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Zagrebačka burza d.d.
Quarterly Report • Feb 23, 2022
2105_10-q_2022-02-23_bd44cda8-9464-4496-91bb-3fa3488bd279.pdf
Quarterly Report
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Zagreb Stock Exchange Group
Consolidated unaudited financial results for
1/1/2021 – 31/12/2021
23 February 2022
CONTENTS
| 1 | INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 1/1/2021 AND 31/12/2021 1 | |
|---|---|---|
| 1.1 | Significant business events of the Group in the period between 1/1/2021 and 31/12/2021 1 | |
| 1.2 | Zagreb and Ljubljana Stock Exchange overview 4 | |
| 1.3 | Expected future development of the Group 9 | |
| 1.4 | Research & Development activities 9 | |
| 1.5 | Information on repurchase of own shares 9 | |
| 1.6 | Zagreb Stock Exchange Group 10 | |
| 1.7 | Financial instruments used by the Group 10 | |
| 1.8 | Group's objectives and policies related to financial risk management 10 | |
| 1.9 | Group's exposure to price risk, credit risk, liquidity risk and cash flow risk 11 | |
| 1.10 | Statement of transactions and transfers within the Group and between the Group and its shareholders 11 |
|
| 1.11 | Statement of events which might have an adverse effect on Group operations 11 | |
| 1.12 | Business results for 1/1/2021 – 31/12/2021 12 | |
| 2 | DECLARATION OF RESPONSIBILITY FOR THE PREPARATION OF FINANCIAL STATEMENTS 15 | |
| Consolidated unaudited financial statements of the Group for 1/1/2021 – 31/12/2021 16 |
1 INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 1/1/2021 AND 31/12/2021
1.1 Significant business events of the Group in the period between 1/1/2021 and 31/12/2021
In 2021, the Zagreb Stock Exchange Group (hereinafter: the Group) recorded the following significant business events:
- On March 2, 2021, the Zagreb Stock 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 Zagreb Stock 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 Zagreb Stock 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 Zagreb Stock Exchange joined the United Nations Sustainable Stock Exchanges (SSE) initiative to promote sustainability and transparency in capital markets. The Zagreb Stock 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.
- On March 24, 2021, the Ljubljana Stock Exchange held a webcast entitled "Slovenian Listed Companies Online".
- In the period from March 22 to 28, 2021, the Ljubljana Stock Exchange held an event called "Open Days to the Financial World" as part of the World Money Week, where trainings on the capital market and financial literacy were held for pupils and students.
- On April 8, 2021, the first ETFs of the issuer Expat Bulgaria SOFIX UCITS ETF were listed on the Ljubljana Stock Exchange.
- On April 15, 2021, the Ljubljana Stock Exchange held a webcast entitled " Overview of Events on the Stock Exchange in Q1".
- In the period from 27 to 28 May 2021, the Croatian and Slovenian Investor Days CEE Investment Opportunities were held. For the first time, Slovenian and Croatian companies were joined by companies listed on the Macedonian Stock Exchange. The event was conducted through the GoToWebinar platform, and was attended by about thirty panelists and 120 participants, and in addition to presentations by publishers, presentations of the Croatian, Slovenian and Macedonian capital markets were held.
- On June 11, 2021, the 12th annual education for issuers was held, co-organized by HANFA, the CDCC and the Zagreb Stock Exchange. The education gathered more than a hundred representatives of companies listed on the Zagreb Stock Exchange.
- On June 28, 2021, a new version of the Xetra T7 9.1 trading system was released into production.
- On 31 August 2021, the Ljubljana Stock Exchange held a webcast entitled " Slovenian Listed Companies Online".
- On September 7, 2021, a supervisory audit of the ISO 9001: 2015 quality management system of the Zagreb Stock Exchange was conducted. The supervisory audit was successfully completed and it was concluded this year that the quality management system of the Exchange is in accordance with the requirements of the ISO 9001: 2015 standard.
- On 9 and 10 September 2021, the investment conference "Prime plus" of the Zagreb Stock Exchange was held at which investors were introduced to all issuers listed on the Leading Market and three issuers listed on the Official Market of the Zagreb Stock Exchange. As part of this conference, the Zagreb Stock Exchange also presented itself as an issuer.
- On 9 and 10 September 2021, the 38th Financial Conference of the Ljubljana Stock Exchange and the magazine Finance was held in Portorož.
- From October 20 to 22, 2021, the Conference "Challenge of Change" was held in Rovinj, organized by the Zagreb Stock Exchange and the Association of Pension Fund Management Companies and Pension Insurance Companies.
- On November 22, 2021, Raiffeisen Bank International organized a digital investment conference called "SEE Day" with the participation of issuers from the Zagreb, Ljubljana and Bucharest Stock Exchanges.
- On December 1, 2021, the investment days of the Ljubljana and Zagreb Stock Exchanges were held under the name "CEE investment opportunities", at which investors were introduced to companies listed on the Zagreb, Ljubljana and Macedonian Stock Exchanges. The event was conducted via the Zoom platform.
- On December 14, 2021, the awards of the Ljubljana Stock Exchange were presented. The event was conducted via the Zoom platform.
- On December 15, 2021, the Zagreb Stock Exchange Awards were presented. In 2012, the Zagreb Stock Exchange established the Zagreb Stock Exchange Awards with the aim of strengthening the visibility of the capital market and its active participants among the financial and general public. The event also celebrated the 30th anniversary of the Zagreb Stock Exchange, which screened a film about the Zagreb Stock Exchange.
- In the fourth quarter of 2021 and during January 2022, three fundraising campaigns were successfully conducted on the Funderbeam platform, namely MOBILITY ONE, MIRET and INCLUDE.
