MANAGEMENT REPORT Q4 2024

CONTENT

1. General information
1. Company and Group business results
1. Company and Group risk exposure
1. Human resources
1. ESG and Corporate Governance
1. Research and development activities
1. Company and Group own share redemption
1. Significant events after the reporting period
1. Appendices financial statements (unaudited)
Statement by persons responsible for the preparation of the quarter report

1. GENERAL INFORMATION

Corporate name

Jadran, dioničko društvo za hotelijerstvo i turizam (further referred as: "The Company"), Reg. No. (MBS): 040000817, VAT No.: 56994999963. The short corporate name is Jadran d.d.

Registered office and legal form

Jadran d.d. is a joint-stock company. Headquarter of the Company is at Bana Jelačića 16, Crikvenica, Republic of Croatia.

Securities

As of 31 December 2024, the Company's share capital amounts to EUR 64,039,780, divided into 27,971,463 regular shares with no nominal value. The shares were issued in dematerialized form, ticker: JDRN-R-B, ISIN: HRJDRNB0002, and are held at the repository of the Central Depositary and Clearing Company.

Management Board Members:

Vladimir Bunić, Management Board President from 1 November 2024
Irina Tomić, Management Board President until 8 October 2024, Management Board Member from 8 October 2024 until 1 February 2025
Miroslav Pelko, Management Board Member

Supervisory Board Members:

Goran Hanžek, Chairman of the Supervisory Board
Karlo Došen, Deputy Chairman of the Supervisory Board
Adrian Čajić, Supervisory Board Member, representative of workers
Sandra Janković, Supervisory Board Member

• Mirko Herceg, Supervisory Board Member

Jadran Group comprises Jadran d. d. and its subsidiaries:

Based on the contracts concluded on February 6, 2023, the Jadran Group comprises Jadran d. d. and subsidiaries:

Adria coast turizam d.o.o., in which Jadran d. d. holds 20 business shares having a total value of EUR 13,200.00, with individual nominal value of the business share in the amount of EUR 660.00, which represent 100% of shares and voting rights and
Stolist d.o.o. in which Jadran d.d. holds 100% of shares.

List of Company shareholders holding 5 percent or more of the Company's share capital (status as of 31 December 2024):

Erste & Steiermärkische Bank d.d. / PBZ CO OMF, Class B, holds 16,307,401 shares accounting for 58.30% of the Company's share capital; and
OTP Bank d.d. / Erste Plavi OMF, Class B, holds 8,547,346 shares accounting for 30.56% of the Company's share capital.

2. COMPANY AND GROUP BUSINESS RESULTS

Company Jadran d. d. in the period from October to December 2024, achieved 18% more commercial overnights compared to the same period in 2023. It should be noted that in 2023, the Company did commercial business with Uvala Slana camp facilities and the Kaštel and Zagreb hotels, while in 2024 those facilities were not for commercial business. If we were to look at the total overnights in the same capacities, there were 18% more commercial overnights in 2024, compared to the same period of 2023. The most overnights were by guests from Germany, Croatia, Austria, Slovenia, France and Hungary.

In the period from October to December 2024, the Company realized EUR 2,637,882 in total revenue, EUR 6,423,814 in total expenses and EUR 3,785,932 of losses for the period.

Total revenues in the fourth quarter of 2024 amounted to EUR 2,637,882 and are 18% higher than the revenues realized in the same period of 2023. If revenues were to be observed in the same capacities, then they are 20% higher in 2024 than the revenues realized in 2023. Business revenues in the fourth quarter of 2024 amounted to EUR 2,621,739 and are 18% higher than the revenues realized in the same period of 2023. If revenues were to be observed in the same capacities, then they are 21% higher in 2024 than the revenues realized in 2023. Financial revenues amounted to EUR 16,143 and EUR 11,138 higher than those realized in the same period in 2023.

From October to December 2024, the Company made EUR 6,423,814 in expenses, which is 36% less than the expenses made in the same period in 2023. Material costs amounted to EUR 1,773,996 and are 10% higher than the costs realized in 2023. Personnel costs amounted to EUR 2,415,413 and are 10% higher than the costs incurred in 2023. Depreciation amounted to EUR 1,181,279 and is 8% less than that realized in the same period in 2023. Value adjustments amounted to EUR 139,903 and are EUR 3,094,273 less than those achieved in 2023. Other expenses amounted to EUR 291,677 and are 10% lower than the expenses incurred in 2023. Other business expenses amounted to EUR 12,213 and are EUR 983,386 lower than the expenses realized in the same period in 2023. Financial expenses amounted to EUR 584,116 and are EUR 266,930 more than the expenses realized in 2023.

Jadran d. d. from October to December realized a loss before tax in the amount of EUR 3,785,932, while in the same period in 2023 a loss before tax of EUR 7,776,221 was realized. EBITDA in the fourth quarter amounted to EUR -2.212.088, while in the same period last year it was EUR -6,186,439.

In the period from January to December 2024, the Company achieved 424,125 commercial overnights. Comparing the data in the same capacities, the Company achieved a total of 2% less overnights in 2024 compared to the same period in 2023.

In the period from January to December 2024, EUR 26,269,911 in total revenues were realized. In 2023, the sale of Club Adriatic d.o.o. and purchases of Adria coast turizam d.o.o. was carried out, whose effect for the Company was EUR 9.4 million.

Business revenues in 2024 amounted to EUR 26,230,446. If the revenues from 2023 were normalized for one-time revenues, then the revenues generated in 2024 were 2% higher as those generated in 2023. However, it should be emphasized here that in 2023. the Company used 3 facilities commercially, while in 2024 it does not use them commercially. If we were to compare revenues generated in the same capacities and without one-off revenues, then in 2024 7% more revenues were generated than in the same period of 2023. Financial revenues amounted to EUR 39,465 and are EUR 27,548 higher than those realized in 2023.

In the period from January to December of 2024, the Company made a total of EUR 28,978,603 in expenses, which is 9% less than the expenses made in 2023. Material costs were 2% higher, personnel costs were 18% higher, depreciation costs were 13% lower, other costs were 3% lower, value adjustments were EUR 3,080,404 lower and other business expenses were EUR 1.078.822 lower compared to the realized in the same period in 2023.

In the period from January to December, the Company realized a loss before tax of EUR 2,708,692, while in the same period last year, a profit before tax was realized in the amount of EUR 3.414.772. In the period from January to December, the realized EBITDA amounted to EUR 3,815,722. If EBITDA from 2023 was normalized for non-recurring income, then it was 27% higher than the one achieved in 2024.

In the fourth quarter of 2024, the Group achieved a total of 31.435 overnights, which is 19% more than overnights achieved in 2023. When comparing overnights in the same capacity, the Group achieved 19% fewer overnight compared to 2023. The most overnights were made by guests from Germany, Croatia, Austria, Slovenia, France and Hungary.

In the period from October to December, the Group generated a total of EUR 2,823,130 in revenue, which is 12% more than the revenue generated in the same period in 2023. Total expenses in the fourth quarter amount to EUR 8,243,403 and are 1% higher than the expenses realized in the same period in 2024.

In the fourth quarter, a loss before tax in the amount of EUR 5,420,273 was realized, while in the same period in 2023, a loss before tax in the amount of EUR 5,638,030 was realized.

EBITDA in the fourth quarter amounted to EUR -2,556,030, while in the same period in 2023 it was EUR -3,095,866.

In the period from January to December, the Group achieved a total of 480,351 commercial overnights, which is 2% less than overnights achieved in the same period in 2023. When comparing overnights in the same capacity, 2% less overnights were realized in 2024 compared to 2023.

In the observed period, the Group generated a total of EUR 31,763,106 in revenue, while in the same period last year it generated 2% more.

When observing the comparative period in the consolidated financial statements, it is important to mention two events in 2023. Firstly, the sale of the formerly related party Club Adriatic at the Group level generated a profit of EUR 1,373 million (profit from discontinued operations). Secondly, with the expiration of the short-term lease agreement of the Grand Hotel View in Postira, EUR 1.9 million of gain was generated upon termination of the lease agreement.

When the revenues in 2023 were normalized for one – off revenues, then the total revenues in 2024 are 5% higher than the normalized revenues from the same period of 2023.

Total expenses amounted to EUR 37,846,550, while in the same period in 2023 they amounted to EUR 36,661,964. In the period from January to December, a loss before tax of EUR 6,083,444 was recorded, while in 2023 a loss before tax was generated in the amount of EUR 4,233,755. Realized EBITDA in 2024 amounted to EUR 5,814,509, while in 2023 it amounted to EUR 7,796,548. If EBITDA from 2023 were to normalize for one-time revenues, then it would be 3% higher.

