Granolio d.d.

Interim / Quarterly Report • Jul 29, 2021

Unconsolidated financial results for the six months period ended 30 June 2021 (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

The company operates within the food industry and has no significant impact on operations due to the pandemic caused by the COVID 19 virus and continues to regularly repay its obligations under the Pre-Bankruptcy Settlement Plan to financial institutions and suppliers.

Company's financial indicators for the six months of 2021

				In thousands HRK
Granolio d.d.	1-6 2021	1-6 2020	change
Operating income	129.361	131.003	(1.642)	(1%)
Operating expenses	132.754	137.137	(4.382)	(3%)
EBIT	(3.393)	(6.134)	2.740	(45%)
EBIT margin	-3%	-5%
EBITDA	297	(1.837)	(1.540)	84%
EBITDA margin	0%	-1%
Net financial result	(634)	(908)	274	(30%)
Net result for the period	(4.028)	(7.042)	3.014	43%

*EBITDA= EBIT + depreciation + impairment expenses

In the first half-year of 2021, 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.

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

				In thousands HRK
Granolio d.d.	30.6.2021	31.12.2020	change
Net asset (capital and reserves)	71.215	74.913	(3.698)	(5%)
Total debt to financial institutions	159.224	157.444	1.780	1%
Cash and cash equivalents	528	1.636	(1.108)	(68%)
Loans given, deposits etc.*	21.545	20.140	1.405	7%
Net debt	137.152	135.668	1.484	1%
Net debt/EBITDA	2,63	2,52
EBITDA for the last 12 months	52.205	53.745	(1.540)	(3%)

*Loans given, securities and deposits

The decrease in net assets is the result of the realized loss for the first half-year of 2021 in the amount of HRK 4 million.

The company monitors its operations through four business segments:

1. Flour

2. Raw materials (wholesale of raw materials for sowing: mineral fertilizers, plant protection products and seeds)

3. Trading (wholesale of cereals, oilseeds and bakery products)

4. Other (provision of services for storage, drying and reception of goods on runways, fattening of cattle, other).

Employees

In the six months period 2021 the Company employed 161 employees based on man-hour basis (in the six months period 2020: 173 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 2021.

Annex 1
		ISSUER'S GENERAL DATA
Reporting period:		1.1.2021	to	30.6.2021
Year:		2021
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	170
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 30.06.2021

Submitter:Granolio d.d.			in HRK
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 B) FIXED ASSETS (ADP 003+010+020+031+036)	001 002	0 210.114.823	0 212.515.633
I INTANGIBLE ASSETS (ADP 004 to 009)	003	1.336.023	1.558.213
1 Research and development	004	0	0
2 Concessions, patents, licences, trademarks, software and other			1.558.213
rights	005	1.336.023
3 Goodwill	006	0	0
4 Advances for the purchase of intangible assets	007	0	0
5 Intangible assets in preparation 6 Other intangible assets	008 009	0 0	0 0
II TANGIBLE ASSETS (ADP 011 to 019)	010	137.176.694	139.319.899
1 Land	011	8.684.216	9.184.216
2 Buildings	012	104.098.745	106.727.038
3 Plant and equipment	013	10.294.327	9.343.895
4 Tools, working inventory and transportation assets	014	0	67.755
5 Biological assets	015	0	0
6 Advances for the purchase of tangible assets	016	0	0
7 Tangible assets in preparation 8 Other tangible assets	017	9.409.855	9.309.855 72.140
9 Investment property	018 019	74.551 4.615.000	4.615.000
III FIXED FINANCIAL ASSETS (ADP 021 to 030)	020	71.602.106	71.637.521
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	027	0	0
8 Loans, deposits, etc. given	028	144.007	179.422
9 Other investments accounted for using the equity method	029	1.030.337	1.030.337
10 Other fixed financial assets IV RECEIVABLES (ADP 032 to 035)	030 031	0 0	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)	037	115.578.969	122.601.976
I INVENTORIES (ADP 039 to 045)	038	13.340.116	14.468.006
1 Raw materials and consumables	039	7.189.454	9.495.209
2 Work in progress	040	89.499	36.315
3 Finished goods	041	1.206.131	1.480.437 3.456.045
4 Merchandise 5 Advances for inventories	042 043	4.855.032 0	0
6 Fixed assets held for sale	044	0	0
7 Biological assets	045	0	0
II RECEIVABLES (ADP 047 to 052)	046	80.606.435	86.420.111
1 Receivables from undertakings within the group	047	12.889.868	11.803.750
2 Receivables from companies linked by virtue of participating interests	048	0	0
3 Customer receivables	049	51.997.552	57.954.610
4 Receivables from employees and members of the undertaking	050	449	449
5 Receivables from government and other institutions	051	280.812	364.602
6 Other receivables	052	15.437.754	16.296.700
III CURRENT FINANCIAL ASSETS (ADP 054 to 062) 1 Investments in holdings (shares) of undertakings within the group	053 054	19.996.454 0	21.185.862 0
2 Investments in other securities of undertakings within the group	055	0	0
			10.358.953
3 Loans, deposits, etc. to undertakings within the group 4 Investments in holdings (shares) of companies linked by virtue of	056 057	11.396.307 0	0
participating interests 5 Investment in other securities of companies linked by virtue of	058	0	0
participating interests 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	8.450.523	10.677.285
9 Other financial assets	062	0	0
IV CASH AT BANK AND IN HAND	063	1.635.964	527.997
D ) PREPAID EXPENSES AND ACCRUED INCOME	064	378.620	883.693
E) TOTAL ASSETS (ADP 001+002+037+064)	065	326.072.412	336.001.302

