Quarterly Report • Jul 29, 2022
Quarterly Report
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Unconsolidated unaudited financial results for
1/1/2022 – 30/6/2022
29 July 2022
| 1 | INTERIM MANAGEMENT REPORT FOR THE PERIOD BETWEEN 1/1/2022 AND 30/6/2022 1 | ||
|---|---|---|---|
| 1.1 | Significant business events of the Zagreb Stock Exchange, Inc. in the period between 1/1/2022 and 30/6/2022 1 |
||
| 1.2 | Zagreb Stock Exchange overview 2 | ||
| 1.3 | Expected future development of the Company 7 | ||
| 1.4 | Research & Development activities 7 | ||
| 1.5 | Information on repurchase of own shares 7 | ||
| 1.6 | Subsidiaries of the Company 8 | ||
| 1.7 | Financial instruments used by the Company 8 | ||
| 1.8 | Company's objectives and policies related to financial risk management 8 | ||
| 1.9 | Company's exposure to price risk, credit risk, liquidity risk and cash flow risk 9 | ||
| 1.10 | Statement of transactions and transfers between the Company and its subsidiaries and shareholders 9 |
||
| 1.11 | Statement of events which might have an adverse effect on Company operations 9 | ||
| 1.12 | Business results for 1/1/2022 – 30/6/2022 9 | ||
| 2 | DECLARATION OF RESPONSIBILITY FOR THE PREPARATION OF FINANCIAL STATEMENTS 13 | ||
| Unconsolidated unaudited financial statements of the Company for 1/1/2022 – 30/6/2022 14 |
In the first half of 2022, the Zagreb Stock Exchange, Inc. (hereinafter: the Company or the Exchange) recorded the following significant business events:
1 More in the Notes to the financial statements in item 10.
In the second quarter of 2022, the total turnover amounted to HRK 499 million, which is -27% less than in the same period of 2021, while the total turnover since the beginning of the year, i.e., in the first half of 2022, amounts to HRK 1,507 million (+32% compared to the first half of 2021).
| HRK | 2Q 2021 | 2Q 2022 | change | 1H 2021 | 1H 2022 | change |
|---|---|---|---|---|---|---|
| TOTAL TURNOVER | 685.821.627 | 499.472.946 | -27,17% | 1.140.549.730 | 1.506.902.174 | 32,12% |
| Orderbook turnover | 473.773.888 | 471.730.911 | -0,43% | 928.501.991 | 1.127.048.795 | 21,38% |
| Stocks | 404.793.992 | 432.379.785 | 6,81% | 804.521.266 | 1.048.684.936 | 30,35% |
| Bonds | 51.168.022 | 28.767.474 | -43,78% | 92.556.627 | 33.020.421 | -64,32% |
| ETFs | 17.811.874 | 10.583.652 | -40,58% | 31.424.099 | 45.343.438 | 44,30% |
| Block turnover | 212.047.739 | 27.742.035 | -86,92% | 212.047.739 | 379.853.379 | 79,14% |
| Equity Block | 212.047.739 | 27.742.035 | -86,92% | 212.047.739 | 379.853.379 | 79,14% |
| Debt Block | 0 | 0 | 0 | 0 |
The biggest jump in the amount of daily turnover began to be noticed in late February following the start of the war in Ukraine. The next few weeks were marked by high volatility, and the initial shock did not subside until late March. The continuation of the half-year brought mostly positive sentiment, so in the second quarter of 2022, the orderbook turnover amounted to HRK 471 million, only -0.43% less than in the second quarter of 2021. Of this amount, HRK 432 million refers to stock turnover (2Q 2021: HRK 405 million), HRK 29 million to bond turnover (2Q 2021: HRK 51 million), while ETFs achieved a turnover of HRK 11 million (2Q 2021: HRK 18 million). The equity block turnover amounted to almost HRK 28 million (2Q 2021: HRK 212 million), while the debt block turnover was absent as in the same period last year. Since the beginning of 2022, the total turnover has reached HRK 1,507 million, which is as much as +32% more than in the first half of last year (1H 2021: HRK 1,141 million). Within the orderbook in the first half of 2022, the stock turnover amounted to HRK 1,049 million and is higher by +30.3% (1H 2021: HRK 805 million), the bond turnover was only HRK 33 million and is lower by -64,3% (1H 2021: HRK 93 million), while ETF turnover increased by +44.3% and amounts to HRK 45 million (1H 2021: HRK 31 million). The largest part of equity block turnover was realized in the first quarter, and at the level of the half-year, it amounts to a significant HRK 380 million, which is an increase of as much as +79% compared to the same period in 2021 (1H 2021: HRK 212 million).
