Unconsolidated financial results for the six months period ended 30 June 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 company's purchasing power and other factors.

Company's financial indicators for the six months period 2022

	In thousands HRK
Granolio d.d.	1-6 2022	1-6 2021	change
Operating income	202.618	129.361	73.257	57%
Operating expenses	193.115	132.754	60.361	45%
EBIT	9.503	(3.393)	12.896
EBIT margin	5%	-3%
EBITDA	13.085	297	12.788	4306%
EBITDA margin	6%	0%
Net financial result	770	(634)	1.404
Net result for the period	10.273	(4.027)	14.300

*EBITDA= EBIT + depreciation + impairment expenses

In the six-month period of 2022, a more favorable operating result was realized compared to the same period last year. A better operating result was realized 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.	30.6.2022	31.12.2021	change
Net asset (capital and reserves)	128.359	117.757	10.602	9%
Total debt to financial institutions	94.759	94.518	241	0%
Cash and cash equivalents	1.377	1.931	(554)	(29%)
Loans given, deposits etc.*	15.611	19.427	(3.816)	(20%)
Net debt	77.771	70.113	7.658	11%
Net debt/EBITDA	0,93	0,99
EBITDA for the last 12 months	83.953	71.165	12.788	18%

*Loans given, securities and deposits

The company's total debt increased slightly due to new loans. The company regularly settles existing obligations under credits and loans.

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, cattle breeding, other)

Employees

In the six months period 2022 the Company employed 160 employees (in the six 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 is currently investing in a solar power plant at one production location, which will meet part of its electricity needs from environment friendly sources.

Other

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

Annex 1
		ISSUER'S GENERAL DATA
Reporting period:		1.1.2022	to	30.6.2022
Year:		2022
Quarter:		2.
		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: [email protected]
	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)
	(only name and surname of the contact person) Telephone: 01/6320-233
	E-mail address: [email protected]
	Audit firm: BDO Croatia d.o.o.
	(name of the audit firm) Certified auditor: Vedrana Stipić
	(name and surname)

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	207.849.260
I INTANGIBLE ASSETS (ADP 004 to 009)	003	1.633.591	1.409.322
1 Research and development	004	0	0
2 Concessions, patents, licences, trademarks, software and other	005	1.633.591	1.409.322
rights 3 Goodwill			0
4 Advances for the purchase of intangible assets	006 007	0 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	135.864.222
1 Land	011	9.184.216	9.184.216
2 Buildings	012	105.997.515	104.495.053
3 Plant and equipment	013	8.848.887	8.081.394
4 Tools, working inventory and transportation assets	014	70.434	53.004
5 Biological assets	015	0
6 Advances for the purchase of tangible assets	016	0
7 Tangible assets in preparation	017	9.309.855	9.363.645
8 Other tangible assets	018	72.025	71.910
9 Investment property III FIXED FINANCIAL ASSETS (ADP 021 to 030)	019	4.615.000	4.615.000 70.575.716
1 Investments in holdings (shares) of undertakings within the group	020 021	71.611.237 70.427.762	70.427.762
2 Investments in other securities of undertakings within the group	022	0
3 Loans, deposits, etc. to undertakings within the group	023	0
4. Investments in holdings (shares) of companies linked by virtue of
participating interests	024	0
5 Investment in other securities of companies linked by virtue of	025	0
participating interests
6 Loans, deposits etc. to companies linked by virtue of participating interests	026	0
7 Investments in securities	027	0
8 Loans, deposits, etc. given	028	147.154	147.154
9 Other investments accounted for using the equity method	029	0	800
10 Other fixed financial assets	030	1.036.321	0
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	033	0	0
interests
3 Customer receivables	034	0	0
4 Other receivables	035	0	0
V DEFERRED TAX ASSETS	036	0	0 121.882.994
C) CURRENT ASSETS (ADP 038+046+053+063) I INVENTORIES (ADP 039 to 045)	037 038	117.550.387 17.423.773	23.047.476
1 Raw materials and consumables	039	6.720.915	16.869.289
2 Work in progress	040	6.108	6.108
3 Finished goods	041	1.830.136	3.134.278
4 Merchandise	042	8.866.614	3.037.801
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	81.994.419
1 Receivables from undertakings within the group	047	11.823.440	10.856.212
2 Receivables from companies linked by virtue of participating	048	0
interests 3 Customer receivables			65.542.668
4 Receivables from employees and members of the undertaking	049 050	56.380.736 449	449
5 Receivables from government and other institutions	051	7.065.622	1.029.994
6 Other receivables	052	3.645.881	4.565.096
III CURRENT FINANCIAL ASSETS (ADP 054 to 062)	053	19.279.962	15.464.034
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

