Company Rank Notable (or not)
A.P. MOLLER-MAERSK 295 Bar a few pictures, an example of report made too much as an administrative duty.
ABB 66 Introductory drawings give company answers to some of today's big issues.
ABBOTT 71 The girl on the front cover is five years old and relies on a complete, balanced source of nutrition. All well and good then.
ACCOR 70 Managing the sustainable development process summed up in a four-page table thoroughly addressing all stakeholder audiences, checking fulfillment and commiting for 2010.
ADARO Energy 224 Understanding Coal (p 62) puts the scope of business in black and white.
ADECCO 169 Financial risk management in half a page.
ADIDAS 1 Among a number of well-run report features stands the clarity and quality of tables and charts. And it is not evasive about declining prospects, right from the start.
AF 131 Some consultants' reports are full of hot air. Not this one.
AGC (Asahi Glass) 259 Not as transparent as glass (the main business): the stakeholders have to find their way among documents.
AGRIUM 114 A strong financial analysis, with debt instruments and capital management made clear.
AHOLD 161 Online reporting makes it easier to choose the best information (also about debt et al.) than the more conventionally stored print version.
AIR FRANCE-KLM 214 A section is dedicated to maintenance activities (with a breakdown of revenues).
AIR LIQUIDE 16 A winning formula built by scientists (and it shows), designed to appeal, written to be understood.
AJINOMOTO 252 Can such dryly put information nurture a good relationship with investors?
AKADEMISKA HUS 90 Rock-solid analysis of property value, financial position and sensitivity. By a government-owned property company.
AKZONOBEL 54 A finely put description of post-acquisition strategic objectives, yet the case is not convincing yet.
ALCOA 287 Extraordinary Times, Extraordinary Measures is the title. Ordinary is the 10-K of a company that used to release A reports.
ALFA LAVAL 21 Three-year change trends in order intake highlighted for eleven market segments.
AMER Sports 118 Not sure that the Strategic framework (p 13) makes sense to all.
ANGLO AMERICAN 57 Total shareholder return comes as the first KPI. Where can it be find? In the remuneration report (which is good, by the way). Total and for shareholders, they say.
ANGLOGOLD ASHANTI 199 Do significant year events boil down to acquisitions, and gold and stock price? Or does it hide a headline loss and decreased dividends?
ANHEUSER-BUSCH INBEV 211 What's in a -complicated- name? For starters, a brew not made very digestible.
ANTAM 221 Publishing a bilingual annual report is a good idea to learn the other language. But not to report.
ARCELIK 237 Strong branding made in Turkey, but the heavy volume doesn't help.
ARCELORMITTAL 95 The steel thread works both in core annuals and the rich Fact Book.
ASAHI BREWERIES 24 Charts on tap, also as a support to the President's interview.
ASSA ABLOY 61 Keys to product development are unlocked.
ASSOCIATED BRITISH FOODS 129 From beet to bowl: the sugar production process finely cracked for readers (p 8).
ASTELLAS Pharma 250 Pipeline development as a part of the MD&A; but risks are far from thoroughly covered.
ASTRAZENECA 208 The eyeglasses on the cover would be welcome to read an interesting (e.g. therapy area reviews) but boring 20-F report.
ATLAS COPCO 18 Sales bridge compares orders received, on hand and revenues (p 15).
AUTOLIV 32 Value-Creating Cash Flow (p 24) considered as a drive toward shareholder value.
BAE Systems 77 Ethics is fundamental to our reputation (p 48), in a weaponized information tool.
BARCO 242 A lively way to put key figures on screen.
BARRICK 121 The gold industry leader does not fully glitter in style. But the financial review is robust, also on the outlook.
BASF 8 The integrated report comes at a price -and weight- but all reading facilities (e.g. flaps for contents) are provided to keep it a very interesting read.
BAXTER 186 With sixty percent of sales outside U.S., the report still sticks to a broad international segment.
BAYER 27 Calculation of core earnings per share and of EBIT(DA) clearly explained (p 21, p 76) in a rock-solid book.
BCE 282 A well-structured financial report.
