Danantara's Consolidated Financial Report Delayed Due to First-Time Complexity

The Danantara Indonesia Investment Agency (BPI Danantara) has confirmed that its consolidated financial report cannot yet be published. The agency stated the consolidated report is still in the process of being prepared and audited. Concurrently, Danantara is also preparing the consolidation of state-owned enterprises (BUMN) in the property sector through the Danantara Housing programme. Danantara Indonesia Chief Operating Officer Dony Oskaria said the preparation of this year’s financial report is the first since all state-owned enterprises were placed under one holding. ‘The Danantara financial report is the result of consolidating all BUMNs, and this is the first time BUMNs have carried out a consolidated report,’ Dony said in Jakarta on Friday, 31 July 2026. According to Dony, the process of preparing the financial report is far more complex than for a typical company. Danantara must consolidate the reports of all BUMNs while simultaneously eliminating inter-company transactions to avoid double counting. He explained that previously, each BUMN prepared its financial report separately. Now, all inter-BUMN transactions must be adjusted in the consolidated financial report. ‘The process certainly takes a long time. But basically, if we want to look, we can, on an individual basis we can certainly see the reports of each BUMN,’ he said. Dony added that Danantara’s financial report has now entered the pre-audit stage. In addition, the company is also engaging financial consultants to prepare a chart of accounts so that the consolidated report meets applicable accounting standards. He is optimistic that the report preparation process will be faster in subsequent years once the consolidation and inter-BUMN transaction elimination mechanism is established. ‘Because this is the first year, after this, once we find the pattern, the elimination process for all these companies next year will be much easier,’ he said. Beyond finalising the financial report, Danantara is also beginning to consolidate state-owned companies in the property sector. According to Dony, most state-owned property companies are currently still facing business challenges and require restructuring measures before further development. ‘Actually, Danantara Housing is about us wanting to consolidate all our property companies. But you also know the situation, that all property companies are not in good shape,’ said Dony, who is also the Head of the BUMN (State-Owned Enterprise) Management Agency. He said Danantara will restructure each company using a corporate approach. ‘The principle is that I personally and the entire team want to improve all our BUMNs one by one with a corporate approach. Among them, some are going through PKPU (Suspension of Debt Payment Obligations), for example PP Properti, and also impairment,’ he said. After the companies’ conditions improve, Danantara will inventory all BUMN property assets to be marketed to the public. According to Dony, the programme will be combined with financing schemes from the Association of State-Owned Banks (Himbara) so that the public can access mortgages (KPR) with more competitive interest rates. This step shows that Danantara not only acts as a shareholder of BUMNs but is also beginning to integrate the assets and businesses of state-owned companies through a corporate approach. This consolidation scheme is expected to increase the value of assets previously scattered across various BUMNs while strengthening portfolio management efficiency. This approach aligns with Danantara’s role as an investment holding company oriented towards optimising corporate value through restructuring, consolidation, and business development. Before entering the marketing phase, the state agency emphasised that the main focus remains on restructuring each entity so that the assets have better economic value when offered to the public or investors. This step is also expected to create synergy between BUMN developers and Himbara banks so that the provision of housing does not rely solely on new project development, but also through optimising the property inventory already owned by state-owned companies. ‘From this entire inventory, we will then conduct marketing so that the public can access all the inventory owned by BUMN property companies. It is not enough just to have the property, we also create the financing product. So all Himbara banks then create cheaper financing products, enabling the public to have housing loans combined with the properties we own,’ Dony said. Previously, Danantara CEO Rosan Roeslani stated that the Danantara Housing programme was prepared to help market unsold houses and apartments owned by BUMNs. Through this scheme, the public is expected to be able to purchase homes with more competitive interest rates and easier payment schemes.