Mon Perin d.d. — Interim / Quarterly Report 2022

Apr 30, 2022

BUSINESS RESULTS 1/1/2022 – 31/3/2022 GROUP MON PERIN

Business results 1/1/2022 – 31/03/2022 1

GROUP MON PERIN

1.		SUMMARY 3
	1.1.	IN SHORT ABOUT MON PERIN D.D. 3
	1.2.	COMPANY'S ACCOMMODATION CAPACITIES 5
2.		SIGNIFICANT BUSINESS DEVELOPMENTS 5
3.		COMPANY RESULTS 5
4.		CORPORATE GOVERNANCE 6
	4.1	COMPANY BODIES 7
5.		MANAGEMENT REPORT 7
	5.1	FUTURE BUSINESS DEVELOPMENT 7
	5.2	RESEARCH AND DEVELOPMENT ACTIVITIES 7
	5.3	INFORMATION ON THE PURCHASE OF OWN SHARES MONP-R-A 8
	5.4	COMPANY SUBSIDIARIES 8
	5.5	FINANCIAL INSTRUMENTS USED BY THE COMPANY AND GROUP 8
	5.6	COMPANY AND GROUP RISKS 8
	5.6.1	Currency risk 8
	5.6.2	Price risk 8
5.6.3		Cash flow interest rate risk 8
5.6.4		Credit risk 9
	5.6.5	Liquidity risk 9
6.		DECLARATION BY THE PERSONS RESPONSIBLE FOR THE PREPARATION OF
		QUARTERLY FINANCIAL STATEMENTS 10
7.		FINANCIAL STATEMENTS ACCORDING TO GFI-POD 11
	7.1	Group Mon Perin. 11

1. SUMMARY

Mon Perin d.d. is a tourism company founded on 10 December 2005 in Bale, Istria. The company was established with a unique goal of developing and revitalising the local community, while encouraging progress and development through the use of existing cultural, historical and human resources. The emphasis is put on participatory, social, and sustainable entrepreneurship.

1.1. IN SHORT ABOUT MON PERIN D.D.

MON PERIN d.d. is a unique example of a company in which a large part of the local community, as well as its friends, participates and which since its foundation has always had more than 700 members, i.e., company shareholders.

The foundation of the Company was initiated and carried out in 2005 by the citizens' association "MON PERIN" from Bale, together with the Municipality of Bale (Valle), with the underlying idea of creating preconditions for progress and well-being of the local community through realising projects such as developing the Bale coastal area, as well as other entrepreneurial activities initiated in the Bale Municipality based on the municipality's spatial development study, participation in tenders for the allocation of land in concession, right of construction and/or ownership, preparation of necessary planning and other documents to bring land to its intended purpose, as well as the performance of hospitality, tourist, agricultural and other activities, primarily on the territory of the Bale municipality, while generating revenue.

The rules set by the Association for the procedure of company establishment contributed to the specific character of the Issuer. This primarily refers to the groups of its founders, the amounts of founding shares, and the calculation of voting rights held by business shares.

The company Mon Perin was founded in late 2005, with a unique management model and the goal of revitalising the Municipality of Bale-Valle. From the very beginning, its vision was focused on "social entrepreneurship" based on its specific ownership structure, the mode of investment in the local community and youth, and the employment of the local population.

In 2005, the Municipality of Bale-Valle adopted the Program-Spatial Municipal Development Study, which focused on the development of tourism with a recognisable identity and the brand "Bale – the region of dinosaurs, butterflies, humane accommodation (diffuse hotel), authentic olive growing and agriculture" '.

Mon Perin was envisaged to become the leader in the development of tourism and the hospitality industry, with nearly all families residing on the area of the Bale Municipality investing in the Company, as well as the Municipality itself, and others, the so-called "friends of Bale", who recognised the project and wanted to participate.

On 16 December 2005, the establishment of the Company with a share capital of HRK 12,357,000.00 was entered in the court register, which was divided into 928 business shares.

After its establishment, Mon Perin d.o.o. signed a lease agreement with the Municipality of Bale-Valle for a period of 50 years for the Bale coastal area, i.e., more than 120 ha of land, which included the existing Colona and San Polo campsites, and the surrounding area. In addition, a coastal development study was adopted.

The year 2006 was the first year that the Company managed the existing campsites, which had a 1-star rating and in 2005 generated about HRK 2.5 million of revenue and realised 60,000 overnight stays.

In the first year of operation, the campsites' revenues increased to HRK 5.2 million, with overnight stays growing by 24%. On 27 December 2006, an increase in the share capital from HRK 12,357,000.00 by the amount of HRK 18,704,000.00 to HRK 31,061,000.00 was entered in the court register.

From 2006 onwards, the Issuer started to progressively invest in the campsites in order to improve their rating. As a result, a new, 2-star rating was issued for Campsite Colon and Campsite San Polo in 2012, which generated HRK 14.2 million in revenue and recorded 164,000 overnight stays.

In 2014, the company Mon Perin won the award ''Poslovni uzlet (Business Take-Off) 2014'' as the best small and medium-sized enterprise in Istria, the Croatian Littoral and Mountainous Croatia in the 1 January 2009 to 31 December 2014 period.

In 2015, a major investment cycle was launched with the aim of modernising the then Colona and San Polo campsites by investing in the existing infrastructure, toilets, restaurants, reception, pitches with infrastructure and mobile homes, with a broad-ranging goal of merging the two campsites into a single one with a 4-star rating.

In 2016, a new rating was issued for the Mon Perin campsite, which included the former Colona and San Polo campsites, at a 4-star level. The same year, HRK 28.8 million of revenue was generated and 216,000 overnight stays realised.

On 22 December 2017, an increase in the share capital from HRK 31,061,000.00 by the amount of HRK 64,950,000.00 to HRK 96,011,000.00 was entered in the court register.

In 2019, Mon Perin started investing outside the Mon Perin campsite, as the construction of the first duplex villa in Bale began, which was a step forward for Mon Perin in the segment of solid buildings and luxury accommodation. Also, as part of the diffuse hotel project, the first house was built in the old town of Bale. Both facilities are 5-star rated.

The offer of the Mon Perin campsite was expanded for the 2019 season with the construction of the "Paleo Park" theme water park, which complements the campsite's services and is open to external visitors.

The Paleo Park project received the "Simply the Best" award from the Association of Croatian Travel Agencies for the inventive design of the amusement park enriching the attractiveness of the tourist offer of the destination with its educational, as well as entertainment and recreational facilities.

