Annual  Report  on  Annual  Reports  2011   Annual  Report  on  Annual  Reports  2011     Annual  report  ratings  .......................................................................................................................................................  3   Top  300  annual  reports  ....................................................................................................................................................  4   200  other  reports  rated  (but  not  top-­‐ranked)  ................................................................................................................  16   How  is  your  report  doing?  A  report  scan  answers  .........................................................................................................  24   Who  ranks  where?  A-­‐Z  list  .............................................................................................................................................  25   500  picks  for  20  report  attributes  ..................................................................................................................................  35   15  questions  on  (annual  reports  on)  annual  reports  .....................................................................................................  77   On  the  report  rating  panel  .............................................................................................................................................  97   e.com  -­‐  ReportWatch  ...................................................................................................................................................  101   Making  reports  pay  off  –  Report  evaluation  and  benchmarking  .................................................................................  103           2 Annual  Report  on  Annual  Reports  2011   Annual  report  ratings         A+   First-­‐rate     A   Excellent     A-­‐   Very  good     B+   Sound     B   Average     B-­‐   Uneven     C+   Common     C   Substandard     C-­‐   Poor     D   Uncompetitive       3 Annual  Report  on  Annual  Reports  2011   Top  300  annual  reports   BASF  (N°  1)   High-­‐performing  and  well-­‐oiled  report  homepage.  Rich  content  and  a   functional  chemistry  are  up  to  it  on  many  areas  from  business  reviews  to   strategy,  from  responsibility  to  risks.     SAS  (N°  2)   Come  rain,  shine,  or  turbulences  -­‐there  have  been  some   these  years-­‐  the  airline's  report  has  remained  a  high-­‐flying   exercise  for  years,  delivering  top  output  on  most  reporting   areas.     Electrolux  (N°  3)   A  dialogue  between  the  former  and  the  new  CEOs,  The  World  of  Electrolux   spread,  product  and  cost  elements  of  strategy,  exchange-­‐rate  exposure  and   transaction  effects  mapped  make  it  a  top-­‐notch  reporting  appliance.             Statoil  (N°  6)   A  gas-­‐fired,  well-­‐mapped  and  solidly  fueled  online-­‐only   reporting  format.  On  a  more  fossil  side,  a  well-­‐made  40-­‐ page  summary  and  a  20-­‐F  are  also  available  in  print.         