Quarterly Report • Oct 23, 2019
Quarterly Report
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Unconsolidated unaudited financial results for
$01/01/2019 - 30/09/2019$
23 October 2019
$\label{eq:2.1} \frac{1}{\sqrt{2}}\int_{0}^{\infty}\frac{1}{\sqrt{2\pi}}\left(\frac{1}{\sqrt{2\pi}}\right)^{2\alpha} \frac{1}{\sqrt{2\pi}}\int_{0}^{\infty}\frac{1}{\sqrt{2\pi}}\left(\frac{1}{\sqrt{2\pi}}\right)^{\alpha} \frac{1}{\sqrt{2\pi}}\frac{1}{\sqrt{2\pi}}\int_{0}^{\infty}\frac{1}{\sqrt{2\pi}}\frac{1}{\sqrt{2\pi}}\frac{1}{\sqrt{2\pi}}\frac{1}{\sqrt{2\pi}}\frac{1}{\sqrt{2\pi}}\frac{1}{\sqrt{2\pi}}$
| 1 | INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 01/01/2019 AND 30/09/20191 | |
|---|---|---|
| 1.1 | Significant business events of the Zagreb Stock Exchange, Inc. in the period between 01/01/2019 and 30/09/2019 ……………………………………………………………………………………………… |
|
| 1.2 | Expected future development of the Company | |
| 1.3 | Research & Development activities | |
| 1.4 | 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 risk5 | |
| 1.9 | Statement of transactions and transfers between the Company and its subsidiaries and shareholders 5 |
|
| 1.10 | Statement of events which might have an adverse effect on Company operations5 | |
| 1.11 | Business results for 01/01/2019 - 30/09/2019 | |
| $\overline{2}$ | Declaration of responsibility for the preparation of financial statements | |
| Unconsolidated unaudited financial statements of the Company for 01/01/2019 - 30/09/2019 8 |
$\label{eq:2} \frac{1}{2} \int_{\mathbb{R}^3} \frac{1}{\sqrt{2}} \, \frac{1}{\sqrt{2}} \, \frac{1}{\sqrt{2}} \, \frac{1}{\sqrt{2}} \, \frac{1}{\sqrt{2}} \, \frac{1}{\sqrt{2}} \, \frac{1}{\sqrt{2}} \, \frac{1}{\sqrt{2}} \, \frac{1}{\sqrt{2}} \, \frac{1}{\sqrt{2}} \, \frac{1}{\sqrt{2}} \, \frac{1}{\sqrt{2}} \, \frac{1}{\sqrt{2}} \, \frac{1}{\sqrt{2}} \, \frac{1}{\sqrt{2}} \, \frac{1}{\sqrt{2}} \, \frac$
In the first tri quarters of 2019, the Zagreb Stock Exchange, Inc. (hereinafter: the Company or the Exchange) recorded the following significant business events:
At the end of May, the 6th Zagreb and Ljubljana Stock Exchange Investor Days were held, attended by fifteen issuers from the Zagreb and Ljubljana Stock Exchange, who held 255 meetings with investors from nine countries in two days.
On June 7, 2019, the 10th annual education of the Zagreb Stock Exchange, the Croatian Financial Services Supervisory Agency and the Central Depository & Clearing Company was held. The education was intended for companies whose financial instruments are listed on the regulated market of the Zagreb Stock Exchange.
transactions reported through ZSE APA service, fees for issuing certificates on the status of a member and/or the market maker, and prescribes general principles or types of discounts that the Exchange may grant to its users. On August 15, 2019, the Second Amendments to the Price List entered into force. These Amendments have changed the methodology for determining the listing price of shares and bonds on the regulated market and the listing maintenance fee in such a way that the respective fee is calculated on the basis of market capitalization, which is a standard accepted among comparable European stock exchanges. The alignment of the business and legal regulation of the Exchange with the standards of other exchanges in the European Union is, among other things, one of the reasons for the changes in the Price List.
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.
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.
As at September 30, 2019, the Company held no own shares.
The Company did not acquire own shares between 1 January 2019 and 30 September 2019.
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%.
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).
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 organizational units, Company activities and support services.
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, and consequently, the Company's liquidity position is satisfactory.
The Company confirms that there were no transactions between the Company and its subsidiaries and shareholders in excess of EUR 100,000 in the first three quarters of 2019.
