{"id":18199,"date":"2022-08-25T19:05:35","date_gmt":"2022-08-25T16:05:35","guid":{"rendered":"https:\/\/investors.bittnet.ro\/?page_id=18199"},"modified":"2022-08-26T18:00:32","modified_gmt":"2022-08-26T15:00:32","slug":"riscuri-identificate-de-emitent","status":"publish","type":"page","link":"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/riscuri-identificate-de-emitent\/","title":{"rendered":"Riscuri identificate de Emitent"},"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 us_custom_2661b328 has_text_color\"><div class=\"wpb_wrapper\"><h1>Riscuri identificate de Emitent<\/h1>\n<\/div><\/div><div class=\"w-separator size_small\"><\/div><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>Reamintim investitorilor ca investitia in actiuni sau obligatiuni Bittnet comporta anumite riscuri, dintre care enumeram o parte in continuare.<\/p>\n<\/div><\/div><div class=\"w-separator size_small\"><\/div><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>Riscuri referitoare la activitatea Emitentului si la industria in care acesta \u00ee\u0219i desf\u0103\u0219oar\u0103 activitatea:<\/p>\n<\/div><\/div><div class=\"w-separator size_small\"><\/div><div class=\"w-tabs style_default switch_click accordion has_scrolling\" style=\"--sections-title-size:inherit\"><div class=\"w-tabs-sections titles-align_none icon_chevron cpos_right\"><div class=\"w-tabs-section\" id=\"zb9e\"><button class=\"w-tabs-section-header\" aria-controls=\"content-zb9e\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Riscul asociat cu realizarea planului de dezvoltare a afacerii<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-zb9e\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>Obiectivul strategic al companiei este de a dezvolta \u00een mod continuu rela\u021biile cu clien\u021bii. Nu poate fi exclus\u0103 posibilitatea ca Bittnet s\u0103 nu fie capabil\u0103 s\u0103 extind\u0103 baza curent\u0103 de clien\u021bi sau posibilitatea ca rela\u021biile cu clien\u021bii existen\u021bi s\u0103 se deterioreze. Exist\u0103, de asemenea, \u0219i riscul ca societatea s\u0103 nu fie capabil\u0103 s\u0103 \u00eendeplineasc\u0103 alte elemente din strategia pe care \u0219i-a definit-o, mai exact: l\u0103rgirea for\u021bei de v\u00e2nz\u0103ri, stabilirea unui birou local \u00een unul dintre principalele ora\u0219e ale \u021b\u0103rii, consolidarea pozi\u021biei de lider pe pia\u021ba de Training IT din Rom\u00e2nia, extinderea bazei de clien\u021bi in tara si str\u0103in\u0103tate \u0219i furnizarea de training-uri pentru un num\u0103r mai mare de poten\u021biali clien\u021bi, iar dezvoltarea \u0219i crearea de parteneriate strategice cu firme cu profile similare sau complementare nu se vor dovedi de succes. Pentru a reduce acest risc, compania inten\u021bioneaz\u0103 s\u0103 extind\u0103 oferta de produse \u0219i servicii \u0219i s\u0103 \u00eembun\u0103t\u0103\u021beasc\u0103 activit\u0103\u021bile de marketing.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"nd48\"><button class=\"w-tabs-section-header\" aria-controls=\"content-nd48\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Riscul asociat cu tranzactiile de M&amp;A<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-nd48\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>Majoritatea studiilor si articolelor dedicate subiectului M&amp;A (procese de achizitii si fuziuni de alte companii\/businessuri) arata o statistica lipsita de promisiuni pentru companiile achizitioare: in proportie covarsitoare procesele de M&amp;A distrug valoare pentru ambele companii (in special pentru achizitori). Acest element capata o dimensiune si mai negativa atunci cand in cadrul achizitiilor, companiile platesc cu actiuni ale companiei achizitioare, asa cum este cazul grupului nostru. Exista un risc semnificativ ca si procesele pe care noi le derulam sa aiba aceleasi consecinte negative pe termen lung. Managementul incearca sa construiasca fiecare investitie cu un grad mare de siguranta (\u201emargin of safety\u201d) si sa alinieze interesele participantilor prin formulele si mecanismele de plata. Nu exista insa nicio garantie ca vom putea continua sa identificam astfel de solutii, si ca viitoarele procese de fuziuni si achizitii vor fi profitabile pentru grupul nostru.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"zf85\"><button class=\"w-tabs-section-header\" aria-controls=\"content-zf85\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Riscul asociat cu realizarea prognozelor financiare<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-zf85\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>Prognozele financiare ale Companiei pornesc de la ipoteza implement\u0103rii cu succes a strategiei de cre\u0219tere bazate pe resursele \u0219i unit\u0103\u021bile de afacere existente. Cu toate acestea, exist\u0103 riscul asociat cu realizarea prognozelor financiare. Prognozele au fost create cu diligen\u021b\u0103, \u00eens\u0103 ele sunt prognoze. Datele actuale relatate \u00een raport\u0103ri periodice viitoare pot fi diferite de valorile prognozate ca rezultat al unor factori care nu au fost prev\u0103zu\u021bi \u00een mediul Companiei. Societatea va oferi informa\u021bii privitoare la posibilitatea realiz\u0103rii prognozelor financiare.<\/p>\n<p>Acest capitol merit\u0103 o discu\u021bie mai detaliat\u0103. \u00cen fiecare an compania supune aprob\u0103rii ac\u021bionarilor un Buget de Venituri \u0219i Cheltuieli. Managementul construie\u0219te acest BVC folosind o abordare \u201cde jos \u00een sus\u201d &#8211; pornind de la evalu\u0103rile proiectelor \u00een derulare (a pipeline-ului de v\u00e2nz\u0103ri disponibil la momentul producerii BVC-ului), a statisticilor de v\u00e2nz\u0103ri din anii anteriori, a ac\u021biunilor de marketing \u0219i v\u00e2nz\u0103ri angajate \/ pl\u0103nuite deja \u0219i a \u021bintelor de v\u00e2nz\u0103ri asumate de fiecare membru al echipei de v\u00e2nz\u0103ri. Cu alte cuvinte, BVC-ul este construit \u00eentr-un mod prudent.<\/p>\n<p>Pe de alt\u0103 parte, ceea ce urm\u0103rim \u0219i m\u0103sur\u0103m \u00een rela\u021bie cu echipa de v\u00e2nz\u0103ri \u0219i cu orice partener este MARJA BRUT\u0102 comercial\u0103 \u0219i nu suma v\u00e2nz\u0103rilor. Astfel, \u00een fiecare an, la publicarea BVC-ului, managementul trebuie s\u0103 r\u0103spund\u0103 la \u00eentrebarea \u201cdac\u0103 avem o \u00eencredere rezonabil\u0103 c\u0103 vom putea genera 100 lei de marj\u0103 brut\u0103, din c\u00e2\u021bi lei de v\u00e2nz\u0103ri vom ob\u021bine aceast\u0103 marj\u0103?\u201d. Trebuie avut \u00een vedere faptul c\u0103 realiz\u0103rile de v\u00e2nz\u0103ri sunt m\u0103surate \u0219i apreciate EXCLUSIV dup\u0103 volumul de marj\u0103 brut\u0103 generat\u0103. Cu alte cuvinte, 100 de euro de marj\u0103 generat\u0103 din v\u00e2nz\u0103ri de 200 euro de cursuri este la fel de valoroas\u0103 pentru companie \u0219i este, deci, r\u0103spl\u0103tit\u0103 la fel cu 100 euro de marj\u0103 generat\u0103 din v\u00e2nz\u0103ri de 500 euro de solu\u021bii de comunica\u021bii.<\/p>\n<p>Pentru a putea r\u0103spunde la \u00eentrebarea \u201cde c\u00e2\u021bi lei de v\u00e2nz\u0103ri este nevoie pentru a produce marja angajat\u0103 de 100 lei\u201d, trebuie, deci, s\u0103 r\u0103spundem intermediar la \u00eentrebarea \u201ccare va fi procentul mediu de marj\u0103 brut\u0103 \u00eenregistrat de companie?\u201d. Conform principiului pruden\u021bei, managementul aplic\u0103 mici diminu\u0103ri procentelor de marj\u0103 brut\u0103 deja \u00eenregistrate, pentru a afla r\u0103spunsul la aceast\u0103 \u00eentrebare.<\/p>\n<p>Rezultatul nea\u0219teptat al acestor estim\u0103ri precaute este c\u0103, dac\u0103 aplic\u0103m un procent de marj\u0103 mai mic, atunci de fapt presupunem c\u0103 va trebui s\u0103 \u201cmuncim\u201d mai mult pentru aceia\u0219i lei de marj\u0103 brut\u0103, deci prognozele (BVC-ul) legate de veniturile companiei sunt MAI MARI.<\/p>\n<p>Totu\u0219i, compania urm\u0103re\u0219te doar marja brut\u0103 \u0219i nu volumul de v\u00e2nz\u0103ri, de aceea \u00een timpul derul\u0103rii exerci\u021biului bugetar este mult mai probabil ca prognozele de venituri (cifra de afaceri) s\u0103 fie eronate, iar cele de profitabilitate a companiei s\u0103 fie mai precise. Cu alte cuvinte, managementul nu \u021binte\u0219te, nu urm\u0103re\u0219te \u0219i nu recompenseaz\u0103 atingerea niciunei \u021binte de venituri \u0219i, \u00een consecin\u021b\u0103, investitorii nu ar trebui s\u0103 urm\u0103reasc\u0103 \u0219i s\u0103 evalueze atingerea de c\u0103tre societate a indicatorilor de venituri (cifra de afaceri), ci a indicatorilor de profitabilitate.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"e233\"><button class=\"w-tabs-section-header\" aria-controls=\"content-e233\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Riscul de personal \/ capacitate de livrare<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-e233\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>Succesul Companiei depinde p\u00e2n\u0103 la un anumit nivel de capacitatea acesteia de a continua s\u0103 atrag\u0103, s\u0103 p\u0103streze \u0219i s\u0103 motiveze personal calificat. Businessul Bittnet se bazeaz\u0103 pe ingineri cu o calificare \u00eenalt\u0103 \u0219i cu remunera\u021bie pe m\u0103sur\u0103, care se g\u0103sesc \u00een num\u0103r restr\u00e2ns \u0219i pot primi oferte de la concuren\u021b\u0103. \u00cen cazul \u00een care Compania nu reu\u0219e\u0219te s\u0103 gestioneze \u00een mod optim nevoile personalului, se poate ca acest lucru s\u0103 aib\u0103 un efect advers material semnificativ asupra afacerii, a condi\u021biilor financiare, a rezultatelor opera\u021bionale sau prospec\u021bilor. Compania ofer\u0103 pachete compensatorii atractive \u0219i c\u0103i de dezvoltare a carierei dinamice pentru atragerea, p\u0103strarea \u0219i motivarea personalului experimentat \u0219i cu poten\u021bial.<\/p>\n<p>Bittnet s-a confruntat in istorie cu fluctua\u021bii de personal mai mici dec\u00e2t companiile cu care avem afaceri. Cu toate acestea, dou\u0103 decizii pe care le-am luat \u00een 2015 ne-au permis s\u0103 rezolv\u0103m acest subiect \u00eentr-un mod \u201cc\u00e2\u0219tig\u0103tor\u201d:<\/p>\n<ul>\n<li>ad\u0103ugarea \u00een organigram\u0103 a rolului de HR intern \u0219i ocuparea lui de c\u0103tre o nou\u0103 coleg\u0103 cu experien\u021b\u0103 \u00een recrutarea \u0219i rela\u021bia cu profesioni\u0219tii IT. Rolul de HR are dou\u0103 obiective:\n<ul>\n<li>recrutarea continu\u0103 &#8211; identificarea de noi talente pentru a le include \u00een echipa noastr\u0103 tehnic\u0103;<\/li>\n<li>crearea \u0219i p\u0103strarea unui mediu de lucru pl\u0103cut, antrenant \u0219i s\u0103n\u0103tos, concentrat pe promovarea \u00een mod constant a valorilor companiei pe care se bazeaz\u0103 cultura companiei: competen\u021b\u0103, performan\u021b\u0103, integritate, flexibilitate \u0219i distrac\u021bie.<\/li>\n<\/ul>\n<\/li>\n<li>listarea pe Bursa de Valori Bucure\u0219ti, fapt ce ne-a permis s\u0103 ob\u021binem un profil de angajator apreciat \u0219i ne-a ajutat \u00een diferen\u021bierea noastr\u0103 drept o companie deschis\u0103 \u0219i transparent\u0103 &#8211; o imagine extrem de apreciat\u0103 de to\u021bi noii angaja\u021bi, dar \u0219i de cei vechi.<\/li>\n<\/ul>\n<p>Acest risc continua sa fie unul dintre cele mai importante riscuri ce \u2018amenin\u021b\u0103\u2019 compania noastra si, in consecinta, managementul va acorda in continuare o importanta deosebita acestui aspect. In 2016, 2017, 2018, 2019, 2020 si 2021 Adunarea Generala a aprobat cate un plan de incentivare a persoanelor cheie pe baza de actiuni, cu scopul de a alinia mai bine interesele acestora cu interesele pe termen lung ale Companiei. Pe de alta parte, tinand cont de supra\u00eenc\u0103lzirea pietii muncii si intrarea in mai mare proportie in forta de munca a generatiei \u201cMillenials\u201d, consideram ca acest risc &#8211; legat de capacitatea de a livra promisiunile clienti &#8211; este unul semnificativ pentru companie, insotit si de cresterea continua a pretentiilor financiare a membrilor echipei si colaboratorilor (o crestere continua a costurilor fixe).<\/p>\n<p>Poate cel mai mare risc in acest sens este insa dat de actionarii societatii, de al carui vot continuat este nevoie pentru a continua existenta Stock Option Plan-urilor. Desi stockoption plan-ul este construit de o asa natura incat sa recompenseze angajatii numai si numai daca actionarii au castigat bani in perioada analizata, la momentul cand se deconteaza datoria fata de persoanele cheie, apar mesaje de nemultumire din partea unor actionari, reclamand faptul ca \u201aangajatii primesc actiuni mai ieftine\u2019, sau ca \u201aasta le da sansa sa vanda in piata si sa faca profit\u2019.<\/p>\n<p>Aceasta abordare constituie in opinia noastr\u0103 cel mai mare risc pentru societate, in domeniul resurselor umane. Daca nu vom mai putea continua sa folosim metode de atragere si retentie bazate pe ceea ce ne face deosebiti \u2013 listarea la bursa, si mecanismele de impartit valoarea astfel generata, singura alternativa va fi sa intram si noi intr-o lupta globala pentru resurse umane, neavand nimic de oferit in afara de bani. Credem ca acest scenariu este unul foarte nefericit, care va afecta puternic profitabilitatea companiei, dar din pacate estimam ca el are o probabilitate mult mai mare de a se materializa, tinand cont de discutiile recente dar si de faptul ca, pe masura ce numarul actionarilor creste (acum avem peste 4000 actionari), este mult mai greu sa obtinem cvorumul legal de 85% necesar pentru implementarea SOP-urile in actuala legislatie.