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Web Master Godisnji Izvjestaj 2016 PDF
Web Master Godisnji Izvjestaj 2016 PDF
Annual Report
2016
Financiski podaci Tvornice cementa Kakanj i zavisnih drutava
Volumen prodaje
Cement (u hiljadama tona) 476 419 426 433
Cement roba (u hiljadama tona) 47 48 70 63
Beton (u hiljadama metara kubnih) 277 159 170 213
Investicije
Investicije - Grupa 3.899 5.606 5.166 10.429
Investicije - Drutvo 3.307 5.418 4.866 4.449
Finansijska ulaganja - Grupa
Finansijska ulaganja - Drutvo
Sales volume
Cement (in thousand tons) 476 419 426 433
Cement trading goods (in thousand tons) 47 48 70 63
Concrete (in thousand cubic meters) 277 159 170 213
Investments
Investments of the Group 1,994 2,866 2,641 5,332
Investments of the Company 1,691 2,770 2,488 2,275
Financial investments of the Group 0 0 0 0
Financial investments of the Company
6 Obraanje direktora
Letter from the Director
20 Uprava Drutva
Management Board
22 Nadzorni odbor
Supervisory Board
24 Dionice
Shares
Gradimo
na odrivim
temeljima
Building
on sustainable
foundations
2016
Obraanje direktora
Letter from the Director
Bez obzira na veoma izazovno poslovno okruenje, Tvornica cementa Kakanj uspjeno je okonala jo
jednu poslovnu godinu. Proteklu godinu moemo ocijeniti kao dosta teku za graevinski sektor s obzirom
na kompletnu ekonomsku situaciju u BiH. U najavi je vie znaajnih infrastrukturnih projekata, meutim jo
uvijek nezapoetih radi nerijeene strukture njihovog financiranja. Tokom 2016. godine prodaja je bila na
otprilike istom nivou kao i prethodne godine, to je velikim dijelom rezultat kanjenja u poetku gradnje velikih
infrastrukturnih objekata koji bi mobilizirali graevinski sektor, a time i sveukupnu privredu drave.
Tvornica cementa Kakanj je na tritu Bosne i Hercegovine u 2016. godini ostvarila obim prodaje od 367
hiljada tona cementa, dok je izvoz iznosio 65 hiljada tona cementa. Uz intenzivnu konkurenciju, uspjeli smo
zadrati lidersku trinu poziciju kako na tritu cementa tako i na tritu betona, uz dobar plasman svojih
proizvoda u kljunim trinim segmentima.
Poslovanje naih betonara je bilo u porastu. Proizvodnja betona u 2016. vea je za 60% u odnosu na
2015. Ovakav trend je posljedica pokretanja veih projekata na izgradnji Koridora 5C, kao i kupovinom dvije
betonare na podruju Sarajeva i Zenice to je rezultiralo poveanjem volumena prodaje. U 2016. godini TBG
BH d.o.o. Kakanj postala je prva kompanija u Bosni i Hercegovini koja je implementirala sistem kvalitete
proizvodnje betona prema evropskim standardima BAS EN 206- 1. Implementacija evropskih standarda u
proizvodnji betona je izvrena na svim betonskim postrojenjima koja posluju na podruju Federacije Bosne i
Hercegovine. Time je jo jednom potvreno da je TBG BH lider u proizvodnji betona i primjeni novih zakona
i standarda.
Naa kompanija potie i podrava sistem vrijednosti u kojem se gradi kultura rada, stvaranja i izvrsnosti.
Tvornica cementa Kakanj, koja je meu top kompanijama u BiH po drutvenoj odgovornosti, nastavila je
sa ciklusom investiranja u poboljanje proizvodnih procesa i uvoenje najbolje dostupne tehnologije. Nove
tehnologije uvodimo u sve nae pogone kako bi se kroz na proizvodni proces stvarao to kvalitetniji proizvod
uz najmanji uticaj na okoli, a uz najveu dobrobit za zajednicu. Jedan od najznaajnijih projekata koje smo
priveli kraju svakako je instalacija novih vreastih filtera na mlinove cementa ime postiemo jaku stabilnost
procesa otpraivanja i dalje smanjenje emisija praine.
Jo jedan znaajan projekat na kojem radimo je upotreba otpada kao zamjenskog goriva. Upotreba zamjenskih
goriva u tvornicama cementa, donosi viestruku korist, i cementarama i lokalnim zajednicama. Pored utede
prirodnih resursa, upotreba zamjenskih goriva smanjuje ulaganja u nova postrojenja za upravljanje otpadom,
rjeava probleme nedostatka prostora za deponovanje otpada, a nudi i mogunost otvaranja novih radnih
mjesta. Naa su nastojanja sada usmjerena na uvoenje RDF-a, goriva iz otpada. Da bi poeli sa koritenjem
ove vrste goriva, tokom 2017. planiramo novu investiciju koja se odnosi na modifikaciju postrojenja kako bi
se ovo gorivo moglo koristiti uz optimalne rezultate u proizvodnom procesu.
Drutvena odgovornost je nae strateko opredjeljenje i DNK nae kompanije. Stoga smo i u godini iza
nas posebnu panju posvetili svojoj drutvenoj ulozi pruajui podrku humanitarnim projektima, razvoju
obrazovanja, umjetnosti, kulture i sporta i naim mladim talentima. Otvorena komunikacija sa lokalnom
zajednicom stalni je prioritet u naim poslovnim aktivnostima. Tokom protekle godine naa podrka primarno
se fokusirala na mlade generacije, ukljuujui Dan otvorenih vrata, kada smo ugostili nekoliko hiljada mladih
i djece, zatim donaciju sredstava za izgradnju jo jednog igralita za djecu, te donacija u iznosu od 10.000
KM kakanjskoj gimnaziji za poboljanje uslova rada.
Regardless of a very challenging business environment, Tvornica cementa Kakanj successfully ended
another business year. Last year can be considered very difficult, given the overall economic situation in
B&H. Several significant infrastructure project have been announced, but they have not started yet due to
unsolved financing structure. The sales volume in 2016 remained at approximately the same level as the
previous year, mainly due to delays to the start of construction of large infrastructure objects that would
mobilize the construction sector and the overall economy of the state.
In 2016, Tvornica cementa Kakanj sold 367 thousand tons of cement on the market of B&H, and export
amounted to 65 thousand tons of cement. Although competition was strong, we maintained the leading
position on the market of cement as well as on the market of RMC, including a significant presence of our
products in key market segments.
Our RMC business increased. Concrete production in 2016 increased by 60% compared to 2015. This is
due to the start of large projects on Corridor 5C, as well as due to acquisition of two RMC plants from w&p
Beton in Sarajevo and Zenica resulting in increased sales volumes. In 2016, TBG BH d.o.o. Kakanj became
the first company in Bosnia and Herzegovina that implemented the quality system for concrete production
in accordance with European standards BAS EN 206- 1. The European standards in concrete production
were implemented in all production facilities on the territory of the Federation of Bosnia and Herzegovina.
This confirmed that TBG BH is the leader in concrete production and application of new regulations and
standards.
Our company fosters and supports a system of values that build a culture of work, creation and excellence.
Tvornica cementa Kakanj, which is among the top companies in B&H in the field of social responsibility,
continued its investing cycle into improvement of production processes and introduction of the best available
techniques. We have been introducing new technologies to all of our plants with the aim of creating high
quality products with minimal impact on the environment, and the highest benefit to the community. One
of the most significant projects that we have finalised is the installation of new bag filters in cement mills,
achieving high stability in the dedusting process and a further decrease in dust emissions.
Another significant project that we have been implementing is the utilisation of waste as alternative fuel. Using
alternative fuels in cement plants brings numerous benefits to cement plants as well as local communities. In
addition to preserving natural resources, alternative fuels reduce investments into new waste management
facilities, solve problems of landfill insufficiency for dumping waste, and provide a possibility of new working
places. Our efforts are now directed at introducing RDF (refuse derived fuel). To use this type of waste, we
plan in 2017 to invest into the modification of our plants to enable use this type of fuel, reaching optimum
results in the production process.
Social responsibility is our strategic commitment. Therefore, during the past year, we paid special attention
to our social role by providing support to humanitarian projects, development of art, culture and sport, and
our young talents. Open communication with the local community is a priority in our business activities. Over
the course of the past year, our support was primarily focused on young generations through our Open Door
event, when we hosted several thousand young people and children, donation of funds for construction of
another childrens playground, and a donation in the amount of 10,000 KM to Kakanj Gymnasium to improve
the schools working conditions.
Ugled i vanost nae kompanije u irem smislu prepoznat je u BiH, a ponosni smo i na injenicu da je meni
kao direktoru tvornice pripala ast da otvorim meunarodni sajam ZEPS u Zenici, da budem ponovo izabran
na poziciju predsjednika Vijea stranih investitora BiH, te da budem kljuni govornik i sudionik nekoliko
vanih meunarodnih konferencija i skupova u BiH i ire.
Zahvaljujui prije svega naim radnicima, Tvornica cementa Kakanj nie uspjehe i u godinama ekonomskih
previranja i krize. Stalno uenje i stalno stremljenje novim uspjesima odlika je svih naih ljudi. To nam daje
podstrek da ulaemo u nove tehnologije, da budemo pioniri u naoj industriji i da kontinuirano radimo na
unapreenju zatite na radu i zatite zdravlja naeg osoblja.
Tvornica cementa Kakanj e nastaviti da gradi poslovanje na stubovima odrivog poslovanja. Nastavljamo
slijediti svoju viziju biti prvi, najvei i najbolji proizvoa cementa u regiji, uz maksimalnu posveenost
kupcima, partnerima, radnicima, njihovim porodicama i lokalnoj zajednici. Naa ulaganja u razvoj i
implementaciju novih tehnologija i standarda se nastavljaju kako bismo u svakom trenutku mogli biti
konkurentni na domaem tako i na EU tritu. Sa novim tehnologijama i standardima dodatno radimo na
zatiti okolia i unapreenju drutveno odgovornog poslovanja uopte. Nai planovi su da nastavimo da
irimo nae poslovanje, da ostanemo vodei proizvoa cementa u BiH po kvalitetu i zastupljenosti na
tritu, te da nastavimo biti primjerom drugim kompanijama u segmentu drutvene odgovornosti.
U svoje ime te u ime Uprave Drutva zahvaljujem se naim dioniarima, klijentima i poslovnim partnerima
na ukazanom povjerenju. Posebno zahvaljujem naim zaposlenicima na njihovom trudu, razumijevanju i
predanom radu koji nau kompaniju svrstava u sami vrh uspjenih kompanija u BiH.
S potovanjem!
Branimir Muida,
generalni direktor
Reputation and importance of our company has been broadly recognised in B&H, and we are proud of the fact
that I, as the director of Tvornica, has been given the honour to open the international fair ZEPS in Zenica, to
be re-elected to the position of the President of the Foreign Investors Council, and to be the key speaker and
participant in several important conferences and events in B&H and the region.
Thanks primarily to our workers, Tvornica cementa Kakanj has been achieving success even across years of
economic turmoil and crisis. Continuous learning and a tendency to achieve greater success are characteristics
of all our people. This motivates us to invest into innovative things, to be pioneers in our industry, and to
continue working on improving the health and safety of our employees.
Tvornica cementa Kakanj will continue to build its business on the pillar of sustainable development. We
continue to follow our vision to be the first, the largest and the best cement producer whose topmost
priorities are dedication to buyers, partners, workers, their families and the local community. Our investments
into development and implementation of new technologies and standards have continued so that we can
always be competitive on the domestic and EU markets. With new technologies and standards we additionally
work on environmental protection and constantly strive to improve our social responsibility. Our plans are to
continue spreading our business, to remain the leading cement producer in B&H in terms of quality as well as
market share, and to be a role model to other companies in the field of social responsibility.
On my behalf and on behalf of the Management Board I thank our shareholders, clients and business partners
for their trust. I especially thank our employees for their commitment, understanding and hard work, which
has placed our company at the very top of successful companies in B&H.
Yours sincerely,
Branimir Muida
General Director
1. Uvod
Nadzorni odbor Tvornice cementa Kakanj d.d. Kakanj radio je do maja 2016. godine 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. Od 9. 5. 2016. godine na
Godinjoj skuptini Drutva, zbog isteka mandata, a u skladu s izmijenjenim i usklaenim Statutom
i novim Zakonom o privrednim drutvima, izabran je novi saziv Nadzornog odbora na period od
etiri godine u sljedeem sastavu: Jnos Szarkndi, Gerhard Hirth i Albert Scheuer. Prema novom
Statutu Tvornice cementa Kakanj d.d. Kakanj funkcija zamjenika lana i zamjenika predsjednika
Nadzornog odbora vie ne postoji.
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.
Tokom 2016. godine Nadzorni odbor je odrao etiri sjednice: 9. marta, 9. maja, 17. oktobra i 5. decembra.
Izuzev sjednice Nadzornog odbora od 9. maja 2016. godine, na kojoj je, u skladu sa Statutom i Zakonom,
bilo neophodno izabrati predsjednika Nadzornog odbora, na ostalim sjednicama je 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.
1. Introduction
The Supervisory Board, as at May 2016, had the following members: chairman; Jnos Szarkndi, members; Andreas
Kern and Gerhard Hugo Hirth, proxies; 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. At the General Assembly Meeting of the
Company, due to the end of their mandate, and in accordance with the amended and harmonised Statute with a new
Law on Business Companies, a new composition of the Supervisory Board was elected with a mandate of four years
by the following members: Jnos Szarkandi, Gerhard Hirth and Albert Scheuer. In the new Statute of Tvornica cementa
Kakanj d.d. Kakanj, the functions of deputy member and deputy chairman of the Supervisory Board no longer exist.
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.
During 2016, the Supervisory Board held four sessions: 9 March, 9 May, 17 October, and 5 November. The
Supervisory Board, with the exception of the Supervisory Board meeting on 9 May 2016, at which, in accordance
with the Statute and the Law, it was necessary to elect a president of the Supervisory Board, discussed during other
meetings 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
razmatrao i usvojio finansijske izvjetaje Tvornice cementa Kakanj d.d. Kakanj i konsolidirane izvjetaje
Tvornice cementa i povezanih pravnih lica za 2015. godinu, s izvjetajem revizora;
razmatrao i usvojio Polugodinji izvjetaj o poslovanju Drutva u toku 2016. godine;
razmatrao i prihvatio niz informacija o planu poslovanja i realizaciji plana poslovanja u 2016. godini;
izvrio neophodne pripreme za sjednicu Skuptine dioniara, to je rezultiralo donoenjem znaajnih odluka o
poslovanju i radu Drutva.
Zbog isteka mandata Skuptina je imenovala nove lanove Nadzornog odbora u sljedeem sastavu: Jnos
Szarkndi, Gerhard Hirth i Albert Scheuer, a iz istog razloga imenovan je i novi saziv Odbora za reviziju u
sastavu: Milan Dmitrovi, Hajrudin Hadimehanovi i Anto Domazet.
Nakon to je odrana Skuptina Drutva, Nadzorni odbor je pratio i razmatrao realizaciju donesenih
odluka.
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.
.
reviewed and approved the financial statements of Tvornica cementa Kakanj and consolidated the financial
statements of Tvornica cementa Kakanj and related legal entities for 2015, with the auditors report;
considered and adopted the semi-annual report of the Company during 2016;
reviewed and accepted a range of information about the business plan and the implementation of the
business plan in 2016;
made necessary preparations for the General Assembly meeting, which resulted in adoption of important
decisions on the operations and activities of the Company.
Due to the expiry of the 4 year mandate, the General Assembly has appointed new members of the Supervisory Board: Jnos
Szarkandi, Gerhard Hirth and Albert Scheuer. For the same reason, the General Assembly was appointed with a new composition
of Audit Committee members: Milan Dmitrovi, Hajrudin Hadimehanovi and Anto Domazet.
After the General Assembly meeting of the Company, the Supervisory Board monitored and reviewed the implementation of the
relevant decisions.
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.
.
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
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
Skuptina dioniara Tvornice cementa Kakanj d.d. Kakanj imenovala je 9. 5. 2016. godine Odbor za
reviziju u sljedeem sastavu:
razmotrio je i podnio miljenje o setu finansijskih izvjetaja Drutva i konsolidiranih finansijskih izvjetaja Grupe
za 2015. godinu;
pratio i razmatrao periodine finansijske izvjetaje Drutva u toku 2016. 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 vanjskog revizora Drutva.
Odbor u toku 2016. 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 2016. godinu.
MILJENJE
o setu finansijskih izvjetaja Drutva za 2016. godinu
U skladu sa svojim nadlenostima i Meunarodnim standardima revizije (ISA), Odbor za reviziji je
vrio kontinuirani uvid u finansijske izvjetaje Drutva u toku 2016. godine u cilju sagledavanja njihove
usklaenosti s Meunarodnim raunovodstvenim standardima, odnosno Meunarodnim standardima
finansijskog izvjetavanja.
