AR on AR 2022

AR on AR 2022Summary  |  Ratings  |  Top picks  | Best practices 

Ratings

We've evaluated more than 500 annual reports on 20 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 this year were Novozymes, SSAB and BASF - this is what made them stand out:

Novozymes

Novozymes 2021 Report holds high quality in all parts of the report. It's an integrated report that manages to present large amounts of information in a factual way that is pleasant to read. The report's design is relatively simple but well thought through, making it easy to use . Their clear presentation of targets and status is an excellent example of how to decomplexify information.

SSAB

SSAB Annual Report 2021 is particularly strong in the strategy and operations information, with a good balance between the market and strategy section and the business segments. SSAB's financial statements are well-designed and provide both links to the notes and a linked table of contents for the notes.

BASF

BASF remains in the top 3 list thanks to a solid report in all areas. Their business and value creation model is a good example where they include both positive and negative impacts as part of the outcomes. The report is well-linked between the sections and links to the website for further information. BASF also provide a complete and very well-designed online annual report.

All top 3 have adapted the design for users who read the report on screen - the reports are in landscape format with hyperlinks within the report, making it easy for the reader to both read the report page by page and to go between sections of the report. SSAB's navigation links are the better of the three reports, but they don't provide an online report, which both Novozymes and BASF do. Novozymes' online report is an overview of the report and doesn't include all content, which BASF's online report does.

