Quarterly Report • Oct 19, 2020
Quarterly Report
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Unconsolidated unaudited financial results for
01/01/2020 – 30/09/2020
19 October 2020
| 1 | INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 01/01/2020 AND 30/09/2020 1 | |
|---|---|---|
| 1.1 | Significant business events of the Zagreb Stock Exchange, Inc. in the period between 01/01/2020 and | |
| 30/09/2020 1 | ||
| 1.2 | Zagreb Stock Exchange trading overview 4 | |
| 1.3 | Expected future development of the Company 7 | |
| 1.4 | Research & Development activities 7 | |
| 1.5 | Information on repurchase of own shares 7 | |
| 1.6 | Subsidiaries of the Company 8 | |
| 1.7 | Financial instruments used by the Company 8 | |
| 1.8 | Company's objectives and policies related to financial risk management 8 | |
| 1.9 | Company's exposure to price risk, credit risk, liquidity risk and cash flow risk 9 | |
| 1.10 | Statement of transactions and transfers between the Company and its subsidiaries and shareholders 9 |
|
| 1.11 | Statement of events which might have an adverse effect on Company operations 9 | |
| 1.12 | Business results for 01/01/2020 – 30/09/2020 10 | |
| 2 | Declaration of responsibility for the preparation of financial statements 13 | |
| Unconsolidated unaudited financial statements of the Company for 01/01/2020 – 30/09/2020 14 |
In the first three quarters of 2020, the Zagreb Stock Exchange, Inc. (hereinafter: the Company or the Exchange) recorded the following significant business events:
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 July 6, 2020, the General Assembly of the Zagreb Stock Exchange was held at which the Annual Financial Statements and consolidated financial statements of the Exchange for 2019 were presented, decisions were made on the use of profit generated in 2019, on granting discharge to the members of the Management Board and the Supervisory Board for 2019, and on the appointment of the Stock Exchange auditor for 2020.
On September 29, 2020, the Zagreb Stock Exchange signed an annex to the main framework agreement with the Vienna Stock Exchange which extends the use and maintenance of the Xetra T7 trading system, index calculation, member connection services with the trading system, etc.
The largest securities turnover in the first three quarters of 2020 was realized in the period from the end of February to the end of April under the influence of the Covid-19 appearance in the Republic of Croatia. For this reason, in the first quarter, the securities turnover was by far the largest compared to the other two quarters of 2020, i.e. even three times higher turnover compared to the first quarter of last year (visible in the graphic below). Securities turnover has been declining since the beginning of May 2020, so that trading days in the third quarter would end with mostly lower turnover than the 2019 daily average. Therefore, the turnover in the second quarter was slightly higher than in the same period last year, while in the third quarter there was twice as less securities turnover as in the third quarter of 2019. It should be taken into account that in September 2019, the focus of trading was on Kraš shares due to the then takeover process, and then only HRK 40 million lower securities turnover was achieved than in the record March 2020, when turnover was affected by the Covid -19 appearance in the Republic of Croatia.
Looking only at the third quarter of 2020, the total orderbook turnover amounted to HRK 403 million (-54.15% less compared to the third quarter of 2019). Orderbook stock turnover amounted to HRK 365 million or -55.9% less than in the third quarter of the last year. Overall, the orderbook turnover in the first three quarters of 2020 amounted to HRK 2.07 billion or +17.13% more than in the first three quarters of the last year, of which the stock turnover accounted for HRK 1.90 billion, which is +16.77% more than in the first nine months of 2019.
Compared to the last day of the third quarter of 2019, the market value measured by market capitalization on September 30, 2020, is higher by a total of +5 billion HRK or +2.06%, while the equity market capitalization is lower by almost -15 billion or -10.17%. In addition to the already known Covid-19 impact, the reason for the decline in the equity market capitalization is reflected in the fewer number of listed shares (above graph). On 30 September 2020, a total of 18 shares were listed less than on the same day in 2019, 17 shares less on the Regular, and one share less on the Official Market.
