The Annual Report on Operations (ARO) presents a commentary and analysis of the financial statements and other material information concerning the financial position and results of operations of the Company. The main requirements for the content of the AAR applicable to all undertakings are set out in Article 39 of the Accounting Act.

All JSCs and CDAs preparing such a report must also include in it the information pursuant to Articles 187e and 247 of the Commercial Act. All public companies and other issuers of securities, and undertakings referred to in § 1e of the Securities Offering to the Public Act (SFO), shall prepare an annual activity report with the minimum content pursuant to Article 100 (1) of the SFO. 7 and 8 of the Securities Act, as well as Annex No. 10 to Regulation No. 2 of 17.09.2003.

Pursuant to Article 42, par. 1 of the Accounting Act, micro and small enterprises which are not subject to a statutory independent financial audit may not prepare an activity report provided that the information on the acquisition of their own shares required by Article 187e of the Commercial Act is disclosed in the notes to the annual financial statements or in a footnote to the balance sheet.