4 Annual  Report  on  Annual  Reports  2011   Report  rank   Company   Country   Report  rating   Compare   1   BASF   Germany   A+   DOW  Chemical   2   SAS   Sweden   A+   LUFTHANSA   3   ELECTROLUX   Sweden   A+   WHIRLPOOL   4   FORTUM   Finland   A+   VATTENFALL   5   AKZONOBEL   Netherlands   A+   DUPONT   6   STATOIL   Norway   A   TOTAL   7   WÄRTSILÄ   Finland   A   MAN   8   TELUS   Canada   A   BCE   9   SASOL   South  Africa   A   SUNCOR  Energy   10   PHILIPS   Netherlands   A   GENERAL  ELECTRIC   11   LAND  SECURITIES   UK   A   BRITISH  LAND   12   SCA   Sweden   A   KIMBERLY-­‐CLARK   13   NESTE  OIL   Finland   A   STATOIL   14   BOLIDEN   Sweden   A   XSTRATA   15   ADIDAS   Germany   A   NIKE   16   WIENERBERGER   Austria   A   BORAL   17   CLP   Hong  Kong   A   POWER  ASSETS   18   VATTENFALL   Sweden   A   FORTUM   19   TRELLEBORG   Sweden   A   BRIDGESTONE   20   DAIWA  HOUSE   Japan   A   SHIMIZU   21   VOLVO   Sweden   A-­‐   DAIMLER   22   ERICSSON   Sweden   A-­‐   ALCATEL-­‐LUCENT   23   STRABAG   Austria   A-­‐   HOCHTIEF   24   SKANSKA   Sweden   A-­‐   VINCI   25   MICHELIN   France   A-­‐   BRIDGESTONE   26   POTASHCORP   Canada   A-­‐   AGRIUM   27   WPP   Ireland   A-­‐   PUBLICIS   28   DANONE   France   A-­‐   NESTLE   29   ALFA  LAVAL   Sweden   A-­‐   TRELLEBORG   30   EVN   Austria   A-­‐   VATTENFALL   31   NOVARTIS   Switzerland   A-­‐   ROCHE   32   WOLSELEY   UK   A-­‐   KINGFISHER   33   BAYER   Germany   A-­‐   BASF   34   METSO   Finland   A-­‐   ABB   35   DEUTSCHE  POST  DHL   Germany   A-­‐   TNT   36   AIR  LIQUIDE   France   A-­‐   LINDE   37   METRO   Germany   A-­‐   CARREFOUR   38   THOMAS  COOK   UK   A-­‐   TUI   39   LANXESS   Germany   B+   ARKEMA   40   SEB   France   B+   PHILIPS   41   SWEDISH  MATCH   Sweden   B+   IMPERIAL  TOBACCO   42   VOLKSWAGEN   Germany   B+   TOYOTA   43   SKF   Sweden   B+   MINEBEA   44   ATLAS  COPCO   Sweden   B+   SANDVIK   45   ACCOR   France   B+   IHG  (InterContinental  Hotels)   46   HUSQVARNA   Sweden   B+   ELECTROLUX   47   LINDE   Germany   B+   AIR  LIQUIDE   48   TELEKOM  AUSTRIA   Austria   B+   DEUTSCHE  TELEKOM   49   LUFTHANSA   Germany   B+   AIR  FRANCE-­‐KLM   50   ASSA  ABLOY   Sweden   B+   SECURITAS   51   SAINT-­‐GOBAIN   France   B+   AGC  (Asahi  Glass)   52   FINNAIR   Finland   B+   SAS   5 Annual  Report  on  Annual  Reports  2011   Land  Securities  (N°  11)   Bricks  (i.e.  the  print  or  pdf)  and  clicks  (i.e.  the  online  report)  strongly   built  and  interconnected  to  deliver  substantial  content  serviced  by   good  design.     Wienerberger  (N°  16)   Still  a  rocking  intro,  reporting  in  concrete  terms  also  about  negatives,  but  the   mix  seems  to  have  leveled  off.     Vattenfall  (N°  18)   In  AR:  the  competitive  landscape  is  mapped,  the  new  strategic   direction  is  made  very  clear,  and  ratios  are  calculated  for  the  reader.   In  CSR  report:  answers  to  stakeholders'  tough  questions  about  energy   sources  are,  contrary  to  many,  not  evasive.     Metro  (N°  37)   A  bit  schwer  (300  pages)  but  not  shapeless,  and  a  mag-­‐leaning  intro  that  shows   there  is  something  in  store.           