investor relations in a contemporary, digital culture
TRANSCRIPT
INVESTOR RELATIONS IN A CONTEMPORARY, DIGITAL CULTURE
A case study of FLSmidth’s financial communication situation and the
introduction of a new communication technology
Author: Anna Mølgaard Hansen Cand.ling.merc. Master’s thesis
Pages: 74
Characters (incl. spaces)/normal pages: 179.837/79 Spelling: British English
Supervisor: Henrik Køhler Simonsen
Department of International Business Communication (IBC)
Copenhagen Business School May 2013
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Content Abstract (in Danish) ................................................................................................................. 4
List of illustrations ................................................................................................................... 5
List of appendices .................................................................................................................... 5
1. Introduction ......................................................................................................................... 6 1.1. Introduction to thesis topic and motivation ................................................................................................ 6 1.2. Problem area and definition ........................................................................................................................ 8 1.2.1. Research questions .............................................................................................................................................................. 8 1.2.2. Hypothesis ................................................................................................................................................................................ 9
1.3. Project delimitations ................................................................................................................................... 9 1.4. Definitions ................................................................................................................................................ 10 2. Methodology ..................................................................................................................... 11 2.1. Philosophy and theory of science ............................................................................................................. 11 2.2. Methodological approach ......................................................................................................................... 12 2.2.1 The interpretation of meaning – Phenomenology ............................................................................................... 13 2.2.2. The role of the researcher -‐ Hermeneutics ............................................................................................................. 13
2.3. Research design ........................................................................................................................................ 14 2.3.1. Methods and data collection ........................................................................................................................................ 15
2.4. FLSmidth as a case study .......................................................................................................................... 20 3. Theory................................................................................................................................ 22 3.1. Theoretical approach ................................................................................................................................. 22 3.2. The communication situation .................................................................................................................... 24 3.2.1. Model of a communication situation ........................................................................................................................ 24
3.3. Social construction of technology ............................................................................................................. 29 3.3.1. Descriptive model of SCOT ............................................................................................................................................. 30
3.4. Media Richness Theory ............................................................................................................................ 33 3.4.1. Message complexity .......................................................................................................................................................... 34 3.4.2. Media richness .................................................................................................................................................................... 36
3.5. Strategy of analysis ................................................................................................................................... 38 4. Analysis & Discussion ........................................................................................................ 39 4.1. FLSmidth’s communication situation ....................................................................................................... 39 4.1.1. Sender ..................................................................................................................................................................................... 39 4.1.2. Receiver .................................................................................................................................................................................. 41 4.1.3. Context ................................................................................................................................................................................... 43 4.1.4. Genre ....................................................................................................................................................................................... 44 4.1.5. Medium .................................................................................................................................................................................. 48 4.1.6. Code ......................................................................................................................................................................................... 49
4.2. Social construction of mobile communication ......................................................................................... 50 4.2.1. Relevant social groups .................................................................................................................................................... 51 4.2.2. Stabilisation process ........................................................................................................................................................ 59 4.2.3. Technological frame ......................................................................................................................................................... 60
4.3. Message complexity and media richness .................................................................................................. 61 4.3.1. Complexity of FLSmidth’s communication messages ........................................................................................ 61
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4.3.2. Media richness of mobile communication .............................................................................................................. 65 4.3.3. Effective communication ................................................................................................................................................ 67
4.4. Discussion of findings and results ............................................................................................................ 68 4.5. Recommendations and future implications for FLSmidth ........................................................................ 70 5. Conclusion ......................................................................................................................... 72
6. Perspective ........................................................................................................................ 74
References ............................................................................................................................. 76
Appendices 1-11 .................................................................................................................... 81 Question guide in Danish ................................................................................................................................. 82 Question guide in English ................................................................................................................................ 85 Transcript for interview 1 ................................................................................................................................ 88 Transcript for interview 2 .............................................................................................................................. 109 Transcript for interview 3 .............................................................................................................................. 123 Answers to questionnaire 1 ............................................................................................................................ 136 Answers to questionnaire 2 ............................................................................................................................ 138 Answers to questionnaire 3 ............................................................................................................................ 141 Answers to questionnaire 4 ............................................................................................................................ 145 Communication models of Jakobson (1979), Frandsen et al. (2002) and Ditlevsen et al. (2007) ................. 148 Page view statistics of www.flsmidth.com .................................................................................................... 150
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Abstract (in Danish) Dansk titel: Investor Relations i en nutidig, digital kultur – et casestudie af FLSmidths finansielle
kommunikationssituation og introduktionen af en ny kommunikationsteknologi
Den løbende udvikling af nye kommunikationsteknologier opfordrer hele tiden virksomheder til at
reevaluere deres digitale kommunikationsindsats og –strategier. Denne afhandling undersøger, hvordan
mobilkommunikation relaterer sig til FLSmidths nuværende kommunikationssituation og den potentielle
implementering af et nyt kommunikationsmedium. Dette afdækkes via en analyse baseret på tre integrerede
teoretiske fokusområder. Først analyseres det, hvad der konstituerer FLSmidths kommunikationssituation ud
fra klassisk kommunikationsteori af Roman Jakobson (1979), Frandsen et al. (2002) og Ditlevsen et al.
(2007). Hernæst bliver det analyseret, hvad der konstituerer mobilkommunikation med udgangspunkt i
Wiebe E. Bijkers teori om socialkonstruktion af teknologi (1987). Tredje del af analysen anvender
resultaterne fra de to første dele og analyserer med afsæt i Richard L. Dafts og Robert H. Lengels medieteori
(1983), hvordan FLSmidths finansielle budskaber matcher mobilkommunikations kapacitet til at facilitere
forståelse.
Problemformuleringen søges besvaret på baggrund af et social konstruktivistisk, fænomenologisk og
hermeneutisk metodisk og empirisk grundlag. En central modtagergruppe af FLSmidths
investorkommunikation, finansanalytikerne, undersøges kvalitativt, og til at understøtte dette kvalitative
empirigrundlag anvendes en mængde empirisk materiale af kvantitativ karakter i form af allerede udfærdiget
rapporter, spørgeskemaundersøgelser og analyser.
Afhandlingen konkluderer på baggrund af teoretisk fundament og empiriske beviser, at mobilkommunikation
ikke er et anvendeligt medium til investorkommunikation og dermed som en del af FLSmidths
kommunikationssituation. På baggrund af FLSmidths position som en børsnoteret virksomhed og den
foranderlige karakter af virksomhedens finansielle position og udvikling konkluderes det, at FLSmidths
finansielle budskaber er komplekse og derfor primært kræver medier, der kan facilitere personlig uddybelse,
diskussion og forståelse mellem afsender og modtager – krav mobilkommunikation som medium ikke kan
leve op til. Mobilkommunikations utilstrækkelighed, hvad dette angår, påvirker de undersøgte
finansanalytikere, der foretrækker medier, der tillader interaktion og opfølgning.
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List of illustrations Illustration 2.1: Approach to methodology (created for the purposes of this thesis with inspiration from John
Kuada, 2012, p. 58)
Illustration 3.1: Theoretical framework (created for the purposes of this thesis)
Illustration 3.2: Model of a communication situation (created for the purposes of this thesis)
Illustration 3.3: Descriptive model of SCOT (created for the purposes of this thesis)
Illustration 3.4: Integrated equivocality and uncertainty framework (created for the purposes of this thesis
with inspiration from Daft & Lengel, 1986, p. 557)
Illustration 3.5: Media richness hierarchy (adopted by Lengel & Daft, 1988, p. 226)
Illustration 3.6: Strategy of analysis (created for the purposes of this thesis)
Illustration 4.1: Example of investor communication genre analysis (created for the purposes of this thesis)
Illustration 4.2: Relevant social groups (figure created for the purposes of this thesis)
Illustration 4.3: Screen shots of regular and zoomed in view of financial data table on smart phone
Illustration 4.4: Screen shots of page view statistics of www.flsmidth.com from 2011 and 2012
Illustration 4.5: FLSmidth’s communication message complexity
Illustration 4.6: Mobile communication placed in the media richness hierarchy
List of appendices Appendix 1: Question guide in Danish
Appendix 2: Question guide in English
Appendix 3: Transcript for interview 1 (Danish)
Appendix 4: Transcript for interview 2 (Danish)
Appendix 5: Transcript for interview 3 (Danish)
Appendix 6: Answers to questionnaire 1 (Danish)
Appendix 7: Answers to questionnaire 2 (Danish)
Appendix 8: Answers to questionnaire 3 (English)
Appendix 9: Answers to questionnaire 4 (English)
Appendix 10: Communication models of Jakobson (1979), Frandsen et al. (2002) and Ditlevsen et al. (2007)
Appendix 11: Page view statistics of www.flsmidth.com
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1. Introduction In the present chapter, thesis topic and motivation are introduced. Hereafter, the problem area and definition
are presented along with a number of research questions and a hypothesis. Following on this, project
delimitations and a list of definitions essential to the context of this thesis are offered.
1.1. Introduction to thesis topic and motivation
As a result of the pace at which we see technology develop today, companies are constantly presented with
new ways of communicating with their stakeholders. New communication technologies evolve quickly and
continuously, and as they do, requirements and expectations of companies’ communication evolve as well.
As one theorist summarises the development: “Today we are in the middle of a new media revolution”
(Manovich, 2001, p. 19). Following this line of thought, most would agree on the direction communication
technology is moving today: The future is digital. New media theorists argue that the Western world has
developed from a print culture through an electronic culture to a digital culture – a digital culture which is
constituted by emerging sets of values, practices and expectations about how individuals and organisations
ought to communicate and interact (Deuze, 2006, p. 63).
Working in the Corporate Communications and Investor Relations department in one of Denmark’s biggest
companies, FLSmidth, myself, it is the corporate aspect of digital communication technology application that
lures my attention. The 21st century’s digital culture, which FLSmidth is embedded in, is primarily based on
a worldview of networks that centres on people’s increasing use of the Internet. Significant to this digital
culture, and heavily related to people’s explosive use of the Internet, is the phenomenon of mobile
communication1. Mobile communication constitutes the major trend of mobile devices2 increasingly being
used to access information – information which would otherwise be accessed via a computer. Currently, 1.2
billion people worldwide are mobile web users – the equivalent of 17% of the world’s population. From
2011 to 2012 alone, the number of mobile web users doubled, and it is expected that by 2015 the number of
mobile web users will have outgrown the number of desktop web users (CultureLabel, 2012, 24 Feb.). More
than 300,000 mobile applications are currently available trough Apple’s App Store alone and have been
downloaded 10.9 billion times so far. The number of downloads is expected to increase to 76.9 billion by
2014 (MobiThinking.com, 2012, Dec.). Thus, the development in mobile communication adoption and
1 For a definition of mobile communication, please see the section 1.4 on Definitions. 2 For a definition of mobile devices, please see the section 1.4 on Definitions.
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embracement can hardly be ignored. Consequently, FLSmidth, currently not engaging in mobile
communication, is in the process of evaluating the application opportunities of this technology for the
purposes of its investor communication, taking into consideration its financial communication agenda as a
listed company as well as the requirements of its stakeholders, all dependent on the information FLSmidth
discloses.
Leading the movement and co-constructing of the trend of mobile communication in business society today,
is the concept of “mobile first” as originally presented by Luke Wroblewski (2011a). From a technical point
of view, he states that companies should design their web experiences for mobile devices before designing
for desktop and laptop computers. This is argued to force organisations to sharpen content and messaging in
their web experiences as a whole and, at the same time, prepare them for the explosive growth and new
business opportunities the revolution of mobile communication arguably will continue to bring about. The
concept of mobile first is permeating the world of business communication getting CEO of Google, Eric
Schmidt, to declare: “The simple guideline is whatever you are doing – do mobile first” (Wroblewski,
2011b, 21 Feb.) and CTO of Adobe, Kevin Lynch, following up, stating: “We really need to shift to think
about mobile first… This is a bigger shift than we even saw with the personal computer revolution”
(Wroblewski, 2010, 27 Oct.).
Now, let’s turn to the case of FLSmidth. It is a listed company, listed on the NASDAQ OMX Copenhagen
stock exchange, currently operating in more than 50 countries with employees and external stakeholders in
all corners of the world. At the heart of FLSmidth’s corporate communication efforts lies the function of
Investor Relations (IR). The department of Corporate Communications and IR manages FLSmidth’s
interaction with the owners of the company, that is, its current investors and shareholders, as well as
potential investors and shareholders, financial analysts and financial journalists. In my department, there is
an ongoing discussion of whether we should embrace the trend of mobile communication, and if so, how.
Key to this discussion is the fact that FLSmidth is a listed company, placing certain legal requirements on
and expectations to what and when FLSmidth has to communicate certain information about certain
activities and developments of the company, corporate governance and financial results. The company’s
position as a listed company results in a very interesting communication situation: Not only are very specific
demands placed on the company by Danish and European legislation, but FLSmidth also has to cater to a
very demanding group of financial communication receivers, expecting certain requirements to be fulfilled
by FLSmidth in terms of information specifics, timing and accessibility. It is the challenges provided by this
specific communication situation in the context of the option to engage in mobile communication that drive
my motivation for exploring this in-depth.
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Further contributing to my motivation to research the case of FLSmidth’s communication situation in this
light is a recent survey conducted by the Danish Investor Relations Society (DIRF). This study shows that
46.7% of Danish and international financial analysts prefer to get IR information via telephone
conversations, where 31.1% prefer it via email (Dansk Investor Relations Forening, 2012, p. 6). These
numbers show that a significant part of this particular target group prefer traditional forms of communication
to cover their information needs. This only adds to the complexity of FLSmidth’s communication situation,
as it indicates that creating the best possible lines of communication might not be as simple as placing future
attention and resources on the development of mobile communication alone.
Though we keep the DIRF survey in mind, one thing is still certain; when a new communication technology
offers itself both to FLSmidth and its entire audience, it leaves the company in a new communication
situation where it is necessary to analyse the relationship between message content, sender/receiver
characteristics and the new mobile communication medium. The set expectations of FLSmidth’s
communication efforts held up against a new communication technology creates, for me, a highly
noteworthy and fascinating setting for the strategic aspects FLSmidth has to consider regarding how to
communicate now and in the future.
1.2. Problem area and definition
The ongoing development of new communication technologies leaves companies having to continuously re-
evaluate their digital communication efforts and strategies. How do we wish to communicate? Where do we
wish to communicate? And last but not least, how do we communicate as effectively as possible? How these
questions are answered, and not least the planning that goes into finding the answers to these questions,
present a challenge to every company and have contributed greatly to the idea generation of this thesis.
The purpose of this thesis is therefore to examine:
How does the new communication technology, mobile communication, relate to FLSmidth’s current
communication situation and the potential adoption of a new communication medium?
1.2.1. Research questions
The following research questions have been created in order to work structurally with the problem definition
and the implications it entails:
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1. What constitutes FLSmidth’s communication situation, and what defines each of the constituents
making it up?
2. What constitutes the new communication technology, mobile communication?
3. How does FLSmidth’s financial communication messages match mobile communication’s capacity
to facilitate understanding?
1.2.2. Hypothesis
Accepting the argument that the western world currently is embedded in a digital culture that prompts
companies to constantly evaluate how to communicate and embrace new communication technologies, the
following hypothesis has been created:
In order to communicate effectively in a contemporary, digital culture, FLSmidth should optimise its investor
communication to mobile devices.
1.3. Project delimitations
Working with the case of FLSmidth and the potential adoption of the new communication technology of
mobile communication to its communication situation in the context of this thesis and in relation to the
research questions as set out above, a number of related, and to a certain degree obvious, aspects of the area
of research have been carefully disregarded and omitted in order to create a defined and focused frame of
analysis. Hence, this thesis does not include an analysis of the economic aspects and considerations of
adopting a new communication technology in the case of FLSmidth. Costs and Return on Investment (ROI)
related to pursuing a communication strategy that includes the optimisation of current digital, financial
communication to mobile devices are therefore not discussed. Considering the economic and cost-related
aspects of any communication project is of course essential to any modern, professional company. The ROI
related to optimising FLSmidth’s digital, investor communication by expanding it to mobile devices should
be compared to that of other potential projects which could be initiated instead in order to optimise
FLSmidth’s financial communication, before implementing any changes. However, the focus of this thesis
remains on the potential introduction of mobile communication and how the technology relates to
FLSmidth’s current communication situation – regardless of costs and resources.
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1.4. Definitions
The term mobile communication is throughout this thesis defined in terms of three technical approaches to
the technology. The three approaches comprise mobile websites, web apps and native apps. For a full
description and discussion of the three approaches, see section 4.2.
Mobile devices refer in this thesis to smart phones on the one hand and tablets on the other. These two
groupings of mobile devices do not take into consideration the difference between the many models and
brands that exist on the market for smart phones and tablets, but rather focus on smart phones as one
category of mobile devices and tablets as another. Marking the difference between the mobile device
groupings is primarily the recognised difference in screen size and situational applicability. For an
elaboration and discussion of mobile devices and their significance to the technology of mobile
communication, see section 4.2.
In this thesis, the terms investor, financial, corporate and IR communication are equalled. This is due to the
fact that the terms refer to communication directed at the same overall target group, namely that of
FLSmidth’s investment community in general and the financial analysts covering FLSmidth in particular.
For elaboration and discussion, see section 2.3.1.2, 4.1.2 and 4.1.4.
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2. Methodology As depicted in the illustration below, any choice of philosophic outset is irrevocably tied to the choice of
methodological approach as well as means of data collection. Because of this interrelatedness, which we
shall look at in-depth in the coming pages, these areas are presented together in this chapter, allowing the
reader in on the scientific vantage point of this thesis.
Following the order presented below, this section firstly presents the philosophical dimension of this
research work, including the epistemological choices made, followed by the methodological approach and
research design through the means of method and data collection.
Illustration 2.1: Approach to methodology (created for the purposes of this thesis with inspiration from John
Kuada, 2012, p. 58)
2.1. Philosophy and theory of science
The nature of what I, the researcher, seek to know through this piece of research, otherwise known as the
ontology guiding this thesis, is based on a basic belief that the social world is subjectively constructed and
therefore a product of human cognition. This means that the social world and the phenomena in it are
meaningless until individuals recognise them as real and meaningful. Taking this social constructivist
Philosophy and theory of science
Human beings and their social environment codetermine each other. Individuals construct their own social world in the interaction with others. Social constructivism.
Epistemological choice
The social world must be studied intersubjectively in order to obtain full understanding of the subjects and social events studied.
Methodological approach
Schools of phenomenology and hermeneutics.
Research design: Methods and data collection
Qualitative research interviews. Empirical data collection of existing research.
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position thus means a belief in that the social environment and the individual codetermine each other
(Kuada, 2012, p. 59). Central to the social constructivist school of thought is the notion that societal
phenomena are not eternal and immutable, but rather exist through historical and social processes. Social
constructivism hence implies a perspective of change. If social phenomena are historical and socially
determined it also means they are historically mutable, meaning if social phenomena are created by humans’
actions, they can also be changed by the very same humans’ actions (Rasborg, 2004, p. 349).
In the case of FLSmidth what this implies, is the acknowledgement that FLSmidth and the constituencies
making up and implicating its communication situation are constructed by – as well as co-constructing – the
social world they operate in. As social actors, FLSmidth and its stakeholders are constantly affected by social
phenomena, including breakthroughs and advancements in digital communication technology. At the same
time, FLSmidth is dependent on social actors engaging in their business and their experiences of FLSmidth
as a social institution, including the central target group of FLSmidth’s investor communication; the
financial analysts.
From a scientific theoretical point of view, social constructivism is opposed to realism. The realism school of
thought claims that reality is an objective reality, which exists independent of our acknowledgment of it.
Implied here is furthermore a clear separation between the studied object and the studying subject, meaning
the subject is able the study the object, independent of it. Social constructivism, on the other hand, claims
that our knowledge and cognition is not a direct reflection of reality, but always an interpretation of it,
meaning the studying subject cannot see the object without relating subjectively to it (Rasborg, 2004, p.
349).
2.2. Methodological approach
Following on to the second step of the figure presented in the beginning of this chapter, we now move on to
the epistemological position taken in this thesis, as this is closely related to social constructivism. Here, the
epistemological position is that the social world only can be understood if we capture the analytical subject’s
frame of reference. This has several implications for what is assumed knowledge in this thesis and how this
is uncovered. Thus, a major part of the empirical research compiled in this thesis is based on the scientific
theoretical direction of phenomenology as well as the one of hermeneutics.
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2.2.1 The interpretation of meaning – Phenomenology
Central to phenomenology is the researcher striving to capture the studied individual’s immediate creation of
meaning which happens continuously in the individual’s social world of experience (Rendtorff, 2004, p.
279). Thus, this approach focuses on the qualitative elements of human life experiences, including the
concept of a lifeworld. Phenomenology argues that individuals, both subjects of research and researchers
themselves, live in a predefined context of meaning, a lifeworld, which constitutes their experience (p. 281).
While phenomenology’s methodological foundation is based on the belief that individuals’ creation of
meaning is based on personal, concrete world experiences, phenomenology also argues that individuals all
share a universal phenomenological basis – one that acknowledges the concept of a common lifeworld. This
is closely related to the fact that a phenomenological approach to ontology understands the social as a
relationship between subjects who share this common lifeworld (p. 295).
This makes phenomenology radically different from the traditional theory of science, positivism, which
purpose is to reduce observations and empirical findings to quantitative generalisations. Here, the scientific
description is the ideal and the un-mathematising nature of the human’s concrete world of experience is
disregarded all together. Key to the phenomenological objection to this view is that the human lifeworld
cannot be described simply in terms of objectifying categories (p. 288).
2.2.2. The role of the researcher - Hermeneutics
As the researcher inevitably is embedded in the interpretational processes of the social world, it is imperative
to mention the implications of this role. By being part of a social context from which personal experiences
and prejudices are created, the researcher approaches research phenomena, theory, empirical collection and
findings and subjects of analysis not in a pure objective way, but instead with his or her own pre-
understandings of a given situation. Something hermeneutics allows us better insight into.
In German philosopher Hans-Georg Gadamer’s hermeneutics, an object cannot be studied independently of
the pre-understandings of the researching subject. Instead, an object is always approached as a text3 with a
set of situational prejudices (Gadamer, 2004, p. 255). These prejudices are deeply rooted in people and are a
precondition for being able to understand in the first place (Fredslund, 2005, p. 78). Here, we must note, that
the term prejudice is often associated with negative connotations, such as an unwavering opinion based on
insufficient or even incorrect grounds. However, in this case the term merely refers to a pre-judgment or pre-
3 The term text here refers not only to written text, but should be understood broadly as covering all types of studied phenomena. This includes theory, various empirical findings and interview subjects among others.
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understanding. Through the prefix ‘pre-‘, Gadamer ascribe the capacity of change, as one’s pre-
understandings are not necessarily fixed opinions, but rather perspectives which naturally change with the
acquisition of new knowledge (Fredslund, 2005, p. 77). Gadamer also ascribes the term situation great
importance, as he believes that a person and his or her pre-understandings are embedded in a historical
context that becomes the point of reference for our understanding (Fredslund, 2005, p. 79). This means that
when interpreting a text, one needs to reflect on the situational and historical context one inevitably is a part
of.
Essential to the hermeneutical discussion is the question of how one can deal with one’s prejudices and not
let them control one’s encounter with different texts. The answer lies in the ability to be open towards the
understandings of the studied texts. This openness implies that one always has to be able to see the text’s
understanding in relation to one’s own and vice versa. Furthermore, a researcher who is aware of the fact that
he or she possesses subjective pre-understandings will be prepared to embrace the differentness of that text,
even before the encounter with it. The pre-understandings a researcher brings into the meeting with a text
should hence not be disregarded at the cost of the understandings the other text, but should rather be
highlighted and embraced in a given analysis in order to bring forth the opportunity for true understanding
(Gadamer, 2004, p. 256). Being open towards new texts will in relation to this thesis mean an effort to let the
chosen theory open my horizons towards the thesis topic and to critically question the gathered empirical
evidence, giving the empiricism room for expression.
2.3. Research design
As the philosophical vantage point of this thesis, alongside the epistemological position, has been put
forward now, we can move on to discussing the practical design of the research conducted in this thesis on
its foundation.
In commonly accepted theoretical explanations of valid scientific methods, deductive and inductive methods
of data collection are opposed in their approach to how to study the world (Helles & Køppe, 2003, p. 289).
To briefly summarise their difference, the deductive approach is characterised by the researcher creating a
general rule or assumption with the purpose of investigating and testing it. In other words, in a researcher’s
investigation of a more or less complex phenomenon, he or she will move from an overall line of thought to
the testing of simpler single events, looking to verify or falsify his or her hypothesis. The problem here is
that realistically, it is not possible for any researcher to investigate a phenomenon with the purpose of
reaching a final conclusion, as he or she can never be sure to have uncovered all possible conditions or
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events to the necessary extent. However, as long as the results of a deductive analysis are not falsified, the
analysis must be considered the best possible solution to the researched problem (Herslund, 2004, p. 22).
The inductive approach differentiates from the deductive by the observation and collection of isolated events
and instances, which in turn is gathered and synthesised into a hypothesis. Generally, the inductive method is
associated with a prevailing empirical approach, as the method involves a researcher embarking on an
investigation of single events with the purpose of creating a common regularity, a hypothesis. The inductive
approach also have certain shortfalls, as it is not possible for any researcher to make sure he or she has
observed every single case of a given overall phenomenon in order to make an exhaustive description
(Herslund, 2004, p. 22).
However, what is often seen in scientific research projects is a combination of the two approaches – a
dialectically chosen method (Herslund, 2004, p. 22). The same is the case for the methodological foundation
of this thesis. By dialectically, it is here understood as the cooperation between two opposites (Herslund,
2004, p. 23). The characteristics of this method is that a researcher firstly inductively gets access to a set of
data and on the basis of that creates a general hypothesis – a hypothesis which is then tested deductively. For
the purposes of this thesis this means that initial research has been conducted inductively in order to
construct the hypothesis creating the backbone for theoretical and empirical testing. The choice to use a
hypothesis has been made because significant empirical evidence is available that cannot be ignored, that is,
that the future in communication technology and business communication is digital and therefore should be
embraced and adopted by individuals and companies alike. Following the inductively created hypothesis, the
hypothesis is deductively researched and tested on the case of FLSmidth, ultimately leading to its
verification or falsification.
2.3.1. Methods and data collection
Having established this thesis’ dialectic approach, we can now turn to the specific means of data collection.
On a grand scale, the research conducted in this thesis can be divided into two main parts, namely:
1. The collection of existing research data and material (used inductively and deductively)
2. A self-organised research study (used deductively)
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2.3.1.1. Existing research data
A substantial part of the collection of the existing research material has happened at the very outset of the
research process. Being a part of a social context embedded in a digital culture with its technological
advancements infiltrating every aspect of my everyday private and career life, I embarked on this project
with the understanding that today, communication increasingly happens digitally. In the research conducted
to investigating this understanding further, an eclectic approach is applied, where a great array of sources and
empirical data of qualitative and quantitative kinds is consulted. These include a number of user surveys,
statistics, research articles, reports and blog posts by professionals in the business communications and
information technology industries. The purpose has been to gather inspiration for and knowledge about the
research topic and grounds for a hypothesis creation.
An eclectic approach to empirical data collection is furthermore applied in the investigation of the research
questions and in the testing of the hypothesis. Data has been collected with the purpose of supporting the
research done in connection with the case study of FLSmidth and mobile communication. Here, qualitative
research interviews play a major part, but other types of empirical data has also been collected and applied in
analysis. The data used for analytical purposes and for supporting the qualitative research in the thesis
includes, but is not limited to:
• A user survey of 27 Danish and international analysts and their preferences in investor
communication services and applied media
• Report and articles on current trends within investor and digital communication
• Statistics of the traffic from mobile devices to www.flsmidth.com
• Statistics of global mobile internet trends
• Best practice report of IR communication
2.3.1.2. Qualitative research interviews
A great part of the empirical data collected for the investigation is collected through qualitative research
interviews. Through qualitative research interviews it is possible for me to capture the experiences of the
chosen interview subjects about the phenomenon of mobile communication. The interview subjects are the
financial analysts covering FLSmidth – a detailed explanation for this choice is offered below. The
qualitative method applied is adopted from the workings of Steinar Kvale and Svend Brinkmann (2009) and
their concept of semi-structured lifeworld interviews and has its philosophical and science theoretical roots
in phenomenology as discussed above. With this position comes the acknowledgement that research
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interviewing is a knowledge-producing activity where knowledge is produced in the interaction between
interviewer and interviewee. Importantly, and very much in line with the social constructivist position
outlined above, interviewing is a social practice embedded in a historical and societal context (Kvale &
Brinkmann, 2009, p. 18). Given this fact, it is clear that overall science theoretical approach is in line with
this methodological choice.
The use of qualitative research interviews as a method has several implications regarding the interpretative
choices of the interviewer, the relationship between interviewer and interview subjects, the selection of
interview subjects, the setting of the interviews, design of question guide, analysis of results, applicability of
results and not least validity of results. Qualitative research interviewing as a recognised, scientific research
method is defined as a specific, professional conversation with a clear power asymmetry between the
researcher and the subject, in which the researcher has the monopoly of interpretation (p. 33-34). These are
important aspects of the applied method, which have been taken into consideration throughout the research
process.
Interview subjects
Key to the success of the qualitative research interviews as a valid research method and the quality of the
research findings in relations to the research purpose of this thesis is the selection of research subjects. For
the purpose of this thesis, the interview subjects have been selected for several reasons. As this thesis sets out
to study FLSmidth’s communication situation with a focus on their current investor communication efforts in
the context of the possible introduction of a new communication technology, it is imperative that it is the
target group of FLSmidth’s financial communication that is studied. When the target group of FLSmidth’s
financial communication is studied qualitatively through research interviews, the chance of capturing the
essence of their preferences and experiences with FLSmidth financial communication efforts and use of
media is much bigger than if the target group was studied quantitatively through for example questionnaires
alone. Investigating the personal experiences and preferences of the target group of FLSmidth’s financial
communication is furthermore key to covering the potential of introducing a new communication technology
to FLSmidth’s financial communication efforts. The target group would be the potential users of mobile
communication, so covering their media preferences is crucial to the work of answering the research
questions of this thesis. It is necessary, however, to demarcate the target group of FLSmidth’s financial
communication activities, as this group is a very diverse and mixed group of people, both in terms of
relations to FLSmidth and in terms of function with respect to the usage of FLSmidth’s financial
communication services.
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Roughly, FLSmidth’s target group of its financial communication can be divided into the following four
subgroups (personal communication, Nicolai Mauritzen, Investor Relations Officer, FLSmidth, 2013, 17
Feb.):
1. Shareholders
a. Institutional: foreign/domestic/non-registered
b. Retail (private): foreign/domestic/non-registered
c. FLSmidth (company shares)
2. Potential investors
a. Institutional: foreign/domestic
b. Retail (private): foreign/domestic
3. Analysts (equity, buy-side, sell-side)
4. Financial reporters/news agencies
Given the position each of the four groups represents in relation to FLSmidth, they all differ in their
interaction with FLSmidth. In terms of level of information consumption and therefore level of dependency
on the communication services that FLSmidth provides, the group of analysts is deemed the most
information consuming and dependent of the group. The analysts have a genuine interest in how and through
which channels FLSmidth presents its financial results. According to Head of Investor Relations &
Corporate Communications in FLSmidth, Pernille Friis Andersen, this makes the subgroup highly relevant to
focus on in relations to communication preferences and the introduction of a new communication technology
(personal communication, Pernille Friis Andersen, Head of Corporate Communication & Investor Relations,
FLSmidth, 2013, Jan.).
The group of analysts covering FLSmidth currently amounts to 18 national and international analysts, 11
located abroad, representing a number of national and international banks. Given temporal circumstances,
only three had the time to participate in personal interviews. While the goal for the number of interview
participants were five, including only three interviews has made it possible to take more time to prepare and
analyse each one. Understood here is the conviction that including more interviews does not necessarily
imply that a study is more scientific – rather on the contrary (Kvale & Brinkmann, 2009, p. 113).
Seven-step approach to research interviewing
Guiding the preparation of the qualitative research interviews are seven fundamental steps. These interrelated
steps include thematising, designing, interviewing, transcribing, analysing, verifying and reporting. For the
interviews conducted in this thesis, it means that issues related to interview purpose, context, analysis and
19
verification are considered when thematising and designing the interview. In the following, the
methodological choices behind the qualitative research inquiry and the seven steps listed above are
presented.
Thematising and designing
The interviews prepared for this thesis are partly exploratory, partly hypothesis-testing. Practically, this
means that the interviews are semi-structured, initiated with an introduction of thesis topic, followed by a
number of predefined questions, mostly open ones encouraging the studied subjects to freely enclose their
personal experiences and opinions. Now, the introduction serves to present the interview subjects with initial
knowledge about the thesis topic, giving them a chance to relate their knowledge to the given situation. The
question guide includes six parts, covering the aspects of the topic the thesis is set out to investigate. The
question guide hence covers questions about the following areas: the interviewee and his job, IR
communication preferences, FLSmidth as an expressive organisation, ownership of mobile devices, usage of
mobile devices and the future of financial communication and reporting via mobile communication. As all
interview subjects are Danish, the question guide is prepared in Danish (for the full question guide in Danish,
see appendix (appx.) 1). However, the question guide is prepared in English as well (see appx. 2), as it is also
used as a questionnaire distributed to the international analysts covering FLSmidth. The method and role of
the questionnaires are explained in detail later in this chapter.
Interviewing and transcribing
When preparing the interviews, several aspects regarding setting, introduction, interpersonal relationship and
knowledge creation have been taken into consideration (Kvale & Brinkmann, 2009, p. 128). The three
qualitative interviews took place at the offices of each of the interview subjects. Clear to me from the
beginning of this research study has been the acknowledgement that firstly the interview subjects are the
experts in their field of expertise and secondly that it is their experiences with FLSmidth’s financial
communication and thoughts on the possible introduction of a new communication technology, which are at
the centre of what this investigation is trying to uncover. All of the three interviews have been recorded
digitally – a circumstance cleared with each of the interview subjects beforehand. During the interviews, I
also made room for clarifications of interpretations along the way, making sure I understood the interview
subjects correctly. Each of the interviews was furthermore concluded with the opportunity for each of the
interview subjects to add or clarify further information. The transcription work done in connection with the
three qualitative research interviews has been conducted in a word-for-word fashion. I have transcribed the
interviews manually, meaning no computer aiding programs have been applied (find all the transcripts in
appx. 3-5).
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Analysing, verifying and reporting
What techniques and methods a researcher wishes to use when analysing interview results need to be
considered alongside thematising and designing the research study. Relevant to this study, it means that the
partly exploratory, partly hypothesis-testing nature of the interview guide results in a bricolage approach to
interview analysis. An eclectic form of generating meaning through a number of different tools and
techniques has been applied. These include techniques of meaning condensation, to capture the main
elements of what is being said in an information-heavy text, as well as techniques of meaning interpretation.
The analysis also partly includes a theoretical reading of the results, as central to this thesis is several
theoretical assumptions and directions. Key to verifying the results of the analysis is establishing the
consistency of its results. Data wise, the focus is consequently on reliable researchers, consistency and
trustworthiness of research findings, reliable observations and valid arguments and inferences (Kvale &
Brinkmann, 2009, p. 245). When interpreting results of a research study, as in the present one, validation
becomes a matter of choosing between competing and falsifiable interpretations and of examining and
providing arguments for the relative credibility of alternative knowledge claims. These basic assumptions
about the verification of qualitative research interviews create the background for making sure the results of
the three research interviews conducted in the present research study are regarded as both reliable and valid.
When taken into consideration the reporting aspect of the three research interview findings is the fact that the
work done in connection with the interviews is part of a greater thesis setting. Firstly, reporting is made to
accurately reflect the actual research conducted. Secondly, regardless of the potential span of this thesis’
audience, the reporting of the qualitative research interviews is aimed at reflecting a reliable academic
approach presenting valid arguments and interpretations.
2.3.1.3. Questionnaires
In order to further research the case of FLSmidth, a questionnaire has been sent to those analysts covering
FLSmidth who were not able to take part in the interviews. The questionnaires include the same categories of
questions as the previously described research interview guide, ultimately constituting an addition to the
knowledge acquired through the interviews. Altogether four questionnaires were filled out, out of 15 possible
(for answers, see appx. 6-9). Distribution and correspondence occurred via email allowing me to contact the
participants with follow-up questions when necessary.