In April 2019, the Mon Perin campsite was rated at a 4-star level, with an increase of the campsite's capacity.

In the 2019 season, the campsite received the award as the ''Best Selectcamp Campsite'' in Europe from the global travel agency Vacanselect, according to guest reviews.

On 20 December 2019, the transformation of the limited liability company into a joint stock company with a share capital of HRK 96,011,000.00 was entered in the court register, which was divided into 9,601,100 registered ordinary shares, in the nominal amount of HRK 10.00 each.

In 2020, due to the emergency situation caused by the COVID-19 pandemic, the Issuer's investments were reduced to a minimum, with only about 50% of revenues generated compared to 2019.

In 2021, with an increase in the rate of vaccination and the introduction of test points, the tourism sector made a fresh start, with better results achieved in the high season and postseason compared to the record year 2019. Thus, HRK 47,458 thousand was generated in accommodation revenue, with 252,154 overnight stays realised.

Based on the decision of the Company's General Assembly of 28 October 2021, the Company's share capital was increased from HRK 96,011,000.00 by the amount of HRK 10,719,270.00 to HRK 106,730,270.00. On 13 December 2021, the increase in share capital and changes in the provisions of the Issuer's Articles of Association were entered in the court register of the Commercial Court in Pazin.

From 2006 to 2019, the Company's revenues increased 11 times, and overnight stays almost 4 times, with a total of HRK 204,000 thousand invested in this period, or an average of HRK 12,750 thousand per year.

The Group consists of the parent company Mon Perin d.d., Bale, and the companies Maian d.o.o., Bale (80% share capital), Dandoli d.o.o., Bale (100% share capital) and Mon Perin Castrum d.o.o., Bale (100% share capital).

1.2. COMPANY'S ACCOMMODATION CAPACITIES

Today, the Company manages a total of 889 of its own accommodation units on the west coast of Istria, and the products it offers include camping pitches, luxury and spacious mobile homes and luxury villas, i.e., holiday homes. Mon Perin can accommodate around 3,000 guests a day, with the highest number of overnight stays realised by guests coming from Western Europe.

No.	Name of facility	Rating 2020	No. of accommoda tion units	No. of beds	Description
1	Camping Mon Perin	4-star	887	2,661	Campsite with pitches and mobile homes
2	Villa Noble	5-star	1	12	Holiday home with six double rooms
3	Corto Bechera	5-star	1	4	Apartment with two double rooms
	TOTAL:		889	2,677

2. SIGNIFICANT BUSINESS DEVELOPMENTS

The beginning of 2022 was still marked by uncertaintly due to the COVID-19 situation and the measures that were in force, as well as due to the new event following Russia's invasion of Ukraine, which has brought additional uncertainty to the global markets.

Despite the existing uncertainties and unrest in the market, the booking for the upcoming season is performing well and as of 31 March recorded an increase in occupancy of 47% in relation to 2021 and 22% in relation to 2019.

On 28 March 2022 the Company signed the Agreement on admission of financial instruments to trading on the regulated market, and 30 March 2022 was the first day of trading in shares at the Zagreb Stock Exchange.

3. COMPANY RESULTS

In the first quarter of 2022, the group's accommodation capacities stayed closed (Mon Perin Campsite opening is on 15 April 2022) and generated operating revenues of HRK 3,750 thousand, of which HRK 3,503 related to accommodation revenues, mainly deriving from payments made by flat-rate guests, which is an increase of 178% compared to the previous year, due to earlier currencies of payments.

The Group's total revenues in the first quarter amounted to HRK 3,750 thousand, which is up 100,3% compared to the previous year. Expenses amounted to HRK 8,998 thousand, which is an increase of 43,4% with respect to the preceding year.

The total expenses of HRK 8,998 thousand in the 2022 reporting period consisted of operating expenses of HRK 8,560 thousand and financial expenses of HRK 438 thousand.

The total expenses realised in 2022 increased by HRK 2,725 thousand, or 43,4%, in relation to those realised in the same period of 2021

As of 31 March 2022, the total value of the Group's assets amounted to HRK 297.3 million, having decreased by 2.0% in relation to 31 December 2021.

The total share capital and reserves amounted to HRK 202.8 million, having decreased by 3,4% compared to 31 December 2021 as a result of loss and revaluation reserves, i.e., value adjustment of financial assets. The total long-term and short-term liabilities to banks and other financial institutions amounted to HRK 37.0 million on 31 March 2022. The loan portfolio consists of a long-term credit with deferred principal payments. The total long-term and short-term liabilities for loans from companies with participating interests amounted to HRK 8.25 million on 31 March 2022, down by 2.9% in relation to 31 December 2021, as a result of principal repayment.

As of 31 March 2022, the long-term liabilities of the Mon Perin Group, standing at HRK 81,272 thousand, comprised long-term loans of HRK 44,504 thousand, of which the liabilities for long-term loans from banks and financial institutions of HRK 37,004 thousand (long-term syndicated loan from PBZ d.d. and the Croatian Bank for Reconstruction and Development (HBOR) for investments in campsite infrastructure and accommodation capacities) and long-term loans from associated parties of HRK 7,500 thousand (PLINIO d.o.o. HRK 7,500), as well as contractual liabilities (lease) of HRK 36,768 thousand (IFRS 16).

As of 31 March 2022, the short-term liabilities including provisions of HRK 13,258 thousand mainly consisted of payables to suppliers of HRK 3,041 thousand, contractual liabilities of HRK 1,992 thousand relating to current maturities of long-term lease liabilities (IFRS 16), and liabilities of HRK 2,290 thousand for received advances, liabilities for taxes and contributions of HRK 164 thousand, liabilities to employees of HRK 253 thousand, liabilities to companies with participating interests of HRK 1,393 thousand, liabilities for loans of companies with participating interests of HRK 750 thousand (PLINIO d.o.o. HRK 750 thousand), liabilities to banks of HRK 1,947, liabilities from shares in the result of HRK 36 thousand, and provisions of HRK 1,392 thousand. As of 31 March 2022, the balance of the Group's cash amounted to HRK 19,3 million, while on 31 December 2021, the cash balance amounted to HRK 31.5 milion.

4. CORPORATE GOVERNANCE

Mon Perin d.d. operates in accordance with the principles and practice of good corporate governance with a high level of transparency and accountability to all its stakeholders.

