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Strengths:
Business overview
Risk management information
Weaknesses:
Non-financial KPIs
Employee information
Associated British Foods kicks off its report with a solid business overview. Unfortunately, the rest of the document fails to live up to this strong start. There are some positives. Key risks are clearly identified - including those relating to supply chain labour standards - and some information about mitigation is provided.
There is also an attempt to integrate environmental and social issues into the operating review, although there is little indication about how the progress of these initiatives is being measured. One of the report's biggest weaknesses is its lack of non-financial KPIs.
A limited number of non-financial measures, such as retail selling space and average store size, are included in the divisional reviews, but none are highlighted as key. Useful information relating to strategy and the wider market is also buried in text. Even the aforementioned risk management information is hidden away in the corporate governance section.
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