IV CASH AT BANK AND IN HAND

7 Investments in securities 8 Loans, deposits, etc. given 9 Other financial assets

OFF-BALANCE SHEET ITEMS

LIABILITIES

interests

participating interests

D ) PREPAID EXPENSES AND ACCRUED INCOME E) TOTAL ASSETS (ADP 001+002+037+064)

4 Investments in holdings (shares) of companies linked by virtue of

6 Loans, deposits etc. to companies linked by virtue of participating

5 Investment in other securities of companies linked by virtue of

3 Loans, deposits, etc. to undertakings within the group

056 10.672.003 6.885.374

149.624 149.624 8.458.335 8.429.036 062 0 0 1.930.524 1.377.065 731.569 1.288.167 329.624.716 331.020.421 10.345.906 10.101.635

057 0 058 0 059 0

BALANCE SHEET balance as at 30.06.2022

A) CAPITAL AND RESERVES (ADP 068 to	067	117.756.532	128.358.638
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
4 Statutory reserves	074	0
5 Other reserves	075	0	47.170.278
IV REVALUATION RESERVES V FAIR VALUE RESERVES AND OTHER (ADP 078 to 082)	076 077	48.671.401 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			0
operations (consolidation)	082	0
VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 084-	083	-82.929.197	-40.364.064
085)
1 Retained profit	084	0	0
2 Loss brought forward	085	82.929.197	40.364.064 10.272.591
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088) 1 Profit for the business year	086 087	42.843.731 42.843.731	10.272.591
2 Loss for the business year	088	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	45.278.714
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. 6 Liabilities to banks and other financial institutions	102	2.000.000	1.000.000 24.666.953
7 Liabilities for advance payments	103 104	25.839.759 0	0
8 Liabilities to suppliers	105	10.955.259	3.618.079
9 Liabilities for securities	106	6.265.813	5.639.231
10 Other long-term liabilities	107	0	0
11 Deferred tax liability	108	10.683.966	10.354.451
D) SHORT-TERM LIABILITIES (ADP 110 to 123)	109	156.024.084	155.343.948
1 Liabilities to undertakings within the group	110	12.693.323	2.989.119
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	113	0	0
participating interests			55.500.000
5 Liabilities for loans, deposits etc. 6 Liabilities to banks and other financial institutions	114 115	51.664.698 2.900.567	2.891.514
7 Liabilities for advance payments	116	802.341	9.886.681
8 Liabilities to suppliers	117	73.714.503	72.441.798
9 Liabilities for securities	118	3.847.593	3.060.883
10 Liabilities to employees	119	1.158.489	1.209.089
11 Taxes, contributions and similar liabilities	120	6.880.645	5.020.927
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	361.925	343.937
E) ACCRUALS AND DEFERRED INCOME	124	99.303	2.039.121
F) TOTAL – LIABILITIES (ADP 067+090+097+109+124)	125	329.624.716	331.020.421
G) OFF-BALANCE SHEET ITEMS	126	10.345.906	10.101.635

