Quarterly Report • Apr 27, 2020
Quarterly Report
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Consolidated unaudited financial results for
01/01/2020 – 31/03/2020
27 April 2020
| 1 | INTERIM | MANAGEMENT REPORT FOR THE PERIOD BETWEEN 01/01/2020 AND 31/03/2020 1 |
|
|---|---|---|---|
| 1.1 | Significant business events of the Group in the period between 01/01/2020 and 31/03/20201 | ||
| 1.2 | Zagreb and Ljubljana Stock Exchange Trading overview2 | ||
| 1.3 | Expected future development of the Group 5 | ||
| 1.4 | Research & Development activities6 | ||
| 1.5 | Information on repurchase of own shares6 | ||
| 1.6 | Zagreb Stock Exchange Group 6 | ||
| 1.7 | Financial instruments used by the Group7 | ||
| 1.8 | Group's objectives and policies related to financial risk management7 | ||
| 1.9 | Group's exposure to price risk, credit risk, liquidity risk and cash flow risk 7 | ||
| 1.10 | Statement of transactions and transfers within the Group and between the Group and its shareholders7 |
||
| 1.11 | Statement of events which might have an adverse effect on Group operations8 | ||
| 1.12 | Business results for 01/01/2020 – 31/03/20208 | ||
| 2 | Declaration of responsibility for the preparation of financial statements11 | ||
| Consolidated unaudited financial statements of the Group for 01/01/2020 – 31/03/2020 12 |
In the first quarter of 2019, the Zagreb Stock Exchange Group (hereinafter: the Group) recorded the following significant business events:
trading day, as long as objective circumstances permit. The decision was made in order to protect the health of employees and clients as well as the long-term sustainability of the business.
The first quarter of 2020 was marked by a higher securities turnover since the end of February under the influence of the Covid-19 appearance in the Republic of Croatia.
Securities turnover at the Zagreb Stock Exchange
Orderbook book turnover was +183% higher than in the same period last year, with equity turnover up +209%. Overall, quarter-on-quarter traffic was almost +159% higher than last year.
Equity Market Capitalization and number of listed stocks
The Market value measured by market capitalization decreased by -2% in total, with equity market capitalization down -7.4%.
| 1Q 2019 | 1Q 2020 | change | |
|---|---|---|---|
| Securities trading (HRK) | |||
| Orderbook turnover | 393.383.927 | 1.112.229.578 | 182,73% |
| Stocks | 334.048.691 | 1.031.080.460 | 208,66% |
| Bonds | 59.335.236 | 59.335.236 | 0,00% |
| Equity Block Turnover | 141.638.148 | 272.720.326 | 92,55% |
| Debt Block Turnover | 0 | 0 | |
| TOTAL | 535.022.075 | 1.384.949.904 | 158,86% |
| Equity Market Capitalization (HRK) | |||
| Prime market | 8.923.415.245 | 10.998.695.042 | 23,26% |
| Official market | 58.412.505.070 | 54.152.680.977 | -7,29% |
| Regular market | 68.861.237.105 | 60.965.064.988 | -11,47% |
| TOTAL | 136.197.157.421 | 126.116.441.006 | -7,40% |
| Number of listed securities | |||
| Stocks | 130 | 106 | -18,46% |
| Prime market | 4 | 5 | 25,00% |
| Official market | 25 | 23 | -8,00% |
| Regular market | 101 | 78 | -22,77% |
| Bonds | 26 | 26 | 0,00% |
| TOTAL | 156 | 132 | -15,38% |
With the exception of CROBEXnutris, which increased by +15.54%, all stock indices fell by double digits: the largest decrease was recorded by CROBEXconstruct (-35.34%), followed by CROBEXindustry (-26.10%), CROBEXturist (-25.11%), CROBEX (-17.65%), CROBEXprime (-15.89%), CROBEXtr (-14.69%), CROBEXplus (-13.77%), CROBEX10 (-12.49%). The new ADRIAprime regional index is down -16.32% from its initial value.
