Granolio d.d.

Earnings Release • Apr 29, 2021

Consolidated financial results for the three months period ended 31 March 2021 (unaudited)

General information on Granolio d.d.

GRANOLIO d.d. ("The Company") is a joint-stock company registered with the Commercial Court of Zagreb, Croatia. The Company's tax number (OIB) is 59064993527, and its registration number (MBS) 080111595.

The Company's headquarter is located in Zagreb at Budmanijeva 5.

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.

The Company also holds minority interests in the Žitozajednica d.o.o., Zagrebačke pekarne Klara d.o.o. and Prehrana trgovina d.d. companies.

Ownership in subsidiaries is presented in the organizational chart below:

The Group monitors its business operations through four business segments:

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

Milling is the segment that comprises flour production and sale of flour. This business segment is comprised in the holding company exclusively.

Dairy and cheese production ("Dairy") comprises cheese production and cheese sale realized in the company Zdenka – mliječni proizvodi d.o.o., but also milk production and sale of milk by dairy farm in Zdenačka farma d.o.o.

Wholesale trade segment comprises grain and oilseed trade and trade of sowing materials performed by holding company Granolio d.d.

The segment Other comprises beef cattle farming and rendering the silo services and the storage of trade goods (Granolio d.d.)

Granolio Group's financial indicators for the three months period of 2021

		In thousands of HRK
	1-3 2021	1-3 2020	change
Operating income	103.879	115.924	(12.045)	(10%)
Operating expenses	(104.425)	(118.923)	14.498	12%
EBIT	(546)	(2.999)	2.453	(82%)
EBIT margin	-1%	(5%)
EBITDA	5.191	3.144	2.047	65%
EBITDA margin	5%	2%
Net financial result	(804)	(1.123)	319	28%
Net result for the period	(1.350)	(4.122)	2.772	67%
Attributable to the Group	(1.665)	(4.211)	2.546	60%
Non-controlling interest	315	89	226	(254%)

The Group's EBITDA in the quarterly period of 2021 amounts to HRK 5 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
	31.3.2021	31.12.2020	change
Net assets (Capital and reserves)*	82.396	83.582	(1.186)	(1%)
Total debt	198.312	191.803	6.509	3%
Cash and cash equivalents	4.120	7.541	(3.421)	(45%)
Given loans, deposits and similar**	20.976	22.781	(1.805)	(8%)
Net debt	173.216	161.481	11.735	7%
Net debt/ EBITDA	2,17	2,07
EBITDA for the last 12 months	79.922	77.875

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

** Loans given, securities and deposits

The decrease in net assets is the result of the realized loss for the quarterly period of 2021 in the amount of HRK 1.6 million.

Separate business results for the three months period of 2021

Granolio d.d.				In thousands of HRK
	1-3 2021	1-3 2020	change
Operating income	62.801	67.772	(4.971)	(7%)
EBIT	(1.628)	(3.967)	2.339	59%
margin %	(3%)	(6%)
EBITDA	224	(1.707)	1.931	(113%)
margin %	0%	(3%)
Net financial result	(303)	(546)	243	45%
Net result	(1.931)	(4.513)	2.582	57%
margin %	(3,1%)	(6,7%)

In the quarterly period of 2021, a more favorable operating result was achieved compared to the same period of the previous year. A better operating result was achieved in the milling segment.

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

Zdenka - mliječni proizvodi d.o.o. In thousands of HRK
	1-3 2021	1-3 2020	change
Operating income	38.522	43.461	(4.939)	(11%)
EBIT	857	547	310	(57%)
margin %	2%	1%
EBITDA	3.999	3.672	327	9%
margin %	10%	8%
Net financial result	(228)	(369)	141	38%
Net result	629	178	451	(253%)
margin %	2%	0%

In the quarterly period of 2021, the Company has a revenue decline of 11% compared to the same period last year.