Rating scale

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

RatingRankCompanySectorCountry
A+1NovozymesHealth CareDenmark
A2SSABBasic ResourcesSweden
A3BASFChemicalsGermany
A4SKFBasic ResourcesSweden
A5Ahold DelhaizePersonal Care, Drug and Grocery Stores Netherlands
A6UPMBasic ResourcesFinland
A7Stora EnsoBasic ResourcesFinland
A-8SCABasic ResourcesSweden
A-9Akzo NobelChemicalsNetherlands
A-10EssityPersonal Care, Drug and Grocery Stores Sweden
A-11PandoxReal EstateSweden
A-12BillerudBasic ResourcesSweden
A-13MondiBasic ResourcesUnited Kingdom
A-14Anglo AmericanBasic ResourcesUnited Kingdom
A-15Assa AbloyConstruction and MaterialsSweden
A-15BravidaConstruction and MaterialsSweden
A-17BolidenBasic ResourcesSweden
A-18EQTFinancial ServicesSweden
A-19ASM InternationalTechnologyNetherlands
A-20OutokumpuBasic ResourcesFinland
A-21AvivaInsuranceUnited Kingdom
A-21Rio TintoBasic ResourcesUnited Kingdom
A-23AxfoodPersonal Care, Drug and Grocery Stores Sweden
A-23Swedish MatchFood, Beverage and Tobacco Sweden
A-23ABN AmroBanksNetherlands
A-26RandstadIndustrial Goods and ServicesNetherlands
A-26CastellumReal EstateSweden
A-26BMWAutomobiles and PartsGermany
A-29YaraChemicalsNorway
A-29SkanskaConstruction and MaterialsSweden
A-29Commonwealth Bank of AustraliaBanksAustralia
A-29M&GFinancial ServicesUnited Kingdom
A-29National GridUtilitiesUnited Kingdom
A-29Royal UnibrewFood, Beverage and Tobacco Denmark
A-29PeabConstruction and MaterialsSweden
A-36United UtilitiesUtilitiesUnited Kingdom
A-36Atlas CopcoIndustrial Goods and ServicesSweden
A-38ArkemaChemicalsFrance
A-38Novo NordiskHealth CareDenmark
A-38BHPBasic ResourcesAustralia
A-38Volvo CarsAutomobiles and PartsSweden
A-42Evonik IndustriesChemicalsGermany
A-42SandvikIndustrial Goods and ServicesSweden
A-42Direct Line Insurance GroupInsuranceUnited Kingdom
A-42Norsk HydroBasic ResourcesNorway
A-42Infineon TechnologiesTechnologyGermany
A-47AdidasConsumer Products and ServicesGermany
A-47KeskoPersonal Care, Drug and Grocery Stores Finland
A-47Electrolux ProfessionalIndustrial Goods and ServicesSweden
A-47Legal & GeneralInsuranceUnited Kingdom
A-47FreseniusHealth CareGermany
A-52GivaudanChemicalsSwitzerland
A-52Phoenix GroupInsuranceUnited Kingdom
A-52GlencoreBasic ResourcesUnited Kingdom
A-52Westpac BankingBanksAustralia
A-52HeinekenFood, Beverage and Tobacco Netherlands
A-52Cap GeminiTechnologyFrance
A-52Howden JoineryRetailUnited Kingdom
A-59AfryConstruction and MaterialsSweden
A-59SymriseChemicalsGermany
A-59IntrumFinancial ServicesSweden
A-59NesteEnergyFinland
A-59SodexoTravel and LeisureFrance
A-59SchrodersFinancial ServicesUnited Kingdom
A-59UcbHealth CareBelgium
A-59EuronextFinancial ServicesFrance
A-59Red Electrica CorporationUtilitiesSpain
A-68ØrstedUtilitiesDenmark
A-68Weir GroupIndustrial Goods and ServicesUnited Kingdom
A-68Air LiquideChemicalsFrance
A-68SantanderBanksSpain
A-68Avanza BankBanksSweden
A-68MedicoverHealth CareSweden
A-68Croda InternationalChemicalsUnited Kingdom
A-68Chr HansenHealth CareDenmark
A-76VolvoIndustrial Goods and ServicesSweden
B+77NolatoIndustrial Goods and ServicesSweden
B+77WPPMediaUnited Kingdom
B+77British LandReal EstateUnited Kingdom
B+77OrklaFood, Beverage and Tobacco Norway
B+77AntofagastaBasic ResourcesUnited Kingdom
B+77Johnson MattheyChemicalsUnited Kingdom
B+77SgsIndustrial Goods and ServicesSwitzerland
B+77ElektaHealth CareSweden
B+77DSMFood, Beverage and Tobacco Netherlands
