1

Table of contents

MESSAGE FROM THE CEO 4

KEY INDICATORS 2022 6

ABOUT SOFTBINATOR TECHNOLOGIES 8

KEY EVENTS IN 2022 AND AFTER THE CLOSING OF THE REPORTING PERIOD 11

ANALYSYS OF THE FINANCIAL RESULTS 15

INDIVIDUAL P&L ANALYSIS 15
CONSOLIDATED P&L 16
DELIVERED VS. BUDGETED RESULTS 17
INDIVIDUAL BALANCE SHEET ANALYSIS 17
CONSOLIDATED BALANCE SHEET 18

INDIVIDUAL PROFIT AND LOSS ACCOUNT 19

INDIVIDUAL BALANCE SHEET 20

SIMPLIFIED CONSOLIDATED PROFIT AND LOSS ACCOUNT 21

SIMPLIFIED CONSOLIDATED BALANCE SHEET 22

DECLARATION OF THE BOARD OF DIRECTORS 23

Disclaimer: The financial figures presented in the descriptive part of the report that are expressed in million
LEI are rounded off to the nearest integer. This may result in small reconciliation differences.

2
ISSUER INFORMATION

INFORMATION ABOUT THIS FINANCIAL REPORT

Type of report Preliminary financial results 2022

For financial period 01.01.2022 – 31.12.2022

The date of publishing 22.02.2023

ISSUER INFORMATION

Name Softbinator Technologies SA

Fiscal Code RO 38043696

Trade Registry number J40/13638/2017

Str. Costache Negri 1-5, floor 4, sector

Registered office
5, Bucharest

INFORMATION ABOUT FINANCIAL INSTRUMENTS

Subscribed and paid-up share capital 1,026,690 lei

The market on which securities are traded SMT- AeRO Premium

Total number of shares 10,266,900

Symbol CODE

CONTACT DETAILS FOR INVESTORS

Phone 031 860 21 01

E-mail [email protected]

Website www.softbinator.com

The preliminary individual and consolidated financial statements as of December 31, 2022, presented
on the following pages, are unaudited.

3
MESSAGE FROM THE CEO
Dear shareholders,
In 2022, Softbinator Technologies entered an accelerated
development stage. We naturally transitioned from an IT
company to a group of entities that complement and expand our
range of services and solutions. It was a year in which we
experienced intense activity at the level of individual companies,
recording revenue increases for all the entities from the group.
Therefore, in 2022, at a consolidated level, we recorded total
operating revenue of 38.6 million lei, more than double (+117%)
compared to 2021, and a net profit of 5.8 million lei, a 76%
appreciation.
At the individual level, the total operating revenues in 2022
related to Softbinator Technologies increased by 29%, reaching
21.5 million lei due to the intensification of the custom software
development activity. This component contributed 20.4 million lei
to the net turnover corresponding to the predominant activity carried out, a 40% appreciation
compared to 2021. This increase was determined by a series of factors such as attracting new
clients, the company gaining nine new customers in 2022, adjusting rates for existing
contracts, and selling new services with higher fees. In terms of profitability, in 2022,
Softbinator Technologies recorded net result of 3.3 million lei, a 24% increase compared to
2021.
It is important to emphasize that the opening of the US office in the first half of last year is
starting to show results. In 2022, over 51% of our customers came from USA, a market where
we will continue to increase our efforts to attract even more clients. Our strategy remains
focused at a consolidated level. We will continue to target the growth of all the group
companies through integrated multidisciplinary teams, which have all the necessary resources
to deliver more, more efficiently for all existing and potential clients.
However, at the team level, we want to continue to identify new talent that can bring added
value to our group in the long term. For this reason, at the end of 2022, we formalized a
partnership of over ten years with the Faculty of Mathematics and Informatics of the University
of Bucharest, where many talented students have the potential to be involved in the coming
years in IT&C projects that solve future world problems. Thus, we are proud that we jointly
inaugurated a state-of-the-art computer laboratory in formalizing this partnership. At the same
time, we are committed to continuing to invest in educating future generations of
programmers and developers. This support will consist both in the purchase of the latest
equipment and the knowledge transfer with the help of our colleagues, who are already
teaching various courses within the faculty.
Regarding the M&A strategy, the results obtained by the group companies confirm that we
are on the right track in terms of such transactions. Thus, we continue to attract new
companies to our group, through which we can expand the range of services and products
offered. We believe that 2023 will be a good year for acquisitions in the context in which
smaller but well-specialized companies will be able to join us to work together on renowned
international projects with high visibility and exposure to higher technology standards.
Considering the development plans at the consolidated level, we needed to bring on board
people with extensive experience in the field of investment and the financial strategy and

4
scaling of a business. Thus, at the beginning of this year, we consolidated our management
team by attracting Vlad Deliu and appointing him as CFO at the group level. Vlad will be
responsible for coordinating the activity of the financial department and implementing the
group's financial strategy. Alongside the management team, he will contribute to the global
growth and expansion strategy of Softbinator Technologies and will be involved in capital-
raising activities and future M&A transactions.
In conclusion, I would like to thank all colleagues, collaborators, partners, and shareholders
who have been with us in 2022 and without whom we would not have reached the point
where we are today: a group of companies that provide complete product development
software services – product management, product design, software development, blockchain
development, and product marketing – for innovative companies, present in the most
competitive markets in the world, such as the US and especially Silicon Valley.
The following pages of this report provide more details about our activity in 2022. For any
questions related to our activity, whether it is about the business of our group or the activity
of Softbinator Technologies in the capital market, please feel free to contact us at
[email protected] .