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"p44d\"><button class=\"w-tabs-section-header\" aria-controls=\"content-p44d\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Riscul legislativ \/ regulator<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-p44d\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>Modific\u0103rile in regimul legal si fiscal din Romania pot afecta activitatea economica a Companiei. Modific\u0103rile legate de ajust\u0103rile legisla\u021biei rom\u00e2ne\u0219ti cu reglementarile Uniunii Europene pot afecta mediul legal al activit\u0103\u021bii de afaceri a Companiei si rezultatele sale financiare. Lipsa unor reguli stabile, legislatia si procedurile greoaie de obtinere a deciziilor administrative pot, de asemenea, restrictiona dezvoltarea viitoare a Companiei.<\/p>\n<p>Avand in vedere ca legisla\u021bia lasa tot mai mult la aprecierea organului fiscal interpretarea modului de aplicare a normelor fiscale, coroborat si cu lipsa fondurilor la bugetul de stat si \u00eencercarea prin orice mijloace de aducere a acestor fonduri, consideram acest risc unul major pentru companie, deoarece nu poate fi adresat in niciun fel in mod preventiv in mod real si constructiv.<\/p>\n<p>In prezent compania are \u00eenregistrate la registrul comertului 3 operatiuni de majorare de capital, conform aprobarii actionarilor si deciziilor CA, operatiuni care inca nu sunt inregistrate la ASF, in ciuda demersurilor facute de companie. Neclaritatea privind capitalul societatii, cat si dificultatea \u00eenregistr\u0103rii unor operatiuni de diminuare a capitalului social sunt riscuri ce pot afecta procentele de alocare a ac\u021biunilor gratuite, diluarea unor investitori in beneficiul altora, etc.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"i62b\"><button class=\"w-tabs-section-header\" aria-controls=\"content-i62b\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Riscul de comoditizare a businessului &#8211; pierderea relevantei tehnologice a solutiilor<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-i62b\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>Un caz special legat de evolutia rapida a industriei IT este trendul ca fiecare tehnologie sa devina \u2018commodity\u2019 (foarte raspandita, foarte larg adoptata) si sa fie foarte bine inteleasa de clienti. Intr-un astfel de mediu de business, valoarea adaugata a companiilor \u201crevanzatori\u201d este una foarte mica, deci un astfel de scenariu conduce la scaderea marjelor comerciale pentru liniile de business care sunt afectate de comoditizare. Toate tehnologiile se confrunta cu acest risc, pe masura ce gradul lor de adoptie creste. Exemplul cel mai elocvent este businessul de licente Microsoft, unde majoritatea proiectelor sunt facturate catre clienti cu marje comerciale foarte mici: 0-2%. Pe masura ce si alte tehnologii capata aceeasi raspandire, si adoptie, si revanzarea lor devine neprofitabila.<\/p>\n<p>Compania urmareste sa se pozitioneze ca si consultant de valoare, nu ca si revanzator de \u201ccutii\u201d de tip \u201ccommodity\u201d. Urmarirea trendurilor tehnologice si pozitionarea ca \u2018first mover\u2019 ajuta compania sa poata oferi valoarea adaugata prin serviciile prestate (consultanta, construire solutii tehnice, instalare si implementare, optimizari, mentenanta).<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"r801\"><button class=\"w-tabs-section-header\" aria-controls=\"content-r801\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Riscul de concurenta neloiala<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-r801\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>Business-urile comoditizate, cu marje mici, sunt predispuse la concuren\u021ba neloial\u0103, \u00een special prin pre\u021buri de dumping. \u00cen special \u00een activitatea Dendrio acest risc se materializeaz\u0103 c\u00e2nd concuren\u021bii ofer\u0103 adesea clien\u021bilor pre\u021buri de v\u00e2nzare dimensionate substan\u021bial sub pre\u021bul achizi\u021biei licen\u021belor respective. Acest tip de abordare de business este foarte greu \u0219i costisitor de demonstrat, dar poate crea prejudicii Emitentului prin pierderea unor contracte sau reducerea profitabilit\u0103\u021bii. Emitentul nu a identificat nicio solu\u021bie pentru a preveni acest risc. Emitentul urm\u0103re\u0219te s\u0103 adreseze tipologii noi de clien\u021bi, c\u00e2t \u0219i clien\u021bi pentru care valoarea ad\u0103ugat\u0103 a solu\u021biilor nu este reprezentat\u0103 de reducerile de pre\u021b, ci de func\u021bionalitatea solu\u021biilor oferite. Cu c\u00e2t linia de business este mai r\u0103sp\u00e2ndit\u0103 \u0219i adoptat\u0103, valoarea ad\u0103ugat\u0103 ce poate fi oferit\u0103 de un partener de integrare scade.<\/p>\n<p>Emitentul este \u00een permanent\u0103 concuren\u021b\u0103 cu al\u021bi participan\u021bi \u00een pia\u021ba de IT, concuren\u021b\u0103 care este de a\u0219teptat s\u0103 se intensifice. Concuren\u021ba ridicat\u0103 poate \u00eencuraja clien\u021bii actuali, precum \u0219i pe cei poten\u021biali, s\u0103 foloseasc\u0103 serviciile \u0219i produsele competitorilor Emitentului \u0219i, prin urmare, s\u0103 afecteze \u00een mod negativ veniturile \u0219i profitabilitatea Emitentului. O concuren\u021b\u0103 puternic\u0103 poate determina o presiune sporit\u0103 asupra Emitentului \u00een leg\u0103tur\u0103 cu pre\u021burile produselor \u0219i serviciilor oferite clien\u021bilor, ceea ce poate avea un impact semnificativ asupra capacit\u0103\u021bii Emitentului de a \u00ee\u0219i spori sau men\u021bine profitabilitatea. Competitivitatea Emitentului \u00een actualul mediu concuren\u021bial depinde \u00een mare m\u0103sur\u0103 de capacitatea acestuia de a se adapta rapid la noile evolu\u021bii \u0219i tendin\u021be ale pie\u021bei. \u00cen m\u0103sura \u00een care Emitentul nu va putea concura \u00een mod efectiv cu competitorii s\u0103i, indiferent dac\u0103 este vorba despre un grup local sau interna\u021bional, acest fapt poate avea un efect negativ asupra activit\u0103\u021bii, situa\u021biei financiare, rezultatelor opera\u021biunilor \u0219i perspectivelor Emitentului.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"z9ca\"><button class=\"w-tabs-section-header\" aria-controls=\"content-z9ca\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Riscul de pierdere a reputatiei<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-z9ca\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>Riscul privind reputa\u021bia este inerent activit\u0103\u021bii economice a Emitentului. Abilitatea de a p\u0103stra \u0219i de a atrage noi clien\u021bi depinde \u00een parte de recunoa\u0219terea brandului Emitentului \u0219i de reputa\u021bia acestuia pentru calitatea serviciilor. Opinia public\u0103 negativ\u0103 despre Emitent ar putea rezulta din practici reale sau percepute \u00een pia\u021ba IT \u00een general, cum ar fi neglijen\u021b\u0103 \u00een timpul furniz\u0103rii de produse sau servicii sau chiar din modul \u00een care Emitentul \u00ee\u0219i desf\u0103\u0219oar\u0103 sau este perceput c\u0103 \u00ee\u0219i desf\u0103\u0219oar\u0103 activitatea.<\/p>\n<p>De\u0219i Emitentul depune toate eforturile pentru a respecta reglement\u0103rile \u00een vigoare \u0219i pentru a spori percep\u021bia pozitiv\u0103 a clien\u021bilor \u0219i a poten\u021bialilor clien\u021bi \u00een ceea ce prive\u0219te serviciile sale, publicitatea negativ\u0103 \u0219i opinia public\u0103 negativ\u0103 ar putea afecta capacitatea Emitentului de a men\u021bine \u0219i atrage clien\u021bi.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"ebd0\"><button class=\"w-tabs-section-header\" aria-controls=\"content-ebd0\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Riscul privind litigiile<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-ebd0\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>De-a lungul timpului companiile din Grupul Bittnet si au indepliniti obligatiile contractuale si de aceea nu au fost chemate in judecata de catre partenerii contractuali. Pe masura ce grupul se extinde, si mai multe companii se alatura grupului, este posibil ca parteneri ai acestora sa considere ca noua pozitie financiara a acestor membri ai grupului a devenit mai relevanta pentru a fi chemati in judecata.<\/p>\n<p>In cursul anului 2021, conform mandatului oferit de AGA din Noiembrie 2020,Bittnet a solicitat Anchor Grup \u2013 proprietarul cladirii din Bd Timisoara nr 26 extinderea spatiului de birouri, in aceleasi conditii contractuale, pentru a ne acomoda noilor reglementari privind spatiul de lucru (distantarea intre persoane), dar si cu echipei ce urmeaza a se extinde ca urmare a tranzactiilor de M&amp;A. Tinand cont de faptul ca oferta primita de la Anchor Group a fost considerata ca neconforma, am notificat acestora aplicare clauzei de \u201abreak-up\u2019 din contract, si conform mandatului oferit de AGA catre Directorul General in cadrul sedintei din 26.11.2020, grupul Bittnet a negociat cu furnizorii prezenti din piata o solutie optima pentru planurile actuale de dezvoltare.<\/p>\n<p>In urma negocierilor purtate cu diversii reprezentanti, a fost semnat un nou contract de chirie cu societatea ONE United Properties pentru un spatiu in cladirea <a href=\"https:\/\/one.ro\/office-development\/one-cotroceni-park\/\">ONE Cotroceni Park<\/a> (OCP), pentru o durata de 5 ani si avand ca data de incepere 1.02.2022. Contractul de chirie anterior, incheiat cu Bucuresti Mall Development and Management SRL, a fost denuntat unilateral de catre Bittnet Systems incepand cu data de 31.05.2021.<\/p>\n<p>La data publicarii prezentului raport Societatea are cunostinta de existenta in Portalul Instantelor a unui proces intentat de Anchor Group avand ca obiect \u201epretentii\u201d . Tinand cont de stagiul incipient al litigiului (reclamantul nu a timbrat cererea), nu am putut evalua necesitatatea unui provizion. Pe masura ce dosarul va evolua exista riscul ca profitabilitatea BNET sa fie afectata de constituirea unui provizion privind acest litigiu.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"mdbb\"><button class=\"w-tabs-section-header\" aria-controls=\"content-mdbb\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Riscul de credit<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-mdbb\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>Riscul de credit reprezint\u0103 riscul ca debitorii companiei s\u0103 nu \u00ee\u0219i poat\u0103 onora obliga\u021biile la termenul de scaden\u021b\u0103, din cauza deterior\u0103rii situa\u021biei financiare a acestora. Compania este mai pu\u021bin expus\u0103 acestui risc, datorit\u0103 specificului produselor \u0219i serviciilor v\u00e2ndute, care se adreseaz\u0103 c\u0103tre companii de anumite dimensiuni, cu o situa\u021bie financiar\u0103 deosebit\u0103.<\/p>\n<p>Compania analizeaz\u0103 noii clien\u021bi folosind unelte specializate (site-uri cu specific de analiz\u0103 a bonit\u0103\u021bii clien\u021bilor) \u0219i are o procedur\u0103 strict\u0103 privind documentarea comenzilor \u0219i prest\u0103rii serviciilor sau livr\u0103rii bunurilor.<\/p>\n<p>Totu\u0219i, compania nu a identificat o solu\u021bie care s\u0103 poat\u0103 elimina complet riscul de credit, acesta fiind unul dintre cele mai importante riscuri pentru o societate de dimensiunea noastr\u0103.<\/p>\n<p>De asemenea, compania urm\u0103re\u0219te cu aten\u021bie procesele de \u201esoft-collection\u201d \u0219i decide relativ rapid trecerea la proceduri de tip hard-collection, ceea ce ne-a adus succes istoric \u00een recuperarea crean\u021belor.<\/p>\n<p>Sistemele informatice automatizate alerteaz\u0103 at\u00e2t echipa de v\u00e2nz\u0103ri, c\u00e2t \u0219i managerii asupra clien\u021bilor cu restan\u021be, acestea fiind \u201curm\u0103rite\u201d de echipa de v\u00e2nz\u0103ri timp de 1 lun\u0103, astfel \u00eenc\u00e2t s\u0103 prioritiz\u0103m p\u0103strarea unei rela\u021bii comerciale bune. \u00cen schimb, dup\u0103 1 lun\u0103 de eforturi e\u0219uate, se trece la implicarea unui avocat cu experien\u021b\u0103 (\u0219i \u201ctrack record\u201d pozitiv) \u00een recuperarea de crean\u021be.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"xf79\"><button class=\"w-tabs-section-header\" aria-controls=\"content-xf79\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Riscul de contrapartida<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-xf79\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>Neexecutarea de c\u0103tre ter\u021bi a obliga\u021biilor pe care \u0219i le-au asumat fa\u021b\u0103 de Emitent, inclusiv \u00een leg\u0103tur\u0103 cu implementarea anumitor proiecte de investi\u021bii avute \u00een vedere de c\u0103tre Emitent sau riscul de insolven\u021b\u0103 \u00een leg\u0103tur\u0103 cu ace\u0219tia poate afecta \u00eendeplinirea obiectivelor de afaceri ale Emitentului ori activitatea sau situa\u021bia financiar\u0103 a acestuia \u0219i, implicit, capacitatea sa de a \u00ee\u0219i \u00eendeplini obliga\u021biile \u00een leg\u0103tur\u0103 cu Obliga\u021biunile.<\/p>\n<p>Un exemplu punctual este situa\u021bia in care companii din grupul Emitentului participa la proceduri de achizi\u021bii publice, iar furnizorii nu \u00ee\u0219i \u00eendeplinesc obliga\u021biile asumate. Acest scenariu poate rezulta in emiterea unui \u201acertificat negativ\u2019 pe numele companiei care a participat la procedura de licita\u021bie publica, ceea ce ar insemna excluderea in viitor de la alte proceduri, elimin\u00e2nd deci un poten\u021bial de a genera venituri.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"z154\"><button class=\"w-tabs-section-header\" aria-controls=\"content-z154\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Riscul asociat cu ratele dob\u00e2nzilor<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-z154\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>Compania este expus\u0103 riscului de cre\u0219tere a ratei dob\u00e2nzilor, av\u00e2nd contractate credite \u0219i \u00eemprumuturi. Orice cre\u0219tere a ratei dob\u00e2nzii va fi reflectat\u0103 de cre\u0219terea costurilor financiare. Compania monitorizeaz\u0103 \u00een mod regulat situa\u021bia pie\u021bei pentru a previziona riscul asociat cu rata dob\u00e2nzii \u0219i p\u0103streaz\u0103 leg\u0103tura cu c\u00e2t mai multe institu\u021bii de credit pentru a putea asigura un \u201carbitraj\u201d \u00eentre ofertele acestora.