Unaudited business report of Telekom Slovenije and the

Transcription

Unaudited Business Report of the Telekom Slovenia Group and
Telekom Slovenije, d.d.
Ljubljana, 24 Februar 2011
Unaudited Business Report of the Telekom Slovenia Group and Telekom Slovenije, d.d.
Contents
1
INTRODUCTORY NOTE ................................................................................................................................ 3
2
TELEKOM SLOVENIA GROUP ...................................................................................................................... 3
2.1
Operating Highlights ................................................................................................................ 3
2.1.1
Key financial indicators .................................................................................................... 3
2.2
On the map of Europe ............................................................................................................. 4
2.3
Organization of the Telekom Slovenia Group ......................................................................... 4
3
CORPORATE GOVERNANCE ....................................................................................................................... 6
4
OWNERSHIP STRUCTURE AND SHARE TRADING .................................................................................... 9
5
SIGNIFICANT EVENTS IN 2010 .................................................................................................................. 11
6
SIGNIFICANT EVENTS AFTER THE ACCOUNTING PERIOD ................................................................... 15
7
RISK MANAGEMENT ................................................................................................................................... 16
8
EMPLOYEES ................................................................................................................................................ 16
9
FINANCIAL REPORT OF THE TELEKOM SLOVENIA GROUP AND TELEKOM SLOVENIJE, D.D. FOR
THE YEAR 2010 .................................................................................................................................................... 17
9.1
Introductory notes .................................................................................................................. 17
9.2
Unaudited financial statements of the Telekom Slovenia Group for the year 2010 .............. 20
9.3
Unaudited financial statements of the Telekom Slovenije, d.d. for the year 2010 ................ 25
1
INTRODUCTORY NOTE
Pursuant to the provisions of the Rules of the Ljubljana Stock Exchange, Telekom Slovenije, d. d., with
its registered office at Cigaletova 15, Ljubljana, hereby publishes the Unaudited Business Report of
the Telekom Slovenia Group and Telekom Slovenije, d. d. for the year 2010.
All the financial statements of the Telekom Slovenia Group and Telekom Slovenije, d. d. have been
compiled in accordance with the International Financial Reporting Standards. The financial statements
for the year 2010 have not been audited.
The Company's Supervisory Board discussed the Unaudited Business Report of the Telekom Slovenia
Group and Telekom Slovenije, d. d. for the year 2010 at its session on 23 February 2011.
Any significant changes to the data contained in the prospectus for listing on the stock exchange are
regularly published by the Company on the Ljubljana Stock Exchange's website SEOnet and on the
Company's website at www.telekom.si.
The Unaudited Business Report for the year 2010 is also available on the Company's website at
www.telekom.si.
2
TELEKOM SLOVENIA GROUP
2.1
2.1.1
Operating Highlights
Key financial indicators
2009 / 31.12.2009
adjusted
in million EUR / in %
2010 / 31.12.2010
Index
10/09
Operating revenues
856.1
843.6
99
EBITDA*
267.8
246.2
92
31.3%
29.2%
93
70.2
-176.4
-
8.3%
-21.0%
-
29.5
-211.2
-
Total assets
1,925.5
1,658.3
86
Equity
1,001.6
806.9
81
52.0%
48.7%
94
590.2
504.4
85
2.2
2.0
93
184.8
113.6
61
83.0
132.6
160
EBITDA margin
EBIT
RoS (EBIT/net sales)
Net profit/loss
Equity Ratio
Net financial debt (NFD)
NFD / EBITDA*
CAPEX
EBITDA - CAPEX
Cash Margin
31.0%
53.9%
*EBITDA: operating profit before depreciation & amortisation and impairment of PPE and intangible assets.
174
The comparative period is adjusted to the change in accounting policy. For explanation see p. 17 in 18
of the Financial Report.
3
2.2
On the map of Europe
Telekom Slovenia Group markets are displayed on the map below:
Hungar
Sloveni
Croatia
Croati
Romani
Bosnia and
Herzegovin
Serbi
Bulgari
Kosov
Montenegr
Macedoni
Albani
Greec
Spai
Gibralta
Morocco
Provider
of
all
Internet
International
2.3
of
Organization of the Telekom Slovenia Group
As at 31 December 2010 the Telekom Slovenia Group consisted of the parent company Telekom
Slovenije, d. d., 15 direct subsidiaries and 10 indirect subsidiaries.
Changes in the organization of the group in 2010:
-
In January 2010 the subsidiary PRIMO Communications d.o.o. was merged with its subsidiary
Bindi Integrated Services JSC.
-
The Dutch company Telekom Slovenije Finance B.V. was dissolved in March pursuant to a
simplified liquidation procedure. It was founded with the purpose of issuing bonds, which were
later issued by Telekom Slovenije, d.d. directly, and hence there was no reason for further
existence of the company.
-
Germanos Telecom AD Skopje was renamed to ONE TO ONE AD Skopje on 13 April 2010.
-
The Dutch Company SIOL B.V. went into liquidation on 26 May 2010. After initiating liquidation
procedures the company changed its name to SIOL B.V. in liquidation.
-
On 15 October 2010 the Macedonian company ONE AD Skopje was transformed into a limited
liability company. Due to this the company name was changed to ONE DOOEL Skopje and later to
ONE DOO Skopje, when a new shareholder entered the company.
4
-
On 10 November 2010 the Macedonian company ONE DOO Skopje acquired a 16.62% share in
the Macedonian subsidiary ON.NET DOO Skopje from a minority shareholder.
-
Through an increase in capital in the Macedonian company ONE DOO Skopje, Telekom Slovenije,
d.d. received a 20.53% share in the company, while the share of the partner, SIOL B.V. in
liquidation was decreased to 79.47%.
-
The Croatian company POGODAK TRAŽILICA d.o.o., which is fully owned by the subsidiary
Najdi, informacijske storitve d.o.o., initiated the process of liquidation on 27 December 2010. Due
to the liquidation process, the company name was changed to POGODAK TRAŽILICA d.o.o. u
likvidaciji.
-
On 30 December 2010 Telekom Slovenije, d.d. purchased its 50% share in PLANET 9 d.o.o.,
thereby becoming the sole owner of the company.
Slovenia
Abroad
Telekom Slovenije, d. d.
Mobitel, d.d.
100 %
ON.NET DOO Skopje (Macedonia)
83.38 %
M-Pay, d.o.o.
50 %
IPKO Telecommunications d.o.o. (Kosovo)
93.11 %
SOLINE, d.o.o.
100 %
Ipko Net Albania, d.o.o.
100 %
GVO, d.o.o.
100 %
Media Works, d.o.o.
100 %
AVTENTA.SI, d.o.o.
100 %
DSN, d.o.o.
100 %
Najdi, informacijske storitve, d.o.o.
100 %
ANEKS d.o.o. Banja Luka (BiH, Republic of Srpska)
70 %
MEGANET, d.o.o.
50.1 %
Gibtelecom Limited (Gibraltar)
50 %
POGODAK TRAŽILICA d.o.o. u likvidaciji (Hrvaška)
100 %
SIOL d.o.o. (Croatia)
100 %
Pogodak, d.o.o. (Srbija)
100 %
SIOL B.V. in liquidation (Netherlands)
100 %
PLANET 9, d.o.o.
100 %
ONE DOO Skopje (Macedonia)*
79.47 %
ONE DOO Skopje (Macedonia)
20.53 %
ON.NET DOO Skopje (Macedonia)*
16.62 %
ONE TO ONE AD Skopje (Macedonia)
100 %
DIGI PLUS MUTIMEDIA LTD., Skopje (Macedonia)
100 %
PRIMO Communications d.o.o. (Albania)
75 %
* In November and December 2010 Telekom Slovenije, d.d. increased the capital of the Macedonian company
One for a total value of €40 million. The final increase of capital was registered on 12 January 2011.
