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For the balance sheet analysis of the DAX 30 companies, the following key figures are used.
To ensure a comparison of the companies, all values are z-standardized and the following valuation scheme is applied:
1 point for worse than one standard deviation
2 points for within one standard deviation
3 points for better than one standard deviation

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How can sustainability reporting be combined with financial statement analysis

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How can sustainability reporting be combined with financial statement analysis

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The aim of the thesis is to find a way to integrate an assessment of sustainability reporting into the balance sheet analysis.
And to examine the impact on the companies in the DAX 30.
To achieve this, a traditional financial statement analysis of the DAX 30 companies is carried out and then an integrated analysis.

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The first step is to present the existing literature on sustainability reporting and the development in the EU and USA. In addition, the literature on financial statement analysis is analyzed.

Based on this, expert interviews will be conducted with the aim of identifying opportunities for integrating sustainability reporting into financial statement analysis.

Finally, a balance sheet analysis with and without sustainability reporting of the DAX 30 companies will be conducted.

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Net operating assets
Return on equity

Return on total assets
Return on sales

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Materials ratio
Personnel expense ratio
Depreciation ratio
Ratio of other operating expenses
Cost of sales ratio
Selling expenses ratio
Research and development ratio
Cost of materials
Personnel expenses
Depreciation
Sales per employee
Revenue per capita

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Cash flow from operations
Cash flow from financing
Cash flow from investment
Net cash flow

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Cashflow turnover ratio

Financial Strength Ratios for Investment Analysis
Cash Flow to Debt Ratio

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Equity ratio
Debt-equity ratio
Proportion of pension provisions
Reserves ratio
Self-financing ratio
Coverage Ratio

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Asset intensity
Labor intensity
Fixed assets intensity
Capital employed per employee
Capacity utilization
Investment ratio
Investment ratio as % of sales
Research and development intensity

Asset utilization rate
Depreciation rate
Risk management

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Key figures on growth and financing potential

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Key figures on growth and financing potential

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Growth rate
Investment coverage
Growth opportunities

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Questions about profession, work experience, connection to financial statement analysis or sustainability reporting

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1. What is a sustainable company for you?
2. How important are environmental and social aspects for you?
3. What is the importance of future capabilities for a sustainable company?
4. How important is sustainability for the future viability of a company?
5. Does sustainability secure the future viability of companies?
6. Besides sustainability, what factors influence the future viability of a company?

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1. What strategy do you follow in your analysis?
2. Do you only look at the last few months or do you go back further?
3. Which factors of the financial statement analysis are particularly important to you? E.g. cash flow, capital structure, debt ratio
4. Do you already take sustainability factors into account in your balance sheet analysis?

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Sustainability reporting in the balance sheet analysis

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Sustainability reporting in the balance sheet analysis

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1. Do you already consider sustainability reporting in your analysis?

2. How do you deal with companies that do not submit sustainability reports?

3. How do you take sustainability reporting into account in the balance sheet analysis?

4. How do you go about considering sustainability reporting in financial statement analysis?

5. Which factors of sustainability reporting do you pay particular attention to?

6. Focus on climate change or consider other factors such as working conditions,

7. What role do soft facts and hard facts play in this?

8. Where do you see difficulties in taking sustainability reporting into account in the balance sheet analysis?

9. Was the consideration of all three sustainability dimensions a difficulty?

10. How do you deal with the difficulties?

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1. What is the importance of corporate sustainability reporting for you?
2. How should sustainability reporting be integrated into financial reporting?
3. How serious do you consider corporate sustainability reporting to be?
4. Do you think that sustainability reporting is a necessary obligation for the majority of companies?
5. How do you rate the quality of most sustainability reporting?
6. Do you only consider the company or do you consider the entire supply chain?
7. Do you want standards for sustainability reporting?

8. How should the standards be designed?
9. To which companies should the standards apply?
10. Do you check sustainability reports?
11. Do you take seals into account when evaluating sustainability reporting?
12. Do you check the quality of the seals?
13. How do you communicate with companies whose seals do not correspond to the desired quality?