Zagrebačka burza d.d.

Quarterly Report • Apr 26, 2018

Zagreb Stock Exchange Group

Consolidated unaudited financial results for

$01/01/2018 - 31/03/2018$

26 April 2018

CONTENTS

1	INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 01/01/2018 AND 31/03/2018 1
1.1	Significant business events of the Group in the period between 01/01/2018 and 31/03/2018 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 3
1.10	Statement of events which might have an adverse effect on Group operations
1.11	Business results for 01/01/2018 - 31/03/2018
$\overline{2}$	Declaration of responsibility for the preparation of financial statements
	Consolidated unaudited financial statements of the Company for 01/01/2018 - 31/03/2018

$\mathbf{1}$ INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 01/01/2018 AND 31/03/2018

$1.1$ Significant business events of the Group in the period between 01/01/2018 and 31/03/2018

In the first quarter of 2018, the Zagreb Stock Exchange Group (hereinafter: the Group) recorded the following significant business events:

• The Croatian Financial Services Supervisory Agency (HANFA) granted approval to the Zagreb $\blacksquare$ Stock Exchange to engage in trade report publishing on behalf of investment firms (posttrade disclosure), in accordance with Articles 20 and 21 of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (Text with EEA relevance) (OJ L 173, 12.6.2014), as a formal prerequisite for the Exchange to introduce APA (approved publication arrangement) services.
• On 2 January 2018, the Zagreb Stock Exchange began to use the Xetra Classic v 17.0 software $\omega$ on its trading platform, thus completing successfully the process of trade harmonisation with the new European regulation - MiFID II and MAR.
• On 12 February 2018, the Zagreb Stock Exchange held its Annual General Meeting (AGM), which elected new members of the Supervisory Board for a three-year term and amended the Exchange activities, in accordance with the approval of HANFA for the provision of the APA service.
• In the course of February 2018, the Ljubljana Stock Exchange organised two conferences entitled "SME Financing", targeting potential Progress Market advisers and issuers.
• On 21 March 2018, the Ljubljana Stock Exchange and the Technology Park Ljubljana $\sim 100$ organised events entitled "Fund-Raising Opportunities for SMEs".
• On 23 March 2018, the Ljubljana Stock Exchange hosted a webcast attended by top-tier issuers and 40 investors from 12 countries.
• In the course of March 2018, "Open Doors' Week" organised by the Ljubljana Stock Exchange drew participation of more than 320 pupils from 10 different Slovenian schools.

$1.2$ Expected future development of the Group

The Group will press on with previously initiated projects, placing the greatest emphasis on the project of regional SME capital market development, project of further development of the platform aimed at fund-raising and investment into start-ups (Funderbeam SEE), as well as further development of the approved publication arrangement (APA) and further development of the SEE Link regional trading platform.

Activities related to MiFID II implementation, as well as a harmonisation of business with the General Data Protection Regulation (GDPR), will be undertaken in H1 2018.

$1.3$ Research & Development activities

The Group invests constant efforts into developing and improving its own service offering and at expending service provision to the Slovenian market as well.

1.4 Information on repurchase of own shares

As at 31 March 2018, the companies in the Group held no own shares. They did not acquire own shares between 1 January 2018 and 31 March 2018.

$1.5$ 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 SEE d.o.o., a company domiciled in Zagreb. The issued share capital of Funderbeam SEE is EUR 20,000, and the Zagreb Stock Exchange, Inc. participates with 20 %.

$1.6$ Financial instruments used by the Group

The Company is fully funded by its own capital. The financial instruments the Company invests in are investment funds (money market and bond funds) and deposits (a vista 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 from external financial institutions, 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 quarter of 2018.

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

The Group confirms that there were no events which might have an adverse effect on Group operations in the first quarter of 2018.

