Zagreb Stock Exchange Group

Consolidated unaudited financial results for

$01/01/2017 - 30/06/2017$

31 July 2017

1		INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 01/01/2017 AND 30/06/2017 1
	1.1	Significant business events of the Group in the period between 01/01/2017 and 30/06/2017 1
	1.2	Expected future development of the Group
	1.3	Research & Development activities
	1.4	Information on repurchase of own shares
	1.5	Zagreb Stock Exchange Group
	1.6	Financial instruments used by the Group
	$1.7\,$	Group's objectives and policies related to financial risk management
	1.8	Group's exposure to price risk, credit risk, liquidity risk and cash flow risk
	1.9	Statement of transactions and transfers within the Group and between the Group and its shareholders 4
	1.10	Statement of events which might have an adverse effect on Group operations
	1.11	Business results for 01/01/2017 - 30/06/2017
$\overline{2}$		Declaration of responsibility for the preparation of financial statements
		Consolidated unaudited financial statements of the Company for 01/01/2017 - 30/06/2017

$\mathbf{1}$ INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 01/01/2017 AND 30/06/2017

$1.1$ Significant business events of the Group in the period between 01/01/2017 and 30/06/2017

In the first half of 2017, the Zagreb Stock Exchange Group (hereinafter: the Group) recorded the following significant business events:

The Zagreb Stock Exchange conducted a guided simulation on the Xetra trading system with all members of the Exchange within the scope of preparations to migrate to the new trading system.
The second workshop related to the establishment of the SME Growth Market platform was held to present its Concept Report. The workshop involved participation of EBRD representatives, as well as those of potential issuers, investment companies and investors.
The first campaign raising funding for Solin-based company Include was successfully completed, raising more than EUR 406,000 or more than planned.
The Ljubliana Stock Exchange has become the operator of SI ENTER multilateral trading facility, which admits to trading the shares of such issuers that are not listed on the regulated market and which, in the opinion of the Liubliana Stock Exchange and its members firms, may draw trading interest.
The first international SEE Link Conference was held in Belgrade, gathering more than 70 participants from Croatia, Bulgaria, Macedonia, Serbia, Slovenia, Montenegro, and Bosnia and Herzegovina.
The 4^th Investment Days of the Zagreb and the Ljubljana Stock Exchange enlisted the participation of eight Slovenian and seven Croatian issuers, holding 198 one-on-one and group meetings with investors from seven countries in two days.
The 8^th course of annual education for the companies whose shares are listed on the Zagreb $\ddot{\phantom{a}}$ Stock Exchange's regulated market was held under the auspices of the Croatian Financial Services Supervisory Agency, the Central Depository and Clearing Company and the Zagreb Stock Exchange.
A fund-raising campaign for Sense Consulting raised EUR 666,000 via the Funderbeam SEE platform, with a second campaign launched in a bid to raise funding for the company named Aspida.
The Zagreb Stock Exchange and KPMG Croatia held a joint conference aimed at presenting Progress - a new Zagreb Stock Exchange trading platform designed for small and medium-sized companies (SMEs).
After using the Nasdaq X-stream trading system for 10 years, the Zagreb Stock Exchange has completed the migration of its trading to the new Xetra trading system. The decision to switch to another trading system was motivated by cost cutting in view of the need to reduce dependence on the provider for system upgrades, lower costs related to compliance with regulatory requirements, harmonisation of the trading method with other European markets, greater probability of remote membership and entry of new investors in the market, as well as by the wish for both markets managed by the Zagreb Stock Exchange to trade on the same system.
The ZSE Trading Monitor application has enabled its users insight into trading and data for the Ljubljana Stock Exchange in addition to those for the Zagreb Stock Exchange.
The Ljubljana Stock Exchange has formally joined the SEEIink platform. In cooperation with the Belgrade Stock Exchange, it has organised an event which gathered all major investment companies from the entire region in which the SEEIink is active.
The 34^th Financial Conference, organised by the financial daily Finance and the Ljubljana Stock Exchange, outshone all previous ones by the number of participants and real sector companies, as well as by its programme and organisational efforts.
The Ljubljana Stock Exchange also participated at the BNI conference at which various opportunities financing for SMEs were presented.
Following a break of several years, the Ljubljana Stock Exchange again organised a webcast attended by seven top-tier issuers and 51 investors from around the globe.
Its activities also included the first joint gathering of the Securities Market Agency (SI. abbreviation ATVP), the Central Clearing Depository Company (KDD) and the Ljubljana Stock Exchange, aimed at all capital market participants in Slovenia, at which novelties within the scope of business of its organisers were presented.