| 1-3Q 2019 | 1-3Q 2020 | change | |
|---|---|---|---|
| Securities turnover (HRK) | |||
| Orderbook turnover | 1,763,180,030 | 2,065,253,161 | 17.13% |
| Stocks | 1,624,991,993 | 1,897,517,253 | 16.77% |
| Bonds | 138,188,037 | 167,735,908 | 21.38% |
| Equity Block Turnover | 335,754,754 | 337,298,535 | 0.46% |
| Debt Block Turnover | 0 | 0 | |
| TOTAL | 2,098,934,784 | 2,402,551,696 | 14.47% |
| Equity Market Capitalization (HRK) | |||
| Prime market | 15,061,296,301 | 12,148,433,961 | -19.34% |
| Official market | 57,917,787,394 | 56,564,718,242 | -2.34% |
| Regular market | 72,518,008,548 | 61,993,668,313 | -14.51% |
| TOTAL | 145,497,092,242 | 130,706,820,516 | -10.17% |
| Number of securities listed | |||
| Stocks | 124 | 106 | -14.52% |
| Prime market | 5 | 5 | 0.00% |
| Official market | 24 | 23 | -4.17% |
| Regular market | 95 | 78 | -17.89% |
| Bonds | 25 | 26 | 4.00% |
| TOTAL | 149 | 132 | -11.41% |
With the exception of CROBEXkonstrukt, which increased by a significant +74.8%, and CROBEXindustrija, which increased slightly by +1.43%, all other stock indices ended the third quarter of 2020 with a lower value compared to September 30 last year. The largest decline was recorded by CROBEXnutris (-18.48%), followed by CROBEXturist (-18.21%), CROBEX (-18.08%), CROBEXprime (- 17.30%), CROBEXtr (-17.15%), CROBEX10 (-14.1%), CROBEXplus (-6.54%). The regional index ADRIAprime decreased by -6.33% since September 30 last year. Debt indices also recorded a decline compared to the same period last year: CROBIS (-3.96%), CROBIStr (-1.22%). In May 2020, the Stock Exchange introduced a new stock index, CROBEX10tr, while the calculation of the CROBEXtransport index ceased after October 2019. The above data are visible in the following table.
| Index | 30.9.2019 | 30.9.2020 | Change | Turnover (HRK) 3Q 2019 |
Turnover (HRK) 3Q 2020 |
Change |
|---|---|---|---|---|---|---|
| CROBEX | 1,963,54 | 1,608,54 | -18.08% | 336,955,786 | 301,004,391 | -10.67% |
| CROBEXtr | 1,312,35 | 1,087,33 | -17.15% | 336,955,786 | 301,004,391 | -10.67% |
| CROBEX10 | 1,166,18 | 1,001,75 | -14.10% | 263,657,529 | 222,767,221 | -15.51% |
| CROBEX10tr | \ | 999,19 | \ | \ | 204,534,868 | \ |
| CROBEXprime | 1,137,26 | 940,47 | -17.30% | 132,773,083 | 99,551,345 | -25.02% |
| CROBEXplus | 1,125,42 | 1,051,78 | -6.54% | 678,532,240 | 318,174,774 | -53.11% |
| CROBEXindustrija | 864,50 | 876,88 | 1.43% | 36,988,478 | 60,242,631 | 62.87% |
| CROBEXkonstrukt | 421,84 | 737,36 | 74.80% | 4,935,809 | 41,928,860 | 749.48% |
| CROBEXnutris | 771,06 | 628,54 | -18.48% | 420,989,766 | 52,756,421 | -87.47% |
| CROBEXtransport | 742,91 | \ | \ | 13,852,062 | \ | \ |
| CROBEXturist | 3,577,52 | 2,926,09 | -18.21% | 75,353,774 | 45,897,593 | -39.09% |
| CROBIS | 116,90 | 112,27 | -3.96% | 2,151,050,210 | 1,506,640,908 | -29.96% |
| CROBIStr | 187,86 | 185,57 | -1.22% | 2,151,050,210 | 1,506,640,908 | -29.96% |
| ADRISprime | 1,052,56 | 985,94 | -6.33% | \ | \ | \ |
However, the comparison of the data for the third quarter with the data for the first quarter of the current year shows a stable and positive trend. Namely, after a sharp decline in the indices value since the end of February 2020 due to a significant increase in securities turnover, the values of the indices began to normalize and continue to grow continuously from May. The following table shows how all stock indices rose relative to the closing value on March 31, 2020. The largest increase was recorded by CROBEXkonstrukt (+142.33%), CROBEXindustrija (+41.18%), CROBEXplus (+28.72%), CROBEXturist (+15.18) and CROBEXprime (+12.6%), while other indices increased slightly less than +10%, CROBEXtr (+9.72%), CROBEX10 (+9.21%) and CROBEX (+8.65%). The regional index ADRIAprime increased by +17.82%, and the dept indices by +2.35% (CROBIStr), and +1.04% (CROBIS).
