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XeroxNorwalk, CT, U.S.A.
Report FactsCompany name: Xerox CorporationFiscal year end: December 31, 2007 Report title: Listening, connected, committed to… you Chairman and CEO: Anne M. Mulcahy Number of books: One Report length: 136 pages Auditors: PricewaterhouseCoopers LLP Design: Pappas MacDonnell Inc. E-mail: james.lesko@xerox.com or jennifer.horsley@xerox.com |
Report Rating(Rating scale below) Profile-Mission (Excerpts, as from the report)We are a $17.2 billion technology and services enterprise and a leader in the global document market. We develop, manufacture, market, service and finance a complete range of document equipment, software, solutions and services. We operate in more than 160 countries… 28% of revenue from equipment sales; 72% from post sale, maintenance, supplies and financing.(Annual Report p 30, p 46) (Italics are own company’s words) Key FiguresTotal revenue: $ 17,228 millionNet income: $ 1,135 million Earnings per share: $ 1.19 (diluted) Dividend per share: $ 0.0425 (common stock) Equity: $ 8,588 million Gross margin: 40.3% Operating margin: 9.3% (Source: 2007 figures sourced from the annual report) Major Competitors
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Triple A> Fellow shareholders receive a solid ten-page Letter from Chairman and CEO Anne M. Mulcahy, that reminds the past strategic bets, convincingly argues about progress made, substantiates the message with six well-picked five-year charts, and tells what excites her and how the company is playing offense.> Extremely clear Operations Review written in plain English, laid out in a two-column grid, paced with tables, and made reader-friendly through an intensive use of bullet points (see e.g. Costs, Expenses and Other Income in our selected page below, including a matter-o-fact gross margin analysis). |
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Double A> Though coming a bit late, the business profile, revenue streams and segments are clearly defined.> Four case studies describe What we heard and What we did and sustain the Listening, committed cover theme, with a few pictorial breathers. > Emphasis placed on research and development. |
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Simple A> Though coming a bit late, the business profile, revenue streams and segments are> Five years in review recap is finely structured and includes key ratios such as gross margin (broken down also for finance services), working capital and current ratio. But a number of major indicators are left out. |
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Some Bs> Is there a good reason for not highlighting dividends? An answer comes only on… p 135!> The page one Financial overview is lacking in details: 8 items only, over two years, no balance sheet one… > Liquidity analysis and indicators lag far behind the operating performance review. ROE and debt-to-equity are not in print and are left to readers with a calculator. > Governance matters are left out of the core annuals, like in mainstream U.S. annuals. > Stripes and lines do not make up the snazziest visual thread. Even the cover is quite dull. |
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How does the company report in key areas? What are the main report pluses and minuses?
The Report Scan gives an overview of strengths and weaknesses, and scores each item.
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Selected Page(p 63 of Xerox Annual Report 2007)
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