The Review isn’t up to demanding investor expectations but the Sustainability Report is really substantial and doesn’t lack measures.
Despite a short narrative, the first post-merger annuals do their job fairly -with inevitable pro forma data: risks and their mitigation are clearly stated; a rather elaborate auditor’s report is worthy of attention, yet accounting policies aren’t easy to go through and reportable segments may be argued. Sustainable performance is more partially reported and lacking a path towards targets.
The Holding company now brings together three independent ones. As a result, it takes six documents -including a smartly built A-Z one for the retail business- to connect the dots. Financial reporting is lacking in analysis.
It may take time to navigate through the (user-friendly) HTML version or to flip through a 335-page (interactive) PDF but the way responsibility and sustainability issues and practices are reported -and integrated- is well worth spending it.
Clarity makes a catchy slogan but its implementation sounds a bit far-fetched to report about a pre-demerging situation.
Supplementary information encapsulates useful percentage and operational measures.
A mixed bag, to say the least. Online videos aren’t much inspired. Design is pedestrian. Big KPIs are basic –all meanings. No real business review is provided. Governance is up to best UK practice.
The recently listed Finnish discount retailer goes for a matter-of-fact and multi-book format. The Corporate Brochure and the Corporate Responsibility Report are concise yet substantiated.
The recipe is quite simple, both online and in print, but it delivers, with an upbeat tone of voice and an Analysis of Financial Condition and Results that performs much better than the conventional MD&A. Still, more substance than speed wouldn’t have harmed.
A good introduction (e.g. in the way 2016 at a glance is displayed) and a decent review of businesses but a deficit in other reporting ingredients.