Consolidated financial results for the nine months period ended 30 September 2024 (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 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.

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 nine-month period of 2024

	1-9 2024	1-9 2023		change

Operating income	72.576	67.935	4.641	7%
Operating expenses	67.503	65.079	2.424	(4%)
EBIT	5.073	2.856	2.217	78%
EBIT margin	7%	4%
EBITDA	7.723	5.267	2.456	47%
EBITDA margin	11%	8%
Net financial result	(547)	(585)	38	6%
Net result for the period	4.526	2.271	2.255	(99%)
Attributable to the Group	3.457	1.809	1.648	(91%)
Non-controlling interest	1.068	463	605	(131%)

In thousands of EUR

The Group's EBITDA in the nine-month period of 2024 amounts to EUR 7.7 million.

The net financial result represents the difference between financial income and financial expenses and includes interest and exchange rate differences.

In thousands of EUR Financial indicators
	30.9.2024	31.12.2023	change
Net assets (Capital and reserves)*	27.441	23.355	4.086	17%
Total debt	36.750	22.057	14.693	67%
Cash and cash equivalents	694	2.541	(1.847)	(73%)
Given loans, deposits and similar**	2.858	5.298	(2.440)	(46%)
Net debt	33.198	14.218	18.980	133%
Net debt/ EBITDA	3,44	1,98
EBITDA for the last 12 months	9.638	7.182

* 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 nine-month period of 2024 in the amount of 4.5 million euros.

The total debt of the Group increased due to the new long-term loan of the company Granolio d.d. with the aim of financing the acquisition of a new milling business and the loan of Zdenka-mlječni proizvodi d.o.o. for the construction of a new warehouse.

Separate business results for the nine-month period of 2024

Granolio d.d. In thousands of EUR

	1-9 2024	1-9 2023	change
Operating income	43.499	40.849	2.650	6%
Operating expenses	40.946	39.145
EBIT	2.553	1.704	849	50%
margin %	6%	4%
EBITDA	3.364	2.478	886	36%
margin %	8%	6%
Net financial result	71	360	(289)	80%
Net result	2.624	2.064	560	27%
margin %	6,0%	5,1%

In the nine-month period of 2024, a more favorable operating income was achieved compared to the same period of the previous year.

The net financial result represents the difference between financial income and financial expenses, and it consists of interest and exchange rate differences.

Zdenka - mliječni proizvodi d.o.o.				In thousands of EUR
	1-9 2024	1-9 2023	change
Operating income	28.206	26.368	1.838	7%
Operating expenses	26.048	25.380
EBIT	2.158	988	1.170	(118%)
margin %	8%	4%
EBITDA	3.637	2.257	1.380	61%
margin %	13%	9%
Net financial result	(23)	(63)	40	63%
Profit tax	-	-
Net result	2.135	925	1.210	(131%)
margin %	8%	4%

In the nine-month period of 2024, the Company generated revenues higher by 7% compared to the same period last year. The increase is the result of significantly higher sales volumes and price increases compared to the same period last year.

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

	1-9 2024	1-9 2023	change
Operating income	3.541	3.376	165	5%
Operating expenses	3.180	3.212
EBIT	361	164	197	120%
margin %	10%	5%
EBITDA	722	533	189	35%
margin %	20%	16%
Net financial result	(95)	(81)	(14)	(17%)
Net result	266	83	183	220%
margin %	8%	2%

In the nine-month period of 2024, a more favorable operating income was achieved compared to the same period of the previous year due to higher sold quantities compared to the comparative period.

Employees

In the nine-month period of 2024 the Group employed 444 employees based on man-hour basis (in the nine-month period of 2023: 429 employees).

Environment

Regarding environmental protection, the Group has implemented comprehensive and systematic solutions and established 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. They became operational by the end of 2022 year.

Other

The Supervisory Board has approved Granolio Group's financial statements for the nine-month period 2024.

Annex 1
		ISSUER'S GENERAL DATA
Reporting period:		1.1.2024	to	30.9.2024
Year:		2024
Quarter:		3.
		Quarterly financial statements
Registration number (MB):	01244272		Issuer's home Member State code:	HRVATSKA
Entity's registration number (MBS):	08011595
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: [email protected]
	Web address: www.granolio.hr
Number of employees (end of the reporting	488
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



					Yes No
Bookkeeping firm:	No	(Yes/No)		(name of the bookkeeping firm)
	Contact person: Mirjana Kelava
	(only name and surname of the contact person) Telephone: 01/6320-261
	E-mail address: [email protected]
	Audit firm: BDO CROATIA
	(name of the audit firm) Certified auditor: VEDRANA STIPIĆ
	(name and surname)

1. 1. 4.

