In spite of the crisis, State Printing House posted sales revenue equal to a year earlier and growing exports in Q1 this year.

HUF 3.1 billion net sales of State Printing House in Q1 2009 equals to the corresponding figure of last year. Exports amounted to HUF 607 million which is 19% of total sales revenue. Although the HUF 447 million EBITDA is 5% lower than the outstandingly strong figure of Q1 2008 but still it exceeds the figures of previous years. EBITDA margin totalled 14.3%. Operating income was HUF 277 million while net income totalled HUF 242 million. Form production, personalization and data processing segment was on the increase even though the fact that the March referendum was an outstanding item in 2008.

State Printing House Plc included its Romanian and Bulgarian joint ventures fully in the consolidation starting from 1 January 2009. As a result, the Company can realize more effective management support in the companies of Állami Nyomda Group in the future in order to achieve business targets.

Chief Executive Officer Gábor Zsámboki commented:
The systematic expansions abroad in the years elapsed and the group-level development of State Printing House ensured meeting recent challenges successfully. Our main objective in the present situation is to maintain last year’s profitability level in 2009.’

State Printing House Plc