Analisis Laporan Arus Kas sebagai Alat untuk Menilai Kinerja Keuangan Perusahaan PT Kimia Farma Tbk Periode 2022-2024

This study aims to analyze the financial performance of PT Kimia Farma Tbk during the period of 2019-2021 with a focus on profitability and liquidity ratios. The profitability ratios used in this analysis include Return on Assets (ROA), Return on Equity (ROE), and Gross Profit Margin (GPM). Meanwhile, the liquidity ratios analyzed are the Current Ratio and Quick Ratio. The data used in this research were taken from the annual financial reports of PT Kimia Farma Tbk published during that period. The results of the analysis indicate that PT Kimia Farma Tbk experienced fluctuations in profitability and liquidity performance over the past three years. ROA and ROE showed a significant decrease in 2020 due to the impact of the COVID-19 pandemic, but began to show signs of recovery in 2021. Gross Profit Margin also experienced a decrease in 2020, but there was a slight increase in 2021. On the liquidity side, the Current Ratio and Quick Ratio indicate that the company has adequate ability to meet its short-term obligations, although there was a decrease in 2020 due to a decline in revenue and an increase in operating costs during the pandemic. Overall, this research provides insights into how PT Kimia Farma Tbk managed their financial performance during a challenging period and demonstrates the company's efforts in post-pandemic recovery. This study is expected to serve as a reference for the company's management and other stakeholders in making strategic decisions to improve financial performance in the future.

In the competitive landscape of the Indonesian pharmaceutical industry, companies are required to continue to innovate and improve performance. Total quality management (TQM), a holistic management approach that focuses on continuous quality improvement, has been identified as a potential driver of corporate performance. However, the mechanism of how TQM influences performance, especially through competitive advantage, is still not fully understood in the context of the pharmaceutical industry. This research aims to fill this gap by investigating the mediating role of competitive advantage in the relationship between TQM implementation and company performance at PT Kimia Farma Tbk, one of the leading pharmaceutical companies in Indonesia. This research adopts a quantitative approach with a survey design. Data was collected from 128 employees of PT Kimia Farma Tbk who were randomly selected using a stratified random sampling technique. Data analysis was carried out using partial least squares structural equation modeling (PLS-SEM) with the help of SmartPLS software. The research results reveal that TQM has a positive and significant influence on competitive advantage and company performance. Furthermore, competitive advantage is proven to partially mediate the influence of TQM on company performance. These findings underline the important role of TQM in improving the performance of pharmaceutical companies through developing competitive advantage. The managerial implication of this research is that it is important for PT Kimia Farma Tbk and other pharmaceutical companies to continue to strengthen the implementation of TQM and strategically utilize the resulting competitive advantages to achieve superior performance in an increasingly competitive market.

The stock price is one of the financial benchmarks for a company, with a stable stock price it will also make a company still trusted and in demand by the public. The purpose of this study was to determine the factors that can affect the stock price of PT Kimia Farma Tbk which is listed on the IDX during the 2012-2021 period, especially in the profitability ratios in the form of Return On Assets and Return On Equity of PT Kimia Frma Tbk. The associative approach is the choice in this study. The results showed that in the Partial T test conducted each variable return on assets and return on equity had no effect on stock prices at PT Kimia Farma Tbk. Then the Simultaneous F test shows that all Return On Assets and Return On Equity variables together have no effect on stock prices at PT Kimia Farma Tbk. In conclusion, in this study, it is important for companies to consider many factors in maintaining the stability of stock prices, as an effort to maintain the quality of the company in maintaining public trust as its users.

