 |
 |
 |
 |
 |
Among the hundreds of reports received or downloaded there are some which are best (or worst), good (or bad), readable (or illegible), enjoyable (or boring), built to last (or just made to be filed), and so on... These are some of the annuals our rating panel members liked (among others), for a few features or many reasons.
Reg liked:
Danone: A very engaging read, thanks to excellent narrative communication qualities.
Asahi Breweries: Has been a very good annual report for years, and 2008 is no exception. Rich in content that leaves
the reader with an excellent insight into the company, its business and the market context.
Rezidor Hotel: For me this should be an A-rated report. It is produced with great care, gives a really good view of
what the company and its markets are about. The book is written in a very compelling style packaged in a great
example of magazine format.
Jakob liked:
Wienerberger: The 2008 edition keeps up with the style -and substance- of past reports. I like the combination of
clear business information, market developments, drivers and the kind of both relieving and straightforward way it is
given.
Novartis: Photography is really wonderful! The pictures have a depth and tell a story far from the genre often seen in
corporate reporting. Good typography and a sober design enhance a feeling of trust.
PotashCorp: Using the key drivers as a theme works here brilliantly. And financial analysis supports this, e.g. with
graphs. Good and clean design and typography. Excellent online version.
Kaevan liked:
WPP: As always, a superb read. From the excellent introduction wrapup to the "state of the industry."
BASF: Certainly one of the most substantial reports I have read this year.
CLP: Very good and clear financial reporting, which, contrary to many, is here well integrated within a strong
stakeholder orientation.
Vero liked:
Daiwa House: Changes and challenges, opportunities as well as threats fairly reported. Committed from the cover
on, this is a solid and not evasive report of a group in the troubled property sector.
Sodexo: "La première qualité du style, c'est la clarté" (Aristotle): a major quality of this report indeed, also
noticeable in a number of top French reports. This one is also strong on branding, reading facilities, numbers and
illustration. A smart exercise for an enjoyable read.
Lundbeck: Portrays the diseases, the patients and treatments developed by the company a sober and striking way.
You are caught both by what you learn and what you see.
Mike liked:
Telus: Starts with a scorecard checking targets. Then goes deeper in a striking MD&A: well structured, written in
plain language, and addressing performance and financial conditions with unparalleled clarity -and substance.
Concordia Maritime: The business model, market segments and trends, competitive environment, challenges and
driving (or shipping) forces are reported much more precisely than in a majority of annuals.
Wolseley: The company overview and performance monitoring section gives an outstanding summary including
well-selected ratios and effective measures of medium-term growth.
Dennis liked:
Philips: A well-achieved exercise of integration of responsibility and sustainability issues in what is primarily a
business and financial document. CSR aspects are reported clearly throughout the whole book.
Electrolux: A very good example of well-balanced reporting, addressing all issues -and not least governance- with the
same level of communication commitment.
Atlas Copco: Despite some weaker points (executive statement, strategic direction), this remains a good standard of
communication to investors, with detailed share information.
