Zagrebačka burza d.d.

Quarterly Report • Jul 26, 2018

Zagreb Stock Exchange Group

Consolidated unaudited financial results for

$01/01/2018 - 30/06/2018$

26 July 2018

CONTENTS

$\frac{1}{2} \left( \frac{1}{2} \right)^2$

$\sim 10^{-10}$

1	INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 01/01/2018 AND 30/06/2018 1
1.1	Significant business events of the Group in the period between 01/01/2018 and 30/06/2018 1
1.2	Expected future development of the Group
13	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 01/01/2018 - 30/06/2018
$\overline{2}$	Declaration of responsibility for the preparation of financial statements
	Consolidated unaudited financial statements of the Company for 01/01/2018 - 30/06/2018

$\mathbf{1}$ INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 01/01/2018 AND 30/06/2018

$1.1$ Significant business events of the Group in the period between 01/01/2018 and 30/06/2018

In the first half 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 $\Box$ 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 the APA (approved publication arrangement) Service.
• On 2 January 2018, the Zagreb Stock Exchange began to use the Xetra Classic v 17.0 software $\blacksquare$ 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), $\overline{a}$ 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 $\sim$ 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, the "Open Doors' Week" organised by the Ljubljana Stock Exchange drew participation of more than 320 pupils from 10 different Slovenian schools.
• In April, the Zagreb Stock Exchange and HANFA, supported by the European Bank for Reconstruction and Development (EBRD), launched a project of revising their joint Code of Corporate Governance.

• The 5th Investment Days of the Zagreb and the Ljubljana Stock Exchange in May enlisted the participation of five Slovenian and eleven Croatian issuers, holding 197 one-on-one and group meetings with investors from six countries in two days.

• In June 2018, the fifth fund-raising campaign was launched via the Funderbeam SEE platform for the company named Entrio. It resulted in indicative interest to invest EUR 170,000 to be used by Entrio to penetrate new markets.

• The 9th course of annual education for the companies whose financial instruments are listed on the Zagreb Stock Exchange's regulated market was held on 8 June under the auspices of the Croatian Financial Services Supervisory Agency, the Central Depository and Clearing Company and the Zagreb Stock Exchange.
• The Zagreb Stock Exchange AGM was held on 11 June 2018 to present the Exchange's 2017 Annual Financial Statements and the consolidated financial statements; the AGM adopted resolutions on the 2017 loss coverage, on the grant of discharge to members of the Management and Supervisory Board for 2017 and on the appointment of auditors for 2018.
• The Ljubljana Stock Exchange AGM was held on 12 June 2018 to present the Exchange's 2017 Annual Financial Statements and the consolidated financial statements; the AGM adopted resolutions on dividend payment, on the grant of discharge to members of the Management and Supervisory Board for 2017 and on the appointment of auditors for 2018.
• On 30 June 2018, the Zagreb and Ljubljana Stock Exchanges harmonised their business with the requirement of RTS 27 and provided on time their first reports on the quality of transaction execution.

$1.2$ Expected future development of the Group

$\overline{\phantom{a}}$

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.

In the second half of 2018, the Zagreb Stock Exchange will work on establishing a new regulated market segment – the Prime Market, which will ensure a higher level of transparency and protection to investors thanks to additional criteria. Furthermore, together with HANFA and the EBRD, the Zagreb Stock Exchange will continue working on the Code of Corporate Governance improvement project.

Very extensive activities relating to adjustments to the new Capital Market Act are expected in the second half of the year.

The project of Ljubljana and Zagreb Stock Exchange trading system migration to Xetra T7 is to be launched later in the year.

$1.3$ 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 30 June 2018, the companies in the Group held no own shares. They did not acquire own shares between 1 January 2018 and 30 June 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 or between the Group and its shareholders in excess of EUR 100,000 in the first half 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 half of 2018.

1.11 Business results for $01/01/2018 - 30/06/2018$

The Group operating income totalled HRK 11,617,000 in the first half of 2018, representing a decline by 12,9% year-on-year. Other operating income also declined (-71%), reflecting largely the substantial operating income under an EBRD subsidy in the first half of 2017.

A turnover decrease on both markets prompted a decrease in commissions income (-15.2 %). Other income categories that also recorded a decrease include: membership fees (-6.5 %), API membership fees/rights to real-time data distribution (-67.0%) and equipment rental income (-100%) due to a migration to the Xetra trading system and a different billing method for member firms.

