Granolio d.d.

Interim / Quarterly Report • Jul 31, 2015

Consolidated financial results for the six months period ended 30 June 2015 (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 headquarters is located in Zagreb at Budmanijeva 5.

Subsidiaries

The Company holds 100% of the shares in companies Zdenačka farma d.o.o. and Prerada Žitarica d.o.o.

It has a controlling influence in the decision-making process in Zdenka mliječni proizvodi d.o.o. and Žitar d.o.o. The above companies have been consolidated into the Granolio Group since 2011.

Subsidiary Žitar d.o.o. has founded another company, Žitar konto d.o.o., which is fully owned by it. Žitar konto d.o.o. financial statements are part of the consolidated financial statements.

Organizational structure of the Granolio Group is presented in the 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 farms in the companies Zdenačka farma d.o.o. and Žitar d.o.o.

Wholesale trade segment comprises grain and oilseed trade and trade of sowing materials performed by the companies Granolio d.d. and Žitar d.o.o.

The segment Other comprises animal feed production (Žitar d.o.o.), pig farming and beef cattle farming (Žitar d.o.o., beef cattle farming in the company Granolio d.d.), and rendering storage of grains, oil crops and other trade goods (Granolio d.d., Žitar d.o.o. and Prerada žitarica d.o.o.).

				HRK '000
	HY 2015	HY 2014		change
Operating revenue	382,074	355,916	26,158	7%
Operating expenses	375,200	372,742	2,832	1%
EBIT	6,874	(16,826)	23,326	141%
EBIT margin	2%	-5%
EBITDA
(EBIT + depreciation + value adjustments)	22,005	17,316	4,315	25%
EBITDA margin	6%	5%
Net financial result	(9,503)	(29,082)	19,579	67%
Net result for the period	(2,630)	(45,908)	39,699	94%
Result attributable to the Group	(3,894)	(38,636)	34,762	90%
Minority interest	1,264	(7,272)	8,536	117%

Granolio Group's financial indicators for the first half of 2015

Compared to the same period last year, operating income of the Granolio Group has increased by 7%, that is the result of growth in the milling segment and dairy segment, i.e. cheese production.

In comparison to the same period last year, operating result before financial income and expenses (EBIT) has significantly improved. The reasons for this can be found in EBIT for the first half of 2014 comprising the costs of value adjustment of receivables in the total amount of HRK 18.3 million, while as at 30 June 2015 no indication for assets impairment were identified.

Besides mentioned, EBIT value improved due to decreased depreciation cost in the company Zdenkamliječni proizvodi. d.o.o. (as a result of adjusting depreciation rates of the company with depreciation rates applied by other Group members), but also due to better operating result in the segment Other (pig farming and beef cattle farming, and animal feed production in Žitar d.o.o.).

The most significant contribution to the total amount of EBITDA in 2015 were realised within the segments: dairy and cheese production (49%) and milling (35%). Wholesale trade segment contributed with 16% to the total consolidated EBITDA value.

Net financial result for 2015 is more favorable in comparison to the same period last year as financial result for 2014 comprises value adjustments of financial assets in the amount of HRK 16.8 million.

HRK '000

	30.6.2015	31.12.2014		change
Net assets (Capital and reserves)	213,164	216,904	(3,740)	-2%
Total debt	505,737	597,063	(91,326)	-15%
Cash and cash equivalents	3,433	3,350	83	2%
Financial assets	26,516	26,183	333	1%
Net debt	475,788	567,530	(91,741)	-16%
Net debt/EBITDA**	8,5	11,1
* Financial assets are comprised of financial loans, securities and deposits
** EBITDA for the last 12 months:	56,039	51,350		-

The Group's net debt during the six months period has decreased by HRK 90 million, what was financed out of operating activities.

