Granolio d.d.

Quarterly Report • Apr 29, 2021

Notes to the unconsolidated 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
	stanje 31. ožujaka 2021.	2021. godina	2022. godina	2023. godina	2024. godine	od 2025. godine
Loan liabilities	110.679	3.540	6.324	6.324	12.761	81.730
	110.679	3.540	6.324	6.324	12.761	81.730

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

In thousands of HRK

	stanje
	31. ožujaka 2021.	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: 164

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

1. 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

31.03.2021. u tisućama kn

	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.

1. 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.

.

1. 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

1. 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.

1. 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.

1. 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.

1. 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.

Annex 1
		ISSUER'S GENERAL DATA
Reporting period:		1.1.2021	to	31.3.2021
Year:		2021
Quarter:		1.
		Quarterly financial statements
			Issuer's home Member
Registration number (MB):	01244272		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	171
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 No
Bookkeeping firm:	No	(Yes/No)		(name of the bookkeeping firm)
	Contact person: Mirjana Kelava
	(only name and surname of the contact person) Telephone: 01/6320-233
	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.
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	0 210.114.823	0 214.085.640
I INTANGIBLE ASSETS (ADP 004 to 009)	003	1.336.023	1.683.090
1 Research and development	004	0	0
2 Concessions, patents, licences, trademarks, software and other	005	1.336.023	1.683.090
rights
3 Goodwill	006	0	0 0
4 Advances for the purchase of intangible assets 5 Intangible assets in preparation	007 008	0 0	0
6 Other intangible assets	009	0	0
II TANGIBLE ASSETS (ADP 011 to 019)	010	137.176.694	140.800.444
1 Land	011	8.684.216	9.184.216
2 Buildings	012	104.098.745	107.664.424
3 Plant and equipment	013	10.294.327	9.854.751
4 Tools, working inventory and transportation assets	014	0	0
5 Biological assets 6 Advances for the purchase of tangible assets	015 016	0 0	0 0
7 Tangible assets in preparation	017	9.409.855	9.409.855
8 Other tangible assets	018	74.551	72.198
9 Investment property	019	4.615.000	4.615.000
III FIXED FINANCIAL ASSETS (ADP 021 to 030)	020	71.602.106	71.602.106
1 Investments in holdings (shares) of undertakings within the group	021	70.427.762	70.427.762
2 Investments in other securities of undertakings within the group	022	0	0
3 Loans, deposits, etc. to undertakings within the group 4. Investments in holdings (shares) of companies linked by virtue of	023	0	0
participating interests 5 Investment in other securities of companies linked by virtue of	024	0	0
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	144.007	144.007
9 Other investments accounted for using the equity method 10 Other fixed financial assets	029 030	1.030.337 0	1.030.337 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 interests	033	0	0
3 Customer receivables	034	0	0
4 Other receivables	035	0	0
V DEFERRED TAX ASSETS	036	0	0
C) CURRENT ASSETS (ADP 038+046+053+063)	037	115.578.969	113.921.216 14.197.449
I INVENTORIES (ADP 039 to 045) 1 Raw materials and consumables	038 039	13.340.116 7.189.454	5.531.671
2 Work in progress	040	89.499	57.551
3 Finished goods	041	1.206.131	1.628.028
4 Merchandise	042	4.855.032	6.980.199
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	80.606.435	78.647.459 12.635.919
1 Receivables from undertakings within the group 2 Receivables from companies linked by virtue of participating	047	12.889.868
interests 3 Customer receivables	048 049	0 51.997.552	0 50.504.637
4 Receivables from employees and members of the undertaking	050	449	449
5 Receivables from government and other institutions	051	280.812	319.654
6 Other receivables	052	15.437.754	15.186.800
III CURRENT FINANCIAL ASSETS (ADP 054 to 062)	053	19.996.454	20.284.905
1 Investments in holdings (shares) of undertakings within the group	054	0	0
2 Investments in other securities of undertakings within the group 3 Loans, deposits, etc. to undertakings within the group	055 056	0 11.396.307	0 11.690.819
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	058	0	0
6 Loans, deposits etc. to companies linked by virtue of participating interests	059	0	0
7 Investments in securities	060	149.624	149.624
8 Loans, deposits, etc. given	061	8.450.523	8.444.462
9 Other financial assets	062	0	0
IV CASH AT BANK AND IN HAND	063	1.635.964	791.403 1.053.807
D ) PREPAID EXPENSES AND ACCRUED INCOME E) TOTAL ASSETS (ADP 001+002+037+064)	064 065	378.620 326.072.412	329.060.663