<\/p>\n<p>Compania a derulat \u00een anii anteriori oferte de obliga\u021biuni cu dobanda fixa, si ulterior a rambursat o parte dintre acestea. La finalul anului 2021, peste 75% din datoriile pe termen lung aveau dobanda fixa de 9%. Analizand din totalul datoriilor purtatoare de dobanda, peste 70% au dobanda fixa la 9% anual. In cursul anului 2023 au scadenta toate cele 3 emisiuni de obligatiuni existente in prezent. In cursul anului 2022 si 2023 Emitentul ar trebui sa refinanteze partial sau integral aceste emisiuni de obligatiuni, iar aceasta ne expune la riscul de a ne imprumuta la dobanzi mai mari, in functie de mediul economic la momentul derularii operatiunilor. Finantarea bancara are integral dobanzi variabile, de tipul \u201eROBOR + o marja\u201d, ceea ce ne expune suplimentar la riscul de fluctuatie al dobanzilor. Compania se afla in permanent contact cu institutiile financiare bancare pentru imbunatatirea structurii de finantare.<\/p>\n<p>Costul ponderat al capitalului \u00eemprumutat este in jur de 8% pe an. Consider\u0103m c\u0103 perioada financiar\u0103 ce urmeaz\u0103 (2022 &#8211; 2024) va fi o perioad\u0103 \u00een care faptul c\u0103 am fixat pre\u021bul capitalului \u00eemprumutat va constitui un avantaj competitiv.<\/p>\n<\/div><\/div><\/div><\/div><\/div><\/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;\"><div class=\"menu\"><ul><li class=\"page_item page-item-14744\"><a href=\"https:\/\/investors.bittnet.ro\/en\/10-years-of-advisory-board-at-bittnet\/\">10 years of Advisory Board at Bittnet<\/a><\/li><li class=\"page_item page-item-5774\"><a href=\"https:\/\/investors.bittnet.ro\/en\/error-404\/\">404 Error<\/a><\/li><li class=\"page_item page-item-1461 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/bittnet-group\/\">About<\/a><ul class='children'><li class=\"page_item page-item-1316\"><a href=\"https:\/\/investors.bittnet.ro\/en\/bittnet-group\/corporate-governance\/\">Corporate Governance<\/a><\/li><li class=\"page_item page-item-6795\"><a href=\"https:\/\/investors.bittnet.ro\/en\/bittnet-group\/history\/\">History<\/a><\/li><li class=\"page_item page-item-7662 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/bittnet-group\/key-figures\/\">Key figures<\/a><ul class='children'><li class=\"page_item page-item-6800\"><a href=\"https:\/\/investors.bittnet.ro\/en\/bittnet-group\/key-figures\/individual-results\/\">Individual results<\/a><\/li><li class=\"page_item page-item-7666\"><a href=\"https:\/\/investors.bittnet.ro\/en\/bittnet-group\/key-figures\/consolidated-results\/\">Consolidated results<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-351\"><a href=\"https:\/\/investors.bittnet.ro\/en\/bittnet-group\/management\/\">Management<\/a><\/li><li class=\"page_item page-item-6802\"><a href=\"https:\/\/investors.bittnet.ro\/en\/bittnet-group\/shareholders-testimonials\/\">Shareholders\u2019 Testimonials<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-358\"><a href=\"https:\/\/investors.bittnet.ro\/en\/advisory-committees\/\">Advisory Committees<\/a><\/li><li class=\"page_item page-item-672\"><a href=\"https:\/\/investors.bittnet.ro\/en\/aero-bnet-chart\/\">AeRO BNET Chart<\/a><\/li><li class=\"page_item page-item-8125\"><a href=\"https:\/\/investors.bittnet.ro\/en\/aga-2020\/\">AGA 2020<\/a><\/li><li class=\"page_item page-item-8262\"><a href=\"https:\/\/investors.bittnet.ro\/en\/agenda-bittnet-investor-day-2020\/\">Agenda Bittnet Investor Day 2020<\/a><\/li><li class=\"page_item page-item-9653\"><a href=\"https:\/\/investors.bittnet.ro\/en\/analysts-coverage\/\">Analyst Coverage<\/a><\/li><li class=\"page_item page-item-6721\"><a href=\"https:\/\/investors.bittnet.ro\/en\/annual\/\">Annual<\/a><\/li><li class=\"page_item page-item-2102\"><a href=\"https:\/\/investors.bittnet.ro\/en\/annual-report-2014\/\">Annual Report 2014<\/a><\/li><li class=\"page_item page-item-2100\"><a href=\"https:\/\/investors.bittnet.ro\/en\/annual-report-2015\/\">Annual Report 2015<\/a><\/li><li class=\"page_item page-item-2098\"><a href=\"https:\/\/investors.bittnet.ro\/en\/annual-report-2016\/\">Annual Report 2016<\/a><\/li><li class=\"page_item page-item-2096\"><a href=\"https:\/\/investors.bittnet.ro\/en\/annual-reports\/\">Annual Reports<\/a><\/li><li class=\"page_item page-item-835\"><a href=\"https:\/\/investors.bittnet.ro\/en\/april-28th-shareholder-meeting-procedures\/\">April 28th Shareholder Meeting Procedures<\/a><\/li><li class=\"page_item page-item-424\"><a href=\"https:\/\/investors.bittnet.ro\/en\/articles-of-association\/\">Articles of association<\/a><\/li><li class=\"page_item page-item-363\"><a href=\"https:\/\/investors.bittnet.ro\/en\/auditor\/\">Auditor<\/a><\/li><li class=\"page_item page-item-382\"><a href=\"https:\/\/investors.bittnet.ro\/en\/authorized-adviser\/\">Authorized Adviser<\/a><\/li><li class=\"page_item page-item-13483\"><a href=\"https:\/\/investors.bittnet.ro\/en\/bittnet-group-structure\/\">Bittnet Group structure<\/a><\/li><li class=\"page_item page-item-3728\"><a href=\"https:\/\/investors.bittnet.ro\/en\/blog-classic-grid\/\">Blog &#8211; Classic Grid<\/a><\/li><li class=\"page_item page-item-9391\"><a href=\"https:\/\/investors.bittnet.ro\/en\/raport-bnet-semestrul-1-2020\/\">BNET H1 2020 half yearly report<\/a><\/li><li class=\"page_item page-item-23584\"><a href=\"https:\/\/investors.bittnet.ro\/en\/bnet28a-initial-public-offering-of-corporate-bonds\/\">BNET28A: Initial Public Offering of corporate bonds<\/a><\/li><li class=\"page_item page-item-8011\"><a href=\"https:\/\/investors.bittnet.ro\/en\/board-of-directors\/\">Board of Directors<\/a><\/li><li class=\"page_item page-item-6850 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/bonds\/\">Bonds<\/a><ul class='children'><li class=\"page_item page-item-6866\"><a href=\"https:\/\/investors.bittnet.ro\/en\/bonds\/bnet23c-repaid-at-maturity\/\">BNET23C (repaid at maturity)<\/a><\/li><li class=\"page_item page-item-6868\"><a href=\"https:\/\/investors.bittnet.ro\/en\/bonds\/bnet23a\/\">BNET23A<\/a><\/li><li class=\"page_item page-item-21837\"><a href=\"https:\/\/investors.bittnet.ro\/en\/bonds\/bnet26e\/\">BNET26E<\/a><\/li><li class=\"page_item page-item-6870\"><a href=\"https:\/\/investors.bittnet.ro\/en\/bonds\/bnet22-repaid-at-maturity\/\">BNET22 (repaid at maturity)<\/a><\/li><li class=\"page_item page-item-6872\"><a href=\"https:\/\/investors.bittnet.ro\/en\/bonds\/bnet23\/\">BNET23<\/a><\/li><li class=\"page_item page-item-21834\"><a href=\"https:\/\/investors.bittnet.ro\/en\/bonds\/bnet27a\/\">BNET27A<\/a><\/li><li class=\"page_item page-item-6874\"><a href=\"https:\/\/investors.bittnet.ro\/en\/bonds\/bnet19-repaid-in-advance\/\">BNET19 (repaid in advance)<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-10747\"><a href=\"https:\/\/investors.bittnet.ro\/en\/calculator-investitie\/\">Calculator investitie<\/a><\/li><li class=\"page_item page-item-19886\"><a href=\"https:\/\/investors.bittnet.ro\/en\/bnetr16-offer\/\">Capital increase with new cash contributions BNET: January &#8211; March 2023<\/a><\/li><li class=\"page_item page-item-390\"><a href=\"https:\/\/investors.bittnet.ro\/en\/capital-market-institution\/\">Capital Market Institution<\/a><\/li><li class=\"page_item page-item-6679\"><a href=\"https:\/\/investors.bittnet.ro\/en\/category\/\">category<\/a><\/li><li class=\"page_item page-item-8367\"><a href=\"https:\/\/investors.bittnet.ro\/en\/consolidated-financial-data-ifrs\/\">Consolidated Financial Data &#8211; IFRS<\/a><\/li><li class=\"page_item page-item-378\"><a href=\"https:\/\/investors.bittnet.ro\/en\/contact\/\">Contact<\/a><\/li><li class=\"page_item page-item-5807 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/\">Content Elements<\/a><ul class='children'><li class=\"page_item page-item-1086\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/accordion\/\">Accordion &#038; Toggles<\/a><\/li><li class=\"page_item page-item-5802\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/actionbox\/\">ActionBox<\/a><\/li><li class=\"page_item page-item-1190\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/button\/\">Button<\/a><\/li><li class=\"page_item page-item-3978\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/chart\/\">Chart<\/a><\/li><li class=\"page_item page-item-5808\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/counter\/\">Counter<\/a><\/li><li class=\"page_item page-item-6415\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/flipbox\/\">FlipBox<\/a><\/li><li class=\"page_item page-item-1158\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/iconbox\/\">IconBox<\/a><\/li><li class=\"page_item page-item-1129\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/gallery\/\">Image Gallery<\/a><\/li><li class=\"page_item page-item-1146\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/slider\/\">Image Slider<\/a><\/li><li class=\"page_item page-item-6429\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/interactive-text\/\">Interactive Text<\/a><\/li><li class=\"page_item page-item-4547\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/logos-showcase\/\">Logos Showcase<\/a><\/li><li class=\"page_item page-item-3981\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/map\/\">Map<\/a><\/li><li class=\"page_item page-item-4552\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/message-box\/\">Message Box<\/a><\/li><li class=\"page_item page-item-4554\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/person\/\">Person<\/a><\/li><li class=\"page_item page-item-5806\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/popup\/\">Popup<\/a><\/li><li class=\"page_item page-item-1177\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/pricing-table\/\">Pricing Table<\/a><\/li><li class=\"page_item page-item-3971\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/progress-bar\/\">Progress Bar<\/a><\/li><li class=\"page_item page-item-5805\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/columns\/\">Responsive Columns<\/a><\/li><li class=\"page_item page-item-1306\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/separator\/\">Separator<\/a><\/li><li class=\"page_item page-item-3976\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/sharing-buttons\/\">Sharing Buttons<\/a><\/li><li class=\"page_item page-item-5889\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/image\/\">Single Image<\/a><\/li><li class=\"page_item page-item-1421\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/social-links\/\">Social Links<\/a><\/li><li class=\"page_item page-item-1096\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/tabs\/\">Tabs<\/a><\/li><li class=\"page_item page-item-1413\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/testimonials\/\">Testimonials<\/a><\/li><li class=\"page_item page-item-3856\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/tour\/\">Tour<\/a><\/li><li class=\"page_item page-item-1120\"><a href=\"https:\/\/investors.bittnet.ro\/en\/elements\/video-player\/\">Video Player<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-419 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/corporate-policies\/\">Corporate policies<\/a><ul class='children'><li class=\"page_item page-item-1769\"><a href=\"https:\/\/investors.bittnet.ro\/en\/corporate-policies\/aero-principles-compliance-statement\/\">AeRO Principles Compliance Statement<\/a><\/li><li class=\"page_item page-item-1754\"><a href=\"https:\/\/investors.bittnet.ro\/en\/corporate-policies\/dividend-policy\/\">Dividend Policy<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-6701\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current\/\">Current<\/a><\/li><li class=\"page_item page-item-10044 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/\">Current and historical financial results<\/a><ul class='children'><li class=\"page_item page-item-12473\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q1-2021-report-letter-from-the-ceo\/\">1. Q1 2021 Report &#8211; Letter from the CEO<\/a><\/li><li class=\"page_item page-item-12675 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2-report-according-to-reg-5-2018\/\">2. Report according to Reg. 5 \/2018<\/a><ul class='children'><li class=\"page_item page-item-12481\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2-report-according-to-reg-5-2018\/economic-and-financial-indicators\/\">2.1. Economic and financial indicators<\/a><\/li><li class=\"page_item page-item-12491\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2-report-according-to-reg-5-2018\/2-2-general-description-of-the-financial-position-and-performance-of-the-issuer-and-its-subsidiaries-in-the-relevant-time-period\/\">2.2. General description of the financial position and performance of the issuer and its subsidiaries in the relevant time period<\/a><\/li><li class=\"page_item page-item-12647\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2-report-according-to-reg-5-2018\/2-3-analysis-per-business-segment\/\">2.3. Analysis per business segment<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-9449\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2020-2\/\">2020<\/a><\/li><li class=\"page_item page-item-13557\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2q-2021\/\">2q-2021<\/a><\/li><li class=\"page_item page-item-12510\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3-annex-1\/\">3. Annex 1<\/a><\/li><li class=\"page_item page-item-12562\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/5-download-files__trashed\/\">5. Download files<\/a><\/li><li class=\"page_item page-item-10055 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/\">BNET report 9 months 