The market value measured by market capitalization as of 30 June 2022 was higher by a total of HRK 335 million compared to the end of the first half of 2021. The equity market capitalization is higher by HRK +6.5 billion or +5%, with the market capitalization of the Prime Market lower by -4.7%, the Official Market higher by +4.4%, and the Regular Market by +11%. The debt market capitalization is lower by -4.6% while the value of ETFs increased by a significant +25.5%.
| Market capitalization (HRK) | Number of listed securities | ||||||
|---|---|---|---|---|---|---|---|
| 30.6.2021 | 30.6.2022 | 30.6.2021 | 30.6.2022 | change | |||
| TOTAL | 263.598.641.185 | 263.934.200.886 | 0,13% | 130 | 130 | 0,00% | |
| Stocks | 130.834.615.709 | 137.319.943.118 | 4,96% | 100 | 98 | -2,00% | |
| Prime Market | 30.729.538.906 | 29.294.947.386 | -4,67% | 6 | 6 | 0,00% | |
| Official Market | 46.823.250.251 | 48.898.906.526 | 4,43% | 22 | 21 | -4,55% | |
| Regular Market | 53.281.826.552 | 59.126.089.206 | 10,97% | 72 | 71 | -1,39% | |
| Bonds | 132.711.816.473 | 126.548.728.789 | -4,64% | 28 | 30 | 7,14% | |
| ETFs | 52.209.004 | 65.528.979 | 25,51% | 2 | 2 | 0,00% |
Compared to the end of the first half of 2021, as of 30 June 2022, one less share was listed on the Regular and the Official Market, while the number of stocks listed on the Prime Market remained unchanged.
Equity Market Capitalization and number of stocks listed
A comparison of data for the first half of 2022 with data from the same period last year shows a stable trend among indices as well. With the exception of CROBEXkonstrukt, which weakened -10.77%, all other stock indices increased or slightly decreased compared to the closing value on June 30, 2021. CROBEXtransport (+26%) increased the most, followed by CROBEXplus (+11%). CROBEXtr, which also calculates the dividend yield, rose by +5%, which is an excellent indicator of the return on investment that investors could achieve. The ADRIAprime regional index rose by +2.6%, while bond indices fell by -9.8% (CROBIS) and -7.7% (CROBIStr).
* (=x/10)
1H 2021 1H 2022
* (=x/10)
In 2022, 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).
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.
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.
In 2022, the Exchange is intensively carrying out activities and preparatory actions for the introduction of the euro as the official currency in the Republic of Croatia from January 1, 2023.
As of June 30, 2022, the Company held no own shares.
The Company did not acquire own shares between 1 January 2022 and 30 June 2022.
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 June 30, 2022, the Zagreb Stock Exchange, Inc. holds a total of 476 shares, i.e., 17.05% of the share capital of Macedonian Stock Exchange, Inc.2
The Company is fully funded by its own capital. The financial instruments the Company invests in are investment funds (money market and bond funds) and bank deposits.
All employees of the Company, including its Management and Supervisory Board, are involved in the implementation of internal control and risk management systems.
The Company manages risks, including financial risks, particularly through two mutually independent control functions: monitoring of compliance with relevant regulations and internal audit function.
2 After the balance sheet date, the Zagreb Stock Exchange increased its ownership stake in the Macedonian Stock Exchange to 691 shares or 24.75% in two additional transactions.
These control functions process and monitor the work of all organizational units, Company activities and support services.
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.
The Company confirms that in 2022 there were no transactions between the Company and its subsidiaries and shareholders in excess of EUR 100,000.
The ongoing war in Ukraine and sanctions against the Russian Federation are affecting economies in Europe and the world. The Company has no significant exposure in Ukraine, Russia and Belarus. However, the effect on the general economic situation may require a revision of certain assumptions and estimates, which may lead to significant adjustments in the carrying amount of certain assets and liabilities over the next financial year. At this stage, management cannot reliably assess the impact as new developments take place day by day.
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 importance to the Company's operations that it would require disclosure in the management report.
In the first half of 2022, the Company generated a total of HRK 7,510 thousand of operating revenues, which is HRK +583 thousand or +8.4% more than in the same period last year when they amounted to HRK 6,928 thousand. Compared to the first half of 2021, sales revenue increased from HRK 4,769 to HRK 5,197 thousand, i.e., by HRK +428 thousand or +9%. The increase in sales revenue is primarily the result of an increase in income from commissions and membership fees, which, following the increased securities turnover from the end of February to mid-March this year, reached the amount of HRK 2,135 thousand by the end of the first half of this year; HRK +390 thousand or +22.3% more compared to the first half of 2021, when they amounted to HRK 1,745 thousand. Considering the approximately equal number of listed securities, the income from listing maintenance fees remained in the first half of 2022 at almost the same level as in the same period last year. In the first six months of 2022, the income from listing maintenance fees amounts to HRK 2,534 thousand, which is a decrease of only HRK -7 thousand or -0.3% (1H 2021: HRK 2,541 thousand). In the first half of 2022, one more share was listed than in the same period last year, so income from quotation maintenance increased by HRK +45 thousand or +9.4% and amounted to HRK 528 thousand (1H 2021: HRK 483 thousand). Compared to the first half of 2021, other operating income increased by HRK +155 thousand or +7.2%, i.e., from HRK 2,159 to HRK 2,314 thousand. The stated increase in other operating income is a consequence of the increase in other income by HRK +223 thousand or +26% which amounted to HRK 1,086 thousand and includes income from education and income from issuing and maintaining LEI (1H 2021: HRK 863 thousand). Income from the supply of information fell by HRK -68 thousand or -5.2% and amounted to HRK 1,228 thousand (1H 2021: HRK 1,296 thousand).