OFF-BALANCE SHEET ITEMS	066	9.163.871	10.144.417
LIABILITIES
A) CAPITAL AND RESERVES (ADP 068 to	067	74.912.801	73.146.026
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	0	0 0
IV REVALUATION RESERVES	075 076	0 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 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	-118.157.786	-83.354.688
085)
1 Retained profit	084	0	0
2 Loss brought forward	085	118.157.786	83.354.688
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088)	086	33.887.779	-1.931.532
1 Profit for the business year	087	33.887.779	0
2 Loss for the business year	088	0	1.931.532 0
VIII MINORITY (NON-CONTROLLING) INTEREST B) PROVISIONS (ADP 091 to 096)	089 090	0 0	0
1 Provisions for pensions, termination benefits and similar obligations	091	0	0
2 Provisions for tax liabilities	092	0	0 0
3 Provisions for ongoing legal cases 4 Provisions for renewal of natural resources	093	0	0
	094	0	0
5 Provisions for warranty obligations	095	0
6 Other provisions	096	0	0
C) LONG-TERM LIABILITIES (ADP 098 to 108) 1 Liabilities to undertakings within the group	097	168.446.400	163.291.537
	098	0
2 Liabilities for loans, deposits, etc. of undertakings within the group	099	0	0 0
3 Liabilities to companies linked by virtue of participating interests	100	0
4 Liabilities for loans, deposits etc. of companies linked by virtue of	101	0	0 0
participating interests 5 Liabilities for loans, deposits etc.	102	0
6 Liabilities to banks and other financial institutions	103	108.045.929	106.464.901
7 Liabilities for advance payments	104	0
8 Liabilities to suppliers	105	22.074.611	19.389.588
9 Liabilities for securities	106	26.982.864	26.258.809
10 Other long-term liabilities	107	0
11 Deferred tax liability	108	11.342.996	11.178.239
D) SHORT-TERM LIABILITIES (ADP 110 to 123)	109	82.662.205	92.562.867
1 Liabilities to undertakings within the group	110	1.533.510	1.015.166
2 Liabilities for loans, deposits, etc. of undertakings within the group	111	0
3 Liabilities to companies linked by virtue of participating interests	112	0
4 Liabilities for loans, deposits etc. of companies linked by virtue of
participating interests	113	0	0 0 0 0 0 0
5 Liabilities for loans, deposits etc.	114	9.700.000	12.200.000
6 Liabilities to banks and other financial institutions	115	4.193.070	5.408.376
7 Liabilities for advance payments	116	522.875	3.770.503
8 Liabilities to suppliers 9 Liabilities for securities	117	53.053.172	55.522.882
10 Liabilities to employees	118	8.522.175	8.487.370
11 Taxes, contributions and similar liabilities	119 120	1.090.981 3.381.792	1.110.485 4.501.735
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	664.630	546.350
E) ACCRUALS AND DEFERRED INCOME	124	51.006	60.233
F) TOTAL – LIABILITIES (ADP 067+090+097+109+124)	125	326.072.412	329.060.663