The categories recording an income increase in the period under review were LEI assignment (+177.9 %), APA Service (+168.2 %), listing fees (12.9 %), data dissemination (+12.8 %) and seminars $(3.2\%)$ .

In the first half of 2018, Group operating expenses shrank 16% compared to the same year-ago period to stand at HRK 11,428,000. Software costs (-38.3%), office rental expenses (-7.1%), the depreciation charge (-36.9%), administrative fees (-12.8%) and other operating expenses (-25.6%) were all reduced. Group staff costs rose 2.8 %.

The Group financial income for the first half of 2018 declined 88% year-on-year, with financial expenses down 46 % compared to the same year-ago period.

The total result of the Group before tax was HRK 3,000 in the period under review, a considerable improvement on HRK -294,000 for the previous year. Operating profit increased for depreciation was HRK 787,000, or 24 % higher than in the first half of 2017.

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

The financial statements of the Group prepared for the period between 01/01/2018 and 30/06/2018 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 30/06/2018 give an objective, complete and true statement of assets and liabilities, financial position and operations of the Group.

The management report for the first half 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.

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

Phone number: +385/ 1 468 6806 E-mail: ir@zse.hr

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

$\ddot{\phantom{0}}$

Annex 1.
Reporting period		1.1.2018	to		30.6.2018
	Quarterly financial report TFI-POD
Tax number (MB):	3749606
Company registration number (MBS):	080034217
Personal identification number (OIB):	84368186611
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:	37
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:	04578244		SAVJETNIŠTVO D.O.O.		SIGMA BUSINESS CONSULTING - POREZNO
	LUCIJA TROPČIĆ
Contact person:	(only surname and
Telephone:	name) 01465555			Telefaks:	01465500

$\tilde{\mathbf{r}}$

Balance Sheet 30.6.2018
Company: ZAGREBAČKA BURZA d.d.
Position	AOP	Previous period	Current period
1	$\mathbf{z}$	3	4
ASSETS
A) RECEIVABELS FOR SUBSCRIBED NOT PAID CAPITAL	001
B) NON-CURRENT ASSETS (003+010+020+029+033)	002	20.003.117	17.871.874
I. INTANGIBLE ASSETS (004 do 009)	003	2.890.552	2.708.741
1. Expenditure for development	004
2. Concessions, patents, licenses, trademarks, service marks, software and other rights	005	1.707.642	1.525.831
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	14.197.036	12.312.941
1. Land	011
2. Buildings	012	12.318.121	10.533.805
3. Plant and equipement	013	351.621	437.227
4. Tools, working inventory and transportation assets	014	1.527.294	1.321.992
5. Biological assets	015
6. Advances for purchase of tangible assets	016	$\overline{\phantom{a}}$
7. Tangible assets in progress	017		19.917
8. Other tangible assets	018	$\blacksquare$
9. Investment in real-estate	019
III. NON-CURRENT FINANCIAL ASSETS (021 do 028)	020	2.618.665	2.558.625
1. Share in related parties	021
2. Loans to related parties	022
3. Participating interests (shares)	023	120.697	92.987
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	2.095.972
7. Other non-current financial assets	027
8. Equity-accounted investments	028
IV. RECEIVABLES (030 do 032)	029	$\blacksquare$
1. Receivables from related parties	030	۰
2. Receivables arising from sales on credit	031	$\overline{\phantom{a}}$
3. Other receivables	032
V. DEFERRED TAX ASSET	033	296.864	291.567
C) CURRENT ASSETS (035+043+050+058)	034	25.538.384	26.623.664
I. INVENTORIES (036 do 042)	035	10.455	9.713
1. Raw materials and supplies	036
2. Production in progress	037
3. Finished products	038
4. Merchandise	039	10.455	9.713
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	2.826.601

