Zagrebačka burza d.d.

Quarterly Report • Apr 30, 2019

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Zagreb Stock Exchange, Inc.

Unconsolidated unaudited financial results for $01/01/2019 - 31/03/2019$

30 April 2019

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CONTENTS

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$\frac{1}{\sqrt{2}}$

$\mathbf{1}$		INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 01/01/2019 AND 31/03/2019 1
	1.1	Significant business events of the Zagreb Stock Exchange, Inc. in the period between 01/01/2019 and 31/03/2019
	1.2	Expected future development of the Company
	1.3	Research & Development activities
	14	Information on repurchase of own shares
	1.5	Subsidiaries of the Company
	1.6	Financial instruments used by the Company
	1.7	Company's objectives and policies related to financial risk management
	1.8	Company's exposure to price risk, credit risk, liquidity risk and cash flow risk 2
	1.9	Statement of transactions and transfers between the Company and its subsidiaries and shareholders
	1.10	Statement of events which might have an adverse effect on Company operations 3
	1.11	Business results for 01/01/2019 - 31/03/2019
2		Declaration of responsibility for the preparation of financial statements
		Unconsolidated unaudited financial statements of the Company for 01/01/2019 - 31/03/2019 6

$\label{eq:2.1} \frac{1}{\sqrt{2}}\int_{\mathbb{R}^3} \frac{1}{\sqrt{2}}\left(\frac{1}{\sqrt{2}}\right)^2\frac{1}{\sqrt{2}}\left(\frac{1}{\sqrt{2}}\right)^2\frac{1}{\sqrt{2}}\left(\frac{1}{\sqrt{2}}\right)^2.$

$\lambda$

$\mathbf{1}$ INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 01/01/2019 AND 31/03/2019

$1.1$ Significant business events of the Zagreb Stock Exchange, Inc. in the period between 01/01/2019 and 31/03/2019

In the first quarter of 2019, the Zagreb Stock Exchange, Inc. (hereinafter: the Company or the Exchange) recorded the following significant business events:

• On January 2, 2019, the Zagreb Stock Exchange successfully implemented the Cross Request functionality in the trading system.
• On January 3, 2019, the Zagreb Stock Exchange and Podravka signed a contract for $\omega$ transferring the Podravka Company from the Official to the Prime Market.
• On January 3, 2019, the BC Institute was admitted to the Progress market.
• On January 15, 2019, the Croatian Financial Services Supervisory Agency has approved the new Price List for the Zagreb Stock Exchange.
• On January 29, 2019, the Croatian Financial Services Supervisory Agency approved the registration of the Zagreb Stock Exchange's Progress Market as an SME growth market, making Progress among the few SME growth markets in Europe.
• On 18 February, 2019, the Zagreb Stock Exchange has started to release a new share index, the index of Prime market CROBEXprime. CROBEXprime presents the so-called free float market capitalization weighted index, in which the weight of each share will be determined in accordance with its free float market capitalization.
• On March 22, 2019, the Zagreb Stock Exchange made a decision on termination the listing of Dalma d.d., Imunološki zavod d.d., Jadran film d.d. and Tankerkomerc d.d. for non-fulfillment of obligations.
• In the first quarter of 2019, two campaigns were carried out on the Funderbeam SEE platform, for the TDA-Top Digital Agency Company, where the amount of EUR 420,000 was collected and for the OmoLab Company, which raised the amount of EUR 240,000.

$1.2$ Expected future development of the Company

In 2019, the Company will continue to focus on restoring confidence and raising Corporate Governance standards and reporting on a regulated market. The Company will also focus on greater promotion of existing issuers, with a focus on Prime Market.

The Company will press on with previously initiated projects, placing the greatest emphasis on the project of regional SME capital market development (Progress), and further activities related to financing and investing in start-ups (Funderbeam SEE).

By the end of 2019, extensive activities regarding moving to a new version of the T7 trading system will be ended.

$13$ Research & Development activities

The Company has pressed on with continuous efforts at developing and improving its own service offering and at expending service provision to the Slovenian market as well. At the beginning of 2019, after 10 years, the service of the market maker was reinstated on the Ljubljana Stock Exchange with the Croatian member.