BALANCE SHEET balance as at 30.09.2024

ADP code Last day of the preceding business year At the reporting date of the current period 2 3 4 001 0 0 002 35.628.447 49.317.292 003 500.821 358.761 004 0 005 500.821 358.761 006 0 0 007 0 0 008 0 0 009 0 0 010 34.879.049 48.559.493 011 1.908.361 1.964.521 012 17.696.376 17.560.791 013 10.818.028 10.670.926 014 213.971 267.815 015 998.430 1.003.535 016 185.800 0 017 2.378.733 16.296.137 018 9.498 14.396 019 669.852 781.372 020 248.577 399.038 021 0 0 022 0 0 023 0 0 024 0 0 025 0 0 026 0 0 027 224.800 375.261 028 23.671 23.671 029 0 0 030 106 106 031 0 0 032 0 0 033 0 0 034 0 0 035 0 0 036 0 0 037 30.211.673 37.715.676 038 7.928.620 12.645.574 039 3.917.446 7.268.580 040 639.919 380.295 041 1.969.940 1.852.818 042 1.401.315 3.143.881 043 0 0 044 0 0 045 0 0 046 14.466.908 21.917.062 047 633.263 633.301 048 0 0 049 12.967.257 17.985.445 050 0 1.464 051 416.179 1.056.730 052 450.209 2.240.122 053 5.274.737 2.459.246 054 0 0 4 Other receivables V DEFERRED TAX ASSETS 3 Finished goods 4 Merchandise 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) 1 Research and development C) CURRENT ASSETS (ADP 038+046+053+063) I INVENTORIES (ADP 039 to 045) 1 Raw materials and consumables 6 Fixed assets held for sale 7 Biological assets 7 Investments in securities 8 Loans, deposits, etc. given 9 Other investments accounted for using the equity method 10 Other fixed financial assets 5 Advances for inventories 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 II RECEIVABLES (ADP 047 to 052) 1 Receivables from undertakings within the group 2 Receivables from companies linked by virtue of participating interests 3 Customer receivables III CURRENT FINANCIAL ASSETS (ADP 054 to 062) 1 Investments in holdings (shares) of undertakings within the group 4 Receivables from employees and members of the undertaking 5 Receivables from government and other institutions 6 Other receivables

2 Investments in other securities of undertakings within the group	055	0	0

3 Loans, deposits, etc. to undertakings within the group	056	1.121.479	1.259.725
4 Investments in holdings (shares) of companies linked by virtue of	057	0	0
participating interests 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	19.859	19.858
8 Loans, deposits, etc. given	061	4.133.399	1.179.663
9 Other financial assets	062	0	0
IV CASH AT BANK AND IN HAND	063	2.541.408	693.794
D ) PREPAID EXPENSES AND ACCRUED INCOME	064	84.642	600.427
E) TOTAL ASSETS (ADP 001+002+037+064)	065	65.924.762	87.633.395
OFF-BALANCE SHEET ITEMS	066
LIABILITIES
A) CAPITAL AND RESERVES (ADP 068 to	067	23.354.058	27.441.265
070+076+077+083+086+089)
I INITIAL (SUBSCRIBED) CAPITAL	068	2.523.910	2.523.910
II CAPITAL RESERVES	069	11.174.708	11.171.208
III RESERVES FROM PROFIT (ADP 071+072-073+074+075)	070	1.246.857	1.348.867
1 Legal reserves	071	1.140.679	1.239.189
2 Reserves for treasury shares	072	106.178	109.678 0
3 Treasury shares and holdings (deductible item)	073	0	0
4 Statutory reserves 5 Other reserves	074	0	0
IV REVALUATION RESERVES	075	0	5.364.022
V FAIR VALUE RESERVES AND OTHER (ADP 078 to 082)	076 077	5.662.872 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	-3.257.131	-1.102.228
1 Retained profit	084	0	0
2 Loss brought forward	085	3.257.131	1.102.228
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088)	086	1.892.460	3.457.421
1 Profit for the business year	087	1.892.460	3.457.421
2 Loss for the business year	088
VIII MINORITY (NON-CONTROLLING) INTEREST	089	4.110.382	4.678.065
B) PROVISIONS (ADP 091 to 096)	090	0	0
1 Provisions for pensions, termination benefits and similar
obligations	091
2 Provisions for tax liabilities	092
3 Provisions for ongoing legal cases	093
4 Provisions for renewal of natural resources	094
5 Provisions for warranty obligations	095
6 Other provisions	096
C) LONG-TERM LIABILITIES (ADP 098 to 108)	097	17.148.279	25.949.549
1 Liabilities to undertakings within the group	098