BD (Becton Dickinson) 157 Five-year Total Shareholder Return CAGR supports the joint CEO and CFO's message.
BEKAERT 193 Primarily built for online use, yet not fully wired.
BELGACOM 158 Hand-written notes liven it up.
BERTELSMANN 231 Divisions' numbers are highlighted inside, but group figures have to be pulled from the cover. Still, digitization is finely tuned in.
BHARAT PETROLEUM 233 The only light thing is leaves on the cover. But not many annuals display Sources and Application of Funds over thirty years.
BHP BILLITON 147 Underlying EBIT is highlighted on review p 2. But a footnote says: We believe that Underlying EBIT...provides useful information, but should not be considered as an indication of... attributable profit as an indicator of operating performance...
BMW 215 That dual binding provides fast and easy access to individual chapters (inside cover message) is far from making the drive sporty.
BOLIDEN 35 A metal-based report which gives both high strategic and pictorial shots.
BP 73 Does a reconciliation of profit to replacement cost profit (and mind the small print) constitute clear highlights for most readers? The answer is no.
BRAMBLES 264 No pallet required to carry the light financial review.
BRISTOL-MYERS SQUIBB 297 There is the message to stockholders. Then take your sleeping pills for the 10-K.
BT 258 After having rung up key figures, the report turns into a tedious phone-book style. Fortunately, an index and a glossary help a bit.
BURGER KING 300 Naming Annual Report a 20-page booklet built as a cartoon is not a royal treatment for stakeholders.
CADBURY 112 No chocolate-box strategy definition, put in perspective with markets and industry dynamics.
CAMPBELL SOUP 289 It takes more time to drink a bowl of soup than to read a seven-page narrative (made of a CEO message only). And then? Another indigestible 10-K.
CANON 256 We will reorganize the Company into a firm structure that completely eliminates inefficiencies, writes the President. Ambitious, isn't it?
CARLSBERG 220 The market overview defines consumption characteristics for each country served.
CARREFOUR 226 Business review not available after six months. Management's report is very short. And risk management even more.
CASCADES 20 Reporting sustainability facts and figures in style without sacrificing substance. On top of a solid results analysis.
CATERPILLAR 162 For detailed financials, the analyst has to dig into a 10-K (p 62) just built like thousands of others.
CHEVRON 175 A well-paced and substantial MD&A.
CHINA TELECOM 202 Longer on governance than on financial commentary.
CISCO Systems 268 How can such a leading IT company deal so awkwardly with an online report?
CLP 5 Among the many features that makes this report an A-rated one: a direct way to explain hedging and fair value accounting.
COCA-COLA 68 18,000 servings per second (p 11) yet not resting and serving a refreshingly threaded Review.
COLGATE-PALMOLIVE 188 No strength shown to polish up the SECish filing that follows a 24-page narrative.
COMPASS 50 A visual route that alternates black and white and full-color pictures makes it an enjoyable read.
CONAGRA FOODS 274 Another report that claims to be focused but doesn't care about feeding financials in another form than a 10-K.
CONCORDIA Maritime 180 Business model's foundation also sets out the costs incurred.
CONOCOPHILLIPS 217 The way prices, volumes and... government responses are managed is as clear as oil.
DAIICHI SANKYO 246 A not that old player that is able to show a comprehensive pipeline. But financials suffer from vitamin deficiency.
DAIMLER 103 The way to handle automotive-generated environment dilemmas is not always most credible.
DAIWA HOUSE 43 A nicely built report that clearly puts the business (housing and construction) and the strategy -also on financials- in a medium-term perspective.
DALMIA CEMENT 275 Five 5-year CAGR charts put operating indicators in a longer term perspective (p 5).
DANISCO 239 A... Business enhancing its HR focus (p 34) and demonstrating it in its People planning circle (p 35).
DANONE 12 Delivers more strongly on soft facts than on hard figures. But the integration of responsibility in daily business is not watered down.
DELHAIZE 123 A remuneration report made more explanatory through charts.
DENSO 150 Want to know where company products are used in hybrid cars? Go to p 14.
DENTSU 174 Angles and triangles tried, yet the whole view is not fully tested.