B+77HufvudstadenReal EstateSweden
B+77Nordea BankBanksFinland
B+77HexpolBasic ResourcesSweden
B+77SwedbankBanksSweden
B+77Smiths GroupIndustrial Goods and ServicesUnited Kingdom
B+77SwisscomTelecommunicationsSwitzerland
B+77PrudentialInsuranceUnited Kingdom
B+77BPEnergyUnited Kingdom
B+77DnbBanksNorway
B+77HSBCBanksUnited Kingdom
B+77RockwoolConstruction and MaterialsDenmark
B+97ASMLTechnologyNetherlands
B+97EnelUtilitiesItaly
B+97LoomisIndustrial Goods and ServicesSweden
B+97AstraZenecaHealth CareUnited Kingdom
B+97SEBBanksSweden
B+97St.James's PlaceFinancial ServicesUnited Kingdom
B+97Dometic GroupConsumer Products and ServicesSweden
B+97ShellEnergyUnited Kingdom
B+97SignifyConstruction and MaterialsNetherlands
B+106Spirax-SarcoIndustrial Goods and ServicesUnited Kingdom
B+106HolmenBasic ResourcesSweden
B+106RepsolEnergySpain
B+106MowiFood, Beverage and Tobacco Norway
B+106TrygInsuranceDenmark
B+106Pernod RicardFood, Beverage and Tobacco France
B+106Lloyds BankingBanksUnited Kingdom
B+106KpnTelecommunicationsNetherlands
B+106KeringRetailFrance
B+106MichelinAutomobiles and PartsFrance
B+116EpirocIndustrial Goods and ServicesSweden
B+116HandelsbankenBanksSweden
B+116FortumUtilitiesFinland
B+116Thule GroupConsumer Products and ServicesSweden
B+116VivendiMediaFrance
B+116Reckitt Benckiser GroupPersonal Care, Drug and Grocery Stores United Kingdom
B+116GecinaReal EstateFrance
B+116HolcimConstruction and MaterialsSwitzerland
B+116Scottish & Southern EnergyUtilitiesUnited Kingdom
B+125InstalcoIndustrial Goods and ServicesSweden
B+125Alfa LavalIndustrial Goods and ServicesSweden
B+125Standard CharteredBanksUnited Kingdom
B+125Kerry GroupFood, Beverage and Tobacco Ireland
B+125Coca-Cola HBCFood, Beverage and Tobacco United Kingdom
B+125E.OnUtilitiesGermany
B+125Addnode TechnologySweden
B+125MeggittIndustrial Goods and ServicesUnited Kingdom
B+125UBS GroupFinancial ServicesSwitzerland
B+125ValmetIndustrial Goods and ServicesFinland
B+135LandSecReal EstateUnited Kingdom
B+135TrelleborgIndustrial Goods and ServicesSweden
B+135EquinorEnergyNorway
B+135DiageoFood, Beverage and Tobacco United Kingdom
B+135AdeccoIndustrial Goods and ServicesSwitzerland
B+135SegroReal EstateUnited Kingdom
B+135MipsConsumer Products and ServicesSweden
B+135Schneider ElectricIndustrial Goods and ServicesFrance
B+135ExperianIndustrial Goods and ServicesUnited Kingdom
B+135Accor HotelsTravel and LeisureFrance
B+135DSVIndustrial Goods and ServicesDenmark
B+146SolvayChemicalsBelgium
B+146British American TobaccoFood, Beverage and Tobacco United Kingdom
B+146EDPUtilitiesPortugal
B+146VolkswagenAutomobiles and PartsGermany
B+146London Stock ExchangeFinancial ServicesUnited Kingdom
B+146Compass GroupConsumer Products and ServicesUnited Kingdom
B+146Natwest GroupBanksUnited Kingdom
B+146Tate & LyleFood, Beverage and Tobacco United Kingdom
B+154StraumannHealth CareSwitzerland
B+154CatenaReal EstateSweden
B+154KBCBanksBelgium
B+154InfosysTechnologyIndia
B+154PandoraConsumer Products and ServicesDenmark
B+154NENT GroupMediaSweden
B+154StorskogenFinancial ServicesSweden
B+161Rentokil InitialIndustrial Goods and ServicesUnited Kingdom
B+161ElectroluxConsumer Products and ServicesSweden
B+161HusqvarnaConsumer Products and ServicesSweden
B+161SaabIndustrial Goods and ServicesSweden
B+161NyfosaReal EstateSweden
B+161IngBanksNetherlands
B+1613I GroupFinancial ServicesUnited Kingdom
B+161IntertekIndustrial Goods and ServicesUnited Kingdom
