press center press release

OUTOKUMPU AND FORTUM WINNERS IN COMPANY DISCLOSURE AND FINANCIAL REPORTS 2004 EVALUATION

Published

OUTOKUMPU AND FORTUM WINNERS IN COMPANY DISCLOSURE AND FINANCIAL REPORTS 2004 EVALUATION Outokumpu Oyj won the category for globally operating companies and Fortum Corporation the category for all listed companies in the Company Disclosure and Financial Reports 2004 evaluation. Stora Enso Oyj and Kesko Corporation were runners-up in the category for globally operating companies, and Stockmann Plc and Citycon Oyj in the category for all listed companies. The Company Disclosure and Financial Reports evaluation is organized by Helsinki Stock Exchange and the newspaper Helsingin Sanomat and evaluated the financial reports and stock exchange disclosures of Helsinki Stock Exchange 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-three listed companies participated in the contest held in 2004, nineteen of them in the category for globally operating companies and twenty-four 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 high standard of reporting. However, companies practicing deficient financial disclosure exist as well, noted Professor Pontus Troberg, chairman of the evaluation board. Category for globally operating companies Outokumpu Oyj was the winner among globally operating companies and very successful in all aspects of the evaluation. Among the many praiseworthy sections in Outokumpus annual report, good examples include reporting on the companys different business areas and operating environment, as well as a sensitivity analysis. The detailed analysis of the companys earnings in the financial reports provides the reader with precise information on the effect of individual factors on the overall result for the reporting period. Detailed information on the effects of the IFRS transition on Outokumpus financial reporting (in the 3rd interim report) is also worth mentioning. Stora Enso Oyj came second in the category for globally operating companies. The companys annual report, comprising three different volumes, is a comprehensive unity that serves different groups of investors well. The strengths of Stora Ensos annual report include readability and good reporting on segments and corporate responsibility. The third prize went to Kesko Corporation. The strength of Keskos annual report is ease of use. The companys open policy of disclosure, including regular reporting on sales development, provides investors with good facilities for evaluating the companys financial development. Category for all listed companies The winner in the category for all listed companies was Fortum Corporation. Noteworthy sections in the companys annual report include an illustrative presentation of the foundations of its operations and a detailed section on corporate governance. Fortums reporting is clear in other sectors as well. In particular, the information on the companys future outlook is consistent. Fortums financial statement information, including reporting on the IFRS transition and its effects, has no equal in the general division. The companys disclosure to investors has developed consistently in recent years. Second in this category was Stockmann plc. The companys annual report is comprehensive, and reporting on the development of its business areas is of a particularly high standard. A noteworthy strength of Stockmanns reporting is regular information on sales development disclosed as stock exchange releases. Citycon Oyj was third. The companys annual report clearly presents all the essentials. Among the sections of Citycons annual report, the descriptions of real estate investments and the companys management arrangements are worth mentioning. 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; Klaus Grönbärj, M.Sc. Econ.; Director, Investments Petri Kuusisto of Varma; Senior Advisor Päivi Räty of Confederation of Finnish Industries; Teija Sutinen, Head of the Financial Editorial Team of Helsingin Sanomat and President Jouni Torasvirta of Helsinki Stock Exchange. For further information, please contact: Chairman of the board Pontus Troberg, tel. +358 9 43 131 or member of the board Jouni Torasvirta, tel. +358 6166 7280 PDF

In This Story

Nasdaq Press Center

Read the latest press releases, request a press kit, and get in touch with our press team.

learn more