Report Rating

Profile-Mission (Excerpts, as from the report)

Strongest

• The three nutrients that make up business segments are brilliantly decoded in Understanding… pages that even cover main risk factors and their mitigation, as well as cost composition.
• The Financial Review is kicked off with a description of global success drivers and markets, continues with objectives and strategies and then goes deep –yet in plain language- though financials.
• SWOT analyses often remain internal. This company also dares summing up weaknesses and threats.
• Key Earnings Sensitivities, Earnings compared to guidance, Indicators to watch for the coming fiscal year.

Stronger

• Peer Performance Summary stacks up four indicators (including TSR) against six peers.
• 11-year Financial Performance Indicators supplemented with thorough Reconciliations and Calculations.

Good Too

• A commitment to making the business -and financials- understandable also demonstrated in a matter-of-fact 38-page Summary, a clear structure and an animated report route, also applied to a plainly written MD&A.

Buts

• Return on equity surprisingly not calculated. And a number of share indicators left out.
• Governance and remuneration matters pushed into a Proxy and not easiest to go through.

Green?

• The Sustainability Report (publish half-yearly) is as long as the Financial one, at least in volume (88 pages). It addresses governance as a primary CSR issue and checks out targets. However, medium-term goals are not made clearest.

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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