Daniel ILINCA
CEO

5
KEY INDICATORS 2022

6
7
ABOUT SOFTBINATOR TECHNOLOGIES
BRIEF HISTORY

Softbinator Technologies S.A. is a Romanian company with accelerated growth in recent years
(doubling the numbers between 2017-2020), which provides software development services
using cutting-edge technologies with a strong focus on Blockchain, Artificial Intelligence and
DevOps. The company's services and products are used globally, both by startups, SMEs,
unicorns, and Fortune 500 customers with whom it builds complex teams that adhere to the
Agile methodology. The profile of the organization is oriented towards product development,
which is appreciated for its ability to deliver results quickly.

Softbinator Technologies forms Agile teams (Scrum or Kanban) for its customers, constantly
measuring and improving its performance. The company focuses on the 3 principles of Scrum
(the most popular Agile framework): inspection, transparency, and adaptability, and we build
solutions for various industries using best practices in software engineering, state-of-the-art
technologies, and newer tools. In recent years, the company has focused on the blockchain
(both in cryptocurrency, but especially blockchain as a solution to improve confidence in
systems and applications outside the monetary sphere) and artificial intelligence (artificial
vision - computer vision, and machine learning.
DESCRIPTION OF THE COMPANY'S ACTIVITY
Softbinator Technologies SA is a software development company specializing in the design,
development, and marketing of innovative products with customers in the US, Europe (UK,
Germany, Romania), the Middle East (Israel, Kuwait), and Asia (Singapore). Currently,
Softbinator Technologies has approximately 180 employees and collaborators who carry out
their activity in the headquarters in Bucharest and also in Brasov, Constanta, Iasi, and
Timisoara.

8
COMPLETE PORTFOLIO OF PRODUCTS AND SOLUTIONS

SOFTBINATOR GROUP

As of December 31, 2022, the organizational structure of Softbinator Technologies is as

follows:

WISEUP (Wise Tech Unit SRL)

WiseUp was founded in 2016, initially as a product consulting agency, and went through
several iterations until it reached a stable and scalable business model at the end of 2019
when the expansion to the North American markets also began. From a pure accounting point
of view, it offers software development, UI/UX, QA, and Product Management services. Still,
from a business point of view, it represents the product development partner for its customers,
offering integrated product services.
WiseUp's main competitive advantage is that it trains and works with professionals with a T-
profile. The T-profile refers to professionals who are generalists in a suite of related fields and
specialists in one of them. This aspect is aligned with the fastest growing technologies in the
North American market: React.Js and Node.Js with AWS for software development and
DevOps and Figma for UI/UX.
In 2021, WiseUp began working with multiple clients active in insurance, a market worth over
$1 trillion, digital ad management, and the Internet of Things, expanding new contracts won
in 2021, also for 2022.
IXPERI (Ixperi Product Design SRL)

Ixperi is a Digital Product Design studio established in March 2021. It differentiates itself from
other classic agencies through its unique way of working and the structure of teams, of the

9
product squad type, a system found in elite teams in large companies such as Spotify, Meta,
or Google.
Ixperi builds on a rock-solid foundation, being founded by Radu Vucea, a name in Romanian
digital design with over 17 years of experience in creating B2B and B2C products. Another
major differentiator of Ixperi in the market is the bet on a solid research department,
something very rare in design studios, but also a solid partnership with a Product Design
school, which facilitates the attraction of talent.
Since the beginning, clients have quickly recognized the value that Ixperi offers in the way it
works and the expertise it brings, thus working with clients in various industries, from Fintech
to Health & Fitness, Beauty & Wellness, Hospitality, social media, and Crypto, managing to
expand in multiple geographic areas, from the US to Europe and Asia.
[E-SPRES-OH] (Espresso Tech SRL)

[e-spres-oh] is a software company from Timisoara that is specialized in developing innovative

end-to-end projects. With over a decade in business, [e-spres-oh] delivers complex software
products and services to customers worldwide.
[e-spres-oh] is a mature company with management with a solid background in Business
Analysis, Product Ownership, and Software Development. The team comprises more than 40
programmers, UX/UI designers, Project Managers, employees, and permanent collaborators,
with experience developing software applications using state-of-the-art technologies. Relying
on scalability, flexibility, cross-functionality, and autonomy, [e-spres-oh] teams can deliver the
entire spectrum of software services needed to develop a successful product through an Agile
methodology perfected over the years.
[e-spres-oh] currently has clients in fields such as Marketing, Legal, Property Maintenance,
Real Estate, Fintech, and (Family) Safety, and in the past has worked with clients in fields
such as Education, Transport (Aviation & Car Rentals) and City Management.
[e-spres-oh]'s primary clients are from the United States, with a smaller European share.
DIGITAL TAILORS (Overwatch Studios SRL & Littleland SRL)

Digital Tailors is a product marketing company for startups and technology companies. The
agency works only with products in the IT&C industry. It offers complete product marketing
services, from the design and conception stage of the product to validation, market testing,
positioning, and launch strategy.
A team of 10 people supports the agency's activity and a suite of collaborators, offering
integrated marketing services, including content marketing, social media marketing,
performance marketing, design & graphics, project management, consulting, and product
workshops marketing.
The agency's portfolio includes B2B and B2C clients from business verticals such as developer
tools, business apps, blockchain, educational apps, and entertainment apps. The agency's
portfolio includes clients from Romania, Germany, and the USA, all products addressing the
global market.