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

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

	1-3 2021	1-3 2020	change
Operating income	6.562	6.049	513	8%
EBIT	224	422	(198)	(47%)
margin %	3%	7%
EBITDA	967	1.179	(212)	(18%)
margin %	15%	19%
Net financial result	(272)	(208)	(64)	(31%)
Net result	(48)	214	(262)	(122%)
margin %	(1%)	4%

In the quarterly period of 2021, the company achieved revenue growth of 8% compared to the same period last year. The reason for this is business optimization.

Employees

In the three months 2021 the Group employed 391 employees based on man-hour basis (in the three months 2020: 384 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 2021.

Annex 1
		ISSUER'S GENERAL DATA
Reporting period:		1/1/2021	to	3/31/2021
Year:		2021
Quarter:		1.
		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	414
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:
	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
				(name of the bookkeeping firm)
	Contact person: Mirjana Kelava (only name and surname of the contact person)
	Telephone: 01/6320-233
	E-mail address: mkelava@granolio.hr
	Audit firm: BDO Croatia d.o.o.
	(name of the audit firm)
	Certified auditor: Vedrana Stipić
	(name and surname)

BALANCE SHEET balance as at 31.03.2021

Submitter:Granolio d.d.			in HRK
Item	ADP code	Last day of the preceding business year	At the reporting date of the current period
1	2	3	4
A) RECEIVABLES FOR SUBSCRIBED CAPITAL UNPAID B) FIXED ASSETS (ADP 003+010+020+031+036)	001 002	0 219,326,647	0 228,926,982
I INTANGIBLE ASSETS (ADP 004 to 009)	003	4,700,495	5,419,506
1 Research and development	004	0	0
2 Concessions, patents, licences, trademarks, software and other rights	005	4,700,495	5,419,506
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 II TANGIBLE ASSETS (ADP 011 to 019)	009 010	0 213,375,547	0 222,256,871
1 Land	011	13,824,221	14,324,219
2 Buildings	012	146,194,468	148,678,675
3 Plant and equipment	013	27,459,384	25,049,862
4 Tools, working inventory and transportation assets 5 Biological assets	014 015	330,248 6,521,281	484,168 6,558,812
6 Advances for the purchase of tangible assets	016	0	0
7 Tangible assets in preparation	017	13,924,394	22,041,937
8 Other tangible assets	018	74,551	72,198
9 Investment property	019	5,047,000	5,047,000
III FIXED FINANCIAL ASSETS (ADP 021 to 030) 1 Investments in holdings (shares) of undertakings within the group	020 021	1,250,605 0	1,250,605 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 6 Loans, deposits etc. to companies linked by virtue of participating	025	0	0
interests	026	0	0
7 Investments in securities	027	0	0
8 Loans, deposits, etc. given	028	220,268	220,268
9 Other investments accounted for using the equity method 10 Other fixed financial assets	029 030	0 1,030,337	0 1,030,337
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 V DEFERRED TAX ASSETS	035 036	0 0	0 0
C) CURRENT ASSETS (ADP 038+046+053+063)	037	175,218,745	174,346,399
I INVENTORIES (ADP 039 to 045)	038	36,218,032	42,774,732
1 Raw materials and consumables	039	20,977,191	22,489,358
2 Work in progress	040	2,621,254	4,030,213
3 Finished goods 4 Merchandise	041 042	5,534,859 7,084,728	7,032,614 9,222,547
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) 1 Receivables from undertakings within the group	046 047	108,898,302 7,145,494	106,695,668 7,146,501
2 Receivables from companies linked by virtue of participating
interests	048	0	0
3 Customer receivables	049	83,726,713	82,361,170
4 Receivables from employees and members of the undertaking 5 Receivables from government and other institutions	050 051	452 1,562,823	763 1,026,281
6 Other receivables	052	16,462,820	16,160,953
III CURRENT FINANCIAL ASSETS (ADP 054 to 062)	053	22,560,966	20,755,706
1 Investments in holdings (shares) of undertakings within the group	054	0	0
2 Investments in other securities of undertakings within the group	055	0	0
3 Loans, deposits, etc. to undertakings within the group	056	11,260,819	11,260,819
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 participating interests 6 Loans, deposits etc. to companies linked by virtue of participating	058	0	0
interests	059	0	0
7 Investments in securities 8 Loans, deposits, etc. given	060	149,624	149,624
9 Other financial assets	061 062	11,150,523 0	9,345,263 0