DEUTSCHE POST 62 Outcome for Progress on the Roadmap to Value set forth on p 39. Not a light pack.
DEUTSCHE TELEKOM 248 Selected financial data (p 2): adjusted net profit is more than double than the net.
DIAGEO 110 We believe that alcohol can play a responsible role in society, prescribes Dr. Humer in his chairman's statement (p 4).
DOMTAR 130 The review is fine paper. The 10-K is just pulp.
DSM 78 One of the rare reports comparing operating cash and sales as a ratio among key figures.
DUKE ENERGY 133 The impact of changes on the business model is fairly dealt with. Why not adapting the reporting model too instead of just going to the SECish form?
DUPONT 254 The review is too short. The 10-K is too dull. The Data Book is too downplayed.
E.ON 94 Operations along the Value Chain charted by geography on p 9.
EDF 99 Heavy fuel: the Management Report comes rather late and looks structured by administrative engineering in a 480-page book.
ELECTROLUX 2 The active use of page footer all across allows a kind of parallel reading and often gives the medium-term perspective.
EMERSON 247 Short-term earnings per share and return put in perspective on the very first age; the latter over the last five years, the former since... 1956.
ENCANA 124 Emphasis placed on free cash flow and strong balance sheet indicators for long-term value.
ENERGIZER 232 The CEO takes personal care of the whole review of brands' performance and doesn't trim off. But geographical analysis sounds as old export.
ENIRO 172 Easy searching: from equality to high margins to stakeholders, key topics are indexed on the front cover.
ENTERGY 152 Quotes selected as a thread from the frightening cover on may be seen either as well-chosen or as far-fetched.
ERICSSON 102 Strategy target setting and risk management cycle (p 22).
ESPRIT 165 Between two fashionable visuals, bubble-looking charts show where business is doing best.
ESTEE LAUDER 166 MD&A's body would require some makeup and a bit of surgery. But CSR goes a bit further than lip service.
EVN 141 The fantasy theme looks and sounds so far-fetched for an otherwise serious and substantiated report.
EXXONMOBIL 86 Well fueled: richly illustrated, strongly charted, finely mapped.
FEDEX 98 A solidly packaged review of performance follows a travelog.
FIAT 278 The manufacturer of the 500 et al. goes for an unwieldy 350-page book, with paintings and quotes and not many autos to adorn now and then.
FORD MOTOR 298 More Products People Want, states the cover. And more annuals people don't want to read. The drive stops at p 8. Then even a GPS wouldn't help to find your way through financials.
FORTUM 33 Corporate view on minimum EBIT mandate part of Guidelines to risk management (p 100).
FOSTER'S 51 Highlights' ingredients made palatable -responsibly.
FRANCE TELECOM 154 On the web, private shareholders are not entitled to the same level of information as investors and analysts. For the rest (or main), it's turning orange.
FUJIFILM 179 CEO depicts M&A as a Core Growth Strategy and then stresses the Slim & Strong Drive? Later are anti-takeover measures (clearly) defined. Are all of those really compatible?
FUJITSU 111 Major year announcements and IR activities summed up in a spread (pp 30-31).
GDF SUEZ 104 Presence across the entire energy chain (p 2). So present that the all-embracing strategy is perhaps not easiest to demonstrate.
GENERAL ELECTRIC 185 Less of the submissive 10-K than others, but very conventional nevertheless.
GENERAL MILLS 115 Well-branded, not too fat, and with substantiated financials. But Highlights are fast food and Uses of Cash stuck.
GFK 97 No future without a past, states the cover. Nice photography illustrates the point.
GSK (GlaxoSmithKline) 81 Quarterly figures for each drug in all major areas.
H&M (Hennes & Mauritz) 183 A halfway reporting fashion: part 1 is chic and business-threaded, part 2 is raw financials without real analysis.
H.J. HEINZ 218 Chairman's conveys something of the flavor of growth achieved these last years -and checks off targets.
HARLEY-DAVIDSON 134 Strong branding for a report that looks more as a product catalog. The 10-K takes you for a hard ride.