$1.4$ Information on repurchase of own shares

As at 31 March 2019, the Company held no own shares.

The Company did not acquire own shares between 1 January 2019 and 31 March 2019.

1.5 Subsidiaries of the Company

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 HRK 244,000, and the Zagreb Stock Exchange, Inc. participates with 20%.

1.6 Financial instruments used by the Company

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).

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

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

The Company manages risks, including financial risks, particularly through two mutually independent control functions: monitoring of compliance with relevant regulations and internal audit function.

These control functions process and monitor the work of all organisational units, Company activities and support services.

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

The Company places its excess cash on deposit and invests in open-end money market and bond investment funds. Its investments are carried at fair value. The Company mitigates the price risk by diversifying its portfolio of open-end investment funds it by investing in different types of funds managed by different fund management companies, and by investing in low-risk funds.

The Company has no loans received, rather its cash and financial assets exceed substantially the liabilities of the Company, consequently, the Company's liquidity position is satisfactory.

1.9 Statement of transactions and transfers between the Company and its subsidiaries and shareholders

The Company confirms that there were not transactions between the Company and its subsidiaries and shareholders in excess of EUR 100,000 in the first quarter of 2019.

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

The Company confirms that there were no events which might have an adverse effect on Company operations in the first quarter of 2019.

1.11 Business results for 01/01/2019 - 31/03/2019

In the first quarter of 2019, the Company had HRK 2,906 thousand of operating income, down -6% from the same year-ago period. The decline in revenues from trading fees for -31% was caused by the drop of -40% in the share turnover within the Order book versus the same period last year. Besides the revenues from trading fees, a significant decline was also evident in revenues from listing fees (-35%), while revenues from LEI assignment and maintenance fees (-2%), revenues from maintenance of quotation fees (-5%) and revenues from membership fees (-6%) dropped slightly. On the other hand, the decline in these revenues was mostly replaced by a significant rise in educational services revenues (+165%), revenues from OTC data disclosure fees (+104%), and revenues from exchange data dissemination fees (+44%). Other operating revenues fell by -56% or HRK 29 thousand.

Operating expenses amounted to HRK 3,203 thousand in the first quarter of 2019, up +6% year-onyear. The biggest growth in expenses was recorded in depreciation and amortization (+162%) and other operating expenses (+21%). A slight increase is visible in software costs (+9%), administrative fees (+5%) and staff costs (+2%). Office space rent and related costs decreased significantly (-56%).

The Company's results in 2019 are presented in accordance with the change in the two IFRS 15 accounting standards that have an impact on the recognition of income from the listing fee, which were previously recognized as a one-time, and now are deferred to 12 months. In the first quarter of 2019, revenues from listing fees invoiced in 2019 in the amount of HRK 120,246.56 were deferred, and the deferred incomes from 2018 were recognized in the amount of HRK 175,312.66. Net impact is higher revenues in the amount of HRK 54,766 in the first quarter 2019.

Also, in accordance with IFRS 16, office space and cars rent are now shown through an overview of the total rental value recognized in the balance sheet and is presented as an amortization and financial expense in the Income statement. Applying this standard has a negligible impact on the overall result; the only difference is the change in the positions where the cost is shown.

Financial income, which in the first three months of 2019 was HRK 421 thousand higher than in the same period last year, and financial expenses that fell by -42%, have a positive impact on the overall

result. The increase in financial income is a result of good returns of funds in which the Exchange invested free funds.

Total result of the Company in the first quarter of 2019, amounted to HRK 154 thousand, which is HRK 82 thousand higher than the same year-ago period. However, operating profit before interest, taxes, depreciation and amortisation is negative and amounts to HRK -27 thousand, or HRK 186 thousand less than in first quarter 2018.

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

Unaudited financial statements of the Zagreb Stock Exchange, Inc. prepared for the period between 01/01/2019 and 31/03/2019 give a fair and true account of facts in accordance with the International Standards of Financial Reporting and the Croatian Accounting Act.

Unconsolidated unaudited financial statements for the period between 01/01/2019 and 31/03/2019 give an objective, complete and true statement of assets and liabilities, financial position and operations of the Company.

The management report for the first quarter of 2019 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 Company is exposed.