5
3
CORPORATE GOVERNANCE
Management Board
Telekom Slovenije, d.d. is managed by a five-member Management Board, which began its four-year
term in 2010. As of 31 December 2010 it is comprised of the following members:
- Ivica Kranjčević, President
- Zoran Vehovar, MSc, Vice-President
- Jožko Peterlin, PhD member
- Marko Boštjančič, member
- Darja Senica, member and Workers Director
On 13 March 2010 the term of the President of the Management Board, Bojan Dremelj, MSc, came to
an end and on 30 April 2010 the terms of two members of the Management Board, PhD Filip OgrisMartič and Željko Puljić, MSc, also expired. The term of the Vice-President of the Management Board
Dušan Mitič also came to an end on 30 April 2010.
Supervisory Board
The Company's Supervisory Board consists of nine members, six of whom are shareholder
representatives and three of whom are employee representatives. Members of the Supervisory Board
issued a statement on fulfilling the criteria of independence according the Code of Management of
Publicly Traded Companies.
As of 31 December 2010 the Supervisory Board consists of:
Shareholder representatives:
- Tomaž Berginc, MSc, President
- Tomaž Kalin, PhD, Vice-President
- Jaroslav Berce, PhD, member
- Marko Hočevar, PhD, member
- Ciril Kafol, MSc, member
- Zvonko Kremljak, PhD, member
Workers’ representatives:
-
Milan Richter, Vice-President
Martin Gorišek, member
Branko Sparavec, member
The Supervisory Board operated throughout the year within the same constitution. The four-year term
of shareholders’ representatives lasts until 26 April 2013 and the term of workers' representatives until
13 November 2013.
Management and governance of subsidiaries
The constitution of the bodies managing and supervising Telekom Slovenia Group subsidiaries
as of 31 December 2010
Slovenia
MOBITEL, d.d.
Board of Directors: Ivica Kranjčević, President, Zoran Janko, Zoran Vehovar, MSc, Marko Boštjančič,
Jožko Peterlin, PhD, Tjaša Škrilec and Branko Miklavčič
CEO: Zoran Janko
Notes: The company has a single-tier system of corporate governance.
6
Metod Zaplotnik was a member of the Board of Directors until 15 February 2010 and Klaudij Godnič was a member of the Board
of Directors and CEO until 28 February 2010, while the resignations of Filip Ogris-Martič, PhD and Željko Puljić, MSc were
accepted on 30 April 2010. Since 12 February 2010 Ivicia Kranjčević has been a member of the Board of Directors and its
President since 1 March 2010. Since 1 March 2010 Zoran Vehovar, MSc has been a member of the Board of Directors, while
Zoran Janko has been a member of the Board of Directors and CEO since 1 March 2010. Since 1 May 2010 Marko Boštjančič
has been a member of the Board of Directors and its Vice-President since 10 June 2010. Jožko Peterlin, PhD has been a
member of the Board of Directors since 1 June 2010.
GVO, d.o.o.
Managing Director: Edo Škufca
Note: Until 28 February 2010 Jožefa Guzej was the managing director.
AVTENTA. SI d.o.o.
Managing Director: Iztok Klančnik
Najdi, informacijske storitve, d.o.o.
Managing Director: Bojana Sonnenwald Turk
PLANET 9 d.o.o.
Managing Director: Rudolf Skobe
Abroad
IPKO Telecommunications, d.o.o.
Board of Directors: Ivica Kranjčević, President, Bujar Musa, Vice-President, Akan Ismaili, Klavdij
Godnič, Branko Babič
CEO: Branko Babič
Notes: Management and governance are executed in line with the relevant legislation in Kosovo.
Until 15 April 2010 Dušan Mitič was the President of the Board of Directors and on 15 April 2010 he was replaced by Ivica
Kranjčević.
On 1 February 2011 Branko Babič was relieved from duties as a member of the Board of Directors and CEO, while Robert
Erzin, MSc was appointed as his replacement.
Aneks d.o.o. Banja Luka
Managing Director: Igor Bohorč, MSc
Notes: Management and governance are executed in line with the relevant legislation in Republic of Srpska (Bosnia and
Herzegovina).
Darko Simičević was a member of the Board of Directors until 5 February 2010, when he was relieved of his duties and replaced
by Nebojša Antonijević, MSc.
Željko Puljić, MSc was a member and the President of the Board of Directors until 15 April 2010, when he was relieved of his
duties, and replaced by Zoran Vehovar, MSc.
At the General Meeting of the company on 16 July 2010 the Management Board, consisting of Zoran Vehovar, MSc, President,
Boštjan Kralj, MSc and Nebojša Antonijević, MSc, was relieved of its duties. Their mandate was concluded when the registration
was complete on 8 August 2010.
PRIMO Communications d.o.o.
Directors: Mag. Robert Erzin, Visar Dobroshi, Meta Zakrajšek, Barbara Kozarić
CEO: Visar Dobroshi
Notes: Management and governance are executed in line with the relevant legislation in Albania.
Dušan Mitič was the Managing Director until 1 May 2010, when he was replaced by Robert Erzin, MSc. The General Meeting of
the company on 27 July 2010 relieved Yllij Panariti, Bujarj Musa and Boštjan Kralj, MSc, from duty upon handing in their
resignations, and appointed Visar Dobroshi to become the new CEO, and Meta Zakrajšek and Barbara Kozarić as Managing
Directors. Visar Dobroshi and Robert Erzin, MSc. handed in their resignations. Visar Dobroshi will conclude his term at the end
of March 2011, and Robert Erzin, MSc at the end of January 2011.
Gibtelecom Limited
Board of Directors: Joe Holliday, President, Tim Bristow, Dilip D. Tirathdas, Jožko Peterlin,PhD Zoran
Vehovar, MSc, Brigita Boh, MSc.
CEO: Tim Bristow
Notes: Management and governance are executed in line with the relevant legislation in Gibraltar.
7
Ivica Kranjčević and Filip Ogris-Martič, PhD were members of the Board of Directors until 25 May 2010, when they were
replaced by Jožko Peterlin, PhD and Zoran Vehovar, MSc. Klavdij Godnič was a member of the Board of Directors until 27
October 2010, when he was replaced by Brigita Boh, MSc.
SIOL d.o.o., Hrvaška
Managing Director: Janez Marovt
Notes: Management and governance are executed in line with the relevant legislation in the Republic of Croatia.
On.net d.o.o. Skopje
Managing Director: Klavdij Godnič
Procurator: Janez Marovt
Notes: Management and governance are executed in line with the relevant legislation in the Republic of Macedonia.
Until 11 November 2010, Predrag Čemerikić was the Managing Director.
Dušan Mitič and Mitja Štular, PhD were members of the Supervisory Board until 16 July 2010, when they were relieved
of their duties, and replaced by Klavdij Godnič and Lea Benedejčič.
Since 14 October 2010 Aleksandar Trajkovski has been a member of the Supervisory Board; he was appointed to replace
Vladimir Peškevski, who resigned from the position in 2009.
On 11 November 2010 the complete Supervisory Board, consisting of Klavdij Godnič, Lea Benedejčič and Aleksandar
Trajkovski, was relieved of their duties due to a changed memorandum of association.
SIOL B.V. in liquidation
Liquidator: Barbara Kozarić
Notes: Management and governance are executed in line with the relevant legislation in the Netherlands.
Until 30 April 2010 Boštjan Kralj MSc, and Darja Vrhunc were A directors, and Filip Ogris-Martič, PhD and Dušan Mitič
were B directors. Until 30 November 2010 Tomaž Cirman was the liquidator. He was replaced by Barbara Kozarić on 1
December 2010.
The company has been in liquidation since 26 May 2010.
ONE AD Skopje
Managing Directors: Klavdij Godnič in Dejan Kalinikov
Until 28 February 2010 Olivier Poncin and Filip Ogris-Martič, PhD were members of the Board of Directors. Klavdij Godnič
and Ivica Kranjčević were members of the Board of directors as of 1 March 2010. Dušan Mitič was a member of the
Board of Directors until 1 May 2010, when he was replaced by Branko Babič.