The Company applies the Corporate Governance Code, which was jointly adopted by the Croatian Financial Services Supervisory Agency and the Zagreb Stock Exchange, by a decision of the General Assembly of 28 October 2021. The purpose of this Code is to set high standards of corporate governance and transparency of the Company's business operations.

The company respects and applies the stipulated corporate governance measures, with explanations of possible deviations, which is reflected in detail in the annual questionnaire published in accordance with regulations on the websites of the Zagreb Stock Exchange, the Croatian Financial Services Supervisory Agency and the Company (www.zse.hr; www.hanfa.hr; www.monperin.hr).

The corporate governance structure of the Company is based on a dualistic system consisting of the Company's Supervisory Board and Management Board. Together with the General Assembly, in accordance with the Articles of Association and the Companies Act, they represent the three basic bodies of the Company.

Information on significant shareholders in the Company is available on the website of the Central Depository and Clearing Company.

4.1 COMPANY BODIES

Member of the Issuer's Management Board:	Massimo Piutti, President of the Management Board
Members of the Issuer's Supervisory Board:	Plinio Cuccurin, President of the Supervisory Board
	Josip Lozančić, Deputy President of the Supervisory Board
	Joško Miliša, Member of the Supervisory Board
	Andrea Cerin, Member of the Supervisory Board
	Andrea Špiranac, Member of the Supervisory Board
	Janez Bojc, Member of the Supervisory Board
	Marija Orbanić, Member of the Supervisory Board
Audit Committee:	Plinio Cuccurin
	Josip Lozančić
	Joško Miliša

5. MANAGEMENT REPORT

5.1 FUTURE BUSINESS DEVELOPMENT

The Group has developed a five-year business plan during which it plans to spend a total of HRK 300,000 thousand on the camping resort development by increasing the number of luxury mobile homes, developing infrastructure, and raising the overall quality of the services offered.

The first investment cycle of HRK 56,000 thousand was launched for the 2022 season and includes the conversion of part of the campsite into a luxury zone with 15 mobile homes with private pools, an additional pool with a slide within the Paleo Park theme park, 10 mobile homes of 42m2 with a jacuzzi opposite the Paleo Park, the refurbishment of 110 pitches for campers with full infrastructure, and other interventions aimed at improving the service.

5.2 RESEARCH AND DEVELOPMENT ACTIVITIES

Considering the cyclical nature of its business operations, i.e., generating the largest part of annual revenues in the summer months, the Group has been exploring the possibilities of extending the tourist season by providing services in other periods of the year.

In this regard, in the 2022 season, the Group is planning to introduce a high-quality mobile home product that provides pellet heating, which aims to ensure a comfortable stay in the colder months.

Furthermore, assuming the exclusion of extraordinary circumstances, the Group is planning to introduce a new wellness complex in the autumn of 2023 that would be complementary in nature to the above-

mentioned mobile homes. The complex would include an indoor heated seawater pool, a fitness area, a spa zone, and a dedicated area for medical and therapeutic activities.

5.3 INFORMATION ON THE PURCHASE OF OWN SHARES MONP-R-A

The Company did not acquire or dispose of its own shares in the period between 1 January 2022 and 31 March 2022. As of 31 March 2022, the Company holds 52,400 shares, representing 0.49% of the Company's share capital. The nominal value of each share is HRK 10.00.

There is currently no share repurchase program.

5.4 COMPANY SUBSIDIARIES

The Group has no subsidiaries.

5.5 FINANCIAL INSTRUMENTS USED BY THE COMPANY AND GROUP

For the purpose of risk diversification, the Company invests its assets in financial instruments. Significant financial assets include investments in liquid securities, of which investments in ordinary shares of ADRS-R-A of Adris d.d. stand out. The investment represents a share of 2.25% of shares of this kind, with a market value of HRK 97,032 thousand as of 31 March 2022. The Company monitors business developments and the price of securities in which it invests in order to be able to react in a timely manner to unwanted losses.

To finance projects, the Company uses part of its own funds while part is financed by banks and affiliated companies. As of 31 March 2022, the Company had two long-term loans contracted. One is a long-term loan from PBZ d.d. / HBOR (Croatian Bank for Reconstruction and Development) with the principal balance of HRK 38,952 thousand (or EUR 5,182 thousand) at the end of the year and a variable annual interest rate of 1.15%, and the other from the associated company PLINIO d.o.o. with the principal balance of HRK 8,250 thousand at the end of the period and an annual interest rate of 3.00%.

5.6 COMPANY AND GROUP RISKS

5.6.1 Currency risk

The Company has most of its prices expressed in euros and collects a significant part of receivables in the same currency, thus achieving price risk protection. The Group and the Company operate in the international market and are potentially exposed to currency risk as a result of changes in the nominal exchange rate of the euro and the kuna.

5.6.2 Price risk

The Group and the Company are holders of equity securities and are exposed to the risk of changes in the price of listed equity securities. The Company and the Group are not active participants in the capital market in terms of trading in equity and debt securities. The investment in Adris Group d.d. shares exposed the Company to the risk of changes in the price of equity securities to some extent.

5.6.3 Cash flow interest rate risk

The Group and the Company generate interest income on time deposits, thanks to surplus cash generated during the season period. Assets that generate interest income, income and cash flow from operating activities are not significantly dependent on changes in market interest rates.

The Group and the Company have the majority of loans contracted at a variable interest rate, while part of the loans received are at a fixed interest rate. This exposes the Company to cash flow interest rate risk.

5.6.4 Credit risk

Assets that could potentially put the Group and the Company at credit risk include mainly cash, trade receivables and other receivables (maximum exposure to credit risk is disclosed in Note 20). The Group mainly deposits money with banks members of reputable banking groups in the EU.

The Group's and Company's sales policies ensure that sales are made to customers through advance payment, in cash or by major credit cards (individual customers, i.e., natural persons) and customers with an appropriate credit history (mainly travel agencies). The Group and the Company do not grant credit limits to customers. The management does not expect additional losses from non-performance by customers.

5.6.5 Liquidity risk

Prudent liquidity risk management involves maintaining a sufficient amount of money, ensuring the availability of funds and the ability to meet all obligations. The management monitors liquidity projections on a weekly basis. At the corporate level, the Parent Company's finance department reviews internal financial statements on a monthly basis.

