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Zagrebačka burza d.d.
Quarterly Report • Feb 24, 2021
2105_10-q_2021-02-24_e1af7a63-241c-45d9-a4d4-fd5781fbba0d.pdf
Quarterly Report
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Zagreb Stock Exchange, Inc.
Unconsolidated unaudited financial results for
01/01/2020 – 31/12/2020
24 February 2021
CONTENTS
| 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 9 | |
| 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 |
1 INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 01/01/2020 AND 31/12/2020
1.1 Significant business events of the Zagreb Stock Exchange, Inc. in the period between 01/01/2020 and 31/12/2020
In 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. Due to the worsening of epidemiological conditions, the Zagreb Stock Exchange returned to work in teams at the beginning of July 2020, and full-time work from home started on October 26, 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 analysis 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.
- 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.
- At the end of October 2020, in accordance with all epidemiological measures, a traditional joint conference of the Zagreb Stock Exchange and UMFO was held, with 250 participants, and the introductory speech was given by the Minister of Finance, Governor, President of the Hanfa , family and social policy.
- In November 2020, the "PRIME Plus" investor conference was held, in which, in addition to issuers from the PRIME market of the Zagreb Stock Exchange, issuers from the Macedonian Stock Exchange also participated for the first time.
- The last quarter of 2020 was very active in the area of listing and delisting, so:
- on October 1, shares of Modra špilja d.d. and Vis d.d. were listed on the Regular Market of the Exchange,
- on October 14, HT transited to the Prime Market, and became the sixth share in the highest segment of the Zagreb Stock Exchange,
- on October 22, shares of Terra Medirerrane d.d. were delisted,
- on November 13, two ETFs, 7CRO and 7SLO, were listed on the Regular Market of the Zagreb Stock Exchange and are also the first ETFs listed in the history of the Zagreb Stock Exchange,
- on December 11, bonds of Atlantic Grupa d.d. were listed on the Official Market,
- on December 16, shares of Hoteli Vodice d.d. were delisted,
- on December 17, bonds of Atlantic Grupa d.d. were delisted,
- on December 21, bonds of the Jadran-galenski Laboratory were delisted,
- on December 22, shares of DTR d.d. were delisted,
- on December 28, bonds of Samoborka d.d. were listed on the Regular Market,
- on December 30, shares of Hotel Maestral d.d. were delisted,
- on December 31, shares of Istra d.d. were delisted.
- In December 2020, the traditional awards ceremony of the Zagreb Stock Exchange was held for epidemiological reasons in an online format.
1.2 Zagreb Stock Exchange trading overview
The largest securities turnover in 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 which caused large oscillations in prices and turnovers on the Stock Exchange. For this reason, in the first quarter, the securities turnover was by far the largest compared to the other three quarters of 2020, i.e. even three times higher turnover compared to the first quarter of 2019 (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 the year before, while in the third quarter there was twice as fewer 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. In the fourth quarter of 2020, there was a slight increase in securities turnover compared to the previous quarter, and ETFs, which began trading in mid-November, attracted substantial investor interest. They achieved an excellent turnover of almost HRK 22 million in merely a few trading weeks ending the year in the "green".
Securities turnover
Looking only at the fourth quarter of 2020, the total orderbook turnover amounted to HRK 513 million (-27.65% less compared to the fourth quarter of 2019). Orderbook stock turnover amounted to HRK 403 million or -27.32% less than in the fourth quarter of 2019. Overall, the orderbook turnover in 2020 amounted to HRK 2.58 billion or +4.3% more than in 2019, of which the stock turnover accounted for HRK 2.3 billion, which is +5.56% more than in 2019.