3. COMPANY AND GROUP RISK EXPOSURE

The most significant risks faced by the Company and the Group are as follows:

Competition risk

Competition risk in the tourism market is very high because other similar tourism destinations have invested substantial funds in the growth and development of their capacities, as well as in marketing activities focused on tourist arrivals, especially competitors in the direct environment. Among other things, competition is based on the prices, quality and substance of tourism offerings in Crikvenica Riviera, Makarska Riviera, island Brač Riviera and other domestic and foreign tourism destinations. To increase its market competitiveness, the Company and the Group launched an investment cycle in the 2018-2024 period, which included not only investments in accommodations to increase the number of units and improve accommodation quality, but also investments in the destination through active involvement in all events and designing new attractions around all the Riviera where the Company and the Group operate.

Considering the main destination where Jadran Company operates, it is important to look back at the fact that Crikvenica is not on the list of TOP 10 destinations in Croatia in total tourist traffic.

However, it should be noted that there is a great tendency to revitalize the destination, as evidenced by the presence of two newly opened hotels of a recognized Croatian hotel company, which were opened / renovated in the mentioned area this year.

Currency risk

The official currency of the Company and the Group is EUR, which significantly reduced the currency risk to a minimum. The Company and the Group make most of their traffic with guests whose official currency is EUR, therefore no significant disturbances are expected that could affect the operations of the Company and the Group.

Interest rate risk

The Company and the Group are exposed to interest rate risk because they enter into loan agreements with, inter alia, variable interest rates with banks, which exposes the Company and the Group to increased risk. Rising trends of inflation rates and general levels of interest rates in international and national financial markets are actively monitored to allow the Company and the Group to respond in a timely manner in case of expected changes in interest rates on the national money market. In particular, the announcements of the central banks that create the monetary policy are actively followed, and the Company and the Group plan to harmonize their credit arrangements accordingly.

Settlement risk

Settlement risk is present in all bilateral transactions. Considering that the performance of monetary obligations to the issuers is one of the key elements necessary for uninterrupted business, the Company and the Group give high importance to this risk. The Company and the Group have established stringent procedures to minimize collection risks.

During the pandemic, war conflicts in the immediate or distant environment, certain partners may be additionally exposed to liquidity risk, which may result in increased settlement risk. In addition, settlement risk arising from executed contracts may be significantly increased in case a contract is terminated for force majeure or if free movement of persons and goods is prevented during pandemics or war conflicts in the immediate or distant environment.

Inflation risk (increases in consumer prices)

The pandemic and the disruptions in supply chains that it caused as a direct consequence had an increase in energy prices, but also the prices of other goods and services. Inflation and the increase in the purchase prices of goods and services can have an impact on the purchasing power of guests, but also on the selling prices in the facilities of the Company and the Group.

The Company and the Group achieve a large share of overnights through direct channels, thus achieving flexibility when forming final prices.

Liquidity risk

The Company and the Group manage this risk by maintaining adequate reserves and by obtaining loans from banks and using other sources of funding, by constantly monitoring planned and actual cash flows, and by comparing maturity profiles of financial assets and liabilities. The Company and the Group treat this risk as particularly important if there is increased uncertainty regarding revenue earning abilities as a result of the pandemic's adverse effects on the free movement of guests, impairment of their spending powers, and default on contracts by business partners. Liquidity risk management includes maintaining enough cash and working capital.

Risk of tax and concession legislation developments

The risk of tax and concession legislation developments is the likelihood that legislative authorities will amend tax legislation in a way that they adversely impact the Company's and Group's profitability. This risk is reflected in potential changes in tax rates and taxable assets, as well as in changes in regulations concerning concessions and concessional authorizations. The right to use a maritime domain is one of the significant conditions' precedents to further operation of the Company and the Group, so the Company and the Group have actively endeavored to establish new bases for cooperation with the local community in this segment.

Tourism industry risk

Tourism trends are largely affected by the broader political situation, growth of terrorism, the global financial crisis and the pandemic. As an industry, tourism is highly sensitive to the state of security at the destination and its surroundings. By launching the investment cycle, the Company and the Group will endeavor to minimize the impact of adverse market trends and the resulting risks.

The global financial crisis may significantly reduce the spending power of individuals inclined to traveling, whereas a pandemic and war may also significantly reduce or eliminate the effects of tourist arrivals at the Company's and Group's destination.

Environmental risk

Environmental risk may significantly affect the Company's and Group's performance, notably through the quality of the sea and coast where guests stay. Climate change may directly affect the length of stay in Company's and Group's accommodation facilities. This risk also includes other natural disasters.

4. HUMAN RESOURCES

The total number of employees on the employment contract as of December 31, 2024 in Jadran d. d. was 341 employees.

The total number of employees on the employment contract as of December 31, 2024 in Adria coast turizam d.o.o. was 39 employees.

In the company Stolist d.o.o. on December 31, 2024, there were no employees.

As of December 31, 2024, the Group employed 380 workers.

5. ESG AND CORPORATE GOVERNANCE

The management of the Company and the Group, considering the challenges of ESG reporting, is considering the establishment of a department that will deal with ESG practices through various aspects of business. Also, employees regularly attend trainings and workshops organized by various associations and companies to become more familiar with business practices.

The Company and the Group continuously monitor events in the environment and invest in market research, recognition of business opportunities and realization of new acquisitions. The Company and the Group direct and support the activities of affiliated companies.

6. RESEARCH AND DEVELOPMENT ACTIVITIES

The Company and the Group constantly monitor developments in its environment and invests in market research, identification of business opportunities, and new acquisitions. The Company and the Group direct and support its affiliate's activities.

7. COMPANY AND GROUP OWN SHARE REDEMPTION

As of 31 December 2024, the share capital of Jadran d.d. was EUR 64,039,780 divided into and contained in 27,971,463 regular dematerialized shares with no nominal value, and the Company held 631 own shares, which accounted for 0.0023% of the Company's share capital.

As of 31 December 2024, the share capital of Adria coast turizam d.o.o. was EUR 13,200.

As of 31 December 2024, the share capital of Stolist d.o.o. was EUR 2,654.46.

8. SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD

Mrs. Irina Tomić resigned from the position of a member of the Management Board as of February 1, 2025.

Management Board of the Company published on the Company's website on January 23, 2025, the and on the website of the court register on January 25, 2025, an Invitation to participate in the General Assembly of the Company with the following agenda:

1. Opening of the General Assembly and determination of quorum, compilation of the list of present and represented shareholders, together with the appointment of the Chairman of the Assembly
1. Adoption of the resolution on share capital increase and issuance of ordinary shares by means of public offering and contributions in cash, amendments to the Company's Statute and listing of new shares on the regulated market
1. Adoption of the resolution on granting consent for the acquisition of shares without the obligation to publish a takeover bid.

On February 14, 2025, at the request of the shareholders of Erste Blue Mandatory Pension Fund category B, the Management Board of the Company published an amendment to the agenda of the General Assembly, and item 2 and item 3 were added to the agenda of the General Assembly, which read as follows:

1. Decision on the reduction of the Company's share capital
1. Decision on amending the Statute of the Company.

The General Assembly of the Company will be held on March 10, 2025, starting at 11 a.m. in Crikvenica.

There were no other significant events after the end of the reporting period.

