Granolio d.d.

Annual / Quarterly Financial Statement • Feb 26, 2021

Unconsolidated financial results for the twelve months period ended 31 December 2020 (unaudited)

General information on Granoliod.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

The company operates within the food industry, and despite the Covid 19 pandemic, no significant changes in demand for the products produced by the company are expected. The company's operations will certainly be affected by interest rate movements, fiscal policy, the company's purchasing power and other factors.

Company's financial indicators for the twelve months of 2020

				In thousands HRK
Granolio d.d.	1-12 2020	1-12 2019		change
Operating income	445.493	306.350	139.143	45%
Operating expenses	406.211	317.052	89.159	28%
EBIT	39.282	(10.702)	49.984	(467%)
EBIT margin	9%	-3%
EBITDA	53.745	(76)	53.821	(70817%)
EBITDA margin	12%	0%
Net financial result	(6.054)	(3.441)	(2.613)	76%
Net result for the period	33.228	(14.143)	47.371	335%

*EBITDA= EBIT + depreciation + impairment expenses

In the twelve-month period of 2020, a more favorable operating result was achieved compared to the same period of the previous year. A better operating result was achieved in the milling segment, and in the position of other operating revenues.

The net financial result represents the difference between financial income and financial expenses.

In thousands HRK
Granolio d.d.	31.12.2020	31.12.2019	change
Net asset (capital and reserves)	74.913	41.025	33.888	83%
Total debt to financial institutions	157.119	320.372	(163.253)	(51%)
Cash and cash equivalents	4.297	4.297	-	-
Loans given, deposits etc.*	20.140	24.644	(4.504)	(18%)
Net debt	132.682	291.431	(158.749)	(54%)
Net debt/EBITDA		(3.834,62)
EBITDA for the last 12 months	53.745	(76)	53.821	(70817%)

*Loans given, securities and deposits

The total debt of the company was reduced on the basis of the Agreement which regulates the obligations under the loan, and by repayment to financial institutions in regular operations.

The increase in net assets is the result of the realized profit for the year 2020 in the amount of HRK 33 million.

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)

Employees

In the twelve months period 2020the Company employed 170 employees based on man-hour basis (in the twelve months period 2019: 162 employees).

Redemption of treasury shares

By the decision of the General Assembly of 9 June 2016, the Company transferred part of the profit for the business year 2015 in the amount of HRK 800 thousand to reserves for treasury shares.

Until the date of issuing the interim management report, the Company did not engage in repurchase activities

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 2020.

Annex 1 ISSUER'S GENERAL DATA
Reporting period:		1/1/2020	to	12/31/2020
Year:		2020
Quarter:		4.
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 period): 174
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.
Certified auditor:	(name of the audit firm) Vedrana Stipić (name and surname)

BALANCE SHEET

balance as at 31.12.2020

in HRK

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	210,114,823
I INTANGIBLE ASSETS (ADP 004 to 009)	003	123,718,667	1,678,527
1 Research and development	004	0	0
2 Concessions, patents, licences, trademarks, software and other	005	123,020,500	1,678,527
rights 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)	010	138,910,272	136,834,190
1 Land	011	8,684,216	8,684,216
2 Buildings	012	108,103,601	104,098,745
3 Plant and equipment	013	7,761,619	9,951,823
4 Tools, working inventory and transportation assets	014	268,460	0
5 Biological assets	015	0	0
6 Advances for the purchase of tangible assets	016	0	0
7 Tangible assets in preparation	017	9,384,080	9,409,855
8 Other tangible assets	018	93,296	74,551
9 Investment property	019	4,615,000	4,615,000
III FIXED FINANCIAL ASSETS (ADP 021 to 030)	020	71,603,783	71,602,106
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	026	0	0
interests
7 Investments in securities	027	0	0
8 Loans, deposits, etc. given	028	145,684	144,007
9 Other investments accounted for using the equity method 10 Other fixed financial assets	029	0	0
IV RECEIVABLES (ADP 032 to 035)	030	1,030,337	1,030,337
1 Receivables from undertakings within the group	031 032	0 0	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)	037	127,465,224	115,578,969
I INVENTORIES (ADP 039 to 045)	038	20,383,369	13,340,116
1 Raw materials and consumables	039	7,054,842	7,189,454
2 Work in progress	040	83,677	89,499
3 Finished goods	041	1,972,395	1,206,131