OFF-BALANCE SHEET ITEMS	066	10.139.857	10.143.999
LIABILITIES
A) CAPITAL AND RESERVES (ADP 068 to	067	74.912.801	71.214.687
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	5.958.361
1 Legal reserves	071	3.496.923	5.158.361
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	51.673.648	50.172.525
V FAIR VALUE RESERVES AND OTHER (ADP 078 to 082)	077	0	0
1 Financial assets at fair value through other comprehensive
income (i.e. 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	080	0	0
4 Other fair value reserves	081	0	0
5 Exchange differences arising from the translation of foreign
operations (consolidation)	082	0	0
VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 084-
085)	083	-118.157.786	-84.100.806
1 Retained profit	084	0	0
2 Loss brought forward	085	118.157.786	84.100.806
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088)	086	33.887.779	-4.027.630
1 Profit for the business year	087	33.887.779	0
2 Loss for the business year	088	0	4.027.630
VIII MINORITY (NON-CONTROLLING) INTEREST	089	0	0
B) PROVISIONS (ADP 091 to 096)	090	0	0
1 Provisions for pensions, termination benefits and similar
obligations	091	0	0
2 Provisions for tax liabilities	092	0	0
3 Provisions for ongoing legal cases	093	0	0
4 Provisions for renewal of natural resources	094	0	0
5 Provisions for warranty obligations	095	0	0
6 Other provisions	096	0	0
C) LONG-TERM LIABILITIES (ADP 098 to 108)	097	168.446.400	158.841.344
1 Liabilities to undertakings within the group	098	0	0
2 Liabilities for loans, deposits, etc. of undertakings within the group	099	0	0
3 Liabilities to companies linked by virtue of participating interests 4 Liabilities for loans, deposits etc. of companies linked by virtue of	100	0	0
participating interests	101	0	0
5 Liabilities for loans, deposits etc.	102	0	0
6 Liabilities to banks and other financial institutions	103	108.045.929	104.883.872
7 Liabilities for advance payments	104	0	0
8 Liabilities to suppliers	105	22.074.611	17.409.236
9 Liabilities for securities	106	26.982.864	25.534.755
10 Other long-term liabilities	107	0	0
11 Deferred tax liability	108	11.342.996	11.013.481
D) SHORT-TERM LIABILITIES (ADP 110 to 123)	109	82.662.205	105.858.816
1 Liabilities to undertakings within the group	110	1.533.510	2.122.773
2 Liabilities for loans, deposits, etc. of undertakings within the group	111	0	2.000.000
3 Liabilities to companies linked by virtue of participating interests	112	0	0
4 Liabilities for loans, deposits etc. of companies linked by virtue of			0
participating interests	113	0
5 Liabilities for loans, deposits etc.	114	9.700.000	12.200.000
6 Liabilities to banks and other financial institutions	115	4.193.070	6.372.092
7 Liabilities for advance payments	116	522.875	199.072
8 Liabilities to suppliers	117	53.053.172	71.065.717
9 Liabilities for securities	118	8.522.175	8.233.704
10 Liabilities to employees	119	1.090.981	1.135.451
11 Taxes, contributions and similar liabilities	120	3.381.792	1.862.868
12 Liabilities arising from the share in the result	121	0
13 Liabilities arising from fixed assets held for sale	122	0
14 Other short-term liabilities	123	664.630	667.139
E) ACCRUALS AND DEFERRED INCOME	124	51.006	86.455
F) TOTAL – LIABILITIES (ADP 067+090+097+109+124) G) OFF-BALANCE SHEET ITEMS	125 126	326.072.412 10.139.857	0 0 336.001.302 10.143.999