1.11 Business results for $01/01/2018 - 31/03/2018$

The Group total operating income amounted to HRK 5,670,832 in the first quarter of 2018, representing a decline by 17% year-on-year. Following a turnover decrease on both markets, commissions income shrank by 35 %. The following income categories also recorded a decline: API membership fees (-67%) and equipment rental income because of migration to the Xetra trading system and a change to the billing method, listing maintenance (-5%), membership (-6%) and other operating income (-28.3 %).

The categories recording an income increase in the period under review were LEI assignment (+228 %), APA Service (+112 %), listing fees (+33 %), data dissemination (+14 %) and seminars $(+44%)$ .

In the first quarter of 2018, total operating expenses shrank 15% year-on-year to stand at HRK 5,458,220. Software costs (-31%), office rental expenses (-8%), the depreciation charge (-37%), administrative fees (-11%) and other operating expenses (-20%) were all reduced. Staff costs were up +2%.

The Group financial income for the first quarter of 2018 fell 89% year-on-year, with financial expenses down 98 %.

The total result of the Group amounted to HRK 183,975 in the period under review, down 43 % on the previous year. Operating profit of 507 thousand HRK was 40 % lower than in the first quarter of 2017. It is important to note that the 2017 Group result was affected by a one-time item of 573 thousand HRK repaid to the Company by Nasdaq for early termination of the Licence and Maintenance Agreement.

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

The financial statements of the Group prepared for the period between 01/01/2018 and 31/03/2018 give a fair and true account of facts in accordance with the International Standards of Financial Reporting and the Croatian Accounting Act.

Consolidated unaudited financial statements for the period between 01/01/2018 and 31/03/2018 give an objective, complete and true statement of assets and liabilities, financial position and operations of the Group.

The management report for the first quarter of 2018 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.

ZAGREBAČKA BURZA $7_20TP$ vana Gažit Tomislav Gračan President of the Management Board Member of the Management Board

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

Phone number: +385/1468 6806 E-mail: ir@zse.hr

Consolidated unaudited financial statements of the Company for 01/01/2018 - 31/03/2018

$\label{eq:2.1} \frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac$

$\mathcal{L}(\mathcal{L}) = \mathcal{L}(\mathcal{L})$

Annex 1.
1.1.20 Reporting period to 18	31.3.2018
Quarterly financial report TFI-POD
Tax number (MB): 3749606
Company registration number 080034217
(MBS):
84368186611 Personal identification number $(OIB)$ :
ZAGREBAČKA BURZA d.d. Issuing company:
Postal code and place 10000 Zagreb
Street and house number: Ivana Lučića 2a
E-mail address:
Internet address
ZAGREB Municipality/city code and name 133
County code and name 21 GRAD ZAGREB	Number of employees: 37
Consolidated report: YES	(period end) NKD code: 6611
Companies of the consolidation subject (according Seat: to IFRS):	MB:
LJUBLJANA LJUBLJANSKA BORZA d.d.	5316081
Bookkeeping service: 04578244 SAVJETNIŠTVO D.O.O.	SIGMA BUSINESS CONSULTING - POREZNO
LUCIJA TROPČIĆ Contact person:
(only surname and name) Telephone: 01465555 Telefaks:	01465500
E-mail address: lucija.tropcic@sigmabc.eu
Family name and name: Gažić Ivana, Gračan Tomislav
(person authorized to represent the company) L.S.	BURZ ZAGREB Zagre 1 (signature of the person authorized to represent the company)