HEIDELBERG 42 A glossary also sums up Net operating assets and Capital components. Just one of the many reporting assets in a double book much heftier in print than online.
HEINEKEN 117 The executive committee enjoys drinking beer (responsibly, of course). But, bar a few ingredients (including a James Bond partnership), the report is still a bit dry.
HENKEL 59 Detailed segment reports precede extremely clear notes to statements.
HITACHI METALS 120 Metal-solid CEO message, built upon five parts.
HOCHTIEF 219 Typical value curve for a concessions project (p 29).
HOERBIGER 260 Packed in a metal box (why?), this report doesn't deliver up to its promise of Thinking outside the box.
HOLCIM 149 Value chain and strategic pillars are explained, but between building photos it is often as dull as cement.
HOLMEN 48 Woodworking: Carbon analysis of forestry activities stand among the ingredients of a solid sustainability report..
HOME RETAIL 116 Benchmark performance indicators finely packed.
HONDA MOTOR 40 Same emphasis on operating and unit sales data as on key financials in Highlights. Governance transparency ahead of a number of Japanese peers.
HONG KONG AND CHINA GAS 279 Financial analysis is three pages long -we mean short.
HT Media 266 In line with its core business, the report is printed as a newspaper. But highlights are hard to find.
HUSQVARNA 84 Mowing and cutting, we mean reporting, in line with Swedish good practice. But no diamond tool as such.
HUTCHISON WHAMPOA 222 The report on capital resources charts liquid assets by currency as well as… U.S. Treasury notes (p 56).
HYDRO-QUEBEC 101 A separate Financial Profile enlightens about debt maturities, repayment and financing needs.
IBM 192 Big blue has now joined the queues of U.S. lackluster annuals.
ICA 135 Charts accompany the statements.
IFCO Systems 234 The report is packaged as functionally as, say, a plastic container.
IHG (InterContinental Hotels) 227 After the snappy slogan (and trademark), highlights are very selective and the financial statement much summarized.
INDITEX 151 Plenty of information in store -especially about responsibility matters- retailed in 380 pages.
INDUTRADE 138 Earnings put in parallel with acquisition history -and year acquisitions summed up in figures and pictures (pp 23-25).
INFINEON Technologies 28 Despite very difficult conditions and negative performance, the semiconductor company links year highlights to share graphs, discloses changes in its holding structure, and sticks to sound financial reporting.
INFOSYS Technologies 171 A pity that IT is not more used to serve a reporting purpose that is otherwise analytical, e.g. on performance and condition measures.
INGERSOLL RAND 293 Another report only made of a SEC safe conduct.
IOI 177 Management discussion follows clear and comprehensive key figures and starts by putting operating profit in a... 15-year perspective.
ITOCHU 126 6-year change in Provision for Doubtful Receivables charted (p 84).
J SAINSBURY 212 Should an online-first policy result in a printed report retailed in such a dull package? Not a change for the better (answer to back cover's hope).
JAL (Japan Airlines) 269 Travels light (less than sixty pages) with a dashboard blurred by the (page) background.
JAMES HARDIE 144 We... look forward to a future that allows us to focus more management time on value creating activities. (CEO's Report, p 6).
JKH (John Keells) 132 The conglomerate highlights achievements and goals and breaks down area contribution straight off.
JOHNSON & JOHNSON 96 The MD&A is unevenly analytical.
JOHNSON MATTHEY 80 Objectives boil down to precious -yet underlying- share items (p 7), less on fundamental catalysts. But the business review is rich.
KAO 197 EVA as main management measure (p 46)? Why not? But where is the long-term measure?
KELLOGG 229 A not so grrreat everyday 10-K where the only bold words are for brands.
KIMBERLY-CLARK 265 Sustainability: Inside Back Cover. After 10-K papers.
KINGFISHER 74 Screwfix needed. Performance indicators neither a storehouse nor easy to compare: Adjusted pre-tax etc., Underlying ROIC excluding goodwill among other blurred and blurring data.
KMG EP (KazMunaiGas) 263 A poster mapping country's oil and gas industry comes with the report, packed as a briefcase.