2.4. FLSmidth as a case study
Central to this thesis is the application of FLSmidth as a case study. Given my awareness of FLSmidth’s
complex communication situation prior to the creation of the research questions and the hypothesis, the case
21
of FLSmidth has both contributed to the generation and testing of the hypothesis. Many scientists argue that
the case study is only accepted as a research method for generating hypotheses, but not for testing them.
Significant to this claim is the traditional scientific ideal that one cannot generalise on the basis of a single
case.
Based on the workings of Danish Professor, Bent Flyvbjerg (2006), the guiding conviction in the work with
this thesis, however, is that the case study is just as useful as its quantitative counterparts in the testing of
hypotheses – if not more. The basic belief here is that creating a formal generalisation is not the only way to
gain knowledge, but that a descriptive and phenomenological case study is just as valuable to the collective
process of information accumulation in a given field or society (p. 227). This does not entail a complete
rejection of quantitative methods, but rather, as argued by Flyvbjerg, the acceptance of a combination of
qualitative and quantitative research methods (p. 242).
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3. Theory This chapter is divided into four consecutive, yet deeply related sections. Firstly, a four-layered theoretical
framework created for the purposes of this thesis is presented. Here, the thesis’ overall theoretical approach
is discussed in the context of the overall philosophical and methodological stance, as described in the
previous chapter. Following on this, the sections two, three and four represent the three theories that make up
layer two, three and four in the theoretical framework, tying the application of each of the theories and key
concepts to the overall research purpose of this thesis. Focus is therefore throughout this chapter on how the
theories are connected and applied in the context of this thesis and the FLSmidth case study, and
importantly, on how the combination of these exact theories contributes to answering the research questions
as put forth in the introductory chapter. Lastly, the strategy of analysis is introduced and explained for.
3.1. Theoretical approach
The framework that makes the theoretical foundation of this thesis is compressed of four layers and is
depicted in illustration 3.1 below. The first layer represents the overall science theoretical approach founded
in social constructivism and phenomenology, as presented in the previous chapter and directs the overall
assumptions about science in society and the acquisition and understanding of knowledge. Making up the
second layer of the framework is the theoretical concept of a communication situation, as it is to be
understood in this thesis based on the workings of Roman Jakobson (1979), Frandsen et al. (2002) and
Ditlevsen et al. (2007) respectively. Roman Jakobson, Frandsen et al. and Ditlevsen et al. each have
contributed greatly to contemporary communication research and the development of the concept, and it is
based on their contributions that the understanding and model of a communication situation are founded. In
order to answer the research questions set out in this thesis and to analyse FLSmidth’s communication
situation in the context of the possible introduction of a mobile communication technology, a third and
fourth layer are added to the integrating framework. The theory of Social Construction of Technology
(SCOT), as out forth by Wiebe E. Bijker (1987, 1995, 2001) makes up the third layer and Media Richness
Theory (MRT), as presented by Richard L. Daft and Robert H. Lengel (1983, 1986, 1987, 1988) the fourth.
Allowing the theory of a communication situation to define the obligatory constituents argued to making up
a communication situation, the theories of SCOT and media richness allow for the analysis of the
implications likely to follow on the possible introduction of mobile communication technology to
FLSmidth’s communication situation, taking into consideration FLSmidth’s communication message
23
complexity and the capacity of mobile communication the facilitate understanding. Thus, the combination of
these three particular theories allows for the research question of this thesis to be answered.
Illustration 3.1: Theoretical framework (created for the purposes of this thesis)
Key to the theoretical framework is the support it allows for the philosophical and science theoretical
approach, as laid out in the previous chapter. Communication is in this thesis seen in the perspective of the
so-called interaction paradigm, theorising that communication exists only in the interaction between
individuals and that meaning is created through that particular interaction and its context. Technology is
furthermore seen as socially constructed – it is when interaction around a technological artefact emerges, its
meaning and functionality are interpreted. Hence, the basic understanding of communication and
technological development as contextual and interactive co-constructions corresponds to the basic
assumptions of the social constructivist and phenomenological positions taken in this thesis. Moreover, the
established framework supports this thesis’ methodological approach. With significant theoretical emphasis
on the receiver of communication messages, that is, also the user of communication technologies and on
communication as an interaction between involved parties, sender and receiver are seen as equally active.
This is in line with the contemporary digital culture, where expectations of interaction and communication
practices are increasingly seen in the perspective of individualism. Here, it is the needs of individuals that
drive technological development and implementation. If users do not embrace a given technology, its
development diminishes – likely at the cost of some other technological advancement. The same is the case
with FLSmidth. Especially significant to the methodological approach in this thesis is hence the receivers of
FLSmidth’s financial communication messages. It is their experiences and their expectations of financial
communication services in general and that of FLSmidth in particular that are surveyed. Herein lies a match
4. Media Richness Theory
3. Social Construction of Technology
2. The communication situation/the interaction paradigm
1. Social constructivism/phenomenology
24
of science theory, methodology and theory, ultimately contributing to the validation of the proposed research
design.
3.2. The communication situation
The present section focuses on the second layer of the theoretical framework, namely on the concept of a
communication situation. In order to illustrate and explain the concept, as it is to be understood in this thesis,
a model of a communication situation comprising eight constituents is presented and explained for.
Importantly, the model creates the foundation for a discussion of each of the constituents and their particular
relevance and applicability to the model in the context of this thesis. Special emphasis is placed on the
constituent of genre, which is why the approach taken to genre analysis is introduced towards the end of this
section, based on the workings of John M. Swales (1990) and Vijay K. Bhatia (1993).
3.2.1. Model of a communication situation
The model of a communication situation is created with the purpose of guiding the analysis of FLSmidth’s
complex communication situation and is presented in illustration 3.2 below. The model is founded on the
basic conviction that a communication situation requires the presence of a number of obligatory constituents
in order for it to be defined as such (Frandsen et al., 2002, p. 81). With that in mind, eight constituents make
up the applied model below – eight constituents of which none can be omitted in exhaustive analysis:
Sender, receiver, code, medium, context, text, referent and genre.
Context
Genre
Sender Text/Referent Receiver
Medium Code
Illustration 3.2: Model of a communication situation (created for the purposes of this thesis)
25
Central to the application of the model is the interdependency that exists between the single constituents.
This means that if one constituent changes in character, content or purpose, the change affects the rest of the
constituents and thereby the communication situation as a whole. This characteristic is closely related to the
fact that the application of the model naturally changes when the specific situation of study changes as well.
This implies that even though the model presents eight equally relevant and obligatory constituents, the
significance and applicability of the constituents differ in relation to each other and from case to case.
Evident in the analysis of FLSmidth’s communication situation is hence a very case-sensitive and case-
dependent analysis of which parts may be applicable to similar case studies, but of which others may not.
The single constituents and their distinctive theoretical and practical implications are explained in more
detail below with reference to the respective authors from which the definitions derive.
Russian linguist Roman Jakobson (RJ) was one of the first to create a communication model which lists a
number of obligatory constituent factors argued to have to be present in any communication situation in
order for it to be labelled as communication4 (Frandsen et al., 2002, p. 71). This essential contribution to
contemporary communication research creates to a large degree the backbone of the model created for the
purposes of this thesis. RJ’s model includes the following six constituents: Sender, receiver, message,
context, code and contact (Jakobson, 1979, p. 135)5. Four of the labels that RJ attaches to his obligatory
constituents are applied in the model created for the purposes of this thesis as well. Consequently, we see the
terms sender, receiver, context and code reoccurring in the two models. However, importantly, the meanings
that RJ attaches to the different constituents in his model, and thereby to his basic understanding and
definition of communication, are markedly different from the position taken in this thesis. As a result,
besides the acknowledgement that a communication situation requires a number of obligatory elements in
order to be defined as such and the usage of some of the same terminology, RJ’s communication model is no
longer useful for the purposes of this thesis. This has mainly to do with the fact that RJ’s model belongs to
the so-called transmission paradigm and the model of this thesis belongs to the so-called interaction
paradigm. These two generally accepted paradigms are viewed as the guiding ones in contemporary
communication research. The interaction paradigm was established as an opposition to the transmission
paradigm, criticising the transmission paradigm’s static view on communication (Frandsen et al., 2002, p.
62)6. Separating the two paradigms is thus their belief in what defines communication and how it should be
studied in relation to its context. RJ’s communication model is categorised to belong to the transmission
paradigm, as it is founded on the basic belief that communication is a well-defined action with the purpose of 4 For Roman Jakobson’s communication model in full, please see appendix 10. 5 RJ’s model furthermore comprises six linguistic functions that RJ believes are attached to each of the six constituents. Because these functions are closely related to the meanings RJ attaches to the constituents of his model, they are not relevant and will not be mentioned any further. 6 The term paradigm should in this connection not be interpreted linguistically, but from a science theoretical and sociological perspective, that is, to denote a particular scientific tradition including choice of theory and methods for analysis (Frandsen et all, 2002, p. 62).
26
transmitting information from an initiating sender to a passive receiver. Importantly, communication exists
independently of any given external context and this has several implications for inapplicability of RJ’s
model. Key to the interaction paradigm, and thereby to the model of a communication situation in this thesis,
is the conception that communication is an interaction through messages with an equally active sender and
receiver. Communication is not a well-defined action, but a complex and dynamic process in which the
context of a communication situation, whether it being the immediate or greater institutional, social and
cultural one, directly affects the communication situation and thereby the characteristics of its constituents
(Frandsen et al., 2002, p. 64-66).
Consequently, taking into consideration the philosophical and science theoretical position taken in this
thesis, and allowing for the analysis of FLSmidth’s communication situation in the context of the possible
introduction of new communication medium in a contemporary, digital culture, it has been necessary – and
natural – to consult theorists who conduct communication research within the interaction paradigm in order
to create an appropriate communication model. The constituents discussed below are hence derived from a
combination of the communication models of Frandsen et al. (2002) and Ditlevsen et al. (2007)7.
3.2.1.1. Sender
The sender is seen as the constituent that has the greatest influence on the text. It is the sender who is
responsible for the text, as this is where the text emanates and therefore can be changed (Ditlevsen et al.,
2007, p. 48). While the sender is the author of a text and that the text represents the sender as a social actor,
the text and thereby the sender is not meaningful until a receiver recognises them as such.
3.2.1.2. Receiver
Closely related to the discussion of the sender above is the conviction that a communication situation
represents two actions in the model of this thesis, sending and receiving. As Ditlevsen et al. argue, this
naturally places great significance on the receiver and the role the constituent has in a communication
situation (2007, p. 52). In the analysis of the receiver, the aspect of a given text’s effect on the receiver and
thereby how the receiver interprets a text, and the sender who represents it, is taken into much consideration.
7 For the communication models of Frandsen et al. and Ditlevsen et al. in full, please see appendix 10.
27
3.2.1.3. Context
Illustrated as surrounding the sender, receiver, code, medium, text, referent and genre constituents in the
above model is a blue, bold line, signifying the context of a communication situation. Context is in the model
defined as the external, non-linguistic factors determining the rest of the constituents in a communication
situation, affecting their specific characteristics (Frandsen et al., 2002, p. 98). However, as the double arrow
between the context and the rest of the constituent indicates, the constituents of a communication situation
and thereby involved societal actors, phenomena and factors equally determine the context in which they
function (Ditlevsen et al., 2007, p. 58). In the communication model of Frandsen et al. (2002, p. 97) and
Ditlevsen et al. (2007, p. 55), the context constituent includes both the near linguistic elements surrounding a
text and non-linguistic elements surrounding a communication situation as a whole. However, while
linguistic elements are deemed important to the analysis of the communication situation in this thesis as well,
the analysis of linguistic elements is covered through the analysis of the genre constituent. Hence, the
application of context in relation to the model of this thesis only refers to the ones external to the text.
3.2.1.4. Text
A text is defined as a constituent that comes to exist and mean something only in the interaction between
sender and receiver (Frandsen et al., p. 64-65). The term text is applied to cover all forms of text, including
written, spoken and interactive ones. Frandsen et al. furthermore define a text as multimodal, which in the
model of this thesis means the acknowledgement that a text can communicate in a number of ways at the
same time: verbally, visually and bodily. As adapted from the communication model of Ditlevsen et al., the
analysis of the text constituent is in this thesis closely related the analysis of the genre constituent (2007, p.
33). Linguistic and text-oriented elements are therefore both covered in the analysis of the genre constituent.
3.2.1.5. Referent
The referent constituent is in this thesis’ model defined as the verbal context which relates to the context of
the text itself – what the text is about (Frandsen et al., 2002, p. 97-98). The referent represents the number of
elements a text refers to in a piece of communication and is therefore in this thesis covered in the analysis of
the genre constituent.
3.2.1.6. Genre
The element of genre is added to the model based on inspiration from Ditlevsen et al. As illustrated by the
dotted lined box in the model above, genre encircles text and referent, placing the combination of the three
28
constituents at the centre of the model. A special focus is hence placed on genre and how the analysis of
genre, and thereby also the text and referent constituents, advantageously contributes to the understanding of
a complex communication situation, where several text elements are applied to fulfil a communicative
purpose (Ditlevsen et al., 2007, p. 33). Characteristic to genre analysis in a professional setting and therefore
highly relevant to this thesis’ research question is the fact that a genre is tied up to conventional choices of
medium and situational and cultural contexts on the one hand and a text’s content, expression and use of
rhetorical strategies on the other (Frandsen et al., 1997, p. 109).
Guiding the work with the genre analysis is an approach created with the purpose of being embedded into a
greater communication process, and therefore that of a communication situation. The approach comprises
three analytical levels, based on the concepts of communicative purpose, move and rhetorical strategy, and is
founded on the definition of genre in a professional setting, as originally formulated by Vijay K. Bhatia
(1993) and John M. Swales (1990):
Genre is a recognizable communicative event characterised by a set of communicative purpose(s) identified and mutually understood by the members of the professional or academic community in which it regularly occurs. Most often it is highly structured and conventionalized with constraints on allowable contributions in terms of their intent, positioning, form and functional value. (Bhatia, 1993, p. 13)
A genre’s communicative purpose is recognised as the most important factor when distinguishing one genre
from another. Communicative purposes are identified and understood by the genre’s discourse community,
that is, the community of people that identifies and understands a specific genre in terms of certain
conventions within that community (Swales, 1990, p. 21).
Communicative purpose
A communicative purpose is in the genre analysis of this thesis understood as the situation or behaviour
which the sender intends and the receiver expects the reception of a given genre to entail. Central to this
position is the acknowledgement that every genre serves as a communicative tool for the accomplishment of
certain purposes (Frandsen et al., 1997, p. 111).
Moves
To accomplish a text’s communicative purposes several moves are applied throughout the genre. Moves are
therefore defined as the elements of a text which intend to realise specific sub-purposes. It is the combination
of moves – the move structure – that gives a genre its distinctive features and makes it possible to identify a
specific genre, whether simple or complex (p. 112). Central to the characteristic of moves is that they have
the power to affect a shift in genre.
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Rhetorical strategies
In order to realise the sub-purposes of specific moves, so-called rhetorical strategies are applied. A rhetorical
strategy is in connection with this thesis defined as the use of certain linguistic means in order to realise
moves. A change in rhetorical strategies cannot affect a change in a defined genre, but merely represents
different ways and styles through which to realise single moves. Furthermore, rhetorical strategies become
conventional when a discourse community prefers certain strategies to others to realise moves and thereby
communicative purposes (p. 114).
3.2.1.7. Medium
The medium constituent is defined as the concrete form a text is manifested by (Frandsen et al., 2002, p. 95).
With this conviction as adopted by Frandsen et al., the basic belief is that communication simply cannot exist
without a medium (2002, p. 82). The medium has the capability to affect a text and a text’s presence,
meaning that certain types of media are predisposed to certain types of texts. A medium hence possesses
certain communicative characteristics. How the constituent of medium is analysed in the context of the
introduction of a new communication technology in the context of this thesis is further explained in the
sections four and five, where the theories of social construction of technology and media richness are
presented as an elaborative and integrative part of the analysis of FLSmidth’s communication situation.
3.2.1.8. Code
The code constituent is that which the sender and the receiver of a text must, fully or partly, have in common
in order to be able to understand each other. Frandsen et al. argue that a code can be linguistic and non-
linguistic, as it refers to both the multiple and implicit structures that make up a language and to the inherent
rules that direct how we combine linguistic elements to create a text or message (2002, p. 91 ff.).
The combination of the eight obligatory situational constituents discussed above, including the concept of
genre, is very interesting and makes it possible in the context of this thesis to analyse the financial
communication activities of FLSmidth in a structured fashion, tying communication messages, genre and
context together.
3.3. Social construction of technology
As a means of analysing the possible introduction of a new communication technology to FLSmidth’s
communication situation, and therefore predominantly affecting the medium constituent of the illustrated
30
communication model above, but also the rest of the constituents, the theoretical programme of SCOT as
originally presented by Wiebe E. Bijker is applied. This section therefore focuses on the third layer of the
theoretical framework. Making the theory of SCOT especially relevant to the theoretical approach in relation
to the FLSmidth case study of this thesis is the fact that the theory of SCOT is social constructivist of nature
and is deeply founded in the belief that technological development and society is mutually constructed and
therefore dependent (Bijker & Pinch, 1987, p. 25). A descriptive model with key concepts from the original
SCOT programme is therefore applied with the purpose of guiding the analysis of the possible introduction
of mobile communication to FLSmidth’s communication situation. The key concepts relevant social groups,
interpretative flexibility, stabilisation and technological frame making up the model, as well as their relevant
applicability to the context of the FLSmidth case, are discussed in turn. It is around this descriptive model
and the key concepts that this section is structured.
3.3.1. Descriptive model of SCOT
Central to the arguments and thereby the theoretical foundation of the programme of SCOT is its critique of
technological determinism and thereby the disbelief in that technology develops autonomously and that
technology determines societal development and never the other way around. This means that SCOT is a
theoretical approach deeply founded in the belief in and use of case studies to argue through concrete
examples that technological development is indeed socially constructed.
The descriptive model of SCOT applied in this thesis is one divided into three consecutive research steps.
The first step comprises the concepts of relevant social groups and interpretive flexibility, the second step
stabilisation and the third technological frame. The key concepts all relate to the presence of a specific
artefact or technology in society, which in the context of this thesis are two terms applied interchangeably.
Hence, the use of the term artefact is not to mean a physical object or a piece of hardware only, but can also
relate to technological inventions in for example software. As will be evident in the analysis of mobile
communication, the concerned technology falls somewhere in between the division of hardware on the one
hand and software on the other.
As depicted in illustration 3.3 below, the three steps of the model are best understood as a cyclical process, in
which the three steps continuously constitute each other in the context of the analysed artefact. For analytical
purposes though, the model is divided into three consecutive steps, structuring the approach to analysis.
31
Illustration 3.3: Descriptive model of SCOT (created for the purposes of this thesis)
3.3.1.1. Relevant social groups/Interpretative flexibility
Central to the descriptive model of SCOT is the crucial element of relevant social groups. The guiding
conviction is that an artefact functions in society as a result of the meanings and usages that relevant social
groups ascribe it. Technological development is through the theory of SCOT viewed to be a social process
and it is the relevant social groups who carry that process (Bijker, 1995, p. 48). Importantly, a social group
becomes relevant when they explicitly attach a specific meaning and application to a specific artefact (Bijker
& Pinch, 1987, p. 30). Significant to the notion of relevant social groups, and to the empirical research in this
thesis, is furthermore the acknowledgement that all kinds of relevant social groups contribute to the
construction of technology – not just the engineers behind the original idea of an artefact (Bijker, 1995, p.
193). It is the researcher’s obligation, however, to critically decide which groups are important to the
analysis of an artefact and which are not (Bijker, 2001, p. 15525).
Closely related to the concept of relevant social groups is the notion of interpretative flexibility. When an
artefact is described through the eyes of various social groups, the groups will likely attach various meanings
and usages to it. What happens in this process is that different social groups interpret the artefact and its
usage differently, and interpretative flexibility emerges. A single artefact is in terms of this understanding
not one artefact, but in fact several artefacts (Bijker, 1995, p. 77). Central to the analysis of interpretative
flexibility is the identification of problems of and solutions to the usage of an artefact – an identification that
distinguishes the opinion of one relevant social group from another (Bijker & Pinch, 1987, p. 35).
Essentially, there can be as many artefacts and as many problems and solutions to an artefact as there are
social groups. The functionality of an artefact, its usage for different purposes and the criteria against which
it is evaluated are all socially constructed assessments and represent the social groups who express them.
Artefact
1. Relevant social groups/Interpretative
flexibility
2. Stabilisation
3. Technological frame
32
Implied in an analysis of interpretative flexibility is furthermore the acknowledgement that both the working
and non-working elements of an artefact, as interpreted by the relevant social groups, are equally important
to its development and social significance (Bijker, 1995, p. 75).
Together, the identification and acknowledgement of relevant social groups and interpretative flexibility
represent what in this thesis is defined as the de-construction of an artefact, where the second step, the
stabilisation process of an artefact, analyses the construction of an artefact. The first step of the descriptive
model thus sets the scene for further analysis into the construction of mobile communication as a technology
based on the interpretations of identified relevant social groups.
3.3.1.2. Stabilisation
The process of stabilisation happens when interpretative flexibility diminishes in relevant social groups and
the interpretation of an artefact slowly gains dominance over others (Bijker, 1995, p. 86-87). The
controversies and different identified problems associated with an artefact moderates and some of the
relevant social groups may reach consensus in terms of an artefact’s meaning, functionality and application
(Bijker & Pinch, 1987, p. 44). Stabilisation can take several years and the degree of stabilisation differs from
one social group to another. In capturing a stabilisation process of mobile communication, it is helpful to
identify with which modalities different interpretations are attached to mobile communication, that is, with
which certainty acceptance of some interpretations emerges over others. For clarification, it is furthermore in
this analysis looked into which definitions, specifications and expositions that are attached to statements
regarding mobile communication, or rather the interpretations of it (Bijker, 1995, p. 87).
In the original programme of SCOT, the concept of closure is introduced in connection with the concept of
stabilisation. Closure refers to a state where all relevant social groups accept only one interpretation of a
given artefact or technology. It is therefore difficult to go back and recapture the interpretative flexibility that
existed prior to closure (Bijker, 1995, p. 85). Closure is hence in application related to historical cases and
not contemporary ones, as is the case with mobile communication. The technology of mobile communication
is such a new development that it is far from reaching a state of closure – many interpretations and usages
exist throughout many relevant social groups. It is therefore not possible to include the term in the analysis
of mobile communication, why it will not be mentioned any further in the context of this thesis.
33
3.3.1.3. Technological frame
When dealing with the third step of the descriptive model of SCOT, analysis is directly related to the first
and the second step. The third step puts the social de-construction and construction of an artefact into a
greater perspective – a technological frame. The creation of a technological frame begins when interaction
around an artefact begins. A technological frame structures the interaction in and among relevant social
groups and shapes their actions and opinions (Bijker, 1987, p. 173). Important to the analysis of a
technological frame is the acknowledgement that previous practice of the technology exists and guides
current and future practice. A technological frame must therefore be seen as existing in a social, historical
and not least material context (Bijker, 1995, p. 123-126). In the analysis of a technological frame, the
questions why the construction of an artefact follows certain courses and why certain interpretations stabilise
and others not are sought answered (Bijker, 2001, p. 15524). Even though the step of analysing a
technological frame in the descriptive model of SCOT is labelled as number three, a technological frame is
also the foundation for the interpretations of an artefact and therefore also the grounds on which relevant
social groups take form. While the concept of a technological frame is taking up a great part of the theory of
SCOT, the artefact, or technological development in whatever shape, remain at the centre of the analysis of
any technological advancement, as is also the case in this thesis.
3.4. Media Richness Theory
Moving on to the fourth and final layer of the theoretical framework, focus is now on the implications that
are likely to follow when FLSmidth’s financial communication messages are analysed up against the
possible introduction mobile communication technology. Here, MRT is consulted, as it is originally
presented by Richard L. Daft and Robert H. Lengel (1983). The theoretical arguments behind MRT are
highly relevant for the purpose of investigating the problem definition in this thesis, as the theory argues that
effective communication results from the correct matching between communication task and communication
medium – as the complexity of communication task differs, the application of appropriate communication
medium differs as well (Daft et al., 1987, p. 359). The theory focuses on the underlying determinants of
media choice and is divided into two on each other dependent analytical steps: communication task
complexity on the hand and media richness on the other. The following section is structured around these
two analytical steps as well as the concepts that make them up. The concepts of uncertainty, equivocality and
a media richness hierarchy are consequently explained in turn. The literature on MRT equals the terms
communication task and communication message, as will be the case in this thesis as well.
34
The development of MRT takes it point of departure in organisational theory and organisation and
management communication studies. Most studies of MRT have therefore been conducted with focus on
organisations and information processing within organisations and between organisational departments,
focusing on managers and their skills in selecting appropriate, available media for the completion of more or
less complex, internal communication tasks (e.g. Lengel & Daft, 1988; Daft et al., 1987; Daft & Lengel,
1983; D’Ambra et al., 1998; or Palvia et al., 2011). The theory, however, is based on general convictions and
concepts about media choice in the context of communication message complexity, making it possible to
apply the theory to contexts other than organisational and managerial communication studies. With MRT’s
central concepts and underlying convictions about how media choice relates to message complexity, creating
the foundation of the theory, the theoretical approach is highly relevant for the purposes of this thesis as well,
where focus is on media choice of the target group of the communication, the financial analysts covering
FLSmidth, not managers of FLSmidth, and focus is on communication messages related to external
communication activities, not internal ones. Furthermore, MRT is largely a product of the historical and
technological context in which it functions. New communication technologies and thereby communication
media develop continuously and theoretical application must take that factor into account. This is especially
true with the case of FLSmidth and mobile communication. While adhering to the general assumptions of
MRT and the basic arguments on which the theory is founded, MRT is applied with the specific context in
which it appears today in mind – in relation to the case study of FLSmidth and mobile communication. This
has mainly to do with the historical fact that Daft and Lengel do not include mobile communication in their
studies. This fact, however, means that the FLSmidth/mobile communication case study of this thesis
contributes with new findings and a new approach to the existing literature on the media richness and media
choice.
3.4.1. Message complexity
Central to the first analytical step of MRT is the acknowledgement that different communication messages
are associated with different levels of complexity. In explaining this conviction, the concepts of uncertainty
and equivocality are applied. Essentially, MRT argues that organisations process information in order to
reduce that uncertainty and equivocality (e.g. Daft and Lengel, 1986, p. 554 ff. or Daft et al., 1987, p. 357
ff.).
Uncertainty occurs in the absence of information – as the availability of information increases, uncertainty
decreases. Uncertainty hence diminishes as new information is acquired and answers to specific questions
are presented. Ultimately, uncertainty is the difference between the information needed to complete a task
and the information already possessed. Especially relevant to the concept of uncertainty is that when tying
35
the term to media choice, the reduction of uncertainty is possible when media are able to process a large
amount of quantifiable data (Daft et al., 1987, p. 359).
Equivocality, in contrast, is defined as ambiguity, meaning the existence of multiple interpretations of a
communication message. Equivocality can hence be understood in terms of disagreement and confusion
among the participants of a communication situation. In uncertain communication situations, uncertainty is
reduced through the acquisition of data, whereas in equivocal communication situations, equivocality is
reduced through the exchange of subjective views among the participants of a communication situation in
order to define problems and resolve disagreements (Daft et al., 1987, p. 357). When equivocality is reduced,
a shared interpretation of a problem is reached and is able to guide future activities. When messages are
equivocal, they are not very well defined, and simple yes-no answers to questions are not feasible. New data
may not solve anything when equivocality is high, it may even increase uncertainty (Daft & Lengel, 1986, p.
556-557). Illustration 3.4 below depicts the framework applied in this thesis, integrating the key concepts of
uncertainty and equivocality. The framework illustrates how in different communication situations, messages
can be high and/or low in equivocality and high and/or low in uncertainty at the same time, depending on the
specific circumstances.
Illustration 3.4: Integrated equivocality and uncertainty framework (created for the purposes of this thesis
with inspiration from Daft & Lengel, 1986, p. 557)
1. High equivocality/
low uncertainty
2. High equivocality/
high uncertainty
3. Low equivocality/
low uncertainty
4. Low equivocality/
high uncertainty
Equivocality
Uncertainty
36
Cell one represents a situation with occasional unclear and ambiguous messages. Views are exchanged in
order to enact a common perception. Answers are obtained through subjective opinions rather than from
objective data. Cell two represents many unclear and ambiguous messages. Some answers can be obtained
through rational data collection, others require subjective experience, judgement, discussion and enactment.
Cell three in turn represents clear and well-defined messages. Issues are well understood, no extensive
discussion is needed to resolve and clarify issues. Few questions can be answered through the acquisition of
new data. Lastly, cell four represents many, well-defined issues. Many questions can be answered through
the acquisition of new data. Explicit information is needed, but can easily be gathered upon request.
3.4.2. Media richness
With the crucial concepts of uncertainty and equivocality of communication messages in mind, we can move
on the second essential analytical step of Daft and Lengel’s MRT and focus on media richness and media
choice. Both sending and receiving information through a specific communication medium is a decision that
affects the meaning of a message (Lengel & Daft, 1988, p. 225). A medium can enhance or distort the
intended message and each channel of communication – be it written, spoken or interactive – has
characteristics which makes it appropriate in some communication situations and not in others (Daft &
Lengel, 1986, p. 559-560). Key to this central aspect of MRT is the so-called media richness hierarchy.
MRT argues that communication media differ markedly in their ability to facilitate understanding. The basic
conviction is that a medium’s richness determines that ability. The richer the medium, the better able it is to
facilitate insight and rapid understanding (Daft et al., 1987, p. 358). Founding the media richness hierarchy
and thereby determining the richness of a medium in this thesis is a combination of the following four media
richness characteristics (Daft et al., 1987, p. 358-359):
1. Ability to facilitate immediate feedback
2. Ability to handle multiple information cues simultaneously
3. Ability to vary language to convey understanding of complex concepts and ideas
4. Ability to establish a personal focus
With these four characteristics in mind, it is possible the list available media in a hierarchy based on
richness. Four groups of media appear in illustration 3.5 below. These four groups are adopted by agreement
in the original literature of MRT, but must be seen in their historical context, which centres on the
technological development of the late 1980’s. While many new communication media exist today, the
overall groupings below are deemed valid also in a contemporary context, as media varieties and
developments of each of the four groupings easily can be added to the hierarchy, while keeping the division.
37
Medium Media richness
Physical presence Highest
(Face-to-face)
Interactive media
(Telephone, electronic media)
Personal static media
(Addressed documents: letters, memos)
Impersonal static media
(Unaddressed documents: reports) Lowest
Illustration 3.5: Media richness hierarchy (adopted by Lengel & Daft, 1988, p. 226)
Face-to-face communication is considered the richest of the four groups of media, as it includes all of the
above-mentioned characteristics. It is able to facilitate immediate feedback and allows for clarification of
messages and misunderstandings instantly; it is able to handle multiple information cues simultaneously,
including physical presence, body language and gestures, voice inflection, numbers and graphic symbols; it
allows for a high language variation to convey understanding of complex concepts; and it is able to apply a
personal focus in order to tailor messages to the frame of reference, needs and current situation of a given
receiver (Daft et al., 1987, p. 358; Daft & Lengel, 1983, p. 7-9).
Interactive media in terms of telephone conversations and emails, which electronic media refer to, are less
rich compared to face-to-face communication. Feedback capabilities are fast and communication is personal,
but visual cues, actual physical presence and eye contact are not available, making it fall short of the richness
of face-to-face communication (Daft et al., 1987, p. 359). Here, understanding relies on language variety and
audio cues (Daft & Lengel, 1983, p. 7-9).
Personal static media are less rich still. Feedback is slow and only the information written down is conveyed
to the receivers, making visual and audio cues absent. Natural language and personal focus can be applied
somewhat, but it depends on the genre of the addressed document (Daft et al., 1987, p. 358-359).
38
Impersonal static media are lowest in media richness, providing no personal focus on the receiver, limited
information cues, no possibility for language variation or rapid feedback. These media are often used for
communicating quantifiable information, but they do not have the same capacity to facilitate understanding
as media with natural language elements (Lengel & Daft, 1988, p. 226).
3.5. Strategy of analysis
Based on the theoretical framework as presented above, the strategy guiding the analysis of this thesis is
centred on three consecutive analytical steps. Step one is an analysis of FLSmidth’s communication situation
and each of the constituents that make it up, based on the model of a communication situation as presented in
section 2.3.1. The second step deepens the first step by analysing mobile communication as a new
communication technology and how it is defined by the social context in which it functions. The third step
adds to the first two steps by analysing how FLSmidth’s financial communication messages match the
capacity of mobile communication to facilitate understanding. The reasoning behind this strategy is that the
results from the analysis of step one with advantage can be used for the analyses of step two and three, and
the results from the analysis of step two with advantage can be used for the analysis of step three. This way
the scene is set for answering the research questions as set out in section 1.2.1 to the fullest. Via the fourth
and final step, the findings and results from the analyses are discussed and evaluated up against the case
study of FLSmidth, the problem formulation and research questions of the thesis.
Illustration 3.6: Strategy of analysis (created for the purposes of this thesis)
1. FLSmidth's communication
situation
2. Social construction of mobile
communication
3. FLSmidth's message complexity and media
richness of mobile communication
4. Discussion of findings and results
39
4. Analysis & Discussion With the theoretical framework presented and argued for in chapter two, we can move on to the four
analytical steps making up the strategy of analysis and combine theoretical application with empirical
findings from the qualitative research interviews and data collection material. Initiating the analysis of the
problem definition and thus seeking to answer research question number one is an analysis of FLSmidth’s
communication situation through the constituents that make it up. Elaborating on this with a focus on the
medium constituent and seeking to answer research question number two is an analysis of the social
construction of mobile communication. Tying together and elaborating on the first two analytical parts while
seeking to answer research question number three is the third element of the strategy of analysis, namely the
analysis of how the characteristics of FLSmidth’s communication messages match the capacity of mobile
communication to facilitate understanding. Summing up the analysis is a discussion of the findings and
results in the context of the research purpose of this thesis as well as a number of recommendations for
FLSmidth in terms of the possible implementation of mobile communication.
4.1. FLSmidth’s communication situation
Before it is possible to discuss how the potential adoption of a mobile communication solution relates to
FLSmidth’s communication situation, it is crucial to firstly analyse what defines FLSmidth’s communication
situation and the constituents that make it up. The following analysis is based on the model of a
communication situation, as presented and explained for in section 3.2.1.
4.1.1. Sender
Covering the analysis of FLSmidth as the sender of this particular communication situation is the definition
of what type of company FLSmidth is, but also of who represents it externally to the receivers of FLSmidth’s
financial communication.
Key to the characteristic of FLSmidth as a company, and thereby to its information disclosing obligations, is
the fact that FLSmidth is a listed company. FLSmidth has been listed on the NASDAQ OMX Copenhagen
stock exchange since 1968 and is included in a number of share indices, here among the OMXC20 index,
which comprises the 20 most traded shares in Denmark. As an issuer of shares to the Copenhagen stock
exchange, FLSmidth is obliged to adhere to a set of rules based on the Danish Securities Act, section 21,
40
which is created on the basis of the guiding EU directives within the area. The rules regulate share issuers’
information activities towards the market and the Copenhagen stock exchange, so that securities admitted to
trading can be traded in a fair, orderly and effective manner (NASDAQ OMX Copenhagen A/S, 2011, p. 3).
What this means for FLSmidth as a company is the fact that it has to disclose any information about business
decisions and circumstances which are believed to possibly affect the share price. This involves specific
requirements to firstly the content of the information that FLSmidth discloses and secondly to the timing of
the publication of that information. The information that FLSmidth discloses to the market must reflect
FLSmidth’s actual situation, that is, its financial result and position, and must not be inaccurate or
misleading in any way. FLSmidth must furthermore ensure that all market participants have access to the
same information at the same time. Information therefore has to be disclosed as soon as possible after an
event or development has occurred and the information is ready for disclosure (p. 21 ff.). In order to meet
these rules, FLSmidth publishes obligatory financial reports and stock exchange announcements and makes
all information available via www.flsmidth.com. But FLSmidth also engages in continuous dialogue with the
stock market and investment community through press releases, investor presentations, webcasts and
teleconferences, one-on-one investor and management meetings, road shows and capital market days
(FLSmidth & Co. A/S, 2013a, p. 75). As argued by Ditlevsen et al. (2007, p. 48), the sender is the
constituent who has the greatest influence on the text constituent and thereby also the one responsible for it.