| Index | 31.1.2020 | 30.9.2020 | Change | Turnover (HRK) 1Q 2019 |
Turnover (HRK) 3Q 2019 |
Change |
|---|---|---|---|---|---|---|
| CROBEX | 1,480,51 | 1,608,54 | 8.65% | 833,729,502 | 301,004,391 | -63.90% |
| CROBEXtr | 990,99 | 1,087,33 | 9.72% | 833,729,502 | 301,004,391 | -63.90% |
| CROBEX10 | 917,27 | 1,001,75 | 9.21% | 726,698,762 | 222,767,221 | -69.35% |
| CROBEX10tr | \ | 999,19 | \ | \ | 204,534,868 | \ |
| CROBEXprime | 835,20 | 940,47 | 12.60% | 319,143,034 | 99,551,345 | -68.81% |
| CROBEXplus | 817,11 | 1,051,78 | 28.72% | 806,419,202 | 318,174,774 | -60.54% |
| CROBEXindustrija | 621,12 | 876,88 | 41.18% | 135,462,693 | 60,242,631 | -55.53% |
| CROBEXkonstrukt | 304,28 | 737,36 | 142.33% | 5,455,560 | 41,928,860 | 668.55% |
| CROBEXnutris | 568,63 | 628,54 | 10.54% | 121,086,165 | 52,756,421 | -56.43% |
| CROBEXturist | 2,540,45 | 2,926,09 | 15.18% | 202,364,961 | 45,897,593 | -77.32% |
| CROBIS | 111,11 | 112,27 | 1.04% | 7,889,119,416 | 1,506,640,908 | -80.90% |
| CROBIStr | 181,30 | 185,57 | 2.35% | 7,889,119,416 | 1,506,640,908 | -80.90% |
| ADRISprime | 836,85 | 985,94 | 17.82% | \ | \ | \ |
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).
The Company will continue to edit new websites and develop new and improve existing functionalities to make information even more accessible and understandable to users.
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.
As of September 30, 2020, the Company held no own shares.
The Company did not acquire own shares between 1 January 2020 and 30 September 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 share of the Zagreb Stock Exchange, Inc. in the share capital as of July 7, 2020 is 30% 1 .
On December 18, 2019, the Zagreb Stock Exchange acquired 148 shares, or 5.3% of the Macedonian Stock Exchange's share capital.
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 bank deposits.
All employees of the Company, including its Management and Supervisory Board, are involved in the implementation of internal control and risk management systems.
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 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 in the first three quarters of 2020 there were no transactions between the Company and its subsidiaries and shareholders in excess of EUR 100,000.
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, additional investments were made to work from home, 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.
In the first three quarters of 2020, the Company generated a total of HRK 10,695 thousand of operating revenues, which is HRK +536 thousand or +5.3% more than in the same period last year when operating revenues amounted to HRK 10,159 thousand. Compared to the first three quarters of last year, sales revenue increased from HRK 6,687 to HRK 7,907 thousand, i.e. by a significant HRK +1,220 thousand, within which the largest increase was recorded by revenues from listing maintenance fees (increase from HRK 2,851 to HRK 3,212 thousand, i.e. HRK +711 thousand or +24.9%). The main source of income, commissions and membership fees, increased from HRK 2,859 to HRK 3,212 thousand, i.e. by HRK +353 thousand or +12.3%, which was greatly influenced by the already mentioned increased trading volume from the end of February to the end of April 2020. However, observing only the third quarter of the current year, commissions and membership fees almost halved compared to last year's third quarter (down from HRK 1,222 to HRK 669 thousand, or HRK -553 thousand or -45.2%), which is a reflection of the decline in securities turnover of mid-2020 and the one-time impact of the turnover increase in September 2019 due to trade in the Kraš share. In addition to the higher number of newly listed securities than in the same period last year (three shares and three bonds were listed in the first nine months of 2020, while two shares and one bond were listed in the same period last year), income from quotation maintenance also increased within sales revenues (increase from HRK 676 to HRK 856 thousand, or by HRK +180 thousand or +26.6%), while revenue from assigning and administering LEIs fell from HRK 301 to 277 thousand (HRK -24 thousand or -8%). Compared to the first nine months of 2019, in the first three quarters of 2020, other operating income fell by a total of HRK -683 thousand (a decrease from HRK 3,472 to HRK 2,787 thousand, or HRK -684 thousand or -19.7%), within which income from the supply of information increased from HRK 1,738 to HRK 1,790 thousand (HRK +52 thousand or +3%), and other income decreased from HRK 1,733 to HRK 998 thousand (HRK -736 thousand or -42.4%). The significantly lower amount of other income in the first nine months of 2020 compared to the same period last year, mostly due to fewer educations, which is why last year's higher revenues from seminars were missing (in the first three quarters of 2019 seminar revenues amounted to HRK 705 thousand). However, despite the COVID-19 crisis, the Company organized educations through online platforms and in the first nine months generated smaller but significant income from seminars in the amount of HRK 260 thousand. Within the item other income, an increase was also recorded in revenues from Progress (HRK +67 thousand or +239%), revenues from LJSE (HRK +69 thousand or +168%), and revenues from OTC data disclosure fees (HRK +55 thousand or +15%).
