{"id":8781,"date":"2020-08-21T17:55:16","date_gmt":"2020-08-21T14:55:16","guid":{"rendered":"https:\/\/investors.bittnet.ro\/?page_id=8781"},"modified":"2020-08-27T14:58:40","modified_gmt":"2020-08-27T11:58:40","slug":"riscuri-identificate-de-emitent","status":"publish","type":"page","link":"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/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\"><div class=\"wpb_wrapper\"><h1 aria-level=\"1\"><b><span data-contrast=\"none\">Riscuri\u00a0<\/span><\/b><b><span data-contrast=\"none\">identificate\u00a0de Emitent<\/span><\/b><\/h1>\n<p>Reamintim\u00a0investitorilor\u00a0ca\u00a0investitia in actiuni sau obligatiuni Bittnet comporta anumite riscuri, dintre care enumeram o parte in continuare . Investitorii ar trebui sa tina cont de faptul ca riscurile prezentate in continuare sunt unele dintre cele mai semnificative pe care conducerea Bittnet Group le are in vedere pentru anul 2020.<\/p>\n<p><span data-contrast=\"auto\">Totusi, riscurile prezentate in aceasta sectiune nu pot fi o lista exhaustiva a tuturor riscurilor care ameninta activitatea Bittnet, iar conducerea nu poate garanta ca lista cuprinde toate riscurile relevante pentru 2020 sau viitor. Exista posibilitatea ca si alti factori de risc sau incertitudine sa existe, chiar daca managementul nu este constient de ele la data prezentarii acestui raport. Aceste riscuri si factori de incertitudine ar putea avea efecte negative asupra rezultatelor financiare, operationale, standingului financiar, performantei actiunilor, realizarilor companiilor din grup, si ar putea avea ca efect scaderea pretului actunilor.\u00a0<\/span><\/p>\n<p>Investitorii trebuie sa determine singuri care sunt riscurile la care se supun prin investitia in actiuni sau obligatiuni Bittnet. Managementul aduce aminte investitorilor ca exista publicate capitole despre riscuri atat in Documentul Universal de Inregistrare, in Prospectul pentru Admitere la Tranzactionare pe piata reglementata, in prospectul de majorare cu aporturi publicat in februarie 2020 dar si in toate celelalte rapoarte semestriale si anuale publicate de Emitent.<\/p>\n<p>Niciuna din aceste liste nu poate fi considerata exhaustiva, dar ele trebuiesc analizate integral de catre investitori.<\/p>\n<\/div><\/div><div class=\"wpb_text_column us_custom_173c0608\"><div class=\"wpb_wrapper\"><h4 aria-level=\"3\">Riscuri referitoare la activitatea Emitentului si la Industria in care acesta\u00a0isi\u00a0desfasoara\u00a0activitatea<\/h4>\n<\/div><\/div><div class=\"w-tabs us_custom_173c0608 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=\"j09f\"><button class=\"w-tabs-section-header\" aria-controls=\"content-j09f\" 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-j09f\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><p><span data-contrast=\"auto\">Obiectivul strategic al companiei este de a dezvolta \u00een mod continuu rela\u021biile cu clien\u021bii. Nu poate fi exclus\u0103 posibilitatea ca\u00a0Bittnet\u00a0s\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\u00a0strainatate\u00a0\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\u00a0profile\u00a0similare 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.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"r24a\"><button class=\"w-tabs-section-header\" aria-controls=\"content-r24a\" 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-r24a\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><p><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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\u00a0pipeline-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\u00a0este construit \u00eentr-un mod prudent.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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.\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"j369\"><button class=\"w-tabs-section-header\" aria-controls=\"content-j369\" 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-j369\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><p><span data-contrast=\"auto\">Modificarile\u00a0in regimul legal si fiscal din Romania pot afecta activitatea economica a Companiei.