Unaudited business report of the TSG and TS I.

Transcription

Ljubljana, 28 October 2015
Contents
1.
1.1.
Introductory note ........................................................................................................................... 1
Statement of responsibility of the Management Board ...................................................................... 1
2.
2.1.
2.2.
Vision, mission, values and strategic policies of the Telekom Slovenije Group ........................ 2
Vision, mission and values ............................................................................................................... 2
Key strategic policies ....................................................................................................................... 3
3.
3.1.
3.2.
3.3.
3.4.
3.5.
3.6.
3.7.
Telekom Slovenije Group .............................................................................................................. 4
Markets and companies of the Telekom Slovenije Group .................................................................. 4
Operating highlights ......................................................................................................................... 5
Key financial indicators for the Telekom Slovenije Group .................................................................. 5
Overview by company and key market ............................................................................................. 6
Ownership structure and share trading ............................................................................................. 9
Market and market shares in key service segments.........................................................................12
Risk management ...........................................................................................................................13
4.
Corporate governance ..................................................................................................................15
5.
Significant events in the period January to September 2015 .....................................................17
6.
Significant events after the balance-sheet date ..........................................................................22
7.
Condensed interim accounting report of the Telekom Slovenije Group and Telekom Slovenije,
d. d. for the period January to September 2015 ..........................................................................23
Introductory notes ...........................................................................................................................23
Condensed interim accounting report of the Telekom Slovenije Group.............................................26
Condensed interim financial statements of the Telekom Slovenije Group .........................................26
Condensed interim accounting report of Telekom Slovenije, d. d. ....................................................37
Condensed interim financial statements of Telekom Slovenije, d. d. ................................................37
7.1.
7.2.
7.2.1.
7.3.
7.3.1.
Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije, d. d.
1.
Introductory note
Pursuant to the law and the Rules of the Ljubljana Stock Exchange, Telekom Slovenije, d. d.
(hereinafter: Telekom Slovenije), with its registered office at Cigaletova 15, Ljubljana, hereby publishes
the Unaudited Business Report of the Telekom Slovenije Group and Telekom Slovenije for the period
January to September 2015.
The condensed interim financial statements for the period ending 30 September 2015 were prepared
in accordance with IAS 34 Interim Financial Reporting, and must be read in conjunction with the
annual financial statements compiled for the financial year ending 31 December 2014. The financial
statements for the period January to September 2015 have not been audited.
Telekom Slovenije’s Supervisory Board discussed the Unaudited Business Report of the Telekom
Slovenije Group and Telekom Slovenije for the aforementioned period at its session on 28 October
2015.
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 SEOnet website and on the
Company's website at www.telekom.si.
The Unaudited Business Report for the period January to September 2015 is also available on the
Company's website at www.telekom.si.
1.1.
Statement of responsibility of the Management Board
The members of the Management Board of Telekom Slovenije responsible for compiling the report of
the Telekom Slovenije Group and Telekom Slovenije for the period January to September 2015,
hereby confirm that to the best of our knowledge:

the condensed financial statements have been compiled in accordance with international
accounting standards on interim financial reporting, and give a true and fair picture of the
assets, liabilities, financial position and operating results of the Telekom Slovenije Group
and Telekom Slovenije, and

the interim Business Report presents a fair picture of information regarding major
transactions with related parties, in accordance with regulations.
To ensure a true and fair picture of the assets and liabilities of the Telekom Slovenije Group and
Telekom Slovenije, the Management Board verifies the value of financial investments in the
subsidiaries of Telekom Slovenije. The results of the aforementioned verification are not yet known,
but will affect the financial statements of Telekom Slovenije and the Telekom Slovenije Group in the
final quarter of 2015.
Management Board of Telekom Slovenije, d. d.
Rudolf Skobe, MSc,
President of the
Management Board
Tomaž Seljak, MSc,
Vice-President of the
Management Board
Mateja Božič, MSc
Member
of
the
Management Board
Zoran Janko,
Member of the
Management
Board
Vesna Lednik,
Member of the
Management
Board Workers Director
1
2. Vision, mission, values and strategic policies of the
Telekom Slovenije Group
2.1.
Vision, mission and values
Vision
The Telekom Slovenije Group is a trustworthy partner to its users, with whom it creates a society of
opportunities.
Mission
The Telekom Slovenije Group inspires its users with innovative technologies. We open up new
professional and personal avenues for them, and together cultivate an environment for the
development of a community of opportunities. With open, flexible, and scalable products and services,
and attractive content, we continuously provide our users with effective, useful, reliable, entertaining
and constantly evolving tools for business and leisure.
Values
We live with the user.
Our guiding principle is a satisfied customer. We understand and respect their wishes and needs, and
provide services that are simple, useful and tailored to those needs. Whenever they need information,
advice or assistance, we are there to provide it.
We are reliable and innovative.
Through quality, reliability, innovation and flexibility, we offer our users the freedom to combine and
intertwine our services, packages, content and products.
We act responsibly.
Our actions are ethical, heartfelt, responsible and sustainable with respect to the society and
environment in which we operate. We encourage the development of knowledge, the exchange of
experiences, the creation of innovative solutions, and operations that are people and environmentally
friendly.
We create connections.
Telekom Slovenije Group employees work in a creative environment. We achieve excellent results
because we are connected to one another, proactive, experienced and value an entrepreneurial
mindset. We respect our agreements and keep our promises.
2
2.2.
Key strategic policies
Consolidation on individual markets
The Telekom Slovenije Group’s strategy is to be the leader in Slovenia and a profitable alternative
operator in terms of market share on markets outside of Slovenia.
Maintaining the number of users in Slovenia
Like the majority of incumbent operators in Europe, Telekom Slovenije is faced with a declining
number of users as the result of stiffer competition and regulation. We will maintain the number of
users while maintaining the highest possible level of profitability: through cross-sales of services, the
development of new services and new subscriber models, through differentiation and a range of
exclusive content, by improving the user experience, by providing standardised cloud computing
services. We will also offer business users a comprehensive range of ICT services that will focus on
individual vertical markets.
New revenue sources at Telekom Slovenije
The Group will search for opportunities for growth in revenues in the following areas: mobility (e-call
service in the event of a traffic accident and vehicle telematics), connected home services (safe and
secure home), security (security ecosystems), financial services, energy and healthcare.
Growth in number of users and EBITDA in South-Eastern Europe
All subsidiaries in South-Eastern Europe will continue to optimise costs, which will have a positive
impact on EBITDA. Future growth in the latter will derive primarily from growth in the scope of
operations. In Kosovo, Ipko will increase the number of mobile users and market share by exploiting
the opportunities presented by the 3G network, through the expansion of geographical coverage and
by offering services that will continue to be the best on the market.
Financial stability
The Telekom Slovenije Group will achieve financial stability by ensuring a long-term sustainable
structure of financing, by fulfilling financial commitments in loan agreements, through the effective
management of working capital, by investing cash in line with risk criteria for investments, and by
maintaining an appropriate level of liquidity reserves.
Restructuring of personnel
The Group will ensure the optimal number of employees, taking into account the needs of the work
process at individual companies, and will optimise labour costs.
Quality
Quality is the primary advantage of the services provided to users by Telekom Slovenije Group
companies. We will continue to ensure continued development and provide a range of the most stateof-the-art services and solutions.
Social responsibility
The Telekom Slovenije Group actively identifies opportunities where it can contribute to the
development of the social and economic environment through its knowledge and financial and other
sources. The principles of sustainable development will continue to be built into our operations,
products, services and content, while we will responsibly manage the economic, social and
environmental impacts of our operations.
3
3. Telekom Slovenije Group
3.1.
Markets and companies of the Telekom Slovenije Group
The Telekom Slovenije Group comprises the parent company Telekom Slovenije and the subsidiaries,
associates and joint ventures shown in the figure below with corresponding participating interests.
Situation as at 30 September 2015
GVO, d.o.o. 100%
GVO Telekommunikation GmbH 100%
AVTENTA, d.o.o. 100%
TSmedia, d.o.o. 100%
Antenna TV SL 49%
Germany
SOLINE, d.o.o. 100%
M-Pay, d.o.o. 50%
SETCCE d.o.o. 36
36%
Slovenia
Slovenija
SIOL d.o.o. Zagreb 100%
Croatia
Croatia
Hrvaška
BLICNET d.o.o. Banja Luka 100%
Bosnia and
Herzegovina
SIOL d.o.o. Beograd 100%
Serbia
SIOL d.o.o. Sarajevo 100%
IPKO Telecommunications LLC 93.11%
SIOL d.o.o. Podgorica 100%
Kosovo
Montenegro
SIOL DOOEL Skopje 100%
ONE DOOEL Skopje 100%
DIGI PLUS MULTIMEDIA DOOEL Skopje 100%
Macedonia
Makedonija
Makedonija
Macedonia
Albanija
Subsidiary
Company, owned by subsidiary
Associated company
Joint venture
Fixed and mobile service provider
International point of presence
Network construction and maintenance
Changes in the composition of the Group:
 In Macedonia, Telekom Slovenije established SIOL DOOEL Skopje, and became the latter’s 100%
owner. In June Telekom Slovenije increased the capital of the aforementioned company via a new
cash contribution, and thus secured a new participating interest in the amount of EUR
1,000,000.00.
 Telekom Slovenije transferred its 100% participating interest in the subsidiary DIGI PLUS
MULTIMEDIA DOOEL Skopje to the subsidiary ONE DOOEL Skopje.
 In Serbia, Telekom Slovenije established SIOL DOO Beograd, and became the latter’s 100%
owner. In April Telekom Slovenije increased the capital of the aforementioned company via a new
cash contribution, and thus secured a new participating interest in the amount of EUR 100,000.00.
 Based on the merger agreement concluded on 30 July 2015 between ONE DOOEL Skopje and
VIP OPERATOR DOOEL Skopje, the merged company ONE.VIP DOO Skopje was entered in the
companies register in Macedonia on 1 October 2015. Telekom Slovenije, d. d. holds a 45%
participating interest in the merged company, while the Austrian company Mobilkom Mazedonien
Beteiligungsverwaltung GmbH, which is part of the Telekom Austria Group, holds a 55%
participating interest.
4
3.2.
Operating highlights
The Telekom Slovenije Group achieved the following in the period January to September 2015:




