Investor Relations

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IMPLEMENTING BEST PRACTICES IN INVESTOR RELATIONS 933.4 DEVELOPING THE FINANCIALCALENDARFinancial calendars are planned to comply with legal deadlines for financialinformation disclosure, of which the main categories revolve around thefollowing (see table 3.3):Quarterly, interim, and full-year revenue and earnings announcements;Annual general shareholders meetings.3.4.1 Who Prepares the Financial Calendar?Listed companies must comply with certain regulatory deadlines for disclosingfinancial information, failing which they may get into trouble with marketauthorities: Indeed, these listed companies sometimes make a point inissuing a press release listing the companies that have not respected theirobligations to release full-year earnings before a certain date. Bearing thesedeadlines in mind and knowing that they are more likely to be shortened thanextended, companies can then develop their Investor Relations calendars. Itis best to work backward and begin as far as possible in advance—ideally atleast one year ahead of time.Under the coordination of the IR department, different players must beinvolved in this planning process:Internal legal department. It knows what kind of information mustbe disclosed and by when, factoring in the board meetings held toapprove the annual and half-yearly, in some cases quarterly, financialstatements, convene the AGM, and so on.Financial reporting and consolidation. They will dictate by whenconsolidated data and financial statements will be available and validatedby the statutory auditors. Operations division managers. The Investor Relations team will wantto have enough of their time to discuss the past performances of theirrespective divisions, the outlook for the future, and possibly, involvethem in Investor Relations events such as an analyst day. Corporate communications. This department will inform the InvestorRelations team of its own schedule of events and media stories: managementinterviews, special features on technology, participation to majorconferences, trade show appearances, and so on.The chief of staff, that is, the president or the CEO . The IRO will beable to look at management’s schedule and block out dates for earningspreparation and investor meetings, for instance.
Table 3.3 Sample Financial Calendar for Fiscal Year Ending December 31stFIRST QUARTER CommentsJANUARY FEBRUARY MARCH Depending on regulations and theS M T W T F S S M T W T F S S M T W T F S1 2 3 4 5 6 7 1 2 3 4 1 2 3 48 9 10 11 12 13 14 5 6 7 8 9 10 11 5 6 7 8 9 10 1115 16 17 18 19 20 21 12 13 14 15 16 17 18 12 13 14 15 16 17 1822 23 24 25 26 27 28 19 20 21 22 23 24 25 19 20 21 22 23 24 2529 30 31 26 27 28 26 27 28 29 30 31Event Communication channelsFull-year earnings Press release Presentation Conference call Shareholder letter Consolidated financialstatements Annual reportRoadshows Press conference amount of time required to produceconsolidated financial statements,they company may report its full-yearsales and earnings at the same timeor separately Depending on its IR strategy and legalrequirements, the issuer may includefinancial advertising in its financialcommunications Some large groups publish theirannual report at the same time astheir consolidated financial statements Issuers that report quarterly earningsannounce their fourth-quarterlyresults simultaneously with theirfull-year earnings Given the large number of companiesthat report their results closetogether, roadshows should notbe organized immediately after thereporting season in order to avoidcongested institutional investors’schedules.94
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INVESTOR RELATIONS
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Investor RelationsPrinciples and In
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ContentsList of IllustrationsIntrod
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CONTENTSvii3.3 Understanding Market
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CONTENTSix4 Measuring The Value Of
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IntroductionAll things being equal,
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INTRODUCTIONxiiion the primary mark
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CHAPTER 1Competing forCapitalBringi
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COMPETING FOR CAPITAL 3FoundersShar
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COMPETING FOR CAPITAL 5attract and
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COMPETING FOR CAPITAL 7OfferDemandS
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COMPETING FOR CAPITAL 9are robust e
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COMPETING FOR CAPITAL 11 Develop an
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COMPETING FOR CAPITAL 13image long
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COMPETING FOR CAPITAL 15ensure that
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COMPETING FOR CAPITAL 17The company
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COMPETING FOR CAPITAL 19will benefi
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COMPETING FOR CAPITAL 21Because deb
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COMPETING FOR CAPITAL 23Pre-IPOEsta
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SEVEN KEYS TO SUCCESSFUL INVESTOR R
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Page 58 and 59: SEVEN KEYS TO SUCCESSFUL INVESTOR R
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IMPLEMENTING BEST PRACTICES IN INVE
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MEASURING THE VALUE OF INVESTOR REL
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Resources6.1 The CEO Investor Relat
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RESOURCES 1736.3 Earnings Presentat
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RESOURCES 175Today’s investor day
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RESOURCES 1776.5 Investor Relations
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RESOURCES 179Your commitment to sen
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D-7 Audit committee meetingFinal ro
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Indexaccounting standards, 35, 57,
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INDEX 185disclosure, 2, 9, 11, 44,
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INDEX 187investor relations - conti
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INDEX 189risk, 4, 6, 38, 54, 72, 87
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