CHIEF EXECUTIVE’S REVIEW
BOARD OF DIRECTORS
REPORT ON DIRECTOE’S REMUNERATION
REPORT OF INDEPENDENT AUDITORS
EMBLAZE LTD. AND ITS SUBSIDIARIES
I am delighted to present the first annual report for the restructured Emblaze Group, following extensive changes
in 2004 to position the company for growth.
Our strategy has proven correct: after a long and difficult period for the telecoms industry in general, and a
harsh environment for many of our global clients, to whom we remained loyal, the actions we have taken are
allowing us to take advantage of recovery in the sector.
The company moved to net profit from its continuing operations in 2005 and there is every sign that 2006 will
see further strong growth.
Turning to the individual business units, Emblaze Mobile trading performance, at $97.3m, represented 75%
of the total Group revenues in 2005 (2004: 81%). Geographically, Western Europe sales accounted for over
80% of the revenues.
With the acquisition of UK-based Global Telecoms Distribution plc in November 2005, Emblaze Mobile is now
a supplier into the “end to end” mobile business. The business is engaged in strengthening its relationships
with all of the top tier vendors and providing more products and solutions as part of its portfolio. The division
has UK based management and Israeli R&D thus exploiting the “best of all worlds” according to our view.
Emblaze VCON, formed in August 2005, is a leading provider of wireless video communications technologies
and conferencing solutions for operators and enterprise markets over IP networks. In 2005, its revenues
of $4.5m represented 3.5% of the Group’s revenues. Emblaze VCON has one of the most advanced range of
technologies and products for IP video conferencing selling internationally, primarily to government
Orca Interactive (LSE: ORCAq.L) is a provider of Interactive Television IPTV middleware for Video On Demand
(VOD) and br