Part of the guide: Where to find and how to read a listed company's official filings
ExplainersHow to read an annual report: a section-by-section guide
The main parts of a listed company's annual report, what each contains, and a practical order for reading it.
An annual report is long, but it has a predictable structure. Knowing what each part is for lets you find what you need without reading every page.
The main sections
| Section | What it is |
|---|---|
| Chairman’s message / letter | The company’s own framing of the year. It is the company’s view, not an audited statement. |
| Board’s (directors’) report | The year in words: performance, dividend, risks, governance matters. |
| Management discussion and analysis (MD&A) | Management’s explanation of results, the industry and its outlook. |
| Corporate governance report | Board composition, committees, meetings, related-party policies. |
| Business responsibility and sustainability report | Environmental, social and governance disclosures, filed by large listed companies. |
| Independent auditor’s report | The auditor’s opinion on the financial statements, including matters they highlight. |
| Financial statements and notes | Profit and loss, balance sheet, cash flow, and the notes that explain them. |
A practical reading order
- Financial statements first: get the numbers. See the three statements explained.
- Notes to the accounts: accounting policies, one-off items, borrowings, related-party transactions.
- Auditor’s report: read the parts beyond the standard wording.
- MD&A and Board’s report: management’s own account and stated risks.
- Governance and sustainability sections for the rest.
Attribute what you read
The MD&A and the letters contain the company’s statements about the future. Treat those as what the company said, not as a fact about what will happen.
Where to find it
On the company’s investor relations page and in the exchange announcements, usually before the annual general meeting. The wider map of sources is in the guide to company filings.