6. DECLARATION BY THE PERSONS RESPONSIBLE FOR THE PREPARATION OF QUARTERLY FINANCIAL STATEMENTS

Pursuant to the provisions of the Capital Market Act, Massimo Piutti, the President of the Management Board of Mon Perin, as the person resonsible for the preparation of quarterly financial statements of Mon Perin d.d., hereby states that:

• Consolidated and unconsolidated financial statemets for the first quarter of 2022, prepared in accordance with the appropriate financial reporting standards, give a true and far view of the assets and liabilities, profit and loss, financial position and business operations of the Company and the entities included in the consolidation;
• The Company's Management Report for the period 1 January to 31 March 2022 includes an objective view of the business developments and results and the position of the Company and the entities included in the consolidation, as well as a description of the main risks and uncertainties that the Company and these entities face.

Signed on behalt of the President of the Management Board:

___________________

Massimo Piutti Signed on behalf of the Management Bord:

7. FINANCIAL STATEMENTS ACCORDING TOGFI-POD

7.1 GROUP MON PERIN.

BALANCE SHEET

Submitter: Mon Perin d.d. Group
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	257.237.322	261.780.392
I INTANGIBLE ASSETS (ADP 004 to 009)	003	79.577	7.026
1 Research and development	004	0	0
2 Concessions, patents, licences, trademarks, software and other rights	005	3.153	1.970
3 Goodwill	006	0	0
4 Advances for the purchase of intangible assets	007	76.424	5.056
5 Intangible assets in preparation	008	0	0
6 Other intangible assets	009	0	0
II TANGIBLE ASSETS (ADP 011 to 019)	010	155.604.066	162.818.767
1 Land	011	4.331.290	4.331.290
2 Buildings	012	122.107.086	117.095.812
3 Plant and equipment	013	9.965.277	8.182.498
4 Tools, working inventory and transportation assets	014	728.306	1.278.913
5 Biological assets	015	708.708	682.985
6 Advances for the purchase of tangible assets	016	6.630.298	11.436.810
7 Tangible assets in preparation	017	10.644.466	19.321.824
8 Other tangible assets	018	488.635	488.635
9 Investment property	019	0	0
III FIXED FINANCIAL ASSETS (ADP 021 to 030)	020	101.553.679	98.954.599
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	1.266.600	1.266.600
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 interests	026	0	0
7 Investments in securities	027	99.961.775	97.362.695
8 Loans, deposits, etc. given	028	325.304	325.304
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	0	0

balance as at 31.03.2022

in HRK

C) CURRENT ASSETS (ADP 038+046+053+063)	037	46.137.535	35.563.119
I INVENTORIES (ADP 039 to 045)	038	227.055	1.338.175
1 Raw materials and consumables	039	1.830	1.730
2 Work in progress	040	0	0
3 Finished goods	041	0	0
4 Merchandise	042	139.568	109.862
5 Advances for inventories	043	85.657	1.226.583
6 Fixed assets held for sale	044	0	0
7 Biological assets	045	0	0
II RECEIVABLES (ADP 047 to 052)	046	1.758.866	2.300.954
1 Receivables from undertakings within the group	047	0	0
2 Receivables from companies linked by virtue of participating interests	048	0	71.630
3 Customer receivables	049	258.827	191.786
4 Receivables from employees and members of the undertaking	050	0	72.385
5 Receivables from government and other institutions	051	1.415.751	1.956.040
6 Other receivables	052	84.288	9.113
III CURRENT FINANCIAL ASSETS (ADP 054 to 062)	053	12.610.304	12.610.304
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 interests	059	0	0
7 Investments in securities	060	0	0
8 Loans, deposits, etc. given	061	12.610.304	12.610.304
9 Other financial assets	062	0	0
IV CASH AT BANK AND IN HAND	063	31.541.310	19.313.686
D ) PREPAID EXPENSES AND ACCRUED INCOME	064	0	0
E) TOTAL ASSETS (ADP 001+002+037+064)	065	303.374.857	297.343.511
OFF-BALANCE SHEET ITEMS	066	0	0
LIABILITIES
A) CAPITAL AND RESERVES (ADP 068 to 070+076+077+081+084+087)	067	209.919.980	202.813.025
I INITIAL (SUBSCRIBED) CAPITAL	068	106.730.270	107.470.270
II CAPITAL RESERVES	069	89.604.321	89.604.321
III RESERVES FROM PROFIT (ADP 071+072-073+074+075)	070	571.419	571.419
1 Legal reserves	071	571.419	571.419
2 Reserves for treasury shares	072	1.190.650	1.190.650
3 Treasury shares and holdings (deductible item)	073	-1.190.650	-1.190.650
4 Statutory reserves	074	0	0
5 Other reserves	075	0	0
IV REVALUATION RESERVES	076	-12.534.696	-15.133.776
V FAIR VALUE RESERVES AND OTHER (ADP 078 to 082) 1 Financial assets at fair value through other comprehensive income	077	0	0
(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 operations (consolidation)	082	0	0
VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 084-085)	083	10.406.198	25.548.666
1 Retained profit	084	10.406.198	25.548.666
2 Loss brought forward	085
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088)	086	15.142.468	-5.247.875
1 Profit for the business year	087	15.142.468	0
2 Loss for the business year	088	0	5.247.875
VIII MINORITY (NON-CONTROLLING) INTEREST	089	0	0

B) PROVISIONS (ADP 091 to 096)	090	1.391.889	1.391.889
1 Provisions for pensions, termination benefits and similar obligations	091	0	0
2 Provisions for tax liabilities	092	0	0
3 Provisions for ongoing legal cases	093	1.300.000	1.300.000
4 Provisions for renewal of natural resources	094	0	0
5 Provisions for warranty obligations	095	0	0
6 Other provisions	096	91.889	91.889
C) LONG-TERM LIABILITIES (ADP 098 to 108)	097	83.370.838	81.272.048
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	7.500.000	7.500.000
5 Liabilities for loans, deposits etc.	102	0	0
6 Liabilities to banks and other financial institutions	103	37.004.222	37.004.222
7 Liabilities for advance payments	104	0	0
8 Liabilities to suppliers	105	38.866.616	36.767.826
9 Liabilities for securities	106	0	0
10 Other long-term liabilities	107	0
11 Deferred tax liability	108	0	0
D) SHORT-TERM LIABILITIES (ADP 110 to 123)	109	8.692.150	11.866.549
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	16.769	1.392.597
4 Liabilities for loans, deposits etc. of companies linked by virtue of participating interests	113	1.000.000	750.000
5 Liabilities for loans, deposits etc.	114	0	0
6 Liabilities to banks and other financial institutions	115	1.947.591	1.947.591
7 Liabilities for advance payments	116	1.707.224	2.290.487
8 Liabilities to suppliers	117	3.381.402	5.032.648
9 Liabilities for securities	118	0	0
10 Liabilities to employees	119	228.868	252.652
11 Taxes, contributions and similar liabilities	120	363.572	163.817
12 Liabilities arising from the share in the result	121	44.307	36.507
13 Liabilities arising from fixed assets held for sale	122	0	0
14 Other short-term liabilities	123	2.417	250
E) ACCRUALS AND DEFERRED INCOME	124	0	0
F) TOTAL – LIABILITIES (ADP 067+090+097+109+124)	125	303.374.857	297.343.511
G) OFF-BALANCE SHEET ITEMS	126	0	0

