Investor Relations

SEVEN KEYS TO SUCCESSFUL INVESTOR RELATIONS 65executives if the information is inadequately released to the media. Thereare many examples of embargoes being broken, intentionally or inadvertently,while the executives are still liable for the information, along withthose in attendance at the meetings during which the sensitive informationwas disclosed.2.5.2 Periodic DisclosureInformation disclosure is often broken down into the followingcategories:Periodic disclosure requirements. In general, periodic informationrefers to all documents which, according to regulations, must be publishedand registered at specific dates and intervals when companiesannounce earnings or financial transactions, and hold annual generalmeetings.Ongoing disclosure requirements. They correspond to any otherinformation that can have a material impact on the price of securities,on the decision of an investor, and which must be made public in a continuousmanner.2.5.2.1 Financial accounting informationAccording to most laws and accounting standards in effect, this includesobjective data, facts, and figures relating to the company. These constitutethe financial statements that will be have to be audited, approved by theshareholders, and filed with the financial authorities. Their publication issubject to legal obligations and deadlines. Reference must always be madeto previous comparable accounting periods, possibly covering two to fiveyears. The main reporting periods in financial accounting informationinclude the following: Financial statements. The figures presented, along with accountingaggregates from the income statement and balance sheet, often take intoaccount changes in the scope of consolidation. In this case, a distinctionmust be made between sales at comparable structure and reported figures.Analysts also demand data at comparable exchange rates, if the companytrade in various currencies. Companies may release preliminary earningsbefore the annual meeting gives final approval of the year’s audited financialstatements. In some countries, the law enables companies to releasesales for the fiscal year before their full earnings. There may be a lag ofseveral weeks or months between the two, reflecting the complexity of