Granolio d.d.

Quarterly Report • Oct 30, 2015

Consolidated financial results for the nine months period ended 30 September 2015 (unaudited)

General information on Granolio d.d.

GRANOLIO d.d. ("The Company") is a joint-stock company registered with the Commercial Court of Zagreb, Croatia.

The Company's tax number (OIB) is 59064993527, and its registration number (MBS) 080111595. The Company's headquarters is located in Zagreb at Budmanijeva 5.

Subsidiaries

The Company holds 100% of the shares in companies Zdenačka farma d.o.o. and Prerada Žitarica d.o.o.

It has a controlling influence in the decision-making process in Zdenka mliječni proizvodi d.o.o. ("Zdenka-m.p. d.o.o.") and Žitar d.o.o. The above companies have been consolidated into the Granolio Group since 2011.

Subsidiary Žitar d.o.o. has founded another company, Žitar konto d.o.o., which is fully owned by it. Žitar konto d.o.o. financial statements are part of the consolidated financial statements.

Organizational structure of the Granolio Group is presented in the chart below:

The Group monitors its business operations through four business segments:

• Milling
• Dairy and cheese production
• Wholesale trade
• Other

Milling is the segment that comprises flour production and sale of flour. This business segment is comprised in the holding company exclusively.

Dairy and cheese production ("Dairy") comprises cheese production and cheese sale realized in the company Zdenka – mliječni proizvodi d.o.o., but also milk production and sale of milk by dairy farms in the companies Zdenačka farma d.o.o. and Žitar d.o.o.

Wholesale trade segment comprises grain and oilseed trade and trade of sowing materials performed by the companies Granolio d.d. and Žitar d.o.o.

The segment Other comprises animal feed production (Žitar d.o.o.), pig farming and beef cattle farming (Žitar d.o.o., beef cattle farming in the company Granolio d.d.), and rendering the silo services and the storage of trade goods (Granolio d.d., Žitar d.o.o. and Prerada žitarica d.o.o.).

Granolio Group's financial indicators for the first nine months period of 2015

In thousands of HRK
	1-9 2015	1-9 2014	change
Operating income	574,115	538,883	35,232	7%
Operating expenses	579,780	566,023	13,757	2%
EBIT	14,810	(15,539)	30,349	197%
EBIT margin	3%	-3%
EBITDA
(EBIT + depreciation + value adjustments)	37,438	27,011	10,427	39%
EBITDA margin	7%	5%
Net financial result	(14,708)	(35,504)	20,796	59%
Net result for the period	102	(51,043)	51,145	100%
Result attributable to the Group	(2,365)	(44,635)	42,270	95%
Minority interest	2,467	(6,407)	8,874	139%

Compared to the same period last year, operating income of the Granolio Group has increased by 7%, what is the result of growth in the milling segment and dairy segment, i.e. cheese production.

In comparison to the same period last year, operating result before financial income and expenses (EBIT) has significantly improved. Other than better results realized from operating activities, one of the reasons for it is also that EBIT for the first nine months period of 2014 comprised the costs of value adjustment of receivables in the total amount of HRK 18.3 million, while as at 30 September 2015 no indication for assets impairment were identified.

The most significant contribution to the total amount of EBITDA in the observed period of 2015 were realised within the segments: dairy and cheese production with 50% (nine months period of 2014: 67%) and milling with 36% (nine months period of 2014: 29%).

Interests costs on financial liabilities of the parent company in 2015 is lower by HRK 3 million. Other than mentioned, net financial result for 2015 is more favorable in comparison to the same period last year as financial result for 2014 comprises value adjustments of financial assets in the amount of HRK 16.8 million.

Financial indicators In thousands of HRK
	30.9.2015	31.12.2014	change
Net assets (Capital and reserves)	216,038	216,904	(866)	0%
Total debt	561,792	597,063	(35,271)	-6%
Cash and cash equivalents	16,266	3,350	12,916	386%
Financial assets	25,411	26,183	(772)	-3%
Net debt	520,115	567,530	(47,415)	-8%
Net debt/EBITDA**	8.4	11.1
* Financial assets are comprised of financial loans, securities and deposits
** EBITDA for the last 12 months:	61,777	51,350

The Group's net debt during the nine months period has decreased by HRK 47 million, what was financed out of operating activities and change in working capital.

