Granolio d.d.

Annual / Quarterly Financial Statement • Feb 26, 2016

Non-consolidated financial results for the twelve months period ended 31 December 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 headquarter is located in Zagreb at Budmanijeva 5.

The Company has General Assembly, Supervisory Board and Management Board.

Subsidiaries

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

It has a controlling influence in the decision-making process in the Zdenka mliječni proizvodi d.o.o. and Žitar d.o.o companies. 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.

The Company also holds minority interests in the Žitozajednica d.o.o., Zagrebačke pekarne Klara d.o.o. and Prehrana trgovina d.d. companies.

Ownership in subsidiaries is presented in the organizational chart below:

Significant business events in the accounting period

In August 2015 the Company was granted with the long term syndicated loan in HRK, total value of HRK 300 million. Loan funds were used for financing current loan liabilities.

The dispute between the Company and Osatina grupa d.o.o. was resolved on 17 June 2015 by a final decision of the Commercial Court in Zagreb, which ruled that the claim is considered as withdrawn.

At the same time, PZ Osatina has collected the outstanding debts from Granolio d.d. arising from warehousing and other storage costs through a public sale of wheat owned by Granolio d.d. over which it held a lien (legal warehouseman's lien).

Accounting treatment of all above listed events resulted with the loss amounting to almost HRK 0.5 million.

Company's financial indicators for the twelve months of 2015

in thousands of HRK
Granolio d.d.	1-12 2015	1-12 2014	change
Operating income	698,452	605,142	93,310	15%
Operating expenses	669,912	610,204	59,708	10%
EBIT	28,540	(5,062)	33,602	664%
EBIT margin	4%	-1%
EBITDA*	38,528	17,191	21,337	124%
EBITDA margin	6%	3%
Net financial result	(15,924)	(37,798)	21,874	58%
Net result for the period	9,073	(42,859)	51,932	121%

*EBITDA= EBIT + depreciation + value adjustments)

Comparing to the same period in 2014, sales income is 15% higher. In 2015 revenues from sales abroad have significantly increased and amount to 31% of total sales income (in 2014: 8%).

Operating expenses have increased by 10% resulting with increased profit before financial expenses and tax (EBIT) by HRK 33 million, and EBITDA by HRK 21 million (124%).

Net financial result represents the difference between financial income and financial expenses, and in 2015 was more favourable by 58%, when compared to 2014. Financial expenses were higher in 2014 mainly due to value adjustments of financial assets int he amount of HRK 16.5 million.

in thousands of HRK
Granolio d.d.	31.12.2015	31.12.2014	change
Net assets (Capital and reserves)	169,854	161,246	8,608	5%
Total debt	426,550	449,803	(23,253)	-5%
Cash and cash equivalents	16,973	1,214	15,759	1298%
Financial assets*	42,473	54,478	(12,005)	-22%
Net debt	367,104	394,111	(27,007)	-7%
Net debt/EBITDA	9.5	22.9	(13)	-58%
EBITDA	38,528	17,191	21,337	124%

Net result realised in 2015 is positive, and is by HRK 52 million more favourable than the previous year result.

* Financial assets are comprised of financial loans, securities and deposits

Lower value of financial assets is the result of conversion of the loan granted to the company Zdenačka farma d.o.o. to investment into the same subsidiary in the amount of HRK 16 million, while loans to other related parties have increased.

Net debt as on 31 December 2015 is 7% lower than net debt as on 31 December 2014. With the significantly better realised value of EBITDA, Company's financial leverage ratios are significantly more favourable.

Overview of the business operations for the twelve months of 2015 per business segments

The Company monitors its business operations through four business segments:

• 1. Flour
• 1. Sowing material (wholesale of: fertilizers, protective materials and seeds)
• 1. Trading (wholesale of grains, oil crops and bakery products)
• 1. Other (rendering services of storage, drying and reception of grains and oil crops at the reception stations, cattle breeding, other)

Sales income per business segments is shown by the following chart:

Sales income in the trading segment has increased by HRK 118 million, what represents 85% increase compared to the sales income realised in 2014 in the same segment. Sales income from the sale of flour has increased by HRK 39 million, i.e. by 15% when compared to the prior year, while in the sales of sowing material decrease in the amount of HRK 66 million (38%) is noted.

