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Investor presentation
research
2016 results
Piotr Biernacki
Warsaw, Poland, 1.12.2016
Piotr Biernacki Marcin PiechotaJustyna Biernacka
Research done by:
For the 4th time we’ve done
a study of 140 largest
companies listed on the
Warsaw Stock Exchange
All companies of the WIG2...
Contents of the presentation
5
The majority of companies
prepare presentations
95%
78%
60%
WIG20 mWIG40 sWIG80
Are any investor presentations available...
Warning: the following results
relate only to companies that
publish their investor
presentations online
7
Almost everyone remembers to keep
their presentations up to date
100% 100% 96%
WIG20 mWIG40 sWIG80
Are the presentations...
8
Not everyone publishes presentations
in Polish
95% 88% 94%
WIG20 mWIG40 sWIG80
What percentage of companies publishes in...
9
And smaller companies lack
presentations in English
100% 91%
50%
WIG20 mWIG40 sWIG80
What percentage of companies publis...
4,8 4,3
2,6
WIG20 mWIG40 sWIG80
10
In 2015 we’ve published a little less
presentations that a year before
How many present...
41,4
27,9
16,6
WIG20 mWIG40 sWIG80
11
Archived presentations reach
about 6 years back
In total, how many presentations are...
4,1 3,7
2,6
WIG20 mWIG40 sWIG80
12
We use presentations mainly
at disclosure of financial results…
How many presentations ...
1,1
0,6
0,2
WIG20 mWIG40 sWIG80
13
… and only very rarely and less often to
communicate other issues
How many presentation...
14
Only every 5th company prepares a general
presentation, for example Equity Story
32% 28% 11%
WIG20 mWIG40 sWIG80
What p...
41,4
27,5 26,7
WIG20 mWIG40 sWIG80
15
The no. of slides in a presentation
hasn’t changed in the last year…
How many slides...
1,8
5,4
2,8
WIG20 mWIG40 sWIG80
16
… but presentations have increased
in size by 1/3 (midcaps even more)
What is the size ...
17
Large- and mid-caps try more often
to structure the presentations…
58% 66%
48%
WIG20 mWIG40 sWIG80
Does the presentatio...
18
… while small-caps slowly learn to use
appendices / back-ups…
63%
50%
23%
WIG20 mWIG40 sWIG80
Does the presentation inc...
11,5
5,1 6,1
WIG20 mWIG40 sWIG80
19
which are shorter by ¼ and take up
less then ¼ of the presentation
How many slides doe...
20
We’re still doing our best to not get sued
63%
47% 55%
WIG20 mWIG40 sWIG80
Does the presentations include a legal discl...
21
And we still prefer not to introduce
ourselves to the audience
16% 22% 9%
WIG20 mWIG40 sWIG80
Are the presenters introd...
22
Large-caps more often and small-caps
less often include any contact details…
84%
66%
48%
WIG20 mWIG40 sWIG80
Are there ...
23
… which we’re trying even harder then
before to keep not personalized
50%
39% 31%
WIG20 mWIG40 sWIG80
Does the presenta...
24
We assume even more then before that one
knows what is our company’s business
21%
44% 48%
WIG20 mWIG40 sWIG80
Is a busi...
25
Only large-caps talk about their
business in a macroeconomic context
58%
16%
9%
WIG20 mWIG40 sWIG80
Does the presentati...
26
All companies, especially mid-caps,
cease to talk about their markets…
79%
34%
48%
WIG20 mWIG40 sWIG80
Does the present...
27
… yet some of them learn how to assess
and quantify their market shares
26% 29% 21%
WIG20 mWIG40 sWIG80
Does the presen...
28
Profit&loss account is still the most
popular element of the presentation…
90% 84% 91%
WIG20 mWIG40 sWIG80
Does the pre...
29
… yet the balance sheet gains on popularity,
especially among small-caps…
47% 56%
68%
WIG20 mWIG40 sWIG80
Does the pres...
30
… while large- and mid-caps like
to present cash flow more and more
44%
56%
39%
WIG20 mWIG40 sWIG80
Does the presentati...