Balance Sheet as of 31.03.2018.
Company: ZAGREBAČKA BURZA d.d.
Position	AOP	Previous period	Current period
1	2	3	4
ASSETS
A) RECEIVABELS FOR SUBSCRIBED NOT PAID CAPITAL	001
B) NON-CURRENT ASSETS (003+010+020+029+033)	002	19.939.117	18.149.494
I. INTANGIBLE ASSETS (004 do 009)	003	2.890.552	2.790.988
1. Expenditure for development	004
2. Concessions, patents, licenses, trademarks, service marks, software and other rights	005	1.707.642	1.608.078
3. Goodwill	006	1.182.910	1.182.910
4. Advances for purchase of intangible assets	007
5. Intangible assets in progress	008
6. Other intangible assets	009
II. PROPERTY, PLANT AND EQUIPMENT (011 do 019)	010	14.133.036	12.486.566
1. Land	011
2. Buildings	012	12.254.121	10.692.849
3. Plant and equipement	013	1.878.915	1.764.674
4. Tools, working inventory and transportation assets	014		8.360
5. Biological assets	015	$\overline{\phantom{a}}$
6. Advances for purchase of tangible assets	016	$\blacksquare$
7. Tangible assets in progress	017	$\blacksquare$	20.683
8. Other tangible assets	018
9. Investment in real-estate	019
III. NON-CURRENT FINANCIAL ASSETS (021 do 028)	020	2.618.665	2,578,301
1. Share in related parties	021
2. Loans to related parties	022
3. Participating interests (shares)	023	120.697	100.738
4. Loans to companies with participating interest	024	172.541	172.541
5. Investments in securities	025	197.125	197.125
6. Loans, deposits, etc.	026	2.128.302	2.107.897
7. Other non-current financial assets	027
8. Equity-accounted investments	028
IV. RECEIVABLES (030 do 032)	029
1. Receivables from related parties	030
2. Receivables arising from sales on credit	031
3. Other receivables	032
V. DEFERRED TAX ASSET	033	296.864	293.639
C) CURRENT ASSETS (035+043+050+058)	034	25.538.384	27.200.854
I. INVENTORIES (036 do 042)	035	10.455	9.753
1. Raw materials and supplies	036
2. Production in progress	037
3. Finished products	038
4. Merchandise	039	10.455	9.753
5. Advances for inventories	040
6. Long term assets held for sale	041
7. Biological assets	042
II. RECEIVABLES (044 do 049)	043	2.829.070	2.427.691

1. Receivables from related parties	044	٠
2. Receivables from end-customers	045	2.447.865	1.797.744
3. Receivables from participating parties	046
4. Receivables from employees and members of the company	047	14.792	2.412
5. Receivables from government and other institutions	048	311.457	86.708
6. Other receivables	049	54.956	540.827
III. CURRENT FINANCIAL ASSETS (051 do 057)	050	20.849.966	20.478.828
1. Share in related parties	051
2. Loans to related parties	052
3. Participating interests (shares)	053
4. Loans to companies with participating interest	054
5. Investments in securities	055
6. Loans, deposits, etc.	056	2.629.777	2.601.209
7. Other financial assets	057	18.220.189	17.877.619
IV. CASH AND CASH EQUIVALENTS	058	1.848.893	4.284.582
D) PREPAYMENTS AND ACCRUED INCOME	059	979.777	1.586.511
E) TOTAL ASSETS (001+002+034+059)	060	46.457.278	46.936.859
F) OFF BALANCE SHEET ITEMS	061
EQUITY AND LIABILITIES
A) ISSUED CAPITAL AND RESERVES (063+064+065+071+072+075+078)	062	39.744.672	39.730.142
I. SUBSCRIBED SHARE CAPITAL	063	46.357.000	46.357.000
II. CAPITAL RESERVES	064	13.860.181	13.860.181
III.RESERVES FROM PROFIT (066+067-068+069+070)	065	141.000	141.000
1. Legal reserves	066	141.000	141.000
2. Reserve for own shares	067	$\blacksquare$
3. Treasury shares and shares (deductible items)	068
4. Statutory reserves	069
5. Other reserves	070
IV. REVALUATION RESERVES	071	752.863	490.846
V. RETAINED EARNINGS OR LOSS CARRIED FORWARD (073-074)	072	(17.620.667)	(21.302.853)
1. Retained earnings	073
2. Loss carried forward	074	17.620.667	21.302.853
VI. NET PROFIT OR LOSS FOR THE PERIOD (076-077)	075	(3.745.705)	183.968
1. Net profit for the period	076		183.968
2. Net loss for the period	077	3.745.705	$\blacksquare$
VII. MINORITY INTEREST	078
B) PROVISIONS (080 do 082)	079	-
1. Provisions for pensions, severance pay and similar libabilities	080
2. Provisions for tax liabilities	081
3. Other provisions	082
C) NON-CURRENT LIABILITIES (084 do 092)	083	399.404	385.303
1. Liabilites to related parties	084
2. Liabilities for loans, deposits, etc.	085
3. Liabilities to banks and other financial institutions	086	85.986	86.739
4. Liabilities for advances	087
5. Trade payables	088
6. Commitments on securities	089
7. Liabilities to companies with participating interest	090
8. Other non-current liabilities	091
9. Deferred tax liabilities	092	313.418	298.564
D) CURRENT LIABILITIES (094 do 105)	093	2.526.469	1.530.386
1. Liabilites to related parties	094