for the period 01.01.2021 to 31.03.2021 STATEMENT OF PROFIT OR LOSS

Submitter:Granolio d.d.		Current period Same period of the previous year
Item	ADP code	Cumulative	Quarter	Cumulative	Quarter
1	2	3	4	5	6
I OPERATING INCOME (ADP 002 to 006) 1 Income from sales with undertakings within the group	001 002	67.772.410 1.351.963	67.772.410 1.351.963	62.801.225 717.106	62.801.225 717.106
2 Income from sales (outside group)	003	65.928.780	65.928.780	60.907.995	60.907.995
3 Income from the use of own products, goods and services 4 Other operating income with undertakings within the group	004 005	515 0	515 0	844 0	844 0
5 Other operating income (outside the group)	006	491.152	491.152	1.175.280	1.175.280
II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029)	007	71.739.134	71.739.134	64.429.400	60.938.366
1 Changes in inventories of work in progress and finished goods 2 Material costs (ADP 010 to 012)	008 009	-1.120.091 65.089.308	-1.120.091 65.089.308	-440.713 57.511.296	-440.713 54.020.262
a) Costs of raw materials and consumables	010	51.558.337	51.558.337	45.914.309	45.914.309
b) Costs of goods sold c) Other external costs	011 012	8.672.925 4.858.046	8.672.925 4.858.046	7.718.061 3.878.926	7.718.061 387.892
3 Staff costs (ADP 014 to 016)	013	4.807.327	4.807.327 3.111.807	4.813.385 3.155.636	4.813.385 3.155.636
a) Net salaries and wages b) Tax and contributions from salary costs	014 015	3.111.807 1.109.769	1.109.769	1.078.854	1.078.854
c) Contributions on salaries 4 Depreciation	016 017	585.751 2.259.241	585.751 2.259.241	578.895 1.851.772	578.895 1.851.772
5 Other costs	018	494.472	494.472	550.758	550.758
6 Value adjustments (ADP 020+021) a) fixed assets other than financial assets	019 020	0 0	0 0	0 0	0 0
b) current assets other than financial assets	021	0	0	0	0
7 Provisions (ADP 023 to 028) a) Provisions for pensions, termination benefits and similar obligations	022 023	0 0	0 0	0 0	0 0
b) Provisions for tax liabilities c) Provisions for ongoing legal cases	024	0	0 0	0 0	0 0
d) Provisions for renewal of natural resources	025 026	0 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	029	208.877	208.877	142.902	142.902
III FINANCIAL INCOME (ADP 031 to 040) 1 Income from investments in holdings (shares) of undertakings within the	030	195.027	195.027	39.696	39.696
group 2 Income from investments in holdings (shares) of companies linked by	031	0	0	0	0
virtue of participating interests	032	0	0	0	0
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	034	1.513	1.513	1.531	1.531
group 5 Exchange rate differences and other financial income from operations			0	0	0
with undertakings within the group 6 Income from other long-term financial investments and loans	035 036	0 0	0	0	0
7 Other interest income	037	11.549	11.549	7.295	7.295
8 Exchange rate differences and other financial income 9 Unrealised gains (income) from financial assets	038 039	181.965 0	181.965 0	30.870 0	30.870 0
10 Other financial income	040	0	0	0	0
IV FINANCIAL EXPENSES (ADP 042 to 048) 1 Interest expenses and similar expenses with undertakings within the	041	741.221	741.221	343.054	343.054
group 2 Exchange rate differences and other expenses from operations with	042	0	0	0	0
undertakings within the group	043	0	0	0	0
