Granolio d.d.

Quarterly Report • Apr 29, 2022

Consolidated financial results for the three months period ended 31 March 2022 (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.

Subsidiaries

The Company holds 100% of the shares in Zdenačkafarma d.o.o.

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

Ownership in subsidiaries is presented in the organizational chart below:

The Group monitors its business operations through four business segments:

• Milling
• Dairy and cheese production
• Wholesale trade
• Other

Milling is a segment that includes the production and sale of flour. This business segment is represented exclusively in the parent company.

Dairy and cheese production (hereinafter "Dairy") includes the production and sale of cheese realized in the company Zdenka - mliječni proizvodi d.o.o. and the production and sale of milk on a dairy farm in the company Zdenačka farma d.o.o.

Wholesale is a segment that includes trade in cereals, oilseeds and raw materials for sowing represented in the company Granolio d.d.

The Other segment includes cattle fattening, silos and warehousing services, goods reception services and the like. All of the above is represented in the parent company.

Granolio Group's financial indicators for the three months period of 2022

	In thousands of HRK
	1-3 2022	1-3 2021	change
Operating income	147.491	103.879	43.612	42%
Operating expenses	(142.553)	(104.425)	(38.128)	(37%)
EBIT	4.938	(546)	5.484	(1004%)
EBIT margin	3%	(1%)
EBITDA	10.732	5.191	5.541	107%
EBITDA margin	7%	5%
Net financial result	1.655	(804)	2.459	306%
Profit tax
Net result for the period	6.593	(1.350)	7.943	588%
Attributable to the Group	5.826	(1.665)	7.491	450%
Non-controlling interest	767	315	452	(143%)

In thousands of HRK

The Group's EBITDA in the three-month period of 2022 amounts to HRK 10.7 million. The increase is mostly the result of a better result in the parent company and other companies.

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

Financial indicators			In thousands of HRK
	31.3.2022	31.12.2021	change
Net assets (Capital and reserves)*	134.555	131.001	3.554	3%
Total debt	146.236	140.875	5.361	4%
Cash and cash equivalents	2.815	6.868	(4.053)	(59%)
Given loans, deposits and
similar**	15.901	22.040	(6.139)	(28%)
Net debt	127.520	111.967	15.553	14%
Net debt/ EBITDA	1,29	1,20
EBITDA for the last 12 months	99.075	93.595

* Net assets = capital and reserves attributable to the equity holders of the parent and to the minority interests

** Loans given, securities and deposits

The increase in net assets is the result of the realized profit for the three-month period 2022 in the amount of HRK 4,93 million.

The Group's total debt has increased due to the new loan of Zdenka d.o.o.

Separate business results for the twelve months period of 2020

Granolio d.d. In thousands of HRK
	1-3 2022	1-3 2021	change
Operating income	98.637	62.801	35.836	57%
EBIT	2.171	(1.628)	3.799	233%
margin %	2%	(3%)
EBITDA	3.965	224	3.741	1670%
margin %	4%	0%
Net financial result	2.160	(303)	2.463	813%
Net result	4.331	(1.931)	6.262	324%
margin %	4,4%	(3,1%)

In the three-month period of 2022, 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.

Zdenka - mliječni proizvodi d.o.o.			In thousands of HRK
	1-3 2022	1-3 2021	change
Operating income	47.156	38.522	8.634	22%
EBIT	1.857	857	1.000	(117%)
margin %	4%	2%
EBITDA	5.160	3.999	1.161	29%
margin %	11%	10%
Net financial result	(322)	(228)	(94)	(41%)
Net result	1.535	629	906	(144%)
margin %	3%	2%

In the three-month period of 2022, the Company generated revenues higher by 22% compared to the same period last year, due to better sales of cheese.

The unfavorable financial result was due to the higher cost of negative exchange rate differences.

Zdenačka farma d.o.o. In thousands of HRK

In thousands of HRK

	1-3 2022	1-3 2021	change
Operating income	7.109	6.562	547	8%
EBIT	911	224	687	307%
margin %	13%	3%
EBITDA	1.608	967	641	66%
margin %	23%	15%
Net financial result	(183)	(272)	89	33%
Net result	728	(48)	776	(1617%)
margin %	10%	(1%)

In the three-month period of 2022, a more favorable net result was achieved compared to the same period of the previous year due to business optimization.