Set finansijskih izvjetaja za 2016. godinu je sainila 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.
The Assembly of the Shareholders of the Cement Factory Kakanj, joint stock company, appointed the Audit
Committee on May 9, 2016 composed of the following members:
The Audit Committee performed the following activities in the course of 2016:
Reviewed and submitted its opinion on the set of financial reports of the Company, and consolidated financial
reports of the Group, for 2015;
Continuously followed up on and reviewed periodic financial reports of the Company during 2016;
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.
The members of the Audit Committee maintained information sharing and consultation contacts with the 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 the International
Accounting Standards and the International Financial Reporting Standards (IAS/IFRS).
In 2016, the Committee received no requests from the shareholders for special audits of the financial operations in
terms of 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 2016.
In accordance with the aforementioned, the Audit Committee is submitting the following:
OPINION
on the Set of Financial Reports of the Company for 2016
Pursuant to its competencies and the International Standards of Audit (ISA), the Audit Committee
has been continuously checking the financial reports of the Company during 2016, in order to
review their compliance with the 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 the set of annual financial reports for 2016. The Audit Committee is stating its opinion on the
compliance of the financial reports and the applied accounting policies with the accounting standards.
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 2016. godinu
Odbor za reviziju je izvrio 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 2016. godinu.
Set konsolidiranih finansijskih izvjetaja Grupe je sainila Uprava Drutva, na osnovu pojedinanih finansijskih
izvjetaja matinog Drutva i pojedinanih finansijskih izvjetaja zavisnih drutava za 2016. godinu, koje
su sainile uprave lanica Grupe i 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 2016. 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.
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.
lanovi Odbora:
Milan Dmitrovi Hajrudin Hadimehanovi Anto Domazet
The applied accounting policies of acknowledging and evaluating the assets, liabilities, capital, income and expenditures
of the Company have been in conformity with the International Accounting Standards and International Financial Reporting
Standards.
OPINION
on the Set of Consolidated Financial Reports of the Group for 2016
The Audit Committee has also reviewed the set of consolidated financial reports of the Group (Cement factory Kakanj,
joint-stock company Kakanj and the associated companies TBG BH Ltd. Kakanj, TBG Beton Zagreb) for the year 2016.
The management of the Company has made the set of the consolidated financial reports of the Group, on the
basis of the individual financial reports of the parent Company and the individual financial reports of the associated
companies for the year 2016, made by the managements of the members of the Group, which are responsible
for the accuracy of the released data in these individual reports. The Audit Committee is stating its opinion on the
compliance of the set of the consolidated financial reports with the IAS/IFRS.
It is the opinion of the Audit Committee that the consolidated financial reports of the Group for the year 2016 have
been made in accordance with the other relevant IAS/IFRS, and that they fairly and truly, in all significant respects,
reflect the financial status, business performance, changes in capital and cash flows of the Group.
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.
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 Dunav-
Drava cement d.o.o. Zagreb te prokurist kompanije TBG BH d.o.o.
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.
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.
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.
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.
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.
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 2016. godini. Ukupan broj dioniara je 31. 12. 2016. godine iznosio 365.
Veinski dioniar je CEEM INVESTMENT FOUND iz Holandije sa 93,27% uea.
Vlasnika struktura deset najveih dioniara na dan 31. 12. 2016. data je u sljedeoj tabeli:
Dioniar Na dan 31. 12. 2015. godine Na dan 31. 12. 2016. 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 com-
panies 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 ap-
plies 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 de-
gree 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 2016. The total number of shareholders on 31 December 2016
was 365. 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 2016 is provided in the following table:
Poetna vrijednost dionica je iznosila 23 KM, a krajnja 22,5 KM. Najvea cijena dionica bila je 23 KM, a najmanja
22 KM.
Ukupan promet dionicama Tvornice cementa Kakanj u 2016. godini iznosio je 364.036,43 KM, a prometovano je
sa 16.126 dionica. U odnosu na prethodnu godinu broj dionica kojima se trgovalo povean je za 1,65%.
Na osnovu odluke Skuptine dioniara, Tvornica cementa Kakanj u 2016. godini isplatila je dividende za 2015.
godinu u iznosu od 13.750.976,15 KM, odnosno 1,45 KM po dionici.
25
20
15
10
5
0
Mart
April
Maj
Juni
August
Januar
Februar
Septembar
Oktobar
Novembar
Decembar
The opening value of shares amounted to 23.0 KM and the closing value amounted to 22.5 KM. The highest price
of a share was 23.0 KM and the lowest price of a share was 22.0 KM.
Total turnover generated from the shares trading of Tvornica cementa Kakanj in 2016 amounted to 364.036,43 KM,
and traded with 16.126 shares. Compared to the previous year the number of shares traded increased by 1.65%.
In accordance with the decision of the General Shareholders Assembly, Tvornica cementa Kakanj in 2016 paid
dividends for 2015 in the amount of 13.750.976,15 KM or 1.45 KM per share.
25
20
15
10
5
0
January
February
March
April
May
Juny
August
Septembar
October
November
December
KM/dionica
12000 50
10000
40
8000
30
6000
20
4000
10
2000
0 0
August
April
Juni
Mart
Oktobar
Maj
Januar
Novembar
Februar
Decembar
Septembar
KM/share
12000 50
10000
40
8000
30
6000
20
4000
10
2000
0 0
January
February
Macht
April
May
August
Jun
September
Oktober
November
December
Pregled ostvarene neto dobiti od 2008. do 2016. godine, ukupne isplate dividende te isplate dividende po dionici po godinama
prikazan je u sljedeoj tabeli:
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
2016. 17.683.307 13.750.976 1,45
Ukupno 199.821.118 247.461.369 26,11
An overview of net income from 2008 to 2016, as well as 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
2016 17,683,307 13,750,976 1.45
Total 199,821,118 247,461,368 26.11
je i na uspjeh
38 Tvornica cementa Kakanj | Godinji izvjetaj 2016.
2016
Our customers
success
is our success
Tvornica cementa Kakanj | Annual Report 2016 39
2
Poglavlje
Chapter Korporativno upravljanje
1 Corporate Governance
Strana
Page
42 Korporativne komunikacije
Corporate Communications
2016
Korporativno upravljanje
Corporate Governance
Korporativno upravljanje predstavlja okvir za voenje poslova i nadzor rada Drutva i cilj mu je 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 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. 81/15) 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). Novi Zakon o privrednim
drutvima zahtijevao je usklaivanje Statuta Drutva, a najvanije izmjene tiu se ovlatenja Skuptine Drutva
i Nadzornog odbora.
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:
Tvornica 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 i prilagoen je 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.
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 81/15) 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). The new Law on Business Companies had also resulted in the harmonization of the Statute,
and the most important changes concern the powers of the General Assembly and the Supervisory Board.
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.
Organizacija i upravljanje Drutvom ureeni su pozitivnim pravnim propisima iz ove oblasti te 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 9. 5. 2016. 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.
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 semi-
annual 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.
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 9. 5. 2016. godine, donijela je sljedee odluke:
1. Odluku o usvajanju Godinjeg izvjetaja za 2016. godinu s izvjetajima revizora, Nadzornog odbora i Odbora
za reviziju,
2. Odluka o raspodjeli dobiti,
3. Odluku o izmjenama i dopuna Statuta Tvornice cementa Kakanj d.d. Kakanj i usvajanje preienog teksta
Statuta,
4. Odluku o izmjenama i dopunama Statuta supsidijarnog drutva TBG BH d.o.o. Kakanj,
5. Odluku o razrjeenju lanova i zamjenika lanova Nadzornog odbora Tvornice cementa Kakanj d.d. Kakanj,
6. Odluku o imenovanju lanova i zamjenika lanova Nadzornog odbora Tvornice cementa Kakanj d.d. Kakanj / Predloena
izmjena ove take dnevnog reda: Odluka o imenovanju lanova Nadzornog odbora Tvornice cementa Kakanj d.d. Kakanj,
7. Odluku o razrjeenju lanova Odbora za reviziju,
8. Odluku o imenovanju lanova Odbora za reviziju,
9. Osnovne elemente ugovora za lanove Nadzornog odbora i odbora za reviziju Tvornice cementa Kakanj d.d.
Kakanj,
10. Odluku o razrjeenju vanjskog revizora,
11. Odluka o imenovanju vanjskog revizora
Na Skuptini je bilo zastupljeno 9.147.189 dionica / glasova, to predstavlja 96,56% ukupnih dionica /
glasova.
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 9 May 2016, when it passed the following decisions:
1. Decision on adopting the Annual report for 2015, including the Supervisory Board Report, Auditors Report and
the Audit Committee Report;Decision on profit distribution and dividend payment;
2. Decision on profit distribution and dividend payment;
3. Decision on amendments to the Statute of Tvornica cementa Kakanj d.d. Kakanj and adoption of the revised
text of the Statute;
4. Decision on amendments to the Statute of the subsidiary company TBG BH d.o.o. Kakanj;
5. Decision on relieving of duty of the members of the Supervisory Board of Tvornica cementa Kakanj d.d. Kakanj;
6. Decision on appointment of the members and deputy members of the Supervisory Board of Tvornica cementa
Kakanj d.d. Kakanj;
7. Decision on relieving of duty of the members of the Audit Committee;
8. Decision on appointment of the members of the Audit Committee;
9. Basic elements of the contract for contracts of the members of the Supervisory Board and the Audit Committee
of Tvornica cementa Kakanj d.d. Kakanj;
10. Decision on dismissing the external auditor;
11. Decision on electing an external auditor.
The Assembly was represented with 9.147.189 shares / votes, which is 96.56% of the total number of shares with voting
rights.
Korporativne komunikacije
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.
Corporate Communications
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, are 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.
In accordance with adoption of the new Rules on disclosure and reporting on the securities market (Official Gazette
of FBIH35/13 of 8 May 2013), the 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.
Gradimo
Building
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.
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.
Kompanije u BiH
TBG BH Kakanj 100%
Kompanije u Hrvatskoj
Companies in BH
TBG BH Kakanj 100%
Companies in Croatia
Definitivno se moe zakljuiti da su politika deavanja u Bosni i Hercegovinu u 2016. godini bila u prvom planu,
daleko ispred ekonomskih kretanja. Vezano za politiku situaciju u BiH, bitno je spomenuti da su u oktobru 2016.
odrani izbori na lokalnom nivou na kojima su se birali lokalni nivoi vlasti gradonaelnici i gradska vijea u oba
bosanskohercegovaka entiteta. Ovaj put su prevladale desno orijentirane stranke, koje su jo jedanput porazile
one graanske orijentacije. ak i ako rezultati izbora na lokalnom nivou nee imati znaajniji uticaj na dravnome i
na entitetskim nivoima vlasti, moe se zakljuiti da ipak alju jak signal za ope izbore koji bi trebalo da se odre u
2018. godini.
to se tie ekonomske situacije, bosanskohercegovaka ekonomija u 2016. godini je rasla manjom stopom nego
to je bilo oekivano i predvieno, tako da prema dostupnim podacima nee dostii projiciranu stopu rasta od 3% na
godinjem nivou, nego e prema posljednjim predvianjima stopa rasta iznositi 2,5% na godinjem nivou. Dostupni
makroekonomski pokazatelji, kao to su industrijska proizvodnja, proizvodnja u graevinarstvu, maloprodaja i izvoz,
predstavljaju dobru bazu za predvianja pozitivne dinamike bruto domaeg proizvoda. U ovom kontekstu pozitivne
kvartalne dinamike bruto domaeg proizvoda su naroito biljeene u treem i etvrtom kvartalu, s pretpostavkom da
su ostale komponente bruto domaeg proizvoda, kao to su poljoprivredni sektor i javni sektor, ostale na pozitivnom
nivou. Rast industrijske proizvodnje koja ini oko 18% bruto domaeg proizvoda procijenjen je na 2,2% na godinjem
nivou, to je bilo voeno rastom u domenu eksploatacije ruda i proizvodnje elektrine energije.
U 2016. godini, prema dostupnim pokazateljima, pozitivan rast imao je graevinski sektor, koji je biljeio oporavak
u treem kvartalu 2016. godine, jer je indeks proizvodnje u graevinarstvu imao pozitivnu stopu rasta od oko
2,3% na godinjem nivou, i to prvi put nakon prvog kvartala u 2015. godini. Osim toga, vrijednost novih narudbi u
graevinarstvu u treem kvartalu 2016. godine poveana je za oko 130% u usporedbi s istim periodom prethodne
godine. S obzirom na dostupne pokazatelje, graevinski sektor u 2016. godini ima pozitivan uticaj na dinamiku rasta
bruto domaeg proizvoda.
Prema posljednjim dostupnim pokazateljima, indeks potroakih cijena, odnosno pokazatelj inflacije biljeio je
pad za 0,7% na godinjem nivou u oktobru 2016. godine, to predstavlja 23. uzastopni mjesec da se u Bosni i
Hercegovini biljei negativna stopa inflacije, odnosno deflacija. Predviena stopa deflacije na godinjem nivou u
2016. godini iznosi 0,9%, to predstavlja etvrtu godinu u nizu da se u naoj zemlji biljei negativna stopa inflacije,
odnosno deflacija.
It can certainly be concluded that the political developments in Bosnia and Herzegovina in 2016 occupied a key
place, the subject of even greater focus than economic developments. Regarding the political situation in Bosnia and
Herzegovina, it is important to mention that in October 2016 elections were held to elect local levels of government
- mayors and city councils in both entities. This time right-oriented parties prevailed, once more defeating civic-
oriented rivals. Even if the election results at the local level will not have a significant impact at the state and entity
levels, it may still be concluded that a strong signal for the general elections to be held in 2018 has been sent.
Regarding the economic situation, the B&H economy in 2016 grew by a slower rate than had been expected and
estimated, and according to available data it will not reach the projected growth rate of 3% per annum, rather,
according to the latest forecasts, it will total a 2.5 % per annum rate of growth. Available macro-economic indicators
such as industrial production, production in construction, retail trade and exports represent a good base for predicting
a positive dynamic of gross domestic product. In this context, the positive quarterly dynamics of gross domestic
product are particularly recorded in the third and fourth quarter, with the assumption that the other components of
gross domestic product such as the agricultural sector and the public sector remain at a positive level. Growth in
industrial production, which accounts for about 18% of gross domestic product is estimated at 2.2% per annum,
which was driven by growth in the field of mineral exploitation and production of electricity.
In 2016 year, according to the available indicators, positive growth in the construction sector, which has recorded
a recovery in the third quarter of 2016, after the index of production in construction, had a positive growth rate of
about 2.3% per annum for the first time since the first quarter of 2015. In addition, the value of new orders in the
construction industry in the third quarter of 2016, increased by approximately 130% compared to the same period
in the previous year. Considering the available indicators, the construction sector in 2016 had a positive impact on
the dynamics of gross domestic product growth.
According to the latest available indicators, the consumer price index, or inflation indicator, recorded a decrease of
0.7% annually in October 2016, representing 23rd consecutive month that a negative rate of inflation or deflation
was recorded in Bosnia and Herzegovina. The projected rate of deflation on an annual basis in 2016 amounted to
0.9%, which represents the fourth year in a row that in Bosnia and Herzegovina recorded a negative inflation rate
or deflation.
Hrvatska
Kao i u prethodnoj godini, tako se i tokom 2016. godine nastavio ekonomski oporavak u Hrvatskoj. Nakon stabilnog rasta
u prvoj polovini 2016. godine, naroito tokom ljetnih mjeseci, dolo je do jo veeg intenziviranja ekonomske aktivnosti u
Hrvatskoj. Povoljna kretanja su naroito podrana dobrim ostvarenjima u oblasti turizma, a u isto vrijeme se ubrzao i oporavak
line potronje koji prema dostupnim podacima biljei rast od 3,1% na godinjem nivou. Prema dostupnim podacima, poetak
etvrtog kvartala obiljeen je nastavkom povoljnih kretanja, to jest rastom industrijske proizvodnje i prometa u trgovini na malo
te poboljanjem veine pokazatelja. Stoga predvieni ekonomski rast za 2016. godinu iznosi 2,8%.
Croatia
In 2016, as in the previous year, economic recovery in Croatia continued. After steady growth in the first half of 2016,
particularly during the summer months, there has been an even greater intensification of economic activities in Croatia.
Favourable developments were particularly supported by good achievements in tourism, as well as the recovery of
private consumption that, according to available data, showed an increase of 3.1% per annum. The start of the fourth
quarter was also marked by the continuation of favourable trends, such as growth of industrial production and turnover in
the retail trade, as well as improvement to most other indicators. Therefore, projected economic growth for 2016 is 2.8%.
S druge strane, izvoz roba i investicijska aktivnost prema dostupnim podacima biljee smanjenje u 2016. godini.
Kada je rije o nepovoljnim kretanjima izvoza roba, nominalni podaci o robnoj razmjeni prema glavnim industrijskim
grupacijama pokazuju da se na kvartalnom nivou znaajno smanjio izvoz kapitalnih proizvoda, a istovremeno je
pao i izvoz intermedijarnih dobara. Usprkos tome predvieni rast izvoza roba i usluga u 2016. godini procijenjena
je na 6,1%.