\u00a0Modificarile\u00a0legate de\u00a0ajustarile\u00a0legislatiei\u00a0romanesti\u00a0cu\u00a0reglementarile\u00a0Uniunii Europene pot afecta mediul legal al\u00a0activitatii\u00a0de afaceri a Companiei si rezultatele sale financiare. Lipsa unor reguli stabile,\u00a0legislatia\u00a0si procedurile greoaie de\u00a0obtinere\u00a0a deciziilor administrative pot, de asemenea,\u00a0restrictiona\u00a0dezvoltarea viitoare a Companiei.\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Avand\u00a0in vedere ca\u00a0legislatia\u00a0lasa\u00a0tot mai mult la aprecierea organului fiscal interpretarea modului de aplicare a normelor fiscale, coroborat si cu lipsa fondurilor la bugetul de stat si\u00a0incercarea\u00a0prin 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.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"y48e\"><button class=\"w-tabs-section-header\" aria-controls=\"content-y48e\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Riscul de comoditizare a businessului \u2013 pierderea relevantei tehnologice a solutiilor<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-y48e\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><p><span data-contrast=\"auto\">Un caz special legat de\u00a0evolutia\u00a0rapida a industriei IT este trendul ca fiecare tehnologie sa devina \u2018commodity\u2019 (foarte\u00a0raspandita, foarte larg adoptata) si sa fie foarte bine\u00a0inteleasa\u00a0de\u00a0clienti.\u00a0Intr-un astfel de mediu de business, valoarea\u00a0adaugata\u00a0a companiilor \u201crevanzatori\u201d este una foarte mica, deci un astfel de scenariu conduce la\u00a0scaderea\u00a0marjelor comerciale pentru liniile de business care sunt afectate de\u00a0comoditizare. Toate tehnologiile se confrunta cu acest risc, pe\u00a0masura\u00a0ce gradul lor de\u00a0adoptie\u00a0creste. Exemplul cel mai elocvent este businessul de\u00a0licente\u00a0Microsoft, unde majoritatea proiectelor sunt facturate\u00a0catre\u00a0clienti\u00a0cu marje comerciale foarte mici : 0-2%. Pe\u00a0masura\u00a0ce si alte tehnologii\u00a0capata\u00a0aceeasi\u00a0raspandire, si\u00a0adoptie, si\u00a0revanzarea\u00a0lor devine neprofitabila.\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Compania\u00a0urmareste\u00a0sa se\u00a0pozitioneze\u00a0ca si consultant de valoare, nu ca si\u00a0revanzator\u00a0de \u201ccutii\u201d de tip \u201ccommodity\u201d.\u00a0Urmarirea\u00a0trendurilor tehnologice si\u00a0pozitionarea\u00a0ca \u2018first\u00a0mover\u2019 ajuta compania sa\u00a0poata\u00a0oferi valoarea\u00a0adaugata\u00a0prin serviciile prestate (consultanta, construire\u00a0solutii\u00a0tehnice, instalare si\u00a0simplementare,\u00a0optimizari,\u00a0mentenanta).<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"o5da\"><button class=\"w-tabs-section-header\" aria-controls=\"content-o5da\" 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-o5da\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><p><span data-contrast=\"auto\">Businessurile\u00a0comoditizate, cu marje mici, sunt predispuse la concuren\u021ba neloial\u0103, \u00een special prin pre\u021buri de dumping. \u00cen special \u00een activitatea\u00a0Dendrio\u00a0acest 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.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"e6f2\"><button class=\"w-tabs-section-header\" aria-controls=\"content-e6f2\" 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-e6f2\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><p><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"d83c\"><button class=\"w-tabs-section-header\" aria-controls=\"content-d83c\" 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-d83c\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><p><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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\u00a0prioritiz\u0103m\u00a0p\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\u00a0record\u201d pozitiv) \u00een recuperarea de crean\u021be.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"b931\"><button class=\"w-tabs-section-header\" aria-controls=\"content-b931\" 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-b931\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><p><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"ta6a\"><button class=\"w-tabs-section-header\" aria-controls=\"content-ta6a\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Riscul asociat cu ratele dobanzilor<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-ta6a\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><p><span data-contrast=\"auto\">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. \u00cen semestrul 1 2019, am constatat o cre\u0219tere a ratelor de dob\u00e2nd\u0103 \u0219i, \u00een consecin\u021b\u0103 a cheltuielilor financiare ale grupului.