{"id":8751,"date":"2020-08-21T17:32:57","date_gmt":"2020-08-21T14:32:57","guid":{"rendered":"https:\/\/investors.bittnet.ro\/?page_id=8751"},"modified":"2020-08-27T10:45:40","modified_gmt":"2020-08-27T07:45:40","slug":"contul-de-profit-si-pierdere","status":"publish","type":"page","link":"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/2-situatia-economico-financiara-a-grupului\/contul-de-profit-si-pierdere\/","title":{"rendered":"Contul de Profit si Pierdere"},"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_70facfb4\"><div class=\"wpb_wrapper\"><h1><strong>Contul de profit \u0219i pierdere<\/strong><\/h1>\n<\/div><\/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=\"u4dc\"><button class=\"w-tabs-section-header\" aria-controls=\"content-u4dc\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Analiza v\u00e2nz\u0103rilor<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-u4dc\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><p>Fa\u021b\u0103 de H1 2019, cel mai important element ce merit\u0103 men\u021bionat este faptul ca in ambele divizii, vanzarile au fost mult mai \u201aeficiente\u2019 \u2013 concentrandu-ne pe proiecte cu valoare adaugata (marja bruta) mai mare \u2013 fie datorita includerii de servicii in cadrul proiectelor de integrare, fie prin cresterea numarului de studenti din grupele de curs.<\/p>\n<p>Pentru o mai bun\u0103 \u00een\u021belegere a structurii v\u00e2nz\u0103rilor, reproducem \u00een continuare rezultatele primelor cele mai v\u00e2ndute produse pentru linia de integrare (valori peste 1 milion lei).<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9312\" src=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2020\/08\/Analiza-vanzarilor.png\" alt=\"\" width=\"555\" height=\"438\" srcset=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2020\/08\/Analiza-vanzarilor.png 678w, https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2020\/08\/Analiza-vanzarilor-300x237.png 300w\" sizes=\"auto, (max-width: 555px) 100vw, 555px\" \/><\/p>\n<ul>\n<li>In continuare, solutiile Microsoft sunt un punct bun de intrare in relatia cu clientii, pentru ca apoi sa putem pozitiona si alte solutii mai complexe.<\/li>\n<li>Tipul de produse \u201eGarantii Extinse\u201d cuprinde serviciile de mentenanta pentru solutiile de infrastructura de retea, asigurand clientilor o operare fara batai de cap (orice echipament defect se preia de catre echipa noastra, cu echipament la schimb, si servicii de instalare si configurare).<\/li>\n<li>Produsele de tip cloud si securitate se afla in mod normal in topul vanzarilor, acesta fiind trendul tehnologic pe care l-am observat inca din 2014.<\/li>\n<li>Produsele Cisco (de tip routere, switchuri, componente de retea, etc) compun impreuna o proportie similara cu cea a produselor Microsoft, ceea ce este natural tinand cont de nivelurile noastre de parteneriat.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9314\" src=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2020\/08\/Analiza-vanzarilor2-300x142.png\" alt=\"\" width=\"555\" height=\"262\" srcset=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2020\/08\/Analiza-vanzarilor2-300x142.png 300w, https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2020\/08\/Analiza-vanzarilor2.png 843w\" sizes=\"auto, (max-width: 555px) 100vw, 555px\" \/><\/p>\n<p>Fata de anul 2019, distributia produselor cu aport semnificativ in cifra de vanzari este mai echilibrata:<\/p>\n<p>Din punctul de vedere al diviziei de Educatie, cele mai vandute produse sunt (vanzari peste 100.000 lei):<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9316\" src=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2020\/08\/Analiza-vanzarilor3-300x229.png\" alt=\"\" width=\"555\" height=\"424\" srcset=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2020\/08\/Analiza-vanzarilor3-300x229.png 300w, https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2020\/08\/Analiza-vanzarilor3.png 607w\" sizes=\"auto, (max-width: 555px) 100vw, 555px\" \/><\/p>\n<ul>\n<li>Evolutia pozitiva a training-urilor Microsoft fata de 2019 este influentata semnificativ de campania \u201eTechnical Skills for Business (TSfB)\u201d derulata de Microsoft la nivel global, in care producatorul (Microsoft) \u201dsponsorizeaza\u201d o parte din costul training-urilor livrate catre clientii finali. Astfel clientii au fost incurajati sa cumpere iar BittnetTraining a capitalizat pe faptul ca este partenerul exclusiv al LLPA din Romania si unic beneficiar al oportunitatilor oferite de aceasta campanie. <strong>Este important sa mentionam ca TSfB va continua si in urmatorul an fiscal Microsoft, adica iulie 2020 \u2013 iunie 2021<\/strong>;<\/li>\n<li>In mod natural, curriculum-ul propriu Bittnet (DevOps, Software Development si Custom training) se regaseste in topul trainingurilor vandute catre clienti pentru ca am acordat o atentie crescuta promovarii acestuia, avand o marja bruta mult mai mare fata de trainingurile vendorilor;<\/li>\n<li>Trainingul Cisco a inregistrat o crestere de aproape 100% fata de anul trecut, odata cu lansarea noului curriculum in februarie, iar trainingul Linux a reintrat in topul celor mai vandute produse.