The average annual report has nine parts, which are sometimes named differently (for example, the President's Letter and the Chairman's Letter serve the same function). Don't get seduced by marketing hype, you are reading an annual report to assess the profitability, growth, dividends and problems of a company. 

Most stock analysts begin reading the report from the back to skip the marketing fluff and get right down to the nitty gritty. But we're going to look at the parts in order.