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Zagrebačka burza d.d.
Quarterly Report • Apr 26, 2021
2105_10-q_2021-04-26_538e4602-d757-4031-8cd6-0ba0e205d0b3.pdf
Quarterly Report
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Zagreb Stock Exchange, Inc.
Unconsolidated unaudited financial results for
01/01/2021 – 31/03/2021
26 April 2021
CONTENTS
| 1 | INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 01/01/2021 AND 31/03/2021 1 | |
|---|---|---|
| 1.1 | Significant business events of the Zagreb Stock Exchange, Inc. in the period between 01/01/2021 and 31/03/2021 1 |
|
| 1.2 | Zagreb Stock Exchange trading overview 2 | |
| 1.3 | Expected future development of the Company 4 | |
| 1.4 | Research & Development activities 4 | |
| 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 6 |
|
| 1.11 | Statement of events which might have an adverse effect on Company operations 6 | |
| 1.12 | Business results for 01/01/2021 – 31/03/2021 7 | |
| 2 | DECLARATION OF RESPONSIBILITY FOR THE PREPARATION OF FINANCIAL STATEMENTS 9 | |
| Unconsolidated unaudited financial statements of the Company for 01/01/2021 – 31/03/2021 10 |
1 INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 01/01/2021 AND 31/03/2021
1.1 Significant business events of the Zagreb Stock Exchange, Inc. in the period between 01/01/2021 and 31/03/2021
In the first quarter of 2021, the Zagreb Stock Exchange, Inc. (hereinafter: the Company or the Exchange) recorded the following significant business events:
- On March 2, 2021, the Exchange launched a new project on its YouTube channel called "ZSE Stock Talk" conceived as a new communication channel to the general population on economic and financial topics. The first series of videos had the theme of macroeconomic forecasts for 2021.
- On March 8, 2021, in cooperation with the Croatian Employers' Association, the Exchange organized the event "Ring for Gender Equality" to mark International Women's Day by opening a trade in symbolic bells to emphasize the need to include more women in the world of work and their advancement in the business world.
- On March 16, 2021, the Exchange received from the Securities Commission of the Republic of Northern Macedonia (Komisijata za hartii od vrednost na Republika Severna Makedonija) a decision approving the transfer above the threshold of 10% ownership stake in Makedonska berza AD Skopje, i.e. for the acquisition of shares of the Macedonian Stock Exchange whose total cumulative amount does not exceed 20% of the total issued voting shares.
- On March 24, 2021, the Exchange joined the United Nations Sustainable Stock Exchanges (SSE) initiative to promote sustainability and transparency in capital markets. The Exchange will engage in peer-to-peer dialogue to explore how exchanges can work together with investors, regulators, and companies, to encourage sustainable investment, while also enhancing corporate transparency and performance in respect to environmental, social and corporate governance issues, in line with the SEE initiative goals.
1.2 Zagreb Stock Exchange overview
In the first quarter of 2021, the orderbook turnover amounted to HRK 455 million, which is within the usual quarterly turnover of the past few years, but significantly less (-59%) than in the first quarter of last year, which was marked by increased securities turnover from the end of February under the influence of the Covid-19 outbreak in the Republic of Croatia. Out of this amount, HRK 400 million relates to stock trading and HRK 41 million to bond trading. ETFs, which started trading in mid-November last year and then had a turnover of almost HRK 22 million in just a few trading weeks until the end of the year, generated a turnover of just over HRK 13.5 million in the first quarter of 2021. In the same period, the equity block turnover amounted to almost HRK 80 million, while the debt block turnover was absent.
Securities turnover
Compared to March 31, 2020, the market value measured by market capitalization as of March 31, 2021, is higher by almost HRK +35 billion or +14%, while the equity market capitalization alone is higher by HRK +17 billion or +13.6%. These data point to a constant market recovery since May last year when the initial market shock caused by the emergence of the Covid-19 virus, which contributed to a large drop in market capitalization in the first quarter of 2020, began to weaken.
Equity Market Capitalization and number of stocks listed
As of 31 March 2021, a total of five fewer shares were listed on the Regular Market compared to the same day in 2020, while one share from the Official Market moved to a higher quotation, the Prime Market.