Observing only the second quarter of 2022, the total Company's operating income amounts to HRK 3,591 thousand, which is a slight decrease of HRK -3 thousand (-0.1%) compared to the second quarter of last year, when operating income amounted to HRK 3,594 thousand. Sales revenues fell from HRK 2,397 thousand in the second quarter of 2021 to HRK 2,348 thousand in the same period of the current year. The decrease in income from commissions and membership fees from HRK 905 to HRK 808 thousand contributes to this decrease (HRK -97 thousand or -10.8%). Due to the larger number of newly listed securities, Income from quotation maintenance increased from HRK 220 to HRK 266 thousand (HRK +45 thousand or +21.2%), while income from listing maintenance fees remained almost at the same level and amounts to HRK 1,274 thousand (2Q 2021: HRK 1,272 thousand). Other operating income increased slightly from HRK 1,197 to HRK 1,243 thousand (HRK +46 thousand or +3.8%). Within other operating income, income from the supply of information fell from HRK 730 to HRK 616 thousand (HRK -114 thousand or -15.6%), and other income increased from HRK 467 to HRK 627 thousand (HRK +160 thousand or +34,1%).
Along with the normalization of business operations after two pandemic years, the Company began to record an increase in operating expenses, while the impact of inflation on their amount should also be taken into account. The Company's total operating expenses in the first half of 2022 were thus HRK +842 thousand (+12.6%) higher than in the first half of 2021 and amounted to HRK 7.504 thousand (1H 2021: HRK 6.662 thousand). All items of operating expenses are higher in the first half of 2022 compared to the same period last year:
other operating expenses amount to HRK 28 thousand, which is an increase of HRK +23 thousand (1H 2021: HRK 5 thousand),
value adjustment amounts to HRK 50 thousand, which is an increase of HRK +8 thousand or +19.4% (1H 2021: HRK 42 thousand).
In the second quarter of 2022 alone, operating expenses amount to HRK 4,086 thousand, which is an increase of HRK +381 thousand or +10.3% compared to the same period last year (2Q 2021: HRK 3,705 thousand). The biggest increase was recorded in material costs, which amounted to HRK 883 thousand in the second quarter of 2021, and HRK 1,252 thousand in the same period of the current year (HRK +369 thousand or +41.8%). In addition to them, depreciation increased from HRK 283 to HRK 326 thousand (HRK +42 thousand or +15.2%), and value adjustment from HRK 42 to HRK 50 thousand (HRK +8 thousand or +19.4%). A decrease was recorded in staff costs (HRK -23 thousand or -1.2%, i.e., from HRK 1,982 to HRK 1,959 thousand), other costs (HRK -12 thousand or -2.4%, i.e., from HRK 512 to HRK 500 thousand), and other operating expenses that were almost annulled (HRK -3 thousand or -99%).
| 000 HRK | 1H 2021 | 1H 2022 | change | 2Q 2021 | 2Q 2022 | change |
|---|---|---|---|---|---|---|
| Number of shares | 4.636 | 2.318 | -50,00% | 4.636 | 2.318 | -50,00% |
| Share capital | 46.357 | 23.179 | -50,00% | 46.357 | 23.179 | -50,00% |
| Capital and reserves | 43.420 | 43.448 | 0,06% | 43.420 | 43.448 | 0,06% |
| Total assets | 51.458 | 50.680 | -1,51% | 51.458 | 50.680 | -1,51% |
| Operating income | 6.928 | 7.511 | 8,41% | 3.594 | 3.591 | -0,10% |
| sales revenue | 4.769 | 5.197 | 8,98% | 2.397 | 2.348 | -2,07% |
| other operating income | 2.159 | 2.314 | 7,17% | 1.197 | 1.243 | 3,84% |
| Operating expenses | 6.662 | 7.504 | 12,63% | 3.705 | 4.087 | 10,30% |
| material costs | 1.776 | 2.152 | 21,15% | 883 | 1.252 | 41,76% |
| staff costs | 3.502 | 3.753 | 7,16% | 1.982 | 1.959 | -1,16% |
| depreciation | 552 | 643 | 16,44% | 283 | 326 | 15,17% |
| other costs | 832 | 956 | 14,97% | 557 | 550 | -1,31% |
| EBIT | 266 | 7 | -97,22% | -111 | -496 | 347,37% |
| EBITDA | 818 | 650 | -20,54% | 172 | -170 | -198,85% |
| Financial income | 958 | 372 | -61,11% | 890 | 326 | -63,34% |
| Financial expenses | 258 | 678 | 162,57% | 26 | 397 | 1403,05% |
| Pre-tax profit or loss | 966 | -298 | -130,88% | 753 | -567 | -175,31% |
| Income tax | 0 | 0 | 0 | 0 | ||
| Profit or loss for the period | 966 | -298 | -130,88% | 753 | -567 | -175,31% |
| Other comprehensive income | 0 | 419 | 0 | 419 | ||
| Total comprehensive income | 966 | 121 | -87,52% | 753 | -148 | -119,70% |
| Number of employees | 24 | 25 | 4,17% | 24 | 25 | 4,17% |
The Company's operating profit in the first half of 2022 amounted to HRK 7 thousand, while in the same period last year it amounted to HRK 266 thousand (HRK -259 thousand or -97.2%). At the level of the second quarter, the Company reports an operating loss in the amount of HRK -496 thousand, while the operating loss in the same period last year amounted to HRK -111 thousand. Financial income recorded a significant decrease in the first half of the year as well as in the second quarter compared to the same periods last year. In the first half of 2022, financial income amounted to HRK 372 thousand (HRK -585 thousand or -61.1%), while financial income in the second quarter accounted for HRK 326 thousand (HRK -564 thousand or -63.3%). In the first half of this year, financial expenses amount to HRK 678 thousand (HRK +420 thousand or +162.6%), while in the second quarter alone they are higher by HRK +371 thousand and amount to HRK 397 thousand. Changes in the movement of financial income and expenses are primarily the result of the negative yield of bond funds in which the Company has invested free funds.
