Granolio d.d.

Quarterly Report • Oct 31, 2022

Unconsolidated financial results for the nine months period ended 30 September 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. 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.

Ownership in subsidiaries is presented in the organizational chart below:

Significant business events in the accounting period

The company operates within the food industry, and despite the Covid 19 pandemic and situation in Ukraine, no significant changes in demand for the products produced by the company are expected.

The company's operations will certainly be affected by interest rate movements, fiscal policy, the purchase power of population and other factors.

Company's financial indicators for the nine months period of 2022.

In thousands HRK
Granolio d.d.	1-9 2022	1-9 2021	change
Operating income	327.426	224.121	103.305	46%
Operating expenses	309.469	223.320	86.149	39%
EBIT	17.958	802	17.156
EBIT margin	5%	0%
EBITDA	23.319	6.320	16.999	269%
EBITDA margin	7%	3%
Net financial result	(373)	(936)	563
Net result for the period	17.584	(134)	17.719

*EBITDA= EBIT + depreciation + impairment expenses

In the nine-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 and raw material segments, and in the position of other operating revenues.

The net financial result represents the difference between financial income and financial expenses and includes interest, exchange rate differences and profit from the sale of financial assets in 2022.

In thousands HRK
Granolio d.d.	30.9.2022	31.12.2021	change
Net asset (capital and reserves)	135.835	117.757	18.079	15%
Total debt	92.786	94.518	(1.733)	(2%)
Cash and cash equivalents	2.098	1.931	168	9%
Loans given, deposits etc.*	15.364	19.427	(4.063)	(21%)
Net debt	75.323	73.161	2.162	3%
Net debt/EBITDA	0,85	1,03
EBITDA for the last 12 months	88.164	71.165	16.999	24%

*Loans given, securities and deposits

The company's total debt is reduced because the company regularly settles existing liabilities for loans and borrowings.

The Company monitors its business operations through four business segments:

• 1. Flour
• 1. Sowing material (wholesale of raw materials: fertilizers, protective materials and seeds)
• 1. Trading (wholesale of grains, oil crops and bakery products)
• 1. Other (rendering services of storage, drying and reception of grains and oil crops at the reception stations, other)

Employees

In the nine months period 2022 the Company employed 160 employees based on man-hour basis (in the nine months period 2021: 161 employees).

Redemption of treasury shares

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

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

Environment

In the area of environmental protection, the Company implements complete and systematic solutions and establishes environmentally friendly production processes. The company has completed the construction of three photovoltaic power plants at three production locations, which will meet part of its electricity needs from environmentally friendly sources. Commissioning is expected by the end of the year.

Other

Supervisory Board has approved Company's financial statements for the nine months period of 2022.

Annex 1
		ISSUER'S GENERAL DATA
Reporting period:		1.1.2022	to	30.9.2022
Year:		2022
Quarter:		3.
		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	166
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)
	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)