Overview of the business operations for the first half of 2015 per business segments

HRK '000	Milling	Dairy	Wholesale	Other	Non-allocated	TOTAL
Sales revenue	142,077	80,853	120,486	22,086	-	365,502
Other operating income	787	6,203	2,436	2,310	4,836	16,572
COGS	114,818	56,380	110,369	17,239	-	298,806
Gross margin	28,046	30,676	12,553	7,157	4,836	83,268
Staff costs	6,383	7,860	3,381	3,309	-	20,933
Other costs	14,220	11,938	5,546	3,346	5,280	40,330
EBITDA	7,443	10,878	3,626	502	(444)	22,005
EBITDA margin	5%	12%	3%	2%	-9%	6%

Segmental report for Granolio Group for the first half year 2015

Business operations analysis per each business segment is shown below. It is important to remark that part of the operating revenue and operating expense, which contribute to the consolidated value of EBITDA with the negative amount of HRK 0.4 million, is stated as non-allocated as it reflects the final settlement of the holding company's court dispute with the company PZ Osatina.

Milling
HRK '000	HY 2015	HY 2014	change
Sales revenue	142,077	103,148	38,928	38%
Other operating income	787	232	555	240%
COGS	114,818	82,115	32,703	40%
Gross margin	28,046	21,265	6,781	32%
Staff costs	6,383	4,450	1,933	43%
Other costs	14,220	9,622	4,598	48%
EBITDA	7,443	7,193	250	3%
EBITDA margin	5%	7%

Increase of flour sales revenue is the result of the increased quantity of the flour sold. In the first half of 2015 the Group sold 77 thousand tons of flour (HY 2014: 52 thousand tons). Average sales price of flour is lower, that was partially the result of a different structure of flour sales, but also of lower flour prices in the market in general.

In comparison to the same period last year, average value of the basic raw material (wheat) used in production was lower in 2015. However, the spread between the average sales price of flour and the purchase price of wheat used in production is unfavorable due to larger decrease in the sales prices.

Dairy and cheese production

HRK '000	HY 2015	HY 2014	Change
Sales revenue	80,853	68,117	12,736	19%
Other operating income	6,203	6,031	173	3%
COGS	56,380	47,126	9,254	20%
Gross margin	30,676	27,022		14%
Staff costs	7,860	7,531	329	4%
Other costs	11,938	9,105	2,833	31%
EBITDA	10,878	10,386	493	5%
EBITDA margin	12%	14%

In the dairy and cheese production segment revenue increase is noted in the cheese production part, while in the milk production reported slight revenue decrease despite the production increase (from 4 million kilos in 2014 to 4.5 million kilos in 2015). Reasons for decreased revenue from milk production can be found in the 20% lower sales prices of milk as compared to the same period last year.

HRK '000	HY 2015	HY 2014	change
Sales revenue	120,486	161,628	(41,142)	-25%
Other operating income	2,436	662	1,774	268%
COGS	110,369	151,701	(41,333)	-27%
Gross margin	12,553	10,589	1,964	19%
Staff costs	3,381	2,402	979	41%
Other costs	5,546	5,703	(157)	-3%
EBITDA	3,626	2,484	1,142	46%
EBITDA margin	3%	2%

Wholesale trade

In the first half of 2014 one-off sales of sowing materials in the amount of HRK 40 million incurred and in 2015 sales of sowing materials was realized as usual, through granting loans for sowing. Therefore revenue decrease in HY 2015 is noted in the wholesale trade segment.

Wholesale trade of grains and oil seeds is characterized by extreme seasonality; therefore more significant results are expected in the second half year.

Other

HRK '000	HY 2015	HY 2014	change
Sales revenue	22,086	15,038	7,048	47%
Other operating income	2,310	1,060	1,250	118%
COGS	17,239	12,238	5,001	41%
Gross margin	7,157	3,860	3,296	85%
Staff costs	3,309	3,705	(396)	-11%
Other costs	3,346	2,287	1,059	46%
EBITDA	502	(2,132)	2,634	124%
EBITDA margin	2%	-13%

Revenue of the segment Other is comprised mainly out of animal feed production income (app. 45%) and pig farming and beef cattle farming (app. 30%), while the remaining part of income relates to rendering services.