Given the above, the Company's net loss in the first half of 2022 amounted to HRK -299 thousand, which is HRK -1.264 thousand (-131%) less than in the same period last year when the Company's net profit amounted to HRK 966 thousand. In the second quarter of 2022, the Company's net loss amounts to HRK -567 thousand, which is HRK -1,320 thousand less than the HRK 753 thousand net profit of the same period last year.
Operating profit before interest, taxes, depreciation and amortization in the first half of 2022 is positive and amounts to HRK 650 thousand, i.e., HRK -168 thousand less than in the first half of 2021, while in the second quarter of 2022 it is negative and amounts to HRK -170 thousand, i.e., HRK -342 thousand less than in the same period last year when it amounted to HRK 172 thousand.
Financial statements of the Zagreb Stock Exchange, Inc. prepared for the period between 1/1/2022 and 30/6/2022 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 1/1/2022 and 30/6/2022 give an objective, complete and true statement of assets and liabilities, financial position and operations of the Company.
The management report for the first half of 2022 contains a true and fair view of the development and results of operations, with a description of the principal risks and uncertainties to which the Company is exposed.
Unconsolidated financial statements for the first half of 2022 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 1/1/2022 – 30/6/2022
| Annex 1 | ISSUER'S GENERAL DATA | |||
|---|---|---|---|---|
| Reporting period: | 1.1.2022 | to | 30.6.2022 | |
| Year: | 2022 | |||
| Quarter: | 2 | |||
| Quarterly financial statements | ||||
| Registration number (MB): 03749606 |
Issuer's home | HR | ||
| Entity's registration 080034217 |
Member State code: | |||
| 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 5 (end of the reporting |
||||
| Consolidated report: KN |
(KN-not consolidated/KD-consolidated) | KN | KD | |
| Audited: RN |
(RN-not audited/RD-audited) | RN | RD | |
| Names of subsidiaries (according to IFRS): | Registered office: | MB: | ||
| Ljubljanska borza vrednostnih papirjev d.d. | Ljubljana, Slovenija | 5316081 | ||
| Yes No |
||||
| Bookkeeping firm: Yes Contact person: Martina Butković |
(Yes/No) | Sigma Tax Consulting d.o.o. (name of the bookkeeping firm) |
||
| Telephone: 01/4699-555 | (only name and surname of the contact person) | |||
| E-mail address: [email protected] | ||||
| Audit firm: (name of the audit firm) |
| BALANCE SHEET | ||||||||
|---|---|---|---|---|---|---|---|---|
| balance as at 30.6.2022 | ||||||||
| Submitter: Zagreb Stock Exchange, Inc | in HRK | |||||||
| Item | ADP code |
Last day of the preceding business year |
At the reporting date of the current period |
|||||
| 1 | 2 | 3 | 4 | |||||
| ASSETS | ||||||||
| FIXED ASSETS 002+003+009+012 I INTANGIBLE ASSETS |
1 2 |
26.669.627 918.751 |
30.045.237 863.504 |
|||||
| II TANGIBLE ASSETS 004+…+008 | 3 | 4.202.560 | 3.921.177 | |||||
| 1 Land and buildings | 4 | 2.837.671 | 2.509.406 | |||||
| 2 Computer equipment | 5 | 742.389 | 662.921 | |||||
| 3 Other tangible assets | 6 | 179.851 | 156.913 | |||||
| 4 Leasehold improvements | 7 | 442.649 | 591.937 | |||||
| 5 Assets under construction | 8 | 0 | 0 | |||||
| III FIXED FINANCIAL ASSETS 010+011 | 9 | 21.548.316 | 25.260.556 | |||||
| 1 Investments in associates, subsidiaries and joint ventures | 10 | 19.400.367 | 19.400.367 | |||||
| 2 Financial assets at amortised cost DEFERRED TAX ASSETS |
11 12 |
2.147.949 0 |
5.860.189 0 |
|||||
| B CURRENT ASSETS 014+020+024 | 13 | 24.681.493 | 19.637.206 | |||||
| I RECEIVABLES 015++019 | 14 | 2.334.007 | 2.475.560 | |||||
| 1 Trade receivables | 15 | 1.722.654 | 1.524.304 | |||||
| 2 Receivables from employees and members of the undertaking | 16 | 524 | 7.613 | |||||
| 3 Receivables from government and other institutions | 17 | 8.284 | 161.242 | |||||
| 4 Receivables from connected undertakings | 18 | 5.638 | 177.776 | |||||
| 5 Other receivables | 19 | 596.907 | 604.625 | |||||
| III SHORT-TERM FINANCIAL ASSETS 021+…+023 | 20 | 18.985.735 | 14.903.291 | |||||
| 1 Financial assets at amortised cost | 21 | 4.506.448 | 4.500.296 | |||||
| 2 Financial assets at fair value through other comprehensive | 22 | 0 | 0 | |||||