$1.2$ Expected future development of the Group

In the second half of 2017, the Group will continue to work on the projects launched earlier while focusing on the implementation of the new Progress trading platform, intended for SMEs.

The Zagreb Stock Exchange will work actively on completing the LEI service accreditation project while initiating the procedure of registration to become an Approved Publication Arrangement (APA) service provider.

A new wave of fund-raising campaigns using the Funderbeam SEE platform is expected by the end of 2017.

Research & Development activities $1.3$

The Group invests constant efforts into developing and improving the trading platform and associated external services.

$1.4$ Information on repurchase of own shares

As at 30 June 2017, the companies in the Group held no own shares. They did not acquire own shares between 1 January 2017 and 30 June 2017.

$1.5$ Zagreb Stock Exchange Group

SEE Link d.o.o., a company domiciled in Skopje. The issued share capital of SEE LINK is EUR 80,000, in which the Zagreb Stock Exchange, Inc. participates with 33.33 %.

The Ljubliana Stock Exchange, Inc., a company domiciled in Ljubliana. The issued share capital of the Ljubljana Stock Exchange is EUR 1,401,000, in which the Zagreb Stock Exchange, Inc. participates with 100 %.

Funderbeam South East Europe d.o.o., a company domiciled in Zagreb. The issued share capital of Funderbeam South East Europe d.o.o. is EUR 20,000, and the Zagreb Stock Exchange, Inc. participates with 20 %.

1.6 Financial instruments used by the Group

The Group is fully funded by its own capital. The financial instruments the Group invests in are investment funds (money market and bond funds) and deposits (sight and fixed-term deposits).

$1.7$ Group's objectives and policies related to financial risk management

All employees of the companies in the Group, including their Management and Supervisory Board, are involved in the implementation of internal control and risk management systems.

The companies in the Group manage risks, including financial risks, particularly through cooperation and coordination of two mutually independent control functions that exist at Zagreb Stock Exchange and Ljubljana Stock Exchange: monitoring of compliance with relevant regulations and internal audit function.

$1.8$ Group's exposure to price risk, credit risk, liquidity risk and cash flow risk

The companies in the Group, Zagreb Stock Exchange and Ljubljana Stock Exchange, place their excess cash on deposits and invest in open-end money market and bond investment funds. Their investments are carried at fair value. Zagreb Stock Exchange and Ljubljana Stock Exchange mitigate the price risk by diversifying their portfolio of open-end investment funds by investing in different types of funds managed by different fund management companies, and by investing in low-risk funds.

SEE Link and Funderbeam SEE are not exposed to the risks mentioned in this paragraph.

The companies in the Group have no loans received, rather their cash and financial assets exceed substantially the liabilities of the companies in the Group; consequently, their liquidity position is satisfactory.

$1.9$ Statement of transactions and transfers within the Group and between the Group and its shareholders

The Group confirms that there were no transactions within the Group and between the Group and its shareholders in excess of EUR 100,000 in the first half of 2017.

1.10 Statement of events which might have an adverse effect on Group operations

The event which had a relatively unfavourable impact on the Zagreb Stock Exchange business in terms of its impact on the total share turnover, and consequently reduced commissions income, was the suspension of trading in shares of the companies which are part of the Agrokor concern (Ledo, Belje, Jamnica, Vupik, Zvijezda, Tisak, PIK-Vinkovci and Žitnjak) as of 2 May 2017. In April 2017, turnover in those shares totalled HRK 180,878,881.23, accounting for 41% of the total share turnover. A comparison of the turnover for April 2017 with May and Jue 2017 reveals a decline in regular turnover by 64.9 % and 57.7 %, respectively.

1.11 Business results for 01/01/2017 - 30/06/2017

The Group operating income totalled HRK 13,334,914 in the first half of 2017, representing an increase by 22 % year-on-year. Following a turnover increase on both markets, commissions income rose by 48.5%. The income categories recording an increase include LEI assignment income (+52.1%), OTC transaction reporting fees (+6.7%), data dissemination income (+3.8%) and other operating income (+74 %).

