Granolio d.d.

Earnings Release • Oct 29, 2021

Unconsolidated financial results for the nine months period ended 30 September 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 nine months of 2021

In thousands HRK
Granolio d.d.	1-9 2021	1-9 2020	change
Operating income	224.121	201.253	22.868	11%
Operating expenses	223.320	206.494	16.826	8%
EBIT	802	(5.241)	4.440	85%
EBIT margin	0%	-3%
EBITDA	6.320	(848)	5.471	645%
EBITDA margin	3%	0%
Net financial result	(936)	(1.163)	227	19%
Net result for the period	(134)	(6.404)	6.269	98%

*EBITDA= EBIT + depreciation + impairment expenses

In the nine-month period 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.	30.9.2021	31.12.2020	change
Net asset (capital and reserves)	75.273	74.913	360	0%
Total debt to financial institutions	157.895	157.444	451	0%
Cash and cash equivalents	2.633	1.636	997	61%
Loans given, deposits etc.*	26.003	20.140	5.863	29%
Net debt	129.259	135.668	6.409	5%
Net debt/EBITDA	2,18	2,52
EBITDA for the last 12 months	59.216	53.745	5.471	10%

*Loans given, securities and deposits

The increase in net assets is the result of a better result for the nine-month period 2021.

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 nine months period 2021 the Company employed 161 employees based on man-hour basis (in the nine months period 2020: 171 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 nine months period of 2021.

Annex 1
		ISSUER'S GENERAL DATA
Reporting period:		1.1.2021	to	30.9.2021
Year:		2021
Quarter:		3.
		Quarterly financial statements
			Issuer's home Member
Registration number (MB):	01244272		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	169
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
Bookkeeping firm:	No	(Yes/No)			No
	Contact person: Mirjana Kelava			(name of the bookkeeping firm)
	(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 30.09.2021

ADP code Last day of the preceding business year At the reporting date of the current period 2 3 4 001 0 0 002 210.114.823 212.020.443 003 1.336.023 1.451.514 004 0 0 005 1.336.023 1.451.514 006 0 0 007 0 0 008 0 0 009 0 0 010 137.176.694 138.931.408 011 8.684.216 9.184.216 012 104.098.745 106.560.130 013 10.294.327 9.061.310 014 0 128.814 015 0 0 016 0 0 017 9.409.855 9.309.855 018 74.551 72.083 019 4.615.000 4.615.000 020 71.602.106 71.637.521 021 70.427.762 70.427.762 022 0 0 023 0 0 024 0 0 025 0 0 026 0 0 027 0 0 028 144.007 179.422 029 1.030.337 1.030.337 030 0 0 031 0 0 032 0 0 033 0 0 034 0 0 035 0 0 036 0 0 037 115.578.969 133.431.753 038 13.340.116 13.348.372 039 7.189.454 6.517.417 040 89.499 19.109 1 Research and development C) CURRENT ASSETS (ADP 038+046+053+063) I INVENTORIES (ADP 039 to 045) 1 Raw materials and consumables 7 Investments in securities 8 Loans, deposits, etc. given 9 Other investments accounted for using the equity method 10 Other fixed financial assets 2 Work in progress IV RECEIVABLES (ADP 032 to 035) 1 Receivables from undertakings within the group 1 Investments in holdings (shares) of undertakings within the group 2 Investments in other securities of undertakings within the group 3 Loans, deposits, etc. to undertakings within the group 4. Investments in holdings (shares) of companies linked by virtue of participating interests 1 Land 2 Buildings 3 Plant and equipment 4 Tools, working inventory and transportation assets 2 Receivables from companies linked by virtue of participating interests 3 Customer receivables 8 Other tangible assets 9 Investment property III FIXED FINANCIAL ASSETS (ADP 021 to 030) 5 Investment in other securities of companies linked by virtue of participating interests 6 Loans, deposits etc. to companies linked by virtue of participating interests 2 Concessions, patents, licences, trademarks, software and other rights 3 Goodwill 4 Advances for the purchase of intangible assets 5 Intangible assets in preparation 5 Biological assets 6 Advances for the purchase of tangible assets 7 Tangible assets in preparation Submitter:Granolio d.d. 6 Other intangible assets II TANGIBLE ASSETS (ADP 011 to 019) 1 Item A) RECEIVABLES FOR SUBSCRIBED CAPITAL UNPAID B) FIXED ASSETS (ADP 003+010+020+031+036) I INTANGIBLE ASSETS (ADP 004 to 009) 4 Other receivables V DEFERRED TAX ASSETS