This study aims to determine the composition of the company's capital structure and the optimal capital structure of pharmaceutical sub-sector companies consisting of PT Kimia Farma Tbk, PT Kalbe Farma Tbk, PT Industri Jamu dan Farmasi Sido Muncul Tbk, PT Soho Global Health Tbk, and PT Tempo Scan Pacific Tbk during the 2019-2021 period. The type of method used is descriptive research, but supported by quantitative data. The results showed that the five companies set the capital structure for 2019-2021 with a lower allocation of long-term debt than equity. The optimal capital structure of PT Tempo Scan Pacific Tbk occurs in 2021 with the lowest WACC of 1.65%, PT Kalbe Farma Tbk in 2021 with the lowest WACC of 2.57%, PT Kimia Farma in 2021 with the lowest WACC of 5.59%, PT Industri Jamu dan Farmasi Sido Muncul Tbk in 2021 with the lowest WACC of 3.28%, and PT Soho Global Health with the lowest WACC of 4.48%. Abstrak Penelitian ini bertujuan untuk mengetahui komposisi struktur modal perusahaan dan struktur modal optimal dari perusahaan sub-sektor farmasi yang terdiri atas PT Kimia Farma Tbk, PT Kalbe Farma Tbk, PT Industri Jamu dan Farmasi Sido Muncul Tbk, PT Soho Global Health Tbk, dan PT Tempo Scan Pacific Tbk selama periode tahun 2019- 2021. Jenis metode yang digunakan merupakan penelitian deskriptif, tetapi didukung oleh data-data kuantitatif. Hasil penelitian menunjukkan bahwa kelima perusahaan menetapkan struktur modal tahun 2019-2021 dengan alokasi hutang jangka panjang yang lebih rendah dibandingkan ekuitasnya. Struktur modal optimal PT Tempo Scan Pacific Tbk terjadi tahun 2021 dengan WACC paling minimum sebesar 1,65%, PT Kalbe Farma Tbk tahun 2021 dengan WACC terendah sebesar 2,57%, PT Kimia Farma pada tahun 2021 dengan WACC terendah sebesar 5,59%, PT Industri Jamu dan Farmasi Sido Muncul Tbk pada tahun 2021 dengan WACC terendah sebesar 3,28%, serta PT Soho Global Health dengan WACC terendah sebesar 4,48%.

Kimia Farma is a company engaged in pharmaceutical health in Indonesia with subsidiaries PT Kimia Farma Apotek, PT Kimia Farma Diagnostika, PT Kimia Farma Plant, and PT Kimia Farma Trading Distribution. Initially, in 1817, Kimia Farma company was named NV Chemicalien Handle Rathkamp Co.. This company provides decision-making support tools as well as multi-currency and multilingual system support tools that are useful for supporting the progress of the company on an international scale. The type of research that is conducted to analyze this company is by using descriptive research. Descriptive research is a research conducted by providing a description of an event that is currently happening by giving a detailed explanation. The scope of the ERP implementation done by Kimia Farma includes license acquisition, hardware/servicer acquisition, ERP implementation service acquisition, and managed service acquisition. By increasing the services provided and adding more facilities, customers who visit or seek for treatments at Kimia Farma could get maximum service and feel more comfortable.

The Covid-19 pandemic has had a significant negative impact on Indonesia’s economy. However, not all companies experienced a crisis due to this event. PT Kimia Farma Tbk, a pharmaceutical company, managed to withstand economic turmoil. This study aims to analyze the financial performance of PT Kimia Farma Tbk before and during the Covid-19 pandemic using financial ratio analysis, including liquidity, solvency, and profitability ratios. The study compares the company’s financial condition before the pandemic (2019) and during the pandemic (2020). The results indicate that the company's liquidity ratio consistently declined, signalling a weakening ability to meet short-term liabilities. Meanwhile, the solvency ratio showed an improvement in the company's financial structure despite the ongoing pandemic. However, the company should remain cautious in managing its debt. Additionally, the profitability ratio did not show significant growth, even though the demand for Covid-19-related products increased

The purpose of this study is to evaluate the financial performance of PT Kimia Farma Tbk by using trend analysis on the statement of financial position and income statement. The analysis technique in this study was carried out through a literature study, where data collection procedures were used to obtain company documents or reports related to the issues raised by researchers based on the findings of the author's estimation by utilizing trend analysis in this study, the financial performance of PT Kimia Farma Tbk in 2020 -2022 is still relatively safe even though there will still be a decline in 2020, but will experience an increase in 2021 and 2022. The company is still showing good performance, enabling it to run and operate in a way that allows its financial performance to continue improving every year.

