Adris Grupa-Interim Financial Statements 2q2018

ADRIS GRUPA d.d.
Interim financial statements at

30 June 2018
Adris Grupa d.d. / Obala Vladimira Nazora 1 / 52210 Rovinj, Hrvatska

tel.: +385 (0)52 801 000, 801 122; fax: +385 (0)52 813 587 / adris@adris.hr / www.adris.hr
CONTENT
MANAGEMENT REPORT ON THE INTERIM FINANCIAL 1-5

STATEMENTS
INTERIM FINANCIAL STATEMENTS ADRIS GRUPA d.d (unconsolidated and 6 - 17

consolidated)

Adris GRUPA
Management Report on the Interim Financial Statement
Principal activity of the Company
The principal activity of ADRIS GRUPA d.d. (hereinafter “Adris” or the “Company”) is
management and investment. The goal of the Company as the corporate centre is coordination of
investments, management, development and operation of the entire system.
Adris comprises three strategic business units: tourism, with Maistra d.d. at the helm, healthy
food production, with Cromaris d.d. at the helm and insurance, with Croatia osiguranje d.d. at
the helm (hereinafter: the “Group”).
Indication of significant developments which occurred during the reporting period and
effects of such developments on a condensed set of financial statements
In the first six months of the year, the Group generated HRK 2.77 billion in total revenue,
which is up 9% from revenue recorded in the same period last year. Revenues from sales of
goods and services amount to HRK 2.23 billion and are 21% higher than last year.
Consolidated net profit amounts to HRK 183 million representing a growth of 10%.
Maistra recorded 13% more bed nights compared to the first half of 2017. Accommodation
sales increased 8% with an average bed night rate rising 5%. Operating income grew 13%.
The Group’s Tourism Division is making large-scale investment in construction of the new
and reconstruction and improvement of the existing products. Construction of the Park Hotel
is progressing, and substantial investment in the camping sites has continued, too. These
investments are mainly made in the supporting infrastructure and improvement in quality of
common amenities at the camping sites, and as a consequence the number of occupied sites
increased 9% with the average rate rising 11%. Total investments in 2018 are estimated at
over HRK 500 million. The current booking shows an 11% growth over last year and
confirms a positive trend seen in a higher number of bed nights and growth in average rate. In
addition to investments made to improve quality of its facilities, Maistra is also focused on
improving recognisability and offering of the entire destination, which resulted in organisation
of the attractive sporting event – the prestigious Beach Polo Tournament in early June.
On 20 April 2018 Adris grupa became the owner of a 77.78-percent stake in Expertus d.o.o.,
which holds 252,993 shares and/or 58.56 % of all shares in the company HUP-ZAGREB d.d.
There started a demanding process of business integration of the company into the Tourism
Division of the Group with the aim of using operating synergies and economies of scale.
Formation of an integral business system is a prerequisite to create a leading national tourist
company operating in three growing and internationally recognized destinations – Rovinj,
Dubrovnik and Zagreb.
On 21 June 2018 the process of acquisition of the shares in the company HUP Zagreb d.d.
completed in accordance with the Takeover of Joint Stock Companies Act, and after the
takeover bid, Adris - together with Expertus - is holding 405,738 ordinary shares in the
company – share symbol HUPZ, which represents 93.92% of subscribed nominal capital of
the company HUP-Zagreb d.d. and/or - if the treasury shares are excluded from the
calculation, they represent 95.10% of shares carrying voting rights.
Cromaris reported sales figures of 3,726 tons for the first half of 2018 which is up 12%
compared with the first six months of the previous year. The volume of exports grew by 16%,
which points to continued growth in business internalization. 82% of Cromaris’ sales volume
and 83% of Cromaris’ sales revenues are generated in foreign markets. Revenues received
from sales of the products with high added value - primarily fresh gutted and packed fish, fish
fillet and meagre - rose 55% and currently account for about 40% of revenues from total sales,
which is in conformity with Cromaris’ product differentiation strategy. Average prices
recorded a 2% rise which led to a rise in revenues from sales by 14%.
In the first six months of 2018, Cromaris generated net profit in the amount of HRK 12.3
million or up 54% in comparison with the same reporting period of 2017.

Croatia osiguranje has retained the leading position in the Croatian market with the total
market share of 31.9%. The company is a market leader in the segment of life and non-life
insurance. It earned total gross written premium in the amount of HRK 1,714 million, which
is 7% over the previous year’s figure for the first six-month period, despite targeted
optimisation and reduced portfolio portion. Gross written premium at the Group’s level
amounts to HRK 2,008 million or 8% more than a year before. The combined operating ratio,
as one of the key indicators of profitability, is 91.4 which is by 7 percentage points better than
in the previous year. The achieved indicators are a result of effectively completed business
organisation and process transformation. Optimised and improved portfolio, increased
satisfaction of our customers in terms of sales and claims processing as well as optimised
sales network and supporting functions represent a wide range of performed activities.
Digitalization of the key processes continued and produced effects in business performance.
Investment in satisfaction of the employees and customers are the key activities in the process
of retaining the leading position as much in market share as in recognisability and customer
loyalty.
In June this year the contract on acquisition of a 100% stake in Central osiguranje and Testing
grupa in Bosnia and Herzegovina was signed. By taking over Central osiguranje and Testing
grupa, Croatia Osiguranje BiH will increase its market share to 13% in total, and become a
market leader with great potential for further growth in the market of Bosnia and Herzegovina.
This is a part of the process of strengthening the leading position in the regional markets.
Net profit generated by CO grupa in the first six months of 2018 amounts to HRK 215
million.
Research and development activities
The Company continuously monitors events in its surroundings and invests in market
research, modifies and supports activities of the subsidiaries with the purpose of achieving
organic growth, as well as recognising business opportunities and realising new acquisitions.

