# Asking for annual reports from investor relations



## viciam (20 January 2015)

Hi guys,

Recently I requested the hard copies of 2008 - 2013 annual reports to be sent out to me from a certain company based in Ukraine. The response I got from their IR was this:

"Dear Sir

Thank you for your letter and interest in our company.

Would you please introduce yourself and inform us why do you require hard copies of our Annual reports.

Thank you in advance!"

I can't help but think they are trying to hide something by asking me who I am and why I want them? OR is this quite normal for the company to ask the person requesting the annual reports why they want them and who they are.

Anyone who has experience this before? 

Thanks in advance guys


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## burglar (20 January 2015)

*Re: Asking for annual reports from IR relations*



viciam said:


> ... Anyone who has experience this before? ...




I believe the Ukraine is at war with Russian separatists!


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## viciam (20 January 2015)

*Re: Asking for annual reports from IR relations*



burglar said:


> I believe the Ukraine is at war with Russian separatists!




I am aware of this lol. 

Now I got a response back saying they don't have any annual reports printed. Is this normal too? It was in response to my reply to them saying I need it for normal due diligence as I am interested in investing in the company 

"Dear Sir,

Unfortunately we do not have any annual reports in hard copies available due to the fact that as a rule we do not have them printed at all. We used to print 2011 and 2013 annual reports in small circulation and they are no longer available.

We rely on your understanding and will be glad to answer all the questions you may have.

Kind regards,

IR"

Guys is this normal?


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## burglar (20 January 2015)

*Re: Asking for annual reports from IR relations*



viciam said:


> I am aware of this lol ...




Do you have a secret wish to lose money?

Why not invest closer to home?


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## viciam (20 January 2015)

*Re: Asking for annual reports from IR relations*



burglar said:


> Do you have a secret wish to lose money?
> 
> Why not invest closer to home?




Lol! No I have a secret wish to make money!

But dude...what to make of this annual report nonsense?


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## pixel (21 January 2015)

*Re: Asking for annual reports from IR relations*



viciam said:


> Lol! No I have a secret wish to make money!
> 
> But dude...what to make of this annual report nonsense?




Like Burglar suggested, making money "closer to home" may be easier. The reason -

Supervision and regulation of reporting standards are arguably more stringent than in a war-torn country.
Reports by Australian companies are composed in English. (But I concede you may be able to read Ukrainian and/or Russian.)
While I have never found a need to ask for back copies in paper format, I have on occasion looked back in companies' electronic archives and found that most Australian companies keep historic reports and announcements for a reasonable period of time on their websites. 
Alternatively, Have you tried the ASX website?
For example: http://www.asx.com.au/asx/statistics/announcements.do?by=asxCode&asxCode=tls&timeframe=Y&year=2001


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## viciam (21 January 2015)

*Re: Asking for annual reports from IR relations*



pixel said:


> Like Burglar suggested, making money "closer to home" may be easier. The reason -
> 
> Supervision and regulation of reporting standards are arguably more stringent than in a war-torn country.
> Reports by Australian companies are composed in English. (But I concede you may be able to read Ukrainian and/or Russian.)
> ...




I'm aware of the risks guys...I just want the annual report hard copies as I find it easier to have them side by side to read and compare. I can't do that on the computer. Plus I look at the screen at work all day...Prefer to read of a book.


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## burglar (21 January 2015)

*Re: Asking for annual reports from IR relations*



viciam said:


> Lol! No I have a secret wish to make money!
> 
> But dude...what to make of this annual report nonsense?




Nonsense it is. 
But it is not under your control!


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## viciam (21 January 2015)

*Re: Asking for annual reports from IR relations*



burglar said:


> Nonsense it is.
> But it is not under your control!




But is it common for public listed companies to not have annual reports printed? Even in the US, Europe or Aus


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## burglar (21 January 2015)

*Re: Asking for annual reports from IR relations*



viciam said:


> But is it common for public listed companies to not have annual reports printed? Even in the US, Europe or Aus




In Australia, you get a choice. Fell a tree for printed copy or Email!