for the period 01.01.2022 to 30.06.2022 STATEMENT OF PROFIT OR LOSS

in HRK

Submitter:Granolio d.d.				Current period
Item	ADP code		Same period of the previous year	Cumulative
1	2	Cumulative 3	Quarter 4	5	Quarter 6
I OPERATING INCOME (ADP 002 to 006) 1 Income from sales with undertakings within the group	001 002	129.361.018 1.654.910	66.559.793 937.804	202.618.458 3.395.052	103.981.777 2.024.321
2 Income from sales (outside group)	003	125.969.384	65.061.389	194.165.026	97.226.235
3 Income from the use of own products, goods and services 4 Other operating income with undertakings within the group	004 005	2.139 0	1.295 0	3.177 0	2.632 0
5 Other operating income (outside the group)	006	1.734.585	559.305	5.055.203	4.728.589
II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029)	007	132.754.467	68.258.061	193.115.478	96.649.456
1 Changes in inventories of work in progress and finished goods	008	-296.226	144.487	-1.309.328	-1.463.803
2 Material costs (ADP 010 to 012) a) Costs of raw materials and consumables	009 010	118.062.007 91.136.631	60.550.711 45.222.322	178.067.886 141.296.092	89.609.076 70.512.103
b) Costs of goods sold	011	18.658.851	10.940.790	26.052.367	13.486.170
c) Other external costs 3 Staff costs (ADP 014 to 016)	012 013	8.266.525 9.693.776	4.387.599 4.813.385	10.719.427 10.756.941	5.610.803 5.579.062
a) Net salaries and wages	014	6.339.169	3.155.636	6.896.756	3.511.132
b) Tax and contributions from salary costs c) Contributions on salaries	015 016	2.186.517 1.168.090	1.078.854 578.895	2.539.283 1.320.902	1.372.287 695.643
4 Depreciation	017	3.690.227	1.838.455	3.582.147	1.787.859
5 Other costs 6 Value adjustments (ADP 020+021)	018 019	1.014.144 0	463.386 0	1.303.799 0	844.219 0
a) fixed assets other than financial assets	020	0	0	0	0
b) current assets other than financial assets	021	0	0 0	0 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
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	0 590.539	0 447.637	0 714.033	0 293.043
III FINANCIAL INCOME (ADP 031 to 040)	030	66.648	26.952	3.871.662	40.482
1 Income from investments in holdings (shares) of undertakings within the group	031	0	0	0	0
2 Income from investments in holdings (shares) of companies linked by	032	0	0	0	0
virtue of participating interests 3 Income from other long-term financial investment and loans granted to
undertakings within the group	033	0	0	0	0
4 Other interest income from operations with undertakings within the group	034	3.513	1.982	4.831	1.884
5 Exchange rate differences and other financial income from operations	035	0	0	0	0
with undertakings within the group 6 Income from other long-term financial investments and loans	036	0	0	0	0
7 Other interest income	037	9.024	1.729	30.156	12.633
8 Exchange rate differences and other financial income 9 Unrealised gains (income) from financial assets	038 039	54.111 0	23.241 0	54.208 0	25.965 0
10 Other financial income	040	0	0	3.782.467	0
IV FINANCIAL EXPENSES (ADP 042 to 048) 1 Interest expenses and similar expenses with undertakings within the	041	700.829	357.775	3.102.051	1.430.443
group	042	0	0	27.994	13.364
2 Exchange rate differences and other expenses from operations with undertakings within the group	043	0	0		0
3 Interest expenses and similar expenses 4 Exchange rate differences and other expenses	044	585.067	308.696 47.866	2.891.045 142.101	1.327.892 88.388
5 Unrealised losses (expenses) from financial assets	045 046	71.265 0	0	0	0
6 Value adjustments of financial assets (net)	047	0	0 1.213	0 40.911	0 799
7 Other financial expenses V SHARE IN PROFIT FROM UNDERTAKINGS LINKED BY VRITUE OF	048 049	44.497 0	0	0	0
PARTICIPATING INTERESTS VI SHARE IN PROFIT FROM JOINT VENTURES	050	0	0	0	0
VII SHARE IN LOSS OF COMPANIES LINKED BY VIRTUE OF	051	0	0	0	0
PARTICIPATING INTEREST VIII SHARE IN LOSS OF JOINT VENTURES	052	0	0	0	0
IX TOTAL INCOME (ADP 001+030+049 +050)	053	129.427.666	66.586.745	206.490.120	104.022.259
X TOTAL EXPENDITURE (ADP 007+041+051 + 052) XI PRE-TAX PROFIT OR LOSS (ADP 053-054)	054 055	133.455.296 -4.027.630	68.615.836 -2.029.091	196.217.529 10.272.591	98.079.899 5.942.360
1 Pre-tax profit (ADP 053-054)	056	0	0	10.272.591	5.942.360
2 Pre-tax loss (ADP 054-053) XII INCOME TAX	057 058	-4.027.630 0	-2.029.091 0	0 0	0 0
XIII PROFIT OR LOSS FOR THE PERIOD (ADP 055-059)	059	-4.027.630	-2.029.091	10.272.591	5.942.360
1 Profit for the period (ADP 055-059) 2 Loss for the period (ADP 059-055)	060 061	0 -4.027.630	0 -2.029.091	10.272.591 0	5.942.360 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 2 Pre-tax loss on discontinued operations	063 064	0 0	0 0	0 0	0 0
XV INCOME TAX OF DISCONTINUED OPERATIONS	065	0	0	0	0
1 Discontinued operations profit for the period (ADP 062-065) 2 Discontinued operations loss for the period (ADP 065-062)	066 067	0 0	0 0	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) 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	082	0	0	0	0
at fair value through other comprehensive income 3 Fair value changes of financial liabilities at fair value through statement	083	0	0	0	0
of profit or loss, attributable to changes in their credit risk
4 Actuarial gains/losses on the defined benefit obligation	084	0	0	0	0
5 Other items that will not be reclassified	085	0	0	0	0
6 Income tax relating to items that will not be reclassified	086	0	0	0	0
IV Items that may be reclassified to profit or loss (ADP 088 to 095)	087	0	0	0	0
1 Exchange rate differences from translation of foreign operations	088	0	0	0	0
2 Gains or losses from subsequent measurement of debt securities at fair value through other comprehensive income	089	0	0	0	0
3 Profit or loss arising from effective cash flow hedging	090	0	0	0	0
4 Profit or loss arising from effective hedge of a net investment in a foreign operation	091	0	0	0	0

