vice President of Enseval in 1985 and 1989, respectively ♦ Director of Dankos Laboratories from 1975-1985 and Commissioner from 1989 to
December 2005
Prof. Dr. Johannes Baptista Soemarlin
Independent Commissioner
7 7 ♦ Independent Commissioner of Kalbe since December 2005 ♦ Kalbe’s Chairman of Audit Committee from December 2001 to 2005 ♦ Minister of Finance of the Republic Indonesia from 1988 to 1993 and the Chairman of
Indonesia BEPEKA from 1993 to 1998
Slamet Susilo Independent Commissioner
36 5 ♦ Independent Commissioner of Kalbe since December 2005 ♦ Commissioner of Dankos Laboratories from 2001 to 2005 ♦ Senior Advisor to the Ministry of Health for Environmental Health from 1994-1996 then
Senior Advisor to the Minister of Health for Pharmaceutical Technology until 1998 ♦ At Kimia Farma, served as Commissioner from 1990-1995 and a President Commissioner
until 1999 ♦ Director General for Drug & Food Control from 1988-1994 ♦ Chairman of the Board of Supervisory of Indofarma from 1988-1990 ♦ Commissioner of Phapros from 1984-1997
Kalbe’s Board is comprised of five-non executive commissioners, including the former Director General for the National Agency for Drug and Food Control
Management Overview
11
Financial Overview
Revenues 1 Operating Income 1 Net Income 1
Kalbe’s revenues, operating income and net income have grown at a CAGR of 18%, 15% and 16%, respectively, from 2002 to 2005
Notes:1 Unaudited financials. Pro forma for restructuring completed on 12/16/052 Company financials converted at average exchange rates of US$1=IDR 8,940 in 2002, US$1=IDR 8,465 in2003, US$1=IDR 9,290 in 2004 and US$1= IDR 9,830 in 20053 Growth rates based on IDR
– 18% 18% 17% – 13% 22% 11% – 15% 1% 35%YoY Growth3 YoY Growth3 YoY Growth3
0
100
200
300
400
500
600
700
2002 2003 2004 2005
(US$
mm
)2
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
(IDR bn)
US IDR
0
20
40
60
80
100
120
2002 2003 2004 2005
(US$
mm
)2
0
200
400
600
800
1,000
1,200
(IDR bn)
US IDR
0
10
20
30
40
50
60
70
2002 2003 2004 2005
(US$
mm
)2
0
100
200
300
400
500
600
700
(IDR bn)
US IDR
SECTION 2
Industry Overview
13
Market OverviewThe six major markets in Southeast Asia represents a market with an aggregate population of 500 millions or approximately 8% of the world population. This market totals over $890bn in GDP and is projected to grow at 5% (inflation adjusted) annually over the next five years
Population 2005E GDP and Projected Growth
Source: Euromonitor
2005E–2010ECAGR 1.1% 1.7% 1.3% 0.9% 1.8% 1.1%
2005E–2010EReal GDP CAGR 4.9% 5.2% 5.1% 4.6% 4.4% 7.3%
295.4
177.5
134.1118.9 113.9
52.3
0
50
100
150
200
250
300
350
400
Indonesia Thailand Malaysia Singapore Philippines Vietnam
($bn
)
224.0
84.2 83.0
61.9
26.1
3.50
50
100
150
200
250
Indonesia Philippines Vietnam Thailand Malaysia Singapore
(mm
)
Source: Euromonitor
14
14.113.4
11.310.8
10.0
7.9
0
2
4
6
8
10
12
14
16
Indonesia Philippines Malaysia Thailand Vietnam Singapore
(%)
US = 5.0% Japan = 4.9%
EU = 4.1%2.63.2 3.5
4.0
5.3
6.5
0
2
4
6
8
10
12
14
16
Indonesia Malaysia Philippines Singapore Vietnam Thailand
(%)
US = 15.5%
EU = 9.2%
Japan = 7.4%
Healthcare Market OverviewHealthcare spending in Indonesia and Southeast Asia relative to GDP is low. As per capital income grows, healthcare spending is projected to grow at 14% annually in Indonesia and 9% annually in Southeast Asia, over the next 5 years
Estimated Healthcare Spending as % of 2005 GDP Growth in Healthcare Spending 2005–2010E
Source: Economic Intelligence UnitSource: Economic Intelligence Unit
15
Pharmaceuticals Market OverviewThe Southeast Asia pharmaceuticals market, including both prescription and OTC products, is estimated at $7 billion and projected to grow at 13% from 2005 to 2010
2005E Pharmaceutical Market Size 2005-10E Pharmaceutical Market Growth
Source: IMS HealthSource: IMS Health
