Company Fact Book 2001 [antikvár]

To our Readers Iwelcome you on the occasion of publishing the 2001 MM Company Facl Book. It is a great pleasure that the joint publication of the Budapest Stock Exchange ; (BSE) and Bank & Tőzsde provides you with authentic information for the sixth year. Year by year the markét shows great expectation for the publication of the Company Fact Book, our Readers are delighted to obtain this rich publication. We tried to meet expectations once again. We collected all the information that might be useful both for the active participants of the exchange and for those interested in the stock exchange. The backbone of the yearbook is again the comprehensive information on listed issuers. We also tried to give vast information about the development of the stock exchange. The past one-one and a half year (as a continuation of the previous years) represented a period when major developments and investments bore results and new processes started. Thanks to these projects the quality and the rangé of the capital markét services of the BSE reached that of the developed stock exchanges. Currently we meet several challenges. Many of them are external. The constantly weak performance of the international capital markets had a negative effect on the Hungárián exchange, major corporations faced negative effects in most of the cases and changes in the tax regulations burdening small investors also had detrimental effects on processes. Of course the BSE is doing its best to meet these challenges as they represent duties with strategic significance. Many of our developments are for this purpose, just mentioning the successful opening of the option markét, the generál introduction of the MMTS system, the measures taken for strengthening the transparency of trading, or the effective participation of the BSE in the professional work for reforming the regulations of the Hungárián capital markét. Though we look for the possibilities of co-operation with the developed exchanges and the exchanges in the region, we say - as it is widely accepted among professionals - that the local capital markets will always have an essential role in corporate financing, even amidst globalisation. The management of the BSE is optimistic about the future and honestly hopes that successful developments together with the more favourable external factors will result in the growing number of listed companies, the rise of trading volume and share prices. Zsolt Horváth acting Chief Executive Officer of the Budapest Stock Exchange Every autumn the editors of Bank & Tőzsde - in cooperation with the Budapest Stock Exchange Secretariat - present its esteemed readers their annual publication on the issuers of all shares listed on the BSE, the Company Fact Book. We are pleased to present you this book again - for the sixth year -, although the last year and a half did not favour continuity, as the - hopefully temporary - slump of trading volume on the stock exchange caused several issuers and bróker firms to leave the virtual BSE portfolio. Still, there are many who have faith in the revival of the Hungárián capital markét and trust that sooner or later the Hungárián stock exchange also will regain its role in financing corporates. We offer our primarily to these people. the investors, issuers and agents still faithful to the exchange in difficult times, as well as to all who believe in the brighter future of our capital markét, despite the drastic reduction of trading volume and since long depressed prices. Unfortunately, the most important trend we can observe in the period analysed in our book - between January 2000 and June 2001 - is the decline in the number of markét players. This non-delighting development explains why we report on the annual performance of only 58 issuers in contrast to last year's 67. In fact, it has become evident when we wrote this book that thanks to the changed environment - not in small part due to the stricter takeover regulations - several issuers are expected to leave the exchange. Most of the remaining companies also report mixed experiences in this period: the effects of economic growth lead to significantly improving performance for on a few of companies listed on the BSE. Most of them were rather strongly affected by the deterioration of global economic conditions, the rise of energy prices and the inability of domestic regulated prices to follow them. However. most of the issuers managed these difficulties so well. that with their experiences, they have not to fear growing competition, including pan-European competition. In the name of our entire staff I truly hope that the Budapest Stock Exchange will also stand its ground in this era a adapting to circumstances. We believe that the road to a united Europe would be much bumpier without this institution rediscovered in the past 11 years and the financing alternative it represents. László Banyár Editor in Chief of the Company Fact Book BAjNK BANK & TŐZSDE / BUDAPEST STOCK EXCHANGE