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Consolidated Annual Business Report for 2014 CONSOLIDATED ANNUAL BUSINESS REPORT TELEKOM SRBIJA А.D

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Consolidated Annual Business Report for 2014 CONSOLIDATED ANNUAL BUSINESS REPORT TELEKOM SRBIJA А.D Consolidated Annual Business Report for 2014 CONSOLIDATED ANNUAL BUSINESS REPORT TELEKOM SRBIJA А.D. FOR 2014 TABLE OF CONTENT 01 Summary report Telecommunications Company Telekom Srbija a.d. and related legal entities ...................... 7. Introductory note by the Director General ...........................................................................10. 02 Development and business environment Background ..........................................................................................................................13. Market ..................................................................................................................................16. 03 Corporate management Corporate bodies and Corporate management system ...................................................... 31. 04 Business operations Strategy ................................................................................................................................ 37. Services ...............................................................................................................................39. Investments .......................................................................................................................... 47. Customers ............................................................................................................................53. Employees ............................................................................................................................ 61. Report on Corporate and Social Responsibility ...................................................................69. Risk management ................................................................................................................76. 05 Financial results Consolidated report .............................................................................................................78. Financial statements of the Parent Company and related legal entities ..............................80. Consolidated Annual Business Report for 2014 The Company has a mobile telephony licence TELECOMMUNICATIONS (GSM/GSM1800 and UMTS/IMT-2000). In 2007, the COMPANY ’’TELEKOM Company renewed the fixed telephony licence. Since 2009, the Company has been in possession of a fixed SRBIJA’’ a.d., BEOGRAD wireless access licence (CDMA). AND RELATED LEGAL Beside the above mentioned Licences, the Company has been entered into the Register of Operators ENTITIES maintained by the Regulatory Agency for Electronic 01 Communications and Postal Services (Ratel) and for the services of access to the broadband network, TELECOMMUNICATIONS Internet services, services of distribution of media COMPANY ’’TELEKOM SRBIJA’’ a.d., content and the like. BEOGRAD In keeping with the Law on Electronic Communications Summary (Official Gazette of RS no. 44, of 30 June 2010, No. 60 of 10 July 2013 – Decision of the Constitutional Court On 23 May 1997, the Public Enterprise of PTT Traffic and No. 62 of 13 June 2014), and within the activities on ’’Srbija“, Beograd (PE PTT or PE of PTT Traffic ’’Srbija“) encouraging competition in the telecommunications established the Telecommunications Company market of the Republic of Serbia, applying the ‘’Telekom Srbija“ a.d., Beograd (hereinafter: Telekom instruments of market regulation, on 7 July 2011, Ratel report Srbija or the Company or the Parent Company) when passed the Decision on designating the markets that it assigned to the Company all telecommunications are subject to prior regulation, whereunder it defined assets, including real estate and some other assets nine markets subject to prior regulation (PRM). Based and liabilities. The Company was registered on on the analyses of these PRM, Ratel rendered some 29 May 1997 as a joint stock company, incorporated resolutions in late 2011 whereunder the Company was for an indefinite period of time. declared as an operator with significant market power (SPM) in 8, out of 9 PRM, as follows: I –retail market In accordance with the Law on Business Companies for access to the public telephone network on a fixed (Official Gazette of RS, no. 36 of 27 May 2011 and location, II – wholesale market for call origination in no. 99 of 27 December 2011), the Company’s General the public telephone network on a fixed location, III – Meeting adopted the Articles of Association in 2012, wholesale market for call termination in the public fixed defining the following management bodies in the network, IV – wholesale market for (physical) access to Company: the General Meeting, the Supervisory the network elements and the accompanying facilities