9. APPENDICES – FINANCIAL STATEMENTS (UNAUDITED)

Annex 1
		ISSUER'S GENERAL DATA
Reporting period:		1.1.2024	to	31.12.2024
Year:		2024
Quarter:		4.
		Quarterly financial statements
Registration number (MB):	03145662		Issuer's home Member State code:	HR
Entity's registration number (MBS):	040000817
Personal identification number (OIB):	56994999963		LEI:	74780030Q33IX8LEE969
Institution code:	1285
Name of the issuer: JADRAN d.d.
Postcode and town:	51260		CRIKVENICA
Street and house number: BANA JELAČIĆA 16
	E-mail address: [email protected]
	Web address: www.jadran-crikvenica.hr
Number of employees (end of the reporting	341
Consolidated report:	KN	(KN-not consolidated/KD-consolidated)		KN	KD
Audited:	RN RD (RN-not audited/RD-audited) RN
Names of subsidiaries (according to IFRS):			Registered office:		MB:






					Yes
Bookkeeping firm:	No	(Yes/No)		(name of the bookkeeping firm)	No
	Contact person: NATALI IVANČIĆ MAJETIĆ
	(only name and surname of the contact person) Telephone: 051/800-482
	E-mail address: [email protected]
Audit firm:
Certified auditor:	(name of the audit firm)
	(name and surname)

BALANCE SHEET

balance as at 31.12.2024.

in EUR

Submitter: JADRAN d.d.
Item		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	112,696,965	109,066,804
I INTANGIBLE ASSETS (ADP 004 to 009)	003	7,865,868	6,831,639
1 Research and development	004	0	0
2 Concessions, patents, licences, trademarks, software and other rights	005	207,363	181,323
3 Goodwill	006	0	0
4 Advances for the purchase of intangible assets	007	0	0
5 Intangible assets in preparation	008	0	0
6 Other intangible assets	009	7,658,505	6,650,316
II TANGIBLE ASSETS (ADP 011 to 019)	010	79,559,036	76,933,027
1 Land	011	31,927,534	31,739,392
2 Buildings	012	33,022,966	31,770,983
3 Plant and equipment	013	10,130,421	8,439,652
4 Tools, working inventory and transportation assets	014	0	0
5 Biological assets	015	167,179	140,415
6 Advances for the purchase of tangible assets	016	0	0
7 Tangible assets in preparation	017	98,835	450,617
8 Other tangible assets	018	0	0
9 Investment property	019	4,212,101	4,391,968
III FIXED FINANCIAL ASSETS (ADP 021 to 030)	020	23,071,510	23,071,510
1 Investments in holdings (shares) of undertakings within the group	021	23,071,510	23,071,510
2 Investments in other securities of undertakings within the group	022	0	0
3 Loans, deposits, etc. to undertakings within the group	023	0	0
4. Investments in holdings (shares) of companies linked by virtue of participating interests	024	0	0
5 Investment in other securities of companies linked by virtue of participating interests	025	0	0
6 Loans, deposits etc. to companies linked by virtue of participating	026	0	0
interests 7 Investments in securities	027	0	0
8 Loans, deposits, etc. given	028	0	0
9 Other investments accounted for using the equity method	029	0	0
10 Other fixed financial assets	030	0	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	2,200,551	2,230,628
C) CURRENT ASSETS (ADP 038+046+053+063)	037	2,504,548	5,013,012
I INVENTORIES (ADP 039 to 045)	038	81,067	126,025
1 Raw materials and consumables	039	78,259	122,107
2 Work in progress	040	0	0
3 Finished goods	041	0	0
4 Merchandise	042	2,808	3,918
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	926,619	1,050,231
1 Receivables from undertakings within the group	047	73,193	64,806
2 Receivables from companies linked by virtue of participating interests	048	0	0
3 Customer receivables	049	426,909	476,829
4 Receivables from employees and members of the undertaking	050	12,604	9,330
5 Receivables from government and other institutions	051	227,710	114,591

6 Other receivables	052	186,203	384,675
III CURRENT FINANCIAL ASSETS (ADP 054 to 062)	053	474,236	1,940,069
1 Investments in holdings (shares) of undertakings within the group	054	0	0
2 Investments in other securities of undertakings within the group	055	0	0
3 Loans, deposits, etc. to undertakings within the group	056	474,236	1,940,069
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	059	0	0
interests
7 Investments in securities	060	0	0
8 Loans, deposits, etc. given	061	0	0
9 Other financial assets	062	0	0
IV CASH AT BANK AND IN HAND	063	1,022,626	1,896,687
D ) PREPAID EXPENSES AND ACCRUED INCOME	064	141,352	290,650
E) TOTAL ASSETS (ADP 001+002+037+064)	065	115,342,865	114,370,466
OFF-BALANCE SHEET ITEMS	066	0	0
LIABILITIES
A) CAPITAL AND RESERVES (ADP 068 to	067	72,103,971	69,425,357
070+076+077+083+086+089)
I INITIAL (SUBSCRIBED) CAPITAL	068	64,039,780	64,039,780
II CAPITAL RESERVES	069	3,371,336	3,371,336
III RESERVES FROM PROFIT (ADP 071+072-073+074+075)	070	0	0
1 Legal reserves	071	0	0
2 Reserves for treasury shares	072	0	0
3 Treasury shares and holdings (deductible item)	073	0	0
4 Statutory reserves	074	0	0
5 Other reserves	075	0	0
IV REVALUATION RESERVES	076	27,713,796	27,713,796
V FAIR VALUE RESERVES AND OTHER (ADP 078 to 082)	077	0	0
1 Financial assets at fair value through other comprehensive income		0	0
(i.e. available for sale)	078
2 Cash flow hedge - effective portion	079	0	0
3 Hedge of a net investment in a foreign operation - effective portion	080	0	0
4 Other fair value reserves	081	0	0
5 Exchange differences arising from the translation of foreign
operations (consolidation)	082	0	0
VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 084-	083	-25,749,908	-22,990,863
085)
1 Retained profit	084	0	0
2 Loss brought forward	085	25,749,908	22,990,863
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088)	086	2,728,967	-2,708,692
1 Profit for the business year	087	2,728,967	0
2 Loss for the business year	088	0	2,708,692
VIII MINORITY (NON-CONTROLLING) INTEREST	089	0	0
B) PROVISIONS (ADP 091 to 096)	090	151,793	177,011
1 Provisions for pensions, termination benefits and similar obligations	091	71,852	62,997
2 Provisions for tax liabilities	092	0	0
3 Provisions for ongoing legal cases	093	79,941	114,014
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	31,054,707	35,716,796
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
participating interests	101	0	0
5 Liabilities for loans, deposits etc.	102	0	0
6 Liabilities to banks and other financial institutions	103	20,547,044	25,874,396
7 Liabilities for advance payments	104	0	0
8 Liabilities to suppliers	105	0	0

9 Liabilities for securities	106	0	0
10 Other long-term liabilities	107	10,507,663	9,842,400
11 Deferred tax liability	108	0	0
D) SHORT-TERM LIABILITIES (ADP 110 to 123)	109	11,926,174	8,966,810
1 Liabilities to undertakings within the group	110	1,500,000	0
2 Liabilities for loans, deposits, etc. of undertakings within the group	111	0	0
3 Liabilities to companies linked by virtue of participating interests	112	0	0
4 Liabilities for loans, deposits etc. of companies linked by virtue of participating interests	113	0	0
5 Liabilities for loans, deposits etc.	114	57,672	51,862
6 Liabilities to banks and other financial institutions	115	6,767,325	4,590,122
7 Liabilities for advance payments	116	423,925	461,597
8 Liabilities to suppliers	117	1,034,453	1,410,393
9 Liabilities for securities	118	0	0
10 Liabilities to employees	119	869,992	821,206
11 Taxes, contributions and similar liabilities	120	308,612	300,813
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	964,195	1,330,817
E) ACCRUALS AND DEFERRED INCOME	124	106,220	84,492
F) TOTAL – LIABILITIES (ADP 067+090+097+109+124)	125	115,342,865	114,370,466
G) OFF-BALANCE SHEET ITEMS	126	0	0

for the period 01.01.2024. to 31.12.2024. STATEMENT OF PROFIT OR LOSS

Submitter: JADRAN d.d.

