Companies need to transform their business models for sustainable development and explain their long-term value creation processes. This article examines integrated reports on long-term transformation and value creation, focusing on a method for describing these processes. We extracted 430 Key Performance Indicators (KPIs ) from general construction industry reports and categorized them into 22 types, and analyzed the value creation process by using the proposed method. The results showed that the processes related to the return on investment after enhancing human, social and relationship, and natural capital were not clearly described. In addition, natural capital was either omitted or confused with impact, resulting in an unclear value creation story.