050 449 449 051 7.065.622 2.958.417

BALANCE SHEET balance as at 30.09.2022

in HRK

Submitter:Granolio d.d.
Item	ADP code	Last day of the preceding business year	At the reporting date of the current period
1	2	3	4
A) RECEIVABLES FOR SUBSCRIBED CAPITAL UNPAID	001	0	0
B) FIXED ASSETS (ADP 003+010+020+031+036)	002	211.342.760	206.291.000
I INTANGIBLE ASSETS (ADP 004 to 009)	003	1.633.591	1.296.970
1 Research and development	004	0	0
2 Concessions, patents, licences, trademarks, software and other rights	005	1.633.591	1.296.970
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	0
II TANGIBLE ASSETS (ADP 011 to 019)	010	138.097.932	134.418.314
1 Land	011	9.184.216	9.184.216
2 Buildings	012	105.997.515	103.628.878
3 Plant and equipment	013	8.848.887	7.398.332
4 Tools, working inventory and transportation assets	014	70.434	149.540
5 Biological assets	015	0	0
6 Advances for the purchase of tangible assets	016	0	0
7 Tangible assets in preparation	017	9.309.855	9.370.495
8 Other tangible assets	018	72.025	71.853
9 Investment property	019	4.615.000	4.615.000
III FIXED FINANCIAL ASSETS (ADP 021 to 030)	020	71.611.237	70.575.716
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	024	0	0
participating interests
5 Investment in other securities of companies linked by virtue of	025	0	0
participating interests
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	147.154	147.154
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	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	117.550.387	148.266.545
I INVENTORIES (ADP 039 to 045)	038	17.423.773	35.226.253
1 Raw materials and consumables	039	6.720.915	15.118.273
2 Work in progress	040	6.108	6.108
3 Finished goods	041	1.830.136	3.616.396
4 Merchandise	042	8.866.614	16.485.476
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	78.916.128	95.724.906
1 Receivables from undertakings within the group	047	11.823.440	10.647.155
2 Receivables from companies linked by virtue of participating interests	048	0	0
3 Customer receivables	049	56.380.736	76.383.362

6 Other receivables	052	3.645.881	5.735.523
III CURRENT FINANCIAL ASSETS (ADP 054 to 062)	053	19.279.962	15.217.293
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	10.672.003	6.646.748
4 Investments in holdings (shares) of companies linked by virtue of participating interests	057	0	0
5 Investment in other securities of companies linked by virtue of participating interests	058	0	0
6 Loans, deposits etc. to companies linked by virtue of participating interests	059	0	0
7 Investments in securities	060	149.624	149.624
8 Loans, deposits, etc. given	061	8.458.335	8.420.921
9 Other financial assets	062	0	0
IV CASH AT BANK AND IN HAND	063	1.930.524	2.098.093
D ) PREPAID EXPENSES AND ACCRUED INCOME	064	731.569	796.081
E) TOTAL ASSETS (ADP 001+002+037+064)	065	329.624.716	355.353.626
OFF-BALANCE SHEET ITEMS	066	10.345.906	10.099.434

4 Receivables from employees and members of the undertaking

5 Receivables from government and other institutions

14 Other short-term liabilities	123	361.925	281.700
E) ACCRUALS AND DEFERRED INCOME	124	99.303	60.517
F) TOTAL – LIABILITIES (ADP 067+090+097+109+124)	125	329.624.716	355.353.626
G) OFF-BALANCE SHEET ITEMS	126	10.345.906	10.099.434

LIABILITIES
A) CAPITAL AND RESERVES (ADP 068 to 070+076+077+081+084+087)	067	117.756.532	135.835.278
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	5.958.360	8.067.596
1 Legal reserves	071	5.158.360	7.267.596
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	46.419.715
V FAIR VALUE RESERVES AND OTHER (ADP 078 to 082)	077	0	0
1 Financial assets at fair value through other comprehensive income	078	0	0
(i.e. available for sale)
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	082	0	0
(consolidation)
VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 084-085)	083	-82.929.197	-39.448.745
1 Retained profit	084	0	0
2 Loss brought forward	085	82.929.197	39.448.745
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088)	086	42.843.731	17.584.475
1 Profit for the business year	087	42.843.731	17.584.475
2 Loss for the business year	088	0	0
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	55.744.797	77.895.824
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	101	0	0
participating interests
5 Liabilities for loans, deposits etc.	102	2.000.000	3.000.000
6 Liabilities to banks and other financial institutions 7 Liabilities for advance payments	103	25.839.759	58.116.029
8 Liabilities to suppliers	104 105	0 10.955.259	0 1.264.160
9 Liabilities for securities	106	6.265.813	5.325.941
10 Other long-term liabilities	107	0	0
11 Deferred tax liability	108	10.683.966	10.189.694
D) SHORT-TERM LIABILITIES (ADP 110 to 123)	109	156.024.084	141.562.007
1 Liabilities to undertakings within the group	110	12.693.323	1.785.988
2 Liabilities for loans, deposits, etc. of undertakings within the group	111	2.000.000	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	51.664.698	11.500.000
6 Liabilities to banks and other financial institutions	115	2.900.567	10.646.016
7 Liabilities for advance payments	116	802.341	3.133.480
8 Liabilities to suppliers	117	73.714.503	103.006.080
9 Liabilities for securities	118	3.847.593	2.197.593
10 Liabilities to employees	119	1.158.489	1.235.206
11 Taxes, contributions and similar liabilities	120	6.880.645	5.775.944
12 Liabilities arising from the share in the result	121	0	0
13 Liabilities arising from fixed assets held for sale	122	0	0

