TCK Godisnji Izvjestaj 2015 Web

2015
Godinji izvjetaj
Annual Report
Finansijski podaci Tvornice cementa Kakanj i zavisnih drutava
2013.
2014.
2015.
476
47
277
419
48
159
426
70
170
Pozicije rauna dobiti i gubitka Grupe

Prihod od prodaje
Dobit prije finansijskog reyultata EBIT
Finansijski prihodi i rashodi
Neto dobit
Zarada po dionici
94.357
16.244
929
16.927
1,79
77.623
10.113
976
11.000
1,16
82.907
14.002
665
14.504
1,53
Pozicije rauna dobiti i gubitka Drutva

Prihod od prodaje
Dobit prije finansijskog reyultata EBIT
Finansijski prihodi i rashodi
Neto dobit
Zarada po dionici
71.867
17.566
714
18.186
1,92
61.223
10.548
792
11.266
1,19
62.090
13.458
439
13.751
1,45
3.899
3.307
5.606
5.418
5.166
4.866
Pozicije bilansa Grupe

Ukupna aktiva
Kapital i rezerve
177.708
164.831
159.290
149.387
161.809
147.632
Pozicije bilansa Drutva

Ukupna aktiva
Kapital i rezerve
172.230
164.181
154.973
147.586
156.466
145.054
U 000 KM
Volumen prodaje
Cement (u hiljadama tona)
Cement roba (u hiljadama tona)
Beton (u hiljadama metara kubnih)
Investicije
Investicije - Grupa
Investicije - Drutvo
Finansijska ulaganja - Grupa
Finansijska ulaganja - Drutvo
Financial Data for Tvornica cementa Kakanj and Related Companies
2013
2014
2015
476
47
277
419
48
159
426
70
170
Profit and loss accounts of the Group

Gross sales
Earnings before interest and taxes EBIT
Financial revenues and charges
Net Income
Earnings per share
48,244
8,306
475
8,655
0.91
39,688
5,171
499
5,624
0.59
42,390
7,159
340
7,416
0.78
Profit and loss accounts of the Company

Gross sales
Earnings before interest and taxes EBIT
Financial revenues and charges
Net Income
Earnings per share
36,745
8,981
365
9,298
0.98
31,303
5,393
405
5,760
0.61
31,746
6,881
224
7,031
0.74
1,994
1,691
0
2,866
2,770
0
2,641
2,488
0
Balance sheet of the Group

Total assets
Equity and reserves
90,861
84,277
81,444
76,380
82,732
75,483
Balance sheet of the Company

Total assets
Equity and reserves
88,060
83,944
79,236
75,459
80,000
74,165
In 000 EUR
Sales volume
Cement (in thousand tons)
Cement trading goods (in thousand tons)
Concrete (in thousand cubic meters)
Investments
Investments of the Group
Investments of the Company
Financial investments of the Group
Financial investments of the Company
Sadraj
Poglavlje
Chapter
Contents
Strana
Page
1 Za dioniare
Obraanje direktora
Izvjetaj Nadzornog odbora
Izvjetaj Odbora za reviziju
Uprava Drutva
Nadzorni odbor
Dionice
2 Korporativno upravljanje
Oblik organizacije
i organi upravljanja Drutva
Oblik organizacije
i organi upravljanja povezanih
pravnih subjekata
Korporativne komunikacije
3 Izvjetaj Uprave
To our shareholders
6
12
18
22
24
26
Letter from the Director

Report of the Supervsory Board
Report of the Audit Committee
Management Board
Supervisory Board
Shares
36
Corporate Governance
40
Organization and Managing Bodies

of the Company
42
44
48
Djelatnost i organizacijska struktura
Organization and Managing Bodies

of the Related Companies
Corporate Communications
Report of the
Managment Board
104
Core Activities and

Organizational Structure
2015 Business Trends
Risk Management
Research and Development
Social Responsibility and
Sustainable Development
130
Prospects
4 Izvjetaj nezavisnog
144
Report of the
Independent Auditor
5 Dodatne informacije
257
Additional Information
Poslovni trend u 2015.

Upravljanje rizicima
Istraivanje i razvoj
Drutveno odgovorno poslovanje i
odrivi razvoj
Razvojni planovi i predvianja
50
54
100
104
revizora
Za dioniare
To our shareholders
6

12

Report of the Supervsory Board
18
Izvjetaj Odbora za reviziju

22
Uprava Drutva
Management Board
24
Nadzorni odbor
Supervisory Board
Obraanje direktora
26 Dionice
Shares
Gradimo
na odrivim
temeljima
Building
on sustainable
foundations
Obraanje direktora
Dame i gospodo, potovani dioniari!

ast mi je da vam u ime Uprave i svih radnika Tvornice cementa Kakanj mogu rei da smo, bez obzira
na veoma izazovno poslovno okruenje, zajednikim zalaganjem, unapreenjem poslovnih procesa i
prilagoavanjem promjenljivim trinim uvjetima uspjeli ostvariti veoma dobar poslovni rezultat u 2015. i svim
dioniarima dati razlog za zadovoljstvo.
Posebno smo ponosni to se na poslovni model pokazuje stabilnim u tekom ekonomskim uvjetima, to potvruju
kontinuirani pozitivni rezultati i nova ulaganja. Usprkos svim preprekama koje pred nas postavlja izazovno ekonomsko
okruenje, Tvornica cementa Kakanj s povezanim kompanijama uspijeva generirati rast, kako u Bosni i Hercegovini,
tako i u Hrvatskoj.
Iako je zabiljeena stagnacija provedbe velikih infrastrukturnih projekata, to je u kombinaciji s nestabilnim politikim
uvjetima uzrokovalo zastoj aktivnosti u graevinskom sektoru, tokom 2015. godine, Tvornica cementa Kakanj
proizvela je i prodala 425.000 tona cementa to je za 1,4 procenta bolje u odnosu na prethodnu godinu. U Hrvatskoj
je zabiljeen blagi oporavak graevinskog sektora, to je dodatno uticalo na poveanje prodaje naih proizvoda u toj
zemlji. TBG Beton ostvario je veoma dobre pozicije u trinoj utakmici te je u 2015. zabiljeio veoma znaajan rast
od 61,4 procenta. Zahvaljujui svim pozitivnim poslovnim poduhvatima koje smo realizirali, finansijski rezultat nae
kompanije u 2015. vei je za oko 22% nego u prethodnoj godini
Kvalitet proizvoda, izvrsnost isporuke i kontinuirano ulaganje u odnose s kupcima omoguili su nam da zadrimo
lidersku poziciju na tritu Bosne i Hercegovine. Kvalitet naih proizvoda zvanino su potvrdili nai kupci kroz
istraivanje koje je provela meunarodna organizacija iz vicarske ICERITAS. Tvornici cementa Kakanj i TBG BH
dodijeljene su Best Buy Award nagrade za najbolji omjer cijene i kvalitete cementa i betona u Bosni i Hercegovini za
godinu 2015./2016.
Intenziviranje odnosa s kupcima bio je jedan od prioriteta tokom 2015. godine. Kako bismo dobili to bolju sliku
miljenja naih kupaca o naim proizvodima i uslugama, zapoeli smo implementaciju posebnog programa pod
nazivom Customer Excellence, putem kojega prepoznajemo sve potrebe naih kupaca i radimo na njihovoj realizaciji.
Program se paralelno provodi u obje poslovne linije, a prvi koraci u implementaciji pokazuju nam da je saradnja s
naim partnerima na zavidnom nivou.
Kako bismo odrali visok nivo kvalitete i lidersku poziciju na tritu, nastavljamo s investiranjem koje je strateki
faktor naeg dugoronog poslovnog planiranja, a modernizacija Tvornice ostaje na prioritet. Najvea ulaganja i ovaj
put usmjerena su u projekte usko vezane za zatitu okolia. Ugradnjom novih vreastih filtera na mlinove cementa
nastavljamo s naim naporima da na minimum svedemo sve vrste emisija iz svih naih postrojenja. Uradili smo i
sve pripreme neophodne za projektovanje buduih postrojenja za upotrebu alternativnih goriva koja, s obzirom na
neophodnost smanjenja emisija CO2, imaju sve vei znaaj u naprednom svijetu.
Tvornica cementa Kakanj | Godinji izvjetaj 2015.
Ladies and gentleman, dear shareholders,

I am greatly honoured to inform you on behalf of the Management Board and all of the employees of
Tvornica cementa Kakanj that, in spite of a very challenging business environment, through our joint
efforts, improvement of business processes and adaptation to changing market conditions, we managed
to achieve very good business results in 2015 and provide all shareholders with a reason to be pleased.
We are very proud that our business model has proven to be very stable in hard economic circumstances, resulting
in continual positive results and new investments. Despite all obstacles arising from the challenging economic
environment, Tvonica cementa Kakanj and its subsidiaries have managed to generate growth in Bosnia and
Herzegovina as well as in Croatia.
Although stagnation recorded in the implementation of large infrastructure projects, combined with unstable
political conditions, caused stoppage in the construction sector in 2015, Tvornica cementa Kakanj produced
and sold 425 thousand tons of cement, which is 1.4 percent higher than in the previous year. A slight recovery of
the construction sector was recorded in Croatia, which additionally boosted our sales in the country. TBG Beton
achieved very good positions in the market during 2015, recording a very significant growth of 61.4 percent. As
a result of all our positive business undertakings, the financial result of our company in 2015 is 22 percent higher
than in the previous year.
Product quality, excellence of delivery and continued investments into relations with customers enabled us to
maintain the leading position in the market of Bosnia and Herzegovina. The quality of our products has officially
been confirmed by our buyers through research made by ICERITAS, an international organization from Switzerland.
Tvornica cementa Kakanj and TBG BH received the Best Buy Award for the best ration between price and quality
of cement and concrete in Bosnia and Herzegovina for 2015/2016.
Strengthening relationships with our customers was one of our priorities in 2015. Aiming to gain the best possible
picture of our customers opinions about our products and services, we launched the implementation of a special
program, Customer Excellence, which we use to recognize all the needs of our customers and then work on their
realization. The program has been implemented in both business lines at the same time, and the first implementation
steps show us that the cooperation with our customers is on the very high level.
Our goal is to maintain a high level of quality and the leading position in the market. Therefore, we continue with
our investment program that represents a strategic factor of our long-term business planning. Our priority is factory
modernization. The highest investments have been directed into projects closely related to environmental protection.
Installation of new bag filters into cement mills increases our efforts to minimize all types of emissions from all our
plants. We have also conducted all preparatory activities necessary for designing future plants for utilization of
alternative fuels, which, bearing in mind the necessity to reduce CO2 emissions, are increasingly gaining significance
in developed countries.
Tvornica cementa Kakanj | Annual Report 2015
Pored toga, znaajna sredstva smo uloili i u projekt nove administrativne zgrade, automatizaciju mlinova
cementa, modernizaciju pogona pakovanja te irenje nae mree betonara u BiH, koja je sada bogatija za dvije
betonare u Sarajevu i Zenici.
Koliko god je kriza teka za poslovanje, to je takoer izvrsna ansa da se snage pregrupiraju
i osvoje nova trita. Uvjereni da e se dugorono gledano ekonomske i trine okolnosti
poboljati, HeidelbergCement i Schwenk su tokom 2015. od Cemexa kupili tvornice i
pogone za proizvodnju cementa, betona i agregata u Hrvatskoj, Bosni i Hercegovini, Srbiji,
Crnoj Gori i Maarskoj. Ova akvizicija e po odobrenju regulatora za trino natjecanje
zasigurno u narednom periodu uvrstiti poziciju i prisustvo HeidelbergCement Group u
zemljama regije.
Odrivi razvoj glavna je smjernica svih naih poslovnih poduhvata, a zatita okolia integralni dio
svakog naeg proizvodnog i poslovnog procesa. Nai projekti usmjereni su ne samo na smanjenje
naeg uticaja na okoli nego takoer na to vei doprinos globalnim naporima na uspostavi
odrivog razvoja. Proizvodni proces u kojem se koriste obnovljivi izvori energije i zamjenske sirovine
iz nusproizvoda drugih industrija igraju sve veu ulogu u naim naporima da doprinesemo zatiti
prirode.
U fokusu naih aktivnosti na uspostavi odrivog razvoja visoko mjesto zauzima zatita biodiverziteta. Kroz
poseban konkurs pod imenom Quarry Life Award nastojimo ukljuiti sve lokalne i regionalne zaljubljenike
biodiverziteta i prirode da promoviraju svoje ideje za to bolje ouvanje jedinstvenog biodiverziteta kamenoloma.
Izvrstan sveukupni uinak koji uspijevamo ostvariti zasniva se na jasnoj strategiji i jakom timu zaposlenika koji
imaju kulturu pobjednika i ija je strunost ugraena u svaki na poslovni poduhvat. Briga za nae zaposlenike
stoga ostaje jedan od najveih prioriteta kompanije. U 2015. godini nastavili smo s intenzivnim obukama
stvarajui kadar koji je tehnoloki multidisciplinarno osposobljen. Zatitu na radu stalno unapreujemo
posebno kroz podizanje svjesnosti o vanosti preventivnog djelovanja, o emu govori i 3.800 sati obuke koju
su proli i nai i radnici kompanija koje nam pruaju usluge.
Kao korporativni graanin mi smo dio nae lokalne zajednice, te zajedno s njenim liderima kroz otvoreni dijalog
ostvarujemo odlinu saradnju na projektima od opeg znaaja. Dugogodinji doprinos Tvornice cementa
Kakanj lokalnoj zajednici ogleda se u finansiranju brojnih edukativnih, sportskih, zdravstvenih i socijalnih
aktivnosti, projekata, organizacija i institucija. Poseban segment saradnje s lokalnom zajednicom svakako je
tradicionalna manifestacija Dan otvorenih vrata kada vie hiljada naih sugraana doe da se drui s naim
osobljem i uiva u aktivnostima posebno pripremljenim za ovaj dan.
Tvornica cementa Kakanj pod okriljem HeidelbergCementa nastavlja nizati uspjehe u svakom segmentu
svoga djelovanja, to prepoznaju mnogobrojne organizacije i institucije koje nam dodjeljuju priznanja i
nagrade. Meutim, najdrae priznanje nam svakako dolazi iz lokalne zajednice, iz grada Kaknja. Opinsko
vijee prepoznalo je sveukupno zalaganje Tvornice cementa da Kakanj uini boljim mjestom ivljenja. Stoga
je u aprilu, na sveanoj sjednici Vijea, Tvornici cementa Kakanj dodijeljeno najvee kakanjsko priznanje
Grb Opine Kakanj za unapreenje ovjekove okoline, poboljanje kvalitete ivota graana opine Kakanj i
znaajan doprinos u pomoi stanovnitvu zahvaenom majskim poplavama 2014. godine.
Additionally, we have invested significant funds into our new administration building, automation of cement mills,
modernization of packaging, as well as into expansion of our RMC plants network in BiH, which is now richer by two
RMC plants in Sarajevo and Zenica.
While crisis might be difficult for business, it can also represent an extraordinary chance to regroup forces
and conquer new markets. Convinced that economic and market circumstances will improve in the long-term
perspective, in 2015 HeidelbergCement and Schwenk acquired from Cemex its cement, RMC and aggregate
plants in Croatia, Bosnia and Herzegovina, Serbia, Montenegro and Hungary. This acquisition will certainly
have an important impact on the cement market not only in BiH but also throughout the region, in terms of
strengthening the position of HeidelbergCement Group, increasing its presence and establishing it as one of
the largest construction materials producers in the region.
Sustainable development is the main guideline in all of our business undertakings, and environmental protection
comprises an integral part of each of our production and business processes. Our projects are aimed at
not only reducing our impact on the environment but also on providing the highest possible contribution to
global efforts intended to establish sustainable development. A production process in which renewable energy
sources are used as well as alternative raw materials stemmed from waste produced by other industries has
been playing an ever more important role in our efforts to contribute to environmental protection.
The focus of our activities to establish sustainable development has also been on biodiversity protection.
Through a special competition called the Quarry Life Award we are striving to involve all local and regional
lovers of biodiversity and nature to promote their ideas for better protection of the unique life in quarries.
The excellent overall performance we have managed to achieve is founded on a clear strategy and a strong team
of employees who maintain a winning culture and whose expertise has been embedded into each of our business
undertakings. Care for our employees therefore remains one of the biggest priorities of the company. We continued
with intensive trainings in 2015, creating multidisciplinary trained staff in the technological sense. Health and safety
have been continuously improved, especially in terms of raising awareness on the importance of prevention. In this
sense, our employees as well as employees of our contractors have attended 3,800 hours of training.
As a corporate citizen we are part of our local community, and through an open dialogue with its leaders
we notably cooperate on projects which affect general well-being. The long-term contribution of Tvornica
cementa Kakanj to the local community has been reflected through financing numerous educational, sporting,
health and social activities, projects, and organizations and institutions. A special segment of our cooperation
with the local community is certainly the traditional Open Door event, when thousands of our fellow citizens
visit our plant and staff, enjoying activities specially prepared for this event.
Tvornica cementa Kakanj, under the umbrella of HeidelbergCement, continues to succeed in all segments of
its operations, success that has been recognized by many organizations and institutions that have awarded
us official recognitions. However, the most valued recognition came from the local community, from Kakanj
town. The Municipal Council recognized the overall efforts of Tvornica cementa to make Kakanj a place of
good living. Therefore, on its special session in April, the Council awarded Tvornica cementa Kakanj with the
highest Kakanj award the Coat of Arms of Kakanj Municipality for improving the environment, the quality of
life of Kakanj residents and for significantly contributing to citizens affected by the floods in May 2014.
U 2016. godini fokusirat emo se na dovretak ranije zapoetih investicijskih projekta, to ukljuuje mlinove
cementa, poslovnu zgradu te nastavak modernizacije laboratorija. Pored toga, intenzivno emo raditi na
projektu uvoenja alternativnih goriva u proces proizvodnje, to je ve postala prijeka potreba kako bi se
smanjile ukupne emisije CO2, reducirala koliina otpada te sauvali nepovratni resursi. U ovoj godini planirano
je dodatno istraivanje u saradnji s lokalnim institucijama te eventualno investiranje u opremu za prijem,
skladitenje i doziranje raznih vrsta goriva.
Nastavit emo konstantan rad na poboljanju i unapreenju kvaliteta naih usluga, s fokusom na strategiju
orijentacije ka klijentu i njegovim potrebama. Akvizicijom novih pogona u okruenju jaamo poziciju
HeidelbergCementa u ovom dijelu Evrope; to e nam omoguiti bolju poziciju na tritu, laki plasman proizvod
te efikasnije uee u velikim projektima. Pred nama stoji veliki izazov integracije naih novih lanica u Bosni i
Hercegovini i Hrvatskoj u veliku familiju, veliki projekat iju emo realizaciju zapoeti im dobijemo odobrenja
svih relevantnih institucija.
Stabilizacija politike situacije, prema predvianjima, trebala bi ubrzati ulaganja u infrastrukturne projekte
na nastavku izgradnje autoputa na Koridoru 5-C. Takoer, u 2016. godini oekuje se nekoliko investicija u
energetski sektor, to bi, ukoliko doe do njihove realizacije, znaajno doprinijelo angairanju kompletnog
graevinskog sektora. Nai planovi su bazirani na tim prognozama te vjerujem da e u 2016. doi do
znaajnog poveanja potronje cementa i betona. Ipak, i u narednom periodu razvoj politike situacije u Bosni
i Hercegovini ostat e odluujui faktor koji e oblikovati okvir poslovanja.
Dominantna kvaliteta naih proizvoda i usluga osnova je za razvoj najboljih poslovnih odnosa. Nai ciljevi u
narednoj godini visoko su postavljeni, ali sam siguran da je uz nae iskusne i strune lidere i svakodnevno
zalaganje svih naih zaposlenika svaki cilj dostian.
Svima vama, naim dioniarima, zahvaljujem na ukazanom povjerenju, a svim zaposlenicima, lanovima
Uprave i Nadzornog odbora na predanom radu. Uz jasne ciljeve i predan rad, siguran sam da je pred nama
jo jedna uspjena poslovna godina.
S potovanjem!
Branimir Muida,
generalni direktor
10
In 2016 we will focus on finalization of investment projects, including cement mills, administration building and
continuation of laboratory modernization. Additionally, we will intensively work on the project of introducing
alternative fuels into production processes, an absolute necessity in terms of reducing overall CO2 emissions
and amounts of waste, as well as saving non-renewable resources. Additional research in coordination with
local institutions has been planned for this year, as well as possible investment into equipment for receiving,
storing and dosing of different types of fuels.
We will continually work on improving and enhancing the quality of our service, focusing on a strategy oriented
towards clients and their needs. Acquisition of new plants in this environment will strengthen HeidelbergCements
position in this part of Europe, giving us a better market position, better product distribution, and more efficient
participation in large-scale projects. We will face the important challenge of integration of our new members in
Bosnia and Herzegovina and Croatia into our big family, a great project that we shall start as soon as we have
the approvals of all relevant institutions.
Stabilisation of the political situation should, according to forecasts, intensify investments into infrastructure
projects related to continuation of the highway on Corridor Vc. In 2016 we can also expect a number of
investments into the energy sector, which would, if they were to be implemented, significantly engage the
complete construction sector. Our plans are based on those forecasts and I believe that consumption of
cement and concrete will substantially increase in 2016. However, the political situation will continue to be the
decisive factor that shapes the business making framework.
The dominant quality of our products and services serves as the basis for developing the best of business
relationships. Our goals in the following year have been set high, but I am certain that with our experienced
and qualified leaders as well as the daily efforts of all our employees all of our goals are attainable.
I thank all of you, our shareholders, for trusting in us, and I thank our employees, members of the Management
Board and members of the Supervisory Board for all of their commitments. With clear goals and dedicated
work I am sure that before us lies another successful business year.
Yours sincerely,
Branimir Muida
General Director
11

Report of the Supervisory Board
Uvod
Nadzorni odbor radi u sljedeem sastavu: Jnos Szarkndi, predsjednik, te lanovi Andreas Kern i
Gerhard Hugo Hirth. Za njihove zamjenike imenovani su Ferenc Sver, Klaus Schwind i Ralf Klaus
Keller. lanovi Nadzornog odbora imenovani su na Godinjoj skuptini odranoj 10. 5. 2012.
godine, u skladu sa Statutom i Zakonom o privrednim drutvima, na period od etiri godine.
Sva prava i obaveze u radu Nadzornog odbora Drutva regulirane su Zakonom o privrednim
drutvima te Statutom Drutva, kojih se Nadzorni odbor u svome radu strogo pridrava.
Nadzorni odbor Drutva, pored nadziranja poslovanja Drutva i rada Uprave, usvaja polugodinje
i godinje izvjetaje o poslovanju, predlae raspodjelu dobiti i pokrie gubitka, imenuje upravu
Drutva te Skuptini podnosi godinji izvjetaj o poslovanju, s izvjetajima o svom radu, radu
revizora i Odbora za reviziju.
Aktivnosti Nadzornog odbora

Openito
Rad i aktivnosti Nadzornog odbora u pravilu su ostvarivani na sjednicama koje su sazivane i odravane
prema odredbama Zakona o privrednim drutvima, Statuta Drutva i Poslovnika o radu, uz odgovarajuu i
pravovremenu pripremu i dostavljanje materijala. Sjednice su odravane u punom sazivu, uz voenje zapisnika
za svaku od njih.
Tokom 2015. godine Nadzorni odbor je odrao etiri sjednice: 11. marta, 19. maja, 27. septembra i 16.
novembra. Na tim je sjednicama razmatrana problematika poslovanja Drutva, usvajani neophodni poslovni
izvjetaji u skladu sa Zakonom i Statutom te donesene brojne druge odluke iz nadlenosti rada Nadzornog
odbora.
Tematika odranih sjednica bila je aktualna i raznovrsna i moe se podijeliti u sljedee tematske oblasti:
redovito poslovanje Drutva,
Skuptina Drutva.
Poslovanje Drutva
U 2015. godini Nadzorni odbor Tvornice cementa Kakanj d.d. Kakanj poduzeo je sve korake i mjere iz svoje
nadlenosti u cilju poveanja profita i omoguio poduzimanje drugih neophodnih koraka za odravanje postojee
pozitivne politike poslovanja. Bliska saradnja s Upravom Drutva, putem izvjetavanja o bitnim poslovnim dogaajima
i kroz planove poslovanja, omoguila je Nadzornom odboru da vri potpun nadzor nad radom Uprave u najvanijim
segmentima.
12
lanovi Nadzornog odbora i lanovi Uprave

Members of the Supervisory Board and Members of the Management
Introduction
TThe Supervisory Board chairman is Jnos Szarkndi, and the members are Andreas Kern and Gerhard Hugo
Hirth. The proxies are Ferenc Sver, Klaus Schwind and Ralf Klaus Keller. The chairman, members and proxies
were all elected by the General Assembly held on 10 May 2012 in accordance with the Articles of Association of the
Company and the Law on Business Companies for a period of 4 years.
All rights and obligations of the Supervisory Board are regulated by the Law on Business Companies and the Articles
of Association of the Company, which the Supervisory Board, in its work, strictly respects.
The Supervisory Board, in addition to monitoring the Companys business and operation of the Management Board,
adopts a semi-annual and annual report on operations, proposes distribution of profit and loss coverage, appoints
the Management Board, and submits an annual report to the General Assembly, with reports on its work, as well as
the work of the auditors and the Audit Committee.
Activities of the Supervisory Board

General
The work and activities of the Supervisory Board have generally been realized through sessions that were held in
accordance with the provisions of the Law on Business Companies, Articles of Association, and Employment Rules
of Procedure, which were all preceded by adequate preparation and timely delivery of documentation. All sessions
were held in full assembly, and minutes were taken for each.
During 2015, the Supervisory Board held four sessions: 11 March, 19 May, 27 September, and 16 November.
The Supervisory Board discussed issues related to business management, adopted necessary business reports
in accordance with the Law and the Statute, and passed numerous other decisions within its competence as the
Supervisory Board.
The subject matter discussed at the sessions was topical and diverse, and can be grouped as follows:
business operations of the Company, and
the General Assembly
Business Operations of the Company

In 2015 the Supervisory Board of Tvornica cementa Kakanj d.d. Kakanj took all necessary steps and measures in
order to increase profits and provide for the necessary steps to maintain existing positive business policies. Close
cooperation with the Management of the Company, through reporting on important business events and through
business plans, enabled the Supervisory Board to exercise complete control over the work of the Board in the most
important areas.
13
Pored navedenoga, Nadzorni odbor je u okviru svojih ovlatenja u pitanjima poslovanja i u nadzoru rada Uprave
Drutva uradio sljedee:
razmatrao i usvojio finansijske izvjetaje Tvornice cementa Kakanj d.d. Kakanj i konsolidirane izvjetaje
Tvornice cementa i povezanih pravnih lica za 2014. godinu, s izvjetajem revizora;
razmatrao i usvojio Polugodinji izvjetaj o poslovanju Drutva u toku 2015. godine;
razmatrao i prihvatio niz informacija o planu poslovanja i realizaciji plana poslovanja u 2015. godini;
izvrio neophodne pripreme za sjednicu Skuptine dioniara, to je rezultiralo donoenjem znaajnih odluka o
poslovanju i radu Drutva.
Skuptina Drutva
Nadzorni odbor je izvrio organizacijske i pripremne radnje te sazvao redovitu Godinju skuptinu, koja je
odrana 19. maja 2015. godine. Na ovoj skuptini razmatrane su zakonom predviene obavezne take, kao
to je Godinji izvjetaj za 2014. godinu, odluka o raspodjeli dobiti i razrjeenju i imenovanju vanjskog revizora.
Nakon to je odrana Skuptina Drutva, Nadzorni odbor je pratio i razmatrao realizaciju donesenih
odluka.
Saradnja s Upravom Drutva

Saradnja Nadzornog odbora i Uprave Drutva bila je na zavidnom nivou i tokom 2015. godine, a sve su
odluke donesene uz saglasnost ovih dvaju organa.
U pripremi sjednica Nadzornog odbora, kao i u znaajnijim aktivnostima izvan sjednica, Uprava Drutva
je pravovremeno donosila obrazloene i argumentirane prijedloge koji su, prije svega, odraavali interese
Drutva kao cjeline, kao i interese dioniara u njemu.
Nadzorni odbor je inio znaajne napore da svojim aktivnostima, nadzorom i sugestijama omogui Upravi
izvravanje postavljenih planskih ciljeva i zadataka. Istovremeno je, uz nadzor rada Uprave, razmatrao
potrebne izvjetaje i informacije o realizaciji tih ciljeva
.
14
Additionally, in the framework of its authorization related to issues of business operations and supervision of the
Management Boards work, the Supervisory Board undertook the following:
reviewed and approved the financial statements of Tvornica cementa Kakanj and consolidated the financial
statements of Tvornica cementa Kakanj and related legal entities for 2014, with the auditors report;
considered and adopted the semi-annual report of the Company during 2015;
reviewed and accepted a range of information about the business plan and the implementation of the
business plan in 2015;
made necessary preparations for the General Assembly meeting, which resulted in adoption of important
decisions on the operations and activities of the Company.
General Assembly of the Company

The Supervisory Board organized, prepared, and convened the regular General Assembly, held on 19 May 2015.
This meeting was comprised of mandatory agenda items requested by law, such as the Annual Report for 2014,
and the decision on profit distribution and dismissal and appointment of an external auditor.
After the General Assembly meeting of the Company, the Supervisory Board monitored and reviewed the
implementation of the relevant decisions.
Cooperation with the Management Board of the Company

Good cooperation between the Supervisory Board and the Management Board continued throughout 2015. Important
decisions related to the work and business operations of the Company were made with the full agreement of both bodies.
In preparing the Supervisory Board sessions, as in all other significant activities, the Companys Management Board
provided timely explanations and well-argued proposals which, above all, reflected the interests of the Company, as well
as the interests of its shareholders.
The Supervisory Board invested efforts through its activities, supervision and suggestions, that were significant enough
to enable the Management Board to execute the planned goals and tasks. At the same time, through its supervision of
the Management Boards work, it reviewed necessary reports and information regarding the realization of those goals
.
15
Saradnja s Odborom za reviziju

Nadzorni odbor je tokom cijele godine ostvarivao odgovarajuu saradnju s Odborom za reviziju, koji je
svoje aktivnosti obavljao u skladu s propisanim nadlenostima. Nadzorni odbor je s dunom panjom
razmotrio prijedloge Odbora te poduzeo odgovarajue korake kako bi oni bili i realizirani. Svrha ovog
organa jeste pomo Upravi u nadgledanju cjelovitosti finansijskih izvjetaja Drutva, nadgledanje
usklaenosti Drutva sa zakonskim i drugim propisima, utvrivanje kvalifikacija i nezavisnosti nezavisnog
eksternog revizora te nadgledanje rada interne revizije Drutva i nezavisnih eksternih revizora.
Ocjena stanja
Na osnovu kontinuiranog nadzora poslovanja Drutva i usvojenih izvjetaja Uprave o njegovom poslovanju,
Nadzorni odbor konstatira da je poslovanje Drutva u skladu s odlukama Skuptine Drutva, Statutom
Drutva, zakonima i drugim propisima.
Jnos Szarkndi,
predsjednik Nadzornog odbora
16
Cooperation with the Audit Committee

Throughout the year the Supervisory Board cooperated with the Audit Committee while it conducted its reviews
according to its prescribed regulations. With due attention, the Supervisory Board reviewed the proposals of the
Audit Committee and undertook appropriate steps to their realization. The purpose of this organ is to assist the
Management Board in monitoring the completeness of financial reports of the company, to monitor compliance of the
Company with the law and other regulations, to determine qualifications and the independence of the independent
external auditor, and to monitor the work of the internal audit of the company and independent external auditors.
Situation Assessment
On the basis of continued supervision of the Companys business and adopted reports of the Management
Board, the Supervisory Board concludes that the Companys business is in accordance with the decisions
of the General Assembly and the Statute of the Company, as well as all relevant laws and regulations.
Jnos Szarkndi,
Chairman of the Supervisory Board
17
Izvjetaj odbora za reviziju

Skuptina dioniara Tvornice cementa Kakanj d.d. Kakanj imenovala je 10. 5. 2012. godine Odbor za
reviziju u sljedeem sastavu:
1. Milan Dmitrovi, predsjednik,
2. Hajrudin Hadimehanovi, lan,
3. Anto Domazet, lan.
Odbor za reviziju je u toku 2015. godine obavljao sljedee aktivnosti:
razmotrio je i podnio miljenje o setu finansijskih izvjetaja Drutva i konsolidiranih finansijskih izvjetaja Grupe
za 2014. godinu;
pratio i razmatrao periodine finansijske izvjetaje Drutva u toku 2015. godine;
kontaktirao sa lanovima Uprave Drutva u vezi s pojedinim pitanjima porezne, finansijske, raunovodstvene i
dr. aktualne problematike u poslovanju Drutva;
vrio uvid u ostale podatke i dokumentaciju koju je Uprava Drutva, na zahtjev Odbora ili po vlastitoj inicijativi,
dostavljala Odboru;
pratio aktivnosti eksternog revizora Drutva.
lanovi Odbora su informativno i savjetodavno kontaktirali sa lanovima Uprave Drutva u vezi s
pojedinim pitanjima vezanim za tekue poslovanje, poreznu problematiku, finansijsko izvjetavanje,
raunovodstvenu politiku i evidenciju, posebno u pogledu primjene poreznih propisa i Meunarodnih
raunovodstvenih standarda, odnosno Meunarodnih standarda finansijskog izvjetavanja (IAS/IFRS).
Odbor u toku 2015. godine nije imao zahtjeva od dioniara za posebnim revizijama finansijskog poslovanja
u smislu lana 113. Statuta Drutva.
U vrijeme izrade ovog izvjetaja Odbor za reviziju je raspolagao i izvjetajem eksternog revizora o
finansijskim izvjetajima Drutva i konsolidiranim finansijskim izvjetajima Grupe za 2015. godinu.
U skladu s navedenim Odbor za reviziju daje
MILJENJE
o setu finansijskih izvjetaja Drutva za 2015. godinu
U skladu sa svojim nadlenostima i Meunarodnim standardima revizije (ISA), Odbor za reviziju je
vrio kontinuirani uvid u finansijske izvjetaje Drutva tokom 2015. godine u cilju sagledavanja njihove
usklaenosti s Meunarodnim raunovodstvenim standardima, odnosno Meunarodnim standardima
finansijskog izvjetavanja.
Set finansijskih izvjetaja za 2015. godinu sainila je Uprava Drutva, koja je odgovorna za tanost
iskazanih podataka. Odbor za reviziju izraava miljenje o usklaenosti finansijskih izvjetaja i primijenjenih
raunovodstvenih politika s raunovodstvenim standardima.
18
The Assembly of the Shareholders of the Cement Factory Kakanj, joint stock company, appointed the Audit
Committee on May 10, 2012, composed of the following members:
1. Milan Dmitrovi, Chair
2. Hajrudin Hadimehanovi, Member
3. Anto Domazet, Member
The Audit Committee performed the following activities in the course of 2015:
Reviewed and submitted its opinion on the set of financial reports of the Company, and consolidated financial
reports of the Group, for 2014;
Continuously followed up on and reviewed periodic financial reports of the Company during 2015;
Contacted members of the Companys Management on tax, financial, accounting and other current issues
pertaining to the Companys activities;
Checked other data and documentation that the Management of the Company, at the request of the
Committee or on its own initiative, submitted to the Committee;
Followed up on the activities of the external auditor of the Company.

On several occasions the members of the Audit Committee conducted information sharing and consultation
contacts with members of the Companys Management related to current issues, tax duties, financial reporting,
accounting policies and records, particularly dealing with the application of tax regulations, as well as the application
of International Accounting Standards and International Financial Reporting Standards (IAS/IFRS).
The Committee received no requests from the shareholders for special audits of financial operations in accordance
with Article 113 of the Companys Rule Book.
At the moment of the drafting of this report, the Audit Committee has obtained the report of the external auditor
on the set of financial reports of the Company, as well as the consolidated financial reports of the Group for 2014.
In accordance with the aforementioned, the Audit Committee is submitting the following:
OPINION
on the Set of Financial Reports of the Company for 2015
In accordance with its governing bodies and the International Standards of Audit (ISA), the Audit
Committee has continually checked the financial reports of the Company throughout 2015, in order
to review their compliance with International Accounting Standards and International Financial
Reporting Standards.
The management of the Company, which is responsible for the accuracy of the presented information, has made
a set of annual financial reports for 2015. The Audit Committee has stated its opinion on the compliance of the
financial reports and the applied accounting policies with accounting standards.
19
Po miljenju Odbora za reviziju, finansijski izvjetaji Tvornice cementa Kakanj za 2015. godinu, u svim znaajnim
aspektima, objektivno, realno i u skladu s Meunarodnim raunovodstvenim standardima i Meunarodnim
standardima finansijskog izvjetavanja prikazuju finansijski poloaj Drutva na dan 31. 12. 2015. godine, kao i
rezultate poslovanja, promjene u kapitalu i novane tokove Drutva za 2015. godinu.
Primijenjene raunovodstvene politike priznavanja i vrednovanja sredstava, obaveza, kapitala, prihoda i rashoda
Drutva u skladu su s Meunarodnim raunovodstvenim standardima i Meunarodnim standardima finansijskog
izvjetavanja.
MILJENJE
o setu konsolidiranih finansijskih izvjetaja Grupe za 2015. godinu
Odbor za reviziju izvrio je uvid i u set konsolidiranih finansijskih izvjetaja Grupe (Tvornice cementa Kakanj d.d.
Kakanj i zavisnih drutava: TBG BH d.o.o. Kakanj i TBG Beton d.o.o. Zagreb) za 2015. godinu.
Set konsolidiranih finansijskih izvjetaja Grupe sainila je Uprava Drutva, na osnovu pojedinanih
finansijskih izvjetaja matinog Drutva i pojedinanih finansijskih izvjetaja zavisnih drutava za 2015.
godinu, koje su sainile uprave lanica Grupe a koje su i odgovorne za tanost podataka iskazanih u
tim pojedinanim izvjetajima. Odbor za reviziju izraava miljenje o usklaenosti seta konsolidiranih
finansijskih izvjetaja sa MRS/MSFI.
Odbor za reviziju smatra da su konsolidirani finansijski izvjetaji Grupe za 2015. godinu sainjeni u skladu s
relevantnim MRS/MSFI, te da oni realno i objektivno, u svim znaajnim aspektima, odraavaju finansijski poloaj,
rezultate poslovanja, promjene u kapitalu i novane tokove Grupe.
Daljnje aktivnosti Odbora
Odbor za reviziju e i u narednom periodu kontinuirano razmatrati finansijske izvjetaje, primjenjivane procedure i
pokazatelje o poslovanju Drutva.
Na zahtjev Skuptine, Nadzornog odbora i/ili Uprave Drutva, Odbor e se u skladu sa svojim nadlenostima
angairati i u drugim pitanjima.
Kakanj, 10. 2. 2016. godine
lanovi Odbora:
Milan Dmitrovi
20
Hajrudin Hadimehanovi
Anto Domazet
It is the opinion of the Audit Committee that the financial reports of the Company for 2014, in all materially significant
aspects, impartially, realistically, and in accordance with International Accounting Standards/International Financial
Reporting Standards, represent the financial status of the Company on the 31st of December, 2015, as well as the
results of business operations, changes in capital, and cash flows of the Company for 2015.
The applied accounting policies of acknowledging funds, liabilities, claims, capital, income, and expenditures
of the Company, have conformed to International Accounting Standards and International Financial Reporting
Standards.
OPINION
on the Set of Consolidated Financial Reports of the Group for 2014
The Audit Committee has checked the set of consolidated financial reports of the Group (Tvornica Cementa
Kakanj d.d. and the associated companies TBG BH d.o.o. Kakanj, TBG BETON d.o.o. Zagreb) for the year 2015.
The management of the Company has made a set of consolidated financial reports of the Group on the basis of
individual financial reports from the mother company, and individual financial reports of associated companies
for 2015, which were made by the members of the Group, who are in turn responsible for the accuracy of the
released data in those individual reports. The Audit Committee is stating its opinion on the compliance of the set
of consolidated financial reports with IAS/IFRS.
It is the opinion of the Audit Committee that the consolidated financial reports of the Group for 2015 have been
made in accordance with relevant IAS/IFRS, and that they, impartially and realistically, in all significant aspects,
reflect the financial status, business results, changes in capital, and cash flow of the Group.
Further activities of the Committee
The Audit Committee plans to continue monitoring and discussing financial reports, procedures and the
development of the Company also in the coming period.
The Committee will additionally be engaged in solving all particular problems related to the Companys operations
at the request of the Assembly of Shareholders, the Supervisory Board, and the management of the Company.
Kakanj, February 10, 2016
Members of the Committee:
Milan Dmitrovi
Hajrudin Hadimehanovi
Anto Domazet
21
Uprava Drutva
Management Board
Branimir Muida
Branimir Muida je generalni direktor Tvornice cementa Kakanj i General Manager HeidelbergCement grupacije u
Bosni i Hercegovini i Hrvatskoj. Takoer je lan upravnog odbora kompanija TBG Beton d.o.o. Zagreb i DunavDrava cement d.o.o. Zagreb te prokurist kompanije TBG BH d.o.o.
U proteklih esnaest godina radio je za HeidelbergCement na razliitim rukovodeim funkcijama.
Prije nego to se prikljuio HeidelbergCementu, Muida je tri godine radio kao broker i analitiar za hrvatske Flacius
Vrijednosnice d.o.o. Takoer je vodio Financije i Raunovodstvo d.o.o. u Hrvatskoj.
Diplomu ekonomista stekao je na Fakultetu ekonomije i turizma u Puli, Univerziteta u Rijeci, u Hrvatskoj. Muida
je od 1996. i ovlateni posrednik za trgovanje vrijednosnim papirima u Hrvatskoj.
Muida je uspjeno zavrio razliite programe menadmenta u organizaciji Business School St. Gallen London
(Velika Britanija), Harvard Boston (SAD), Management Center Europe Bruxelles (Belgija) i Barcelona (panjolska);
kao i u okviru HeidelbergCement grupacije kao to su Senior Management Development Program u organizaciji
INSEAD Pariz (Francuska), DUKE Corporate Education Frankfurt (Njemaka), CEE Management Development
Program i HC Executive Development Program.
Predsjednik je Vijea stranih investitora u BiH od 2011. godine, lan Upravnog odbora Udruenja za unapreenje
njemako-bosanskohercegovakih privrednih odnosa i predsjednik Poslovnog savjeta Ekonomskog fakulteta
u Sarajevu. Pored toga, bio je voa SAP projekta 2001. godine, tokom prve SAP implementacije u Bosni i
Hercegovini.
Muida je izabran za menadera godine u Bosni i Hercegovini 2006., 2007., 2009., 2010. i 2011. godine, a 2012. i
2014. za menadera decenije za BiH i jugoistonu Evropu. U novembru 2012. godine Internacionalna liga humanista
dodijelila je Muidi Zlatnu povelju Internacionalni humanist desetljea.
Izudin Neimarlija
Izudin Neimarlija pridruio se timu Tvornice cementa Kakanj 1997. godine. Radio je i usavravao svoje znanje na
razliitim inenjerskim pozicijama, da bi 2003. godine bio izabran na dunost operativnog tehnikog direktora, a
2004. na funkciju izvrnog direktora za proizvodnju i tehnika pitanja te lana Uprave Tvornice cementa Kakanj.
Prije nego to se prikljuio Tvornici cementa Kakanj, Neimarlija je radio kao inenjer elektrotehnike za nekoliko
kompanija u Italiji, a do 1993. godine radio je kao profesor u Srednjoj strunoj koli u Kaknju.
Diplomu inenjera elektrotehnike stekao je na Elektrotehnikom fakultetu Univerziteta u Sarajevu.
Zehra Obralija
Zehra Obralija pridruila se timu Tvornice cementa Kakanj 1991. godine, na poziciji referenta za raspodjelu, da bi
1993. godine bila imenovana na dunost rukovoditelja finansijske slube. Na funkciju izvrnog direktora za finansijske
i ekonomske poslove i lanicu Uprave Tvornice cementa Kakanj izabrana je 2000. godine.
Prije nego to se prikljuila Tvornici cementa Kakanj, Zehra Obralija je tokom 1991. godine obavljala dunost
direktorice kompanije Gradis, a u periodu od 1986. do 1991. godine radila na poslovima referentice plana i analize
te rukovodila finansijskom slubom Zajednice stanovanja i komunalnih poslova RZ Kakanj.
Diplomu ekonomistice stekla je na Ekonomskom fakultetu Univerziteta u Sarajevu.
22
Branimir Muida
Branimir Muida is the General Manager of Tvornica Cementa Kakanj and the General Manager of HeidelbergCement
Group for Bosnia and Herzegovina and Croatia. He is also a member of the managing boards of TBG Beton Zagreb
and Dunav-Drava Cement Zagreb, and the procurator of TBG BH.
For the last sixteen years he has been present at the Company in various management roles.
Prior to joining HeidelbergCement Group, Muida was an agent and analyst for the Croatian company Flacius
Vrijednosnice d.o.o. for three years. He also ran the company Financije i Raunovodstvo d.o.o. in Croatia.
He holds a B.A. degree in Finance from the Economy and Tourism Faculty of Pula, University of Rijeka, Croatia.
Since 1996, Muida is a licensed agent for trading securities in Croatia.
Muida has successfully completed various career and management development programs organized by the
Business School St. Gallen London (Great Britain), Harvard Boston (USA), Management Center Europe Brussels
(Belgium) and Barcelona (Spain); and within HeidelbergCement Group he has completed the Senior Management
Development Program delivered by INSEAD Paris (France), DUKE Corporate Education Frankfurt (Germany), the
CEE Management Development Program, and the HC Executive Development Program.
He has been the Chairman of the Foreign Investment Council in Bosnia and Herzegovina since 2011, is a Board
Member of the Association for the promotion of German Bosnian and Herzegovinian business affairs, and he is the
Chairman of the Advisory Board of the University of Sarajevo - Faculty of Economics. In addition, he was the project
leader of the first SAP implementation in Bosnia and Herzegovina.
Muida was elected Businessman of the year in Bosnia and Herzegovina in 2006, 2007, 2009, 2010 and 2011, and
Manager of the Decade for Bosnia and Herzegovina and Southeast Europe in 2012 and 2014. In November 2012,
the International League of Humanists awarded Muida the Golden Charter Humanist of the Decade.
Izudin Neimarlija
Izudin Neimarlija joined Tvornica Cementa Kakanj in 1997. He worked and gained experience in different engineering
positions, and in 2003 was elected to the position of Operational Technical Director. In 2004 he was made Executive
Director for Production and Technical Issues, as well as a Management Board Member of Tvornica Cementa Kakanj.
Prior to joining Tvornica Cementa Kakanj, Neimarlija worked as an electrical engineer for various companies in Italy,
and until 1993 he worked as an instructor at Kakanjs High School.
He holds a B.A. degree in electrical engineering from the Faculty of Electrical Engineering, University of Sarajevo.
Zehra Obralija
Zehra Obralija joined Tvornica Cementa Kakanj in 1991 as Officer for Allocation, and in 1993 she was elected to
the position of Finance Department Manager. In 2000 she was appointed to the position of Executive Director for
Finance and Economic issues and became a Member of the Managing Board of Tvornica Cementa Kakanj.
Prior to joining Tvornica Cementa Kakanj, Obralija was director of the Gradis company, and from 1986 to 1991
she worked first as Officer for Planning and Analysis, and then as Finance Department Manager in the Municipal
Administration for Housing and Public Utilities of Kakanj.
She holds a B.A. degree in Finance from the Faculty of Economy, University of Sarajevo.
23
Nadzorni odbor
Supervisory Board
Jnos Szarkndi, predsjednik

Jnos Szarkndi diplomirao je 1979. godine na tehnikom fakultetu Pollack Mihly i stekao zvanje mainskog
inenjera. Po zavretku studija radnu karijeru zapoeo je u slubi odravanja u kompaniji
Beremend Cements Mszmvek Rt, koja je prethodnik Duna-Drva Cementa Kft.
Nakon obavljanja razliitih funkcija, 1986. godine izabran je na mjesto rukovodioca
mainske radionice, a 1993. godine za rukovodioca sektora za odravanje i investicije.
Godine 1997., nakon spajanja tvornica Vc i Beremend, izabran je na funkciju rukovodeeg
inenjera tvornice u Vcu, a kasnije, 1999. godine, na mjesto rukovodioca tvornice. Tokom
tog perioda uestvovao je u jednogodinjem treningu u organizaciji HeidelbergCementa
koji se odvijao u Njemakoj, Kanadi i Belgiji. Tokom 2000. godine postao je tehniki
savjetnik u tek privatiziranoj Tvornici cementa Kakanj.
Od 2002. godine radio je kao tehniki direktor Duna-Drava Cementa, a nakon to je pokazao talent u podruju
prodaje, 2005. godine imenovan je za direktora prodaje. U periodu od 2003. do 2006. godine pohaao je i zavrio
MBA program na Univerzitetu u Veszprmu.
Od 2007. godine generalni je direktor Duna-Drava Cementa i takoer je odgovoran za tehniki sektor i sektor
prodaje. U isto vrijeme radi na koordinaciji investicija u Bosni i Hercegovini i Hrvatskoj.
Andreas Kern, lan

Andreas Kern je 1983. godine diplomirao poslovnu administraciju na Univerzitetu u
Meinheimu, i odmah po zavretku studija pridruio se HeidelbergCementu. Nakon
obavljanja razliitih funkcija u prodaji betona, graevinskih materijala i posebno cementa,
1993. godine je dobio puno pravo zastupanja. Godine 1994. preuzeo je upravljanje
uredom prodaje u junoj Bavariji. Na poziciju upravnog direktora Sdbayerisches
Portland-Zementwerk Gebr. Wiesbck u Rohrdorfu izabran je 1998. godine.
U julu 2000. godine preuzeo je funkciju lana Upravnog odbora HeidelbergCementa.
Danas je Andreas Kern odgovoran za regije HeidelbergCementa Istona Evropa
Centralna Azija i Njemaka, prodaju i marketing grupacije i za koordinaciju u vezi sa
sekundarnim cementnim materijalima irom svijeta.
Gerhard Hirth, lan

Gerhard Hirth je diplomirao industrijski inenjering i menadment na Univerzitetu u Karlsruheu. Godine 1976. izabran
je na poziciju asistenta tehnikog direktora u kompaniji Dyckerhoff AG u Wiesbadenu. Nakon nekoliko godina
provedenih na razliitim pozicijama u sektorima za planiranje, kontrolu i specijalne zadatke, 1984. godine izabran je
za generalnog direktora i direktora poslovne linije u kompaniji Dyckerhoff Ausbauprodukte (linija finalnih proizvoda).
Kompaniji Anneliese Zementwerke AG u Ennigerlohu pridruio se 1993. godine na
dunosti glavnoga izvrnog direktora.
Od maja 2000. godine Gerhard Hirth je upravni direktor Schwenk grupacije, smjetene
u Ulmu, u Njemakoj, u glavnom uredu Schwenk Zement KG.
Intenzivno je ukljuen u aktivnosti njemakih i evropskih udruenja proizvoaa cementa,
kao i drugih udruenja i kompanija graevinske i energetske industrije.
24
Jnos Szarkndi, Chairman

Jnos Szarkndi graduated from the Pollack Mihly Technical College as a Mechanical Engineer in 1979.
After his studies he started working at the Maintenance Department at Beremend Cement- s Mszmvek
Rt, the predecessor of Duna- Drva Cement Kft. After a period of performing various roles, in 1986 he
became the leader of the Mechanical Workshop, and in 1993 the head of the Maintenance and Investment
Department.
In 1997, after the merger of the plants Vc and Beremend, he was appointed Chief Engineer of Plant Vc, and
later, in 1999, Plant Manager. During this period he participated in a yearlong training program organized by
HeidelbergCement, in Germany, Canada, and Belgium. In 2000 he became technical advisor of the newly privatized
Tvornica Cementa Kakanj.
From 2002 he was technical manager of Duna- Drva Cement Kft., then from 2005, after proving himself in sales,
he was appointed Sales Director. Between 2003 and 2006 he completed his MBA Management Course at the
University of Veszprm.
From 2007 he has been General Manager of Duna-Drva Cement Kft. as well as Manager of the Technical and
Sales Departments. He simultaneously coordinates investments in Croatia and Bosnia.
Andreas Kern, Member

Andreas Kern graduated with a degree in Business Administration from the University of Mannheim in 1983, and
in the same year joined HeidelbergCement. After taking on various positions in concrete, building materials, and
especially cement sales, he was granted full rights of representation in 1993. In 1994, he took over management
of the sales office for southern Bavaria. In 1998, he was appointed Managing Director of Sdbayerisches PortlandZementwerk Gebr. Wiesbck in Rohrdorf.
In July 2000, he was appointed to the Managing Board of HeidelbergCement. Today, Andreas Kern is in charge
of the Eastern Europe-Central Asia Group Area and Germany, Group Sales and Marketing, and the worldwide
coordination of secondary cement materials.
Gerhard Hirth, Member

Gerhard Hirth graduated with a degree in industrial engineering and management from the University of Karlsruhe.
In 1976, he entered Dyckerhoff AG in Wiesbaden as assistant to the Technical Director. After several years of
activity and responsibility in the Planning, Controlling and Special Tasks Departments, he was appointed General
Manager and Divisional Manager of Dyckerhoff Ausbauprodukte (Finishing Products Division) in 1984.
In 1993 he joined the company Anneliese Zementwerke AG in Ennigerloh as the Chief Executive
Officer.
Since May 2000 Gerhard Hugo Hirth has been responsible for Schwenk Group as its Managing Director, situated
in Ulm, Germany, the head office of Schwenk Zement KG.
He performs extensive activities within the German and European cement associations as well as other associations
and companies in the construction and energy sectors.
25
Dionice
Shares
Struktura dioniara
Tvornica cementa Kakanj uvrtena je na Sarajevsku berzu vrijednosnih papira pod simbolom emitenta TCMKR i u
sastavu je indeksa SASX-10, koji prati kretanje cijena prvih 10 kompanija na tritu mjereno po trinoj kapitalizaciji
i frekvenciji trgovanja, te u sastavu indeksa SASX-30, u koji mogu biti ukljueni samo simboli emitenata uvrtenih na
primarno slobodno trite (PST). Dionice Tvornice cementa Kakanj d.d. Kakanj takoer su uvrtene na subsegment
1 (ST1), odnosno predstavljaju najlikvidnije vrijednosne papire na slobodnom tritu.
Temeljni kapital Drutva iznosi 94.765.400 KM i podijeljen je na 9.476.540 dionica nominalne vrijednosti 10 KM po
dionici.
U skladu s pozitivnim propisima, Drutvo osigurava redovit pristup informacijama o svome radu i djelovanju kao i
podatke o injenicama i okolnostima koje mogu uticati na cijenu dionica (cjenovno osjetljive informacije). Drutvo
postupa na jednak nain i pod jednakim uvjetima prema svim dioniarima nezavisno o broju dionica kojima raspolau,
zemlji njihova porijekla te njihovim drugim osobinama. Pravo glasa obuhvata sve dioniare Drutva na nain da je
broj glasova koji im pripada na Glavnoj skuptini jednak broju njihovih dionica.
Vlasnika struktura se nije bitno mijenjala u 2015. godini. Ukupan broj dioniara je 31. 12. 2015. godine iznosio 366.
Veinski dioniar je CEEM INVESTMENT FOUND iz Holandije sa 93,27% uea.
Vlasnika struktura deset najveih dioniara na dan 31. 12. 2015. data je u sljedeoj tabeli:
Dioniar
Na dan 31. 12. 2014. godine

Broj dionica
CEEM INVESTMENT
8.839.236
ZIF PROF-PLUS d.d. Sarajevo
Broj
dionica
Udio u
vlasnitvu %
93,27
8.839.236
93,27
307.851
3,25
304.691
3,22
epo Jasmin
37.148
0,39
37.148
0,39
Raiffeisen BANK d.d. Bosna i Hercegovina
30.453
0,32
30.453
0,32
DANSKE INVEST TRANS-BALKAN
24.197
0,26
24.197
0,26
Jazvin Denijal
11.658
0,12
0,00
Jazvin Riad
0,00
11.658
0,12
Zvonar Ante
9.500
0,10
9.500
0,10
Eminovi Admir
6.222
0,07
3.569
0,04
Spahi Eniz
6.000
0,06
6.000
0,06
Dervievi Nijaz
2.328
0,02
5.019
0,05
Alajbegovi Elvedin
5.006
0,05
5.006
0,05
196.941
2,09
200.063
2,12
9.476.540
100,00
9.476.540
100,00
Ostali dioniari
UKUPNO
26
Udio u
vlasnitvu %
Na dan 31. 12. 2015. godine
Shares
Tvornica cementa Kakanj is listed on the Sarajevo Stock Exchange under the symbol issuer TCMKR and it is in the
composition of the index SASX-10 Sarajevo Stock Exchange, which follows the price movement of the top 10 companies in the market as measured by market capitalization and frequency of trading, and SASX-30 which includes
only the symbols of issuers included in the primary free market. Also, shares of Tvornica cementa Kakanj are listed
on the sub-segment 1 (ST1), and represent the most liquid securities on the open market.
The share capital of the Company amounts to 94.765.400 KM and is divided into 9.476.540 shares with a nominal
value of 10 KM per share.
In accordance with the applicable laws, the Company provides access to information on its work and activities as well as
information about facts and circumstances that may affect the stock price (price sensitive information). The Company applies the same manner and under the same conditions to all shareholders regardless of the number of shares they hold, their
country of origin and their other characteristics. The right to vote encompasses all shareholders of the Company to the degree that the number of votes they are entitled to within the context of the General Assembly equals the number of shares.
The ownership structure did not significantly change in 2015. The total number of shareholders on 31 December 2015
was 366. The major shareholder remains CEEMINVESTMENT FUND from the Netherlands with 93.27% of shares.
The ownership structure of the ten largest shareholders as at 31 December 2015 is provided in the following table:
Shareholder
As at 31 Dec 2014
Number of
shares
CEEM INVESTMENT
ZIF PROF-PLUS d.d. Sarajevo
As at 31 Dec 2015
Ownership
share %
8,839,236
Number of
shares
93.27
8,839,236
Ownership
share %
93.27
307,851
3.25
304,691
3.22
epo Jasmin
37,148
0.39
37,148
0.39
Raiffeisen BANK d.d. Bosna i Hercegovina
30,453
0.32
30,453
0.32
DANSKE INVEST TRANS-BALKAN
24,197
0.26
24,197
0.26
Jazvin Denijal
11,658
0.12
0.00
0.00
11,658
0.12
Zvonar Ante
Jazvin Riad
9,500
0.10
9,500
0.10
Eminovi Admir
6,222
0.07
3,569
0.04
Spahi Eniz
6,000
0.06
6,000
0.06
Dervievi Nijaz
2,328
0.02
5,019
0.05
Alajbegovi Elvedin
5,006
0.05
5,006
0.05
Other shareholders
196,941
2.09
200,063
2.12
9,476,540
100.00
9,476,540
100.00
TOTAL
27
Kretanje cijene dionica

Trina vrijednost dionica, odnosno trina kapitalizacija Tvornice cementa Kakanj iznosila je na dan 31. 12. 2015.
godine 208,58 miliona KM i smanjenja je u odnosu na prethodnu godinu za 4,30%.
Poetna vrijednost dionica je iznosila 24,0 KM, a krajnja 22,01 KM. Najvea cijena dionica bila je 24,0 KM, a
najmanja 21,0 KM.
Ukupan promet dionicama Tvornice cementa Kakanj u 2015. godini iznosio je 364.696 KM, a prometovano je sa
15.865 dionica. U odnosu na prethodnu godinu broj dionica kojima se trgovalo smanjen je za 34,95%.
Informacije o dionicama
2014. godina
2015. godina
Cijena na dan 31. decembra
23,00
22,01
Najvia cijena u godini
23,00
24,00
Najnia cijena u godini
18,43
21,00
Broj trgovanih dionica
24.388
15.865
9.476.540
9.476.540
10,00
10,00
Ukupan broj dionica

Nominalna vrijednost dionica
Minimalna vrijednost temeljnog kapitala
Trina kapitalizacija na kraju perioda
94.765.400
94.765.400
217.960.420
208.578.645
1,19
1,45
Zarada po dionici
Na osnovu odluke Skuptine dioniara Tvornica cementa Kakanj u 2015. godini isplatila je dividende za 2014.
godinu u iznosu od 1,7182 KM po dionici, jer je u isplatu dividende za 2014. godinu pored statutarne dobiti u 2014.
godini usmjeren i dio zadrane dobiti Tvornice cementa Kakanj d.d. Kakanj iz 2009. godine.
KM/dionica
Kretanje cijene dionica u 2015. godini

50
45
40
35
30
25
20
15
10
28
Decembar
Novembar
Oktobar
Septembar
August
Jul
Jun
Maj
April
Mart
Februar
Januar
Share Price Development

The market value of the shares or market capitalization of Tvornica cementa Kakanj as at 31 December 2015
amounted to 208.58 million KM, a decreas compared to the previous year of 4.30%.
The opening value of shares amounted to 24.0 KM and the closing value amounted to 22.01 KM. The highest price
of a share was 24.0 KM and the lowest price of a share was 21.0 KM.
Total turnover generated from the shares trading of Tvornica cementa Kakanj in 2015 amounted to 364,696 KM and
it was traded with 15,865 shares. Compared to the previous year the number of shares traded decreased by 34.95%.
Information about shares
2014. godina
2015. godina
Price as at 31 December
23.00
22.01
Highest price of the year
23.00
24.00
Lowest price of the year
18.43
21.00
Number of shares traded
24,388
15,865
9,476,540
9,476,540
10.00
10.00
Total number of shares

Nominal value of a share
Nominal value of shareholders' equity
Market capitalization at the end of the period
94,765,400
94,765,400
217,960,420
208,578,645
1.19
1.45
Earnings per share
In accordance with the decision of the General Shareholders Assembly, Tvornica cementa Kakanj paid dividends
for 2014 in the amount of 1.7182 KM per share, because in the dividend payment for 2014 beside the statutory
profit from 2014, Tvornica cementa Kakanj allocated part of retained earnings from 2009.
Share price development in 2015
50
45
40
35
30
25
20
15
10
December
November
Oktober
September
August
July
June
May
April
March
February
January
KM/share
29
Kretanje cijene dionica u 2015. godini
KM/dionica
12000
50
10000
40
8000
30
6000
20
4000
10
Promet dionica
30
Poetna cijena
Najnia cijena
Decembar
Novembar
Oktobar
Septembar
August
Juli
Juni
Maj
April
Mart
Februar
Januar
2000
Najvia cijena
Share price development in 2015
KM/share
12000
50
10000
40
8000
30
6000
20
4000
10
Trading of shares
Opening price
Lowest price
December
November
October
September
August
July
June
May
April
March
February
January
2000
Highest price
31
Dividende
U periodu od 2009. do 2015. godine Tvornica cementa Kakanj je na osnovu odluke Skuptine dioniara kontinuirano svojim
dioniarima isplaivala dividendu. Ukupna neto dobit Tvornice cementa Kakanj ostvarena u periodu od 2008. do 2015. godine
iznosila je 182,1 milion KM, dok je ukupno isplaena dividenda za period 2008. do 2014. godine iznosila 233,7 miliona KM
(ukljuujui dobit ostvarenu u periodu 2001.2007.). Ukupan iznos isplaene dividende po dionici iznosio je 24,66 KM.
Pregled ostvarene neto dobiti od 2008. do 2015. godine, ukupne isplate dividende, te isplate dividende po dionici i po godinama
prikazan je u sljedeoj tabeli:
Godina
32
Neto dobit
Ukupno isplata dividende
Isplata dividende po dionici
2008.
48.955.695
2009.
38.382.991
114.279.254
12,06
2010.
24.965.718
23.691.350
2,50
2011.
17.205.954
24.965.717
2,63
2012.
9.424.240
17.205.954
1,82
2013.
18.185.762
9.424.240
0,99
2014.
11.266.475
27.861.028
2,94
2015.
13.750.976
16.282.850
1,72
Ukupno
182.137.811
233.710.392
24,66
Dividend
In a period from 2009 to 2015, Tvornica cementa Kakanj, based on the decision of the General Shareholders Assembly, continuously paid dividends to its shareholders. The total net income of Tvornica cementa Kakanj realized in the period from 2008 to
2015 amounted to 182.1 million KM, while the total dividend paid for the period from 2008 to 2014 amounted to 233.7 million KM
(including the net income realized in the period 2001-2007). The total amount of dividends paid per share amounted to 24.66 KM.
An overview of net income from 2008 to 2015, the total dividend payment and dividend payment per share per years is shown in
the following table:
Year
Net income
Total dividend payment
Dividend payment per share
2008
48,955,695
2009
38,382,991
114,279,254
12.06
2010
24,965,718
23,691,350
2.50
2011
17,205,954
24,965,717
2.63
2012
9,424,240
17,205,954
1.82
2013
18,185,762
9,424,240
0.99
2014
11,266,475
27,861,028
2.94
2015
13,750,976
16,282,850
1.72
Total
182,137,811
233,710,392
24.66
33
Uspjeh
je i na
34
naih kupaca
uspjeh
Our customers
is our
success
success
35
Korporativno upravljanje
40 Oblik organizacije i organi upravljanja Drutva

