Zagreb Stock Exchange Investor Presentation
FY17 – FY19 1Q
May, 2019 1
Financial highlights
2
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CROBEX index
Turnover (000 HRK) Index
Operating highlights (Zagreb Stock Exchange)
2017 2018 % change 1Q 2018 1Q 2019 % change
Orderbook turnover (HRK
m.) 2.989 2.266 -24.2% 652 393 -39.6%
Stocks 2.621 1.579 -39.8% 420 334 -20.4%
Bonds 368 686 86.6% 232 59 -74.4%
Block Turnover (HRK m.) 670 588 -12.2% 226 142 -37.3%
Equity 589 542 -8.0% 226 142 -37.3%
Debt 81 46 -43.1% - - 0.0%
TOTAL Turnover (HRK m.) 3.660 2.854 -22.0% 877 535 -39.0%
TOTAL Volume (HRK m.) 401 590 47.3% 148 66 -55.5%
CROBEX© (closing) 1.843 1.749 -5.1% 1.805 1.798 -0.4%
Market capitalization (HRK
m) 236.078 233.549 -1.1% 238.816 247.121 3.5%
Average Daily (000)
Turnover 14.6 11.6 -21.1% 13.9 8.5 -39.0%
Volume 1.6 2.4 49.0% 2.4 1.0 -55.5%
Trading days 250 247 -1.2% 63 63 0.0%
Financial performance (Consolidated)
HRK 000, unless stated
otherwise 2017 2018 % change
Operating revenue 24.227 23.888 -1.4%
Operating expenses 26.630 22.395 -15.9%
EBITDA (2.403) 1.493 -162.1%
Net profit (3.755) 190 105.1%
EPS (HRK) (81) 4 105.1%
Profitability ratios
(Consolidated)
% 2017 2018
EBITDA margin -9.9% 6.3%
Net profit margin -15.5% 0.8%
Return on equity (ROE) -9.4% 0.5% 900
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2019
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2019
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2019
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CROBEXprime
Turnover (000 HRK) Index
4
5
8
10
1
2
3
4
Key events
2018
Trading activity
About ZSE Group
ZSE Indices
5
6
7
8
Projects
Financial results
Financial position
Share statistics &
Expectations
12
17
19
20
3
Table of Contents
Projects Financial results
Financial position
Share statistics &
Expectations
ZSE Indices
About ZSE Group
Trading activity
Key events 2018
4
Dec-18; Up to this point a total of EUR 2,5m was
raised for Croatian start-ups and SME`s
via Funderbeam
Oct-18; CE ENTER was shut down
and will be replaced with
Progress Market.
Dec-18; First issuer on
Progress Market; NEXE Grupa d.d.
Jun-18; ZSE joined
Federation of European Securities
Exchanges, FESE
May-18; 4th Ljubljana and Zagreb Stock
Exchange Investment
Days
Mar-18; ZSE participated in global initiative Ring The Bell for Gender Diversity
Sep-18; First issuer joined the
ZSE Prime Market; Atlantic
Grupa d.d.
Jan-18; ZSE was authorized by HANFA to carry out the activity of
publishing trading reports for the account
of investment companies by which ZSE gained
formal conditions for the introduction of APA
(approved publishing arrangement)
Oct-18; 7th joint conference of the
ZSE and Association of Pension Fund
Management and Pension Insurance
Companies
Nov-18; ZSE introduced ZSE`s
brief; a new communication
platform that will discuss key issues for the Croatian
and regional economy
Dec-18; Zagreb Stock
Exchange Awards
Projects Financial results
Financial position
Share statistics &
Expectations
ZSE Indices
About ZSE Group
Trading activity
Key events 2018
5
Total turnover decreased in 2018 by 22% compared to 2017. Main reason arises from smaller stocks turnover by 40% or HRK 1,042m. However, bonds turnover shows better results with 87% YoY growth to HRK 686m. Total volume increased by 47%. In both years most of the volume relates to bonds (2017; 70%, 2018; 87%). 1Q 2019, in terms of total turnover and volume, shows decrease compared to 1Q 2018.