$\ddot{\phantom{0}}$

$\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\$

1. Receivables from related parties	044
2. Receivables from end-customers	045	2.447.865	2.116.106
3. Receivables from participating parties	046
4. Receivables from employees and members of the company	047	14.792	2.389
5. Receivables from government and other institutions	048	311.457	165.967
0. Other receivables	049	54.956	542.139
III. CURRENT FINANCIAL ASSETS (051 do 057)	050	20.849.966	18.995.707
1. Share in related parties	051
2. Loans to related parties	052	$\blacksquare$
3. Participating interests (shares)	053
4. Loans to companies with participating interest	054	-
5. Investments in securities	055
6. Loans, deposits, etc.	056	2.632.655	1.475.915
7. Other financial assets	057	18.217.311	17.519.792
IV. CASH AND CASH EQUIVALENTS	058	1.848.893	4.791.643
D) PREPAYMENTS AND ACCRUED INCOME	059	979.777	2.228.051
E) TOTAL ASSETS (001+002+034+059)	060	46.521.278	46.723.589
F) OFF BALANCE SHEET ITEMS	061
EQUITY AND LIABILITIES
A) ISSUED CAPITAL AND RESERVES (063+064+065+071+072+075+078)	062	39.878.927	39.313.301
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
3. Treasury shares and shares (deductible items)	068
4. Statutory reserves	069
5. Other reserves	070
IV. REVALUATION RESERVES	071	896.018	394.587
V. RETAINED EARNINGS OR LOSS CARRIED FORWARD (073-074)	072	(17.620.568)	(21.327.001)
1. Retained earnings	073
2. Loss carried forward	074	17.620.568	21.327.001
VI. NET PROFIT OR LOSS FOR THE PERIOD (076-077)	075	(3.754.704)	(112.466)
1. Net profit for the period	076		(112.466)
2. Net loss for the period	077	3.754.704
VII. MINORITY INTEREST	078
B) PROVISIONS (080 do 082)	079	٠
1. Provisions for pensions, severance pay and similar libabilities	080
2. Provisions for tax liabilities	081	٠
3. Other provisions	082
C) NON-CURRENT LIABILITIES (084 do 092)	083	326.249	365.081
1. Liabilites to related parties	084
2. Liabilities for loans, deposits, etc.	085
3. Liabilities to banks and other financial institutions	086	85.986	87.647
4. Liabilities for advances	087
5. Trade payables	088	۰
6. Commitments on securities	089
7. Liabilities to companies with participating interest	090	٠
8. Other non-current liabilities	091
9. Deferred tax liabilities	092	240.263	277.434
D) CURRENT LIABILITIES (094 do 105)	093	2.526.469	2.958.487
1. Liabilites to related parties	094

$\hat{\mathbf{v}}$

$\bar{z}$

2. Liabilities for loans, deposits, etc.	095
3. Liabilities to banks and other financial institutions	096	60.470	29,747
4. Liabilities for advances	097	9.186	8.005
5. Trade payables	098	1.293.588	1.796.014
6. Commitments on securities	099
7. Liabilities to companies with participating interest	100
8. Liabilities to emloyees	101	665.502	603.260
9. Taxes, contributions and similar liabilities	102	481.689	520.944
10. Liabilities arising from share in the result	103
11. Liabilities arising from non-current assets held for sale	104	$\blacksquare$
12. Other current liabilities	105	16.034	517
E) ACCRUED EXPENSES AND DEFERRED INCOME	106	3,789.633	4.086.720
F) TOTAL EQUITY AND LIABILITIES (062+079+083+093+106)	107	46.521.278	46.723.589
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	39.878.927	39.313.301
2. Attributable to minority interest	110

$\hat{\mathcal{A}}$

$\bar{k}$

Income statement period 01.01.2018. to 30.06.2018
nany: ZAGREBAČKA BURZA d.d.