The Telekom Slovenije Group generated EBITDA of EUR 160.2 million in the period January to
September 2015, while the results generated in the third quarter were up by EUR 3.2 million on
the third quarter in 2014.
Net sales revenues were down 4% or EUR 24.6 million on the same period in 2014 to stand at
EUR 549.5 million. Here, we should take into account the fact that One's revenues in 2015 were
for two months less than in the same period in 2014. Net sales revenues were down also due to
lower revenues from fixed and mobile services on the end-user market and the effect of lower call
termination prices on the wholesale market. The reasons for declining revenues lie in declining
revenues from traditional voice telephony in line with the declining number of traditional
connections and their replacement by IP and mobile telephony. Driving down revenues in the
mobile segment are lower revenues from services outside subscriber packages with included
quantities, while the declining prices of call termination in network interconnection are driving
down revenues on the wholesale market.
EBIT amounted to EUR 45.5 million, down EUR 2.3 million or 5% on the same period in 2014. The
Group’s share in Gibtelecom was EUR 3.2 million over the first nine months of 2014, but is no
longer included in the financial statements of the Telekom Slovenije Group in 2015 due to the sale
of the participating interest in the aforementioned company at the end of 2014.
The Telekom Slovenije Group's net profit amounted to EUR 70.6 million, an increase of EUR 33.0
million on the net profit achieved in the same period in 2014.
3.3.
Key financial indicators for the Telekom Slovenije Group
EUR thousand / in %
Revenue
I - IX 2015 /
30.9.2015
I - IX 2014 /
31.12.2014
Index
15/14
549,547
574,110
96
10,103
5,226
193
Operating revenues
559,650
579,336
97
EBITDA
160,210
165,997
97
EBITDA margin
29.2%
28.9%
101
EBIT
45,492
47,768
95
8.3%
8.3%
99
70,648
37,666
188
Assets
1,328,649
1,342,989
99
Equity
701,664
694,956
101
52.8%
51.7%
102
381,472
344,057
111
Other operating income
Return on sales: ROS (EBIT/net sales revenue)
Net profit
Equity ratio
Net financial debt
Notes:
-
Data for the comparative period are adjusted to reflect a change in accounting policy.
ONE DOOEL is included in the consolidated financial statements until the effective date of the
merger, i.e. 31 July 2015.
See point 7.1 for more information.
5
3.4.
Overview by company and key market
Operating revenues
EUR thousand
Telekom Slovenije
I - IX 2015
Index
15/14
I - IX 2014
481,283
492,476
98
Other companies in Slovenia
32,742
38,524
85
Ipko - Kosovo
52,489
51,949
101
Companies in Macedonia
45,441
56,999
80
Other companies abroad
15,940
16,759
95
627,895
-68,245
559,650
656,707
-77,371
579,336
96
97
Total - unconsolidated
Elimination and adjustment
EBITDA – earnings before interest, taxes, depreciation and amortisation
EUR thousand
Telekom Slovenije
I - IX 2015
131,724
135,574
97
1,733
932
186
Ipko - Kosovo
Index
15/14
I - IX 2014
19,009
20,095
95
5,779
8,350
69
3,592
2,369
152
0
161,837
-1,627
160,210
3,239
170,559
-4,562
165,997
95
97
Share in Gibtelecom
EBIT – earnings before interest and taxes
EUR thousand
Telekom Slovenije
I - IX 2015
Index
15/14
I - IX 2014
42,033
42,325
99
-632
-995
-
4,709
5,928
79
-2,161
-762
-
1,195
371
322
0
3,239
-
45,144
348
45,492
50,106
-2,338
47,768
90
95
6
Ipko - Kosovo
Share in Gibtelecom
Net profit or loss
EUR thousand
Telekom Slovenije
I - IX 2015
Index
15/14
I - IX 2014
69,514
47,690
146
-841
-1,226
-
Ipko - Kosovo
-153
1,039
-
-3,933
-4,055
-
783
17
4,606
Share in Gibtelecom
0
3,239
-
65,370
5,278
70,648
46,704
-9,038
37,666
140
188
TELEKOM SLOVENIJE GROUP CONNECTIONS AND SERVICES BY TYPE AND MARKET
Broadband connections
Number of retail BB connections as at
30.9.2015
Index
15/14
31.12.2014
Slovenia
199,151
199,542
100
SE Europe
126,703
153,445
83
0
38,552
-
Macedonia
Kosovo
101,851
90,219
113
Bosnia and Herzegovina
24,852
24,674
101
325,854
352,987
92
Fixed and mobile telephony connections
Number of retail connections as at
Slovenia, mobile telephony
30.9.2015
Index
15/14
31.12.2014
1,100,219
1,125,365
98
Slovenia, fixed voice telephony
385,876
401,599
96
SE Europe, mobile telephony:
671,758
1,186,660
57
0
558,090
-
669,451
626,817
107
2,307
1,753
132
566
41,068
-
2,158,419
2,754,692
78
168,041
162,042
104
17,792
36,576
49
185,833
198,618
94
7
Macedonia
Kosovo
SE Europe, fixed voice telephony
VoIP services
Slovenia
SE Europe
Number of mobile and fixed telephony connections / services
Number of retail connections as at
Total mobile telephony
Total fixed voice telephony services*
30.9.2015
Index
15/14
31.12.2014
1,771,977
2,312,025
77
572,275
641,285
89
2,344,252
2,953,310
79
* Sum of fixed voice telephony connections and VoIP services.
Capex
EUR thousand
Telekom Slovenije
I - IX 2015
Index
15/14
I - IX 2014
53,083
54,246
98
1,444
934
155
Ipko - Kosovo
4,871
8,400
58
2,829
5,092
56
3,892
2,563
152
-1,573
-4,312
-
64,546
66,923
96
0
64,540
-
64,546
131,463
49
Frequency fees
Headcount
number of employees at
Telekom Slovenije
30.9.2015
Index
15/14
31.12.2014
2,760
2,749
100
591
617
96
Ipko - Kosovo
524
524
100
0
420
-
115
121
95
3,990
4,431
90
8
3.5.
Ownership structure and share trading
General information regarding Telekom Slovenije shares as at 30 September 2015
General information regarding shares
Ticker symbol
Listing
TLSG
Ljubljana Stock Exchange, prime market
Share capital (EUR)
Number of ordinary registered no-par value
shares
Number of treasury shares
272,720,664.33
Number of shareholders as at 30 September 2015
10,952
6,535,478
30,000
Ownership structure and largest shareholders
As at 30 September 2015 there were 10,952 shareholders entered in Telekom Slovenije’s register of
shareholders, a decrease of 546 on the end of 2014. The most significant decline (of 516) was
recorded by the category of individual shareholders.
No significant change in the ownership structure occurred over the first nine months of 2015, as there
was no change exceeding 0.28 percentage points in any shareholder category. Domestic corporates
decreased their stake by 0.24 percentage points, while individual shareholders decreased their stake
by 0.04 percentage points. Foreign corporates increased their stake by 0.28 percentage points. Other
shareholder categories were unchanged. The Company’s largest shareholder remains the Slovenian
government, together with Kapitalska družba, Slovenski državni holding and Modra zavarovalnica.
Collectively, 73.82% of the Company’s shares were directly or indirectly held by the government.
Situation as at 30 September 2015
Republic of Slovenia 62.54%
Slovenian Sovereign Holding , d.d. 4.25%
Individual shareholders 11.62%
Domestic corporations 8.16%
Kapitalska družba d.d. (pension fund manager; KAD) 5.59%
Institutional investors 2.95%
Foreign corporations 4.32%
Brokerage houses 0.10%
Treasury shares 0.46%
Ten largest shareholders
As at 30 September 2015 the ten largest shareholders held 77.89% of the Company’s share capital,
up 0.06 percentage points on the end of 2014.
9
Shareholder as at 30 Sept. 2015
1 Republic of Slovenia
%
Shareholder as at 31 Dec. 2014
%
62.54 Republic of Slovenia
62.54
2 Kapitalska družba, d. d.
5.59 Kapitalska družba, d. d.
5.59
3 Slovenski državni holding, d. d.
4.25 Slovenski državni holding, d. d.
4.25
4 Perspektiva FT, d. o. o.
1.51 Perspektiva FT, d. o. o.
1.51
5 Modra zavarovalnica, d. d. (PPS)
1.44 Modra zavarovalnica, d. d. (PPS)
1.44
6 DBS d.d.
0.56 NLB, d. d.
0.55
7 NLB, d.d.
0.55 Triglav vzajemni skladi – delniški Triglav steber
0.51
8 Triglav vzajemni skladi - delniški Triglav
9 KD Galileo, fleksibilna struktura naložb
0.51 KD Galileo, fleksibilna struktura naložb
0.51
0.47 The Bank of New York Mellon – fiduciary
0.47
0.47 Telekom Slovenije, d. d.
0.46
10 The Bank of New York Mellon - fiduciarni
77.89 Total
Total
77.83
Shares held by the Management Board and Supervisory Board of Telekom Slovenije
Members of the Management Board and Supervisory Board held 1,549 TLSG shares as at 30
September 2015 (see table below). Other members of the aforementioned bodies did not hold the
Company’s shares.
Name
Office
No of shares
% of equity
Management Board
Rudolf Skobe, MSc
President of the Management Board
300
0.00459
Zoran Janko
Member of the Management Board
31
0.00047
Tomaž Seljak, MSc
Vice-President of the Management Board
4
0.00006
1,094
0.01674
Supervisory Board
Adolf Zupan, MSc
Vice-President of the Supervisory Board
Matej Golob Matzele
Member of the Supervisory Board
22
0.00034
Samo Podgornik
92
0.00141
Primož Per
5
0.00008
1
0.00001
1,549
0.02370
Dean Žigon
Total
Share trading and key share-related financial data
Movement in the TLSG share price
The share price closed at EUR 73.00 on the last trading day of September 2015. The share price fell
by 49.7% over the first nine months of 2015. The SBI TOP index, which represents the largest and
most liquid shares on the regulated market of the Ljubljana Stock Exchange, declined by 13.9% over
the same period.
Market capitalisation stood at EUR 477.1 million as at 30 September 2015, ranking TLSG shares fifth
on the market in this regard.
Trading statistics for TLSG shares on the Ljubljana Stock Exchange
Standard price in EUR
Highest daily price
Lowest daily price
Average daily price
Volume in EUR thousand
Total volume for the year
Highest daily volume
Lowest daily volume
Average daily volume
I – IX 2015
150.0
71.0
112.3
I - IX 2015
19,433.1
46,494,00
1,154.9
0.2
103.4
I - IX 2014
152.5
120.0
136.8
I - IX 2014
35,249.2
1,165.1
0.91
188.5
10
Movement in the TLSG share price compared to the SBI TOP index and volume of trading in
TLSG shares
EUR
Indeks
160
900
150
850
140
SBITOP
130
800
120
110
750
100
700
90
TLSG
80
650
70
60
600
TLSG in EUR
SBITOP
EUR
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
Volume in EUR
Source: Ljubljana Stock Exchange, archive of share prices
Key financial data relating to shares
Standard price (P) of one share on the last trading day of the period in EUR
Book value (BV)1 of one share in EUR
30. 9. 2015 /
I - IX 2015
73.00
30. 9. 2014 /
I - IX 2014
144.00
113.19
112.52*
10.69
7.33
Earnings per share (EPS)2 in EUR
P/BV
0.64
1.28
Capital return per share during the year 3
-49.7 %
15.8 %
Notes:
* The comparative data for 2014 derives from the statement of financial position as at 31 December 2014, which
has been adjusted due to a change in accounting policy.
Notes:
* The comparative data for 2014 derives from the statement of financial position as at 31 December 2014.
1
The book value of one share is calculated as the ratio of the book value of Telekom Slovenije's equity on the last
day of the period to the weighted average number of ordinary shares during the accounting period excluding
treasury shares.
2
Earnings per share is calculated as the ratio of Telekom Slovenije's net operating profit for the accounting period
to the weighted average number of ordinary shares during the accounting period excluding treasury shares.
3
The capital return per share is calculated as the ratio of the share price on the final trading day of the period
minus the share price on the first trading day of the period to the share price on the first trading day of the period.
11
3.6.
Market and market shares in key service segments
Number of connections in Slovenia
2,500,000
2,310,591
2,245,521
2,338,143
2,066,203
2,100,746
2,140,620
2,185,833
841,959
831,266
810,214
782,892
759,645
736,433
722,171
484,139
505,896
521,896
545,655
562,186
2,000,000
1,500,000
1,000,000
500,000
429,815
460,557
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2009
2010
2011
mobile telephony
2012
2013
fix telephony
2014
2015
BB connections
Source: Report for the second quarter of 2015, SORS, September 2015.
Telekom Slovenije Group market shares at the end of the first quarter of 2015 in key market segments
other operators
Telekom Slovenije
IP TV
fixed broadband
access
52.0
%
34.5% market share
Annual change: - 1.0 perc.points
52.0 % market share
34.5
%
65.5
%
198,193 connections
Annual change: - 0.7 %
139,119 connections
Annual change: + 5.0 %
48.0
%
64.5
%
35.5 % market share
165,164 connections
Annual change: + 4.5 %
52.7
%
47.3
%
1,106,568 connections
Annual change: -1.6%
35.5
%
VoIP
47.3 % market share
mobile telephony
Source: Report on the development of the electronic communications market for the second quarter of 2015,
AKOS, September 2015; internal Telekom Slovenije figures.
12
3.7.
Risk management
Key risks are presented below by individual company and market.
Key risks for Telekom Slovenije