The Company confirms that there were no events which might have an adverse effect on Company operations in the first three quarters of 2019.
In the first three quarters of 2019, the Company realized a total of HRK 10,174 thousand of operating income, up HRK +1,140 thousand or +13% from the same year-ago period when operating income amounted to HRK 9,034 thousand. Compared to the last year's first three quarters, sales revenue increased from HRK 6,663 to HRK 6,687 thousand, or by just over HRK 24 thousand. Commissions and membership fees, as the main source of revenue, increased from HRK 2,607 to HRK 2,859 thousand, or by HRK +253 thousand (+10%), which was strongly influenced by the increased volume of securities trading in September 2019, while income from quotation maintenance increased from HRK 660 to HRK 676 thousand, or by HRK +16 thousand (+2%). Although these items increased, the increase in sales revenue did not follow this increase due to a decrease in listing maintenance fees that fell from HRK 3,063 to HRK 2,851 thousand, or by HRK -212 thousand (-7%), and a decrease in revenue from assigning and administering LEIs from HRK 334 to HRK 301 thousand, or by HRK -33 thousand (-10%). The largest increase in revenues compared to the same period last year was recorded in other operating income, which increased from HRK 2,370 to HRK 3,486 thousand, or by HRK +1,115 thousand (+47%). The increase in other operating income was mostly influenced by the increase in revenue from the educational services, from HRK 164 to HRK 706 thousand, or by HRK +542 thousand (+330%). An increase was also recorded in revenues from OTC data disclosure fees (HRK +91 thousand or +33%) and revenues from exchange data dissemination fees (HRK +240 thousand or +16%). Progress revenue dropped from HRK 33 to HRK 28 thousand, or by HRK -5
thousand (-15%), while revenue from API membership fees remained at the same level as in the first three quarters of 2018.
The total operating expenses of the Company in the first three quarters of 2019 amounted to HRK 10,283 thousand, an increase of HRK +789 thousand (+8%) over the same period last year when operating expenses amounted to HRK 9,494 thousand. Significant increase in depreciation and amortization from HRK 310 to HRK 814 thousand (+163%) and lower office space rent and related costs from HRK 1,004 to HRK 469 thousand (-53%) is associated with IFRS 16. 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. Apart from depreciation and amortization, items of operating expenses that recorded an increase are: other costs by HRK +520 thousand or +47% (from HRK 1,101 to HRK 1,621 thousand), and staff costs by HRK +336 thousand or +7% (from HRK 4,567 to HRK 4,902 thousand). The decrease was recorded in material costs (from HRK 3,120 to HRK 2,773 thousand, or by HRK-347 thousand and -11%).
The increase in the item of other income and other expenses is influenced by a one-time item of subscription of shares of one of the issuers within the pre-bankruptcy settlement in the amount of HRK 383,630.54. This amount was posted as revenue and fully booked at the same time.
Operating loss amounted to HRK -109 thousand, which is a decrease of HRK 352 thousand compared to the first three quarters of the last year when operating loss amounted to HRK -461 thousand. However, in the first three quarters of 2019, financial income amounted to HRK 1,814 thousand and financial expenses amounted to HRK 421 thousand, which resulted in a positive net result. Profit for the period amounted to HRK 1,285 thousand, which is an increase of HRK +415 thousand (+48%) compared to the same period last year when profit for the period amounted to HRK 870 thousand.
Operating profit before interest, taxes, depreciation and amortization is positive and in the first three quarters of 2019 it amounted to HRK 704 thousand, up HRK +854 thousand from the same year-ago period.
Financial statements of the Zagreb Stock Exchange, Inc. prepared for the period between 01/01/2019 and 30/09/2019 give a fair and true account of facts in accordance with the International Standards of Financial Reporting and the Croatian Accounting Act.
Unconsolidated financial statements for the period between 01/01/2019 and 30/09/2019 give an objective, complete and true statement of assets and liabilities, financial position and operations of the Company.
The management report for the first three quarters 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.
Unconsolidated financial statements for the first three quarters of 2019 have not been audited.
