Value reporting

Value Reporting ist eine auf die Bedürfnisse des Kapitalmarktes ausgerichtete externe Unternehmensberichterstattung (teilweise auch als Value Based Reporting oder Shareholder value Reporting bezeichnet). Ziel einer derartigen Berichterstattung im Rahmen eines wertorientierten Controlling ist eine Verbesserung der Progno-sequalität bezüglich der zukünftigen Unternehmensentwicklung sowie eine Verringerung der Volatilität des Aktienkurses, was sich in geringeren Renditeforderungen der Eigenkapitalgeber niederschlägt.
In this way, successful value reporting at listed companies makes a direct contribution to the operational and strategic management of the increase in value of shareholders' assets. Value reporting is therefore to be understood as part of the shareholder value concept.
Obwohl die am Capital market ablaufenden Preisbildungsprozesse sowie die Qualität der dabei erfolgenden Informationsverarbeitung bislang nicht vollständig geklärt sind, ist davon auszugehen, dass eine „faire“ Reflexion des Unternehmenswertes durch den Aktienkurs an einen umfassenden Informationsstand der Marktteilnehmer geknüpft ist.

The company itself is the most important source of information by providing the capital market with relevant information as part of its investor relations. In the context of investor relations measures, external corporate reporting, in particular by means of annual and interim reports, has an outstanding position. The core is traditionally the data of external accounting (financial accounting) in the form of balance sheet, profit and loss account, notes and management report.

In the case of the publicity instruments mentioned, there has recently been a clear further development in the direction of more comprehensive, capital market-oriented corporate reporting (business reporting), which is expressed in an increasing focus on cash flows and market prices as well as various extensions of content, such as more comprehensive segment information. In particular, the Anglo-American accounting standards US Generally Accepted Accounting Principles and International Accounting Standards are considered to be trend-setting and are increasingly influencing other systems of standards. Nevertheless, there are limits to the further development of external accounting due to objectification requirements and the immanent reference to the past.

This results in the need to supplement traditional accounting instruments with suitable additional information that enables the capital market to make accurate forecasts with regard to the company's future returns and their risk exposure, since this data represents the relevant values in fundamental valuation models. In particular, the following report content must be included in a comprehensive value reporting:

Total return reporting, with regard to the actual value creation at shareholder level through information on price development, dividends, subscription rights, etc.,

Value added reporting, regarding the increase in value at company level through information on value-oriented corporate management based on suitable key figures,
Strategic Advantage Reporting, regarding the company's future potential for value growth through information on goals, company and environment analyzes, strategies and measures.

Overall, this results in an expansion of reporting to include soft, difficult-to-quantify issues. Intangible assets such as brands, know-how, customer relationships and the like are particularly important. which are barely comprehensible using traditional reporting instruments, but are of great relevance for determining company value (intangible assets).

However, the benefits of the value-adding effect of successful value reporting are offset by the costs of more extensive information acquisition, processing and publication as well as the potential disadvantages of disclosing business information. The optimal scope of value reporting must therefore be determined on the basis of the greatest possible increase in value that can be achieved overall through such corporate reporting.

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