ZAGREBAČKA BURZA d.d. Tomislav Gračan nt Board Member of the Management Board President of_/t

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

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

$\mathbb{R}^{2} \mathcal{S}^{2,0,0} \big|_{\mathbb{R}^{2}}.$ Unconsolidated unaudited financial statements of the Company for 01/01/2019 - 31/03/2019

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Annex 1
		ISSUER'S GENERAL DATA
Reporting period:		1.1.2019	to	31.3.2019
Year:		2019
Quarter:		1
		Quarterly financial statements
Registration number $(MB)$ :	03749606		Issuer's home Member State code:	HR
Entity's registration number (MBS):	080034217
Personal identification number (OIB):	84368186611		LEI:	7478000050A040C0D041
Institution code:	4
	Name of the issuer: Zagrebačka burza d.d.
Postcode and town:	10000		Zagreb
Street and house number:	Ivana Lučića 2a/22
E-mail address:	sandra.semuga@zse.hr
Web address:	www.zse.hr
Number of employees (end of the reporting period):	25
Consolidated report:	KN	(KN-not consolidated/KD- consolidated)
Audited:	RN	(RN-not audited/RD-audited)
Names of subsidiaries (according to IFRS):				Registered office:	MB:
Bookkeeping firm:	Yes	(Yes/No)		Sigma Tax Consulting d.o.o.

	(name of the bookkeeping firm)
	Contact person: Lucija Tropčić
	(only name and surname of the contact person)
Telephone:	01/4699-555
	E-mail address: lucija.tropcic@sigmabc.eu
Audit firm:
	(name of the audit firm)
Certified auditor:
	(name and surname)

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BALANCE SHEET balance as at 31.3.2019

in HRK

Submitter:
Item 1	ADP code $\overline{2}$	Last day of the preceding business year 3	At the reporting date of the current period 4.
ASSETS
FIXED ASSETS 002+003+009+012 I INTANGIBLE ASSETS	1	21.070.448 630.572	22.909.828 916.307
II TANGIBLE ASSETS 004++008	$\mathbf{2}$ 3	399.621	1.953.266
	4	0	n
1 Land and buildings	5	269.154	245.998
2 Computer equipment	6		2.837
3 Other tangible assets		5.677 124.790	1.704.431
4 Leasehold improvements	$\overline{7}$
5 Assets under construction III FIXED FINANCIAL ASSETS 010+011	8	0	0
	9	20.040.255 19.375.969	20.040.255
1 Investments in associates, subsidiaries and joint ventures	10		19.375.969
2 Financial assets at amortised cost	11	664.286	664.286
DEFERRED TAX ASSETS	12	0 21.773.518	0
B CURRENT ASSETS 014+020+024	13		21.259.104
I RECEIVABLES 015++019	14	2.001.931	1.778.697
1 Trade receivables	15	1.420.517	1.207.609
2 Receivables from employees and members of the undertaking	16	1.470	12.117
3 Receivables from government and other institutions	17	5.977	26.748
4 Receivables from connected undertakings	18	5.192	12.248
5 Other receivables	19	568.775	519.975
III SHORT-TERM FINANCIAL ASSETS 021++023	20	17.692.980	19.151.690
1 Financial assets at amortised cost	21	0	0
2 Financial assets at fair value through other comprehensive income	22	$\bf{0}$	0
3 Financial assets at fair value through statement of profit or loss	23	17.692.980	19.151.690
III CASH AND CASH EQUIVALENTS	24	2.078.607	328.717
C PREPAID EXPENSES AND ACCRUED INCOME	25	681.640	707.101
D TOTAL ASSETS 001+013+025	26	43.525.606	44.876.033
E OFF-BALANCE SHEET ITEMS	27	0	0
LIABILITIES
A CAPITAL AND RESERVES 029+030+031+036+037+038	28	39, 386, 124	39,540.107
I INITIAL CAPITAL	29	46.357.000	46.357.000
II CAPITAL RESERVES	30	13.860.181	13.860.181
III PROFIT RESERVES 032++035	31	141.000	141.000
1 Legal reserves	32	141.000	141.000
2 Reserves for treasury shares	33	0	0
3 Fair value reserves	34	0	0
4 Other reserves	35	0	0
IV RETAINED PROFIT OR LOSS BROUGHT FORWARD	36	#########	#########
V PROFIT OR LOSS FOR THE YEAR	37	1.310.533	153.983