5 Share in other comprehensive income/loss of companies linked by virtue of participating interests	092	0	0	0	0
6 Changes in fair value of the time value of option	093	0	0	0	0
7 Changes in fair value of forward elements of forward contracts	094	0	0	0	0
8 Other items that may be reclassified to profit or loss	095	0	0	0	0
9 Income tax relating to items that may be reclassified to profit or loss	096	0	0	0	0
V NET OTHER COMPREHENSIVE INCOME OR LOSS (ADP 080+087- 086 - 096)	097	0	0	0	0
VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 078+097)	098	0	0	0	0
APPENDIX to the Statement on comprehensive income (to be filled in by undertakings that draw up consolidated statements)
VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 100+101)	099	0	0	0	0
1 Attributable to owners of the parent	100	0	0	0	0
2 Attributable to minority (non-controlling) interest	101	0	0	0	0

STATEMENT OF CASH FLOWS - indirect method
for the period 01.01.2022. to 30.06.2022.

in HRK

Submitter: Granolio d.d.
Item	ADP code	Same period of the previous year	Current period
1	2	3	4
Cash flow from operating activities
1 Pre-tax profit 2 Adjustments (ADP 003 to 010):	001 002	-4.027.630 3.962.324	10.272.591 2.213.242
a) Depreciation	003	3.690.227	3.582.147
b) Gains and losses from sale and value adjustment of fixed tangible and	004	4.552	16.644
intangible assets 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	-8.826	-34.987
e) Interest expenses	007	276.371	2.919.039
f) Provisions g) Exchange rate differences (unrealised)	008 009	0 0	0 0
h) Other adjustments for non-cash transactions and unrealised gains and
losses	010	0	-487.134
I Cash flow increase or decrease before changes in working capital (ADP 001+002)	011	-65.306	12.485.833
3 Changes in the working capital (ADP 013 to 016)	012	6.650.558	-19.854.818
a) Increase or decrease in short-term liabilities	013	14.097.196	-11.074.968
b) Increase or decrease in short-term receivables c) Increase or decrease in inventories	014	-6.318.748 -1.127.890	-3.643.281 -5.136.569
d) Other increase or decrease in working capital	015 016	0	0
II Cash from operations (ADP 011+012)	017	6.585.252	-7.368.985
4 Interest paid	018	-390.151	-961.109
5 Income tax paid	019	0	0
A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019)	020	6.195.101	-8.330.094
Cash flow from investment activities
1 Cash receipts from sales of fixed tangible and intangible assets			0
	021	0
2 Cash receipts from sales of financial instruments	022	0	4.817.988
3 Interest received	023	65.987	43.378
4 Dividends received 5 Cash receipts from repayment of loans and deposits	024	0 1.983.365	0 7.340.892
6 Other cash receipts from investment activities	025 026	0	0
III Total cash receipts from investment activities (ADP 021 to 026)	027	2.049.352	12.202.258
1 Cash payments for the purchase of fixed tangible and intangible assets	028	-6.060.171	-1.140.812
2 Cash payments for the acquisition of financial instruments	029	0	0
3 Cash payments for loans and deposits for the period	030	-3.335.646	-3.538.123
4 Acquisition of a subsidiary, net of cash acquired 5 Other cash payments from investment activities	031	0	0
	032	0	13.160
IV Total cash payments from investment activities (ADP 028 to 032)	033	-9.395.817	-4.665.775
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033)	034	-7.346.465	7.536.483
Cash flow from financing activities
1 Cash receipts from the increase in initial (subscribed) capital 2 Cash receipts from the issue of equity financial instruments and debt	035 036	0 0	0 0
financial instruments 3 Cash receipts from credit principals, loans and other borrowings	037	7.000.000	8.386.709
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	8.386.709
1 Cash payments for the repayment of credit principals, loans and other			-8.181.859
borrowings and debt financial instruments	040	-4.971.721
2 Cash payments for dividends	041	0	0
3 Cash payments for finance lease 4 Cash payments for the redemption of treasury shares and decrease in	042	-248.300	0
initial (subscribed) capital	043	0
5 Other cash payments from financing activities	044	-1.736.581	0
VI Total cash payments from financing activities (ADP 040 to 044)	045	-6.956.602	-8.181.859
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	43.398	204.850
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	-1.107.966	-553.459
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	527.998	1.377.065