in EUR

Item	ADP Same period of the previous year code			Current period
		Cumulative	Quarter	Cumulative	Quarter
1 I OPERATING INCOME (ADP 002 to 006)	2 001	3 35,320,472	4 2,224,487	5 26,230,446	6 2,621,739
1 Income from sales with undertakings within the group	002	0	0	0	0
2 Income from sales (outside group)	003	23,599,821	1,302,678	24,169,596	1,964,448
3 Income from the use of own products, goods and services	004	0	0	0	0
4 Other operating income with undertakings within the group	005	581,873	240,218	510,089	83,204
5 Other operating income (outside the group)	006	11,138,778	681,591	1,550,761	574,087
II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029)	007	30,351,075	9,688,527	27,176,394	5,839,698
1 Changes in inventories of work in progress and finished goods 2 Material costs (ADP 010 to 012)	008 009	0 10,597,121	0 1,619,563	0 10,846,360	0 1,773,996
a) Costs of raw materials and consumables	010	4,938,989	552,085	5,257,546	699,504
b) Costs of goods sold	011	35,621	1,795	37,830	1,439
c) Other external costs	012	5,622,511	1,065,683	5,550,984	1,073,053
3 Staff costs (ADP 014 to 016)	013	8,332,261	2,201,482	9,844,406	2,415,413
a) Net salaries and wages	014	5,592,209	1,615,575	6,467,088	1,620,823
b) Tax and contributions from salary costs	015	1,740,139	366,480	2,127,666	497,612
c) Contributions on salaries	016	999,913	219,427	1,249,652	296,978
4 Depreciation	017	5,700,618	1,277,601	4,944,160	1,181,279
5 Other costs	018	1,365,500	322,304	1,319,902	291,677
6 Value adjustments (ADP 020+021)	019	3,220,307	3,234,176	139,903	139,903
a) fixed assets other than financial assets b) current assets other than financial assets	020 021	3,250,648 -30,341	3,204,648 29,528	139,903 0	139,903 0
7 Provisions (ADP 023 to 028)	022	0	37,802	25,217	25,217
a) Provisions for pensions, termination benefits and similar obligations	023	0	0	-8,856	-8,856
b) Provisions for tax liabilities	024	0	0	0	0
c) Provisions for ongoing legal cases	025	0	37,802	34,073	34,073
d) Provisions for renewal of natural resources	026	0	0	0	0
e) Provisions for warranty obligations	027	0	0	0	0
f) Other provisions	028	0	0	0	0
8 Other operating expenses	029	1,135,268	995,599	56,446	12,213
III FINANCIAL INCOME (ADP 031 to 040)	030	11,917	5,005	39,465	16,143
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
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 group	034	7,956	2,966	39,009	15,966
5 Exchange rate differences and other financial income from operations with undertakings within the group	035	0	0	0	0
6 Income from other long-term financial investments and loans	036	0	0	0	0
7 Other interest income	037	3,961	2,039	427	148
8 Exchange rate differences and other financial income	038	0	0	29	29
9 Unrealised gains (income) from financial assets	039	0	0	0	0
10 Other financial income	040	0	0	0	0
IV FINANCIAL EXPENSES (ADP 042 to 048)	041	1,566,542	317,186	1,802,209	584,116
1 Interest expenses and similar expenses with undertakings within the group	042	0	0	0	0
2 Exchange rate differences and other expenses from operations with undertakings within the group	043	0	0	0	0
3 Interest expenses and similar expenses	044	1,566,542	317,178	1,619,701	408,707
4 Exchange rate differences and other expenses	045	0	8	18	1
5 Unrealised losses (expenses) from financial assets	046	0	0	0	0
6 Value adjustments of financial assets (net)	047	0	0	182,490	175,408
7 Other financial expenses	048	0	0	0	0
V SHARE IN PROFIT FROM UNDERTAKINGS LINKED BY VRITUE	049	0	0	0	0
OF PARTICIPATING INTERESTS 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	052	0	0	0	0
IX TOTAL INCOME (ADP 001+030+049 +050)	053	35,332,389	2,229,492	26,269,911	2,637,882
X TOTAL EXPENDITURE (ADP 007+041+051 + 052)	054	31,917,617	10,005,713	28,978,603	6,423,814
XI PRE-TAX PROFIT OR LOSS (ADP 053-054)	055	3,414,772	-7,776,221	-2,708,692	-3,785,932
1 Pre-tax profit (ADP 053-054)	056	3,414,772	0	0	0
2 Pre-tax loss (ADP 054-053)	057	0	-7,776,221	-2,708,692	-3,785,932
XII INCOME TAX	058	685,805	0	0	0
XIII PROFIT OR LOSS FOR THE PERIOD (ADP 055-059)	059	2,728,967	-7,776,221	-2,708,692	-3,785,932
1 Profit for the period (ADP 055-059)	060	2,728,967	0	0	0
2 Loss for the period (ADP 059-055) DISCONTINUED OPERATIONS (to be filled in by undertakings subject to IFRS only with discontinued operations)	061	0	-7,776,221	-2,708,692	-3,785,932
XIV PRE-TAX PROFIT OR LOSS OF DISCONTINUED OPERATIONS
(ADP 063-064)	062	0	0	0	0
1 Pre-tax profit from discontinued operations	063	0	0	0	0
2 Pre-tax loss on discontinued operations	064	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)	066	0	0	0	0
2 Discontinued operations loss for the period (ADP 065-062)	067	0	0	0	0
TOTAL OPERATIONS (to be filled in only by undertakings subject to IFRS with discontinued operations)
XVI PRE-TAX PROFIT OR LOSS (ADP 055-+062)	068	0	0	0	0
1 Pre-tax profit (ADP 068)	069	0	0	0	0
2 Pre-tax loss (ADP 068)	070	0	0	0	0
XVII INCOME TAX (ADP 058+065)	071	0	0	0	0
XVIII PROFIT OR LOSS FOR THE PERIOD (ADP 068-071)	072	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)	074	0	0	0	0
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	076	0	0	0	0
2 Attributable to minority (non-controlling) interest	077	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	078	2,728,967	-7,776,221	-2,708,692	-3,785,932
II OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX
(ADP 80+ 87)	079	0	0	0	0
III Items that will not be reclassified to profit or loss (ADP 081 to 085)	080	0	0	0	0
1 Changes in revaluation reserves of fixed tangible and intangible assets	081	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	2,728,967	-7,776,221	-2,708,692	-3,785,932
APPENDIX to the Statement on comprehensive income (to be filled in by undertakings that draw up consolidated statements)
VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP
100+101)	099	2,728,967	-7,776,221	-2,708,692	-3,785,932
1 Attributable to owners of the parent	100	2,728,967	-7,776,221	-2,708,692	-3,785,932
2 Attributable to minority (non-controlling) interest	101	0	0	0	0

STATEMENT OF CASH FLOWS - indirect method for the period 01.01.2024. to 31.12.2024.

ADP code Same period of the previous year Current period 2 3 4 001 3,414,772 -2,708,692 002 9,573,839 6,859,987 003 5,700,618 4,944,160 004 2,278,296 139,903 005 -30,341 182,490 006 -11,917 -39,436 007 1,566,542 1,607,652 008 70,641 25,218 009 0 0 010 0 0 011 12,988,611 4,151,295 012 15,727,010 -685,250 013 1,279,637 449,161 014 161,724 -250,261 015 39,246 -44,958 016 14,246,403 -839,192 017 28,715,621 3,466,045 018 -1,499,948 -1,607,652 019 0 0 020 27,215,673 1,858,393 021 0 118,882 022 0 0 023 9,054 381 024 0 0 025 0 0 026 1,676,519 0 027 1,685,573 119,263 028 -1,530,405 -1,249,343 029 0 0 030 -475,000 -1,483,000 031 -22,950,624 0 032 0 0 033 -24,956,029 -2,732,343 034 -23,270,456 -2,613,080 035 0 0 036 0 0 037 4,227,228 14,750,000 038 0 0 039 4,227,228 14,750,000 040 -6,559,876 -11,621,252 041 0 0 4 Interest paid Submitter: JADRAN d.d. a) Increase or decrease in short-term liabilities b) Increase or decrease in short-term receivables in EUR c) Increase or decrease in inventories h) Other adjustments for non-cash transactions and unrealised gains and losses I Cash flow increase or decrease before changes in working capital (ADP 001+002) 3 Changes in the working capital (ADP 013 to 016) Item 1 d) Interest and dividend income e) Interest expenses f) Provisions g) Exchange rate differences (unrealised) c) Gains and losses from sale and unrealised gains and losses and value adjustment of financial assets Cash flow from operating activities 1 Pre-tax profit 2 Adjustments (ADP 003 to 010): a) Depreciation b) Gains and losses from sale and value adjustment of fixed tangible and intangible assets Cash flow from investment activities d) Other increase or decrease in working capital II Cash from operations (ADP 011+012) 2 Cash payments for the acquisition of financial instruments V Total cash receipts from financing activities (ADP 035 to 038) 4 Acquisition of a subsidiary, net of cash acquired 5 Other cash payments from investment activities III Total cash receipts from investment activities (ADP 021 to 026) 1 Cash payments for the purchase of fixed tangible and intangible assets 3 Cash payments for loans and deposits for the period 5 Income tax paid A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019) 1 Cash payments for the repayment of credit principals, loans and other borrowings and debt financial instruments 2 Cash payments for dividends 1 Cash receipts from sales of fixed tangible and intangible assets 2 Cash receipts from sales of financial instruments 3 Interest received 4 Dividends received 5 Cash receipts from repayment of loans and deposits 6 Other cash receipts from investment activities IV Total cash payments from investment activities (ADP 028 to 032) B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033) 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 financial instruments 3 Cash receipts from credit principals, loans and other borrowings 4 Other cash receipts from financing activities