| Index | 31.3.2019 | 31.3.2020 | Change | Turnover (HRK) 1Q 2019 |
Turnover (HRK) 1Q 2020 |
change |
|---|---|---|---|---|---|---|
| CROBEX | 1.797,81 | 1.480,51 | -17,65% | 275.326.342 | 833.729.502 | 202,82% |
| CROBEXtr | 1.161,65 | 990,99 | -14,69% | 275.326.342 | 833.729.502 | 202,82% |
| CROBEX10 | 1.048,23 | 917,27 | -12,49% | 209.554.290 | 726.698.762 | 246,78% |
| CROBEXprime | 993,00 | 835,20 | -15,89% | 50.644.270 | 319.143.034 | 530,17% |
| CROBEXplus | 947,63 | 817,11 | -13,77% | 282.434.692 | 806.419.202 | 185,52% |
| CROBEXindustrija | 840,51 | 621,12 | -26,10% | 34.350.840 | 135.462.693 | 294,35% |
| CROBEXkonstrukt | 470,56 | 304,28 | -35,34% | 4.230.934 | 5.455.560 | 28,94% |
| CROBEXnutris | 492,13 | 568,63 | 15,54% | 27.186.940 | 121.086.165 | 345,38% |
| CROBEXtransport | 588,59 | \ | 7.187.623 | \ | ||
| CROBEXturist | 3.392,32 | 2.540,45 | -25,11% | 84.796.694 | 202.364.961 | 138,65% |
| CROBIS | 112,49 | 111,11 | -1,22% | 3.685.704.130 | 7.889.119.416 | 114,05% |
| CROBIStr | 178,10 | 181,30 | 1,80% | 3.685.842.910 | 7.889.119.416 | 114,04% |
| ADRIAprime | *1.000,00 | 836,85 | -16,32% | \ | \ | \ |
Value on 30.4.2019 when the computation begins
Total turnover on the Ljubljana Stock Exchange in the first quarter of 2020 increased by slightly more than +100% compared to the same period in 2019. As in Croatia, the increase in turnover is influenced by the appearance of Covid-19 in Slovenia, with equity turnover reaching almost EUR 133 million in the first quarter of 2020 (+103% increase over the first quarter of 2019 when equity turnover reached just over EUR 65 million), while bond turnover amounted to EUR 0.9 million (a decrease of -34% compared to the same period in 2019 when it amounted to EUR 1.4 million).
Equity market capitalization fell by almost -16% since the first quarter of 2019. Compared to March 31, 2019, the SBI TOP index is down by -15.5%.
| LJSE Trading overview | |||
|---|---|---|---|
| 1Q 2019 | 1Q 2020 | change | |
| Total turnover (EUR) | 66.705.972 | 133.638.254 | 100,34% |
| Stocks | 65.328.980 | 132.728.078 | 103,17% |
| Bonds | 1.374.022 | 910.176 | -33,76% |
| Commercial Papers | 2.970 | 0 | -100,00% |
| Equity Market Capitalization (EUR) | 6.711.690.222 | 5.646.492.924 | -15,87% |
| Index value on 31 March | 868 | 733 | -15,50% |
In 2020, the Group will continue to focus on restoring confidence and raising Corporate Governance standards and reporting on a regulated market. The Group will also focus on greater promotion of existing issuers, with a focus on Prime Market.
The Group 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).
In 2020, the Group plans to launch new websites, common to the Zagreb and Ljubljana Stock Exchange, for the first time since 2007.
The Group invests constant efforts into developing and improving its own service offering and at expending service provision to the Slovenian market as well.
During the second half of 2019, the Zagreb Stock Exchange began migrating the Ljubljana Stock Exchange's downstream system to the Zagreb Stock Exchange's internally developed data warehouse system. Work on the full implementation of this system has also been carried over to the first part of 2020.
As of March 31, 2020, the companies in the Group held no own shares.
The companies in the Group did not acquire own shares between 1 January 2020 and 31 March 2020.
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 %.
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 %.
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%.
On December 18, 2019, the Zagreb Stock Exchange acquired 148 shares, or 5.3% of the Macedonian Stock Exchange's share capital.
The Group is fully funded by its own capital. The financial instruments the companies in the Group invest in are investment funds (money market and bond funds) and deposits (a vista and fixed-term deposits).
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.
These control functions process and monitor the work of all organizational units, Company activities and support services.
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, and consequently, their liquidity position is satisfactory.
The Group confirms that in 2019 there were no transactions within the Group and between the Group and its shareholders in excess of EUR 100,000.
The emergence and spread of Covid-19 virus in the Republic of Croatia and the Republic of Slovenia and the measures taken to stop the spread and suppression of the virus will certainly have negative effects on the entire economy. To mitigate these effects, the Governments of both countries have introduced a series of measures to support the economy. The Group companies do not currently qualify for any of these measures.
In view of the development of the situation with the presence of the Covid-19 virus, the Management Boards of both companies have decided that the they will operate out of the office as of March 16, 2020. Both companies' offices are closed until further notice, and business is regularly carried out at secondary locations. The goal of management is to ensure continuous trading of securities throughout the trading day.
