{"id":10076,"date":"2020-11-12T12:53:43","date_gmt":"2020-11-12T10:53:43","guid":{"rendered":"https:\/\/investors.bittnet.ro\/current-and-historical-financial-results\/bnet-report-9-months-2020\/2-presentation-of-the-operational-activity\/2-1-technology-division\/"},"modified":"2020-11-12T13:57:19","modified_gmt":"2020-11-12T11:57:19","slug":"2-1-technology-division","status":"publish","type":"page","link":"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/2-presentation-of-the-operational-activity\/2-1-technology-division\/","title":{"rendered":"2.1. Technology Division"},"content":{"rendered":"<section class=\"l-section wpb_row height_small\"><div class=\"l-section-h i-cf\"><div class=\"g-cols vc_row via_flex valign_top type_default stacking_default\"><div class=\"vc_col-sm-8 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><h1><strong><span class=\"TextRun SCXW139061412 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW139061412 BCX0\" data-ccp-parastyle=\"heading 1\">Technology Division<\/span><\/span><span class=\"EOP SCXW139061412 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/strong><\/h1>\n<p><span class=\"TextRun SCXW86187795 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86187795 BCX0\">In the course of Q3,\u00a0<\/span><\/span><span class=\"TextRun SCXW86187795 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86187795 BCX0\">the\u00a0<\/span><\/span><span class=\"TextRun SCXW86187795 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86187795 BCX0\">T<\/span><\/span><span class=\"TextRun SCXW86187795 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86187795 BCX0\">echnology\u00a0<\/span><\/span><span class=\"TextRun SCXW86187795 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86187795 BCX0\">D<\/span><\/span><span class=\"TextRun SCXW86187795 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86187795 BCX0\">ivision is part of a well-known seasonality, with a slower evolution of the delivered volumes, as a result of the summer period. As a specific of 2020, we notice an overlap of holidays with the relaxation period\u00a0<\/span><\/span><span class=\"TextRun SCXW86187795 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86187795 BCX0\">following<\/span><\/span><span class=\"TextRun SCXW86187795 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86187795 BCX0\">\u00a0the restrictions imposed\u00a0<\/span><\/span><span class=\"TextRun SCXW86187795 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86187795 BCX0\">by<\/span><\/span><span class=\"TextRun SCXW86187795 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86187795 BCX0\">\u00a0the health crisis<\/span><\/span><span class=\"TextRun SCXW86187795 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86187795 BCX0\">. As a result, we observed\u00a0<\/span><\/span><span class=\"TextRun SCXW86187795 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86187795 BCX0\">a slightly longer period of reduction of activity in the business environment. However, both\u00a0<\/span><\/span><span class=\"TextRun SCXW86187795 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86187795 BCX0\">Dendrio<\/span><\/span><span class=\"TextRun SCXW86187795 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86187795 BCX0\">\u00a0and Elian continued to sign new contracts and attract<\/span><\/span><span class=\"TextRun SCXW86187795 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86187795 BCX0\">ed<\/span><\/span><span class=\"TextRun SCXW86187795 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86187795 BCX0\">\u00a0new customers throughout this quarter, allowing us to maintain sustained growth on all financial indicators for the first 9 months of the year.<\/span><\/span><span class=\"EOP SCXW86187795 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h2>Dendrio<\/h2>\n<p><span data-contrast=\"auto\">In Q3 we continued to develop the strategic directions in which we have been involved since 2019 and even in previous years:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<ol>\n<li data-leveltext=\"%1.\" data-font=\"Calibri\" data-listid=\"12\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Development of integration projects with added value for our clients<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ol>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"11\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Several data infrastructure projects with national coverage were continued and extended, the\u00a0<\/span><span data-contrast=\"auto\">Dendrio<\/span><span data-contrast=\"auto\">\u00a0teams ensuring the quality level of delivery even in the context of\u00a0<\/span><span data-contrast=\"auto\">a prolonged<\/span><span data-contrast=\"auto\">\u00a0health crisis;<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"11\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">The number and size of projects delivered in the Banking Financial segment has increased &#8211; including t<\/span><span data-contrast=\"auto\">he\u00a0<\/span><span data-contrast=\"auto\">development of Data Center infrastructures or the delivery of specialized services in the field of digital transformation &#8211; projects included in the Business Continuity and Modern Workplace initiatives;<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"11\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Based on the partnership with players from the telecommunications services market, we managed to deliver an extensive number of integration projects in this segment. Also, although they were not completed in Q3, the foundations were laid for technological projects that will generate a long-term impact.