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The Company Disclosure and Financial Reports evaluation organized by HEX and the newspaper Helsingin Sanomat evaluated the financial reports and stock exchange releases of HEX listed companies, especially from the point view of market participants that utilize the information. The contest promotes open and consistent disclosure of information by companies, and stimulates general interest in their content and quality.
Forty-nine listed companies participated in the contest held in 2003, twenty of them in the category for globally operating companies and twenty-nine in the category for all listed companies.
"Disclosure of information by the companies participating was very helpful to various user groups. The margins between the globally operating companies were small, especially between the prizewinners. There were companies in both categories that were not prizewinners but did have a very high standard of reporting," noted Professor Pontus Troberg, chairman of the evaluation board.
Category for globally operating companies
Stora Enso Oyj was the winner among globally operating companies and very successful in all aspects of the evaluation. Stora Enso's annual report comprises three separate volumes that form an excellent entity. Among many commended aspects, the excellent segmental reporting, information about business operations development and reporting on personnel, environmental issues and corporate social responsibility were praised. Interim reports and company disclosure complement the investor communications of Stora Enso.
Outokumpu Oyj, which came second in the category for globally operating companies, was praised for its very well presented reporting about the company's various business areas. The detailed analysis of results in the company's financial reports provides precise information for readers about how individual factors had affected the overall performance during the reporting period. Aspects of Outokumpu's informative annual report that were praised included coverage of corporate governance and the management system.
Kesko Corporation came third in this category. The strengths of Kesko's annual report that were highlighted included the reporting on environmental issues and corporate social responsibility. The regular reporting on sales and good monitoring of the company's business environment give investors essential information for evaluating the company's financial performance.
Category for all listed companies
The winner in the category for all listed companies was Stockmann Plc. Its reporting was in all respects clear and easy to read. There was consistent coverage of prospects for the company and comparison of the actual performance with the company's earlier statements. Providing background information to company disclosures makes it easier for the reader to evaluate the effects of individual factors on the overall performance.
Second in this category was Nokia Tyres Plc. Its annual report was commended for being clear in reporting of the fundamentals of business operations. The many graphics supplementing the texts made the annual report easy to read.
Sampo Plc was third. Its annual report was commended for among other things its detailed coverage of corporate governance. The financial reporting is very comprehensive and detailed, providing investors a lot of data for analysis. The good standard of communications also includes clear company disclosure.
Evaluation board
The chairman of the board of this evaluation was Professor Pontus Troberg of the Helsinki School of Economics and Business Administration. The other members were Senior Partner Hannu Angervuo of Fides Asset Management; Executive Vice President Mika Björklund of HEX Integrated Markets; Klaus Grönbärj, M.Sc. Econ.; Director, Investments Petri Kuusisto of Varma; Senior Advisor Päivi Räty of TT and Teija Sutinen, Head of the Financial Editorial Team of Helsingin Sanomat.