This study aims to analyze the Altman Z-Score to assess the level of financial soundness of manufacturing companies in the pharmaceutical sub-sector. This research uses descriptive quantitative method. The type of data applied is quantitative data. Quantitative data in the form of business entity financial data obtained from annual financial reports that have been audited and published in pharmaceutical sub-sector manufacturing companies listed on the Indonesia Stock Exchange for the period 2017 to 2020. Based on the results of the analysis, it can be seen that in 2017 and In 2018, there were five pharmaceutical companies that were in the healthy category and prone to bankruptcy. In the healthy category, namely PT Kalbe Farma Tbk, PT Industri Jamu and Pharmacy Sido Muncul Tbk, PT Tempo Scan Pacific Tbk, PT Darya-Varia Laboratoria Tbk, and PT Merck Tbk. Furthermore, there are four pharmaceutical companies that are in the category of prone to bankruptcy, namely, PT Kimia Farma Tbk, PT Indofarma Tbk, PT Phapros Tbk, and PT Pyridam Farma Tbk. Then for the category of bankrupt pharmaceutical companies in 2017 no one was in the bankruptcy zone. In 2019 there were two pharmaceutical companies that experienced a decline, namely, PT Kimia Farma Tbk which was previously in the bankruptcy prone category to be in the bankrupt category. And also happened to PT Merck Tbk, which was previously in the healthy category to be in the category of prone to bankruptcy. So that in 2019 there were pharmaceutical companies in the healthy category, four pharmaceutical companies in the bankrupt category, and one pharmaceutical company in the bankrupt category. In 2020 there were two pharmaceutical companies that experienced another decline, namely PT Darya-Varia Laboratoria Tbk which was previously in the healthy category into a bankruptcy-prone category, and PT Phapros Tbk which previously was in the bankruptcy-prone category into a bankrupt category. PT Kimia Farma Tbk remains in the bankrupt category. Meanwhile, PT Pyridam Farma Tbk experienced an increase from previously being in the category of prone to bankruptcy to being in the healthy category. So that in 2020 there are four pharmaceutical companies in the healthy category, three pharmaceutical companies in the bankruptcy prone category, two pharmaceutical companies in the bankrupt category.

A company's financial performance, as based on value-added, can indicate its capacity to enhance the well-being of investors or shareholders. One of the notable accomplishments of firm management in financial management is the attainment of efficient financial performance through the optimal utilisation of company resources. This study aimed to measure the financial performance of the pharmaceutical industry after holding BUMN, utilising the EVA and activity ratios as measurement instruments. This study employed a descriptive analysis methodology to depict a symptom or scenario in its current state during this research without engaging in hypothesis testing. The study was conducted at PT Kimia Farma Tbk and PT Indonesia Farma Tbk, publicly listed on the Indonesia IDX. This data was selected using the documentation method and was analysed using EVA and Efficiency Ratio analysis instruments. The findings indicated that PT Indofarma Tbk financial performance could generate value added after holding BUMN in 2020 and 2021. On the one hand, PT Kimia Farma Tbk demonstrated the creation of value added after holding BUMN in 2021 and 2022. In addition, the findings indicated that the operational efficiency of PT Indofarma and PT Kimia Farma Tbk improved significantly after holding BUMN in 2021, as revealed by their enhanced financial performance.

This study aims to analyze the effect of receivables management on the cash flow effectiveness of PT Kimia Farma Tbk during the 2016–2023 period. Using a quantitative method with secondary data from the company's financial reports, the independent variable in this research is receivables management, measured through the receivables turnover ratio, while the dependent variable is cash flow effectiveness, measured by total cash flow. Data were analyzed using simple linear regression with SPSS 23, along with classical assumption tests to ensure model validity.The findings reveal that receivables management has a negative and significant effect on the company's cash flow effectiveness. Inefficiencies in receivables management, such as loose credit policies, slow collection cycles, or an increase in uncollectible receivables, disrupt operational cash flow. These results align with working capital management theory and previous studies, indicating that poor receivables management can reduce the availability of funds for operations, short-term liabilities, and investments.

Fraud is an action taken intentionally and it is done for personal or other people's purposes, where the action has caused harm to certain parties or certain institutions. Misstatements contained in fraudulent financial statements are intentional misstatements to deceive users of financial statements. The source of this misstatement includes manipulation or falsification of accounting records, intentional misstatements or omissions from financial statements, and / or incorrect application of accounting principles. In Indonesia, accounting fraud also occurs at the company level, both private and government companies. On December 6, 2012, the announcement of Indonesia's score in the Corruption Perception Index (CPI) was 32 and ranked 118th out of 176 countries which measured the level of corruption (Transparency International, 2012). In 2001, a fraud scandal occurred by PT Kimia Farma Tbk. PT Kimia Farma is a state-owned company whose shares have been traded on the exchange to become public company. Based on indications by the Ministry of BUMN and Bapepam's examination, it was found that there were misstatements in the financial statements which resulted in overstatement of net income for the year ended 31 December 2001 of Rp. 32.7 billion, which represented 2.3% of sales and 24.7% from net income. The author's purpose of this study is to discuss about detecting fraud in financial statements by using 5 (five) of the 8 (eight) Beneish ratio indices, because Beneish's research states that the Days Sales in Receivables Index (DSRI) ratio index, the Gross Margin Index ( GMI), Asset Quality Index (AQI), Sales Growth Index (SGI), and Total Accrual to Total Asst Index (TATA) have significant results to detect financial report manipulation.