3 Interest expenses and similar expenses 4 Exchange rate differences and other expenses	044 045	637.788 63.273	637.788 63.273	276.371 23.399	276.371 23.399
5 Unrealised losses (expenses) from financial assets 6 Value adjustments of financial assets (net)	046	0	0 0	0 0	0 0
7 Other financial expenses	047 048	0 40.160	40.160	43.284	43.284
V SHARE IN PROFIT FROM UNDERTAKINGS LINKED BY VRITUE OF PARTICIPATING INTERESTS	049	0	0	0	0
VI SHARE IN PROFIT FROM JOINT VENTURES VII SHARE IN LOSS OF COMPANIES LINKED BY VIRTUE OF	050	0	0	0	0
PARTICIPATING INTEREST	051	0	0	0	0
VIII SHARE IN LOSS OF JOINT VENTURES IX TOTAL INCOME (ADP 001+030+049 +050)	052 053	0 67.967.437	0 67.967.437	0 62.840.921	0 62.840.921
X TOTAL EXPENDITURE (ADP 007+041+051 + 052) XI PRE-TAX PROFIT OR LOSS (ADP 053-054)	054 055	72.480.355 -4.512.918	72.480.355 -4.512.918	64.772.454 -1.931.533	61.281.420 1.559.501
1 Pre-tax profit (ADP 053-054)	056	0	0	0	1.559.501
2 Pre-tax loss (ADP 054-053) XII INCOME TAX	057 058	-4.512.918 0	-4.512.918 0	-1.931.533 0	0 0
XIII PROFIT OR LOSS FOR THE PERIOD (ADP 055-059)	059	-4.512.918	-4.512.918	-1.931.533	1.559.501
1 Profit for the period (ADP 055-059) 2 Loss for the period (ADP 059-055)	060 061	0 -4.512.918	0 -4.512.918	0 -1.931.533	1.559.501 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 0	0 0
1 Pre-tax profit from discontinued operations 2 Pre-tax loss on discontinued operations	063 064	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	-4.512.917	-4.512.917	-1.931.532	-1.931.532
1 Pre-tax profit (ADP 068) 2 Pre-tax loss (ADP 068)	069	0	0 4.512.917	0 1.931.532	0 1.931.532
XVII INCOME TAX (ADP 058+065)	070 071	4.512.917 0	0	0	0
XVIII PROFIT OR LOSS FOR THE PERIOD (ADP 068-071) 1 Profit for the period (ADP 068-071)	072 073	-4.512.917 0	-4.512.917 0	-1.931.532 0	-1.931.532 0
2 Loss for the period (ADP 071-068)	074	4.512.917	4.512.917	1.931.532	1.931.532
APPENDIX to the P&L (to be filled in by undertakings that draw up consolidated annual financial statements) XIX PROFIT OR LOSS FOR THE PERIOD (ADP 076+077)	075	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)			0	0	0
I PROFIT OR LOSS FOR THE PERIOD II OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX	078 079	0 0	0	0	0
(ADP 80+ 87)
III Items that will not be reclassified to profit or loss (ADP 081 to 085)	080	0	0	0	0
1 Changes in revaluation reserves of fixed tangible and intangible assets	081	0	0	0	0
2 Gains or losses from subsequent measurement of equity instruments at fair value through other comprehensive income	082	0	0	0	0
3 Fair value changes of financial liabilities at fair value through statement of profit or loss, attributable to changes in their credit risk	083	0	0	0	0
4 Actuarial gains/losses on the defined benefit obligation	084	0	0	0	0
5 Other items that will not be reclassified	085	0	0	0	0
6 Income tax relating to items that will not be reclassified	086	0	0	0	0
IV Items that may be reclassified to profit or loss (ADP 088 to 095)	087	0	0	0	0
1 Exchange rate differences from translation of foreign operations	088	0	0	0	0
2 Gains or losses from subsequent measurement of debt securities at fair 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 01.01.2021. to 31.03.2021.