Compared to the last day of 2019, the market value measured by market capitalization on December 31, 2020, is higher by a total of +7.1 billion HRK or +2.7%, while the equity market capitalization is lower by HRK -10.6 billion or -7.18%. 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 31 December 2020, a total of 15 shares were listed less than on the same day in 2019, 14 shares less on the Regular, and two shares less on the Official Market, of which one has transited to a higher quotation, Prime Market.
| 2019 | 2020 | change | |||||
|---|---|---|---|---|---|---|---|
| Securities turnover (HRK) | |||||||
| Orderbook turnover | 2.471.654.732 | 2.577.834.414 | 4,30% | ||||
| Stocks | 2.179.124.772 | 2.300.273.793 | 5,56% | ||||
| Bonds | 292.529.960 | 255.649.429 | -12,61% | ||||
| ETFs | 0 | 21.911.192 | |||||
| Equity Block Turnover | 522.597.696 | 551.112.599 | 5,46% | ||||
| Debt Block Turnover | 0 | 0 | |||||
| TOTAL | 2.994.252.428 | 3.128.947.013 | 4,50% | ||||
| Equity Market Capitalization (HRK) | |||||||
| Prime market | 15.395.492.904 | 28.716.090.400 | 86,52% | ||||
| Official market | 59.131.758.922 | 41.567.941.436 | -29,70% | ||||
| Regular market | 73.456.186.221 | 67.075.063.881 | -8,69% | ||||
| TOTAL | 147.983.438.047 | 137.359.095.717 | -7,18% | ||||
| Number of securities listed | |||||||
| Stocks | 119 | 104 | -12,61% | ||||
| Prime market | 5 | 6 | 20,00% | ||||
| Official market | 24 | 22 | -8,33% | ||||
| Regular market | 90 | 76 | -15,56% | ||||
| Bonds | 26 | 26 | 0,00% |
Trading overview
| ETFs | 0 | 2 | |
|---|---|---|---|
| TOTAL | 145 | 130 | -10,34% |
With the exception of CROBEXkonstrukt, which increased by a significant +61.74%, CROBEXindustrija (+9.19%), and CROBEXturist (+0.61%), all other stock indices ended 2020 with a lower value compared to December 31, 2019. The largest decline was recorded by CROBEX (-13.79%), followed by CROBEXtr (-12.5%), CROBEXprime (-9.97%), CROBEXnutris (-9.53%), CROBEX10 (-9.34%), CROBEXplus (-0.4%). The regional index ADRIAprime decreased by -3.28% since December 31, 2019. Debt indices also recorded a slight decline compared to the same day the previous year: CROBIS (-2.8%), CROBIStr (- 0.16%). In May 2020, the Stock Exchange introduced a new stock index, CROBEX10tr, while the calculation of the CROBEXtransport index ceased after October 2019 due to too few potential components of this index. The above data are visible in the following table.
| Index | 31.12.2019 | 31.12.2020 | Change | Turnover (HRK) 2019 |
Turnover (HRK) 2020 |
Change |
|---|---|---|---|---|---|---|
| CROBEX | 2.017,43 | 1.739,29 | -13,79% | 1.350.953.901 | 1.885.108.067 | 39,54% |
| CROBEXtr | 1.348,37 | 1.179,89 | -12,50% | 1.350.953.901 | 1.885.108.067 | 39,54% |
| CROBEX10 | 1.199,89 | 1.087,81 | -9,34% | 1.105.200.099 | 1.579.203.982 | 42,89% |
| CROBEX10tr | \ | 1.087,33 | \ | \ | 484.036.133 | \ |
| CROBEXprime | 1.164,17 | 1.048,11 | -9,97% | 460.385.377 | 771.279.606 | 67,53% |
| CROBEXplus | 1.108,73 | 1.104,30 | -0,40% | 1.746.444.397 | 1.866.174.136 | 6,86% |
| CROBEXindustrija | 870,48 | 950,45 | 9,19% | 187.629.843 | 324.532.518 | 72,96% |
| CROBEXkonstrukt | 432,14 | 698,94 | 61,74% | 17.588.508 | 96.873.815 | 450,78% |
| CROBEXnutris | 689,01 | 623,36 | -9,53% | 663.015.538 | 286.638.338 | -56,77% |
| CROBEXturist | 3.456,83 | 3.477,97 | 0,61% | 345.681.037 | 434.896.393 | 25,81% |
| CROBIS | 115,59 | 112,36 | -2,80% | 9.656.303.872 | 25.040.891.148 | 159,32% |
| CROBIStr | 187,18 | 186,89 | -0,16% | 9.656.442.652 | 25.040.891.148 | 159,32% |
| ADRISprime | 1.109,27 | 1.072,87 | -3,28% | \ | \ | \ |
Indices – value and turnover (2019 vs. 2020)
However, the comparison of the data for the fourth quarter with the data for the first quarter of 2020, 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 (+129.7%), CROBEXindustrija (+53.02%), CROBEXturist (+36.9%) CROBEXplus (+35.15%), and CROBEXprime (+25.49%), followed by CROBEXtr (+19.06%), CROBEX10 (+18.59%), CROBEX (+17.48%), and CROBEXnutris (+9.62%). The regional index ADRIAprime increased by +28.2%, and the dept indices by +3.08% (CROBIStr), and +1.12% (CROBIS).
