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Zagrebačka burza d.d.
Quarterly Report • Jul 27, 2020
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Quarterly Report
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Zagreb Stock Exchange, Inc.
Unconsolidated unaudited financial results for
01/01/2020 – 30/06/2020
27 July 2020
CONTENTS
| 1 | INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 01/01/2020 AND 30/06/2020 1 | |
|---|---|---|
| 1.1 | Significant business events of the Zagreb Stock Exchange, Inc. in the period between 01/01/2020 and 30/06/2020 1 |
|
| 1.2 | Zagreb Stock Exchange trading overview 3 | |
| 1.3 | Expected future development of the Company 5 | |
| 1.4 | Research & Development activities 5 | |
| 1.5 | Information on repurchase of own shares 5 | |
| 1.6 | Subsidiaries of the Company 5 | |
| 1.7 | Financial instruments used by the Company 6 | |
| 1.8 | Company's objectives and policies related to financial risk management 6 | |
| 1.9 | Company's exposure to price risk, credit risk, liquidity risk and cash flow risk 6 | |
| 1.10 | Statement of transactions and transfers between the Company and its subsidiaries and shareholders 7 |
|
| 1.11 | Statement of events which might have an adverse effect on Company operations 7 | |
| 1.12 | Business results for 01/01/2020 – 30/06/2020 7 | |
| 2 | Declaration of responsibility for the preparation of financial statements 11 | |
| Unconsolidated unaudited financial statements of the Company for 01/01/2020 – 30/06/2020 12 |
1 INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 01/01/2020 AND 30/06/2020
1.1 Significant business events of the Zagreb Stock Exchange, Inc. in the period between 01/01/2020 and 30/06/2020
In the first half of 2020, the Zagreb Stock Exchange, Inc. (hereinafter: the Company or the Exchange) recorded the following significant business events:
- On January 7, 2020, the Company made a decision on termination of the listing of the stocks of HOTELI BRELA d.d., HOTEL TUČEPI d.d. and ZLATNI RAT HOTELI d.d. due to merging the said companies with the joint-stock company SUNCE HOTELI d.d., which led to terminating the Issuer and the financial instrument.
- On January 8, 2020, the stock of ALPHA ADRIATIC d.d. has been moved to a lower market segment, from Official to Regular Market.
- On January 10, 2020, the Company made a decision on termination of the listing of the stocks of AGROMEĐIMURJE d.d. following the decision of the General Assembly to withdraw all stocks from listing on the regulated market.
- On January 16, 2020, the Company made a decision on termination of the listing of the stocks of TERMES GRUPA d.d. following the decision of the General Assembly to withdraw all stocks from listing on the regulated market.
- In January 2020, a campaign for the company STEMI was completed on the Funderbeam SEE platform, raising EUR 318,000.
- On March 3, 2020, two new bonds of the Ministry of Finance of the Republic of Croatia were listed on the Official Market of the Exchange.
- On March 6, 2020, the "Ring the bell for gender equality" event was attended by the President of the Republic of Croatia, Mr. Zoran Milanović, and a significant media presence of the event and the Zagreb Stock Exchange was achieved.
- On March 16, 2020, following the opinion of the Market Protection Measures Committee, the level of severity and effects of breaches of the Exchange Rules on investors and the proper functioning of the market, the Company made a decision on the termination of the listing of the following Agrokor d.d. issuer's stocks: BELJE d.d., JAMNICA d.d., LEDO d.d., PIK-VINKOVCI d.d., TISAK d.d., VUPIK d.d. and STAR d.d.
- As of March 16, 2020, the Exchange has been operating out of the office. The offices of the Exchange are closed until further notice, and business is regularly carried out at secondary locations and employees work from home. The objective of the Exchange is to ensure
continuous trading throughout the 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 longterm sustainability of the business. On May 4, 2020, the Zagreb Stock Exchange started operating in two teams in such a way that the first team works in the offices of the Stock Exchange for one week, and the second team works in secondary locations during that time. The Ljubljana Stock Exchange started operating in two teams on May 11, 2020. In accordance with favorable epidemiological conditions, on May 18, 2020, all employees of the Ljubljana Stock Exchange began working in offices, while the operations of the Zagreb Stock Exchange take place again at the primary location on June 1, 2020.
- On March 20, 2020, following the opinion of the Market Protection Measures Committee, the level of severity and effects of breaches of the Exchange Rules on investors and the proper functioning of the market, the Company made a decision on the termination of the listing of ELEKTROPROMET d.d.
- On April 21, 2020, the Zagreb Stock Exchange successfully completed the annual accreditation process for a local operator LEI (Local Operating Unit (LOU)) by the Global Legal Entity Identifier Foundation (GLEIF), which once again confirmed the quality Exchange services as a local operator of LEI tags.