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			-1.931.532
2 Adjustments (ADP 003 to 010):	001 002	-4.512.917 2.875.631	2.122.133
a) Depreciation	003	2.259.241	1.851.772
b) Gains and losses from sale and value adjustment of fixed tangible and intangible assets	004	0	2.202
c) Gains and losses from sale and unrealised gains and losses and value adjustment of financial assets	005	0	0
d) Interest and dividend income	006	-13.062	-8.826
e) Interest expenses	007	637.788	276.371
f) Provisions g) Exchange rate differences (unrealised)	008 009	0 5.164	0 614
h) Other adjustments for non-cash transactions and unrealised gains and
losses I Cash flow increase or decrease before changes in working capital	010	-13.500	0
(ADP 001+002)	011	-1.637.286	190.601
3 Changes in the working capital (ADP 013 to 016) a) Increase or decrease in short-term liabilities	012	3.334.524	4.027.443 3.658.146
b) Increase or decrease in short-term receivables	013 014	6.497.966 -2.212.774	1.226.629
c) Increase or decrease in inventories	015	-950.668	-857.332
d) Other increase or decrease in working capital	016	0	0
II Cash from operations (ADP 011+012)	017	1.697.238	4.218.044
4 Interest paid	018	-646.226	-390.151
5 Income tax paid A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019)	019 020	0 1.051.012	0 3.827.893
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	204.461	65.987
4 Dividends received	024	0	0
5 Cash receipts from repayment of loans and deposits 6 Other cash receipts from investment activities	025 026	705.025 0	1.722.780 0
III Total cash receipts from investment activities (ADP 021 to 026)	027	909.486	1.788.767
1 Cash payments for the purchase of fixed tangible and intangible assets	028	-867.630	-5.824.793
2 Cash payments for the acquisition of financial instruments	029	0	0
3 Cash payments for loans and deposits for the period	030	-645.490	-2.011.232
4 Acquisition of a subsidiary, net of cash acquired	031	0	0
5 Other cash payments from investment activities	032	0	0
IV Total cash payments from investment activities (ADP 028 to 032)	033	-1.513.120	-7.836.025
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033)	034	-603.634	-6.047.258
Cash flow from financing activities 1 Cash receipts from the increase in initial (subscribed) capital	035	0	0
2 Cash receipts from the issue of equity financial instruments and debt financial instruments	036	0	0
3 Cash receipts from credit principals, loans and other borrowings	037	0	5.127.083
4 Other cash receipts from financing activities	038	0	0
V Total cash receipts from financing activities (ADP 035 to 038)	039	0	5.127.083
1 Cash payments for the repayment of credit principals, loans and other borrowings and debt financial instruments	040	-373.856	-2.734.321
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 initial (subscribed) capital	043	0	0
5 Other cash payments from financing activities	044	-1.282.721	-758.861
VI Total cash payments from financing activities (ADP 040 to 044)	045	-1.747.486	-3.752.280
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	-1.747.486	1.374.803
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	-1.300.108	-844.562
E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	049	2.710.246	1.635.964
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(ADP 048+049)	050	1.410.138	791.402

