Report of the month

August 2008

Download as PDF

Xerox

Norwalk, CT, U.S.A.



Report Facts

Company name: Xerox Corporation
Fiscal 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

3.5/5

(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 Figures

Total revenue: $ 17,228 million
Net 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

  • Canon
  • HP (Hewlett-Packard)
  • Ricoh
  • Océ
  • Konica Minolta
  • Lexmark
 

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).
 

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.
 

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.
 

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.
 

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.
Contact e.com@reportwatch.net

 

Selected Page

(p 63 of Xerox Annual Report 2007)
p 63 of Xerox Annual Report 2007
Rating Scale
5
First-Rate
4.5
Excellent
4
Very good
3.5
Sound
3
Average
2.5
Uneven
2
Common
1.5
Substandard
1
Poor
0.5
Uncompetitive

The rating is based on ReportWatch internal desk research and does not take into account the independent Rating Panel’s judgment.

REPORT OF THE MONTH

DIMO (August 2010)

DIMO

DIMO

Colombo, Sri Lanka

Read more
Download as PDF

BEST ANNUAL REPORTS

Annual Report on Annual Reports 2010

Best Annual Reports 2010!

Ratings and ranking end-August!

Financial sector annual reports

Annual Report on Annual Reports

Financial sector annual reports For the second consecutive year annual reports from the financial sector have not been selected for our competition. This does not imply that there are not good and better reports in the sector. However, for consistency, comparability and credibility reasons it has been decided not to include any.

How is your report doing?

How is your report doing?
How does your annual report score on all evaluation criteria used for the Annual Report on Annual Reports?
Order a REPORT SCAN. An edited output of desk research done by e.com report analysts, it provides your company (or advisers) with the complete score breakdown for 50 report items plus a summary of pluses and minuses for each of them.
For more information, click here.
E-mail your order to: e.com@reportwatch.net

Report, google and watch

Has a/your report appeared on ReportWatch?

Report, google and watch
Has a/your (company) report/name been mentioned, watched, rated, ranked, benchmarked, cited on ReportWatch?
Or has ReportWatch been cited with reference to a/your company/report/name?
Type the (company) name followed by ReportWatch (in one word) and see if you get results.

Not just another report on capitalism

The seven deadly sins of capitalism,
by e.com founder Mike Guillaume

The seven deadly sins of capitalism
One thing is certain: for all its virtues, and there are still some, the market no longer has all the answers to all the problems.
Read chapters and much more about the economics, capitalism, alternatives on http://www.mikeconomics.net