in HRK

3 Finished goods	041	1.206.131	1.318.222
4 Merchandise	042	4.855.032	5.493.624
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	80.606.435	91.447.355
1 Receivables from undertakings within the group	047	12.889.868	12.060.910
2 Receivables from companies linked by virtue of participating			0
interests	048	0
3 Customer receivables	049	51.997.552	61.776.405
4 Receivables from employees and members of the undertaking	050	449	449
5 Receivables from government and other institutions	051	280.812	198.254
6 Other receivables	052	15.437.754	17.411.337
III CURRENT FINANCIAL ASSETS (ADP 054 to 062)	053	19.996.454	26.002.974
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	11.396.307	14.372.595
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	059	0	0
interests
7 Investments in securities	060	149.624	149.624
8 Loans, deposits, etc. given	061	8.450.523	11.480.755
9 Other financial assets	062	0	0
IV CASH AT BANK AND IN HAND	063	1.635.964	2.633.052
D ) PREPAID EXPENSES AND ACCRUED INCOME	064	378.620	4.927.315
E) TOTAL ASSETS (ADP 001+002+037+064)	065	326.072.412	350.379.511
OFF-BALANCE SHEET ITEMS	066	10.139.857	10.123.067
LIABILITIES
A) CAPITAL AND RESERVES (ADP 068 to	067	74.912.801	75.272.724
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	49.421.963
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 portion	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	-83.185.487
1 Retained profit	084	0	0
2 Loss brought forward	085	118.157.786	83.185.487
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088)	086	33.887.779	-134.350

1 Profit for the business year	087	33.887.779	0
2 Loss for the business year	088	0	134.350
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	152.986.936
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	100	0	0
4 Liabilities for loans, deposits etc. of companies linked by virtue of 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	103.302.844
7 Liabilities for advance payments	104	0	0
8 Liabilities to suppliers	105	22.074.611	14.024.668
9 Liabilities for securities	106	26.982.864	24.810.700
10 Other long-term liabilities	107	0	0
11 Deferred tax liability	108	11.342.996	10.848.724
D) SHORT-TERM LIABILITIES (ADP 110 to 123)	109	82.662.205	122.091.033
1 Liabilities to undertakings within the group	110	1.533.510	1.087.064
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 participating interests	113	0	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	7.382.176
7 Liabilities for advance payments	116	522.875	7.643.173
8 Liabilities to suppliers	117	53.053.172	75.790.632
9 Liabilities for securities	118	8.522.175	8.198.898
10 Liabilities to employees	119	1.090.981	1.138.139
11 Taxes, contributions and similar liabilities	120	3.381.792	5.871.384
12 Liabilities arising from the share in the result	121	0	0
13 Liabilities arising from fixed assets held for sale	122	0	0
14 Other short-term liabilities	123	664.630	779.567
E) ACCRUALS AND DEFERRED INCOME	124	51.006	28.818
F) TOTAL – LIABILITIES (ADP 067+090+097+109+124)	125	326.072.412	350.379.511
G) OFF-BALANCE SHEET ITEMS	126	10.139.857	10.123.067

