Informații ale consiliului de administrație al companiei ca răspuns la întrebările investitorilor cu privire la proiectul obținerii unei licențe de instituție monetară electronică EMI RA 78/2019

The Management Board of Aforti Holding S.A. with its registered office in Warsaw (hereinafter: „the Company”, „the Issuer”), in connection with numerous questions from Shareholders and Investors addressed to the Company regarding the project to obtain an EMI (E-Money Institution) electronic money institution license by the Issuer’s subsidiary: Aforti, UAB with its registered office in Lithuania (hereinafter: „Aforti, UAB”, „Subsidiary”), wanting to maintain the principle of equal access to information for all Investors, hereby provides answers regarding the current status of the above. project.

Aforti, UAB was established and registered in July this year. Also in July 2019, the Subsidiary submitted an application for the licensing of an EMI (E-Money Institution) electronic money institution to the Lithuanian financial market supervision institution. The issuer informed about these events in current ESPI reports: No. 16/2019 of 16.07.2019 and 17/2019 of 7/26/2019.

Then in September, the Subsidiary responded to the questions to the application, received from Lietuvos Bankas (Bank of Lithuania) – the institution supervising the Lithuanian financial market. An important event in this period was also the appointment of the new board of Aforti, UAB. It was headed by Mr. Piotr Królikowski, who has over 20 years of professional experience in banking and financial services. He started his professional career at Bank Austria Creditanstalt (Polska) S.A., continued at Svenska Handelsbanken AB, Bank Millennium S.A., Deutsche Bank PBC S.A. He was also the Vice President of the Management Board at Bank BPH and a Member of the Supervisory Board at BPH Asset Management. He also worked for such institutions as Deloitte, Provident Polska and SGB Bank S.A.
The following were also appointed to the new board: Mr Mateusz Niemczyk and Mr Paweł Opoka, who are also members of the Issuer’s management board.

The necessity to change the first management of the Subsidiary was related to the results of activities checking the manner in which the team performed its duties (hereinafter: „Associates”). As a result of this verification, significant irregularities were found, in particular in respect of compliance with the Aforti Group corporate governance and improper conduct of the entrusted project related to the procedure for obtaining an EMI electronic money license, including by concealing relevant information related to the operations of the Subsidiary, which in the opinion of the Issuer’s Management Board can be regarded as acting to the detriment of the Issuer being the sole shareholder of the Subsidiary, to the detriment of the indicated Subsidiary, as well as the entire Capital Group of the Issuer by reducing its reputation. In connection with the discovery of the above irregularities, the Issuer’s Management Board on 27.08.2019 decided to terminate, by agreement of the parties, contracts concluded with Associates.

Due to the negative actions of former Associates, the Management Board addressed to these persons a request for the return of funds improperly collected by them in the amount of approx. 500 thousand. zlotys. It should also be mentioned that former Associates exposed the Subsidiary to a potential loss in the estimated amount of approximately PLN 140,000. euro. In the event of further actions of its former Associates that will harm the good name of the Company, the Management Board will consider bringing the case to court.

Further work related to the preparation for launching operations of Aforti, UAB is being carried out according to the schedule. Currently, in Lithuania, recruitment is underway for five newly created positions in the area of: contact with the regulator and supervisory authorities of the Lithuanian financial market, monitoring of counteracting money laundering transactions (AML), IT system security management, compliance and management of the compliance area, as well as support for employed managers. The Management Board of Aforti, UAB also began negotiations related to the selection of a registered office that meets the conditions relevant to the planned operations of the Subsidiary. Work is also underway to adapt the IT infrastructure owned by the Aforti Group to the requirements of the EMI license. The process of appropriate adaptation of IT systems and programs, selection of suppliers and extension of the programming base is underway.

At the same time, talks are underway to meet the capital requirements related to EMI. This is related to the main purpose of the EGM convened by the Issuer’s Management Board, which will take place on October 22 this year. which is the planned issue of the Issuer’s shares.