Data on the purchase of own shares
During the reporting period, the Company acquired 2,562 own class ADRS (ADRS-R-A)
shares, accounting for 0.0266% of the shares from this class and 0.0156% of the Company’s
total share capital. During the reporting period, the Company acquired 206,228 own class
ADRS2 (ADRS-P-A) shares, accounting for 3.0398% of the shares from this class and
1.2574% of the Company’s total share capital.
Detailed information on each individual acquisition transaction was publicly disclosed in

accordance with the Companies Act, Capital Market Act and the Rules of the Zagreb Stock
Exchange d.d.
At the end of the reporting period, the Company owned a total of 95,106 own class ADRS
shares, accounting for 0.98% of the shares from this class, and 222,573 own class ADRS2
shares, accounting for 3.28% of the shares from this class, i.e. total of 317,679 own shares,
accounting for 1.93% of the Company’s total share capital.
Subsidiaries
Within the scope of its operation, the Company operates directly through the following
subsidiaries:
- Adria Resorts d.o.o., Rovinj, Croatia
- Abilia d.o.o., Rovinj, Croatia
- Croatia osiguranje d.d., Zagreb, Croatia
- Expertus d.o.o., Zagreb
Adris owns the 100% share in the share capital of Adria Resorts d.o.o. and Abilia d.o.o., as
well as a 66.12% share in the share capital of Croatia osiguranje d.d., and 77.78% share in the
share capital of Expertus d.o.o.
The Company has no established subsidiaries in accordance with Article 7 of the Companies
Act.

Risks and risk management
The Company is exposed to financial risks (foreign exchange, interest and credit), as well as
to market risks that impact the principal activity of the subsidiaries.
The Company uses the usual financial instruments on the financial market of the Republic of
Croatia to manage its financial risks.
Considering the significant value of financial assets the Company manages, special attention
is paid to the management of financial risks, the monitoring of the stability of the banking
system and the situation on financial markets, i.e. the investment of the assets managed
through the Treasury department.
As regards the tourism business unit, the return of certain countries to the European tourism
market, especially through the low-prices policy, represents a risk. The potential price
dumping risk is primarily related to Mediterranean countries such as Turkey, Tunisia and
Egypt. The lack of workforce in tourism will affect the overall employee-related expenses in
the business unit.
Information on significant transactions between related parties produced in accordance

with the applicable financial reporting standards
In the current reporting period, goods and services transactions between members of the Group
were conducted in the ordinary and usual way.
Significant events after the end of the reporting period
There were no significant events after the end of the reporting period.

APPENDIX 1.
For period from: 1.1.2018 to 30.6.2018
Quarter financial statement
Registration number (MB): 03075281
Registration number (MBS): 040001061
Personal identification 82023167977

number (OIB):
Company: ADRIS GRUPA d.d.
ZIP Code and place: 52210 ROVINJ
Street number: OBALA VLADIMIRA NAZORA 1
E-mail: postmaster@adris.hr
Internet address: www.adris.hr
Code and county/city name: 374 ROVINJ
Code and district: 18 ISTARSKA Employee no.: 23