Separate business results for the first nine months period of 2015

Granolio d.d. In thousands of HRK
	1-9 2015	1-9 2014	change
Operating income	421,064	405,382	15,681	4%
EBITDA	16,151	7,538	8,613	114%
margin %	4%	2%
EBIT	8,640	(11,628)	20,269	174%
margin %	2%	-3%
Net financial result	(10,144)	(25,673)	15,529	60%
Net result	(1,503)	(37,301)	35,798	96%
margin %	0%	-9%

When compared to the same period last year the Company's key financial indicators for the nine months period of 2015 are much more favourable. Positive business trend has been continued during the third quarter, i.e. this is the second quarter in which the Company is operating with the positive result.

Zdenka - mliječni proizvodi d.o.o.				In thousands of HRK
	1-9 2015	1-9 2014	change
Operating income	113,939	94,952	18,987	20%
EBITDA	14,035	9,902	4,134	42%
margin %	12%	10%
EBIT	5,034	(3,483)	8,517	245%
margin %	4%	-4%
Net financial result	(1,627)	(1,929)	303	16%
Net result	3,408	(5,412)	8,820	163%
margin %	3%	-6%

In 2015 Zdenka has included in its assortment long-life milk, which sales resulted with income in the amount of app. HRK 13 million realized during the first nine months period of 2015. The most significant income increase is noted in the sales of fresh and semi-hard cheeses and butter. Income increase is the result of increased sales quantity of products, while average sales prices are lower than in the corresponding period.

Income increase is noted in the sales income realized on the domestic market. The value of export is app. at the same level as realized during the nine months period of 2014, while the main portion of export is realized from trading with BiH, Slovenia, Serbia and FYRM (app. 80% of total export).

Other than income increase, when comparing to the same corresponding period, the company has shown better performance in all other financial indicators as well, and continues its positive business trend, regarding this is the third quarter in a row in which the company achieved positive net result.

Žitar d.o.o. (consolidated) In thousands of HRK

	1-9 2015	1-9 2014	change
Operating income	58,529	58,275	254	0%
EBITDA	7,032	6,430	603	9%
margin %	12%	11%
EBIT	3,399	(1,020)	4,419	433%
margin %	6%	-2%
Net financial result	(1,882)	(6,336)	4,454	70%
Net result	1,517	(7,356)	8,873	121%
margin %	3%	-13%

In comparison to the same period last year, operating result before financial income and expenses (EBIT) has significantly improved, and one of the main reasons for this is that EBIT for the first nine months period of 2014 comprised the costs of value adjustment of receivables in the total amount of HRK 3.9 million.

Net financial result for the first nine months period of 2014 included the cost of value adjustment of financial assets, therefore net financial result for the corresponding period in 2015 is more favourable. Neither no costs of value adjustments incurred during the first nine months period of 2015.

Zdenačka farma d.o.o. In thousands of HRK
	1-9 2015	1-9 2014	change
Operating income	14,761	16,685	(1,924)	-12%
EBITDA	1,123	4,257	(3,134)	-74%
margin %	8%	26%
EBIT	(1,047)	2,016	(3,063)	-152%
margin %	-7%	12%
Net financial result	(1,043)	(1,445)	402	28%
Net result	(2,090)	571	(2,661)	-466%
margin %	-14%	3%

During the first nine months in 2015 total sale of milk from Zdenačka farma d.o.o. was 3.7 million kilos, what is 3% more than during the same period last year. Average sales price realized during the first nine months period of 2015 was 20% lower than the average sales price realized during the same period last year.

The main causes of EBITDA margin decrease from 26% to 8% are decrease in sales price of milk and increase in costs (e.g. electricity costs increased as a result of subsequently received invoice for the consumption in previous periods).

Prerada žitarica d.o.o. In thousands of HRK
	1-9 2015	1-9 2014	change
Operating income	524	399	125	31%
EBITDA	(410)	(714)	303	42%
margin %	-78%	-179%
EBIT	(723)	(1,023)	301	29%
margin %	-138%	-256%
Net financial result	(12)	4	(17)	-380%
Net result	(735)	(1,019)	284	28%
margin %	-140%	-255%

Prerada žitarica d.o.o. is the company which main activities are storage of goods, and storage and drying of grains. Due to high seasonality of business, more significant turnover is expected to incur in near year-end, while costs are largely fixed.

