Granolio d.d.

Interim / Quarterly Report • Aug 31, 2020

Unconsolidated financial results for the six months period ended 30 June 2020 (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.

It has a controlling influence in the decision-making process in Zdenka mliječni proizvodi d.o.o. which has been consolidated into the Granolio Group since 2011.

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

Early in 2020, a pandemic of the COVID-19 virus spread to the entire world. As the Company operates within the food industry, itis not expected that demand for the company's products would decrease. Company's operations will certainly be affected by interest rate movements, fiscal policy, purchasing power of the population and so on.

Since January 2020, the Company started repaying part of its liabilities to financial institutions, and the other part will become due from July 2020, in accordance with the pre-bankruptcy settlement.

Company's financial indicators for the six months of 2020

In thousands HRK
Granolio d.d.	1-6 2020	1-6 2019	change
Operating income	131.003	130.707	296	0%
Operating expenses	137.137	142.453	(5.316)	(4%)
EBIT	(6.134)	(11.746)	5.612	(48%)
EBIT margin	-5%	-9%
EBITDA	(1.837)	(6.454)	4.617	(72%)
EBITDA margin	-1%	-5%
Net financial result	(908)	(394)	(514)	130%
Net result for the period	(7.042)	(12.140)	5.098	42%

*EBITDA= EBIT + depreciation + impairment expenses

In the first half of 2020, a more favorable operating result was achieved compared to the same period last year

The net financial result represents the difference between financial income and financial expenses. Financial expenses consist mostly of interest on financial debts that are calculated in accordance with the pre-bankruptcy settlement.

Granolio d.d.	30.6.2020	31.12.2019	change
Net asset (capital and reserves)	34.313	41.025	(6.712)	(16%)
Total debt to financial institutions	317.324	320.372	(3.048)	(1%)
Cash and cash equivalents	589	2.710	(2.121)	(78%)
Loans given, deposits etc.*	23.483	24.644	(1.161)	(5%)
Net debt	293.252	293.018	234	0%
Net debt/EBITDA		(3.855,50)
EBITDA for the last 12 months	4.541	(76)	4.617	(6075%)

*Loans given, securities and deposits

The company's total debt is reduced by the value of debt repayment. At the beginning of 2020, the Company started repaying part of its liabilities to financial institutions in accordance with the prebankruptcy settlement.

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 revenues are approximately equal to revenues generated in the same period last year.

Employees

In the six months period 2020the Company employed 176 employees based on man-hour basis (in the six months period 2019: 158 employees).

Redemption of treasury shares

Based on the General Assembly decision as of 9 June 2016 the Company has transferred a portion of the profit earned in 2015 into the equity reserves for treasury shares in the amount of HRK 800 thousand.

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 six months period of 2020.

Annex 1
		ISSUER'S GENERAL DATA
Reporting period:		1.1.2020	to	30.6.2020
Year:		2020
Quarter:		2.
		Quarterly financial statements
Registration number (MB):	01244272		Issuer's home Member State code:	Croatia
Entity's registration number (MBS):	080111595
Personal identification number (OIB):	59064993527		LEI:	213800O3Z6ZSDBAKG321
Institution code:	15989
Name of the issuer: Granolio d.d.
Postcode and town:	10000		Zagreb
Street and house number: Budmanijeva 5
	E-mail address: granolio@granolio.hr
	Web address: www.granolio.hr
Number of employees
(end of the reporting	176
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:
					Yes No
Bookkeeping firm:	No	(Yes/No)		(name of the bookkeeping firm)
	Contact person: Mirjana Kelava
	(only name and surname of the contact person) Telephone: 01/6320-233
	E-mail address: mkelava@granolio.hr
	Audit firm: BDO Croatia d.o.o.
	(name of the audit firm)
	Certified auditor: Vedrana Stipić (name and surname)