Capitalization costs in the amount of HRK 616 thousand incurred in the first half year of 2014. At the end of 2014 the costs were transferred to decrease equity reserves. This cost is not shown in any segment report.

Separate business results for the first half year of 2015

Separate financial data per each company include also intercompany income and expenses realized within the Granolio Group.

Granolio d.d.				HRK '000
	HY 2015	HY 2014	change
Operating revenue	273,100	266,014	7,086	3%
EBITDA	8,494	5,748	2,747	48%
margin %	3%	2%
EBIT	3,408	(10,889)	14,296	131%
margin %	1%	-4%
Net financial result	(6,735)	(20,538)	13,803	67%
Net result	(3,327)	(31,427)	28,099	89%
margin %	-1%	-12%

Compared to the same period last year net result of the company Granolio d.d. for the first half year of 2015 is significantly more favorable.

Zdenka - mliječni proizvodi d.o.o. HRK '000
	HY 2015	HY 2014	change
Operating revenue	71,266	56,735	14,532	26%
EBITDA	8,579	5,175	3,404	66%
margin %	12%	9%
EBIT	2,612	(4,404)	7,016	159%
margin %	4%	-8%
Net financial result	(868)	(1,267)	399	31%
Net result	1,744	(5,671)	7,415	131%
margin %	2%	-10%

Revenue increase was noted in the sales realized on the domestic market. In 2015 Zdenka included in its assortment also the production and sale of long-life milk, which sales resulted with income in the amount of HRK 9 million realized during the first half year of 2015. The most significant revenue increase was noted in the sale of fresh and semi-hard chees (total of HRK 6 million) and butter (HRK 2 million). Income increase is the result of increased sales quantity of products, while the average sales prices were lower than in the corresponding period.

Average sales prices of all groups of products were lower than the ones realized in the corresponding period last year. The main portion of export was still realized from trading with Bosnia and Herzegovina, Slovenia and Serbia (app. 80% of total export).

Žitar d.o.o. (consolidated)				HRK '000
	HY 2015	HY 2014	change
Operating revenue	34,808	34,189	618	2%
EBITDA	4,299	3,454	845	24%
margin %	12%	10%
EBIT	1,880	(2,755)	4,635	168%
margin %	5%	-8%
Net financial result	(1,101)	(6,062)	4,961	82%
Net result	779	(8,817)	9,596	109%
margin %	2%	-26%

Net financial result in HY 2014 included the cost of value adjustment of financial assets, therefore costs in HY 2015 were significantly lower. No costs of value adjustments incurred during the first half year of 2015.

Zdenačka farma d.o.o.				HRK '000
	HY 2015	HY 2014	change
Operating revenue	10,328	11,697	(1,369)	-12%
EBITDA	1,190	3,448	(2,258)	-65%
margin %	12%	29%
EBIT	(263)	1,936	(2,199)	-114%
margin %	-3%	17%
Net financial result	(795)	(1,106)	311	28%
Net result	(1,058)	830	(1,888)	-227%
margin %	-10%	7%

During the first 6 months in 2015 total sale of milk from Zdenačka farma d.o.o. was 2.5 million kilos, what is 4% more than during the same period last year. Average sales price realized during the first half year of 2015 was 20% lower than the average sales price realized during the same period last year.

The main causes of EBITDA margin decrease from 29% to 12%.are decrease in sales price of milk and increase in costs (e.g. electricity costs increased as a result of subsequently received invoice for the consumption in previous periods).

Prerada žitarica d.o.o.				HRK '000
	HY 2015	HY 2014	promjena
Operating revenue	457	249	208	84%
EBITDA	(231)	(634)	403	64%
margin %	-50%	-255%
EBIT	(438)	(840)	402	48%
margin %	-96%	-338%
Net financial result	(4)	16	(20)	-125%
Net result	(442)	(824)	382	46%
margin %	-97%	-331%

Prerada žitarica d.o.o. is the company the main activities of which are storage of goods, and storage and drying of grains. More significant turnover is expected to incur in the second half of the year.