Employees

In the first nine months period of 2015 the Group employed 464 employees based on man-hour basis (in the first nine months period of 2014: 456 employees).

Environment

Regarding the environmental protection, the Group has implemented comprehensive and systematic solutions and established environment-friendly production processes.

Other

Supervisory Board has not considered Granolio Group's financial statements for the first nine months period of 2015 for approval, as the Supervisory Board meeting with the approval of the mentioned reports on the meeting agenda is scheduled for 3 December 2015.

Annex 1. Reporting period	1.1.2015	to	30.9.2015
		Quarterly financial report TFI-POD
Tax number (MB): 01244272
Company registration number 080111595 (MBS):
59064993527 Personal identification number (OIB):
Issuing company: GRANOLIO d.d.
Postal code and place 10000		Zagreb
Street and house number: BUDMANIJEVA 5
E-mail address: granolio@granolio.hr
Internet address www.granolio.hr
Municipality/city code and name ZAGREB 133
County code and name GRAD ZAGREB 21			Number of employees: (period end)	480
Consolidated report: YES			NKD code:	1061
Companies of the consolidation subject (according to IFRS):		Seat:	MB:
GRANOLIO D.D.		ZAGREB	01244272
ZDENAČKA FARMA D.O.O.		VELIKI ZDENCI	02095777
PRERADA ŽITARICA D.O.O.		GRUBIŠNO POLJE	02095696
ZDENKA - MLIJEČNI PROIZVODI D.O.O.		VELIKI ZDENCI	01623982
ŽITAR D.O.O.		DONJI MIHOLJAC	01443119
Bookkeeping service:
Contact person: JASENKA KORDIĆ (only surname and name) Telephone: 01/6320261		Telefaks:	01/6320224
E-mail address: jkordic@granolio.hr
Family name and name: HRVOJE FILIPOVIĆ

L.S.

(signature of the person authorized to represent the company)

Balance Sheet as of 30.09.2015.

Company: GRANOLIO d.d.
Position	AOP	Previous period	Current period
1	2	3	4
ASSETS
A) RECEIVABLES FOR SUBSCRIBED BUT NOT PAID-IN CAPITAL	001
B) LONG-TERM ASSETS (003+010+020+029+033)	002	613.572.262	603.960.213
I. INTANGIBLE ASSETS (004 do 009)	003	190.426.725	189.097.821
1. Assets development	004		0
2. Concessions, patents, licenses, trademarks, service marks, software and other rights	005	120.000.000	120.940.082
3. Goodwill	006	60.379.072	60.379.072
4. Prepayments for purchase of intangible assets	007		0
5. Intangible assets in preparation 6. Other intangible assets	008 009	10.047.653	0 7.778.667
II. TANGIBLE ASSETS (011 do 019)	010	389.305.038	381.329.134
1. Land	011	27.383.150	27.388.954
2. Buildings	012	243.598.112	236.429.159
3. Plant and equipement	013	82.585.815	75.828.241
4. Tools, working inventory and transportation assets	014	89.570	3.315.640
5. Biological assets	015	10.943.371	11.174.473
6. Prepayments for tangible assets	016	770.450	796.189
7. Tangible assets in progress	017	21.006.005	23.440.143
8. Other tangible assets	018		517.509
9. Investments in buildings	019	2.928.565	2.438.826
III. LONG-TERM FINANCIAL ASSETS (021 do 028)	020	32.452.058	32.145.463
1. Investments (shares) with related parties	021	10.000	10.000
2. Loans given to related parties	022	10.852.932	10.811.294
3. Participating interest (shares)	023	20.462.753	20.462.190
4.Loans to entrepreneurs in whom the entity holds participating interests	024		0
5. Investments in securities 6. Loans, deposits and similar assets	025 026	1.126.373	0 861.979
7. Other long - term financial assets	027		0
8. Investments accounted by equity method	028		0
IV. RECEIVABLES (030 do 032)	029	1.388.441	1.387.794
1. Receivables from related parties	030		0
2. Receivables from based on trade loans	031		0
3. Other receivables	032	1.388.441	1.387.794
V. DEFERRED TAX ASSET	033		0
C) SHORT TERM ASSETS (035+043+050+058)	034	390.497.241	459.742.311
I. INVENTORIES (036 do 042)	035	143.415.950	148.415.022
1. Raw materials and supplies	036	27.579.932	32.603.027
2. Work in progress	037	12.232.040	16.040.681
3. Finished goods	038	15.090.587	16.016.846
4. Merchandise	039	88.479.391	83.724.520
5. Prepayments for inventories	040	14.000 20.000	29.949 0
6. Long term assets held for sale 7. Biological assets	041 042		0
II. RECEIVABLES (044 do 049)	043	170.986.354	192.101.691
1. Receivables from related parties	044	10.927.051	8.393.711
2. Accounts receivable	045	143.899.123	152.206.340
3. Receivables from participating parties	046		0
4. Receivables from employees and members of related parties	047	24.342	171.823
5. Receivables from government and other institutions	048	10.726.766	13.811.125
6. Other receivables	049	5.409.072	17.518.693
III. SHORT TERM FINANCIAL ASSETS (051 do 057)	050	72.745.153	102.959.295
1. Shares (stocks) in related parties	051		0
2. Loans given to related parties	052	18.098.353	21.752.775
3. Participating interests (shares)	053		0
4. Loans to entrepreneurs in whom the entity holds participating interests	054		0
5. Investments in securities	055	871.297	996.583
6. Loans, deposits, etc. 7. Other financial assets	056 057	53.775.503 0	80.209.937 0
IV. CASH AND CASH EQUIVALENTS	058	3.349.784	16.266.303
D) PREPAID EXPENSES AND ACCRUED REVENUE	059	1.524.823	8.233.296
E) TOTAL ASSETS (001+002+034+059)	060	1.005.594.326	1.071.935.819
F) OFF-BALANCE RECORDS	061