| 1Q 2020. | 1Q 2021. | change | |||||
|---|---|---|---|---|---|---|---|
| Securities turnover (HRK) | |||||||
| Orderbook turnover | 1.112.229.578 | 454.728.103 | -59,12% | ||||
| Stocks | 1.031.080.460 | 399.727.273 | -61,23% | ||||
| Bonds | 81.149.118 | 41.388.605 | -49,00% | ||||
| ETFs | 0 | 13.612.224 | |||||
| Equity Block Turnover | 272.720.326 | 79.652.213 | -70,79% | ||||
| Debt Block Turnover | 0 | 0 | |||||
| TOTAL | 1.384.949.904 | 534.380.316 | -61,42% | ||||
| Equity Market Capitalization (HRK) | |||||||
| Prime market | 10.998.695.042 | 30.590.477.162 | 178,13% | ||||
| Official market | 54.152.680.977 | 44.445.778.393 | -17,93% | ||||
| Regular market | 60.965.064.988 | 68.219.008.130 | 11,90% | ||||
| TOTAL | 126.116.441.006 | 143.255.263.685 | 13,59% | ||||
| Number of securities listed | |||||||
| Stocks | 106 | 101 | -4,72% | ||||
| Prime market | 5 | 6 | 20,00% | ||||
| Official market | 23 | 22 | -4,35% | ||||
| Regular market | 78 | 73 | -6,41% | ||||
| Bonds | 26 | 27 | 3,85% | ||||
| ETFs | 0 | 2 | |||||
| TOTAL | 132 | 128 | -3,03% |
Zagreb Stock Exchange overview
A comparison of the data for the first quarter of 2021 with the data for the same period last year shows a stable and positive trend among the indices as well. After a sharp decline in the index's values since the end of February 2020 due to a significant increase in securities turnover, the index's values began to normalize and continued to grow continuously from May. The following table shows how all equity indices rose in comparison to the closing value on March 31, 2020. The largest increase was recorded by CROBEXkonstrukt (+152.7%), CROBEXindustrija (+71.7%), CROBEXplus (+46.6%), CROBEXturist (+38.3%), and CROBEXprime (+34.9%), followed by CROBEXtr (+28.4%), CROBEX10 (+28.3%), CROBEX (+26.5%) and CROBEXnutris (+22%). The regional index ADRIAprime increased by +39%, and the debt indices by +3% (CROBIStr) and +0.4% (CROBIS).
| Index | 31.3.2020 | 31.3.2021 | Change | Turnover (HRK) 1Q 2020 |
Turnover (HRK) 1Q 2021 |
Change |
|---|---|---|---|---|---|---|
| CROBEX | 1.480,51 | 1.872,22 | 26,46% | 833.729.502 | 332.387.383 | -60,13% |
| CROBEXtr | 990,99 | 1.272,79 | 28,44% | 833.729.502 | 332.387.383 | -60,13% |
| CROBEX10 | 917,27 | 1.177,04 | 28,32% | 726.698.762 | 253.255.298 | -65,15% |
| CROBEX10tr | \ | 1.177,87 | \ | \ | 253.255.298 | \ |
| CROBEXprime | 835,20 | 1.126,73 | 34,91% | 319.143.034 | 182.397.952 | -42,85% |
| CROBEXplus | 817,11 | 1.198,14 | 46,63% | 806.419.202 | 336.407.145 | -58,28% |
| CROBEXindustrija | 621,12 | 1.066,36 | 71,68% | 135.462.693 | 58.926.331 | -56,50% |
| CROBEXkonstrukt | 304,28 | 768,84 | 152,68% | 5.455.560 | 30.503.373 | 459,12% |
| CROBEXnutris | 568,63 | 694,19 | 22,08% | 121.086.165 | 66.552.048 | -45,04% |
| CROBEXturist | 2.540,45 | 3.512,55 | 38,26% | 202.364.961 | 69.472.158 | -65,67% |
| CROBIS | 111,11 | 111,57 | 0,41% | 7.889.119.416 | 1.396.890.495 | -82,29% |
| CROBIStr | 181,30 | 186,70 | 2,98% | 7.889.119.416 | 1.396.890.495 | -82,29% |
| ADRISprime | 836,85 | 1163,44 | 39,03% | \ | \ | \ |
Indices – value and turnover (1Q 2020 vs. 1Q 2021)
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 continue internally to develop IT services that will be used by the Zagreb and Ljubljana Stock Exchanges, and thus further reduce the need for external suppliers.
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 expanding 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.
During 2020, the Exchange also developed and launched a completely new website of the Zagreb and Ljubljana Stock Exchanges.
1.5 Information on repurchase of own shares
As of March 31, 2021, the Company held no own shares.
The Company did not acquire own shares between 1 January 2021 and 31 March 2021.
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 is 30%.
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.
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 2021 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
In 2021, uncertainty continued over the prevention measures taken to halt the spread and suppression of the COVID-19 pandemic. It is not possible to estimate the future duration of the pandemic, but the Company is actively monitoring the situation and will take all necessary measures to minimize potential negative impacts in the event of a worsening situation. With its infrastructure and working procedures, the Company is fully trained and ready to ensure business continuity so that trading can run smoothly. Infrastructure and work processes are adapted to work in crisis situations, employees are on standby, and tests related to working in such circumstances have been successfully conducted, thus ensuring continuous trading in securities throughout the trading day, without difficulties even in emergencies.