Source: Trading Summary
Source: Trading Summary
Source: Trading Summary; 2017 Source: Trading Summary; 2018
Total turnover
HRK m. 2017 2018 % change 1Q 2018 1Q 2019 % change
Stocks 2.621 1.579 -40% 420 334 -20%
Bonds 368 686 87% 232 59 -74%
Commercial bills 0 0 0% 0 0 0%
Structured products 0 0 0% 0 0 0%
Equity Block Turnover 589 542 -8% 226 142 -37%
Debt Block Turnover 81 46 -43% 0 0 0%
Total turnover 3.660 2.854 -22% 877 535 -39%
Total volume 400.9 590.4 47% 148.5 66.0 -56%
OTC trades turnover 19.7 12.9 -34% 3.8 4.6 21%
Stocks; 9,6%
Bonds; 70,3%
Structured products; 0,0%
Equity Block; 1,4% Debt Block; 18,7%
Total volume; 2017
Stocks; 5,1%
Bonds; 86,8%
Equity Block; 0,6% Debt Block; 7,5%
Total volume; 2018
Projects Financial results
Financial position
Share statistics &
Expectations
ZSE Indices
About ZSE Group
Trading activity
Key events 2018
6
Source: Trading Summary Source: Trading Summary
Source: Trading Summary Source: Trading Summary
877
641 586 750
535
1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019
Total turnover (HRK m.)
420 356 348
456
334
226
85 137
95 142
1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019
Turnover - stocks and equity block (HRK m.)
Stocks Equity Block
420 356 348
456
334
1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019
Turnover - stocks (HRK m.)
10,3 9,3
6,3
10,9
6,2
2,3 3,0
0,4
3,1
1,0
1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019
Average daily figures (HRK m.)
Daily order book turnover Daily order book volume
Projects Financial results
Financial position
Share statistics &
Expectations
ZSE Indices
About ZSE Group
Trading activity
Key events 2018
7
Compared to 2017, total market capitalization slightly decreased by 1% to HRK 233,6b. Stocks market capitalization decreased by 4% and bonds market capitalization increased by 3% However, compared to 31 Dec 2018, as of 2019 1Q`s end, total market capitalization increased by 5,8% to HRK 247,1b. Sector with the largest share in total turnover in 2018 was Accommodation and food services (27%). As of 2019 1Q`s end, Financial and insurance services had the largest share in total market capitalization (30%).
Source: Trading Summary
Source: Trading Summary Source: Trading Summary
I Accomodation and food service activities;
27%
MA Legal, accounting, management, arhitecture,
engineering, technical testing and analysis
activities; 16%
JB Telecommunications;
15%
CA Manufacture of food products,
beverages and tobacco products; 10%
K Financial and insurance activities; 7%
G Wholesale and retail trade; repair of motor
vehicles and motorcycles; 7%
CL Manufacture of transport equipment;
5%
Other; 12%
2018 Turnover per Sectors
K Financial and insurance activities;
30%
CD Manufacture of coke and refined
petroleum products; 23%
I Accomodation and food service
activities; 14%
JB Telecommunications
; 10%
MA Legal, accounting,
management, arhitecture, engineering,
technical testing and analysis activities;
6%
H Transportation and storage; 4%
CA Manufacture of food products, beverages and
tobacco products; 4%
Other; 9%
1Q 2019 Market capitalization per Sectors
Market capitalization HRK m. 2017 2018 % change 1Q 2018 1Q 2019 % change Stocks 138.257 132.749 -4% 141.057 136.197 -3% Bonds 97.821 100.800 3% 97.759 110.924 13% Structured products 0 0 0% 0 0 0%
Total 236.078 233.549 -1% 238.816 247.121 3%
Listed Financial Instruments 2017 2018 % change 1Q 2018 1Q 2019 % change Official & Regular Market 163 157 -4% 167 156 -7%
Equities 137 132 -4% 138 130 -6% Bonds 26 25 -4% 29 26 -10%
CE Enter* / Progress Market 20 0 -100% 17 2 -88% *CE Enter was shut down on 28 Sep 2018 and replaced with Progress Market on which, as of 1 Apr 2019, were two (2) companies (BC Institut i NEXE Grupa d.d.)
