Among Panelists' Favorite Reports

AR on AR 2019  |  Report ratings  |  Positives and negatives  |  Rating panelists  |  Panelists' favorites  |  Best Reporting practices  |  Evaluation criteria

The panelists were asked to select five favorites of the annual reports and explain why. See their selections below.

Pradip Seth

• Pearson (UK): The annual report strikes the right balance between content and design, not least in its online summary. Apart from investor information and a few minor points, all key reporting issues are addressed with great care.
• Ferrovial (Spain): Rather well integrated report infrastructure, including a beautifully explained business model with lots of figures to substantiate value creation. A pity that information overload is taking its toll on readability.
• BillerudKorsnäs (Sweden): A finely structured annual report which clearly sets out the targets and their fulfillment details, as well as the growth drivers.
• Konica Minolta (Japan): Business Model, value creation process, Technological Progress outstandingly mapped.
• Federal Grid (Russia): With over 500 pages in total there is not much left out. It clearly shows an impressive sustainability record.

Reg Pauffley

• Novozymes (Denmark): A really engaging read, both online and in print. For starters, the digital version is creative, interactive and inviting. The whole report always remains very user friendly, reaching out to the reader and getting them involved in the business. It provides a real in-depth understanding of the activities, aims and beliefs, in a truly believable manner.
• Sappi (South Africa): A great example of what an integrated report should be, this one provides a truly holistic understanding of the business and its impact on all stakeholders. Furthermore, it is an enjoyable read.
• Britvic (UK): Inviting, easy to read thanks to a design which is very supportive to the content. The very informative Strategic Report section includes KPIs, risk management, a sustainable business review, and 6 reasons to invest.
• Stora Enso (Finland): Engaging design, compelling content (especially about strategic and sustainability matters), well written and very informative. Holds reader’s attention, both online and in print.
• Axfood (Sweden): Very user friendly. An interesting read that provides good insights into the company and its operations. Nice photography.

Diana Hayden

• Adidas (Germany): Comprehensive and fun subject, great online version and messaging.
• Roche (Switzerland): A well-thought out and executed report. An engaging and interesting digital piece of work that really tells a story, and topical chairman and CEO words pick up on it. The downloadable version is both nice and comprehensive.
• Puma (Germany): A really beautiful online reporting exercise, very well designed. Messaging, strategy, sustainability put finely and backed with all data expected from stakeholders.
• Bayer (Germany): Very nice digital report with video vs. still photography. Though the printed version is quite dry, it contains key data and lots of information, not least about business segments and financial commentary.
• Walmart (U.S.): The digital report is really engaging with actual video footage from the CEO and CFO which shareholders love to kick the tires like that.

Mike Guillaume 

• Boliden (Sweden): In addition to the now more usual Business model, this report also discloses an Income model. Likewise, besides Market trends Price trends are charted and analyzed. Not evasive about competitive position and risk management, and listing comprehensive historical figures, it makes up a winning recipe (except for the theme, not really sustained).
• Nutrien (Canada): Excellent Operating Segment Performance review. Outstandingly clear Financial Overview, not least about Financial Condition, Liquidity, and Capital Structure. Statements and notes follow suit too.
• SCA (Sweden): Highly efficient use of most reporting resources, i.e. Strategy and operations, Sustainability facts, and also Financial statements and notes et al.
• Chugai Pharmaceutical (Japan): Financial and Pre-Financial Highlights charted in a historical perspective. Review by Disease Area and Development Pipeline are rich in content, too. And how many annuals report a SWOT for each area?
• Nornickel (Norilsk Nickel) (Russia): First-rate market overviews. Smart way of charting Operating performance. Well-chosen KPIs covering many sustainability issues, especially relevant for a mining company.

Kaevan Gazdar 

• Cloetta (Sweden): Solid confection and compelling read (e.g. markets, strategy, share and shareholders, ratios, nonfinancial targets…). Definitely one of the best reports we have seen this year.
• Fortum (Finland): A well-balanced report, based on a really integrated approach, substantial Sustainability reporting, a well-defined business model, and an excellent overview of market position.
• Ferguson (Jersey-Switzerland): Catchy slogans - More time, More wins, etc. - pave the way to a good presentation of results, a well-defined business model, and a benchmark on governance. A model of communication effectively serving content.
• Trelleborg (Sweden): Well-structured book. Very good summary of the business model and market segments. Targets and outcomes 2018, including detailed tables for responsibility issues.
• British Land (UK): An appealing guiding message for an excellent equity story, based on qualitative and quantitative arguments.

Helena Fournial 

• ICA (Sweden): Investment case well summed up. Significant changes in the business environment and markets and Strategic objectives and priorities commented. Not that many company reports feature their world of suppliers, this one does.
• AkzoNobel (Netherlands): How we performed in 2018 shows high transparency on KPIs. High-level sustainability reporting, both qualitatively and quantitatively. Governance issues include a matrix for Supervisory Board Skills and Profiles.
• Landsec (UK): Calls a spade a spade, with design to match it. Clear business model and subsequent reporting on its three approaches, i.e. financial, physical and social.
• Stora Enso (Finland): Successfully manages the difficult combo: comprehensive and comprehensible.
• Volvo Car (Sweden): We have a unique opportunity to scale our business and improve our brand awareness, writes the CEO. A sleek and elegant report, built with high-quality photos, lives up to that purpose (yet a bit lightly on some aspects).

Susan Blesener 

• AkzoNobel (Netherlands): Remains among the best integrated reports, underpinned by extremely integrated management and governance processes (e.g. a disclosure committee is responsible for material financial and non-financial information). Sustainability statements stand among the most advanced in the world. Great KPIs and an excellent discussion of value creation. A pleasure to read too, also thanks to its design and its use of graphs and tables.
• Stora Enso (Finland): Certainly leads the pack as regards reporting transparency and does it in a convincing and inspiring fashion. The company has truly delivered on strategy transformation over several years, and shows a highly integrated business model which seeks to directly address several of the world's pressing issues. This a report/company proving that disclosure can be more than compliance and be motivating.
• DIMO (Diesel & Motor Engineering) (Sri Lanka): Really a great report: candid, thorough, very complete, and nicely integrated. In addition, layout and classy design make it an easy read. The company does a very good job in linking the SDGs to the corporate strategy and value creation discussions.
• Vattenfall (Sweden): A leading report among utilities. Extremely easy to read, with critical information (e.g. ownership) within reach. Value created for all stakeholders is unusually transparent and clear (including a five-year overview of sustainability data). The theme is forward looking and energizing.
• SSE (Scottish and Southern Energy) (UK): Very good strategy reporting.  Clear explanation of strategic pillars and checks against strategic priorities.  Explanation of transformation plans in line with the need to decarbonize better than many peers.