ANY Biztonsági Nyomda : The Printing Company increased its exports

INTERIMMANAGEMENTREPORT 2023.Q1-Q3RESULTS

The Printing Company increased its exports

ANY Security Printing Company PLC (BSE: ANY, hereinafter referred to as "ANY PLC" or the "Company") has released its 2023 January-September results (available on the websites www.bet.hu,www.kozzetetelek.huand www.any.hu).

SUMMARY

• Net sales of ANY PLC for 2023 amounted to HUF 44.0 billion which is higher by HUF 8.9 billion (25%) than in the previous year. Changes in case of strategic product segments were as follows: sales of security products, solutions were HUF 23.0 billion, which is HUF 10.8 billion (89%) higher than the figure in the basis period; data processing were HUF 9.2 billion, which is HUF 0.4 billion (4%) lower than the figure in the basis period, whilst sales of card production, personalisation were HUF 9.7 billion, which is HUF 1.2 billion (11%) lower than the figure in the basis period. Ratio of strategic products segments in total net sales was 95% in 2023.
• Export sales amounted to HUF 24.7 billion as at September 30, 2023, which is HUF 11.4 billion higher than in the previous year, representing 56% export sales ratio.
• Consolidated EBITDA is HUF 6,993 million.
• Consolidated operating income is HUF 5,188 million.
• Consolidated net income after interest income, taxation and non-controlling interest is HUF 3,492 million.

"The export sales ratio was close to 50% in the first half of the year, but rose to 56% by the end of the third quarter, mainly due to the success of the Angolan project and passports sold on the international market. The outstanding revenue places high demands on us, therefore technological development, capacity expansion and professional training are essential. We do not only want to meet current expectations, but also to continue to develop dynamically beyond them, to this end, we will continue our investments. In addition to technological and IT developments, the aim is to increase our digital competence.". - added Mr. Gábor Zsámboki, CEO of ANY Security Pritning Company PLC to the first three quarterly report.

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INTERIMMANAGEMENTREPORT 2023.Q1-Q3RESULTS

ANY Security Printing Company PLC hereby declares that the Consolidated Q1-Q3 Interim Management Report prepared on the basis of best knowledge, gives a true and fair view of the assets, liabilities, financial position, profits and losses of the Issuer as well as the companies involved into the consolidation, furthermore the consolidated Management Report gives a true and fair view of the development, performance and describing the main risks and uncertainty factors for the remaining three months of the financial year of the Issuer as well as the companies involved into the consolidation.

Gábor Zsámboki

Chief Executive Officer

Budapest, 17th November, 2023

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INTERIMMANAGEMENTREPORT 2023.Q1-Q3RESULTS

Consolidated management report

on the results and prospects of Q1-Q3 2023, and on quantitative and qualitative indicators

Consolidated net sales

The breakdown of net sales by segment is presented in the table below:

			2022 Q1-Q3		2023 Q1-Q3		Change		Change %
	Sales segments		HUF millions		HUF millions
				(B-A)		(B/A-1)
			(A)		(B)
Security products and solutions	12,150		22,979	10,829		89.13%
Card production and personalization	10,863		9,680	(1,183)		-10.89%
Form production and personalization, data	9,603		9,199	(404)		-4.21%
processing
Traditional printing products	1,488		1,349	(139)		-9.34%
Other	1,066		830	(236)		-22.14%
Total net sales	35,170		44,037	8,867		25.21%

ANY PLC had consolidated net sales of 44,037 million in Q1-Q3 2023, which is HUF 8,867 million (25%) higher than the sales for the base period.

Sales of security products and solutions came to HUF 22,979 million in Q1-Q3 2023 which means an increase of HUF 10,829 million (89%) compared to the base period. The increase was mainly driven by the export projects, higher tax stamps turnover and revenue related to fulfilled milestones from the passport system roll-out tasks related to the Angola project, which started in the second quarter.

The Company's revenues from card production and personalisation totalled HUF 9,680 million in the period of reference, a HUF 1,183 million (11%) decrease compared to similar period of year 2022. The main reason for the change is the declining turnover of other document cards.