The Issuer’s Management Board would like to emphasize that the process of obtaining an EMI institution license is currently carried out by a qualified and experienced team. With the change of the management of the Subsidiary, the implementation of the project gained the right pace.

In the opinion of the Company’s Management Board, the publication of this announcement will allow investors and Shareholders of the Company to obtain a more complete picture of the project. This should also translate into a better understanding by the Company’s Stakeholders of the processes necessary for the entry of the Aforti Group into further foreign markets, in accordance with the adopted development strategy of the Group.

Legal basis:
Article 17 para. 1 MAR – confidential information

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Rezoluția Consiliului de administrație privind modificarea planificată a politicii contabile a companiei în IFRS / IAS RA 77/2019

The Management Board of Aforti Holding S.A. headquartered in Warsaw (hereinafter: „the Company”, „the Issuer”), in reference to the ESPI current report No. 11/2018 dated on 05.04.2018 regarding the adoption of the „Development Strategy for the Aforti Holding Capital Group for 2018-2020”, announces that on October 16, 2019, the Management Board of the Company adopted a resolution regarding the commencement of efforts to change the market of the Issuer’s shares quotation from the Alternative Trading System NewConnect market to the regulated market, thus implementing one of the main assumptions of the abovementioned Development Strategy of the Issuer’s Capital Group.

In relation to the above, the Management Board of the Company plans to start preparing, starting from January 1, 2021, the financial statements of the Issuer and consolidated financial statements of the Issuer’s Group in accordance with the International Financial Reporting Standards (IFRS) and International Standards Accounting (IAS).
At the same time, in order to maintain transparency and increase comparability with similar domestic and foreign entities, the Company’s Management Board also plans to publish periodic financial reports of the Issuer and its Capital Group for the years 2019 – 2020 in accordance with the Polish Accounting Standard applied so far (in a comparative system) and additional information in forms of selected financial data generated in 2020 in accordance with IFRS / IAS.

In the opinion of the Issuer’s Management Board, the implementation of IAS and preparation of financial statements in accordance with IAS will facilitate the Company’s stakeholders to obtain necessary information on the financial and economic situation of the Company and the Capital Group.

Legal basis: Article 17 paragraph 1 of the MAR – confidential information

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Achiziționarea obligațiunilor din seria N43 RA 76/2019

The Management Board of Aforti Holding SA based in Warsaw („the Company”, „the Issuer”) hereby announces, that on October 14, 2019 it purchased 365 of the N43 series Bonds to redemption them.

Legal basis:
Article 3, Paragraph 1, Point 6) of the Exhibit 3 „Current and Periodical Information in the Alternative Trading System on the NewConnect market” to the Alternative Trading System Rules

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Achiziționarea obligațiunilor din seria N42 RA 75/2019

The Management Board of Aforti Holding SA based in Warsaw („the Company”, „the Issuer”) hereby announces, that on October 7, 2019 it purchased 590 of the N42 series Bonds to redemption them.

Legal basis:
Article 3, Paragraph 1, Point 6) of the Exhibit 3 „Current and Periodical Information in the Alternative Trading System on the NewConnect market” to the Alternative Trading System Rules

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Datele operaționale și de vânzări estimate ale filialelor Aforti Finance S.A., Aforti Finance Romania IFN S.A., Aforti Exchange S.A., Aforti Exchange România S.A., Aforti Collections S.A. și Aforti Factor S.A. – Septembrie 2019 RA 74/2019

The board of Aforti Holding S.A. („the Company”, „the Issuer”) headquartered  in  Warsaw hereby  announces  to  the public  the estimated operational  and  sales  results  of  Aforti  Finance  S.A., Aforti Finance Romania IFN S.A., Aforti  Exchange  S.A., Aforti  Exchange Romania S.A., Aforti Collections S.A. and Aforti Factor S.A. the Issuer’s subsidiaries for September 2019

1)    The estimated operational and sales results of Aforti  Finance S.A. for September 2019:
In September 2019 Aforti Finance S.A. granted 4 loans (decrease by 90,70%) with a total value of PLN 842,47 thousand, which is a decrease of 79,08% compared to the same month of 2018. The value of submitted applications amounted to PLN
5 822,99 thousand and that is a result lower by 82,45% compared to the same period of the previous year. In September 2019, there were filed 27 loan  applications, what in relation to the same month of 2018 is a reduction of 89,07%.