B+169Just Eat Takeaway.ComTechnologyNetherlands
B+169Intermediate Capital GroupFinancial ServicesUnited Kingdom
B+169Credit AgricoleBanksFrance
B+169Vestas Wind SystemsEnergyDenmark
B+169BarclaysBanksUnited Kingdom
B+169ImcdChemicalsNetherlands
B+175L'OréalConsumer Products and ServicesFrance
B+175AddtechIndustrial Goods and ServicesSweden
B+175UmicoreChemicalsBelgium
B+175CrhConstruction and MaterialsIreland
B+175DCCIndustrial Goods and ServicesUnited Kingdom
B+175EricssonTelecommunicationsSweden
B+175OcadoPersonal Care, Drug and Grocery Stores United Kingdom
B+175ContinentalAutomobiles and PartsGermany
B+175InvestorFinancial ServicesSweden
B+175ITVMediaUnited Kingdom
B+175CovestroChemicalsGermany
B+175Fresenius Medical CareHealth CareGermany
B+175Latour InvestmentFinancial ServicesSweden
B+175LindabConstruction and MaterialsSweden
B+175PublicisMediaFrance
B+175Dechra PharmaceuticalsHealth CareUnited Kingdom
B+175VodafoneTelecommunicationsUnited Kingdom
B+192KingspanConstruction and MaterialsIreland
B+192MaerskIndustrial Goods and ServicesDenmark
B+192FerrariAutomobiles and PartsItaly
B+192CaixabankBanksSpain
B+192Telia CompanyTelecommunicationsSweden
B+192Nibe IndustrierConstruction and MaterialsSweden
B+192Ashtead GroupIndustrial Goods and ServicesUnited Kingdom
B+192Tritax Big BoxReal EstateUnited Kingdom
B+200MycronicTechnologySweden
B+200ArjoHealth CareSweden
B+200Auto Trader GroupTechnologyUnited Kingdom
B+200Metso OutotecIndustrial Goods and ServicesFinland
B+200SectraHealth CareSweden
B+200Melrose IndustriesIndustrial Goods and ServicesUnited Kingdom
B+200Toronto-Dominion BankBanksCanada
B+200SikaConstruction and MaterialsSwitzerland
B+200SwecoConstruction and MaterialsSweden
B+200Barratt DevelopmentsConsumer Products and ServicesUnited Kingdom
B+200CarlsbergFood, Beverage and Tobacco Denmark
B+200GEA GroupIndustrial Goods and ServicesGermany
B+212Taylor WimpeyConsumer Products and ServicesUnited Kingdom
B+212BouyguesConstruction and MaterialsFrance
B+212Hikma PharmaceuticalsHealth CareUnited Kingdom
B+212Nokian TyresAutomobiles and PartsFinland
B+216InformaMediaUnited Kingdom
B+216SapTechnologyGermany
B+216RenaultAutomobiles and PartsFrance
B+216China Construction BankBanksChina
B+216Associated British FoodsFood, Beverage and Tobacco United Kingdom
B+216SobiHealth CareSweden
B+216AddlifeHealth CareSweden
B+216NestléFood, Beverage and Tobacco Switzerland
B+216Anheuser-Busch InbevFood, Beverage and Tobacco Belgium
B+216Barry CallebautFood, Beverage and Tobacco Switzerland
B+216CarrefourPersonal Care, Drug and Grocery Stores France
B+216DemantHealth CareDenmark
B+216HuhtamakiIndustrial Goods and ServicesFinland
B+216Saint GobainConstruction and MaterialsFrance
B+230AxaInsuranceFrance
B+231HexagonTechnologySweden
B+231Smurfit KappaIndustrial Goods and ServicesIreland
B+231HenkelConsumer Products and ServicesGermany
B+231IndutradeIndustrial Goods and ServicesSweden
B+231VonoviaReal EstateGermany
B+231Rolls RoyceIndustrial Goods and ServicesUnited Kingdom
B+231PrysmianIndustrial Goods and ServicesItaly
B+231Wolters KluwerMediaNetherlands
B+231Beijer RefIndustrial Goods and ServicesSweden
B+231National Australia BankBanksAustralia
B+231OrangeTelecommunicationsFrance
B+231GRP Bruxelles LambertFinancial ServicesBelgium
B+231IMIIndustrial Goods and ServicesUnited Kingdom
B+244NN GroupInsuranceNetherlands
B+244FabegeReal EstateSweden
B+244RweUtilitiesGermany