With its infrastructure and working procedures, the Group is fully trained and ready to ensure business continuity so that trading can proceed smoothly. Infrastructure and work processes are adapted to work in crisis situations, employees are on standby, and tests related to work in such circumstances have been successfully carried out, ensuring that trading and business are carried out without difficulty even in emergency situations. The Group will continue to closely monitor the development of the situation to ensure the orderly functioning of the market, financial stability and protection of investors.
In the first quarter of 2020, the Group generated a total of HRK 7,576 thousand of operating income, which is HRK +2,473 thousand or +48.5% more than in the same period of 2019 when operating income amounted to HRK 3,284 thousand. Compared to the first quarter of 2019, sales revenues increased from HRK 3,284 to HRK 5,571 thousand, HRK +2,287 thousand or +69.7%. The significant increase in sales revenue was primarily the result of an increase in commission and membership fees, which, continuing with the increase in securities turnover since the end of February 2020, amounted to HRK 3,272 thousand (HRK +1,789 thousand or +120.6% over to the first quarter of 2019 when they amounted to HRK 1,483 thousand). Listing maintenance fees also increased to HRK 1,831 thousand; an increase of high HRK +353 thousand, or +23,9% compared to the same period last year when they amounted to HRK 1,477 thousand, which is the effect of the increase of listing maintenance fees at the last Exchange Price List change in August 2019. Compared to HRK 221 thousand of income from quotation maintenance generated in the first quarter of 2019, they increased by HRK +156 thousand or +70.9% in the same period this year, amounting to HRK 377 thousand, which can be attributed to a larger number of listed securities. A decrease of HRK -11 thousand or -10.8% compared to the first quarter of last year was recorded in the revenue from assigning and administering LEIs amounting to HRK 91 thousand. Increase in other operating income from HRK 1,819 to HRK 2,004 thousand (HRK
+18 thousand or +10.2%) includes an increase in income from the supply of information that increased from HRK 1,418 thousand to HRK 1,587 thousand (HRK +169 thousand or +11.9%) ), and a slight increase in other income, which increased from HRK 402 thousand in the first quarter of 2019 to HRK 418 thousand in the same period in 2020 (HRK +16 thousand or +4%).
In the first quarter of 2020, the Group's total operating expenses amounted to HRK 5,924 thousand, representing an increase of HRK +378 thousand or +6.8% compared to the same period last year when operating expenses amounted to HRK 5,546 thousand. The only items of operating expenses that recorded a decrease were material costs (HRK -75 thousand or -4.1%, from HRK 1,812 to HRK 1,737 thousand) and other expenses (HRK -69 thousand or -9%, from HRK 776 to HRK 707 thousand). The items of operating expenses that recorded an increase compared to the first quarter of 2019 are depreciation (HRK +26 thousand or +5.6%, from HRK 462 to HRK 488 thousand), value adjustments (HRK +51 thousand, from HRK 2 to HRK 53 thousand), and staff costs (HRK +414 thousand or +16.6%, from HRK 2,492 to HRK 2,906 thousand).
| 1Q 2019 | 1Q 2020 | |
|---|---|---|
| Share capital | 46.357.000 | 46.357.000 |
| Capital and reserves | 40.539.321 | 41.858.237 |
| Total assets | 48.704.906 | 51.604.273 |
| Operating income | 5.103.214 | 7.575.948 |
| sales revenue | 3.283.921 | 5.571.470 |
| other operating income | 1.819.293 | 2.004.478 |
| Operating expenses | 5.546.057 | 5.924.267 |
| material costs | 1.812.153 | 1.737.306 |
| staff costs | 2.492.523 | 2.906.105 |
| depreciation and amortization | 462.291 | 488.084 |
| other costs | 779.090 | 792.772 |
| EBIT | -442.843 | 1.651.681 |
| EBITDA | 19.448 | 2.139.765 |
| Financial income | 471.178 | 14.168 |
| Financial expenses | 19.180 | 745.634 |
| Share in profit/loss of associates and subsidiaries | -9.451 | 64.809 |
| Pre-tax profit or loss | -296 | 985.024 |
| Income tax | -9.923 | 104.576 |
| Profit or loss for the period | 9.627 | 880.448 |
| Number of shares | 4.635.700 | 4.635.700 |
| Number of employees | 38 | 39 |
The Group's operating profit amounted to HRK 1,652 thousand in the first quarter of 2020, while in the same period last year an operating loss amounted to HRK -443 thousand. In the observed period, financial revenues amounted to HRK 14 thousand or HRK -457 thousand, -97% less than the financial revenues generated in the first quarter of 2019 when they amounted to HRK 471 thousand. Financial expenses amounted to HRK 746 thousand in the first quarter of 2020, an increase of HRK +726 thousand compared to the same period in 2019. High financial expenses are the result of realized losses from investment in investment funds (HRK 213 thousand) and unrealized losses from financial assets (HRK 486 thousand).