Employees

In the three-month period of 2022 the Group employed 412 employees based on man-hour basis (in the three-month period of 2021: 391 employees).

Environment

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

Other

Supervisory Board has approved Granolio Group's financial statements for the three months period 2022.

Annex 1
	ISSUER'S GENERAL DATA
Reporting period:	1.1.2022 31.3.2022 to
Year:	2022
Quarter:	1.
	Quarterly financial statements
01244272 Registration number (MB):	Issuer's home Member Croatia State code:
Entity's registration 080111595 number (MBS):
Personal identification 59064993527 number (OIB):	213800O3Z6ZSDBAKG321 LEI:
Institution 15989 code:
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 408 (end of the reporting
Consolidated report: KD	(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:
GRANOLIO D.D.	ZAGREB	1244272
ZDENAČKA FARMA D.O.O.	VELIKI ZDENCI	2095777
ZDENKA - MLIJEČNI PROIZVODI D.O.O.	VELIKI ZDENCI	1623982
Bookkeeping firm: No	(Yes/No)	Yes No
Contact person: Mirjana Kelava	(name of the bookkeeping firm)
Telephone: 01/6320-233	(only name and surname of the contact person)
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 31.03.2022

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	249.641.758	245.969.960
I INTANGIBLE ASSETS (ADP 004 to 009)	003	4.137.083	3.617.003
1 Research and development	004	0	0
2 Concessions, patents, licences, trademarks, software and other rights	005	4.137.083	1.322.724
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	0	2.294.279
II TANGIBLE ASSETS (ADP 011 to 019)	010	244.244.939	242.128.743
1 Land	011	14.324.219	14.324.219
2 Buildings	012	147.925.385	146.365.431
3 Plant and equipment	013	59.734.182	58.646.863
4 Tools, working inventory and transportation assets	014	578.835	923.764
5 Biological assets	015	6.798.022	6.834.296
6 Advances for the purchase of tangible assets	016	0	0
7 Tangible assets in preparation	017	9.765.648	9.915.202
8 Other tangible assets 9 Investment property	018	71.649	71.968
III FIXED FINANCIAL ASSETS (ADP 021 to 030)	019	5.047.000	5.047.000
1 Investments in holdings (shares) of undertakings within the group	020 021	1.259.736 0	224.214 0
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	223.415	223.414
9 Other investments accounted for using the equity method	029	0	0
10 Other fixed financial assets	030	1.036.321	800
IV RECEIVABLES (ADP 032 to 035)	031	0	0
1 Receivables from undertakings within the group	032	0	0
2 Receivables from companies linked by virtue of participating interests	033	0	0
3 Customer receivables		0	0
4 Other receivables	034 035	0	0
V DEFERRED TAX ASSETS	036	0	0
C) CURRENT ASSETS (ADP 038+046+053+063)	037	177.937.795	181.609.528
I INVENTORIES (ADP 039 to 045)	038	47.330.855	55.719.397
1 Raw materials and consumables	039	25.039.837	33.228.646
2 Work in progress	040	2.860.924	3.217.524
3 Finished goods	041	8.438.242	10.141.800
4 Merchandise	042	10.991.852	9.131.427
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	104.940.036	107.247.555
1 Receivables from undertakings within the group	047	6.322.914	6.322.914
2 Receivables from companies linked by virtue of participating interests	048	17.230	0
3 Customer receivables	049	85.703.973	94.951.535
4 Receivables from employees and members of the undertaking	050	532	1.446
5 Receivables from government and other institutions	051	8.963.567	816.543
6 Other receivables	052	3.931.820	5.155.117
III CURRENT FINANCIAL ASSETS (ADP 054 to 062)	053	18.798.778	15.827.569
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	10.190.819	6.490.819
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	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	8.458.335	9.187.126
9 Other financial assets	062	0	0
IV CASH AT BANK AND IN HAND	063	6.868.126	2.815.007
D ) PREPAID EXPENSES AND ACCRUED INCOME	064	768.361	3.291.270
E) TOTAL ASSETS (ADP 001+002+037+064) OFF-BALANCE SHEET ITEMS	065	428.347.914	430.870.758
LIABILITIES	066	0	0
A) CAPITAL AND RESERVES (ADP 068 to		127.797.212	134.555.075
I INITIAL (SUBSCRIBED) CAPITAL	067	19.016.430	19.016.430
II CAPITAL RESERVES	068 069	84.195.807	84.195.807
III RESERVES FROM PROFIT (ADP 071+072-073+074+075)	070	5.958.360	5.958.360
1 Legal reserves	071	5.158.360	5.158.360
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	48.671.401	47.920.839
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	-103.112.677	-58.609.088
1 Retained profit	084	0	0
2 Loss brought forward	085	103.112.677	58.609.088
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088)	086	43.588.269	5.825.700
1 Profit for the business year	087	43.588.269	5.825.700
2 Loss for the business year	088	0	0
VIII MINORITY (NON-CONTROLLING) INTEREST	089	29.479.622	30.247.027
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	100.280.687	93.325.179
1 Liabilities to undertakings within the group	098	0	0
2 Liabilities for loans, deposits, etc. of undertakings within the group	099	10.000.000	10.000.000
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	2.000.000	0
6 Liabilities to banks and other financial institutions	103	58.291.560	56.446.467
7 Liabilities for advance payments	104	0	0
8 Liabilities to suppliers	105	13.039.346	10.406.982
9 Liabilities for securities	106	6.265.813	5.952.522
10 Other long-term liabilities	107	0	0
11 Deferred tax liability	108	10.683.968	10.519.209
D) SHORT-TERM LIABILITIES (ADP 110 to 123)	109	187.907.197	190.027.848
1 Liabilities to undertakings within the group	110	12.649.787	3.035.684
2 Liabilities for loans, deposits, etc. of undertakings within the group	111	0	0