B+244Veolia EnvironnementUtilitiesFrance
B+244BurberryConsumer Products and ServicesUnited Kingdom
B+244VitrolifeHealth CareSweden
B+244Imperial BrandsFood, Beverage and Tobacco United Kingdom
B+244KingfisherRetailUnited Kingdom
B+244Societé GeneraleBanksFrance
B+244BE SemiconductorTechnologyNetherlands
B+244Unilever PlcPersonal Care, Drug and Grocery Stores United Kingdom
B+255SageTechnologyUnited Kingdom
B+255LVMHConsumer Products and ServicesFrance
B+255Erste Group BankBanksAustria
B+255Hargreaves LansdownFinancial ServicesUnited Kingdom
B+255Swiss LifeInsuranceSwitzerland
B+255EiffageConstruction and MaterialsFrance
B+255IG GroupFinancial ServicesUnited Kingdom
B+255SIG Combibloc GroupIndustrial Goods and ServicesSwitzerland
B+263Wihlborgs FastigheterReal EstateSweden
B+263JMReal EstateSweden
B+263PearsonMediaUnited Kingdom
B+263VinciConstruction and MaterialsFrance
B+263Severn TrentUtilitiesUnited Kingdom
B+268TescoPersonal Care, Drug and Grocery Stores United Kingdom
B+268VAT GroupIndustrial Goods and ServicesSwitzerland
B+268Kindred GroupTravel and LeisureSweden
B+268EngieUtilitiesFrance
B+268SnamEnergyItaly
B+268GetingeHealth CareSweden
B+268BAE SystemsIndustrial Goods and ServicesUnited Kingdom
B+268GlaxosmithklineHealth CareUnited Kingdom
B+268CSLHealth CareAustralia
B278ProsusTechnologyNetherlands
B278IberdrolaUtilitiesSpain
B278BeiersdorfPersonal Care, Drug and Grocery Stores Germany
B278LonzaHealth CareSwitzerland
B278Credit SuisseFinancial ServicesSwitzerland
B278AmbuHealth CareDenmark
B278GenmabHealth CareDenmark
B278BayerHealth CareGermany
B278InditexRetailSpain
B278SampoInsuranceFinland
B278QiagenHealth CareGermany
B278Berkeley GroupConsumer Products and ServicesUnited Kingdom
B278Cint GroupTechnologySweden
B278MerckHealth CareGermany
B292NokiaTelecommunicationsFinland
B292AgeasInsuranceBelgium
B292AakFood, Beverage and Tobacco Sweden
B292DS SmithIndustrial Goods and ServicesUnited Kingdom
B292AvastTechnologyUnited Kingdom
B292Corem PropertyReal EstateSweden
B292SBB NordenReal EstateSweden
B292SONY CorporationConsumer Products and ServicesJapan
B300Unibail-Rodamco-WestfieldReal EstateFrance
B300SecuritasIndustrial Goods and ServicesSweden
B300ElectrocomponentsIndustrial Goods and ServicesUnited Kingdom
B300Danske BankBanksDenmark
B300ABBIndustrial Goods and ServicesSwitzerland
B300Bureau VeritasIndustrial Goods and ServicesFrance
B306EntainTravel and LeisureUnited Kingdom
B306TeleperformanceIndustrial Goods and ServicesFrance
B306Vitec Software GroupTechnologySweden
B306Smith & NephewHealth CareUnited Kingdom
B306PhilipsHealth CareNetherlands
B306SafranIndustrial Goods and ServicesFrance
B306BNP ParibasBanksFrance
B306Marks&SpencerRetailUnited Kingdom
B306Gjensidige ForsikringInsuranceNorway
B315BunzlIndustrial Goods and ServicesUnited Kingdom
B315ColoplastHealth CareDenmark
B315Hermes InternationalConsumer Products and ServicesFrance
B318IAGTravel and LeisureUnited Kingdom
B318KinnevikFinancial ServicesSweden
B318J SainsburyPersonal Care, Drug and Grocery Stores United Kingdom
B318NTTTelecommunicationsJapan
B318FerrovialConstruction and MaterialsSpain
B318FergusonIndustrial Goods and ServicesUnited Kingdom
B318Bank of IrelandBanksIreland
B318Millicom InternationalTelecommunicationsSweden
B318TelefonicaTelecommunicationsSpain
B318WärtsiläIndustrial Goods and ServicesFinland
B328EniEnergyItaly
B328BellwayConsumer Products and ServicesUnited Kingdom