for the period 01.01.2021 to 30.06.2021 STATEMENT OF PROFIT OR LOSS

in HRK

Submitter:Granolio d.d.			Same period of the previous year	Current period
Item	ADP code	Cumulative	Quarter	Cumulative	Quarter
1	2	3	4	5	6
I OPERATING INCOME (ADP 002 to 006) 1 Income from sales with undertakings within the group	001 002	131.003.132 2.378.799	63.230.724 1.026.838	129.361.018 1.654.910	66.559.793 937.804
2 Income from sales (outside group)	003	127.499.010	61.570.230 2.689	125.969.384 2.139	65.061.389 1.295
3 Income from the use of own products, goods and services 4 Other operating income with undertakings within the group	004 005	3.204 0	0	0	0
5 Other operating income (outside the group)	006	1.122.119	630.967	1.734.585	559.305
II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029)	007	137.136.918	65.397.784	132.754.467	68.258.061
1 Changes in inventories of work in progress and finished goods 2 Material costs (ADP 010 to 012)	008 009	-745.681 122.513.906	374.410 57.424.598	-296.226 118.062.007	144.487 60.550.711
a) Costs of raw materials and consumables	010	90.473.392	38.915.055 14.380.595	91.136.631 18.658.851	45.222.322 10.940.790
b) Costs of goods sold c) Other external costs	011 012	23.053.520 8.986.994	4.128.948	8.266.525	4.387.599
3 Staff costs (ADP 014 to 016) a) Net salaries and wages	013	9.501.754	4.694.427 3.077.203	9.693.776 6.339.169	4.813.385 3.155.636
b) Tax and contributions from salary costs	014 015	6.189.010 2.162.725	1.052.956	2.186.517	1.078.854
c) Contributions on salaries 4 Depreciation	016 017	1.150.019 4.296.585	564.268 2.037.344	1.168.090 3.690.227	578.895 1.838.455
5 Other costs	018	1.084.847	590.375	1.014.144	463.386
6 Value adjustments (ADP 020+021) a) fixed assets other than financial assets	019 020	0 0	0 0	0 0	0 0
b) current assets other than financial assets	021	0	0	0	0
7 Provisions (ADP 023 to 028) a) Provisions for pensions, termination benefits and similar	022 023	0 0	0 0	0 0	0 0
b) Provisions for tax liabilities	024	0	0	0	0
c) Provisions for ongoing legal cases d) Provisions for renewal of natural resources	025 026	0 0	0 0	0 0	0 0
e) Provisions for warranty obligations	027	0	0	0	0
f) Other provisions 8 Other operating expenses	028 029	0 485.507	0 276.630	0 590.539	0 447.637
III FINANCIAL INCOME (ADP 031 to 040)	030	337.135	142.060	66.648	26.952
1 Income from investments in holdings (shares) of undertakings within the group	031	0	0	0	0
2 Income from investments in holdings (shares) of companies linked by virtue of participating interests	032	0	0	0	0
3 Income from other long-term financial investment and loans granted	033	0	0	0	0
to undertakings within the group 4 Other interest income from operations with undertakings within the
group	034	3.074	1.513	3.513	1.982
5 Exchange rate differences and other financial income from operations with undertakings within the group	035	0	0	0	0
6 Income from other long-term financial investments and loans	036	0	0	0	0
7 Other interest income 8 Exchange rate differences and other financial income	037 038	158.614 175.447	140.547 0	9.024 54.111	1.729 23.241
9 Unrealised gains (income) from financial assets 10 Other financial income	039	0	0 0	0 0	0 0
IV FINANCIAL EXPENSES (ADP 042 to 048)	040 041	0 1.245.034	503.813	700.829	357.775
1 Interest expenses and similar expenses with undertakings within the group	042	0	0	0	0
2 Exchange rate differences and other expenses from operations with	043	0	0	0	0