VI MINORITY INTEREST	38	n
B PROVISIONS	39	0	0
C SHORT-TERM LIABILITIES 041+046	40	927.849	3.582.407
1 Liabilities for advance payments	41	8.945	7.172
2 Trade payables	42	299.469	257.032
3 Liabilities to employees	43	296.506	2.283.571
4 Taxes, contributions and similar liabilities	44	322.929	275.655
5 Liabilities to connected undertakings	45	o	Ω
6 Other short-term liabilities	46	0	758.977
D LONG-TERM LIABILITIES	47	O.	797.319
E DEFERRED TAX LIABILITY	48	Λ
F ACCRUALS AND DEFERRED INCOME	49	3.211.630	2.956.200
G TOTAL LIABILITIES 028+039+040+047+048+049	50	43.525.603	46.876.033
H OFF-BALANCE SHEET ITEMS	51	Ω	o
Appendix to the balance sheet (position for consolidated financial statements)
I Capital and reserves 053+054	52	T	Ô
1 Attributable to owners of the parent	53	0	0
2 Attributable to non-controlling interest	54	0	$\bf{0}$

STATEMENT OF PROFIT OR LOSS For the period 01.01.2019, to 31.03.2019.

Submitter:

Same period of the ADP Current period previous year Item code Cumulative Quarter Cumulative Quarter $\overline{2}$ .
68 3. 85 A OPERATING INCOME 002+009 2.910.459 2.910.459 $\overline{\mathbf{1}}$ 3.089.479 3.089.479 I Sales revenue 003+...+008 $\overline{2}$ 2,448.259 2.448.259 1.975.434 1.975.434 1 Commissions and membership fees $\overline{3}$ 1.058.728 1.058.728 746.957 746,957 2 Listing maintenance fees $\overline{4}$ 966.385 966.385 915,400 915.400 3 Income from quotation maintenance $\overline{5}$ 317.825 317.825 210.066 210.066 4 Income from auctions $\overline{6}$ $\Omega$ $\overline{0}$ $\overline{0}$ $\overline{0}$ 5 Income from memberships 7 $\overline{0}$ $\overline{0}$ $\Omega$ $\Omega$ 6 Revenue from assigning and administering 105.321 8 105,321 103.011 103.011 LEIs 935.025 Il Other operating income 010+...+012 $\overline{9}$ 641.220 641.220 935.025 1 Income from application programming $10$ $\overline{0}$ $\overline{0}$ $\mathbf 0$ $\overline{0}$ interface (API) services 405.323 405.323 537.609 537.609 2 Income from the supply of information $\overline{11}$ 397.416 3 Other income $\overline{12}$ 235.897 235.897 397.416 B OPERATING EXPENSES 13 3.032.013 3.032.013 3.207.109 3.207.109 014+017+021+022+023+026+027 I Material costs 015+016 $\overline{14}$ 1.096.715 1.096.715 938.578 938.578 1 Costs of raw materials 151.460 151.460 114.429 114.429 $\overline{15}$ 945.255 945.255 824.149 824.149 2 Other external costs $\overline{16}$ II Staff costs 018+...+020 $\overline{17}$ 1.499.641 1.499.641 1.531.554 1.531.554 1 Net salaries and wages 813.295 813.295 845,895 845,895 $\overline{18}$ 2 Tax and contributions from salary costs $\overline{19}$ 473.838 473.838 472.544 472.544 3 Payroll contributions $\overline{20}$ 212.508 213.115 213.115 212.508 III Depreciation $\overline{21}$ 102.991 102.991 269.970 269.970 466,755 IV Other costs 466.755 $\overline{22}$ 327.528 327.528 V Value adjustment 024+025 $\overline{23}$ 0 $\Gamma$ ∩ $\theta$ 1 fixed assets (other than financial assets) $\overline{24}$ $\overline{0}$ $\overline{0}$ $\overline{0}$ $\overline{0}$ 2 current assets (other than financial assets) 25 $\overline{0}$ $\overline{0}$ $\overline{0}$ $\overline{0}$ VI Provisions $\overline{26}$ $\overline{0}$ $\overline{0}$ $\overline{0}$ $\overline{0}$ VII Other operating expenses $\overline{27}$ $\overline{252}$ $\frac{1}{252}$ $5.138$ $5.138$ C FINANCIAL INCOME 029+...+034 469.791 $\overline{28}$ 20.015 $20.015$ 469.791 1 Interest, exchange rate differences, dividends and similar income from relations with related 29 $\Omega$ 0 $\overline{7}$ $\overline{7}$ parties 2 Interest, exchange rate differences, dividends and similar income from relations with third 8.689 30 12.383 12.383 8.689 parties 3 Income share from associates and $31$ $\mathbf 0$ $\overline{0}$ 0 $\overline{0}$ participating interests 4 Unrealised gains (income) from financial 32 7.632 458.710 458.710 7.632 assets 5 Profit from reversal of provisions for $\overline{0}$ 33 $\Omega$ $\overline{0}$ $\Omega$ impairment for expected credit losses 6 Other financial income $\overline{34}$ $\overline{0}$ 2.385 2.385 $\mathbf{0}$ D FINANCIAL EXPENSES 036+...+040 $\overline{35}$ 3.928 3,928 19.158 19.158 1 Interest, exchange rate differences and other 36 $\mathbf 0$ $\Omega$ $\mathbf 0$ $\overline{0}$ expenditures with related parties 2 Interest, exchange rate differences and other 3.758 19.158 19.158 37 3.758 expenditure from relations with third parties 3 Unrealised losses (expenses) from financial 38 117 117 $\mathbf 0$ $\overline{0}$ assets

