AR on AR 2021

AR on AR 2021Summary  |  Ratings  |  Top picks  | Best practices 

Ratings

We've evaluated more than 500 annual reports on 25 criteria. Based on their results we have rated the top performing reports on a scale from A+ to D. Those that were rated B+ or above are listed below. To find out more about your results, order your summary or full report (even if you were not included in the list).

The top performers were SCA, BASF and ICA Gruppen - here's why:

  • SCA’s annual report is well written and designed. It explains the value proposition and story about the company very well and maintains a high level in all areas. By combining text with graphic elements it becomes easy to digest. Despite not having an online version of the report, SCA keeps the top position also this year.
  • BASF’s annual report is very comprehensive but still easy to use despite its 324 pages. They also provide a complete online version that makes great use of interactive features; one example is the presentation of the business model.
  • ICA Gruppen has produced an annual report that is particularly strong in strategy and operations. It is well-designed and easy to use on a desktop screen in a landscape format with links to the different section. ICA Gruppen presents an online summary with the CEO’s comments in video.
Rating scale

A+ First rate
A Excellent
A- Very good
B+ Sound
B  Average
B- Uneven
C+ Common
C  Substandard
C- Poor
D  Uncompetitive

RatingRank Company nameSectorCountry
A+1SCABasic ResourcesSweden
A+2BASFChemicalsGermany
A+3ICA GruppenPersonal Care, Drug and Grocery Stores Sweden
A+4CastellumReal EstateSweden
A5Ahold DelhaizePersonal Care, Drug and Grocery Stores Netherlands
A6Akzo NobelChemicalsNetherlands
A7MondiBasic ResourcesUnited Kingdom
A8EssityPersonal Care, Drug and Grocery Stores Sweden
A9Stora EnsoBasic ResourcesFinland
A10SKFBasic ResourcesSweden
A11Atlas CopcoIndustrial Goods and ServicesSweden
A-12BillerudKorsnäsBasic ResourcesSweden
A-13YaraChemicalsNorway
A-14UPMBasic ResourcesFinland
A-15Commonwealth Bank of AustraliaBanksAustralia
A-16PandoxReal EstateSweden
A-17NovozymesHealth CareDenmark
A-18MagnitPersonal Care, Drug and Grocery Stores Russia
A-19NolatoIndustrial Goods and ServicesSweden
A-20BolidenBasic ResourcesSweden
A-21KungsledenReal EstateSweden
A-22Spirax-SarcoIndustrial Goods and ServicesUnited Kingdom
A-23AdmiralInsuranceUnited Kingdom
A-24KeskoPersonal Care, Drug and Grocery Stores Finland
A-25SSABBasic ResourcesSweden
A-26CLPUtilitiesHong Kong
A-27EQTFinancial ServicesSweden
A-28ASM InternationalTechnologyNetherlands
A-29LandsecReal EstateUnited Kingdom
A-29ProsusTechnologyNetherlands
A-29ArkemaChemicalsFrance
A-32NaspersTechnologySouth Africa
A-32WPPMediaUnited Kingdom
A-32TrelleborgIndustrial Goods and ServicesSweden
A-32KlövernReal EstateSweden
A-32B&M European Value RetailRetailUnited Kingdom
A-32DaimlerAutomobiles and PartsGermany
A-38British LandReal EstateUnited Kingdom
A-38Evonik IndustriesChemicalsGermany
A-38BMWAutomobiles and PartsGermany
A-38BooztRetailSweden
A-38OrklaFood, Beverage and Tobacco Norway
A-38SandvikIndustrial Goods and ServicesSweden