Regulatory risks continue to be assessed as high. The proposed Regulation of the European
Parliament and of the Council laying down measures concerning the European single market for
electronic communications and to achieve a Connected Continent, which was drafted by the European
Commission, must still be officially ratified by the European Parliament and EU Member States. If the
regulation is adopted, legislative changes will be introduced significantly faster compared with directives
that must be transposed to national legislation.
Among the market risks and risks linked to the competition, the risk of business and residential users
migrating to competitor networks remains elevated. Competition and market risks are managed by
adapting the range of products and services, and by carrying out activities to promote sales and
maintain existing subscribers. A great deal of attention is given to improving user support processes.
Activities aimed at managing market shares also increase the risk of diminishing profitability for
subscribers. Measures to manage these risks include optimising the range of products and services in
terms of content and price, and clear rules regarding the allocation of benefits and discounts to
subscribers.
Following the conclusion of the sales process, Telekom Slovenije’s media exposure diminished with
respect to topics not directly linked to its operations. Telekom Slovenije is proactively communicating
numerous new products and services, and continues to maintain proper and professional relations with
the relevant stakeholders.
The risk that the optimisation of human resources and labour costs will not be carried out by the
planned deadline and to the planned extent is low. An agreement on the arrangement of mutual
relations was reached with employee representatives in July.
Despite implemented measures (consistent adherence with internal rules regarding legal reviews and
the formalisation of cooperation in the preparation of defence strategies in open proceedings, and the
appropriate setting of priorities), legal risks linked to lawsuits and legislation and risks associated with
procedures before the regulatory body remain.
A comprehensive assessment is being carried out of exposure to revenue-loss risk in the process, from
data capture to the “switch to bill” calculation. Findings will serve as the basis for adopting possible
additional measures, and the expansion of secondary controls to individual revenue flows and business
processes.
Special attention is given to managing operational risks associated with ICT networks, services and
devices. Key measures for managing risks related to the functioning and security of ICT include the
implementation of preventive measures to identify potential problems and critical points, and the testing
and training of personnel for appropriate action. We are implementing an information security
management system (ISMS) for the regular functioning and upgrading of business continuity
management (BCM) and procedures for implementing measures if extraordinary events occur. We are
planning updates and an increase in capacities through redundancy in those network segments where
we have identified increased functional and security-related risks.
The risks associated with the malfunctioning of connections and services provided by other entities are
managed by introducing processes to monitor and report on SLA indicators on leased networks, and by
standardising requirements demanded from network providers for newly leased networks. Continuous
notification regarding planned works on the networks of operators has been established.
Exposure to financial risks is monitored regularly. The most significant source of credit risk (the risk of
failure by subscribers and operators to fulfil obligations) is default by subscribers (retail segment) and
operators (wholesale segment). The credit risk associated with subscribers is assessed as moderate.
Measures to manage the aforementioned risk include the regular collection of debt and ultimately the
exclusion of those in default, taking into account a subscriber's credit rating in sales and the monitoring
of shifts in a subscriber's traffic relative to average use, and the resulting measures. The credit risk
associated with operators is likewise assessed as moderate, while the introduction of a credit risk
management system has contributed to appropriate risk management. Telekom Slovenije is also
exposed to certain credit risk from loans approved to its subsidiaries and issued guarantees or sureties,
in particular for the liabilities of subsidiaries. Telekom Slovenije mitigates the risk of default via collateral
in loan and guarantee agreements, the amount of which must at least be equal to the loan amount.
Liquidity risk is still assessed as moderate, primarily due to the extent of its impact, while interest-rate
risk and currency risk are deemed low. To manage risks associated with short-term solvency, Telekom
Slovenije has established an effective system for managing and planning cash flows that facilitates the
13
timely identification of potential shortfalls in liquid funds and decisions regarding measures. Short-term
credit lines at domestic banks also provide a high level of financial flexibility to balance liquidity.
Interest-rate risk is assessed as low, as 81.4% of the Company’s sources of financing is secured
through the issue of bonds with a fixed interest rate.
Key risks in the development of digital content and media (TSmedia)

The risk of a decline in leased advertising space is managed by investing in the technical and creative
development of products. The increasing use of ad blocker plug-in services represents a new risk that
could cause a delay in the realisation of advertising revenues and/or the continuing loss of a portion of
those revenues.
 The risk associated with the stability and continued development of the Najdi.si web product will be
mitigated by strengthening administrator and development teams, and through the development of a
new generation product on a new platform.
Key risks for GVO

The risk associated with unexploited opportunities, in particular with respect to securing major
investment projects and major transactions that would generate revenue growth, is managed through
regular monitoring and the search for new opportunities on the market in Slovenia and abroad (primarily
in neighbouring countries), by monitoring and submitting bids in public tenders in the area of labour,
and through creative cooperation with trustworthy business partners.
Key risks for Avtenta

Revenue risks associated with public administration projects are managed by strengthening efforts to
secure new projects on the external market.
Key risks for Soline


The risk associated with the concession agreement on the management of the Sečovlje Saltpans
Regional Park (SSRP) and the draining of the natural assets of the Sečovlje saltpans to the detriment
of the concession holder is assessed as medium. Negotiations on potential changes to the agreement
are expected to continue.
Uncertainty regarding the fulfilment of the government’s obligations under the current concession
agreement and undefined fees for managing the park can also be seen in liquidity risk. Solvency is
ensured through cash management, the planning of cash flows, and through short-term and long-term
financing within the Group.
Key risks for Kosovo

Competition-market risks have risen, including the risk of unfair competition. The Group responds to
that risk by monitoring tenders and through the appropriate use of legal remedies, while a more
proactive approach is taken in operations with business users.
 The risk associated with additional frequency capacities in the 1800 MHz band remains very high. The
local regulator envisages the direct allocation of frequencies at an extremely high price, with additional
obligations regarding coverage and achieving transfer speeds. Several coordinated activities are being
carried out simultaneously with the aim of improving the bases for the adoption of the regulator’s
decision. A comprehensive analysis is being carried out of the regulator’s bases, while scenarios are
being drawn up.
 The law governing copyrights sets out the obligation to pay a copyright fee for the transfer of
programmes via a cable-based platform. Risk derives from a difference in understanding of the amount
of the fee, which will be resolved in negotiations with the VAPIC, the collective organisation for
copyrights.
Key risks in Bosnia and Herzegovina
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Liquidity risk is managed by planning and managing cash flows, and through short-term and long-term
financing within the Group.
Legal risks are assessed as high. Due to the disorganised legal environment and protracted procedures
to obtain building and operating permits, individual sections of the network continue to operate without
the requisite permits, despite measures aimed at legalisation.
The risk associated with the continuous functioning of the network and services will be mitigated by
establishing redundant connections on individual segments of the network.
14
4. Corporate governance
Management Board
Telekom Slovenije is managed by a five-member Management Board, comprising the following
members as at 30 September 2015:
-
Rudolf Skobe, MSc, President
Tomaž Seljak, MSc, Vice-President
Mateja Božič, MSc, member
Zoran Janko, member
Vesna Lednik, member and Workers Director
Members of the Management Board are appointed for a term of office of four years, which begins on
the day of appointment.
Supervisory Board
The Supervisory Board has nine members, six of whom are shareholder representatives and three of
whom are employee representatives. The members of the Supervisory Board submitted a statement of
compliance with the criteria of independence in accordance with the Corporate Governance Code.
Telekom Slovenije’s Supervisory Board comprised the following members as at 30 September 2015:
Shareholder representatives, whose four-year term of office began on 27 April 2013 due to the expiry
of the term of office of previous members of the Supervisory Board:
- Borut Jamnik, President
- Adolf Zupan, MSc, Vice-President
- Tomaž Berločnik, MSc, member
- Bernarda Babič, MSc, member
Shareholder representatives, elected by the General Meeting of Shareholders on 1 July 2013, with a
term of office that began on the day they were elected by the General Meeting of Shareholders and
that runs until the term of office of the current Supervisory Board expires:
- Dr Marko Hočevar, member
- Matej Golob Matzele, member
Employee representatives:
- Dean Žigon, Vice-President
- Primož Per, member
- Samo Podgornik, member
The term of office of employee representatives ends on 14 November 2017.
Composition of management and supervisory bodies at subsidiaries of the Telekom Slovenije Group
as at 30 September 2015
Slovenia
GVO, d. o. o.
Managing Director: Borut Radi
Avtenta, d. o. o.
Managing Director: Miha Praunseis
TSmedia, d. o. o.
Managing Director: Tomaž Pernovšek, MSc
15
Soline, d. o. o.
Managing Director: Klavdij Godnič
M-Pay, d. o. o.
Managing Director: Janez Stajnik
SETCCE, d. o. o.
Managing Director: Aleksej Jerman Blažič
Other countries
IPKO Telecommunications LLC, Kosovo
Board of Directors: Rudolf Skobe, MSc (President), Bujar Musa (Vice-President), Artan Lahaj, Dr Ciril
Kafol and Robert Erzin, MSc
CEO: Robert Erzin, MSc
Tomaž Seljak, MSc was appointed to replace Dr Ciril Kafol as member of the Board of Directors,
effective 1 October 2015.
ONE DOOEL Skopje, Macedonia
Managing Director: Dr Ciril Kafol
The company was merged with another company on 1 October 2015 to form ONE.VIP DOO Skopje.
DIGI PLUS MULTIMEDIA DOOEL Skopje, Macedonia
Managing Director: Metodija Mirčev
The company is a subsidiary of ONE, which was merged with another company on 1 October 2015 to
form ONE.VIP DOO Skopje.
Blicnet, d. o. o. Banja Luka, Bosnia and Herzegovina
Managing Director: Igor Bohorč, MSc
GVO Telekommunikation GmbH, Germany
Managing Directors: Roman Mazi, Borut Radi and Darko Gradišnik
SIOL, d. o. o., Zagreb, Croatia
Managing Director: Igor Rojs, MSc
The company's Managing Director was Janez Marovt until 31 January 2015.
SIOL, d. o. o. Podgorica, Montenegro
The company's Managing Director was Igor Bohorč, MSc until 31 January 2015.
SIOL, d. o. o. Sarajevo, Bosnia and Herzegovina
The company's Managing Director was Igor Bohorč, MSc until 31 January 2015.
SIOL DOOEL Skopje, Macedonia
The company was entered in the companies register on 14 January 2015.
SIOL DOO BEOGRAD-PALILULA, Serbia
The company was entered in the companies register on 13 February 2015.
16
5. Significant events in the period January to September
2015
First quarter
January
 As the defendant in the commercial dispute involving the plaintiff Akton, Telekom Slovenije
(previously Mobitel, d. d.) receives a decision from the Ljubljana District Court deriving from an
amended claim for the payment of EUR 2,604,506.36 with appertaining amounts. The district court
rejects the plaintiff’s claim in full. Akton files an appeal against the aforementioned decision, to
which Telekom Slovenije submits its response in a timely manner.
 As the defendant in the commercial dispute involving the plaintiff T2, Telekom Slovenije receives a
motion for retrial with respect to a previous final ruling from the Ljubljana District Court in which the
court rejects the plaintiff’s claim for the payment of damages of EUR 129,556,756.00 with
appertaining amounts. Telekom Slovenije responds to the motion by the legally prescribed
deadline and will prove in the course of proceedings that the plaintiff’s lawsuit is completely
baseless.
 Telekom Slovenije receives a ruling from the Administrative Court of the Republic of Slovenia in
the administrative matter involving Telekom Slovenije as plaintiff and the CPA as defendant with
respect to the reversal of the CPA’s decision of 25 October 2013, under which it found Telekom
Slovenije to have abused its dominant position from 1 December 2002 to 5 September 2005 on
the inter-operator broadband access market with bit-streaming via the copper-based network in
the Republic of Slovenia, and the halting of proceedings before the CPA. The Administrative Court
of the Republic of Slovenia rejects the plaintiff’s request to reverse the decision of the CPA and
halt proceedings before the aforementioned body. Telekom Slovenije files a request for a review
of proceedings before the Supreme Court of the Republic of Slovenia.
 TSmedia redesigns bizi.si, which includes key business, financial and contact data for more than
180,000 legal entities in Slovenia. In addition to an improved user experience, a responsive design
and fresh look, the newly designed bizi.si business directory also offers information regarding
business events, hearings and insolvency proceedings, job vacancies posted on company
profiles, and even more business news and advanced search options.
 Telekom Slovenije receives a ruling and decision from the Higher Court in Ljubljana in the
commercial dispute between Sky Net, d. o. o. as the plaintiff and Telekom Slovenije (previously
Mobitel) as the defendant with respect to the payment of EUR 25,959,896.34 with appertaining
amounts under an amended claim. In its ruling, the aforementioned court rejects the primary claim
of Sky Net (payment of damages) in full (the conclusion of the claim is final in this part), and
upholds the decision of the court of the first instance, which rejected Sky Net’s claim following the
issue of a temporary order. The court of the first instance will rule, in a retrial, on the subordinated
claim relating to the fulfilment of an agreement on the mediation of an order for the construction of
414 base stations and the drafting of documentation for 434 base stations. Sky Net files a request
for a review of the ruling and decision of the Higher Court, to which Telekom Slovenije responds in
a timely manner. As a result, the court of the first instance halts proceedings on 9 April 2015 for
the foreseeable future.
 As part of the consolidation of the Telekom Slovenije Group on the Macedonian market, Telekom
Slovenije establishes SIOL DOOEL Skopje, as 100% owner, and transfers its 100% participating
interest in the subsidiary DIGI PLUS MULTIMEDIA DOOEL Skopje to the subsidiary ONE DOOEL
Skopje.
 Telekom Slovenije receives a ruling from the Ljubljana District Court in the commercial dispute
lodged by the plaintiff Si.mobil, d. d. against the defendant Telekom Slovenije for the payment of
EUR 286,392,223.00 with appertaining amounts. Si.mobil withdraws its claim, prompting the
Ljubljana District Court to issue a decision to halt proceedings.
 Soline begins implementation of a project aimed at environmentally friendly visits to protected
areas and the use of the acronym “CARS-OUT!” in the scope of the European Economic Area
Financial Mechanism 2009-2014.
February
 Telekom Slovenije receives a ruling and decision from the Competition Protection Agency (CA)
regarding the determination of abuse of its dominant position on the inter-operator broadband
access market with bit-streaming via the copper-based network in the Republic of Slovenia and
17


