Annual Report 2011 - T-Hrvatski Telekom

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118 Consolidated financial statements b) Liquidity risk The Group policy is to maintain sufficient cash and cash equivalents or to have available funding through an adequate amount of committed credit facilities to meet its commitments for the foreseeable future. Any excess cash is invested mostly in available-forsale financial assets. Trade and other payables Due in Due in Due in Due in Due in Total all amounts in HRK millions 0-30 days 31-60 days 61-90 days 91-120 days >120 days Year ended 31 December 2011 1,226 73 13 5 30 1,347 Year ended 31 December 2010 1,392 26 24 5 26 1,473 Other long-term liabilities all amounts in HRK millions 1 to 3 years 3 to 5 years > 5 years Total Year ended 31 December 2011 5 7 20 32 Year ended 31 December 2010 18 6 19 43 c) Interest rate risk The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s available-for-sale financial assets, cash, cash equivalents and time deposits. The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant, of the Group’s profit post tax (through the impact on floating rate investments).
119 Year ended 31 December 2011 Croatian Kuna Euro Increase/decrease in basis points +100 -100 +100 -100 Effect on profit post tax HRK millions 6 (6) 10 (10) Consolidated financial statements Year ended 31 December 2010 Croatian Kuna Euro +100 -100 +100 -100 6 (6) 6 (6) d) Foreign currency risk The Group’s functional currency is the Croatian Kuna (HRK). Certain assets and liabilities are denominated in foreign currencies which are translated at the valid middle exchange rate of the Croatian National Bank at each statement of financial position date. The resulting differences are charged or credited to the statement of comprehensive income but do not affect short-term cash flows. A significant amount of deposits in the banks, available for sale financial assets and cash equivalents are made in foreign currency, primarily in Euro. The purpose of these deposits is to hedge foreign currency denominated liabilities and liabilities indexed to foreign currencies from changes in the exchange rate. The following table demonstrates the sensitivity to a reasonably possible change in the Euro exchange rate, with all other variables held constant, of the Group’s profit post tax due to changes in the fair value of monetary assets and liabilities. Year ended 31 December 2011 Year ended 31 December 2010 Increase/decrease in Euro rate +3% -3% +3% -3% Effect on profit post tax HRK millions 28 (28) 19 (19) e) Fair value estimation The fair value of securities included in availablefor-sale financial assets is estimated by reference to their quoted market price at the statement of financial position date. The Group’s principal financial instruments not carried at fair value are trade receivables, other receivables, long-term receivables, trade and other payables. The historical cost carrying amounts of receivables and payables, including provisions, which are all subject to normal trade credit terms, approximate their fair values. f) Capital management The primary objective of the Group’s capital management is to ensure that it supports its business and maximise shareholder value. The capital
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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
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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
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
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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
Page 115 and 116: 115 The main transactions with rela
Page 117: 117 29 Financial risk management ob
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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