- The document is an investor presentation analyzing 140 of the largest companies listed on the Warsaw Stock Exchange. It examines the contents and visual design of annual investor presentations published by these companies on their websites. - Some key findings include that 95% of companies publish investor presentations online, with nearly all keeping them up-to-date. However, only about half provide personal contact information for investors. - In terms of visuals, nearly all companies include their logo but fewer include photos of employees or products. Charts are commonly used, with bar and column charts being most popular, while line charts are declining in popularity.

1. Investor presentation
research
2016 results
Piotr Biernacki
Warsaw, Poland, 1.12.2016

2. Piotr Biernacki Marcin PiechotaJustyna Biernacka
Research done by:

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. Contents of the presentation

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. Warning: the following results
relate only to companies that
publish their investor
presentations online

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
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
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. 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. 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. 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. 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
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. 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. 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
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
… 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. 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
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
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
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
… 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
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
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
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
… 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
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
… 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
… 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
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. 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
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
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
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
… 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
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
… 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
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
… 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
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
… 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
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. 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. Visual design
of the presentation

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
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
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
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
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
… 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
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
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
… 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
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
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. 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
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
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. 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

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Thank you!
© PIOTR BIERNACKI, JUSTYNA BIERNACKA, MARCIN PIECHOTA
Graphical content of several authors is used in this presentation.
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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
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