KOMATSU 170 Face to Face is a well-constructed six-page Q&A with the CEO that encompasses a range of views, from quarterly profit to capital policies.
KONE 251 Financial results are in a lift but analysis is short (less than two pages).
KONICA MINOLTA 146 A few interesting facts and figures, directly related to products (e.g. copier power consumption, toner use, etc.) in the separate CSR book.
KPN 276 Back to Growth, states the cover. Maybe, but it makes it as heavy as a fixed line in the past, with short line spacing.
KYOCERA 238 Why having copied American worst practice and left financial information components into a 150-page 20-F heavier than a handset?
L'OREAL 69 Shows and figures out which markets are making up now in a glossy business report.
LAFARGE 76 Risk factors and management are reported immediately after selected financial data.
LAND SECURITIES 37 Nicely sketched. But the case for the benefits of demerger (p 13) may be reversed -why demerging what was merged?
LINDE 85 Megatrends fairly reported: check e.g. Global energy megatrend - Our contribution to securing future supplies (p 23).
LUFTHANSA 34 Finely piloted, from take-off (key figures, events) to landing conditions (hedging policies, etc.).
LUNDBECK 67 High-quality and respectful pphotography of patients with brain disorders.
LVMH 182 Men are in charge (one single female director and one single executive) while women stand almost everywhere.
MANPOWER 176 The overall 20 basis point increase in Gross Profit Margin is attributed to... (see MD&A p 20).
MARUBENI 196 Equity, Risk Assets and the Net D/E Ratio chart (p 5) also points to the Risk buffer. But the sogo shosha strategy -and risk spreading across 13 segments- is not easiest to decode.
McDONALD's 280 After a few advertising pages that don't make up a business review, the financials are not made easy to swallow.
McGRAW-HILL 283 A defense of ratings agencies -the company owns S&P- occupies one page in Chairman's message but doesn't make out the strongest case.
MEDTRONIC 136 Showing Yui Zenke running (with a pacemaker) to depict Innovative Therapies defined nearbyputs a friendly tone.
MERCK 291 Another one that has gone down from nice reports to illegible and misstructured 10-K.
METRO AG 206 After having charted the rating development and outlook (p 84), it says: Based on its current ratings, Metro Group principally has access to all debt capital markets.
METSO 46 Risk mapping and profiling most clearly displayed.
MINEBEA 195 Not bad, but lacks major reporting components, such as a real review of businesses.
MITSUBISHI 122 The front cover boldly asks what the company value is. But going through non-resource-related businesses (sic) et al. doesn't make the answer easiest despite a solid review of businesses.
MOLEX 284 Ten pages connect with the reader. The rest (150 pages) is a disconnected 10-K.
MONSANTO 187 The 15-page Supplemental Toolkit for Investors contains a rich crop of data. It makes up a bit for the 10-K-as usual compliant policy.
MVV ENERGIE 198 Why reporting so conventionally about energy efficiency and renewable energies, rightly named markets of the future?
MYLAN 267 Transformed, states the front cover. This doesn't apply to a 10-K that is purely generic.
NEC 257 Magnifying glass needed to view how Open Innovation will be Accelerating (p 29).
NESTE OIL 23 Puts CO2 emissions as the challenge, but also gives some interesting answers as an oil company.
NESTLE 108 Although using a number of clichés (who hasn't got its roadmap these days?), the 4x4x4 roadmap shows the food (say nutrition today) web.
NEWS CORPORATION 244 The fox's message stresses the winning streak. The pictures tell stories. The one-column financials may fox even Wall Street journalists (well, they won't).
NEXEN 106 Among the rare 10-Ks in which the reader doesn't have to dig deep to find relevant and well-presented information.
NIKE 299 Not right on form. Downloading from the words Annual Report leads you to a slim 8-page booklet. Select Financials are selective indeed. Then comes a basic 10-K.
NIKON 262 The report instrument shows some images but lacks precision.
NIPPON STEEL 243 The overview of operations is ironwork, and product applications are set forth.
NOBEL BIOCARE 200 The use of drawings helps readers get their teeth into (with a stopover at p 53).