The steepest income decline was that in API membership (-5.8%), listing fees (-1.2%) due to fewer new securities listings on the two Exchanges and equipment rental income (-3.5 %).

In the first half of 2017, total operating expenses rose 4.4 % year-on-year to stand at HRK 13,646,626. Software costs (-13.3 %), office rental expenses (-18.2 %) and the depreciation charge (-11.8 %) were reduced. An increase was recorded in staff costs (+8.5 %), administrative fees (+14.6 %) and other operating expenses (+38.2 %).

The Group financial income for the first half of 2017 rose 18.7% year-on-year, whereas financial expenses decreased by 22 %.

In the year under review, the Group had a total loss of HRK 294,332, or HRK 1,981 thousand less than a year ago. The operating profit increased for depreciation was HRK 636 thousand.

$\overline{2}$ Declaration of responsibility for the preparation of financial statements

The financial statements of the Group prepared for the period between 01/01/2017 and 30/06/2017 give a fair and true account of facts in accordance with the International Standards of Financial Reporting and the Croatian Accounting Act.

Consolidated financial statements for the period between 01/01/2017 and 30/06/2017 give an objective, complete and true statement of assets and liabilities, financial position and operations of the Group.

The management report for the first half of 2017 contains a true and fair view of the development and results of operations, with a description of the principal risks and uncertainties to which the Group is exposed.

Ana Gažič Tomislav Gračan President of the Management Board ember of the Management Board ZAGREBA

Contact Zagreb Stock Exchange, Inc. Ivana Lučića 2a/22 10000 Zagreb Croatia

Phone number: +385/1468 6806 E-mail: [email protected]

Consolidated unaudited financial statements of the Company for $01/01/2017 - 30/06/2017$

$\mathcal{L}(\mathcal{A})$ and $\mathcal{L}(\mathcal{A})$

$\mathcal{L}^{\text{max}}{\text{max}}$ , where $\mathcal{L}^{\text{max}}{\text{max}}$

Annex 1.
Reporting period		1.1.201 to 6	30.6.2017

Quarterly financial report TFI-POD
Tax number (MB):	3749606
Company registration number 080034217 (MBS):
Personal identification number	84368186611
$(OIB)$ : Issuing company:	ZAGREBAČKA BURZA d.d.
Postal code and place	10000	Zagreb
Street and house number:	Ivana Lučića 2a
E-mail address:
Internet address
Municipality/city code and name	133 ZAGREB
County code and name	21 GRAD ZAGREB		Number of 23 employees:
Consolidated report:	YES		(period end) NKD code: 6611
Companies of the consolidation subject (according to		Seat:
IFRS):			MB:
LJUBLJANSKA BORZA d.d. LJUBLJANA 5316081







Bookkeeping service:	03603946	DATA-LINK d.o.o.
Contact person:	POPOVIĆ MAJA
Telephone:	(only surname and name) 016389309	Telefaks:	013822700
E-mail address:	[email protected]
Family name and name:	Gažić Ivana, Gračan Tomislav
	(person authorized to represent the company)
			ČKA BURZA d.d. Zagreb ZAGREB $(signa)$ fure of the person authorized to represent the