Source: Trading Summary
Projects Financial results
Financial position
Share statistics &
Expectations
ZSE Indices
About ZSE Group
Trading activity
Key events 2018
8
ZSE is the first regional exchange that has listed it`s shares on the regulated market.
It manages (1) Regulated market and (2) Progress Market.
As of Dec 30, 2015, ZSE Group consists of Zagreb Stock Exchange and Ljubljana Stock Exchange.
ZSE`s share in SEE Link, regional trading integration, equals to 33%. Also, ZSE holds 20% stake in Funderbeam South East Europe (crowdfunding platform for start-ups).
As of 31 Dec 2018, ZSE had 25 employees.
Supervisory Board
Management Board
Information Technology and Business Development
Tomislav Gračan Member of the
Board
Ivana Gažić President of the
Board
Markets and Surveillance
Information Technology
Business Development
Markets Department
Surveillance Department
Legal and General Affairs
Business Support
Legal Affairs and Human Resources
Compliance
Finances
Corporate Communications
Education department
Administration Office & Investor
Relations
2
4 5
2
2
2
1
1
2
Source: ZSE`s Employee Checklist on 31 Dec 2018
2
1
Source: www.zse.hr *ZSE publishes monthly full list of shareholders on it's web pages, according
to Capital Market Act
EUNEX-C d.o.o.; 20,0%
ADDIKO BANK D.D./PBZ CO OMF - KATEGORIJA
B - Skrbnički račun; 10,0%
PRIVREDNA BANKA ZAGREB D.D./BAKTUN, LLC - Skrbnički račun;
7,9%
ADDIKO BANK D.D./ICAM OUTFOX
MACRO INCOME FUND - Skrbnički račun; 6,0%
ZAGREBAČKA BANKA D.D./EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT - Skrbnički račun; 5,2%
ADDIKO BANK D.D./SZAIF D.D. -
Skrbnički račun; 4,9%
OTP BANKA D.D.; 4,6%
ERSTE & STEIERMARKISCHE BANK D.D.; 3,3%
ADDIKO BANK D.D; 2,9%
Other; 35,3%
ZSE`s shareholders as of 1 April 2019
Progress market department
1
Projects Financial results
Financial position
Share statistics &
Expectations
ZSE Indices
About ZSE Group
Trading activity
Key events 2018
9
Supervisory Board
Management Board
Market Operations
Nina Vicar Member of the
Board
Aleš Ipavec President of the
Board
Information Technology
Legal Affairs
Market Operations
IT
General Affairs
Management Board Cabinet and PR
Development and sales
Finance, Internal Audit and HRM
2
2 1
1
2
Source: LJSE`s Employee Checklist on 31 Dec 2018
4
1
Source: www.zse.hr *ZSE publishes monthly full list of shareholders on it's web pages, according
to Capital Market Act
ZSE is the first regional exchange that has listed it`s shares on the regulated market.
It manages (1) Regulated market and (2) Progress Market.
As of Dec 30, 2015, ZSE Group consists of Zagreb Stock Exchange and Ljubljana Stock Exchange.
ZSE`s share in SEE Link, regional trading integration, equals to 33%. Also, ZSE holds 20% stake in Funderbeam South East Europe (crowdfunding platform for start-ups).
As of 31 Dec 2018, LJSE had 13 employees.
