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The Annual Report on Annual Reports


We have picked out some inspiring examples in a couple of the most important areas of the annual report, to provide you with inspiration for your upcoming report.  

Business model - strategy


The compact "Business Overview" provides a summary of value creation, a customer-centric approach and agile business model, and a summary of strategy execution.

Metso Annual Report 2019 - Business overview (PDF)


Trends in the Specialty Chemicals Value Chain, a Business Model that sets out Input and Output, good insights into value creation in each business area.

Clariant Business Model in the Integrated Report 2019

Trends in the Specialty Chemicals Value Chain


Among those rather rare annuals charting market position explicitly, as well as competitiveness and the income model.

Boliden Annual and Sustainability Report 2019 (PDF)

Daiichi Sankyo

Daiichi Sankyo's report is called "Value Report". The 2019 version includes a great display of the Value Creation Process on pages 3-4.

Daiichi Sankyo Value Report 2019 (PDF)

CEO letter


Straightforward and well-backed CEO letter.

Clorox 2019 - Executive summary (PDF)


Seven questions asked to the President & CEO about the group’s Strategy. The first answer is a clarification of the group’s raison d’être. 

Marubeni 2019 - Message from the President & CEO (PDF)


Chairman’s letter to the shareholders comes first in the digital version. It reaffirms the commitment to wholesale.

Metro 2018-2019 - Letter to the shareholders


An annual report entirely structured around messages, from the CEO, the CFO, the COO, the CTO, the CAO, and from Outside Directors.

Olympus 2019 - Message from the CFO (PDF)

Taylor Wimpey 

Smooth handover reported between the departing chairman and the new chair-designate.

Taylor Wimpey 2019 - Annual report


Thorough review of risk management guidelines, process, implementation, radar, insurance, profiles and responsibilities. Internal control explained in the governance section.

Wärtsilä's risk section in the 2019 annual report

Smith & Nephew

Risk management life cycle set forth. Principal risks include examples and report on actions taken, with risk tolerance and link to strategy. Plus a timeline for next year risk management.

Smith & Nephew's 2019 Annual report - Strategic report (PDF)


Risks with major impact at the business area and/or group level.

Trelleborg AB Annual Report 2019 (PDF)


Likelihood and impact of risks (from Inherent to Residual) smartly charted.

Vopak Annual Report 2019 (PDF)


Risks as well opportunities summed up in a two-page spread telling about management and strategic focus areas involved.

UPM Annual Report 2019 (PDF)

Risk factors, control and management

Including management discussion and analysis (MD&A) and directors’ report.

Deutsche Bahn

Comprehensive Group management report beginning with Fundamentals and ending with an Outlook. In between: a thorough integrated piece backed with numerous tables and graphs. A plus for the online format.

Group management report - Deutsche Bahn Integrated Report 2019

Alfa Laval

Stands among those still rare annuals (except for some in Nordic countries) writing comments near financial statements, i.e. a plus point for analysis.

Alfa Laval Annual Report 2019 (PDF)


Outstanding MD&A and overall operating and financial reporting. Check e.g. Growth & Capital Allocation, consistent review of performance for areas, Guidance and Sensitivities, Balance Sheet Analysis, Sources and Uses of Liquidity and Capital Structure and Management.

Nutrien Annual Report 2019 (PDF)


A Chief Financial Officer’s report addresses most aspects of financials, not least the structure of net debt and liquidity and debt profile, with strong table support.

CFO report - Sappi Integrated Report 2019

Rogers Communications

Explanations of significant changes in financial position are put clearly and very useful. Likewise, the company reports about liquidity and financial resources with a high degree of precision.

Rogers Communications Annual Report 2019 

Financial reporting

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