Annual Report 2011 - T-Hrvatski Telekom

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2 Financial Highlights Financial Highlights T-HT GROUP in HRK million Revenue EBITDA before exceptional items Exceptional items EBITDA after exceptional items EBIT (Operating profit) Net profit after minority interest Jan-Dec 2011 8,067 3,782 162 3,619 2,205 1,811 Jan-Dec 2010 8,372 3,694 32 3,662 2,246 1,831 % of change A11/10 -3.6% 2.4% 412.0% -1.2% -1.8% -1.1% EBITDA margin before exceptional items EBITDA margin after exceptional items EBIT margin Net profit margin 46.9% 44.9% 27.3% 22.4% 44.1% 43.7% 26.8% 21.9% 2.8 p.p. 1.1 p.p. 0.5 p.p. 0.6 p.p. Balanca Sheet At 31 Dec 2011 At 31 Dec 2010 % of change A11/10 Total non current assets Total current assets TOTAL ASSETS Total issued capital and reserves Total non current liabilities Total current liabilities TOTAL EQUITY AND LIABILITIES 7,461 5,675 13,136 11,019 473 1,645 13,136 8,008 5,521 13,529 11,054 469 2,006 13,529 -6.8% 2.8% -2.9% -0.3% 0.7% -18.0% -2.9% Cash flow Jan-Dec 2011 Jan-Dec 2010 % of change A11/10 Net cash flow from operating activities Net cash flow from investing activities Net cash flow from financing activities Net increase/decrease in cash and cash equiv. Cash and cash equivalents at the end of period 2,988 -696 -1,874 422 3,704 3,266 -1,389 -2,792 -912 3,282 -8.5% 49.8% 32.9% 146.2% 12.9% CAPEX CAPEX / Revenue ratio 877 10.9% 1,153 13.8% -23.9% -2.9 p.p. At 31 Dec 2011 At 31 Dec 2010 % of change A11/10 ROE ROCE 16.4% 19.2% 15.9% 19.5% 0.5 p.p. -0.3 p.p. Number of employees (FTEs) 6,032 6,322 -4.6%
3 Operating Statistics Key operational data Mobile subscribers in 000 Jan-Dec 2011 Jan-Dec 2010 % of change A11/10 Operating Statistics Number of subscribers 2,418 2,437 -0.8% - Residential - Business 1,964 454 2,003 435 -1.9% 4.4% Number of postpaid subscribers 3) 1,035 1,003 3.2% - Residential - Business 581 454 568 435 2.3% 4.4% Number of prepaid subscribers 1,383 1,434 -3.6% Minutes of use (MOU) per average subscriber 134 136 -1.2% - Residential - Business 100 285 100 300 0.7% -5.0% Blended ARPU (monthly average for the year in HRK) 2) 94 104 -10.0% - Residential - Business 74 184 83 202 -11.0% -8.9% Blended non-voice ARPU (monthly average for the year in HRK) 2) 23 25 -7.3% SAC per gross add in HRK 122 160 -23.7% Churn rate (%) 2.7 2.5 0.2 p.p. Penetration (%) 1) 119.9 117.8 2.1 p.p. Market share of subscribers (%) 1) 47.0 46.7 0.3 p.p. 1) Source: published VIPnet's quarterly report for 3Q 2011 and Tele2's quarterly report for 4Q 2010 and 2011. Number of subscribers for VIPnet for 4Q 2011 is internally estimated. 2) Due to T-Mobile and T-Com merge and within the new segmental reporting explained above, as of Q1 2011 calculation of ARPU was changed to show consolidated mobile revenues rather than unconsolidated mobile revenues. 3) In September 2011 definition of prepaid subscribers has been changed in order to be aligned with HAKOM definition. According to new definition, only SIM's with traffic or voucher recharge in the last 90 days should be considered as the subscribers. Previous year has been restated with all related KPIs to be aligned with new definition.
Page 1: Annual Report 2011
Page 5: Content 5 2 3 7 8 10 12 16 21 22 28
Page 8 and 9: 8 Letter To Shareholders Introducti
Page 10 and 11: 10 Corporate Profile Introduction A
Page 12 and 13: 12 Investor Information Economic en
Page 14 and 15: 14 Dividend proposal for the 2011 f
Page 16 and 17: 16 Management Board Introduction Br
Page 18 and 19: 18 Introduction Branka Skaramuča M
Page 20 and 21: 20 Introduction As a result of the
Page 22 and 23: 22 Supervisory's Board Report Intro
Page 24 and 25: 24 Introduction • Cash management
Page 26 and 27: 26 Summary of the work performed Re
Page 28 and 29: 28 Corporate Governance Code Compli
Page 30 and 31: 30 Introduction Currently the Manag
Page 33 and 34: II. Business review 2011 Croatian T
Page 35 and 36: 35 first 10 months of 2011 against
Page 37 and 38: Regulatory Environment 37 Croatian
Page 39 and 40: Group's Strategy 39 T-HT Group Miss
Page 41 and 42: Organization of the Group 41 T-HT G
Page 43 and 44: 43 Blended ARPU decreased by 11.0%
Page 45 and 46: 45 additional products: naked bitst
Page 47 and 48: 47 Transport Layer DWDM (Dense Wave
Page 49 and 50: 49 Data and IT Security The protect
Page 51 and 52: 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
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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
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87 k) Leases Leases in which a sign
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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
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95 7 Other expenses Maintenance ser
Page 97 and 98:
97 The deferred tax asset of the Gr
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99 The intangible assets of the Gro
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101 Included within assets under co
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103 The movement in investments in
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105 14 Available-for-sale financial
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107 At 1 January Charge for the yea
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109 At 1 January Service costs reco
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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
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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
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123 the achievement of two share va
Page 125 and 126:
125
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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