1.2 Zagreb and Ljubljana Stock Exchange overview
In 2021, the orderbook turnover amounted to HRK 1,962 million, -24% less than in 2020 which was marked by increased turnover in securities from the end of February to the beginning of May under the influence of Covid-19 in the Republic of Croatia. Of this amount, HRK 1,739 million relates to shares, HRK 177 million to bonds, while ETFs, which marked the anniversary in November 2021, had a significant turnover of HRK 45 million. The equity block turnover amounted to slightly more than HRK 527 million (2020: HRK 551 million), while the debt block turnover amounted to HRK 50 million in the fourth quarter alone (2020: no debt block turnover). If we compare the fourth with the previous quarters of 2021, we can see a continuous increase within the orderbook turnover (1Q: HRK 455 million, 2Q: HRK 474 million, 3Q: HRK 495 million, 4Q: HRK 538 million), while the largest equity block turnover was achieved in the second quarter (1Q: HRK 80 million, 2Q: HRK 212 million, 3Q: HRK 78 million, 4Q: HRK 158 million).
Securities turnover
Compared to the end of 2020, the market value measured by market capitalization as of 31 December 2021 is higher in almost all segments - it increased by HRK +3.5 billion or + 1% in total, with the market capitalization of the Prime Market higher by +9%, the Official Market by +21%, and the market capitalization of ETFs by +134%. 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
Compared to 31 December 2020, at the end of 2021, a total of five shares were listed less on the Regular Market and one share more on the Official Market, while the number of shares listed on the Prime Market remained unchanged.
| 2020 | 2021 | change | |
|---|---|---|---|
| Securities turnover (HRK) | |||
| Orderbook turnover | 2.577.834.414 | 1.962.099.986 | -23,89% |
| Stocks | 2.300.273.793 | 1.739.474.734 | -24,38% |
| Bonds | 255.649.429 | 177.273.296 | -30,66% |
| ETFs | 21.911.192 | 45.351.955 | 106,98% |
| Equity Block Turnover | 551.112.599 | 527.261.565 | -4,33% |
| Debt Block Turnover | 0 | 50.344.901 | |
| TOTAL | 3.128.947.013 | 2.539.706.451 | -18,83% |
| Market Capitalization (HRK) | |||
| Stocks | 137.359.095.717 | 139.352.326.167 | 1,45% |
| Prime market | 28.716.090.400 | 31.342.835.154 | 9,15% |
| Official market | 41.567.941.436 | 50.325.878.835 | 21,07% |
| Regular market | 67.075.063.881 | 57.683.612.178 | -14,00% |
| Bonds | 133.529.271.553 | 134.549.299.989 | 0,76% |
| ETFs | 27.013.863 | 63.216.843 | 134,02% |
| TOTAL | 270.915.381.134 | 273.964.842.999 | 1,13% |
| Number of securities listed | |||
| Stocks | 104 | 100 | -3,85% |
| Prime market | 6 | 6 | 0,00% |
| Official market | 22 | 23 | 4,55% |
| Regular market | 76 | 71 | -6,58% |
| Bonds | 26 | 29 | 11,54% |
| ETFs | 2 | 2 | 0,00% |
| TOTAL | 132 | 131 | -0,76% |
Zagreb Stock Exchange overview
A comparison of data for 2021 with data from the year before shows a stable and positive trend among indices as well. Namely, after a sharp decline in the index's values since the end of February 2020, the index's values began to normalize and continued to grow continuously from May 2020. With the exception of CROBEXkonstrukt, which weakened -31.49%, all other equity indices rose in double digits compared to the closing value on 31 December 2020; most CROBEXnutris (+24%) and CROBEXtr, which includes dividend yield, as much as +22%, which is an excellent indicator of the return on investment that investors could achieve. The regional index ADRIAprime increased by a significant +32.22%, while the bond index CROBIStr rose slightly by +0.7%, and CROBIS fell by -1.6%.
| Index | 31.12.2020 | 31.12.2021 | Change | Turnover (HRK) 2020 |
Turnover (HRK) 2021 |
Change |
|---|---|---|---|---|---|---|
| CROBEX | 1.739,29 | 2.079,35 | 19,55% | 1.885.108.067 | 1.399.889.320 | -25,74% |
| CROBEXtr | 1.179,89 | 1.441,05 | 22,13% | 1.885.108.067 | 1.399.889.320 | -25,74% |
| CROBEX10 | 1.087,81 | 1.262,31 | 16,04% | 1.579.203.982 | 1.099.034.169 | -30,41% |
| CROBEX10tr | 1.087,33 | 1.293,33 | \ | 484.036.133 | 1.099.034.169 | \ |
| CROBEXprime | 1.048,11 | 1.220,29 | 16,43% | 771.279.606 | 749.544.419 | -2,82% |
| CROBEXplus | 1.104,30 | 1.230,38 | 11,42% | 1.866.174.136 | 1.394.946.800 | -25,25% |
| CROBEXindustrija | 950,45 | 1.121,90 | 18,04% | 324.532.518 | 225.404.583 | -30,54% |
| CROBEXkonstrukt | 698,94 | 478,85 | -31,49% | 96.873.815 | 54.113.520 | -44,14% |
| CROBEXnutris | 623,36 | 773,75 | 24,13% | 286.638.338 | 303.885.082 | 6,02% |
| CROBEXtransport | \ | 809,49 | \ | \ | 162.758.728 | |
| CROBEXturist | 3.477,97 | 3.591,00 | 3,25% | 434.896.393 | 244.945.580 | -43,68% |
| CROBIS | 112,36 | 110,56 | -1,60% | 25.040.891.148 | 5.600.804.076 | -77,63% |
| CROBIStr | 186,89 | 188,22 | 0,71% | 25.040.891.148 | 5.600.804.076 | -77,63% |
| ADRISprime | 1.072,87 | 1.418,59 | 32,22% |
Indices – value and turnover (2020 vs. 2021)
The total securities turnover on the Ljubljana Stock Exchange in 2021 decreased by -5.2% compared to the previous year. This is understandable because, as in Croatia, the securities turnover in the first three quarters of 2020 was influenced by the Covid-19 outbreak in Slovenia. However, this decline is not as pronounced as on the Zagreb Stock Exchange because the turnover on the Ljubljana Stock Exchange has remained above average since May 2020, when the turnover on the Zagreb Stock Exchange decreased and returned closer to the usual amounts. The orderbook equity turnover in 2021 reached EUR 319 million (a decrease of -15.6% compared to 2020 when it amounted to EUR 378 million), while the debt turnover amounted to only EUR 160 thousand, which is a decrease of -91.4% compared to 2020 when the debt turnover amounted to EUR 1,850 thousand. In 2021, the equity block turnover amounted to almost EUR 61 million (an increase of EUR +40 million compared to 2020), while the debt block turnover was absent.