(at end of quarter)
Consolidated statements: NO NACE Code: 7010
Consolidated companies (IFRS): Headquarters: MB:
Contact person: Palinec Vitomir
Telefon: 052 801 118 Telefaks: 052 811 284
E-mail postmaster@adris.hr
Balance Sheet
as at 30.6.2018
Company: Adris Grupa d.d.
AOP Previous
Position Current period
note period
1 2 3 4
ASSETS
A) SUBSCRIBED CAPITAL UNPAID 001
B) NON CURRENT ASSETS 002 6.030.678.376 6.380.831.899
I. INTANGIBLE ASSETS (004 to 009) 003 2.701.862 2.638.422
1. Expenses for development 004
2. Concessions, patents, licences, brands and servicemarks, software and other rights 005 377.058 317.418
3. Goodwill 006
4. Advance payments for purchase of intangible assets 007
5. Intangible assets in progress 008 2.324.804 2.321.004
6. Other intangible assets 009
II. TANGIBLE ASSETS (011 to 019) 010 475.469.177 467.295.690
1. Land 011 34.897.405 34.897.405
2. Buildings 012 73.982.328 73.306.680
3. Plants and machinery 013 19.121.089 16.138.111
4. Tools, plant inv. and means of transp. 014 5.410.956 4.498.475
5. Biological assets 015 0
6. Advance payments for tangible assets 016 4.893.068 4.893.068
7. Tangible assets in progress 017 89.725.389 89.343.269
8. Other tangible assets 018 4.455.734 4.385.273
9. Investment property 019 242.983.208 239.833.409
III. LONG TERM FINANCIAL ASSETS (021 to 027) 020 5.442.381.254 5.804.150.131
1. Stakes (shares) in affiliates 021 3.279.864.883 4.665.616.755
2. Loans due from affiliated companies 022
3. Investments in associates 023
4. Loans to participating interest 024
5. Investment into marketable securities 025 99.507.092 99.507.092
6. Granted loans, deposits and alike 026 2.063.009.279 1.039.026.284
7. Other long term financial assets 027
8. Investment accounted by equity method 028
IV. LONG TERM RECEIVABLES (029 to 031) 029 0 0
1. Receivables from affiliates 030
2. Accounts receivable - sales on credit 031
3. Other receivables 032
V. DEFERRED TAX ASSETS 033 110.126.083 106.747.656
C) CURRENT ASSETS (034+042+049+057) 034 2.298.840.786 1.833.595.905
I. INVENTORIES (035 to 041) 035 0 0
1. Raw material and supplies 036
2. Work in progress 037
3. Products 038
4. Merchandise 039
5. Prepayments for inventories 040
6. Other available-for-sale assets 041
7. Biological asset 042
II. ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES (043 to 048) 043 34.590.274 48.250.771
1. Receivables from affiliates 044 6.546.578 7.197.846
2. Accounts receivable 045 744.327 747.890
3. Receivables from associates 046
4. Receivables from employees and member companies 047 24.944 22.671
5. Accounts due from the State and other institutions 048 3.076.928 5.185.540
6. Other receivables 049 24.197.497 35.096.824
III. SHORT TERM FINANCIAL ASSETS (050 to 056) 050 2.258.474.184 1.750.110.489
1. Stakes (shares) in affiliates 051
2. Loans due from affiliated companies 052 1.131.456.117 1.148.771.689
6. Granted loans, deposits and alike 056 1.054.165.307 528.486.040
IV. CASH AND CASH EQUIVALENTS 058 5.776.328 35.234.645
D) DEFERRED CHARGES AND CALCULATED INCOME 059 222.770 427.410
E) TOTAL ASSETS (001+002+033+058+059) 060 8.329.741.932 8.214.855.214
F) PRO-MEM ITEMS 061
SHAREHOLDERS' EQUITY, RESERVES AND LIABILITIES
A) SHAREHOLDERS' EQUITY AND RESERVES (063+064+065+071+072-073+074-075+076) 062 8.230.289.251 7.875.790.230
I. SHARE CAPITAL (SUBSCRIBED) 063 164.000.000 164.000.000
II. CAPITAL RESERVES 064 46.166.630 55.722.208
III. RESERVES FROM PROFIT (066+067-068+069+070) 065 7.958.992.630 7.616.691.269
1. Legal reserves 066 12.448.675 12.448.675
2. Reserves for company's own shares 067 60.799.274 129.020.793
3.Company's own stocks and shares (withholding item) 068 60.799.274 129.020.793
4. Statutory reserves 069 7.946.543.955 7.604.242.594
5. Other reserves 070
IV. REVALUATION RESERVES 071 41.377.805 41.377.805
V. RETAINED EARNINGS / LOSS (073-074) 072 3.832.028 3.181.987
1. Retained earnings 073 3.832.028 3.181.987
2. Accumulated loss 074
VI. PROFIT / LOSS FOR THE FINANCIAL YEAR (076-077) 075 15.920.158 -5.183.039
1. Net gain 076 15.920.158
2. Net loss 077 5.183.039
VII. NON CONTROLLING INTEREST 078
B) PROVISIONS (080 to 082) 079 23.897.884 47.641
1. Provisions for pensions, severance payments and similar liabilities 080 47.641 47.641
2. Provisions for tax liabilities 081
3. Other provisions 082 23.850.243
C) LONG TERM LIABILITIES (084 to 092) 083 0 0
1. Liabilities due to affiliates 084
2. Liabilities for loans, deposits and similar 085
3. Liabilities to banks and other financ. institutions 086
4. Liabilities for advance payments (long term) 087
5. Accounts payable 088
6. Liabilities for marketable securities 089
7. Liabilities due to associates 090
8. Other long term liabilities 091
9. Deferred tax liabilities 092
D) SHORT TERM LIABILITIES (094 to 105) 093 67.903.854 332.855.017
1. Liabilities due to affiliates 094 23.120.510 23.447.990
3. Liabilities to banks and other financ. institutions 096
4. Liabilities for advance payments 097 120.621 63.931
5. Accounts payable 098 4.546.882 3.566.158
8. Liabilities to employees 101 6.873.023 1.146.996
9. Liabilities for taxes, contributions and similar expenses 102 10.164.181 462.975
10. Liabilities due to shareholders for dividends 103 23.076.370 304.161.451
11. Liabilities for long term assets available for sale 104
12. Other short term liabilities 105 2.267 5.516
E) ACCRUALS AND DEFERRED ITEMS 106 7.650.943 6.162.326
F) TOTAL SHAREHOLDERS' EQUITY, RESERVES AND LIABILITIES (062+079+083+093+106) 107 8.329.741.932 8.214.855.214
G) PRO-MEM ITEMS 108
BALANCE SHEET SUPPLEMENT (to be completed by companies preparing consolidated financial statements)
SHAREHOLDERS' EQUITY AND RESERVES
1. Assigned to parent company capital owners 109 0 0
2. Assigned to non controlling interest 110 0 0
PROFIT AND LOSS ACCOUNT
for period from 1.1.2018 to 30.6.2018
AOP Previous year Current year
Position
note
Cumulative Quarter Cumulative Quarter
1 2 3 4 5 6
I. OPERATING REVENUES (112+113) 111 142.196.999 130.821.402 35.899.588 5.773.407
1. Sales revenue 112 10.915.880 5.409.041 11.631.436 5.733.545
2. Other operating revenues 113 131.281.119 125.412.361 24.268.152 39.862
II. OPERATING EXPENSES (115+116+120+124+125+126+129+130) 114 27.139.667 12.796.167 33.975.813 18.123.809
1. Decrease / (Increase) in value of work in progress and finished goods 115 0 0 0 0
2. Material expenses (117 to 119) 116 8.433.642 4.079.366 11.608.229 6.224.992
a) Raw material and material 117 774.158 335.002 874.210 409.731
b) Cost of goods sold 118 11.444 11.444 0 0
c) Other external costs 119 7.648.040 3.732.920 10.734.019 5.815.261
3. Employee expenses (121 to 123) 120 5.297.428 2.139.477 5.230.399 2.221.796
a) Net salaries and wages 121 2.947.509 1.261.971 2.732.959 1.155.091
b) Expenses for taxes and contributions from salaries 122 1.581.996 561.005 1.724.445 737.998
c) Contributions on salaries 123 767.923 316.501 772.995 328.707
4. Depreciation and amortization 124 9.033.950 4.523.046 9.168.623 4.542.223
5. Other expenses 125 3.753.977 1.783.610 7.532.482 4.907.830
6. Impairment of assets (127+128) 126 0 0 0 0
a) non current assets (excluded financial assets) 127 0 0 0 0
b) current assets (excluded financial assets) 128 0 0 0 0
7. Provisions 129 0 0 0 0
8. Other operating expenses 130 620.670 270.668 436.080 226.968
