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GCG Principles

Commitment

The Company fully committed to becoming a good business entity, performing in consistency with the laws, regulations, and code of ethics, as well as implementing an effective management system. In its business conduct, the Company always upholds the GCG principles of transparency, accountability, responsibility, independence and fairness as part of its efforts to implement best governance practices to create added value for shareholders and other stakeholders.

Company GCG Principles

  1. Transparency
    The Company consistently provides clear, accurate, complete, and timely information to the shareholders and other stakeholders, in the form of financial statements, investor information, and other relevant materials or disclosures. These are available on the corporate website, www.matahari.com /corporate/, and disclosed in the Company’s annual reports.
  2. Accountability
    The Management accepts its responsibility to the shareholders and other stakeholders regarding the implementation of the Company’s strategies and the achievement of its objectives and is ready to be accountable for all its actions and decisions to the Board of Commissioners, the shareholders, and others stakeholders. The Board of Commissioners is responsible for the effective supervision of Management and is accountable to the shareholders.
  3. Responsibility

    The Company complies with the relevant laws and regulations and respects the rights of all the stakeholders. It also fulfills its responsibility to protect and promote the sustainability of the environment, public welfare and healthy living.

  4. Independence

    The Company manages the business in a professional manner, without any conflict of interest or influence or pressure from any party that is in contrary to the laws and regulations. This is demonstrated in the Company’s objective decision making, which is free of any intervention from third parties.

  5. Fairness

    The Company treats all the shareholders equitably, regardless of whether they are majority or minority shareholders, and guarantees the rights of the shareholders and stakeholders. Therefore, the Company always provides equal opportunities to all shareholders to make decisions and engage with the company in AGMS, and treats all stakeholders fairly by providing equal opportunities related to employment, training, promotion, access to information, and so forth.

Implementation of GCG principle

Implementation of GCG principle
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Internal Monitoring and Control

Code of Conduct

The Company’s Code of Conduct is a standard of business ethics and work ethics which is prepared by taking into account the principles of Good Corporate Governance, based on the values and norms that apply in the Company, and is constantly tailored to the development of laws and regulations and applicable practices. 

  1. The key objectives of the Code of Conduct are:
    1. Integrating the Company’s values into employees’ ethical business practices in line with the Company’s vision and mission;
    2. and
      Clearly describing the Company’s values and the acceptable conduct that must be followed by all employees in carrying out their day-to-day duties and responsibilities.
  2. Providing basic guidelines for all levels in the Company with regard to the interaction between employers and employees, shareholders, suppliers, Government, and other stakeholders.
The Code is reviewed periodically to ensure that it remains consistent with these objectives.
Contents of the Code of Conduct

The Code provides guidance for employees on their interactions with colleagues, employees, shareholders, suppliers, and regulatory officials in the following areas:

  1. Improving accountability, transparency, and compliance with existing laws and regulations;
  2. Implementing tasks with the highest degree of professionalism and integrity;
  3. Avoiding giving or accepting inappropriate corporate gifts, bribery and kickbacks in any form and for any reason, for example, cash and its equivalent, membership/ entertainment, unusual discounts, unusual (in terms of frequency and/or value), fund support for tours or vacations, hampers, and bouquets;
  4. Avoiding activities which may give rise to a conflict of interest with their work in any form or situation for example, an employee has a financial interest with vendors, contractors or brokers who have business relations with the Company; an employee operates and manages an enterprise that is related to the Company; an employee uses the Company’s asset for personal benefit; and
  5. Protecting the Company’s proprietary information, both during and after an employee’s employment term with the Company.
 

Internal Audit

This unit is responsible to provide objective assurance and independent as well as objective consultation in order to strengthen Internal Control and other specific operational issues. Acting as the internal controller and supervisor, the Internal Audit Unit aims at making operational, financial and management activities more effective and efficient.

 

Internal Audit Charter

Internal Audit (IA) has a Charter in accordance with POJK No. 56/POJK.04/2015 on the Establishment and Guidelines for the Internal Audit Charter. In performing its duties and responsibilities, IA adheres to the Charter which contains:

  1. The organisational structure of the Internal Audit and its position within the Company;
  2. The qualifications, duties, responsibilities and authority of the auditors; 
  3. The procedures for their appointment, replacement and termination;
  4. The plans, guidelines and reporting procedures of the IA;
  5. The independence and objectivity of the IA; and
  6. The Code of Ethics for the IA.

