{"id":20592,"date":"2023-02-21T20:00:43","date_gmt":"2023-02-21T18:00:43","guid":{"rendered":"https:\/\/investors.bittnet.ro\/?page_id=20592"},"modified":"2023-02-23T12:55:54","modified_gmt":"2023-02-23T10:55:54","slug":"bittnet-education","status":"publish","type":"page","link":"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/analysis-of-business-segment-activity-and-performance\/bittnet-education\/","title":{"rendered":"(EN) 2022.Q4 Pro-Forma results &#8211; Bittnet Education"},"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>Bittnet Education<\/h1>\n<\/div><\/div><div class=\"w-separator size_small\"><\/div><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>Under the leadership of Cristina Ratiu (Bittnet Education CEO), this business pillar contains 4 companies, offering training to adults in two areas: Technical Skills and Human Skills both in classic, face-to-face, Virtual Remote but instructor-led or eLearning format. These are:<\/p>\n<ul>\n<li><strong>Bittnet Systems SA<\/strong> (CUI 21181848): the parent company of the group, listed on BVB. It carries out the holding activity plus the IT Training activity, being the undoubted leader on this market in Romania.<\/li>\n<li><strong>Computer Learning Center SRL<\/strong> (Tax registration number 26065887), owned entirely by Bittnet, is an IT training company which focuses on the cybersecurity area, founded in 2009, with a long history of serving clients in the corporate area.<\/li>\n<li><strong>Equatorial Gaming SA<\/strong> (CUI 30582237) currently owned 99% by Bittnet is a game-based learning company that offers softskills training for the IT industry, both in classic and gamified form.<\/li>\n<li><strong>The eLearning company SA <\/strong>(Tax registration number 30760571), 23% owned by Bittnet, is an entrepreneurial company offering courses in eLearning format for companies.<\/li>\n<\/ul>\n<\/div><\/div><div class=\"w-separator size_small\"><\/div><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><table style=\"height: 546px;\" width=\"684\">\n<tbody>\n<tr style=\"background-color: #97bd6f;\">\n<td style=\"text-align: left;\" width=\"214\">Bittnet Education<br \/>\n(plus group activity)<\/td>\n<td style=\"text-align: center;\" width=\"136\"><strong>2021<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"101\"><strong>2022<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"106\"><strong>FY22 vs FY21<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" width=\"214\"><strong>Revenues from contracts with clients<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"136\"><strong>17,465,543<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"101\"><strong>21,734,492<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"106\"><strong>24%<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"214\">Cost of sales<\/td>\n<td style=\"text-align: right;\" width=\"136\">-9,445,109<\/td>\n<td style=\"text-align: right;\" width=\"101\">-12,650,780<\/td>\n<td style=\"text-align: right;\" width=\"106\">34%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" width=\"214\"><strong>Gross margin<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"136\"><strong>8,020,434<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"101\"><strong>9,083,712<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"106\">13%<\/td>\n<\/tr>\n<tr>\n<td width=\"214\">Other revenues<\/td>\n<td style=\"text-align: right;\" width=\"136\">1,326,544<\/td>\n<td style=\"text-align: right;\" width=\"101\">2,378,064<\/td>\n<td style=\"text-align: right;\" width=\"106\">79%<\/td>\n<\/tr>\n<tr>\n<td width=\"214\">Sales\/distribution costs<\/td>\n<td style=\"text-align: right;\" width=\"136\">-3,920,537<\/td>\n<td style=\"text-align: right;\" width=\"101\">-4,970,014<\/td>\n<td style=\"text-align: right;\" width=\"106\">27%<\/td>\n<\/tr>\n<tr>\n<td width=\"214\">Administrative expenses<\/td>\n<td style=\"text-align: right;\" width=\"136\">-5,432,176<\/td>\n<td style=\"text-align: right;\" width=\"101\">-7,635,900<\/td>\n<td style=\"text-align: right;\" width=\"106\">41%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;\" width=\"214\"><em>of which depreciation<\/em><\/td>\n<td style=\"text-align: right;\" width=\"136\">-1,350,840<\/td>\n<td style=\"text-align: right;\" width=\"101\">-1,896,154<\/td>\n<td style=\"text-align: right;\" width=\"106\">40%<\/td>\n<\/tr>\n<tr>\n<td width=\"214\">One-off result<\/td>\n<td style=\"text-align: right;\" width=\"136\">900,057<\/td>\n<td style=\"text-align: right;\" width=\"101\">1,196,728<\/td>\n<td style=\"text-align: right;\" width=\"106\">33%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" width=\"214\"><strong>Operating profit (without one-offs)<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"136\"><strong>-905,792<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"101\"><strong>-2,340,866<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"106\">158%<\/td>\n<\/tr>\n<tr>\n<td