The cover of the annual report is not important to securities analysts. However, shareholders consider the cover to be important and look to it to convey meaningful information about the company. Financial highlights are the most important part of the annual report for shareholders. Conversely, securities analysts are going to look at the financial review section at some point in time. Gear the two sections to the appropriate audience.
Photographs are very important to the annual report.
Use them combined with good captions to tell the company's story. Companies that have recently gone through an initial public offering have a story to tell. Try to combine the information contained in paragraphs in the annual report with pictures and captions. Among other things, the annual report is a communications tool. Make it readable.