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
4 Liabilities for loans, deposits etc. of companies linked by virtue of	101
participating interests
5 Liabilities for loans, deposits etc.	102	265.446	265.446
6 Liabilities to banks and other financial institutions	103	13.981.273	23.274.702
7 Liabilities for advance payments	104	0	0
8 Liabilities to suppliers	105	1.159.521	857.706
9 Liabilities for securities	106	498.970	374.227 0
10 Other long-term liabilities	107	0	1.177.468
11 Deferred tax liability D) SHORT-TERM LIABILITIES (ADP 110 to 123)	108	1.243.069	30.275.562
1 Liabilities to undertakings within the group	109 110	21.800.541 1.140.519	65.779

2 Liabilities for loans, deposits, etc. of undertakings within the group	111	1.344.722	1.344.723
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	2.409.035	4.923.551
6 Liabilities to banks and other financial institutions	115	3.391.262	6.400.534
7 Liabilities for advance payments	116	1.096.266	118.796
8 Liabilities to suppliers	117	10.847.902	14.801.876
9 Liabilities for securities	118	166.323	166.323
10 Liabilities to employees	119	447.470	544.859
11 Taxes, contributions and similar liabilities	120	905.379	1.689.510
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	51.663	219.611
E) ACCRUALS AND DEFERRED INCOME	124	3.621.884	3.967.019
F) TOTAL – LIABILITIES (ADP 067+090+097+109+124)	125	65.924.762	87.633.395
G) OFF-BALANCE SHEET ITEMS	126

for the period 01.01.2024 to 30.09.2024 STATEMENT OF PROFIT OR LOSS

Submitter: GRANOLIOd.d._____________
Item	ADP code	Same period of the previous year		Current period
		Cumulative	Quarter	Cumulative	Quarter
1	2	3	4 24.902.852	5 72.575.529	6 30.371.954
I OPERATING INCOME (ADP 002 to 006) 1 Income from sales with undertakings within the group	001 002	67.935.241 0	0	0	0
2 Income from sales (outside group)	003	65.567.807	23.733.427	67.569.759	26.659.367
3 Income from the use of own products, goods and services	004	122.592	31.067	128.381	37.729
4 Other operating income with undertakings within the group	005	0	0	0	0
5 Other operating income (outside the group)	006	2.244.842	1.138.358	4.877.389	3.674.858
II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029)	007	65.079.487	23.648.095	67.503.348	26.282.535
1 Changes in inventories of work in progress and finished goods	008	936.654	1.488.975	371.830	704.257
2 Material costs (ADP 010 to 012)	009	55.049.014	19.015.766	56.017.906	21.803.040
a) Costs of raw materials and consumables b) Costs of goods sold	010	41.244.737	13.471.666 3.973.503	40.694.899 10.545.326	16.060.461 3.598.846
c) Other external costs	011 012	9.513.732 4.290.545	1.570.597	4.777.681	2.143.733
3 Staff costs (ADP 014 to 016)	013	5.147.847	1.756.267	6.302.518	2.285.895
a) Net salaries and wages	014	3.359.361	1.145.371	4.142.418	1.494.158
b) Tax and contributions from salary costs	015	1.154.282	394.523	1.374.424	505.144
c) Contributions on salaries	016	634.204	216.373	785.676	286.593
4 Depreciation	017	2.411.180	869.082	2.650.231	901.441
5 Other costs	018	806.414	278.129 0	1.113.875 0	345.820 0
6 Value adjustments (ADP 020+021) a) fixed assets other than financial assets	019 020	0
b) current assets other than financial assets	021
7 Provisions (ADP 023 to 028)	022	0	0	0	0
a) Provisions for pensions, termination benefits and similar obligations	023
b) Provisions for tax liabilities	024
c) Provisions for ongoing legal cases	025
d) Provisions for renewal of natural resources	026
e) Provisions for warranty obligations	027
f) Other provisions 8 Other operating expenses	028 029	728.378	239.876	1.046.988	242.082
III FINANCIAL INCOME (ADP 031 to 040)	030	37.109	3.634	499.101	467.844
1 Income from investments in holdings (shares) of undertakings within	031
the group 2 Income from investments in holdings (shares) of companies linked by	032
virtue of participating interests 3 Income from other long-term financial investment and loans granted	033
to undertakings within the group 4 Other interest income from operations with undertakings within the	034	657	362	1.464	491
group 5 Exchange rate differences and other financial income from operations	035	0
with undertakings within the group 6 Income from other long-term financial investments and loans	036	0
7 Other interest income	037	36.452	3.272	440.392	410.108
8 Exchange rate differences and other financial income	038	0	0	0	0
9 Unrealised gains (income) from financial assets	039	0	0
10 Other financial income	040	0		57.245	57.245
IV FINANCIAL EXPENSES (ADP 042 to 048)	041	621.636	220.281	1.046.178	481.278
1 Interest expenses and similar expenses with undertakings within the group	042	67.530	22.757	85.799	28.808
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	547.960	197.145	954.067	451.966
4 Exchange rate differences and other expenses 5 Unrealised losses (expenses) from financial assets	045 046	0	0	0	0
6 Value adjustments of financial assets (net)	047
7 Other financial expenses	048	6.146	379	6.312	504
V SHARE IN PROFIT FROM UNDERTAKINGS LINKED BY VRITUE	049
OF PARTICIPATING INTERESTS
VI SHARE IN PROFIT FROM JOINT VENTURES VII SHARE IN LOSS OF COMPANIES LINKED BY VIRTUE OF	050
PARTICIPATING INTEREST	051
VIII SHARE IN LOSS OF JOINT VENTURES	052
IX TOTAL INCOME (ADP 001+030+049 +050)	053	67.972.350	24.906.486	73.074.630	30.839.798
X TOTAL EXPENDITURE (ADP 007+041+051 + 052)	054	65.701.123	23.868.376	68.549.526	26.763.813
XI PRE-TAX PROFIT OR LOSS (ADP 053-054)	055	2.271.227	1.038.110	4.525.104	4.075.985
1 Pre-tax profit (ADP 053-054)	056	2.271.227	1.038.110	4.525.104	4.075.985
2 Pre-tax loss (ADP 054-053) XII INCOME TAX	057 058	0	0	0	0
XIII PROFIT OR LOSS FOR THE PERIOD (ADP 055-059)	059	2.271.227	1.038.110	4.525.104	4.075.985