The Company's revenues from form production, personalisation and data processing came to HUF 9,199 million in Q1-Q32023, HUF 404 million (4%) lower than the sales for the base period. The main reason for the change is the decrease in turnover from export form production and personalization.

Sales of traditional printing products amounted to HUF 1,349 million in the period of reference, which means a HUF 139 million (9%) decrease compared to the previous year's similar period. Lower volume of book orders is behind the change.

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INTERIMMANAGEMENTREPORT 2023.Q1-Q3RESULTS

Other sales totalled HUF 830 million in Q1-Q3 2023, which is a decrease of HUF 236 million compared to the correspondent period of the last year. This segment mainly comprises revenues from the sale of commercial materials and goods.

Export sales by segment

			2022 Q1-Q3		2023 Q1-Q3
	Sales segments		in HUF		in HUF		Change		Change %
		millions		millions
			(A)		(B)		(B-A)		(B/A-1)
Security products and solutions	2,367		13,984		11,617		490.79%
Card production and personalization	1,404		1,747		343		24.43%
Form production and personalization, data	8,567		8,300		(267)		-3.12%
processing
Traditional printing products	176		157		(19)		-10.80%
Other	798		520		(278)		-34.84%
Total export sales	13,312		24,708		11,396		85.61%
Export %	37.85%		56.11%

Export sales amounted to HUF 24,708 million as at September 30, 2023, which was HUF 11,396 million higher compared to a year earlier, representing 56% export sales ratio.

Sales of security products and solutions were HUF 13,984 million, which is HUF 11,617 million higher, than the same period of the last year, mainly due to increased sales of passports and other security products. Export sales of card production and personalization was HUF 1,747 million in Q1-Q3 2023, which was HUF 343 million (24%) higher compared to the base period, due to the increased turnover of card documents. In the field of form production, personalisation and related logistics services export sales was HUF 8,300 million at the end of the period, decreased by HUF 267 million (3%) compared to the base period.

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INTERIMMANAGEMENTREPORT 2023.Q1-Q3RESULTS

Income statement analysis

The table below presents the calculation of operating income according to the so-called "total cost

accounting" method.

			2022 Q1-Q3		2023 Q1-Q3
	Description		in HUF		in HUF		Change	Change %
		millions		millions
			(A)		(B)		(B-A)	(B/A-1)
Net sales	35,170		44,037	8,867	25.21%
	Capitalized value of assets produced	713		1,190	477	66.90%
	Material expenses	22,916		26,896	3,980	17.37%
	Personnel expenses	7,853		10,374	2,521	32.10%
	Depreciation	1,744		1,805	61	3.50%
	Other expenses/(revenues)	98		964	866	883.67%
Operating income	3,272		5,188	1,916	58.56%
Net profit	2,021		3,492	1,471	72.79%
EBITDA	5,016		6,993	1,977	39.41%
EBITDA margin (%)	14.26%		15.88%

Net sales totalled HUF 44,037 million in Q1-Q3 2023, which is HUF 8,867 million (25%) increase compared to the figure for the same period of last year.

Operating income came to HUF 5,188 million, an increase of HUF 1,916 million compared to the previous period.

Gross profit totalled HUF 14,410 million, which means a 33% gross margin. General (SG&A) expenses amounted to HUF 8,257 million in Q1-Q3 2023, which equals to 19% of net sales.

Material expenses amounted to HUF 26,896 million, higher by HUF 3,980 million (17%) in the current period due to increased raw material prices and due to services used and consignment services connected to export projects.

The capitalized value of own performance line shows the capitalized value of assets produced and the change in inventories manufactured. These figures were driven mainly by the change in inventories in both periods presented; the most significant of these is the value of work-in-production (WIP) connected to security and card products.

Personnel expenses totalled HUF 10,374 million, which is HUF 2,521 million higher than in the base period, due to the wage increase implemented and to the achievement based salaries connected to higher turnover and its contributions.

EBITDA amounted to HUF 6,993 million due to the change in operating income and depreciation, which represents an increase of HUF 1,977 million compared to previous period's EBITDA. Therefore EBITDA margin is 16%.

