The table below shows the cumulative results of all companies in the group at the reference date – “revenue generating capacity” of the group at the end of 2021 and at the end of 2022. In other words it is about ‘how we start next year’ and is a basis for the budget we will propose for 2023.
It is not about IFRS consolidation but about pro-forma results applying Romanian accounting standards – the aggregation of individual company results, as they are submitted to the Ministry of Finance. Column (3) groups in 2021 our group with TopTech and 2Net companies (which were also included in column 4), in order to be able to decelerate organic growth versus growth by acquisition.
| BNET Group 2021 | Group + TT&2Net 2021 | BNET Group 2022 | Organic Growth % |
Total Growth |
|
| (1) | (2) | (3) | (4) | (5) | (6) |
| Total Revenue | 135,085,301 | 215,167,252 | 268,717,361 | 25% | 99% |
| Turnover | 130,635,074 | 210,162,049 | 263,738,314 | 25% | 102% |
| Cost of sales | -98,294,821 | -163,944,881 | -210,407,652 | 28% | 114% |
| Gross margin | 32,340,253 | 46,217,168 | 52,907,662 | 14% | 64% |
| Sales/distribution costs | -9,588,054 | -9,683,226 | -13,441,381 | 39% | 40% |
| Administrative expenses | -15,012,057 | -25,695,911 | -36,791,295 | 40% | 145% |
| of which depreciation | -2,742,408 | -3,579,183 | -4,878,352 | 36% | 78% |
| EBIT | 12,190,370 | 15,843,234 | 8,077,034 | -49% | -34% |
| One-off result | 3,473,178 | 3,473,178 | -387,001 | -111% | -111% |
| Operating profit (without one-offs) |
8,717,192 | 12,370,056 | 8,464,035 | -32% | -3% |
| SOP expense | -1,066,911 | -1,066,911 | -890,381 | -17% | -17% |
| Net financial result | 10,131,640 | 9,880,337 | 1,558,838 | -82% | -85% |
| Mark-to-market revaluations | 9,736,569 | 9,736,569 | -2,888,985 | -130% | -130% |
| Gross profit | 21,255,099 | 24,656,660 | 8,745,491 | -65% | -59% |
| Income tax | -2,004,531 | -2,533,737 | -386,791 | -85% | -81% |
| Net profit: | 19,250,568 | 22,122,923 | 8,358,700 | -62% | -57% |
| Operating Cashflow | 3,778,747 | 17,696,434 | 368% | ||
| Investment CashFlow | (5,111,981) | (13,565,743) | 165% | ||
| Financing CashFlow | (136,225) | 14,773,204 | 10.944% | ||
| Net increase in cash | (1,469,459) | 18,903,895 | 1.386% | ||
| Cash at year-end | 23,403,197 | 42,307,092 | 81% |
The pro-forma results presented in the table above represent a cumulation of the preliminary individual results of the companies in which the Issuer has control at 31.12.2022. These cumulative results do not take into account consolidation adjustments according to IFRS standards, such as, but not limited to: adjustments regarding intragroup transactions (ICO), adjustments regarding companies acquired during the financial year (TopTech and 2NET), adjustments related to the sale of minority stakes during the financial year (respectively 14% of TopTech and 11.99% of Dendrio); adjustments related to financial income related to intragroup dividend distribution.