On 15 October 2010 the whole Board of Directors, comprising of Klavdij Godnič, Dejan Kalinikov, Ivica Kranjčević, Branko
Babič, Boštjan Kralj, MSc and Janez Marovt (procurator) was relieved of its duties and Klavdij Godnič and Dejan Kalinikov
were appointed as Managing Directors.
Dejan Kalinikov handed in his resignation on 17 January 2011 and the General Assembly relieved him as Managing
Director. Due to a change in company management and governance, the company will only have one Managing Director.
ONE TO ONE AD Skopje
Board of Directors: Klemen Ramoveš, CEO, Non-Executive Directors: Tatjana Veljkovikj, Dejan
Kalinikov
Until 13 April 2010 the company name was Germanos Telecom AD Skopje.
Filip Ogris-Martič, PhD was a member of the Board of Directors until 15 April 2010, when he was replaced by Tatjana
Veljkovikj. Igor Lokar was the procurator until 5 July 2010, when he was relieved from duty by the Board of Directors.
Boštjan Kralj, MSc was the CEO until 9 August 2010, when he was relieved from duty and Klemen Ramoveš was
appointed CEO.
On 17 January 2011 Dejan Kalinikov and Tatjana Velkovikj handed in their resignations from the Board of Directors. The
General Assembly relieved them from duty, and appointed Janez Marovt and Barbara Kozarić to their positions.
DIGI PLUS MULTIMEDIA Company Telecommunication Services Skopje LTD.
Managing Director: Janez Marovt
Up until 30 March 2010 Predrag Čemerikić was the Managing Director.
8
4
OWNERSHIP STRUCTURE AND SHARE TRADING
Ownership structure
In 2010 no major changes were detected in the ownership structure of Telekom Slovenije, d.d. The
biggest changes in ownership were noted in resident corporates, which increased their share by 0.43
percentage points to 6.64%, and in investment companies, which decreased their share by an equal
percentage to 2.76%.
The number of shareholders dropped in comparison to 2009. On the last day of December 2010 there
were 12,676 shareholders in Telekom Slovenije d.d.’s register of shareholders; a decrease of 726
since the end of 2009.
Ownership structure as of 31 December 2010
52,54 % Republlic of Slovenia
14,25 % SOD (state fund)
10,25 % Individual shareholders
6,64 % Domestic legal persons
7,36 % KAD and PPS ( state fund)
6,13 % Institucional investors
2,37 % Foreign legal investors
0,46 % Treasury shares
10 largest shareholders
As of 31 December 2010, the 10 largest shareholders held 79.99 percent of the capital stock of the
company; the same as in 2009. In 2010 Alpe Adria Privatbank AG and NLB d.d. were replaced in the
top ten by Intersvet d.o.o. and Perspektiva FT d.o.o.
A comparison of the ten largest shareholders in 2010 and 2009.
Shareholder as of 31 December 2010
%
Republic of Slovenia
52,54 Republic of Slovenia
52,54
Slovenska odškodninska družba d.d.
14,25 Slovenska odškodninska družba d.d.
14,25
Shareholder as of 31 December 2009
%
Kapitalska družba d.d.
5,59 Kapitalska družba d.d.
5,59
NFD 1 delniški investicijski sklad d.d.
2,36 NFD 1 delniški investicijski sklad d.d.
2,37
Kapitalska družba d.d. – PPS
1,77 Kapitalska družba d.d. - PPS
1,77
Triglav vzajemni skladi – delniški Triglav
0,85 Triglav vzajemni skladi – delniški Triglav
0,85
Perspektiva FT d.o.o.
0,75 Poteza naložbe d.o.o.
0,70
Intersvet d.o.o.
0,66 Alpe Adria Privatbank AG
0,70
Hypo Bank d.d.
0,64 Hypo Bank d.d.
0,67
Poteza naložbe d.o.o. – v stečaju
0,58 NLB d.d.
0,55
Total
79,99 Total
9
79,99
Number of shares held by the Management Board and the Supervisory Board members of Telekom
Slovenije, d.d. as of 31 December 2010.
Name
Office
Number of
shares
%
338
0,0052
100
0,0015
125
0,0019
1
0,0000
564
0,0086
Uprava
Ivica Kranjčević
MSc. Zoran Vehovar
Marko Boštjančič
PhD. Jožko Peterlin
Darja Senica
President of the Management Board
Vice-President of the Management
Board
Member of the Management Board
Member of the Management Board
Member of the Management Board and
Workers' Director
Nadzorni svet
MSc. Tomaž Berginc
President of the Supervisory Board
PhD Jaroslav Berce
Member of the Supervisory Board
PhD Marko Hočevar
MsC. Ciril Kafol
PhD Tomaž Kalin
Vice-President of the Supervisory Board
PhD Zvonko Kremljak
Martin Gorišek
Milan Richter
Vice-President of the Supervisory Board
Branko Sparavec
Total
Share trading and key share-related financial data
In 2010 the share largely followed general trends for the prices of “blue-chip” shares in the Ljubljana
Stock Exchange, which is marked by the SBI TOP index. The shares recorded a 37.76 percent drop in
value in 2010, compared to the beginning of the year. On the last trading day in December 2010, the
price of the share stood at EUR 86.
TSLG trading statistics at the Ljubljana Stock Exchange in 2010
Share price* in EUR
2010
2009
High
137,03
177,69
Low
83,60
118,00
104,39
148,57
2010
2009
Average
Volume in thousand EUR
Total for the year
20.824,94
33.768,95
Highest daily volume
1.031,68
5.923,80
Lowest daily volume
0,79
2,62
82,97
134,54
Average
*Notes: when the Ljubljana Stock Exchange switched to the Xetra® international trading system on 6 December 2010, the
standard price became the closing price, which replaced the previous average price.
10
Standard price and the volume of trading of TSLG shares in comparison with the SBITOP index
140
EUR
130
1.050
TLSG
1.000
120
950
110
SBITOP
100
900
90
850
80
70
800
TLSG in EUR
SBITOP
Dividends
The Telekom Slovenije, d.d. dividend policy is development-oriented and geared towards
strengthening the competitive market position. The dividend is defined in the company’s Statute, as
the percentage of net profit, whereby securing funds for investments in accordance with the
development plan takes precedent. The dividend policy for the period 2011-2015 states that up to 40%
of the group’s net profit may be used for the annual dividends payments.
The General Meeting decides on the gross amount of the dividend per share for each year
th
individually. The 17 General Meeting, which took place on 1 July 2010, passed the resolution on
payment of dividends in the amount of EUR 3.00 per share.
5
SIGNIFICANT EVENTS IN 2010
JANUARY:
-
Najdi.si and Teledat begin operating as a merged company under the name Najdi, informacijske
storitve.
Telekom Slovenije and Mobitel receive recognition as reputable employers for 2009.
Avtenta.si receives the status of an Exchange and OCS Service Provider, which facilitates the
provision of packaged services.
Primo Communications takes over its subsidiary Bindi Integrated Services JSC.
Telekom Slovenijeimplements renewed information systems CRM2, OSS Inventory & WF, and
UNOS (Remedy).
Mobitel, in collaboration with the Slovenian Association of Friends of Youth sends 90 children on a
5-day winter holiday in the holiday homes of the Ljubljana Association for Children’s Holidays and
Recreation.
Ipko telecommunications company joins the humanitarian initiative taken by TopMedia and other
Albanian mobile telephony providers, which aims to help the families affected by the floods in
Shkodër.
Cankarjev dom thanks its sponsors and donors for their loyalty and support. Mobitel is recognized
as sponsor of the year for 2009.
The Golden Thread project names Teledat among the 101 best employers in Slovenia for 2009.
FEBRUARY
-
Aneks introduces its latest service – digital television "blicTV".
Aneks offers bundled packages with higher data transfer rates, including the "3 in 1" triple play
package (internet, telephony and television).
11
-
The Macedonian One offers a service for data traffic measurement.
The most visited and frequently used Slovenian business register bizi.si undergoes a renovation
process. It provides more options for company presentation and is better organized, more
interactive and easier to use.
All SiOL TV users can follow the live broadcasts from the Vancouver 2010 Winter Olympics in HD
with Slovenian commentators on channel 207 (fiber optics) or 199 (xDSL).