III. FINANCIAL REVENUES (132 to 136) 131 160.381.355 30.661.024 49.148.079 26.016.061
1. Interest, foreign exchange gains, dividend income, and other similar income with
132 24.090.848 12.985.048 27.497.253 13.741.593
related parties
2. Interest, foreign exchange gains, dividend income, and other similar income 133 136.290.507 17.675.976 21.650.825 12.274.467
3. Share of other comprehensive income of associates 134 0 0 0 0
4. Unrealised gains 135 0 0 0 0
5. Other financial revenues 136 0 0 1 1
IV. FINANCIAL EXPENSES (138 to 141) 137 102.700.228 11.589.220 50.854.886 25.964.041
1. Interest, foreign exchange loss, and other expenses income with related parties 138 433.690 224.956 453.656 229.673
2. Interest, foreign exchange loss, and other similar expenses 139 82.428.108 12.632.470 50.401.230 25.734.368
3. Unrealised loss on financial assets 140 19.838.430 -1.268.206 0 0
4. Other financial expenses 141 0 0 0 0
V. SHARE IN GAIN FROM ASSOCIATES 142 0 0 0 0
VI. SHARE IN LOSS FROM ASSOCIATES 143 0 0 0 0
VII. EXTRAORDINARY REVENUES 144 0 0 0 0
VIII. EXTRAORDINARY EXPENSES 145 0 0 0 0
IX. TOTAL REVENUES (111+131+142 + 144) 146 302.578.354 161.482.426 85.047.667 31.789.468
X. TOTAL EXPENSES (114+137+143 + 145) 147 129.839.895 24.385.387 84.830.699 44.087.850
XI. PROFIT OR LOSS BEFORE TAX (146-147) 148 172.738.459 137.097.039 216.968 -12.298.382
1. Profit before tax (146-147) 149 172.738.459 137.097.039 216.968 0
2. Loss before tax (147-146) 150 0 0 0 12.298.382
XII. INCOME TAX 151 38.579.923 41.344.249 5.400.007 338.695
XIII. NET GAIN OR LOSS FOR PERIOD (148-151) 152 134.158.536 95.752.790 -5.183.039 -12.637.077
1. Net gain (149-151) 153 134.158.536 95.752.790 0 0
2. Net loss (151-148) 154 0 0 5.183.039 12.637.077
SUPPLEMENT (to be completed by companies preparing consolidated financial statements)
XIV. NET GAIN OR LOSS FOR PERIOD
1. ATTRIBUTABLE TO OWNER OF THE PARENT 155
2. ATTRIBUTABLE TO NOT CONTROLLING INTEREST 156
STATEMENT OF COMPREHENSIVE INCOME/ LOSS (to be completed by companies preparing consolidated financial statements according to IFRS)
I. NET GAIN OR LOSS FOR PERIOD (= 152) 157 134.158.536 95.752.790 -5.183.039 -12.637.077
II. OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX (159 to 165) 158 0 0 0 0
1. Exchange differences from net investments of foreign operations 159
2. Changes in revaluation reserves from tangible and intangible assets 160
3. Gain or loss from revaluation of financial assets available for sale 161
4. Gain or loss from cash flow hedges 162
5. Gain or loss from net investment hedge 163
6. Share of other comprehensive income/loss of associates 164
7. Actuarial gain/loss on post employment benefit obligations 165
III. TAX ON OTHER COMPREHENSIVE INCOME 166
IV. NET OTHER COMPREHENSIVE INCOME/ LOSS FOR PERIOD (158-166) 167 0 0 0 0
V. TOTAL COMPREHENSIVE INCOME/ LOSS (157+167) 168 134.158.536 95.752.790 -5.183.039 -12.637.077
VI. TOTAL COMPREHENSIVE INCOME/ LOSS FOR PERIOD
1. ATTRIBUTABLE TO OWNER OF THE PARENT 169
2. ATTRIBUTABLE TO NOT CONTROLLING INTEREST 170
STATEMENT OF CASH FLOWS - INDIRECT METHOD
AOP Previous
note period
1 2 3 4
CASH FLOWS FROM OPERATING ACTIVITIES
1. Profit before tax 001 172.738.459 216.968
2. Depreciation and amortization 002 9.033.950 9.168.623
3.Increase in short term liabilities 003 0 0
4. Decrease in short term receivables 004 0 0
5. Inventory decrease 005 0 0
6. Other increase in cash flow from operating activities 006 0 0
I. Total increase in cash flow from operating activities (001 to 006) 007 181.772.409 9.385.591
1. Decrease in short term liabilities 008 17.303.858 16.533.919
2. Increase in short term receivables 009 59.832.013 31.408.344
3. Inventory increase 010 0 0
4. Other decrease in cash flow from operating activities 011 109.502.901 19.898.466
II. Total decrease in cash flow from operating activities (008 to 011) 012 186.638.772 67.840.729
A1) NET INCREASE IN CASH FLOW FROM OPERATING ACTIVITIES (007-012) 013 0 0
A2) NET INCREASE IN CASH FLOW FROM OPERATING ACTIVITIES (012-007) 014 4.866.363 58.455.138
CASH FLOWS FROM INVESTING ACTIVITIES
1. Proceeds from sale of PPE and intangible assets 015 78.320 460.800
2. Proceeds from sale of equity shares and securities 016 0 0
3. Interest received 017 55.939.961 13.433.166
4. Dividends received 018 4.301.368 4.314.681
5. Other proceeds from investing activities 019 1.136.652.810 2.026.249.264
III. Total proceeds from investing activities (015 to 019) 020 1.196.972.459 2.044.457.911
1. Purchases of property, plant and equipment (PPE) and intangible assets (IA) 021 21.112.594 2.210.959
2. Purchases of available for sale financial assets 022 0 1.385.751.872
3. Other purchases of investment activities 023 1.231.249.571 509.960.148
IV. Total purchases of investing activities (021 to 023) 024 1.252.362.165 1.897.922.979
B1) NET INCREASE IN CASH FLOW FROM INVESTING ACTIVITIES (020-024) 025 0 146.534.932
B2) NET DECREASE IN CASH FLOW FROM INVESTING ACTIVITIES (024-020) 026 55.389.706 0
CASH FLOWS FROM FINANCING ACTIVITIES
1. Proceeds from issuance of ordinary shares and securities 027 50.464.307 23.639.067
2. Proceeds from borrowings 028 5.600.000 2.300.000
3. Other proceeds from financing activities 029 9.654.445 9.557.464
V. Total proceeds from financing activities (027 to 029) 030 65.718.752 35.496.531
1. Repayments of borrowings 031 1.900.000 1.900.000
2. Dividends paid 032 183.070 355.536
3. Repayments of finance lease 033 0 0
4. Purchase of treasury shares 034 9.130.806 91.860.586
5. Other purchases of financing activities 035 112.741 1.886
VI. Total purchase of financing activities (031 to 035) 036 11.326.617 94.118.008
C1) NET INCREASE IN CASH FLOW FROM FINANCING ACTIVITIES (030-036) 037 54.392.135 0
C2) NET DECREASE IN CASH FLOW FROM FINANCING ACTIVITIES (036-030) 038 0 58.621.477
Total increase in cash flow (013-014+025-026+037-038) 039 0 29.458.317
Total decrease in cash flow (014-013+026-025+038-037) 040 5.863.934 0
Cash and cash equivalents at beginning of year 041 13.983.755 5.776.328
Increase in cash and cash equivalents 042 29.458.317
Decrease in cash and cash equivalents 043 5.863.934
Cash and cash equivalents at end of year 044 8.119.821 35.234.645
STATEMENT OF CHANGES IN EQUITY
AOP Previous
note period
1 2 3 4
1. Share capital (subscribed) 001 164.000.000 164.000.000
2. Capital reserves 002 46.166.630 55.722.208
3. Reserves from profit 003 7.958.992.630 7.616.691.269
4. Retained earnings or accumulated deficit 004 3.832.028 3.181.987
5. Net gain or loss in current year 005 15.920.158 -5.183.039
6. Revaluation of long term tangible assets 006
7. Revaluation of intangible assets 007
8. Revaluation of financial assets available for sale 008 41.377.805 41.377.805
9. Other revaluation 009
10.Total Capital and reseves (AOP 001 to 009) 010 8.230.289.251 7.875.790.230
11. Exchange differences from net investments of foreign operations 011 0 0
12. Current and deferred taxes (part) 012 0 0
13. Cash flow hedges 013 0 0
14. Changes in accounting policies 014 0 0
15. Adjustment of significant errors from previous period 015 0 0
16. Other equity alterations 016 0 0
17. Total increase or decrease of capital (AOP 011 to 016) 017 0 0
17a. Assigned to parent company capital owners 018