2020<\/a><ul class='children'><li class=\"page_item page-item-10063 page_item_has_children\"><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='children'><li class=\"page_item page-item-10076\"><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 class=\"page_item page-item-10086\"><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 class=\"page_item page-item-10129\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/an-annual-outlook-on-financial-results\/\">An annual outlook on financial results<\/a><\/li><li class=\"page_item page-item-10150\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/consolidated-financial-statements-september-30-2020\/\">Consolidated Financial Statements September 30, 2020<\/a><\/li><li class=\"page_item page-item-10134\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/indicators-according-to-annex-13-reg-asf-5-2018\/\">Indicators according to Annex 13 Reg. ASF 5\/2018<\/a><\/li><li class=\"page_item page-item-10094 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/key-elements-of-financial-statements\/\">Key elements of financial statements<\/a><ul class='children'><li class=\"page_item page-item-10098\"><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 class=\"page_item page-item-10104\"><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 class=\"page_item page-item-10108\"><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 class=\"page_item page-item-10112\"><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 class=\"page_item page-item-10116\"><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 class=\"page_item page-item-10138\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2020\/key-events-in-q3-2020\/\">Key events in Q3 2020<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-9390\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/h1-2020-half-yearly-report\/\">H1 2020 half yearly report<\/a><\/li><li class=\"page_item page-item-11283 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2020\/\">Preliminary Financial Results for fiscal year 2020<\/a><ul class='children'><li class=\"page_item page-item-11323\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2020\/0-key-information\/\">0. Key Information<\/a><\/li><li class=\"page_item page-item-11307\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2020\/new-group-structure\/\">2. New Group Structure<\/a><\/li><li class=\"page_item page-item-11309\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2020\/3-technology-division-in-2020\/\">3. Technology division in 2020<\/a><\/li><li class=\"page_item page-item-11311\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2020\/4-education-division-in-2020\/\">4. Education Division in 2020<\/a><\/li><li class=\"page_item page-item-11313\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2020\/5-financial-position-cash-flow\/\">5. Financial Position &#038; Cash Flow<\/a><\/li><li class=\"page_item page-item-11315\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2020\/6-evaluation-of-other-similar-companies\/\">6. Evaluation of other similar companies<\/a><\/li><li class=\"page_item page-item-11317\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2020\/7-indicative-budget-2021\/\">7. Indicative Budget 2021<\/a><\/li><li class=\"page_item page-item-11321\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2020\/8-alternative-performance-measurements\/\">8. \u201cAlternative Performance Measurements&#8221;<\/a><\/li><li class=\"page_item page-item-11319\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2020\/9-download-files\/\">9. Download files<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-20536 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/\">(EN) 2022.Q4 Pro-Forma results &#8211; Letter from Cristian Logof\u0103tu<\/a><ul class='children'><li class=\"page_item page-item-20587 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/analysis-of-business-segment-activity-and-performance\/\">(EN) 2022.Q4 Pro-Forma results &#8211; Analysis of business segment activity and performance<\/a><ul class='children'><li class=\"page_item page-item-20592\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/analysis-of-business-segment-activity-and-performance\/bittnet-education\/\">(EN) 2022.Q4 Pro-Forma results &#8211; Bittnet Education<\/a><\/li><li class=\"page_item page-item-20608\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/analysis-of-business-segment-activity-and-performance\/cloud-and-infrastructure\/\">(EN) 2022.Q4 Pro-Forma results &#8211; Cloud and Infrastructure<\/a><\/li><li class=\"page_item page-item-20613\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/analysis-of-business-segment-activity-and-performance\/cybersecurity-fort\/\">(EN) 2022.Q4 Pro-Forma results &#8211; Cybersecurity &#8211; Fort<\/a><\/li><li class=\"page_item page-item-20619\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/analysis-of-business-segment-activity-and-performance\/platforms-and-software-development\/\">(EN) 2022.Q4 Pro-Forma results &#8211; Platforms and Software Development<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-20639\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/annex-1-alternative-performance-measurements\/\">(EN) 2022.Q4 Pro-Forma results &#8211; Annex 1 \u2013 \u2018Alternative Performance Measurements\u2019<\/a><\/li><li class=\"page_item page-item-20625 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/teza-de-investitie-bnet\/\">(EN) 2022.Q4 Pro-Forma results &#8211; BNET investment thesis<\/a><ul class='children'><li class=\"page_item page-item-20631\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/teza-de-investitie-bnet\/the-buffett-test-for-capitalisation-of-earnings-versus-dividend-payout\/\">(EN) 2022.Q4 Pro-Forma results &#8211; The Buffett test for capitalisation of earnings versus dividend payout<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-20654\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/download-files\/\">(EN) 2022.Q4 Pro-Forma results &#8211; Download Files<\/a><\/li><li class=\"page_item page-item-20547\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/group-size-in-2022\/\">(EN) 2022.Q4 Pro-Forma results &#8211; Group size in 2022<\/a><\/li><li class=\"page_item page-item-20645\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/individual-and-pro-forma-pl-values-in-ron-millions\/\">(EN) 2022.Q4 Pro-Forma results &#8211; Individual and pro-forma P&#038;L (values in RON MILLIONS)<\/a><\/li><li class=\"page_item page-item-20556 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/on-accounting-standards-versus-value-creation\/\">(EN) 2022.Q4 Pro-Forma results &#8211; On accounting standards versus value creation<\/a><ul class='children'><li class=\"page_item page-item-20574\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/on-accounting-standards-versus-value-creation\/about-equatorial-integration-into-bittnet-education\/\">(EN) 2022.Q4 Pro-Forma results &#8211; About Equatorial \/ integration into Bittnet Education<\/a><\/li><li class=\"page_item page-item-20562\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/on-accounting-standards-versus-value-creation\/analysis-of-minority-investments-in-listed-companies\/\">(EN) 2022.Q4 Pro-Forma results &#8211; Analysis of minority investments in listed companies<\/a><\/li><li class=\"page_item page-item-20579\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/on-accounting-standards-versus-value-creation\/option-plans-actually-and-correctly-implemented\/\">(EN) 2022.Q4 Pro-Forma results &#8211; Option plans actually and correctly implemented<\/a><\/li><li class=\"page_item page-item-20568\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/on-accounting-standards-versus-value-creation\/using-borrowed-capital-leverage\/\">(EN) 2022.Q4 Pro-Forma results &#8211; Using borrowed capital (\u201cleverage\u201d)<\/a><\/li><\/ul><\/li><\/ul><\/li><li class=\"page_item page-item-21496 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/1q-2023\/\">(EN) 2023.Q1 BNET Report Q1 2023 &#8211; A message from the CEO<\/a><ul class='children'><li class=\"page_item page-item-21505\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/1q-2023\/en-2023-q1-bnet-report-q1-2023-download-files\/\">(EN) 2023.Q1 BNET Report Q1 2023 &#8211; Download Files<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-22122 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2q-2023\/\">(EN) 2023.Q2 BNET Report H1 2023 &#8211; A message from the CEO<\/a><ul class='children'><li class=\"page_item page-item-22129\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2q-2023\/en-2023-q2-bnet-report-h1-2023-download-files\/\">(EN) 2023.Q2 BNET Report H1 2023 &#8211; Download Files<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-22501 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2023\/\">(EN) 2023.Q3 BNET Report 2023 &#8211; A message from the CEO<\/a><ul class='children'><li class=\"page_item page-item-22534\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2023\/en-2023-q3-bnet-report-2023-download-files\/\">(EN) 2023.Q3 BNET Report 2023 &#8211; Download Files<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-23160\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2023\/\">(EN) 2023.Q4 BNET Report 2023 &#8211; A message from the CEO<\/a><\/li><li class=\"page_item page-item-24776 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2024\/\">(EN) 2024 Q3 BNET Report 2024 &#8211; Letter from the CEO<\/a><ul class='children'><li class=\"page_item page-item-24780\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/3q-2024\/download-files\/\">(EN) 2024 Q3 BNET Report 2024 &#8211; Download Files<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-25259 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2024\/\">(EN) 2024 Q4 BNET Report 2024 &#8211; Letter from the CEO<\/a><ul class='children'><li class=\"page_item page-item-25281\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2024\/download-files\/\">(EN) 2024 Q4 BNET Report 2024 &#8211; Download Files<\/a><\/li><li class=\"page_item page-item-25403\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2024\/key-information-2024\/\">(EN) 2024 Q4 Prelim Results 2024 &#8211; Key Information<\/a><\/li><li class=\"page_item page-item-25358\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2024\/indicative-budget-2025\/\">(EN) 2024 Q4 Preliminary Results 2024 &#8211; Indicative Budget 2025<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-24370 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q2-2024\/\">(EN) 2024 S1 BNET Report 2024 &#8211; Letter from the CEO<\/a><ul class='children'><li class=\"page_item page-item-24389\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q2-2024\/download-files\/\">(EN) 2024 H1 BNET Report 2024 &#8211; Download Files<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-23974 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/1q-2024\/\">(EN) 2024.Q1 BNET Report 2024 &#8211; Letter from the CEO<\/a><ul class='children'><li class=\"page_item page-item-24019\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/1q-2024\/en-2024-q1-bnet-report-download-files\/\">(EN) 2024.Q1 BNET Report 2024 &#8211; Download Files<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-26173 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q1-2025\/\">(EN) 2025 Q1 BNET Report 2025 &#8211; Letter from the CEO<\/a><ul class='children'><li class=\"page_item page-item-26177\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q1-2025\/download-files\/\">(EN) 2025 Q1 BNET Report 2025 &#8211; Download Files<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-27441 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2025\/\">(EN) 2025 Q3 BNET Report 2025 &#8211; Letter from the CEO<\/a><ul class='children'><li class=\"page_item page-item-27444\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2025\/download-files\/\">(EN) 2025 Q3 BNET Report 2025 &#8211; Download Files<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-27761 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q4-2025\/\">(EN) 2025 Q4 BNET Report 2025 &#8211; Letter from the CEO<\/a><ul class='children'><li class=\"page_item page-item-27788\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q4-2025\/digital-infrastructure-2025\/\">(EN) 2025 Q4 BNET Report 2025 &#8211; Digital Infrastructure 2025<\/a><\/li><li class=\"page_item page-item-27798\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q4-2025\/digital-platforms-2025\/\">(EN) 2025 Q4 BNET Report 2025 &#8211; Digital Platforms 2025<\/a><\/li><li class=\"page_item page-item-27783\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q4-2025\/download-files\/\">(EN) 2025 Q4 BNET Report 2025 &#8211; Download Files<\/a><\/li><li class=\"page_item page-item-27793\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q4-2025\/education-2025\/\">(EN) 2025 Q4 BNET Report 2025 &#8211; Education 2025<\/a><\/li><li class=\"page_item page-item-27803\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q4-2025\/targets-achievement-2025\/\">(EN) 2025 Q4 BNET Report 2025 &#8211; Targets achievements 2025<\/a><\/li><li class=\"page_item page-item-27772\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q4-2025\/key-information\/\">(EN) 2025 Q4 Prelim Results 2025 &#8211; Key Information<\/a><\/li><li class=\"page_item page-item-27778\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q4-2025\/indicative-budget-2026\/\">(EN) 2025 Q4 Preliminary Results 2025 &#8211; Indicative Budget 2026<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-26641 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q2-2025\/\">(EN) 2025 S1 BNET Report 2025 &#8211; Letter from the CEO<\/a><ul class='children'><li class=\"page_item page-item-26645\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q2-2025\/download-files\/\">(EN) 2025 H1 BNET Report 2025 &#8211; Download