Bruto investicije u fiksni kapital imale su kontinuirani rast do treeg kvartala, kada su se smanjile, to je posljedica
baznog uinka, ali i politike nestabilnosti vezane za prijevremene izbore koja je, kako se procjenjuje, rezultirala
odgaanjem investicija i na nivou drave. Na to upuuje i smanjenje graevinskih radova na ostalim graevinama.
Osim toga, pad investicija u treem kvartalu moe se povezati i sa injenicom da su zapoeti investicijski projekti
koji su bili vezani za turizam zavreni u prvoj polovini 2016. godine. Usprkos tome, projicirani rast bruto investicija
za 2016. godinu iznosi 4,1% na godinjem nivou.
Prema dostupnim pokazateljima, u 2016. godini povoljna su kretanja na tritu rada i odnose se na daljnje smanjenje
stope nezaposlenosti, kao i nastavak rasta neto plaa. Procijenjena stopa nezaposlenosti (anketna) smanjena je na
godinjem nivou i iznosi 14,3% (u odnosu na prethodnu godinu kada je iznosila 16,3%).
Dostupni pokazatelji kretanja ukupne inflacije u 2016. godini su bili negativni, emu je najvie doprinio vei godinji
pad cijena energije zbog niih cijena nafte na svjetskom tritu nego to je bilo oekivano te usporen rast cijena
usluga. Prema procjenama, stopa inflacije potroakih cijena u 2016. godini bit e negativna, odnosno stopa
deflacija e iznositi 1,2%.
Nakon velikog pada u 2015. godini oekuje se oporavak neto priliva direktnih stranih ulaganja u 2016. godini,
uglavnom zbog iezavanja uinka konverzije kredita u vicarskim francima, ali i vee dobiti poslovnih banka i
privrednih subjekata koji su u stranom vlasnitvu.
Pored gore navedenih makroekonomskih pokazatelja, ono to je obiljeilo i 2016. 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. Komisija je takoer traila da Hrvatska ostvari budetski manjak na
nivou ispod 3% bruto domaeg proizvoda do 2016. godine i da se dug ope drave smanji do nivoa ispod 60%
bruto domaeg proizvoda do 2018. godine.
Fiskalni podaci pokazuju da je naroito u prvoj polovini 2016. godine provedeno snano fiskalno prilagoavanje.
Deficit je smanjen za 0,6% bruto domaeg proizvoda, to je za 2% bruto domaeg proizvoda manje u odnosu na
isti period prethodne godine. Takva kretanja rezultat su znaajnog rasta prihoda i ogranienog rasta rashodovne
strane budeta. Kako u prvoj polovini godine, pozitivna kretanja su se nastavila i u drugoj polovini godine. U
novembru 2016. godine donesene su izmjene i dopune dravnog budeta i finansijskih planova budetskih
korisnika, te je u skladu s tim posljednjim procjenama predvieno da e budet za 2016. godinu iznositi 1,7%
bruto domaeg proizvoda, to je znaajno manje u odnosu na prvobitni plan. Korekcija deficita uglavnom oslikava
znaajno ostvarenje prihoda vie od oekivanih. Razlog poveanja prihoda jeste rast ekonomskih aktivnosti,
nastavak oporavka na tritu rada. Ipak, najvei doprinos ukupnom rastu prihoda dali su porezni prihodi, i to
direktni porezi kao to su porezi na dobit, to jest rast dobiti privatnih preduzea i uvoenje stroijih uvjeta za
koritenje poreznih olakica na osnovu reinvestirane dobiti.
Conversely, exports of goods and investment activity, recorded a decrease in 2016, according to available data.
Where unfavourable developments in the export of goods is concerned, the nominal data on foreign trade by main
industrial groups shows that on a quarterly level the export of capital goods significantly reduced, while, at the same
time, exports of intermediate goods decreased. Despite this, projected growth in export of goods and services in
2016 is estimated at a rate of 6.1%.
Gross investment into fixed capital had a continuous growth until the third quarter when it reduced partly as a result
of political instability related to early elections, which, as estimated, resulted in the postponement of investments
at the state level. This indicates a decrease in construction works on other buildings. Besides that, the decline in
investment in the third quarter can be connected to the fact that the start of investment projects related to tourism
were completed in the first half of 2016. Nevertheless, the projected growth of gross investments for 2016 amounts
to 4.1% per annum.
According to available figures, in 2016, the favourable trends are in the labour market and relate to a further reduction
in the unemployment rate, as well as continued growth in net wages. The estimated unemployment rate (labour
force survey) reduced annually and amounts to 14.3% compared to the previous year when it was 16.3%.
Available indicators of overall inflation in 2016 were negative, mainly attributable to a higher annual decline in energy
prices due to lower oil prices on the world market than were expected, and slower growth in the prices of services.
According to estimates, the consumer price inflation rate in 2016 will be negative, with deflation in the amount of
1.2%.
After decline in 2015, the net inflow of foreign direct investment is expected to recover in 2016, mainly due to the
disappearance of the effect of the conversion of loans in Swiss francs, but also due to greater profits of commercial
banks and companies that are foreign-owned.
In addition to the aforementioned macroeconomic indicators, what marked the year 2016 is the condition of public
finances. Since mid-2014, Croatia as a member of the European Union entered the Excessive Deficit Procedure
(EDP) as well as entered among those countries in which macroeconomic imbalances are to be found, triggering
strict monitoring of public finances by the European Commission. Also, the European Commission has required that
Croatia achieve a budget deficit at a level below 3% of gross domestic product by 2016 and that it reduces general
government debt to below 60% of gross domestic product by 2018.
Fiscal data shows that especially in the first half of 2016 a strong fiscal adjustment was carried out. The deficit was
reduced to 0.6% of gross domestic product, which is by 2% of gross domestic product less than in the same period
the previous year. This resulted from significant revenue growth and limited growth in the expenditure side of the
budget. As in the first half of the year, positive trends have continued in the second half of the year too. In November
2016 amendments to the state budget and financial plans of the budget users were adopted, and, according to
recent estimates, it is envisaged that the budget for 2016 will amount to 1.7% of gross domestic product, which is
significantly less compared to the original plan. The correction of the deficit mainly reflects revenues more significant
than were expected. The reason for the increase in revenues is the growth of economic activity, and continued
recovery in the labour market. However, the greatest contribution to overall revenue growth was made by tax
revenues, mainly direct taxes such as income taxes, which translates to profit growth in private enterprises and the
introduction of stricter conditions for the use of tax relief on the basis of reinvested profits.
Trite
Ukupna potronja na tritu cementa u BiH u 2016. godini procjenjuje se na oko 1,14 miliona tona, to je za oko 15
hiljada tona vie nego u 2015. godini, odnosno zabiljeen je blagi rast agregatne potronje cementa od oko 1,3%.
Ovo blago poveanje, posebno izraeno u provom polugoditu 2016., prvenstveno je rezultat izuzetno povoljnih
vremenskih uvjeta u prvim zimskim mjesecima te godine; poveanje u kumulativu sigurno bi bilo i vee da nije zastoja
i kanjenja na izgradnji velikih infrastrukturnih projekata (autoput, hidroelektrane), usljed ega je evidentiran blagi pad
u mjesecima graevinske sezone. I pored obnove radova na novim dionicama gradilita autoputa na Koridoru 5-C
pred kraj sezone, mjesena potronja na tritu BiH u zadnjih nekoliko mjeseci godine je neto manja u usporedbi
s prologodinjom mjesenom potronjom, s blagim usporenjem prema kraju godine. Trend neznatnog rasta i
poveanja agregatne tranje (do 3%) moemo oekivati i u narednoj godini.
U usporedbi s agregatnom potranjom u prethodnim godinama nastavljena je daljnja tendencija stagniranja ukupne
potronje, kreui se s veoma malim oscilacijama izmeu 1,11,2 mil.t na godinjem nivou, i s jo uvijek slabim
naznakama znaajnijeg oporavaka trita. Nivo agregatne tranje u apsolutnom iznosu jo je na daleko niskom nivou
u odnosu na period ekspanzije 2006.2008. godine (sl. Agregatna potronja trite BiH). 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 portonja B&H trite
2,000,000
1,500,000
1,000,000
500,000
0 2006. 2007. 2008. 2009. 2010. 2011. 2012. 2013. 2014. 2015. 2016.
The Market
Total consumption on the B&H cement market in 2016 was estimated at about 1.14 million tonnes, which is about 15
thousand tons more than in 2015, and just slight increase of about 1.3% in aggregate cement consumption was recorded.
This slight increase, particularly evident in the first half of 2016, was primarily a result of exceptionally favourable weather
conditions in the first winter months; this increase would have been greater were it not for downtime and delays to the
construction of major infrastructure projects (highways, hydroelectric power plants), which resulted in a slight decline in
the construction season months. Despite renovation works on new sections of the Corridor 5-C highway construction
site at the end of the season, monthly consumption on the market in the last few months of the year was slightly lower
compared with the previous years monthly consumption, with a slight slowdown towards the end of the year. The trend
of slight growth, and increased aggregate demand (up 3%) can be expected in the coming year.
Compared to aggregate demand in previous years, the trend of decline in total consumption continues, moving
with very small oscillations between 1.1-1.2 millions of tons annually, and the still weak indications of significant
market recovery. The level of aggregate demand in absolute terms is still at a very low level compared to the period
of expansion from 2006 to 2008 (Picture: Aggregate consumption B&H market). All of 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 cement consumption.
Agregate consumption B&H market
2,000,000
1,500,000
1,000,000
500,000
0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Perspektivu u budunosti daje nastavak daljnjih aktivnosti u 2017. 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, poetak gradnje HE Vranduk, te najavljena gradnja turistikog
megakompleksa Buroj Ozone, vjetroparka Podveleje, HE Ulog, brze ceste Lava Travnik, autoputa Prijedor
Banja Luka itd.
Pored toga, primjetan je i intenziviran rast stambene gradnje, posebno u Kantonu Sarajevo.
U prvoj polovini 2016. u BiH je zabiljeen pad stranih investicija. Nedostatak privrednih aktivnosti, kontinuirane
gradnje veih infrastrukturnih projekata, stalna orijentiranost na uvoz umjesto na vlastitu proizvodnju, preoptereenost
realnog sektora, neadekvatna zatita domae privrede kao i proizvoaa, nedostatak subvencija i poticaja domae
proizvodnje rezultiraju nelojalnom konkurencijom inozemnih proizvoda, nedostatkom poslova i nekonkurentnosti
realnog sektora.
Obim direktnih stranih investicija u Bosni i Hercegovini iz godine u godinu je sve manji; osnovni su uzroci lo poslovni
i jo gori politiki ambijent. Nedostatak adekvatne domae ekonomske strategije i mjera vlasti ne daju nadu u skoru
perspektivu znaajnijeg oporavka i ekonomskog rasta u BiH.
Nedostatak graevinskih aktivnosti i u zemljama okruenja, naroito u Hrvatskoj, rezultirao je i dalje vrlo visokim
plasmanom uvoznog inozemnog cementa (oko 37%). U plasmanu cementa na trite BiH, uz niske eksportne
cijene, prednjaili su prvenstveno proizvoai cementa iz Hrvatske (NEXE, CEMEX i HOLCIM).
Od sporadinog plasmana cementa iz Salonita Anhovo na tritu BiH, vodeeg slovenskog proizvoaa na polju
graevinskih materijala koji plasira svoj cement na podruju Unsko-sanskog kantona, nastavljen je i u 2016. Iako je
rije o relativno manjim koliinama koje se plasiraju putem distributera, njihovo prisustvo ve postaje kontinuirano
i ima znaajan uticaj na nivo trinih cijena i ometanje plasmana kod kupaca koji tradicionalno koriste na cement.
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 i u 2016. godini zadralo
na vrlo visokih 37%. Otvorenost zemlje i jaka konkurencija iz inozemstva zahtijevaju izuzetne napore da se postigne
odgovarajui pristup potroaima i zatiti domae trite.
Rast industrijske proizvodnje, rast izvoza i tednja stanovnitva ohrabrujui su, premda je sve to vrlo sporo i
nedovoljno. Ipak, 2017. godina bi trebalo da bude godina blagoga ekonomskog oporavka i izlaska iz recesije.
Ministarstvo saobraaja i veza Federacije BiH je u etverogodinjem periodu planiralo FBiH 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.
Za 2017. godinu moemo dati procjenu skromnog oporavka s realnim rastom potranje do 3% na godinjem nivou
ako ne doe do daljnjih socijalnih, ekonomskih ili politikih nestabilnosti.
Prospects for the future were the announcement of the continuation of further activities in 2017, including the section
of Zenica north - Zenica south, the south branch Poitelj-Zvirovii, and the connection to Croatia by the construction
of the bridge in the north section Oraje-Svilaj, a combined total length of about 80 kilometres. Other prospects are
the start of construction of HPP Vranduk, and the announced construction of a tourist mega-complex Buroj Ozone, a
wind farm at Podveleje, HPP Ulog, the Lasva Travnik motorway, and the Prijedor - Banja Luka highway, etc.
In addition, there is also intensive growth of residential construction, especially in Sarajevo Canton.
In the first half of 2016 in B&H, a decline in foreign investments was recorded. 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 as well
as manufacturers resulting in unfair competition from foreign products; and a lack of jobs and competitiveness in
real sector.
The volume of direct foreign investments in Bosnia and Herzegovina, from year to year is only reducing; the main causes being
bad business practices and an even worse political environment. The lack of any domestic economic strategies and measures
on the part of the relevant authorities do not provide any early prospect of recovery and economic growth in B&H.
The lack of construction activity in the neighbouring countries (especially in Croatia) has resulted in still very high rankings of
foreign imported cement (about 37%). Placement of the cement into the market in B&H through price dumping was deployed
by foreign cement producers from the surrounding region particularly by NEXE, CEMEX AND HOLCIM (Croatia).
The sporadic market presence of cement from Salonit Anhovo, the leading Slovenian manufacturer in the field of building
materials, which sells its cement in Una-Sana Canton, continues during 2016 in B&H. Although relatively small quantities
were sold through distributors, their presence is becoming more and more continuous, and has a significant impact on
the level of market prices, hampering placements to those customers who have traditionally used our cement.
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 37% in 2016. Openness of the country and strong foreign competition require
extraordinary efforts to achieve appropriate access to consumers and to protect the domestic market.
Industrial production growth, exports and household savings are encouraging, although very slow and insufficient.
However, 2017 should be a year of slight economic recovery and exit from recession. The Ministry of Transport and
Communications of the Federation of Bosnia and Herzegovina in four years has planned for the Federation to literally
turn into a huge construction site, with the largest amount of funds earmarked to the continued construction of
several sections of the highway, as well as the construction and modernization of main and regional roads.
For 2017, we can estimate modest recovery of the cement market with up to 3% real growth in demand on an
annual basis, unless there are further social, economic or political instability upheavals.
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 drugaijeg 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 proizvodno-
poslovnom 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.
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 2016. godini ostvarila obim prodaje od 367 hiljada
tona, te prihod od prodaje u iznosu 52,8 miliona KM. Uz intenzivnu konkurenciju TCK je uspjela zadrati veliki dio
trinog uea, 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 i poveati
svoj trini udio u odnosu na prethodnu godinu.
Once Tvornica Cementa Kakanj entered the chain of global corporations/cement producers, the B&H 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 (south-
western 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.
With innovations in the production process, modern systems of communications, and 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 foreign markets, resulted in the popular acclaim of Kakanj Cement brands.
In a situation of continuous reduction in sales volume, and as a result of a significant reduction in aggregate demand,
and the continuing economic and political crisis, maintaining the leading position on the domestic market and the
development of international business represent great achievements for Tvornica cementa Kakanj in the current
market conditions. These achievements are testimony to the hard work and great engagement of all employees,
where everyone has invested their maximum effort into realising a common goal.
In 2016, Tvornica cementa Kakanj achieved 367 kt sales volumes on the B&H market, and sales income in the
amount of 52.8 million KM. With increasingly intense competition, TCK kept a large part of market share, with solid
sales of products in key market segments.
By continuously monitoring activities in the market and reacting in a timely manner, Tvornica cementa Kakanj, thanks
to a well-defined sales policy, managed to keep the leading position in the B&H market, and even increase its market
share compared to the previous year.
Iako je neto smanjeno uee izvoza u ukupnoj prodaji TCK-a u odnosu na prethodnu godinu, procent od 15%
izvoza od ukupne prodaje na trite Republike Hrvatske, odnosno trite EU-a, predstavlja izuzetan uspjeh.
U uvjetima strogoga, zahtjevnog i zasienog trita Hrvatske sve navedeno govori o stabilnosti prisustva i
prepoznatljivosti brenda TCK-a, organiziranosti u plasmanu i distribuciji, kao i usklaivanju sa specifinostima
i zahtjevima trita EU-a.