Considering all the above, the share in profit of associates and subsidiaries (HRK 65 thousand in the first quarter of 2020) and income tax (HRK 105 thousand in the first quarter of 2020), the Group's net profit for the first quarter of 2020 amounted to HRK 880 thousand, which is an increase of HRK +871 thousand compared to the same period last year when net profit amounted to HRK 9 thousand.
Operating profit before interest, taxes, depreciation and amortization is positive and amounts to HRK 2,140 thousand in the first quarter of 2020, an increase of HRK +2,120 thousand compared to the first quarter of 2019.
Financial statements of the Group prepared for the period between 01/01/2020 and 31/03/2020 give a fair and true account of facts in accordance with the International Standards of Financial Reporting and the Croatian Accounting Act.
Consolidated financial statements for the period between 01/01/2020 and 31/03/2020 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 2020 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.
Consolidated financial statements for the first quarter of 2020 have not been audited.
Ivana Gažić 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/ 1 468 6806 E-mail: [email protected]
Consolidated unaudited financial statements of the Group for 01/01/2020 – 31/03/2020
| Annex 1 | ISSUER'S GENERAL DATA | ||
|---|---|---|---|
| Reporting period: | 1.1.2020 | 31.3.2020 to |
|
| Year: | 2020 | ||
| Quarter: | 1 | ||
| Quarterly financial statements | Issuer's home | ||
| Registration number (MB): | 03749606 | HR Member State code: |
|
| Entity's registration number (MBS): |
080034217 | ||
| Personal identification number (OIB): |
84368186611 | 7478000050A040C0D041 LEI: |
|
| Institution code: |
4 | ||
| Name of the issuer: Zagreb Stock Exchange, Inc | |||
| Postcode and town: | 10000 | Zagreb | |
| Street and house number: Ivana Lučića 2a/22 | |||
| E-mail address: [email protected] | |||
| Web address: www.zse.hr | |||
| Number of employees (end of the reporting |
3 9 | ||
| Consolidated report: | (KN-not consolidated/KD-consolidated) KD |
KN | KD |
| Audited: | (RN-not audited/RD-audited) RN |
RN | RD |
| Names of subsidiaries (according to IFRS): | Registered office: | MB: | |
| Ljubljanska borza vrednostnih papirjev d.d. | Ljubljana, Slovenija | 5316081 | |
| Yes No |
|||
| Bookkeeping firm: | (Yes/No) Yes |
Sigma Tax Consulting d.o.o. (name of the bookkeeping firm) |
|
| Contact person: Martina Butković (only name and surname of the contact person) |
|||
| Telephone: 01/4699-555 | |||
| E-mail address: [email protected] | |||
| Audit firm: | (name of the audit firm) |
| BALANCE SHEET | ||||||||
|---|---|---|---|---|---|---|---|---|
| balance as at 31.3.2020 | ||||||||
| in HRK | ||||||||
| Submitter: Zagreb Stock Exchange, Inc Item |
ADP code |
Last day of the preceding business year |
At the reporting date of the current period |
|||||
| 1 | 2 | 3 | 4 | |||||
| ASSETS | ||||||||
| FIXED ASSETS 002+003+009+012 | 1 | 14,982,290 | 15,373,801 | |||||
| I INTANGIBLE ASSETS II TANGIBLE ASSETS 004+…+008 |
2 3 |
2,950,730 | 2,988,474 | |||||
| 1 Land and buildings | 4 | 9,882,399 7,208,909 |
10,167,393 7,281,472 |
|||||
| 2 Computer equipment | 5 | 160,729 | 574,973 | |||||
| 3 Other tangible assets | 6 | 1,115,814 | 1,105,626 | |||||
| 4 Leasehold improvements | 7 | 1,396,947 | 1,205,322 | |||||
| 5 Assets under construction | 8 | 0 | 0 | |||||
| III FIXED FINANCIAL ASSETS 010+011 | 9 | 1,886,546 | 1,950,607 | |||||
| 1 Investments in associates, subsidiaries and joint ventures | 10 | 117,119 | 181,180 | |||||
| 2 Financial assets at amortised cost | 11 | 1,769,427 | 1,769,427 | |||||
| DEFERRED TAX ASSETS | 12 | 262,615 | 267,327 | |||||