\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Compania a derulat \u00een anii 2016, 2017, 2018 \u0219i 2019 oferte de obliga\u021biuni cu scaden\u021b\u0103 \u00een 2019, 2022 \u0219i 2023 prin intermediul c\u0103reia a ob\u021binut din pia\u021ba de capital o finan\u021bare \u201cangajat\u0103\u201d de peste 30 milioane lei. Toate emisiunile sunt listate la BVB.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u00cen februarie 2019, compania a informat ac\u021bionarii despre noile opera\u021biuni de creditare bancar\u0103: prelungirea acordului de creditare cu\u00a0ProCredit\u00a0Bank, \u00een valoare de 2.790.000 de lei, cu o rat\u0103 de dob\u00e2nd\u0103 fix\u0103 de 5,5% pe an. Linia de credit este folosit\u0103 pentru finan\u021barea activit\u0103\u021bii curente.\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Costul ponderat al capitalului \u00eemprumutat este cu pu\u021bin peste 7.6% pe an. Consider\u0103m c\u0103 perioada financiar\u0103 ce urmeaz\u0103 (2018 &#8211; 2022) va fi o perioad\u0103 \u00een care faptul c\u0103 am fixat pre\u021bul capitalului \u00eemprumutat va constitui un avantaj competitiv.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"wpb_text_column us_custom_173c0608\"><div class=\"wpb_wrapper\"><h4>Riscuri\u00a0asociate cu listarea\u00a0actiunilor\u00a0Companiei pe o\u00a0piata\u00a0de capital.<\/h4>\n<\/div><\/div><div class=\"w-tabs us_custom_173c0608 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=\"g085\"><button class=\"w-tabs-section-header\" aria-controls=\"content-g085\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Tranzac\u021bionarea la Bursa de Valori Bucure\u0219ti poate fi suspendat\u0103<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-g085\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><p>Autoritatea de Supraveghere Financiar\u0103 (\u201eASF\u201d) este autorizat\u0103 s\u0103 suspende tranzac\u021bionarea de valori mobiliare sau s\u0103 solicite Bursei de Valori Bucure\u0219ti s\u0103 suspende de la tranzac\u021bionare valorile mobiliare tranzac\u021bionate pe Bursa de Valori Bucure\u0219ti, dac\u0103 continuarea tranzac\u021bion\u0103rii ar afecta negativ interesele investitorilor, pe baza m\u0103surilor luate \u00eempotriva manipul\u0103rii pie\u021bei \u0219i a tranzac\u021biilor efectuate pe baza informa\u021biilor privilegiate. Bursa de Valori Bucure\u0219ti trebuie s\u0103 suspende tranzac\u021bionarea cu excep\u021bia cazului \u00een care o astfel de ac\u021biune ar putea afecta negativ interesele investitorilor sau buna func\u021bionare a pie\u021bei. Dac\u0103 Bursa de Valori Bucure\u0219ti nu \u00eentreprinde astfel de ac\u021biuni, ASF poate cere suspendarea tranzac\u021bion\u0103rii cu valori mobiliare, dac\u0103 acest lucru serve\u0219te func\u021bion\u0103rii corespunz\u0103toare a pie\u021bei \u0219i nu afecteaz\u0103 interesele investitorilor. De asemenea, Bursa de Valori Bucure\u0219ti are dreptul s\u0103 suspende de la tranzac\u021bionare Actiunile sau Obliga\u021biunile \u00een alte circumstan\u021be, \u00een conformitate cu reglement\u0103rile sale. Orice suspendare ar putea afecta pre\u021bul de tranzac\u021bionare al Actiunlor sau Obliga\u021biunilor \u0219i ar afecta transferul acestora<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"w19d\"><button class=\"w-tabs-section-header\" aria-controls=\"content-w19d\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Riscul asociat cu o investitie directa in actiuni<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-w19d\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><p><span data-contrast=\"auto\">Investitorii ar trebui sa fie\u00a0constienti\u00a0asupra riscului asociat cu o\u00a0investitie\u00a0directa in\u00a0actiuni, care este mult mai mare\u00a0decat\u00a0riscul asociat unei\u00a0investitii\u00a0in titluri de stat sau\u00a0participatii\u00a0in fonduri de\u00a0investitii, in principal din cauza\u00a0volatilitatii\u00a0si\u00a0evolutiei\u00a0impredictibile a preturilor\u00a0actiunilor,\u00a0atat\u00a0pe termen scurt, cat si pe termen lung.