U 2016. godini zadran je 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.
65+35+M
U kumulativu, odnos prodaje uvreanoga i rinfuznog cementa TCK-a iznosi oko 35:65% u korist rinfuznoga.
35,3%
Vrea (t)
Rinfuza (t)
64,7%
Although there was a somewhat reduced share of exports in total sales TCK compared to the previous year, the
percentage of 15% of exports of total sales on the Croatian market, i.e. the EU market, is a remarkable success.
In the market of Croatia, which is rigorous, demanding and saturated, the TCK brand has a strong presence
and recognition, well-organised marketing and distribution, and meets all the specific requirements of EU
markets.
In 2016, the trend of increased placements of bulk cement in relation to bagged was maintained. This trend results
from a reduction in individual construction and intensifying investments in the segment of bulk cement customers -
manufacturers of powdered materials.
65+35+M
Cumulatively, the ratio of sales of bagged and bulk cement of TCK is about 35:65% in favour of bulk.
35,3%
Bag (t)
Bulk (t)
64,7%
Potronja cementa u Hrvatskoj u 2016. godini procjenjuje se na oko 1,42 miliona tona, odnosno 330 kg
per capita, to predstavlja rast od oko 8% u odnosu na prethodnu godinu. Kao i tokom prethodnih godina,
najzasluniji za rast graevinskih aktivnosti su Istra, Kvarner i Dalmacija gdje je aktualan velik broj manjih
i veih investicija u smjetajne i srodne turistike kapacitete. Zagreb i okolica u 2016. biljee manji pad
aktivnosti nego proteklih godina s tendencijom prema stagnaciji u 2017. Slavonija kao krajnji istok zemlje
nakon zavretka radova vezanih uz obnovu poplavljenih podruja ponovno biljei negativne brojke naspram
prethodnih godina.
Dunav-Drava cement je tokom 2016. godine ostvario ukupnu prodaju od 129 hiljada tona cementa, te promet
od 17,3 miliona KM. U 2016. isplaena je sveukupna kumulirana neto dobit iz prethodnih godina vlasniku TBG
Beton u iznosu od priblino 423 hiljade KM.
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 kojim poveava vrijednost svoje ukupne ponude
i diferencira svoju ponudu gradei lanac vrijednosti na kanalima marketinga.
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
Kompanija TBG BH d.o.o. Kakanj osnovana je 2001. godine kao kerka kompanija Tvornice cementa Kakanj.
Osnovna njezina djelatnost je proizvodnja betona, njegov prijevoz i ugradnja na odreenoj destinaciji. U svome
vlasnitvu trenutno ima pet poslovnih jedinica sa est betonara, i to PJ Sarajevo, PJ Rajlovac, PJ Zenica, koja u
svom sastavu ima i mobilnu betonaru lociranu u Drivui, PJ Lukavac i PJ Banja Luka, koje proizvode visokokvalitetne
vrste betona kao i specijalne vrste betona 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. Posjeduje 11 miksera, od kojih su dva nabavljena u ovoj godini, te 6 autobeton
pumpi dometa 3747 m. Upravljanje postrojenjima je potpuno kompjuterizirano (GEDIS), ime se garantira kvalitet
betona, a to potvruje i laboratorij nezavisnog instituta koji redovito radi ispitivanja.
In the market of Republic of Croatia estimated cement consumption in 2016 was approximately 1.42 million
tons, i.e. 330 kg per capita, which represents an increase of around 8% compared to the previous year. As
in previous years, the regions most responsible for the growth of construction activity are Istria, Kvarner and
Dalmatia where there is currently a number of smaller and larger investments in accommodation and related
tourism facilities. The Zagreb area recorded a smaller decline in activity than in previous years in 2016, with a
tendency towards stagnation in 2017. Slavonia, in the far east of the country, again recorded negative figures
compared to previous years, after the completion of works related to the rehabilitation of flooded areas.
In 2015, Dunav-Drava cement achieved sales of 129 thousand tons, and turnover of 17.3 million KM. In 2016, the
total accumulated profit from previous years was paid to the owner, TBG Beton, in the amount of approximately
423 thousand KM.
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.
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 five Concrete Production Plants - business units (BU) in Sarajevo, Rajlovac, Lukavac, Zenica
and Banja Luka and a mobile unit (MU) in Drivua, which produce high-quality types of concrete, as well as
special types of concrete, glaze 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 towards Zenica. 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. The company owns 11 mixing trucks, 2 of which were purchased in previous year, and
6 concrete pumps ranging from 37 to 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.
Iako je i ova godina bila posebno teka za privredu Bosne i Hercegovine i njenu graevinsku industriju i opera-
tivu, to nije sprijeilo nau kompaniju TBG BH da nastavi s kontinuiranim pozitivnim poslovanjem i rezultatima te
angamanom svih svojih kapaciteta.
Tokom 2016. godine TBG BH je proizveo i ugradio 124,2 hiljada kubnih metara betona.
Kao to je evidentno u pregledu, proizvodnja betona u 2016. je znatno porasla u odnosu na 2015. Ovakav trend je
posljedica pokretanja veih projekata na izgradnji Koridora 5-C, kao i kupovinom dvije betonare od W&P Beton na
podruju regija Sarajeva i Zenice, a samim time je povean udio na tritu.
Gledano teritorijalno, tj. lokalno prema rasporedu naih betonara, situacija je sljedea:
PJ Sarajevo
Ukupna potronja betona u regiji Sarajeva procjenjuje se na oko 300 hiljada m, to predstavlja poveanje u odnosu
na prethodnu godinu. Poveanje potronje betona uzrokovano je otvaranjem nekih novih gradilita, a u 2017. se
oekuje pokretanje novih veih projekata, to e sigurno poveati potrebe za betonom u ovoj godini. Akvizicijom
nove betonare TBG BH na podruju regije Sarajeva poveao se udjel na tritu; uglavnom se radilo na zavretku pro-
jekata zapoetih u 2015. i neto manjih projekata iz 2016. godine. Nedostatak projekata rezultirao je i padom cijena.
U odnosu na prethodnu godinu betonara u Sarajevu je imala poveanje prodaje betona za 73%, a jedan od razloga
za to je akvizicija nove betonare i ujedno poveanje trinog udjela.
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 2016, TBG BH produced and installed 124.2 thousand cubic meters of concrete.
As can be observed in the overview, concrete production significantly increased in 2016 compared to 2015. This trend
is a result of initiation of a large project on constructing Corridor 5C, as well as due to the purchase of two concrete
plants from W&P Beton in the areas of Sarajevo and Zenica, consequently also leading to increased market share.
BU Sarajevo
Total consumption of concrete in the Sarajevo region is estimated at around 300 thousand m3, which represents an
increase compared to the previous year. This increase is due to the opening of some new construction sites, while
in 2017 it is expected that a new large project would start that will certainly increase concrete demand in 2017. Ac-
quisition of new plant in the area of Sarajevo resulted in a market share increase. The focus was mainly on finishing
projects started in 2015 and some small projects from 2016. A lack of projects resulted in a price decrease.
Compared to the previous year, the concrete plant in Sarajevo had an increase in sales of 73%, one of the causes
being the increase in the acquisition of new concrete plant and increase of the market share.
PJ Zenica
Od 2011. godine, otkad je u ovoj regiji postavljena mobilna betonara TBG BH u Zenici, proizvedeno je vie od
250 hiljada kubnih metara betona; vei dio tog betona isporuen je za projekte vezane za izgradnju Koridora
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. U
odnosu na 2015. godinu, u 2016. godini dolazi do pokretanja projekata na Koridoru 5-C koji su bili u zastoju, pa je
samim tim dolo do znatnog poveanja proizvodnje u toj godini, a trend porasta proizvodnje bi se svakako trebao
odraziti i u 2017. godini kao i godinama koje dolaze. U planu je pokretanje niza projekata u 2017. godini, to e
svakako znaiti i poveanje ukupne proizvodnje za TBG BH na podruju regije Zenica.
Akvizicijom nove betonare u 2016. godini poveani su kapaciteti i sigurnost isporuke.TBG BH u Zenici tokom
2016. godine ukupno je proizveo 34 hiljade m betona.
S nastavkom izgradnje autoputa na spomenutom koridoru betonara TBG BH svakako e biti lider u isporukama
betona, pa se oekuje da u 2017. proizvodnja bude znatno poveana u odnosu na protekle godine.
Mobile unit
Since 2011, operative until the end of 2015, the mobile concrete plant TBG BH in Zenica produced over
250,000 cubic metres of concrete. Most of the production concrete plant delivered primarily to projects
related to construction of 5C. 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. Compared to 2015, 2016 was marked by
start of projects in the Corridor 5C which were delayed, leading to significant production increase in 2016,
and increasing trend should also reflect in 2017 as well as in coming years. Several projects are planned to
start in 2017, which will certainly lead to increasing total production of TBG BH in area of Zenica.
Acquisition of new plant in 2016 resulted in increased capacity and stable delivery.During 2016, the TBG BH plant
in Zenica produced in total 34 thousand m3 of concrete.
Continuation of highway construction on the aforementioned corridor will make this TBG BH concrete plant a
leader in concrete deliveries, while in 2017 it is expected that production will significantly rise in comparison to
previous years.
U 2017. godini se oekuje isporuka na objekat Red Brick 2 za koji ima potpisan ugovor kao i ve preliminarno
dogovorene objekta Zis Internacional - Inter Dom i Tekton Banja Luka.
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 s cementom Fabrike
cementa Lukavac, zatim Nexe grupe, pa do malih betonara.
Za 2017. godinu najavljen je konani poetak radova na dva velika projekta iz oblasti energetike Blok 7 TE Tuzla
ukupne vrijednosti cca 1,5 milijardi KM i TE Banovii ukupne vrijednosti cca 800 miliona KM. Pored navedenih, bitno
je napomenuti i projekte iz oblasti prometa i veza na ovom podruju, tj. program modernizacije cesta u FBiH, kojim je
izmeu ostalih predvien nastavak izgradnje III dionice iza tunela Karaula na cesti Tuzla Sarajevo, kao i brze ceste
Oraje Tuzla epe. U 2017. godini takoer je planirana izgradnja novih i rekonstrukcija postojeih infrastrukturnih
objekata na Meunarodnom aerodromu Tuzla. Svi najavljeni infrastrukturni projekti, zajedno s redovitim projektima
stanogradnje, trebali bi doprinijeti znaajnom poveanju potranje za betonom na ovom tritu, kao i poveanju
trinog udjela TBG BH betonare Lukavac.
Residential-business building Family Life, investor Red Brick Gradnja Banja Luka
Residential-business building Greenville, investor Tehnosint Laktai
Hotel DOS, contractor Delta MD Banja Luka
Residential-business building Regrad, contractor Inter Dom Banja Luka
In 2017, deliveries to the building Red Brick 2 are expected, for which the contract was signed, as are potential
deliveries to the preliminary agreed objects Zis Internacional Inter Dom and Tekton Banja Luka.
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 is mainly
directed towards individual construction and 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 13.6 thousand m3.
The start of works on two major projects in the field of energy are announced for 2017 Block 7 in the Tuzla Power
Plant, the value of which is around 1.5 billion KM, and the Banovii Power Plant, valued in total at around 800 million
KM. Additionally, it is important to emphasise projects in the field of roads and communications in this area, i.e.
modernisation of roads in FBiH, which, among other things, foresees the continuation of construction of III section on
the main Tuzla-Sarajevo road after the Karaula tunnel, as well as the expressway Oraje-Tuzla-epe. Also, in 2017 it
is announced that construction of new and reconstruction of existing facilities at Tuzla International Airport shall start.
All announced infrastructure projects including regular residential projects should contribute to a significant concrete
demand increase in this market as well as a market share increase of TBG BHs plant in Lukavac.
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, ISO
14001, OHSAS 18001, 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.
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, ISO 14001, OHSAS 18001, EN 197-1 and EN 197-2. Such an integrated system actually represents
a process that 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.
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 kom-
binacija 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 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.
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 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.
Pozicije dobiti
Ukupan prihod od prodaje Tvornice cementa Kakanj povean je u 2016. godini za 0,3% u odnosu na 2015. i iznosio
je 62,3 miliona KM, pri emu je prihod od prodaje proizvoda povean za 0,8%, to je rezultat poveanja prodaje na
domaem tritu, dok je prihod od prodaje robe smanjen za 19,5%.
Prihod od prodaje cementa Drutva na domaem tritu, ukljuujui i prihod od transporta, povean je za 1,97%.
Poveanje prihoda rezultat je poveanja volumena prodaje za 3,39%. Istovremeno su prodajne cijene imale blagi
pad, ime je djelimino umanjen pozitivan efekat od poveanja volumena.
Prihod od prodaje cementa, ukljuujui i prihod od transporta na stranom tritu, smanjen je za 7,8% zbog smanjenja
ukupnog volumena prodaje za 7,6%. Prosjena cijena cementa je poveana za 1,5%, to je imalo pozitivan uticaj
na prihod.
Prihod od prodaje robe Drutva smanjen je za 19,5%, pri emu je prihod od prodaje roba na domaem tritu
(palete) smanjen za 2,7% zbog smanjenja uea pakovanog cementa, a prihoda od prodaje roba na strano trite
nije bilo. U 2015. godini Drutvo je prodavalo trosku u iznosu od 77 hiljada KM.
Prihod od prodaje Grupe iznosio je 83,7 miliona KM i povean je za 1% u odnosu na 2015. godinu, pri emu su
prihodi od prodaje proizvoda poveani za 8,07% zbog poveanja prodaje betona na domaem tritu (TBG BH),
dok je prihod od prodaje robe smanjen za 10,5%, a prihod od usluga prijevoza je smanjen za 5,6%.
Financial Highlights
Total Gross sales of Tvornica cementa Kakanj increased in 2016 by 0.3% compared to 2015 and amounted to 62.3
million KM, in which gross sales from products increased by 0.8%, which is the result of an increase of sales on the
domestic market, while gross sales from goods for resale decreased by 19.5%.
Gross cement sales of the Company on the domestic market, including transport revenue, increased by 1.97%. An
increase of gross sales is the result of an increase of sales volume by 3.39%. At the same time, sales prices saw a
slight decrease, s partially decreasing the positive effect of the increase in volume.
Gross cement sales on the foreign market, including transport revenues, decreased by 7.8% due to a decrease of
total sales volume by 7.6%. The average sales price increased by 1.5%, which had a positive impact on Gross sales.
The Companys Gross sales from goods for resale decreased by 19.5%, with gross sales from goods for resale
on the domestic market (pallets) decreasing by 2.7% due to a decrease of the share of packed cement sales and
no gross sale from goods for resale on the foreign market. In 2015 the Company sold slag in a total amount of 77
thousand KM.
The Groups gross sales amounted to 83.7 million KM, an increase of 1% compared to 2015, as gross sales for
products increased by 8.07% due to an increase in ready-mixed concrete sales on the domestic market (TBG BH),
while gross sales of goods for resale decreased by 10.5% and revenue from transport services decreased by 5.6%.
Prihod od prodaje betona na tritu Hrvatske je smanjen za 13%, to je posljedica smanjenja volumena prodaje.
Trokovi prodaje Drutva imali su pozitivan trend u odnosu na prethodnu godinu i smanjeni su za 3,1%, odnosno 1,3
miliona KM. Najvei uticaj na smanjenje trokova prodaje imali su trokovi energije koji ukljuuju elektrinu energiju i
pogonsko gorivo. Vie je razloga zbog kojih su smanjeni trokovi energije. To su prije svega smanjenje trine cijene
pogonskog goriva, zatim smanjenje cijene elektrine energije, smanjenje potronje elektrine energije i poveanje
uea alternativnih goriva sa 1,2% u 2015. na 3,8% u 2016. godini.
Pozitivan efekat na trokove prodaje imali su i trokovi plaa koji su smanjeni za 4,5% zbog smanjenja broja
zaposlenih. Trokovi transporta gotovih proizvoda smanjeni su za 16,8%.
Nasuprot ovim trokovima koji su imali trend smanjenja, odreeni trokovi su imali negativan trend kao to su trokovi
materijala (poveani su za 15% u odnosu na 2015. godinu) i trokovi odravanja (poveani su za 289 hiljada KM).
Zalihe gotovih proizvoda i poluproizvoda u 2016. su poveane, to vodi smanjenju ukupnih trokova s tim to je
poveanje zaliha u 2016. bilo znatno manje u odnosu na 2015. godinu i iznosilo je 209 hiljada KM (u 2015. godini
zalihe su poveane za 2.223 hiljada KM).
Trokovi prodaje Grupe smanjeni su u odnosu na 2015. godinu za 2,1%, i iznosili su 57.631 hiljadu KM (u 2015.
su iznosili 58.860 hiljada KM). Do smanjenja trokova prodaje je dolo najveim dijelom zbog smanjenja trokova
energije za 3,4 mil. KM, prvenstveno kao rezultat smanjenja trokova pogonskog goriva Drutva.
