Halom utca 5, 1102 Budapest, Hungary | www.any.hu
Phone: +36 1 431 1200 | info@any.hu
ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
ANY Security Printing Company Public Limited Company
Independent Auditors’ Report and Financial Statements
for the year ended December 31, 2021
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Phone: +36 1 431 1200 | info@any.hu
ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
ANY Security Printing Company Public Limited Company
Audited Financial Statements
December 31, 2021
Table of content
TABLE OF CONTENT .................................................................................................... 2
STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2021 DECEMBER
31, 2020........................................................................................................................... 4
FINANCIAL STATEMENT OF COMPREHENSIVE INCOME AS AT DECEMBER 31,
2021 5
CHANGES IN SHAREHOLDERS’ EQUITY AS AT DECEMBER 31, 2021 .................... 6
CASH-FLOW AS AT DECEMBER 31, 2021 ................................................................... 7
SUPPLEMENTARY NOTES TO THE FINANCIAL STATEMENTS DEC. 31, 2021 ....... 8
1 GENERAL ............................................................................................................ 8
2 SIGNIFICANT ACCOUNTING POLICIES .......................................................... 11
3 CASH AND BANK .............................................................................................. 23
4 ACCOUNTS RECEIVABLES ............................................................................. 23
5 INVENTORIES ................................................................................................... 23
6 OTHER CURRENT ASSETS AND PREPAYMENTS ......................................... 24
7 PROPERTY, PLANT AND EQUIPMENT ........................................................... 26
8 RIGHT OF USE ASSET ..................................................................................... 27
9 INVESTMENTS .................................................................................................. 27
10 INTANGIBLES ................................................................................................... 28
11 TRADE ACCOUNTS PAYABLES ...................................................................... 29
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
12 OTHER PAYABLES AND ACCRUALS ............................................................. 29
13 SHORT TERM AND LONG TERM LOANS ....................................................... 30
14 SHARE CAPITAL ............................................................................................... 30
15 SHAREHOLDERS' EQUITY ............................................................................... 31
16 NET SALES ........................................................................................................ 33
17 OTHER EXPENSES, NET .................................................................................. 35
18 COST OF SALES AND SELLING GENERAL AND ADMINISTRATION COSTS
35
19 DIVIDEND INCOME ........................................................................................... 36
20 TAXATION ......................................................................................................... 36
21 CONTINGENT LIABILITIES ............................................................................... 38
22 SHORT TERM AND LONG TERM PART OF LEASE LIABILITIES .................. 38
23 RELATED PARTY TRANSACTIONS ................................................................ 40
24 REMUNERATION OF THE MEMBERS OF THE SUPERVISORY BOARD AND
THE BOARD OF DIRECTORS ..................................................................................... 41
25 RISK MANAGEMENT ........................................................................................ 42
26 SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD ............................ 44
The Supplementary Notes are inseparable parts of the financial statements.
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4
ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
Statement of Financial Position as at December 31, 2021 December 31, 2020
In HUF thousands:
Notes
December 31, 2021
December 31, 2020
Current assets
Cash and bank
3
Accounts receivables
4
Inventories
5
Other current assets and prepayments
(without current tax receivable)
6
Current tax receivables
6
Total current assets
Non-current assets
Property, plant and equipment
7
Right of use
8
Investments
9
Intangibles
10
Deferred tax assets
Other assets
9
Total non-current assets
Total assets
Current liabilities
Trade accounts payables
11
Short term part of lease liabilities
22
Other payables and accruals (without current tax
liabilities)
12
Current tax liabilities
12
Short term loans
13
Total current liabilities
Long term liabilities
Deferred tax liability
20
Long term part of lease liabilities
22
Long term loans
13
Total long term liabilities
Shareholders' equity
Share capital
14
Capital reserve
15
Retained earnings
15
Treasury shares
15
(455,048 )
(455,048 )
Total owners' equity
15
Total liabilities and shareholders' equity
The Supplementary Notes are inseparable parts of the financial statements.
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
Financial Statement of Comprehensive Income as at December 31, 2021
In HUF thousands:
Notes
FY 2021
FY 2020
Net sales
16
Cost of sales
18
(18,191,241 )
(12,509,680 )
Gross profit
Selling general and administration
18
(7,051,354 )
(4,588,734 )
Gain/(Loss) on sale of fixed assets
Dividend income
19
Foreign currency loss
(77,784 )
Other expense, net
17
(912,222 )
Operating income
Interest income
Interest expense
(145,801 )
(145,991 )
Gains on sale of investments
9
Profit before tax
Deferred tax expense
20
(225,616 )
(62,151 )
Income tax expense
20
(444,591 )
(150,289 )
Total tax expense
(670,207 )
(212,440 )
Profit after tax
Other comprehensive income for the year
Total comprehensive income for the year
The Supplementary Notes are inseparable parts of the financial statements.
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
Changes in Shareholders’ Equity as at December 31, 2021
in HUF thousands
Share capital
Capital reserve
Retained
earnings
Treasury
shares
Total
1, January 2020
(455,048 )
Dividend paid (after FY
2019)
(6,767 )
(6,767 )
Total comprehensive
income for the year
31, December 2020
(455,048 )
Dividend paid (after FY
2020)
(1,233,586 )
(1,233,586 )
Total comprehensive
income for the year
31, December 2021
(455,048 )
The Supplementary Notes are inseparable parts of the financial statements.
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
Cash-flow as at December 31, 2021
In HUF thousands:
Notes
FY 2021
FY 2020
Cash flows from operating activities
Profit before tax
Depreciation cost of fixed assets
7
Amortization cost of intangibles
10
Changes in provisions
17
Gain/(loss) on sale of property, plant and equipment
(854 )
(2,052 )
Gains on sale of investments
(672,428 )
Dividend income
(426,881 )
(192,831 )
Interest expense
Interest income
(73,091 )
(22,290 )
Operating cash-flow before working capital changes:
Changes in accounts receivable and other current assets
4,6
(1,983,192 )
Changes in inventories
5
(1,050,599 )
Changes in accounts payables, provision and accruals
12
Cash provided by operations
Interest received
13 , 22
(97 215 )
(136,900 )
Interest paid
23
Taxes paid, net
20
(444,591 )
(92,398 )
Net cash provided by operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
7
(745,821 )
(467,606 )
Proceeds on sale of property, plant and equipment
Received dividend
19
Proceeds on sale of investments
9
Purchase of investments
9
(668,160 )
Changes in loans to employees
Net cash flow used in investing activities
(105,968 )
(319,467 )
Cash flows from financing activities
Changes in short term loans
13
(3,286,926 )
Changes in long term loans
13
(1,296,770 )
Repayment of lease obligations
22
(1,021,358 )
(818,815 )
Dividend paid
(1,233,586 )
(6,767 )
Net cash flow used in financing activities
(2,897,216 )
Changes in cash and cash equivalents
(393,018 )
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of the period
3
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
8
Supplementary Notes to the Financial Statements Dec. 31, 2021
1 General
ANY Security Printing Company Public Limited Company by Shares (ANY PLC or the Company)
is a limited liability company incorporated under the laws of the Republic of Hungary. The
Company operated as a State enterprise until 1992 when it was transformed into a limited
liability company (Rt.). The Company’s registered office is located at Halom u.5, Budapest,
District 10. The Company’s webpage: www.any.hu.
The persons authorized to represent the Company, and to sign the annual report: Gábor
Zsámboki, CEO (Address: 1028 Budapest, Csokonai utca 22). The person responsible for the
accounting services registered in IFRS: Tamás Karakó, CFO (Address: 1112 Budapest, Őrség
u. 9/B). The auditor of the Company Ernst & Young Könyvvizsgáló Kft. (Address: 1132
Budapest, Váci út 20.), registered statutory auditor: Zsuzsanna Bartha (MKVK: 005268)
(Address: 5900 Orosháza, Rákóczi út 25.). The audit fee in 2021 is HUF 9,5 million.
As of December 31, 2020, December 31, 2021 – based on the Company’s share book – the
following owners have more than 5% voting right or the following Companys of investors own
the Company:
December 31, 2021
December 31, 2020
Investor
Voting right
(%)
Ownership
(%)
Voting right
(%)
Ownership
(%)
Owners above 5% share
EG CAPITAL LLC(*)
11.98%
11.62%
11,98%
11,62%
DIGITAL FOREST LLC(**)
6.97%
6.76%
6,97%
6,76%
AEGON ALFA SZÁRMAZTATOTT
ALAP
9.50%
9.21%
6,27%
6,08%
Owners below 5% share
Domestic Institutional Investors
29.17%
28.28%
29,81%
28,90%
Foreign Institutional Investors
10.74%
10.40%
12,08%
11,71%
Foreign Individual Investors
0.50%
0.49%
0,43%
0,42%
Domestic Individual Investors
27.58%
26.75%
28,79%
27,92%
Management, employees
2.51%
2.44%
2,45%
2,37%
Treasury shares
0.00%
3.03%
0,00%
3,03%
Other
1.05%
1.02%
1,22%
1,18%
(*) The Chairman of the Board of Directors of ANY Security Printing Company PLC as owner of EG Capital
LLC has a further indirect ownership through Fortunarum Kft.
(**) Based on the AGM of March 31, 2014 the Tamás Erdős has been elected as a member of the Board of
Directors of ANY Security Printing Company PLC has indirect ownership.
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
9
ANY PLC produces security products and solutions (tax stamps. stickers with security elements),
plastic and paper cards (document cards. bank and telephone cards. as well as commercial
cards), personalized business and administration forms, as well as conventional printing
products.
The consolidated subsidiaries of the Company at December 31, 2020 and December 31, 2021
are as follows (except for Tipo Direct Serv SRL, all the subsidiaries are owned directly by the
parent company, Tipo Direct Serv SRL owned by Zipper Services SRL). For further notes about
investments see Note 9
December 31, 2021
December 31, 2020
Name of the
Company
Place of
registration
Country
Equity
Share of
ownership
Voting
right
1
Share of
ownershi
p
Voting right
1
Classificat
ion
2
Gyomai Kner
Nyomda Zrt.
Hungary
HUF
200,000,000
99.48%
99.48%
99.48%
99.48%
L
Specimen Zrt.
Hungary
HUF
100,000,000
100.00%
100.00%
100.00%
100.00%
L
Techno-
progress Kft.
Hungary
HUF
5,000,000
100.00%
100.00%
100.00%
100.00%
L
ANY
Ingatlanhasznos
ító Kft.
Hungary
HUF
3,000,000
100.00%
100.00%
100.00%
100.00%
L
Zipper Services
SRL**
Romania
RON
2,060,310
60.00%
60.00%
50.00%
50.00%
L*
Tipo Direct Serv
SRL **
Moldavia
30,308 MDL
60.00%
60.00%
50.00%
50.00%
L*
Direct Services
OOD ***
Bulgaria
BGN
570,000
0.00%
0.00%
00.00%
00.00%
L*
Slovak Direct
SRO
Slovakia
EUR 63,965
100.00%
100.00%
100.00%
100.00%
L
1
Voting rights that entitle the holder to participate in decision making at the general meeting of the company
included in consolidation.
2
Fully controlled subsidiaries (L); Joint ventures (K); Associated undertakings (T)
(*) Classification as subsidiary is the result of the co-operational agreement signed by the co-owner of the
Company until 30
th
December 2021. From 31
st
December 2021 Zipper Service SRL is subsidiary based on
ownership as well. Direct Services was consolidated based on the previous agreement until 31st July 2021.
(**) ANY Plc. purchased 50% share quota in Zipper Services SRL previously owned by Tipo Offset SRL in value
of EUR 1.8 million on 13
th
December 2021, of which 40% share quota in value of EUR 1.44 million was sold to the
general director of Zipper Services SRL, so the Company has 60% ownership in Zipper Services SRL as at 31
st
December 2021.
(***) ANY Plc. sold its 50% ownership stake in Direct Services OOD to the co-owner Power Solutions OOD on
29
th
July 2021. The consideration received was EUR 2 million. The consideration received is deducted by the
value of net assets derecognised, which resulted in HUF 672 million gain on gains on sale of investments line.
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
10
ESEF information
Homepage of the Company:
www.any.hu
LEI code of the Company:
529900YYR637SPJ0JR59
Name of the Company:
Domicile of the Company:
Legal form of the Company:
Country of incorporation:
Address of the Company’s
registered office:
Principal place of business:
Description of nature of the
Company’s operation and principal
activities:
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
11
2 Significant accounting policies
Basis of preparation
The accounting records of ANY Securit y Printing Plc have been prepared in accordance with
International Financial Reporting Standards (IFRS)
The financial statements have been prepared in accordance with International Financial
Reporting Standards as adopted by the European Union (the “EU”). IFRS as adopted by the EU
do not currently differ from IFRS as issued by the International Accounting Standards Board
(IASB), except for portfolio hedge accounting under IAS 39 which has not been approved by the
EU. The Company does not have any transactions which would qualify as a portfolio hedge.
The reporting currency of the Company is the Hungarian Forint (“HUF”).
The financial statements have been prepared on the historical cost basis except for certain
properties and financial instruments that are measured at revalued amounts or fair values, as
explained in the accounting policies below. Historical cost is generally based on the fair value of
the consideration given in exchange for assets. The principal accounting policies are set out
below.
Financial Statements are prepared based on the assumption of going concern of the activity of
the Company in the foreseeable future.
Cash and cash equivalents
Cash and cash equivalents include cash at bank in hand, balances of bank accounts and short-
term deposits with an original maturity of three months or less and the risk of their impairment is
not significant.
Statement of cash flows
For the cash flow statement the Cash and cash equivalents include cash and the value of bank
deposits, as well as other short term (a term of three months or less at the time of their purchase)
liquid investments, which may be immediately exchanged for the amount indicated on them, and
their conversion does not come with the risk of a change in their value. Statement of cash-flow is
prepared based upon the indirect cash-flow method.
