MERK Merck Tbk.

COMPANY REPORT : JANUARY 2019 As of 31 January 2019

Development Board Individual Index : 11,258.470
Industry Sector : Consumer Goods Industry (5) Listed Shares : 448,000,000
Industry Sub Sector : Pharmaceuticals (53) Market Capitalization : 1,912,960,000,000
304 | 1.91T | 0.03% | 97.30%

274 | 0.39T | 0.02% | 98.56%

COMPANY HISTORY SHAREHOLDERS (December 2018)

Established Date : 14-Oct-1970 1. Merck Holding GMBH 331,483,000 : 73.99%
Listing Date : 23-Jul-1981 (IPO Price: 1,900) 2. Emedia Export Company MBH-806144000 56,711,920 : 12.66%
Underwriter IPO : 3. Public (<5%) 59,805,080 : 13.35%
PT Bahana Securities
PT Niaga Securities DIVIDEND ANNOUNCEMENT
PT Multicor Bonus Cash Recording Payment
F/I
PT Ronie Wijata Dharma Year Shares Dividend Cum Date Ex Date Date Date
Securities Administration Bureau : 1990 350.00 5-Jul-91 8-Jul-91 12-Jul-91 14-Aug-91 F
PT Edi Indonesia 1991 300.00 17-Oct-91 18-Oct-91 25-Oct-91 20-Nov-91 I
1991 520.00 16-Jul-92 17-Jul-92 24-Jul-92 10-Aug-92 F
BOARD OF COMMISSIONERS 1992 250.00 21-Oct-92 22-Oct-92 29-Oct-92 20-Nov-92 I
1. Tang Mei Lin 1992 300.00 21-Oct-92 22-Oct-92 29-Oct-92 20-Nov-92 I
2. Hon Keong Choo 1992 570.00 16-Jun-93 17-Jun-93 25-Jun-93 19-Jul-93 F
3. Parulian Simanjuntak *) 1993 650.00 15-Oct-93 18-Oct-93 25-Oct-93 20-Nov-93 I
*) Independent Commissioners 1993 690.00 12-Jul-94 13-Jul-94 20-Jul-94 5-Aug-94 F
1994 800.00 14-Oct-94 17-Oct-94 24-Oct-94 21-Nov-94 I
BOARD OF DIRECTORS 1994 855.00 14-Jul-95 17-Jul-95 25-Jul-95 7-Aug-95 F
1. Martin Feulner 1995 850.00 19-Oct-95 20-Oct-95 30-Oct-95 20-Nov-95 I
2. Arryo Aritrixso Wachjuwidajat 1995 980.00 7-Jun-96 10-Jun-96 18-Jun-96 2-Jul-96 F
3. Bambang Nurcahyo 1996 850.00 17-Oct-96 18-Oct-96 28-Oct-96 22-Nov-96 I
4. Evie Yulin 1996 650.00 27-Jun-97 30-Jun-97 8-Jul-97 1-Aug-97 F
5. Holger Guenzel 1997 900.00 21-Oct-97 22-Oct-97 30-Oct-97 27-Nov-97 I
1997 50.00 9-Jun-98 10-Jun-98 8-Jul-98 10-Jul-98 F
AUDIT COMMITTEE 1999 200.00 15-Nov-99 16-Nov-99 24-Nov-99 10-Dec-99 I
1. Parulian Simanjuntak 1999 700.00 24-May-00 25-May-00 5-Jun-00 19-Jun-00 F
2. Rico Notosagoro 1999 450.00 7-Nov-00 8-Nov-00 15-Nov-00 1-Dec-00 F
3. Swandayani Halim 2001 400.00 7-Nov-01 8-Nov-01 15-Nov-01 3-Dec-01 I
2001 400.00 21-Jun-02 24-Jun-02 27-Jun-02 11-Jul-02 F
CORPORATE SECRETARY 2002 300.00 9-Jan-03 10-Jan-03 14-Jan-03 27-Jan-03 I
Melisa Sandrianti 2002 1,000.00 4-Jun-03 5-Jun-03 10-Jun-03 24-Jun-03 F
2002 800.00 1-Dec-03 2-Dec-03 4-Dec-03 18-Dec-03 F
HEAD OFFICE 2003 1,400.00 6-May-04 7-May-04 11-May-04 25-May-04 F
Jl. T.B. Simatupang 8 2004 1,400.00 23-Nov-04 24-Nov-04 26-Nov-04 10-Dec-04 I
Pasar Rebo 2004 1,400.00 4-May-05 6-May-05 10-May-05 25-May-05 F
Jakarta 13760 2005 1,400.00 16-May-06 17-May-06 19-May-06 5-Jun-06 F
Phone : (021) 285-65600 2006 2,000.00 16-May-07 21-May-07 23-May-07 7-Jun-07 I
Fax : (021) 285-65601 2007 2,300.00 8-May-08 9-May-08 23-May-08 28-May-08 F
Homepage : www.merck.co.id 2008 5,350.00 24-Apr-09 27-Apr-09 29-Apr-09 12-May-09 F
Email : [email protected] 2010 3,570.00 16-Sep-10 17-Sep-10 21-Sep-10 4-Oct-10 I
2010 4,464.00 6-May-11 9-May-11 11-May-11 26-May-11 F
2011 8.27 10-May-12 11-May-12 15-May-12 30-May-12 F
2012 3.57 12-Apr-13 15-Apr-13 17-Apr-13 1-May-13 F
2013 6.25 14-Apr-14 14-Apr-14 17-Apr-14 5-May-14 F
2014 6,500.00 10-Apr-15 13-Apr-15 15-Apr-15 5-May-15 F
2015 3,300.00 17-Nov-15 18-Nov-15 20-Nov-15 27-Nov-15 I
2015 100.00 5-Apr-16 6-Apr-16 8-Apr-16 27-Apr-16 F
2017 260.00 2-Jul-18 3-Jul-18 5-Jul-18 26-Jul-18 F
2018 2,565.00 26-Dec-18 27-Dec-18 26-Dec-18 28-Dec-18 I