Organization and Managing Bodies of the
Company
42 Oblik organizacije i organi upravljanja povezanih

pravnih subjekata

Organization and Managing Bodies of the Related
Companies

44
Korporativno upravljanje
Korporativno upravljanje predstavlja okvir za voenje poslova i nadzor rada Drutva, kojem je cilj stvaranje
ekonomske vrijednosti za dioniare. Korporacijska naela upravljanja podrazumijevaju poslovanje u skladu s
vaeim propisima zemlje u kojoj se obavlja djelatnost te nastojanje kompanije da zadovolji najvie standarde
korporacijskog upravljanja.
Tvornica cementa Kakanj d.d. Kakanj veliku panju posveuje korporativnom upravljanju kao temelju za ostvarivanje
korporativnih ciljeva i poveanje vrijednosti kompanije. Nae se poslovanje zasniva na principima odgovornosti,
djelotvornosti, transparentnosti, efikasnoj kontroli i profesionalizmu te potivanju dobrih poslovnih obiaja prema
poslovnim partnerima, poslovnom i drutvenom okruenju i vlastitim zaposlenicima. Pri donoenju odluka vodimo
se interesima dioniara, zaposlenika i drugih interesnih grupa, nastojei tako osigurati uspjean rast i razvoj u
poslovanju nae kompanije.
Sva upravljaka tijela Drutva duna su pridravati se etikih principa i standarda poslovanja propisanih
Statutom Drutva i relevantnim zakonskim propisima. Drutvo je kontinuirano unapreivalo principe i pravila
korporativnog upravljanja usklaivanjem sa Zakonom o privrednim drutvima (Slubene novine Federacije
BiH br. 23/99, 45/00, 2/02, 6/02 i 29/03, 68/05, 91/07, 84/08 i 88/08 i 7/09) i Pravilima upravljanja dionikim
drutvima, to ih je donijela Komisija za vrijednosne papire u Federaciji BiH (Slubene novine Federacije BiH br.
24/06, 27/06, 30/07 i 19/10).
Pravila korporativnog upravljanja kontinuirano se poboljavaju iskustvima i instrukcijama matine kompanije
HeidelbergCement grupacije. Tvornica cementa Kakanj usvojila je i primjenjuje Kodeks poslovnog ponaanja, kojim
se od svih zaposlenika zahtijeva da potuju osnovna pravila poslovnog ponaanja. Kodeks poslovnog ponaanja
posebno se odnosi:
na integritet i profesionalno ponaanje prema kupcima, dobavljaima, predstavnicima vlasti i poslovnim
partnerima;
dosljedno izbjegavanje sukoba interesa;
paljiv i odgovoran odnos prema poslovnim tajnama i linim podacima;
na pravedne, nediskriminirajue uvjete zapoljavanja i pravedan dijalog s predstavnicima zaposlenika;
zdravo i sigurno radno okruenje;
brino upravljanje prirodnim resursima.
Pored navedenoga, Tvornica cementa Kakanj rukovodi se i drugim relevantnim internim aktima koji su sastavni dio
korporativnog upravljanja, odnosno predstavljaju ua pravila ponaanja i rada Drutva i svih njegovih lanova, kao
to su Grupacijski vodi o antikorupciji, koji se temelji na relevantnim zakonskim odredbama koje se odnose na
spreavanje nastanka korupcije, te Principi rukovoenja i Grupacijski vodi za potivanje zakona o konkurenciji.
Kodeks poslovnog ponaanja, Grupacijski vodi o antikorupciji i Grupacijski vodi za potivanje zakona o
konkurenciji sastavni su dio Compliance programa (programa potivanja zakonitosti i poslovne politike) koji se
provodi u cijeloj HeidelbergCement grupaciji.
TTvornica cementa Kakanj usvojila je Kodeks korporativnog upravljanja za kompanije uvrtene na trite Sarajevske
berze vrijednosnih papira. Kodeks korporativnog upravljanja predstavlja skup najboljih svjetskih praksi voenja
kompanija, prilagoen tranzicijskom tritu kao to je trite u BiH. Pored OECD-ovih principa korporativnog
upravljanja, Kodeks sadri i odredbe koje su se pokazale efikasnim u Hrvatskoj, Austriji i Njemakoj. Kodeks je
dostupan na web stranici Sarajevske berze www.sase.ba .
Iako su normativno postavljeni principi i pravila korporativnog upravljanja u skladu s vaeim propisima, izgradnja
sistema se nastavlja i trae novi naini za nadogradnju i razvoj. Drutvo nastoji da sistem izvjetavanja i informiranja
dioniara i javnosti usavrava, omoguavajui objavljivanje informacija o svim vanim dogaajima koji mogu uticati
na finansijsku ili poslovnu poziciju Drutva.
38
Corporate governance is a framework for management and oversight of a Company, which aims to create
economic value for shareholders. Corporate governance principles include operations in accordance with
applicable regulations of the country in which activity is performed and a companys commitment to meet the
highest standards of corporate governance.
Tvornica Cementa Kakanj pays great attention to corporate governance as a foundation for reaching our corporate
objectives and increasing the overall value of the Company. Our business is based on the principles of responsibility,
efficiency, transparency, effective control, and professionalism, as well as respect for positive business customs
towards our business partners, business and social environments, and our own employees. When passing
decisions we take into account the interests of our shareholders, our employees, and other stakeholders, thus
endeavouring to ensure our companys successful growth and development.
All management bodies of the Company are obliged to respect all ethical principles and business standards prescribed
in the Companys Articles of Association, along with any other relevant Laws. The Company has continually strived to
improve principles and rules of corporate governance through harmonisation with the Laws of Business Companies
(Official Gazette of the Federation of B&H, numbers 23/99, 45/00, 2/02, 6/02, 29/03, 68/05, 91/07, 84/08, 88/08 and
7/09) and Rules on Managing shareholding companies, passed by the Securities Commission in the Federation of
B&H, (Official Gazette of the Federation of B&H, numbers 24/06, 27/06, 30/07 and 19/10).
Corporate governance rules have been continually improved using experience and instructions of the mother
company, HeidelbergCement Group. Tvornica cementa Kakanj has adopted and implemented the Code of
Business Conduct which requires all employees to adhere to the basic rules of business behaviour. The Code of
Business Conduct specifically refers to:
integrity and professional relationship with customers, suppliers, authority representatives and business
partners;
consistent avoidance of conflict of interest;
careful and responsible treatment of business secrets and personal data;
just, non-discriminatory conditions of employment and just dialogue with employee representatives;
healthy and safe working environment;
careful natural resources management.
Additionally, Tvornica cementa Kakanj acts in accordance with other relevant internal guidelines,
which are part of the Corporate Governance and contain specific rules of behaviour and attitudes of
the Company and its members, such as the Group Anti-Corruption Guideline, which is founded on
relevant legal provisions related to prevention of corruption, and the Group Competition Law Guideline.
The Code of Business Conduct, the Group Anti-Corruption Guideline, and the Group Competition
Law Guideline are parts of the Compliance program implemented in the whole HeidelbergCement
Group.
Tvornica Cementa Kakanj has adopted the Code of Corporate Governance for companies listed in the Sarajevo
Stock Exchange. The Code of Corporate Governance contains the best world practices of governing companies,
adapted to transitional markets like that of Bosnia and Herzegovina. In addition to OECD principles of corporate
governance, the Code also includes provisions that have proved efficient in Croatia, Austria and Germany. The
Code is available on the Sarajevo Stock Exchange website: www.sase.ba.
Although the normatively adopted principles and rules of corporate governance are in accordance with valid legal
regulations, the system is continually reinforced and new means to upgrade and develop are actively sought. The
Company strives to perfect its system of reporting and informing shareholders and the public by publicising all
important events that may influence the financial or business position.
39
Oblik organizacije i organi upravljanja Drutva

U skladu s odredbama Zakona o privrednim drutvima, Tvornica cementa Kakanj d.d. Kakanj definirana je kao
dioniko drutvo.
Organizacija i upravljanje Drutvom, pored pozitivnih pravnih propisa koji ureuju ovu oblast, ureeni su Statutom
Drutva, koji je vie puta mijenjan i dopunjavan, a njegova sadanja, vaea, izmijenjena i dopunjana verzija donesena
je u integralnom tekstu na sjednici Skuptine Drutva odranoj 29. 9. 2010. godine.
Interesi dioniara, vlasnika kapitala, zatieni su ne samo zakonskim propisima nego i odgovarajuim odredbama
Statuta kojima je, izmeu ostalog, osigurano sljedee:
ravnopravan tretman svih dioniara, ukljuujui zatitu manjinskih dioniara;
uvaavanje prava nosilaca materijalnih interesa i poticanje saradnje izmeu Drutva i nosilaca materijalnih
interesa;
osiguranje potpunoga, pravovremenog i tanog objavljivanja svih bitnih injenica koje se tiu Drutva,
ukljuujui finansijsko stanje, rezultate, vlasnitvo i upravljanje Drutvom;
osiguranje tanih, relevantnih i potpunih informacija za odbore i o odborima Drutva.
Uprava
Uprava je odgovorna za organizaciju rada i rukovoenje poslovanjem, zastupanje i predstavljanje Drutva
te za zakonitost poslovanja. Obavezna je izvjetavati Nadzorni odbor o rezultatima poslovanja najmanje
jedanput tromjeseno. Uprava podnosi izvjetaj dioniarima i obavezna je provoditi odluke Skuptine
dioniara Drutva.
Upravu Tvornice cementa Kakanj ine direktor Drutva i izvrni direktori, od kojih je svaki odgovoran za
odreenu oblast poslovanja, donoenje i nadgledanje izvravanja operativnih odluka. Mandat lanova
Uprave traje etiri godine, a nakon toga mogu biti ponovno imenovani. Uprava vodi poslove na vlastitu
odgovornost, pri emu je duna i ovlatena poduzimati sve radnje i donositi odluke koje smatra potrebnim
za uspjeno poslovanje Drutva. Za odreene odluke propisane Statutom potrebna je saglasnost
Nadzornog odbora.
Nadzorni odbor
Nadzorni odbor je odgovoran za imenovanje i opoziv lanova Uprave te za nadzor nad voenjem poslova Drutva
u skladu s vaeim zakonskim propisima i Statutom, o emu je duan obavjetavati Skuptinu dioniara. Nadzorni
odbor ine predsjednik i dva lana, a biraju se na etverogodinji mandat.
Odbor za reviziju
Odbor za reviziju ine predsjednik i dva lana. Odbor vri reviziju polugodinjih i godinjih finansijskih
izvjetaja te izvjetaj o reviziji dostavlja Skuptini i Nadzornom odboru. Ostala ovlatenja Odbora za
reviziju propisana su Zakonom o privrednim drutvima, Statutom i Pravilnikom o upravljanju dionikim
drutvom.
40
Organization and Managing Bodies of the Company

In accordance with the provisions of the Law on Business Companies, Tvornica Cementa Kakanj d.d. Kakanj is
organized as a shareholding company.
In addition to positive regulations in this field, the organization and management of the Company have been defined
in the Companys Articles of Association. The Articles of Association were changed and amended several times, and
the current version of the document was adopted at the General Assembly held on 29 September 2010.
The interests of our shareholders and capital owners are protected not only through legal regulations, but also
through appropriate provisions of the Article of Association, which, in particular, secures the following:
equal treatment for all shareholders, including minor shareholders;
respect for the rights of material interest holders, and fostering of cooperation between the Company and
material interest holders;
full, timely, and accurate publishing of all important facts concerning the Company, including the financial
situation, results, ownership, and management information;
accurate, relevant, and complete information for and regarding the Board Members of the Company.
Management Board
The Management Board is responsible for organizing work and business management, representing and acting on
behalf of the Company, and operating the business in accordance with the law. It is obliged to report all business
results to the Supervisory Board on at least a quarterly basis. The Management Board submits a report to the
shareholders and is obliged to implement the decisions of the Companys General Assembly.
The Management Board of Tvornica Cementa Kakanj is comprised of the Company Director and Executive
Directors, each responsible for specific areas of business, as well as for reaching decisions and supervising their
execution. The mandates of the Management Board are elected every four years. The Management Board is
responsible for all conduct, and is obliged and authorized to undertake all actions and pass decisions that it deems
conducive to successful business operation of the Company. The approval of the Supervisory Board is needed for
certain decisions prescribed by the Articles of Association.
Supervisory Board
The Supervisory Board is responsible for appointing and dismissing Management Board Members, and for supervising the
Companys business in accordance with valid legal regulations and the Articles of Association, which obliges it to report to
the General Assembly. The Supervisory Board consists of the Chairman and two members, who are elected every four years.
Audit Committee
The Audit Committee consists of the Chairman and two members. The Audit Committee performs revision of semiannual and annual financial reports, and delivers the audit report to the General Assembly and the Supervisory
Board. Other authorizations of the Audit Committee are prescribed by the Law on Business Companies, the Articles
of Association and the Regulations on managing shareholding companies.
41
Godinja skuptina Tvornice cementa Kakanj d.d. Kakanj

Drutvo redovito odrava Godinju skuptinu, u skladu sa zakonskim odredbama, radi usvajanja godinjeg
izvjetaja i donoenja drugih odluka koje su u neposrednoj nadlenosti dioniara kao lanova Skuptine. U
skladu sa Zakonom, dioniari s vie od 5% dionica s pravom glasa najkasnije se 45 dana prije objavljivanja
obavjetenja o sazivanju Skuptine upoznaju s planom njezinog odravanja kako bi mogli predloiti pitanja o
kojima bi ona trebala raspravljati i odluivati. Obavjetenje o sazivanju Skuptine objavljuje se najkasnije 30
dana prije dana odravanja na nain kako je predvieno Zakonom. Materijali za Skuptinu dostavljaju se svim
dioniarima koji posjeduju vie od 5% dionica s pravom glasa, dok je ostalim dioniarima omoguen uvid u
materijale u prostorijama Drutva.
Skuptina dioniara Drutva, u skladu sa Zakonom o privrednim drutvima i Pravilnikom o upravljanju
dionikim drutvima, u okviru svojih ovlasti, usvaja godinji izvjetaj o poslovanju Drutva, koji ukljuuje
konsolidirani finansijski izvjetaj i izvjetaje nezavisnog revizora, Nadzornog odbora i Odbora za reviziju.
Skuptina dioniara takoer je nadlena za izbor i razrjeenje lanova Nadzornog odbora i Odbora za reviziju,
razmatranje rada Nadzornog odbora, odluivanje o raspodjeli dobiti, donoenje Statuta Drutva i njegove
izmjene i dopune, odluivanje o promjenama u osnovnom kapitalu i statusnim promjenama Drutva i za
imenovanje vanjskog revizora.
Godinja skuptina dioniara Drutva odrana 19. 5. 2015. godine donijela je sljedee odluke:
1. Odluku o usvajanju Godinjeg izvjetaja za 2014. godinu s izvjetajima revizora, Nadzornog odbora i Odbora
za reviziju,
2. Odluka o raspodjeli dobiti i isplati dividende,
3. Odluku o razrjeenju vanjskog revizora,
4. Odluka o imenovanju vanjskog revizora
Na Skuptini je bilo zastupljeno 9.150.499 dionica / glasova, to predstavlja 96,56% ukupnih dionica /
glasova.
Oblik organizacije i organi upravljanja povezanih pravnih

subjekata
U okviru Tvornice cementa Kakanj d.d. Kakanj posluju i dva drutva s ogranienom odgovornou, i to TBG BH
d.o.o. Kakanj i TBG Beton d.o.o. Zagreb, u Republici Hrvatskoj.
Oba ova drutva osnovana su i posluju u skladu s vaeim pozitivnim pravnim propisima u Bosni i Hercegovini
(jedno) i u Republici Hrvatskoj (jedno).
Godinja skuptina TBG BH d.o.o. Kakanj

TBG BH d.o.o. Kakanj, kao supsidijarno drutvo Tvornice cementa Kakanj, odralo je 11. 3. 2015. godine sjednicu
Skuptine u skladu s postojeim vaeim zakonskim propisima i internima aktima Drutva.
42
Shareholders Assembly of Tvornica cementa

The Company holds the Annual General Assembly, in accordance with legal provisions, in order to adopt an annual
report and pass other decisions that are the direct responsibility of the shareholders as members of the Assembly.
According to the Law, those shareholders with greater than 5% of voting shares at least 45 days prior to publishing
the announcement about the convening of the Assembly shall be notified of the plan to host an Assembly in order
for them to be able to propose issues that should be discussed and decided upon. The announcement of the
convening of an Assembly shall be published at least 30 days in advance of its hosting in a manner prescribed by the
Law. Documents for the Assembly are delivered to all shareholders who own more than 5% of voting shares, while
other shareholders are afforded the opportunity to view documents in the premises of the Company.
The General Assembly of the Company, in accordance with the Law and Regulations on managing shareholding
companies, and in accordance with its authorities, adopts the Annual report of the Company that includes the
consolidated financial report and reports of the independent auditor and the Auditing Board.
The General Assembly of shareholders is also authorized to elect and dismiss members of the Supervisory Board
and the Auditing Board; to review the work of the Supervisory Board, decide on profit allocation; adopt the Articles
of Association of the Company and to change and amend them; to decide on changing the basic capital and status
changes of the Company; and to elect the external auditor.
The annual Shareholders Assembly was held on 19 May 2015, when it passed the following decisions:
1. Decision on adopting the Annual report for 2014, including the Supervisory Board Report, Auditors Report and
the Audit Committee Report;
2. Decision on profit distribution and dividend payment;
3. Decision on dismissing the external auditor;
4. Decision on electing an external auditor.
The Assembly was represented with 9,150,499 shares / votes, which is 96.56% of the total number of shares with voting
rights.
Organization and Managing Bodies of the Related

Companies
Within Tvornica Cementa Kakanj, exists two companies of limited liability: TBG BH d.o.o. Kakanj and TBG BETON
d.o.o. Zagreb, Croatia.
Both companies have been founded and perform their business activities in accordance with positive legal regulations
of Bosnia and Herzegovina (one) and the Republic of Croatia (one).
General Assembly of TBG BH d.o.o. Kakanj

TBG BH d.o.o. Kakanj, as a subsidiary of Tvornica Cementa Kakanj d.d. Kakanj, held its regular Assembly on the
27th of May 2014, in accordance with the valid legislation and internal documents of the Company.
43
Na njoj su razmatrane i usvojene sljedee odluke:

Odluka o usvajanju Godinjeg izvjetaja o poslovanju drutva za 2014. godinu, s izvjetajem revizora,
Odluka o raspodjeli dobiti za 2014. godinu,
Odluka o razrjeenju vanjskog revizora
Odluka o izboru vanjskog revizora i
Odluka o davanju odobrenja.
Godinja skuptina TBG Beton d.o.o. Zagreb

TBG Beton d.o.o. Zagreb, kao supsidijarno drutvo Tvornice cementa Kakanj, svoju je redovitu sjednicu Skuptine
odralo 15. 5. 2015. godine; na njoj su razmatrane i usvojene odluke koje se tiu poslovanja Drutva.
TBG Beton d.o.o. Zagreb na Skuptini Drutva 15. 5. 2015. godine usvojio je sljedee odluke:
Odluku o usvajanju godinjih financijskih izvjea s 31. 12. 2014,
Odluku o koritenju rezultata,
Odluku o razrjeenju poslovodstva 2014,
Odluku o izboru revizora u 2015. godini,
Izvjee o stanju.
Putem web stranice Drutva osigurana je dostupnost osnovnih informacija o njemu. Na toj se stranici takoer
objavljuju finansijski izvjetaji Drutva te druge informacije koje mogu uticati na cijenu dionica. Finansijski izvjetaji,
zajedno s miljenjem nezavisnog revizora, objavljuju se u dva dnevna lista. Obavjetenje o sazivanju Skuptine
takoer se objavljuje u dnevnim listovima. Nakon objave svi dioniari imaju pravo uvida u dokumentaciju relevantnu
za donoenje odluka. Godinji i polugodinji izvjetaji na propisanim obrascima dostavljaju se Berzi i Komisiji za
vrijednosne papire u rokovima propisanim Zakonom.
Nakon donoenja novog Pravilnika o objavljivanju informacija i izvjetavanju na tritu vrijednosnih papira (Slubene
novine FBiH 35/13 od 8. 5. 2013.), slubena web stranica zauzima vrlo vano mjesto u ispunjavanju odredbi ovog
pravilnika. Navedenim pravilnikom je odreeno da je emitent, odnosno Tvornica cementa Kakanj d.d. Kakanj, duan
objavljivati svoje polugodinje i godinje izvjetaje na svojoj web stranici, pored dostavljanja tih izvjetaja Berzi. Pored
navedenih izvjetaja, na slubenoj web stranici moraju se objavljivati i svi dogaaji koji bitno utiu na finansijsko
poslovanje te izvjetaji vanjskog revizora.
44
The Assembly discussed and adopted the following:

Decision on adopting the Annual report of the company for 2014, including the Auditors Report;
Decision on profit distribution for 2014;
Decision on appointment of Management Boardr;
Decision on dismissing the external auditor;
Decision on electing the external auditorl.
General Assembly of TBG BETON d.o.o. Zagreb

TBG Beton d.o.o. Zagreb, as a subsidiary of Tvornica Cementa Kakanj d.d. Kakanj held its regular Assembly on 15
May 2015, at which it discussed and passed decisions related to the regular business of the Company.
TBG BETON d.o.o. Zagreb at the Assembly held on 15 May 2015 adopted the following:
Decision on adopting the Financial reports for 2014;
Decision on profit distribution;
Decision on unburdening the management for 2014;
Decision on electing an external auditor for 2015;
Report on the Companys position.
Basic information about the Company is available on the Company website. Financial reports of the Company, as
well as other information that may influence the share price, are also regularly published on the website. Financial
reports, together with the independent auditors opinion, have also been published in two daily newspapers.
Announcements on the convening of the Shareholders Assembly are also published in daily newspapers. After the
announcement is published, all shareholders are entitled to review documents relevant to the passing of decisions.
Annual and semi-annual reports, filled out on prescribed forms, are sent to the Stock Exchange and to the Security
Commission within the timeframe prescribed by Law.
Adoption of the new Rules on disclosure and reporting on the securities market (Official Gazette of FB&H 35/13 of 8
May 2013), official web site plays a very important role in fulfilment of provisions of these Rules. These Rules stipulate
that, in addition to submitting them to the Stock Exchange, the issuer - Tvornica cementa Kakanj - is also required
to publish its semi-annual and annual reports on its website. Additionally, all events that significantly affect financial
operations, as well as reports of external auditors must be published on the official website.
45
46
Gradimo
na znanju naih ljudi
Building
on the knowledge of our people
47
Izvjetaj Uprave
Report of the Managing Board

50

Core Activities and Organizational Structure
54

100 Upravljanje rizicima

Risk Management

104 Istraivanje i razvoj

104 Drutveno odgovorno poslovanje i odrivi razvoj

Social Responsibility and Sustainable
Development
130 Razvojni planovi i predvianja
Outlook
Izvjetaj Uprave
Report of the Managing Board

Osnovna djelatnost Tvornice cementa Kakanj je proizvodnja i distribucija cementa. Distribucija se vri
iz tvornice u Kaknju i sa dva prodajna terminala locirana u dva najvea centra Bosne i Hercegovine
Sarajevu i Banjoj Luci. U Sarajevu se pored distribucije vri i pakovanje cementa. Oba terminala imaju
silose za rinfuzni cement. Plasman cementa se vri na domae trite i trite susjedne Hrvatske.
Plasman cementa na hrvatsko trite vri se preko zavisnog drutva Dunav-Drava cement d.o.o.
Zagreb.
Tvornica cementa Kakanj ima dva zavisna drutva koja aktivno posluju TBG BH d.o.o. Kakanj i TBG Beton d.o.o.
Zagreb. Djelatnost zavisnih drutava je proizvodnja i distribucija gotovih betona.
TBG BH d.o.o. Kakanj proizvodi i distribuira gotov beton na podruju Bosne i Hercegovine putem tri pogona za
proizvodnju gotovih betona locirana u Sarajevu, Banjoj Luci i Lukavcu te preko jedne mobilne betonare koja je locirana
na dionici autoputa u izgradnji Kakanj Zenica, tanije na podruju Drivue. Lociranost pogona daje mogunost
zastupljenosti na najurbaniziranijem dijelu bosanskohercegovakog trita gdje je ujedno i najvea potronja betona,
a mobilna betonara daje mogunost zastupljenosti na najveem infrastrukturnom projektu u Bosni i Hercegovini.
TBG Beton d.o.o. Zagreb proizvodi i distribuira beton u Hrvatskoj, uglavnom na podruju Slavonije, putem pet
pogona za proizvodnju gotovih betona lociranih na sljedeim lokacijama: akovo, Osijek, Slavonski Brod, Valpovo i
Vinkovci. Tvrtka ima vlastitu separaciju u Slavonskom amcu. Od oktobra 2011. godine TBG Beton ima u vlasnitvu
betonaru u Zagrebu Donja Bistra.
TBG Beton ima u 100-postotnom vlasnitvu drutvo Dunav-Drava cement d.o.o. Zagreb, koje se bavi distribucijom
cementa na podruju Hrvatske.
TBG Beton ima 50-postotni udio u drutvu TBG Strabag, koji je jedan od veih proizvoaa i distributera betona na
podruju grada Zagreba.
50
Core activities and the Organizational Structure

The core activity of Tvornica Cementa Kakanj is the production and distribution of cement. Distribution is conducted
from the plant in Kakanj and from two sales terminals located in the two largest urban centres in Bosnia and
Herzegovina: Sarajevo and Banja Luka. In addition to distribution, the terminal in Sarajevo is equipped with cement
packaging equipment. Both terminals are equipped with silos for bulk cement. Cement is sold on the domestic
market and on the Croatian market. On the Croatian market, cement is sold through the subsidiary company
Dunav-Drava cement d.o.o. Zagreb.
Tvornica Cementa Kakanj has two active subsidiaries TBG BH d.o.o. Kakanj and TBG BETON d.o.o. Zagreb. The
core activity of these companies is the production and distribution of ready-mixed concrete.
TBG BH d.o.o. Kakanj produces and distributes ready-mixed concrete in Bosnia and Herzegovina through three
ready-mixed concrete plants located in Sarajevo, Banja Luka, and Lukavac, and one mobile ready-mixed concrete
plant located in Drivua on the construction site of the highway between Kakanj and Zenica. The plants are located
for easy access to the most urbanized parts of Bosnia and Herzegovina with the greatest potential for concrete
consumption, while the mobile plant is accessible to the largest infrastructure project in the country.
TBG BETON d.o.o. Zagreb produces and distributes ready-mixed concrete in Croatia, mainly in Slavonia, at its
ready-mixed concrete plants in akovo, Osijek, Slavonski Brod, Valpovo and Vinkovci. TBG BETON also owns an
aggregate plant in Slavonski amac. In October 2011, TBG BETON acquired a ready-mixed concrete plant in Donja
Bistra, near Zagreb.
TBG BETON has a 100% stake in the company Dunav-Drava cement d.o.o. Zagreb, which distributes cement
throughout Croatia.
TBG BETON has a 50% stake in the company TBG Strabag, which is one of the largest producers and distributors
of concrete in the greater Zagreb area.
51
Organizacijska struktura prikazana je u sljedeoj tabeli:
Tvornica cementa Kakanj
TBG BETON Zagreb
Kompanije u BiH
TBG BH Kakanj
100%
Kompanije u Hrvatskoj
TBG Beton Zagreb
100%
Dunav-Drava Cement Zagreb
100%
TBG Strabag Zagreb
50%
Pozicija Tvornice cementa Kakanj unutar HeidelbergCement grupacije

CEEM Investment
NLD
DDC Hungary
SCHWENK AG
93,27%
CEEM Investment
DDC Hungary
52
HeidelbergCement
AG
100%
50%
50%
Organizational structure is shown in the table below:
TBG BETON Zagreb
Companies in BH
TBG BH Kakanj
100%
Companies in Croatia
TBG Beton Zagreb
100%
DDC Zagreb
100%
TBG STRABAG Zagreb
50%
Position of Tvornica Cementa Kakanj within the Group

CEEM Investment
NLD
CEEM Investment
DDC Hungary
DDC Hungary
HeidelbergCement
AG
SCHWENK AG
93,27%
100%
50%
50%
53

Ekonomsko okruenje
Bosna i Hercegovina
Kraj 2015. godine donio je politiku stabilizaciju u zemlji, s obzirom na to da je konano postignut dogovor o
uspostavi stabilne vlasti u Federaciji Bosne i Hercegovine i na dravnom nivou, ime se zavrila politika kriza koja je
eskalirala u pogreno vrijeme dok je Bosna i Hercegovina ozbiljno zaostajala za svojim susjedima na putu ka lanstvu
u Evropskoj uniji. Bitno je naglasiti da je stabilna vlast jedan od najvanijih preduvjeta za napredovanje zemlje u
ekonomskom smislu.
Najznaajnije politiko postignue u 2015. godini je usvajanje Reformske agende u julu, usmjerene na rjeavanje
teke socioekonomske situacije i daljnji napredak zemlje u evropskim integracijama. Tako su prije kraja 2015. godine
usvojeni i pripremljeni za usvajanje znaajni zakoni koji bi jo vie trebalo da priblie Bosnu i Hercegovinu lanstvu u
Evropskoj uniji. Evropska komisija je u svom Izvjetaju o napretku BiH u 2015. godini potcrtala da je napredak nae
zemlje u implementaciji Reformske agende neophodan kako bi se mogla razmatrati njezina aplikacija za lanstvo u
Uniji.
Na osnovu dostupnih preliminarnih makroekonomskih pokazatelja, sigurno je da je Bosna i Hercegovina u
ekonomskom smislu u 2015. godini bila znatno bolja od prethodne godine. Kljuni makroekonomski pokazatelji koji
su bili dostupni pokazali su da pozitivan ekonomski rast nije upitan, ali pretpostavke su da stopa rasta u treem i
etvrtom kvartalu nee biti tako velika kao to je bila u drugom kvartalu kada je realni rast bruto domaeg proizvoda
povean na 4,4% na godinjem nivou, to je predstavljalo najbolji rezultat od kada Agencija za statistiku BiH objavljuje
kvartalno statistiku za bruto domai proizvod. Eksplicitno, 17 od 19 kategorija bruto domaeg proizvoda biljeile
su ekspanziju, a meu njima veleprodaja i maloprodaja, proizvodnja, aktivnosti u domenu finansija i osiguranja
i poljoprivredna proizvodnja prednjaile su u ekonomskom rastu, odnosno najvie doprinijele stopi rasta bruto
domaeg proizvoda. Prema preliminarnim predvianjima oekivana stopa rasta u 2015. godini iznosit e 2,0%.
Ukupna industrijska proizvodnja, koja je u znaajnoj mjeri u korelaciji s bruto domaim proizvodom, kontinuirano je
rasla i njen oekivani rast prema predvianjima iznosit e 4,0% na godinjem nivou. Na rast industrijske proizvodnje
u 2015. godini najvie su uticali rudarstvo i eksploatacija ruda, proizvodnja elektrine energije, snabdijevanje plinom i
vodom. Takoer je potrebno naglasiti da je proizvodni sektor izvozno orijentiran i da je ekonomski oporavak u 2015.
uglavnom baziran na ekonomskom oporavku kljunih izvoznih trita za Bosnu i Hercegovinu kao to su Njemaka,
Austrija, Italija, Hrvatska i Srbija.
Za razliku od prole godine, proizvodnja u graevinarstvu kao i graevinski sektor u 2015. godini, prema dostupnim
podacima, ima trend pada, naroito u kategoriji niskogradnje. Podsjetimo, pad u graevinarstvu desio se u drugom
i treem kvartalu 2015. godine poslije uzastopnog rasta u prethodnih est kvartala, odnosno rasta u periodu od Q4
2013. do Q1 2015. godine. U tom periodu graevinski sektor je imao konstantan trend rasta i bio je voen izgradnjom
autoputa na Koridoru 5-C i dosegnuo je svoj maksimum tokom 2014. godine. Pad indeksa u graevinarstvu ipak se
smatra samo privremenim do nastavka najavljenih novih radova na izgradnji putne infrastrukture.
54

The Economic Environment
Bosnia and Herzegovina
The end of 2015 saw political stabilization in the country, since it is finally reached agreement on the establishment
of a stable government in both the Federation of Bosnia and Herzegovina, as well as at the state level, which ended
the political crisis that has escalated at the wrong time as Bosnia and Herzegovina is seriously lagging behind its
neighbors on the path towards European Union membership. It should be noted that a stable government is one of
the most important prerequisites for the countrys progress in economic terms.
The most important political achievement in 2015 was the adoption of the Reform Agenda in July, aimed at resolving
the social and economic situation, as well as further improvement of the country on the path to European Union
membership. Prior to the end of 2015, important laws, which should further move Bosnia and Herzegovina towards
membership of the European Union, were adopted or prepared for the adoption. The European Commission in its
progress report in 2015 underlined that progress in implementing the Reform Agenda is needed in order for Bosnia
and Herzegovinas for European Union membership to be considered.
Based on available preliminary macroeconomic indicators, Bosnia and Herzegovina was in 2015 in a markedly
improved economic state than in the previous year. Key available macroeconomic indicators showed that positive
economic growth is not questionable, but it is assumed that the growth rate in the third and fourth quarter will not be
as large as it was in the second quarter, when real gross domestic product growth increased to 4.4% annually, which
was the best result of the Agency for Statistics quarterly published statistics for gross domestic product. Explicitly,
17 of the 19 categories of gross domestic product were recorded as in expansion, with wholesale and retail,
manufacturing, activities in the domain of finance and insurance and agricultural production the most advanced in
economic growth. These categories contributed most to the growth rate of gross domestic product. According to
preliminary forecasts, the expected growth rate in 2015 will amount to 2.0%.
Total industrial production, which was significantly correlated with gross domestic product, rose steadily and
expected growth in the amount of 4.0% per annum is projected. The growth of industrial production in 2015 was
mostly influenced by mining and quarrying, electricity, gas and water supply. Also, it should be noted that the
manufacturing sector is export-oriented and that the economic recovery in 2015 is based mainly on the economic
recovery of key export markets for Bosnia and Herzegovina such as Germany, Austria, Italy, Croatia and Serbia.
Unlike last year, production in the construction and building sector in 2015 has, according to available data, a
downward trend, especially in the category of civil engineering. The decline in construction took place in the second
and third quarter of 2015 after the burst of growth in the previous six quarters, and growth in the period from Q4
2013 to Q1 2015. During this period, the construction sector had a constant upward trend and it was driven by
the construction of highway on corridor Vc and reached its peak in 2014. However, the fall in the index in the
construction industry is considered to be only temporary until the next announced new works on the construction
of road infrastructure.
55
Prema posljednjim dostupnim podacima indeks potroakih cijena, odnosno pokazatelj inflacije u novembru 2015.
iznosio je -1,8% na godinjem nivou, te predstavlja dvanaesti mjesec uzastopno da se u BiH biljei negativna
inflacija, odnosno deflacija. Sve u svemu, evidentno je da e u Bosni i Hercegovini ostati zabiljeena deflacija i u
2015. godini prema procijenjenoj stopi od 0,5%. Slino kao i u drugim zemljama u okruenju, razlog pada stope
inflacije jeste pad cijena nafte na svjetskom tritu.
Kao i u prethodnim godinama, tako i u 2015. ono to optereuje ekonomiju zemlje jeste situacija na bh. tritu
rada, odnosno stopa nezaposlenosti mjerena prema tzv. Anketi o radnoj snazi, koja je jedina relevantna u svim
zemljama Evropske unije i u svim razvijenim zemljama, kao i prema metodologiji Meunarodne organizacije rada.
U Bosni i Hercegovini stopa nezaposlenosti za 2015. godinu iznosit e 27,0%, to jo uvijek predstavlja jednu od
najveih stopa nezaposlenosti u Evropi, mada je u poreenju s prethodnom godinom stopa nezaposlenosti prema
navedenoj metodologiji smanjena za 0,5%.
Prema preliminarnim podacima, bez iznosa zadranih zarada u prvoj polovini 2015. godine direktna strana ulaganja
su iznosila 315 miliona KM. U prvih est mjeseci 2015. godine najvea ulaganja (preko 20 miliona KM) registrirana su
iz Austrije, Luksemburga, Hrvatske, Srbije, Turske i Slovenije. Na osnovu projekata koje realiziraju inozemni investitori
u Bosni i Hercegovini, ali i izraenog interesa potencijalnih investitora, postoji optimizam i moe se oekivati rast
stranih ulaganja u narednom periodu. Procjenjuje se da e ukupno u 2015. godini direktna strana ulaganja u Bosni i
Hercegovini iznositi 890 miliona KM, to predstavlja najvei iznos u posljednjih pet godina.
Ukupan vanjski dug Bosne i Hercegovine u 2015. godini, prema dostupnim podacima, iznosio je 8,37 milijardi KM,
to predstavlja poveanje za 3,1% u odnosu na prethodnu godinu. Vanjski dug predstavlja 29,9% procijenjenog
BDP-a, to Bosnu i Hercegovinu svrstava u srednje ili umjereno zaduene zemlje.
Kao rezultat svojih analiza 11. septembra 2015. agencija za ocjenu kreditnog rejtinga Standard & Poors potvrdila
je Bosni i Hercegovini suvereni kreditni rejting B sa stabilnim izgledima. U julu 2012. agencija Moodys Investors
Service potvrdila je Bosni i Hercegovini suvereni kreditni rejting B3 i izmijenila izglede s posmatranja negativno
na stabilne izglede.
Na osnovu svih dostupnih pokazatelja i injenica, moe se zakljuiti da je 2015. godina takoer bila godina izazova,
naroito u politikom smislu, ali i da su pronaena rjeenja. Ekonomske performanse pokazuju da se uz korektan
politiki dijalog te uz reformske procese u ekonomiji mogu postii pozitivne promjene kako bi naa zemlja konano
i sigurno nastavila koraati na putu ka Evropskoj uniji, odnosno evropskim integracijama, to e zasigurno u
pozitivnom smislu promijeniti sveukupnu ekonomsku sliku jedne male otvorene ekonomije i donijeti boljitak za sve
graane koji ive u Bosni i Hercegovini.
Hrvatska
Ekonomski oporavak u Hrvatskoj u 2015. godini kontinuirano se ubrzavao, pa je u treem kvartalu realni bruto
domai proizvod porastao za 1,3% u odnosu na prethodni kvartal. U skladu s takvim kretanjima u treem kvartalu
na godinjem nivou je ostvaren ekonomski rast od visokih 2,8%, emu je najvie doprinio znaajan porast inozemne
potranje. Prema dostupnim podacima za 2015. godinu predvia se da bi realan rast ekonomske aktivnosti zemlje
mogao iznositi oko 1,5%, to odraava visoku stopu rasta izvoza robe i usluga, oporavak line potronje i jaanje
investicijske aktivnosti javnog i privatnog sektora. Takoer, bazirano na kretanjima u prvih devet mjeseci 2015.,
oekuje se blago poveanje dravne potronje, iako se inicijalno oekivalo smanjenje zbog potrebe za fiskalnom
konsolidacijom. Projicirani rast bruto domaeg proizvoda je prema posljednjim projekcijama neto vii (sa 0,5%
na 1,5%), s obzirom na to da su kretanja svih komponenata agregatne potranje povoljnija nego to se prvobitno
oekivalo.
56
According to the latest available data, the consumer price index, or indicator of inflation in November 2015 was -1.8%
annually, representing the twelfth consecutive month in which Bosnia and Herzegovina reported negative inflation or
deflation. All in all, it is evident that in Bosnia and Herzegovina deflation will remain in in 2015 at an estimated 0.5%.
Similar to other countries in the region, the reason for the fall in the inflation rate is the drop in oil prices on the world
market.
In 2015, as in previous years, what burdens the economy of the country is the situation in the labor market. The
unemployment rate is measured by the so-called Labor Force Survey, which is relevant to all European Union
countries and in all developed countries as well as the methodology of the International Labor Organization. In
Bosnia and Herzegovina the unemployment rate for 2015 will amount to 27.0%, which is still one of the highest
unemployment rates in Europe, although compared with the previous year, the unemployment rate according to this
methodology reduced by 0.5%.
According to preliminary data, without the amount of retained earnings in the first half of 2015, foreign direct
investment amounted to 315 million BAM. The largest investments (over 20 million BAM) were registered from Austria,
Luxembourg, Croatia, Serbia, Turkey and Slovenia. On the basis of projects implemented by foreign investors in Bosnia
and Herzegovina, but also based on the expressed interest of potential investors, there is optimism and an increase in
foreign direct investment can be expected in the future. It is estimated that in 2015 total foreign direct investments in
Bosnia and Herzegovina amounted to 890 million BAM which is the highest amount in the last five years.
The total external debt of Bosnia and Herzegovina in 2015 according to the data available was 8.37 billion BAM, which
represents an increase of 3.1% compared to the previous year. External debt represents 29.9% of the estimated gross
domestic product, which situates Bosnia and Herzegovina in the category of a medium or moderately indebted country.
As a result of its analysis on 11 September 2015, the agency for credit rating Standard & Poors affirmed Bosnia and
Herzegovinas sovereign credit rating as B with a stable outlook. In July 2012, Moodys Investors Service confirmed
Bosnia and Herzegovinas sovereign credit rating as B3 and changed the outlook from observation - negative to
stable outlook .
On the basis of all available indicators and facts it can be concluded that 2015 was also a year of challenges,
particularly in the political sense, but also in the way solutions were found. The economic performance shows that
with the correct political dialogue, and with the reform processes in the economy, positive change can be achieved
and Bosnia and Herzegovina can finally continue to move forward on the path towards the European Union and
European integration, which will certainly and positively change the overall economic picture of one small open
economy and bring prosperity to all citizens who live in Bosnia and Herzegovina.
Croatia
Economic recovery in Croatia in 2015 continuously accelerated and in the third quarter real gross domestic product
grew by 1.3% compared to the previous quarter. In line with such developments in the third quarter increased
economic growth of 2.8% on an annual basis was recorded, to which mainly contributed a significant increase in
foreign demand. According to available data for 2015, it is foreseen that the real growth of economic activity of the
country could be around 1.5%, reflecting the high growth rates of exports of goods and services, recovery of private
consumption and strengthening of public and private sector investment activity. Also, based on developments in the
first nine months of 2015, a slight increase in government spending is expected, in spite of a reduction being initially
anticipated due to the need for fiscal consolidation. The projected growth of gross domestic product is, according
to the latest projections slightly higher (from 0.5% to 1.5%), due to the fact that the movement of all the components
of aggregate demand is more favorable than initially expected.
57
Povoljna kretanja izvoza robe i usluga naroito se odnose na izvoz usluga, to je rezultat dobrih ostvarenja tokom
glavne turistike sezone, a to dodatno potvruju i fiziki pokazatelji potranje u turizmu kao veoma vanoj
ekonomskoj grani u Hrvatskoj.
Godinja stopa rasta bruto investicija u fiksni kapital snano se poveala u treem kvartalu (na 2,2%, dok je u
drugom kvartalu 2015. iznosila 0,8%), a dostupni podaci pokazuju da su takva kretanja u veoj mjeri bila odraz
aktivnosti javnog sektora, a prisutne su i naznake oporavka ulaganja privatnog sektora. To se prije svega odnosi na
ulaganje u strojeve i opremu, to ukazuje na porast industrijske proizvodnje i uvoza kapitalnih dobara.
Bitno je naglasiti da je industrijska proizvodnja kao jedan od kljunih ekonomskih pokazatelja koji je uticao na
ekonomski rast u 2015. godini takoer imala trend rasta tokom itave godine, tako da e prema projekcijama rast
industrijske proizvodnje u 2015. godini iznositi 1,5% na godinjem nivou, to predstavlja znaajan rast budui da je
industrijska proizvodnja mjerila negativne stope u periodu od 2009. do 2013. godine.
S druge strane, proizvodnja u graevinarstvu, odnosno sektor graevinarstva tokom 2015. godine je ponovno
biljeio pad na godinjem nivou, u prvom redu zbog niskog nivoa investicija, naroito u prvoj polovini godine, to je
bilo posljedica jo uvijek nedovoljnog ekonomskog oporavka.
Predvien je ipak nastavak oporavka investicija, kako na kraju 2015. godine, tako i u narednom periodu, to bi
znailo da bi se nakon est godina gotovo kontinuirane kontrakcije kapitalna ulaganja mogla blago poveati.
Dostupni pokazatelji kretanja ukupne inflacije u 2015. godini bili su negativni zakljuno s treim kvartalom, emu je
najvie doprinio vei godinji pad cijena energije te usporen rast cijena usluga. Prema procjenama, stopa inflacije
potroakih cijena u 2015. godini bit e blago negativna, odnosno stopa deflacija e iznositi 0,4%. Na blagi oporavak
stope inflacije u 2015. godini uticao je i oporavak domae potranje, to je uzrokovalo blago poveanje godinje
stope rasta indeksa cijena.
U 2015. godini trite rada u Hrvatskoj ostalo je jo uvijek slabo i prema dostupnim pokazateljima i rezultatima
Ankete o radnoj snazi zaposlenost je znaajnije rasla u prvoj polovini godine, a i u treem kvartalu nezaposlenost se
blago smanjivala. Dostupni podaci upuuju na daljnji blagi pad nezaposlenosti i u posljednjem kvartalu, tako da je
oekivana anketna stopa nezaposlenosti u 2015. godini prema procjenama 16,5%, to ipak predstavlja smanjenje
u odnosu na prethodnu godinu.
Direktne strane investicije u 2015. godini bile su na skromnom nivou, to je posljedica brojnih administrativnih
prepreka. Oteavajua okolnost je direktno i retroaktivno uplitanje drave u ugovorne odnose meu pravnim
licima, to moe ostavljati utisak pravne nesigurnosti. Dodatno, konverzija kredita u valuti vicarski franak u euro
valutu, prema zakonskom rjeenju koje je donio Hrvatski sabor u septembru 2015. godine, izjednaava dunike u
razliitim valutama i oslobaa dio raspoloivog prihoda. Ipak, konverzija kredita iz franka u euro otvara pitanje pravne
sigurnosti, ali i rasta javnog duga koji u konanici moraju otplatiti svi porezni obveznici.
Pored gore navedenih makroekonomskih pokazatelja, ono to je obiljeilo i ovu godinu jeste stanje javnih finansija.
Budui da je sredinom 2014. godine Hrvatska kao lanica Evropske unije ula u proceduru prekomjernog deficita,
kao i meu zemlje u kojima su utvrene izrazite makroekonomske neravnotee, to je impliciralo strogo praenje
javnih finansija od strane Evropske komisije. Takoer, budui da je Evropska komisija traila da Hrvatska ostvari
budetski manjak na nivou ispod 3% od bruto domaeg proizvoda do 2016. godine i da se dug ope drave smanji
do nivoa ispod 60% bruto domaeg proizvoda do 2018. godine, to se prema oekivanjima na nivou 2015. godine
nee dogoditi i procjene su da e manjak iznositi 5,0% od bruto domaeg proizvoda, a dug ope drave 86,5%
bruto domaeg proizvoda, to ne prua optimistinu sliku u pogledu javnih finansija.
58
Favourable developments in exports of goods and services relate in particular to the export of services, mainly as a
result of successes in the main tourist season, further confirmed by the physical indicators of demand in tourism, a
very important economic branch in Croatia.
The annual growth rate of gross fixed capital formation increased strongly in the third quarter (to 2.2%, while in the second
quarter of 2015 it amounted to 0.8%), and the available data indicates that those trends are largely a reflection of public
sector activities, coupled with signs of recovery in private sector investments. This primarily relates to investments in
machinery and equipment that indicates an increase in industrial production and the import of capital goods.
It should be noted that industrial production, as one of the key economic indicators that influenced economic
growth in 2015, also experienced an upward trend throughout the year, to such a degree that the projected growth
of industrial production in 2015 amounted to 1.5% per annum, which represents significant growth, since industrial
production reported negative rates throughout the period from 2009 to 2013.
Conversely, production in the construction industry again recorded decline in 2015 on an annual basis,
because of the low level of investment, especially in the first half of 2015, an outcome of insufficient economic
recovery.
However, according to the latest projections the continuation of investment recovery at the end of 2015 and beyond is
foreseen, which would mean that after almost six years of continuous contraction, capital investments may increase slightly.
Available indicators of overall inflation in 2015 were negative as of the third quarter, to which contributed a higher
annual decline in energy prices and slower growth in the prices of services. According to estimates of consumer
prices, the inflation rate in 2015 will be slightly negative, which means deflation at a rate of 0.4%. Mild recovery in
the inflation rate in 2015 was influenced by the recovery of domestic demand, which caused a slight increase in the
annual growth rate price index.
In 2015 the labor market in Croatia still remained weak and according to available indicators and the results of
the Labor Force Survey, employment significantly increased in the first half of the year and in the third quarter,
with unemployment slightly decreasing. Available data indicates a further slight decline in unemployment in the
last quarter, and, according to estimates, the expected survey unemployment rate in 2015 is 16.5%, which still
represents a decrease compared to the previous year.
Foreign direct investments in 2015 were at a modest level, as a result of a number of administrative barriers. An
aggravating factor is direct and retroactive state interference in contractual relationships between legal entities, which
may give the impression of legal uncertainty. In addition, conversion of loans in the currency of Swiss franc to euros,
equates debtors in various currencies and releases part of disposable income in accordance with legislation that was
passed by the Croatian Parliament in September 2015. However, conversion of loans from the franc to the euro raises
the question of legal certainty, as well as the increase in public debt that ultimately must be paid by all taxpayers.
In addition to the aforementioned macroeconomic indicators, what marked this year is the condition of public
finances. Since the middle of 2014, Croatia, as a member of the European Union, entered in the Excessive Deficit
Procedure (EDP) and also entered amongst those countries identified as having macroeconomic imbalances,
which implied strict monitoring of public finances by the European Commission. Since the European Commission
requested that Croatia achieves a budget deficit below 3% of gross domestic product by 2016 and reduces general
government debt to below 60% of gross domestic product by 2018, it will not happen and in 2015 there are
estimations that the shortage will amount to 5.0% of gross domestic product with general government debt of
86.5% of gross domestic product, which does not offer an optimistic picture in terms of public finances.
59
Fiskalnu politiku posljednjih godina, kao i 2015. godine, karakterizira neodlunost u provoenju snanijih strukturalnih
reformi koje bi omoguile odrivo smanjenje budetskih rashoda. Fiskalna kretanja su bila krajnje neizvjesna, dodatno
zbog parlamentarnih izbora odranih u novembru 2015. godine, zbog ega nije donesen ni budet za 2016. godinu,
tako da je u prvom kvartalu 2016. godine na snazi privremeno finansiranje dravnog budeta.
Zakljuak je da nakon est uzastopnih godina pada realnog bruto domaeg proizvoda hrvatska ekonomija konano
biljei pozitivnu stopu rasta u 2015. godini.
Trite
Ukupna potronja na tritu cementa u BiH u 2015. godini procjenjuje se na oko 1,12 miliona tona, to je za oko
40 hiljada tona manje nego u 2014. godini, odnosno zabiljeen je daljnji blagi pad agregatne potronje cementa od
oko 3,3%.
Ovo smanjenje, posebno izraeno u provom polugoditu 2015., rezultat je zavretka postojeih i zastoja radova na
novim dionicama na gradilitima autoputa Koridora 5-C te prestankom plasmana cementa za potrebe ovih gradilita.
Pored toga, pad kupovne moi i individualne potronje kao i prolongiranje investicijskih programa karakterizira cijeli
protekli period 2015. godine.
U usporedbi s agregatnom potranjom u prethodnim godinama nastavljena je tendencija pada ukupne potronje i sa
slabim naznakama znaajnijeg oporavak trita. Nivo agregatne tranje u apsolutnom iznosu jo uvijek je na daleko
niskom nivou u odnosu na period ekspanzije 2000.2008. godine (vidi sliku). Sve ovo govori da trite u BiH jo eka
dug put do potpunog oporavka i ekspanzije cjelokupne ekonomske aktivnosti, odnosno znaajnijeg rasta potranje
i potronje na tritu cementa.
AGREGATNA POTRANJA TRITE BiH

2,000,000
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
60
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Fiscal policy in recent years, as well as in the year 2015, is characterized by hesitation in implementing stronger
structural reforms that would enable the sustainable reduction of budget expenditures. Fiscal developments were
highly uncertain, due additionally to parliamentary elections held in November 2015, due to which the budget for
2016 was not adopted, resulting in temporary financing of the state budget in the first quarter of 2016.
The conclusion is that after six consecutive years of decline in real gross domestic product, the Croatian economy
has finally recorded a positive growth rate in 2015.
The Market
Total consumption of the B&H cement market in 2015 was estimated at about 1.12 million tonnes, which is about
40 thousand tonnes less than in 2014, and a further slight decline of approximately 3.3% in aggregate cement
consumption was recorded.
This decrease, particularly evident in the first half of 2015, significantly results from the completion of existing sections
and delays in the commencement of new sections at the construction sites on Corridor 5C highway, and the
corresponding termination of placement of cement for the needs of these construction sites. In addition, the decline
in purchasing power and individual consumption as well as postponement of investment programs characterized
the entire previous period of 2015.
Compared to aggregate demand in previous years, the trend of decline in total consumption continues, and there
is still no sight of full market recovery. The level of aggregate demand in absolute terms is still at a very low level
compared to the period of expansion from 2000 to 2008 (see diagram below). All this shows that the market in B&H
is still a long way from full recovery with expansion of overall economic activity and significant growth in demand and
consumption of cement in the market.
AGGREGATE DEMAND BiH MARKET

2,000,000
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
61
Nefunkcioniranje cjelovite drave i nestabilna politika situacija uticali su na smanjenje inozemnih investicija i zastoj
ve odobrenih kapitalnih projekata. Autoput koji treba spojiti Budimpetu i Ploe, a koji se kroz BiH protee u duini
oko 330 kilometara, bio je pokreta kljunih i sveobuhvatnih privrednih aktivnosti; rije je o projektu velikog znaaja
za dravu; do sada je izgraeno stotinjak kilometara (oko 35%). Perspektivu u budunosti daje najava nastavka
daljnjih aktivnosti u 2016. godini na dionicama Zenica sjever Zenica jug, juni krak dionice Poitelj Zvirovii,
povezivanje s Hrvatskom izgradnjom mosta na sjeveru, dionica Oraje - Svilaj, sve u ukupnoj duini oko 80-ak
kilometara.
Stanje ni ove godine nije nita bolje u realnom sektoru, nelikvidnost je prisutna u graevinskom sektoru, kriza
je na tritu nekretnina. Nedostatak privrednih aktivnosti, kontinuirane gradnje veih infrastrukturnih projekata,
stalna orijentiranost na uvoz umjesto na vlastitu proizvodnju, preoptereenost realnog sektora porezima i drugim
dadbinama, neadekvatna zatita domae privrede kao i proizvoaa rezultiraju nelojalnom konkurencijom
inozemnih proizvoda, nedostatkom poslova i nelikvidnou realnog sektora.
Nedostatak graevinskih aktivnosti i u zemljama okruenja, naroito u Hrvatskoj, rezultirao je i dalje vrlo visokim
plasmanom uvoznog inozemnog cementa (oko 40%). U plasmanu cementa na trite BiH, putem niskih eksportnih
cijena, prednjaili su prvenstveno proizvoai cementa iz Hrvatske (CEMEX i NEXE).
Tokom 2015. uoen je i sporadian trini nastup na tritu BiH i cementa iz Salonita Anhovo, vodeeg
slovenskog proizvoaa na polju graevinskih materijala, koji plasira svoj cement na podruju Unskosanskog kantona.
Iako domai proizvoai sada imaju vie nego dovoljne kapacitete za pokrivanje cjelokupnih potreba za cementom,
neiskoritenost kapaciteta i nedostatak potranje na domicilnim tritima razlozi su poveanog plasmana uvoznoga
cementa na tritu BiH. To potvruje injenica da se trino uee uvezenog cementa u 2015. godini zadralo na
vrlo visokih 40%. Otvorenost zemlje i jaka konkurencija iz inozemstva zahtijevaju izuzetne napore da se postigne
odgovarajui pristup potroaima i zatiti domae trite.
Poslovna linija cement

Tvornica cementa Kakanj se nakon postepenog obnavljanja i poveanja proizvodnih kapaciteta te okonanoga
privatizacijskog procesa u potpunosti afirmirala kao savremena i trino orijentirana firma, kako na domaem, tako
i na tritu zemalja u okruenju.
S ulaskom TCK-a u lanac globalnih korporacija / proizvoaa cementa na tritu BiH je dolo do znaajnog
unapreenja postojeih tehnologija kao i potpunog odmaka od postojeih tehnolokih rjeenja i koritenja, to je
dovelo do potpuno drugaijega i novog kvaliteta poslovanja i odnosa prema korisnicima i ostalim interesnim grupama.
Tehniko-tehnoloko unapreenje procesa poslovanja Tvornice cementa Kakanj imalo je efekta i u proizvodnoposlovnom procesu i na tritu u vidu vraanja povjerenja korisnika u domae proizvoae i brendove TCK-a,
pogotovo na podrujima na kojima su bile dominantne uvozne marke cementa (jugozapadna Hercegovina, regija
Banje Luke, Unsko-sanski kanton itd.). Tako je danas, zahvaljujui ovom faktoru, struktura potronje cementa
inozemnoga i domaeg porijekla znaajno izmijenjena u odnosu na protekli period.
Vodei se navedenim saznanjima i nastojei da bude to blie izvorima najvee koncentracije stanovnitva i
potranje kao i rastue konkurencije, Tvornica cementa Kakanj je u prethodnim godinama otvorila svoje prodajne
terminale u Sarajevu i Banjoj Luci. Otvaranjem prodajnih terminala u podrujima intenzivne potronje TCK svojim
kupcima omoguuje jednostavan pristup proizvodima iz svog asortimana, a smanjujui trokove prijevoza,
odravanja i manipuliranja, postie sigurnost i stabilnost distribucije svojih proizvoda.
62
An atmosphere of dysfunction, absence of integration and persisting, unresolved political disputes have influenced a
reduction in foreign investment and have delayed already approved capital projects. The highway that should connect
Budapest and Ploe through Bosnia and Herzegovina, at a length of approximately 330 kilometers, has been the engine of
key overall business activities, and represents a project of key importance to the state. So far about a hundred kilometers
(35%) has been constructed. Prospects for the future are the announcement of the continuation of further activities in
2016, including the section of Zenica north - Zenica south, the south branch Poitelj-Zvirovii, and connection with Croatia
by the construction of the bridge in the north section Oraje-Svilaj, a combined total length of about 80 kilometres.
The situation in the real sector this year is no better. There is an evident increase in overall unemployment; a lack
of liquidity in the construction sector; and a crisis in the housing market. Additionally, there is a lack of economic
activities such as continued construction of major infrastructure projects; a constant focus on import rather than
domestic production; excessive real sector taxes and other duties; inadequate protection of the domestic economy
and manufacturers resulting in unfair competition from foreign products; and a lack of jobs and liquidity in the real sector.
The lack of construction activity in neighboring countries (especially in Croatia) has resulted in still significantly high
levels of foreign imported cement (about 40%), and placement on the cement market in BiH through price dumping
was deployed by foreign cement producers from the surrounding region particularly by CEMEX and NEXE (Croatia).
The sporadic market presence of cement from Salonit Anhovo on the BiH market has also been observed during
2015. This is the leading Slovenian manufacturer in the field of construction materials, which utilises return tours of
BiH carriers to place its cement in the Una-Sana Canton.
Although domestic producers now have more than enough capacity to cover the entire demand for cement, unused
capacities and lack of demand in the domestic market are the reasons for increased placement of imported cement
onto the market of Bosnia and Herzegovina. This is confirmed by the fact that the market share of imported foreign
cement remained very high, at around 40% in 2015. Openness of the country and strong foreign competition require
extraordinary efforts to achieve appropriate access to consumers as well as to protect the domestic market.
Cement Business Line

After a gradual recovery and capacity increase, and completion of the privatization process, Tvornica Cementa
Kakanj has been affirmed as a modern and market oriented company on the domestic market, as well as on the
markets of surrounding countries.
Once Tvornica Cementa Kakanj entered the chain of global corporations/cement producers, the BiH market was
enriched by significantly improved technologies and completely advanced technological solutions and utilizations,
ultimately leading to new and different quality business relationships with customers and other stakeholders.
Technical and technological improvements to the business process of Tvornica Cementa Kakanj had desired effects
in the production and business process, as well as on the market, in terms of regaining the trust of our customers
and their dependence on domestic products, especially in areas where foreign cement brands dominated (southwestern Herzegovina, the Banja Luka region, Unsko-sanski Canton, etc). Thanks to this factor, the balance of
todays foreign and domestic cement sales has been significantly changed in comparison to previous years.
Led by market research and a drive towards catering to the most significant centres of population and demand in
the country, Tvornica Cementa Kakanj opened its sales terminals in Sarajevo and Banja Luka. Through these sales
terminals in the areas of the most intensive consumption, Tvornica Cementa Kakanj provides its customers with
simple access to its products, and through decreased transport, maintenance and handling costs, achieves safe
and stable distribution of its products.
63
Struktura prodaje po tritima linija cement

Tvornica cementa Kakanj je i u 2015. godini ostvarila uspjene poslovne rezultate, potvrdivi tako trend stabilnosti
prihoda od prodaje i stabilnosti u poslovanju. Postignuti poslovni rezultati su tim znaajniji to su ostvareni u
uvjetima stagnacije koja jo uvijek znaajno pogaa trite BiH. Ovu je godinu karakterizirao zavretak investicija
u putnu infrastrukturu (Koridor 5-C), jaanje generike konkurencije, blagi pad stope rasta trita, nelikvidnost
graevinskog sektora, stroiji uvjeti kreditiranja te pad ivotnog standarda i kontinuirana politika nestabilnost
Inovacijama u proizvodnom procesu, savremenim sistemom komuniciranja, transporta i obrade podataka te
praenjem trendova u proizvodnji cementa TCK je u posljednjih nekoliko godina postigla znaajna unapreenja
tehnolokog procesa, kao i dugotrajne ekonomske i ekoloke koristi. Investicijama u proirenje kapaciteta,
koritenjem savremenih tehnolokih rjeenja i snanijim marketinkim nastupom postignuta je prepoznatljivost
marki cementa TCK-a na domaem i na inozemnom tritu.
U situaciji kontinuiranog pritiska inozemnih konkurenata te daljnje prisutnosti ekonomske i politike krize,
zadravanje liderske pozicije na domaem tritu kao i razvoj meunarodnog poslovanja u aktualnim
trinim uvjetima predstavljaju veliki uspjeh Tvornice cementa Kakanj. To je rezultat predanog rada i velikog
angamana svih zaposlenika, koji su pruili i ugradili svoj maksimalan doprinos u ostvarivanje zajednikog
cilja.
Tvornica cementa Kakanj je na tritu Bosne i Hercegovine u 2015. godini ostvarila obim prodaje od 355 hiljada
tona, te neto prihod od prodaje u iznosu 49,7 miliona KM. Uz intenzivnu konkurenciju, TCK je uspjela zadrati
vodei dio trinog uea od oko 31,5%, uz solidan plasman svojih proizvoda u kljunim trinim segmentima.
Kontinuiranim aktivnostima praenja stanja na tritu te pravovremenim reakcijama Tvornica cementa Kakanj je,
zahvaljujui dobro definiranoj prodajnoj politici, uspjela zadrati lidersku poziciju na tritu BiH, pa ak za 1,2%
poveati svoj trini udio u odnosu na prethodnu godinu.
Tvornica cementa Kakanj je kao odgovor na agresivan nastup konkurenata iz Hrvatske poveala prodaju cementa
na hrvatskom tritu. Tako je izvoz tokom 2015. u Hrvatsku iznosio cca 70 hiljada tona, odnosno, TCK je ostvarila
plasman oko 16 % svoje ukupne prodaje.
Obim prodaje TCK (kt)
2012.
2013.
2014.
2015.
Trite BiH
365,1
431,6
351
355
Trite RH
59,8
45,9
63,9
70,6
4,2
424,9
477,5
419,1
425,6
Trite AFRIKA
UKUPNO
Procentualno, uee izvoza u ukupnoj prodaji TCK-a poveano je za oko 9% u odnosu na prethodnu godinu.
Navedeno govori o stabilnosti prisustva i prepoznatljivosti brenda i na tritu Republike Hrvatske, boljoj
organiziranosti TCK-a u plasmanu i distribuciji, kao i usklaivanju sa specifinostima i zahtjevima toga trita.
U 2015. godini je zadran trend pojaanog plasmana rinfuznog cementa u odnosu na uvreani. Trend je posljedica
smanjenja individualne gradnje i intenziviranja plasmana rinfuznog cementa kod segmenta korisnika proizvoaa
prakastih materijala.
U kumulativu, odnos prodaje uvreanog i rinfuznog cementa TCK-a iznosi oko 35:65 % u korist rinfuznog.
64
Market Sales Structure Cement Business Line