The Company's total operating expenses in the first three quarters of 2020 amounted to HRK 9,622 thousand, which is a decrease of HRK -1,010 thousand or -9.5% compared to the same period last year when operating expenses amounted to HRK 10,632 thousand. This 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 costs (HRK -511 thousand or -31.5%, i.e. from HRK 1,621 to HRK 1,110 thousand), which was due to the decrease in costs of translation, attorney, notary, and consulting services, royalties related to education, representation, business trips, and PR. Compared to the same period last year, in the first nine months of 2020, the decline was recorded in other operating expenses (HRK -363 thousand or - 92.3%; from HRK 393 to HRK 30 thousand), material costs (HRK -338 thousand or -12,2%; from HRK 2,759 to HRK 2,421 thousand), and value adjustment of fixed and current assets (HRK -52 thousand or -36.3%; from HRK 142 to HRK 90 thousand), while staff costs increased by HRK +222 thousand or +4.5% (from HRK 4,902 to HRK 5,125 thousand) which is within the planned, and depreciation by HRK +31 thousand or +3.8% (from HRK 813 to HRK 844 thousand).
| HRK 000 | 1-3Q 2019 | 1-3Q 2020 | change | 3Q 2019 | 3Q 2020 | change |
|---|---|---|---|---|---|---|
| Number of shares (in thousands) | 4,636 | 4,636 | 0.00% | 4,636 | 4,636 | 0.00% |
| Share capital | 46,357 | 46,357 | 0.00% | 46,357 | 46,357 | 0.00% |
| Capital and reserves | 40,671 | 41,933 | 3.10% | 40,671 | 41,933 | 3.10% |
| Total assets | 45,972 | 47,387 | 3.08% | 45,972 | 47,387 | 3.08% |
| Operating income | 10,159 | 10,695 | 5.27% | 3,769 | 3,240 | -14.04% |
| sales revenue | 6,688 | 7,907 | 18.24% | 2,508 | 2,358 | -5.98% |
| other operating income | 3,472 | 2,788 | -19.70% | 1,261 | 882 | -30.08% |
| Operating expenses | 10,632 | 9,622 | -9.50% | 3,449 | 2,980 | -13.58% |
| material costs | 2,759 | 2,421 | -12.24% | 911 | 711 | -21.98% |
| staff costs | 4,903 | 5,125 | 4.54% | 1,536 | 1,609 | 4.75% |
| depreciation and amortization | 814 | 845 | 3.81% | 271 | 279 | 2.75% |
| other costs | 2,157 | 1,231 | -42.91% | 730 | 382 | -47.72% |
| EBIT | -472 | 1,073 | -327.30% | 320 | 259 | -19.04% |
| EBITDA | 341 | 1,918 | 461.85% | 591 | 538 | -9.05% |
| Financial income | 1,814 | 565 | -68.88% | 515 | 453 | -11.96% |
| Financial expenses | 57 | 285 | 397.85% | 18 | -239 | |
| Pre-tax profit or loss | 1,285 | 1,353 | 5.32% | 818 | 952 | 16.41% |
| Income tax | 0 | 0 | 0 | 0 | ||
| Profit or loss for the period | 1,285 | 1,353 | 5.32% | 818 | 952 | 16.41% |
The Company's operating profit in the first nine months of 2020 amounts to HRK 1,073 thousand, while in the same period last year the operating loss amounted to HRK -472 thousand. At the level of the third quarter of 2020, the Company generated operating profit in the amount of HRK 259 thousand, while operating profit in the same period last year amounted to HRK 320 thousand. Financial revenues in the first three quarters of 2020 amounted to HRK 565 thousand (a decrease of HRK -1,249 thousand or -68.9% compared to the same period in 2019), and most of this amount (HRK 453 thousand) was realized only in the third quarter, which indicates significantly reduced or even negative returns of bond funds in which the Company invested free funds in the first half of this year. In the middle of this year, the income from the sale of financial assets obtained by the Company in the process of prebankruptcy settlement of one issuer was realized. In the first nine months of this year, financial expenses amounted to HRK 285 thousand (HRK +228 thousand or +397.9%), while only in the third quarter, unrealized losses from financial assets decreased, and financial expenses amounted to HRK 239 thousand (HRK -221 thousand).