IV CASH AT BANK AND IN HAND	063	7,541,445	4,120,293
D ) PREPAID EXPENSES AND ACCRUED INCOME	064	403,919	1,130,764
E) TOTAL ASSETS (ADP 001+002+037+064)	065	394,949,311	404,404,145
OFF-BALANCE SHEET ITEMS	066	0	0
LIABILITIES A) CAPITAL AND RESERVES (ADP 068 to	067	83,581,738	82,396,025
I INITIAL (SUBSCRIBED) CAPITAL	068	19,016,430	19,016,430
II CAPITAL RESERVES	069	84,195,807	84,195,807
III RESERVES FROM PROFIT (ADP 071+072-073+074+075)	070	4,296,923	4,296,923
1 Legal reserves	071	3,496,923	3,496,923
2 Reserves for treasury shares	072	800,000	800,000
3 Treasury shares and holdings (deductible item)	073	0	0
4 Statutory reserves 5 Other reserves	074 075	0 0	0 0
IV REVALUATION RESERVES	076	51,673,648	50,923,086
V FAIR VALUE RESERVES AND OTHER (ADP 078 to 082)	077	0	0
1 Financial assets at fair value through other comprehensive	078	0	0
income (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 5 Exchange differences arising from the translation of foreign	081	0	0
operations (consolidation)	082	0	0
VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 084-
085)	083	-140,003,649	-103,538,166
1 Retained profit	084	0	0
2 Loss brought forward	085	140,003,649	103,538,166
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088)	086	35,550,162	-1,665,152
1 Profit for the business year 2 Loss for the business year	087 088	35,550,162 0	0 1,665,152
VIII MINORITY (NON-CONTROLLING) INTEREST	089	28,852,417	29,167,097
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) 1 Liabilities to undertakings within the group	097 098	195,995,231 0	189,775,881 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	101	0	0
participating interests 5 Liabilities for loans, deposits etc.	102	0	0
6 Liabilities to banks and other financial institutions	103	122,463,656	119,431,542
7 Liabilities for advance payments	104	0	0
8 Liabilities to suppliers	105	25,205,715	22,907,291
9 Liabilities for securities	106	26,982,864	26,258,809
10 Other long-term liabilities	107	0	0
11 Deferred tax liability D) SHORT-TERM LIABILITIES (ADP 110 to 123)	108	11,342,996	11,178,239
1 Liabilities to undertakings within the group	109 110	113,182,879 1,565,559	130,039,507 1,047,777
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	113	0	0
participating interests 5 Liabilities for loans, deposits etc.	114	13,025,500	12,525,500
6 Liabilities to banks and other financial institutions	115	10,808,457	21,608,847
7 Liabilities for advance payments	116	522,875	3,813,292
8 Liabilities to suppliers	117	70,680,949	73,431,240
9 Liabilities for securities	118	8,522,176	8,487,370
10 Liabilities to employees	119	2,292,855	2,348,694
11 Taxes, contributions and similar liabilities	120	5,077,366	6,227,973
12 Liabilities arising from the share in the result 13 Liabilities arising from fixed assets held for sale	121 122	0 0	0 0
14 Other short-term liabilities	123	687,142	548,814
E) ACCRUALS AND DEFERRED INCOME	124	2,189,463	2,192,729
F) TOTAL – LIABILITIES (ADP 067+090+097+109+124)	125	394,949,311	404,404,142
G) OFF-BALANCE SHEET ITEMS	126	0	0