- On April 30, 2020, the shares of HELIOS FAROS d.d. were listed on the Regular Market of the Exchange.
- On May 6, 2020, a new bond of the Ministry of Finance of the Republic of Croatia was listed on the Official Market of the Stock Exchange.
- On May 20, 2020, issuers from the Zagreb Stock Exchange, namely AD Plastik, Arena Hospitality Group, Ilirija and the Zagreb Stock Exchange, were included in the EBRD research program aimed at increasing the public availability of analytical materials for small and medium enterprises listed on regional stock exchanges.
- On June 9, 2020, the shares of THE GARDEN BREWERY d.d. were listed on the Regular Market of the Exchange.
- On June 10, 2020, the 11th annual training for issuers was held, organized by the Zagreb Stock Exchange, the Croatian Financial Services Supervisory Agency and the Central Depository and Clearing Company, and the educational meeting was held virtually for the first time, with a record 160 representatives.
1.2 Zagreb Stock Exchange trading overview
The first half of 2020 was marked by a higher securities turnover since the end of February until the end of April under the influence of the Covid-19 appearance in the Republic of Croatia.
Orderbook book turnover was almost +88% higher than in the same period last year, with equity turnover up +92%. Overall, half-on-half traffic was almost +72% higher than last year.
The Market value measured by market capitalization decreased by -0.26% in total, with equity market capitalization down -3.13%.
Trading overview
| 1H 2019 | 1H 2020 | change | |||||
|---|---|---|---|---|---|---|---|
| Securities trading (HRK) | |||||||
| Orderbook turnover | 885,162,027 | 1,662,698,798 | 87.84% | ||||
| Stocks | 797,338,996 | 1,532,526,868 | 92.21% | ||||
| Bonds | 87,823,031 | 130,171,930 | 48.22% | ||||
| Equity Block Turnover | 260,751,347 | 304,975,792 | 16.96% | ||||
| Debt Block Turnover | 0 | 0 | |||||
| TOTAL | 1,145,913,375 | 1,967,674,590 | 71.71% | ||||
| Equity Market Capitalization (HRK) | |||||||
| Prime market | 14,344,870,437 | 12,267,273,260 | -14.48% | ||||
| Official market | 54,318,090,189 | 56,245,716,664 | 3.55% | ||||
| Regular market | 68,025,451,417 | 63,890,772,379 | -6.08% | ||||
| TOTAL | 136,688,412,043 | 132,403,762,303 | -3.13% | ||||
| Number of listed securities | |||||||
| Stocks | 126 | 108 | -14.29% | ||||
| Prime market | 5 | 5 | 0.00% | ||||
| Official market | 24 | 23 | -4.17% | ||||
| Regular market | 97 | 80 | -17.53% | ||||
| Bonds | 25 | 27 | 8.00% | ||||
| TOTAL | 151 | 135 | -10.60% |
With the exception of CROBEXkontrukt, which increased by +22.26%, and CROBEXnutris, which increased by +15.54%, all other stock indices fell in comparison to the same last year's period. The largest decrease was recorded by CROBEXindustrija (-18.99%), followed by CROBEXturist (-18.24%), CROBEX (-13.89%), CROBEXtr (-12.78%), CROBEXprime (-10.39%), CROBEX10 (-8.16%), CROBEXplus (- 5.83%). The new ADRIAprime regional index is down -6.19% from its value from June 30 last year. Debt indices also recorded a decline compared to the same period last year: CROBIS (-3.15%), CROBIStr (- 0.26%).
Indices – value and turnover
| Index | 30.6.2019 | 30.6.2020 | Change | Turnover (HRK) 1H 2019 |
Turnover (HRK) 1H 2020 |
change |
|---|---|---|---|---|---|---|
| CROBEX | 1.883,11 | 1.621,55 | -13,89% | 676.008.647 | 1.247.181.626 | 84,49% |
| CROBEXtr | 1.250,11 | 1.090,39 | -12,78% | 676.008.647 | 1.247.181.626 | 84,49% |
| CROBEX10 | 1.102,67 | 1.012,72 | -8,16% | 544.636.419 | 1.076.935.496 | 97,73% |
| CROBEXprime | 1.054,36 | 944,77 | -10,39% | 176.347.133 | 516.852.949 | 193,09% |
| CROBEXplus | 1.021,33 | 961,80 | -5,83% | 674.484.477 | 1.246.227.548 | 84,77% |
| CROBEXindustrija | 911,07 | 738,03 | -18,99% | 96.310.663 | 198.958.873 | 106,58% |
| CROBEXkonstrukt | 402,15 | 491,68 | 22,26% | 8.618.170 | 33.248.445 | 285,79% |
| CROBEXnutris | 515,02 | 598,00 | 16,11% | 86.946.354 | 174.886.501 | 101,14% |
| CROBEXtransport | 622,03 | \ | 13.230.664 | \ | ||
| CROBEXturist | 3.577,18 | 2.924,62 | -18,24% | 184.126.277 | 330.520.043 | 79,51% |
| CROBIS | 114,84 | 111,22 | -3,15% | 5.540.667.107 | 22.580.124.877 | 307,53% |
| CROBIStr | 183,20 | 182,72 | -0,26% | 5.540.805.887 | 22.580.124.877 | 307,52% |
| ADRIAprime | 1.023,85 | 960,48 | -6,19% | \ | \ | \ |
1.3 Expected future development of the Company
In 2020, 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).
