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20231107_PYFA_Laporan Hasil Pemeringkatan_31506203_lamp1.pdf
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Press Release
KREDIT RATING INDONESIA October 30, 2023
PT Pyridam Farma Tbk
Company rating irBBB+/Stable
“Debt Securities with irBBB rating have an adequate
level of certainty to honor its financial obligations.
Rated Issues However, this certainty is more likely to diminish in the
Obligasi Berkelanjutan I Pyridam future than with the higher rating categories”
Farma Tahap I Tahun 2022 irBBB+ The plus sign (+) indicates that the rating given is
closer to the rating scale above it.
Rating Period
October 30, 2023 – November 1, 2024
Rating History
October, 2022 irBBB+/Stable
November, 2021 irBBB+/Stable
October, 2021 irBBB+/Stable
October, 2020 irBBB/Stable
Kredit Rating Indonesia affirms ‘irBBB+‘ rating to Obligasi Berkelanjutan I Pyridam Farma Tahap
I Tahun 2022 amounting to IDR1.2 Tn
Kredit Rating Indonesia (KRI) affirms a Company Rating of ‘irBBB+’ for PT Pyridam Farma Tbk (PYFA
or the Company) with a ‘Stable’ outlook, and ‘irBBB+’ rating to Obligasi Berkelanjutan I Pyridam Farma
Tahap I Tahun 2022 amounting to IDR1.2 Tn. The ratings still reflect the Company’s good diversification
and stable market position in the industry, while at the same time the ratings are still constrained by the
Company’s small profitability margin.
After the acquisitions of two pharmaceutical companies, the Company’s type of products offered are
becoming increasingly diverse, from only offering ethical products to injected medicines for people with
critical illness and generic drugs. These acquisitions have been instantly affecting the Company’s
revenues and creating a stable market position in the industry as proved with IDR313.6 Bn of revenue
in 6M2023, poised to match the FY22’s revenue of IDR715.4 Bn. However, the Company’s ratings are
still constrained by the Company’s small profitability margins as the Company recorded EBIT margins
of (5.0%) and 0.2% in FY22 and 6M2023, respectively.
Established in 1976, PYFA is a national pharmaceutical company with the Company’s shareholder
ownership composition of Rejuve Global Investment Pte. Ltd., (40.48%), PT Aldiracita Sekuritas
Indonesia (22.12%), DBS Bank Ltd-SG-PB Clients (7.75%), PT Global Investment Institusi (5.50%),
and the public (24.15%) as of June 30, 2023.
PYFA Financial Results Highlights (Consolidated)
June 2023 Dec 2022 Dec 2021 Dec 2020
As of/For the year ended
(Unaudited) (Audited) (Audited) (Audited)
Total Assets (IDR, Bn) 1,494.8 1,509.4 761.4 228.3
Total Adjusted Debt (IDR, Bn) 898.5 910.0 448.8 35.5
Total Adjusted Equity (IDR, Bn) 385.2 431.0 122.3 157.4
Total Sales (IDR, Bn) 313.6 715.4 630.5 277.4
EBIT (IDR, Bn) 0.6 (35.6) 24.6 29.6
Net Income After MI (IDR, Bn) (36.7) 275.5 5.8 22.1
EBIT Margin (%) 0.2 (5.0) 3.9 10.7
Return on Permanent Capital (%) 0.1 (3.7) 6.4 17.6
Adj. Debt/Adj. Equity (x) 2.3 2.1 3.4 0.2
EBITDA*/Adj. Debt (x) 0.1 0.0 0.1 1.1
EBITDA*/IFCCI (x) 0.7 0.5 1.5 15.0
FFO/Total Adjusted Debt (%) (8.2) 30.3 1.2 84.1
USD Exchange Rate (IDR/USD) 15,026 15,731 14,054 14,105
*Based on the Company’s Prospectus
Analysts : Furqon Abrory Samara (Furqon.samara@kreditratingindonesia.com)
Cut Nabila Saraziva (Cut.nabila@kreditratingindonesia.com)
PT Pyridam Farma Tbk
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Press Release KREDIT RATING INDONESIA October 30, 2023 DISCLAIMER PT Kredit Rating Indonesia (KRI) does not represent or warrant or guarantee the accuracy, completeness, timeliness or availability of the contents of this report or publication. KRI does not perform an audit and does not undertake due diligence or independent verification of any information used as the basis of and presented in this report or publication. Although the information upon which KRI rating report are based, and any other contents provide in this rating report is obtained by KRI from sources which KRI believers to be reliable. KRI will be held harmless against any responsibility arising from its use, its partial use, or its lack of use, in combination with other products or used solely, nor can it be held responsible for the result of its use or lack of its use in any investment or other kind of financial decision making on which this report or publication is based. The issuance of a solicited or unsolicited rating report does not supply financial, legal, tax or investment consultancy. The rating report is not an opinion as to the value of securities, therefore KRI is not responsible for any credit, loan or investment decision, damages or other losses resulting from the reliance upon or use of this report. In no event shall KRI be held liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses including but not limited to lost profits and opportunity costs in connection with any use of the contents of this rating report or publication. Credit analyses, including ratings, and statements in this report or publication are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold or sell any securities or to make any investment decision. Therefore, this report may not reflect any event or circumstances which occur after the date of this report. KRI also assumes no obligation to update the content following publication in any form. KRI does not act as fiduciary or an investment advisor. KRI keeps the activities of its analytical units separate from its business units to preserve independence and objectivity of its analytical process and products. As a result, certain units of KRI may have information that is not available to other units. KRI has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. KRI may receive compensation for its ratings and other analytical work, normally from issuers of securities. KRI reserves the right to disseminate its opinions and analyses. KRI’s public ratings and analyses are made available on its website, http://www.kreditratingindonesia.com (free of charge) and through other subscription based services, and may be distributed through other means, including via KRI publications and third party redistributors. PT Pyridam Farma Tbk
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Press Release KREDIT RATING INDONESIA October 30, 2023 Information in KRI’s website and its use fall under the restrictions and disclaimer stated above. No part of KRI’s website, the content of this report, may be reproduced or transmitted by any means, electronic or non-electronic whether in full or in part, will be subjected to written approval from KRI. PT Pyridam Farma Tbk
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