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	51.664.698	51.664.698
6 Liabilities to banks and other financial institutions	115	9.380.291	18.877.912
7 Liabilities for advance payments	116	802.341	11.660.525
8 Liabilities to suppliers	117	97.117.246	83.326.824
9 Liabilities for securities	118	3.847.593	3.294.966
10 Liabilities to employees	119	2.483.627	2.744.494
11 Taxes, contributions and similar liabilities	120	9.418.092	15.022.002
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	543.522	400.743
E) ACCRUALS AND DEFERRED INCOME	124	12.362.818	12.962.655
F) TOTAL – LIABILITIES (ADP 067+090+097+109+124)	125	428.347.914	430.870.757
G) OFF-BALANCE SHEET ITEMS	126	0	0

for the period 01.01.2022 to 31.03.2022 STATEMENT OF PROFIT OR LOSS

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	103.878.723	103.878.723	147.491.305	147.491.305
1 Income from sales with undertakings within the group	002	0	0	0	0
2 Income from sales (outside group)	003	99.427.217	99.427.217	142.709.245	142.709.245
3 Income from the use of own products, goods and services	004	215.347	215.347	230.902	230.902
4 Other operating income with undertakings within the group	005	0	0	0	0
5 Other operating income (outside the group)	006	4.236.159	4.236.159	4.551.158	4.551.158
II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029)	007	104.425.086	104.425.086	142.552.810	142.552.810
1 Changes in inventories of work in progress and finished goods	008	-2.957.478	-2.957.478	-2.063.130	-2.063.130
2 Material costs (ADP 010 to 012)	009	88.799.476	88.799.476	123.876.002	123.876.002
a) Costs of raw materials and consumables	010	70.313.362	70.313.362	98.777.774	98.777.774
b) Costs of goods sold	011	11.987.533	11.987.533	17.451.861	17.451.861
c) Other external costs	012	6.498.581	6.498.581	7.646.367	7.646.367
3 Staff costs (ADP 014 to 016)	013	9.667.687	9.667.687	10.868.733	10.868.733
a) Net salaries and wages b) Tax and contributions from salary costs	014	6.424.724	6.424.724	7.212.274	7.212.274
c) Contributions on salaries	015 016	2.034.919 1.208.044	2.034.919 1.208.044	2.324.348 1.332.111	2.324.348 1.332.111
4 Depreciation	017	5.737.477	5.737.477	5.794.445	5.794.445
5 Other costs	018	1.520.979	1.520.979	1.346.017	1.346.017
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 8 Other operating expenses	028	0	0	0	0
III FINANCIAL INCOME (ADP 031 to 040)	029 030	1.656.945 73.662	1.656.945 73.662	2.730.742 3.845.556	2.730.742 3.845.556
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	032	0	0	0	0
virtue of participating interests
3 Income from other long-term financial investment and loans granted to	033	0	0	0	0
undertakings within the group
4 Other interest income from operations with undertakings within the group	034	0	0	0	0
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	037	36.601	36.601	17.598	17.598
8 Exchange rate differences and other financial income	038	37.061	37.061	45.491	45.491
9 Unrealised gains (income) from financial assets	039	0	0	3.782.467	3.782.467
10 Other financial income	040	0	0	0	0
IV FINANCIAL EXPENSES (ADP 042 to 048)	041	877.770	877.770	2.190.945	2.190.945
1 Interest expenses and similar expenses with undertakings within the group	042	167.738	167.738	167.738	167.738
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	529.619	529.619	1.666.177	1.666.177
4 Exchange rate differences and other expenses	045	137.129	137.129	316.888	316.888
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	43.284	43.284	40.142	40.142
V SHARE IN PROFIT FROM UNDERTAKINGS LINKED BY VRITUE OF PARTICIPATING INTERESTS	049	0	0	0	0
VI SHARE IN PROFIT FROM JOINT VENTURES	050	0	0	0	0
VII SHARE IN LOSS OF COMPANIES LINKED BY VIRTUE OF
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	103.952.385	103.952.385	151.336.861	151.336.861
X TOTAL EXPENDITURE (ADP 007+041+051 + 052)	054	105.302.856	105.302.856	144.743.755	144.743.755
XI PRE-TAX PROFIT OR LOSS (ADP 053-054)	055	-1.350.471	-1.350.471	6.593.105	6.593.105
1 Pre-tax profit (ADP 053-054)	056	0	0	6.593.105	6.593.105
2 Pre-tax loss (ADP 054-053) XII INCOME TAX	057 058	-1.350.471 0	-1.350.471 0	0 0	0 0
XIII PROFIT OR LOSS FOR THE PERIOD (ADP 055-059)	059	-1.350.471	-1.350.471	6.593.105	6.593.105
1 Profit for the period (ADP 055-059)	060	0	0	6.593.105	6.593.105
2 Loss for the period (ADP 059-055)	061	-1.350.471	-1.350.471	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	062	0	0	0	0
(ADP 063-064)
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)	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	-1.350.472	-1.350.472	6.593.105	6.593.105
1 Attributable to owners of the parent	076	-1.665.152	-1.665.152	5.825.700	5.825.700
2 Attributable to minority (non-controlling) interest	077	314.680	314.680	767.405	767.405
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	-1.350.472	-1.350.472	6.593.106	6.593.106
(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 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	-1.350.472	-1.350.472	6.593.106	6.593.106
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	-1.350.472	-1.350.472	6.593.106	6.593.106
1 Attributable to owners of the parent	100	-1.665.152	-1.665.152	5.825.700	5.825.700
2 Attributable to minority (non-controlling) interest	101	314.680	314.680	767.406	767.406

STATEMENT OF CASH FLOWS - indirect method for the period 01.01.2022. to 31.03.2022.