Trokovi prodane robe Grupe su smanjeni za 18,6% zbog smanjenja volumena prodaje cementa koji Drutvo DDC
Zagreb kupuje iz Maarske za daljnju prodaju. Smanjenje od 11,4% su imali trokovi transporta gotovih proizvoda
te trokovi plaa, koji su smanjeni za 1,7%.
Negativan uticaj na trokove prodaje Grupe su imali trokovi materijala koji su iznosili 11.735 hiljada KM (u 2015.
su iznosili 9.745 hiljada KM), znai poveani su za 1.990 hiljada KM zbog poveanja volumena prodaje cementa
Drutva i prodaje betona povezanog Drutva TBG BH. Negativan uticaj su imali i trokovi odravanja koji su poveani
za 306 hiljada KM.
Opi i administrativni trokovi Drutva poveani su za 3,3%, a Grupe za 5,4%. Poveanje opih i administrativnih
trokova i Drutva i Grupe uzrokovano je poveanjem trokova zaposlenih.
Ukupni trokovi zaposlenih u Drutvu poveani su za 3% u odnosu na prethodnu godinu (sa 9.812 hiljada KM na
9.913 hiljada KM), dok je prosjean broj zaposlenika smanjen za devet zahvaljujui njihovom redovitom odlasku u
penziju.
On the Croatian market, gross sales of concrete decreased by 13%, which is the outcome of a sales volume decrease.
The Companys sales costs saw a positive trend compared to the previous year and decreased by 3.1% or by 1.3
million KM. The highest positive impact on sales costs was from energy costs, which include both electricity costs
and fuel costs. There are many reasons due to which energy costs decreased. First of all there is a decrease of
the market price of fuel, then decrease electricity prices, decreased electricity consumption, and an increase of the
share of alternative fuels from 1.2% in 2015 to 3.8% in 2016.
A positive effect on the sales costs was a decrease in staff costs by 4.5% due to a decrease in the number of
employees. The transport costs related to finished products decreased by 16.8%.
Contrary to these costs, which had a decreasing trend, certain costs have had a negative trend such as the cost of
materials (increased by 15% compared to 2015) and maintenance costs (increased by 289 TKM).
The stocks of finished and semi-finished products increased in 2016, which leads to a decrease of total costs
provided, so that the increase of stocks in 2016 was significantly lower compared to 2015 and amounted to 209
TKM (in 2015 the stocks increased by 2,223 TKM).
The sales costs of the Group decreased by 2.1% compared to 2015 and amounted to 57,631 TKM (in 2015 they
amounted to 58,860 TKM). The sales costs of the Group decreased mainly due to a decrease in energy costs, which
decreased by 3.4 million KM primarily as a result of decreased fuel costs of the Company.
The Groups costs of goods sold decreased by 18.6% due to a decrease of cement sales volume, which the
Company DDC Zagreb purchases from Hungary for resale. Transport costs decreased by 11.4% and staff costs
decreased by 1.7%.
A negative impact on the Groups sales costs were the costs of material, which amounted to 11,735 TKM (in 2015
they amounted to 9,754 TKM), meaning that they increased by 1,990 TKM due to an increase in the Companys
cement sales volume and concrete sales volume of the related Company TBG BH. A negative impact was seen in
maintenance costs, which increased by 306 TKM.
The Companys general and administrative costs increased by 3.3%. The Groups general and administrative costs
increased by 5.4%. An increase to the general and administrative costs of the Company and also of the Group was
caused by an increase to staff costs.
The total staff costs in the Company increased by 3% compared to the previous year (from 9,812 thousand KM
to 9,913 thousand KM), while the average number of employees decreased by 9. This decrease to the number of
employees was attributable to retirement.
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. U periodu 2014.-2016. godine ukupno je investirano u
proizvodnju 9,8 miliona KM, a u naredne dvije godine planirana su vea ulaganja (dva najvea projekta su silosi
cementa i alternativna goriva), tako da nema rizika od neispunjenja obaveze investiranja.
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 93 hiljada KM i smanjen je za 53 hiljade KM u odnosu na prethodnu godinu, a porez
na dobit Grupe iznosi 287 hiljade KM i povean je za 125 hiljada KM u odnosu na prethodnu godinu (poveanje
dobiti zavisnih drutava koja nemaju porezno oslobaanje).
Neto dobit Drutva iznosi 17.683 hiljade KM (prethodne godine 13.751 hiljada KM), a neto dobit Grupe 16.004
hiljade KM (prethodne godine 14.504 hiljade KM).
Neto dobit Grupe je manja od neto dobiti Drutva zato to su u neto dobit Drutva ukljueni i prihodi od isplate
dividendi TBG BH.
Zarada po dionici Drutva iznosi 1,87 KM (u prethodnoj godini 1,45 KM), a zarada po dionici Grupe iznosi 1,69 KM
(u prethodnoj godini 1,53 KM).
Uprava i Nadzorni odbor predloit e Skuptini Drutva isplatu dividendi od 1,87 KM po dionici.
Tvornica Cementa Kakanj is exempted 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 the year 2014, the Company
fulfilled the first condition for tax exemption by investing more than four million KM. In the period 2014 2016, the total amount of
9.8 million KM was invested in production and over the next two years higher investments are planned (the two largest projects
are cement silos and alternative fuels) and therefore there is no risk of not fulfilling the requirements of investments.
For income achieved at the Banja Luka branch, income tax was calculated in accordance with the Republic of
Srpska Income Tax Law.
The Companys income tax amounts to 93 thousand KM and decreased by 53 thousand KM compared to the
previous year, while the income tax of the Group amounts to 287 thousand KM and increased by 125 thousand
KM compared to the previous year (the increase of income related to Companies that do not have tax exemption).
The net income of the Company amounts to 17.683 thousand KM (in the previous year it was 13.751 thousand KM)
and the net income of the Group amounts to 16.004 KM (in the previous year it was 14.504 thousand KM)
The net income of the Group was lower than the net income of the Company because income from the dividend
payment of TBG BH is included in the net income of the Company.
Earning per share of the Company amounts to 1.87 KM (in the previous year it was 1.45 KM) and earning per share
of the Group amounts to 1.69 KM (in the previous year it was 1.53 KM).
The Management Board and the Supervisory Board will propose to the General Assembly of the Company to pay
a dividend of 1.87 KM per share.
Bosna i Hercegovina
Poslovne aktivnosti u Bosni i Hercegovini obuhvaaju proizvodnju i distribuciju cementa te proizvodnju i distribuciju
betona. Proizvodnja i distribucija cementa obavlja se u Tvornici cementa Kakanj, a proizvodnja i distribucija betona
u TBG BH Kakanj.
Prema procjenama ukupna potronje cementa na tritu Bosne i Hercegovine u 2016. godini je imala blagi porast
od 1,6% u odnosu na prethodnu godinu. Kao rezultat poveanja potronje uz istovremeno poveanje trinog
udjela Tvornica cementa Kakanj je u 2016. godini ostvarila prodaju na domaem tritu od 368 kt, to je za 3,4%
vie u odnosu na 2015. godinu.
Nasuprot prodaji na domaem tritu, izvoz u Hrvatsku je u 2016. godini smanjen u odnosu na prethodnu godinu
za 7,5%.
Ukupna prodaja je poveana u odnosu na prethodnu godinu za 1,6%, odnosno za 6,7 kt.
U poslovnoj liniji beton volumen prodaje je takoer povean, i to za 60% i iznosio je 124 hiljade m3 (u 2015. je
uznosio 78 hiljada m3). Poveanje volumena prodaje rezultat je kupovine novih betonara kao i poetka radova na
Koridoru 5-C, dionica Drivua Klope gdje je locirana mobilna betonara, a u blizini je, u Zenici, i jedna od novih
betonara.
Druga nova betonara je locirana u Sarajevu gdje je ve postojala jedna betonara tako da je sa dvije betonare u
Sarajevu povean trini udio.
According to estimates, total cement consumption in the market of Bosnia and Herzegovina in 2016 increased
slightly by 1.6% compared to the previous year. As a result of increase in consumption and, at the same time,
increasing market share, Tvornica cementa Kakanj in 2016 achieved sales in the domestic market of 368 kt, which
is 3.4% higher compared to 2015.
Contrary to sales on the domestic market, export to Croatia in 2016 decreased compared to the previous year by
7.5%.
Total sales increased compared to the previous year by 1.6% or by 6.7 kt.
In the Concrete Business Line the sales volume also increased by 60% and amounted to 124 thousand m3 (in 2015
it amounted to 78 thousand m3). An increase in the sales volume is the result of the acquisition of new ready-mixed
concrete plants as well as the start of the works on Corridor 5C on the road section Drivua Klope where the
mobile concrete plant is located and near Zenica where one of the new concrete plants is located.
Another new concrete plant is located in Sarajevo, where one concrete plant already existed so that with two
concrete plants in Sarajevo market share is increased.
Prihod od prodaje - trea lica 47.953 47.237 8.994 12.965 56.947 60.202
Prihod od prodaje u Grupi 14.137 15.049 14.137 15.049
Ukupan prihod 62.090 62.286 8.994 12.965 71.084 75.251
Bruto dobit 20.876 22.362 435 1.347 21.311 23.709
Dobit iz poslovnih aktivnosti 13.998 15.257 -169 495 13.829 15.752
EBIT 13.458 17.391 -167 661 13.291 18.052
Neto finansijski prihodi 439 385 192 91 631 476
Dobit prije oporezivanja 13.897 17.776 25 752 13.922 18.528
Porez na dobit -146 -93 -6 -90 -151 -184
Neto dobit godine 13.751 17.683 19 662 13.771 18.344
Hrvatska
Poslovne aktivnosti u Hrvatskoj obuhvaaju prodaju cementa te proizvodnju i distribuciju betona. Drutvo Dunav-
Drava 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 2016. godini biljei blagi porast, meutim, trini udio Dunav-Drava
cementa u 2016. je smanjen u odnosu na prethodnu godinu. Dunav-Drava cement je u 2016. godini na hrvatsko
trite plasirao 65 kt uvoznog cementa iz Tvornice cementa Kakanj, to je za 7,6% manje nego u 2015. godini.
Osim cementa nabavljenog od TCK-a, Dunav-Drava cement je u 2016. godini prodao i 63 kt cementa uvezenog iz
Maarske, to je za 6 kt manje nego u 2015. godini.
Prodaja betona u Hrvatskoj takoer je zabiljeila pad u 2016. godini. Naime, ukupna prodaja (ukljuujui i prodaju
JV TBG Strabag) iznosila je u 2016. godini 89 hiljada m3, to za 3,5% manje u odnosu na prethodnu godinu.
In thousand KM Cement Business Line Concrete Business Line Total Bosnia and
Herzegovina
Gross sales third parties 47,953 47,237 8,994 12,965 56,947 60,202
Gross sales the Group 14,137 15,049 14,137 15,049
Gross sales 62,090 62,286 8,994 12,965 71,084 75,251
Gross income 20,876 22,362 435 1,347 21,311 23,709
Income from operating activities 13,998 15,257 -169 495 13,829 15,752
EBIT 13,458 17,391 -167 661 13,291 18,052
Net financial income 439 385 192 91 631 476
Income before taxes 13,897 17,776 25 752 13,922 18,528
Income tax -146 -93 -6 -90 -151 -184
Net income 13,751 17,683 19 662 13,771 18,344
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 the Croatian market slightly increased in 2016, but the market share of Dunav Drava
cement decreased in 2016 in comparison to the previous year. In 2016 Dunav-Drava cement sold 65 kt of imported
cement from Tvornica cementa Kakanj on the Croatian market, which is 7.6% lower than in 2015. Besides cement
purchased from Tvornica cementa Kakanj, Dunav-Drava cement sold 63 kt of imported cement from Hungary in
2016, which is 6 kt lower than in the year 2015.
Concrete sales in Croatia also decreased in 2016. Total sales (including sales of JV TBG Strabag) amounted to 89
thousand m3 in 2016, which is 3.5% lower in comparison to the previous year.
Prihod od prodaje trea lica 10.271 8.904 15.689 14.592 25.960 23.496
Prihod od prodaje u Grupi 3.247 2.667 3.247 2.667
Ukupan prihod 10.271 8.904 18.936 17.259 29.207 26.163
Dobit / gubitak prije oporezivanja 799 472 79 719 878 1.191
Porez na dobit 0 -29 -11 -74 -11 -103
Neto dobit godine 799 443 68 645 867 1.088
Tvornica je u 2016. godini iz vlastitih sredstava finansirala investicije u iznosu 4,449 miliona KM (u 2015. godini 4,9
miliona KM), izvrila isplatu dividendi u iznosu od 13,75 miliona KM (u 2015. godini isplata dividendi je iznosila 16,3
miliona KM). Kao rezultat poveanja neto novanog priliva iz poslovnih aktivnosti i pored isplate dividendi novana
sredstva su poveana za 8.648 hiljada KM. Novana sredstva Drutva na kraju 2016. godine su iznosila 31.711
hiljada KM (u 2015. godini 23.063 hiljade KM).
Grupa je u 2016. godini iz vlastitih sredstava finansirala investicije u iznosu 10,4 miliona KM. Samo TBG BH je
investirao iz vlastitih sredstava u 2016. godini 5,36 miliona KM i izvrio isplatu dividende Tvornici cementa u iznosu
od 3,3 miliona KM.
Novac i novani ekvivalenti Grupe na kraju 2016. godine iznosili su 39.774 hiljade KM (u 2015. godini su iznosili
34.509 hiljada KM).
Gross sales third parties 6,103 10,271 13,596 15,689 19,699 25,960
Gross sales the Group 2.023 3.247 2,023 3,247
Gross sales 6,103 10,271 15,619 18,936 21,722 29,207
Income/loss before taxes -234 799 65 79 -169 878
Income tax 0 0 -9 -11 -9 -11
Net income -234 799 56 68 -178 867
Sales and turnover per business line and region is provided in the table below:
Tvornica cementa Kakanj financed investments in the amount of 4.449 million KM (4.9 million KM in 2015) from
its own sources, and paid dividends in the amount of 13.75 million KM (16.3 million KM in 2015). As a result of
an increase in net cash inflow from operating activities and aside from dividend payment, cash funds increased
by 8.648 thousand KM. Cash and cash equivalents of the Company at the end of 2016 amounted to 31.711
thousand KM (23.063 thousand KM in 2015).
In 2016, the Group financed investments in the amount of 10.4 million KM from its own funds. TBG BH has
invested from its own sources 5.36 million KM in 2016 and paid dividends to Tvornica cementa Kakanj in the
amount of 3.3 million KM.
Cash and cash equivalents of the Group at the end of 2016 amounted to 39.774 thousand KM (34.509 thousand
KM in 2015).
Promjena Promjena
2015. 2016. 2016/2015. 2015. 2016. 2016/2015.
Investicije
Investicije Grupe u fiksna sredstva tokom 2016. godine dvostruko su poveane u odnosu na prethodnu godinu i
iznosile su 10,4 miliona KM. Od ukupnih ulaganja Grupe ulaganja matinog drutva iznosila su 4,49 miliona KM,
ulaganja povezanog drutva TBG BH 5,36 miliona KM, dok ostatak predstavlja ulaganje povezanih drutava TBG
Beton Zagreb i Dunav-Drava cement.
Najvea ulaganja Tvornice cementa Kakanj u 2016. godini bila su ulaganja u projekte nove administrativne zgrade,
zamjenu vreastih filtera na mlinovima cementa i automatizaciju mlinova cementa.
Automatizacija laboratorija
Automatizacija laboratorija ili zrana pota jedan je od najznaajnijih projekata u posljednjih 10-ak godina koji
treba biti realiziran u odjeljenju kontrole kvaliteta. Projekt se sastoji iz tri faze: u prvoj fazi planirano je instaliranje
automatskih uzimaa uzoraka na postrojenju mlina cementa, mlina sirovine i primarnoj drobilici; druga faza
podrazumijeva nabavku stanice za primanje uzoraka (receiving station), koja e biti instalirana u laboratoriju
TCK-a, te povezivanje navedenih automatskih uzimaa uzoraka sa stanicom za primanje uzoraka; trea
faza podrazumijeva instaliranje automatskih uzimaa uzoraka za uzorke klinkera, sirovinskog i vrueg brana
te njihovo povezivanje sa stanicom za primanje uzoraka u laboratoriju. U toku 2016. godine u potpunosti je
zavrena I faza projekta te se ve nekoliko mjeseci uzorci automatski prikupljaju i pripremaju za analizu. to se
tie druge faze projekta, krajem 2016. godine je izabran dobavlja te je potpisan ugovor o isporuci i instaliranju
opreme za tu fazu projekta. Implementacija II faze projekta e biti zavrena polovinom 2017. godine. Takoer
je u toku 2017. godine planirano dogovaranje i odabir dobavljaa za III fazu projekta automatizacije laboratorija.
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 bolji
i bri nain.
