It is the “Annual Report” season again. Yes, I have been getting Annual Reports in recent times (either in hard-copy or CD). I haven’t found the time to really dig into all of them. I have a habit of reading the annual reports of those companies which are not doing well for the past year. I am always intrigued by the creative writing by some management in trying to justify for the poor performance. However, as much as I like to read the front portion (Statement by the Chairman or CEO), I often skip that and go straight into the figures at the back. Recently, I looked through the 2015 Annual Report of Golden Agri-Resource Ltd. After all, Golden Agri, to me, isn’t one of my better performing stocks:

The odd one out (Golden Agri) – read here

I looked through the Chairman’s Statement, Financial Highlights, Operations Review, Financial Review etc…. In ......