Employees

In the first half of 2015 the Group employed 467 employees based on man-hour basis (in the first half of 2014: 454 employees).

Environment

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

Other

Supervisory Board has not considered Granolio Group's financial statements for the first half of 2015 for approval, as the Supervisory Board meeting with the approval of the mentioned reports on the meeting agenda is scheduled for 17 September 2015.

Annex 1. Reporting period	1.1.2015	to	30.6.2015
		Quarterly financial report TFI-POD
Tax number (MB): 01244272
Company registration number 080111595
(MBS): 59064993527 Personal identification number (OIB):
Issuing company: GRANOLIO d.d.
10000 Postal code and place		Zagreb
Street and house number: BUDMANIJEVA 5
E-mail address: granolio@granolio.hr
Internet address www.granolio.hr
ZAGREB Municipality/city code and name 133
GRAD ZAGREB County code and name 21			Number of employees:	490
Consolidated report: YES			(period end) NKD code:	1061
Companies of the consolidation subject (according to IFRS):		Seat:	MB:
GRANOLIO D.D.		ZAGREB	01244272
ZDENAČKA FARMA D.O.O.		VELIKI ZDENCI	02095777
PRERADA ŽITARICA D.O.O.		GRUBIŠNO POLJE	02095696
ZDENKA - MLIJEČNI PROIZVODI D.O.O.		VELIKI ZDENCI	01623982
ŽITAR D.O.O.		DONJI MIHOLJAC	01443119
Bookkeeping service:
Contact person: JASENKA KORDIĆ
(only surname and name) Telephone: 01/6320261		Telefaks:	01/6320224
E-mail address: jkordic@granolio.hr
Family name and name: HRVOJE FILIPOVIĆ
(person authorized to represent the company)

L.S.

(signature of the person authorized to represent the company)

Balance Sheet as of 30.06.2015.

Company: GRANOLIO d.d.
Position	AOP	Previous period	Current period
1	2	3	4
ASSETS
A) RECEIVABELS FOR SUBSCRIBED NOT PAID CAPITAL	001
B) NON-CURRENT ASSETS (003+010+020+029+033)	002	613.572.262	603.908.079
I. INTANGIBLE ASSETS (004 do 009)	003	190.426.725	189.444.303
1. Expenditure for development	004		0
2. Concessions, patents, licenses, trademarks, service marks, software and other rights	005	120.000.000	120.870.064
3. Goodwill	006	60.379.072	60.379.072
4. Advances for purchase of intangible assets 5. Intangible assets in progress	007 008		0 0
6. Other intangible assets	009	10.047.653	8.195.167
II. PROPERTY, PLANT AND EQUIPMENT (011 do 019)	010	389.305.038	380.301.893
1. Land	011	27.383.150	27.383.163
2. Buildings	012	243.598.112	238.792.531
3. Plant and equipement	013	82.585.815	73.257.911
4. Tools, working inventory and transportation assets	014	89.570	3.460.274
5. Biological assets	015	10.943.371	11.003.769
6. Advances for purchase of tangible assets	016	770.450	876.540
7. Tangible assets in progress	017	21.006.005	22.551.592
8. Other tangible assets	018		85.989
9. Investment in real-estate	019	2.928.565	2.890.124
III. NON-CURRENT FINANCIAL ASSETS (021 do 028)	020	32.452.058	32.774.089
1. Share in related parties	021	10.000	10.000
2. Loans to related parties	022	10.852.932	10.738.457
3. Participating interests (shares)	023	20.462.753	20.462.190
4. Loans to companies with participating interest	024		0 0
5. Investments in securities 6. Loans, deposits, etc.	025 026	1.126.373	1.563.442
7. Other non-current financial assets	027		0
8. Equity-accounted investments	028		0
IV. RECEIVABLES (030 do 032)	029	1.388.441	1.387.794
1. Receivables from related parties	030
2. Receivables arising from sales on credit	031
3. Other receivables	032	1.388.441	1.387.794
V. DEFERRED TAX ASSET	033		0
C) CURRENT ASSETS (035+043+050+058)	034	390.497.241	388.275.978
I. INVENTORIES (036 do 042)	035	143.415.950	79.290.330
1. Raw materials and supplies	036	27.579.932	27.420.557
2. Production in progress	037	12.232.040	17.009.261
3. Finished products	038	15.090.587	17.967.917
4. Merchandise	039	88.479.391	16.865.011
5. Advances for inventories	040	14.000 20.000	27.584 0
6. Long term assets held for sale 7. Biological assets	041 042		0
II. RECEIVABLES (044 do 049)	043	170.986.354	182.159.212
1. Receivables from related parties	044	10.927.051	11.097.106
2. Receivables from end-customers	045	143.899.123	161.268.863
3. Receivables from participating parties	046		0
4. Receivables from employees and members of the company	047	24.342	125.709
5. Receivables from government and other institutions	048	10.726.766	4.813.430
6. Other receivables	049	5.409.072	4.854.104
III. CURRENT FINANCIAL ASSETS (051 do 057)	050	72.745.153	123.393.865
1. Share in related parties	051		0
2. Loans to related parties	052	18.098.353	20.155.809
3. Participating interests (shares)	053		0
4. Loans to companies with participating interest 5. Investments in securities	054 055	871.297	0 1.566.775
6. Loans, deposits, etc.	056	53.775.503	101.671.281
7. Other financial assets	057	0	0
IV. CASH AND CASH EQUIVALENTS	058	3.349.784	3.432.571
D) PREPAYMENTS AND ACCRUED INCOME	059	1.524.823	3.001.586
E) TOTAL ASSETS (001+002+034+059)	060	1.005.594.326	995.185.643
F) OFF BALANCE SHEET ITEMS	061