10
KEY EVENTS IN 2022 AND AFTER THE
CLOSING OF THE REPORTING PERIOD
GENERAL MEETINGS OF SHAREHOLDERS
On February 7th, 2022, the Ordinary and Extraordinary General Meetings of Softbinator
Technologies’ Shareholders took place. For both meetings, the legal and statutory quorum
was constituted at the first convocation.
During the GMS, the shareholders voted to change the Company's Board of Directors. Thus,
the termination of the mandate as a member of the Board of Directors of IVYLON
MANAGEMENT SRL was approved. Also, the appointment to the Board of Directors of
IMPETUM MANAGEMENT SRL, represented by Andrei Valentin Cionca, was approved. The
mandate for the position expires on April 16th, 2025.
SIGNIFICANT CONTRACT
On March 31st, 2022, Softbinator terminated and signed a significant software development
contract with the same business partner (but a different company), a US e-commerce
company. The value of the contract is 2,701,440 lei and is valid until March 31, 2023.
GENERAL MEETINGS OF SHAREHOLDERS
On April 13th, 2022, the Ordinary and Extraordinary General Meetings of Softbinator
Technologies’ Shareholders took place. For both meetings, the legal and statutory quorum
was constituted at the first convocation.
During the GMS, the shareholders voted in favor of approving: the 2021 Annual Report and
the individual financial statements, the distribution of the net profit for 2021, the 2022
Revenue and Expenditure Budget, the Remuneration Policy for the members of the Board of
Directors.
Also, Softbinator's shareholders approved during the EGMS the company’s share capital
increase operation with 924,021 lei, from the value of 102,669 lei, to the value of 1,026,690
lei, through the issuance of 9,240,210 new shares. Thus, each shareholder which held CODE
shares on the registration date established by the EGMS received 9 bonus shares for every 1
share held. The registration date for this transaction was August 4, the ex-date, August 3,
and the payment date was August 5.
During the EGMS, the shareholders voted in favor of the implementation of the "Stock Option
Plan" program, for the incentive of employees and key persons in the form of the option to
purchase shares at a preferential price.
RECEIPT OF CIIF FROM FSA FOR THE INCREASE OF THE SHARE CAPITAL
On May 4th, 2022, the share capital of Softbinator was increased with 26,690 new shares,
which were issued following the Resolution of the Extraordinary General Meeting of
Shareholders of Softbinator Technologies dated 13.04.2022. The increase of the Company's
share capital from the amount of 100,000 lei to the amount of 102,669 lei was carried out for
the purpose of acquiring WiseUp, a local developer of software products. The operation was
registered by the Trade Register on 15.02.2022.

11
OPENING A WORKING SPACE IN SILICON VALLEY, USA
On May 19th, 2022, Softbinator opened a workspace in Silicon Valley, USA, which will be
followed by the setting-up of a limited liability company. Softbinator aims for over 70% of new
clients joining the company by the end of 2022 to come from the US market.
E-SPRES-OH ACQUISITION
On June 22nd, 2022, Softbinator completed the acquisition of E-spres-oh, a local company
specialized in software development, consulting, testing and UI/UX. The transaction price was
USD 600,000, paid in cash, plus company shares representing the equivalent of 2022 earnings
multiplied by 2.2.
DIGITAL TAILORS ACQUISITION
On June 23rd, 2022, Softbinator completed the acquisition of Digital Tailors, a product
marketing company. The transaction price was USD 300,000 and will be paid in both cash and
shares of the Company.
NEW HEADQUARTERS
On June 30th, 2022, Softbinator announced the company's new headquarters, located in 1-
5 Costache Negri Street, 4th floor, district 5, Bucharest. At the new headquarters, the
Softbinator team benefits from a work space of approximately 1,000 sqm that will allow
collaboration, connection, concentration, learning, exposure to the organizational culture
between team members, being also near the Cotroceni neighborhood, Cișmigiu and Izvor
parks, but also university hubs such as the Polytechnic University and the University of
Bucharest, both of which play an essential role in the Company's educational and recruitment
strategy.
CONCLUSION OF A SIGNIFICANT CONTRACT
On July 13th, 2022, Softbinator signed a significant software development contract with an
undisclosed e-commerce entity located in the U.S. The contract value is USD 322,560 and is
valid until July 12, 2023.
CONCLUSION OF A SIGNIFICANT CONTRACT
On August 5th, 2022, Softbinator signed a significant contract for software development
with a B2C company, which is located in Silicon Valley, USA. The value of the contract is
1,869,867 lei (without VAT) and is valid until March 24, 2023.
SHARE CAPITAL INCREASE
On August 5th, 2022, the share capital increase operation was completed by capitalizing the
profits from previous years. Accordingly, CODE shareholders received bonus shares in their
trading accounts in proportion of nine (9) newly issued shares for every (1) share held.
Following the share capital increase operation, the share capital of Softbinator Technologies
SA of 1,026,690 lei is divided into 10,266,900 registered shares with a nominal value of 0.1
lei per share.
CONCLUSION OF A SIGNIFICANT CONTRACT
On September 19, 2022, the Company signed a significant contract with an entity from
Israel for software development – creation of a B2C and B2B solution for FIAT and crypto
transactions and integration with payment processors. The estimated total value of the
contract is approximately 1.8 million lei (without VAT).