The Charter is periodically reviewed and updated and is also available on the Company’s website www.matahari.co.id.

Structure and Position of the Internal Audit

Internal Audit is structurally independent of the Company’s business units and directly responsible to the President Director. The Internal Audit Unit is led by the Head of Risk Management and Internal Audit, who is appointed and dismissed by the President Director, upon approval of the Board of Commissioners.

Maju Tarigan serves as the Head of the Internal Audit of the Company and reports directly to the President Director of the Company. His appointment was conducted following the merging of the Audit and Social Affairs Division with the Risk Management Division. As the Head of Risk Management and Internal Audit, he is assisted by a team of six corporate auditors, as indicated in the IA organisational chart above.

The organizational chart of IA can be found on page 175 of the Company's 2023 Annual Report.

Duties and Responsibilities

Based on the Internal Audit Charter, Internal Audit Unit carries out the following duties and responsibilities:

  1. Prepare and execute the annual Internal Audit Plan;
  2. Evaluate the implementation of the Company’s internal control and risk management systems, recommending areas for improvement and monitoring the effectiveness of the recommended follow-up actions;
  3. Evaluate the efficiency and effectiveness of the Company’s performance in key strategic areas, including finance, accounting, operations, human resources, marketing and information technology;
  4. Conduct special audits and/or investigations as required;
  5. Prepare reports on the audit findings for the President Director, the Board of Commissioners and the Audit Committee;
  6. Provide objective information as well as value-added recommendations for the improvement of the activities under review at all management levels;
  7. Monitor, analyse, and report on the implementation of followup actions on the recommended improvements;
  8. Cooperate with the Audit Committee;
  9. Design programs for quality assessment activities conducted by the Internal Audit Unit.
 

 

Whistleblowing System

The Whistleblowing System (WBS) is part of the Company’s Code of Conducts. It is a form of supervision inherent in carrying out consistent and continuous internal control, by involving all members of the Company to be proactive in maintaining order, and combating the practice of activities that may damage the Company’s reputation.

Suara Matahari is the Company’s official mechanism for a whistleblower to report misconduct which offers a range of confidential channels through which employees and other stakeholders can report if they genuinely suspect that a violation of the Code of Conduct or other misconduct has taken place, remaining anonymous if they wish. The Company’s whistleblowing policy, including the procedures and contact numbers for reporting, has been disseminated to all our employees, management, suppliers and business partners.

Suara Matahari has some features that support its accessibility, trustworthiness and effectiveness:

    1. Numerous hotline channels, including toll-free phone lines, Short Message Services/SMS, website, email and mailbox;
    2. Promotion of anti-fraud awareness and the whistleblowing program to all management, employees and suppliers;
    3. Experienced contact centre operators who handle incoming reports;
    4. Forensic investigation experts follow up the incoming reports and present the issues to management;
    5. Recommendations for improvements.

Whistleblowing System Management

Suara Matahari is managed independently by Deloitte as a third-party administrator in order to ensure reporting objectivity. The Company ensures that reporting parties have complete anonymity and protection. The status of incoming reports will be monitored by the Internal Risk Management and Audit Division. They will consolidate  and report them to the Board of Directors and the Risk Management Committee.

Suspected misconduct or violations of the Code of Conduct can be reported through any of the following channels:

    • Hotline: Informants can contact Suara Matahari on +62 21 2350 7056; they have the right to remain anonymous if they choose.
    • SMS: Reports can be sent by SMS to +62 81586709196.
    • Email: Reports can be sent via email to suaramatahari@tipoffs.info. The informant’s email address will not be disclosed without permission.
    • Website: Reports can be sent via the Suara Matahari Website at   https://id.deloitte-halo.com/suaramatahari  Reports can be sent via Suara Matahari Website and providing detailed information about the suspected violation.
    • Mail: Reports can be sent via regular mail to Suara Matahari PO Box 3670/JKP 10036, Central Jakarta.

Reports submitted in writing must be accompanied by a disclosure cover sheet, which can be downloaded from the Suara Matahari website. Informants should provide at least the following information to ensure that the appropriate actions can be taken:

    1. Name(s) of those involved;
    2. Name of a witness (if available);
    3. Information about the incident, including date, time and location;
    4. Evidence;
    5. The related nominal or assets; and
    6. The frequency of the incident(s).