Submitter:Granolio d.d.
Item	ADP code		Same period of the previous year		Current period
1	2	Cumulative 3	Quarter 4	Cumulative 5	Quarter 6
I OPERATING INCOME (ADP 002 to 006)	001	224.121.272	94.760.254	327.426.480	124.808.022
1 Income from sales with undertakings within the group 2 Income from sales (outside group)	002 003	2.776.666 218.581.597	1.121.756 92.612.213	4.816.642 316.886.753	1.421.590 122.721.727
3 Income from the use of own products, goods and services	004	2.984	845	11.587	8.410
4 Other operating income with undertakings within the group 5 Other operating income (outside the group)	005 006	0 2.760.025	0 1.025.440	0 5.711.498	0 656.295
II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029)	007	223.319.688	90.565.220	309.468.754	116.353.275
1 Changes in inventories of work in progress and finished goods	008	-136.076	160.150	-1.794.679	-485.351
2 Material costs (ADP 010 to 012) a) Costs of raw materials and consumables	009 010	200.956.659 142.602.993	82.894.651 51.466.361	286.541.372 226.968.242	108.473.486 85.672.150
b) Costs of goods sold	011	44.623.342	25.964.491	34.726.473	8.674.106
c) Other external costs	012	13.730.324	5.463.799	24.846.657	14.127.230
3 Staff costs (ADP 014 to 016) a) Net salaries and wages	013 014	14.646.173 9.575.687	4.952.397 3.236.518	16.185.457 10.446.053	5.428.516 3.549.297
b) Tax and contributions from salary costs	015	3.305.215	1.118.698	3.779.298	1.240.015
c) Contributions on salaries 4 Depreciation	016 017	1.765.271 5.517.960	597.181 1.827.733	1.960.106 5.361.132	639.204 1.778.985
5 Other costs	018	1.520.770	506.626	1.940.248	636.448
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 obligations	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	0 814.202	0 223.663	0 1.235.224	0 521.191
III FINANCIAL INCOME (ADP 031 to 040)	030	107.485	40.837	3.892.864	21.202
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	033	0	0	5.675	844
undertakings within the group
4 Other interest income from operations with undertakings within the group	034	6.049	2.536	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	2.504	2.504	0	0
7 Other interest income 8 Exchange rate differences and other financial income	037 038	25.505 73.427	16.481 19.316	35.660 69.062	5.504 14.854
9 Unrealised gains (income) from financial assets 10 Other financial income	039	0	0	0	0
IV FINANCIAL EXPENSES (ADP 042 to 048)	040 041	0 1.043.419	0 342.590	3.782.467 4.266.114	0 1.164.063
1 Interest expenses and similar expenses with undertakings within the group	042	19.398	19.398	41.358	13.364
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	880.723	295.656	3.860.205	969.160
4 Exchange rate differences and other expenses	045	98.585	27.320	160.053	17.952
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 V SHARE IN PROFIT FROM UNDERTAKINGS LINKED BY VRITUE OF	048	44.713	216	204.498	163.587
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 VIII SHARE IN LOSS OF JOINT VENTURES	051	0	0	0	0
IX TOTAL INCOME (ADP 001+030+049 +050)	052 053	0 224.228.757	0 94.801.091	0 331.319.344	0 124.829.224
X TOTAL EXPENDITURE (ADP 007+041+051 + 052) XI PRE-TAX PROFIT OR LOSS (ADP 053-054)	054 055	224.363.107 -134.350	90.907.810 3.893.281	313.734.868 17.584.476	117.517.338 7.311.886
1 Pre-tax profit (ADP 053-054)	056	0	3.893.281	17.584.476	7.311.886
2 Pre-tax loss (ADP 054-053) XII INCOME TAX	057 058	-134.350 0	0 0	0 0	0 0
XIII PROFIT OR LOSS FOR THE PERIOD (ADP 055-059)	059	-134.350	3.893.281	17.584.476	7.311.886
1 Profit for the period (ADP 055-059) 2 Loss for the period (ADP 059-055)	060 061	0 -134.350	3.893.281 0	17.584.476 0	7.311.886 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 (ADP 063-064)	062	0	0	0	0
1 Pre-tax profit from discontinued operations	063	0	0	0	0
2 Pre-tax loss on discontinued operations XV INCOME TAX OF DISCONTINUED OPERATIONS	064 065	0 0	0 0	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) TOTAL OPERATIONS (to be filled in only by undertakings subject to IFRS with discontinued operations)	067	0	0	0	0
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)	070	0	0	0	0
XVII INCOME TAX (ADP 058+065) XVIII PROFIT OR LOSS FOR THE PERIOD (ADP 068-071)	071 072	0 0	0 0	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) APPENDIX to the P&L (to be filled in by undertakings that draw up consolidated annual financial statements)	074	0	0	0	0
XIX PROFIT OR LOSS FOR THE PERIOD (ADP 076+077)	075	0	0	0	0
1 Attributable to owners of the parent 2 Attributable to minority (non-controlling) interest	076 077	0 0	0 0	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 fair	089	0	0	0	0
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