| 3 Financial assets at fair value through statement of profit or III CASH AND CASH EQUIVALENTS |
23 24 |
14.479.287 3.361.751 |
10.402.995 2.258.355 |
|||||
| C PREPAID EXPENSES AND ACCRUED INCOME | 25 | 70.962 | 997.216 | |||||
| D TOTAL ASSETS 001+013+025 | 26 | 51.422.082 | 50.679.659 | |||||
| E OFF-BALANCE SHEET ITEMS | 27 | 0 | 0 | |||||
| LIABILITIES A CAPITAL AND RESERVES 029+030+031+036+037+038 |
28 | 43.327.531 | 43.448.070 | |||||
| I INITIAL CAPITAL | 29 | 46.357.000 | 23.178.500 | |||||
| II CAPITAL RESERVES | 30 | 13.860.181 | 13.860.181 | |||||
| III PROFIT RESERVES 032++035 | 31 | 141.000 | 6.707.541 | |||||
| 1 Legal reserves | 32 | 141.000 | 141.000 | |||||
| 2 Reserves for treasury shares | 33 | 0 | 0 | |||||
| 3 Fair value reserves | 34 | 0 | 418.691 | |||||
| 4 Other reserves | 35 | 0 | 6.147.850 | |||||
| IV RETAINED PROFIT OR LOSS BROUGHT FORWARD | 36 | -17.903.905 | 0 | |||||
| V PROFIT OR LOSS FOR THE YEAR VI MINORITY INTEREST |
37 38 |
873.255 0 |
-298.152 0 |
|||||
| B PROVISIONS | 39 | 0 | 0 | |||||
| C SHORT-TERM LIABILITIES 041+046 | 40 | 2.280.408 | 1.774.819 | |||||
| 1 Liabilities for advance payments | 41 | 119.079 | 475 | |||||
| 2 Trade payables | 42 | 665.933 | 361.902 | |||||
| 3 Liabilities to employees | 43 | 328.099 | 338.234 | |||||
| 4 Taxes, contributions and similar liabilities | 44 | 219.642 | 395.677 | |||||
| 5 Liabilities to connected undertakings | 45 | 2.631 | 0 | |||||
| 6 Other short-term liabilities D LONG-TERM LIABILITIES |
46 47 |
945.024 2.228.710 |
678.531 2.338.785 |
|||||
| E DEFERRED TAX LIABILITY | 48 | 0 | 102.832 | |||||
| F ACCRUALS AND DEFERRED INCOME | 49 | 3.585.433 | 3.015.153 | |||||
| G TOTAL LIABILITIES 028+039+040+047+048+049 | 50 | 51.422.082 | 50.679.659 | |||||
| H OFF-BALANCE SHEET ITEMS | 51 | 0 | 0 | |||||
| Appendix to the balance sheet (position for consolidated financial statements) | ||||||||
| I Capital and reserves 053+054 | 52 | 0 | 0 | |||||
| 1 Attributable to owners of the parent | 53 | 0 | 0 |
| STATEMENT OF PROFIT OR LOSS | ||||||
|---|---|---|---|---|---|---|
| For the period 1.1.2022 to 30.6.2022 | in HRK | |||||
| Submitter: Zagreb Stock Exchange, Inc | ||||||
| Item | ADP | Same period of the previous year | Current period | |||
| code | Cumulative | Quarter | Cumulative | Quarter | ||
| 1 | 2 | 3 | 4 | 5 | 6 | |
| A OPERATING INCOME 002+009 | 1 | 6.928.164 | 3.594.223 | 7.510.969 | 3.590.625 | |
| I Sales revenue 003++008 | 2 | 4.768.788 | 2.397.382 | 5.196.795 | 2.347.811 | |
| 1 Commissions and membership fees | 3 | 1.745.048 | 905.378 | 2.134.951 | 807.813 | |
| 2 Listing maintenance fees | 4 | 2.541.062 | 1.272.346 | 2.533.887 | 1.273.827 | |
| 3 Income from quotation maintenance | 5 | 482.678 | 219.658 | 527.957 | 266.171 | |
| 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 | 2.159.376 | 1.196.841 | 2.314.174 | 1.242.814 | |
| 1 Income from application programming interface (API) services | 10 11 |
0 1.296.078 |
0 729.562 |
0 1.228.074 |
0 615.938 |
|
| 2 Income from the supply of information 3 Other income |
12 | 863.298 | 467.279 | 1.086.100 | 626.876 | |
| B OPERATING EXPENSES 014+017+021+022+023+026+027 | 13 | 6.662.009 | 3.705.069 | 7.503.579 | 4.086.522 | |
| I Material costs 015+016 | 14 | 1.776.092 | 883.293 | 2.151.741 | 1.252.183 | |
| 1 Costs of raw materials | 15 | 209.974 | 99.393 | 221.810 | 122.838 | |
| 2 Other external costs | 16 | 1.566.118 | 783.900 | 1.929.931 | 1.129.345 | |
| II Staff costs 018++020 | 17 | 3.502.122 | 1.981.775 | 3.752.768 | 1.958.719 | |
| 1 Net salaries and wages | 18 | 1.994.386 | 1.118.436 | 2.150.771 | 1.117.292 | |
| 2 Tax and contributions from salary costs | 19 | 1.029.658 | 591.624 | 1.089.454 | 572.857 | |
| 3 Payroll contributions | 20 | 478.078 | 271.715 | 512.543 | 268.570 | |
| III Depreciation | 21 | 551.964 | 282.903 | 642.691 | 325.818 | |
| IV Other costs | 22 | 784.858 | 512.229 | 877.961 | 499.766 | |
| V Value adjustment 024+025 | 23 | 41.873 | 41.873 | 50.000 | 50.000 | |
| 1 fixed assets (other than financial assets) | 24 | 0 | 0 | 0 | 0 | |
| 2 current assets (other than financial assets) | 25 | 41.873 | 41.873 | 50.000 | 50.000 | |
| VI Provisions | 26 | 0 | 0 | 0 | 0 | |