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	-1.350.472	53.165.933
2 Adjustments (ADP 003 to 010):	002	5.866.190	-33.379.256
a) Depreciation b) Gains and losses from sale and value adjustment of fixed tangible and	003	5.737.477	21.961.104
intangible assets	004	412.770	2.079.897
c) Gains and losses from sale and unrealised gains and losses and value	005	0	0
adjustment of financial assets
d) Interest and dividend income e) Interest expenses	006 007	-36.601 455.700	-191.885 1.322.035
f) Provisions	008	0	0
g) Exchange rate differences (unrealised)	009	0	-91.724
h) Other adjustments for non-cash transactions and unrealised gains and
losses	010	-703.156	-58.458.683
I Cash flow increase or decrease before changes in working capital	011	4.515.718	19.786.677
(ADP 001+002)
3 Changes in the working capital (ADP 013 to 016)	012	-1.596.676	7.658.898
a) Increase or decrease in short-term liabilities	013	3.521.371	26.413.610
b) Increase or decrease in short-term receivables c) Increase or decrease in inventories	014	1.438.654	-12.232.179
d) Other increase or decrease in working capital	015 016	-6.556.701 0	-6.522.533 0
II Cash from operations (ADP 011+012)	017	2.919.042	27.445.575
4 Interest paid	018	-569.322	-3.008.588
5 Income tax paid	019	0	0
A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019)	020	2.349.720	24.436.987
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	73.736	117.276
4 Dividends received	024	0	0
5 Cash receipts from repayment of loans and deposits	025	2.700.000	5.628.825
6 Other cash receipts from investment activities	026	0	0
III Total cash receipts from investment activities (ADP 021 to 026)	027	2.773.736	5.746.101
1 Cash payments for the purchase of fixed tangible and intangible assets	028	-15.001.652	-51.231.608
2 Cash payments for the acquisition of financial instruments	029	0	-5.984
3 Cash payments for loans and deposits for the period	030	0	-2.940.000
4 Acquisition of a subsidiary, net of cash acquired	031	0	0
5 Other cash payments from investment activities	032	0	-1.976.448
IV Total cash payments from investment activities (ADP 028 to 032)	033	-15.001.652	-56.154.040
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033)	034	-12.227.916	-50.407.939
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	14.921.930	95.355.095
4 Other cash receipts from financing activities	038	0	15.308.425
V Total cash receipts from financing activities (ADP 035 to 038)	039	14.921.930	110.663.520
1 Cash payments for the repayment of credit principals, loans and other
borrowings and debt financial instruments	040	-7.574.010	-81.902.724
2 Cash payments for dividends	041	0	0
3 Cash payments for finance lease	042	-259.098	0
4 Cash payments for the redemption of treasury shares and decrease in	043	0	0
initial (subscribed) capital 5 Other cash payments from financing activities	044	-631.778	-3.463.163
VI Total cash payments from financing activities (ADP 040 to 044)	045	-8.464.886	-85.365.887
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	6.457.044	25.297.633
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) E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE	048	-3.421.152	-673.319