| B CURRENT ASSETS 014+020+024 | 13 | 32,425,983 | 34,151,654 | |||||
| I RECEIVABLES 015++019 1 Trade receivables |
14 15 |
3,758,157 3,009,814 |
3,622,567 2,771,624 |
|||||
| 2 Receivables from employees and members of the undertaking | 16 | 390 | 891 | |||||
| 3 Receivables from government and other institutions | 17 | 169,253 | 223,486 | |||||
| 4 Receivables from connected undertakings | 18 | 0 | 0 | |||||
| 5 Other receivables | 19 | 578,700 | 626,566 | |||||
| III SHORT-TERM FINANCIAL ASSETS 021+…+023 | 20 | 21,074,626 | 20,565,979 | |||||
| 1 Financial assets at amortised cost | 21 | 1,491,567 | 1,524,966 | |||||
| 2 Financial assets at fair value through other comprehensive | 22 | 0 | 0 | |||||
| 3 Financial assets at fair value through statement of profit or | 23 | 19,583,059 | 19,041,013 | |||||
| III CASH AND CASH EQUIVALENTS | 24 | 7,593,200 | 9,963,108 | |||||
| C PREPAID EXPENSES AND ACCRUED INCOME | 25 | 1,296,633 | 2,078,818 | |||||
| D TOTAL ASSETS 001+013+025 | 26 | |||||||
| E OFF-BALANCE SHEET ITEMS | 27 | 48,704,906 0 |
51,604,273 0 |
|||||
| LIABILITIES | ||||||||
| A CAPITAL AND RESERVES 029+030+031+036+037+038 | 28 | 40,539,321 | 41,858,237 | |||||
| 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 | 681,243 | 1,119,711 | |||||
| 1 Legal reserves | 32 | 141,000 | 141,000 | |||||
| 2 Reserves for treasury shares | 33 | 0 | 0 | |||||
| 3 Fair value reserves 4 Other reserves |
34 35 |
0 | 0 | |||||
| IV RETAINED PROFIT OR LOSS BROUGHT FORWARD | 36 | 540,243 -21,300,251 |
978,711 -20,359,103 |
|||||
| V PROFIT OR LOSS FOR THE YEAR | 37 | 941,148 | 880,448 | |||||
| VI MINORITY INTEREST | 38 | 0 | 0 | |||||
| B PROVISIONS | 39 | 103,028 | 105,335 | |||||
| C SHORT-TERM LIABILITIES 041+046 | 40 | 2,857,784 | 2,485,593 | |||||
| 1 Liabilities for advance payments | 41 | 17,007 | 2,734 | |||||
| 2 Trade payables | 42 | 950,881 | 709,447 | |||||
| 3 Liabilities to employees | 43 | 683,834 | 662,462 | |||||
| 4 Taxes, contributions and similar liabilities | 44 45 |
438,106 0 |
413,139 0 |
|||||
| 5 Liabilities to connected undertakings 6 Other short-term liabilities |
46 | |||||||
| D LONG-TERM LIABILITIES | 47 | 767,956 567,952 |
697,811 439,653 |
|||||
| E DEFERRED TAX LIABILITY | 48 | 188,394 | 192,612 | |||||
| F ACCRUALS AND DEFERRED INCOME | 49 | 4,448,427 | 6,522,843 | |||||
| G TOTAL LIABILITIES 028+039+040+047+048+049 | 50 | 48,704,906 | 51,604,273 | |||||
| H OFF-BALANCE SHEET ITEMS | 51 | 0 | 0 | |||||
| Appendix to the balance sheet (position for consolidated financial statements) | ||||||||
| I Capital and reserves 053+054 1 Attributable to owners of the parent |
52 53 |
40,539,321 40,539,321 |
41,858,237 41,858,237 |
2 Attributable to non-controlling interest
14
54 0 0
| STATEMENT OF PROFIT OR LOSS | ||||||
|---|---|---|---|---|---|---|
| For the period 01.01.2020. to 31.3.2020 | in HRK | |||||
| Submitter: Zagreb Stock Exchange, Inc | ADP | Same period of the previous year | Current period | |||
| Item | code | Cumulative | Quarter | Cumulative | Quarter | |
| 1 | 2 | 3 | 4 | 5 | 6 | |
| A OPERATING INCOME 002+009 | 1 | 5,103,214 | 5,103,214 | 7,575,948 | 7,575,948 | |
| I Sales revenue 003++008 | 2 | 3,283,921 | 3,283,921 | 5,571,470 | 5,571,470 | |
| 1 Commissions and membership fees | 3 | 1,483,006 | 1,483,006 | 3,271,951 | 3,271,951 | |
| 2 Listing maintenance fees | 4 | 1,477,500 | 1,477,500 | 1,830,755 | 1,830,755 | |
| 3 Income from quotation maintenance | 5 | 220,804 | 220,804 | 377,268 | 377,268 | |
| 4 Income from auctions | 6 | 0 | 0 | 0 | 0 | |
| 5 Income from memberships | 7 | 0 | 0 | 0 | 0 | |
| 6 Revenue from assigning and administering LEIs | 8 | 102,611 | 102,611 | 91,496 | 91,496 | |