3 Cash payments for finance lease	042	-1,385,103	0
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	0	-1,500,000
VI Total cash payments from financing activities (ADP 040 to 044)	045	-7,944,979	-13,121,252
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	-3,717,751	1,628,748
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	227,466	874,061
E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	049	795,160	1,022,626
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(ADP 048+049)	050	1,022,626	1,896,687

STATEMENT OF CHANGES IN EQUITY

for the period from 1.1.2024 to	31.12.2024																	in EUR
										Attributable to owners of the parent
										Fair value of financial assets		Hedge of a net		Exchange rate				Minority (non	Total capital and
Item	ADP 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	controlling)	reserves
		capital			treasury shares	(deductible item)			reserves	comprehensive income (available	effective portion	foreign operation - effective portion	reserves	translation of foreign operations	forward	business year	owners of the parent	interest
										for sale)							18 (3 to 6 - 7
1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	+ 8 to 17)	19	20 (18+19)
Previous period 1 Balance on the first day of the previous business year	01	64,039,781	3,371,335		0 0	0		0 0	27,713,796		0 0	0	0	0	-25,749,908	0	69,375,004	0	69,375,004
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	64,039,781	3,371,335		0 0	0		0 0	27,713,796		0 0	0	0	0	-25,749,908	0	69,375,004	0	69,375,004
5 Profit/loss of the period	05	0		0	0 0	0		0 0	0		0 0	0	0	0	0	2,728,967	2,728,967	0	2,728,967
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	0	0
7 Changes in revaluation reserves of fixed tangible and intangible assets	07	0		0	0 0	0		0 0	0		0 0	0	0	0	0	0	0	0	0
8 Gains or losses from subsequent measurement of financial assets at fair value
through other comprehensive income (available for sale)	08	0		0	0 0	0		0 0	0		0 0	0	0	0	0	0	0	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	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	0	0	0	0
13 Other changes in equity unrelated to owners 14 Tax on transactions recognised directly in equity	13 14	-1 0		1 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
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	16	0		0	0 0	0		0 0	0		0 0	0	0	0	0	0	0	0	0
procedure
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 21 Other distributions and payments to members/shareholders	20 21	0 0		0 0	0 0 0 0	0 0		0 0 0 0	0 0		0 0 0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
22 Transfer to reserves according to the annual schedule	22	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 (ADP 04 to 23)	24	64,039,780	3,371,336		0 0	0		0 0	27,713,796		0 0	0	0	0	-25,749,908	2,728,967	72,103,971	0	72,103,971
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	-1		1	0 0	0		0 0	0		0 0	0	0	0	0	0	0	0	0
TAX (ADP 06 to 14)
II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP	26	-1		1	0 0	0		0 0	0		0 0	0	0	0	0	2,728,967	2,728,967	0	2,728,967
05+25)
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	64,039,780	3,371,336		0 0	0		0 0	27,713,796		0 0	0	0	0	-23,020,941	0	72,103,971	0	72,103,971
2 Changes in accounting policies	29	0		0	0 0	0		0 0	0		0 0	0	0	0	30,078	0	30,078	0	30,078
3 Correction of errors	30	0		0	0 0	0		0 0	0		0 0	0	0	0	0	0	0	0	0
4 Balance on the first day of the current business year (restated) (AOP 28 to 30)	31	64,039,780	3,371,336		0 0	0		0 0	27,713,796		0 0	0	0	0	-22,990,863	0	72,134,049	0	72,134,049
5 Profit/loss of the period	32	0		0	0 0	0		0 0	0		0 0	0	0	0	0	-2,708,692	-2,708,692	0	-2,708,692
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	0	0
7 Changes in revaluation reserves of fixed tangible and intangible assets	34	0		0	0 0	0		0 0	0		0 0	0	0	0	0	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	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	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 15 Decrease in initial (subscribed) capital (other than arising from the pre-bankruptcy	41	0		0	0 0	0		0 0	0		0 0	0	0	0	0	0	0	0	0
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	43	0		0	0 0	0		0 0	0		0 0	0	0	0	0	0	0	0	0
procedure
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 19 Payments from members/shareholders	45 46	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	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	49	0		0	0 0	0		0 0	0		0 0	0	0	0	0	0	0	0	0
23 Increase in reserves arising from the pre-bankruptcy settlement procedure 24 Balance on the last day of the current business year reporting period (ADP	50	0		0	0 0	0		0 0	0		0 0	0	0	0	0	0	0	0	0
31 to 50)	51	64,039,780	3,371,336		0 0	0		0 0	27,713,796		0 0	0	0	0	-22,990,863	-2,708,692	69,425,357	0	69,425,357
APPENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by undertakings that draw up financial statements in accordance with the IFRS)
I OTHER COMPREHENSIVE INCOME FOR THE CURRENT PERIOD, NET OF TAX (ADP 33 to 41)	52	0		0	0 0	0		0 0	0		0 0	0	0	0	0	0	0	0	0

II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 32 do 52)	53	0		0	0 0	0		0 0	0		0 0	0	0	0	0	-2,708,692	-2,708,692	0	-2,708,692
III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED	54	0		0	0 0	0		0 0	0		0 0	0	0	0	0	0	0	0	0
DIRECTLY IN EQUITY (ADP 42 to 50)

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

Name of the issuer: JADRAN d.d.

Personal identification number (OIB): 56994999963

Reporting period: 01.01.2024.-.31.12.2024.

Notes to financial statements for quarterly periods include:

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

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

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

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

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

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

adopted accounting policies (only an indication of whether there has been a change from the previous period)
the total amount of any financial commitments, guarantees or contingencies that are not included in the balance sheet, and an indication of the nature and form of any valuable security which has been provided; any commitments concerning pensions of the undertaking within the group or company linked by virtue of participating interest shall be disclosed separately
the amount and nature of individual items of income or expenditure which are of exceptional size or incidence
amounts owed by the undertaking and falling due after more than five years, as well as the total debts of the undertaking covered by valuable security furnished by the undertaking, specifying the type and form of security
average number of employees during the financial year
where, in accordance with the regulations, the undertaking capitalised on the cost of salaries in part or in full, information on the amount of the total cost of employees during the year broken down into the amount directly debiting the costs of the period and the amount capitalised on the value of the assets during the period, showing separately the total amount of net salaries and the amount of taxes, contributions from salaries and contributions on salaries
where a provision for deferred tax is recognised in the balance sheet, the deferred tax balances at the end of the financial year, and the movement in those balances during the financial year
the name and registered office of each of the undertakings in which the undertaking, either itself or through a person acting in their own name but on the undertaking's behalf, holds a participating interest, showing the proportion of the capital held, the amount of capital and reserves, and the profit or loss for the latest financial year of the undertaking concerned for which financial statements have been adopted; the information concerning capital and reserves and the profit or loss may be omitted where the undertaking concerned does not publish its balance sheet and is not controlled by another undertaking
the number and the nominal value or, in the absence of a nominal value, the accounting par value of the shares subscribed during the financial year within the limits of the authorised capital
the existence of any participation certificates, convertible debentures, warrants, options or similar securities or rights, with an indication of their number and the rights they confer
the name, registered office and legal form of each of the undertakings of which the undertaking is a member having unlimited liability
the name and registered office of the undertaking which draws up the consolidated financial statements of the largest group of undertakings of which the undertaking forms part as a controlled group member
the name and registered office of the undertaking which draws up the consolidated financial statements of the smallest group of undertakings of which the undertaking forms part as a controlled group member and which is also included in the group of undertakings referred to in point 13
the place where copies of the consolidated financial statements referred to in points 13 and 14 may be obtained, provided that they are available
the nature and business purpose of the undertaking's arrangements that are not included in the balance sheet and the financial impact on the undertaking of those arrangements, provided that the risks or benefits arising from such arrangements are material and in so far as the disclosure of 18. Under the capital and reserves items, the presentation of reserves has been corrected, in such a way that the total amount has been broken down into capital and revaluation reserves.