Report Handling

  1. The Suara Matahari operator receives the whistleblowing report through one of the above channels and assigns a unique, anonymous reference number to the informant, which he or she can use when requesting information about the progress of the case.
  2. The report is sent to a Deloitte analyst for assessment. The results are returned to the Company’s representative within one working day.
  3. The Risk Management and Internal Audit Division determines further investigation and clarification actions. Later on, this division will present the results to the Risk Management Committee to decide on the penalties or sanctions on the suspects and determine any internal control improvements or other changes the Company needs to make.

Protection for Whistleblowers

The Company guarantees to protect whistleblowers who report in good faith from any retaliation by the allegation's subject. The whistleblowers have the following options regarding the disclosure of their identity:

  1. Full disclosure: the whistle-blowers is willing to disclose his/her identity to Deloitte and the Company.
  2. Partial anonymity: the whistle-blowers is willing to disclose his/her identity only to Deloitte. In this case, Deloitte will keep the informant’s identity confidential from the Company.
  3. Full anonymity: the whistle-blower is not willing to disclose his or her identity to Deloitte or the Company. The Company guarantees to protect the whistle-blower, who acts in good faith, from any act of retaliation by the reported party.

Whistleblowing Reports

Throughout 2023, 116 cases were reported, in which 109 cases were received via Suara Matahari and 7 cases through other reporting channels. The cases involved internal and external parties, which includes alleged breaches on code of conduct, conflict of interests, stealing of merchandises, manipulation of sale transactions (discounts are not matched with approved promotion), and sexual harassment. All cases have been investigated, with 50 proven cases, 42 unproven cases, and 24 undergoing cases during the publication of this Annual Report.

Sanctions or penalties imposed for violations committed in 2023 are detailed on page 200 of the Company's 2023 Annual Report.

Risk Management

The Company recognizes that risk has become an integral part of every business process. The possibility of risk occurring at any time and if significant, the consequences will impact on operational stability and performance achievement.

To ensure sustainability and business growth, the Company is committed to managing all risks proactively, systematically, effectively and efficiently.

The Risk Management Committee, the Audit Committee, the Internal Audit and the Company’s External Auditors work closely to identify, evaluate and mitigate risks by reviewing risk parameters in various areas, particularly critical systems, areas affecting costing and/or profitability, fraud, and abuse of authority.

 

Risk Management Framework

The Company has Enterprise Risk Management Framework which contains the Company’s objectives, strategies, governance, organisation, methodology, monitoring, and risk management reporting processes, thus enabling the Company to analyse, identify, and address risks in strategic areas in every part of the organisation actively and consistently which includes:

  1. Risk identification, measurement, monitoring and control, including awareness;
  2. Risk management infrastructure, including organisational structure, governance systems, data collection, analysis methods, policies and procedures and reporting; and
  3. Corporate culture, including training, performance measurement, value development, and rewards.

In order to protect the Company’s assets, the Company has developed a roadmap for implementing risk management processes across the organisation via several functions in Loss Prevention, Security, and Safety.

The Company also continuously implements a Risk Control Awareness and Assessment Program to ensure that all stakeholders (including business partners) understand and support the Company-wide risk management approach. As a result, the Company has developed a risk treatment, risk tolerance, and risk control matrix.

 

In 2023, the Company identified key risks and its mitigation efforts which are summarised below:

Macroeconomic and Industry Risk 

In general, economic growth drives rising wages. Thus, the number of consumers who have sufficient income to spend on our product offering increases, and demand may vary. Demand may vary as customer preferences change rapidly with emerging trends.

Mitigation

As customer-centric company, Matahari has a flexible business model and initiatives to rapidly adapt its merchandising and operations to the changing customer needs and changing macroeconomic or industrial situation. Matahari maintain good relationships with our diverse supplier base, giving us the flexibility to adjust our merchandising strategy to respond to customer preference changes, emerging new trends, and macroeconomics conditions.

 

Productivity Risk 

  • The Company’s financial results are linked to its stores productivity, measured by two indicators, i.e., SSSG and merchandise sales per square meter of retail space.
  • SSSG is driven by the store refurbishment program, improvements in the merchandise mix, and the rising income of the target market. The Company’s SSSG from 2018 to 2022 was an average -5.6% and -2.4% in 2023.
  • Sales per square meter are subject to the Indonesian economy’s condition, the product price point mix, merchandise attractiveness, the stores’ location, appearance, and operation. Marketing effectiveness and adverse publicity can also affect merchandise sales. The retail space in the metric is the aggregate square metres at the period’s end, not adjusted for any area under refurbishment. Gross sales per square metre of retail space in 2023 were IDR12,905.3 thousand compared to IDR13,162.1 thousand in 2022.

