{"id":20158,"date":"2023-02-06T16:53:46","date_gmt":"2023-02-06T14:53:46","guid":{"rendered":"https:\/\/investors.bittnet.ro\/?page_id=20158"},"modified":"2023-02-23T13:09:01","modified_gmt":"2023-02-23T11:09:01","slug":"planurile-de-optiuni-implementate-real-si-corect","status":"publish","type":"page","link":"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/proforma-4q-22\/despre-standarde-contabile-versus-crearea-de-valoare\/planurile-de-optiuni-implementate-real-si-corect\/","title":{"rendered":"(RO) 2022.Q4 Rezultate Pro-Forma &#8211; Planurile de optiuni implementate real si corect"},"content":{"rendered":"<section class=\"l-section wpb_row height_small\"><div class=\"l-section-h i-cf\"><div class=\"g-cols vc_row via_flex valign_top type_default stacking_default\"><div class=\"vc_col-sm-8 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><h1>Planurile de optiuni implementate real si corect<\/h1>\n<\/div><\/div><div class=\"w-separator size_medium\"><\/div><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>De-a lungul timpului am scris extensiv<a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a> despre planurile de optiuni, dar consideram ca este necesar sa reluam anumite aspecte, pentru o imagine mai clara asupra acestui subiect:<\/p>\n<ul>\n<li>Constructia planurilor<\/li>\n<li>Decontarea lor<\/li>\n<li>Contabilizarea lor<\/li>\n<\/ul>\n<p>In toata istoria Bittnet am cautat sa <strong><u>construim parteneriate<\/u><\/strong> de tip \u201ewin-win\u201d pornind de la ideea ca nu poti construi un manual de proceduri si reguli suficient de complex cat sa elimine comportamentele nedorite, in schimb, daca alegi sisteme de incentivare corecte, toate partile implicate vor urmari acelasi obiectiv fara a fi nevoie de controale (abordarea \u201eun politist langa fiecare cetatean\u201d sufera pentru ca nu avem destui politisti care sa pazeasca politistii). Totodata, daca \u201eimpartim ce avem\u201d e foarte simplu de implementat si nicio parte nu \u201aprofita\u2019 de cealalta parte.<\/p>\n<p>Tot asa sunt construite si planurile de incentivare cu optiuni: persoanele cheie incluse intr-un plan pot <u>CUMPARA<\/u> peste 2 ani un numar de actiuni reprezentand un total de maxim 5% din actiunile Companiei, la pretul per actiune inregistrat <u>LA INCEPUTUL PLANULUI<\/u>. Astfel, <strong>daca (si numai daca!<\/strong>) activitatea acestor persoane cheie a generat cresterea valorii detinerilor actionarilor, peste 2 ani, o <strong>parte de maxim 1\/20 din aceasta crestere<\/strong> va putea fi transferata catre persoanele cheie sub forma de actiuni cumparate de la societate la pret egal cu pretul istoric.<\/p>\n<p>Cu o singura exceptie notabila (Softbinator), celelalte societati listate nu au planuri reale de optiuni, ele oferind persoanelor cheie \u201eoptiunea\u201d de a primi <u>gratuit<\/u> un procent din companie. De aici probabil exista si confuzia ca \u201eplanurile Bittnet sunt mai mari decat ale altor companii\u201d, tinand cont ca in cazul nostru este vorba despre procent din DIFERENTA de capitalizare, ori la celelalte companii este vorba despre procent din companie.<\/p>\n<p>In cazul nostru, modul in care tratam echipa, inclusiv impartitul bunastarii cu aceste planuri de optiuni functioneaza asa cum ne-am asteptat : Bittnet s-a confruntat de-a lungul anilor cu fluctuatii de personal mult mai mici decat companiile cu care avem afaceri, sau decat media industriei, iar 40% dintre colegii noi se alatura grupului ca urmare a recomandarii de la alti colegi.<\/p>\n<p><strong>Decontarea acestor planuri de incentivare<\/strong> se poate efectua doar \u00een dou\u0103 feluri: prin r\u0103scump\u0103rarea ac\u021biunilor companiei din pia\u021ba de capital pentru a le transfera de\u021bin\u0103torilor de op\u021biuni sau prin majorarea capitalului social prin emiterea de noi ac\u021biuni. A doua op\u021biune, \u00een mod evident, dilueaz\u0103 procentele de\u021binute de ac\u021bionari &#8211; cei care de fapt aprob\u0103 aceast\u0103 opera\u021biune. Pe de alt\u0103 parte, solu\u021bia de r\u0103scump\u0103rare este cea care <strong><u>distruge de fapt relevan\u021ba produsului SOP prin decapitalizarea efectiv\u0103 a companiei<\/u><\/strong>, deoarece pentru a cump\u0103ra ac\u021biuni de pe pia\u021b\u0103, compania pl\u0103te\u0219te cash ceea ce conduce la decapitalizare. \u00cen plus, \u00een acela\u0219i timp, aceast\u0103 op\u021biune marcheaz\u0103 o pierdere de equity, \u00eentruc\u00e2t compania cump\u0103r\u0103 ac\u021biuni \u201escumpe\u201d din pia\u021b\u0103, care