EQUITY AND LIABILITIES
A) ISSUED CAPITAL AND RESERVES (063+064+065+071+072+075+078)	062	216.904.285	216.037.779
I. SUBSCRIBED SHARE CAPITAL	063	19.016.430	19.016.430
II. CAPITAL RESERVES	064	85.379.031	84.190.947
III.RESERVES FROM PROFIT (066+067-068+069+070)	065	183.484	183.484
1. Reserves prescribed by low	066	183.484	183.484
2. Reserve for own shares	067
3. Treasury shares and shares (deductible items)	068
4. Statutory reserves	069
5. Other reserves	070
IV. REVALUATION RESERVES	071	67.384.068	65.200.776
V. RETAINED EARNINGS OR ACCUMULATED LOSS (073-074)	072	37.480.963	-6.373.996
1. Retained earnings	073	37.480.963
2. Accumulated loss	074		6.373.996
VI. PROFIT/LOSS FOR THE CURRENT YEAR (076-077)	075	-46.269.675	-2.365.376
1. Profit for the current year	076		0
2. Loss for the current year	077	46.269.675	2.365.376
VII. MINORITY INTEREST	078	53.729.984	56.185.516
B) PROVISIONS (080 do 082)	079	249.821	271.761
1. Provisions for pensions, severance pay and similar libabilities	080		0
2. Provisions for tax liabilities	081		0
3. Other provisions	082	249.821	271.761
C) LONG - TERM LIABILITIES (084 do 092)	083	175.579.168	391.156.866
1. Liabilites to related parties	084		0
2. Liabilities for loans, deposits, etc.	085	10.955	11.492
3. Liabilities to banks and other financial institutions	086	158.430.216	374.579.791
4. Liabilities for received prepayments	087		0
5. Accounts payable	088	291.980	265.390
6. Liabilities arising from debt securities	089		0
7. Liabilities to entrepreneurs in whom the entity holds participating interests	090		0
8. Other long-term liabilities	091		0
9. Deferred tax liability	092	16.846.017	16.300.194
D) SHORT - TERM LIABILITIES (094 do 105)	093	597.104.007	448.889.095
1. Liabilites to related parties	094	157.659	8.762.467
2. Liabilities for loans, deposits, etc.	095	0	33.675.107
3. Liabilities to banks and other financial institutions	096	328.819.259	90.905.314
4. Liabilities for received prepayments	097	2.770.586	25.175.854
5. Accounts payable	098	140.326.406	217.916.852
6. Liabilities arising from debt securities	099	109.802.353	62.620.355
7. Liabilities to entrepreneurs in whom the entity holds participating interests	100		0
8. Liabilities to emloyees	101	2.128.577	2.305.925
9. Liabilities for taxes, contributions and similar fees	102	7.347.716	4.295.423
10. Liabilities to share - holders	103		0
11. Liabilities for long-term assets held for sale	104		0
12. Other short - term liabilities	105	5.751.452	3.231.799
E) DEFFERED SETTLEMENTS OF CHARGES AND INCOME DEFERRED TO FUTURE PERIOD	106	15.757.045	15.580.317
F) TOTAL – CAPITAL AND LIABILITIES (062+079+083+093+106)	107	1.005.594.326	1.071.935.819
G) OFF-BALANCE RECORDS	108
APPENDIX to balance sheet(to be filled in by entrepreneur that prepares consolidated
annual financial report)
CAPITAL AND RESERVES
1. Attributed to equity holders of parent company	109	163.174.301	159.852.264
2. Attributable to minority interest	110	53.729.984	56.185.515