| Index | 31.3.2020 | 31.12.2020 | Change | Turnover (HRK) 1Q 2019 |
Turnover (HRK) 4Q 2019 |
Change |
|---|---|---|---|---|---|---|
| CROBEX | 1.480,51 | 1.739,29 | 17,48% | 833.729.502 | 336.922.050 | -59,59% |
| CROBEXtr | 990,99 | 1.179,89 | 19,06% | 833.729.502 | 336.922.050 | -59,59% |
| CROBEX10 | 917,27 | 1.087,81 | 18,59% | 726.698.762 | 279.501.265 | -61,54% |
| CROBEX10tr | \ | 1.087,33 | \ | \ | 279.501.265 | \ |
| CROBEXprime | 835,20 | 1.048,11 | 25,49% | 319.143.034 | 154.875.313 | -51,47% |
| CROBEXplus | 817,11 | 1.104,30 | 35,15% | 806.419.202 | 301.771.814 | -62,58% |
| CROBEXindustrija | 621,12 | 950,45 | 53,02% | 135.462.693 | 65.331.015 | -51,77% |
| CROBEXkonstrukt | 304,28 | 698,94 | 129,70% | 5.455.560 | 21.696.511 | 297,70% |
| CROBEXnutris | 568,63 | 623,36 | 9,62% | 121.086.165 | 58.995.416 | -51,28% |
| CROBEXturist | 2.540,45 | 3.477,97 | 36,90% | 202.364.961 | 58.478.758 | -71,10% |
| CROBIS | 111,11 | 112,36 | 1,12% | 7.889.119.416 | 954.125.363 | -87,91% |
| CROBIStr | 181,30 | 186,89 | 3,08% | 7.889.119.416 | 954.125.363 | -87,91% |
| ADRISprime | 836,85 | 1072,87 | 28,20% | \ | \ | \ |
Indices – value and turnover (1Q 2020 vs. 4Q 2020)
1.3 Expected future development of the Company
In 2021, 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).
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 December 31, 2020, the Company held no own shares.
The Company did not acquire own shares between 1 January 2020 and 31 December 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 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.
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) and bank deposits.
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.
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.
1.9 Company's exposure to price risk, credit risk, liquidity risk and cash flow risk
The Company invests free funds in open-end money market and bond investment funds, as well as bank deposits. 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.
1.10 Statement of transactions and transfers between the Company and its subsidiaries and shareholders
The Company confirms that in 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. The Company did not qualify for any of the above measures.
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.
