Hahaha, great point! I hadn't considered that. Well, the ann does say: "Hungary is a European manufacturing secret, providing highly cost-effective manufacturing for the medical device companies of Germany and Switzerland."
I guess it is the best kept secret in the world! In all seriousness though, my best guess would be R&D grants and tax exemptions likely make it possible. I haven't looked at a Thor annual report, but the use of cash flow positive rather than "operationally" in front would indicate they rely on grants and exemptions.
Not a bad thing though. It would seem they are in a similar growth phase to UCM which makes the synergy even better.
Hahaha, great point! I hadn't considered that. Well, the ann...
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