Annual Reports (Cont.)
Firan Corporation
Firan Corporation
operates in two business sectors:
recreational vehicles and electronic - two different markets
which complement
each other financially. The non-cyclical Electronics Division
protects shareholders from cyclical downturns in the recreational
vehicle market.
The Recreational Vehicle Division produces substantial cash flow
which is available to invest in the profitable and intensive
Electronics Division.
This annual report introduces
Firan's strategy of utilizing cash flow from the cyclical R.V.
manufacturing
industry to invest in the non-cyclical and profitable aviation
electronics industry.
This annual report addresses the
perfect balance between the cyclical and non-cyclical industries.
The colour bars above the photos represent the various companies
that constitute each division.
Continuing to make a case for
its business strategy, Firan reports on further acquisitions in
the aviation
electronics industry in Europe and the USA.
Hongkong Bank of Canada
This annual report highlights the banks' business relationship with Canada's various industries.