ISSUED HISTORY
Listing Trading
No. Type of Listing Shares Date Date
1. First Issue 1,680,000 23-Jul-81 23-Jul-81
2. Right Issue 16,800,000 19-May-99 19-May-99
3. Company Listing 3,920,000 22-Dec-00 22-Dec-00
4. Stock Split 425,600,000 21-Dec-15 21-Dec-15
 MERK Merck Tbk.
TRADING ACTIVITIES
Closing Price* and Trading Volume
Merck Tbk. Closing Price Freq. Volume Value

Day
Closing Volume
Price* January 2015 - January 2019 (Mill. Sh) Month High Low Close (X) (Thou. Sh.) (Million Rp)
12,000 7.20 Jan-15 154,000 145,000 154,000 20 3 501 7
Feb-15 146,000 140,000 145,100 35 9 1,316 11
10,500 6.30 Mar-15 146,500 144,500 145,000 29 11 1,522 6
Apr-15 146,000 137,500 142,500 75 34 4,890 11
May-15 145,000 140,000 141,000 25 14 2,080 6
9,000 5.40
Jun-15 130,000 120,000 122,000 32 11 1,324 10
Jul-15 145,000 119,000 145,000 31 5 573 11
7,500 4.50
Aug-15 143,500 130,000 143,000 13 15 2,109 4
Sep-15 141,500 127,000 135,000 42 7 864 10
6,000 3.60
Oct-15 140,000 130,000 140,000 86 17 2,261 17
Nov-15 138,000 128,500 128,500 308 166 22,321 20
4,500 2.70 Dec-15 130,250 6,500 6,775 236 297 7,671 12