Inventory
Inventory is stated at the lower of cost or net realizable value after making impairment for any
obsolete or slow moving items. Cost is determined at standard cost adjusted to actual purchase
price at period end. For purchased inventories cost comprises purchase price, possible
additional customs, delivery costs, non-refundable taxes and any other costs related to acquiring
the inventory. For finished goods and work in progress, cost comprises direct materials, direct
labour and an appropriate allocation of manufacturing fixed and variable overheads.
Inventory impairment is calculated on obsolete or slow moving stocks item by item after
judgement of the inventory item based on its physical status and future usage and selling
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
12
opportunities. Full impairment is raised on inventories of which future usage and selling
opportunities based on the unique debtors related characteristics of the inventories after the
expiration of the contract or in lack of further orders are not probable. In case of inventories not
connected directly to debtors, impairment on inventory is posted, if there was no consumption or
sale in that item for a longer period before balance sheet day, based on individual assessment
in this case as well. Furthermore the Company accounts impairment for inventories where cost
of inventory is higher than the possible future net realizable value at a level until the net
realizable value. Furthermore raises the Company full impairment on inventories that are falling
out of production during the different technological processes, checked but proved to be not
sufficient quality, and which were moved to scrap inventory location during the year, but have
not been scrapped yet.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation. Freehold land
is not depreciated. Depreciation is provided using the straight-line method at rates calculated to
write off the cost of the asset over its expected economic useful life. The rates used are as
follows:
Buildings 2% to 3%
Leasehold improvements 6%
Machinery and equipment 14.5 to 33%
At each balance sheet date, the Company reviews the carrying amount of its tangible and
intangible assets to determine whether there is any indication in accordance with internal or
external information that those assets have suffered an impairment loss. The estimated useful
life and amortisation method are reviewed at the end of each reporting period, with the effect of
any changes in estimate being accounted for on a prospective basis. If any such indication
exists, the recoverable amount of the asset is estimated in order to determine the amount of
such an impairment loss (if any). If the recoverable amount of an asset is estimated to be less
than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.
Impairment loss is recognized as an expense immediately.
An item of property, plant and equipment is derecognised upon disposal or when no future
economic benefits are expected to arise from the continued use of the asset. Any gain or loss
arising on the disposal or retirement of an item of PPE is determined as the difference between
the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.
Right of use assets
The Company recognises its assets owned in connection with lease contracts as right of use
assets from 1st January 2019 based on the regulations of IFRS 16. Based on these regulations
all assets are classified as right of use assets which are owned or controlled through lease
contracts or long term rental contracts. As there is no guaranteed residual value or lease
payments due at the end of the contractual period, in the lease contracts of the Company, initial
value of right of use assets are equal to initial value of the lease liabilities. The Company has
three different classes of right of use assets. These are real estates, machineries and
equipments and vehicles and other equipments. Depreciation is calculated on right of use
assets based on IAS 16 through the entire life of the lease contracts and long term rental
contracts applying the following rates:
Buildings 10.0% - 46%
Machinery and equipment 14.5% - 33%
Vehicles 25.0% - 33%
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Audited Financial Statements
December 31, 2021
13
Intangible assets
Intangible assets with finite useful lives that are acquired separately are carried at cost less
accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a
straight-line basis over their estimated useful lives. The estimated useful life and amortisation
method are reviewed at the end of each reporting period, with the effect of any changes in
estimate being accounted for on a prospective basis. Intangible assets with infinite useful lives
that are acquired separately are carried at cost less accumulated impairment losses.
Amortization is provided at rates 16.7-33% per year.
An item of intangible asset is derecognised upon disposal or when no future economic benefits
are expected to arise from the continued use of the asset. Any gain or loss arising on the
disposal or retirement of an item of intangible asset is determined as the difference between the
sales proceeds and the carrying amount of the asset and is recognised in profit or loss.
Financial assets
In order to define the category of financial assets, the Company defines whether the financial
asset is a debt instrument or an equity instrument. Debt instruments must be measured through
fair value to profit and loss statement, though when recognizing, the Company can decide that
debt instruments not held for sale can be measured through fair value to other comprehensive
income. If the financial asset is a debt instrument, the following has to be considered.
- Amortised cost – purpose is to have the contractual cash-flows, which contains only and only
the principle part of the liability and the interests.
- Fair value through other comprehensive income (FVTOCI) – purpose is to held, which
achieves its goal by having contractual cash-flows and the sale of the financial instrument and
the contractual conditions of the financial asset contain in defined periods cash-flows only
from principle part of the liability and interests.
- Fair value through profit and loss statement (FVTPL) – which do not belong into neither of the
above mentioned categories, or when recognition were marked as FVTPL financial assets.
Financial liabilities must be measured at amortised cost, except for those, which must be
measured FVTPL or the Company chose to measure at fair value.
Financial liabilities and derivative products must be measured at FVTPL. When recognizing, the
Company can mark a financial liability to be measured at FVTPL irrevocably if:
- it ceases or significantly decreases a measurement inconsistency, or
- a Company of financial liabilities or a Company of financial assets and liabilities are measured
at fair value in accordance with a documented risk or investment strategy.
Subsequent measurement
Subsequent measurement is based upon the category of the financial instrument.
Amortised cost
Amortised cost is the original historical cost of the financial asset or liability decreased by the
principal payments increased or decreased by the accumulated amortised cost of the difference
between the original historical cost and the maturity cost and decreased by the possible
impairment costs or loss of value. Effective rate of interest method should be used, interest has to
be accounted in P&L.
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Audited Financial Statements
December 31, 2021
14
Any difference in the fair value of the asset has to be accounted in the P&L when derecognizing or
reclassifying the liability.
Debt instruments measured FVTOCI
The asset must be measure at fair value. Interest income, impairment and foreign exchange
differences must be accounted in P&L (similar to amortised cost assets). Fair value differences
must be accounted in OCI. When derecognizing the asset, the previously accounted loss or gain
must be reclassified to P&L. When reclassifying or derecognizing the asset, the previously
accounted fair value differences accumulated in equity must be reclassified to P&L in a way like
the asset would have been measured by amortised cost from initial recognition.
Equity instrument measured FVTOCI
Dividend can be recognised, if:
- the entity is eligible for that,
- economic benefits will flow to the entity and can be reliably measured.
Dividend has to be accounted in P&L, except when dividend is obviously partial return for the
costs of the investment, in which case it has to be accounted in OCI.
Fair value differences are accounted in OCI. Fair value differences accounted in OCI cannot be
reclassified to P&L later, even if the asset is impaired or sold.
Debt instruments measured FVTPL
Assets must be measured at fair value, and fair value differences must be accounted in P&L.
Fair value measurement
Based on market prices valid on the date of the statement of financial position without deducting
transaction costs. If such cannot be found, then based upon market price of similar assets, or
based upon the cash-flows deriving from the net assets of the investment.
Impairment of financial assets
The Company analysed whether how much credit loss on trade receivables should be raised
based on expected credit loss of IFRS 9, but found that as impairment on trade receivables posted
to Statement on Profit and Loss and Other Comprehensive Income (SPLOCI) has not reached
even 0.01% of turnover for several years now, does not calculate any impairment on trade
receivables due to expected credit losses. The Company has significant number of trade debtors
with governmental background, and the Company also ensures the inflow of trade receivables in
the form of advances or other payment guarantees. General credit losses are not significant based
on the Company’s assessment, although based on individual trade debtors’ assessment the
necessary impairment on trade receivables is accounted.
Derecognition of financial assets
A financial asset (or, where applicable, a part of a financial asset or part of a Company of similar
financial assets) is primarily derecognised (i.e., removed from the Company’s consolidated
statement of financial position) when:
- The rights to receive cash flows from the asset have expired Or
- The Company has transferred its rights to receive cash flows from the asset or has
assumed an obligation to pay the received cash flows in full without material delay to a
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
15
third party under a ‘pass-through’ arrangement; and either (a) the Company has transferred
substantially all the risks and rewards of the asset, or (b) the Company has neither
transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset
When the Company has transferred its rights to receive cash flows from an asset or has
entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the
risks and rewards of ownership. When it has neither transferred nor retained substantially all of
the risks and rewards of the asset, nor transferred control of the asset, the Company continues
to recognise the transferred asset to the extent of its continuing involvement. In that case, the
Company also recognises an associated liability. The transferred asset and the associated
liability are measured on a basis that reflects the rights and obligations that the Company has
retained. IFRS
Investments
In the separate financial statements investments in subsidiaries are presented at cost according
to IAS 27. Cost at initial recognition is the paid amount in cash or cash equivalent, or the fair
value of other consideration given by the purchaser. Cost include those costs which are directly
attributable to the acquisition.
Investments in subsidiaries are subject to impairment test when indicator of potential impairment
exists. When an external or internal indicator of impairment exists, the recoverable amount has
to be determined and compared with the net investment. If the recoverable amount is materially
or permanently lower than the net investment, impairment should be recorded. If the
recoverable amount is materially or permanently higher than the net investment, impairment
reversal should be recorded.
The net recoverable amount is the present value of future cash flows of the investment
proportioned based on ownership.
Taxation
The amount of company tax is based on the taxation obligation defined according to the law on
corporate income tax and dividend taxes, which is modified by the deferred tax.
Deferred taxes are calculated using the balance sheet liability method. Deferred taxes reflect
the net tax effects of temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for income tax purposes.
Deferred tax assets and liabilities are measured using the tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to be realized or settled.
The measurement of deferred tax liabilities and deferred tax assets reflects the tax
consequences that would follow from the manner in which the Company expects, at the balance
sheet date, to realize or settle the carrying amount of its assets and liabilities.
Deferred tax assets are recognized only if it is probable that sufficient taxable profits will be
available against which the deferred tax assets can be utilized. At each balance sheet date, the
Company re-assesses unrecognized deferred tax assets and the carrying amount of deferred
tax assets. The Company recognizes a previously unrecognized deferred tax asset to the extent
that it has become probable that future taxable profit will allow the deferred tax asset to be
recovered. The Company conversely reduces the carrying amount of a deferred tax asset to the
exte nt that it is no longer probable that sufficient taxable profit will be available to allow the
benefit of part or that entire deferred tax asset to be utilized.
The Company classifies the local taxes and innovation contribution to income tax in profit and
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Audited Financial Statements
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16
loss statement based on IAS 12 requirement.
Treasury shares
Shares repurchased are included in shareholders’ equity. Premiums and discounts arising on
sale of treasury shares, and differences on repurchase, are credited or debited to retained
earnings.
Revenue recognition
IFRS 15 “Revenue from Contracts with Customers” - The standard is effective for annual
periods beginning on or after 1 January 2018. IFRS 15 establishes a five-step model that will
apply to revenue earned from a contract with a customer (with limited exceptions), regardless of
the type of revenue transaction or the industry. The standard’s requirements will also apply to
the recognition and measurement of gains and losses on the sale of some nonfinancial assets
that are not an output of the entity’s ordinary activities (e.g., sales of property, plant and
equipment or intangibles).
Revenue is recognized at the time goods are dispatched and services rendered by the
Company, as this is the point at which the significant risks and rewards of ownership of the
goods and services are transferred to the customer.
Revenue is measured at the fair value of the consideration received or receivable. Revenue is
reduced for estimated customer returns, rebates and other similar allowances.
Revenue is separated into five different product segment by the Company. The management
considers these product segments strategically important. These segments are monitored and
these are the basis of evaluating the performance. However, classification of turnover by
product segments do not mean that these products can be produced in a clearly separable way
in terms of assets and liabilities. According to this preparation of segment reporting under IFRS
8 is not possible.
Revenue from contracts with customers
The Company is in the business of providing printing and security printing solution services.
Revenue from contracts with customers is recognised when control of the goods or services are
transferred to the customer at an amount that reflects the consideration to which the Company
expects to be entitled in exchange for those goods or services. The Company has generally
concluded that it is the principal in its revenue arrangements.
Revenue from sale of printing solutions is recognised at the point in time when control of the
asset is transferred to the customer, generally on delivery of the equipment at the customer’s
location. The normal credit term is 30 days upon delivery.
The Company considers whether there are other promises in the contract that are separate
performance obligations to which a portion of the transaction price needs to be allocated (e.g.,
warranties, customer loyalty points). In determining the transaction price for the sale of printing
solutions, the Company considers the effects of variable consideration, existence of a significant
financing component, noncash consideration, and consideration payable to the customer (if any).
Variable consideration
If the consideration in a contract includes a variable amount, the Company estimates the
amount of consideration to which it will be entitled in exchange for transferring the goods to the
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Audited Financial Statements
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17
customer. The variable consideration is estimated at contract inception and constrained until it is
highly probable that a significant revenue reversal in the amount of cumulative revenue
recognised will not occur when the associated uncertainty with the variable consideration is
subsequently resolved.
Rights of return
The Company uses the expected value method to estimate the variable consideration given the
large number of contracts that have similar characteristics. The Company then applies the
requirements on constraining estimates of variable consideration in order to determine the
amount of variable consideration that can be included in the transaction price and recognised as
revenue. A refund liability is recognised for the goods that are expected to be returned (i.e., the
amount not included in the transaction price). A right of return asset (and corresponding
adjustment to cost of sales) is also recognised for the right to recover the goods from the
customer.
Volume rebates
The Company applies either the most likely amount method or the expected value method to
estimate the variable consideration in the contract. The selected method that best predicts the
amount of variable consideration is primarily driven by the number of volume thresholds
contained in the contract. The most likely amount is used for those contracts with a single
volume threshold, while the expected value method is used for those with more than one volume
threshold. The Company then applies the requirements on constraining estimates of variable
consideration in order to determine the amount of variable consideration that can be included in
the transaction price and recognised as revenue. A refund liability is recognised for the expected
future rebates (i.e., the amount not included in the transaction price).
Significant financing component
The Company applies the practical expedient for short-term advances received from customers.
That is, the promised amount of consideration is not adjusted for the effects of a significant
financing component if the period between the transfer of the promised good or service and the
payment is one year or less.
Non-cash consideration
The fair value of such non-cash consideration received from the customer is included in the
transaction price and measured when the Company obtains control of the equipment. The
Company estimates the fair value of the non-cash consideration by reference to its market price.
