Part 1 · Getting familiar with DART · Lesson 4
When do annual, half-year, and quarterly reports come out?
The annual report comes once a year, and the semi-annual and quarterly reports three times. If you know when each one comes out, you can wait for a filing and read it right away.
QToday's question
They say earnings announcements are done in January, so why does the annual report only come out at the end of March? And which of the two numbers should you trust?
It is the same full-year result, yet the news has it at the end of January while the annual report on DART appears at the end of March. The company isn't dragging its feet; each disclosure has its own set order and deadline. In this lesson, we lay out a December year-end company's year on a single calendar.
MAPLearning map for this lesson
We build it up in three steps. At the end of each step, a 'Quick check' lets you test your understanding before moving on.
In Lesson 1 we called financial statements a company's health checkup report, in Lesson 2 we learned that DART is the official bulletin board, and in Lesson 3 how to find and open reports on that board. This lesson is about 'when' to go looking. The 'gap versus expectations' from Learn (Economics) Lesson 20 will be used again too.
- STEP 1 · Basic conceptsThe three periodic reports
You will be able to tell which period each of the , and covers.
- STEP 2 · Understanding the principleDeadlines, audits and reviews
You will be able to calculate the 90-day and 45-day deadlines yourself and explain how an and a create different levels of trust in the numbers.
- STEP 3 · Applying itReading the year through a disclosure calendar
You will know the order of and periodic reports, and be able to plan what to check along the calendar.
STEP 1The three periodic reports
Of the many filings that appear on DART, let's start with the reports a company must file on schedule without fail.
In Lesson 2 we divided disclosures into broad groups. The most basic is periodic disclosure, which must be filed at set times, and three reports sit at its center. Companies required to file annual reports, such as listed companies, must publish their report card four times a year. There is one covering the whole year, one covering the first six months, and two covering the first three and nine months.
Organized for a December year-end company, based on the definitions in Articles 159 and 160 of the Capital Markets Act.
One thing is worth noticing here. The Q3 report covers nine months cumulatively, January to September, not just the three months July to September. And there is no report covering Q4 alone. October–December results are obtained by subtracting the January–September figures (Q3 report) from the full-year figures (annual report). That is why the 'Q4 results' you see in the news are mostly preliminary earnings that companies release separately, or figures derived by this subtraction.
Easy analogy · a year-long health care schedule
Remember how we called financial statements a health checkup report in Lesson 1? Periodic reports are like a checkup schedule you receive on set dates. Once a year you get a thorough full checkup (annual report) at a general hospital, and in between you get simple tests (quarterly and semi-annual reports) at a local clinic. The simple tests give results quickly, but the full checkup that examines the whole body carefully is still the one you do once a year.
It matters that this is a legal obligation
A periodic report is not a PR document a company releases when it feels like it. It is a legal obligation whose deadline and content are set by the Capital Markets Act. An annual report must state the company's purpose, its business, officer compensation, financial matters and more, and follow the format set by the Financial Services Commission. The CEO and the director in charge of disclosure sign a confirmation that there are no false statements or omissions in the important content. A company that files false information or fails to file faces penalties such as fines. That is why the periodic report is the heaviest official statement a company makes to investors.
Who files, and how do you check the fiscal year-end month?
The law calls companies that must file periodic reports 'companies required to submit annual reports'. Listed companies whose shares trade on an exchange are the typical example, and some other companies specified by law are also included. That is why reports from companies meeting certain conditions may appear on DART even before listing. Also, not every company's year starts in January. Most Korean listed companies have December year-ends, but some close their books in other months. In the DART list, the parentheses next to the report name, for example 'Annual report (2025.12)', tell you which month the year covered by that report ended. All dates in this lesson are calculated for December year-end companies.
Quick checkI want to see only the October–December quarter of a December year-end company. Which report should I open?
STEP 2Deadlines, audits and reviews
'By when' and 'who verified it' differ by report. These two things decide when, and how far, you should trust the numbers.
90 days and 45 days
The is written in the Capital Markets Act. Article 159 requires the annual report to be filed with the Financial Services Commission and the exchange within 90 days after the end of each fiscal year, and Article 160 requires semi-annual and quarterly reports within 45 days after the end of that period. Calculating for a December year-end company, the annual report deadline is the end of March, 90 days after December 31. For Q1 (ending March 31) the deadline is around May 15, 45 days later; for the half year (ending June 30), around August 14; and for Q3 (ending September 30), around November 14. If the deadline falls on a weekend or holiday, the actual deadline moves to the next business day.
There is one exception worth knowing. A company preparing its semi-annual and quarterly reports on a consolidated basis for the first time can file within 60 days instead of 45 days, only in that first fiscal year and the following one. It does not apply to most listed companies, but if a company seems to file late, you can check whether it benefits from this special rule.
The three reports compared at a glance
Sources: Financial Investment Services and Capital Markets Act Articles 159 and 160 (Korea Law Information Center, checked 2026-10-05), Article 23 of the Act on External Audit of Stock Companies and its Enforcement Decree. Dates are for December year-end companies, and if a deadline falls on a weekend or holiday it moves to the next business day. Whether quarterly financial statements are reviewed depends on company size and other factors.