width=\"214\">SOP expense<\/td>\n<td style=\"text-align: right;\" width=\"136\">-1,066,911<\/td>\n<td style=\"text-align: right;\" width=\"101\">-890,381<\/td>\n<td style=\"text-align: right;\" width=\"106\">-17%<\/td>\n<\/tr>\n<tr>\n<td width=\"214\">Financial result<\/td>\n<td style=\"text-align: right;\" width=\"136\">12,110,505<\/td>\n<td style=\"text-align: right;\" width=\"101\">3,418,675<\/td>\n<td width=\"106\"><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;\" width=\"214\"><em>Mark-to-market revaluations<\/em><\/td>\n<td style=\"text-align: right;\" width=\"136\">9,736,569<\/td>\n<td style=\"text-align: right;\" width=\"101\">-2,888,985<\/td>\n<td style=\"text-align: right;\" width=\"106\">-130%<\/td>\n<\/tr>\n<tr>\n<td width=\"214\"><strong>Gross profit<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"136\"><strong>11,037,858<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"101\"><strong>1,384,155<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"106\">-87%<\/td>\n<\/tr>\n<tr>\n<td width=\"214\"><strong>Net profit<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"136\"><strong>9,978,592<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"101\"><strong>1,662,358<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"106\">-83%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><\/div><div class=\"w-separator size_small\"><\/div><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>In addition to management and functional team development sessions, finding the right delivery resources (trainers) continues to be the division&#8217;s biggest challenge. Therefore, towards the end of the year, we have built a coherent strategy to increase this pool of resources and become a centre of excellence in delivering IT training and human skills to people in the IT industry. We expect the results of this new approach to take effect in the first half of 2023.<\/p>\n<\/div><\/div><div class=\"w-separator size_small\"><\/div><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-20378 aligncenter\" src=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2023\/02\/Bittnet-Education_01-300x140.png\" alt=\"\" width=\"636\" height=\"297\" srcset=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2023\/02\/Bittnet-Education_01-300x140.png 300w, https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2023\/02\/Bittnet-Education_01.png 800w\" sizes=\"auto, (max-width: 636px) 100vw, 636px\" \/><\/p>\n<\/div><\/div><div class=\"w-separator size_small\"><\/div><div class=\"wpb_text_column us_custom_7fe04f8a has_text_color\" id=\"first_wpb_text_column\"><div class=\"wpb_wrapper\"><p>The year 2022 was also the time when we were able to integrate <u>all<\/u> brands in the Education Division into the same operational flow \u2013 Buyer&#8217;s Journey \u2013 and develop the entire technology infrastructure to monitor activity and allow us to measure and improve both process and performance in each functional team.<\/p>\n<\/div><\/div><div class=\"w-separator size_small\"><\/div><div class=\"wpb_text_column us_custom_74f512ee has_text_color\" id=\"first_wpb_text_column\"><div class=\"wpb_wrapper\"><p>The year 2022 brought Bittnet teams the success of an accelerated increase in training sessions volume. Thus, at the end of the year we counted over 550 sessions both private and public, with over 5900 trained participants in total, representing almost a doubling of the learners attending our trainings in 2021. This volume has simultaneously led to an increase in the number of trainers to 47 active trainers, including 10 new collaborations.<\/p>\n<\/div><\/div><div class=\"wpb_text_column us_custom_74f512ee has_text_color\" id=\"first_wpb_text_column\"><div class=\"wpb_wrapper\"><p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-20432\" src=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2023\/02\/pie-1-1.png\" alt=\"\" width=\"600\" height=\"494\" srcset=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2023\/02\/pie-1-1.png 800w, https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2023\/02\/pie-1-1-300x247.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/p>\n<\/div><\/div><div class=\"wpb_text_column us_custom_74f512ee has_text_color\" id=\"first_wpb_text_column\"><div class=\"wpb_wrapper\"><p>In parallel with these projects, we have been working steadily on the refurbishment of the dedicated classrooms and reception for learners, which have been brought to the highest level of performance, they are now ready for courses in hybrid format creating a unique adult learning experience. Microphones that pick up sound from any corner of the classroom, or smart boards that can be tracked in real time by the learner at home, are just a few of the innovative ideas that are among the state-of-the-art equipment put in place by our teams and adopted by trainers during delivery. The new facility accommodated over 110 physical courses during 2022.