31
Larger companies assume more often that
their financial results are self-explanatory…
68%
47%
59%
WIG20 mWIG40 sWIG80
D...
3,4 3,4
3,1
WIG20 mWIG40 sWIG80
32
while mid- and small-caps tend to
present a deeper historical background
What is the nu...
33
We like to show visions of our future
as much as before…
68% 66% 59%
WIG20 mWIG40 sWIG80
Does the presentation include ...
34
yet we still avoid being specific about
future of the market we operate on
42%
9%
27%
WIG20 mWIG40 sWIG80
Does the pres...
35
Some large- and small-caps started to
forecast their financial results…
21% 9% 14%
WIG20 mWIG40 sWIG80
Does the present...
36
… and even twice as many companies
explain risks they’re facing
47%
13%
25%
WIG20 mWIG40 sWIG80
Are risk factors covere...
37
We’re still sure our audience understands
perfectly the language we speak
26% 6% 5%
WIG20 mWIG40 sWIG80
Does the presen...
38
… but small- and large-caps start using
a more simple language
58% 53%
25%
WIG20 mWIG40 sWIG80
Are there in the present...
39
We assume that presenting who is
managing the company is useless…
5%
9% 18%
WIG20 mWIG40 sWIG80
Does the presentation i...
40
… as well as explaining who actually
owns the company
11% 19% 23%
WIG20 mWIG40 sWIG80
Does the presentation include inf...
41
Permanently only every forth company tells
how it’s stocks perform on the market…
22% 26% 27%
WIG20 mWIG40 sWIG80
Does ...
42
… and we cease to help investors
assess the stocks’ performance
16% 22% 16%
WIG20 mWIG40 sWIG80
Does the presentation i...
43
There was a slight decline
in storytelling abilities in the last year
47%
34% 25%
WIG20 mWIG40 sWIG80
Are any storytell...
4,0
3,1 3,0
WIG20 mWIG40 sWIG80
44
In a 1-5 school grade scale we get a
(subjective) three plus (C+)
General subjective ev...
Visual design
of the presentation
46
As usual, someone forgot
to include their logo!
95% 100% 100%
WIG20 mWIG40 sWIG80
Does the presentation include the com...
47
Mid-caps tend to be less proud
of their brands and products
32% 22%
43%
WIG20 mWIG40 sWIG80
Does the presentation inclu...
48
Are we still ashamed of our employees?
11% 25% 14%
WIG20 mWIG40 sWIG80
Does the presentation include any pictures of em...
49
Mid- and small-caps remember
to illustrate their operations
42%
66% 68%
WIG20 mWIG40 sWIG80
Does the presentation inclu...
50
Mid-caps are trying more and more
to illustrate their presentations…
26%
59%
39%
WIG20 mWIG40 sWIG80
Does the presentat...
51
… and everyone is more brave
using larger photos
39% 34% 46%
WIG20 mWIG40 sWIG80
Does the presentation include pictures...
52
Almost everyone uses column
and bar charts
95% 97% 96%
WIG20 mWIG40 sWIG80
Does the presentation include any column or ...
53
Line charts are clearly becoming
less popular…
79% 72%
59%
WIG20 mWIG40 sWIG80
Does the presentation include any line c...
54
… which is why pie charts got to
place number two
78% 78%
66%
WIG20 mWIG40 sWIG80
Does the presentation include any pie...
55
Almost every large-cap uses
advanced chart types
84%
61%
46%
WIG20 mWIG40 sWIG80
Does the presentation include any adva...
56
Half of companies use other
infographic tools
58%
44% 55%
WIG20 mWIG40 sWIG80
Does the presentation include any other i...
3,1 3,0 3,3
WIG20 mWIG40 sWIG80
57
We slowly learn to stick to our corporate
identity guidelines
General subjective evalua...
58
Our presentations aren’t interactive at all
21% 3% 5%
WIG20 mWIG40 sWIG80
Does the presentation include active hyperlin...
59
Only one company in twenty care about
investor’s comfort in terms of reception
6% 9% 4%
WIG20 mWIG40 sWIG80
Is the pres...