MARCH
-
On 1 March, Klavdij Godnič becomes the Chief Executive Director at One in Macedonia.
Zoran Janko becomes the Chief Executive Director of Mobitel; Mojca Klopčič becomes the Chief
Financial Officer of Mobitel.
On 1 March Edo Škufca takes over the management of GVO. Prior to that he was the director of
the Operational construction unit.
Mobitel introduces the new Nokia Messaging push e-mail service on 1 March 2010; it is the first
mobile operator in Slovenia and SE Europe to introduce this service.
The Olympic page on the siol.net portal records over two hundred thousand, or more precisely,
st
200,761 unique visitors (and nearly 2 million views) during the 21 Olympics.
Telekom Slovenije introduces a new format for billing telephony and SiOL services; the bills are
similar to most standardized bills for other services people receive – folded with perforated edges.
During the Olympics, Telekom Slovenije offers visitors of the Slovenian Olympic village a cool
multiplayer mobile game SiOL Snowball Fight.
The new President of the Management Board of Telekom Slovenije, Mr. Ivica Kranjčević, officially
starts work on 13 March.
The 2010 Ecoquiz gets record numbers of competitors from primary schools – more than 3,800
take part in the eco awareness quiz.
Avtenta.si is the Golden Sponsor of the Cisco Expo conference.
bizi.si brings to life the first e-market for companies.
Telekom Slovenije, Mobitel, and SiOL receive their third Superbrand title.
Mobitel introduces the new upgraded M:Namiznik (M:Desktop) service which provides additional
functionalities.
Lea Benedejčič, the Marketing and Customer Care Officer at the Macedonian One, Receives the
Macedonian Manager of the Year Award for 2009.
APRIL
-
-
The social responsibility Ecoquiz eco-campaign, which is predominantly sponsored by Telekom
Slovenije receives the eminent PR prize Gold Quill.
After a one year period, Avtenta.si accomplishes the first reaccreditation of the si-hramba.eu
service, and thus proves for the second time that the service complies with all laws of the current
archiving legislation.
Aneks offers its IP telephony and internet services in the Sarajevo area.
Among the first in Europe, Mobitel implements the state-of-the-art HSPA+ technology and
becomes the first Slovenian provider to provide its users with faster and better mobile internet.
Telekom Slovenije adds the “Pisarna po meri” (Customized office) to its Business package offer,
which is intended for small and middle sized companies. The second international technical
workshop of Telekom Slovenia Group takes place; in addition to the experts from One, Ipko,
Primo, and Aneks, experts form Gibtelecom, Mobitel, Avtenta.si, and Planet 9 also attend the
workshop.
The new Workers’ Council of Telekom Slovenije,d.d. is constituted.
MAY
-
New members of the Telekom Slovenije Management Board commence duty. The President of
the Management Board, Ivica Kranjčević, who already started in March, is joined in May by Zoran
Vehovar, who is also the Vice-President of the Management Board, and Marko Boštjančič.
Just five months after the first 3D TVs were introduced in Las Vegas, Planet 9 and Telekom
Slovenije provide 3D content on a 3D TV, namely live matches from the Roland Garros tennis
tournament.
12
-
-
On World Telecommunication and Information Society Day, Telekom Slovenije and Mobitel
respond to an appeal from the Ljubljana Lions Club humanitarian organization and donate desktop
computers for modern teaching methods to the Tončka Hočevar work and care center in Ljubljana,
CUDV Dolfka Boštjančič in Ig (social and health care training), Janez Levc Training Center in
Ljubljana and the Association of the Deaf and Hard of Hearing in Ljubljana.
One receives the first award in the category of corporate humanitarian actions by large and
medium sized companies in 2009, in the selection process organized by the Center for Institutional
Development (CIRA).
JUNE
-
-
The remaining member of the Management Board, Jožko Peterlin, PhD commences duty on 1
June.
Najdi.si provides users with new online dictionaries. Following the addition of the Spanish, French
and Italian dictionaries, users can now use 10 dictionaries for 5 languages.
The Florence & The Machine concert at Kino Šiška concludes the first part of the concert trilogy
organized by Mobitel in 2010 as a part of its Itak Džafest festival.
The new Telephone Directory of Slovenia (TIS) – spring 2010 is published on CDs and online. It
comes with several new features: a new map of Slovenia, monthly updates of the TIS database on
CDs via internet (for all existing and new subscribers of TIS), and the option of installing a toolbar
in the web browser for easier searching.
Telekom Slovenije is the first to successfully undergo an external verification of reporting on
sustainable development in Slovenia.
At the beginning of June Mobitel and Ericsson Slovenia host a three-day meeting of the workgroup
for users of the Ericsson telecommunication equipment.
Between 17 and 20 June the main cycling event in the country takes place – Tour de Slovénie.
Users can follow it at www.siol.net, Mobitel's Planet multimedia mobile portal, on Facebook and
Twitter.
Telekom Slovenije and Mobitel are the main sponsors of Festival Ljubljana, with Planet 9 as its
media sponsor for the first time.
One introduces PUMA PHONE with solar cells for battery charging and a unique selection of
applications and tools.
The popular band Gossip gives an excellent concert at the Itak Džafest festival.
According to Slovenian users in the independent research carried out by Reader’s Digest,
Telekom Slovenije, Mobitel, and SiOL are again selected as the most trusted brands.
For the third time in a row, Avtenta.si successfully undergoes the external audit and confirms its
Cisco Silver Status.
JULY
-
-
-
th
The 17 Telekom Slovenia General Meeting, which was held on 1 July 2010, discussed the
Supervisory Board report on approving the 2009 annual report, approved the amendments and
supplements to the company Articles of Association, approved the proposed use of distributable
profits for 2009, and appointed the auditor for auditing business results for 2010. In accordance
with the Act Regulating the Income of Managers of Companies Owned by the Republic of
Slovenia and Municipalities, the General Meeting was also briefed on regulations on other rights of
management board members. The General Meeting did not confer its official approval on the
Management Board in the previous constitution and the Supervisory Board, which was in power
until 25 April 2009. The Meeting did confer its official approval on the new members of the
Supervisory Board for this term. The shareholders were briefed on key findings of a detailed
auditing revision of the acquisitions in Macedonia and of Najdi.si.
On the grounds of good practice within the EU, Mobitel unifies the prices for roaming in the
networks of operators in non-EU countries on 1 July 2010; it also activates the automatic limit for
data transfer abroad to €60 for all users, which allows efficient cost control for data transfer
abroad.
Telekom Slovenije hosts Slovenian Prime Minister Borut Pahor and the Minister of Economy,
Matej Lahovnik.
Telekom Slovenije online assistant, Tia, is upgraded with new features in July: links to online chat
and remote assistance.
13
-
The Avtenta.si training center is selected again as the winner amongst all Microsoft training
centers.
Mobitel and Samsung exclusively premiere the heavily anticipated Samsung Galaxy S smartphone
with Slovenian menus. Slovenia is thus one of the few countries where this device is already
available.
Ipko reduces roaming and GPRS data prices and offers bonuses for every top-up of mobile
accounts.
AUGUST
-
-
Telekom Slovenije launches the SiOL Box sales campaign. The new set-top box brings many new
features and functionalities, and with it a completely new user experience. With this device,
Telekom Slovenije and its SiOL brand begin to implement the concept of the so-called social
television.
GVO makes an important step in realizing its strategic objectives abroad – the first business
abroad is underway. The first team is off to the Czech Republic to install a fiber optic cable
connection for a solar power plant.
Macedonian ONE and HTC organize a competition for the best new application to promote the
Android operating system and HTC mobile phones, and also to support and improve the
innovativeness of Macedonian programmers.
Following a successful internal review in July, Avtenta.si becomes the official Elite Service
Provider Infrastructure Juniper Partner.
SEPTEMBER
-
Telekom Slovenije implements new prices for SiOL TV packages and a special additional fee for
digital subscriber access to the fiber optic network.
Telekom Slovenije files a motion to initiate bankruptcy proceedings against T-2.
