Airlines

Rated A-Z

Aeroflot	Russia	B+
Air France-KLM	France	B+
American Airlines	U.S.	C-
ANA (All Nippon Airways)	Japan	A-
Cathay Pacific	Hong Kong	B-
Delta Air Lines	U.S.	C-
Emirates	UAE	B-
Finnair	Finland	B+
IAG (International Airlines)	Spain-UK	B+
JAL (Japan Airlines)	Japan	B
Lufthansa	Germany	B+
Qantas	Australia	B
Qatar Airways	Qatar	C-
Ryanair	Ireland	C
SAS	Sweden	A-
Singapore Airlines	Singapore	B
Turkish Airlines	Turkey	B-
United Continental	U.S.	C-

Ranked

Screenshot of ANA's annual report 2016

ANA (All Nippon Airways)	Japan	A-
SAS	Sweden	A-
Finnair	Finland	B+
Lufthansa	Germany	B+
Aeroflot	Russia	B+
Air France-KLM	France	B+
IAG (International Airlines)	Spain-UK	B+
Singapore Airlines	Singapore	B
JAL (Japan Airlines)	Japan	B
Qantas	Australia	B
Cathay Pacific	Hong Kong	B-
Turkish Airlines	Turkey	B-
Emirates	UAE	B-
Ryanair	Ireland	C
American Airlines	U.S.	C-
Delta Air Lines	U.S.	C-
United Continental	U.S.	C-
Qatar Airways	Qatar	C-

Compared

Chart comparing airline companies

Benchmarked

Chart benchmarking airline companies

Noticed

Aeroflot

The Market Overview is to the point. Strategic goals and their implementation are well explained. Risk and related management measures are made intelligible. The online version is both simple and easy to navigate. The whole report with appendices is 325 pages long.

Air France-KLM

Holds many cards to make the annual report a pleasant read: facts, design, stories, drawings, photos. However, it is only by digging into the 308-page Registration Document that the analyst/investor gets the full picture. A slower flight, as none of them is interactive.

ANA (All Nippon Airways)

Detailed dashboard, strategy made clear on financials too, good recap of historical data. All in a rather concise format. Still, it doesn’t escape the Sustainable-Growth-as-usual story.

Emirates

Another report where the word resilience has landed as a theme (and Ms. Aniston returned onboard). Looks a bit like a corporate brochure but the Financial Commentary could be put worse and ten-year stats include well-chosen ratios.

IAG (International Airlines)

Doesn’t spare readers from clichés and buzzwords (sustainable returns for shareholder value, of course). Flies higher on governance matters (read e.g. induction programme, committee reports, remuneration…). Design doesn’t really travel.

JAL (Japan Airlines)

A Top Interview (with the President) that embraces many issues.

Lufthansa

A challenge in the year ahead remains to convince all those employees… who have not yet made an active contribution to the required evolution that change is required. (Excerpt from the Executive board letter)