BALANCE SHEET

balance as at 30.06.2020

Submitter: Granolio d.d.
Item	ADP code	Last day of the preceding business year	At the reporting date of the current period
1	2	3	4
A) RECEIVABLES FOR SUBSCRIBED CAPITAL UNPAID	001	0	0
B) FIXED ASSETS (ADP 003+010+020+031+036)	002	334.232.722	331.650.253
I INTANGIBLE ASSETS (ADP 004 to 009)	003	123.718.667	120.902.852
1 Research and development	004	0	0
2 Concessions, patents, licences, trademarks, software and other rights	005	123.020.500	120.902.852
3 Goodwill	006	0	0
4 Advances for the purchase of intangible assets	007	0	0
5 Intangible assets in preparation	008	0	0
6 Other intangible assets	009	698.167	0
II TANGIBLE ASSETS (ADP 011 to 019) 1 Land	010 011	138.910.272 8.684.216	139.143.618 8.684.216
2 Buildings	012	108.103.601	106.090.562
3 Plant and equipment	013	7.761.619	10.249.846
4 Tools, working inventory and transportation assets	014	268.460	31.290
5 Biological assets	015	0	0
6 Advances for the purchase of tangible assets 7 Tangible assets in preparation	016	0	0
8 Other tangible assets	017 018	9.384.080 93.296	9.390.580 82.124
9 Investment property	019	4.615.000	4.615.000
III FIXED FINANCIAL ASSETS (ADP 021 to 030)	020	71.603.783	71.603.783
1 Investments in holdings (shares) of undertakings within the group	021	70.427.762	70.427.762
2 Investments in other securities of undertakings within the group	022	0	0
3 Loans, deposits, etc. to undertakings within the group	023	0	0
4. Investments in holdings (shares) of companies linked by virtue of participating interests	024	0	0
5 Investment in other securities of companies linked by virtue of participating interests	025	0	0
6 Loans, deposits etc. to companies linked by virtue of participating interests	026	0	0
7 Investments in securities 8 Loans, deposits, etc. given	027	0	0
9 Other investments accounted for using the equity method	028 029	145.684 1.030.337	145.684 0
10 Other fixed financial assets	030	0	1.030.337
IV RECEIVABLES (ADP 032 to 035)	031	0	0
1 Receivables from undertakings within the group	032	0	0
2 Receivables from companies linked by virtue of participating interests	033	0	0
3 Customer receivables	034	0	0
4 Other receivables	035	0	0
V DEFERRED TAX ASSETS	036	0	0
C) CURRENT ASSETS (ADP 038+046+053+063) I INVENTORIES (ADP 039 to 045)	037 038	127.465.224 20.383.369	121.662.846 18.319.398
1 Raw materials and consumables	039	7.054.842	12.551.681
2 Work in progress	040	83.677	89.711
3 Finished goods	041	1.972.395	2.632.232
4 Merchandise	042	11.272.455	3.045.774
5 Advances for inventories	043	0	0
6 Fixed assets held for sale	044	0	0
7 Biological assets II RECEIVABLES (ADP 047 to 052)	045 046	0 79.873.131	0 79.417.238
1 Receivables from undertakings within the group	047	9.668.968	7.208.755
2 Receivables from companies linked by virtue of participating
interests	048	0	0
3 Customer receivables	049	45.084.020	49.355.318
4 Receivables from employees and members of the undertaking	050	0	2.216
5 Receivables from government and other institutions 6 Other receivables	051 052	2.281.646 22.838.497	236.871 22.614.078
III CURRENT FINANCIAL ASSETS (ADP 054 to 062)	053	24.498.478	23.337.003
1 Investments in holdings (shares) of undertakings within the group	054	0	0
2 Investments in other securities of undertakings within the group	055	0	0
3 Loans, deposits, etc. to undertakings within the group	056	10.374.630	10.236.702
4 Investments in holdings (shares) of companies linked by virtue of participating interests	057	0	0
5 Investment in other securities of companies linked by virtue of participating interests	058	0	0
6 Loans, deposits etc. to companies linked by virtue of participating interests	059	0	0
7 Investments in securities	060	149.624	149.623
8 Loans, deposits, etc. given	061	13.974.224	12.950.678
9 Other financial assets	062	0
IV CASH AT BANK AND IN HAND D ) PREPAID EXPENSES AND ACCRUED INCOME	063 064	2.710.246 390.423	589.207 379.552
E) TOTAL ASSETS (ADP 001+002+037+064)	065	462.088.369	453.692.651
OFF-BALANCE SHEET ITEMS	066	9.163.871	10.190.101