Annex 1	ISSUER'S GENERAL DATA

Reporting period:	1.1.2024 31.12.2024 to
Year:	2024
Quarter:	4.
	Quarterly financial statements

Registration number (MB): 03145662	Issuer's home Member HR State code:
Entity's registration 040000817 number (MBS):
Personal identification 56994999963 number (OIB):	74780030Q33IX8LEE969 LEI:
Institution 1285 code:
Name of the issuer: JADRAN d.d.
Postcode and town: 51260	CRIKVENICA
Street and house number: BANA JELAČIĆA 16
E-mail address: [email protected]
Web address: www.jadran-crikvenica.hr
Number of employees 380 (end of the reporting
Consolidated report: (KN-not consolidated/KD-consolidated) KN KD KD
Audited: RN	RN (RN-not audited/RD-audited)	RD
Names of subsidiaries (according to IFRS):	Registered office:	MB:
STOLIST D.O.O.	CRIKVENICA, FRANKOPANSKA 22	2741865
ADRIA COAST TURIZAM D.O.O.	CRIKVENICA, BANA JELAČIĆA 16	4628233




		Yes
Bookkeeping firm: No	(Yes/No)	No
Contact person: NATALI IVANČIĆ MAJETIĆ	(name of the bookkeeping firm)
Telephone: 051/800-482	(only name and surname of the contact person)
E-mail address: [email protected]
Audit firm:
(name of the audit firm) Certified auditor:
(name and surname)

BALANCE SHEET

balance as at 31.12.2024

Submitter: JADRAN d.d.-consolidated
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	135,808,270	128,714,724
I INTANGIBLE ASSETS (ADP 004 to 009)	003	8,583,447	7,544,253
1 Research and development	004	0	0
2 Concessions, patents, licences, trademarks, software and other	005	207,363	194,181
rights
3 Goodwill	006	489,331	489,331
4 Advances for the purchase of intangible assets	007	0	0
5 Intangible assets in preparation	008	0	0
6 Other intangible assets	009	7,886,753	6,860,741
II TANGIBLE ASSETS (ADP 011 to 019)	010	124,894,200	118,809,771
1 Land	011	35,917,877	35,729,735
2 Buildings	012	64,921,340	62,055,532
3 Plant and equipment	013	19,338,248	15,850,782
4 Tools, working inventory and transportation assets	014	0	0
5 Biological assets	015	405,799	311,393
6 Advances for the purchase of tangible assets	016	0	0
7 Tangible assets in preparation	017	98,835	470,361
8 Other tangible assets	018	0	0
9 Investment property	019	4,212,101	4,391,968
III FIXED FINANCIAL ASSETS (ADP 021 to 030)	020	130,072	130,072
1 Investments in holdings (shares) of undertakings within the group	021	0	0
2 Investments in other securities of undertakings within the group	022	0	0
3 Loans, deposits, etc. to undertakings within the group	023	0	0
4. Investments in holdings (shares) of companies linked by virtue of participating interests	024	0	0
5 Investment in other securities of companies linked by virtue of
participating interests	025	0	0
6 Loans, deposits etc. to companies linked by virtue of participating	026	0	0
interests 7 Investments in securities		0	0
8 Loans, deposits, etc. given	027 028	130,072	130,072
9 Other investments accounted for using the equity method	029	0	0
10 Other fixed financial assets	030	0	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	2,200,551	2,230,628
C) CURRENT ASSETS (ADP 038+046+053+063)	037	2,852,964	3,945,295
I INVENTORIES (ADP 039 to 045)	038	117,322	152,506
1 Raw materials and consumables	039	114,141	147,931
2 Work in progress	040	0	0
3 Finished goods	041	0	0
4 Merchandise	042	3,181	4,575
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	966,515	1,094,710
1 Receivables from undertakings within the group	047	0	0
2 Receivables from companies linked by virtue of participating interests	048	0	0

3 Customer receivables	049	456,858	494,489
4 Receivables from employees and members of the undertaking	050	12,604	24,656
5 Receivables from government and other institutions	051	305,260	166,004

in EUR

6 Other receivables	052	191,793	409,561
III CURRENT FINANCIAL ASSETS (ADP 054 to 062)	053	0	0
1 Investments in holdings (shares) of undertakings within the group	054	0	0
2 Investments in other securities of undertakings within the group	055	0	0
3 Loans, deposits, etc. to undertakings within the group	056	0	0
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	059	0	0
interests 7 Investments in securities	060	0	0
8 Loans, deposits, etc. given	061	0	0
9 Other financial assets	062	0	0
IV CASH AT BANK AND IN HAND	063	1,769,127	2,698,079
D ) PREPAID EXPENSES AND ACCRUED INCOME	064	149,645	275,287
E) TOTAL ASSETS (ADP 001+002+037+064)	065	138,810,879	132,935,306
OFF-BALANCE SHEET ITEMS	066	0	0
LIABILITIES
A) CAPITAL AND RESERVES (ADP 068 to	067	68,661,761	62,847,924
070+076+077+083+086+089)
I INITIAL (SUBSCRIBED) CAPITAL	068	64,039,780	64,039,780
II CAPITAL RESERVES III RESERVES FROM PROFIT (ADP 071+072-073+074+075)	069	3,371,336	3,371,336
1 Legal reserves	070	0 0	0 0
2 Reserves for treasury shares	071 072	0	0
3 Treasury shares and holdings (deductible item)	073	0	0
4 Statutory reserves	074	0	0
5 Other reserves	075	0	0
IV REVALUATION RESERVES	076	27,713,796	27,713,796
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
3 Hedge of a net investment in a foreign operation - effective portion	079	0	0
4 Other fair value reserves	080 081	0 0	0 0
5 Exchange differences arising from the translation of foreign
operations (consolidation)	082	0	0
VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 084- 085)	083	-23,072,424	-26,356,864
1 Retained profit	084	0	0
2 Loss brought forward	085	23,072,424	26,356,864
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088)	086	-3,390,727	-5,920,124
1 Profit for the business year	087	0	0
2 Loss for the business year	088	3,390,727	5,920,124
VIII MINORITY (NON-CONTROLLING) INTEREST	089	0	0
B) PROVISIONS (ADP 091 to 096)	090	152,853	178,247
1 Provisions for pensions, termination benefits and similar obligations	091	72,912	64,233
2 Provisions for tax liabilities	092	0	0
3 Provisions for ongoing legal cases	093	79,941	114,014
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	55,875,514	59,992,240
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 4 Liabilities for loans, deposits etc. of companies linked by virtue of	100	0	0
participating interests	101	0	0
5 Liabilities for loans, deposits etc.	102	0	0
6 Liabilities to banks and other financial institutions	103	43,047,044	48,007,034
7 Liabilities for advance payments	104	0	0
8 Liabilities to suppliers	105	0	0

9 Liabilities for securities	106	0	0
10 Other long-term liabilities	107	10,717,019	10,037,076
11 Deferred tax liability	108	2,111,451	1,948,130
D) SHORT-TERM LIABILITIES (ADP 110 to 123)	109	14,014,531	9,832,403
1 Liabilities to undertakings within the group	110	0	0
2 Liabilities for loans, deposits, etc. of undertakings within the group	111	0	0
3 Liabilities to companies linked by virtue of participating interests	112	0	0
4 Liabilities for loans, deposits etc. of companies linked by virtue of participating interests	113	0	0
5 Liabilities for loans, deposits etc.	114	57,672	51,862
6 Liabilities to banks and other financial institutions	115	8,625,011	5,218,437
7 Liabilities for advance payments	116	440,877	533,964
8 Liabilities to suppliers	117	2,629,687	1,466,920
9 Liabilities for securities	118	0	0
10 Liabilities to employees	119	931,012	879,435
11 Taxes, contributions and similar liabilities	120	346,367	329,866
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	983,905	1,351,919
E) ACCRUALS AND DEFERRED INCOME	124	106,220	84,492
F) TOTAL – LIABILITIES (ADP 067+090+097+109+124)	125	138,810,879	132,935,306
G) OFF-BALANCE SHEET ITEMS	126	0	0