Consequently, FLSmidth publishes information and conduct communication activities as a result of required
legal obligations, but also as a result of the wish to maintain a close relationship with its investment
community and thereby enable discussion of relevant information for all.
In the discussion of FLSmidth – the company – as the sender of this particular communication situation, it is
crucial to recognise the people who represent FLSmidth externally in the presentation of its financial
communication messages. Ditlevsen et al. (2007, p. 48) emphasise that the sender is not only the author of
published texts, but also the people who represent the text as social actors. In the case of FLSmidth, it is the
Chief Executive Officer (CEO) and Chief Financial Officer (CFO) who present the company’s financial
results to external stakeholders at quarterly investor meetings at the FLSmidth headquarters in Valby,
Denmark. The CEO and CFO also occasionally attend investor presentations and road shows around the
world, where they meet analysts and current and potential investors face-to-face. However, as the crucial
connecting link between the management and the external stakeholders is the Corporate Communications &
IR department which facilitates the ongoing dialogue with the market, the exchange, the analysts and the
investors. It represents analysts’ access point to FLSmidth and therefore handles the daily contact with
market participants and takes questions and feedback from analysts and journalists about the company’s
financial state and development as they arise. This means that in the analysis of FLSmidth’s communication
situation and when mentioning FLSmidth as the sender, it is the Corporate Communications & IR
41
department, and in connection with quarterly investor presentations and occasional investor meetings also
the CEO and CFO, who are referred to and represent and enact FLSmidth externally.
4.1.2. Receiver
In the analysis of FLSmidth’s communication situation, many receivers can be identified. However, as
explained in the chapter on methodology, the financial analysts, covering FLSmidth’s financial development
as part of their jobs, are chosen as the receivers of focus in the analysis of FLSmidth’s communication
situation in this thesis. This is in line with the argumentation by Ditlevsen et al. (2007, p. 52), which posit
that in an analysis of the receiver, it is the texts’ effect on the receiver and the receiver’s interpretation of the
texts, and the sender representing them, that are essential to analysis.
Characteristic to the financial analysts as receivers of FLSmidth’s financial communication messages is the
nature of their jobs. They are analysts, which means they analyse and redistribute information for a living.
Their clients are the current and potential investors of FLSmidth, meaning that the analysts to a great extent
function as intermediaries between FLSmidth and current and potential investors. The analysts’ jobs are,
based on the analysts’ own financial analyses and estimates, to assess the value of FLSmidth’s shares and
recommend to clients whether or not they should sell, hold or buy FLSmidth shares: “I make a living of
collecting information, processing it, and then having it result in a decision about whether or not I believe a
share has been over- or underestimated” (my translation) (Appx. 5, p. 1, lines 8-9).
This implies the ability of analysts to filtrate the information that FLSmidth publishes and evaluate which
details are important to highlight towards their clients and their investment agenda and which are not: “What
my job really is about is to be the funnel or the filter between information from the world and what our
clients really need to know” (my translation) (Appx. 3, p. 1, lines 18-19).
When asking the analysts how they use the information that FLSmidth publishes, they emphasise the aspect
that what FLSmidth estimates to be the most important financial development or deviance in a financial
statement is not necessarily the same as what they estimate to be the most important financial development
or deviance.
I need to have read and understood everything and then I need to boil it down to what I believe is important. And it is certainly not guaranteed that it is the same, as what the company thinks is important. (My translation) (Appx. 3, p. 12, lines 15-17)
42
Key here is for the analysts to critically assess FLSmidth and the information FLSmidth publishes and based
on that information make their own financial estimates and forecasts to present as relevant to their clients’
investments. This corresponds to the theoretical stance of Frandsen et al. (2002, p. 64), who argue that the
sender and receiver are equally active in the interpretation of texts and thereby in the meaning creation of
them.
The biggest part of the analysts’ client group consists of institutional investors, that is, major companies
which invest other people’s money, such as pension and insurance providers. As a result, the clients of the
analysts already know much about investment and to a large degree also about FLSmidth, especially if they
are already shareholders, but also if they are planning to invest in FLSmidth in the near future. This means
that the analysts have to act as experts and not only filtrate and redistribute FLSmidth-concerned information
based on financial reports and stock exchange announcements, but also uncover what might be the causes of
specific financial developments or strategic decisions, and, importantly, if they may indicate negative
consequences for the future financial development of FLSmidth – consequences which may not be
explicated in much detail in a financial report or stock exchange announcement. To analysts, reading and
understanding financial reports and numbers is one thing, analysing what the numbers mean to the current
and future business of FLSmidth is another.
I can conclude on the numbers myself. What I use is what you can tell me about how the business is going – are there more customers or fewer customers, are the prices up or down? That is truly important. (My translation) (Appx. 5, p. 9, lines 13-15)
While all information required by law is covered in the obligatory financial reports and stock exchange
announcements, to analysts, the information most often needs to be elaborated on in order for them to truly
capture the essence of financial development and prospects of FLSmidth.
At one investor meeting for example, a larger listed Danish company talks about some problems there had been in a division. The CEO said for example ‘they have had problems with this, this and this’. He used the word ‘they’ and somehow blamed the division for the problems (…) it is much easier to catch these things if you sit across the person and you can see via his body language if he distances himself from the problems. This is a major deal-breaker for me. So I thought to myself, here is a management clearly not hands-on (…) it is clear that the responsibility is his. These things are very hard to read from a financial report alone or as good as impossible. Really, this is a very concrete example of how important it is also to meet with the management. (My translation) (Appx. 3, p. 10, lines 17-32)
In order for analysts to prepare their share recommendations on an as well-informed basis as possible, one-
on-one meetings with clients, IR and the management of FLSmidth, clarifying financial results and business
developments, are therefore crucial. Closely related to this is the fact is that analysts and their clients depend
43
on an open continuous dialogue with FLSmidth as important developments and events happen. Here,
analysts rely on the IR department of FLSmidth to facilitate the contact to management and key personnel
within the company.
I really like the daily conversations with an IR (…) Presentations of financial statements don’t give me much, and road shows are really important to the clients that we have, but they do not create much value to me as an analyst. That I get through a discussion one-to-one or on a capital market day where you have the opportunity to dig a bit deeper into the business of the company. (My translation) (Appx. 4, p. 4, lines 17-21)
Given the professional relationship between FLSmidth on the one hand and the analysts covering FLSmidth
on the other, it is evident that sender and receiver in their respective positions in relation to the
communication messages that FLSmidth produce are equally dependent on each other. The analysts in order
to make exhaustive and accurate analyses of FLSmidth, and FLSmidth in order to make sure that analysts are
presented with an as accurate image of FLSmidth as possible in order to complete their analyses, ultimately
affecting the share price and thereby the value of the company. Frandsen et al. (2002, p. 83) argue that both
sender and receiver are social actors trying to make sense of a given text and a given situation, and that true
meaning is not accomplished until it is recognised as such by both the sender and the receiver. This position
is very clear from the above analysis, as dialogue is needed in order to create mutual understanding between
FLSmidth and the analysts.
4.1.3. Context
In the analysis of the external context affecting FLSmidth’s communication situation, many factors, local as
well as global, materialise. However, as a means of delimitating the scope of analysis, only a limited number
of external matters are included. These relate to the fact that FLSmidth is a listed company in a
contemporary, digital culture and the demands that puts on listed companies’ transparency, accessibility and
responsibility towards interaction with external stakeholders as a whole.
The global financial crisis of 2008 along with an unstable global financial market has brought with it an
increased demand for scrutiny of listed companies’ financial state and hence reporting procedures
(Sandstrøm, 2012, p. 13). Directly affecting FLSmidth are the increased regulations towards the Danish
stock market, implemented by the NASDAQ OMX Copenhagen stock exchange on 1 October 2011.
Ditlevsen et al. stress (2007, p. 55) the fact that the constituent of context affects the rest of the constituents
in a communication situation, as is the case with FLSmidth. With the expanded regulations has come an
increase in the frequency and conciseness of required published information, especially in relations to the
communication about management and strategy, risk, cash flow and capital management as well as guidance
44
on market developments, turnover and earnings. Key to this development is the public’s increased focus on
the transparency and openness of listed companies so that another financial crisis like the one exploding in
2008 will not happen again. Authorities, financial analysts and journalists, news agencies, stock exchanges
and non-governmental organisations continuously raise their expectations towards listed companies’
financial communication efforts and accessibility.
Additionally shaping the context of FLSmidth’s communication situation are industry associations and
networks within the corporate communications and IR industry and their continuous focus on industry
development and improvement. Associations such as the Danish Association of Communication
Professionals and the Danish Investor Relations Society contribute to pushing the agenda for how industry
professionals and hence companies continuously can improve the communication to their stakeholders –
during the past years with an increased focus on digital solutions such as mobile communication. A think
tank within the Danish Association of Communication Professionals consequently declares that digital
communication is one of the nine most influential trends within the professional communication discipline.
New communication platforms, including mobile communication, the association predicts, will dominate the
communication between people by 2019 (Dansk Kommunikationsforening, 2010). This has consequences
for the people who represent FLSmidth externally and work professionally with FLSmidth’s financial
communication messages. They constantly need to evaluate the relevance of communication trends as
presented by industry professionals to the case of FLSmidth. Now, Ditlevsen et al. (2007, p. 58) also argue
that the rest of the constituents of a communication situation mutually determine the context, and in the case
of FLSmidth, it can be argued that the decisions that FLSmidth and other listed companies make in terms of
for example the implementation of a new communication technology, and how it is perceived by their
receivers, also affect industry professionals, their business and plan for future consultancy.
4.1.4. Genre
As evident in the analysis of the sender, receiver and context constituents above, a major characteristic of the
communication situation of FLSmidth is the fact that FLSmidth is a listed company and thereby has to oblige
to a number of information disclosing rules. Given this situational factor, it is therefore argued that not one
but several texts make up FLSmidth’s communication situation and together constitute one genre – the genre
of investor communication. While the genre of investor communication comprises a number of separate
texts, it is possible to define them as belonging to the same genre, as all the texts have the same
communicative purpose. Swales (1990, p. 21) and Bhatia (1993, p. 13) argue that a text’s communicative
purpose is the most important characteristic when distinguishing one genre from another. Central to being
able to define investor communication as a separate genre in the case of FLSmidth is furthermore the fact
45
that it is recognised and understood as such by its discourse community, comprising FLSmidth itself, the
authorities and the financial analysts covering FLSmidth. This corresponds to the theoretical approach of
Swales (1990, p. 21 ff.), who argue that a genre is not a genre until it is recognised as such by a discourse
community. Given the legislative and professional nature of investor communication, it must be assumed
that the discourse community understands the genre in terms of the same conventions and constraints.
The texts recognised as conventional to the investor communication genre by the discourse community are to
a large degree recognised as such due to the information disclosing rules for listed companies. This is in line
with the argumentation of Frandsen et al. (1997, p. 111), which argues that every genre serves as a
communicative tool to the accomplishment of certain purposes. A number of obligatory texts can therefore
be listed as an essential part of the investor communication genre. They include: the annual and interim
reports, commonly referred to as financial reports, stock exchange announcements and annual general
meetings. Associated with these obligatory texts is a specific time frame, as the publication of a financial
calendar also is a requirement set out by the rules for issuers of shares (NASDAQ OMX Copenhagen A/S,
2011, p. 37). This means that a great part of the information that FLSmidth publishes constitute a
communication plan with fixed dates, updated on a yearly basis. Besides publishing obligatory information
to the corporate website of FLSmidth, all obligatory texts must be sent electronically to the Danish Financial
Supervisory Authority, the Danish Business Authority and the stock exchange, according to the rules for
share issuers (p. 26).
However, a number of other texts are furthermore recognised as conventional to the investor communication
genre by its discourse community, as they contribute to an ongoing dialogue between FLSmidth and the
market. These include press releases, investor presentations, webcasts and teleconferences, one-on-one
investor and management meetings, roadshows and capital market days (FLSmidth & Co. A/S, 2013(a), p.
75-76). Supporting these conventions is the fact that when surveyed, analysts list one-on-one meetings with
the IR department, CEO/CFO dialogue and other face-to-face communication activities as the most
important sources of company information right after the financial reports (Dansk Investor Relations
Forening, 2012, p. 17). Key to the texts not required by law, however, is that they revolve around and
elaborate on the same financial and business-related messages, as are presented in the obligatory texts.
Consequently, in the section below, it is examples of obligatory texts that undergo detailed genre analysis in
terms of the identification of communicative purpose, moves and rhetorical strategies. Chosen for analysis is
the latest annual report (FLSmidth & Co. A/S, 2013a) and the latest stock exchange announcement,
announcing a large order (FLSmidth & Co. A/S, 2013b) – at the time of writing.
46
In the general disclosure requirements of the rules for issuers of shares, it says that it is information
regarding decisions, facts and circumstances of a company’s financial result and position that must be
disclosed (NASDAQ OMX Copenhagen A/S, 2011, p. 24). Based on that fact as well as FLSmidth’s goal of
maintaining and developing an ongoing dialogue with investors and analysts, that is, the investment
community, the communicative purpose and sub-purpose of the investor communication genre, realised
through a number of moves and rhetorical strategies, can be presented in the overview below. Frandsen et al.
(1997, p. 112) claim that moves are the elements which throughout a text contribute to accomplishing a
text’s communicative purpose. This is evident below, where the listed moves all serve to realise the purpose
of presenting FLSmidth’s financial result and position. Realising the listed moves are a number of specific
rhetorical strategies which, as argued by Frandsen et al. (1997, p. 114), are not exclusive to the genre, but
rather represent the chosen stylistic approach.
Communicative purpose
To present financial result and position
Sub-purpose
To maintain and develop an ongoing dialogue with the investment community
Financial reports
(FLSmidth Annual Report 2012)
Moves
1. Financial results and developments for
4th quarter and the year (income statement,
order intake, order backlog, revenue and
earnings, cash flow, working capital, tax,
growth efficiency, profit efficiency, capital
efficiency, balance sheet, capital structure,
Stock exchange announcements
(No. 05-2013, 3 April 2013: FLSmidth to
supply large material handling system)
Moves
1. Information stating the time and date of
disclosure and the number of the
announcement
2. Heading indicating the substance of the
47
dividend, consolidated equity, estimates by
management, segment information,
acquisition and disposal of enterprises and
activities, non-current assets and investments,
liabilities)
2. Management review (strategy, long-term
financial targets, market trends,
macroeconomic trends, status on employees,
Board and management, corporate
governance, treasury shares, incentive plan,
corporate social responsibility, risk
management, research and development,
operational objectives, events occurring after
the balance sheet day)
3. Forward-looking statements (discussion
of future operating or financial performance
based on current plans, estimates and
projections)
4. Shareholder information
announcement (“FLSmidth to supply large
material handling system”)
3. First paragraph with most important
information (order value, customer, scope of
order, location of order execution)
4. Consecutive paragraphs with details
about the news (order details, related
technological, environmental and safety
measures)
5. Quote by management on significance of
the news
6. Contributions to earnings
7. Full company name, website address,
contact person and phone number
Rhetorical strategies
Use of technical terminology (financial lingo
and abbreviations: EBITA margin, ROCE,
equity ratio, financial gearing, pay-out ratio,
amortisation, impairment of intangible assets,
net interest-bearing debt (e.g. p. 5-6))
Use of data tables, graphs and diagrams
(consolidated financial statements/parent
company financial statements: pp. 82-145,
additional data tables, graphs and diagrams: p.
Rhetorical strategies
Use of descriptive/concluding speech acts
(“FLSmidth to supply…” (headline), “The
scope of supply includes…” (sentence 1, pg.
2), “The pipe conveyers are…” (sentence 2,
pg. 2)
Use of adjectives/adverbs (“… large
material handling system…” (headline), “…
leading Indian steel producer…” (sentence 1,
pg. 1), “… with special attention to
48
3-7, 14, 18-19, 22-23, 25, 27, 30, 32-33, 36,
38-39, 42, 44-45, 48, 50-51, 57, 58-59, 72,
74-76, 78-79)
Use of descriptive/concluding speech acts
(e.g. “Earnings per share (diluted) amounted
to DKK 25.1 in 2012“ (p. 4) and “The short-
term outlook for bulk materials such as coal
and iron ore has deteriorated throughout the
year” (p. 14))
Use of forward-looking expressions (“In
2013, FLSmidth & Co. A/S expects
consolidated revenue of DKK 27-30bn” (p.
7), “We strongly believe that…” (p. 9),
“Efforts will be intensified” (p. 9), “It is
expected that ROCE will trough in 2013” (p.
27))
environmentally friendly initiatives…” and
“… FLSmidth’s globally proven pipe
conveyer technology…” (sentence 1, pg. 3),
(“…proprietary state-of-the-art drive
systems…” (sentence 2, pg. 4). (My
emphasis)
Use of forward-looking expressions (“The
order will be booked by… and contribute
beneficially to…” (sentence 1, pg. 5)
Illustration 4.1: Example of investor communication genre analysis (created for the purposes of this thesis)
Key to the genre of investor communication, and exemplified in the genre analysis above, is that texts and
information must include facts that provide sufficient guidance to enable evaluation of the information and
its possible effects on the share price. FLSmidth therefore must disclose information about forecasts and
forward-looking statements as well as unexpected and significant deviation in financial result or position.
Ultimately, the information must be relevant and sufficiently comprehensive to allow for analyses of the
effects of the information disclosed.
4.1.5. Medium
Closely related to the analysis of the genre constituent above is the constituent of medium. While the
medium constituent of FLSmidth’s communication situation is the constituent that in the context of this
thesis’ research purpose is subject to the most potential change, and thereby analysis, it is relevant to take a
look at the media FLSmidth currently applies in their investor communication efforts. As Frandsen et al.
(2002, p. 82) mention, certain types of media are predisposed to certain types of texts. This is also the case
49
with the investor communication genre. The texts comprising the investor communication genre are in the
case of FLSmidth realised through the following media: website, teleconference, webcast, e-mail, phone and
face-to-face communication. The current media application and significance to the communication situation
of FLSmidth is critical to include in the analysis of the introduction of any new communication medium.
Firstly, the application of the FLSmidth corporate website www.flsmidth.com as a communication medium
is required by law and simply cannot be disregarded in FLSmidth’s communication situation. Secondly, the
website, as well as the rest of the media used, are central communication channels to the genre of investor
communication and therefore unlikely to be omitted at the cost of the addition of a new communication
channel. The recognition of FLSmidth’s current media application is consequently an inevitable and
integrated part of the analysis of mobile communication as a new additional medium. This implies that the
possible introduction of mobile communication technology to the communication situation of FLSmidth
does not mean the omission of other key communication media. This important aspect is discussed further in
the analysis of the social construction and media richness of mobile communication below after the section
on code.
4.1.6. Code
As argued by Frandsen et al. (2002, p. 91 ff.), the recognition of a communication situation as being in fact a
communication situation, is dependent on the constituent of code, which the participants in a communication
situation as a minimum must have in common in order to be able to understand each other. This is also the
case in this particular communication situation, where it is relevant to discuss the significance of
understanding the English language as well as the inherent rules underlying technical, financial lingo.
FLSmidth is a globally operating company and has been since the turn of the 20th century. The corporate
language is therefore English, meaning that all external, and internal, written and spoken texts are prepared
in English. This places certain demands on the receivers of FLSmidth’s investor communication, but also to
the senders of the communication, as both groups must be able to understand English at a relatively high
level in order to engage in conversations about relevant topics and discuss them in detail. However, as a
result of the people who represent the sender and the receiver in this communication situation, their jobs and
thereby their educational backgrounds, it is evident that the necessary English skills are shared. Frandsen et
al. (2002, p. 92) furthermore argue that the constituent of code refers to the inherent rules that direct how we
use linguistic elements to create a specific text or message, and it is therefore relevant to discuss the
technical and financial lingo characteristic to investor communication. Certain implied abbreviations and
expressions are associated with investor communication in general, and specific to the case of FLSmidth also
expressions of internal matters such as division or product abbreviations. Expressions such as ‘EBITDA’,
50
‘CFFO’, ‘SG&A’, ‘scale effects’ and ‘transfer of cost base’ (FLSmidth & Co. A/S, 2013(a), p. 3-7) need to
be understood by the receiver and the sender. It is assumed that the people who represent FLSmidth
externally are familiar with these terms, and given the characteristics and capabilities of the receiver group as
discussed above, it is also assumed that they possess the necessary knowledge to understand the given
technical and financial lingo.
4.2. Social construction of mobile communication Now that we have established what constitutes FLSmidth’s communication situation, it is possible to move
on to analysing the medium constituent in more detail through the social construction of mobile
communication, while keeping in mind the findings from the analysis of the different constituents of
FLSmidth’s communication situation above.
Evident in the following analysis of the first step of the descriptive model of SCOT, the relevant social
groups associate mobile communication firstly with the use of a number of commonly accepted mobile
devices and secondly with a number of commonly accepted technical approaches to mobile communication.
Mobile devices include smart phones on the one hand and tablets on the other. Significant to the construction
of mobile communication is the factor of screen size. Screen sizes differ from mobile device to mobile
device with tablet screen sizes being somewhat larger than smart phone screen sizes8. The technology of
mobile communication is furthermore currently realised through two generally accepted technical
approaches (e.g. Wroblewski, 2011a, p. 14-16 or Frank et al., 2011, p. 30-34). One technical approach is
realised through so-called mobile websites, where the viewing of a website adapts to fit the device from
which you are viewing a website. This means that font sizes, graphical elements and the organisation of
content shift and differ, depending on which mobile device you are accessing a website from9 (Fagerlund &
Knudsen, 2012, p. 28; Andrews, 2012, p. 3). The other technical approach to mobile communication is
realised through mobile applications or so-called apps. Apps can be divided into native apps and web apps.
Native apps are downloadable programs, designed for specific operating systems of specific mobile devices.
Native apps are downloaded to the mobile device and content is therefore available offline once the
programme is downloaded (Frank et al., 2011, p. 34). Web apps are similar to mobile websites as they are
accessed via web browsers and hence require a network connection, but they offer some of the same features
as native apps, such as access to the mobile device’s contacts, camera and GPS as well as the possibility to
save app content on the mobile device (p. 30-32). Consequently, it is around these different technical
8 The screen on an iPad measures 24.64 cm (diagonal) (Apple Inc., 2013b), the screen on an iPhone 4s measures 8.89 cm (diagonal) and the screen on an iPhone 5 measures 10.16 cm (diagonal) (Apple Inc., 2013a) 9 This technical approach is known either as adaptive or responsive design
51
specifications that the relevant social groups attach their usages and meanings to mobile communication.
These circumstances are important to take note of, as they partly make up the technological frame of mobile
communication and thereby, as argued by Bijker (1995, p. 124), inherently contribute to shaping relevant
social groups’ actions and opinions about a technology.
Furthermore, as this thesis researches FLSmidth’s investor communication and how the adoption of a mobile
communication solution relates to FLSmidth’s communication situation, possible investor communication
content published via mobile communication must be the same information otherwise officially released by
FLSmidth via the corporate website and to the authorities and the Copenhagen exchange in order to upkeep
the rules for issuers of shares. This means that FLSmidth cannot publish new investor information via mobile
communication, as long as the information is not made available on the corporate website and to the public
at the same time, ultimately creating equal access to all information for all market participants.
4.2.1. Relevant social groups
Bijker (1995, p. 48) argues that a technology is constructed by the usages and meanings relevant social
groups ascribe it. Through the research of the technology and its application in a contemporary, digital
culture leading up to the hypothesis creation, as well as through the research conducted in connection with
the investigation of the problem definition, several relevant social groups emerge. Before going into details
about these relevant social groups and the meanings and usages they attach to mobile communication, the
grounds for identifying them as relevant are discussed.
Bijker and Pinch (1987, p. 30) define social groups as relevant when they explicitly attach a specific
meaning, functionality and application to a technology. What this means for the research and identification
of relevant social groups in the context of this thesis is that while studying empirical interview material,
white papers, reports, trade journals and articles and blogs by industry professionals, notice has been taken of
the groups of people who in a professional perspective and setting have formed a professional opinion about
mobile communication and its applicability. Bijker (2001, p. 15525) furthermore emphasises that it is the
researcher’s responsibility to determine which social groups are relevant to an analysis and which are not.
Given the research purpose of this thesis, it is the social groups appearing below who are deemed relevant
for the context of this analysis; firstly because they all have a professional relationship to mobile
communication and secondly because they are professionally connected to FLSmidth. Importantly, the
opinions and meanings one social group attaches to mobile communication affect the meanings and opinions
of the other social groups, as the groups all are part of the same technological frame, ultimately constituting
the technology of mobile communication.
52
Illustration 4.2: Relevant social groups (figure created for the purposes of this thesis)
The social group of financial analysts includes the financial analysts who cover FLSmidth as part of their
jobs. The analysts are the receivers of FLSmidth’s investor communication and therefore also the potential
users of mobile communication, should FLSmidth decide to invest in it. The meanings and usages they
attach to mobile communication are therefore highly relevant to the analysis of the potential implementation
of the technology to FLSmidth’s communication situation.
The group of C20 companies includes FLSmidth, as well as other Danish companies included in the OMX
C20 share index. As all C20 companies engage in investor communication, their communication situations
are similar to FLSmidth’s. Furthermore, FLSmidth considers other C20 companies as peers and benchmarks
itself against them when it comes to investor communication efforts. The meanings and usages FLSmidth
and other C20 companies ascribe mobile communication are relevant, as they are the ones who already
invest or are going to invest in the implementation of mobile communication. Whether major Danish listed
companies invest in mobile communication or not says a great deal about its potential applicability and
significance to the genre of investor communication and therefore also consequently to the communication
situation of FLSmidth.
The group of industry professionals comprises a variety of people who share a professional connection to the
communication, IR and communication technology industries. Included are people who work with
communication consultancy through communication agencies, associations and networks and people who
develop, study and advice on the technical aspects of communication technology implementation. These
people work with the development and implementation of mobile communication for a living and are
educated within the field and therefore contribute greatly to the social construction of the technology. The
meanings and usages they attach to mobile communication are relevant, because their professional advice
often are what C20 companies rely on in their decision-making processes when it comes to the potential
implementation of new communication technologies – including mobile communication.
C20 companies
(incl. FLSmidth)
Financial analysts
Industry professionals
53
Even though Bijker (1995, p. 193) argue that all kinds of social groups contribute to the construction of
technology, in the process of identifying relevant social groups for the purposes of this analysis, two social
groups that arguably could have been added to the groups above have purposefully been omitted. The two
groups concern consumers on the one hand and business-to-consumer (B2C) companies on the other. B2C
companies and consumers are undoubtedly relevant social groups when it comes to the social construction of
mobile communication. However, given the fact that B2C companies mainly communicate to consumers and
not investors in their communication efforts and that consumers likely attach completely different usages to
mobile communication compared to financial analysts, adding B2C companies and consumers as relevant
social groups in the present analysis is deemed out of scope for the research purposes of this thesis.
4.2.1.1. Financial analysts
Among the group of analysts, the usages and values they attach to mobile communication are very much
related to their jobs and the tasks that they perform as part of them. Analysts write analyses, valuations and
commentaries on the basis of companies’ detailed financial statements and typically they need several
computer screens for that.
Most often, when I receive financial communication from FLSmidth, I sit with my three to four screens – I have the stock market prices on one screen, I have my e-mail systems on another, and then I have a screen where I can open up the announcement from FLSmidth and sit and read while I write a comment. A tablet or an announcement on a smart phone would never be able to replace that. I would never be as efficient as I am on my stationary. (My translation) (Appx. 4, p. 11, lines 16-21)
Most analysts, however, own smart phones as well as tablets, but the usages they attach to the devices are
limited to the completion of very few and specific tasks. Notably, analysts are provided with smart phones
by their place of employment, but not with tablets. It is thus not expected of the analysts to use tablets as part
of their jobs. This fact is clearly reflected in the analysts’ use of the tablets, which is mostly for personal
matters.
It (the iPad, red.) has become more private (…) I mean it is primarily for that (private stuff, red.) and to surf randomly on and to access my private e-mail account and to play music from the stereo on and things like that. (My translation) (Appx. 4, p. 9, lines 18-19)
While analysts appreciate their tablets for personal use, they do not use the tablet as an integrated part of
their daily work and do not view the device as essential or as a useful tool in order for them to perform their
54
jobs. One analyst explains: “I bought my iPad for curiosity, but I am not using it anymore” (appx. 9, p. 2,
lines 23-24).
The smart phone, in turn, analysts use as a very important tool in their daily work routines. Besides calling,
the device is primarily important as a means of accessing their email inboxes. This usage is closely related to
the fact that analysts as a result of an extremely important time-sensitive aspect in their jobs subscribe to
various mailing lists of the companies they follow. This way, analysts get a notification in their email inbox
every time a news item is published. When analysts actively use their smart phones for searching
information, it is primarily through the sites of financial news agencies such as Bloomberg or Reuters.
If I need to get the annual report from 2010, I would never get it from my mobile device, I would always get it via my computer – my smart phone is handy for quick news and updates and that I get through my email account on my phone via email subscriptions. A mobile version of your website will not make my job any easier. (My translation) (Appx. 3, p. 16, lines 7-11)
Illustration 4.3: Screen shots of regular and zoomed in view of financial data table on smart phone
55
Accessing financial reports and data via smarts phones is deemed impossible by analysts, as the screens
simply are too small to handle a large amount of numbers, graphs and detailed commentary. Even though it
is possible to zoom in on numbers, crucial structuring elements such as rows and columns disappear –
elements which contribute to maintaining a continuous overview of the information.
It’s a terrible way for me to form a general overview of the numbers – I simply do not believe the medium is suitable for financial communication (…) in my view, mobile communication is nothing more than an expense not creating any value to the user. (My translation) (Appx. 5, p. 11, lines 21-25; p. 12, lines 14-15)
It is clear that analysts interpret the applicability, or rather inapplicability, of mobile communication as a
result of their usage of mobile devices. While the screen on a tablet is larger than on a smart phone, and a
financial report therefore logically would be easier to read from there, for analysts this fact is irrelevant to
the applicability of mobile communication, as they do not use the tablet as a crucial part of their jobs.
Furthermore, many analysts have never accessed FLSmidth’s website via their mobile devices, because they
never had to. Because they use their computers, laptops and email accounts for everything else in their jobs,
they use them for staying updated on FLSmidth as well.
However, given the fact that most analysts do own a smart phone and a tablet, some believe that a mobile
version of FLSmidth’s and other companies’ websites would be a convenient add-on to the totality of the
website experience. One analysts explains: “I see mobile communication as a convenient supplement to the
website, but the technology is definitely not ground breaking in any way” (my translation) (appx. 6, p. 2, line
29+31). At the same time, however, others highlight that companies should not invest in mobile
communication for their sake only. Evident here is that while most analysts interpret the applicability of
mobile communication as unnecessary and unessential for the purposes of their jobs, few are completely
dismissive towards the idea of companies creating mobile versions of their websites.
4.2.1.2. C20 companies
Within the relevant social group of C20 companies, a great variety of interpretations of the applicability and
significance of mobile communication exists. Besides FLSmidth, the companies Carlsberg, DS NORDEN
and Topdanmark are included in the analysis below. These companies are included, because they engage in
mobile communication via a number of different technical approaches. With FLSmidth being the only
company among the mentioned companies not currently engaging in mobile communication, interpretations
and usages attached to mobile communication among the rest of the companies revolve around user
behaviour and advantages and shortfalls of the technical approaches to the technology.
56
As mentioned in the introduction of this thesis, FLSmidth is willing to look into the possibilities of the
adoption of mobile communication technology. FLSmidth therefore recognises that the trend exists and also
that many of its peers have begun to invest in the technology. However, statistics show that not only is the
percentage of people accessing www.flsmidth.com via their mobile devices extremely low, the percentage is
actually decreasing (for the statistics in full, see appx. 11). In 2011, 94.7 % of page views were viewed from
desktop and/or laptop computers and 5.1 % from mobile devices. In 2012 however, the corresponding
figures were 95.9 % and 4.1 % respectively. The numbers speak for themselves and do not contribute to the
business case arguing for the adoption of mobile communication in the case of FLSmidth.
Illustration 4.4: Screen shots of page view statistics of www.flsmidth.com from 2011 and 2012
57
The Danish company Carlsberg currently engages in mobile communication with great success via a separate
IR app. Since March 2011, analysts, investors and financial journalists have downloaded the app more than
3000 times. Carlsberg interprets the functionality of an IR app as easy access to investor information for
users in any given situation – also when they are offline and in an area with no network connection.
Carlsberg furthermore interprets the availability an app signals as an important factor in a time where mobile
devices speed up the pace at which all sorts of topics are published, communicated and discussed among
important stakeholders (Stær, 2012).
DS NORDEN engages in mobile communication via a mobile version of their corporate website. The
company does not believe that a separate IR app is necessary, as they estimate a limited number of their
users will go to App Store and search for a corporate app. Instead the company interprets having a mobile
version of their website as adequate. Adding to this interpretation is furthermore the convenience of only
having to maintain one platform, namely the website. DS NORDEN has opposed to FLSmidth seen an
increase in the number of mobile visitors to their website, which it has interpreted as an opportunity and
argument for investing in mobile communication. DS NORDEN interprets mobile communication as
creating value for both internal and external stakeholders. The company argues that an app enables users to
easily access investor information, CEO video, interim reports, contact details as well as a profile on and
facts about DS NORDEN when they are away from their computers (Steinitz, 2012).
As the last example of companies engaging in mobile communication in the context of this thesis,
Topdanmark has a relatively conservative attitude towards mobile communication and assumes that their
investors primarily use computers to find the information they need about the company. Topdanmark has
surveyed their users and they do not ask for investor information via apps. Consequently, the company has
chosen to invest in mobile communication via a solution where the specific parts of their website concerning
investors are shown as a mobile website when accessed from a mobile device. This way, Topdanmark agrees
with DS NORDEN in arguing for the convenience of only having to maintain content on the website and not
a separate app (Steinitz, 2012).
4.2.1.3. Industry professionals
The prevailing interpretation among industry professionals is that engaging in mobile communication will
sooner or later be inevitable for all types of companies and that if companies would like to gain a
competitive advantage over their peers, they should invest in mobile communication – and the sooner the
better. Because of the trend that more and more people own and use mobile devices to cover their
information searching needs, it is also relevant for companies to use and take advantage of the new medium.
58
To industry professionals, mobile communication furthermore represents a new way for companies to
interact with key stakeholders, as the company get the chance to reach its users via a new communication
channel. Ultimately, engaging in mobile communication prepares companies for the explosive growth and
new opportunities for connecting with the users that mobile communication technology will continue to
bring about (e.g. Frank et al., 2011, p. 8-10; Wroblewski, 2011a, p. 1; Sandstrøm, 2012, p. 13).
A great part of the group’s argumentation is based on their estimates that the users of new communication
technologies in a contemporary, digital culture expect companies to be increasingly accessible and present –
also via mobile communication. They argue that users of company websites expect a great experience
regardless of which device they access the websites from. The conviction is that if users cannot find what
they are looking for, they will leave the site with a feeling of frustration – also with the company (Fagerlund
& Knudsen, 2012, p. 28). Industry professionals furthermore argue that people’s explosive use of mobile
communication also means that an increasing amount of people will be accessing financial information via
their mobile devices (Frank et al., 2012, p. 1; Bengtsson, 2012, p. 19). Consequently, for companies already
working with reporting of financial results via their websites today, which includes all listed companies,
going mobile is the next logical step (Fagerlund & Knudsen, 2012, p. 31). Key to the group of industry
professionals is that they embrace the constraints of small screens rather than fighting them, as opposed to
analysts, and see the limited amount of available pixels as an opportunity for companies to prioritise content
and focus on what truly matters to the users (Wroblewski, 2011a, p. 18-19). Keeping this in mind forces
companies to simplify mobile communication designs so that information can be easily presented in all kinds
of situations, also when people are away from their computers (Wroblewski, 2011a, p. 25-26). In connection
with the emphasis that industry professionals place on the users and their needs, the group stresses that
communication opportunities should derive from user needs and user behaviour and not from available
hardware features. Investing in mobile communication, they argue, only creates value for the companies that
work out a well-considered plan, taking into consideration the company’s position in relation to its users and
market (Frank et al., 2011, p. 10; Nørgaard, 2013, 25 Jan.).