1.12 Business results for 01/01/2020 – 31/12/2020
In 2020, the Company generated a total of HRK 14,769 thousand operating revenues, which is HRK +521 thousand or +3.65% more than in 2019 when operating revenues amounted to HRK 14,249 thousand. Compared to the year before, sales revenue increased from HRK 9,215 to HRK 10,541 thousand, i.e. by a significant HRK +1,326 thousand, within which the largest increase was recorded by revenues from listing maintenance fees (increase from HRK 3,932 to HRK 4,873 thousand, i.e. HRK +941 thousand or +23.94%). The main source of income, commissions and membership fees, increased from HRK 4,005 to HRK 4,117 thousand, i.e. by HRK +112 thousand or +2.79%, 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 fourth quarter of 2020, commissions and membership fees fell from HRK 1,146 to HRK 905 thousand compared to the fourth quarter of the previous year, i.e. HRK -241 thousand or -21.06%. In addition to the higher number of newly listed securities than in the previous year (eight shares, three bonds and two ETFs were listed in 2020, while two shares and four bonds were listed in 2019), income from quotation maintenance also increased within sales revenues (increase from HRK 882 to HRK 1.181 thousand, or by HRK +299 thousand or +33.89%), while revenue from assigning and administering LEIs fell from HRK 396 to 370 thousand (HRK -26 thousand or -6.6%). Compared to 2019, in 2020, other operating income fell by a total of HRK -805 thousand (a decrease from HRK 5,033 to HRK 4,228 thousand, or HRK -805 thousand or -16%), within which income from the supply of information increased from HRK 2,349 to HRK 2,456 thousand (HRK +106 thousand or +4.53%), and other income decreased from HRK 2,684 to HRK 1,773 thousand (HRK -912 thousand or -33.96%). The significantly lower amount of other income in 2020 compared to the year before, mostly due to fewer educations, which is why, in one part, revenues from seminars were missing (in 2019 seminar revenues amounted to HRK 1,127 thousand). However, despite the COVID-19 crisis, the Company organized educationsthrough online platforms and in 2020 generated smaller but significant income from seminars in the amount of HRK 643 thousand. Within the item other income, an increase was also recorded in revenues from Progress (HRK +83 thousand or +130%), revenues from LJSE (HRK +86 thousand or +36%), and revenues from OTC data disclosure fees (HRK +52 thousand or +11%).
The Company's total operating expenses in 2020 amounted to HRK 13,427 thousand, which is a decrease of HRK -1,414 thousand or -9.53% compared to 2019 when operating expenses amounted to HRK 14,841 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 -565 thousand or -24.5%, i.e. from HRK 2,307 to HRK 1,742 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 2019, in 2020, the decline was recorded in other operating expenses (HRK -440 thousand or -80.83%; from HRK 544 to HRK 104 thousand), material costs (HRK -439 thousand or - 11,19%; from HRK 3,925 to HRK 3,485 thousand), and value adjustment of fixed and current assets (HRK -102 thousand or -26.39%; from HRK 388 to HRK 286 thousand), while staff costs increased by HRK +82 thousand or +1.25% (from HRK 6,600 to HRK 6,682 thousand) which is within the planned, and depreciation by HRK +50 thousand or +4.66% (from HRK 1,077 to HRK 1,127 thousand).
| HRK 000 | 2019 | 2020 | change | 4Q 2019 | 4Q 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 | 14.249 | 14.770 | 3,65% | 4.089 | 4.074 | -0,37% |
| sales revenue | 9.215 | 10.541 | 14,39% | 2.528 | 2.634 | 4,21% |
| other operating income | 5.033 | 4.228 | -16,00% | 1.562 | 1.440 | -7,77% |
| Operating expenses | 14.841 | 13.427 | -9,53% | 4.209 | 3.805 | -9,61% |
| material costs | 3.925 | 3.485 | -11,19% | 1.166 | 1.064 | -8,71% |
| staff costs | 6.600 | 6.683 | 1,25% | 1.698 | 1.558 | -8,26% |
| depreciation and amortization | 1.077 | 1.127 | 4,66% | 263 | 282 | 7,30% |
| other costs | 3.239 | 2.132 | -34,18% | 1.082 | 901 | -16,79% |
| EBIT | -592 | 1.343 | -326,93% | -120 | 270 | -325,48% |
| EBITDA | 485 | 2.470 | 409,38% | 144 | 552 | 284,60% |
| Financial income | 1.865 | 827 | -55,68% | 51 | 262 | 413,94% |
| Financial expenses | 79 | 295 | 271,73% | 22 | 10 | -54,70% |
| Pre-tax profit or loss | 1.194 | 1.874 | 57,02% | -91 | 522 | -674,69% |
| Income tax | 0 | 0 | 0 | 0 | ||
| Profit or loss for the period | 1.194 | 1.874 | 57,02% | -91 | 522 | -674,69% |
| Number of employees | 24 | 24 | 0,00% | 24 | 24 | 0,00% |
The Company's operating profit in 2020 amounts to HRK 1,343 thousand, while in the year before the operating loss amounted to HRK -592 thousand. At the level of the fourth quarter of 2020, the Company generated operating profit in the amount of HRK 270 thousand, while the operating loss in the same period last year amounted to HRK 120 thousand. Financial revenues in 2020 amounted to HRK 827 thousand (a decrease of HRK -1,038 thousand or -55.68% compared to 2019), and most of this amount (HRK 715 thousand) was realized in the second half of the year, which indicates significantly reduced or even negative returns of bond funds in which the Company invested free funds in the first half of 2020. In the middle of 2020, the income from the sale of financial assets obtained by the Company in the process of pre-bankruptcy settlement of one issuer was realized. Also, in 2020, dividend income from the Ljubljana and Macedonian Stock Exchanges was realized in the amount of HRK 405 thousand. In 2020, financial expenses amounted to HRK 295 thousand, HRK +216 thousand or +271.73% compared to the year before.