If the fair value cannot be reasonably estimated, the non-cash consideration is measured
indirectly by reference to the stand-alone selling price of the fire prevention equipment.
Contract balances
Trade receivables
A receivable is recognised if an amount of consideration that is unconditional is due from the
customer (i.e., only the passage of time is required before payment of the consideration is due).
Contract liabilities
A contract liability is recognised if a payment is received or a payment is due (whichever is
earlier) from a customer before the Company transfers the related goods or services. Contract
liabilities are recognised as revenue when the Company performs under the contract (i.e.,
transfers control of the related goods or services to the customer).
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Audited Financial Statements
December 31, 2021
18
Cost to obtain a contract
The Company pays sales commission to its employees for each contract that they obtain for
sales of printing solutions and services. The Company applies the optional practical expedient to
immediately expense costs to obtain a contract if the amortisation period of the asset that would
have been recognised is one year or less. As such, sales commissions are immediately
recognised as an expense and included as part of employee benefits.
Dividend and interest revenue
Dividend revenue from investments is recognised when the shareholder’s right to receive
payment has been established (provided that it is probable that the economic benefits will flow
to the Company and the amount of revenue can be measured reliably).
Interest revenue is recognised when it is probable that the economic benefits will flow to the
Company and the amount of revenue can be measured reliably. Interest revenue is accrued on
a time basis, by reference to the principal outstanding and at the effective interest rate
applicable, which is the rate that exactly discounts estimated future cash receipts through the
expected life of the financial asset to that asset’s net carrying amount on initial recognition.
Leases
The Company recognises its lease liabilities based on IFRS 16 instead of previous regulation of
IAS 17 from 1st January 2019. In accordance with that all liabilities are recognised as lease
liabilities which are connected to lease contracts or long term rental contracts. The Company
measures its lease liabilities based upon the present value of contractual net cash-flows, with
credit interest rate available on the market for the Company for similar periods using as a
discount rate. The Company has no initial lease obligations, no dismantling or removing costs,
variable lease conditions and does not receive any lease incentives. The members of the
Company have no option to prolong the contracts neither in lease contracts nor in long term
rental contracts, though not even the lessor has the right to change the lease conditions during
the lease period.
The Company has no small value leases, has no sub-lease contracts and has no sale-and-
lease-back type transactions.
Lease interest is calculated on lease liabilities with effective interest rate method, which is
recognised in the comprehensive profit and loss statement on the line interest expenditures.
Provisions
The Company recognises provision in case when:
- an entity has a present obligation (legal or constructive) as a result of a past event;
- it is probable that an outflow of resources embodying economic benefits will be required to
settle the obligation; and
- a reliable estimate can be made of the amount of the obligation.
The Company has no legal affairs.
Contingent liabilities acquired in a business combination
Contingent liabilities acquired in a business combination are initially measured at fair value at
the acquisition date. At the end of subsequent reporting periods, such contingent liabilities are
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Audited Financial Statements
December 31, 2021
19
measured at the higher of the amount that would be recognised in accordance with IAS 37
Provisions, Contingent Liabilities and Contingent Assets and the amount initially recognised less
cumulative amortisation recognised in accordance with IFRS 15 Revenue.
Government grants
Assistance by the government in the form of transfers of resources to an entity in return for past
or future compliance with certain conditions relating to operating activities of the entity.
Government grants are mostly used by the Group to purchase assets, but in 2020 due to the
COVID-19 pandemic also government grants for covering losses were used. In case of
purchasing assets the Group accounts government grants based on income approach. Grants
related to income should be recognised in the income statement on a systematic basis that
matches them with the related costs. Grants connected to asset purchases are accounted to
the period and in that proportion, which period and which proportion the depreciation of the
asset is also accounted. Grants are accounted in compliance with gross method.
Foreign currencies
In preparing the financial statements of the Company, transactions in currencies other than the
entity’s functional currency (HUF) are recorded at the rates of exchange prevailing at the dates
of the transactions. At each balance sheet date, monetary items denominated in foreign
currencies are retranslated at the rates prevailing at the balance sheet date. Exchange
differences are recognised in profit or loss in the period in which they arise.
1.2.1. The effect of adopting new and revised International Financial Reporting
Standards effective from 1 January 2021.
The following amendments to the existing standards and new interpretation issued by the
International Accounting Standards Board (IASB) and adopted by the EU are effective for the
current reporting period:
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 “Interest Rate Benchmark
Reform – Phase 2 - adopted by EU on 13 January 2021 (effective for annual periods
beginning on or after 1 January 2021)
Amendments to IFRS 4 “Insurance Contracts” deferral of IFRS 9 - adopted by EU on 15
December 2020 (effective for annual periods beginning on or after 1 January 2021)
Amendments to IFRS 16 “Leases” Covid-19 Related Rent Concessions beyond 30 June
2021 - adopted by EU on 30 August 2021 (effective for annual periods beginning on or after 1
April 2021)
The adoption of these amendments to the existing standards has not led to any material
changes in the Group’s financial statements.
1.2.2. New and revised Standards and Interpretations issued by IASB and adopted by
the EU but not yet effective
Amendments to IFRS 3 “Business Combinations”; IAS 16 “Property, Plant and
Equipment”; IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” - Annual
Improvements (effective for annual periods beginning on or after 1 January 2022),
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Audited Financial Statements
December 31, 2021
20
IFRS 17 “Insurance Contracts” including amendments to IFRS 17 (effective for annual
periods beginning on or after 1 January 2023),
The adoption of these amendments to the existing standards and the new standards have not
led to any material changes in the Group’s financial statements.
1.2.3. Standards and Interpretations issued by IASB but not yet adopted by the EU
At present, IFRS as adopted by the EU do not significantly differ from regulations adopted by
the International Accounting Standards Board (IASB) except for the following new standards,
amendments to the existing standards and new interpretation, which were not endorsed for use
in EU as at [date of publication of financial statements] (the effective dates stated below is for
IFRS in full):
Amendments to IAS 1 “Presentation of Financial Statements” - Classification of Liabilities
as Current or Non-Current (effective for annual periods beginning on or after 1 January 2023),
Amendments to IAS 1 “Presentation of Financial Statements” and IFRS Practice
Statement 2 - Disclosure of Accounting policies (effective for annual periods beginning on or
after 1 January 2023),
Amendments to IAS 8 “Accounting policies, Changes in Accounting Estimates and
Errors” – Definition of Accounting Estimates (effective for annual periods beginning on or after
1 January 2023),
Amendments to IAS 12 “Income Taxes” – Deferred Tax related to Assets and Liabilities
arising from a Single Transaction ((effective for annual periods beginning on or after 1 January
2023)
Amendments to IFRS 17 “Insurance contracts” Initial Application of IFRS 17 and IFRS 9 –
Comparative Information (effective for annual periods beginning on or after 1 January 2023),
Amendments to IFRS 10 “Consolidated Financial Statements” and IAS 28 “Investments
in Associates and Joint Ventures” - Sale or Contribution of Assets between an Investor and
its Associate or Joint Venture and further amendments (effective date deferred indefinitely until
the research project on the equity method has been concluded),
IFRS 14 “Regulatory Deferral Accounts” (effective for annual periods beginning on or after 1
January 2016) - the European Commission has decided not to launch the endorsement
process of this interim standard and to wait for the final standard.
The Company anticipates that the adoption of these new standards, amendments to the existing
standards and new interpretations will have no material impact on the financial statements of
the Company in the period of initial application.
Critical accounting judgements and estimates by applying the accounting policy
The process of preparing financial statements in accordance with International Financial
Reporting Standards requires the use of estimates and assumptions regarding the carrying
amounts of assets and liabilities presented in the consolidated financial statements and the
Notes.
Critical assumptions by applying the accounting policy
The Management of the Company had certain assumptions when applying the accounting
policy, that can influence the carrying amounts of assets and liabilities presented in the financial
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Audited Financial Statements
December 31, 2021
21
statements (apart from the impact of the estimates. presented at the next point). These
assumptions are presented in details in the Notes, but the most important ones are the following:
- The temporary differences calculated with deferred tax liabilities will reverse in the
foreseeable future, and the corporate tax rate is 9%, which is effective from 1
st
January
2017.
- The outcome of certain contingent liabilities.
- Zipper Services Srl, and TipoDirect Moldva Srl are subsidiaries of the parent company
because the parent company owns a 60% ownership interest in these companies since 31
st
December 2021. Based on the contractual arrangements between the parent company and
other investors, the parent company also has the power to appoint and remove the majority
of the board of management of these companies that has the power to direct the relevant
activities of these companies. Therefore, the management of the Company concluded that
the Company had and has the practical ability to direct the relevant activities of these
companies unilaterally and hence the Company has control over these companies. Since
31
st
December 2021 the parent company has majority ownership as well beside control
through arrangements.
Uncertainties in the estimates
The process of preparing consolidated financial statements in accordance with International
Financial Reporting Standards requires the use of estimates and assumptions regarding the
carrying amounts of assets and liabilities presented in the consolidated financial statements and
the Notes. These estimates are based on the best knowledge of the Management, in spite of
this actual results may differ from estimated amounts. These estimates are presented in details
in the Notes, but the most important ones are the following:
- Determining the fair value of Financial Instruments
- Determining the economic useful life of fixed assets
- Calculating the impairment loss on fixed assets
- Calculating provisions
The effect of COVID-19 on the IFRS report
The Company assessed on 31st December 2021 the effects of the COVID-19 epidemic on the
financial reports prepared in accordance with IFRS, and found that although the epidemic
affected the Printing Company’s operations, the effect of it on the report was not significant.
The Company assessed on 31st December 2021 whether it can continue its operation in the
future under going concern, and found that the majority of the measures taken in year 2021
are set to ensure this, therefore going concern is ensured in the year 2022, which is also
supported by the continuous operations in the crisis situation. Production stayed continuous
every single day in the plants of ANY Plc, even during the announcements of emergencies in
2021.
The Company evaluates investments based on future plans, calculates the value of
investments by using the DCF method. In the past years the Company calculated with
excessively conservative growth and return rates, therefore in the planning phase there were
no changes because of the COVID-19 epidemic, however in the upcoming years the planned
values for subsidiaries were determined by taking the effects of the COVID-19 epidemic into
consideration.
The Company’s leasing- and rent contracts were not modified by the consequences of the
COVID-19 epidemic. The Company did not use its opportunities coming from the moratorium
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Audited Financial Statements
December 31, 2021
22
to ease its leasing or loan payment obligations as at 31 December 2021.
The Ukrainian – Russian conflict
Apart from the global effect on the world economy of the Ukrainian – Russian conflict the
Company does not hold any investment neither in the Ukraine, nor in Russia, does not have
any business partner neither in the Ukraine, nor in Russia, so does not have direct relationship
which could significantly influence the business, operation or the IFRS financial statements of
the Company.
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Audited Financial Statements
December 31, 2021
23
3 Cash and bank
December 31,
2021
December 31,
2020
Cash and cash equivalents
402,816
795,834
Total cash and cash equivalents:
402,816
795,834
4 Accounts receivables
December 31,
2021
December 31,
2020
Trade receivables
3,226,885
2,208,591
Allowance for doubtful debts
(241)
(321)
Total:
3,226,644
2,208,270
The carrying value of trade receivables is fair value. Balance of trade debtors is HUF 3,227
million, which is HUF 1,018 million (46.1 %) higher than at the end of 2020.
Movement of the allowance in doubtful debts is broken down below:
December 31,
2021
December 31,
2020
Balance at the beginning of the year
321
2,655
Impairment losses recognised on receivables
-
80
Impairment losses decrease
(80)
(2,414)
Balance at the end of the year
241
321
5 Inventories
December 31,
2021
December 31,
2020
Raw materials
2,167,090
1,792,143
Work in progress
1,334,128
1,460,396
Finished goods
1,012,680
734,257
Goods
37,467
142,632
Cumulated loss in value for inventories (*)
(1,556,069)
(301,760)
Total:
2,995,296
3,827,668
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
24
The total amount of inventories is HUF 2,995 million, which decreased by HUF 832 million (22%)
compared to 31 December 2020. The amount of raw materials and consumables increased by
HUF 375 million (21%) compared to the prior period, caused by the higher raw material needs of
security and card products.
(*) Inventory impairment is calculated on stocks item by item after judgement of the inventory item
based on its physical status and future usage and selling opportunities. Increase in inventory
impairment is due to the higher volume of technologically reasonable scrap inventories connected
to higher turnover, and to the impairment on inventories connected to projects which are based
on business information will not continue. From inventory impairment presented here HUF 859
million was accounted against other expenditures, while HUF 609 million was accounted against
material type expenditures, as remaining inventories connected to the technology.
Movement of the allowance loss in value for inventories is broken down below:
December 31,
2021
December 31,
2020
Balance at the beginning of the year
301,760
193,859
Impairment losses recognised on inventories
1,254,309
238,854
Impairment losses decrease
-
(130,953)
Balance at the end of the year
1,556,069
301,760
6 Other current assets and prepayments
December 31,
2021
December 31,
2020
Prepayments
240,029
158,229
Of which: rental fee of software’s
60,483
54,587
Of which: real estate rental
100,798
37,249
Of which: prepaid interest
78,748
32,605
Advances paid
454,222
314,743
Of which: advances paid for PP&E
325,050
299,495
Of which: other advances paid
129,172
15,248
Employee loans
2,136
58,771
Other receivables
446,142
22,898
Of which: accounts receivables from sales of
investments
371,952
0
Loan to a subsidiary
2,601,900
1,831,513
Total other current assets and prepayments:
3,744,429
2,386,154
December 31,
2021
December 31,
2020
VAT receivable
-
4,279
Corporate income tax receivable
-
7,892
Other taxes receivable
121
58,121
Total current tax receivables
121
70,292
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
25
Year-end balance of current tax receivables is HUF 70 million lower than in previous period.
The significant increase in the amount of prepayments is caused by software, property and plant
rental fee. Interest in employees loans are the same for each employee, Hungarian prime rate + 5%.
