On 21 November 2023, the Board of Directors of Elisa Corporation approved this update to Elisa’s Disclosure Policy, effective from 22 November 2023.
Elisa's Disclosure Policy
Elisa Corporation is publicly listed on the Nasdaq Helsinki Major Companies list. In its communications, Elisa complies with Finnish and EU legislation, the Rules of the Exchange issued by Nasdaq Helsinki, regulations and guidelines issued by the Finnish Financial Supervisory Authority, as well as the company's corporate governance principles. Elisa complies with the Finnish Corporate Governance Code as recommended by the Securities Market Association.
The objective of Elisa's financial and investor communications is to support the process of establishing the correct value of Elisa's shares by providing the capital market with sufficient, accurate and up-to-date information about the development of the company's business, its strategy and its financial position.
This Elisa Disclosure Policy describes the key principles that Elisa follows when communicating to the capital market.
Elisa discloses information about its financial position following a schedule announced in advance. The dates for publishing the periodic information are announced through a stock exchange release before the next financial period begins.
The information disclosed in Elisa’s interim reports, half-year reports and financial statements reports includes the result of the performance of the business and its financial position and their development, important events and business transactions and their impacts, a description of the principal risks and uncertainties, as well as the outlook. The financial information and key indicators are provided at Group and segment levels. If relevant information related to these matters is to be disclosed between interim reports, half-year reports or financial statements reports, it is published according to the Rules of the Exchange.
Elisa annually discloses its financial statements and Board of Directors' report as well as its sustainability report, remuneration report and corporate governance statement. The consolidated financial statements include the parent company, Elisa Corporation, and those subsidiaries where the parent company holds, either directly or indirectly, a voting right of over 50 per cent of voting rights based on the shares or where the parent company otherwise has a controlling interest.
Elisa observes a silent period of 21 days before the publication of financial results information when communicating with the capital markets. Exceptions to this rule are the Annual General Meeting, if held during the silent period, and the publication of any stock exchange release regarding a significant business event. Elisa never communicates matters regarding undisclosed financial statements or interim reports.
Rumours and information leaks
Elisa does not comment on market rumours or the views expressed by individual analysts, nor does the company produce consensus forecasts. However, the company may consider publishing a stock exchange release in order to correct rumours or substantially incorrect information if these may have a material impact on the company's share price. If inside information regarding Elisa has been leaked to the public domain, Elisa will publish a stock exchange release regarding the matter.
Elisa issues a profit warning without undue delay if it is likely that the company's expected financial result, the development of its financial position or its future outlook materially deviate from what the company has previously announced. The decision to issue a profit warning is taken by the Board of Directors or the CEO.
IR and media contacts
Elisa actively maintains contact with representatives of the capital markets and the media, and responds without delay to any queries from investors, analysts and the media.
Elisa's centralised IR function manages contact with investors and analysts, and coordinates meetings and events (IR service: email@example.com). Elisa's Communications unit coordinates contact requests from the financial and general media (media service: firstname.lastname@example.org).
Elisa's financial information is communicated only by the CEO, CFO, IR Director and Group Treasurer. Elisa has named persons who can issue statements for other media communication as well.
Elisa holds a conference every quarter for investors and analysts in connection with results publications. Elisa has meetings with investors after the financial statements, half-year report and the interim reports.
The persons responsible for Elisa's financial and investor communications meet investors and analysts constantly throughout the year, both in Finland and abroad. The aim of the meetings is to provide background information about Elisa and its operating environment. The investor and analyst meetings and events are based on information already announced by Elisa or publicly available in the market, and no unpublished information is presented at them that may have a material impact on the value of Elisa's share price. Information on the analysts following the company is available on Elisa's investor website.
Elisa also arranges Capital Markets Days for investors and analysts. The recordings and presentations of the Capital Markets Days are available on the company's website.
Releases, channels, distribution and availability
Elisa uses stock exchange releases, investor news, press releases and the company's own website for publishing information. The main source of up-to-date financial information is elisa.com/investors.
Finnish is the official language for communications. All stock exchange releases and investor information are also published in English.
Stock exchange releases and investor news
The matters to be published by stock exchange releases include financial statements, half-year reports, interim reports, notices and resolutions of AGMs, material changes taking place in the financial and future outlooks, share issues, dividends, significant acquisitions or investments, as well as decisions by public authorities and share-based incentive schemes. Any changes regarding the company's Board of Directors, Corporate Executive Board or auditor are also announced in a stock exchange release.
Elisa also announces as soon as possible inside information regarding Elisa in a stock exchange release. Inside information is information of a precise nature that has not been made public, that relates to Elisa's shares or other financial instruments, and that, if it were made public, would be likely to have a significant effect on the prices of those shares or other financial instruments. This information may be e.g. information about significant changes in the financial position and future prospects, share issues, dividend distributions, material business acquisitions, investments and decisions of the authorities. Elisa may delay disclosure to the public of inside information provided that the lawful conditions for such a delay are met.
Additionally, Elisa announces in a stock exchange release transactions made by persons discharging managerial responsibilities or persons closely associated with them relating to Elisa shares or debt instruments, or to derivatives or other financial instruments linked to Elisa shares or debt instruments.
Elisa delivers stock exchange releases simultaneously to Nasdaq Helsinki and major media, parties registered on Elisa's release distribution list and the company's website.
Elisa publishes as investor news information relevant to investors that is not published as a stock exchange release.
Stock exchange releases and investor news are approved by the CEO, CFO, IR director or Group Treasurer of Elisa. The release is issued by the IR function.
Press releases are used to announce Elisa-related matters that do not meet the criteria for stock exchange releases but are deemed to be of value as news items. Press releases can be published internationally, nationwide or regionally, and they are also published on Elisa's website.
Press releases are approved by the member of the Corporate Executive Board responsible for the subject matter and published by Communications.
Other investor or analyst material
Financial statements reports, half-year reports and interim reports are published on the website and in a live conference (in English). The records and presentation materials are available on the website after they have been published.
Elisa's stock exchange releases are available on the company's website for at least five years from their publication. The Nasdaq Helsinki is responsible for archiving the stock exchange releases in a nationwide archive.
Stock exchange releases and press releases can be ordered from www.elisa.fi.
Elisa has crisis communication instructions in place for exceptional situations. If the exceptional situation is of material significance to investors, a release concerning the matter will be published, either as a stock exchange release or a press release, as the situation requires.
When required, Elisa's CEO can issue further instructions for the practical implementation of the Disclosure Policy, and the CEO has the right to deviate from the policy for weighty grounds in individual cases, when this can be done within the constraints of law and regulations.