Furthermore, while most industry professionals argue that mobile communication, realised through one
technical approach or the other, eventually is the future for all companies, some also argue that it is difficult
to draw any general conclusions about the applicability of mobile communication. The mobile
communication medium for communicating financial results is still so new that no conventions exist within
the area yet and everyone approaches the challenge differently (Bengtsson, 2012, p. 20). Adding to this
interpretative flexibility is the fact that the Danish Investor Relations Society does not mention mobile
communication in their recommendations for IR best practice (Dansk Investor Relations Forening, 2009). Of
digital media, the trade association focuses on the company website, news distribution services, such as
59
Bloomberg and Reuters, mailing lists, SMS services and webcasts (p. 10). In connection with this, it is
argued that investors are more interested in the quality of the information companies’ publish and not the
design and layout of it (Steinitz, 2012). Others too argue that the greatest digital changes in investor
communication are still in the future: “Today, Danish companies’ presence on mobile platforms is so limited
that it is not worth spending much time on – yet” (Sandstrøm, 2012, p. 14).
From the above analysis of the relevant social groups, it is clear that interpretative flexibility exist both
within and between the groups. While the analysts interpret mobile communication mainly as unnecessary
and dispensable, because they do not see the technology as being beneficial to performing their jobs, industry
professionals interpret the technology as an obvious opportunity for companies to act proactively towards
their users and prepare themselves to the explosive growth that mobile communication will continue to bring
about – also for companies communicating financial results. The C20 companies are caught somewhere in
the middle between plenty of arguments for engaging in mobile communication by industry professionals on
the one hand and a very specific group of receivers not too convinced about the benefits of the technology on
the other. Among the companies, interpretations of the technology are largely based on rational, case-
sensitive factors such as website statistics and measurements of user behaviour. Bijker (1995, p. 77) argues
that there are as many artefacts as there are relevant social groups, and in the case of FLSmidth, it is
consequently evident that, as a technology, mobile communication constitutes very different applications and
usages and thereby artefacts, depending on the specific relevant social group.
4.2.2. Stabilisation process
The interpretive flexibility as described above marks the characteristics of the mobile communication
stabilisation process. While different interpretations exist within and between all three social groups, it is
possible to define two prevailing interpretations among the groups as a whole. One centres on a positive
understanding of mobile communication and one on a negative understanding. Bijker (1995, p. 87) states that
in analysing a stabilisation process, it is helpful to identity with which modalities interpretations are attached
to a technology and thereby with which certainty one interpretation prevails over another. Taking this notion
and the analysis of the relevant social groups above into account, it is possible to argue that both prevailing
interpretations attach great certainty to their understanding of mobile communication. The predominantly
negative interpretation is based on firstly the understanding that tablets are for private use and that smart
phones are for accessing emails and quick news on the go. Secondly, smart phones are deemed unsuitable for
investor communication, as screens are too small, making it impossible to create an overview of a large
amount of financial data. Mobile communication is therefore described as unnecessary and expendable and
as not creating any real value to the users. The predominantly positive interpretation of the technology is
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based on a completely different understanding. Here, mobile communication is associated with innovation,
forward-thinking and competitive edge. Companies have the opportunity to interact with their users in a new
and proactively manner, while preparing themselves for the inevitable future mobile development in
financial reporting. Given the certainty with which the prevailing interpretations manifest themselves, it is
not possible to identify one interpretation as emerging over the other. This fact represents the stabilisation
process of mobile communication, which is still maturing and consequently, according to the analysis above,
comprises two equally prevailing interpretations. It is therefore also not possible to conclude on how the
stabilisation process will develop in the years to come. However, as long as both prevailing interpretations
continue to manifest themselves with such certainty, the stabilisation process is unlikely to stabilise any
further any time soon.
4.2.3. Technological frame
Affecting the analysis of the relevant social groups, interpretative flexibility and stabilisation is the
underlying technological frame. As argued by Bijker (1987, p. 173), in an analysis of the technological
frame, focus is on how a broader technological and societal perspective affects the construction of a
technology. The technological frame is in the case of mobile communication firstly constituted by a
contemporary, digital culture in which focus increasingly is on individualism and the needs and usage patters
of the user of communication technologies. Secondly, the technological frame is constituted by the
technological developments of the Internet, mobile phone and computer, which significance directly affects
the existence of the technology of mobile communication.
Through the analysis of all the three relevant social groups, it is clear that special emphasis is placed on the
users of mobile communication. Industry professionals place the users and estimates about their
communicative behaviours at the centre of the arguments in their primarily positive interpretations of mobile
communication. While they argue that it is the needs of the user which should direct the development of new
communication technologies and not the other way around, they also argue that it is a matter of time before
the receivers of investor communication messages will expect investor communication to be available as
mobile communication. Consequently, they use estimates about the future needs of users in their
construction of the technology – future needs that the users do not know they have. In the analysis of the C20
companies, it is also mainly estimates about the actions of their users that guide their decisions about how to
engage in mobile communication. The needs of the users are therefore essential to keep in mind in the
evaluation of mobile communication as an appropriate medium to a specific communication situation.
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Bijker (1995, p. 123) furthermore argues that in technological development, existing practice guides future
practice. Consequently, when turning to the technological practice existing prior to the development of
mobile communication, it is possible to analyse mobile communication firstly as a continuation or
elaboration of the technology of the Internet and secondly as a continuation or elaboration of the technology
of the computer and mobile phone. Central to all the technical approaches to mobile communication is the
fact that they rely on access to the Internet to function. While the content of apps is accessible offline once it
is downloaded to a mobile device, a network connection is required to download the application in the first
place and to update content later on. The recognised development of people’s increasing use of the Internet
to find the information they need also affects the construction of mobile communication, as mobile
communication makes it possible for people to access information via the Internet in any given situation,
independent of time or place. Furthermore, as discussed earlier, mobile communications is realised through
the existence of a number of mobile devices. The tablet can be characterised as a mini computer, providing
users with many of the same functionalities as a computer, including a network connection. The tablet can
therefore be defined as a smaller, more portable extension of the computer. In terms of smart phones, the
devices combine the functionality of a mobile phone and many of the functionalities of a computer,
essentially making it an even smaller extension of the computer. As a result, it is not possible to discuss the
technological frame of mobile communication without keeping in mind people’s use of the Internet and the
developments of mobile phones and computers. Without the continuous development of these technologies,
the technology of mobile communication would not have been created in the first place and will not continue
to develop either.
4.3. Message complexity and media richness
After identifying the characteristics of the constituents making up FLSmidth’s communication situation as
well as the social construction of mobile communication, it is time to move on to focus the analysis on the
message complexity of FLSmidth’s financial communication messages and the media richness of mobile
communication in answering research question number three, while shriving to complete the full
investigation of the problem definition as set out in the introductory chapter.
4.3.1. Complexity of FLSmidth’s communication messages
Daft and Lengel (1986, p. 554) argue that at the centre of the analysis of the message complexity of a
company’s communication messages are the concepts of uncertainty and equivocality and the information
processing companies conduct in order to reduce these. In the analysis of the message complexity of
FLSmidth’s financial communication messages, the findings from the genre analysis of investor
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communication above play are crucial role. As discussed, central to the genre of investor communication are
the obligatory texts of financial reports, which are scheduled to be released at certain points throughout the
year. Stock exchange announcements comprise another obligatory part of the investor communication genre,
as the texts cover descriptions of continuous financial developments and events deemed as having the
potential to affect FLSmidth’s share price. The financial reports and stock exchange announcements are
therefore highly descriptive and factual in character, providing comprehensive and detailed information
about FLSmidth’s financial result and position. In the 2012 FLSmidth Annual Report, no less than 58 data
tables, diagrams, charts and figures are included, and this number does not include the many data tables
covering the actual financial statements from pages 82 to 145. In 2012 alone, FLSmidth released four interim
reports, an annual report and 44 stock exchange announcements (FLSmidth & Co. A/S, 2013(a), p. 80).
Given these circumstances, it is clear that the amount of information that FLSmidth releases is
comprehensive and made available at frequent intervals for all market participants to have equal access.
Now, Daft et al. (1987, p. 357) state that when the availability of information increases, uncertainty about a
given communication situation decreases. As made clear in the genre analysis, FLSmidth’s investor
communication not only informs about financial results and developments, but also about market trends and
macroeconomic developments continuously. Hence, FLSmidth releases information not only internal and
controllable to the company, but also external and uncontrollable to the company. This means that while
conditions related to the financial aspects of FLSmidth’s business indeed are uncertain of nature, information
is continuously released in order to reduce that uncertainty. Consequently, it can be argued that with the
amount and frequency of the information FLSmidth releases, the basis for reducing uncertainty is secured.
Importantly, making it possible for FLSmidth to reduce uncertainty are the characteristics of the report
medium, which constitutes a major part of FLSmidth’s investor communication. An analyst confirms: “To
me, the most important source of information from the companies is the financial reports and management’s
presentation of them” (my translation) (appx. 7, p. 1, lines 28-29). This empirical finding is in line with Daft
et al.’s argumentation (1987, p. 359), which states that reports are useful for communicating quantifiable
information. The financial report is therefore naturally, as argued in the discussion of the medium constituent
earlier, an indispensible medium in the communication of FLSmidth’s financial messages.
Moving on to the second part of the first analytical step of MRT, the concept of equivocality is in focus. Daft
and Lengel (1986, p. 556) posit that equivocality occurs when multiple conflicting interpretations about a
communication situation arise and when the acquisition of new data does not help to reduce that
equivocality. While the level of detail and frequency at which FLSmidth’s financial communication
messages are made available contribute to the reduction of uncertainty, a number of message characteristics
contribute to the generation of several interpretations of the information. Specifically, the meaning, effect
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and calculation of FLSmidth’s financial data result in a number of interpretations and thereby the need for
elaboration among the analysts. One analyst explains: “Typically, I have my own opinion, my own analyses,
and if there is discrepancy I might go ‘the company says this and this’ and then I state what I believe” (my
translation) (appx. 5, p. 9, lines 8-10).
As discussed in the analysis of the investor communication move structure above, the commentary, forecasts
and forward-looking statements that follow financial data publication make up an important part of the
genre. The subjective nature of these messages, based on FLSmidth’s calculations and analyses of current
operating and financial performance and estimates and projections about future operating and financial
performance, invites the emergence of conflicting interpretations, as analysts may not sufficiently understand
or agree with the guidance that FLSmidth discloses with its financial data. One analyst states: “Management
and IR have to be willing to discuss around key information of the reports to give more colour (…) to clear
up any confusion and market concerns” (appx. 8, p. 1, lines 17-18+25). Another analyst elaborates:
There will always be aspects the company has not provided an answer for (…) but it’s a battle you cannot win. (Appx. 3, p. 5, line 14+17) Me: Do you usually always have follow-up questions when you get something from us? (p. 5, line 20) Always. Normally I have between 10-15-20 questions (…) and much of what we ask about is the soft aspects: is it a specific project that has gone wrong, why, was it insufficient project management, have they prized the project wrongly? It opens up an ocean of possibilities and risks, as the market sees it. (My translation) (p. 5, lines 24-25+29+31-32, p. 6, line 1)
Evident from the statements above is that personal elaboration, discussion and dialogue is needed in order to
dissolve conflicting interpretations and hence reduce equivocality about FLSmidth’s communication
messages. This corresponds to the position of Daft et al. (1987, p. 357), which argues that equivocality is
reduced through the exchange of subjective views among the participants of a communication situation. As
explained in the genre analysis above, FLSmidth engages in a number of activities which support the sub-
purpose of the investor communication genre, namely maintaining and developing an ongoing dialogue with
the investment community. In 2012 alone, FLSmidth attended more than 325 investor meetings and
presentations (FLSmidth & Co. A/S, 2013(a), p. 76). Central to these activities is the opportunity for analysts
and the people who represent FLSmidth to engage in dialogue and share subjective views and elaborations
on a given matter, which is highly valued by the financial analysts covering FLSmidth.
It is nice that you can sit down and actually get a face-to-face meeting with the management under more calm circumstances and get a feeling of what kind of people they are, what their thoughts are. It is a big part of the job. (My translation) (Appx. 3, p. 10, lines 8-10)
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Consequently, many aspects of FLSmidth’s financial result and position result in many possible
interpretations and disagreements about circumstances encircling the financial data. It is therefore possible to
argue that most of FLSmidth’s communication messages are indeed highly equivocal of nature and require
face-to-face communication in order to clarify possible disagreements.
As a result of the above analysis, it is possible to narrow down in the integrated equivocality and uncertainty
framework where FLSmidth’s financial communication messages belong in terms of complexity. Given the
changeable nature of FLSmidth’s continuous financial state, both as a result of internal and external factors,
and the conflicting interpretations about the calculation of and the commentary, guidance and forward-
looking statements following FLSmidth’s financial data, FLSmidth’s message complexity can be defined
both in terms of high uncertainty and high equivocality. The combination of high uncertainty and high
equivocality is depicted in illustration 4.4 below through cell two, which is encircled by the red-dotted
boxes.
FLSmidth’s communication messages require both detailed information and opportunities for dialogue in
order to reduce the discussed uncertainty and equivocality. This is line with the theoretical proposition of
Daft and Lengel (1986, p. 558), which argues that in a communication situation where both high uncertainty
and high equivocality are present, answers to specific questions may be obtained through the collection of
rational data and others may require experience, judgement and discussion.
Illustration 4.5: FLSmidth’s communication message complexity
1. High equivocality/
low uncertainty
2. High equivocality/
high uncertainty
3. Low equivocality/
low uncertainty
4. Low equivocality/
high uncertainty
Equivocality
Uncertainty
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4.3.2. Media richness of mobile communication
Having established that FLSmidth’s communication messages are complex both in terms of uncertainty and
equivocality, we can move on to the analysis of the media richness characteristics of mobile communication
in order to determine whether the medium’s richness matches the message complexity. Daft et al. (1987, p.
359) argue that when communication message complexity differs, the application of appropriate media
differs as well. The fact that FLSmidth’s communication messages are deemed complex both in the sense
that a large amount of quantifiable data is needed to reduce uncertainty and continuous elaboration of and
conversation about these data are needed to reduce equivocality places mixed requirements to the application
of appropriate media. In order to discuss these special circumstances in detail, findings from the analyses of
the investor communication genre and the social construction of mobile communication above are included.
Especially pertinent from the analyses is the fact that mobile communication in the case of FLSmidth would
centre on content significant to the investor communication genre, that is, on impersonal written and
interactive texts such as financial reports, presentations and webcasts, stock exchange announcements, press
releases and investor presentation material.
Furthermore, this information would through mobile communication be processed via a mobile device
instead of in person at an investor presentation, reading a financial report in hard copy, opening a stock
exchange announcement from an email inbox or viewing a webcast via FLSmidth’s website on a computer.
This means that creating the foundation for the analysis of mobile communication’s richness is a rather
complex combination of factors.
Daft et al. (1987, p. 358) claim that in order to define a medium in terms of richness, it must be analysed on
the basis of its ability to provide immediate feedback, handle multiple information cues, vary language and
establish a personal focus. Given the fact that mobile communication in the case of FLSmidth would be
based mainly on written reports and financial statements and announcements as discussed above, the
medium is argued to primarily belong to the media group Daft and Lengel (1988, p, 226) in their media
richness hierarchy label impersonal static media. This is because financial reports, stock exchange
announcements, press releases and investor presentation material are not able to provide immediate feedback
to the receiver of the information in order to clarify messages and misunderstandings instantly. The texts are
moreover not able to handle multiple information cues such as eye contact, body language, gestures and
intonation, as physical contact and conversation are not possible. Given the characteristic that investor
communication comprise information prepared for a large group of market participants, mobile
communication is unable to apply a personal focus in order to tailor messages to fit the frame of reference or
agenda of the single investor or analyst. Additionally, as the reports, announcements and presentation
material do not have the same capacity to facilitate understanding as natural spoken language, mobile
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communication does not allow for language variation in order to support elaboration and discussion of
financial data and forecasts in complex situations. Subsequently, we are able to argue that mobile
communication does not have the capacity to facilitate the necessary understanding FLSmidth’s
communication messages require.
However, since mobile communication in the case of FLSmidth also would include the element of webcasts,
that is, video recordings of quarterly investor meetings and following teleconferences and Q&A sessions,
mobile communication could also be argued to belong to the group labelled interactive media in the media
richness hierarchy. According to Daft and Lengel (1988, p. 226), the interactive media group includes
telephone and e-mail only. However, as the name of the group indicates, it is assumed that the group allows
for other interactive media to be included. Webcasts are interactive in the sense that the receivers of the
communication are able to see and hear the senders of the communication. In the case of FLSmidth, analysts
are able to register body language, gestures and tone of voice of the CEO and CFO when they present the
quarterly financial results and answer follow-up questions after the presentations. The analysts are
furthermore able to benefit from the natural language elements of the personal presentations held by the CEO
and CFO. Nonetheless, webcasts are not able to provide immediate feedback or apply a personal focus to the
analysts watching the webcast from their mobile device, which covers two essential characteristics arguing
against the richness of the medium. Importantly, even though mobile communication is realised through the
application of mobile devices, here among smart phones, the functionalities and media richness
characteristics of a regular mobile phone are not to be confused with the characteristics of mobile
communication. These include a mobile phone’s ability to facilitate personal contact between a sender and
receiver and a smart phone’s ability to provide access to a receiver’s email inbox. Hence, the level of
richness that mobile phones possess as a separate technology is not included in the analysis of the richness of
mobile communication and consequently does not add to the leanness of mobile communication.
Based on the above analysis, we can establish that mobile communication is a complex medium, consisting
of several characteristically different embedded texts. This makes it difficult to place mobile communication
in Daft and Lengel’s media richness hierarchy (1988, p. 226). However, given the fact that all potential
content of mobile communication, except for the quarterly webcasts, can be characterised as static,
impersonal communication media, mobile communication is in the context of FLSmidth’s communication
situation argued to be primarily a lean medium.
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Medium Media richness
Physical presence Highest
(Face-to-face)
Interactive media
(Telephone, electronic media)
Personal static media
(Addressed documents: letters, memos)
Impersonal static media
(Unaddressed documents: reports) Lowest
Illustration 4.6: Mobile communication placed in the media richness hierarchy
4.3.3. Effective communication
As a result of the fact that FLSmidth’s communication messages are characterised as complex, based on the
analysis of the concepts of uncertainty and equivocality, and the medium of mobile communication is
characterised as primarily lean, based on the analysis of the four media richness characteristics, it is now
clear that the capacity of mobile communication to facilitate understanding does not match the complexity of
FLSmidth’s communication messages, as the medium is not able to facilitate the necessary discussion and
elaboration among the participants of FLSmidth’s communication situation that the financial messages
require. This fact clearly affects the media choice of the recipients of FLSmidth’s communication messages,
the analysts, who primarily prefer and attach most value to rich media such as personal face-to-face
meetings, telephone conversations and email correspondence. Consequently, it is argued that effective
communication does not result from the matching of FLSmidth’s communication messages and the medium
of mobile communication. This is in line with Daft and Lengel’s (1987, p. 359) main hypothesis which
argues that effective communication results only from the appropriate matching between communication
message and communication medium.
However, several implications follow from the above conclusion. In the analysis of FLSmidth’s message
complexity, we established that the messages are complex both in terms of uncertainty and equivocality,
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meaning that part of FLSmidth’s message complexity can be reduced by the acquisition of quantifiable data
through the impersonal media of reports, announcements and presentation material. We also established that
mobile communication is a lean medium, belonging primarily to the impersonal static media group in the
media richness hierarchy. Given these two findings, it is possible to argue that the medium of mobile
communication would be appropriate for reducing uncertainty in the case of FLSmidth, as the medium is
able to present and convey quantifiable information. While the presentation of quantifiable information is
technically doable, it is in the context of FLSmidth’s communication situation currently not possible to
define FLSmidth’s communication message complexity without taking into consideration the element of
equivocality. And as we also established above, mobile communication does not have the capacity to
facilitate the feedback, discussion and elaboration the communication messages of FLSmidth require in order
to accommodate multiple interpretations. As a result, it is continued to be argued that according to the
richness characteristics of Daft and Lengel’s media richness theory, a possible matching between mobile
communication and FLSmidth’s communication messages will not result in effective communication and is
inappropriate according to the characteristics of FLSmidth’s communication situation. This conclusion is
furthermore in line with the idea of Daft et al. (1987, p. 357) which suggests that while new media may be
able to contribute to uncertainty reduction, the presence of equivocality creates a barrier towards its
implementation. Equivocality, they argue, is difficult to reduce via the adoption of new communication
technologies.
4.4. Discussion of findings and results
Findings show that due to the characteristics of FLSmidth’s communication situation, which centre on the
fact that FLSmidth is a listed company and has to adhere to a number of information disclosing rules and
therefore release comprehensive information about matters which are uncertain of nature and prompt a
number of possible conflicting interpretations of the information among financial analysts, FLSmidth’s
financial communication messages are deemed complex and require rich media to facilitate the necessary
discussion, elaboration and hence understanding. Concordantly, the media choice of the receivers of
FLSmidth’s financial communication messages focuses on rich media, that is, personal correspondence and
discussions. Findings furthermore show that mobile communication is a primarily lean medium, as it does
not have the capacity to facilitate the necessary understanding that FLSmidth’s communication messages
require. Based on these findings, it is therefore not possible to verify the hypothesis of this thesis. As a result
of the complexity of FLSmidth’s communication messages and mobile communication’s incapacity to
facilitate understanding, the optimisation of FLSmidth’s investor communication to mobile devices is
deemed inappropriate for the purposes of FLSmidth’s communication situation and will hence not result in
effective communication.
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However, even though it is not possible verify the hypothesis, based on the case study of FLSmidth, a
number of aspects regarding the multiple interpretations of mobile communication and its social construction
are relevant for further discussion. While there does not seem to exist any disagreement or confusion about
the application of current, conventional media as part of the investor communication genre, the discussion of
the introduction of mobile communication and the multiple interpretations which constitute the social
construction of it prompts a number of emerging expectations and requirements to FLSmidth and its
potential decision-making process about whether or not and if so how to engage in mobile communication –
regardless of the identified leanness of the medium.
On the one hand, FLSmidth cannot disregard the media preferences of a very specific target group of
communication receivers, the analysts, and on the other hand, FLSmidth cannot disregard the fact that the
company is embedded in a contemporary, digital culture which fosters encouragement of industry
professionals for listed companies to engage in mobile communication and fosters competitive pressure from
industry peers who already invest in the technology. Importantly, it is crucial to keep in mind that the
industry professionals who encourage listed companies to invest in mobile communication and argue that the
investment in mobile communication essentially is a question of competitive advantage, are people who
represent their own business or other companies and agencies, which have their own agenda – namely the
agenda of making a profit from selling communication advice and solutions to companies.
Currently, the media choice of analysts is deeply connected to the tasks they perform as part of their jobs, but
also seem to be based somewhat on familiarity and what they know and are used to. One analyst states the
following about the possibility of a mobile version of www.flsmidth.com:
Maybe it will be one click easier, but perhaps it will also be one click more difficult. I mean, we know the website as it is already, exactly how it looks and where we need to go and find information (…) and, really, we are a bunch of old, conservative men. (My translation) (Appx. 5, p. 12, lines 15-17+19)
Hence, it can be argued that financial analysts do not constitute so-called ‘first-movers’ when it comes to
embracing the possible advantages of mobile communication in the field of investor communication. Related
to this observation is the argumentation of many industry professionals who posit that the investment in
mobile communication is a company’s chance to accommodate future needs of its users. With this position
in mind, it can be argued that perhaps the reason for analysts’ general dismissal of mobile communication as
a useful media for the purposes of their jobs is based on the fact that FLSmidth currently does not engage in
mobile communication and the analysts therefore do not have any experience with FLSmidth and mobile
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communication to found their opinions on. Perhaps if the analysts were provided with the opportunity of
applying mobile communication, they would embrace the technology.
Furthermore, while the page view statistics of FLSmidth’s corporate website show a downward trend in the
number of visitors accessing the website from mobile devices, the statistics do not show if the decrease is
due to the fact that a number of visitors have accessed the website from their mobile devices once, found the
experience dreadful and inefficient and therefore have never accessed the website from a mobile device
again. Additionally, given the fact that FLSmidth ranks itself and its investor communication efforts up
against industry and other C20 share index peers, and industry professionals assess FLSmidth and similar
companies against each other, it can be argued that FLSmidth should engage in mobile communication
merely as a way to position itself as one of the firsts among Danish listed companies to invest in the
technology instead of one of the last and through that decision perhaps get the chance to take up the role as a
technological forerunner.
However, while it is essential to discuss the possible deductions from the above discussion, guiding the
research of this thesis and the potential adoption of mobile communication is the case study of FLSmidth and
its current communication situation. This means that while the potential future needs of the receivers of
FLSmidth’s financial communication messages may be guiding the argumentation of industry professionals,
the conclusions of this thesis are based on the current empirical evidence. Furthermore, as long as the
stabilisation process of mobile communication is still as immature as it is within the discussed relevant social
groups, it is the interpretations related directly to the case of FLSmidth and its users, and not the user
behaviour of other companies or the hypotheses of future trends within investor communication of industry
professionals, which are valued the highest in the quest for answering the problem definition. Related to this
position is the fact that industry professionals themselves argue that the needs and behaviours of users and
not the mere option of implementing a new communication technology should direct the decision-making
processes of companies.
4.5. Recommendations and future implications for FLSmidth
Given the fact that FLSmidth’s financial communication messages are deemed complex, uncertain and
ambiguous of character and thereby prompt a number of interpretations of the calculation of financial data,
the guidance, commentary and forward-looking statements that follow financial data among the recipient
group of financial analysts, and the fact that mobile communication is deemed a primarily lean medium, as it
does not have the capacity to provide instant feedback, multiple information cues, natural language, personal
focus and thereby the elaboration and discussion to facilitate the necessary understanding, it is not
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recommended that FLSmidth optimise its investor communication to mobile devices. Even though it is
technically doable for mobile communication to present financial analysts with the obligatory texts of
investor communication, mobile communication does not create any real value to the financial analysts, as
the technology does not support the equivocal aspect of investor communication and therefore as a result are
deemed unnecessary and expendable by the analysts.
Furthermore, accepting the fact that FLSmidth is embedded in a digital culture which is centred on
individualism and the needs and behaviour of the single user, it is recommended that FLSmidth listen to the
analysts and their current media preferences. From the qualitative empirical studies of this thesis, it is clear
that opinions and preferences of the analysts are affected by mobile communication’s incapacity to facilitate
elaboration, discussion and understanding between the sender and receiver of FLSmidth’s financial
communication messages, as analysts, besides the obligatory texts of quantitative financial reports and
announcements, prefer personal, face-to-face communication media to clarify multiple interpretations of
FLSmidth’s financial data.
Adding to this empirical evidence is the fact that, while most of the surveyed analysts own tablets and smart
phones, they are not provided with tablets by their employers and are therefore not expected to use the
device as part of their jobs. Analysts furthermore believe that smart phones are unfitted and inefficient for
reading and comprehending large amounts of financial data. While industry professionals argue that
FLSmidth with the implementation of mobile communication can prepare itself for the likely future needs of
analysts, who, they argue, sooner or later will expect investor communication to be available via mobile
communication as well, it is recommended that FLSmidth takes into consideration the complexity of its
financial communication messages and listens to the current preferences of the analysts. Implementing
mobile communication simply because it is technically doable is not a solution, as key empirical evidence
shows that the investment in mobile communication will not bring about effective communication or any
real value to the analysts.
However, given the delimitating aspect of the empirical research conducted for the purposes of this thesis, it
is furthermore recommended that FLSmidth on a regular basis qualitatively survey the receiver group of the
analysts in order to continuously stay updated with the communication needs and media preferences of the
group.
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5. Conclusion This thesis sets out to research how mobile communication relates to FLSmidth’s current communication
situation and the potential adoption of a new communication medium with a special focus on the receivers of
FLSmidth’s financial communication messages, in this thesis, the financial analysts. Accepting the argument
that the western world currently is embedded in a digital culture that prompts companies to constantly
evaluate how to communicate and embrace new communication technologies, the following hypothesis has
been created: In order to communicate effectively in a contemporary, digital culture, FLSmidth should
optimise its investor communication to mobile devices. In the quest for answering the problem formulation
and research questions, while testing the hypothesis, the three-step analysis of the characteristics of
FLSmidth’s communication situation, the social construction of mobile communication and the compatibility
of FLSmidth’s financial communication messages and the capacity of mobile communication to facilitate
understanding has resulted in a number of conclusions.
Key to the characteristic of FLSmidth’s communication situation is the fact that FLSmidth is a listed
company and therefore has to oblige to a number of information disclosing rules which guide what, when
and where FLSmidth must release and communicate certain information. This contextual fact affects the rest
of the constituents of FLSmidth’s communication situation, which all centre on the genre conventions of
investor communication. Significant to the genre of investor communication are a number of obligatory texts
and thereby also traditional media, centring on financial reports, stock exchange announcements and investor
meetings. Texts and information must include facts that provide sufficient guidance to enable evaluation of
the information and its possible effects on the share price. FLSmidth therefore must disclose forward-looking
statements as well as information about unexpected and significant deviation in financial result or position
for analysts and investors to assess in detail.
Through the analysis of the social construction of mobile communication, it is clear that the relevant social
groups of financial analysts, C20 companies and industry professionals associate mobile communication
firstly with the use of smart phones and tablets and secondly with the technical approaches of mobile
websites, web apps and native apps. Furthermore, the analysis shows that interpretative flexibility exists both
within and between the relevant social groups, representing an immature technological stabilisation process.
While the financial analysts interpret mobile communication mainly as unnecessary and expendable, because
they do not see the technology as being beneficial to the completion of their jobs, industry professionals
interpret the technology as an obvious opportunity for companies to act proactively towards their users and
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prepare themselves to the explosive growth that mobile communication arguably will continue to bring about
– also for companies communicating financial results. The C20 companies, including FLSmidth, are caught
somewhere in the middle between plenty of arguments for engaging in mobile communication by industry
professionals on the one hand and a very specific group of receivers not too convinced about the benefits of
the technology on the other.
Given the changeable nature of FLSmidth’s continuous financial state, both as a result of internal and
external factors, and the evident conflicting interpretations about the calculation of and the commentary,
guidance and forward-looking statements following FLSmidth’s financial data, FLSmidth’s message
complexity are defined both in terms of high uncertainty and high equivocality and therefore require rich
media to facilitate the necessary discussion, elaboration and hence understanding. Furthermore, as a result of
the fact that mobile communication in the case of FLSmidth would be based mainly on written reports and
financial statements and announcements, which do not have the capacity to facilitate instant feedback,
multiple information cues, natural language and a personal focus, mobile communication is argued to be a
primarily lean medium. Concordantly, empirical evidence shows that the media choice of the key receiver
group of FLSmidth’s financial communication messages, the financial analysts, are affected by mobile
communication’s incapacity to facilitate understanding, as they prefer rich media, such as personal face-to-
face meetings, telephone conversations and email correspondence to clarify multiple interpretations of
financial data. As a result, it is evident that the capacity of mobile communication to facilitate understanding
does not match the complexity of FLSmidth’s communication messages, and the medium can therefore be
defined as inappropriate in relation to the communication situation of FLSmidth. Consequently, it is not
possible to verify the hypothesis of this thesis, as it is concluded that effective communication will not result
from the optimisation of FLSmidth’s investor communication to mobile devices.
Based on the above conclusions, it is recommended that FLSmidth takes into consideration the complexity of
its financial communication messages and listens to the current media preferences of the analysts.
Implementing mobile communication simply because it is technically doable is not a viable solution, as key
empirical evidence shows that the investment in mobile communication will not bring about effective
communication or any real value to the analysts.
74
6. Perspective The conclusions of the present thesis draw on findings that derive from the analysis of FLSmidth’s
communication message characteristics and mobile communication’s capacity to facilitate understanding.
Findings are therefore based on the analysis of mobile communication’s capacity to convey a large amount
of quantifiable data and on the capacity to facilitate the opportunity of personal elaboration and discussion.
While it is relevant to analyse and discuss mobile communication and media choice of financial analysts in
terms of these capabilities, another capability that a medium can be analysed on the basis of presents itself in
the literature on media choice, which covers a completely different approach to the assessment of a new
communication medium to a given communication situation.
Thus, challenging the media richness theory, and thereby the underlying determinants of media choice, is a
theory presented by Sitkin et al. (1992), who argue that a medium not only should be characterised in terms
of its capacity to convey quantifiable information and facilitate understanding, or data-carrying capacity, as
Sitkin et al. label it, but also in terms of its symbol-carrying capacity (p. 566). By symbol-carrying capacity,
Sitkin et al. refer to a medium’s capacity to manifest symbolic meaning, that is, when a medium represents
as a meaningful symbol itself (1992, p. 564). What this means is that when a medium attains the status of a
symbol, the mere use of the medium manifests meaning not the information content it carries (p. 570).
Key to the theory of Sitkin et al. is the idea that while some symbolic meanings are shared throughout
societies, industrial sectors and professions, a medium’s capacity to manifest symbolic meaning is highly
particularistic, meaning that a medium carries different symbolic meaning to different groups of people in
different settings (p. 571). What this means to the case study of FLSmidth is that it may be relevant for
FLSmidth to consider the symbolic significance of mobile communication in its assessment of the medium’s
applicability to investor communication and hence the communication situation of FLSmidth, taking into
consideration the entire target group of its investor communication efforts and not only the analysts. As
discussed in the chapter on methodology, a number of subgroups make up the overall target group of
FLSmidth’s investor communication. They include:
1. Shareholders
a. Institutional: foreign/domestic/non-registered
b. Retail (private): foreign/domestic/non-registered
c. FLSmidth (company shares)
75
2. Potential investors
a. Institutional: foreign/domestic
b. Retail (private): foreign/domestic
3. Analysts (equity, buy-side, sell-side)
4. Financial reporters/news agencies
While the analysts, making up one subgroup, may attach one symbolic meaning to the medium of mobile
communication, which, based on the conclusions of the analysis in chapter 4, arguably relates to the group’s
characterisation of mobile communication as inefficient and unnecessary, other subgroups – equally
important to the investor communication efforts of FLSmidth – may attach different symbolic meanings to
the medium. As discussed in the analysis of the social construction of mobile communication in section 4.2,
analysts attach their relatively negative interpretations of mobile communication to the particularities of their
jobs and their specific usage of mobile devices, which centre on the fact that they rarely use their tablets for
work-related tasks and use their smarts phones mostly for accessing their email accounts and searching for
quick news. However, since the three remaining subgroups represent different professions, the group
members likely attach different usages and opinions to mobile devices and hence to mobile communication.
Shareholders and investors, including private persons such as FLSmidth employees, may use their mobile
devices for completing more tasks during their days than the analysts do – some may even use their tablets as
their only personal computer – and perhaps interpret mobile communication as smart and easily accessible
for the purposes of their usages. Mobile communication may therefore to some subgroups represent a symbol
of innovation and presence. By engaging in mobile communication, FLSmidth may therefore be regarded as
an easy accessible, smart, innovative and present company, keeping up with the newest trends in investor
communication and communication technologies.
While the above possible scenarios have not been tested empirically, they represent a line of thinking, which
takes into consideration other factors than media richness when assessing the applicability and
appropriateness of mobile communication to the communication situation of FLSmidth. The idea that mobile
communication may represent a symbol of easy access, innovation and presence to a number of investor
communication recipient groups may be worth for FLSmidth to consider in their decision-making regarding
the implementation of mobile communication. In any case, the recipient groups would have to be surveyed
so that a given mobile communication solution would match the specific requirements and usages of the
specific groups.
76
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Appendices 1-11
82
Question guide in Danish
Introduktion til emne
Vi er i dag vidne til, at akademikere, forskere, fagfolk og forretningsmennesker argumenterer for, at
vi lever i en såkaldt digital kultur – en kultur, hvor vi konstant står over for valget af nye
kommunikationskanaler og medier, som gennemsyrer vores hverdag og vores beslutninger
omkring, hvordan vi vil afsende og modtage information. Anerkendt medieteori argumenterer
samtidig, at når man skal kommunikere et budskab til ens målgruppe, så skal den type
kommunikation, man formidler, passe til ens valg af kommunikationsmedie. Med disse argumenter
for øje har denne undersøgelse til formål at undersøge, hvordan FLSmidths finansielle
kommunikation passer til en ny kommunikationskanal, nemlig såkaldt mobilkommunikation. Med
dette mener jeg, undersøgelsen af muligheden for en eventuel optimering af FLSmidths nuværende
digitale kommunikation til mobile enheder (enten via en app eller en mobilversion af websitet).