for the period 01.03.2021 to 31.03.2021 STATEMENT OF CASH FLOWS - direct method

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			0
	015	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
financial instruments	030	0	0
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) 1 Cash payments for the repayment of credit principals, loans andother	033	0	0
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 initial (subscribed) capital	037	0	0
5 Other cash payments from financing activities	038	0	0
VI Total cash payments from financing activities (ADP 034 to 038)	039	0	0
			0
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 033 +039) 1 Unrealised exchange rate differences in respect of cash and cash	040	0
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

STATEMENT OF CHANGES IN EQUITY

for the period from 1.1.2021 to	31.3.2021																	in HRK
Item	ADP code	Initial (subscribed) capital	Capital reserves	Legal reserves	Reserves for treasury shares	Treasury shares and holdings (deductible item)		Statutory reserves Other reserves	Revaluation reserves	Attributable to owners of the parent 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 + 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	54.675.895		0	0 0	0		0 -107.016.282	-14.143.751	41.025.022	0	41.025.022
2 Changes in accounting policies	02		0 0		0	0	0	0 0	0		0	0 0	0		0 0	0	0	0	0
3 Correction of errors	03		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 -107.016.282	-14.143.751	41.025.022	0	41.025.022
5 Profit/loss of the period	05		0 0		0	0	0	0 0	0		0	0 0			0	-4.512.917	-4.512.917	0	-4.512.917
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	08		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	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	13		0 0		0	0	0	0 0	0		0	0 0	0		0 0	0	0	0	0
14 Tax on transactions recognised directly in equity	14		0 0		0	0	0	0				0	0		0 164.758	0	164.758	0	164.758
15 Decrease in initial (subscribed) capital (other than arising from the pre bankruptcy settlement procedure or from the reinvestment of profit)	15		0 0		0	0	0	0 0	0		0	0 0	0		0 0	0	0	0	0
16 Decrease in initial (subscribed) capital arising from the pre-bankruptcy settlement procedure	16		0 0		0	0	0	0 0	0		0	0 0	0		0 0	0	0	0	0
17 Decrease in initial (subscribed) capital arising from the reinvestment of profit	17		0 0		0	0	0	0 0	0		0	0 0	0		0 0	0	0	0	0
18 Redemption of treasury shares/holdings	18		0 0		0	0	0	0 0	0		0	0 0	0		0 0	0	0	0	0
19 Payments from members/shareholders	19		0 0		0	0	0	0 0	0		0	0 0	0		0 0	0	0	0	0
20 Payment of share in profit/dividend	20		0 0 0		0 0	0 0	0 0	0 0 0 0	0 0		0 0	0 0 0 0	0 0		0 0 0 0	0 0	0	0	0
21 Other distributions and payments to members/shareholders 22 Transfer to reserves according to the annual schedule	21 22		0 0 0		0	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	23		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	24	19.016.430	84.195.807	3.496.923	800.000		0	0 0	53.925.333		0	0 0	0		0 -106.100.962	-18.656.668	36.676.863	0	36.676.863
(ADP 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		0 915.320	0	164.758	0	164.758
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		0 915.320	-4.512.917	-4.348.159	0	-4.348.159
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 0	0	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	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	29		0 0		0	0	0	0 0	0		0	0 0	0		0 0	0	0	0	0
3 Correction of errors 4 Balance on the first day of the current business year (restated) (AOP 28 to	30		0 0		0	0	0	0 0	0		0	0 0	0		0 0	0	0	0	0
30)	31	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	32		0 0		0	0	0	0 0	0		0	0 0			0	-1.665.152	-1.665.152	0	-1.665.152
6 Exchange rate differences from translation of foreign operations	33		0 0		0	0	0	0 0	0		0	0 0			0	0	0	0	0
7 Changes in revaluation reserves of fixed tangible and intangible assets	34		0 0		0	0	0	0 0	-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)	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			0		0	0	0	0 0	0		0	0 0	0		0 0	0
operation	37		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	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		0 164.757	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	47		0 0		0	0	0	0 0	0		0	0 0	0		0 0	0	0	0	0
21 Other distributions and payments to members/shareholders	48		0 0		0	0	0	0 0	0		0	0 0	0		0 0	0	0	0	0
22 Carryforward per annual plane 23 Increase in reserves arising from the pre-bankruptcy settlement procedure	49 50		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 33.228.749 0 0	-33.228.749 0	0 0	0 0	0 0
24 Balance on the last day of the current business year reporting period (ADP 31 to 50)	51	19.016.430	84.195.807	3.496.923	800.000		0	0 0	50.923.086		0	0 0	0		0 -83.354.688	-1.665.152	73.412.406	0	73.412.406
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	52		0 0		0	0	0	0 0	-750.562		0	0 0	0		0 915.319	0	164.757	0	164.757
TAX (ADP 33 to 41) 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	-750.562		0	0 0	0		0 915.319	-1.665.152	-1.500.395	0	-1.500.395
DIRECTLY IN EQUITY (ADP 42 to 50)	54		0 0		0	0	0	0 0	0		0	0 0	0		0 33.228.749	-33.228.749	0	0	0

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 unconsolidated 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
	stanje 31. ožujaka 2021.	2021. godina	2022. godina	2023. godina	2024. godine	od 2025. godine
Loan liabilities	110.679	3.540	6.324	6.324	12.761	81.730
	110.679	3.540	6.324	6.324	12.761	81.730

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

In thousands of HRK

	stanje
	31. ožujaka 2021.	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: 164

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

1. 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

31.03.2021. u tisućama kn

	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.

1. 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.

.

1. 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

1. 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.

1. 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.

1. 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.

1. 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.