STATEMENT OF PROFIT OR LOSS for the period 01.01.2022 to 31.03.2022

in HRK

Submitter: Mon Perin d.d. Group
Item	Same period of the previous year ADP				Current period
	code	Cumulative	Quarter	Cumulative	Quarter
1	2	3	4	5	6
I OPERATING INCOME (ADP 002 to 006)	001	1.863.247	1.863.247	3.749.700	3.749.700
1 Income from sales with undertakings within the group	002	0	0	0	0
2 Income from sales (outside group)	003	1.359.198	1.359.198	3.592.189	3.592.189
3 Income from the use of own products, goods and services	004	0	0	10.344	10.344
4 Other operating income with undertakings within the group	005	0	0	0	0
5 Other operating income (outside the group)	006	504.049	504.049	147.167	147.167
II OPERATING EXPENSES (ADP 08+009+013+017+018+019+022+029)	007	5.838.047	5.838.047	8.559.871	8.559.871
1 Changes in inventories of work in progress and finished goods	008	0	0	0	0
2 Material costs (ADP 010 to 012)	009	979.608	979.608	2.431.864	2.431.864
a) Costs of raw materials and consumables	010	215.243	215.243	491.819	491.819
b) Costs of goods sold	011	35.621	35.621	6.471	6.471
c) Other external costs	012	728.744	728.744	1.933.574	1.933.574
3 Staff costs (ADP 014 to 016)	013	702.330	702.330	873.393	873.393
a) Net salaries and wages	014	446.708	446.708	547.022	547.022
b) Tax and contributions from salary costs	015	167.560	167.560	212.869	212.869
c) Contributions on salaries	016	88.062	88.062	113.502	113.502
4 Depreciation	017	4.031.439	4.031.439	3.822.076	3.822.076
5 Other costs	018	118.357	118.357	231.468	231.468
6 Value adjustments (ADP 020+021)	019 020	0 0	0 0	0 0	0
a) fixed assets other than financial assets	021	0	0	0	0 0
b) current assets other than financial assets	022	0	0	0	0
7 Provisions (ADP 023 to 028) a) Provisions for pensions, termination benefits and similar obligations	023	0	0	0	0
b) Provisions for tax liabilities	024	0	0	0	0
c) Provisions for ongoing legal cases	025	0	0	0	0
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	6.313	6.313	1.201.070	1.201.070
III FINANCIAL INCOME (ADP 031 to 040)	030	8.700	8.700	212	212
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	033	0	0	0	0
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	035	0	0	0	0
undertakings within the group 6 Income from other long-term financial investments and loans	036	0	0	0	0
7 Other interest income	037	8.700	8.700	212	212
8 Exchange rate differences and other financial income	038	0	0	0	0
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	435.033	435.033	437.916	437.916
	042	0	0	0	0
1 Interest expenses and similar expenses with undertakings within the group
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	434.615	434.615	437.543	437.543
4 Exchange rate differences and other expenses	045	418	418	373	373
5 Unrealised losses (expenses) from financial assets	046	0	0	0	0
6 Value adjustments of financial assets (net)	047	0	0	0	0
7 Other financial expenses	048	0	0	0	0
V SHARE IN PROFIT FROM UNDERTAKINGS LINKED BY VRITUE OF
PARTICIPATING INTERESTS	049	0	0	0	0
VI SHARE IN PROFIT FROM JOINT VENTURES	050	0	0	0	0
VII SHARE IN LOSS OF COMPANIES LINKED BY VIRTUE OF PARTICIPATING	051	0	0	0	0
INTEREST
VIII SHARE IN LOSS OF JOINT VENTURES	052 053	0 1.871.947	0 1.871.947	0 3.749.912	0 3.749.912
IX TOTAL INCOME (ADP 001+030+049 +050)	054	6.273.080	6.273.080	8.997.787	8.997.787
X TOTAL EXPENDITURE (ADP 007+041+051 + 052) XI PRE-TAX PROFIT OR LOSS (ADP 053-054)	055	-4.401.133	-4.401.133	-5.247.875	-5.247.875
1 Pre-tax profit (ADP 053-054)	056	0	0	0	0
2 Pre-tax loss (ADP 054-053)	057	-4.401.133	-4.401.133	-5.247.875	-5.247.875
XII INCOME TAX	058	0	0	0	0
XIII PROFIT OR LOSS FOR THE PERIOD (ADP 055-059)	059	-4.401.133	-4.401.133	-5.247.875	-5.247.875
1 Profit for the period (ADP 055-059)	060	0	0	0	0
2 Loss for the period (ADP 059-055)	061	-4.401.133	-4.401.133	-5.247.875	-5.247.875

DISCONTINUED OPERATIONS (to be filled in by undertakings subject to IFRS only with discontinued operations)
XIV PRE-TAX PROFIT OR LOSS OF DISCONTINUED OPERATIONS (ADP 063- 064)	062	0	0	0	0
1 Pre-tax profit from discontinued operations	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	-4.401.133	-4.401.133	-5.247.875	-5.247.875
II OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX (ADP 80+ 87)	079	0	0	-2.599.080	-2.599.080
III Items that will not be reclassified to profit or loss (ADP 081 to 085)	080	0	0	-2.599.080	-2.599.080
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	-2.599.080	-2.599.080
3 Fair value changes of financial liabilities at fair value through statement of profit	083	0	0	0	0
or loss, attributable to changes in their credit risk
4 Actuarial gains/losses on the defined benefit obligation	084	0	0	0	0
5 Other items that will not be reclassified	085	0	0	0	0
6 Income tax relating to items that will not be reclassified	086	0	0	0	0
IV Items that may be reclassified to profit or loss (ADP 088 to 095)	087	0	0	0	0
1 Exchange rate differences from translation of foreign operations	088	0	0	0	0
2 Gains or losses from subsequent measurement of debt securities at fair value through other comprehensive income	089	0	0	0	0
3 Profit or loss arising from effective cash flow hedging	090	0	0	0	0
4 Profit or loss arising from effective hedge of a net investment in a foreign operation	091	0	0	0	0
5 Share in other comprehensive income/loss of companies linked by virtue of participating interests	092	0	0	0	0
6 Changes in fair value of the time value of option	093	0	0	0	0
7 Changes in fair value of forward elements of forward contracts	094	0	0	0	0
8 Other items that may be reclassified to profit or loss	095	0	0	0	0
9 Income tax relating to items that may be reclassified to profit or loss	096	0	0	0	0
V NET OTHER COMPREHENSIVE INCOME OR LOSS (ADP 080+087- 086 - 096)	097	0	0	-2.599.080	-2.599.080
VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 078+097)	098	-4.401.133	-4.401.133	-7.846.955	-7.846.955
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 - direct method