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9318\" src=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2020\/08\/Analiza-vanzarilor4-300x219.png\" alt=\"\" width=\"555\" height=\"405\" srcset=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2020\/08\/Analiza-vanzarilor4-300x219.png 300w, https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2020\/08\/Analiza-vanzarilor4.png 679w\" sizes=\"auto, (max-width: 555px) 100vw, 555px\" \/><\/p>\n<h4><\/h4>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"z47c\"><button class=\"w-tabs-section-header\" aria-controls=\"content-z47c\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Prezentare Consolidata a P&amp;L<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-z47c\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><table style=\"font-weight: 400;\" data-tablestyle=\"MsoTable15Grid4Accent6\" data-tablelook=\"1184\">\n<tbody>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"4369\"><b><span data-contrast=\"none\">\u202f<\/span><\/b><\/td>\n<td style=\"text-align: left;\" data-celllook=\"273\"><b><span data-contrast=\"none\">30\/Jun\/19<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"273\"><b><span data-contrast=\"none\">30\/Jun\/20<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"273\"><b><span data-contrast=\"none\">Evolutie<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">Venituri<\/span><\/b><b><span data-contrast=\"none\">\u00a0din\u00a0<\/span><\/b><b><span data-contrast=\"none\">contracte<\/span><\/b><b><span data-contrast=\"none\">\u00a0cu\u00a0<\/span><\/b><b><span data-contrast=\"none\">clientii<\/span><\/b><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">39,749,621 <\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559737&quot;:34,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">55,161,001 <\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">39%<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">Venituri<\/span><span data-contrast=\"none\">\u00a0din\u00a0<\/span><span data-contrast=\"none\">prestarea<\/span><span data-contrast=\"none\">\u00a0de\u00a0<\/span><span data-contrast=\"none\">servicii<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">10,471,233\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">14,566,697\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">39%<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">Vanzarea<\/span><span data-contrast=\"none\">\u00a0de\u00a0<\/span><span data-contrast=\"none\">marfuri<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">29,278,387\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">40,594,303\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">39%<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"65536\"><\/td>\n<td style=\"text-align: left;\" data-celllook=\"65536\"><\/td>\n<td style=\"text-align: left;\" data-celllook=\"65536\"><\/td>\n<td style=\"text-align: left;\" data-celllook=\"65536\"><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">Costul<\/span><\/b><b><span data-contrast=\"none\">\u00a0<\/span><\/b><b><span data-contrast=\"none\">v\u00e2nz\u0103rilor<\/span><\/b><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">35,899,547 <\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">44,249,141 <\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">23%<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">Costul<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-contrast=\"none\">vanzarii<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-contrast=\"none\">marfuri<\/span><span data-contrast=\"none\">\/<\/span><span data-contrast=\"none\">materiale<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">27,648,810 <\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">36,484,822 <\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">32%<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">Servicii<\/span><span data-contrast=\"none\">\u00a0cloud<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">1,004,856 <\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">2,401,940 <\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">139%<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">Cheltuieli<\/span><span data-contrast=\"none\">\u00a0de personal<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">1,690,946 <\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">1,326,831 <\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">-22%<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">Colaboratori<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">1,325,588 <\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">1,601,555 <\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">21%<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">Alte\u00a0<\/span><span