Audit and review: who checked, and how carefully
If a company writes the numbers by itself, it's hard to trust them. So an outside accounting firm (the auditor) checks them. But the depth of that check differs by report. The full-year financial statements receive an . Accountants directly match the books against supporting documents, count inventory in person, and give an official opinion, such as 'unqualified', on whether the financial statements are prepared in accordance with accounting standards. The semi-annual financial statements receive a lighter . A review is a procedure that mainly uses inquiry and analysis to confirm that 'nothing in particular was found to be wrong'. Quarterly financial statements may or may not be reviewed, depending on the company's size.
So even for the same company, the numbers carry different weights of trust. For full-year figures, the numbers in the audited annual report are the most solid. The audit opinion is contained in the written by the auditor, and this audit report is attached to the annual report. What happens when the audit opinion is not 'unqualified' is covered in detail in Part 6, Lesson 30.
Audit report → general meeting → annual report
In March, things happen in order. The Enforcement Decree of the External Audit Act requires the auditor to deliver the audit report to the company one week before the annual general meeting. The company receives it, gets the financial statements approved or reported at the , and files the annual report to meet the end-of-March deadline. That is why most December year-end listed companies' general meetings cluster in mid-to-late March, and annual reports pour in during the last week of March.
In one line
The annual report is 90 days and audited, the semi-annual report is 45 days and reviewed, and the quarterly report is 45 days and reviewed or not at all. The faster the number, the lighter the check; the slower the number, the more solid it is.
Common misconceptions
- "Quarterly report numbers were audited by accountants too, so they carry the same weight as the annual report?"
- No. Only the full-year financial statements are audited. The semi-annual statements are reviewed, and quarterly statements are or are not reviewed depending on the company. Quarterly numbers can be adjusted during the year-end audit.
- "If a company files before the deadline, it's all the same report?"
- The content follows the same format, but companies that file in a rush late at night just before the deadline can differ from those that file with time to spare. In particular, when the audit report is delayed, it can be a sign of disagreement between the auditor and the company, so look at it carefully.
- "The annual results in the news are the final results?"
- The annual results in January–February news are usually preliminary earnings. The final audited numbers come out in the audit report and the annual report, and the two sets of numbers can differ.
Quick checkIf a company has a June year-end (the year runs from July to the following June), roughly when is its annual report deadline?
STEP 3Reading the year through a disclosure calendar
Now let's put the deadlines on a calendar. Add preliminary earnings, audit reports and general meetings, and the rhythm of the year appears.
A December year-end listed company's disclosure calendar for the year
Periodic report deadlines are calculated from Articles 159 and 160 of the Capital Markets Act, and the audit report timing follows the Enforcement Decree of the External Audit Act (one week before the annual general meeting). The timing of preliminary earnings announcements and general meetings reflects the typical flow many companies follow and varies by company. Checked 2026-10-05.
The fastest number: preliminary earnings
As the calendar shows, the first number to come out is actually not a periodic report but . Once a company has roughly closed its books, it announces provisional figures for revenue, operating profit and net income through an exchange disclosure. Large listed companies often announce within about a month after the quarter ends. As you learned in Learn (Economics) Lesson 20, the market reacts by comparing these figures with brokerage forecasts (the consensus). However, preliminary earnings are numbers before an audit or review, so they can change later in the periodic report. Preliminary earnings and corrected filings are covered separately in Part 6, Lesson 33.
Following Robin Bakery's year through its disclosures
Let's lay out the order using the fictional company Robin Bakery (December year-end). At the end of January, the company first announces last year's revenue of KRW 12 billion and operating profit of KRW 1.5 billion as preliminary earnings. In mid-March the auditor issues the audit report, and one week later, at the annual general meeting, the financial statements are handled, including a dividend of KRW 150 per share. At the end of March, the annual report containing the audited financial statements and business content is posted on DART. The first check at this point is whether the preliminary and final numbers match. Then the Q1 report comes in mid-May, the semi-annual report in mid-August and the Q3 report in mid-November, and the cycle goes around again with preliminary earnings the following January. The dates and numbers are fictional examples, but real December year-end listed companies follow this rhythm too.
How to use it in investing
| Timing (December year-end) | What comes out | What to check |
|---|---|---|
| Jan–Feb | Q4 and full-year preliminary earnings | Gap versus expectations, the trend in Q4 alone |
| Mar | Audit report → general meeting → annual report | Audit opinion, gap between preliminary and final figures, dividends |
| Apr–May | Q1 preliminary earnings → Q1 report | This year's first results, whether they match the company's stated plan |
| Jul–Aug | Q2 preliminary earnings → semi-annual report | Review opinion, cumulative first-half trend |
| Oct–Nov | Q3 preliminary earnings → Q3 report | Jan–Sep cumulative, distance from the full-year forecast |
You can check upcoming announcement dates on the site's Earnings Calendar. If there is a company you care about, get into the habit of opening DART about a week before the periodic report deadline. If a company fails to file its annual report even after the deadline, the exchange can take action such as administrative issue designation, so a late filing or a filing extension notice is itself a signal to check.
