This is the 4563rd most frequent Russian word.
годовой
Annual.
Here, "годовой" modifies "отчет" (report), indicating that it pertains to a yearly cycle and is produced once a year.
Годовой отчет компании был представлен на собрании.
The company's annual report was presented at the meeting.
"Годовой" is describing "отпуск" (vacation), implying it is a yearly occurrence or allowance.
Мы планируем годовой отпуск на следующую зиму.
We are planning an annual vacation for next winter.
In this context, "годовая" refers to "премия" (bonus), denoting its recurrence once every year.