ZAGREBAČKA BURZA d.d. Zagreb $\mathbf{1}$ Tomislav Gračan vana Gai ent Board Member of the Management Board President of the
Contact Zagreb Stock Exchange, Inc. Ivana Lučića 2a/22 10000 Zagreb Croatia
Phone number: +385/1468 6806 E-mail: [email protected]
Unconsolidated unaudited financial statements of the Company for 01/01/2019 - 30/09/2019
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| Annex 1 | ISSUER'S GENERAL DATA | |||||
|---|---|---|---|---|---|---|
| Reporting period: | 1.1.2019 | to | 30.9.2019 | |||
| Year: | 2019 | |||||
| Quarter: | 3 | |||||
| Quarterly financial statements | ||||||
| pistration 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: Zagreb Stock Exchange, Inc | ||||||
| Postcode and town: | 10000 | Zagreb | ||||
| et and house number: Ivana Lučića 2a/22 | ||||||
| E-mail address: [email protected] | ||||||
| Web address: www.zse.hr | ||||||
| Number of employees (end of the reporting |
24 | |||||
| Consolidated report: | KN | (KN-not consolidated/KD-consolidated) | ||||
| Audited: | $\mathbf{I}$ RΝ |
(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: Martina Butković | ||||||
| (only name and sumame of the contact person) Telephone: 01/4699-555 |
||||||
| E mail address: [email protected] | ||||||
| Audit firm: | 9 | |||||
| Certified auditor: | (name of the audit firm) | |||||
| (name and surname) |
in HRK
| Submitter: Zagreb Stock Exchange, Inc | III FINN | ||
|---|---|---|---|
| Item | ADP code |
Last day of the preceding business year |
At the reporting date of the current period |
| 1 | $\overline{2}$ | $\overline{3}$ | 4 |
| ASSETS | |||
| FIXED ASSETS 002+003+009+012 | 1 | 21.070.447 | 22.448.945 |
| I INTANGIBLE ASSETS | $\overline{\mathbf{2}}$ | 630.572 | 903.111 |
| II TANGIBLE ASSETS 004++008 | 3 | 399.620 | 1.505.579 |
| 1 Land and buildings | $\overline{4}$ | 0 | |
| 2 Computer equipment | 5 | 266.705 | 178.256 |
| 3 Other tangible assets | 6 | 8.125 | 3.775 |
| 4 Leasehold improvements | 7 | 124.790 | 1.323.548 |
| 5 Assets under construction | 8 | $\Omega$ | |
| III FIXED FINANCIAL ASSETS 010+011 | $\overline{9}$ | 20.040.255 | 20.040.255 |
| 1 Investments in associates, subsidiaries and joint ventures | 10 | 19.375.969 | 19.375.969 |
| 2 Financial assets at amortised cost | 11 | 664.286 | 664.286 |
| DEFERRED TAX ASSETS | 12 | 0 | |
| B CURRENT ASSETS 014+020+024 | 13 | 21.773.518 | 22.729.967 |
| I RECEIVABLES 015++019 | 14 | 2.001.931 | 2.554.110 |
| 1 Trade receivables | 15 | 1.420.517 | 1.999.926 |
| 2 Receivables from employees and members of the undertaking | 16 | 1.470 | 256 |
| 3 Receivables from government and other institutions | 17 | 5.977 | 28.100 |
| 4 Receivables from connected undertakings | 18 | 5.192 | 10.733 |
| 5 Other receivables | 19 | 568.775 | 515.095 |
| III SHORT-TERM FINANCIAL ASSETS 021++023 | 20 | 17.692.980 | 19.626.528 |
| 1 Financial assets at amortised cost | 21 | 0 $\Omega$ |
|
| 2 Financial assets at fair value through other comprehensive | 22 | ||
| 3 Financial assets at fair value through statement of profit or | 23 | 17.692.980 | 19.626.528 |
| III CASH AND CASH EQUIVALENTS C PREPAID EXPENSES AND ACCRUED INCOME |
24 25 |
2.078.607 681.640 |
549.329 793.384 |
| D TOTAL ASSETS 001+013+025 | 26 | 43.525.605 | 45.972.296 |
| E OFF-BALANCE SHEET ITEMS LIABILITIES |
27 | 0 | |
| A CAPITAL AND RESERVES 029+030+031+036+037+038 | 28 | 39.386.124 | 40.670.630 |
| 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 | |
| 3 Fair value reserves | 34 | 0 | 0 |
| 4 Other reserves | 35 | $\Omega$ | |