I denne undersøgelse vil jeg interviewe en gruppe analytikere, som alle følger FLSmidth. Når det
kommer til at undersøge FLSmidths finansielle kommunikation i en kontekst af en ny
kommunikationskanal, så er I, analytikerne, den mest relevante af FLSmidths samlede målgruppe af
finansiel kommunikation. I er storforbrugere af den information, FLSmidth offentliggør og er
afhængige af korrekt timing og kvalitet af informationen. Formålet med denne undersøgelse er at
opnå en indsigt i jeres personlige holdninger til emnet præsenteret ovenfor, så hold endelig ikke
igen med jeres helt ærlige meninger.
Interviewsne er 100% anonyme og vil kun blive brugt i forbindelse med specialet, denne
undersøgelse er en del af. Interviewsne vil blive optaget digitalt, for at arbejdet med den
efterfølgende analyse bliver så præcis og detaljeret som muligt.
Ved spørgsmål kontakt endelig den ansvarlige for undersøgelsen:
Anna Mølgaard Hansen
E-mail: [email protected] eller [email protected]
Telefon: 28498237
83
Del 1: personen, der bliver interviewet og hans eller hendes job
Beskriv kort, hvad dit job går ud på.
Hvilke arbejdsopgaver er forbundet til dit job?
Hvilke informations- og kommunikationskanaler bruger du til at gennemføre dine arbejdsopgaver?
Hvordan tilgår du den information, du bruger til at gennemføre dine arbejdsopgaver?
Del 2: IR (Investor Relations) kommunikationspræferencer
På et overordnet niveau, hvordan vil du så karakterisere god IR kommunikation?
Hvilke services er vigtige for IR afdelingerne i de virksomheder, du følger at kunne tilbyde?
Hvilke aspekter af en virksomheds finansielle situation er især vigtige for en IR afdeling at
kommunikere og hvordan?
Hvilke IR kommunikationsaktiviteter skaber den meste værdi for dig og dit job?
Hvilke kommunikationskanaler (fx skrevne, personlige, elektroniske osv.) vil du foretrække, at en
IR afdeling anvender i deres kommunikation til dig og markedet?
Del 3: FLSmidth som en udtrykkende organisation
Hvordan vil du karakterisere den information, som FLSmidth tilbyder dig på nuværende tidspunkt?
Hvordan anvender du i dit job den information, som FLSmidth tilbyder dig?
Hvordan holder du dig opdateret mht. FLSmidths aktiviteter?
Hvordan kan FLSmidth øge eller forbedre deres kommunikation til dig?
Del 4: ejerskab af mobilenheder
Ejer du en smart phone?
- Hvis ikke, ville du gerne eje en?
Ejer du en tablet?
- Hvis ikke, ville du gerne eje en?
- Hvis ja:
Hvor lang tid har du haft din smart phone?
Hvor lang tid har du haft din tablet?
Var det et personligt køb, eller har du fået den/dem af din arbejdsplads?
Hvorfor købte du den/dem – hvorfor fik du den/dem?
84
Del 5: anvendelse af mobilenheder
Anvender du din smart phone, som en del af dit job – ud over at foretage opkald?
Hvilke arbejdsopgaver anvender du din smart phone til?
- Hvis ikke, og du ejede en smart phone, ville du så anvende den, som en del af dit job?
Anvender du din tablet, som en del af dit job?
Hvilke arbejdsopgaver anvender du din tablet til?
- Hvis ikke, og du ejede en tablet, ville du så anvende den, som en del af dit job?
Har du nogensinde tilgået FLSmidths hjemmeside via din smart phone eller tablet?
- Hvis ja, hvordan vil du så karakterisere oplevelsen?
- Hvis ikke, hvorfor?
Del 6: finansiel kommunikation og nye kommunikationskanaler
Hvilke tanker gør du dig omkring den udvikling, vi ser angående virksomheder, der anvender nye
kommunikationskanaler – her altså i form af apps eller mobile versioner af deres hjemmesider?
Ser du en fremtid for virksomheders finansielle afrapportering via apps eller mobile versioner af
hjemmesider?
Mener du, at virksomheders finansielle afrapportering via apps eller mobile versioner af
hjemmesider skaber/villa skabe nogen værdi?
- Hvis ja, hvordan vil du så karakterisere denne værdiskabelse?
85
Question guide in English
Introduction to study
Today, many academics, researchers, industry professionals and business people argue that we live
in a digital culture – a culture where new communication channels and new media choices penetrate
our everyday life and our decisions in how to send and receive information. However, recognised
media theory argues that when communicating to one’s target group, one ought to match
communication task with communication medium. With these arguments in mind, it is this study’s
purpose to investigate how FLSmidth’s financial communication matches a new media channel, so-
called mobile communications, that is, the optimisation of FLSmidth’s current digital
communication to mobile devices (either via an app or a mobile version of the website).
In this study, I will be interviewing a group of analysts following FLSmidth. When investigating
FLSmidth’s financial communication in the context of new communication channels, you are the
most relevant subgroup of FLSmidth’s overall target group of financial communication. You are
big consumers of the information FLSmidth publishes and are dependent on the right timing and
quality of the information. The purpose of the study is to get your personal thoughts on the topic
area presented above, so please do not hesitate to give me your honest opinion.
The interviews are 100% anonymous and will only be used for the purposes of the master’s thesis
this study is a part of. The interviews will be recorded digitally in order to make the following
analytical process as precise and detailed as possible.
For questions, please contact the person responsible for the survey:
Anna Mølgaard Hansen
E-mail: [email protected] or [email protected]
Phone: +4528498237
86
Part one: the interviewee and his/her job
Please describe your job.
What tasks are related to your job?
Which sources of information/communication channels do you use in the completion of your tasks?
How do you access the information you need in order to complete your tasks?
Part two: IR (Investor Relations) communication preferences
Overall, how would you characterise good IR communication?
Which services are important to receive from the IR department of the companies you are
following?
Which aspects of a company’s financial situation is especially important for an IR department to
communicate and how?
Which IR communication activities create the most value to you?
Which communication channels (be it written, personal, electronic etc.) would you prefer an IR
department to use in their communication to you and the market?
Part three: FLSmidth as an expressive organisation
How would you characterise the information FLSmidth currently provide to you?
How do you in your job use the information FLSmidth provide?
How do you stay updated on FLSmidth’s activities?
How could FLSmidth increase or improve its communication to you?
Part four: ownership of mobile devices
Do you own a smart phone?
- If not, would you like to own one?
Do you own a tablet?
- If not, would you like to own one?
- If yes:
For how long have you had your smart phone?
For how long have you had your tablet?
Was it a personal purchase or was it provided to you by your place of employment?
Why did you buy it/why was it provided to you?
87
Part five: usage of mobile devices
Do you use your smart phone as part of your job – besides making phones calls?
What tasks do you use your smart phone for?
- If not and you owned one, would you use it as part of your job?
Do you use your tablet as part of your job?
What tasks do you use your tablet for?
- If not and you owned one, would you use it as part of your job?
Have you ever accessed FLSmidth’s website via your smart phone or tablet?
- If so, how would you characterise the experience?
- If not, why?
Part six: financial communication and new media
What are your thoughts on the development we see in companies adopting new media solutions –
here I mean the creation of apps and/or mobile websites?
Do you see a future for companies’ financial reporting via apps and/or mobile websites?
Do you believe companies’ financial reporting via apps and mobile websites creates any value?
- If so, how would you characterise that value creation?
88
Transcript for interview 1
Language = Danish
A = interviewer
D = interviewee
A: Men først, vil du ikke beskrive, hvad dit job går ud på? Kort?
D: Jo. Kort, det er farligt…
A: Eller med dine egen ord i hvert fald bare…
D: Der er jo… der er vel dybest… to måder at beskrive det på. Den ene, det er sådan, hvis man er
til en familiefest og skal beskrive over for folk, der slet ikke ved noget om det, og så er der sådan en
lidt mere faglig. Hvis jeg skal prøve at tage den lægmandsversion af det på 60 sekunder, så synes
jeg, at indholdet af jobbet er meget en blanding af journalistik og regnskabsanalyse og
kommunikation. Måske egentligt journalistik, kommunikation, regnskab i den… kunne jeg tænke
mig. For jeg synes dybest set, at rigtig meget af arbejdet handler om informationsfiltrering og det
handler om at få det kommunikeret ned, det så både på skrift, som vi jo laver sådan en… nu
printede jeg bare lige den der (finder SEB aktieanalyserapport frem)… du har sikkert set dem, men
bare ligesom for at se…
A: Jeg har set nogle af dem, ja…
D: Det er vores setup, ik… få det ned på skrift. Men jo også rigtig meget i tale… vi ringer ud til
aktionærer og potentielle aktionærer. Og vi tager jo ud og rejser og besøger kunder… sådan nogle
one-on-one’s osv. Så rigtig meget af, synes jeg, en del af jobbet er ligesom at være på bold mht.
newsflow, dermed også filtrere informationen for vores kunder, det… jeg synes langt hen ad vejen,
det mit job egentlig går ud på, det er at være den tragt eller det filter mellem information fra verden
ned til, hvad er det vores kunder egentlig skal bruge… altså aktionærerne og investorerne. Og
derfor er kommunikation og formidling af information er en kæmpe del af mit job. Det tror jeg,
sådan på et lidt mere filosofisk plan… sådan hvad jobbet egentlig går ud på… i hvert fald sådan
som jeg ser det. Så kan man sige, så er der lavpraktisk rigtig meget mere, og det som regel det, folk
tror, man sidder og laver, når man er aktieanalytiker, det er at folk tror, man sidder i et Excel-ark
otte timer om dagen og man sidder og nørder og regner og alt muligt. Men det er slet ikke tilfældet.
Jo, man sidder selvfølgelig foran en computer mange dage, men hvis jeg skal sige… en arbejdsdag
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på en… skal vi bare sige, at den er 10 timer, så vil jeg gætte på, at måske 2-3 af dem… ja, det er
måske ikke helt urimeligt og så sige jamen omtrent 1/3 er Excel-nørderi og 2/3 er enten at tage
møder med folk eller tale i telefon med kunder eller sidde og producere research og sidde og skrive
noget.
A: Og det er over for jeres kunder og måske også nogen, som ikke ved så meget om det, og så er
sådan noget med at få det…
D: Det er jo meget, meget forskelligt… øh.
A: Okay.
D: Vores kernekunder ved jo rigtig meget om det, vi sidder med også og derfor betyder det også
meget, at man har noget erfaring fordi, hvis du er analytiker og kun har været der et eller to år, så
der… så møder du faktisk, tror jeg, ret mange investorer – og det er vores kunder – som ved mere
om nogle givne emner end du gør. Og det er jo problemet. Det er meningen, at det er dig, der skal
være eksperten. Så jeg synes vores kunder er meget velinformeret generelt, men det er jo så der, at
mit job går rigtig meget ud på informationsfiltrering. Hvis FLSmidth sender en nyhed ud om, at vi
afskediger 80 mennesker på vores Bethlehem-kontor, fordi vi skal omorganisere et eller andet. Man
kan sige, det ville investorerne, aktionærerne, det ville de også flashe, de ville ikke nødvendigvis
læse den, fordi de har så meget, de skal læse og følge med i. Men de ville se, nu har FLSmidth fyret
nogen. Og så på en eller anden måde, så ligger det bag dem, eller i dem, hvis det er vigtigt, så vil
Daniel ringe til mig. Og nogle gange er det vigtigt, for så er det noget helt nyt, så er det måske den
første fyringsrunde i mange, mange år, og så kan man sige ”nårh, der er sgu sket noget”. Det kan
også være, det bare er en lille omorganisering, man flytter folk fra A til B, så kan man sige, så er
det lige gyldigt. Så man kan sige, der er rigtig meget informationsfiltrering i arbejdet.
A: Okay. Hvilke informations- og kommunikationskanaler bruger du så til at søge den
information, du skal videregive? Primært?
D: Jamen øh, det er jo alverdens nyhedsmedier principielt, så helt konkret er det jo selskabernes
hjemmesider og de presse- og børsmeddelelser, de sender ud. Konkret bruger vi Bloomberg, vi
bruger Factiva, som også har sådan et online setup, ikke. Vi bruger Reuters og sådan noget – det
har vi gjort tidligere, det gør vi ikke nu. Så bruger vi, igen for at være meget praktisk omkring det,
jamen vi bruger Google Alerts, og sætter det op. RSS feeds bruger jeg en lille smule. Jeg synes
stadigvæk, mange danske selskaber er lidt sløve til at komme gang i det, så jeg synes ikke helt, der
er nok, der endnu er på bold med RSS, men det synes jeg faktisk, er et sindssygt fedt… fed
teknologi… og mange virksomheder kunne bruge bedre. Så derfor måske bruger jeg ikke det så
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meget, som jeg egentlig gerne ville. Men ellers er det jo, ja, telegrambureauerne osv., men vi får det
jo så ind via Bloomberg, eller via en Factiva-terminal eller noget tilsvarende.
A: Ja… Og det er simpelthen noget… det er via hjemmesider og computer?
D: Jamen det er det, det er det. Jeg ville ikke… altså, jeg rekvirerer sjældent et regnskab i hard
copy. Jeg vil næsten hellere ha’ det på elektronisk format. Så kan jeg selv printe det, hvis jeg skal
bruge det i hard copy.
A: Ok. Fordi mit næste spørgsmål, det er så lidt, hvordan du så tilgår den her information?
Og jeg tænker lidt mere på, ja, metoder. Det er jo selvfølgelig også lidt med henblik på, hvordan
man kan rekvirere det, altså, er det primært via hjemmesider, er det primært via e-mail, sign-ups til
nyheder, alle de ting, du har sagt med RSS og hjemmesider. Jeg ved ikke, om der er så meget andet
at tilføje.
D: Øhm.
A: Altså, når man tænker på, hvad der er muligheder i dag for at få information, enten mere eller
mindre automatiseret eller på anden vis…
D: Ja. Jeg har selvfølgelig signet up på alt, hvad jeg mener er relevant og det tager jo tid for mig at
finde ud af, hvad der er relevant. Jeg er jo signet up hos FLSmidth, men jeg er jo også signet up hos
Metso og Outotec og Atlas Copco og Sandvik og KHD. Jeg er også signet up hos Cemnet, jeg er
også signet up… altså alt mulige andet, der har sådan… man kan sige økosystemet rundt om
FLSmidth. Men der er det… jeg bliver signet op og så får jeg, kan man sige, en push-mail, når der
sker noget. Så håber jeg, jeg er signet up de rigtige steder. Men kan sige, det smarte synes jeg jo, er
at RSS, det kan jeg få ind i et feed, så jeg kan ligge en masse feeds ind ét sted.
A: Ja, det samler sig bare i en mappe, ik?
D: Jo, og der er jo mange forskellige måder at gøre det på, og jeg er på ingen måde ekspert i RSS,
men altså du kan jo have en RSS reader, og så kan du sige, jamen så laver jeg min egen FLSmidth-
mappe, så alt, hvad der relaterer sig til det, kommer derind. Så det synes jeg egentlig er meget
smart.
A: Jah.
D: Ja, men det er meget e-mail og Bloomberg og ja, til dels RSS.
A: Ok. Øhm.
D: Jeg skal måske lige understrege, at hjemmesiderne er ekstremt vigtige også. Altså fordi, der går
jeg jo ind meget og pull’er information, hvis jeg skal bruge regnskabet for 2008, så går jeg altid på
hjemmesiden. Jeg går aldrig ind på OMX NASDAQ, fordi det er bare så bøvlet. Det er meget bedre
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på hjemmesiden. Så det er ligesom mit informationsbehov kan deles op i to ting. Der er de der, som
er super vigtige, jeg skal have nu og her, som er sådan meget crunchy news relateret og
journalistiske, det er når regnskabet kommer, det er når der sker andre nyheder. Og så er der det
andet, hvor jeg skal ind og have fat i noget i arkivet, som ikke er time sentitive – der skal det bare
være nemt for mig. Så man kan sige, der er i de to. Hvor time-to-market som vi bruger, tolket enten
er vigtigt eller ikke er vigtigt.
A: Ja. Ok. Lidt et nyt, et nyt område. På et overordnet niveau, hvordan vil du så karakterisere
god IR kommunikation?
D: Øhm. Konsistens. Det er meget vigtigt. Selvfølgelig, at det er troværdigt. Øhm. Jeg føler, jeg
sidder og opremser åbenlysheder, men altså det vil du nok egentlig gerne have… det, der falder mig
ind…
A: Ja.
D: … at det er hvad hedder sådan noget… at det er letforståeligt, og at det er prioriteret. Altså at
hvis selskabet og IR kommunikation også udviser en hvis form for, hvad er vigtigt, hvad er ikke
vigtigt. FLSmidth, mener jeg, lavede en kæmpe brøler på 3. kvartal med de her 200 mio. i one-offs,
som ikke stod på forsiden, og det har jeg sagt til Pernille flere gange selvfølgelig, og det er du
sikkert velinformeret om, men at man skulle om på side 8 for at finde ud af, at det var 200 og så
skulle du i øvrigt selv have vidst, at det var 100 kvartalet før, og hvis du ikke vidste det, så kunne du
ikke regne ud, at delta var 100. Det er bare… man kan sige, for mig var det ikke det store problem,
for jeg ved det, men du kan ikke sætte din IR kommunikation op på de der otte nørder, der følger jer
ultra tæt, ik.
A: Haha, nej.
D: Så det, det er en brøler. Så prioritet informationer, om på forsiden med alt, hvad der er vigtigt
hver gang.
A: Ja, fordi man kan sige, for eksempel, når vi kommer ud med en årsrapport, hvilket jo er et langt
skriv, så er det simpelthen de helt, helt, helt essentielle, finansielle resultater eller ændringer eller
noget, som har en betydning, der skal helt op forrest?
D: Ja, det er det. Det vil det altid være. Der er jo de der hardcore tal, ik, altså selve
regnskabstallene, så er der hele den blok, der handler om sådan, hvordan det er gået i kvartalet, og
hvordan I ser på verden, altså beskrivelsen, teksten. Den er også væsentligt. Så er der
risikoelementer, det er der også som regel nogle sider omkring, det synes jeg også er væsentligt.
Men mindre end de første to, og så kan du sige, så kommer de sidste, som er borderline uvæsentligt,
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som er alt det her CSR politik, grøn politik og alt det her. I dag betyder det meget, meget lidt for
aktiekursen. Det kan ændre sig på sigt, men det er noget, jeg… oftest så får jeg det ikke engang
læst. Fordi jeg ved det rykker ikke aktiekursen. Så ja, man kan sige… ja… jeg tror, det er
prioriteringen af… den er vigtig.
A: Ja. Hvad med så, hvis det ikke lige er i forbindelse med et pressemøde eller en udgivelse af en
rapport, hvad ville så… hvad synes du så er god kommunikation? Udover konsistens og
troværdighed og de her ting, du nævner.
D: Øhm. Jamen altså måske under det der med, at informationer er prioriteret hører jo egentlig
også det, at du holder det præcist. Det må jo også betyde kort, altså. Du skal ikke skrive tre sider
om noget, der kan holdes på 10 linjer, fordi det er… verden er bare for hurtigt i dag. Information,
du får… du er totalt information overload – det har alle mennesker, selv sikkert en fem årig dreng
med iPad’en i hånden. Så jeg tror, du er nødt til at holde det kort, præcist og prioriteret. Så skal du
selvfølgelig altid have muligheden for at ringe og kontakte selskabet for spørgsmål… uddybende.
For der altid sådan nogle ting, at selskabet ikke har svaret på. Nogle selskaber begår den fejl, at de
skriver side op og side ned, fordi de tror, at de kan forudse alle de spørgsmål, der måtte være og så
derfor forsøger at svare på dem på forhånd, og idéen er meget god kan man sige, når man forsøger
at gøre det af god mening, men det her er en kamp, du ikke kan vinde. Så vil jeg sige, bedre brug af
IR’s ressourcer vil være at skrive det essentielle, og så kan man sige, have et telefonnummer eller
en e-mail, man kan kontakte selskabet, for alle har forskellige vinkler og forskellige spørgsmål.
A: Har du altid opfølgende spørgsmål som regel på når du får noget fra os? Eller sådan…
D: Altså med mindre det er noget, sådan noget ”FLSmidth har vundet en lille ordre” et eller
andet…
A: For eksempel i forbindelse med et kvartalsregnskab…
D: Jamen, så har jeg altid. Altid. Og det er ikke bare et altså. Jeg har som regel et sted mellem 10-
15-20 spørgsmål. Langt hovedparten, når man kommer igennem på conference call… fordi jeg har
måske 10 spørgsmål, men så inden det bliver til min tur, så er de første otte allerede blevet svaret
på og det er jo super. Så… men ja, altid.
A: Okay.
D: Og meget af det, vi spørger om, det er jo de bløde ting. Altså fordi vi kan jo se… altså nu siger
jeg bare et eller andet – at hensættelserne er steget med 200 mio., og det ikke står beskrevet
hvorfor. Så vil man jo gerne vide, hvad er det… er det et bestemt projekt, der er gået galt, hvorfor,
har det været dårlig ledelse, har de priset projektet dårligt altså. Der åbner et hav… en ladeport af
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muligheder eller risici, ser markedet det jo som. Og dem vil du så gerne have snævret ind til, hvad
var det så. Og så er det vigtigt, at man i sin kommunikation, at man ikke svarer ”ja, men det har vi
jo ikke skrevet, for det må vi ikke sige noget om, men det kunne være det og det og det”, og så liste
nogle ting op. Det er der nogen selskaber, der gør, og det er røvirriterende for at sige det på godt
dansk. I stedet for bare at være åben og ærlig og sige ”jamen, det er det”, eller sige ”det ved jeg
ikke, men jeg skal nok finde ud af det”. Det er da ingen skam, synes jeg. Øhm.
A: Jah. Øhm. Næste spørgsmål det hænger jo nok lidt sammen med det, vi allerede har talt lidt
om, nemlig, hvad for nogle services, der så er vigtige for en IR afdeling og tilbyde?
D: Accessibility. Det er helt klart det allervigtigste. At du kan få fat på IR’en. Du må ikke sende en
mail, og så går der tre dage, før der er svar. Det er totalt uacceptabelt. Og de eksisterer, de
virksomheder, der er ikke mange af dem, men de eksisterer.
A: Jah, okay…
D: Og så synes jeg jo, at IR-funktionen er i stand til at skabe access til ledelsen, altså dem, der rent
faktisk træffer beslutningerne, Executive Management, det er også væsentligt. Jeg har ikke noget
behov for at møde ledelsen sådan hvert kvartal, men det er vigtigt, at man kan få lov at møde dem.
Jeg kan også give et konkret eksempel i Vestas, hvor deres økonomichef, som jo så siden hen også
er blevet fyret, men han nægtede at tale med investorer. Han var aldrig på roadshows, han var
aldrig ude og møde aktionærer, og han er citeret for og jeg ved så ikke, om det er en skrøne eller
hvad det er eller det er en myte, men den er i hvert fald sejlivet, at han ville hellere ligge og køre
mejetærskere i Sønderjylland end han ville ud og møde aktionærer. Og en ting er, at han vælger
det, og man så skal nøjes med at tale med Ditlev Engel, fordi der var kun to personer i Executive
Management og den ene så du aldrig. Og den stående joke var jo, om han overhovedet eksisterede.
A: Haha…
D: Men det andet er jo det signal, du sender til dine ejere. Så synes jeg, det er helt uacceptabelt. Du
er nødt til at stille op. Du skal ikke stille op hele tiden, fordi dit primære job er jo at drive
forretningen. Du skal ikke bruge to uger i kvartalet på at ligge og flyve verden rundt og lave
roadshows. Executive Management skal måske bruge tre dage i kvartalet på IR-arbejde, vil jeg
gætte på. To til fire. Det er rigeligt. Men at IR kan skabe access til management, det er også en
vigtig del af IR funktionen.
A: Okay…
D: Foruden det her vi talte om før med, at informationen selvfølgelig skal være kort og præcis og
rettidig og alt det der, men…
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A: Ja… ja… Øhm. Jeg ved ikke rigtig, om du har… altså jeg tror, du har svaret på det næste, men
det er i forhold til hvad for nogle aspekter af en virksomheds finansielle situation, som er vigtig
at kommunikere? Og der tror jeg lidt, du var inde på det her med helt kort og godt omkring nyt fra
sidste kvartal, ændringer i vigtigt finansielle.
D: Ja. Jeg tror i hvert fald, at et key word her er ændring, som du siger. For eksempel er der nogle
selskaber, der har en tendens til at rapportere halvåret og så 9 måneder og så hele året i stedet for
at rapportere kvartalerne. Det er ligegyldigt. Det gammelt information, sådan fungerer
aktiemarkedet. Altså jeg ved godt, hvad der skete i de første ni måneder af året, så jeg vil ikke have
12 måneders tal. Jeg vil ikke have en beskrivelse af, hvordan gik det så i 2012. Jeg vil have en
beskrivelse af, hvordan det gik i Q4. I må gerne lave begge dele, hvis I har lyst til at lave
dobbeltarbejde, det har jeg ikke noget problem med. Men jeg vil ikke have en beskrivelse af hvad
der skete i hele året, for så bliver det meget sværere for mig at isolere og finde ud af, hvad er det så
for en ændring fra de 9 måneder til de 12 måneder, så skal jeg selv forsøge sådan at trække 12
minus 9 altså og sidde og isolere det. Så det er noget rod. Så det er en vigtig ting. Hele tiden
fokusere på, hvad er nyt, ændring… og så er det jo også god skik, at så rent faktisk highlighte det,
for eksempel hvis man har ændret sin guidance og så skrive, hvad var den før. Det er der nogle
selskaber, der ikke gør. Jeg tror ikke, der er noget krav om, at man skal – det er bare sådan god
governance.
A: Ja, for guidance er jo i hvert fald lidt noget andet end en ændring, ik? Eller hva? En guidance ser
fremad, ik?
D: Jo, jo bestemt. Bestemt. Jeg tænker også mest på, at altså uanset, hvad ændringen er… altså hvis
ændringen er i et bestemt nøgletal eller ændringen er i din guidance, altså det, du har fortalt om
året, der kommer, eller ændringen er i ledelsen altså, det kan være ændringer i hvad som helst, men
at IR kommunikation skal fokusere på ændringen og i stedet for et snapshot eller sådan et kig over
en længere periode. Så det skal være ændringen i forhold til sidst, man var ved markedet.
A: Okay. Øhm. Jah. Hvad for nogen… okay. Hvad for nogle kanaler ville du så foretrække en
IR afdeling brugte til at kommunikere til dig? Det kan både være altså umiddelbart, men også
opfølgende kommunikation.
D: Jamen, det er et meget godt spørgsmål. Det har jeg prøvet at reflektere lidt over her de sidste
par dage, også i relation til det her med at man skulle ind på noget mobil app og sådan noget… jeg
ved ikke, om du kommer ind på det senere?
A: Jo, det gør jeg.
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D: Okay, så vil jeg ikke lige nævne det nu, men som jeg sagde før, mit behov for information er delt
op i time-sensitive og det, der ikke er. Og det, der er time-sensitive, det skal jo i hvert fald når det
kommer fra selskabet og (…), kan kun være et push fra selskabet. Så der fungerer e-mail i for sig jo
fint og RSS synes jeg også er en god mulighed. De fleste situationer vil du ligeledes sidde ved din
computer eller i nærheden af en computer og der er e-mailen og RSS jo fint. Faktisk, altså jeg
tænker, hvad er alternativerne, alternativet er snail mail, ikke og det bruger man jo ikke.
Alternativet kunne være conference call, og det er jo også rart indimellem at få noget mundtligt at
vide, men hvis det er noget, der skal gå stærkt, så dur det faktisk ikke. Der er det jo en meget
ineffektiv kommunikationsform. Så det er meget bedre, at noget bliver sendt ud med det samme, og
så kan der komme et conference call nogle timer senere, hvor der bliver tid til at stille spørgsmål.
Et eksempel på det her er, at nogen selskaber rapporterer et regnskab kl. 9, men også har
conference call kl. 9. Så har du ikke tid til at forberede dig på det og det sådan, det lidt dumt. Og
nogle gange er det heller ikke med vilje, men så er call’et simpelthen, hvad hedder det sådan noget,
timelagt til et eller andet tidspunkt og så er regnskabet trukket ud. Det har jeg prøvet mange gange.
Også med danske store virksomheder. Og det er bare ikke smart kommunikation.
A: Jeg tror også, at det var DIRF, tror jeg, Dansk Investor Relations Forening, de har også lavet en
undersøgelse, hvor det var, at nu tidligere, man kan komme ud med regnskabet kl. 7-8 om
morgenen, nu bedre fordi…
D: Ja… Så har du tid til at forberede dig, inden markedet åbner kl. 9. Kl. 8 det er fint, det behøver
ikke være kl. 7, ligesom Carlsberg gør altså. Så lang tid har du heller ikke brug for ligesom at
danne dig et overblik. På en eller anden måde synes jeg også… der skal også være mening med
galskaben. Det er jo ikke meningen, man skal tvinge folk op kl. 4 om natten for at rapportere et
regnskab. Men omvendt, de selskaber, der har en eller anden forkvaklet idé om, at de skal
overholde børsreglerne, det her med, at bestyrelserne skriver under og så skal regnskabet ud med
det samme, og så har de et bestyrelsesmøde om eftermiddagen eller om aftenen, og så bliver
regnskabet udsendt kl. 17-18-19 om aftenen – det er fuldstændig hul i hovedet. Det er ikke… om det
er børsreglerne, der er forkerte eller hvad det er, det er nok ikke mig, der skal afgøre det, men
meningen med de regler må jo være at sikre, kan man sige god udbredelse af information og sådan
for at opretholde hele markedets integritet og de her ting, og det får du bestemt ikke ved at sende
noget ud om aftenen, hvor folk ikke er på arbejde.
A: Nej…
D: Så reglerne har i hvert fald skudt sig selv i foden på den her måde. Det var et lille sidespring…
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A: Haha… Men det er fint, det er godt med sidespring. Øh… Okay så, hvis du sådan skal vurdere
måske skrevne kommunikationsformer over for face-to-face eller personlige eller
elektroniske, hvad… hvad giver dig mest værdi i dit arbejde? Sådan…
D: Jamen, det er klart, at det skrevne og det elektroniske, det synes jeg er lidt det samme, ik. Det er
det, jeg bruger mest og det er det mest accessible for mig. For eksempel, når FLSmidth har
regnskab, så kommer regnskabet om morgenen, det er fint, og så er der et investormøde senere på
dagen. Det er desværre kun en ud af fire gange, jeg dukker op til selve det fysiske møde. Jeg ringer
ind fordi det er bedre og det er mere effektivt af min tid og det er jo ikke fordi… Valby jo er langt
fra, hvor jeg arbejder, så jeg kunne nemt tage derud. Så jeg er egentlig mere til den elektroniske,
fordi det er simpelthen… hvis jeg tager derud fysisk, så spilder jeg en halv time på transport, hvor
jeg sidder i en taxa, hvor jeg kunne sidde foran computeren og lave noget eller sidde og ringe til
kunder og fortælle om, hvad der foregår.
A: Ja. Fordi så vidt jeg kunne forstå, fordi eller så vidt jeg kan forstå på hele det her analytikerjob i
hvert fald, er at man inden for en hvis periode efter tallene er blevet offentliggjort skal have et eller
andet sendt ud… I skal have det videre til jeres kunder…
D: Ja…
A: …inden for en hvis tidsramme, så det er det der… time…
D: Ja. Time-to-market.
A: Lige præcis…
D: Ja…
A: Okay…
D: Jamen, der er sådan set helt klare retningslinjer for, at inden for 2 minutter af regnskabet er
kommet, der skal du have dannet dig et super hurtigt first impression – er det godt eller skidt? Og
det sådan meget i forhold til sådan trading og aktien – skal den op eller ned. Og så inden for en
halv times tid eller sådan noget, der skal du have dannet dig et lidt bedre indtryk af, hvad var godt,
hvad var skidt, hvor skidt var det, med flere nuancer. Og så har du typisk resten af dagen til rent
faktisk at sætte dig ned og kigge på tallene og læse hele rapporten igennem og tale med ledelsen og
så har du kan man sige et døgns arbejde på det, sætte en rigtig deadline ligesom en journalist, altså
til næste morgen kl. 7 eller sådan noget.
A: Ja, for jeg tænker en mulighed ved at dukke op til et investormøde vil så også være, man måske
havde chancen for at få talt med ledelsen, hvis de er til stede… de er jo primært til stede.
D: Ja…
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A: Er det noget, du overhovedet har benyttet dig af på noget tidspunkt?
D: Ja, jamen det har jeg da bestemt. Som regel synes jeg ikke, det er et problem, fordi…
A: Du får besvaret dine spørgsmål alligevel…?
D: Ja, enten på conference call’et og dem, jeg så ikke har, så ringer jeg til Investor Relations
bagefter. Lidt afhængig af hvad for et selskab, så kan jeg også ringe til økonomichefen nogen
gange. Så bare de er accessible over telefon eller over mail, det er fint. På dagen er alting meget
mere sådan time-sensitive, så derfor er tidsperspektivet, tidsforbruget er vigtigt den dag. Så er det
andre dage, der er det rart, at du kan sætte dig ned og rent faktisk få et face-to-face møde med
ledelsen under lidt mere rolige omstændigheder og få en fornemmelse af, hvad er de for nogle
typer, hvad tænker de… Det er jo også en stor del af jobbet. Men det er ikke så vigtigt på dagen.
A: Nej… Men sådan i… på årsbasis, eller hvis man ser på… ser bort fra de her kvartalsrapporter, så
er det noget, som der giver dig noget i forhold til at møde ledelsen…
D: Ja, det gør det… fordi… jamen… har også været ude til mange ledelser gennem årene, men der
er virkelig stor forskel på folk. Og… Ja, man skal passe på med at lyde hvad hedder sådan noget
bagklog, jeg ved sgu ik, men… Der er som regel noget om det, hvis der er en ledelse… Ja, lad mig
komme med et eksempel. Jeg vil ikke give et navn, men et større dansk selskab, børsnoteret C20
selskab, for eksempel til et investormøde sidder og taler om nogle problemer, der har været i en
division, og man kan se med både kropssprog og de ord, der bliver brugt. For eksempel siger
chefen, at ”jamen, at i dén division har de haft en masse problemer, og de har haft problemer på
det og det og det, og der er fabrik, der sådan og sådan, men det skal de altså snart have til at have
løst og ellers falder der brænde ned, det må de altså til at få styr på”. Jeg ved ikke, om du lagde
mærke til det, man han brugte ordet ”de”, og det er sådan noget… det er en kæmpe rød blinkende
lampe for mig, at den administrerende direktør han kan sidde og på en eller anden måde få sagt,
det er divisionens skyld. Og det er meget nemmere at fange den slags, hvis du sidder over for
personen og du kan se på hans kropssprog om han sidder og tager afstand fra det. Så sidder jeg og
tænker, det der, det er en ledelse, der tydeligvis ikke er hands-on. Han mener ikke, at det er hans
skyld, til trods for at det er ham, der får den højeste løn i hele organisationen, på trods af at det er
ham, der er topchef. Og det jo helt åbenlyst, at det er hans ansvar. At han så kan sidde og sige, at
de skal have det løst, de må snart sørge for at få problemerne overstået og lagt bag dem. Sådan
noget, det er meget, meget svært at læse i et regnskab eller så godt som umuligt, og det er rigtig
svært at få fornemmelsen for det fra årsregnskabet kun. Så det er et meget konkret eksempel på
noget, hvor det er vigtigt også at møde ledelsen.
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A: Ja, og det er information, du kan bruge sådan i hele din iagttagelse af virksomheden…?!
D: Ja, det er det. Helt klart. Det er svært for mig også at… jeg kan ikke skrive det ned… altså
hvordan skal jeg kunne formulere det i et stykke analyse – det kan jeg ikke. Men det kan jeg jo tale
om, når jeg taler med aktionærerne eller investorerne ”I skal bare være klar over, at han sagde
sådan og sådan, han gjorde sådan og sådan. Det er ikke min beslutning, om I skal købe eller sælge
jeres aktier på baggrund af det, men det er mit job at filtrere den information til jer og det der,
synes jeg var væsentlig information”.