in HRK

4 Loss on impairment for expected credit losses	39	0	0	0	0
5 Other financial expenses	40	53	$\overline{53}$	O	Ω
E TOTAL INCOME 001+028	41	3.109.494	3.109.494	3.380.250	3.380.250
F TOTAL EXPENDITURE 013+035	$\overline{42}$	3.035.941	3.035.941	3.226.267	3.226.267
G Share in profit/loss of associates and
subsidiaries	43	$\Omega$	0	0	$\Omega$
H PRE-TAX PROFIT OR LOSS 041-042+043	44	73.553	73.553	153.983	153.983
I INCOME TAX	45	0	0	$\Omega$	0
J PROFIT OR LOSS FOR THE PERIOD 044-	46	73.553	73.553	153.983	153.983
045
1 Change in revaluation reserves (property,	47	$\mathbf{0}$	0	O	$\bf{0}$
plant, equipment and intangible assets)
2 Actuarial gains/losses on defined benefit	48	$\bf{0}$	0	O	$\bf{0}$
pension plans
3 Unrealised gains/losses on financial assets
at fair value through other comprehensive	49	$\bf{0}$	0	0	0
income
4 Gains/losses on hedging instruments in a	50	0	0	0	0
cash flow hedge
5 Gains/losses arising from translation of
financial statements relating to foreign	51	0	0	O	0
operations
6 Income tax on other comprehensive	52	0	$\bf{0}$	Ð	0
income
K OTHER COMPREHENSIVE INCOME	53	û	û	û	û
$047 + + 052$
TOTAL COMPREHENSIVE INCOME 046+053	54	73.553	73.553	153.983	153.983
M RECLASSIFICATION ADJUSTMENTS	55	0	0	O	0
Appendix **
Attributable to owners of the parent	56	0	0	$\bf{0}$	0
Attributable to non-controlling interest	$\overline{57}$	0	0	O	0

STATEMENT OF CASH FLOWS - indirect method
for the period 01.01.2019. to 31.03.2019.