In 2020, the Company plans to launch new websites, common to the Zagreb and Ljubljana Stock Exchange, for the first time since 2007.
1.4 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.
During the second half of 2019, the Company began migrating the Ljubljana Stock Exchange's downstream system to the Company'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.
1.5 Information on repurchase of own shares
As of June 30, 2020, the Company held no own shares.
The Company did not acquire own shares between 1 January 2020 and 30 June 2020.
1.6 Subsidiaries of the Company
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 as of 30 June 2020, the Zagreb Stock Exchange, Inc. participates with 20%1 .
On December 18, 2019, the Zagreb Stock Exchange acquired 148 shares, or 5.3% of the Macedonian Stock Exchange's share capital.
1.7 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).
1.8 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 organizational units, Company activities and support services.
1.9 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.
1 On July 7, 2020, the Zagreb Stock Exchange signed Share purchase and transfer agreement representing 10% of the share capital of Funderbeam SEE d.o.o. Following the acquisition, the share of the Zagreb Stock Exchange in the total share capital of Funderbeam SEE d.o.o. is 30%.
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.
1.10 Statement of transactions and transfers between the Company and its subsidiaries and shareholders
The Company confirms that in the first half of 2020 there were no transactions between the Company and its subsidiaries and shareholders in excess of EUR 100,000.
1.11 Statement of events which might have an adverse effect on Company operations
The emergence and spread of Covid-19 virus in the Republic of Croatia and the measures taken to stop the spread and suppression of the virus will certainly have negative effects on the entire Croatian economy. To mitigate these effects, the Government of the Republic of Croatia has introduced a series of measures to support the economy.
However, given the recent developments, the uncertainty over how long prevention measures will be in place, and the fact that measures are being developed to support the economy, it is not currently possible to reliably assess their effects.
With its infrastructure and working procedures, the Company 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 Company will continue to closely monitor the development of the situation to ensure the orderly functioning of the market, financial stability and protection of investors.
1.12 Business results for 01/01/2020 – 30/06/2020
In the first half of 2020, the Company generated a total of HRK 7,458 thousand of operating income, which is HRK +1,065 thousand or +16.7% more than in the same period last year when they amounted to HRK 6,393 thousand. Compared to the first half of 2019, sales revenues increased from HRK 4,180 to HRK 5,519 thousand (HRK +1,339 thousand or + 32.1%). The significant increase in sales revenue is primarily the result of an increase in income from commission and membership fees, which, following the increase in securities turnover from the end of February to mid-April 2020, reached HRK 2,543 thousand in the first half of this year (HRK +906 thousand or + 55.3% more than in the first half of 2019 when they amounted to HRK 1,637 thousand). Income from listing maintenance fees was also increased to HRK 2,322 thousand; an increase of HRK +450 thousand or +24.1% compared to the same period last year when they amounted to HRK 1,872 thousand, is the effect of the increase in maintaining fees at the last change of the Stock Exchange's Price List in August 2019. Continuing with the larger number of newly listed securities than in the same period last year (three shares and three
bonds were listed in the first half of 2020, while one share and one bond were listed in the first half of 2019), income from quotation maintenance amounts to HRK 469 thousand, which is HRK +3 thousand or +0.7% more than in the same period last year. A decrease of HRK -20 thousand or -9.7% compared to the first half of last year was recorded in revenue from assigning and administering LEIs amounting to HRK 185 thousand. Compared to the first half of 2019, other operating income decreased by HRK - 275 thousand or -12.4%, ie from HRK 2,213 to HRK 1,938 thousand. Although income from the supply of information increased from HRK 1,093 to HRK 1,183 thousand (HRK +90 thousand or + 8.2%), the decrease in other operating income is a result of the decrease in other income from HRK 1,120 to HRK 755 thousand (HRK -365 thousand or -32,6%). Within the item other income, the growth was recorded by revenues from OTC data disclosure fees (HRK +46 thousand or +18%; from HRK 256 to HRK 302 thousand), revenues from the Ljubljana Stock Exchange (HRK +46 thousand or +170%; from HRK 27 to HRK 73 thousand), revenues from Progress (HRK +36 thousand or +138%; from HRK 26 to HRK 62 thousand), and a decrease in educational services revenue (HRK -383 thousand or -69%; from HRK 553 to HRK 170 thousand), and other operating revenues (HRK -110 thousand or -39%; from HRK 253 to HRK 143 thousand). Despite the COVID-19 crisis, the Company organized online educations and generated a small but significant income from education in the amount of HRK 88 thousand.