Files<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-14286 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2021\/\">Message from the CEO<\/a><ul class='children'><li class=\"page_item page-item-14342\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2021\/an-annual-overview-of-financial-results\/\">An annual overview of financial results<\/a><\/li><li class=\"page_item page-item-14376\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2021\/annex-1-alternative-performance-measurements\/\">Annex 1 \u2013 \u2018Alternative Performance Measurements\u2019<\/a><\/li><li class=\"page_item page-item-14348\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2021\/assessment-of-other-similar-companies\/\">Assessment of other similar companies<\/a><\/li><li class=\"page_item page-item-14337\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2021\/consolidated-situation-of-cash-flow-key-elements\/\">Consolidated situation of cash flow \u2013 key elements<\/a><\/li><li class=\"page_item page-item-14332\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2021\/consolidated-statement-of-financial-position-key-elements\/\">Consolidated statement of financial position \u2013 key elements<\/a><\/li><li class=\"page_item page-item-14372\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2021\/contact-person-for-the-relation-with-investors\/\">Contact person for the relation with investors<\/a><\/li><li class=\"page_item page-item-14328\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2021\/financial-result-and-gross-profit\/\">Financial result and gross profit<\/a><\/li><li class=\"page_item page-item-14382\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2021\/financial-statements\/\">Financial Statements<\/a><\/li><li class=\"page_item page-item-14353\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2021\/indicators-according-to-the-annex-13-reg-asf-5-2018\/\">Indicators according to the Annex 13 Reg. ASF 5\/2018<\/a><\/li><li class=\"page_item page-item-14359\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2021\/key-events-in-q3-2021\/\">Key events in Q3 2021<\/a><\/li><li class=\"page_item page-item-14366\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2021\/risk-factors\/\">Risk factors<\/a><\/li><li class=\"page_item page-item-14291 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2021\/technology-division\/\">Technology Division<\/a><ul class='children'><li class=\"page_item page-item-14303\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2021\/technology-division\/financial-results-technology-division\/\">Financial Results \u2013 Technology Division<\/a><\/li><li class=\"page_item page-item-14295\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2021\/technology-division\/presentation-of-the-operational-activity\/\">Presentation of the operational activity<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-14309 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2021\/education-division\/\">Education Division<\/a><ul class='children'><li class=\"page_item page-item-14321\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2021\/education-division\/financial-results-education-division\/\">Financial results \u2013 Education Division<\/a><\/li><li class=\"page_item page-item-14313\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2021\/education-division\/presentation-of-the-operational-activity\/\">Presentation of the operational activity<\/a><\/li><\/ul><\/li><\/ul><\/li><li class=\"page_item page-item-15342 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/\">Report 4q 2021_en<\/a><ul class='children'><li class=\"page_item page-item-15494\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/2022-buget-for-reference-only\/\">2022 Buget for reference only<\/a><\/li><li class=\"page_item page-item-15095\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/annex-1-alternative-performance-measurements\/\">Annex 1 \u2013 \u2018Alternative Performance Measurements\u2019<\/a><\/li><li class=\"page_item page-item-15082\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/annex-1-alternative-performance-measurements-2\/\">Annex 1 \u2013 \u2018Alternative Performance Measurements\u2019<\/a><\/li><li class=\"page_item page-item-15417\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/bnet-investment-thesis\/\">BNET investment thesis<\/a><\/li><li class=\"page_item page-item-15324\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/download-files\/\">Download files<\/a><\/li><li class=\"page_item page-item-15423 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/events-in-the-education-division\/\">Events in the Education Division<\/a><ul class='children'><li class=\"page_item page-item-15440\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/events-in-the-education-division\/business-development\/\">BUSINESS DEVELOPMENT<\/a><\/li><li class=\"page_item page-item-15448\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/events-in-the-education-division\/delivery-customer-success\/\">DELIVERY &#038; CUSTOMER SUCCESS<\/a><\/li><li class=\"page_item page-item-15434\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/events-in-the-education-division\/demand_generation-team\/\">Demand Generation Team<\/a><\/li><li class=\"page_item page-item-15428\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/events-in-the-education-division\/marketing-product-development-team\/\">MARKETING &#038; PRODUCT DEVELOPMENT team<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-15456 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/events-in-the-technology-division\/\">Events in the Technology Division<\/a><ul class='children'><li class=\"page_item page-item-15481\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/events-in-the-technology-division\/business-applications-elian\/\">Business Applications &#8211; Elian<\/a><\/li><li class=\"page_item page-item-15463\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/events-in-the-technology-division\/cloud-infrastructure-dendrio\/\">Cloud &#038; Infrastructure &#8211; Dendrio<\/a><\/li><li class=\"page_item page-item-15471\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/events-in-the-technology-division\/cyber-security-managed-services-grx-isec-it-prepared\/\">Cyber Security &#038; Managed Services &#8211; GRX, iSEC, IT Prepared<\/a><\/li><li class=\"page_item page-item-15476\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/events-in-the-technology-division\/software-development-nenos-nonlinear\/\">Software Development &#8211; Nenos &#038; Nonlinear<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-15366\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/key-information\/\">Key information<\/a><\/li><li class=\"page_item page-item-15391 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/review-of-the-financial-statements\/\">Review of the financial statements<\/a><ul class='children'><li class=\"page_item page-item-15411\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/review-of-the-financial-statements\/cash-flow\/\">Consolidated Cash Flow<\/a><\/li><li class=\"page_item page-item-15401\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/review-of-the-financial-statements\/consolidated-financial-statements\/\">Consolidated financial statements<\/a><\/li><li class=\"page_item page-item-15397\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/review-of-the-financial-statements\/revenues-expenses-operational-profit\/\">Revenues, Expenses, Operational Profit, Gross and Net<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-15359 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/the-current-structure-of-the-group\/\">The current structure of the Group<\/a><ul class='children'><li class=\"page_item page-item-15386\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/the-current-structure-of-the-group\/investments-in-listed-companies\/\">Investments in listed companies<\/a><\/li><li class=\"page_item page-item-15374\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/the-current-structure-of-the-group\/the-education-division\/\">The Education Division<\/a><\/li><li class=\"page_item page-item-15380\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/the-current-structure-of-the-group\/the-technology-division\/\">The Technology Division<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-15487\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/4q-2021\/alternative-performance-measurement\/\">\u201cAlternative Performance Measurements\u201d on alternative key performance indicators<\/a><\/li><\/ul><\/li><\/ul><\/li><li class=\"page_item page-item-403\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-periodical-reports\/\">Current and periodical reports<\/a><\/li><li class=\"page_item page-item-19644\"><a href=\"https:\/\/investors.bittnet.ro\/en\/document-de-inregistrare\/\">Document de \u00cenregistrare<\/a><\/li><li class=\"page_item page-item-9430\"><a href=\"https:\/\/investors.bittnet.ro\/en\/confcall-rezultate-h1\/\">Earnings Call H1 2020<\/a><\/li><li class=\"page_item page-item-2114\"><a href=\"https:\/\/investors.bittnet.ro\/en\/earnings-presentation-call\/\">Earnings Presentation Call<\/a><\/li><li class=\"page_item page-item-546\"><a href=\"https:\/\/investors.bittnet.ro\/en\/financial-forecast\/\">Financial forecast<\/a><\/li><li class=\"page_item page-item-538 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/financial-results\/\">Financial Results<\/a><ul class='children'><li class=\"page_item page-item-6914\"><a href=\"https:\/\/investors.bittnet.ro\/en\/financial-results\/2019-2\/\">2019<\/a><\/li><li class=\"page_item page-item-6917\"><a href=\"https:\/\/investors.bittnet.ro\/en\/financial-results\/2018-2\/\">2018<\/a><\/li><li class=\"page_item page-item-6919\"><a href=\"https:\/\/investors.bittnet.ro\/en\/financial-results\/2017-2\/\">2017<\/a><\/li><li class=\"page_item page-item-6926\"><a href=\"https:\/\/investors.bittnet.ro\/en\/financial-results\/2016-2\/\">2016<\/a><\/li><li class=\"page_item page-item-6942\"><a href=\"https:\/\/investors.bittnet.ro\/en\/financial-results\/2015-2\/\">2015<\/a><\/li><li class=\"page_item page-item-6946\"><a href=\"https:\/\/investors.bittnet.ro\/en\/financial-results\/2014-2\/\">2014<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-1762\"><a href=\"https:\/\/investors.bittnet.ro\/en\/forecasts-policy\/\">Forecasts Policy<\/a><\/li><li class=\"page_item page-item-7445\"><a href=\"https:\/\/investors.bittnet.ro\/en\/gdpr\/\">GDPR<\/a><\/li><li class=\"page_item page-item-2086\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-meeting-28-april-2016\/\">General Meeting 28 April 2016<\/a><\/li><li class=\"page_item page-item-405 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/\">General Shareholder Meetings<\/a><ul class='children'><li class=\"page_item page-item-9729\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/26-november-2020-sgm\/\">26 november 2020 SGM<\/a><\/li><li class=\"page_item page-item-15642\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/april-20-2022\/\">April 20, 2022<\/a><\/li><li class=\"page_item page-item-3004 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/april-24th-2019-shareholder-meeting\/\">April 24th 2019 General Shareholder Meeting<\/a><ul class='children'><li class=\"page_item page-item-3027\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/april-24th-2019-shareholder-meeting\/shareholder-meeting-procedures-24-april-2019\/\">Shareholder Meeting Procedures, 24 April 2019<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-20994\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/april-27-2023\/\">April 27, 2023<\/a><\/li><li class=\"page_item page-item-25573\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/april-28-2025\/\">April 28, 2025<\/a><\/li><li class=\"page_item page-item-828\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/april-28th-2016-extraordinary-general-shareholder-meeting\/\">April 28th 2016 Extraordinary General Shareholder Meeting<\/a><\/li><li class=\"page_item page-item-815\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/20160428-ordinary-shareholder-meeting\/\">April 28th 2016 Ordinary Shareholder Meeting<\/a><\/li><li class=\"page_item page-item-28017\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/april-29-2026\/\">April 29, 2026<\/a><\/li><li class=\"page_item page-item-8203\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/april-29th-2020\/\">April 29th, 2020<\/a><\/li><li class=\"page_item page-item-19005\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/december-12-2022\/\">EGMS December 12, 2022<\/a><\/li><li class=\"page_item page-item-2424 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/general-shareholder-meeting-april-25th-2018\/\">General Shareholder Meeting &#8211; April 25th 2018<\/a><ul class='children'><li class=\"page_item page-item-2437\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/general-shareholder-meeting-april-25th-2018\/gsm-forms-25th-of-april-2018\/\">GSM Forms 25th of April 2018<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-1801 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/general-shareholder-meeting-april-26th-2017\/\">General Shareholder Meeting &#8211; April 26th 2017<\/a><ul class='children'><li class=\"page_item page-item-1829\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/general-shareholder-meeting-april-26th-2017\/gsm-procedures-april-26th-2017\/\">GSM Procedures &#8211; April 26th 2017<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-2732\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/general-shareholder-meeting-november-21st-2018\/\">General Shareholder Meeting &#8211; December 17th 2018<\/a><\/li><li class=\"page_item page-item-1789\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/general-shareholder-meeting-april-2017\/\">General Shareholder Meeting April 2017<\/a><\/li><li class=\"page_item