The Board of Directors of State Printing House Plc. hereby announces its proposals to the General Meeting on 30 March 2007. The Board of Directors will propose to the General Meeting the payment of HUF 744 million dividend from the HUF 1,060 million net income of Állami Nyomda Group in 2006, i.e. HUF 501 dividend per share.
When State Printing House Plc. was introduced to the Budapest Stock Exchange, the management of the Company defined regional growth among others as a key objective. The ratio of the Group’s export sales has reached a threefold increase in the previous year, it exceeded 12% in 2006. Earnings per share (EPS) amounts to HUF 716, calculated from the HUF 1.06 billion net income at Group level. According to the dividend policy previously defined by the Board of Directors, it can propose a dividend payment which equals to maximum 80% of the profit. In accordance with the Board’s proposal, the Company would start dividend payment on 15 May 2007, the dividend would amount to 70% of EPS.
The Board of Directors has unanimously agreed this year that the Company should continue regional growth and should form its dividend policy in accordance with this. When setting the level of dividend payment, it should always take into account the financing requirements of implementing future acquisitions and that of reaching 40% export ratio in the long run.
Deputy General Manager Gábor Zsámboki commented:‘On the basis of the developments in recent years, the 2006 results and market forecasts, the conditions for further growth are given for the Company. This is confirmed by the Shareholder’s Agreement among the top management on 12 February, which lasts for 3 years or until the share reaches HUF 13,000 price. In our opinion, the shares of State Printing House Plc. are traded on the Stock Exchange with a 30-40% discount compared to the international market. On the basis of these factors, we trust that the market will price the share primarily not as an income share but as a growth share.’
For further information, please contact:
Mr Gábor Zsámboki deputy general manager Phone: +36 1 431 1222
– IFRS Consolidated Financial statement
– Financial statement
– Declaration on Corporate Governance
– Statutes modification
The Board of Directors of State Printing House Plc.