Flour

Increase of flour sales income is the result of the increased quantity of the flour sold. In the twelve months of 2015 the Company sold 161 thousand tons of flour (1-12 2014: 137 thousand tons). Average sales price of flour is lower, what is the result of lower market prices of flour in general.

Average value of the basic raw material (wheat) used in production was lower in 2015, compared to the same period last year, by which the difference between the average sales price of flour and the purchase price of wheat used in production (spread) was 15% higher.

Within the other operating costs it is important to single out one-off costs which emerged during 2015, like rent costs (rent costs of mills Belje and Vinkovci in the amount of HRK 0.7 million) and severance payments paid out to the employees of mills Belje and Vinkovci in the amount of HRK 2 million.

The value of subsequently collected receivables for the sale of flour, which have been value adjusted in prior periods amounts to HRK 0.2 million (2014: HRK 0.1 million).

Sowing material

At the beginning of 2014 one-off sale of sowing material was realised in the amount of HRK 40 million, what is the main reason sale of sowing material was significantly higher in the corresponding period.

Other than the effect of the one-off business transaction in the prior year, decrease in sales of sowing material in 2015 was impacted by the agricultural producers' efforts to decrease their production costs by decreasing their investment in the sowing material.

The value of subsequently collected receivables for the sale of sowing material, which have been value adjusted in prior periods amounts to HRK 0.7 million (2014: HRK 1.1 million).

Trading

In the trading segment, significant sales levels are noted in trading with corn, sunflower and wheat, with significantly higher sales margins realized when compared to 2014. The most significant costs are selling costs, like goods transportation costs, quality control costs and similar.

Other

Sales income in the Other segment is comprised of re-invoiced transportation and fuel costs, income from rendering the service of goods reception at the reception stations, income from storage and drying goods, and income from sale of cattle. Income from reception, storage and drying are impacted by outstanding seasonality, i.e. they are largely realized in the last quarter of the year, while costs are largely fixed. It is important to note that silo is used for internal usage of Flour and Trading segments as well.

The value of subsequently collected receivables, which have been value adjusted in prior periods amounts to HRK 0.3 million (2014: HRK 0.1 million).

Employees

In the twelve months period of 2015 the Company employed 169 employees based on man-hour basis (in the twelve months period of 2014: 167 employees).

Redemption of treasury shares

Up to the publication of the Management Board report, the Company was not engaged in any activities relating to the redemption of own shares.

Environment

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

Other

Supervisory Board has approved Company's financial statements for the twelve months period of 2015.

Annex 1. Reporting period	1.1.2015	to		31.12.2015
		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 21	GRAD ZAGREB			Number of employees:	169
Consolidated report: NO				(period end) NKD code:	1061
Companies of the consolidation subject (according to IFRS):		Seat:		MB:
Bookkeeping service:
Contact person: JASENKA KORDIĆ (only surname and name)
Telephone: 01/6320261			01/6320224 Telefaks:
E-mail address: jkordic@granolio.hr Family name and name: HRVOJE FILIPOVIĆ

L.S.

(signature of the person authorized to represent the company)