The long-term effect can also affect the company's operations in terms of difficult operations of our clients - issuers, as well as reducing the volume of trade due to possible uncertainties of investors related to the impact of the crisis on the Croatian economy. Despite the aforementioned, at the date of issue of these financial statements, the Company continues to settle due to liabilities and, consequently, prepares financial statements under the assumption of indefinite operation.
Apart from the above, no other business events or transactions have occurred after the balance sheet date that would have a material impact on the financial statements on or for the period then ended or are of such significance to the Company's operations as to require disclosure in management.
1.12 Business results for 01/01/2021 – 31/03/2021
In the first quarter of 2021, the Company generated a total of HRK 3,334 thousand operating revenues, which is HRK -855 thousand or -20.41% less than in the same period in 2020 when operating revenues amounted to HRK 4,189 thousand. Compared to the first three months of last year, sales revenues fell from HRK 3,083 to HRK 2,371 thousand, or by HRK -712 thousand or -23%. Within sales revenues, listing maintenance fees increased from HRK 1,138 to HRK 1,269 thousand, i.e., HRK +130 thousand or +11.59%, while income from quotation maintenance remained at the same amount as a year ago (HRK 263 thousand). Trading commissions and membership fees, the main source of income of the Exchange, amount to HRK 840 thousand, which is a significant decrease (HRK -843 thousand or -50%) compared to the first quarter of 2020 when they amounted to HRK 1,682 thousand. The fall in commissions is the main reason for the fall in sales revenue, and thus total operating income, which is a consequence of the already mentioned reduction in trading volume since May 2020, i.e., after the initial investor euphoria and above-average volume of securities turnover from late February to late April 2020 due to the appearance of the Covid-19 virus in Croatia. For comparison, the securities turnover in the first quarter of 2020 was 150% higher than the turnover in the same period this year. Other operating income in the first three months of 2021 amounted to HRK 963 thousand, which is a decrease of HRK -143 thousand or -13% compared to the same period last year when other operating income amounted to HRK 1,106 thousand. This decrease in other operating revenues is a consequence of the decrease in income from the supply of information (HRK -57 thousand or -9.21%) and other revenues (HRK -86 thousand or -17.82%), which include revenues from education and revenue from assigning and administering LEIs.
The Company's total operating expenses in the first quarter of 2021 amounted to HRK 2,957 thousand, which is a decrease of HRK -142 thousand or -4.6% compared to the first quarter of 2020 when operating expenses amounted to HRK 3,099 thousand. Out of operating expenses, only material costs increased (HRK +71 thousand or +8.62%, i.e. from HRK 822 to HRK 893 thousand), while all other items decreased: depreciation by HRK -11 thousand or -4.1% (1Q 2020: HRK 281 thousand, 1Q 2021: HRK 269 thousand), other operating expenses by HRK -31 thousand or -93.55% (1Q 2020: HRK 33 thousand, 1Q 2021: HRK 2 thousand), staff costs by HRK -85 thousand or -5.32% (1Q 2020: HRK 1,606 thousand, 1Q 2021: HRK 1,520 thousand) and other expenses by HRK -86 thousand or -23.94% (1Q 2020: HRK 358 thousand), 1Q 2021: HRK 273 thousand).
| HRK | 1Q 2020 | 1Q 2021 | change | |
|---|---|---|---|---|
| Number of shares | 4.635.700 | 4.635.700 | 0 | 0,00% |
| Share capital | 46.357.000 | 46.357.000 | 0 | 0,00% |
| Capital and reserves | 40.951.049 | 42.667.021 | 1.715.972 | 4,19% |
| Total assets | 46.159.051 | 47.098.027 | 938.976 | 2,03% |
| Operating income | 4.188.903 | 3.333.941 | -854.962 | -20,41% |
| sales revenue | 3.083.046 | 2.371.406 | -711.640 | -23,08% |
| other operating income | 1.105.857 | 962.535 | -143.322 | -12,96% |
| Operating expenses | 3.099.373 | 2.956.940 | -142.433 | -4,60% |
| material costs | 821.936 | 892.799 | 70.863 | 8,62% |
| staff costs | 1.605.840 | 1.520.347 | -85.493 | -5,32% |
| depreciation and amortization | 280.564 | 269.061 | -11.503 | -4,10% |
| other costs | 391.033 | 274.733 | -116.300 | -29,74% |
| EBIT | 1.089.530 | 377.001 | -712.529 | -65,40% |
| EBITDA | 1.370.094 | 646.062 | -724.032 | -52,85% |
| Financial income | 10.295 | 67.493 | 57.198 | 555,59% |
| Financial expenses | 728.650 | 231.749 | -496.901 | -68,19% |
| Pre-tax profit or loss | 371.175 | 212.745 | -158.430 | -42,68% |
| Income tax | 0 | 0 | 0 | |
| Profit or loss for the period | 371.175 | 212.745 | -158.430 | -42,68% |
| Number of employees | 26 | 24 | -2 | -7,69% |
The Company's key business indicators
The Company's operating profit in the first quarter of 2021 amounted to HRK 377 thousand, which is a decrease of HRK -713 thousand or -65.4% compared to the first quarter of last year when operating profit amounted to HRK 1,089 thousand. It can be noticed that the decline in operating profit is almost identical to the decline in sales revenue, which further indicates the impact of the decline in securities turnover on the Company's result. Financial revenues in the observed period amounted to HRK 67 thousand (an increase of HRK +57 thousand or +555% compared to the same period in 2020), while financial expenses decreased by a significant HRK -497 thousand or -68% compared to a year earlier.
