Annual Report 2011 - T-Hrvatski Telekom

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116 Consolidated financial statements Compensation of the Supervisory Board The chairman of the Supervisory Board receives remuneration in the amount of 1.5 of the average net salary of the employees of the Company paid in the preceding month. To the deputy chairman, the amount of 1.25 of the average net salary of the employees of the Company paid in the preceding month is paid, while any other member receives the amount of one average net salary of the employees of the Company paid in the preceding month. To a member of the Supervisory Board who is in the same time the Chairman of the Audit Committee of the Supervisory Board in the amount of 1.5 of the average monthly net salary of the employees of the company paid in the preceding month. To a member of the Supervisory Board who is in the same time a Member of the Audit Committee of the Supervisory Board in the amount of 1.25 of the average monthly net salary of the employees of the company paid in the preceding month. To a member of the Supervisory Board who is in the same time a Member of the Compensation and Nomination Committee of the Supervisory Board in the amount of 1.25 of the average monthly net salary of the employees of the company paid in the preceding month. DTAG representatives do not receive any remuneration for the membership in the Supervisory Board due to a respective policy of DTAG. In 2011, Group paid a total amount of HRK 0.7 million (2010: HRK 0.6 million) to the members of its Supervisory Board. No loans were granted to the members of the Supervisory Board. Compensation to key management personnel In 2011 the total compensation paid to key management personnel of the Group amounted to HRK 46 million (2010: HRK 40 million). Key management personnel include members of the Management Boards of the Company and its subsidiaries and the operating directors of the Company, who are employed by the Group. Compensation paid to key management personnel includes: Short term benefits Share based payments 31 December 2011 HRK millions 44 2 46 31 December 2010 HRK millions 39 1 40
117 29 Financial risk management objectives and policies The Group is exposed to international service-based markets. As a result, the Group can be affected by changes in foreign exchange rates. The Group also extends credit terms to its customers and is exposed to a risk of default. The significant risks, together with the methods used to manage these risks, are described below. The Group does not use derivative instruments either to manage risk or for speculative purposes. a) Credit risk The Group has no significant concentration of credit risk with any single counter party or group of counterparties with similar characteristics. The Group procedures are in force to ensure on a permanent basis that sales are made to customers with an appropriate credit history and do not exceed an acceptable credit exposure limit. The Group does not guarantee obligations of other parties. The Group considers that its maximum exposure is reflected by the amount of debtors (see Note 16) net of provisions for impairment recognized at the statement of financial position date. Additionally, the Group is exposed to risk through cash deposits in the banks. As at 31 December 2011 the Group had business transactions with thirteen banks (2010: eight banks). The Group held cash and deposits in five banks almost exclusively. For those five domestic banks with foreign ownership the Group received guarantees for deposits given from parent banks which have a minimum rating of BBB+. The management of this risk is focused on dealing with the most reputable banks in foreign and domestic ownership at the domestic and foreign markets and on contacts with the banks on a daily basis. The credit quality of financial assets that are neither past due nor impaired can be assessed by historical information about counterparty default rates: Consolidated financial statements Trade receivables for rendered telecom services to domestic customers Trade receivables for rendered telecom services to foreign customers Other trade receivables 31 December 2011 HRK millions 775 30 91 896 31 December 2010 HRK millions 794 20 69 883
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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
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53 Code of Conduct T-HT’s Code of
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55 Culture Museum of Contemporary A
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57 Full time employees by education
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59 with direct investments into ext
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61 In 2011, Iskon was the official
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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
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Page 83 and 84: 83 substance of the tax), the Group
Page 85 and 86: 85 Impairment losses relating to go
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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 and 104: 103 The movement in investments in
Page 105 and 106: 105 14 Available-for-sale financial
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
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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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