Annual report 2007 - T-Hrvatski Telekom

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14 Investments in Joint Venture The net book value of investments in associates comprises: 2007 2006 Unaudited Audited HRK millions HRK millions HT d.o.o. Mostar 348 - At 31 December 348 - The associate HT MObilne komunikacije d.o.o. Mostar was merged with another associate Hrvatske telekomunikacije d.o.o. Mostar as of 3 January 2007. By this merger uncertainties resulting from the fact that HT Mostar held the GSM licence and HT MObilne komunikacije provided mobile GSM services were resolved. This merger was accounted for as contribution of a non monetary asset in these financial statements. As a result of the exchange, the gain on disposal of the investment of HT MObilne komunikacije is limited to the amount attributable to the other parties to the joint venture and is recognised in the amount of HRK 47 million in the income statement. After merging, the new ownership share of the Group in the Hrvatske telekomunikacije d.o.o. Mostar amounts to 39.10%. As a result of the exchange and the new shareholders relations the investment in Hrvatske telekomunikacije d.o.o. Mostar was reclassified to joint venture accounted for on the equity method. Also, as a result of the resolution of the above mentioned GSM licence issue and some asset ownership issues in Hrvatske telekomunikacije d.o.o. Mostar, the Group has reassessed the impairment provision and consequently an impairment provision of HRK 188 million was released to the income statement. The recoverable amount is determined as the value in use of the investment, in particular, the Group’s share of the present value of the estimated future cash flows expected to be generated by Hrvatske telekomunikacije d.o.o. Mostar using a discount rate of 7.7%. The Group’s share in Hrvatske telekomunikacije d.o.o. Mostar unaudited results for year ended 31 December 2007 is recognised in the income statement in the amount of HRK 14 million. 2007 2006 Share of the jointly controlled entity balance sheets: HRK millions HRK millions Consolidated financial statements 104 Current assets 286 - Non-current assets 607 - Current liabilities (122) - Non-current liabilities (112) - Net assets 659 - Share of the jointly controlled entity revenue and profits: Revenue 356 - Profit 14 -
15 Available-for-Sale Investments Non-current available-for-sale investments include the following bonds: Issuer Currency Interest rate Maturity 2007 2006 HRK millions HRK millions Government of Croatia HRK 4.75% 8 February 2017 33 - Other equity securities HRK 10 14 43 14 Current available-for-sale investments include the following: 2007 2006 Issuer HRK millions HRK millions Unit holdings in money market funds: ZB Invest d.o.o. 42 97 Erste Invest d.o.o. 26 73 PBZ Invest d.o.o. 25 25 Raiffeisenbank Invest d.o.o. - 69 93 264 Treasury bills: Ministry of Finance of Republic of Croatia - 614 - 614 93 878 Estimated fair value of units in money market funds and bonds as of 31 December 2007 is determined by reference to their market value at the balance sheet date offered on secondary capital market. 16 Inventories 2007 2006 HRK millions HRK millions Merchandise 134 89 Inventories and spare parts 96 86 230 175 Consolidated financial statements 105
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Annual Report 2007 The People Behin
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T-Com Segment Key operational data
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Agenda 4 28 60 68 74 124 Introducti
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Letter to Shareholders Dear Shareho
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In order to ensure full coordinatio
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Corporate Profile At a Glance The T
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Investor Information IPO and Share
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Management Board Introduction 12 Iv
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Introduction positions at HT-Hrvats
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Supervisory Board’s Report Introd
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Act, the National Classification of
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Introduction The Supervisory Board
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Corporate Governance Code Complianc
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owns 41 shares in total and Mr. Jos
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Market Overview Positive macro-econ
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Regulatory Environment The currentl
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Business Review 2007 32 passed a de
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Business Review 2007 strategic goal
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Organization of the Group T-HT Grou
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43,734 MAXtv users enjoying in rich
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on its customers’ satisfaction an
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population of Internet users. Altho
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Number of Unbundled Local Loops 709
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T-Mobile More than 2,3 million cust
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on products and services and increa
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Business Review 2007 in one network
Page 58 and 59: Human Resources The development of
Page 60: Employees and age 31. 12. 2007 HT d
Page 64 and 65: Corporate Social Responsibility T-H
Page 66 and 67: Corporate Social Responsibility is
Page 68: which appropriate containers for co
Page 72 and 73: Financial Review 2007 The Group’s
Page 74 and 75: Financial Review 2007 of HRK 2,410
Page 76: Revenue from Internet Services Reve
Page 79 and 80: Auditors’ Report To the Sharehold
Page 81 and 82: involved; however, due to the fact
Page 83 and 84: Consolidated Income Statement For t
Page 85 and 86: Consolidated Balance Sheet (continu
Page 87 and 88: Consolidated Cash Flow Statement (c
Page 89 and 90: Notes to the Consolidated Financial
Page 91 and 92: for the period then ended. Estimate
Page 93 and 94: g) Impairment of Assets • Financi
Page 95 and 96: ased on their relative fair values.
Page 97 and 98: Business Segments The following tab
Page 99 and 100: 2007 2006 Revenue - by geographical
Page 101 and 102: ) Reconciliation of the Taxation Ch
Page 103 and 104: 10 Intangible Assets (continued) Li
Page 105 and 106: 11 Property, Plant and Equipment (c
Page 107: 13 Investments in Associates The ne
Page 111 and 112: 18 Cash and Cash Equivalents and Ti
Page 113 and 114: 21 Accruals and Deferred Income 200
Page 115 and 116: Future minimum lease payments under
Page 117 and 118: judgement. Both T-HT and the State
Page 119 and 120: 29 Financial Risk Management Object
Page 121 and 122: e) Fair Value Estimation The fair v
Page 123 and 124: ) Concession Agreement for Telecomm
Page 126: Disclaimer This document does not c
Page 129 and 130: GROUP II, IV, 8, 9, 14, 17, 18, 22,
Page 132: HT-Hrvatske telekomunikacije d.d. S
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Annual report 2007 - T-Hrvatski Telekom

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