EUNEX-C d.o.o.; 20,0%
ADDIKO BANK D.D./PBZ CO OMF - KATEGORIJA
B - Skrbnički račun; 10,0%
PRIVREDNA BANKA ZAGREB D.D./BAKTUN, LLC - Skrbnički račun;
7,9%
ADDIKO BANK D.D./ICAM OUTFOX
MACRO INCOME FUND - Skrbnički račun; 6,0%
ZAGREBAČKA BANKA D.D./EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT - Skrbnički račun; 5,2%
ADDIKO BANK D.D./SZAIF D.D. -
Skrbnički račun; 4,9%
OTP BANKA D.D.; 4,6%
ERSTE & STEIERMARKISCHE BANK D.D.; 3,3%
ADDIKO BANK D.D; 2,9%
Other; 35,3%
ZSE`s shareholders as of 1 April 2019
Projects Financial results
Financial position
Share statistics &
Expectations
ZSE Indices
About ZSE Group
Trading activity
Key events 2018
10
Source: ZSE Trading data Source: ZSE Trading data
Source: ZSE Trading data Source: ZSE Trading data
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CROBEXtr
Turnover (000 HRK) Index
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CROBEXplus
Turnover (000 HRK) Index
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CROBEXindustrija
Turnover (000 HRK) Index
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6,000
8,000
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CROBEXturist
Turnover (000 HRK) Index
Projects Financial results
Financial position
Share statistics &
Expectations
ZSE Indices
About ZSE Group
Trading activity
Key events 2018
11
Source: ZSE Trading data
Source: ZSE Trading data Source: ZSE Trading data
Source: ZSE Trading data
01002003004005006007008009001000
0,000
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
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CROBEXnutris
Turnover (000 HRK) Index
200
300
400
500
600
700
800
900
1000
0
200
400
600
800
1000
1200
1400
Ind
ex
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r (H
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00
0)
CROBEXkonstrukt
Turnover (000 HRK) Index
0
250
500
750
1000
1250
1500
0,000
0,500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Ind
ex
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ove
r (H
RK
000
)
CROBEXtran
Turnover (000 HRK) Index
100
105
110
115
120
0,000
100,000
200,000
300,000
400,000
500,000
Ind
ex
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CROBIS
Turnover (000 HRK) Index
Projects Financial results
Financial position
Share statistics &
Expectations
ZSE Indices
About ZSE Group
Trading activity
Key events 2018
12
Ljubljana Stock Exchange
LJSE was successfully acquired by ZSE in December 2015 by which ZSE confirmed it`s role as a pioneer of the consolidation processes in the region.
In 2018, total turnover amounted to EUR 337,3m which is slight decrease compared to 2017 (-2,9%). Total market capitalization on 28.12.2018 amounted to EUR 33,4m which is an increase of 12,5% compared to 31.12.2017.
Out of total turnover achieved during 2018, 97,1% relates to shares and 2,9% to bonds.
SBI TOP, Slovenian Blue Chip index slightly decreased compared to 2017 (-0,18%)
Source: Ljubljana Stock Exchange; Extended statistical report 2018.
Source: Ljubljana Stock Exchange; Statistical Data
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sij vlj ožu tra svi lip srp kol ruj lis stu pro
SBI
TO
P
TU
RN
OVER IN
000 E
UR
Type of security
Number of
Issuers
31.12.2018
Market
capital isation
(EURm)
31.12.2018
Turnover (EUR)Number of
trades
Shares 31 6.349 327.694.073 37.756
Prime Market 9 5.668 266.124.342 30.924
Standard Market 22 681 61.569.731 6.832
Entry Market 0 0 0 0
Bonds 16 27.017 9.628.045 352
Treasury Bills 1 0 0 0
Commercial Papers 2 0 0 0
TOTAL 50 33.366 337.322.118 38 .108
Projects Financial results
Financial position
Share statistics &
Expectations
ZSE Indices
About ZSE Group
Trading activity
Key events 2018
13
SEE Link – regional securities trading platform
SEE Link was established in 2014 by the Bulgarian, Macedonian and Zagreb Stock Exchange in order to spur liquidity and enable a more simple and efficient access to investors and local brokerages.
SEE LINK project is supported by European Bank for Reconstruction and Development providing a EUR 540,000 grant to establish electronic system for order-routing. In parallel, participating stock exchanges extended EUR 80,000 in capital strengthening of the SEE LINK.
SEE Link became fully operational in March 2016 and currently includes securities from seven stock exchanges; Bulgarian (BSE), Bosnia and Herzegovina (BLSE and SASE), Croatian (ZSE), Macedonian (MSE), Serbian (BELEX) and Slovenian (LJSE).
As of 31 Dec 2018, SEE Link represents a connection to markets with a capitalisation of over USD 50,0 billion allowing order routing of almost 1,200 securities.
Founders of SEE Link in 2014.