17b. Assigned to non controlling interest 019
APPENDIX 1.
For period from: 1.1.2018 to 30.6.2018
Quarter financial statement
Registration number (MB): 03075281
Registration number (MBS): 040001061
Personal identification 82023167977

number (OIB):
Company: ADRIS GRUPA d.d.
ZIP Code and place: 52210 ROVINJ
Street number: OBALA VLADIMIRA NAZORA 1
E-mail: postmaster@adris.hr
Internet address: www.adris.hr
Code and county/city name: 374 ROVINJ
Code and district: 18 ISTARSKA Employee no.: 7.302

(at end of quarter)
Consolidated statements: YES NACE Code: 7010
Consolidated companies (IFRS): Headquarters: MB:
ADRIA RESORTS d.o.o. ROVINJ, OBALA VLADIMIRA NAZORA 1 01537733
CROATIA osiguranje d.d. ZAGREB, VATROSLAVA JAGIĆA 33 03276147
ABILIA d.o.o. ROVINJ, OBALA VLADIMIRA NAZORA 1 01788493
EXPERTUS d.o.o. ZAGREB, VATROSLAVA JAGIĆA 33 01885529
Contact person: Palinec Vitomir
Telefon: 052 801 118 Telefaks: 052 811 284
E-mail postmaster@adris.hr
Balance Sheet
as at 30.6.2018
AOP Previous
note period
1 2 3 4
ASSETS
A) SUBSCRIBED CAPITAL UNPAID 001
B) NON CURRENT ASSETS (003+010+020+029+033) 002 15.013.829.629 15.826.598.562
I. INTANGIBLE ASSETS (004 to 009) 003 944.985.624 1.630.581.690
1. Expenses for development 004
2. Concessions, patents, licences, brands and servicemarks, software and other rights 005 330.285.340 316.090.964
3. Goodwill 006 207.123.634 823.934.815
4. Advance payments for purchase of intangible assets 007 157.232 142.699
5. Intangible assets in progress 008 9.266.700 15.858.465
6. Other intangible assets 009 398.152.718 474.554.747
II. TANGIBLE ASSETS (011 to 019) 010 5.236.713.487 6.160.324.274
1. Land 011 436.583.803 593.159.885
2. Buildings 012 2.730.800.973 3.345.911.515
3. Plants and machinery 013 570.288.766 567.275.390
4. Tools, plant inv. and means of transp. 014 70.491.657 96.059.849
5. Biological assets 015 31.017.225 30.280.449
6. Advance payments for tangible assets 016 63.072.873 96.363.564
7. Tangible assets in progress 017 357.798.299 526.803.309
8. Other tangible assets 018 22.366.003 26.632.459
9. Investment property 019 954.293.888 877.837.854
III. LONG TERM FINANCIAL ASSETS (021 to 027) 020 8.481.508.858 7.624.222.193
3. Investments in associates 023 91.549.281 83.965.522
5. Investment into marketable securities 025 5.888.285.347 6.077.638.823
8. Investment accounted by equity method 028
IV. LONG TERM RECEIVABLES (029 to 031) 029 110.279.002 183.080.752
2. Accounts receivable - sales on credit 031 2.574.746 2.146.377
V. DEFERRED TAX ASSETS 033 240.342.658 228.389.653
C) CURRENT ASSETS (034+042+049+057) 034 4.557.191.393 5.068.465.048
I. INVENTORIES (035 to 041) 035 468.948.078 536.093.962
1. Raw material and supplies 036 36.506.773 68.547.882
2. Work in progress 037 426.608.568 459.647.786
3. Products 038 4.882.097 4.900.206
4. Merchandise 039 385.805 700.998
5. Prepayments for inventories 040 218.278 154.497
6. Other available-for-sale assets 041 346.557 2.142.593
7. Biological asset 042
II. ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES (043 to 048) 043 1.118.779.550 1.679.501.612
2. Accounts receivable 045 608.222.025 986.418.277
3. Receivables from associates 046
4. Receivables from employees and member companies 047 4.415.715 6.761.586
5. Accounts due from the State and other institutions 048 26.949.288 41.197.310
III. SHORT TERM FINANCIAL ASSETS (050 to 056) 050 2.767.803.351 2.142.304.680
7. Other long term financial assets 057 179.186.478 180.753.371
IV. CASH AND CASH EQUIVALENTS 058 201.660.414 710.564.794
D) DEFERRED CHARGES AND CALCULATED INCOME 059 130.179.943 153.876.703
E) TOTAL ASSETS (001+002+033+058+059) 060 19.701.200.965 21.048.940.313
F) PRO-MEM ITEMS 061
SHAREHOLDERS' EQUITY, RESERVES AND LIABILITIES
A) SHAREHOLDERS' EQUITY AND RESERVES (063+064+065+071+072-073+074-075+076) 062 10.284.963.839 10.173.108.660
I. SHARE CAPITAL (SUBSCRIBED) 063 164.000.000 164.000.000
II. CAPITAL RESERVES 064 46.166.630 55.722.208
III. RESERVES FROM PROFIT (066+067-068+069+070) 065 8.518.228.200 8.097.523.934
1. Legal reserves 066 12.448.675 12.448.675
2. Reserves for company's own shares 067 60.799.274 129.020.793
3.Company's own stocks and shares (withholding item) 068 60.799.274 129.020.793
4. Statutory reserves 069 7.946.543.955 7.604.242.594
5. Other reserves 070 559.235.570 480.832.665
IV. REVALUATION RESERVES 071 189.880.199 178.283.858
V. RETAINED EARNINGS / LOSS (073-074) 072 -248.957.771 6.366.593
1. Retained earnings 073 6.366.593
2. Accumulated loss 074 248.957.771
VI. PROFIT / LOSS FOR THE FINANCIAL YEAR (076-077) 075 292.992.071 107.174.537
1. Net gain 076 292.992.071 107.174.537
2. Net loss 077
VII. NON CONTROLLING INTEREST 078 1.322.654.510 1.564.037.530
B) PROVISIONS (080 to 082) 079 201.505.828 146.559.815
1. Provisions for pensions, severance payments and similar liabilities 080 68.065.697 66.542.447
2. Provisions for tax liabilities 081
3. Other provisions 082 133.440.131 80.017.368
C) LONG TERM LIABILITIES (084 to 092) 083 5.224.403.927 5.824.529.911
2. Liabilities for loans, deposits and similar 085 28.640.927 32.039.220
3. Liabilities to banks and other financ. institutions 086 275.594.238 728.630.695
4. Liabilities for advance payments (long term) 087
5. Accounts payable 088
8. Other long term liabilities 091 4.707.622.582 4.870.614.093
9. Deferred tax liabilities 092 212.546.180 193.245.903