EQUITY AND LIABILITIES
A) ISSUED CAPITAL AND RESERVES (063+064+065+071+072+075+078)	062	216.904.285	213.164.283
I. SUBSCRIBED SHARE CAPITAL	063	19.016.430	19.016.430
II. CAPITAL RESERVES	064	85.379.031	84.190.947
III.RESERVES FROM PROFIT (066+067-068+069+070)	065	183.484	183.484
1. Legal reserves	066	183.484	183.484
2. Reserve for own shares	067
3. Treasury shares and shares (deductible items)	068
4. Statutory reserves	069
5. Other reserves	070
IV. REVALUATION RESERVES	071	67.384.068	65.928.540
V. RETAINED EARNINGS OR LOSS CARRIED FORWARD (073-074)	072	37.480.963	-7.243.281
1. Retained earnings	073	37.480.963	2.018.283
2. Loss carried forward	074		9.261.564
VI. NET PROFIT OR LOSS FOR THE PERIOD (076-077)	075	-46.269.675	-3.893.931
1. Net profit for the period	076
2. Net loss for the period	077	46.269.675	3.893.931
VII. MINORITY INTEREST	078	53.729.984	54.982.094
B) PROVISIONS (080 do 082)	079	249.821	271.761
1. Provisions for pensions, severance pay and similar libabilities	080
2. Provisions for tax liabilities	081
3. Other provisions	082	249.821	271.761
C) NON-CURRENT LIABILITIES (084 do 092)	083	175.579.168	143.106.666
1. Liabilites to related parties	084		0
2. Liabilities for loans, deposits, etc.	085	10.955	11.492
3. Liabilities to banks and other financial institutions	086	158.430.216	126.347.649
4. Liabilities for advances	087		0
5. Trade payables	088	291.980	265.390
6. Commitments on securities	089		0
7. Liabilities to companies with participating interest	090		0
8. Other non-current liabilities	091		0
9. Deferred tax liabilities	092	16.846.017	16.482.135
D) CURRENT LIABILITIES (094 do 105)	093	597.104.007	623.360.639
1. Liabilites to related parties	094	157.659	6.535.939
2. Liabilities for loans, deposits, etc.	095	0	44.037.594
3. Liabilities to banks and other financial institutions	096	328.819.259	277.290.047
4. Liabilities for advances	097	2.770.586	444.882
5. Trade payables	098	140.326.406	214.231.828
6. Commitments on securities	099	109.802.353	58.050.000
7. Liabilities to companies with participating interest	100		0
8. Liabilities to emloyees	101	2.128.577	2.275.722
9. Taxes, contributions and similar liabilities	102	7.347.716	13.997.959
10. Liabilities arising from share in the result	103		0
11. Liabilities arising from non-current assets held for sale	104		0
12. Other current liabilities	105	5.751.452	6.496.668
E) ACCRUED EXPENSES AND DEFERRED INCOME	106	15.757.045	15.282.294
F) TOTAL EQUITY AND LIABILITIES (062+079+083+093+106)	107	1.005.594.326	995.185.643
G) OFF BALANCE SHEET ITEMS	108
ADDITION TO BALANCE SHEET (only for consolidated financial statements)
ISSUED CAPITAL AND RESERVES
1. Attributable to majority owners	109	163.174.301	158.182.189
2. Attributable to minority interest	110	53.729.984	54.982.094