2.2
1.5 1.4
0.5 0.50.4
0
1
2
3
Indonesia Thailand Philippines Malaysia Vietnam Singapore
(US$
bn)
20.0
15.8 15.8
12.0
10.09.0
0
5
10
15
20
25
Vietnam Thailand Malaysia Indonesia Singapore Philippines
(%)
16
Market Segmentation
Population (mm)
Income (US$)
Mkt. Size (US$bn)
21.9 > 40K 0.8
17.3 15–40K 0.5
38.2 2.5–15K 0.7
142.6 0.5–2.5K 1.6
Source: BPS and Management Estimates
Affluent
MassAffluent
MiddleMass
Lower Mass
Glo
bal P
harm
a
Pfiz
er, G
laxo
, Abb
ott,
San
ofi,
Ast
raze
neca
P&G
, Nes
tle, M
ead
John
son,
Nut
ricia
, Uni
labs
, NZM
I
Glo
bal/R
egio
nal C
onsu
mer
Kal
be
The Indonesian market is comprised of distinct market segments based on income levels with participants positioned distinctly against these segments
Middle Mass
Lower Mass
Affluent
Mass Affluent
Dom
estic
Hig
h En
d
Nut
rifoo
d
Dom
estic
Low
End
Com
biph
ar, I
nter
bat,
Indo
farm
a, K
imia
Far
ma,
Pha
pros
Dom
estic
Mas
s M
arke
t
Sanb
e, K
onim
ex, T
empo
, Pha
ros
Dom
estic
Bro
ad M
arke
t Pr
escr
iptio
n Ph
arm
a
Dex
a
17
Market PositionKalbe is the overall market leader in Indonesia
Consumer Health Market Share Prescription Pharma Market Share Total Market Share
Total Market = US$ 2.1 billion Total Market = US$ 1.5 billion Total Market = US$ 3.6 billion
Source: AC Nielsen, IMS Health and Management estimates
Note: Consumer health includes OTC, nutritionals and energy drinks
Novartis2.5%
Aventis2.6%
Radjawali2.6%
Pharos Group2.9%
Kimia Farma3.0%
Others47.3%
Pfizer3.9%
Indofarma3.5%
Dexa12.0%
Sanbe10.3%
Kalbe9.4%
Soho2.1%
Mead Johnson
2.3%Wyeth2.3%
Pfizer2.4%
Tempo3.4%
Others50.1%
Sanbe5.4%
Sari Husada4.1%
Kalbe12.0%
Nestle10.3%
Dexa5.6%
Others34.9%
Konimex2.8%
Red Bull2.6%
Abbott2.6%
Nutricia3.1%
Wyeth4.1%Mead
Johnson4.1%
Tempo5.5%
Sari Husada7.2%
Kalbe15.1%
Nestle18.0%
18
Kalbe’s market leadership in Indonesia and continued expansion into Southeast Asia has enabled it to secure its position as the largest regional pharmaceutical company in Southeast Asia
Market Position
Source: IMS Health
Note:
1 Includes OTC and Rx pharmaceuticals
Top 20 Pharmaceutical Companies in Southeast Asia1 Revenues 2000 (US$mm) Revenues 2005E (US$mm) Growth 2000–2005 (CAGR)
Pfizer 208.9 367.3 12.0%
GlaxoSmithKline 206.2 289.4 7.0%
Kalbe Farma 99.0 267.2 22.0%
United Labs 163.6 261.9 9.9%
Sanofi-Aventis 134.2 235.9 11.9%
Novartis 95.1 177.8 13.3%
AstraZeneca 92.7 175.8 13.7%
Dexa Medica 34.1 152.3 34.9%
Sanbe 43.1 151.9 28.6%
Roche 83.1 141.9 11.3%
Wyeth 63.4 128.2 15.1%
Merck & Co. 62.9 107.7 11.4%
Bristol-Myers 90.7 101.4 2.3%
Abbott 64.7 100.6 9.2%
Bayer 68.1 96.6 7.2%
Boehringer Ingelheim 53.0 96.4 12.7%
Johnson & Johnson 53.9 83.4 9.1%
Tempo 37.8 77.9 15.5%
Schering Plough 43.1 74.7 11.6%
Merck KGaA 35.1 64.4 12.9%
Total Market Size 2,832.3 5,385.2 13.7%
19
Indonesian Regulatory Environment and Healthcare Infrastructure
Source: Espicom
Regulatory Environment Distribution and Reimbursement
Prescription Pharmaceuticals
♦ Regulating Agency: National Agency of Drug and Food Control (NA-DFC), particularly the Therapeutic Products and Narcotics, Psychotropic and Addictive Substance and Control Division
– Products not already approved in developed markets are also evaluated by a national evaluation commission, Komnas-POJ
– Products that receive efficacy/safety findings are then considered by a quality, technology and labeling committee
♦ Timeline
– NCEs: 300 business day
– Generics: 100–150 business days
♦ Drug distribution:
– All prescription drugs are distributed through either pharmacies or hospitals
– Physicians do not dispense medications directly to patients
♦ Reimbursement: no national healthcare coverage
Consumer Healthcare
♦ NA-DFC:
– Therapeutic Products and Narcotics, Psychotropic and Addictive Substance Control Division
– Traditional Medicines, Cosmetics and Complementary Product Control Division