for the period 01.01.2021 to 31.03.2021 STATEMENT OF PROFIT OR LOSS

in HRK

Submitter: Granolio d.d.	Same period of the previous year ADP Item		Current period
	code	Cumulative	Quarter	Cumulative	Quarter
1 I OPERATING INCOME (ADP 002 to 006)	2 001	3 115,924,237	4 115,924,237	5 103,878,723	6 103,878,723
1 Income from sales with undertakings within the group 2 Income from sales (outside group)	002 003	0 113,028,959	0 113,028,959	0 99,427,217	0 99,427,217
3 Income from the use of own products, goods and services	004	152,821	152,821	215,347	215,347
4 Other operating income with undertakings within the group 5 Other operating income (outside the group)	005 006	0 2,742,457	0 2,742,457	0 4,236,159	0 4,236,159
II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029)	007	118,922,734	118,922,734	104,425,086	104,425,086
1 Changes in inventories of work in progress and finished goods 2 Material costs (ADP 010 to 012)	008 009	1,009,663 100,015,115	1,009,663 100,015,115	-2,957,478 88,799,476	-2,957,478 88,799,476
a) Costs of raw materials and consumables	010	80,694,803	80,694,803	70,313,362	70,313,362
b) Costs of goods sold c) Other external costs	011 012	12,170,638 7,149,674	12,170,638 7,149,674	11,987,533 6,498,581	11,987,533 6,498,581
3 Staff costs (ADP 014 to 016)	013	9,396,938	9,396,938	9,667,687	9,667,687
a) Net salaries and wages b) Tax and contributions from salary costs	014 015	6,148,742 2,048,188	6,148,742 2,048,188	6,424,724 2,034,919	6,424,724 2,034,919
c) Contributions on salaries 4 Depreciation	016 017	1,200,008 6,142,287	1,200,008 6,142,287	1,208,044 5,737,477	1,208,044 5,737,477
5 Other costs	018	1,454,006	1,454,006	1,520,979	1,520,979
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 7 Provisions (ADP 023 to 028)	021	0	0	0	0
a) Provisions for pensions, termination benefits and similar	022 023	0 0	0 0	0 0	0 0
b) Provisions for tax liabilities c) Provisions for ongoing legal cases	024 025	0 0	0 0	0 0	0 0
d) Provisions for renewal of natural resources	026	0	0	0	0
e) Provisions for warranty obligations f) Other provisions	027 028	0 0	0 0	0 0	0 0
8 Other operating expenses III FINANCIAL INCOME (ADP 031 to 040)	029 030	904,725 210,063	904,725 210,063	1,656,945 73,662	1,656,945 73,662
1 Income from investments in holdings (shares) of undertakings	031	0	0	0	0
within the group 2 Income from investments in holdings (shares) of companies linked	032	0	0	0	0
by virtue of participating interests 3 Income from other long-term financial investment and loans granted
to undertakings within the group	033	0	0	0	0
4 Other interest income from operations with undertakings within the group	034	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 8 Exchange rate differences and other financial income	037 038	11,549 198,514	11,549 198,514	36,601 37,061	36,601 37,061
9 Unrealised gains (income) from financial assets 10 Other financial income	039 040	0 0	0 0	0 0	0 0
IV FINANCIAL EXPENSES (ADP 042 to 048)	041	1,332,808	1,332,808	877,770	877,770
1 Interest expenses and similar expenses with undertakings within the group	042	174,115	174,115	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	767,363	767,363	529,619	529,619
