With the Half-yearly Financial Statements and the Interim Management Report the issuer provides the capital market with information about the company in the course of the year.
Obliged are issuers
Briefly, this needs to be done:
This obligation is regulated in the General Terms and Conditions of Deutsche Börse AG for the Regulated Unofficial Market on Frankfurter Wertpapierbörse (GTC DBAG). In detail, the requirements result from
The Half-yearly Financial Statements have to cover, at least
The accounting standards applied to the Annual Financial Statements have to be applied to the condensed Financial Statements as well.
The Interim Management Report has to explain, at least
Consolidated or individual Financial Statements
Issuers under the legal obligation of group accounting have to transmit their consolidated Half-yearly Financial Statements and their group Interim Management Report in order to comply with the requirements set forth in the GTC DBAG. In these cases, the publication of the individual Reports alone is neither required nor sufficient.
In case that group accounting is not obligatory, the transmission of the individual Half-yearly Financial Statements and the individual Interim Management Report is sufficient. However, if issuers voluntarily transmit their consolidated Reports, they do not have to transmit their individual Reports additionally.
Each issuer decides based upon the applicable law whether they are under the obligation of preparing consolidated Reports. Therefore, in case an issuer has its registered office in Germany, Sect. 290 et seq. of the German Commercial Code (HGB) refer to a possible group accounting obligation.
The Reports and the auditor’s certificate have to be transmitted either in German or in English.
The reports have to be transmitted via the ExchangeReporting System-interface (ERS).
The obligation becomes effective for the first time in the reporting or preparation period during which the Deutsche Börse AG decides on the inclusion.
The Half-yearly Financial Statements as well as the Interim Management Report have to be transmitted within four months following expiration of each financial half-year.
How does Deutsche Börse AG sanction violations of this follow-up obligation?
Deutsche Börse AG can impose a contractual penalty on the negligent issuer. The precise amount of the penalty imposed by Deutsche Börse AG depends in particular on the duration and extent of the violation and the significance of the violation for the capital market.
Deutsche Börse AG may also publish the penalty imposed, naming the issuer and the specific violation, on its internet site.
As a last resort, Deutsche Börse AG can terminate without notice the inclusion in Scale subsequent to the elapsing to no effect of a further deadline set by DBAG. The reason for termination is independent of culpability on the part of the issuer.
What contents have to be included in the condensed balance sheet and the condensed statement of profit and loss?
German law requires the condensed balance sheet and the condensed statement of profit and loss to display the captions and subtotals contained in the latest published Annual Financial Statements of the company. Additional items have to be inserted, if without these the condensed Financial Statements would present a misleading picture of the company’s net asset position as well as financial and profit situation.
Which statements have to be made in the condensed annex pursuant to German law?
Pursuant to German law, the annex has to contain the information needed to safeguard the comparability of the condensed Financial Statements with the Annual Financial Statements and to allow the assessment of significant changes and developments of individual items in the condensed balance sheet and the condensed statement of profit and loss in the course of the reporting period.
Does German law require the condensed Financial Statements to contain the condensed statement of changes in equity capital and the condensed cash flow statement?
Deutsche Börse AG recommends the additional inclusion of a condensed statement of changes in equity capital and a condensed cash flow statement. However, if accounting is performed pursuant to German law (HGB), these components are not binding for the condensed Financial Statements.
Does German law require figures of the previous year to be recorded in the condensed Financial Statements? Are there any exceptions?
Generally, the German law requires the condensed Financial Statements to encompass as comparative information the following additional information:
If the recommended additional components, that are the cash flow statement and the statement of changes in equity capital, are prepared, the following information should be added as comparative information:
However, Deutsche Börse AG will generally waive the comparative figures in the first Half-yearly Financial Statements and Interim Management Report to be transmitted following the IPO.
What contents an Interim Management Report pursuant to German law has to have?
Pursuant to German law, the Interim Management Report shall communicate, from the company management’s point of view, any and all information required to put a prudential addressee in the position to assess, based on the reporting covering the latest half year or year, respectively, a change in the company’s profit and financial situation and net asset position as well as a change in the company’s prospective development. The Interim Management Report has to be self-contained and comprehensible.
The structure shall be made clearly understandable by use of captions within the Interim Management Report. We recommend to use the structure of the latest (consolidated) Management Report as orientation for the information provided in the scope of the Interim Management Report.
Rule Enforcement
E-Mail: rule-enforcement@deutsche-boerse.com
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