Shareholders of the State Printing House approved the annual report for the 2009 business year and the allocation of profit into reserves. The Corporation reported on its main business concepts for the year of 2010 as well.
The annual General Meeting of the State Printing House Plc. accepted the consolidated net sales of 14 thousand million HUF and the 2009 report including the consolidated net profit of 1055 million HUF, as well as the report of the Supervisory Board and the Auditor. The shareholders approved the motions re-lating to the use of the profit after taxes in support of the future acquisitions and the further growth; ac-cording to this, the Printing House allocates the profit from last year into reserves.
The Corporation informed the shareholders on the 2010 expectations. As a result of the crisis, order le-vels for the higher value added products in the first three Quarters of the year 2010 will probably not reach the level of the previous years. Therefore, over 20-percent drop in the profit is to be expected tem-porarily this year, while – among other things – double-digit increase of the sales is foreseeable as the influence of the production of election forms. The previous years’ business trends will return in Quarter 4 of 2010, meaning that sales and profit from the higher value added products will reach the level of the previous years.
The Annual General Meeting of Shareholders unanimously elected Mr. Péter Kadocsa, CEO of Aegon Magyarország Befektetési Alapkezelő Zrt. to the member of the Board of Directors, and also unanimously elected Mrs. dr. Erzsébet Novotny to the member of the Supervisory Board as employee representative, after Mr. György Vajda has resigned.
‘The current year will differ from the previous expectations of the analysts. Hence, the business year will overall show lower results but higher turnover, and in our judgment, the latter, as well as the growing cus-tomer base truly reflect the strong market positions of the Corporation. At the same time, the current year is mainly about the establishment of growth, since the due diligence of the companies targeted for acqui-sition is going on, and we will enter the market with new products and services besides E-ID during the next months as well.’ – said Gábor Zsámboki, the CEO of the State Printing House Plc.