Additional guidance has been provided on the general disclosure obligation set out in paragraph 2 of the Listing Agreement.
Results Announcements, and Interim and Annual Reports
The following will apply for accounting periods ending on or after July 1, 2000 although earlier adoption is encouraged: In relation to income statements listed issuers must disclose cost of goods sold, interest on borrowings, depreciation/amortisation, profit (or loss) on the sale of investment and properties, and an analysis of turnover and profits by operating activity and by geographic segment. This additional information may be provided on the face of the income statement or in the notes to the financial statements.
Interim Reports should be reviewed by an issuer's auditors or audit committee and must include a balance sheet, income statement and a cashflow statement - each with comparatives - and a statement of movements in equity.
Interim results announcements must include an income statement, balance sheet, and Management Discussion and Analysis.
Preliminary announcements of annual results must either (i) include complete financial statements, an auditors' report and a Management Discussion and Analysis; or (ii) include an income statement, a Management Discussion and Analysis, and details of any qualification to or modification of the auditors' report, provided that information fully in compliance with all disclosure requirements and the full financial statements together with the auditors' report thereon are submitted to the Exchange for publication on its website.
Listed Financial Conglomerates are required to include additional financial information in their accounts in relation to their financial business similar to those of banking companies.
Annual results are to be announced and annual reports are to be sent to shareholders within four months of the financial year end.
Listing Documents and Circulars
Accountants' Reports in listing documents and circulars must now include balance sheets, income statements, cash flow statements and statements of movements in equity for each financial year or period covered by the accountants' report. These additional requirements will apply to: All listing applications, including very substantial acquisitions treated as new listing applications, where the advance booking Form A1 is dated on or after July 1, 2000; Major transactions and very substantial acquisitions, excluding those treated as new listing applications, where the latest period reported on in the accountants' report ends on or after July 1, 2000.
The General Disclosure Obligation
Additional Guidance has been provided on the general disclosure obligation set out in paragraph 2 of the Listing Agreement to require that disclosure be made in the following circumstances: Where there is major market upheaval in the industries, countries or regions where an issuer has significant operations or transactions, or significant changes in exchange rates of currencies that are key to its operations; or Where there is such a change in an issuer's financial condition or in the performance of its business or in the issuer's expectation of its performance that knowledge of the change is likely to lead to substantial movement in the price of its listed securities; or Where an issuer has committed significant resources to an activity which is a non-core business and this has not previously been disclosed.
The additional guidance on the general disclosure obligation is effective immediately. Reprinted pages of the Exchange Listing Rules will be distributed in due course.
