Value creation relies more and more on intangible elements, which are difficult to measure and manage, and be reported to shareholders and stakeholders. The financial communication practices of several companies already integrate intellectual capital issues (e.g. Skandia) and standard setters begin to question on the opportunity to set standards on such reporting practices (e.g. FASB Report in 2001). We study here, using content analysis, the intellectual capital issues present in two consecutive corporate annual reports of PETROM SA. The choice of this particular company relies on the reorganization process following the privatization, which represents a critical context for value creation. The results of our content analysis are presented in the form of a balanced scorecard.