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1
BASF
High-performing and well-oiled report homepage. Rich content and a functional chemistry are up to it on many areas from business reviews to strategy, from responsibility to risks. -
2
SAS
Come rain, shine, or turbulences -there have been some these years- the airline's report has remained a high-flying exercise for years, delivering top output on most reporting areas. -
3
Electrolux
A dialogue between the former and the new CEOs, The World of Electrolux spread, product and cost elements of strategy, exchange-rate exposure and transaction effects mapped make it a top-notch reporting appliance. -
6
Statoil
A gas-fired, well-mapped and solidly fueled online-only reporting format. On a more fossil side, a well-made 40-page summary and a 20-F are also available in print. -
11
Land Securities
Bricks (i.e. the print or pdf) and clicks (i.e. the online report) strongly built and interconnected to deliver substantial content serviced by good design. -
16
Wienerberger
Still a rocking intro, reporting in concrete terms also about negatives, but the mix seems to have leveled off. -
18
Vattenfall
In AR: the competitive landscape is mapped, the new strategic direction is made very clear, and ratios are calculated for the reader. In CSR report: answers to stakeholders' tough questions about energy sources are, contrary to many, not evasive. -
37
Metro
A bit schwer (300 pages) but not shapeless, and a mag-leaning intro that shows there is something in store. -
38
Thomas Cook
A compelling read and a user-friendly online report, finely organized and easy to travel through. -
40
SEB
Cooking with gas. Based on a potent brew of products and brands, facts and figures, consumption trends and market drivers. High read appeal, too. -
43
SKF
A slightly more optimized report structure would make it easier to find your bearings (division reviews after 100 pages). But content is metalwork made in Sweden, also accessible through a well-framed IR website. -
47
Linde
Interviews, illustrations and animated spotlight pages show a business that goes beyond gas. -
48
Telekom Austria
The report is conveniently telecast on the website, with a constant access to key information items. -
51
Saint-Gobain
For those who find the legal brickwork well built -and not lacking in mortar, e.g. on business strategies- yet a bit too hefty a forty-page summary review goes to the point. -
54
Cascades
To understand our results spread shows what is driving the financial performance and sums up the impact in a nearby Sensitivity table. -
56
Kesko
Impacts of operations; responsibility trends, objectives and actions taken, as well as comprehensive notes make up a substantial Responsibility Report. -
57
AstraZeneca
Delivers most strongly on strategy, growth drivers, challenges (life-cycle of a medicine made intelligible), key delivery aspects, and therapy area reviews. -
62
Agrium
Well-structured and substantial review of businesses, cycles, growth conditions, sensitivities. Check also the impact of accounting changes, and risk management made clearest, also regarding key assumptions. -
65
Fujitsu
In-depth Conversation with the President, also emphasizing medium-term targets. Then comes a crystal-clear review of businesses. Worth noting too: an interview with the auditors. -
67
Associated British Foods
The microsite Annual Review menu works fine. Pictorial spreads in print are eye-catching. But the financial review has gone on a diet. -
78
Woolworths
Among pluses in a thorough governance section: a diagram setting out the powers and functions of the People Policy Committee. The comprehensive remuneration report is not down under either. -
80
Marubeni
President and CEO Talks Strategy and does it by answering to nine questions; and backing it with maps, diagrams and charts (e.g. Equity, Net risk assets and Risk buffer). Group's diverse strengths are also put in perspective. -
82
Belgacom
Effectively used as a corporate communication calling card. Reading gives a buzz, also for chairman and chief exec's messages. -
83
Teijin
Substantiated CSR report: Performance compared to Plans and Goals is self-evaluated over four pages in a concise and strongly charted 60-page book. -
91
Diageo
Does an entirely video-based Annual Review made of consultant's clichés mixed with glass-filling images quench the thirst for information? Not really. But the full report makes up, not least on governance. -
105
Pearson
Four lessons taught in the last year -some probably for the second or third time- boldly summed up by the chief executive. -
109
Siemens
Heavy in more than one meaning: about 300 pages conventionally laid out and sometimes a difficult read. But not hollow, with some substantial Special Reports, a solid MD&A, and many details about Revisions to the remuneration system. -