Mitigation:

To mitigate the risk, we closely monitor the underperforming stores, analyse the causes of the weakness, and take necessary actions. The actions, among others, are store refurbishment, merchandise optimisation, and staff productivity improvement. In 2022, the Company refurbished six stores, followed by four stores in 2023, in addition to mini refits in several stores.

Following those efforts, the underperforming stores could be closed, modified, or replaced by new stores in other potential locations. In 2023, we closed two stores.

 

 

Expansion Risk 

Opening a new store may result in increased Company expenses, such as rent, salary and wages, depreciation, energy, distribution and insurance expenses. Apart from mall traffic, the success of a new store also depends on synergies from integration with existing operations and optimal merchandise mix and pricing that match consumers’ preferences.

New stores tend to be less profitable in the early years due to lower sales productivity and fixed operating expenses. It takes time for a new store to recoup the capital investment, which is within 3-4 years. Even after that period, it may take 4-5 years for the new store’s productivity, net revenue, and adjusted EBITDA margin to reach the average level of a comparably sized store.

Mitigation

The Company identifies and evaluates potential new sites on an ongoing basis to ensure a robust pipeline of new stores. There are financial hurdles that need to be achieved to open a new store. With around two-third sales coming from the consignment vendors, Matahari utilizes negative working capital to mitigate the risk.

The Company takes measures to integrate new stores and develop synergies with the existing operations. In addition, the Company also aims to ensure that each new store has an optimal merchandise mix that matches local consumer preferences and needs.

 

Merchandise Mix Risk 

Net revenues on consignment sales made up a significant proportion of the total net revenues, accounting for 42.4% in 2022 and 42.8% in 2023 which were derived from the guaranteed minimum gross profit amount and a consignment margin based on consignment sales, which stood at 31.4% in 2022 and 31.7% in 2023. 

In the meantime, revenue from the Company’s Direct Purchase (DP) goods is a result of its sales performance and prices. The prices are determined by several factors, including the cost of sales, supplier terms with overall supply and demand for retail consumer products in Indonesia, market, seasonality, inventory volume, inventory age, fashion and consumer trends, promotions, and manufacturer recommendations.

Mitigation

The Company has the opportunity to adjust the merchandise margins when we enter into an agreement with a vendor or renew the contract, which typically occurs on a biannual basis. Management believes that the mutually symbiotic relations with consignment vendors and the strength of the Company’s brand will ensure the consignment margins to remain stable for the foreseeable future.

Meanwhile, given the considerable diversity in our DP goods range, the pricing strategy for a specific product does not significantly impact the Company’s net revenue. However, sales and profitability in a given period may be materially influenced by discounts, rebates, or other national level promotional activities designed to increase market share and/or clear aged inventory. The Company has the flexibility to adjust the price and gross profit margin on DP goods.

Sales performance of all brands that we have must also meet the expectation on a store-by-store basis and overall Company’s performance. The Company regularly reviews each brand’s performance and may have to take necessary actions, such as discontinuing the brand.

 

Operating Expenses Risk 

The Company’s main components of operating expenses are rent, depreciation, labour costs, and marketing. As the business grows, operating expenses may increase in line with higher volumes or other factors such as inflation.

Operating expenses as a percentage of merchandise sales increased from 22.6% in 2022 to 24.8% in 2023.

The Company’s rent expenses were IDR525.4 billion in 2022 and IDR557.8 billion in 2023, contributing 18.7% and 17.9%, respectively, of the Company’s operating expenses for the corresponding periods.

Depreciation and amortization expenses, derived from fixed assets, right-of-use assets, and software, were IDR776.5 billion in 2022 and IDR820.6 billion in 2023, contributing 27.6% and 26.4%, respectively, to the Company’s operating expenses for the corresponding periods.

Salaries and allowances as a percentage of merchandise sales were 6.8% in 2022 and 7.8% in 2023. The increase was due to low merchandise sales growth with an increase in temporary employee during the festive season.

Marketing expenses (predominantly promotional and advertising costs in digital advertising media, SMS, etc) increased by 59.5% in 2022 and increased by 8.2% in 2023.

Mitigation 

The Company was keeping strict control over nonessential expenses. Matahari maintains manageable levels of operating expenses through rigorous cost control programs, including leveraging the bargaining power to negotiate better prices with suppliers.

