{"id":7857,"date":"2019-12-06T18:27:36","date_gmt":"2019-12-06T16:27:36","guid":{"rendered":"https:\/\/investors.bittnet.ro\/publication-of-financial-results-for-years-2016-2018-in-accordance-with-ifrs\/"},"modified":"2020-08-25T10:35:08","modified_gmt":"2020-08-25T07:35:08","slug":"publication-of-financial-results-for-years-2016-2018-in-accordance-with-ifrs","status":"publish","type":"post","link":"https:\/\/investors.bittnet.ro\/en\/publication-of-financial-results-for-years-2016-2018-in-accordance-with-ifrs\/","title":{"rendered":"Publication of financial results for years 2016-2018 in accordance with IFRS"},"content":{"rendered":"\n<p><span style=\"font-weight: 400;\">BITTNET SYSTEMS S.A. (hereinafter referred to as &#8220;the Company&#8221;) informs the investors about the availability of the company\u2019s financial results in accordance with the International Financial Reporting Standards (IFRS<\/span><span style=\"font-weight: 400;\">)<\/span><span style=\"font-weight: 400;\"> for years 2016, 2017 and 2018.&nbsp; The full report with the republished financial results can be downloaded at the link below.<\/span>\n\n<span style=\"font-weight: 400;\">The Company is publishing the financial results in the context of the upcoming transfer to the Main Market. Audited financial results under IFRS model for minimum of 2 past years are required for the transfer to begin.&nbsp;<\/span>\n\n<span style=\"font-weight: 400;\">&nbsp;<\/span>\n\n<span style=\"font-weight: 400;\">The preparation of the IFRS results was the final aspect that the company had to take care of before formally starting the process of the transfer to the Main Market. Therefore, as a next step in the process, the Company will submit the Listing Prospectus to the Financial Supervisory Authority for their approval. Furthermore, at the end of January 2020 the company will call the Extraordinary General Shareholder\u2019s Meeting to update the Company\u2019s Articles of Association and select the Members of the Supervisory Board. The Company will keep the Shareholders updated about these steps in due time, through Current Reports.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The Company is publishing the financial results in the context of the upcoming transfer to the Main Market. Audited financial results under IFRS model for minimum of 2 past years are required for the transfer to begin.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The preparation of the IFRS results was the final aspect that the company had to take care of before formally starting the process of the transfer to the Main Market. Therefore, as a next step in the process, the Company will submit the Listing Prospectus to the Financial Supervisory Authority for their approval. Furthermore, at the end of January 2020 the company will call the Extraordinary General Shareholder\u2019s Meeting to update the Company\u2019s Articles of Association and select the Members of the Supervisory Board. The Company will keep the Shareholders updated about these steps in due time, through Current Reports.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">In terms of the re-published financial results in accordance with the IFRS, the management would like to underline the following key differences:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>For the revenues recorded in 2017, under IFRS model, only 4 months of financial revenues generated by GECAD NET (rebranded to Dendrio) were taken into consideration. In the previously published consolidated financial results, the revenues of GECAD NET for the full year 2017 were included in the consolidated revenues for 2017. Consequently, the consolidated revenues audited according to the IFRS model for 2017 are lower with app. RON 15,900 thousand compared to the consolidated revenues previously published for 2017.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>For revenues recorded in 2018s under IFRS model, only 5 months of financial revenues generated by ELIAN Solutions were taken into consideration. In the previously published consolidated financial results, the revenues of ELIAN Solutions for the full year 2018 were included in the consolidated revenues for 2018. Consequently, the consolidated revenues audited in accordance with the IFRS model for 2018 are lower with app. RON 3,350 thousand compared to the previously published consolidated revenues for 2018.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>For years 2016-2018, the effective profit recorded by the Company has been lower than previously published under Romanian Accounting Standards. Under the IFRS model, the Company was required to qualify the Stock Option Plan for the Employees as a cost, regardless of the fact that the company did not spend money on shares purchasing from the market since it did not perform the share buyback.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>An adjustment of approximately RON 356 thousand  for the depreciation of trade receivables. Although the experience of previous years has shown that the risk of non-collection is low, with no significant losses, according to the prudential IFRS rules, we estimated and recorded adjustments at the balance of the receivables collected at the end of every year, as a percentage: Bittnet receivables &#8211; 3% and Dendrio receivables &#8211; 1.3%.<\/li><\/ul>\n\n\n\n<p><span style=\"font-weight: 400;\">The IFRS format results confirm our growth approach described in the Bittnet shareholder manual <\/span><a href=\"https:\/\/investors.bittnet.ro\/shareholders-manual\/\"><span style=\"font-weight: 400;\">https:\/\/investors.bittnet.ro\/shareholders-manual\/<\/span><\/a><span style=\"font-weight: 400;\"> . During the analyzed period, the net result per share increased 3 times (from 3 to 9.8 money per share), and the equity by almost 8 times (from 1.8 to 14 million RON).<\/span><\/p>\n\n\n\n<div class=\"wp-block-file\"><a href=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2019\/12\/IFRS-Raportul-auditorului-situatii-financiare-consolidate-2016-2018-Bittnet.pdf\">IFRS-Raportul-auditorului-situatii-financiare-consolidate-2016-2018-Bittnet<\/a><a href=\"https:\/\/investors.bittnet.ro\/wp-content\/uploads\/2019\/12\/IFRS-Raportul-auditorului-situatii-financiare-consolidate-2016-2018-Bittnet.pdf\" class=\"wp-block-file__button\" download>Download<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>BITTNET SYSTEMS S.A. (hereinafter referred to as &#8220;the Company&#8221;) informs the investors about the availability of the company\u2019s financial results in accordance with the International Financial Reporting Standards (IFRS) for years 2016, 2017 and 2018.&nbsp; The full report with the republished financial results can be downloaded at the link below. The Company is publishing the&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[389,398],"tags":[],"class_list":["post-7857","post","type-post","status-publish","format-standard","hentry","category-current-reports","category-latest-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Publication of financial results in accordance with IFRS<\/title>\n<meta name=\"description\" content=\"Publication of financial results for years 2016-2018 in accordance with IFRSS - Bittnet Systems informs the investors about the results\" \/>\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\/publication-of-financial-results-for-years-2016-2018-in-accordance-with-ifrs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Publication of financial results in accordance with IFRS\" \/>\n<meta property=\"og:description\" content=\"Publication of financial results for years 2016-2018 in accordance with IFRSS - 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