♦ OTC pharmaceuticals undergo similar approval process as prescription pharmaceuticals
♦ Drug distribution: 2.5mm total outlets in Indonesia
♦ Reimbursement: no national healthcare coverage
SECTION 3
Business Overview
SECTION 3.A
Business Overview
Consumer Health
22
Consumer Health—Business Overview
OTC Pharmaceuticals Nutritionals Energy Drinks
Key Products
♦ Antacid (Promag, Waisan)
– 89% market share ♦ Cough remedies (Woods, Komix,
Mixadin, Mextril) – 50% market share
♦ Anti-diarrhea (Neo-Enterostop) – 48% market share
♦ Cold remedies (ProCold, Mixagrip) – 40% market share
♦ Pregnancy Nutrition (Prenagen) – 68% market share
♦ Baby biscuit and cereal (Milna) – 10% market share
♦ Baby milk (BMT, Chit Mil, Chil Kid, Chil School) – 10% market share
• Clinical Food – Diabetasol with market share of
more than 51%
♦ Extra Joss – 43% market share
Recent Product
Launches
♦ Multi-vitamin (Fatigon) – 35% market share
♦ New ProCold, Spirit, Cerebrofort, Cerebrofort X-Cel & Active, New Komix
♦ BMT, Chil Mil & Chil Kid Platinum, ♦ Prenagen Emesis
♦ Extra Joss launched in Philippines ♦ Extra Joss LG, Extra Joss X, Extra Joss
Endurance, Caxon Enace, Caxon ion C
Planned Product
Launches
♦ Gastrointestinal ♦ Cough & cold ♦ Skin care ♦ Lozenges
♦ Various nutritional supplements for adult, baby and toddlers
♦ Recovery drink ♦ Energy drink ♦ Thirst quencher
2005
Revenue 1 ♦ US$88mm ♦ US$104mm ♦ US$88mm
2002-2005
Revenue Growth 1, 2
♦ 14.4% ♦ 32.5% ♦ 19.2%
Source: Market share data from AC Nielsen
Note: 1 Unaudited financials. Pro forma for restructuring completed 12/16/05 2 Growth rate based on financials in IDR
Kalbe has a highly attractive consumer health portfolio comprised of strong, market leading brands
23
Others46.3%
Kalbe12.7%
Tempo Scan10.4%
Konimex7.4%
Soho5.4%
Sanbe4.4%Bayer
4.3%Pfizer3.2%
Glaxo3.2%
Medifarma2.8%
Consumer Health—Market Share
Market Segmentation Market Share — OTC
Market Share — Energy DrinksMarket Share — Nutritionals
Kalbe is a market leader in each major category in which it competes
Total Market = US$ 2.1 billion Total Market = US$ 0.8 billion
Total Market = US$ 1.0 billion Total Market = US$ 0.3 billion
Energy Drinks11.8%
Nutritionals49.9%OTC
38.3%
Nestle36.1%
Sari Husada14.4%
Kalbe10.1%
Wyeth8.2%
Mead Johnson8.2%
Nutricia6.2%
Abbot5.2%
Others4.3%
Nutrifood4.1%
New Zealand3.1%
Source: IMS, AC Nielsen and Management estimate
Kalbe43.5%
Red Bull22.4%
Tempo Scan12.5%
Others21.6%
24
Pfiz
er, G
laxo
, Abb
ott
Consumer Health—Competitive PositioningKalbe is competitively positioned across all major segments of the Indonesian market
AffluentMarket Size =
>US$0.4bn
Mass AffluentMarket Size =
US$ 0.3bn
Middle Mass Market Size = US$ 0.4bn
Lower Mass Market Size = US$0.9bn
Target Markets Key Competitors
Glo
bal P
harm
a
P&G
, Nes
tle, M
ead
John
son,
Nut
ricia
, Uni
labs
, NZM
I, A
sia
Hea
lth E
nerg
y
Glo
bal/R
egio
nal C
onsu
mer
Kal
be
Dom
estic
Hig
h En
d
Nut
rifoo
d
Dom
estic
Low
End
Com
biph
ar, S
ari H
usad
a
Dom
estic
Mas
s M
arke
t
Kon
imex
, Tem
po
Target Market Size=$2.1bnSource: IMS Health, AC Nielsen, BPS and Management estimates
25
Consumer Health—StrategyKalbe’s products are targeted at specific market segments in order to leverage both its well established brands and broad distribution capabilities
AffluentMarket Size =
>US$0.4bn
Mass AffluentMarket Size =
US$0.3bn
Middle Mass Market Size = US$ 0.4bn
Lower Mass Market Size = US$0.9bn
Current Products
Planned Products
Target: Affluent & Mass Affluent OTC Nutritionals
♦ Fatigon Spirit
♦ Cerebrofort Gold
♦ Cerebrovit Group
♦ Prenagen
♦ Chil-Mil & Chil-Kid Group
♦ Diabetasol
Target: Mass Affluent & Middle Mass
♦ Promag
♦ Procold
♦ Fatigon
♦ Woods
♦ Prenagen
♦ Chil-Mil &
Chil-Kid
Group
♦ Neuralgin
♦ Extra Joss X
♦ Cerebrofort
♦ Diabetasol
♦ Entrasol
Target: Middle Mass & Lower Mass
♦ Mixagrip
♦ Entrostop
