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How are German SDAX and TecDAX companies dealing with the publication of full year results?

Constituents of Germany's SDAX and TecDAX will compete for the awareness of similar investors. Is there a common approach to provide transparency around full year financials? This report looks at how SDAX and TecDAX constituents handle the publication and communication of full year results.

Market Practice

Is there a consensus approach to communicating full year results in the SDAX and TecDAX?


Competition for investor awareness

Listed companies compete for the awareness of similar investors. The publication of results plays a key role in creating transparency and engaging with investors and shareholders.

Good and accessible communication will not only consider the content but also the format and timing of presenting financial results.

Special role of full year financials

Full year results play a special role in the reporting cycle. The requirement for publishing audited results and an extensive annual report is time-consuming. Auditor availability and often strained internal resources require good planning and strong project management skills.

Index constituents are required to publish the annual report within 90 days of the cut-off date. But even after 90 days, the past year can look very distant and investor attention has already shifted to how the first quarter has performed and the challenges ahead.

Unless a company manages to issue audited full year financials relatively early in the year, it seems prudent to plan the publication of stable preliminary financials with the necessary depth and use the occasion to engage with investors and analysts.

No uniform approach

We have taken a look at how the 93 constituents of Germany’s SDAX and TecDAX deal with the publication of full year financials according to the companies’ published financial calendars.

Our analysis shows that there is no consensus approach to the financial calendars, the scheduled publication of preliminary figures or whether or not preliminary financials are followed up by an official investor and analyst call.

Approach to publishing prelims

Around 70% of companies in the SDAX and TecDAX report preliminary business figures. 44% of these companies provide detailed information. 

The proportion of companies disclosing preliminary financial figures for the fiscal year is higher in the SDAX than in the TecDAX. While 73% of SDAX companies provide this information, only 60% of TecDAX companies do.

The opposite is true for the presentation of results, as around 37% of TecDAX companies host phone or video conferences for research analysts and investors, compared to around 24% of SDAX companies. More than half of the companies prefer to present after the release of the audited financial statements. 

A more detailed analysis

Download the full report which examines the degree of detail in the published communications, as well as the role of phone and video conferences in the announcement of preliminary business figures. The analysis also takes into account the publication dates of the financial statements. The extent of communication is compared to the market capitalization of the reporting companies.

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Picture of Max Gerber

Max Gerber

Max is Curator of Customer Success and Customer Development at ACCNITE. Max started his professional career as a sell-side equity research analyst where he focused on listed real estate companies in the DACH-region. During his time in equity research Max lead the coverage of 8 companies. His responsibilities included various deal-related situations including IPOs and capital increases. Together with C-Levels and IROs he met investors on roadshows globally. Following his tenure on the sell-side, Max switched sides to become an IRO himself for a German mid-cap company. His day to day tasks comprised institutional investor engagement where Max represented his company at numerous conferences and events. Further responsibilities included the organisation of the AGM, coordination of annual and quarterly reports and peer group or market analyses. Max holds an M.A. in International Business and Finance and is a certified Real Estate Economist from the International Real Estate Business School. As disciplined strength athlete he knows what it means to set the bar high.

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