A: Ok. Øøøhm ja. Hvordan… hvis vi lige… nu tager vi lige lidt mere FLSmidth-specifikt.
Hvordan vil du så karakterisere den information, som FLSmidth tilbyder dig på nuværende
tidspunkt?
D: Den er generelt af høj kvalitet. Pernille er altid accessible, og regnskaberne er meget
konsistente. Igen helt konkret det, at de samme emner bliver berørt i kvartals- og årsrapporterne i
den samme rækkefølge, så jeg ved… altså jeg kan ikke huske sidetallene i hovedet, heldigvis da, for
så har jeg sgu været for meget på arbejde, men jeg ved godt, at de første par sider, der er de her
oversigtstabeller. Bagefter så kommer diskussionen omkring, hvad der er sket i kvartalet og
bagefter kommer diskussionen omkring hvad der er sket på året, så kommer divisionerne. Bagerst
ligger der en kvartalsopdatering med både ordre og indtjening og alting. Og det gør det super nemt
og hurtigt, og det er ekstremt vigtigt på dagen, at det er hurtigt for mig at finde informationen. Det
gør FLSmidth rigtig godt.
A: Ja. Bruger du… vi udsender jo en pressemeddelelse på samme tidspunkt som årsrapporten bliver
offentliggjort. Er det noget, du læser først? Eller går du simpelthen direkte til årsrapporten?
D: Nej faktisk ikke. Jeg går direkte til rapporten. Fordi som regel står den… den første eller de
første par sider et eller andet sted der helt i starten, er der også sådan et eller andet nogle key
highlights.
A: Og det er lidt det samme, vi gengiver… altså det er det, der kommer i pressemeddelelsen og så
er der link til selve rapporten.
D: Ja… Pressemeddelelsen bruger jeg egentlig ikke.
A: Okay… det er meget…
D: Jeg tænker sådan set, at den er mest henvendt mod dansk presse. Så jeg tænker, den behøver
ikke være på engelsk for min skyld. Der kan selvfølgelig også være engelsk presse, men…
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A: Ja, men det er bare, sådan en pressemeddelelse er i hvert fald ved jeg noget, der bliver brugt tid
på at finde ud af, hvad for nogle opsummerende tal, der skal stå i den pressemeddelelse. For det er
jo kun tal stort set, vi skriver.
D: Ja…
A: Men det er meget fint lige at vide, om det er noget, du overhovedet bruger… øhm…
D: Til gengæld er den, synes jeg, en god idé, at I er begyndt at sende Excel-arket ud med tallene. På
dagen bruger jeg det ikke, fordi der igen, der er det meget sådan kan man sige time sensitive – jeg
har ikke tid til at sidde og fedte særlig meget i Excel, men sådan om aftenen, når jeg så, det værste
og markedet er lukket og sådan og alt det er knap så hektisk, så er det meget rart at have tallene
der, for så er det nemt for mig simpelthen bare at kunne copy-paste dem ind i min model… så det er
sådan en god lille service, synes jeg. Det er der flere selskaber, der er begyndt på.
A: Ja… Øhm. Okay. Øhm. Så har jeg skrevet et spørgsmål her, der lyder om… hvordan du så
anvender den information, vi bruger, men det tror jeg lidt, du har svaret på i forhold til at du skal
filtrere det videre til dine kunder?!
D: Ja, det er det, det handler om for mig. Det handler om, ja mit job går ud på, jeg skal ligesom
have læst det hele og forstået det hele og så må jeg koge det ned til, hvad jeg synes er vigtigt. Og
det er jo bestemt ikke sikker, det er det samme, som selskabet synes er vigtigt. Derfor så skal
selskabet jo stadigvæk synes jeg gøre en indsats for at få det vigtigste frem på forsiden. Det er jo
næsten kun Investor Relations, der kan finde ud af det, selvom de adm. direktører osv. ved ikke
nødvendigvis, hvad der er vigtigt for markedet. Så…
A: Nej… nej. Hvis de bare… hvis de er ingeniøruddannet, så har de et helt andet fokus…
D: Ja, fuldstændig.
A: Øhm. Okay. Hvordan du holder dig opdateret på FLSmidths aktiviteter har vi også været
lidt inde på. Det er måske lidt bare at snakke om det samme. Men det er primært e-mail, telefon og
ja…
D: Ja, det er det…
A: …når der kommer push beskeder fra os af…
D: Ja, præcis. Og så det, at du har muligheden for at kunne ringe til Investor Relations og følge op.
A: Ja okay. Hvordan ville vi så kunne enten øge eller… og/eller forbedre vores
kommunikation til analytikere?
D: Øhm. Men det bliver man jo jævnligt spurgt om i diverse surveys. Altså FLSmidth ligger jo ret
godt, som du sikkert også ved…
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A: Ja, jo altså. Det jo… alt er jo relativt. Det jo med de ting, som der eksisterer nu, så hvis det jo
ville være med henblik på, hvad der ku’ blive bedre i forhold til… altså man kan jo altid blive
bedre, ikke…
D: Selvfølgelig. Jamen, jeg synes fx det der med at bruge… jamen RSS feeds noget mere. Jeg er lige
ved at tro, at I allerede har noget på hjemmesiden…
A: Det har vi…
D: Ja.
A: Men det er vores company announcements, dvs. det er alt, hvad vi sender ud. Altså man kan ikke
gå ind… jeg ved, vi… man kan ikke gå ind og filtrere det i forhold til, hvad der bliver sendt ud som
en…
D: … børsmeddelelse…
A: Nej, det er simpelthen bare både børsmeddelelser… altså fondsbørsmeddelelser og
pressemeddelelser og Group News, som også er en blandet landhandel.
D: Det synes jeg egentlig er okay, altså. Det er meget rart, at det er i ét feed. Man kan sige, det er
selvfølgelig også endnu bedre, hvis du kunne filtrere det. Men det synes jeg i hvert fald er en nem
måde, lidt ligesom en mailliste, ikke… Hvor kunne I blive bedre? Øhm… Noget måske historisk
FLSmidth ikke har gjort så meget i, det er jo sådan noget som kapitalmarkedsdage. Nu er der blevet
lidt mere af det, det sidste års tid eller to. Det synes jeg er meget godt. Altså en kapitalmarkedsdag
om året synes jeg er passende. Og det behøver ikke nødvendigvis at være en hel dag, og det behøver
altså heller ikke nødvendigvis at være i Las Vegas. Det kan sagtens være et eller andet med fokus
på bestemte emner… på bestemte hjørner af forretningen, der er interessante i øjeblikket, fordi det
giver rigtig meget for folk, der er i finansbranchen at kunne komme ud og sparke til bildækkene.
Det giver meget i forhold til forståelse af virksomheden. For man skal også huske, at mange
investorer, de er jo slet ikke ligeså specialiseret, som analytikerne er. Så de skal jo sidde og
jonglere både, hvordan det foregår i Novo Nordisk, men også i GN’s Netset eller hvad hedder det
Headset division og FLSmidth… på en gang. Så det at komme ud og opleve ting, det gør, at du har
en bedre forståelse for hvordan man kan sige en given branche og virksomhed fungerer. Så det
synes jeg godt, man kunne komme i en gænge med at lave en kapitalmarkedsdag hvert år. Ja…
ellers… på kommunikation… jeg synes klart, at FLSmidth gør det meget godt sådan set.
A: Ja, men det er fint. Det var også kun, hvis der lige var noget, du lige synes der måske var noget
du får på anden vis fra andre virksomheder, som var noget, hvor du tænkte, det kunne være fint,
hvis det også var sådan her.
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D: Der er ikke lige noget, der falder mig ind…
A: Nej, jamen øh…. Helt fint, så tror jeg lige vi rykker videre til noget ganske andet. Nemlig alt det
her med smart phones og tablets…
D: Ja…
A: Ejer du en smart en smart phone?
D: Vil du have noget mere? (D refererer til kaffe, som står i et lokale, vi afholder interviewet i)
A: Ja, det vil jeg faktisk gerne…
D: Det tror jeg ikke, jeg gør… Det er en Black Berry. Det er ikke smart phone, er det…?
A: Jooooh… Det tror jeg nok er kendetegnet ved den…
D: Jeg ved det ik…
A: Jeg tænker, det er sådan noget som… altså kan du…
D: Jeg kan gå på nettet og sådan noget, men…
A: Det er ikke sådan noget med applikationer?
D: Jo, det er der lidt… Jo, det er der.
A: Ok, nårh, men så tror jeg, det er en smart phone.
D: Ja, det har jeg nok så.
A: Jamen, det er godt. Hvad med en tablet?
D: Det har jeg også… en iPad.
A: Ja…?
D: Uundværlig.
A: Ja… Er det personligt eller er det noget, du har fået via din arbejdsplads?
D: Telefonen er arbejde, iPad’en er min egen.
A: Ok. Hvad bruger du så din tablet til?
D: Altså jeg bruger den til at surfe på nettet, altså.
A: Men det er primært privat forbrug eller?
D: Jaaa… Men som analytiker er du jo meget blandet altså… så hver aften så sidder jeg jo også og
læser nyheder… Når jeg rejser har jeg oftere den med end jeg har min bærbar med. Så der bruger
du den jo også til arbejde. Det er jo meget igen informationssøgning. Du kan ikke så godt sidde og
arbejde på en tablet. Fx hvis FLSmidth har kapitalmarkedsdag, så har jeg som regel den med og
sidde og tage noter på…
A: Jeg kan huske, du sagde… du nævnte lige tidligere, at som oftest, når det er informations… eller
tung information, vi kommer ud med, så sidder du alligevel ved din computer…?
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D: Ja…
A:… og har den som redskab…
D: Ja…
A: Så når det er ja information, hvor det gælder, hvor det kræver noget af dig eller… det gør det. Så
sidder du ved din computer på din arbejdsplads?
D: Ja. Ja, det gør jeg, fordi altså det… jeg ville enten skulle skrive noget, og det er som regel i
Word og jeg skal som regel også måske sidde og arbejde med nogle tabeller og nogle regneark og
det er som regel Excel. Og det er et helvede og sidde enten på telefonen eller på en tablet… Så
derfor tænker jeg ikke, at jeg egentlig har behov for sådan en IR app til telefonen. Det synes jeg
ikke…
A: Nej… Bare lige, hvor land tid har du haft din tablet? Kan du huske det?
D: En tre år eller sådan noget…
A: Okay… Ja, anvender du så din smart phone ud over bare som telefon og opringninger i dit
job?
D: Jamen selvfølgelig mail…
A: Mail.
D: Big time… øh. Det er jo primært det. Altså jeg bruger den jo også til at gå på nettet med. Og der
kan du så sige, at skulle FLSmidth have en mobilversion af hjemmesiden, det er måske også lidt der
du er på vej hen?
A: Ja. I hvert fald som en mulighed. Det er i hvert fald de to ting, som lidt er det, der ligger nærmest
øh…
D: Jeg vil sige, jeg bruger mobilversioner af hjemmesider altså ret meget. Så det her med at trykke
”m” og så adressen eller mobile og så adressen.
A: Plus hvis man… hvis det er smart, så har de jo gjort det sådan at de kan så, når at det er noget,
man tilgår fra et mobil device så går den automatisk over på mobile sitet…
D: Ja.
A: Det synes jeg som oftest i hvert fald.
D: Jamen det er også rigtigt. Men det bruger jeg en del. Så det ja… det synes jeg er smart. Om jeg
har brug for det fra FLSmidth, det måske… ja. Jeg vil sige, hvis jeg satte mig i jeres stol, så skulle
det ikke kræve for meget, det skulle ikke koste for mange penge at få det lavet. Det skulle ikke være
for min skyld, tror jeg. Fordi det er sjældent igen at jeg ville sidde og kun at have adgang til min
telefon, hvis der er noget, der er kritisk. Så ville jeg alligevel være ved en computer.
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A: Så skulle det bare sådan være ren og skær convenience, hvis du lige skulle ind og finde et eller
andet.
D: Ja, fordi det… FLSmidths hjemmeside er et helvede at surfe på, på mobilen!
A: Hah ja tak.
D: Øhm. Men det gør man jo heller ikke rigtig. Jeg surfer jo ikke bare rundt for sjovs skyld…
A: Nej, så skal du ind og have en rapport…
D: Ja, det fordi, jeg skal ind og hente noget specifikt. Altså jeg skal ind og hente årsrapporten for
’10, så gør jeg det alligevel ikke fra min telefon, så gør jeg det fra computeren. Så der hvor jeg
sidder på telefonen og har brug for noget, så er det som regel når det er noget quick news. Og man
kan sige, der er vi jo tilbage til… egentlig mail eller RSS feedet. Og det kan den godt. Så jeg synes
egentlig ikke mobilsitet ville sådan gøre mit arbejde lettere.
A: Okay…
D: Men måske en helt anden ting i forhold til det her. Det kan I sikkert… det ville måske egentlig
være meget sjovt, hvis I kunne undersøge det, men der er garanteret mange, der er pres på jeres
hjemmeside på de dage, hvor I rapporterer… kunne jeg forestille mig.
A: Jah…
D: Jeg har lagt mærke til, at der er nogen virksomheder… jeg har egentlig ikke specifikt lagt mærke
til det på FLSmidth, men hvor der er så meget pres på hjemmesiden, at den nogen gange går ned.
Og det er jo selvfølgelig en katastrofe, at man ikke lige har tænkt forud – jamen, vi skal altså have
plads til ekstra båndbredde på dagen, hvor årsregnskabet og sådan noget…
A: Ja… ja. Ja, jeg tror, at ikke i min tid, hvor jeg har været der i hvert fald, tror jeg ikke, det har
været noget, der har… Vi havde lidt problemer nu her, men det var simpelthen Reuters, der… deres
system, som… dem, som hjælper os med at uploade rapporterne, de havde sådan et nedbrud i deres
system. Så det var sådan lige lidt pres, men det havde heldigvis ikke noget med os at gøre. Eller det
havde det jo så i sidste ende, for det er jo os, der…
D: Ja, for det er jo jer, det går ud over, det er bare ikke jeres skyld…
A: Nej, lige præcis. Øh ja… okay. Og tablet det er primært at tage noter og hvis du måske lige
sidder… har en halv time et eller andet sted?
D: Ja, det er det. Det er at surfe information. Jeg sidder og tænker på, hvis I havde en IR app i
FLSmidth, hvad skulle jeg så bruge den til? Så ville jeg selvfølgelig bruge den til, når jeg var på
farten og så hurtigt kunne accesse de forskellige regnskaber. Og det er da klart, at hvis I havde det
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så ville jeg også downloade den og bruge den. Men jeg synes ikke, at jeg er forhindret i at udføre
mit job, fordi I ikke har en.
A: Nej… Ja, fx Carlsberg har en. Bruger du den? Jeg ved ikke, om du følger Carlsberg?
D: Jeg følger ikke Carlsberg.
A: Du følger ikke Carlsberg, så okay…
D: Det gør jeg ikke…
A: Nej… Men de har nemlig en og det vidst med sådan forholdsvis stor succes, de har den her. Men
det er primært et bibliotek simpelthen med deres… hvad de har af udgivelser…
D: Præsentationer, årsrapporter…
A: Ja. En IR kalender er også en del af app’en.
D: Det er også der, jeg vil sige, der er den jo god i biblioteket. Der, hvor den er time-sensitive
alligevel… der, der… i hvert fald på regnskabsdagene, der er jeg alligevel på computeren.
A: Det er meget fint at få en inddeling i forhold til, hvilken type information og hvornår altså… og
hvordan at formen så passer til den type af information, det er det drejer sig om, ik, fordi… alt det
kan… det er jo klart, at det ville være behageligt med alle sider var mobilsites, hvis man nu var…
altså man…
D: Ja…
A: Øh ja… Om du så nogensinde har tilgået vores hjemmeside via din telefon? Det har du…?
D: Ja, det har jeg. Det… det ikke kønt.
A: Det er ikke nogen behagelig oplevelse, nej… Okay. Det var bare, så var du hurtigt ude igen?
D: Ja, det var… eller det vil så sige, det var ikke særlig hurtigt, vel? For det tog fandeme lang tid at
surfe rundt…
A: Men du gav ikke op simpelthen… du fik udført din opgave?
D: Der var et eller andet konkret, jeg skulle ind og finde… en eller anden nyhed, så jeg var jo nødt
til det, men det var ikke smart.
A: nej… og du har været der flere end en gang?
D: Det ved jeg faktisk ik. Jeg ved i hvert fald, at hvis jeg skal ind på FLSmidths hjemmeside fra min
telefon, så er det nemmere at tage telefonen og ringe ind på arbejdet, få en anden til at gå ind på
hjemmeside og fortælle mig, hvad der står.
A: Haha… Ja. Okay…
D: Så…
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A: Øh… Ja. Sidste del og det er sådan lidt i forhold til de her tendenser, vi ser med digital
kommunikation… øhm… kan du se en eller anden fremtid i forhold til finansiel
kommunikation på… ja apps eller mobilsites…? Har du den holdning, du har, fordi det ikke er
der, eller fordi at det bare ikke ville interessere dig også selvom det var der? Altså ville du alligevel
have en eller anden… ville du alligevel gøre en forskel i forhold til, hvis det nu var der? Ville det så
have en betydning?
D: Jaaah… Det er jo et svært spørgsmål. Øhm… jamen jeg tror, som jeg sagde før, at hvis I havde
en mobil app eller en IR app, så ville jeg jo downloade den og så ville jeg bruge den.
A: Ja? Den ville ikke bare ligge der… jeg har rigtig mange apps, jeg bare har downloaded, som bare
ligger der…
D: Ja, men det er rigtigt nok… men der, hvor jeg forestiller mig, at den kunne være nyttig, det er
når jeg er ude og rejse og så har jeg fx en dag med møder med investorer, hvor… det kan måske
være seks møder på en dag, ik. De ligger som regel sådan bum, bum, bum, ligesom på et roadshow.
Og så hvis der så nogle, der spørger… vi sidder og snakker FLSmidth, jeg har mine rapporter med
og jeg har mine egne præsentationer med, så spørger han ”kan du ikke huske, FLSmidth sagde
engang sådan og sådan og sådan”… et eller andet… ”jo, det tror jeg nok – det var Q1 rapporten
sidste år”. Så ville jeg jo tage den frem, og så nemt gå ind og finde den. Det er sådan nogle pull
situationer, jeg ville bruge den.
A: Plus det så også er… du er fri af netværk. Hvis man har en app så ligger den gemt på din iPad.
Det ville ikke kræve en bredbåndsforbindelse, hvis du sad et eller andet sted…
D: Nej, det ville det ikke… Så ja, jeg tror da, jeg ville bruge det. Jeg sidder og prøver at tænke ud af
boksen, om det var nogle andre ting, som kunne være smarte at putte i en IR app, hvis man skulle
have en. Øhm… jeg ved det ikke… det er jo bare sådan helt essentielle ting, som hvem er IR,
kontaktoplysninger på dem, årsrapporter, præsentationer, kalenderen ja, kogt ned sådan super
overskueligt og alt det andet, som jo ellers er på FLSmidths hjemmeside, som jo meget er
overflødigt for mig, præcis hvilke nye produkter har I lanceret og alt det her… Kundeportal og
sådan noget, det er jo ikke relevant for mig. Så man kan sige på den kunne man jo fjerne clutter for
mig, fordi de ting simpelthen ikke er relevant for mig på hjemmesiden.
A: Okay… ja fordi, det som jeg jo lidt sådan tænker det er, hvis man sidder i et job og man har
nogle muligheder for at søge noget information… nogle altså… hvad ville så samlet set give dig
den meste værdi for en informationssøgende type som dig i dit job? Altså er det de her lidt mere
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tungere, face-to-face, øh gammeldags kommunikationsformer eller ville det… ville et miks være
godt? Ja, hvad ser du i forhold til hvad der giver dig værdi i dit job?
D: Jamen jeg synes da helt klart at den elektroniske information er suverænt vigtigst. Den hurtige…
og jeg kan jo… jeg… den kan jo både være push-pull og det er også det, der er smart. Så når der
sker noget nyt, så pusher I det ud til mig, men omvendt, hvis jeg skal ind og hente noget, så kan jeg
selv finde det, når det passer mig. Der er ingen tvivl om, at hvis der var et eller andet så at sige…
lad os forestille os, at man skulle skære en af tingene væk, er det helt klart det, der ville amputere
mig totalt. Men jeg synes da, et mix er den eneste vej frem, fordi du kan heller ikke kun
kommunikere elektronisk. Det er vigtigt, at man kan ringe til folk, ringe til Investor Relations, kan
få et møde med ledelsen i ny og næ… øhm.
A: Ja, fordi også som man sådan hører i forhold til det her IR kommunikation, det er… eller
finansiel kommunikation generelt… at der, hvor man ser… fx Danske Bank, som jo er en hel anden
type virksomhed end den, du arbejder for, fordi de selvfølgelig er enormt forbrugerorienteret, deres
finansielle kommunikation vinder hvert år alle mulige undersøgelser i forhold til hvor gode de er til
digital kommunikation, men de har også en helt anden målgruppe jo i forhold til at det er
privatforbrugere, som sidder derhjemme og skal på netbank og hvad det ellers er… jeg tænker, at
når man sådan skal se lidt på hvem der er modtageren af informationen, hvor værdien så ligger. Og
der synes jeg lidt, jeg kan høre på dig, at det i hvert fald er… det kan godt være der er noget
elektronisk, men der vil altid være en eller anden form for opfølgende element, som ville kræve
nogle ældre former for kommunikation. Altså du ville ikke kunne klare det kun med…
D: Slet ikke… slet ikke. Fordi der er så meget af det vi sidder og laver som er, ja man kan sige for
at komme tilbage til hvor vi startede, det er sådan lidt journalistisk, så du skal prøve at grave lidt
ind til sådan noget, hvad er det, de ikke har skrevet, hvad er det, de ikke har sagt… for… det kan
man sige investorerne går op i, det er at finde ud af… finde hullerne i luften, det er netop at have
muligheden for at bore lidt ind i og sige, hvordan svarer han på det. Og det kan du ikke skrive i
hverken en mail eller et brev eller en årsrapport.
A: Via en app? Nej…?
D: Nej…
A: Nej… Jamen øh, jeg tror faktisk, det var det. Det var i hvert fald, hvad jeg havde af
præproducerede spørgsmål…
D: Ja…
A: Jeg ved ikke, om du har andre ting, du vil tilføje?
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D: Nej… jeg synes da, vi kom meget godt rundt om det…
A: Det synes jeg også, vi gjorde… Det synes jeg.
D: Men det er et spændende projekt, synes jeg.
A: Ja… ja. Jamen det er netop lidt, fordi… det er lidt med at finde ud af, hvordan jeg skal analysere
de svar, jeg får ikke… fordi det er jo… så kan man sige, jamen det gør vi bare, fordi det er det mest
behagelige for alle eller det er en god service eller og lave de her nye digitale løsninger. Men hvis
man ser lidt på, hvad det er for nogle ting, man måske ellers kunne bruge sin tid og energi på, ville
det så være… og penge og ressourcer og alt muligt… ville det så være flere kapitalmarkedsdage,
ville det være flere investormøder eller ja… så det… det skal jeg lige hjem og se lidt på…
D: Ja…
A: Haha…
D: Det bliver spændende…
A: Ja, det gør det.
D: Men altså man kan sige, hvis I lavede en IR app ville den jo helt sikkert blive brugt. Og man kan
sige for mit vedkommende ville det jo så gøre, at jeg i hvert fald ikke rigtig havde brug for et
mobilsite. Fordi det næsten altid vil være pull for mit vedkommende, når jeg brugte IR app’en.
Fordi jeg sidder jo ikke over min tablet eller over min telefon på den måde og sidder og forventer
nyheder den vej…
A: Nej… jeg tror altså også at en løsning ville altså også være man kan, hvis man har en IR app, så
kan man også have de her push indstillinger, så hvis der kommer en ny pressemeddelelse, så får du
sådan en ”pluut”, som dukker op, som er en del af app’en.
D: Selvfølgelig. Men det kræver så også, at jeg bare har min tablet hos mig, ik…
A: Ja! Hvis du ikke bruger den så meget i din arbejds…
D: Jahh… jeg bruger den ikke på den måde. Fordi jeg forventer ikke push information fra den. Det
er lidt noget andet tror jeg for folk, der bruger deres telefon også meget på den måde… Facebook
og sådan noget. Men det gør jeg ikke. Og jeg tror også lidt… måske er jeg for gammel, det ved jeg
ikke, men det er også lidt… mange i mit job… jeg har jo kun en telefon og det er både min
arbejdstelefon og min private telefon. Så derfor er det ekstremt vigtigt for mig ikke at være slave af
min telefon. Men rigtig mange mennesker, der kun har en privattelefon, sidder jo hele tiden med
telefonen og er på Facebook og alt muligt andet fordi, at de ved for dem, så er telefonen rent
socialt. Det er deres egen. Det er den ikke for mig. Derfor kan jeg jo lidt ikke lide min telefon…
A: Nej… haha.
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D: Forstå mig ret… så derfor har jeg tit at jeg lader den gerne ligge ude i køkkenet og så går jeg
ind i stuen. Men det er meget fjernt for mange andre mennesker. Men det er jo, man kan sige, fordi
jeg har det job, jeg har… at man skal altid kunne dybest set komme i kontakt med mig og jeg skal
altid kunne se på mail og sådan noget, så derfor sidder jeg ikke nødvendigvis og… som en høg over
telefonen, når jeg nu…
A: Nej, men det har da også lidt at skulle have sagt, det tror jeg da også helt sikkert. Og jeg tror
også, at i forhold som en IR, som vi også lige sad og snakkede om, at… vi snakkede om, hvor
meget den egentlig også ville kunne gavne internt… altså i forhold til når Pernille eller Nicolai er
ude eller nogle andre, som kan gå ind og se selv, så de har deres eget lille lager…
D: Ja…
A: Men det jo igen, så er det jo et helt andet formål igen… og det er jo så om der er en business
case i det overhovedet… om det er nok for at skulle lave nye tiltag… Så ja.
D: Ja. Spændende.
A: Jamen øh tak for det. Jeg slukker lige her…
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Transcript for interview 2
Language = Danish
A = interviewer
P = interviewee
A: Øh først. Kan du kort beskrive, hvad dit job går ud på?
P: Ja. Jamen, jeg er aktieanalytiker i Nordea. Og det har jeg været siden 2008 – i fem år her hos
Nordea, og inden da har jeg været aktieanalytiker tre år i Danske Bank og så jeg har været
aktieanalytiker de sidste år otte år, men mit job går ud på at analysere en række udvalgte selskaber,
øh børsnoterede selskaber, specifikt omkring deres forhold, men også i forhold til, hvad der sker i
deres industri, markeder, leverandører, kunder… Øhm og på baggrund af det, så giver jeg så nogle
investeringsanbefalinger til pensionsselskaber og investorer generelt set.
A: Øhm. Hvad for nogle arbejdsopgaver er forbundet med dit job? Ja, sådan, generelt set?
Generelt i løbet af en dag, hvad får du så…?
P: Åh, hvad jeg får min dag til at gå med?
A: Ja…
P: Ja, øhm… Det er relativt alsidigt. En typisk arbejdsdag, jamen der bruger jeg noget tid på at
komme ind om morgenen, screene, hvad der er af nyheder – hvad jeg tror, der kommer til at påvirke
aktiekurserne på de selskaber, som jeg primært følger, og hvis jeg finder ud af et eller andet, så
tager jeg en dialog med mine kollegaer oppe på gulvet, som vi kalder det, altså dem, der sidder og
handler og trader aktierne, og så giver vi en vurdering af, hvad vi tror, der kommer til at ske med
aktien. Og bagefter så ville jeg jo evt. tage og ringe ud til kunderne – det gør jeg typisk hver dag,
jeg ringer rundt til en masse investorer og fortæller hvad min holdning er til de eventuelle nyheder,
der er ude i markedet. Og så bruger jeg en del tid på at skrive analyser, når der ikke sker noget
specifikt i markedet, jamen så sætter jeg mig ned og skriver aktieanalyser, så finder jeg et tema
eller et emne, jeg synes, der skal behandles, som jeg tror, der kommer til at have en indvirkning på
det selskab, jeg evt. følger, og så skriver jeg analyser. Derudover så går meget af min tid med at
arrangere forskellige events, så jeg kalder det, arrangementer til vores investorer, for at give dem
et bedre grundlag for at træffe deres investeringsbeslutninger og i relation til FLS, så kunne det fx
være, vi kommer en gruppe ud til FLS og møder fx jeres finansdirektør eller jeres adm. direktør og
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stiller nogle stiller nogle spørgsmål eller tager ud til Pernille, jeres IR, og stiller spørgsmål. Vi
kunne også finde på at tage ud og besøge nogle af FLSmidths kunder, for ligesom og få en bedre
idé og forståelse for, hvad der sker omkring selskabet. Så meget: at forholde sig til de nyheder, der
kommer ud i markedet, skrive analyser, og så også bruge meget tid på at lave arrangementer, der
ligesom sørger for at investorerne bliver bedre tæt på mht. at træffe deres beslutninger. Så det er…
det er sådan de mest… det, man bruger primært tiden på.
A: Hvordan tilgår du så den information, du skal bruge i dit job? Til at give videre?
P: Hvordan jeg får fat i den?
A: Ja…
P: Ja.
A: Sådan på alle mulige leder og kanter.
P: Ja, det er … og jeg bruger alle mulige forskellige kilder. Men du kan sige selskabsnyheder får
jeg fat fra selskaberne selv, og der kan du sige, jeg får specifikke meddelelser fra FLSmidth, de
bliver sendt til mig, og dem forholder jeg mig til.
A: Så det er noget, du har subscribet til?
P: Ja, præcis. Og det samme med deres konkurrenter, underleverandører, der er jeg også gået ind
og subscribet mig, eller tilmeldt mig deres nyhedsservice, så det bliver sendt direkte til mig. Så er
der branchestatistikker, andre folk, der har en mening, omkring nogle af de ting, som vi ved
påvirker mine selskaber, og det er jo ting, som jeg selv går ind og finder – evt. der, hvor jeg ved, jeg
kan få fat i det, altså Danmarks Statistik, selvom det ikke er en af mine primærkilder, jeg bruger i
forhold til FLSmidth, så bruger jeg det til at søge information omkring noget, jeg ved, der er
interessant i forhold til noget data, der er værd at behandle. Og så sker der jo så… jo længere tid,
jeg sidder i industrien, desto flere kilder får jeg, så jeg tager også min telefon og ringer eller
skriver e-mail til dem, jeg ved kender noget, omkring det her marked, som jeg ønsker at belyse. Så
selskabsinformation, information fra steder, jeg ved, der har godt kendskab til eller data til den
industri, jeg følger, og så sidst, men ikke mindst, tage og ringe skrive e-mails til folk, som jeg ved,
der sidder inde med informationen.
A: Okay. Hvis vi lige rykker lidt videre til generelle IR kommunikationspræferencer, hvordan vil
du så karakterisere god IR kommunikation?
P: God IR kommunikation?
A: Ja…
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P: Det er selvfølgelig en, der er godt indsat i sit stof. Og en, der både kan svare på de strategiske
spørgsmål, hvor virksomheden er på vej, men også en, der kan det talmæssige, således at man ikke
er i tvivl, når man diskuterer de talmæssige ting med en IR. Jeg synes også, det er meget vigtigt i
forhold til en IR, at IR er til at træffe og få svar fra hurtigt. Der er vores marked lidt finurlig på den
måde, at ting og information skal skaffes hurtigt for ligesom at få… skabe værdi til dem, der er
mine kunder. Så jeg vil gerne have en IR, der er relativ hurtigbevægende i forhold til at vende
tilbage på informationen.
A: Hvad med IR kommunikation generelt? I forhold til den investorkommunikation, man
tilbyder? Altså, hvad er det, der er godt inden for det? Omfangsmæssigt, eller forskellige former
for kommunikation? Synes du skal være i orden?
P: Jamen, jeg bruger primært min telefon. Så en IR skal være til at få fat i på telefonen. Det er også
godt, hvis IR på e-mail er villig til at svare på nogle af de spørgsmål, man vil stille dem. Så det har
været den måde, jeg har kommunikeret med dem. Telefon eller e-mail.
A: Okay, fordi så tænkte jeg, at mit næste spørgsmål, det hænger nok lidt sammen med det, men det
er, hvad for nogle services, som så er vigtigst for en IR afdeling at tilbyde dets analytikere?
P: Jamen, det er… de skal have i baghovedet hele tiden, at de skal være hurtige, til rådighed og så
skal de selvfølgelig kunne præsentere management for mig og mine investorer, også vigtigt. Og det
kan være individuelle møder her i København eller vi tager og rejser rundt med dem… rundt i
verden, fordi vi har ikke kunder kun i København, vi har i London, i Frankfurt osv., og de har også
en stor interesse i og lære selskabet og dens folk, der styrer virksomheden at kende. Så det er noget,
vi sætter pris på.
A: Okay. Hvilke aspekter af en virksomheds finansielle situation er så vigtigst for en IR
afdeling og videregive?
P: Og belyse?
A: Ja… Ud over det, der er lovpligtigt. Jeg tænker bare, hvis der måske er et eller andet, der træder
frem i forhold til noget, du specielt anvender?
P: Ja. Øh. Hvis vi bare antager, at de selvfølgelig har styr på alting, der vedrører virksomheden
selv, så synes jeg, det, der er godt at kunne ringe ud og spørge en IR… det er markedet, de opererer
på. Som et eksempel… som et godt eksempel, som FLS har netop gjort, det er, at der var et tema
omkring, at der kommer nogle nye miljøreguleringer i USA på cementfabrikker, og så bliver man
selvfølgelig meget nysgerrig omkring, hvad kan det her egentlig betyde i forretning og kroner og
øre for FLSmidth… Der fornemmer FLSmidth, at der kommer en række spørgsmål omkring dette,
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så de sætter… okay, der er mange spørgsmål omkring temaet, så de sender en mail ud til os alle
sammen.
A: Er det Pernille, der sender den mail?
P: Det er Pernille, der sender… hun har jo selvfølgelig forhørt sig omkring internt i organisationen,
hvad er jeres bud på et markedet og hvor mange cementfabrikker er det egentlig, der skal
opgraderes med det her nye anlæg, der får opfylde de nye miljøkrav, og hvor mange fabrikker,
cementfabrikker, der står med cement FLSmidth-udstyr i USA, og der får vi så en e-mail. Og det
kan du sige, det er fedt og få en e-mail, der ligesom beskriver markedet, og det er god ekstraydelse
fra en IR at have styr på sit marked og det marked, som selskabet opererer i… altså foruden de
finansielle ting omkring selve virksomheden.
A: Okay. Hvad for nogle aktiviteter fra en IR afdeling skaber mest værdi for dig og dit job?
P: Jah…
A: Hvis man tænker på, hvad vi har af investormøder, roadshows, kapitalmarkedsdage, e-mail…
ja… hvad for nogle aktiviteter er…?
P: Individuelle investormøder, kapitalmarkedsdage. Det er… ja, det er …
A: Så sådan face-to-face kommunikation er…
P: Ja det er… men jeg kan også godt rigtig godt li’ den daglige sparring med en IR. Så det… du kan
sige, regnskabspræsentationer giver mig ikke meget, og roadshow giver rigtig godt for de kunder, vi
har, men det er heller ikke det store værdiskabende for mig som analytiker. Den får jeg bedre i en
diskussion one-to-one eller en kapitalmarkedsdag, hvor man lige tager spadestikket dybere i
virksomheden.
A: Okay. Ja, fordi, så har jeg et spørgsmål her, der lyder på, hvad for nogle
kommunikationskanaler, du så foretrækker, at en IR afdeling anvender i forhold til at
videregive kommunikation?
P: Det er…
A: Du har været lidt inde på det, men…
P: Ja, det er e-mail… til at videregive informationen.
A: Ja, altså til når der er noget nyt, eller når der er en udvikling eller… kvartalsafrapporteringer
whatever…
P: Ja. Så vil jeg… jeg er tit ude og rejse, og så sidder jeg jo ikke ved min telefon eller sidder ikke og
surfer på deres hjemmeside, men til gengæld er min e-mail, den er på, eller jeg er i hvert fald på
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min e-mail hele tiden og tjekker den også hele tiden. Så det er den måde, jeg synes information skal
videregives på.
A: Okay. Hvis vi så lige rykker videre til FLSmidth som specifik virksomhed. Hvordan vil du så
karakterisere den information, som vi tilbyder på nuværende tidspunkt?
P: I forhold til relativt… i forhold til andre selskaber?