1 Profit for the period (ADP 055-059)	060	2.271.227	1.038.110	4.525.104	4.075.985
2 Loss for the period (ADP 059-055)	061	0	0	0	0
DISCONTINUED OPERATIONS (to be filled in by undertakings subject to IFRS only with discontinued operations)
XIV PRE-TAX PROFIT OR LOSS OF DISCONTINUED OPERATIONS			0	0	0
(ADP 063-064)	062	0
1 Pre-tax profit from discontinued operations	063	0	0	0	0
2 Pre-tax loss on discontinued operations	064
XV INCOME TAX OF DISCONTINUED OPERATIONS	065
1 Discontinued operations profit for the period (ADP 062-065)	066
2 Discontinued operations loss for the period (ADP 065-062)	067
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
1 Pre-tax profit (ADP 068)	069
2 Pre-tax loss (ADP 068)	070
XVII INCOME TAX (ADP 058+065)	071
XVIII PROFIT OR LOSS FOR THE PERIOD (ADP 068-071)	072
1 Profit for the period (ADP 068-071)	073
2 Loss for the period (ADP 071-068)	074
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	2.271.228	1.038.110	4.525.104	4.075.985
1 Attributable to owners of the parent	076	1.808.501	719.242	3.457.421	3.281.917
2 Attributable to minority (non-controlling) interest	077	462.727	318.868	1.067.683	794.068
STATEMENT OF OTHER COMPRHENSIVE INCOME (to be filled in by undertakings subject to IFRS)
I PROFIT OR LOSS FOR THE PERIOD	078	2.271.228	1.038.110	4.525.104	4.075.985
II OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX (ADP 80+ 87)	079	0	0	0	0
III Items that will not be reclassified to profit or loss (ADP 081 to 085)	080	0	0	0	0
1 Changes in revaluation reserves of fixed tangible and intangible assets	081
2 Gains or losses from subsequent measurement of equity instruments
at fair value through other comprehensive income	082
3 Fair value changes of financial liabilities at fair value through	083
statement of profit or loss, attributable to changes in their credit risk
4 Actuarial gains/losses on the defined benefit obligation	084
5 Other items that will not be reclassified	085
6 Income tax relating to items that will not be reclassified	086
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
2 Gains or losses from subsequent measurement of debt securities at	089
fair value through other comprehensive income
3 Profit or loss arising from effective cash flow hedging	090
4 Profit or loss arising from effective hedge of a net investment in a foreign operation	091
5 Share in other comprehensive income/loss of companies linked by virtue of participating interests	092
6 Changes in fair value of the time value of option	093
7 Changes in fair value of forward elements of forward contracts
	094
8 Other items that may be reclassified to profit or loss	095
9 Income tax relating to items that may be reclassified to profit or loss	096
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	2.271.228	1.038.110	4.525.104	4.075.985
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	2.271.228	1.038.110	4.525.104	4.075.985
			719.242	3.457.421	3.281.917
1 Attributable to owners of the parent 2 Attributable to minority (non-controlling) interest	100	1.808.501	318.868	1.067.683	794.068
	101	462.727

