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Mon Perin d.d. Management Reports 2022

Jul 29, 2022

2099_10-q_2022-07-29_60dd154d-0294-4b07-b49b-e430423872ca.pdf

Management Reports

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BUSINESS RESULTS 1/1/2022 – 30/6/2022 GROUP MON PERIN

Business results 1/1/2022 – 30/06/2022 1

MON PERIN d.d.

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		 9
4.1 COMPANY BODIES
 9
5. MANAGEMENT
REPORT
 10
5.1 FUTURE BUSINESS DEVELOPMENT 10
5.2 RESEARCH AND DEVELOPMENT ACTIVITIES

10
5.3 INFORMATION ON THE PURCHASE OF OWN SHARES MONP-R-A

10
5.4 COMPANY SUBSIDIARIES

10
5.5 FINANCIAL INSTRUMENTS USED BY THE COMPANY AND GROUP 10
5.6 COMPANY AND GROUP RISKS
 11
5.6.1 Currency risk 11
5.6.2 Price risk 11
5.6.3 Cash flow interest rate risk 11
5.6.4 Credit risk
 11
5.6.5 Liquidity risk 11
6. DECLARATION BY THE PERSONS RESPONSIBLE FOR THE PREPARATION OF
QUARTERLY FINANCIAL STATEMENTS

12
7. FINANCIAL STATEMENTS ACCORDING TO GFI-POD
 13
7.1 Mon Perin d.d.
 13

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

With COVID-19 still present, the start of 2022 was marked by the Russia's invasion of Ucraine, which created new uncertainty in terms of expected tourism flows. Despite the uncertainty caused by the war and the consequent rise in prices of energy and other commodities, the first semester of 2022 was marked by excellent results in terms of the number of overnight stays and arrivals of guests from all outbound markets.

The Company was listed on the Zagreb Stock Exchange in March, which also marked the culmination of the first developmental phase of the Company.

A total of HRK 56 million were invested to prepare for the 2022 season, primarily by improving the campsite's accommodation capacities, by refurbishing the pitches for campers and by placing luxury glamping villas with pools, which represents the first step of a new investment cycle with the aim of repositioning the Mon Perin campsite into a camping resort.

3. COMPANY RESULTS

In the first half of 2022, the Company generated revenues of HRK 21,605 thousand.

The Company's total revenues consisted of operating revenues of HRK 18,163 thousand and financial revenues of HRK 3,442 thousand.

In the 2022 reporting period, total revenues increased by HRK 9,933 thousand, or 85.1% compared to the same period in 2021.

In the 2022 reporting period, total expenses amounted to HRK 22,032 thousand and consist of operating expenses of HRK 21,177 thousand and financial expenses of HRK 854 thousand.

Total expenses incurred in 2022 increased by HRK 6,577 thousand, or 42.5% compared to the same period in 2021.

In the period considered, material costs amounted to HRK 9,412 thousand, or 112% more compared to the same period in the previous year.

Staff costs amounted to HRK 2,068 thousand, or 36% more as compared to the previous year.

Depreciation in the first half of 2022 totalled HRK 7,492 thousand, which is a decrease of 8% compared to 2021.

Long-term liabilities to banks totalled HRK 37,004 thousand, and short-term liabilities HRK 1,948 thousand.

Long-term loan liabilities totalled HRK 7,500 thousand, and short-term liabilities HRK 500 thousand.

In the first half of 2022, the Company sustained losses of HRK 427 thousand, whereas, in the same period last year, losses amounted to HRK 3,784 thousand.

I-VI 2021. I-VI 2022. Index
Total income 11,671 21,604 185%
Operating income 11,654 18,163 156%
Financial income 17 3,441 20241%
Total expenditure 15,455 22,032 143%
Operating expenses 14,587 21,177 145%
Financial expenditure 868 854 98%
Profit or loss for the period -3,784 -427 11%

3.1 KEY FINANCIAL INDICATORS

* Values in thousands HRK

3.2 KEY OPERATING INDICATORS

In the period from 01.01.2022 to 30.06.2022 the Mon Perin campsite generated HRK 17,471 thousand in revenue from accommodation and other additional services, which represents an increase of 66% compared to the same period in the previous year as a result of the increase in occupancy rates by 34% and the increase of average sales price by 23%.

A total of 77,398 overnight stays were realised, which is an increase of 79% compared to the first semester of 2021.

Individual guests generated HRK 12,763 thousand in revenue, which is an increase in revenue of 103% compared to the previous year with an increase of overnight stays of 89% and an increase in occupancy of 84%.

Allotment guests generated HRK 4,708 thousand in revenues, an increse of 11% compared to the previous year, with an increase in the number of overnight stays of 51% and a rise in occupancy of 2%.

Observed by accommodation units, by individual guests at the campsite, the mobile homes generated a revenue growth of HRJ 8,234 thousand, that is, a growth of 113% in relation to 2021. The pitches generated HRK 4,499 thousand, that is, a growth of 90% in relation to last year.