for the period 01.01.2021 to 30.09.2021 STATEMENT OF PROFIT OR LOSS

in HRK

Submitter:Granolio d.d.
Item	ADP	Same period of the previous year		Current period
	code	Cumulative	Quarter	Cumulative	Quarter
1	2	3	4	5	6
I OPERATING INCOME (ADP 002 to 006)	001	201.252.821	70.249.689	224.121.272	94.760.254
1 Income from sales with undertakings within the group	002	3.180.600	801.801	2.776.666	1.121.756
2 Income from sales (outside group)	003	196.038.364	68.539.354	218.581.597	92.612.213
3 Income from the use of own products, goods and services	004	13.782	10.578	2.984	845
4 Other operating income with undertakings within the group	005	0	0	0	0
5 Other operating income (outside the group)	006	2.020.075	897.956	2.760.025	1.025.440
II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029)	007	206.493.950	69.357.032	223.319.688	90.565.220
1 Changes in inventories of work in progress and finished goods	008	-738.716	6.965	-136.076	160.150
2 Material costs (ADP 010 to 012)	009	183.893.647	61.379.741	200.956.659	82.894.651
a) Costs of raw materials and consumables	010	130.672.689	40.199.297 15.885.146	142.602.993 44.623.342	51.466.361 25.964.491
b) Costs of goods sold c) Other external costs	011	38.938.666	5.295.298	13.730.324	5.463.799
3 Staff costs (ADP 014 to 016)	012	14.282.292 14.124.083	4.622.329	14.646.173	4.952.397
a) Net salaries and wages	013 014	9.200.523	3.011.513	9.575.687	3.236.518
b) Tax and contributions from salary costs	015	3.222.200	1.059.475	3.305.215	1.118.698
c) Contributions on salaries	016	1.701.360	551.341	1.765.271	597.181
4 Depreciation	017	6.089.305	1.792.720	5.517.960	1.827.733
5 Other costs	018	1.756.855	672.008	1.520.770	506.626
6 Value adjustments (ADP 020+021)	019	0	0	0	0
a) fixed assets other than financial assets	020	0	0	0	0
b) current assets other than financial assets	021	0	0	0	0
7 Provisions (ADP 023 to 028)	022	0	0	0	0
a) Provisions for pensions, termination benefits and similar obligations	023	0	0	0	0
b) Provisions for tax liabilities	024	0	0	0	0
c) Provisions for ongoing legal cases	025	0	0	0	0
d) Provisions for renewal of natural resources	026	0	0	0	0
e) Provisions for warranty obligations	027	0	0	0	0
f) Other provisions	028	0	0	0	0
8 Other operating expenses	029	1.368.776	883.269	814.202	223.663
III FINANCIAL INCOME (ADP 031 to 040)	030	367.665	30.530	107.485	40.837
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 to undertakings within the group	033	0	0	0	0
4 Other interest income from operations with undertakings within the group	034	5.675	2.601	6.049	2.536
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	2.504	2.504
7 Other interest income	037	158.617	3	25.505	16.481
8 Exchange rate differences and other financial income	038	203.373	27.926	73.427	19.316
9 Unrealised gains (income) from financial assets	039	0	0	0	0
10 Other financial income	040	0	0	0	0
IV FINANCIAL EXPENSES (ADP 042 to 048)	041	1.530.224	285.190	1.043.419	342.590
1 Interest expenses and similar expenses with undertakings within the group	042	0	0	19.398	19.398
2 Exchange rate differences and other expenses from operations with undertakings within the group	043	0	0	0	0
3 Interest expenses and similar expenses	044	1.182.121	239.376	880.723	295.656
4 Exchange rate differences and other expenses	045	307.194	45.125	98.585	27.320
5 Unrealised losses (expenses) from financial assets	046	0	0	0	0
6 Value adjustments of financial assets (net)	047	0	0	0	0
7 Other financial expenses	048	40.909	689	44.713	216
V SHARE IN PROFIT FROM UNDERTAKINGS LINKED BY VRITUE	049	0	0	0	0
OF PARTICIPATING INTERESTS			0	0	0
VI SHARE IN PROFIT FROM JOINT VENTURES VII SHARE IN LOSS OF COMPANIES LINKED BY VIRTUE OF	050	0
PARTICIPATING INTEREST	051	0	0	0	0
VIII SHARE IN LOSS OF JOINT VENTURES	052	0	0	0	0
IX TOTAL INCOME (ADP 001+030+049 +050)	053	201.620.486	70.280.219	224.228.757	94.801.091
X TOTAL EXPENDITURE (ADP 007+041+051 + 052)	054	208.024.174	69.642.222	224.363.107	90.907.810
XI PRE-TAX PROFIT OR LOSS (ADP 053-054)	055	-6.403.688	637.997	-134.350	3.893.281
1 Pre-tax profit (ADP 053-054)	056	0	637.997	0	3.893.281

2 Pre-tax loss (ADP 054-053)	057	-6.403.688	0	-134.350	0
XII INCOME TAX	058	0	0	0	0
XIII PROFIT OR LOSS FOR THE PERIOD (ADP 055-059)	059	-6.403.688	637.997	-134.350	3.893.281
1 Profit for the period (ADP 055-059)	060	0	637.997	0	3.893.281
2 Loss for the period (ADP 059-055)	061	-6.403.688	0	-134.350	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	062	0	0	0	0
(ADP 063-064) 1 Pre-tax profit from discontinued operations	063	0	0	0	0
2 Pre-tax loss on discontinued operations	064	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)	066	0	0	0	0
2 Discontinued operations loss for the period (ADP 065-062)	067	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)	068	0	0	0	0
1 Pre-tax profit (ADP 068)	069	0	0	0	0
2 Pre-tax loss (ADP 068)	070	0	0	0	0
XVII INCOME TAX (ADP 058+065)	071	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)	073	0	0	0	0
2 Loss for the period (ADP 071-068)	074	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)	075	0	0	0	0
1 Attributable to owners of the parent	076	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 II OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX	078	0	0	0	0
(ADP 80+ 87)	079	0	0	0	0
III Items that will not be reclassified to profit or loss (ADP 081 to 085)	080	0	0	0	0
1 Changes in revaluation reserves of fixed tangible and intangible assets	081	0	0	0	0
2 Gains or losses from subsequent measurement of equity 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	089	0	0	0	0
fair value through other comprehensive income
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
			0	0	0
8 Other items that may be reclassified to profit or loss	095	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 30.09.2021.

