Report

ANY Security printing - A solid quarter once again

ANY posted a net profit of HUF 956mn for Q3/21 on Thursday, AMC. Outstanding results
were predominantly due to the sale of the Bulgarian subsidiary, which added HUF 598mn
to the pre-tax profit, however, results from the normal operations were more modest
compared to Q2. Sales reached HUF 9.2bn (+29% YoY) in Q3, of which 31% came from
foreign markets. Consolidated EBITDA totalled HUF 1.7bn in Q3 or HUF 5.6bn in the first 9
months of 2021. EBIT amounted to HUF 1.3bn, representing 7.8% EBIT margin in part due
to the asset sale.

Underlying
Allami Nyomda

Any Security Printing is a securities products group based in Hungary. Co. produces security products and solutions (tax stamps. stickers with security elements), plastic and paper cards (document cards, bank and telephone cards, commercial cards), personalized business and administration forms, and conventional printing products. Co.'s product offering its organized along three segments: Security Products, Solutions (paper-based documents, excise and tax stamps, security printers and security inks, additives); Card Production, Personalization (document cards, bank cards and loyalty cards); and Form Production, Personalization (transactional mailing, business, lottery and election forms).

Provider
Concorde Securities
Concorde Securities

Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.

Analysts
Gabor Bukta

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