D) SHORT TERM LIABILITIES (094 to 105) 093 3.553.280.487 4.392.541.312
3. Liabilities to banks and other financ. institutions 096 540.636.958 539.963.188
4. Liabilities for advance payments 097 16.030.142 113.161.814
5. Accounts payable 098 150.399.645 194.829.915
8. Liabilities to employees 101 63.333.357 64.848.071
9. Liabilities for taxes, contributions and similar expenses 102 84.232.628 139.115.376
10. Liabilities arising from share in the result 103 23.355.412 306.264.317
11. Liabilities for long term assets available for sale 104
12. Other short term liabilities 105 2.675.292.345 3.034.358.631
E) ACCRUALS AND DEFERRED ITEMS 106 437.046.884 512.200.615
F) TOTAL SHAREHOLDERS' EQUITY, RESERVES AND LIABILITIES (062+079+083+093+106) 107 19.701.200.965 21.048.940.313
G) PRO-MEM ITEMS 108
BALANCE SHEET SUPPLEMENT (to be completed by companies preparing consolidated financial statements)
SHAREHOLDERS' EQUITY AND RESERVES
1. Assigned to parent company capital owners 109 8.962.309.329 8.609.071.130
2. Assigned to non controlling interest 110 1.322.654.510 1.564.037.530
PROFIT AND LOSS ACCOUNT
AOP Previous year Current year
Position
note
Cumulative Quarter Cumulative Quarter
1 2 3 4 5 6
I. OPERATING REVENUES (112+113) 111 2.205.247.171 1.287.246.940 2.535.956.631 1.368.796.048
1. Sales revenue 112 1.848.138.721 1.045.768.831 2.227.165.188 1.257.382.574
2. Other operating revenues 113 357.108.450 241.478.109 308.791.443 111.413.474
II. OPERATING EXPENSES (115+116+120+124+125+126+129+130) 114 2.063.141.665 1.101.591.865 2.368.091.127 1.234.150.270
1. Decrease / (Increase) in value of work in progress and finished goods 115 9.686.860 -1.365.919 -12.991.664 -22.473.416
2. Material expenses (117 to 119) 116 1.293.144.838 685.943.916 1.447.875.210 758.403.144
a) Raw material and material 117 146.827.758 107.721.065 206.300.712 154.712.736
b) Cost of goods sold 118 2.050.117 1.545.145 5.695.687 4.493.318
c) Other external costs 119 1.144.266.963 576.677.706 1.235.878.811 599.197.090
3. Employee expenses (121 to 123) 120 372.240.264 206.805.693 422.346.462 245.096.084
a) Net salaries and wages 121 231.203.815 129.626.391 261.188.824 151.692.061
b) Expenses for taxes and contributions from salaries 122 90.765.864 49.525.264 103.545.926 60.128.955
c) Contributions on salaries 123 50.270.585 27.654.038 57.611.712 33.275.068
4. Depreciation and amortization 124 168.368.678 84.224.495 184.658.835 95.817.858
5. Other expenses 125 193.802.324 107.201.172 179.466.030 115.273.517
6. Impairment of assets (127+128) 126 4.146.238 3.573.810 60.495.165 31.862.307
a) non current assets (excluded financial assets) 127 58.540 37.238 7.254 -87
b) current assets (excluded financial assets) 128 4.087.698 3.536.572 60.487.911 31.862.394
7. Provisions 129 3.350.824 1.691.014 6.775.737 2.158.855
8. Other operating expenses 130 18.401.639 13.517.684 79.465.352 8.011.921
III. FINANCIAL REVENUES (132 to 136) 131 329.695.865 103.471.053 224.334.861 115.324.155
1. Interest, foreign exchange gains, dividend income, and other similar income with
132 943.073 559.136 4.455.470 2.824.086
related parties
2. Interest, foreign exchange gains, dividend income, and other similar income 133 324.573.533 105.505.745 196.702.925 105.815.574
3. Share of other comprehensive income of associates 134 0 -3.514.225 0 -2.844.237
4. Unrealised gains 135 3.010.421 280.382 21.583.071 8.841.480
5. Other financial revenues 136 1.168.838 640.015 1.593.395 687.252
IV. FINANCIAL EXPENSES (138 to 141) 137 245.116.025 85.781.997 155.643.393 63.262.374
1. Interest, foreign exchange loss, and other expenses income with related parties 138 744.896 420.486 1.632 -306.975
2. Interest, foreign exchange loss, and other similar expenses 139 187.252.627 49.729.838 149.251.125 65.522.250
3. Unrealised loss on financial assets 140 56.446.179 35.334.976 5.486.291 -1.332.070
4. Other financial expenses 141 672.323 296.697 904.345 -620.831
V. SHARE IN GAIN FROM ASSOCIATES 142 6.916.922 6.916.922 6.734.283 6.734.283
VI. SHARE IN LOSS FROM ASSOCIATES 143 0 0 0 0
VII. EXTRAORDINARY REVENUES 144 0 0 0 0
VIII. EXTRAORDINARY EXPENSES 145 0 0 0 0
IX. TOTAL REVENUES (111+131+142 + 144) 146 2.541.859.958 1.397.634.915 2.767.025.775 1.490.854.486
X. TOTAL EXPENSES (114+137+143 + 145) 147 2.308.257.690 1.187.373.862 2.523.734.520 1.297.412.644
XI. PROFIT OR LOSS BEFORE TAX (146-147) 148 233.602.268 210.261.053 243.291.255 193.441.842
1. Profit before tax (146-147) 149 233.602.268 210.261.053 243.291.255 193.441.842
2. Loss before tax (147-146) 150 0 0 0 0
XII. INCOME TAX 151 66.907.955 52.506.990 60.134.298 28.380.042
XIII. NET GAIN OR LOSS FOR PERIOD (148-151) 152 166.694.313 157.754.063 183.156.957 165.061.800
1. Net gain (149-151) 153 166.694.313 157.754.063 183.156.957 165.061.800
2. Net loss (151-148) 154 0 0 0 0
XIV. NET GAIN OR LOSS FOR PERIOD
1. ATTRIBUTABLE TO OWNER OF THE PARENT 155 148.014.147 146.467.624 107.174.537 108.810.543
2. ATTRIBUTABLE TO NOT CONTROLLING INTEREST 156 18.680.166 11.286.439 75.982.420 56.251.257
STATEMENT OF COMPREHENSIVE INCOME/ LOSS (to be completed by companies preparing consolidated financial statements according to IFRS)
I. NET GAIN OR LOSS FOR PERIOD (= 152) 157 166.694.313 157.754.063 183.156.957 165.061.800
II. OTHER COMPREHENSIVE INCOME/LOSS BEFORE TAX (159 to 165) 158 21.279.650 -7.736.005 -27.882.278 -44.941.552
