Wiener Börse: Quarterly reports are now optional
VIENNA / Linz. Most companies listed in the top division are likely to continue to inform their investors.
The Vienna Stock Exchange relaxes the strict rules for first-mover companies.
The Vienna Stock Exchange circulates its leading companies, regardless of whether and how they publish quarterly reports. From now on, data for the first and third quarters can be omitted. Reports on the semester and the annual report are also mandatory.
"Together with their investors, companies can better judge what information they need in their industry," says the head of the Vienna Stock Exchange, Christoph Boshan. With this relaxation, Vienna is in harmony with other international stock markets such as the London Stock Exchange and the Swiss Stock Exchange.
The highest of the highest Austrian ATX values is voestalpine. There, the process will be examined, but it tends to "more modern forms of information," said Peter Felsbach, a spokesman for the company. The bureaucracy was very high in international comparison.
Lenzing fiber maker reacted to the first relief two years ago and cut the management reports. Now you will stay in the current format, says spokesman Waltraud Kaserer.
The Amag aluminum company has not finally decided on the future course of action. "We will continue to make a quarterly report, but to a lesser extent than before," says Director of Investor Relations Felix Demmelhuber. Similarly, firefighters Rosenbauer: "We will adapt the interim reports in form, but we will continue to present complete data in quarterly time periods," says Tiemon Kiesenhofer spokesperson. There will be restrictions on statements about market growth.
In the FACC aircraft supplier, Investor Relations Manager Manuel Taverne welcomes the loose regulation but will not apply it. Even Polytec car suppliers will change the existing line "why our investors want to keep up to date". Investor's representative Wilhelm Rasinger may live with the end of the tariff. (Sail / SIIB)
Advantages and disadvantages: Is the omission of the quarterly reports positive?
Josef Lehner, business writer
For many years, he has complained that business leaders are thinking too much in the quarters, because they are so prescribed. It is more important for them to do everything to shine every three months from thinking about the medium and long term development of the company. Because investors are punishing immediately and hard, if anything does not matter. The resulting price losses may also leave a deep mark on the remuneration of members of the Executive Committee. Of course, this objection can also be applied to the importance of annual reports, but ultimately everything has to be put on the table. Long-term thinking benefits businesses and the national economy.
The objection that quarterly reports have lost transparency to investors is not important. Profit alerts remain obligatory.
It is particularly important to eliminate bureaucracy and thus costs for companies.
Sigrid Brandstätter, business writer
Directors of listed companies want to tell the prospects for the rest of the financial year: For more than three months, they do not dare to predict this flight time. But investors who put their money exactly on these companies should be expected to have only half a year's picture of the details of the companies in each division?
Accounting systems enable day-to-day development monitoring. To support in this context additional costs are not fully understood. Without thinking about someone who does not want to hide such good developments: Transparency deserves only its name if it is kept constantly. The very core values provide another argument: those who are regularly informed do not have to fear undue fluctuations in prices at the end of the quarter.
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