Annual Report 2011 - T-Hrvatski Telekom

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90 Consolidated financial statements Where the effect of the time value of money is material, the amount of a provision is the present value of the expenditures expected to be required to settle the obligation. When discounting is used, the increase in provision reflecting the passage of time is recognized as interest expense. Provisions for termination benefits are recognized when the Group is demonstrably committed to a termination of employment contracts, that is when the Group has a detailed formal plan for the termination which is without realistic possibility of withdrawal. Provisions for termination benefits are computed based on amounts paid or expected to be paid in redundancy programs. s) Contingencies Contingent liabilities are not recognized in the financial statements. They are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. A contingent asset is not recognized in the financial statements but is disclosed when an inflow of economic benefits is probable. t) Share-based payments The cost of cash-settled transactions is measured initially at fair value at the grant date using a binomial model, further details of which are given in Note 32. This fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The liability is remeasured to fair value at each statement of financial position date up to and including the settlement date with changes in fair value recognized in the statement of comprehensive income. u) Events after reporting period Post-year-end events that provide additional information about the Group’s position at the statement of financial position date (adjusting events) are reflected in the financial statements. Post-yearend events that are not adjusting events are disclosed in the notes when material. v) Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. w) Dividend distribution Dividend distribution to the Group’s shareholders is recognized as a liability in the Group’s financial statements in the period in which the dividends are approved by the Group’s shareholders. x) Earnings per share Earnings per share are calculated by dividing the profit attributable to equity holders of the Group by the weighted average number of ordinary shares in issue during the year excluding ordinary shares purchased by the Group and held as treasury shares. y) Reclassifications In order to reconcile the presentation of comparable period data with data presented in <strong>2011</strong>, following positions in the financial statements for the year ended 31 December 2010 were reclassified: · Statement of financial position: Position Trade and other receivables Trade and other payables Other non-current receivables deferred income tax assets HRK millions (56) (56) (7) 7
91 · Statement of comprehensive income: Position Izvješće Rendering o sveobuhvatnoj of services dobiti Sale of goods Other operating income HRK millions 8 (11) 3 Consolidated financial statements The above reclassifications affecting the statement of financial position are not considered material, and therefore no opening statement of financial position is presented. 3 Segment Information In contrast to previous reporting period, business reporting format is determined to be Residential, Business and Network and Support Function segments as the Group’s risks and rates of return are affected predominantly by differences in the market and customers. The segments are organised and managed separately according to the nature of the customers and markets that the services rendered, with each segment representing a strategic business unit that offers different products and services. The Residential Segment includes marketing, sales and customer services, focused on providing mobile, fixed line telecommunications and TV distribution services to residential customers. The Business Segment includes marketing, sales and customer services, focused on providing mobile and fixed line telecommunications and systems integration services to corporate customers, smalland medium-sized businesses and the public sector. The Business Segment is also responsible for the wholesale business in both fixed and mobile services. The Network and Support Functions performs crosssegment management and support functions, and includes the Technology, Procurement, Accounting, Treasury, Legal and other central functions. The Network and Support Functions is included in segment information as a voluntary disclosure since it does meet the criteria for an operating segment. Management Board as chief operating decision maker monitors the operating results of business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on contribution margin II (as calculated in the table below). The Group’s geographical disclosures are based on the geographical location of its customers. Fully owned subsidiaries Iskon Internet, Combis and KDS are consolidated within the respective operating segments. Management of the Group does not monitor assets and liabilities by segments and therefore this information has not been disclosed.
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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
Page 26 and 27:
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
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
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: 89 provided that there are no unful
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
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
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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