Given the above mentioned, the Company's net profit in 2020 amounted to HRK 1,874 thousand, which is HRK +681 thousand (+57.02%) more than in 2019 when the Company's net profit amounted to HRK 1,193 thousand. In the fourth quarter of 2020, the Company's net profit amounted to HRK 522 thousand, which is HRK +613 thousand more than HRK -91 thousand of net loss for the same period of the previous year.
Operating profit before interest, taxes, depreciation, and amortization is positive and in 2020 amounts to HRK 2,470 thousand, i.e. HRK +1,985 thousand more than in 2019, while in the fourth quarter of 2020 alone, it amounts to HRK 552 thousand, i.e. HRK +408 thousand more than in the same period the previous 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 31/12/2020 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 31/12/2020 give an objective, complete and true statement of assets and liabilities, financial position and operations of the Company.
The management report for 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 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 – 31/12/2020
| ISSUER'S GENERAL DATA | |||
|---|---|---|---|
| Reporting period: | 1.1.2020 | to | 31.12.2020 |
| Year: | 2020 | ||
| Quarter: | 4 | ||
| Quarterly financial statements | |||
| Registration number (MB): 03749606 |
Issuer's home | HR | |
| Entity's registration | Member State code: | ||
| 080034217 number (MBS): Personal identification |
|||
| 84368186611 number (OIB): Institution |
LEI: | 7478000050A040C0D041 | |
| 4 code: |
|||
| 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 2 4 |
|||
| (end of the reporting | |||
| 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 | ||
| Yes No |
|||
| Bookkeeping firm: Yes |
(Yes/No) | 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] | 5316081 | ||
| Audit firm: (name of the audit firm) Certified auditor: |
| BALANCE SHEET | |||||||
|---|---|---|---|---|---|---|---|
| balance as at 31.12.2020 | 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 | 23.522.947 | 23.205.524 | ||||
| I INTANGIBLE ASSETS | 2 | 1.080.165 | 971.458 | ||||
| II TANGIBLE ASSETS 004+…+008 | 3 | 1.297.386 | 1.064.272 | ||||
| 1 Land and buildings | 4 | 0 | 0 | ||||
| 2 Computer equipment | 5 6 |
160.729 3.282 |
674.695 6.249 |
||||
| 3 Other tangible assets 4 Leasehold improvements |
7 | 1.133.375 | 383.328 | ||||
| 5 Assets under construction | 8 | 0 | 0 | ||||
| III FIXED FINANCIAL ASSETS 010+011 | 9 | 21.145.396 | 21.169.794 | ||||
| 1 Investments in associates, subsidiaries and joint ventures | 10 | 19.375.969 | 19.400.367 | ||||
| 2 Financial assets at amortised cost | 11 | 1.769.427 | 1.769.427 | ||||
| DEFERRED TAX ASSETS | 12 | 0 | 0 | ||||
| B CURRENT ASSETS 014+020+024 | 13 | 22.369.360 | 23.895.719 | ||||
| I RECEIVABLES 015++019 | 14 | 2.467.873 | 1.983.355 | ||||
| 1 Trade receivables | 15 | 1.703.240 | 1.219.162 | ||||
| 2 Receivables from employees and members of the undertaking | 16 | 390 | 622 | ||||
| 3 Receivables from government and other institutions | 17 | 6.074 | 4.767 | ||||
| 4 Receivables from connected undertakings | 18 | 199.833 | 199.668 | ||||
| 5 Other receivables III SHORT-TERM FINANCIAL ASSETS 021+…+023 |
19 20 |
558.336 19.583.059 |
559.136 20.274.296 |
||||