Other SEE Link members
Projects Financial results
Financial position
Share statistics &
Expectations
ZSE Indices
About ZSE Group
Trading activity
Key events 2018
14
Funderbeam South East Europe
The stock market should serve as a "financial hub" for financing companies at all stages of growth (shown on picture bellow).
Stock exchanges that are focused on all growth phases of companies can be a significant growth generator of the economy.
In October 2016 ZSE presented Funderbeam SEE – a new model of start-up financing.
Funderbeam is a crowdfunding platform for start-ups enabling investors, immediately after the initial investment stage, to begin trading their units thanks to the innovative system based on bitcoin technology.
Stock market should be present in all growth stages of a Company
In order to provide a legal framework for the project, together with the Estonian partner Funderbeam Ventures, the Zagreb Stock Exchange established Funderbeam South-East Europe d.o.o. company based in Zagreb in which it holds an equity participation of 20 %.
In its first stage, Funderbeam SEE will focus on companies from Croatia, Slovenia and Serbia while planning to expand its business to the entire region in the future and will provide access to the market by global investors right from the start.
As of 31 Mar 2019, there were 7 Croatian companies that raised capital through Funderbeam platform: Include, Aspida, Sense Consulting, Medvedgrad Craft Brewery, Entrio, Top Digital Agency and OmoLab.
Crowdfunding Platform: Funderbeam
SEE
Private Company Market
Z
Regulated Market (lower segment)
Regulated Market (higher
segment)
Projects Financial results
Financial position
Share statistics &
Expectations
ZSE Indices
About ZSE Group
Trading activity
Key events 2018
Progress Market – fresh capital for SME`s
Progress market is multilateral trading facility in Croatia and Slovenia, managed by the Zagreb Stock Exchange, Inc., intended for small and medium enterprises.
The cooperation between Zagreb and Ljubljana Stock Exchanges will enable small and medium-sized companies to raise capital in Croatia and Slovenia.
The main problems which Croatian and Slovenian SME`s encounter are growth financing and ownership transfer. Progress Market is designed to solve these problems.
The main characteristic of the Progress Market is lower transparency requirements for Issuers compared to the regulated market and, consequently, a higher associated risk of investing in Financial Instruments traded on the Progress Market.
Stock market should be present in all growth stages of a Company
Crowdfunding Platforma: Funderbeam
SEE
Private Company Market
Z
Regulated Market (lower segment)
Regulated Market (higher
segment)
Specificity for Progress Market is that every new Issuer has to have an Advisor for a period of two years after listing. As of April 2019, there are 11 Croatian and 7 Slovenian Authorised advisors.
NEXE Grupa d.d. and BC Institut d.d. are first issuers on Progress Market.
On 29 January 2019, the Croatian Financial Services Supervisory Agency approved the registration of the Zagreb Stock Exchange's Progress Market as an SME growth market, making Progress among the 4 SME growth markets in Europe.
Authorized Advisors
Projects Financial results
Financial position
Share statistics &
Expectations
ZSE Indices
About ZSE Group
Trading activity
Key events 2018
Stock market should be present in all growth stages of a Company
Crowdfunding Platforma: Funderbeam
SEE
Private Company Market
Z
Regulated Market (lower segment)
Regulated Market (higher
segment)
800
850
900
950
1.000
1.050
2.1
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8
16
.2.2
01
8
2.4
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8
17
.5.2
01
8
1.7
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8
15
.8.2
01
8
29
.9.2
01
8
13
.11
.20
18
28
.12
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18
11
.2.2
01
9
CROBEX vs CROBEXprime
CROBEXprime
CROBEX stand
As of June 2019, ZSE will introduce Adria Prime Index which will
encompass both Croatian and Slovenian Prime Market companies
Projects Financial results
Financial position
Share statistics &
Expectations
ZSE Indices
About ZSE Group
Trading activity
Key events 2018
17
Total consolidated revenue for 2018 amounts to HRK 23,9m which is a slight decrease compared to 2017. (-1,4%). Commissions, with 46%, make the largest part of sales revenue.
Other operating revenue remained stable with 1,2% YoY growth. Income from the supply of information remained the most important other operating income with a share of 66%.