2. Liabilities for loans, deposits, etc.	095
3. Liabilities to banks and other financial institutions	096	60.470	44.889
4. Liabilities for advances	097	9.186	8.798
5. Trade payables	098	1.293.588	532.016
6. Commitments on securities	099
7. Liabilities to companies with participating interest	100	-
8. Liabilities to emloyees	101	665.502	597.522
9. Taxes, contributions and similar liabilities	102	481,689	347.109
10. Liabilities arising from share in the result	103	-
11. Liabilities arising from non-current assets held for sale	104
12. Other current liabilities	105	16.034	52
E) ACCRUED EXPENSES AND DEFERRED INCOME	106	3.786.733	5.291.028
F) TOTAL EQUITY AND LIABILITIES (062+079+083+093+106)	107	46.457.278	46.936.859
G) OFF BALANCE SHEET ITEMS	108
ADDITION TO BALANCE SHEET (only for consolidated financial statements)
ISSUED CAPITAL AND RESERVES
1. Attributable to majority owners	109	39.744.672	39.730.142
2. Attributable to minority interest	110

$\sim$

$\epsilon \ll \epsilon$ as a set of the set of $\epsilon$

Income statement

period 01.01.2018. to 31.03.2018.

pany: ZAGREBAČKA BURZA d.d.

COMpany. ZAONCDAONA DUNZA 0.0.
Position	AOP	Previous period	Previous period	Current period	Current period
		Cummulative	Quarter	Cummulative	Quarter
1	2	3	4	5	6
I. OPERATING INCOME (112 do 113)	111	6.795.869	6.795.869	5.670.832	5.670.832
1. Rendering of services	112	6.317.751	6.317.751	5.393.472	5.393.472
2. Other operating income	113	478.118	478.118	277.360	277.360
II. OPERATING COSTS (115+116+120+124+125+126+129+130)	114	6.430.259	6.430.259	5.458.220	5.458.220
1. Change in inventories of work in progress	115
2. Material expenses (117 do 119)	116	2,326,930	2.326.930	1.969.383	1.969.383
a) Costs of raw materials	117	196.029	196.029	189.936	189.936
b) Cost of goods sold	118	312	312
c) Other material expenses	119	2.130.589	2.130.589	1.779.447	1.779.447
3. Employee benefits expenses (121 do 123)	120	2.436.919	2.436.919	2.497.936	2.497.936
a) Net salaries	121	1.634.287	1.634.287	1.685.176	1.685.176
b) Tax and contributions from salary expenses	122	605.755	605.755	600.252	600.252
c) Contributions on salary	123	196.877	196.877	212.508	212.508
4. Depreciation and amortisation	124	470.038	470.038	294.196	294.196
5. Other expenses	125	1.138.845	1.138.845	691.567	691.567
6. Write down of assets (127+128)	126	٠
a) non-current assets (except financial assets)	127
b) current assets (except financial assets)	128
7. Provisions	129
8. Other operating costs	130	57.527	57.527	5.138	5.138
III. FINANCIAL INCOME (132 do 136)	131	202.373	202.373	23.109	23.109
1. Interest, foreign exchange differences, dividens and similar income from related parties	132	260	260
2. Interest, foreign exchange differences, dividens and similar income from third parties	133	69.268	69.268	15.477	15.477
3. Income from investments in associates and joint ventures	134
4. Unrealised gains (income) from financial assets	135	131.701	131.701	7.632	7.632
5. Other financial income	136	1.144	1.144
IV. FINANCIAL EXPENSES (138 do 141)	137	225.954	225.954	5.698	5.698
1. Interest, foreign exchange differences, dividens and similar income from related parties	138	3.447	3.447
2. Interest, foreign exchange differences, dividens and similar income from third parties	139	171.443	171.443	5.581	5.581
3. Unrealised losses (expenses) from financial assets	140			117	117
4. Other financial expenses	141	51.064	51.064
V. SHARE OF PROFIT FROM ASSOCIATED COMPANIES	142
VI. SHARE OF LOSS FROM ASSOCIATED COMPANIES	143	21.564	21.564	20.856	20.856
VII. EXTRAORDINARY - OTHER INCOME	144
VIII. EXTRAORDINARY - OTHER EXPENSES	145
IX. TOTAL INCOME (111+131+144)	146	6.998.242	6.998.242	5.693.941	5.693.941
X. TOTAL EXPENSES (114+137+143+145)	147	6.677.777	6.677.777	5.484.774	5.484.774
XI. PROFIT OR LOSS BEFORE TAXES (146-147)	148	320.465	320.465	209.167	209.167
1. Profit before taxes (146-147)	149	320.465	320.465	209.167	209.167
2. Loss before taxes (147-146)	150