Balance Sheet as of 30.06.2017.
Company: ZAGREBAČKA BURZA d.d.
Position	AOP	Previous period	Current period
1	$\mathbf{z}$	з	4
ASSETS
A) RECEIVABELS FOR SUBSCRIBED NOT PAID CAPITAL	001	0	0
B) NON-CURRENT ASSETS (003+010+020+029+033)	002	15.904.958	14.919.732
I. INTANGIBLE ASSETS (004 do 009)	003	4.365.123	3.526.078
1. Expenditure for development	004	0	0
2. Concessions, patents, licenses, trademarks, service marks, software and other rights	005	3.092.734	2.176.168
3. Goodwill	006	1.182.768	1.166.065
4. Advances for purchase of intangible assets	007	0	0
5. Intangible assets in progress	008	89.621	183.845
6. Other intangible assets	009	0	0
II. PROPERTY, PLANT AND EQUIPMENT (011 do 019)	010	10.435.113	10.308.965
1. Land	011	0	0
2. Buildings	012	9.315.406	8.931.800
3. Plant and equipement	013	1.095.382	1.222.311
4. Tools, working inventory and transportation assets	014	0	0
5. Biological assets	015	0	0
6. Advances for purchase of tangible assets	016	0	٥
7. Tangible assets in progress	017	0	130.529
8. Other tangible assets	018	24.325	24.325
9. Investment in real-estate	019	0	0
III. NON-CURRENT FINANCIAL ASSETS (021 do 028)	020	819.428	650.784
1. Share in related parties	021	٥	0
2. Loans to related parties	022	0	O
3. Participating interests (shares)	023	197.125	48,436
4. Loans to companies with participating interest	024	0	22.220
5. Investments in securities	025	196.861	196.861
6. Loans, deposits, etc.	026	249.890	249.890
7. Other non-current financial assets	027	2.878	2.838
8. Equity-accounted investments	028	172.674	130.539
IV. RECEIVABLES (030 do 032)	029	139.744	111.612
1. Receivables from related parties	030	0	0
2. Receivables arising from sales on credit	031	0	0
3. Other receivables	032	139.744	111.612
V. DEFERRED TAX ASSET	033	145.550	322.293
C) CURRENT ASSETS (035+043+050+058)	034	32.451.146	30.046.975
I. INVENTORIES (036 do 042)	035	15.448	13.302
1. Raw materials and supplies	036	0	0
2. Production in progress	037	0	0
3. Finished products	038	0	0.
4. Merchandise	039	15.448	13.302
5. Advances for inventories	040	0	0
6. Long term assets held for sale	041	0	0
7. Biological assets	042	0	0
II. RECEIVABLES (044 do 049)	043	2.352.716	2.755.056
1. Receivables from related parties	044	0	0.
2. Receivables from end-customers	045	1.773.691	1.952.240

3. Receivables from participating parties	046	0	0
4. Receivables from employees and members of the company	047	3.434	9.295
5. Receivables from government and other institutions	048	90.646	414.370
6. Other receivables	049	484.945	379.151
III. CURRENT FINANCIAL ASSETS (051 do 057)	050	28.962.074	26.191.276
1. Share in related parties	051	0	0
2. Loans to related parties	052	0	0
3. Participating interests (shares)	053	0	0
4. Loans to companies with participating interest	054	0	0
5. Investments in securities	055	0	0
6. Loans, deposits, etc.	056	28.962.074	26.191.276
7. Other financial assets	057	0	0
IV. CASH AND CASH EQUIVALENTS	058	1.120.908	1.087.341
D) PREPAYMENTS AND ACCRUED INCOME	059	2.764.050	3.008.263
E) TOTAL ASSETS (001+002+034+059)	060	51.120.154	47.974.970
F) OFF BALANCE SHEET ITEMS	061	0	0
EQUITY AND LIABILITIES
A) ISSUED CAPITAL AND RESERVES (063+064+065+071+072+075+078)	062	44.243.602	41.861.427
I. SUBSCRIBED SHARE CAPITAL	063	46.357.000	46.357.000
II. CAPITAL RESERVES	064	0	0
III.RESERVES FROM PROFIT (066+067-068+069+070)	065	14.001.181	14.001.181
1. Legal reserves	066	141.000	141.000
2. Reserve for own shares	067	13.860.181	13.860.181
3. Treasury shares and shares (deductible items)	068	0	0
4. Statutory reserves	069	0	0
5. Other reserves	070	0	0
IV. REVALUATION RESERVES	071	6.789	-582.018
V. RETAINED EARNINGS OR LOSS CARRIED FORWARD (073-074)	072	-13.845.404	-17.620.404
1. Retained earnings	073	0	0
2. Loss carried forward	074	13.845.404	17.620.404
VI. NET PROFIT OR LOSS FOR THE PERIOD (076-077)	075	$-2.275.964$	-294.332
1. Net profit for the period	076	0	0
2. Net loss for the period	077	2.275.964	294.332
VII. MINORITY INTEREST	078	0	0
B) PROVISIONS (080 do 082)	079	0	0
1. Provisions for pensions, severance pay and similar libabilities	080	0	0
2. Provisions for tax liabilities	081	0	0
3. Other provisions	082	0	0
C) NON-CURRENT LIABILITIES (084 do 092)	083	0	140.540
1. Liabilites to related parties	084	0	0
2. Liabilities for loans, deposits, etc.	035	0	0
3. Liabilities to banks and other financial institutions	086	0	140.540
4. Liabilities for advances	037	0	0
5. Trade payables	088	0	0
6. Commitments on securities	089	0	0
7. Liabilities to companies with participating interest	090	0	0
8. Other non-current liabilities	091	0	0
9. Deferred tax liabilities	092	0	0
D) CURRENT LIABILITIES (094 do 105)	093	1.597.923	2.326.259
1. Liabilites to related parties	094	0	0.
2. Liabilities for loans, deposits, etc.	095	0	0
3. Liabilities to banks and other financial institutions	096	0	29.766