Given the above mentioned, the Company's net profit in the first three quarters of 2020 amounted to HRK 1,353 thousand, which is HRK +68 thousand (+5.3%) more than in the same period in 2019 when the Company's net profit amounted to HRK 1,285 thousand. In the third quarter of 2020, the Company's net profit amounted to HRK 952 thousand, which is HRK +134 thousand (+16.4%) more than HRK 818 thousand of net profit for the same period last year.
Operating profit before interest, taxes, depreciation, and amortization is positive and for the period for the first nine months of 2020 amounts to HRK 1,918 thousand, i.e. HRK +1,577 thousand more than in the first three quarters of 2019, while in the third quarter of 2020 alone, it amounts to HRK 538 thousand, i.e. HRK -53 thousand less than in the same period last year.
Financial statements of the Zagreb Stock Exchange, Inc. prepared for the period between 01/01/2020 and 30/09/2020 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 30/09/2020 give an objective, complete and true statement of assets and liabilities, financial position and operations of the Company.
The management report for the first three quarters 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 three quarters of 2020 have not been audited.
Contact Zagreb Stock Exchange, Inc. Ivana Lučića 2a/22 10000 Zagreb Croatia
Phone number: +385/ 1 4686 806 E-mail: [email protected]
Unconsolidated unaudited financial statements of the Company for 01/01/2020 – 30/09/2020
| Annex 1 | ISSUER'S GENERAL DATA | ||||
|---|---|---|---|---|---|
| Reporting period: | 1.1.2020 | to | 30.9.2020 | ||
| Year: | 2020 | ||||
| Quarter: | 3 | ||||
| Quarterly financial statements | |||||
| Registration number (MB): | 03749606 | Issuer's home | HR | ||
| Entity's registration | Member State code: | ||||
| number (MBS): Personal identification |
080034217 | ||||
| number (OIB): Institution |
84368186611 | LEI: | 7478000050A040C0D041 | ||
| 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 4 | ||||
| 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: | |||
| Ljubljana, Slovenija | 5316081 | ||||
| Ljubljanska borza vrednostnih papirjev d.d. | |||||
| Yes | |||||
| Bookkeeping firm: | Yes | (Yes/No) | Sigma Tax Consulting d.o.o. | No | |
| 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: | (name of the audit firm) |
| BALANCE SHEET balance as at 30.9.2020 |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| 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 I INTANGIBLE ASSETS |
1 2 |
23.522.947 1.080.165 |
23.436.795 1.014.806 |
||||||
| II TANGIBLE ASSETS 004+…+008 | 3 | 1.297.386 | 1.276.593 | ||||||
| 1 Land and buildings | 4 | 0 | 0 | ||||||
| 2 Computer equipment | 5 | 160.729 | 640.897 | ||||||
| 3 Other tangible assets | 6 | 3.282 | 3.231 | ||||||
| 4 Leasehold improvements | 7 | 1.133.375 | 632.465 | ||||||
| 5 Assets under construction | 8 | 0 | 0 | ||||||
| III FIXED FINANCIAL ASSETS 010+011 | 9 | 21.145.396 | 21.145.396 | ||||||
| 1 Investments in associates, subsidiaries and joint ventures | 10 | 19.375.969 | 19.375.969 | ||||||
| 2 Financial assets at amortised cost DEFERRED TAX ASSETS |
11 12 |
1.769.427 0 |
1.769.427 0 |
||||||
| B CURRENT ASSETS 014+020+024 | 13 | 22.369.360 | 23.183.513 | ||||||
| I RECEIVABLES 015++019 | 14 | 2.467.873 | 1.782.901 | ||||||
| 1 Trade receivables | 15 | 1.703.240 | 1.133.731 | ||||||
| 2 Receivables from employees and members of the undertaking | 16 | 390 | 123 | ||||||