4 Exchange rate differences and other expenses 5 Unrealised losses (expenses) from financial assets	045 046	351,170 0	351,170 0	137,129 0	137,129 0
6 Value adjustments of financial assets (net) 7 Other financial expenses	047 048	0 40,160	0 40,160	0 43,284	0 43,284
V SHARE IN PROFIT FROM UNDERTAKINGS LINKED BY VRITUE	049	0	0	0	0
OF PARTICIPATING INTERESTS 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 IX TOTAL INCOME (ADP 001+030+049 +050)	052 053	0 116,134,300	0 116,134,300	0 103,952,385	0 103,952,385
X TOTAL EXPENDITURE (ADP 007+041+051 + 052)	054	120,255,542	120,255,542	105,302,856	105,302,856
XI PRE-TAX PROFIT OR LOSS (ADP 053-054) 1 Pre-tax profit (ADP 053-054)	055 056	-4,121,242 0	-4,121,242 0	-1,350,471 0	-1,350,471 0
2 Pre-tax loss (ADP 054-053) XII INCOME TAX	057 058	-4,121,242 0	-4,121,242 0	-1,350,471 0	-1,350,471 0
XIII PROFIT OR LOSS FOR THE PERIOD (ADP 055-059)	059	-4,121,242	-4,121,242	-1,350,471	-1,350,471
1 Profit for the period (ADP 055-059) 2 Loss for the period (ADP 059-055)	060 061	0 -4,121,242	0 -4,121,242	0 -1,350,471	0 -1,350,471
DISCONTINUED OPERATIONS (to be filled in by undertakings subject to IFRS only with discontinued operations) XIV PRE-TAX PROFIT OR LOSS OF DISCONTINUED OPERATIONS
(ADP 063-064)	062	0	0	0	0
1 Pre-tax profit from discontinued operations 2 Pre-tax loss on discontinued operations	063 064	0 0	0 0	0 0	0 0
XV INCOME TAX OF DISCONTINUED OPERATIONS 1 Discontinued operations profit for the period (ADP 062-065)	065 066	0 0	0 0	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) 2 Pre-tax loss (ADP 068)	069 070	0 0	0 0	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) 1 Profit for the period (ADP 068-071)	072 073	0 0	0 0	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	-4,121,243	-4,121,243	-1,350,472	-1,350,472
1 Attributable to owners of the parent 2 Attributable to minority (non-controlling) interest	076 077	-4,210,248 89,005	-4,210,248 89,005	-1,665,152 314,680	-1,665,152 314,680
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	078 079	-4,121,244 0	-4,121,244 0	-1,350,472 0	-1,350,472 0
(ADP 80+ 87) III Items that will not be reclassified to profit or loss (ADP 081 to
085) 1 Changes in revaluation reserves of fixed tangible and intangible	080	0	0	0	0
assets 2 Gains or losses from subsequent measurement of equity	081	0	0	0	0
instruments at fair value through other comprehensive income	082	0	0	0	0
3 Fair value changes of financial liabilities at fair value through statement of profit or loss, attributable to changes in their credit risk	083	0	0	0	0
4 Actuarial gains/losses on the defined benefit obligation	084	0	0	0	0
5 Other items that will not be reclassified	085	0	0	0	0
6 Income tax relating to items that will not be reclassified	086	0	0	0	0
IV Items that may be reclassified to profit or loss (ADP 088 to 095)	087	0	0	0	0
1 Exchange rate differences from translation of foreign operations 2 Gains or losses from subsequent measurement of debt securities at	088	0	0	0	0
fair value through other comprehensive income	089	0	0	0	0
3 Profit or loss arising from effective cash flow hedging 4 Profit or loss arising from effective hedge of a net investment in a	090 091	0 0	0 0	0 0	0 0
foreign operation