for the period 01.01.2022 to 30.09.2022

STATEMENT OF PROFIT OR LOSS

	in HRK

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

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):	001 002	-134.349 6.388.575	17.584.475 5.283.374
a) Depreciation	003	5.517.960	5.361.132
b) Gains and losses from sale and value adjustment of fixed tangible and intangible assets	004	4.552	220.170
c) Gains and losses from sale and unrealised gains and losses and value adjustment of financial assets	005	0	-3.782.467
d) Interest and dividend income	006	-34.058	-41.335
e) Interest expenses	007	900.121	3.901.540
f) Provisions	008	0	0
g) Exchange rate differences (unrealised)	009	0	0
h) Other adjustments for non-cash transactions and unrealised gains and losses	010	0	-375.666
I Cash flow increase or decrease before changes in working capital (ADP 001+002)	011	6.254.226	22.867.849
3 Changes in the working capital (ADP 013 to 016)	012	7.180.146	-24.362.150
a) Increase or decrease in short-term liabilities	013	28.470.413	9.946.900
b) Increase or decrease in short-term receivables	014	-21.282.011	-17.041.795
c) Increase or decrease in inventories	015	-8.256	-17.267.255
d) Other increase or decrease in working capital	016	0	0
II Cash from operations (ADP 011+012) 4 Interest paid	017 018	13.434.372 -877.795	-1.494.301 -3.971.153
5 Income tax paid	019	0	0
A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019)	020	12.556.577	-5.465.454
Cash flow from investment activities
1 Cash receipts from sales of fixed tangible and intangible assets	021	0	0
2 Cash receipts from sales of financial instruments
3 Interest received	022 023	0 98.420	4.817.988 50.281
4 Dividends received	024	0	0
5 Cash receipts from repayment of loans and deposits	025	3.958.230	8.234.758
6 Other cash receipts from investment activities	026	0	0
III Total cash receipts from investment activities (ADP 021 to 026)	027	4.056.650	13.103.027
1 Cash payments for the purchase of fixed tangible and intangible assets	028	-7.392.715	-1.565.062
2 Cash payments for the acquisition of financial instruments	029	0	0
3 Cash payments for loans and deposits for the period	030	-5.300.463	-4.185.249
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 -12.693.178	13.160 -5.737.151
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033)	034	-8.636.528	7.365.876
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	7.000.000	54.232.549
4 Other cash receipts from financing activities	038	0	0
V Total cash receipts from financing activities (ADP 035 to 038)	039	7.000.000	54.232.549
1 Cash payments for the repayment of credit principals, loans and other borrowings and debt financial instruments	040	-6.224.364	-53.213.988
2 Cash payments for dividends	041	0	0
3 Cash payments for finance lease	042	-325.791	-196.842
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	-2.495.442	-2.589.872
VI Total cash payments from financing activities (ADP 040 to 044)	045	-9.045.597	-56.000.702
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	-2.045.597	-1.768.153
1 Unrealised exchange rate differences in respect of cash and cash equivalents	047	0	35.302
D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP 020+034+046+047)	048	1.874.452	167.571
E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	049	1.635.964	1.930.524
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(ADP 048+049)	050	3.510.416	2.098.095