as of 31.12.2015.
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	459.457.934	469.938.257 188.142.343
I. INTANGIBLE ASSETS (004 do 009) 1. Assets development	003 004	189.501.298
2. Concessions, patents, licenses, trademarks, service marks, software and other rights	005	120.094.059
3. Goodwill	006	60.379.072	120.401.104 60.379.072
4. Prepayments for purchase of intangible assets	007
5. Intangible assets in preparation	008
6. Other intangible assets	009	9.028.167	7.362.167
II. TANGIBLE ASSETS (011 do 019)	010	148.433.387	143.815.327
1. Land	011	8.182.140	8.182.140
2. Buildings	012	116.824.540	113.392.162
3. Plant and equipement	013	21.189.304	19.406.193
4. Tools, working inventory and transportation assets	014	565.791	391.307
5. Biological assets	015
6. Prepayments for tangible assets	016
7. Tangible assets in progress	017	1.590.810	2.365.901
8. Other tangible assets	018	80.802	77.624
9. Investments in buildings	019
III. LONG-TERM FINANCIAL ASSETS (021 do 028)	020	120.159.808	136.617.146
1. Investments (shares) with related parties	021	98.952.813	115.254.813
2. Loans given to related parties	022
3. Participating interest (shares)	023	20.461.690	20.461.690
4.Loans to entrepreneurs in whom the entity holds participating interests	024
5. Investments in securities	025
6. Loans, deposits and similar assets	026	745.305	900.643
7. Other long - term financial assets	027
8. Investments accounted by equity method	028
IV. RECEIVABLES (030 do 032)	029	1.363.441	1.363.441
1. Receivables from related parties	030
2. Receivables from based on trade loans	031
3. Other receivables	032	1.363.441	1.363.441
V. DEFERRED TAX ASSET	033
C) SHORT TERM ASSETS (035+043+050+058)	034	311.452.223	251.219.610
I. INVENTORIES (036 do 042)	035	97.911.835	54.699.131
1. Raw materials and supplies	036	11.433.117	42.652.245
2. Work in progress	037	857.040	748.544
3. Finished goods	038	3.169.954	3.412.663
4. Merchandise	039	82.451.724	7.885.680
5. Prepayments for inventories	040
6. Long term assets held for sale	041
7. Biological assets	042
II. RECEIVABLES (044 do 049)	043	111.382.131	105.417.498
1. Receivables from related parties	044	5.137.735	2.063.530
2. Accounts receivable	045	100.831.972	93.168.378
3. Receivables from participating parties	046
4. Receivables from employees and members of related parties	047	7.342	7.342
5. Receivables from government and other institutions	048	1.810.766	5.473.744
6. Other receivables	049	3.594.316	4.704.504
III. SHORT TERM FINANCIAL ASSETS (051 do 057)	050	100.944.420	74.130.435
1. Shares (stocks) in related parties	051
2. Loans given to related parties	052	51.316.732	42.210.778
3. Participating interests (shares)	053
4. Loans to entrepreneurs in whom the entity holds participating interests	054
5. Investments in securities	055	875.279	695.738
6. Loans, deposits, etc.	056	48.752.409	31.223.919
7. Other financial assets	057
IV. CASH AND CASH EQUIVALENTS	058	1.213.837	16.972.547 5.053.063
D) PREPAID EXPENSES AND ACCRUED REVENUE	059	1.373.823	726.210.930
E) TOTAL ASSETS (001+002+034+059)	060 061	772.283.980 3.424.637	4.398.007
F) OFF-BALANCE RECORDS