page-item-22785\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/gsm-january-25th-2024\/\">GSM January 25th 2024<\/a><\/li><li class=\"page_item page-item-22231\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/gsm-october-30-2023\/\">GSM October 30 2023<\/a><\/li><li class=\"page_item page-item-22786\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/gsm-october-30-2023-2\/\">GSM October 30 2023<\/a><\/li><li class=\"page_item page-item-22664\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/gsm-october-30-2023-3\/\">GSM October 30 2023<\/a><\/li><li class=\"page_item page-item-1562 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/nov-1st-2016-extraordinary-general-shareholder-meeting\/\">Nov 1st 2016 Extraordinary General Shareholder Meeting<\/a><ul class='children'><li class=\"page_item page-item-1615\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/nov-1st-2016-extraordinary-general-shareholder-meeting\/meeting-procedures\/\">Nov 1st 2016 Meeting Procedures<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-26869\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/october-21-2025\/\">October 21, 2025<\/a><\/li><li class=\"page_item page-item-13144\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/september-7-2021\/\">September 7, 2021<\/a><\/li><li class=\"page_item page-item-11562\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/sgm-april-27th-2021\/\">SGM  &#8211; April 27th, 2021<\/a><\/li><li class=\"page_item page-item-7916\"><a href=\"https:\/\/investors.bittnet.ro\/en\/general-stakeholder-meetings\/sgm-29-january-2020\/\">SGM on January 29th, 2020<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-1427\"><a href=\"https:\/\/investors.bittnet.ro\/en\/\">Home<\/a><\/li><li class=\"page_item page-item-1352\"><a href=\"https:\/\/investors.bittnet.ro\/en\/home-2\/\">Home 2<\/a><\/li><li class=\"page_item page-item-421\"><a href=\"https:\/\/investors.bittnet.ro\/en\/home-3\/\">Home 3<\/a><\/li><li class=\"page_item page-item-3549\"><a href=\"https:\/\/investors.bittnet.ro\/en\/home-4\/\">Home 4<\/a><\/li><li class=\"page_item page-item-8\"><a href=\"https:\/\/investors.bittnet.ro\/en\/home\/\">Home TEST<\/a><\/li><li class=\"page_item page-item-8030\"><a href=\"https:\/\/investors.bittnet.ro\/en\/ifrs-2016-2018\/\">IFRS 2016-2018<\/a><\/li><li class=\"page_item page-item-593\"><a href=\"https:\/\/investors.bittnet.ro\/en\/information-memorandum\/\">Information Memorandum<\/a><\/li><li class=\"page_item page-item-7462\"><a href=\"https:\/\/investors.bittnet.ro\/en\/information-on-your-personal-data-processing\/\">Information on your personal data processing<\/a><\/li><li class=\"page_item page-item-19585\"><a href=\"https:\/\/investors.bittnet.ro\/en\/intaliniri-analisti-investitori\/\">Intaliniri analisti &#038; investitori<\/a><\/li><li class=\"page_item page-item-9465\"><a href=\"https:\/\/investors.bittnet.ro\/en\/investor-conferences\/\">Investor conferences<\/a><\/li><li class=\"page_item page-item-10462\"><a href=\"https:\/\/investors.bittnet.ro\/en\/modelare\/\">Modelare P&#038;L Bittnet<\/a><\/li><li class=\"page_item page-item-3882\"><a href=\"https:\/\/investors.bittnet.ro\/en\/my-account\/\">My Account<\/a><\/li><li class=\"page_item page-item-6893 page_item_has_children current_page_parent\"><a href=\"https:\/\/investors.bittnet.ro\/en\/news-downloads\/\">News &#038; Downloads<\/a><ul class='children'><li class=\"page_item page-item-6896\"><a href=\"https:\/\/investors.bittnet.ro\/en\/news-downloads\/press-releases\/\">Press Releases<\/a><\/li><li class=\"page_item page-item-6901\"><a href=\"https:\/\/investors.bittnet.ro\/en\/news-downloads\/current-reports\/\">Recent Statements<\/a><\/li><li class=\"page_item page-item-6904\"><a href=\"https:\/\/investors.bittnet.ro\/en\/news-downloads\/presentations\/\">Presentations<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-7438\"><a href=\"https:\/\/investors.bittnet.ro\/en\/newsletter-subscription\/\">Newsletter subscription<\/a><\/li><li class=\"page_item page-item-10554 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/oferte\/\">Oferte de valori mobiliare emise de Bittnet<\/a><ul class='children'><li class=\"page_item page-item-10501\"><a href=\"https:\/\/investors.bittnet.ro\/en\/oferte\/bnetr08\/\">Majorare Capital Ianuarie &#8211; Februarie 2021<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-1106 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/pages\/\">Pages<\/a><ul class='children'><li class=\"page_item page-item-5812\"><a href=\"https:\/\/investors.bittnet.ro\/en\/pages\/blank\/\">Blank Page<\/a><\/li><li class=\"page_item page-item-5813\"><a href=\"https:\/\/investors.bittnet.ro\/en\/pages\/maintenance-page\/\">Coming Soon<\/a><\/li><li class=\"page_item page-item-2508\"><a href=\"https:\/\/investors.bittnet.ro\/en\/pages\/faq-page\/\">FAQ Page<\/a><\/li><li class=\"page_item page-item-3555\"><a href=\"https:\/\/investors.bittnet.ro\/en\/pages\/login-page\/\">Login Page<\/a><\/li><li class=\"page_item page-item-1194\"><a href=\"https:\/\/investors.bittnet.ro\/en\/pages\/team\/\">Meet the Team<\/a><\/li><li class=\"page_item page-item-5799\"><a href=\"https:\/\/investors.bittnet.ro\/en\/pages\/sidebar-left\/\">Page Left Sidebar<\/a><\/li><li class=\"page_item page-item-430\"><a href=\"https:\/\/investors.bittnet.ro\/en\/pages\/sidebar-right\/\">Page Right Sidebar<\/a><\/li><li class=\"page_item page-item-5809\"><a href=\"https:\/\/investors.bittnet.ro\/en\/pages\/person-page\/\">Person Page<\/a><\/li><li class=\"page_item page-item-1042\"><a href=\"https:\/\/investors.bittnet.ro\/en\/pages\/pricing\/\">Plans &#038; Pricing<\/a><\/li><li class=\"page_item page-item-15\"><a href=\"https:\/\/investors.bittnet.ro\/en\/pages\/services\/\">Services<\/a><\/li><li class=\"page_item page-item-4851\"><a href=\"https:\/\/investors.bittnet.ro\/en\/pages\/tables\/\">TablePress Tables<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-6695\"><a href=\"https:\/\/investors.bittnet.ro\/en\/periodic\/\">Periodic<\/a><\/li><li class=\"page_item page-item-5804\"><a href=\"https:\/\/investors.bittnet.ro\/en\/portfolio-grid-1\/\">Portfolio Grid 1<\/a><\/li><li class=\"page_item page-item-42\"><a href=\"https:\/\/investors.bittnet.ro\/en\/portfolio-grid-2\/\">Portfolio Grid 2<\/a><\/li><li class=\"page_item page-item-39\"><a href=\"https:\/\/investors.bittnet.ro\/en\/portfolio-grid-3\/\">Portfolio Grid 3<\/a><\/li><li class=\"page_item page-item-36\"><a href=\"https:\/\/investors.bittnet.ro\/en\/portfolio-grid-4\/\">Portfolio Grid 4<\/a><\/li><li class=\"page_item page-item-5629\"><a href=\"https:\/\/investors.bittnet.ro\/en\/portfolio-grid-5\/\">Portfolio Grid 5<\/a><\/li><li class=\"page_item page-item-3097\"><a href=\"https:\/\/investors.bittnet.ro\/en\/portfolio-styles\/\">Portfolio Grid Layouts<\/a><\/li><li class=\"page_item page-item-2029 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rapoarte-anuale\/\">Rapoarte Anuale<\/a><ul class='children'><li class=\"page_item page-item-2040\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rapoarte-anuale\/raport-anual-2014\/\">Raport Anual 2014<\/a><\/li><li class=\"page_item page-item-2038\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rapoarte-anuale\/raport-anual-2015\/\">Raport Anual 2015<\/a><\/li><li class=\"page_item page-item-2034\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rapoarte-anuale\/raport-anual-2016\/\">Raport Anual 2016<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-2863\"><a href=\"https:\/\/investors.bittnet.ro\/en\/raportari-curente\/\">Raportari curente<\/a><\/li><li class=\"page_item page-item-6487\"><a href=\"https:\/\/investors.bittnet.ro\/en\/search-results-page\/\">Search Results Page<\/a><\/li><li class=\"page_item page-item-374\"><a href=\"https:\/\/investors.bittnet.ro\/en\/share-price\/\">Share price<\/a><\/li><li class=\"page_item page-item-591\"><a href=\"https:\/\/investors.bittnet.ro\/en\/shareholders-manual\/\">Shareholder&#8217;s Manual<\/a><\/li><li class=\"page_item page-item-575\"><a href=\"https:\/\/investors.bittnet.ro\/en\/shareholding-structure\/\">Shareholding structure<\/a><\/li><li class=\"page_item page-item-6821 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/shares\/\">Shares<\/a><ul class='children'><li class=\"page_item page-item-6828\"><a href=\"https:\/\/investors.bittnet.ro\/en\/shares\/dividends\/\">Dividends<\/a><\/li><li class=\"page_item page-item-6830\"><a href=\"https:\/\/investors.bittnet.ro\/en\/shares\/financial-calendar\/\">Financial Calendar<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-5810 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/shop\/\">Shop<\/a><ul class='children'><li class=\"page_item page-item-5811\"><a href=\"https:\/\/investors.bittnet.ro\/en\/shop\/shop-without-sidebar\/\">Shop Without Sidebar<\/a><\/li><\/ul><\/li><li class=\"page_item page-item-8660\"><a href=\"https:\/\/investors.bittnet.ro\/en\/test-2\/\">test<\/a><\/li><li class=\"page_item page-item-1638\"><a href=\"https:\/\/investors.bittnet.ro\/en\/test-form-page2\/\">Test form page<\/a><\/li><li class=\"page_item page-item-15905\"><a href=\"https:\/\/investors.bittnet.ro\/en\/ziua-investitorului-bittnet-2022\/\">Ziua Investitorului Bittnet 2022<\/a><\/li><li class=\"page_item page-item-21150\"><a href=\"https:\/\/investors.bittnet.ro\/en\/ziua-investitorului-bittnet-2023\/\">Ziua Investitorului BNET 2023<\/a><\/li><li class=\"page_item page-item-23686\"><a href=\"https:\/\/investors.bittnet.ro\/en\/ziua-investitorului-bnet-2024\/\">Ziua Investitorului BNET 2024<\/a><\/li><li class=\"page_item page-item-8878\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/informatii-generale-despre-emitent\/the-bittnet-way\/\">&#8220;The Bittnet Way&#8221;<\/a><\/li><li class=\"page_item page-item-8876\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/informatii-generale-despre-emitent\/despre-obligatiuni\/\">Despre Obligatiuni<\/a><\/li><li class=\"page_item page-item-8728\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/informatii-generale-despre-emitent\/divizia-de-educatie\/\">Divizia de Educatie<\/a><\/li><li class=\"page_item page-item-8732\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/informatii-generale-despre-emitent\/divizia-de-tehnologie\/\">Divizia de Tehnologie<\/a><\/li><li class=\"page_item page-item-8736\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/informatii-generale-despre-emitent\/pretul-actiunilor\/\">Pretul Actiunilor<\/a><\/li><li class=\"page_item page-item-8738 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/2-situatia-economico-financiara-a-grupului\/\">2. Situa\u0163ia economico-financiar\u0103 a grupului<\/a><\/li><li class=\"page_item page-item-8758 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/3-analiza-activitatii-societatii-comerciale\/\">3. Analiza activit\u0103\u0163ii societ\u0103\u0163ii comerciale<\/a><\/li><li class=\"page_item page-item-8766\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/schimbari-care-afecteaza-capitalul-si-administrarea-societatii-comerciale\/\">4. Schimb\u0103ri care afecteaz\u0103 capitalul \u015fi administrarea societ\u0103\u0163ii comerciale<\/a><\/li><li class=\"page_item page-item-8769\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/5-tranzactii-semnificative-cu-afiliatii\/\">5.\u00a0Tranzac\u0163ii\u00a0semnificative\u00a0cu\u00a0afiliatii\u00a0<\/a><\/li><li class=\"page_item page-item-8772\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/6-gradul-de-realizare-a-tintelor-pentru-anul-2020\/\">6. Gradul de realizare a\u00a0\u021bintelor\u00a0pentru anul\u00a02020\u00a0<\/a><\/li><li class=\"page_item page-item-8775\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/7-semnaturi-si-declaratii-conform-art-123-2-punctul-b-lit-c-din-regulamentul-asf-nr-1-2006\/\">7.\u00a0Semn\u0103turi\u00a0si\u00a0declaratii\u00a0conform art. 123 2\u00a0punctul\u00a0B, lit c din Regulamentul ASF nr.1\/2006.\u00a0<\/a><\/li><li class=\"page_item page-item-8777\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/8-anexe\/\">8. Anexe<\/a><\/li><li class=\"page_item page-item-8720 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/informatii-generale-despre-emitent\/\">Informatii Generale despre Emitent<\/a><\/li><li class=\"page_item page-item-8779\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/recapitulare-evenimente-cheie-in-s1-2020\/\">Recapitulare\u00a0evenimente\u00a0cheie\u00a0\u00een\u00a0S1 2020\u00a0<\/a><\/li><li class=\"page_item page-item-8781\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/riscuri-identificate-de-emitent\/\">Riscuri Identificate de Emitent<\/a><\/li><li class=\"page_item page-item-8760\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/3-analiza-activitatii-societatii-comerciale\/3-1-prezentarea-si-analizarea-tendintelor-elementelor-evenimentelor-sau-factorilor-de-incertitudine-ce-afecteaza-sau-ar-pu\/\">3.1.\u00a0Prezentarea\u00a0\u015fi\u00a0analizarea\u00a0tendin\u0163elor,\u00a0elementelor,\u00a0evenimentelor\u00a0sau\u00a0factorilor\u00a0de\u00a0incertitudine\u00a0ce\u00a0afecteaz\u0103\u00a0sau\u00a0ar\u00a0putea\u00a0afecta\u00a0lichiditatea\u00a0societ\u0103\u0163ii\u00a0comerciale,\u00a0comparativ\u00a0cu\u00a0aceea\u015fi\u00a0perioad\u0103\u00a0a\u00a0anului\u00a0trecut.\u00a0<\/a><\/li><li class=\"page_item page-item-8762\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/3-analiza-activitatii-societatii-comerciale\/3-2-prezentarea-si-analizarea-efectelor-asupra-situatiei-financiare-a-societatii-comerciale-a-tuturor-cheltuielilor-de-capital\/\">3.2.\u00a0Prezentarea\u00a0\u015fi\u00a0analizarea\u00a0efectelor\u00a0asupra\u00a0situa\u0163iei\u00a0financiare\u00a0a\u00a0societ\u0103\u0163ii\u00a0comerciale\u00a0a\u00a0tuturor\u00a0cheltuielilor\u00a0de capital,\u00a0curente\u00a0sau\u00a0anticipate (preciz\u00e2nd\u00a0scopul\u00a0\u015fi\u00a0sursele\u00a0de\u00a0finan\u0163are\u00a0a\u00a0acestor\u00a0cheltuieli),\u00a0comparativ\u00a0cu\u00a0aceea\u015fi\u00a0perioad\u0103\u00a0a\u00a0anului\u00a0trecut.