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	-6.403.688	-134.349
2 Adjustments (ADP 003 to 010): a) Depreciation	002 003	7.219.306 6.089.305	6.388.575 5.517.960
b) Gains and losses from sale and value adjustment of fixed tangible and intangible assets	004	365.453	4.552
c) Gains and losses from sale and unrealised gains and losses and value			0
adjustment of financial assets	005	0
d) Interest and dividend income	006	-164.292	-34.058
e) Interest expenses f) Provisions	007 008	1.182.121 0	900.121 0
g) Exchange rate differences (unrealised)	009	4.578	0
h) Other adjustments for non-cash transactions and unrealised gains and losses	010	-257.859	0
I Cash flow increase or decrease before changes in working capital (ADP 001+002)	011	815.618	6.254.226
3 Changes in the working capital (ADP 013 to 016)	012	4.669.446	7.180.146
a) Increase or decrease in short-term liabilities	013	14.002.807	28.470.413
b) Increase or decrease in short-term receivables	014	-8.065.173	-21.282.011
c) Increase or decrease in inventories	015	-1.268.188	-8.256
d) Other increase or decrease in working capital	016	0	0
II Cash from operations (ADP 011+012)	017	5.485.064	13.434.372
4 Interest paid	018	-1.215.120	-877.795
5 Income tax paid	019	0	0
A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019)	020	4.269.944	12.556.577
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	587.051	98.420
4 Dividends received	024	0	0
5 Cash receipts from repayment of loans and deposits	025	2.203.724	3.958.230
6 Other cash receipts from investment activities	026	999.031	0
III Total cash receipts from investment activities (ADP 021 to 026)	027	3.789.806	4.056.650
1 Cash payments for the purchase of fixed tangible and intangible assets	028	-2.728.803	-7.392.715
2 Cash payments for the acquisition of financial instruments	029	0	0
3 Cash payments for loans and deposits for the period	030	-2.108.520	-5.300.463
4 Acquisition of a subsidiary, net of cash acquired 5 Other cash payments from investment activities	031	0	0 0
IV Total cash payments from investment activities (ADP 028 to 032)	032 033	-1.069.031 -5.906.354	-12.693.178
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033)	034	-2.116.548	-8.636.528
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	7.000.000
4 Other cash receipts from financing activities	038	0	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	-996.948	-6.224.364
2 Cash payments for dividends	041	0	0
3 Cash payments for finance lease 4 Cash payments for the redemption of treasury shares and decrease in	042	-334.032	-325.791
initial (subscribed) capital	043	0	0
5 Other cash payments from financing activities	044	-3.216.971	-2.495.442
VI Total cash payments from financing activities (ADP 040 to 044)	045	-4.547.951	-9.045.597
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	-4.547.951	-2.045.597
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	-2.394.555	1.874.452
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	315.691	3.510.416