undertakings within the group 3 Interest expenses and similar expenses	044	942.745	304.957	585.067	308.696
4 Exchange rate differences and other expenses	045	262.069	198.796	71.265	47.866
5 Unrealised losses (expenses) from financial assets 6 Value adjustments of financial assets (net)	046 047	0 0	0 0	0 0	0 0
7 Other financial expenses	048	40.220	60	44.497	1.213
V SHARE IN PROFIT FROM UNDERTAKINGS LINKED BY VRITUE OF PARTICIPATING INTERESTS	049	0	0	0	0
VI SHARE IN PROFIT FROM JOINT VENTURES VII SHARE IN LOSS OF COMPANIES LINKED BY VIRTUE OF	050	0	0	0	0
PARTICIPATING INTEREST	051	0	0	0	0
VIII SHARE IN LOSS OF JOINT VENTURES IX TOTAL INCOME (ADP 001+030+049 +050)	052 053	0 131.340.267	0 63.372.784	0 129.427.666	0 66.586.745
X TOTAL EXPENDITURE (ADP 007+041+051 + 052) XI PRE-TAX PROFIT OR LOSS (ADP 053-054)	054 055	138.381.952 -7.041.685	65.901.597 -2.528.813	133.455.296 -4.027.630	68.615.836 -2.029.091
1 Pre-tax profit (ADP 053-054)	056	0	0	0	0
2 Pre-tax loss (ADP 054-053) XII INCOME TAX	057 058	-7.041.685 0	-2.528.813 0	-4.027.630 0	-2.029.091 0
XIII PROFIT OR LOSS FOR THE PERIOD (ADP 055-059)	059	-7.041.685	-2.528.813	-4.027.630	-2.029.091
1 Profit for the period (ADP 055-059) 2 Loss for the period (ADP 059-055)	060 061	0 -7.041.685	0 -2.528.813	0 -4.027.630	0 -2.029.091
DISCONTINUED OPERATIONS (to be filled in by undertakings subject to IFRS only with discontinued operations)
XIV PRE-TAX PROFIT OR LOSS OF DISCONTINUED OPERATIONS (ADP 063-064)	062	0	0	0	0
1 Pre-tax profit from discontinued operations 2 Pre-tax loss on discontinued operations	063 064	0 0	0 0	0 0	0 0
XV INCOME TAX OF DISCONTINUED OPERATIONS	065	0	0	0	0
1 Discontinued operations profit for the period (ADP 062-065) 2 Discontinued operations loss for the period (ADP 065-062)	066 067	0 0	0 0	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 055-+062) 1 Pre-tax profit (ADP 068)	068 069	0 0	0 0	0 0	0 0
2 Pre-tax loss (ADP 068) XVII INCOME TAX (ADP 058+065)	070 071	0 0	0 0	0 0	0 0
XVIII PROFIT OR LOSS FOR THE PERIOD (ADP 068-071)	072	0	0	0	0
1 Profit for the period (ADP 068-071) 2 Loss for the period (ADP 071-068)	073 074	0 0	0 0	0 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 076+077) 1 Attributable to owners of the parent	075 076	0 0	0 0	0 0	0 0
2 Attributable to minority (non-controlling) interest	077	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	078	0	0	0	0
II OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX (ADP 80+ 87)	079	0	0	0	0
III Items that will not be reclassified to profit or loss (ADP 081 to	080	0	0	0	0
085) 1 Changes in revaluation reserves of fixed tangible and intangible
assets 2 Gains or losses from subsequent measurement of equity	081	0	0	0	0
instruments at fair value through other comprehensive income	082	0	0	0	0
3 Fair value changes of financial liabilities at fair value through statement of profit or loss, attributable to changes in their credit risk	083	0	0	0	0
4 Actuarial gains/losses on the defined benefit obligation	084	0	0	0	0
5 Other items that will not be reclassified	085	0	0	0	0
6 Income tax relating to items that will not be reclassified	086	0	0	0	0
IV Items that may be reclassified to profit or loss (ADP 088 to 095)	087	0	0	0	0
1 Exchange rate differences from translation of foreign operations	088	0	0	0	0
2 Gains or losses from subsequent measurement of debt securities at fair value through other comprehensive income	089	0	0	0	0

