Increased BUMN Performance, Erick Thohir: Evidence Of The Success Of Transformation

Illustration (Photo: Doc. Antara)

JAKARTA - The performance of the SOE portfolio in 2021 shows a positive achievement in the midst of a challenging global pandemic situation.

This is inseparable from the various transformation agendas outlined in the SOE roadmap.

SOE Minister Erick Thohir said the transformation of SOEs was not only the transformation of business models, people, human capital, business processes, and others.

But we also want to ensure a transformation through consolidated financial reports.

"Because of course as a state-owned company, it is very important to have a book that we can read together. This is part of the transparency and good corporate governance that we always create, where openness is important," he said in an official statement, Friday, September 30.

Erick said that this consolidated annual report aims to identify the performance of each BUMN which also functions as an early warning system to see and predict the sustainability and strategy of SOEs in the future.

Furthermore, Erick said, the transformation of SOEs was proven to be able to boost the performance of SOEs.

This can be seen from the figures of financial reports that can be used as indicators, such as increasing revenue, EBITDA margins, to reducing debt-to- total investment ratios.

"We see that the financial statements, for the 2021 book, have increased the revenue by 18.8 percent to Rp2,292.5 trillion. This figure is very significant when compared to our state budget. So the proportion is almost similar. EBITDA margin increases to 20.4 percent. This means that it is healthier and more healthy," he said.

Erick also said that his total debt (BUMN) was IDR 1,579.6 trillion and of course equity (in 2021), reached IDR 2,778.3 trillion.

"Our debt to invest capital is about 36 percent, which means also healthy," said Erick.

In addition to improving revenue, margin EBITDA, and decreasing debt ratios, the better BUMN performance can also be seen from the decrease in consolidation interest, which was originally IDR 91.5 trillion in 2020 to IDR 73.5 trillion in 2021.

Not only in terms of finances, but the Ministry of SOEs has consistently streamlined the number of SOEs through the formation of SOE clusters.

"We don't turn a blind eye to SOEs that are not healthy, so from the start we formed a portfolio rather than improving SOEs. SOEs that are not included in the ecosystem will be under the Danareksa and also PPA. And God willing, we will continue to consolidate the number of SOEs because we want to make sure that there are not many SOEs but actually the impact of SOEs on the industry and of course to the community," he said.

The transformation of SOEs is also reflected in programs that support women's representation in the board of directors and young leaders in SOEs.

"I am optimistic that it can be achieved, although it is not easy. Because this is indeed an acceleration that I feel is very significant. But if we don't do it, when else, because this is part of the dynamic changes that we must face together. It's the same when we encourage directors under 42 years old," he said.

Data 2022, said Erick, there are 17 percent of female directors in BUMN. In 2023, it is targeted to reach 25 percent.

That is, to achieve this target, there is still a gap of 8 percent. Erick is optimistic that he will be able to achieve the target in approximately 1 year and 3 months.

"Yesterday, more than 5 percent of the figure was achieved in 2021. And we continue to maintain and improve this figure, I also see that to reach 10 percent in 2023 it should be possible. We do this because we have to start investing in our future leaders," explained Erick.

Erick also conveyed his plan to realize less burden tracing through the consolidation of 45 SOE Ministerial Regulations (Permen) to a maximum of 8 to 4 Permen.

This is done so that the directors or leaders in BUMN only need to review 4 Permen which are the reference for work.

The goal is to accelerate the performance of SOEs that run a third of Indonesia's economy in a healthy condition and encourage more optimal community welfare programs.