Mobitel, Samsung and BMW Group Slovenia launch a joint campaign “Vroče povezani” which
combines two of the hottest products on the market – the Samsung Galaxy S smartphone and the
MINI One car.
One presented its promotional offer in mobile telephony, which allows users to make 400 minutes
free on-net calls every month for the duration of their 24-month contract.
Popular series Prepisani, produced by Planet 9, is premiered in SiOL BOX LIVE, and on siol.net,
the modernized SiOL iO online television and Planet mobile portal.
Mobitel and Telekom Slovenia present a new, converged service for small, medium and large
companies – Single Business Network. This service unites fixed and mobile networks and brings a
number of advantages for users within a company.
In mid-September, Mobitel’s Workers’ Council and Sineks trade union organize a working action in
the Sečovlje Salina, in which Mobitel’s employees help prepare the crystallization basins for winter
and the new season.
The floods in September cause great damage to the telecommunications infrastructure.
In addition to measuring the organizational climate, the Telekom Slovenia Group measures
organizational culture for the first time.
Planet 9 takes over as the manager of the rights over TV content for the entire Telekom Slovenia
Group.
OCTOBER
-
At the Golden Drum international advertising festival, Mobitel is awarded the prestigious Silver
Drum for the “Letopis družbe Mobitel – Ogledalo uspeha” (Mobitel Company Profile: the Mirror of
Success) publication.
On Tuesday 5 October, Mobitel launches a new corporate advertising campaign which brings
together tradition, care for the environment, charity and high-level sport under the slogan: “You are
as big as your heart is.”
By selling the SiOL BOX mascot Xobi toy, funds are raised for the Mali Princ (Little Prince)
organization. A total of 1007 Xobi toys are sold and Telekom Slovenije doubles the amount raised
and hands a €11,748 check to the Mali Princ organization at a ceremeony at Želva, which
manufactured Xobis.
14
-
Najdi presents the Najdi.si map with a new look and updated content. Free-of-charge najdi.si now
also includes new features: camera images, city transport lines and satellite images.
The SiOL TVoj interactive web magazine grants itself a place amongst the finalists competing for
the Digital Magazine Awards.
Aneks presents attractive and affordable DUO and TRIO price plans to its users.
One receives two national awards for corporate social responsibility in 2009.
NOVEMBER
-
Just six months after the first 3D TV sets were presented in Slovenia, SiOL TV users are able to
access 3D content on demand, which they can watch on a 3D-ready TV set together with special
glasses.
In November, Telekom Slovenije offers its users the option to subscribe to program extras HBO
and Eksplozivni (Explosive), which are now available with all SiOL TV packages.
Mobitel expands its range of products with a cutting edge Samsung Galaxy TAB multimedia
communicator, for which Mobitel has prepared an android Mobile TV application, which is also
available for other mobile phones running on this operating system.
On 11 November 2010, at 11:11 AM, One marks the first year of its commercial presence on the
Macedonian market.
Mobitel presents the first smartphone with the Windows Phone 7 operating system on the
Slovenian market. The advanced Samsung Omnia 7 is the first in the series of mobile phones with
this operating system available at Mobitel.
Telekom Slovenia receives the daily Finance's award for best annual report in sustainable
development.
The doors open to the seven so-called "demo points", where users can test and subscribe to SiOL
broadband services.
In mid-November, Telekom Slovenije presents a new Trio 10M postpaid price plan and offers HD
channels to users with copper network. New feature on SiOL BOX: Access to Twitter
Aneks refurbishes the blic-net website.
Telekom Slovenije offers a new feature to its business partners in its 080 toll-free number service
– the Click to Call 080 solution.
Soline, Pridelava soli, presents the “MANSALT – Man and Nature at the Sečovlje Salina” project
aimed at preserving the Sečovlje Salina Nature Park.
One and the Slovenian Business Association help the Skopje Red Cross to open a shelter for
homeless people.
th
The Slovenian Association of Friends of Youth marks the 20 anniversary of the TOM phone for
children and youngsters with a round table on the impact of poverty on children’s rights, and
thanks Telekom Slovenije at the event for having supported this important communication channel
for children and youngsters over the years.
DECEMBER
-
At the beginning of December, Telekom Slovenije launches a new service for remote surveillance
and protection of apartments, houses, and small business facilities.
Mobitel selects the winners of the M:Android competition, in which over 100 developers entered
over 150 concepts for new applications for Android mobile phones. The competition was
organized in collaboration with HTC.
Avtenta.si successfully passes recertification for SAP Hosting status. The review was carried out
by authorized experts from SAP AG.
Mobitel prepares a special campaign, in which its users can buy mobile phones and
communications devices in installments and without interest.
The siol.net web portal and five other Slovenian web portals sign the code on regulating hate
speech on web portals.
6
SIGNIFICANT EVENTS AFTER THE ACCOUNTING PERIOD
JANUARY:
- Serbian Pogodak DOO Beograd, which is fully owned by Telekom Slovenije's subsidiary Najdi,
informacijske storitve, d.o.o., initiates liquidation proceedings on 11 January 2011. Due to the
15
initiation of liquidation proceedings, the company’s name is changed to Pogodak DOO Beograd –
u likvidaciji.
FEBRUARY
-
-
-
Microsoft and Mobitel organize the M:Windows Phone 7 competition for the best Slovenian
applications for mobile phones with the Windows Phone 7 operating system.
At its regular session, Telekom Slovenije’s Supervisory Board is presented the future steps in the
merger of Mobitel and Telekom Slovenije and approves them unanimously.
In February, Telekom Slovenia digitalizes the cable TV service, keeping up with current trends in
fiber optics and cable systems. After digitalization, all the channels are available in digital form and
the number of channels increases to 95, which also includes HD channels. The price of the
service does not however change.
On the European Data Protection Day, subsidiary Avtenta.si is awarded the ISO/IEC 27000
certificate for data protection, which is an acknowledgment of a high level of data protection.
On 1 February, Telekom Slovenija introduces the SiOL BOX S set top box, which provides
advanced digital TV experience with all modern options and is a somewhat simpler version of
SiOL BOX.
Mobitel's representatives present the management of the Ljubljana Faculty of Electrical
Engineering with a package of state-of-the-art mobile terminal equipment and use of data
packages for the purpose of study process. Mobitel once again shows that it contributes to the
development of Slovenian knowledge and strengthens partnership with educational and research
institutions.
The Ecoquiz, which is a quiz on eco issues for primary school children in 6th, 7th and 8th grades
in Slovenian ecoschools, is presented at the Marija Vera primary school in Kamnik. Telekom
Slovenija is a partner in the project for the third year and it provides the online version of the
Ecoquiz. This year, children will learn about biodiversity, climate change and energy efficiency.
7
RISK MANAGEMENT
Last year Telekom Slovenia Group thoroughly renewed its risk management system. To provide
systematic and efficient risk management we adopted the risk assessment and risk reporting
methodology, and established a risk management board. The methodology was introduced at
workshops organized for the entire Telekom Slovenia Group.
Comprehensive and timely risk detection and efficient risk management are primarily aimed at:
- increasing the chances of realizing our strategic and business goals,
- faster responses to internal and external changes,
- better asset management,
- reducing the impact of potential negative events, and
- optimizing the risk/yield ratio.
The risk management system throughout the group is coordinated by the Risk Management Office of
the Finance Department at Telekom Slovenije. The office manages the risk registry, develops the
methodology and necessary tools, warns about potential risks in certain areas and in business
operations, and provides expert help in carrying out risk management processes.
8
EMPLOYEES
Human resources were during year 2010 ensured through the hiring of scholarship recipients and
apprentices, by reallocating employees within companies and by hiring external experts. Changes in
organization were primarily carried out to optimize operations and increase the efficiency of
processes.
On 31 December 2010, Telekom Slovenia Group had 4,841 employees.