STATEMENT OF CASH FLOWS - indirect method for the period 01.01.2022. to 30.09.2022.

for the period from 1.1.2022 to	30.9.2022																	in HRK
Item	ADP code	Initial (subscribed) capital	Capital reserves Legal reserves		Reserves for treasury shares	Treasury shares and holdings (deductible item)	Statutory reserves Other reserves		Attributable to owners of the parent Revaluation reserves	Fair value of financial assets through other comprehensive	Cash flow hedge - effective portion	Hedge of a net investment in a foreign operation -	Other fair value reserves	Exchange rate differences from translation of	Retained profit / loss brought forward	Profit/loss for the business year	Total attributable to owners of the parent	Minority (non controlling) interest	Total capital and reserves
										income (available for sale)		effective portion		foreign operations			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	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	02	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 previous business year (restated) (ADP 01	03	0	0	0	0	0	0	0	0		0 0	0		0 0	0	0	0	0	0
to 03)	04	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 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	-134.350 0	-134.350 0	0 0	-134.350 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	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	13	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	14	0	0	0	0	0	0					0		0 0	494.272	0	494.272	0	494.272
15 Decrease in initial (subscribed) capital (other than arising from the pre bankruptcy settlement procedure or from the reinvestment of profit)	15	0	0	0	0	0	0	0	0		0 0	0		0 0	0	0	0	0	0
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	19	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	1.661.437	0	0	0	0	0		0 0	0		0 0	31.567.312	-33.228.749	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	23	0	0	0	0	0	0	0	0		0 0	0		0 0	0	0	0	0	0
(ADP 04 to 23)	24	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 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 05+25)	26	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 PREVIOUS PERIOD RECOGNISED DIRECTLY IN EQUITY (ADP 15 to 23)	27	0	0	1.661.437	0	0	0	0	0		0 0	0		0 0	31.567.312	-33.228.749	0	0	0
Current period
1 Balance on the first day of the current business year 2 Changes in accounting policies	28 29	19.016.430 0	84.195.807 0	5.158.360 0	800.000 0	0 0	0 0	0 0	48.671.401 0		0 0 0 0	0 0		0 0 0 0	-82.929.197 0	42.843.731 0	117.756.532 0	0 0	117.756.532 0
3 Correction of errors	30	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	5.158.360	800.000	0	0	0	48.671.401		0 0	0		0 0	-82.929.197	42.843.731	117.756.532	0	117.756.532
5 Profit/loss of the period	32	0	0	0	0	0	0	0	0		0 0	0			0	17.584.475	17.584.475	0	17.584.475
6 Exchange rate differences from translation of foreign operations	33	0	0	0	0	0	0	0	0		0 0	0			0	0	0	0	0
7 Changes in revaluation reserves of fixed tangible and intangible assets	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
participating interests	38	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 13 Other changes in equity unrelated to owners	39 40	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0		0 0 0 0	0 0		0 0 0 0	0 0	0 0	0 0	0 0	0 0
14 Tax on transactions recognised directly in equity	41	0	0	0	0	0	0	0	0		0 0	0		0 0	494.272	0	494.272	0	494.272
15 Decrease in initial (subscribed) capital (other than arising from the pre bankruptcy settlement procedure or from the reinvestment of profit)	42	0	0	0	0	0	0	0	0		0 0	0		0 0	0	0	0	0	0
16 Decrease in initial (subscribed) capital arising from the pre-bankruptcy settlement procedure	43	0	0	0	0	0	0	0	0		0 0	0		0 0	0	0	0	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	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	0	0	0	0	0		0 0	0		0 0	0	0	0	0	0
22 Carryforward per annual plane	49	0	0	2.109.235	0	0	0	0	0		0 0	0		0 0	40.734.496	-42.843.731	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	7.267.595	800.000	0	0	0	46.419.716		0 0	0		0 0	-39.448.744	17.584.475	135.835.279	0	135.835.279
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	17.584.475	18.078.747	0	18.078.747
III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED DIRECTLY IN EQUITY (ADP 42 to 50)	54	0	0	2.109.235	0	0	0	0	0		0 0	0		0 0	40.734.496	-42.843.731	0	0	0