Revenues Mon Perin Campsite:

I-VI 2021 I-VI 2022 Indeks
Individual guests 6,301,676 kn 12,763,367 kn 203%
Allotment guests 4,247,523 kn 4,708,067 kn 111%
Total 10,549,199 kn 17,471,434 kn 166%

Overnight stays by marketing segment Mon Perin Campsite:

I-VI 2021. I-VI 2022. Indeks
Individual guests 32,070 60,651 189%
Groups 0 0 -
Allotment guests 11,065 16,747 151%
Total number of overnight stays 43,135 77,398 179%

Occupancy by marketing segment Mon Perin Campsite:

I-VI 2021. I-VI 2022. Indeks
Individual guests 10,799 19,858 184%
Groups 0 0 -
Allotment guests 16,657 16,976 102%
Total 27,456 36,834 134%

Revenues Mon Perin Campsite – individual guests by type of accomodation unit:

I-VI 2021. I-VI 2022. Indeks
Mobile Homes 3,874,174 kn 8,234,441 kn 213%
Pitches 2,373,411 kn 4,498,622 kn 190%
Total 6,247,585 kn 12,733,063 kn 204%

Occupancy - individual guests by type of accomodation unit:

I-VI 2021. I-VI 2022. Indeks
Mobile Homes 4,145 8,208 198%
Pitches 6,532 11,554 177%
Total 10,677 19,762 185%

Overnight - individual guests by type of accomodation unit:

I-VI 2021. I-VI 2022. Indeks
Mobile Homes 14,166 28,376 200%
Pitches 17,551 32,069 183%
Total 31,717 60,445 191%

Overnight stays by country

Observed by outbound markets, the most overnight stays were realised by guests coming from Germany, who had a share of 45% in overnight stays and 33% in arrivals in the period from January to June 2022. Compared to the same period in 2021, this represents an increase of 109% in overnight stays and 110% in arrivals.

They were followed by guests from Slovenia, with 21% of overnight stays and 30% of arrivals, guests from Austria, with 12% of overnight stays and 12% of arrivals, and guests from Italy, with 6% of overnight stays and 10% of arrivals.

Compared to 2021, a rise in overnight stays and arrivals was recorded from all the main outbound markets.

Comparison of overnight stays by country, Mon Perin Campsite

GUEST COUNTRY Overnight I-VI 2022 Overnight I-VI 2021 Index
GERMANY 34,623 16,605 209%
SLOVENIA 15,957 11,441 139%
AUSTRIA 9,047 4,827 187%
ITALY 4,467 2,069 216%
CROATIA 3,025 2,637 115%
CZECH REPUBLIC 1,524 999 153%
POLAND 1,508 1,349 112%
OTHERS 7,277 3,208 227%
TOTAL 77,428 43,135 179%

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 and finished 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 and 2023 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 abovementioned 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 30 June 2022. As of 30 June 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 94,000 thousand as of 30 June 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 30 June 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 8,000 thousand at the end of the period and an annual interest rate of 2.68%.

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 FORTHE 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 second 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 30 June 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

-

7. FINANCIAL STATEMENTS ACCORDING TOGFI-POD

7.1 GROUP MON PERIN

ISSUER'S GENERAL DATA
Reporting period: 1.1.2022
30.6.2022
to
Year: 2022
Annual financial statements
Registration number (MB):
02013720		 Issuer's home Member
HR
State code:
Entity's registration
040224587
number (MBS):
Personal identification
06374155285
number (OIB):		 LEI:
Institution code:
Name of the issuer:
MON PERIN D.D.
Postcode and town:
52211		 Bale
Street and house number:
Trg La Musa 2
E-mail address: [email protected]
Web address:
www.monperin.hr
Number of employees
50
(end of the reporting
Consolidated report:
KD		 KN
(KN-not consolidated/KD-consolidated)
KD
Audited:
RN		 RN
(RN-not audited/RD-audited)
RD
Names of subsidiaries (according to IFRS) Registered office:
MB:
Maian d.o.o.
Bale
02981149
Dandoli d.o.o. Bale
04809122
Mon Perin Castrum d.o.o. Bale
04318781
Bookkeeping firm:
Yes		 Yes
No
(Yes/No)
M.I. Računovođa d.o.o.
Contact person:
Ivana Mikulek		 (name of the bookkeeping firm)
Telephone:
052 824 186		 (only name and surname of the contact person)
E-mail address: [email protected]
Audit firm:

BALANCE SHEET balance as at 30.06.2022.