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	-4,121,244	-4,121,244	-1,350,472	-1,350,472
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	-4,121,243	-4,121,243	-1,350,472	-1,350,472
1 Attributable to owners of the parent	100	-4,210,248	-4,210,248	-1,665,152	-1,665,152
2 Attributable to minority (non-controlling) interest	101	89,005	89,005	314,680	314,680

STATEMENT OF CASH FLOWS - indirect method
for the period 01.01.2021. to 31.03.2021.

Submitter: Granolio d.d.			in HRK
Item	ADP code	Same period of the previous year	Current period
1	2	3	4
Cash flow from operating activities
1 Pre-tax profit 2 Adjustments (ADP 003 to 010):	001 002	-4,121,241 6,693,805	-1,350,472 5,866,190
a) Depreciation	003	6,142,287	5,737,477
b) Gains and losses from sale and value adjustment of fixed tangible and intangible assets	004	464,479	412,770
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	006	-11,549	-36,601
e) Interest expenses	007	929,262	455,700
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	-830,674	-703,156
I Cash flow increase or decrease before changes in working capital (ADP 001+002)	011	2,572,564	4,515,718
3 Changes in the working capital (ADP 013 to 016)	012	-2,265,351	-1,596,676
a) Increase or decrease in short-term liabilities	013	12,873,355	3,521,371
b) Increase or decrease in short-term receivables	014	-12,777,935	1,438,654
c) Increase or decrease in inventories	015	-2,360,771	-6,556,701
d) Other increase or decrease in working capital	016	0	0
II Cash from operations (ADP 011+012)	017	307,213	2,919,042
4 Interest paid	018	-928,754	-569,322
5 Income tax paid A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019)	019 020	0 -621,541	0 2,349,720
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	45,214	73,736
4 Dividends received	024	0	0
5 Cash receipts from repayment of loans and deposits	025	14,785	2,700,000
6 Other cash receipts from investment activities	026	0	0
III Total cash receipts from investment activities (ADP 021 to 026)	027	59,999	2,773,736
1 Cash payments for the purchase of fixed tangible and intangible assets	028	-2,145,207	-15,001,652
2 Cash payments for the acquisition of financial instruments	029	0	0
3 Cash payments for loans and deposits for the period	030	0	0
4 Acquisition of a subsidiary, net of cash acquired 5 Other cash payments from investment activities	031	0	0
IV Total cash payments from investment activities (ADP 028 to 032)	032 033	0 -2,145,207	0 -15,001,652
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033)	034	-2,085,208	-12,227,916
Cash flow from financing activities
1 Cash receipts from the increase in initial (subscribed) capital	035	0	0
2 Cash receipts from the issue of equity financial instruments and debt financial instruments	036	0	0
3 Cash receipts from credit principals, loans and other borrowings 4 Other cash receipts from financing activities	037 038	3,735,099 0	14,921,930 0
V Total cash receipts from financing activities (ADP 035 to 038)	039	3,735,099	14,921,930
1 Cash payments for the repayment of credit principals, loans and other borrowings and debt financial instruments	040	-1,071,549	-7,574,010
2 Cash payments for dividends	041	0	0
3 Cash payments for finance lease	042	-90,909	-259,098
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	-1,313,657	-631,778
VI Total cash payments from financing activities (ADP 040 to 044)	045	-2,476,115	-8,464,886
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	1,258,984	6,457,044
1 Unrealised exchange rate differences in respect of cash and cash equivalents	047	0	0
D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP 020+034+046+047)	048	-1,447,765	-3,421,152
E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	049	3,298,480	7,541,445
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(ADP 048+049)	050	1,850,715	4,120,293

for the period 01.01.2021. to 31.03.2021. STATEMENT OF CASH FLOWS - direct method

in HRK
Submitter: Granolio d.d. Item	ADP code	Same period of the previous year	Current period
1	2	3	4
Cash flow from operating activities
1 Cash receipts from customers	001	0	0
2 Cash receipts from royalties, fees, commissions and other revenue	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	030	0	0
financial instruments
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