Income statement period 01.01.2015. to 30.09.2015.

Company: GRANOLIO d.d.
Position	AOP		Previous period Previous period Current period Current period
		Cummulative	Quarter	Cummulative	Quarter
1	2	3	4	5	6
I. OPERATING REVENUE (112 do 113) 1. Sales revenue	111 112	550.484.085 538.883.211	194.568.359 191.228.248	594.590.084 574.114.552	212.516.651 208.612.976
2. Other operating revenues	113	11.600.874	3.340.111	20.475.532	3.903.674
II. OPERATING COSTS (115+116+120+124+125+126+129+130)	114	566.023.030	193.280.958	579.780.378	204.580.713
1. Changes in value of work in progress and finished products	115	-9.223.838	2.076.045	-4.820.077	2.911.218
2. Material costs (117 do 119)	116	489.582.636	167.581.037	508.121.012	178.021.361
a) Raw material and material costs	117	251.549.621	106.089.695	294.479.081	100.944.949
b) Cost of goods sold	118	205.729.986	46.710.235	175.998.395	62.995.456
c) Other external costs	119	32.303.029	14.781.107	37.643.536	14.080.956
3. Staff costs (121 do 123) a) Net salaries and wages	120 121	27.330.536 17.226.027	9.243.004 5.814.771	31.813.160 19.421.269	10.880.373 6.598.137
b) Tax and contributions from salary expenses	122	6.266.352	2.102.809	7.760.506	2.708.771
c) Contributions on gross salaries	123	3.838.157	1.325.423	4.631.385	1.573.465
4. Depreciation and amortisation	124	24.288.304	8.408.646	22.625.993	7.494.692
5. Other costs	125	7.774.065	3.229.784	8.598.495	2.612.275
6. Impairment (127+128)	126	18.262.497	0	2.075	1.904
a) Impairment of long-term assets (financial assets excluded)	127	0	0	0	0
b) Impairment of short - term assets (financial assets excluded)	128	18.262.497	0	2.075	1.904
7. Provisions	129 130	0	0	0	0
8. Other operating costs III. FINANCIAL INCOME (132 do 136)	131	8.008.831 10.502.315	2.742.443 4.199.415	13.439.720 11.015.924	2.658.889 2.152.215
1. Interest income, foreign exchange gains, dividends and similar income from related parties	132	63.231	68.857	77.183	77.183
2. Interest income, foreign exchange gains, dividends and similar income from non - related parties and other	133	4.066.206	1.519.963	6.412.996	1.659.508
entities 3. Share in income from affiliated entrepreneurs and participating interests	134	10.817	4.340	0	0
4. Unrealized gains (income) from financial assets	135	0	0	0	0
5. Other financial income	136	6.362.061	2.606.256	4.525.745	415.524
IV. FINANCIAL EXPENSES (138 do 141)	137	46.006.017	10.621.486	25.723.635	7.356.176
1. Interest expenses, foreign exchange losses, dividends and similar expenses from related parties	138	13.931	19.557	158.565	0
2. Interest expenses, foreign exchange losses, dividends and similar expenses from non - related parties and other entities	139	28.093.772	10.601.574	25.414.188	7.355.843