Source: annual report
Source: annual report
Source: annual reports
Source: annual report
2016
2017
Consolidated Income Statement
HRK 000 2017 2018 % change
Revenue 24.227 23.888 -1.4%
Sales revenue 15.858 15.421 -2.8%
Other operating income 8.369 8.467 1.2%
Operating expenses (26.630) (22.395) -15.9%
Staff costs (10.940) (10.853) -0.8%
Software and licenses (6.531) (3.564) -45.4%
Professional services (2.042) (1.497) -26.7%
Rent (1.291) (1.380) 6.9%
Utility expenses (831) (506) -39.1%
Fees and charges (736) (787) 6.9%
Post and telephone (483) (282) -41.6%
Other expenses* (3.776) (3.526) -6.6%
EBITDA (2.403) 1.493 162.1%
Depreciation (1.792) (1.134) -36.7%
EBIT (4.195) 359 -108.6%
Net financial result 607 54 -91.1%
EBT (3.588) 413 -111.5%
Share of loss of equity -
accounted investees (56) (124) 121.4%
Corporate Income Tax (111) (99) -10.8%
Profit/(Loss) for the Period (3.755) 190
*Other expenses include entertainment, business travel, write off of
software, impairment costs, other expenses
Sales revenue 2017 2018
Commissions 7.757 7.052
Quotation maintaining 6.767 6.819
Quotation fee 763 1.029
Membership fees 571 521
Total 15.858 15.421
49%
43%
5% 4%
Commissions; 46% Quotation
maintaining; 44%
Quotation fee; 7% Membership fees;
3%
Sales revenue; 2017 vs 2018
Supply of information;
66%
Seminars; 17%
Income from grant; 0%
API services; 0%
Sale and lease of equipment;
2%
Other income; 14%
Other operating income 2018
14,469 14,129 14,513
24,205 24,227 23,888
10,000
12,000
14,000
16,000
18,000
20,000
22,000
24,000
26,000
2013 2014 2015 2016 2017 2018
HR
K 0
00
Revenue Zagrebačka burza d.d. 2013 - 2018*
2013 2014 2015 2016 2017 2018
*since 2016 revenue is consolidated
Projects Financial results
Financial position
Share statistics &
Expectations
ZSE Indices
About ZSE Group
Trading activity
Key events 2018
18
In 2018 ZSE Group`s operating expenses were equal to HRK 22,4m which represents a significant decrease of 15,9%.
The most important cost are staff costs (HRK 10,9m) and software and licenses costs (HRK 3,6m). As of 31 Dec 2018, Group employs 38 employees.
Other expenses include consultancy, legal, audit and accountings fees, postal and communication services, utilities, entertainment, business trips, write offs, etc.
ZSE Group`s EBITDA considerably improved. Even though revenue decreased by 1,4%, operating expenses decreased by 15,9%. EBITDA for 2018 amounts to HRK 1,5m while EBITDA in 2017 was negative.
After loss in 2017, ZSE Group achieved profit in 2018 in the amount of HRK 190k.
LJSE stand alone results show a slight increase in operating revenue and a 4,6% increase in EBITDA which, for 2018, amounts to HRK 1,2m.
