{"id":15494,"date":"2022-02-18T18:17:36","date_gmt":"2022-02-18T16:17:36","guid":{"rendered":"https:\/\/investors.bittnet.ro\/current-and-historical-financial-results\/4q-2021\/buget-orientativ-2022\/"},"modified":"2022-02-25T11:41:35","modified_gmt":"2022-02-25T09:41:35","slug":"2022-buget-for-reference-only","status":"publish","type":"page","link":"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/2022-buget-for-reference-only\/","title":{"rendered":"2022 Buget for reference only"},"content":{"rendered":"

2022 Buget for reference only<\/span><\/h1>\n<\/div><\/div>
<\/div>

The Revenue and Expenditure Budget is approved every year in April by the General Meeting of Shareholders. Below are the working hypotheses of the management team for the 2021 – the indicative proposal to be presented to the shareholders in the GMS.<\/p>\n<\/div><\/div>

<\/div>
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Element (figures in thousands of RON)<\/strong><\/td>\nTraining<\/strong><\/td>\nVs 2021<\/strong><\/td>\nIntegration<\/strong><\/td>\nVs 2021<\/strong><\/td>\nConsolidated<\/strong><\/td>\nVs 2021<\/strong><\/td>\n<\/tr>\n
Turnover <\/strong><\/td>\n 23.872 <\/strong><\/td>\n69%<\/strong><\/td>\n 134.621 <\/strong><\/td>\n37%<\/strong><\/td>\n 158.493 <\/strong><\/td>\n41%<\/strong><\/td>\n<\/tr>\n
Direct expenses<\/td>\n10.420<\/td>\n50%<\/td>\n99.739<\/td>\n23%<\/td>\n110.159<\/td>\n25%<\/td>\n<\/tr>\n
Gross margin<\/strong><\/td>\n 13.451 <\/strong><\/td>\n87%<\/strong><\/td>\n 34.882 <\/strong><\/td>\n104%<\/strong><\/td>\n 48.333 <\/strong><\/td>\n99%<\/strong><\/td>\n<\/tr>\n
Indirect expenses (out of which)<\/strong><\/td>\n 10.791 <\/strong><\/td>\n21%<\/strong><\/td>\n 18.695 <\/strong><\/td>\n50%<\/strong><\/td>\n 29.486 <\/strong><\/td>\n38%<\/strong><\/td>\n<\/tr>\n
Sales\/distribution expenses<\/td>\n5.205<\/td>\n33%<\/td>\n9.350<\/td>\n67%<\/td>\n14.555<\/td>\n53%<\/td>\n<\/tr>\n
Hours\/worker Indirect expenses<\/td>\n2.299<\/td>\n40%<\/td>\n4.630<\/td>\n42%<\/td>\n6.929<\/td>\n6%<\/td>\n<\/tr>\n
Administrative expenses<\/td>\n3.286<\/td>\n-11%<\/td>\n4.714<\/td>\n86%<\/td>\n8.001<\/td>\n15%<\/td>\n<\/tr>\n
EBITDA<\/strong><\/td>\n 2.660 <\/strong><\/td>\n424%<\/strong><\/td>\n 16.186 <\/strong><\/td>\n0%<\/strong><\/td>\n 18.847 <\/strong><\/td>\n114%<\/strong><\/td>\n<\/tr>\n
Depreciation<\/td>\n1.023<\/td>\n-21%<\/td>\n987<\/td>\n-7%<\/td>\n2.011<\/td>\n-15%<\/td>\n<\/tr>\n
Operating profit<\/strong><\/td>\n 1.763 <\/strong><\/td>\n-324%<\/strong><\/td>\n 15.198 <\/strong><\/td>\n110%<\/strong><\/td>\n 16.961 <\/strong><\/td>\n163%<\/strong><\/td>\n<\/tr>\n
Financial Profit<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.250<\/td>\n-87%<\/td>\n<\/tr>\n
SOP adjustment<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n840<\/td>\n-21%<\/td>\n<\/tr>\n
Gross profit<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n 17.371 <\/strong><\/td>\n8%<\/strong><\/td>\n<\/tr>\n
Net profit<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n 14.592 <\/strong><\/td>\n4%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><\/div>
<\/div>

The assumptions on which this budget is built are, we believe, conservative, and they are set out below:<\/p>\n

    \n
  1. Sales increase only with the current backlog, otherwise we repeat the year 2021<\/li>\n
  2. We are not completing any M&A projects in 2022<\/li>\n
  3. The gross margin therefore increases by only 2x compared to sales, although historically this multiplier is 3-6x;<\/li>\n
  4. Administrative expenses increase by 15%, versus the historical downward trend;<\/li>\n
  5. The financial business only generates 1.25 million profit, versus 9.7 previously<\/li>\n
  6. We do not attract capital of any kind, nor do we reduce the interest paid.<\/li>\n<\/ol>\n<\/div><\/div><\/div><\/div><\/div>