4 Merchandise	042	11,272,455	4,855,032
5 Advances for inventories	043	0	0
6 Fixed assets held for sale	044	0	0
7 Biological assets	045	0	0
II RECEIVABLES (ADP 047 to 052)	046	79,873,131	80,606,435
1 Receivables from undertakings within the group	047	9,668,968	6,639,868
2 Receivables from companies linked by virtue of participating	048	0	0
interests
3 Customer receivables	049	45,084,020	58,247,552
4 Receivables from employees and members of the undertaking	050	0	449
5 Receivables from government and other institutions	051	2,281,646	280,812
6 Other receivables	052	22,838,497	15,437,754
III CURRENT FINANCIAL ASSETS (ADP 054 to 062)	053	24,498,478	19,996,454
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	10,326,308
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	149,624
8 Loans, deposits, etc. given	061	13,974,224	9,520,522
9 Other financial assets	062	0	0
IV CASH AT BANK AND IN HAND	063	2,710,246	1,635,964
D ) PREPAID EXPENSES AND ACCRUED INCOME	064	390,423	378,620
E) TOTAL ASSETS (ADP 001+002+037+064)	065	462,088,369	326,072,412
OFF-BALANCE SHEET ITEMS	066	9,163,871	10,139,857
LIABILITIES
A) CAPITAL AND RESERVES (ADP 068 to	067	41,025,022	74,912,801
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	51,673,648
V FAIR VALUE RESERVES (ADP 078 to 080) 1 Fair value of financial assets available for sale	077	0	0
2 Cash flow hedge - effective portion	078	0	0
3 Hedge of a net investment in a foreign operation - effective portion	079 080	0 0	0 0
VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 082-
083)	081	-107,675,312	-117,498,756
1 Retained profit	082	0	0
2 Loss brought forward	083	107,675,312	117,498,756
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 085-086)	084	-13,484,721	33,228,749
1 Profit for the business year 2 Loss for the business year	085	0	33,228,749
VIII MINORITY (NON-CONTROLLING) INTEREST	086	13,484,721	0
B) PROVISIONS (ADP 089 to 094)	087	0	0
	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	168,446,400
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	0
6 Liabilities to banks and other financial institutions	101	113,796,135	108,045,929
7 Liabilities for advance payments	102	0	0
8 Liabilities to suppliers	103	34,895,727	22,074,611
9 Liabilities for securities	104	29,879,082	26,982,864
10 Other long-term liabilities	105	0	0
11 Deferred tax liability	106	12,002,026	11,342,996
D) SHORT-TERM LIABILITIES (ADP 108 to 121)	107	70,731,895	82,662,205
1 Liabilities to undertakings within the group	108	54,341	25,570
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	9,700,000
6 Liabilities to banks and other financial institutions	113	3,969,541	3,868,263
7 Liabilities for advance payments	114	4,403,875	522,875
8 Liabilities to suppliers	115	47,298,180	54,885,918
9 Liabilities for securities	116	9,666,218	8,522,176
10 Liabilities to employees	117	1,112,640	1,090,981
11 Taxes, contributions and similar liabilities	118	525,372	3,381,792
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	664,630
E) ACCRUALS AND DEFERRED INCOME	122	191,898	51,006
F) TOTAL – LIABILITIES (ADP 067+088+095+107+122)	123	462,088,369	326,072,412
G) OFF-BALANCE SHEET ITEMS	124	9,163,871	10,139,857