3. Unrealized losses (expenses) on financial assets	140	11.526.181	0	0	0
4. Other financial expenses	141	6.372.133	355	150.883	334
V. INCOME FROM INVESTMENT - SHARE IN PROFIT OF ASSOCIATED ENTREPRENEURS	142	0	0	0	0
VI. LOSS FROM INVESTMENT - SHARE IN LOSS OF ASSOCIATED ENTREPRENEURS VII. EXTRAORDINARY - OTHER INCOME	143 144	0 0	0 0	0 0	0 0
VIII. EXTRAORDINARY - OTHER EXPENSES	145	0	0
IX. TOTAL INCOME (111+131+144)	146	560.986.400	198.767.774	605.606.008	214.668.865
X. TOTAL EXPENSES (114+137+143+145)	147	612.029.047	203.902.444	605.504.013	211.936.889
XI. PROFIT OR LOSS BEFORE TAXES (146-147)	148	-51.042.647	-5.134.669	101.995	2.731.977
1. Profit before taxes (146-147)	149	0	0	101.995	2.731.977
2. Loss before taxes (147-146)	150	51.042.647	5.134.669	0	0
XII. PROFIT TAX	151
XII. PROFIT OR LOSS FOR THE PERIOD (148-151) 1. Profit for the period (149-151)	152 153	-51.042.647 0	-5.134.669 0	101.995 101.995	2.731.977 2.731.977
2. Loss for the period (151-148)	154	51.042.647	5.134.669	0	0
ADDITION TO PROFIT AND LOSS ACCOUNT (only for consolidated financial statements)
XIV. PROFIT OR LOSS FOR THE PERIOD
1. Attributed to equity holders of parent company	155	-44.635.213	-5.999.334	-2.365.376	1.528.555
2. Attributable to minority interest	156	-6.407.435	864.664	2.467.371	1.203.422
STATEMENT OF OTHER COMPREHENSIVE INCOME (only for IFRS adopters)
I. PROFIT OR LOSS FOR THE PERIOD (=152)	157	-51.042.647	-5.134.669	101.995	2.731.977
II. OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAXES (159 TO 165) 1. Exchange differences on translation of foreign operations	158 159	3.204.919	3.204.919	0	0
2. Movements in revaluation reserves of long - term tangible and intangible assets	160
3. Profit or loss from reevaluation of financial assets available for sale	161	3.204.919	3.204.919
4. Gains or losses on efficient cash flow hedging	162
5. Gains or losses on efficient hedge of a net investment in foreign countries	163
6. Share in other comprehensive income / loss of associated companies	164
7. Actuarial gains / losses on defined benefit plans	165
III. TAX ON OTHER COMPREHENSIVE INCOME FOR THE PERIOD	166
IV. NET OTHER COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (158-166) V. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (157+167)	167 168	3.204.919 -47.837.728	3.204.919 -1.929.750	0 101.995	0 2.731.977
ADDITION TO STATEMENT OF OTHER COMPREHENSIVE INCOME (only for consolidated financial statements)
VI. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD
1. Attributed to equity holders of parent company	169	-41.430.294	-5.999.334	-2.365.376	1.528.555
2. Attributed to minority interest	170	-6.407.435	864.664	2.467.371	1.203.422

Cash flow statement - indirect method

period 01.01.2015. to 30.09.2015.