sunt la un pre\u021b mai ridicat \u00een prezent \u0219i le vinde \u201eieftin\u201d, la pre\u021b mai mic, din trecut. Decontarea prin majorari de capital, la pretul mediu pe ultimele 6-12 luni sau pretul curent de piata, produce valoare atat pentru actionarii neparticipanti cat si pentru persoanele cheie: atat timp cat pretul pe actiune este mai mare decat activul net contabil pe actiune, actionarii neparticipanti isi cresc activul pe actiune detinuta:<\/p>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-20254 aligncenter\" src=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2023\/02\/Planurile-de-optiuni-implementate-real-si-corect-Picture2-300x133.jpg\" alt=\"\" width=\"449\" height=\"199\" srcset=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2023\/02\/Planurile-de-optiuni-implementate-real-si-corect-Picture2-300x133.jpg 300w, https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2023\/02\/Planurile-de-optiuni-implementate-real-si-corect-Picture2.jpg 553w\" sizes=\"auto, (max-width: 449px) 100vw, 449px\" \/><\/strong><\/p>\n<p><strong>Contabilizarea planurilor de optiuni<\/strong> este o alta diferenta intre standardele romanesti de contabilitate si IFRS. Daca societatile listate pe AeRO nu trebuie sa inregistreze niciun cost cu planul de optiuni, iar la momentul cand decapitalizeaza cashul din companie pentru a oferi gratuit actiuni angajatilor, aceasta se contabilizeaza prin capitalurile proprii si nu prin P&amp;L. Cu alte cuvinte, in contabilitatea RAS, chiar daca firma se decapitalizeaza, nu exista nicio cheltuiala cu planurile de optiuni.<\/p>\n<p>In schimb, in contabilitatea IFRS, chiar daca planurile sunt decontate prin majorare de capital (operatiune care in orice alt context se contabilizeaza in bilant si NU in contul de profit), standarul IFRS2 solicita Bittnet (si celorlalte companii de pe piata reglementata care au sau vor avea planuri de optiuni) sa contabilizeze prin contul de profit ca o cheltuiala prima teoretica de emisiune a unor optiuni CALL similare cu planul aprobat de AGA, INDIFERENT DACA ACEL PLAN EXPIRA FARA A FI EXERCITAT. Aceasta prima de emisiune (calculata cu formula Black-Scholes) pe care emitentul optiunii nu o incaseaza se considera \u201alost revenue\u2019 si se trece in P&amp;L ca o cheltuiala non-cash pe durata planului. Cu alte cuvinte, in cazul unui plan implementat corect si creator de valoare pentru actionari, desi nu exista niciun cash outflow, contabilitatea IFRS arata trimestrial cheltuieli cu SOP-urile, generand mereu discutii in randul actionarilor si non-actionarilor, in timp ce pentru planuri care decapitalizeaza societatea si nu sunt optiuni reale, ci bonusuri mascate, contabilitatea RAS nu ilustreaza deloc costuri in P&amp;L.<\/p>\n<p>Nu ne propunem sa argumentam cum ar trebui sa arate standardele contabile, dar credem ca e important pentru investitorii care analizeaza companiile sa inteleaga aceste diferente.<\/p>\n<p><a href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a> Linkuri la un plan SOP (agea 07 din 2022 de exemplu) , la manualul actionarului ;cum e cu sop\u2019 si la pirmul ifrs sau al doilea cand am vorbit despre non-cash<\/p>\n<\/div><\/div><div class=\"w-separator size_large\"><\/div><\/div><\/div><\/div><div class=\"vc_col-sm-4 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"w-separator size_small\"><\/div><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;\"><ul id=\"menu-ro-2022-q4-rezultate-pro-forma\" class=\"menu\"><li id=\"menu-item-20220\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20220\"><a href=\"https:\/\/investors.bittnet.ro\/abonare-newsletter\/\">Newsletter subscription<\/a><\/li><\/ul><style>@media ( max-width:600px ){.us_menu_1 .menu{display:block!important}.us_menu_1 .menu>li:not(:last-child){margin:0 0 var(--main-gap,1.5rem)!important}}<\/style><\/nav><\/div><\/div><\/div><\/div><\/div><\/section>\n","protected":false},"excerpt":{"rendered":"Planurile de optiuni implementate real si corect De-a lungul timpului am scris extensiv[1] despre planurile de optiuni, dar consideram ca este necesar sa reluam anumite aspecte, pentru o imagine mai clara asupra acestui subiect: Constructia planurilor Decontarea lor Contabilizarea lor In toata istoria Bittnet am cautat sa construim parteneriate de tip \u201ewin-win\u201d pornind de la...","protected":false},"author":13,"featured_media":0,"parent":20129,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-20158","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - 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