NOBIA 145 What goes into a kitchen? (p 4). From the report, the question could be: who comes in?
NORTHGATE Minerals 270 Laid the groundwork for imminent success, states the President (p 4). This shows hardly in earnings trends, not visible in the first pages.
NOVARTIS 17 Access-to-medicine projects listed in value and number of patients (p 72).
NOVO NORDISK 22 A trailblazer on non-financial reporting and its integration within a broad stakeholder model.
NOVOZYMES 167 A number of worthwhile functionalities and additional information in the online version and web environment.
NTT 281 Major Operational Data (pp 9-10): mind the not so minor footnotes.
NTT DoCoMo 125 Changes in the environment and strategic direction are finely articulated and charted.
OCE 113 Very explanatory note on Goodwill allocation to cash-generating units.
OMRON 128 A good way to compare targets with achieved results (p 14) in the Interview with the President.
PANASONIC (Matsushita) 87 Displays the world ranking of patent filings, and shows its top position (p 42).
PAPERLINX 83 Paperwork that puts the Review in black and yellow.
PEARSON 92 In a perceptive message the chief executive sums up some reasons to be cautious, and some to be confident.
PEPSICO 26 After a pepped-up story, it takes some time to get down to the core financials, which oddly (or is it significantly?) start with Mark-to-Market Net Impact.
PERNOD RICARD 49 Brands and regions are distilled with sparkle.
PETRO-CANADA 207 Capital Program from Continuing Operations include planned expenses to replace reserves but also compliance costs (p 24).
PFIZER 213 Commitments Made, Commitments Kept (CEO's message p 3). Turn to p 4 for a number check. But the buying spree goes on. The financial report has turned into an Appendix.
PHILIPS 4 Not a lightweight book: figured, highlighting, enlightening, explaining (also the negs.). But also not light enough (due to U.S. GAAP compliance). Sustainability integrated thoughout the book. Financials remain a model of clarity, also for the notes.
PIONEER 216 Though imperfectly, the first part of the report is tuned to what customers are used to listen to. But the financial sound is not loud.
PORSCHE 230 Heavily trucked (200 pages) and nevertheless split into four chapters only, of which one pictorial section about a new model.
POSTEN 184 The overview includes an employee and a customer satisfaction index.
POTASHCORP 9 Well-fed. Impact on various indicators on earnings per share and key earnings sensitivities clearly shown.
PPR 255 Reports about resilience (one more) but doesn't do it in a luxurious style.
PROCTER & GAMBLE 25 The way to visualize the productivity formula (pp 18-19) is raw and clean, adding even more stuff to the classic Report Card.
PSA PEUGEOT CITROEN 100 In a more-than-zero-emissions industry, acommendable attempt to combine business issues and sustainability challenges.
PUBLICIS 272 What's the business? The 244-page Reference Document is less communicative than some from heavy industries. The report itself takes more than six months to come online. And the online features are gimmicky.
QANTAS Airways 285 Heavier and less reader-friendly than an in-flight mag, and light on financials.
QUALCOMM 288 The now typical U.S. form: a 'take it' illustrated narrative and 'leave it' resigned financials.
RANBAXY Laboratories 290 Why making it so... generic? Poorly designed, short on financial analysis, dull.
RANDSTAD 82 Historical milestones for the two combined companies are shown on p 130.
RECKITT BENCKISER 137 Segmentation doesn't work satisfactorily here.
RELIANCE Industries 273 Raw material: 200 pages printed in black and white and tediously laid out.
RENAULT 36 A snapshot of the car recycling process lies on p 44.
REZIDOR Hotel 75 Covered and laid out like a famous business review.
RICOH 271 A set of three reports that tells more efficiently on environmental than on economic performance.
RIO TINTO 105 The relationship between net debt and capital projects is explained, with a detailed table for the latter (p 29).
ROCHE 156 Filing the research pipeline and new product launches in the inside back cover enhances them.
ROYAL DUTCH SHELL 119 Five books, of which the Review puts in a nutshell what the raw 20-F is hardly able to produce.
RTL 163 Better in the limelight than in bottom-line highlights: net profit is first shown on p 76.
