AROBS publishes consolidated financial statements according to IFRS standards and takes another important step in the process of listing on the Main Market of the BVB
Cluj-Napoca, July 26, 2023 – AROBS Transilvania Software (BVB: AROBS), the largest technology company listed on the Bucharest Stock Exchange, announces the publication of financial statements for the years 2022, 2021, and 2020 according to IFRS standards, an essential step in finalizing the procedures for listing on the Main Market of the BVB. BDO Romania has audited the financial statements under the IFRS format.
“The publication of the IFRS audited financial statements for the years 2022, 2021, and 2020 is another important step in the process of transferring to the Main Market. Our next goal is to finalize the prospectus and submit it to the FSA for approval so that investors can trade AROBS shares on the Main Market of the BVB in September this year. Completing this transfer allows us to access alternative financing options, such as bonds and capital increases. It represents a significant step for AROBS to become a major player in the global IT services and products market, originating from Cluj. What distinguishes AROBS in this field is the complementarity of our Software Services and Software Products divisions, through which we offer services and products in multiple markets and for various industries. Specializing in verticals such as automotive, travel, or medical, supplemented by AI, RPA, and other innovative technologies, is a major differentiator in our markets,” stated Voicu Oprean, founder and CEO of AROBS.
According to the financial statements under IFRS, AROBS registered in 2022, at the consolidated level, a turnover of 299.8 million lei, a 61% increase compared to 2021, normalized EBITDA of 76.3 million lei, +35% compared to 2021, and a normalized net profit of 53.1 million lei, a 15% appreciation compared to 2021. Normalized EBITDA represents EBITDA excluding the non-cash impact of the Stock Option Plan (SOP), and normalized net profit excludes the effect generated by the SOP programs.
Regarding revenue from the Group’s business lines, the Software Services division generated revenues of 240.1 million lei in 2022, up 87% from 128.5 million lei in 2021. This growth is organic, through an increase in the number of clients and projects, and is also due to the new acquisitions from 2021 onwards and the addition to the portfolio of new software services expertise. Revenues from software products amounted to 58.7 million lei, compared to 48.9 million lei in 2021, a 20% increase.
“The transition from Romanian Accounting Standards to IFRS was a significant moment and an extensive effort for the financial team in the AROBS companies, given the complexity of our Group, with a diverse geographical footprint and a significant number of newly-acquired companies. The IFRS results are naturally aligned with the figures we have presented to our investors so far, with a few differences arising from the recognition principles under IFRS. Of particular importance is that, with the shift to IFRS results publication, AROBS shareholders have elements of comparability of our Group with other global industry players. In addition, with the transition to this standard, we are confident that we will attract a wider range of potential investors and partners from around the world, strengthening our position as a technology leader not only in Romania but also on the international stage,” stated Bogdan Ciungradi, CFO of AROBS.
Founded 25 years ago, AROBS is the largest technology company listed on the Bucharest Stock Exchange. Today, the Group provides software services and solutions for various industries, with over 70 global partners in the Software Services division present in Europe and America, with a focus on Embedded for Automotive, Aerospace, Maritime, Medical, as well as Travel Technology, IoT, Clinical Trials, Fintech, Enterprise Solutions, Cybersecurity, and Intelligent Automation. Furthermore, over 11,000 customers in Central and Eastern Europe and Asia use the telematics, business optimization, and HR management products of AROBS’ Software Products division.
The company was listed on the AeRO market of the Bucharest Stock Exchange on December 6, 2021. During this time, AROBS has carried out an extensive campaign of acquisitions and integration of existing players operating in the same industry that can add value by consolidating and expanding the areas of expertise and geographical footprint covered by the Group’s services and products.
Thus, from 2021 to date, nine acquisitions have been completed. In 2021 Berg Software was acquired, and in 2022 were acquired AROBS Engineering (former business line Enea Software Development Services Romania), Nordlogic Group, and Centrul de Soft GPS Romania. In 2023, AROBS acquired two entities in the Republic of Moldova, AROBS Software and AROBS TrackGPS, AROBS Polska (formerly SYDERAL Polska), Future WorkForce Group and AROBS Pannonia Software in Hungary.