F) TOTAL – LIABILITIES (ADP 067+088+095+107+122)	123	462.088.369	453.692.651
G) OFF-BALANCE SHEET ITEMS	124	9.163.871	10.190.101

LIABILITIES
A) CAPITAL AND RESERVES (ADP 068 to 070+076+077+081+084+087)	067	41.025.022	34.312.849
I INITIAL (SUBSCRIBED) CAPITAL	068	19.016.430	19.016.430
II CAPITAL RESERVES	069	84.195.807	84.195.807
III RESERVES FROM PROFIT (ADP 071+072-073+074+075)	070	4.296.923	4.296.923
1 Legal reserves	071	3.496.923	3.496.923
2 Reserves for treasury shares	072	800.000	800.000
3 Treasury shares and holdings (deductible item)	073	0	0
4 Statutory reserves	074	0	0
5 Other reserves	075	0	0
IV REVALUATION RESERVES	076	54.675.895	53.174.771
V FAIR VALUE RESERVES (ADP 078 to 080)	077	0	0
1 Fair value of financial assets available for sale	078	0	0
2 Cash flow hedge - effective portion	079	0	0
3 Hedge of a net investment in a foreign operation - effective portion	080	0	0
VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 082- 083)	081	-107.675.312	-119.329.395
1 Retained profit	082	0	0
2 Loss brought forward	083	107.675.312	119.329.395
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 085-086)	084	-13.484.721	-7.041.687
1 Profit for the business year	085	0	0
2 Loss for the business year	086	13.484.721	7.041.687
VIII MINORITY (NON-CONTROLLING) INTEREST	087	0	0
B) PROVISIONS (ADP 089 to 094)	088	0	0
1 Provisions for pensions, termination benefits and similar obligations	089	0	0
2 Provisions for tax liabilities	090	0	0
3 Provisions for ongoing legal cases	091	0	0
4 Provisions for renewal of natural resources	092	0	0
5 Provisions for warranty obligations	093	0	0
6 Other provisions	094	0	0
C) LONG-TERM LIABILITIES (ADP 096 to 106)	095	350.139.554	335.326.933
1 Liabilities to undertakings within the group	096	0	0
2 Liabilities for loans, deposits, etc. of undertakings within the group	097	0	0
3 Liabilities to companies linked by virtue of participating interests	098	0	0
4 Liabilities for loans, deposits etc. of companies linked by virtue of	099	0	0
participating interests
5 Liabilities for loans, deposits etc.	100	159.566.584	156.450.135
6 Liabilities to banks and other financial institutions	101	113.796.135	110.422.802
7 Liabilities for advance payments	102	0	0
8 Liabilities to suppliers	103	34.895.727	28.350.512
9 Liabilities for securities	104	29.879.082	28.430.973
10 Other long-term liabilities 11 Deferred tax liability	105	0	0
D) SHORT-TERM LIABILITIES (ADP 108 to 121)	106 107	12.002.026 70.731.895	11.672.511 83.972.894
1 Liabilities to undertakings within the group	108	54.341	50.418
2 Liabilities for loans, deposits, etc. of undertakings within the group	109	0	0
3 Liabilities to companies linked by virtue of participating interests	110	0	0
4 Liabilities for loans, deposits etc. of companies linked by virtue of
participating interests	111	0	0
5 Liabilities for loans, deposits etc.	112	3.494.159	6.610.607
6 Liabilities to banks and other financial institutions	113	4.084.222	6.546.786
7 Liabilities for advance payments	114	4.403.875	1.674.066
8 Liabilities to suppliers	115	47.183.499	56.158.420
9 Liabilities for securities	116	9.666.218	8.863.139
10 Liabilities to employees	117	1.112.640	1.075.164
11 Taxes, contributions and similar liabilities	118	525.372	2.907.914
12 Liabilities arising from the share in the result	119	0	0
13 Liabilities arising from fixed assets held for sale	120	0	0
14 Other short-term liabilities	121	207.569	86.380
E) ACCRUALS AND DEFERRED INCOME	122	191.898	79.975