Income statement period 01.01.2015. to 30.06.2015.

Company: GRANOLIO d.d.
Position	AOP		Previous period Previous period Current period Current period
		Cummulative	Quarter	Cummulative	Quarter
1	2	3	4	5	6
I. OPERATING INCOME (112 do 113)	111	355.915.726	168.607.516	382.073.433	187.690.303
1. Rendering of services	112	347.654.964	164.292.572	365.501.575	175.881.647
2. Other operating income	113	8.260.762	4.314.944	16.571.858	11.808.656
II. OPERATING COSTS (115+116+120+124+125+126+129+130)	114	372.742.072	181.866.304	375.199.665	183.719.708
1. Change in inventories of work in progress	115	-11.299.883	-7.887.928	-7.731.295	-3.596.969
2. Material expenses (117 do 119)	116	322.001.598	149.022.270	330.099.651	158.673.713
a) Costs of raw materials	117	145.459.926	83.545.208	193.534.132	98.742.714
b) Cost of goods sold	118	159.019.750	56.385.371	113.002.939	48.271.165
c) Other material expenses	119	17.521.922	9.091.691	23.562.580	11.659.834
3. Employee benefits expenses (121 do 123)	120	18.087.532	9.399.755	20.932.787	10.480.016
a) Net salaries	121	11.411.256	5.883.641	12.823.132	6.430.529
b) Tax and contributions from salary expenses	122	4.163.542	2.145.456	5.051.735	2.522.879
c) Contributions on salary	123	2.512.734	1.370.658	3.057.920	1.526.608
4. Depreciation and amortisation	124	15.879.658	7.841.259	15.131.301	7.537.648
5. Other expenses	125	4.544.281	2.780.834	5.986.219	2.222.927
6. Write down of assets (127+128)	126	18.262.498	18.114.818	171	171
a) non-current assets (except financial assets)	127	0	0	0	0
b) current assets (except financial assets)	128	18.262.498	18.114.818	171	171
7. Provisions	129	0	0	0	0
8. Other operating costs	130	5.266.388	2.595.296	10.780.831	8.402.202
III. FINANCIAL INCOME (132 do 136)	131	6.308.525	5.149.571	8.863.709	7.738.295
1. Interest, foreign exchange differences, dividens and similar income from related parties	132	0	5.626	0	0
2. Interest, foreign exchange differences, dividens and similar income from third parties	133	2.546.243	1.469.807	4.753.488	3.628.074
3. Income from investments in associates and joint ventures	134	6.477	6.477	0	0
4. Unrealised gains (income) from financial assets	135	0	0	0	0
5. Other financial income	136	3.755.805	3.667.661	4.110.221	4.110.221
IV. FINANCIAL EXPENSES (138 do 141)	137	35.390.157	27.138.374	18.367.459	9.443.113
1. Interest, foreign exchange differences, dividens and similar income from related parties	138	0	0	158.565	158.551
2. Interest, foreign exchange differences, dividens and similar income from third parties	139	17.492.198	9.733.652	18.058.345	9.135.114