STATEMENT OF CASH FLOWS - indirect method for the period 01.01.2024 . to 30.09.2024.

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	2.271.228	4.525.104
2 Adjustments (ADP 003 to 010):	002	2.843.646	2.951.892
a) Depreciation b) Gains and losses from sale and value adjustment of fixed tangible and	003	2.411.180	2.650.229
intangible assets	004	250.539	283.953
c) Gains and losses from sale and unrealised gains and losses and value	005	0	-150.462
adjustment of financial assets
d) Interest and dividend income	006	-37.405	-412.051
e) Interest expenses f) Provisions	007 008	597.846 0	1.038.876 0
g) Exchange rate differences (unrealised)	009	0	0
h) Other adjustments for non-cash transactions and unrealised gains and
losses	010	-378.514	-458.653
I Cash flow increase or decrease before changes in working capital (ADP 001+002)	011	5.114.874	7.476.996
3 Changes in the working capital (ADP 013 to 016)	012	-3.547.438	-9.453.703
a) Increase or decrease in short-term liabilities	013	-1.556.093	2.884.348
b) Increase or decrease in short-term receivables	014	-1.624.785	-7.666.231
c) Increase or decrease in inventories	015	-366.560	-4.671.820
d) Other increase or decrease in working capital	016	0	0
II Cash from operations (ADP 011+012)	017	1.567.436	-1.976.707
4 Interest paid 5 Income tax paid	018	-561.571	-869.143
	019	-582.370	-300.223
A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019)	020	423.495	-3.146.073
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	37.405	412.567
4 Dividends received	024	0	0
5 Cash receipts from repayment of loans and deposits	025	330.445	6.028.736
6 Other cash receipts from investment activities	026	0	0
III Total cash receipts from investment activities (ADP 021 to 026)	027	367.850	6.441.303
1 Cash payments for the purchase of fixed tangible and intangible assets	028	-5.837.760	-16.059.046
2 Cash payments for the acquisition of financial instruments	029	0	0
3 Cash payments for loans and deposits for the period	030	-605.000	-3.213.246
4 Acquisition of a subsidiary, net of cash acquired	031	0	0
5 Other cash payments from investment activities	032	0	0
IV Total cash payments from investment activities (ADP 028 to 032)	033	-6.442.760	-19.272.292
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033)	034	-6.074.910	-12.830.989
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	036	0	0
financial instruments
3 Cash receipts from credit principals, loans and other borrowings	037	6.616.326	21.877.573
4 Other cash receipts from financing activities	038	0	0
V Total cash receipts from financing activities (ADP 035 to 038)	039	6.616.326	21.877.573
1 Cash payments for the repayment of credit principals, loans and other	040	-2.521.552	-7.062.355
borrowings and debt financial instruments
2 Cash payments for dividends	041	-800.000	-500.000
3 Cash payments for finance lease 4 Cash payments for the redemption of treasury shares and decrease in	042	0	-57.528
initial (subscribed) capital	043	0	-3.500
5 Other cash payments from financing activities	044	-204.813	-124.742
VI Total cash payments from financing activities (ADP 040 to 044)	045	-3.526.365	-7.748.125
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	3.089.961	14.129.448
1 Unrealised exchange rate differences in respect of cash and cash equivalents	047	0	0
D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP	048	-2.561.454	-1.847.614
020+034+046+047) E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE	049	3.949.308	2.541.408
PERIOD
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(ADP 048+049)	050	1.387.854	693.794