the inter-operator market for access to the fixed network infrastructure in the Republic of Slovenia
The CPA finds that Telekom Slovenije abused its dominant position on the inter-operator
broadband access market with bit-streaming via the copper-based network and on the interoperator market for access to the fixed network infrastructure in the Republic of Slovenia in the
period from 1 January 2005 to 14 March 2014 through the use of a uniformly complex business
practice. Telekom Slovenije files suit with the Administrative Court of the Republic of Slovenia for
the reversal of the CPA’s decision.
For the purpose of managing the regional fibre optic network, Telekom Slovenije establishes SIOL
DOO BEOGRAD, as the latter’s 100% owner.
Telekom Slovenije signs an agreement on the purchase of a 100% participating interest in Debitel
telekomunikacije, d. d.
March
 Telekom Slovenije connects a new LTE/4G base station in Dravsko polje, making Starše the
200th Slovenian town where the most advanced LTE/4G mobile technology and high-speed
mobile internet is available to the Company’s users. Through its LTE/4G mobile network, Telekom
Slovenije already covers more than 80% of the population with an LTE/4G signal, with plans to
raise that figure to 92% by the end of 2015.
 Telekom Slovenije becomes the first Slovenian operator to offer users an unlimited mobile
package (Neomejeni D – Unlimited D) for unlimited communication that facilitates the use of up to
five mobile numbers with a single monthly subscription. All mobile numbers included in the
aforementioned package have at their disposal unlimited calling in all Slovenian networks,
unlimited SMS and MMS, and unlimited data transfer in Slovenia.
 Telekom Slovenije offers private and business users looking for completely worry-free
communication the Brezskrbni (Worry-Free) mobile package, which includes unlimited minutes in
all Slovenian networks, an unlimited number of messages, as well as the worry-free use of the
mobile internet in accordance with the user’s needs. Use of the mobile internet is charged
according to the user’s actual usage, where a subscriber to the aforementioned package will never
pay more than EUR 5 a month for data transfer.
 In cooperation with the company Datalab, Telekom Slovenije provides the Mobilna blagajna
(Mobile Petty Cash) service, which provides entrepreneurs and companies simpler and more
transparent petty cash operations. The aforementioned service also takes into account changes to
legislation that envisage the introduction of fiscal cash registers. Telekom Slovenije’s Mobilna
blagajna provides a comprehensive service for the simple management of petty cash operations
on Android mobile devices, thus completely replacing receipt books.
 Telekom Slovenije offers its users the first commercial LTE roaming in the network of the operator
Hrvatski Telekom. The users of Telekom Slovenije’s mobile services can take advantage of all the
benefits of the LTE network while roaming in Croatia (in networks bearing the names HRCRONET, T-Mobile HR or HT HR). This represents Telekom Slovenije’s first unilateral
international LTE roaming deal. The Company will offer the same type of service to its users in
other countries in the future.
 Telekom Slovenije receives several awards at the Slovenian Advertising Festival for the campaign
Pogasi sovražnost, govori ljubezen. (Put an End to Hate. Speak the Language of Love.) under the
Itak brand. The Itak brand receives more awards than any other brand, including recognition as
Brand of the Year.
 Telekom Slovenije becomes a member of an international consortium that secures the first
European project to develop next generation 5G telecommunication networks, as part of the
European Commission’s Horizon 2020 programme. The consortium of ten partners from six
countries will research the impact of the architecture of the cloud radio access network (C-RAN)
on the capacities of the 5G mobile network, such as communication between devices (D2D) and
the introduction of virtual mobile cloud services. In the scope of the aforementioned project,
Telekom Slovenije is heading the pilot testing of development project solutions and the analysis of
new business models.
Second quarter
April
 Telekom Slovenije becomes one of the first in Europe and the very first in Slovenia to provide the
Microsoft Cloud Solution Provider. Telekom Slovenije now offers both small and large business
customers a comprehensive range of Office 365 and Windows Intune services, and the direct setup and management thereof, including sales support and maintenance services.
18
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
Telekom Slovenije opens a new Telekom centre at the Maximus shopping mall in Murska Sobota,
and closes the old Telekom centre located at Cvetkova ulica 2. A renovated Telekom centre is
also opened at the Europark shopping mall in Maribor.
TSmedia launches a mobile 1188 application that makes it even easier and faster for users to
search for contract data for legal entities and natural persons.
May
 Telekom Slovenije receives a decision from the Ljubljana District Court issued on 13 February
2015 in the commercial dispute between the plaintiff Tušmobil, d. o. o. and the defendant Telekom
Slovenije for the payment of EUR 28,176,227.00 with appertaining costs. In its decision, the
Ljubljana District Court rules that Telekom Slovenije is obliged to pay Tušmobil, d. o. o. EUR
1,709,000.00 plus legally prescribed default interest from 11 September 2007 until payment, with
the amount to be paid within 15 days. The court rejects the exceeding part of the claim in the
amount of EUR 26,467,227.00 plus default interest from 11 September 2007 until payment. The
court rules on the payment of the costs of proceedings in a subsequent supplementary decision
issued on 19 May 2015. Telekom Slovenije files an appeal against the original decision and the
supplementary decision.
 At Telekom Slovenije’s 26th General Meeting of Shareholders, shareholders support the proposal
of the Management Board and Supervisory Board regarding the use of distributable profit for
2014. Shareholders support the proposal that the entire distributable profit totalling EUR
65,054,780.00 be earmarked for the payment of gross dividends in the amount of EUR 10 per
share. Shareholders are briefed on the Supervisory Board's written report on the approval of the
2014 annual report, and conferred official approval on the Management Board and Supervisory
Board for the 2014 financial year. Shareholders are also briefed on the rules governing the other
rights of members of the Management Board. The General Meeting of Shareholders appoints the
audit firm KPMG Slovenija, d. o. o. to audit the financial statements of Telekom Slovenije for the
2015 financial year.
 Telekom Slovenije opens a new Telekom centre in Koper, where all Telekom Slovenije services
are available to users in larger renovated premises, with all of the requisite professional support
and advice.
 Piran salt is one of five items representing Slovenia at Expo Milano 2015.
June
 The spring 2015 edition of the Slovenian telephone directory is released on CD with more than
860,000 telephone numbers and other contact data for legal entities and natural persons. The
search for data using an upgraded algorithm is easier, faster and more precise.
 At the annual DIGGIT digital communications conference, a jury of experts chooses from among
50 registered works and awards the projects that stood out most in the area of digital
communication in the last year. The Moč besed (Power of Words) initiative for the Itak brand is
among the projects receiving awards. Telekom Slovenije receives the grand prize for the Moč
besed campaign in the social media category, and a gold medal for the Moč besed online plug-in
in the IT and telecommunications category.
 Telekom Slovenije offers users the new SiOL TopTrio Brezžični (wireless) subscriber package,
which includes internet, fixed telephony and TV via the LTE/4G network. This advanced solution,
which includes unlimited data transfer n Telekom Slovenije’s mobile network, is intended for users
in areas where setting up a fixed connection is not possible but the LTE/4G mobile signal is
available. The aforementioned solution is largely the result of internal development and places
Telekom Slovenije among the first on the global market to offer such a solution.
 The Sečovlje Saltpans Regional Park receives a certificate of excellence from Trip Advisor for
2015. The park receives four out of possible five stars, while visitors ranked the park first among
attractions on the Slovenian coast.
 In the scope of activities to modernise its mobile network, Telekom Slovenije exceeds concession
requirements set out in the auction of frequencies for the provision of public mobile communication
services organised by the AKOS in which the Company obtained the following frequencies last
April: 2 x 10 MHz in the 800 MHz band, 2 x 15 MHz in the 900 MHz band, 2 x 25 MHz in the 1800
MHz band, 2 x 35 MHz in the 2600 MHz band and 1 x 25 MHz in the 2600 MHz TDD band.
Telekom Slovenije has already established a functioning mobile signal based on LTE/4G
technology on the aforementioned frequencies.
 In addition to the free use of the Deezer service, unlimited calls and messages and 5 GB of data
transfer in Slovenia, the new Džabest Ruzak subscriber package also facilitates the use of 1,000
units of mobile services while roaming in EU countries. The units of mobile services included in
the aforementioned package may be used in EU countries in the networks of all operators with
19
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



whom Telekom Slovenije has concluded a roaming agreement.
Users in Kosovo select Ipko as the best provider of mobile telephony, mobile internet, digital TV
and broadband internet services. The aforementioned company thus receives the Best Buy Award
for the best quality-to-price ratio in all four categories.
Telekom Slovenije offers users of the Modri subscriber package, which combines in one monthly
subscription fee services that cover all of the communication needs of users: mobile services,
fixed broadband access, TV and fixed telephony. The monthly subscription fee of EUR 59.95
includes fibre optic access to the internet at a speed of up to 100/20, unlimited calls in the mobile
and fixed network, 3 GB of data transfer in Telekom Slovenije’s network, and the Mega HD
programme scheme and unlimited calls via fixed telephony to EU countries as promotional
elements.
Avtenta renews its international ISO 9001: 2008 certificate, which defines the requirements for the
quality management system, management responsibility, resource management, the
implementation of the core activity and control (measurement, analysis and improvement).
Telekom Slovenije and Avtenta present key business users trends in the ICT sector, the latest
developments in the sale of merchandise, licences and services, and advanced but simple
payments using Moneta. With help of an SAP solution and the establishment of paperless
operations, Avtenta becomes the first provider for the management and introduction of SAP
solutions and paperless operations on the Slovenian market.
Telekom Slovenije successfully passes recertification under the ISO 27001 standard and
transitions to the new version of the international standard, ISO 27001:2013. The aforementioned
certificate represents the standard for a high-quality and secure information security management
system which, in addition to information technology and the security of electronic information, also
focuses on the security of information in other forms and on other media, and precisely defines an
organisation’s information security management system. The international standard is received by
organisations that meet the highest information security requirements, which are increasingly
important in the context ever increasing dependence on information technologies and the growing
importance of information in contemporary operations.
Third quarter
July
 Telekom Slovenije receives consent from the Macedonian competition protection commission for
the merger of the operators ONE DOOEL Skopje, a part of the Telekom Slovenije Group, and VIP
OPERATOR DOOEL Skopje, a part of the Telekom Austria Group, on the Macedonian market.
 Telekom Slovenije opens a renovated centre in Velenje at Kidričeva cesta 2a.
 GVO takes all necessary steps to include the ten thousandth user in the networks it manages. It
thus achieves a significant milestone in the management and maintenance of open broadband
networks that were built under the public-private partnership principle.
 Telekom Slovenije signs an agreement with social partners on the arrangement of mutual relations
with the aim of implementing its human resource restructuring strategy and optimising the number
of employees and labour costs.
August
 Slovenski državni holding (SDH) receives notification from Cinven, the only bidder for the
purchase of a 72.75% participating interest in Telekom Slovenije, that it no longer wishes to
continue negotiations to complete the sales process. For this reason, SDH officially concluded the
sales process.
 Telekom Slovenije receives ruling no. Ips 58/2015-2 of 14 July 2015 from the Supreme Court of
the Republic of Slovenia, in which the latter ruled in favour of Telekom Slovenije’s request for the
review of the ruling of the Administrative Court of the Republic of Slovenia no. I U 1871/2013-30 of
9 December 2014. The Administrative Court of the Republic of Slovenia rejected the lawsuit of
Telekom Slovenije as plaintiff against the CPA as defendant with respect to the reversal of the
CPA’s decision no. 3072-2/2004/132 of 25 October 2013, under which the CPA found Telekom
Slovenije abused its dominant position from 1 December 2002 to 5 September 2005 on the interoperator broadband access market with bit-streaming via the copper-based network in the
Republic of Slovenia (by making ADSL connections conditional on the prior leasing of ISDN
connections), and the halting of proceedings before the CPA. Under the aforementioned ruling,
the Supreme Court of the Republic of Slovenia grants Telekom Slovenije’s request for a review of
ruling no. 1871/2013-30 issued by the Administrative Court of the Republic of Slovenia on 9
December 2014 due to the violation of substantive law, overturns the contested ruling and sends
20