| 3 Receivables from government and other institutions | 17 | 6.074 | 15.309 | ||||||
| 4 Receivables from connected undertakings | 18 | 199.833 | 27.536 | ||||||
| 5 Other receivables | 19 | 558.336 | 606.202 | ||||||
| III SHORT-TERM FINANCIAL ASSETS 021+…+023 1 Financial assets at amortised cost |
20 21 |
19.583.059 | 20.030.292 | ||||||
| 2 Financial assets at fair value through other comprehensive | 22 | 0 0 |
2.500.005 0 |
||||||
| 3 Financial assets at fair value through statement of profit or | 23 | 19.583.059 | 17.530.287 | ||||||
| III CASH AND CASH EQUIVALENTS | 24 | 318.428 | 1.370.320 | ||||||
| C PREPAID EXPENSES AND ACCRUED INCOME | 25 | 725.743 | 766.593 | ||||||
| D TOTAL ASSETS 001+013+025 | 26 | 46.618.050 | 47.386.901 | ||||||
| E OFF-BALANCE SHEET ITEMS | 27 | 0 | 0 | ||||||
| LIABILITIES | |||||||||
| A CAPITAL AND RESERVES 029+030+031+036+037+038 | 28 | 40.579.874 | 41.932.716 | ||||||
| I INITIAL CAPITAL | 29 | 46.357.000 | 46.357.000 | ||||||
| II CAPITAL RESERVES III PROFIT RESERVES 032++035 |
30 31 |
13.860.181 141.000 |
13.860.181 141.000 |
||||||
| 1 Legal reserves | 32 | 141.000 | 141.000 | ||||||
| 2 Reserves for treasury shares | 33 | 0 | 0 | ||||||
| 3 Fair value reserves | |||||||||
| 4 Other reserves | 34 | 0 | 0 | ||||||
| 35 | 0 | 0 | |||||||
| IV RETAINED PROFIT OR LOSS BROUGHT FORWARD | 36 | -20.972.058 | -19.778.307 | ||||||
| V PROFIT OR LOSS FOR THE YEAR | 37 | 1.193.751 | 1.352.842 | ||||||
| VI MINORITY INTEREST | 38 | 0 | 0 | ||||||
| B PROVISIONS | 39 | 0 | 0 | ||||||
| C SHORT-TERM LIABILITIES 041+046 | 40 | 1.841.918 | 1.088.206 | ||||||
| 1 Liabilities for advance payments | 41 42 |
11.351 488.763 |
26.493 79.228 |
||||||
| 2 Trade payables 3 Liabilities to employees |
43 | 310.224 | 292.224 | ||||||
| 4 Taxes, contributions and similar liabilities | 44 | 295.767 | 222.759 | ||||||
| 5 Liabilities to connected undertakings | 45 | 2.233 | 0 | ||||||
| 6 Other short-term liabilities | 46 | 733.580 | 467.502 | ||||||
| D LONG-TERM LIABILITIES | 47 | 301.761 | 65.589 | ||||||
| E DEFERRED TAX LIABILITY | 48 | 0 | 0 | ||||||
| F ACCRUALS AND DEFERRED INCOME G TOTAL LIABILITIES 028+039+040+047+048+049 |
49 50 |
3.894.497 46.618.050 |
4.300.390 47.386.901 |
||||||
| H OFF-BALANCE SHEET ITEMS | 51 | 0 | 0 | ||||||
| Appendix to the balance sheet (position for consolidated financial statements) | |||||||||
| I Capital and reserves 053+054 | 52 | 0 | 0 | ||||||
| 1 Attributable to owners of the parent | 53 | 0 | 0 |
| STATEMENT OF PROFIT OR LOSS | |
|---|---|
| For the period 01.01.2020. to 30.9.2020 | |
| in HRK |
Submitter: Zagreb Stock Exchange, Inc
| Item | 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 | 10.159.381 | 3.768.785 | 10.695.151 | 3.239.522 | |
| I Sales revenue 003++008 | 2 | 6.687.706 | 2.507.980 | 7.907.319 | 2.358.008 | |
| 1 Commissions and membership fees | 3 | 2.859.378 | 1.222.184 | 3.212.341 | 669.324 | |
| 2 Listing maintenance fees | 4 | 2.850.984 | 979.427 | 3.561.770 | 1.269.718 | |
| 3 Income from quotation maintenance | 5 | 675.892 | 209.580 | 855.780 | 326.427 | |
| 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 | 301.452 | 96.789 | 277.428 | 92.539 | |
| II Other operating income 010++012 | 9 | 3.471.675 | 1.260.805 | 2.787.832 | 881.514 | |
| 1 Income from application programming interface (API) services | 10 | 0 | 0 | 0 | 0 | |
| 2 Income from the supply of information | 11 | 1.738.402 | 645.065 | 1.790.257 | 607.118 | |