| 1 Financial assets at amortised cost | 21 | 0 | 2.500.031 | ||||
| 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 | 17.774.265 | ||||
| III CASH AND CASH EQUIVALENTS | 24 | 318.428 | 1.638.068 | ||||
| C PREPAID EXPENSES AND ACCRUED INCOME | 25 | 725.743 | 834.696 | ||||
| D TOTAL ASSETS 001+013+025 | 26 | 46.618.050 | 47.935.939 | ||||
| E OFF-BALANCE SHEET ITEMS | 27 | 0 | 0 | ||||
| LIABILITIES | |||||||
| A CAPITAL AND RESERVES 029+030+031+036+037+038 | 28 | 40.579.874 | 42.454.276 | ||||
| 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 | 34 | 0 | 0 | ||||
| 4 Other reserves | 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 | 1.874.402 | ||||
| VI MINORITY INTEREST | 38 | 0 | 0 | ||||
| B PROVISIONS | 39 | 0 | 0 | ||||
| C SHORT-TERM LIABILITIES 041+046 | 40 | 1.841.918 | 1.319.787 | ||||
| 1 Liabilities for advance payments | 41 | 11.351 | 261.293 | ||||
| 2 Trade payables | 42 | 488.763 | 216.404 | ||||
| 3 Liabilities to employees | 43 | 310.224 | 305.042 | ||||
| 4 Taxes, contributions and similar liabilities | 44 45 |
295.767 2.233 |
261.991 2.638 |
||||
| 5 Liabilities to connected undertakings 6 Other short-term liabilities |
46 | 733.580 | 272.419 | ||||
| D LONG-TERM LIABILITIES | 47 | 301.761 | 32.667 | ||||
| E DEFERRED TAX LIABILITY | 48 | 0 | 0 | ||||
| F ACCRUALS AND DEFERRED INCOME | 49 | 3.894.497 | 4.129.209 | ||||
| G TOTAL LIABILITIES 028+039+040+047+048+049 | 50 | 46.618.050 | 47.935.939 | ||||
| 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 | ||||
| 2 Attributable to non-controlling interest | 54 | 0 | 0 |
| For the period 01.01.2020. to 31.12.2020 | ||||||||
|---|---|---|---|---|---|---|---|---|
| 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 | 14.248.761 | 4.089.380 | 14.769.500 | 4.074.349 | |||
| I Sales revenue 003++008 | 2 | 9.215.269 | 2.527.563 | 10.541.200 | 2.633.881 | |||
| 1 Commissions and membership fees | 3 | 4.005.266 | 1.145.888 | 4.116.905 | 904.564 | |||
| 2 Listing maintenance fees | 4 | 3.931.751 | 1.080.767 | 4.873.116 | 1.311.346 | |||
| 3 Income from quotation maintenance | 5 | 882.321 | 206.429 | 1.181.363 | 325.583 | |||
| 4 Income from auctions | 6 | 0 | 0 | 0 | 0 | |||
| 5 Income from memberships 6 Revenue from assigning and administering LEIs |
7 8 |
0 395.931 |
0 94.479 |
0 369.816 |
0 92.388 |
|||
| II Other operating income 010++012 | 9 | 5.033.492 | 1.561.817 | 4.228.300 | 1.440.468 | |||
| 1 Income from application programming interface (API) services | 10 | 0 | 0 | 0 | 0 | |||
| 2 Income from the supply of information | 11 | 2.349.117 | 610.715 | 2.455.583 | 665.326 | |||
| 3 Other income | 12 | 2.684.375 | 951.102 | 1.772.717 | 775.142 | |||
| B OPERATING EXPENSES 014+017+021+022+023+026+027 | 13 | 14.840.557 | 4.208.976 | 13.426.549 | 3.804.688 | |||
| I Material costs 015+016 | 14 | 3.924.605 | 1.165.752 | 3.485.259 | 1.064.193 | |||
| 1 Costs of raw materials | 15 | 488.428 | 140.189 | 523.936 | 129.875 | |||
| 2 Other external costs | 16 | 3.436.177 | 1.025.563 | 2.961.323 | 934.318 | |||
| II Staff costs 018++020 | 17 | 6.600.233 | 1.697.727 | 6.682.599 | 1.557.511 | |||
| 1 Net salaries and wages | 18 | 3.616.650 | 935.610 | 3.717.832 | 882.794 | |||
| 2 Tax and contributions from salary costs | 19 | 2.076.987 | 533.760 | 2.075.197 | 468.150 | |||