3,2 3,3 2,8
WIG20 mWIG40 sWIG80
60
In a 1-5 school grade scale we get
a (subjective) three (C)
General subjective evaluati...
www.theideacraft.com
Thank you!
© PIOTR BIERNACKI, JUSTYNA BIERNACKA, MARCIN PIECHOTA
Graphical content of several authors...
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Investor presentation research study results 2016

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The presentation covers results of the 4th edition of an investor presentation research, done in 2016. The study, as in the previous editions, covered 140 largest companies listed on the Warsaw Stock Exchange (all companies of the WIG20, mWIG40 and sWIG80 indices). Authors of the research: Piotr Biernacki (founder of IDEAcraft), Marcin Piechota (Marcin Piechota Design Works) and Justyna Biernacka (founder of MATERIALITY). The results have been disclosed on 1 December 2016 during "Annual reporting trends" conference organized by the Polish Association of Listed Companies.

Veröffentlicht in: Wirtschaft & Finanzen
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Investor presentation research study results 2016

  1. 1. Investor presentation research 2016 results Piotr Biernacki Warsaw, Poland, 1.12.2016
  2. 2. Piotr Biernacki Marcin PiechotaJustyna Biernacka Research done by:
  3. 3. For the 4th time we’ve done a study of 140 largest companies listed on the Warsaw Stock Exchange All companies of the WIG20, mWIG40 and sWIG80 indices (of over a total of 400+ companies listed on the WSE) The most up-to-date annual results presentations were studied. In the 4th wave of the research (2016) we’ve compared results of the study to 2015. Slides lacking % o pp changes regard topics studied for the first time in 2016. The study and analysis were executed by Piotr Biernacki, Justyna Biernacka and Marcin Piechota (see last slide for further detail) Additional information: check the last (61.) slide of this presentation
  4. 4. Contents of the presentation
  5. 5. 5 The majority of companies prepare presentations 95% 78% 60% WIG20 mWIG40 sWIG80 Are any investor presentations available on the company’s website? 70% -1pp -3pp +1pp +5pp
  6. 6. Warning: the following results relate only to companies that publish their investor presentations online
  7. 7. 7 Almost everyone remembers to keep their presentations up to date 100% 100% 96% WIG20 mWIG40 sWIG80 Are the presentations available on the website up-to-date? 98% +35pp +43pp+31pp+10pp
  8. 8. 8 Not everyone publishes presentations in Polish 95% 88% 94% WIG20 mWIG40 sWIG80 What percentage of companies publishes investor presentations in Polish on their websites? 92% +1pp +2pp+1pp~
  9. 9. 9 And smaller companies lack presentations in English 100% 91% 50% WIG20 mWIG40 sWIG80 What percentage of companies publishes investor presentations in English on their websites? 73% -14pp -24pp -9pp ~
  10. 10. 4,8 4,3 2,6 WIG20 mWIG40 sWIG80 10 In 2015 we’ve published a little less presentations that a year before How many presentations has a company published in 2015? 3,5 -0,8 +0,2 -0,3 -0,3 Highest no. of presentations published in 2015: 13
  11. 11. 41,4 27,9 16,6 WIG20 mWIG40 sWIG80 11 Archived presentations reach about 6 years back In total, how many presentations are available on the website? 25,0 Highest total no. of presentations published: 82
  12. 12. 4,1 3,7 2,6 WIG20 mWIG40 sWIG80 12 We use presentations mainly at disclosure of financial results… How many presentations published in 2015 relate to financial results? 3,3 -8,6% +7,3% +1,2% +0,5%
  13. 13. 1,1 0,6 0,2 WIG20 mWIG40 sWIG80 13 … and only very rarely and less often to communicate other issues How many presentations published in 2015 relate to other issues? 0,5 -65,5% -21,9% +4,7% -29,1% Highest no. of presentations relating to other issues: 8
