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Zagrebačka burza d.d.

Quarterly Report • Oct 19, 2017

2105_10-q_2017-10-19_b32c7f62-6185-4930-99d7-cd12661581a2.pdf

Quarterly Report

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Zagreb Stock Exchange Group

Consolidated unaudited financial results for $01/01/2017 - 30/09/2017$

19 October 2017

CONTENTS

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$\mathbf{1}$ INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 01/01/2017 AND 30/09/2017 1
1.1 Significant business events of the Group in the period between 01/01/2017 and 30/09/2017 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 01/07/2017 - 30/09/2017
$\mathbf{2}$ Declaration of responsibility for the preparation of financial statements
Consolidated unaudited financial statements of the Company for 01/01/2017 - 30/09/2017

$\mathbf{1}$ INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 01/01/2017 AND 30/09/2017

$1.1$ Significant business events of the Group in the period between 01/01/2017 and 30/09/2017

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

  • After using the Nasdaq X-stream trading system for 10 years, the Zagreb Stock Exchange has completed the migration of its business to the new Xetra trading system. The decision to switch to a new 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 method of trading 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 first day of trading on the new system was 7 July 2017.
  • A joint presentation for the public was held to launch the Zagreb Stock Exchange's new market the Progress Market, envisaged for SMEs.
  • Three fund-raising campaigns via the Funderbeam SEE platform have been completed for Include, Sense Consulting and Aspida. These three rank among the 10 largest start-up financing campaigns in Croatia ever, raising a total of EUR 1.3 million in fresh capital.
  • The Ljubljana Stock Exchange has become the operator of SI ENTER multilateral trading facility, $\blacksquare$ which admits to trading the shares of such issuers that are not listed on the regulated market and which, in the opinion of the Ljubljana Stock Exchange and its members firms, may draw trading interest.
  • The Ljubljana Stock Exchange has formally joined the SEElink platform. In addition, the Banja Luka and the Sarajevo Stock Exchange have also become its members. SEElink is currently working on several initiatives to spur trading via this order exchange platform.
  • 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 4th 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 8th course of annual education for the companies whose shares are listed on the Zagreb 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.

  • The 34th 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.
  • 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.
  • Late in September, in cooperation with the Vienna Stock Exchange, the Zagreb Stock Exchange and Ljubljana Stock Exchange held a presentation for member firms of the Xetra release 17 (making the trading system compliant with Directive MiFID II).
  • In September 2017, the Ljubljana Stock Exchange embarked on a thorough refurbishment of its office space which will run until the end of November 2017.

$1.2$ Expected future development of the Group

In the fourth quarter 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.

A transition to the new release of the Xetra trading platform incorporating adjustments related to MIFID II implementation is planned for 20/11/2017. Comprehensive preparations are under way for amendments to the Rules, Price List and internal acts of the Group with a view to implementing new regulations into Group operations.

1.3 Research & Development activities

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

1.4 Information on repurchase of own shares

As at 30 September 2017, the companies in the Group held no own shares. They did not acquire own shares between 1 January 2017 and 30 September 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 Ljubljana Stock Exchange, Inc., a company domiciled in Ljubljana. 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 nine months 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 June 2017 reveals a decline in regular turnover by 64.9 % and 57.7 %, respectively.

While members of the Agrokor concern trading on the Exchange have all published their 2016 annual reports, they are required by an Agency decision to also release statements for the 1st quarter of 2017. According to company notifications via the Zagreb Stock Exchange website, results for Q1 2017 are expected to be published by 31/10/2017.

1.11 Business results for 01/07/2017 - 30/09/2017

The Group operating income totalled HRK 18.324.359 in the first nine months of 2017, representing an increase by +9% year-on-year. Following a turnover increase on both markets, commissions income rose by +22.9 %. The income categories recording an increase include LEI assignment income

(+76.5 %), OTC transaction reporting fees (+20.8 %), data dissemination income (+2.6 %), revenues from maintenance of quotations fees (2.9%), revenues from listing fees (+1.7%) and other operating income (+33.2 %).

The steepest income decline was that in API membership (-33.9%), equipment rental income (-33.6 %) and income from membership fees (-14.1%).

In the first nine months of 2017, total operating expenses rose 2.4 % year-on-year to stand at HRK -20.118.513. Software costs (-1.1%), office rental expenses (-7.5%) and the depreciation charge (-13.4 %) were reduced. An increase was recorded in staff costs (+5.5 %) and other operating expenses $(+17%)$ .