STATEMENT OF CHANGES IN EQUITY

for the period from 1.1.2022 to	30.6.2022																in HRK
									Attributable to owners of the parent
	ADP									Fair value of financial assets	Hedge of a net		Exchange rate				Minority (non	Total capital and
Item	code	Initial (subscribed)	Capital reserves	Legal reserves	Reserves for	Treasury shares and holdings	Statutory reserves Other reserves		Revaluation	through other Cash flow hedge -	investment in a	Other fair value	differences from	Retained profit / loss brought	Profit/loss for the	Total attributable to owners of the	controlling)	reserves
		capital			treasury shares	(deductible item)			reserves	comprehensive effective portion income (available	foreign operation - effective portion	reserves	translation of foreign operations	forward	business year	parent	interest
										for sale)
1	2	3	4	5	6	7	8	9	10	11 12	13	14	15	16	17	18 (3 to 6 - 7 + 8 to 17)	19	20 (18+19)
Previous period
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 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	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	05	0	0		0 0	0	0	0	0	0 0	0			0	-4.027.630	-4.027.630	0	-4.027.630
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	-1.501.123	0 0	0			1.501.123	0	0	0	0
8 Gains or losses from subsequent measurement of financial assets at fair value	08		0		0 0	0	0	0	0	0 0	0			0	0
through other comprehensive income (available for sale)		0														0	0	0
9 Profit or loss arising from effective cash flow hedge	09	0	0		0 0	0	0	0	0	0 0	0			0	0	0	0	0
10 Profit or loss arising from effective hedge of a net investment in a foreign operation	10	0	0		0 0	0	0	0	0	0 0	0	0		0 0	0	0	0	0
11 Share in other comprehensive income/loss of companies linked by virtue of
participating interests	11	0	0		0 0	0	0	0	0	0 0	0	0		0 0	0	0	0	0
12 Actuarial gains/losses on the defined benefit obligation	12	0	0		0 0	0	0				0	0		0 0	0	0	0	0
13 Other changes in equity unrelated to owners 14 Tax on transactions recognised directly in equity	13 14	0 0	0 0		0 0 0 0	0 0	0 0	0	0	0 0	0 0	0 0		0 0 0 329.514	0 0	0 329.514	0 0	0 329.514
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 19 Payments from members/shareholders	18 19	0 0	0 0		0 0 0 0	0 0	0 0	0 0	0 0	0 0 0 0	0 0	0 0		0 0 0 0	0 0	0 0	0 0	0 0
20 Payment of share in profit/dividend	20	0	0		0 0	0	0	0	0	0 0	0	0		0 0	0	0	0	0
21 Other distributions and payments to members/shareholders	21	0	0		0 0	0	0	0	0	0 0	0	0		0 0	0	0	0	0
22 Transfer to reserves according to the annual schedule	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	50.172.525	0 0	0	0		0 -84.100.807	-4.027.630	71.214.685	0	71.214.685
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	25	0	0		0 0	0	0	0	-1.501.123	0 0	0	0		0 1.830.637	0	329.514	0	329.514
TAX (ADP 06 to 14)