| VII Other operating expenses | 27 | 5.100 | 2.996 | 28.418 | 36 | |
| C FINANCIAL INCOME 029++034 | 28 | 957.649 | 890.156 | 372.382 | 326.310 | |
| 1 Interest, exchange rate differences, dividends and similar | 29 | 957.313 | 957.313 | 319.095 | 318.931 | |
| 2 Interest, exchange rate differences, dividends and similar | 30 | -4.948 | -70.094 | 50.905 | 5.869 | |
| 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 | 5.284 | 2.937 | 2.382 | 1.510 | |
| D FINANCIAL EXPENSES 036++040 | 35 | 258.190 | 26.441 | 677.924 | 397.422 | |
| 1 Interest, exchange rate differences and other expenditures with | 36 37 |
147 0 |
142 0 |
170 105.601 |
167 69.039 |
|
| 2 Interest, exchange rate differences and other expenditure from 3 Unrealised losses (expenses) from financial assets |
38 | 258.880 | 27.136 | 572.153 | 328.216 | |
| 4 Loss on impairment for expected credit losses | 39 | 0 | 0 | 0 | 0 | |
| 5 Other financial expenses | 40 | -837 | -837 | 0 | 0 | |
| E TOTAL INCOME 001+028 | 41 | 7.885.813 | 4.484.379 | 7.883.351 | 3.916.935 | |
| F TOTAL EXPENDITURE 013+035 | 42 | 6.920.199 | 3.731.510 | 8.181.503 | 4.483.944 | |
| G Share in profit/loss of associates and subsidiaries | 43 | 0 | 0 | 0 | 0 | |
| H PRE-TAX PROFIT OR LOSS 041-042+043 | 44 | 965.614 | 752.869 | -298.152 | -567.009 | |
| I INCOME TAX | 45 | 0 | 0 | 0 | 0 | |
| J PROFIT OR LOSS FOR THE PERIOD 044-045 | 46 | 965.614 | 752.869 | -298.152 | -567.009 | |
| 1 Change in revaluation reserves (property, plant, | 47 | 0 | 0 | 0 | 0 | |
| 2 Actuarial gains/losses on defined benefit pension plans | 48 | 0 | 0 | 0 | 0 | |
| 3 Unrealised gains/losses on financial assets at fair value through other comprehensive income |
49 | 0 | 0 | 0 | 0 | |
| 4 Gains/losses on hedging instruments in a cash flow hedge | 50 | 0 | 0 | 521.523 | 521.523 | |
| 5 Gains/losses arising from translation of financial | 51 | 0 | 0 | 0 | 0 | |
| 6 Income tax on other comprehensive income | 52 | 0 | 0 | 102.832 | 102.832 | |
| K OTHER COMPREHENSIVE INCOME 047+…+052 | 53 | 0 | 0 | 418.691 | 418.691 | |
| TOTAL COMPREHENSIVE INCOME 046+053 | 54 | 965.614 | 752.869 | 120.539 | -148.318 | |
| M RECLASSIFICATION ADJUSTMENTS | 55 | 0 | 0 | 0 | 0 | |
| Appendix ** | 56 | 0 | 0 | 0 | 0 | |
| Attributable to owners of the parent Attributable to non-controlling interest |
57 | 0 | 0 | 0 | 0 | |
| 17 |
| for the period 1.1.2022 to 30.6.2022 | ||||||
|---|---|---|---|---|---|---|
| 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 | 965.614 | -298.152 | |||
| 2 Depreciation | 2 | 551.964 | 642.691 | |||
| 3 Increase in short-term liabilities | 3 | 1.379.037 | 0 | |||
| 4 Decrease in short-term receivables | 4 | 0 | 0 | |||
| 5 Decrease in inventories | 5 | 0 | 0 | |||
| 6 Loss on impairment for expected credit losses | 6 | 0 | 0 | |||
| 7 Other cash flow increase | 7 | 32.194 | 52.027 | |||
| I Total cash flow increase from operating activities 001++007 |
8 | 2.928.809 | 396.566 | |||
| 1 Decrease in short-term liabilities | 9 | 0 | 239.097 | |||
| 2 Increase in short-term receivables | 10 | 551.200 | 191.553 | |||
| 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 | 1.252.417 | |||
| II Total cash flow decrease from operating activities 009++013 |
14 | 551.200 | 1.683.067 | |||
| 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 | 115 | |||
| 4 Dividends received | 18 | 6.508 | 318.920 | |||
| 5 Other cash receipts from investment activities | 19 | 507.982 | 3.505.000 | |||
| III Total cash receipts from investment activities 015++019 | 20 | 514.490 | 3.824.035 | |||
| 1 Cash payments for the purchase of fixed tangible and intangible | 21 | 278.636 | 67.915 | |||
| 2 Cash payments for the acquisition of equity financial | 22 | 0 | 3.190.716 | |||
| 3 Other cash payments from investment activities | 23 | 0 | 0 | |||
| IV Total cash payments from investment activities 021++023 |
24 | 278.636 | 3.258.631 | |||
| CASH FLOW FROM FINANCING ACTIVITIES | ||||||
| 1 Cash receipts from the issue of equity financial instruments and debt financial instruments |
25 | 0 | 0 | |||
| 2 Cash receipts from credit principals, debentures, loans and other borrowings |
26 | 0 | 0 | |||
| 3 Other cash receipts from financing activities | 27 | 0 | 0 | |||
