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CascadesKingsey Falls, Québec, Canada
Report FactsCompany name: Cascades, Inc.Fiscal year end: December 31, 2008 Report title: Resolutely Cascades President and CEO: Alain Lemaire Number of books: Two Report length: 104 + 60 pages Auditors: PricewaterhouseCoopers LLP Production: Cascades Communications Design: Ardoise (AR), Paprika (SR) E-mail: investor@cascades.com |
Report rating (Rating scale below)(4/5)
Profile-Products(Excerpts, as from the report)The fourth-largest North American tissue paper producer… Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibres…80% of sales in the packaging segment… (Annual Report source) (Italics are own company’s words)Key FiguresSales: CAN$ 4,017 millionOperating income: CAN$ 229 million Net earnings (loss): CAN$ (55) million Earnings per share: CAN$ (0.56) Dividend per share: CAN$ 0.16 Return on equity: -4.5% Return on assets: 8.0% Total assets/equity: 3.3X Number of employees: 13,000 (Source: 2008 figures sourced from the annual report) Competitors or Rivals
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Triple A> A report that walks its talk, resolutely (report theme): integrated (as stated on p 9), as it combines annuals with a separate Sustainable Development book; Understandable (see Selected Page below), as it plainly introduces the business and its environment; and Memorable, because the simple but highly effective graphical and textual ingredients make it be reader-friendly and look different –especially from the North American league of 10-Ks.> Outstandingly clear charts and graphs facilitate the understanding and also add significant informative value. > Highlights and introductory section give a good snapshot of company position and last years’ figures. > Market positions, trends and conditions clearly set forth. > Comprehensive MD&A, with a good review of business results, an effective use of charts, and a good analysis of financial position and liquidity. > How to report sustainability issues in style -and intelligibly- without sacrificing content? This report doesn’t give all answers, but shows the way for a good starting point. It also shows the interaction with business and products. |
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Double A> Seven-page risk chapter that covers 15-odd risks.> Ten-year financial information includes a number of major ratios, putting key indicators in a long-term view. > There are not many, but the black-and-white photos in SR are eye-catching. |
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Simple A> Chart scale and height in Sustainable Development report may distort a bit the picture –and perception. Besides, some of the statements or messages could be more strongly substantiated. |
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B sides> Governance matters entirely left outside the core reports. Even the President’s name is guesswork.> Some notes to statements lack details and comments. > Some might question about a totally different design for each book. But why not? |
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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 14 of Cascades Annual Report 2008)
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