Europe Quarterly reports

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1

I can see that it’s mentioned a few times that it’s common that European companies reports only semi annual, in my experience it’s not common, only small companies on the alternative exchanges would report semi-annual?!

I did a screen with “interimmonths(0)=6” and of the Northern European markets. The 5 largest companies in my screen-result all reports Quarterly.

WCH:DEU - Financial Reports - Wacker Chemie AG
G24:DEU - Financial Reports & Presentations - Scout24
AKER:NOR - https://www.akerasa.com/en/investors/financial-reports-presentations/interim-reports
EKT:DEU -Financial reports | Energiekontor AG
VIH1:DEU - Investor Relations – VIB – PART OF DIC

2

The “quarterly reports” of these companies do not include full financial statements like their semiannual reports do. Compare, for example, this semiannual report https://www.scout24.com/media/scout24/Investor_Relations/Berichte_und_Praesentationen/2022_EN/220809_S24_H1_Report_EN.pdf to this quarterly report https://www.scout24.com/media/scout24/Investor_Relations/Berichte_und_Praesentationen/2022_EN/230504_Scout24_IR_Bericht_EN.pdf

3

If you look at AKER BP, second largest Oil Company listed in Norway. For sure they report quarterly - I can see Q1 at Morningstar AKRBP - Aker BP ASA Financials & Balance Sheets - XOSL | Morningstar

EDIT

Saw now it was the wrong AKER company, to many of them now :-/

4

I’m not seeing much in terms of the quarterly reports that aren’t also semiannual. Take a look at Q1 2022 https://akerasa.ams3.cdn.digitaloceanspaces.com/interim-reports/Aker-ASA-Q1-2022-Report.pdf and compare that to Q2 2022 https://akerasa.ams3.cdn.digitaloceanspaces.com/images/Aker-ASA-Q2-and-half-year-2022-Report.pdf You’ll see that in Q2 pp 19-22 there are detailed financial statements: income statement, balance sheet, cash flow statement, and statement of changes in equity. None of that is in Q1.

5

Its me again with data quality question. It was unlikely for me that European large corps report financials every 6 months. I checked German exchange, Deutsche Börse AG.

My conclusion is that DB1:DEU publishes Balance Sheet and Income Statement on quarterly basis. But p123 (or Factset) offers only semi-annual update. Please correct me if I’m wrong.

Deutsche Börse AG published Q3 report on October 18, 2023 with total assets: €m 270,398.2, but in p123 the most current total assets (AstTotQ) is €m 286,778.91 (published on July 25, 2023)

I can notice that Deutsche Börse AG does not provide cash flow statement for example in Q3 but most of BS / IS data are updated. Is there any reason why p123 or Factset does not provide us with most recent sales/net income for Q3 once it has been published ?

reports: Deutsche Börse Group - Interim reports

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6

We’ll look into this and get back to you shortly.

7

In Germany it’s mandatory to release quarterly statements or reports. Factset appears to only include the Reports not the Statements in in their database. So it looks like about 30% of the companies do only report semi annual.

https://www.deutsche-boerse-cash-market.com/dbcm-en/primary-market/being-public/ipo-line-being-public/regulated-market/!ipo-21956-60156

8

FactSet’s reply:

As Per FactSet Fundamentals collection methodology, A financial report that does not have a Balance Sheet is NOT considered as complete time series for review and should not be processed those documents and also Financial reports that only contain the company’s highlights are considered incomplete and should NOT be processed those documents.
On checking the given company, Quarterly documents are reported with limited financial data compared to Semi-Annual data. Hence, this company (DB1-DE) is considered as a Half-year reporting company.

Personally, I find this answer problematic, but I’m not in a position to change FactSet’s policies.

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