for the period 01.01.2022. to 31.03.2022.

Submitter: Mon Perin d.d. Group
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	2.483.952	4.892.615
2 Cash receipts from royalties, fees, commissions and other revenue	002	133	481
3 Cash receipts from insurance premiums	003	6.426	82.919
4 Cash receipts from tax refund	004	323.300	1.347.810
5 Other cash receipts from operating activities	005	327.422	98.267
I Total cash receipts from operating activities (ADP 001 to 005)	006	3.141.233	6.422.092
1 Cash payments to suppliers	007	-1.920.912	-4.128.563
2 Cash payments to employees	008	-483.438	-645.621
3 Cash payments for insurance premiums	009	-41.574	-46.403
4 Interest paid	010	-288.774	-165.998
5 Income tax paid	011	0	0
6 Other cash payments from operating activities	012	-178.048	-575.540
II Total cash payments from operating activities (ADP 007 to 012)	013	-2.912.746	-5.562.125
A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 006 + 013)	014	228.487	859.967
Cash flow from investment activities
1 Cash receipts from sales of fixed tangible and intangible assets	015	0	0
	016	0	0
2 Cash receipts from sales of financial instruments 3 Interest received	017	8.699	212
4 Dividends received	018	0	0
5 Cash receipts from the repayment of loans and deposits	019	2.106.011	2.790
6 Other cash receipts from investment activities	020	0	0
III Total cash receipts from investment activities (ADP 015 to 020)	021	2.114.710	3.002
1 Cash payments for the purchase of fixed tangible and intangible assets	022	-876.797	-12.832.793
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	-876.797	-12.832.793
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 021 + 027)	028	1.237.913	-12.829.791
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)	033	0	0
1 Cash payments for the repayment of credit principals, loans andother borrowings and debt financial instruments	034	-500.000	-250.000
2 Cash payments for dividends	035	-560	-7.800
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	-500.560	-257.800
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 033 +039)	040	-500.560	-257.800
1 Unrealised exchange rate differences in respect of cash and cash	041	0	0
equivalents D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP 014 + 028 + 040 + 041)	042	965.840	-12.227.624
E) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	043	19.441.553	31.541.310
F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (042+043)	044	20.407.393	19.313.686

in HRK

for the period from 1.1.2022 t o 31.3.2022																		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	Attributable to owners of the parent Revaluation reserves	Fair value of financial assets through other comprehensive income (available for sale)	Cash flow hedge - effective portion	Hedge of a net investment in a foreign operation - effective portion	Other fair value reserves	Exchange rate differences from translation of foreign operations	Retained profit / loss brought forward	Profit/loss for the business year	Total attributable to owners of the parent	Minority (non controlling) interest	Total capital and reserves
1	2	3	4	5	6	7	8	9	1 0	1 1	1 2	1 3	1 4	1 5	1 6	1 7	18 (3 to 6 - 7	1 9	20 (18+19)
Previous period																	+ 8 to 17)
1 Balance on the first day of the previous business year 2 Changes in accounting policies	0 1 0 2	96.011.000	64.950.000 0 0	571.419	1.190.650 0	1.190.650 0 0		0 0	-16.590.906 0		0	0	0	0	16.612.853 0 0	0	161.554.366 0	0 0	161.554.366 0
3 Correction of errors	0 3		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)	0 4	96.011.000	64.950.000	571.419	1.190.650	1.190.650		0 0	-16.590.906		0	0	0	0	0 16.612.853	0	161.554.366	0	161.554.366
5 Profit/loss of the period	0 5		0 0		0	0 0		0 0	0		0	0	0	0	0 0	15.142.468	15.142.468	0	15.142.468
6 Exchange rate differences from translation of foreign operations	0 6		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	0 7		0 0		0	0 0		0 0	4.056.210		0	0	0	0	0 0	0	4.056.210	0	4.056.210
8 Gains or losses from subsequent measurement of financial assets at fair value through other comprehensive income (available for sale)	0 8		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	0 9		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	1 0		0 0		0	0 0		0 0	0		0	0	0	0	0 0	0	0	0	0
operation 11 Share in other comprehensive income/loss of companies linked by virtue of
participating interests 12 Actuarial gains/losses on the defined benefit obligation	1 1 1 2		0 0 0 0		0 0	0 0 0 0		0 0 0 0	0 0		0 0	0 0	0 0	0 0	0 0 0 0	0 0	0 0	0 0	0 0
13 Other changes in equity unrelated to owners	1 3		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	1 4		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)	1 5		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	1 6		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	1 7		0 0		0	0 0		0 0	0		0	0	0	0	0 0	0	0	0	0
18 Redemption of treasury shares/holdings	1 8		0 0		0	0 0		0 0	0		0	0	0	0	0 0	0	0	0	0
19 Payments from members/shareholders 20 Payment of share in profit/dividend	1 9 2 0	10.719.270	24.654.321 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 -6.206.655	0 0	35.373.591 -6.206.655	0 0	35.373.591 -6.206.655
21 Other distributions and payments to members/shareholders	2 1		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 23 Increase in reserves arising from the pre-bankruptcy settlement procedure	2 2 2 3		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
24 Balance on the last day of the previous business year reporting period (ADP 04 to 23)	2 4	106.730.270	89.604.321	571.419	1.190.650	1.190.650		0 0	-12.534.696		0	0	0	0	0 10.406.198	15.142.468	209.919.980	0	209.919.980
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)	2 5		0 0		0	0 0		0 0	4.056.210		0	0	0	0	0 0	0	4.056.210	0	4.056.210
II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD (ADP 05+25)	2 6		0 0		0	0 0		0 0	4.056.210		0	0	0	0	0 0	15.142.468	19.198.678	0	19.198.678
III TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD RECOGNISED DIRECTLY IN EQUITY (ADP 15 to 23)	2 7	10.719.270	24.654.321		0	0 0		0 0	0		0	0	0	0	0 -6.206.655	0	29.166.936	0	29.166.936
Current period 1 Balance on the first day of the current business year	2 8	106.730.270	89.604.321	571.419	1.190.650	1.190.650		0 0	-12.534.696		0	0	0	0	0 25.548.666	0	209.919.980	0	209.919.980
2 Changes in accounting policies	2 9		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	3 0		0 0		0	0 0		0 0	0		0	0	0	0	0 0	0	0	0	0
30)	3 1	106.730.270	89.604.321	571.419	1.190.650	1.190.650		0 0	-12.534.696		0	0	0	0	0 25.548.666	0	209.919.980	0	209.919.980
5 Profit/loss of the period 6 Exchange rate differences from translation of foreign operations	3 2 3 3		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	-5.247.875 0	-5.247.875 0	0 0	-5.247.875 0
7 Changes in revaluation reserves of fixed tangible and intangible assets	3 4		0 0		0	0 0		0 0	-2.599.080		0	0	0	0	0 0	0	-2.599.080	0	-2.599.080
8 Gains or losses from subsequent measurement of financial assets at fair value	3 5
through other comprehensive income (available for sale)			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	3 6		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	3 7		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	3 8		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	3 9		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	4 0 4 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 0	0 0
15 Decrease in initial (subscribed) capital (other than arising from the pre-bankruptcy settlement procedure or from the reinvestment of profit)	4 2		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	4 3		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	4 4		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	4 5 4 6		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	4 7		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 Carryforward per annual plane	4 8 4 9	740.000	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	740.000 0	0 0	740.000 0
23 Increase in reserves arising from the pre-bankruptcy settlement procedure	5 0		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)	5 1	107.470.270	89.604.321	571.419	1.190.650	1.190.650		0 0	-15.133.776		0	0	0	0	0 25.548.666	-5.247.875	202.813.025	0	202.813.025
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)	5 2		0 0		0	0 0		0 0	-2.599.080		0	0	0	0	0 0	0	-2.599.080	0	-2.599.080
II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD (ADP 32 do 52)	5 3		0 0		0	0 0		0 0	-2.599.080		0	0	0	0	0 0	-5.247.875	-7.846.955	0	-7.846.955
III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD RECOGNISED DIRECTLY IN EQUITY (ADP 42 to 50)	5 4	740.000	0		0	0 0		0 0	0		0	0	0	0	0 0	0	740.000	0	740.000

