Annual Report 2011 - T-Hrvatski Telekom

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and a consequence of the introduction of Wholesale
Line Rental (WLR). The Group has nevertheless
maintained its competitive edge through the provision
of compelling tariffs and top quality services.
In 2011, T-HT Group became one of the first
operators in Europe to deliver cloud services ranging
from Software as a Service products, including tCloud
Store, tCloud Computing to business application
solutions, such as tCloud Human Resources and
tCloud Finance and Accounting. These products
emphasized our focus on providing cutting edge
ICT services as a supplement to the traditional telco
services portfolio.
Capital expenditure in 2011 decreased 23.9% to
HRK 877 million. Although the Group made no
significant investment in the fiber infrastructure,
owing to regulatory measures that deter such activity,
we continued further development of the network
infrastructure by increasing broadband access
capacity and setting up a common, fixed and mobile,
transport and core network.
The financial crisis also had a negative impact on
trends in Croatian capital markets. Croatia’s CROBEX
index fell 17.56%, while T-HT share were 16.18%
lower than the previous year. In 2011, T-HT shares
were again the most traded stock on the Zagreb
Stock Exchange. In light of the Group’s performance
and its cash reserves, the Management Board and the
Supervisory Board proposed to the General Assembly
of Hrvatski Telekom d.d. a dividend of HRK 22.14 per
share.
of social responsibility are carefully planned and are
based on three substantive backbones - excellent
communication and networking opportunities in
the private life and work, integration into the society
of information and knowledge, and environmental
protection and responsible use of resources and
reduce greenhouse gas emissions.
The year ahead will be yet another tough and
challenging year for the Croatian economy, including
the telecommunications sector. In the coming period,
Hrvatski Telekom will retain its focus on developing
new services tailored to customers’ needs as
well as on developing and improving the network
infrastructure. The enhanced operating efficiency will
remain central to our efforts to maintain our leading
market position with top quality services and high
levels of customer satisfaction.
Finally, I would like to thank all our shareholders
for the trust they place in us. I also extend my
gratitude for their dedicated work and support to all
employees of the Group and to my colleagues on the
Management Board.
Ivica Mudrinić
President of the
Management Board
Introduction
By being aware that the good reputation is dependent
on far more than just business results, T-HT Group
pays particular attention to the social responsibility.
Commitment to the idea of sustainability in all
aspects of our business is constantly in focus.
Our goal is a sustainable business in all phases of
business processes. Numerous activities in the area