The company's commitment towards sustainability goes beyond social and environmental dimensions. To ensure that our people and surrounding communities can continue to rely on our business to sustain their own livelihoods, we recognize our responsibility to grow our business steadily and sustainably. By promoting good corporate governance (GCG), creating fruitful job opportunities for our community, establishing a safe, healthy, and inclusive working environment, ensuring transparency across our supply chain, and improving the infrastructure and environment that supports our business, PBRX is committed to drive positive impact for the local, national, and global economy

Goal 16 – Peace, Justice, and Strong Institutions

Target 16.5. To support the Government of Indonesia programs to eliminate corruption in all forms by implementing good corporate governance (GCG) within PT Pan Brothers Tbk and Group
The company ensures transparency and accountability across all business units through implementing good corporate governance (GCG). The company strongly supports the Government of Indonesia in eliminating corruption in two vital ways: administering a transparent supply chain from material sourcing to sales and enforcing proper code of conduct, which ensures that employees practice proper business ethics and engage in moral, human and social responsibility
In particular, the Board of Commissioners at PBRX play a vital role in overseeing the implementation of GCG through giving initiatives and strategic policy directives as well as supervising and monitoring company activities. Compliance with these principles is an essential element in our business success. Pan Brothers Board of Directors is responsible for ensuring these principles are communicated to, and understood and observed by, all employees. Day to day responsibility is delegated to all senior management of each department. They are responsible for implementing these principles, if necessary, through more detailed guidance to condition and regulation. Assurance of compliance is given and monitored each year. Compliance with the code is subject to review by the Board of Directors supported by the Audit Committee and all executives. Any breaches of the code must be reported in accordance with the procedures specified by the Company. The Board of Directors expect employees to bring their finding of any breach or suspected breach of these principles towards the Board of Commissioners.

Target 9 - Industry, Innovation, and Infrastructure

Target 9.2 - To promote inclusive and sustainable industrialization and innovation in the garment industry through raising share of GDP while maintaining share of employment (9.2)
While the Covid-19 pandemic has impacted PBRX’s businesses directly and indirectly in the early months of the pandemic, the Company was able to work around the challenging situation and adapt to the changing needs of the global economy. The consolidated financial data is based on the Consolidated Financial Statements of PT Pan Brothers Tbk. and Subsidiaries, which were externally audited by Accounting Firm Amir Abadi Jusuf, Aryanto, Mawar & Rekan (an independent member of RSM International) as per the appointment of the Board of Commissioners during the Annual General Meeting of Shareholders held on August 27, 2020.
Before 2020, the Company has targeted net sales of USD 680 million in 2020. PBRX managed to exceed this target and maintain stable sales growth – recording net sales of USD 684,9 million in 2020, which grew 2,99% from USD 665.0 million in 2019. The main contributor of total net sales is the Garment segment of PBRX, which comprise 97% of total net sales as of 2020. The Company strives to achieve cost efficiency across the PBRX portfolio by ensuring that the growth in cost of goods sold (COGS) is lower than growth in sales. The Company recorded increase in net profit of USD 19,4 million in 2020, up 13,5% from USD 17,1 million in 2019.
Economic Performance
As of December 31, 2020, PBRX total assets amounted to USD 693,1 million, which grew 5.3% from USD 658,4 million in 2019. At the end of 2020, the Company recorded total liabilities of USD 412,9 million, which increased by 4.7% from USD 394.3 million in 2019.
Overall, PT Pan Brothers Tbk and Group’s economic performance has demonstrated resilience despite dramatic changes in the global economy. The Company was able to achieve stable and strong financial performance amid the recession and Covid-19 pandemic due to the Company’s responsiveness and proactiveness in forming initiatives that address the aforementioned challenges.
Financial Highlights Chart (In USD million)
Economic Value Generation, Distribution, Retention 2016-2020