The Revenue and Expenditure Budget is approved every year in April by the General Meeting of Shareholders. Below are the working hypotheses of the management team for the 2021 – the indicative proposal to be presented to the shareholders in the GMS.
| Element (figures in thousands of RON) | Training | Vs 2021 | Integration | Vs 2021 | Consolidated | Vs 2021 |
| Turnover | 23.872 | 69% | 134.621 | 37% | 158.493 | 41% |
| Direct expenses | 10.420 | 50% | 99.739 | 23% | 110.159 | 25% |
| Gross margin | 13.451 | 87% | 34.882 | 104% | 48.333 | 99% |
| Indirect expenses (out of which) | 10.791 | 21% | 18.695 | 50% | 29.486 | 38% |
| Sales/distribution expenses | 5.205 | 33% | 9.350 | 67% | 14.555 | 53% |
| Hours/worker Indirect expenses | 2.299 | 40% | 4.630 | 42% | 6.929 | 6% |
| Administrative expenses | 3.286 | -11% | 4.714 | 86% | 8.001 | 15% |
| EBITDA | 2.660 | 424% | 16.186 | 0% | 18.847 | 114% |
| Depreciation | 1.023 | -21% | 987 | -7% | 2.011 | -15% |
| Operating profit | 1.763 | -324% | 15.198 | 110% | 16.961 | 163% |
| Financial Profit | 1.250 | -87% | ||||
| SOP adjustment | 840 | -21% | ||||
| Gross profit | 17.371 | 8% | ||||
| Net profit | 14.592 | 4% |
The assumptions on which this budget is built are, we believe, conservative, and they are set out below:
- Sales increase only with the current backlog, otherwise we repeat the year 2021
- We are not completing any M&A projects in 2022
- The gross margin therefore increases by only 2x compared to sales, although historically this multiplier is 3-6x;
- Administrative expenses increase by 15%, versus the historical downward trend;
- The financial business only generates 1.25 million profit, versus 9.7 previously
- We do not attract capital of any kind, nor do we reduce the interest paid.