♦ Kalpanax
♦ Promag
♦ Extra Joss
♦ Komix
♦ Puyer 16
♦ Waisan
♦ Caxon Enace
Target: Affluent to Middle Mass ♦ 2006:gastro-intestinal ♦ 2007:multivitamin
(liquid), detox ♦ 2008: cough & cold,
GI health Target: Middle Mass ♦ 2006: skin care,
fatigue & energy ♦ 2007: cough & cold,
lozenge, fatigue & energy (liquid)
♦ 2008: pain management, fatigue, beauty care, health & beauty
Target: Lower Mass ♦ 2006: cough & cold ♦ 2007: health &
balance products ♦ 2008: health &
beauty products
Target: Affluent & Mass Affluent 2006:
♦ Adult nutritional supplements
2007:
♦ Vitamin water
♦ Adult nutritionals
♦ Powder milk
♦ Baby food
2008:
♦ Baby biscuit
♦ Toddler Milk
Source: BPS and Management estimates
SECTION 3.B
Business Overview
Prescription Pharmaceuticals
27
Branded Generics
60%
Licensed29%
Generics11%
Gen. Anti-Infectives
40%
Alimentary and Metabolism13%
Central Nervous System11%
Cardiovascular8%
Hospital Solution6%
Oncology5%
Respiratory System
4%
Others 13%
Prescription Pharmaceuticals—Business Overview
Institutions14%
Paramedic13%
Specialist46%
GP21%
Others6%
Kalbe’s products are targeted at specific market segments in order to leverage both its brands and broad distribution capabilities
2005 Revenues by Product Category 2005 Revenues by Target Markets
2005 Revenues by Therapeutic Class Partners
Total Revenues=$139mm 1
Total Revenues=$139mm1 Total Revenues=$139mm1
Notes:1 Unaudited financials. Pro forma for restructuring completed on 12/16/05
28
Prescription Pharmaceuticals—Business Overview
Licensed Products Branded Generics Generics
Total Number of
Products
♦ 42
♦ 121
♦ 17
Key Products
♦ General Anti-infectives: Cefspan, Fixef; Cravit, Reskuin; Tarivid, Danoflox; Cefizox; Cefazol
♦ Hospital Solutions: Fimalbumin, Octalbin ♦ Antineoplastic & Immunomodulating
Agents: Paxus; Epirubicin-Kalbe ♦ Blood and Blood-Forming Organs: Kalnex,
Nexa ♦ Musculo-Skeletal System: Mediflex
♦ General Anti-infectives: Broadced, Ceftrix; Kalfoxim, Foxim; Mycoral, Profungal; Kalmoxillin, Topcillin; Clavamox, Viaclav;
♦ Central Nervous system: Neurotam, Neurocet; Neuralgin, Danalgin
♦ Musculo-Skeletal System: Kaltrofen
♦ Cardiovascular System: Brainact
♦ Alimentary Tract and Metabolism: Rantin, Hexer
♦ General Anti-infectives: Cefotaxim; Amoxycillin; Ampicillin; Ciprofloxacine; Rifampicin; Paracetamol; Ceftazidime
♦ Alimentary Tract and Metabolism: Cimetidine ♦ Cardiovascular System: Captopril ♦ Repiratory System: Loratadine
Recent Product Launches
♦ CAPD, Cefizox HP, Hepavax – Gene, Mediflex, Paxus, Vivotif, Lanzox, Lodopin
♦ Endrolin, Kaltrofen CD, Kalmeco injection, Osteonate OD, Renxamin, Sakaphenyl
♦ Cardiovascular system:bisoprolol, captopril, losartan
Planned Product Launches
♦ 2006: 2–3 products
♦ 2007: 2–3 products
♦ In-house drug delivery systems: – 5 products to launch 2006, 5 in 2007
♦ In-house formulation development: – 12 products to launch 2006, 16 in 2007
♦ 2006–2009: 25 products
2005 Revenue 1
♦ US$41mm
♦ US$83mm
♦ US$15mm
Revenue Growth 2002–2005 1, 2
♦ 22.9%
♦ 11.8%
♦ 49.1%
Note: 1 Unaudited financials. Pro forma for restructuring completed on12/16/05 2 Growth rate based on financials in IDR
Kalbe has broad portfolio of products comprised of 180 products
29
Licensed35.5%
Branded Generics49.5%
Generics15.0%
Prescription Pharmaceuticals—Business Overview
Prescription Pharma Market ShareMarket Segmentation
Kalbe is the number 3 player in prescription pharmaceuticals
Novartis2.5%
Aventis2.6%
Radjawali2.6%
Pharos Group2.9%
Kimia Farma3.0%
Others47.3%
Pfizer3.9%
Indofarma3.5%
Dexa12.0%
Sanbe10.3%
Kalbe9.4%
Total Market = US$ 1.5bnTotal Market = US$ 1.5bn
Source: IMS Health
30
Prescription Pharmaceuticals—Strategy
Projected Therapeutic MarketsCurrent Therapeutic Markets
---
J
AC
N
RK D
M
GB
L
LB
BC
P
Market Size +++
Number of Competitors
+++---
ACN
RK
D
M
GBL
LB
BC
P
Market Size +++