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INTERIMMANAGEMENTREPORT 2023.Q1-Q3RESULTS

Net interest income amounted to -368 million HUF in Q1-Q3 2023, due to higher interest rates. The foreign currency gain is HUF 84 million, which is the result of the favourable change in the foreign exchange rates. Net income - after financial operations, taxation and minority interest - came to HUF 3,492 million in Q1- Q3 2023, which is HUF 1,470 million (73%) lower in the base period.

Balance sheet analysis

The Company had total assets of HUF 42,274 million on 30 September 2023, which increased by HUF 8,146 million compared to the previous year-end.

Receivables amounted to HUF 13,076 million which represents a HUF 7,469 million increase compared to the 2022 year-end, due to increased turnover and to the invoices of big projects issued at the end of the quarter.

Cash and bank totalled HUF 6,061 million which represents a HUF 332 million decrease compared to the 2022 year-end balance.

Inventories totalled HUF 7,234 million, which is a HUF 747 million (12%) increase compared to the 31 December 2022 figure mainly due to raw materials and increased work-in progress and semi-finished products.

Other current assets and prepayments amounted to HUF 1,609 million, which is increased by HUF 466 million compared to previous year-end mainly due to the increase of tax receivables.

The balance of property, plant and equipment at the end of September 2023 was HUF 13,145 million, an increase of HUF 61 million compared to the end of 2022.

Goodwill amounted to HUF 570 million which is the same as last year's balance.

Accounts payable totalled HUF 4,460 million, HUF 134 million (3%) higher compared to the end of December 2022.

Other payables and accruals amounted to 12,803 million, which is increased by HUF 1,751 million (16%) compared to the 31 December 2022 figure mainly due to the increase of accruals.

Lease liabilities relating to the purchase of fixed assets have a balance of HUF 299 million, from which HUF 119 million is long-term part, HUF 181 million is short-term liability.

Balance of long-term loans totalled HUF 3,787 million which represents a HUF 480 million decrease compared to the 2022 year-end. The Company's operation is financed by short term loans, which reached HUF 8,016 million on 30 September, 2023, out of which short term part of long term loan is HUF 1,104 million.

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INTERIMMANAGEMENTREPORT 2023.Q1-Q3RESULTS

Changes in equity

				Issued			Capital			Retained			Treasury			Other			Non-
	In HUF thousands:											comprehensive			controlling			Total
			Capital			Reserve			Earnings			Shares
												income			Interest
January 1, 2022		1,449,876		250,686		8,054,043		(455,048)		94,107		1,048,010			10,441,674
Dividend paid		-		-		(2,407,098)		-		-		-		(2,407,098)
Profit after tax attributable to		-		-		2,021,420		-		-		-		2,021,420
	owners of the Company
Other comprehensive
	income attributable to		-		-		-		-		77,174		106,126		183,300
	owners of the Company
Change in share to non-		-		-		-		-		-		134,469		134,469
	controlling interests
September 30, 2022		1,449,876		250,686		7,282,222		(455,048)		114,538		1,288,606		10,373,766
Dividend paid		-		-		(2,983)		-		-		-		(2,983)
Profit after tax attributable to		-		-		222,622		-		-		-		222,622
	owners of the Company
Other comprehensive
	income attributable to		-		-		-		-		60,759		(374,514)		(313,755)
	owners of the Company
Change in share to non-		-		-		-		-		-		333,476		333,476
	controlling interests
December 31, 2022		1,449,876		250,686		7,888,003		(455,048)		232,040		1,229,879			10,595,436
Dividend paid		-		-		(2,309,467)		-		-		-		(2,309,467)
Profit after tax attributable to		-		-		3,491,561		-		-		-		3,491,561
	owners of the Company
Other comprehensive
	income attributable to		-		-		-		-		(31,336)		(88,617)		(119,953)
	owners of the Company
Change in share to non-		-		-		-		-		-		292,447		292,447
	controlling interests
Change in dividend to non-		-		-		-		-		-		(1,654)		(1,654)
	controlling interests
September 30, 2023		1,449,876		250,686		9,070,097		(455,048)		200,704		1,432,054		11,948,369

Cash flow analysis

Net cash flow from operating activities amounted to HUF -1247 million in Q1-Q3 2023. The HUF 4,820 million net income before taxation and non-controlling interest was increased by HUF 2,708 million worth of items with no actual cash flow, the most important being depreciation and amortization. The change in

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INTERIMMANAGEMENTREPORT 2023.Q1-Q3RESULTS

trade receivables, inventories and liabilities decreased net

cash flow from operating activities by HUF 7,356 million. Interest and tax payments totalled HUF -1,438 million in the period.

