DUNAPACK MAGYARORSZÁG ANNUAL REPORT 2012 P A C K A G I N G
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1 DUNAPACK MAGYARORSZÁG P A C K A G I N G ANNUAL REPORT 2012
2 DUNAPACK KFT. ANNUAL REPORT 2012 In 2012, the Hungarian economy sank into recession, the GDP decreased by 1.7%. Industrial production was also 1.7% lower than in the previous year. Previously, the performance of agriculture considered as a motor of the economy declined, as well. The inflation rate was 5.7%. The investment rate decreased and investments in both the corporate and the public sector underwent a decline. Moreover, the average price of fuel also increased significantly during the year. The change in the forint/euro exchange rate was also characterized by hectic fluctuations. While in the first half of the year, the rate fluctuated somewhere between 311 and 290 HUF, fluctuation coupled with slight appreciation was observed from July, and by the end of the year, the rate also approached a level around 290. Despite the difficult economic environment, Dunapack Kft. completed a highly successful year in As regards sales volume, the company broke a record at a level of success significantly higher than the relevant plans and the base figures. The campaign announced last year aimed at increasing sales volume had a positive effect coupled with a realistic level of cost reduction. In addition to economic indicators, we achieved considerable success in other areas, as well. Despite regulatory uncertainty, the introduction of environmental product fee went technically smoothly. In order to meet customer demands at an even higher level, our company partially switched over to electronic invoicing, starting from October. As regards the nature of economic processes, no fundamental breakthrough is expected in Thus, on behalf of Dunapack Kft., there is still a need for extraordinary adaptability and continuation of the path started to retain the results achieved. 1
3 CORRUGATED PRODUCTION Dunapack Kft. Budapest, Dunaújváros (PC2) The demand of the corrugated market in Hungary itself underwent a decrease (by -2.7% compared to 2011). However, due to the continuously weakening HUF exchange rate, the competitiveness of Hungarian producers further increased against producers from countries based on EUR accounting. As a result of strongly declining imports, Hungarian manufacturers were able to increase both of their domestic and export sales in At a sectoral level, PC2 achieved a significant growth in Hungarian sales in sheet converting (113%), household chemical and cosmetic industry (125%), and this counterbalanced volume reductions in the household appliance (89%), electronics (79%), refrigeration (70%) and meat industry (74%). As regards exports, sales in Slovakia surpassed the planned level (108%). Considering their overall effects, the environmental product fee and the related uncertain implementation caused difficulties to domestic corrugated manufacturers and in certain cases, discriminated them negatively against foreign manufacturers. Overall, as a result of all the above effects, in 2012, PC2 was able to fulfil the sales volume goals at a 109% level and the profit target at 145% and at the same time, it increased its share of the market characterized by reduced demand. 2
4 Dunapack Kft. Nyíregyháza (PC3) Due to a high level of seasonality characterizing sales in the Nyíregyháza plant, the level of sales in the first half year remained behind the level of last year, a change only occurred from May. The growth in demand expected for the beginning of the third quarter was postponed to October. Fulfilment of the business plan fell short of the relevant plan by 2,137 thousand m 2 and in comparison with the figures in 2011, the plant sales level decreased by 178 thousand m 2. Due to extremely low prices and margin, the volume of export sales decreased by 1,469 thousand m 2 compared to the previous year, which is less by 966 thousand m 2 than the business plan targeted for In terms of individual countries, the results fell short of the relevant plan in the Ukrainian, Romanian and Slovak markets which could not be compensated by sales volumes to other countries. In the first nine months of the year, demand in the Hungarian market increased slightly while starting from September, reduced demand was manifest as a result of the shrinking economy. Domestic sales volume exceeded the figure of previous year by 1,291 thousand m 2, but underperformed the target figure by 1,171 thousand m 2. This market also had to face intense price competition, which was partly perceivable in sheet imports and party due to aggressive pricing of domestic competitors. By analysing individual sectors, a growth could be achieved among sheet converters, in the pharmaceutical industry and other food production sectors, including the fruit and vegetable sector showing a decrease in previous years. Overall, in spite of the unfavourable trends, the Nyíregyháza profit centre managed to increase its market share in the Hungarian market in the second half of the year. Despite volume decrease, the profit plan was fulfilled at a record level. 3
5 RAW MATERIAL SUPPLY Our raw material supply suffered serious difficulties due to the stoppage in one of the major factories of our largest kraftliner supplier, which upset the whole European kraftliner market. Delivery deadlines had to be postponed or the paper ordered had not even been received. The Russian kraft available on the market caused numerous programming, logistical and quality issues, but it solved the situation temporarily. In addition to standard paper widths, we also applied the alternative width of 185 cm, which also represented additional tasks related to the stock but ended up improving the indicators of the cutting list. During the year, the price of containerboards in EUR increased more or less, then price reduction started at the end of the year. Due to changes in the HUF exchange rates, the HUF prices of papers fluctuated, as well. As regards prices by the end of 2012, it is fair to say that they hardly exceeded the figures known at the end of The total quantity of containerboards purchased in 2012 increased in line with changing production volume. Our paper stock level varied slightly but due to disciplined stock management, it remained continuously low and thus, the average figure remained at the level of the strict plan. Starch The gluing raw material of the corrugator, native starch powder and its water suspension at a 25 75% ratio also underwent a significant price increase. Although we managed to keep our purchase prices under the VDW average, they showed a 14% increase by the end of the year in comparison with the price level at the beginning of the year. Our environmental performance is still on high level. In 2012, our specific material and energy consumption did not change significantly, we maintained our previously achieved favourable figures. Water and air pollution levels are still below the relevant limit. Our research and development activities are realized in product and to a smaller extent, in technological development. In 2012, we reported 47.5 million HUF as R&D expenditure. 4
6 PROFITS Dunapack Kft s pre-tax profit (2,331 million HUF) is significantly higher than in the previous year. The company s equity/total asset ratio is 61.49%. The liquidity indicator is 1.12%. Overall, it is fair to state that the annual balance sheet and profit and loss account of the company for the year 2012 deliver the picture of a liquid company with a favourable asset-liability structure. After the balance sheet date, no event significantly influencing the financial situation and the veracity of the relevant statement took place. Budapest, February 2013 Attila Galambos Managing Director Rafael Sieben Managing Director 5
7 VALUE OF PRODUCTION (HUF million) DOMESTIC export CHANGE IN INVESORIES DOMESTIC export CHANGE IN INVESORIES TOTAL: TOTAL: KEY Figures (HUF million) Net sales revenue Operating profit Financial profit or loss Profit or loss on ordinary business Profit or loss on extraordinary business Pre-tax profit
8 BALANCE SHEET (HUF million) Fixed assets Intangible assets Tangible assets Investments Capital and reserves Of which: called up share capital Provisions Current assets Inventories Debtors Securities 0 0 Creditors Long-term liabilities Short-term liabilities Liquid assets Prepaid expenses and accrued income Total assets Accrued expenses and deferred income Total liabilities PROFITABILITY AND EQUITY RATIOS Profit or loss on ordinary business level 14,5% 12,4% After tax profit level 14,9% 11,8% Note: Figures for the year 2011 include aggregate data for Dunapack Zrt. up to September 30 and Dunapack Kft. starting from October 1. The contents of the production value for 2011 have changed. 7
9 DUNAPACK MAGYARORSZÁG P A C K A G I N G H-1215 Budapest, Duna u. 42. Telephone: dunapack@dunapack.hu
DUNAPACK MAGYARORSZÁG ANNUAL REPORT 2 0 11 P A C K A G I N G
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