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-tabs-section\" id=\"q2a7\"><button class=\"w-tabs-section-header\" aria-controls=\"content-q2a7\" aria-expanded=\"false\"><div class=\"w-tabs-section-title\">Pretul viitor pe actiune si lichiditatea tranzactiilor<\/div><div class=\"w-tabs-section-control\"><\/div><\/button><div  class=\"w-tabs-section-content\" id=\"content-q2a7\"><div class=\"w-tabs-section-content-h i-cf\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><p><span data-contrast=\"auto\">Pretul\u00a0actiunilor\u00a0si lichiditatea\u00a0tranzactiior\u00a0pentru companiile listate depind de\u00a0numarul\u00a0si\u00a0marimea\u00a0ordinelor de\u00a0cumparare\u00a0si\u00a0vanzare\u00a0plasate de investitori. Nu poate exista nicio\u00a0garantie\u00a0asupra\u00a0pretului\u00a0actiunilor\u00a0si nicio\u00a0garantie\u00a0asupra\u00a0lichiditatii\u00a0acestora in lipsa unui market\u00a0maker. Emitentul a identificat un grad ridicat de volatilitate al\u00a0cotatiei\u00a0actiunilor\u00a0BNET in trecut. Nu este posibil sa se garanteze faptul ca un investitor care\u00a0cumpara\u00a0actiunile\u00a0va putea sa le\u00a0vanda\u00a0oricand\u00a0la un\u00a0pret\u00a0satisfacator.<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">Chiar si\u00a0asa,\u00a0actiunile\u00a0Companiei au fost\u00a0tranzactionate\u00a0intens pe\u00a0piata\u00a0AeRO-SMT, in anul 2019,\u00a0actiunile\u00a0BNET fiind pe locul 17 in topul celor mai lichide\u00a0actiuni\u00a0de la BVB.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:120,&quot;335559739&quot;:120}\">\u00a0<\/span><\/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":"Riscuri\u00a0identificate\u00a0de Emitent Reamintim\u00a0investitorilor\u00a0ca\u00a0investitia in actiuni sau obligatiuni Bittnet comporta anumite riscuri, dintre care enumeram o parte in continuare . Investitorii ar trebui sa tina cont de faptul ca riscurile prezentate in continuare sunt unele dintre cele mai semnificative pe care conducerea Bittnet Group le are in vedere pentru anul 2020. Totusi, riscurile prezentate in aceasta...","protected":false},"author":6,"featured_media":0,"parent":8716,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-8781","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>Riscuri Identificate de Emitent - Bittnet Systems reaminteste<\/title>\n<meta name=\"description\" content=\"Riscuri Identificate de Emitent - Reamintim\u00a0investitorilor\u00a0ca\u00a0investitia in actiuni sau obligatiuni Bittnet comporta anumite riscuri\" \/>\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\/raport-bnet-semestrul-1-2020\/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=\"Riscuri Identificate de Emitent - Bittnet Systems reaminteste\" \/>\n<meta property=\"og:description\" content=\"Riscuri Identificate de Emitent - Reamintim\u00a0investitorilor\u00a0ca\u00a0investitia in actiuni sau obligatiuni Bittnet comporta anumite riscuri\" \/>\n<meta property=\"og:url\" content=\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/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=\"2020-08-27T11:58:40+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=\"15 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\/raport-bnet-semestrul-1-2020\/riscuri-identificate-de-emitent\/\",\"url\":\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/riscuri-identificate-de-emitent\/\",\"name\":\"Riscuri Identificate de Emitent - Bittnet Systems reaminteste\",\"isPartOf\":{\"@id\":\"https:\/\/investors.bittnet.ro\/en\/#website\"},\"datePublished\":\"2020-08-21T14:55:16+00:00\",\"dateModified\":\"2020-08-27T11:58:40+00:00\",\"description\":\"Riscuri Identificate de Emitent - Reamintim\u00a0investitorilor\u00a0ca\u00a0investitia in actiuni sau obligatiuni Bittnet comporta anumite riscuri\",\"breadcrumb\":{\"@id\":\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/riscuri-identificate-de-emitent\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/riscuri-identificate-de-emitent\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/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 BNET Semestrul 1 2020\",\"item\":\"https:\/\/investors.bittnet.ro\/en\/rezultate-financiare\/raport-bnet-semestrul-1-2020\/\"},{\"@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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