PERIOD	049	7.541.445	7.541.445
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(ADP 048+049)	050	4.120.293	6.868.126

for the period 01.01.2022. to 31.03.2022. STATEMENT OF CASH FLOWS - direct method

Submitter: Granolio d.d.
Item	ADP	Same period of the	Current period
1	code	previous year
Cash flow from operating activities	2	3	4
1 Cash receipts from customers		0	0
2 Cash receipts from royalties, fees, commissions and other revenue	001
	002	0	0
3 Cash receipts from insurance premiums	003	0	0
4 Cash receipts from tax refund	004	0	0
5 Other cash receipts from operating activities	005	0	0
I Total cash receipts from operating activities (ADP 001 to 005)	006	0	0
1 Cash payments to suppliers	007	0	0
2 Cash payments to employees	008	0	0
3 Cash payments for insurance premiums	009	0	0
4 Interest paid	010	0	0
5 Income tax paid	011	0	0
6 Other cash payments from operating activities	012	0	0
II Total cash payments from operating activities (ADP 007 to 012)	013	0	0
A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 006 + 013)	014	0	0
Cash flow from investment activities
1 Cash receipts from sales of fixed tangible and intangible assets	015	0	0
2 Cash receipts from sales of financial instruments
	016	0	0
3 Interest received	017	0	0
4 Dividends received	018	0	0
5 Cash receipts from the repayment of loans and deposits	019	0	0
6 Other cash receipts from investment activities	020	0	0
III Total cash receipts from investment activities (ADP 015 to 020)	021	0	0
1 Cash payments for the purchase of fixed tangible and intangible assets	022	0	0
2 Cash payments for the acquisition of financial instruments	023	0	0
3 Cash payments for loans and deposits	024	0	0
4 Acquisition of a subsidiary, net of cash acquired	025	0	0
5 Other cash payments from investment activities	026	0	0
IV Total cash payments from investment activities (ADP 022 to 026)	027	0	0
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 021 + 027)	028	0	0
Cash flow from financing activities
1 Cash receipts from the increase in initial (subscribed) capital	029	0	0
2 Cash receipts the from issue of equity financial instruments and debt financial instruments	030	0	0
3 Cash receipts from credit principals, loans and other borrowings	031	0	0
4 Other cash receipts from financing activities	032	0	0
V Total cash receipts from financing activities (ADP 029 to 032)	033	0	0
1 Cash payments for the repayment of credit principals, loans andother borrowings and debt financial instruments	034	0	0
2 Cash payments for dividends	035	0	0
3 Cash payments for finance lease	036	0	0
4 Cash payments for the redemption of treasury shares and decrease in	037	0	0
initial (subscribed) capital
5 Other cash payments from financing activities	038	0	0
VI Total cash payments from financing activities (ADP 034 to 038)	039	0	0
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 033 +039)	040	0	0
1 Unrealised exchange rate differences in respect of cash and cash equivalents	041	0	0
D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP 014 + 028 + 040 + 041)	042	0	0
E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	043	0	0
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (042+043)	044	0	0