| 3 Payroll contributions | 20 | 906.596 | 228.357 | 889.570 | 206.567 | |||
| III Depreciation IV Other costs |
21 22 |
1.076.658 2.307.099 |
263.115 686.258 |
1.126.853 1.741.952 |
282.319 631.902 |
|||
| V Value adjustment 024+025 | 23 | 388.053 | 245.813 | 285.631 | 195.000 | |||
| 1 fixed assets (other than financial assets) | 24 | 0 | 0 | 0 | 0 | |||
| 2 current assets (other than financial assets) | 25 | 388.053 | 245.813 | 285.631 | 195.000 | |||
| VI Provisions | 26 | 0 | 0 | 0 | 0 | |||
| VII Other operating expenses | 27 | 543.909 | 150.311 | 104.255 | 73.763 | |||
| C FINANCIAL INCOME 029++034 | 28 | 1.864.923 | 50.963 | 826.514 | 261.921 | |||
| 1 Interest, exchange rate differences, dividends and similar | 29 | 420.944 | 263 | 357.592 | 379 | |||
| 2 Interest, exchange rate differences, dividends and similar | 30 | 229.365 | 86.356 | 93.128 | 15.244 | |||
| 3 Income share from associates and participating interests | 31 | 0 | 0 | 0 | 0 | |||
| 4 Unrealised gains (income) from financial assets | 32 | 1.204.354 | -43.469 | 265.810 | 243.981 | |||
| 5 Profit from reversal of provisions for impairment for expected | 33 | 0 | 0 | 0 | 0 | |||
| 6 Other financial income D FINANCIAL EXPENSES 036++040 |
34 35 |
10.260 79.376 |
7.813 22.122 |
109.984 295.063 |
2.317 10.022 |
|||
| 1 Interest, exchange rate differences and other expenditures with | 36 | 654 | 222 | 829 | 311 | |||
| 2 Interest, exchange rate differences and other expenditure from | 37 | 78.722 | 21.900 | 62.085 | 9.707 | |||
| 3 Unrealised losses (expenses) from financial assets | 38 | 0 | 0 | 0 | 0 | |||
| 4 Loss on impairment for expected credit losses | 39 | 0 | 0 | 0 | 0 | |||
| 5 Other financial expenses | 40 | 0 | 0 | 232.149 | 4 | |||
| E TOTAL INCOME 001+028 | 41 | 16.113.684 | 4.140.343 | 15.596.014 | 4.336.270 | |||
| F TOTAL EXPENDITURE 013+035 | 42 | 14.919.933 | 4.231.098 | 13.721.612 | 3.814.710 | |||
| G Share in profit/loss of associates and subsidiaries | 43 | 0 | 0 | 0 | 0 | |||
| H PRE-TAX PROFIT OR LOSS 041-042+043 | 44 | 1.193.751 | -90.755 | 1.874.402 | 521.560 | |||
| I INCOME TAX | 45 | 0 | 0 | 0 | 0 | |||
| J PROFIT OR LOSS FOR THE PERIOD 044-045 | 46 | 1.193.751 | -90.755 | 1.874.402 | 521.560 | |||
| 1 Change in revaluation reserves (property, plant, | 47 48 |
0 0 |
0 0 |
0 0 |
0 0 |
|||
| 2 Actuarial gains/losses on defined benefit pension plans 3 Unrealised gains/losses on financial assets at fair value |
||||||||
| through other comprehensive income | 49 | 0 | 0 | 0 | 0 | |||
| 50 | 0 | 0 | 0 | 0 | ||||
| 4 Gains/losses on hedging instruments in a cash flow hedge | ||||||||
| 5 Gains/losses arising from translation of financial | 51 | 0 | 0 | 0 | 0 | |||
| 6 Income tax on other comprehensive income K OTHER COMPREHENSIVE INCOME 047+…+052 |
52 53 |
0 0 |
0 0 |
0 0 |
0 0 |
|||
| TOTAL COMPREHENSIVE INCOME 046+053 | 54 | 1.193.751 | -90.755 | 1.874.402 | 521.560 | |||
| 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 |
STATEMENT OF PROFIT OR LOSS
17
STATEMENT OF CASH FLOWS - indirect method
for the period 01.01.2020. to 31.12.2020
| 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 | 1.193.751 | 1.874.402 | |
| 2 Depreciation | 2 | 1.076.658 | 1.126.853 | |