3 Profit or loss arising from effective cash flow hedging

090 0 0 0 0

4 Profit or loss arising from effective hedge of a net investment in a foreign operation	091	0	0	0	0
5 Share in other comprehensive income/loss of companies linked by virtue of participating interests	092	0	0	0	0
6 Changes in fair value of the time value of option	093	0	0	0	0
7 Changes in fair value of forward elements of forward contracts	094	0	0	0	0
8 Other items that may be reclassified to profit or loss	095	0	0	0	0
9 Income tax relating to items that may be reclassified to profit or loss	096	0	0	0	0
V NET OTHER COMPREHENSIVE INCOME OR LOSS (ADP 080+087- 086 - 096)	097	0	0	0	0
VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 078+097)	098	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 100+101)	099	0	0	0	0
1 Attributable to owners of the parent	100	0	0	0	0
2 Attributable to minority (non-controlling) interest	101	0	0	0	0

STATEMENT OF CASH FLOWS - indirect method for the period 01.01.2021. to 30.06.2021.

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	-7.041.687	-4.027.630
a) Depreciation	002 003	5.118.631 4.296.586	3.962.324 3.690.227
b) Gains and losses from sale and value adjustment of fixed tangible and intangible assets	004	257.042	4.552
c) Gains and losses from sale and unrealised gains and losses and value adjustment of financial assets	005	0	0
d) Interest and dividend income	006	-161.688	-8.826
e) Interest expenses	007	942.745	276.371
f) Provisions	008	0	0
g) Exchange rate differences (unrealised)	009	5.527	0
h) Other adjustments for non-cash transactions and unrealised gains and losses	010	-221.581	0
I Cash flow increase or decrease before changes in working capital (ADP 001+002)	011	-1.923.056	-65.306
3 Changes in the working capital (ADP 013 to 016)	012	4.502.003	6.650.558
a) Increase or decrease in short-term liabilities	013	1.905.060	14.097.196
b) Increase or decrease in short-term receivables	014	311.391	-6.318.748
c) Increase or decrease in inventories	015	2.285.552	-1.127.890
d) Other increase or decrease in working capital	016	0	0
II Cash from operations (ADP 011+012)	017	2.578.947	6.585.252
4 Interest paid	018	-1.043.473	-390.151
5 Income tax paid A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019)	019	0	0 6.195.101
Cash flow from investment activities	020	1.535.474
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	471.660	65.987
4 Dividends received	024	0	0
5 Cash receipts from repayment of loans and deposits	025	1.454.206	1.983.365
6 Other cash receipts from investment activities	026	999.031	0
III Total cash receipts from investment activities (ADP 021 to 026)	027	2.924.897	2.049.352
1 Cash payments for the purchase of fixed tangible and intangible assets	028	-2.125.757	-6.060.171
2 Cash payments for the acquisition of financial instruments	029	0	0
3 Cash payments for loans and deposits for the period	030	-1.292.553	-3.335.646
4 Acquisition of a subsidiary, net of cash acquired	031	0	0
5 Other cash payments from investment activities IV Total cash payments from investment activities (ADP 028 to 032)	032 033	0 -3.418.310	0 -9.395.817
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033)	034	-493.413	-7.346.465
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 4 Other cash receipts from financing activities	037 038	0 0	7.000.000 0
V Total cash receipts from financing activities (ADP 035 to 038)	039	0	7.000.000
1 Cash payments for the repayment of credit principals, loans and other borrowings and debt financial instruments	040	-696.288	-4.971.721
2 Cash payments for dividends	041	0	0
3 Cash payments for finance lease	042	-215.621	-248.300
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	-2.251.188	-1.736.581
VI Total cash payments from financing activities (ADP 040 to 044)	045	-3.163.097	-6.956.602
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	-3.163.097	43.398
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	-2.121.036	-1.107.966
E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	049	2.710.246	1.635.964
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(ADP 048+049)	050	589.210	527.998