reserves	Total capital and

STATEMENT OF CHANGES IN EQUITY

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

Name of the issuer: GRANOLIO d.d

Personal identification number (OIB): 59064993527

Reporting period: 01.01.2022.-30.09.2022.

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

Notes to the unconsolidated report for the nine months period ended 30 September 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. on loans that amounted to HRK 28.5 million as of 30 September 2022.

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

There was no revenue nor expenditure of extraordinary size or occurrence.

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

Loans and leasings received							HRK'000
	30. Sept. 2022.	30. Sept. 2023.	10-12 2023	31.12.2024	31.12.2025	31.12.2026	from 2027.
Loans received from banks	68.052	10.586	2.079	9.447	9.447	9.447	27.046
Loans received from third parties	16.500	13.500	1.000	2.000			-
Leasing	710	250	63	263	134	-	-
	85.262	24.336	3.142	11.710	9.581	9.447	27.046

Loans received from banks are secured by mortgage on asset, bills of exchange and promissory notes.

Liabilities for securities							HRK'000
	30. Sept. 2022.	30. Sept. 2023.	10-12 2023	31.12.2024	31.12.2025	31.12.2026	from 2027.
Liabilities for securities	7.524	2.198	313	1.253	1.253	1.253	1.253
	7.524	2.198	313	1.253	1.253	1.253	1.253

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: 160 (1-9 2021: 161).

7. Capitalized salary cost during the year

The Company did not capitalize the cost of salaries in the reporting period.

8. Deferred tax liabilities

	30 September 2022
Balance on 1 January 2022	10.684
Decrease	(494)
Balance on 30 September 2022	10.190

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, OIB 45651553790

Investments as of 30 September 2022	HRK '000
	Share in Equity	Total Equity	Result for the period
ZDENAČKA FARMA d.o.o. ZDENKA -MLIJEČNI PROIZVODI	22.737	22.737	1.228
d.o.o.	32.837	65.674	6.714

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 similar securities or rights.

The company has no such 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.

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 parent company and there are no other companies in its group that have control over third companies.

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.

18. Public statement on the impact of the Russian invasion of Ukraine on the operations of Granolio d.d.

Company Granolio d.d. (The Company) does not sell nor procure goods or services from entities in Russia, Ukraine or Belarus, i.e. there is no direct exposure to entities in these countries. Likewise, the Company has no investments in companies or joint ventures in the mentioned countries, nor does it have credit debts or other financial obligations towards companies from the mentioned areas.

The current situation in Eastern Europe affects and will affect the increase in the price of wheat, which is the basic raw material for production, but the Company will react to the increase in the price of wheat by increasing the prices of its products, thereby minimizing this risk. The company procures raw materials on the domestic market, so there is no risk of wheat shortage.

Other increases in the prices of inputs on the domestic market, such as energy products, transport services and others, will also spill over to the increase in the prices of the final product, which will not significantly affect the company's operations.