In 2015, Tvornica Cementa Kakanj continued with the trend of successful business results, thus confirming the stability
of sales income and business. Achieved business results were even more significant since they were achieved under
the omnipresent recession that still affects the BiH market. 2015 was marked by the end of investment into road
infrastructure (Corridor 5C), increased generic competition, small market growth rate, insolvency of the construction
sector, general price increases, more rigid credit conditions, fall in living standards and continuing political instability.
With innovations in the production process, modern systems of communications, transport and data processing,
and following trends in cement production, Tvornica cementa Kakanj has achieved significant technological
improvements in the last few years, along with long-term economic and environmental benefits. Investments geared
towards increasing production capacity, utilization of modern technical solutions, and stronger market presence on
the domestic as well as in foreign markets, resulted in the popular acclaim of Kakanj Cement brands.
In a situation of continuous reduction in sales volume, as a result of a significant reduction in aggregate demand
and continuing economic and political crisis, maintaining the leading position on the domestic market and the
development of international business represent a great achievement for Tvornica cementa Kakanj in the current
market conditions. This achievement is testimony to the hard work and great engagement of all employees, where
everyone has invested their maximum effort into realizing a common goal.
In 2015, Tvornica cementa Kakanj achieved 355 kt sales volumes on the BiH market, and net income in the amount of
49.7 million KM. At the same time, with increasingly intense competition, TCK reached a market share of about 31.5%,
and managed to keep the leading position in the domestic market, with solid sales of products in key market segments.
By continuously monitoring the activities in the market and timely reaction, Kakanj Cement Factory, thanks to a welldefined sales policy, managed to keep the leading position in the BiH market, and even increased its market share
by 1.2% compared to the previous year.
Responding to an aggressive presence of competitors from Croatia, Tvornica cementa Kakanj increased its sales
in Croatia market. In 2015 export to Croatia was around 70 thousand tons, i.e. Tvornica cementa Kakanj sold 16%
of its total volumes in Croatia.
TCK Sales volume (kt)
B&H Market
Market of Croatia
2012
2013
2014
2015
365.1
431.6
351
355
59.8
45.9
63.9
70.6
Market of Afrika
4.2
TOTAL
424.9
477.5
419.1
425.6
In percentage terms, the share of exports in total sales of TCKs products increased by about 9% compared to the
previous year. This suggests stable presence and brand recognition on Croatian market, better organization of TCK
in marketing and distribution, as well as compliance with the specifics and requirements of the market.
In 2015, the trend of increased placements of bulk cement in relation to bagged was maintained. This trend is a
result of a reduction in individual construction and intensifying investments in the segment of bulk cement customers
- manufacturers of powdered materials.
Cumulatively, the ratio of sales of bagged and bulk cement TCK is about 35:65% in favor of bulk.
65
Raspodjela prodaje cementa
65+35+M
35,4%
Vrea
(t)
Rinfuza (t)
64,6%
Kako bi poboljali strateki poloaj na tritu jugoistone Evrope, HeidelbergCement i Schwenk su tokom 2015.
od Cemexa kupili tvornice i pogone za proizvodnju cementa, betona i agregata u Hrvatskoj, Bosni i Hercegovini,
Srbiji, Crnoj Gori i Maarskoj.
Ova akvizicija e zasigurno u narednom periodu imati veliki uticaj na trite cementa ne samo u BiH nego i ire,
u svjetlu uvrivanja pozicije HeidelbergCement Group, gdje e grupa pojaati prisustvo te postati jedan od
najveih proizvoaa graevinskog materijala u zemljama regije.
Dunav-Drava cement
Na tritu Republike Hrvatske procijenjena potronja cementa u 2015. je oko 1,3 miliona tona, to predstavlja
blagi rast u odnosu na 2014. uglavnom uzrokovan neto znaajnijim iskoritenjem EU fondova, novom odobrenju
Dravnog ureda za obnovu i stambeno zbrinjavanje o obnovi u ratu poruenih kua, u drugoj polovici godine,
kao i za graevinski sektor povoljnim vremenskim uvjetima na kraju godine.
Dunav-Drava cement je tokom 2015. godine ostvario ukupnu prodaju od 139 hiljada tona, to predstavlja trini
udio od oko 11%, te promet od 18,9 miliona KM, to je za 3,3 miliona KM vei promet u odnosu na prethodnu
godinu i predstavlja rast prometa od 21%.
Poslovna linija beton

Struktura prodaje po poslovnim jedinicama i tritima linija beton
Spoznaja da se vrijednost za potroaa vie ne kreira samo u firmi, jasno je u stvaranju dodatne vrijednosti i
konkurentske prednosti istaknula odluujuu ulogu efikasno strukturiranih i integriranih kanala marketinga. Koristei
znanja i iskustva HeidelbergCement grupacije, kao i primjenom odgovarajuih strategija, Tvornica cementa Kakanj
stavlja na raspolaganje proizvode i usluge svojim kupcima na nain putem kojeg poveava vrijednost svoje ukupne
ponude i diferencira svoju ponudu gradei lanac vrijednosti na kanalima marketinga.
66
Cement sales distribution
65+35+M
35,4%
Bag
(t)
Bulk
(t)
64,6%
To improve its strategic position in the market of Southeast Europe, HeidelbergCement and Schwenk in 2015
bought factories and plants from Cemex for the production of cement, concrete and aggregate in Croatia,
Bosnia and Herzegovina, Serbia, Montenegro and Hungary.
In the upcoming period, this acquisition will certainly have a major impact not only on the B&H cement market
but wider, in light of the strengthening of the position of HC Group, where Heidelberg Group will strengthen its
presence and become one of the largest manufacturers of building materials in the countries of the whole region.
Dunav-Drava cement
In the market of Republic of Croatia estimated cement consumption in 2015 was approximately 1.3 million tons,
which represents a slight increase compared to 2014, mainly caused by slightly better utilization of EU funds,
new reconstruction plans issued from the Government department of reconstruction for rebuilding houses
devastated during the war, as well as favourable weather conditions towards the end of the year.
In 2015, Dunav-Drava cement achieved sales of 139 thousand tons, which is a market share of 11%, and
turnover of 18.9 million KM, which is 3.3 million KM higher compared to 2014, representing an increase in
turnover of 21%.
The Concrete Business Line

Sales Structure per Business Units and Markets Concrete Business Line
By acknowledging that the value of customers is no longer created only in the company, it is clear that effectively
structured and integrated marketing channels play a key role in adding value and a competitive edge. The knowledge
and experience of HeidelbergCement Group, as well as the application of appropriate strategies, enables Tvornica
Cementa Kakanj to offer its goods and services to customers, through which it increases its overall value, and
differentiates its products by building a value chain in marketing channels.
67
Izgradnjom sistema vertikalnog marketinga TCK nastoji izgraditi postupne faze proizvodnje i distribucije pod jednim
vlasnitvom, te povezuje proizvodnju cementa s lancem betonara koje posluju u sklopu poslovne linije Transport
Beton Group (TBG), ime se postie integriran lanac distribucije cementa (poluproizvoda) i betona (gotovog
proizvoda) do krajnjih korisnika.
Putem ovakvog naina sistema marketinga i distribucije TCK se takoer brani od nepovoljnih trinih uticaja na
postojeem tritu i amortizira ih, plasira svoj proizvod i ulazi na ciljna i inozemna trita koja su pod dominacijom
konkurenata. Primjenom vertikalnog sistema marketinga TCK takoer postie ekonominost u poslovanju i
eliminaciju udvostruenja usluga.
TBG BH
Firma TBG BH d.o.o. Kakanj osnovana je 2001. godine kao kerka kompanija Tvornice cementa Kakanj. Osnovna
djelatnost kompanije je proizvodnja betona, njegov prijevoz i ugradnja na odreenoj destinaciji. U svome vlasnitvu
trenutno ima tri poslovne jedinice sa etiri betonare, i to PJ Sarajevo, koja u svom sastavu ima betonaru u Sarajevu i
mobilnu betonaru lociranu u Drivui , PJ Lukavac i PJ Banja Luka, koje proizvode visokokvalitetne vrste betona kao
i betone sa elinim vlaknima te glazure i maltere.
Betonara u Lukavcu radi od 1999. godine, betonara u Sarajevu putena je u rad 2003. godine, betonara u Banjoj
Luci radi od decembra 2006., dok mobilna betonara locirana u Drivui posluje od 2011. pratei potrebe za betonom
na Koridoru 5-C, na dionici autoputa prema Zenici. Sve betonare imaju vrhunsku opremu za proizvodnju, distribuciju
i ugradnju betona te moderno opremljene laboratorije. Za dodatne kapacitete transporta i ugradnje betona TBG
BH ima ugovor sa svojim partnerima. Vrhunska oprema koju posjeduje TBG BH upotpunjena je i s tri tvorniki nove
auto-pumpe za beton s dometom do 37 metara visine, kao i s novom auto-pumpom za beton dometa 47 metara.
Upravljanje postrojenjima je potpuno kompjuterizirano (GEDIS), ime se garantira kvalitet betona, a to potvruje i
laboratorij nezavisnog instituta koji redovito radi ispitivanja. Pored toga, betonare su opremljene specijalnim stanicama za reciklau (BIBKO sistem), kojima se omoguava ponovno koritenje otpadne vode i estica pijeska i ljunka
u krunom toku. Kvalitet betona garantira ovo drutvo, a potvruje kontrola nezavisnog instituta.
Iako je i ova godina bila posebno teka za privredu Bosne i Hercegovine i njenu graevinsku industriju i operativu, to nije sprijeilo nau kompaniju TBG BH da nastavi s kontinuiranim pozitivnim poslovanjem i rezultatima te
angamanom svih svojih kapaciteta. .
Tokom 2015. godine TBG BH je proizveo i ugradio 77,6 hiljada kubnih metara betona.
Obim prodaje (hiljade m)
2013.
2014.
2015
TBG BH PJ Sarajevo
46,8
54,9
36,3
TBG BH PJ Lukavac
16,7
10,8
15,6
TBG BH PJ Banja Luka
30,9
9,9
17,3
TBG BH MJ Drivua
108,8
26,7
8,4
UKUPNO
203,2
102,3
77,6
Kao to je evidentno u pregledu, proizvodnja betona u 2015. je znatno pala u odnosu na 2014. Ovakav trend je
posljedica zastoja u realizaciji velikih infrastrukturnih projekata.
68
Tvornica Cementa Kakanj has been building a vertical marketing system in order to form gradual phases of
production and distribution under one ownership, and connect cement production with a chain of concrete plants,
in collaboration with the Transport Beton Group (TBG), thus achieving an integrated chain of cement distribution
(semi-finished product) and concrete (finished product), ready for consumer use.
With such a marketing and distribution system, Tvornica Cementa Kakanj defends its position while depreciating
unfavourable influences in the existing market, installs its products, and enters targeted and foreign markets
dominated by the competition. In addition, the application of the vertical marketing system enables Tvornica
Cementa Kakanj to achieve business efficiency and better negotiation conditions.
TBG BH
TBG BH Company Ltd was founded in 2001 as a daughter company of Tvornica Cementa Kakanj. The basic
activity of the company is concrete production, transportation and installation at a particular building site.
Currently, it owns four Concrete Production Plants - business units (BU) in Sarajevo, Lukavac and Banja Luka
and a mobile unit (MU) in Drivua, which produce high-quality types of concrete, steel fibre concrete and
mortar.
Lukavac Concrete Plant has been operational since 1999, Sarajevo BU since 2003, BU Banja Luka since December
2006, while MU Drivua has been in operation since 2011, supporting the need for concrete on Corridor 5C,
motorway section Gorica-Biljeevo. All BUs have superior mixing equipment for the production, distribution and
installation of concrete, and modern laboratories. TBG BH has additional capacity for transport and installation
contracted through partners. State of the art equipment owned by TBG BH is enhanced by 3 new concrete pumps
with a range of up to 37 meters, and with a new concrete pump with a range of 47 meters. All are fully computerised
(GEDIS), thus guaranteeing the quality of concrete, which is confirmed by an independent laboratory institute that
runs regular tests. In addition, the concrete plants are equipped with special recycling stations (BIBKO system),
which enables the re-use of waste water and particles of sand and gravel. The company guarantees quality concrete,
confirmed by the control of an independent institute.
Even though this was another particularly difficult year for the economy of Bosnia and Herzegovina and its
construction industry and operations, our company TBG BH continues to achieve positive business results, and
engages all of its facilities.
During 2015, TBG BH produced and installed 77,600 cubic meters of concrete.
Obim prodaje (hiljade m)
2013.
2014.
2015
TBG BH BU Sarajevo
46.8
54.9
36.3
TBG BH BU Lukavac
16.7
10.8
15.6
TBG BH BU Banja Luka

TBG BH MU Drivua
TBG BH Total
30.9
9.9
17.3
108.8
26.7
8.4
203.2
102.3
77.6
It is evident that concrete production in 2015 significantly decreased compared to 2014. This trend is due to failure
in realization of large infrastructure projects.
69
Gledano teritorijalno, tj. lokalno prema rasporedu naih betonara, situacija je sljedea:
PJ Sarajevo
Ukupna potronja betona u regiji Sarajeva procjenjuje se na oko 250 hiljada m, to predstavlja smanjenje u odnosu
na prethodnu godinu. Smanjenje potronje betona uzrokovano je vrlo nepogodnom graevinskom klimom openito
u BiH, koja se naravno reflektira i na ovo podruje djelovanja. Nedostajalo je, prije svega, projekata koji troe velike
koliine betona. Uglavnom se radilo na zavretku projekata zapoetih u 2014. i neto manjih projekata iz 2015.
godine. Nedostatak projekata rezultirao je i padom cijena.
U odnosu na prethodnu godinu, betonara Sarajevo je imala smanjenje prodaje za 34%, ali i sa smanjenim volumenom prodaje od 36 hiljada m imala je trini udio od 14,4% i s takvim trinim udjelom zadrala vodeu poziciju
na tritu.
Projekti na kojima se ugraivao na beton u 2015. su sljedei:
PANAMERA Ilida, MALAK
LOT 2B
Hala GRAFOTISAK
Hala CATERPILAR
Lamele Dobrinja SPO
AUTOKAMP OAZA
JONUZ Company
SPO Objekt Ilda, A
Transverzala Euroasfalt
Regulacija korita rijeke Bosne
Srebrena lisica, Bjelanica, ANS DRIVE
Hala za logistiku, Amerika ambasada, Veyka TR
Sky Ilida, recepcija Terme Ilida i druga manja gradilita
Mobilna betonara
Od 2011. godine, od kada je operativna, mobilna betonara TBG BH u Zenici proizvela je vie od 210 hiljada kubnih
metara betona. Kompletna proizvodnja betonare isporuena je primarno u tunel Vijenac te vijadukte i mostove
na LOT-u 3 autoputa na Koridoru 5-C. Kvalitet betona koji proizvodi TBG BH bio je presudan za ovako intenzivan
angaman, a da bismo zadovoljili potrebe investitora, obnovili smo i ojaali nae transportne i pumpne kapacitete,
to nam se viestruko vraa. Iako je prvobitno za 2015. godinu bilo planirano da mobilna betonara plasira nekoliko
desetaka hiljada m betona, to se nije desilo zbog neplaniranog zastoja na nastavku gradnje autoputa na Koridoru
5-C. Pregovori izmeu investitora i izvoaa trajali su do decembra 2015., tako da se planirane isporuke prenose u
2016. godinu.
Mobilna betonara TBG BH u Zenici tokom 2015. godine ukupno je proizvela 8,4 hiljade m betona. Ukupna potronja
betona u ovoj regiji je iznosila cca 75.000 m u 2015., tako da nae uee i s ovom proizvodnjom odnosi 11%.
70
The situation in the areas is as follows:

BU Sarajevo
Total consumption of concrete in Sarajevo region is estimated at around 250 thousand m3, which is a decline
compared to the previous year. Decline in consumption was caused by a very unfavourable construction climate in
BiH in general, which is of course reflected in this business area as well. There was, first of all, a lack of large-scale
projects that require large amounts of concrete. Generally, it was about finalization of projects started in 2014 and a
few small projects in 2015. Lack of projects resulted in a price decline.
Compared to the previous year, the concrete plant in Sarajevo had a decrease in sales by 34%, but even with reduced sales volumes of 36 thousand m3 it had a market share of 14.4% and with this percentage kept its leading
position in the market.
Projects that used our concrete in 2015:
PANAMERA Ilida, MALAK;
LOT 2B;
Hall, GRAFOTISAK;
Hall, CATERPILAR;
Dobrinja residential-business buildings;
AUTOCAMP OAZA;
JONUZ Company;
Residential-business building Ilida, A;
Transversal road Euroasfalt;
Regulation of the river Bosna basin;
Srebrena Lisica Bjelasnica ANS DRIVE;
Logistics hall, USA Embassy, Veyka TR;
Sky Ilida, reception Terme Ilida and another smaller construction site.
Mobile unit
Since 2011, operative until the end of 2015, the mobile concrete plant TBG BH in Zenica has produced over 210,000
cubic meters of concrete. A complete production concrete plant delivered primarily to the tunnel Vijenac and viaducts
and bridges on the LOT 3 highway on Corridor 5-C. The quality of concrete produced by TBG BH was crucial for this
intense involvement, and in order to meet the needs of investors, we have renewed and strengthened our transport
and pumping capacity, on which we have enjoyed a great return. Although the original plan for 2015 was that the
mobile plant would produce and install several tenths of thousands m3 of concrete, it did not happen due to an
unplanned delay to the continuation of highway construction on the Corridor 5c. Negotiations between investors and
contractors continued until December 2015, and the planned deliveries have now been moved to 2016.
During 2015, the TBG BH mobile unit in Zenica produced in total 8.4 thousand m3 of concrete. Total concrete
consumption in this region was 75.000 m3 in 2015, so our participation in the market was around 11%.
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Isporuka ostvarena u 2015. ila je slijedeim kupcima i projektima:

LOT 4 / dionica Drivua Klope, izvoa Hering d.d.
Hidrotehniki tunel Ribnica, izvoa Dekos d.o.o.
Sanacija konstrukcije eljezare Zenica, izvoa ITC d.o.o.
Sanacija mosta, Zenica, izvoa HP Investing d.o.o.
Petlja Blatua, Zenica, izvoa Hering d.d.
S nastavkom izgradnje autoputa na spomenutom koridoru betonara TBG BH svakako e biti lider u isporukama
betona, pa se oekuje da u 2016. proizvodnja bude znatno poveana u odnosu na protekle godine.
PJ Banja Luka
Betonara u Banjoj Luci je u 2015. godini ostvarila prodaju od 17 hiljada m, to u odnosu na prethodnu godinu
predstavlja poveanje za 74%. Iako je evidentan rast proizvodnje u Banjoj Luci u odnosu na 2014., ovaj obim nije
zadovoljavajui. Razlog tome je svakako obustava izdavanja dozvola za gradnju sve do septembra 2015. Stoga
je i ostvarena najvea proizvodnja u posljednjem kvartalu. Ugovoreni su znaajni projekti, to e doprinijeti veoj
proizvodnji u 2016.
Ostvarena proizvodnja ove koliine isporuena je na sljedee projekte:
MHE Zapee Ugar, izvoa Vranica Banja Luka
SPO Merkur, investitor MG Mind, izvoa Delta MD
SPO, ZIS International investitor, izvoa GP Tepi
Na kraju godine ugovorena su dva nova objekta koja e vaiti kao okosnica proizvodnje u 2016. godini. To su
Family Life Red Brick gradnja, koliina 6.000 m, i Greenville Tehnosit, koliina 6.500 m.
PJ Lukavac
U ovoj regiji ukupna potronja betona je iznosila oko 120 hiljada m. Karakteristika ovog trita je da nema velikih
infrastrukturnih projekta koji troe vee koliine betona, pa cjelokupan plasman uglavnom zavrava kod krajnje
potronje i niza malih kupaca. Konkurencija je i na ovom podruju jaka, od betonara koje rade sa cementom Fabrike cementa Lukavac, zatim Nexe grupe, pa do malih betonara.
Ukupna proizvodnja u ovoj TBG betonari je iznosila 15,6 hiljada m, to predstavlja 13% trinog udjela.
Ostvarena proizvodnja svoj plasman je nala na sljedeim projektima:
Projekti SPO O-5 Irac, Tuzla, Luciana
Objekt Sjekaonica mesa, MI Menprom Gornja Tuzla
Sanacija brane Modrac
Bingo City Center
Sisecam Soda Lukavac sanacija postojeih i izgradnja novih objekata
UNDP projekti: sanacija klizita, izgradnja mostova, izgradnja kua
krajnja potronja
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Deliveries made in 2015 were the following:

LOT 4 / Section Drivua Klope contractor Hering d.d.
Hydro-technical tunnel Ribnica contractor Dekos d.o.o.
Structure rehabilitation Steel Works Zenica contractor ITC d.o.o.
Bridge rehabilitation Zenica contractor HP Investing d.o.o.
Road junction Blatua, Zenica contractor Hering d.d.
Continuation of the highway construction on the aforementioned corridor will make this TBG BH concrete plant a leader
in concrete deliveries, and in 2016 it is expected that production will significantly rise compared to previous years.
BU Banja Luka
During 2015, the concrete plant in Banja Luka achieved sales of 17 thousand m3, which is 74% higher than in the
previous year. Although the increase of production in Banja Luka is evident, these volumes are still not satisfactory.
The reason certainly lies in the discontinuation of issuing construction permits until September 2015. Accordingly, the
highest production was reached in the last quarter. Significant projects have been contracted which will contribute
to increased production in 2016.
The produced concrete was installed in the following projects:
MHE ZAPEE Ugar, contractor VRANICA BL,
SPO MERKUR, investor MG Mind, contractor Delta MD,
SPO ZIS INTERNACIONAL investor, contractor GP Tepi.
At the end of the year, two new objects were contracted that will be the focus of production in 2016. These are
FAMILY LIFE RED BRICK, quantity of 6,000 m3, and GREENVILLE TEHNOSINT, quantity of 6,500 m3.
BU Lukavac
Total consumption of concrete in this region was around 120 thousand m3. The characteristic of this market is that
it has no large infrastructure projects that could consume large amounts of concrete, but the total placement mainly
ends in individual construction and with small buyers. Competition is very strong in this area, including concrete
plants that work with the cement of Lukavac cement plant and Nexe Group, as well as smaller concrete plants.
Total production in this TBG concrete plant was 15.6 thousand m3, which represents 13% of the market share.
The produced concrete was installed in the following projects:
Residential-business building O-5 Irac, Tuzla Luciana;
Building Meat cutting plant MI Menprom Gornja Tuzla;
Rehabilitation of Modrac dam;
Bingo City Center;
Sisecam Soda Lukavac rehabilitation of existing and construction of new buildings;
UNDP projects: landslide recovery, construction of bridges, housing construction;
Individual consumption.
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TBG BETON HRVATSKA

Tvornica cementa Kakanj je takoer vlasnik kompanije TBG Beton d.o.o. Zagreb, specijalizirane za proizvodnju
i plasman transportnog betona. Kompanija TBG Beton, sa svojih est poslovnih jedinica, uspjeno posluje na
hrvatskom tritu od 1998. godine. Tvornica cementa Kakanj na ovome veoma vanom i odvanom koraku
pokazuje da je uz podrku HeidelbergCement grupacije izrasla u veoma respektabilnu kompaniju, koja vrstim
i sigurnim koracima gazi u sigurnu budunost. Ova investicija omoguava dodatni plasman cementa na trite
susjedne Hrvatske, bolju konkurentsku poziciju i dugoroan stabilan razvoj TCK-a te takoer ukazuje na injenicu
da je ona jedna od rijetkih bh. kompanija koja svoje poslovanje iri i izvan granica BiH.
TBG Beton d.o.o. Zagreb prisutan je na tritu istone Hrvatske, Grada Zagreba, istonoga i zapadnog dijela
Zagrebake upanije. Djeluje na tritu upanija Vukovarsko-srijemske, Osjeko-baranjske, Brodsko-posavske i
Zagrebake, te vri isporuke u gradove Osijek, Valpovo, Vinkovci, Vukovar, akovo, upanja, Ilok i Slavonski Brod.
Na navedenom podruju ivi ukupno oko 730.000 stanovnika. Betonara Donja Bistra djeluje na tritu zapadnog
dijela Grada Zagreba i zapadnog dijela Zagrebake upanije. TBG Strabag d.o.o., koji je u 50-postotnom vlasnitvu
TBG-a, djeluje na tritu Zagreba i istonog dijela Zagrebake upanije.
Osnovna djelatnost drutva TBG Beton d.o.o. je proizvodnja i distribucija gotove betonske smjese. Operativne
aktivnosti ovoga drutva organizirane su na est lokacija (est proizvodnih pogona): akovo, Osijek, Slavonski Brod,
Valpovo, Vinkovci i Donja Bistra. TBG Beton d.o.o. takoer proizvodi / separira agregat na separaciji u Slavonskom
amcu.
Procjena trita
Za gore navedene potrebe isporuivalo se iz etiri betonare u Slavoniji te iz jedne betonare u Zagrebu i
jedne u Donjoj Bistri. Vozni park ini 7 mijealica za beton 9 m3 i etiri pumpe za beton dosega 47, 41, 37
i 24 m.
Potronja transportnog betona u istonoj Hrvatskoj procjenjuje se za 2015. godinu na 236.000 m3 (cca 0,32 m3
po stanovniku), dok je ukupna prodaja u ovoj regiji iznosila 60 hiljada m3, ime je TBG Beton dostigao 25% uea
na tritu.
Proizvodnja betona u 2015. godini iznosila je 81.000 m3, to u odnosu na 2014. godinu predstavlja poveanje za
69%. Prihodi od prodaje su poveani u 2015. u odnosu na 2014. godinu za 73%.
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TBG BETON
Tvornica Cementa Kakanj also owns TBG Beton d.o.o. Zagreb, a company specializing in the production and
distribution of ready-mixed concrete. TBG Beton, with its six business units, has been successful on the Croatian
market since 1998. With this very important and brave step, Tvornica Cementa Kakanj demonstrates that, with the
support of HeidelbergCement Group, it has grown into a very respectable company that strongly and firmly treads
into a secure future. This investment enables additional placement of high-quality Kakanj cement into the market of
neighbouring Croatia, a more competitive position, and a prudent development of Tvornica Cementa Kakanj, making it
a rare example of a domestic company that has expanded its business beyond the borders of Bosnia and Herzegovina.
TBG BETON Zagreb is present in the eastern Croatian market, Zagreb city, and the eastern and western part of
Zagreb County. TBG-STRABAG, 50%-owned by TBG Beton, operates on the Zagreb market and the eastern part of
Zagreb County. It actively works in the markets of Vukovarsko-Srijemska county, Osjeko-Baranjska county, BrodskoPosavska county and Zagrebaka county, and delivers to the towns of Osijek, Valpovo, Vinkovci, Vukovar, akovo,
upanja, Ilok and Slavonski Brod. This area is inhabited by approximately 730,000 residents. Betonara Donja Bistra is
active in the market of the western part of Zagreb City and the western part of Zagreb County. TBG Strabag d.o.o.,
in which TBG has a 50% share, is active in the market of Zagreba and the eastern part of Zagreb County.
The core activity of TBG Beton is production and distribution of ready-mixed concrete. Operational activities of
the Company are organized at six locations (six manufacturing plants): akovo, Osijek, Slavonski Brod, Valpovo,
Vinkovci and Donja Bistra. TBG Beton also produces / separates aggregate in separation unit in Slavonski Samac.
Market estimate
For the purposes of the above areas, deliveries were made from four concrete plants in Slavonia, one concrete plant
in Zagreb and one in Donja Bistra. The fleet consists of 8 concrete mixer trucks 9 m3 and four concrete pumps
reach 47, 41, 37 and 24 m.
Estimated quantity of sold ready-mix concrete in Eastern Croatia for 2015 is around 236,000 m3 (approximately
0.32 m3 per capita), while the total amount TBG sold in this region was 60 thousand m3, providing TBG with a 25%
market share.
Concrete production in 2015 was 81,000 m3, which if compared to 2014 represents an increase of 69%. Income
from sales increased in 2015 by 73% compared to 2014.
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Proizvodnja i proizvodi
Kvalitet postaje novom kulturom ponaanja na globalnom tritu, nova poslovna filozofija koja se ogleda ne samo u
kvalitetu proizvoda ve i u kvalitetu organizacije, kvalitetu procesa, integraciji s ostalim sistemima (okoli, sigurnost)
i postaje temeljni faktor konkurentnosti na svjetskom tritu.
Tvornica cementa Kakanj prva je organizacija u BiH koja je razvila i implementirala integrirani sistem
upravljanja kvalitetom, zatitom okolia te zatitom zdravlja i sigurnou u skladu sa zahtjevima standarda
ISO 9001:2008, ISO 14001:2004, OHSAS 18001:2007, EN 197-1 i EN 197-2. Ovakav integrirani sistem
predstavlja ustvari proces koji podrazumijeva obavezu kontinuirane nadgradnje i razvoja, to je u sutini
i filozofija standarda iz ISO serije. Osnovni motiv kojim se menadment TCK-a vodio jeste zadovoljenje
interesa svih zainteresiranih strana, odnosno uesnika u procesu, a to su kupci, dobavljai, okruenje,
vlasnici i radnici. Premda interesi ovih zainteresiranih strana na prvi pogled izgledaju dijametralno suprotni
i nepomirljivi, ipak, zahvaljujui integriranom sistemu upravljanja, sve ove strane postaju partneri koji
funkcioniraju kao jedan jedinstven tim. Samo pomou odgovarajue dokumentiranoga i certificiranog
sistema upravljanja kvalitetom moe se postii povjerenje izmeu isporuitelja i kupaca koje je neophodno
za meunarodne poslovne odnose.
Certificirani integrirani sistem osiguranja kvaliteta ini konkurentsku prednost i slui kao baza za stvaranje povjerenja
izmeu TCK-a i kupaca, ujedno sluei i kao marketinki instrument.
Tvornica cementa Kakanj nastoji uvesti i proiriti upotrebu alternativnih goriva i sirovina, kao to je ljaka iz visoke
pei, elektrofilterski pepeo, otpadne gume i otpadna plastika.
Tvornica se potpuno ravnopravno svrstala u red modernih evropskih organizacija koje aktivno uestvuju i daju
svoj doprinos u rjeavanju globalnih problema dananjice, kao to su iscrpljivanje neobnovljivih resursa u cilju
zadovoljavanja sve veih potreba za energijom.
Odrivost podrazumijeva odgovorno upravljanje prirodnim sirovinama, smanjenje upotrebe prirodnih resursa
reciklaom ili poveanom upotrebom alternativnih materijala. Energija i zatita klime, zdravlje i sigurnost radnika,
kao i investicije u zatitu okolia i upravljanje otpadom postaju kljuni elementi odrivog razvoja i konkurentnosti
domaih proizvoaa. Uteda prirodnih resursa ne samo da smanjuje proizvodne trokove nego takoer uva
rezerve materijala i za budue generacije.
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Production and Products

Quality is achieved through a culture of good conduct on the global market, a business philosophy that is not only
reflected in the quality of the product but also in the quality of the organization, the quality of the process, and
integration with other systems (environment, safety), and the desire to play a greater role in the world market.
Tvornica Cementa Kakanj is the first organization in Bosnia and Herzegovina to develop and implement an
integrated system for managing quality, environmental protection and occupational health and safety, in accordance
with the required standards: ISO 9001:2008, ISO 14001:2004, OHSAS 18001:2007, EN 197-1 and EN 197-2.
Such an integrated system actually represents a process which includes a commitment to continually upgrade and
develop, which is basically the ISOs principal of standard. The basic leading motive of the Management Board of
Tvornica Cementa Kakanj is to satisfy the interests of all participants in the process: customers, suppliers, local
community, owners and employees. Although at first sight the interests of these parties seem diametrically opposed
and conflicting, thanks to the multidisciplinary approach of the integrated management system, all the interested
parties become partners that function as a single team. Only with an appropriately documented and certified system
of quality management can trust, which is essential to international business relations, be established between the
supplier and the consumer.
The system of certified integration for ensuring quality provides a competitive advantage and serves as the basis for creating
trust between Tvornica Cementa Kakanj and its customers, while simultaneously serving as a marketing instrument.
Tvornica Cementa Kakanj strives to introduce and expand the use of alternative fuels and materials, such as blast furnace
slag, fly ash, recycled rubber and recycled plastics.
Tvornica Cementa Kakanj has deservedly joined the ranks of modern European organizations that are actively participating
and contributing to solving current global issues, such as preventing the exhaustion of non-renewable resources in pursuit
of sustainable energy.
Sustainability is synonymous with responsible management of natural resources, decreased dependence on natural
resources through recycling, or increased utility of alternative materials. Energy and protection of the climate, health and
safety of employees, as well as investments into environmental protection and waste management, become key elements
of sustainable development and competitiveness of domestic producers. Conserving natural resources not only reduces
production costs, but also preserves material reserves for future generations.
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U svome programu proizvodnje Tvornica cementa Kakanj trenutno nudi sljedee proizvode:
Cement
CEM IV/B W 32,5 N
CEMENT CEM IV/B-W 32,5 N namijenjen je za pripremu betona i morta za sve graevinske radove koji se izvode
u propisanim uvjetima gradnje za armirane i nearmirane betonske objekte niih razreda vrstoe. Veliku primjenu
ima u gradnji obiteljskih kua i izradi cementne stabilizacije u cestogradnji. Sadri 45-64% portlandskog cementnog
klinkera, 36-55% dodatka kalcijskog leteeg pepela i do 5% prirodnog gipsa kao regulatora vezivanja. Ova kombinacija klinkera i dodataka daje ovom cementu usporenu reakciju hidratacije, niu toplinu hidratacije, oekivanu
vrstou, dobru obradivost betona, laku ugradnju i poveanu hemijsku otpornost u odnosu na isti portlandski
cement.
CEM II/B W 42,5 N
CEMENT CEM II/B-W 42,5 N je portlandski cement s dodatkom kalcijskog leteeg pepela namijenjen pripremi
betona i morta za sve graevinske radove koji se izvode u propisanim uvjetima gradnje za armirane i nearmirane
betonske elemente viih razreda vrstoe (mostovi, tuneli, vijadukti, stanogradnja, izrada gotovih betonskih
elemenata, pumpani beton). Sadri 65-79% portlandskog cementnog klinkera i 21-35% dodatka kalcijskog leteeg
pepela te do 5% prirodnog gipsa kao regulatora vezivanja. Ova kombinacija dodataka daje mu usporenu reakciju
hidratacije, niu toplinu hidratacije, oekivanu vrstou, pri proizvodnji betona daje dobru obradivost, laku ugradnju
i poveanu hemijsku otpornost u odnosu na isti portlandski cement.
CEM I 52,5 N
CEMENT CEM I 52,5 N namijenjen je za pripremu zahtjevnih betona za sve graevinske radove koji se izvode
u propisanim uvjetima gradnje za armirane i nearmirane betonske objekte viih razreda vrstoe (mostovi, tuneli,
vijadukti, stanogradnja, izrada gotovih betonskih elemenata). Sadri 95-100% portlandskog cementnog klinkera,
do 5% sporednih dodatnih sastojaka i do 5% prirodnog gipsa kao regulatora vezivanja. Ova kombinacija klinkera
i dodataka daje ovom cementu bri poetak vezivanja, neto veu toplinu hidratacije, visoku ranu vrstou kao i
poveanu finalnu vrstou.
RAZVOJ NOVIH PROIZVODA
U svrhu priprema za potrebe specifinih investicijskih projekata uraene su laboratorijske probe i ispitivanja
specijalnog cementa, cementa za posebne namjene, pucolanskog cementa VLH IV/B (W) 22,5. Namijenjen je za
pripremu specijalnih betona za izradu masivnih hidrotehnikih objekata. Sadri 45-64% portlandskog cementnog
klinkera, 36-55% kalcijskog leteeg pepela iz TE atii i do 5% prirodnog gipsa kao regulatora vezivanja. Ova
kombinacija klinkera i dodataka daje ovom cementu neto sporiji poetak vezivanja, veoma nisku toplotu hidratacije
kao i znatan naknadni rast vrstoe nakon 28 dana. Ovaj naknadni rast vrstoe nakon 90 dana ide i preko 33%.
Proces proizvodnje dio je integriranog sistema upravljanja certificiranog prema meunarodnim normama ISO 9001:2008,
ISO 14001:2009 i OHSAS 18001:2007. Uz redovitu internu kontrolu kvaliteta proizvoda u svim fazama proizvodnje,
nezavisnu kontrolu provode IGH Split i GIT Tuzla. Proizvod podlijee dokazivanju usklaenosti prema EN 14216:2004.
Njegova komercijalizacija se oekuje tokom godine, odnosno po ukazivanju potrebe za ovim proizvodom.
Beton
Postrojenja TBG BH proizvode razliite vrste gotovih betona, kao to su pumpani beton, beton otporan na mraz i so,
vodonepropusni beton, prskani beton, mlazni beton sa elinim vlaknima, beton otporan na sulfate, mikroarmirani
beton i laki beton. Pored toga, moemo proizvesti i ostale vrste betona u dogovoru s kupcem u pogledu osobina
svjeega i ovrsnulog betona.
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Currently, Tvornica Cementa Kakanj offers the following products:
Cement
n
CEM IV/B W 32.5 N

CEMENT CEM IV/B W 32.5 N is intended for preparing concrete and mortar for all construction works performed
in prescribed construction conditions for both reinforced and non-reinforced concrete elements of lower hardness
grades. It has a great application in the construction of family homes and stabilization layers in road construction. It
contains between 45-64% of Portland cement clinker; 36-55% of calcium fly ash and up to 5% natural gypsum, used
as the binding regulator. This combination of clinker and additives provides a slow hydration reaction, low heat of
hydration, greater pliability throughout production, easier pouring, and increased chemical resistance in comparison
to pure Portland cement.
n CEM II/B W 42.5 N

CEMENT CEM II/B - W 42.5 N is a Portland cement with added calcium fly ash intended for preparing concrete
and mortar for all construction works performed in prescribed construction conditions for both reinforced and
non-reinforced concrete elements of higher hardness grades (bridges, tunnels, viaducts, residential buildings,
production of finished concrete elements, pumped concrete). It contains 65-79% of Portland cement clinker, a 2135% addition of calcium fly ash, and up to 5% of natural gypsum, used as the binding regulator. This combination of
additives provides a slow hydration reaction, low heat of hydration, expected hardness, greater pliability throughout
production, easier pouring, and increased chemical resistance in comparison to pure Portland cement.
n CEM I 52.5 N
CEMENT CEM I 52.5 N is intended for preparing demanding concrete for all construction works performed in
prescribed construction conditions for both reinforced and non-reinforced concrete elements of higher hardness
grades (bridges, tunnels, viaducts, residential buildings, production of finished concrete elements). It contains
between 95-100 % of Portland cement clinker; up to 5% of secondary additives and up to 5% natural gypsum,
used as the biding regulator. This combination of clinker and additives provides a faster start to binding, somewhat
higher hydration temperature, high initial strengths as well as increased final strengths.
DEVELOPMENT OF NEW PRODUCTS
The preliminary laboratory and tests of special cement has been done, for cement of special purposes, Puzzolanic
cement VLH IV/B (W) 22.5. It is intended for the preparation of special concrete for the development of mass objects.
It contains 45-64% of Portland cement clinker, 36-55% calcium fly ash from TE atii to 5% of natural gypsum as a
regulator binding. This combination of clinker and cement additives provides this cement a slow start bonding, very
low heat of hydration as well as substantial subsequent growth of strength after 28 days. This subsequent increase in
strength after 90 days goes over 33%.
The production process is part of an integrated management system certified according to international standards ISO
9001: 2008, ISO 14001: 2009 and OHSAS 18001: 2007. In addition to regular internal quality control at all stages of
production, implemented and independent control by IGH Split / GIT Tuzla, the product is subject to proving compliance
to EN 14216: 2004. Commercialization of the product is expected during the year / upon request
Concrete
TBG BHs plants produce different types of ready-mixed concretes, such as: pumped concrete, concrete resistant to
frost and salt, watertight concrete, shotcrete, sulphate resistant concrete, micro-reinforced concrete, and lightweight
concrete. Furthermore, we can custom produce other types of concrete fresh or hardened depending upon
customer requirements.
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TBG BETON svojim kupcima isporuuje sve vrste betona razliitih razreda vrstoe, specijalne betone, lagani beton
i cementne glazure s dodatkom aditiva za odgoeni poetak vezivanja, te cementnu stabilizaciju. U 2015. godini
proirili smo katalog proizvoda s novim klasama betona te imamo novi katalog proizvoda za sve betonare.
TBG BETON d.o.o. Zagreb takoer obavlja usluge transporta i pumpanja betona, a za siguran transport i ugradnju
betona u zahtjevnim klimatskim uvjetima na raspolaganju su suvremeni mikseri i auto-pumpe za beton.
Priznanje Best Buy Award 2015/2016 za cement i beton

Krajem decembra 2015. meunarodna organizacije sa sjeditem u vicarskoj ICERITAS (International
Certification Association GmbH) dodijelila je Tvornici cementa Kakanj i kompaniji TBG BH priznanje Best Buy
Award za najbolji omjer cijene i kvaliteta proizvoda. Istraivanje koje je ova svjetska organizacija provela pokazuje
da ispitanici iskljuivo profesionalci u podruju graevinarstva te pojedinci s iskustvom u gradnji i opremanju
najvei broj glasova za omjer cijene i kvaliteta u kategoriji proizvoa cementa na bosanskohercegovakom
tritu daju proizvoau Tvornici cementa Kakanj, lanici njemake HeidelbergCement grupacije, a u kategoriji
proizvoa betona na bosanskohercegovakom tritu proizvoau TBG BH, takoer lanici HeidelbergCement
grupacije.
Pozicije dobiti
Ukupan prihod od prodaje Tvornice cementa Kakanj povean je u 2015. godini za 1,4% u odnosu na 2014. i iznosio
je 62 miliona KM, pri emu je prihod od prodaje proizvoda povean za 2,5% kao rezultat poveanja prodaje na
domaem i inozemnom tritu. Prihod od prodaje robe smanjen je za 61,8%.
Prihod od prodaje cementa Drutva na domaem tritu, ukljuujui i prihod od transporta, povean je za 2,9% zbog
poveanja volumena prodaje za 1,4%, to je rezultat poveanja trinog udjela kao i blagog poveanja prosjene cijene.
Prihod od prodaje cementa, ukljuujui i prihod od transporta na inozemnom tritu, povean je 1,5% zbog poveanja
ukupnog volumena prodaje za 3,6%. Prosjena cijena cementa je smanjena za 1,2%, to je imalo negativan uticaj na prihod.
Ukupno uee volumena prodaje na inozemnom tritu u ukupnoj prodaji cementa poveano je za 0,3%.
Prihod od prodaje robe Drutva smanjen je za 61,8%. Ovaj je prihod u 2014. godini veim dijelom baziran na prodaji
ugljena i cementa. U 2015. godini ukupna prodaja cementa kao robe smanjena je za 86% jer je vlastita proizvodnja
bila dovoljna , dok prodaje ugljena nije bilo. U 2015. godini Drutvo je prodalo troske u vrijednosti 77 hiljada KM.
Prihod od prodaje Grupe iznosio je 82,9 miliona KM i povean je za 6,8% u odnosu na 2014. godinu, pri emu su
prihodi od prodaje proizvoda poveani za 5,13% zbog poveanja prodaje na inozemnom tritu, dok su prihodi od
prodaje robe i prihodi od usluga prijevoza poveani za 16,6%.
Ukupan prihod od prodaje cementa na tritu Hrvatske koji se realizuje kroz kompaniju Dunav-Drava cement Zagreb
poveao se za 21%, gdje je prihod od prodaje cementa treim licima povean za 15,4%. Ova kompanija, pored
prodaje cementa Tvornice cementa Kakanj, uvozi i prodaje na hrvatskom tritu cement iz Maarske od kompanije
Duna-Drva Cement u ijem je vlasnitvu bila do 2011. godine.
Prihod od prodaje betona na tritu Hrvatske povean je za 68%, to je posljedica poveanja volumena prodaje
usljed poveanja trinog udjela.
80
TBG BETON d.o.o. delivers to its customers all types of concrete with different hardness grades, special concretes,
light concrete and cement glaze with additives for delayed start of binding, as well as cement stabilization. We expanded our product catalogue in 2015 with new classes of concrete, and all concrete plants have new catalogue.
TBG BETON d.o.o. also provides transport and pumping services, and for safe transport and installation of concrete
in demanding climate conditions we have modern mixing trucks and auto-concrete pumps.
Best Buy Award 2015/2016 for Cement and Concrete

At the end of December 2015, ICERITAS (International Certification Association GmbH), an international organization based in Switzerland, awarded Tvornica cementa Kakanj and TBG BH the Best Buy Award for the best ratio
of price and quality of products. The survey conducted by this organization shows that examinees exclusively
professionals in the area of construction and individuals with experience in construction and equipment casted
the largest number of votes with regard to the price/quality ratio in the cement producer category on the market of
Bosnia and Herzegovina to the producer Tvornica cementa Kakanj (Kakanj Cement factory), a member of the German HeidelbergCement Group, and in the concrete producer category on the market of Bosnia and Herzegovina to
the producer TBG BH, also a member of HeidelbergCement.
Financial Highlights
Total Gross sales of Tvornica Cementa Kakanj in 2015 increased by 1.4% compared to 2014, amounting to 62
million KM, in which Gross sales from products increased by 2.5% as a result of increased sales volumes on the
domestic as well as foreign market. Gross sales from goods for resale decreased by 61.8%.
Gross cement sales on the domestic market increased by 2.9% due to an increased sales volume of 1.4%, which is
the result of an increased market share on the one side and a slight increase to the sales price on the other.
Gross cement sales on the foreign market, including transport revenues, increased by 1.5%, due to an increase in
sales volume of 3.6%. The average sales price decreased by 1.2%, which had a negative impact on Gross sales.
The total share of volume sold on the foreign market increased by 0.3%.
The Companys Gross sales from goods for resale decreased by 61.8%. In 2014, gross sales from resale goods were
based on sales of coal and cement. In 2015, total cement sales as goods decreased by 86% as there was enough own
produced cement while there were no coal sales. In 2015 the Company sold slag in a total amount of 77 thousand KM.
The Groups gross sales amounted to 82.9 million KM and increased by 6.8% compared to 2014, as gross sales
from products increased by 5.13% due to an increase in sales on the foreign market and gross sales of goods for
resale and transport services increased by 16.6%.
Gross sales of cement on the Croatian market, which is realized through the company Dunav Drava cement Zagreb, increased by 21% in which sales to third parties increased by 15.4%. This company imports and sells Tvornica
Cementa Kakanjs cement as well as Duna-Drva Cement Hungarys cement, the latter being the owner of DDC
Zagreb until 2011.
Gross sales of concrete on the Croatian market increased by 68% due to an increase to the volume sold as a result
of increased market share.
81
Trokovi prodaje Drutva imali su pozitivan trend u odnosu na prethodnu godinu i smanjeni su za 4,4%, odnosno za
1,9 miliona KM. Najvei pozitivan uticaj u iznosu od 1.003 hiljade KM dolazi od promjena u zalihama, a kao rezultat
poveanja zaliha poluproizvoda i proizvoda, prvenstveno klinkera, u odnosu na prethodni period.
Trokovi osoblja smanjeni su za 986 hiljada KM kao rezultat smanjenja broja zaposlenih i smanjenja vrijednosti
plaenih otpremnina, a trokovi materijala za 786 hiljada KM uglavnom zbog smanjenja trokova pakovanja, aditiva
i potronog materijala.
Dodatno pozitivan trend, odnosno smanjenje, biljee jo i trokovi amortizacije, odravanja i trokovi prodane robe.
Nasuprot ovim trokovima koji su imali trend smanjenja, odreeni trokovi su imali negativan trend, a meu njima
najvee poveanje dolazi od trokova energije zbog poveanja obima proizvodnje, ali i cijene goriva.
Trokovi prodaje Grupe poveani su za 1,3%, i to najveim dijelom zbog poveanja trokova prodane robe.
Negativan uticaj dolazi jo i od trokova energije i trokova transporta. Najvei pozitivan uticaj imaju promjene u
zalihama i trokovi materijala.
Opi i administrativni trokovi Drutva poveani su za 3,4%, a Grupe za 4,2%.
Ukupni trokovi zaposlenih u Drutvu smanjeni su za 8,2% u odnosu na prethodnu godinu (sa 10.684 hiljade KM
na 9.812 hiljada KM), dok je broj zaposlenika na kraju perioda smanjen za osam. Razlog smanjenja broja zaposlenih
osoba je odlazak u penziju i sporazumni raskid radnog odnosa, uz isplatu stimulativne otpremnine odreenom broju
zaposlenika umjesto kojih nije izvren prijem novih, to je u skladu s programom reorganizacije.
U Grupi je broj zaposlenih osoba smanjen za dva zaposlenika, a ukupni trokovi zaposlenika su smanjeni za 4,5% ili
za 578 hiljada KM (sa 12.787 hiljada KM na 12.209 hiljada KM).
Dobit Drutva iz poslovnih aktivnosti poveana je za 22%, odnosno za 2,5 miliona KM (sa 11,5 miliona KM u 2014.
godini na 14 miliona KM u 2015. godini) zbog poveanja volumena prodaje i smanjenja trokova prodaje.
Dobit Grupe iz poslovnih aktivnosti poveana je za 34,7% ili za 4 miliona KM i iznosila je 15,4 miliona KM (u
prethodnoj godini je iznosila 11,4 miliona KM).
Ostali prihodi Drutva su poveani za 371 hiljadu KM (poveanje prihoda od smanjenja rezerviranja), dok su ostali
rashodi smanjeni za 19 hiljada KM, pri emu se najvee pozitivno odstupanje odnosi na smanjenje trokova donacija
(u 2014. godini Drutvo je izdvojilo 500 hiljada KM za pomo nastradalim u velikim poplavama). Finansijski rezultat je
manji za 353 hiljade KM zbog smanjenja novca koji je deponovan uz kamatnu stopu od 3,45%.
Ostali prihodi Grupe su poveani za 543 hiljade KM zbog poveanja prihoda od smanjenja rezerviranja kao i prihoda
od naplaenih otpisanih potraivanja. Rashodi su poveani za 582 hiljade KM zbog poveanja ispravke vrijednosti
potraivanja, a finansijski rezultat smanjen za 311 hiljada KM.
Dobit Drutva prije oporezivanja iznosi 13.897 hiljada KM i poveana je u odnosu na prolu godinu za 2.557 hiljada
KM ili za 22,5% (u proloj godini je iznosila 11.340 hiljada KM).
Dobit Grupe prije oporezivanja iznosi 14.667 hiljada KM i poveana je u odnosu na prolu godinu za 3.578 hiljada
KM ili za 32,3%.
82
The Companys sales costs had a positive trend compared to the previous year, decreased by 4.4% or 1.9 million
KM. The highest positive impact, in the amount of 1,003 thousand KM, comes from changes in stocks as a result of
an increase to finished and semifinished products, mainly clinker, in comparison to the previous period.
Staff costs decreased by 986 thousand KM as result of a decrease in the number of employees as well as a
decrease in severance payments, while material costs decreased by 786 thousand KM mainly due to decreased
packaging, additive and consumables costs.
A decreasing trend was also registered in the costs of depreciation and maintenance and the costs of goods sold.
In contrast to these costs that all had a decreasing trend, some costs had a negative trend and among them the
largest increase comes from energy costs due to an increase in production volume as well as due to fuel prices.
The Groups sales costs increased by 1.3% mainly due to an increase in the costs of goods sold. A negative impact
also stemmed from energy costs and transportation costs. The highest positive impact stemmed from changes in
stocks and material costs.
The general and administrative costs of the Company increased by 3.4% and the Groups costs by 4.2%
The total employee costs of the Company decreased by 8.2% compared to the previous year (from 10,684 thousand
KM to 9,812 thousand KM) while the total number of employees at the end of the period decreased by 8. Reasons
for the decreasing number of employees were retirement and voluntary termination, with severance payments to
employees who were not replaced, in accordance with the reorganization program.
The Groups number of employees decreased by 2 and total employee costs decreased by 4.5% or by 578 thousand
KM (from 12,787 thousand KM to 12,209 thousand KM).
The operating income of the Company increased by 22% or by 2.5 million KM (from 11.5 million KM in 2014 to 14
million KM in 2015) due to an increase in sales volume and decrease in sales costs.
The operating income of the Group increased by 34.7% or by 4 million KM and amounted to 15.4 million KM (in the
previous year it amounted to 11.4 million KM).
Other Company revenues increased by 371 thousand KM (increase of Income from provision decrease); other
expenses decreased by 19 thousand KM where the highest positive variance stemmed from a decrease in donation
costs (in 2014 Company donated 500.000 BAM as help to flood-affected cities). The financial result decreased by
353 thousand KM due to a decrease in free cash deposited at an interest rate of 3.45%.
Other revenues of the Group increased by 543 thousand KM due to an increase in Income from provision decrease,
as well as in Income from reduction of bad debts provisions. Expenses increased by 582 thousand KM due to an
increase in impairment trade receivables while the financial result decreased by 311 thousand KM.
The Companys income before tax amounts to 13,897 thousand KM and increased by 2,557 thousand KM or by
22.5% compared to the previous year (11,340 thousand KM in the previous year).
The Groups income before tax amounted to 14,667 thousand KM and increased by 3,578 thousand KM or by
32.3% compared to the previous year.
83
Tvornica cementa Kakanj osloboena je poreza na dobit u Federaciji BiH na temelju odluke Skuptine o investiranju
20 miliona KM u periodu od 2014. do 2018. godine. Drutvo je u 2014. godini ispunilo prvi uvjet poreznog
oslobaanja investirano je vie od etiri miliona KM.
Na dobit ostvarenu u PJ Banja Luka obraunat je porez na dobit u skladu sa Zakonom o porezu na dobit Republike
Srpske.
Porez na dobit Drutva iznosi 146 hiljada KM i povean je za 72 hiljade KM u odnosu na prethodnu godinu, a porez
na dobit Grupe iznosi 163 hiljade KM i povean je za 74 hiljade KM u odnosu na prethodnu godinu.
Neto dobit Drutva iznosi 13.751 hiljadu KM (prethodne godine 11.266 hiljada KM), a neto dobit Grupe 14.504
hiljade KM (prethodne godine 11.000 hiljada KM).
Zarada po dionici Drutva iznosi 1,45 KM (u prethodnoj godini 1,19 KM), a zarada po dionici Grupe iznosi 1,53 KM
(u prethodnoj godini 1,16 KM).
Uprava i Nadzorni odbor predloit e Skuptini Drutva isplatu dividendi od 1,45 KM po dionici.
Osnovne pozicije izvjetaja o sveobuhvatnoj dobiti Grupe i Drutva
U hiljadama KM
Grupa
2014.
2015.
Drutvo
Promjena
2014.
2015.
Promjena
Prihod od prodaje
77.623
82.907
6,8%
61.223
62.090
1,4%
Bruto dobit
19.509
24.047
23,3%
18.090
20.876
15,4%
Dobit iz poslovnih aktivnosti
11.398
15.353
34,7%
11.478
13.998
22,0%
EBIT
10.113
14.002
38,5%
10.548
13.458
27,6%
Neto finansijski prihodi

Dobit prije oporezivanja
Porez na dobit
Neto dobit godine
976
665
-31,9%
792
439
-44,6%
11.089
14.667
32,3%
11.340
13.897
22,5%
-89
-163
83,2%
-74
-146
96,6%
11.000
14.504
31,9%
11.266
13.751
22,1%
Poslovni trendovi po regijama i djelatnostima

Tvornica cementa Kakanj ima poslovne aktivnosti u dvije drave Bosni i Hercegovini i Hrvatskoj.
Bosna i Hercegovina
Poslovne aktivnosti u Bosni i Hercegovini obuhvaaju proizvodnju i distribuciju cementa te proizvodnju i distribuciju
betona. Proizvodnja i distribucija cementa se obavlja u Tvornici cementa Kakanj, a proizvodnja i distribucija betona
u TBG BH Kakanj.
Procjena ukupne potronje cementa na tritu Bosne i Hercegovine nije imala znaajnije odstupanje u odnosu na
prethodnu godinu. U isto vrijeme Tvornica cementa Kakanj ostvarila je prodaju na domaem tritu za 1,4% veu
u odnosu na 2014. godinu, to je posljedica poveanja trinog uea za 1,4% usprkos agresivnoj politici prodaje
inozemnih konkurenata.
84
Tvornica Cementa Kakanj is exempt from income tax in the Federation of Bosnia and Herzegovina on the basis of
the decision passed by the General Assembly to invest 20 million KM into the Company from 2014 to 2018. In 2014,
the Company fulfilled the first condition for tax exemption by investing more than four million KM.
For income achieved at the Banja Luka branch, tax was calculated in accordance with the Republic of Srpska
Income Tax Law.
The Companys income tax amounts to 146 thousand KM and increased by 72 thousand KM compared to the previous year, while
the income tax of the Group amounted to 163 thousand KM and increased by 74 thousand KM compared to the previous year.
The Net income of the Company amounts to 13,751 thousand KM (which was 11,266 thousand KM in the previous year) and
the Net income of the Group amounts to 14,504 thousand KM (in the previous year it amounted to 11,000 thousand KM).
Earnings per share of the Company amounted to 1.45 KM (in the previous year it amounted to 1.19 KM per share)
and earnings per share of the Group amounted to 1.53 KM (in the previous year it amounted to 1.16 KM).
The Management Board and the Supervisory Board will propose to the General Assembly of the Company to pay
a dividend of 1.45 KM per share.
The basic position of net income of the Group and the Company is provided in the following table:
In thousand KM
Grupa
2014
2015
Drutvo
Change
2014
2015
Promjena
Gross sales
77,623
82,907
6.8%
61,223
62,090
1.4%
Gross income
19,509
24,047
23.3%
18,090
20,876
15.4%
Income from operating activities
11,398
15,353
34.7%
11,478
13,998
22.0%
EBIT
10,113
14,002
38.5%
10,548
13,458
27.6%
Net financial income
976
665
-31.9%
792
439
-44.6%
Income before taxes
11,089
14,667
32.3%
11,340
13,897
22.5%
-89
-163
83.2%
-74
-146
96.6%
11,000
14,504
31.9%
11,266
13,751
22.1%
Income tax
Net income
Business Trends by Regions and Business Lines

Tvornica Cementa Kakanj conducts business in two countries: Bosnia and Herzegovina and Croatia.

Business activities in Bosnia and Herzegovina include the production and distribution of cement, and the production
and distribution of concrete. The production and distribution of cement is carried out by Tvornica Cementa Kakanj,
and the production and distribution of concrete is carried out by TBG BH Kakanj.
The estimation of total cement consumption on the Bosnia & Herzegovina market did not have a significant variance
compared to previous year. At the same time Tvornica cementa achieved sales on the domestic market, which,
compared to 2014 was 1.4% higher, a consequence of a market share increase of 1.4% in spite of the aggressive
sales policy of foreign competitors.
85
U poslovnoj liniji beton volumen prodaje je znaajno smanjen. U 2014. godini TBG BH je bio jedan od glavnih isporuilaca
betona za vee infrastrukturne projekte u BiH i najvee isporuke tokom 2014. izvrene su iz betonare Sarajevo kao i
mobilne betonare.
U 2015. godini dolo je do smanjenja infrastrukturnih investicija, pa je najvee smanjenje prodaje betona, kao
rezultat zavretka zapoetih radova i odgaanja poetka daljnjih radova na dionici autoputa na Koridoru 5-C,
ostvareno u mobilnoj betonari ije budue poslovanje zavisi od nastavka radova na izgradnji autoputa i uspjeha u
nadmetanju s konkurentima koji niskim cijenama pokuavaju poveati svoje trino uee. Prodaja iz betonare
u Sarajevu takoer se smanjuje zbog gubitka trita usljed agresivne politike konkurenata u prodaji cementa koji
u svojim betonarama prodaju beton po cijenama znatno niim od cijena kotanja i time uzrokuju poremeaje na
tritu.
Osnovne pozicije izvjetaja o sveobuhvatnoj dobiti po poslovnim linijama u BiH
U hiljadama KM

2014.
2015.

