AllMost of the pages in this annual report have been published...

All
Most of the pages in this annual report have been published before. We have read discussions about the accounts and Directors remunerations last month. Why is an annual report important?
Because among other things it is the latest communication between directors and shareholders before the annual meeting.
After reading it I thought it was good to see directors statements pointing to accelerating products targeted at shorter-cycle industrial segments, mentioning Intevia Enterprise data centers, marine, PC's, Doors, AV and high-end furniture cabinets. This is where next years cash flow will come from and I hope that purchase order will be announced before the AGM.
A couple of comments from Chris Kelliher were also worthwhile: "The Wireless Power Tool IP is well protected within the companies IP portfolio". I know that TZ is not the only one who has wireless power IP, but where stands TZ IP portfolio in this context. Is it something to be recognized or not.
On the next page Chris mentioned SMA research efforts with organisations such as Boeing Phantom Works, NASA etc. We have seen NASA before. But what strikes me is that to my knowledge Boeing Phantom Works is higly secretive, does work with the U.S. military is located in the middle of a desert and if they work on any SMA development together with TZ why can TZ put this one in its annual report while they are so tightlipped on other developments.
The PDT project pipeline also impressed me.
All in all I am quite happy with the annual report from directors and hopefully their comments will translate in major announcements.
Klaas