Loans given to subsidiaries
December 31,
2021
December 31,
2020
Gyomai Kner Nyomda Zrt.
36,900
36,513
ANY Ingatlanhasznosító Zrt.
2,565,000
1,795,000
Given loan total
2,601,900
1,831,513
The short term loans given to subsidiaries have market interest rate, based on 1 month BUBOR.
The reason for the increase in the given loan to the subsidiary is the loan to the ANY
Ingatlanhasznosító for a new building investment of HUF 2,565 million.
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Audited Financial Statements
December 31, 2021
26
7 Property, Plant and Equipment
Land and
buildings
Machinery
and
equipment
Property
rights
Vehicles and
other
equipments
Capital
projects
Total
Cost:
January 1, 2020
759,260
7,917,265
1,679,931
2,705,204
254,316
13,315,976
Capitalization
622,172
120,075
160,973
420,173
1,928,954
3,252,347
Reclassification into
rights of use asset
-
30,290
-
(30,290)
(519,607)
(519,607)
Disposals
2,616
126,743
142,305
41,048
1,646,349
1,959,061
December 31, 2020
1,378,816
7,940,887
1,698,599
3,054,039
17,314
14,089,655
January 1, 2021
1,378,816
7,940,887
1,698,599
3,054,039
17,314
14,089,655
Capitalization
181,922
1,179,340
279,267
383,546
2,016,584
4,040,659
Reclassification
-
59,578
18,622
(78,200)
344,214
(344,214)
Disposals
-
638,628
199,342
34,152
1,654,540
2,526,662
December 31, 2021
1,560,738
8,541,177
1,797,146
3,325,233
35,144
15,259,438
Accumulated
depreciation:
January 1, 2020
292,170
6,359,834
1,431,720
1,699,327
17,314
9,800,365
Charge for year
66,579
290,485
98,666
299,339
-
755,069
Reclassification into
rights of use asset
-
1,405
-
(1,405)
-
-
Disposals
476
126,358
139,668
40,683
-
307,185
December 31, 2020
358,273
6,525,366
1,390,718
1,956,578
17,314
10,248,249
January 1, 2021
358,273
6,525,366
1,390,718
1,956,578
17,314
10,248,249
Charge for year
86,922
646,696
121,904
292,749
-
1,148,271
Reclassification into
rights of use asset
-
7,167
-
-
-
7,167
Disposals
-
607,393
57
34,095
-
641,545
December 31, 2021
445,195
6,571,836
1,512,565
2,215,232
17,314
10,762,142
Net book value:
January 1, 2020
467,090
1,557,431
248,211
1,005,877
254,316
3,515,610
December 31, 2020
1,020,543
1,415,521
307,881
1,097,461
-
3,841,405
December 31, 2021
1,115,543
1,969,341
284,581
1,110,001
17,830
4,497,295
Fair value of the PP&E exceeds book value, therefore no impairment loss was calculated.
Increase of fixed assets are mainly due to purchase of technical equipment and machineries.
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Audited Financial Statements
December 31, 2021
27
8 Right of use asset
Right of use asset
movement table
(values in
thousands of HUF)
Property rights
Machinery and
equipment
Vehicles and
other equipments
Total
Cost:
January 1, 2021
3,396,975
1,680,140
185,872
5,262,988
Additions
-
320 415
-
320 415
Disposals
-
-
-
-
December 31,
2021
3,396,975
2,000,555
185,872
5,583,403
Accumulated
depreciation:
January 1, 2021
624,350
580,455
82,610
1,287,415
Charge for year
390,790
413,729
41,305
845,824
December 31,
2021
1,015,140
994,184
123,915
2,133,239
Net book value:
January 1, 2021
2,772,625
1,099,685
103,262
3,975,572
December 31,
2021
2,381,835
1,006,372
61,957
3,450,164
9 Investments
January 1,
Increase
Decrease
December
31,
2021
2021
Long term participations in affiliated
undertakings
1,685,539
668,160
576,552
1,777,147
-Gyomai Kner Nyomda Zrt.
363,596
-
-
363,596
-Specimen Nyomdaipari Zrt.
180,380
-
-
180,380
-ZIPPER Services
454,540
668,160
531,360
591,340
-Direct Services
45,192
-
45,192
-
-Slovak Direct
19,838
-
-
19,838
-TECHNO-PROGRESS Kft.
25,000
-
-
25,000
-ANY Ingatlanhasznosító Kft
596,993
-
-
596,993
Other long term loan
6,412
-
3,250
3,162
Loss in value for long term participations in
affiliated undertakings
(29,328)
-
-
(29,328)
Net value of investments
1,662,623
668,160
579,8024
1,750,981
The 5 five year term budgets used for the evaluation of the investments are reflecting the
management’s best knowledge and information about the expected conditions of the financial
environment. The expected net sales revenue growth rate is between 4-6% based on the financial
achievement and market conditions. Discount rate used is 8%. At the end of the year the Company
examined investments’ remunerative value and recognized that there was no need to account
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
28
impairment losses on the investments. When evaluating the investments the Company uses 5 year
plans and uses DCF method for EBITDA, which is adjusted by cash balance and net debt balance
resulting in final enterprise value. This final enterprise value is compared to the net book value of the
investments.
ANY Plc. purchased 50% share quota in Zipper Services SRL previously owned by Tipo Offset SRL in
value of EUR 1.8 million on 13th December 2021, of which 40% share quota in value of EUR 1.44
million was sold to the general director of Zipper Services SRL, so the Company has 60% ownership
in Zipper Services SRL as at 31st December 2021.
ANY Plc. sold its 50% ownership stake in Direct Services OOD to the co-owner Power Solutions OOD
on 29th July 2021. The consideration received was EUR 2 million. The consideration received is
deducted by the value of net assets derecognised, which resulted in HUF 672 million gain on gains on
sale of investments line.
Shareholders equity of subsidiaries (in thousands of HUF)
2021.12.31
2020.12.31
Gyomai Kner Nyomda Zrt.
799 552
677,859
Specimen Zrt.
153 694
151,261
Techno-Progress Kft.
133 660
82,888
ANY Ingatlanhasznosító Kft.
2 423 561
1,949,572
Zipper Services SRL
2 294 746
1,912,255
Tipo Direct Serv SRL
74 180
161,970
Direct Services OOD
664,455
664,776
Slovak Direct SRO
56 741
54,786
10 Intangibles
Opening
Increase
Decrease
Closing
balance
Cost
2020
269,160
-
-
269,160
2021
269,160
-
-
269,160
Accumulated depreciation
2020
256,308
-
(11,863)
268,171
2021
268,171
-(
989)
269,160
net book value
December 31, 2020
12,852
-
11,863
989
December 31, 2021
989
-
989
-
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
29
11 Trade accounts payables
December 31,
2021
December 31,
2020
Trade account payables to related parties
300,621
354,462
Trade acoounts payables to third parties
1,704,622
2,058,084
Total trade accounts payables
2,005,243
2,412,546
Related party transactions are disclosed in details in point 23 of Notes.
12 Other payables and accruals
December 31,
2021
December 31,
2020
Accrued management bonuses
517,492
-
Other accruals
228,864
67,880
Of which: accrued creditors
182,595
33,994
Salaries and wages
127,496
104,223
Advance payments from customers
26,142
1,134,681
Other short term liabilities
10,716
913
Short term loan from subsidiaries
141,000
121,000
Other payables and accruals
1,051,710
1,428,698
December 31,
2021
December 31,
2020
VAT
414,325
143,805
Social contribution
181,591
57,394
Income tax
178,830
56,614
Other taxes
453,915
101,348
Total current tax liabilities
1,228,661
359,161
Total current tax liabilities, other payables and accruals amounts to HUF 2,280 million, which
increased by HUF 493 million compared to December 31, 2020.
Intercompany loans and their conditions at the balance sheet date were the following:
Specimen Zrt– ANY Plc.: HUF 141 million, interest rate is based on 1 month BUBOR
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
30
13 Short term and long term loans
December 31,
2021
December 31,
2020
Bank overdraft
-
-
Part of a long-term loan within one year
1,981,659
1,327,161
Total short term loans and overdrafts
1,981,659
1,327,161
Long term loans
2,877,736
4,174,506
Total long term loans
2,877,736
4,174,506
Total loans and borrowings:
4,859,395
5,501,667
The parent company has overdraft limit (market interest rate, based on 1 month BUBOR) in value of
HUF 4.5 billion which was totally available at the end of 2021. Based on the overdraft limit contracts
the available amount of overdraft can be used is HUF 4.5 billion.
Amount of the long term loan taken during the purchase of ANY Ingatlanhasznosító Kft, that owns the
real-estates was fully repaid in 2021 from a loan taken by ANY Nyrt. in amount of HUF 1 billion.
For the long term loans mortgages of real estates and current assets were involved.
14 Share capital
Share capital (at par value, in HUF thousands) authorized, issued and outstanding at year-end:
December 31, 2021
December 31, 2020
Issued
Treasury
Issued
Treasury
Registered shares
1,449,876
43,986
1,449,876
43,986
Total
1,449,876
43,986
1,449,876
43,986
The number of shares issued by the Company is 14,794,650 of which par value is HUF 98 per
share.
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
31
15 Shareholders' equity
In HUF thousands:
FY 2020
FY 2021
Section 114 B (4) Equity under IFRS
Share capital
1,449,876
1,449,876
Reserves
2,184,915
3,051,177
Profit/(loss) for the year
3,352,399
367,324
Total equity
6,987,190
4,868,377
Section 114 B (4) a) Equity
Equity under IRFS
6,987,190
4,868,377
Supplementary payments as liabilities under IFRS (+)
-
-
Supplementary payments as assets under IFRS (-)
-
-
Sum of the deferred income from cash, assets that received
and transferred to the capital reserve under legislation (+)
-
-
Sum of receivables from owners classified as equity instrument
under capital contribution (-)
-
-
Total equity
6,987,190
4,868,377
Section 114 B (4) b) Share capital under IFRS
Share capital according to the effective articles of association if
classified as an equity instrument
1,449,876
1,449,876
Total share capital
1,449,876
1,449,876
Section 114 B (4) c) Registered but unpaid capital
Unpaid capital under IFRS
-
-
Total registered but unpaid capital
-
-
Section 114 B (4) d) Capital reserve
Sum of all equity components that are not considered as share
capital, registered but unpaid capital, retained earnings,
revaluation reserve, profit/(loss)for the period or tied-up
reserve
250,686
250,686
Total capital reserve
250,686
250,686
Section 114 B (4) e) Retained earnings
Accumulated profit after taxation of previous' years under IFRS
that is not yet distributed among owners and not include other
comprehensive income
2,389,277
3,255,539
Supplementary payments as assets under IFRS (-)
-
-
Unused reserve for development purposes (-)
(3,203,615)
(894,779)
Unused reserve for development purposes net of deferred tax
liabilities under IAS 12 (+)
288,325
80,530
Total retained earnings
(526,013)
2,441,290
Section 114 B (4) f) Revaluation reserve
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
32
Accumulated other comprehensive income from statement of
other comprehensive income (±)
-
-
Accumulated and current year other comprehensive income
from statement of other comprehensive income (±)
-
-
Total revaluation reserve
-
-
Section 114 B (4) g) Profit after taxation
Net profit or loss after tax from ongoing activities in the
comprehensive income statement or in the statement of profit
or loss (±)
3,352,399
367,324
Net profit or loss after tax from discontinued activities in the
comprehensive income statement or in the statement of profit
or loss (±)
-
-
Total profit after taxation
3,352,399
367,324
Section 114 B (4) h) Tied-up reserve
Supplementary payments as liabilities under IFRS (+)
-
-
Unused reserve for development purposes (+)
3,203,615
894,779
Unused reserve for development purposes net of deferred tax
liabilities under IAS 12 (-)
(288,325)
(80,530)
Total tied-up reserve
2,915,290
814,249
Section 114 B (5) a) Reconciliation of registered capital with
the share capital under IFRS
Registered share capital
1,449,876
1,449,876
Share capital under IFRS
1,449,876
1,449,876
Difference (treasury shares at nominal value)
-
-
Section 114 B (5) b) Retained earnings available for
distribution
Retained earnings (include the net profit after tax for last
financial year closed with annual financial statements)
2,826,386
2,808,614
Accumulated, unrealised profit from the increase of fair value
of investment properties under IAS 40
-
-
Retained earnings available for distribution
2,826,386
2,808,614
The capital share according to HAS and IFRS is the same, and its value is HUF 1,449,876
thousands.
Retained earnings available for distribution are based on the unconsolidated financial
statements of the Company prepared in accordance with IFRS and related Hungarian
Accounting and Civil Law. The amount of the retained earnings in the Company’s IFRS financial
statement is HUF 5,741,676 thousands of which not distributable HUF 2,915,290 thousands.
Retained earnings available for distribution is HUF 2,826,386 thousands.
Treasury shares
Number of treasury shares held by the Company on 31
st
December 2021 is 448,842 which were
purchased at an average price of HUF 1,014 per share remained unchanged.