STATEMENT OF CHANGES IN EQUITY for the period from 1.1.2021	to 30.6.2021																	in HRK
									Attributable to owners of the parent	Fair value of
Item	ADP	Initial (subscribed)			Reserves for	Treasury shares and			Revaluation	financial assets through other	Cash flow hedge -	Hedge of a net investment in a	Other fair value	Exchange rate differences from	Retained profit /	Profit/loss for the	Total attributable to	Minority (non controlling)	Total capital and
	code	capital	Capital reserves	Legal reserves	treasury shares	holdings (deductible item)	Statutory reserves Other reserves		reserves	comprehensive income (available	effective portion	foreign operation - effective portion	reserves	translation of foreign operations	loss brought forward	business year	owners of the parent	interest	reserves
										for sale)							18 (3 to 6 - 7
1 Previous period	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	+ 8 to 17)	19	20 (18+19)
1 Balance on the first day of the previous business year	01	19.016.430	84.195.807 0	3.496.923	800.000 0 0	0 0		0 0 0 0	54.675.895 0	0 0		0 0 0 0	0 0	0 0	-107.016.282 0	-14.143.751 0	41.025.022	0	41.025.022
2 Changes in accounting policies 3 Correction of errors	02 03		0 0 0		0 0	0		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	3.496.923	800.000	0		0 0	54.675.895	0		0 0	0	0	-107.016.282	-14.143.751	41.025.022	0	41.025.022
5 Profit/loss of the period 6 Exchange rate differences from translation of foreign operations	05 06		0 0 0 0		0 0 0 0	0 0		0 0 0 0	0 0	0 0		0 0 0 0			0 0	-7.041.687 0	-7.041.687 0	0 0	-7.041.687 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 Gains or losses from subsequent measurement of financial assets at fair value	08		0 0		0 0	0		0 0	0	0		0 0			0	0	0	0	0
through other comprehensive income (available for sale) 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	0	0
11 Share in other comprehensive income/loss of companies linked by virtue of	11		0 0		0 0	0		0 0	0	0		0 0	0	0	0	0	0	0	0
participating interests 12 Actuarial gains/losses on the defined benefit obligation	12		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	0 329.515	0 0	0 329.515	0 0	0 329.515
15 Decrease in initial (subscribed) capital (other than arising from the pre-bankruptcy	15		0 0		0 0	0		0 0	0	0		0 0	0	0	0	0	0	0	0
settlement procedure or from the reinvestment of profit) 16 Decrease in initial (subscribed) capital arising from the pre-bankruptcy settlement
procedure	16		0 0		0 0	0		0 0	0	0		0 0	0	0	0	0	0	0	0
17 Decrease in initial (subscribed) capital arising from the reinvestment of profit	17		0 0		0 0	0		0 0	0	0		0 0	0	0	0	0	0	0	0
18 Redemption of treasury shares/holdings 19 Payments from members/shareholders	18 19		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	0 0	0 0
20 Payment of share in profit/dividend 21 Other distributions and payments to members/shareholders	20 21		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	0 0	0 0
22 Transfer to reserves according to the annual schedule	22		0 0		0 0	0		0 0	0	0		0 0	0	0	-14.143.751	14.143.751	0	0	0
23 Increase in reserves arising from the pre-bankruptcy settlement procedure 24 Balance on the last day of the previous business year reporting period (ADP	23 24	19.016.430	0 0 84.195.807	3.496.923	0 0 800.000	0 0		0 0 0 0	0 53.174.772	0 0		0 0 0 0	0 0	0 0	0 -119.329.395	0 -7.041.687	0 34.312.850	0 0	0 34.312.850
04 to 23) 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)	25		0 0		0 0	0		0 0	-1.501.123	0		0 0	0	0	1.830.638	0	329.515	0	329.515