in HRK
Submitter: Mon Perin d.d.
ADP Last day of the At the reporting
Item code preceding
business year		 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) 002 257.237.322 269.825.148
I INTANGIBLE ASSETS (ADP 004 to 009) 003 79.577 20.542
1 Research and development 004 0 0
2 Concessions, patents, licences, trademarks, software and other rights 005 3.153 15.486
3 Goodwill 006 0 0
4 Advance payments for 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) 010 155.604.066 173.908.272
1 Land 011 4.331.290 4.331.290
2 Buildings 012 122.107.086 114.443.820
3 Plant and equipment 013 9.965.277 7.863.644
4 Tools, working inventory and transportation assets 014 728.306 1.098.915
5 Biological assets 015 708.708 657.261
6 Advance payments for purchase of tangible assets 016 6.630.298 16.313.734
7 Tangible assets in preparation 017 10.644.466 28.710.973
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 95.896.334
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
interest		 024 1.266.600 1.266.600
5 Investment in other securities of companies linked by virtue of participating interest 025 0 0
6 Loans, deposits etc. given to companies linked by virtue of participating interest 026 0 0
7 Investments in securities 027 99.961.775 94.304.430
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
C) CURRENT ASSETS (ADP 038+046+053+063) 037 46.137.535 32.842.022
I INVENTORIES (ADP 039 to 045) 038 227.055 1.576.861
1 Raw materials 039 1.830 28.686
2 Work in progress 040 0 0
3 Finished goods 041 0 0
4 Merchandise 042 139.568 1.382.386
5 Advance payments for inventories 043 85.657 165.789
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 6.543.084
1 Receivables from undertakings within the group 047 0 0
2 Receivables from companies linked by virtue of participating interest 048 0 72.849
3 Customer receivables 049 258.827 2.189.444
4 Receivables from employees and members of the undertaking 050 0 1.983
5 Receivables from government and other institutions 051 1.415.751 854.784
6 Other receivables 052 84.288 3.424.024
III SHORT-TERM FINANCIAL ASSETS (ADP 054 to 062) 053 12.610.304 5.861.717
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 057 0 0
interest
5 Investment in other securities of companies linked by virtue of participating interest		 058 0 0
6 Loans, deposits etc. given to companies linked by virtue of participating interest 059 0 0
7 Investments in securities 060 0 0
8 Loans, deposits, etc. given 061 12.610.304 5.861.717
9 Other financial assets 062 0 0
IV CASH AT BANK AND IN HAND 063 31.541.310 18.860.360
D ) PREPAID EXPENSES AND ACCRUED INCOME 064 0 89.536
E) TOTAL ASSETS (ADP 001+002+037+064) 065 303.374.857 302.756.706
OFF-BALANCE SHEET ITEMS 066 0 0
LIABILITIES
A) CAPITAL AND RESERVES (ADP 068 to 070+076+077+083+086+089) 067 209.919.980 193.954.699
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 -18.192.041
V FAIR VALUE RESERVES AND OTHER (ADP 078 to 082) 077 0 0
1 Financial assets at fair value through other comprehensive income (i.e. available for
sale)		 078 0 0
2 Cash flow hedge - effective portion 079 0 0
3 Hedge of a net investment in a foreign operation - effective portion 080 0 0
4 Other fair value reserves 081 0 0
5 Exchange differences arising from the translation of foreign operations
(consolidation)		 082 0 0
VI RETAINED PROFIT OR LOSS BROUGHT FORWARD (ADP 084-085) 083 10.406.198 14.928.039
1 Retained profit 084 10.406.198 14.928.039
2 Loss brought forward 085 0
VII PROFIT OR LOSS FOR THE BUSINESS YEAR (ADP 087-088) 086 15.142.468 -427.309
1 Profit for the business year 087 15.142.468 0
2 Loss for the business year 088 0 427.309
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 towards undertakings within the group 098 0 0
2 Liabilities for loans, deposits, etc. to companies within the group 099 0 0
3 Liabilities towards companies linked by virtue of participating interest 100 0 0
4 Liabilities for loans, deposits etc. of companies linked by virtue of participating 101 7.500.000 7.500.000
interest
5 Liabilities for loans, deposits etc.		 102 0 0
6 Liabilities towards banks and other financial institutions 103 37.004.222 37.004.222
7 Liabilities for advance payments 104 0 0
8 Liabilities towards 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 26.138.070
1 Liabilities towards undertakings within the group 110 0 0
2 Liabilities for loans, deposits, etc. to companies within the group 111 0 0
3 Liabilities towards companies linked by virtue of participating interest 112 16.769 1.400.956
4 Liabilities for loans, deposits etc. of companies linked by virtue of participating 113 1.000.000 500.000
interest
5 Liabilities for loans, deposits etc. 114 0 0
6 Liabilities towards banks and other financial institutions 115 1.947.591 1.947.591
7 Liabilities for advance payments 116 1.707.224 3.211.950
8 Liabilities towards suppliers 117 3.381.402 7.530.187
9 Liabilities for securities 118 0 0
10 Liabilities towards employees 119 228.868 351.186
11 Taxes, contributions and similar liabilities 120 363.572 513.040
12 Liabilities arising from the share in the result 121 44.307 10.657.134
13 Liabilities arising from fixed assets held for sale 122 0 0
14 Other short-term liabilities 123 2.417 26.026
E) ACCRUALS AND DEFERRED INCOME 124 0 0
F) TOTAL – LIABILITIES (ADP 067+090+097+109+124) 125 303.374.857 302.756.706
G) OFF-BALANCE SHEET ITEMS 126 0 0