Taking into account the positive operating profit and net financial result, the Company's net profit for the first three months of 2021 amounts to HRK 213 thousand, which is HRK -158 thousand (-42.68%) less than in the same period in 2020 when the net the Company's profit amounted to HRK 371 thousand.
Operating profit before interest, taxes, depreciation and amortization is positive and in the first quarter of 2021 amounted to HRK 646 thousand, or HRK -724 thousand less than in the first quarter of last year when it amounted to HRK 1,370 thousand.
2 DECLARATION OF RESPONSIBILITY FOR THE PREPARATION OF FINANCIAL STATEMENTS
Financial statements of the Zagreb Stock Exchange, Inc. prepared for the period between 01/01/2021 and 31/03/2021 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 01/01/2021 and 31/03/2021 give an objective, complete and true statement of assets and liabilities, financial position and operations of the Company.
The management report for the first quarter of 2021 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 quarter of 2021 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 01/01/2021 – 31/03/2021
| Annex 1 | ISSUER'S GENERAL DATA | |||
|---|---|---|---|---|
| Reporting period: | 1.1.2021 | to | 31.3.2021 | |
| Year: | 2021 | |||
| Quarter: | 1 | |||
| Quarterly financial statements | ||||
| Registration number (MB): 03749606 |
Member State code: | Issuer's home | HR | |
| Entity's registration 080034217 |
||||
| number (MBS): Personal identification 84368186611 |
LEI: | 7478000050A040C0D041 | ||
| number (OIB): Institution |
||||
| 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: | ||
| Ljubljana, Slovenija | ||||
| 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] | 5316081 | |||
| Audit firm: (name of the audit firm) Certified auditor: |
| balance as at 31.3.2021 | |||||
|---|---|---|---|---|---|
| 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 | 23.205.524 | 22.964.205 | ||
| I INTANGIBLE ASSETS | 2 | 971.458 | 941.599 | ||
| II TANGIBLE ASSETS 004+…+008 | 3 | 1.064.272 | 852.812 | ||
| 1 Land and buildings | 4 | 220.158 | 54.962 | ||
| 2 Computer equipment | 5 | 674.695 | 651.416 | ||
| 3 Other tangible assets | 6 7 |
6.249 163.170 |
5.452 140.982 |
||
| 4 Leasehold improvements 5 Assets under construction |
8 | 0 | 0 | ||
| III FIXED FINANCIAL ASSETS 010+011 | 9 | 21.169.794 | 21.169.794 | ||
| 1 Investments in associates, subsidiaries and joint ventures | 10 | 19.400.367 | 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 | 24.644.001 | 23.588.364 | ||
| I RECEIVABLES 015++019 | 14 | 2.731.637 | 1.458.922 | ||
| 1 Trade receivables | 15 | 1.967.444 | 893.723 | ||
| 2 Receivables from employees and members of the undertaking | 16 | 622 | 2.243 | ||
| 3 Receivables from government and other institutions | 17 | 4.767 | 23.114 | ||
| 4 Receivables from connected undertakings | 18 | 199.668 | 10.976 | ||
| 5 Other receivables III SHORT-TERM FINANCIAL ASSETS 021+…+023 |
19 20 |
559.136 20.274.296 |
528.866 19.590.329 |
||
| 1 Financial assets at amortised cost | 21 | 2.500.031 | 2.500.067 | ||
| 2 Financial assets at fair value through other comprehensive | 22 | 0 | 0 | ||
| 3 Financial assets at fair value through statement of profit or | 23 | 17.774.265 | 17.090.262 | ||
| III CASH AND CASH EQUIVALENTS | 24 | 1.638.068 | 2.539.113 | ||
| C PREPAID EXPENSES AND ACCRUED INCOME | 25 | 86.414 | 545.458 | ||
| D TOTAL ASSETS 001+013+025 | 26 | 47.935.939 | 47.098.027 | ||
| E OFF-BALANCE SHEET ITEMS | 27 | 0 | 0 | ||
| LIABILITIES | |||||
| A CAPITAL AND RESERVES 029+030+031+036+037+038 | 28 | 42.454.276 | 42.667.021 | ||
| I INITIAL CAPITAL | 29 | 46.357.000 | 46.357.000 | ||
| II CAPITAL RESERVES III PROFIT RESERVES 032++035 |
30 | 13.860.181 | 13.860.181 | ||
| 1 Legal reserves | 31 32 |
141.000 141.000 |
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 | -19.778.307 | -17.903.905 | ||
| V PROFIT OR LOSS FOR THE YEAR | 37 | 1.874.402 | 212.745 | ||
| VI MINORITY INTEREST | 38 | 0 | 0 | ||
| B PROVISIONS | 39 | 0 | 0 | ||
