Appeninn Plc held its Annual General Meeting, where, in view of the epidemic situation, the Board of Directors, acting under the authority of the General Meeting, decided on the proposals and resolutions to be put forward at the General Meeting. The Board of Directors approved the financial statements of the company for 2020, decided on the transfer of the entire profit after tax to the profit and loss reserve and on the detailed rules for holding future conference meetings.

Due to the current emergency restrictions, the Annual General Meeting of Appeninn Plc could not be held in person, so the Board of Directors, acting under the authority of the General Meeting, decided on the proposals and resolutions to be put forward at the General Meeting. Accordingly, the Board of Directors approved the financial statements of the company for the year 2020. The results showed a stable growth last year, with a significant increase in both EBITDA (earnings before interest, tax, depreciation and amortisation) and the value of the investment property portfolio, among others. The former reached EUR 20 million (around HUF 7 billion) in 2020, mainly due to property revaluations triggered by the investment growth of the acquired tourism development portfolio, while in 2019 it closed at EUR 14 million (HUF 4.8 billion). The value of the investment property portfolio increased by 17% compared to the same period in 2019, to a total of more than EUR 172 million (over HUF 63 billion).

The Board of Directors also decided on the payment of dividends, following which the company will transfer the entire profit after tax to the retained earnings, in line with the objectives of the updated business strategy for 2020, to support further growth and the implementation of ongoing developments. The detailed rules for holding the conference meeting have also been approved by the company's Board of Directors, which will allow the development of specific protocols for the conference meeting, which will allow shareholders to participate, vote, speak and propose resolutions at the meetings electronically.

Appeninn Nyrt. remains committed to continuing the lines set out in its strategy, such as the acquisition and leasing of office buildings in Budapest and the implementation of tourism developments, as well as the growth it has started. These efforts will be supported and validated by the financial results achieved in 2020.