2014.
2015.
Prihod od prodaje - trea lica
46.066
47.953
Prihod od prodaje u grupi
15.157
14.137
Ukupan prihod
61.223
62.090
11.858
Bruto dobit
18.090
20.876
375
11.478
13.998
EBIT
10.548
13.458
Neto finansijski prihodi

Porez na dobit
Neto dobit godine
11.858
Ukupno u BiH
2014.
8.994
2015.
57.924
56.947
15.157
14.137
8.994
73.081
71.084
435
18.465
21.311
-30
-169
11.448
13.829
-136
-167
10.412
13.291
792
439
160
192
952
631
11.340
13.897
24
25
11.364
13.922
-74
-146
-5
-6
-79,4
-151,4
11.266
13.751
19
19
11.285
13.771
Hrvatska
Poslovne aktivnosti u Hrvatskoj obuhvaaju prodaju cementa i proizvodnju i distribuciju betona. Drutvo DunavDrava cement Zagreb, koje je u sastavu Grupe od 2011. godine, vri uvoz i prodaju cementa. Pored uvoza cementa
iz Bosne i Hercegovine, Dunav-Drava cement uvozi cement i iz Maarske. Proizvodnja i distribucija betona se
obavlja u drutvu TBG Beton Zagreb.
Potronja cementa na hrvatskom tritu u 2015. godini biljei blagi porast (procijenjeno 4,2%), to je zajedno s
poveanjem trinog uea rezultiralo poveanom prodajom cementa koja je za 25% vea u odnosu na prethodnu
godinu. Dunav-Drava cement je u 2015. godini na hrvatsko trite plasirao 71 kt uvoznog cementa iz Tvornice
cementa Kakanj, to je za 10,3% vie nego u 2014. godini. Osim cementa nabavljenog od TCK-a, Dunav-Drava
cement je u 2015. godini prodao i 69 kt cementa uvezenog iz Maarske, to je za 44% vie nego u 2014. godini.
Jo vee poveanje biljei prodaja betona koja je iznosila 92 hiljade metara kubnih, to je za 61,4% vie nego u
2014. godini (ukljuujui i prodaju TBG Strabag).
86
In the Concrete Business Line the sales volume significantly decreased. In 2014 TBG BH was one of the main suppliers of concrete for major infrastructure projects in B&H and the biggest deliveries during 2014 were made from
the concrete plant in Sarajevo as well as from the mobile concrete plant.
In 2015 there was a reduction in infrastructural investments so the highest decrease of concrete sales, as result
of finalization of started activities as well as postponement of continuation of activities on the highway section on
Corridor Vc, comes from a mobile plant whose future business depends on the continuation of work on the highway but also from success in the fight with competitors, which with low prices are seeking to increase their market
share. Also, sales of the concrete plant in Sarajevo is decreasing as well due to a loss of market share because
of the aggressive sales policies of cement competitors which through their concrete plants distort the concrete
market by selling concrete at low prices below their real calculation.
The basic positions of net income of the business lines are provided in the table below:
In thousand KM

2014
2015
Concrete Business Line

2014
2015
Gross sales third parties
46,066
47,953
Gross sales the Group
15,157
14,137
11,858
Gross sales
61,223
62,090
11,858
Gross income
18,090
20,876
375
Income from operating activities
11,478
13,998
EBIT
10,548
13,458
Total Bosnia and

Herzegovina
2014
8,994
2015
57,924
56,947
15,157
14,137
8,994
73,081
71,084
435
18,465
21,311
-30
-169
11,448
13,829
-136
-167
10,412
13,291
792
439
160
192
952
631
Income before taxes
11,340
13,897
24
25
11,364
13,922
-74
-146
-5
-6
-79,4
-151,4
11,266
13,751
19
19
11,285
13,771
Income tax
Net income
Croatia
Business activities in Croatia include cement sales and the production and distribution of concrete. Dunav-Drava
cement Zagreb, which has been in the Group since 2011, is registered for the import and sale of cement. In addition
to importing cement from Bosnia and Herzegovina, Dunav-Drava cement also imports cement from Hungary.
Production and distribution of concrete is conducted by TBG Beton Zagreb.
Cement consumption on Croatian market slightly increased in 2015 (estimated 4.2%), which, together with an
increased market share, resulted in increased cement sales, 25% higher in comparison to the previous year. In 2015,
Dunav-Drava cement placed 71 kt of cement from Tvornica Cementa Kakanj onto the Croatian market, which is
10.3% higher than in 2014. Dunav-Drava also sold 69 kt of cement imported from Hungary in 2015, 44% higher
than in the previous year.
An even greater increase was recorded in sales of concrete, which amounted to 92 thousand cubic meters, 61.4 %
higher than in 2014 (including the sale of TBG Strabag).
87
Osnovne pozicije izvjetaja o sveobuhvatnoj dobiti po poslovnim linijama u Hrvatskoj

U hiljadama KM

2014.
Prihod od prodaje trea lica
Prodaja cementa
2015.
2014.
Dobit / gubitak prije oporezivanja
2014.
15.689
2015.
10.271
13.596
2.023
3.247
2.023
3.247
6.103
10.271
15.619
18.936
21.722
29.207
-234
799
65
79
-169
878
-9
-11
-9
-11
-234
799
56
68
-178
867
Porez na dobit
Neto dobit godine
2015.
6.103
Prihod od prodaje u Grupi

Ukupan prihod
Ukupno u Hrvatskoj
19.699
25.960
Prodaja i promet po poslovnim linijama i regijama

U hiljadama KM
Bosna i Hercegovina
2014.
Volumen prodaje cementa u kt
355
2015.
Hrvatska*
2014.
356
Ukupno Grupa
2015.
112
2014.
140
467
2015.
496
102
78
57
92
159
170
Prihod od prodaje cementa - trea lica
46.066
47.953
13.596
15.689
59.662
63.642
Prihod od prodaje betona
11.858
8.994
6.103
10.271
17.961
19.265
Prihod od prodaje u Grupi
15.157
14.137
2.023
3.247
17.180
17.384
Ukupno prihod
57.924
56.947
19.699
25.960
77.623
82.907
Volumen prodaje betona u m
* Ukljuujui prodaju TBG Strabag
Pozicije novanog toka

Tvornica cementa Kakanj i njena zavisna drutva nemaju kreditnih zaduenja. Tvornica je u 2015. godini iz vlastitih
sredstava finansirala investicije u iznosu 4,9 miliona KM (u 2014. godini 5,4 milion KM), izvrila isplatu dividendi u
iznosu od 16,3 miliona KM (u 2014. godini isplata dividendi je iznosila 27,9 miliona KM). Kao rezultat poveanja
neto novanog priliva iz poslovnih aktivnosti i smanjenja isplate dividendi novana sredstva su poveana za 3.271
hiljadu KM. Novana sredstva Drutva na kraju 2015. godine iznosila su 23.063 hiljade KM (u 2014. godini 19.792
hiljade KM).
Grupa je u 2015. godini iz vlastitih sredstava finansirala investicije u iznosu 5,2 miliona KM, a novac i novani ekvivalenti Grupe na kraju godine iznosili su 34.509 hiljada KM (u 2014. godini 28.325 hiljada KM).
88
The basic positions of net income according to the business line are provided in the table below:
U hiljadama KM
Business Line Concrete

2014
Gross sales third parties
2015
2014
Income/loss before taxes
2014
15,689
2015
10,271
13,596
2.023
3.247
2,023
3,247
6,103
10,271
15,619
18,936
21,722
29,207
-234
799
65
79
-169
878
-9
-11
-9
-11
-234
799
56
68
-178
867
Income tax
Net income
2015
Total Croatia
6,103
Gross sales the Group

Gross sales
Business Line Cement
19,699
25,960
Sales and turnover per business line and region is provided in the table below:
U hiljadama KM

2014
Cement Sales Volume in kt
355
2015
Croatia*
2014
356
Total Group
2015
112
2014
140
467
2015
496
102
78
57
92
159
170
Gross cement sales third parties
46,066
47,953
13,596
15,689
59,662
63,642
Gross concrete sales
11,858
8,994
6,103
10,271
17,961
19,265
Gross cement sales the Group
15,157
14,137
2,023
3,247
17,180
17,384
Gross sales of the Group
57,924
56.947
19,699
25,960
77,623
82,907
Concrete Sales Volume in m3*
* including the sales of TBG Strabag
Cash Flow Positions

Tvornica cementa Kakanj and its subsidiaries do not have any credit liabilities. In 2015, Tvornica cementa Kakanj
financed investments in the amount of 4.9 million KM (5.4 million KM in 2014) from its own sources, and paid
dividends in the amount of 16.3 million KM (27.9 million KM in 2014). As a result of an increase in net cash inflow
from operating activities and a decrease in dividend payments, cash funds increased by 3,271 thousand KM.
Cash funds of the Company at the end of 2015 amounted to 23,063 thousand KM (19,792 thousand KM in
2014).
In 2015, the Group financed investments in the amount of 5.2 million KM from its own funds, while cash and cash
equivalents of the Group at the end of the year amounted to 34,509 thousand KM (28,325 thousand KM in 2014).
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Osnovne pozicije novanog toka Grupe i Drutva

U hiljadama KM
Grupa
2014.
Drutvo
2015.
Promjena
2014.
2015.
Promjena
2015/2014.
2015/2014.
Neto dobit godine
11.000
14.504
31,9%
11.266
13.751
22,1%
Neto novani priliv iz poslovnih

aktivnosti
23.252
27.771
19,4%
22.098
24.507
10,9%
Neto novani (odliv) / priliv iz

investicijskih aktivnosti
-4.724
-5.322
12,7%
-5.226
-4.953
-5,2%
-27.861
-16.283
-41,6%
-27.861
-16.283
-41,6%
397
18
-95,3%
0,0%
-8.936
6.184
-10.989
3.271
Isplaene / primljene dividende

Ostali (odliv) / priliv
Neto (smanjenje) / poveanje
novca i novanih ekvivalenata
Investicije
Investicije Grupe u fiksna sredstva tokom 2015. godine iznosile su 5,2 miliona KM i smanjene su u odnosu na prethodnu godinu za 0,4 miliona KM. Od ukupnih ulaganja Grupe ulaganja matinog drutva iznosila su 4,9 miliona
KM, ulaganja povezanog drutva TBG BH 152 hiljade KM, dok ostatak predstavljaju ulaganja povezanih drutava
TBG Beton Zagreb i Dunav-Drava cement.
Najvea ulaganja Tvornice cementa Kakanj u 2015. godini bila su ulaganja u projekte nove administrativne
zgrade, zamjenu vreastih filtera na mlinovima cementa, automatizaciju mlinova cementa i modernizaciju pogona
pakovanja.
Alternativna goriva
U prethodnom periodu izvrena je nabavka i ugradnja opreme za runo ubacivanje cijelih automobilskih guma. Ova
oprema se koristila za testiranja i mjerenja koja su neophodna za dobivanje okolinske dozvole.
Trenutno smo u prilici da koristimo stare automobilske gume i rabljeno ulje. U toku 2015. smo utroili 442 t (10.615
GJ) starih guma i 17 t (734 GJ) starog ulja. Ukupno uee alternativnih goriva u 2015. godini je 1,1%.
Tokom 2015. dolazili smo u situaciju nemogunosti nabavke dovoljnih koliina otpadnog ulja i koritenih guma.
U narednom periodu panju emo usmjeriti na koritenje RDF-a, s obzirom na to da je on jedini energent za koji
moemo smatrati da ga moemo nabaviti na tritu.
Tokom 2016. i 2017. godine potrebno je nai adekvatno tehniko rjeenje koje bismo realizirali. U tom smislu su
predviena i sredstava u Capexu u iznosu od 300.000 KM (2016.) i 1.300.000 KM (2017.).
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The basic positions of cash flow of the Group and Company are shown in the following table
In thousand KM
Group
2014.
Company
2015.
Promjena
2014.
2015.
Promjena
2015/2014.
2015/2014.
Net profit
11,000
14,504
31.9%
11,266
13,751
22.1%
Net cash from operating activities
23,252
27,771
19.4%
22,098
24,507
10.9%
Net cash (used in) from investing activities
-4,724
-5,322
12.7%
-5,226
-4,953
-5.2%
-27,861
-16,283
-41.6%
-27,861
-16,283
-41.6%
397
18
-95.3%
0.0%
-8,936
6,184
-10,989
3,271
Dividend payment
Other (outflow) / inflow
Net (decrease) / increase in
cash and cash equivalents
Investments
The Groups investments into fixed assets amounted to 5.2 million KM in 2015, which decreased from the previous
year by 0.4 million KM. Of the total investments of the Group, the investments of the mother company amounted to
4.9 million KM, the investments of the related company TBG BH amounted to 152 thousand KM, while the rest of
the investments were from other related companies TBG Beton Zagreb and Dunav-Drava cement.
The largest investments of Tvornica Cementa Kakanj in 2015 were into the following projects: New administrative
building, Cement mills filter bags replacement and Automation of cement mills and Modernization of the packing
section.
Alternative fuels
Purchase and installation of equipment for the manual load of whole car tires was made during the previous period.
This equipment was used for testing and measuring that is necessary for obtaining an environmental permit.
We are currently in a position to use old car tires and waste oil. In 2015 we used 442 t (10.615 GJ) of old tires and
17 t (734 GJ) of waste oil. Total participation of alternative fuels in 2015 was 1.1%
In 2015 we have faced situations when it was impossible to get sufficient quantities of waste oil as well as old tires.
In the following period we will focus on using RDF as it is the only energy-generating product considered available
on the market.
In 2016 and 2017 it is necessary to find an adequate technical solution. In this sense Capex foresees 300 TBAM
(2016) and 1,300 TBAM (2017).
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Uzorkovanje i zrana pota Automatizacija laboratorija

Oba projekta se u sutini odnose na uvoenje zrane pote u Tvornici cementa Kakanj. Sistem zrane pote
predstavlja automatsko uzimanje uzoraka (uzorkovanje) s razliitih pozicija u TCK-u i transport tih uzoraka do
laboratorija. Uzorak koji doe u laboratorij bit e pripremljen i analiziran na adekvatnim ureajima. Uvoenje
zrane pote planirano je u nekoliko faza, da bi u konanici rezultiralo kompletnom automatizacijom laboratorija.
U prvoj fazi planirano je instaliranje automatskih uzimaa uzoraka na postrojenju mlina cementa, mlina sirovine
i primarnoj drobilici. U decembru 2015. godine zavrava se prva faza, a putanje u pogon je planirano za mart
2016. U drugoj fazi e biti instalirani uzimai klinkera i FV pe, te e biti instaliran zrani sistem za transport
uzoraka. Trea faza podrazumijeva povezivanje stanice za prijem uzoraka i ureaja u laboratoriju kroz AMLAS
sistem. Implementacijom navedenih projekata u svakom trenutku emo imati nadzor nad sistemom uzorkovanja, proces uzorkovanja e biti na veem nivou i rezultati svih analiza koje se rade u laboratoriju bit e procesuirani
na najbolji i najbri mogui nain.
Vreasti filteri Mlinovi cementa (A i B)

Mlinovi cementa su zavrni korak u procesu proizvodnje cementa. Predstavljaju najvee potroae elektrine energije u proizvodnom procesu i veliki su izvor praine. U cilju dobre optimizacije proizvodnog procesa neophodno je
uraditi vee zahvate na modifikaciji postrojenja. To e donijeti dvostruku korist optimizaciju proizvodnog procesa i
poboljanja u zatiti okolia.
Provedba projekta ugradnje vreastih filtera na mlinovima cementa poela je u oktobru 2014.
Projekt obuhvata modifikaciju postojeih (elektrostatikih) filtera. To znai da e unutranji dijelovi postojeih filtera
biti zamijenjeni vreama s novim sistemom kontrole rada filtera. Kuite filtera, ukljuujui i temelje, kao i veina cjevovoda nee biti mijenjani. Ventilatori se moraju zamijeniti zbog veeg zahtjeva za protok zraka kod vreastih filtera,
a to ukljuuje i dodatak frekventnog pretvaraa. Postojei filteri su veliki potroai elektrine energije i s ovom modifikacijom potronja bi trebala biti znaajno umanjena. Takoer, kontrolni sistem i elektrooprema postojeih filtera
dosta su zastarjeli i sve je tee osigurati odgovarajue rezervne dijelove. Transportni sistem ispod filtera je dosta
nepouzdan i bit e zamijenjen novim. Neke dodatne aktivnosti, kao to su zamjena izolacije, modifikacija cjevovoda,
unutranjih ploa i sl., takoer e biti dio ovog projekta. Postojei elektrostatiki filteri su u funkciji od 1978. godine.
Glavni su ciljevi ovog projekta:
smanjiti emisiju praine kod mljevenja cementa;
osigurati pouzdan rad sistema za otpraivanje na mlinovima cementa na dui period;
poboljati procesne parametre boljom kontrolom potpritiska u sistemu, to rezultira manjim zaepljenjima u
njemu, kao i manjom izlaznom temperaturom cementa;
smanjiti potronju energije na sistemu otpraivanja;
poboljati opu sliku tvornice s aspekta zatite okolia.
Modifikacija B-linije zavrena je krajem 2015. godine, a putanje u pogon planirano je za januar 2016.
Transportni sistem ispod filtera ranije se sastojao od nekoliko punih transportera, i to je sada u potpunosti zamijenjeno sistemom izravnog doziranja u transportnu cijev.
Glavnina opreme za obje linije je dostavljena, a radovi na drugoj liniji bit e nastavljeni u februaru 2016., nakon putanja
u rad i uspjenog starta B-linije. Planirano je da sve aktivnosti na projektu budu zavrene do sredine ove godine.
Ukupna vrijednost projekta je 2.056.000 KM, a do kraja 2015. investirano je 1.208.783 KM.
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Tube post and laboratory automation

Both projects are essentially related to the introduction of tube post in Kakanj cement plant. The tube post system
is the automatic sampling from different positions in the Kakanj cement plant and transport of these samples to the
laboratory. Samples that come in the lab will be prepared and analysed on the appropriate devices. The introduction
of tube post is planned in several phases that would ultimately result in the complete automation of the laboratory. In
the first stage it is planned to install automatic sampling on the cement mill department, raw mill and primary crusher
department. In December 2015 the first phase will be finished and commissioning will be done in March 2016. In the
second phase the clinker and kiln feed samplers will be installed, and the tube system will be installed for transport
of samples. The third phase involves connecting the receiving station and equipment in the laboratory through the
AMLAS system. Through the implementation of the aforementioned projects, we will have control over the sampling
system at every stage, the sampling process will be at a higher level and the results of all analyses that are done in
the laboratory will be prosecuted in the best and fastest way possible.
Bag Filters Cement Mills (A and B)

Cement mills are the final step in the cement production process. They are the highest consumers of electrical
energy in the production process and are a large source of dust. In order to optimize the production process it
is necessary to make large interventions to modify the plant. This will bring a double benefit: optimization of the
production process and improvement of environmental protection.
The project of installing bagged filters on the cement mills started in October 2014.
The project includes modification of existing (electro-static) filters. This means that the inside parts of the existing filters will be
replaced with bags connected to the new filter control system. Housing of the filter, including its foundations as well as most
of the pipelines, shall not be changed. Fans must be replaced due to increased air flow required by bag filters which also
includes adding adequate frequency converter. Existing filters are huge consumers of electric energy, and this change should
significantly decrease consumption. Also, the controlling system and electrical equipment within the existing filters is quite
out-dated making it hard to ensure the availability of spare parts. The transporting system under the filters is very unreliable
and shall be replaced by a new one. Some additional activities such as replacing insulation, modification of the pipeline, inside
plates etc. will also be included in this project. The existing electro-static filters have been in operation since 1978.

The main objectives of this project are:
to decrease dust emissions during cement milling;
to ensure the reliable operation of de-dusting on cement mills for a longer period of time;
to improve process parameters through enhanced control of sub-pressure in the system resulting in lower
clogging in the system as well as a lower outlet temperature of cement;
to decrease energy consumption in the de-dusting system;
to improve the general image of the plant from the aspect of environmental protection.
Modification of line B was completed at the end of 2015 year and commissioning should be finished by the beginning of January 2016.
The transport system under the filters consisted of several screw conveyors in the past, and has been completely
replaced by a direct pipe dosing system.
Most of the equipment for A line was delivered, and works on this line will be continued in February of this year after
commissioning and the successful start of B line. It is scheduled that all projects will be completed by the middle of this year.
The total cost of the project is 2.056.000 KM, and a total amount of 1.208.783 KM was invested by the end of 2015.
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Automatizacija mlinova cementa i pakeraja

Realizacijom ovog projekta zamijenit emo zastarjelu relejnu tehniku napajanja i upravljanja na dva mlina cementa
i pakeraja modernom tehnikom PLC i SCADA sistema. Postojei sistem napajanja i upravljanja potroaima koristi
se od 1978. godine. To je nepouzdan sistem i sklon je estim kvarovima. Neki dijelovi postrojenja su zastarjeli i ne
mogu se nabaviti adekvatni rezervni dijelovi.
S obzirom na to da je sistem automatizacije ve ranije ugraen na pogone mlina sirovine i pei, ovim projektom
emo zaokruiti kompletnu proizvodnju cementa preko SCADA sistema, to je u skladu sa HTC standardima.
Nakon ovog projekta bit e tehniki izvodljivo izmjestiti centralnu kontrolnu sobu na drugu lokaciju. Takoer e biti
manje preventivnog odravanja u ovoj oblasti, a projekt e unificirati opremu u tvornici, tako da e biti lake upravljati
rezervnim dijelovima.
Ciljevi su ovog projekta:
pouzdan rad mlinova cementa i pakeraja
smanjenje trokova odravanja
Obim posla:
inenjering (bazni, hardverski, softverski)
zamjena svih trasa kablova i kablova
zamjena opreme u trafostanicama, kablova, lokalnih kutija, senzora i malih motora
zamjena glavnih napojnih i razvodnih ormara, ormara kompenzacije i ormar za ESP
zamjena razvodnih ormara rasvjeta i parcijalna zamjena instalacije rasvjete i utinica
razvoj softvera za MC na dodatnim operatorskim stanicama (OWS) i PLC S7-400
razvoj softvera za pakeraj na adekvatnoj opremi za vizualizaciju
revitalizacija i automatizacija portalnog strugaa
modifikacija transportnog sistema nakon filtera
Cijeli projekt radi se u skladu s postojeim konceptom automatizacije koji je definirao HTC. Budet planiran za
ovu investiciju je 3 miliona KM (1,538 miliona eura). Implementacija projekta poela je u julu 2013. Radovi na
mlinu cementa A i zajednikim potroaima su zavreni. Tehniki prijem za mlin cementa A obavljen je u junu
2014. godine, a za zajednike potroae u decembru 2014. Radovi na mlinu cementa B su zavreni i obavljen je
tehniki prijem postrojenja u martu 2015. godine. Ovaj dio postrojenja je na SCADA sistemu.
Trokovi implementacije projekta u 2013., 2014. i 2015. godini iznosili su 1.720 hiljada KM. Uraen je inenjering
i naruena glavna oprema za automatizaciju pakeraja, a tehniki prijem planiran je za 2016. godinu. U 2016. je
planirana i automatizacija portalnih strugaa.
Upravna zgrada
Opis
Izgradnja nove upravne zgrade je investicija s prioritetom za TCK s obzirom na stanje trenutnih objekata u kojima je
smjetena administracija i menadment tvornice.
Postojei objekti u kojima je smjetena administracija i menadment tvornice su drvene barake koje su sluile
za smjetaj radnika tokom izgradnje tvornice (1974.1978.), pa s obzirom na materijal od kojega su izgraene
predstavljaju visok rizik opasnosti od poara. Takoer su veoma neugledan prostor za posjete kupaca, poslovnih
partnera i gostiju.
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Automation of Cement Mills and Packaging

This project is designed to replace the relay technology of the automation system of two cement mills and the
packing section and process control via PLC and SCADA systems. The current relay system of process control
has been used since 1978. It is unreliable and prone to frequent failures. Some parts are obsolete and spare parts
cannot adequately be obtained for them.
Since the plant raw mill and kiln installed the new automated system, this project would complete the ensemble
production of cement over the SCADA system, which is in accordance with HTC standards. After this project
it will be technically feasible to move the control room to another location. Also, there will be less preventative
maintenance in this area, and this project will unify equipment in the factory so it will be easier to manage spare
parts.
The objectives of this project are:
Reliable operation of cement mills and packing section;
Reduced maintenance costs.
The scope of works:
Engineering (basic, hardware, software);
Replacing all cable routes and cables;
Replacing equipment in substations, cables, local boxes, sensors and small motors;
Replacing the main infeed panels, distribution cabinets, compensation cabinets and control cabinets for
electrostatic filters in substations;
Replacing lighting cabinet and partial replacement of the installation of lighting and sockets;
Software development for the MC, and acquisition of two operator stations, PLCs S7-400;
Software development for the packing section, procurement and installation of equipment for visualization;
Revitalization and automation of portal scraper;
Modification of transport system after filters and other mechanics.
The entire project is being implemented in accordance with the existing automation concept defined by HTC. The
budget planned for this investment is 3 million KM (1,538 million EUR). The project started in July 2013. Works on the
cement mill A are finalised. The technical acceptance (commissioning) for cement mill A was made in June 2014 and
for common consumers in December 2014. Works on the cement mill B are finalised and the technical acceptance
(commissioning) for cement mill B was made in March 2015. This part of the plant is connected to the SCADA system.
Implementation costs in 2013, 2014 and 2015 amounted to 1.720k BAM. Engineering is finished and the main
equipment for the automation of the packaging section is ordered. The technical acceptance for the automation of
the packaging section is planned during 2016. Automation of portal scrapers is planned in 2016.
Administration Building
Description
Given the state of the current buildings (wooden barracks) in which the administration and management of the
company are situated, the construction of a new administrative building is a priority investment for TCK.
Existing buildings where the administration and management of the company are situated are wooden barracks
that were used to accommodate workers during the construction of the factory (1974 - 1978), and, considering the
material with which they are constructed, represent a high risk of fire danger. Also, they are very unattractive during
visits by our customers, business partners and guests.
95
Postoji vie razloga za izgradnju nove upravne zgrade:

eliminacija rizika od poara postojeih baraka u kojima je trenutno smjetena administracija i menadment
tvornice;
objedinjavanje administracije i menadmenta u jednu zgradu;
poboljanje efikasnosti u izvravanju svakodnevnih poslovnih zadataka;
dobivanje reprezentativnog objekta za posjete tvornici;
kvalitetnije radno okruenje naih zaposlenika;
utede u odravanju objekata.
Projektna dokumentacija izraena je 2013. godine i dobivene su sve neophodne dozvole tokom te godine, dok su
radovi na temeljima i betoniranju poeli poetkom 2014. godine.
Objekt e se graditi savremenim materijalima, s konstrukcijom od armiranog betona i akcentom na vidljive i estetski dekorativne betonske povrine fasade i unutranjosti objekta.
Upravna zgrada se sastoji od etiri etae: suterena, prizemlja i dva sprata. Tlocrtna povrina temelja objekta je
48x11 m.
Realizacija radova:
izgraena je armiranobetonska konstrukcija kompletnog objekta;
montiraju se AB brisoleji na fasadu objekta;
izvode se pripremni radovi za ugradnju vanjske stolarije;
izvode se radovi na postavljanju krovne termoizolacije i hidroizolacije.
U ekolokom smislu, ova investicija znaajno e smanjiti gubitke toplotne energije, a sa svojim ozelenjenim krovom
predstavljat e osvjeenje u nainu izgradnje objekata u blioj i daljoj okolini. Izgradnja upravne zgrade je jo jedan
od naih napora da ivotno okruenje naih radnika i svih naih sugraana uinimo to ugodnijim i ekoloki naprednim.
Pozicije finansijskog poloaja Drutva i Grupe

na dan 31. 12. 2014.
Dugorona imovina Tvornice cementa Kakanj iznosi 111,8 miliona KM i smanjena je za 3,3 miliona KM u odnosu na
prethodnu godinu (u 2014. godini iznosila je 115,1 miliona KM).
Dugorona imovina Grupe iznosi 101,6 miliona KM i smanjena je u odnosu na prethodnu godinu za 4,6 miliona KM
(u 2014. godini iznosila je 106,2 miliona KM).
Do smanjenja dugorone imovine je dolo zato to je vrijednost ulaganja manja od obraunate amortizacije perioda.
Kratkorona imovina TCK-a iznosi 44,6 miliona KM i za 4,8 miliona KM je vea nego u prethodnoj godini (u 2014.
godini iznosila je 39,8 miliona KM).
Kratkorona imovina Grupe iznosi 60,2 miliona KM i poveana je u odnosu na prethodnu godinu za 7,1 miliona KM
(u prethodnoj godini je iznosila 53,1 milion KM) zbog poveanja vrijednosti zaliha za 1,9 miliona KM kao i vrijednosti
novca za 6 miliona KM. Potraivanja su smanjena za 1,3 miliona KM.
96
There are several reasons for the construction of a new administrative building, among which are:
Elimination of the risk of fire in the existing barracks where the administration and management of the
company are currently situated;
Consolidation of administration and management in one building;
Improving the efficiency of everyday business tasks;
Obtaining a representative building during a visit to the factory;
Better working environment of our employees;
Savings costs for maintenance.
Project documentation was created in 2013, while all the necessary permits were obtained during 2013. Work on the foundations
and concreting the walls of the building began immediately upon obtaining the necessary permits, at the beginning of 2014.
The building is built of modern materials with a structure of reinforced concrete and visible emphasis on aesthetic
decorative concrete surfaces on the facade and interior of the building.
The administration building consists of four floors: basement, ground floor and two upper floors. The layout area of
the foundations of the building is 48 x 11 m.
Implementation of works:
Building of a reinforced concrete structure around the entire building;
Installation of a reinforced-concrete streamer on the faade;
Operation of the preparatory work for the installation of exterior joinery;
Work on the setting up of the roofs thermal insulation and waterproofing.
In environmental terms, this investment will significantly reduce loss of heat, and with its roof covered with greenery,
will represent a refreshing building construction in the context of the immediate and wider environment. Construction
of the administration building is another of our efforts to make the living environment for our employees and all of our
fellow citizens as pleasant as possible and environmentally advanced.
Financial Position of the Company and the Group on the 31st of

December 2015
The long-term assets of Tvornica Cementa Kakanj amounted to 111.8 million KM, which has decreased by 3.3
million KM compared to the previous year (it was 115.1 million KM in 2014).
The long-term assets of the Group amounted to 101.6 million KM, which has decreased by 4.6 million KM compared
to the previous year (it amounted to 106.2 million KM in 2014).
The decrease in long-term assets resulted from investment value that was lower than the calculated depreciation
for this period.
The short-term assets of Tvornica Cementa Kakanj amounted to 44.6 million KM, an increase of 4.8 million KM on
the previous year (it amounted to 39.8 million KM in 2014).
The short-term assets of the Group amounted to 60.2 million KM, and increased by 7.1 million KM compared to the
previous year (the previous year it amounted to 53.1 million KM) due to an increase of stocks value by 1.9 million KM
and cash and cash equivalents by 6 million KM. Receivables decreased by 1.3 million KM.
97
Ukupan kapital Tvornice cementa Kakanj iznosi 145 miliona (u proloj godini 147,6 miliona) i smanjen je u odnosu
na prolu godinu za 2,5 miliona KM kao rezultat smanjenja zadrane dobiti za 5 miliona KM, ali i poveanja neto
dobiti za 2,5 miliona KM.
Ukupan kapital Grupe iznosi 147,6 miliona (u proloj godini 149,4 miliona) i smanjen je u odnosu na prolu godinu
za 1,8 miliona KM kao rezultat smanjenja zadrane dobiti i poveanja neto dobiti u odnosu na prethodnu godinu.
Kratkorone obaveze Tvornice cementa Kakanj iznose 10,2 miliona KM i u odnosu na prethodnu godinu poveane
su za 4 miliona KM (u proloj godini 6 miliona KM).
Kratkorone obaveze Grupe su poveane za 4,4 miliona KM i iznose 12,9 miliona KM (u prethodnoj godini iznosile
su 8,5 miliona KM) zbog poveanja obaveza prema dobavljaima za 4 miliona KM.
Osnovne pozicije poloaja Drutva i Grupe
U hiljadama KM
31.12
Grupa
2014.
2015.
Drutvo
Promjena
2014.
2015.
2015/2014.
Dugorona imovina
106.195
101.596
-4%
Promjena
2015/2014.
115.144
111.843
-3%
12%
Kratkorona imovina
53.095
60.213
13%
39.829
44.623
UKUPNA IMOVINA
159.290
161.809
2%
154.973
156.466
1%
Kapital i rezerve
149.387
147.632
-1%
147.586
145.054
-2%
Ukupno dugorone obaveze
1.355
1.246
-8%
1.355
1.246
-8%
Kratkorone obaveze
8.548
12.931
51%
6.032
10.166
69%
159.290
161.809
2%
154.973
156.466
1%
UKUPNO KAPITAL I OBAVEZE
Dogaaji nakon datuma bilansa

Nije bilo znaajnih dogaaja nakon datuma bilansa koji bi uticali na finansijske izvjetaje na dan 31. decembra
2015. godine.
Certifikat bonitetne izvrsnosti A

Zahvaljujui odlinim rezultatima postignutim tokom 2014. godine, Tvornica cementa Kakanj zadovoljila je stroge
finansijsko-analitike kriterije prema metodologiji jedinstvenoj za podruje cijele Evrope i stekla pravo da nosi A
certifikat bonitetne izvrsnosti. Bonitetna ocjena predstavlja natprosjenu bonitetnu vrijednost preduzea koja se
temelji na zavrnim raunima privrednih subjekata za posljednju fiskalnu godinu i predvia sigurnost poslovanja u
narednih dvanaest mjeseci.
Preduzea s bonitetom izvrsnosti posluju natprosjeno i kod njih je manja vjerovatnoa da e idue godine zabiljeiti
blokadu iro-rauna. Biti nosilac certifikata bonitetne izvrsnosti jedno je od rijetkih priznanja kojim preduzea svojim
potencijalnim partnerima dokazuju da su odgovorna i kvalitetno voena preduzea s kojima treba poslovati.
Certifikat izvrsnosti dodjeljuje meunarodna grupacija Bisnode AB, koja je jedan od najveih evropskih informatora
o poslovnoj i kreditnoj sposobnosti kompanija.
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The total capital of Tvornica Cementa Kakanj amounted to 145 million KM (which was 147.6 million KM in the previous year), marking a decrease of 2.5 million KM due to a decrease of retained income of 5 million KM as well as a
net profit increase of 2.5 million KM.
The total capital of the Group amounted to 147.6 million KM (which was 149.4 million KM in the previous year), marking a decrease of 1.8 million KM due to a decrease in retained income as well as a net profit increase compared to the previous year.
Short-term liabilities of Tvornica cementa Kakanj amounted to 10.2 million KM and compared to the previous year
increased by 4 million KM (6 million KM in previous year)
Short-term liabilities of the Group increased by 4.4 million KM, amounting to 12.9 million KM (in the previous year it
amounted to 8.5 million KM) due to an increase in liabilities toward suppliers of 4 million KM.
The basic positions of the Company and the Group are given in the table below:
In thousand KM
31.12
Group
2014
2015
Company
Change
2014
2015
2015/2014
Long-term assets
106,195
101,596
-4%
Change
2015/2014
115,144
111,843
-3%
12%
Short-term assets
53,095
60,213
13%
39,829
44,623
TOTAL ASSETS
159,290
161,809
2%
154,973
156,466
1%
Capital and reserves
149,387
147,632
-1%
147,586
145,054
-2%
Total long-term liabilities
1,355
1,246
-8%
1,355
1,246
-8%
Short-term liabilities
8,548
12,931
51%
6,032
10,166
69%
159,290
161,809
2%
154,973
156,466
1%
TOTAL CAPITAL AND LIABILITIES
Events after the Balance Date

There were no significant events after the balance date that would impact on the financial statements as of the 31st
of December 2015.
Certificate of Solvency Excellence A

On the basis of the excellent results achieved in 2014, Tvornica cementa Kakanj met rigorous financial-analytic
criteria in accordance with the methodology unique on the territory of Europe and was awarded A certificate of
solvency excellence. The solvency grade represents an above average solvency value of a company based on
the balance sheets of companies for the last fiscal year and it predicts security in business in the following twelve
months.
Companies with solvency excellence conduct business above average and they have a lower possibility of having their account
blocked in the next year. A certificate of solvency excellence is one of the rare recognitions with which companies may prove to
their potential partners that they are a responsible and quality led company which can be a good business partner.
A certificate of solvency excellence is awarded by the international group Bisnode AB, one of the leading European informers
on business and the credit capacity of companies.
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Upravljanje rizicima
Upravljanje rizicima obavlja se u skladu s politikom i procedurama HeidelbergCementa.
Menadment radi na identifikaciji rizika. Nakon identifikacije vri se kvantificiranje rizika ako se radi o kvantitativnom
riziku. Ako se radi o kvalitativnom riziku, daje se njegov detaljan opis. Za svaki identificirani kvantitativni i kvalitativni
rizik definiraju se vjerovatnost, akcije i odgovornosti.
Izvjetaji o rizicima dio su seta izvjetavanja. Izvjetaji o kvalitativnim rizicima rade se godinje, a izvjetaj o
kvantitativnim rizicima kvartalno. Dodatno se u sluaju nastanka veeg rizika radi takozvani ad hoc izvjetaj.
Monitoring provoenja akcija obavlja menadment.
Finansijski rizik
Finansijski rizik ukljuuje kreditni rizik, kamatni rizik, valutni rizik i rizik likvidnosti. Tvornica cementa Kakanj i zavisna
drutva TCK-a nisu znaajno izloena nijednoj od ovih vrsta finansijskog rizika.
Kreditni rizik je rizik da jedna strana koja sudjeluje u finansijskom instrumentu nee ispuniti svoje obaveze i time
e uzrokovati gubitak drugoj strani. Grupa je izloena kreditnom riziku naplativosti potraivanja i kreditnom riziku iz
finansijskih aktivnosti, prvenstveno riziku depozita u bankama. Kreditni rizik vezan za potraivanja od kupaca nadzire
se na razini pojedinog drutva u okviru Grupe i u skladu s politikom, procedurama i kontrolama definiranim na
razini Grupe. Otvorena potraivanja od kupaca redovito se nadziru, a sve isporuke najveim kupcima osigurane su
bankovnim garancijama ili drugim instrumentima osiguranja. Grupa nema znaajnu koncentraciju kreditnog rizika ni
prema jednoj stranci ili grupi stranaka sa slinim karakteristikama, pa je koncentracija kreditnog rizika za potraivanja
od kupaca niska.
Izloenost Grupe kreditnom riziku iz finansijskih aktivnosti vezana je za novac, novane ekvivalente i kredite. Rizik
proizlazi iz nemogunosti druge strane da podmiri svoje obveze, pri emu je maksimalna izloenost jednaka
knjigovodstvenoj vrijednosti te imovine.
Upravljanje rizikom vri se na nain da se viak sredstava ulae samo kod provjerenih stranaka.
Kamatni rizik je rizik da e se vrijednost finansijskog instrumenta promijeniti usljed promjene trinih kamatnih stopa
u odnosu na kamatnu stopu koja je primjenjiva na taj finansijski instrument. Rizik kamatnih stopa kod toka novca je
rizik da e trokovi kamata na finansijske instrumente biti promjenjivi tokom razdoblja. Grupa nema kredita koji nose
kamate koje bi Drutvo mogle izloiti riziku kamatnih stopa.
Rizik likvidnosti je rizik da e se Drutvo susresti s potekoama u prikupljanju sredstava za podmirivanje obaveza
povezanih s finansijskim instrumentima.
Politika je Grupe odrati dovoljno novca i novanih ekvivalenata ili imati na raspolaganju finansijska sredstva putem
odgovarajueg iznosa kreditnih linija za ispunjenje njegovih obveza u doglednoj budunosti. Viak novca ulae se
uglavnom u kratkorone depozite.
Rizik promjene deviznog teaja je rizik da e se vrijednost finansijskih instrumenata mijenjati usljed promjene
teaja. Tvornica cementa Kakanj veinu prihoda ostvaruje na domaem tritu, a manji dio na inozemnom tritu
denominirano u eurima. Dio nabavki se vri na inozemnom tritu, ali su i te nabavke denominirane u euro. S obzirom
na to da je teaj konvertibilne marke prema euru fiksan, rizik nije znaajan.
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Risk Management
Risk management is carried out in accordance with the policies and procedures of HeidelbergCement Group.
The Management Board assesses the risks. After assessing them, the calculation of risk is made if a calculated risk is
indeed in question. If it is a qualitative risk, a detailed description of the risk is made. Each identified quantitative risk
with a value above two million euros, is defined in terms of qualitative risk, probability, actions, and responsibilities.
Reporting on risks is part of the overall report. Reports on qualitative risks are made annually, while reports on quantitative
risks are made on a quarterly basis. Additionally, in the case of higher risks, a so-called ad hoc report is made.
The Management monitors the procedures of all actions.
Financial Risk
Financial risk includes credit risk, interest rate risk, currency risk and liquidity risk. Tvornica cementa Kakanj and
related parties are not significantly exposed to any of these financial risks.
Credit risk means the risk that one party involved in a financial instrument will fail to fulfil its obligations and therefore
cause a loss to the other party. The Group is exposed to credit risk from collectability of receivables and credit
risk from financing activities, mainly risk deposits with banks. Customer credit risk is managed by each company
within the Group in accordance with the Groups established policy, procedures and control defined by the Group.
Outstanding customer receivables are regularly monitored and any deliveries to major customers are generally
covered by bank guarantees or other forms of credit insurance. The Group has no credit risk concentration on any
single counter party or group of counterparties having similar characteristics, so the concentration of credit risk for
trade receivables is low.
The Groups exposure to credit risk from financial activities is related to cash, cash equivalents and loans given.
The risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these
instruments.
Investments of surplus funds are made only with approved counterparties.
Interest rate pricing risk is the risk that the value of a financial instrument will fluctuate due to changes in market
interest rates in relation to the interest rate which applies to the financial instrument. Interest rate risk related to cash
flows is the risk that the interest cost of an instrument will fluctuate over time. The Group does not have interest
bearing loans, which would expose the Company to interest rate risk.
Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated
with financial instruments.
The Group policy is to maintain sufficient cash and cash equivalents or to have available funding through an
adequate amount of committed credit facilities to meet its commitments for the foreseeable future. Any excess cash
is invested mostly in short term deposits.
Risk of variation in exchange rates means risking the value of a financial instrument due to fluctuation on the
exchange market. Tvornica Cementa Kakanj earns most of its revenue on the domestic market and a small part on
the foreign euro-dominated market. Some purchases are made in foreign markets, but even these are denominated
by the euro. Given that the exchange rate of the convertible mark to the euro is fixed, the risk is not significant.
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Trini rizik
Tvornica cementa Kakanj i njezina povezana drutva u velikoj su mjeri bila izloena trinom riziku u 2015. godini,
koja je bila teka zbog nedostatka velikih infrastrukturnih projekata i jaanja konkurencije iz inozemstva.
U prvoj polovini 2014. godine u Bosni i Hercegovini su zavreni svi vei infrastrukturni projekti, u prvom redu izgradnja
znaajnijih dionica autoputa na Koridoru 5-C. Nastavak radova se oekivao u 2015., meutim, intenziviranje radova
je poelo tek krajem godine.
I 2016. godinu takoer e obiljeiti znaajan trini rizik u proizvodnji i distribuciji cementa te u proizvodnji i distribuciji
betona. Naime, na tritu cementa je prisutna izuzetno jaka konkurencija, naroito inozemnih proizvoaa cementa,
odnosno konkurenata koji svojom agresivnom politikom cijena poveavaju svoje uee na tritu Bosne i
Hercegovine.
Kako u 2015., tako i u 2016. godini proizvodnja i distribucija betona bile su i bit e izloene dodatnom riziku zbog
injenice da je konkurencija izuzetno velika i jaka, jer je djelatnost proizvodnje i distribucije betona podijeljena na veliki
broj malih proizvoaa koji u cilju prevladavanja nelikvidnosti esto sputaju prodajnu cijenu ispod cijene kotanja.
Dodatni rizik je i injenica da su gotovo svi vei proizvoai cementa prisutni na bh. tritu instalirali svoje betonare u
blizini lokacija na kojima su betonare TBG BH, te svojim politikama niskih cijena ugroavaju nau prodaju.
Budui da je za 2016. godinu u pogledu realizacije infrastrukturnih projekata najavljen nastavak radova u izgradnji
autoputa na Koridoru 5-C na podruju Zenice, gdje je i smjetena mobilna betonara koja je i nabavljena da bi se
smanjio trini rizik, s jedne strane, a kako bi se zbog njezine blizine gradilitima poveala konkurentnost u prodaji
betona i osigurao plasman cementa iz Tvornice cementa Kakanj, s druge strane, rad mobilne betonara zavisit e o
izabranom izvoau radova koji u veoma jakoj konkurenciji pokuava ui na trite s prodajnom politikom niskih cijena.
U cilju smanjenja trinog rizika poduzeto je niz mjera za ublaavanje trinog rizika:
stalno praenje situacije na tritu;
izvrena je analiza trita novih tipova cementa i izraen izvjetaj o mogunosti plasmana novih tipova cementa;
distribucija kroz terminale prodaje (Sarajevo, Banja Luka, Mostar, Tuzla);
isporuke na paritetu DAP, tj. isporueno kupcu na mjestu;
poduzete su marketinke aktivnosti: izraena je reklama broura o naim proizvodima, s opisom proizvoda,
mogunostima koritenja, prednostima betonskih objekata, najznaajnijim objektima izgraenim naim
betonom;
akcijska prodaja upakiranog cementa uz nie cijene.
U cilju jaanja pozicije na hrvatskom tritu kupljena je betonara u Zagrebu i tako otklonjen rizik da nakon
isteka najma izgubimo prisustvo u tome gradu gdje je najvea potronja betona po glavi stanovnika u
Hrvatskoj.
102
Market Risk
Tvornica cementa Kakanj and its related parties were significantly exposed to market risk in 2015, which was difficult
because of a lack of large infrastructure projects and due to strengthening of competition from neighbouring countries.
In the first half of 2014 in Bosnia and Herzegovina all major infrastructure projects were completed, notably the
construction of major highway sections on Corridor Vc. The continuation of works was planned for 2015 but works
only intensified towards the end of 2015.
2016 will also mark a significant market risk in both the production and distribution of cement and in the production
and distribution of concrete. In the cement market there is extremely strong competition present, especially foreign
cement producers with aggressive pricing policies seeking to increase market shares on the BiH market.
In 2015 as well as in 2016, the production and distribution of concrete was and will be exposed to additional risk
due to the fact that competition is extremely big and strong, because the production and distribution of concrete
is divided into a number of small producers which in order to overcome liquidity problems often decrease the sales
price below the cost price. An additional risk is the fact that almost all the major cement producers present in BiH
market have installed their concrete plants near the location of concrete plants of TBG BH, and with their policies of
low prices threaten our concrete sales.
Since continuation of work was announced in 2016 on the infrastructure project to build a highway on the Corridor
5C in Zenica where we have a mobile concrete plant in place that was acquired in order to reduce market risk on
the one hand, and in order to increase competitiveness in concrete sales and ensure cement sales from Tvornica
cementa Kakanj on the other, the work of mobile concrete plants will depend on the contractor chosen amidst very
strong competition on the market with sales policies of low prices ever more prevalent.
In order to reduce market risk, numerous measures are being undertaken in order to mitigate it:
Continuous follow up and monitoring of the situation on the market;
Analysis of new cement types was made, then followed up with a report on the possibilities of new cement
types sales;
Cement distribution through sales terminals (Sarajevo, Banja Luka, Mostar, Tuzla);
Cement delivery on parity DAP customer, (delivered at place);
Marketing activities a promotional product brochure was made which included a product description, usage
possibilities, advantages of the concrete, and a list of significant objects constructed with our concrete;
Sale of bagged cement with lower prices.
With the goal of strengthening our position on the Croatian market, a ready-mixed concrete plant was acquired in
Zagreb, which eliminates the risk of losing our dominance in Zagreb the highest concrete consumption per capital
in Croatia after the expiry of the lease.
103
Operativni rizik
Ogranieni skladini kapaciteti za cement
U 2016. godini postoji rizik, odnosno odreena vjerovatnost da bi moglo doi do gubitka izvjesnih koliina cementa
zbog ograniene proizvodne palete, odnosno gubitka projekata na kojima bi se koristila vrsta cementa koju trenutno
Tvornica cementa Kakanj nema u svome prodajnom asortimanu zbog ogranienih skladinih kapaciteta. Stoga je
predloena akcija proirenje skladinih kapaciteta za cement u cilju smanjenja ovoga operativnog rizika.
Zatita okolia
Nakon ugradnje novoga vreastog filtera i realizacije brojnih drugih projekata uticaj na okoli je sveden na
minimum.
Dozvole
Veliki rizik predstavlja sloena i dugotrajna procedura oko dobivanja odobrenja openito, poevi od okolinske
dozvole do odobrenja za graenje. S jedne strane to moe ugroziti operativne aktivnosti, a s druge usporava i
produava proces investiranja. Komunikacijom s lokalnim vlastima nastoji se prevladati ili ublaiti ovaj rizik.
U cilju smanjenja rizika izraena je procedure za ishodovanje graevinske dozvole svaki pojedinani korak i
potrebna dokumentacija za taj korak.
U toku 2015. godine, pored redovitih ispitivanja materijala, izvrena su ispitivanja mogunosti koritenja tzv. srednje
pjeskovite komponente umjesto niske komponente u procesu proizvodnje cementa. S tim u vezi izvrena su
laboratorijska ispitivanja i industrijska proba proizvodnje cementnog klinkera od navedenog materijala. Upotreba
spomenutog sirovinskog materijala ima za cilj poveanje baze raspoloivih sirovina koje ne bi znaajnije uticale na
kvalitet proizvoda.
Drutveno odgovorno poslovanje i odrivi razvoj

Ravnopravan odnos prema svim zaposlenicima podjednako, proaktivno ouvanje okolia i praktino
ukljuenje u zajednicu temelji su vizije odrive budunosti. Integriranjem etikih elemenata u sva pitanja
vezana za rad kompanije, ukljuujui upravljanje ljudskim resursima, dizajn proizvoda, zahtjeve za
dobavljae i programe djelovanja u zajednici, Tvornica cementa Kakanj pomae u izgradnji istijega,
sigurnijeg i prosvjeenijeg svijeta.
Koncept drutveno odgovornog poslovanja poiva na opredijeljenosti kompanije da svojim sveukupnim
poslovanjem i djelovanjem doprinosi odrivom privrednom razvoju drutva. Tvornica cementa Kakanj, kao lanica
HeidelbergCement grupacije, svoje poslovanje zasniva upravo na drutveno odgovornom poslovanju, koje je jedan
od naih stratekih ciljeva.
Kao vodei proizvoa cementa u BiH mi smo kompanija koja potie odrivi razvoj, postavlja najbolju
praksu u utvrivanju standarda vrhunske proizvodnje i kvaliteta proizvoda te preuzima vodeu ulogu
u prepoznavanju vanosti zatite okolia. Na je cilj ukljuiti se u unapreenje drutva dugotrajnim
ulaganjem u kupce, zaposlenike, okoli, kulturu, sport, znanje, obrazovanje, zdravstvo zajednicu u
cjelini.
104
Operating Risk
Limited cement warehousing capacities
In 2016 there is foreseen a risk, indeed a certain probability, that there could be a loss of a certain amount of cement
due to limited cement production, which means the loss of projects on which the type of cement which Tvornica
cementa Kakanj currently does not have in its sales line due to limited storage capacities would be used. Therefore,
action is proposed in the form of expansion of storage capacity of cement in order to reduce this operational risk.
Environment Protection
Following the installation of a new bag-house filter and numerous other environmental projects, the impact on the
environment has been minimized.
Permits
Great risk comes from the long and complex procedures associated with obtaining permits, from environmental to
construction permits. On the one hand this can jeopardize operating activities, and on the other slows down the
investment process. Communication with local authorities is necessary to eliminate or alleviate these risks.
The procedure for obtaining construction permits, which includes a step-by-step program and the appropriate
documentation necessary for each step, has been made in order to reduce this risk.

During 2015, in addition to regular testing of materials, the possibility of using so-called medium sandy component
instead of the low components in the cement production process has been investigated. In this regard during
2015 we performed laboratory tests and industrial tests of production of cement clinker from the aforementioned
materials. Use of the aforementioned raw material is intended to increase the base of available raw materials that
would not significantly affect product quality.
Social Responsibility and Sustainable Development

Equal respect towards employees, proactive environment protection and practical involvement in the community are
the foundations of the vision of a sustainable future. Through integration of ethical elements into all elements related
to the work of the company, including human resources management, product design, requirements towards
suppliers and programmes of acting in the community, Tvornica cementa Kakanj helps in the building of a clean,
safer and enlightened world.
The concept of a socially responsible business lies in the commitment of the company to contribute to sustainable
economic development through its business and behaviour. Tvornica Cementa Kakanj, as a member of
HeidelbergCement Group, builds its business precisely as a socially responsible business as one of its strategic
goals.
As the leading producer of cement in B&H, we are a company that fosters sustainable development, establishes
best practices in defining standards of first-rate production and product quality, and undertakes a leading role in
recognizing the importance of environmental protection. Our goal is to be actively involved in the improvement
of society through long-term investment in our customers, employees, environment, culture, sport, knowledge,
education, health and community in general.
105
Drutvena odgovornost i odrivi razvoj u potpunosti su integrirani u dugoronu strategiju TCK-a. Odrivi
razvoj predstavlja nau trajnu predanost uravnoteenoj integraciji ekonomskih, okolinih i drutvenih faktora u
svakodnevno poslovanje s ciljem uveanja zajednike vrijednosti kao i prepoznavanja, spreavanja i izbjegavanja
moguih negativnih uticaja.
Tvornica cementa Kakanj d.d. Kakanj, kao dio HeidelbergCement grupacije, ukljuena je u European Alliance
CSR (Corporate Social Responsibility), koja je vodea mrea preduzea to prakticiraju korporativnu drutvenu
odgovornost. Tvornica cementa Kakanj kao ogranak multinacionalne kompanije nastoji svojim primjerom ohrabriti i
potaknuti mala i srednja preduzea u primjeni spomenutog koncepta korporativne drutvene odgovornosti u Bosni
i Hercegovini i regiji.
U skladu sa CSI WBCSD strategijom (Cement Sustainable Initiative World Business Council for Sustainable
Development Inicijativa cementne industrije za odrivi razvoj), Tvornica cementa Kakanj definirala je svoju
strategiju i ciljeve odrivosti do 2020. godine.
Ta strategija podrazumijeva:
zatitu klime (redukcija emisije staklenikih plinova i ostalih zagaujuih materija u zrak, primjena mehanizama
istog razvoja CDM);
energiju i sirovinske materijale (odgovoran pristup, primjena najboljih raspoloivih tehnika BAT, uz upotrebu
obnovljivih i tzv. alternativnih izvora energije i sirovina);
zdravlje i sigurnost zaposlenika (praenje, izvjetavanje i razmjena iskustava o moguim pozitivnim uincima
te preventivno djelovanje na polju zdravlja i sigurnosti);
lokalne uticaje (izrada smjernica za ocjenu ekolokoga i drutvenog uticaja cementne industrije na lokalnu
zajednicu te kontinuirano svoenje negativnih uticaja na minimum);
interne poslovne procese (integracija odrivog razvoja u sistem upravljanja management sistem, te razvijanje
partnerskih odnosa sa svim zainteresiranim stranama).
Strategija i upravljanje odrivim razvojem znai ostvarenje stalnog razvoja, ali na ekoloki prihvatljiv, zakonski dozvoljen i siguran nain (s aspekta zdravlja i sigurnosti na radu).
Integrirani sistem upravljanja

Dostizanje ciljeva iz strategije odrivosti osigurava se stalnom implementacijom integriranog sistema upravljanja
kvalitetom, okoliem te zatitom zdravlja i sigurnou na radu.
Tvornica cementa Kakanj ve trinaestu godinu zaredom kontinuirano primjenjuje i razvija integrirani sistem
upravljanja u skladu sa zahtjevima standarda ISO 9001:2008, ISO 14001:2004, OHSAS 18001:2007, EN
197-1 i EN 197-2.
Zahvaljujui striktnoj implementaciji zahtjeva evropskih normi, TCK je prije etiri godine ispunila i sve uvjete za
oznaavanje svojih proizvoda CE znakom. Ovim je zaokruen veoma sloen proces implementacije integriranog
sistema upravljanja koji je zapoeo prije 14 godina. U narednom periodu ovaj izgraeni sistem neophodno je dalje
razvijati i prilagoavati novim i sve otrijim zahtjevima.
U Tvornici cementa Kakanj redovito se provode interne i vanjske kontrole potivanja svih navedenih standarda, to
nam omoguava njihovo zadravanje.
106
Social responsibility and sustainable development have been completely integrated into the long term strategy of
Tvornica Cementa Kakanj. Sustainable development represents our continual commitment to balanced integration
of economic, environmental and social factors into everyday business in order to increase common values as well
as to recognize, prevent and avoid possible negative effects.
Tvornica cementa Kakanj, as a member of HeidelbergCement Group, has been involved in the European
Alliance CSR (Corporate Social Responsibility), which is the leading network of companies practicing
corporate social responsibility. Tvornica cementa Kakanj, as a subsidiary of a multinational company,
strives to be an example in encouraging small and medium enterprises to apply the concept of corporate
social responsibility in Bosnia and Herzegovina and throughout the region.
In accordance with the CSI-WBCSD strategy (Cement Sustainable Initiative World Business Council
for Sustainable Development), Tvornica Cementa Kakanj has outlined its sustainability strategy and
goals until 2020.
This strategy includes the following:
climate protection (reducing emissions of greenhouse gases, including other air pollutants , and the
application of the clean development mechanism - CDM);
energy and raw materials (responsible management, application of best available techniques BAT, the use of
renewable and so-called alternative sources of energy and raw materials);
health and safety of employees (monitoring, reporting and exchanging experience on positive performances,
prevention in the field of health and safety),
local impact (producing guidelines on estimating the ecological and social impact of the cement industry on
the local community, and continually reducing negative influences);
internal business processes (integrating sustainable development into the managing system, as well as
developing partnerships with all stakeholders).
The sustainable development strategy and management includes: the realization of continual development in an
environmentally acceptable, legally permitted and safe (in terms of health and safety) manner.
Integrated Management System

Achieving sustainable strategic goals is ensured through continual implementation of an integrated system for
managing quality, the environment, and health and safety at work.
Tvornica Cementa Kakanj has, for fourteen years now, been applying and developing the integrated management
system in accordance with the requirements of the following standards: ISO 9001:2008, ISO 14001:2004, OHSAS
18001:2007, EN 197-1 and EN 197-2.
Owing to the strict implementation of European Norm standards, Tvornica Cementa Kakanj fulfilled all requirements
for marking its products with the CE stamp five years ago. This marked the completion of a very complex process
of implementing the integrated management system, which was started fourteen years ago. In the upcoming
period, this system needs to be further developed and adapted to new and stricter requirements.
Internal and external audits are regularly conducted in Tvornica cementa Kakanj controlling compliance with all the
mentioned standards enabling us to keep the certificates.
107
Zatita okolia
Energija i sirovinski materijali
U vrijeme globalne energetske i ekonomske krize odgovoran i struan pristup koritenju energije i sirovina ima
golemi znaaj. Cementna industrija, zahvaljujui tehnolokom procesu proizvodnje klinkera u rotacionim peima,
ima mogunost da aktivno uestvuje u procesu utede energije, i to upotrebom otpada kao alternativnog izvora
energije. Na taj nain se postie viestruki efekt:
uvanje fosilnih goriva kao neobnovljivih izvora energije,
unitavanje krutoga i tenog opasnog otpada,
upoljavanje lokalnog stanovnitva na prikupljanju i sortiranju otpada kao energenta,
smanjenje emisije staklenikih plinova.
Osim toga, proces proizvodnje klinkera je zaokruen tehnoloki proces iz kojeg nema nikakvih nusefekata ni proizvoda
(krutoga ili tenog otpada i sl.). Zahvaljujui reverzibilnim i reciklinim (recirkulacijskim) tehnolokim potprocesima, svi
mogui nusproizvodi se vraaju u proces i ulaze u sastav poluproizvoda i gotovog proizvoda.
Na ovaj nain te koritenjem dodataka (nusproizvoda iz termoelektrana i eljezara) uvaju se osnovne sirovine uzete
iz prirode (kamen krenjak).
Redukcija upotrebe tehnoloke vode (koja se takoer uzima iz prirode, najee iz otvorenih vodotoka / rijeka)
postie se izgradnjom i upotrebom recirkulacijskih sistema, zahvaljujui kojima praktino nema otpadnih tehnolokih
voda koje su se ranije vraale u prirodni recipijent.
Slina situacija je i s betonarama, gdje se upotrebom specijalnih stanica za reciklau omoguava ponovna upotreba
otpadne vode te estica pijeska i ljunka u zatvorenome krunom toku.
Okolinske i vodne dozvole

Ve petu godinu zaredom Tvornica cementa Kakanj provodi obaveze iz okolinske dozvole koju je u ljeto 2011.
godine izdalo Federalno ministarstvo okolia i turizma (FMOiT).
Ova okolinska dozvola, u skladu s IPPC direktivom i Planom aktivnosti (planom prilagoavanja), definira pravila,
uvjete i nain rada TCK-a s okolinskog aspekta za narednih pet godina.
Osim odreenih doputenja, ova dozvola definira i odreene obaveze i ogranienja. Jedna od najozbiljnijih
obaveza koje je TCK morala ispuniti u skladu s okolinskom dozvolom jeste uspostava kontinuiranog
monitoringa emisija iz glavnog dimnjaka rotacione pei, kao i monitoringa ambijentalnog zraka u tvornikom
krugu. Ova obaveza je ispunjena tokom 2014. godine, dakle, dvije godine prije roka zadanoga u okolinskoj
dozvoli.
Okolinska dozvola definirala je i emisione limite GVE, kojih se TCK mora pridravati u narednih pet godina.
U skladu s odredbama okolinske dozvole izraeni su Plan upravljanja otpadom i Ekoloki monitoring plan
TCK-a.
108
Environment Protection
Energy and Raw Materials
In times of global energy and economic crisis, a responsible and professional approach to energy use is paramount.
The cement industry, owing to the technological process of clinker production in rotary kilns, is afforded the possibility
of actively participating in the process of energy conservation by using waste as an alternative energy source. In this
way, multiple effects are achieved:
saving fossil fuels as non-renewable energy sources;
disposing of solid and liquid toxic waste;
employment of local people in collecting and sorting out the waste to be used as energy;
decreasing greenhouse gases.
Additionally, the clinker production process is a closed technological process which has no side-effects or byproducts (solid or liquid). Owing to reversible and recycled (recirculation) technological sub-processes, all possible
by-products are returned into the process and become constituent parts of the semi-finished and finished products.
This way, by including utility of additional materials (by-products of power plants and steel plants), the basic natural
raw material (limestone) is preserved.
Decreased consumption of technical water (which is also taken from nature, usually from open water sources
rivers) is achieved through construction and utilization of a circulation system, leaving no waste water, which prior to
this system had been returned to nature.
Similarly, concrete plant utilization of special recycling stations enables the reuse of waste water as well as particles
of sand and gravel in a closed recovery system.
Environmental and Water Permits

Tvornica Cementa Kakanj has continually met its obligations prescribed in the Environmental Permit issued by the
Federal Ministry for the Environment and Tourism in summer 2011.
This Environmental Permit, which is in accordance with IPPC directive and the Plan of Activities (adjustment plan),
defines rules, conditions, and the manner of work for the plant from an environmental perspective for a period of 5 years.
Besides certain permissions, this permit also defines certain obligations and limits. One of the most important
obligations prescribed by the Environmental Permit which had to be fulfilled by Tvornica Cementa Kakanj is the
establishment of continued monitoring of emissions from the main stack of the rotary kiln, as well as monitoring of
the air surrounding the plant. This obligation was fulfilled during 2014 two years earlier than the deadline set in the
Environmental permit.
The Environmental Permit also defines emission limits GVE which must be respected by Tvornica Cementa
Kakanj for the next 5 years. According to the provisions of the Environmental Permit, Tvornica Cementa Kakanj
produced a Waste Management Plan and an Ecological Monitoring Plan.
109
Osim za okolinsku dozvolu, Tvornica cementa Kakanj ispunila je sve uvjete i osigurala produenje i vodne
dozvole od Agencije za vodno podruje rijeke Save (AVP Sava) za narednih pet godina. U skladu s ovom
dozvolom tokom 2014. godine nastavljen je redovan mjeseni monitoring kvaliteta otpadnih voda iz
TCK-a.
Tretman tehnolokih i sanitarno-fekalnih otpadnih voda rijeen je jo ranije, na ekoloki prihvatljiv i zakonski
dozvoljen nain. Tokom 2012. godine izgraen je i puten u pogon novi sistem za tretman oborinskih
voda. Radi se o savremenom taloniku s koalescentnim filterom i separatorom ulja i masti. Na taj nain je
definitivno zaokruen tretman svih otpadnih voda iz TCK-a u skladu s najboljim raspoloivim tehnikama
(BAT).
Osim za tvorniki kompleks, Tvornica cementa Kakanj je tokom 2012. godine ishodovala i okolinsku dozvolu i
vodne dozvole za dislocirani pogon i postrojenje kamenolom Ribnicu. Sve obaveze iz ovih dozvola realiziraju se
u skladu s Planom aktivnosti i Ekolokim monitoring planom.
Emisije
U cilju apsolutne kontrole i daljnjeg smanjenja svih emisija iz postrojenja Tvornica cementa Kakanj je uspostavila
Ekoloki monitoring plan, koji je izraen u skladu sa zakonskim zahtjevima na nivou Federacije BiH i zahtjevima s
nivoa HeidelbergCement grupacije.
Ovim monitoring planom definirana su mjerna mjesta, nain, metode te uestalost mjerenja i izvjetavanja.
Osim mjerenja emisija u zrak te buke i vibracija, od poetka 2011. godine uspostavljen je i kontinuirani
mjeseni monitoring kvaliteta tvornikih otpadnih voda, a tokom 2012. godine uspostavljen je
i monitoring kvaliteta otpadnih voda s kamenoloma Ribnica. Na taj nain TCK je na obje lokacije
zaokruila kompletan proces mjerenja emisija svih moguih polutanata u sva tri ekoloka podsistema
(zemlja, voda, zrak).
Sva mjerenja vre eksterni ovlateni laboratoriji. Rezultati mjerenja pokazuju da je TCK zadrala trend kontinuiranog
smanjenja svih emisija iz svojih proizvodnih pogona.
Tokom 2014. godine na nivou HC grupacije uspostavljen je novi sistem upravljanja otpadnim vodama iz svih izvora
(tehnoloke, sanitarne, oborinske), koji podrazumijeva provoenje redovitoga monitoringa i izvjetavanja. Radi se o
projektu nazvanom CSI Water Management / Water Reporting.
Zahvaljujui gore nabrojanim aktivnostima koje smo proveli u prethodnih nekoliko godina, Tvornica cementa Kakanj
prva je u HeidelbergCement grupaciji izradila Water flow dijagrame i modele monitoringa i izvjetavanja, tako da je
na model usvojen kao obavezan za cijelu HC grupaciju.
Emisije osnovnih (karakteristinih) polutanata u zrak (praina, SO2, NOx) za nekoliko su desetaka do nekoliko
stotina puta manje od graninih vrijednosti propisanih zakonom (GVE). To pokazuju sljedei rezultati mjerenja u
2015. godini:
prosjena emisija praine iznosila je 13,2 mg/m3, a GVE je 50 mg/m3
prosjena emisija SO2 iznosila je 23,2 mg/m3 , a GVE je 400 mg/m3
prosjena emisija NOx iznosila je 486,7 mg/m3, a GVE je 500 mg/m3
Prosjeni rezultati monitoringa kvaliteta otpadnih voda za 2015. godinu dati su u sljedeoj tabeli.
110
In addition to the Environmental Permit, Tvornica Cementa Kakanj also fulfilled its requirements to extend the Water
Permit issued by the Agency for the Sava Water Region (AVP Sava) for the next 5 years. Pursuant to this Water Permit,
in 2014 Tvornica Cementa Kakanj continued to implement regular monthly monitoring of waste water quality in Tvornica
Cementa Kakanj.
Treatment of technical and sanitary sewage waste water were previously resolved in an environmentally acceptable
and legally permissible manner. In 2012, a new system for the treatment of precipitation water was drafted and put into
operation. This is a modern precipitator with a coalescence filter and oil and grease separator. Accordingly, Tvornica
Cementa Kakanj certainly addressed the treatment of waste water from the factory in accordance with Best Available
Techniques (BAT).
In addition to the factory complex, Tvornica Cementa Kakanj obtained an Environmental Permit and Water Permit in
2012 for its Quarry Ribnica. All obligations under these Permits are implemented in accordance with an Action Plan
and Environmental Monitoring Plan.
Emissions
With the intention of exercising absolute control and further reducing all emissions from its facilities, Tvornica Cementa
Kakanj has made an Ecological Monitoring Plan which was produced in accordance with all legal requirements of
the Federation of B&H and the requirements of HeidelbergCement Group.
This monitoring plan defines measuring points, manners, methods and frequency of measuring and reporting.
In addition to measuring air emissions, as well as noise and vibration, at the beginning of 2011 we also established
continual monthly monitoring of waste water quality in Tvornica Cementa Kakanj, and in 2012 we established
monitoring of waste water in the Ribnica quarry as well. Accordingly, Tvornica Cementa Kakanj encompasses a
complete process of measuring emissions of all possible polluters in all three eco sub-systems (soil, water, air) for
both locations (factory and quarry).
All measurements are made by externally authorized laboratories. Measuring results show that Tvornica Cementa
Kakanj has maintained a trend of continual reduction of all emissions from its production facilities.
The new system of Wastewater Management from all sources (industrial, sanitary sewage and storm wastewater)
was established during 2014 at the level of the HeidelbergCement Group. This system applies to conducting regular
monitoring and reporting. This is a project called CSI Water Management / Water Reporting.
Thanks to the above activities we conducted in the past few years, Tvornica cementa Kakanj is the first in the
HeidelbergCement Group to develop water flow diagrams and models for monitoring and reporting, and our model
has been adopted as mandatory for the whole HeidelbergCement Group.
Emissions of basic (characteristic) polluters into the air (dust, SO2, NOx) are by tens up to a couple of hundred times,
lower than the limit values prescribed by the law (GVE). This is evident in the results of the following measurements
made in 2014:
a verage dust emission was 13.2 mg/m3, and GVE is 50 mg/m3
average SO2 emission was 23.2 mg/m3 , and GVE is 400 mg/m3
average NOxemission was 486.7 mg/m3, and GVE is 500 mg/m3
The average results of monitoring of the quality of waste water in 2015 are provided in the following table:
111
Izmjerene vrijednosti kvaliteta otpadnih voda u 2015. godini:

Ispitivani pokazatelji kvaliteta
Temperatura vode
Jedinica
mjere
pH vrijednost
Izmjerena vrijednost
januar
2015.
juni
2015.
decembar
2015.
Maksimalno
dozvoljene
vrijednosti za
povrinske vode
17,5
22,6
18,2
30
7,32
7,29
7,03
6,0 9,0
P-alkalitet
mg/l CaCO3
0,0
0,0
0,0
M-alkalitet
mg/l CaCO3
160
136
108
S/20C
346
444
472
Isparni ostatak na 105 C
mg/l
392
483
576
Gubitak arenjem
mg/l
115
135
150
Ukupne suspendirane tvari
mg/l
25,9
30,6
31,25
35
Hemijska potronja kisika HPK- Cr
mg O2/l
73
84
88
125
Bioloka potronja kisika BPK5
mg O2/l
16
21
23
25
Elektroprovodljivost
NH4-jon
mg/l
0,5
0,5
0,58
10
Nitriti NO2
mg/l
0,06
0,05
0,06
0,50
Nitrati NO3
mg/l
0,7
0,6
0,7
10
Ukupni azot N
mg/l
3,7
4,1
4,6
10
Ukupni fosfor P
mg/l
1,8
0,8
1,4
1,0
Ulja i masti (ukupna)
mg/l
2,6
3,5
2,6
20,0
Deterdenti
mg/l
0,2
0,2
0,3
1,0
Nije
toksina
Nije
toksina
Nije
toksina
>50
m3/dan
170
180
169
Toksinost (48 LC50) Daphnia magna

Straus
Ukupna koliina vode Protok Q
Upravljanje otpadom
Tvornica cementa Kakanj izgradila je veoma uspjean sistem upravljanja otpadom, koji podrazumijeva odvajanje
opasnoga od neopasnog otpada. Neopasni otpad se razdvaja i predaje lokalnom operateru na daljnji tretman
(reciklaa i sl.), a konani tretman opasnog otpada zaokruen je prekograninim izvozom koji je povjeren ovlatenom
operateru.
Tokom 2012. godine TCK je uspostavila sistem upravljanja i ambalanim otpadom koji je implementiran i u 2014.
godini, u skladu s novim zakonskim zahtjevima; to podrazumijeva potpisivanje ugovora s ovlatenim operaterom
koji e u ime TCK-a prikupljati ambalani otpad koji je iz nje dospio na trite. Zahvaljujui ovako uspjenom sistemu
upravljanja ambalaom i ambalanim otpadom, Tvornica je dobila na trajno koritenje znak Zelena taka i postavlja
ga na svoje proizvode kao drutveno odgovorna kompanija.
U skladu s kontinuiranim praenjem i primjenom novih zakonskih zahtjeva, tokom 2014. godine Tvornica cementa je
uspostavila i sistem upravljanja otpadom od elektrinih i elektronskih ureaja. Sada je i ova vrsta otpada izdvojena i
predana ovlatenom operateru na daljnji tretman.
Na ovaj nain TCK je zaokruila i sve aktivnosti u skladu sa svojim Planom upravljanja otpadom, koji se aurira svake
godine.
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Measured Values of Waste Water Quality in 2014:

Tested quality indicators
Water temperature
Unit
pH value
Measured value
March
2014.
June
2014.
October
2014.
Max. Permitted
values
for
Surface waters
17.5
22.6
18.2
30
7.32
7.29
7.03
6.0 9.0
P- alkalinity
mg/l CaCO3
0.0
0.0
0.0
M- alkalinity
mg/l CaCO3
160
136
108
S/20C
346
444
472
Vapour remain at 105 C
mg/l
392
483
576
Annealing loss
mg/l
115
135
150
Total suspended matter
mg/l
25.9
30.6
31.25
35
Chemical oxygen demand HPK- Cr
mg O2/l
73
84
88
125
Biological oxygen demand BPK5
mg O2/l
16
21
23
25
Electric conductivity
NH4-ion
mg/l
0.5
0.5
0,58
10
Nitrite NO2
mg/l
0.06
0.05
0,06
0.50
Nitrate NO3
mg/l
0.7
0.6
0,7
10
Total Nitrogen N
mg/l
3.7
4.1
4.6
10
Total Phosphor P
mg/l
1.8
0.8
1.4
1.0
Oil and grease (total)
mg/l
2.6
3.5
2.6
20.0
Detergents
mg/l
0.2
0.2
0.3
1.0
Not toxic
Not toxic
Not toxic
>50
m3/day
170
180
169
Toxicity (48 LC50) Daphnia magna

Straus
Total water quantity Q Flow
Waste Management Plan

Tvornica Cementa Kakanj has built a very efficient system of waste management, which involves the separation of
hazardous and non-hazardous waste. Non-hazardous waste is separated and delivered to the local operator for further
treatment (recycling, etc.) and the final treatment of hazardous waste is realised through cross-border exports by
qualified operators.
In 2012, Tvornica Cementa Kakanj established a system for management of packaging waste (in accordance with new
legal requirements) including the signing of a contract with an operator who will on behalf of Tvornica Cementa Kakanj
collect that packaging waste which originates from Tvornica Cementa Kakanj. This system has been used in 2015 as
well. Thanks to this successful system for managing packaging and packaging waste, Tvornica cementa Kakanj was
awarded the sign Green dot for permanent use on its products, as a socially responsible company.
In accordance with continuous tracking and implementation of new legal requirements during 2014, Tvornica cementa
Kakanj also established a system of waste management of electrical and electronic devices. Now this type of waste is
also separated and handed over to licensed operators for further treatment.
Accordingly, Tvornica Cementa Kakanj has realised all activities in accordance with its Waste Management Plan,
updated every year.
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Investicije ekoloki znaaj

Investiranje u opremu i primjena najboljih raspoloivih tehnika (BAT) stalno je opredjeljenje HeidelbergCementa.
Tako je bilo i u 2015. godini tokom koje je zapoeta jo jedna veoma znaajna investicija s aspekta ekologije. Radi
se o zamjeni elektrofiltera vreastim otpraivaima na oba mlina cementa. Na ovaj nain emisije praine e biti
svedene na nivo ispod 10 mg/m3, to je u potpunosti u saglasnosti s novom legislativom EU-a u oblasti zatite
zraka.
Kontinuirani monitoring emisija

Kontinuirani monitoring svih emisija iz glavnog dimnjaka rotacione pei (praina, NOx, SO2, CO) obaveza je iz
okolinske dozvole. Istovremeno, to je jedan od osnovnih preduvjeta za poetak primjene alternativnih goriva u
TCK-u.
Podaci o kontinuiranom monitoringu navedenih emisija dostupni su putem IT mree na centralnoj komandi,
kod rukovodioca slube za proizvodnju i menadera za kvalitet i ekologiju. Oprema koja je instalirana u Tvornici
cementa Kakanj radi besprijekorno, to je pokazala i najnovija kontrola i umjeravanje koje je provedeno ujesen
2015. godine.
Zahvaljujui ovom projektu, uveliko je olakano redovito godinje izvjetavanje Federalnog ministarstva okolia i
turizma (PRTR Pollutant Release and Transfer Register), kao i upravljanje samim tehnolokim procesom, a sve
emisije u zrak su kontinuirano kontrolirane. Takoer je olakan redovit godinji postupak prorauna naknada za
emisije u zrak, a podaci su egzaktni i potpuno tani.
Alternativna goriva
Putanjem u rad sistema za kontinuirani monitoring emisija te provoenjem postupka probnog suspaljivanja alternativnih
goriva i nakon konanog dobivanja dozvole za suspaljivanje stvorili su se svi uvjeti za poetak primjene AF u redovitom
proizvodnom procesu. Tokom ljeta 2015. godine zapoeta je primjena alternativnih goriva, pa je tako u periodu juli
decembar 2015. godine spaljeno 516 t starih automobilskih guma, ime je uteeno 13.932,54 GJ energije.
U narednom periodu uslijedit e nove investicije u opremu (infrastrukturu) za prijem, skladitenje i doziranje raznih
vrsta alternativnih goriva u procesu proizvodnje klinkera.
Ovaj projekt ima i ekoloki znaaj jer se primjenom alternativnih goriva smanjuju koliine otpada, uvaju nepovratni
prirodni resursi i istovremeno smanjuju emisije staklenikih plinova.
U vezi s tim, a u saradnji s njemakim GIZ-om, pokrenuli smo zajedniki projekt iji je cilj dodatna afirmacija naeg
AF projekta. Ovaj projekt e se provoditi u naredne tri godine kroz etiri modula:
1. podizanje svijesti lokalne javnosti o znaaju energetskog tretmana otpada;
2. transfer znanja za osoblje lokalne samouprave, javnih preduzea, kao i FMOiT o proizvodnji RDF-a
(SRF-a);
3. uspostavljanje lokalne infrastrukture za obradu komunalnog otpada;
4. kontrola emisije polutanata i prezentacija javnosti rezultata kontinuiranog monitoringa.
Ovaj projekt promoviran je i na generalnom meunarodnom sajmu ZEPS u Zenici.
114
Investments Environmental Aspect

Investing into equipment and the application of best available techniques (BAT) is a constant commitment of
HeidelbergCement Group. In 2015, another important environmental investment was started. This project includes
replacement of old electrostatic precipitators by new baghouse filters on both cement mills. Accordingly, dust
emissions will be reduced to a level below 10 mg/m3, which is in full compliance with new EU legislation in the field
of air protection.
Continual Emissions Monitoring System

Continual monitoring of all emissions from the rotary kiln (dust, NOx, SO2, CO) is one of the obligations set in the
Environmental Permit. At the same time, it is one of the basic preconditions for implementing the alternative fuels
project.
The latest equipment for continual emissions monitoring is working perfect, as shown by the latest control and
calibration carried out in autumn 2015.
This project facilitates regular annual reporting to the Federal Ministry for Environment and Tourism - PRTR report
(Pollutants Release and Transfer Registers), and improves the management of the technological process. All
pollutant emissions are now continually controlled. Regular annual procedure of calculating fees for air emissions is
now facilitated as well, and data are exact and precise.
Alternative fuels
By commissioning the system for continuous monitoring of emissions, and conducting the trial burning alternative fuels (AF) and
obtaining a Permit for AF, all conditions for the start of use of AF in the regular production process have finally been created.
During the summer of 2015, use of AF in the regular production process started. In the period July December 2015, 516 tons
of old tires were burned and saved 13,932.54 GJ of energy consumption.
In the coming period new investments in equipment (infrastructure) for the reception, storage and dosing of various types of
alternative fuels in the clinker production process will be made.
This project has ecological significance, because of the use of alternative fuels to decrease the amount of waste, preserve
irreversible natural sources and reduce emissions of greenhouse gases.
In accordance with this, we have launched a joint project with the German organization GIZ. The goal of this project is additional
affirmation of our AF project. This project will be implemented during the next three years through the following four modules:
1. Awareness raising among the public and creation of partnerships with public authorities;
2. Knowledge transfer about RDF/SRF production (for staff of the local authorities and their utilities as well as the
Ministry of Environment and Tourism);
3. The establishment of local infrastructure for the co-processing of municipal waste in RDF/SRF;
4. Analysis and dissemination of results of the Automatic Measurement System for air pollution.
This project was also presented to the general international fair ZEPS in Zenica (autumn 2015).
115
Biodiverzitet
Kako bi se poveala svijest o visokoj biolokoj vrijednosti na kamenolomima, HeidelbergCement je 2011. godine
pokrenuo takmienje pod nazivom Quarry Life Award (ivi svijet kamenoloma). To je jedna vrsta konkursa za
prikupljanje najboljih ideja iz oblasti ouvanja i proirenja bioloke raznovrsnosti na kamenolomima. Najbolje ideje /
projekti realiziraju se na terenu i osvajaju vrijedne novane nagrade na nacionalnome i na internacionalnom nivou.
Konaan efekt je dobit za prirodu i ivi svijet na kamenolomima, to potvruje i slogan ovog takmienja koji glasi:
Priroda e biti najvei dobitnik.
Tvornica cementa Kakanj uestvuje u ovom projektu sa svojim kamenolom Ribnica. Na ovaj nain je data prilika
uenicima, studentima, profesorima, istraivaima, nevladinim organizacijama i drugima da pokau svoju kreativnost,
prijave projekte za ovo takmienje i osvoje vrijedne nagrade, a kompaniji mogunost da dobije kreativne, izvedive i
bogate ideje za ouvanje biodiverziteta na kamenolomu.
Takmienje se odvija u dvogodinjim ciklusima kako bi se uesnicima omoguilo dovoljno vremena da svoje ideje
primijene na terenu. Drugi ciklus ovog takmienja, u kojem su uestvovale 22 zemlje, zavren je u decembru 2014.
godine kada je odrana sveana meunarodna ceremonija dodjela nagrada u Pragu. Novi ciklus, trei po redu,
zapoeo je u augustu 2015. godine.
116
Biodiversity
In order to increase awareness of the high biological value at its quarries, HeidelbergCement introduced an
award in 2011 called the Quarry Life Award. It is in fact a sort of competition for collecting best ideas in the
field of preserving and expanding biologic biodiversity in quarries. Best ideas / projects are realised in the
quarry site and are awarded valuable money prizes at the national as well as international level. The final result
is profit for nature and the wildlife of the quarry, confirmed by the slogan of this event: Nature will be the
biggest winner.
Tvornica Cementa Kakanj participates in this project with its own quarry Ribnica. Through this we afford an
opportunity to students, professors, researchers, non-governmental organizations, and others, to show their
creativity, apply their projects and win valuable prizes, while the company has the possibility to get creative,
implementable, and rich ideas for preserving biodiversity in the quarry.
The competition is biannual in order to provide sufficient time for participants to apply their ideas in the
field. The second issue of this award, which included the participation of 22 countries, was finalised in
December 2014 when an international award ceremony was held in Prague. A new third issue started in
August 2015.
117
Zaposlenici i zatita na radu

Odnos Tvornice cementa Kakanj prema zaposlenicima zasniva se na principima jednakih mogunosti
i potivanja razliitosti, a ulaganje u obrazovanje i njihov profesionalni razvoj jedna je od naih stratekih
odrednica. U skladu s tim osmiljavamo i provodimo razliite obrazovne programe i treninge, a osobni razvojni
plan izrauje se za zaposlenike radi poticanja njihovoga daljnjeg osobnog i profesionalnog razvoja unutar
tvrtke.
Tvornica cementa Kakanj njeguje i potie otvorenu razmjenu informacija i komunikaciju na svim nivoima, u elji da
stvori radno okruenje u kojem su prijedlozi i sugestije dobrodoli, a radnici pravodobno informirani o svim temama
vezanim za kompaniju i njihov posao. Time se ujedno jaa osjeaj pripadnosti i vrijednost timskog rada kao jedne
od temeljnih vrijednosti. Tako HeidelbergCementov intranet Unite omoguava brzo i jednostavno irenje vanih
informacija te lake obavljanje svakodnevnih poslova, a od kraja 2001. godine radnici ureuju i itaju interni asopis
Info silos.
U elji da rad svakog zaposlenika bude vrednovan prema istim kriterijima, uvaavajui principe objektivnosti,
strunosti i pravednosti, razvili smo i sistem nagraivanja koji se stalno usavrava.
Radnicima je takoer omogueno slobodno organiziranje u sindikat i Vijee uposlenika; njihovi se predstavnici redovito
susreu sa lanovima Uprave Drutva i s njima rade na nalaenju i usvajanju najboljih rjeenja za, prije svega, poboljanje
mjera sigurnosti na radu i standarda radnika.
Broj i struktura zaposlenih osoba

Poslovne operacije Tvornice cementa Kakanj i zavisnih drutava u Bosni i Hercegovini i Hrvatskoj podijeljene su na
dvije poslove linije: poslovna linija za proizvodnju cementa i poslovna linija za proizvodnju betona.
Na kraju mjeseca decembra 2015. ukupno je zaposlenih osoba u Tvornici cementa Kakanj i zavisnim drutvima bilo
280: u Bosni i Hercegovini 244 i u Republici Hrvatskoj 36 radnika, to je prikazano u sljedeoj tabeli:
Naziv lanice HeidelbergCementa AG
1. Tvornica cementa Kakanj
Broj zaposlenika 31. 12. 2014.

213
2. TBG BH
31
3. TBG Beton
32
4. Dunav-Drava cement
Ukupno
4
280
Kao i u prethodnim periodima, lagani pad broja zaposlenika na poslovnoj liniji proizvodnje cementa posljedica je
procesa njihovoga redovitog penzionisanja, automatizacije proizvodnje i uvoenja novih tehnologija.
Ostvareni poslovni rezultat na kraju 2015. godine potvruje da su zaposlenici svih konsolidiranih drutava unutar
Tvornice cementa Kakanj, razliitih obrazovnih profila i nivoa obrazovanja, sposobni profesionalci s visokim stepenom
odgovornosti da slijede ciljeve ove kompanije i stvaraju nove vrijednosti za kupce, dioniare i drutvenu zajednicu u
kojoj djeluju.
118
Employees and Safety at Work

The relationship of Tvornica Cementa Kakanj with its employees is based on the principles of equal opportunities
and respect for diversity, while investing into education and professional development of our employees is one of
our strategic determinants. Accordingly, we create and implement different educational programs and trainings, and
a personal development plan is made for employees in order to encourage their further personal and professional
development in the company.
Tvornica Cementa Kakanj nourishes and fosters open information exchange and communication at all levels,
wishing to create a working environment in which all proposals and suggestions are welcome, and where employees
are informed in a timely manner about all subjects related to the company and their job. This strengthens a feeling
of attachment and the value of team work as one of our fundamental values. HeidelbergCements intranet Unite
provides fast and simple dissemination of information and eases performance of everyday tasks, and since the end
of 2001, employees edit and read the internal magazine Info Silos.
Wishing to value the contribution of each employee according to the same criteria, and taking into account the
principles of objectivity, expertise and fairness, we developed a remuneration system that is continuously refined.
Employees may also freely join a trade union and the employees council, which meets regularly with
a member of the Management Board and commonly works on finding and adopting appropriate
solutions.
Number and Structure of Employees

HeidelbergCement Group in Bosnia and Herzegovina and in Croatia operates two business lines: the cement
business line and the concrete business line.
At the end of 2015, the total number of employees in Tvornica cementa Kakanj and related companies was 280:
244 in Bosnia and Herzegovina and 36 employees in Croatia, as shown in the following table:
Name of HC AG member
1. Tvornica cementa Kakanj
Number of employees on 31 December 2015

213
2. TBG BH
31
3. TBG Beton
32
4. Duna-Drva Cement
Total
4
280
As in previous periods, a slight decrease in the number of employees is the result of a regular retirement process,
automation of production processes and introduction of new technologies.
The achieved operating result at the end of the 2015 illustrates that the employees of all companies within the
consolidated HC business in B&H and Croatia, with different educational backgrounds and levels of education, are
professionals who are capable and highly responsible in following the Companys goals and creating new value for
customers, shareholders and the community in which they operate.
119
U Tvornici cementa Kakanj, poslovna linija cement, zaposlena je 213 osoba; meu njima je 29 ena, to ini 13,62%
ukupnog broja radnika; one obavljaju razliite poslove u proizvodnom, administrativnom ili upravljakom procesu.
Kvalifikacijska struktura zaposlenika na poslovnoj liniji cement na dan 31. 12. 2015. godine prikazana je na sljedeem
dijagramu.
1+2+4716182329L
0.5%
Zaposlenika
Sprema
63
SSS
28.5
58
KV
23
37
VSS
15
36
VKV
14
NK
VS
PK
NS
0.5
Ukupno 213
Boja
28.5%
100
23%
2%
3%
4%
14%
15%
U dijagramu VSS stoji za visoku strunu spremu, VS za viu, a SSS za srednju strunu spremu; VKV za
visokokvalificirane zaposlenike, KV za kvalificirane, PK za polukvalificirane i NK za nekvalificirane zaposlenike.
Unutar VSS kvalifikacijske grupe radnika tri radnika su s diplomom doktora nauka iz oblasti
tehnikih nauka, dva radnika s diplomom magistra nauka iz oblasti ekonomskih nauka i jedan
radnik s diplomom magistra iz oblasti tehnikih nauka.
U odnosu na prethodnu godinu 2015. nije donijela znaajnu promjenu u kvalifikacijskoj strukturi
zaposlenih.
120
In Tvornica Cementa Kakanj at the end of 2015 in the cement business line, out of 213 employees 29 are women, a number
that represents 13.6% of those holding different positions in production, administration and management processes.
The qualification structure of employees in the cement business line on 31 December 2015 is shown in the chart
below.
1+2+4716182329L
0.5%
Employees
Qualification
63
SSS
28.5
58
KV
23
37
VSS
15
36
VKV
14
NK
VS
PK
NS
0.5
Total 213
100
Color
28.5%
23%
2%
3%
4%
14%
15%
Where VSS stands for university degree, VS two years post-secondary school, SSS secondary school,
VKV highly skilled, KV skilled, PK semi skilled and NK unskilled workers.
Within VSS - University diploma degree qualification group of employees, there are three employees with PhDs in
the field of technical science, and two employees in the field of economy and one employee in the field of technical
science with Masters degrees.
Compared to 2014, 2015 has not brought any significant change to the qualification structure of
employees.
121
Osposobljavanje
U 2015. godini Odjel za kadrovske poslove, uz punu podrku Uprave Drutva i u saradnji s domaim agencijama,
za radnike TCK-a i poveznih drutava organizirao je 38 razliitih obuka u formi uionice. Obuke su bile iz oblasti
obavljanja rada na siguran nain, iz ekologije, finasijsko-raunovodstvenih poslova, razvoja kompetencija, primjene
novih zakonskih odredaba u oblasti radnog i korporativnog upravljanja, podizanja nivoa znanja i sposobnosti iz oblasti
tehniko- tehnolokih poslova, unapreenja znanja poznavanja stranih jezika. U navedene vrste obuka bilo je ukljueno
320 radnika, od kojih su neki pohaali nekoliko vrsta obuke.
Drugu formu provoenja obuke iz oblasti osposobljavanja on-line obuku, kakvih je u 2015. organizirano est, prolo
je ukupno 179 radnika na obje poslovne linije. Pojedinane obuke su kreirane lokalno, unutar kadrovskog odjela TCK-a
ili su preuzete od Regionalnog odjela za razvoj ljudskih resursa Istona Evropa i Srednja Azija. Koritenjem on-line
forme za provoenje obuka radnicima je omoguen lak i fleksibilan pristup procesu unapreenja znanja stranih jezika,
poznavanja lokalnih i evropskih zakona iz oblasti sigurnog rada i prava te razvoja personalnih vjetina.
Kontinuirani treninzi i obuke koje prolaze zaposlenici Tvornice cementa Kakanj i zavisnih drutava daju znaajan
doprinos unapreenju kompetencija i vjetina radnika, to je ujedno i najbolji odgovor na kompleksne zahtjeve razliitih
procesa rada specifine industrijske grane u koju spada proizvodnja cementa i betona. Rezultat napora uloenih u
osposobljavanje i obrazovanje radnika u proteklim godinama jeste potpuna spremnost za popunu upranjenih radnih
mjesta tehnoloki multidisciplinarno osposobljenim zaposlenicima.
Brigu o sigurnosti i zdravlju naih zaposlenika te napor koji se ulae u stvaranje sigurnoga radnog okruenja pokazuje
i broj radnih sati obuke iz oblasti rada na siguran nain; tokom 3.800 radnih sati 149 zaposlenika ili 61% od ukupnog
broja zaposlenih (Tvornica cementa Kakanj i TBG BH) prolo je obuku iz ove oblasti. Radnici kompanija koje pruaju
usluge Tvornice u oblasti proizvodno-tehnikih poslova, njih 55 ukupno, imali su 110 radnih sati obuke jer je namjera
da se svim osobama koja se kreu prostorima TCK-a omogui rad na siguran nain. Kontinuirana obuka iz spomenute
oblasti doprinijela je da izgubljenih sati usljed bolovanja uzrokovanih povredom nije bilo u 2015. godini.
Takoer, 2015. je godina u kojoj su nastavljeni intenzivni treninzi i priprema nasljednika na pozicijama top i senior
menadmenta iz redova srednjeg menadmenta. Rad na osposobljavanju prepoznatih nasljednika kroz izradu posebnih
individualnih programa razvoja je dio projekta na globalnome, grupacijskom nivou i predstavlja odabir i objedinjavanje
pozitivne prakse po zemljama lanicama s ciljem omoguavanja popune najvanijih menaderskih pozicija motiviranim,
odgovornim i spremnim kadrovima.
Zatita zdravlja i sigurnost na radu

Tokom 2015. godine u oblasti obavljanja poslova na siguran nain, pored redovitih aktivnosti vezanih za oblast
preventivnog djelovanja, provedeno je nekoliko vrijednih aktivnosti vezanih za sigurnost i zdravlje zaposlenika.
Akcent djelovanja u ovoj oblasti bio je na posebnoj kontroli vatrogasne opreme i podizanju stepena spremnosti za
pravovremeno djelovanje. Vrijedno je istaknuti i specijalnu pokaznu vjebu evakuacije i spaavanja; tom su obukom
bili obuhvaeni radnici odreenih organizacijskih dijelova.
I cijela 2015., kao i prethodne godine, bila je godina dodatnih napora strunog osoblja Tvornice na osposobljavanju
radnika za rad na siguran nain.
Naa posveenost zatiti zdravlja i pruanju sigurnih uvjeta za rad integralni je dio svih naih poslovnih aktivnosti, kako u
svim lanicama HeidelbergCementa, tako i u kompanijama u BiH i Hrvatskoj; sistemski se brine o zdravlju i sigurnosti
ne samo vlastitih radnika nego i radnika kompanija koje obavljaju usluge za potrebe lanica HeidelbergCementa.
122
Training
In 2015, the Human Resources Department, with the full support of Managing Board of the Company, organized 38
classroom trainings for employees of both business lines, in association with local educational agencies. Trainings
organized were in the field of H&S, environmental protection, finance, competencies development, implementation
of new laws in working relations and corporative management, improvement of knowledge in the area of technical
technology processes, and foreign languages.In the aforementioned trainings, 320 employees were included, some
of them undergoing a couple of different trainings.
As regards other forms of training, so-called online training, 6 such trainings were organized with the participation
of 179 employees from both business lines. Some of the online training was created locally, within the Human
Resources Department, or taken from the regional HR Department, Central Europe - Central Asia. Online training
provides an accessible and flexible approach to the process of improving knowledge of foreign languages,
understanding of local and European laws, and development of interpersonal skills.
The continuous training process provided to employees of HC Affairs in B&H and R Croatia is making a significant
contribution to improvement of the competence and skills of employees, which is also the best response to the
complex requirements of various work processes of a highly specific industry such as the production of cement
and concrete. The result of the efforts in the training and education of employees in recent years has resulted in the
complete readiness to fill vacancies of technological, multidisciplinary, qualified employees.
Care concerning the health and safety of our employees and the effort invested in creating a safe and secure work
environment is represented by the number of hours of training in safe work practices: 3,800 working hours for
149 employees or 61% of the total number of employees in the HeidelbergCement business in B&H. In 2015, 55
employees of the external companies providing services to Tvornica cementa Kakanj were included in H&S trainings
with 110 hours of training. The intention is to provide safe and secure working environments to all persons moving
within the premises of Tvornica cementa Kakanj. Continuous training in the field contributed to the result that the
number of hours lost due to sick leave related to work injury remains negligible.
2015 is the year in which intensive training and preparation of successors among middle management for top and senior
positions was resumed. Work on the training of identified successors through the development of a specific individual
development program is part of the global Group level and represents the selection and compilation of best practices in
HC companies. The aim of the project is to fill managerial positions with motivated and responsible employees.
Health and Safety

During 2015, in the field of performing tasks in a safe manner, in addition to regular activities related to the field of
preventive action, several valuable activities related to the health and safety of employees were carried out. The emphasis
of action in this area was the working environment with a focus on specific control of fire-fighting equipment and raising
the level of preparedness of timely actions. It is important to point out the special demonstration of evacuation and
rescue actions. Within the demonstration exercise employees of production and maintenance org. units were included.
2015 was also a year of putting in extra effort on training by internal experts of Tvornica.
Our commitment to protecting health and providing safe working conditions is an integral part of all our business
activities, as it is the same in all members of HeidelbergCement. The system takes care of the health and safety
of not only its own employees but also employees of companies that perform services on behalf of the needs of
members of HeidelbergCement.
123
U 2015. godini nastavili smo da predano radimo na stvaranju sigurnih radnih uvjeta, uz maksimalnu
posveenost podizanju svijesti o nainima spreavanja povreda i bolesti, ime smo stvorili sigurno i ugodno
radno okruenje. elimo da se nai radnici osjeaju sigurno i dobro na radnom mjestu, to im omoguava
da poslije radnog dana provedenog u sigurnoj i zdravoj radnoj sredini nastave aktivnosti u porodici i drutvu.
Rezultat naih napora je shvaanje radnika da je njihov stav i odnos prema rizicima koji stoje pred njima u
zatiti zdravlja i radu na siguran nain, kontroli i zahtjevima za ispravan rad u ovoj oblasti pokretaka snaga
svake izvedbe i uspjeno obavljenoga radnog zadatka, to nas raduje i osigurava Tvornici cementa Kakanj i
njenim zavisnim drutvima u oblasti zatite na radu mjesto meu najboljim kompanijama HeidelbergCement
grupacije.
Obuka koja se provodi na nain utvren Zakonom o zatiti na radu, ali i internim standardima i procedurama,
omoguava da radnici kroz teorijsko upoznavanje i praktian rad / vjebu usvajaju potrebna znanja i vjetine za radne
operacije koje e obavljati. Jedan od naina koji ima za svrhu podizanje i obnovu nivoa znanja iz oblasti rada na
siguran nain jeste i ve ranije spomenuta interna on-line obuka, kojom su u 2015. godini obuhvaene ciljane grupe
polaznika razliitih profesionalnih profila.
Pored potivanja obaveza iz oblasti sigurnosti pri radu propisanih Zakonom o zatiti na radu i podzakonskim aktima
/ pravilnicima na lokalnom nivou, Drutvo u punoj mjeri primjenjuje pravila i upute koje je razvila HeidelbergCement
grupacija a koje su zasnovane na evropskoj legislativi. Implementacija grupacijskih pravila u oblasti rada na siguran
nain, na nivou koji je i iznad lokalnog zakonodavstva, omoguava Drutvu status lidera u ovoj oblasti na regionalnom
nivou, pa i ire. Skup svih mjera u ovoj oblasti provodi se na nain i po postupku predvienim Programom mjera koji
je donijela Uprava Drutva. Vaee procedure i ISO i OHSAS standarda podrazumijevaju da su o svim obavezama,
pravima i odgovornostima u pogledu sigurnosti svi radnici upoznati prilikom zasnivanja radnog odnosa i prije
ukljuivanja u proces rada.
Dodatno, svi nai radnici su osigurani za sluaj nezgode, sa zagarantiranim odtetnim iznosom prema polici
osiguranja.
Sedmica sigurnosti
Tokom 2015. proveden je jo jedan prepoznatljiv i bitan projekt s ciljem podizanja svijesti o znaaju brige
za zdravlje i namjensko koritenje zatitne opreme Sedmica sigurnosti (Safety Week), koja se organizira
u cijeloj HeidelbergCement grupaciji u istom periodu. Meu vie obraenih tema u sreditu je ovaj put bila
sigurnost u saobraaju i preventivno djelovanje u oblasti zatite od poara. Projektnim aktivnostima bilo je
obuhvaeno 80 radnika Kompanije i radnika eksternih kompanija koje pruaju usluge Tvornici iz razliitih
procesnih kategorija.
Namjera je projekta da znaaj segmenta sigurnosti na radu prepoznaju i porodice naih radnika. U projekt su bila
ukljuena i djeca radnika kroz prigodnu izlobu likovnih radova, ija je tema bila poznavanje saobraajnih znakova
i drugih pravila koja pruaju sigurnost.
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In 2015, we continued our responsible and constant work in the field of work in a healthy and safe manner; we
proved that we are committed to creating safe working conditions, with maximum dedication to raising awareness
of ways to prevent injuries and illnesses. We wish for our employees to feel safe and content while in their working
place, further enabling them to commit themselves to their families and communities after working hours. The
result of our efforts is the understanding of each and every employee that her/his attitude to the risks that lie ahead
of performance of daily tasks in a safe manner, as well as control and requirements for proper operation in this
field, is the driving force of each performance and successful completion of the work task. Such understanding of
performance brings us enormous satisfaction and places Tvornica Cementa Kakanj and its branches among the
best HeidellbergCement companies regarding performing work in a safe and secure manner.
The training that is conducted in a manner determined by the Law on Occupational Safety and Health, as well as by
internal standards and procedures, provided through theoretical introduction and practical work (exercise) enables
employees to adopt the necessary knowledge and skills for work operations to be performed. One of the means of
raising and updating levels of knowledge in the field of performing work in a safe manner is internal online training,
which in 2015 incorporated a large group of targeted employees of different professional backgrounds.
In addition to compliance with obligations in the field of occupational safety requirements stipulated by the Law on
Occupational Safety and Health and rules on a local level, the Company is fully implementing rules and guidelines
developed by HeidelbergCement Group based on European legislation. Through implementation of the Groups rules
in the field of working in a safe and secure manner at a level that is more rigorous than the local law, the Company
has the status of a leader in this field at the regional level and beyond. A set of measures in this area is carried out in a
manner and under the procedure foreseen in the Programme of measures adopted by the Management Board of the
Company. Valid and applicable procedures of ISO and OHSAS standards imply that all newly hired employees meet
all of the obligations, rights and responsibilities in the field of safety at work prior to the beginning of the work process.
Additionally, all our employees are insured in case of an accident with a provided sum of compensation by the
insurance agency.
Safety Week
During 2015, another distinctive and important project was implemented with the aim of raising awareness of the
importance of health care and the proper use of protective equipment under the name of Safety Week, which was
organized throughout HeidelbergCement Group during the same period of time. Among several topics addressed,
the focus was on traffic safety and prevention in the field of fire protection. Project activities included 80 employees
from various work processes. Project activities included 80 employees of the Company and employees of external
companies providing services to Tvornica from various work processes.
The intent of the project is to enhance recognition of the importance of safety at work also by the families of our
employees. The project included children of employees through an exhibition of their artworks with the subject of
knowledge of traffic signs and other rules that provide safety.
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Osnovna zdravstvena zatita

U mjesecu oktobru 2015. godine, u saradnji s ovlatenom zdravstvenom ustanovom JU Dom zdravlja Kakanj,
organizovan je periodini zdravstveni sistematski pregled radnika. Periodini zdravstveni pregled obuhvatio je sve
radnike TCK-a, bez obzira na zakonom propisanu obavezu da se periodini pregledi obavljaju samo za radnike koji
rade na radnim mjestima sa posebnim uvjetima rada. Kao i prethodnih godina, i ove godine je periodini sistematski
zdravstveni pregled radnika svojim sadrajem nadmaio propisane i obavezne specijalistike preglede i osnovnu
laboratorijsku i UZV dijagnostiku.
Kao i do sada, Tvornica cementa Kakanj nastavlja s preventivnim djelovanjem na zatiti zdravlja aktivnostima
zdravstvene ambulante u tvornikom krugu, ime je svim zaposlenicima i penzionerima olakan pristup osnovnoj
zdravstvenoj zatiti.
Rekreacijske aktivnosti
Zavisno od zainteresiranosti zaposlenika, kompanija organizira razliite sportsko-rekreacijske aktivnosti koje se
odvijaju u sportskim objektima lokalne zajednice.
Podrka Sindikatu i Vijeu uposlenika

Saradnja Uprave Drutva i predstavnika zaposlenika ogleda se kroz mnogobrojne zajednike projekte koji se realiziraju
na godinjem nivou. Uprava Tvornice cementa Kakanj redovito podnosi izvjetaje o poslovanju i Sindikatu i Vijeu
uposlenika, a izvjetaji sadravaju sve relevantne informacije, kao to su podaci o proizvodnji, prodaji, finansijski
pokazatelji, podaci o primanjima i ostalim pogodnostima za zaposlenike.
Godinje se s predstavnicima zaposlenika (predsjednikom Izvrnog odbora Sindikata i predsjednikom Vijea
uposlenika) pregovara oko plaa i ostalih linih primanja radnika. Pregovori se obavljaju krajem tekue godine za
narednu godinu. Na osnovu postignutog dogovora potpisuje se protokol koji jami radnicima dogovoreni nivo plae
i ostalih primanja tokom naredne godine.
Pored protokola o plaama, svake godine se potpisuje i protokol izmeu Uprave Drutva i Izvrnog odbora Sindikata
kojim se regulira novana pomo Sindikatu za pomo zaposlenicima u sluaju bolesti i za jednokratnu pomo
studentima djeci uposlenika.
S potpisivanjem protokola ne zavrava se komunikacija s predstavnicima zaposlenika. Na sve pismene upite koje
tokom godine alju iz Izvrnog odbora Sindikata i Vijea uposlenika Uprava Drutva daje pismene odgovore (na
zaprimljene zahtjeve).
U novembru 2015. godine, sukladno odredbama novog Zakona o radu, Uprava Drutva donijela je nacrte
pravilnika o radu te pravilnika o organizaciji i sistematizaciji radnih mjesta i raspodjeli plaa. Pravilnici su upueni
Vijeu uposlenika i Sindikatu TCK-a na konsultacije. Na upuene primjedbe Uprava je dala pismeni odgovor.
Pravilnici su usvojeni nakon zavrenih konsultacija koje su trajale 30 dana, a njihova primjena poinje od 1.
januara 2016. godine.
Pored pismene komunikacije i spomenutih sastanaka, Uprava Drutva ili njezini pojedini lanovi kontinuirano,
a posebno u sluaju potrebe, odnosno usmenih zahtjeva predstavnika zaposlenika, odravaju sastanke s
predsjednikom Izvrnog odbora Sindikata i predsjednikom Vijea uposlenika ili pojedinim lanovima tih tijela, ali
i s ostalim zaposlenicima
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Basic Health Care

In October 2015, in cooperation with authorized State health institution Dom Zdravlja Kakanj, periodic health examination
of employees has been organized. Examination included all employees of Tvornica, regardless of prescribed and legal
obligation to carry it out for employees working under special conditions only. As in previous years, this years health
examination, with its content exceeded the prescribed and required special health check-ups as well as basic laboratory
and ultrasound diagnostics.
As in earlier years, the Company continues to implement preventive actions to protect the health of our employees by
providing health dispensary services within the Companys premises, facilitating easy access for all employees and
retirees to basic health care.
Recreation activites
Based on the interests of employees, the company organizes different sporting and recreation activities which are
held in sport facilities of the local community.
Support to the Union and the Council of Employees

Cooperation between the Management Board and representatives of the employees is reflected in numerous
common projects realized annually. The Management of Tvornica cementa Kakanj presents regular business reports
to the Union and the Council of Employees. These reports include all relevant information, such as production and
sales data, financial indicators, salary information, and other benefits for employees.
Salaries, along with the miscellaneous income of each employee, are negotiated annually with employee
representatives (the Chairman of the Executive Board of the Union and the President of the Council of Employees).
All negotiations are conducted a year in advance. Based on mutual agreement, a protocol is signed guaranteeing
employees the agreed level of salary and other benefits in the upcoming year.
In addition to the salary protocol, each year the Management of the Company and the Executive Board of the Union
sign a protocol regulating financial assistance to the Union for the purpose of helping employees in case of illness,
or support of their children, specifically those in university.
Communication with employee representatives does not end with a protocol signature. The Management of the
Company replies in writing to all written requests sent during the year by the Executive Board of the Union and the
Council of Employees.
In November 2015, in accordance with provisions of the new Law on Labour, the Company Management drafted the
Rulebook on Work as well as the Rulebook on organization and systematization of working positions and salaries.
These rulebooks were given to the Council of Employees and Union of TCK for consultation. After receiving remarks,
the Management prepared a written response. The rulebooks were adopted after the consultations ended after 30
days, and they shall come into force on 1 January 2016.
In addition to written communication and the aforementioned meetings, the Management Board or a member of the
Board continually, but especially when needed, i.e. upon a verbal request of the employees representatives, meets
the Chairman of the Executive Board of the Union and the President of the Council of Employees, or with some of
their members, but also with other employees.
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Odgovornost prema lokalnoj zajednici

Tvornica cementa Kakanj nije samo jedan od temelja privrednog razvoja opine Kakanj, ona je jedan od znaajnih
nosilaca sveukupnog drutvenog ivota u Kaknju. U TCK-u razumijemo potrebe lokalne zajednice i aktivno
doprinosimo unapreenju kvaliteta ivota svih lanova drutva, a svojim drutvenim angamanom elimo doprinijeti
dobrobiti i razvoju zajednice kojoj pripadamo.
Aktivno sudjelujemo u lokalnom ekonomskom razvoju, edukativnim programima, raznim dobrotvornim akcijama i
drugim projektima usmjerenim na boljitak zajednice. Takoer sudjelujemo i u programima za rjeavanje globalnih
izazova angairajui se u organizacijama kao to je Svjetski poslovni savjet za odrivi razvoj.
Tvornica cementa Kakanj je snaan oslonac lokalnoj zajednici u svim aspektima poboljanja kvaliteta ivota. S
ponosom istiemo da podravamo gotovo sve lokalne zdravstvene, obrazovne i kulturne institucije, mjesne
zajednice, udruenja i sportske klubove. Svi oni uivaju nau podrku bez obzira na sve tee uvjete poslovanja.
A naa lokalna zajednica moe biti ponosna to u svome susjedstvu ima savremenoga i ekoloki osvijetenog
poslodavca i proizvoaa cementa kakav je TCK, koji svojim pozitivnim imidom promovira i opinu Kakanj, pa i
cijelu dravu.
Navest emo nekoliko projekata realiziranih u 2015. godini.
Donacija za rekonstrukciju gradske kole

U okviru etrnaeste po redu manifestacije Dan otvorenih vrata koju Tvornica cementa Kakanj organizira u cilju
zbliavanja s lokalnom zajednicom, posebno mladima i djecom, Uprava TCK-a je uruila donaciju u iznosu od 30.000
KM O Hamdija Kreevljakovi Kakanj za obnovu infrastrukture kole.
Tvornica cementa je bila i ostala jedan od glavnih oslonaca razvoja opine Kakanj i nastoji to vie ulagati u djecu i
mlade. Pored ulaganja u informatiku pismenost, koju TCK provodi donacijom raunara i opremanjem informatikih
kabineta u kolama na podruju opine Kakanj, TCK pomae kolama i donacijama za rekonstrukciju kolskih
zgrada.
Dan otvorenih vrata

Tvornica cementa Kakanj je sredinom juna 2015. godine po etrnaesti put otvorila svoja vrata svim graanima
Kaknja i drugim gostima, to je postalo tradicionalno druenje lokalne zajednice i kolektiva TCK-a. Oko 3.000
posjetilaca imalo je priliku obii tvorniki park i postrojenja te uivati u bogatom sportskom i kulturno-umjetnikom
programu i brojnim osvjeenjima i poklonima. Svi posjetioci su bili u prilici da se ukljue u sportska takmienja
i osvoje vrijedne nagrade na turnirima u odbojci na pijesku, ulinom basketu, mini nogometu i badmintonu, za
koje je TCK s posebnom panjom pripremila terene u svome parku. Uesnici krosa i biciklistike utrke takmiili
su se na ruti koja prolazi kroz cijeli tvorniki krug. Svoje vjetine pokazali su i radnici Tvornice cementa Kakanj iz
BiH i Hrvatske koji su se nadmetali na turniru u malom nogometu.
Raunari za kakanjske srednjokolce

U cilju unapreenja obrazovanja na podruju opine Kakanj, Tvornica cementa Kakanj donirala je petnaest modernih
raunara s prateom opremom Mjeovitoj srednjoj koli Kakanj, na kojima e uenici moi da praktino ue i
usavravaju informatiku pismenost. Ovo je peta kola na podruju opine Kakanj kojoj je TCK opremila informatiki
kabinet, to je omoguilo bolje uvjete za rad i usavravanje uenika.
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Responsibility towards the Local Community

Tvornica cementa Kakanj is not only one of the foundations of economic development of Kakanj Municipality, but
it is one of the most significant pillars of the entire social life of Kakanj. Tvornica Cementa Kakanj understands the
needs of the local community and actively contributes to improving the quality of life of all members of the society,
and through its social engagement wishes to contribute to the welfare and development of its community.
We actively participate in local economic development, educational programs, different charity actions and other
projects aimed at benefiting the community. We also participate in programs aimed at solving global challenges
through our engagement in organizations such as the World Business Council for Sustainable Development.
Tvornica Cementa Kakanj provides strong support to its local community in all aspects of improving quality of life.
We proudly emphasize the support we give to almost all local health, educational, and cultural institutions, local
community associations and sport clubs. All of them enjoy our assistance regardless of an ever more difficult
business situation. In 2012 we also provided finances for environmental projects, and we continued to promote a
healthy lifestyle through a sport program during the Open Door event. Our local community can be proud to have
a neighbour which is a modern, environmentally aware employer and cement producer such as Tvornica Cementa
Kakanj which, with its positive image, promotes Kakanj Municipality and even the whole country.
We can highlight the following projects in 2015:
Donation for reconstruction of towns school

On the occasion of the fourteenth Open door event organized by Tvornica cementa Kakanj aiming to get closer to its local
community, especially young and children, the Management Board of TCK made a donation in the amount of 30,000.00
KM to the primary school Hamdija Kresevljakovic Kakanj for the purpose of reconstructing school infrastructure.
Tvornica cementa has been one of the main pillars of development of Kakanj municipality, and it strives to invest as
much as possible into children and the young. In addition to investing into IT literacy conducted through donation
of computers and equipment for IT class in schools in Kakanj municipality, TCK also supports schools through
donation of funds for reconstruction of school facilities.
Open doors
In the middle of June 2015 Tvornica cementa Kakanj opened its gates for the fourteenth time to all citizens of Kakanj
and other guests, and the open door has become a traditional socialization of the local community and staff of Tvornica
cementa Kakanj. Around 3,000 visitors used this opportunity to take a tour around the park and plants of Tvornica
cementa Kakanj, enjoy a rich sport, culture and art programme, and receive numerous refreshments and gifts. Everyone
had an opportunity to compete in sport competitions and win valuable prizes in tournaments in sand volleyball, street
basket, mini football and badminton, for which Tvornica cementa Kakanj prepared special facilities in its park. Participants
of cross and bicycle races competed on the route that goes through the whole factorys area. Employees of Tvornica
from B&H and Croatia also had an opportunity to show their skills during the football tournament.
Computers for Kakanj high school students

In order to improve education in Kakanj Municipality, Tvornica cementa Kakanj donated fifteen modern computers
with adequate equipment to the Mixed Highschool in Kakanj which will be used by its students to learn in practice
and improve IT literacy. This is the fifth school in Kakanj that received computers for its IT section from Tvornica
cementa Kakanj, which enables better working conditions and education for thousands of students.
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Priznanje Grb opine Kakanj

Opina Kakanj je 15. aprila 2015. godine proslavila svoj roendan. Tim povodom u sali Doma kulture odrana
je sveana akademija na kojoj su dodijeljena petnaestoaprilska priznanja najzaslunijim pojedincima i kolektivima.
Najvee priznanje, Grb opine Kakanj, Opinsko vijee Kakanj je dodijelilo Tvornici cementa Kakanj za unapreenje
ovjekove okoline, poboljanje kvalitete ivota graana opine i znaajan doprinos u pomoi stanovnitvu
zahvaenom majskim poplavama 2014. godine.
Nakon razarajuih poplava u 2014. Tvornica cementa Kakanj je donirala 500.000 KM pomoi stanovnitvu BiH, a
znaajan dio ovih sredstava je utroen na podruju Kaknja. Osim toga, TCK je donirala i 55.000 KM za izgradnju
djejeg igralita u gradskoj jezgri Kaknja. Ovo je priznanje Tvornici cementa za viegodinje pomaganje kakanjskim
sportskim klubovima, za doniranje raunara kakanjskim kolama i drugim obrazovnim institucijama, pomaganje
u organizaciji kulturnih dogaaja u Kaknju, pomaganje Domu zdravlja, finansiranje sanacije sportskih objekata,
pomaganje u realizaciji projekata nevladinih organizacija.
Tvornica cementa Kakanj izuzetno je ponosna na svoja dostignua na polju drutvene odgovornosti. Danas je ova
tvornica primjer dobrog poslovanja, jedna je od najmodernijih u Evropi i, to je jo vanije, primjer je velike brige za
ovjeka i okoli. Tvornica cementa Kakanj svojim poslovanjem i drutveno odgovornim aktivnostima promovira ime
grada Kaknja, uz elju da ovaj grad bude mjesto razvoja, prosperiteta, ugodnoga, zdravog i lijepog ivljenja, mjesto
gdje e mladi ljudi vidjeti svoju budunost i ostvarivati svoje snove.
Razvojni planovi i predvianja

Ekonomsko okruenje
Bosna i Hercegovina
Pozitivna ekonomska dinamika koja se ogleda u realnom ekonomskom rastu od 2,0% u 2015. godini ukazuje na
jaanje ekonomske performanse bazirane na izvozu roba i usluga i jaanju privatne potronje. Usprkos umjerenom
jaanju realnog bruto domaeg proizvoda, bruto domai proizvod po glavi stanovnika e se i dalje kretati oko 28%
od prosjeka Evropske unije, to predstavlja najnii nivo u Evropi. Iako ekonomski rast u 2015. godini apsolutno nije
upitan, tek e se sredinom 2016. godine objaviti finalni i zvanini podaci o realnom rastu bruto domaeg proizvoda
u 2015. godini.
Budui da je kraj 2015. godine donio politiku stabilizaciju u zemlji, te uzevi u obzir da politiki faktori dominantno
oblikuju srednjorone ekonomske projekcije, stabilizacija na politikoj sceni predstavlja vrstu bazu za ubrzanje
ekonomske dinamike u periodu koji slijedi.
Imajui u vidu usvajanje Reformske agende, to je u konanici i predstavljalo jedan od uvjeta za daljnji napredak
na putu u lanstvo Evropske unije i za novi stand-by aranman sa Meunarodnim monetarnim fondom, u 2016.
godini se oekuje njegovo potpisivanje, to bi osiguralo fiskalnu stabilnost koja je bila pod ozbiljnim pritiskom
u 2015. godini jer je oekivani stand-by aranman bio prolongiran usljed odgaanja implementacije prethodno
dogovorenih strukturalnih reformi. Stoga, opi budetski deficit bi se vratio na nivo od 2,0% u 2016. godini sa
2,5% koliko je iznosio u 2015. godini, dok bi javni dug dostigao 45% od predvienog bruto domaeg proizvoda
za 2016. godinu.
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Recognition Coat of Arms of Kakanj Municipality

On Wednesday, 15 April 2015, Kakanj Municipality celebrated its birthday. On this occasion an official academy was
held in the Culture Centre of Kakanj on the occasion of which recognitions were awarded to the most exceptional
individuals and organizations. The highest recognition, the Coat of Arms of Kakanj Municipality, was awarded by
the Municipal Council to Tvornica cementa Kakanj for improving the environment and standard of life of citizens of
Kakanj, as well as significantly contributing to helping people affected by the devastating floods of May 2014.
After the floods in May 2014, Tvornica cementa Kakanj donated 500,000 KM of aid to the people of BiH, out of
which a significant part was given to Kakanj citizens. Additionally, Tvornica cementa Kakanj also donated 55,000
KM last year for construction of a childrens playground in the centre of Kakanj. This complements Tvornica
cementa Kakanjs long-term support to Kakanjs sport clubs, donations of computers to Kakanjs schools and
other educational institutions, support to organization of culture events in Kakanj, support to health care in Kakanj,
financing of reconstruction of sport facilities, as well as assistance to the realization of NGO projects.
Tvornica cementa Kakanj is enormously proud of its achievements in the field of the social responsibility. Today,
the plant is an example of good business. It is one of the most modern plants in Europe and, more importantly, an
example of great care for people and environment. Through its business and social responsibility Tvornica cementa
Kakanj promotes Kakanj town aiming to make this town a place of growth, prosperity and pleasant, healthy and
enjoyable living, a place where zoung people can see their future and realize their dreams.
Outlook
Economic Environment
The positive economic dynamics, reflected in real economic growth of 2.0% in 2015, points to strengthening
economic performance based on the export of goods and services and the strengthening of private consumption.
Despite the moderate strengthening of the real gross domestic product, gross domestic product per capita will still
be around 28% of the European Union average, representing the lowest level in Europe. Although economic growth
in 2015 is absolutely not in question, only by the middle of 2016 will the final official data on real gross domestic
product growth in 2015 be announced.
As the end of 2015 brought political stabilization to the country, and taking into account the political factors that
shape the dominant medium-term economic projections, the stabilization of the political scene provides a solid base
for the acceleration of economic dynamics in the forthcoming period.
Taking into account the adoption of the Reform Agenda by all levels of government, which ultimately represented one
of the conditions for further progress on the path to membership of the European Union, and which was condition
for a new Stand-by Arrangement with the International Monetary Fund, in 2016 a new Stand by Arrangement
is expected to be signed in order to ensure fiscal stability, which has been under severe pressure in 2015, because
the expected Stand-by Arrangement was prolonged due to a delay in implementation of the previously agreed
structural reforms. Therefore, the overall budget deficit would return to a level of 2.0% in 2016 from 2.5% in 2015,
while public debt should reach 45% of the estimated gross domestic product for 2016.
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Stabilizacija na politikoj sceni, prema predvianjima, trebala bi ubrzati ulaganja u infrastrukturne projekte na
nastavku izgradnje autoputa na Koridoru 5-C (210 miliona eura je ve ugovoreno za izgradnju u 2016. godini). U
2016. godini takoer se oekuje nekoliko investicija u energetski sektor, od kojih se najvea odnosi na TE Banovii,
u vrijednosti 500 miliona eura (ugovori potpisani u novembru 2015. godine za implementaciju projekta izgradnje TE
Banovii s partnerima iz Kine), to e naroito doprinijeti ekspanziji u sektoru graevinarstva.
S projiciranom realnom stopom rasta kategorije bruto fiksnih kapitalnih formacija od 7,5% na godinjem nivou
dolazi se do projicirane realne stope rasta bruto domaeg proizvoda od 3,0% u 2016. godini. Budui da su prema
predvianjima oekivana ulaganja u 2016. godini dominantno graevinski radovi koji zahtijevaju ljudsku radnu
snagu, predvien je znaajniji pad stope nezaposlenosti sa 27,0% u 2015. godini na 25,0% u 2016. godini, to bi
bilo praeno umjerenim rastom neto plaa. S obzirom na to u 2016. godini oekuje se rast privatne potronje od
2,5% na godinjem nivou.
Izvoz robe i usluga nastavio bi se i u 2016. godini u korist bosanskohercegovake ekonomije zahvaljujui oporavku
ekonomskih aktivnosti u zemljama koje su glavni trgovinski partneri BiH. Takoer je predvien oporavak i uvoza robe
ukoliko se ispune odreeni faktori kao to su najavljena i oekivana ulaganja, to implicira uvoz materijalnih dobara,
zatim poveanje cijena nafte, to bi kategoriju proizvodnje mineralnih proizvoda pomicalo ka pozitivnom podruju,
uz predvieno jaanje domae potranje.
U konanici, u 2016. godini oekuje se, takorei, razbijanje trogodinjeg trenda negativne stope inflacije, odnosno
deflacije, te je predviena stopa inflacije od 1,0% na godinjem nivou.
Na kraju, za srednjoroni period od tri godine vjeruje se i predvia da e ekonomija Bosne i Hercegovine biti na putu
kontinuiranog i ubrzanog ekonomskog oporavka. Ipak, prosjena stopa rasta u periodu od 2016. do 2018. godine
od 3,5% na godinjem nivou jo uvijek je ispod nivoa ekonomskog rasta u periodu prije eskaliranja ekonomske krize
od 2000. do 2008. godine kada je ekonomski rast iznosio 5,0%.
Ipak, i u narednom periodu razvoj politike situacije u Bosni i Hercegovini i dalje e ostati odluujui faktor koji e
oblikovati i kratkoroni i srednjoroni ekonomski okvir.
Hrvatska
Kod prvih dostupnih prognoza vezanih za opu sliku hrvatske ekonomije za 2016. godinu, treba uzeti u obzir faktor
nesigurnosti, odnosno politiku neizvjesnost koja je nastupila nakon parlamentarnih izbora odranih u novembru
2015. godine, jer e ta neizvjesnost u odreenoj mjeri znatno uticati na tok odvijanja ekonomskih aktivnosti u
Hrvatskoj tokom godine.
Prema prvim dostupnim procjenama oekivani rast realnog bruto drutvenog proizvoda u 2016. godini mogao
bi iznositi 1,8%. Njega bi, prema miljenju analitiara, u najveoj mjeri mogao generirati izvoz robe i usluga, a
oekuje se i dinamiziranje rasta line potronje, to odraava daljnji oporavak trita rada i jaanje optimizma
potroaa.
U 2016. godini oekuje se i snaniji rast investicija u fiksni kapital zbog veeg koritenja fondova iz Evropske unije,
naroito u javnom sektoru, dok bi dravna potronja mogla ostati potisnuta. S tim u vezi postoje naznake oporavka
graevinskog sektora u Hrvatskoj, te se predvia da bi u 2016. godini investicije mogle rasti po stopi veoj od
1,0%, zbog aktivnosti javnog sektora i povlaenja sredstava iz fondova Unije, a oekuje se i intenziviranje oporavka
ulaganja privatnog sektora, to proizlazi iz oporavka profitabilnosti sektora nefinansijskih preduzea, pada kamatnih
stopa i rezultata ankete o poslovnom pouzdanju.
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According to forecasts, the stabilization of the political scene should accelerate investments in infrastructure projects in the
continuing construction of the highway on corridor Vc (210 million EUR has already contracted for construction in 2016).
Also, in 2016 a number of investments in the energy sector are expected of which the biggest investment is related to the
Thermal Power Plant in Banovii with a value of 500 million EUR (contracts signed in November 2015 to implement the
project of TPP Banovii with partners from China), which should contribute to the expansion of the construction sector.
With a projected real growth rate the categories of gross fixed capital formation of 7.5% annually lead to a projected
real growth rate of gross domestic product of 3.0% in 2016. Since the predictions of expected investments in
2016 are predominantly construction work that should involve a human work force, it is predicted that there will
be a significant drop in the unemployment rate from 27.0% in 2015 to 25.0% in 2016, which would be followed
by a moderate growth in net wages. Due to this, in 2016 growth in private consumption of 2.5% per annum is
expected.
Exports of goods and services will be continued in 2016 in favour of the Bosnia and Herzegovina economy, thanks
to recovery of economic activity in countries that are major trading partners of Bosnia and Herzegovina. Also,
recovery of import of goods is anticipated if certain factors such as the announced and expected investments
are forthcoming, which implies import of material goods, then the increase in oil prices, which should enable the
category of mineral products to move to positive territory, strengthening domestic demand.
Finally, in 2016 a breaking of the three-year trend of deflation is anticipated, with a foreseen inflation rate of 1.0%
per annum.
Finally, for the medium-term period of three years, it is believed and predicted that the economy of Bosnia and
Herzegovina will be on the road of sustained and accelerated economic recovery. However, the average growth rate
in the period from 2016 to 2018 of 3.5% annually is still below the level of economic growth in the period before the
escalation of the economic crisis from the year 2000 to the year 2008, when economic growth was 5.0%.
Moreover, in the future period, the development of the political situation in Bosnia and Herzegovina will remain a
decisive factor that will shape the short and medium term economic framework.
Croatia
The first available predictions related to the general picture of the Croatian economy in 2016, should take into
account the factor of political uncertainty that has occurred after the parliamentary elections held in November
2015, because the outcome of uncertainty will, to some extent, influence the flow of economic activity in Croatia
in 2016.
Thus, according to the first available estimates, the expected growth of real gross domestic product in 2016 could
amount to 1.8%. It would, according to analysts, for the most part generate exports of goods and services, and
accelerate private consumption growth, reflecting the continuing recovery of the labour market and the strengthening
of consumer optimism.
Stronger growth in gross fixed capital due to greater use of funds from the European Union is also anticipated in
2016, particularly in the public sector, while government spending could remain suppressed. In this regard, there
are signs of recovery in the construction sector in Croatia, and it is predicted that in 2016 investment could grow
at a rate higher than 1.0%, due to the activities of the public sector and due to withdrawal of funds from the Union,
and intensified recovery of private investment sector is expected, due to the recovery of the profitability of the nonfinancial companies sector and due to the fall in interest rates and due the results of a survey of business confidence.
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Takoer je procijenjeno da prevladavaju negativni rizici vezani za projekciju za 2016. godinu zbog usporavanja
rasta u pojedinim zemljama s tritima u nastajanju, mogueg donoenja dodatnih fiskalnih konsolidacijskih
mjera i neizvjesnosti u vezi s izbjeglikom krizom, ija bi potencijalna eskalacija mogla imati posljedica na
domau ekonomiju. S druge strane, donoenje i intenzivnije provoenje strukturalnih reformi u srednjoronom
periodu moglo bi veoma povoljno djelovati na stvarnu dinamiku ekonomskih aktivnosti.
U 2016. godini bi se prosjena godinja inflacija potroakih cijena mogla ubrzati i iznositi 0,9%, u prvom redu
zbog poveanja godinje stope promjene cijena energije. Uvozni inflatorni pritisci mogli bi se poveati i zbog
oekivanog rasta inflacije u euro podruju. Takoer se oekuje da e domae inflatorne pritiske u 2016. godini
blago poveati ubrzanje rasta domae potranje, dok se ne oekuje jaanje trokovnih pritisaka. U uvjetima na
svjetskom i domaem tritu prognozirano je da bi se prosjena godinja stopa rasta potroakih cijena bez
prehrane i energije mogla blago poveati. Osim toga, oekuje se i porast prosjene godinje stope promjene
cijena prehrane.
Povoljna kretanja ekonomskih aktivnosti odraavaju se i na trite rada, tako da se u 2016. godini oekuje blago
intenziviranje porasta zaposlenosti u skladu s daljnjim oporavkom ekonomije i nastavka pada nezaposlenosti.
Procijenjeno je da bi anketna stopa nezaposlenosti (meunarodno usporediva stopa) u ovoj godini na godinjem
nivou mogla iznositi 16,2%.
to se tie javnih finansija, i u 2016. godini, a prema proceduri prekomjernog deficita, pred Hrvatskom su i
dalje zahtjevi za smanjenje budetskog deficita na nivo ispod 3% od bruto domaeg proizvoda ostvarenog do
2016. godine. Prema preliminarnim projekcijama, ipak se predvia nastavak smanjenja budetskog deficita,
i to u 2016. godini na 4,5% bruto domaeg proizvoda, to je i dalje iznad nivoa propisanog procedurom
prekomjernog deficita, ali ipak predstavlja ohrabrujuu tendenciju.
Na kraju moe se zakljuiti da e i 2016. biti godina velikih izazova i zaokreta u politikom i u ekonomskom
smislu. Ipak, u narednom periodu i dalje ostaju otvorena pitanja vezana za provoenje strukturalnih reformi,
fiskalne konsolidacije, dravne potronje, investicija i budetskog deficita u Hrvatskoj. Naroito u pogledu
fiskalne konsolidacije ostaje da se vidi da li e se ona jakim intenzitetom dogoditi i da li e se procedura Pakta
o stabilnosti i rasta za korekciju fiskalnih neravnotea produiti. Takoer ostaje otvoreno pitanje i da li e se
procedura postroiti, a to e u prvom redu zavisiti o tome je li Hrvatska poduzela i hoe li poduzimati zahtijevani
fiskalni napor.
Kao to je ve i navedeno, miljenje je da bi dugotrajno formiranje nove vlade te nesiguran opseg mjera fiskalne
konsolidacije u 2016. godini mogli umanjiti povjerenje ulagaa i naruiti izglede za rast.
Za osiguranje makroekonomske stabilnosti i rasta i dalje je kljuno rjeavati fiskalne slabosti, kao i visoke stope
neaktivnosti i nezaposlenosti, te predano provoditi dugotrajne strukturalne reforme.
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Furthermore, some negative risks attached to the projection for 2016 due to slowing growth in some countries
with emerging markets is foreseen, with the possible adoption of additional fiscal consolidation measures and
uncertainties related to the refugee crisis, which, were it to escalate, would have consequences for the domestic
economy. On the other hand, the adoption of more intensive implementation of structural reforms in the medium
term should have a favourable effect on the real dynamics of economic activity.
In 2016, average annual consumer price inflation could accelerate and reach 0.9%, primarily due to an increase in
the annual rate of change to energy prices. Imported inflationary pressures could increase because of the expected
growth of inflation in the euro area. It is also anticipated that domestic inflationary pressures in 2016 will slightly
increase acceleration of growth in domestic demand, while there is no expectation of strengthened cost pressures.
In terms of the global and domestic market it is forecast that the average annual growth rate of consumer prices
excluding food and energy could increase slightly in 2016. In addition, an increase in the average annual rate of
change to food prices is expected.
Favourable developments in economic activities are being reflected in the labour market, and in 2016 a slight
intensification of employment growth in line with the further recovery of the economy and a continued decline in
unemployment is expected. It is estimated that the survey unemployment rate (internationally comparable rates) in
2016 on an annual basis could amount to 16.2%.
As for public finances, according to the procedure of excessive deficit there are still requirements to reduce
the budget deficit to below 3% of gross domestic product by 2016. According to preliminary projections,
reduction to the budget deficit is expected to continue. At a projected 4.5% of gross domestic product in
2016, it would remain above the level prescribed by the Excessive Deficit Procedure but still represent an
encouraging trend.
Ultimately it can be concluded that 2016 will be a year of great challenges and turns in both political and economic
terms. However, in the coming period open issues related to the implementation of structural reforms, fiscal
consolidation, government spending, investment and the budget deficit in Croatia, will remain. Particularly in terms
of fiscal consolidation it remains to be seen whether it will be characterised by high intensity and whether the
procedures of the Stability Pact and growth for correction of fiscal imbalances extend. Also, it remains an open
question whether procedures will be tightened, and will primarily depend on whether Croatia is or will be committed
to the required fiscal efforts.
As already stated, there is opinion that the long-term formation of a new government and the uncertain scope of the
fiscal consolidation measures in 2016 could reduce investor confidence and undermine growth prospects.
In order to ensure macroeconomic stability and growth in the future it is crucial that fiscal weaknesses as well as high rates
of inactivity and unemployment are addressed, and commitment to implement long-term structural reforms is shown.
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Trite i prodaja
Rast industrijske proizvodnje, rast izvoza i tednja stanovnitva ohrabrujui su, premda je sve to vrlo sporo i nedovoljno.
Ipak, 2016. godina bi trebalo da bude godina blagoga ekonomskog oporavka i izlaska iz recesije. Ministarstvo saobraaja
i veza Federacije BiH je u etverogodinjem razdoblju planiralo Federaciju BiH doslovno pretvoriti u veliko gradilite, a
najvei iznos sredstava odlazi za nastavak izgradnje nekoliko dionica autoputa, ali i izgradnju te moderniziranje magistralnih
i regionalnih puteva. Predstoje daljnja velika ulaganja u infrastrukturu, putnu mreu (Koridor 5-C), najavljena su ulaganja u
energetski sektor (izgradnja novih blokova u TE Tuzla i Ugljevik, hidrocentrale Vranduk, vjetroparka Podveleje i sl.
Za 2016. godinu moemo dati procjenu skromnog oporavka s realnim rastom potranje oko 2,5% na godinjoj
razini, ukoliko ne doe do daljnjih socijalnih, ekonomskih ili politikih nestabilnosti.
Uzevi u obzir da je 2015. godina za trite cementa u Republici Hrvatskoj bila prijelomna, te je u njoj izvreno pripajanje
Holcima i Lafargea u najveeg proizvoaa cementa u svijetu, kao i akvizicije Italcementi grupe i Cemexovog poslovanja u HR
od strane HeidelbergCementa, moe se oekivati da e se situacija u narednim godinama bitno razlikovati od dosadanjih.
Mogunost znaajnijeg porasta potronje cementa u Hrvatskoj nazire se u modernizaciji i razvoju eljeznica (betonski
pragovi), te daljnjem razvoju i modernizaciji hrvatskih luka, prvenstveno Luke Rijeka i Luke Ploe koje bi mogle
preuzeti primat uvoznih luka za zemlje srednje i istone Evrope.