1. Exchange differences from net investments of foreign operations 159 -3.572.178 -510.926 -3.409.517 -2.014.348
2. Changes in revaluation reserves from tangible and intangible assets 160 0 0 0 -18.454.443
3. Gain or loss from revaluation of financial assets available for sale 161 24.851.828 -7.225.079 -24.472.761 -24.472.761
4. Gain or loss from cash flow hedges 162 0 0 0 0
5. Gain or loss from net investment hedge 163 0 0 0 0
6. Share of other comprehensive income/loss of associates 164 0 0 0 0
7. Actuarial gain/loss on post employment benefit obligations 165 0 0 0 0
III. TAX ON OTHER COMPREHENSIVE INCOME 166 -6.050.868 -13.503.590 -3.248.324 -5.514.595
IV. NET OTHER COMPREHENSIVE INCOME/ LOSS FOR PERIOD (158-166) 167 27.330.518 5.767.585 -24.633.954 -39.426.957
V. TOTAL COMPREHENSIVE INCOME/ LOSS (157+167) 168 194.024.831 163.521.648 158.523.003 125.634.843
VI. TOTAL COMPREHENSIVE INCOME/ LOSS FOR PERIOD
1. ATTRIBUTABLE TO OWNER OF THE PARENT 169 166.276.399 150.472.465 90.886.566 85.309.529
2. ATTRIBUTABLE TO NOT CONTROLLING INTEREST 170 27.748.432 13.049.183 67.636.437 40.325.314
STATEMENT OF CASH FLOWS - INDIRECT METHOD
AOP Previous
note period
1 2 3 4
CASH FLOWS FROM OPERATING ACTIVITIES
1. Profit before tax 001 233.602.268 243.291.255
2. Depreciation and amortization 002 168.368.678 184.658.835
3.Increase in short term liabilities 003 416.500.618 839.934.595
4. Decrease in short term receivables 004 0 0
5. Inventory decrease 005 0 0
6. Other increase in cash flow from operating activities 006 0 347.917.014
I. Total increase in cash flow from operating activities (001 to 006) 007 818.471.564 1.615.801.699
1. Decrease in short term liabilities 008 0 0
2. Increase in short term receivables 009 380.898.139 560.722.062
3. Inventory increase 010 4.772.621 67.145.884
4. Other decrease in cash flow from operating activities 011 309.856.581 0
II. Total decrease in cash flow from operating activities (008 to 011) 012 695.527.341 627.867.946
A1) NET INCREASE IN CASH FLOW FROM OPERATING ACTIVITIES (007-012) 013 122.944.223 987.933.753
A2) NET INCREASE IN CASH FLOW FROM OPERATING ACTIVITIES (012-007) 014 0 0
CASH FLOWS FROM INVESTING ACTIVITIES
1. Proceeds from sale of PPE and intangible assets 015 7.765.491 21.945.815
2. Proceeds from sale of equity shares and securities 016 975.383.579 786.782.424
3. Interest received 017 159.398.050 149.452.837
4. Dividends received 018 19.667.031 19.814.203
5. Other proceeds from investing activities 019 1.774.008.677 3.367.188.811
III. Total proceeds from investing activities (015 to 019) 020 2.936.222.828 4.345.184.090
1. Purchases of property, plant and equipment (PPE) and intangible assets (IA) 021 378.672.487 330.594.881
2. Purchases of available for sale financial assets 022 1.148.705.096 2.416.412.330
3. Other purchases of investment activities 023 1.473.160.180 1.817.170.359
IV. Total purchases of investing activities (021 to 023) 024 3.000.537.763 4.564.177.570
B1) NET INCREASE IN CASH FLOW FROM INVESTING ACTIVITIES (020-024) 025 0 0
B2) NET DECREASE IN CASH FLOW FROM INVESTING ACTIVITIES (024-020) 026 64.314.935 218.993.480
CASH FLOWS FROM FINANCING ACTIVITIES
1. Proceeds from issuance of ordinary shares and securities 027 50.464.307 23.639.067
2. Proceeds from borrowings 028 6.242.740 198.921.790
3. Other proceeds from financing activities 029 9.725.583 46.415.021
V. Total proceeds from financing activities (027 to 029) 030 66.432.630 268.975.878
1. Repayments of borrowings 031 8.932.376 431.965.446
2. Dividends paid 032 388.964 5.183.853
3. Repayments of finance lease 033
4. Purchase of treasury shares 034 91.860.586
5. Other purchases of financing activities 035 1.886
VI. Total purchase of financing activities (031 to 035) 036 9.321.340 529.011.771
C1) NET INCREASE IN CASH FLOW FROM FINANCING ACTIVITIES (030-036) 037 57.111.290 0
C2) NET DECREASE IN CASH FLOW FROM FINANCING ACTIVITIES (036-030) 038 0 260.035.893
Total increase in cash flow (013-014+025-026+037-038) 039 115.740.578 508.904.380
Total decrease in cash flow (014-013+026-025+038-037) 040 0 0
Cash and cash equivalents at beginning of year 041 211.415.570 201.660.414
Increase in cash and cash equivalents 042 115.740.578 508.904.380
Decrease in cash and cash equivalents 043
Cash and cash equivalents at end of year 044 327.156.148 710.564.794
STATEMENT OF CHANGES IN EQUITY
AOP Previous
note period
1 2 3 4
1. Share capital (subscribed) 001 164.000.000 164.000.000
2. Capital reserves 002 46.166.630 55.722.208
3. Reserves from profit 003 8.518.228.200 8.097.523.934
4. Retained earnings or accumulated deficit 004 -248.957.771 6.366.593
5. Net gain or loss in current year 005 292.992.071 107.174.537
6. Revaluation of long term tangible assets 006
7. Revaluation of intangible assets 007
8. Revaluation of financial assets available for sale 008 189.880.199 178.283.858
9. Other revaluation 009
10.Total Capital and reseves (AOP 001 to 009) 010 8.962.309.329 8.609.071.130
11. Exchange differences from net investments of foreign operations 011 0 0
12. Current and deferred taxes (part) 012 0 0
13. Cash flow hedges 013 0 0
14. Changes in accounting policies 014 0 0
15. Adjustment of significant errors from previous period 015 0 0
16. Other equity alterations 016 0 0
17. Total increase or decrease of capital (AOP 011 to 016) 017 0 0
17a. Assigned to parent company capital owners 018 8.962.309.329 8.609.071.130