II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP 05+25)	26	0	0		0 0	0	0	0	-1.501.123	0 0	0	0		0 1.830.637	-4.027.630	-3.698.116	0	-3.698.116
III TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD	27	0
RECOGNISED DIRECTLY IN EQUITY (ADP 15 to 23)			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	5.158.362	800.000 0 0	0 0	0 0	0 0	48.671.401 0	0 0 0 0	0 0	0 0		0 -82.270.168 0 0	42.184.701 0	117.756.533 0	0 0	117.756.533 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	31	19.016.430	84.195.807	5.158.362	800.000	0	0	0	48.671.401	0 0	0	0		0 -82.270.168	42.184.701	117.756.533	0	117.756.533
30)
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	10.272.591 0	10.272.591 0	0 0	10.272.591 0
7 Changes in revaluation reserves of fixed tangible and intangible assets	34
		0	0		0 0	0	0	0	-1.501.123	0 0	0			1.501.123	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
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	38	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	39	0	0		0 0	0	0	0	0	0 0	0	0		0 0	0	0	0	0
13 Other changes in equity unrelated to owners	40	0	0		0 0	0	0	0	0	0 0	0	0		0 0	0	0	0	0
14 Tax on transactions recognised directly in equity	41	0	0		0 0	0	0	0	0	0 0	0	0		0 329.514	0	329.514	0	329.514
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
	47	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 22 Carryforward per annual plane	48 49	0 0	0 0	2.109.234	0 0 0	0 0	0 0	0 0	0 0	0 0 0 0	0 0	0 0		0 0 0 40.075.467	0 -42.184.701	0 0	0 0	0 0
23 Increase in reserves arising from the pre-bankruptcy settlement procedure	50	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 current business year reporting period	51	19.016.430	84.195.807	7.267.596	800.000	0	0	0	47.170.278	0 0	0	0		0 -40.364.064	10.272.591	128.358.638	0	128.358.638

(ADP 31 to 50) 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	-1.501.123	0 0	0	0		0 1.830.637	0	329.514	0	329.514
II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP
32 do 52) III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED	53	0	0		0 0	0	0	0	-1.501.123	0 0	0	0		0 1.830.637	10.272.591	10.602.105	0	10.602.105

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.-30.06.2022.

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

Notes to the unconsolidated report for the six months period ended 30 June 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 30.041.008 as at 30 June 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 leasing received							HRK'000
			Maturity
	30. June 2022	30. June 2023	7-12 2023	31 Dec 2024	31 Dec 2025	31 Dec 2026	from 2027
Loans received from banks	26.788	2.771	1.173	3.479	3.479	3.479	12.406
Loans received from third parties	58.500	57.500	1.000	-			-
Leasing	771	248	126	263	134	-	-
	86.059	60.519	2.299	3.742	3.613	3.479	12.406

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

Liabilities for securities							HRK'000
					Maturity
	30 June 2022	30. June 2023	7-12 2023	31 Dec 2024	31 Dec 2025	31 Dec 2026	from 2027
Liabilities for securities	8.700	3.061	3.061	3.061	3.061	3.061	1.253
	8.700	3.061	3.061	3.061	3.061	3.061	1.253

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

6. Average number of employees during the reporting period

Average number of employees during the current period: 166 (1-6 2021: 161).

7. Capitalized salary cost during the reporting period

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

8. Deferred taxes

	30 Jun 2022
Balance 1 January 2022	10.684
Decrease	(330)
Balance 30 June 2022	10.354

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 at 30 June 2022			HRK '000
	Share in		Result for the
	Equity	Total Equity	period
ZDENAČKA FARMA d.o.o.	20.952	20.952	1.180
ZDENKA -MLIJEČNI PROIZVODI d.o.o.	31.131	62.261	3.301

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 buy goods or services from entities in Russia, Ukraine or Belarus, i.e. there is no direct exposure to entities in these countries.

Also, the Company has no investments in companies or joint ventures in the mentioned countries, nor does it have loans 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 buys 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 etc., will also spill over to the increase in the prices of the final product and therefore will not significantly affect the company's business.

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Granolio d.d.

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