  14. 14. 14 Only every 5th company prepares a general presentation, for example Equity Story 32% 28% 11% WIG20 mWIG40 sWIG80 What percentage of companies publishes a general presentation for investors (equity story, investment presentation etc.)? 21%
  15. 15. 41,4 27,5 26,7 WIG20 mWIG40 sWIG80 15 The no. of slides in a presentation hasn’t changed in the last year… How many slides counts the latest annual results presentations? 30,1 +1,3%-6,3% -1,5% -2,2% Highest no. of slides in a presentation: 67
  16. 16. 1,8 5,4 2,8 WIG20 mWIG40 sWIG80 16 … but presentations have increased in size by 1/3 (midcaps even more) What is the size (in MB) of the latest annual results presentations? 2,6 +21,6% +55,9% -9,4% +33,5% Largest size of a presentation: 50,0 MB
  17. 17. 17 Large- and mid-caps try more often to structure the presentations… 58% 66% 48% WIG20 mWIG40 sWIG80 Does the presentation include agenda / content’s summary / tracker slides? 56% +1pp -22pp +23pp+14pp
  18. 18. 18 … while small-caps slowly learn to use appendices / back-ups… 63% 50% 23% WIG20 mWIG40 sWIG80 Does the presentation include a separated appendix / back-up section? 40% -1pp +5pp ~ -15pp
  19. 19. 11,5 5,1 6,1 WIG20 mWIG40 sWIG80 19 which are shorter by ¼ and take up less then ¼ of the presentation How many slides does the appendix / back-up section count? 7,1 -15,0%+0,3% -21,2% -24,6% Highest no. of slides in an appendix: 29
  20. 20. 20 We’re still doing our best to not get sued 63% 47% 55% WIG20 mWIG40 sWIG80 Does the presentations include a legal disclaimer slide? 54% -3pp +1pp-3pp -9pp
  21. 21. 21 And we still prefer not to introduce ourselves to the audience 16% 22% 9% WIG20 mWIG40 sWIG80 Are the presenters introduced or mentioned in the presentation? 15% -3pp -4pp +8pp -18pp
  22. 22. 22 Large-caps more often and small-caps less often include any contact details… 84% 66% 48% WIG20 mWIG40 sWIG80 Are there in the presentation any contact details at all? 61% +1pp -9pp +8pp +12pp
  23. 23. 23 … which we’re trying even harder then before to keep not personalized 50% 39% 31% WIG20 mWIG40 sWIG80 Does the presentation include a personal contact to any of the presenters or the company’s IR officer? 38% -15pp -12pp-15pp -17pp
  24. 24. 24 We assume even more then before that one knows what is our company’s business 21% 44% 48% WIG20 mWIG40 sWIG80 Is a business model / company profile included in the presentation? 41% -10pp -11pp-6pp -12pp
  25. 25. 25 Only large-caps talk about their business in a macroeconomic context 58% 16% 9% WIG20 mWIG40 sWIG80 Does the presentation include a macroeconomic overview? 21% -12pp -9pp-21pp -3pp
  26. 26. 26 All companies, especially mid-caps, cease to talk about their markets… 79% 34% 48% WIG20 mWIG40 sWIG80 Does the presentation include an overview of the market the company is operating on? 49% -27pp -19pp -44pp -15pp
  27. 27. 27 … yet some of them learn how to assess and quantify their market shares 26% 29% 21% WIG20 mWIG40 sWIG80 Does the presentation include the company’s quantified market shares? 24% +4pp +8pp +11pp-13pp
  28. 28. 28 Profit&loss account is still the most popular element of the presentation… 90% 84% 91% WIG20 mWIG40 sWIG80 Does the presentation include a profit&loss account? 88% ~ -1pp -5pp +12pp
  29. 29. 29 … yet the balance sheet gains on popularity, especially among small-caps… 47% 56% 68% WIG20 mWIG40 sWIG80 Does the presentation include a balance sheet? 60% +9pp +19pp -4pp+8pp
  30. 30. 30 … while large- and mid-caps like to present cash flow more and more 44% 56% 39% WIG20 mWIG40 sWIG80 Does the presentation include a cash flow statement? 45% +13pp +3pp +21pp +27pp