| II Other operating income 010++012 | 9 | 1,819,293 | 1,819,293 | 2,004,478 | 2,004,478 | |
| 1 Income from application programming interface (API) services | 10 | 0 | 0 | 0 | 0 | |
| 2 Income from the supply of information | 11 | 1,417,773 | 1,417,773 | 1,586,713 | 1,586,713 | |
| 3 Other income | 12 | 401,520 | 401,520 | 417,765 | 417,765 | |
| B OPERATING EXPENSES 014+017+021+022+023+026+027 | 13 | 5,546,057 | 5,546,057 | 5,924,267 | 5,924,267 | |
| I Material costs 015+016 | 14 | 1,812,153 | 1,812,153 | 1,737,306 | 1,737,306 | |
| 1 Costs of raw materials | 15 | 144,073 | 144,073 | 153,150 | 153,150 | |
| 2 Other external costs | 16 | 1,668,080 | 1,668,080 | 1,584,156 | 1,584,156 | |
| II Staff costs 018++020 | 17 | 2,492,523 | 2,492,523 | 2,906,105 | 2,906,105 | |
| 1 Net salaries and wages | 18 | 1,671,664 | 1,671,664 | 2,057,089 | 2,057,089 | |
| 2 Tax and contributions from salary costs | 19 | 607,744 | 607,744 | 636,730 | 636,730 | |
| 3 Payroll contributions | 20 | 213,115 | 213,115 | 212,286 | 212,286 | |
| III Depreciation | 21 | 462,291 | 462,291 | 488,084 | 488,084 | |
| IV Other costs V Value adjustment 024+025 |
22 23 |
776,368 2,470 |
776,368 2,470 |
706,878 53,285 |
706,878 53,285 |
|
| 1 fixed assets (other than financial assets) | 24 | 0 | 0 | 0 | 0 | |
| 2 current assets (other than financial assets) | 25 | 2,470 | 2,470 | 53,285 | 53,285 | |
| VI Provisions | 26 | 0 | 0 | 0 | 0 | |
| VII Other operating expenses | 27 | 252 | 252 | 32,609 | 32,609 | |
| C FINANCIAL INCOME 029++034 | 28 | 471,178 | 471,178 | 14,168 | 14,168 | |
| 1 Interest, exchange rate differences, dividends and similar | 29 | 14 | 14 | 4,446 | 4,446 | |
| 2 Interest, exchange rate differences, dividends and similar | 30 | 10,069 | 10,069 | 2,341 | 2,341 | |
| 3 Income share from associates and participating interests | 31 | 0 | 0 | 0 | 0 | |
| 4 Unrealised gains (income) from financial assets | 32 | 458,710 | 458,710 | 0 | 0 | |
| 5 Profit from reversal of provisions for impairment for expected | 33 | 0 | 0 | 0 | 0 | |
| 6 Other financial income | 34 | 2,385 | 2,385 | 7,381 | 7,381 | |
| D FINANCIAL EXPENSES 036++040 | 35 | 19,180 | 19,180 | 745,634 | 745,634 | |
| 1 Interest, exchange rate differences and other expenditures with | 36 | 0 | 0 | 2,019 | 2,019 | |
| 2 Interest, exchange rate differences and other expenditure from | 37 | 19,180 | 19,180 | 44,024 | 44,024 | |
| 3 Unrealised losses (expenses) from financial assets | 38 | 0 | 0 | 486,205 | 486,205 | |
| 4 Loss on impairment for expected credit losses | 39 | 0 | 0 | 0 | 0 | |
| 5 Other financial expenses | 40 | 0 | 0 | 213,386 | 213,386 | |
| E TOTAL INCOME 001+028 | 41 | 5,574,392 | 5,574,392 | 7,590,116 | 7,590,116 | |
| F TOTAL EXPENDITURE 013+035 | 42 | 5,565,237 | 5,565,237 | 6,669,901 | 6,669,901 | |
| G Share in profit/loss of associates and subsidiaries | 43 | -9,451 | -9,451 | 64,809 | 64,809 | |
| H PRE-TAX PROFIT OR LOSS 041-042+043 | 44 | -296 | -296 | 985,024 | 985,024 | |
| I INCOME TAX | 45 | -9,923 | -9,923 | 104,576 | 104,576 | |
| J PROFIT OR LOSS FOR THE PERIOD 044-045 | 46 | 9,627 | 9,627 | 880,448 | 880,448 | |
| 1 Change in revaluation reserves (property, plant, | 47 | 0 | 0 | 0 | 0 | |
| 2 Actuarial gains/losses on defined benefit pension plans | 48 | 0 | 0 | 0 | 0 | |
| 3 Unrealised gains/losses on financial assets at fair value through other comprehensive income |
49 | 0 | 0 | 0 | 0 | |
| 4 Gains/losses on hedging instruments in a cash flow hedge | 50 | 0 | 0 | 0 | 0 | |
| 5 Gains/losses arising from translation of financial | 51 | 12,102 | 12,102 | 438,468 | 438,468 | |
| 6 Income tax on other comprehensive income | 52 | 0 | 0 | 0 | 0 | |
| K OTHER COMPREHENSIVE INCOME 047+…+052 | 53 | 12,102 | 12,102 | 438,468 | 438,468 | |