4. Liabilities for advances	097	5.474	15.693
5. Trade payables	098	746.341	1 194.477
6. Commitments on securities	099	0	0
7. Liabilities to companies with participating interest	100	0	0
8. Liabilities to emloyees	101	399.089	429.075
9. Taxes, contributions and similar liabilities	102	439.022	648.621
10. Liabilities arising from share in the result	103	0	0
11. Liabilities arising from non-current assets held for sale	104	0	٥
12. Other current liabilities	105	7.997	8.627
E) ACCRUED EXPENSES AND DEFERRED INCOME	106	5.278.629	3.646.744
F) TOTAL EQUITY AND LIABILITIES (062+079+083+093+106)	107	51.120.154	47.974.970
G) OFF BALANCE SHEET ITEMS	108	0	Ω
ADDITION TO BALANCE SHEET (only for consolidated financial statements)
ISSUED CAPITAL AND RESERVES
1. Attributable to majority owners	109	44.243.602	41.861.427
2. Attributable to minority interest	110	0	0

period 01.01.2017. to 30.06.2017. Company: ZAGREBAČKA BURZA d.d. Previous Previous Current Current AOP Position period period period period Cummulative Cummulative Quarter Quarter 2 3 4 5 6 1 13.334.914 6.539.045 I. OPERATING INCOME (112 do 113) 111 10.938.501 5.418.366 5.293.375 11.956.206 5.638.455 112 10.640.713 1. Rendering of services 113 297.788 124.991 1.378.708 900.590 2. Other operating income II. OPERATING COSTS (115+116+120+124+125+126+129+130) 13.069.443 6.791.287 13.646.626 7.216.367 114 1. Change in inventories of work in progress 115 ٥ 0 0 0 5.457.092 2.848.687 5.468.103 3.141.173 2. Material expenses (117 do 119) 116 a) Costs of raw materials 392.314 196.285 11.7 342.849 156.404 b) Cost of goods sold 4.057 507 118 4.057 195 5.110.186 2.688.226 5.075.282 2.944.693 c) Other material expenses 119 3. Employee benefits expenses (121 do 123) 120 4.611.158 2.346.636 4.789.582 2.352.663 121 2.986.810 1.518.944 3.178.002 1.543.715 a) Net salaries b) Tax and contributions from salary expenses 122 1.215.927 620.202 1.211.212 605.457 400.368 203.491 c) Contributions on salary 123 408.421 207.490 4. Depreciation and amortisation 947.706 477.668 124 1.090.493 548.154 125 1.828.492 967.130 2.244.338 1.105.493 5. Other expenses 6. Write down of assets (127+128) 78.712 78.712 15.638 15.638 126 $\Omega$ a) non-current assets (except financial assets) 127 0 0 0 b) current assets (except financial assets) 78.712 78.712 15.638 15.638 128 7. Provisions 129 ٥ 0 0 0 1.968 181.259 123.732 8. Other operating costs 130 3.496 371.558 186.980 441.168 238.795 III. FINANCIAL INCOME (132 do 136) 131 1. Interest, foreign exchange differences, dividens and similar 851 132 142.638 87.075 1.111 income from related parties 2. Interest, foreign exchange differences, dividens and similar 80.773 133 209.907 89.836 150.041 income from third parties 3. Income from investments in associates and joint ventures 0 134 o 0 0 4. Unrealised gains (income) from financial assets 5.213 157.159 135 14.157 288.860 4.856 4.856 136 1.156 5. Other financial income IV. FINANCIAL EXPENSES (138 do 141) 497.347 117.482 386.694 160.740 137 1. Interest, foreign exchange differences, dividens and similar 114.795 5.145 1.698 138 451.702 income from related parties 2. Interest, foreign exchange differences, dividens and similar 307.160 135.717 139 45.633 2.687 income from third parties 3. Unrealised losses (expenses) from financial assets 0 0 0 140 0 74 389 4. Other financial expenses 141 12 0 V. SHARE OF PROFIT FROM ASSOCIATED COMPANIES 0 0 0 142 10.143 VI. SHARE OF LOSS FROM ASSOCIATED COMPANIES 20.021 38 159 143 VII. EXTRAORDINARY - OTHER INCOME 144 788 80 1.065 1.065 VIII. EXTRAORDINARY - OTHER EXPENSES ٥ 0 145 0. 5.605.426 13.777.147 IX. TOTAL INCOME (111+131+144) 146 11.310.847 14.071.479 X. TOTAL EXPENSES (114+137+143+145) 147 13.586.811 6.918.912 -2.275.964 $-1.313.486$ -294.332 XI. PROFIT OR LOSS BEFORE TAXES (146-147) 148 1. Profit before taxes (146-147) 149 0 0 0 2. Loss before taxes (147-146) 2.275.964 294.332 1.313.486 150 XII. TAXATION 0 151 0 0	Income statement