  31. 31. 31 Larger companies assume more often that their financial results are self-explanatory… 68% 47% 59% WIG20 mWIG40 sWIG80 Does the presentation include a commentary to the company’s financial results? 57% -5pp ~ -7pp -15pp
  32. 32. 3,4 3,4 3,1 WIG20 mWIG40 sWIG80 32 while mid- and small-caps tend to present a deeper historical background What is the number of periods (years, quarters etc.) presented in the presentation? 3,2 +14,0% +12,5%-0,6% +9,9%
  33. 33. 33 We like to show visions of our future as much as before… 68% 66% 59% WIG20 mWIG40 sWIG80 Does the presentation include information about the company’s strategy, operating goals or planned investments? 63% -5pp -8pp+1pp-9pp
  34. 34. 34 yet we still avoid being specific about future of the market we operate on 42% 9% 27% WIG20 mWIG40 sWIG80 Does the presentation include any forecast of market trends? 24% -5pp +4pp -16pp -8pp
  35. 35. 35 Some large- and small-caps started to forecast their financial results… 21% 9% 14% WIG20 mWIG40 sWIG80 Does the presentation include a financial results forecast / guidelines or any information on factors that may influence results in the future? 14% +3pp +9pp-8pp +10pp
  36. 36. 36 … and even twice as many companies explain risks they’re facing 47% 13% 25% WIG20 mWIG40 sWIG80 Are risk factors covered or mentioned in the presentation? 26% +3pp +2pp -1pp +14pp
  37. 37. 37 We’re still sure our audience understands perfectly the language we speak 26% 6% 5% WIG20 mWIG40 sWIG80 Does the presentation include a glossary or are difficult industry terms and unpopular indices explained in any other way? 9% +4pp -1pp+6pp +10pp
  38. 38. 38 … but small- and large-caps start using a more simple language 58% 53% 25% WIG20 mWIG40 sWIG80 Are there in the presentation any industry terms or other commonly unknown indices that aren’t explained (in a glossary or footnotes)? 41% -7pp -11pp ~-9pp
  39. 39. 39 We assume that presenting who is managing the company is useless… 5% 9% 18% WIG20 mWIG40 sWIG80 Does the presentation include a slide on the management / supervisory board and/or structure of the capital group? 13% -4pp -5pp -5pp ~
  40. 40. 40 … as well as explaining who actually owns the company 11% 19% 23% WIG20 mWIG40 sWIG80 Does the presentation include information on shareholders’ structure? 19% ~ ~-6pp+11pp
  41. 41. 41 Permanently only every forth company tells how it’s stocks perform on the market… 22% 26% 27% WIG20 mWIG40 sWIG80 Does the presentation include a stock price and shares turnover chart? 26% +3pp +2pp+4pp+5pp
  42. 42. 42 … and we cease to help investors assess the stocks’ performance 16% 22% 16% WIG20 mWIG40 sWIG80 Does the presentation include any capital market indices or any other information helping investors to assess the company’s situation? 18% -28pp -23pp-32pp -34pp
  43. 43. 43 There was a slight decline in storytelling abilities in the last year 47% 34% 25% WIG20 mWIG40 sWIG80 Are any storytelling (not just descriptive) titles used in the presentation? 33% -4pp +2pp-5pp -14pp
  44. 44. 4,0 3,1 3,0 WIG20 mWIG40 sWIG80 44 In a 1-5 school grade scale we get a (subjective) three plus (C+) General subjective evaluation of the presentation content: (in a Polish school grade scale of 1 (lowest) to 5 (highest)) 3,2 +13,6%+11,6% +11,8% +12,1% Number of minimum (1) grades attributed: 5
  45. 45. Visual design of the presentation
  46. 46. 46 As usual, someone forgot to include their logo! 95% 100% 100% WIG20 mWIG40 sWIG80 Does the presentation include the company’s logo? 99% ~ ~~~
  47. 47. 47 Mid-caps tend to be less proud of their brands and products 32% 22% 43% WIG20 mWIG40 sWIG80 Does the presentation include any logos of child companies or the company’s product or service brands? 34% -10pp ~ -28pp-2pp