\u00a0<\/a><\/li><li class=\"page_item page-item-8764\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/3-analiza-activitatii-societatii-comerciale\/3-3-prezentarea-si-analizarea-evenimentelor-tranzactiilor-schimbarilor-economice-care-afecteaza-semnificativ-veniturile-din-activitatea\/\">3.3. Prezentarea\u00a0\u015fi\u00a0analizarea\u00a0evenimentelor,\u00a0tranzac\u0163iilor,\u00a0schimb\u0103rilor\u00a0economice\u00a0care\u00a0afecteaz\u0103\u00a0semnificativ\u00a0veniturile\u00a0din\u00a0activitatea\u00a0de\u00a0baz\u0103. Precizarea\u00a0m\u0103surii\u00a0\u00een\u00a0care au\u00a0fost\u00a0afectate\u00a0veniturile\u00a0de\u00a0fiecare\u00a0element\u00a0identificat.\u00a0Compara\u0163ie\u00a0cu\u00a0perioada\u00a0corespunz\u0103toare\u00a0a\u00a0anului\u00a0trecut.\u00a0<\/a><\/li><li class=\"page_item page-item-7680\"><a href=\"https:\/\/investors.bittnet.ro\/en\/despre-bittnet\/cifre-semnificative\/\">Cifre semnificative<\/a><\/li><li class=\"page_item page-item-8751 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/2-situatia-economico-financiara-a-grupului\/contul-de-profit-si-pierdere\/\">Contul de Profit si Pierdere<\/a><\/li><li class=\"page_item page-item-8753\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/2-situatia-economico-financiara-a-grupului\/elemente-de-bilant-bittnet-systems-30-jun-19-30-jun-20\/\">Elemente de Bilant<\/a><\/li><li class=\"page_item page-item-8756\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/2-situatia-economico-financiara-a-grupului\/fluxuri-de-numerar-situatia-la-30-jun-19-30-jun-20\/\">Fluxuri de Numerar<\/a><\/li><li class=\"page_item page-item-8894\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/2-situatia-economico-financiara-a-grupului\/profit-net-si-dividende-declarate-si-platite-bittnet-systems\/\">Profit Net si Dividende<\/a><\/li><li class=\"page_item page-item-8892\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/2-situatia-economico-financiara-a-grupului\/profit-operational-financiar-brut-bittnet-systems-rezultat\/\">Profit opera\u021bional, financiar \u0219i brut<\/a><\/li><li class=\"page_item page-item-13609\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/informatii-generale-despre-emitent\/despre-obligatiuni\/\">Despre Obliga\u021biuni<\/a><\/li><li class=\"page_item page-item-13589\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/informatii-generale-despre-emitent\/divizia-de-educatie\/\">Divizia de Educatie<\/a><\/li><li class=\"page_item page-item-13597\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/informatii-generale-despre-emitent\/divizia-de-tehnologie\/\">Divizia de Tehnologie<\/a><\/li><li class=\"page_item page-item-13604\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/informatii-generale-despre-emitent\/pretul-actiunilor\/\">Pre\u021bul Ac\u021biunilor<\/a><\/li><li class=\"page_item page-item-13698\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/informatii-generale-despre-emitent\/structura-grupului-la-s1\/\">Structura grupului la S1<\/a><\/li><li class=\"page_item page-item-13579\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/informatii-generale-despre-emitent\/viziunea-bittnet\/\">Viziunea Bittnet<\/a><\/li><li class=\"page_item page-item-13703\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/informatii-generale-despre-emitent\/evenimente-cheie-in-s1\/\">Evenimente cheie in S1<\/a><\/li><li class=\"page_item page-item-8888\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/2-situatia-economico-financiara-a-grupului\/contul-de-profit-si-pierdere\/divizia-de-educatie-bittnet-systems-30-jun-19-30-jun-20-evolutie\/\">Divizia de Educatie<\/a><\/li><li class=\"page_item page-item-8890\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/2-situatia-economico-financiara-a-grupului\/contul-de-profit-si-pierdere\/divizia-tehnologie-bittnet-systems-30-jun-19-30-jun-20-evolutie\/\">Divizia Tehnologie<\/a><\/li><li class=\"page_item page-item-16617\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/q1-2022\/download-fisiere\/\">Download fisiere<\/a><\/li><li class=\"page_item page-item-16584\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/q1-2022\/anexa-1-alternative-performance-measurements\/\">Anexa 1 &#8211; \u201cAlternative Performance Measurements\u201d despre indicatorii alternativi de performanta<\/a><\/li><li class=\"page_item page-item-16554\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/q1-2022\/descrierea-generala-a-pozitiei-financiare-si-a-performantelor-emitentului\/\">Descrierea general\u0103 a pozi\u0163iei financiare \u015fi a performan\u0163elor emitentului \u015fi ale filialelor acestuia aferente perioadei de timp relevante<\/a><\/li><li class=\"page_item page-item-16544\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/q1-2022\/divizia-educatie\/\">Divizia Educa\u021bie<\/a><\/li><li class=\"page_item page-item-16539\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/q1-2022\/divizia-tehnologie\/\">Divizia Tehnologie<\/a><\/li><li class=\"page_item page-item-16520\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/q1-2022\/evenimente-cheie-in-q1-2022\/\">Evenimente cheie \u00een Q1 2022<\/a><\/li><li class=\"page_item page-item-16575\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/q1-2022\/factori-de-risc\/\">Factori de Risc<\/a><\/li><li class=\"page_item page-item-16571\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/q1-2022\/indicatori-conform-anexa-13-reg-asf-5-2018\/\">Indicatori conform Anexa 13 Reg. ASF 5 \/ 2018<\/a><\/li><li class=\"page_item page-item-16566\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/q1-2022\/o-perspectiva-a-rezultatelor-financiare-t1-2022\/\">O perspectiva anualizata asupra rezultatelor financiare<\/a><\/li><li class=\"page_item page-item-18306\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/download-fisiere\/\">Download fisiere<\/a><\/li><li class=\"page_item page-item-18181\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/analiza-activitatii-societatii-comerciale\/\">Analiza activitatii societatii comerciale<\/a><\/li><li class=\"page_item page-item-18203\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/anexa-2-alternative-performance-measurements-despre-indicatorii-alternativi-de-performanta\/\">Anexa 2 &#8211; \u201cAlternative Performance Measurements\u201d despre indicatorii alternativi de performanta<\/a><\/li><li class=\"page_item page-item-18143\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/contul-de-profit-si-pierdere\/\">Contul de profit si pierdere<\/a><\/li><li class=\"page_item page-item-18109\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/despre-actiunile-bnet\/\">Despre Actiunile BNET<\/a><\/li><li class=\"page_item page-item-18115\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/despre-obligatiunile-bittnet\/\">Despre Obligatiunile Bittnet<\/a><\/li><li class=\"page_item page-item-18068\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/divizia-de-educatie\/\">Divizia de Educatie<\/a><\/li><li class=\"page_item page-item-18084\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/divizia-de-tehnologie\/\">Divizia de Tehnologie<\/a><\/li><li class=\"page_item page-item-18132\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/elemente-de-bilant\/\">Elemente de bilant<\/a><\/li><li class=\"page_item page-item-18196\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/gradul-de-realizare-a-tintelor-pentru-anul-2022\/\">Gradul de realizare a tintelor pentru anul 2022<\/a><\/li><li class=\"page_item page-item-18047\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/informatii-generale-despre-emitent\/\">Informatii generale despre Emitent<\/a><\/li><li class=\"page_item page-item-18080\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/recapitulare-evenimente-cheie-in-s1-2022\/\">Recapitulare evenimente cheie in H1 2022<\/a><\/li><li class=\"page_item page-item-18093\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/recapitulare-evenimente-cheie-in-s1-2022-divizia-de-educatie\/\">Recapitulare evenimente cheie in H1 2022: Divizia de Educatie<\/a><\/li><li class=\"page_item page-item-18104\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/recapitulare-evenimente-cheie-in-s1-2022-divizia-de-tehnologie\/\">Recapitulare evenimente cheie in H1 2022: Divizia de Tehnologie<\/a><\/li><li class=\"page_item page-item-18199\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/riscuri-identificate-de-emitent\/\">Riscuri identificate de Emitent<\/a><\/li><li class=\"page_item page-item-18187\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/schimbari-care-afecteaza-capitalul-si-administrarea-societatii-comerciale\/\">Schimbari care afecteaza capitalul si administrarea societatii comerciale<\/a><\/li><li class=\"page_item page-item-18139\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/situatia-economico-financiara-a-grupului\/\">Situatia economico-financiara a Grupului<\/a><\/li><li class=\"page_item page-item-18155\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/situatia-fluxurilor-de-numerar\/\">Situatia Fluxurilor de Numerar<\/a><\/li><li class=\"page_item page-item-18062\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/structura-grupului-in-s1\/\">Structura grupului in H1<\/a><\/li><li class=\"page_item page-item-18191\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/tranzactii-semnificative-cu-afiliatii\/\">Tranzactii semnificative cu afiliatii<\/a><\/li><li class=\"page_item page-item-18355\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/4q-2021\/download-fisiere\/\">Download fisiere<\/a><\/li><li class=\"page_item page-item-14794\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/4q-2021\/indicatori-operationali\/\">Indicatori Operationali<\/a><\/li><li class=\"page_item page-item-19265\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/3q-2022\/download-fisiere\/\">Download fisiere<\/a><\/li><li class=\"page_item page-item-19101\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/3q-2022\/divizia-de-educatie\/\">Divizia de Educatie<\/a><\/li><li class=\"page_item page-item-19084\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/3q-2022\/divizia-de-tehnologie\/\">Divizia de Tehnologie<\/a><\/li><li class=\"page_item page-item-19076\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/3q-2022\/prezentarea-activitatii-operationale-tehnologie\/\">Prezentarea activitatii operationale<\/a><\/li><li class=\"page_item page-item-19103\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/3q-2022\/prezentarea-activitatii-operationale-educatie\/\">Prezentarea activitatii operationale<\/a><\/li><li class=\"page_item page-item-19108\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/3q-2022\/rezultate-financiare-divizia-educatie\/\">Rezultate Financiare &#8211; Divizia Educatie<\/a><\/li><li class=\"page_item page-item-19094\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/3q-2022\/rezultate-financiare-divizia-tehnologie\/\">Rezultate Financiare &#8211; Divizia Tehnologie<\/a><\/li><li class=\"page_item page-item-14151\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/3q-2021\/elemente-cheie-ale-situatiilor-financiare\/\">Elemente cheie ale situatiilor financiare<\/a><\/li><li class=\"page_item page-item-14134\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/3q-2021\/prezentarea-activitatii-operationale\/\">Prezentarea activitatii operationale<\/a><\/li><li class=\"page_item page-item-13565 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/informatii-generale-despre-emitent\/\">Informa\u021bii generale despre Emitent<\/a><\/li><li class=\"page_item page-item-13689\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/riscuri-identificate-de-emitent\/\">Riscuri identificate de Emitent<\/a><\/li><li class=\"page_item page-item-13613 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/situatia-economico-financiara-a-grupului\/\">Situa\u0163ia economico-financiar\u0103 a grupului<\/a><\/li><li class=\"page_item page-item-13653 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/analiza-activitatii-societatii-comerciale\/\">Analiza activit\u0103\u0163ii societ\u0103\u0163ii comerciale<\/a><\/li><li class=\"page_item page-item-13675\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/schimbari-care-afecteaza-capitalul-si-administrarea-societatii-comerciale\/\">Schimb\u0103ri care afecteaz\u0103 capitalul \u015fi administrarea societ\u0103\u0163ii comerciale<\/a><\/li><li class=\"page_item page-item-13680\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/tranzactii-semnificative-cu-afiliatii\/\">Tranzac\u0163ii semnificative cu afiliatii<\/a><\/li><li class=\"page_item page-item-13684\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/gradul-de-realizare-a-tintelor-pentru-anul-2021\/\">Gradul de realizare a \u021bintelor pentru anul 2021<\/a><\/li><li class=\"page_item page-item-13692\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/semnaturi-si-declaratii-conform-art-123-2-punctul-b-lit-c-din-regulamentul-asf-nr-1-2006\/\">Semn\u0103turi si declaratii conform art. 123 2 punctul B, lit c din Regulamentul ASF nr.1\/2006.