12 ₂ 23.325 0. 16.595 0 6.778.905 7.393.702 -614.797 0. 614.797 0











































	XII. PROFIT OR LOSS FOR THE PERIOD (148-151)	152	$-2.275.964$	$-1.313.486$	$-294.332$	$-614.797$
1. Profit for the period (149-151) 153 0 0 0 0

2. Loss for the period (151-148)	154	2.275.964	1.313.486	294.332	614.797
ADDITION TO PROFIT AND LOSS ACCOUNT (only for consolidated
financial statements)
XIV. PROFIT OR LOSS FOR THE PERIOD
1. Attributable to majority owners	155	2.275.964	1.313.486	294.332	614.797
2. Attributable to minority interest	156	$\circ$	0	0	0
STATEMENT OF OTHER COMPREHENSIVE INCOME (only for IFRS adopters)
I. PROFIT OR LOSS FOR THE PERIOD (=152)	157	$-2.275.964$	$-1.313.486$	$-294.332$	$-614.797$
II. OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAXES (159 TO 165)	158	0	0	0	$\mathbf 0$
1. Exchange differences from international settlement	159	6.789	$\Omega$	$-582.018$	$\mathbf 0$
2. Changes in revaluation reserves of long-term tangible and intangible assets	160	0	$\Omega$	0	$\Omega$
3. Profit or loss from re-evaluation of financial assets held for sale	161	0	$\Omega$	0	0
4. Profit or loss from cash flow hedging	162	0	$\Omega$	0	0
5. Profit or loss from hedging of foreign investments	163	0	$\Omega$	$\Omega$	$\mathbf{0}$
6. Share of other comprehensive income/loss from associatied companies	164	$\Omega$	$\Omega$	$\Omega$	$\mathbf 0$
7. Actuarial gains/losses from defined benefit plans	165	O	$\Omega$	0	0
III. TAXATION OF OTHER COMPREHENSIVE INCOME FOR THE PERIOD	166	0	$\Omega$	$\Omega$	$\Omega$
IV. NET OTHER COMPREHENSIVE INCOME FOR THE PERIOD (158 TO 166)	167	6.789	0	$-582.018$	٥
V. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (157+167)	168	$-2.269.175$	$-1.313.486$	$-876.350$	$-614.797$
ADDITION TO STATEMENT OF OTHER COMPREHENSIVE INCOME (only for consolidated financial statements)
VI. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD
1. Attributable to majority owners	169	$-2.269.175$	$-1.313.486$	$-876.350$	$-614.797$
2. Attributable to minority interest	170	o	0	$\Omega$	$\Omega$