---
---Number of
Competitors+++
M : Musculo-skeletal SystemG : G.U.System & Sex HormonesB : Blood & Blood Forming OrgansL : Antineoplastic & ImmunomodulatorsP : ParasitologyBC : Erythropoietin ProductsLB : Inteferons
J : Systemic Anti-InfectiveA : Alimentary Tract & MetabolismC : Cardiovascular SystemN : Central Nervous SystemR : Respiratory SystemK : Hospital SolutionD : Dermatological
Existing products
Focus areas
Kalbe’s strategy is to continue to target large less competitive markets, such as CNS, hematology and cancer
J
SECTION 3.C
Business Overview
Distribution and Packaging Business
32
Kalbe75%
Third Party25%
Prescription Pharma24%
OTC32%
Consumer31%
Fine Chemical Raw Materials
6%
Medical Instrument &
Diagnostic4%
Others3%
Distribution and Packaging Business—Business Overview
Distribution Revenues by Composition Distribution Revenues by Category
Distribution Business Major Third Party Principals by Category
Prescription Pharma Consumer Medical Instrument & Diagnostic Fine Chemical Raw Materials
Kalbe has the most extensive distribution network of any pharma company in Indonesia and distributes products for some of the leading healthcare companies in the world
SECTION 4
Operational Overview
34
Marketing and Sales Infrastructure
Infrastructure Indonesia Coverage Comments
Consumer Health
♦ Sales force of over 2,200 ♦ Directly cover 150,000 outlets ♦ Indirectly covers over 1mm outlets
or 80% of total consumer health market
♦ Largest sales force in Indonesia ♦ Most developed telemarketing team
in the nutritional sector
Prescription Pharmaceuticals
♦ Over 1,900 medical reps ♦ Market coverage – 70% of GP market covered – 90% of specialist market
covered ♦ 100% of all hospitals covered ♦ 100% pharmacy coverage
♦ Largest sales force in Indonesia
Distribution
♦ Over 1,800 sales & marketing personnel
♦ Total of 4,000 employees ♦ 60 marketing branches
throughout Indonesia ♦ 40 distribution centers ♦ 1,000 trucks ♦ 500 motorcycles
♦ 80% of consumer health market ♦ 100% of prescription pharma
market
♦ 24-hour order fulfillment ♦ 4–5-hour order fulfillment for
prescription pharma ♦ 24-hour service for life saving drugs ♦ Direct delivery to end customers ♦ Offers value added services to
customers – resource management, strategic
sourcing & supply – needs-basis marketing service
Kalbe has a marketing and sale force of approximately 6,000 providing coverage for more than1 million outlets in Indonesia
35
Manufacturing Infrastructure
Facility Products
Manufactured Area (m2) Production Lines Licensees Capacity Utilization
Owned/ Leased Certification
Kalbe Farma 448 42,684 9 lines of Non Beta Lactam products (tablet, capsule, cream, liquid oral, injection)
Boryung, Fujisawa1
1–2 Shifts Owned ISO9001 ISO14001 OHSAS18001
Bintang Toedjoe 41 17,232 3 lines; effervescent, powder & liquid – 1–2 Shifts Owned
ISO9001 ISO14001 OHSAS18001 HACCP
Dankos Labs / BIC 189 14,905 3 factories; Non Beta Lactam, Penicillin & Cephalosporin lines Daiichi, Mitsubishi2
1–2 Shifts Owned ISO9001 ISO14001 OHSAS18001
Sanghiang Perkasa 132 11,869 6 lines (4 lines sachet, 1 line tin, 1 line mixed sachet) Morinaga 3 Shifts Leased ISO9001 ISO14001 HACCP
Saka Farma 67 7,000 Line Non Beta Lactam products & penicillin – 1–2 Shifts Leased –
Hexpharm Jaya 143 3,400 3 lines; solid, liquid oral, and semi solid (Non Beta Lactam products)
– 2–3 Shifts Owned ISO9001
Fima 24 2,500 Large volume Parenteral Line Baxter 1–2 Shifts Owned ISO9001
Kalbe Morinaga3 (under construction)
– – Online in mid-2007 – – Owned –
Orange Kalbe Ltd.3 (under construction)
– – Online in mid-2007 – – Owned –
Kalbe operates seven GMP facilities that are compliant with international standards, with an additional two facilities under construction