| TOTAL COMPREHENSIVE INCOME 046+053 | 54 | 21,729 | 21,729 | 1,318,916 | 1,318,916 | |
| M RECLASSIFICATION ADJUSTMENTS | 55 | 0 | 0 | 0 | 0 | |
| Appendix ** | ||||||
| Attributable to owners of the parent | 56 | 21,729 | 21,729 | 1,318,916 | 1,318,916 | |
| Attributable to non-controlling interest | 57 | 0 | 0 | 0 | 0 |
| in HRK | |||
|---|---|---|---|
| Submitter: Zagreb Stock Exchange, Inc | |||
| Item | ADP code |
Same period of the previous |
Current period |
| 1 | 2 | year 3 |
4 |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| 1 Pre-tax profit | 1 | -296 | 985,024 |
| 2 Depreciation | 2 | 462,291 | 488,084 |
| 3 Increase in short-term liabilities | 3 | 0 | 0 |
| 4 Decrease in short-term receivables | 4 | 645,994 | 135,313 |
| 5 Decrease in inventories | 5 | 468 | 273 |
| 6 Loss on impairment for expected credit losses | 6 | 0 | 0 |
| 7 Other cash flow increase | 7 | 1,695,799 | 1,988,167 |
| I Total cash flow increase from operating activities 001++007 |
8 | 2,804,256 | 3,596,861 |
| 1 Decrease in short-term liabilities | 9 | 587,991 | 358,048 |
| 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 | 12 | 0 | 0 |
| 5 Other cash flow decrease | 13 | 618,394 | 0 |
| II Total cash flow decrease from operating activities | |||
| 009++013 | 14 | 1,206,385 | 358,048 |
| CASH FLOW FROM INVESTMENT ACTIVITIES | |||
| 1 Cash receipts from sale of fixed tangible and intangible assets | 15 | 0 | 0 |
| 2 Cash receipts the from sale of equity instruments and debt | 16 | 0 | 0 |
| 3 Interest received | 17 | 0 | 0 |
| 4 Dividends received | 18 | 0 | 0 |
| 5 Other cash receipts from investment activities | 19 | 0 | 342,455 |
| III Total cash receipts from investment activities 015++019 | 20 | 0 | 342,455 |
| 1 Cash payments for the purchase of fixed tangible and intangible | 21 | 352,816 | 569,663 |
| 2 Cash payments for the acquisition of equity financial | 22 | 0 | 0 |
| 3 Other cash payments from investment activities | 23 | 1,464,157 | 500,000 |
| IV Total cash payments from investment activities | |||
| 021++023 | 24 | 1,816,973 | 1,069,663 |
| 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 | 26 | 0 | 0 |
| other borrowings | |||
| 3 Other cash receipts from financing activities | 27 | 0 | 748 |
| V Total cash receipts from financing activities 025++027 | 28 | 0 | 748 |
| 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 | 14,146 |
| 4 Cash payments for the redemption of treasury shares | 32 | 0 | 0 |
| 5 Other cash payments from financing activities | 33 | 0 | 128,299 |
| VI Total cash payments from operating activities 029++033 | 34 | 0 | 142,445 |
| VII Cash and cash equivalents at the beginning of period | 35 | 2,441,171 | 7,593,200 |
| VIII Increase of cash and cash equivalents | 36 | 0 | 2,369,908 |
| IX Decrease of cash and cash equivalents | 37 | 219,102 | 0 |
| X Cash and cash equivalents at the end of period | 38 | 2,222,069 | 9,963,108 |
| STATEMENT CHANGES EQUITY OF IN |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| for the period from | 1.1.2020 | to | 31.3.2020 | in HRK | ||||||
| Attributable to owners of the parent |
||||||||||
| Item | ADP | Subscribed capital |
Capital reserves |
Profit reserves |
Profit or loss for the year (period) |
Retained profit or loss brought forward |
Fair value reserves |
Other revaluation reserves |
Attributable to non controlling interests |
Total capital and reserves |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 |
| Balance on the first day of the previous business year |
1 | 46,357,000 | 13,860,181 | 141,000 | 189,554 | -21,639,001 | 0 | 594,876 | 0 | 39,503,610 |
| Change in accounting policies |
2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Correction of errors from prior periods |