16
9
FINANCIAL REPORT OF THE TELEKOM SLOVENIA GROUP AND
TELEKOM SLOVENIJE, D.D. FOR THE YEAR 2010
9.1
Introductory notes
The consolidated financial statement of the Telekom Slovenia Group and the financial results for the
parent company Telekom Slovenije, d.d. for the reported year, as well as for the comparable previous
year, were compiled in accordance with:
-
the provisions of the Companies Act,
the International Financial Reporting Standards (IFRS), adopted by the International Financial
Standards Board (IASB), and
the interpretations of the International Financial Reporting Interpretations Committee (IFRIC).
The financial statements have been adjusted for the comparable period last year due to a change in
the accounting policy, effective as of 1 January 2010 and described below.
The financial results for 2010 have not been audited.
In terms of consolidating EU standards, there were no differences in the accounting principles of the
Telekom Slovenia Group and Telekom Slovenije, d.d. on the balance sheet date between the IFRS as
applied and the IFRS as adopted by the European Union.
The financial statements have been prepared on a historical cost basis, except for available-for-sale
assets and derivatives, which are disclosed at fair value, and specific classes of property, plant and
equipment, which were revalued to fair value in accordance with IAS 16.
In 2010 there was no authorized capital nor any conditional increase of the capital stock.
The items in the financial results of Telekom Slovenia Group and the parent company Telekom
Slovenije, d.d. are in EUR, rounded up to one thousand units.
Change in accounting policy
On 1 January 2010 the parent company Telekom Slovenije, d. d. amended its accounting policy for
measurement after recognition, namely from a revaluation model to the historical cost model for the
cable network and telephone exchanges.
The reason for the aforementioned change lies in the fact that the majority of European telecom
operators value telecommunications assets according to the historical cost model. This change will
make the financial statements more comparable with those of other companies involved in the same
or similar activity.
IAS 16, which deals with property, plant and equipment, does not contain any specific provisions
regarding the aforementioned change to the accounting policy. Therefore, the Telekom Slovenia
Group and the parent company Telekom Slovenije, d. d. applied the provisions of IAS 8 Accounting
Policies, Changes in Accounting Estimates and Errors and adjusted the financial statements for past
periods in accordance with IAS 1 Presentation of Financial Statements
The effects of the amended accounting policy on the financial statements of the parent company
Telekom Slovenije, d. d. and the consolidated financial statements are as follows:
17
31 December 2008
in thousand EUR
Decrease in property, plant and equipment
-54,771
Decrease in revaluation reserve for property, plant and equipment
-49,869
Decrease in reserves
-7,226
Decrease in deferred tax liabilities
-4,902
Increase in current income tax liabilities
1,446
Change in retained earnings
5,780
31 December 2009
in thousand EUR
Decrease in property, plant and equipment
-48,670
Decrease in revaluation reserve for property, plant and equipment
-44,291
Decrease in reserves
-10,839
Decrease in deferred tax liabilities
-4,379
Increase in current income tax liabilities
2,168
Change in net profit for the period
4,856
Change in retained earnings
3,815
Basic earnings per share and diluted earnings per share increased by 0.75 EUR.
31December 2010
in thousand EUR
Decrease in depreciation of property, plant and equipment
-6,101
Increase in income tax
1,245
Increase in net profit for the period
4,856
Basic earnings per share and diluted earnings per share increased by 0.75 EUR.
Impairments
In the second half of 2010, Telekom Slovenije, d.d. ordered an appraisal of fair value of investments in
subsidiaries in Macedonia (One, One to one, On-net and Digi plus), Ipko in Kosovo, Primo in Albania,
and Aneks in the Republic of Srpska (Bosnia and Herzegovina) and Najdi, informacijske storitve.
Based on the appraisal by an authorized appraiser it was determined that the recoverable amount of
investments was lower than their book value. In accordance with accounting standards the company
impaired its financial investments in subsidiaries in the amount of the difference between the book and
the recoverable amount of investments, and noted the difference in its business results as revaluation
financial expenses.
In accordance with IAS 36 the group financial results show an impairment in goodwill and other
intangible and tangible assets. The impairment is recognized in the financial results as revaluation
business expense.
Telekom Slovenia Group
Telekom Slovenia Group consists of the parent company Telekom Slovenije, d.d. and the following
subsidiaries and groups:
18
31 December
2010
Company
State
MOBITEL, d.d.
Slovenia
100%
GVO, d.o.o.
Slovenia
100%
Group Najdi
Slovenia
100%
AVTENTA.SI d.o.o.
Slovenia
100%
SOLINE d.o.o.
Slovenia
100%
PLANET 9 d.o.o.
Slovenia
100%
Group IPKO
Kosovo
ON.NET DOO Skopje
Macedonia
ANEKS d.o.o. Banja Luka
BIH - Republic of Srpska
70%
PRIMO Communications Sh.p.k
Albania
75%
SIOL d.o.o.
Croatia
100%
Group SIOL B.V.
Netherlands
100%
ONE TO ONE AD Skopje
Macedonia
100%
DIGI PLUS MULTIMEDIA DOOEL Skopje
Macedonia
100%
100.00%
83.38%
Telekom Slovenije, d. d. has 100% economic ownership in all of its subsidiaries through call options
acquired from and put options granted to minority shareholders.
As a parent company, Najdi, informacijske storitve, d. o. o. holds a 100% interest in the following
subsidiaries: POGODAK TRAŽILICA, d. o. o. u likvidaciji (Croatia), POGODAK DOO BEOGRAD
(Serbia), and a 50.1% interest in the subsidiary Meganet, d. o. o. (Slovenia)
The parent company of the IPKO Group, IPKO Telecom LLC is 100% owner of Ipko, LLC, Albania and
N.B. “Mediaworks” Sh.p.k. Kosovo. Telekom Slovenije, d.d. has a 93.11% share, and for the
remaining share the call option of the parent company, or put options of the minority shareholders.
Telekom Slovenia Group owns 83.38% of On.net through the parent company, and the remaining
16.62% through One.
The SIOL, B.V. Group comprises the subsidiary ONE DOO Skopje, Macedonia. Through Siol B.V.
Telekom Slovenia Group controls 74.38% of One, while the parent company directly controls the
remaining 25.62%.
Mobitel, d. d. holds a 50% interest in M-Pay, d. o. o. and a 50% interest in Gibtelecom, d. o. o., a joint
venture. The two companies are included in the consolidated financial statements using the equity
method.