TBG BH
U 2016. ulazimo s jako ambicioznim planom, dijelom zbog poveanja broja betonara koje treba da uu u
sastav TBG-a, provedbom zapoete akvizicije, a dijelom zbog koliina koje nose najavljeni infrastrukturni
projekti
PJ Sarajevo
Oekujemo da e se realizirati novi projekti, uz napomenu da emo akvizicijom dobiti jo jednu betonaru na ovom
podruju. Ukupne koliine: procjena 350.000 m, gdje oekujemo nae uee od 26%.
PJ Lukavac
Ukupna planirana potronja betona u ovoj regiji u 2016. je cca 140.000 m, pri emu je nae planirano trino
uee 14%.
PJ Banja Luka
Planirana potronja betona u banjalukoj regiji u 2016. je cca 160.000 m. Na planirani trini udio je 13%.
Mobilna betonara
Planirana potronja betona u regiji je u 2016. cca 170.000 m, nae planirano uee u ovoj koliini sa dvije betonare
je 80.000 m ili 47%.
Slijedi zakljuak da bi se u 2016. godini, shodno naim planovima i po procjeni koliina na lokalitetima gdje djelujemo,
nae uee u isporuci betona kretalo do 26,8%, tj. 220.130 m, ukljuujui i betonare koje tek treba da uu u nae
vlasnitvo.
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The Market
Growth in industrial production, export growth, and rising savings deposits are encouraging,
although very slow and insufficient. However, 2016 should be a year of mild economic recovery.
Large investments in infrastructure, especially the road network (Corridor 5C), are forthcoming,
and investments in the energy sector (construction of new blocks in TE Tuzla and TE Ugljevik,
building the Vranduk hydroelectric power plant, a wind farm in Podveleje, etc.) have been
announced.
For 2016 we can provide an estimate of modest recovery with real growth in demand of around 2.5% on an annual
basis, if there are no further social, economic and political upheavals.
Taking into consideration that 2015 was a decisive year with major changes in the market, with the Lafarge-Holcim
merger into a global market leader, as well as the acquisitions of Italcementi Group and Cemexs regional assets, a
major turnaround in market shares is expected.
The possibility of an increase of consumption of cement is in railroad expansion and modernization (concrete
thresholds), and the further development and modernization of Croatian sea ports, mainly ports of Rijeka and Ploe
which might take over the leading roles in import for mid- and eastern-European countries.
RMC Business Line

TBG BH
We enter 2016 with a very ambitious plan which is on one hand due to an increased number of RMC plants that
should become part of TBG, through already started acquisition, and on the other hand due to quantities planned
for the announced infrastructure projects.
BU Sarajevo
We anticipate realization of new projects, and will get one more RMC plant in this area through acquisition. Total
quantities: estimate is 350,000 m3, with our participation foreseen at 26%.
BU Lukavac
Total planned concrete consumption in the region in 2016 is around 140,000 m3, with our participation foreseen at
14%.
BU Banja Luka
Planned concrete consumption in the region in 2016 is around 160,000 m3, with our planned market share being 13%.
Mobile unit
Planned concrete consumption in the region in 2016 is around 170,000 m3, and our planned participation in this
quantity with two RMC plants is 80,000 m3 or 47%.
The conclusion is that according to our plans and quantity estimates in areas where we work in 2016 our participation
in concrete delivery would amount to 26.8% or 220,130 m3, including concrete plants that are to become our
members.
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TBG Beton
Na osnovu ugovora koje smo sklopili i projekata o kojima se pregovara te najava novih projekata oekujemo
dobru prodaju u Slavoniji. Predvidive koliini u nivou 2015.
Zagrebako trite nema najave znaajnih projekata te se ne oekuje poveanje prodaje u odnosu na 2015.
Poveanje e se dogoditi budui da emo tokom 2016. preuzeti betonaru koja je u vlasnitvu Cemexa. Na
tritu betonare Bistra nema u najavi projekata kakve smo imali u 2015. Zato smo usredotoeni na udaljenije
projekte, kao izgradnju nove i rekonstrukciju cesta u Zagorju.
Preuzimanjem betonara Cemex otvorit emo nova trita kao to su Varadin, Zadar i Split.
Promet i rezultat
U 2016. godini oekuje se isti nivo potronje cementa na bosanskohercegovakom tritu kao u 2015. Poduzimanjem
aktivnosti na poveanju trinog uea planira se poveanje volumena prodaje na domaem tritu. U isto vrijeme
planirani izvoz u Hrvatsku se smanjuje u odnosu na 2015. godinu te se ukupno planirani volumen prodaje cementa
takoer smanjuje.
Na temelju oekivanja da e doi do poveanja kapaciteta proizvodnje betona kao i nastavka aktivnosti te poveanja
potronje na velikim infrastrukturnim projektima, prodaja betona u BiH se poveava. Planirano je i poveanje prodaje
u Hrvatskoj. Usljed poveanja prodaje betona za narednu godinu je planirano i poveanje dobiti.
Investicije
Planirana sredstva za investicije u 2016. su manja u odnosu na ostvarena plaanja za investicije u 2015. godini jer
su u ovoj godini uglavnom predvieni zavreci ranije zapoetih projekata
Najvei projekt iji je zavretak planiran u 2016. je izgradnja administrativne zgrade TCK-a.
U 2016. godini se oekuje zavretak projekta Administrativna zgrada, iji je graevinski dio najveim dijelom zavren
u 2015. godini, a preostala ulaganja se odnose na ureenje enterijera i izradu nadstrenica za automobile.
Od novih veih investicijskih ulaganja u 2016. godini planiran je poetak projekta Automatizacija laboratorija i
poetak druge faze projekta Alternativna goriva.
Projekt Automatizacija laboratorija, koji prema planu treba zapoeti u 2016. godini, predstavlja drugu fazu
modernizacije i automatizacije u laboratoriju kada e biti instalirani uzimai klinkera i ulaznih sirovina kao i zrani
sistem za transport uzoraka. Vei dio sredstava ovog projekta je planiran u 2017. godini, i to je posljednja faza koja
podrazumijeva povezivanje stanice za prijem uzoraka i ureaja u laboratoriju kroz AMLAS sistem.
Pored ovog projekta, takoer se planira i poetak realizacije druge faze projekta Alternativna goriva, to predstavlja
novo investiranje u opremu za prijem, skladitenje i doziranje raznih vrsta alternativnih goriva u procesu proizvodnje
klinkera.
Stalno investiranje je poslovno opredjeljenje Tvornice cementa Kakanj prema dugoronom poslovanju i dugoronim
vezama s kupcima i drugim interesnim grupama. U junu 2013. nai dioniari su donijeli odluku da nastavimo s
investiranjem. Sukladno ovoj odluci u periodu od 2014. do 2018. godine uloit emo dodatnih 20 miliona KM u
daljnju modernizaciju tvornice.
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TBG Beton
Based on the contracts that we have signed, project-connected negotiations and the announcement of new
projects, we expect good sales in Slavonia. The projected quantities are in the level of production as in 2015.
For Zagreb market there is no announcement of significant projects and an increase in sales compared to 2015 is
not expected. An increase will occur, as we will during 2016 take over the concrete plant owned by Cemex. In the
market of concrete plant Donja Bistra there is no announcement of projects like we had in 2015. Thats why we are
focused on distant projects such as the construction of a new road and reconstruction of roads in Zagorje.
By taking over the Cemex concrete plants we will open new markets such as Varadin, Zadar and Split.
Turnover and Results

In 2016, the same level of cement consumption on the Bosnia and Herzegovina market as in 2015 is expected.
Actions to increase market share will take the form of a plan to increase the volume of domestic sales. At the same
time planned exports to Croatia will be reduced compared to 2015, so the total planned sales volume of cement
will decrease.
Based on the expectation that increase of concrete production capacity as well as a continuing activity on major
infrastructure projects will be forthcoming, sales of concrete in B&H will increase. Increase sales in Croatia is also
planned. Due to an increase in concrete sales for the next year a slight increase in profit is envisaged.
Investments
Planned investment funds in 2016 will be lower compared to payments for investment in 2015 as in 2016 finalization
of projects started earlier is mainly planned.
The largest project to be finalized in 2016 is the new building for administration, which is mostly finished in 2015. The
rest of investment is mainly related to interior design and building of canopies for cars.
The start of the Laboratory automatization project and the start of the second phase of the Alternative fuels project
are also planned in 2016.
The Laboratory Automation Project represents the second phase of modernization, focused on automation in the
lab where clinker and raw materials takers as well as samples air transport system will be installed. Most of the funds
for this project are planned in 2017 and that is the last phase which involves connecting of the station for receiving
samples and equipment in the laboratory through the AMLAS system.
Besides this project starting of the second phase of alternative fuels project is also planned, which represents a new
investment in equipment for receiving, storing and dosing various types of alternative fuels in the process of clinker
production.
Continued investment is a business commitment of Tvornica cementa Kakanj according to long-term operations and
long-term relationships with customers and other stakeholders. In June 2013, our shareholders made a decision to
proceed with the investment. In accordance with this Decision we will invest an additional 20 million in the further
modernization of the plant in the period from 2014 to 2018.
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U toku 2016. godine u planu je provoenje laboratorijskih ispitivanja s ciljem koritenja materijala koji nastaju kao
nusproizvod prilikom eksploatacija i prerade ugljena. Zadatak je da se upotrebom tzv. rudnike jalovine u odreenom
omjeru dobije cementni klinker zadovoljavajuih tehnolokih i kvalitativnih parametara. Pored navedenoga, u sreditu
aktivnosti vezanih za istraivanje i razvoj bit e razvoj novih tipova cementa u skladu sa zahtjevima trita.
Zaposlenici
Optimizacija broja zaposlenika planirana je i u narednim godinama. Dostizanje njihovoga
optimalnog broja vrit e se postepeno putem penzionisanja.
Rizici i anse u narednoj godini

Rizici:
nepovoljno ekonomsko okruenje na tritu BiH i na tritu Hrvatske
limitiran proizvodni portfolio zbog ogranienih skladinih kapaciteta
nedostatak vlastitih izvora / agregata
jaanje konkurencije izgradnjom novih proizvodnih kapaciteta
anse:
izgradnja energetskih i putnih infrastrukturnih projekata
daljnje irenje na tritu Hrvatske i u regiji
irenje trita betona kroz kupovine novih betonara
Strategija
Strateki su ciljevi Tvornice cementa Kakanj sljedei:
poveanje trinog uea i zadravanje vodee pozicije na domaem tritu,
inovacije u proizvodnji cementa uvoenjem novih vrsta cementa kao odgovor na zahtjeve trita (ulaganje u
energetski sektor),
nadogradnja i podizanje nivoa usluga u skladu s potrebama kupaca i zahtjevima trita,
konstantno odravanje kvaliteta proizvoda i usluga u skladu sa zahtjevima propisanim normama i
standardima,
aanje distributivnih kanala prodaje,
otvaranje novih trita u iroj regiji,
podizanje kompletne tehnologije proizvodnje cementa na vii nivo u skladu sa zahtjevima evropskih standarda,
modernizacija vlastitog laboratorija, ime se na siguran nain prate sve faze proizvodnje,
proirenje skladinih kapaciteta,
koritenje alternativnih goriva,
primjena poslovanja na principima odrivog razvoja kao temeljne odrednice razvoja Drutva,
zatita ivotne sredine u skladu sa zahtjevima standarda ISO 14001:2004,
kontinuirano poboljanje pomonih funkcija i integracije u Hrvatskoj,
uvoenje poslovne linije agregata,
zdravlje i sigurnost u skladu sa zahtjevima standarda OHSAS 18001:2007 i u skladu s najboljom praksom
Grupe i lokalnim zahtjevima,
konstantan rast, razvoj i poveanje poslovnih prihoda kao i povrat na uloeni kapital dioniara.
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During 2016 we plan to carry out laboratory tests with the aim of using materials that are produced as a byproduct during the exploitation and processing of coal. The goal is to use the so-called mine tailings in a certain
ratio for producing cement clinker with satisfactory technological and qualitative parameters. In addition to this,
the main focus will be on the development of new cement types in accordance with market requirements.
Employees
Optimizing the number of employees is planned in the upcoming years. The optimal number will be reached
gradually through retirement.
Risk and Opportunities in the Upcoming Year

Risks:
unfavourable economic environment on the market of BiH as well as on the market of Croatia;
limited production portfolio due to limited storage capacities;
lack of own aggregate sources;
stronger competition with new production capacities.
Opportunities:
construction of energy production and infrastructure facilities;
expansion on the Croatian market and throughout the region
expansion of the RMC market by purchasing new RMC plants
Strategy
The strategic goals of Tvornica Cementa Kakanj are the following:
increased market share and maintained leading position on the domestic market;
innovation in cement production by introducing new types of cement as a response to market demand
(investment in the energy sector);
upgraded services to meet the needs of the customers and the market;
constant maintenance of the quality of products and services in accordance with the valid norms and
standards;
strengthened sales distribution channels;
opened new markets in the region;
upgraded complete technology of cement production on a higher level in accordance with the requirements of European standards;
modernization of our own laboratory providing a safe way to monitor all phases of production;
expanded storage capacities;
utilized alternative fuels;
implemented business activities on the principles of sustainable development as baseline of the Companys development;
environmental protection in accordance with the requirements of the standard ISO 14001:2004;
continued improvement to auxiliary functions and integration in Croatia;
introduced Aggregates Business Line;
health and safety in accordance with the requirements of the standard OHSAS 18001:2007 and the best
practices of the Group and local requirements;
continued growth, development and increase of business income as well as return on the invested capital of shareholders.
141
Gradimo
za budue generacije
142
Building
for future generations
143
Izvjetaj nezavisnog revizora

Report of the Independent Auditor
146

Profil Drutva
Corporate profile
152

Odgovornost za finansijske izvjetaje

Statement of responsiblities of the Board
154

Izvjetaj nezavisnog revizora

Independent Auditors Report
156

Konsolidirani izvjetaj o sveobuhvatnoj dobiti Grupe Tvornica cementa Kakanj d.d.

Consolidated Tvornica cementa Kakanj d.d. Group Statement of Comprehensive
Income
158

Izvjetaj o sveobuhvatnoj dobiti Drutva Tvornica cementa Kakanj d.d.

Tvornica cementa Kakanj d.d. Company Statement of Comprehensive Income
160

Konsolidirano izvjee o financijskom poloaju Grupe Tvornica cementa Kakanj d.d

Consolidated Tvornica cementa Kakanj d.d. Group Statement of Financial Position
164

Izvjee o financijskom poloaju Drutva Tvornica cementa Kakanj d.d.

Tvornica cementa Kakanj d.d. Company Statement of Financial Position
168

Konsolidirano izvjee o novanim tijekovima Grupe Tvornica cementa Kakanj d.d.

Consolidated Tvornica cementa Kakanj d.d. Group Statement of Cash Flows
170

Izvjee o novanim tijekovima Drutva Tvornica cementa Kakanj d.d.

Tvornica cementa Kakanj d.d. Company Statement of Cash Flows
172

Konsolidirano izvjee o promjenama kapitala Grupe Tvornica cementa Kakanj d.d.

Consolidated Tvornica cementa Kakanj d.d. Group Statement of changes in equity
174

Izvjee o promjenama kapitala Drutva Tvornica cementa Kakanj d.d.

Tvornica cementa Kakanj d.d. Company Statement of changes in equity
176

Biljeke uz financijska izvjea

Notes to financial statements
Profil drutva
Povijest i nastanak
Tvornica cementa Kakanj (dalje: Drutvo) je dioniko drutvo, upisano u sudski registar Kantonalnog suda u
Zenici, Bosna i Hercegovina, 18. studenog 1991. godine promjenom statusa iz drutvenog poduzea u dioniko
drutvo. Do tada, Drutvo je postojalo kao dio drutva GIK Hidrogradnja Sarajevo. U privatizacijskom postupku
2000. godine HeidelbergCement AG stekao je 51% udjela u vlasnitvu. U oujku 2001. godine dionice su
prenesene na HZK Beteiligungesellschaft mbH Heidelberg u Njemakoj, a tijekom 2003. godine udio je povean
na 73,94%. U srpnju 2006. godine, udio od 73,94% dionica prenesen je od HZK Beteiligungesellschaft mbH u
CEEMINVESTMENT Fund. Oba su Drutva dio HeidelbergCement Grupe. Nakon navedene transakcije Dunav
Drava, koja je u vlasnitvu HeidelbergCement AG (50%) i Schwenka (50%), dola je u posjed 85,94% vlasnitva
Drutva.
Na dan 31. prosinca 2015. godine veinski dioniar Tvornice cementa Kakanj je Ceeminvestment,
Hertogenbosch, Nizozemska, sa udjelom od 93,27%, a ostali dioniari su PIF-ovi, razni investicijski fondovi i
fizike osobe.
Krajnji vlasnici drutva su Heidelberg Cement AG i SCHWENK AG.
Djelatnosti drutva
Glavne djelatnosti Drutva su navedene ispod:

Proizvodnja cementa
Vaenje ukrasnog kamena i kamena za gradnju, vapnenca, gipsa, krede i kriljevca
Proizvodnja proizvoda od betona za graevinske svrhe
Proizvodnja proizvoda od gipsa za graevinske svrhe
Proizvodnja gotove betonske smjese
Proizvodnja maltera
Proizvodnja graevinske stolarije i elemenata
Proizvodnja vlaknastih zacementiranih proizvoda
Proizvodnja ostalih proizvoda od betona, cementa, gipsa i vjetakog kamena
Trgovina na veliko ostacima i otpacima
Djelatnosti pakiranja
Ostale poslovne pomone uslune djelatnosti
Na dan 31. prosinca 2015. godine Drutvo je imalo 213 zaposlenika dok je Grupa imala 280 zaposlenika (na dan
31. prosinca 2014; Drutvo 221, Grupa 282).
146
Corporate Profile
History and incorporation

Tvornica cementa Kakanj (the Company) is a joint stock company registered at the Canton Court in Zenica,
Bosnia and Herzegovina on 18 November 1991 by changing its status from a company in state ownership to a joint
stock company. Until that time the Company was part of GIK Hidrogradnja Sarajevo. In the privatization process
in 2000, HeidelbergCement AG acquired 51% of the ownership. In March 2001, the shares were transferred to
HZK Beteiligungesellschaft mbH Heidelberg, Germany and in 2003 the shareholding was increased to 73.94%.
In July 2006, these shares were transferred from HZK Beteiligungesellschaft mbH to CEEMINVESTMENT Fund.
Both companies are part of HeidelbergCement Group. After this transaction, Dunav Drava, which is owned by
HeidelbergCement AG (50%) and Schwenk (50%), with its related companies, was in possession of 85.94% of the
shares of the Company.
As at 31 December 2015 the majority shareholder of Tvornica cementa Kakanj d.d. is Ceeminvestment,
Hertogenbosch, Netherlands with an ownership share of 93.27%, while other shareholders are Privatization Funds,
different investment funds and individuals.
The Companys ultimate parents are Heidelberg Cement AG and SCHWENK AG.
Companys objects
The main Companys and Groups activities are listed below:

Cement production
Exploitation of decorative stone and construction stone, limestone, plaster, chalk and slate
Manufacture of concrete products for construction purposes
Manufacture of plaster products for building purposes
Production of ready-made concrete mixtures
Production of plaster
Production of construction carpentry and elements
Production of fibrous cemented products
Manufacture of other concrete, cement, plaster and artificial stone
Wholesale of scrap and waste
Packaging
Other business secondary services
At 31 December 2015, the Company had 213 employees while the Group had 280 employees (as at 31
December 2014: Company 221, Group 282).
147
Profil drutva
Financijski pregled i strategija

Kako bi osiguralo uspjeni put u budunost, Drutvo se usredotoilo na sljedee strategijske ciljeve:
Poveanje trinog uea i zadravanje vodee pozicije na domaem tritu
Nadogradnja i podizanje nivoa usluga u skladu sa potrebama kupaca i zahtjevima trita
Jaanje distributivnih kanala prodaje
Otvaranje novih trita u iroj regiji
Konstantno odravanje kvaliteta proizvoda i usluga u skladu sa zahtjevima propisanim normama i standardima
Inovacije u proizvodnji cementa uvoenjem novih vrsta cementa kao odgovor na zahtjeve trita
Inovacije u proizvodnji cementa uvoenjem novih vrsta cementa kao odgovor na zahtjeve trita
Primjena poslovanja na principima odrivog razvoja kao temeljne odrednice razvoja Drutva
Zatita ivotne sredine u skladu sa zahtjevima standarda ISO 14001:2004
Zdravlje i sigurnost u skladu sa zahtjevima standarda OHSAS 18001:2007
Uvoenje BL AGG
Integracija RMX aktivnosti i distribucije cementa u Hrvatskoj s ciljem poveanja izvoza na hrvatsko trite
Konstantni rast, razvoj i poveanje poslovnih prihoda kao i povrat na uloeni kapital dioniara
lanovi Uprave su:

Ime:
Poloaj:
Od:
Angaman istjee:
Branimir Muida
Direktor Drutva
16. svibnja 2014.
16. svibnja 2018.
Zehra Obralija
Izvrni direktor za ekonomske i

financijske poslove
16. svibnja 2014.
16. svibnja 2018.
Izudin Neimarlija
Izvrni direktor za proizvodnju i

tehnike poslove
16. svibnja 2014.
16. svibnja 2018.
lanovi Nadzornog odbora su:

Ime:
Poloaj:
Od:
Angaman istjee:
Janos Szarkandi
Predsjednik
10. svibnja 2012.
10. svibnja 2016.
Andreas Kern
lan
10. svibnja 2012.
10. svibnja 2016.
Gerhard Hugo Hirth
lan
10. svibnja 2012.
10. svibnja 2016.
lanovi Odbora za reviziju su:
148
Ime:
Poloaj:
Od:
Angaman istjee:
Milan Dmitrovi
Predsjednik Odbora za reviziju
10. svibnja 2012.
10. svibnja 2016.
Hajrudin Hadimehovi
lan Odbora za reviziju
10. svibnja 2012.
10. svibnja 2016.
Dr. Ante Domazet
10. svibnja 2012.
10. svibnja 2016.
Corporate Profile
Financial review and strategy

To help ensure a successful path to the future, the Company has focused on the following strategic goals:
Increase market share and retain leading position on domestic market
Upgrade and increase of the quality of services in accordance with the needs of customers and market
Strengthen of the sales distribution channels
Entrance to new markets in the wider region
Continued maintenance of the product and services quality in accordance with prescribed norms and standards
Innovation in cement production by introducing of new cement types as response to market demand (due to investment
in energy sector)
Upgrade of the complete cement production to the higher level in accordance with requirements of European standards
Application of the sustainable development principles as the main goal of the future development of the Company
Protection of the life environment in accordance with the requirements of ISO 14001:2004 standards
Health and safety in accordance to with the requirements of OHSAS 18001:2007 standards
Introduction of BL AGG
Integration of RMX activities and cement distribution in Croatia with a purpose of increase of cement placement at the
Croatian market
Continued growth, development and increase of the operating income and return on shareholders investment
Members of Management Board:

Name:
Position:
From:
Term expires:
Branimir Muida
Director of the Company
16 May 2014
16 May 2018
Zehra Obralija
Executive Director in charge of

economic and financial affairs
16 May 2014
16 May 2018
Izudin Neimarlija
Executive Director in charge of

production and technical affairs
16 May 2014
16 May 2018
From:
Members of Supervisory Board:

Name:
Position:
Janos Szarkandi
Chairman of the Supervisory Board 10 May 2012
10 May 2016
Term expires:
Andreas Kern
Member of the Supervisory Board
10 May 2012
10 May 2016
Gerhard Hugo Hirth
10 May 2012
10 May 2016
Members of the Audit Committee:

Name:
Position:
From:
Term expires:
Milan Dmitrovi
President of the Audit Committee
10 May 2012
10 May 2016
Hajrudin Hadimehovi
Member of the Audit Committee
10 May 2012
10 May 2016
Dr. Ante Domazet
10 May 2012
10 May 2016
149
Profil drutva
lanovi Nadzornog odbora su:

Ime:
Poloaj:
Od:
Angaman istjee:
Janos Szarkandi
Predsjednik
10. svibnja 2012.
10. svibnja 2016.
Andreas Kern
lan
10. svibnja 2012.
10. svibnja 2016.
Gerhard Hugo Hirth
lan
10. svibnja 2012.
10. svibnja 2016.
Poloaj:
Od:
Angaman istjee:
lanovi Odbora za reviziju su:

Ime:
150
Milan Dmitrovi
Predsjednik Odbora za reviziju
10. svibnja 2012.
10. svibnja 2016.
Hajrudin Hadimehovi
10. svibnja 2012.
10. svibnja 2016.
Dr. Ante Domazet
10. svibnja 2012.
10. svibnja 2016.
Corporate Profile
Members of Supervisory Board:

Name:
Position:
From:
Term expires:
Janos Szarkandi
Chairman of the Supervisory Board 10 May 2012
10 May 2016
Andreas Kern
10 May 2012
10 May 2016
Gerhard Hugo Hirth
10 May 2012
10 May 2016
Position:
From:
Term expires:
Members of the Audit Committee:

Name:
Milan Dmitrovi
President of the Audit Committee
10 May 2012
10 May 2016
Hajrudin Hadimehovi
10 May 2012
10 May 2016
Dr. Ante Domazet
10 May 2012
10 May 2016
151
Odgovornost za financijska izvjea
Temeljem Zakona o raunovodstvu i reviziji u Federaciji Bosne i Hercegovine (Slubene novine Federacije Bosne
i Hercegovine broj 32/05), Uprava je duna osigurati da financijska izvjea za svaku financijsku godinu budu
pripremljena u skladu sa raunovodstvenim propisima primjenjivim u Federaciji Bosne i Hercegovine (Federacija).
Raunovodstveni propisi primjenjivi u Federaciji temelje se na odredbama Zakona o raunovodstvu i reviziji prema
kojima drutva svoja financijska izvjea sastavljaju i objavljuju u skladu s Meunarodnim raunovodstvenim
standardima (MRS), njihovim dopunama i tumaenjima, te Meunarodnim standardima financijskog izvjetavanja
(MSFI) i njihovim dopunama i tumaenjima koje je izdao Odbor za Meunarodne standarde i koji su prevedeni od
strane Saveza raunovoa, revizora i financijskih djelatnika u Federaciji. Odluka o objavi standarda broj O-1/4-2010
od 28. travnja 2010. godine je obvezujua za razdoblja koja poinju od 1 sijenja 2010. godine.
Uprava razumno oekuje da Drutvo ima odgovarajua sredstva za nastavak poslovanja u doglednoj budunosti. Iz
navedenog razloga, Uprava i dalje prihvaa naelo trajnosti poslovanja pri izradi financijskih izvjea.
Pri izradi financijskih izvjea Uprava je odgovorna:
da se odaberu i potom dosljedno primjenjuju odgovarajue raunovodstvene politike;
da prosudbe i procjene budu razumne i oprezne;
da se primjenjuju vaei raunovodstveni standardi te;
da se financijska izvjea pripreme po naelu trajnosti poslovanja, osim ako je neprimjereno pretpostaviti da
e Drutvo nastaviti svoje poslovne aktivnosti.
Uprava je odgovorna za voenje ispravnih raunovodstvenih evidencija, koje e u bilo koje doba s prihvatljivom
tonou odraavati financijski poloaj Drutva, kao i njihovu usklaenost sa Zakonom o raunovodstvu i reviziji u
Federaciji Bosne i Hercegovine (Slubene novine Federacije Bosne i Hercegovine broj 38/09). Uprava je takoer
odgovorna za uvanje imovine Drutva, te stoga i za poduzimanje razumnih mjera radi sprjeavanja i otkrivanja
pronevjera i ostalih nezakonitosti.
Odobreno i potpisano u ime Uprave:
Direktor
____________________________
Branimir Muida
Tvornica cementa Kakanj d.d.
Selima ef. Merdanovia 146
72 240 Kakanj
Bosna i Hercegovina
Kakanj, 29. sijenja 2016. godine
152
lan Uprave
_______________________________
Zehra Obralija
Statement of responsibilities of the Board
Pursuant to the Accounting and Audit Law of the Federation of Bosnia and Herzegovina (Official newspaper of Federation
of Bosnia and Herzegovina number 32/05), the Board is responsible for ensuring that financial statements are prepared
for each financial year in accordance with accounting regulations applicable in the Federation of Bosnia and Herzegovina
(the Federation). Accounting regulations applicable in the Federation are based on the provisions of the Law on
accounting and auditing. Companies prepare and present their financial statements in accordance with International
Accounting Standards (IAS), their amendments and interpretations, International Financial Reporting Standards (IFRS)
and their amendments and interpretations issued by International Accounting Standard Board (IASB), as translated
and published by Association of accountants, auditors and financial employees in Federation. The decision on publishing
Standards number O-1/4-2010 dated 28 April 2010 is binding for the periods starting 1 January 2010.
The Board has a reasonable expectation that the Company has adequate resources to continue in operational
existence for the foreseeable future. For this reason, the Board continues to adopt the going concern basis in
preparing the financial statements.
In preparing these financial statements, the responsibilities of the Board include ensuring that:
Suitable accounting policies are selected and then applied consistently;
Judgments and estimates are reasonable and prudent;
Applicable accounting standards are followed; and
The financial statements are prepared on the going concern basis unless it is inappropriate to presume that
the Company will continue in business.
The Board is responsible for keeping proper accounting records, which disclose with reasonable accuracy at any
time the financial position of the Company and must also ensure that the financial statements comply with the
Accounting and Audit Law of the Federation of Bosnia and Herzegovina (Official newspaper of the Federation of
Bosnia and Herzegovina number 38/09). The Board is also responsible for safeguarding the assets of the Company
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved and signed on behalf of the Board:
President of the Board of Directors
____________________________
Branimir Muida
Member of the Board of Directors
_______________________________
Zehra Obralija

72 240 Kakanj
Bosna i Hercegovina
Kakanj, 29th January 2016
153
Izvjee neovisnog revizora
Upravi i Dioniarima Drutva Tvornice cementa Kakanj d.d.

Obavili smo reviziju priloenih konsolidiranih i pojedinanih financijskih izvjea dionikog drutva Tvornica cementa
Kakanj (dalje: Drutvo) i njegovih ovisnih drutava (zajedno Grupa) koja ukljuuju izvjee o financijskom poloaju
na dan 31. prosinca 2015. godine, izvjee o sveobuhvatnoj dobiti, izvjee o promjenama kapitala i izvjee o
novanom tijekovima za godinu tada zavrenu, te saetak znaajnijih raunovodstvenih politika i druge objanjavajue
informacije (koji su prikazani na stranicama 7 do 54).
Odgovornosti Uprave
Uprava je odgovorna za sastavljanje i objektivnu prezentaciju ovih financijskih izvjea u skladu sa Zakonom o
raunovodstvu i reviziji u Federaciji Bosne i Hercegovine i za one interne kontrole za koje Uprava odredi da su
potrebne za omoguavanje sastavljanja financijskih izvjea koja su bez znaajnog pogrenog prikazivanja uslijed
prijevare ili pogreke.
Odgovornost revizora
Naa odgovornost je izraziti miljenje o tim konsolidiranim i pojedinanim financijskim izvjeima na osnovi nae
revizije. Reviziju smo obavili u skladu s Meunarodnim revizijskim standardima. Ti standardi zahtijevaju da postupamo
u skladu s etikim pravilima, i planiramo te obavimo reviziju kako bismo stekli razumno uvjerenje o tome jesu li
financijska izvjea bez znaajnog pogrenog prikazivanja.
Revizija ukljuuje obavljanje postupaka radi pribavljanja revizorskih dokaza o iznosima i objavama u financijskim
izvjeima. Odabrani postupci ovise o revizorovoj prosudbi, ukljuujui i procjenu rizika znaajnog pogrenog
prikazivanja financijskih izvjea uslijed prijevare ili pogreke. U stvaranju tih procjena rizika, revizor razmatra interne
kontrole relevantne za subjektovo sastavljanje i objektivnu prezentaciju financijskih izvjea kako bi se oblikovali
revizorski postupci koji su primjereni u danim okolnostima, ali ne i u svrhu izraavanja miljenja o uinkovitosti internih
kontrola poslovnog subjekta. Revizija takoer ukljuuje ocjenjivanje primjerenosti primijenjenih raunovodstvenih
politika i razumnosti raunovodstvenih procjena koje je obavila Uprava, kao i ocjenjivanje cjelokupne prezentacije
financijskih izvjea.
Vjerujemo da su revizijski dokazi koje smo pribavili dostatni i primjereni da osiguraju osnovu za nae revizijsko
miljenje.
Miljenje
Prema naem miljenju konsolidirana i pojedinana financijska izvjea fer prikazuju, u svim znaajnim aspektima
financijski poloaj Drutva i Grupe na dan 31. prosinca 2015. godine, njihove financijske rezultate i novane tijekove
za tada zavrenu godinu u skladu sa Zakonom o raunovodstvu i reviziji u Federaciji Bosne i Hercegovine.
__________________________
Zvonimir Maduni, prokurist
Ernst & Young d.o.o. Sarajevo
Bosna i Hercegovina
Sarajevo, 29. sijenja 2016. godine
154
_______________________________
Maja Hafizovi, ovlateni revizor
Independent Auditors Report
To the Board of Directors and the Shareholders of Tvornica cementa Kakanj d.d.
We have audited the accompanying consolidated and separate financial statements of Tvornicacementa Kakanj
(the Company) and its subsidiaries (together, the Group) which comprise a statement of financial position as at 31
December 2015, a statement of comprehensive income, a statement in changes of equity and statement of cash
flows for the year then ended, and a summary of significant accounting policies and other explanatory information
(as set out on pages 7 to 54).
Management Responsibility
Management is responsible for the preparation and fair presentation of these consolidated and separate financial
statements in accordance with Law on accounting and auditing in Federation of Bosnia and Herzegovina and for
such internal controls as management determines is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these consolidated and separate financial statements based on our
audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that
we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditors judgement, including the assessment of
the risk of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entitys preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the entitys internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made
by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to the provide basis for our audit
opinion.
Opinion
In our opinion, the consolidated and separate financial statements present fairly, in all material aspects, the financial
position of the Company and of the Group as at 31 December 2015 and its financial performance and its cash flows
for the year then ended in accordance with Law on accounting and auditing in Federation of Bosnia and Herzegovina.
__________________________
Zvonimir Maduni, procurator
_______________________________
Maja Hafizovi, certified auditor
Ernst & Young d.o.o. Sarajevo

Sarajevo, 29rd January 2016
155
Konsolidirano Izvjee o sveobuhvatnoj dobiti Grupe Tvornica cementa Kakanj d.d.
Za godinu koje zavrava 31. prosinca 2015. godine

Biljeke
Tisue KM
2015. godina
2014.godina
Prihod od prodaje
82.907
77.623
Trokovi prodaje
(58.860)
(58.114)
24.047
19.509
Bruto dobit
Ostali operativni prihodi
Opi i administrativni trokovi

Ostali prihodi
Gubitak s osnove zajednikog ulaganja
31
259
8.725
(8.370)
15.353
11.398
892
349
14
(133)
(106)
Ostali rashodi
(2.110)
(1.528)
Neto financijski prihodi
665
976
14.667
11.089
(162)
(89)
14.505
11.000
14.505
11.000
1,53 KM
1,16 KM

Porez na dobit
Dobit godine
Ostala sveobuhvatna dobit za godinu, neto od poreza
Ukupno sveobuhvatna dobit za godinu, neto od poreza
Zarada po dionici osnovne i razrijeene zarade po dionici,
za dobit godine pripisivu redovnim dioniarima Drutva
10
Priloene raunovodstvene politike i biljeke sastavni su dio ovih financijskih izvjea.

Odobrili i potpisali u ime Grupe Tvornica cementa Kakanj d.d. 29. sijenja 2016. godine:
Predsjednik Uprave
______________________
Branimir Muida
156
lan Uprave
__________________________
Zehra Obralija
Consolidated Tvornica cementa Kakanj d.d. Group Statement of comprehensive income
For the year ended 31 December 2015

Notes
KM thousand
year 2015
year 2014
Revenue
82,907
77,623
Cost of sales
(58,860)
(58,114)
24,047
19,509
Gross profit
Other operating income
General and administrative costs
Operating profit
Other income
Loss from investment in JV
31
259
(8,725)
(8,370)
15,353
11,398
892
349
14
(133)
(106)
Other costs
(2,110)
(1,528)
665
976
14,667
11,089
(162)
(89)
14,505
11,000
14,505
11,000
KM 1.53
KM 1.16
Profit before tax

Corporate income tax
Profit for the year

Other comprehensive income for the year, net of tax
Total comprehensive income for the year, net of tax
Earnings per share basic and diluted, for profit for the year
attributable to ordinary equity holders of the Company
10
The accompanying accounting policies and notes are an integral part of these financial statements.
Approved and signed on behalf of Tvornica cementa Kakanj d.d. Group on 29rd January 2016:
______________________
Branimir Muida
__________________________
Zehra Obralija
157
Izvjee o sveobuhvatnoj dobiti Drutva Tvornica cementa Kakanj d.d.
Za godinu koja zavrava 31. prosinca 2015. godine

Biljeke
Tisue KM
2015. godina
2014. godina
Prihod od prodaje
62.090
61.223
Trokovi prodaje
(41.214)
(43.133)
20.876
18.090
Bruto dobit
Ostali operativni prihodi
Opi i administrativni trokovi
20
59
(6.898)
(6.671)
13.998
11.478
Ostali prihodi
559
188
Ostali rashodi
(1.099)
(1.118)
439
792
13.897
11.340
(146)
(74)
13.751
11.266
13.751
11.266
Prihod od dividendi ovisnog drutva

Neto financijski prihodi

Porez na dobit
Dobit godine
Ostala sveobuhvatna dobit za godinu, neto od poreza
Ukupno sveobuhvatna dobit za godinu, neto od poreza

Predsjednik Uprave
______________________
Branimir Muida
158
lan Uprave
__________________________
Zehra Obralija
Tvornica cementa Kakanj d.d. Company Statement of comprehensive income

Notes
KM thousand
year 2015
year 2014
Revenue
62,090
61,223
Cost of sales
(41,214)
(43,133)
20,876
18,090
Gross profit
Other operating income
General and administrative costs
Operating profit
20
59
(6,898)
(6,671)
13,998
11,478
Other income
559
188
Other costs
(1,099)
(1,118)
439
792
13,897
11,340
(146)
(74)
13,751
11,266
13,751
11,266
Income from dividends received from subsidiary

Profit before tax

Corporate income tax
Profit for the year

Other comprehensive income for the year, net of tax
Total comprehensive income for the year, net of tax
Approved and signed on behalf of Tvornica cementa Kakanj d.d. on 29rd January 2016:
______________________
Branimir Muida
__________________________
Zehra Obralija
159
Konsolidirano izvjee o financijskom poloaju Grupe Tvornica cementa Kakanj d.d.
Na dan 31. prosinca 2015. godine

31. prosinca
Biljeke
Tisue KM
2015. godine
2014. godine
AKTIVA
Dugotrajna imovina
Materijalna imovina
11
99.306
103.671
Nematerijalna imovina
12
805
827
Ulaganje u zajednike pothvate
14
554
683
Ostala financijska imovina
15
930
1.014
101.595
106.195
Kratkotrajna imovina
Zalihe
16
14.236
12.297
Potraivanja od kupaca
17
10.777
12.093
Financijska imovina
18
117
112
Ostala potraivanja
Novac i novani ekvivalenti
UKUPNA AKTIVA
160
19
574
268
34.509
28.325
60.213
53.095
161.808
159.290
Consolidated Tvornica cementa Kakanj d.d. Group Statement of Financial Position
As at 31 December 2015
31 December
Notes
KM thousand
year 2015
year 2014
ASSETS
Non current assets
Property plant and equipment
11
99,306
103,671
Intangible assets
12
805
827
Investment in joint ventures
14
554
683
Other financial assets
15
930
1,014
101,595
106,195
Current assets
Inventories
16
14,236
12,297
Trade accounts receivable
17
10,777
12,093
Current financial assets
18
117
112
Other receivables
Cash and cash equivalents
TOTAL ASSETS
19
574
268
34,509
28,325
60,213
53,095
161,808
159,290
161
Konsolidirano izvjee o financijskom poloaju Grupe Tvornica cementa Kakanj d.d.

(nastavak)

31. prosinca
Biljeke
Tisue KM
2015. godine
2014. godine
PASIVA
Kapital i rezerve
Upisani kapital
94.765
94.765
Zadrana dobit
20
11.610
16.870
Zakonske rezerve
26.338
26.338
Revalorizacijske rezerve
413
413
14.505
11.000
147.631
149.386
1.246
1.355
1.246
1.355
Dobit tekue godine

Ukupno kapital
Dugorone obveze
Rezerviranja
21
Kratkorone obveze
Obveze prema dobavljaima
22
10.130
6.090
Ostale obveze
23
2.649
2.336
152
123
12.931
8.549
161.808
159.290
Rezerviranja za nefakturirane trokove
UKUPNA PASIVA

Odobrili i potpisali u ime drutva Tvornica cementa Kakanj d.d. 29. sijenja 2016. godine:
Predsjednik Uprave
______________________
Branimir Muida
162
lan Uprave
______________________________
Zehra Obralija
Consolidated Tvornica cementa Kakanj d.d. Group Statement of Financial Positiona

(continued)
31 December
Notes
KM thousand
year 2015
year 2014
EQUITY AND LIABILITIES

Issued capital and reserves
Subscribed capital
94,765
94,765
Retained earnings
20
11,610
16,870
Statutory reserves
26,338
26,338
Revaluation reserves
Current year profit
Total equity
413
413
14,505
11,000
147,631
149,386
1,246
1,355
1,246
1,355
Non current liabilities

Provisions
21
Current liabilities
Trade accounts payable
22
10,130
6,090
Other liabilities
23
2,649
2,336
152
123
12,931
8,549
161,808
159,290
Accruals
TOTAL EQUITY AND LIABILITIES
______________________
Branimir Muida
______________________________
Zehra Obralija
163
Izvjee o financijskom poloaju Drutva Tvornica cementa Kakanj d.d.

31. prosinca
Biljeke
Tisue KM
2015. godine
2014. godine
AKTIVA
Dugotrajna imovina
Materijalna imovina
11
86.603
89.799
Nematerijalna imovina
12
272
292
Ulaganja u ovisna drutva
13
24.448
24.448
Ostala financijska imovina
15
520
605
111.843
115.144
Zalihe
16
13.248
11.263
17
7.850
8.580
Financijska imovina
18
117
112
Ostala potraivanja
Novac i novani ekvivalenti
UKUPNA AKTIVA
164
19
345
82
23.063
19.792
44.623
39.829
156.466
154.973
Tvornica cementa Kakanj d.d. Company Statement of Financial Position
31 December
Notes
KM thousand
year 2015
year 2014
ASSETS
Non current assets

Property plant and equipment
11
86,603
89,799
Intangible assets
12
272
292
Investment in subsidiaries
13
24,448
24,448
Other financial assets
15
520
605
111,843
115,144
Current assets
Inventories
16
13,248
11,263
17
7,850
8,580
Current financial assets
18
117
112
Other receivables and prepaid expenses

Cash and cash equivalents
UKUPNA AKTIVA
19
345
82
23,063
19,792
44,623
39,829
156,466
154,973
165
Izvjee o financijskom poloaju Drutva Tvornica cementa Kakanj d.d. (nastavak)

31. prosinca
Biljeke
Tisue KM
2015. godine
2014. godine
94.765
94.765
Zadrana dobit
10.200
15.217
Zakonske rezerve
26.338
26.338
PASIVA
Kapital i rezerve
Upisani kapital
20
Dobitak tekue godine

Ukupno kapital
13.751
11.266
145.054
147.586
1.246
1.355
1.246
1.355
Dugorone obveze
Rezerviranja
21
Kratkorone obveze
Obveze prema dobavljaima
22
7.996
4.086
Ostale obveze
23
2.123
1.905
47
41
10.166
6.032
156.466
154.973
Rezerviranja za nefakturirane trokove
UKUPNA PASIVA

Predsjednik Uprave
___________________________
Branimir Muida
166
lan Uprave
___________________________
Zehra Obralija
Tvornica cementa Kakanj d.d. Company Statement of Financial Position (continued)
31 December
Notes
KM thousand
year 2015
year 2014
94,765
94,765
Retained earnings
10,200
15,217
Statutory reserves
26,338
26,338
EQUITY AND LIABILITIES
Issued capital and reserves

Subscribed capital
20
Current year profit

Total equity
13,751
11,266
145,054
147,586
1,246
1,355
1,246
1,355
Non current liabilities

Provisions
21
Current liabilities
Trade accounts payable
22
7,996
4,086
Other liabilities
23
2,123
1,905
47
41
10,166
6,032
156,466
154,973
Accruals
UKUPNA PASIVA

___________________________
Branimir Muida
___________________________
Zehra Obralija
167
Konsolidirano izvjee o novanim tijekovima Grupe Tvornica cementa Kakanj d.d.
Za godinu koja je zavrila 31. prosinca 2015. godine

Tisue KM
2015. godina
2014. godina
14.505
11.000
9.487
9.786
133
106
1.316
6.829
Novani tijek iz poslovnih aktivnosti

Dobit godine
Usklaenja:
Amortizacija
Udjel u gubitku ulaganja u zajedniki pothvat
(Poveanje)/ smanjenje potraivanja od kupaca i ostalih potraivanja
(Poveanje)/ smanjenje financijske imovine
(221)
(280)
(Poveanje)/ smanjenje zaliha
(1.938)
(1.213)
(Smanjenje) kratkoronih obveza i rezervacija
(4.269)
(2.976)
205
27.551
23.457
(5.101)
(5.606)
(403)
65
13
(5.996)
(5.996)
Teajne razlike
Neto novani priljev iz poslovnih aktivnosti
Novani tijek iz investicijskih aktivnosti
Poveanje dugotrajne materijalne i nematerijalne imovine
Dani krediti
Dobit od prodaje dugotrajne imovine
Neto novani (odljev) iz investicijskih aktivnosti
Novani tok iz financijskih aktivnosti
Isplaene dividende
(16.283)
(27.861)
Neto novani (odljev) iz financijskih aktivnosti
(16.283)
(27.861)
Neto poveanje novca i novanih ekvivalenata
(6.167)
(10.400)
17
198
Teajne razlike
Novac i novani ekvivalenti na poetku razdoblja (biljeka 19)
Novac i novani ekvivalenti na kraju razdoblja (biljeka 19)
168
28.325
38.527
34.509
28.325
Consolidated Tvornica cementa Kakanj d.d. Group Statement of Cash Flows

KM thousand
year 2015
year 2014
Cash flow from operating activities

Net profit for the year
14,505
11,000
9,487
9,786
133
106
1,316
6,829
(221)
(280)
(1,938)
(1,213)
4,269
(2,976)
205
27,551
23,457
(5,166)
(5,606)
Adjustments for:
Depreciation
Share of loss from investment in joint venture
Decrease/ (increase) in trade and other receivables
(Increase)/ decrease in financial assets
(Increase)/ decrease of inventories
(Decrease) of short term liabilities and provisions
FX differences
Cash flows from investing activities
Purchase of fixed assets
Granted loans
Gain/ loss from sale of fixed assets
Net cash used in investing activities
(403)
65
13
(5,101)
(5,996)
Cash flow from financing activities

Dividends paid
(16,283)
(27,861)
Net cash outflow from financing activities
(16,283)
(27,861)
Net increase in cash and cash equivalents
6,167
(10,400)
17
198
28,325
38,527
34,509
28,325
FX differences
Cash and cash equivalents at beginning of the period (Note 19)
Cash and cash equivalents at end of period (Note 19)
169
Izvjee o novanim tijekovima Drutva Tvornica cementa Kakanj d.d.

Tisue KM
2015. godina
2014. godina
13.751
11.266
7.991
8.331
552
4.400
(Poveanje)/ smanjenje zaliha
(1.985)
(1.237)
(Smanjenje) kratkoronih obveza i rezervacija
(4.020)
(662)
Neto novani priljev iz poslovnih aktivnosti
24.329
22.098
(4.866)
(5.418)
91
192
(4.775)
(5.226)
Novani tijek iz poslovnih aktivnosti

Dobit godine
Usklaenja:
Amortizacija
Smanjenje/ (poveanje) potraivanja od kupaca i ostalih potraivanja
Novani tijek iz investicijskih aktivnosti

Poveanje dugotrajne materijalne i nematerijalne imovine
Dobit od prodaje dugotrajne imovine
Neto novani (odljev)/ priljev iz investicijskih aktivnosti
Novani tijek iz financijskih aktivnosti
Primljene dividende ovisnih drutava
Isplaene dividende
(16.283)
(27.861)
Neto novani odljev iz financijskih aktivnosti
(16.283)
(27.861)
Neto poveanje/(smanjenje) novca i novanih ekvivalenata
(3.271)
(10.989)
Novac i novani ekvivalenti na poetku razdoblja (biljeka 19)
19.792
30.781
Novac i novani ekvivalenti na kraju razdoblja (biljeka 19)
23.063
19.792
170
Tvornica cementa Kakanj d.d. Company Statement of Cash Flows

KM thousand
year 2015
year 2014
13,751
11,266
7,991
8,331
552
4,400
(1,985)
(1,237)
4,020
(662)
24,329
22,098
(4,866)
(5,418)
91
192
(4,775)
(5,226)
Cash flow from operating activities

Net profit for the year
Adjustments for:
Depreciation
Decrease/ (increase) in trade and other receivables
(Increase)/ decrease in inventories
(Decrease) in short term liabilities and provisions
Cash flows from investing activities
Purchase of fixed assets
Gain from sale of fixed assets
Net cash used in investing activities
Dividends received
Dividends paid
(16,283)
(27,861)
(16,283)
(27,861)
Net increase/ (decrease) in cash and cash equivalents
3,271
(10,989)
Cash and cash equivalents at beginning of period (Note 19)
19,792
30,781
Cash and cash equivalents at end of period (Note 19)
23,063
19,792
The accompanying accounting policies and notes are an integral part of this cash flow statement.
171
Konsolidirano izvjee o promjenama kapitala Grupe Tvornica cementa Kakanj d.d.

Tisue KM
Revalori-
Dobitak
Upisani
Zadrani
Zakonske
zacijske
tekue
kapital
dobitak
rezerve
rezerve
godine
Ukupno
Na dan 31. prosinca

2013. godine
94.765
28.671
26.338
413
16.927
166.097
Raspodjela dobiti iz
2013. godine
16.927
(16.927)
Isplata dividendi
(27.861)
(27.861)
Teajne razlike
(150)
(150)
11.000
11.000
94.765
16.870
26.338
413
11.000
149.386
11.000
(11.000)
Isplata dividendi
(16.283)
(16.283)
Teajne razlike
23
23
14.505
14.505
94.765
11.610
26.338
413
14.505
147.631
Ukupna sveobuhvatna
dobit
Na dan 31. prosinca
2014. godine
Raspodjela dobiti
iz 2014. godine
Ukupna sveobuhvatna
dobit
Na dan 31. prosinca
2015. godine
172
Consolidated Tvornica cementa Kakanj d.d. Group Statement of changes in equity

KM thousand
Subscribed
Retained
Statutory
Revaluation
Profit
capital
profit
reserves
reserves
current year
Total
As of 31 December
2013
94,765
27,654
26,338
413
16,927
166,097
Allocation of profit
from 2013
16,927
(16,927)
Dividend payment
(27,861)
(27,861)
FX differences
150
150
11,000
11,000
94,765
16,870
26,338
413
11,000
149,386
11,000
(11,000)
Dividend payment
(16,283)
(16,283)
FX differences
23
23
14,505
14,505
94,765
11,610
26,338
413
14,505
147,631
Total comprehensive
income
As of 31 December
year 2014
Allocation of profit
from 2014
Total comprehensive
income
As of 31 December
2015
173
Izvjee o promjenama kapitala Drutva Tvornica cementa Kakanj d.d.