STATEMENT OF CASH FLOWS - direct method

for the period __.__.____ to __.__.____

Submitter: ______________
Item	ADP code	Same period of the previous year	Current period
1	2	3	4
Cash flow from operating activities
1 Cash receipts from customers	001
2 Cash receipts from royalties, fees, commissions and other revenue	002
3 Cash receipts from insurance premiums	003
4 Cash receipts from tax refund	004
5 Other cash receipts from operating activities	005
I Total cash receipts from operating activities (ADP 001 to 005)	006	0	0
1 Cash payments to suppliers	007
2 Cash payments to employees	008
3 Cash payments for insurance premiums 4 Interest paid	009
5 Income tax paid	010 011
6 Other cash payments from operating activities	012
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
2 Cash receipts from sales of financial instruments	016
3 Interest received	017
4 Dividends received	018
5 Cash receipts from the repayment of loans and deposits	019
6 Other cash receipts from investment activities	020
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
2 Cash payments for the acquisition of financial instruments	023
3 Cash payments for loans and deposits	024
4 Acquisition of a subsidiary, net of cash acquired	025
5 Other cash payments from investment activities	026
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
2 Cash receipts the from issue of equity financial instruments and debt financial instruments	030
3 Cash receipts from credit principals, loans and other borrowings	031
4 Other cash receipts from financing activities	032
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
2 Cash payments for dividends	035
3 Cash payments for finance lease	036
4 Cash payments for the redemption of treasury shares and decrease
in initial (subscribed) capital	037
5 Other cash payments from financing activities	038
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
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
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (042+043)	044	0	0