17b. Assigned to non controlling interest 019 1.322.654.510 1.564.037.530

Adris Grupa-Interim Financial Statements 2q2018

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ADRIS GRUPA d.d.

Interim financial statements at

Adris Grupa d.d. / Obala Vladimira Nazora 1 / 52210 Rovinj, Hrvatska

MANAGEMENT REPORT ON THE INTERIM FINANCIAL 1-5

INTERIM FINANCIAL STATEMENTS ADRIS GRUPA d.d (unconsolidated and 6 - 17

Adris Grupa d.d. / Obala Vladimira Nazora 1 / 52210 Rovinj, Hrvatska

Principal activity of the Company

Adris Grupa d.d. / Obala Vladimira Nazora 1 / 52210 Rovinj, Hrvatska

Research and development activities

Adris Grupa d.d. / Obala Vladimira Nazora 1 / 52210 Rovinj, Hrvatska

Detailed information on each individual acquisition transaction was publicly disclosed in

Adris Grupa d.d. / Obala Vladimira Nazora 1 / 52210 Rovinj, Hrvatska

Information on significant transactions between related parties produced in accordance

Significant events after the end of the reporting period

Adris Grupa d.d. / Obala Vladimira Nazora 1 / 52210 Rovinj, Hrvatska

Quarter financial statement

Registration number (MB): 03075281

Registration number (MBS): 040001061

Personal identification 82023167977

ZIP Code and place: 52210 ROVINJ

Street number: OBALA VLADIMIRA NAZORA 1

Internet address: www.adris.hr

Code and county/city name: 374 ROVINJ

Code and district: 18 ISTARSKA Employee no.: 23

Consolidated companies (IFRS): Headquarters: MB:

Contact person: Palinec Vitomir

Telefon: 052 801 118 Telefaks: 052 811 284

17a. Assigned to parent company capital owners 018

Quarter financial statement

Registration number (MB): 03075281

Registration number (MBS): 040001061

Personal identification 82023167977

ZIP Code and place: 52210 ROVINJ

Street number: OBALA VLADIMIRA NAZORA 1

Internet address: www.adris.hr

Code and county/city name: 374 ROVINJ

Code and district: 18 ISTARSKA Employee no.: 7.302

Consolidated companies (IFRS): Headquarters: MB:

ADRIA RESORTS d.o.o. ROVINJ, OBALA VLADIMIRA NAZORA 1 01537733

CROATIA osiguranje d.d. ZAGREB, VATROSLAVA JAGIĆA 33 03276147

ABILIA d.o.o. ROVINJ, OBALA VLADIMIRA NAZORA 1 01788493

EXPERTUS d.o.o. ZAGREB, VATROSLAVA JAGIĆA 33 01885529

Contact person: Palinec Vitomir

Telefon: 052 801 118 Telefaks: 052 811 284

17a. Assigned to parent company capital owners 018 8.962.309.329 8.609.071.130

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