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
33
16 Net sales
Sales
2021
2020
Sales revenue from customer contracts
29,149,011
17,339,961
Revenue from other sources
-
-
Total sales
29,149,011
17,339,961
Impairment of receivables
2021
2020
Impairment recognized on trade receivables, contractual assets
-
-
Impairment from other contracts
-
-
Total impairment
-
-
Sales segments
2021
2020
Security products and solutions
9,495,938
6,024,818
Card production and personalization
16,078,281
7,728,960
Form production and personalization. data processing
2,119,514
2,267,403
Traditional printing products
3,672
8,842
Other
1,451,606
1,309,938
Total net sales
29,149,011
17,339,961
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
34
Total revenue in 2021 by countries:
Revenue by Countries
2021
2020
Domestic sales
24,476,043
14,216,200
Sales within the EU
1,177,523
1,199,063
Germany
336,633
321,496
Slovakia
249,983
231,343
Austria
199,645
200,019
Poland
129,382
102,620
Czech Republic
85,837
128,388
Bulgaria
60,404
76,687
Romania
56,147
76,560
Netherlands
28,901
7,195
France
13,036
9,499
Estonia
7,769
-
Finland
6,662
-
Italy
2,323
3,895
Slovenia
801
-
Other exports within the EU
-
41,361
Exports outside the EU
3,495,445
1,924,701
Africa
3,113,880
1,602,578
Norway
181,618
142,448
Iceland
81,303
41,240
Albania
46,249
47,060
Hong Kong
25,443
9,868
United Kingdom
22,672
-
Switzerland
7,086
5,663
United Arab Emirates
5,621
39,635
Serbia
4,411
3,175
Turkey
3,086
-
Sri Lanka
2,748
18,219
Mexico
-
1,782
Russian Federation
-
-
Total:
29,149,011
17,339,961
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
35
17 Other expenses, net
Other incomes and expenses
2021
2020
Subsidy (*)
2,746
532,735
Reversed loss in value for trade receivables
80
7
Other items
35,830
15,213
Total other incomes
38,656
547,955
Loss in value for inventories (**)
858,873
34,271
Donation given
43,882
57,629
Loss in value for trade receivables
254
2,414
Other items
47,869
108,822
Total other expenses
950,878
203,136
Total
(912,222)
344,819
(*) From government grants received in 2020 were connected to compensation of costs.
Other revenues increased mainly due to the non-repayable government grant received in value
of HUF 502 million in 2020. The application of ANY Security Printing Company Plc for HIPA
(Nemzeti Befektetési Ügynökség Nonprofit Zrt.) subsidy to increase of competitiveness (7/2021.
VI.16. Decree of Ministry for Foreign Affairs) was judged favourably in 2020. Applicants were
eligible to subsidy for compensating the losses occurred in connection with COVID-19
pandemic, where precondition was to make CAPEX investments in order to increase
competitiveness until 30 June 2022 and to preserve the average number of employees. The
value of undertaken investments is HUF 1,120,405 thousands, out of which incoming invoices
approved by the rules of application are in value of HUF 603,090 thousands, investment not yet
accounted on the balance sheet day is HUF 517,315 thousands. It is highly probable that the
Company will meet the covenant requirements as at 30
th
June 2022.
(**) Inventory impairment is calculated on stocks item by item after judgement of the inventory
item based on its physical status and future usage and selling opportunities. Increase in
inventory impairment is due to the higher volume of technologically reasonable scrap
inventories connected to higher turnover, and to the impairment on inventories connected to
projects which are based on business information will not continue.
18 Cost of sales and selling general and administration costs
Breakdown of cost of sales and selling general and administration cost is the following:
2021 (thHUF)
2020 (thHUF)
Material type expenditures
16,932,906
12,035,828
Personal type expenditures
7,484,774
4,801,627
Depreciation and amortization
1,149,259
999,895
Changes in inventory and own performance
(324,444)
(738,936)
Total cost and expenditures
25,242,595
17,098,414
Cost of sales
18,191,241
12,509,680
Selling general and administration
7,051,354
4,588,734
Total direct and indirect cost of sales
25,242,595
17,098,414
The average number of employees of the Group during the year was 651 (2020: 617).
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
36
19 Dividend income
The approved dividends received from subsidiaries are the following:
2021
2020
Zipper Services Srl
148,120
-
ANY Ingatlanhasznosító Kft.
85,764
-
Direct Services Ood
72,202
71,818
Gyomai Kner Nyomda Zrt.
64,197
72,485
Techno Progress Kft.
56,598
48,528
Total dividend income
426,881
192,831
20 Taxation
December 31,
2021
December 31,
2020
Current year corporate income tax
45,536
(31,687)
Current year local business tax
346,955
158,240
Current year innovation contribution
52,100
23,736
Current year tax expense
444,591
150,289
Deferred tax (income) / expense
225,616
62,151
Total tax expense
670,207
212,440
Based on the decision of the Hungarian Parliament, 9% corporate tax rate has to be applied for
the Hungarian companies.
In case of the domestic subsidiaries we applied the new 9% corporate tax rate when calculating
deferred tax. The tax liability of the foreign companies of the Company is taken into
consideration with the effective tax legislation of their country of incorporation.
Under the tax legislation the Company is allowed to establish a tax-deductible development
reserve. Assets acquired using this reserve then do not qualify for tax depreciation up to the
value of the reserve. Therefore this is effectively a form of accelerated depreciation.
Development reserves have been established based on the Company’s current year and
previous years pre-tax profit and a deferred tax liability has been recognized on the deferred tax
effect of the accounting and tax depreciation difference of the assets. The Company decreased
its deferred tax liabilities by the valuation difference for treasury shares based on the Hungarian
Accounting Standards.
Tax losses can be carried forward up to the next years offset future taxable profits (until its 50%).
Deferred tax assets relating to tax losses are netted off against deferred tax liabilities. The
company raised deferred tax asset on write-off for bad debts in 2021. The Company
derecognised deferred tax asset in 2021 based on differences of bad debt receivables.
ANY PLC and its subsidiaries are subject to periodic audits by the Hungarian Tax Authority
(NAV). Since the application of tax laws and regulations may be susceptible to varying
interpretations, amounts reported in the financial statements could be changed at a later date
upon final determination by the tax authorities. In 2020 the Parent Company was subject to a
comprehensive audit by NAV (National Tax and Customs Administration) for the years 2017 and
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
37
2018 to all kind of taxes. No material misstatement was explored by the Tax Authority.
December 31,
2021
December 31,
2020
Opening deferred tax liability
297,568
235,422
Deferred tax liability due to development reserve
239,036
48,970
Deferred tax on accounting and tax depreciation difference of assets not
connected to development reserve
(13,427)
13,176
Closing deferred tax liability
523,177
297,568
December 31,
2021
December 31,
2020
Opening deferred tax assets
1,401
1,674
Deferred tax asset on write-off for bad debts
(7)
(6)
Closing deferred tax assets
1,394
1,401
The effective income tax rate defers from the statutory income tax rate due to the following
items:
December 31, 2021
December 31, 2020
Profit before tax
4,022,606
579,764
Tax base adjustment items
(399,055)
(15,072)
Profit before tax (corrected)
3,623,551
564,692
Tax at statutory rate of 9%(*)
326,120
50,822
Effect of development reserve raised
(288,000)
(52,210) (**)
Other permanent differences
7,416
(30,299)
from which: Dividend
(25,088)
(17,355)
Other
32,504
(12,944)
Current year corporate tax
45,536
(31,687)
Deferred tax expense
225,616
62,151
Total tax expense
271,152
30,464
(*) In this calculation 9% tax rate valid in 2021 has been applied.
(**)Hungarian companies used opportunity of government decree (171/2021 (IV.30.)), which made possible
to decrease the tax base of 2020. The decree of 30 April the amount of restricted reserve, and the
balance of restricted reserve as at the last day of the tax year was increased to up to the amount of pre
tax profit (but maximum HUF 10 billion each tax year).
(***) Other permanent differences arose from tax base adjustment items/
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
38
21 Contingent liabilities
The Company has arranged bank guarantees. The guarantees largely relate to commitments under
Government and corporate tenders. Guarantees are provided up to a maximum limit of HUF 2,500
million. The Company uses HUF 1,082 million from its guarantee limit which is connected to
tenders, and the guarantee received from MKB Bank in value of HUF 502 million connected to
HIPA subsidy.
The Company raised HUF 3,200 million development reserve to finance future capital expenditures,
which has 3,2 million not been utilised yet. Corporate tax base was decreased by this amount in
line with the relevant Hungarian regulations under the condition, that this amount will be spent for
capital expenditures in the following six years, otherwise the deducted corporate tax has to be
repaid to the Hungarian Tax Authority grossed up with its fines and interests. From development
reserve raised dividend cannot be paid based on the Hungarian Accounting Law.
22 Short term and long term part of lease liabilities
Short term and long term financial lease principal liabilities belong to the company lease contracts
for real estates, machineries and equipments and vehicles of which short term part is HUF
757,485 thousands and long term part is HUF 2,656,279 thousands, due in the next years.
Leasing
Obligation
Maturity Analysis
(in thHUF)
Leasing obligations
related to real estate
Leasing obligations
related to machinery
and equipment
Leasing obligations
relating to vehicles
Total
Expired leasing
liabilities in 2022:
399,493
314,297
43,696
757,485
Expired leasing
liabilities in 2023:
412,831
272,155
12,282
697,267
Expired leasing
liabilities in 2024:
431,236
138,976
-
570,212
Expired leasing
liabilities in 2025:
450,237
73,681
-
523,918
Expired leasing
liabilities in 2026:
140,203
71,232
-
211,435
Expired leasing
liabilities in 2027:
146,146
33,694
-
179,840
Expired leasing
liabilities after 2028
473,607
-
-
473,607
Total:
2,453,753
904,035
55,977
3,413,764
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
39
Leasing
Obligation
Maturity Analysis
(in thHUF)
Leasing obligations
related to real estate
Leasing obligations
related to machinery
and equipment
Leasing obligations
relating to vehicles
Total
Expired leasing
liabilities in 2021:
404,908
374,360
43,364
822,632
Expired leasing
liabilities in 2022:
423,417
227,557
43,696
694,669
Expired leasing
liabilities in 2023:
442,530
181,037
12,282
635,849
Expired leasing
liabilities in 2024:
462,266
27,420
-
489,685
Expired leasing
liabilities in 2025:
482,641
3,805
-
486,446
Expired leasing
liabilities in 2026:
142,594
-
-
142,594
Expired leasing
liabilities in 2027:
630,321
-
-
630,321
Összesen:
2,988,677
814,178
99,341
3,902,196
Leasing Obligation
movement table
(values in
thousands of HUF)
Leasing
obligations related
to real estate
Leasing obligations
related to machinery
and equipment
Leasing obligations
relating to vehicles
Total
January 1, 2020
1,702,062
718,023
149,127
2,569,212
Additions
1,460,000
520,555
-
1,980,555
Disposals
173,385
424,400
49,786
647,571
December 31,
2020
2,988,677
814,178
99,341
3,902,196
January 1, 2021
2,988,677
814,178
99,342
3,902,196
Additions
-
320,415
-
320,415
Disposals
534,924
230,558
43,364
808,846
December 31,
2021
2,453,753
904,035
55,977
3,413,765
Long term part of
closing balance
2,054,260
589,738
12,282
2,656,279
Short term part of
closing balance
399,493
314,297
43,696
757,485
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
40
Leasing interest
analysis (in thHUF)
Leasing interest
relating to real
estate
Leasing interest
relating to machinery
and equipment
Leasing interest
relating to vehicles
Total
Lease interests in
2021:
57,282
17,946
1,586
76,815
Lease interests in
2020:
58,621
14,892
2,526
76,039
23 Related party transactions
Related party transactions
FY 2021
in HUF
thousands
FY 2020
in HUF
thousands
Total receivables and accrued assets at the end of the year
2,777,050
1,915,345
Total liabilities and accrued liabilities at the end of the year
300,652
354,462
Total revenue for the period
357,920
212,706
Total expenditures for the period
1,180,187
932,798
Related party transactions were made on terms equivalent to those that prevail in arm’s length
transactions. Through related party transactions mainly ANY Security Printing Company PLC (the
Company) sells finished goods to the other members of the Group, who resell them to third party
companies. ANY Security Printing Company PLC also purchases finished goods from its subsidiaries
and rents assets. Related party transactions also consist of short term intercompany loans. The
Company purchased management services from EG Capital in value
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ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
41
24 Remuneration of the members of the Supervisory Board and the Board of Directors
HUF 11,884 thousands remuneration was paid to the Supervisory Board, while HUF 6,120
thousands to the Board of Directors in 2021.
The following table presents the beginning and the end of the assignment of the members of the
Board of Directors and Supervisory Board and the number of shares hold in ANY Security
Printing Company PLC is also presented as at 31 December 2021.
Type
1
Name
Position
Assignment
started
Assignment
ends
ANY shares
owned (no.)**
BD
Dr. Ákos Erdős
2
Chairman of Board of
Directors
1993*
April 30, 2023
2,245,253
BD
Gábor Zsámboki
Deputy chairman of
Board of Directors**
August 11,
2005*
April 30, 2023
143,923
BD
György Gyergyák
Member of Board of
Directors
1994*
April 30, 2023
150,000
BD
Péter Kadocsa
Member of Board of
Directors
April 30, 2010*
April 05, 2021
-
BD
Dr. Gábor Kepecs
Member of Board of
Directors
May 31, 2021
April 30, 2023
-
BD
Tamás Erdős
3
Member of Board of
Directors
May 31, 2014
April 30, 2023
1,000,001
BD
Erwin Fidelis Reisch
Member of Board of
Directors
May 31, 2014
April 30, 2023
-
SB
Dr. István Stumpf
Chairman of
Supervisory Board
April 27, 2021***
May 31, 2024
-
SB,
AB
Dr. Istvánné Gömöri
4
Deputy chairman of
Supervisory Board,
Chairman of AB
August 11,
2005*
May 31, 2024
536,703
SB
Ferenc Berkesi
Member of
Supervisory Board
August 11,
2005*
May 31, 2024
-
SB,
AB
Dr. Imre Repa
Member of
Supervisory Board,
Member of AB
March 30, 2007*
May 31, 2024
-
SB
Katalin Hegedűs
Member of
Supervisory Board
May 31, 2021
May 31, 2024
-
SB
László Hanzsek
Member of
Supervisory Board
May 31, 2021
May 31, 2024
-
SB
Gábor Kun
Member of
Supervisory Board
May 31, 2021
May 31, 2024
-
Number of ANY shares hold, TOTAL:
4,075,880
1
Employee in a strategic position (SP), Board of Directors member (BD), Supervisory Board member (SB)
2
Dr. Ákos Erdős controls ANY shares indirectly through EG Capital LLC and Fortunarum Kft.
3
Tamás Erdős controls ANY shares indirectly through Digital Forest LLC.
4
Dr. Istvanné Gömöri controls ANY shares indirectly through BELU S.A.R.L.