RWE 58 Performance is checked on page one. The do's and don'ts pictorials introduce a duller document, yet with a solid review of operations and not evasive outlook.
SAAB 205 Six markets and seven driving forces clearly set out.
SABMILLER 159 Principal risks are addressed in the chief executive's review. O.K., but highlights are low in calories.
SAINT-GOBAIN 39 A well-built and packaged corporate brochure, but the report, albeit solid, is heavy material.
SANDVIK 140 The accompanying brochure makes up for the lack of appeal of the main report.
SANOFI-AVENTIS 225 The summary Review is too short, and not only on financials, for which another tedious 20-F is provided.
SAPPI 64 For better or worse, past targets and their achievement are checked off without delay. But the report is neither paper-thin (200 pages) nor eye-catching (a dull layout).
SAPPORO 296 The Sapporo Experience is short on most report ingredients.
SARA LEE 249 What's left from the food found in past annuals? This book is not cooked for reaching higher (cover message) standards.
SAS 6 Reports turbulences, but doesn't conceal negative factors, cycles, trends, and the impact on future business flying conditions.
SASOL 7 Financial reporting fueled with solid components, including liquidity matters and notes made most transparent.
SCA 13 Actions in risk management set out.
SCHINDLER 236 The first book gives a bit of a lift, but the second is uneventful.
SCHIPHOL 223 Key figures about airport alliances and participating interests (pp 64-65).
SEIKO EPSON 79 Special Feature about Strengthening the Earnings Base that maps systems for building to cost and cost control.
SHARP 191 Not for the sharp tongue? The President aims to promote Sincerity and Creativity in All Business Activities (p 7).
SHIRE 261 Patience needed for net (result) financial commentary.
SHISEIDO 89 The talk about growth goes beyond lip service.
SIEMENS 204 An idea of how difficult it is to (make) change a large group? Look back at -and read- the report structure and style over the last two, three, five (and more) years. However, the number of legal entities is due to decrease by 40% in 2010 (book 2, p 56).
SIME DARBY 292 A walk in the woods is sometimes better planned than this oddly structured conglomerate's document.
SINGAPORE AIRLINES 181 Charts give the long-haul view.
SKF 93 Bears the pluses of Swedish annuals. A bearing option puts some parts front to back.
SODEXO 14 Well-balanced report service: numbers plus pictures, style plus substance, strategy plus operations.
SOLVAY 142 Goes for REBIT (recurrent EBIT) to explain the financial situation. Where next? Mind the non-recurring items.
SONY 63 The cover represents the joy and excitement inspired... Neither joyful nor exciting. But the strategy, results and operating performance are fairly pictured.
SSAB 143 High-strength steels but low-level risk analysis. Steel Talk glossary is useful.
STATOILHYDRO 235 Partial downloading is not convenient at all, and doesn't facilitate an overall grasp.
STORA ENSO 38 Capacities, market shares and main markets known after 5 pages.
STRABAG 30 A pair of gloves comes along with a well-built report kicked off with concrete key figures.
SUMITOMO 240 Yes, this is a holding company. But is it a good reason for not setting forth revenues before p 68? That said, the use of a risk-adjusted return ratio is worthy of note.
SUZLON Energy 173 Market outlook and strategic positioning are not hot air.
SYNGENTA 190 Repetitive London-made design for a Swiss agrochemical group that performs sustainably (p 1) in a year of sustained momentum (p 2). Sustained clichés, that is.
TAKEDA Pharmaceutical 253 R&D alliances stressed as much as in-house ingredients.
TATE & LYLE 168 KPIs (p 40) do not fully give a taste of financial and broader performance. But the use of raw materials is finely demonstrated.
TEIJIN 88 Financial highlights chart Long-Term Results and Key Ratios Trends.
TELEKOM AUSTRIA 203 With bearish numbers, the report aims to take the bull by the horns. Does it succeed? Not fully, as the back cover shows.
TELIASONERA 107 A good analysis of markets and technology trends.
TELSTRA 294 Communication is the business, report not included: a 250-page phone-book style.