6 Annual  Report  on  Annual  Reports  2011   53   INFINEON  Technologies   Germany   B+   STMicroelectronics   54   CASCADES   Canada   B+   DOMTAR   55   M&S  (Marks  &  Spencer)   UK   B+   H&M  (Hennes  &  Mauritz)   56   KESKO   Finland   B+   AXFOOD   57   ASTRAZENECA   UK   B+   GSK  (GlaxoSmithKline)   58   BILLERUD   Sweden   B+   SCA   59   BOMBARDIER   Canada   B+   ALSTOM   60   SECURITAS   Sweden   B+   G4S   61   HEINEKEN   Netherlands   B+   CARLSBERG   62   AGRIUM   Canada   B+   POTASHCORP   63   SAPPI   South  Africa   B+   STORA  ENSO   64   RANDSTAD   Netherlands   B+   ADECCO   65   FUJITSU   Japan   B+   IBM   66   ENCANA   Canada   B+   CANADIAN  NATURAL  Resources   67   ASSOCIATED  BRITISH  FOODS   UK   B+   TATE  &  LYLE   68   YARA   Norway   B+   POTASHCORP   69   PERNOD  RICARD   France   B+   DIAGEO   70   CORIO   Netherlands   B+   UNIBAIL-­‐RODAMCO   71   GFK   Germany   B+   WPP   72   XSTRATA   Switzerland-­‐UK   B+   BHP  BILLITON   73   HITACHI  METALS   Japan   B+   MITSUBISHI   74   CONCORDIA  Maritime   Sweden   B+   MAERSK  (A.P.  Moller  -­‐  Maersk)   75   ROCHE   Switzerland   B+   NOVARTIS   76   TESCO   UK   B+   J  SAINSBURY   77   DAIMLER   Germany   B+   VOLKSWAGEN   78   WOOLWORTHS   Australia   B+   WESFARMERS   79   NOVO  NORDISK   Denmark   B+   LILLY  (Eli  Lilly)   80   MARUBENI   Japan   B+   ITOCHU   81   UNILEVER   Netherlands-­‐UK   B+   PROCTER  &  GAMBLE   82   BELGACOM   Belgium   B+   KPN   83   TEIJIN   Japan   B+   TORAY   84   ASAHI  BREWERIES   Japan   B+   SAPPORO   85   HOLMEN   Sweden   B+   M-­‐REAL   86   ITOCHU   Japan   B+   MITSUBISHI   87   HEIDELBERG   Germany   B+   BALDWIN  Technology   88   SODEXO   France   B+   COMPASS   89   LUNDBECK   Denmark   B+   NOVO  NORDISK   90   ABBOTT   U.S.   B+   MERCK   91   DIAGEO   UK   B+   PERNOD  RICARD   92   ENTERGY   U.S.   B+   EDISON   93   HENKEL   Germany   B+   UNILEVER   94   WOLTERS  KLUWER   Netherlands   B+   REED  ELSEVIER   95   PEPSICO   U.S.   B+   COCA-­‐COLA   96   IHG  (InterContinental  Hotels)   UK   B+   ACCOR   97   VALLOUREC   France   B+   TATA  Steel   98   AUTOLIV   Sweden-­‐U.S.   B+   DENSO   99   RENAULT   France   B+   PSA  PEUGEOT  CITROEN   100   INDITEX   Spain   B+   H&M  (Hennes  &  Mauritz)   101   BRITISH  AMERICAN  TOBACCO   UK   B+   IMPERIAL  TOBACCO   102   STORA  ENSO   Finland   B+   UPM   103   ANGLO  AMERICAN   UK   B+   BHP  BILLITON   104   DELHAIZE   Belgium   B+   AHOLD   105   PEARSON   UK   B+   McGRAW-­‐HILL   7 Annual  Report  on  Annual  Reports  2011   SEB  (N°  40)   Cooking  with  gas.  Based  on  a  potent  brew  of  products  and  brands,  facts  and   figures,  consumption  trends  and  market  drivers.  High  read  appeal,  too.     SKF  (N°  43)   A  slightly  more  optimized  report  structure  would  make  it  easier  to   find  your  bearings  (division  reviews  after  100  pages).  But  content   is  metalwork  made  in  Sweden,  also  accessible  through  a  well-­‐ framed  IR  website.         Linde  (N°  47)   Interviews,  illustrations  and  animated  spotlight  pages  show  a  business  that   goes  beyond  gas.     Telekom  Austria  (N°  48)   The  report  is  conveniently  telecast  on  the  website,  with  a  constant   access  to  key  information  items.         