Ann: 2017 AGM Presentation to Shareholders, page-3

Hi Paoloh,

I'm not quite sure what your complaint is. Here is a company that appears to be innovating new high margin products. They have paid off all of their debt and it appears to me that their scope for dividends will continue to increase. They are responsibly managing their opex in my opinion. They are rather brilliantly executing a transition from their main product amalgam to new high margin products, transitioning the majority of their revenue, while carrying the burden of currency headwinds. I have done this before across a number of countries and can assure you it is very hard to do well.

So difficult product transition, unfavorable currency environment but they importantly deliver constant currency growth, pay off debt and have enough left over to fund research while raising dividends. Frankly not sure what else you want?!?

If you are looking for a standard corporate approach with standard templates perhaps do not buy a small closely held family business.

Also it seems to me a bit odd that you are simultaneously displaying both "held" and "sell" at the one time. Perhaps you are selling everything now?