Looking only at the second quarter of 2020, the Company's total operating income amounted to HRK 3,267 thousand, which is HRK -216 thousand (-6.2%) less than in the second quarter of last year when operating income amounted to HRK 3,483 thousand. Sales revenue increased from HRK 2,204 thousand in the second quarter of 2019 to HRK 2,345 thousand in the same period of the current year. This increase is due to the increase in income from listing maintenance feesfrom HRK 956 to HRK 1,184 thousand, ie by HRK +228 thousand or +23.9%, which is related to the already mentioned last change in the Stock Exchange's Price List. In the second quarter of 2020, other items of sales revenue decreased compared to the same period last year. Continuing to significantly reduce daily securities turnover in May and June 2020, commissions and membership fees fell from HRK 890 to HRK 860 thousand (HRK -30 thousand or -3.3%). Income from quotation maintenance fell from HRK 256 thousand to HRK 206 thousand (HRK -50 thousand or -19.4%), and revenues from the issuance and revenue from assigning and administering LEIs from HRK 101 to HRK 93 thousand (HRK -8 thousand or -8,1%). The decline in operating income is also due to the decline in other operating income from HRK 1,278 to HRK 922 thousand (HRK -356 thousand or -27.9%). Compared to the second quarter of 2019, income from the supply of information remained at almost the same level in the second quarter of this year (an increase from HRK 556 to HRK 559 thousand; HRK +3 thousand or 0.6%), while other income fell from HRK 723 to HRK 363 thousand (HRK -360 thousand or -49.8%).
The Company's total operating expenses in the first half of 2020 amounted to HRK 6,644 thousand, which is a decrease of HRK -510 thousand or -7.1% compared to the same period last year when operating expenses amounted to HRK 7,154 thousand. The significant decline in operating expenses is directly related to the changed way of working due to the Coronavirus pandemic, primarily working from home. The decrease in operating expenses was mostly due to the decrease in other operating expenses (HRK -494 thousand or -40.4%, ie from HRK 1,223 to HRK 729 thousand), which was mostly due to the decrease in costs of translation, attorney, notary and consulting services, royalties, representation, business travel, and PR. Compared to the same period last year, in the first half of 2020 there was a decrease in material costs (HRK -138 thousand or -7.5%; from HRK 1,850 to HRK 1,712 thousand) and value adjustment of fixed and current assets (HRK -52 thousand or -26.3%; from HRK
142 to HRK 90 thousand), while staff costs increased by HRK +150 thousand or +4.5% (from HRK 3,366 to HRK 3,516 thousand), and depreciation by HRK +23 thousand or +4, 3% (from HRK 542 to HRK 565 thousand).
In the second quarter of 2020 alone, the Company's total operating expenses amounted to HRK 3,542 thousand, which is a decrease of HRK -405 thousand (-10.3%) compared to the second quarter of last year when operating expenses amounted to HRK 3,947 thousand. As at the half-year level, other expenses (HRK -385 thousand or -51%; from HRK 756 to HRK 371 thousand), material costs (HRK -23 thousand or -2.5%; from HRK 911 to HRK 888 thousand) decreased, and value adjustment of fixed and current assets (HRK -52 thousand or -26.3%; from HRK 142 to HRK 90 thousand), while staff costs (HRK +75 thousand or +4.1%; from HRK 1,835 to HRK 1,910 thousand) and depreciation (HRK +13 thousand or +4.7%; from HRK 272 to HRK 285 thousand) increased.