12
IMPLEMENTATION OF FINANCIAL-ACCOUNTING SYSTEM THAT ACCEPTS
PAYMENT WITH STABLECOINS
On October 5, 2022, the Company informed the market about the implementation within
the Company of a financial-accounting system that accepts payment with stablecoins and thus
becomes one of the first blockchain providers in Romania that accepts payment with such
cryptocurrencies. The Company decided to implement a financial-accounting system that
accepts payment with stablecoins to facilitate the collaborations it has with clients in the
blockchain area, so that their assets no longer go through a complex bureaucratic route before
being registered in the Company's systems. With the implementation of this system, the
Company is even more ready to seize opportunities in the world of blockchain, both at the
level of cryptocurrencies and blockchain as a technology for humanity.
EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS
On October 12, 2022, the Company's Extraordinary General Meeting of Shareholders
(EGMS) took place. The legal and statutory quorum was constituted at the first convocation.
During the AGEA, the following were approved:
i. The carrying-out of an issue program of non-convertible corporate bonds, with a
maximum total value of 20,000,000 lei, each bond to be issued with a nominal value
of 100 lei per bond, with a minimum maturity of 3 years and a maximum of 7 years,
with a fixed or variable annual interest rate of up to 15%, to be offered to investors
through a private placement or public offering. The issuance of the bonds will be
carried out depending on the market conditions and the financing needs of the
Company, within a single bond issue or through several issues, within an offering
program.
ii. The carrying-out of an issue program of non-convertible corporate bonds, with a
maximum total value of 5,000,000 euros, each bond to be issued with a nominal value
of 100 euros per bond, with a minimum maturity of 3 years and a maximum of 7 years,
with a fixed or variable annual interest rate of up to 10%, to be offered to investors
through a private placement or public offering. The issuance of the bonds will be
carried out depending on the market conditions and the financing needs of the
Company, within a single bond issue or through several issues, within an offering
program.
CONCLUSION OF SIGNIFICANT CONTRACTS
On January 10, 2023, the Company informed the market about the signing of significant
contracts as follows:
i. An open-ended software development contract for a client in New York, USA, with
unicorn status, owning one of the largest video editing platforms for content creators
worldwide. The total value of the contract for 2022, according to the invoices issued
by the Company until January 10, 2023, was 1,707,740 lei (without VAT). The total
value of the contract cannot be determined because the contract is signed for an
indefinite period of time.
ii. An open-ended software development contract for a US client, a private (non-
emergency) ambulance medical transport company in the state of Nevada. The total
value of the contract related to the 2022, according to the invoices issued by the
Company until January 10, 2023, was 1,715,638 lei (without VAT). The total value of
the contract cannot be determined because the contract is signed for an indefinite
period of time.

13
APPOINTMENT OF A CFO
On January 16, 2023, the Company informed the market about the appointment of Mr. Vlad
Deliu as Chief Financial Officer of the Company. Mr. Deliu's mandate began on 16.01.2023,
the contract being signed for an indefinite period of time. As CFO of the Company, Mr. Vlad
Deliu will be responsible for coordinating the activity of the financial department and
implementing the group's financial strategy. Alongside with the management team, he will
contribute to the global growth and expansion strategy of the Company and will be involved
in capital raising activities and future M&A transactions.
CONCLUSION OF A SIGNIFICANT CONTRACT
On January 17, 2023, the Company informed the market about the signing of a significant
contract with Espresoh Tech SRL, an affiliate wholly owned by the Company. The subject of
the contract is the development of software, Espresoh Tech acting as a subcontractor of the
Company in several contracts concluded by it. The total value of the contract related to 2022,
according to the invoices issued by the Company until January 17, 2023, is 2,170,756.31 lei
(including VAT). The total value of the contract cannot be determined because the contract is
signed for an indefinite period of time. This value represents the value of those services re-
invoiced by Espresoh Tech SRL.