19
9.2
Unaudited financial statements of the Telekom Slovenia Group for the year 2010
Consolidated income statement for the year ending 31 December 2010
in thousand EUR
2010
Revenue
839,337
Other income
2009
adjusted
#
Index
10/09
847,507
99
4,257
8,599
50
843,594
856,106
99
4,523
3,611
125
Cost of goods and materials sold
-46,738
-45,978
102
Cost of raw materials
-16,761
-15,899
105
Cost of services
-332,737
-346,199
96
Staff costs
-162,522
-152,909
106
Depreciation and amortisation
-214,460
-197,681
108
Total operating revenue
Share of profit in a joint venture
Other operating expenses
Total operating expenses
Profit from operations
Financial income
Financial cost
Profit before tax
Income tax expense
Net profit/loss for the year
Earnings per share - basic and diluted in
EUR
20
-251,339
-30,885
814
-1,024,557
-789,551
130
-176,440
70,166
-251
4,272
5,895
72
-28,172
-32,780
86
-200,340
43,281
-
-10,835
-13,817
78
-211,175
29,464
-
-32.46
4.53
-
Consolidated statement of comprehensive income for the year ending 31 December 2010
in thousand EUR
2009
adjusted
2010
Net profit for the period
Index
10/09
-211,175
29,464
-717
-766
-39
-
Deferred tax
153
7
-
Net loss / gain on available-for-sale financial assets
transferred to income statement
545
Revaluation of AFS financial assets
Deferred tax relating to net loss/gain on available-for-sale
financial assets transferred to income statement
-109
Net gain or loss from revaluation of AFS financial
assets
-177
-32
-
-81
-4,796
2
16
463
-
1,055
4,698
22
-211
-444
-
779
-79
-986
Change in surplus from revaluation of fixed assets
Activity and intangible assets resources
39,627
0
-
Deferred tax changes
-7,925
0
-
Change in surplus from revaluation of fixed assets
Activity and intangible assets resources
31,702
0
-
3,122
-2,966
-
Other comprehensive income
35,426
-3,077
-
Total comprehensive income
-175,749
26,387
-
Changes in fair value of cash flow hedges
Deferred tax
Reclassification of changes in fair value of cash flow
hedges
Deferred tax
Net gain or loss on changes in fair value of cash flow
hedges
F/X reserve
21
Consolidated balance sheet as at 31 December 2010
in thousand EUR
31.12.2010
31.12.2009
adjusted
31.12.2008
adjusted
Index
10/09
ASSETS
Intangible assets
153,614
351,951
255,144
44
1,117,605
1,206,694
1,120,868
93
Investment in joint venture
41,023
38,863
38,619
106
Other investments
12,350
14,661
18,525
84
Other non-current assets
24,725
27,289
29,578
91
Property,plant and equipment
Investment property
6,413
5,121
5,253
125
Deferred tax assets
18,681
13,226
10,483
141
1,374,411
1,657,805
1,478,470
83
Total not-current assets
Assets held for sale
5,688
1,156
627
492
20,979
24,998
28,421
84
196,856
204,496
187,917
96
279
15,307
4,399
2
13,392
554
21,121
2417
Inventories
Current trade and other receivables
Income tax receivable
Current financial assets
Cash and cash equivalents
46,728
21,210
18,845
220
283,922
267,721
261,330
106
1,658,333
1,925,526
1,739,800
86
272,721
272,721
272,721
100
-3,671
-3,671
-3,671
100
Reserves
574,596
573,531
543,457
100
Retained earnings
-115,546
111,433
148,820
-104
76,513
48,998
51,162
156
2,117
1,515
1,626
140
169
-2,961
5
-6
0
0
235
-
Total capital and reserves
806,899
1,001,566
1,014,355
81
Non-current deferred income
9,549
8,528
9,169
112
37,815
30,529
30,580
124
65
35
46
186
Interest bearing borrowings
131,224
254,683
241,145
52
Other non-current financial liabilities
312,187
326,331
63,863
96
9,621
5,595
1,306
172
Total non-current liabilities
500,461
625,701
346,109
80
Trade and other payables
154,465
156,173
157,280
99
5,504
2,419
3,400
228
Total current assets
Total assets
EQUITY AND LIABILITIES
Issued capital
Treasury shares
FA revaluation reserve
Revaluation reserves for financial instruments
F/X reserves
Minority interest
Provisions
Non-current trade and other payables
Deferred tax liabilities
Income tax payables
125,451
56,277
177,431
223
Other current liabilities
16,999
38,871
1,411
44
Deferred income
22,912
19,238
18,437
119
Accruals
25,642
25,281
21,377
101
Total current liabilities
350,973
298,259
379,336
118
Total liabilities
851,434
923,960
725,445
92
1,658,333
1,925,526
1,739,800
86
Total equity and liabilities
22
Consolidated statement of changes in equity for the year ending 31 December 2010
in thousand EUR
Balance at 1.1.2010
Issued
capital
272,721
Treasury
shares
-3,671
Reserves
573,531
Profit for the period
Retain
earnings
111,433
0
0
Transfer to retained earnings
Transfer to reserves according to the resolution of general assembly
Cash flow
hedges
reserves
in net value
-779
F/X reserves
-2,961
31,702
-177
779
3,122
35,426
-177
779
3,122
-175,749
Other
272,721
-3,671
Total attrib.
to the parent
1,001,566
Minority
interest
0
-211,175
Total
1,001,566
-211,175
35,426
0
-211,175
31,702
1,430
2,760
-4,190
-367
367
0
0
-19,716
-19,716
-19,716
Payment of dividends
Balance at 31.12.2010
AFS fin.
assets
reserves in
net
value
2,294
-211,175
Fixed
assests
revaluation
reserves
48,998
2
785
3
574,596
-115,546
76,513
0
0
-175,749
0
8
798
2,117
0
169
806,899
0
806,899
798
AFS fin.
assets
reserves in
net
value
2,326
Cash flow
hedges
reserves in net
value
-700
F/X reserves
5
Total attrib.
to the parent
1,065,435
Minority
interest
235
Total
1,065,670
Consolidated statement of changes in equity for the year ending 31 December 2009
Retain
earnings
143,040
Fixed
assests
revaluation
reserves
101,031
-7,226
5,780
-49,869
543,457
148,820
51,162
2,326
-700
5
1,014,120
235
1,014,355
148,820
51,162
2,326
-700
5
1,014,120
235
1,014,355
29,464
0
29,464
0
26,387
in thousand EUR
Issued
capital
272,721
Treasury
shares
-3,671
Reserves
550,683
Balance at 31.12.2008 adjusted
272,721
-3,671
272,721
-3,671
543,457
Effect of change in accounting policy
29,464
0
0
Depreciation transfer for revalued fixed assets
Transfer to reserves
Transfer to other reserves – resolution of the Management
Other
272,721
-3,671
-51,315
0
-32
-79
-2,966
-3,077
29,464
0
-32
-79
-2,966
26,387
1,430
690
-2,120
0
0
680
-680
0
0
28,012
-28,012
0
-39,033
-39,033
-180
92
-55
37
1,001,566
0
1,001,566
0
-51,315
-48
184
-44
573,531
111,433
48,998
23
2,294
-779
-2,961
-3,077
0
-39,213
Consolidated statement of cash flows for the year ending 31 December 2010
in thousand EUR
2010
2009 adjusted
-200,340
43,281
214,460
53
209,647
-1,702
30,511
197,681
43
5,291
-1,927
14,823
-4,272
28,172
-5,895
32,780
-4,532
-22,871
1,272
4,019
-529
-31,402
2,421
3,423
7,286
4,695
361
760
-51
160
3,446
-545
-3,333
264,186
-27,562
235,438
6,217
2,947
2,953
318
0
0
37,218
5,836
3,793
1,064
6,008
20,517
Disbursements from investing activities
-146,355
Purchase of property, plant and equipment
-94,362
Purchase of intangible assets
-19,213
Investments in subsidiaries and joint ventures net of cash acquired and acquision of minority interests -32,761
Interest bearing loans
-20
Net cash flow from investing activities
-140,138
-402,371
-158,052
-26,724
-217,558
-37
-365,153
Operating activities
Profit before tax
Adjustments for:
Depreciation of investment property
Loss on disposal and impairment of intangible assets and PPE
Gains/loss on disposal of FA
Revaluation adjustments of receivables
Finance income
Finance cost
Change in
Change in
Change in
Change in
assets held for sale
trade and other receivables
other non-current assets
inventories
Change in
Change in
Change in
Change in
provisions
deferred income
accruals
trade and other payables
Tax paid
Net cash flow from operating activities
Investing activities
Proceeds from investing activities
Proceeds from sale of PPE
Dividends received
Interest received
Proceeds from sale of non-current financial assets
Proceeds from sale of current financial assets
Financing activity
Proceeds from financing activities
Receipts from other financial liabilities
Proceeds from non-current borrowings
Proceeds from current borrowings
Bonds issued
Disbursements from financing activities