| 1H 2019 | 2Q 2019 | 1H 2020 | 2Q 2020 | |
|---|---|---|---|---|
| Share capital | 46.357.000 | 46.357.000 | 46.357.000 | 46.357.000 |
| Capital and reserves | 39.853.024 | 39.853.024 | 40.980.963 | 40.980.963 |
| Total assets | 44.771.685 | 44.771.685 | 46.553.788 | 46.553.788 |
| Operating income | 6.393.033 | 3.482.574 | 7.457.822 | 3.266.966 |
| sales revenue | 4.179.726 | 2.204.292 | 5.519.311 | 2.344.769 |
| other operating income | 2.213.307 | 1.278.282 | 1.938.511 | 922.197 |
| Operating expenses | 7.154.028 | 3.946.919 | 6.643.738 | 3.542.412 |
| material costs | 1.850.029 | 911.451 | 1.712.247 | 888.358 |
| staff costs | 3.366.568 | 1.835.014 | 3.516.259 | 1.910.419 |
| depreciation and amortization | 542.225 | 272.255 | 565.759 | 285.195 |
| other costs | 1.395.206 | 928.199 | 849.473 | 458.440 |
| EBIT | -760.995 | -464.345 | 814.084 | -275.446 |
| EBITDA | -218.770 | -192.090 | 1.379.843 | 9.749 |
| Financial income | 1.299.586 | 829.795 | 111.188 | 100.893 |
| Financial expenses | 71.691 | 52.533 | 524.183 | -204.467 |
| Pre-tax profit or loss | 466.900 | 312.917 | 401.089 | 29.914 |
| Income tax | 0 | 0 | 0 | 0 |
| Profit or loss for the period | 466.900 | 312.917 | 401.089 | 29.914 |
| Number of shares | 4.635.700 | 4.635.700 | 4.635.700 | 4.635.700 |
| Number of employees | 24 | 24 | 25 | 25 |
The Company's key business indicators
The Company's operating profit in the first half of 2020 amounted to HRK 814 thousand, while in the same period last year the operating loss amounted to HRK -791 thousand. At the second-quarter level, the Company recorded an operating loss in the amount of HRK -275 thousand, while an operating loss in the same period last year amounted to HRK -464 thousand. Financial revenues recorded a significant decline at the level of the first half of this year as well as at the level of the second quarter compared to the same last year's periods. In the first half of the year, financial revenues amounted to HRK 111 thousand (HRK -1,188 thousand or -91.4%), while the second quarter's financial revenues alone
amounted to HRK 101 thousand (HRK -729 thousand or -87.8%). In the first half of this year, financial expenses amounted to HRK 524 thousand (HRK +452 thousand or +631.2%), while in the second quarter unrealized losses on financial assets decreased and financial expenses amounted to HRK 204 thousand (HRK -257 thousand). Changes in the movement of financial income and expenses are primarily the result of significantly reduced or even negative returns of bond funds in which the Company has invested free funds. At the end of the first half of the year, this loss was partially canceled, and income from the sale of financial assets obtained by the Company in the process of pre-bankruptcy settlement of one issuer was realized.
Given the above, the Company's net profit in the first half of 2020 amounted to HRK 401 thousand, which is HRK -66 thousand (-14.1%) less than in the first half of 2019 when the Company's net profit amounted to HRK 467 thousand. In the second quarter of 2020, the Company's net profit amounted to HRK 30 thousand, which is HRK -283 thousand (-90.4%) less than HRK 313 thousand of net profit for the same period last year.
Operating profit before interest, taxes, depreciation and amortization is positive and in the first half of 2020 amounts to HRK 1,380 thousand, or HRK +1,599 thousand more than in the first half of 2019, while in the second quarter of 2020 it amounts to HRK 10 thousand, or HRK +202 thousand more than in the same period last year.
2 Declaration of responsibility for the preparation of financial statements
Financial statements of the Zagreb Stock Exchange, Inc. prepared for the period between 01/01/2020 and 30/06/2020 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 01/01/2020 and 30/06/2020 give an objective, complete and true statement of assets and liabilities, financial position and operations of the Company.
The management report for the first half 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 Company is exposed.
Unconsolidated financial statements for the first half of 2020 have not been audited.
Contact Zagreb Stock Exchange, Inc. Ivana Lučića 2a/22 10000 Zagreb Croatia
Phone number: +385/ 1 468 6806 E-mail: [email protected]