Promjena Promjena
2015 2016 2016/2015 2015 2016 2016/2015
Investments
The Groups Investments into fixed assets during 2016 increased twice as compared to the previous year and
amounted to 10.4 million KM. Of the total investments of the Group, the investment of the parent company amount-
ed to 4.49 million, the investment of the related company TBG BH amounted to 5.36 million KM, while the rest of the
investment represents investment from the other related companies, TBG Beton Zagreb and Dunav-Drava cement.
The largest investments of Tvornica Cementa Kakanj in 2016 were into the following projects: New administrative
building, Cement mills filter bags replacement and Automation of cement mills.
Laboratory automaton
Laboratory automation or tube post system is one of the most important projects in the last 10 years, which
has been implemented in the quality control department. The project consists of three phases where in the first
phase automatic sampling on the cement mill department, raw mill and primary crusher department is planned for
installation. The second phase includes procurement of a receiving station that will be installed in the laboratory
building, and connection of the aforementioned automatic samplers with the receiving station. The third phase
covers installation of automatic samplers for clinker, kiln feed and hot meal samples and its connection with the
receiving station in the laboratory building. During 2016 the first phase of the project was completed and for a
few months samples have already been automatically collected and prepared for analysis. Regarding the second
phase at the end of 2016 a supplier was chosen and has signed a contract for the delivery and installation of the
second phase equipment. Implementation of the second phase of the project will be completed by the end of the
first half of 2017. Also during 2017 negotiation and selection of the suppliers for the third phase of the laboratory
automation project is planned. Through the implementation of the aforementioned projects we will have control over
the sampling system at every moment, the sampling process will be of a higher level, and the results of all analysis
done in the laboratory will be executed in the best and quickest way possible.
Projekt je obuhvatio modifikaciju starih (elektrostatikih) filtera u vreaste filtere koji se ubrajaju u najbolje raspoloive
tehnologije dananjice.
Modifikacija filtera B-linije u potpunosti je zavrena u 2015., a modifikacija A-linije poetkom ove godine. Testiranje /
probni rad uspjeno je okonano nakon zavretka montae i filteri su puteni u rad.
Transportni sistem ispod filtera koji se sastojao od vie punih transportera na liniji A i B je zamijenjen sistemom
direktnog doziranja u transportnu cijev na obje linije.
Na kraju projekta je ko iznad transportnog sistema podijeljen, ime je omoguena proizvodnja dva razliita tipa
cementa u isto vrijeme na pogonu za mljevenje cementa.
Ukupna odobrena vrijednost projekta je iznosila 2.056.000 KM, a investirano je 1.854.951 KM, od ega je u
2016. godini investirana 571 hiljada KM.
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 s 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.
The project included replacement of old (electro-static) filters with new bag filters, which are considered the best
available technique.
Modification of the filter on B line was completed in 2015, and modification of A line was finalised at the beginning of this year.
Testing (commissioning) was successfully finalised after assembly was done, and the filters have been put into operation.
The transporting system under the filters, consisting of several transporters on lines A and B, was replaced by a
system of direct dosage into the transport tube on both lines.
At the end of the project, the hopper above the transport system was split, enabling production of two different types
of cement at the same time in the plant for cement milling.
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.
The total approved value of the project was 2,056,000 KM, and a total amount of 1,854,951 KM was invested, out of which 571
thousand was invested in 2016.
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.
Cijeli projekt se radi u skladu s postojeim konceptom automatizacije koji je definirao HTC. Budet planiran za
ovu investiciju je tri miliona KM (1,538 miliona eura). Implementacija projekta poela je u julu 2013. Radovi na
mlinu cementa A i zajednikim potroaima zavreni su. 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.
Uraen je inenjering i naruena glavna oprema za automatizaciju pakeraja, izvrena montaa veine opreme,
a tehniki prijem i putanje u rad je planirano za februar 2017. godine. Trokovi implementacije projekta u 2013.,
2014., 2015. i 2016. godini iznosili su 1.886 hiljada KM. U 2017. planirana je automatizacija portalnih strugaa te
sitna poboljanja sistema automatike, ukljuujui i mehaniku opremu.
Upravna zgrada
Administrativni poslovi TCK-a obavljaju se u neodgovarajuim prostorijama, pa je izgradnja nove administrativne
zgrade potrebna za poboljanje uvjeta rada. Gradnja administrativne zgrade je zapoeta 2011. godine, ali zbog
potrebe za ulaganjima u proizvodnju gradnja je trajala do 2016. godine. Krajem 2016. godine radovi na administrativnoj
zgradi su u zavrnoj fazi. Tokom 2016. u zgradu je investirano 2,3 miliona KM, a ukupna vrijednost investicije iznosi
3,8 miliona KM.
Kupovinom pokretne i nepokretne imovine W&P Betona TBG BH je dobio jo jednu betonaru u Sarajevu i na taj
nain moe preuzeti uloga lidera na tom tritu, te betonaru u Zenici gdje su proizvodni trokovi trebali biti nii zbog
blizine Tvornice cementa.
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.
Engineering was finished, the main equipment for the automation of the packaging section was ordered, most of
the equipment was assembled, while technical acceptance and commissioning is expected in February 2017.
Implementation costs in 2013, 2014, 2015 and 2016 amounted to 1,886 thousand BAM. Automation of portal scrapers
and small improvements to the automation system, including mechanical equipment, are planned in 2017.
Administration Building
Administrative works of Tvornica have been performed in very unfavourable building conditions, so the construction
of a new administrative building has been a necessity in order to improve working conditions. Construction started
in 2011, but due to the necessity to divert investing funds into production, the construction continued until 2016.
By the end of 2016, works on the administration building are in the final phase. During 2016, 2.3 million KM was
invested into the building, while total value of the investment is 3.8 million KM.
Through the purchase of movable and non-movable assets of W&P Beton, TBG BH obtained additional concrete
plant in Sarajevo and in this way it can take over the leading position in this market, and additional concrete plant in
Zenica where the production cost should be lower due to vicinity to the cement plant.
Dugorona imovina Grupe iznosi 101,25 miliona KM i smanjena je u odnosu na prethodnu godinu za 0,3 miliona
KM (u 2015. godini iznosila je 101,6 miliona KM).
Do smanjenja dugorone imovine je dolo zato to je vrijednost ulaganja manja od obraunate amortizacije
perioda.
Kratkorona imovina Tvornice cementa Kakanj iznosi 51,6 miliona KM i za 7 miliona KM je vea nego u prethodnoj
godini, pri emu su novana sredstva poveana za 8,6 mil. KM, dok su potraivanja od kupaca smanjena za 1,3
mil. KM te zalihe za 0,3 mil. KM (u 2015. godini iznosila je 44,6 miliona KM).
Kratkorona imovina Grupe iznosi 64,1 milion KM i poveana je u odnosu na prethodnu godinu za 3,9 miliona KM
(u prethodnoj godini je iznosila 60,21 milion KM), pri emu je novac povean za 5,3 mil. KM, dok su potraivanja
smanjena za 1,3 mil. KM, a zalihe za 0,1 milion KM.
Ukupan kapital Tvornice cementa Kakanj iznosi 149 miliona (u proloj godini 145 miliona) i povean je u odnosu na
prolu godinu za 4 miliona KM, to je rezultat poveanja neto dobiti perioda.
Ukupan kapital Grupe iznosi 149,9 miliona (u proloj godini 147,6 miliona) i povean je u odnosu na prolu godinu
za 2,3 miliona KM.
Kratkorone obaveze Tvornice cementa Kakanj iznose 9,1 milion KM i u odnosu na prethodnu godinu smanjene
su za 1,1 milion KM zbog smanjenja obaveza prema dobavljaima za milion KM te ostalih obaveza za 0,1 mil. KM
(u proloj godini 10,2 miliona KM).
Kratkorone obaveze Grupe iznose 13,8 mil. KM i poveane su za 0,9 miliona KM (u prethodnoj godini iznosile su
12,9 miliona KM) zbog poveanja obaveza prema dobavljaima.
The long-term assets of the Group amounts to 101.25 million KM, which has decreased by 0.3 million KM compared
to the previous year (it amounted to 101.6 million KM in 2015).
The decrease in long-term assets resulted from an investment value that was lower than the calculated depreciation
for the period.
The short-term assets of Tvornica Cementa Kakanj amount to 51.6 million KM and they are higher than in the previous
year by 7 million KM, whereby cash and cash equivalents increased by 8.6 million KM, while trade receivables
decreased by 1.3 million KM and stocks by 0.3 million KM (it amounted 44.6 million KM in 2015).
The short-term assets of the Group amount to 64.1 million KM and increased by 3.9 million KM compared to the
previous year (the previous year it amounted to 60.21 million KM) whereby cash and cash equivalents increased by
5.3 million KM. Receivables decreased by 1.3 million KM and stocks by 0.1 million KM.
The total capital of Tvornica Cementa Kakanj amounts to 149 million KM (it was 145 million KM in the previous year) and
compared to the previous year it increased by 4 million KM, which is result of an increase in net income for the period.
The total capital of the Group amounts to 149.9 million KM (it was 147.6 million KM in the previous year) and it
increased compared to the previous year by 2.3 million KM.
Short-term liabilities of Tvornica cementa Kakanj amounts to 9.1 million KM and decreased by 1.1 million KM
compared to the previous year due to a decrease in trade creditors by 1 million KM and other payables by 0.1 million
KM (10.2 million KM in the previous year).
The short-term liabilities of the Group amounts to 13.8 million KM and it increased by 0.9 million KM (in the previous
year it amounted to 12.9 million KM) due to an increase in trade creditors.
U hiljadama KM 31.12
Grupa Drutvo
Promjena Promjena
2015. 2016. 2016/2015. 2015. 2016. 2016/2015.
Vrijednost priznanja je u tome to se ono dodjeljuje na temelju mjerljivih i transparentnih, odnosno objektivnih i
opeprihvaenih finansijskih kriterija koji ukazuju da smo u duem vremenskom periodu prepoznati kao pouzdan,
siguran, kredibilan i poeljan partner. Najvia ocjena boniteta upuuje na to da nae poslovanje krasi izuzetna finan-
sijska stabilnost, visok kvalitet upravljanje kapitalom, uspjeno upravljanje rizicima i svim poslovnim procesima, to
ukazuje na kvalitet upravljanja, najvii nivo poslovne vjerodostojnosti TCK-a.
Certifikat izvrsnosti dodjeljuje meunarodna grupacija Bisnode AB, koja je jedan od najveih evropskih informatora
o poslovnoj i kreditnoj sposobnosti kompanija.
In thousand KM 31.12
Group Company
Change Change
2015 2016 2016/2015 2015 2016 2016/2015
Value of this recognition lays in the fact that it is awarded on the basis of measureable and transparent i.e. objective
and generally accepted financial criteria showing that during a longer period of time we have been recognized as
a reliable, confident, credible and desirable partner. The highest grade of solvency indicates that our business is
marked by outstanding financial stability, high capital management quality, successful management of risks and all
business processes proving high management quality, highest level of business reliability of Tvornica,
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.
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 nivou pojedinog drutva u okviru Grupe i u skladu s politikom, procedurama i kontrolama definiranim
na nivou 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.
Stupanjem na snagu novog Zakona o finansijskom poslovanju 1. januara 2017. godine, kojim su definirani rokovi
plaanja i kazne za prekraje, ovaj rizik bi trebalo da bude dodatno smanjen.
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 perioda. 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.
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.
This risk should be additionally reduced once after the new Law on Financial Operations defining payment deadlines
and fines comes into effect on 1 January 2017.
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.
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.
Operativni rizik
Ogranieni skladini kapaciteti za cement
U 2017. 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.
Operating Risk
Limited cement warehousing capacities
In 2017 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.
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.
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.
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.
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.
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 doz-
voljen i siguran nain (s aspekta zdravlja i sigurnosti na radu).
Tvornica cementa Kakanj ve petnaestu godinu zaredom kontinuirano primjenjuje i razvija integrirani sistem up-
ravljanja u skladu sa zahtjevima standarda ISO 9001:2008, ISO 14001:2004, OHSAS 18001:2007, EN 197-1 i EN
197-2.
Ve su zapoete pripreme za tranziciju na nove standarde ISO 9001:2015 i ISO 14001:2015. Planirano je da se taj
prijelaz realizuje u narednoj godini.
Zahvaljujui striktnoj implementaciji zahtjeva evropskih normi, TCK je prije est godina ispunila i sve uvjete za
oznaavanje svojih proizvoda CE znakom. Ovim je zaokruen veoma sloen proces implementacije integriranog
sistema upravljanja koji je zapoeo prije 15 godina. U narednom periodu ovaj izgraeni sistem neophodno je dalje
razvijati i prilagoavati novim i sve otrijim zahtjevima.
U vezi s tim TCK je u 2016. godini ispunila sve zahtjeve iz evropskih uredbi REACH (Registration, Evaluation, Author-
ization and Restriction of CHemicals) i CLP (Classification, Labelling and Packaging), te u tom smislu prilagodila
svoje proizvode i prateu dokumentaciju.
U Tvornici cementa Kakanj redovito se provode interne i vanjske kontrole potivanja svih navedenih standarda, to
nam omoguava njihovo zadravanje.
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.
Tvornica Cementa Kakanj has, for fifteen 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.
Preparation for the transition to the new standards ISO 9001:2015, and ISO 14001:2015 already started in 2016. It
is planned to complete the transition implemented in the coming year.
Owing to the strict implementation of European Norm standards, Tvornica Cementa Kakanj fulfilled all requirements
for marking its products with the CE stamp six years ago. This marked the completion of a very complex process
of implementing the integrated management system, which was started fifteen years ago. In the upcoming period,
this system needs to be further developed and adapted to new and stricter requirements.
In this regard, during 2016 Tvornica cementa Kakanj has fulfilled all requirements of the European Directive REACH
(Registration, Evaluation, Authorization and Restriction of CHemicals) and CLP (Classification, Labelling and
Packaging), and in this respect adjusted its products and supporting documentation.
Internal and external audits are regularly conducted in Tvornica cementa Kakanj controlling compliance with all the
mentioned standards enabling us to keep the certificates.
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.
Ova 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.
S obzirom na poveanje udjela alternativnih goriva, ova okolinska dozvola definirala je i nove stroije 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.
Osim za okolinsku dozvolu, Tvornica cementa Kakanj ispunila je sve uvjete i iz vodne dozvole od Agencije za vodno
podruje rijeke Save (AVP Sava). U skladu s ovom dozvolom tokom 2016. godine nastavljen je redovit mjeseni
monitoring kvaliteta otpadnih voda iz TCK-a.
Additionally, the clinker production process is a closed technological process which has no side-effects or by-
products (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.
This Environmental Permit, which is in accordance with the 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.
Due to the fact of increasing the share of AF, this Environmental Permit also defines new and more stringent emission
limits GVE that 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.
In addition to the Environmental Permit, Tvornica Cementa Kakanj also fulfilled its requirements given in the Water Permit
issued by the Agency for the Sava Water Region (AVP Sava). Pursuant to this Water Permit, Tvornica Cementa Kakanj
continued in 2016 to implement regular monthly monitoring of wastewater quality in Tvornica Cementa Kakanj.
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.
U narednoj godini bit e potrebno obnoviti i okolinsku dozvolu za kamenolom i u tom smislu ve su izvrene
odreene pripremne aktivnosti.
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 redovitog monitoringa i izvjetavanja. Radi se o
projektu nazvanom CSI Water Management / Water Reporting.
Zahvaljujui 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
2016. godini:
Prosjeni rezultati monitoringa kvaliteta otpadnih voda za 2016. godinu dati su u sljedeoj tabeli.
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.
In the coming year the Environmental Permit for Ribnica quarry will be due for renewal and in this regard we have
already carried out certain preparatory activities.
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 that 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 wastewater quality in Tvornica Cementa Kakanj, and in 2012 we established monitoring of wastewater
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 authorised 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 2016:
The average results of monitoring of the quality of wastewater in 2015 are provided in the following table:
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 2016.
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, TCK 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, kojega se aurira
svake godine.
Alternativna goriva
S 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 julidecembar 2015. godine spaljeno 516 t starih automobilskih guma, ime je uteeno 13.932,54 GJ energije.
U 2016. godini povean je udio alternativnih goriva (prvenstveno automobilskih guma) i dostignut je ukupni iznos oko
3,6%, to znai da je vie od 28.000 GJ energije dobiveno iz AF. Na taj nain spaljeno je 1.150 t starih automobilskih
guma koje su se nalazile po raznim deponijama irom BiH.
U narednom periodu uslijedit e nove investicije u opremu (infrastrukturu) za prijem, skladitenje i doziranje raznih
vrsta alternativnih goriva u procesu proizvodnje klinkera. Ve su zapoete aktivnosti za dobivanje potrebnih dozvola
(urbanistikih i graevinskih) za realizaciju ove investicije.
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 se provodi 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, kao i na UNDP-ovom
projektu: Nacionalni program istije proizvodnje, te na meunarodnoj konferenciji o upravljanju otpadom
RENEXPO.