A: Ja, det kunne godt være en sammenligning.
P: Okay.
A: Ja, og i forhold til, hvad dine egne forventninger er måske også?
P: Og nu skal jeg lige, er det indholdet af den eller er det frekvensen?
A: Hmm. Gerne begge dele altså. Jeg tænker sådan overordnet… ja.
P: Ja… jeg er ganske godt tilfreds med den kommunikation, der kommer fra FLSmidth både
frekvensmæssigt og du kan sige kvalitetsindholdsmæssigt. Nu har der jo været… hvis jeg skal give
et kritikpunkt?
A: Jamen, endelig fordi… det… ja ja.
P: Så vil jeg jo sige, at den sidste periode af de sidste halvandet års tid har været karakteriseret ved
en række ændringer i jeres rapportering. Og det er sådan noget, der frustrerer en analytiker og en
investor. De kan godt lide at kigge på lange tids (…) og kan godt lide at kunne sammenligne de tal,
vi får. Og du kan sige, nu har FLSmidth, de har ændret deres divisionsstruktur, de har lige
pludselig begyndt at snakke om engangsomkostninger og det forvirrer ligesom billedet, når vi
sidder og analyserer, og det kræver en masse arbejde, ekstra arbejde, og det gør, at man… ja, det
er… det har været frustrerende.
A: Okay. Jamen, det er fint nok. Så ikke for meget forandring i den del af afrapporteringsdelen..
P: Nej…
A: Nej… Okay.
P: Vi har vores store regnearksmodeller, de skal lige pludselig laves om, hver gang der kommer ny
afrapporteringsstruktur.
A: Okay. Fair nok. Hvordan anvender du så den information, vi giver dig i dit job? Du
videreformidler det til dine kunder bl.a.
P: Jeg… som sagt. Jeg har jo en model, den finansielle information ryger ind i modellen, jeg kigger
på data, i forhold til mine egne forecasts og estimater, og den analyse, sammen holdt med de
information, jeg får fra selskabet – er så det, som jeg taler om med mine kunder.
A: Ja. Fint.
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P: Så til modelarbejdet og til at videregive til mine kunder.
A: Og hvordan holder du dig så opdateret i forhold til vores aktiviteter? Og det har du også lidt
været inde på. Det er primært e-mail, tilmelding i forhold til presse/fondsbørsmeddelelser…
P: Ja.
A: Og så mail og telefon med Pernille og…
P: Ja.
A: Hvad med websitet? Er du inde på det nogen gange?
P: Jeg er inde på websitet, men der må jeg ærlig erkende, at jeg sidder ikke og surfer på FLSmidths
website efter… jeg ved, der kommer relevant information inde på deres website, men jeg har ikke
tiden til og sidde og surfe rundt på deres website. Så det er tit det, der ryger ind i mailboksen, det er
tit det, jeg ser.
A: Jamen, det er fint. For man kan jo lidt dele det op i forhold til hvad der er sådan push, hvad der
kommer til en, og hvad man pull’er selv. Og så tænkt jeg bare, at hvis du skal ind og søge noget
information… så er det alligevel det, der kommer fra os.
P: Ja. Men du kan sige, jeg søger, hvis jeg fx bestemmer mig for at skrive en analyse om et tema, jeg
synes, der er interessant i relation til FLSmidth, så går jeg ind og bruger websiten. Men websiten er
ikke det, jeg bruger mest i forhold til at søge information, det er super godt at have en opdateret
website, og en masse information, når man ligesom har fået, nårh okay nu afsætter vi de næste tre
uger til at skrive en analyse om FLSmidth, så bruger jeg websitet meget. Men i dagligdagen i
mindre grad.
A: Okay. Hvordan kan vi så øge/forbedre kommunikationen? Både måske ja, i forhold til
former eller aktiviteter, eller i kvalitet eller frekvens?
P: Uh ja.
A: Hvad end der lige kan falde dig ind…
P: Ja… haha.
A: Haha. Ud over det med at ændre for meget i rapporteringsstrukturen…
P: Ja, det er selvfølgelig en ting, man sætter stor pris på, der ikke kommer for mange forandringer.
Det synes jeg generelt, de gør et godt stykke arbejde. Hvis jeg skulle nævne noget, så er det jo… du
kan sige… tidligere, der havde vi meget at gøre med deres divisionschefer. De stillede blandt andet
op på telefonkonferencerne efter regnskaberne – det gør de ikke længere, nu er det adm. direktør og
finansdirektøren, hvilket er kutymen, også blandt mange selskaber, men jeg synes altid at det gav
lidt ekstra at få lov til at snakke lidt med dem, der… hvad skal man sige… er driftsansvarlige for de
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forskellige forretningsområder. Det er et af de punkter. Og der kan man sige, der ville det måske
være… skulle man overveje fra selskabets side og måske at afholde en kapitalmarkedsdag en gang
om året og så måske gøre dem så omfattende, som for eksempel den kapitalmarkedsdag til USA,
som var rigtig god…
A: Du var med…?
P: Jeg var med, ja.
A: Okay.
P: Men øh, en god måde og… altså så kan man bruge kapitalmarkedsdagen en gang om året til at
dykke ned blandt de fire forskellige forretningsområder, de har… sige det her år, der fokuserer vi
på cement, næste år på Material Handling… det ville være for mig en værdiskabende og
interessant. Jeg har ikke det store kritik i forhold til det materiale, der bliver sendt ud skriftligt. Jeg
synes også, Pernille gør et rigtig godt stykke arbejde, netop hun er tilgængelig og man kan tage
telefonen og ringe til hende. Men det var… det er lige det der med at… den nye måde, de
kommunikerer på, der er man måske kommet et lille skridt længere væk fra divisionscheferne.
A: Okay. Nu rykker vi lige videre til mobilenheder og smart phones og så videre.
P: Yes.
A: Ejer du en smart phone?
P: Nu er jeg jo… jeg formoder, det er sådan en, man kan trykke på, ik?
A: Jo… haha. Noget, der kan tilgå noget internet og måske med nogle applikationer.
P: Det har jeg så…
A: Godt. Har du en tablet?
P: Er det en iPod for eksempel?
A: Det er en iPad for eksempel.
P: iPad, ja.
A: Ja.
P: Øh ja, det har jeg, men ikke i arbejdssammenhæng.
A: Ja, fordi, det er nemlig mit næste spørgsmål. Telefon er noget, du har fået gennem dit arbejde og
tablet er privatkøb?
P: Ja.
A: Okay. Hvor lang tid har du haft den her tablet?
P: Øh, den har jeg haft i halvandet år ca.
A: Og hvad med… hvornår skiftede du til en…
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P: … til en smart phone?
A: Ja.
P: Det gjorde jeg for ca. 4 måneder siden.
A: 4 måneder siden, siger du?
P: Ja.
A: Okay…
P: Nordea har været trofast kunde hos Nokia i mange år… så…
A: Ah, de har da også udviklet nogle modeller, som er sådan lidt mere…
P: Ja, men jeg var på en aftale, der gjorde, at vi… vores telefonaftaler løber ca. to eller tre år ad
gangen. Så jeg havde en telefon, der… som jeg så skiftede for 4 måneder siden, som var en telefon,
jeg fik for to år siden.
A: Okay. Men den kunne du godt tilgå din mail fra?
P: Den kunne jeg godt tjekke min mail fra og jeg kunne godt gå på nettet, selvom det var noget helt
andet end for eksempel, hvad jeg kan på min iPhone her.
A: Ja, det kan du fortælle mig. Anvender du så din smart phone som en del af dit job ud over at
foretage opringninger og e-mails?
P: Ja. Jeg har min øh… min Reuters-terminal og nu ved jeg ikke om det siger dig så meget, men
Reuters, det er sådan et avanceret finansielt system, hvor man får en masse information.
A: Lidt a la Bloomberg eller…?
P: Yes. Og den har jeg på min smart phone. Så jeg kan koble mig på, se hvad kurserne ligger, ser
om der er kommet nogle nyheder ud, og det benytter jeg mig af. Jeg surfer betydeligt mere end jeg
gjorde tidligere, vi er så heldige her i Danmark, inden for de danske grænser, at vi har fri surfing
på… det tror jeg i hvert fald.
A: Jo… Så længe man har en eller anden form for datapakke, tror jeg… og det går hurtigt i forhold
til mange andre lande.
P: Det gør det. Og det gør også man tjekker kurser, søger information, og det gør jeg fx når jeg
sidder i en taxa eller sidder i tog eller… ja… så kan jeg sige, jeg skal lige tjekke et eller andet
information og så kan jeg lige ringe til kunden eller ringe op til selskabet…
A: Ja fordi det er også med… du bruger den også med henblik på at finde information omkring
dem, du så følger eller noget sådan helt konkret og ikke hvornår toget går…
P: Nej, nej, nej, nej. Det er information, som jeg kan bruge til at briefe investorerne og mine kunder
med.
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A: Okay. Og din tablet, den anvender du slet ikke som en del af dit job?
P: Nej. Ikke andet end at… igen så søger jeg information…
A: Tage noter måske?
P: Det gør jeg ikke.
A: Det gør du ikke, okay. Det er der bare, det har jeg bare hørt…
P: Nej. Det gør jeg ikke. Men jeg kan fx bruge den til og downloade et regnskab. Og så kan jeg, hvis
jeg skal… når jeg kommer hjem og… ja, går i seng i stedet for og læse en bog, jamen så kan jeg
tage tablet’en og læse et regnskab i stedet for.
A: Haha, det lyder bare så spændende. Det er bare godnat læsning…
P: Jah…
A: Okay fordi… ja, så du bruger den mest, når du ikke er på din PC eller hvad? Altså når du er ude
fx? Din tablet… Altså hvis du har den med ud og rejse eller…
P: Ja. Altså for mig, der kan du sige, jeg har altid min bærbar med, når jeg er ude og rejse, så når
jeg skal sidde og skrive mails ud til kunderne, jamen så sker det via min bærbar. Og du kan sige,
hvis jeg skal søge noget hurtig information, så ville det være naturligt at tage sin tablet og lige gøre
det, men der bruger jeg min smart phone i stedet for. Så det er ligesom blevet min iPad…
A: Den er ligesom lidt midt imellem…
P: Den er blevet sådan mere privat… altså den er meget til det og lave generel surfing på og gå på
min privat mailadresse og afspille musik fra anlægget og sådan nogle ting.
A: Har du nogensinde tilgået vores hjemmeside fra din smart phone? Eller tablet?
P: Ja, det har jeg.
A: Hvordan var den oplevelse?
P: Haha.
A: Jeg ved… haha. Det er bare fordi, på nuværende tidspunkt er det jo ikke optimeret til en mobil
platform, som en del hjemmesider er efterhånden… så det er sådan meget… efter min oplevelse er
det lidt småt i det…
P: Lad mig lige… er det i orden, jeg lige…
A: Ja, endelig…
P: …refresher min hukommelse her…
A: Haha.
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P: For det har du selvfølgelig ret i… jeg foretrækker jo hjemmesider, der ligesom er tilpasset smart
phone og iPhone format… og… ja, der kan du sige… den er jo ikke helt optimal. Og det er ikke
fordi, at jeg har været sådan rigtig…
A: Men det er ikke noget, du har været for nylig, kan jeg høre på det hele…
P: Nej, præcis. Og det, hvis jeg har gjort det, så har det sikkert været for at læse en… måske en
meddelelse. Eller jeg skulle finde et telefonnummer til en eller anden. Så jeg bruger den ikke særlig
frekvent og det ville selvfølgelig være en fordel hvis den var på mere smart phone format.
A: Ja. Ville du så måske overveje at bruge det noget mere eller ville det bare være rart, når du så
engang imellem tilgik?
P: Det ville bare være rart… Jeg tror ikke min hyppigheds-clicks på FLS’s hjemmeside ville stige
med det nye format. Men til gengæld vil jeg kunne, når jeg så endelig skal bruge den, så ville det så
gå væsentligt hurtigere i forhold, hvad det gør i dag.
A: Ja, okay. Sidste sådan emne, i forhold til hvad jeg har forberedt, så kunne jeg godt tænke mig at
høre, hvad for nogle tanker du gør dig omkring, at virksomheder i stigende grad anvender de
her nye kommunikationsplatforme i form af apps eller mobil sites… ja… er det noget, du
tænker nærmere over? Er det noget du, ja…
P: Altså… nu er det ikke sociale medier, korrekt?
A: Ja, nej… ikke sociale, helst ikke, eller nej. Det er slet ikke relevant i forhold til lige FLSmidth.
P: Jeg ville jo, øh, altså en FLSmidth apps, hvis vi får sådan en, og det kan bruges som en effektiv
kommunikationsformer og man evt. kan chatte med en af IR personerne, det ville da være en fed
eller en god applikation. Den tror jeg da bestemt, jeg kunne bruge.
A: Nu ved jeg ikke… følger du Carlsberg som virksomhed?
P: Nej, det gør jeg ikke.
A: Okay. Nårh, men de har nemlig en IR app, som de snakker meget godt omkring. Jeg ikke om det
er fordi selv også anvender den enormt meget… men det er sådan, de har i hvert fald en, hvor det
ved jeg primært er sådan lidt et bibliotek i forhold til hvad de har af… hvor man kan gå ind og hente
rapporter og sådan noget…
P: Det ved jeg ikke, hvad Lars sagde… han følger jo også Carlsberg.
A: Ja, han bruger den slet ikke.
P: Den bruger han slet ikke.
A: Han vidste slet ikke, de havde en. Jeg tror, han var totalt ligeglad, hvad det angik. Det var i hvert
fald min opfattelse. Han var sådan ”det kan jeg ikke bruge til noget”.
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P: Ah men altså sådan en app ville jo primært skabe værdi, hvis jeg for eksempel var jeg direkte
linket op på et chatsystem med IR afdelingen i FLSmidth.
A: Jamen, det er lidt interessant – det har jeg ikke hørt før, men det er da meget muligt, at man
egentlig kan tilføje sådan en funktionalitet.
P: Ja, det ved jeg ikke…
A: Nej, det ved jeg heller ikke… Det kan man garanteret. Man kan det meste…
P: Eller hvis den på en eller anden måde, i stedet for at jeg skal ind i mit system på min e-mail
system, firewalls osv., i stedet for bare kunne gå ind på en app og skrive en hurtig chatkommenter
til IR, og så kunne jeg få svar tilbage på den… Det ved jeg ikke, om sådan en app kan…
A: Det ved jeg heller ikke… Det ved jeg godt nok heller ikke. Det ved jeg ikke, nej. Øhm. Ser du
så en fremtid for virksomheders sådan finansielle afrapportering i forhold til apps?
P: Ej, den har jeg svært ved at se.
A: Ikke at det nødvendigvis skal erstatte et eksisterende setup. Jeg tænker bare sådan en generel
udvikling inden for det eller… er det mere inden for… vi ser det primært inden for B2C
virksomheder nu, som jo har forbrugerne, som jo er meget mere…
P: Ja… For mit vedkommende, ville det ikke gøre nogen gavn. Du kan sige, lad os sige… primært
når jeg får finansiel kommunikation fra FLSmidth, så sidder jeg jo med mine tre/fire skærme, så har
jeg jo aktiekurserne kørerne på den ene skærm, så har jeg jo mine mailsystemer, og så har jeg jo en
skærm, hvor jeg kan åbne meddelelsen fra FLS og side og læse på samtidig med at jeg skriver en
kommentar. Det vil en tablet eller en meddelelse på en smart phone, det vil ikke kunne erstatte. Jeg
ville ikke kunne være lige så effektiv, som jeg er på min stationær. Du kan selvfølgelig sige, at hvis
jeg er ude og rejse og der kommer en meddelelse, som ikke er kvartalsregnskab eller et
årsregnskab, et eller andet, der ikke er forventeligt, jamen så ville det være rart, hvis det lå på en IR
app og du kan åbne meddelelsen, når der var et supplerende interview med regionschefen eller
divisionschefen, hvorfor de netop havde fået den har ordre og hvad sådan en betyder for FLSmidth.
Altså der ville jeg godt kunne se mening med det.
A: Ja.
P: Men altså jeg ville jo aldrig bruge min smart phone eller min tablet til at gå ind og åbne et
kvartalsregnskab.
A: Nej. Okay. Jamen det er godt, det er fint eller… det er godt at høre.
P: Haha.
A: Haha. Det er interessant.
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P: Men jeg kunne godt forestille mig, at hvis der kom en ordreannoncering og så hvis man har IR
app’en og der supplerende i FLSmidth, der har lavet et internt interview med en eller anden person
internt om… man kunne læse det på… og det specielt bare var lagt ud til folk, der havde app’en.
Har jeg snakket for meget?
A: Næ. Jeg ved ikke, hvorfor den begynder at lyse. Nårh… Øhh, okay. Jamen altså fordi, vi har lidt
været inde på det, det er også, om det på nogen måde ville skabe noget værdi for dig, hvis det
kom til at ske…? Evt. bare som supplement i forhold til afrapporteringer, hvis det kom via apps
eller… det har du sagt…
P: Ej, ikke for mig. Men øh, nu tænker jeg bare højt. Men jeg tror, der er mange… altså vores
kunder. Selvfølgelig de største af dem… de største aktionærer i FLSmidth, de sidder jo også ved
deres computere. Men der findes jo en række, som ikke er nær ligeså… altså som er investorer, men
måske ikke er…
A: Privatinvestorer? Vi har mange privataktionærer.
P: Privataktionærer, institutionelle investorer, hvor FLSmidth ikke er den altafgørende position i
deres portefølje og som dermed ikke føler sig bænket til at sidde foran deres computer, når der
kommer finansielle informationer fra FLSmidth, de læser jo mange af deres informationer på deres
smart phone og deres tablet.
A: Ja… Så det ville være en fin service?
P: Det ville være en fin service. Ikke fordi, det ville betyde noget for mig, men jeg tror, der er andre
interessenter, der vil have større glæde af det og der vil få glæde af det.
A: Jamen det ser man også lidt… også med henblik på intern brug altså. Fordi vi ved, at vi har
mange af vores… fx vores sælgere eller Pernille eller Nicolai, når de er ude, så har de tit… eller
nogen har i hvert fald tablets med, så ville de kunne… evt. kunne bruge sådan en IR app til et eller
andet, hvis de havde noget, de skal vise en kunde… et eller andet.
P: Ja.
A: Men det jo igen et helt andet segment af interessenter…
P: Ja. Det ville være interessant at få en investors syn på det, som følger… altså jeg sidder jo meget
specifikt og kigger på en seks-syv selskaber. Men du kan sige, en investor, der har en portefølje af
250 eller 1000 selskaber, han skal sidde og screene. Jeg vil nok ikke tro, han downloadede 1000
forskellige apps på de selskaber. Det kan godt være han har nogle, han har ekstra interesse for han
downloader. Ellers så ville det måske også give mening, hvis du var fondsbørsen i København, at
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du havde en app. Så du som investor fik et nemt, overskueligt setup, omkring alle de
fondsbørsmeddelelser, der kommer ud.
A: Ja, fordi ja og du ville i dit job som analytiker, du er vel også mellemled i forhold til nogle…
fordi dine kunder er jo også investorer, men bare store investorer, ik? Eller hvad?
P: Jo. Det er de.
A: For så anvender de jo… så screener du jo informationen for dem, så når der er noget, de bør
vide, så får de det at vide af dig.
P: Ja. Det er jo den rolle, jeg har, kan du sige.
A: Men derfor kan de jo selvfølgelig godt have en interesse i og…
P: De får informationsoverload kan man sige, og så har de brug for en eller anden, der skærer det
ud for dem og siger, at det her er relevant, det her er ikke relevant.
A: Men det er store… det er pensionsselskaber? Og store… Du tænker mere på minder investorer
eller hvad?
P: Jamen altså hvis jeg tænker på en FLSmidth app, ja så ville det være retail investorer, de har
måske 10 aktier, fem aktier, som de synes er sjove at følge. Og de ville godt kunne overskue at have
at have fem apps liggende på deres computer. Problemet er… nu har jeg jo… nu sidder jeg og
tænker højt, men du kan sige, hvis du som investor følger europæiske aktier, og der har du altså
mulighed for at investere i 1000 forskellige selskaber og der kan du ikke have… der kan du
selvfølgelig ikke have en app til…
A: Til hver? Nej det virker lidt absurd…
P: Men der ville det jo give mere mening, hvis… fonds… lad os sige København, det er jo min
primær… mange af dem kunder, jeg har, de sidder jo med en portefølje, som sidder og investerer
kun i danske aktier. Der er alligevel 200… de skal i hvert fald forholde sig til op i mod en 60-70-80
forskellige selskaber. Hvis de kunne få en app til fondsbørsen, den tror jeg ville skabe værdi. Så
hvis du er… tager din glimrende idé og pitcher den ind til fondsbørsen…
A: …så kunne det være, de var interesseret?
P: Ja.
A: Ja, jamen øhm.
P: Og så tror jeg privataktionærer ville kunne få meget glæde af en selskabsspecifik app.
A: Jamen, det er værd at tage med, helt sikkert. Nu er mit fokus så jer som analytikere, for ligesom
at begrænse det lidt.
P: Ja…
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A: Fordi mulighederne er jo uendelige, hvad angår den her udvikling, som man ser…
P: Ja… ja. Vi har jo så meget privilegium… privilegeret situation, fordi vi har jo fået den her
ekstremme… få selskaber, som vi får lov til at forholde os til. Så.
A: Ja…
P: Ja, og vi er jo kan man sige. Vi kan jo nærmest nås døgnet rundt hele tiden, hvis vi vil.
A: Yes, jamen jeg har ikke mere altså… jeg ved ikke, om der er et eller andet, du synes, du
mangler… eller et eller andet, du er kommet i tanke om, du ikke fik sagt eller…
P: Næ. Nu har jeg jo pitchet idéen ind, nu hiver du lige fat i Fondsbørsen og så får du dem til at
lave en super fed app…
A: Så folk kan samle deres aktiekurser…
P: Ja…
A: Ja, ja. Men tak i hvert fald.
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Transcript for interview 3
Language = Danish
A = interviewer
L = interviewee
A: Okay, jamen først, vil du så være sød at beskrive dit job kort, hvad det er du laver?
L: Jeg er aktieanalytiker. Jeg skal finde ud af, hvad for nogle aktier, man skal købe og hvad for
nogle, man ikke skal købe. Det er i korthed det, det går ud på.
A: Ja. Okay. Det skal også helst være så kort som muligt. Hvilke arbejdsopgaver er forbundet
med dit job?
L: Mit job har… jeg kan tegne det.
A: Ja…
L: Jeg har faktisk lige holdt foredrag om det. Jeg lever af at indsamle information, bearbejde den,
og så skal den så munde ud i, om jeg synes en aktie er blevet over- eller undervurderet. Så hvis vi
nu har virksomheden inde i midten (L tegner på en tavle i det lokale, som interviewet foregår). Og
så snakker jeg jo meget med jer. Og så snakker jeg med de der interessenter rundt omkring. Det kan
være konkurrenter. Jeg besøger Sinoma to-tre gange om året ca., KDH… Carnegie, som jeg
arbejder for dækker Metso, Outotec, Atlas, Sandvik. Jeres kunder snakker jeg med. Et par gange
om året har en tur til London for eksempel, hvor jeg besøger Vale, Xstrate, Anglo American og
Biliton og Rio Tinto. Jeg har lige haft Holcim i København for at tale med investorer, så det kigger
vi også på. Så kigger vi sådan nogle interesseorganisationer. Vi har en USA-tur senere i marts, der
besøger vi bl.a. US Portland Cement Association. Vi kigger på regulators. På samme tur har vi
møde med EPA – Environmental Protection Agency. De udkom med de her NESARP regler her den
12. februar, så af den afdeling, som har udarbejdet det… for vi simpelthen en præsentation af det.
Så kigger jeg meget på konsensus – hvad, hvad… hvordan forholder markedet sig til jer og alt det
der (peger på tavlen). Det, som flytter en aktiekurs, det er jo ikke… hvis jeg finder ud af, hvordan
tingene er – om det er: hvis markedet ændrer opfattelse, og det kan så være noget, jeg finder ud af,
og så måske får markedet til at ændre opfattelse, men man er først nødt til at vide, hvad markedet
siger, så så, derfor taler jeg så med investorer og det gør jeg både i Danmark og internationalt, så
ca. 2/3 af dem, vi handler med er uden for Danmark typisk i London eller USA. Så mit job det er
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egentlig… jeg laver noget regnskabsanalyse, men det er primært at snakke med en hel masse
mennesker i virksomheden og rundt om virksomheden, dem som har en holdning til jer, så jeg rejser
bare rundt og taler meget i telefon.
A: Haha, okay. Jamen, det gav et meget godt overblik. Okay. Hvilke informations- og
kommunikationskanaler anvender du så primært til at indhente den her information, eller til
at udføre dine arbejdsopgaver?
L: Øh. Telefonen og Excel.
A: Excel, ja. Så…
L: Ja, det er der, jeg laver mine regnskabsanalyser og så selvfølgelig, så bruger jeg jeres
regnskabsmateriale og regnskabsmeddelelser, løbende børsmeddelelser…
A: … som du henter fra websitet?
L: Ja. Jamen, jeg får… jeg abonnerer.
A: Du abonnerer… ja.
L: Fordi vi er børsmæglere, så får vi dem jo når de går til NASDAQ. Så har vi dem jo med det
samme.
A: Okay…
L: Og det gør jeg jo så også for alle jeres konkurrenter. Men vi har online nyhedssystemer, så noget
som Bloomberg for eksempel. Øh, hvor der…
A: Så det er sådan noget, der tikker ind på jeres e-mail, når der er noget nyt?
L: Ja.
A: Ok. Næste spørgsmål har vi jo lidt snakket om. Ja, det er, hvordan du tilgår den information,
du så bruger? Og det er så ved at skrive op på sådan noget online subscriptions til de
virksomheder, du følger, nyheder. RSS feed, er det noget, du bruger?
L: Øh lidt. Ikke ret meget.
A: Okay.
L: Det er typisk noget, der fra avisartikler. Typisk ikke-nyt. Forstået på den måde, at hvis det er to
timer gammelt, så er det ikke nyt i forhold til aktiemarkedet.
A: Så når du skal ud og have det med det samme, så er det simpelthen, fordi at du har sat nogle
alerts op, så du bliver… altså push-beskeder.
L: Ja, lad os sige BHP Billiton godkender et stort mineprojekt, så udsender de en børsmeddelelse,
den subscriber jeg også på, så får jeg den samtidig som nyhedsredaktionerne får det.
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A: Ja. Okay, hvis lige rykker lidt over kort omkring IR kommunikation generelt. Øhhhm. Hvad vil
du karakterisere som god IR kommunikation?
L: Øhhh…
A: Fra en IR afdelings side, altså.
L: For det første, så skal IR kende vores opgave og vores funktion. Specielt omkring regnskaber.
Det er sådan, når der kommer et regnskab, det tikker jo så ind på Bloomberg som en headline, der
er det sådan, at jeg inden for det første minut skal have en holdning til om aktien skal op eller ned.
Øh. Vi har helt fysisk, vi har sådan en sort boks på vores trading floor og den kan jeg så tale ind i
og så ryger det, jeg siger ud til vores trading desk i New York og i London og i Oslo, Stockholm og
Helsinki også. Så vi skal meget hurtigt kunne danne os en mening, og derfor er det vigtigt, at når
man kommunikerer, at man har det for øje, for det betyder, at de første par linjer i
regnskabsmeddelelsen må meget gerne være, hvad resultatet var, og hvad forventningerne er. Så
inden for 10 minutter, så skal jeg så på e-mail kunne udsende det vi kalder sådan en ”deviation
table”, som simpelthen er en tabel, som viser, hvordan forventede markedet regnskabet var,
hvordan var det i virkeligheden og hvad var forskellen, og så med et par forklaringer på, og der er
en vigtig ting, at det kan man jo ikke, hvis det man får for eksempel er 146 sider, som I sendte ud
altså. Glem det.
A: Den er altså lidt tyndere i år, årsrapporten, i forhold til sidste år.
L: I år var den 146, sidste år var den 181, tror jeg.
A: Ja, den var tyk sidste år. Ja.
L: Men så det er vigtigt, at selskabet forstår, hvad vi kigger på. Nu var det specifikt
regnskabsmeddelelse her, men det er vigtigt, selskabet forstår, hvad det er for nogle forhold, der er
vigtige, for store ordre er vigtige, så er det vigtigt at dem offentliggør man. Det gør FLSmidth også.
Det andet, det er næsten det aller aller vigtigste i IR. Det er, at IR tør sige ”det ved jeg ikke”. Der
er ikke noget værre, end hvis man som analytiker har et spørgsmål og IR ikke kender svaret, og så
bare siger et eller andet.
A:… for at sige noget.
L: Lige præcis. Det er noget, jeg synes Pernille er helt fantastisk god til. ”Jeg ved det ikke, men jeg
finder ud af det”, og så kommer hun tilbage og finder en, der kan svare på det. Det er meget vigtigt,
hvor andre desværre har den der holdning med, at de tror, vi forventer, vi ved alt. Og så får man
altså nogle svar, som så bare gør, vi laver forkerte konklusioner, og det dur simpelthen ikke. Det vil
jeg sige, det er det vigtigste. Hvis man kan sige ”I don’t know”, så… det har jeg al respekt for.
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A: Okay. Så du anvender den pressemeddelelse, som også går med årsrapporten for eksempel – for
man kan selvfølgelig sige, at kvartalsrapporter og årsrapporter er selvfølgelig en stor del af den
information, som vi sender ud til markedet – der har vi sådan en pressemeddelelse foran
årsrapporten eller hvor den linker til årsrapporten. Bruger du den mest eller går du ind i de første
par sider i årsrapporten for at finde det der…
L: Jamen, jeg går typisk ind i… I har en tabel, hvor man har sådan et breakdown på
forretningsområder – det er typisk det første, jeg kigger på, sammen med der, hvor der står noget
med fremtidsudsigter. Det er de to første ting. Og det har noget at gøre med, at det der med
forretningsområder, det er det, jeg skal bruge til min deviation table, og det andet, det er det, jeg
skal bruge til at sige, jamen, det er det, markedet forventer fremadrettet – guider I det eller guider I
noget højere så er det godt eller noget lavere så er det måske ikke så godt, eller konservativt. Jeg
læser stort set aldrig hele pressemeddelelsen. Og jeg gør det i hvert fald ikke før. Jeg har selv mine
deviation sheets. Jeg gør det måske typisk sådan den der halve time inden conference call med
ledelsen starter, så kan det være, jeg læser det igennem.
A: Er der sådan i løbet af året, er der så sådan andre ting, som du synes… er nogle gode
services, som IR afdelingen giver til jer som analytikere? Er der arrangementer eller…?
L: Der er den her berømte USA tur, som jeg nævnte før, der har vi et møde med en Mark et eller
andet. Han er chef for alt deres… han er salg- og marketingansvarlig for cement i USA.
A: Mark Fielder?
L: Ja! Det er sådan noget, Pernille sætter op, hvor vi siger, prøv lige at hør, vi har syv investorer i
USA, vi skal møde EPA om NESARP-reglerne, og vi vil gerne høre, hvad jeres mand, hvad siger
han om det. Og der knytter hun så kontakten til ham. Som er super. Noget andet vigtigt for os, det
er jo at tage med på roadshows, så vi kan vise jer frem til vores kunder. Og det er også sådan
noget, der sker i samarbejde med IR.
A: Okay. Hvilke aspekter af en… ja, vi har været inde på det, men det kan være du har lidt at
tilføje… hvilke aspekter af en virksomheds finansielle situation er især vigtige og
viderekommunikere? Altså selvfølgelig årsrapporter og kvartals… jeg tænker sådan løbende, om
der er…
L: Altså i jeres situation, så store ordre.
A: Store ordre.
L: Order intake er vigtig, men det har noget at gøre med den måde, vi modulerer jeres... Vi skal jo
gætte, hvad I tjener fremadrettet og alting starter jo med, at man får en ordre, så det er egentlig den
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første basale information. Så skal vi så finde ud af, hvordan den bliver lavet om til noget omsætning
og der kan man kigge på historiske regnskabstal, så kan man se statistisk, hvis der er x i ordre, så
giver det y i omsætning, så og så lang tid efter første osv. Order intake er vigtig. Sådan noget, som
hvis I laver opkøb, er selvfølgelig vigtigt. Men dybest set, de begivenheder, der er vigtige for jer
som virksomhed, som påvirker tallene, det er sådan noget, vi gerne vil høre om. Hvor i mod, vi er
ikke… der er nogle, som sender pressemeddeleler ud om, altså alt i hele verden… at nu har de
vundet en pris for… det ved jeg ikke… smarteste hovedsæde eller sådan noget… og det er relativt
ligegyldigt.
A: Haha. Ja… så det er simpelthen ja, selvfølgelig hardcore finansielle og ordre?
L: Ja. Det er det, der sådan er key value drivers. Det andet, det er hvis der sådan, altså hvis man
kan se konsensus har en forkert opfattelse… hvis man skal ændre indtjeningsforventninger for
eksempel. Det er sådan noget… der er faktisk tit sådan en generel holdning om, at det gør vi, når vi
nu aflægger kvartalsregnskab, så ændrer vi også forventningerne der, men man skal jo faktisk gøre
det, så snart man kan se, at det, man har meldt ud ikke holder, men man skal ikke nødvendigvis
vente på, at man ved, jamen hvad bliver det så i stedet for. Og det er vigtigt. Det er der ikke så
mange, der gør. Ikke så relevant i jeres tilfælde, I holder typisk, hvad I lover, men det er vigtigt i
hvert fald.
A: Okay…
L: Og så synes jeg, det er vigtigt, at I er der, når man har spørgsmål. Altså det er jo, det er måske
det allervigtigste.
A: …være til stede, ja… fordi, hvilke… hvis man ser sådan lidt på det, der giver dig værdi i
forhold til dit job, hvordan ville du så… eller hvilke aktiviteter fra IR’s side ville du så synes
var bedst eller er det, der har mest betydning for dig? Er det sådan mere, du har været lidt inde
på det, sådan noget med og ku’ holde nogle møder, altså sådan… komme ud og møde folk i
forretningen eller er der andre aktiviteter, du synes, der…?
L: Det er vigtigt, ledelsen en gang at være tilgængelig for så at tage med os ud og møde vores
kunder og få de spørgsmål, vi får stillet. Og selvfølgelig er det en promovering af os og det at
selskabet vælger at rejse med os og ikke med en eller anden konkurrent. Så det er vigtigt. Ja, jeg
kan godt li’, sådan en… måske ikke årlig, men så hvert andet årlig kapitalmarkedsdag, hvor man
virkelig kan gå i dybden med et eller andet forretningsområde. Det behøver så ikke ligge i USA, det
er lidt besværligt, det har jeg altså meldt fra.
A: Haha ja. Jeg tror mere, det var emnet, der bestemte, at det skulle være derover.
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L: Ja…
A: Okay. Hvilke kommunikationskanaler, altså skrevne, personlige, elektroniske, altså ja, det
er sådan overordnede kategorier, hvilke ville du foretrække, at IR afdelingen så anvender for
sende vores information ud til jer?
L: E-mail og telefon.
A: E-mail og telefon.
L: Ja.
A: Jamen det stemmer jo helt overens med den analyse, som DIRF har lavet…
L: Altså, hvis man skal se et årsregnskab på sådan en skærm (tager sin iPhone op i hånden og
peger på skærmen), det bliver frygtelig besværligt. Selvom man kan gøre den større.
A: Ja, okay. E-mail og telefon. Det er jo klar melding.
L: Pernille har et godt service, hvor hun sender et regneark med hovedtal, det er også meget rart.
A: Ja, okay. Det er også dem, som… jeg ved, vi uploader nogle, sådan nogle fact sheets, når vi har
hvert kvartal på vores hjemmeside har vi også tallene i et Excel-ark, tror jeg. Jeg ved ikke, om det
er de samme, det samme sheet, hun sender rundt.
L: Dem har jeg aldrig brugt.
A: Er det rigtigt? Nårh. Men det øh, de… ja okay.
L: Men hvis det er den samme, har jeg brugt den.
A: Det er det… det tror jeg.
L: Du ser helt ked ud af det…
A: Ja, jamen det er fordi, vi har øh… jeg har snakket med en anden analytiker, og det var bare hans
number one, altså det synes han var alle tiders, det der Excel-ark, der kommer ud samtidig…
L: Det er det samme.
A: Det tænker jeg også, det er.