in $HRK$

Submitter:
Item	ADP code	Same period of the previous year	Current period
1	2	3	4.
CASH FLOW FROM OPERATING ACTIVITIES
1 Pre-tax profit	1	73.553	153.983
2 Depreciation	$\overline{2}$	102.991	269.970
3 Increase in short-term liabilities	3	0	n
4 Decrease in short-term receivables	4	$\mathbf 0$	167.765
5 Decrease in inventories	5	702	468
6 Loss on impairment for expected credit losses	6	0	0
7 Other cash flow increase	7	26.067	0
I Total cash flow increase from operating activities $001 + + 007$	8	203.313	592.186
1 Decrease in short-term liabilities	9	313.248	317.936
2 Increase in short-term receivables	10	0	0
3 Increase in inventories	11	0	0
4 Profit from reversal of provisions for impairment for expected credit losses	12	0	0
5 Other cash flow decrease	13	636.931	739.601
Il Total cash flow decrease from operating activities $009 + + 013$	14	950.179	1.057.537
CASH FLOW FROM INVESTMENT ACTIVITIES
1 Cash receipts from sale of fixed tangible and intangible	15	0	0
assets
2 Cash receipts the from sale of equity instruments and debt	16	0	0
instruments 3 Interest received	17	0	55.000
4 Dividends received	18	0	0
5 Other cash receipts from investment activities	19	342.538	0
III Total cash receipts from investment activities
$015 + + 019$	20	342.538	55.000
1 Cash payments for the purchase of fixed tangible and intangible assets	21	17.737	339.539
2 Cash payments for the acquisition of equity financial instruments and debt financial instruments	22	0	0
3 Other cash payments from investment activities	23	0	1.000.000
IV Total cash payments from investment activities $021 + + 023$	24	17.737	1.339.539
CASH FLOW FROM FINANCING ACTIVITIES
1 Cash receipts from the issue of equity financial instruments and debt financial instruments	25	$\bf{0}$	0
2 Cash receipts from credit principals, debentures, loans and other borrowings	26	$\Omega$	0
3 Other cash receipts from financing activities	27	0	0
V Total cash receipts from financing activities 025++027	28	Ð	û
1 Cash payments for credit principals and bonds	29	0	0

2 Cash payments for dividends	30
3 Cash payments for finance lease	31	0
4 Cash payments for the redemption of treasury shares	32
5 Other cash payments from financing activities	33	O
VI Total cash payments from operating activities $029 + + 033$	34	O	Œ
VII Cash and cash equivalents at the beginning of period	35	882.758	2.078.607
VIII Increase of cash and cash equivalents	36	U
IX Decrease of cash and cash equivalents	37	422.065	1.749.890
X Cash and cash equivalents at the end of period	38	460.693	328.717

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$\bigcirc$ $\circ$ $\mathbb{C}^2$ $\bigcirc$ $\mathbb{C}$ 38.352.797 287.206 1.310.533 1.310.533 38.075.591 reserves capital Total and $\overline{\mathbf{t}}$ in HRK $\circ$ $\ddot{\circ}$ $\overline{\mathbb{Q}}$ $\circ$ $\circ$ $\circ$ $\circ$ $\circ$ $\circ$ $\circ$ controlling
interests Attributable to non- $\frac{1}{\sqrt{2}}$ $\circ$ $\circ$ $\circ$ $\circ$ $\overline{\mathbb{C}}$ $\circ$ $\circ$ $\circ$ $\ddot{\circ}$ $\circ$ revaluation reserves Other $\infty$ $\circ$ reserves $\ddot{\mathbb{C}}$ $\circ$ $\circ$ $\bigcirc$ $\circ$ $\circ$ $\circ$ $\circ$ $\circ$ value Fair $\infty$ Attributable to owners of the parent $\circ$ $\circ$ $\circ$ $\circ$ $\circ$ $\mathbb{C}^2$ $\circ$ $-287.206$ ######## 计传统特种 Retained brought profit or forward loss $\mathbf{e}$ N 3.753.243 $\ddot{\circ}$ $-3.753.243$ $\circ$ $\circ$ $\circ$ $\circ$ $\circ$ 1.310.533 1.310.533 Profit or the year (period) loss for $\circ$ 141.000 $\mathbb{C}$ $\circ$ $\circ$ $\circ$ 141.000 $\circ$ $\circ$ $\circ$ $\circ$ reserves for the period from Profit LΟ. ######## $\begin{tabular}{c} \hline $444444444444444444444444444444444444$ $\circ$ $\circ$ reserves $\circ$ $\circ$ $\circ$ $\circ$ $\ddot{\mathbb{C}}$ $\circ$ Capital $\overline{a}$ Subscribed $\circ$ $\circ$ $\circ$ $\circ$ $\bar{C}^{\prime\prime}$ $\circ$ $\circ$ $\circ$ ######## 特殊特殊特殊 capital $\mathcal{O}$ $\frac{1}{\sqrt{2}}$ ADP $\overline{\mathbf{N}}$ $\overline{\mathbf{C}}$ $\infty$ $\blacktriangledown$ ယ $\ddot{\circ}$ $\overline{D}$ $\infty$ $\infty$ $\overline{\phantom{a}}$ $\Xi$ $\overline{\mathbf{a}}$ accounting year of the previous business other Other changes in equity Balance on the first day of the previous business errors from Balance on the first day Unrealised gains or losses on financial assets at fair Total directly recognized income and expenses of Profit or loss for the period (previous year periods) comprehensive income contributions unrelated to owners Increase/decrease previous through subscribed capital year (restated) Correction of $\equiv$ prior periods Change policies value Other ltem vear the