U dosadanjem periodu realizirali smo oko 50% aktivnosti predvienih ovim projektom. Ostale aktivnosti e bit
realizirane u narednih 18 mjeseci.
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 2016, the share of alternative fuels (mainly old tyres) increased. The total amount of AF was 3.6%, which means that over
78.000 GJ of energy has obtained from AF. In this way it has burned 1.150 t old tires that were located at various landfills across
the country.
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. We have already started activities to obtain the necessary
permits (urban and construction permit) for the realization of this investment.
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 the
additional affirmation of our AF project. This project is carried out 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 ZEPS general international fair in Zenica (autumn 2015).Also in 2016 this AF/GIZ project
was promoted through the UNDP National Cleaner Production Programme and through the international Conference of
Waste Management RENEXPO.
So far we have implemented about 50% activities defined by this project. The remaining activities will be implemented in the
next 18 months.
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. Trei ciklus ovog takmienja, u kojem je uestvovala 21 zemlja, zavren je u decembru 2016.
godine kada je odrana sveana meunarodna ceremonija dodjela nagrada u Bruxellesu. Novi ciklus, etvrti po
redu, zapoet e u maju 2017. godine.
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 third issue of this award, which included the participation of 21 countries, was finalised in
December 2016 when an international award ceremony was held in Brussels. A new fourth issue will start
in May 2017.
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 posao koji obavljaju. 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 radnika 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, prije svega,
za poboljanje mjera sigurnosti na radu i standarda radnika.
Na kraju mjeseca decembra 2016. ukupno je zaposlenih osoba u Tvornici cementa Kakanj i zavisnim drutvima bilo 278:
u Bosni i Hercegovini 238 i u Republici Hrvatskoj 40 radnika, to je prikazano u sljedeoj tabeli:
Poslovna linija cement biljei pad broja radnika za 17 na kraju 2016. u odnosu na 2015. godinu, uz napomenu da
se radi o privremenom raskidu ugovora za 13 radnika, koji e na poetku pune sezone ponovo nai svoje mjesto
u Tvornici cementa Kakanj d.d. Kakanj. Imajui u vidu navedeni povratak, stvarni pad broja radnika TCK-a je devet
radnika manje, od kojih je osam steklo zakonske uvjete za odlazak u penziju, jednog radnika Tvornica je izgubila
usljed prirodne smrti, dok su u 2016. godini primljena tri nova radnika VSS kvalifikacije.
Istovremeno je dolo do poveanja broja radnika na poslovnoj liniji beton; u odnosu na 2015. godinu broj zaposlenih
porastao je za 12.
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 teamwork 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.
At the end of December 2016, the total number of employees in Tvornica cementa Kakanj and related companies
was 278: 238 in Bosnia and Herzegovina and 40 in Croatia, as shown in the following table:
At the end of 2016, the number of workers in the Business Line Cement decreased by 17 compared to 2015, with
a remark that for 13 workers termination of working contracts is just temporary. They will find their place as workers
of Tvornica cementa Kakanj at the beginning of the new season. Of the actual decline of 9 in the number of workers,
8 workers retired and 1 worker was lost due to natural death causes. In 2016, Tvornica hired 3 new workers, with
university degree qualifications.
At the same time, the number of workers in the concrete business line, increased by 12 in comparison to
2015.
U Tvornici cementa Kakanj, poslovna linija cement, 31. 12. 2016. godine zaposleno je 196 osoba; meu njima su
32 ene, to ini 16,33% ukupnog broja radnika; one obavljaju razliite poslove u proizvodnom, administrativnom ili
upravljakom procesu.
Kvalifikacijska struktura zaposlenika na poslovnoj liniji cement na dan 31. 12. 2016. godine prikazana je na sljedeem
1+2+4716182329L
dijagramu.
0.5% 2%
4%
4%
Zaposlenika Sprema % Boja
29,08%
57 SSS 29.08
46 KV 23
40 VSS 20,40
34 VKV 17
17%
8 NK 4
7 VS 4
3 PK 2
1 NS 0.5
23% 20,40%
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 tri radnika su s diplomom doktora tehnikih nauka, dva s diplomom
magistra ekonomskih nauka i jedan s diplomom magistra tehnikih nauka.
U odnosu na prethodnu godinu 2016. nije donijela znaajnu promjenu u kvalifikacijskoj strukturi
zaposlenih.
In Tvornica Cementa Kakanj, at the end of 2016 in the cement business line, out of 196 employees 32 are women,
a number that represents 16.33% of those holding different positions in production, administration and management
processes.
The qualification structure of employees in the cement business line on 31 December 2016 is shown in the chart
1+2+4716182329L
below.
0.5% 2%
4%
4%
Employees Qualification % Color
29.08%
57 SSS 29.08
46 KV 23
40 VSS 20,40
34 VKV 17
17%
8 NK 4
7 VS 4
3 PK 2
1 NS 0.5
23% 20,40%
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 the previous year, 2016 has not brought any significant change to the qualification structure of
employees.
U navedene vrste obuka bilo je ukljueno 300 radnika, od kojih su neki pohaali nekoliko vrsta obuke.
Drugu formu provoenja obuke iz oblasti osposobljavanja on-line obuku, kakvih je u 2016. organizirano ukupno
etiri, obavio je ukupno 101 radnik na obje poslovne linije. Pojedinane obuke su kreirane lokalno, unutar kadrovskog
odjela TCK-a ili su preuzete od Regionalnog odjela za razvoj ljudskih resursa Sjeverna i 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 od 183 radnika
koji su obavili teoretske ili praktine obuke u cilju obnove ili sticanja novih znanja unutar oblasti kojoj se na nivou HeidelbergCement
Group i na lokalnom nivou poklanja izuzetna panja. Broj radnika obuhvaenih navedenim obukama predstavlja 93,84% broja svih
radnika Tvornice. Obukama iz oblasti rada na siguran nain i protivpoarne zatite obuhvaeni su i radnici kompanija koje pruaju
usluge Tvornici u oblasti proizvodno-tehnikih poslova jer je namjera da se svim osobama koja se kreu prostorima TCK-a omogui
rad na siguran nain; tokom 2016. godine ovim su obukama obuhvaene 43 osobe sa 86 radnih sati obuavanja. Kontinuirana obuka
iz spomenute oblasti doprinijela je da izgubljenih sati usljed bolovanja uzrokovanih povredom nije bilo u 2016. godini.
Takoer, 2016. 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.
U 2016. godini izvedena je specijalna pokazna vjeba evakuacije i spaavanja u Odjeljenju za peenje klinkera, a kao
i u prethodnim periodima pokazala se efikasnom i potrebnom.
In the aforementioned trainings, 300 employees were included, some of them undergoing a couple of different trainings.
As regards other forms of training, so-called online training, 4 such trainings were organized with the participation of
101 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, Northern - 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 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 183 workers included in practical or theoretical trainings in safe work
practices: 183 employees represents 93.84% of the total number of employees in the HeidelbergCement business in
B&H. In 2016, 43 employees of the external companies providing services to Tvornica cementa Kakanj were included in
H&S trainings with 86 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.
Also, 2016 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.
It is important to point out the special demonstration of evacuation and rescue actions in 2016. Within the demonstration
exercise employees of the Klinker Burning Department were included.
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.
U 2016. 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 obuka, kojom su u 2016. 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 2016. 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 bio rad u skuenom prostoru i preventivno djelovanje u oblasti zatite od poara. U aktivnosti su
ukljueni radnici TCK-a, ali i radnici 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.
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.
In 2016, 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 HeidelbergCement 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 2016 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 2016, 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,
this time the focus was on work in confined space and prevention in the field of fire protection. Project activities
included 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.
Rekreacijske aktivnosti
Zavisno od zainteresiranosti zaposlenika, kompanija organizira razliite sportsko-rekreacijske aktivnosti koje se
odvijaju u sportskim objektima lokalne zajednice.
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).
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.
Recreation activites
Based on the interests of employees, the company organizes different sporting and recreation activities that are held
in sport facilities of the local community.
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 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.
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 uvjete poslovanja. A
naa lokalna zajednica moe biti ponosna to u svome susjedstvu ima savremenog i ekoloki osvijetenog
poslodavca i proizvoaa cementa kakav je TCK, koji svojim pozitivnim imidom promovira i opinu Kakanj, pa
i cijelu dravu.
Ova kompanija 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.
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 that 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.
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
At the beginning of July 2016 Tvornica cementa Kakanj opened its gates for the fifteenth 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. More than 4,000 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 a route that goes through the whole factorys area. Employees of
the Group also had an opportunity to show their skills during the football tournament.
Nadalje, ostvarenja rasta dravne potronje u 2016. godini, kao i podaci iz Smjernica ekonomske i fiskalne politike
za razdoblje 2017. 2019., upuuju na to da bi agregatna potranja takoer mogla rasti bre nego to je oekivano,
tako da je njen doprinos rastu bruto domaeg proizvoda neto vei.
Kada je rije o investicijskim aktivnostima, posljednja predvianja ukazuju da bi se ona mogla ubrzati, tako da bi
bruto investicije u fiksni kapital mogle porasti za 6,8%.
Takoer, prema posljednjoj projekciji vezanoj za opu sliku hrvatske ekonomije za 2017. godinu, oekuje se daljnji
rast ukupnog izvoza, te bi izvoz roba i usluga i nadalje mogao doprinijeti ekonomskom rastu. Pored toga, oekuje
se da e jaa domaa potranja i nastavak rasta ukupnog izvoza rezultirati veim rastom uvoza roba i usluga nego
to se to prije oekivalo.
U 2017. godini prognozirano je znatno ubrzanje inflacije na 1,6%, to u usporedbi s 2016. godinom znai izlazak iz
deflacije, odnosno negativne stope inflacije. Tome bi najvie doprinijelo poveanje cijena, iskljuujui cijene prehrane
i energije, zbog direktnih uticaja poreznih izmjena, ali i mogui rast cijena prehrane i energije zbog oekivanog
poveanja raspoloivog prihoda stanovnitva zbog izmjene zakona o porezu na dohodak. Osim toga, oekuje se i
ubrzanje prosjene godinje stope promjena cijena energije zbog rasta cijena sirove nafte nakon dogovora zemalja
lanica OPEC-a i Rusije o smanjenju proizvodnje sirove nafte.
Kada je rije o predvianjima za trite rada, za 2017. godinu oekuje se rast zaposlenosti ali manjeg intenziteta
nego u 2016. godini. Anketna stopa nezaposlenosti za 2017. godinu projicirana je na 13,9%. U 2017. godini takoer
se oekuje nastavak rasta prosjene nominalne bruto plae, dok bi neto plae mogle vie rasti zbog izmjena zakona
o porezu na dohodak koji je stupio na snagu u januaru 2017. godine.
to se tie izgleda vezanih za javne finansije u 2017. godini, predvia se da e se, uz priblino jednaku dinamiku
punjenja budeta te oekivani ekonomski rast, nastaviti daljnje smanjenje budetskog deficita koji bi za 2017. iznosio
1,9 % bruto domaeg proizvoda. Procjenjuje se da bi Hrvatska ve sredinom 2017. godine mogla izai iz procedure
prekomjernog deficita. Ipak, hrvatske javne finansije i dalje treba usklaivati s preporukama Evropske unije, to
podrazumijeva potrebu za daljnjom fiskalnom konsolidacijom.
Hrvatska je konano po dinamici rasta uspjela dostii prosjek Evropske unije i drava srednje Evrope. Rast u
2016. godini, kao i predvieni rast u 2017. godini izloen je pozitivnim rizicima, dok je za dugoronu odrivost
i stabilnost te poveanje stope rasta potrebno daljnje provoenje mjera poboljanja investicijske klime, reforma
javnog sistema, jaanje vladavine prava i poveanje efikasnosti dravne administracije. U suprotnome postoji rizik
da bi promjene u vanjskom okruenju mogle vratiti Hrvatsku u stagnaciju i komparativno zaostajanje za ostatkom
Evrope.
Furthermore, growth of government spending in 2016, as well as data from the Economic and Fiscal Policy
Guidelines for the period 2017-2019, indicates that aggregate demand should also be able to grow faster than
expected, so that its contribution to gross domestic product will be slightly higher.
As regards investing activities, the latest forecasts indicate that these could be set to accelerate, so that gross fixed
capital could rise by 6.8%.
Also, according to the latest projections related to the general picture of the Croatian economy in 2017, a further
increase in total exports is anticipated. Export of goods and services could further contribute to economic growth.
In addition, stronger domestic demand and continued growth of total export is expected, and should result in
higher growth of imports of goods and services than was before previously expected.
In 2017, significant acceleration of inflation to 1.6%, as compared to 2016 is expected, which means an exit from
deflation or negative inflation rate. The most significant contribution to this should be an increase in prices excluding
food and energy prices, due to the direct impact of tax changes, as well as a possible rise in the prices of food and
energy due to the expected increase in disposable income of the population as a result of changes to the law on
personal income tax. In addition, acceleration of the average annual rates of changes to energy prices is expected
due to rising crude oil prices after consultation of OPEC countries and Russia to decrease the production of crude oil.
In terms of labour market forecasts for 2017, an increase in employment is expected, but with a lower intensity than
in 2016. In accordance with the International Labour Organization methodology for 2017, an unemployment rate of
13.9% is projected. Also in 2017, continued growth in average nominal gross wages is expected, while net wages
could grow more due to amendments to the law on personal income tax, which came into force in January 2017.
With respect to public finances in 2017 forecasts suggest that expected economic growth will continue to further
reduce the budget deficit, which for 2017 should amount to 1.9% of gross domestic product. It is foreseen that
Croatia by as early as the middle of the year could exit the excessive deficit procedure. However, Croatian public
finances need to be adjusted further in accordance to recommendations of the European Union, which implies the
need for further fiscal consolidation.
Croatia is finally, as per the dynamic of the growth rate, succeeding to reach the average of European Union,
and other countries of Central Europe. Growth in 2016, as well as anticipated growth in 2017, was exposed to
positive risks, while for long-term sustainability and stability, further increase of the growth rate should by condition
upon continuous implementation of measures to improve the investment climate, reform of the public system,
strengthening of the rule of law and more efficient public administration. Otherwise, there is the risk that changes to
the external environment may return Croatia to a stagnation that sees it lag behind the rest of Europe.
Rast industrijske proizvodnje, rast izvoza i tednja stanovnitva ohrabrujui su, premda je sve to vrlo sporo i
nedovoljno. Ipak, 2017. godina bi trebalo da bude godina blagoga ekonomskog oporavka i izlaska iz recesije.
Ministarstvo saobraaja i veza Federacije BiH je u etverogodinjem periodu planiralo FBiH doslovno pretvoriti u
veliko gradilite, a najvei iznos sredstava odlazi za nastavak izgradnje nekoliko dionica autoputa, ali i izgradnju
i modernizaciju magistralnih i regionalnih puteva.
Za 2017. godinu moemo dati procjenu skromnog oporavka s realnim rastom potranje do 3% na godinjem
nivou ako ne doe do daljnjih socijalnih, ekonomskih ili politikih nestabilnosti.
Prema Bisnode analizi, koja obuhvaa makroekonomske pokazatelje za zemlje regije, u zadnjem kvartalu
2016. godine u Hrvatskoj je zabiljeen najvei gospodarski rast od 2,8 posto. Oekuje se nastavak pozitivnog
trenda, smanjenje kamatnih stopa, poveanje investicija, kao i znaajnije povlaenje sredstava iz fondova EU-a
u godinama koje slijede.
Mogunost znaajnijeg porasta potronje cementa u Hrvatskoj vidimo 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.
Podaci o obujmu i vrijednosti graevinskih radova upuuju na postupan oporavak graevinske aktivnosti koji bi
se pri rastu broja izdanih graevinskih dozvola i vrijednosti novih narudbi trebao odrati i u narednom periodu.
Stoga se problematika graevinarstva postupno seli s pitanja nedostatka poslova prema pitanjima povezanima
s kapacitetima i mogunostima graevinara za preuzimanje znaajnijih poslova, jer je dugogodinja kriza
umanjila potencijale graevinskog sektora te se sve vie osjea nedostatak radnika specifinih struka potrebnih
za izvoenje graevinskih radova.
Growth of industrial production, increase in export and savings of residents are encouraging, although everything is slow
and insufficient. However, 2017 should be a year of slight economic recovery and exit from recession. In the four-year
period, the Ministry of Communications and Transport has planned to turn the Federation of B&H into a literally huge
construction site, with the largest amount of funds going to continuation of construction of several sections of the highway,
as well as on construction and modernization of main and regional roads.
We can give an estimate of slight recovery in 2017 with realistic growth of demand by 3% annually, if there are no social,
economic or political upheavals.
According to the Bisnode analysis, which includes macro-economic indicators for the countries in this region, in the
last quarter of 2016 Croatia recorded the highest economic growth of 2.8%. This positive trend is expected to continue
in the coming years, as well as interest rates decreases, investments increases and more significant utilisation of EU
funds.