  48. 48. 48 Are we still ashamed of our employees? 11% 25% 14% WIG20 mWIG40 sWIG80 Does the presentation include any pictures of employees or representatives (other than stock photos)? 17% -2pp -12pp +14pp -6pp
  49. 49. 49 Mid- and small-caps remember to illustrate their operations 42% 66% 68% WIG20 mWIG40 sWIG80 Does the presentation include pictures of its products, factories, installations or any other pictures related to its operational activities? 62% -3pp +2pp-9pp -2pp
  50. 50. 50 Mid-caps are trying more and more to illustrate their presentations… 26% 59% 39% WIG20 mWIG40 sWIG80 Does the presentation include any other pictures (also stock photos not related to its operational activity)? 43% ~ -10pp +17pp -3pp
  51. 51. 51 … and everyone is more brave using larger photos 39% 34% 46% WIG20 mWIG40 sWIG80 Does the presentation include pictures covering more then ¼ of the slide surface? 40% +12pp +20pp +2pp+9pp
  52. 52. 52 Almost everyone uses column and bar charts 95% 97% 96% WIG20 mWIG40 sWIG80 Does the presentation include any column or bar charts? 96% -2pp -4pp-3pp+6pp
  53. 53. 53 Line charts are clearly becoming less popular… 79% 72% 59% WIG20 mWIG40 sWIG80 Does the presentation include any line charts? 67% -20pp -31pp -7pp-15pp
  54. 54. 54 … which is why pie charts got to place number two 78% 78% 66% WIG20 mWIG40 sWIG80 Does the presentation include any pie charts? 72% +3pp -1pp +10pp~
  55. 55. 55 Almost every large-cap uses advanced chart types 84% 61% 46% WIG20 mWIG40 sWIG80 Does the presentation include any advanced charts (for example bridge or two-axis charts)? 59% +5pp +4pp +1pp +12pp
  56. 56. 56 Half of companies use other infographic tools 58% 44% 55% WIG20 mWIG40 sWIG80 Does the presentation include any other infographic elements (for example diagrams)? 52%
  57. 57. 3,1 3,0 3,3 WIG20 mWIG40 sWIG80 57 We slowly learn to stick to our corporate identity guidelines General subjective evaluation of the presentation’s consistency with its CI system: (in a Polish school grade scale of 1 (lowest) to 5 (highest)) 3,2 +24,8%+12,3%+8,4% +17,0% Number of maximum (5) grades attributed: 18
  58. 58. 58 Our presentations aren’t interactive at all 21% 3% 5% WIG20 mWIG40 sWIG80 Does the presentation include active hyperlinks (directing to content in the internet or other slides inside the presentation)? (y/y changes incomparable due to change in methodology) 7% (-49pp) -42pp-61pp(-46pp)
  59. 59. 59 Only one company in twenty care about investor’s comfort in terms of reception 6% 9% 4% WIG20 mWIG40 sWIG80 Is the presentation available in any other format than pdf (for example via an on-line player)? 6% -3pp ~-4pp-12pp
  60. 60. 3,2 3,3 2,8 WIG20 mWIG40 sWIG80 60 In a 1-5 school grade scale we get a (subjective) three (C) General subjective evaluation of the presentation’s visual design: (in a Polish school grade scale of 1 (lowest) to 5 (highest)) 3,0 +21,5% +27,7%+32,2% +25,9% Number of maximum (5) grades attributed: 8
  61. 61. www.theideacraft.com Thank you! © PIOTR BIERNACKI, JUSTYNA BIERNACKA, MARCIN PIECHOTA Graphical content of several authors is used in this presentation. No part of this presentation can be duplicated or used in any aim without the author’s consent, except for your own education. You can use the results of the research only referring to the source. In case of any questions regarding methodology of the research or any other issues, please feel free to contact us. www.marcinpiechota.plwww.materiality.pl If you are representative of a listed company and would like to learn what you could improve in your investor presentations, please contact us at info@theideacraft.com for a free consultation.

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