STATEMENT OF PROFIT OR LOSS for the period 01.01.2022. to 30.06.2022.

in HRK

Submitter: Mon Perin d.d.
Item ADP
Same period of the previous
year
code		 Current period
Cumulative
Quarter		 Cumulative Quarter
1 2 3 4 3 4
I OPERATING INCOME (ADP 128 to 132) 127 11.653.955 9.790.708 18.162.993 14.413.293
1 Income from sales with undertakings within the group 128 0 0 0 0
2 Income from sales (outside group) 129 10.654.839 9.295.641 17.663.683 14.071.494
3 Income from the use of own products, goods and services 130 0 0 11.112 768
4 Other operating income with undertakings within the group 131 0 0 0
5 Other operating income (outside the group) 132 999.116 495.067 488.198 341.031
II OPERATING EXPENSES (ADP 134+135+139+143+144+145+148+155) 133 14.587.426 8.749.380 21.177.464 12.618.818
1 Changes in inventories of work in progress and finished goods 134 0 0 0 0
2 Material costs (ADP 136 to 138) 135 4.436.263 3.456.655 9.412.183 6.981.543
a) Costs of raw material 136 1.023.983 808.740 2.277.923 1.786.104
b) Costs of goods sold 137 80.468 44.847 40.575 34.104
c) Other external costs 138 3.331.812 2.603.068 7.093.685 5.161.335
3 Staff costs (ADP 140 to 142) 139 1.518.573 816.243 2.068.309 1.194.916
a) Net salaries and wages 140 962.886 516.178 1.276.839 729.817
b) Tax and contributions from salaries expenses 141 357.667 190.107 510.848 297.979
c) Contributions on salaries 142 198.020 109.958 280.622 167.120
4 Depreciation 143 8.145.345 4.113.907 7.491.820 3.669.744
5 Other expenses 144 474.414 356.057 990.986 759.519
6 Value adjustments (ADP 144+145) 145 0 0 0 0
a) fixed assets other than financial assets 146 0 0 0 0
b) current assets other than financial assets 147 0 0 0 0
7 Provisions (ADP 149 to 155) 148 0 0 0 0
a) Provisions for pensions, termination benefits and similar obligations 149 0 0 0 0
b) Provisions for tax liabilities 150 0 0 0 0
c) Provisions for ongoing legal cases 151 0 0 0 0
d) Provisions for renewal of natural resources 152 0 0 0 0
e) Provisions for warranty obligations 153 0 0 0 0
f) Other provisions 154 0 0 0 0
8 Other operating expenses 155 12.831 6.518 1.214.166 13.096
III FINANCIAL INCOME (ADP 157 to 166) 156 17.343 8.643 3.441.487 3.441.275
1 Income from investments in holdings (shares) of undertakings within the group 157 0 0 0 0
2 Income from investments in holdings (shares) of companies linked by virtue of
participating interest
3 Income from other long-term financial investment and loans granted to undertakings		 158 0 0 0 0
within the group 159 0 0 0 0
4 Other interest income from operations with undertakings within the group 160 0 0 0 0
5 Exchange rate differences and other financial income from operations with
undertakings within the group		 161 0 0 0 0
6 Income from other long-term financial investments and loans 162 0 0 3.386.739 3.386.739
7 Other interest income 163 8.732 32 54.748 54.536
8 Exchange rate differences and other financial income 164 8.611 8.611 0 0
9 Unrealised gains (income) from financial assets 165 0 0 0 0
10 Other financial income 166 0 0 0 0
IV FINANCIAL EXPENDITURE (ADP 168 to 174) 167 867.860 432.827 854.325 416.409
1 Interest expenses and similar expenses with undertakings within the group 168 0 0 0 0
2 Exchange rate differences and other expenses from operations with undertakings within
the group		 169 0 0 0 0
3 Interest expenses and similar expenses 170 867.409 432.794 853.952 416.409
4 Exchange rate differences and other expenses 171 451 33 373 0
5 Unrealised losses (expenses) from financial assets 172 0 0 0 0
6 Value adjustments of financial assets (net) 173 0 0 0 0
7 Other financial expenses 174 0 0 0 0

