By: La Papillion I've never been more impressed by an annual report than this. The chairman and the management believes that a good annual report is one that teaches the owners of the company how to interpret the results. And boy, they did enlighten me! They mentioned that for a good analytical review of a business, the balance sheet classifications and other non-profit number indicators should not be an 'art and science' to understand - it must be easily interpreted. He did exactly that. This forms a very very interesting reading as he goes on and tell the owners (yes, he calls the shareholders that) how to interpret their results and why they do certain things. He even explains the terms of the balance sheet for the owners, so that they know how to interpret it themselves. The managing director's statement goes on like that for 8 pages, which he explains with crystal clarity how to interpret the numbers and what it means for the business. I'm thoroughly washed with his sincerity and desire to educate owners. Read more...