| V Total cash receipts from financing activities 025++027 | 28 | 0 | 0 | |||
| 1 Cash payments for credit principals and bonds | 29 | 0 | 0 | |||
| 2 Cash payments for dividends | 30 | 0 | 0 | |||
| 3 Cash payments for finance lease | 31 | 0 | 0 | |||
| 4 Cash payments for the redemption of treasury shares | 32 | 0 | 0 | |||
| 5 Other cash payments from financing activities | 33 | 753.330 | 382.299 | |||
| VI Total cash payments from operating activities 029++033 | 34 | 753.330 | 382.299 | |||
| VII Cash and cash equivalents at the beginning of period | 35 | 1.638.068 | 3.361.751 | |||
| VIII Increase of cash and cash equivalents | 36 | 1.860.133 | 0 | |||
| IX Decrease of cash and cash equivalents | 37 | 0 | 1.103.396 | |||
| X Cash and cash equivalents at the end of period | 38 | 3.498.201 | 2.258.355 | |||
| 18 |
STATEMENT OF CASH FLOWS - indirect method
| STATEMENT CHANGES EQUITY OF IN |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| for the period from | 1.1.2022 | to | 30.6.2022 | 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 |
| first of previous Balance on the day the business year |
1 | 46.357.000 | 13.860.181 | 141.000 | 1.874.402 | -19.778.307 | 0 | 0 | 0 | 42.454.276 |
| 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 | 1.874.402 | -19.778.307 | 0 | 0 | 0 | 42.454.276 |
| Profit or loss for the period |
5 | 0 | 0 | 0 | 873.255 | 0 | 0 | 0 | 0 | 873.255 |
| Unrealised gains or losses on financial assets at fair value through other comprehensive income |
6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other changes in equity unrelated to owners |
7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total directly recognized income and |
||||||||||
| expenses of the previous year (previous year periods) |
8 | 0 | 0 | 0 | 873.255 | 0 | 0 | 0 | 0 | 873.255 |
| 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 | -1.874.402 | 1.874.402 | 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 | 873.255 | -17.903.905 | 0 | 0 | 0 | 43.327.531 |
| Balance on the first day of the current business year |
14 | 46.357.000 | 13.860.181 | 141.000 | 873.255 | -17.903.905 | 0 | 0 | 0 | 43.327.531 |
| Change in accounting policies |
15 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Correction of errors from prior periods |
16 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| first of Balance on the day the current year (restated) business |
17 | 46.357.000 | 13.860.181 | 141.000 | 873.255 | -17.903.905 | 0 | 0 | 0 | 43.327.531 |
| Profit or loss for the period |
18 | 0 | 0 | 0 | -298.152 | 0 | 0 | 0 | 0 | -298.152 |
| on financial Unrealised gains or losses assets at fair value through other comprehensive income |
19 | 0 | 0 | 0 | 0 | 0 | 418.691 | 0 | 0 | 418.691 |
| Other changes in equity unrelated to owners |
20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total directly recognised income and |
||||||||||
| expenses of the current year (current period) |
21 | 0 | 0 | 0 | -298.152 | 0 | 418.691 | 0 | 0 | 120.539 |
| Increase/decrease in subscribed capital |
22 | -23.178.500 | 0 6.147.850 | 0 | 17.030.650 | 0 | 0 | 0 | 0 | |
| Other contributions by owners |
23 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| profit/dividend Payment of share in |
24 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other distribution to owners |
25 | 0 | 0 | 0 | -873.255 | 873.255 | 0 | 0 | 0 | 0 |
| Balance on the last day of the current business year reporting period |
26 | 23.178.500 | 13.860.181 6.288.850 | -298.152 | 0 | 418.691 | 0 | 0 | 43.448.070 |
19
Reporting period: 1.1.2022 - 30.6.2022 Sort of report: Separate
Zagrebačka burza d.d. ("the Company") is a joint stock 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.
Financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS). Financial statements are prepared on a historical cost basis, except for financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income which are measured at fair value.
Detailed information on the basis of preparation of the financial statements are provided in the Note No.2 to the separate financial statements presented in the Annual Report on Company Status and Business Activities in 2021 available on the internet page www.zse.hr (further: Annual Report of the Company).
