Elisa Corporation Board of Directors has approved 6 May 2019 this
update to Elisa’s Disclosure Policy effective from 7 November 2019.
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 Financial Supervisory
Authority, as well as the company's own principles of corporate
governance. 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 which 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 and financial
statements reports include the result of the performance of the
business, the financial position and their development, important events
and business transactions and their impacts, a description of the
principal risks and uncertainties as well as outlook. The financial
information and key indicators are given at Group and segment levels. If
relevant information of these matters is to be disclosed between
interim reports, it shall be published according to the Rules of the
Elisa discloses its financial statements and Board of Directors'
report as a part of its annual report. 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 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 capital market.
Exceptions to this rule are Annual General Meeting, if held during the
silent period, and publishing of a 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 they
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, development of its
financial position and future outlook materially deviate from what the
company has previously published. 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
market and the media and answers without delay any queries by investors,
analysts and the media.
Elisa's centralised IR function manages contacts with investors and analysts and coordinates meetings and events (IR service: firstname.lastname@example.org). Elisa's Communications coordinates contact requests from the financial and general media (media service: email@example.com).
Elisa's financial information is communicated only by CEO, CFO, IR
director and Group treasurer. Elisa has named persons to issue
statements for other media communications as well.
A teleconference is organised quarterly for investors and analysts in
connection with interim reports. Elisa has meetings with investors
after the financial statements 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. No matters are discussed in these
meetings that would have a material impact on the share value and that
has not been published.
Elisa organises also Capital Market Days for investors and analysts.
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
Stock exchange releases and investor news
The matters to be published by stock exchange releases include
financial statements, interim reports, notices and resolutions of AGMs,
material changes taking place in financial and future outlooks, share
issues, dividends, significant acquisitions, 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 publishes as soon as possible inside information regarding
Elisa in a stock exchange release. Inside information is information of
a precise nature, which has not been made public, relating to Elisa's
shares or other financial instruments, and which, 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 can 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 authorities. Elisa
may delay disclosure to the public of inside information provided that
the lawful conditions for delay are met.
Additionally Elisa publishes in a stock exchange release transactions
made by persons discharging managerial responsibilities, as well as
persons closely associated with them, relating to Elisa shares or debt
instruments or to derivatives or other financial instruments linked
Elisa delivers the 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 relevant information to the investors that is not published as a stock exchange release.
The stock exchange releases and investor news are approved by 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 which do
not meet the criteria for stock exchange releases but are deemed to be
of value as news items. Press releases can be published 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
Other investor or analyst material
Interim reports are published on the website and in a live
teleconference (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
Stock exchange releases and press releases can be ordered from www.elisa.com
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 CEO has the right
to deviate from the policy for weighty grounds in individual cases when
it can be done within the constraints of laws and regulations.