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Állami Nyomda to pay out 80% of profit as dividend

The board of printing company Állami Nyomda will propose paying out 80% of 2005's after-tax profits of Ft 948 mln as dividend, according to the agenda for the company's annual shareholders' meeting published on Tuesday.

Dividend payment will start on May 16, 2006. Of the Ft 758 mln dividend, Állami Nyomda's share-holding employees will get Ft 3 mln. The annual general meeting, called for March 30, will vote on a proposal to give the board approval to purchase treasury shares up to 8% of registered capital, or a total of 118,357 shares. The shares will be used for the company's employee incentive  programme as well as for share price management. The shares may be bought at a price not less than 80% of the average stock exchange price in the week preceding the purchase, but not more than 20% over the closing price on the day preceding the purchase. The board will also seek shareholder approval to buy shares from employees up to 2% of the company's registered capital, or 29,589 shares. Under Állami Nyomda's articles of incorporation, it has an option to purchase all employee shares at market price, but no less than nominal value. The board's authorization for the share purchase will expire on September 30, 2007.

 

 

Állami Nyomda had consolidated IFRS net profit of Ft 859mln in 2005, 22% less than in the previous year. Revenue remained flat at Ft 11.56bn, but revenue from exports rose 80% to Ft 635mln. Állami Nyomda shares, listed in Category A of the Budapest Stock Exchange, were trading at 6,200 a little after 11:00 on Tuesday, up 1.6%. The shares have traded between 5,600 and 6,355 since they

 

were listed on December 8.