Company: ZAGREBČKA BURZA d.d. Previous period Current period Position AOP 2 з 4 1 CASH FLOWS FROM OPERATING ACTIVITIES $-2.275.964$ $-294.332$ 1. Profit before tax 001 1,090,493 947.706 2. Depreciation and amortisation 002 3. Decrease of current liabilities 003 8.268 O 1.122.352 004 585.631 4. Decrease of current receivables 5. Decrease of inventories 4.057 508 005 2.798.388 2.498.567 006 6. Other cash flow increases 2.210.873 4.274.801 I. Total increase of cash flow from operating activities 007 1. Decrease of current liabilities 3.755.005 3.673.448 008 2. Increase of current receivables 009 0 0 3. Increase of inventories 15.448 0 010 4. Other cash flow decreases 1.848.836 2.776.822 011 6 450.270 II. Total decrease of cash flow from operating activities 012 5,619,289 1.482.897 710.481 A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES 013 4.891.313 2.885.950 A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES 014 CASH FLOW FROM INVESTING ACTIVITIES 1. Proceeds from sale of non-current assets 0 0 015 37.393 329.084 2. Proceeds from sale of non-current financial assets 016 0 017 0 3. Interest received 0 0 4. Dividend received 018 2.386.703 019 16.063 5. Other proceeds from investing activities 2.715.787 53.456 III. Total cash inflows from investing activities 020 124.085 292.779 1. Purchase of non-current assets 021 O $-766$ 2. Purchase of non-current financial assets 022 8.660.013 023 1.184.837 3. Other cash outflows from investing activities 024 8.952.026 IV. Total cash outflows from investing activities 1.308.922 B1) NET INCREASE OF CASH FLOW FROM INVESTING ACTIVITIES 2.591.702 025 0 8.898.570 B2) NET DECREASE OF CASH FLOW FROM INVESTING ACTIVITIES 026 1.184.837 CASH FLOW FROM FINANCING ACTIVITIES 0 0 1. Proceeds from issue of equity securities and debt securities 027 2. Proceeds from loans and borrowings 028 0 0 3. Other proceeds from financing activities 029 0 0 V. Total cash inflows from financing activities 0 030 0. 1. Repayment of loans and bonds 031 0 0 2. Dividends paid 032 0 0 0 3. Repayment of finance lease 033 0 4. Purchase of treasury shares 034 ٥ 0 5. Other cash outflows from financing activities 035 0 0 VI. Total cash outflows from financing activities 036 0 0 $\mathbf 0$ C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES 037 0 C2) NET DECREASE OF CASH FLOW FROM FINANCING ACTIVITIES 038 0 0 298.060 039 0 Total increases of cash flows 11.074.039 Total decreases of cash flows 2.299.611 040 041 3.122.459 12.161.380 Cash and cash equivalents at the beginning of period Increase of cash and cash equivalents 042 298.060 0. 11.074.039 Decrease of cash and cash equivalents 043 2.299.611 044 1.120.908 1.087.341	Cash flow statement - indirect method period 01.01.2017. to 30.06.2017.

















































	Cash and cash equivalents at the end of period

STATEMENT OF CHANGES IN EQUITY

Position	AOP	Previous year	Current year
1	$\overline{2}$	3	4
1. Subscribed share capital	001	46.357.000	46.357.000
2. Capital reserves	002	0	0
3. Reserves from profit	003	14.001.181	14.001.181
4. Retained earnings or loss carried forward	004	$-13.845.404$	$-17.620.404$
5. Net profit or loss for the period	005	$-2.275.964$	$-294.332$
6. Revaluation of tangible assets	006
7. Revaluation of intangible assets	007
8. Revaluation of available for sale assets	008
9. Other revaliuation	009
10. Total equity and reserves (AOP 001 to 009)	010	44.236.813	42.443.445
11. Foreign exchenge differences ffrom foreign investments	011	6.789	$-582.018$
12. Current and deferred taxes	012
13. Cash flow hedge	013
14. Change of accounting policies	014
15. Correction of significant mistakes of prior period	015
16. Other changes	016
17. Total increase or decrease of equity (AOP 011 to 016)	017	6.789	-582.018

17 a. Attributable to majority owners	018	44.243.602	41.861.427
17 b. Attributable to minority interest	019	0	0

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Zagrebačka burza d.d.

2105_10-q_2017-07-31_97476236-7154-44cb-8b69-76cf224a739b.pdf