<\/a><\/li><li class=\"page_item page-item-13708\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/downloads\/\">Downloads<\/a><\/li><li class=\"page_item page-item-13780\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/situatia-economico-financiara-a-grupului\/perspectiva-anualizata-a-rezultatelor-financiare\/\">Perspectiva anualizata a rezultatelor financiare<\/a><\/li><li class=\"page_item page-item-13624\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/situatia-economico-financiara-a-grupului\/contul-de-profit-si-pierdere\/\">Contul de profit \u0219i pierdere<\/a><\/li><li class=\"page_item page-item-13638\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/situatia-economico-financiara-a-grupului\/rezultatul-operational-financiar-si-profitul-brut\/\">Rezultatul opera\u021bional, financiar \u0219i profitul brut<\/a><\/li><li class=\"page_item page-item-13640\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/situatia-economico-financiara-a-grupului\/profit-net-si-dividende\/\">Profit net si Dividende<\/a><\/li><li class=\"page_item page-item-13644\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/situatia-economico-financiara-a-grupului\/elemente-de-bilant\/\">Elemente de Bilant<\/a><\/li><li class=\"page_item page-item-13647\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/situatia-economico-financiara-a-grupului\/situatia-fluxurilor-de-numerar\/\">Situatia Fluxurilor de Numerar<\/a><\/li><li class=\"page_item page-item-20774\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/4q-2022\/analiza-situatiilor-financiare\/activitatea-operationala-in-2022\/\">(RO) 2022.Q4 Raport Anual (preliminar) &#8211; Activitatea opera\u021bional\u0103 \u00een 2022<\/a><\/li><li class=\"page_item page-item-20788\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/4q-2022\/analiza-situatiilor-financiare\/cash-flow-consolidat\/\">(RO) 2022.Q4 Raport Anual (preliminar) &#8211; Cash Flow Consolidat<\/a><\/li><li class=\"page_item page-item-20777\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/4q-2022\/analiza-situatiilor-financiare\/contul-de-profit-si-pierdere\/\">(RO) 2022.Q4 Raport Anual (preliminar) &#8211; Contul de profit \u0219i pierdere<\/a><\/li><li class=\"page_item page-item-20785\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/4q-2022\/analiza-situatiilor-financiare\/situatia-financiara-consolidata\/\">(RO) 2022.Q4 Raport Anual (preliminar) &#8211; Situa\u021bia Financiar\u0103 Consolidat\u0103<\/a><\/li><li class=\"page_item page-item-20768 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/4q-2022\/analiza-situatiilor-financiare\/\">(RO) 2022.Q4 Raport Anual (preliminar) &#8211; Analiza Situa\u021biilor Financiare<\/a><\/li><li class=\"page_item page-item-20805\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/4q-2022\/buget-2023\/\">(RO) 2022.Q4 Raport Anual (preliminar) &#8211; Buget 2023<\/a><\/li><li class=\"page_item page-item-20807\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/4q-2022\/download-fisiere\/\">(RO) 2022.Q4 Raport Anual (preliminar) &#8211; Download Fisiere<\/a><\/li><li class=\"page_item page-item-20763\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/4q-2022\/informatii-cheie\/\">(RO) 2022.Q4 Raport Anual (preliminar) &#8211; Informa\u021bii Cheie<\/a><\/li><li class=\"page_item page-item-20792 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/4q-2022\/teza-de-investitie-bnet\/\">(RO) 2022.Q4 Raport Anual (preliminar) &#8211; Teza de investi\u021bie BNET<\/a><\/li><li class=\"page_item page-item-20752 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/4q-2022\/\">(RO) 2022.Q4 Raport Anual (preliminar) &#8211; Scrisoare de la CEO<\/a><\/li><li class=\"page_item page-item-20115 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/proforma-4q-22\/\">(RO) 2022.Q4 Rezultate Pro-Forma &#8211; Rezultate Pro-Forma Bittnet Group 2022 &#8211; Scrisoare de la Cristian Logofatu<\/a><\/li><li class=\"page_item page-item-21460 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/1q-2023\/\">(RO) 2023.Q1 Raport rezultate T1 2023 &#8211; Scrisoare de la CEO<\/a><\/li><li class=\"page_item page-item-22100 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2023\/\">(RO) 2023.Q2 Raport rezultate S1 2023 &#8211; Mesaj de la CEO<\/a><\/li><li class=\"page_item page-item-18029 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/\">Raport 2Q 2022<\/a><\/li><li class=\"page_item page-item-19057 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/3q-2022\/\">Raport 3Q 2022<\/a><\/li><li class=\"page_item page-item-16496 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/q1-2022\/\">Raport Q1 2022<\/a><\/li><li class=\"page_item page-item-20802\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/4q-2022\/teza-de-investitie-bnet\/testul-buffett-pentru-capitalizarea-profiturilor-versus-acordarea-de-dividende\/\">(RO) 2022.Q4 Raport Anual (preliminar) &#8211; Testul Buffett pentru capitalizarea profiturilor versus acordarea de dividende<\/a><\/li><li class=\"page_item page-item-20169 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/proforma-4q-22\/analiza-activitatii-si-performantei-segmentelor-de-activitate\/\">(RO) 2022.Q4 Rezultate Pro-Forma &#8211; Analiza activitatii si performantei segmentelor de activitate<\/a><\/li><li class=\"page_item page-item-20199\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/proforma-4q-22\/anexa-1-alternative-performance-measurements-despre-indicatorii-alternativi-de-performanta\/\">(RO) 2022.Q4 Rezultate Pro-Forma &#8211; Anexa 1 \u2013 \u201cAlternative Performance Measurements\u201d despre indicatorii alternativi de performanta<\/a><\/li><li class=\"page_item page-item-20129 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/proforma-4q-22\/despre-standarde-contabile-versus-crearea-de-valoare\/\">(RO) 2022.Q4 Rezultate Pro-Forma &#8211; Despre standarde contabile versus crearea de valoare<\/a><\/li><li class=\"page_item page-item-20120\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/proforma-4q-22\/dimensiunea-grupului-la-2022\/\">(RO) 2022.Q4 Rezultate Pro-Forma &#8211; Dimensiunea Grupului la 2022<\/a><\/li><li class=\"page_item page-item-20216\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/proforma-4q-22\/download-fisiere\/\">(RO) 2022.Q4 Rezultate Pro-Forma &#8211; Download Fisiere<\/a><\/li><li class=\"page_item page-item-20125\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/proforma-4q-22\/informatii-cheie\/\">(RO) 2022.Q4 Rezultate Pro-Forma &#8211; Informa\u021bii Cheie<\/a><\/li><li class=\"page_item page-item-20213\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/proforma-4q-22\/pl-individual-si-pro-forma-valori-in-mii-ron\/\">(RO) 2022.Q4 Rezultate Pro-Forma &#8211; P&#038;L Individual si pro-forma (valori in MII RON)<\/a><\/li><li class=\"page_item page-item-20192 page_item_has_children\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/proforma-4q-22\/teza-de-investitie-bnet\/\">(RO) 2022.Q4 Rezultate Pro-Forma &#8211; Teza de investitie BNET<\/a><\/li><li class=\"page_item page-item-20151\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/proforma-4q-22\/despre-standarde-contabile-versus-crearea-de-valoare\/analiza-investitiilor-minoritare-in-companii-listate\/\">(RO) 2022.Q4 Rezultate Pro-Forma &#8211; Analiza Investitiilor minoritare in companii listate<\/a><\/li><li class=\"page_item page-item-20156\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/proforma-4q-22\/despre-standarde-contabile-versus-crearea-de-valoare\/despre-equatorial-integrare-in-bittnet-education\/\">(RO) 2022.Q4 Rezultate Pro-Forma &#8211; Despre Equatorial \/ integrare in Bittnet Education<\/a><\/li><li class=\"page_item page-item-20154\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/proforma-4q-22\/despre-standarde-contabile-versus-crearea-de-valoare\/folosirea-capitalurilor-imprumutate-leverage\/\">(RO) 2022.Q4 Rezultate Pro-Forma &#8211; Folosirea capitalurilor imprumutate (\u201eleverage\u201d)<\/a><\/li><li class=\"page_item page-item-20158\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/proforma-4q-22\/despre-standarde-contabile-versus-crearea-de-valoare\/planurile-de-optiuni-implementate-real-si-corect\/\">(RO) 2022.Q4 Rezultate Pro-Forma &#8211; Planurile de optiuni implementate real si corect<\/a><\/li><li class=\"page_item page-item-20171\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/proforma-4q-22\/analiza-activitatii-si-performantei-segmentelor-de-activitate\/bittnet-education\/\">(RO) 2022.Q4 Rezultate Pro-Forma &#8211; Bittnet Education<\/a><\/li><li class=\"page_item page-item-20173\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/proforma-4q-22\/analiza-activitatii-si-performantei-segmentelor-de-activitate\/cloud-and-infrastructure\/\">(RO) 2022.Q4 Rezultate Pro-Forma &#8211; Cloud and Infrastructure<\/a><\/li><li class=\"page_item page-item-20175\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/proforma-4q-22\/analiza-activitatii-si-performantei-segmentelor-de-activitate\/cybersecurity-fort\/\">(RO) 2022.Q4 Rezultate Pro-Forma &#8211; Cybersecurity &#8211; Fort<\/a><\/li><li class=\"page_item page-item-20177\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/proforma-4q-22\/analiza-activitatii-si-performantei-segmentelor-de-activitate\/platforms-and-software-development\/\">(RO) 2022.Q4 Rezultate Pro-Forma &#8211; Platforms and Software Development<\/a><\/li><li class=\"page_item page-item-20195\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/proforma-4q-22\/teza-de-investitie-bnet\/testul-buffett-pentru-capitalizarea-profiturilor-versus-acordarea-de-dividende\/\">(RO) 2022.Q4 Rezultate Pro-Forma &#8211; Testul Buffett pentru capitalizarea profiturilor versus acordarea de dividende<\/a><\/li><li class=\"page_item page-item-21467\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/1q-2023\/2023-q1-raport-rezultate-t1-2023-download-fisiere\/\">(RO) 2023.Q1 Raport rezultate T1 2023 &#8211; Download Fisiere<\/a><\/li><li class=\"page_item page-item-22105\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2023\/ro-2023-q2-raport-rezultate-s1-2023-download-fisiere\/\">(RO) 2023.Q2 Raport rezultate S1 2023 &#8211; Download Fisiere<\/a><\/li><li class=\"page_item page-item-23336\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/4q-2023\/buget-indicativ-2024\/\">(RO) 2023.Q4 Raport rezultate 12 luni 2023 &#8211; Buget Indicativ 2024<\/a><\/li><li class=\"page_item page-item-23186\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/4q-2023\/informatii-cheie-4q-2023\/\">(RO) 2023.Q4 Raport rezultate 12 luni 2023 &#8211; Informa\u021bii Cheie<\/a><\/li><li class=\"page_item page-item-13658\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/analiza-activitatii-societatii-comerciale\/3-1-evenimente-ce-afecteaza-lichiditatea\/\">3.1. Evenimente ce afecteaz\u0103 lichiditatea<\/a><\/li><li class=\"page_item page-item-13664\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/analiza-activitatii-societatii-comerciale\/3-2-cheltuieli-de-capital\/\">3.2. Cheltuieli de capital<\/a><\/li><li class=\"page_item page-item-13667\"><a href=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2021\/analiza-activitatii-societatii-comerciale\/3-3-evenimente-care-afecteaza-activitatea-de-baza\/\">3.3. Evenimente care afecteaz\u0103 activitatea de baz\u0103<\/a><\/li><\/ul><\/div><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":"Riscuri identificate de Emitent Reamintim investitorilor ca investitia in actiuni sau obligatiuni Bittnet comporta anumite riscuri, dintre care enumeram o parte in continuare. Riscuri referitoare la activitatea Emitentului si la industria in care acesta \u00ee\u0219i desf\u0103\u0219oar\u0103 activitatea: Riscul asociat cu realizarea planului de dezvoltare a afaceriiObiectivul strategic al companiei este de a dezvolta \u00een mod...","protected":false},"author":26,"featured_media":0,"parent":18029,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-18199","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>Raport Q1 2022 - Bittnet Group - Primul trimestru<\/title>\n<meta name=\"description\" content=\"Raport Q1 2022 - Bittnet - \u00cen primul trimestru al anului 2022 am inregistrat venituri consolidate \u00een valoare de 33.13 milioane lei\" \/>\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\/rezultate-financiare\/2q-2022\/riscuri-identificate-de-emitent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Raport Q1 2022 - Bittnet Group - Primul trimestru\" \/>\n<meta property=\"og:description\" content=\"Raport Q1 2022 - Bittnet - \u00cen primul trimestru al anului 2022 am inregistrat venituri consolidate \u00een valoare de 33.13 milioane lei\" \/>\n<meta property=\"og:url\" content=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/riscuri-identificate-de-emitent\/\" \/>\n<meta property=\"og:site_name\" content=\"Bittnet Investors Relations Site\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/BittnetSystems\/\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-26T15:00:32+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@NA\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"13 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/riscuri-identificate-de-emitent\/\",\"url\":\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/riscuri-identificate-de-emitent\/\",\"name\":\"Raport Q1 2022 - Bittnet Group - Primul trimestru\",\"isPartOf\":{\"@id\":\"https:\/\/investors.bittnet.ro\/en\/#website\"},\"datePublished\":\"2022-08-25T16:05:35+00:00\",\"dateModified\":\"2022-08-26T15:00:32+00:00\",\"description\":\"Raport Q1 2022 - Bittnet - \u00cen primul trimestru al anului 2022 am inregistrat venituri consolidate \u00een valoare de 33.13 milioane lei\",\"breadcrumb\":{\"@id\":\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/riscuri-identificate-de-emitent\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/riscuri-identificate-de-emitent\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/riscuri-identificate-de-emitent\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/investors.bittnet.ro\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Rezultate financiare\",\"item\":\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Raport 2Q 2022\",\"item\":\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/2q-2022\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Riscuri identificate de Emitent\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/#website\",\"url\":\"https:\/\/investors.bittnet.ro\/en\/\",\"name\":\"Bittnet Investors Relations Site\",\"description\":\"Your Value. 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