Company: GRANOLIO d.d.
Position	AOP	Previous period	Current period
1	2	3	4
CASH FLOWS FROM OPERATING ACTIVITIES
1. Profit before tax	001	-51.042.647	101.995
2. Depreciation and amortisation	002	24.288.304	22.625.993
3. Increase in short term liabilities	003	102.329.414	122.320.678
4. Decrease in short term receivables	004
5. Decrease in inventories	005
6. Other increase in cash flow	006	43.862.550	1.847.867
I. Total increase in cash flow from operating activities (001 to 006)	007	119.437.621	146.896.533
1. Decrease in short term liabilities	008
2. Increase in short term receivables	009	93.035.976	63.787.112
3. Increase in inventories	010	54.779.594	4.999.072
4. Other decrease in cash flow	011	1.505.686	2.955.579
II. Total decrease in cash flow from operating activities (008 to 011)	012	149.321.256	71.741.763
A1) NET INCREASE IN CASH FLOW FROM OPERATING ACTIVITIES (007- 012)	013	0	75.154.770
A2)NET DECREASE IN IN CASH FLOW FROM OPERATING ACTIVITIES	014	29.883.635	0
(012-007)
CASH FLOW FROM INVESTING ACTIVITIES
1. Cash inflows from sales of long-term tangible and intangible assets	015	200.747	38.982
2. Cash inflows from sales of equity and debt instruments	016	771.353.254	269.005.273
3. Interests receipts	017	3.034.400	3.355.181
4. Dividend receipts	018	0	0
5. Other cash inflows from investing activities	019	413.600	539.858
III. Total cash inflows from investing activities (015 to 019)	020	775.002.001	272.939.294
1. Cash outflow for purchase of long-term tangible and intangible assets	021	203.633.442	14.985.814
2. Cash outflow for acquisition of equity and debt financial instruments	022	774.812.032	263.783.379
3. Other cash outflow for investing activities	023	43.319
IV. Total cash outflow for investing activities (021 do 023)	024	978.488.793	278.769.193
B1) NET INCREASE IN CASH FLOW FROM INVESTING ACTIVITIES (020- 024)	025	0	0
B2) NET DECREASE IN CASH FLOW FROM INVESTING ACTIVITIES (024- 020)	026	203.486.792	5.829.899
CASH FLOW FROM FINANCING ACTIVITIES
1. Cash inflow from issuing property and debt financial instruments	027
2. Proceeds from the credit principal, promissory notes, borrowings and other
loans	028	739.228.445	768.251.955
3. Other proceeds from financial activities	029	86.857.976
V. Total cash inflows from financial activities (027 to 029)	030	826.086.421	768.251.955
1. Cash outflow for repayment of credit principal and bonds	031	563.148.460	751.644.779
2. Cash outflow for dividends paid	032	2.398.665	0
3. Cash outflow for financial lease	033	3.435.094	3.095.831
4. Cash outflow for purchase of treasury shares	034
5. Other cash outflow for financial activities	035	20.139.614	69.919.696
VI. Total cash outflow for financial activities (031 to 035)	036	589.121.833	824.660.306
C1) NET INCREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES (030- 036)	037	236.964.588	0
C2) NET DECREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES (036- 030)	038	0	56.408.351
Total increase in cash flow (013 – 014 + 025 – 026 + 037 – 038)	039	3.594.161	12.916.521
Total decrease in cash flow (014 – 013 + 026 – 025 + 038 – 037)	040	0	0
Cash and cash equivalents at the beginning of the period	041	9.964.766	3.349.784
Increase of cash and cash equivalents	042	3.594.161	12.916.521
Decrease of cash and cash equivalents	043	0	0
Cash and cash equivalents at the end of the period	044	13.558.927	16.266.305

STATEMENT OF CHANGES IN EQUITY
--------------------------------	--	--	--	--

period 30.9.2015 1.1.2015 to
Position	AOP	Previous year	Current year
1	2	3	4
1. Subscribed capital	001	12.000.000	19.016.430
2. Capital reserves	002	0	84.190.947
3. Reserves from profit	003	183.484	183.484
4. Retained earnings or accumulated loss	004	31.859.555	-6.373.996
5. Profit or loss for the current year	005	-44.635.213	-2.365.376
6. Revaluation of long - term tangible assets	006	68.111.832	65.200.776
7. Revaluation of intangible assets	007
8. Revaluation of financial assets available for sale	008
9. Other revaliuation	009	0	0
10. Total capital and reserves (AOP 001 to 009)	010	67.519.658	159.852.264
11. Currency gains and losses arising from net investement in foreign operations	011
12. Current and deferred taxes (part)	012	2.415.622
13. Cash flow hedging	013
14. Changes in accounting policy	014
15. Correction of significant errors in prior period	015
16. Other changes of capital	016	-45.651.999	-3.322.037
17. Total increase or decrease in capital (AOP 011 to 016)	017	-43.236.377	-3.322.037
17 a. Attributed to equity holders of parent company	018	-43.236.377	-3.322.037
17 b. Attributed to minority interest	019