3. Unrealised losses (expenses) from financial assets	140	11.526.181	11.523.090	0	0
4. Other financial expenses	141	6.371.778	5.881.632	150.549	149.448
V. SHARE OF PROFIT FROM ASSOCIATED COMPANIES	142	0	0	0	0
VI. SHARE OF LOSS FROM ASSOCIATED COMPANIES	143	0	0	0	0
VII. EXTRAORDINARY - OTHER INCOME	144	0	0	0	0
VIII. EXTRAORDINARY - OTHER EXPENSES	145	0	0
IX. TOTAL INCOME (111+131+144)	146	362.224.251	173.757.087	390.937.142	195.428.598
X. TOTAL EXPENSES (114+137+143+145)	147	408.132.229	209.004.678	393.567.124	193.162.821
XI. PROFIT OR LOSS BEFORE TAXES (146-147)	148	-45.907.978	-35.247.591	-2.629.982	2.265.777
1. Profit before taxes (146-147)	149	0	0	0	2.265.777
2. Loss before taxes (147-146)	150	45.907.978	35.247.591	2.629.982	0
XII. TAXATION	151
XII. PROFIT OR LOSS FOR THE PERIOD (148-151)	152	-45.907.978	-35.247.591	-2.629.982	2.265.777
1. Profit for the period (149-151)	153	0	0	0	2.265.777
2. Loss for the period (151-148)	154	45.907.978	35.247.591	2.629.982	0
ADDITION TO PROFIT AND LOSS ACCOUNT (only for consolidated financial statements)
XIV. PROFIT OR LOSS FOR THE PERIOD
1. Attributable to majority owners	155	-38.635.878	-29.049.952	-3.893.931	1.391.780
2. Attributable to minority interest	156	-7.272.100	-6.197.639	1.263.949	873.997
STATEMENT OF OTHER COMPREHENSIVE INCOME (only for IFRS adopters)
I. PROFIT OR LOSS FOR THE PERIOD (=152)	157	-45.907.978	-35.247.591	-2.629.982	2.265.777
II. OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAXES (159 TO 165)	158	3.204.919	3.204.919	0	0
1. Exchange differences from international settlement	159
2. Changes in revaluation reserves of long-term tangible and intangible assets	160
3. Profit or loss from re-evaluation of financial assets held for sale	161	3.204.919	3.204.919
4. Profit or loss from cash flow hedging	162
5. Profit or loss from hedging of foreign investments	163
6. Share of other comprehensive income/loss from associatied companies	164
7. Actuarial gains/losses from defined benefit plans	165
III. TAXATION OF OTHER COMPREHENSIVE INCOME FOR THE PERIOD	166
IV. NET OTHER COMPREHENSIVE INCOME FOR THE PERIOD (158 TO 166)	167	3.204.919	3.204.919	0	0
V. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (157+167)	168	-42.703.059	-32.042.672	-2.629.982	2.265.777
ADDITION TO STATEMENT OF OTHER COMPREHENSIVE INCOME (only for consolidated financial statements)
VI. COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD
1. Attributable to majority owners	169	-35.430.959	-25.845.033	-3.893.931	1.391.780
2. Attributable to minority interest	170	-7.272.100	-6.197.639	1.263.949	873.997

Cash flow statement - indirect method period 01.01.2015. to 30.06.2015.