The COVID-19 pandemic impacted various activities in Indonesia, including the stock market. Despite the declining economic condition, people are increasingly interested in investing. Among other companies available on the Indonesia Stock Exchange, companies in the health sector have a particular appeal to potential investors, one of which is pharmaceutical companies. This research used a Markov Average-Based Weighted Fuzzy Time Series model applied to PT Kimia Farma Tbk stock price data. This model develops the previous Markov chain–Fuzzy Time Series model, which has not calculated the weights for recurring events and used the Sturgess rule to determine the interval length. In this research, each recurring event has given a different weight that provides different probability values for transitions from one state to another. The Average-Based method is used to determine the interval length that can reflect the fluctuation of the data used. The stock price prediction of PT Kimia Farma Tbk using this model is categorized as very accurate with a MAPE of 2.632%.

This study aims to determine the potential for bankruptcy using the Altman Z-Score, Zmijeski, Grover, Springate, Ohlson analysis methods in companies listed on the Indonesian Sharia Stock Index (ISSI) from 2020 to 2023. The method used in this research is descriptive quantitative, with 2 (two) analysis methods, namely descriptive methods and quantitative methods. Using descriptive methods, namely researchers will describe the results of calculations with sentences stating whether the company is in a healthy or unhealthy condition in terms of its finances. While quantitative methods are used to measure data in the form of numbers / numeric on financial statements. The population used for this study are pharmaceutical sub-sector consumer goods sector manufacturing companies listed on the Indonesian Sharia Stock Index for the period 2020 - 2023 with a total of 2 companies. The sampling technique in this study used the Purposive Sampling method. The results of this study show that financial analysis of PT Kimia Farma Tbk (KAEF) and PT Darya-Varia Laboratoria Tbk (DVLA) using various bankruptcy prediction models shows significant differences in the financial performance of the two companies. The Altman model indicated KAEF experienced a sharp Z-Score decline by 2023, underscoring the need for financial restructuring. In contrast, DVLA showed a stable performance with a Z-Score above 3.0, signaling a low risk of bankruptcy. The Zmijewski and Grover models note fluctuations in the financial health of KAEF, with an increased risk of bankruptcy in 2023. DVLA showed greater stability, despite some small declines in profitability and efficiency. The Springate and Ohlson models also reveal significant fluctuations in both companies, especially KAEF which faces major challenges in 2023. However, significant improvements in both companies were seen in various aspects, although DVLA overall showed stronger stability. The implications of the analysis using various models (Altman, Zmijewski, Grover, Springate, and Ohlson) show differences in financial health dynamics between PT Kimia Farma Tbk (KAEF) and PT Darya-Varia Laboratoria (DVLA) from 2020 to 2023. KAEF experienced a significant decline in 2023, with Z-Score and other models indicating an increased risk of bankruptcy, requiring financial restructuring and increased liquidity, debt reduction, and operational efficiency. Meanwhile, DVLA is performing well with low bankruptcy risk, despite a small decline in 2023. Although stable, DVLA needs to focus on profitability and liquidity to maintain its health in the future.

Capital structure policy is used to help companies determine the optimal composition of capital between debt and equity. This study aims to determine the optimal capital structure of companies in the pharmaceutical industry listed on the Indonesia Stock Exchange for the 2015-2019 period. The data used is secondary data obtained from the financial statements of PT Indofarma Tbk, PT Herbal and Pharmaceutical Industries sido Appear Tbk, PT Kimia Farma Tbk, and PT Merk Tbk which are processed using the method of calculating the cost of capital and comparing returns. On Equity (ROE) with a weighted average cost of capital (Average Weight Cost of Capital). The results showed that PT Indofarmas Tbk had an optimal structure in 2015 and 2019. PT Industri Jamu and Pharmacy Sido Appear Tbk had an optimal capital structure from 2015 to 2017, and PT Kimia Farma Tbk and PT Merk Tbk had an optimal capital structure from 2015. 2015 to 2019. These results can be seen from the ROE generated by the company, which is greater than the WACC in each period.

This study examines the effect of cash, accounts receivable, and inventory turnover on return on investment at PT Kimia Farma Tbk for 2019-2023. The data in the study are secondary data sourced from financial data on the Kimia Farma Website. Statistical analysis techniques include regression testing, correlation, determination, and hypothesis testing. The results showed that Cash Turnover positively and significantly affected Return On Investment. In contrast, Receivables Turnover and Inventory Turnover negatively and significantly affected Return On Investment. Overall, the three ratios are positive and significant to the Return On Investment of PT Kimia Farma Tbk in that period