V SHARE IN PROFIT FROM COMPANIES LINKED BY VIRTUE OF PARTICIPATING 175 0 0 0 0
INTEREST
VI SHARE IN PROFIT FROM JOINT VENTURES 176 0 0 0 0
VII SHARE IN LOSS OF COMPANIES LINKED BY VIRTUE OF PARTICIPATING 177 0 0 0 0
INTEREST
VIII SHARE IN LOSS OF JOINT VENTURES 178 0 0 0 0
IX TOTAL INCOME (ADP 127+156+175 + 176) 179 11.671.298 9.799.351 21.604.480 17.854.568
X TOTAL EXPENDITURE (ADP 133+167+177 + 178) 180 15.455.286 9.182.207 22.031.789 13.035.227
XI PRE-TAX PROFIT OR LOSS (ADP 179-180) 181 -3.783.988 617.144 -427.309 4.819.341
1 Pre-tax profit (ADP 179-180) 182 0 617.144 0 4.819.341
2 Pre-tax loss (ADP 180-179) 183 -3.783.988 0 -427.309 0
XII INCOME TAX 184 0 0 0 0
XIII PROFIT OR LOSS FOR THE PERIOD (ADP 181-184) 185 -3.783.988 617.144 -427.309 4.819.341
1 Profit for the period (ADP 181-184) 186 0 617.144 0 4.819.341
2 Loss for the period (ADP 184-181) 187 -3.783.988 0 -427.309 0
DISCONTINUED OPERATIONS (to be filled in by undertakings subject to IFRS only with discontinued operations)
XIV PRE-TAX PROFIT OR LOSS OF DISCONTINUED OPERATIONS (ADP 189-190) 188 0 0 0 0
1 Pre-tax profit from discontinued operations 189 0 0 0 0
2 Pre-tax loss on discontinued operations 190 0 0 0 0
XV INCOME TAX OF DISCONTINUED OPERATIONS 191 0 0 0 0
1 Discontinued operations profit for the period (ADP 186-189) 192 0 0 0 0
2 Discontinued operations loss for the period (ADP 189-186) 193 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 181+188)
194 0 0 0 0
1 Pre-tax profit (ADP 194) 195 0 0 0 0
2 Pre-tax loss (ADP 194) 196 0 0 0 0
XVII INCOME TAX (ADP 184+191) 197 0 0 0 0
XVIII PROFIT OR LOSS FOR THE PERIOD (ADP 194-197) 198 0 0 0 0
1 Profit for the period (ADP 194-197) 199 0 0 0 0
2 Loss for the period (ADP 197-194) 200 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 202+203) 201 0 0 0 0
1 Attributable to owners of the parent 202
2 Attributable to minority (non-controlling) interest 203
STATEMENT OF OTHER COMPRHENSIVE INCOME (to be filled in by undertakings subject to IFRS)
I PROFIT OR LOSS FOR THE PERIOD 204 -3.783.988 617.144 -427.309
II OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX 205 0 0 -5.657.345 4.819.341
-3.058.265
(ADP 206+ 213)
III Items that will not be reclassified to profit or loss (ADP207 to 211) 206 0 0 -5.657.345
1 Changes in revaluation reserves of fixed tangible and intangible assets 207 0 0 0
2 Gains or losses from subsequent measurement of equity instruments at fair value 208 0 0 -5.657.345
through other comprehensive income
3 Fair value changes of financial liabilities at fair value through statement of profit or loss,
attributable to changes in their credit risk 209 0 0 0
4 Actuarial gains/losses on the defined benefit obligation 210 0 0 0
5 Other items that will not be reclassified 211 0 0 0
-3.058.265
0
-3.058.265
0
0
0
6 Income tax relating to items that will not be reclassified 212 0 0 0
IV Items that may be reclassified to profit or loss (ADP 214 to 221) 213 0 0 0
1 Exchange rate differences from translation of foreign operations 214 0 0 0
2 Gains or losses from subsequent measurement of debt securities at fair value through 215 0 0 0
other comprehensive income 0
0
0
0
3 Profit or loss arising from effective cash flow hedging 216 0 0 0 0
4 Profit or loss arising from effective hedge of a net investment in a foreign operation 217 0 0 0 0
5 Share in other comprehensive income/loss of companies linked by virtue of 218 0 0 0 0
participating interests
6 Changes in fair value of the time value of option 219 0 0 0 0
7 Changes in fair value of forward elements of forward contracts 220 0 0 0
8 Other items that may be reclassified to profit or loss 221 0 0 0
9 Income tax relating to items that may be reclassified to profit or loss 222 0 0 0 0
0
0
V NET OTHER COMPREHENSIVE INCOME OR LOSS (ADP 206+213- 212 - 222) 223 0 0 -5.657.345 -3.058.265
VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 204+223) 224 -3.783.988 617.144 -6.084.654
APPENDIX to the Statement on comprehensive income (to be filled in by entrepreneurs who draw up consolidated statements)
VI COMPREHENSIVE INCOME OR LOSS FOR THE PERIOD (ADP 225+226) 225 0 0 0
1 Attributable to owners of the parent
2 Attributable to minority (non-controlling) interest		 226
227		 1.761.076
0

