2007 ANNUAL REPORT & ACCOUNTS
1
Emblaze Ltd. and its subsidiaries
CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2007
Page
2
Chairman Statement
3
Review
6
Board Of Directors
8
Report Of The Directors
10
Corporate Governance
16
Report On Directors’ Remuneration
19
Report Of The Independent Auditors
20
Consolidated Balance Sheets
22
Consolidated Statements Of Operations
23
Consolidated Statements Of Changes In Shareholders’ Equity
24
Consolidated Statements Of Cash Flows
27
Notes To Consolidated Financial Statements
CONTENTS
2
Emblaze Ltd. and its subsidiaries
CHAIRMAN STATEMENT
During 2007 Emblaze Ltd. (the “Group”, “Emblaze” or the “Company”) focused on its core competency and
skills in the technology arena by addressing both growth and innovation activities. As part of this approach, the
Group divided its activity into two main sections being the Growth activity division and the Innovation arm
division.
The year ended December 31, 2007 was mainly characterised by the restructuring of subsidiaries, reduction of
minority interests throughout the structure and divestment of businesses that did not fall within the Group’s
growth strategy. The financial activities implemented during 2007 resulted in a strong balance sheet for the
Group that will enable us to consider and pursue new investments and to react swiftly and efficiently to market
fluctuations in these turbulent times.
Emblaze holds a controlling interest in its subsidiaries through equity holdings and our management is working
hand-in-hand with the management of portfolio companies to improve their performance, identify new
investment opportunities and focus on growth and profitability.
The Group is focused on improving its business performance through constant examination of our businesses
in order to achieve long-term sustainable growth in the economic value of the Group. We are targeting growth
in revenue and profits through a combination of organic growth, active involvement in portfolio companies and
strategic mergers & acquisitions t