Notes:1 Complete list includes: Lemery, Macter, Servycal, Eriochem, Medilynk, Baxter, Orion, Shandong, QMed, Schering, Shenzen, Daiichi2 Complete list includes: Octa Pharma, Strakan, Faes, BBT, Cell Biotech, Procos, Green Cross Corp, Astelas (ex. Fujisawa), Berna, MedyTox, Cymbiotics, Siclair, Cipla3 Joint venture
SECTION 5
Growth Drivers
37
Growth Drivers
Consumer Health New Product Development
♦ Continued flow of new consumer health products, leveraging Kalbe's well established brands and brand distribution network ♦ Key opportunities:
– Deeper and more focused marketing and sales penetration into mass market – OTC: expansion within remedy, balance and beauty products – Nutritionals: brand expansion of Prenagen, Entrasol and Diabetasol – Energy Drinks: brand expansion of Extra Joss
♦ Recent product launches include Fatigon Spirit, Diabetasol, Prenagen Emesis and Extra Joss LG ♦ Planned product launches in gastroinstestinal, cough & cold, skin care and lozenges
Development of Pharma Portfolio
♦ Key opportunities: – Deeper and more focused marketing and sales penetration into mass market – Licensed products: oncology, cardiology, neurology, antibiotics, human vaccine, biotechnology, dental products and opthalmological areas – Branded generics: product portfolio expansion with in-house delivery and formulation programs – Innogene: product development in biogenerics and proprietary products
♦ In-licensing from global partners: 2–3 products to launch in 2006, and another 2–3 products in 2007 ♦ New product development for branded generics and generics portfolio: 17 branded generic products to launch in 2006, and 21 products in 2007 ♦ Development of drug delivery systems for off-patent molecules ♦ Innogene subsidiary found in 2003 to develop innovative proprietary products. Current product portfolio:
– Marketed bio-generics: fimakinase, amino acid IV, human serum albumin, erythropoietin, interferon and leucogen – Ethical product pipeline: TheraCIM/Nimotuzumab (phase III – anti EGFR/HER1 monoclonal antibody) and 1E10 (phase II – cancer vaccine) – Diagnostics pipeline: Biochips for hepatitis C
Expansion in Southeast Asia
♦ Kalbe is present in 6 major Southeast Asia markets representing a population of approximately 500 million and a GDP of US$890 billion and which is expected to grow at an annual rate of 5% (inflation adjusted) over the next five years
♦ Key opportunities: – Leverage deep local knowledge and similarities in social demographic for brand introduction and expansion in the Southeast Asia market – International and brand expansion of Extra Joss, Prenagen, Entrasol and Diabetasol
♦ Recent international product launches includes Extra Joss in Philippines (62% current market share) ♦ Planned product launches include
– 2006-2008: consumer health products in Philippines and Vietnam, cough and cold medicines in Vietnam and Thailand, energy drink in Malaysia
– 2009-2010: cough and cold medicines in Philippines, energy drink in China and India
38
Consumer Health New Product Development
OTC Nutritionals Energy Drinks
Key Opportunities
♦ Remedy products: target bone & joints, cardiovascular, kidney, and diabetics
♦ Balance products: antioxidants, immune systems, insomnia, enzyme and probiotic, and appetite stimulants
♦ Beauty products: skin, anti-aging, body shape, mouth & teeth, varices
♦ International & brand expansion – Prenagen – Entrazol – Diabetasol
♦ International & brand expansion – Extra Joss
Planned Product Launches
♦ 2006: GI, cough & cold, skin care ♦ 2007: Cough & cold, lozenges ♦ 2008: Skin care, multivitamin ♦ 2009: Multivitamin
♦ 2006: Adult nutritionals ♦ 2007: Baby nutritionals
♦ 2006: 2 energy drink brands ♦ 2007: 1 product ♦ 2008: 1 product ♦ 2009: 1 product
Kalbe continues to develop new and innovative consumer health products
39
Development of Prescription Pharma Portfolio
Licensed Branded Generics Generics Innogene
Key Opportunities