Tisue KM
Dobitak
Upisani
Zadrani
Zakonske
tekue
kapital
dobitak
rezerve
godine
24.892
26.338
18.186
164.181
Raspodjela dobiti iz 2013. godine
18.186
(18.186)
Isplata dividendi
(27.861)
(27.861)
Ukupna sveobuhvatna dobit
11.266
11.266
94.765
15.217
26.338
11.266
147.586
Raspodjela dobiti iz 2014. godine
11.266
(11.266)
Isplata dividendi
(16.283)
(16.283)
Ukupna sveobuhvatna dobit
13.751
13.751
94.765
10.200
26.338
13.751
145.054
174
Ukupno
94.765
Tvornica cementa Kakanj d.d. Company Statement of changes in equity

KM thousand
Profit
As of 31 December 2013
Subscribed
Retained
Statutory
current
capital
profit
reserves
year
Total
94,765
24,892
26,338
18,186
164,181
Allocation of profit from 2013
18,186
(18,186)
Dividend paid
(27,861)
(27,861)
Total comprehensive income
11,266
11,266
94,765
15,217
26,338
11,266
147,586
Allocation of profit from 2014
11,266
(11,266)
Dividend paid
(16,283)
(16,283)
Total comprehensive income
13,751
13,751
94,765
10,200
26,338
13,751
145,054
175
Biljeke uz financijska izvjea

Notes to the financial statements
1 Korporativne informacije
Financijska izvjea za godinu zavrenu 31. prosinca 2015. godine odobrena su za objavu u skladu s odlukom Uprave od 29. sijenja 2016. godine.Grupa je osnovana i posluje u Bosni i Hercegovini te se njenim dionicama trguje
na burzi. Sjedite je na adresi Selima ef. Merdanovia 146, Kakanj, Bosna i Hercegovina.
2.1 Osnove sastavljanja
Financijska izvjea Drutva i konsolidirana financijska izvjea Grupe sastavljena su u skladu s raunovodstvenim
propisima primjenjivim u Federaciji Bosne i Hercegovine (Federacija). Raunovodstveni propisi primjenjivi u Federaciji temelje se na odredbama Zakona o raunovodstvu i reviziji (Zakon) (Slubene novine 83/09). Drutva sastavljaju i objavljuju svoja financijska izvjea u skladu s Meunarodnim raunovodstvenim standardima (MRS), njihovim dopunama i tumaenjima (Tumaenja standarda), te Meunarodnim standardima financijskog izvjeivanja
(MSFI) i njihovim dopunama i tumaenjima (Tumaenja meunarodnih standarda financijskog izvjeivanja) koje
je izdao Odbor za Meunarodne standarde (IASB ili Odbor), koji su prevedeni i objavljeni od strane Saveza
raunovoa, revizora i financijskih djelatnika u Federaciji (prema ovlasti Komisije za raunovodstvo Bosne i Hercegovine, broj 2-11/06). Odluka o objavi standarda broj O-1/4-2010 od 28. travnja 2010. godine je obvezujua za
razdoblja koja poinju 1. sijenja 2010. godine. Ova odluka ukljuuje MRS-ove, MSFI-jeve i tumaenja objavljena
od strane Odbora i potvrena od strane EFRAG-a (European Financial Reporting Advisory Group) do listopada
2009.Svi prethodno objavljeni standardi koji su naknadno potvreni od strane EFRAG-a i novi ili dopunjeni MSFIjevi i tumaenja objavljena od strane Odbora nakon listopada 2009. godine nisu prevedeni i objavljeni te stoga nisu
primijenjeni u sastavljanju ovih financijskih izvjea. Sukladno tome, financijska izvjea nisu sastavljena u skladu
sa svim odredbama MSFI-jeva.
2.2 Osnove raunovodstva
Grupa svoje financijske evidencije vodi u slubenoj valuti Federacije BiH konvertibilnim markama (KM),
u skladu sa Zakonom o raunovodstvu i reviziji u Federaciji Bosne i Hercegovine i raunovodstvenim
principima i praksi koju primjenjuju poduzetnici u Federaciji. Financijska izvjea Drutva i konsolidirana
financijska izvjea Grupe pripremljena su prema naelu povijesnog troka uz iznimke koje doputaju
primjenjivi MRS-evi i MSFI-jevi. Svi iznosi su zaokrueni na najbliu tisuu (Tisue KM), osim ako je
drugaije navedeno. Teaj KM u odnosu na EUR je fiksan. Vaei teaj koji je objavila Centralna banka
Bosne i Hercegovine bio je KM 1,955830 za 1 EUR na dan 31. prosinca 2015. i 31. prosinca 2014.
godine.
2.3 Osnove konsolidacije
Konsolidirana financijska izvjea ukljuuju financijska izvjea Drutva Tvornica cementa Kakanj d.d. i povezanih
drutava na dan 31. prosinca svake godine.
Ovisna drutva se u potpunosti konsolidiraju poevi od datuma stjecanja, pod kojim se podrazumijeva datum
kada Grupa stekne kontrolu te se nastavljaju konsolidirati sve do datuma prestanka takve kontrole. Financijska
izvjea ovisnih drutava sastavljena su za isto financijsko razdoblje kao i matino drutvo koristei dosljedne
raunovodstvene politike. Sva stanja, transakcije, prihodi, rashodi te dobici, gubici i dividende, koji proizlaze iz transakcija unutar Grupe, u potpunosti se eliminiraju.
176
1 Corporate information
The financial statements for the year ended 31 December 2015 were authorisedfor issue in accordance with a resolution of
the directors on 29thJanuary 2016. The Group is incorporated and domiciled in Bosnia and Herzegovina and its shares are
publicly traded. The registered office is located atSelimaef. Merdanovia 146, Kakanj, Bosnia and Herzegovina.
2.1 Basis of preparation
The financial statements of the Company and consolidated financial statements of the Group have been prepared in
accordance with accounting regulations applicable in the Federation of Bosnia and Herzegovina (the Federation).
Accounting regulations applicable in the Federation are based on the provisions of the Law on accounting and auditing (Law) (Official Gazette 83/09). Companies prepare and present their financial statements in accordance with
International Accounting Standards (IAS), their amendments and interpretations (Standard interpretations), International Financial Reporting Standards (IFRS) and their amendments and interpretations (International Financial
Reporting Interpretations) issued by International Accounting Standard Board (IASB), as translated and published
by Association of accountants, auditors and financial employees in Federation (by the authorization of Accounting
Commission of Bosnia and Herzegovina number 2-11/06). The decision on publishing Standards number O-1/42010 dated 28 April 2010 is binding for the periods starting 1 January 2010. This decision includes IAS, IFRS and
interpretations published by IASB and endorsed by EFRAG (European Financial Reporting Advisory Group) until
October 2009. Any previously issued but subsequently EFRAG endorsed standards nor new or amended IFRS and
IFRIC interpretations issued by the IASB subsequent to October 2009 have not yet been translated and published
and consequently were not applied in the preparation of the accompanying financial statements and therefore these
financial statements do not comply with IFRS.
2.2. Basis of accounting
The Company maintains its accounting records in Convertible Mark (KM) and in accordance with Law on accounting and auditing in Federation of Bosnia and Herzegovina, and the accounting principles and practices observed
by enterprises in Federation. The financial statements of the Company and consolidated financial statements of the
Group have been prepared on a historical cost basis, except if otherwise provided for under International Financial
Reporting Standards (IFRSs). The financial statements are presented in the official monetary unit of the Federation
BIH, Konvertibilna Marka (KM), and all values are rounded to the nearest thousand (KM thousand) except when
otherwise indicated. The exchange rate of KM against EUR is fixed. The exchange rate published by Central bank
of Bosnia and Herzegovina as at 31 December 2013 and 31 December 2012 was equal to 1.955830 KM/EUR.
2.3 Basis of consolidation
The consolidated financial statements comprise the financial statements of Tvornica cementa Kakanj d.d. and its
subsidiaries as at 31 December each year.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control,
and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies.
All intra-group balances, transactions, unrealized gains and losses resulting from intra-group transactions and
dividends are eliminated in full.
177
2.4 Znaajne raunovodstvene prosudbe i procjene

Pri izradi financijskih izvjea menadment je koristio odreene procjene i pretpostavke koje utjeu na
objavljene prihode, rashode, imovinu i obveze tijekom i na datum izvjea. Meutim, neizvjesnost vezana uz
ove pretpostavke i procjene moe rezultirati znaajnim izmjenama knjigovodstvene vrijednosti odnosne imovine
ili obveza u buduim razdobljima.
Procjene i pretpostavke
Kljune pretpostavke koje se odnose na budunost i ostali kljuni izvori procjena neizvjesnosti na datum izvjea
o financijskom poloaju koje nose znatan rizik znaajnih izmjena knjigovodstvenih vrijednosti imovine i obveza
u sljedeoj financijskoj godini navedene su ispod. Grupa je svoje prosudbe i procjene temeljila na injenicama
koje su bile dostupne u trenutku sastavljanja financijskih izvjea. Meutim, postojee prosudbe i procjene o
budunosti se mogu promijeniti uslijed promjena na tritu ili okolnosti na koje Grupa nema utjecaja. Takve
promjene se odraavaju u prosudbama u trenutku njihova nastajanja.
Rezerviranja za sumnjiva i sporna potraivanja
Drutvo redovito prati starosnu strukturu potraivanja od kupaca. Za potraivanja starija od 360 dana se pokreu
sudski postupci (mogu i ranije po zahtjevu Direktora ili Rukovodioca prodaje). Po proteku roka od 360 dana
vri se ispravak iznosa potraivanja na individualnoj osnovi. Detalji vezani uz potraivanja od kupaca i ispravak
vrijednosti potraivanja prikazani su u biljeci 17.
Umanjenje vrijednosti nefinancijske imovine
Umanjenje vrijednosti postoji kada neto knjigovodstvena vrijednost imovine ili jedinice koja stvara novac premauje
njen nadoknadivi iznos odnosno njenu fer vrijednost umanjenu za trokove prodaje ili vrijednost u upotrebi ovisno o
tome to je vee. Kalkulacija fer vrijednosti umanjene za trokove prodaje temeljena je na raspoloivim podacima iz
povezanih prodajnih transakcija po uobiajenim trinim uvjetima sline imovine ili vidljivih trinih cijena umanjenih
za dodatne trokove otuenja imovine. Kalkulacija vrijednosti u upotrebi temelji se na modelu diskontiranog
novanog tijeka. Novani tijekovi su izvedeni iz budeta za sljedeih pet godina. Nadoknadivi iznos je najosjetljiviji
na diskontnu stopu koritenu za model diskontiranog novanog tijeka kao i na oekivani budui novani priljev i
stopu rasta koritenu za svrhu ekstrapolacije podataka. Knjigovodstvena vrijednost goodwilla na dan 31. prosinca
2015. godine iznosila je 487 tisua KM (2014. godine je iznosila 487 tisua KM). Kljune pretpostavke koritene
prilikom odreivanja nadoknadive vrijednosti goodwilla su detaljnije objanjene u biljeci 12.
Rezerviranje za re-kultivaciju
Grupa priznaje rezervaciju za obveze re-kultivacije na temelju ugovora o koncesiji potpisanog izmeu
Ministarstva za industriju, energiju i rudarstvo Zeniko-dobojskog kantona i Tvornice cementa Kakanj. U
skladu s potpisanim ugovorom o koncesiji, Drutvo ima obvezu re-kultivacije u iznosu od 0,2 KM po toni
iskopanog vapnenca. Rezerviranje za ovu obvezu se priznaje godinje na temelju stvarne koliine iskopanog
vapnenca (biljeka 12) i u skladu s raunovodstvenom politikom opisanom u biljeci 2.5 m).
178
2.4 Significant accounting judgments and estimates

The preparation of the financial statements requires management to make judgments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and liabilities, during the reporting period or at the
reporting date respectively. However, uncertainty about these assumptions and estimates could result in outcomes
that require a material adjustment to the carrying amount of the asset or liability affected in future periods.
Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
next financial year are discussed below. The Group based its assumptions and estimates on parameters available
when the financial statements were prepared. Existing circumstances and assumptions about future developments,
however, may change due to market changes or circumstances arising beyond the control of the Group. Such
changes are reflected in the assumptions when they occur.
Bad debt provision
The Company regularly monitors the ageing structure of accounts receivable. For receivables due more than 360
days, legal actions are initiated (or earlier on request of the Director or Head of Sales). After being overdue for more
than 360 days, value adjustment is calculated on the individual basis. Further details on trade accounts receivables
and value adjustments are disclosed in Note 17.
Impairment of non-financial assets
An impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount,
which is the higher of its fair value less costs to sell and its value in use. The fair value less costs to sell calculation
is based on available data from binding sales transactions in an arms length transaction of similar assets or
observable market prices less incremental costs for disposing of the asset. The Groups impairment test for
Goodwill is based on value in use calculations that use a discounted cash flow model. The cash flows are derived
from the budget for the next five years. The recoverable amount is most sensitive to the discount rate used
for the discounted cash flow model as well as the expected future cash inflows and the growth rate used for
extrapolation purposes. The carrying amount of goodwill at 31 December 2015 was KM 487 thousand (2014: KM
487 thousand). The key assumptions used to determine the recoverable amount for goodwill are further explained
in Note 12.
Provision for re-cultivation
The Group recognizes a provision for re-cultivation liabilities associated with the concession agreement signed
between the Ministry for Industry, Energy and Mining of the Zeniko-dobojski municipality and Tvornica Cementa
Kakanj. According to the concession agreement signed, the Company has a liability for re-cultivation in the amount
of KM 0.20 per ton of exploited raw material. Provision for this liability is recognized annually on the basis of actual
materials exploited (Note 12) and in accordance with the accounting policy stated in Note 2.5 m).
179
2.5 Saetak raunovodstvenih politika

Primijenjene raunovodstvene politike su istovjetne prologodinjim. Do dana objave ovih financijskih izvjea Savez
raunovoa, revizora i financijskih djelatnika u Federaciji BiH nije preveo i objavio nove standarde niti tumaenja,
kao ni nove ili dopunjene MSFI-jeve, koji su objavljeni od strane Odbora nakon listopada 2009. Grupa e razmotriti
utjecaj tih novih ili dopunjenih standarda i tumaenja na financijska izvjea nakon njihovog prijevoda i objave od
strane Saveza.
a) Poslovna spajanja i goodwill
Poslovna spajanja iskazuju se primjenom metode raunovodstva stjecanja. Troak stjecanja priznaje se kao
kumulirana prenesena naknada vrednovana na datum stjecanja, fer vrijednost i iznos bilo kojeg nekontroliranog
interesa kod drutva koje stjee. Za svako poslovno spajanje stjecatelj priznaje nekontrolirani interes kod drutva
koje stjee ili po fer vrijednosti ili po proporcionalnom udjelu prepoznatljive neto imovine drutva koje se stjee.
Nastali trokovi stjecanja se priznaju kao troak razdoblja. Kada Grupa stjee poslovanje, procjenjuje financijsku
imovinu i obveze po prikladnoj klasifikaciji u skladu s ugovorenim uvjetima, ekonomskim okolnostima i primjerenim
uvjetima na datum stjecanja.
Ukoliko je poslovno spajanje ostvareno u etapama, ranija ulaganja u drutvo koje se stjee ponovno se vrednuje po
fer vrijednosti na datum stjecanja kroz izvjee o sveobuhvatnoj dobiti.Bilo koja potencijalna naknada koja se treba
isplatiti prodavatelju priznaje se po fer vrijednosti na datum stjecanja. Naknadne promjene fer vrijednosti potencijalne
naknade priznaje se u raunu dobiti i gubitka.
Goodwill steen poslovnim spajanjem poetno se mjeri po troku koji je razlika izmeu troka poslovnog spajanja i
uea Grupe u neto fer vrijednosti prepoznatljive imovine i obveza. Nakon poetnog priznavanja, goodwill se mjeri
po troku umanjenom za akumulirane gubitke od umanjenja vrijednosti. Za potrebe testiranja umanjenja vrijednosti,
goodwill steen poslovnim spajanjem se od datuma stjecanja rasporeuje na jedinicu koja stvara novac Grupe, ili
grupe jedinica koje stvaraju novac, a za koje se oekuje da e imati koristi od sinergija spajanja, bez obzira jesu li
ostala imovina ili obveze Grupe dodijeljene tim jedinicama ili grupama jedinica. Svaka jedinica ili grupa jedinica na
koju je goodwill rasporeen predstavlja najniu razinu unutar Grupe na kojoj se goodwill prati za potrebe internog
upravljanja.
Umanjenje se utvruje procjenom nadoknadivog iznosa jedinice koja stvara novac (ili grupe jedinica), na koju se
goodwill odnosi. Kada je nadoknadivi iznos jedinice koja stvara novac manji od njene knjigovodstvene vrijednosti,
priznaje se gubitak od umanjenja vrijednosti. U sluaju kada goodwill ini dio jedinice koja stvara novac, a dio
poslovanja te jedinice se naputa, goodwill povezan s tim dijelom poslovanja se ukljuuje u knjigovodstvenu
vrijednost naputenog poslovanja kada se odreuje dobitak ili gubitak od naputanja poslovanja. Goodwill koji je
na ovaj nain rashodovan mjeri se na osnovu relativne vrijednosti naputenog poslovanja i zadranog dijela jedinice
koja stvara novac.
180
2.5 Summary of significant accounting policies

The accounting policies adopted are consistent with those of the previous financial year. Until the date of publishing
of these financial statements Association of accountants, auditors and financial employees in Federation BiH did
not translated and published new or amended IAS, IFRS or IFRICs issued by the IASB after October 2009. The
Group will assess the influence of those standards and IFRICs to the financial statements after their translation and
publishing by the Association.
a) Business combinations and Goodwill
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured
as the aggregate of the consideration transferred, measured at acquisition date, fair value and the amount of any
non-controlling interest in the acquiree. For each business combination, the acquirer measures the non-controlling
interests in the acquiree either at fair value or at the proportionate share of the acquirees identifiable net assets.
Acquisition related costs incurred are expensed. When the Group acquires a business, it assesses the financial
assets and liabilities assumed for appropriate classification and designation in accordance with the contractual
terms, economic circumstances and pertinent conditions as at the acquisition date.
If the business combination is achieved in stages, the acquisition date fair value of the acquirers previously held equity
interest in the acquiree is remeasured to fair value as at the acquisition date through statement of comprehensive
income.Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition
date. Subsequent changes to the fair value of the contingent consideration will be recognized in profit or loss.
Goodwill acquired in a business combination is initially measured at cost being the excess of the consideration
transferred over the Groups net identifiable assets acquired and liabilities assumed. Following initial recognition,
goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing,
goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Groups cash
generating units, or groups of cash generating units, that are expected to benefit from the synergies of the
combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of
units. Each unit or group of units to which the goodwill is allocated represents the lowest level within the Group at
which the goodwill is monitored for internal management purposes.
Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cashgenerating units), to which the goodwill relates. Where the recoverable amount of the cash-generating unit is less
than the carrying amount, an impairment loss is recognized. Where goodwill forms part of a cash-generating unit
and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is
included in the carrying amount of the operation when determining the gain or loss on disposal of the operation.
Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and
the portion of the cash-generating unit retained.
181
2.5 Saetak racunovodstvenih politika (nastavak)

a) Poslovna spajanja i goodwill (nastavak)
Ulaganja u ovisna drutva
Ulaganja u ovisna drutva se u pojedinanim financijskim izvjeima priznaju po troku stjecanja.
Ulaganja u zajedniki pothvat
Grupa ima udio u zajednikom pothvatu koje je zajedniki kontroliran subjekt, a ulagai imaju ugovor kojim se
uspostavlja zajednika kontrola nad ekonomskim aktivnostima subjekta. Grupa priznaje svoj udio u zajednikom
pothvatu koristei metodu udjela. Financijska izvjea zajednikog pothvata pripremljena su za isto razdoblje kao i
financijska izvjea matice.Po potrebi se vre prilagodbe kako bi se raunovodstvene politike uskladile s Grupnim.
U financijskim izvjeima Grupe eliminira se udio Grupe u nerealiziranim dobicima i gubicima iz transakcija izmeu
Grupe i njenog zajedniki kontroliranog drutva. Gubici iz transakcija priznaju se odmah ukoliko je iz gubitka
razvidno smanjenje neto utrive vrijednosti kratkotrajne imovine ili gubitak od umanjenja imovine. Ulaganje u
zajedniki pothvat prestaje se priznavati od datuma kada Grupa prestaje imati zajedniku kontrolu nad zajednikim
pothvatom.
Ulaganja u zajedniki pothvat se u pojedinanim financijskim izvjeima priznaju po troku umanjenom za
potencijalne gubitke vrijednosti.
Transakcije pod zajednikom kontrolom
Transakcije pod zajednikom kontrolom se evidentiraju po metodi stjecanja. Imovina drutva koje se stjee
i pretpostavljene obveze koje se mogu identificirati priznaju se po fer vrijednosti na datum stjecanja. Razlika
izmeu fer vrijednosti neto steene imovine i ukupne isplaene naknade se priznaje ili kao goodwill (ako je
naknada vea od fer vrijednosti neto steene imovine) ili kao negativni goodwill (ako je fer vrijednost neto steene
imovine vea od plaene naknade). Goodwill se priznaje u izvjeu o financijskom poloaju i godinje testira
na umanjenje (biljeka 2.4 l), dok se negativni goodwill priznaje u raunu dobiti i gubitka razdoblja u kojem se
dogodila transakcija.
b) Strane valute
Pojedinana i konsolidirana financijska izvjea iskazana su u konvertibilnim markama, koje su funkcionalna i
izvjetajna valuta Drutva. Svaka lanica Grupe odreuje vlastitu funkcionalnu valutu koja se koristi za iskazivanje
stavki u zasebnim financijskim izvjeima svake lanice. Poslovne promjene iskazane u stranim valutama
evidentiraju se preraunom u funkcionalnu valutu po teaju vaeem na dan transakcije. Monetarna aktiva i
pasiva izraena u stranoj valuti preraunata je u funkcionalnu valutu po teaju vaeem na datum bilance. Sve
razlike ukljuuju se u raun dobiti i gubitka. Nemonetarne stavke koje se iskazuju prema povijesnom troku u
stranoj valuti preraunate su po vaeem teaju na datum inicijalne poslovne promjene. Nemonetarne stavke
koje se iskazuju prema fer vrijednosti u stranoj valuti preraunate su po vaeem teaju na datum odreivanja fer
vrijednosti.
182
2.5 Summary of significant accounting policies (continued)

a) Business combinations and Goodwill (continued)
Investment in subsidiaries
Investment in subsidiaries in the separate financial statements is recognized at costless any impairment losses
Interest in joint venture
The Group has an interest in a joint venture which is a jointly controlled entity, whereby the venturers have a contractual
arrangement that establishes joint control over the economic activities of the entity. The Group recognises its interest
in the joint venture using equity method of accounting. The financial statements of the joint venture are prepared for
the same reporting period as the parent company. Adjustments are made where necessary to bring the accounting
policies into line with those of the Group. Adjustments are made in the Groups financial statements to eliminate the
Groups share of unrealised gains and losses on transactions between the Group and its jointly controlled entity.
Losses on transactions are recognised immediately if the loss provides evidence of a reduction in the net realisable
value of current assets or an impairment loss. Interest in the joint venture is derecognised at the date on which the
Group ceases to have joint control over the joint venture.
Interest in joint venture in the separate financial statements is accounted for at cost less any impairment
losses
Common control transactions
Common control transactions are accounted for using the acquisition method. Identifiable asset acquired and
liabilities assumed in the transaction are recognized at their acquisition date fair values. Difference between the fair
values of the net assets acquired and the aggregate of the consideration transferred is either recognized as goodwill
(if the consideration transferred is higher than the fair value of the net asset acquired) of gain on a bargain purchase
(if the fair value of the net asset acquired is higher than the consideration transferred).Goodwill is recognized in the
statement of financial position at the acquisition date and tested for impairment annually (Note 2.4 l), while the gain
on bargain purchase is recognized in the income statement for the period in which transaction occurred.
b) Foreign currency translation
The separate and consolidated financial statements are presented in convertible marks, which is the Companys
functional and presentation currency. Each entity in the group determines its own functional currency and items
included in the financial statements of each entity are measured using that functional currency. Transactions in
foreign currencies are initially recorded at the functional currency rate ruling at the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange
ruling at the balance sheet date. All differences are taken to profit or loss. Non-monetary items that are measured
in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial
transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange
rates at the date when the fair value was determined.
183
2.5 Saetak raunovodstvenih politika (nastavak)

c) Priznavanje prihoda
Prihodi se priznaju kad postoji vjerojatnost da e gospodarske koristi povezane s transakcijom pritjecati u Grupu
i Drutvo i kad se iznos prihoda moe pouzdano mjeriti, neovisno o tome kada e prihodi biti naplaeni. Prihod
od prodaje se priznaje umanjen za poreze i popuste.Grupa je procijenila svoje financijske ugovorepo navedenim
kriterijima kako bi zakljuila ponaa li se kao principal ili kao agent, te je zakljuila da se u svim ugovorima ponaa
kao principal.Slijedei posebni kriteriji priznavanja prihoda takoer moraju biti zadovoljeni:
Prodaja uinaka
Prihod od prodaje proizvodapriznaje se u fakturiranom iznosu umanjenom za poreze u trenutku prijenosa rizika i
vlasnitva na kupca (obino po dostavi robe) i kada se iznos prihoda moe pouzdano izmjeriti.
Prihodi od kamata
Prihodi od kamata priznaju se na vremenski razmjernoj osnovi (koristei ugovorenu kamatnu stopu).
d) Dugotrajna materijalna imovina
Materijalna imovina nabavljena nakon 1998. godine vodi se po nabavnoj vrijednosti, izuzevi troak tekueg
odravanja, umanjenoj za akumuliranu amortizaciju i akumulirano umanjenje vrijednosti.
Dugotrajna materijalna imovina bila je predmet revalorizacije u periodu od 1992. do 1998. godine u skladu sa
metodologijom za revalorizaciju i stopama propisanim od strane Vlade Bosne i Hercegovine zbog hiperinflacije.
Zadnja revalorizacija materijalne i nematerijalne imovine je izvrena 1998. godine. U skladu sa Zakonom o
privatizaciji sva revalorizacijska rezerva je ukljuena u temeljni kapital Drutva.
Amortizacija se obraunava pravocrtno sukladno korisnom vijeku trajanja imovine. Koritene stope amortizacije
potpadaju u sljedee stope:
Vrsta imovine
Stopa
Graevinski objekti
2,5 - 10%
Infrastrukturni objekti
4 do 10%
Oprema za proizvodnju cementa
5 do 10%
Rezervni dijelovi
Vozila
20%
10 do 20%
Postrojenja i oprema
10 do 20%
Informatika oprema
20 do 33,30%
Knjigovodstvena vrijednost postrojenja i opreme se provjerava zbog mogunosti umanjenja vrijednosti imovine kad
dogaaji ili promijenjene okolnosti ukazuju da knjigovodstvena vrijednost imovine moda nije nadoknadiva.
184

c) Revenue recognition
Revenue is recognized to the extent that it is probable that economic benefits will flow to the Group and the revenue can be
reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value of the consideration
received or receivable, net of sales taxes and discounts. The Group assesses its revenue arrangements against specific
criteria to determine if it is acting as principal or agent. The Group has concluded that it is acting as a principal in all of its
revenue arrangements. The following specific recognition criteria must also be met before revenue is recognised:
Sale of products
Revenue from the sale of cement is recognised at invoiced amounts net of taxes when the significant risks and rewards of ownership
of the goods have passed to the buyer (usually on delivery of the goods) and the amount of revenue can be measured reliably.
Interest income
Revenue is recognised as interest accrues (using the contracted interest rate).
d) Property, plant and equipment
Tangible assets acquired after 1998 are stated at cost, excluding the costs of day-to-day servicing, less accumulated
depreciation and accumulated impairment in value.
The tangible assets of the Company were subject to revaluation in the period between 1992 and 1998 in accordance
with the revaluation methodology and rates prescribed by the Government of Bosnia and Herzegovina due to
hyperinflation. The last revaluation of tangible and intangible assets was made in the year 1998. In accordance with
the Privatization Law, the entire revaluation reserve has been included in the share capital.
Depreciation is calculated on a straight-line basis over the useful life of the assets. The annual depreciation rates
used fall within the following rates:
Category of assets
Rate
Buildings
2,5 - 10%
Infrastructure
4 do 10%
Equipment for cement production
5 do 10%
Spare parts
Vehicles
Plant and equipment
Information (IT) equipment
20%
10 do 20%
10 do 20%
20 do 33,30%
The carrying values of plant and equipment are reviewed for impairment when events or changes in circumstances
indicate that the carrying value may not be recoverable.
185

d) Dugotrajna materijalna imovina (nastavak)
Knjigovodstveni iznos pojedine nekretnine, postrojenja ili opreme se prestaje priznavati u trenutku otuivanja, ili kada
se budue ekonomske koristi ne oekuju od njegove upotrebe ili otuenja. Dobitke ili gubitke proizale od prestanka
priznavanja nekretnina, postrojenja i opreme ukljuuju se u dobit ili gubitak u godini kada je prestalo njihovo priznavanje.
Rezidualne vrijednosti imovine, korisni vijek trajanja imovine i metode se provjeravaju i prilagoavaju, po potrebi,
na kraju svake financijske godine. Nakon svake vee inspekcije, troak inspekcije priznaje se u knjigovodstvenoj
vrijednosti postrojenja i opreme kao zamjena ako su zadovoljeni kriteriji priznavanja. Eventualna neto knjigovodstvena
vrijednost prole inspekcije priznaje se u trenutku nove inspekcije u raunu dobiti i gubitka.
e) Dugotrajna nematerijalna imovina
Dugotrajna nematerijalna imovina se poetno priznaje po troku nabave. Nakon poetnog priznavanja,
nematerijalna imovina se iskazuje po troku nabave umanjenom za akumuliranu amortizaciju i eventualni gubitak od
umanjenja vrijednosti. Koristan vijek upotrebe nematerijalne imovine procjenjuje se kao ogranien ili neogranien.
Nematerijalna imovina s ogranienim korisnim vijekom upotrebe se amortizira kroz vijek ekonomske korisnosti, a
umanjenje njezine vrijednosti se procjenjuje u bilo kojem trenutku u kojem postoje naznake da je vrijednost imovine
smanjena. Razdoblje i metoda amortizacije nematerijalne imovine s ogranienim korisnim vijekom upotrebe revidira
se barem na kraju svake financijske godine. Promjene u oekivanom korisnom vijeku ili u oekivanom obrascu
iskoritavanja buduih ekonomskih koristi nematerijalne imovine se prikladno iskazuju putem promjene razdoblja
ili metode amortizacije, te se tretiraju kao promjene raunovodstvenih procjena. Troak amortizacije nematerijalne
imovine s ogranienim vijekom trajanja priznaje se kao rashod u raunu dobiti i gubitka u skladu sa funkcijom
nematerijalne imovine.
Amortizacijske stope za dugotrajnu nematerijalnu imovinu s ogranienim vijekom trajanja su kako slijedi:
Vrsta imovine
Stopa
Koncesije
3,33%
Licence
20%
Softver
20%
f) Trokovi posudbe
Trokovi posudbe koji se mogu izravno pripisati stjecanju, izgradnji ili proizvodnji imovine za ije je stavljanje u
upotrebu potrebno due vremensko razdoblje, kapitaliziraju se kao dio troka te imovine. Svi ostali trokovi posudbe
priznaju se u raunu dobiti i gubitka u razdoblju kada su nastali. Trokovi posudbi, ukljuuju kamate i ostale trokove
koji nastaju u svezi uzimanja kredita.
186

d) Property, plant and equipment (continued)
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are
expected from its use or disposal. Any gain or loss arising on derecognition of the asset is included in the income
statement in the year the asset is derecognized.
The assets residual values, useful lives and methods are reviewed, and adjusted if appropriate, every financial
year. After every major inspection, the cost of inspection is capitalised into the property plant and equipment if the
recognition criteria are met. Any net book value of the cost of the previous inspection is recognised in the income
statement when the new inspection is performed.
e) Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition,
intangible assets are carried at cost less any accumulated amortization and any accumulated impairment
losses. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets
with finite lives are amortized over the useful economic life and assessed for impairment whenever there
is an indication that the intangible asset may be impaired. The amortization period and the amortization
method for an intangible asset with a finite useful life are reviewed at least at each financial year-end.
Changes in the expected useful life or the expected pattern of consumption of future economic benefits
embodied in the asset are accounted for by changing the amortization period or method, as appropriate,
and treated as changes in accounting estimates. The amortization expense on intangible assets with finite
lives is recognized in the income statement in the expense category consistent with the function of the
intangible asset.
Amortization rates for intangible assets with definite useful life are as follows:
Category of assets
Concession
Rate
3.33%
Licenses
20%
Software
20%
f) Borrowing costs
Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually
or at the cash-generating unit level. The Group currently, does not have any intangible assets with indefinite useful
life (except for goodwill).
187

g) Zajmovi i potraivanja
Zajmovi i potraivanja su izvorna financijska imovina sa fiksnim ili odredivim otplaivanjem koja ne kotira na aktivnom
tritu. Takva imovina se vodi po amortiziranom troku koristei metodu efektivne kamatne stope. Dobici i gubici se
priznaju u raunu dobitka i gubitka kada se zajmovi i potraivanja rashoduju ili kada im se umanji vrijednost, kao i
kroz proces amortizacije.
h) Zalihe
Zalihe se iskazuju po prosjenoj vrijednosti troka nabave ili po neto nadoknadivoj vrijednosti utvrenoj na osnovi
trinih uvjeta na kraju godine umanjenoj za procijenjene trokove zavretka zaliha i nune trokove prodaje, ovisno
o tome koja je vrijednost nia. Vrijednost proizvodnje ukljuuje vrijednost sirovina i energije, amortizaciju, vrijednost
utroenog rada, te direktne i indirektne proizvodne trokove na osnovi normalnog instaliranog kapaciteta iskljuujui
trokove posudbe. Sirovine se iskazuju po prosjenoj ponderiranoj vrijednosti.
Zastarjele zalihe i zalihe s usporenim obrtajem svedene su na nadoknadivu vrijednost koritenjem vrijednosnog
usklaenja zaliha.
Vrijednosno usklaivanje zaliha radise na osnovi kretanja materijala. Dva tipa kretanja su relevantna - primici (ulazi
materijala ) i potronja (izlazi materijala) . Starosna struktura se utvruje FIFO metodom (prva ulazna je prva izlazna)
Drutvo koristi slijedee postotke za vrijednosno usklaivanje zaliha:
Zadnje izdavanje/primitak prije
Smanjenje vrijednosti
1. godine
30%
2. godine
30%
3. godine
60%
4. godine
60%
5. godine
60%
6. godine
90%
i) Potraivanja od kupaca
Potraivanja su iskazana prema fer vrijednosti dane naknade i knjie se po amortiziranom troku, nakon ispravka za
umanjenje vrijednosti.
j) Novac i novani ekvivalenti
Gotovina i novani ekvivalenti u bilanci se sastoje od sredstava na raunima u bankama i u blagajni te kratkoronih
depozita sa izvornim dospijeem od tri mjeseca ili manje.
188

g) Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted
in an active market. Such assets are carried at amortized cost using the effective interest method. Gains and losses
are recognized in the income statement when the loans and receivables are derecognized or impaired, as well as
through the amortization process.
h) Inventories
Inventories are stated at the lower of average cost and net realizable value based on market conditions at the
year-end less estimated costs of completion and the estimated costs necessary to make the sale. Production cost
includes the cost of raw materials and energy, depreciation, labor, and other direct and indirect production costs
based on normal operating capacity but excluding borrowing costs. Raw materials are stated at weighted average
cost.
Slow moving and obsolete inventory has been written down to realizable value by means of an obsolescence
provision.
The value adjustment of inventories is made based on inventory movement. Two types of movements are relevant
receipts (input materials) and consumption (output materials). Ageing is determined by the FIFO method (first in
first out). The Company applies the following percentages for inventory value adjustments:
Last issue/receipt before
Write-down rate
1. year
30%
2. years
30%
3. years
60%
4. years
60%
5. years
60%
6. years
90%
i) Trade accounts receivable

Receivables are stated at the fair value of the consideration given and are carried at amortized cost, after provision
for impairment.
j) Cash and cash equivalents
Cash and short-term deposits in the balance sheet comprise cash at banks and in hand and short-term deposits
with an original maturity of three months or less.
189

k) Fer vrijednost financijskih instrumenata
Fer vrijednost financijskih instrumenata kojima se trguje na aktivnom tritu se na svaki datum bilance odreuje u
skladu s kotiranom trinom cijenom, bez oduzimanja trokova transakcije. Fer vrijednost financijskih instrumenata
kojima se ne trguje na aktivnom tritu odreuje se koritenjem prikladnih tehnika vrednovanja. Takve tehnike
mogu ukljuivati:
Koritenje nedavnih transakcija pod trinim uvjetima
Referencu na aktualnu fer vrijednost drugog instrumenta koji je sutinski isti
Analizu diskontiranih novanih tijekova ili druge modele vrednovanja
l) Umanjenje vrijednosti nefinancijske imovine
Na svaki datum bilance Grupa procjenjuje postoje li indikatori umanjenja vrijednosti imovine. Ako postoje indikatori
umanjenja, ili ako je potrebno napraviti godinji test umanjenja imovine, Grupa procjenjuje njenu nadoknadivu
vrijednost. Nadoknadiva vrijednost predstavlja vei iznos izmeu fer vrijednosti imovine ili jedinice koja stvara
novac umanjene za trokove prodaje i njene vrijednosti u upotrebi, te se odreuje za svaku pojedinu imovinu,
osim u sluaju kada imovina ne generira novane tijekove koji su u velikoj mjeri neovisni od novanih tijekova
druge imovine ili grupe imovine. Kada je knjigovodstvena vrijednost imovine ili jedinice koja stvara novac vea od
njene nadoknadive vrijednosti, vrijednost imovine se umanjuje do nadoknadive vrijednosti. Prilikom odreivanja
vrijednosti u upotrebi, procijenjeni novani tijekovi se diskontiraju na sadanju vrijednost primjenom diskontne stope
prije poreza koja odraava tekue trine procjene vremenske vrijednosti novca i rizike specifine za tu imovinu.
Prilikom odreivanja fer vrijednosti umanjene za trokove prodaje, u obzir se uzimaju informacije o aktualnim
trinim transakcijama, ako su dostupne. Ako se takve transakcije ne mogu identificirati, koristi se prikladni model
vrednovanja. Ovi izrauni su potvreni drugim vrednovanjima, kotiranim trinim cijenama za ovisna drutva ijim
se dionicama trguje ili drugim dostupnim indikatorima fer vrijednosti.
Grupa temelji svoje izraune umanjenja vrijednosti na detaljnim budetima i procjenama, koji su pripremljeni posebno
za svaku jedinicu koja stvara novac na koju je alocirana pojedinana imovina. Ovi budeti i procjene obino pokrivaju
razdoblje od pet godina. Za dua razdoblja se rauna dugorona stopa rasta koja se primjenjuje u procjene buduih
novanih tijekova nakon tree godine.
Gubici od umanjenja vrijednosti imovine, osim goodwill-a, ukljuujui umanjenje zaliha, priznaju se u raunu dobiti i
gubitka u trokovnim kategorijama sukladno funkciji imovine ija je vrijednost umanjena.
Na kraju svakog izvjetajnog razdoblja se za svu imovinu, osim goodwill-a, procjenjuje postojanje indikatora da
prethodno priznati gubici od umanjenja vrijednosti vie ne postoje ili da su se smanjili. Ako takvi indikatori postoje,
Grupa procjenjuje nadoknadivu vrijednost imovine ili jedinice koja stvara novac. Prethodno priznati gubitak od
umanjenja vrijednosti se ukida samo u sluaju kad je dolo do promjene u pretpostavkama koje su koritene
prilikom odreivanja nadoknadive vrijednosti u odnosu na razdoblje u kojem je priznat gubitak od umanjenja.
Ukidanje gubitka od umanjenja vrijednosti se moe napraviti samo do iznosa kojim knjigovodstvena vrijednost
imovine ne prelazi njenu nadoknadivu vrijednost, niti premauje knjigovodstvenu vrijednost koja bi bila odreena,
neto od amortizacije, u sluaju da nije bilo priznavanja gubitka od umanjenja vrijednosti u prethodnim godinama.
Takvo ukidanje se priznaje u raunu dobiti i gubitka osim u sluaju kada je imovina vrednovana po revaloriziranom
iznosu kada se ukidanje umanjenja priznaje kao poveanje revalorizacije.
190

k) Fair value of financial instruments
The fair value of financial instruments that are traded in active market at each reporting date is determined by
reference to quoted market prices or dealer price quotations, without any deduction for transaction costs. For
financial instruments not traded in an active market, the fair value is determined using appropriate valuation
techniques. Such techniques may include:
Using recent arms length market transactions
Reference to the current fair value of another instrument that is substantially the same
A discounted cash flow analysis or other valuation models.
l) Impairment of non-financial assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired.
If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the
assets recoverable amount. An assets recoverable amount is the higher of an assets or cash-generating
units (CGU) fair value less costs to sell and its value in use and is determined for an individual asset,
unless the asset does not generate cash inflows that are largely independent of those from other assets
or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the
asset is considered impaired and is written down to its recoverable amount. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset. In
determining fair value less costs to sell, recent market transactions are taken into account, if available. If
no such transactions can be identified, an appropriate valuation model is used. These calculations are
corroborated by valuation multiplies, quoted share prices for publicly traded subsidiaries or other available
fair value indicators.
The Group bases its impairment calculation on detailed budgets and forecast calculations, which are
prepared separately for each CGU to which the individual asset is allocated. These budgets and forecast
calculations generally cover a period of five years. For longer periods, a long-term growth rate is calculated
and applied to project future cash flows after the third year.
Impairment losses of continuing operations, including impairment on inventories, are recognized in the income
statement in expense categories consistent with the function of impaired assets.
For assets excluding goodwill, an assessment is made at each reporting date whether there is any
indication that previously recognized impairment losses may no longer exist or may have decreased.
If such indication exists, the Group estimates the assets or CGUs recoverable amount. A previously
recognized impairment loss is reversed only if there has been a change in the assumptions used to
determine the assets recoverable amount since the last impairment loss was recognized. The reversal
is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed
the carrying amount that would have been determined, net of depreciation, had no impairment loss
been recognized for the asset in prior years. Such reversal is recognized in the income statement
unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation
increase.
191

l) Umanjenje vrijednosti nefinancijske imovine (nastavak)
Testiranje umanjenja goodwil-a odvija se pod specifinim karakteristikama. Goodwill se na umanjenje testira
godinje (na 31. prosinca) i u sluaju kada postoje okolnosti koje ukazuju na potencijalno umanjenje njegove
knjigovodstvene vrijednosti. Umanjenje vrijednosti goodwill-a se odreuje procjenom nadoknadive vrijednosti
svake jedinice koja stvara novac na koju je goodwill alociran. U sluaju kada je nadoknadivi iznos manji od
njegove knjigovodstvene vrijednosti priznaje se gubitak od umanjenja vrijednosti. Gubitak od umanjenja vrijednosti
goodwill-a se ne moe ukinuti u buduim razdobljima.
m) Rezerviranja
Rezerviranja se priznaju kada Grupa ima sadanju obvezu (zakonsku ili konstruktivnu) kao ishod prolog dogaaja,
a vjerojatno je da e za podmirenje biti potreban odljev sredstava koja utjelovljuju ekonomske koristi koji je mogue
pouzdano procijeniti. Troak koji se odnosi na eventualno rezerviranje iskazuje se u raunu dobiti i gubitka umanjen
za eventualne povrate. Ako je uinak vremenske vrijednosti novca materijalan, rezerviranja se diskontiraju koristei
tekuu stopu prije oporezivanja koja, ako je prikladno, odraava rizike specifine za navedenu obvezu.
Rezerviranja za re-kultivaciju
U skladu s odlukom vlade Zeniko-dobojskog kantona, dobivena je koncesija za istraivanje i eksploataciju
mineralnih sirovina potrebnih za proizvodnju klilnkera, cementa i ostalih materijala za izgradnju na teritoriju opine
Kakanj. Ugovor o koncesiji je zakljuen izmeu Ministarstva za industriju, energiju i rudarstvo Zeniko-dobojskog
kantona kao koncedenta i Tvornice cementa Kakanj kao koncesionara s drutvom Heidelberg Cement AG iz
Njemake kao supotpisnikom na dan 12. rujna 2000. godine. Koncesija je odobrena za razdoblje od 30 godina. U
skladu s ugovorom, Grupa ima obvezu re-kultivacije u iznosu od 0,2 KM po toni eksploatirane sirovine. Rezervacija
se priznaje godinje na temelju stvarne koliine eksploatirane sirovine.
n) Potencijalna sredstva i obveze
Potencijalne obveze se ne iskazuju u financijskim izvjeima. One se objavljuju u biljekama, osim ako postoji razumna vjerojatnost odljeva sredstava. Potencijalna sredstva se ne priznaju u financijskim izvjeima, ve se prikazuju
u biljeci ako je vjerojatan priljev ekonomskih koristi.
o) Primanja zaposlenih
Primanja zaposlenih obuhvaaju primanja zaposlenih kao to su nadnice, plae, porezi i doprinosi na plae, naknade za
koritenje godinjeg odmora i naknade za vrijeme bolovanja, otpremnine pri sporazumnom raskidu radnog odnosa,naknade za
topli obrok i dodatne naknade za godinji odmor te se priznaju kao rashod u razdoblju u kojem su nastala.
Otpremnine radnicima pri odlasku u mirovinu su definirane internim aktom u visini tri prosjene plae Federacije ili
radnika, u ovisnosti o tome to je povoljnije za zaposlenika. Ova naknada ne podlijee obraunu poreza i doprinosa.
Otpremnine radnicima pri odlasku u mirovinu se priznaju u raunu dobitka i gubitka prema planu definiranih primanja
koja su zaposleni zaradili u tekuem i ranijim razdobljima.
192

l) Impairment of non-financial assets (continued)
The Goodwill has specific characteristics for impairment testing. Goodwill is tested for impairment
annually (as at 31 December) and when circumstances indicate that the carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU to which
the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount,
an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future
periods.
m) Provisions
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event,
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and
a reliable estimate can be made of the amount of the obligation. The expense relating to any provision is presented
in the income statement net of any reimbursement. If the effect of the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability.
Provision for re-cultivation
According to the decision of the Government of the Zeniko-dobojski canton, the concession is granted for the
exploration and exploitation of mineral raw materials needed for the production of clinker, cement and other
construction materials on the territory of the Kakanj municipality. The concession agreement has been concluded
between the Ministry of Industry, Energy and Mining of the Zeniko-dobojski canton as grantor and Tvornica
Cementa Kakanj as concessionaire with Heidelberg Cement AG Germany as co-signatory on 12 September 2000.
The concession has been granted for a period of 30 years. In accordance with the agreement the Group has a
liability for re-cultivation in the amount of KM 0.20 per ton of the exploited raw material. The provision for this is
recognized annually on the basis of the actual exploited raw material.
n) 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 disclosed when an inflow of economic benefits is probable
o) Employee benefits
Employee benefits include wages, salaries, taxes and social contributions, paid vacation leave and paid sick leave,
lunch allowances and additional paid vacation bonuses, and are expensed as incurred.
Severance payments are defined by the Company by-law in the amount of three average salaries in the Federation
or of the employee, if it is more favourable for the employee. This benefit is not taxable. Severance payments are
recognized in accordance with the plan of benefits that employees have earned during the current and prior service
years.
193

p) Financijski najam
Drutvo evidentira financijske najmove kao imovinu i obveze u bilanci kada pone najam po vrijednosti koja je na
poetku financijskog najma jednaka fer vrijednosti imovine na koju se najam odnosi ili, ako je manja, po sadanjoj
vrijednosti minimalnih otplata najma. Pri izraunavanju sadanje vrijednosti minimalnih otplata najma, diskontni
faktor koji se koristi jednak je kamatnoj stopi ukljuenoj u najam, a ako se ta stopa ne moe odrediti, koristi se
prosjena trina kamatna stopa. Otplate financijskog najma se rasporeuju u financijske trokove i smanjuju
ugovorne obveze. Politika amortizacije za unajmljena sredstva koja je mogue amortizirati je jednaka politici
amortizacije imovine u vlasnitvu Drutva.
r) Operativni najam
Otplate operativnog najma se evidentiraju kao troak po linearnoj metodi tijekom trajanja ugovora o najmu, ak i
kada nisu plaeni po toj osnovi.
s) Porezi
Oporezivanje se provodi u skladu s poreznim propisima Federacije Bosne i Hercegovine a za poslovne jedinice
u Republici Srpskoj u skladu propisima tog entiteta. Stopa poreza na dobit u oba entiteta je 10%. Propisi
Federacije Bosne i Hercegovine daju mogunost poreznog oslobaanja po osnovu investiranja u razdoblju od
5 godina.
U Bosni i Hercegovini ne postoji formalan postupak za utvrivanje konanog iznosa poreza prilikom
podnoenja poreznih prijava. Porezna obveza podlijee kontroli odgovarajuih poreznih organa u toku
slijedeih pet godina.
Prema Meunarodnom raunovodstvenom standardu 12 Porez na dobit odgoeni porez na dobit se priznaje po
metodi obveze i odraava sve znaajne privremene razlike izmeu vrijednosti imovine i obveza u poreznoj bilanci i
iskazanih stanja u financijskim izvjeima. Budui da ne postoje znaajne vremenske razlike odgoeni porez nije
bilo potrebno iskazati u financijskim izvjeima.
t) Dogaaji nakon datuma bilance
Dogaaji nakon kraja financijske godine koji pruaju dodatne informacije o poloaju Grupe i Drutva na datum
bilance (dogaaji koji zahtijevaju usklaenje) iskazuju se u financijskim izvjeima. Dogaaji nastali nakon datuma
bilance koji ne zahtijevaju usklaenje objavljuju se u biljekama kada su znaajni.
194

p) Finance lease
Assets under finance lease are recognized as assets and liabilities at inception of the lease, at the fair value
of the leased assets or if lower, at the present value of the minimum lease payments. In the calculation
of the present value of the lease payments, the discount factor is the interest rate charged in the lease,
if this can be determined, or if the interest rate cannot be determined, the average market interest rate is
used. Lease payments are allocated to financial expenses and decrease of the contractual liability. The
depreciation policy for depreciable leased assets is consistent with that for depreciable assets which are
owned.
r) Operating leases
Rentals payable under operating leases are recognized as an expense on a straight-line basis over the lease term,
even if the payments are not made on such a basis.
s) Taxes
Taxation is provided for in accordance with the tax regulations of the Federation of Bosnia and Herzegovina, and
for business units in Republic of Srpska in accordance with regulations of that entity. The income tax rate for both
entities is 10%. The regulations of the Federation of Bosnia and Herzegovina give the possibility of tax relief on the
basis of investing for 5 years.
There are no formal procedures in Bosnia and Herzegovina to agree the final level of tax charge upon submission
of the tax declarations. Such tax declarations may be subject to review by the relevant tax authorities during the
limitation period of five years.
Under IAS No. 12, Income Taxes, deferred income taxes are accounted for under the liability method and reflect
the tax effect of all significant temporary differences between the tax basis of assets and liabilities and their reported
amounts in the financial statements. As significant timing differences do not exist, no deferred tax provisions are
required to be made in the financial statements.
t) Subsequent events
Post-year-end events that provide additional information about the Groups and Companys position at the balance
sheet date (adjusting events) are reflected in the financial statements. Post-year-end events that are not adjusting
events are disclosed in the notes when material.
195
3 Prihodi od prodaje
Tisue KM
Grupa
Drutvo
2015. godina
2014. godina
2015. godina
2014. godina
69.189
65.851
57.780
56.396
Prihod od prodaje roba
9.560
8.265
445
1.165
Prihod od usluga prijevoza
4.130
3.475
3.820
3.603
28
32
45
59
82.907
77.623
62.090
61.223
Prihodi od prodaje dobara
Prihod od ostalih usluga
U 2015. godini Drutvo je prodalo 426 tisua tona cementa (u 2014. godini: 419 tisua tona). Do poveanja
volumena prodaje dolo je zbog poveanjatrinog udjela.
U 2015. godini Grupa je prodala 495 tisue tona cementa i 259 tisuu kubnih metara betona ( u 2014. 467 tisua
tona cementa i 159 kubnih metara betona ).
Prihodi od prodaje dobara prema zemljopisnom podruju
Tisue KM
Grupa
Drutvo
2015. godina
2014. godina
2015. godina
2014. godina
Prihodi od prodaje na domaem tritu
53.430
53.278
50.423
48.940
Prihodi od prodaje na stranom tritu
15.759
12.573
7.357
7.456
69.189
65.851
57.780
56.396
Prihodi od prodaje roba prema zemljopisnom podruju

Tisue KM
Grupa
196
Drutvo
2015. godina
2014. godina
2015. godina
2014. godina
Prihodi od prodaje na domaem tritu
1.052
1.664
368
1.165
Prihodi od prodaje na stranom tritu
8.508
6.601
77
9.560
8.265
445
1.165
3 Revenue
KM thousand
Group
Company
year 2015
year 2014
year 2015
year 2014
69,189
65,851
57,780
56,396
Income from sale of merchandise
9,560
8,265
445
1,165
Income from transportation services
4,130
3,475
3,820
3,603
28
32
45
59
82,907
77,623
62,090
61,223
Income from sale of goods
Income from other services
In 2015 the Company has sold 426 thousand tons of cement (in 2014: 419 thousand tons of cement). The increase
in volume of sales is a consequence of the increase of the Companys market share on domestic market.
In 2015 the Group has sold 495 thousand tons of cement and 259 m3 of concrete ( in 2014, 467 k tons of cement
and 159 m3 of concrete ).
Income from sale of goods by geographical area
KM thousand
Group
Company
year 2015
year 2014
year 2015
year 2014
Sale on domestic market
53,430
53,278
50,423
48,940
Sale on foreign markets
15,759
12,573
7,357
7,456
69,189
65,851
57,780
56,396
Income from sale of merchandise by geographical area

KM thousand
Group
Company
year 2014
year 2013
year 2014
year 2013
Sale of merchandise on domestic market
1,664
1,159
1,165
709
Sale of merchandise on foreign markets
6,601
6,271
137
8,265
7,430
1,165
846
197
3 Prihodi od prodaje (nastavak)

Prihodi od usluga prijevoza prema zemljopisnom podruju
Tisue KM
Grupa
Drutvo
2015. godina
2014. godina
2015. godina
2014. godina
Usluge prijevoza na domaem tritu
2.387
2.611
1.423
1.448
Usluge prijevoza na stranom tritu
1.743
864
2.397
2.155
4.130
3.475
3.820
3.603
4 Trokovi prodanih proizvoda

Tisue KM
Grupa
2015. godina
2014. godina
2015. godina
2014. godina
Troak energije
16.018
14.541
15.096
13.732
Troak materijala
9.745
11.404
5.928
6.714
Amortizacija
9.067
9.340
7.650
7.984
Troak transporta gotovi proizvodi
8.469
7.567
4.247
4.162
Troak plaa
7.746
8.612
6.417
7.403
Nabavna vrijednost prodate robe
5.767
3.830
431
1.011
Ostale usluge
1.405
1.012
1.262
894
Usluge odravanja
1.227
1.411
978
1.177
Usluge transporta
742
672
742
672
(2.223)
(1.220)
(2.223)
(1.220)
897
945
686
604
58.860
58.114
41.214
43.133
Promjena u zalihama nedovrene proizvodnje

i gotovih proizvoda
Ostali trokovi
198
Drutvo
3 Revenue (continued)
Income from transportation services by geographical area
KM thousand
Group
Company
year 2015
year 2014
year 2015
year 2014
Transport on domestic market
2,387
2,611
1,423
1,448
Transport on foreign markets
1,743
864
2,397
2,155
4,130
3,475
3,820
3,603
4 Cost of sales
KM thousand
Group
Energy used
Company
year 2015
year 2014
year 2015
year 2014
16,018
14,541
15,096
13,732
Material used
9,745
11,404
5,928
6,714
Depreciation
9,067
9,340
7,650
7,984
Cost of transport - finished goods
8,469
7,567
4,247
4,162
Salaries
7,746
8,612
6,417
7,403
Cost of merchandise sold
5,767
3,830
431
1,011
Other services
1,405
1,012
1,262
894
Maintenance
1,227
1,411
978
1,177
742
672
742
672
(2,223)
(1,220)
(2,223)
(1,220)
897
945
686
604
58,860
58,114
41,214
43,133
Transportation
Changes in stocks of work in progress and
finished goods
Other costs
199
5 Opi i administrativni trokovi

Tisue KM
Grupa
Drutvo
2015. godina
2014. godina
2015. godina
2014. godina
4.463
4.175
3.395
3.281
Trokovi usluga
946
924
831
786
Porezi i lanarine udruenjima
710
730
618
638
Marketing
545
372
555
349
Amortizacija
423
446
341
346
Trokovi goriva i elektrine energije
300
393
255
326
Reprezentacija
242
294
198
237
Trokovi odravanja
224
188
124
101
Trokovi slubenih putovanja
184
126
173
115
Trokovi najma
161
95
23
23
Trokovi telefona i potanskih usluga
160
143
79
64
Materijalni trokovi
131
99
109
76
Bankovne usluge
54
58
37
33
Plae
Trokovi osiguranja
Ostali trokovi
175
319
160
296
8.725
8.370
6.898
6.671
6 Ostali prihodi
Tisue KM
Grupa
200
Drutvo
2015. godina
2014. godina
2015. godina
2014. godina
Ukidanje rezervacija
294
14
291
Naplaena otpisana potraivanja
176
76
46
45
Dobici od prodaje stalnih sredstava
103
70
30
Prihod iz prijanjeg razdoblja
101
121
38
38
Inventurni vikovi
76
21
72
20
Prihod od prodaje materijala
75
40
75
40
Ostali prihodi
67
37
892
349
559
188
5 General and administrative costs

KM thousand
Group
Company
year 2015
year 2014
year 2015
year 2014
4,463
4,175
3,395
3,281
Cost of services
946
924
831
786
Taxes and membership fees
710
730
618
638
Marketing
545
372
555
349
Depreciation
423
446
341
346
Fuel and energy
300
393
255
326
Representation
242
294
198
237
Maintenance
224
188
124
101
Daily allowances and business trips
184
126
173
115
Lease
161
95
23
23
Postal and telephone
160
143
79
64
Material expenses
131
99
109
76
54
58
37
33
Salaries
Bank fees
Insurance costs
Other costs
175
319
160
296
8,725
8,370
6,898
6,671
6 Other income
KM thousand
Group
Company
year 2015
year 2014
year 2015
year 2014
Reversal of provisions
294
14
291
Collected written-off receivables
176
76
46
45
Gains from sale of fixed assets
103
70
30
Prior period revenue
101
121
38
38
Inventory surpluses
76
21
72
20
Income from sales of material
75
40
75
40
Other income
67
37
892
349
559
188
201
7 Ostali rashodi
Tisue KM
Grupa
Drutvo
2015. godina
2014. godina
2015. godina
2014. godina
1.044
438
149
152
Vrijednosno usklaenje zaliha materijala
403
161
396
149
Donacije
339
635
332
625
Gubici od prodaje materijalne imovine
143
Ispravak vrijednosti potraivanja
129
146
91
Rezerviranja
92
92
Trokovi prijanjeg razdoblja
51
49
17
13
Manjak materijala
10
28
10
28
Ostali trokovi
42
71
12
2.110
1.528
1.099
1.118
8 Neto financijski prihodi

Tisue KM
Grupa
2015. godina
2014. godina
2015. godina
2014. godina
679
1.033
433
828
Ispravak vrijednosti financijske imovine
32
34
32
34
Pozitivne teajne razlike
38
30
749
1.074
495
869
Negativne teajne razlike
(27)
(20)
Zatezna kamata
(57)
(78)
(56)
(77)
(84)
(98)
(56)
(77)
665
976
439
792
Prihod od kamata
Neto financijski prihod
202
Drutvo
7 Other costs
KM thousand
Group
Company
year 2015
year 2014
year 2015
year 2014
1,044
438
149
152
Material shortage
403
161
396
149
Donations and sponsorships
339
635
332
625
Loss from sale of fixed assets
143
Value adjustment of receivables
129
146
91
Provisions
92
92
Prior period expenses
51
49
17
13
Inventory value adjustment
10
28
10
28
Other expenses
42
71
12
2,110
1,528
1,099
1,118
8 Net financial income

KM thousand
Group
Company
year 2015
year 2014
year 2015
year 2014
679
1,033
433
828
Value adjustment of financial assets
32
34
32
34
Foreign exchange gain
38
30
749
1,074
495
869
Foreign exchange losses
(27)
(20)
Interest expense
(57)
(78)
(56)
(77)
(84)
(98)
(56)
(77)
665
976
439
792
Interest income
203
9 Porez na dobit
Bosna i Hercegovina podijeljena je na dva entiteta, koja imaju razliite porezne zakone, Federacija Bosna i
Hercegovina (Federacija) i Republika Srpska. Drutvo uglavnom posluje u Federaciji, ali isto tako ima poslovnu
jedinicu u Republici Srpskoj (Poslovna jedinica Banja Luka).
U oba entiteta stopa poreza na dobit je 10%.
Zakon o porezu na dobit Federacije daje mogunost potpunog poreznog oslobaanja u roku od 5 godina na
bazi investiranja.
Pod Investiranjem dobiti predviene Zakonom podrazumijeva se investiranje u proizvodnju na podruju Federacije.
Porezno oslobaanje postie se ako, temeljem unaprijed odobrenog plana od strane Skuptine, Drutvo investira
20 milijuna KM u periodu od 5 godina (od ega 4 milijuna KM moraju biti investirana u prvoj godini poreznog
oslobaanja). Drutvo nema obavezu izdvajanja dijela dobiti za investiranje. U periodu poreznog oslobaanja
Drutvo nema obavezu plaanja poreznih akontacija tokom godine
U Republici Srpskoj porezna olakica se moe ostvariti samo investiranjem u toku godine i to u proizvodne
kapacitete.
Na osnovu Odluke Skuptine Drutvo koristi poresko oslobaanje za period 2014. do 2018. godine na bazi
investiranja te nema obaveze za porez na dobit u Federaciji. U 2014. godini to jest prvoj godini poreskog oslobaanja
Drutvo je ispunilo jedan od uslova (investiranje 4 miliona KM).
Ukupna dobit Drutva prije oporezivanja u 2015. godini iznosi 13.897 tisua KM, od ega se na Federaciju
odnosi 12.435 tisua KM, to je osloboeno plaanja poreza, a na Republiku Srpsku se odnosi 1.462
tisua KM.
204
9 Corporate income tax

Bosnia and Herzegovina is divided into two areas, both having different tax rules, the Federation of Bosnia and
Herzegovina (Federation) and the Republic of Srpska. The Company mainly operates in the Federation, but it also
has a business unit in the Republic of Srpska (Business unit Banja Luka).
In both areas, the tax for profit is 10%.
The income tax law in the Federation offers the possibility of complete tax exemption within a period of 5 years
based on investment.
Investing of profit, provided by the law, means investing in production in the Federation. Tax exemption is achieved
if, based on a pre-approved plan by the Assembly, the Company invested KM 20 million for a period of 5 years
(of which KM 4 million should be invested in the first year of tax exemptions). The Company has no obligation to
allocate part of its profits for investment. During the tax exemption period, the Company has no obligation to pay
the tax advance during the year.
In the Republic of Srpska, tax relief can be achieved only through investments during the year in the production
capacity.
Based on the Decision of the Assembly, the Company uses the tax exemption for the period 2014 to 2018 based
on investment and hence has no liability for income tax in the Federation. In the year 2014, i.e. the first year of the
tax exemption, the Company has fulfilled one of the conditions (investing KM 4 million).
Total company earnings before taxation in 2015 amounted to KM 13,897 thousand, of which KM 12,435 thousand
related to the Federation which is exempt from paying taxes, and KM 1,462thousand related to the Republic of
Srpska.
205
9 Porez na dobit (nastavak)

Grupa:
Tisue KM
Raunovodstvena dobit prije poreza na dobit

Porez na dobitak 10%
Usklaenje porezne osnovice
- kazne
2014. godina
14.667
11.089
1.467
1.109
145
253
- plaanja zaposlenicima iznad porezno dopustivih iznosa
91
166
- 70% trokova reprezentacije
19
21
- ostalo
35
66
Porez 10% (Federacija)
1.612
1.362
(1.516)
(1.347)
96
15
Porez na dobit u Republici Srpskoj
146
74
Ukupna obveza poreza na dobit
242
89
80
162
89
Umanjenje porezne obveze po osnovi investicija Federacija

Porez na dobit Federacija
Umanjenje porezne obveze za preneseni porezni gubitak

206
2015. godina
9 Corporate income tax (continued)

Group:
KM thousand
Accounting profit before income tax

Income tax at income tax rate of 10%
Tax effect of non-deductible expenses in determining taxable profits
- penalties
year 2015
year 2014
14,667
11,089
1,467
1,717
145
253
- payments to employees above tax allowable amounts
91
166
- 70% of entertainment costs
19
21
- other
35
66
Income tax 10% (Federation)
1,612
1,362
(1,516)
(1,347)
96
15
Tax charge in Republic of Srpska
146
74
Tax charge
242
89
80
162
89
Tax charge reduction based on reinvestment of profit (Federation)

Tax charge Federation
Tax charge reduction for tax loss usage

Total tax charge
207
9 Porez na dobit (nastavak)

Drutvo:
Tisue KM
Raunovodstvena dobit prije poreza na dobit

Porez na dobitak 10%
Usklaenje porezne osnovice
- Plaanja zaposlenicima iznad porezno dopustivih iznosa
- Prihod od dividendi i udjela
2015. godina
2014. godina
13.897
11.340
1.390
1.134
126
204
88
163
- 70% trokova reprezentacije
17
20
- Ostalo
21
30
Porez 10% (Federacija)

Umanjenje porezne obveze po osnovu reinvestirane dobiti (Federacija)
Porez na dobit Federacija
1.516
1.347
(1.516)
(1.347)
Porez na dobit u Republici Srpskoj
146
74
146
74
10 Zarada po dionici
U svrhu izraunavanja osnovne zarade po dionici, osnovica za izraun je neto konsolidirana dobit nakon oporezivanja.
Ukupni broj dionica Drutva za razdoblje od 1. sijenja do 31. prosinca 2015. godine bio je 9.476.540 (kao i za
razdoblje od 1. sijenja do 31. prosinca 2014. godine). Osnovna zarada po dionici na 31. prosinaca 2015. godine
iznosi 1,53 KM (u 2014. godini je iznosila 1,16 KM). Nije bilo razrijeene zarade ponude po dionici.
208
9 Corporate income tax (continued)

Company:
KM thousand
Accounting profit before income tax

Income tax at income tax rate of 10%
Tax effect of non-deductible expenses in determining taxable profits
- payments to employees above tax allowable amounts
- Income from dividends and shares
year 2015
year 2014
13,897
11,340
1,390
1,134
126
213
88
163
- 70% of entertainment costs
17
20
- Other
21
30
Income tax 10% (Federation)

Tax charge reduction based on reinvestment of profit (Federation)
Tax charge Federation
1,516
1,347
(1,516)
(1,347)
Tax charge in Republic of Srpska
146
74
Total tax charge
146
74
10 Earnings per share

For the purposes of calculating basic earnings per share, the basis is consolidated net profit after tax. The total
number of shares of the Company for the period from 1 January 2015 to 31 December 2015 was 9,476,540 (the
same as for the period from 1 January 2014 to 31 December 2014). Basic earnings per share as at 31 December
2015 amounted to KM 1.53 (2014; KM 1.16). There are no diluted earnings per share.
209
11 Dugotrajna materijalna imovina

Kretanje materijalne imovine Grupe tijekom 2015. godine bilo je kako slijedi:
Tisue KM
Zemljite
Graevinski
Postrojenja
Imovina u
objekti
i oprema
pripremi
Ostalo
Ukupno
Nabavna vrijednost
10.472
153.058
164.823
4.711
333.064
5.125
5.125
Prijenos s imovine u pripremi
445
5.352
(5.797)
Teajne razlike
39
50
Na dan 31. prosinca 2014.