Submitter: Granolio d.d.
Item	ADP code	Same period of the previous year		Current period
1		Cumulative	Quarter	Cumulative	Quarter
I OPERATING INCOME (ADP 126 to 130)	2 125	3 130.706.959	4 74.825.631	5 131.003.132	6 63.230.722
1 Income from sales with undertakings within the group	126	2.948.991	1.376.816	2.378.799	1.026.836
2 Income from sales (outside group)	127	125.268.778	71.572.489	127.499.010	61.570.230
3 Income from the use of own products, goods and services	128	18.234	8.550	3.204	2.689
4 Other operating income with undertakings within the group	129		0		0
5 Other operating income (outside the group)	130	2.470.956	1.867.776	1.122.119	630.967
II OPERATING EXPENSES (ADP 132+133+137+141+142+143+146+153)	131	142.453.126	75.842.528	137.136.918	65.397.784
1 Changes in inventories of work in progress and finished goods	132	174.753	-1.581.554	-745.681	374.410
2 Material costs (ADP 134 to 136)	133	126.459.325	69.615.243	122.513.906	57.424.598
a) Costs of raw materials and consumables	134	92.012.518	49.501.347	90.473.392	38.915.055
b) Costs of goods sold c) Other external costs	135	25.715.474	15.380.269	23.053.520	14.380.595
3 Staff costs (ADP 138 to 140)	136 137	8.731.333 8.599.477	4.733.627 4.325.095	8.986.994 9.501.754	4.128.948 4.694.427
a) Net salaries and wages	138	5.446.440	2.753.836	6.189.010	3.077.203
b) Tax and contributions from salary costs	139	2.071.997	1.028.637	2.162.725	1.052.956
c) Contributions on salaries	140	1.081.040	542.622	1.150.019	564.268
4 Depreciation	141	5.291.999	2.642.932	4.296.585	2.037.344
5 Other costs	142	1.126.191	538.766	1.084.847	590.375
6 Value adjustments (ADP 144+145)	143	0	0	0	0
a) fixed assets other than financial assets	144	0	0	0	0
b) current assets other than financial assets	145	0	0	0	0
7 Provisions (ADP 147 to 152)	146	0	0	0	0
a) Provisions for pensions, termination benefits and similar obligations b) Provisions for tax liabilities	147 148	0 0	0 0	0 0	0 0
c) Provisions for ongoing legal cases	149	0	0	0	0
d) Provisions for renewal of natural resources	150	0	0	0	0
e) Provisions for warranty obligations	151	0	0	0	0
f) Other provisions	152	0	0	0	0
8 Other operating expenses	153	801.381	302.046	485.507	276.630
III FINANCIAL INCOME (ADP 155 to 164)	154	1.028.620	900.779	337.135	142.060
1 Income from investments in holdings (shares) of undertakings within the group	155	0	0	0	0
2 Income from investments in holdings (shares) of companies linked by virtue of participating interests	156	0	0	0	0
3 Income from other long-term financial investment and loans granted to undertakings within the group	157	235.522	235.522	3.074	1.513
4 Other interest income from operations with undertakings within the group	158	0	0	0	0
5 Exchange rate differences and other financial income from operations with undertakings within the group	159	0	0	0	0
6 Income from other long-term financial investments and loans	160	123.368	1.017	0	0
7 Other interest income	161	460.093	458.266	158.614	147.065
8 Exchange rate differences and other financial income	162	21.820	18.157	175.447	-6.518
9 Unrealised gains (income) from financial assets	163	0	0	0	0
10 Other financial income	164	187.817	187.817	0	0
IV FINANCIAL EXPENSES (ADP 166 to 172) 1 Interest expenses and similar expenses with undertakings within the	165	1.422.460	718.662	1.245.034	503.813
group	166	0	0	0	0
2 Exchange rate differences and other expenses from operations with undertakings within the group	167	0	0	0	0
3 Interest expenses and similar expenses	168	1.325.163	650.186	942.745	304.957
4 Exchange rate differences and other expenses	169	72.042	43.348	262.069	198.796
5 Unrealised losses (expenses) from financial assets	170	0	0	0	0
6 Value adjustments of financial assets (net)	171	0	0	0	0
7 Other financial expenses V SHARE IN PROFIT FROM UNDERTAKINGS LINKED BY VRITUE OF	172	25.255	25.128	40.220	60
PARTICIPATING INTERESTS	173	0	0	0	0
VI SHARE IN PROFIT FROM JOINT VENTURES	174	0	0	0	0
VII SHARE IN LOSS OF COMPANIES LINKED BY VIRTUE OF PARTICIPATING INTEREST	175	0	0	0	0
VIII SHARE IN LOSS OF JOINT VENTURES	176	0	0	0	0
IX TOTAL INCOME (ADP 125+154+173 + 174)	177	131.735.579	75.726.410	131.340.267	63.372.782
X TOTAL EXPENDITURE (ADP 131+165+175 + 176)	178	143.875.586	76.561.190	138.381.952	65.901.597
XI PRE-TAX PROFIT OR LOSS (ADP 177-178)	179	-12.140.007	-834.780	-7.041.685	-2.528.815
1 Pre-tax profit (ADP 177-178)	180	0	0	0	0
2 Pre-tax loss (ADP 178-177)	181	-12.140.007	-834.780	-7.041.685	-2.528.815
XII INCOME TAX	182	0	0	0	0
XIII PROFIT OR LOSS FOR THE PERIOD (ADP 179-182)	183	-12.140.007	-834.780	-7.041.685	-2.528.815
1 Profit for the period (ADP 179-182)	184	0	0	0	0
2 Loss for the period (ADP 182-179)	185	-12.140.007	-834.780	-7.041.685	-2.528.815