Unconsolidated unaudited financial statements of the Company for 01/01/2020 – 30/06/2020
| Annex 1 | ISSUER'S GENERAL DATA | |||
|---|---|---|---|---|
| Reporting period: | 1.1.2020 | 30.6.2020 to |
||
| Year: | 2020 | |||
| Quarter: | 2 | |||
| 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 | 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 |
2 5 | |||
| Consolidated report: | KN | (KN-not consolidated/KD-consolidated) | KN | KD |
| Audited: | RN | (RN-not audited/RD-audited) | 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 (Yes/No) |
Sigma Tax Consulting d.o.o. | ||
| Contact person: Martina Butković | (name of the bookkeeping firm) | |||
| Telephone: 01/4699-555 | (only name and surname of the contact person) | |||
| E-mail address: [email protected] | ||||
| Audit firm: |
ADP code Last day of the preceding business year At the reporting date of the current period 2 3 4 1 23.522.947 23.517.027 2 1.080.165 1.058.776 3 1.297.386 1.312.855 4 0 0 5 160.729 555.759 6 3.282 3.800 7 1.133.375 753.296 8 0 0 9 21.145.396 21.145.396 10 19.375.969 19.375.969 11 1.769.427 1.769.427 12 0 0 13 22.369.360 21.523.379 14 2.467.873 1.665.768 15 1.703.240 1.015.188 16 390 2.499 17 6.074 76.883 18 199.833 18.519 19 558.336 552.679 20 19.583.059 19.259.620 21 0 0 22 0 0 23 19.583.059 19.259.620 24 318.428 597.991 25 725.743 1.513.382 26 46.618.050 46.553.788 27 0 0 28 40.579.874 40.980.963 29 46.357.000 46.357.000 30 13.860.181 13.860.181 31 141.000 141.000 32 141.000 141.000 33 0 0 34 0 0 35 0 0 36 -20.972.058 -19.778.307 37 1.193.751 401.089 38 0 0 39 0 0 40 1.841.918 2.027.932 41 11.351 5 42 488.763 707.388 43 310.224 301.267 44 295.767 401.019 45 2.233 0 46 733.580 618.253 47 301.761 51.381 48 0 0 49 3.894.497 3.493.512 50 46.618.050 46.553.788 51 0 0 2 Financial assets at amortised cost Submitter: Zagreb Stock Exchange, Inc FIXED ASSETS 002+003+009+012 I INTANGIBLE ASSETS II TANGIBLE ASSETS 004+…+008 1 Land and buildings 2 Computer equipment BALANCE SHEET balance as at 30.6.2020 in HRK 4 Receivables from connected undertakings 5 Other receivables III FIXED FINANCIAL ASSETS 010+011 1 Investments in associates, subsidiaries and joint ventures DEFERRED TAX ASSETS B CURRENT ASSETS 014+020+024 I RECEIVABLES 015+...+019 1 Trade receivables 2 Receivables from employees and members of the undertaking 3 Receivables from government and other institutions 3 Other tangible assets 4 Leasehold improvements 5 Assets under construction III SHORT-TERM FINANCIAL ASSETS 021+…+023 6 Other short-term liabilities D LONG-TERM LIABILITIES E DEFERRED TAX LIABILITY F ACCRUALS AND DEFERRED INCOME C PREPAID EXPENSES AND ACCRUED INCOME D TOTAL ASSETS 001+013+025 E OFF-BALANCE SHEET ITEMS A CAPITAL AND RESERVES 029+030+031+036+037+038 I INITIAL CAPITAL LIABILITIES II CAPITAL RESERVES III PROFIT RESERVES 032+...+035 1 Financial assets at amortised cost 2 Financial assets at fair value through other comprehensive 3 Financial assets at fair value through statement of profit or 2 Trade payables 3 Liabilities to employees 4 Taxes, contributions and similar liabilities 5 Liabilities to connected undertakings G TOTAL LIABILITIES 028+039+040+047+048+049 H OFF-BALANCE SHEET ITEMS III CASH AND CASH EQUIVALENTS 1 Item ASSETS Appendix to the balance sheet (position for consolidated financial statements) 1 Legal reserves 2 Reserves for treasury shares 3 Fair value reserves 4 Other reserves IV RETAINED PROFIT OR LOSS BROUGHT FORWARD V PROFIT OR LOSS FOR THE YEAR VI MINORITY INTEREST B PROVISIONS C SHORT-TERM LIABILITIES 041+...046 1 Liabilities for advance payments
| I Capital and reserves 053+054 | 52 | 40.579.874 | 40.980.963 |
|---|---|---|---|
| 1 Attributable to owners of the parent | 53 | 40.579.874 | 40.980.963 |
| 2 Attributable to non-controlling interest | 54 | 0 | 0 |
14
| STATEMENT OF PROFIT OR LOSS | ||||||
|---|---|---|---|---|---|---|
| For the period 01.01.2020. to 30.6.2020 | in HRK | |||||
| Submitter: Zagreb Stock Exchange, Inc | ||||||
| Item | ADP | Same period of the previous year | Current period | |||
| code | Cumulative | Quarter | Cumulative | Quarter | ||
| 1 | 2 | 3 | 4 | 5 | 6 | |
| A OPERATING INCOME 002+009 | 1 | 6.393.033 | 3.482.574 | 7.457.822 | 3.266.966 | |
| I Sales revenue 003++008 | 2 | 4.179.726 | 2.204.292 | 5.519.311 | 2.344.769 | |
| 1 Commissions and membership fees | 3 | 1.637.194 | 890.237 | 2.543.017 | 860.542 | |