Ljubljana Stock Exchange Turnover
Compared to December 31, 2020, the equity market capitalization increased by almost +50% and on the last day of 2021 amounted to EUR 9.5 billion. Since the last value on December 31, 2020, the SBITOP index has increased by almost +40%, and with the listing of the first ETFs on the Ljubljana Stock Exchange in April 2021 started the calculation of the SBITR index, which ended at 1,479 by the end of 2021.
Ljubljana Stock Exchange overview
| 2020 | 2021 | change | |
|---|---|---|---|
| Total Turnover (EUR) | 400.941.645 | 379.948.909 | -5,24% |
| Stocks | 378.423.218 | 319.162.108 | -15,66% |
| Bonds | 1.849.800 | 159.825 | -91,36% |
| Equity block | 20.668.627 | 60.626.977 | 193,33% |
| Debt block | 0 | 0 | |
| Equity Market Cap. on 31 December (EUR) | 6.358.403.209 | 9.513.501.318 | 49,62% |
| SBITOP on 31 December | 900 | 1.259 | 39,81% |
| SBITR on 31 December | \ | 1.479 |
1.3 Expected future development of the Group
In 2022, the Group will continue to focus on restoring confidence and raising Corporate Governance standards and reporting on a regulated market. The Group will also focus on greater promotion of existing issuers, with a focus on Prime Market. The Group will 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 Group will press on with previously initiated projects, placing the greatest emphasis on the project of regional SME capital market development (Progress), and further activities related to financing and investing in start-ups (Funderbeam SEE).
1.4 Research & Development activities
The Group invests constant efforts into 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 Zagreb Stock Exchange began migrating the Ljubljana Stock Exchange's downstream system to the Zagreb Stock Exchange's internally developed data warehouse system. Work on the full implementation of this system has also been carried over to the first part of 2020.
During 2020, the Zagreb Stock Exchange also developed and launched a completely new website of the Zagreb and Ljubljana Stock Exchanges.
In 2021, the biggest focus was on the development of Exchange's own trading monitoring software, Zeus, as well as on the Exchange's strategy development project for the next five years. The Exchange also participated in the CCP implementation project for the Republic of Croatia and successfully implemented new trading system releases and other infrastructure optimization activities.
1.5 Information on repurchase of own shares
As of December 31, 2021, the companies in the Group held no own shares.
The companies in the Group did not acquire own shares between 1 January 2021 and 31 December 2021.
1.6 Zagreb Stock Exchange Group
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.
On October 19, 2021, the Zagreb Stock Exchange, Ltd. acquired an additional 49 shares, i.e. a share of 1.76% in the share capital of the Macedonian Stock Exchange Ltd., thus increasing its ownership stake to 7.06%.
1.7 Financial instruments used by the Group
The Group is fully funded by its own capital. The financial instruments the companies in the Group invest in are investment funds (money market and bond funds) and deposits (a vista and fixed-term deposits).
1.8 Group's objectives and policies related to financial risk management
All employees of the companies in the Group, including their Management and Supervisory Board, are involved in the implementation of internal control and risk management systems.
The companies in the Group manage risks, including financial risks, particularly through cooperation and coordination of two mutually independent control functions that exist at Zagreb and Ljubljana Stock Exchange: monitoring of compliance with relevant regulations and internal audit function.
These control functions process and monitor the work of all organizational units, Company activities and support services.
1.9 Group's exposure to price risk, credit risk, liquidity risk and cash flow risk
The companies in the Group, Zagreb and Ljubljana Stock Exchange, invests free funds in open-end money market and bond investment funds, as well as bank deposits. Their investments are carried at fair value. Zagreb and Ljubljana Stock Exchange mitigate the price risk by diversifying their portfolio of open-end investment funds by investing in different types of funds managed by different fund management companies, and by investing in low-risk funds.
SEE Link and Funderbeam SEE are not exposed to the risks mentioned in this paragraph.
The companies in the Group have no loans received from external financial institutions, rather their cash and financial assets exceed substantially the liabilities of the companies in the Group, and consequently, their liquidity position is satisfactory.
1.10 Statement of transactions and transfers within the Group and between the Group and its shareholders
The Group confirms that in 2021 there were no transactions within the Group and between the Group and its shareholders in excess of EUR 100,000.
1.11 Statement of events which might have an adverse effect on Group 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 Group 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 Group 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 and Slovenian economy. Despite the aforementioned, at the date of issue of these financial statements, the Group 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 Group's operations as to require disclosure in management.
1.12 Business results for 1/1/2021 – 31/12/2021
In 2021, the Group generated a total of HRK 25,839 thousand of operating revenues, which is HRK - 471 thousand or -1.8% less than in 2020, when they amounted to HRK 26,310 thousand. Compared to 2020, sales revenues fell from HRK 18,272 to HRK 17,124 thousand, i.e., by HRK -1,148 thousand or - 6.3%. The significant decline in sales revenue is primarily the result of a decrease in trading commissions and membership fees, which, following the reduction in turnover compared to the significantly increased turnover in securities from the end of February to mid-April 2020, in 2021 reached HRK 7,763 thousand (HRK -1,113 thousand or -12.5% less compared to 2020, when they amounted to HRK 8,876 thousand). Revenues from quotation maintenance at the Group level fell by HRK -143 thousand or -8.5% in 2021, i.e., from HRK 1,692 to HRK 1,549 thousand), while revenues from listing maintenance increased by HRK +108 thousand or +1.4% (increase from HRK 7,705 to HRK 7,813 thousand). Compared to 2020, other operating revenues increased by a significant HRK +677 thousand or + 8.4%, i.e., from HRK 8,038 to HRK 8,715 thousand. This increase in other operating income is due to the growth of other income (including income from education and income from the issuance and maintenance of LEI) which increased by HRK +319 thousand or +14.8% and amounted to HRK 2,479 thousand, and income from the sale of information which increased from HRK 5,878 to HRK 6,236 thousand (HRK +358 thousand or + 6%).