for the period 01.01.2020 to 30.06.2020 STATEMENT OF PROFIT OR LOSS

in HRK

DISCONTINUED OPERATIONS (to be filled in by undertakings subject to IFRS only with discontinued operations)
XIV PRE-TAX PROFIT OR LOSS OF DISCONTINUED OPERATIONS	186	0	0	0	0
(ADP 187-188)
1 Pre-tax profit from discontinued operations	187	0	0	0	0
2 Pre-tax loss on discontinued operations	188	0	0	0	0
XV INCOME TAX OF DISCONTINUED OPERATIONS	189	0	0	0	0
1 Discontinued operations profit for the period (ADP 186-189)	190	0	0	0	0
2 Discontinued operations loss for the period (ADP 189-186)	191	0	0	0	0
TOTAL OPERATIONS (to be filled in only by undertakings subject to IFRS with discontinued operations)
XVI PRE-TAX PROFIT OR LOSS (ADP 179+186)	192	-12.140.007	-834.780	-7.041.685	-2.528.815
1 Pre-tax profit (ADP 192)	193	0	0	0	0
2 Pre-tax loss (ADP 192)	194	12.140.007	834.780	7.041.685	2.528.815
XVII INCOME TAX (ADP 182+189)	195	2.062.599	0	0	0
XVIII PROFIT OR LOSS FOR THE PERIOD (ADP 192-195)	196	-14.202.606	-834.780	-7.041.685	-2.528.815
1 Profit for the period (ADP 192-195)	197	0	0	0	0
2 Loss for the period (ADP 195-192)	198	14.202.606	834.780	7.041.685	2.528.815
APPENDIX to the P&L (to be filled in by undertakings that draw up consolidated annual financial statements)
XIX PROFIT OR LOSS FOR THE PERIOD (ADP 200+201)	199	0	0	0	0
1 Attributable to owners of the parent	200	0	0	0	0
2 Attributable to minority (non-controlling) interest	201	0	0	0	0
STATEMENT OF OTHER COMPRHENSIVE INCOME (to be filled in by undertakings subject to IFRS)
I PROFIT OR LOSS FOR THE PERIOD	202	-12.140.007	-834.780	-7.041.685	-2.528.815
II OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX	203	0	0	0	0
(ADP 204 to 211)
1 Exchange rate differences from translation of foreign operations	204	0	0	0	0
2 Changes in revaluation reserves of fixed tangible and intangible assets	205	0	0	0	0
3 Profit or loss arising from subsequent measurement of financial assets available for sale	206	0	0	0	0
4 Profit or loss arising from effective cash flow hedging	207	0	0	0	0
5 Profit or loss arising from effective hedge of a net investment in a	208	0	0	0	0
foreign operation
6 Share in other comprehensive income/loss of companies linked by virtue of participating interests	209	0	0	0	0
7 Actuarial gains/losses on the defined benefit obligation	210	0	0	0	0
8 Other changes in equity unrelated to owners	211	0	0	0	0
III TAX ON OTHER COMPREHENSIVE INCOME FOR THE PERIOD	212	0	0	0	0
IV NET OTHER COMPREHENSIVE INCOME OR LOSS (ADP 203-212)	213	0	0	0	0
V COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 202+213)	214	-12.140.007	-834.780	-7.041.685	-2.528.815
APPENDIX to the Statement on comprehensive income (to be filled in by undertakings that draw up consolidated statements)
VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 216+217)	215	0	0	0	0
1 Attributable to owners of the parent	216	0	0	0	0
2 Attributable to minority (non-controlling) interest	217	0	0	0	0