* Re-elected by the Annual General Meeting held on 31
st
March, 2014
** Gábor Zsámboki has been the deputy chairman of the Board of Directors since 11
th
August, 2014.
*** Elected by the Board of Directors entitled with AGM rights on 27th April. 2020
Halom utca 5, 1102 Budapest, Hungary | www.any.hu
Phone: +36 1 431 1200 | info@any.hu
ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
42
25 Risk management
Foreign currency risk
Among foreign currency transactions of the Company EURO based transactions are the most
important ones. Foreign currency liabilities mainly occur from raw material purchases, which are
hedged by the receivables from the export sales in foreign currency as a natural hedge. Due to
the balance of foreign currency receivables and liabilities the foreign currency risk of the
Company is HUF 36 million in case of 10% change of EUR, USD, GBP, CHF currencies at the
same time to the same direction.
ANY Company
Currency
December 31, 2021
December 31, 2020
Foreign currency receivables
EUR
2,283,576
1,585,475
USD
(1,337)
9,120
GBP
-
-
Total (in HUF thousands)
842,204
581,616
Foreign currency cash
EUR
495,773
1,384,906
USD
3,386
114,266
GBP
1,019
676
Total (in HUF thousands)
184,491
539,924
Foreign currency liabilities
EUR
1,759,279
1,328,575
CHF
29,959
8,146
USD
2,300
197,627
GBP
6,029
5,983
Total (in HUF thousands)
663,268
549,048
Impact of a possible 1%
foreign exchange rate
decrease in each foreign
currency (in HUF thousands)
December 31, 2021
December 31, 2020
Impact on foreign currency
assets
102,670
112,154
Impact on foreign currency
liabilities
(66,327)
(54,905)
Total impact of possible
foreign exchange rate change
36,343
57,249
Company measures financial instruments (cash, receivables, sreditors, credit liabilities) based
on amortised costs. In case of receivables and liabilities over 1 year appropriate discount rate is
used for time value of money, while in case of credit liabilities affective interest rate is being
considered. The Company holds no financial assets held to maturity or available for sale.
Foreign currency receivables and liabilities of the Company are revalued at MNB foreign
exchanged rates as at 31. December 2021.
Receivables and liabilities of the Company denominated in foreign currency were revalued
based on foreign currency rates of MNB (Hungarian National Bank) as at 31 December 2021.
Halom utca 5, 1102 Budapest, Hungary | www.any.hu
Phone: +36 1 431 1200 | info@any.hu
ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
43
Interest rate risk
Due to the moderate level of debts in the Company potential interest rate changes would not
influence significantly the amount of interests to be paid by the Company. Based on the balance
of Credits of the Company. a potential interest rate increase of 100 basis points relevant to our
credits would increase our interest expenses by approximately HUF 48,593 thousands in the
year 2021. (This was HUF 52,564 thousands in the year 2020.)
Liquidity risk
The Company manages liquidity risk by maintaining adequate reserves, banking facilities and
reserve borrowing facilities, by continuously monitoring forecasts and actual cash-flows and by
matching the maturity profiles of financial assets and liabilities.
Liquidity risk of the Company, due to the high balance of net working capital, is low. The maturity
of trade payables, lease liabilities and credits is shown in the next table:
ANY Company
FY 2021
In 1
month
1 - 3 months
3 months
- 1 year
1 - 5 years
Over 5
years
Total:
Trade payables
2,004,591
652
-
-
-
2,005,243
Lease liabilities
63,124
126,248
568,113
2,002,832
653,447
3,413,764
Credits
165,138
330,277
1,486,244
2,877,736
-
4,859,395
Other liabilities and
accruals (without taxes)
1,051,710
-
-
-
-
1,051,710
Current tax liabilities
1,228,661
-
-
-
-
1,228,661
Total
4,513,224
455,177
2,054,357
4,880,568
653,447
12,558,773
ANY Company
FY 2020
In 1
month
1 - 3
months
3 months
- 1 year
1 - 5 years
Over 5
years
Total:
Trade payables
2,401,840
10,788
12
(94)
-
2,412,546
Lease liabilities
68,231
137,060
411,181
2,655,398
630,321
3,902,191
Credits
-
1,327,161
-
4,174,506
-
5,501,667
Other liabilities and
accruals (without taxes)
1,428,698
-
-
-
-
1,428,698
Current tax liabilities
359,161
-
-
-
-
359,161
Total
4,257,930
1,475,009
411,193
6,829,810
630,321
13,604,263
Credit risk
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting
financial loss to the Company. The Company has adopted a policy of only dealing with
creditworthy counterparties, and obtaining sufficient collateral, where appropriate, as a means of
mitigating the risk of financial loss from defaults. Trade receivables consist of a large number of
costumers, spread across diverse industries and geographical areas. Ongoing credit evaluation is
performed on the financial condition of accounts receivable.
The financial discipline of the debtors of the Company is really good, which is also represented by
the low portion of cumulated provision on trade receivables compared to the gross amount of
trade receivables: 0.01%. (This was 0.01% in 2020.) The more than 90 days overdue receivables
out of total aged receivables of the Company is less than 0%.
Halom utca 5, 1102 Budapest, Hungary | www.any.hu
Phone: +36 1 431 1200 | info@any.hu
ANY Security Printing Company PLC
Audited Financial Statements
December 31, 2021
44
26 Significant events after the reporting period
Purchase of investment
Zipper Services SRL, the 60% ownership subsidiary of ANY Plc. signed quota sales-purchase
agreement about purchasing 100% ownership stake of Romanian based ATLAS SRL on 30
th
December 2021. Authorities registering the ownership in trade registry is a condition to close
the transaction, which was finalized on 15
th
February 2022, so achievement of ATLAS SRL will
be presented from 15
th
February 2022 in the consolidated financial statements. Value of the
transaction is EUR 1.371 million. Though based on IFRS rules assets and liabilities acquired
value of goodwill and non-controlling interest should be presented in the Notes of the 31
st
December 2021 financial statement, as until the preparation of the consolidated financial
statements ATLAS SRL did not prepare its individual financial statements as at 31
st
December
2021, the disclosure of the assets and liabilities acquired, possible value of goodwill and non-
controlling interest is not possible.
The Ukrainian – Russian conflict
Apart from the global effect on the world economy of the Ukrainian – Russian conflict the
Company does not hold any investment neither in the Ukraine, nor in Russia, does not have
any business partner neither in the Ukraine, nor in Russia, so does not have direct relationship
which could significantly influence the business or operation or the IFRS financial statements
of the Company.
Decisions of the 8
th
March 2022 Board of Directors’ meeting
The Consolidated Financial Statements were accepted by the Board of Directors of ANY Nyrt.
on 8
th
March, 2022.
The Board of Directors proposes HUF 163 dividend per share to the shareholders on the
annual general meeting to be held in April 2022.
Budapest, 10
th
March 2022 ............................................................................
Chief Executive Officer
Business report
for the year ended December 31, 2021
Halom utca 5, 1102 Budapest, Hungary | www.any.hu
Phone: +36 1 431 1200 | info@any.hu
45
ANY Security Printing Company PLC
Business report
for the year ended December 31, 2021
Business report
for the year ended December 31, 2021
Halom utca 5, 1102 Budapest, Hungary | www.any.hu
Phone: +36 1 431 1200 | info@any.hu
46
General information on the Company
Company name: ANY Security Printing Company Limited by Shares
Abbreviate company name: ANY Plc.
Tax registration number: 10793509-2-44
Seat: 1102 Budapest, Halom u. 5.
Premises of the Company: 1106 Budapest, Fátyolka utca 1-5.
3060 Pásztó, Fő utca 141.
Analysis of the FY 2021 achievement of the Company
Net sales revenue of ANY Security Printing Company Plc amounted to HUF 29,149 million in 2021, of
which export sales totalled HUF 4,673 million. Operating income came to HUF 3,423 million, an
increase of HUF 2,719 million (386.6 %) compared to the previous year. Income before tax was HUF
4,023 million while EBITDA amounted to HUF 4,572 million. Net income after financial operations,
extraordinary profit and taxation was HUF 3,352 million.
Analysis of profit and loss statement
The breakdown of net sales by categories is presented in the table below:
Table 1: Net sales by categories
Sales categories
FY 2020 in HUF
millions
FY 2021 in HUF
millions
Change in HUF
millions
Change %
Security products and solutions
6,025
9,496
3,471
45.04%
Card production and personalization
7,729
16,078
8,349
108.03%
Form production and
personalization, data processing
2,267
2,210
(148)
(6.52)%
Traditional printing products
9
4
(5)
(58.47)%
Other
1,310
1,451
141
10.79%
Total net sales
17,340
29,149
11,809
68,10%
Security Printing Company Plc. had net sales of HUF 29,149 million in 2021, increase of 68.10% (HUF
11,809 million) compared to prior year figure.
Sales of security products and solutions income is HUF 9,496 million in 2021 which means a year-
on-year increase HUF 3,471 million (57.61%). The change was due to the higher sales of tax stamps,
security documents, security solutions and to the increasing sales of high value-added export
products.
Business report
for the year ended December 31, 2021
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Phone: +36 1 431 1200 | info@any.hu
47
The Company’s revenues from card production and personalization totalled HUF 16,078 million in
2021, a HUF 8,349 million (108.03%) increase compared to the previous year. The mass renewal of
card documents that expired in 2020, and the sales of immunity certificates also contributed to the
growth.
The Company’s revenues from form production, personalization and data processing came to
HUF 2,120 million in 2021, a HUF 148 million (6.52%) decrease compared to 2020. The change
derives from lower volume of printed domestic tax forms.
Sales of traditional printing products amounted to HUF 4 million in 2021, which lower with HUF 5
million (58.47%) compared to the previous year, due to the decreasing book orders.
Other sales totalled HUF 1,451 million in 2021, which increased by HUF 141 million (10.79 %) year-
on-year. This segment mainly comprises revenues from the sale of commercial materials and goods.
Operating income came to HUF 3,423 million, higher with HUF 2,719 million (386.6 %) compared to
the previous year.
Gross profit totalled HUF 10,958 million, which means a 37.6% gross margin. General (SG&A)
expenses amounted to HUF 7,051 million in 2021, which equals 24.2 % of net sales.
Material type expenditures increased by 40.7% (HUF 4,897 million) in 2021, due to the higher turnover.
Personnel expenses totalled HUF 7,485 million, which means a 56% increase compared to the base
period, due to the higher achievement based personnel costs connected to higher turnover, to
overtime work costs and to the salary and wage increase.
Headcount of full time employees in ANY Security Printing Company Plc. was 651 people at the end
of 2021, while it amounted to 617 persons at the end of 2020, which means a 34 person (5.51%)
increase compared to the previous year.
EBITDA amounted to HUF 4,572 million due to the change in operating income and depreciation,
which means an increase of HUF 869 million compared to 2020. According to EBITDA margin
amounts to 15.69%.
In 2021 dividends received from subsidiaries decrease by HUF 86 million.
Corporate tax came to HUF 46 million in 2021, which HUF 77 million higher than last year.
Business report
for the year ended December 31, 2021
Halom utca 5, 1102 Budapest, Hungary | www.any.hu
Phone: +36 1 431 1200 | info@any.hu
48
Profit after tax was HUF 3,352 million, which means an increase of HUF 2,985 million (812.65%)
compared to 2020.
Balance sheet analysis
The Company had total assets of HUF 20,069 million at the end of 2021, which means an increase of
6.9% (HUF 1,299 million) compared to a year ago. This changes due to increase of other current
assets and prepayments.
Non-current assets totalled HUF 9,700 million at the end of 2021, which is higher than the prior year
figure by HUF 218 million (2.3%).
Current assets amounted to 10,369 million at the end of December 2021, an increase of HUF 1,081
million (11.64%) compared to the corresponding period of last year.
Shareholder’s equity was HUF 6,987 million, increased HUF 2,119 million.
The company has HUF 6,057 million long term liabilities.
Short term liabilities amounted to HUF 7,025 million which shows as increase of HUF 675 million
mainly due to increase of short term loans.
Strategic plans of the Company
ANY Security Printing Company’s strategy is focused on secure person and product identification and
payment-related products. The Company’s activities are characterised by references such as the
production of Hungarian electronic ID documents and the personalisation of biometric passports. As a
result of our export activities, our products are well known in more than 50 countries. Its development
is supported by its R&D activities and innovative in the Central and Eastern European and
international markets.
The Company’s employment policy
Security Printing Company Plc. places high priority on keeping labour law, labour safety, employment,
tax and social insurance regulations connected to working. The Company considers the employees’
continuous training and education as of strategic importance in order to ensure the renewal of
Business report
for the year ended December 31, 2021
Halom utca 5, 1102 Budapest, Hungary | www.any.hu
Phone: +36 1 431 1200 | info@any.hu
49
professional knowledge within the Company and the adaptability of employees. Security Printing
Company Plc. gives wide scale of social benefits to its employees, helping to create the balance
between private life and the workplace. The principles of benefits and wages are set out in the
Collective Agreement. Besides keeping the regulations, the Company is trying to create a workplace
with proper working relations, taking the family obligations into consideration which increases the
Company’s profitability on the long term as well.
Risk management
Foreign currency risk
Among foreign currency transactions of the ANY Security Printing Company Plc EURO based
transactions are the most important ones. Foreign currency liabilities mainly occur from raw material
purchases, which are hedged by the receivables form the export sales in foreign currency as a natural
hedge. The balance of foreign currency receivables and liabilities are almost the same, therefore the
foreign currency risk of the Company is not significant.
Interest rate risk
Due to the debts in the ANY Security Printing Company Plc, potential interest rate changes would not
influence significantly the amount of interests to be paid by the Company. The Company had HUF
52,564 million credit loan at the end of 2021.
Liquidity risk
The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve
borrowing facilities, by continuously monitoring forecasts and actual cash-flows and by matching the
maturity profiles of financial assets and liabilities.
Liquidity risk of the Company, due to the high balance of net working capital, is also low.