$\langle \rangle$

$\langle \rangle_{\rm C}$

COMpany: ZAGREDACKA BURZA 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	13.334.914	6.539.045	11.616.973	5.946.141
1. Rendering of services	112	11.956.206	5.638.455	11.216.948	5.823.476
2. Other operating income	113	1.378.708	900.590	400.025	122.665
II. OPERATING COSTS (115+116+120+124+125+126+129+130)	114	13.646.626	7.216.367	11.427.696	5.969.476
1. Change in inventories of work in progress	115
2. Material expenses (117 do 119)	116	5.468.103	3.141.173	4.028.128	2.058.745
a) Costs of raw materials	117	392.314	196.285	364.544	174.608
b) Cost of goods sold	118	507	195
c) Other material expenses	119	5.075.282	2.944.693	3.663.584	1.884.137
3. Employee benefits expenses (121 do 123)	120	4.789.582	2.352.663	4.926.049	2.428.113
a) Net salaries	121	3.178.002	1.543.715	3.207.068	1.521.892
b) Tax and contributions from salary expenses	122	1.211.212	605.457	1.285.367	685.115
c) Contributions on salary	123
4. Depreciation and amortisation	124	400.368 947.706	203.491 477.668	433.614	221.106
	125	2.244.338	1.105.493	597.823 1.506.151	303.627 814.584
5. Other expenses
6. Write down of assets (127+128)	126 127	15.638	15.638	118.206	118.206
a) non-current assets (except financial assets)
b) current assets (except financial assets)	128	15.638	15.638	118.206	118.206
7. Provisions	129
8. Other operating costs	130	181.259	123.732	251.339	246.201
III. FINANCIAL INCOME (132 do 136)	131	441.168	238.795	52.607	29.498
1. Interest, foreign exchange differences, dividens and similar income from related parties	132	1.111	851	24	24
2. Interest, foreign exchange differences, dividens and similar income from third parties	133	150.041	80.773	49.578	34.101
3. Income from investments in associates	134
and joint ventures 4. Unrealised gains (income) from financial
assets	135	288.860	157.159		(7.632)
5. Other financial income	136	1.156	12	3.005	3.005
IV. FINANCIAL EXPENSES (138 do 141)	137	386.694	160.740	210.085	204.387
1. Interest, foreign exchange differences, dividens and similar income from related parties	138	5.145	1.698
2. Interest, foreign exchange differences, dividens and similar income from third parties	139	307.160	135.717	9.834	4.253
3. Unrealised losses (expenses) from financial assets	140			200,251	200.134
4. Other financial expenses	141	74.389	23.325	$\blacksquare$
V. SHARE OF PROFIT FROM ASSOCIATED COMPANIES	142
VI. SHARE OF LOSS FROM ASSOCIATED COMPANIES	143	38.159	16.595	28.389	7.533
VII. EXTRAORDINARY - OTHER INCOME	144	1.065	1.065
VIII. EXTRAORDINARY - OTHER EXPENSES	145
IX. TOTAL INCOME (111+131+144)	146	13.777.147	6.778.905	11.669.580	5.975.639
X. TOTAL EXPENSES (114+137+143+145)	147	14.071.479	7.393.702	11.666.170	6.181.396

XI. PROFIT OR LOSS BEFORE TAXES (146- 147)	148	(294.332)	(614.797)	3,410	(205.757)
1. Profit before taxes (146-147)	149			3.410
2. Loss before taxes (147-146)	150	294.332	614.797		205.757
TAXATION XII.	151			115.876	90.684
XII. PROFIT OR LOSS FOR THE PERIOD (148- 151)	152	(294.332)	(614.797)	(112.406)	(296.441)
1. Profit for the period (149-151)	153
2. Loss for the period (151-148)	154	294.332	614.797	112.466	296.441
ADDITION TO PROFIT AND LOSS ACCOUNT (only for consolidated financial statements) XIV. PROFIT OR LOSS FOR THE PERIOD
1. Attributable to majority owners	155	(294.332)	(614.797)	(112.466)	(296.441)
2. Attributable to minority interest	156
STATEMENT OF OTHER COMPREHENSIVE INCOME (only for IFRS adopters)
I. PROFIT OR LOSS FOR THE PERIOD (=152)	157	(294.332)	(614.797)	(112.466)	(296.441)
II. OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAXES (159 TO 165)	158	(216.517)	(216.517)	(453.160)	(253.996)
1. Exchange differences from international settlement	159	(216.517)	(216.517)	(453.160)	(253.996)
2. Changes in revaluation reserves of long-term tangible and intangible assets	160
3. Profit or loss from re-evaluation of financial assets held for sale	161		٠
4. Profit or loss from cash flow hedging	162			$\overline{\phantom{m}}$
5. Profit or loss from hedging of foreign investments	163			$\overline{\phantom{a}}$
6. Share of other comprehensive income/loss from associatied companies	164		$\blacksquare$	$\overline{\phantom{a}}$
7. Actuarial gains/losses from defined benefit plans	165		$\overline{a}$	$\overline{\phantom{a}}$
III. TAXATION OF OTHER COMPREHENSIVE INCOME FOR THE PERIOD	166
IV. NET OTHER COMPREHENSIVE INCOME FOR THE PERIOD (158 TO 166)	167	(216.517)	(216.517)	(453.160)	(253.996)
V. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (157+167)	168	(510.849)	(831.314)	(565.626)	(550.437)
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	(510.849)	(831.314)	(565.626)	(550.437)
2. Attributable to minority interest	170		$\blacksquare$