STATEMENT OF CHANGES IN EQUITY

Notes to financial statements for quarterly periods include:

a) explanation of business events relevant to understanding changes in the statement of financial position and business results for the issuer's quarterly reporting period with respect to the last business year, that is, information regarding these events is published and relevant information published in the last annual financial report 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 quarterly reporting period,

c) a statement explaining that the same accounting policies are applied while drawing up financial statements for the quarterly 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- Interim financial reporting and

f) in the notes to quarterly 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, personal identification number and, if applicable, the indication whether the undertaking is undergoing liquidation, bankruptcy proceedings, shortened termination proceedings or extraordinary administration

2. adopted accounting policies (only an indication of whether there has been a change from the previous period)

3. 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

4. the amount and nature of individual items of income or expenditure which are of exceptional size or incidence

5. amounts owed by the undertaking and falling due 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

6. average number of employees during the current period

7. 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

8. where a provision for deferred taxi s 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

9. 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 portion 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

10. the number and the nominal value or, in absence of nominal value, the accounting par value of the shares subscribed during the financial year within the limits of the authorised capital

11. the existence of any particular certificates, convertible debentures, warrants, options or similar securities or rights, with an indication of their number and the rights they confer

12. the name, registered office, and legal form of each of the undertakings of which the undertaking is a member having unlimited liability

13. the name and registered office of the undertaking which draws up the quarterly financial statement of the largest group of undertakings of which the undertaking forms part as a controlled group member

14. the name and registered office of the undertaking which draws up the quarterly financial statement 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.

15. the place where copies of the quarterly financial statements referred to in points 13 and 14 may be obtained, provided that they are available

16. 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 such risks or benefits is necessary for the purposes of assessing the financial position of the undertaking

17. the nature and the financial effect of significant events arising after the balance sheet date which are not reflected in the income statement or balance sheet.

MON PERIN d.d.

NOTES TO CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS FOR THE PERIOD 01.01. TO 31.03.2022

NOTE 1 – GENERAL INFORMATION

The company Mon Perin d.d. (joint stock company) for tourism, hospitality, agriculture, and real estate business with registered office in Bale (Municipality of Bale - Valle), at Trg La Musa 2, is registered as a limited liability company according to the Company's Articles of Association concluded on 10 December 2005.

The Statute of Mon Perin d.d. was adopted on 6 December 2019 as an integral part of the Decision on conversion of Mon Perin d.o.o. into a joint stock company. The Company is recorded in the Register of the Commercial Court in Pazin with the identification number 040224587.

By decision of the Company's members of 9 December 2006 the share capital was increased from HRK 12,357,000.00 by the amount of HRK 18,704,000.00 to HRK 31,061,000.00.

By decision of the Company's Assembly of 10 November 2017 the Company's share capital was increased from HRK 31,061,000.00 kuna by the amount of HRK 64,950,000.00 to HRK 96,011,000.00.

By Decision of the Company's General Assembly of 28 October 2021, the Company's share capital was increased from HRK 96,011,000.00 by not less than HRK 3,500,000.00 and not more than HRK 50,000,000.00 to not less than HRK 99,511,000.00 and not more than HRK 146,011,000.00. It was established that the share capital was increased by HRK 10,719,270.00 to HRK 106,730,270.00. On 13.12.2021 the increase in share capital and changes to the provisions of the Issuer's Articles of Association were entered in the court register of the Commercial Court in Pazin.

The person entitled to represent the Company individually and autonomously is the President of the Management Board Massimo Piutti, from Bale, Fonde 30, OIB: 88749164987.