II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP 05+25)	26		0 0		0 0	0		0 0	-1.501.123	0		0 0	0	0	1.830.638	-7.041.687	-6.712.172	0	-6.712.172
III TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD RECOGNISED DIRECTLY IN EQUITY (ADP 15 to 23)	27		0 0		0 0	0		0 0	0	0		0 0	0	0	-14.143.751	14.143.751	0	0	0
Current period 1 Balance on the first day of the current business year	28	19.016.430	84.195.807	3.496.923	800.000	0		0 0	51.673.648	0		0 0	0	0	-117.498.756	33.228.749	74.912.801	0	74.912.801
2 Changes in accounting policies 3 Correction of errors	29 30		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	0 0	0 0
4 Balance on the first day of the current business year (restated) (AOP 28 to 30)	31	19.016.430	84.195.807	3.496.923	800.000	0		0 0	51.673.648	0		0 0	0	0	-117.498.756	33.228.749	74.912.801	0	74.912.801
5 Profit/loss of the period	32		0 0		0 0	0		0 0	0	0		0 0			0	-4.027.630	-4.027.630	0	-4.027.630
6 Exchange rate differences from translation of foreign operations 7 Changes in revaluation reserves of fixed tangible and intangible assets	33 34		0 0 0 0		0 0 0 0	0 0		0 0 0 0	0 -1.501.123	0 0		0 0 0 0			0 1.501.123	0 0	0 0	0 0	0 0
8 Gains or losses from subsequent measurement of financial assets at fair value	35		0 0		0 0	0		0 0	0	0		0 0			0	0	0	0	0
through other comprehensive income (available for sale) 9 Profit or loss arising from effective cash flow hedge	36		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			0 0		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	37
participating interests 12 Actuarial gains/losses on the defined benefit obligation	38 39		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	0 0	0 0
13 Other changes in equity unrelated to owners 14 Tax on transactions recognised directly in equity	40		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	0 329.514	0 0	0 329.514	0 0	0 329.514
15 Decrease in initial (subscribed) capital (other than arising from the pre-bankruptcy	41 42		0 0		0 0	0		0 0	0	0		0 0	0	0	0	0	0	0	0
settlement procedure or from the reinvestment of profit) 16 Decrease in initial (subscribed) capital arising from the pre-bankruptcy settlement	43		0 0		0 0	0		0 0	0	0		0 0	0	0	0	0	0	0	0
procedure 17 Decrease in initial (subscribed) capital arising from the reinvestment of profit	44		0 0		0 0	0		0 0	0	0		0 0	0	0	0	0	0	0	0
18 Redemption of treasury shares/holdings	45		0 0		0 0	0		0 0	0	0		0 0	0	0	0	0	0	0	0
19 Payments from members/shareholders 20 Payment of share in profit/dividend	46 47		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	0 0	0 0
21 Other distributions and payments to members/shareholders	48		0 0 0	1.661.437	0 0 0	0 0		0 0 0 0	0 0	0 0		0 0 0 0	0 0	0 0	0 31.567.312	0 -33.228.749	0	0	0
22 Carryforward per annual plane 23 Increase in reserves arising from the pre-bankruptcy settlement procedure	49 50		0 0 0		0 0	0		0 0	0	0		0 0	0	0	0	0	0 0	0 0	0 0
24 Balance on the last day of the current business year reporting period (ADP 31 to 50)	51	19.016.430	84.195.807	5.158.360	800.000	0		0 0	50.172.525	0		0 0	0	0	-84.100.807	-4.027.630	71.214.685	0	71.214.685
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 (ADP 33 to 41)	52		0 0		0 0	0		0 0	-1.501.123	0		0 0	0	0	1.830.637	0	329.514	0	329.514
II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 32 do 52)	53		0 0		0 0	0		0 0	-1.501.123	0		0 0	0	0	1.830.637	-4.027.630	-3.698.116	0	-3.698.116
III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED DIRECTLY IN EQUITY (ADP 42 to 50)	54		0 0	1.661.437	0	0		0 0	0	0		0 0	0	0	31.567.312	-33.228.749	0	0	0