Balance Sheet

EQUITY AND LIABILITIES
A) ISSUED CAPITAL AND RESERVES (063+064+065+071+072+075+078)	062	161.245.921	169.854.331
I. SUBSCRIBED SHARE CAPITAL	063	19.016.430	19.016.430
II. CAPITAL RESERVES	064	85.379.031	84.186.547
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	64.473.012
V. RETAINED EARNINGS OR ACCUMULATED LOSS (073-074)	072	32.142.333	-7.078.272
1. Retained earnings	073	32.142.333
2. Accumulated loss	074		7.078.272
VI. PROFIT/LOSS FOR THE CURRENT YEAR (076-077)	075	-42.859.425	9.073.131
1. Profit for the current year	076		9.073.131
2. Loss for the current year	077	42.859.425
VII. MINORITY INTEREST	078
B) PROVISIONS (080 do 082)	079	0	0
1. Provisions for pensions, severance pay and similar libabilities	080
2. Provisions for tax liabilities	081
3. Other provisions	082
C) LONG - TERM LIABILITIES (084 do 092)	083	79.362.283	296.593.101
1. Liabilites to related parties	084	10.852.931
2. Liabilities for loans, deposits, etc.	085
3. Liabilities to banks and other financial institutions	086	51.663.335	280.474.848
4. Liabilities for received prepayments	087
5. Accounts payable	088
6. Liabilities arising from debt securities	089
7. Liabilities to entrepreneurs in whom the entity holds participating interests	090
8. Other long-term liabilities	091
9. Deferred tax liability	092	16.846.017	16.118.253
D) SHORT - TERM LIABILITIES (094 do 105)	093	531.675.776	259.218.655
1. Liabilites to related parties	094	5.303.932	591.129
2. Liabilities for loans, deposits, etc.	095	0
3. Liabilities to banks and other financial institutions	096	288.337.259	65.187.130
4. Liabilities for received prepayments	097	2.713.586	2.845.263
5. Accounts payable	098	115.320.681	97.020.024
6. Liabilities arising from debt securities	099	109.802.352	80.887.770
7. Liabilities to entrepreneurs in whom the entity holds participating interests	100
8. Liabilities to emloyees	101	995.667	1.093.562
9. Liabilities for taxes, contributions and similar fees	102	4.300.847	8.540.805
10. Liabilities to share - holders	103
11. Liabilities for long-term assets held for sale	104
12. Other short - term liabilities	105	4.901.452	3.052.971
E) DEFFERED SETTLEMENTS OF CHARGES AND INCOME DEFERRED TO FUTURE PERIOD	106		544.842
F) TOTAL – CAPITAL AND LIABILITIES (062+079+083+093+106)	107	772.283.980	726.210.930
G) OFF-BALANCE RECORDS	108	3.424.637	4.398.007
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
2. Attributable to minority interest	110

Income statement period 01.01.2015. to 31.12.2015.