data-contrast=\"none\">costuri<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-contrast=\"none\">directe<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">4,229,347 <\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">2,433,994 <\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">-42%<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"65536\"><\/td>\n<td style=\"text-align: left;\" data-celllook=\"65536\"><\/td>\n<td style=\"text-align: left;\" data-celllook=\"65536\"><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"65536\"><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">Marja\u00a0<\/span><\/b><b><span data-contrast=\"none\">bruta<\/span><\/b><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">3,850,074 <\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">10,911,860 <\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">183%<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Asa cum am aratat in repetate randuri in raportari, dar si in manualul actionarilor, modelul pe care il urmarim este unul de crestere accelerata, deoarece cresterea businessului se regaseste mult mai pronuntat in cresterea profitabilitatii masurate de marja bruta. Apoi, daca urmarim cu grija costurile indirecte, marja bruta suplimentara se transfera automat in profit operational, brut si net. In cazul H1 2020, acest model se reconfirma, cresterea totala cu 40% a vanzarilor se transforma intr-o crestere cu 180% a marjei brute generate.<\/p>\n<p>Totodata, acest an 2020, chiar si in conditiile economice de pandemie de Covid-19, confirma faptul ca in H1 2019 am inregistrat un eveniment \u201aone-off\u2019 \u2013 integrarea unei investitii semnificative efectuate in decembrie 2018. Evolutia pozitiva a costului cu marfurile este naturala, din moment ce cifra de afaceri creste cu 39%, iar evolutia costurilor cu cloud-ul reflecta cresterea semnificativa a veniturilor din aceasta activitate \u2013 reconfirmand pariul pe care l-am facut acum cativa ani. In H1 2020 am inregistrat venituri de cloud de 6.8 milioane lei , aproape triple fata de 2.4 milioane in H1 2019.<\/p>\n<p>Reproducem in continuare doar elementele de costuri care au valori sau evolutii semnificative:<\/p>\n<table style=\"font-weight: 400;\" data-tablestyle=\"MsoTable15Grid4Accent6\" data-tablelook=\"1184\">\n<tbody>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"4369\"><\/td>\n<td style=\"text-align: left;\" data-celllook=\"273\"><b><span data-contrast=\"none\">30\/Jun\/19<\/span><\/b><\/td>\n<td style=\"text-align: left;\" data-celllook=\"273\"><b><span data-contrast=\"none\">30\/Jun\/20<\/span><\/b><\/td>\n<td style=\"text-align: left;\" data-celllook=\"273\"><b><span data-contrast=\"none\">Evolutie<\/span><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">Cheltuieli<\/span><\/b><b><span data-contrast=\"none\">\u00a0de\u00a0<\/span><\/b><b><span data-contrast=\"none\">vanzare<\/span><\/b><b><span data-contrast=\"none\">\/<\/span><\/b><b><span data-contrast=\"none\">distributie<\/span><\/b><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">3,238,247\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">4,200,541\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">30%<\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">Cheltuieli<\/span><span data-contrast=\"none\">\u00a0de personal<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">1,335,405\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">1,207,103\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">-10%<\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">Colaboratori<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">1,493,650\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">2,432,471\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">63%<\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">Publicitate<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">330,751\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">458,930\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">39%<\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">Cheltuieli<\/span><\/b><b><span data-contrast=\"none\">\u00a0administrative<\/span><\/b><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">5,317,678 <\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">5,666,296 <\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">7%<\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">Cheltuieli<\/span><span data-contrast=\"none\">\u00a0de personal<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">464,583 <\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">433,003 <\/span><span data-ccp-props=\"{&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">7<\/span><\/b><b><span data-contrast=\"none\">%<\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">Colaboratori<\/span><span data-contrast=\"none\">\u00a0&#8211; administrative<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">1,844,440\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">1,770,916\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">-4%<\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">Profit