| 3 Increase in short-term liabilities | 3 | 179.597 | 0 | |
| 4 Decrease in short-term receivables | 4 | 0 | 586.870 | |
| 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 | 0 | |
| I Total cash flow increase from operating activities 001++007 |
8 | 2.450.006 | 3.588.125 | |
| 1 Decrease in short-term liabilities | 9 | 0 | 522.132 | |
| 2 Increase in short-term receivables | 10 | 853.997 | 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 | 338.611 | 467.055 | |
| II Total cash flow decrease from operating activities 009++013 |
14 | 1.192.608 | 989.187 | |
| CASH FLOW FROM INVESTMENT ACTIVITIES | ||||
| 1 Cash receipts from sale of fixed tangible and intangible assets | 15 | 0 | 58.946 | |
| 2 Cash receipts the from sale of equity instruments and debt | 16 | 0 | 82.302 | |
| 3 Interest received | 17 | 202.361 | 0 | |
| 4 Dividends received | 18 | 420.543 | 374.469 | |
| 5 Other cash receipts from investment activities | 19 | 320.000 | 2.342.455 | |
| III Total cash receipts from investment activities 015++019 | 20 | 942.904 | 2.858.172 | |
| 1 Cash payments for the purchase of fixed tangible and intangible | 21 | 654.204 | 843.978 | |
| 2 Cash payments for the acquisition of equity financial | 22 | 1.572.697 | 24.398 | |
| 3 Other cash payments from investment activities | 23 | 1.000.000 | 3.000.000 | |
| IV Total cash payments from investment activities 021++023 |
24 | 3.226.901 | 3.868.376 | |
| 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 | 733.580 | 269.094 | |
| VI Total cash payments from operating activities 029++033 | 34 | 733.580 | 269.094 | |
| 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 | 1.319.640 | |
| IX Decrease of cash and cash equivalents | 37 | 1.760.179 | 0 | |
| X Cash and cash equivalents at the end of period | 38 | 318.428 | 1.638.068 | |
| STATEMENT CHANGES OF IN EQUITY |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| for the period from | 1.1.2020 | to | 31.12.2020 | in HRK | ||||||
| to owners of Attributable 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 | 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 year (restated) business |
4 | 46.357.000 | 13.860.181 | 141.000 | 1.310.533 | -22.282.591 | 0 | 0 | 0 | 39.386.123 |
| Profit for or loss 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 |
| of previous Balance on the last day the 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 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 for or loss the period |
18 | 0 | 0 | 0 | 1.874.402 | 0 | 0 | 0 | 0 | 1.874.402 |
| 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 | 1.874.402 | 0 | 0 | 0 | 0 | 1.874.402 |
| 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 |
| profit/dividend Payment of share in |
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 | 1.874.402 | -19.778.307 | 0 | 0 | 0 | 42.454.276 |
19
NOTES TO FINANCIAL STATEMENTS - TFI (drawn up for quarterly reporting periods)
Name of the issuer: Zagreb Stock Exchange, Inc
Personal identification number (OIB): 84368186611
Reporting period: 1.1.2020 - 31.12.2020
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.
AOP 11 Financial assets at amortized costs
The balance sheet position AOP 11 "2 Financial assets at amortised cost" as of 31 December 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)