Submitter: Granolio d.d.			in HRK
Item	ADP code	Same period of the previous year	Current period
1	2	3	4
Cash flow from operating activities
1 Pre-tax profit 2 Adjustments (ADP 003 to 010):	001	-12.140.007	-7.041.687
a) Depreciation	002 003	4.193.264 5.292.000	5.118.631 4.296.586
b) Gains and losses from sale and value adjustment of fixed tangible and intangible assets	004	0	257.042
c) Gains and losses from sale and unrealised gains and losses and value	005	-172.817	0
adjustment of financial assets
d) Interest and dividend income e) Interest expenses	006 007	-818.983 1.325.163	-161.688 942.745
f) Provisions	008	0	0
g) Exchange rate differences (unrealised)	009	0	5.527
h) Other adjustments for non-cash transactions and unrealised gains and losses	010	-1.432.098	-221.581
I Cash flow increase or decrease before changes in working capital (ADP 001+002)	011	-7.946.743	-1.923.056
3 Changes in the working capital (ADP 013 to 016)	012	8.038.175	4.502.003
a) Increase or decrease in short-term liabilities	013	12.293.921	1.905.060
b) Increase or decrease in short-term receivables	014	-5.768.323	311.391
c) Increase or decrease in inventories	015	1.512.577	2.285.552
d) Other increase or decrease in working capital	016	0	0
II Cash from operations (ADP 011+012)	017	91.432	2.578.947
4 Interest paid	018	-1.154.693	-1.043.473
5 Income tax paid A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019)	019 020	0 -1.063.261	0 1.535.474
Cash flow from investment activities
1 Cash receipts from sales of fixed tangible and intangible assets	021	0	0
2 Cash receipts from sales of financial instruments	022	0	0
3 Interest received	023	848.484	471.660
4 Dividends received	024	0
5 Cash receipts from repayment of loans and deposits	025	4.632.408	1.454.206
6 Other cash receipts from investment activities III Total cash receipts from investment activities (ADP 021 to 026)	026 027	0 5.480.892	999.031 2.924.897
1 Cash payments for the purchase of fixed tangible and intangible assets	028	-1.610.442	-2.125.757
2 Cash payments for the acquisition of financial instruments	029	0
3 Cash payments for loans and deposits for the period	030	-3.088.616	-1.292.553
4 Acquisition of a subsidiary, net of cash acquired	031	0	0
5 Other cash payments from investment activities	032	0	0
IV Total cash payments from investment activities (ADP 028 to 032)	033	-4.699.058	-3.418.310
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033)	034	781.834	-493.413
Cash flow from financing activities
1 Cash receipts from the increase in initial (subscribed) capital	035	0	0
2 Cash receipts from the issue of equity financial instruments and debt financial instruments	036	0	0
3 Cash receipts from credit principals, loans and other borrowings	037	0	0
4 Other cash receipts from financing activities V Total cash receipts from financing activities (ADP 035 to 038)	038 039	0 0	0 0
1 Cash payments for the repayment of credit principals, loans and other	040	-7.260.000	-696.288
borrowings and debt financial instruments 2 Cash payments for dividends	041	0	0
3 Cash payments for finance lease	042	-316.298	-215.621
4 Cash payments for the redemption of treasury shares and decrease in
initial (subscribed) capital 5 Other cash payments from financing activities	043 044	0 -1.040.000	0 -2.251.188
VI Total cash payments from financing activities (ADP 040 to 044)	045	-8.616.298	-3.163.097
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	-8.616.298	-3.163.097
1 Unrealised exchange rate differences in respect of cash and cash equivalents	047	0	0
D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP 020+034+046+047)	048	-8.897.725	-2.121.036
E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	049	3.574.350	2.710.246
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(ADP 048+049)	050	-5.323.375	589.210