for the period 01.01.2020 to 31.12.2020 STATEMENT OF PROFIT OR LOSS

in HRK

Submitter: Granolio d.d.
Item	ADP code		Same period of the previous year	Current period
1	2	Cumulative 3	Quarter 4	Cumulative 5	Quarter 6
I OPERATING INCOME (ADP 126 to 130) 1 Income from sales with undertakings within the group	125 126	306,350,131 5,000,748	96,839,833 1,113,045	445,493,057 3,918,730	244,240,236 738,130
2 Income from sales (outside group)	127	295,178,333	92,571,074	281,122,705	85,084,341
3 Income from the use of own products, goods and services 4 Other operating income with undertakings within the group	128 129	26,818	3,533 0	23,960	10,178 0
5 Other operating income (outside the group) II OPERATING EXPENSES (ADP	130	6,144,232	3,152,181	160,427,662	158,407,587
132+133+137+141+142+143+146+153)	131	317,052,065	96,461,681	406,210,536	199,716,586
1 Changes in inventories of work in progress and finished goods 2 Material costs (ADP 134 to 136)	132 133	-1,154,745 285,422,528	-280,876 87,720,978	233,499 253,120,413	972,215 69,226,766
a) Costs of raw materials and consumables	134	195,010,317	52,603,179	172,225,464	41,552,775
b) Costs of goods sold c) Other external costs	135 136	69,173,733 21,238,478	28,488,751 6,629,048	60,720,498 20,174,451	21,781,832 5,892,159
3 Staff costs (ADP 138 to 140) a) Net salaries and wages	137 138	17,857,126 11,423,193	4,764,979 3,094,498	18,891,075 12,336,034	4,766,992 3,135,511
b) Tax and contributions from salary costs	139	4,214,048	1,087,691	4,285,141	1,062,941
c) Contributions on salaries 4 Depreciation	140 141	2,219,885 10,625,817	582,790 2,670,198	2,269,900 7,987,411	568,540 1,898,106
5 Other costs	142	2,580,419	911,085	2,607,012	850,157
6 Value adjustments (ADP 144+145) a) fixed assets other than financial assets	143 144	0 0	0 0	6,474,700 0	6,474,700 0
b) current assets other than financial assets	145	0	0	6,474,700	6,474,700
7 Provisions (ADP 147 to 152) a) Provisions for pensions, termination benefits and similar	146 147	0 0	0 0	0 0	0 0
b) Provisions for tax liabilities c) Provisions for ongoing legal cases	148 149	0 0	0 0	0 0	0 0
d) Provisions for renewal of natural resources	150	0	0	0	0
e) Provisions for warranty obligations f) Other provisions	151 152	0 0	0 0	0 0	0 0
8 Other operating expenses	153	1,720,920	675,317	116,896,426	115,527,650
III FINANCIAL INCOME (ADP 155 to 164) 1 Income from investments in holdings (shares) of undertakings within	154	3,496,787	2,296,744	557,320	189,655
the group	155	2,000,085	2,000,085	0	0
2 Income from investments in holdings (shares) of companies linked by virtue of participating interests	156	48,121	48,121	0	0
3 Income from other long-term financial investment and loans granted to undertakings within the group	157	0	0	0	0
4 Other interest income from operations with undertakings within the	158	359,854	24,696	9,353	3,678
group 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 7 Other interest income	160 161	131,709 657,225	130,692 50,689	120,786 200,655	120,786 42,038