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)	111	605.142.118	199.759.671	698.452.264	277.388.378
1. Sales revenue	112	597.087.294	194.144.596	681.787.471	270.321.610
2. Other operating revenues	113	8.054.824	5.615.075	16.664.793	7.066.768
II. OPERATING COSTS (115+116+120+124+125+126+129+130)	114	610.203.519	193.192.687	669.911.979	257.488.223
1. Changes in value of work in progress and finished products	115	-3.979.665	1.922.529	-342.637	-507.082
2. Material costs (117 do 119)	116	563.913.975	180.082.916 61.421.256	620.684.452 249.219.868	246.280.550 61.957.069
a) Raw material and material costs	117	220.771.234	100.555.996	326.949.479	164.006.695
b) Cost of goods sold	118	301.387.713 41.755.028	18.105.663	44.515.105	20.316.786
c) Other external costs 3. Staff costs (121 do 123)	119 120	16.528.753	4.463.798	22.073.689	5.459.238
a) Net salaries and wages	121	10.107.166	2.741.625	12.660.142	3.161.510
b) Tax and contributions from salary expenses	122	4.069.190	1.071.860	6.220.376	1.510.782
c) Contributions on gross salaries	123	2.352.398	650.313	3.193.172	786.946
4. Depreciation and amortisation	124	9.251.764	2.495.296	9.987.562	2.476.578
5. Other costs	125	5.035.990	1.007.044	6.373.390	1.390.989
6. Impairment (127+128)	126	13.000.555	590.817	0	0
a) Impairment of long-term assets (financial assets excluded)	127
b) Impairment of short - term assets (financial assets excluded)	128	13.000.555	590.817	0	0
7. Provisions	129
8. Other operating costs	130	6.452.148	2.630.288	11.135.523	2.387.951
III. FINANCIAL INCOME (132 do 136)	131	15.100.691	4.450.838	12.365.367	1.958.690
1. Interest income, foreign exchange gains, dividends and similar income from related parties	132	2.264.056	686.198	1.518.185	163.506
2. Interest income, foreign exchange gains, dividends and similar income from non - related parties	133	4.195.629	1.496.512	5.889.589	1.363.336
and other entities 3. Share in income from affiliated entrepreneurs and participating interests	134	10.951	134	0	0
4. Unrealized gains (income) from financial assets	135
5. Other financial income	136	8.630.055	2.267.994	4.957.593	431.848
IV. FINANCIAL EXPENSES (138 do 141)	137	52.898.713	16.575.977	28.289.586	7.739.287
1. Interest expenses, foreign exchange losses, dividends and similar expenses from related parties	138
2. Interest expenses, foreign exchange losses, dividends and similar expenses from non - related	139	34.802.751	11.069.267	28.172.087	7.710.180
parties and other entities 3. Unrealized losses (expenses) on financial assets	140	16.453.262	4.927.081	28.932	28.932
4. Other financial expenses	141	1.642.700	579.628	88.567	174
V. INCOME FROM INVESTMENT - SHARE IN PROFIT OF ASSOCIATED ENTREPRENEURS	142
VI. LOSS FROM INVESTMENT - SHARE IN LOSS OF ASSOCIATED ENTREPRENEURS	143
VII. EXTRAORDINARY - OTHER INCOME	144
VIII. EXTRAORDINARY - OTHER EXPENSES	145
IX. TOTAL INCOME (111+131+144)	146	620.242.808	204.210.509	710.817.630	279.347.068
X. TOTAL EXPENSES (114+137+143+145)	147	663.102.233	209.768.664	698.201.565	265.227.510
XI. PROFIT OR LOSS BEFORE TAXES (146-147)	148	-42.859.424	-5.558.155	12.616.065	14.119.558
1. Profit before taxes (146-147)	149	0	0	12.616.065	14.119.558
2. Loss before taxes (147-146)	150	42.859.424	5.558.155	0	0
XII. PROFIT TAX	151			3.542.934	3.542.934
XII. PROFIT OR LOSS FOR THE PERIOD (148-151)	152	-42.859.424	-5.558.155	9.073.131	10.576.623
1. Profit for the period (149-151)	153	0	0	9.073.131	10.576.623
2. Loss for the period (151-148)	154	42.859.424	5.558.155	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
2. Attributable to minority interest	156
STATEMENT OF OTHER COMPREHENSIVE INCOME (only for IFRS adopters)
I. PROFIT OR LOSS FOR THE PERIOD (=152)	157	-42.859.424	-5.558.155	9.073.131	10.576.623
II. OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAXES (159 TO 165)	158	3.204.919	0	0	0
1. Exchange differences on translation of foreign operations	159
2. Movements in revaluation reserves of long - term tangible and intangible assets	160 161
3. Profit or loss from reevaluation of financial assets available for sale	162	3.204.919
4. Gains or losses on efficient cash flow hedging 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)	167	3.204.919	0	0	0
V. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (157+167)	168	-39.654.505	-5.558.155	9.073.131	10.576.623
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

1. Attributed to minority interest 170

Cash flow statement - indirect method period 01.01.2015. to 31.12.2015.