Supervisory Bord:

• Plinio Cuccurin, OIB: 65278825271 President of the Supervisory Board
• Joško Miliša, OIB: 39972942361- Member of the Supervisory Board
• Josip Lozančić, OIB: 39876924577- Deputy President of the Supervisory Board
• Andrea Cerin, OIB: 70023865736- Member of the Supervisory Board
• Andrea Špiranac, OIB: 96873236351- Member of the Supervisory Board
• Janez Bojc, OIB: 15206201048- Member of the Supervisory Board
• Marija Orbanić, OIB: 70109153120- Member of the Supervisory Board

The Company's scope of business – activities from which the Company earns most of its income is holiday and other short-stay accommodation.

As at the reporting date of 31 March 2022 the Company had 30 employees (2021: 26).

The quarterly financial statements for the year 2022 have not been audited.

The organisational structure of Mon Perin d.d.:

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies adopted in the preparation of these financial statements. These accounting policies have been consistently applied to all periods included in these financial statements, except where otherwise stated.

2.1 Basis of preparation

The Company's financial statements for the first quarter of 2022 have been prepared in accordance with the International Accounting Standard (IAS) 34 – Interim Financial Reporting. The financial statements have been prepared under the historical cost convention, except for financial assets at fair value through profit or loss and financial assets through comprehensive income. The quarterly financial statements for 2022 do not include all the information and disclosures required for the annual financial statements and should be viewed in conjunction with the annual financial statements of the company as of 31 December 2021 available on the Mon Perin d.d. website. http://www.monperin.hr/monperin-izvjesca.html.

The quarterly financial statements have been prepared in accordance with the Croatian Accounting Act and the International Financial Reporting Standards applicable in the Republic of Croatia to large companies and companies whose shares or debt securities have been listed or are being prepared for listing on the regulated securities market. The company Mon Perin was listed on the regulated market on 30 March 2022.

The financial statements prepared in accordance with Croatian regulations reflect the application of all detailed regulations relating to the application of accounting principles.

The quarterly financial statements have been prepared for the period 1 January to 31 March 2022 and are presented in Croatian kuna.

2.2 Going concern

The Group's financial statements for the quarterly period have been prepared on the going concern basis. Based on current expectations, the Company's and the Group's Management Board believes that potentially negative short-term effects on the Company's and the Group's revenues and cash inflows are not expected, and the current situation is unlikely to have a negative impact on the Company's and the Group's revenues and operations that would jeopardize the possibility of continuing operations in the foreseeable future.

2.3 Key accounting estimates

During the preparation of the quarterly financial statements for the period ended on 31 March 2022, there were no changes in the key accounting estimates compared to the estimates used in the preparation of the annual financial statements on 31 December 2021. After the end of the tourist season, and until the preparation of the annual financial reports for 2022, the Company and the Group will assess whether there are any indications of impairment of long-term tangible and intangible assets.

2.4 Significant accounting policies

The financial statements for the period ended on 31 March 2022 have been prepared on the basis of the same accounting policies, presentation and calculation methods used in the preparation of the annual financial statements of the Company and the Group on 31 December 2021.

NOTE 3- INFORMATION ON SEGMENTS

Operating segments are sections of the reporting entity included in reporting consistent with the internal reporting provided to the chief operating business decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the Management Board of Mon Perin Group that makes strategic decisions. Reporting on operating segments established at Mon Perin level is presented in this quarterly financial statement.

Information on individual operating segments for the period ended on 31 March 2022 is as follows:

Item	01.01.-31.03.2021	01.01.-31.03.2022
Accommodation revenues	1,261,441	3,502,977
Food and drinks revenues	-	-
Revenues from other tourist services	320,491	139,843
Other revenues	281,315	106,880
Total sales revenues	1,863,247	3,749,700

NOTE 4 – GOVERNMENT SUBSIDIES

Total pandemic-related government subsidies received during the period that ended on 31 March 2022 amount for the Group HRK 0 thousand (2021 period: HRK 121,500 thousand)

NOTE 5 - STAFF COSTS

In 2022, staff costs amounted to HRK 873,393.

Name of item	01.01.-31.03.2021	01.01.-31.03.2022	Index 22/21
Net wages and salaries	HRK 446,708	HRK 547,022	122,46
Taxes and contributions from salaries	HRK 167,560	HRK 212,869	127,04
Contributions on salaries	HRK 88,062	HRK 113,502	128,89
TOTAL	HRK 702,330	HRK 873,393	124,36

During the three-month period in 2022, the average number of employees was 30 (2021 period: 26)

NOTE 6 – INCOME TAX

The company estimates its income tax for the first quarter of 2022 in accordance with the provisions of IAS 34.

Item	01.01.-31.03.2021	01.01.-31.03.2022
Total revenues	1,872	3,750
Total expenses	6,273	8,998
Loss/ profit before tax	-4,401	-5,248
Income tax	0	0
Net loss/ profit	-4,401	-5,248

The total revenues of HRK 3,750 thousand generated in the first quarter of 2022 consisted of operating revenues of HRK 3,750 thousand and financial revenues of HRK 0 thousand

The total revenues in the 2022 reporting period increased by HRK 1,878 thousand, or 100.32%, in relation to those realised in the same period in 2021.

The total expenses of HRK 8,998 thousand in the 2022 reporting period consisted of operating expenses of HRK 8,560 thousand and financial expenses of HRK 438 thousand.

The total expenses realised in 2022 increased by HRK 2,725 thousand, or 43.4%, in relation to those realised in the same period of 2021.

NOTE 7 – CURRENT AND NON-CURRENT ASSETS

In the period that ended on 31 March 2022, the Company purchased assets in the amount of HRK 8,757 thousand (2021 period: HRK 755 thousand).

NOTE 8 – TRANSACTIONS WITH RELATED PARTIES

Investment in shares	31.03.2022	31.12.2021
Terra Vallis d.o.o.	1,262,600	1,262,600
Maian d.o.o.	-	-
Dandoli d.o.o.	-	-
Mon Perin Castrum d.o.o.	-	-
Fort Forno d.o.o.	4,000	4,000
	1,266,600	1,266,600
Trade receivables	31.03.2022	31.12.2021
Plinio d.o.o.	52,880	-
Maian d.o.o.	0	-
Terra Vallis d.o.o.	18,750	-
	71,630	-
Trade payables	31.03.2022	31.12.2021
Plinio d.o.o.	38,170	16,769
Maian d.o.o.	-	-
Dandoli d.o.o.	-	-
Terra Vallis d.o.o.	1,354,427	-
	1,392,597	16,769