$\frac{1}{2}$

$\bar{c}$

Cash flow statement - indirect method period 01.01.2018. to 30.6.2018.
Company: ZAGREBČKA BURZA d.d.
Position	AOP	Previous period	Current period
1	$\mathbf{2}$	3	4
CASH FLOWS FROM OPERATING ACTIVITIES
1. Profit before tax	001	(294.332)	3.410
2. Depreciation and amortisation	002	947.706	597.823
3. Decrease of current liabilities	003		553.425
4. Decrease of current receivables	004	1.122.352	2.469
5. Decrease of inventories	005	508	742
6. Other cash flow increases	006	2.498.567	622.043
I. Total increase of cash flow from operating activities	007	4.274.801	1.779.912
1. Decrease of current liabilities	008	3.673.448
2. Increase of current receivables	009
3. Increase of inventories	010		192.972
4. Other cash flow decreases	011	2.776.822	1.914.994
II. Total decrease of cash flow from operating activities	012	6.450.270	2.107.966
A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES	013
A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES	014	2.175.469	328.054
CASH FLOW FROM INVESTING ACTIVITIES
1. Proceeds from sale of non-current assets	015	$\blacksquare$	1.524.616
2. Proceeds from sale of non-current financial assets	016	37.393
3. Interest received	017
4. Dividend received	018
5. Other proceeds from investing activities	019	16.063	1.854.259
III. Total cash inflows from investing activities	020	53,456	3.378.875
1. Purchase of non-current assets	021	292.779	116.180
2. Purchase of non-current financial assets	022	(766)
3. Other cash outflows from investing activities	023	8.660.013
IV. Total cash outflows from investing activities	024	8.952.026	116.180
B1) NET INCREASE OF CASH FLOW FROM INVESTING ACTIVITIES	025		3.262.695
B2) NET DECREASE OF CASH FLOW FROM INVESTING ACTIVITIES	026	8.898.570
CASH FLOW FROM FINANCING ACTIVITIES
1. Proceeds from issue of equity securities and debt securities	027	$\blacksquare$
2. Proceeds from loans and borrowings	028	$\blacksquare$
3. Other proceeds from financing activities	029
V. Total cash inflows from financing activities	030
1. Repayment of loans and bonds	031		8.109
2. Dividends paid	032
3. Repayment of finance lease	033	٠
4. Purchase of treasury shares	034	٠
5. Other cash outflows from financing activities	035
VI. Total cash outflows from financing activities	036
C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES	037		(8.109)
C2) NET DECREASE OF CASH FLOW FROM FINANCING ACTIVITIES	038	4

$\hat{\mathbf{a}}$ $\ddot{\phantom{0}}$

$\hat{\mathbf{c}}$

Total increases of cash flows	039	-	2.942.750
Total decreases of cash flows	040	11.074.039
Cash and cash equivalents at the beginning of period	041	12.161.380	1.848.893
Increase of cash and cash equivalents	042		2.942.750
Decrease of cash and cash equivalents	043	11.074.039
Cash and cash equivalents at the end of period	044	1.087.341	4.791.643

ł

STATEMENT OF CHANGES IN EQUITY

period 1.1.2018 to 30.6.2018

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	13.860.181	13.860.181
3. Reserves from profit	003	141.000	141.000
4. Retained earnings or loss carried forward	004	(17.620.568)	(21.327.001)
5. Net profit or loss for the period	005	(3.754.704)	(112.466)
6. Revaluation of tangible assets	006		996.288
7. Revaluation of intangible assets	007
8. Revaluation of available for sale assets	008
9. Other revaliuation	009	896.018	(601.701)
10. Total equity and reserves (AOP 001 to 009)	010	39.878.927	39.313.301
11. Foreign exchenge differences ffrom foreign investments	011	582.018	(453.160)
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	(3.754.704)	(112.466)
17. Total increase or decrease of equity (AOP 011 to 016)	017	(3.172.686)	(565.626)
17 a. Attributable to majority owners	018	(3.172.686)	(565.626)
17 b. Attributable to minority interest	019