ANNUAL REPORT 2011 - Magyar FejlesztÃ©si Bank Zrt.

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❙ 8. MFB indiCator The Autumn 2011 value of the Market Index fell almost to where it was in Summer 2010 and sank below the threshold of 50 points, meaning that market conditions and opportunities tipped towards the adverse end of the scale in Autumn 2011. The gap between the value of the Macroeconomic and the Market Index closed somewhat, which indicated that the negative turn of the macroeconomic environment had a powerful impact on the market position of domestic companies. The divergence of internal and external processes (the widening of the gap between the Foreign and Domestic subindex components) continued despite the fact that both domestic and foreign market conditions were seen as becoming more adverse in the preceding six months. Nevertheless, the deceleration of domestic markets proved to be more pronounced, while the Foreign sub-index component still managed to stay above 50 points signalling (the more subdued) driving force of foreign markets in the second half of 2011. Expectations of corporate results were overshadowed by dark pessimism in autumn 2011, and (judging from the responses of respondent companies) the decline of several sectors could be of a degree that increased the risk of such operations markedly and may block their alleys to sources of external funding. The positive turnaround (a jump from 20% to 40% in six months in the group of companies reporting increasing profits) measured in spring 2011 in the impressions of companies of corporate results during the preceding 12 months came to a halt and less than a third (31%) of the firms claimed improving net profits in autumn 2011, while more than half (51%) reported declining profits after taxation for the 12 months preceding the survey. Corporate expectations also showed a major shift compared to spring 2011 showing dark pessimism comparable to that reported at the end of 2009: only 25% of the companies reckoned with improving results in the period up to autumn 2012 and 46% reported expected downturns. (Symbolically, only 15% had expected a major reduction of earnings by over 5% in spring, with the same pessimistic outlook typical of 26% of the respondents in the autumn.) Back in spring 2011, the majority of players in four sectors (crop production, food processing, tourism and ICT services) had expected growing results, whilst the automotive manufacturing was the only sector where more than half of the participants remained 52 MFB ANNUAL REPORT 2011
8. AZ MFB-indikátor ❙ n n n n n n n n n n n n n n n optimistic in autumn 2011. Only companies with a diversified profile reported promising perspectives in agriculture (with 40% szinten expecting kb. growing 1 százalékpontot profits in the emelkedtek second half a vállalati of 2011). forinthitel Earnings kamatok growth was (az expected 1−5 éves by kölcsönök 28% of the kamata companies átlagosan active 10,10%, in the az secondary ennél hosszabb sector with hitelek the kamata outlook 9,45% of several volt branches decemberben), (food míg processing, az euróban wood nyújtott processing, hitelek textile esetében sector, construction, mintegy 50 energy) bázispontos becoming volt extremely a növekedés adverse. mértéke The survey (2011 demonstrated utolsó hónapjában that service 4,33, illetve sector companies 3,97% volt had az become 1−5, illetve trapped legalább by low internal 5 éves demand, kölcsönök and átlagos as a result kamatszintje). all of the related A vállalati branches forrásköltségek continue to fight regionálisan for survival továbbra in 2012. is magasnak mondhatóak: Szlovákiában 4,04%, Csehországban The degree 4,11%, of reduction Lengyelországban of value of the 6,71%, Investment Romániában Index 10,84% compared volt to the decemberben previous survey az 5 also évnél shows hosszabb a major turnaround futamidejû hitelek in the development kamata. intentions of domestic enterprises, which may A block magyar robustly bankrendszer the ramping vállalatoknak, up of investments illetve in önkormányzatoknak economy in nyújtott the twelve hiteleinek month állománya period after 1,8%-kal the survey nôtt, (between illetve the national 0,8%-kal autumn 2011 csökkent and 2012). 