L: Jeg tager det bare ikke fra hjemmesiden, jeg får en mail fra Pernille…
A: Du får det direkte fra Pernille… okay… Jamen så er alle glade. Okay. Lidt om FLSmidth.
Hvordan ville du karakterisere den information, som vi tilbyder dig på nuværende tidspunkt,
altså sådan løbende?
L: Jamen, jeg har lige holdt foredrag om det, nu skal du se billedet på FLSmidth…
A: Det kunne være, jeg skulle have været med. Det er helt ærgerligt… (L finder en præsentation
frem fra et oplæg, han har holdt for FLSmidths CFO og IR afdeling lige før interviewet).
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L: Sådan her… sådan ser jeg jer (billedet forestiller Homer fra the Simpsons, der kigger sig selv i
spejlet og ser en veltrænet krop, men i virkeligheden er han meget tykkere og slet ikke trænet).
A: Det var da fantastisk.
L: Det er sådan, I selv ser jer (peger på den trænede version af Homer), og det er sådan, jeg ser jer
(peger på den virkelige version af Homer)…
A: Nårh, det er ikke omvendt?
L: Nej. Det er ikke omvendt.
A: Det er ikke sådan, at du ser os sådan der (peger på den veltrænede Homer)…
L: Nej det der ikke mig, hallo (peger på tykke Homer).
A: Nårh okay… haha.
L: Hvor er du strid!
A: Jamen så, okay. Det er måske ret sigende, men øh. Måske du lige kan knytte lidt ord til det?
L: Ja. Alle elsker jo Homer Simpson, ikke. Så jeg elsker også FLSmidth, men den man elsker, tugter
man. Ej, det jeg synes er, at der er sådan en… det tenderer mod, at det I skal sige, det er sådan
nogle wow positive budskaber, og det hører jo ikke hjemme i investorarbejdet, der skal man være
redelig, og det er der en hel masse eksempler på. Hvis man skal tage og… hvis I får en ordre, så
fortæller I, hvor mange milliarder den er værd, ik? Når der er problemer i Materials Handling, så
fortæller I, at det på 10 ud af 250 ordre – og det må være et lille problem. Jeg ved så fra Huno, at
det er ca. ¼ af backlocken, der er problemer med, så det er et kæmpe beløb, og det er sådan lidt et
eksempel på, jamen en god historie, hvordan får vi den gjort bedre, og en dårlig historie, hvordan
får vi den gjort mindre dårlig og det gider jeg ik… det er ikke at tage os seriøst, det er sådan lidt at
undervurdere vores intelligens, ik. Det virker så heller ikke. Vi skal nok finde…
A: Ja, det er måske bare at udskyde…
L: Jamen, det synes jeg, man skal tænke over. En anden ting – I kommunikerer meget på EBITA-
niveau i regnskabet. Men det er jo så også det niveau, hvor I ser allerbedst ud. Hvis man for
eksempel kigger cash flow, så ser det stik modsat ud. Vi talte om i dag, at der er nogle meget store
hedge fonder, som faktisk shorter FLSmidth. Bl.a. ham, som forudså finanskrisen, han har også
shortet FLSmidth. Det er ham her i øvrigt (finder et billede frem af ham fra sin præsentation). Ser
han ikke smart ud?
A: Han ligner sådan en rigtig… han spiller poker, kan jeg se.
L: Han er verdens 16’ende bedste pokerspiller. Han er også dollarmilliardær for at have forudset
Lehman Brothers krak et år inden de krakkede…
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A: Hvad hedder han?
L: David Einhorn.
A: Okay.
L: Jeg kan sende den her til dig efter (peger på sin præsentation).
A: Det må du gerne!
L: Og det har simpelthen noget at gøre med, hvis man ser jeres EBITA… (bladrer i præsentation)…
nu skal jeg ikke holde hele foredraget.
A: Næ næ, men det er da interessant.
L: Det er jeres EBITA margin for 2005-2012, den er steget og så har man holdt den oppe, selvom
der har været alt det her makro – og det er jo rigtig flot, men hvis man i stedet for kigger på jeres
cash flow, så er man simpelthen styrtdykket.
A: Ja.
L: Så er der noget diskrepans i det billede, I selv vil gi’, jamen vi cutter bare af ved EBITA og
glemmer alt nedenunder ik, og det billede, som i virkeligheden afspejler værdiskabelsen… altså,
værdien af noget, det er jo, hvor mange penge skal du putte ind, og hvor mange penge får du ud, og
her kan vi se, hvor mange der kommer ud og det er ikke ret mange og det er dramatisk faldende
ikke.
A: Men det er information, der er i rapporterne, det er bare ikke noget, der bliver lagt vægt på…?
L: Nej det er simpelthen, det her kan jeg grave frem ved i virkeligheden at gå ind og bryde i et
regnskab op og sætte det sammen på en anden måde.
A: Alright, alright, okay.
L: Og det er derfor, jeg siger, det er sådan lidt enten så vil man ikke sige sandheden eller også så
kender man ikke sandheden. Så ved jeg ikke, hvad der er sådan mest bekymrende.
A: Næ. Det ved jeg heller ikke.
L: Men øh. Nu fremstiller jeg det lidt sort/hvidt, men jeg syntes, pointen er, at IR kommunikationen,
det er vigtigt, at den er ærlig, hvis der er et problem, så fortæl det, fordi vi finder ud af det alligevel,
og jeg har været analytiker i 25 år, ikke altid, men næsten altid, hvis en virksomhed prøver at
skønmale noget, så er det fordi, det går dårligt, og hvis den prøver det modsatte, det er der også
nogle, der gør, så er det fordi, det går rigtigt godt. Og der er altså mange der sidder og siger, når
FLSmidth kommunikerer, som man kommunikerer, så er det fordi, der er et eller andet helt
fundamentalt galt i forretningen, vi bare ikke lige må få at vide. Jeg kan ikke sætte finger på, hvad
det er. Men der er nogle usundhedstegn. Og der skal man bare kalde en spade for en spade.
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Specielt, hvis man ikke synes, man har noget at skjule, og det synes Huno jo ikke, så læg kortene
frem, ik. Så kommuniker på det, vi har fokus på. Vi har fokus meget på cash flow, så guide på det,
forklar om det, kommuniker på det. Hvis I så selv synes, der er en fantastisk historie på noget andet,
det må I også godt fortælle, men det må ikke være på… man må ikke lyve på bekostning af
sandheden.
A: Haha. Nej. Det lyder realistisk forhåbentlig. Øhm. Hvordan… ja, du har nævnt det lidt,
hvordan anvender du så den information, vi giver dig i dit job? Du videreformidler det til
dine kunder…?
L: Ikke ukritisk. Jeg har typisk min egen holdning, mine egne analyser, og så, hvis der er
diskrepans, så kan det være, jeg siger ”selskabet siger sådan og sådan” og så siger jeg, hvad tror
jeg. Eller omvendt. Så det jeg virkelig bruger til noget, det er jo selve regnskabet. Det, der står i
regnskabet er fakta, det kan godt være det bliver præsenteret på en måde, så jeg er nødt til og lave
det lidt om, men der har jeg de rene tal og ikke jeres udlægning af det, den er jeg typisk ikke
specielt interesseret i – jeg kan godt selv konkludere på tallene… så. Så det, jeg bruger, er det, I
fortæller mig om, hvordan forretningen går – er der flere kunder eller færre kunder, går priserne
op eller går priserne ned. Så det betyder meget. Svarede det overhovedet på spørgsmålet?
A: Jamen det gjorde det, fordi…
L: Det var da dejligt.
A: Ja, fordi det er meget fint at vide… når vi udleverer noget… fordi du er et mellemled til en hel
anden gruppe investorer og mennesker, som måske ikke er direkte i kontakt med os, men som så
netop får jer som mellemled. Ja. Hvordan holder du dig opdateret med vores aktiviteter? Er
du… subscriber du til vores pressemeddelelser? Eller bruger du primært Pernille… eller?
L: Primært Pernille. Jeg får jeres børsmeddelelser. Og så snakker jeg jo med en masse af jeres
konkurrenter og kunder og… har min Bloomberg og… hører fra mange af de er investorer, jeg
taler med, hvis der sker et eller andet eller foregår noget.
A: Fint nok. Hvad med vores kundeblad, er det noget, du overhovedet nogensinde læser?
L: Næ.
A: Nej…
L: Jeg tror faktisk, jeg får dem. Men har ikke tid til det.
A: Okay. Jamen, det er fint – jeg spørger bare. Fordi så, ja… Øhm okay, så selvfølgelig ikke fordi,
det kun skal handle om det her, men hvordan kan FLSmidth så forbedre den information? Og
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nu tænker jeg primært, måske på den måde vi sender informationen ud, ikke så meget måske
lige de regnskabsmæssige analyser, sådan…
L: Sådan distributionsmæssigt?
A: Jah. Altså sådan, hvordan…
L: Jeg synes, I gør det sådan set fornuftigt. Jeg har ikke brug for apps og mobiltelefonløsninger.
Det er ligegyldigt.
A: Så det er fint med e-mail og subscriptions…
L: Med mindre, der kommer noget smartere end den (peger på sin iPhone)… hvis man kan få det i
3D eller sådan noget.
A: Haha. Det skal ikke komme bag på mig, der kommer et eller andet… Okay. Så vi er lidt nede i
de her mobil enheder, som mange påstår er den nye dille… også inden for finansiel kommunikation.
Der er flere og flere store virksomheder, der i hvert fald er begyndt at benytte sig lidt af det. Så…
har du en smart phone?
L: Ja.
A: Ja. Og hvad bruger du den til?
L: At tale i telefon med.
A: Ja. E-mails?
L: Ja. Og (…) og alt muligt.
A: Okay. Så det er… okay, jamen fint. Har du en tablet?
L: Ja.
A: Ja. Er det et personligt køb?
L: Ikke mobiltelefonen.
A: Nej. Den har du fået som en del af dit job. Hvad med tablet’et, det er et helt personligt køb?
L: Ja.
A: Bruger du den på dit job overhovedet?
L: Meget lidt.
A: Ja. Og så er det, hvad, til at tage noget på eller…? Har du den med rundt, hvis du er ude eller…?
L: Det er mest, hvis jeg er ude. Jeg rejser meget. Så kan informationen komme ind der. Det er bare
en større skærm end på sådan en iPhone 5 der.
A: Er du så nogensinde inde på vores hjemmeside for eksempel, hvis du lige skal hente en
rapport frem? Via din tablet… altså er det noget, du har prøvet?
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L: Ja, men ikke ret tit. Typisk holder jeg mig hjemme, når jeg rapporterer. Men det er klart, hvis der
ryger en eller anden børsmeddelelse ud, mens man er på farten, så åbner jeg den selvfølgelig.
A: Har du nogensinde tilgået vores hjemmeside fra din telefon?
L: Ja.
A: Hvordan var den oplevelse?
L: Det kan jeg ikke huske. Den har nok ikke været…
A: Den har nok ikke sat sig særlig godt fast i…
L: Det har ikke været super nervepirrende, vil jeg tro.
A: Og det har simpelthen været fordi, du ikke har været ved en computer eller…?
L: Ja.
A: Bumme bumme lum, så du… Okay, én ting. Ud over at ringe og e-mails, så bruger du ikke din
telefon til super meget andet? Hvad med sådan noget som at surfe, søge information på nettet? Ikke
kun vores, men sådan generelt?
L: Nej. Det er en lille dødssyg skærm, ik. Og jeg har jo pc på kontoret, og en, når jeg er hjemme, og
iPad, når jeg er alle mulige andre steder.
A: Alright. Sidste del af mit lille skema her, der tænkte jeg, at jeg ville spørge dig, omkring hvad
for nogle tanker, du så har omkring det her med, at virksomheder begynder at anvende de
her nye kommunikationsformer. Både i form af at lave mobilsites eller apps, ikke social media,
det er jeg slet ikke inde over her, men for eksempel en IR app, det ved jeg, at Carlsberg har for
eksempel.
L: Ja… Jeg tror simpelthen ikke på, at der er nogen investorer eller analytikere, der vil bruge det.
Vi skal enten… enten foregår det, når vi sidder på vores plads, det er dødssygt og skulle læse tal på
en lille skærm, specielt fordi enten er tallene meget små eller også hvis du forstørrer dem, så mister
du kolonnerne. Det er bare en dårlig måde at få overblik over tal på. Jeg synes ikke, mediet egner
sig til finansiel kommunikation.
A: Jeg hørte dig også sige det her med, at det er meget… det er også lidt den fornemmelse, jeg har
fået indtil videre af dem, jeg har snakket med, at selvom der er noget information, vi giver ud, så vil
der altid være en eller anden form for opfølgende aktivitet, hvor det kræver noget face-to-face eller
en telefonopringning eller et eller andet…
L: Ja, selvfølgelig.
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A: Jeg tænker, det kan ikke rigtig stå alene på samme måde. Altså det kan godt være man kan læse
et tal, men tallene kan I ikke rigtig bruge til noget uden at det bliver analyseret, der bliver snakket
med ledelse, Pernille, en eller anden.
L: For det skal være nyt, for det er meget sjældent, at man vil gå ind på sådan en iPhone for at
finde gamle tal. Der har man sine egne modeller og alt muligt andet, og kan huske de største tal
inde i hovedet. Så der, hvor det har en berettigelse, det er kun, hvis man har en nyhed og den, man
sender den til er på farten. Det kan de selvfølgelig godt være en gang imellem, men…
A: Og så kan det være en fin service?
L: Ja. Men der er så mange, der vil have en tablet og de fleste, når det er planlagt information i
hvert fald, så er de fleste typisk ikke på farten. Så jeg tror, så rammer man nogle ekstra ved at have
en speciel app, det tror jeg simpelt ikke på. Man kan jo i forvejen gå ind på hjemmesiden og så kan
man downloade en pdf og så…
A: Ja, der har vi jo et helt arkiv tilbage til…
L: Jeg kan ikke se andet, end at det er sådan noget, der bliver omkostning uden at man skaber
nogen ekstra værdi for folk. Og det kan være, det bliver et klik nemmere, men det kan også være,
det bliver et klik besværligere. Nu kender vi jo hjemmesiden i forvejen, hvordan den ser ud præcis,
hvor vi skal gå ind og kigge.
A: Ja…
L: Og vi er jo nogle gamle konservative mænd, ik.
A: Haha.
L: Jamen, det er vi jo.
A: Ja jo, men ja ja. Men derfor kan man jo sige, for eksempel, hvis vi går ind og ser på vores
statistik på hjemmesiden, der kan vi også se, at det er få, få, få procent, der tilgår flsmidth.com fra
deres mobilsite, eller fra en mobiltelefon. Men er det netop fordi, de har været inde og tænke, det
gider jeg simpelthen ikke igen, og man så på den måde mister nogen, eller er det fordi, der bare ikke
er en interesse…det kan man ikke rigtig se fra tallene. Så jeg tænker, det er meget fint lige at få
afdækket, om det er fordi, det bare er håbløst og hvis muligheden var der, så ville man anvende det,
eller ville man, eller anser man det simpelthen bare ikke for værende nødvendigt i forhold til ja, alle
mulige andre kommunikationsformer, altså hellere bruge pengene på at sætte en til
kapitalmarkedsdag op eller…
L: Rent regnskabsmæssige, problemet er, at du… altså din skærm er for lille, ikke. Og dit tastatur
er for lille. Altså det er ikke. Den her internet er i virkeligheden nødstilælde. Det er fordi, du ikke
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har andet. Det er ikke fordi… det er jo ikke den bedste måde at gå på nettet på. Den er bare rar,
fordi du kan have den i lommen, men man… det er jo den eneste grund til, at man overhovedet
skulle bruge den til at gå på nettet, ik.
A: Ja. Jamen det…
L: Den er smadder god og tale i, når man ringer, ik…
A: Og den er pæn.
L: Ja, den er pæn.
A: Jamen altså, jeg har ikke flere spørgsmål, jeg ved ikke, om du… der er et eller andet du…
L: Nej… Jeg synes, dit ur er stjernefedt simpelthen.
A: Er det rigtigt?
L: Ja, det er helt vildt fedt.
A: Og det kan… det er sådan et gammelt Casio ur… og det kan lyse og det hele…
L: Det er så retro, det er kanon fedt.
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Answers to questionnaire 1
Del 1: personen, der bliver interviewet og hans eller hendes job
Beskriv kort, hvad dit job går ud på. Aktieanalytiker.
Hvilke arbejdsopgaver er forbundet til dit job? Værdiansættelse af aktier og udfærdigelse af
analyser til kunder og rådgivere. Opbygning/vedligehold af regneark. Kontakt til pressen.
Hvilke informations- og kommunikationskanaler bruger du til at gennemføre dine arbejdsopgaver?
Analysedækkede selskaber, konkurrenter, leverandører mm. Gennem internet, aviser, telefon.
Hvordan tilgår du den information, du bruger til at gennemføre dine arbejdsopgaver? Det spørgsmål
forstår jeg ikke??
Del 2: IR (Investor Relations) kommunikationspræferencer
På et overordnet niveau, hvordan vil du så karakterisere god IR kommunikation? Forståelig, rigtig
frekvens, relevant.
Hvilke services er vigtige for IR afdelingerne i de virksomheder, du følger at kunne tilbyde?
Adgang til samtale og al relevant offentliggjort information – på de tilgængelige platforme.
Hvilke aspekter af en virksomheds finansielle situation er især vigtige for en IR afdeling at
kommunikere og hvordan? Regnskab + nøgletal som Finansanalytikerforeningen definerer dem.
Hvilke IR kommunikationsaktiviteter skaber den meste værdi for dig og dit job? Møder + samtaler.
Hvilke kommunikationskanaler (fx skrevne, personlige, elektroniske osv.) vil du foretrække, at en
IR afdeling anvender i deres kommunikation til dig og markedet? En kombination – afhængig af
situationen.
Del 3: FLSmidth som en udtrykkende organisation
Hvordan vil du karakterisere den information, som FLSmidth tilbyder dig på nuværende tidspunkt?
Lever helt op til mine krav.
Hvordan anvender du i dit job den information, som FLSmidth tilbyder dig? Analyserer den og
skriver kommentarer/analyser til kunder om udviklingen.
Hvordan holder du dig opdateret mht. FLSmidths aktiviteter? Mailingliste.
Hvordan kan FLSmidth øge eller forbedre deres kommunikation til dig? Synes faktisk at de gør det
ret godt…måske en årlig kapitalmarkedsdag – webcastet.
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Del 4: ejerskab af mobilenheder
Ejer du en smart phone? Ja.
- Hvis ikke, ville du gerne eje en?
Ejer du en tablet? Ja.
- Hvis ikke, ville du gerne eje en?
- Hvis ja:
Hvor lang tid har du haft din smart phone? Et års tid.
Hvor lang tid har du haft din tablet? 2 år.
Var det et personligt køb, eller har du fået den/dem af din arbejdsplads? Begge dele.
Hvorfor købte du den/dem – hvorfor fik du den/dem? Smartphone: Relevant til arbejdsbrug.
Tablet: Bekvem derhjemme.
Del 5: anvendelse af mobilenheder
Anvender du din smart phone, som en del af dit job – ud over at foretage opkald? Ja!
Hvilke arbejdsopgaver anvender du din smart phone til? Læser mails/nyheder/kurser.
- Hvis ikke, og du ejede en smart phone, ville du så anvende den, som en del af dit job?
Anvender du din tablet, som en del af dit job? I få tilfælde.
Hvilke arbejdsopgaver anvender du din tablet til? Notater på kapitalmarkedsdage.
- Hvis ikke, og du ejede en tablet, ville du så anvende den, som en del af dit job?
Har du nogensinde tilgået FLSmidths hjemmeside via din smart phone eller tablet? Ja – for at gense
en webcast.
- Hvis ja, hvordan vil du så karakterisere oplevelsen? God.
- Hvis ikke, hvorfor?
Del 6: finansiel kommunikation og nye kommunikationskanaler
Hvilke tanker gør du dig omkring den udvikling, vi ser angående virksomheder, der anvender nye
kommunikationskanaler – her altså i form af apps eller mobile versioner af deres hjemmesider?
Vigtigt at al hjemmesidetilgængelig info også kan tilgås fra mobile enheder.
Ser du en fremtid for virksomheders finansielle afrapportering via apps eller mobile versioner af
hjemmesider? Ja – men kun som supplement.
Mener du, at virksomheders finansielle afrapportering via apps eller mobile versioner af
hjemmesider skaber/villa skabe nogen værdi? Ja. Men bestemt ikke banebrydende.
Hvis ja, hvordan vil du så karakterisere denne værdiskabelse? Mest et bekvemt add-on til den
internetbaserede.
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Answers to questionnaire 2
Del 1: personen, der bliver interviewet og hans eller hendes job
Beskriv kort, hvad dit job går ud på.
Aktieanalytiker. Have en holdning til de aktier jeg dækker om til deres kursudvikling på både kort
og længere sigt. Videreformidle nyheder om og forståelse af aktieselskaberne over for bankens
salgsfolk og over for kunder.
Hvilke arbejdsopgaver er forbundet til dit job?
Læse regnskaber, anden selskabsinformation, følge brancherelevante medier og informationskilder.
Opbygge modeller i regneark og skrive analysekommetarer til kunder. Hertil kommer en del
relationer til pressen.
Hvilke informations- og kommunikationskanaler bruger du til at gennemføre dine arbejdsopgaver?
Alle erhvervsrelevante nyhedsmedier, herunder Bloomberg.
Hvordan tilgår du den information, du bruger til at gennemføre dine arbejdsopgaver?
Over internettet. Gennem Bloomberg. Samt gennem møder med selskaberne.
Del 2: IR (Investor Relations) kommunikationspræferencer
På et overordnet niveau, hvordan vil du så karakterisere god IR kommunikation?
Konsistent og relevant information.
Hvilke services er vigtige for IR afdelingerne i de virksomheder, du følger at kunne tilbyde?
Tilvejebringe information hurtigt/rettidigt. Kunne sætte oplysninger/begivenheder ind i en
sammenhæng.
Hvilke aspekter af en virksomheds finansielle situation er især vigtige for en IR afdeling at
kommunikere og hvordan?
Meget bredt spørgsmål og meget situationsbestemt J. Men vækstpotentiale, indtjeningspotentiale
og kapitalanvendelse er centralt. + formidling af forståelse af den underliggende tendens i
regnskabstallene.
Hvilke IR kommunikationsaktiviteter skaber den meste værdi for dig og dit job?
Den primære informationskilde fra selskaberne er for mig regnskaberne og
ledelsespræsentationerne.
Hvilke kommunikationskanaler (fx skrevne, personlige, elektroniske osv.) vil du foretrække, at en
IR afdeling anvender i deres kommunikation til dig og markedet?
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Elektroniske. Hjemmesiden og mails.
Del 3: FLSmidth som en udtrykkende organisation
Hvordan vil du karakterisere den information, som FLSmidth tilbyder dig på nuværende tidspunkt?
Generelt god, men lidt svingende på det seneste i, hvordan tallene præsenteres med ny
divisionsstruktur mv. Ligesom der har været ændringer i hvordan ledelsen guider for fremtiden.
Hvordan anvender du i dit job den information, som FLSmidth tilbyder dig?
Jeg indarbejder den i mine forecasts sammen med brancheinformation og information fra
konkurrerende selskaber og fra selskabets kundegruppe.
Hvordan holder du dig opdateret mht. FLSmidths aktiviteter?
Mails fra IR og alm selskabsmeddelelser. Samt fra branche og nyhedskilder.
Hvordan kan FLSmidth øge eller forbedre deres kommunikation til dig?
For mig behøver der ikke at være en målsætning om at øge kommunikationen. Hurtig og præcis
information om relevante begivenheder/forhold. Suppleret med tilgængelighed i tilfælde af
spørgsmål.
Del 4: ejerskab af mobilenheder
Ejer du en smart phone? Nej.
- Hvis ikke, ville du gerne eje en? Ja, tak J.
Ejer du en tablet? Ja.
- Hvis ikke, ville du gerne eje en?
- Hvis ja:
Hvor lang tid har du haft din smart phone?
Hvor lang tid har du haft din tablet? 2 år.
Var det et personligt køb, eller har du fået den/dem af din arbejdsplads? Personligt.
Hvorfor købte du den/dem – hvorfor fik du den/dem? Bruger den ikke ret meget i arbejdsmæssig
relation, men praktisk at have med ved møder mv.
Del 5: anvendelse af mobilenheder
Anvender du din smart phone, som en del af dit job – ud over at foretage opkald?
Hvilke arbejdsopgaver anvender du din smart phone til?
140
Hvis ikke, og du ejede en smart phone, ville du så anvende den, som en del af dit job?
Det tror jeg ikke.
Anvender du din tablet, som en del af dit job?
I begrænset omfang. Mest ved møder væk fra mit arbejde.
Hvilke arbejdsopgaver anvender du din tablet til?
Til information. Nyheder eller til at tjekke kurser. Og til at skrive / sende korte beskeder.
- Hvis ikke, og du ejede en tablet, ville du så anvende den, som en del af dit job?
Har du nogensinde tilgået FLSmidths hjemmeside via din smart phone eller tablet?
Nej.
- Hvis ja, hvordan vil du så karakterisere oplevelsen?
- Hvis ikke, hvorfor? Fordi jeg sidder foran min PC på mit job det meste af tiden.
Del 6: finansiel kommunikation og nye kommunikationskanaler
Hvilke tanker gør du dig omkring den udvikling, vi ser angående virksomheder, der anvender nye
kommunikationskanaler – her altså i form af apps eller mobile versioner af deres hjemmesider?
Ser du en fremtid for virksomheders finansielle afrapportering via apps eller mobile versioner af
hjemmesider?
Mener du, at virksomheders finansielle afrapportering via apps eller mobile versioner af
hjemmesider skaber/villa skabe nogen værdi?
- Hvis ja, hvordan vil du så karakterisere denne værdiskabelse?
Eneste kommentar jeg har, er, at tilgængelighed er vigtig – også for information. Og vi har
stigende forventninger til tilgængelighed. Så informationerne skal kunne tilgås fra alle mulige
platforme.
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Answers to questionnaire 3
Part one: the interviewee and his/her job
Please describe your job.
I work as a research analyst, covering Nordic Metals & Mining equities, including mining-exposed
capital goods, steel and mining companies.
What tasks are related to your job?
Analysing industry and market fundamentals (reading reports, talking to industry sources),
modelling earnings forecasts, commenting news flow, but crucially: making stock recommendations
and communicating these to clients.
Which sources of information/communication channels do you use in the completion of your tasks?
Bloomberg (all price data, very good for news pieces), local newspapers in Finland, Sweden,
Denmark as well as industry journals (e.g. Steel Business Briefing).
How do you access the information you need in order to complete your tasks?
Subscriptions necessary in most cases.
Part two: IR (Investor Relations) communication preferences
Overall, how would you characterise good IR communication?
1. Transparent (i.e. company discloses key information in reports and mgmt. and IR willing to
discuss around this information to give more colour. If information is sensitive, a good IR will point
analyst in right direction and understand what’s relevant).
2. Consistent and accurate communication (long history of comparable and clean earnings
numbers to allow for good comparison). No trickery with segments, hiding one-offs or shifting
units/divisions around to clean things up.
3. Availability and responsiveness (available for calls and responds to e-mail with reasonable
urgency) and is there to clear up any confusion/market concerns.
4. Simple, clear reports.
Which services are important to receive from the IR department of the companies you are
following?
Willingness/ability to give more detail around specific issues, e.g. to help analyst understand a
specific part of business (an interesting angle to focus on).
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Which aspects of a company’s financial situation is especially important for an IR department to
communicate and how?
Depends on company’s financial situation but for stable, asset-light, low-debt businesses the focus
would mainly be around cash flows, operational costs.
Which IR communication activities create the most value to you?
- Availability and responsiveness to analyst’s questions.
- Order announcements (and particularly, a consistent policy on when they are announced).
- Consensus announcements (reasonably valuable).
Which communication channels (be it written, personal, electronic etc.) would you prefer an IR
department to use in their communication to you and the market?
E-mail by far the best. But ensuring that the information becomes available simultaneously on
Bloomberg/e-mail/web is key.
Part three: FLSmidth as an expressive organisation
How would you characterise the information FLSmidth currently provide to you?
- Good data, the quarterly reports are a bit messy to quickly go through (the key data is spread out
across the report), would be nice to have an overview of the reported quarterly numbers at the end
of the report (like Metso does), with a clear splitout of what NRI are included and what is not.
- Regarding IR, Very good, among the best IRs in terms of knowledge/responsiveness in the
business and always a pleasure to talk to.
How do you in your job use the information FLSmidth provide?
We use FLSmidth consensus and order announcements (this is very helpful).
How do you stay updated on FLSmidth’s activities?
By e-mail, following what Pernille sends out.
How could FLSmidth increase or improve its communication to you?
Already doing great job. However, one idea for Annual Report though is to make it less intense on
the day of the results and make the report easier to read with ONE page for an overview of the Q4
results (not full-year, we already know Q1-Q3).
143
Currently the report has earnings data on p.3, p.6, p.7, and all segment sections with the most
relevant data on p. 78. And rather than splitting it out by segment, easier to follow if the data is
organised by revenue/EBITA line (as I said earlier, a bit like Metso does it), allowing for a quick
overview to see where the miss/surprise is. This is not to say that it is indeed very good that
FLSmidth has its annual report done already in connection with the Q4 report.
Part four: ownership of mobile devices
Do you own a smart phone? Yes.
- If not, would you like to own one?
Do you own a tablet? Yes.
- If not, would you like to own one?
- If yes: iPad.
For how long have you had your smart phone? 5 yr.
For how long have you had your tablet? 2yr.
Was it a personal purchase or was it provided to you by your place of employment? Personal.
Why did you buy it/why was it provided to you? Reading / browsing web.
Part five: usage of mobile devices
Do you use your smart phone as part of your job – besides making phones calls?
What tasks do you use your smart phone for? E-mail and Bloomberg.
- If not and you owned one, would you use it as part of your job?
Do you use your tablet as part of your job? No.
What tasks do you use your tablet for? Personal matters.
- If not and you owned one, would you use it as part of your job?
Have you ever accessed FLSmidth’s website via your smart phone or tablet? No.
- If so, how would you characterise the experience?
- If not, why? Never had to.
Part six: Financial communication and new media
What are your thoughts on the development we see in companies adopting new media solutions –
here I mean the creation of apps and/or mobile websites?
144
Unnecessary in my view. A good website with easy access to financial reports is the most critical,
this should be possible on most phones (no flash etc.).
Do you see a future for companies’ financial reporting via apps and/or mobile websites?
No, a simple and clean website will do it.
Do you believe companies’ financial reporting via apps and mobile websites creates any value?
- If so, how would you characterise that value creation?
- Not in my view. Just keep website clean
145
Answers to questionnaire 4
Part one: the interviewee and his/her job
Please describe your job.
Equity research analyst.
What tasks are related to your job?
I am in charge of building models to estimate the value of a company and giving recommendations
on shares + commenting on news flow and the effect of particular news to the prospects of a
company or an industry.
Which sources of information/communication channels do you use in the completion of your tasks?
Company publications, Bloomberg articles and data, external provider data, industry articles.
How do you access the information you need in order to complete your tasks?
Internet, company websites and publications, discussions with companies / industry representatives,
external information providers, Bloomberg.
Part two: IR (Investor Relations) communication preferences
Overall, how would you characterise good IR communication?
Good IR communication prevents sharp share price movements (volatility is a measure of risk – if
IR communication manages to diminish the level of risk, the share value should be higher).
Which services are important to receive from the IR department of the companies you are
following? Clear quarterly reports with sufficient detail and good (and fast) contact with the IR to
fill the gaps.
Which aspects of a company’s financial situation is especially important for an IR department to
communicate and how? Risks to the published numbers. Outlook.
Which IR communication activities create the most value to you? Personal contact, answers to
questions.
Which communication channels (be it written, personal, electronic etc.) would you prefer an IR
department to use in their communication to you and the market? I appreciate quarterly reports in
pdf and possibly excel – phone, sms, email and Bloomberg for day to day communication and sms+
email for breaking news.
Part three: FLSmidth as an expressive organisation
How would you characterise the information FLSmidth currently provide to you?
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Due to the reporting change I think the communication is a bit heavy and I am still a bit lost. It is of
very good quality however, but takes a lot of time. The contact with IR is excellent and I highly
appreciate this.
How do you in your job use the information FLSmidth provide? I make my own estimates based on
the information and filter it to clients or I sent the information as it is to clients (like answers to
specific questions), mainly by email, phone or Bloomberg.
How do you stay updated on FLSmidth’s activities?
Bloomberg, FLS website, talking to company, reading reports.
How could FLSmidth increase or improve its communication to you?
I would need to understand more – I would be happy to read magazines that explain the current
situation in different markets. Customer magazine is a good start but articles about the markets
would be a nice addition.
Part four: ownership of mobile devices
Do you own a smart phone? Yes.
- If not, would you like to own one?
Do you own a tablet? Yes.
- If not, would you like to own one?
- If yes:
For how long have you had your smart phone? 10 years or so.
For how long have you had your tablet? 3 years.
Was it a personal purchase or was it provided to you by your place of employment? Phone provided
by company, Tablet a personal purchase.
Why did you buy it/why was it provided to you? Phone is needed for work, tablet I bought out of
curiosity (not using it anymore).
Part five: usage of mobile devices
Do you use your smart phone as part of your job – besides making phones calls? Yes.
What tasks do you use your smart phone for?
Calling, texting, Bloomberg, email, checking details in internet.
- If not and you owned one, would you use it as part of your job?
Do you use your tablet as part of your job?I did, not anymore
What tasks do you use your tablet for? Taking notes, internet.
- If not and you owned one, would you use it as part of your job?
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Have you ever accessed FLSmidth’s website via your smart phone or tablet? Yes.
- If so, how would you characterise the experience? Too heavy.
- If not, why?
Part six: Financial communication and new media
What are your thoughts on the development we see in companies adopting new media solutions –
here I mean the creation of apps and/or mobile websites?
The key here is that if the site is used by mobile phones I would appreciate 2 things 1) Information
could even be provided in txt files: fast and easy to download. The pictures/graphs are heavy and
irritating, to zoom into and sometimes even impossible to open in low connection environment 2)
The most important function in mobile applications is the search function and optimising that and
annexing the information in the website: with mobile it is very difficult to surf through the site and I
would prefer to write “Most important mining clients” or “Mining order intake quarterly”
“Dividend policy” in a search field and get to the most recent paper with that.
Do you see a future for companies’ financial reporting via apps and/or mobile websites? Not really.
Do you believe companies’ financial reporting via apps and mobile websites creates any value? Not
really, at least for me. I need so much information that and app is not hady. I need to read the
report.
- If so, how would you characterise that value creation? The possible value would be quick online
consulting if I do not have the report with me. Easier with mobile than a pdf, with a mobile for sure.
148
Communication models of Jakobson (1979), Frandsen et al.
(2002) and Ditlevsen et al. (2007)
Context
(referential function)
Message
(poetic function)
Sender --------------------------------------- Receiver
(expressive function) (conative function)
Contact
(phatic function)
Code
(metalinguistic function)
Roman Jakobson’s model of communication (1979, p. 135)
Code
Medium
Sender è Message ç Receiver
ê
Referent
Context
Frandsen et al.’s model of communication (2002, p. 82)
149
Context
Genre
Sender Text Receiver
Referent
Ditlevsen et al.’s model of communication (2007, p. 34)
150
Page view statistics of www.flsmidth.com
2011 Report Type: Ranked Segment: Al l Visits (No Segment) Selected Metrics: Page Views Compare to Site: None Data Filter: None Correlation Filter: None Broken Down by: None Smoothing Applied: None
Device Types Page Views
1. Other 1,203,037 94.7%
2. Mobile Phone 40,000 3.1%
3. Tablet 25,721 2.0%
4. Media Player 1,718 0.1%
5. Gaming Console 4 0.0%
6. EReader 2 0.0%
Total 1,270,482
151
2012 Report Type: Ranked Segment: Al l Visits (No Segment) Selected Metrics: Page Views Compare to Site: None Data Filter: None Correlation Filter: None Broken Down by: None Smoothing Applied: None
Device Types Page Views
1. Other 40,655 95.9%
2. Mobile Phone 97,943 2.1%
3. Tablet 96,416 2.0%
4. Media Player 1,486 0.0%
5. Gaming Console 32 0.0%
6. EReader 24 0.0%
Total 4,736,556