Regarding occupancy costs, the Company typically enters into long-term contracts to reduce risks associated with rent increases. The Company also negotiates with landlords, aiming for a more flexible rental scheme and lower charges to mitigate the pandemic impact.

In terms of labor components, the Company aims to ensure the competitive wages compared to other retailers. Matahari managed to optimise the headcount requirement with the focus on the power brands, stores with healthy profitability, and single warehouse.

Various initiatives such as multi-tasking, labor scheduling, multi-shifts and others enable Matahari to operate with a lower headcount than in the past. Having said that, the Company would be looking at selectively increasing its headcounts at a lesser velocity than sales recovery to maintain operating leverage or in an agile way to leverage seasonal opportunities. That said, the Company will always maintain the necessary minimum to provide the best service to customers. In addition, Matahari has also replaced the security staff in Matahari stores with Prevention Associates (PA), who were fewer in number but still delivered adequate internal control.

The Company has maintained a low level of inventory shrinkage (the loss of merchandise for any reason between the point of delivery from suppliers and point of sale) through tight inventory control. The Company also deployed an in-house distribution team, equipped with an electronic article surveillance system for high-priced merchandise. Inventory shrinkage for consignment goods was beyond the Company’s control.

 

Risk of Seasonality 

Matahari stores experience sales seasonality several times in a year, mainly linked to Eid al-Fitr, Chinese New Year, Christmas, school holidays and the Back-to-School moments in June-July. Due to changing holiday dates each year, sales peaks may or may not be directly comparable to results from previous periods or corresponding periods in prior years. The number of pay periods spanned by aparticular peak season may also drive sales higher.

Mitigation 

To tap the seasonal sales momentum, such as Eid al-Fitr, Chinese New Year, Christmas, school holidays and the Back-to-School event, the Company secures the seasonal merchandise well in advance. Moreover, to maximize sales traction, the Company activate specific promotions and advertising linked to those main events and holidays.

The Company also takes thoughtful measures to anticipate high store traffic during events by having more seasonal staff in stores and sufficient points of sale.

 

Risk of Geographical Diversity 

Matahari stores in Java contributed a significant share of our merchandise sales (57.9% in 2022 and 57.8% in 2023), while the remaining stores are located outside Java, spread across the country.

Mitigation 

Matahari’s logistic capabilities manage to reach out to the farthest area in Indonesia, such as Aceh and Papua. Meanwhile, to reach out to our customers in areas where physical stores are absent the Company provides e-commerce platform, Matahari.com, and official store in marketplace.

 

Competition Risk 

Indonesia’s retail industry is becoming increasingly sophisticated in several areas: merchandise mix and quality; store location, design, and ambience; inventory; price; customer service; credit availability; and advertising. The Company presently stands as Indonesia’s largest department store retailer targeting the middle-income segment. However, it faces growing competition from new entrants to the market, including international operators, existing department stores, and specialty retailers. Despite high barriers to entry in our target market, the actions taken by our competitors as well as our proactive actions and responses may impact the Company's performance. In particular, the more intense competition in Java also yields lower Merchandise Sales per square meter of retail space than the total average across all regions.

Mitigation 

To keep pace with evolving trends and customer preferences, the Company has collaborated with several global fashion brands as their distributor in Indonesia. To minimise the risks associated with such initiatives in the future, the Company focuses more on data-driven pilots, with small test rollouts leading to more nationwide successes and fewer costly exits.

The Company’s business model is moving toward omnichannel capabilities, which combines up-to-date online sales channels with our extensive store network, designed to deliver added value, sustain sales growth, and enhance customers’ shopping experiences.

The Company continuously improved its offering to offline and online customers, especially loyalty members, through the revamped loyalty program, Matahari Rewards.

To mitigate the impact of competition intensity in certain areas on lower productivity, the Company regularly reviews the stores’ condition and the merchandising mix and pricing in each store. In the meantime, the Company continuously explore the untapped potential area to grow.

 

Bank Borrowing and Interest Rates Risk 

The Company enters into loan agreements and credit facilities for working capital purposes. The Company may occasionally withdraw the loan.

Mitigation 

After fulfilling the working capital needs, Matahari will repay any withdrawn loan as quickly as possible to minimise the incurred cost. The Company ended the year 2023 with zero bank loans. In the general course, the Company relies on trade payable for the purchase of merchandise from suppliers.

 

Security Risk 

At the store level, the Company has a risk exposure related to the security of its merchandise.