8 Exchange rate differences and other financial income 9 Unrealised gains (income) from financial assets	162	78,559	40,193	226,526	23,153
10 Other financial income	163 164	221,234 0	2,268 0	0 0	0 0
IV FINANCIAL EXPENSES (ADP 166 to 172) 1 Interest expenses and similar expenses with undertakings within the	165	6,938,604	969,677	6,611,092	5,080,868
group	166	26,255	26,255	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	2,902,544	888,010	1,683,716	501,595
4 Exchange rate differences and other expenses 5 Unrealised losses (expenses) from financial assets	169 170	136,890 3,126	52,286 3,126	380,699 0	73,505 0
6 Value adjustments of financial assets (net) 7 Other financial expenses	171 172	3,829,533 40,256	0 0	4,500,000 46,677	4,500,000 5,768
V SHARE IN PROFIT FROM UNDERTAKINGS LINKED BY VRITUE	173	0	0	0	0
OF PARTICIPATING INTERESTS 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) X TOTAL EXPENDITURE (ADP 131+165+175 + 176)	177 178	309,846,918 323,990,669	99,136,577 97,431,358	446,050,377 412,821,628	244,429,891 204,797,454
XI PRE-TAX PROFIT OR LOSS (ADP 177-178)	179	-14,143,751	1,705,219	33,228,749	39,632,437
1 Pre-tax profit (ADP 177-178) 2 Pre-tax loss (ADP 178-177)	180 181	0 -14,143,751	1,705,219 0	33,228,749 0	39,632,437 0
XII INCOME TAX	182	0	0	0	0
XIII PROFIT OR LOSS FOR THE PERIOD (ADP 179-182) 1 Profit for the period (ADP 179-182)	183 184	-14,143,751 0	1,705,219 1,705,219	33,228,749 33,228,749	39,632,437 39,632,437
2 Loss for the period (ADP 182-179)	185	-14,143,751	0	0	0
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 1 Discontinued operations profit for the period (ADP 186-189)	189 190	0 0	0 0	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	-14,143,751	1,705,219	33,228,749	39,632,437
1 Pre-tax profit (ADP 192) 2 Pre-tax loss (ADP 192)	193 194	0 14,143,751	1,705,219 0	33,228,749 0	39,632,437 0
XVII INCOME TAX (ADP 182+189)	195	0	0	0	0
XVIII PROFIT OR LOSS FOR THE PERIOD (ADP 192-195) 1 Profit for the period (ADP 192-195)	196 197	-14,143,751 0	1,705,219 1,705,219	33,228,749 33,228,749	39,632,437 39,632,437
2 Loss for the period (ADP 195-192)	198	14,143,751	0	0	0
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 STATEMENT OF OTHER COMPRHENSIVE INCOME (to be filled in by undertakings subject to IFRS)	201	0	0	0	0
I PROFIT OR LOSS FOR THE PERIOD II OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX	202	0	0	0	0
(ADP 204 to 211)	203	0	0	0	0
1 Exchange rate differences from translation of foreign operations 2 Changes in revaluation reserves of fixed tangible and intangible	204	0	0	0	0
assets 3 Profit or loss arising from subsequent measurement of financial	205	0	0	0	0
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 foreign operation	208	0	0	0	0
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 8 Other changes in equity unrelated to owners	210 211	0	0	0	0
III TAX ON OTHER COMPREHENSIVE INCOME FOR THE PERIOD	212	0 0	0 0	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	0	0	0	0
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