Cumulatively, after nine months of 2019, Aforti Finance SA granted 125 loans (71,40% less YoY) with total value PLN 19 033,45 thousand and it is a decrease by 57,85% compared to 2018. In the period from January to the end of September 2019, there were filed 1 083 loan applications with total value PLN 172 121,75 thousand. The number of submitted applications was reduced by 63,11%, and their total value by 53,97% in relation to the same period in the previous year.

2)    The estimated operational and sales results of Aforti Finance Romania IFN S.A. for September 2019:
In September 2019, Aforti Finance Romania IFN S.A. – an entity operating in Romania – has granted 4 loans to entrepreneurs. Its total value amounted to RON  283,54 thousand. In addition, Romanian entrepreneurs submitted 22 applications last month for a total amount of RON 3 739,36  thousand.
At the same time, after nine months of this year the Company accepted 63 loan applications with a total value of RON11 256,99 thousand. In this time were granted 11 loans with total value of RON 1 031,34 thousand.

On 31/10/2018, the Company obtained a license of a non-banking financial institution (IFN) allowing it to start operating activities.

3)    The estimated operational and sales results of Aforti Exchange S.A. for September 2019:
The currency  exchange  platform’s turnover in September 2019 reached EUR 37 502,39 thousand and was higher by 76,75% compared to the same period of the previous year.
At the same time, after nine months of the 2019, the turnover reached the level of EUR 330 404,52 thousand, an increase of 90,81% year-on-year.

4)    The estimated operational and sales results of Aforti Exchange Romania S.A. for September 2019 :
The value of trading on the currency exchange platform in Romania in September 2019 amounted to EUR 18 248,74 thousand which is an increase of 214,59% in relation to September 2018.
In the period from January to the end of September 2019, Aforti Exchange Romania S.A. recorded EUR 118 584,20 thousand of the total turnover value, which in comparison to the previous year is an increase of 243,86%.

5)    The total  estimated operational and sales data of Aforti Exchange for September 2019:
The total value of trading on the currency exchange platforms of Aforti Exchange operated in Poland and in Romania in September 2019 amounted to EUR 55 751,12 thousand, which in comparison to the same period in the previous year means an increase of 106,34%.
At the same time, cumulatively after nine months of 2019 the total value of turnover reached the level of EUR 448 988,72 thousand and it increased year-on-year by 116,23%

6)    The estimated operational and sales results of Aforti Collections S.A. for September 2019:
Nominal value of debt collection commissions on September 2019 reached PLN 20 875,76  thousand. This is an increase by 1674,67% YoY. The number of recovery orders amounted to 4 545  and was higher by 552,08% compared to September 2018. The company concluded one contract in the indicated month (lower by 80,00%).
Cumulatively, after nine months of 2019, the nominal value of the debt collection orders amounted to PLN -321 007,41 thousand, which is an increase by 2653,57% year-on-year. The number of orders also increased by 3102,95%  to 66 301. At the same time, the number of debt recovery agreements concluded after the nine months of 2019, decreased by 19,30% to 46.

7)    The estimated operational and sales results of Aforti Factor S.A. for September 2019:
In September 2019 the value of receivables financed by Aforti Factor S.A. amounted to PLN 5 057,38 thousand and was higher by 88,80% than in the previous year.
Further, after nine months current year, this value reached level of PLN 33 565,43 thousand, recording an increase of 96,45% year-on-year.

A  table  containing  estimated  additional  data,  reported  for September  2018  together  with  the  comparative  data,  can be found in an annex to the current report.

Legal basis: Article 17 paragraph 1 of the MAR  – confidential information

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