Sales of Állami Nyomda Nyrt. reached HUF 17.1 billion and its net income amounted to HUF 623 million in 2011 which is proposed to be paid fully as dividend by the Board of Directors. The Company could increase its export sales by 50%.
Net sales of Állami Nyomda Nyrt. for 2011 amounted to HUF 17.1 billion similarly to last year. While sales of security products and solutions product segment decreased (-4.3%), sales revenue of card production increased by 6.3% and sales revenue of form production grew by 0.4%. Export sales increased significantly in case of all the three strategic segments, and the total export sales of the Company exceeded HUF 4.7 billion, which means an export ratio of 28%. Besides the stable sales revenue the Company’s operating income is HUF 787 million and net income amounted to HUF 623 million, which is by 28% lower than in the reference period; therefore EPS is HUF 43. EBITDA of HUF 1.5 billion and EBITDA margin of 9% are practically equal to the data of 2010.
Decrease in net income is basically because of the fact that the commercial and public administration clients retained their orders for high value-added products in the hard economic environment. On the other hand, a one-off item influences the comparison. Accounting of the calculated deferred tax revenue has increased the consolidated net income by HUF 165 million in the consolidation, which is mainly due to the decrease of corporate tax rate from 19% to 10%. Without this one-off item the net profit should be HUF 695 million in 2010, thus the change of net profit was HUF 72 million (-10%). With a view to the interests of shareholders the Board of Directors decided to propose the total sum of HUF 623 million net income to be paid as dividends on the General Meeting in April. Therefore the dividend is expected to amount HUF 43, increased by 23% compared to last year.
Chief Executive Officer of Állami Nyomda Nyrt., Gábor Zsámboki commented:
“Although the income of Állami Nyomda was affected by the deteriorating economic environment, we are able to pay appropriate dividend to our shareholders for 2011. Reacting to the hard economic climate we have started to carry out a drastic cost-cutting programme in which contracts with our subcontractors were revised and reheard. We continue our document security and mobile payment innovations at an even quicker pace, as the significant profit of the Printing House year by year since it has been listed in the Stock Exchange is thank to our strategy focusing on up-to-date services.”
Állami Nyomda Nyrt.