A-38EpirocIndustrial Goods and ServicesSweden
A-45AdidasConsumer Products and ServicesGermany
A-46GivaudanChemicalsSwitzerland
A-46M&GFinancial ServicesUnited Kingdom
A-46Wihlborgs FastigheterReal EstateSweden
A-46Electrolux ProfessionalIndustrial Goods and ServicesSweden
A-46GrängesAutomobiles and PartsSweden
A-46Assa AbloyConstruction and MaterialsSweden
A-46BravidaConstruction and MaterialsSweden
A-53Rentokil InitialIndustrial Goods and ServicesUnited Kingdom
A-53Novo NordiskHealth CareDenmark
A-53Phoenix GroupInsuranceUnited Kingdom
A-53AIA GroupInsuranceHong Kong
A-53MycronicTechnologySweden
A-53Weir GroupIndustrial Goods and ServicesUnited Kingdom
A-53InstalcoIndustrial Goods and ServicesSweden
A-60FabegeReal EstateSweden
A-60AvivaInsuranceUnited Kingdom
A-60SymriseChemicalsGermany
A-60Rio TintoBasic ResourcesUnited Kingdom
A-60AxfoodPersonal Care, Drug and Grocery Stores Sweden
A-60AFRYConstruction and MaterialsSweden
A-66AntofagastaBasic ResourcesUnited Kingdom
A-66Howden Joinery RetailUnited Kingdom
A-66Swedish MatchFood, Beverage and Tobacco Sweden
A-66HexagonTechnologySweden
A-70KingspanConstruction and MaterialsIreland
A-70Deutsche WohnenReal EstateGermany
A-70SGSIndustrial Goods and ServicesSwitzerland
A-70Travis PerkinsRetailUnited Kingdom
A-70AroundtownReal EstateGermany
A-70SolvayChemicalsBelgium
A-70Johnson MattheyChemicalsUnited Kingdom
A-70SecuritasIndustrial Goods and ServicesSweden
A-70HolmenBasic ResourcesSweden
A-79National GridUtilitiesUnited Kingdom
A-79EntainTravel and LeisureUnited Kingdom
A-79PJSC FGC UESUtilitiesRussia
A-82Anglo AmericanBasic ResourcesUnited Kingdom
A-82Direct Line Insurance GroupInsuranceUnited Kingdom
A-82RandstadIndustrial Goods and ServicesNetherlands
A-82MaerskIndustrial Goods and ServicesDenmark
A-82SberbankBanksRussia
A-82VolvoIndustrial Goods and ServicesSweden
A-82Norsk HydroBasic ResourcesNorway
A-82HandelsbankenBanksSweden
A-90GlencoreBasic ResourcesUnited Kingdom
A-90SUEK Basic ResourcesRussia
A-90ENELUtilitiesItaly
A-90ElektaHealth CareSweden
A-90ASMLTechnologyNetherlands
A-90RepsolEnergySpain
A-90Alfa LavalIndustrial Goods and ServicesSweden
A-90StraumannHealth CareSwitzerland
A-98Legal & GeneralInsuranceUnited Kingdom
A-98IAGTravel and LeisureUnited Kingdom
A-98AxaInsuranceFrance
A-98DSMFood, Beverage and Tobacco Netherlands
A-98Air LiquideChemicalsFrance
A-98EVRAZBasic ResourcesUnited Kingdom
A-98HDFC BankBanksIndia
A-98ElectroluxConsumer Products and ServicesSweden
A-98ArjoHealth CareSweden
A-98LoomisIndustrial Goods and ServicesSweden
A-98PJSC ROSSETI UtilitiesRussia
A-98IntrumFinancial ServicesSweden
A-98Nordea BankBanksSweden
A-98HufvudstadenReal EstateSweden
A-112BHGRetailSweden
A-112Smurfit KappaIndustrial Goods and ServicesIreland
A-112HexpolBasic ResourcesSweden
A-112Infineon TechnologiesTechnologyGermany
A-112MowiFood, Beverage and Tobacco Norway
A-112SkanskaConstruction and MaterialsSweden
A-118British American TobaccoFood, Beverage and Tobacco United Kingdom
A-118FortumUtilitiesFinland
A-118TescoPersonal Care, Drug and Grocery Stores United Kingdom
A-118SantanderBanksSpain
A-118PearsonMediaUnited Kingdom