| 2 Listing maintenance fees | 4 | 1.871.557 | 956.157 | 2.322.052 | 1.184.267 | |
| 3 Income from quotation maintenance | 5 | 466.312 | 256.246 | 469.353 | 206.567 | |
| 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 9 |
204.663 2.213.307 |
101.652 1.278.282 |
184.889 1.938.511 |
93.393 922.197 |
|
| II Other operating income 010++012 1 Income from application programming interface (API) services |
10 | 0 | 0 | 0 | 0 | |
| 2 Income from the supply of information | 11 | 1.093.337 | 555.728 | 1.183.139 | 559.185 | |
| 3 Other income | 12 | 1.119.970 | 722.554 | 755.372 | 363.012 | |
| B OPERATING EXPENSES 014+017+021+022+023+026+027 | 13 | 7.154.028 | 3.946.919 | 6.643.738 | 3.542.412 | |
| I Material costs 015+016 | 14 | 1.850.029 | 911.451 | 1.712.247 | 888.358 | |
| 1 Costs of raw materials | 15 | 228.318 | 113.889 | 282.835 | 157.842 | |
| 2 Other external costs | 16 | 1.621.711 | 797.562 | 1.429.412 | 730.516 | |
| II Staff costs 018++020 | 17 | 3.366.568 | 1.835.014 | 3.516.259 | 1.910.419 | |
| 1 Net salaries and wages | 18 | 1.832.915 | 987.020 | 1.939.366 | 1.044.623 | |
| 2 Tax and contributions from salary costs | 19 | 1.065.940 | 593.396 | 1.108.252 | 609.441 | |
| 3 Payroll contributions | 20 | 467.713 | 254.598 | 468.641 | 256.355 | |
| III Depreciation | 21 | 542.225 | 272.255 | 565.759 | 285.195 | |
| IV Other costs | 22 | 1.222.761 | 756.006 | 729.162 | 370.738 | |
| V Value adjustment 024+025 | 23 | 142.240 | 142.240 | 90.631 | 90.631 | |
| 1 fixed assets (other than financial assets) | 24 | 0 | 0 | 0 | 0 | |
| 2 current assets (other than financial assets) | 25 | 142.240 | 142.240 | 90.631 | 90.631 | |
| VI Provisions | 26 | 0 | 0 | 0 | 0 | |
| VII Other operating expenses C FINANCIAL INCOME 029++034 |
27 28 |
30.205 1.299.586 |
29.953 829.795 |
29.680 111.188 |
-2.929 100.893 |
|
| 1 Interest, exchange rate differences, dividends and similar | 29 | 420.576 | 420.569 | 611 | 38 | |
| 2 Interest, exchange rate differences, dividends and similar | 30 | 34.545 | 25.856 | 10.861 | 8.520 | |
| 3 Income share from associates and participating interests | 31 | 0 | 0 | 0 | 0 | |
| 4 Unrealised gains (income) from financial assets | 32 | 844.465 | 385.755 | 0 | 0 | |
| 5 Profit from reversal of provisions for impairment for expected | 33 | 0 | 0 | 0 | 0 | |
| 6 Other financial income | 34 | 0 | -2.385 | 99.716 | 92.335 | |
| D FINANCIAL EXPENSES 036++040 | 35 | 71.691 | 52.533 | 524.183 | -204.467 | |
| 1 Interest, exchange rate differences and other expenditures with | 36 | 421 | 421 | 148 | 148 | |
| 2 Interest, exchange rate differences and other expenditure from | 37 | 39.278 | 20.120 | 43.051 | 13.992 | |
| 3 Unrealised losses (expenses) from financial assets | 38 | 0 | 0 | 267.670 | -218.535 | |
| 4 Loss on impairment for expected credit losses | 39 | 0 | 0 | 0 | 0 | |
| 5 Other financial expenses | 40 | 31.992 | 31.992 | 213.314 | -72 | |
| E TOTAL INCOME 001+028 | 41 | 7.692.619 | 4.312.369 | 7.569.010 | 3.367.859 | |
| F TOTAL EXPENDITURE 013+035 | 42 | 7.225.719 | 3.999.452 | 7.167.921 | 3.337.945 | |
| G Share in profit/loss of associates and subsidiaries | 43 | 0 | 0 | 0 | 0 | |
| H PRE-TAX PROFIT OR LOSS 041-042+043 I INCOME TAX |
44 45 |
466.900 0 |
312.917 0 |
401.089 0 |
29.914 0 |
|
| J PROFIT OR LOSS FOR THE PERIOD 044-045 | 46 | 466.900 | 312.917 | 401.089 | 29.914 | |
| 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 | 0 | 0 | 0 | 0 | |
| 6 Income tax on other comprehensive income | 52 | 0 | 0 | 0 | 0 | |
| K OTHER COMPREHENSIVE INCOME 047+…+052 | 53 | 0 | 0 | 0 | 0 | |
| TOTAL COMPREHENSIVE INCOME 046+053 | 54 | 466.900 | 312.917 | 401.089 | 29.914 | |
| M RECLASSIFICATION ADJUSTMENTS | 55 | 0 | 0 | 0 | 0 | |
| Appendix ** | ||||||
| Attributable to owners of the parent | 56 | 466.900 | 312.917 | 401.089 | 29.914 | |
| Attributable to non-controlling interest | 57 | 0 | 0 | 0 | 0 |
STATEMENT OF CASH FLOWS - indirect method for the period 01.01.2020. to 30.6.2020
| in HRK | ||||||||
|---|---|---|---|---|---|---|---|---|
| Submitter: Zagreb Stock Exchange, Inc | ||||||||
| 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 | 153.983 | 401.089 | |||||
| 2 Depreciation | 2 | 269.970 | 280.564 | |||||
| 3 Increase in short-term liabilities | 3 | 0 | 0 | |||||