the matter back to the Administrative Court of the Republic of Slovenia for retrial.
Telekom Slovenije reopens its largest sales centre at the Citypark shopping mall following the
centre’s renovation.
The Supervisory Board is briefed on Telekom Slovenije’s non-binding offer in the privatisation of
Telekom Srbija, a. d.
As the first certified SAP HANA Support Partner in Slovenia, Avtenta successfully completes the
migration of SAP systems to HANA at Telekom Slovenije, the largest HANA migration project in
this part of Europe. The project includes SAP ERP, SAP RMCA, SAP BW, SAP CRM and SAP
Portal.
September
 Telekom Slovenije receives a lawsuit from AGICOA, the Association for the European Collective
Management of Audiovisual Works, AGICOA EUROPE for the payment of EUR 2,400,000.00 with
appertaining costs. The plaintiff’s lawsuit is demanding the payment of a portion of liabilities to
rights holders for the transmission of television and radio programmes in Slovenia between 2010
and 2011. Telekom Slovenije will prove in the course of proceedings that the plaintiff’s lawsuit is
completely baseless.
 Telekom Slovenije receives a decision from the CPA, in which the latter finds that the
concentration of Telekom Slovenije, d. d. and Debitel telekomunikacije, d. d. is in line with
competition rules taking into account the relevant corrective measure, as evident from the publicly
accessible version of the aforementioned decision on the CPA’s website. By acquiring a 100%
participating interest in Debitel telekomunikacije, d. d., Telekom Slovenije will strengthen the
synergies between the two companies, while Debitel will continue to offer its users the highest
quality communication services in the future in Slovenia’s best network.
 The ratings agency Moody's confirms Telekom Slovenije’s rating of Ba2 with a negative outlook.
Confirmation of the Company’s existing rating is a reflection of Moody’s expectations that Telekom
Slovenije will successfully complete the process to secure refinancing for its existing issue of
bonds, which mature in December 2016. The rating also takes into account the Company’s
position on the market and its relatively low level of indebtedness. The agency also warns of the
highly competitive environment in which the Company operates, and its declining revenues, which
are the result of falling prices and regulation.
 Telekom Slovenije includes a new video library in its SiOL TV services with content-on-demand
from Pickbox. Telekom Slovenije thus becomes the first in Slovenia to include in its range of TV
services several thousand hours of Pickbox content, including movies and series, some of which
are hits produced by leading Hollywood studios.
 Telekom Slovenije now offers users film content in the new TopTrio Kino package. The new
package includes HBO as an optional programme, internet access at speeds of up to 10 Mb/s via
copper and fibre optic connections, more than 125 programmes, the option to back-view
programmes up to three days, and 60 call minutes in Slovenian fixed networks. Users also have
the possibility of watching one movie a month from the DKiNO and Dajmedol video libraries. The
monthly subscription fee is EUR 42.95 in Telekom Slovenije’s xDSL and FTTH networks, and
EUR 46.95 in the Company’s open broadband network.
 Telekom Slovenije now offers pensioners and persons over the age of 60 years worry-free mobile
communication with the Penzion Neomejeni package, which for EUR 16.95 a month offers
unlimited calls to all Slovenian networks and an unlimited number of SMS and MMS. Use of the
mobile internet is charged according to the actual usage of a subscriber, who will never pay more
than EUR 3 a month.
 Telekom Slovenije receives the prestigious Best Buy Award for 2015/2016 in the category of
younger users (so-called Millenials), aged 15 to 35 years. Receipt of the certificate is confirmation
that Telekom Slovenije offers its users in the aforementioned age group the best price-to-quality
ratio on the Slovenian mobile communications market.
 The Supervisory Board gives its consent to the extension of the term of office of Igor Bohorč as
Managing Director of Blicnet, Banja Luka, Bosnia and Herzegovina for two years, and the
appointment of Tina Česen to the position of Managing Director of TSmedia for a four-year term of
office, effective 1 December 2015.
 Soline completes the LIFE + Mansalt project which ran from 1 October 2010 to 30 September
2015. The project Mansalt: Man and Nature in the Sečovlje Saltpans was aimed at preserving the
biodiversity of the saltpans region. Particular attention was also paid to endangered animal and
plant species. Because the living world in the saltpans is highly dependent on water conditions,
the majority of project funds were earmarked for the rehabilitation of embankments that were
poorly maintained for several decades.
 In line with global trends in digital advertising, TSmedia offers its advertisers programmatic direct
21