B328Cellnex TelecomTelecommunicationsSpain
B328Partners GroupFinancial ServicesSwitzerland
B328HeidelbergcementConstruction and MaterialsGermany
B328EdenredIndustrial Goods and ServicesFrance
B328GN Store NordHealth CareDenmark
B328CentricaUtilitiesUnited Kingdom
B328SdiptechIndustrial Goods and ServicesSweden
B337Swiss Prime SiteReal EstateSwitzerland
B337LEG ImmobilienReal EstateGermany
B337GeneraliInsuranceItaly
B337NCCConstruction and MaterialsSweden
B337RelxMediaUnited Kingdom
B337CEZUtilitiesCzech Republic
B337IHG Intercontinental Hotels GroupTravel and LeisureUnited Kingdom
B337TruecallerTechnologySweden
B345SagaxReal EstateSweden
B345BaloiseInsuranceSwitzerland
B345WallenstamReal EstateSweden
B345PersimmonConsumer Products and ServicesUnited Kingdom
B345DanoneFood, Beverage and Tobacco France
B345Bank of Nova ScotiaBanksCanada
B345AbrdnFinancial ServicesUnited Kingdom
B345Elisa CorporationTelecommunicationsFinland
B345KojamoReal EstateFinland
B345RheinmetallIndustrial Goods and ServicesGermany
B345Total EnergiesEnergyFrance
B356B&M European Value RetailRetailUnited Kingdom
B356Flutter EntertainmentTravel and LeisureIreland
B356MTU Aero EnginesIndustrial Goods and ServicesGermany
B356NordnetFinancial ServicesSweden
B356IndustrivardenFinancial ServicesSweden
B361BT GroupTelecommunicationsUnited Kingdom
B361BBVABanksSpain
B361LundbergforetagenReal EstateSweden
B361KoneIndustrial Goods and ServicesFinland
B361Royal Bank of CanadabanksCanada
B361Lundin EnergyEnergySweden
B361HalmaIndustrial Goods and ServicesUnited Kingdom
B361Daimler TruckAutomobiles and PartsGermany
B361Hennes & MauritzRetailSweden
B370AegonInsuranceNetherlands
B370WhitbreadTravel and LeisureUnited Kingdom
B370JD Sports FashionRetailUnited Kingdom
B370PorscheAutomobiles and PartsGermany
B370AllianzInsuranceGermany
B370Bure EquityFinancial ServicesSweden
B370Deutsche TelekomTelecommunicationsGermany
B370Delivery HeroConsumer Products and ServicesGermany
B370OMVEnergyAustria
B370BrenntagChemicalsGermany
B370TemenosTechnologySwitzerland
B381WorldlineIndustrial Goods and ServicesFrance
B381NovartisHealth CareSwitzerland
B381Mercedes-Benz GroupAutomobiles and PartsGermany
B381StorebrandInsuranceNorway
B385SinchTechnologySweden
B385NextRetailUnited Kingdom
B385AirbusIndustrial Goods and ServicesFrance
B385StillfrontConsumer Products and ServicesSweden
B389LifcoIndustrial Goods and ServicesSweden
B389SchindlerIndustrial Goods and ServicesSwitzerland
B389SartoriusHealth CareFrance
B389GetlinkIndustrial Goods and ServicesFrance
B389Hannover RueckInsuranceGermany
B394TSMCTechnologyTaiwan
B394RocheHealth CareSwitzerland
B394TernaUtilitiesItaly
B394CommerzbankBanksGermany
B394SimcorpTechnologyDenmark
B399GeberitConstruction and MaterialsSwitzerland
B399ThalesIndustrial Goods and ServicesFrance
B399SonovaHealth CareSwitzerland
B399Deutsche PostIndustrial Goods and ServicesGermany
B399StellantisAutomobiles and PartsItaly
B404UnicreditBanksItaly
B404AIA GroupInsuranceHongKong
B406Tokyo ElectronTechnologyJapan
B406Fastighets BalderReal EstateSweden
B406SiemensIndustrial Goods and ServicesGermany
B406ValeBasic ResourcesBrazil
B406UMGMediaNetherlands
B406Muenchener RueckInsuranceGermany
B412AlstomIndustrial Goods and ServicesFrance
B412Ringkjøbing LandbobankBanksDenmark

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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

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