for the period from 1/1/2021 to	3/31/2021																	in HRK
									Attributable to owners of the parent
Item	ADP code	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	Minority (non controlling) interest	Total capital and reserves
1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18 (3 to 6 - 7	19	20 (18+19)
Previous period																	+ 8 to 17)
1 Balance on the first day of the previous business year	01	19,016,430	84,195,807	3,496,923	800,000	0	0	0	54,675,895	0	0	0	0	0	-127,054,694	-16,044,266	19,086,095	27,227,384	46,313,479
2 Changes in accounting policies 3 Correction of errors	02 03	0 0		0 0 0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
4 Balance on the first day of the previous business year (restated) (ADP 01 to 03)	04	19,016,430	84,195,807	3,496,923	800,000	0	0	0	54,675,895	0	0	0	0	0	-127,054,694	-16,044,266	19,086,095	27,227,384	46,313,479
5 Profit/loss of the period	05	0		0 0	0	0	0	0	0	0	0	0			0	-4,210,248	-4,210,248	0	-4,210,248
6 Exchange rate differences from translation of foreign operations	06	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	07	0		0 0	0	0	0	0	-750,562	0	0	0			750,562	0	0	0	0
8 Gains or losses from subsequent measurement of financial assets at fair value through other comprehensive income (available for sale)	08	0		0 0	0	0	0	0	0	0	0	0			0	0	0	0	0
9 Profit or loss arising from effective cash flow hedge	09	0		0 0	0	0	0	0	0	0	0	0			0	0	0	0	0
10 Profit or loss arising from effective hedge of a net investment in a foreign operation	10	0		0 0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
11 Share in other comprehensive income/loss of companies linked by virtue of
participating interests 12 Actuarial gains/losses on the defined benefit obligation	11 12	0 0		0 0 0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
13 Other changes in equity unrelated to owners	13	0		0 0	0	0	0	0	0	0	0	0	0	0	93,070	0	93,070	89,007	182,077
14 Tax on transactions recognised directly in equity	14	0		0 0	0	0	0	0	0	0	0	0	0	0	164,757	0	164,757	0	164,757
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 20 Payment of share in profit/dividend	19	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	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 -16,044,266	0 16,044,266	0 0	0 0	0 0
22 Transfer to reserves according to the annual schedule 23 Increase in reserves arising from the pre-bankruptcy settlement procedure	22	0		0 0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
24 Balance on the last day of the previous business year reporting period (ADP	23 24	0 19,016,430	84,195,807	0 0 3,496,923	0 800,000	0 0	0 0	0 0	0 53,925,333	0 0	0 0	0 0	0 0	0 0	0 -142,090,571	0 -4,210,248	0 15,133,674	0 27,316,391	0 42,450,065
04 to 23) APPENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by undertakings that draw up financial statements in accordance with the IFRS)
I OTHER COMPREHENSIVE INCOME OF THE PREVIOUS PERIOD, NET OF TAX (ADP 06 to 14)	25	0		0 0	0	0	0	0	-750,562	0	0	0	0	0	1,008,389	0	257,827	89,007	346,834
II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP 05+25)	26	0		0 0	0	0	0	0	-750,562	0	0	0	0	0	1,008,389	-4,210,248	-3,952,421	89,007	-3,863,414
III TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD RECOGNISED DIRECTLY IN EQUITY (ADP 15 to 23)	27	0		0 0	0	0	0	0	0	0	0	0	0	0	-16,044,266	16,044,266	0	0	0
Current period 1 Balance on the first day of the current business year	28	19,016,430	84,195,807	3,496,923	800,000	0	0	0	54,675,895	0	0	0	0	0	-127,054,694	-16,044,266	19,086,095	27,227,384	46,313,479
2 Changes in accounting policies	29	0		0 0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
3 Correction of errors	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	3,496,923	800,000	0	0	0	54,675,895	0	0	0	0	0	-127,054,694	-16,044,266	19,086,095	27,227,384	46,313,479
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 0	-4,210,248 0	-4,210,248 0	0 0	-4,210,248 0
7 Changes in revaluation reserves of fixed tangible and intangible assets	34	0		0 0	0	0	0	0		0	0	0			750,562	0	750,562	0	750,562
8 Gains or losses from subsequent measurement of financial assets at fair value	35	0		0 0	0	0	0	0	0	0	0	0			0	0	0	0	0
through other comprehensive income (available for sale) 9 Profit or loss arising from effective cash flow hedge	36	0		0 0	0	0	0	0	0	0	0	0			0	0	0	0	0
10 Profit or loss arising from effective hedge of a net investment in a foreign operation	37	0		0 0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
11 Share in other comprehensive income/loss of companies linked by virtue of
participating interests	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 93,070	0 0	0 93,070	0 89,007	0 182,077
14 Tax on transactions recognised directly in equity	41	0		0 0	0	0	0	0	0	0	0	0	0	0	164,757	0	164,757	0	164,757
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	46	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	47 48	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 -16,044,266	0 16,044,266	0 0	0 0	0 0
22 Carryforward per annual plane	49	0		0 0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
23 Increase in reserves arising from the pre-bankruptcy settlement procedure 24 Balance on the last day of the current business year reporting period (ADP 31	50	0		0 0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
to 50)	51	19,016,430	84,195,807	3,496,923	800,000	0	0	0	54,675,895	0	0	0	0	0	-142,090,571	-4,210,248	15,884,236	27,316,391	43,200,627
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	0	0	0	0	0	0	1,008,389	0	1,008,389	89,007	1,097,396
II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 32 do 52)	53	0		0 0	0	0	0	0	0	0	0	0	0	0	1,008,389	-4,210,248	-3,201,859	89,007	-3,112,852
III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED DIRECTLY IN EQUITY (ADP 42 to 50)	54	0		0 0	0	0	0	0	0	0	0	0	0	0	-16,044,266	16,044,266	0	0	0