Company: GRANOLIO d.d.
Position	AOP	Previous period	Current period
1	2	3	4
CASH FLOWS FROM OPERATING ACTIVITIES
1. Profit before tax	001	-45.907.978	-2.629.982
2. Depreciation and amortisation	002	15.879.658	15.131.300
3. Increase of current liabilities	003	95.947.342	102.136.356
4. Decrease of current receivables	004
5.Decrease of inventories	005	27.390.141	64.125.620
6. Other cash flow increases	006	32.415.513	1.204.449
I. Total increase of cash flow from operating activities	007	125.724.676	179.967.743
1. Decrease of current liabilities	008
2. Increase of current receivables	009	77.053.389	65.819.138
3. Increase of inventories	010
4. Other cash flow decreases	011	5.565.707	1.032.735
II. Total decrease of cash flow from operating activities	012	82.619.096	66.851.873
A1) NET INCREASE OF CASH FLOW FROM OPERATING ACTIVITIES	013	43.105.580	113.115.870
A2) NET DECREASE OF CASH FLOW FROM OPERATING ACTIVITIES	014	0	0
CASH FLOW FROM INVESTING ACTIVITIES
1. Proceeds from sale of non-current assets	015	150.912	23.862
2. Proceeds from sale of non-current financial assets	016	506.916.646	229.263.046
3. Interest received	017	817.153	2.269.640
4. Dividend received	018	0	0
5. Other proceeds from investing activities	019
III. Total cash inflows from investing activities	020	507.884.711	231.556.548
1. Purchase of non-current assets	021	199.629.860	6.295.247
2. Purchase of non-current financial assets	022	499.654.594	228.517.979
3. Other cash outflows from investing activities	023	2.510.913	2.792.902
IV. Total cash outflows from investing activities	024	701.795.367	237.606.128
		0	0
B1) NET INCREASE OF CASH FLOW FROM INVESTING ACTIVITIES	025
B2) NET DECREASE OF CASH FLOW FROM INVESTING ACTIVITIES	026	193.910.656	6.049.580
CASH FLOW FROM FINANCING ACTIVITIES
1. Proceeds from issue of equity securities and debt securities	027	48.755.672
2. Proceeds from loans and borrowings	028	493.058.349	386.191.937
3. Other proceeds from financing activities	029		0
V. Total cash inflows from financing activities	030	541.814.021	386.191.937
1. Repayment of loans and bonds	031	374.441.420	421.585.428
2. Dividends paid	032	2.398.665
3. Repayment of finance lease	033	2.317.719	2.101.456
4. Purchase of treasury shares	034
5. Other cash outflows from financing activities	035	11.889.337	69.488.557
VI. Total cash outflows from financing activities	036	391.047.141	493.175.441
C1) NET INCREASE OF CASH FLOW FROM FINANCING ACTIVITIES	037	150.766.880	0
C2) NET DECREASE OF CASH FLOW FROM FINANCING ACTIVITIES	038	0	106.983.504
Total increases of cash flows	039	0	82.787
Total decreases of cash flows	040	38.196	0
Cash and cash equivalents at the beginning of period	041	9.964.766	3.349.784
Increase of cash and cash equivalents	042	0	82.787
Decrease of cash and cash equivalents	043	38.196	0
Cash and cash equivalents at the end of period	044	9.926.570	3.432.571

period 30.6.2015 1.1.2015 to
Position	AOP	Previous year	Current year
1	2	3	4
1. Subscribed share capital	001	12.000.000	19.016.430
2. Capital reserves	002	0	84.190.947
3. Reserves from profit	003	183.484	183.484
4. Retained earnings or loss carried forward	004	30.583.678	-7.243.281
5. Net profit or loss for the period	005	-38.635.878	-3.893.931
6. Revaluation of tangible assets	006	68.839.591	65.928.540
7. Revaluation of intangible assets	007
8. Revaluation of available for sale assets	008
9. Other revaliuation	009	0	0
10. Total equity and reserves (AOP 001 to 009)	010	72.970.875	158.182.189
11. Foreign exchenge differences ffrom foreign investments	011
12. Current and deferred taxes	012	2.415.622
13. Cash flow hedge	013
14. Change of accounting policies	014
15. Correction of significant mistakes of prior period	015
16. Other changes	016	-40.198.823	-4.992.112
17.Total increase or decrease of equity (AOP 011 to 016)	017	-37.783.201	-4.992.112
17 a. Attributable to majority owners	018	-37.783.201	-4.992.112
17 b. Attributable to minority interest	019

STATEMENT OF CHANGES IN EQUITY