STATEMENT OF CASH FLOWS - indirect method for the period 01.01.2020 to 31.12.2020

in HRK

Submitter: Granolio d.d.
Item	ADP code	Same period of the previous year	Current period
1	2	3	4
Cash flow from operating activities
1 Pre-tax profit	001	-14,143,750	33,228,749
2 Adjustments (ADP 003 to 010): a) Depreciation	002 003	10,304,419 10,625,816	-21,907,786 7,987,411
b) Gains and losses from sale and value adjustment of fixed tangible and
intangible assets	004	-694,836	115,510,053
c) Gains and losses from sale and unrealised gains and losses and value	005	3,605,759	-145,886,043
adjustment of financial assets
d) Interest and dividend income	006	-3,148,789	-330,794
e) Interest expenses	007	2,868,649	1,683,715
f) Provisions	008	0	0
g) Exchange rate differences (unrealised)	009	0	3,493
h) Other adjustments for non-cash transactions and unrealised gains and losses	010	-2,952,180	-875,621
I Cash flow increase or decrease before changes in working capital (ADP 001+002)	011	-3,839,331	11,320,963
3 Changes in the working capital (ADP 013 to 016) a) Increase or decrease in short-term liabilities	012	14,891,940	-966,515
b) Increase or decrease in short-term receivables	013	8,948,018 13,159,021	-6,319,083 -2,569,445
c) Increase or decrease in inventories	014 015	-7,215,099	7,922,013
d) Other increase or decrease in working capital	016	0	0
II Cash from operations (ADP 011+012)	017	11,052,609	10,354,448
4 Interest paid	018	-2,662,250	-1,566,976
5 Income tax paid	019	0	0
A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019)	020	8,390,359	8,787,472
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
3 Interest received	022	5,000,000 1,118,755	0 700,899
4 Dividends received	023 024	0	0
5 Cash receipts from repayment of loans and deposits	025	17,541,796	3,904,853
6 Other cash receipts from investment activities	026	0	999,031
III Total cash receipts from investment activities (ADP 021 to 026)	027	23,660,551	5,604,783
1 Cash payments for the purchase of fixed tangible and intangible assets	028	-3,489,527	-3,138,986
2 Cash payments for the acquisition of financial instruments	029	0	0
3 Cash payments for loans and deposits for the period	030	-27,780,252	-3,829,806
4 Acquisition of a subsidiary, net of cash acquired	031	0	0
5 Other cash payments from investment activities	032	-991,389	-1,069,031
IV Total cash payments from investment activities (ADP 028 to 032)	033	-32,261,168	-8,037,823
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033)	034	-8,600,617	-2,433,040
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	2,000,000	5,000,000
4 Other cash receipts from financing activities	038	0	0
V Total cash receipts from financing activities (ADP 035 to 038)	039	2,000,000	5,000,000
1 Cash payments for the repayment of credit principals, loans and other	040	0	-7,959,391
borrowings and debt financial instruments
2 Cash payments for dividends	041	0	0
3 Cash payments for finance lease	042	-553,847	-429,062
4 Cash payments for the redemption of treasury shares and decrease in initial (subscribed) capital	043	0	0
5 Other cash payments from financing activities	044	-2,100,000	-4,040,260
VI Total cash payments from financing activities (ADP 040 to 044)	045	-2,653,847	-12,428,713
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	-653,847	-7,428,713
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	-864,105	-1,074,281
E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE	049	3,574,350	2,710,246
PERIOD
F) CASH AND CASH EQUIVALENTS AT THE END OF THE	050	2,710,245	1,635,965
PERIOD(ADP 048+049)