| IV RETAINED PROFIT OR LOSS BROUGHT FORWARD | 36 | $-22.282.590$ | $-20.972.057$ |
| V PROFIT OR LOSS FOR THE YEAR | 37 | 1.310.533 | 1.284.506 |
| VI MINORITY INTEREST | 38 | 0 | |
| B PROVISIONS | 39 | $\Omega$ | |
| C SHORT-TERM LIABILITIES 041+046 | 40 | 927.849 | 1.339.885 |
| 1 Liabilities for advance payments | 41 | 8.945 | 5.047 |
| 2 Trade payables | 42 | 299.469 | 52.679 |
| 3 Liabilities to employees | 43 | 296.506 | 283.780 |
| 4 Taxes, contributions and similar liabilities | 44 | 322.929 | 239.402 |
| 5 Liabilities to connected undertakings | 45 | 0 | |
| 6 Other short-term liabilities | 46 | 0 | 758.977 |
| D LONG-TERM LIABILITIES | 47 | 0 | 446.913 |
| E DEFERRED TAX LIABILITY | 48 | 0 | |
| F ACCRUALS AND DEFERRED INCOME | 49 | 3.211.632 | 3.514.868 |
| G TOTAL LIABILITIES 028+039+040+047+048+049 | 50 | 43.525.605 | 45.972.296 |
| H OFF-BALANCE SHEET ITEMS | 51 | $\bf{0}$ | |
| Appendix to the balance sheet (position for consolidated financial statements) |
| I Capital and reserves 053+054 | 52 | |
|---|---|---|
| 1 Attributable to owners of the parent | ||
| 2 Attributable to non-controlling interest | 54 |
in HRK
| Submitter: Zagreb Stock Exchange, Inc. | |||||
|---|---|---|---|---|---|
| Item | ADP code |
Same period of the previous year | Current period | ||
| Cumulative | Quarter | Cumulative | Quarter | ||
| $\overline{2}$ | $\overline{3}$ | $\overline{4}$ | 5 | 6 | |
| A OPERATING INCOME 002+009 | 1 | 9.033.769 | 2.913.332 | 10.173.504 | 3.780.471 |
| I Sales revenue 003++008 | $\overline{2}$ | 6.663.371 | 1.981.953 | 6.687.706 | 2.507.980 |
| 1 Commissions and membership fees | 3 | 2.606.656 | 746.236 | 2.859.378 | 1.222.184 |
| 2 Listing maintenance fees | $\overline{4}$ | 3.062.824 | 957.974 | 2.850.984 | 979.427 |
| 3 Income from quotation maintenance | 5 | 659.646 | 159.646 | 675.892 | 209.580 |
| 4 Income from auctions | 6 | 0 | 0 | 0 | $\Omega$ |
| 5 Income from memberships | $\overline{7}$ | $\Omega$ | $\Omega$ | $\Omega$ | $\Omega$ |
| 6 Revenue from assigning and administering LEIs | 8 | 334.245 | 118.097 | 301.452 | 96.789 |
| Il Other operating income 010++012 | 9 | 2.370.398 | 931.379 | 3.485.798 | 1.272.491 |
| 1 Income from application programming interface (API) services | 10 | $\Omega$ | $\Omega$ | $\Omega$ | |
| 2 Income from the supply of information | 11 | 1.498.399 | 549.466 | 1.738.402 | 645.065 |
| 3 Other income | 12 | 871.999 | 381.913 | 1.747.396 | 627.426 |
| B OPERATING EXPENSES 014+017+021+022+023+026+027 | 13 | 9.494.459 | 3.026.866 | 10.282.967 | 3.128.939 |
| I Material costs 015+016 | 14 | 3.120.425 | 905,700 | 2.772.976 | 922.947 |
| 1 Costs of raw materials | 15 | 373.360 | 95.797 | 348.239 | 119.921 |
| 2 Other external costs | 16 | 2.747.065 | 809.903 | 2.424.737 | 803.026 |
| Il Staff costs 018++020 | 17 | 4.566.702 | 1.523.541 | 4.902.506 | 1.535.938 |
| 1 Net salaries and wages | 18 | 2.470.549 | 825.439 | 2.681.040 | 848.125 |
| 2 Tax and contributions from salary costs | 19 | 1.442.910 | 478.473 | 1.543.227 | 477.287 |
| 3 Payroll contributions | 20 | 653.243 | 219.629 | 678.239 | 210.526 |
| III Depreciation | 21 | 310.492 | 103.648 | 813.543 | 271.318 |
| IV Other costs | 22 | 1.100.687 | 467.369 | 1.620.841 | 398.080 |
| V Value adjustment 024+025 | 23 | 128,206 | 10.000 | 142.240 | $\overline{0}$ |
| 1 fixed assets (other than financial assets) | 24 | $\Omega$ | $\Omega$ | 0 | |
| 2 current assets (other than financial assets) | 25 | 128.206 | 10.000 | 142.240 | $\mathbf 0$ |