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

in HRK
Submitter: Mon Perin d.d.
Item ADP
code		 Same period of
the previous
year		 Current period
1 2 3 4
Cash flow from operating activities
1 Cash receipts from customers 001 12.371.569 20.395.279
2 Cash receipts from royalties, fees, commissions and other revenue 002 197 481
3 Cash receipts from insurance premiums 003 67.169 114.030
4 Cash receipts from tax refund 004 394.081 3.892.637
5 Other cash receipts from operating activities 005 414.972 101.394
I Total cash receipts from operating activities (ADP 001 to 005) 006 13.247.988 24.503.821
1 Cash payments to suppliers 007 -6.124.013 -13.647.246
2 Cash payments to employees 008 -1.037.877 -1.520.678
3 Cash payments for insurance premiums 009 -41.574 -46.403
4 Interest paid 010 -459.426 -330.957
5 Income tax paid 011 0 0
6 Other cash payments from operating activities 012 -512.053 -1.440.208
II Total cash payments from operating activities (ADP 007 to 012) 013 -8.174.943 -16.985.492
A) NET CASH FLOW FROM OPERATING ACTIVITIES (ADP 006 + 013) 014 5.073.045 7.518.329
Cash flow from investment activities
1 Cash receipts from sales of fixed tangible and intangible assets
2 Cash receipts from sales of financial instruments 015 0 0
016 0 0
3 Interest received 017 8.731 61.631
4 Dividends received 018 0 3.472
5 Cash receipts from repayment of loans and deposits 019 2.116.011 8.908.987
6 Other cash receipts from investment activities 020 0 0
III Total cash receipts from investment activities (ADP 015 to 020) 021 2.124.742 8.974.090
1 Cash payments for the purchase of fixed tangible and intangible assets 022 -2.873.015 -26.555.569
2 Cash payments for the acquisition of financial instruments 023 0 0
3 Cash payments for loans and deposits 024 -8.885.829 -2.110.000
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 -11.758.844 -28.665.569
B) NET CASH FLOW FROM INVESTMENT ACTIVITIES (ADP 021 + 027) 028 -9.634.102 -19.691.479
Cash flow from financing activities
1 Cash receipts from the increase of initial (subscribed) capital
2 Cash receipts the from issue of equity financial instruments and debt		 029 0 0
financial instruments 030 0 0
3 Cash receipts from credit principals, loans and other borrowings 031 0 0
4 Other cash receipts from financing activities 032 0 0
V Total cash receipts from financing activities (ADP 029 to 032)
1 Cash payments for the repayment of credit principals, loans andother		 033 0 0
borrowings and debt financial instruments 034 -750.000 -500.000
2 Cash payments for dividends 035 -1.120 -7.800
3 Cash payments for finance lease
4 Cash payments for the redemption of treasury shares and decrease of initial		 036 0 0
(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 -751.120 -507.800
C) NET CASH FLOW FROM FINANCING ACTIVITIES (ADP 033 +039) 040 -751.120 -507.800
1 Unrealised exchange rate differences in cash and cash equivalents 041 0 0
D) NET INCREASE OR DECREASE IN CASH FLOWS (ADP 014 + 028 + 040 +
041)		 042 -5.312.177 -12.680.950
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 (ADP
042+043) 044 14.129.376 18.860.360