Source: annual data
Source: annual report
2016
2017
Source: annual report
Consolidated Income Statement
HRK 000 2017 2018 % change
Revenue 24.227 23.888 -1.4%
Sales revenue 15.858 15.421 -2.8%
Other operating income 8.369 8.467 1.2%
Operating expenses (26.630) (22.395) -15.9%
Staff costs (10.940) (10.853) -0.8%
Software and licenses (6.531) (3.564) -45.4%
Professional services (2.042) (1.497) -26.7%
Rent (1.291) (1.380) 6.9%
Utility expenses (831) (506) -39.1%
Fees and charges (736) (787) 6.9%
Post and telephone (483) (282) -41.6%
Other expenses* (3.776) (3.526) -6.6%
EBITDA (2.403) 1.493 162.1%
Depreciation (1.792) (1.134) -36.7%
EBIT (4.195) 359 -108.6%
Net financial result 607 54 -91.1%
EBT (3.588) 413 -111.5%
Share of loss of equity -
accounted investees (56) (124) 121.4%
Corporate Income Tax (111) (99) -10.8%
Profit/(Loss) for the Period (3.755) 190
*Other expenses include entertainment, business travel, write off of
software, impairment costs, other expenses
38%
23%
7%
5%
3% 3% 2%
13%
6%
Staff costs; 46%
Software and licenses; 15%
Professional services; 6%
Rent; 6%
Utility expenses; 2%
Fees and charges; 3%
Post and telephone ; 1%
Other expenses*; 15%
Depreciation; 5%
Operating costs; 2017 vs 2018
Financial results (LJSE stand alone)
HRK 000 2017 2018 % change
Operating revenue 10.738 10.756 0.2%
Operating expenses (9.548) (9.512) -0.4%
EBITDA 1.190 1.244 4.6%
Depreciation (531) (767) 44.3%
EBIT 658 478 -27.5%
Net Financial Results 36 6 -83.7%
Other - net (29) (55) 92.9%
EBT 666 428 -35.7%
CIT (74) (81) 8.9%
Profit for the period 592 348 -41.3%
Projects Financial results
Financial position
Share statistics &
Expectations
ZSE Indices
About ZSE Group
Trading activity
Key events 2018
19
ZSE Group`s total assets decreased by 0,9% in 2018 compared to 2017.
Non-current assets decreased by 13,7% mostly due to decrease in buildings net book value.
Current assets increased by 8,8% which was mainly due to cash and cash equivalents increase (HRK 2,0m). Receivables also increased mainly due to account receivables increase.
Shareholder`s equity remained stable. Non current liabilities relate to deferred tax liability and financial leasing.
Current liabilities include accounts payable (HRK 2,0m), contractual liabilities (received fees for which services have not yet been executed) and provisions (HRK 4,2m) and other current liabilities.
The group is significantly capitalized and has a significant amount of cash and fast-selling financial assets. It only invests in low-risk investments. Also, LJSE and ZSE meet their legal requirements regarding minimum capital adequacy under the Capital Market Act.
Source: annual report
Financial position (Consolidated)
000 HRK 2017 2018 % change
Non-current assets 20.000 17.258 -13.7%
Current assets 26.443 28.764 8.8%
Inventory 10 7 -30.0%
Receivables 3.225 4.007 24.2%
Current financial assets 18.217 17.693 -2.9%
Cash and cash equivalents 4.482 6.527 45.6%
Prepaid expenses and
accrued income 509 530 4.1%
Total assets 46.443 46.022 -0.9%
Shareholders’ equity 39.878 39.505 -0.9%
Non current liabilities 326 254 -22.1%
Current liabilities 3.003 6.263 108.6%
Accrued expenses and
deferred income 3.236 - -100.0%
Total equity & liabilities 46.443 46.022 -0.9%
43% 37%
57% 63%
86% 86%
13% 14% 1% 1%
2017 2018
Assets, liabilities and capital breakdown 2018 vs 2017
Non-current assets Current assets
Shareholders’ equity Current liabilities
20
Projects Financial results
Financial position
Share statistics &
Expectations
ZSE Indices
About ZSE Group
Trading activity
Key events 2018
Share Statistics
Share information
Symbol ZB-R-A
ISIN HRZB00RA0003
Last price (31 Dec 2018) HRK 16.00
52 WK High HRK 16.90
52 WK Low HRK 10.00
Total volume (m) 2.46
Total turnover (HRK m) 40.19
Shares outstanding 4.635.700
0
5
10
15
20
25
0,000
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Ave
rage
pri
ce
Turn
ove
r (H
RK
00
0)
ZB-R-A Turnover and share price
Turnover (HRK 000) Average price
Projects Financial results
Financial position
Share statistics &
Expectations
ZSE Indices
About ZSE Group
Trading activity
Key events 2018
21
Management Expectations
difficult year due to the lack of liquidity
potential changes to the Price list
creation of the first common index with Ljubljana Stock Exchange (ADRIA prime)
examine possibilities for receivables market
migration to the new trading system (T7)
changes of the Corporate Governance Code