3,000 1.80 Jan-16 7,100 6,475 6,900 221 340 2,249 20

Feb-16 7,125 6,900 7,000 198 221 1,527 18
1,500 0.90 Mar-16 7,500 7,000 7,100 200 290 2,050 21
Apr-16 7,275 6,900 7,025 229 241 1,683 21
May-16 7,800 7,000 7,725 282 356 2,683 20
Jun-16 10,150 7,700 10,050 432 323 2,714 22
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Jul-16 10,250 9,700 10,200 94 32 319 15
Aug-16 10,050 9,700 9,800 143 146 1,444 22
Sep-16 9,775 8,750 9,175 112 709 6,167 18
Closing Price*, Jakarta Composite Index (IHSG) and Oct-16 9,300 8,900 9,250 48 75 678 14
Consumer Goods Industry Index Nov-16 9,300 8,900 9,100 56 78 704 12
January 2015 - January 2019 Dec-16 9,225 8,900 9,200 75 82 746 14
60%
Jan-17 9,400 8,800 9,150 81 51 466 15
45% Feb-17 9,225 8,800 9,100 87 51 466 14
Mar-17 9,400 8,800 9,200 79 118 996 15
30% Apr-17 9,400 9,000 9,125 127 71 647 14
24.6% May-17 9,500 8,850 9,350 105 94 854 16
20.7%
15% Jun-17 9,600 9,050 9,125 50 61 567 10
Jul-17 9,500 9,000 9,100 74 347 3,187 17
Aug-17 9,200 9,000 9,100 96 223 2,028 14
-
Sep-17 9,100 8,400 8,700 232 141 1,258 15
Oct-17 8,875 8,400 8,425 77 36 305 14
-15%
Nov-17 8,575 8,400 8,450 46 16 139 8
Dec-17 8,700 8,350 8,500 70 70 594 12
-30%

Jan-18 8,750 7,800 8,350 54 46 385 16

-45% Feb-18 8,350 7,750 7,850 200 163 1,324 18
-46.6%
Mar-18 7,850 6,150 6,300 278 455 3,111 21
-60% Apr-18 6,350 6,000 6,150 528 1,941 11,904 19
Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 May-18 6,650 5,825 6,225 268 299 1,855 20
Jun-18 6,800 6,000 6,800 125 174 1,112 12
Jul-18 7,000 6,075 6,100 208 2,390 15,667 17
SHARES TRADED 2015 2016 2017 2018 Jan-19 Aug-18 6,325 5,600 5,850 126 268 1,583 19
Volume (Million Sh.) 0.6 3 1 51 11 Sep-18 5,850 5,500 5,700 82 150 848 14
Value (Billion Rp) 47 23 12 343 45 Oct-18 5,700 5,250 5,425 114 228 1,259 17
Frequency (Thou. X) 0.9 2 1 42 13 Nov-18 5,450 5,150 5,200 123 84 438 18
Days 125 217 164 209 22 Dec-18 8,300 3,800 4,300 39,600 44,453 303,962 18

Price (Rupiah) Jan-19 4,700 3,860 4,270 13,279 10,641 45,433 22

High 154,000 10,250 9,600 8,750 4,700
Low 6,500 6,475 8,350 3,800 3,860
Close 6,775 9,200 8,500 4,300 4,270
Close* 6,775 9,200 8,500 4,300 4,270

PER (X) 21.29 24.64 18.92 10.44 10.37

PER Industry (X) 17.71 23.77 18.48 24.94 36.52
PBV (X) 6.41 7.44 6.24 3.02 3.00
* Adjusted price after corporate action
 MERK Merck Tbk.
Financial Data and Ratios Book End : December
Public Accountant : Siddharta Widjaja & Partners

BALANCE SHEET Dec-14 Dec-15 Dec-16 Dec-17 Sep-18 TOTAL ASSETS AND LIABILITIES (Bill. Rp)
(in Million Rp, except Par Value) Assets Liabilities
Cash & Cash Equivalents 257,412 140,832 114,436 59,465 61,632 1,000