| 4 Decrease in short-term receivables | 4 | 167.765 | 802.105 | |||||
| 5 Decrease in inventories | 5 | 468 | 0 | |||||
| 6 Loss on impairment for expected credit losses | 6 | 0 | 0 | |||||
| 7 Other cash flow increase | 7 | 0 | 1 | |||||
| I Total cash flow increase from operating activities 001++007 |
8 | 592.186 | 1.483.759 | |||||
| 1 Decrease in short-term liabilities | 9 | 317.936 | 64.367 | |||||
| 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 | 739.601 | 185.185 | |||||
| II Total cash flow decrease from operating activities | 14 | 1.057.537 | 249.552 | |||||
| 009++013 | ||||||||
| 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 | 55.000 | 0 | |||||
| 4 Dividends received | 18 | 0 | 0 | |||||
| 5 Other cash receipts from investment activities | 19 | 0 | 320.000 | |||||
| III Total cash receipts from investment activities 015++019 | 20 | 55.000 | 320.000 | |||||
| 1 Cash payments for the purchase of fixed tangible and intangible | 21 | 339.539 | 274.644 | |||||
| 2 Cash payments for the acquisition of equity financial | 22 | 0 | 0 | |||||
| 3 Other cash payments from investment activities | 23 | 1.000.000 | 1.000.000 | |||||
| IV Total cash payments from investment activities 021++023 |
24 | 1.339.539 | 1.274.644 | |||||
| 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 | 0 | 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 | 0 | |||||
| 4 Cash payments for the redemption of treasury shares | 32 | 0 | 0 | |||||
| 5 Other cash payments from financing activities VI Total cash payments from operating activities 029++033 |
33 34 |
0 0 |
0 0 |
|||||
| VII Cash and cash equivalents at the beginning of period | 35 | 2.078.607 | 318.428 | |||||
| VIII Increase of cash and cash equivalents | 36 | 0 | 279.563 | |||||
| IX Decrease of cash and cash equivalents | 37 | 1.749.890 | 0 | |||||
| X Cash and cash equivalents at the end of period | 38 | 328.717 | 597.991 |
16
| STATEMENT CHANGES EQUITY OF IN |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| for the period from | 1.1.2020 | to | 30.6.2020 | 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 | 1.310.533 | -22.282.591 | 0 | 0 | 0 | 0 |
| 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 |
| first of Balance on the day the previous business year (restated) |
4 | 46.357.000 | 13.860.181 | 141.000 | 1.310.533 | -22.282.591 | 0 | 0 | 0 | 39.386.123 |
| Profit or loss for the period |
5 | 0 | 0 | 0 | 1.193.751 | 0 | 0 | 0 | 0 | 1.193.751 |
| 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 | 0 | 0 | 0 |
| directly recognized income Total and expenses of the previous year (previous |
8 | 0 | 0 | 0 | 1.193.751 | 0 | 0 | 0 | 0 | 1.193.751 |
| year periods) | ||||||||||
| 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 |
| share in profit/dividend Payment of |
11 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other distribution to owners |
12 | 0 | 0 | 0 | -1.310.533 | 1.310.533 | 0 | 0 | 0 | 0 |
| Balance on the last day of the previous business year reporting period |
13 | 46.357.000 | 13.860.181 | 141.000 | 1.193.751 | -20.972.058 | 0 | 0 | 0 | 40.579.874 |
| Balance on the first day of the current business year |
14 | 46.357.000 | 13.860.181 | 141.000 | 1.193.751 | -20.972.058 | 0 | 0 | 0 | 40.579.874 |
| 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 | 1.193.751 | -20.972.058 | 0 | 0 | 0 | 40.579.874 |
| Profit or loss for the period |
18 | 0 | 0 | 0 | 401.089 | 0 | 0 | 0 | 0 | 401.089 |
| 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 | 0 | 0 | 0 |
| Total directly recognised income and |
||||||||||
| expenses of the current year (current period) |
21 | 0 | 0 | 0 | 401.089 | 0 | 0 | 0 | 0 | 401.089 |
| 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 |
| Payment of share in profit/dividend |
24 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other distribution to owners |
25 | 0 | 0 | 0 | -1.193.751 | 1.193.751 | 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 | 401.089 | -19.778.307 | 0 | 0 | 0 | 40.980.963 |
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: 1.12020 - 30.6.2020
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 amortised cost" as of 30 June 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 amortised 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 1.302.266 (31 December 2019: HRK 1.302.266)