STATEMENT OF CHANGES IN EQUITY for the period from 1.1.2024	to 30.9.2024																	in EUR
									Attributable to owners of the parent
Item	ADP					Treasury shares and				Fair value of financial assets		Hedge of a net		Exchange rate				Minority (non controlling)	Total capital and
	code	Initial (subscribed) capital	Capital reserves	Legal reserves	Reserves for treasury shares	holdings (deductible item)		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 foreign	Retained profit / loss brought forward	Profit/loss for the business year	Total attributable to owners of the parent	interest	reserves
										income (available for sale)		effective portion		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	2.523.914	11.174.704	964.576	106.178	0		0	0 6.061.338	0	0	0	0		-7.781.722	4.302.228	17.351.216	4.360.949	21.712.165
2 Changes in accounting policies 3 Correction of errors	02 03																0 0		0 0
4 Balance on the first day of the previous business year (restated) (ADP 01 to 03)	04	2.523.914	11.174.704	964.576	106.178	0		0	0 6.061.338	0	0	0	0		0 -7.781.722	4.302.228	17.351.216	4.360.949	21.712.165
5 Profit/loss of the period	05	0	0	0	0	0		0	0 0	0	0	0			0	1.808.501	1.808.501	462.728	2.271.229
6 Exchange rate differences from translation of foreign operations	06	0	0	0	0	0		0	0	0	0	0			0	0	0		0
7 Changes in revaluation reserves of fixed tangible and intangible assets	07	0	0	0	0	0		0	0 -298.850	0	0	0			298.850		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
9 Profit or loss arising from effective cash flow hedge	09	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
11 Share in other comprehensive income/loss of companies linked by virtue of	11	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
13 Other changes in equity unrelated to owners 14 Tax on transactions recognised directly in equity	13 14	0	0	0	0	0		0							65.601		0 65.601		0 65.601
15 Decrease in initial (subscribed) capital (other than arising from the pre-bankruptcy																			0
settlement procedure or from the reinvestment of profit)	15																0
16 Decrease in initial (subscribed) capital arising from the pre-bankruptcy settlement procedure	16																0		0
17 Decrease in initial (subscribed) capital arising from the reinvestment of profit	17																0		0
18 Redemption of treasury shares/holdings	18																0		0
19 Payments from members/shareholders 20 Payment of share in profit/dividend	19 20																0 0	-800.000	0 -800.000
21 Other distributions and payments to members/shareholders	21			176.103											4.126.125	-4.302.228	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
24 Balance on the last day of the previous business year reporting period (ADP 04 to 23)	24	2.523.914	11.174.704	1.140.679	106.178	0		0	0 5.762.488	0	0	0	0		0 -3.291.146	1.808.501	19.225.318	4.023.677	23.248.995
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 -298.850	0	0	0	0		0 364.451	0	65.601	0	65.601
II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP
05+25)	26	0	0	0	0	0		0	0 -298.850	0	0	0	0		0 364.451	1.808.501	1.874.102	462.728	2.336.830
III TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD RECOGNISED DIRECTLY IN EQUITY (ADP 15 to 23)	27	0	0	176.103	0	0		0	0 0	0	0	0	0		0 4.126.125	-4.302.228	0	-800.000	-800.000
Current period
1 Balance on the first day of the current business year 2 Changes in accounting policies	28 29	2.523.910	11.174.708	1.140.679	106.178				5.662.872						-3.257.131	1.892.460	19.243.676 0	4.110.382	23.354.058 0
3 Correction of errors	30																0		0
4 Balance on the first day of the current business year (restated) (AOP 28 to 30)	31	2.523.910	11.174.708	1.140.679	106.178	0		0	0 5.662.872	0	0	0	0		0 -3.257.131	1.892.460	19.243.676	4.110.382	23.354.058
5 Profit/loss of the period 6 Exchange rate differences from translation of foreign operations	32 33	0 0	0 0	0 0	0 0	0 0		0 0	0 0 0	0 0	0 0	0 0			0 0	3.457.421 0	3.457.421 0	1.067.684	4.525.105 0
7 Changes in revaluation reserves of fixed tangible and intangible assets	34	0	0	0	0	0		0	0 -298.850	0	0	0			298.850		0		0
8 Gains or losses from subsequent measurement of financial assets at fair value			0	0	0	0		0	0 0		0	0							0
through other comprehensive income (available for sale) 9 Profit or loss arising from effective cash flow hedge	35	0	0	0	0	0		0	0 0	0		0					0		0
	36	0															0
10 Profit or loss arising from effective hedge of a net investment in a foreign operation	37	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	38	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
14 Tax on transactions recognised directly in equity 15 Decrease in initial (subscribed) capital (other than arising from the pre-bankruptcy	41	0	0	0	0	0		0							65.601		65.601		65.601
settlement procedure or from the reinvestment of profit)	42																0		0
16 Decrease in initial (subscribed) capital arising from the pre-bankruptcy settlement procedure	43																0		0
17 Decrease in initial (subscribed) capital arising from the reinvestment of profit	44																0		0
18 Redemption of treasury shares/holdings	45		-3.500		3.500										-3.500		-3.500	-500.000	-503.500
19 Payments from members/shareholders 20 Payment of share in profit/dividend	46 47																0 0		0 0
21 Other distributions and payments to members/shareholders 22 Carryforward per annual plane	48 49			98.503											1.793.957	-1.892.460	0 0		0 0
23 Increase in reserves arising from the pre-bankruptcy settlement procedure	50																0		0
24 Balance on the last day of the current business year reporting period (ADP 31 to 50)	51	2.523.910	11.171.208	1.239.182	109.678	0		0	0 5.364.022	0	0	0	0		0 -1.102.223	3.457.421	22.763.198	4.678.066	27.441.264
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 -298.850	0	0	0	0		0 364.451	0	65.601	0	65.601
II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 32	53	0	0	0	0	0		0	0 -298.850	0	0	0	0		0 364.451	3.457.421	3.523.022	1.067.684	4.590.706
do 52) III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED
DIRECTLY IN EQUITY (ADP 42 to 50)	54	0	-3.500	98.503	3.500	0		0	0 0	0	0	0	0		0 1.790.457	-1.892.460	-3.500	-500.000	-503.500

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

Name of the issuer: _______________________________________________________

Personal identification number (OIB): ________________________________________________________

Reporting period: _____________________________________________

Notes to financial statements for quarterly periods include:

a) explanation of business events relevant to understanding changes in the statement of financial position and financial performance for the reporting semi-annual period of the issuer with respect to the last business year: information is provided regarding these events and relevant information published in the last annual financial statement is updated (items 15 to 15C IAS 34 - Interim financial reporting)

b) information on the access to the latest annual financial statements, for the purpose of understanding information published in the notes to financial statements drawn up for the semi-annual reporting period

c) a statement explaining that the same accounting policies are applied while drawing up financial statements for the semi-annual reporting period as in the latest annual financial statements or, in the case where the accounting policies have changed, a description of the nature and effect of the changes (item 16.A (a) IAS 34 - Interim financial reporting)

d) a description of the financial performance in the case of the issuer whose business is seasonal (items 37 and 38 IAS 34 - Interim financial reporting)