AOP Current period Position Previous period 4 2 1 3 CASH FLOWS FROM OPERATING ACTIVITIES 9.073.131 1. Profit before tax 001 -42.859.425 9.987.562 2. Depreciation and amortisation 002 9.251.764 3. Increase in short term liabilities 003 13.871.112 4. Decrease in short term receivables 004 10.350.143 5. Decrease in inventories 005 45.470.244 16.967.156 6. Other increase in cash flow 006 29.431.333 007 91.848.236 I. Total increase in cash flow from operating activities (001 to 006) 9.694.784 1. Decrease in short term liabilities 008 13.766.338 2. Increase in short term receivables 009 7.956.827 3. Increase in inventories 010 12.479.577 3.062.439 4. Other decrease in cash flow 011 522.875 012 16.828.778 II. Total decrease in cash flow from operating activities (008 to 011) 20.959.279 013 75.019.458 A1) NET INCREASE IN CASH FLOW FROM OPERATING ACTIVITIES (007-012) 0 014 0 A2)NET DECREASE IN IN CASH FLOW FROM OPERATING ACTIVITIES (012-007) 11.264.495 CASH FLOW FROM INVESTING ACTIVITIES 1. Cash inflows from sales of long-term tangible and intangible assets 015 33.308 369.631.634 2. Cash inflows from sales of equity and debt instruments 016 460.971.769 4.640.042 3. Interests receipts 017 2.705.818 4. Dividend receipts 018 0 5. Other cash inflows from investing activities 019 875.814 020 375.180.799 III. Total cash inflows from investing activities (015 to 019) 463.677.587 4.037.169 1. Cash outflow for purchase of long-term tangible and intangible assets 021 201.063.214 353.499.508 2. Cash outflow for acquisition of equity and debt financial instruments 022 468.924.198 3. Other cash outflow for investing activities 023 16.302.000 024 373.838.677 IV. Total cash outflow for investing activities (021 do 023) 669.987.412 025 1.342.122 B1) NET INCREASE IN CASH FLOW FROM INVESTING ACTIVITIES (020-024) 0 026 0 B2) NET DECREASE IN CASH FLOW FROM INVESTING ACTIVITIES (024-020) 206.309.825 CASH FLOW FROM FINANCING ACTIVITIES 1. Cash inflow from issuing property and debt financial instruments 027 94.020.073 842.401.914 2. Proceeds from the credit principal, promissory notes, borrowings and other loans 028 1.015.876.110 3. Other proceeds from financial activities 029 97.749.598 030 842.401.914 V. Total cash inflows from financial activities (027 to 029) 1.207.645.781 848.957.467 1. Cash outflow for repayment of credit principal and bonds 031 990.268.199 0 2. Cash outflow for dividends paid 032 2.398.715 1.200.389 3. Cash outflow for financial lease 033 1.476.218 4. Cash outflow for purchase of treasury shares 034 52.846.929 5. Other cash outflow for financial activities 035 1.624.701 036 903.004.785 VI. Total cash outflow for financial activities (031 to 035) 995.767.833 037 0 C1) NET INCREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES (030-036) 211.877.948 038 60.602.871 C2) NET DECREASE IN CASH FLOW FROM FINANCIAL ACTIVITIES (036-030) 0 15.758.709 Total increase in cash flow (013 – 014 + 025 – 026 + 037 – 038) 039 0 0 Total decrease in cash flow (014 – 013 + 026 – 025 + 038 – 037) 040 5.696.372 1.213.837 Cash and cash equivalents at the beginning of the period 041 6.910.209 15.758.709 Increase of cash and cash equivalents 042 0 0 Decrease of cash and cash equivalents 043 5.696.372 16.972.546 Cash and cash equivalents at the end of the period 044 1.213.837	Company: GRANOLIO d.d.

STATEMENT OF CHANGES IN EQUITY

1.1.2015 to period 31.12.2015

Company: GRANOLIO d.d.
Position	AOP	Previous year	Current year
1	2	3	4
1. Subscribed capital	001	19.016.430	19.016.430
2. Capital reserves	002	85.379.031	84.186.547
3. Reserves from profit	003	183.484	183.484
4. Retained earnings or accumulated loss	004	32.142.333	-7.078.272
5. Profit or loss for the current year	005	-42.859.425	9.073.131
6. Revaluation of long - term tangible assets	006	67.384.068	64.473.012
7. Revaluation of intangible assets	007
8. Revaluation of financial assets available for sale	008
9. Other revaliuation	009
10. Total capital and reserves (AOP 001 to 009)	010	161.245.921	169.854.332
11. Currency gains and losses arising from net investement in foreign operations	011
12. Current and deferred taxes (part)	012	4.930.010	727.764
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	50.341.178	7.880.647
17. Total increase or decrease in capital (AOP 011 to 016)	017	55.271.188	8.608.411
17 a. Attributed to equity holders of parent company	018
17 b. Attributed to minority interest	019