0/0

Attributable to owners of the parent
Fair value
of financial
assets Hedge of a Exchange Minority
ADP Initial Reserves Treasury
shares and		 through Cash flow net
investment		 Other fair rate
differences		 Retained Profit/loss Total
attributable		 (non Total
Item code (subscribe Capital Legal for treasury holdings Statutory Other Revaluatio other hedge - in a foreign value from profit / loss for the to owners controlling) capital and
reserves
d) capital reserves reserves shares (deductible reserves reserves n reserves comprehen
sive		 effective
portion		 operation - reserves translation brought
forward		 business
year		 of the interest
item) income effective
portion		 of foreign
operations		 parent
(available
for sale)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 (3 do 6 - 7 19 20 (18+19)
+ 8 do 17)
Previous period
1 Balance on the first day of the previous business year 01 96.011.000 64.950.000 571.419 1.190.650 1.190.650 -16.590.906 16.612.853 161.554.366 161.554.366
2 Changes in accounting policies 02 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
4 Balance on the first day of the previous business year (restated) (ADP 01
to 03)		 04 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 05 0
0		 0 0 0 0 0 0 0 0
0		 0 0 0 15.142.468 15.142.468 15.142.468
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
7 Changes in revaluation reserves of fixed tangible and intangible assets 07 0
0		 0 0 0 0 0 4.056.210 0 0
0		 0 0
0		 0 4.056.210 4.056.210
8 Gains or losses from subsequent measurement of financial assets at fair value 08
through other comprehensive income (available for sale) 0
0		 0 0 0 0 0 0 0 0
0		 0 0
0		 0 0 0
9 Gains or losses on efficient cash flow hedging 09 0
0		 0 0 0 0 0 0 0 0
0		 0 0
0		 0 0 0
10 Gains or losses 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
11 Share in other comprehensive income/loss of companies linked by virtue of
participating interest 11 0
0		 0 0 0 0 0 0 0 0
0		 0 0
0		 0 0 0
12 Actuarial gains/losses on defined benefit plans 12 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 0
0		 0 0 0 0 0 0 0 0
0		 0 0
0		 0 0 0
14 Tax on transactions recognised directly in equity 14 0
0		 0 0 0 0 0 0 0 0
0		 0 0
0		 0 0 0
15 Increase/decrease in initial (subscribed) capital (other than from reinvesting 15 0
0		 0 0 0 0 0 0 0 0
0		 0 0
0		 0 0 0
profit and other than arising from the pre-bankruptcy settlement procedure)
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
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
18 Redemption of treasury shares/holdings 18 0
0		 0 0 0 0 0 0 0 0
0		 0 0
0		 0 0 0
19 Payments from members/shareholders 19 10.719.270 24.654.321 0 0 0 0 0 0 0 0
0		 0 0
0		 0 35.373.591 35.373.591
20 Payment of share in profit/dividend 20 0
0		 0 0 0 0 0 0 0 0
0		 0 0 -6.206.655 0 -6.206.655 -6.206.655
21 Other distributions and payments to members/shareholders 21 0
0		 0 0 0 0 0 0 0 0
0		 0 0
0		 0 0 0
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
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
24 Balance on the last day of the previous business year reporting period 24 106.730.270 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
(ADP 04 to 23)
APPENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by undertakings that draw up financial statements in accordance with the IFRS)
25 0
0		 0 0 0 0 0 4.056.210 0 0
0		 0 0
0		 0 4.056.210
26 0
0		 0 0 0 0 0 4.056.210 0 0
0		 0 0 0 15.142.468 19.198.678
27 10.719.270 24.654.321 0 0 0 0 0 0 0 0
0		 0 0 -6.206.655 0 29.166.936
I OTHER COMPREHENSIVE INCOME OF THE PREVIOUS PERIOD, NET
OF TAX (ADP 06 to 14)
II COMPREHENSIVE INCOME OR LOSS FOR THE PREVIOUS PERIOD
(ADP 05+25)
III TRANSACTIONS WITH OWNERS IN THE PREVIOUS PERIOD
RECOGNISED DIRECTLY IN EQUITY (ADP 15 to 23)
Current period
1 Balance on the first day of the current business year 28 106.730.270 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
2 Changes in accounting policies 29 0
0		 0 0 0 0 0 0 0 0
0		 0 0
0		 0 0 0
3 Correction of errors 30 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)		 31 106.730.270 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
5 Profit/loss of the period 32 0
0		 0 0 0 0 0 0 0 0
0		 0 0 0 -427.309 -427.309
6 Exchange rate differences from translation of foreign operations 33 0
0		 0 0 0 0 0 0 0 0
0		 0 0
0		 0 0
7 Changes in revaluation reserves of fixed tangible and intangible assets 34 0
0		 0 0 0 0 0 -5.657.345 0 0
0		 0 0
0		 0 -5.657.345
8 Gains or losses from subsequent measurement of financial assets at fair value 35 0
0		 0 0 0 0 0 0 0 0
0		 0 0
0		 0 0
0 4.056.210
0 19.198.678
0 29.166.936
0 209.919.980
0
0
0 209.919.980
-427.309
0
-5.657.345
0
36 0
0		 0 0 0 0 0 0 0 0
0		 0 0
0		 0 0 0
37 0
0		 0 0 0 0 0 0 0 0
0		 0 0
0		 0 0 0
38 0
0		 0 0 0 0 0 0 0 0
0		 0 0
0		 0 0 0
through other comprehensive income (available for sale)
9 Gains or losses on efficient cash flow hedging
10 Gains or losses arising from effective hedge of a net investment in a foreign
operation
11 Share in other comprehensive income/loss of companies linked by virtue of
participating interest
12 Actuarial gains/losses on defined remuneration plans		 39 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
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
15 Decrease in initial (subscribed) capital (other than arising from the pre 42 0
0		 0 0 0 0 0 0 0 0
0		 0 0
0		 0 0
0
0
0
0
bankruptcy settlement procedure or from the reinvestment of profit)
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
17 Increase of initial (subscribed) capital arising from the pre-bankruptcy
settlement procedure		 44 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
19 Payments from members/shareholders 46 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 -10.620.627 0 -10.620.627
21 Other distributions and payments to members/shareholders 48 740.000 0 0 0 0 0 0 0 0 0
0		 0 0
0		 0 740.000
22 Carryforward per annual plan 49 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
51 107.470.270 89.604.321 571.419 1.190.650 1.190.650 0 0 -18.192.041 0 0
0		 0 0 14.928.039 -427.309 193.954.699
24 Balance on the last day of the current business year reporting period
(ADP 31 to 50)
APPENDIX TO THE STATEMENT OF CHANGES IN EQUITY (to be filled in by undertakings that draw up financial statements in accordance with the IFRS)
I OTHER COMPREHENSIVE INCOME FOR THE CURRENT PERIOD, NET 52 0
0		 0 0 0 0 0 -5.657.345 0 0
0		 0 0
0		 0 -5.657.345 0
0
0
0
-10.620.627
740.000
0
0
0 193.954.699
0 -5.657.345
OF TAX (ADP 33 to 41)
II COMPREHENSIVE INCOME OR LOSS FOR THE CURRENT PERIOD
(ADP 32 do 52)
III TRANSACTIONS WITH OWNERS IN THE CURRENT PERIOD		 53 0
0		 0 0 0 0 0 -5.657.345 0 0
0		 0 0 0 -427.309 -6.084.654 0 -6.084.654