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## coolcup (21 January 2015)

Why don't you just ask them to email them to you and you can have them printed?


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## waimate01 (21 January 2015)

*Re: Asking for annual reports from IR relations*



viciam said:


> ...I just want the annual report hard copies as I find it easier to have them side by side to read and compare. I can't do that on the computer. Plus I look at the screen at work all day...Prefer to read of a book.




File.... Print, then click OK.

You're welcome


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## viciam (22 January 2015)

*Re: Asking for annual reports from IR relations*



waimate01 said:


> File.... Print, then click OK.
> 
> You're welcome




It is a lot of paper and ink...not to mention the time it will take to print 5 annual reports


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## needsajet (22 January 2015)

FWIW, I've never had this problem and have always received them quickly and without question. The few IR people I've worked with were very proud of their year-end publication and happy to hear from someone who wants their nice shiny booklet!


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## luutzu (2 February 2015)

*Re: Asking for annual reports from IR relations*



viciam said:


> It is a lot of paper and ink...not to mention the time it will take to print 5 annual reports




Just tell them you represent a GROUP of investors and WE are very interested in the company.

Email it to the CEO... pretty sure he'll ask the IR people to print and express it to you pronto.

I think the first question they asked was to know who you are and if it's worth their time to crank up the printer during wartime for a curious looker.


Ukraine huh?


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## switesh (12 March 2015)

*Re: Asking for annual reports from IR relations*



luutzu said:


> Ukraine huh?




Speaking of Russia reminds me of this hilarious anecdote I read on pg 241 of 'The Manual of Ideas':

"_We recall an anecdote told by a value investor who had met with a Russian management team at their headquarters. The investor quizzed them on why the company, given its low stock price, had raised expensive equity capital when cheaper debt financing would have been available. “What do you mean?” wondered the CEO in disbelief. “Equity capital is free. We never have to pay it back!” While perhaps unique in the sincerity with which it was communicated, this view seemed rather prevalent among Russian executives._"

I cracked up real bad. Still gives me the giggles 

Scan the number of companies that issue stock on a low valuation - blissful ignorance by the CEO, expensive joke for the shareholders.


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## tinhat (12 March 2015)

*Re: Asking for annual reports from IR relations*



switesh said:


> Speaking of Russia reminds me of this hilarious anecdote I read on pg 241 of 'The Manual of Ideas':
> 
> "_“What do you mean?” wondered the CEO in disbelief. “Equity capital is free. We never have to pay it back!”._"




Priceless. Especially once it's been "pi$$ed up against the wall" (to borrow from Sir Les Paterson).

"Business, that's easily defined - it's other people's money." -attributed to Peter Drucker


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## luutzu (12 March 2015)

*Re: Asking for annual reports from IR relations*



switesh said:


> Speaking of Russia reminds me of this hilarious anecdote I read on pg 241 of 'The Manual of Ideas':
> 
> "_We recall an anecdote told by a value investor who had met with a Russian management team at their headquarters. The investor quizzed them on why the company, given its low stock price, had raised expensive equity capital when cheaper debt financing would have been available. “What do you mean?” wondered the CEO in disbelief. “Equity capital is free. We never have to pay it back!” While perhaps unique in the sincerity with which it was communicated, this view seemed rather prevalent among Russian executives._"
> 
> ...




Often it's easier to fool investors than bankers, especially when you give them back some of their money and call it dividends, special dividends... then show them again how much cash your company got after they lent it to you.

I saw an Australian company where the yield and the share price really leap out at me. The figures are great, the margins and returns all impressive... just there might not be any more projects next three years. They just raised a bunch of cash from "sophisticated investors" - the institutionalised - and yet also pay out a bunch of dividends and special dividends.

I might be wrong about its intention but man, just too good to be true.


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