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<ol>\n<li data-leveltext=\"%1.\" data-font=\"Calibri\" data-listid=\"12\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Constant increase in the volume of services delivered<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ol>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"13\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">One of the main objectives of the\u00a0<\/span><span data-contrast=\"auto\">Dendrio<\/span><span data-contrast=\"auto\">\u00a0team was the constant increase of the services attached to the integration projects &#8211; leading to a consistent increase (over 78%) of the services delivered at the level of the technology division;<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"13\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">We continued the delivery of technical support projects at national and even regional level (currently having services delivered in 7 countries in the European area and negotiations carried out in the CIS area);<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"13\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">This increase in the volume of services delivered was achieved in the conditions of significant increase in the degree of load at the level of the technical team. We will continue a moderate policy regarding increasing the size of technical teams (we prefer to increase efficiency and reward increased performance &#8211; including through bonus programs such as Employee Stock Option Plan). However, keeping this indicator high encourages us to accelerate the process of attracting and forming new human capital within\u00a0<\/span><span data-contrast=\"auto\">Dendrio<\/span><span data-contrast=\"auto\">\u00a0&#8211; thus preparing us for a period of stabilization\/growth in the l<\/span><span data-contrast=\"auto\">ocal<\/span><span data-contrast=\"auto\">\u00a0economy in 2021.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<ol>\n<li data-leveltext=\"%1.\" data-font=\"Calibri\" data-listid=\"12\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Scalability and performance = cloud<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ol>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"26\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">The business in the area of cloud solutions is by definition a business that produces incremental, long-term growth &#8211; which can be seen in the results recorded by\u00a0<\/span><span data-contrast=\"auto\">Dendrio<\/span><span data-contrast=\"auto\">\u00a0at the level of the first 9 months of 2020;<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"26\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">We expect this trend to continue and even accelerate in the next period, especially since we believe that Romania is only at the beginning of the adoption cycle (at scale) of the &#8220;as a Service&#8221; model.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<ol>\n<li data-leveltext=\"%1.\" data-font=\"Calibri\" data-listid=\"12\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Development of the Small and Medium companies&#8217; segment<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ol>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"15\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">We launched, together with the Education\u00a0<\/span><span data-contrast=\"auto\">D<\/span><span data-contrast=\"auto\">ivision of the group, a digitalization program addressed to small and medium companies;<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"15\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">This segment &#8211; extremely exposed to current economic conditions &#8211; will attract significant financial resources through European funding programs, and a scalable approach, based on digital tools and processes can lead to the development of an extremely important growth engine for\u00a0<\/span><span data-contrast=\"auto\">Bittnet<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">G<\/span><span data-contrast=\"auto\">roup in the coming years.\u00a0<\/span><\/li>\n<\/ul>\n<h2>Elian<\/h2>\n<p><span data-contrast=\"auto\">T3 for Elian Solutions meant the development of teams by departments in the following directions:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<ol>\n<li data-leveltext=\"%1.\" data-font=\"Calibri\" data-listid=\"16\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Programming \/ Development: the team has grown with two new senior resources.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ol>\n<ol>\n<li data-leveltext=\"%1.\" data-font=\"Calibri\" data-listid=\"16\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Consulting: the team has grown with two new resources: one senior and one junior.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ol>\n<ol>\n<li data-leveltext=\"%1.\" data-font=\"Calibri\" data-listid=\"16\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Sales: the team has expanded with a new resource.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559737&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ol>\n<p><span data-contrast=\"auto\">From the project point of view, the third quarter marked the completion of a new retail implementation, being the Chopstix project that started in the spring of the previous year. The project covered the entire Chopstix business, with implementation taking place in parallel in all departments.