Receivables 144,634 171,588 153,431 214,744 223,750

183,724 161,125 231,212 289,064 308,249 800
Inventories
Current Assets 595,339 483,680 508,615 569,890 605,307
600
Fixed Assets 81,385 110,784 129,992 177,729 180,510
Other Assets 1,820 1,769 1,873 3,301 2,895
400
Total Assets 716,600 641,647 743,935 847,067 887,910
Growth (%) -10.46% 15.94% 13.86% 4.82% 200

Current Liabilities 129,820 132,436 120,622 184,971 195,999 -

Long Term Liabilities 33,089 35,668 40,640 45,598 54,583 2014 2015 2016 2017 Sep-18
Total Liabilities 162,909 168,104 161,262 230,569 250,582
Growth (%) 3.19% -4.07% 42.98% 8.68%
TOTAL EQUITY (Bill. Rp)
Authorized Capital 22,400 22,400 22,400 22,400 1,120,000 637
615
Paid up Capital 22,400 22,400 22,400 22,400 22,400 637
583
554
Paid up Capital (Shares) 22 22 448 448 448
474
Par Value 1,000 1,000 50 50 50
507

Retained Earnings 513,729 433,582 542,711 575,476 597,328

553,691 473,543 582,672 615,437 637,328
377

Total Equity
Growth (%) -14.48% 23.05% 5.62% 3.56% 247

INCOME STATEMENTS Dec-14 Dec-15 Dec-16 Dec-17 Sep-18 117

Total Revenues 863,208 983,446 1,034,807 1,156,648 920,110

Growth (%) 13.93% 5.22% 11.77%
-13

2014 2015 2016 2017 Sep-18

Cost of Revenues 404,752 487,190 492,614 568,653 446,798

Gross Profit 458,455 496,256 542,193 587,995 473,312
TOTAL REVENUES (Bill. Rp)
Expenses (Income) 258,020 309,742 328,896 379,501 283,032
Operating Profit 200,436 186,514 213,297 208,494 190,280 1,157
1,035
Growth (%) -6.95% 14.36% -2.25%
1,157

983
920
921
863
Other Income (Expenses) 4,623 7,427 1,619 - -693
Income before Tax 205,058 193,941 214,916 208,494 189,588 685

Tax 54,683 51,395 61,073 61,107 -51,217

Profit for the period 181,472 142,545 153,843 147,387 138,371 449

Growth (%) -21.45% 7.93% -4.20%

213

Period Attributable 181,472 142,545 153,843 147,387 138,371 -23

Comprehensive Income 181,472 148,819 153,929 158,674 138,371 2014 2015 2016 2017 Sep-18
Comprehensive Attributable 181,472 148,819 153,929 158,674 138,371

RATIOS Dec-14 Dec-15 Dec-16 Dec-17 Sep-18 PROFIT FOR THE PERIOD (Bill. Rp)
Current Ratio (%) 458.59 365.22 421.66 308.10 308.83
181
Dividend (Rp) 6,500.00 3,400.00 - 260.00 2,565.00 181

154
EPS (Rp) 8,101.44 6,363.64 343.40 328.99 308.86 143 147
138
BV (Rp) 24,718.34 21,140.33 1,300.61 1,373.74 1,422.61 144

DAR (X) 0.23 0.26 0.22 0.27 0.28

DER(X) 0.29 0.35 0.28 0.37 0.39
107

ROA (%) 25.32 22.22 20.68 17.40 15.58 70

ROE (%) 32.78 30.10 26.40 23.95 21.71

GPM (%) 53.11 50.46 52.40 50.84 51.44 33

OPM (%) 23.22 18.97 20.61 18.03 20.68

NPM (%) 21.02 14.49 14.87 12.74 15.04
-4

2014 2015 2016 2017 Sep-18

Payout Ratio (%) 80.23 53.43 - 79.03 830.47
Yield (%) 4.06 50.18 - 3.06 45.00

*US$ Rate (BI), Rp 12,436 13,794 13,436 13,548 14,929