At the beginning of the coronavirus pandemic, i.e., in the first quarter of 2020, the Group began to record a decline in operating expenses primarily due to a changed working mode (working from home, the lack of business trips, live events, etc.). In 2021, the Group's total operating expenses increased by a significant HRK +850 thousand or +3.5% and amounted to HRK 24,997 thousand (2020: HRK 24,147 thousand). Items of operating expenses that decreased in 2021 compared to the previous year are the value adjustments of fixed and current assets amounting to HRK 91 thousand (HRK -217 thousand or - 70.5%) and other operating expenses amounting to HRK 31 thousand (HRK -160 thousand or -83.9%). The largest increase was recorded in other expenses amounting to HRK 3,438 thousand (HRK +255 thousand or +8%), within which advertising costs increased the most (HRK +160 thousand), and material costs amounting to HRK 7,436 thousand (HRK +666 thousand or +9.8%) which, as at the unconsolidated level, increased due to an increase in software maintenance costs (HRK +415 thousand), consulting services costs (HRK +188 thousand), lawyer costs (HRK +96 thousand) and audit costs (HRK +95 thousand). Besides material and other costs, depreciation, which amounted to HRK 2,036 thousand (HRK +63 thousand or +3.2%), and staff costs, which amounted to HRK 11,965 thousand (HRK +244 thousand or +2%) also increased.
The Group's key business indicators
| HRK | 2020 | 2021 | change | 4Q 2020 | 4Q 2021 | change |
|---|---|---|---|---|---|---|
| Capital and reserves | 42.930.679 | 43.282.102 | 0,82% | 42.669.306 | 43.131.093 | 1,08% |
| Total assets | 51.094.058 | 53.657.835 | 5,02% | 51.172.751 | 53.501.833 | 4,55% |
| Operating income | 26.310.513 | 25.839.244 | -1,79% | 6.787.854 | 7.195.849 | 6,01% |
| sales revenue | 18.272.542 | 17.124.264 | -6,28% | 4.450.102 | 4.387.290 | -1,41% |
| other operating income | 8.037.971 | 8.714.980 | 8,42% | 2.337.752 | 2.808.559 | 20,14% |
| Operating expenses | 24.146.946 | 24.996.932 | 3,52% | 6.726.813 | 6.914.332 | 2,79% |
| material costs | 6.769.706 | 7.435.742 | 9,84% | 1.984.150 | 2.052.031 | 3,42% |
| staff costs | 11.721.138 | 11.964.903 | 2,08% | 2.871.995 | 3.093.834 | 7,72% |
| depreciation and amortization | 1.972.940 | 2.036.155 | 3,20% | 504.011 | 533.840 | 5,92% |
| other costs | 3.683.162 | 3.560.132 | -3,34% | 1.366.657 | 1.234.627 | -9,66% |
| EBIT | 2.163.567 | 842.312 | -61,07% | 61.041 | 281.517 | 361,19% |
| EBITDA | 4.136.507 | 2.878.467 | -30,41% | 565.052 | 815.357 | 44,30% |
| Financial income | 245.602 | 79.014 | -67,83% | 8.162 | 35.090 | 329,92% |
| Financial expenses | 47.537 | 526.487 | 1007,53% | -242.539 | 141.565 | -158,37% |
| Share in profit/ loss of associates and subsidiaries |
-25.304 | 30.450 | -220,34% | -55.536 | 21.303 | -138,36% |
| Pre-tax profit or loss | 2.336.328 | 425.289 | -81,80% | 256.206 | 196.345 | -23,36% |
| Income tax | 184.077 | 10.386 | -94,36% | -24.947 | -79.091 | 217,04% |
| Profit or loss for the period | 2.152.251 | 414.903 | -80,72% | 281.153 | 275.436 | -2,03% |
| Other comprehensive income | 239.107 | -63.480 | -126,55% | -19.780 | -124.426 | 529,05% |
| Total comprehensive income | 2.391.358 | 351.423 | -85,30% | 261.373 | 151.010 | -42,22% |
| Number of employees | 38 | 39 | 2,63% | 38 | 39 | 2,63% |
The Group's operating profit in 2021 amounted to HRK 842 thousand, while in the previous year it amounted to HRK 2,336 thousand. At the fourth-quarter level, the Group reported an operating profit in the amount of HRK 281 thousand, while the Group's operating profit in the same period in 2020 amounted to HRK 61 thousand. Financial income recorded an annual decline, but an increase in the fourth quarter. In 2021, the Group generated financial income in the amount of HRK 79 thousand (HRK -167 thousand or -67.8%), while financial income in the fourth quarter amounted to HRK 35 thousand (HRK +27 thousand). In 2021, the Group's financial expenses amounted to HRK 526 thousand (HRK +479 thousand), while in the fourth quarter of 2021, compared to the same period in 2020, they increased by HRK +384 thousand and amounted to HRK 141 thousand (in fourth quarter of 2020, financial expenses due to the reduction of unrealized losses on financial assets were in the positive amount of HRK 242 thousand).
