Property & Construction

Rated A-Z

Ranked

Compared

Benchmarked

Noticed

ACS

Well-illustrated, well-charted, well-built, and well-integrated reporting exercise.

Altarea Cogedim

Smartly designed and well-built report. The heavy 320-page Registration Document is needed to know more, also about CSR, which is covered with care.

Bilfinger

A German report as usual, neither worse nor better, i.e. informative but heavy going (about 300 pages without any illustration).

Bouygues

Overdiversified and overloaded.

British Land

Our objective is to deliver sustainable long term value for all stakeholders (sic). Besides this now hackneyed phrase -among a few other clichés- a report that delivers in some areas, such as financial policies and principles, risk management, and governance matters (useful glossary, too).

Buwog

Executive Board members discuss the business model, strategic changes and objectives. The blend of sketches and photos nicely weave the otherwise very long book.

Hammerson

A quite detailed list of Additional disclosures, including rental information, top tenants, valuation.

Immofinanz

Lack of read appeal, but good degree of transparency over financing.

Lemminkäinen

The online snapshot is fine -with a business model made clear- yet not making it easiest to connect the dots among valuable contents. Downloadable information is scattered too.

Mobimo

Comprehensive key figures, key bond data, a quick overview of the portfolio do their job. But the performance, risk and business model reviews look a bit like bricks without sufficient straw.

Segro

Rock-solid governance report -check e.g. the Audit Committee... and Independent Auditor’s reports, the Remuneration Policy table et al.- follows a well-balanced and nicely charted book telling much about market drivers, operations, assets and places.

Skanska

Clear financial targets. Fine overview of risk and opportunity management. Finely charted market overview, business streams, projects, etc. Comprehensive historical data including a batch of (well-defined) ratios.

Strabag

A bold way to deal with a surprising Reverse thinking theme. Despite its more conventional style, a rock-solid review of business areas and financial performance. Targets for measures of strategy’s success checked for last two years. Clever strategic principles for the management of risks and opportunities.

Unibail-Rodamco

A commendable attempt to integrate sustainability issues –without neglecting the metrics (check e.g. energy-related tables). Despite its 428 pages, it doesn’t make a tedious read thanks to the nice design work.

Vinci

Nice intro made up of charts then of photos before getting down to a long yet well-structured 350-page book.

Vingroup

Laudable efforts on clarity, sustainability and governance from a leading Vietnamese property developer and retailer.

AR on AR 2017

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Automobile industry

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Property and construction

Retail 

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