Velkommen til DIRF medlemsmøde 20. november IR Best Practice

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Thea Graversen
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1 Velkommen til DIRF medlemsmøde 20. november 2012 IR Best Practice

2 Agenda IR Best Practice Kl Resultat af analytiker spørgeskemaundersøgelse v/ Pernille Friis Andersen, DIRFs Best Practice udvalg Kl IR Best Practice - set med analytikerens øjne v/ Lars Topholm, Head of Research, Carnegie Kl IR i praksis hos Carlsberg v/ Peter Kondrup, Vice President, IR, Carlsberg 2

3 Resultat af analytikerspørgeskema 24 analytikere har svaret, heraf 17 fra Danmark 3

4 Forretningsindsigt er langt den vigtigste IR kompetence 4

5 IR skal kunne svare på spørgsmål og være til rådighed 5

6 Telefon og er vigtigste kontaktredskaber 6

7 Kvart- eller halvårlige møder med analytikeren 7

8 Roadshows hvert kvartal 8

9 Ledelsen skal deltage minimum hvert halve år 9

10 Sociale medier benyttes ikke af analytikerne i dag 10

11 Proaktiv adfærd kan øge analysedækningen. 11

12 men money talks i relation til prioritering 12

13 Selskaber fremhævet ifm. højt service niveau Which companies deliver Best Practice in terms of service level: A.P. Møller - Maersk Carlsberg Chr. Hansen Coloplast Diageo DSV FLSmidth GN Store Nord Lundbeck Nordea Novo Nordisk Novozymes William Demant SAB Miller Swedbank Topdanmark Tryg Vestas 13

14 Hurtig respons er afgørende Within which time frame do you expect to receive response to requests sent to IR departments Varies in each case - depending on request Right away as a rule of thumb Same day Preferably sooner than 24 hours 14

15 Proaktiv adfærd er ønskværdig Do you expect the IRO of the companies you cover to act proactively towards analysts and if yes, in which situations? try to educate to make better forecast and understand the business drivers e.g. on sector events where no company specific release is issued If I write something wrong release of clinical data at either conferences and/or scientific journals 15

16 Transparens ønskes i relation til roadshows Information wanted in relation to roadshow allocation? What the criteria for getting a roadshow is A detailed timetable Disclosure on webpage about city, date and broker. Put schedule on webpage incl. broker name 16

17 Kvartalsrapporter og direkte dialog er vigtigste kilder til information 17

18 Årsrapporten er vigtig for de fleste analytikere Which segments of the annual report are the most important? Notes to the annual accounts Overview of the reported numbers and guidance P&L appendix Accounts 1. Business strategy 2. Expectations for the future 3. Risks 1. Accounts, 2. Notes, 3. Risks Notes and Results by segments None - the annual report is not that important. 1. Financial Statements, 2. Notes, 3. MD&A Operations discussion 1.Strategic review, 2. outlook, 3. financials 18

19 Excel regneark på hjemmesiden er god service Do you make use of excel downloads from companies websites? Reported numbers P&L and B/S Presentations and earnings releases Quarterly reporting (P&L, segments etc.), In some cases industry statistics, Divisional and quarterly breakdowns All reported data in a very consistent format 19

20 Selskaber fremhævet ifm. højt informationsniveau Which companies deliver Best Practice in terms of information level? Ambu AstraZeneca A.P. Møller - Maersk Bavarian Nordic Carlsberg Chr. Hansen D/S Norden DSV FLSmidth Genmab Novozymes Novo Nordisk Sampo Schouw & Co. Swedbank Topdanmark Tryg Vestas 20

21 Gode råd i relation til informationsniveau What could companies in general do better in terms of information level? Increase interaction Give more detailed information similar to Swedbank Provide honest unfiltered commentary Annual capital market days Report quarterly earnings at 8.00 CET Listen to analysts and look at peers and see what the are doing - look for best practice Consistency in communication re earnings guidance, capex plans, assumptions for external drivers More proactive towards analyst Increased transparency on product revenues Comment on the specific quarter and not year-to-date Divide growth into organic, acquisitions/disposals and currency 21

22 IR Best Practice handler om tilgængelighed, vidensniveau og hurtighed What makes an IR department stand out as Best Practice? Knowledge and proactive General available, good speaking partner with a high level of knowledge and short response time. Clear guidance and knowledge of the company/sector. Level and detail of information. Active management of market expectations. 1. Honesty (no information 'spin') 2. Availability 3. Company and industry competence Quick response, access to answers directly or indirectly Continous contact with the market and educating analysts in the best possible way for what concern numbers and trends The best IR guy knows when to refer an issue to someone else in the organistaion. The bad IR guy is guessing if he doesn't know, and often we can spot it. An IR that is guessing from time to time is useless. Fair allocation of road shows. Transparent accounts. Help with industry issues 22

23 og om adgang til ledelsen, industriel indsigt og ærlighed What makes an IR department stand out as Best Practice? Availability, ability to answer questions, ability to provide access to executive management Availability and willingness to investigate and revert with answers quickly Reliable, consistent, fast High industry knowledge and being proactive Broad understanding of the industry and where the company is positioned presented in understandable and transparent manner Giving frequent access to management; securing roadshow allocation to local specialist brokers rather than big bracket firms; make sure communication is on the specific quarter and not year-to-date Clear, honest and fast communication 23

24 IR kvaliteten i DK virksomheder er på niveau med eller bedre end internationale peers 24

25 Konklusion 1. Den direkte dialog og kvaliteten heraf er helt afgørende i analytikernes vurdering af IROs. 2. Indsigt i forretningsgrundlaget, tilgængelighed og hurtighed er helt grundlæggende forudsætninger i relation til best practice 3. Elektronikken skal være på plads, men de gode gamle travere er fortsat vigtige: maksimalt fokus på kvartalsrapporter og årsrapport 4. Holdning kan skabes og dækning kan øges - nøglen ligger i proaktiv adfærd, forudsat der kan leveres likviditet og flow. 5. De store er de bedste (et spørgsmål om ressourcer og prioritering?) 6. Dansk IR er på internationalt niveau eller endda lidt højere. 25

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