If we add up the positive operating profit, negative net financial result and share in the profit of the associates and subsidiaries in the amount of HRK 30 thousand and income tax in the amount of HRK 10 thousand, the Group's net profit in 2021 amounts to HRK 415 thousand, HRK 1,737 thousand or - 80.7% less than in 2020, when the Group's net profit amounted to HRK 2,152 thousand. Adding other comprehensive income in the negative amount of HRK -63 thousand to the net profit, in 2021 the Group's total comprehensive income amounts to HRK 351 thousand (a decrease of HRK -2,040 thousand or -85.3% compared to HRK 2,391 thousand in 2020). The share in the profit of the associates
and subsidiaries in the fourth quarter of 2021 is HRK 21 thousand, and the profit tax is in the positive amount of HRK 79 thousand, therefore the Group in the fourth quarter of 2021 records a profit of HRK 275 thousand and a total comprehensive income of HRK 151 thousand.
Operating profit before interest, taxes, depreciation and amortization is positive and in 2021 amounted to HRK 2,878 thousand, or HRK -1,258 thousand less than in 2020, while in the fourth quarter of 2021 it amounted to HRK 815 thousand, or HRK +250 thousand more than in the same period in 2020. years.
2 DECLARATION OF RESPONSIBILITY FOR THE PREPARATION OF FINANCIAL STATEMENTS
Financial statements of the Group prepared for the period between 1/1/2021 and 31/12/2021 give a fair and true account of facts in accordance with the International Standards of Financial Reporting and the Croatian Accounting Act.
Consolidated financial statements for the period between 1/1/2021 and 31/12/2021 give an objective, complete and true statement of assets and liabilities, financial position and operations of the Group.
The management report for 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 Group is exposed.
Consolidated financial statements for 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]
Consolidated unaudited financial statements of the Group for 1/1/2021 – 31/12/2021
| Annex 1 | ISSUER'S GENERAL DATA | ||||
|---|---|---|---|---|---|
| Reporting period: | 1.1.2021 | to | 31.12.2021 | ||
| Year: | 2021 | ||||
| Quarter: | 4 | ||||
| Quarterly financial statements | Issuer's home | ||||
| Registration number (MB): | 03749606 | Member State code: | HR | ||
| Entity's registration number (MBS): |
080034217 | ||||
| Personal identification number (OIB): |
84368186611 | 7478000050A040C0D041 LEI: |
|||
| Institution code: |
4 | ||||
| Name of the issuer: Zagreb Stock Exchange, Inc | |||||
| Postcode and town: | 10000 | Zagreb | |||
| Street and house number: Ivana Lučića 2a/22 | |||||
| E-mail address: [email protected] | |||||
| Web address: www.zse.hr | |||||
| Number of employees (end of the reporting |
3 9 | ||||
| Consolidated report: | KD | (KN-not consolidated/KD-consolidated) | KN | KD | |
| Audited: | RN | (RN-not audited/RD-audited) | RN | RD | |
| Names of subsidiaries (according to IFRS): | Registered office: | MB: | |||
| Ljubljanska borza vrednostnih papirjev d.d. | Ljubljana, Slovenija | 5316081 | |||
| Yes | |||||
| Bookkeeping firm: | Yes | (Yes/No) | Sigma Tax Consulting d.o.o. | No | |
| Contact person: Martina Butković | (name of the bookkeeping firm) | ||||
| (only name and surname of the contact person) Telephone: 01/4699-555 |
|||||
| E-mail address: [email protected] | |||||
| Audit firm: | |||||
| (name of the audit firm) |
| BALANCE SHEET | ||||||
|---|---|---|---|---|---|---|
| balance as at 31.12.2021 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 | 15.619.546 | 18.163.340 | |||
| I INTANGIBLE ASSETS | 2 | 2.788.458 | 2.562.228 | |||
| II TANGIBLE ASSETS 004+…+008 | 3 | 9.253.415 | 12.003.541 | |||
| 1 Land and buildings 2 Computer equipment |
4 5 |
7.411.114 674.695 |
9.428.635 742.389 |
|||
| 3 Other tangible assets | 6 | 1.004.436 | 1.182.830 | |||
| 4 Leasehold improvements | 7 | 163.170 | 649.687 | |||
| 5 Assets under construction | 8 | 0 | 0 | |||
| III FIXED FINANCIAL ASSETS 010+011 | 9 | 3.391.957 | 3.418.658 | |||
| 1 Investments in associates, subsidiaries and joint ventures | 10 | 115.150 | 145.796 | |||
| 2 Financial assets at amortised cost | 11 | 3.276.807 | 3.272.862 | |||
| DEFERRED TAX ASSETS | 12 | 185.716 | 178.913 | |||
| B CURRENT ASSETS 014+020+024 | 13 | 34.808.639 | 34.884.522 | |||
| I RECEIVABLES 015++019 | 14 | 3.700.106 | 3.951.898 | |||
| 1 Trade receivables | 15 | 3.026.665 | 3.172.972 | |||
| 2 Receivables from employees and members of the undertaking 3 Receivables from government and other institutions |
16 17 |
622 112.673 |
524 176.097 |
|||
| 4 Receivables from connected undertakings | 18 | 0 | 0 | |||
| 5 Other receivables | 19 | 560.146 | 602.305 | |||
| III SHORT-TERM FINANCIAL ASSETS 021+…+023 | 20 | 21.784.766 | 19.371.470 | |||
| 1 Financial assets at amortised cost | 21 | 4.010.501 | 4.892.183 | |||
| 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 | 14.479.287 | |||
| III CASH AND CASH EQUIVALENTS | 24 | 9.323.767 | 11.561.154 | |||
| C PREPAID EXPENSES AND ACCRUED INCOME | 25 | 665.873 | 609.973 | |||
| D TOTAL ASSETS 001+013+025 | 26 | 51.094.058 | 53.657.835 | |||
| E OFF-BALANCE SHEET ITEMS | 27 | 0 | 0 | |||
| LIABILITIES | ||||||
| A CAPITAL AND RESERVES 029+030+031+036+037+038 | 28 | 42.930.679 | 43.282.102 | |||