for the period 01.01.2024. to 31.12.2024. STATEMENT OF PROFIT OR LOSS

in EUR

Submitter: JADRAN d.d.-consolidated
Item	ADP code		Same period of the previous year		Current period
1	2	Cumulative 3	Quarter 4	Cumulative 5	Quarter 6
I OPERATING INCOME (ADP 002 to 006)	001	32,423,750	2,519,578	31,761,739	2,822,733
1 Income from sales with undertakings within the group	002	0	0	0	0
2 Income from sales (outside group)	003	28,642,245	1,488,056	30,128,882	2,234,749
3 Income from the use of own products, goods and services	004	0	0	0	0
4 Other operating income with undertakings within the group	005	0	0	0	0
5 Other operating income (outside the group)	006	3,781,505	1,031,522	1,632,857	587,984
II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029)	007	33,683,658	7,367,522	34,312,430	7,249,700
1 Changes in inventories of work in progress and finished goods	008	0	0	0	0
2 Material costs (ADP 010 to 012)	009	12,358,764	1,742,263	12,919,100	2,013,930
a) Costs of raw materials and consumables	010	5,888,734	634,471	6,235,561	771,626
b) Costs of goods sold c) Other external costs	011 012	37,932 6,432,098	1,938 1,105,854	46,932 6,636,607	1,608 1,240,696
3 Staff costs (ADP 014 to 016)	013	9,375,062	2,426,335	11,331,779	2,733,435
a) Net salaries and wages	014	6,293,049	1,747,526	7,452,121	1,817,829
b) Tax and contributions from salary costs	015	1,956,447	425,726	2,442,060	573,810
c) Contributions on salaries	016	1,125,566	253,083	1,437,598	341,796
4 Depreciation	017	9,056,456	1,752,078	8,562,329	2,060,985
5 Other costs	018	3,087,275	383,752	1,273,357	267,955
6 Value adjustments (ADP 020+021)	019	-193,899	29,528	139,903	139,903
a) fixed assets other than financial assets	020	-276,478	0	139,903	139,903
b) current assets other than financial assets 7 Provisions (ADP 023 to 028)	021 022	82,579 0	29,528 37,802	0 25,393	0 17,879
a) Provisions for pensions, termination benefits and similar obligations	023	0	0	-8,680	-8,680
b) Provisions for tax liabilities	024	0	0	0	0
c) Provisions for ongoing legal cases	025	0	37,802	34,073	26,559
d) Provisions for renewal of natural resources	026	0	0	0	0
e) Provisions for warranty obligations	027	0	0	0	0
f) Other provisions	028	0	0	0	0
8 Other operating expenses	029	0	995,764	60,569	15,613
III FINANCIAL INCOME (ADP 031 to 040) 1 Income from investments in holdings (shares) of undertakings within	030	4,459	2,487	1,367	397
the group	031	0	0	0	0
2 Income from investments in holdings (shares) of companies linked by
virtue of participating interests	032	0	0	0	0
3 Income from other long-term financial investment and loans granted	033	0	0	0	0
to undertakings within the group
4 Other interest income from operations with undertakings within the group	034	0	0	0	0
5 Exchange rate differences and other financial income from operations
with undertakings within the group	035	0	0	0	0
6 Income from other long-term financial investments and loans	036	0	0	0	0
7 Other interest income	037	4,459	2,487	1,338	368
8 Exchange rate differences and other financial income	038	0	0	29	29
9 Unrealised gains (income) from financial assets 10 Other financial income	039 040	0 0	0 0	0 0	0 0
IV FINANCIAL EXPENSES (ADP 042 to 048)	041	2,978,306	792,573	3,534,120	993,703
1 Interest expenses and similar expenses with undertakings within the
group	042	0	0	0	0
2 Exchange rate differences and other expenses from operations with	043	0	0	0	0
undertakings within the group
3 Interest expenses and similar expenses	044	2,978,306	792,565	3,336,973	803,654
4 Exchange rate differences and other expenses 5 Unrealised losses (expenses) from financial assets	045 046	0 0	8 0	18 0	1 0
6 Value adjustments of financial assets (net)	047	0	0	197,129	190,048
7 Other financial expenses	048	0	0	0	0
V SHARE IN PROFIT FROM UNDERTAKINGS LINKED BY VRITUE	049	0	0	0	0
OF PARTICIPATING INTERESTS
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	052	0	0	0	0
IX TOTAL INCOME (ADP 001+030+049 +050)	053	32,428,209	2,522,065	31,763,106	2,823,130
X TOTAL EXPENDITURE (ADP 007+041+051 + 052)	054	36,661,964	8,160,095	37,846,550	8,243,403
XI PRE-TAX PROFIT OR LOSS (ADP 053-054)	055	-4,233,755	-5,638,030	-6,083,444	-5,420,273
1 Pre-tax profit (ADP 053-054)	056	0	0	0	0
2 Pre-tax loss (ADP 054-053)	057	-4,233,755	-5,638,030	-6,083,444	-5,420,273
XII INCOME TAX XIII PROFIT OR LOSS FOR THE PERIOD (ADP 055-059)	058 059	530,698 -4,764,453	0 -5,638,030	-163,320 -5,920,124	-39,306 -5,380,967
1 Profit for the period (ADP 055-059)	060	0	0	0	0
2 Loss for the period (ADP 059-055)	061	-4,764,453	-5,638,030	-5,920,124	-5,380,967
DISCONTINUED OPERATIONS (to be filled in by undertakings subject to IFRS only with discontinued operations)
XIV PRE-TAX PROFIT OR LOSS OF DISCONTINUED OPERATIONS	062	1,373,726	0	0	0
(ADP 063-064) 1 Pre-tax profit from discontinued operations	063	1,373,726	0	0	0
2 Pre-tax loss on discontinued operations	064	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)	066	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	-3,390,727	0	0	0
1 Pre-tax profit (ADP 068)	069	0	0	0	0
2 Pre-tax loss (ADP 068)	070	3,390,727	0	0	0
XVII INCOME TAX (ADP 058+065)	071	0	0	0	0
XVIII PROFIT OR LOSS FOR THE PERIOD (ADP 068-071)	072	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)	074	0	0	0	0
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	-3,390,727	-5,638,030	-5,920,124	-5,380,967
1 Attributable to owners of the parent	076	-3,390,727	-5,638,030	-5,920,124	-5,380,967
2 Attributable to minority (non-controlling) interest	077	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	078	-3,390,727	-5,638,030	-5,920,124	-5,380,967
II OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX
(ADP 80+ 87)	079	0	0	0	0
III Items that will not be reclassified to profit or loss (ADP 081 to 085)	080	0	0	0	0
1 Changes in revaluation reserves of fixed tangible and intangible assets	081	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	092	0	0	0	0
virtue of participating interests
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	098	-3,390,727	-5,638,030	-5,920,124	-5,380,967
078+097) 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	-3,390,727	-5,638,030	-5,920,124	-5,380,967
1 Attributable to owners of the parent	100	-3,390,727	-5,638,030	-5,920,124	-5,380,967
2 Attributable to minority (non-controlling) interest	101	0	0	0	0

STATEMENT OF CASH FLOWS - indirect method for the period 01.01.2024. to 31.12.2024.

ADP code Same period of the previous year Current period 2 3 4 001 -2,860,029 -5,920,124 002 9,623,155 12,194,692 003 9,056,456 8,562,329 004 -276,478 139,903 005 -46,422 182,666 006 -3,961 -40,347 007 2,978,306 3,324,923 008 71,700 25,218 009 0 0 010 -2,156,446 0 011 6,763,126 6,274,568 012 2,070,487 -2,254,898 013 1,536,286 -1,252,327 014 103,011 -128,195 015 3,174 -35,184 016 428,016 -839,192 017 8,833,613 4,019,670 018 -2,758,515 -3,324,923 019 0 0 020 6,075,098 694,747 021 0 8,800 022 0 0 023 3,961 427 024 0 0 025 0 0 026 1,676,519 0 027 1,680,480 9,227 028 -3,048,717 -1,403,770 029 0 0 030 0 0 031 0 0 032 0 0 033 -3,048,717 -1,403,770 034 -1,368,237 -1,394,543 035 0 0 036 0 0 037 4,227,228 13,400,000 038 0 0 039 4,227,228 13,400,000 040 -6,559,876 -11,771,252 4 Interest paid Submitter: JADRAN d.d.-consolidated a) Increase or decrease in short-term liabilities b) Increase or decrease in short-term receivables c) Increase or decrease in inventories h) Other adjustments for non-cash transactions and unrealised gains and losses I Cash flow increase or decrease before changes in working capital (ADP 001+002) 3 Changes in the working capital (ADP 013 to 016) Item 1 d) Interest and dividend income e) Interest expenses f) Provisions g) Exchange rate differences (unrealised) c) Gains and losses from sale and unrealised gains and losses and value adjustment of financial assets Cash flow from operating activities 1 Pre-tax profit 2 Adjustments (ADP 003 to 010): a) Depreciation b) Gains and losses from sale and value adjustment of fixed tangible and intangible assets Cash flow from investment activities d) Other increase or decrease in working capital II Cash from operations (ADP 011+012) 2 Cash payments for the acquisition of financial instruments V Total cash receipts from financing activities (ADP 035 to 038) 4 Acquisition of a subsidiary, net of cash acquired 5 Other cash payments from investment activities III Total cash receipts from investment activities (ADP 021 to 026) 1 Cash payments for the purchase of fixed tangible and intangible assets 3 Cash payments for loans and deposits for the period 5 Income tax paid A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 017 to 019) 1 Cash payments for the repayment of credit principals, loans and other borrowings and debt financial instruments 1 Cash receipts from sales of fixed tangible and intangible assets 2 Cash receipts from sales of financial instruments 3 Interest received 4 Dividends received 5 Cash receipts from repayment of loans and deposits 6 Other cash receipts from investment activities IV Total cash payments from investment activities (ADP 028 to 032) B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 027 +033) 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 financial instruments 3 Cash receipts from credit principals, loans and other borrowings 4 Other cash receipts from financing activities