8 Annual  Report  on  Annual  Reports  2011   106   KEMIRA   Finland   B+   DOW  Chemical   107   PANASONIC   Japan   B+   SONY   108   UPM   Finland   B+   STORA  ENSO   109   SIEMENS   Germany   B+   ABB   110   SANDVIK   Sweden   B+   ATLAS  COPCO   111   MERCK  KGaA   Germany   B+   BAYER   112   ROYAL  DUTCH  SHELL   Netherlands-­‐UK   B+   BP   113   EDP  (Energias  de  Portugal)   Portugal   B+   IBERDROLA   114   AUDI   Germany   B+   BMW   115   L'OREAL   France   B+   ESTEE  LAUDER   116   COMPASS   UK   B+   SODEXO   117   SCHNEIDER  Electric   France   B+   ABB   118   RTL   Luxembourg   B+   NEWS  Corporation   119   CASINO  (Guichard-­‐Perrachon)   France   B+   AUCHAN   120   REZIDOR  Hotel   Belgium-­‐Sweden   B+   ACCOR   121   NOBEL  BIOCARE   Switzerland   B+   STRAUMANN   122   UCB   Belgium   B+   SOLVAY   123   HYDRO-­‐QUEBEC   Canada   B+   TRANSALTA   124   ADARO  Energy   Indonesia   B+   ANTAM   125   JOHNSON  &  JOHNSON   U.S.   B+   PFIZER   126   ASTELLAS  Pharma   Japan   B+   TAKEDA  Pharmaceutical   127   OMRON   Japan   B+   HONEYWELL   128   EXXONMOBIL   U.S.   B+   ROYAL  DUTCH  SHELL   129   FUJIFILM   Japan   B+   KODAK  (Eastman)   130   RWE   Germany   B+   E.ON   131   TORAY   Japan   B+   TEIJIN   132   HEIDELBERGCEMENT   Germany   B+   HOLCIM   133   DR.  REDDY'S  Laboratories   India   B+   RANBAXY  Laboratories   134   IOI   Malaysia   B+   SIME  DARBY   135   NESTLE   Switzerland   B+   DANONE   136   EDF   France   B+   GDF  SUEZ   137   MACINTOSH  Retail   Netherlands   B+   KESKO   138   GDF  SUEZ   France   B+   EDF   139   VINCI   France   B+   BOUYGUES   140   REED  ELSEVIER   UK-­‐Netherlands   B+   WOLTERS  KLUWER   141   SABMILLER   UK   B+   ANHEUSER-­‐BUSCH  INBEV   142   ROLLS-­‐ROYCE   UK   B+   GENERAL  ELECTRIC   143   SOLVAY   Belgium   B+   UCB   144   DIMO  (Diesel  &  Motor  Engineering)   Sri  Lanka   B+   BARLOWORLD   145   TOYOTA   Japan   B+   HONDA   146   JOHNSON  MATTHEY   UK   B+   UMICORE   147   AXFOOD   Sweden   B+   KESKO   148   MVV  ENERGIE   Germany   B+   RWE   149   MITSUBISHI   Japan   B+   ITOCHU   150   BG   UK   B+   CENTRICA   151   DSM   Netherlands   B+   AKZONOBEL   152   TAKEDA  Pharmaceutical   Japan   B+   ASTELLAS  Pharma   153   THYSSENKRUPP   Germany   B+   ARCELORMITTAL   154   HONDA   Japan   B+   TOYOTA   155   JKH  (John  Keells)   Sri  Lanka   B+   FINLAYS  Colombo   156   ESSILOR   France   B+   ALLERGAN   157   SPEEDY  HIRE   UK   B+   WOLSELEY   158   ESPRIT   Hong  Kong-­‐Bermuda   B   INDITEX   9 Annual  Report  on  Annual  Reports  2011   Saint-­‐Gobain  (N°  51)   For  those  who  find  the  legal  brickwork  well  built  -­‐and  not  lacking  in  mortar,  e.g.  on   business  strategies-­‐  yet  a  bit  too  hefty  a  forty-­‐page  summary  review  goes  to  the   point.       Cascades  (N°  54)   To  understand  our  results  spread  shows  what  is  driving  the  financial   performance  and  sums  up  the  impact  in  a  nearby  Sensitivity  table.     Kesko  (N°  56)   Impacts  of  operations;  responsibility  trends,  objectives  and  actions  taken,  as  well  as   comprehensive  notes  make  up  a  substantial  Responsibility  Report.     AstraZeneca  (N°  57)   Delivers  most  strongly  on  strategy,  growth  drivers,  challenges  (life-­‐cycle  of  a   medicine  made  intelligible),  key  delivery  aspects,  and  therapy  area  reviews.         10