annual report 2017 - Bittnet

Mar 23, 2018 - 26, Et 1, S 6, 061331, Bucuresti, Capital Social 3.044.425,8RON,. RO21181848 ...... Virtual Private Network solutions (VPN);. • Network Access ...
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ANNUAL REPORT 2017 DRAWN UP UNDER ARTICLE 1121 OF THE ASF (FINANCIAL SUPERVISORY AUTHORITY) REGULATION NO. 1/2006

Annual report in accordance with For the financial exercise Report date Company name Registered office Telephone/Fax number Single Register Code at the Trade Registry Office Order Number to Trade Registry Office Market on which the issued securities are traded Subscribed and paid up share capital Main characteristics of the securities issued by the company Symbol ISIN Code Contact

Article 112 from the ASF Regulation No. 1/2006 01.01.2017 - 31.12.2017 23 March 2018 BITTNET SYSTEMS S.A. Soimus Street no. 23, Building 2, Apartment 24, District 4, Bucharest, Romania 021.527.16.00 / 021.527.16.98 21181848 J40/3752/2007 AeRO ATS Premium 3,044,425.8 RON 30,444,258 common shares with face value of 0.1 RON each shares: BNET bonds: BNET19; BNET22 ROBNETACNOR1 [email protected]

Construim competente si solutii IT pentru planurile tale de viitor MESSAGE FROM THE CEO

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THE BITTNET ATTITUDE

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ANALYSIS OF THE ACTIVITY OF BITTNET SYSTEMS SA (THE COMPANY)

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SPECIFICATION OF THE DATE OF ESTABLISHMENT OF THE COMPANY DESCRIPTION OF THE MAIN ACTIVITY OF THE COMPANY IT TRAINING IT SOLUTIONS: DESCRIPTION OF ANY MERGER OR SIGNIFICANT REORGANIZATION OF THE COMMERCIAL SOCIETY, OWN BRANCHES OR THOSE OF THE OWNED SOCIETY, DURING THE FINANCIAL EXERCISE. DESCRIPTION OF ACQUISITION AND/OR ALIENATION OF ASSETS.

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DESCRIPTION OF THE MAIN RESULTS OF THE COMPANY'S ACTIVITY EVALUATION.

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1.1. GENERAL EVALUATION ELEMENTS 14 MARKET SHARE 18 1.2. EVALUATION OF THE COMPANY’S TECHNICAL EXPERTISE 19 THE MAIN OUTLETS FOR EACH PRODUCT OR SERVICE AND THE DISTRIBUTION METHODS: 19 THE WEIGHT OF EACH PRODUCT OR SERVICE TYPE IN THE INCOME AND IN THE TOTAL COMPANY TURNOVER FOR THE LAST THREE YEARS: 24 NEW PRODUCTS PLANNED FOR A SUBSTANTIAL AMOUNT OF ASSETS IN THE NEXT FINANCIAL YEAR AND THE STAGE OF DEVELOPMENT OF THESE PRODUCTS: 26 1.3. EVALUATION OF THE PROVISION OF TECHNICAL AND MATERIAL RESOURCES (DOMESTIC AND IMPORTS) 27 SPECIFICATION OF INFORMATION ABOUT THE SAFETY OF SUPPLY AND COMMODITY PRICES AND SIZES OF RAW MATERIAL STOCKS. 27 1.4. EVALUATION OF THE SALES ACTIVITY 28 DESCRIPTION OF THE SALES EVOLUTION ON THE DOMESTIC AND/OR INTERNATIONAL MARKET AND THE MEDIUM AND LONG TERM SALES ESTIMATES 28 MARKETING AND PR 33 IT TRAINING CENTER - ACHIEVEMENTS 35 NEW VENDORS AND RENEWALS: 35 IT IMPLEMENTATION AND SUPPORT PROJECTS (OTHER THAN IT TRAINING) 36 DESCRIPTION OF THE COMPETITION WITHIN THE COMPANY’S FIELD OF ACTIVITY, OF THE MARKET SHARE, OF THE COMPANY’S PRODUCTS OR SERVICES AND OF ITS MAIN COMPETITORS; 37 DESCRIPTION OF ANY SIGNIFICANT DEPENDENCY OF THE COMPANY ON A SINGLE CUSTOMER OR ON A GROUP OF CUSTOMERS WHOSE LOSS WOULD HAVE A NEGATIVE IMPACT ON THE COMPANY’S INCOME; 40 1.5. EVALUATION OF ISSUES RELATED TO THE COMPANY’S EMPLOYEES/STAFF 41 DESCRIPTION OF THE NUMBER AND LEVEL OF PREPARATION OF THE COMPANY'S EMPLOYEES AND THE DEGREE OF UNIONIZATION OF THE WORKFORCE; DESCRIPTION OF THE RELATIONSHIPS BETWEEN MANAGERS AND EMPLOYEES AND ALSO ANY CONFLICTING ELEMENTS THAT CHARACTERIZE THESE RELATIONSHIPS. 41 1.6. EVALUATION OF ISSUES RELATED TO THE IMPACT OF THE ISSUER’S MAIN ACTIVITY ON THE ENVIRONMENT 41 SYNTHETIC DESCRIPTION OF THE IMPACT OF THE ISSUER’S MAIN ACTIVITY ON THE ENVIRONMENT AS WELL AS OF ANY CURRENT OR ANTICIPATED LITIGATION IN CONNECTION WITH THE BREACHING OF ENVIRONMENT PROTECTION LEGISLATION. 41 1.7. EVALUATION OF THE RESEARCH AND DEVELOPMENT ACTIVITY 42 EXPENSES DURING THE FINANCIAL YEAR AS WELL AS OF THOSE ESTIMATED FOR THE NEXT FINANCIAL YEAR IN CONNECTION WITH THE RESEARCH AND DEVELOPMENT ACTIVITY. 42 1.8. EVALUATION OF THE COMPANY’S RISK MANAGEMENT ACTIVITY 42 DESCRIPTION OF THE COMPANY’S EXPOSURE TO PRICE, CREDIT, LIQUIDITY AND CASH FLOW RISKS. DESCRIPTION OF THE COMPANY’S POLICIES AND OBJECTIVES REGARDING THE RISK MANAGEMENT. 42