The interim financial statements for the reporting quarter are prepared applying the same accounting policies as in the latest separate annual financial statements presented in the Annual Report on Company Status and Business Activities in 2021 available on the internet page www.zse.hr.
Information required by IFRSs that are not presented elsewhere in the separate statement of financial position, separate statement of comprehensive income, separate statement of cash flows and separate statement of changes in equity are disclosed in Unconsolidated unaudited financial result for period 1.1. to 30.6.2022 (further: Unconsolidated result for the second quarter) as published on the internet page www.zse.hr.
The Company does not have financial commitments, guarantees or contingencies that are not included in the balance sheet as at 30 June 2022 nor has issued securities.
Details on the income or expenditure which are of exceptional size or incidence are presented in the Notes to the non-consolidated financial statements in Note 1.12 presented in the Unconsolidated result for the second 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 as presented in Annual Report of the Company 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 171 thousand
(b) other differences between the information presented in the financial statements in TFI form compared to the classification of the information in the audited financial statements are presented in the Attachment to this notes.
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.
The average number of the employees during the reporting period of 2022 is 25.
The Company did not capitalize the cost of salaries in the financial year.
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 is as follows:
| 1.1.2022 | Increase | Decrease | 30.6.2022 | |
|---|---|---|---|---|
| kn'000 | kn'000 | kn'000 | kn'000 | |
| Deferred tax assets | - | - | - | - |
| Deferred tax liabilities | - | 103 | - | (103) |
| - | 103 | - | (103) |
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 of the Company for 2021. During the reporting period there were no significant changes in information presented in the Annual Report of the Company for 2021.
There were no shares subscribed during the financial year within the limits of the authorised capital.
Based on the Decision of the Company's Assembly dated June 14, 2022, the share capital of the Company is reduced in a regular procedure for the purpose of transferring HRK 23,178,500.00 to other reserves of the Company. By undertaking the share capital reduction, the nominal value per share is reduced to the amount which is lower than the minimum nominal amount permitted under Article 163(2) of the Companies Act. Hence, the share capital is reduced in a regular procedure through a consolidation of shares (reverse split), in accordance with Article 342(4) of the Companies Act. The shares are consolidated at a ratio of 2:1 by issuing to each shareholder 1 registered share with a nominal value of HRK 10.00 for 2 shares outstanding.
The company used other reserves to cover losses from previous periods in the amount of HRK 17,030,651.07, after which the amount of HRK 6,147,848.93 remained in the company's other reserves.
The Company has no participation certificates, convertible debentures, warrants, options or similar securities or rights.
The Company has no shares in companies having unlimited liability.
13. Name and registered office of the company which draws up quarterly 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 a controlled member of any group.
The Company prepares the consolidated financial statements for the second quarter of 2022 that are available for use on the internet page www.zse.hr.
14. Name and registered office of the company which draws up quarterly 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 a controlled member of any group.
15. Place where copies of the consolidated financial statements referred to in points 13 and 14 may be obtained
The Company prepares the 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, provided that the risks or rewards of such arrangements are material and to the extent that disclosure of such risks or rewards is necessary to assess the issuer's financial condition
The Company has no arrangement that are not included in the presented unconsolidated financial statements for the reporting period ended on 30 June 2022.
17. Nature and the financial effect of significant events arising after the balance sheet date which are not reflected in the profit and loss account or balance sheet
Significant events arising after the balance sheet date are presented in the Note 1.11 to the Unconsolidated result for the second quarter of 2022, as published on the internet page www.zse.hr
Attachment: Reconciliation of the classification of the items of the financial statements in TFI form in comparison to the classification used in preparation of the audited financial statements for the year 2021:
| P&L item (IFRS) | Amount HRK'000 |
P&L item (GFI) | Amount HRK'000 |
|---|---|---|---|
| Staff costs | 3.906 | Staff costs | 3.753 |
| Reclassification from other costs | 153 | ||
| Other operating costs | 2.955 | Costs of raw materials | 222 |
| Other external costs | 1.930 | ||
| Value adjustment | 50 | ||
| Other costs | 878 | ||
| Other operating expenses | 28 | ||
| Reclassification to staff costs | -153 | ||
| Rounding | 0 | ||
| Balance sheet item (IFRS) | Amount HRK'000 |
Balance sheet item (GFI) | Amount HRK'000 |
| Property and equipment | 1.039 | Land and buildings | 2.509 |
| Assets with right of use | 2.882 | Computer equipment | 663 |
| Other tangible assets | 157 | ||
| Leasehold improvements | 592 | ||
| Assets under construction | - | ||
| Rounding | 0 | ||
| Financial assets at fair value through other comprehensive income | 5.393 | Financial assets at amortised cost (long term) | 5.860 |
| Long term deposits | 250 | ||
| Loans receivable from associate | 217 | ||
| Trade receivables and other assets | 2.469 | Receivables (short term) | 2.476 |
| Inventories | 6 | Rounding | -1 |
| Trade and other payables (short term) | 1.342 | Trade payables | 362 |
| Short term financial liabilities | 432 | Liabilities to employees | 338 |
| Advance payments received | - | ||
| Taxes, contributions and similar liabilities | 396 | ||
| Other short-term liabilities | 679 | ||
| Rounding | -1 | ||
| Contractual liabilities | 3.013 | Accruals and deferred income | 3.015 |
| Rounding | -2 |
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