14
ANALYSYS OF THE FINANCIAL RESULTS
INDIVIDUAL P&L ANALYSIS
In 2022, the operating revenue increased by 29% at the individual level, reaching 21.5 million
lei. The main contribution was the net turnover corresponding to the predominant activity
carried out, namely custom software development, which amounted to 20.4 million lei in 2022,
an 40% increase compared to 2021. The increase was determined by several factors, such as
attracting new clients, the company gaining nine new customers in 2022, adjusting rates for
existing contracts, and selling new services at higher fees. In 2022, 51% of the company's
clients came from the US.
Revenues from the production of intangible assets decreased slightly, by 3%, to 0.77 million
lei. The amount represents the internal development of the Softbinator Magic Stack. Other
operating revenues decreased by 96% to 31K lei and represent tax deductions (disability rights
fund), the sale of unused inventory items, and other discounts. In 2021, these revenues
represented the sale of assets such as servers and a sale of a car.
Operating expenses grew faster than revenues, by 47%, up to 18.6 million lei. The main
category of expenses is represented by employee expenses, which increased by 21% amid
the increase in the average number of employees, from 59 in 2021, to 63 in 2022, as well as
in the context of salary increases for existing employees, a strategic step carried out by the
company to remain competitive in the market.
Third-party expenses brought the second largest contribution to expenses, a 128% increase
compared to 2021, up to 8.1 million lei, due to higher expenses with outsourced development
services (65% of total with third parties). Of this amount, 2 million lei represent expenses
related to projects developed within the group. Also, expenses related to the Board of
Directors increased, representing 11% of the total expenses with third parties. In addition,
the company recorded increases in expenses with other third parties, such as audit, legal,
accounting, and administrative services, but also at the level of subscriptions for various work
tools, such as Slack, Google, Microsoft, etc.
Material expenses registered a 220% increase, up to 167K lei, amid the increase in expenses
for consumables and inventory items needed in carrying out the activity. These increased due
to the move of the company's headquarters in the first half of 2022 to a considerably larger
new space with a larger number of workstations. On the other hand, at the level of rent,
utilities, and maintenance expenses, a 28% decrease was recorded, reaching 558K lei, due to
the 76% reduction in the rent expenses associated with the headquarters due to the move to
the new HQ, where the company benefited for six months of free rent following the successful
negotiations.
Transportation and travel expenses increased by 363%, up to 347K lei, due to the increase in
the number of trips outside the country, representing expenses for plane tickets and
accommodation. The trips were primarily made to the USA, where the company aims to
consolidate and develop business relationships with existing and potential clients. In 2022,
over 51% of the company's clients were from the US. At the same time, in 2022, the company
was present at international events held in Europe and Asia, which targeted the professional
development of employees and the prospecting of new potential clients.
Depreciation and amortization expenses increased 89%, reaching 426K lei, amid the increase
in depreciation related to means of transport and the additional recording of certain value
adjustments on receivables. Other operating expenses decreased by 50%, to 526K lei and
include sponsorships granted to NGOs that carry out projects with an impact on the

15
development of IT-related communities (32% of the total in this category), expenses with
social contributions (disability rights fund), and the provision related to unused holiday leave.
The operating result decreased by 26%, reaching 2.9 million lei. Still, the financial income
increased by 716%, reaching 1.2 million lei, representing the income from dividends received
from the group companies following the M&A activity and income from exchange rate
differences and interest income. Financial expenses amounted to 506K lei, a 219% increase,
representing interest for the IMM Invest credit, leasing for two cars, and expenses from
exchange rate differences. These determined a positive financial result of 692K lei, compared
to a loss of 11K lei in 2021.
Thus, the gross result amounted to 3.6 million lei, down 9%, due to increasing expenses.
Considering that in 2022, the company had an income tax due to the extraordinary profit,
which did not happen again in 2022, the income tax expense in 2022 is 73% lower than in
2021. This led to a net result of 3.3 million lei, a 24% increase compared to 2021.

INDIVIDUAL PROFIT AND LOSS ACCOUNT

31.12.2021 31.12.2022 Δ%
(LEI)

Operating revenue 16,665,457 21,510,353 29%

Operating expenses 12,674,126 18,568,580 47%
Operating result 3,991,331 2,941,773 -26%
Financial result (11,791) 692,379 5972%
Total revenue 16,812,333 22,708,979 35%
Total expenses 12,832,793 19,074,827 49%
Gross result 3,979,540 3,634,152 -9%
Net result 2,630,895 3,271,171 24%

CONSOLIDATED P&L
Consolidated operating revenues generated by the group are more than double compared to
2021, amounting to 38.6 million lei, and net profit increased by 76%, reaching 5.8 million lei
compared to 2021. In 2022, half of this amount was generated by Softbinator Technologies
(an individual result of 21.5 million lei), followed by [es-pres-oh] (11.4 million lei), WiseUp
(4.1 million lei), Ixperi (2.8 million lei) and Digital Tailors (1.2 million lei). The value of the
intra-group transaction amounted to 2,4 million lei. In terms of profitability, all companies in
the group ended the year with a positive net result.
Note: Consolidated 2021 financial results include results generated by Softbinator
Technologies and WiseUp.
CONSOLIDATED PROFIT AND LOSS
31.12.2021 31.12.2022 Δ%
ACCOUNT (LEI)

Operating revenue 19,066,405 38,575,988 102%

Operating expenses 14,407,272 31,894,713 121%
Operating result 4,659,133 6,681,275 43%
Financial result 21,619 -89,687 -515%
Gross result 4,680,752 6,591,588 41%
Net result, of which: 3,300,790 5,797,791 76%
Attributable to shareholders 3,273,565 5,565,332 69%
Minority interest 27,225 232,459 754%