STATEMENT OF CHANGES IN EQUITY for the period from 1.1.2021 to	30.9.2021																	in HRK
										Attributable to owners of the parent
	ADP					Treasury shares				Fair value of financial assets		Hedge of a net		Exchange rate	Retained profit /		Total attributable to	Minority (non	Total capital and
Item	code	Initial (subscribed) capital	Capital reserves	Legal reserves	Reserves for treasury shares	and holdings	Statutory reserves Other reserves		Revaluation reserves	through other comprehensive	Cash flow hedge - effective portion	investment in a foreign operation -	Other fair value reserves	differences from translation of	loss brought	Profit/loss for the business year	owners of the	controlling) interest	reserves
						(deductible item)				income (available for sale)		effective portion		foreign operations	forward		parent
1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18 (3 to 6 - 7	19	20 (18+19)
Previous period																	+ 8 to 17)
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	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	0 0	41.025.022 0
3 Correction of errors	03	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	-6.403.688 0	-6.403.688 0	0 0	-6.403.688 0
7 Changes in revaluation reserves of fixed tangible and intangible assets	07	0	0		0 0	0	0	0	-2.251.685	0		0 0			2.251.685	0	0	0	0
8 Gains or losses from subsequent measurement of financial assets at fair value
through other comprehensive income (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	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	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
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	0 494.272	0 0	0 494.272	0 0	0 494.272
15 Decrease in initial (subscribed) capital (other than arising from the pre	15	0	0		0 0	0	0	0	0	0		0 0		0 0	0	0	0	0	0
bankruptcy 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	18	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	19 20	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	21	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 23 Increase in reserves arising from the pre-bankruptcy settlement procedure	22 23	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	14.143.751 0	-14.143.751 0	0 0	0 0	0 0
24 Balance on the last day of the previous business year reporting period (ADP 04 to 23)	24	19.016.430	84.195.807	3.496.923	800.000	0	0	0	52.424.210	0		0 0		0 0	-90.126.574	-34.691.190	35.115.606	0	35.115.606
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	-2.251.685	0		0 0		0 0	2.745.957	0	494.272	0	494.272
II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP	26	0	0		0 0	0	0	0	-2.251.685	0		0 0		0 0	2.745.957	-6.403.688	-5.909.416	0	-5.909.416
05+25)
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	29	0	0		0 0	0	0	0	0	0		0 0		0 0	0	0	0	0	0
3 Correction of errors 4 Balance on the first day of the current business year (restated) (AOP 28 to	30	0	0		0 0	0	0	0	0	0		0 0		0 0	0	0	0	0	0
30) 5 Profit/loss of the period	31 32	19.016.430	84.195.807 0	3.496.923	800.000 0 0	0 0	0 0	0 0	51.673.648 0	0 0		0 0 0 0		0 0	-117.498.756 0	33.228.749 -134.350	74.912.801	0	74.912.801
6 Exchange rate differences from translation of foreign operations	33	0 0	0		0 0	0	0	0	0	0		0 0			0	0	-134.350 0	0 0	-134.350 0
7 Changes in revaluation reserves of fixed tangible and intangible assets	34	0	0		0 0	0	0	0	-2.251.685	0		0 0			2.251.685	0	0	0	0
8 Gains or losses from subsequent measurement of financial assets at fair value through other comprehensive income (available for sale)	35	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	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	37	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			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	38 39	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	40	0	0		0 0	0	0	0	0	0		0 0		0 0	0	0	0	0	0
14 Tax on transactions recognised directly in equity 15 Decrease in initial (subscribed) capital (other than arising from the pre	41 42	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	494.272 0	0 0	494.272	0	494.272
bankruptcy settlement procedure or from the reinvestment of profit) 16 Decrease in initial (subscribed) capital arising from the pre-bankruptcy		0															0	0	0
settlement procedure	43	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	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 19 Payments from members/shareholders	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	0 0	0 0
20 Payment of share in profit/dividend	47	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 22 Carryforward per annual plane	48 49	0 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 0	0 0
23 Increase in reserves arising from the pre-bankruptcy settlement procedure 24 Balance on the last day of the current business year reporting period	50	0	0		0 0	0	0	0	0	0		0 0		0 0	0	0	0	0	0
(ADP 31 to 50)	51	19.016.430	84.195.807	5.158.360	800.000	0	0	0	49.421.963	0		0 0		0 0	-83.185.487	-134.350	75.272.723	0	75.272.723
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	-2.251.685	0		0 0		0 0	2.745.957	0	494.272	0	494.272
II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 32 do 52)	53	0	0		0 0	0	0	0	-2.251.685	0		0 0		0 0	2.745.957	-134.350	359.922	0	359.922
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.-30.09.2021.

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

Notes to the unconsolidated report for the nine months period ended September 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

Guarantees and co-debts on loans were given to members of the group Zdenka-mliječni proizvodi d.o.o. in the amount of HRK 39,992,978.

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

	state September 30, 2021.	2021. year	2022. year	2023. year	2024. year	from 2025. year
Loan liabilities	109.685	2.546	6.324	6.324	12.761	81.730
	109.685	2.546	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 September 30, 2021.	2021. year	2022. year	2023. year	2024. year	since 2025. year
Liabilities on securities	24.811	1.651	2.896	2.896	2.896	14.472
	24.811	1.651	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	(494)
September 30, 2021	10.849

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

September 30, 2021 in thousands of HRK

	SHARE OF CAPITAL	TOTAL CAPITAL AND RESERVES	PROFIT / LOSS
ZDENAČKA FARMA d.o.o.	21.046	21.046	(346)
ZDENKA -MLIJEČNI PROIZVODI d.o.o.	30.668	61.337	3.632

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.