113
EDP (Energias de Portugal)
Well-introduced, effectively charted, clearly mapped and nicely illustrated summaries of activities. But financial reporting is lacking in fuel. -
115
L'Oréal
The beauty of tommorow will be global, active and responsible stands among other megalomaniac words in a glitzy annual. Luckily, behind the makeup, content is not always skin-deep. -
117
Schneider Electric
The Strategy & Sustainable Development Report is electrifying and energizing. But the official annuals are way too long -and short on financials. -
133
Dr. Reddy's Laboratories
A commendable effort to show how Sustainability is a way of life embedded in company purpose that could have gone further. -
134
IOI
The MD&A begins with cost of equity, ROCE, WACC and economic profit charted over the last 5 years, and based on three parameters, also charted: risk-free rate, market risk premium and beta coefficient. -
145
Toyota
After having been put on the defensive, the company goes for a landscape format; stresses the Commitment to Quality, Reforging Bonds of Trust; and sets forth a message from its Accounting EVP. But cars look a bit out of the picture. -
159
Procter & Gamble
The faces -and the markets- change, but the stories and the report recipe have remained the same for years. -
165
ArcelorMittal
Reminding that steel is used in almost every industrial process might deserve a more vivid account. KPIs come a bit late too. But success components are well defined. -
170
Nexen
How to refine the raw material of a 10-K (or 40-F), stick to its format, yet make it comprehensible for downstream use? This is a good example. Still, it's lagging on key reporting aspects. -
187
China Telecom
Readers can follow a path through a number of trees -a reference to a long-lived company- also used for charts and pagination. -
190
General Mills
Generally acceptable: less of the usual run-of-the-mill 10-K food and well-branded. -
212
GSK (GlaxoSmithKline)
Feel better, really? Stimulants should be prescribed to go through an informative but soporific report. The World of GSK online does more and is a bit livelier. -
217
Coca-Cola
The Board is still running on the soft drink but the Annual Review is not that refreshingly different from the past ones. And the separate 10-K is tasteless. -
218
Turkcell
The Get more out of life thread is wired to make it a good corporate calling card. Still, it doesn't talk turkey all down the line. -
223
Bertelsmann
Creativity + Entrepreneurship theme finely worked out. Question: Is the EC President the most suitable patron for an Academy of Journalism? -
255
Carlsberg
Opens with a comprehensive Market overview (also showing Consumption characteristics) and closes with a display of bottled brands. In between it's more insipid. -
262
Burberry
Skinny highlights, chic models, branded strategy, but there could be more in store for financials. -
283
PPR
Annuals made for those who have the luxury of being patient. The short activity report is not that In extenso and the Brand's Activity one is far from Inédit. The much longer financial document makes up a little. -
N/R
Avon Products
The work to make the 10-K sexier is merely cosmetic. -
N/R
Bharat Petroleum
The (low-carbon) footprints in the sand on the front cover are a non-kept promise. Visually, the report makers should explore opportunities to make it a refined read. -
N/R
ConAgra Foods
Nicely put Formula for Growth. A pity that it doesn't apply to tasteless and indigestible financials. -
N/R
Fiat
An Iveco-leaning book, with almost 400 pages (of which more than 200 made of notes), a meaningless cover, a one-column chassis and a structure that all make it a really difficult reading drive –ifany. -
N/R
General Motors
After a catalog-based intro that shows it going into overdrive, the new GM comes up with an old heavy truck-style 10-K. -
N/R
Hindalco Industries
Corporate ambition stated on the cover, a batch of ratios, but the whole design needs some ironing. -
N/R
Kellogg
The Letter to Shareowners is no waffle. The business overview lacks meat. And financials are indigestible both online and on paper. -
N/R
McDonald's
Less than 50 pages, including not most digestible financials. Fast food, that is. -
N/R
New York Times
One the world's most famous newspapers keeps on producing one of the most basic annuals. -
N/R
Ryanair
Bragging, yielding (purely following the legal format), saving (on design), boring (compare with travel brochures, made outside). -
N/R
Starbucks
Strong coffee needed to stay awake while reading another dull 10-K. Deals more in depth with corporate responsibility. -
N/R
Walmart
Report makers are saving some paper (60 pages long). Does it make it better? Not really, yet the MD&A is at least retailed to be legible.