The Group financial income for the nine months of 2017 rose +45.7% year-on-year, whereas financial expenses decreased by -32 %.

In the year under review, the Group had a total loss of HRK-1.366 thousand, or HRK +1.515 thousand less than a year ago. The operating profit increased for depreciation was HRK -372 thousand.

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

Unaudited financial statements of the Group prepared for the period between 01/01/2017 and 30/09/2017 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 30/09/2017 give an objective, complete and true statement of assets and liabilities, financial position and operations of the Group.

The management report for the first nine months 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 Gaà Tomislav Gračan President of the Management Board Member of the Management Board ZAGREBAČKA BURZA d.d. Zagreb 1 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 $01/01/2017 - 30/09/2017$

Annex 1.
Reporting period 1.1.201
7		 to 30.9.2017
Quarterly financial report TFI-POD
Tax number (MB): 3749606
Company registration
number (MBS):		 080034217
Personal identification 84368186611
number (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
employees:		 23
Consolidated report: YES (period end)
NKD code:		 6611
Companies of the consolidation subject (according to
IFRS):		 Seat: MB:
LJUBLJANSKA BORZA d.d. LJUBLJANA 5316081
Bookkeeping service: 03603946 DATA-LINK d.o.o.
Contact person: POPOVIĆ MAJA (only surname and name)
Telephone: 016389309 Telefaks: 013822700
E-mail address: [email protected]
Family name and name: Gažić Ivana, Gračan Tomislav
(person authorized to represent the company)
ZAGREBAC Zagreb
L.S.		 KA BURZA d.d. (signature of the person authorized to represent the
company)
Balance Sheet
as of 30.09.2017.
Company: ZAGREBAČKA BURZA d.d.
Position AOP Previous
period		 Current
period
1 2 3 4
ASSETS
A) RECEIVABELS FOR SUBSCRIBED NOT PAID CAPITAL 001 o 0
B) NON-CURRENT ASSETS (003+010+020+029+033) 002 16.087.390 17.087.307
I. INTANGIBLE ASSETS (004 do 009) 003 4.399.662 3.387.494
1. Expenditure for development 004 0 0
2. Concessions, patents, licenses, trademarks, service marks, software and
other rights		 005 3.128.117 2.183.720
3. Goodwill 006 1.181.983 1.180.308
4. Advances for purchase of intangible assets 007 0 0
5. Intangible assets in progress 008 89.562 23.466
6. Other intangible assets 009 0 0
II. PROPERTY, PLANT AND EQUIPMENT (011 do 019) 010 10.601.150 10.737.289
1. Land 011 0 0
2. Buildings 012 9.244.133 8.970.292
3. Plant and equipement 013 1.332.692 1.236.626
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 0
7. Tangible assets in progress 017 0 506.046
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) 020 807.764 2.530.367
1. Share in related parties 021 0 0
2. Loans to related parties 022 0 0
3. Participating interests (shares) 023 201.125 48.436
4. Loans to companies with participating interest 024 0 22.491
5. Investments in securities 025 196.861 196.861
6. Loans, deposits, etc. 026 249.890 2.124.169
7. Other non-current financial assets 027 2.876 2.872
8. Equity-accounted investments 028 157.012 135.538
IV. RECEIVABLES (030 do 032) 029 133.360 105.927
1. Receivables from related parties 030 0 0
2. Receivables arising from sales on credit 031 0 0
3. Other receivables 032 133.360 105.927
V. DEFERRED TAX ASSET 033 145.454 326.230
C) CURRENT ASSETS (035+043+050+058) 034 31.946.538 28.177.961
I. INVENTORIES (036 do 042) 035 14.005 11.040
1. Raw materials and supplies 036 0 0
2. Production in progress 037 0 0
3. Finished products 038 0 0
4. Merchandise 039 14.005 11.040
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 2.914.831 3.445.362
1. Receivables from related parties 044 0 0
