Report Rating

Profile-Mission (Excerpts, as from the report)

Strongest

• This is a complex company with no less than 8 operating segments. Still, the way to deal with it -to report, that is- remarkably consistent, comprehensive, comprehensible and communicative. Strong chart backing, too.
• The layout for notes to statements probably stands as clearest across the board and many seas.
• Ten year financial performance shows measures over 8 pages, of which three dozens of key performance indicators all set in fractions; from liquidity measures to margins to efficiency ratios and shareholder returns.
• The Selected Page (see below) provides a good example of the thoroughness and clearness of segment contribution analysis, throughout the whole document, including the notes to statements, which is rare among today’s usually annuals, often convoluted.

Good Too

• Diagram used to display the integrated business model.
• Financial strategies and targets.
• Geographical analysis.
• Committees’ work.

Buts

• Is a “summary” still a summary when it weighs half of a “core” report and contains so many crammed pages? “annual financial statements” may not be the most suitable title for that “core” book. And more than 300 pages means a lot of paper and some duplication.
• The financial review -endorsed by two CFOs- could be better sequenced and more effectively laid out.
• Etc.

Green?

• A separate 92-page sustainable development report is available. It includes tools such as a GRI index with a column showing (un)achieved reporting status, a full list of acronyms, a feedback form, and 14 key contacts. Substantiated on some of the burning issues yet not always clearest and up to best in class.

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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