| C SHORT-TERM LIABILITIES 041+046 | 40 | 1.914.309 | 1.287.796 | ||
| 1 Liabilities for advance payments | 41 42 |
261.293 440.361 |
128.615 167.420 |
||
| 2 Trade payables 3 Liabilities to employees |
43 | 305.042 | 305.138 | ||
| 4 Taxes, contributions and similar liabilities | 44 | 261.991 | 227.247 | ||
| 5 Liabilities to connected undertakings | 45 | 2.638 | -2.654 | ||
| 6 Other short-term liabilities | 46 | 642.984 | 462.030 | ||
| D LONG-TERM LIABILITIES | 47 | 32.667 | 27.277 | ||
| E DEFERRED TAX LIABILITY | 48 | 0 | 0 | ||
| F ACCRUALS AND DEFERRED INCOME | 49 | 3.534.687 | 3.115.933 | ||
| G TOTAL LIABILITIES 028+039+040+047+048+049 | 50 | 47.935.939 | 47.098.027 | ||
| H OFF-BALANCE SHEET ITEMS 51 0 0 |
|||||
| Appendix to the balance sheet (position for consolidated financial statements) | |||||
| I Capital and reserves 053+054 1 Attributable to owners of the parent |
52 53 |
0 0 |
0 0 |
||
2 Attributable to non-controlling interest
12
54 0 0
BALANCE SHEET
| For the period 1.1.2021 to 31.3.2021 in HRK Submitter: Zagreb Stock Exchange, Inc |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| Item | ADP code |
Same period of the previous year | Current period | ||||||
| Cumulative | Quarter | Cumulative | Quarter | ||||||
| 1 | 2 | 3 | 4 | 5 | 6 | ||||
| A OPERATING INCOME 002+009 | 1 | 4.188.903 | 4.188.903 | 3.333.941 | 3.333.941 | ||||
| I Sales revenue 003++008 | 2 | 3.083.046 | 3.083.046 | 2.371.406 | 2.371.406 | ||||
| 1 Commissions and membership fees | 3 | 1.682.475 | 1.682.475 | 839.670 | 839.670 | ||||
| 2 Listing maintenance fees | 4 | 1.137.785 | 1.137.785 | 1.268.716 | 1.268.716 | ||||
| 3 Income from quotation maintenance | 5 | 262.786 | 262.786 | 263.020 | 263.020 | ||||
| 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 | 0 | 0 | 0 | 0 | ||||
| II Other operating income 010++012 | 9 10 |
1.105.857 0 |
1.105.857 0 |
962.535 0 |
962.535 0 |
||||
| 1 Income from application programming interface (API) services | 11 | 623.954 | 623.954 | 566.516 | 566.516 | ||||
| 2 Income from the supply of information 3 Other income |
12 | 481.903 | 481.903 | 396.019 | 396.019 | ||||
| B OPERATING EXPENSES 014+017+021+022+023+026+027 | 13 | 3.099.373 | 3.099.373 | 2.956.940 | 2.956.940 | ||||
| I Material costs 015+016 | 14 | 821.936 | 821.936 | 892.799 | 892.799 | ||||
| 1 Costs of raw materials | 15 | 124.993 | 124.993 | 110.581 | 110.581 | ||||
| 2 Other external costs | 16 | 696.943 | 696.943 | 782.218 | 782.218 | ||||
| II Staff costs 018++020 | 17 | 1.605.840 | 1.605.840 | 1.520.347 | 1.520.347 | ||||
| 1 Net salaries and wages | 18 | 894.743 | 894.743 | 875.950 | 875.950 | ||||
| 2 Tax and contributions from salary costs | 19 | 498.811 | 498.811 | 438.034 | 438.034 | ||||
| 3 Payroll contributions | 20 | 212.286 | 212.286 | 206.363 | 206.363 | ||||
| III Depreciation | 21 | 280.564 | 280.564 | 269.061 | 269.061 | ||||
| IV Other costs | 22 | 358.424 | 358.424 | 272.629 | 272.629 | ||||
| V Value adjustment 024+025 | 23 | 0 | 0 | 0 | 0 | ||||
| 1 fixed assets (other than financial assets) | 24 | 0 | 0 | 0 | 0 | ||||
| 2 current assets (other than financial assets) | 25 | 0 | 0 | 0 | 0 | ||||
| VI Provisions | 26 | 0 | 0 | 0 | 0 | ||||
| VII Other operating expenses | 27 | 32.609 | 32.609 | 2.104 | 2.104 | ||||
| C FINANCIAL INCOME 029++034 | 28 | 10.295 | 10.295 | 67.493 | 67.493 | ||||
| 1 Interest, exchange rate differences, dividends and similar | 29 | 573 | 573 | 0 | 0 | ||||
| 2 Interest, exchange rate differences, dividends and similar | 30 | 2.341 | 2.341 | 65.146 | 65.146 | ||||
| 3 Income share from associates and participating interests | 31 | 0 | 0 | 0 | 0 | ||||
| 4 Unrealised gains (income) from financial assets | 32 | 0 | 0 | 0 | 0 | ||||
| 5 Profit from reversal of provisions for impairment for expected | 33 | 0 | 0 | 0 | 0 | ||||
| 6 Other financial income | 34 | 7.381 | 7.381 | 2.347 | 2.347 | ||||
| D FINANCIAL EXPENSES 036++040 | 35 | 728.650 | 728.650 | 231.749 | 231.749 | ||||
| 1 Interest, exchange rate differences and other expenditures with | 36 | 0 | 0 | 5 | 5 | ||||