A-118TeamViewerTechnologyGermany
A-118Swiss Prime SiteReal EstateSwitzerland
A-118Auto Trader GroupTechnologyUnited Kingdom
A-118Westpac BankingBanksAustralia
A-118JMReal EstateSweden
A-118TrygInsuranceDenmark
A-118HenkelConsumer Products and ServicesGermany
A-118L'OréalConsumer Products and ServicesFrance
A-118SwedbankBanksSweden
A-132SwisscomTelecommunicationsSwitzerland
A-132AstraZenecaHealth CareUnited Kingdom
A-132Gazprom NeftEnergyRussia
A-132Smiths GroupIndustrial Goods and ServicesUnited Kingdom
A-132HeinekenFood, Beverage and Tobacco Netherlands
A-132VonoviaReal EstateGermany
A-132Zurich Insurance GroupInsuranceSwitzerland
A-132VAT GroupIndustrial Goods and ServicesSwitzerland
A-132FerrariAutomobiles and PartsItaly
A-132IndutradeIndustrial Goods and ServicesSweden
B+142BT GroupTelecommunicationsUnited Kingdom
B+142UmicoreChemicalsBelgium
B+142InformaMediaUnited Kingdom
B+142Royal Dutch ShellEnergyUnited Kingdom
B+142NN GroupInsuranceNetherlands
B+142Temenos GroupTechnologySwitzerland
B+142EquinorEnergyNorway
B+142Flutter EntertainmentTravel and LeisureIreland
B+142AegonInsuranceNetherlands
B+142TeleperformanceIndustrial Goods and ServicesFrance
B+142BiliaRetailSweden
B+142PrudentialInsuranceUnited Kingdom
B+142HusqvarnaConsumer Products and ServicesSweden
B+142AddtechIndustrial Goods and ServicesSweden
B+142MuntersConstruction and MaterialsSweden
B+142NesteEnergyFinland
B+142PeabConstruction and MaterialsSweden
B+142Avanza BankBanksSweden
B+160DCCIndustrial Goods and ServicesUnited Kingdom
B+160Standard CharteredBanksUnited Kingdom
B+160BPEnergyUnited Kingdom
B+160EricssonTelecommunicationsSweden
B+160CRHConstruction and MaterialsIreland
B+160FreseniusHealth CareGermany
B+160WhitbreadTravel and LeisureUnited Kingdom
B+160LEG ImmobilienReal EstateGermany
B+160SaabIndustrial Goods and ServicesSweden
B+160SagaxReal EstateSweden
B+160Vitec Software GroupTechnologySweden
B+171SAPTechnologyGermany
B+171Kerry GroupFood, Beverage and Tobacco Ireland
B+171J SainsburyPersonal Care, Drug and Grocery Stores United Kingdom
B+171GazpromEnergyRussia
B+171NyfosaReal EstateSweden
B+171BHPBasic ResourcesUnited Kingdom
B+171United UtilitiesUtilitiesUnited Kingdom
B+171EDPUtilitiesPortugal
B+179Taylor WimpeyConsumer Products and ServicesUnited Kingdom
B+179UnileverPersonal Care, Drug and Grocery Stores United Kingdom
B+179DiageoFood, Beverage and Tobacco United Kingdom
B+179DSV PanalpinaIndustrial Goods and ServicesDenmark
B+179SodexoTravel and LeisureFrance
B+179INGBanksNetherlands
B+179VinciConstruction and MaterialsFrance
B+179SageTechnologyUnited Kingdom
B+179VolkswagenAutomobiles and PartsGermany
B+179UBSFinancial ServicesSwitzerland
B+179Intercontinental Hotels Group Travel and LeisureUnited Kingdom
B+179SinchTechnologySweden
B+179DNBBanksNorway
B+179Kindred GroupTravel and LeisureSweden
B+193Polymetal InternationalBasic ResourcesUnited Kingdom
B+193OcadoPersonal Care, Drug and Grocery Stores United Kingdom
B+193Metso OutotecIndustrial Goods and ServicesFinland
B+193Vodafone GroupTelecommunicationsUnited Kingdom
B+193Severn TrentUtilitiesUnited Kingdom
B+193CatenaReal EstateSweden