leasing and real-time bidding (RTB) leasing. Programmatic leasing is possible on Planet Siol.net
copyrighted content and is offered directly via an advertising server at a fixed price, while RTB
leasing is possible at a variable price based on real-time supply and demand in the context of
automatically generated content on Planet Siol.net.
Soline signed an agreement with the government on the implementation of rehabilitation
measures in the scope of the programme for 2015 to eliminate the effects of direct damage to
water infrastructure property-buildings, natural features and cultural heritage in the Sečovlje
Saltpans Regional Park following flooding due to an excessively high tide on 1 December 2008.
The aforementioned measures include the renovation of the bridge over the Jernej Canal.
TSmedia launches a Business Package that includes targeted text advertisements with the
primary aim of helping small and medium-sized enterprises achieve their advertising objectives.
6. Significant events after the balance-sheet date
Fourth quarter
October
 Following the issue of consent on 8 July 2015 by the Macedonian competition protection
commission with respect to the merger of the operators ONE DOOEL Skopje, a part of the
Telekom Slovenije Group, and VIP OPERATOR DOOEL Skopje, a part of the Telekom Austria
Group, Telekom Slovenije and the Telekom Austria Group establish the new company ONE.VIP
DOO Skopje. The newly established merged company, in which Telekom Slovenije and the
Telekom Austria Group hold participating interests of 45% and 55% respectively, is entered in
Macedonia’s central companies register on 1 October 2015. With this, the merger process is
formally completed.
 TSmedia enters into cooperation with the leading German provider of targeted advertising
services, nugg.ad. Advertisers may select and reach precisely defined target groups on Planet
Siol.net, najdi.si, bizi.si and itis.si using a high-tech, advanced targeted advertising solution.
 Using its bizi.si business assistant and in cooperation with the Business Intelligence Centre,
TSmedia organises NetPRO, the first and largest networking conference in Slovenia. Some 200
participants shared their knowledge and business contacts at the conference, while 12 large,
medium-sized, small and micro enterprises received the first NetPRO awards for operational
excellence and stability.
 Telekom Slovenije becomes the owner of a 100% participating interest in Debitel
telekomunikacije, d. d. The total value of the transaction is EUR 15.8 million. The takeover is
completed with the entry of the change in ownership of shares at the Central Securities Clearing
Corporation. Telekom Slovenije will strengthen the synergies between the two companies, while
users will be offered the highest quality communication services in the future in Slovenia’s best
network. The future role and development of the company will be defined in the Strategic Business
Plan of the Telekom Slovenije Group for the period 2016 to 2020. Debitel telekomunikacije, which
has around 90,000 users, will be headed by its previous Managing Director Borut Razdevšek.
Under its own brand, Debitel will continue to pursue its mission of being the friendliest, most
transparent and user-oriented provider of mobile communication services in Slovenia. Its future
activities will continue to focus on achieving user satisfaction and loyalty. The company’s new
packages with high-tech services will continue to be competitive and of the highest quality. To that
end, users will also be provided convergent services and other benefits that Telekom Slovenije
offers its users.
22
7. Condensed interim accounting report of the Telekom
Slovenije Group and Telekom Slovenije, d. d. for the
period January to September 2015
7.1.
Introductory notes
The consolidated financial statements of the Telekom Slovenije Group and the financial statements of
the parent company Telekom Slovenije for the reported period and the comparative period last year
were compiled in accordance with the provisions of the Companies Act, the International Financial
Reporting Standards (IFRS) adopted by the International Accounting Standards Board (IASB), and
interpretations of the International Financial Reporting Interpretations Committee (IFRIC).
The condensed interim financial statements for the period ending 30 September 2015 were prepared
in accordance with IAS 34 Interim Financial Reporting, and must be read in conjunction with the
annual financial statements compiled for the financial year ending 31 December 2014. The financial
statements for the period January to September 2015 have not been audited, while the financial
statements for the comparative period January to September 2014 and as at 31 December 2014 have
been audited and adjusted to reflect a change to accounting policy.
The accounting policies used in the compilation of the interim condensed financial statements are the
same as those applied in the compilation of the financial statements for the financial year ending 31
December 2014, with the exception of an amended accounting policy governing the valuation of land
and buildings, from a revaluation model to the historical cost model.
The accounting policy governing the valuation of land and buildings was amended on 1 January 2015,
from a revaluation model to the historical cost model.
IAS 8 allows companies to amend their accounting policy if the application of that policy ensures more
reliable and relevant information regarding the effects of transactions, other business events and
balances on their financial standing, financial performance and cash flows.
IAS 16, which deals with property, plant and equipment, does not include special provisions regarding
the disclosure of the aforementioned change to the associated accounting policy. Telekom Slovenije
Group therefore followed IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors,
and adjusted its financial statements for previous periods in accordance with the requirements of IAS 1
– Presentation of Financial Statements. The change to the accounting policy was applied retroactively.
The Group therefore recalculated financial statements for previous periods from 1 January 2007 on.
23
The results of the change to the accounting policy on the financial statements of Telekom Slovenije
and thus the consolidated financial statements were as follows:
Balance as at 1 January 2014
EUR thousand
Decrease in the value of property, plant and equipment
-49
Decrease in the value of deferred tax assets
-389
Decrease in the value of revaluation reserves for property, plant and equipment
-7,721
Increase in capital surplus
12,029
Decrease in deferred tax liabilities
-1,581
Change in net profit or loss for the period
Change in retained earnings
-85
-3,080
Balance as at 31 December 2014
Decrease in the value of property, plant and equipment
-44
Decrease in the value of deferred tax assets
-389
Decrease in the value of revaluation reserves for property, plant and equipment
-7,264
Increase in capital surplus
12,029
Decrease in deferred tax liabilities
-1,488
Change in net profit or loss for the period
Change in retained earnings
-88
-3,622
Earnings per share – basic and adjusted EPS were lower by EUR 0.01
Profit and loss for the period I - IX 2014
Decrease in depreciation on property, plant and equipment
5
Change in deferred tax assets/liabilities
-56
Decrease in net profit or loss
-51
Earnings per share – basic and adjusted EPS were lower by EUR 0.01
The financial statements have been compiled on the historical cost basis, except for available-for-sale
financial assets, which are disclosed at fair value.
The compilation of the financial statements requires of management certain estimates, assessments
and assumptions that affect the carrying amount of the assets and liabilities of Group companies, the
disclosure of contingent liabilities as at the balance-sheet date and the amount of revenues and
expenses of companies in the period ending on the balance-sheet date.
Management's estimates did not change during the accounting period and include the following
assumptions:
 the depreciation/amortisation period and residual value of property, plant and equipment and
intangible assets,
 adjustments to the value of doubtful receivables,
 deferred taxes,
 international links, and
 provisions and contingent liabilities.
There was no authorised capital or conditional share capital increase during the reporting period.
The operations of the Telekom Slovenije Group and Telekom Slovenije are not seasonal.
All items in the financial statements of the Telekom Slovenije Group and Telekom Slovenije are
disclosed in euros, rounded to thousand euro units.
24
The Telekom Slovenije Group comprises the parent company Telekom Slovenije and the following
subsidiaries:
Company
Country
30. 9. 2015
GVO, d. o. o.
Slovenia
100 %
TSmedia, d.o.o.
Slovenia
100 %
AVTENTA, d. o. o.
Slovenia
100 %
SOLINE d. o. o.
Slovenia
IPKO Telecommunications LLC
Kosovo
Blicnet d. o. o. Banja Luka
100 %
SIOL d. o. o.
Croatia
100 %
ONE DOOEL Skopje*
Macedonia
100 %
SIOL d. o. o. Sarajevo
100 %
SIOL d. o. o. Podgorica
Montenegro
100 %
DIGI PLUS MULTIMEDIA DOOEL Skopje*
Macedonia
100 %
GVO Telekommunikation GmbH
Germany
100 %
SIOL DOOEL Skopje
Macedonia
100 %
SIOL d.o.o. Beograd
* Included in the Group until 31 July 2015.
Serbia
100 %
100 %
93.11 %
Telekom Slovenije transferred its 100% participating interest in DIGI PLUS MULTIMEDIA to the
subsidiary ONE. The sales agreement and transfer were concluded on 9 January 2015, while the
transfer was entered in the companies register on 21 January 2015.
The new company ONE.VIP DOO was entered in the companies register in Macedonia on 1 October
2015, as the result of the merger of the operators ONE DOOEL, formerly a part of the Telekom
Slovenije Group, and VIP OPERATOR DOOEL Skopje, a part of the Telekom Austria Group. The
effective date of the merger was 31 July 2015. ONE DOOEL was thus included in the consolidated
financial statements until that date. Telekom Slovenije holds a 45% participating interest in ONE.VIP
DOO, but does not hold a controlling interest. Thus, the aforementioned company is not included in
the financial statements of the Telekom Slovenije Group.
In Macedonia, Telekom Slovenije established SIOL DOOEL Skopje, and became the latter’s 100%
owner. The company was entered in the companies register on 14 January 2015.
In Serbia, Telekom Slovenije established SIOL DOO Beograd, and became the latter’s 100% owner.
The company was entered in the companies register in Belgrade on 13 February 2015.
Telekom Slovenije holds a 100% economic ownership in Ipko arising from the agreement on the
purchase of the remaining participating interest signed with minority owners. The Group maintains
economic control over Ipko. Thus liabilities to minority owners are not disclosed in the consolidated
financial statements.
GVO holds a 100% participating interest in the German company GVO Telekommunikation GmbH.
Telekom Slovenije holds a 50% participating interest in M-Pay as a joint venture and a 36%
participating interest in the associate SETCCE. Both companies are included in the consolidated
financial statements according to the equity method.
TSmedia holds a 49% participating interest in the associated company Antenna TV SL. The latter is
included in the Telekom Slovenije Group according to the equity method.
25
7.2.
Condensed interim accounting report of the Telekom
Slovenije Group
7.2.1.
Condensed interim financial statements of the Telekom
Slovenije Group
Consolidated income statement as at 30 September 2015
I - IX 2015
I - IX 2014 adjusted
549,547
574,110
96
10,103
5,226
193
0
3,239
-
Cost of goods and materials sold
-44,438
-51,587
86
Cost of materials and energy
-12,198
-11,698
104
-242,058
-246,184
98
-89,579
-99,437
90
EUR thousand
Revenue
Share of profit or loss in joint ventures
Cost of services
Employee benefits expense
Amortisation and depreciation expense
Ind
15/14
-114,718
-118,229
97
Other operating expenses
-11,167
-7,672
146
Total operating expenses
-514,158
-534,807
96
Profit or loss from operations
45,492
47,768
95
Finance income
38,493
13,606
283
Finance costs
-13,767
-17,566
78
Share of profit or loss of associates and jointly controlled
entities
-4,387
-3,699
119
Profit or loss before tax
65,831
40,109
164
-177
-123
144
4,994
-2,320
-
70,648
37,666
188
10.86
5.79
188
Income tax expense
Deferred tax
Net profit or loss for the period
Basic and diluted earnings per share (in EUR)
26
Consolidated statement of other comprehensive income as at 30 September 2015
EUR thousand
I - IX 2015
I - IX 2014 adjusted
Ind
15/14
70,648
37,666
188
1,213
619
196
-120
409
-
21
-69
-
-99
340
-
1,114
959
116
71,762
38,625
186
Other comprehensive income to be reclassified to profit or
loss in subsequent periods:
Translation reserves
Change in revaluation of available-for-sale financial assets
Deferred tax
Change in revaluation surplus of available-for-sale financial
assets (net)
Other comprehensive income for the period after tax
Total comprehensive income for the period
27
Consolidated statement of financial position as at 30 September 2015
EUR thousand
ASSETS
Intangible assets
Property, plant and equipment
Investments in joint ventures
Other investments
Other non-current assets
Investment property
Deferred tax assets
Total non-current assets
Assets held for sale
Inventories
Trade and other receivables
Deferred expenses and accrued revenues
Income tax credits
Current financial assets
Cash and cash equivalents
Total current assets
Total assets
EQUITY AND LIABILITIES
Called-up capital
Capital surplus
Revenue reserves
Legal reserves
Reserves for own shares and interests
Own shares and interests
Statutory reserves
Other revenue reserves
Retained earnings
Retain earnings from previous periods
Profit or loss for the period
Revaluation surplus for property, plant and equipment
Revaluation surplus for financial instruments
Revaluation surplus on actuarial deficits and surpluses
Translation reserve
Total capital and reserves
Long-term deferred income
Provisions
Non-current operating liabilities
Interest bearing borrowings
Other non-current financial liabilities
Deferred tax liabilities
Total non-current liabilities
Assets and liabilities held for sale
Trade and other payables
Income tax payable
Interest-bearing borrowings
Other current financial liabilities
Short-term deferred income
Accrued costs and expenses
Total current liabilities
Total liabilities
Total equity and liabilities
30. 9. 2015
31. 12. 2014 adjusted
1. 1. 2014 adjusted
Ind
15/14
176,055
715,664
133
120,591
25,771
5,042
29,837
1,073,093
924
25,382
152,836
62,948
589
3,595
9,282
255,556
1,328,649
187,537
751,264
127
13,440
28,027
4,076
24,843
1,009,314
95,338
29,837
150,888
32,321
69
1,320
23,902
333,675
1,342,989
149,163
839,259
44,576
10,168
27,447
4,119
24,035
1,098,767
4,478
23,876
155,614
38,278
618
10,566
59,234
292,664
1,391,431
94
95
105
897
92
124
120
106
1
85
101
195
854
272
39
77
99
272,721
181,488
218,492
51,561
3,671
-3,671
54,854
112,077
29,275
-41,373
70,648
0
855
-1,152
-15
701,664
10,261
57,726
7,577
19,106
311,355
175
406,200
0
98,086
97
49,713
14,175
7,905
50,809
220,785
626,985
1,328,649
272,721
181,488
218,492
51,561
3,671
-3,671
54,854
112,077
23,681
22,175
1,506
0
954
-1,152
-1,228
694,956
11,545
78,299
7,663
35,827
309,589
196
443,119
22,592
120,229
161
23,765
98
10,878
27,191
204,914
648,033
1,342,989
272,721
181,488
265,210
51,630
3,761
-3,761
54,854
158,726
39,961
-120
40,081
1
714
1,128
-1,498
759,725
9,800
40,421
3,435
59,586
317,124
147
430,513
0
126,249
40
33,012
1,885
10,794
29,213
201,193
631,706
1,391,431
100
100
100
100
100
100
100
100
124
90
100
1
101
89
74
99
53
101
89
92
82
60
209
73
187
108
97
99
28
Consolidated statement of changes in equity as at 30 September 2015
Revenue reserves
EUR thousand
Balance at 1 Jan 2015
Net profit or loss for the
period
Other comprehensive income
for the period
Total comprehensive
income for the period
Dividends paid
Transactions with owners
Other
Balance at 30 September
2015
Called-up
capital
272,721
Capital
surplus
Treasury
share
reserve
Legal
reserves
181,488
51,561
3,671
Treasury
shares
-3,671
Statutory
reserves
54,854
Retained
earnings
Other
revenue
reserves
112,077
23,681
Revaluation for
available-for-sale
financial assets
(net)
954
Revaluation
surplus for
actuarial deficits
and surpluses
-1,152
Translation
reserve
Total
-1,228
70,648
694,956
70,648
-99
1,213
1,114
0
0
0
0
0
0
0
70,648
-99
0
1,213
71,762
0
0
0
0
0
0
0
-65,055
-65,055
0
0
0
-65,055
-65,055
1
272,721
181,488
51,561
3,671
-3,671
54,854
112,077
29,275
29
1
855
-1,152
-15
701,664
Consolidated statement of changes in equity as at 30 September 2014
Revenue reserves
EUR thousand
Calledup
capital
Balance at 1 Jan 2014 - reported
272,721 169,459
Effect of changes in accounting policies
Capital
surplus
Legal
reserves
51,630
Treasury
Other
Treasury Statutory
share
revenue
shares
reserves
reserve
reserves
3,671
-3,671
54,854
158,726
12,029
272,721 181,488
51,630
3,671
-3,671
54,854
158,726
Retained
earnings
Revaluation
reserves for
property,
plant and
equipment
43,126
7,722
-3,080
-7,721
40,046
1
0
0
0
0
0
0
0
37,666
1,128
-1,498
0
0
0
0
0
0
0
-65,055
714
1,128
-1,498
-69
272,721 181,488
51,561
3,671
-3,671
54,854
-82
3
158,644
12,660
30
758,582
759,810
37,666
0
340
0
619
959
619
38,625
-65,055
0
0
0
0
-1
Other
Total
1,228
-65,055
Transfer to retained earnings and
reserves
Balance at 30 September 2014 adjusted
Translation
reserve
340
Dividends paid
714
Revaluation
surplus for
actuarial
deficits and
surpluses
37,666
Other comprehensive income for the
period
Total comprehensive income for the
period
Revaluation
for availablefor-sale
financial
assets (net)
-65,055
-1
-148
0
1,054
1,128
-879
733,231
Consolidated statement of cash flows as at 30 September 2015
EUR thousand
I - IX 2015
I -IX 2014 adjusted
65,831
40,109
114,718
118,229
1,249
346
-3,280
-38,493
18,154
-1,948
-30,627
2,256
4,455
-20,573
-4,257
23,618
-22,606
-359
108,138
165
-13,606
21,265
-9,842
-8,243
347
-4,634
-7,242
1,776
6,686
-15,876
376
129,856
56,441
4,497
156
1,184
50,160
444
-122,308
-49,376
-15,170
-2
-52,104
-5,656
-65,867
11,986
621
1,423
286
552
9,104
-136,380
-46,290
-85,262
0
-1,226
-3,602
-124,394
167,500
167,500
0
-224,391
-44
-141,500
-16,767
-1,182
-64,898
-56,891
-14,620
9,282
23,902
58,900
10,000
48,900
-101,770
0
-10,000
-24,956
-1,690
-65,124
-42,870
-37,408
21,826
59,234
Cash flows from operating activities
Profit before tax
Adjustments for:
Depreciation and amortization
Impairment and write-offs of intangible assets, property, plant and equipment
Gain or loss on disposal of property, plant and equipment
Finance income
Finance costs
Change in trade and other receivables
Change in deferred costs and accrued income
Change in other non-current assets
Change in inventories
Change in provisions
Change in long-term and short-term deferred income
Change in accrued costs and expenses
Change in trade and other payables
Income tax paid
Net cash from operating activities
Cash flows from investing activities
Receipts from investing activities
Sale of property, plant and equipment
Dividends received
Interest received
Disposal of non-current investments
Disposal of current investments
Disbursements from investing activities
Acquisition of property, plant and equipment
Acquisition of intangible assets
Acquisition of investments
Investments in subsidiaries and associates
Interest-bearing loans
Net cash from investing activities
Cash flows from financing activities
Receipts from financing activities
Current borrowings
Issue of short-term commercial papers
Disbursements from financing activities
Maturity of short-term commercial paper
Repayment of current borrowings
Repayment of non-current borrowings
Interest paid
Dividends paid
Net cash from financing activities
Net increase/decrease in cash and cash equivalents
Closing balance of cash
Opening balance of cash
31
Segment reporting
The Group has two operating segments. Segment reporting is based on the internal reporting system used by
management in the decision-making process. Geographical regions are defined as operating segments,
namely Slovenia and other countries. The criterion for segment reporting is the registered office where an
activity is performed.
Segment reporting is based on the basic financial statements of the Telekom Slovenije Group. Sales
transactions between segments are effected at market values. Intra-group transactions are eliminated in the
consolidation process, and included among eliminations and adjustments.
The Group does not disclose finance income and costs by segment, as the Group’s financing is centralised and
conducted at the level of the parent company.
Operating segments I - IX 2015
Slovenia
Other countries
Elimination and
adjustment
Consolidated
466,043
83,504
0
549,547
38,608
28,718
-67,326
0
504,651
112,222
-67,326
549,547
9,374
1,648
-919
10,103
0
0
0
0
-472,624
-110,127
68,593
-514,158
Operating profit per segment
41,401
3,743
348
45,492
Share of profit or loss in associates and jointly
controlled entities
-4,387
EUR thousand
External sales
Intersegment sales
Total segment revenue
Other revenue
Share in profit or loss of joint ventures
-4,387