2011-ben. Symbolically, A nem this pénzügyi component vállalatok index 2011-ben plummeted mind to its forintban, all time low mind autumn devizában 2011 nettó during hiteltörlesztôk the history voltak, of the MFB a tranzakciók INDICATOR alapján survey. elôbbi volumene 19,9, utóbbi 271,1 The milliárd autumn forinttal of 2011 csökkent, is unprecedented azonban a hazai as the deviza number 2011. of companies planning to invest (53%) had never been so low, and Forrás: ECB the number of those not envisaging investments (34%) had not been so high since summer 2009. The decline of the willingness évi to invest gyengülése was especially és a devizahitelek significant considering magas aránya that következtében the propensity a to forintban develop nyilvántartott (55-58%) more hitelállomány or less 1,8%-kal stagnated bôvült. between summer Az 2009 MFB and vállalati summer felmérései 2010 and the (MFB-INDIKÁTOR) results of the spring a vállalati 2011 szektor survey moved „hibernálódását” in a positive jelzik, direction ami a in forráshiány this area (more fokozódásából than 2 out és of 3 a companies forráskereslet were csökkenésébôl planning to invest fakad, then). s Investments késôbbre tolhatja in the a national beruházások economy elindulását, may remain a permanently magyar gazdaság subdued fellendülését. for a year A after forráshiány the survey általános (up to autumn erôsödését 2012), mutatja, which is hogy also supported 2011. tavasz by és the ôsz unprecedentedly között nemcsak high a ratio kisvállalatok, of companies hanem definitely a közép- not és nagyvállalatok planning invest: között (Summer is megkétszerezôdött 2009: 19%; Winter a folyó 2009: kiadások 18%; fedezése Summer 2010: érdekében 17%; Spring külsô 2011: forrásra 14%; szoruló Autumn vállalatok 2011: 23%). aránya, ugyanakkor A new jump a súlyosbodó (to 49%) forráshiány in the ratio ellenére of companies a vállalatoknak fighting csupán capacity ötöde surpluses, tervezett as ôsszel demonstrated biztosan, by s the további autumn ötöde 2011 hajt survey, végre valószínûleg is one of the forrásbevonást most serious obstacles a felmérést blocking követô 12 investment hónapban, plans ami trendfordulót and couple with jelent market a korábbi processes növekvô (external forráskereslethez and internal képest. demand) and the availability and price of funding instruments to bear down on corporate investment activity. The diminishing perceived importance of all (but two) investment drivers also moved companies towards abandoning MFB ANNUAL REPORT 2011 53
Page 1:
ANNUAL REPORT 2011
Page 5: GREETINGS All of the associates of
Page 8 and 9: ❙ THE OPERATING ENVIRONMENT OF MF
Page 17 and 18: THE RESULTS OF MFB HUNGARIAN DEVELO
Page 21 and 22: INDEPENDENT AUDITOR’S REPORT MFB
Page 23 and 24: Income Statement ❙ MFB HUNGARIAN
Page 25 and 26: Unconsolidated Income Statement acc
Page 29 and 30: 1. MFB HUNGARIAN DEVELOPMENT BANK P
Page 31: 1. MFB Magyar Fejlesztési Bank Zá
Page 35 and 36: 3. LENDING OPERATIONS By method, MF
Page 37 and 38: 4. hitelprogramok ❙ A magyar bank
Page 39 and 40: 4. hitelprogramok ❙
Page 41 and 42: 4. hitelprogramok ❙ 16 billion i
Page 43 and 44: 5. FUNDING The State secures the pa
Page 45 and 46: 6. MFB BANKING GROUP Agrarian Group
Page 47 and 48: 7. K O M M U N I K Á C I Ó, Ü G
Page 49 and 50: 8. MFB INDICATOR The MFB INDICATOR
Page 51 and 52: 8. AZ MFB-INDIKÁTOR ❙ of the ma
Page 53: 8. AZ MFB-INDIKÁTOR ❙
Page 58 and 59: 9. THE BOARD OF DIRECTORS AND THE S
Page 61: MFB MAGYAR FEJLESZTÉSI BANK ZÁRTK
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