Current assets remained stationary at around RON 55 million, out of which cash represented 44%, up from 38% in 2019. Fixed assets increased by RON 7.5 million, respectively the value of M&As concluded in 2020. 

Equity increased by over 120% (from RON 12 to 27 million), and both the value of total debts (RON 72 million in 2020 versus 76 in 2019) and their division between short-term and long-term remained similar: 50-50%. 

What we consider very relevant is that we have obtained at the same time the improvement of the cash position and the maintenance of a superunit degree of coverage of the commercial debts with the commercial receivables (figures in million RON): 

The operational activity generated, as in 2019, approximately RON 8 million of positive cash flow. Along with the capital increase and an increase in bank financing by about RON 3 million, it allowed us to make investments of about RON 11 million, but also to continue to increase the cash position, to almost RON 25 million at the end of the year. 

We mention the fact that the need for CAPEX investments for maintenance is specific to the IT sector in which we operate – around the level of 1% of the annual turnover.