| I INITIAL CAPITAL | 29 | 46.357.000 | 46.357.000 | |||
| II CAPITAL RESERVES | 30 | 13.860.181 | 13.860.181 | |||
| III PROFIT RESERVES 032++035 | 31 | 920.350 | 856.870 | |||
| 1 Legal reserves 2 Reserves for treasury shares |
32 33 |
141.000 0 |
141.000 0 |
|||
| 3 Fair value reserves | 34 | 0 | 0 | |||
| 4 Other reserves | 35 | 779.350 | 715.870 | |||
| IV RETAINED PROFIT OR LOSS BROUGHT FORWARD | 36 | -20.359.103 | -18.206.852 | |||
| V PROFIT OR LOSS FOR THE YEAR | 37 | 2.152.251 | 414.903 | |||
| VI MINORITY INTEREST | 38 | 0 | 0 | |||
| B PROVISIONS | 39 | 118.209 | 192.109 | |||
| C SHORT-TERM LIABILITIES 041+046 | 40 | 2.985.598 | 3.230.285 | |||
| 1 Liabilities for advance payments | 41 | 266.720 | 126.864 | |||
| 2 Trade payables | 42 | 886.130 | 1.127.555 | |||
| 3 Liabilities to employees 4 Taxes, contributions and similar liabilities |
43 44 |
726.747 429.996 |
745.001 278.324 |
|||
| 5 Liabilities to connected undertakings | 45 | 5.276 | 0 | |||
| 6 Other short-term liabilities | 46 | 670.729 | 952.541 | |||
| D LONG-TERM LIABILITIES | 47 | 247.431 | 2.442.912 | |||
| E DEFERRED TAX LIABILITY | 48 | 189.395 | 188.771 | |||
| F ACCRUALS AND DEFERRED INCOME | 49 | 4.622.746 | 4.321.656 | |||
| G TOTAL LIABILITIES 028+039+040+047+048+049 | 50 | 51.094.058 | 53.657.835 | |||
| 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 |
42.930.679 42.930.679 |
43.282.102 43.282.102 |
18
| STATEMENT OF PROFIT OR LOSS | |
|---|---|
| For the period 1.1.2021 to 31.12.2021 | |
| 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 | 26.310.513 | 6.787.854 | 25.839.244 | 7.195.849 | ||
| I Sales revenue 003++008 | 2 | 18.272.542 | 4.450.102 | 17.124.264 | 4.387.290 | ||
| 1 Commissions and membership fees | 3 | 8.875.770 | 1.955.758 | 7.762.906 | 2.052.719 | ||
| 2 Listing maintenance fees | 4 | 7.704.733 | 2.051.150 | 7.812.705 | 2.024.499 | ||
| 3 Income from quotation maintenance | 5 | 1.692.039 | 443.194 | 1.548.653 | 310.072 | ||
| 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 |
8.037.971 0 |
2.337.752 0 |
8.714.980 0 |
2.808.559 0 |
||
| 1 Income from application programming interface (API) services | 11 | 5.878.313 | 1.509.564 | 6.236.312 | 1.848.821 | ||
| 2 Income from the supply of information 3 Other income |
12 | 2.159.658 | 828.188 | 2.478.668 | 959.738 | ||
| B OPERATING EXPENSES 014+017+021+022+023+026+027 | 13 | 24.146.946 | 6.726.813 | 24.996.932 | 6.914.332 | ||
| I Material costs 015+016 | 14 | 6.769.706 | 1.984.150 | 7.435.742 | 2.052.031 | ||
| 1 Costs of raw materials | 15 | 625.896 | 146.836 | 554.552 | 147.158 | ||
| 2 Other external costs | 16 | 6.143.810 | 1.837.314 | 6.881.190 | 1.904.873 | ||
| II Staff costs 018++020 | 17 | 11.721.138 | 2.871.995 | 11.964.903 | 3.093.834 | ||
| 1 Net salaries and wages | 18 | 8.030.001 | 1.932.541 | 8.285.222 | 2.191.711 | ||
| 2 Tax and contributions from salary costs | 19 | 2.801.567 | 732.887 | 2.750.918 | 667.073 | ||
| 3 Payroll contributions | 20 | 889.570 | 206.567 | 928.763 | 235.050 | ||
| III Depreciation | 21 | 1.972.940 | 504.011 | 2.036.155 | 533.840 | ||
| IV Other costs | 22 | 3.183.648 | 1.030.412 | 3.438.383 | 1.161.385 | ||
| V Value adjustment 024+025 | 23 | 308.456 | 175.679 | 91.053 | 49.180 | ||
| 1 fixed assets (other than financial assets) | 24 | 0 | 0 | 0 | 0 | ||
| 2 current assets (other than financial assets) | 25 | 308.456 | 175.679 | 91.053 | 49.180 | ||
| VI Provisions | 26 | 0 | 0 | 0 | 0 | ||
| VII Other operating expenses | 27 | 191.058 | 160.566 | 30.696 | 24.062 | ||
| C FINANCIAL INCOME 029++034 | 28 | 245.602 | 8.162 | 79.014 | 35.090 | ||
| 1 Interest, exchange rate differences, dividends and similar | 29 | 0 | -701 | 1.472 | 76 | ||
| 2 Interest, exchange rate differences, dividends and similar | 30 | 101.950 | -5.293 | 59.428 | 25.474 | ||
| 3 Income share from associates and participating interests | 31 | 0 | 0 | 0 | 0 | ||
| 4 Unrealised gains (income) from financial assets | 32 | 33.017 | 11.188 | 0 | 0 | ||
| 5 Profit from reversal of provisions for impairment for expected | 33 | 0 | 0 | 0 | 0 | ||
| 6 Other financial income | 34 | 110.635 | 2.968 | 18.114 | 9.540 | ||
| D FINANCIAL EXPENSES 036++040 | 35 | 47.537 | -242.539 | 526.487 | 141.565 | ||
| 1 Interest, exchange rate differences and other expenditures with | 36 | 7.691 | 2.138 | 7.661 | 2.355 | ||
| 2 Interest, exchange rate differences and other expenditure from | 37 | 39.839 | -12.539 | 107.068 | 29.022 | ||
| 3 Unrealised losses (expenses) from financial assets | 38 | 0 | 0 | 411.758 | 110.188 | ||
| 4 Loss on impairment for expected credit losses | 39 | 0 | 0 | 0 | 0 | ||
| 5 Other financial expenses | 40 | 7 | -232.138 | 0 | 0 | ||
| E TOTAL INCOME 001+028 | 41 | 26.556.115 | 6.796.016 | 25.918.258 | 7.230.939 | ||
| F TOTAL EXPENDITURE 013+035 | 42 | 24.194.483 | 6.484.274 | 25.523.419 | 7.055.897 | ||
| G Share in profit/loss of associates and subsidiaries | 43 | -25.304 | -55.536 | 30.450 | 21.303 | ||
| H PRE-TAX PROFIT OR LOSS 041-042+043 | 44 | 2.336.328 | 256.206 | 425.289 | 196.345 | ||
| I INCOME TAX | 45 | 184.077 | -24.947 | 10.386 | -79.091 | ||
| J PROFIT OR LOSS FOR THE PERIOD 044-045 | 46 | 2.152.251 | 281.153 | 414.903 | 275.436 | ||
| 1 Change in revaluation reserves (property, plant, | 47 | 0 | 0 | 0 | 0 | ||
| 2 Actuarial gains/losses on defined benefit pension plans | 48 | -7.277 | -7.277 | -8.656 | -8.656 | ||