Credit risk
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting
financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy
counterparties, and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk
of financial loss from defaults. Trade receivables consist of a large number of costumers, spread
across diverse industries and geographical areas. Ongoing credit evaluation is performed on the
financial condition of accounts receivable
The financial discipline of the debtors of the ANY Security Printing Company Plc is really good, which
is also represented by the low portion of cumulated provision on trade receivables compared to the
gross amount of trade receivables.
Business report
for the year ended December 31, 2021
Halom utca 5, 1102 Budapest, Hungary | www.any.hu
Phone: +36 1 431 1200 | info@any.hu
50
Supplementary information to the Business report of Security Printing
Company Plc.
Off balance sheet date events
There were no significant event after year end date.
Environment protection
The company has ISO 14001:2015 Environmental Control System certificate audited by Det-Norske
Veritas. The expiry date of the certification is January 11, 2022. The environmental certificate covers
the following fields: printed products, security products, documents, development, production and
personalization of plastic cards and bankcards. Research and development and production of
document security and security materials. Chip embedding and encoding at smart cards. Electronic
reprocessing and delivering of printed forms and data. Research and development of
traditional/general and mobile IT solutions, operation and support of connected services. Electronic
archiving of data, database management, setting up archives, storing of documents for fee.
Dangerous waste is continuously eliminated after leaving the company sites. In 2021, 19,487 kg
dangerous waste was transported and eliminated. Our Company has being awarded Green Printing
House Award for eleven consecutive years this year.
Research and development
The company has two significant R&D areas:
1, R&D projects included in the activity of the Document Security Laboratory. The nanotechnology
project has a key importance in this area. Using nanotechnology in security inks may contribute to
drawing back forgeries and the fight against black economy.
2, The development of products has a significant role related to new tenders.
The direct cost of basic research, applied research and experimental development incurred in the
current year is HUF 80 million.
Business report
for the year ended December 31, 2021
Halom utca 5, 1102 Budapest, Hungary | www.any.hu
Phone: +36 1 431 1200 | info@any.hu
51
Treasury shares in the year 2021:
Table 2: Repurchased treasury shares
Description
Number of
shares
Nominal value
(HUF
thousands)
Purchase value
(HUF
thousands)
Opening balance January 1, 2021
448,842
43,987
455,048
Closing balance December 31, 2021
448,842
43,987
455,048
The Company’s share capital amounted to HUF 1,449,876 thousands on 31 December 2021 which
consisted of 14,794,650 pieces of registered, dematerialized ordinary shares Series ‘A’ with a nominal
value of HUF 98 each.
Non-financial reporting
Integrated management policy
The long-term strategic objective of ANY Security Printing Company, one of the leading security
printing companies of the Central and Eastern European region, is to provide special, high value
added, original products for its business partners by applying modern information technology. Another
strategic objective of the Company is to provide complete business solutions and innovative services
on the market of security and traditional printing products. In order to achieve its strategic objectives,
the Company operates its business processes safely, on a low risk level, in accordance with the
relevant legal requirements and regulations. In order to achieve its objectives, ANY Security Printing
Company has introduced an integrated management system in line with the ISO 9001, ISO 14001,
ISO 27001, ISO 14298 standards, the NATOAQAP 2110 and MasterCard CQM normative
requirements and the payment card production requirements of MasterCard and Visa payment
systems (PCI CP). By operating and continuously developing the integrated management system, the
Company ensures – the production and performance of products and services that fulfil the
requirements and needs of the customers in every respect, – the improvement of business partner
satisfaction and trust through quality, planning and implementation of technological processes and
quality control, by applying the best technological solutions available, – product and production safety
and high quality of the related physical and information security environment, – maintenance and
development of an environmentally responsible operation, manifested in measures such as prevention
of pollution, mitigation of environmental impacts, reasonable resource management, separate
collection of waste, reduction and management of hazardous waste, – sub-suppliers and business
partners supporting performance that meet the quality, security and environmental requirements of
both the Company and its customers, – reliable, suitably qualified professionals with constantly
Business report
for the year ended December 31, 2021
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Phone: +36 1 431 1200 | info@any.hu
52
expanding knowledge, – balanced relationship and continuous dialogue with customers, authorities,
the general public, partners and internal employees
Code of Ethics of ANY Security Printing Company
Code of Ethics of ANY Security Printing Company contains the ideas of the Company about the
behaviour and processes in connection with corporate and business ethics, market competition and
social environment. By publishing the Code of Ethics the Company wanted to provide an opportunity
to both employees and to present and future shareholders to be familiar with the basis of the ANY
Security Printing Company’s corporate culture.
Employment management, social issues
It is one of the strategic goals of the Company to adjust the corporate structure to the changing
financial issues and to the growing market challenges. Human resources have key role in effective
operation of the Company. It applies the highest level of prudence when looking for a new employee,
while keeping the employees and ensuring their professional development are with high priority. Our
inner policies ensure that the Company can operate with respect to the human rights.
Based on the report on corporate governance the corporate management practice as follow at
ANY Security Printing Company Plc.
Description of governing bodies of the Company
Operation of the Board of Directors
The Company is managed by the Board of Directors consisting of 6 members. Members are elected
by the General Meeting of Shareholders (GM) for a maximum 5 year term. Following the expiration of
their mandate members can be re-elected.
Members of the Board of Directors on 31 December 2021 (names of independent members are
underlined and printed in italics):
Name
Mandate
Dr. Ákos Erdős
chairman
30 April 2023
Gábor Zsámboki
vice-chairman
30 April 2023
Tamás Erdős
member
30 April 2023
Erwin Fidelis Reisch
member
30 April 2023
György Gyergyák
member
30 April 2023
Dr. Gábor Kepecs
member
30 April 2023
Business report
for the year ended December 31, 2021
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Phone: +36 1 431 1200 | info@any.hu
53
The Board of Directors elects its chairman from among its members with a simple majority of votes.
Those members who are not employees of the Company decide as a board over the assignment of
the Chief Executive Officer. The President of the Board of Directors exercises the employer's rights
over the Chief Executive Officer.
The Board of Directors establishes its own Rules of Procedure in which it gives orders on the scope
of competence and tasks among themselves.
A meeting of the Board of Directors may be convened by the chairman or a member of the Board of
Directors indicating the reason and purpose of the meeting. Minutes are kept of the meetings.
Tasks and competence of the Board of Directors
(a) Any of issues concerning the management and business operations of the Company, which
do not fall within the General Meeting’s exclusive competence on the basis of the Statutes or
provisions of the Civil Code. The Board of Directors is responsible for any of its decisions
taken in the frame of the activities of the Company or in the frame of delegated competence
and is entitled to place into its competence, decisions on issues, which do not fall within the
scope of the exclusive competence of the General Meeting.
(b) The Board of Directors shall present the report of the Company prepared in accordance with
the Accounting Act and the proposal on the appropriation of after-tax profits and the report on
corporate governance.
(c) The Board of Directors shall prepare a report on the management, the financial situation and
the business policy of the Company and submit same to the annual ordinary General Meeting
at least once every year, and to the Supervisory Board at least once every three months.
(d) The members of the Board of Directors shall treat business secrets concerning the Company’s
issues as confidential. Upon the request of the shareholders, the Board of Directors shall
provide information on the affairs of the Company, and allow an inspection of its books and
documents provided that business interest and business secret of the Company will not be
infringed. In the event that the Board of Directors does not comply with such request, upon the
request of the shareholder concerned, the Court of Registration will oblige the Company to
provide information or to allow inspection.
(e) The Board of Directors shall ensure that the books of the company, including accounting
books and Register of Shareholders, are kept according to the applicable regulations.
(f) The Board of Directors shall report to the Court of Registration in accordance with the laws
and the Statutes and shall take measures on the necessary publications.
(g) The Board of Directors shall convene the ordinary and the extraordinary General Meeting
except the cases set out in the Civil Code.
(h) The Board of Directors shall prepare and approve the proposals concerning issues in the
competence of the General Meeting and present same to the General Meeting.
Business report
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(i) The Board of Directors shall decide with respect to the annual and mid-term business plan of
the Company, the implementation of which belongs to the scope of competence of the
operative management of the Company.
(j) The Board of Directors shall determine the competence of the General Manager responsible
for the operative management. The employer’s rights over the General Manager shall be
exercised by the members of the Board of Directors who are not employed by the Company
acting as a body, they shall decide on the appointment, dismissal and remuneration of the
General Manager, whilst the Chairman of the Board of Directors shall exercise the employer’s
rights himself/herself, in case of his/her incapacity, his/her deputy or a person appointed by
the Board of Directors shall exercise such rights.
(k) The Board of Directors may confer the right to sign on behalf of the Company to the
employees of the Company.
(l) The Board of Directors shall approve the Company's Organizational and Operational
Regulations.
(m) The Board of Directors shall issue and divide consolidated shares.
(n) On the basis of the General Meeting's authorization, the Board of Directors shall provide for
the purchase of treasury shares and shall decide on the sale of treasury shares owned by the
Company.
(o) With the approval of the Supervisory Board granted in advance, the Board of Directors shall
approve the interim balance sheet concerning the acquisition of treasury shares, payment of
interim dividends and the increase of the share capital by its assets excessing the share
capital.
(p) The Board of Directors shall increase the share capital according to the Section 17.8 of the
Statutes.
(q) The Board of Directors shall decide on the payment of interim dividends with the approval of
the Supervisory Board granted in advance.
(r) The Board of Directors may set up committees, the members of which may be solely the
members of the Board of Directors, and the Board of Directors can transfer a part of its
competence to such committees, and the Board of Directors shall be also entitled to set up
committees consisting of both the members of the Board of Directors and persons who are not
members of the Board of Directors and provide such committees the appropriate authorization.
(s) The Board of Directors may undertake financial obligations in the scope of ordinary business
operations, the individual value of which exceeds 20% of the share capital (e.g.: guarantee,
etc.).
(t) The Board of Directors may undertake any transaction, financial obligation which are neither
included in the annual business plan approved by the Board of Directors nor in the ordinary
business operations, value of which exceeds 20% of the share capital of the Company; with
respect to the threshold, the amount shall be calculated with the aggregated value of
Business report
for the year ended December 31, 2021
Halom utca 5, 1102 Budapest, Hungary | www.any.hu
Phone: +36 1 431 1200 | info@any.hu
55
transactions concluded in one year (purchase, rental, leasing, sale, investment, sale of
investment of assets, providing services which are outside of ordinary business operations,
crediting, taking loans, etc.).
(u) Concluding transactions between the Company and:
(i) one of its shareholders holding at least ten per cent. of the voting rights or his/her
close relative; or
(ii) a person in which a shareholder holding at least ten per cent. of the voting rights
or his/her close relative – directly or indirectly or based on an agreement – holds
more than fifty per cent. of the voting rights or he/she is entitled to elect or
withdraw the majority of its executive officers or its members of the Supervisory
Board;
(iii) a person which holds more than fifty per cent. of the voting rights – directly or
indirectly or based on an agreement – in the shareholder holding at least ten per
cent. of the voting rights of the Company or which is entitled to elect or withdraw
the majority of the executive officers or members of the Supervisory Board of
shareholder holding at least ten per cent. of the voting rights of the Company;
(iv) a person in which the person set forth in point (iii) – directly or indirectly or based
on an agreement – holds more than fifty per cent. of the voting rights or the
majority of whose executive officers or members of the Supervisory Board may
be elected or withdrawn by the person set forth in point (iii);
with the exception of transactions of ordinary value within the activities of the Company. The
Board of Directors shall prepare a comprehensive annual report on transactions concluded
with the persons mentioned above which also includes the transactions of ordinary value
falling within the activities of the Company and it shall submit same to the Supervisory Board.
(v) The members of the Board of Directors attend the General Meeting of the Company with a
right of consultation and to make proposals. The Chairman of the Board of Directors or the
appointed member thereof must attend the General Meeting and the meetings of the
Supervisory Board to which he/she receives an invitation.
The chairman of the Board of Directors convenes and conducts the meetings, appoints the keeper of
the minutes from the meeting of the Board of Directors, orders voting and announces its results.
The Board of Directors passes its resolutions with a simple majority of votes. Under extraordinary
circumstances, when it is impossible to call for a meeting of the Board of Directors, the chairman of
the Board of Directors shall order a written voting. The Rules of Procedure of the Board of Directors
contains the applying rules and regulations.
The Board of Directors held 5 meetings in 2021 with 6 persons present as an average.
Business report
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Phone: +36 1 431 1200 | info@any.hu
56
Division of responsibility and duties between the Board of Directors and the Chief Executive
Officer / Management
The operating activities of the Company are directed by the Chief Executive Officer. The Chief
Executive Officer is personally liable for performing his/her duties within the framework defined by law,
the Statutes, and in accordance with the decisions of the Board of Directors and the General Meeting.
The Chief Executive Officer may delegate his authority to the Company's managers and employees in
accordance with the Rules of Organization and Operation within the limits of the Company's internal
regulations by means of defining job descriptions and with general or limited authorizations, but
limitations on his scope of authority as a member of the Board of Directors shall have no effect with
respect to third parties.
The Chief Executive Officer is entitled to make decisions in all affairs not falling within the scope of
authority of the General Meeting or the Board of Directors. The Chief Executive Officer concludes a
labour contract with the Company, signed by the chairman of the Board of Directors.
The Chief Executive Officer exercises employer's rights with respect to employees of the Company.
In order to carry out the business of the Company, the Chief Executive Officer concludes contracts
and represents the firm before third parties, authorities and courts.
Competence and tasks of the Chief Executive Officer
(a) The Chief Executive Officer shall decide with respect to all issues which do not fall within the
exclusive competence of the General Meeting, the Board of Directors or the Chairman of the Board of
Directors.
(b) The Board of Directors may transfer any of its competence regarding the daily management
to the Chief Executive Officer under the provisions and conditions established by it and the Board of
Directors may withdraw or change the totality or a certain part of such competences from time to time,
however, such transfer does not affect the liability of the Board of Directors.
(c) The Chief Executive Officer shall conclude agreements for the purpose of performing the
Company's tasks and represent the Company towards third parties, before courts and other
authorities.