<\/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-en-2022-q4-pro-forma-results\" class=\"menu\"><li id=\"menu-item-20538\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20538\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/\">Letter from Cristian Logof\u0103tu<\/a><\/li><li id=\"menu-item-20552\" 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Development<\/a><\/li><\/ul><\/li><li id=\"menu-item-20630\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-has-children menu-item-20630\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/teza-de-investitie-bnet\/\">BNET investment thesis<\/a><ul class=\"sub-menu\"><li id=\"menu-item-20637\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20637\"><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\/\">The Buffett test<\/a><\/li><\/ul><\/li><li id=\"menu-item-20644\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20644\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/annex-1-alternative-performance-measurements\/\">Annex 1 \u2013 \u2018Alternative Performance Measurements\u2019<\/a><\/li><li id=\"menu-item-20653\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20653\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/individual-and-pro-forma-pl-values-in-ron-millions\/\">Individual and pro-forma P&#038;L<\/a><\/li><li id=\"menu-item-20659\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20659\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/download-files\/\">Download Files<\/a><\/li><li id=\"menu-item-20660\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20660\"><a href=\"https:\/\/investors.bittnet.ro\/en\/newsletter-subscription\/\">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":"Bittnet Education Under the leadership of Cristina Ratiu (Bittnet Education CEO), this business pillar contains 4 companies, offering training to adults in two areas: Technical Skills and Human Skills both in classic, face-to-face, Virtual Remote but instructor-led or eLearning format. These are: Bittnet Systems SA (CUI 21181848): the parent company of the group, listed on...","protected":false},"author":13,"featured_media":0,"parent":20587,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-20592","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>Bittnet Education<\/title>\n<meta name=\"description\" content=\"Punem la dispozi\u021bia investitorilor raportul preliminar sub form\u0103 de pagina web, u\u0219or de urm\u0103rit \u0219i navigat doar la sec\u021biunile relevante pentru fiecare cititor.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/analysis-of-business-segment-activity-and-performance\/bittnet-education\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bittnet Education\" \/>\n<meta property=\"og:description\" content=\"Punem la dispozi\u021bia investitorilor raportul preliminar sub form\u0103 de pagina web, u\u0219or de urm\u0103rit \u0219i navigat doar la sec\u021biunile relevante pentru fiecare cititor.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/analysis-of-business-segment-activity-and-performance\/bittnet-education\/\" \/>\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=\"2023-02-23T10:55:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2023\/02\/Bittnet-Education_01-300x140.png\" \/>\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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/analysis-of-business-segment-activity-and-performance\/bittnet-education\/\",\"url\":\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/analysis-of-business-segment-activity-and-performance\/bittnet-education\/\",\"name\":\"Bittnet Education\",\"isPartOf\":{\"@id\":\"https:\/\/investors.bittnet.ro\/en\/#website\"},\"datePublished\":\"2023-02-21T18:00:43+00:00\",\"dateModified\":\"2023-02-23T10:55:54+00:00\",\"description\":\"Punem la dispozi\u021bia investitorilor raportul preliminar sub form\u0103 de pagina web, u\u0219or de urm\u0103rit \u0219i navigat doar la sec\u021biunile relevante pentru fiecare cititor.\",\"breadcrumb\":{\"@id\":\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/analysis-of-business-segment-activity-and-performance\/bittnet-education\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/analysis-of-business-segment-activity-and-performance\/bittnet-education\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/analysis-of-business-segment-activity-and-performance\/bittnet-education\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/investors.bittnet.ro\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Current and historical financial results\",\"item\":\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"(EN) 2022.Q4 Pro-Forma results &#8211; 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