♦ Key therapeutic targets for NCEs – Oncology – Cardiology – Neurology – Antibiotics – Human vaccine – Biotechnology – Dental products – Opthalmological
♦ In-house drug delivery system – Key target areas:
cardiology, neurology, endocrinology, analgesic, dental products
♦ In-house formulation – Key target areas:
cardiology, neurology, endocrinology, analgesic, dental products, opthalmological, respiratory, anti aging, kidney
♦ Key therapeutic targets – Antibiotics – Analgesic – Gastrointestinal – Respiratory
♦ Bio-generics market ♦ Proprietary drug development
Planned Product Launches
♦ 2006: 2–3 products ♦ 2007: 2–3 products
♦ 2006: – 5 products from in-house
drug delivery – 12 products from in-house
development ♦ 2007:
– 5 products from in-house drug delivery
– 18 products from in-house development
♦ 2006–2009: 25 products
♦ TheraCIM / Nimotuzumab (anti EGFR/HER1 MAb) – Phase III – Target market: Glioma,
Nasopharyngeal Carcinoma, Cancer of the Head and Neck
– Est. launch in 2007 Indonesia and ASEAN
♦ 1E10 (N-glycolyl containing ganglioside MAb) – Phase II – Target market: NSCLC, Breast
cancer – Est. launch in 2010–2013
♦ Kalsolac (Lactate-based pharmaceuticals) – Approved for resuscitation
post cardiac surgery, preclinical for Traumatic Brain Injury
– Target market: Traumatic Brain Injury, Cardiology and Stroke
– Est. launch: 2006 – Indonesia
Kalbe continues to in-license and develop new pharmaceutical products to supplement and grow its current portfolio of 180 products
40
Expansion in Southeast Asia
Singapore/Malaysia ♦ Brand building of Woods and Milna products
Philippines ♦ Marketing and brand building of Extra Joss
Thailand ♦ Market biogeneric products in the very near future
Vietnam ♦ Marketing of selected OTC and prescription pharma products
Kalbe continues to leverage its deep local market knowledge and well established brands into other major Southeast Asian markets
SECTION 6
Financial Overview
42
Enseval
EPM Kalbe
Founding Family
Dankos
100.0%
52.7%58.6%
71.5%
Founding Family Public
Kalbe
EPM
45.6%55.4%
58.6%
Restructuring Update
Transaction Summary
♦ Enseval and Dankos merged into Kalbe
– Dankos delisted from the Jakarta Stock Exchange and the Surabaya Stock Exchange
♦ Enseval and Dankos’ assets and liabilities were transferred to Kalbe in a stock transaction
– 2.034 billion new shares were issued in the transaction to bring the total shares outstanding for Kalbe to 10.156 billion shares
♦ Transaction closed on December 16, 2005
Benefits
Pre-Restructuring Structure1 Post-Restructuring Structure1
♦ Created the largest pharma company in Southeast Asia with over US$1.5bn in market cap
– Increased scale and combined leading market position are key attraction points for foreign institutional investors
– Improved trading liquidity and quality of shareholder base
– Economy of scale advantage with suppliers and distributors
– Integrated R&D platform to create innovative new products
♦ Operating synergies
– Centralized R&D platform and supply chain integration between supplier, manufacturer and distributor
– Reorganization of marketing
– Strengthen the balance sheet of Kalbe to support future domestic and regional business expansion
Kalbe completed its restructuring on December 16, 2005 enhancing its competitive position
Note:1 Simplified ownership chart
43
Financial Overview
Revenues 1 Operating Income 1 Net Income 1
Kalbe’s revenues, operating income and net income have grown at a CAGR of 18%, 15% and 16%, respectively, from 2002 to 2005
Notes:1 Unaudited financials. Pro forma for restructuring completed on 12/16/052 Company financials converted at average exchange rates of US$1=IDR 8,940 in 2002, US$1=IDR 8,465 in2003, US$1=IDR 9,290 in 2004 and US$1= IDR 9,830 in 20053 Growth rates based on IDR
– 18% 18% 17% – 13% 22% 11% – 15% 1% 35%YoY Growth3 YoY Growth3 YoY Growth3
0
100