Mitigation

The Company has mitigated these risks by installing an advanced Electronic Article Surveillance system, including Closed Circuit Television (CCTV), pedestals, and other store security systems. These measures have enhanced monitoring in selected stores with a high-risk profile, allowing for more effective control over operations.

 

Cyber Security Risk (IT) 

The Company's digital transformation process continues, both in terms of sales and operations. Given the rapid development, the Company carried out assessment on data/information security and cyberattack risk. Moreover, the Company also conducts a Disaster Recovery Test (DR Test) once a year at minimum to ensure the effectiveness of the system function.

Mitigation 

Matahari has conducted and regularly updates the risk mapping of Matahari’s business areas related to environmental risks, enabling it to not significantly affect the Company’s operations. This initiative helps the Company fairly value the insurance need to support the sustainability of Matahari’s business operations.

Matahari has also established a Disaster Recovery Center (DRC) to address potential threats to its business. A third party provider acts as the manager of our disaster recovery center, which has fully functional and standalone duplicates of all our hardware and software. The switching of Matahari’s operating systems can be done instantly  and seamlessly when major data center disruptions occur. Moreover, the Company also conducts a DR Test twice a year to ensure the effectiveness of the system function.

 

 

 

Governing Sustainability Matters

Ethical business practices are critically important to Matahari. Our commitment is reflected in the way we do our business and the way we treat our people. We are dedicated to operating with the highest standards of ethics and integrity, as well as complying with policies and procedures designed for good corporate governance.

Our programs in this pillar are focused on anticorruption and customer responsibilities.

  • Anticorruption: The Company is committed to fully supporting the efforts made by all parties in creating a business climate free from corrupt practices and gratification. To ensure that ethical business is internalised across our company and supply chain, we have established and communicated the Gratification Policy to all employees and related parties. In 2023, we recorded 49 reports related to corruption, which increased compared to 44 in 2022 amid our more vigorous efforts to encourage anticorruption practices through identification and prevention.

  • Customer responsibilities: As one of our commitments to provide the highest quality to our customers, we continuously performed quality checks on all products. We adequately managed the risk of data breaches through a series of Information Technology security capability improvements. 

    We understand that customers entrust their personal information with us, and we have a responsibility to those individuals to respect their rights for privacy. Therefore, we are committed to protecting customer security by not disclosing or disseminating customers’ confidential data to irresponsible parties. Our Customer Privacy Policy provides transparency into the information we collect, how we use that information, and our commitment to following all applicable laws governing that information. Additionally, our privacy program ensures individuals’ privacy rights are fulfilled to the extent law requires.

    To ensure the risk of customer data breaches are properly managed, we have improved our Information Technology (IT) security through the Security Operation Center (SOC) operating 24x7, completed a Vulnerability Assessment (VA) to our IT network infrastructure, upgraded end-point antivirus with the next-generation capability, and upgraded Back-up solution with ransomware protection. We also continuously socialise IT Cyber Security awareness to all users to mitigate potential data breaches and leakages. 
  • Through these initiatives, we managed to maintain zero cases related to breach of customer privacy and achieve a 4.04 service quality index, higher compared to the industry average of 4.01 in 2023. In 2023, there were no reports of the product being withdrawn from the market, which occurred due to a product error or other reasons. No operational activities have been suspended due to non-compliance with regulations and/or voluntary codes concerning the health and safety impacts of products and services.

Information Access

 

The Company provides public access to the Company’s information and data through reports that the Company produces for capital market regulators and information for shareholders disseminated through the IDX website and the mass media, as well as other information published on the Company’s website or present www. matahari.com/corporate/, available in Indonesian and English. Matahari also provides information about the Company, its stores and products, as well as offers and promotions through the following social media platforms, such as Facebook (Matahari), Instagram (@matahari and @ storyofmatahari), TikTok (tiktokmatahari). In 2022, the Company issued 28 press releases to various media.

 

External Audit

Audit on the Company’s Consolidated Financial Statements for the year ended December 31, 2021, which include the statements of financial position, statements of profit or loss and other comprehensive income, statements of changes in equity and statements of cash flows, prepared in accordance with Indonesian Financial Accounting Standards.

Public Accounting Firm

Tanudiredja, Wibisana, Rintis & Rekan
(Anggota firma dari/member of PricewaterhouseCoopers International Limited)
WTC 3 | Jl. Jend. Sudirman Kav. 29-31 | Jakarta 12920 - Indonesia
T: (62-21) 50992901/31192901
F: (62-21) 52905555/52905050

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