| 3 Other income | 12 | 1.733.273 | 615.740 | 997.575 | 274.396 | |
| B OPERATING EXPENSES 014+017+021+022+023+026+027 | 13 | 10.631.581 | 3.448.613 | 9.621.861 | 2.980.315 | |
| I Material costs 015+016 1 Costs of raw materials |
14 15 |
2.758.853 348.239 |
911.261 119.921 |
2.421.066 394.061 |
711.011 111.226 |
|
| 2 Other external costs | 16 | 2.410.614 | 791.340 | 2.027.005 | 599.785 | |
| II Staff costs 018++020 | 17 | 4.902.506 | 1.535.938 | 5.125.088 | 1.608.829 | |
| 1 Net salaries and wages 2 Tax and contributions from salary costs |
18 19 |
2.681.040 1.543.227 |
848.125 477.287 |
2.835.038 1.607.047 |
895.672 498.795 |
|
| 3 Payroll contributions | 20 | 678.239 | 210.526 | 683.003 | 214.362 | |
| III Depreciation | 21 | 813.543 | 271.318 | 844.534 | 278.775 | |
| IV Other costs | 22 | 1.620.841 | 398.080 | 1.110.050 | 380.888 | |
| V Value adjustment 024+025 | 23 | 142.240 | 0 | 90.631 | 0 | |
| 1 fixed assets (other than financial assets) | 24 | 0 | 0 | 0 | 0 | |
| 2 current assets (other than financial assets) | 25 | 142.240 | 0 | 90.631 | 0 | |
| VI Provisions | 26 | 0 | 0 | 0 | 0 | |
| VII Other operating expenses | 27 | 393.598 | 332.016 | 30.492 | 812 | |
| C FINANCIAL INCOME 029++034 | 28 | 1.813.960 | 514.988 | 564.593 | 453.405 | |
| 1 Interest, exchange rate differences, dividends and similar | 29 | 420.681 | 105 | 357.213 | 356.602 | |
| 2 Interest, exchange rate differences, dividends and similar | 30 | 143.009 | 110.910 | 77.884 | 67.023 | |
| 3 Income share from associates and participating interests | 31 | 0 | 0 | 0 | 0 | |
| 4 Unrealised gains (income) from financial assets | 32 | 1.247.823 | 403.973 | 21.829 | 21.829 | |
| 5 Profit from reversal of provisions for impairment for expected | 33 | 0 | 0 | 0 | 0 | |
| 6 Other financial income | 34 | 2.447 | 0 | 107.667 | 7.951 | |
| D FINANCIAL EXPENSES 036++040 | 35 | 57.254 | 17.555 | 285.041 | -239.142 | |
| 1 Interest, exchange rate differences and other expenditures with | 36 | 432 | 11 | 518 | 370 | |
| 2 Interest, exchange rate differences and other expenditure from | 37 | 56.822 | 17.544 | 52.378 | 9.327 | |
| 3 Unrealised losses (expenses) from financial assets | 38 | 0 | 0 | 0 | -267.670 | |
| 4 Loss on impairment for expected credit losses | 39 | 0 | 0 | 0 | 0 | |
| 5 Other financial expenses | 40 | 0 | 0 | 232.145 | 18.831 | |
| E TOTAL INCOME 001+028 | 41 | 11.973.341 | 4.283.773 | 11.259.744 | 3.692.927 | |
| F TOTAL EXPENDITURE 013+035 | 42 | 10.688.835 | 3.466.168 | 9.906.902 | 2.741.173 | |
| G Share in profit/loss of associates and subsidiaries | 43 | 0 | 0 | 0 | 0 | |
| H PRE-TAX PROFIT OR LOSS 041-042+043 | 44 | 1.284.506 | 817.605 | 1.352.842 | 951.754 | |
| I INCOME TAX | 45 | 0 | 0 | 0 | 0 | |
| J PROFIT OR LOSS FOR THE PERIOD 044-045 | 46 | 1.284.506 | 817.605 | 1.352.842 | 951.754 | |
| 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 | 49 | 0 | 0 | 0 | 0 | |
| through other comprehensive income | ||||||
| 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 | 1.284.506 | 817.605 | 1.352.842 | 951.754 | |
| M RECLASSIFICATION ADJUSTMENTS | 55 | 0 | 0 | 0 | 0 | |
| Appendix ** | ||||||
| Attributable to owners of the parent | 56 | 0 | 0 | 0 | 0 | |
| Attributable to non-controlling interest | 57 | 0 | 0 | 0 | 0 | |
| 17 |
| 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 | 1.284.506 | 1.352.842 |
| 2 Depreciation | 2 | 813.543 | 844.534 |
| 3 Increase in short-term liabilities | 3 | 0 | 0 |
