Annual Report 2011 - T-Hrvatski Telekom

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104 Consolidated financial statements 13 Investment in joint venture The net book value of investments in joint venture comprises: 31 December 2011 HRK millions 31 December 2010 HRK millions HT d.d. Mostar 393 378 393 378 HT d.d has an ownership interest of 39.1% in its joint venture HT d.d. Mostar which is incorporated in the Republic of Bosnia and Herzegovina. The principal activity of this company is provision of telecommunication services. All decisions made by the Management Board and all decisions made by the Supervisory Board have to be approved by both of the majority shareholders. Therefore investment is classified as a jointly controlled entity. The rest of the company is mainly owned by Federation of Bosnia and Herzegovina (50.10%). The Group’s share in HT d.d. Mostar unaudited profit for the year ended 31 December 2011, is recognized in the statement of comprehensive income in the amount of HRK 15 million (2010: HRK 11 million of profit was recognized based on unaudited results of profit for the year ended 31 December 2010 which was later confirmed by the audit report). During 2011, HT did not receive a dividend of from HT d.d. Mostar (2010: HRK 6 million). The Group’s share in HT d.d. Mostar unaudited profit Share of the jointly controlled entity assets and liabilities: Current assets Non-current assets Current liabilities Non-current liabilities Net assets 31 December 2011 Unaudited HRK millions 124 568 (143) (59) 490 31 December 2010 Audited HRK millions 102 585 (132) (83) 472H 2011 Unaudited 2010 Audited Share of the jointly controlled entity revenue and profit: Revenue Profit 370 15 346 11
105 14 Available-for-sale financial assets Non-current available-for-sale financial assets include the following bonds: Issuer Currency Interest rate Maturity 31 December 2011 HRK millions 31 December 2010 HRK millions Consolidated financial statements Government of Croatia Other equity securities HRK HRK 4.75% 8 February 2017 31 8 32 10 39 42 Current available-for-sale financial assets include the following: Currency Interest rate Maturity 31 December 2011 HRK millions 31 December 2010 HRK millions Unit holdings in money market funds: 22 20 Bonds: Government of Germany EUR 1.25% 11 March 2011 - 74 Foreign treasury bills: Government of France Government of Germany Government of France Government of France Government of France Government of France Government of France Government of France Government of Germany Government of Germany EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 9 February 2012 15 February 2012 22 March 2012 23 August 2012 21 April 2011 24 March 2011 19 May 2011 5 May 2011 23 February 2011 11 May 2011 75 76 75 75 - - - - - - - - - - 96 74 88 37 37 37 323 463 The estimated fair value of investments in treasury bills and bonds at 31 December 2011 is determined by reference to their market value offered on the secondary capital market which is an active market at the statement of financial position date and belong to the first financial instruments hierarchy category. There were no changes among financial instruments hierarchy categories in 2011.
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Annual Report 2011
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3 Operating Statistics Key operatio
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Content 5 2 3 7 8 10 12 16 21 22 28
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8 Letter To Shareholders Introducti
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10 Corporate Profile Introduction A
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12 Investor Information Economic en
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14 Dividend proposal for the 2011 f
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16 Management Board Introduction Br
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18 Introduction Branka Skaramuča M
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20 Introduction As a result of the
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22 Supervisory's Board Report Intro
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24 Introduction • Cash management
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26 Summary of the work performed Re
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28 Corporate Governance Code Compli
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30 Introduction Currently the Manag
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II. Business review 2011 Croatian T
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35 first 10 months of 2011 against
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Regulatory Environment 37 Croatian
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Group's Strategy 39 T-HT Group Miss
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Organization of the Group 41 T-HT G
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43 Blended ARPU decreased by 11.0%
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45 additional products: naked bitst
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47 Transport Layer DWDM (Dense Wave
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49 Data and IT Security The protect
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51 Corporate Responsibility III. Co
Page 53 and 54: 53 Code of Conduct T-HT’s Code of
Page 55 and 56: 55 Culture Museum of Contemporary A
Page 57 and 58: 57 Full time employees by education
Page 59 and 60: 59 with direct investments into ext
Page 61: 61 In 2011, Iskon was the official
Page 64 and 65: 64 Group Financial Performance Fina
Page 66 and 67: 66 Financial Review 2011 Terminal e
Page 69 and 70: Consolidated financial statements 3
Page 71 and 72: Independent auditor’s report 71 T
Page 73 and 74: Consolidated statement of financial
Page 75 and 76: Consolidated statement of cash flow
Page 77 and 78: Notes to the consolidated financial
Page 79 and 80: 79 IAS 39 Financial instruments: Re
Page 81 and 82: 81 two types of joint arrangement:
Page 83 and 84: 83 substance of the tax), the Group
Page 85 and 86: 85 Impairment losses relating to go
Page 87 and 88: 87 k) Leases Leases in which a sign
Page 89 and 90: 89 provided that there are no unful
Page 91 and 92: 91 · Statement of comprehensive in
Page 93 and 94: 93 Revenue — by geographical area
Page 95 and 96: 95 7 Other expenses Maintenance ser
Page 97 and 98: 97 The deferred tax asset of the Gr
Page 99 and 100: 99 The intangible assets of the Gro
Page 101 and 102: 101 Included within assets under co
Page 103: 103 The movement in investments in
Page 107 and 108: 107 At 1 January Charge for the yea
Page 109 and 110: 109 At 1 January Service costs reco
Page 111 and 112: 111 23 Legal reserves Legal reserve
Page 113 and 114: 113 27 Contingencies At the time of
Page 115 and 116: 115 The main transactions with rela
Page 117 and 118: 117 29 Financial risk management ob
Page 119 and 120: 119 Year ended 31 December 2011 Cro
Page 121 and 122: 121 electronic communications netwo
Page 123 and 124: 123 the achievement of two share va
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Page 127 and 128: 127 FINANCING 75 Pojmovnik FRAME RE
Page 129: 129 SUPERVISORY BOARD 7, 9, 14, 18,
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Annual Report 2011 - T-Hrvatski Telekom

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