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: 01.01.2021.-31.03.2021.

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

Notes to the consolidated report for the three months period ended March 31 2021

1. The company that is the subject of reporting

GRANOLIO d.d. ("The Company") is a joint-stock company registered with the Commercial Court of Zagreb, Croatia.

The Company's tax number (OIB) is 59064993527, and its registration number (MBS) 080111595.

The Company's headquarter is located in Zagreb at Budmanijeva 5.

The Company has General Assembly, Supervisory Board and Management Board.

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

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

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

			tečaj HNB 31.03.2021	7,569509
	Approved amount	Loan balance in original currency on 31.03.2021	Balance in HRK per day 31.03.2021	Loan maturity
		766.907
Zdenka- kredit od HBOR	3.294.190 €	€	5.805.108	31.12.2024
		10.161.100
Zdenka- kredit od HBOR	40.000.000 kn	kn	10.161.100	30.4.2024
		432.825
Zdenka- kredit od HBOR	1.395.751 €	€	3.276.276	31.12.2023
Ukupno			19.242.484

Guarantees and co-debts have been given on loans to members of the Zdenka-mlečni proizvodi d.o.o.

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

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

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

						In thousands of HRK
	31. ožujka 2021.	2021.	2022.	2023.	2024.	od 2025. godine
Loan liabilities	129.879	8.323	12.236	12.236	15.356	81.728
	129.879	8.323	12.236	12.236	15.356	81.728

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

In thousands of HRK

	stanje 31. ožujka 2020.	2021. godina	2022. godina	2023. godina	2024. godine	od 2025. godine
Liabilities on securities	26.774	3.613	2.896	2.896	2.896	14.472
	26.774	3.613	2.896	2.896	2.896	14.472

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

6. Average number of employees during the business year

Average number of employees during the current period: 391

7. Capitalized salary cost during the year

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

8. Deferred taxes

31. March 2021.

1. January 2021.	11.343
Reduction	(165)
31.March 2021	11.178

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

	SHARE OF CAPITAL	TOTAL CAPITAL AND RESERVES	PROFIT / LOSS
ZDENAČKA FARMA d.o.o.	19.532	19.532	-48
ZDENKA -MLIJEČNI PROIZVODI d.o.o.	29.167	58.334	629

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

31.03.2021. u tisućama kn

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. Mjesto na kojem je moguće dobiti primjerke tromjesečnih konsolidiranih financijskih izvještaja iz točaka 13. i 14.

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.