STATEMENT OF CHANGES IN EQUITY

for the period from 1/1/2020 to	12/31/2020														in HRK
Item	ADP code	Initial (subscribed) capital	Capital reserves	Legal reserves	Reserves for treasury shares	Treasury shares and holdings (deductible item)	Statutory reserves Other reserves	Attributable to owners of the parent Revaluation reserves	Fair value of financial assets available for sale	Cash flow hedge - effective portion	Hedge of a net investment in a foreign operation - effective portion	Retained profit / loss 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	13	14	15	16 (3 to 6 - 7 + 8 to 15)	17	18 (16+17)
Previous period
1 Balance on the first day of the previous business year 2 Changes in accounting policies	01 02	19,016,430 0	84,195,807 0	408,554 0	800,000 0	0 0	0 0 0 0	57,678,142 0	0 0	0 0	0 0	-169,386,013 0	61,767,391 0	54,480,311 0	0 0	54,480,311 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	-14,143,751	-14,143,751	0	-14,143,751
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	-3,002,247	0	0	0	3,002,247	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	10	0	0	0	0	0	0 0	0	0	0	0	0	0	0	0	0
operation 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 13 Other changes in equity unrelated to owners	12 13	0 0	0 0	0 0	0 0	0 0	0 0 0 0	0 0	0 0	0 0	0 0	0 29,433	0 0	0 29,433	0 0	0 29,433
14 Tax on transactions recognised directly in equity	14	0	0	0	0	0	0 0	0	0	0	0	659,030	0	659,030	0	659,030
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 20 Other distribution to owners	19 20	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	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	0 -61,767,391	0 0	0 0	0 0
22 Increase in reserves arising from the pre-bankruptcy settlement procedure 23 Balance on the last day of the previous business year reporting period (04	22	0	0	0	0	0	0 0	0	0	0	0	0	0	0	0	0
to 22)	23	19,016,430	84,195,807	3,496,923	800,000	0	0 0	54,675,895	0	0	0	-107,016,281	-14,143,751	41,025,023	0	41,025,023
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	-3,002,247	0	0	0	3,690,710	0	688,463	0	688,463
II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP
	25	0	0	0	0	0	0 0	-3,002,247	0	0	0	3,690,710	-14,143,751	-13,455,288	0	-13,455,288
	26	0	0	3,088,369	0	0	0 0	0	0	0	0	58,679,022	-61,767,391	0	0	0
	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
	28	0	0	0	0	0	0 0	0	0	0	0	0	0	0	0	0
	29	0	0	0	0	0	0 0	0	0	0	0	0	0	0	0	0
	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
	31 32	0 0	0 0	0 0	0 0	0 0	0 0 0 0	0 0	0 0	0 0	0 0	0 0	33,228,749 0	33,228,749 0	0 0	33,228,749 0
	33	0	0	0	0	0	0 0	-3,002,247	0	0	0	3,002,247	0	0	0	0
	34	0	0	0	0	0	0 0	0	0	0	0	0	0	0	0	0
	35	0	0	0	0	0	0 0	0	0	0	0	0	0	0	0	0
	36	0	0	0	0	0	0 0	0	0	0	0	0	0	0	0	0
	37	0	0	0	0	0	0 0	0	0	0	0	0	0	0	0	0
	38	0	0	0	0	0	0 0	0	0	0	0	0	0	0	0	0
	39	0	0	0	0	0	0 0	0	0	0	0	0	0	0	0	0
	40	0	0	0	0	0	0 0	0	0	0	0	659,030	0	659,030	0	659,030
	41	0	0	0	0	0	0 0	0	0	0	0	0	0	0	0	0
05+24) III TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD RECOGNISED DIRECTLY IN EQUITY (ADP 15 to 22) Current period 1 Balance on the first day of the current business year 2 Changes in accounting policies 3 Correction of errors 4 Balance on the first day of the current business year (restated) (ADP 27 to 29) 5 Profit/loss of the period 6 Exchange rate differences from translation of foreign operations 7 Changes in revaluation reserves of fixed tangible and intangible assets 8 Profit or loss arising from subsequent measurement of financial assets available for sale 9 Profit or loss arising from effective cash flow hedge 10 Profit or loss arising from effective hedge of a net investment in a foreign operation 11 Share in other comprehensive income/loss of companies linked by virtue of participating interests 12 Actuarial gains/losses on the defined benefit obligation 13 Other changes in equity unrelated to owners 14 Tax on transactions recognised directly in equity 15 Increase/decrease in initial (subscribed) capital (other than from reinvesting profit and other than arising from the pre-bankruptcy settlement procedure) 16 Increase in initial (subscribed) capital arising from the reinvestment of profit	42	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	43	0	0	0	0	0	0 0	0	0	0	0	0	0	0	0	0
18 Redemption of treasury shares/holdings 19 Payment of share in profit/dividend	44 45	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
20 Other distribution to owners	46	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 22 Increase in reserves arising from the pre-bankruptcy settlement procedure	47 48	0 0	0 0	0 0	0 0	0 0	0 0 0 0	0 0	0 0	0 0	0 0	-14,143,751 0	14,143,751 0	0 0	0 0	0 0
23 Balance on the last day of the current business year reporting period (ADP	49	19,016,430	84,195,807	3,496,923	800,000	0	0 0	51,673,648	0	0	0	-117,498,756	33,228,749	74,912,801	0	74,912,801
30 to 48) 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	-3,002,247	0	0	0	3,661,277	0	659,030	0	659,030
(ADP 32 to 40)
II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 31+50) III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED	51	0	0	0	0	0	0 0	-3,002,247	0	0	0	3,661,277	33,228,749	33,887,779	0	33,887,779

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.-31.12.2020

Notes to the financial statements for the last quarter of the reporting period include:

The same accounting policies are applied in preparing the financial statements for prior periods as in the most recent annual financial statements.