2 Cash payments for dividends

in EUR

041 0 0

3 Cash payments for finance lease	042	-1,411,163	0
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	0	0
VI Total cash payments from financing activities (ADP 040 to 044)	045	-7,971,039	-11,771,252
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 039 +045)	046	-3,743,811	1,628,748
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	963,050	928,952
E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	049	806,077	1,769,127
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(ADP 048+049)	050	1,769,127	2,698,079

STATEMENT OF CHANGES IN EQUITY

for the period from 1.1.2024 to	31.12.2024																	in EUR
										Attributable to owners of the parent Fair value of financial assets		Hedge of a net		Exchange rate				Minority (non	Total capital and
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	through other comprehensive income (available	Cash flow hedge - effective portion	investment in a foreign operation - effective portion	Other fair value reserves	differences from translation of foreign operations	Retained profit / loss brought forward	Profit/loss for the business year	Total attributable to owners of the parent	controlling) interest	reserves
										for sale)							18 (3 to 6 - 7
1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	+ 8 to 17)	19	20 (18+19)
Previous period 1 Balance on the first day of the previous business year	01	64,039,781	3,371,335		0	0	0 0	0	27,713,796		0	0 0		0 0	-23,072,424	0	72,052,488	0	72,052,488
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	64,039,781	3,371,335		0	0	0 0	0	27,713,796		0	0 0		0 0	-23,072,424	0	72,052,488	0	72,052,488
5 Profit/loss of the period	05		0 0		0	0	0 0	0	0		0	0 0		0 0	0	-3,390,727	-3,390,727	0	-3,390,727
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	0	0
7 Changes in revaluation reserves of fixed tangible and intangible assets	07		0 0		0	0	0 0	0	0		0	0 0		0 0	0	0	0	0	0

8 Gains or losses from subsequent measurement of financial assets at fair value through other comprehensive income (available for sale)	08		0 0		0	0	0 0	0	0		0	0 0		0 0	0	0	0	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	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	0	0	0	0
13 Other changes in equity unrelated to owners	13	-1	1		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	0 0		0 0	0	0	0	0	0
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 21 Other distributions and payments to members/shareholders	20 21		0 0 0 0		0 0	0 0	0 0 0 0	0 0	0 0		0 0	0 0 0 0		0 0 0 0	0 0	0 0	0 0	0 0	0 0
22 Transfer to reserves according to the annual schedule	22		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 (ADP 04 to 23)	24	64,039,780	3,371,336		0	0	0 0	0	27,713,796		0	0 0		0 0	-23,072,424	-3,390,727	68,661,761	0	68,661,761
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	-1	1		0	0	0 0	0	0		0	0 0		0 0	0	0	0	0	0
II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP 05+25)	26	-1	1		0	0	0 0	0	0		0	0 0		0 0	0	-3,390,727	-3,390,727	0	-3,390,727
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	64,039,780	3,371,336		0	0	0 0	0	27,713,796		0	0 0		0 0	-26,463,151	0	68,661,761	0	68,661,761
2 Changes in accounting policies	29		0 0		0	0	0 0	0	0		0	0 0		0 0	106,287	0	106,287	0	106,287
3 Correction of errors	30		0 0		0	0	0 0	0	0		0	0 0		0 0	0	0	0	0	0
4 Balance on the first day of the current business year (restated) (AOP 28 to 30) 5 Profit/loss of the period	31 32	64,039,780	3,371,336 0 0		0 0	0 0	0 0 0 0	0 0	27,713,796 0		0 0	0 0 0 0		0 0 0 0	-26,356,864 0	0 -5,920,124	68,768,048 -5,920,124	0 0	68,768,048 -5,920,124
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	0	0
7 Changes in revaluation reserves of fixed tangible and intangible assets	34		0 0		0	0	0 0	0	0		0	0 0		0 0	0	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	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	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	0	0	0	0	0
15 Decrease in initial (subscribed) capital (other than arising from the pre-bankruptcy settlement procedure or from the reinvestment of profit)	42		0 0		0	0	0 0	0	0		0	0 0		0 0	0	0	0	0	0
16 Decrease in initial (subscribed) capital arising from the pre-bankruptcy settlement procedure	43		0 0		0	0	0 0	0	0		0	0 0		0 0	0	0	0	0	0
17 Decrease in initial (subscribed) capital arising from the reinvestment of profit	44		0 0		0	0	0 0	0	0		0	0 0		0 0	0	0	0	0	0
18 Redemption of treasury shares/holdings	45		0 0		0	0	0 0	0	0		0	0 0		0 0	0	0	0	0	0
19 Payments from members/shareholders	46		0 0		0	0	0 0	0	0		0	0 0		0 0	0	0	0	0	0
20 Payment of share in profit/dividend 21 Other distributions and payments to members/shareholders	47 48		0 0 0 0		0 0	0 0	0 0 0 0	0 0	0 0		0 0	0 0 0 0		0 0 0 0	0 0	0 0	0 0	0 0	0 0
22 Carryforward per annual plane	49		0 0		0	0	0 0	0	0		0	0 0		0 0	0	0	0	0	0
23 Increase in reserves arising from the pre-bankruptcy settlement procedure	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 (ADP 31 to 50)	51	64,039,780	3,371,336		0	0	0 0	0	27,713,796		0	0 0		0 0	-26,356,864	-5,920,124	62,847,924	0	62,847,924
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) II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 32	52		0 0		0	0	0 0	0	0		0	0 0		0 0	0	0	0	0	0
do 52) III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED	53		0 0		0	0	0 0	0	0		0	0 0		0 0	0	-5,920,124	-5,920,124	0	-5,920,124
DIRECTLY IN EQUITY (ADP 42 to 50)	54		0 0		0	0	0 0	0	0		0	0 0		0 0	0	0	0	0	0

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

Name of the issuer: JADRAN d.d.

Personal identification number (OIB): 56994999963

Reporting period: 01.01.2024.-.31.12.2024.

Notes to financial statements for quarterly periods include:

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

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

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

AI Terminal

Jadran d.d.

2094_10-q_2025-02-26_b4ee27ac-a54c-4f9e-b94c-d539560fb650.pdf

MANAGEMENT REPORT Q4 2024

CONTENT

1. GENERAL INFORMATION

Corporate name

Registered office and legal form

Securities

Management Board Members:

Supervisory Board Members:

Jadran Group comprises Jadran d. d. and its subsidiaries:

2. COMPANY AND GROUP BUSINESS RESULTS

3. COMPANY AND GROUP RISK EXPOSURE

Competition risk

Currency risk

Interest rate risk

Settlement risk

Inflation risk (increases in consumer prices)

Liquidity risk

Risk of tax and concession legislation developments

Tourism industry risk

Environmental risk

4. HUMAN RESOURCES

5. ESG AND CORPORATE GOVERNANCE

6. RESEARCH AND DEVELOPMENT ACTIVITIES

7. COMPANY AND GROUP OWN SHARE REDEMPTION

8. SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD

9. APPENDICES – FINANCIAL STATEMENTS (UNAUDITED)

BALANCE SHEET

for the period 01.01.2024. to 31.12.2024. STATEMENT OF PROFIT OR LOSS

Submitter: JADRAN d.d.

STATEMENT OF CASH FLOWS - indirect method for the period 01.01.2024. to 31.12.2024.

STATEMENT OF CHANGES IN EQUITY

BALANCE SHEET

for the period 01.01.2024. to 31.12.2024. STATEMENT OF PROFIT OR LOSS

STATEMENT OF CASH FLOWS - indirect method for the period 01.01.2024. to 31.12.2024.

STATEMENT OF CHANGES IN EQUITY

10. STATEMENT BY PERSONS RESPONSIBLE FOR THE PREPARATION OF THE QUARTER REPORT

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