Tuesday, 7 March 2017

United Plantations: annual report but no Q4? (2)

On i3investor's website one kind person commented on this matter and pointed at the right paragraph.

The relevant text can be found in part 3 of the annual report of United Plantations, page 176 (PDF page 37):

Hmmm, not sure what to think about this.

On one side, I am all in favour of making things relatively easy for listed companies, we don't want good quality listed companies to delist or unlisted companies not to IPO because of the huge amount of compliance and/or reporting.

On the other side, I am rather surprised about not giving the 4th quarter results separately. The company anyhow will have the relevant numbers. Analysts and interested investors who want to (and actually: should) scrutinize the quarterly numbers now have to use the Q3 numbers and the annual numbers to come up with the P&L and CF numbers for the Q4 numbers. Also, no relevant comments specific to the Q4 results will be given.

Anyhow, one condition is that the full financial report has to be announced within two months, not many companies will be able to comply with that, hence they have to announce the Q4 financials still the old fashioned way.


  1. Some Swiss companies release their annual report on the day of their result (and well inside two months of the period end)! Looking at UP's annual report, it's not overly surprising they can get it out quickly... Agree that the lack of 4Q results detail does not help anyone

  2. isn't it better to hv a full year's audited report than a guessing Q4 report?

  3. Sure, but even better would be Q4 (if audited even better) plus full year (audited). A lot of analysts and investors look at the quarterly numbers for their ratio's etc.