When Will Danantara Release Its Financial Statements? Here's What Has Been Leaked.
Jakarta — The Daya Anagata Nusantara Investment Management Agency (Danantara Indonesia) is preparing financial reporting for the assets under its management. As the management and mandate holder for the portfolios of state-owned enterprises (SOEs), Danantara is implementing steps to strengthen governance and fundamentally reorganise the enterprises. In a formal statement received by Republika on Thursday (5 March 2026), Danantara said it is currently resetting governance to ensure the financial statements produced are more accurate.
As part of the transition and management consolidation process, Danantara Indonesia, through its operational holding entity Danantara Asset Management, is conducting a thorough and structured review of SOEs. The process includes evaluation of accounting policies, asset quality and recording, strengthening governance systems, and integrated risk management to ensure standards of management that are robust and aligned with best practices. This strengthening step had previously started with the Karya Group of Companies and is now gradually expanding to other sectors in the SOE portfolio. The main focus is normalisation and improving asset quality, alignment of recording so that financial statements are more accurate, fair, and up-to-date in accordance with applicable accounting standards and broadly recognised reporting practices; also ensure transparent and prudent management.
Danantara Indonesia also emphasises strengthening financial fundamentals based on earnings quality and strong operating cash flow, sustainable EBITDA growth, discipline in capital expenditure, and healthy and well-maintained capital structure. Attention is drawn to optimising return on assets (ROA), improving operating margins, strengthening capacity to meet financial obligations, and conservative and measured liquidity management. This approach ensures performance is reflected not only in nominal growth but also in ability to generate cash flows consistently, maintain solvency, improve ROE, and strengthen capacity to distribute dividends sustainably to the country as the shareholder. Managing Director of Stakeholder Management Danantara Indonesia, Rohan Hafas, said the governance reset is part of the new management’s commitment to ensure management of SOEs oriented to real economic value and long-term sustainability. “As the new management and mandate holder of state assets, Danantara Indonesia is obliged to conduct a comprehensive review of asset quality, accounting policies, and governance discipline across the portfolio. This governance reset is a foundational reinforcement to ensure the company’s balance sheet reflects current, prudent, and credible conditions,” says Rohan.
Rohan also emphasised that the measure of success going forward will not be solely determined by the size of the numbers on the balance sheet, but by the real quality of performance. “Going forward, success is not merely about the magnitude of the numbers on the balance sheet, but the quality of profits, strength of cash flow, and the ability of the company to create real economic value. Our focus is on building a foundation that generates real cash and sustainable dividends for the country. Healthy growth must be based on productivity and operational performance, so that its contribution to state revenues is truly measurable and sustainable,” he asserted.
According to Rohan, with a stronger financial base and disciplined management, the company will be more focused on efficiency, improving operating margins, and creating real value for the country’s shareholders. Danantara Indonesia emphasises that this process is being carried out systematically and gradually while maintaining operational stability and business continuity across the portfolio. The step is part of a long-term institutional transformation to strengthen the national economic foundation.