Treasury shares purchase
Repayment of current borrowings
Repayment of non-current borrowings
Sale of derivative financial instruments
Interest paid
Dividends paid
Net cash flow from financing activities
696
0
573
123
0
682,058
3,625
346,762
33,996
297,675
-99,227
0
-15,316
-39,536
-3,749
-21,139
-19,487
-98,530
-549,978
0
-71,890
-415,557
0
-23,317
-39,214
132,080
Net increase in cash and cash equivalents
25,518
2,365
Closing balance of cash
46,728
21,210
Opening balance of cash
21,210
18,845
24
9.3
Unaudited financial statements of the Telekom Slovenije, d.d. for the year 2010
Income statement of Telekom Slovenije d.d. for the year ending 31 December 2010
2010
2009
adjusted
Index
10/09
381,168
396,490
96
1,363
1,974
69
382,531
398,464
96
Cost of goods and material sold
-9,287
-9,656
96
Cost of raw materials
-7,526
-8,112
93
-177,385
-191,592
93
Staff costs
-77,213
-74,309
104
-86,390
-83,229
104
Other operating expenses
-23,032
-12,178
189
Total operating expenses
-380,833
-379,076
100
in thousand EUR
Revenue
Other income
Total operating revenue
Cost of services
Profit from operations
1,698
19,388
9
58,574
73,213
80
Finance cost
-295,964
-28,515
1,038
Profit before tax
-235,692
64,086
-
280
-1,855
-
-235,412
62,231
-
-36.19
9.57
-
Finance income
Income tax expense
Net profit/loss for the period
Earnings per share - basic and diluted in
EUR
25
Statement of comprehensive income for the year ending 31 December 2010
2010
2009
adjusted
Index
10/09
-235,412
-458
62,231
596
-
91
-119
-
545
0
-109
0
69
477
14
-81
-4,796
2
16
463
3
1,055
4,894
22
-211
-483
44
779
78
999
Revaluation of land and buildings
39,627
0
Deferred tax
-7,925
0
Revaluation of land and buildings
31,702
0
32,550
555
-
-202,862
62,786
-
in thousand EUR
Revaluation of AFS financial assets
Deferred tax
Net loss / gain on available-for-sale financial assets
transferred to income statement
Deferred tax relating to net loss/gain on availablefor-sale financial assets transferred to income
statement
Net gain or loss from revaluation of AFS
financial assets
-
-
Changes in fair value of cash flow hedges
Deferred tax
Reclassification of changes in fair value
cash flow hedges
Deferred tax
Net gain or loss on changes in fair
value of cash flow hedges
26
-
Balance sheet of Telekom Slovenije d.d. as at 31 December 2010
31.12.2010
in thousand EUR
31.12.2009
prilagojeno
31.12.2008
prilagojeno
Indeks
10/09
ASSETS
Intangible assets
28,730
28,891
28,608
99
Property, plant and equipment
612,739
623,053
638,962
98
Investment in subsidiares and joint ventures
273,614
477,870
336,303
57
Other investments
195,486
229,877
130,546
85
Other non-current assets
11,457
11,112
10,595
103
Deferred tax receivable
10,780
6,680
6,208
161
1,132,806
1,377,483
1,151,222
82
5,688
1,156
627
492
7,017
8,065
10,222
87
73,010
91,249
92,064
80
Total not-current assets
Assets held for sale
Inventories
Current trade and other receivables
Income tax receivable
0
9,574
3,969
0
Current financial assets
74,336
80,559
43,135
92
Cash and cash equivalents
25,249
5,146
9,603
491
185,300
195,749
159,620
95
1,318,106
1,573,232
1,310,842
84
272,721
272,721
272,721
100
-3,671
-3,671
-3,671
100
100
Total current assets
Total assets
EQUITY AND LIABILITIES
Issued capital
Treasury shares
Reserves
Retained earnings
Fixed assets revaluation reserves
Financial instruments revaluation reserve
Total capital and reserves
Non-current deferred income
Provisions
Non-current trade and other payables
462,802
461,372
431,942
-182,089
70,141
74,306
-
71,590
44,016
46,075
163
-28
184
-664
-1,219
621,537
843,915
820,154
74
8,577
8,279
8,988
104
21,889
15,713
16,678
139
1,500
525
35
46
130,338
203,737
190,243
64
Other non-current financial liabilities
308,001
301,542
18,690
102
Deferred tax liabilities
Total non-current liabilities
Trade and other payables
Income tax payables
Other current liabilities
Deferred income
Accruals
9,621
2,371
2,537
406
478,951
531,677
237,182
90
70,483
79,830
105,636
88
3,802
2,168
1,446
175
116,001
64,638
130,852
179
15,943
37,670
1,125
42
7,287
7,031
7,881
104
4,102
6,303
6,566
65
Total current liabilities
217,618
197,640
253,506
110
Total liabilities
696,569
729,317
490,688
96
1,318,106
1,573,232
1,310,842
84
Total equity and liabilities
27
Statement of changes in equity of Telekom Slovenije, d. d. for the year ending 31 December 2010
in thousand EUR
Issued
capital
Treasury
shares
Reserves
Balance at 1.1.2010
272,721
-3,671
461,372
Retain
earnings
Fixed
assests
revaluation
reserves
AFS fin. assets
reserves in net
value
Cash flow hedges
reserves in net
value
70,141
44,016
115
-779
-235,412
Other comprehensive income for the period
Total comprehensive income for the period
0
0
Transfer to retained earnings and reserves
0
1,430
-3,671
462,802
843,915
-235,412
31,702
69
779
32,550
-235,412
31,702
69
779
-202,862
2,698
-4,128
0
-19,516
272,721
Total
-182,089
-19,516
71,590
184
0
621,537
Fixed
assests
revaluation
reserves
AFS fin. assets
reserves in net
value
Cash flow hedges
reserves in net
value
Total
-362
-857
871,469
Statement of changes in equity of Telekom Slovenije, d. d. for the year ending 31 December 2009
in thousand EUR
Issued
capital
Treasury
shares
Reserves
Retain
earnings
272,721
-3,671
439,168
68,526
95,944
-7,226
5,780
-49,869
74,306
46,075
-362
-857
820,154
74,306
46,075
-362
-857
820,154
0
477
78
555
62,231
0
477
78
62,786
1,430
629
-2,059
28,000
-28,000
0
-39,033
-39,033
8
8
Effect of change in accounting policy
272,721
-3,671
431,942
272,721
-3,671
431,942
62,231
Other comprehensive income for the period
0
0
Transfer to retained earnings and reserves
Transfer to other reserves (decision of the Management)
0
Other
-51,315
272,721
-3,671
461,372
28
70,141
62,231
44,016
0
115
-779
843,915
Cash flow statement of Telekom Slovenije, d. d. for the year ending 31 December 2010
in thousand EUR
Operating activities
Profit before tax
Adjustments for:
Loss on disposal and impairment of intangible assets and PPE
Revaluation adjustments of receivables
Gains/loss on disposal of FA
Finance income
Finance cost
2010
2009
adjusted
-235,692
64,086
86,390
1,410
13,201
-1,625
83,229
1,904
-159
-518
-58,574
274,817
-73,213
28,515
Change in
Change in
Change in
Change in
assets held for sale
trade and other receivables
other non-current assets
inventories
-4,532
14,612
-4,445
1,048
-529
-4,631
-517
2,157
Change in
Change in
Change in
Change in
provisions
deferred income
accruals
trade and other payables
6,176
554
-2,201
-1,740
-965
-1,559
-721
-24,416
9,142
98,541
-7,773
64,890
Investing activities
Proceeds from investing activities
Proceeds from sale of PPE
Dividends received
Interest received
Proceeds from sale of non-current financial assets
Proceeds from sale of current financial assets
112,424
2,860
41,749
5,810
42,246
19,759
117,066
5,115
57,759
20,637
17,794
15,761
Disbursements from investing activities
Purchase of PPE
Purchase of intangible assets
Investments in subsidiaries and joint ventures
Interest bearing loans
Net cash flow from investing activities
-125,295
-35,944
-8,222
-71,255
-9,875
-12,872
-374,789
-64,025
-6,962
-125,845
-177,957
-257,723
15,500
0
15,500
0
658,675
346,000
15,000
297,675
-81,066
0
-37,505
-3,748
-20,325
-19,487
-470,299
-91,345
-322,142
0
-17,779
-39,033
-65,566
188,376
20,103
-4,457
25,249
5,146
5,146
9,603
Tax paid
Net cash flow from operating activities
Financing activities
Proceeds from financing activities
Proceeds from non-current borrowings
Proceeds from current borrowings
Bonds issued
Disbursements from financing activities
Repayment of current borrowings
Repayment of non-current borrowings
Sale of derivative financial instruments
Interest paid
Dividends paid
Net cash flow from financing activities
Net increase in cash and cash equivalents
Closing balance of cash
Opening balance of cash
29
30

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