| VI Provisions | 26 | n | $\Omega$ | $\Omega$ | |
| VII Other operating expenses | 27 | 267.947 | 16.608 | 30.861 | 656 |
| C FINANCIAL INCOME 029++034 | 28 | 1.340.880 | 55.167 | 1.814.575 | 514.989 |
| 1 Interest, exchange rate differences, dividends and similar | 29 | 1.244.872 | 420.681 | 105 | |
| 2 Interest, exchange rate differences, dividends and similar | 30 | 67.292 | 29.452 | 145.456 | 110.911 |
| 3 Income share from associates and participating interests | 31 | 0 | $\Omega$ | $\Omega$ | |
| 4 Unrealised gains (income) from financial assets | $\overline{32}$ | 28.716 | 28.716 | 1.248.438 | 403.973 |
| 5 Profit from reversal of provisions for impairment for expected | 33 | 0 | O | $\Omega$ | 0 |
| 6 Other financial income | 34 | $\mathbf 0$ | $-3.005$ | $\Omega$ | $\Omega$ |
| D FINANCIAL EXPENSES 036++040 | 35 | 10.637 | $-196.125$ | 420.606 | 348.915 |
| 1 Interest, exchange rate differences and other expenditures with | 36 | $\Omega$ | 432 | 11 | |
| 2 Interest, exchange rate differences and other expenditure from | $\overline{37}$ | 10.552 | 4.121 | 56.822 | 17.544 |
| 3 Unrealised losses (expenses) from financial assets | 38 | 5 | $-200.246$ | 362.737 | 362.737 |
| 4 Loss on impairment for expected credit losses | 39 | 0 | |||
| 5 Other financial expenses | 40 | 80 | O | 615 | $-31.377$ |
| E TOTAL INCOME 001+028 | 41 | 10.374.649 | 2.968.499 | 11.988.079 | 4.295.460 |
| F TOTAL EXPENDITURE 013+035 | 42 | 9.505.096 | 2.830.741 | 10.703.573 | 3.477.854 |
| G Share in profit/loss of associates and subsidiaries | 43 | ||||
| H PRE-TAX PROFIT OR LOSS 041-042+043 | 44 | 869.553 | 137.758 | 1.284.506 | 817.606 |
| I INCOME TAX | 45 | 0 | |||
| J PROFIT OR LOSS FOR THE PERIOD 044-045 | 46 | 869.553 | 137.758 | 1.284.506 | 817.606 |
| 1 Change in revaluation reserves (property, plant, | 47 | 0 | |||
| 2 Actuarial gains/losses on defined benefit pension plans | 48 | 0 | $\mathbf{0}$ | ||
| 3 Unrealised gains/losses on financial assets at fair value through other comprehensive income |
49 | 0 | |||
| 4 Gains/losses on hedging instruments in a cash flow hedge | 50 | 0 | 0 | $\mathbf{0}$ | |
| 5 Gains/losses arising from translation of financial | 51 | 0 | 0 | $\mathbf{0}$ | 0 |
| 6 Income tax on other comprehensive income | 52 | 0 | 0 | 0 | |
| K OTHER COMPREHENSIVE INCOME 047++052 | 53 | $\Omega$ | |||
| TOTAL COMPREHENSIVE INCOME 046+053 | 54 | 869.553 | 137.758 | 1.284.506 | 817.606 |
| M RECLASSIFICATION ADJUSTMENTS | 55 | $\mathbf{0}$ | |||
| Appendix ** | |||||
| Attributable to owners of the parent | 56 | 0 | 0 | $\mathbf{0}$ | |
| Attributable to non-controlling interest | 57 | $\pmb{0}$ | 0 | $\pmb{0}$ | $\mathbf{0}$ |
for the period 01.01.2019. to 30.9.2019
| in HRK | |||
|---|---|---|---|
| Submitter: Zagreb Stock Exchange, Inc | Same period of | ||
| Item | ADP code |
the previous year |
Current period |
| $\overline{1}$ | $\overline{2}$ | 3 | 4 |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| 1 Pre-tax profit | 1 | 869.553 | 1.284.506 |
| 2 Depreciation | $\overline{2}$ | 310.492 | 813.543 |
| 3 Increase in short-term liabilities | 3 | 0 | |
| 4 Decrease in short-term receivables | $\overline{4}$ | 0 | 0 |
| 5 Decrease in inventories | $\overline{5}$ | 742 | 0 |
| 6 Loss on impairment for expected credit losses | $6\overline{6}$ | 0 | $\mathbf 0$ |
| 7 Other cash flow increase | 7 | 0 | $\Omega$ |
| I Total cash flow increase from operating activities $001 + + 007$ |
8 | 1.180.787 | 2.098.049 |
| 1 Decrease in short-term liabilities | $\overline{9}$ | 203.162 | 346.941 |