| 4 Decrease in short-term receivables | 4 | 0 | 594.341 |
| 5 Decrease in inventories | 5 | 0 | 0 |
| 6 Loss on impairment for expected credit losses | 6 | 0 | 0 |
| 7 Other cash flow increase | 7 | 0 | 173.036 |
| I Total cash flow increase from operating activities 001++007 |
8 | 2.098.049 | 2.964.753 |
| 1 Decrease in short-term liabilities | 9 | 346.941 | 753.713 |
| 2 Increase in short-term receivables | 10 | 552.179 | 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 | 1.062.056 | 0 |
| II Total cash flow decrease from operating activities 009++013 |
14 | 1.961.176 | 753.713 |
| 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 | 82.302 |
| 3 Interest received | 17 | 0 | 0 |
| 4 Dividends received | 18 | 0 | 410.642 |
| 5 Other cash receipts from investment activities | 19 | 320.000 | 2.342.462 |
| III Total cash receipts from investment activities 015++019 | 20 | 320.000 | 2.835.406 |
| 1 Cash payments for the purchase of fixed tangible and intangible | 21 | 422.228 | 758.382 |
| 2 Cash payments for the acquisition of equity financial | 22 | 0 | 0 |
| 3 Other cash payments from investment activities | 23 | 1.000.000 | 3.000.000 |
| IV Total cash payments from investment activities 021++023 |
24 | 1.422.228 | 3.758.382 |
| 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 | 33 | 563.923 | 236.172 |
| VI Total cash payments from operating activities 029++033 | 34 | 563.923 | 236.172 |
| 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 | 1.051.892 |
| IX Decrease of cash and cash equivalents | 37 | 1.529.278 | 0 |
| X Cash and cash equivalents at the end of period | 38 | 549.329 | 1.370.320 |
| STATEMENT OF |
CHANGES | EQUITY IN |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| for the period from | 1.1.2020 | to | 30.9.2020 | 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 |
capital Total 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 | 39.386.123 | |
| 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 | 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 | |
| Total directly recognized income and expenses of the previous year (previous year periods) |
8 | 0 | 0 | 0 | 1.193.751 | 0 | 0 | 0 | 0 | 1.193.751 | |
| 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 | |
| profit/dividend Payment of share in |
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 | |
| first of Balance on the day the current year (restated) business |
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 | 1.352.842 | 0 | 0 | 0 | 0 | 1.352.842 | |
| 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 | |
| directly recognised income Total and |
|||||||||||
| current year (current expenses of the period) |
21 | 0 | 0 | 0 | 1.352.842 | 0 | 0 | 0 | 0 | 1.352.842 | |
| 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 | 19 |
| Balance on the last day of the current business year reporting period |
26 | 46.357.000 | 13.860.181 | 141.000 | 1.352.842 | -19.778.307 | 0 | 0 | 0 | 41.932.716 |
Name of the issuer: Zagreb Stock Exchange, Inc
Personal identification number (OIB): 84368186611
Reporting period: 1.1.2020 - 30.9.2020
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
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.
The balance sheet position AOP 11 "2 Financial assets at amortized cost", as of 30 September 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 1.302.266 (31 December 2019: HRK 1.302.266)
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