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: 01.01.2021.-30.06.2021.

The notes to the financial statements are attached to the published documentation.

Notes to the unconsolidated report for the six months period ended June 30 2021

1. The company that is the subject of reporting

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.

2. Basis of preparation of financial statements and significant accounting policies

The same accounting policies are applied when preparing the financial statements for previous periods as in the last quarterly financial report.

3. Financial liabilities, guarantees or contingencies not included in the balance sheet

			HNB course 30.06.2021	7,491244
	Approved amount	Loan balance in original currency on 30.06.2021	Balance in HRK per day 30.06.2021	Loan maturity
Zdenka- HBOR loan	3.294.190 €	704.398 €	5.276.820	31.12.2024
Zdenka- HBOR loan	40.000.000 kn	9.157.579 kn	9.157.579	30.4.2024
Zdenka- HBOR loan	1.395.751 €	385.709 €	2.889.438	31.12.2023
Zdenka- HBOR loan EUR	2.286.536 €	2.286.536 €	17.129.003	30.9.2032
Ukupno			34.452.840

Guarantees and co-debts have been given on loans to group member the Zdenka-mliječni proizvodi d.o.o.

4. The amount and nature of individual items of income or expense of exceptional size or occurrence

There was no revenue or expenditure of extraordinary size or occurrence.

5. Liabilities maturing after more than five years and debts covered by valuables insurance provided by the Company

					in thousands of HRK
	state June 30, 2021.	2021. year	2022. year	2023. year	2024. year	from 2025. year
Loan liabilities	110.178	3.039	6.324	6.324	12.761	81.730
	110.178	3.039	6.324	6.324	12.761	81.730

Liabilities to banks are secured by collateral on assets, bills of exchange and promissory notes

in thousands of HRK

	state June 30, 2021.	2021. year	2022. year	2023. year	2024. year	since 2025. year
Liabilities on securities	25.535	2.375	2.896	2.896	2.896	14.472
	25.535	2.375	2.896	2.896	2.896	14.472

Liabilities under securities are secured by bills of exchange and promissory notes

6. Average number of employees during the business year

Average number of employees during the current period: 161

7. Capitalized salary cost during the year

The Company did not capitalize the cost of salaries in the business year.

8. Deferred taxes

	June 30, 2021.
January 1, 2021.	11.343
Reduction	(330)
June 30, 2021	11.013

1. Name and registered office of each company in which the issuer, either alone or through a person acting in its own name but on behalf of the issuer, holds a participating interest, stating the amount of capital held, the amount of total capital and reserves, and profit or loss

Zdenačka farma d.o.o.,Mate Lovraka 118/b, Veliki Zdenci, OIB 35460243768

Zdenka-mliječni proizvodi d.o.o.,Trg kralja Tomislava 15, OIB 45651553790

June 30, 2021 in thousands of HRK

	SHARE OF CAPITAL	TOTAL CAPITAL AND RESERVES	PROFIT / LOSS
ZDENAČKA FARMA d.o.o.	19.598	19.598	18
ZDENKA -MLIJEČNI PROIZVODI d.o.o.	29.589	59.179	1.474

10. Number and nominal value of shares subscribed during the business year within the authorized capital

The company had no subscription of shares.

1. Existence of any certificates of participation, convertible debentures, guarantees, options or similar securities or rights, indicating their number and the rights conferring The Group has no certificates of participation, convertible debentures, guarantees, options or similar securities or rights.

The company has no certificates.

1. Name, registered office and legal form of each company in which the issuer has unlimited liability The Group has no stake in companies with unlimited liability.

The company holds 100% of the company Zdenačka farma d.o.o., Veliki Zdenci, Mate Lovraka 118 / b, OIB 35460243768.

1. Name and registered office of the company compiling the quarterly consolidated financial statements of the largest group of companies in which the issuer participates as a controlled member of the group The company is the ultimate parent and is not a controlled member of another group.

The company compiles quarterly consolidated financial statements which are published on the Zagreb Stock Exchange, Hanfa and the company's website www.granolio.hr.

1. Name and registered office of the company compiling the annual consolidated financial statements of the smallest group of companies in which the issuer participates as a controlled member and which is also included in the group of companies referred to in point 13.

The company is the ultimate parent and is not a controlled member of another group.

1. The place where copies of the quarterly consolidated financial statements referred to in points 13 and 14 can be obtained.

The company prepares quarterly non-consolidated and consolidated financial statements which are published on the Zagreb Stock Exchange, Hanfia and the company's website www.granolio.hr.

1. Nature and business purpose of arrangements of companies not included in the balance sheet and financial impact of those arrangements on the issuer, provided that the risks or rewards of such arrangements are material and to the extent that disclosure of such risks or rewards is necessary to assess the issuer's financial condition

The Company has no material arrangements with companies that are not included in the presented unconsolidated financial statements.

17. Nature and financial impact of significant events that occurred after the balance sheet date and were not reflected in the income statement or balance sheet

There were no significant events after the balance sheet date.