STATEMENT OF CASH FLOWS - indirect method

for the period 01.01.2020 to 30.06.2020

for the period from 1.1.2020 to	30.6.2020												in HRK
Item	ADP code	Initial (subscribed) capital	Capital reserves	Legal reserves	Reserves for treasury shares	Treasury shares and holdings (deductible item)	Attributable to owners of the parent Statutory reserves Other reserves	Revaluation reserves	Fair value of Cash flow hedge - financial assets effective portion available for sale	Hedge of a net investment in a Retained profit / loss foreign operation - brought forward	Profit/loss for the business year	Total attributable to owners of the parent	Minority (non controlling) interest	Total capital and reserves
1	2	3	4	5	6	7 8	9	10	11 12	effective portion 13 14	15	16 (3 to 6 - 7	17	18 (16+17)
												+ 8 to 15)
Previous period 1 Balance on the first day of the previous business year	01	19.016.430	84.195.807	408.554	800.000	0	0 0	57.678.142	0	0 0	-169.386.013 61.767.391	54.480.311	0	54.480.311
2 Changes in accounting policies	02	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
3 Correction of errors	03	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
4 Balance on the first day of the previous business year (restated) (ADP 01 to 03)	04	19.016.430	84.195.807	408.554	800.000	0	0 0	57.678.142	0	0 0	-169.386.013 61.767.391	54.480.311	0	54.480.311
5 Profit/loss of the period	05	0	0	0	0	0	0 0	0	0	0 0	0 -12.140.007	-12.140.007	0	-12.140.007
6 Exchange rate differences from translation of foreign operations	06	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
7 Changes in revaluation reserves of fixed tangible and intangible assets	07	0	0	0	0	0	0 0	-1.501.123	0	0 0	1.501.123	0 0	0	0
8 Profit or loss arising from subsequent measurement of financial assets available for
sale	08	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
9 Profit or loss arising from effective cash flow hedge	09	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
10 Profit or loss arising from effective hedge of a net investment in a foreign operation	10	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
11 Share in other comprehensive income/loss of companies linked by virtue of
participating interests	11	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
12 Actuarial gains/losses on the defined benefit obligation	12	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
13 Other changes in equity unrelated to owners 14 Tax on transactions recognised directly in equity	13 14	0 0	0 0	0 0	0 0	0 0	0 0 0 0	0 0	0 0	0 0 0 0	29.433 329.515	0 29.433 0 329.515	0 0	29.433 329.515
15 Increase/decrease in initial (subscribed) capital (other than from reinvesting profit
and other than arising from the pre-bankruptcy settlement procedure)	15	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
16 Increase in initial (subscribed) capital arising from the reinvestment of profit	16	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
17 Increase in initial (subscribed) capital arising from the pre-bankruptcy settlement procedure	17	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
18 Redemption of treasury shares/holdings	18	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
19 Payment of share in profit/dividend	19	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
20 Other distribution to owners 21 Transfer to reserves according to the annual schedule	20 21	0 0	0 0	0 3.088.369	0 0	0 0	0 0 0 0	0 0	0 0	0 0 0 0	0 58.679.022 -61.767.391	0 0 0	0 0	0 0
22 Increase in reserves arising from the pre-bankruptcy settlement procedure	22	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
23 Balance on the last day of the previous business year reporting period (04 to	23	19.016.430	84.195.807	3.496.923	800.000	0	0 0	56.177.019	0	0 0	-108.846.920 -12.140.007	42.699.252	0	42.699.252
22) APPENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by undertakings that draw up financial statements in accordance with the IFRS)
I OTHER COMPREHENSIVE INCOME OF THE PREVIOUS PERIOD, NET OF TAX
(ADP 06 to 14)	24	0	0	0	0	0	0 0	-1.501.123	0	0 0	1.860.071	0 358.948	0	358.948
II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP 05+24)	25	0	0	0	0	0	0 0	-1.501.123	0	0 0	1.860.071 -12.140.007	-11.781.059	0	-11.781.059
III TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD RECOGNISED DIRECTLY IN EQUITY (ADP 15 to 22)	26	0	0	3.088.369	0	0	0 0	0	0	0 0	58.679.022 -61.767.391	0	0	0
Current period
1 Balance on the first day of the current business year	27	19.016.430	84.195.807	3.496.923	800.000	0	0 0	54.675.895	0	0 0	-107.016.282 -14.143.751	41.025.022	0	41.025.022
2 Changes in accounting policies	28	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
3 Correction of errors	29	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
4 Balance on the first day of the current business year (restated) (ADP 27 to 29)	30	19.016.430	84.195.807	3.496.923	800.000	0	0 0	54.675.895	0	0 0	-107.016.282 -14.143.751	41.025.022	0	41.025.022
5 Profit/loss of the period	31	0	0	0	0	0	0 0	0	0	0 0	0 -7.041.687	-7.041.687	0	-7.041.687
6 Exchange rate differences from translation of foreign operations	32	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
7 Changes in revaluation reserves of fixed tangible and intangible assets	33	0	0	0	0	0	0 0	-1.501.123	0	0 0	1.501.123	0 0	0	0
8 Profit or loss arising from subsequent measurement of financial assets available for sale	34	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
9 Profit or loss arising from effective cash flow hedge	35	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
10 Profit or loss arising from effective hedge of a net investment in a foreign operation	36	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
11 Share in other comprehensive income/loss of companies linked by virtue of participating interests	37	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
12 Actuarial gains/losses on the defined benefit obligation	38	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
13 Other changes in equity unrelated to owners 14 Tax on transactions recognised directly in equity	39 40	0 0	0 0	0 0	0 0	0 0	0 0 0 0	0 0	0 0	0 0 0 0	0 329.515	0 0 0 329.515	0 0	0 329.515
15 Increase/decrease in initial (subscribed) capital (other than from reinvesting profit	41	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
and other than arising from the pre-bankruptcy settlement procedure)
16 Increase in initial (subscribed) capital arising from the reinvestment of profit 17 Increase in initial (subscribed) capital arising from the pre-bankruptcy settlement	42	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
procedure	43	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
18 Redemption of treasury shares/holdings	44	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
19 Payment of share in profit/dividend 20 Other distribution to owners	45 46	0 0	0 0	0 0	0 0	0 0	0 0 0 0	0 0	0 0	0 0 0 0	0 0	0 0 0 0	0 0	0 0
21 Transfer to reserves according to the annual schedule	47	0	0	0	0	0	0 0	0	0	0 0	14.143.751 -14.143.751	0	0	0
22 Increase in reserves arising from the pre-bankruptcy settlement procedure	48	0	0	0	0	0	0 0	0	0	0 0	0	0 0	0	0
23 Balance on the last day of the current business year reporting period (ADP 30 to 48)	49	19.016.430	84.195.807	3.496.923	800.000	0	0 0	53.174.772	0	0 0	-91.041.893 -35.329.189	34.312.850	0	34.312.850
APPENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by undertakings that draw up financial statements in accordance with the IFRS)
I OTHER COMPREHENSIVE INCOME FOR THE CURRENT PERIOD, NET OF TAX	50	0	0	0	0	0	0 0	-1.501.123	0	0 0	1.830.638	0 329.515	0	329.515
(ADP 32 to 40)
II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 31+50)	51	0	0	0	0	0	0 0	-1.501.123	0	0 0	1.830.638 -7.041.687	-6.712.172	0	-6.712.172
III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED DIRECTLY IN EQUITY (ADP 41 to 48)	52	0	0	0	0	0	0 0	0	0	0 0	14.143.751 -14.143.751	0	0	0

STATEMENT OF CHANGES IN EQUITY

NOTES TO FINANCIAL STATEMENTS - TFI (drawn up for quarterly reporting periods)

Name of the issuer: Granolio d.d. Personal identification number (OIB): 59064993527

Reporting period: 01.01.2020.-30.06.2020

Notes to financial statements for quarterly periods include:

The same accounting policies are applied when preparing the financial statements for the quarterly period as in the last annual financial statements.