2. Receivables from end-customers 045 2.534.728 2.200.944
3. Receivables from participating parties 046 0 0
4. Receivables from employees and members of the company 047 5.223 3.178
5. Receivables from government and other institutions 048 78.039 186.575
6. Other receivables 049 296.841 1.054.665
III. CURRENT FINANCIAL ASSETS (051 do 057) 050 26.122.096 21.097.197
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 26.122.096 21.097.197
7. Other financial assets 057 0 0
IV. CASH AND CASH EQUIVALENTS 058 2.895.606 3.624.362
D) PREPAYMENTS AND ACCRUED INCOME 059 1.581.371 1.990.250
E) TOTAL ASSETS (001+002+034+059) 060 49.615.299 47.255.518
F) OFF BALANCE SHEET ITEMS 061 0 0
EQUITY AND LIABILITIES
A) ISSUED CAPITAL AND RESERVES (063+064+065+071+072+075+078) 062 43.554.827 40.937.745
I. SUBSCRIBED SHARE CAPITAL 063 46.357.000 46.357.000
II. CAPITAL RESERVES 064 -76.295 -433.700
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 $\mathbf 0$ 0
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 -2.881.655 -1.366.332
1. Net profit for the period 076 0 0
2. Net loss for the period 077 2.881.655 1.366.332
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) 083 294.906 228.274
1. Liabilites to related parties 084 0 0
2. Liabilities for loans, deposits, etc. 085 0 0
3. Liabilities to banks and other financial institutions 086 210.906 144.274
4. Liabilities for advances 087 0 0
5. Trade payables 088 0 0
6. Commitments on securities 089 0 0
7. Liabilities to companies with participating interest 090 $\mathbf 0$ 0
8. Other non-current liabilities 091 0 0
9. Deferred tax liabilities 092 84.000 84.000
D) CURRENT LIABILITIES (094 do 105) 093 1.421.429 1.905.418
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 15.065
4. Liabilities for advances 097 10.966 48.568
5. Trade payables 098 488.213 820.115
6. Commitments on securities 099 0 0
7. Liabilities to companies with participating interest 100 0 0
8. Liabilities to emloyees 101 432.984 435.232
9. Taxes, contributions and similar liabilities 102 481.295 577.930
10. Liabilities arising from share in the result 103 0 0
11. Liabilities arising from non-current assets held for sale 104 0 0
12. Other current liabilities 105 7.971 8.508
E) ACCRUED EXPENSES AND DEFERRED INCOME 106 4.344.137 4.184.081
F) TOTAL EQUITY AND LIABILITIES (062+079+083+093+106) 107 49.615.299 47.255.518
G) OFF BALANCE SHEET ITEMS 108 0 0
ADDITION TO BALANCE SHEET (only for consolidated financial
statements)
ISSUED CAPITAL AND RESERVES
1. Attributable to majority owners 109 43.554.827 40.937.745
2. Attributable to minority interest 110 0 0
Income statement
period 01.01.2017, to 30.09.2017.
Company: ZAGREBAČKA BURZA d.d.
Position AOP Previous
period		 Previous
period		 Current
period		 Current
period
Cummulative Quarter Cummulative Quarter
1 $\overline{2}$ 3 4 5 6
I. OPERATING INCOME (112 do 113) 111 16.799.621 5.861.120 18.324.359 4.987.778
1. Rendering of services 112 16.184.399 5.543.686 16.891.371 4.935.165
2. Other operating income 113 615,222 317.434 1.432.988 52.613
II. OPERATING COSTS
(115+116+120+124+125+126+129+130)		 114 19.643.381 6.573.938 20.118.513 6.302.223
1. Change in inventories of work in progress 115 0 o 0 0
2. Material expenses (117 do 119) 116 7.974.825 2,517.733 8.110.332 2.581.195
a) Costs of raw materials 117 505.176 162.327 607.852 196.472
b) Cost of goods sold 118 5.500 1.443 2.770 2.263
c) Other material expenses 119 7.464.149 2.353.963 7.499.710 2.382.460
3. Employee benefits expenses (121 do 123) 120 7.112.705 2.501.547 7.240.404 2.381.936
a) Net salaries 121 4.646.315 1.659.505 4.787.936 1.578.434
b) Tax and contributions from salary expenses 122 1.855.983 640.056 1.841.753 603.264
c) Contributions on salary 123 610.407 201.986 610.715 200.238