Operational<\/span><\/b><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">(<\/span><\/b><b><span data-contrast=\"none\">3,619,375<\/span><\/b><b><span data-contrast=\"none\">)<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">2,379,939<\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">&#8211;<\/span><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">Cheltuieli<\/span><span data-contrast=\"none\">\u00a0SOP<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">392,074\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">873,241\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">123%<\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">Amortizare<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-contrast=\"none\">marca<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">192,867<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><span data-contrast=\"none\">192,867<\/span><span data-ccp-props=\"{&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">0<\/span><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">EBIT<\/span><\/b><b><span data-contrast=\"none\">\u00a0IFRS<\/span><\/b><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">(4,204,316)<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">1,313,831 <\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/td>\n<td style=\"text-align: left;\" data-celllook=\"0\"><b><span data-contrast=\"none\">&#8211;<\/span><\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Evolutia costului cu colaboratorii se datoreaza in special cresterii bonusurilor de vanzari platite, ca urmare a generarii unei marje brute semnificativ mai mari in H1 2020 vs H1 2019. Astfel, in perioada analizata, marja bruta generata de grup a fost cu 7 milioane lei mai mare decat cea din anul anterior, astfel si cheltuielile cu bonusurile au crescut cu aproximativ 900 mii lei.<\/p>\n<p>Asa cum spuneam si in H1 2019 si in decembrie 2019, anul trecut a fost unul atipic si care nu se va mai repeta in istoria Dendrio, in el inregistrandu-se 6 luni de costuri si 3 luni de venituri, ceea ce a generat o pierdere semnificativa pentru Dendrio in H1 2019. Semestrul 1 2020 a gasit compania operationala, cu integrarea echipelor si a sistemelor finalizata, iar \u201emasinaria\u201d este astfel apta de a genera business si rezultate financiare. <strong>Ca dovada, la nivel de grup am inregistrat o crestere de 6 milioane lei a profitului operational<\/strong> \u2013 de la o pierdere de 3.6 milioane in H1 2019 la un profit de 2.4 milioane lei in H1 2020.<\/p>\n<p>Amintim investitorilor despre 2 ajustari IFRS care se aplica la nivel de grup, si nu fac parte din activitatea operationala a niciunei divizii, totalizand peste 1 milion lei:<\/p>\n<ul>\n<li><strong>Amortizare marca: 190 mii lei in H1<\/strong> 2020, similar cu H1 2019. Asa cum am aratat si in rapoarte anterioare, cheltuiala cu amortizarea marcii Bittnet este un element non-cash, care presupune ca peste 15 ani valoarea marcii va fi zero. Niciun exemplu din istoria de business nu sustine aceasta aproximare *. In mod deosebit definitia data de Warren Buffett (in al 3-lea link) pentru \u201aowner earnings\u2019 (adevaratul profit al firmei) trateaza subiectul , propunand ca solutie de calcul ignorarea amortizarii si scaderea costului de tip CAPEX necesar pentru intrentinerea valorii activelor. In cazul marcii, acesta este zero (sau in niciun caz 385.000 lei anual!)<\/li>\n<li><strong>Cheltuieli SOP 873 mii lei in H1 2020, in crestere aproape 500 mii lei fata de H1 2019.<\/strong> Si acest subiect este unul asupra caruia nu vom mai insista, el fiind tratat pe larg in rapoartele anterioare. Opinia managementului este ca decontarea SOP prin majorare de capital, si nu prin rascumpararea de actiuni din piata, nu ar trebui reflectata in P&amp;L, fiind un element de bilant. Este, in orice caz, o cheltuiala non-cash**.<\/li>\n<\/ul>\n<p>*\u00a0 <span class=\"TextRun SCXW197810939 BCX0\" lang=\"EN\" xml:lang=\"EN\" data-contrast=\"auto\"><span class=\"NormalTextRun SpellingErrorV2 SCXW197810939 BCX0\" data-ccp-parastyle=\"footnote text\">Oferim<\/span><span class=\"NormalTextRun SCXW197810939 BCX0\" data-ccp-parastyle=\"footnote text\">\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW197810939 BCX0\" data-ccp-parastyle=\"footnote text\">cateva<\/span><span class=\"NormalTextRun SCXW197810939 BCX0\" data-ccp-parastyle=\"footnote text\">\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW197810939 BCX0\" data-ccp-parastyle=\"footnote text\">articole<\/span><span class=\"NormalTextRun SCXW197810939 BCX0\" data-ccp-parastyle=\"footnote text\">\u00a0care\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW197810939 BCX0\" data-ccp-parastyle=\"footnote text\">trateaza<\/span><span class=\"NormalTextRun SCXW197810939 BCX0\" data-ccp-parastyle=\"footnote text\">\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW197810939 