| 2 Interest, exchange rate differences and other expenditure from | 37 | 29.059 | 29.059 | 0 | 0 | ||||
| 3 Unrealised losses (expenses) from financial assets | 38 | 486.205 | 486.205 | 231.744 | 231.744 | ||||
| 4 Loss on impairment for expected credit losses | 39 | 0 | 0 | 0 | 0 | ||||
| 5 Other financial expenses | 40 | 213.386 | 213.386 | 0 | 0 | ||||
| E TOTAL INCOME 001+028 | 41 | 4.199.198 | 4.199.198 | 3.401.434 | 3.401.434 | ||||
| F TOTAL EXPENDITURE 013+035 | 42 | 3.828.023 | 3.828.023 | 3.188.689 | 3.188.689 | ||||
| G Share in profit/loss of associates and subsidiaries | 43 | 0 | 0 | 0 | 0 | ||||
| H PRE-TAX PROFIT OR LOSS 041-042+043 | 44 | 371.175 | 371.175 | 212.745 | 212.745 | ||||
| I INCOME TAX | 45 | 0 | 0 | 0 | 0 | ||||
| J PROFIT OR LOSS FOR THE PERIOD 044-045 | 46 | 371.175 | 371.175 | 212.745 | 212.745 | ||||
| 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 | 371.175 | 371.175 | 212.745 | 212.745 | ||||
| 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
STATEMENT OF CASH FLOWS - indirect method for the period 1.1.2021 to 31.3.2021
| 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 | 371.175 | 212.745 | |||||
| 2 Depreciation | 2 | 280.564 | 269.061 | |||||
| 3 Increase in short-term liabilities | 3 | 0 | 0 | |||||
| 4 Decrease in short-term receivables | 4 | 324.387 | 438.563 | |||||
| 5 Decrease in inventories | 5 | 0 | 0 | |||||
| 6 Loss on impairment for expected credit losses | 6 | 0 | 0 | |||||
| 7 Other cash flow increase | 7 | 883.773 | 17.644 | |||||
| I Total cash flow increase from operating activities 001++007 |
8 | 1.859.899 | 938.013 | |||||
| 1 Decrease in short-term liabilities | 9 | 636.105 | 31.991 | |||||
| 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 | 0 | 509.776 | |||||
| II Total cash flow decrease from operating activities | 14 | 636.105 | 541.767 | |||||
| 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 | 0 | 0 | |||||
| 4 Dividends received | 18 | 0 | 29.949 | |||||
| 5 Other cash receipts from investment activities | 19 | 320.000 | 507.982 | |||||
| III Total cash receipts from investment activities 015++019 | 20 | 320.000 | 537.931 | |||||
| 1 Cash payments for the purchase of fixed tangible and intangible | 21 | 527.523 | 27.742 | |||||
| 2 Cash payments for the acquisition of equity financial | 22 | 0 | 0 | |||||
| 3 Other cash payments from investment activities | 23 | 1.000.000 | 0 | |||||
| IV Total cash payments from investment activities 021++023 |
24 | 1.527.523 | 27.742 | |||||
| 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 5 Other cash payments from financing activities |
32 33 |
0 0 |
0 5.390 |
|||||
| VI Total cash payments from operating activities 029++033 | 34 | 0 | 5.390 | |||||
| VII Cash and cash equivalents at the beginning of period | 35 | 318.428 | 1.638.068 | |||||
| VIII Increase of cash and cash equivalents | 36 | 16.271 | 901.045 | |||||
| IX Decrease of cash and cash equivalents | 37 | 0 | 0 | |||||
| X Cash and cash equivalents at the end of period | 38 | 334.699 | 2.539.113 |
| STATEMENT CHANGES OF IN EQUITY |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| for the period from | 1.1.2021 | to | 31.3.2021 | 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 | 1.193.751 | -20.972.058 | 0 | 0 | 0 | 40.579.874 |
| 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 | 1.193.751 | -20.972.058 | 0 | 0 | 0 | 40.579.874 |
| Profit or loss for the period | 5 | 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 |
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 | 8 | 0 | 0 | 0 | 1.874.402 | 0 | 0 | 0 | 0 | 1.874.402 |
| 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 |
| Payment of share in profit/dividend | 11 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other distribution to owners |
12 | 0 | 0 | 0 | -1.193.751 | 1.193.751 | 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 | 1.874.402 | -19.778.307 | 0 | 0 | 0 | 42.454.276 |
| Balance on the first day of the current business year |
14 | 46.357.000 | 13.860.181 | 141.000 | 1.874.402 | -19.778.307 | 0 | 0 | 0 | 42.454.276 |