4. Depreciation and amortisation 124 1.645.321 554.828 1.421.803 474.097
5. Other expenses 125 2.796.715 968,223 3.149.052 864.970
6. Write down of assets (127+128) 126 78.712 0 15.638 0
a) non-current assets (except financial assets) 127 $\Omega$ 0 U 0
b) current assets (except financial assets) 128 78.712 0 15.638 0
7. Provisions 129 n 0 n. 0
8. Other operating costs 130 35.103 31.607 181.284 25
III. FINANCIAL INCOME (132 do 136) 131 595.309 223.751 867.328 426.155
1. Interest, foreign exchange differences, dividens
and similar income from related parties		 132 223.545 80.907 3.526 2.415
2. Interest, foreign exchange differences, dividens
and similar income from third parties		 133 293.787 83.880 353.082 203.041
3. Income from investments in associates and joint
ventures		 134 49.215 49.215 0 0
4. Unrealised gains (income) from financial assets 135 23,904 9.747 510.694 221.834
5. Other financial income 136 4.858 $\overline{2}$ 26 $-1.135$
IV. FINANCIAL EXPENSES (138 do 141) 137 599.517 102.170 406.650 19.956
1. Interest, foreign exchange differences, dividens
and similar income from related parties		 138 545.193 93.491 5.145 0
2. Interest, foreign exchange differences, dividens
and similar income from third parties		 139 54.312 8.679 325.301 18.141
3. Unrealised losses (expenses) from financial
assets		 140 0 0. 0 0
4. Other financial expenses 141 12 0 76.204 1.815
V. SHARE OF PROFIT FROM ASSOCIATED
COMPANIES		 142 0 0 0 0
VI. SHARE OF LOSS FROM ASSOCIATED COMPANIES 143 35.550 15.529 35.575 -2.584
VII. EXTRAORDINARY - OTHER INCOME 144 1.863 1.075 2.719 1.654
VIII. EXTRAORDINARY - OTHER EXPENSES 145 0 0 0 0
IX. TOTAL INCOME (111+131+144) 146 17.396.793 6.085.946 19.194.406 5.415.587
X. TOTAL EXPENSES (114+137+143+145) 147 20.278.448 6.691.637 20.560.738 6.319.595
XI. PROFIT OR LOSS BEFORE TAXES (146-147) 148 -2.881.655 -605.691 $-1.366.332$ -904.008
1. Profit before taxes (146-147) 149 0 0 0 0
2. Loss before taxes (147-146) 150 2.881.655 605.691 1.366.332 904.008
XII. TAXATION 151 0 0 0 0
$-605.691$ $-1.366.332$ -904.008
1. Profit for the period (149-151) 153 0 0 0 0
2. Loss for the period (151-148) 154 2.881.655 605.691 1.366.332 904.008
ADDITION TO PROFIT AND LOSS ACCOUNT (only for
consolidated financial statements)
XIV. PROFIT OR LOSS FOR THE PERIOD
1. Attributable to majority owners 155 $-2.881.655$ 605.691 $-1.366.332$ $-904.008$
2. Attributable to minority interest 156 0 0 0 $\Omega$
STATEMENT OF OTHER COMPREHENSIVE INCOME
(only for IFRS adopters)
I. PROFIT OR LOSS FOR THE PERIOD (=152) 157 $-2.881.655$ $-605.691$ $-1.366.332$ $-904.008$
II. OTHER COMPREHENSIVE INCOME/LOSS BEFORE
TAXES (159 TO 165)		 158 $-76.295$ 0 -433.700 0
1. Exchange differences from international settlement 159 $-76.295$ 0 $-433.700$ 0
2. Changes in revaluation reserves of long-term
tangible and intangible assets		 160 0 0 0 0
3. Profit or loss from re-evaluation of financial assets
held for sale		 161 0 0 $\Omega$ 0
4. Profit or loss from cash flow hedging 162 $\mathbf 0$ 0 0 0
5. Profit or loss from hedging of foreign investments 163 $\Omega$ 0 0 0
6. Share of other comprehensive income/loss from
associatied companies		 164 $\mathbf 0$ 0 0 0
7. Actuarial gains/losses from defined benefit plans 165 $\Omega$ $\Omega$ $\Omega$ 0
III. TAXATION OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD		 166 $\Omega$ 0 0 $\Omega$
IV. NET OTHER COMPREHENSIVE INCOME FOR THE
PERIOD (158 TO 166)		 167 $-76.295$ $\Omega$ -433.700 $\Omega$
V. COMPREHENSIVE INCOME OR LOSS FOR THE
PERIOD (157+167)		 168 $-2.957.950$ $-605.691$ $-1.800.032$ $-904.008$
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 $-2.957.950$ $-605.691$ -1.366.332 $-904.008$
2. Attributable to minority interest 170 0 0 0 0
Cash flow statement - indirect method