| 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 | 246.384 | -12.503 | -56.337 | -117.283 | ||
| 6 Income tax on other comprehensive income | 52 | 0 | 0 | -1.513 | -1.513 | ||
| K OTHER COMPREHENSIVE INCOME 047+…+052 | 53 | 239.107 | -19.780 | -63.480 | -124.426 | ||
| TOTAL COMPREHENSIVE INCOME 046+053 | 54 | 2.391.358 | 261.373 | 351.423 | 151.010 | ||
| M RECLASSIFICATION ADJUSTMENTS | 55 | 0 | 0 | 0 | 0 | ||
| Appendix ** | |||||||
| Attributable to owners of the parent | 56 57 |
2.391.358 0 |
261.373 0 |
351.423 0 |
151.010 0 |
||
| Attributable to non-controlling interest | 19 |
STATEMENT OF CASH FLOWS - indirect method for the period 1.1.2021. to 31.12.2021
| 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 | 2.336.328 | 425.289 | ||||
| 2 Depreciation | 2 | 1.972.940 | 2.036.155 | ||||
| 3 Increase in short-term liabilities | 3 | 133.633 | 0 | ||||
| 4 Decrease in short-term receivables | 4 | 595.556 | 388.876 | ||||
| 5 Decrease in inventories | 5 | 273 | 312 | ||||
| 6 Loss on impairment for expected credit losses | 6 | 0 | 0 | ||||
| 7 Other cash flow increase | 7 | 662.532 | 534.891 | ||||
| I Total cash flow increase from operating activities 001++007 |
8 | 5.701.262 | 3.385.523 | ||||
| 1 Decrease in short-term liabilities | 9 | 0 | 154.103 | ||||
| 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 | 136.429 | 952.443 | ||||
| II Total cash flow decrease from operating activities | |||||||
| 009++013 | 14 | 136.429 | 1.106.546 | ||||
| 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 | 7.598 | ||||
| 3 Interest received | 17 | 58.501 | 0 | ||||
| 4 Dividends received | 18 | 54.130 | 0 | ||||
| 5 Other cash receipts from investment activities | 19 | 2.424.758 | 5.231.361 | ||||
| III Total cash receipts from investment activities 015++019 | 20 | 2.537.389 | 5.238.959 | ||||
| 1 Cash payments for the purchase of fixed tangible and intangible | 21 | 1.016.675 | 1.154.452 | ||||
| 2 Cash payments for the acquisition of equity financial | 22 | 0 | 0 | ||||
| 3 Other cash payments from investment activities | 23 | 4.566.716 | 3.255.899 | ||||
| IV Total cash payments from investment activities | |||||||
| 021++023 | 24 | 5.583.391 | 4.410.351 | ||||
| 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 | 34.327 | 0 | ||||
| 4 Cash payments for the redemption of treasury shares | 32 | 0 | 0 | ||||
| 5 Other cash payments from financing activities | 33 | 753.937 | 870.198 | ||||
| VI Total cash payments from operating activities 029++033 | 34 | 788.264 | 870.198 | ||||
| VII Cash and cash equivalents at the beginning of period | 35 36 |
7.593.200 1.730.567 |
9.323.767 2.237.387 |
||||
| VIII Increase of cash and cash equivalents | 37 | 0 | 0 | ||||
| IX Decrease of cash and cash equivalents | |||||||
| X Cash and cash equivalents at the end of period | 38 | 9.323.767 | 11.561.154 |
| STATEMENT OF CHANGES IN EQUITY |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| for the period from | 1.1.2021 | to | 31.12.2021 | 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 | 941.148 | -21.300.251 | 0 | 540.243 | 0 | 40.539.321 |
| 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 | 941.148 | -21.300.251 | 0 | 540.243 | 0 | 40.539.321 |
| Profit or loss for the period |
5 | 0 | 0 | 0 | 2.152.251 | 0 | 0 | 0 | 0 | 2.152.251 |
| 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 | 239.107 | 0 | 239.107 |
| Total directly recognized income and year (previous expenses of the previous year periods) |
8 | 0 | 0 | 0 | 2.152.251 | 0 | 0 | 239.107 | 0 | 2.391.358 |
| 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 | -941.148 | 941.148 | 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 | 2.152.251 | -20.359.103 | 0 | 779.350 | 0 | 42.930.679 |
| Balance on the first day of the current business year |
14 | 46.357.000 | 13.860.181 | 141.000 | 2.152.251 | -20.359.103 | 0 | 779.350 | 0 | 42.930.679 |
| 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 | 2.152.251 | -20.359.103 | 0 | 779.350 | 0 | 42.930.679 |
| Profit for or loss the period |
18 | 0 | 0 | 0 | 414.903 | 0 | 0 | 0 | 0 | 414.903 |
| 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 | -63.480 | 0 | -63.480 |
| directly recognised income Total and expenses of the current year (current period) |
21 | 0 | 0 | 0 | 414.903 | 0 | 0 | -63.480 | 0 | 351.423 |
| Increase/decrease in subscribed capital |
22 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other contributions by owners |
23 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payment of share in profit/dividend |
24 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other distribution to owners |
25 | 0 | 0 | 0 | -2.152.251 | 2.152.251 | 0 | 0 | 0 | 21 0 |
| Balance on the last day of the current business year reporting period |
26 | 46.357.000 | 13.860.181 | 141.000 | 414.903 | -18.206.852 | 0 | 715.870 | 0 | 43.282.102 |
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 - 31.12.2021 Sort of report: Consolidated
1. Reporting entity
Zagrebačka burza d.d. ("the Company") is a company domiciled in the 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
Consolidated financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS). Consolidated 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 and buildings and land that are measured at fer value.
