Ann: Half Year Accounts, page-17

No debt was one of the key elements of their balance sheet for me together with skin in the game and history of profits and dividends. So we are very much on the same page with this one as I hold only a relatively small position compared with my overall portfolio. Their current restraints are labour shortage and materials availability. They use a software management system which was developed by themselves which minimises costs and provides strict inventory and management controls. That system is owned by Senterprysis (SPS) which is a small company listed on the NSX in which Lev Mizikovsky has a major holding as well. I have a few shares in that which were handed out free by TWD a few years back - has not shown any SP growth and sits at about 5c. At that time they gave holders a copy of the .xl worksheet which it uses. A very complex and impressive management control system which has stood them in good stead during the downturns.