3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance on the first day of the previous business year (restated) |
4 | 46,357,000 | 13,860,181 | 141,000 | 189,554 | -21,639,001 | 0 | 594,876 | 0 | 39,503,610 |
| Profit or loss for the period |
5 | 0 | 0 | 0 | 941,148 | 0 | 0 | 0 | 0 | 941,148 |
| Unrealised gains or losses on financial assets at fair value through other comprehensive income |
6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other changes in equity unrelated to owners |
7 | 0 | 0 | 0 | 0 | 0 | 0 | 94,563 | 0 | 94,563 |
| Total directly recognized income and expenses of the previous year (previous year periods) |
8 | 0 | 0 | 0 | 941,148 | 0 | 0 | 94,563 | 0 | 1,035,711 |
| Increase/decrease in subscribed capital |
9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other contributions by owners |
10 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payment of share in profit/dividend |
11 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other distribution to owners |
12 | 0 | 0 | 0 | -189,554 | 338,750 | 0 | -149,196 | 0 | 0 |
| Balance on the last day of the previous business year reporting period |
13 | 46,357,000 | 13,860,181 | 141,000 | 941,148 | -21,300,251 | 0 | 540,243 | 0 | 40,539,321 |
| Balance on the first day of the current business year |
14 | 46,357,000 | 13,860,181 | 141,000 | 941,148 | -21,300,251 | 0 | 540,243 | 0 | 40,539,321 |
| Change in accounting policies |
15 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Correction of errors from prior periods |
16 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance on the first day of the current business year (restated) |
17 | 46,357,000 | 13,860,181 | 141,000 | 941,148 | -21,300,251 | 0 | 540,243 | 0 | 40,539,321 |
| Profit or loss for the period |
18 | 0 | 0 | 0 | 880,448 | 0 | 0 | 0 | 0 | 880,448 |
| Unrealised gains or losses on financial assets at fair value through other comprehensive income |
19 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other changes in equity unrelated to owners |
20 | 0 | 0 | 0 | 0 | 0 | 0 | 438,468 | 0 | 438,468 |
| Total directly recognised income and |
||||||||||
| the current year (current expenses of period) |
21 | 0 | 0 | 0 | 880,448 | 0 | 0 | 438,468 | 0 | 1,318,916 |
| Increase/decrease in subscribed capital |
22 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other contributions by owners |
23 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| share in profit/dividend Payment of |
24 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other distribution to owners |
25 | 0 | 0 | 0 | -941,148 | 941,148 | 0 | 0 | 0 | 0 |
| Balance on the last day of the current business year reporting period |
26 | 46,357,000 | 13,860,181 | 141,000 | 880,448 | -20,359,103 | 0 | 978,711 | 0 | 41,858,237 |
17
Name of the issuer: Zagreb Stock Exchange, Inc
Personal identification number (OIB): 84368186611
Reporting period: 1.1.2020-31.3.2020
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) 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.
AOP 11 Financial assets at amortized costs
The balance sheet position AOP 11 "2 Financial assets at amortized cost" as of 31 March 2020 in total amount of HRK the amount of HRK 1.769.427 (31 December 2019: HRK 1.769.427) consists of the long term financial assets other than investments in associates, subsidiaries and joint ventures which are reported at position AOP 10. Financial assets at AOP 11 consists of:
1) Given loans and deposits at amortized cost in the amount of HRK 467.161 (31 December 2019: HRK 467.161), and
2) Financial assets at fair value through other comprehensive income in the amount of HRK 1.302.265 (31 December 2019: HRK 1.302.265)
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