| 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 | 1.874.402 | -19.778.307 | 0 | 0 | 0 | 42.454.276 |
| Profit or loss for the period | 18 | 0 | 0 | 0 | 212.745 | 0 | 0 | 0 | 0 | 212.745 |
| 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 | 21 | 0 | 0 | 0 | 212.745 | 0 | 0 | 0 | 0 | 212.745 |
| period) Increase/decrease |
22 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| in subscribed capital Other |
23 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| contributions by owners Payment of share in profit/dividend |
24 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other distribution to owners |
25 | 0 | 0 | 0 | -1.874.402 | 1.874.402 | 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 | 212.745 | -17.903.905 | 0 | 0 | 0 | 42.667.021 |
NOTES TO THE ANNUAL FINANCIAL STATEMENTS – TFI (drawn up for quarterly reporting periods) Name of issuer: Zagrebačka burza d.d. Personal identification number (OIB): 84368186611
Reporting period: 1.1.2021-31.3.2021 Sort of report: Separate
1. Reporting entity
Zagrebačka burza d.d. ("the Company") is a company domiciled in Republic of Croatia and was registered at the Commercial Court in Zagreb on 5 July 1991 under the number (MBS) 0800034217. The personal identification number of the Company (OIB) is 84368186611.The address of the Company's registered office is Eurotower, 22nd floor, Ivana Lučića 2a/22, Zagreb, Croatia.
2. Basis of preparation and significant accounting policies
Basis for preparation
Financial statements are prepared on a historical cost basis, except for financial assets at fair value through profit or loss, financial assets at fair value through other comprehensive income which are measured at fair value.
The financial statements are presented in the local currency, Croatian kuna ("HRK"), which is the currency of the primary economic environment in which the Company operates ("the functional currency"). All financial data in the GFI form are presented in HRK, while the data in the Annual Report on Company Status and Business Activities in 2020 has been rounded to the nearest thousand.
Detailed information on the basis of preparation of the financial statements are provided in the Note to the separate financial statements No. 2 presented in the Annual Report on Company Status and Business Activities in 2020 available on the internet page www.zse.hr (further: Annual Report for the Company).
Significant accounting policies
The interim financial statements for the first quarter of 2021 are prepared applying the same accounting policies as in the latest annual financial statements presented in the Annual Report on Company Status and Business Activities in 2020 available on the internet page www.zse.hr (further: Annual Report for the Group).
Disclosure of information required by IFRSs that is not presented elsewhere in the statement of financial position, statement of comprehensive income, statement of cash flows and statement of changes in equity
Information required by IFRSs that is not presented elsewhere in the statement of financial position, statement of comprehensive income, statement of cash flows and statement of changes in equity are disclosed in Consolidated unaudited financial result for period 1.1. to 31.3.2021 (further: Unconsolidated result for the first quarter) as published on the internet page www.zse.hr.
-
Financial commitments, guarantees or contingencies that are not included in the balance sheet, and an indication of the nature and form of any valuable security which has been provided The Company does not have financial commitments, guarantees or contingencies that are not included in the consolidated balance sheet as at 31 March nor has issued securities.
-
Amount and nature of individual items of income or expenditure which are of exceptional size or incidence
Details on the income or expenditure which are of exceptional size or incidence are presented in the Notes to the consolidated financial statements in Note 1.12 presented in the Unconsolidated result for the first quarter (www.zse.hr).