XII. TAXATION	151	$\blacksquare$	$\rightarrow$	25.192	25.192
XII. PROFIT OR LOSS FOR THE PERIOD (148-151)	152	320.465	320.465	183.975	183.975
1. Profit for the period (149-151)	153	320.465	320.465	183.975	183.975
2. Loss for the period (151-148)	154			$\blacksquare$
ADDITION TO PROFIT AND LOSS ACCOUNT (only for consolidated financial statements)
XIV. PROFIT OR LOSS FOR THE PERIOD
1. Attributable to majority owners	155	320.465	320.465	183.975	183.975
2. Attributable to minority interest	156
STATEMENT OF OTHER COMPREHENSIVE INCOME (only for IFRS adopters)
I. PROFIT OR LOSS FOR THE PERIOD (=152)	157	320.465	320.465	183.975	183.975
II. OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAXES (159 TO 165)	158	$\blacksquare$		(199.164)	(199.164)
1. Exchange differences from international settlement	159	$\overline{a}$	$\overline{\phantom{a}}$	(199.164)	(199.164)
2. Changes in revaluation reserves of long-term tangible and intangible assets	160	$\overline{\phantom{a}}$	$\ddot{\phantom{1}}$	٠
3. Profit or loss from re-evaluation of financial assets held for sale	161	$\blacksquare$	$\blacksquare$
4. Profit or loss from cash flow hedging	162	$\overline{a}$	$\blacksquare$
5. Profit or loss from hedging of foreign investments	163	$\blacksquare$	٠
6. Share of other comprehensive income/loss from associatied companies	164	$\overline{a}$	$\hat{\phantom{a}}$
7. Actuarial gains/losses from defined benefit plans	165	ä,	$\overline{\phantom{a}}$
III. TAXATION OF OTHER COMPREHENSIVE INCOME FOR THE PERIOD	166	$\ddot{ }$	$\overline{a}$		$\overline{\phantom{a}}$
IV. NET OTHER COMPREHENSIVE INCOME FOR THE PERIOD (158 TO 166)	167	$\overline{\phantom{a}}$		(199.164)	(199.164)
V. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (157+167)	168	320.465	320.465	(15.189)	(15.189)
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	320.465	320.465	(15.189)	(15.189)
2. Attributable to minority interest	170	-	۰