16
DELIVERED VS. BUDGETED RESULTS
The main difference in profit margin comes from the negative variation of the exchange rate
and the recording of slightly lower revenues at the level of specific clients compared to the
2022 budget.
INDIVIDUAL BALANCE SHEET ANALYSIS
Fixed assets increased significantly in 2022, from 5 million lei to 14.6 million lei, registering a
192% increase. The increase was primarily determined by a 218% growth of the financial
assets, which at the end of 2022 reached 12.7 million lei, following intense M&A activity, which
included the acquisition of the Digital Tailors entities (Littleland SRL and Overwatch Studios
SRL) as well as [e-spres -oh] (Espresoh Tech SRL). Intangible assets increased by 153%, up
to 1.3 million lei, 60% of the amount representing the asset related to the internally developed
product, Softbinator Magic Stack. Also, part of this amount was allocated to implementing an
ERP. Tangible fixed assets increased by 30%, reaching 650K lei, representing the fitting out
of the new headquarters, the complete equipment of an IT laboratory within the partnership
with the Faculty of Mathematics and Informatics of the University of Bucharest in October
2022, as well as two cars and other work equipment.
Current assets decreased by 5% as of December 31, 2022, reaching 8 million lei. The main
position in this category is represented by receivables, which decreased by 3%, reaching 4.3
million lei as of December 31, 2022. Cash and cash equivalents decreased by 8% due to the
increased investment and expenses, down to 3.7 million lei. Trade receivables amounted to
3.6 million lei as of December 31, 2022, a 22% increase. However, 1.5 million lei of this
amount have been collected by the time of publication of this report. Other receivables
increased by 471%, reaching 681K lei, representing 86% of the total VAT to be recovered, as
well as other amounts such as medical leave and profit tax.
Liabilities increased by 246%, reaching 10.1 million lei as of December 31, 2022, from 2.9
million lei, driven by a 102% increase in current liabilities, which reached 5.2 million lei. The
main position in the current liabilities category is represented by other current liabilities, which
reached 3 million lei, an 86% increase. These represent tax expenses, salaries related to
December 2022, which were paid in January 2023, lease installments for 2023, and debts
related to M&A activity due in 2023. The significant increase, of 12,126%, at the level of
liabilities with affiliated companies, amounting to 1.1 million lei, represents the liabilities
related to joint projects.
Current bank liabilities are stable and are approximately at the same level as of January 1,
2022, with a value of 817K lei. These represent the IMM Invest credit line, worth 750K lei,
and a credit card and leasing interest related to 2023.
Non-current liabilities increased by 1880%, reaching 4.6 million lei as of December 31, 2022.
The main position in the category of non-current liabilities is represented by other non-current
liabilities, amounting to 2.5 million lei, representing the liabilities related to the acquisitions of
Digital Tailors and [e-spres-oh], due in 2024. The other position, bank liabilities, amounting
to 2.2 million lei, an 827% increase, represents the IMM Invest credit line of 2 million lei and
installments on long-term car leasing contracts. Regarding the provisions, as of December 31,
2022, they reached 211K lei, a 103% increase, representing the provision for unused holiday
leave and employee bonuses for 2022.
Equity increased by 19%, reaching 12.8 million lei as of December 31, 2022. The difference
was determined by a 900% increase in subscribed and paid-up capital, which grew from 103K
lei to 1 million lei due to the capitalization of profits from recent years. The share premiums
remained constant, amounting to 1.7 million lei, representing the issue premiums for the
acquisition of WiseUp, while the legal reserve increased to 955K lei.

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 INDIVIDUAL BALANCE SHEET INDICATORS (LEI) 31.12.2021 31.12.2022 Δ%

Fixed assets 5,000,353 14,625,127 192%

Current assets 8,474,515 8,017,136 -5%
Pre-paid expenses 177,002 270,857 53%
TOTAL ASSETS 13,651,870 22,913,120 68%
Current liabilities 2,579,902 5,201,706 102%
Non-current liabilities 233,629 4,624,987 1880%
Provisions 103,975 211,418 103%
Total liabilities 2,917,506 10,107,585 246%
Equity 10,734,364 12,805,535 19%
TOTAL EQUITY AND LIABILITIES 13,651,870 22,913,120 68%

CONSOLIDATED BALANCE SHEET

At the consolidated level, total assets amounted to 27 million lei as of December 31, 2022, an
83% increase compared to December 31, 2021. Softbinator Technologies had the largest
contribution to this category, followed by [e-spres-oh], WiseUp, Ixperi, and Digital Tailors.
At the level of liabilities, these amounted to 11 million lei, of which 10.1 million lei are current
and non-current liabilities of Softbinator Technologies. The remaining amount represents, in
principle, other current liabilities of the entities in the group, including salaries and taxes due
as of December 31, 2022. As for equity, it reached 16 million lei as of December 31, 2022,
and the primary contribution, of 12.8 million lei, is brought by Softbinator Technologies.