200
300
400
500
600
700
2002 2003 2004 2005
(US$
mm
)2
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
(IDR bn)
US IDR
0
20
40
60
80
100
120
2002 2003 2004 2005
(US$
mm
)2
0
200
400
600
800
1,000
1,200
(IDR bn)
US IDR
0
10
20
30
40
50
60
70
2002 2003 2004 2005
(US$
mm
)2
0
100
200
300
400
500
600
700
(IDR bn)
US IDR
44
Consumer Health 1 Prescription Pharma 1 Distribution and Packaging 1
Financial OverviewRevenue growth has been driven by growth across all of Kalbe’s businesses
YoY Growth3 – 19% 16% 31% – 5% 27% 21% – 21% 14% (2%)YoY Growth3 YoY Growth3
Revenues by Business
Notes:1 Unaudited financials. Pro forma for restructuring completed on 12/16/052 Company financials converted at average exchange rates of US$1=IDR 8,940 in 2002, US$1=IDR 8,465 in2003, US$1=IDR 9,290 in 2004 and US$1= IDR 9,830 in 20053 Growth rates based on IDR
0
50
100
150
200
250
300
2002 2003 2004 2005
(US$
mm
)2
0
500
1,000
1,500
2,000
2,500
3,000
(IDR bn)
US IDR
0
20
40
60
80
100
120
140
160
2002 2003 2004 2005
(US$
mm
)2
0
250
500
750
1,000
1,250
1,500
(IDR bn)
US IDR
0
50
100
150
200
250
2002 2003 2004 2005
(US$
mm
)2
0
250
500
750
1,000
1,250
1,500
1,750
2,000
(IDR bn)
US IDR
45
Note:1 Unaudited financials. Pro forma for restructuring completed 12/16/052 Company financials converted at average exchange rates of US$1=IDR 8,940 in 2002, US$1=IDR 8,465 in2003, US$1=IDR 9,290 in 2004 and US$1= IDR 9,830 in 2005
Financial Overview
Consumer Health 1 Prescription Pharma 1 Distribution and Packaging 1
Op. Margin 21% 19% Op. Margin 23% 20% Op. Margin 12% 13%
Operating Profit by Business
0
10
20
30
40
50
60
2004 2005
(US$
mm
)2
0
100
200
300
400
500
600
(IDR bn)
US IDR
0
5
10
15
20
25
30
35
2004 2005
(US$
mm
)2
0
50
100
150
200
250
300
(IDR bn)
US IDR
0
5
10
15
20
25
30
2004 2005
(US$
mm
)2
0
50
100
150
200
250
(IDR bn)
US IDR
46
FY05 Results
FY05 1 FY04 1 % Change
(US$mm, except per share data) 2
Consumer Health
Prescription Pharma
Distribution & Packaging Total
Consumer Health
Prescription Pharma
Distribution & Packaging Total
Consumer Health
Prescription Pharma
Distribution & Packaging Total
Revenues 279.7 139.0 180.4 599.1 226.3 121.2 195.3 542.8 23.6% 14.7% (7.6%) 10.4%
Gross Margin 148.7 89.1 63.1 300.8 124.4 78.7 59.9 263.1 19.5% 13.1% 5.2% 14.3%
EBIT 52.6 28.1 23.5 104.2 46.6 28.4 24.0 98.9 13.0% (0.9%) (2.0%) 5.4%
Net Income 61.3 48.2 27.2%
EPS 0.006 0.005 27.3%
FY05 1 FY04 1 % Change
(IDR bn, except per share data)
Consumer Health
Prescription Pharma
Distribution & Packaging Total
Consumer Health
Prescription Pharma
Distribution & Packaging Total
Consumer Health
Prescription Pharma
Distribution & Packaging Total
Revenues 2,749.7 1,366.0 1,773.8 5,889.5 2,102.5 1,125.7 1,814.6 5,042.8 30.8% 21.3% (2.2%) 16.8%
Gross Margin 1,461.6 875.4 620.1 2,957.0 1,156.1 731.3 556.8 2,444.3 26.4% 19.7% 11.4% 21.0%
EBIT 517.2 276.4 231.1 1,024.7 432.7 263.5 223.0 919.2 19.5% 4.9% 3.7% 11.5%
Net Income 602.9 447.9 34.6%
EPS 59.4 44.1 34.7%
Note: 1 Unaudited financials. Pro forma for restructuring completed 12/16/05 2 Company financials converted at average exchange rates of US$1=IDR 9,290 in 2004 and US$1= IDR 9,830 in 2005
47
Capitalization and Liquidity
(US$mm) 1 12/31/05 2 12/31/04 2
Cash 97.8 78.0
Short-Term Investments 73.3 111.5
Total Cash 171.1 189.5
Short-Term Debt 5.8 61.0
Long-Term Debt 97.0 73.7
Total Debt 102.8 134.7
Book Equity 224.0 177.2
TOTAL CAPITALIZATION 326.7 311.9
Note:
1 Company financials converted at exchange rates of US$1=IDR 9,830 for 2005 and US$1=IDR 9,290 for 2004
2 Unaudited financials. Pro forma for restructuring completed 12/16/05
APPENDIX A
Contact Information
49
Contact Information
Rustiyan Oen
Commissioner
Tel: +62-21-4585-2700
Vidjongtius
Director, Head of Distribution and Logistics
Tel: +62-21-4682-2422
Johannes Setijono
President Director
Tel: +62-21-434-3908