Cash flow statement - indirect method period 01.01.2018, to 31.03.2018.
Company: ZAGREBČKA BURZA d.d.
Position	AOP	Previous period	Current period
1	2	3	4
CASH FLOWS FROM OPERATING ACTIVITIES
1. Profit before tax	001	342.029	209.167
2. Depreciation and amortisation	002	470.038	294.196
3. Decrease of current liabilities	003	880.836	25.192
4. Decrease of current receivables	004	55.496	401.379
5.Decrease of inventories	005	313	702
6. Other cash flow increases	006	2.436.440	948.270
I. Total increase of cash flow from operating activities	007	4.185.152	1.878.906
1. Decrease of current liabilities	008	4.112.977	980.502
2. Increase of current receivables	009	915.492
3. Increase of inventories	010	٠
4. Other cash flow decreases	011	1.613.187	294.729
II. Total decrease of cash flow from operating activities	012	6.641.656	1.275.231
A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES	013	1.225.586	603.675
A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES	014	3.682.090
CASH FLOW FROM INVESTING ACTIVITIES
1. Proceeds from sale of non-current assets	015		1.528.994
2. Proceeds from sale of non-current financial assets	016
3. Interest received	017	8.186	$\mathbf{r}$ =
4. Dividend received	018
5. Other proceeds from investing activities	019	8.773	371.138
III. Total cash inflows from investing activities	020	16.959	1.900.132
1. Purchase of non-current assets	021	85.301	38.437
2. Purchase of non-current financial assets	022
3. Other cash outflows from investing activities	023	5.310.873
IV. Total cash outflows from investing activities	024	5.396.174	38.437
B1) NET INCREASE OF CASH FLOW FROM INVESTING ACTIVITIES	025		1.861.696
B2) NET DECREASE OF CASH FLOW FROM INVESTING ACTIVITIES	026	5.379.215
CASH FLOW FROM FINANCING ACTIVITIES
1. Proceeds from issue of equity securities and debt securities	027	۰
2. Proceeds from loans and borrowings	028
3. Other proceeds from financing activities	029	۰
V. Total cash inflows from financing activities	030	$\blacksquare$
1. Repayment of loans and bonds	031	$\overline{\phantom{a}}$	29.682
2. Dividends paid	032	$\tilde{\phantom{a}}$	$\overline{\phantom{a}}$
3. Repayment of finance lease	033
4. Purchase of treasury shares	034	$\blacksquare$
5. Other cash outflows from financing activities	035	$\overline{a}$
VI. Total cash outflows from financing activities	036		29.682
C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES	037	$\blacksquare$
C2) NET DECREASE OF CASH FLOW FROM FINANCING ACTIVITIES	038		29.682
Total increases of cash flows	039	688.612	2.435.689
Total decreases of cash flows	040	8.524.331
Cash and cash equivalents at the beginning of period	041	12.161.380	1.848.893

Increase of cash and cash equivalents	042	688.612	2.435.689
Decrease of cash and cash equivalents	043	8.524.331
Cash and cash equivalents at the end of period	044	4.325.661	4.284.582

STATEMENT OF CHANGES IN EQUITY

period 1.1.2018 to 31.3.2018

Position	AOP	Previous year	Current year
1	$\mathbf{2}$	3	4
1. Subscribed share capital	001	46.357.000	46.357.000
2. Capital reserves	002	13.860.181	13.860.181
3. Reserves from profit	003	141.000	141.000
4. Retained earnings or loss carried forward	004	(18.242.140)	(21.302.853)
5. Net profit or loss for the period	005	320.465	183.968
6. Revaluation of tangible assets	006	(275.922)	1.006.490
7. Revaluation of intangible assets	007
8. Revaluation of available for sale assets	008
9. Other revaliuation	009		(515.644)
10. Total equity and reserves (AOP 001 to 009)	010	42 160 584	39.730.142
11. Foreign exchenge differences ffrom foreign investments	011		(199.164)
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	320.465	183,975
17. Total increase or decrease of equity (AOP 011 to 016)	017	320.465	(15.189)
17 a. Attributable to majority owners	018	320.465	(15.189)
17 b. Attributable to minority interest	019