This is not always the case. A late schedule doesn't mean a company has problems, and an early filing doesn't mean the numbers are good. The calendar is only a tool that tells you 'when to check'; what makes a good company is judged by reading the financial statements one by one from Part 2 onward.
Quick checkThe annual operating profit released in early February differs slightly from the operating profit in the end-of-March annual report. Which should you use as the basis?
✓What we learned today
- There are three periodic reports. The annual report covers one year, the semi-annual report covers the first six months, and the quarterly report covers three months (Q1) and nine months cumulative (Q3). There is no report covering Q4 alone.
- Filing deadlines are set by the Capital Markets Act. The annual report is due within 90 days after the fiscal year ends, and the semi-annual and quarterly reports within 45 days after the period ends. For a December year-end, that means end of March, mid-May, mid-August and mid-November.
- The annual report's financial statements receive an accountant's audit, and the semi-annual financial statements a review. An audit is closer to a thorough checkup and a review to a medical questionnaire. So for full-year figures, the annual report is the most reliable.
- Earnings numbers come out in the order preliminary earnings → audit report → annual general meeting → annual report. The earliest, preliminary earnings, are numbers before an audit, so they can change later.
- Decide 'what to check' in advance to match the deadlines. A late filing that misses the deadline is itself a signal to check.
Now that you know when they come out, it's time to open a thick annual report. In the next lesson, we spread out the annual report's 12-chapter table of contents like a map and learn the order for skimming the essentials in 10 minutes.
Quiz5-question quiz
Pick an answer and it's graded right away with an explanation.
Q1. Roughly when is the annual report filing deadline for a December year-end company?
Article 159 of the Capital Markets Act requires filing within 90 days after the fiscal year ends. 90 days after December 31 is the end of March.
Q2. Which period does the Q3 report cover? (December year-end)
Quarterly reports cover three months and nine months from the start of the fiscal year. So the Q3 report is cumulative for January–September. To see only July–September, you need to subtract the semi-annual figures.
Q3. Which report contains the financial statements that an accountant checks most thoroughly (an audit)?
Only the full-year financial statements are audited by an external auditor. The semi-annual report is reviewed, and quarterly reports are or are not reviewed depending on the company.
Q4. Which is the most appropriate order of events in March?
The auditor issues the audit report by one week before the annual general meeting, and after the general meeting the company files the annual report by the end-of-March deadline. Preliminary earnings come earlier, in January–February.
Q5. What is the most appropriate thing to remember when looking at the preliminary earnings figures announced at the end of January?
Preliminary earnings are numbers announced quickly right after the books close, before an audit. Check the final numbers in the audit report and the annual report.
NextTerms · Next lesson · Related tools
A statutory report covering one year that listed companies and others file within 90 days after the fiscal year ends. It contains audited financial statements, the business description, and shareholder and officer information in 12 chapters.
Semi-annual reportSemi-annual reportA periodic report covering the first six months of the fiscal year, filed within 45 days after that period ends. Its financial statements receive an auditor's review.
Quarterly reportQuarterly reportA periodic report filed within 45 days covering the first 3 months of the fiscal year (Q1) and the first 9 months (Q3 cumulative). There is no separate report covering only Q4.
Periodic report filing deadlineFiling deadlineThese are the deadlines set by Articles 159 and 160 of the Capital Markets Act. The annual report is due 90 days after the fiscal year ends, and the semi-annual and quarterly reports within 45 days after the period ends; for a December year-end, that is end of March, mid-May, mid-August and mid-November.
Audit (external audit)AuditA procedure in which an outside accounting firm checks the books and supporting evidence and gives an opinion (unqualified, qualified, adverse or disclaimer) on whether the financial statements were prepared in accordance with accounting standards. The annual financial statements undergo it.
ReviewReviewA lighter verification procedure than an audit, mainly using inquiry and analysis to give limited assurance that "no material errors were found." Semi-annual financial statements and similar receive it.
Audit reportAudit reportA report in which the external auditor sets out the audit results and opinion. It is submitted to the company at least one week before the annual general meeting and is attached to the annual report.
Annual general meetingAnnual general meetingA shareholders' meeting held once a year to decide matters such as approving the financial statements, electing directors and dividends. Most listed companies with a December fiscal year-end hold it in March.
Preliminary earningsPreliminary earningsRight after closing the books, the company announces provisional revenue, operating profit and net income first through an exchange disclosure. These are pre-audit numbers, so they may change in the periodic report.
ConsensusConsensusThe average forecast of market experts for an economic indicator or company earnings. The gap between the actual release and this figure moves the market.
SurpriseSurpriseThe difference between the actual announced figure and the market's expectation (the consensus). The market reacts to the direction and size of this gap rather than to the number itself.
EarningsEarningsThe money a company has left after subtracting cost of sales, expenses, interest and taxes from revenue (net income). It is the most basic factor that determines the stock price.
Put what you learned to use right away
Earnings calendar→This is educational material and not investment solicitation. There is no guarantee that past relationships will repeat in the future.