Major part of the -1,613 million HUF negative cash flow is from investing activities mainly contains the amounts spent on fixed assets.

The cash flow from financing activities totalled HUF 2,528 million which was mainly due to the increase in short-term loans, to the decrease in long-term loans and to the dividend paid.

As a result of the above, cash and cash equivalents decreased by HUF 332 million compared to the same period in 2022, and totalled HUF 6,061 million on 30 September 2023.

Business environment of the Company

ANY Security Printing Company PLC (former State Printing Company PLC) established in 1851, is one of the largest printing companies in Hungary and a leading one in the CEE region. ANY is a public limited company registered under the laws of Hungary. The Company operated as a State enterprise until 1992 when it was transformed into a limited liability company (PLC). The Company's registered office is located in Budapest in the 10th district at Halom street 5.

ANY Security Printing Company Group consists of nine companies, with 5 sites in Hungary, 2 sites in Romania and one each in Slovakia and Moldova. The group is one of the largest security and business form printing company in the Central and Eastern European Region in terms of turnover. The Company's shares have been listed on the Budapest Stock Exchange in the premium category since 2005. Its financial situation is characterised by stable and efficient operation.

Goals and strategy 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 and personalisation of Hungarian electronic identity cards and the supply of biometric passports, visas and tax, revenue and excise stamps. As a result of our export activities, our products are supplied and well known in more than 50 countries. The steady growth and the ever-increasing security needs of the security product and document market provide opportunities for further expansion in foreign markets. The development is supported by our R&D activities and innovative products in the Hungarian and international markets. The aim is to introduce digital solutions as extensively as possible, complementing our current portfolio.

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INTERIMMANAGEMENTREPORT 2023.Q1-Q3RESULTS

Main risks of the Company, changes and uncertainties connected to them

Foreign currency risk

Among foreign currency transactions of the Group 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 Group is moderate.

Interest rate risk

Due to the debts in ANY PLC, potential interest rate changes would not influence significantly the amount of interests to be paid by the Company.

Liquidity risk

The Group 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 Group, due to the high balance of net working capital, is low.

Credit risk

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting financial loss to the Group. The Group 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.

Significant events between 30 September 2023 and the publication of the interim management report

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INTERIMMANAGEMENTREPORT 2023.Q1-Q3RESULTS

	Name of		ANY Security Printing		Phone:		[phone]
	company:		Company PLC.
	Address of		Budapest, Halom u. 5. H-1102		Facsimile:		[phone]
	company:
	Sector of activity:		Other not specified printing		E-mail address:		[e-mail]
	Period:		1 January 2023 -		Investor relations contact		Tamás Karakó
		30 September 2023		person:		Chief Financial Officer

Forms related to financial statements

PK1. General information on financial data

	Yes		No
Audited			X
Consolidated	X
Accounting standards		Hungarian		IFRS	X	Other
Other: …………………

PK2. Companies involved in consolidation

Name of the Company	Equity	Share of ownership	Voting right *	Classification **
Gyomai Kner Nyomda Zrt.	HUF 200,000,000	99.48%	99.48%	L
Specimen Zrt.	HUF 100,000,000	100.00%	100.00%	L
Techno-progress Kft.	HUF 5,000,000	100.00%	100.00%	L
ANY Ingatlanhasznosító Kft	HUF 3,000,000	100.00%	100.00%	L
Zipper Services SRL	RON 2,060,310	60.00%	60.00%	L
Tipo Direct Serv SRL	MDL 30.308	60.00%	60.00%	L
Atlas Trade Distribute SRL1	RON 1,000	60.00%	60.00%	L
Slovak Direct SRO	EUR 63.965	100.00%	100.00%	L

• Voting rights that entitle the holder to participate in decision making at the general meeting of the company included in consolidation.
• Fully controlled subsidiaries (L); Joint ventures (K); Associated undertakings (T)

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