1.1.2022 to 30.6.2022 in HRK STATEMENT OF CHANGES IN EQUITY for the period from

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

  1. 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

  2. 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

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

  4. 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

  5. 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.

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

  7. 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

  8. 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 30.06.2022

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 30 June 2022 the Group had 50 employees (2021: 34).

The half year 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 and on the websites of HANFA and the Zagreb Stock Exchange.

The half year 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 half year financial statements have been prepared for the period 1 January to 30 June 2022 and are presented in Croatian kuna.

2.2 Going concern

The Group's financial statements for the reported 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 half year financial statements for the period ended on 30 June 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 30 June 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 30 June 2022 is as follows:

Item 01.01.-31.03.2021 01.01.-30.06.2022
Accommodation revenues 9,874,091 15,750,608
Food and drinks revenues - -
Revenues from other tourist services 628,070 1,866,250
Other revenues 1,151,793 546,135
Total sales revenues 11,653,955 18,162,993

NOTE 4 – GOVERNMENT SUBSIDIES

Total pandemic-related government subsidies received during the period that ended on 30 June 2022 amount for the Group HRK 0 thousand (2021 period: HRK 308,903 thousand)

NOTE 5 - STAFF COSTS

In 2022, staff costs amounted to HRK 2,068,309

Name of item 01.01.-30.06.2021 01.01.-30.06.2022 Index 22/21
Net wages and salaries HRK 962,886 HRK 1,276,839 132.61
Taxes and contributions from salaries HRK 357,667 HRK 510,848 142.83
Contributions on salaries HRK 198,020 HRK 280,622 141.71
TOTAL HRK 1,518,573 HRK 2,068,309 136.20

During the six-month period in 2022, the average number of employees was 38 (2021 period: 29)

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.-30.06.2021 01.01.-30.06.2022
Total revenues 11,671 21,605
Total expenses 15,455 22,032
Loss/ profit before tax -3,784 -427
Income tax 0 0
Net loss/ profit -3,784 -427

The total revenues of HRK 21,605 thousand generated in the 2022 reporting period consisted of operating revenues of HRK 18,163 thousand and financial revenues of HRK 3,442 thousand

The total revenues in the 2022 reporting period increased by HRK 9,933 thousand, or 85.1%, in relation to those realised in the same period in 2021.

The total expenses of HRK 22,032 thousand in the 2022 reporting period consisted of operating expenses of HRK 21,111 thousand and financial expenses of HRK 854 thousand.

The total expenses realised in 2022 increased by HRK 6,577 thousand, or 42.5%, in relation to those realised in the same period of 2021.

NOTE 7 – CURRENT AND NON-CURRENT ASSETS

In the period that ended on 30 June 2022, the Company purchased assets in the amount of HRK 18,574 thousand (2021 period: HRK 1,995 thousand).

NOTE 8 – TRANSACTIONS WITH RELATED PARTIES

Investment in shares 30.06.2022 31.12.2021
Terra Vallis d.o.o. 1,262,600 1,262,600
Maian d.o.o. 2,960,000 3,700,000
Dandoli d.o.o. 20,000 20,000
Mon Perin Castrum d.o.o. 20,000 20,000
Fort Forno d.o.o. 4,000 4,000
4,266,600 5,006,600
Trade receivables 30.06.2022 31.12.2021
Plinio d.o.o. 66,599 -
Maian d.o.o. 0 37,500
Terra Vallis d.o.o. 6,250 -
72,849 37,500
Trade payables 30.06.2022 31.12.2021
Plinio d.o.o. 0 16,769
Maian d.o.o. 20,640 966,061
Dandoli d.o.o. 0 131,770
Terra Vallis d.o.o. 1,400,956 0
1,421,596 1,114,600

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