STATEMENT OF CHANGES IN EQUITY

II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 32

I OTHER COMPREHENSIVE INCOME FOR THE CURRENT PERIOD, NET OF

24 Balance on the last day of the current business year reporting period (ADP

23 Increase in reserves arising from the pre-bankruptcy settlement procedure

APPENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by undertakings that draw up financial statements in accordance with the IFRS)

do 52)

31 to 50)

TAX (ADP 33 to 41)

22 Carryforward per annual plane

1.1.2022 to 31.3.2022 in HRK Initial (subscribed) capital Capital reserves Legal reserves Reserves for treasury shares Treasury shares and holdings (deductible item) Statutory reserves Other reserves Revaluation reserves Fair value of financial assets through other comprehensive income (available for sale) Cash flow hedge effective portion Hedge of a net investment in a foreign operation effective portion Other fair value reserves Exchange rate differences from translation of foreign operations Retained profit / loss brought forward Profit/loss for the business year Total attributable to owners of the parent ^{2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17} 18 (3 to 6 - 7 + 8 to 17) ¹⁹ 20 (18+19) 01 19.016.430 84.195.807 3.496.923 800.000 0 0 0 51.673.648 0 0 0 0 0 -140.003.649 35.550.162 54.729.321 28.852.416 83.581.737 02 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 03 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 04 19.016.430 84.195.807 3.496.923 800.000 0 0 0 51.673.648 0 0 0 0 0 -140.003.649 35.550.162 54.729.321 28.852.416 83.581.737 05 0 0 0 0 0 0 0 0 0 0 0 0 -1.665.152 -1.665.152 314.682 -1.350.470 06 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 07 0 0 0 0 0 0 0 -750.562 0 0 0 750.562 0 0 0 0 08 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 09 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 11 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 13 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 14 0 0 0 0 0 0 0 0 0 0 0 0 0 164.757 0 164.757 0 164.757 15 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 16 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 18 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 19 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 20 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 21 0 0 0 0 0 0 0 0 0 0 0 0 0 35.550.162 -35.550.162 0 0 0 22 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 23 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 24 19.016.430 84.195.807 3.496.923 800.000 0 0 0 50.923.086 0 0 0 0 0 -103.538.168 -1.665.152 53.228.926 29.167.098 82.396.024 25 0 0 0 0 0 0 0 -750.562 0 0 0 0 0 915.319 0 164.757 0 164.757 26 0 0 0 0 0 0 0 -750.562 0 0 0 0 0 915.319 -1.665.152 -1.500.395 314.682 -1.185.713 27 0 0 0 0 0 0 0 0 0 0 0 0 0 35.550.162 -35.550.162 0 0 0 28 19.016.430 84.195.807 5.158.360 800.000 0 0 0 48.671.401 0 0 0 0 0 -103.112.677 43.588.269 98.317.590 29.479.622 127.797.212 29 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 30 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 31 19.016.430 84.195.807 5.158.360 800.000 0 0 0 48.671.401 0 0 0 0 0 -103.112.677 43.588.269 98.317.590 29.479.622 127.797.212 32 0 0 0 0 0 0 0 0 0 0 0 0 5.825.700 5.825.700 767.406 6.593.106 33 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 0 0 0 0 0 0 0 -750.562 0 0 0 750.562 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 0 0 38 0 0 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 0 0 40 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 41 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 42 0 0 0 0 0 0 0 0 0 0 0 0 0 164.757 0 164.757 0 164.757 43 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 44 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 45 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 46 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 47 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 48 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 for the period from 3 Correction of errors 4 Balance on the first day of the previous business year (restated) (ADP 01 to 03) 2 Changes in accounting policies Item ADP code Attributable to owners of the parent 5 Profit/loss of the period 6 Exchange rate differences from translation of foreign operations 17 Decrease in initial (subscribed) capital arising from the reinvestment of profit 7 Changes in revaluation reserves of fixed tangible and intangible assets 8 Gains or losses from subsequent measurement of financial assets at fair value through other comprehensive income (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 Minority (noncontrolling) interest Total capital and reserves 1 Previous period 1 Balance on the first day of the previous business year 24 Balance on the last day of the previous business year reporting period (ADP 04 to 23) 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 Decrease in initial (subscribed) capital (other than arising from the prebankruptcy settlement procedure or from the reinvestment of profit) 16 Decrease in initial (subscribed) capital arising from the pre-bankruptcy settlement procedure 18 Redemption of treasury shares/holdings 20 Payment of share in profit/dividend 21 Other distributions and payments to members/shareholders 22 Transfer to reserves according to the annual schedule 23 Increase in reserves arising from the pre-bankruptcy settlement procedure 19 Payments from members/shareholders 7 Changes in revaluation reserves of fixed tangible and intangible assets 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) II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP 05+25) III TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD RECOGNISED DIRECTLY IN EQUITY (ADP 15 to 23) 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) (AOP 28 to 30) 5 Profit/loss of the period 6 Exchange rate differences from translation of foreign operations 19 Payments from members/shareholders 8 Gains or losses from subsequent measurement of financial assets at fair value through other comprehensive income (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 Decrease in initial (subscribed) capital (other than arising from the prebankruptcy settlement procedure or from the reinvestment of profit) 16 Decrease in initial (subscribed) capital arising from the pre-bankruptcy settlement procedure 17 Decrease in initial (subscribed) capital arising from the reinvestment of profit 18 Redemption of treasury shares/holdings 20 Payment of share in profit/dividend 21 Other distributions and payments to members/shareholders