| 2 Increase in short-term receivables | 10 | 510.378 | 552.179 |
| 3 Increase in inventories | 11 | 0 | |
| 4 Profit from reversal of provisions for impairment for expected | 12 | ||
| 5 Other cash flow decrease | 13 | 241.603 | 1.062.056 |
| Il Total cash flow decrease from operating activities $009 + + 013$ |
14 | 955.143 | 1.961.176 |
| CASH FLOW FROM INVESTMENT ACTIVITIES | |||
| 1 Cash receipts from sale of fixed tangible and intangible assets | 15 | 0 | |
| 2 Cash receipts the from sale of equity instruments and debt | 16 | 0 | 0 |
| 3 Interest received | 17 | 0 | |
| 4 Dividends received | 18 | 0 | |
| 5 Other cash receipts from investment activities | 19 | 471.378 | 320.000 |
| III Total cash receipts from investment activities 015++019 | 20 | 471.378 | 320.000 |
| 1 Cash payments for the purchase of fixed tangible and intangible | 21 | 20.506 | 422.228 |
| 2 Cash payments for the acquisition of equity financial | 22 | 0 | |
| 3 Other cash payments from investment activities | 23 | 0 | 1.000.000 |
| IV Total cash payments from investment activities 021+…+023 |
24 | 20.506 | 1.422.228 |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| 1 Cash receipts from the issue of equity financial instruments and debt financial instruments |
25 | 0 | 0 |
| 2 Cash receipts from credit principals, debentures, loans and other borrowings |
26 | 0 | 0 |
| 3 Other cash receipts from financing activities | 27 | 0 | 0 |
| V Total cash receipts from financing activities 025++027 | 28 | Ω | 0 |
| 1 Cash payments for credit principals and bonds | 29 | 0 | 0 |
| 2 Cash payments for dividends | 30 | 0 | 0 |
| 3 Cash payments for finance lease | 31 | 0 | |
| 4 Cash payments for the redemption of treasury shares | |||
| 5 Other cash payments from financing activities | 32 33 |
0 0 |
563.923 |
| VI Total cash payments from operating activities 029++033 | 34 | 563.923 | |
| VII Cash and cash equivalents at the beginning of period | 35 | 882.758 | 2.078.607 |
| VIII Increase of cash and cash equivalents | 36 | 676.516 | |
| IX Decrease of cash and cash equivalents | 37 | 1.529.278 | |
| X Cash and cash equivalents at the end of period | 38 | 1.559.274 | 549.329 |
| for the period from | 1.1.2019 | ° | 30.9.2019 | in HRK | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Attributable to owners of the parent | ||||||||||
| Item | ADP | Subscribed capital |
reserves Capital |
reserves Profit |
Profit or loss for the year (period) |
profit or loss Retained brought forward |
Fair value reserves |
revaluati reserves Other δ |
controlling interests Attributable to non- |
Total capital reserves and |
| $\sim$ | 3 | 4 | 5 | 6 | $^{\circ}$ | $\sigma$ | $\overline{0}$ | H | ||
| on the first day of the previous business year Balance |
۳ | 46.357.000 | 13.860.181 | 141.000 | $-4.404.571$ | $-17.590.812$ | $\overline{\circ}$ | $\overline{\circ}$ | $\circ$ | 38.362.798 |
| Change in accounting policies | $\mathbf 2$ | $\circ$ | $\circ$ | O | $\overline{\circ}$ | $-287.207$ | $\circ$ | $\circ$ | O | $-287.20$ |
| Correction of errors from prior periods | 3 | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | |
| Balance on the first day of the previous business year (restated) |
4 | 000 357 46 |
860.181 $\mathbb{Z}$ |
8 141. |
4.404.571 | $-17.878.019$ | $\circ$ | $\circ$ | $\circ$ | 38.075.591 |
| Profit or loss for the period | 5 | 0 | $\circ$ | $\circ$ | 310.533 H |
$\circ$ | $\circ$ | $\circ$ | $\circ$ | 1.310.533 |
| Unrealised gains or losses on financial assets at fair value through other comprehensive income |