B+193ValeoAutomobiles and PartsFrance
B+193DometicConsumer Products and ServicesSweden
B+193Pernod RicardFood, Beverage and Tobacco France
B+193Saint-GobainConstruction and MaterialsFrance
B+203Unibail-Rodamco-WestfieldReal EstateFrance
B+203SegroReal EstateUnited Kingdom
B+203TotalEnergyFrance
B+203Lloyds BankingBanksUnited Kingdom
B+203BaloiseInsuranceSwitzerland
B+203EngieUtilitiesFrance
B+203RWEUtilitiesGermany
B+203Just Eat Takeaway.ComTechnologyNetherlands
B+203AdeccoIndustrial Goods and ServicesSwitzerland
B+203Veolia EnvironnementUtilitiesFrance
B+203CaixabankBanksSpain
B+203Inter RAOUtilitiesRussia
B+203SectraHealth CareSweden
B+216KPNTelecommunicationsNetherlands
B+216BurberryConsumer Products and ServicesUnited Kingdom
B+216Cap GeminiTechnologyFrance
B+216MorrisonsPersonal Care, Drug and Grocery Stores United Kingdom
B+216PhosAgro ChemicalsRussia
B+216Ubisoft EntertainmentConsumer Products and ServicesFrance
B+216Intermediate Capital GroupFinancial ServicesUnited Kingdom
B+216IberdrolaUtilitiesSpain
B+216ContinentalAutomobiles and PartsGermany
B+216KDDITelecommunicationsJapan
B+216Hannover ReInsuranceGermany
B+216SnamEnergyItaly
B+216Thule GroupConsumer Products and ServicesSweden
B+216RenaultAutomobiles and PartsFrance
B+216VTB BankBanksRussia
B+216Lagercrantz GroupTechnologySweden
B+216LafargeHolcimConstruction and MaterialsSwitzerland
B+233ITVMediaUnited Kingdom
B+233SSEUtilitiesUnited Kingdom
B+233EniEnergyItaly
B+233KinnevikFinancial ServicesSweden
B+233Melrose IndustriesIndustrial Goods and ServicesUnited Kingdom
B+233Swiss ReInsuranceSwitzerland
B+233Coca-Cola HbcFood, Beverage and Tobacco United Kingdom
B+233AtosTechnologyFrance
B+233Smith & NephewHealth CareUnited Kingdom
B+233London Stock ExchangeFinancial ServicesUnited Kingdom
B+233SchrodersFinancial ServicesUnited Kingdom
B+233Credit AgricoleBanksFrance
B+233MedicoverHealth CareSweden
B+233Telia CompanyTelecommunicationsSweden
B+233InvestorFinancial ServicesSweden
B+248SonyConsumer Products and ServicesJapan
B+248CovestroChemicalsGermany
B+248BeiersdorfPersonal Care, Drug and Grocery Stores Germany
B+248AmadeusTechnologySpain
B+248LonzaHealth CareSwitzerland
B+248NornickelBasic ResourcesRussia
B+248JD Sports FashionRetailUnited Kingdom
B+248SEBBanksSweden
B+248RatosFinancial ServicesSweden
B+248China Construction BankBanksChina
B+248GetingeHealth CareSweden
B+259Associated British FoodsFood, Beverage and Tobacco United Kingdom
B+259Croda InternationalChemicalsUnited Kingdom
B+259BBVABanksSpain
B+259BouyguesConstruction and MaterialsFrance
B+259KBCBanksBelgium
B+259Tokyo ElectronTechnologyJapan
B+265ZalandoRetailGermany
B+265PhilipsHealth CareNetherlands
B+265Royal MailIndustrial Goods and ServicesUnited Kingdom
B+265ØrstedUtilitiesDenmark
B+265ToyotaAutomobiles and PartsJapan
B+265Fastighets BalderReal EstateSweden
B+265Schneider ElectricIndustrial Goods and ServicesFrance
B+265Fresenius Medical CareHealth CareGermany
B+265MipsConsumer Products and ServicesSweden
B+265WallenstamReal EstateSweden
B+265UCBHealth CareBelgium
B+265Daikin IndustriesConstruction and MaterialsJapan
B+265Nibe IndustrierConstruction and MaterialsSweden