$\blacksquare$

	$\circ$	٦	39.386.124	39.386.124	೦	ు	39.386.124	Geo $\overset{\sim}{\mathbb{S}}$ إسبيد	٤	٦	SSSSSS	ು	$\mathbb{C}$	೧
	$\circ$	0	⇔	$\circ$	$\circ$	0	$\mathbb{C}$	0	$\circ$	0	٤	0	0	0
	0	0	ు	0	٥	0	ಾ	0	O	0	$\circ$	0	0	0
	٥	0	ా	0	0	0	O	0	$\circ$	0	$\mathbb{C}$	$\circ$	O	0
	0	########	特許特許特得	########	0	0	建物特种转针	0	0	0	ಾ	o	0	0
	0	3.753.243	1.310.533	1.310.533	O	0	1.310.533	153.990	O	0	153,990	$\circ$	$\circ$	0
	$\circ$	0	141.000	141.000	0	0	141.000	0	0	0	$\circ$	0	0	0
	$\circ$	0	经经营经营管	#### ####	0	0	*****	0	$\circ$	0	O	∘	0	0
	$\circ$	$\circ$	建物特种特种特	########	$\circ$	0	特护特拉特特	٥	$\circ$	$\circ$	⇔	$\circ$	$\circ$	$\circ$
	$\overline{\mathbf{r}}$	57	$\frac{3}{2}$	4	$\frac{5}{1}$	$\frac{6}{1}$	17	$\frac{8}{1}$	$\frac{6}{1}$	20	ζ.	22	$\mathcal{S}^2$	$\overline{2}$
owners	크. share profit/dividend $\overline{\circ}$ Payment	음 distribution owners Other	Balance on the last day of the previous business year reporting period	of the current business Balance on the first day year	accounting Ξ. Change policies	errors from đ prior periods Correction	business first day Balance on the of the current year (restated)	Profit or loss for the period	on financial assets at fair other Unrealised gains or losses comprehensive income through value	equity unrelated to owners Other changes in	income and expenses of the current year (current Total directly recognised period)	Ξ Increase/decrease subscribed capital	द्र contributions owners Other	Ξ. share ৳ Payment

$\overline{\mathbf{C}}$

0 $-1.310.533$ 1.310.533 0 25 distribution owners Other	profit/dividend
						0	O
Ó 基本学 990 141,000 建特殊器 特特特特 NAMES AND 26 of the current business year reporting period	Balance on the last day					$\overline{\circ}$	39.540.1

NOTES TO FINANCIAL STATEMENTS - TFI (drawn up for quarterly reporting periods)

Name of the issuer: _____

Personal identification number (OIB);

$\overline{\phantom{a}}$

Reporting period: ____________________________________

Notes to financial statements for quarterly periods include:

a) an explanation of business events relevant to understanding changes in the statement of financial position and financial performance for the quarterly reporting period of the issuer with respect to the last business year: information is provided regarding these events and relevant information published in the last annual financial statement is updatedb) information on the access to the latest annual financial statements, for the purpose of understanding information published in the notes to financial statements drawn up for the quarterly reporting period c) a statement explaining that the same accounting policies are applied while drawing up financial statements for the quarterly reporting period as in the latest annual financial statements or, in the case where the accounting policies have changed, a description of the nature and effect of the changes d) a description of the financial performance in the case of the issuer whose business is seasonal.