e) other comments prescribed by IAS 34 - Interim financial reporting

f) in the notes to quarterly periods financial statements, in addition to the information stated above, information in respect of the following matters shall be disclosed: 1. undertaking's name, registered office (address), legal form, country of establishment, entity's registration number and, if applicable, the indication whether the undertaking is undergoing liquidation, bankruptcy proceedings, shortened termination proceedings or extraordinary administration

adopted accounting policies (only an indication of whether there has been a change from the previous period)
the total amount of any financial commitments, guarantees or contingencies that are not included in the balance sheet, and an indication of the nature and form of any valuable security which has been provided; any commitments concerning pensions of the undertaking within the group or company linked by virtue of participating interest shall be disclosed separately
the amount and nature of individual items of income or expenditure which are of exceptional size or incidence
amounts owed by the undertaking and falling due after more than five years, as well as the total debts of the undertaking covered by valuable security furnished by the undertaking, specifying the type and form of security
average number of employees during the financial year
where, in accordance with the regulations, the undertaking capitalised on the cost of salaries in part or in full, information on the amount of the total cost of employees during the year broken down into the amount directly debiting the costs of the period and the amount capitalised on the value of the assets during the period, showing separately the total amount of net salaries and the amount of taxes, contributions from salaries and contributions on salaries
where a provision for deferred tax is recognised in the balance sheet, the deferred tax balances at the end of the financial year, and the movement in those balances during the financial year
the name and registered office of each of the undertakings in which the undertaking, either itself or through a person acting in their own name but on the undertaking's behalf, holds a participating interest, showing the proportion of the capital held, the amount of capital and reserves, and the profit or loss for the latest financial year of the undertaking concerned for which financial statements have been adopted; the information concerning capital and reserves and the profit or loss may be omitted where the undertaking concerned does not publish its balance sheet and is not controlled by another undertaking
the number and the nominal value or, in the absence of a nominal value, the accounting par value of the shares subscribed during the financial year within the limits of the authorised capital
the existence of any participation certificates, convertible debentures, warrants, options or similar securities or rights, with an indication of their number and the rights they confer
the name, registered office and legal form of each of the undertakings of which the undertaking is a member having unlimited liability
the name and registered office of the undertaking which draws up the consolidated financial statements of the largest group of undertakings of which the undertaking forms part as a controlled group member
the name and registered office of the undertaking which draws up the consolidated financial statements of the smallest group of undertakings of which the undertaking forms part as a controlled group member and which is also included in the group of undertakings referred to in point 13
the place where copies of the consolidated financial statements referred to in points 13 and 14 may be obtained, provided that they are available
the nature and business purpose of the undertaking's arrangements that are not included in the balance sheet and the financial impact on the undertaking of those arrangements, provided that the risks or benefits arising from such arrangements are material and in so far as the disclosure of such risks or benefits is necessary for the purposes of assessing the financial position of the undertaking
the nature and the financial effect of material events arising after the balance sheet date which are not reflected in the profit and loss account or balance sheet

Notes to the consolidated report for the nine months period ended

30 September 2024

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

The Granolio Group has not given any guarantees nor is it a co-debtor to third parties in financial obligations.

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

000 Loans and leasings received EUR
		Maturity
	30 September 2024	30 September 2025	10-12 2025	31.12.2026	31.12.2027	31.12.2028	from 2029
Loans received from banks	29.675	6.400	815	3.262	3.882	2.964	4.400
Loans received from third parties	6.532	6.267	265	-	-	-	-
Leaising	27	27	-	-	-	-	-
	36.234	12.694	1.080	3.262	3.882	2.964	4.400

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

Liabilities for securities

							EUR
		Maturity
	30 September 2024	30 September 2025	10-12 2025	31.12.2026	31.12.2027	31.12.2028	from 2029
Liabilities for securities	540	166	42	166	166	-	-
	540	166	42	166	166	-	-

000

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: 488 (1-9 2023: 460)

7. Capitalized salary cost during the year

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

8. Deferred taxes

	30 September 2024
Balance 1 January 2023	1.243
Decrease	(66)
Balance 30 Sep 2024	1.177

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 30 September 2024			EUR '000
			Result for the
	Share in Equity	Total Equity	period
ZDENAČKA FARMA d.o.o.	3.918	3.325	266
ZDENKA -MLIJEČNI PROIZVODI d.o.o.	3.414	4.678	1.068

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

The company Granolio d.d. registered 500 of its own shares at a price of €7.00/per share.

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.

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

Granolio d.d., Budmanijeva 5, Zagreb.

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

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.