6 | $\circ$ | $\circ$ | $\circ$ | $\overline{\circ}$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ |
| Other changes in equity unrelated to owners | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | ||
| and Total directly recognized income |
||||||||||
| expenses of the previous year (previous year periods) |
$\infty$ | $\circ$ | $\circ$ | $\circ$ | 310.533 $\mathbf{r}$ |
$\circ$ | $\circ$ | $\circ$ | $\circ$ | 1.310.533 |
| Increase/decrease in subscribed capital | ၜ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | |
| Other contributions by owners | $\overline{C}$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | |
| Payment of share in profit/dividend | $\overline{\tau}$ | $\circ$ | $\circ$ | $\circ$ | $\overline{\circ}$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | |
| Other distribution to owners | $\overline{c}$ | $\circ$ | $\circ$ | $\circ$ | 4.404.571 | $-4.404.571$ | $\circ$ | $\circ$ | $\circ$ | |
| previous Balance on the last day of the business year reporting period |
$\frac{3}{2}$ | 46.357.000 | 13.860.181 | 141.000 | 1.310.533 | 22.282.590 | $\circ$ | $\circ$ | $\circ$ | 39.386.124 |
| current the đ day first on the business year Balance |
14 | 46.357.000 | 13.860.181 | 141.000 | 1.310.533 | $-22.282.590$ | $\circ$ | O | $\circ$ | 39.386.124 |
| Change in accounting policies | 15 | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | |||
| Correction of errors from prior periods | 16 | $\circ$ | 이ㅇ | $\circ$ | $\overline{\circ}$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | |
| Balance on the first day of the current business year (restated) |
17 | 46.357.000 | 860.181 $\mathbb{Z}$ |
141.000 | 1.310.533 | 590 22.282. |
$\circ$ | $\circ$ | $\circ$ | 39.386.124 |
| Profit or loss for the period | $\frac{8}{3}$ | 0 | $\circ$ | O | 1.284.506 | $\circ$ | $\circ$ | $\circ$ | $\circ$ | 1.284.506 |
| Unrealised gains or losses on financial assets at fair value through other comprehensive income |
$\overline{9}$ | $\overline{\circ}$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ |
| Other changes in equity unrelated to owners | 20 | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | |
| current year (current and Total directly recognised income the $\mathfrak{b}$ expenses |
$\overline{21}$ | $\circ$ | $\circ$ | $\circ$ | 284.506 H |
$\circ$ | $\circ$ | $\circ$ | $\circ$ | 1.284.506 |
| period) | ||||||||||
| Increase/decrease in subscribed capital | 22 | $\circ$ | O | $\circ$ | $\overline{\circ}$ | $\circ$ | $\overline{\circ}$ | $\circ$ | $\circ$ | |
| Other contributions by owners | 23 | $\circ$ | $\circ$ | $\circ$ | $\overline{\circ}$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | |
| Payment of share in profit/dividend | 24 | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | ||
| Other distribution to owners | 25 | $\circ$ | $\circ$ | $\circ$ | $-1.310.533$ | 1.310.533 | $\circ$ | $\circ$ | $\circ$ | |
| the current Balance on the last day of business year reporting period |
26 | 46.357.000 | 13.860.181 | 141.000 | 1.284.506 | 20.972.057 | $\circ$ | $\circ$ | 40.670.630 |
NOTES TO FINANCIAL STATEMENTS - TFI (drawn up for quarterly reporting periods)
Name of the issuer: Zagreb Stock Exchange, Inc
Personal identification number (OIB): 84368186611
Reporting period: 1.1.2019 - 30.9.2019
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 updated
b) 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.
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