0 0 0 0 0 0 0 0 0 0 0 0 0 43.588.254 -43.588.254 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 19.016.430 84.195.807 5.158.360 800.000 0 0 0 47.920.839 0 0 0 0 0 -58.609.104 5.825.715 104.308.047 30.247.028 134.555.075 0 0 0 0 0 0 0 -750.562 0 0 0 0 0 750.562 0 0 0 0 0 0 0 0 0 0 0 -750.562 0 0 0 0 0 750.562 5.825.700 5.825.700 767.406 6.593.106

III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED 54 0 0 0 0 0 0 0 0 0 0 0 0 0 43.753.011 -43.588.254 164.757 0 DIRECTLY IN EQUITY (ADP 42 to 50)																				164.757
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	---------

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: 01.01.2022.-31.03.2022.

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

Notes to the consolidated report for the three months period ended

31 March 2022

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

						in thousands of HRK
Loan liabilities	state March 31, 2022.	2022. year	2023. year	2024. year	2025. year	from 2026. year
	75.324	6.111	8.148	8.148	8.148	44.769
	75.324	6.111	8.148	8.148	8.148	44.769

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

Liabilities on securities	state March 31, 2022.	2022. year	2023. year	2024. year	2025. year	from 2026. year
	9.247	2.886	1.253	1.253	1.253	2.602
	9.247	2.886	1.253	1.253	1.253	2.602

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: 429

7. Capitalized salary cost during the year

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

8. Deferred taxes

March 31, 2022.

January 1, 2022.	10.684
Reduction	(165)
March 31, 2021	10.519

9. 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, Veliki Zdenci, OIB 45651553790

Investments as at 31 March 2022			HRK '000
	Share in Equity	Total Equity	Result for the period
ZDENAČKA FARMA d.o.o. ZDENKA -MLIJEČNI PROIZVODI	20.485	20.485	728
d.o.o.	30.247	60.494	1.535

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

The company had no subscription of shares.

11. 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 the like securities or rights.

The company has no certificates.

.

12. 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

13. 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.

14. 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 the other group.

15. 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.

16. 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.