period 01.01.2017. to 30.09.2017.
Company: ZAGREBČKA BURZA d.d.
Position AOP Previous
period		 Current
period
1 $\overline{2}$ 3 4
CASH FLOWS FROM OPERATING ACTIVITIES
1. Profit before tax 001 -2.881.655 -1.366.332
2. Depreciation and amortisation 002 1.645.321 1.421.803
3. Decrease of current liabilities 003 0 373,600
4. Decrease of current receivables 004 379.896 924.087
5. Decrease of inventories 005 5.500 2.770
6. Other cash flow increases 006 1.869.214 2.251.909
I. Total increase of cash flow from operating activities 007 1.018.276 3.607.837
1. Decrease of current liabilities 008 3.923.231 3.940.888
2. Increase of current receivables 009 356.380 693.468
3. Increase of inventories 010 14,005 0
4. Other cash flow decreases 011 451.355 2.042.070
II. Total decrease of cash flow from operating activities 012 4.744.971 6.676.426
A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES 013 103.321 0
A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES 014 3.830.016 3.068.589
CASH FLOW FROM INVESTING ACTIVITIES
1. Proceeds from sale of non-current assets 015 788 0
2. Proceeds from sale of non-current financial assets 016 43.385 0
3. Interest received 017 246.836 29.172
4. Dividend received 018 49.215 0
5. Other proceeds from investing activities 019 3.800.640 1.291.689
III. Total cash inflows from investing activities 020 4.140.864 1.320.861
1. Purchase of non-current assets 021 851.928 1.157.109
2. Purchase of non-current financial assets 022 0 0
3. Other cash outflows from investing activities 023 0 6.032.033
IV. Total cash outflows from investing activities 024 851.928 7.189.142
B1) NET INCREASE OF CASH FLOW FROM INVESTING ACTIVITIES 025 3.533.475 404.928
B2) NET DECREASE OF CASH FLOW FROM INVESTING ACTIVITIES 026 244.539 6.273.209
CASH FLOW FROM FINANCING ACTIVITIES
1. Proceeds from issue of equity securities and debt securities 027 0 0
2. Proceeds from loans and borrowings 028 210.906 159.339
3. Other proceeds from financing activities 029 0 0
V. Total cash inflows from financing activities 030 210.906 159.339
1. Repayment of loans and bonds 031 0 0
2. Dividends paid 032 0 0
3. Repayment of finance lease 033 0 0
4. Purchase of treasury shares 034 0 0
5. Other cash outflows from financing activities 035 0 0
VI. Total cash outflows from financing activities 036 0 0
C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES 037 210.906 159.339
C2) NET DECREASE OF CASH FLOW FROM FINANCING ACTIVITIES 038 0 0
Total increases of cash flows 039 69.688 0
Total decreases of cash flows 040 296.541 8.777.531
Cash and cash equivalents at the beginning of period 041 3.122.459 12.091.239
Increase of cash and cash equivalents 042 69.688 310.654
Decrease of cash and cash equivalents 043 296.541 8.777.531
Cash and cash equivalents at the end of period 044 2.895.606 3.624.362

$\hat{r}$ is the minimum for $\hat{r}$ , $\hat{r}$ , $\hat{r}$ , $\hat{r}$ , $\hat{r}$

STATEMENT OF CHANGES IN EQUITY

Position AOP Previous year Current year
1 2 3 4
1. Subscribed share capital 001 46.357.000 46.357.000
2. Capital reserves 002
3. Reserves from profit 003 14.001.181 14.001.181
4. Retained earnings or loss carried forward 004 13.845.404
$\overline{a}$		 -17.620.404
5. Net profit or loss for the period 005 2.881.655
$\blacksquare$		 $-1.366.332$
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 43.631.122 41.371.445
11. Foreign exchenge differences ffrom foreign investments 011 76.295
$\blacksquare$		 $-433.700$
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 76.295
$\bullet$		 -433.700
17 a. Attributable to majority owners 018 43.554.827 40.937.745
17 b. Attributable to minority interest 019

$\sim$ $\sim$

period 1.1.2017 to 30.9.2017

$\sim 10^7$

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