R22 will create an impairment loss that will reduce the Group’s operating profit in the fourth quarter of 2021 by PLN 2.2 million.

The Board of Directors of R22 decided to create a partial write-off of the goodwill recognized upon the acquisition of Blugento and the “Blugento Platform” program – R22 announced in a release. Recognition of the impairment loss will reduce the Group’s operating profit for the fourth quarter of 2021 by PLN 2.2 million and the net profit attributable to the parent company by PLN 1 million.

R22 stated that the write-off does not affect the EBITDA result, and due to its non-cash nature, it does not affect cash flows, and the decision to write off is associated with a change in the Group’s strategy in the field of providing tools for operating online stores in the SaaS model.

“R22 Group assumes in its strategy the development of tools based on open source solutions, in particular WooCommerce, as part of the subsidiary cyber_Folks SA, in which the company holds a 100% share in the capital. Thus, the company plans to reduce spending on software development + platform Blugento + Based on Magento” – it was written.

Currently, the group has 45.84 percent. Share in the share capital of Blugento. (PAP Biznes)

Doaa / Anna /