Board and the Executive Board. (including the shared and full unbundled access The Company’s core activity is the provision of to local loop, V – wholesale market for broadband telecommunications services, the most important access, VI – wholesale market for leased lines, being the services of local and international telephone VII – wholesale market for call termination in mobile traffic, fixed telephone services, traffic transit, data network and VIII – retail market of the publicly available transfer, lease of lines, services in the entire network telephone service from a fixed location. For each of area, add-on services in the field of mobile telephony, the above TPM, Telekom Srbija assumed the relevant fixed services, the Internet and multimedia services. regulatory obligations: publishing relevant data in the The Company’s predominant activity, according form of a standard offer, non-discriminatory actions, to the applicable activity classification, is the cable enabling access and using the network elements and telecommunications activity. associated facilities, price control, application of cost- based accounting, prohibition on Telekom Srbija is a The Company also provides services in the area of joint stock company whose registered, authorised, lease, construction, management and protection of issued and paid-in capital consists of 1,000,000,000 telecommunications infrastructure, it issues telephone ordinary shares. directories, provides operator-assisted call services and e-directory services in the field of fixed telephone As at 31 December 2014, Telekom Srbija had a share services. in capital in the following related legal entities: 7 Summary report Consolidated Annual Business Report for 2014 • „Telekomunikacije Republike Srpske“ a.d. Banja Banja Luka, Bosnia & Herzegovina. The company’s Facilities, Property and Other Services “Telus“ a.d. is engaged in production and broadcasting of TV Luka (Bosnia & Herzegovina), i.e. „Mtel“ a.d. full name is Telekomunikacije Republike Srpske (hereafter: Telus), is engaged in the provision of the channel Arena Sport and production of sports Banja Luka (Bosnia & Herzegovina) (65% share akcionarsko društvo Banja Luka, and two additional following services: events in the region. capital); short commercial names are also used: Mtel a.d. Banja Luka and Telekom Srpske a.d. Banja Luka. • security of facilities and property (FTO- • Društvo za telekomunikacije „mtel“ DOO, physical and technical security, PPZ- fire DUNAV BANKA a.d. BEOGRAD (Serbia) Podgorica (Montenegro) (51% capital); Mtel’s core activity is the provision of telecommunications protection and money escort services), services, the most important being the services of national Dunav banka a.d. Beograd (hereafter: Dunav banka) • Privredno društvo za održavanje i and international telephone traffic. Besides, Mtel offers • maintenance of hygiene in business premises is engaged in banking operations– other monetary obezbeđivanje objekata, imovine i druge usluge a wide portfolio of other telecommunications services, and buildings, and mediation. „Telus“ akcionarsko društvo, Beograd (Serbia) including other fixed and mobile telephony services, data • hiring staff to perform auxiliary and physical (Business Company for Providing Maintenance transfer, lease of lines, private lines, services in the entire Having finished the procedure for simultaneous and Security of Facilities, Property and Other jobs. network area, add-on services in mobile telephony, the decrease and increase in the share capital of Dunav Services “Telus“ a.d.) (100% share capital); Internet and multimedia services. Mtel also provides In 2013, the planned implementation of the quality banka, as required by the Shareholders’ Meeting of • Društvo za telekomunikacije “FiberNet“ DOO, services in the field of lease, construction, management standard: ISO 14001 – Environmental Management said bank, based on the Subscription Agreement Podgorica (Montenegro) (100% capital); and protection of telecommunications infrastructure. Systems was carried out. concluded in December 2014 with Dunav Osiguranje and Dunav RE, and after the payment of funds for the • TS:NET B.V., Amsterdam, the Netherlands increase in capital, the Company acquired 55.79% of (100% capital); DRUŠTVO ZA TELEKOMUNIKACIJE „mtel“ DOO., DRUŠTVO ZA TELEKOMUNIKACIJE ownership shares in Dunav banka. Podgorica (Montenegro) „FiberNet“ DOO, PODGORICA (Montenegro) • Društvo za telekomunikacije “HD-WIN“ d.o.o., In that way, the necessary preconditions were created Beograd (Serbia) (51% capital). In 2007, in a consortium with Ogalar B.V., Amsterdam, The core activity of Telecommunications Company for commencing the provision of mobile banking Telekom Srbija a.d. was granted a special licence services to the users of the telecommunications • Dunav banka a.d. Beograd (Serbia) (55,79% “FiberNet“ DOO (hereafter: FiberNet) is the for
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