Private equity firms are hardly known for their transparency, so it is little surprise Terra Firma’s latest corporate report does not reveal much on the health of its portfolio companies. In fact, the most revealing detail of the corporate brochure is its imagery.

Terra Firma has battled to retain control of music company EMI Group over the past year and has entered into litigation against Citigroup, the debt provider on the deal, yet the report fails to touch on these issues in much detail.