TELUS 3 Performance drivers, capabilities, capital structure, changes in financial position, assumptions to targets and others contribute to make up a top-notch MD&A.
TESCO 41 Baskets filled with facts and figures plus case snippets make review shopping a pleasant experience.
THYSSENKRUPP 55 Heavy and not fully ironed out, but with elevating maps (e.g. about innovation (p 248), finely engineering charts, and good insights.
TNT 155 The heavy packaging (including double empty covers) is somewhat surprising in the mailing industry -or is not?
TOGNUM 201 German engineering also applied to reporting, with adjustments. But is the reader really fired with passion?
TORAY 72 Very diversified yet capable of charting much at a Glance and further on.
TOSHIBA 56 Smartly devised graphs and diagrams, used also for charting the growth outlook and projected shipments.
TOTAL 47 Five books in total, but the 32-page Facts & Figures refines the heavy load effectively.
TOYOTA MOTOR 45 Fueled with diagrams, also for demonstrating the sustainability drive. But MD&A readability is hampered by the U.S-style rear-views.
TRELLEBORG 44 Net profit is difficult to find -both meanings. A weak point in a report that is not evasive about risks.
UCB 65 A lively way to talk about therapies, and show the benefits.
UMICORE 139 Closing the materials loop (p 20 about recycling solutions) is one of the components of a well-combined reporting ironwork.
UNIBAIL-RODAMCO 153 A well-built report, but key figures don't give the full picture, which is bleak.
UNILEVER 109 A summary Review that, despite its title, is not bursting with vitality, and is just repeated in the extended Report.
UNITED TECHNOLOGIES 210 Efficiency in dealing with the More with less theme.
UPM 148 Highlights give a perspective, but the Financing commentary makes less than fifteen lines.
UPS 277 Another SECish document, which is about... resilience, naturally...
VASAKRONAN 194 Comments placed next to financial statements enable analysis, not easiest due to recent changes in portfolio.
VATTENFALL 19 A responsibility report that is no hot air and makes it clean, e.g. about the pros, cons and costs of energy alternatives.
VESTAS Wind Systems 245 The cover could tell much more. But highlights are comprehensive and not windy, and include non-financials.
VIE (Vienna International Airport) 189 The book format is nice but shows its limits for finding the (good) information you need. And the company ID is not clearest.
VODAFONE 241 Not much illustrated yet it communicates by other means. Mind the small print, though.
VOLKSWAGEN 53 The transport sector is part of the global environmental problem (p 55), is one of the climate challenges fairly addressed in an almost 300-page truckload.
VOLVO 15 The reporting model remains strong and highly substantial yet a bit wheeled out.
WAL-MART Stores 228 Company Performance Metrics defined at the beginning of the MD&A. But their analysis requires good reading.
WALT DISNEY 52 The review of businesses is lively broadcast and substantial. But the financial section should require some artwork.
WEYERHAEUSER 164 Reworks the conventional 10-K and makes it work for readers.
WHIRLPOOL 209 An annual report is not (only) a catalog of products or a series of ads. This one is (almost) about it.
WIENERBERGER 10 Products and Brick Production packed to be understood, under covers still built with bold humor, despite the results, honestly announced straight off.
WOLFORD 286 Governance (half a page) needs some legwork -or a leg up.
WOLSELEY 31 Performance of seven Key Performance Indicators thoroughly reviewed (pp 13-14).
WOOLWORTHS 60 A Five Year Summary that has many figures and well-picked ratios in store.
WPP 11 The fast read gets to the main reporting points in twelve pages. And the state of the industry is brilliant.
WÄRTSILÄ 29 Which insurance covers our business? (p 46) as one of the features of a thorough risk review.
XEROX 127 A confident CEO message, despite the bottom line. But why ending with non-GAAP reconciliation?
XSTRATA 178 Chairman: 'strong performance'. Chief executive: 'highly creditable result'. Key figures: lower sales, EBIT and cash flow.
YAMAHA 91 Blows its own horns about growth and position, not only on p 19 but also through well-tuned highlights.
YELL 160 Theme smartly woven around the core business. But the financial review has nothing to yell about.