(d) The Chief Executive Officer shall prepare the agenda of the General Meeting and the Board
of Directors and he/she shall submit proposals concerning decisions.
(e) The Chief Executive Officer shall execute passed resolutions and decisions, and he/she shall
manage the performance of tasks within the scope of activities of the Company.
(f) The Chief Executive Officer shall exercise employer’s rights over other employees of the
Company. The Chief Executive Officer can delegate the exercise of employer’s rights over employees
in accordance with the Organizational and Operational Regulations of the Company.
(g) The Chief Executive Officer can transfer his/her competence to the executives and
employees within the framework of the internal administration of the Company in accordance with the
Organizational and Operational Regulations based on a general or an ad-hoc decision, by describing
Business report
for the year ended December 31, 2021
Halom utca 5, 1102 Budapest, Hungary | www.any.hu
Phone: +36 1 431 1200 | info@any.hu
57
the respective scope of activities, however, the limitation of the competence attached to his/her
membership of the Board of Directors shall be null and void against third parties.
The Board of Directors may delegate a portion of its authority, with restrictions and conditions
determined at its discretion, to the Chief Executive Officer, and it may withdraw or change all or any
portion of such authority from time to time, but such delegation shall not affect the liability of the
Board of Directors.
Members of the management on 31 December 2021:
Gábor Zsámboki chief executive officer
Dr. István Ignácz chief security officer
Zoltán Fejes chief sales officer
Gábor Péter chief IT officer
Lajos Székelyhidi chief research and development officer
Zoltán Tóth chief technical and production officer
Tamás Karakó chief financial officer
Evaluation and remuneration of the management
The Board of Directors is making a continuous assessment of the management’s activity, and makes
an additional extensive performance evaluation once a year. The remuneration of managers (Chief
Executive Officer) has an established system at the Company. On top of the base salary, managers
are entitled to receive bonus if the development of the Company meets the long term targets and
targets of the relevant business year. The bonus is linked to the fulfilment of planned sales revenues
and planned earnings per share (EPS) and to the fulfilment of most important specific tasks set in
advance for the business year.
The Board of Directors is entitled to work out the detailed guidelines of the Management Share
Option Programme according to the decision of the 2009 Annual General Meeting. The members of
the management are entitled to the acquisition of the Company’s shares in a preferential way within
the framework of this Programme.
The Supervisory Board
The Supervisory Board consists of seven members who are elected by the General Meeting for a
maximum five-year term. One third of the members of the Supervisory Board is designated by the
Factory Council, following a statement of opinion of the trade unions operating at the Company. The
General Meeting is obliged to elect these employee members for the period unless statutory grounds
for disqualification exist in respect of the nominees.
Business report
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Phone: +36 1 431 1200 | info@any.hu
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The members of the Supervisory Board elect the chairman by a simple majority of votes at their first
meeting. The Chairman convenes and conducts the meetings of the Supervisory Board, appoints the
person keeping the minutes, orders the voting and announces its results.
The meeting of the Supervisory Board may be convened by any member indicating the reason and
purpose thereof if his/her request for convening the meeting has not been fulfilled by the chairman
within 8 days.
Tasks and competence of the Supervisory Board
(a) The Supervisory Board may request information from the executive officers or employees in
executive positions of the Company and may inspect the books and documents of the Company.
(b) The Supervisory Board shall inspect all important business reports appearing in the agenda
of the General Meeting and all other submissions concerning the issues falling within the exclusive
competence of the General Meeting.
(c) The General Meeting may pass resolutions on the report prepared in accordance with
Accounting Act and on the appropriation of after-tax profits and on the report on corporate
governance only after having the written report of the Supervisory Board.
(d) Members of the Supervisory Board shall treat business secrets concerning the Company’s
issues as confidential.
(e) Members of the Supervisory Board shall take part at the General Meeting of the Company
with a right of consultation.
(f) If the Supervisory Board finds the activities of the management in violation of the laws, the
Statutes or the resolutions of the General Meeting, or otherwise infringes the interests of the
Company or its shareholders, the Supervisory Board shall convene an extraordinary General Meeting
and shall make a proposal regarding its agenda.
(g) The Supervisory Board must previously provide its consent to the interim balance sheet to be
approved by the Board of Directors, concerning the acquisition of treasury shares, payment of interim
dividends, increase of its share capital by its assets exceeding the share capital.
Business report
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Phone: +36 1 431 1200 | info@any.hu
59
The Supervisory Board defines its Rules of Procedure and submits them to the General Meeting for
approval. Minutes are kept of the meetings of the Supervisory Board.
Members of the SB on 31 December 2021 (names of independent members are underlined and
printed in italics):
Prof. Dr. István Stumpf chairman
Dr. Istvánné Gömöri vice-chairman
Ferenc Berkesi
Dr. Imre Repa
Katalin Hegedűs
László Hanzsek
Gábor Kun
The Supervisory Board convened 3 times in 2021 and with an attendance of 7 members as an
average.
The Audit Committee
The Audit Committee consists of three members elected by the General Meeting from the
independent members of the Supervisory Board.
Tasks and competence of the Audit Committee
a) approval of the report prepared pursuant to the Accounting Act
b) proposal on the person and remuneration of the auditor
c) preparation of the contract with the auditor, signing of the contract on behalf of the Company
which is authorized by the Statutes
d) monitoring of enforcement of professional requirements and conflict-of-interest regulations
towards the auditor, cooperation with the auditor, and – if necessary – proposal to the Board
of Directors or the Supervisory Board on certain provisions
e) evaluation of the operation of the financial reporting system and proposal on certain
provisions, and
f) assistance of the tasks of the Board of Directors and the Supervisory Board in controlling the
financial reporting system properly.
Members of the Audit Committee on 31 December 2021:
Dr. Istvánné Gömöri chairwoman
Dr. Imre Repa
The Audit Committee convened 4 times in 2021 and full attendance was recorded at any meeting.
Business report
for the year ended December 31, 2021
Halom utca 5, 1102 Budapest, Hungary | www.any.hu
Phone: +36 1 431 1200 | info@any.hu
60
The Company has no Nomination Committee and no Remuneration Committee, these functions are
carried out by the independent members of the Board of Directors without formal setup as a
committee.
The Auditor
The Auditor of the Company is elected following the recommendation of the Audit Committee for a
maximum five-year period from among those internationally recognized auditing companies that have
an office in Hungary.
Tasks and competence of the auditor
The Company shall have the auditor examine the authenticity and legal compliance of the report
prepared in accordance with the Accounting Act. Without a statement of opinion by the auditor,
the General Meeting may not decide on the report prepared in accordance with the
Accounting Act.
(b) The auditor shall examine all substantial business reports proposed to the General Meeting
from the aspect of whether such reports contain true data and comply with all legal regulations.
(c) The auditor may inspect the books of the Company, may request information from the
members of the Board of Directors and the Supervisory Board and the employees of the
Company and may examine the bank account, the petty cash, the stocks of securities and
goods and the agreements of the Company.
(d) The auditor shall treat all business secrets related to the operation of the Company as
confidential.
(e) The auditor shall participate at the General Meeting but his/her absence does not prevent the
holding of the meeting.
(f) If it is required, the auditor may be invited to attend the meeting of the Board of Directors with
a right of consultation, or the auditor himself may initiate his/her attendance at the meetings. In
this latter case, the request of the auditor may be refused only in exceptionally justified cases.
(g) The auditor may attend the meeting of the Supervisory Board with a right of consultation,
Upon the invitation of the Supervisory Board, the auditor is required to attend the meeting of
the Supervisory Board. The Supervisory Board shall put on the agenda the issues proposed
for consideration by the auditor.
(h) If the auditor ascertains or otherwise learns that a considerable decrease in assets of the
Company is probable, or perceives any other issue which entails the liability of the members
of the Board of Directors or the Supervisory Board as set forth in the Civil Code, he/she shall
request that the General Meeting be convened. If the General Meeting is not convened, or if it
fails to render the resolutions required by laws, the auditor shall inform the Court of
Registration exercising legal supervision.
Business report
for the year ended December 31, 2021
Halom utca 5, 1102 Budapest, Hungary | www.any.hu
Phone: +36 1 431 1200 | info@any.hu
61
The Auditor of the Company has not carried out any activities which are not related to auditing.
Disclosure policy of the Company
The Company’s disclosures are managed in compliance with the rules of the Budapest Stock
Exchange. In quarterly reports, annual reports the Company publishes results, and in form of
extraordinary reports makes all information public that are occurring in the operations with direct or
indirect relevance to the share price or information that is necessary to the most important investment
decisions of market participants. The Company participates regularly in the forums of investor
coverage by way of road-shows, conferences. In addition, it keeps contact with investors continuously
and is available for investors in answering their questions.
The Company’s guidelines regarding insider trading
ANY Security Printing Company Plc has created a regulation compulsory for all of its subsidiaries and
joint ventures to execute the Capital Market Act so that the prohibition of insider trading is effective.
The regulation states that it is prohibited to make trades for securities and stock exchange products
concerned by the insider information using insider information, or to give a commission for such trade
and to pass on the insider information to another person with the goal of trading. Based on the law’s
use of terms and phrases, the Company’s regulation defines the scope of insider information and
insider persons. The members of the Board of Directors, the Supervisory Board of ANY Security
Printing Company Plc, its senior officers, and its employees involved in balance sheet preparation are
not allowed to buy or sell shares issued by the Company in the periods defined by law, that is the
period between the balance sheet date and the release date of the an annual report (in the fifteen
days preceding the release date of the interim report). The insider person must publish the
transaction and announce it to the Hungarian National Bank in 2 days after the transaction. In case of
the Board of Directors, the Supervisory Board and senior officers, ANY Security Printing Company
Plc meets these requirements based on the statement of those obliged for the announcement.
Exercising shareholder rights and presentation of rules on the conducting of the general
meeting
The share capital of the Company consists of 14,794,650 pieces of dematerialised ordinary shares
with a par value of HUF 98 each.
Each shareholder who owns Series ‘A’ shares has one voting right per share at the General Meeting.
The Board of Directors of the Company or its proxy assigned according to the rules of the law on
capital market keeps a share ledger containing at least the following information:
- shareholder's, nominee's name (company);
- shareholder's, nominee's address (headquarters);
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Phone: +36 1 431 1200 | info@any.hu
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- number of shares, interim shares of shareholder (shareholder's stake) as per type and series of
shares.
The Register of Shareholders is accessible to anyone for inspection. Change in ownership is settled
by the securities account keeper who simultaneously notifies the Board of Directors, or an entrusted
organisation to register the shareholder in the Register of Shareholders, unless otherwise provided by
the shareholder. A shareholder whose name does not appear in the Register of Shareholders may
not exercise shareholder's rights.
The supreme organ of the Company is the General Meeting consisting of all the shareholders.
Invitations to the General Meeting are publicly announced in the same manner as required for
announcements of the Company 30 days prior to the planned General Meeting by the Board of
Directors. Separate notification of the General Meeting is sent to the members of the Board of
Directors and the Supervisory Board, as well as to the auditor of the Company.
All invitations to, and announcements of, the General Meeting should indicate the name and
headquarters of the Company, the venue and date of the General Meeting, its agenda, the conditions
of exercising voting rights, the venue and the date of the reconvened meeting if the General Meeting
fails to achieve a quorum.
The General Meeting has a quorum if more than half of the shareholders entitled to vote are either
present in person or represented by proxy. Authorization for such representation is included in a
notarial document or a private document of full force which is presented not later than at the
beginning of the General Meeting to the person keeping the minutes at the place and date indicated
in the invitation to the General Meeting. Authorization for representation is valid for one General
Meeting, including the General Meeting reconvened due to failure to achieve a quorum.
In case the General Meeting fails to achieve a quorum, the General Meeting has to be reconvened.
Such a reconvened General Meeting has a quorum with respect to the issues included in the agenda
of the original General Meeting irrespective of the number of shareholders present. At least 10 days
may pass between the dates of the original and reconvened General Meeting.
Shareholders may exercise their shareholders rights personally or through representatives.
a, In case of personal attendance, shareholders must prove their identity with an ID card while their
ownership is certified by their certificates of ownership of the shares. The shareholder registered in
the register of shareholders who does not bring a certificate of ownership of the shares, may
participate at the General Meeting but cannot exercise his/her voting right and cannot make
proposals.
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Phone: +36 1 431 1200 | info@any.hu
63
b, In case of a mandate, authorizations shall be submitted to the Company in the form of a notarial
document or private document representing conclusive evidence. The authorisation shall be given to
the representative of the Board of Directors before the General Meeting. As for certificate of
ownership, Section a, is governing.
c, The securities account manager included in the Register of Shareholders as a shareholder
delegate shall act as specified in the Capital Market Act in the representation of the shareholder.
Shareholders may exercise their shareholders rights if the shareholder or the representative is
registered in the Register of Shareholders before the date of the General Meeting. The securities
account managers shall provide for the registration of the shareholder in the Register of Shareholders
based on the assignment of the shareholder. Securities account managers shall give information to
the shareholders on the deadline of executing the assignments of registry in the Register of
Shareholders. The Company does not accept responsibility for execution of assignments given to
securities account managers and for the consequences of their failures.
The Chairman of the Board of Directors, or if he/she is unable to be present, the vice-Chairman of the
Board of Directors, or if he/she is also unable to be present, the person appointed by the Board of
Directors prior to the General Meeting shall chair the General Meeting. The appointment of the
Chairman of the General Meeting shall be effectuated prior to the discussion on the agenda issues,
and as long as same does not take place, the General Meeting cannot render resolutions on the
merits of the agenda issues.
The chairman of the General Meeting appoints the person keeping the minutes, conducts the meeting
on the basis of the agenda, orders voting and announces results of voting and the resolutions of the
General Meeting.
In accordance with the provisions of the Company Act, minutes are kept of the General Meeting.
In the above description ANY Security Printing Company Plc is providing comprehensive overview of
corporate processes and practices. Detailed rules to any function summarized in this report can be
found in the Statutes, freely available on the company website (www.any.hu).
Budapest, 10
th
March, 2022 ……………………………………………………
Chief Executive Officer