BCX0 DefaultHighlightTransition\" data-ccp-parastyle=\"footnote text\">problematica<\/span><span class=\"NormalTextRun SCXW197810939 BCX0\" data-ccp-parastyle=\"footnote text\">\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW197810939 BCX0 DefaultHighlightTransition\" data-ccp-parastyle=\"footnote text\">amortizarii<\/span><span class=\"NormalTextRun SCXW197810939 BCX0\" data-ccp-parastyle=\"footnote text\">\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW197810939 BCX0 DefaultHighlightTransition\" data-ccp-parastyle=\"footnote text\">activelor<\/span><span class=\"NormalTextRun SCXW197810939 BCX0\" data-ccp-parastyle=\"footnote text\">\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW197810939 BCX0\" data-ccp-parastyle=\"footnote text\">intangibile<\/span><span class=\"NormalTextRun SCXW197810939 BCX0\" data-ccp-parastyle=\"footnote text\">\u00a0de diverse\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW197810939 BCX0\" data-ccp-parastyle=\"footnote text\">naturi<\/span><span class=\"NormalTextRun SCXW197810939 BCX0\" data-ccp-parastyle=\"footnote text\">:\u00a0<\/span><\/span><a class=\"Hyperlink SCXW197810939 BCX0\" href=\"http:\/\/bit.ly\/WB_amo_1\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW197810939 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW197810939 BCX0\" data-ccp-charstyle=\"Hyperlink\">http:\/\/bit.ly\/WB_amo_1<\/span><\/span><\/a><span class=\"TextRun SCXW197810939 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW197810939 BCX0\" data-ccp-parastyle=\"footnote text\">\u00a0,\u00a0<\/span><\/span><a class=\"Hyperlink SCXW197810939 BCX0\" href=\"http:\/\/bit.ly\/wb_amo_2\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW197810939 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW197810939 BCX0\" data-ccp-charstyle=\"Hyperlink\">http:\/\/bit.ly\/wb_amo_2<\/span><\/span><\/a><span class=\"TextRun SCXW197810939 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW197810939 BCX0\" data-ccp-parastyle=\"footnote text\">\u00a0<\/span><\/span><span class=\"TextRun SCXW197810939 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW197810939 BCX0\" data-ccp-parastyle=\"footnote text\">,\u00a0<\/span><\/span><a class=\"Hyperlink SCXW197810939 BCX0\" href=\"http:\/\/bit.ly\/wb_oe_1\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW197810939 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW197810939 BCX0\" data-ccp-charstyle=\"Hyperlink\">http:\/\/bit.ly\/wb_oe_1<\/span><\/span><\/a><span class=\"TextRun SCXW197810939 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW197810939 BCX0\" data-ccp-parastyle=\"footnote text\">\u00a0<\/span><\/span><span class=\"EOP SCXW197810939 BCX0\" data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<p>** Acesta este unul din motivele pentru care in AGEA din aprilie 2020, actionarii au aprobat derularea unei majorari de capital cu actiuni gratuite, ce raman la dispozitia societatii, operatiune reconfirmata masiv prin optiunea de vot exprimata electronic in finalul lunii iulie 2020. Astfel, pentru viitoarele SOP, societatea va avea la dispozitie actiuni pe care sa le \u2018vanda\u2019 catre option-holderi, inregistrand si un venit care sa compenseze aceasta cheltuiala non-cash.<\/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;\" id=\"first-simple-menu\"><ul id=\"menu-h12020_floating\" class=\"menu\"><li id=\"menu-item-8748\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-8748\"><a href=\"https:\/\/investors.bittnet.ro\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/\">H1 2020 half yearly report<\/a><\/li><li id=\"menu-item-9333\" class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-9333\"><a href=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2020\/08\/Raport-Semestrial-Semestrul-1-2020.pdf\">Download raportul integral in format PDF<\/a><\/li><li id=\"menu-item-9340\" class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-9340\"><a href=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2020\/08\/Raport-Semestrial-BNET-Semestrul-1-2020-RO-Infografic.jpg\">Infografic<\/a><\/li><li id=\"menu-item-9332\" class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-9332\"><a href=\"https:\/\/investors.bittnet.ro\/ro\/abonare-newsletter\/\">Abonare Newsletter<\/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":"Contul de profit \u0219i pierdere Analiza v\u00e2nz\u0103rilorFa\u021b\u0103 de H1 2019, cel mai important element ce merit\u0103 men\u021bionat este faptul ca in ambele divizii, vanzarile au fost mult mai \u201aeficiente\u2019 \u2013 concentrandu-ne pe proiecte cu valoare adaugata (marja bruta) mai mare \u2013 fie datorita includerii de servicii in cadrul proiectelor de integrare, fie prin cresterea numarului...","protected":false},"author":6,"featured_media":0,"parent":8738,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-8751","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - 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