Állami Nyomda 2011 net profit falls

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Hungarian printing company Állami Nyomda posted consolidated net profit of HUF 623 million in 2011, down 27.5% yr/yr as higher value added orders from both commercial clients and from the state administration dropped, the company said in its its unaudited, consolidated 2011 IFRS report on Wednesday evening.

Sales revenue was flat at HUF 17.12 billion in 2011 thanks to export sales which rose 51.1% to HUF 4.73 billion.

The board said in a separate statement it will propose shareholders to pay out all net profit as dividend. The projected HUF 43 per share dividend is up 23% from last year.

The main reason for less profit was that in a difficult economic environment both commercial and state administration clients cut back orders for higher value added products, the company said. The report noted that net profit fell less, only 10% if a HUF 165 million one-off revenue item in 2010 was excluded from the base.

Earning per share fell to HUF 43 from an unadjusted HUF 60 and an adjusted HUF 48 in 2010.

Direct cost of sales rose 1.5% to HUF 12.9 billion and gross profit fell 4.4% as a result to HUF 4.41 billion. General expenses fell 3.7% to HUF 3.3 billion.

Állami Nyomda net interest expenditure almost tripled from 2010 to HUF 39 million.

The company' revenue from secure-document products fell 4.3% to HUF 6.41 billion in 2011, revenue from printing of documents, personalization and data processing rose 0.4% of HUF 5.37 billion and revenue from card manufacturing and personalization rose 6.3% to HUF 3.84 billion in 2011. Revenue of HUF 927 million from conventional printing orders was down 3.9% yr/yr.

EBIDTA was HUF 1.54 billion in 2011, down 1.7% yr/yr.

The company had net assets of HUF 6.32 billion at the end of 2011, up 4.2% yr/yr. Total assets fell 9.6% to HUF 9.34 billion.

Állami Nyomda is an A-category issuer at the Budapest Stock Exchange.

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