Detailed information on the basis for preparation of the financial statements are provided in the Note to the consolidated financial statements No. 2 presented in the Annual Report on Group Status and Business Activities in 2020 available on the internet page www.zse.hr (further: Annual Report for the Group).
Significant accounting policies
The interim financial statements for the reporting period are prepared applying the same accounting policies as in the latest annual consolidated financial statements presented in the Annual Report on Group 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 are 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 are not presented elsewhere in the consolidated 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 31.12.2021 (further: Consolidated result for 4th quarter) as published on the internet page www.zse.hr.
3. 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 Group does not have financial commitments, guarantees or contingencies that are not included in the consolidated balance sheet as of 31 December 2021 nor has issued securities.
4. 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 Consolidated result for for 4th quarter 2021 (www.zse.hr).
Besides the above-mentioned notes, we are describing the differences in classification between incomes and expenditures as presented in the audited consolidated financial statements and Notes to the consolidated financial statements and incomes and expenditures presented in this TFI form:
(a) income from assigning and administering LEIs is, in accordance with the Groups accounting policies reported in other income (AOP 12) in the amount of HRK 369 thousand
(b) other differences between the information presented in the consolidated financial statements in TFI form compared to the classification of the information in the audited consolidated financial statements for 2020 are presented in the Attachment to these notes.
5. Liabilities falling due after more than five years, as well as the debts covered by valuable security
At the balance sheet date, the Group does not have liabilities falling due after more than five years. At the balance sheet date, the Group does not have debts covered by valuable securities.
6. Average number of employees during the reporting period
The average amount of employees during the reporting period is 37.
7. Capitalized costs of salaries during the reporting period
The Group did not capitalize salaries during the reporting period.
8. Deferred taxes
The provision for deferred taxes, amount of the deferred taxes at the beginning and at the end of the reporting period and movement during the reporting period are as follows:
| 1.1.2021 | Increase | Decrease | 31.12.2021 | |
|---|---|---|---|---|
| kn'000 | kn'000 | kn'000 | kn'000 | |
| Deferred tax assets | 186 | - | (7) | 179 |
| Deferred tax liabilities | (189) | - | 1 | (189) |
| (3) | - | (7) | 10 |
9. 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 controlled companies, joint ventures and holdings of a participating interest are presented in the Notes 13 and 14 to the consolidated financial statements presented in the Annual Report on the Group. During the reporting period there were no significant changes in comparison to the information presented in the Annual Group report.
10. Number and the nominal value of shares subscribed during the reporting period within the limits of the authorised capital
There were no shares subscribed during the reporting period within the limits of the authorised capital.
11. Existence of any participation certificates, convertible debentures, warrants, options or similar securities or rights
The Group has no participation certificates, convertible debentures, warrants, options or similar securities or rights.
12. Name, registered office and legal form of each of the companies of which the issuer is a member having unlimited liability
The Group has no shares in companies having unlimited liability.
13. 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 prepares quarterly consolidated financial statements that are available for use on the internet page www.zse.hr.
14. Name and registered office of the company which draws up the consolidated financial statements for the reporting period 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.
15. 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 prepares quarterly consolidated financial statements that are available for use on the internet page www.zse.hr.
16. 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 Group has no arrangements that are not included in the presented consolidated financial statements.
17. 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 consolidated financial statements as part of the Consolidated result for the 4th quarter 2021 as published on the internet page www.zse.hr
Attachment: Reconciliation of the classification of the items of the financial statements in TFI form compared 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 | 12.817 | Staff costs | 11.965 |
| Reclassification from other costs | 852 | ||
| Othe operating costs | 10.143 | Costs of raw materials | 555 |
| Other external costs | 6.881 | ||
| Value adjustment | 91 | ||
| Other costs | 3.438 | ||
| Other operating expenses | 30 | ||
| Reclassification to staff costs | (852) | ||
| Balance sheet item (IFRS) | Amount HRK'000 |
Balance sheet item (GFI) | Amount HRK'000 |
| Property and equipment | 8.776 | Land and buildings | 9.429 |
| Assets with right of use | 3.227 | Computer equipment | 742 |
| Other tangible assets | 1.183 | ||
| Assets under construction | 650 | ||
| Rounding | (1) | ||
| Financial assets at fair value through other comprehensive | Financial assets at amortised cost (long | ||
| income | 1.302 | term) | 3.273 |
| Long term deposits | 1.504 | ||
| Guarantee deposits | 250 | ||
| Loans receivable from associate | 217 | ||
| Trade receivables and other assets | 3.948 | Receivables (short term) | 3.952 |
| Inventories | 6 | Rounding | 2 |
| Trade and other payables | 2.530 | Liabilities for advance payments | 127 |
| Short term financial assets | 699 | Trade payables | 1.128 |
| Liabilities to employees | 745 | ||
| Taxes, contributions and similar liabilities | 278 | ||
| Other short-term liabilities | 953 | ||
| Rounding | (2) | ||
| Contractual liabilities | 4.322 | Accruals and deferred income | 4.322 |