Besides the above-mentioned notes, we are describing the differences in classification between incomes and expenditures as presented in the audited separate financial statements and Notes to the separate financial statements and incomes and expenditures presented in this TFI form:
(a) income from assigning and administering LEIs is, in accordance with the Company's accounting policies reported in other income (AOP 12) in the amount of HRK 88 thousand
(b) other differences between the information presented in the financial statements in TFI form compare to the classification of the information in the audited consolidated financial statements for 2020 are presented in the Attachment to these notes.
- Liabilities falling due after more than five years, as well as the debts covered by valuable security
At the balance sheet date, the Company does not have liabilities falling due after more than five years.
At the balance sheet date, the Company does not have debts covered by valuable securities.
- Average number of employees during the financial year
The average amount of the employees during the first quarter of 2021 is 24.
- Capitalized costs of the salaries during the financial year
The Company did not capitalize the salaries in the financial year.
8. Deferred taxes
The Company does not have the deferred taxes as at 31 March 2021 as well as at 31 December 2020.
-
Name and registered office of each of the companies in which the issuer, either itself or through a person acting in their own name but on the issuer's behalf, holds a participating interest The investments in the controlled companies, joint ventures and holdings of a participating interest are presented in the Notes 13 and 14 to the separate financial statements presented in the Annual Report on the Company. During the reporting period there were no significant changes in information presented in the Annual Report for the Company for 2020.
-
Number and the nominal value shares subscribed during the financial year within the limits of the authorized capital
There were no shares subscribed during the financial year within the limits of the authorized capital.
- Existence of any participation certificates, convertible debentures, warrants, options or similar securities or rights
The Company has no participation certificates, convertible debentures, warrants, options or similar securities or rights.
- Name, registered office and legal form of each of the companies of which the issuer is a member having unlimited liability
The Company has no shares in companies having unlimited liability.
- Name and registered office of the company which draws up the consolidated financial statements of the largest group of companies of which the issuer forms part as a controlled group member
The Company is the final parent company and is not controlled member of any group. The Company's prepare the consolidate financial statements that are available for use on the internet page www.zse.hr.
-
Name and registered office of the company which draws up the consolidated financial statements of the smallest group of companies of which the issuer forms part as a controlled group member and which is also included in the group of companies referred to in point 13. The Company is the final parent company and is not controlled member of any group.
-
Place where copies of the consolidated financial statements referred to in points 13 and 14 may be obtained, provided that they are available
The Company's prepare the consolidate financial statements that are available for use on the internet page www.zse.hr.
-
Nature and business purpose of the company's arrangements that are not included in the balance sheet and the financial impact on the company of those arrangements The Company has no arrangement that are not included in the audited financial statements for the year ended at 31 December 2020 as presented in the Annual Report on the Company.
-
Nature and the financial effect of material events arising after the balance sheet date which are not reflected in the profit and loss account or balance sheet
-
Material events arising after the balance sheet date are presented in the Note 1.11 to the consolidate financial statements as part of the Unconsolidated result for the first quarter as published the internet page www.zse.hr
Attachment: Reconciliation of the classification of the items of the financial statements in TFI form in compare to the classification used in preparation of the audited financial statements for the year 2020.
| P&L item (IFRS) | Amount HRK'000 |
P&L item (GFI) | Amount HRK'000 |
|---|---|---|---|
| Staff costs | 1.538 | Staff costs | 1.520 |
| Reclassification from other costs | 18 | ||
| Othe operating costs | 1.150 | Costs of raw materials | 111 |
| Other external costs | 782 | ||
| Value adjustment | - | ||
| Other costs | 272 | ||
| Other operating expenses | 3 | ||
| Reclassification to staff costs | -18 | ||
| Balance sheet item (IFRS) | Amount HRK'000 |
Balance sheet item (GFI) | Amount HRK'000 |
| Property and equipment | 711 | Land and buildings | 55 |
| Assets with right of use | 142 | Computer equipment | 652 |
| Other tangible assets | 5 | ||
| Assets under construction | 141 | ||
| Financial assets at fair value through other comprehensive | Financial assets at amortised cost (long | ||
| income | 1.302 | term) | 1.769 |
| Long term deposits | 250 | ||
| Loans receivable from associate | 217 | ||
| Trade receivables and other assets | 1.453 | Receivables (short term) | 1.459 |
| Inventories | 6 | Rounding | - |
| Trade and other payables | 1.196 | Liabilities for advance payments | 129 |
| Short term financial assets | 91 | Trade payables | 167 |
| Liabilities to employees | 305 | ||
| Taxes, contributions and similar liabilities | 227 | ||
| Liabilities to connected undertakings | -3 | ||
| Other short-term liabilities | 462 | ||
| Contractual liabilities | 3.114 | Accruals and deferred income | 3.116 |
| Rounding | -2 |