B+278Rolls RoyceIndustrial Goods and ServicesUnited Kingdom
B+278SpectrisIndustrial Goods and ServicesUnited Kingdom
B+278VivendiMediaFrance
B+278LVMHConsumer Products and ServicesFrance
B+278SobiHealth CareSweden
B+283Toronto-Dominion BankBanksCanada
B+2833I GroupFinancial ServicesUnited Kingdom
B+283TransContainer Industrial Goods and ServicesRussia
B+283AddlifeHealth CareSweden
B+283NokiaTelecommunicationsFinland
B+288SikaConstruction and MaterialsSwitzerland
B+288NestléFood, Beverage and Tobacco Switzerland
B+288GeneraliInsuranceItaly
B+288PrysmianIndustrial Goods and ServicesItaly
B+288SwecoConstruction and MaterialsSweden
B+288TSMCTechnologyTaiwan
B+288Latour InvestmentFinancial ServicesSweden
B+295RightmoveReal EstateUnited Kingdom
B+295InfosysTechnologyIndia
B+295St.James's PlaceFinancial ServicesUnited Kingdom
B+295Nordic Entertainment GroupMediaSweden
B+295VitrolifeHealth CareSweden
B+300RSA Insurance GroupInsuranceUnited Kingdom
B+300H&MRetailSweden
B+300Wolters KluwerMediaNetherlands
B+300Compass GroupConsumer Products and ServicesUnited Kingdom
B+300ElisaTelecommunicationsFinland
B+305Imperial BrandsFood, Beverage and Tobacco United Kingdom
B+305CarlsbergFood, Beverage and Tobacco Denmark
B+305Scout24TechnologyGermany
B+305Barratt DevelopmentsConsumer Products and ServicesUnited Kingdom
B+305Vestas Wind SystemsEnergyDenmark
B+305Erste Group BankBanksAustria
B+305HermesConsumer Products and ServicesFrance
B+305LindabConstruction and MaterialsSweden
B+305SafranIndustrial Goods and ServicesFrance
B+305LundbergforetagenReal EstateSweden
B+305Anheuser-Busch InbevFood, Beverage and Tobacco Belgium
B+316BarclaysBanksUnited Kingdom
B+316GBL (Groupe Bruxelles Lambert)Financial ServicesBelgium
B+316PorscheAutomobiles and PartsGermany
B+316Barry CallebautFood, Beverage and Tobacco Switzerland
B+316Credit SuisseFinancial ServicesSwitzerland
B+316KoneIndustrial Goods and ServicesFinland
B+316IMCDChemicalsNetherlands
B+316Beijer RefIndustrial Goods and ServicesSweden
B+324KingfisherRetailUnited Kingdom
B+324Reckitt Benckiser GroupPersonal Care, Drug and Grocery Stores United Kingdom
B+324AmbuHealth CareDenmark
B+324Merck KgaaHealth CareGermany
B+324PublicisMediaFrance
B+329Suez EnvironnementUtilitiesFrance
B+329AllianzInsuranceGermany
B+329BellwayConsumer Products and ServicesUnited Kingdom
B+329Chr. HansenHealth CareDenmark
B+329Cie Financiere RichemontTravel and LeisureSwitzerland
B+329PandoraConsumer Products and ServicesDenmark
B+329Societé GeneraleBanksFrance
B+329BAE SystemsIndustrial Goods and ServicesUnited Kingdom
B+329ElectrocomponentsIndustrial Goods and ServicesUnited Kingdom
B+329Dassault SystemesTechnologyFrance
B+329Bure EquityFinancial ServicesSweden
B+329Evolution Gaming GroupTravel and LeisureSweden
B+329MTU Aero EnginesIndustrial Goods and ServicesGermany

Are you looking to improve your annual report next year? We can help you. Check out our ReportWatch reports.

Helena Wennergren

Helena Wennergren

Head of Research

helena.wennergren@comprend.com

+46 70 971 12 10

James Handslip

James Handslip

Managing Director (UK)

james.handslip@comprend.com

+44 (0)20 8609 4908