Finance income
38,493
Finance costs
-13,767
Profit before tax
65,831
Income tax expense
-177
Deferred tax
4,994
Profit for the period
70,648
Other segment information at 30. 9. 2015
Segment assets
Segment liabilities
1,428,008
279,465
-378,824
1,328,649
667,409
232,935
-273,359
626,985
32
Operating segments I - IX 2014 – adjusted
Slovenia
Other countries
Elimination and
adjustment
Consolidated
480,487
93,623
0
574,110
45,438
31,545
-76,983
76,983
525,925
125,168
-76,983
574,110
5,075
539
-388
5,226
0
3,239
0
3,239
-489,670
-120,170
75,033
-534,807
Operating profit per segment
41,330
8,776
-2,338
47,768
Share of profit or loss in associates and jointly controlled
entities
-3,699
EUR thousand
External sales
Intersegment sales
Total segment revenue
Other revenue
Share in profit or loss of joint ventures
-3,699
Finance income
13,606
Finance costs
-17,566
Profit before tax
40,109
Income tax expense
-123
Deferred tax
-2,320
Profit for the period
37,666
Other segment information at 31. 12. 2014
Segment assets
Segment liabilities
1,398,289
267,177
-322,477
1,342,989
641,209
218,610
-211,786
648,033
Net sales revenue
I - IX 2015
I - IX 2014
Ind
15/14
Mobile services on end-customer market
223,271
237,329
94
Fixed-line telephone services on end-customer market
176,547
178,895
99
Wholesale market
135,968
142,056
96
13,761
15,830
87
549,547
574,110
96
EUR thousand
Other revenues and other merchandise
Total revenue
Net sales revenue was down 4% or EUR 24,563 thousand during the period January to September 2015
relative to the same period last year, to stand at EUR 549,547 thousand. Revenues were down in all service
segments: by EUR 14,058 thousand or 6% in the mobile segment of the end-user market, and by EUR 2,348
thousand or 1% in the fixed segment. Revenues on the wholesale market were down by 4% or EUR 6,088
thousand, while other revenues and revenues from other merchandise were down by EUR 2,069 thousand or
13%.
Other revenues and revenues from other merchandise include revenue from construction works, maintenance
and the clearance of faults, sales of other merchandise, etc.
33
Cost of services
I - IX 2015
I - IX 2014 –
adjusted
Ind
15/14
100,555
102,334
98
6,886
7,697
89
Multimedia services costs
20,235
20,276
100
Sale incentives
18,369
19,826
93
8,421
7,852
107
Maintenance of property, plant and equipment
21,988
22,697
97
Lease of property, plant and equipment
12,226
13,100
93
Costs of trade fairs, marketing, sponsorships and entertainment
11,545
14,314
81
7,292
8,816
83
659
806
82
Insurance premiums
3,064
3,091
99
Cost of postal services and transportation
2,407
2,788
86
Banking services
1,377
1,527
90
27,035
21,060
128
242,058
246,184
98
EUR thousand
Telecommunications services
Cost of leased lines
Sale commissions
Professional and personal services
Refund of work-related costs
Other services
Total cost of services
During the reporting period, costs of services were down EUR 4,126 thousand on the same period last year.
The costs of the following items were down: trade fairs, advertising, sponsorship and representation, refunds of
work-related costs, intellectual and personal services, postal and transportation services, leased lines, banking
services, sales incentives, leasing and maintenance of property, plant and equipment, telecommunication
services, insurance premiums and multimedia content. The costs of other services and sales commissions
were up.
Operating profit and net profit
Operating profit (EBIT) was down EUR 2,276 thousand or 5% on the same period last year, to stand at EUR
45,492 thousand. A net profit of EUR 70,648 thousand was achieved for the accounting period (an increase of
88% on the same period last year), in the context of a net financial gain of EUR 24,726 thousand.
Intangible assets
Intangible assets were down by the total amount of EUR 11,482 thousand relative to the end of last year,
primarily as the result of amortisation charged during the accounting period. Commitments for intangible assets
totalled EUR 4,026 thousand as at 30 September 2015.
Property, plant and equipment totalled EUR 715,664 thousand as at 30 September 2015, accounting for 54% of
total assets, and were down EUR 35,600 thousand, primarily as a result of depreciation charged during the
period. Commitments for property, plant and equipment totalled EUR 9,441 thousand as at 30 September
2015.
Trade and other receivables amounted to EUR 152,836 thousand as at 30 September 2015, an increase of
EUR 1,948 thousand or 1% compared with the balance at the end of 2014.
Financial instruments
Current financial assets were up EUR 2,275 thousand on the balance as at 31 December 2014 to stand at EUR
3,595 thousand, primarily as the result of an increase in other short-term loans.
34
Non-current financial assets were up EUR 100,882 thousand, primarily owing to an increase in non-current
available-for-sale financial assets and an increase in derivatives (forward contract).
Financial liabilities
Financial liabilities totalled EUR 394,349 thousand as at 30 September 2015, representing an increase of EUR
25,070 thousand on the end of 2014, broken down as follows:
 borrowings received in the amount of EUR 68,819 thousand were up EUR 9,227 thousand;
 liabilities for bonds issued in the amount of EUR 310,707 thousand were up EUR 11,367 thousand on the
balance at the end of the year on account of the associated interest accrued in the period January to
September 2015; and
 other financial liabilities totalled EUR 14,774 thousand, representing an increase of EUR 4,502 thousand
on the end of 2014.
Fair value hierarchy
The following hierarchy was used in recognising and disclosing the fair value of financial instruments using a
valuation technique:
1. Level 1: fair value is determined by directly quoting an officially published price on an active market;
2. Level 2: other techniques for determining fair value based on assumptions with a significant impact on
fair value that are in line with current observable market transactions with the same instruments, either
directly or indirectly; and
fair value that are not in line with current observable market transactions with the same instruments and
investments.
The fair value of financial instruments is compared with their book value in the table below.
Carrying amount and fair value of financial instruments as at 30 September 2015
Carrying
amount
Fair value
Level 1
Available-for-sale financial assets
82,404
82,404
1,346
Loans given
17,487
17,487
Trade receivables
25,771
25,771
Other non-current financial assets
20,700
20,700
3,176
3,176
2
2
417
417
9,871
9,871
152,836
152,836
299,900
311,610
19,106
19,106
Other trade payables
11,455
11,455
-572
-572
Interest on bonds
11,379
11,379
49,713
49,713
EUR thousand
Level 2
Level 3
Non-current financial assets
17,487
20,698
Loans given
Other current financial assets
Bank deposits
Cash, cash equivalents and income tax
receivables
Trade receivables
3,176
Non-current financial liabilities
Bonds
311,610
19,106
Current financial liabilities
Bonds
Other financial liabilities
Trade payables
3,368
3,368
98,086
98,086
49,713
35
Contingent liabilities from legal actions
Telekom Slovenije received a lawsuit from AGICOA, the Association for the European Collective Management
of Audiovisual Works, AGICOA EUROPE for the payment of EUR 2,400,000.00. The Telekom Slovenije Group
assesses that the aforementioned lawsuit will not impact its financial statements.
Contingent liabilities from guarantees issued
The Group provided the following guarantees as at 30 September 2015:
 performance guarantees and warranty bonds in the amount of EUR 4,108 thousand, and
 other guarantees in the amount of EUR 448 thousand.
None of the above stated liabilities meet the conditions for recognition in the statement of financial position, and
the Group does not expect any material consequences as the result thereof.
Related-party transactions
Related parties of the Group companies include the Republic of Slovenia as the majority shareholder of
Telekom Slovenije, other shareholders, members of the Management Board, members of the Supervisory
Board and their family members.
Transactions with natural persons
Natural persons (the President, Vice-President and members of the Management Board, and the VicePresident and members of the Supervisory Board) held 1,549 shares in Telekom Slovenije as at 30 September
2015, representing a holding of 0.0237%.
Events after the reporting date
These events are disclosed in section 6. Significant events after the balance-sheet date can be found on page
22.
36
7.3.
Condensed interim accounting report of Telekom Slovenije, d. d.
7.3.1.
Condensed interim financial statements of Telekom Slovenije,
d. d.
Income statement of Telekom Slovenije, d. d. for the period ending 30 September 2015
EUR thousand
Revenue
Cost of goods and materials sold
I - IX 2015
I - IX 2014
adjusted
Ind
15/14
474,194
488,744
97
7,089
3,732
190
-45,784
-49,669
92
-7,981
-7,605
105
-214,741
-216,937
99
Employee benefits expense
-72,211
-77,634
93
Amortisation and depreciation expense
-89,691
-93,249
96
-8,842
-5,057
175
-439,250
-450,151
98
Profit or loss from operations
42,033
42,325
99
Finance income
34,989
22,144
158
-12,579
-14,372
88
64,443
50,097
129
0
0
-
5,071
-2,407
-
69,514
47,690
146
Cost of material and energy
Cost of services
Other operating expenses
Finance costs
Profit or loss before tax
Income tax expense
Deferred tax
37
Statement of other comprehensive income of Telekom Slovenije, d. d. for the period ending
30 September 2015
I - IX 2015
I - IX 2014
adjusted
Ind
15/14
69,514
47,690
146
-120
409
-
21
-69
-
Change in revaluation surplus of available-for-sale financial assets
(net)
-99
340
-
Other comprehensive income for the period after tax
-99
340
-
69,415
48,030
145
EUR thousand
Other comprehensive income to be reclassified to profit or loss in
subsequent periods:
Change in revaluation of available-for-sale financial assets
Deferred tax
Total comprehensive income for the period
38
Statement of financial position of Telekom Slovenije, d. d. as at 30 September 2015
EUR thousand
ASSETS
Intangible assets
Investments in subsidiaries
Investments in associates and joint ventures
Other investments
Investment property
Deferred tax assets
Total non-current assets
Assets held for sale
Inventories
Deferred expenses and accrued revenues
Income tax credits
Cash and cash equivalents
Total current assets
Total assets
EQUITY AND LIABILITIES
Called-up capital
Capital surplus
Revenue reserves
Legal reserves
Reserves for own shares and interests
Own shares and interests
Statutory reserves
Other revenue reserves
Retained earnings
Retain earnings from previous periods
Profit or loss for the period
Revaluation reserves for financial instruments
Revaluation surplus on actuarial deficits and surplus
Total capital and reserves
Long-term deferred income
Provisions
Non-current operating liabilities
Other non-current financial liabilities
Deferred tax liabilities
Total non-current liabilities
Trade and other payables
Other current financial liabilities
Short-term deferred income
Accrued costs and expenses
Total current liabilities
Total liabilities
Total equity and liabilities
30.9.2015
31. 12. 2014 adjusted
1. 1. 2014 adjusted
Ind
15/14
125,405
615,038
46,886
65
238,930
29,957
5,042
28,341
1,089,664
925
20,863
168,403
62,314
408
16,272
5,612
274,797
1,364,461
132,276
644,877
45,781
65
138,048
32,549
4,076
23,270
1,020,942
80,788
25,549
148,172
31,411
22
8,504
19,032
313,478
1,334,420
65,304
688,196
80,958
36,838
171,048
31,863
4,119
23,287
1,101,613
4,478
16,278
139,950
28,420
22
30,285
52,894
272,327
1,373,940
95
95
102
100
173
92
124
122
107
1
82
114
198
191
29
88
102
272,721
180,956
217,042
50,434
3,671
-3,671
54,544
112,064
65,804
-3,710
69,514
855
-1,019
736,359
9,301
54,197
7,577
18,826
299,900
175
389,976
94,091
50,951
14,170
5,119
73,795
238,126
628,102
1,364,461
272,721
180,956
217,042
50,434
3,671
-3,671
54,544
112,064
61,345
43,507
17,838
954
-1,019
731,999
10,572
74,740
7,663
35,547
302,530
196
431,248
115,337
23,703
64
7,279
24,790
171,173
602,421
1,334,420
272,721
180,956
263,609
50,434
3,671
-3,671
54,544
158,631
61,995
22,817
39,178
714
1,112
781,107
9,010
35,916
3,426
59,245
312,401
147
420,145
110,169
32,869
473
5,351
23,826
172,688
592,833
1,373,940
100
100
100
100
100
100
100
100
107
390
90
100
101
88
73
99
53
99
89
90
82
215
70
298
139
104
102
39
Statement of changes in equity of Telekom Slovenije, d. d. for the period ending 30 September 2015
Revenue reserves
EUR thousand
Called-up
capital
272,721
Capital
surplus
Legal reserves
180,956
50,434
Treasury
share
reserves
Treasury
shares
3,671
-3,671
Statutory
reserves
54,544
Other
revenue
reserves
112,064
Retained
earnings
61,345
-1,019
0
0
0
0
0
0
0
69,514
Total
731,999
69,514
-99
Dividends paid
2015
954
Revaluation
surplus on
actuarial
deficits and
surpluses
69,514
Other comprehensive income for
the period
Total comprehensive income
for the period
Revaluation
surplus for
available-forsale financial
assets (net)
-99
-99
0
-65,055
69,415
-65,055
0
0
0
0
0
0
0
-65,055
0
0
-65,055
272,721
180,956
50,434
3,671
-3,671
54,544
112,064
65,804
855
-1,019
736,359
40
Statement of changes in equity of Telekom Slovenije, d. d. for the period ending 30 September 2014
Revenue reserves
EUR thousand
Balance at 1 Jan 2014 adjusted
Calledup
capital
Capital
surplus
272,721
168,927
Effect of changes in accounting
policies
Balance at 1 Jan 2014 adjusted
Treasury
share
reserves
Legal reserves
50,434
3,671
Treasury
shares
Statutory
reserves
-3,671
54,544
Other
revenue
reserves
158,631
12,029
272,721
180,956
50,434
3,671
-3,671
54,544
158,631
Retained
earnings
Revaluation
surplus for
property,
plant and
equipment
65,160
7,721
-3,165
-7,721
61,995
0
2014 - adjusted
1,112
0
0
0
0
0
0
0
47,690
0
0
0
0
0
0
0
272,721
180,956
50,434
3,671
-3,671
54,544
158,631
714
1,112
41
779,964
781,107
47,690
340
0
340
0
48,030
-65,055
0
0
0
-65,055
44,630
0
1,054
1,112
764,082
-65,055
Total
equity of
owners of
the
Company
1,143
340
Dividends paid
714
Revaluation
surplus on
actuarial
deficits and
surpluses
47,690
Other comprehensive income for
the period
Total comprehensive
income for the period
Revaluation
surplus for
availablefor-sale
financial
assets (net)
-65,055
Cash flow statement of Telekom Slovenije, d. d. for the period ending 30 September 2015
EUR thousand
Cash flows from operating activities
Profit before tax
I - IX 2015
I - IX 2014
adjusted
64,443
50,097
89,691
93,249
Adjustments for:
Depreciation and amortisation
Impairment and write-offs of property, plant and equipment
Gain or loss on disposal of property, plant and equipment
Finance income
Finance costs
1,057
241
-3,263
40
-34,989
-22,144
12,579
14,371
Change in trade and other receivables
-20,231
-9,598
Change in deferred costs and accrued income
-30,903
-8,224
Change in other non-current assets
1,627
310
Change in inventories
4,686
-4,350
-20,543
-6,233
Change in long-term and short-term deferred income
-3,431
1,472
Change in accrued costs and expenses
49,005
6,599
-18,694
-4,832
91,034
110,998
67,953
35,179
Change in provisions
Change in trade and other payables
Net cash from operating activities
Cash flows from investing activities
Receipts from investing activities
Sale of property, plant and equipment
Dividends received
Interest received
Disposal of non-current investments
4,107
300
156
1,423
7,853
6,970
55,788
4,337
49
22,149
Disbursements from investing activities
-116,990
-138,868
Acquisition of property, plant and equipment
-39,564
-34,566
Acquisition of intangible assets
-13,519
-84,220
Investments in subsidiaries and associates
-50,009
0
Interest-bearing loans
-13,898
-20,082
Cash used in investing activities
-49,037
-103,689
168,752
58,900
168,752
10,000
Disposal of current investments
Cash flows from financing activities
Receipts from financing activities
Current borrowings
Issue of short-term commercial papers
0
48,900
-224,168
-101,534
-44
0
-141,500
-10,000
-16,721
-24,882
-1,005
-1,629
Dividends paid
-64,898
-65,023
Cash flow used in financing activities
-55,416
-42,634
Disbursements from financing activities
Maturity of short-term commercial paper
Repayment of current borrowings
Repayment of non-current borrowings
Interest paid
Net increase/decrease in cash and cash equivalents
-13,419
-35,325
Closing balance of cash
5,613
17,569
Opening balance of cash
19,032
52,894
42
Net sales revenue
I - IX 2015
I - IX 2014
Ind
15/14
Mobile services on end-customer market
179,881
189,488
95
Fixed-line telephone services on end-customer market
147,420
148,574
99
Wholesale market
137,538
141,197
97
9,355
9,485
99
474,194
488,744
97
EUR thousand
Other revenue and other merchandise
Total sales revenue
Net sales revenue was down 3% or EUR 14,550 thousand during the period January to September 2015
relative to the same period last year. The reasons for the aforementioned decline lie in lower revenue
generated from mobile subscribers and prepaid users, sales of merchandise in the mobile segment, broadband
services, traditional voice telephony, the business telephony segment, and convergent services and sales of
merchandise in the fixed segment. New laws regulating the call termination market in the mobile network and
the call termination market in the fixed network in Slovenia were adopted on 1 September 2014 and 1
November 2014 respectively. Comparisons with the same periods last year will therefore show lower revenues
on the wholesale market.
Cost of services
EUR thousand
Telecommunications services
Cost of leased lines
I - IX 2015
I - IX 2014
adjusted
Ind
15/14
104,384
106,542
98
8,785
8,788
100
Multimedia services costs
12,596
13,598
93
Sale incentives
12,736
14,247
89
5,610
5,074
111
Sale commissions
Maintenance of property, plant and equipment
23,492
27,160
86
Lease of property, plant and equipment
8,113
8,678
93
Costs of trade fairs, marketing, sponsorship and entertainment
8,434
10,092
84
Professional and personal services
4,883
6,142
80
304
369
82
Insurance premiums
2,503
2,494
100
Cost of postal services and transportation
2,679
2,770
97
854
1,118
76
19,368
9,865
196
214,741
216,937
99
Refund of work-related costs
Banking services
Other services
Total cost of services
The costs of services were down 1% on the same period last year primarily due to lower costs of the following
items: banking services, intellectual and personal services, refunds of work-related costs, the maintenance of
property, plant and equipment, trade fairs, advertising, sponsorship and representation, sales incentives,
multimedia content, the leasing of property, plant and equipment, postal services, telecommunication services,
and leased lines.
43
Operating profit
Operating profit (EBIT) was down 1% or EUR 292 thousand on the same period last year to stand at EUR
42,033 thousand.
Finance income
Finance income was up 58% on the same period in 2014, primarily owing to higher revenues from derivatives.
Finance costs
Finance costs were down 12% on the same period in 2014, primarily as the result of costs associated with
commercial paper issued in March 2014 with a maturity of December 2014, and owing to lower interest
expenses.
Net profit
Net profit in the amount of EUR 69,514 thousand was up 46% or EUR 21,824 thousand on the period January
to September 2014.
Intangible assets
Intangible assets primarily comprise concessions, licences and computer programmes. Intangible assets were
down by the total amount of EUR 6,871 thousand, primarily as the result of amortisation charged during the
accounting period. Commitments for intangible assets totalled EUR 4,308 thousand as at 30 September 2015.
Property, plant and equipment accounted for 45% of the Company’s total assets. The decrease in property,
plant and equipment in the amount of EUR 29,839 thousand was primarily the result of depreciation charged
during the accounting period in the amount of EUR 69,104 thousand, while new acquisitions totalled EUR
41,299 thousand. Commitments for property, plant and equipment totalled EUR 12,340 thousand as at 30
September 2015.
Investments in subsidiaries and joint ventures
Telekom Slovenije increased its investments in subsidiaries and joint ventures during the reporting period, on
account of the establishment and increase in the capital of the new company SIOL DOOEL Skopje in the
amount of EUR 1,005 thousand, and the establishment and increase in the capital of the new company SIOL
DOO Beograd in the amount of EUR 100 thousand.
Other non-current assets were down primarily owing to a decrease in other non-current operating receivables
(instalment sales of merchandise).
Trade and other receivables amounted to EUR 168,403 thousand as at 30 September 2015, an increase of
EUR 20,231 thousand compared with the balance at the end of 2014.
Financial instruments
Current financial assets were up EUR 7,768 thousand, primarily owing to an increase in other short-term loans.
Non-current financial assets were up EUR 100,882 thousand, primarily owing to an increase in non-current
available-for-sale financial assets and an increase in derivatives (forward contract).
Financial liabilities
Financial liabilities totalled EUR 383,847 thousand as at 30 September 2015, an increase of EUR 22,003
thousand on the end of 2014, broken down as follows:

borrowings received in the amount of EUR 69,777 thousand were up EUR 10,527 thousand;

liabilities for bonds issued in the amount of EUR 310,707 thousand were up EUR 11,367 thousand on
account of interest accrued in the period January to September 2015; and

other liabilities in the amount of EUR 3,363 thousand were down EUR 109 thousand.
44
Fair value hierarchy
The following hierarchy was used in recognising and disclosing the fair value of financial instruments using a
valuation technique:
1. Level 1: fair value is determined by directly quoting an officially published price on an active market;
fair value that are in line with current observable market transactions with the same instruments, either
directly or indirectly; and
fair value that are not in line with current observable market transactions with the same instruments.
The fair value of financial instruments is compared with their book value in the table below.
Carrying amount and fair value of financial instruments as at 30 September 2015
EUR thousand
Carrying
amount
Fair value Level 1
Level 2
Level 3
Non-current financial assets
82,404
82,404
135,828
135,828
Trade receivables
29,957
29,957
Other non-current financial assets
20,698
20,698
15,855
15,855
417
417
5,612
5,612
168,403
168,403
299,900
311,610 311,610
Available-for-sale financial assets
Loans given
1,346
135,828
20,698
Loans given
Bank deposits
Cash, cash equivalents and income tax receivables
Trade receivables
15,855
Non-current financial liabilities
Bonds
18,826
18,826
-572
-572
Interest on bonds
11,379
11,379
50,951
50,951
3,363
3,363
94,091
94,091
18,826
Other trade payables
Current financial liabilities
Bonds
Other financial liabilities
Trade payables
50,951
Contingent liabilities from legal actions
Telekom Slovenije received a lawsuit from AGICOA. Telekom Slovenije received a lawsuit from AGICOA, the
Association for the European Collective Management of Audiovisual Works, AGICOA EUROPE for the
payment of EUR 2,400,000.00. The Telekom Slovenije Group assesses that the aforementioned lawsuit will not
impact its financial statements.
Contingent liabilities from guarantees issued
The Company provided the following guarantees as at 30 September 2015:
 performance guarantees and warranty bonds in the amount of EUR 3,167 thousand,
 guarantees as security for contractual obligations in the amount of EUR 3,166 thousand, and
 other guarantees in the amount of EUR 93 thousand.
None of the above stated liabilities meet the conditions for recognition in the statement of financial position, and
the Company does not expect any material consequences as the result thereof.
45
Related parties of the Company include the Republic of Slovenia as the majority shareholder of Telekom
Slovenije, other shareholders, members of the Management Board, members of the Supervisory Board and
their family members.
EUR thousand
Receivables due from Group companies
Subsidiaries
Jointly controlled entities
Associates
Liabilities to Group companies
Subsidiaries
Associates
30.9.2015
180,113
179,776
0
337
36,165
35,560
0
605
31.12.2014
154,422
154,036
18
368
18,666
16,734
2
1,930
EUR thousand
Revenue
Subsidiaries
Associates
Purchase of material and services from Group companies
Subsidiaries
Associates
I - IX 2015
18,434
17,240
0
1,194
39,019
37,905
4
1,110
I - IX 2014
19,338
18,126
45
1,167
46,271
45,340
4
927
Transactions with natural persons
Natural persons (the President, Vice-President and members of the Management Board, and the VicePresident and members of the Supervisory Board) held 1,549 shares in Telekom Slovenije as at 30 September
2015, representing a holding of 0.0237%.
Transactions with the Government of the Republic of Slovenia, and entities and institutions under its
control
The Company provides telecommunication services to the Government of the Republic of Slovenia and to
various bodies, agencies and companies in which the Slovenian state is either the majority or minority
shareholder.
Events after the reporting date
These events are disclosed in section 6. Significant events after the balance-sheet date can be found on page
22.
46

Unaudited business report of the TSG and TS I.

Transcription

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