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">T3 also meant the signing of 3 new projects and implicit<\/span><span data-contrast=\"auto\">ly<\/span><span data-contrast=\"auto\">\u00a0bringing in the portfolio of three large clients: ELBI Electric &amp; Lighting, Eurosport DHS and Ivatherm.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"vc_col-sm-4 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><nav class=\"w-menu layout_ver style_blocks us_menu_1 with_children\" style=\"--main-gap:1.5rem;--main-ver-indent:0.8em;--main-hor-indent:0.8em;--main-bg-color:#f5f5f5;--main-color:inherit;--main-hover-bg-color:#8dbe65;--main-hover-color:#ffffff;--main-active-bg-color:#8dbe65;--main-active-color:#ffffff;--sub-gap:5px;\" id=\"first-simple-menu\"><ul id=\"menu-t3_2020_eng\" class=\"menu\"><li id=\"menu-item-10059\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-10059\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/\">1. Message from the CEO<\/a><\/li><li id=\"menu-item-10070\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-has-children menu-item-10070\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/2-presentation-of-the-operational-activity\/\">2. Presentation of the Operational Activity<\/a><ul class=\"sub-menu\"><li id=\"menu-item-10080\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-10080\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/2-presentation-of-the-operational-activity\/2-1-technology-division\/\">2.1. Technology Division<\/a><\/li><li id=\"menu-item-10089\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-10089\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/2-presentation-of-the-operational-activity\/2-2-education-division\/\">2.2. Education Division<\/a><\/li><\/ul><\/li><li id=\"menu-item-10096\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-has-children menu-item-10096\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/key-elements-of-financial-statements\/\">3. Key elements of financial statements<\/a><ul class=\"sub-menu\"><li id=\"menu-item-10100\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-10100\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/key-elements-of-financial-statements\/3-1-financial-results-education-division\/\">3.1. Financial results Education Division<\/a><\/li><li id=\"menu-item-10106\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-10106\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/key-elements-of-financial-statements\/3-2-financial-results-technology-division\/\">3.2. Financial results Technology Division<\/a><\/li><li id=\"menu-item-10110\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-10110\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/key-elements-of-financial-statements\/3-3-financial-result-of-the-group\/\">3.3. Financial result of the Group<\/a><\/li><li id=\"menu-item-10114\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-10114\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/key-elements-of-financial-statements\/3-4-consolidated-statement-of-financial-position\/\">3.4. Consolidated statement of financial position<\/a><\/li><li id=\"menu-item-10118\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-10118\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/key-elements-of-financial-statements\/3-5-consolidated-statement-of-cash-flows\/\">3.5. Consolidated statement of cash flows<\/a><\/li><\/ul><\/li><li id=\"menu-item-10131\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-10131\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/an-annual-outlook-on-financial-results\/\">4. An annual outlook on financial results<\/a><\/li><li id=\"menu-item-10136\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-10136\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/indicators-according-to-annex-13-reg-asf-5-2018\/\">5. Indicators according to Annex 13 Reg. ASF 5\/2018<\/a><\/li><li id=\"menu-item-10140\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-10140\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/key-events-in-q3-2020\/\">6. Key events in Q3 2020<\/a><\/li><li id=\"menu-item-10152\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-10152\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/consolidated-financial-statements-september-30-2020\/\">7. Download Files<\/a><\/li><li id=\"menu-item-10155\" class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-10155\"><a href=\"https:\/\/investors.bittnet.ro\/ro\/abonare-newsletter\/\">8. Newsletter subscription<\/a><\/li><\/ul><style>@media ( max-width:600px ){.us_menu_1 .menu{display:block!important}.us_menu_1 .menu>li:not(:last-child){margin:0 0 var(--main-gap,1.5rem)!important}}<\/style><\/nav><\/div><\/div><\/div><\/div><\/div><\/section>\n","protected":false},"excerpt":{"rendered":"Technology Division\u00a0 In the course of Q3,\u00a0the\u00a0Technology\u00a0Division is part of a well-known seasonality, with a slower evolution of the delivered volumes, as a result of the summer period. As a specific of 2020, we notice an overlap of holidays with the relaxation period\u00a0following\u00a0the restrictions imposed\u00a0by\u00a0the health crisis. As a result, we observed\u00a0a slightly longer period...","protected":false},"author":13,"featured_media":0,"parent":10063,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-10076","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>2.1. Technology Division - Bittnet Investors Relations Site<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/2-presentation-of-the-operational-activity\/2-1-technology-division\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2.1. 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