Poveanja
(1.437)
(1.437)
10.477
153.509
168.777
4.039
336.802
99.243
130.150
229.393
Troak amortizacije za godinu
3.911
5.513
9.424
Teajne razlike
20
25
Rashodovanje i prodaja
Na dan 31. prosinca 2015

Akumulirana amortizacija
(1.346)
Ostalo
103.159
134.337
237.496
10.472
53.815
34.673
4.711
103.671
10.477
50.350
34.440
4.039
99.306
(1.346)
Neto knjigovodstvena vrijednost
210
11 Property plant and equipment

The movement of tangible assets in the Group during 2014 was as follows:
KM thousand
Land
Buildings
Plant and
Assets under
equipment
construction
Other
Total
Cost
10,472
153,058
164,823
4,711
333,064
5,125
5,125
Transfer from AuC
445
5,352
(5,797)
FX differences
39
50
At 31 December 2014
Additions
(1,437)
(1,437)
10,477
153,509
168,777
4,039
336,802
At 31 December 2014
99,243
130,150
229,393
Depreciation for the year
3,911
5,513
9,424
FX differences
20
25
Disposals
(1,346)
(1,346)
Other
At 31 December 2015
103,159
134,337
237,496
At 31 December 2014
10,472
53,815
34,673
4,711
103,671
At 31 December 2015
10,477
50,350
34,440
4,039
99,306
Disposals
At 31 December 2015
Accumulated depreciation
Net book value
211
11 Dugotrajna materijalna imovina (nastavak)

Kretanje materijalne imovine Grupe tijekom 2013. godine bilo je kako slijedi:
Tisue KM
Graevinski
Postrojenja
Imovina u
objekti
i oprema
pripremi
Zemljite
Ostalo
Ukupno
Nabavna vrijednost
10.480
152.794
162.352
3.045
328.671
Poveanja
5.517
5.517
315
3.536
(3.851)
Teajne razlike
(8)
(9)
(57)
(74)
(42)
(1.008)
(1.050)
10.472
153.058
164.823
4.711
333.064
95.363
125.470
220.833
3.916
5.806
9.722
Teajne razlike
(7)
(118)
(125)
(29)
(1.008)
Ostalo
(1.037)
-
99.243
130.150
229.393
10.480
57.431
36.882
3.045
107.838
10.472
53.815
34.673
4.711
103.671
212
11 Property plant and equipment (continued)

The movement of tangible assets in the Group during 2014 was as follows:
KM thousand
Land
Buildings
Plant and
Assets under
equipment
construction
Other
Total
Cost
At 31 December 2013
10,480
152,794
162,352
3,045
328,671
Additions
5,517
5,517
Transfer from AuC
315
3,536
(3,851)
FX differences
(8)
(9)
(57)
(74)
(42)
(1,008)
(1,050)
10,472
153,058
164,823
4,711
333,064
At 31 December 2013
95,363
125,470
220,833
Depreciation for the year
3,916
5,806
9,722
FX differences
(7)
(118)
(125)
Disposals
(29)
(1,008)
Other
At 31 December 2014
99,243
130,150
229,393
At 31 December 2013
10,480
57,431
36,882
3,045
107,838
At 31 December 2014
10,472
53,815
34,673
4,711
103,671
Disposals
At 31 December 2014
(1,037)
Net book value
213

Kretanje materijalne imovine Drutva tijekom 2015. godine bilo je kako slijedi:
Tisue KM
Zemljite
Graevinski
Postrojenja
Imovina u
objekti
i oprema
pripremi
Ukupno
Nabavna vrijednost
7.410
148.627
142.761
4.635
303.433
Poveanja
4.836
4.836
313
5.168
(5.481)
(1.091)
(1.091)
7.410
148.940
146.838
3.990
307.178
96.988
116.646
213.634
3.723
4.218
7.941
(1.000)
(1.000)
100.711
119.864
220.575
7.410
51.639
26.115
4.635
89.799
7.410
48.229
26.974
3.990
86.603

214

The movement of tangible assets in the Company during 2015 was as follows:
KM thousand
Land
Buildings
Plant and
Assets under
equipment
construction
Total
Cost
At 31 December 2014
7,410
148,627
142,761
4,635
303,433
Additions
4,836
4,836
Transfer from AUC
313
5,168
(5,481)
Disposals
(1,091)
(1,091)
7,410
148,940
146,838
3,990
307,178
At 31 December 2014
96,988
116,646
213,634
Depreciation of the period
3,723
4,218
7,941
Disposals
(1,000)
(1,000)
At 31 December 2015
100,711
119,864
220,575
At 31 December 2014
7,410
51,639
26,115
4,635
89,799
At 31 December 2015
7,410
48,229
26,974
3,990
86,603
At 31 December 2015
Net book value
215

Kretanje materijalne imovine Drutva tijekom 2014. godine bilo je kako slijedi:
Tisue KM
Graevinski
objekti
Zemljite
Postrojenja
Imovina u
i oprema
pripremi
Ukupno
Nabavna vrijednost
7.410
148.373
140.502
2.873
299.158
Poveanja
5.330
5.330
296
3.272
(3.568)
(42)
(1.013)
(1.055)
7.410
148.627
142.761
4.635
303.433
93.290
112.981
206.271
3.727
4.551
8.279
(29)
(886)
(915)
96.988
116.646
213.634
7.410
55.083
27.521
2.873
92.887
7.410
51.639
26.115
4.635
89.799
Na dan 31. prosinca 2014

216

The movement of long term tangible assets in the Company during 2014 was as follows:
KM thousand
Land
Buildings
Plant and
Assets under
equipment
construction
Total
Cost
At 31 December 2013
7,410
148,373
140,502
2,873
299,158
Additions
5,330
5,330
Transfer from AUC
296
3,272
(3,568)
Disposals
(42)
(1,013)
(1,055)
7,410
148,627
142,761
4,635
303,433
At 31 December 2013
93,290
112,981
206,271
Depreciation of the period
3,727
4,551
8,278
Disposals
(29)
(886)
(915)
At 31 December 2014
96,988
116,646
213,634
At 31 December 2013
7,410
55,083
27,521
2,873
92,887
At 31 December 2014
7,410
51,639
26,115
4,635
89,799
At 31 December 2014
Net book value
217

Tvornica cementa Kakanj u vlasnitvu ima 185.478 m2 zemljita u Kaknju gdje se nalazi tvornica. Pored toga
Drutvo posjeduje 27.306 m2 zemlje u Sarajevu gdje je smjeten terminal za pakiranje i otpremu cementa i 1.146
m2 zemlje u Banja Luka gdje je smjeten terminal.
Poveanja u 2015. godini uglavnom se odnose na investicije u dugotrajnu materijalnu imovinu. Najznaajniji projekti
u 2015. godini bili su izgradnja administrativne zgrade ( ulaganja u 2015 godini 968 tisua KM) ,automatizacija
mlinova cementa i pakovanja (ulaganja u 2015 godini 688 tisua KM) i zamjena vreastog filtera za mlin cementa
(ulaganja u 2015 godini 605 tisua KM).
Drutvo je sukladno raunovodstvenim politikama kapitaliziralo nabavljene rezervne dijelove ija je vrijednost vea
od 40 tisua KM. Kapitalizirani rezervni dijelovi se amortiziraju tijekom korisnog vijeka trajanja za koji se procjenjuje
da je 5 godina. Vrijednost nabavljenih rezervnih dijelova koji su kapitalizirani u 2015 godini iznosi 560 tisua KM
(u 2014. godini kapitalizirani su rezervni dijelovi u iznosu od 782 tisue KM, a avans za nabavku novih dijelova 244
tisua KM).
U 2015. godini Drutvo je rashodovalo dio opreme pak maina sa palatizatorom i rotacioni kompresori.
Na dan 31. prosinca 2015. godine ugovorene, a nerealizirane obveze za isporuku materijalne i nematerijalne
imovine su iznosile 937 tisua KM (na dan 31. prosinca 2014. godine ugovorene, a nerealiziranih obaveza za
isporuku materijalne i nematerijalne imovine su iznosile 2.406 tisua KM).
218

Tvornica cementa Kakanj owns 185,310 m2 of land in Kakanj where the factory is located. Besides that, the
Company owns 27,306 m2 of land in Sarajevo, where the packaging and dispatching terminal is situated and 1,146
m2 of land in Banja Luka where another terminal is located.
Additions during 2015 mostly relate to the investment in property, plant and equipment. The most significant
projects in 2015 were construction of administrative building (investment in 2015 amounted to KM 968
thousand),automatization of cement mills and automatization of packaging section (investment in 2015 amounted to
KM 688 thousand) and replacement of bag filter on cement mill (investment in 2015 amounted to KM 605 thousand).
The Company is, in accordance with accounting policies, capitalizing procured spare parts whose value is
greater than KM 40 thousand. Capitalized spare parts are depreciated over their useful lives, estimated to be 5
years. The value of the purchased spare parts that were capitalized in 2015 amounts to KM 560 thousand (in
2014 the value of capitalized spare parts amounts to KM 782 thousand, while the advances amounted to KM
244 thousand).
During 2015 the Company disposed part of the packing machine with palatalization and rotary compressors.
As of 31 December 2015 contracted unrealized commitments for delivery of tangible and intangible assets
amounted to KM 937 thousand (as at 31 December 2014 the amount of contracted unrealized commitments
amounted to KM 2,406 thousand).
219
12 Dugotrajna nematerijalna imovina

Kretanje nematerijalne imovine u Grupi tijekom 2014. godine bilo je sljedee:
Tisue KM
Licence i
Softver i druga
koncesije
nematerijalna imovina
Imovina u
Goodwill
pripremi
Ukupno
Nabavna vrijednost
345
2.544
487
3.376
Poveanja
31. prosinca 2014.
41
41
39
(39)
Teajna razlika
31. prosinca 2015.
345
2.585
487
3.419
176
2.373
2.549
10
53
63
31. prosinca 2014.
Teajna razlika
186
2.428
2.614
31. prosinca 2014.
169
171
487
827
31. prosinca 2015.
159
157
487
805
31. prosinca 2015.

220
12 Intangible assets
The movement of intangible assets in the Group during 2015 was as follows:
KM thousand
Licences and
Software and other
concession
intangible assets
Assets under
Goodwill
construction
Total
Cost
At 31 December 2014
345
2,544
487
3,376
41
41
Transfers from AUC
39
(39)
FX differences
Additions
Disposals
At 31 December 2015
345
2,585
487
3,419
176
2,373
2,549
10
53
63
At 31 December 2014
Amortisation for the year
FX differences
Disposals
186
2,428
2,614
At 31 December 2014
169
171
487
827
At 31 December 2015
159
157
487
805
At 31 December 2015
Net book value
221
12 Dugotrajna nematerijalna imovina (nastavak)

Kretanje nematerijalne imovine u Grupi tijekom 2014. godine bilo je sljedee:
Tisue KM
Licence i
Softver i druga
koncesije
Imovina u
Goodwill
pripremi
Ukupno
Nabavna vrijednost
345
2.455
487
3.287
Poveanja
31. prosinca 2013.
89
89
89
(89)
Teajna razlika
31. prosinca 2014.
345
2.544
487
3.376
163
2.324
2.487
13
51
64
(2)
(2)
31. prosinca 2013.
Teajna razlika
176
2.373
2.549
31. prosinca 2013.
182
131
487
800
31. prosinca 2014.
169
171
487
827
31. prosinca 2014.

222
12 Intangible assets (continued)

The movement of intangible assets in the Group during 2014 was as follows:
KM thousand
Licences and
Software and other
concession
intangible assets
Assets under
Goodwill
construction
Total
Cost
At 31 December 2013
345
2,455
487
3,287
Additions
89
89
Transfers from AUC
89
(89)
FX differences
2,455
Disposals
At 31 December 2014
345
2,544
487
3,376
163
2,324
2,487
13
51
64
(2)
At 31 December 2013
FX differences
Disposals
(2)
176
2,373
2,549
At 31 December 2013
182
131
487
800
At 31 December 2014
169
171
487
827
At 31 December 2014
Net book value
223

Nematerijalna imovina Grupe ukljuuje goodwill u TBG BH u iznosu od 487 tisua KM. Za testiranje umanjenja
vrijednosti, ukupna vrijednost goodwill alocirana je u jedinicu koja stvara novac TBG BH d.o.o. Nadoknadivi iznos
jedinice TBG BH odreen je izraunom vrijednosti u upotrebi koritenjem predvienih novanih tijekova iz financijskih
planova odobrenih od strane Uprave i Nadzornog odbora koji pokrivaju razdoblje od pet godina. Diskontna stopa
nakon poreza primijenjena na predviene novane tijekove je 14,0% (2014. godine: 14,5%), a novani tijekovi
nakon razdoblja od dvije godina ekstrapolirani su koritenjem stope rasta od 2,0% (2014. godine: 2,0%). . Na bazi
izvedenih testova vrijednost goodwill-a za 2015. godinu nije umanjena.
Izraun vrijednosti u upotrebi za jedinicu TBG BH najosjetljiviji je na pretpostavke o diskontnoj stopi. Diskontna stopa
odraava trenutnu trinu procjenu rizika specifinih za ovu jedinicu, uzimajui u obzir vremensku vrijednost novca
i pojedinani rizik s njom povezane imovine koji nije bio ukljuen u procjenu novanih tijekova. Izraun diskontne
stope temelji se na specifinim okolnostima primjenjivim za Grupu i izvodi se iz njenog prosjenog troka kapitala
(WACC).
Kretanje nematerijalne imovine u Drutvu tijekom 2015. godine bilo je slijedee:
Tisue KM
Licence i
Softver i druga
Imovina u
koncesije
pripremi
Ukupno
Nabavna vrijednost
31. prosinca 2014.
309
2.100
2.409
30
30
30
(30)
309
2.130
2.439
145
1.972
2.117
10
40
50
Poveanja
31. prosinca 2015.

31. prosinca 2014.
155
2.012
2.167
31. prosinca 2014.
164
128
292
31. prosinca 2015.
154
118
272
31. prosinca 2015.

224

Intangible assets of the Group include goodwill in TBG BH of KM 487 thousand.The full amount of goodwill has been
allocated to the subsidiary TBG BH d.o.o. as a cash generating unit (CGU). The recoverable amount of the TBG BH
cash generating unit has been determined based on the value in use calculation using cash flow projections from
financial budgets approved by Management board and Supervisory board covering the five-year period.The aftertax discount rate applied to cash flow projections is 14.0% (2014: 14.5 %) and cash flows beyond the two-year
period are extrapolated using a 2.0% growth rate (2014: 2.0%).As a result of the analysis, the goodwill for 2015is
not impaired.
The calculation of the value in use for the TBG BH cash generating unit is most sensitive to the discount rate
assumption. Discount rate represents the current market assessment of the risks specific to the CGU, taking into
consideration the time value of money and individual risk of the underlying assets that have not been incorporated
in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and is
derived from its weighted average cost of capital (WACC).
The movement of intangible assets in the Company during 2015 was as follows:
KM thousand
Licences and
Software and other
Assets under
concession
intangible assets
constr.
Total
Cost
At 31 December 2014
309
2,100
2,409
30
30
Transfer from AuC
30
(30)
Disposals
309
2,130
2,439
145
1,972
2,117
10
40
50
Additions
At 31 December 2015
At 31 December 2014
Disposals
155
2,012
2,167
At 31 December 2014
164
128
292
At 31 December 2015
154
118
272
At 31 December 2015
Net book value
225

Kretanje nematerijalne imovine u Drutvu tijekom 2014. godine bilo je slijedee:
Tisue KM
Licence i
Softver i druga
Imovina u
koncesije
pripremi
Ukupno
Nabavna vrijednost
31. prosinca 2013.
309
2.014
2.323
86
86
86
(86)
309
2.100
2.409
135
1.931
2.066
10
41
51
Poveanja
31. prosinca 2014.

31. prosinca 2013.
145
1.972
2.117
31. prosinca 2013.
174
83
257
31. prosinca 2014.
164
128
292
31. prosinca 2014.

226

The movement of intangible assets in the Company during 2014 was as follows:
KM thousand
Licences and
Software and other
Assets under
concession
intangible assets
constr.
Total
Cost
At 31 December 2013
309
2,014
2,323
86
86
Transfer from AuC
86
(86)
Disposals
309
2,100
2,409
135
1,931
2,066
10
41
51
Additions
At 31 December 2014
At 31 December 2013
Disposals
145
1,972
2,117
At 31 December 2013
174
83
257
At 31 December 2014
164
128
292
At 31 December 2014
Net book value
227

Softver se uglavnom odnosi na pravo na koritenje SAP softver-a sa neto knjigovodstvenom vrijednou na dan 31.
prosinca 2015. godine od 118 tisua KM koja se amortizira u razdoblju od 5 godina.
Neto knjigovodstvena vrijednost koncesije na dan 31. prosinca 2015 godine iznosi 154 tisua KM i odnosi se na
jednokratnu koncesionu naknadu plaenu prije poetka eksploatacije.
Koncesija
Prema odluci vlasti Zeniko-dobojskog kantona odobrena je koncesija Tvornici Cementa Kakanj za
istraivanje i eksploataciju mineralnih sirovina, potrebnih za proizvodnju klinkera, cementa i drugih
graevinskih materijala na teritoriju opine Kakanj. Ugovor o koncesiji je zakljuen izmeu Ministarstva
industrije, energije i rudarstva Zeniko-dobojskog kantona kao davatelja koncesije i Tvornice Cementa
Kakanj kao koncesionara sa Heidelberg Cement AG Germany kao supotpisnikom, dana 12. rujna 2000.
godine. Koncesija je dana na razdoblje od 30 godina. Ekskluzivna prava na koncesiju dana su Tvornici
Cementa Kakanj ovim ugovorom za istraivanje i eksploataciju sirovinskih minerala na podruju koncesije
na teritoriju opine Kakanj.
Ministarstvo se obvezalo, u sluaju da tijekom razdoblja trajanja ugovora o koncesiji ne budu dostupne potrebne
koliine i kvaliteta, dati prioritet Tvornici cementa Kakanj za odobrenje novih koncesijskih prava izvan podruja
koncesije.
Ministarstvo ima obvezu da osigura izdavanje potrebnih dozvola za izgradnju objekata navedenih u projektnoj
dokumentaciji. Pravo na koritenje zemljita i objekata dodijeljeno je Tvornici Cementa Kakanj tijekom razdoblja
trajanja koncesije.
Tvornica Cementa Kakanj morala je platiti jednokratnu naknadu za koncesijska prava u iznosu KM 0,50 po metru
kvadratnom podruja na kojem je eksploatacija dozvoljena, te se obvezala na plaanje dodatne koncesijske
naknade u iznosu of KM 0,80 po toni eksploatirane rudae. Takoer je obveza Tvornice Cementa Kakanj stvoriti
rezervaciju za rekultivaciju u iznosu od KM 0,20 po toni eksploatirane rudae.
228
12 Intangible asset (continued)

Software mostly relates to the rights to use the SAP software with a net book value as at 31 December 2015 of KM
118 thousand, which is amortised over 5 years.
The net book value of the concession as of 31 December 2015 amounted to KM 154 thousand and relates to the
concession paid for the Greben quarry before the beginning of exploitation.
Concession
According to the decision of the Government of the Zeniko-dobojski canton, the concession is granted for the
exploration and exploitation of mineral raw materials needed for the production of clinker, cement and other construction
materials on the territory of the Kakanj municipality. The concession agreement has been concluded between the
Ministry of Industry, Energy and Mining of the Zeniko-dobojski canton as grantor and TvornicaCementa Kakanj as
concessionaire with Heidelberg Cement AG Germany as co-signatory on 12 September 2000. The concession has
been granted for a period of 30 years. The exclusive concession rights were granted to TvornicaCementa Kakanj
by this agreement for the exploration and exploitation of the raw mineral materials in the concession area on the
territory of the Kakanj municipality.
The Ministry has the obligation, in the case that during the concession agreement, the necessary quantity and quality
are not available, to grant priority to TvornicaCementa Kakanj for the approval of new concession rights outside of
the concession area.
The Ministry has the obligation to ensure that the permissions required for the building of the objects specified by the
project documentation are issued. The usage right over land and objects is assigned to TvornicaCementa Kakanj
during the concession period.
Tvornica Cementa Kakanj had to pay a one-off fee for the concession rights of KM 0.50 per square meter of the area
allowed for the exploitation, as well as additional concession fees of KM 0.80 per ton of the exploited raw material.
It is also the obligation of Tvornica Cementa Kakanj to create a provision for re-cultivation purposes of KM 0.20 per
ton of the exploited raw material.
229
13 Ulaganja u ovisna drutva
Drutvo
TBG BH d.o.o
TBG Beton d.o.o
Postotak u
Tisue KM
31. prosinca
Zemlja u kojoj je
Datum
temeljnom
Drutvo registrirano
osnivanja
kapitalu
2015. godine
2014. godine
Bosna i Hercegovina
3.7.2001
100%
10.247
10.247
Republika Hrvatska
4.11.1997
100%
14.201
14.201
24.448
24.448
14 Ulaganja u zajedniki pothvat

Neto knjigovodstvena vrijednost ulaganja u zajedniki pothvat ukljuuje:
Tisue KM
31. prosinca
TBG-Strabag d.o.o.
2015. godine
2014. godine
554
683
554
683
Grupa (TBG Beton d.o.o.) posjeduje 50% udjel u zajednikom pothvatu TBG-Strabag d.o.o.sa sjeditem u Republici
Hrvatskoj. Osnovna djelatnost tog drutva je proizvodnja betona.
Udio Grupe u nerevidiranom poslovnom gubitku drutva TBG-Strabag d.o.o. za godinu zavrenu 31. prosinca
2015. godine je priznat u izvjeu o sveobuhvatnoj dobiti u iznosu od 133 tisua KM (2014. godina: 106 tisua KM
je priznato na temelju nerevidiranih rezultata).
230
13 Investment in subsidiaries
Company
Percentage
KM thousand
31 December
Country of
Date of
of share
incorporation
founding
capital
year 2015
year 2014
TBG BH d.o.o
BiH
3.7.2001
100%
10,247
10,247
TBG Beton d.o.o
RH
4.11.1997
100%
14,201
14,201
24,448
24,448
14 Investment in joint ventures

The net book value of investments in joint venture comprises
KM thousand
31 December
TBG-Strabag d.o.o.
year 2015
year 2014
554
683
554
683
The Group (TBG Beton d.o.o.) has an ownership interest of 50% in its joint venture TBG-Strabag d.o.o. which is
incorporated in the Republic of Croatia. The principal activity of this company isproduction of concrete.
The Groups share in TBG Strabagd.o.o. unaudited loss for the year ended 31 December 2015, is recognised in
the statement of comprehensive income in the amount of KM 133 thousand (2014: KM 106 thousand of loss was
recognised based on unaudited results).
231
14 Ulaganja u zajedniki pothvat (nastavak)
Udio u izvjeu o financijskom poloaju zajedniki kontroliranog drutva
Tisue KM
Nerevidirano
31. prosinca
2015. godine
2014. godine
329
375
Dugotrajna imovina
479
543
Kratkorone obveze
(92)
(71)
Dugorone obveze
(47)
Neto imovina
669
847
Udio u prihodima i dobiti zajedniki kontroliranog drutva:
Tisue KM
Nerevidirano
Prihodi
(Gubitak)
232
2015. godine
2014. godine
539
566
(133)
(106)
14 Investment in joint ventures (continued)
Share of the jointly controlled entity statement of financial position:
KM thousand
Unaudited
31 December
year 2015
year 2014
Current assets
329
375
Non-current assets
479
543
Current liabilities
(92)
(71)
Non-current liabilities
(47)
Net assets
669
847
Share of the jointly controlled entity revenue and profit:
KM thousand
Unaudited
Revenue
(Loss)
year 2015
year 2014
539
566
(133)
(106)
233
15 Ostala financijska imovina

31. prosinca
Tisue KM
Grupa
Potraivanja za kredite date zaposlenima

Udruga cementara BiH
Vrijednosno usklaenje potraivanja za kredite
Drutvo
2015. godine
2014. godine
2015. godine
2014. godine
1.102
1.219
692
810
10
10
10
10
(182)
(215)
(182)
(215)
930
1.014
520
605
U 2008. godini lanovima Uprave odobrena su tri kredita u ukupnom iznosu od KM 900 tisua. U 2011. godini
su krediti poveani za KM 300 tisua. Rok otplate je sedam godina uz kamatnu stopu od 2%. U 2014. je lanu
uprave u ovisnom drutvu TBG Beton odobren kredit u iznosu od KM 408 tisua na rok od 10 godina uz kamatnu
stopu 0%.
Vrijednosno usklaenje potraivanja za date kredite zaposlenima u iznosu od 182 tisua KM (31. prosinca 2014.:
215 tisue KM) odnosi se na razliku izmeu nominalne vrijednosti kredita i njihove sadanje vrijednosti izraunate
primjenom efektivne kamatne stope od 8%.
16 Zalihe
31. prosinca
Tisue KM
Grupa
2015. godine
2014. godine
2015. godine
2014. godine
Zalihe nedovrene proizvodnje i polugotovih proizvoda
6.834
4.787
6.834
4.787
Sirovine
3.700
4.155
3.014
3.272
Rezervni dijelovi
2.964
2.952
2.667
2.808
Predujmovi za zalihe
453
453
Roba
267
111
262
104
18
283
18
283
14.236
12.297
13.248
11.263
Gotovi proizvodi
234
Drutvo
15 Other financial assets

31 December
KM thousand
Group
Receivables for loans given to employees

BH cement plant Association
Value adjustment of loan receivables
Company
year 2015
year 2014
year 2015
year 2014
1,102
1,219
692
810
10
10
10
10
(182)
(215)
(182)
(215)
930
1,014
520
605
In 2008 three loans have been approved to the Board members with a total amount of KM 900 thousand. The loans
have been increased for KM 300 thousand in 2011. Loans are approved for a period of 7 years with annual interest
rate of 2%. In 2014 member of the Board of the subsidiary TBG Betond.o.o. have been granted a loan in the amount
of KM 408 thousand for the period of 10 years and zero interest.
Value adjustment of receivables for loans given to employees in the amount of KM 182 thousand (31 December
2014 KM 215 thousand) is related to the difference between the nominal value of the loans and their present value
calculated using the effective interest rate of 8%.
16 Inventories
31 December
KM thousand
Group
Company
year 2015
year 2014
year 2015
year 2014
Work in progress and semi-finished products
6,834
4,787
6,834
4,787
Raw materials
3,700
4,155
3,014
3,272
Spare parts
2,964
2,952
2,667
2,808
Advances for inventories
453
453
Trading goods
267
111
262
104
18
283
18
283
14,236
12,297
13,248
11,263
Finished products
235
17 Potraivanja od kupaca
31. prosinca
Tisue KM
Grupa
Drutvo
2015. godine
2014. godine
2015. godine
2014. godine
15.117
16.041
4.765
5.352
Vrijednosno usklaivanje potraivanja
(4.340)
(3.948)
(424)
(434)
3.509
3.662
10.777
12.093
7.850
8.580
Potraivanja od povezanih drutava (biljeka 25)
Ispravak vrijednosti sumnjivih i spornih potraivanja

31. prosinca
Tisue KM
Grupa
Poetno stanje
Poveanje
2015. godine
2014. godine
2015. godine
2014. godine
3.948
4.413
434
434
931
438
36
152
Naplaena prethodno ispravljena potraivanja
(176)
(76)
(46)
(45)
Ukidanje rezervacija
(363)
(827)
(107)
4.340
3.948
424
434
Zavrno stanje
236
Drutvo
17 Trade accounts receivable
31 December
KM thousand
Group
Company
year 2015
year 2014
year 2015
year 2014
15,117
16,041
4,765
5,352
Value adjustment of trade accounts receivable
(4,340)
(3,948)
(424)
(434)
3,509
3.662
10,777
12,093
7,850
8,580
Intercompany trade accounts receivables (Note 25)
Changes in bad debt provisions

31 December
KM thousand
Group
Opening balance
Additions
Company
year 2015
year 2014
year 2015
year 2014
3,948
4,413
434
434
931
438
36
152
Collected receivables, previously written off
(176)
(76)
(46)
(45)
Reversal of provision
(363)
(827)
(107)
4,340
3,948
424
434
Closing balance
237
17 Potraivanja od kupaca (nastavak)

Starosna struktura potraivanja
31. prosinca
Tisue KM
Grupa
Drutvo
2015. godine
2014. godine
2015. godine
2014. godine
Nedospjela potraivanja
4.353
4.494
2.804
3.306
Dospjela ispravljena potraivanja
4.340
3.948
434
434
Dospjela neispravljena
6.424
7.599
5.046
5.274
Dospjelo od 1 do 30 dana
2.260
2.026
1.281
1.126
1.813
2.371
1.532
1.566

Dospjelo vie od 180 dana
Ispravak vrijednosti potraivanja
735
1.080
718
704
1.616
2.122
1.515
1.878
(4.340)
(3.948)
(434)
(434)
10.777
12.093
7.850
8.580
Potraivanja od kupaca u Drutvu ne nose kamate,a rokovi dospijea kreu se od 30 do 60 dana. Dodatnosu ta potraivanja od
kupaca Drutva uglavnom osigurana bankovnim garancijama. Kod ostalih drutva u Grupi potraivanja od kupaca nose kamate i
samo su dijelom osigurana garancijama, a veim se dijelom osiguravaju mjenicama.
18 Kratkotrajna financijska imovina

Kratkotrajna financijska imovina u iznosu od 117 tisua maraka (31. prosinca 2014. godine 112 tisua maraka)
odnosi se na kratkoroni dio dugoronih kredita odobrenih lanovima Uprave (biljeka 15).
19 Novac i novani ekvivalenti
31. prosinca
Tisue KM
Grupa
Kratkoroni depoziti
2015. godine
2014. godine
2015. godine
2014. godine
22.539
22.091
15.026
16.415
iro raun
8.473
5.070
4.972
2.281
Devizni raun
3.495
1.161
3.065
1.096
34.509
28.325
23.063
19.792
Novac u blagajni
Kamatna stopa na depozite po vienju je 0,3%.
238
Drutvo
17 Trade accounts receivable (continued)

Aging structure of Trade accounts receivable
31 December
KM thousand
Group
Company
year 2015
year 2014
year 2015
year 2014
Undue receivables
4,353
4,494
2,804
3,306
Past due impaired
4,340
3,948
424
434
Past due not impaired
6,424
7,599
5,046
5,274
1 30 days overdue
2,260
2,026
1,281
1,126
31 90 days overdue
1,813
2,371
1,532
1,566
91 180 days overdue

More than 180 days overdue
Value adjustment of trade receivables
735
1,080
718
704
1,616
2,122
1,515
1,878
(4,340)
(3,948)
(424)
(434)
10,777
12,093
7,850
8,580
Companys trade receivables are non-interest bearing and are generally on terms of 30-60 payment days. These trade receivables
are mostly secured by bank guarantees. Trade receivables of other companies within the Group are interest bearing and are only
partly insured with bank guarantees, while their major part is insured with bills of exchange.
18 Short term financial assets

Short term financial assets in the amount of KM 117 thousand (31 December 2014: KM 112 thousand) is related to
short term part of the long term loans given to the Board members (Note 15).
19 Cash and cash equivalents
31 December
KM thousand
Group
Company
year 2015
year 2014
year 2015
year 2014
Giro account
5,070
6,451
2,281
1,736
Foreign currency account
1,161
17
1,096
1,211
22,091
32,055
16,415
27,833
28,325
38,527
19,792
30,781
Short term deposits

Cash on hand
Interest rate on demand deposits is 0.3%.
239
19 Novac i novani ekvivalenti (nastavak)

Tijekom 2015. godine Grupa je imala dva oroena depozita kod Raiffeisen bank BiH d.d. Sarajevo:
Flexi Plus depozit u vlasnitvu Drutva potpisan na rok od 60 mjeseci i kamatnu stopu od 3,45% godinje.
U periodu vaenja ugovora Drutvo raspolae sredstvima u potpunosti do iznosa od 100 tisua KM koje je
obavezno drati na raunu u periodu trajanja ugovora.
Flexi Plus depozit u vlasnitvu ovisnog drutva TBG BH d.o.o. potpisan na rok od 60 mjeseci s godinjom
kamatnom stopom od 3,15%. Tijekom razdoblja ugovora ovisno drutvo raspolae sredstvima u potpunosti do
iznosa od 10 tisua KM koji je obvezno drati na raunu u razdoblju vaenja ugovora.
Ugovori suistekli u novembru 2015. Godine i potpisani su novi ugovori uz novu kamatnu stopu od 1,9 %. Ostali
uslovi su ostali nepromijenjeni.
20 Kapital i rezerve
Temeljni kapital
Temeljni kapital Drutva ini 9.476.540 redovnih dionica nominalne vrijednosti KM 10 tisua po dionici.Struktura
dioniara Drutva na dan 31. prosinca 2015. godine je sljedea:
Broj dionica
Tisue KM
8.839.236
88.392
93,27
PIF PROF PLUS d.d. Sarajevo BIH
304.691
3.047
3,22
Ostali dioniari
332.613
3.326
3,51
9.476.540
94.765
100
Ceeminvestment
Zakonske rezerve
Zakonske rezerve predstavljaju rezerve propisane Zakonom o trgovakim drutvima u koje se treba alocirati 10%
neto dobiti tekue poslovne godine, sve dok te rezerve ne dosegnu visinu od 25 % temeljnog kapitala. Zakonske
rezerve koje ne prelaze navedeni iznos mogu se koristiti samo za pokrivanje gubitaka iz tekue ili prethodnih godina.
Ako zakonske rezerve drutva iznose vie od 25 % temeljnog kapitala, tada se mogu koristiti i za poveanje temeljnog
kapitala Grupe
Zadrana dobit
Zadrana dobit u bilanci Drutva u ukupnom iznosu 10.200 tisua nije raspoloiva za upotrebu dioniarima, a
odnosi se na dobit reinvestiranu tijekom 2008. godine koja se odnosi na poreznu olakicu za 2007. godinu.
240
19 Cash and cash equivalents (continued)

As of 31 December 2014, the Group has two time deposits in Raiffeisen bank BiH d.d. Sarajevo:
Flexi Plus deposit owned by the Company with the 60 months maturity and annual interest rate of 3.45%.
During the deposit time the deposited cash balance is fully available to the Company and the Company can
in any time withdraw the money up to the KM 100 thousand which is obliged to have on the deposit account.
Flexi Plus deposit owned by subsidiary TBG BH d.o.o. with the 60 months maturity and annual interest rate of
3.15%. During the deposit time the deposited cash balance is fully available to the subsidiary and subsidiary
can in any time withdraw the money up to the KM 10 thousand which is obliged to have on the deposit account.
The contracts were valid until November 2015 and the new contracts have been signed with new interest rate of
1.9%. All other conditions of contract remain.
20 Share capital and reserves
Issued capital
The share capital of the Company comprises of 9,476,540 regular shares with a nominal value of KM 10,000 each.
The shareholders structure of the Company as at 31 December 2015 is the following:
Number of shares
KM thousand
8,839,236
88,392
93,27
PIF PROF PLUS d.d. Sarajevo BIH
304,691
3,047
3,22
Other
332,613
3,326
3,51
9,476,540
94,765
100
Ceeminvestment
Legalreserves
Legal reserves represent reserves prescribed by the Company Act which should be allocated in the amount of 10%
of the net profit for the year, until these reserves amount to 25% of the issued capital. Legal reserves that do not
exceed the above amount can only be used to cover current year or prior year losses. If the legal reserves exceed
25% of the issued capital they can also be used to increase the issued capital of the Group.
Retained earnings
Retained earnings in the Companys balance sheet of 10,200 thousand is not available for shareholders, and refers
to the profits reinvested during 2008 for tax relief related to 2007.
241
21 Dugorona rezerviranja
31. prosinca
Tisue KM
Grupa
Drutvo
2015. godine
2014. godine
2015. godine
2014. godine
1.154
1.063
1.154
1.063
(291)
(291)
863
1.063
863
1.063
Rezerviranja za otpremnine
274
275
274
275
Rezerviranja za sudske sporove
109
17
109
17
1.246
1.355
1.246
1.355
Rezerviranja za re-kultivaciju
Ispravka vrijednosti rezerviranja za re-kultivaciju
Neto vrijednost rezerviranja za re-kultivaciju
Poveanje rezervacija za rekultivaciju se temelji na ugovoru o koncesiji sa Ministarstvom za industriju, energetiku

i rudarstvo Zeniko-dobojskog kantona i Tvornice cement Kakanj. Izraunate su na temelju mjesenih koliina
izvaenog vapnenca pomnoenih sa KM 0,2 po toni (biljeka 12).
U 2015. Godini izvreno je diskontiranje rezerviranja za re-kultivaciju diskontnim faktorom 4,60% ime je neto
vrijednost rezerviranja smanjena za 291 hiljadu KM.
Kretanja dugoronih rezerviranja tijekom 2015. godine
Tisue KM
Rezerviranja za
Poetno stanje
Smanjenje rezervacija
Ispravka vrijednosti
Poveanje rezervacija
Zavrno stanje
242
rekultivaciju
otpremnine
sudske sporove
1.063
275
17
(14)
(17)
(291)
91
13
109
863
274
109
21 Long term provisions
31 December
KM thousand
Group
Company
year 2015
year 2014
year 2015
year 2014
1,154
1,063
1,154
1,063
(291)
(291)
863
863
Provision for retirement awards
274
275
274
275
Provisions for court disputes
109
17
109
17
1,246
1,355
1,246
1,355
Provisions for re-cultivation

Value adjustments of provision for re-cultivation
Net provisions for re-cultivation
Provisions for re-cultivation are based on the concession agreement between the Ministry for Industry, Energy and
Mining of the Zeniko-dobojski municipality and Tvornica Cementa Kakanj. It is calculated based on the monthly
quantity of mined limestone which is multiplied by KM 0.2 per ton (Note 12).
In 2015, provision for re-cultivation has been discounted with discount factor 4.60% and as result the provision
decreased by 219 KM thousand
Movement on long term provisions during 2014
KM thousand Provision for
Provision for
Opening balance
Decrease in provision
Value adjustment
Additions
Closing balance
recultivation
severance payment
court disputes
1,063
275
17
(14)
(17)
(291)
91
13
109
863
274
109
243
22 Obveze prema dobavljaima
31. prosinca
Tisue KM
Grupa
Drutvo
2015. godine
2014. godine
2015. godine
2014. godine
7.335
4.587
5.568
3.149
830
553
815
519
1.965
950
1.613
418
10.130
6.090
7.996
4.086
Obveze prema dobavljaima u zemlji

Obveze prema dobavljaima u inozemstvu
Obveze prema povezanim drutvima (biljeka 25)
23 Ostale obveze
31. prosinca
Tisue KM
Grupa
Drutvo
2015. godine
2014. godine
2015. godine
2014. godine
91
84
Obaveze za porez na dobit

Obveze za plae
Obveze za bonus
Obaveze za poreze i doprinose na plau
Obveze za ostale poreze i doprinose
547
566
440
467
1.070
670
860
520
334
343
266
282
92
137
12
68
Obveze za primljene predujmove
115
180
72
142
Obveze za dividendu
365
394
365
394
35
46
24
32
2.649
2.336
2.123
1.905
Ostale kratkorone obveze
Obveze prema zaposlenicima

Svi zaposlenici su ukljueni u dravni mirovinski fond. Uplate u dravni mirovinski fond su definirane zakonom.
Rezervacije su ustanovljene za obveze prema zaposlenima vezano uz umirovljenje (prema duljini radnog staa).
Rezervacije za umirovljenje ovise o zadovoljenju uvjeta za umirovljenje vaeih u Drutvu. Visina naknade
utvruje se na temelju odgovarajuih mjesenih plaa zaposlenih.
Trokovi plaa Drutva u 2015. godini ukljuivali su troak bruto plaa, bruto naknada plaa i bruto naknade ostalih
oporezivih primanja u iznosu od KM 7.721 tisua (KM 8.325 tisue KM u 2014. godini), doprinose na plau u iznosu
od KM 732 tisua (KM 843 tisua u 2014. godini), te neoporeziva primanja u iznosu od KM 1.359 tisua ( topli obrok
KM 742 tisua, KM prijevoz 84 tisua, regres KM 195 tisua, nagrade KM 42 tisuate ostale pomoi i naknade
radnicima KM 296 tisua).
244
22 Trade accounts payable
31 December
KM thousand
Group
Trade accounts payable domestic

Trade accounts payable foreign
Related parties accounts payable (Note 25)
Company
year 2015
year 2014
year 2015
year 2014
7,335
4,587
5,568
3,149
8,30
553
815
519
1,965
950
1,613
418
10,130
6,090
7,996
4,086
23 Other liabilities
31 December
KM thousand
Group
Liabilities for income tax

Payables to employees
Employee bonus liabilities
Liabilities for taxes and contributions on salaries
Liabilities for other taxes and contributions
Company
year 2015
year 2014
year 2015
year 2014
91
84
547
566
440
467
1,070
911
860
520
334
343
266
282
92
137
12
68
Liabilities for advance payments
115
180
72
142
Dividend liability
365
394
365
394
35
46
24
32
2,649
2,336
2,123
1,905
Other short-term liabilities
Employee benefit obligations

All employees are covered by the State pension fund. Payments to the state pension fund are defined by law.
Provisions are established for benefits payable in respect of retirement (length of service). Retirement benefits
are dependent on the employees working period. The amount of all benefit entitlements is determined in the
amount of three average employees monthly remunerations.
Payroll costs for 2015 included costs of gross salaries together with all taxable remunerationof KM
7,721 thousand (KM 8,325 thousand for 2014), contributions on salaries of KM 732 thousand (KM
843 thousand for 2014) and non-taxable income of KM 1,359 thousand (hot meals KM 742 thousand,
transport KM 84 thousand, reimbursement KM 195 thousand, awards KM 42 thousand and other
benefit for employees KM 296 thousand).
245
23 Ostale obveze (nastavak)

Bruto plae ukljuuju i stimulativne otpremnine za sporazumni prestanak radnog odnosa u iznosu od 207 tisua KM
( u 2014. godini 916 tisua KM)
Trokovi plaa grupe u 2014 godini su iznosili 12.209 tisua KM (u 2014. godini 12.787tisua KM).
24 Operativni najam
Najmodavac
Objekt najma
Istek najma
Tisue KM
Plaanja
nakon godinu
unutar
u 2015. godini
Termoelektrana Kakanj
TBG BH
ConicaMinolta
Depo za trosku
Prosinac 2015
Objekti
Oprema
jedne godine
do pet godina
142
142
426
Prosinac 2015
Rujan 2015
23
25 Povezana drutva
Povezana drutva su drutva koja spadaju u HeidelbergCement AG Grupu. Transakcije s povezanim drutvima
odnose se na kupovinu roba i usluga i kredite dane lanovima Uprave.
Potraivanja od povezanih drutava
31. prosinca
Tisue KM
Grupa
246
Drutvo
2015. godine
2014. godine
2015. godine
2014. godine
DDC Zagreb
968
1.655
TBG BH d.o.o.
2.541
2.007
3.509
3.662
23 Other liabilities (continued)

Balance of gross salaries includes also stimulant severance pays for the arranged employment
termination of KM 207 thousand (in 2014, KM 916 thousand).
Group payroll costs in 2015 amounted to KM 12,209 thousand (in 2014, KM 12,787 thousand).
24 Operating leases
Lessor
Basis of lease
Expiry of lease
KM thousand
Payments
in 2015
Termoelektrana Kakanj
Depo za trosku
Prosinac 2015
Objekti
Oprema
TBG BH
ConicaMinolta
due within
due after one year but
one year
not more than five years
142
142
426
Prosinac 2015
Rujan 2015
23
25 Related parties
Related parties are other companies from the HeidelbergCement AG Group. Transactions with related parties
include the purchase of goods and services and loans given to Board members.
Receivables from related parties
31 December
KM thousand
Group
Company
year 2015
year 2014
year 2015
year 2014
DDC Zagreb
968
1,655
TBG BH d.o.o.
2,541
2,007
3,509
3,662
247
25 Povezana drutva (nastavak)

Obveze prema povezanim drutvima
31. prosinca
Tisue KM
Grupa
Drutvo
2015. godine
2014. godine
2015. godine
2014. godine
56
381
49
369
47
HeidelbergerZement AG
Heidelberg Cement TechnologyCenter
Heidelbergcement Trading Malta limited
Duna-Drava Cement Kft Vac
73
47
73
1.491
1.491
345
522
1.965
950
1.613
418
Prihodi od povezanih drutava

31. prosinca
Tisue KM
Grupa
2015. godine
Drutvo
2014. godine
2015. godine
2014. godine
DDC Zagreb d.o.o.
9.753
9.247
TBG BH d.o.o.
4.350
5.945
14.103
15.192
Rashodi od povezanih drutava

31. prosinca
Tisue KM
Grupa
2015. godine
2014. godine
2015. godine
2014. godine
622
636
526
531
Heidelberg Cement AG
213
187
213
187
HC Trading INC
5.297
5.423
5.297
5.423
Duna-Drava Cement KftVac
6.029
4.586
46
318
45
45
23
12.206
10.832
6.127
6.482
TBG BH
248
Drutvo
25 Related parties (continued)

Payables to related parties
31 December
KM thousand
Group
HeidelbergerZement AG
Heidelbergcement Trading Malta limited
Duna-Drava Cement Kft Vac
Company
year 2015
year 2014
year 2015
year 2014
56
381
49
369
47
73
47
73
1,491
1,491
345
522
1,965
950
1,613
418
Revenues from related parties

31 December
KM thousand
Group
year 2015
Company
year 2014
year 2015
year 2014
DDC Zagreb d.o.o.
9,753
9,247
TBG BH d.o.o.
4,350
5,945
14,103
15,192
Expenses from related parties

31 December
KM thousand
Group
Heidelberg Cement AG
Company
year 2015
year 2014
year 2015
year 2014
622
636
526
531
213
187
213
187
HC Trading INC
5,297
5,423
5,297
5,423
Duna-Drava Cement KftVac
6,029
4,586
46
318
45
45
23
12,206
10,832
6,127
6,482
TBG BH d.o.o.
249
25 Povezana drutva (nastavak)

Naknade kljunim osobama u Upravi
U 2015. godini ukupni troak naknada plaenih kljunim osobama u Upravi Drutva iznosile su 1.248 tisua
KM (u 2014. godini 1.246 tisua KM). Kljune osobe ukljuuju lanove Uprave, odnosno Direktora i izvrne
direktore.
U 2008. godini Drutvo je odobrilo kredite za tri lana Uprave u ukupnom iznosu od 1.200 tisua KM s rokom
otplate od sedam godina i trogodinjim razdobljem poeka. Krediti nisu osigurani a godinja kamatna stopa iznosi
2% (biljeka 15).
Tisue KM
2015. godine
Neto plaa ukljuujui varijabilni dio
530
505
Ostala oporeziva primanja
140
131
Doprinosi iz plae
301
286
Bruto plaa
971
922
Doprinosi na plau
102
97
1.073
1.019
156
206
19
21
1.248
1.246
Porezi i doprinosi na materijalne koristi

Ostala neoporeziva primanja
Ukupni troak
250
2014. godine
25 Related parties (continued)

Compensation of key management personnel
In 2015, the total expense related to key management personnel of the Group amounted to KM1,248 thousand (in
201, KM 1,246 thousand). Key management personnel include members of the Management board, its Director
and executive directors.
The Company has granted loans to three members of the Management Board in 2008 in total amount of KM 1,200
thousand repayable in the period of seven years with a three years grace period. Loans are unsecured with annual
interest rate of 2% (Note 15).
KM thousand
year 2015
year 2014
Net salary including variable part
530
505
Other taxable income
140
131
Contributions from salary
301
286
Gross salary
971
922
Contributions on salary
102
97
1,073
1,019
Taxes and contributions to material benefits
156
206
Taxes and contributions to material benefits
19
21
1,248
1,246
Total expense
251
26 Financijski instrumenti i upravljanje financijskim rizikom

Procjena fer vrijednosti
Glavni financijski instrumenti Drutva koji se ne vode po fer vrijednosti su potraivanja od kupaca, ostala kratkotrajna
imovina, obveze prema dobavljaima i ostale obveze, primljeni depoziti. Knjigovodstvena vrijednost novanih
ekvivalenata i ostale kratkotrajne imovine priblina je njihovoj fer vrijednosti s obzirom na kratkorono dospijee ovih
financijskih instrumenata. Slino, povijesni troak knjigovodstvenog iznosa potraivanja, obveza prema dobavljaima
i primljenih depozita koji su podloni normalnim uvjetima poslovanja priblina su njihovim fer vrijednostima.
Upravljanje financijskim rizikom
Drutvo ne koristi derivatne financijske instrumente za upravljanje financijskim i operativnim rizikom. Glavne politike
izloenosti riziku i politike upravljanja rizikom saete su kako slijedi:
Kreditni rizik
Kreditni rizik je rizik da jedna strana koja sudjeluje u financijskom instrumentu nee ispuniti svoje obveze i time
uzrokovati gubitak drugoj strani. Grupa je izloena kreditnom riziku iz svojih poslovnih aktivnosti (primarno riziku
nenaplativosti potraivanja) i iz financijskih aktivnosti, ukljuujui depozite u bankama i financijskim institucijama.
Kreditni rizik vezan za potraivanja od kupaca se nadzire na razini pojedinog drutva u okviru grupe i u skladu
s politikom, procedurama i kontrolama definiranima na razini grupe. Otvorena potraivanja od kupaca se
redovito nadziru a sve isporuke najveim kupcima su osigurane bankovnim garancijama ili drugim instrumentima
osiguranja. Grupa nema znaajnu koncentraciju kreditnog rizika niti prema jednoj stranci ili grupi stranaka sa
slinim karakteristikama. Grupa procjenjuje da je koncentracija kreditnog rizika za potraivanja od kupaca niska.
Kreditni rizik koji proizlazi iz salda s bankama i drugim financijskim institucijama (uglavnom vezan za novac,
ekvivalente novca i dane kredite) nadzire i vodi financijski odjel Grupe u skladu s politikama grupe. Viak sredstava
se ulae samo kod provjerenih stranaka. Izloenost Grupe kreditnom riziku proizlazi iz nemogunosti druge strane
da podmiri svoje obveze, pri emu je maksimalna izloenost jednaka knjigovodstvenoj vrijednosti te imovine.
Rizik kamatnih stopa
Kamatni rizik je rizik da e se vrijednost financijskog instrumenta promijeniti uslijed promjene trinih kamatnih
stopa u odnosu na kamatnu stopu koja je primjenjiva na taj financijski instrument. Rizik kamatnih stopa kod tijeka
novca je rizik da e trokovi kamata na financijske instrumente biti promjenjivi tijekom razdoblja.
Drutvo nema kredite koji nose kamate koje bi mogle drutvo izloiti riziku kamatnih stopa.
Rizik likvidnosti
Rizik likvidnosti koji se smatra rizikom financiranja je rizik da e se Drutvo susresti s potekoama u prikupljanju
sredstava za podmirivanje obveza povezanih s financijskim instrumentima. Politika Grupe je odrati dovoljno novca
i novanih ekvivalenata ili imati na raspolaganju financijska sredstva putem odgovarajueg iznosa kreditnih linija za
ispunjenje njegovih obveza u doglednoj budunosti.Viak novca ulae se uglavnom u kratkorone depozite.
252
26 Financial instruments and financial risk management

Fair value estimation
The Companys principal financial instruments that are not carried at fair value aretrade receivables, other current
assets, trade and other payables, deposits received and long-term borrowings. The carrying amount of cash
equivalents and other current assets approximates their fair value due to the short-term maturity of these financial
instruments. Similarly, the historical cost of the carrying amounts of receivables, payables and deposits received,
which are all subject to normal trade credit terms, are approximately the same as their fair values.
Financial risk management
The Company does not use derivative financial instruments to manage financial or operating risks. The major risk
exposures and risk management policy is summarised as follows:
Credit risk
Credit risk is the risk that one party of a financial instrument will fail to discharge an obligation and cause financial
loss to the other party. The Group is exposed to credit risk from its operating activities (primarily for trade receivables)
and from its financing activities, including deposits with banks and financial institutions. Customer credit risk is
managed by each company within the Group in accordance with the Groups established policy, procedures and
control relating to customer credit risk management. Outstanding customer receivables are regularly monitored and
any deliveries to the major customers are generally covered by bank guarantees or other forms of credit insurance.
The Grouphas no credit risk concentration to any single counter party or group of counterparties having similar
characteristics. The Group evaluates the concentration of risk with respect to trade receivables is low.
Credit risk from balances with banks and financial institutions (mostly related to the cash, cash equivalents and loans
given) is managed by the Groups finance department in accordance with the Groups policy. Investments of surplus
funds are made only with approved counterparties. The Groups exposure to credit risk arises from default of the
counterparty, with a maximum exposure equal to the carrying amount of these instruments.
Interest rate risk
Interest rate pricing risk is the risk that the value of a financial instrument will fluctuate due to changes in market
interest rates in relation to the interest rate which applies to the financial instrument. Interest rate risk related to cash
flows is the risk that the interest cost of an instrument will fluctuate over time.
The Company does not have interest bearing loans, which would expose the Company to interest rate risk.
Liquidity risk
Liquidity risk, also referred to as funding risk, is the risk that an enterprise will encounter difficulty in raising funds
to meet commitments associated with financial instruments. The Group policy is to maintain sufficient cash and
cash equivalents or to have available funding through an adequate amount of committed credit facilities to meet its
commitments for the foreseeable future. Any excess cash is invested mostly in short term deposits.
253
26 Financijski instrumenti i upravljanje financijskim rizikom (nastavak)

Upravljanje financijskim rizikom (nastavak)
Rizik likvidnosti (nastavak)
Tablice ispod prikazuju strukturu dospijea obveza prema dobavljaima i ostalih obveza za Grupu i za Drutvo.
Grupa:
Obveze prema dobavljaima i ostale obveze
Svi iznosi u tisuama KM

Dospijee za
Ukupno
0-30
31-60
61-90
91-120
>120
dana
dana
dana
dana
dana
Godina zavrena 31. prosinca 2015.
9.103
3.540
137
12.780
6.087
2.236
104
8.426
Drutvo:
Obveze prema dobavljaima i ostale obveze
Svi iznosi u tisuama KM

Dospijee za
Ukupno
0-30
31-60
61-90
91-120
>120
dana
dana
dana
dana
dana
7.989
1.998
132
10.119
4.813
1.081
97
5.991
Rizik promijene deviznih teajeva

Rizik promjene deviznih teajeva je rizik da e se vrijednost financijskih instrumenata mijenjati uslijed promjene
teajeva. Drutvo prihode ostvaruje na domaem i stranom tritu ali neke nabave osnovnih sredstava su
denominirane u EUR. S obzirom da je teaj konvertibilne marke (KM) prema EUR fiksan, rizik nije znaajan.
Upravljanje kapitalom
Kapital ukljuuje temeljni kapital i rezerve. Primarni cilj Grupnog upravljanja kapitalom je osigurati odravanje
povoljnih kapitalnih pokazatelja kako bi bili potpora poslovanju i maksimizirali vrijednost imatelja udjela.
Grupa upravlja kapitalnom strukturom i prilagoava ju promjenama ekonomske situacije. Kako bi odrala ili
prilagodila strukturu kapitala, Grupa moe koristiti isplate dividende dioniarima, povrat kapitala ili izdavanje novih
dionica.
Tijekom godina koje zavravaju 31. prosinca 2015., odnosno 31. prosinca 2014. nije bilo promjena u ciljevima,
politikama ili procesima.
27 Dogaaji nakon izvjetajnog datuma
Nisu nastali nikakvi poslovni dogaaji ili transakcije zakljuno s 31. prosincem 2015. godine koji bi imali znaajan
utjecaj na financijska izvjea na dan ili za razdoblje tada zavreno ili da su od takvog znaaja za poslovanje Grupe
da bi zahtijevala objavu u biljekama uz financijska izvjea
254
26 Financial instruments and financial risk management (continued)

Financial risk management (continued)
Liquidity risk (continued)
The tables below are representing the maturity structure aging structure of the Groups and Companys trade
and other payables:
Group:
Trade and other payables
All amounts in KM thousand

Due in
Total
0-30
31-60
61-90
91-120
>120
days
days
days
days
days
Year ended 31 December 2015
9,103
3,540
137
12,780
6,087
2,236
104
8,426
Company:
Trade and other payables
All amounts in KM thousand

Due in
Total
0-30
31-60
61-90
91-120
>120
days
days
days
days
days
7,989
1,998
132
10,119
4,813
1,081
97
5,991
Currency risk
Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange
rates. The Company realizes sales on the domestic and foreign markets, but some purchases of fixed assets are
denominated in EUR. Since the exchange rate of KM to EUR is fixed, the risk is not significant.
Capital management
Capital includes share capital and reserves. The primary objective of the Groups capital management is to ensure
that it maintains healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To
maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital
to shareholders or issue new shares.
No changes were made in the objectives, policies or processes during the years ended 31 December 2014 and 31
December 2013.
27 Events after reporting period
No other events or transactions haveoccurred since 31 December 2015 or are pending that would have a material
effect on the financial statements at that date or for the period then ended, or that are of such significance in relation
to the Groups affairs to require mention in a note to the financial statements.
255
Dodatne informacije
Additional Information
258 Kontakti
Contacts
262 Impriesum
Imprint
Kontakti
Contacts
Bosna i Hercegovina
Tvornica cementa Kakanj d.d. Kakanj
72240 Kakanj
Bosna i Hercegovina
Tel.
+387 (0)32 557 500
Fax:
+387 (0)32 557 600
Uprava
Direktor
Branimir Muida

Izvrni direktor za proizvodnju i tehnike poslove
Izvrni direktori za finansije i ekonomske poslove
Izudin Neimarlija Zehra Obralija
Proizvodnja i distribucija cementa

Zajedniki poslovi
Sekretar Drutva
Rukovodilac Odjela nabavke
Sead Kovaevi Armin Hadi

Rukovodilac Odjela marketinga i prodaje
Rukovodilac IT odjela
Bajazid Tursun Emir Bilalovi
Koordinator za komunikacije
Tehnika podrka
Emina Dedi Nurdin Salihbegovi

Struni saradnik za ISO standarde i zatitu okolia
Almir Bajtarevi
Proizvodnja
Rukovodilac Sektora proizvodnje
Edin Bjelopoljak

Rukovodilac Slube odravanja
Rukovodilac kontrole kvaliteta
Hakija Salki Nedad Harai

Poslovnice
Rukovodilac Poslovne jedinice Sarajevo
Rukovodilac Poslovne jedinice Banja Luka
Suvad Avdispahi Darko Kos
Halilovii b.b. Loionika 2
71000 Sarajevo 78000 Banja Luka
Tel.
+387 (0)33 767 340
Tel/Fax: +387 (0)51 345 175
Fax:
+387 (0)33 767 341
GSM
+387 (0)65 881 906
GSM
+387 (0)61 162 185
258

72240 Kakanj
Tel.
+387 (0)32 557 500
Fax:
+387 (0)32 557 600
Management
Director
Branimir Muida

Executive Director for Production and Technical Issues
Executive Director for Finances and Economic Issues
Izudin Neimarlija Zehra Obralija
Cement Production and Distribution

Common Affairs
Secretary of the Company
Head of Purchasing
Sead Kovaevi Armin Hadi

Head of Marketing and Sales
Head of IT
Bajazid Tursun Emir Bilalovi
Communications Coordinator Technical Support
Emina Dedi Nurdin Salihbegovi

QMS Manager
Almir Bajtarevi
Production
Head of Production
Edin Bjelopoljak

Head of Maintenance
Head of Quality Control
Hakija Salki Nedad Harai

Business Units
Head of Business Unit Sarajevo
Head of Business Unit Banja Luka
Suvad Avdispahi Darko Kos
Halilovii b.b. Loionika 2
71000 Sarajevo 78000 Banja Luka
Tel.
+387 (0)33 767 340
Tel/Fax: +387 (0)51 345 175
Fax:
+387 (0)33 767 341
GSM
+387 (0)65 881 906
GSM
+387 (0)61 162 185
259
Proizvodnja i distribucija betona

TBG BH d.o.o.
72240 Kakanj
Bosna i Hercegovina
Direktor
Ehlimana ehmehmedovi
Magistralni put b.b.
75250 Lukavac, Bosna i Hercegovina
Tel/Fax: +387 (0)35 553 250
Rukovodilac Poslovne jedinice Sarajevo
Tehnolog za kvalitet
Asim Mei Enhad Goralija

Rukovodilac Poslovne jedinice Banja Luka
Rukovodilac Poslovne jedinice Lukavac
Dejan Vasili Damir Hrusti
Hrvatska
Distribucija cementa
Dunav-Drava cement d.o.o.
Direktor
Duko uek
Ivana Luia 2 a (Eurotower)
10000 Zagreb
Hrvatska
Tel.
+385 (0)1 38 31 746
Fax.
+385 (0)1 38 31 798
Proizvodnja i distribucija betona

TBG BETON d.o.o.
Direktor
Zoran Peri
10000 Zagreb
Hrvatska
Tel.
+385 (0)1 66 07 360, 66 07 353
Fax.
+385 (0)1 66 08 540
Voditelj prodaje
Sanjin Kalaica
260
Mob. +385 (0)91/352 1368
Concrete Production and Distribution

TBG BH d.o.o.
72240 Kakanj
Director
Ehlimana ehmehmedovi
Magistralni put b.b.
75250 Lukavac, Bosnia and Herzegovina
Tel/Fax: +387 (0)35 553 250
Technologist for Quality
Head of Business Unit Sarajevo
Asim Mei Enhad Goralija

Head of Business Unit Banja Luka
Head of Business Unit Lukavac
Dejan Vasili Damir Hrusti
Croatia
Cement Distribution
Dunav-Drava cement d.o.o.
Director
Duko uek
10000 Zagreb
Croatia
Tel.
+385 (0)1 38 31 746
Fax.
+385 (0)1 38 31 798
Concrete production and Distribution

TBG BETON d.o.o.
Director
Zoran Peri
10000 Zagreb
Croatia
Tel.
+385 (0)1 66 07 360, 66 07 353
Fax.
+385 (0)1 66 08 540
Sales Manager
Sanjin Kalaica
Mob. +385 (0)91/352 1368
261
Impresum
Imprint
Izdava / Publisher
Selima ef Merdanovia 146
72240 Kakanj
BiH
Fotografije / Photographs
Arhiva Tvornice cementa Kakanj
Arhiva HeidelbergCement Group
Emina Dedi
Amer Kapetanovi
Lektura / Proofreading
(ne ukljuuje izvjetaje nezavisnog revizora / does not include the reports of the independent auditor)
Faik Imamovi, James Marshall
DTP
Master House New Media Design
tampa / Printing
Atlantik bb d.o.o.
Kontakt / Contact
Odnosi s investitorima / Investor Relations
Telefon: + 387 32 557 538
Fax: +387 32 557 600
Komunikacije / Communications
Telefon: + 387 32 557 552
Fax: +387 32 557 600

Izradi ovoga godinjeg izvjetaja i provjeri podataka posveena je najvea mogua panja. Ipak se ne mogu iskljuiti
greke kod zaokruivanja iznosa, prosljeivanja i pripreme za tampu kao ni tamparske greke. Prilikom zbrajanja
zaokruenih iznosa i procenata mogu se pojaviti razlike u zaokruivanju. Godinji izvjetaj je sastavljen na bosanskom
jeziku. Engleska verzija izvjetaja predstavlja prevod izvornika koji je sastavljen na bosanskom jeziku. Jedina
mjerodavna verzija jeste verzija napisana na bosanskom jeziku.
This annual report has been prepared and the data checked with the greatest possible care. Nonetheless, rounding,
transmission, typesetting and printing errors cannot be ruled out. In the summing up of rounded amounts and
percentages, rounding-off differences may occur. This annual report was prepared in Bosnian. The annual report in
English is a translation of the original Bosnian report. The only authentic version is the Bosnian version.
262
263
Bosna i Hercegovina / Bosnia & Herzegovina
Legenda / Legend
TBG BH d.o.o.
Sjedite / HQ
72240 Kakanj
Sjedite / HQ
72240 Kakanj
Poslovna jedinica Banja Luka

Business unit Banja Luka
Loionika 2
78000 Banja Luka
Poslovna jedinica Sarajevo

Terminal za otpremu cementa
Business unit Sarajevo
Cement terminal
Halilovii bb
71000 Sarajevo
Poslovna jedinica Sarajevo

Business unit Sarajevo
Doglodi bb, Ilida
71000 Sarajevo
Mobilna jedinica Drivua

Mobile unit Drivua
Visoka 52
72000 Zenica
Poslovna jedinica Banja Luka

Terminal za otpremu cementa
Business unit Banja Luka
Cement terminal
Loionika 2
78000 Banja Luka
Tvornica cementa / Cement plant

Terminal za otpremu cementa / Cement terminal
Betonara / RMC plant
Predstavnitvo za Hrvatsku / Branch Office Croatia
VALPOVO
OSIJEK
ZAGREB
AKOVO
VINKOVCI
SLAVONSKI BROD
Poslovna jedinica Lukavac

Business unit Lukavac
Magistralni put bb
75250 Lukavac
BANJA LUKA
LUKAVAC
DRIVUA
KAKANJ
SARAJEVO
Hrvatska / Croatia
Dunav-Drava cement d.o.o
Predstavnitvo za Hrvatsku / Branch Office Croatia
Sjedite / HQ
Ivana Luia 2a (Eurotower)
10000 Zagreb
TBG BETON d.o.o.

Sjedite / HQ
Ivana Luia 2a (Eurotower)
10000 Zagreb
Poslovna jedinica Donja Bistra

Business Unit Donja Bistra
Gospodarska zona bb,
10298 Donja Bistra
TBG Strabag d.o.o. Zagreb

Joint Venture
ulineka bb,
10040 Zagreb
Poslovna jedinica Osijek

Business Unit Osijek
Nemetin 171c,
31000 Nemetin
Poslovna jedinica Valpovo

Business unit Valpovo
Kraljevci 11,
31550 Valpovo
Poslovna jedinica Vinkovci

Business unit Vinkovci
H.V. Hrvatinia 118b,
32100 Vinkovci
Poslovna jedinica akovo

Business Unit akovo
Grobljanska bb,
31401 Vikovci
Poslovna jedinica Slavonski Brod

Business Unit Slavonski Brod
Sjeverna vezna cesta bb,
35000 Slavonski Brod

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2015

Finansijski podaci Tvornice cementa Kakanj i zavisnih drutava

Pozicije rauna dobiti i gubitka Grupe

Pozicije rauna dobiti i gubitka Drutva

Pozicije bilansa Grupe

Pozicije bilansa Drutva

Financial Data for Tvornica cementa Kakanj and Related Companies

Profit and loss accounts of the Group

Profit and loss accounts of the Company

Balance sheet of the Group

Balance sheet of the Company

Letter from the Director

Organization and Managing Bodies

Djelatnost i organizacijska struktura

Organization and Managing Bodies

Core Activities and

Poslovni trend u 2015.

Izvjetaj Nadzornog odbora

Izvjetaj Odbora za reviziju

Dame i gospodo, potovani dioniari!

Tvornica cementa Kakanj | Godinji izvjetaj 2015.

Ladies and gentleman, dear shareholders,

Tvornica cementa Kakanj | Annual Report 2015

Tvornica cementa Kakanj | Godinji izvjetaj 2015.

Tvornica cementa Kakanj | Annual Report 2015

Tvornica cementa Kakanj | Godinji izvjetaj 2015.

Tvornica cementa Kakanj | Annual Report 2015

Izvjetaj Nadzornog odbora

Aktivnosti Nadzornog odbora

Tvornica cementa Kakanj | Godinji izvjetaj 2015.

lanovi Nadzornog odbora i lanovi Uprave

Activities of the Supervisory Board

Business Operations of the Company

Tvornica cementa Kakanj | Annual Report 2015

Saradnja s Upravom Drutva

Tvornica cementa Kakanj | Godinji izvjetaj 2015.

General Assembly of the Company

Cooperation with the Management Board of the Company

Tvornica cementa Kakanj | Annual Report 2015

Saradnja s Odborom za reviziju

Tvornica cementa Kakanj | Godinji izvjetaj 2015.

Cooperation with the Audit Committee

Tvornica cementa Kakanj | Annual Report 2015

Izvjetaj odbora za reviziju

Tvornica cementa Kakanj | Godinji izvjetaj 2015.

Tvornica cementa Kakanj | Annual Report 2015

Tvornica cementa Kakanj | Godinji izvjetaj 2015.

Tvornica cementa Kakanj | Annual Report 2015

Tvornica cementa Kakanj | Godinji izvjetaj 2015.

Tvornica cementa Kakanj | Annual Report 2015

Jnos Szarkndi, predsjednik

Andreas Kern, lan

Gerhard Hirth, lan

Tvornica cementa Kakanj | Godinji izvjetaj 2015.

Jnos Szarkndi, Chairman

Andreas Kern, Member

Gerhard Hirth, Member

Tvornica cementa Kakanj | Annual Report 2015