CONSOLIDATED BALANCE SHEET INDICATORS (LEI) 31.12.2021 31.12.2022 Δ%

Fixed assets 5,337,596 14,513,153 172%

Current assets 9,184,743 12,127,451 32%
Pre-paid expenses 177,793 315,935 78%
TOTAL ASSETS 14,700,132 26,956,538 83%
Current liabilities 2,855,794 5,953,815 108%
Non-current liabilities 317,209 4,666,160 1371%
Provisions 122,822 330,338 169%
Total liabilities 3,295,825 11,019,787 234%
Equity of which: 11,404,306 15,936,751 40%
Minority interest 27,229 232,463 754%
TOTAL EQUITY AND LIABILITIES 14,700,132 26,956,538 83%

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INDIVIDUAL PROFIT AND LOSS
ACCOUNT
PROFIT AND LOSS ACCOUNT (LEI) 31.12.2021 31.12.2022 Δ%

Operating revenue, of which: 16,665,457 21,510,353 29%

Net turnover, of which: 15,131,375 20,705,977 37%
Net turnover corresponding to the predominant
14,539,644 20,383,526 40%
activity
Revenue from the production of intangible assets 794,935 773,680 -3%
Other operating revenues 739,147 30,696 -96%
Operating expenses, of which: 12,674,126 18,568,580 47%
Materials expenses 52,056 166,680 220%
Expenses with rents, utilities, maintenance 776,303 558,127 -28%
Transportation and travel expenses 75,058 347,230 363%
Third party expenses 3,567,686 8,145,428 128%
Personnel expenses 6,930,615 8,399,131 21%
Depreciation expense and amortization 225,204 425,567 89%
Other operating expenses 1,047,204 526,417 -50%
Operating result 3,991,331 2,941,773 -26%
Financial income 146,876 1,198,626 716%
Financial expenses 158,667 506,247 219%
Financial result (11,791) 692,379 5972%
Total revenues 16,812,333 22,708,979 35%
Total expenses 12,832,793 19,074,827 49%
Gross result 3,979,540 3,634,152 -9%
Income tax/other taxes 1,348,645 362,981 -73%
Net result 2,630,895 3,271,171 24%

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INDIVIDUAL BALANCE SHEET
BALANCE SHEET (LEI) 01.01.2022 31.12.2022 Δ%

Fixed assets, of which: 5,000,353 14,625,127 192%

Intangible assets 514,585 1,300,326 153%
Tangible assets 500,923 649,605 30%
Financial assets 3,984,845 12,675,196 218%
Current assets, of which: 8,474,515 8,017,136 -5%
Receivables 4,409,494 4,278,306 -3%
Trade receivables 2,923,254 3,576,042 22%
Receivables with affiliated companies 167,071 21,674 -87%
Receivables representing dividends distributed during the
1,200,000 - -100%
financial year
Other receivables 119,169 680,590 471%
Cash and cash equivalents 4,065,021 3,738,830 -8%
Pre-paid expenses 177,002 270,857 53%
TOTAL ASSETS 13,651,870 22,913,120 68%
Current liabilities, of which: 2,579,902 5,201,706 102%
Third party providers 117,511 253,530 116%
Liabilities with affiliated companies 8,836 1,080,265 12126%
Bank liabilities 815,619 817,190 0%
Other current liabilities 1,637,936 3,050,721 86%
Non-current liabilities, of which: 233,629 4,624,987 1880%
Bank liabilities 233,629 2,165,968 827%
Other non-current liabilities - 2,459,019 100%
Provisions 103,975 211,418 103%
Total liabilities 2,917,506 10,107,585 246%
Equity, of which: 10,734,364 12,805,535 19%
Subscribed and paid-up share capital 102,669 1,026,690 900%
Share premium 1,747,331 1,747,331 0%
Legal reserves 20,534 955,147 4552%
Gains related to equity instruments 5,990,000 5,990,000 0%
The profit or loss carried forward 258,069 - -100%
Profit or loss for the period 2,630,895 3,271,171 24%
Distributed profit 15,134 184,804 1121%
TOTAL EQUITY AND LIABILITIES 13,651,870 22,913,120 68%

20
 SIMPLIFIED CONSOLIDATED PROFIT AND LOSS ACCOUNT
SOFTBINATOR IXPERI
PROFIT AND LOSS ACCOUNT 31.12.2022 WISE TECH ESPRESSO LITTLELAND OVERWATCH
TECHNOLOGIES PRODUCT Consolidated
(LEI) UNIT SRL TECH SRL SRL STUDIOS SRL
SA DESIGN SRL
Operating revenues 21,510,353 4,108,571 2,749,070 11,363,969 228,829 972,696 38,575,988
Operating expenses 18,568,579 3,850,832 1,731,318 9,213,850 43,914 843,720 31,894,713
Operating result 2,941,774 257,739 1,017,752 2,150,119 184,915 128,976 6,681,275
Financial result 692,379 2,539 (60,974) 5,199 - (736) (89,687)
Gross result 3,634,153 260,278 956,778 2,155,318 184,915 128,240 6,591,588
Net result of which: 3,271,172 219,783 929,836 1,808,199 178,187 118,708 5,797,791
Attributable to shareholders 3,271,172 219,783 697,377 1,808,199 178,187 118,708 5,565,332
Minority interest - - 232,459 - - - 232,459

SOFTBINATOR IXPERI OVERWATCH

PROFIT AND LOSS ACCOUNT 31.12.2021 WISE TECH ESPRESSOH LITTLELAND
TECHNOLOGIES PRODUCT STUDIOS SRL Consolidated
(LEI) UNIT SRL TECH SRL * SRL *
SA DESIGN SRL *

Operating revenues 16,665,456 2,090,127 732,144 7,585,089 165,204 694,586 19,066,405

Operating expenses 12,674,127 1,419,598 611,126 7,328,897 3,070 521,130 14,407,272
Operating result 3,991,329 670,529 121,018 256,192 162,134 173,456 4,659,133
Financial result (11,791) 33,158 252 16,121 - 38 21,619
Gross result 3,979,538 703,687 121,270 272,313 162,134 173,494 4,680,752
Net result of which: 2,630,893 684,739 108,901 220,783 157,276 167,382 3,300,790
Attributable to shareholders 2,630,893 684,739 81,676 220,783 157,276 167,382 3,273,565
Minority interest - - 27,225 - - - 27,225

*
Not consolidated in 2021, figures provided for comparative and informational purposes only.

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 SIMPLIFIED CONSOLIDATED BALANCE SHEET
IXPERI
SOFTBINATOR OVERWATCH
WISE TECH PRODUCT ESPRESSO LITTLELAND
BALANCE SHEET AS OF 30.12.2022 (LEI) TECHNOLOGIES STUDIOS Consolidated
UNIT SRL DESIGN TECH SRL SRL
SA SRL
SRL
Fixed assets 14,625,127 308,654 129,688 100,608 - 6,733 14,513,153
Current assets 8,017,136 911,075 974,367 2,956,394 204,801 240,637 12,127,451
Pre-paid expenses 270,857 13,048 7,834 17,714 - 6,482 315,935
TOTAL ASSETS 22,913,121 1,232,777 1,111,889 3,074,717 204,801 253,853 26,956,538
Current liabilities 5,201,707 940,729 164,321 1,202,081 26,372 128,270 5,953,815
Non-current liabilities 4,624,987 41,173 - - - - 4,666,160
Provisions 211,418 30,854 17,716 63,716 - 6,634 330,338
Income in advance 69,474 - - - - - 69,474
Total liabilities 10,107,586 1,012,756 182,037 1,265,797 26,372 134,904 11,019,787
Equity of which: 12,805,535 220,021 1,162,310 1,808,920 178,428 118,949 15,936,751
Minority interest - - 232.463 - - - 232.463
TOTAL EQUITY AND LIABILITIES 22,913,121 1,232,777 1,344,348 3,074,717 204,801 253,853 26,956,538

IXPERI
SOFTBINATOR OVERWATCH
WISE TECH PRODUCT ESPRESSOH LITTLELAND
BALANCE SHEET AS OF 30.12.2021 (LEI) TECHNOLOGIES STUDIOS Consolidated
UNIT SRL DESIGN TECH SRL* SRL *
SA SRL *
SRL
Fixed assets 5,000,353 381,900 129,688 87,408 - 2.104 5,337,596
Current assets 8,474,515 665,841 211,458 1,057,435 232,384 260,626 9,184,743
Expenses registered in advance 177,002 791 - 12,728 - - 177,793
TOTAL ASSETS 13,651,871 1,048,532 341,146 1,157,572 232,384 262,731 14,700,132
Current liabilities 2,579,903 261,122 232,234 583,728 1,674 25,094 2,855,794
Non-current liabilities 233,629 83,580 - - - - 317,209
Provisions 103,975 18,847 - - - - 122,822
Total liabilities 2,917,507 363,549 232,234 583,728 1,674 25,094 3,295,825
Equity of which: 10,734,364 684,982 136,140 573,843 230,710 237,636 11,404,306
Minority interest - - 27.229 - - - 27.229
TOTAL EQUITY AND LIABILITIES 13,651,871 1,048,532 368,375 1,157,571 232,384 262,730 14,700,132
*
Not consolidated in 2021, figures provided for comparative and informational purposes only.

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DECLARATION OF THE BOARD OF
DIRECTORS
Bucharest, February 22, 2023

The undersigned, Andrei Pitis, as a representative of the Chairman of the Board of Directors
of Softbinator Technologies SA, a company headquartered in Bucharest, Costache Negri 1-5
Street, 4th Floor, District 5, unique registration code 38043696, serial number at the Trade
Registry Office J40/13638/2017, I declare on my own responsibility, knowing the provisions
of art. 326 of the new Criminal Code regarding the false statements, the following:
● To the best of my knowledge, the accounting reporting has been prepared in
accordance with the applicable accounting standards and provides a fair and consistent
image of the Company’s assets, liabilities, financial position, profit and loss account;
● To the best of my knowledge, the Preliminary Report for 2022, submitted to the capital
market operator - BVB - as well as to the Financial Supervisory Authority, presents
correctly and completely the information about the Company.

Andrei PITIS
Representative of Simple Advisers SRL, Chairman of the Board of Directors

23