A possibility for a significant cement consumption increase in Croatia can be envisaged in modernisation and development
of railroads (concrete ties) and in further development and modernisation of Croatian ports, mainly the Rijeka and Ploe
ports which could take over primacy among importing ports for the countries of middle and eastern Europe.
Data on the volume and value of construction works indicates gradual recovery of construction activities, which,
if judged by the increased number of issued construction permits and value of new orders, should continue in the
following period. Therefore, the issues in the construction sector gradually move from lack of works to issues related
to capacities and possibilities for constructors to take over significant projects as several year long crisis decreased
potentials in the construction sector, and lack of workers with specific crafts needed for construction works is felt
increasingly.
PJ Sarajevo
Oekujemo da e se realizirati novi projekti, uz napomenu da je akvizicijom jo jedne betonare na podruju regije Sarajeva
povean udio na tritu. Ukupne koliine: procjena 350.000 m, gdje oekujemo nae uee sa dvije betonare od 30%.
PJ Lukavac
Ukupna planirana potronja betona u ovoj regiji u 2017. je cca 140.000 m, pri emu je nae planirano trino
uee 15%.
PJ Banja Luka
Planirana potronja betona u banjalukoj regiji u 2017. je cca 140.000 m. Na planirani trini udio je 15%.
PJ Zenica
Planirana potronja betona u regiji je u 2017. cca 200.000 m, nae planirano uee u ovoj koliini sa dvije
betonare je 80.000 m ili 40%.
Slijedi zakljuak da bi se u 2017. godini, shodno naim planovima i po procjeni koliina na lokalitetima gdje
djelujemo, nae uee u isporuci betona kretalo do 27,3%, tj. 227.000 m, ukljuujui i betonare koje su kroz
akviziciju ule u sastav TBG BH.
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 2016.
Zagrebako trite nema najave znaajnih projekata te se ne oekuje poveanje prodaje u odnosu na 2016. godinu.
BU Sarajevo
We expect realisation of new projects with a remark that with acquisition of new RMC plant in Sarajevo the market
share increased. Total quantities: estimate is 350,000 m3, with participation of our two RMC plants foreseen at 30%.
BU Lukavac
Total planned concrete consumption in the region in 2017 is around 140,000 m3, with our participation foreseen at
15%.
BU Banja Luka
Planned concrete consumption in the region in 2017 is around 140,000 m3, with our planned market share being 15%.
PJ Zenica
Planned concrete consumption in the region in 2017 is around 200,000 m3, and our planned participation in this
quantity with two RMC plants is 80,000 m3 or 40%.
The conclusion is that according to our plans and quantity estimates in the areas where we work our participation
in concrete delivery in 2017 would amount to 27.3% or 227,000 m3, including acquired concrete plants that have
become our members.
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 2016.
For the Zagreb market there is no expectation of significant projects and an increase in sales compared to 2016.
Na temelju poveanja kapaciteta proizvodnje betona kao i nastavka aktivnosti na velikim infrastrukturnim projektima
te poveanja potronje betona planirano je poveanje prodaje betona u BiH za oko 80%. U Hrvatskoj je takoer
planirano poveanje prodaje betona.
Poveanjem prodaje betona za narednu godinu te optimizacijom trokova u obje poslovne linije planirano je i
poveanje dobiti u 2017. godini.
Investicije
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. U periodu od 2014. do 2016. godine ukupno je investirano 14,7 mil. KM, od ega u proizvodnju 9,8
mil. KM. U naredne dvije godine u proizvodnju e biti uloeno dodatno najmanje 10 mil. KM.
Planirana sredstva za investicije u 2017. iznose 6,9 miliona KM, i dosta su vea u odnosu na ostvarena plaanja
za investicije u 2016. godini jer su u 2017. godini planirani novi projekti kao to je poetak izgradnje novih silosa za
cement, poetak druge faze projekta Alternativna goriva i nastavak zapoete druge faze projekta Automatizacija
laboratorija.
Silosi cementa
U 2017. godini je planiran poetak izgradnje dva nova silosa za cement kapaciteta po 2000 t za svaki silos. Potreba
za gradnjom ovih silosa proizlazi iz potrebe za uvoenje novih tipova cementa. Najvei dio radova na ovim silosima
je planiran u 2018. godini. Lokacija novih silosa je kod ve postojeih silosa za cement.
Alternativna goriva
Pored ovog projekta takoer se planira i poetak druge faze projekta Alternativna goriva, to predstavlja novo
investiranje u opremu za prijem, skladitenje i doziranje raznih vrsta alternativnih goriva do specifinih taaka ulaza
sirovine u postojeoj liniji procesa proizvodnje klinkera.
Automatizacija laboratorija
Projekt Automatizacija laboratorija, koji je zapoeo u 2016. godini, predstavlja II fazu modernizacije i automatizacije
u laboratoriju i u 2017. godini bit e instalirani uzimai klinkera i ulaznih sirovina kao i zrani sistem za transport
uzoraka. Jedan dio sredstava ovog projekta je planiran u 2018. godini, i to je posljednja faza koja podrazumijeva
povezivanje stanice za prijem uzoraka i ureaja u laboratoriju kroz AMLAS sistem.
Based on the expectation that increase of concrete production capacity as well as continuing activity on major
infrastructure projects will be forthcoming, sales of concrete in B&H will increase by approximately 80%. Increased
sales in Croatia are also planned.
In 2017, due to an increase in concrete sales and optimisation of costs, profit increase is envisaged in both business
lines.
Investments
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 the period 2014-2016 14.7 million KM was invested out of which 9.8 million KM into
production. In the next two years at least additional 10 million KM will be invested into production.
The planned funds for investments in 2017 amount to 6.9 million KM and are significantly higher than investment
payments made in 2016 because new projects are planned for 2017 such as starting the construction of new
cement silos, beginning of second phase of the alternative fuels project, and continuation of the second phase of
the laboratory automation project.
Cement silos
In 2017 construction of two new silos with the capacity by 2000t each silo is planned to begin. The need to build
these silos arises from the need for the introduction of new types of cement. Most of the funds for building these
silos are planned in 2018. The location (position) of new silos is nearby existing cement silos.
Alternative fuels
Besides this project the second phase of the alternative fuels project is also planned to start. This phase represents
new investments in equipment for the reception, storage and dispensing of various types of alternative fuels to
specific points of entry of raw materials into an existing line of clinker production process.
Laboratory automation
The Project Automation Laboratory, which started in 2016, represents the second phase of modernisation and
automation in the laboratory, and in 2017 clinker and raw materials samplers will be installed as well as a tube
system for transportation of samples materials. One part of the funds of this project is planned in 2018 and this last
phase involves connecting the receiving station and equipment in the laboratory through the AMLAS system.
Zaposlenici
U Drutvu kao i u Grupi dostignut je optimalan broj zaposlenih tako da ubudue ne bi trebalo
da bude znaajnih varijacija.
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,
jaanje 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,
kontinuirano poboljanje pomonih funkcija i integracije u Hrvatskoj,
uvoenje poslovne linije agregata,
zdravlje i sigurnost u skladu sa zahtjevima standarda OHSAS 18001 i u skladu s najboljom praksom Grupe i
lokalnim zahtjevima,
konstantan rast, razvoj i poveanje poslovnih prihoda kao i povrat na uloeni kapital dioniara.
Employees
Optimising the number of employees is planned in the upcoming years. The optimal number will be reached
gradually through retirement.
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;
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 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.
za budue generacije
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 2016. 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.
Djelatnosti drutva
Na dan 31. prosinca 2016. godine Drutvo je imalo 196 zaposlenika dok je Grupa imala 278 zaposlenika (na dan
31. prosinca 2015; Drutvo 213, Grupa 280).
As at 31 December 2016 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
At 31 December 2016, the Company had 196 employees while the Group had 278 employees (as at 31
December 2015: Company 213, Group 280).
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.
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.
____________________________ _______________________________
Branimir Muida Zehra Obralija
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:
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.
____________________________ _______________________________
Branimir Muida Zehra Obralija
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 2016. 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 Maja Hafizovi, ovlateni revizor
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 2016, 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 55).
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 2016 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
Biljeke Tisue KM
Odobrili i potpisali u ime Grupe Tvornica cementa Kakanj d.d. 30. sijenja 2017. godine:
______________________ __________________________
Branimir Muida Zehra Obralija
Notes KM thousand
Total comprehensive income for the year, net of tax 16,004 14,505
Earnings per share basic and diluted, for profit for the year
attributable to ordinary equity holders of the Company 10 KM 1.69 KM 1.53
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 30th January 2017:
______________________ __________________________
Branimir Muida Zehra Obralija
Biljeke Tisue KM
Odobrili i potpisali u ime Grupe Tvornica cementa Kakanj d.d. 30. sijenja 2017. godine:
______________________ __________________________
Branimir Muida Zehra Obralija
Notes KM thousand
Total comprehensive income for the year, net of tax 17,683 13,751
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. on 30th January 2017:
______________________ __________________________
Branimir Muida Zehra Obralija
AKTIVA
Dugotrajna imovina
Materijalna imovina 11 99.171 99.306
Nematerijalna imovina 12 766 805
Ulaganje u zajednike pothvate 14 491 554
Ostala financijska imovina 15 826 930
101.254 101.595
Kratkotrajna imovina
Zalihe 16 14.143 14.236
Potraivanja od kupaca 17 9.783 10.777
Financijska imovina 18 128 117
Ostala potraivanja 304 574
Novac i novani ekvivalenti 19 39.774 34.509
64.132 60.213
As at 31 December 2016
ASSETS
Non current assets
Property plant and equipment 11 99,171 99,306
Intangible assets 12 766 805
Investment in joint ventures 14 491 554
Other financial assets 15 826 930
101,254 101,595
Current assets
Inventories 16 14,143 14,236
Trade accounts receivable 17 9,783 10,777
Current financial assets 18 128 117
Other receivables 304 574
Cash and cash equivalents 19 39,774 34,509
64,132 60,213
PASIVA
Kapital i rezerve
Upisani kapital 20 94.765 94.765
Zadrana dobit 12.403 11.610
Zakonske rezerve 26.338 26.338
Revalorizacijske rezerve 413 413
Dobit tekue godine 17.683 14.505
Ukupno kapital 148.986 147.631
Dugorone obveze
Rezerviranja 21 1.653 1.246
1.653 1.246
Kratkorone obveze
Obveze prema dobavljaima 22 7.040 10.130
Ostale obveze 23 2.069 2.649
Rezerviranja za nefakturirane trokove 12 152
9.121 12.931
Odobrili i potpisali u ime drutva Tvornica cementa Kakanj d.d. 30. sijenja 2017. godine:
______________________ ______________________________
Branimir Muida Zehra Obralija
As at 31 December 2016
Current liabilities
Trade accounts payable 22 7,040 10,130
Other liabilities 23 2,069 2,649
Accruals 12 152
9,121 12,931
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. on 30th January 2017:
______________________ ______________________________
Branimir Muida Zehra Obralija
AKTIVA
Dugotrajna imovina
Materijalna imovina 11 83.081 86.603
Nematerijalna imovina 12 231 272
Ulaganja u ovisna drutva 13 24.448 24.448
Ostala financijska imovina 15 422 520
108.182 111.843
Kratkotrajna imovina
Zalihe 16 12.998 13.248
Potraivanja od kupaca 17 6.576 7.850
Financijska imovina 18 127 117
Ostala potraivanja 166 345
Novac i novani ekvivalenti 19 31.711 23.063
51.578 44.623
As at 31 December 2016
ASSETS
Non current assets
Property plant and equipment 11 83,081 86,603
Intangible assets 12 231 272
Investment in subsidiaries 13 24,448 24,448
Other financial assets 15 442 520
108,182 111,843
Current assets
Inventories 16 12,998 13,248
Trade accounts receivable 17 6,576 7,850
Current financial assets 18 127 117
Other receivables and prepaid expenses 166 345
Cash and cash equivalents 19 31,711 23,063
51,578 44,623
PASIVA
Kapital i rezerve
Upisani kapital 20 94.765 94.765
Zadrana dobit 10.200 10.200
Zakonske rezerve 26.338 26.338
Dobitak tekue godine 13.751 13.751
Ukupno kapital 145.054 145.054
Dugorone obveze
Rezerviranja 21 1.246 1.246
1.246 1.246
Kratkorone obveze
Obveze prema dobavljaima 22 7.996 7.996
Ostale obveze 23 2.123 2.123
Rezerviranja za nefakturirane trokove 47 47
10.166 10.166
Odobrili i potpisali u ime Grupe Tvornica cementa Kakanj d.d. 30. sijenja 2017. godine:
___________________________ ___________________________
As at 31 December 2016
Current liabilities
Trade accounts payable 22 7,996 7,996
Other liabilities 23 2,123 2,123
Accruals 47 47
10,166 10,166
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. on 30th January 2017:
___________________________ ___________________________
Tisue KM
KM thousand
The accompanying accounting policies and notes are an integral part of these financial statements.
Tisue KM
KM thousand
The accompanying accounting policies and notes are an integral part of this cash flow statement.
Tisue KM
Revalori- Dobitak
Upisani Zadrani Zakonske zacijske tekue
kapital dobitak rezerve rezerve godine Ukupno
KM thousand
As of 31 December
2014 94,765 16,870 26,338 413 11,000 149,386
Allocation of profit
from 2014 - 11,000 - - (11,000) -
Dividend payment - (16,283) - - - (16,283)
FX differences - 23 - - - 23
Total comprehensive
income - - - - 14,505 14,505
As of 31 December
year 2015 94,765 11,610 26,338 413 14,505 147,631
Allocation of profit
from 2015 - 14,505 - - (14,505) -
Dividend payment - (13,751) - - - (13,751)
FX differences - 39 - - - 39
Total comprehensive
income - - - - 16,004 16,004
As of 31 December
2016 94,765 12,403 26,338 413 16,004 149,923
The accompanying accounting policies and notes are an integral part of these financial statements.
Tisue KM
Dobitak
Upisani Zadrani Zakonske tekue
kapital dobitak rezerve godine Ukupno
Na dan 31. prosinca 2014. godine 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
Na dan 31. prosinca 2015. godine 94.765 10.200 26.338 13.751 145.054
Raspodjela dobiti iz 2015. godine - 13.751 - (13.751) -
Isplata dividendi - (13.751) - - (13.751)
Ukupna sveobuhvatna dobit - - - 17.683 17.683
Na dan 31. prosinca 2016. godine 94.765 10.200 26.338 17.683 148.986
KM thousand
Profit
Subscribed Retained Statutory current
capital profit reserves year Total
The accompanying accounting policies and notes are an integral part of these financial statements.
1 Korporativne informacije
Financijska izvjea za godinu zavrenu 31. prosinca 2016. godine odobrena su za objavu u skladu s odlukom Up-
rave od 30. sijenja 2017. 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.
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.
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.
The consolidated financial statements have been prepared under the historical cost convention.
The Groups consolidated financial statements are presented in Convertible Mark (KM) which is the Groups functional
currency. All amounts disclosed in the consolidated financial statements are stated in thousands of KM if not otherwise
stated.
The consolidated financial statements include the financial statements of Tvornica cementa Kakanj d.d. and the
following subsidiaries:
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.
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).
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.
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 cash-
generating 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.
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.
Interest in joint venture in the separate financial statements is accounted for at cost less any impairment
losses
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).
Amortizacija se obraunava pravocrtno sukladno korisnom vijeku trajanja imovine. Koritene stope amortizacije
potpadaju u sljedee stope:
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.
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).
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:
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.
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.
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:
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.
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:
Concession 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).
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:
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.
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:
1. year 30%
2. years 30%
3. years 60%
4. years 60%
5. years 60%
6. years 90%
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.
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.
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.
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.
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.
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.
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.
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.
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.
Tisue KM
Grupa Drutvo
U 2016. godini Drutvo je prodalo 433 tisua tona cementa (u 2015. godini: 426 tisua tona). Do
poveanja volumena prodaje dolo je zbog poveanja potronje cementa na domaem tritu.
U 2016. godini Grupa je prodala 496 tisue tona cementa i 192 tisuu kubnih metara betona ( u 2015. 495 tisua
tona cementa i 159 kubnih metara betona ).
Tisue KM
Grupa Drutvo
Tisue KM
Grupa Drutvo
KM thousand
Group Company
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 ).
KM thousand
Group Company
KM thousand
Group Company
Tisue KM
Grupa Drutvo
Tisue KM
Grupa Drutvo
KM thousand
Group Company
4 Cost of sales
KM thousand
Group Company
Tisue KM
Grupa Drutvo
6 Ostali prihodi
Tisue KM
Grupa Drutvo
KM thousand
Group Company
6 Other income
KM thousand
Group Company
Tisue KM
Grupa Drutvo
Tisue KM
Grupa Drutvo
KM thousand
Group Company
KM thousand
Group Company
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).
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 2016. godini iznosi 17.776 tisua KM, od ega se na Feder-
aciju odnosi 16.868 tisua KM, to je osloboeno plaanja poreza, a na Republiku Srpsku se odnosi 908
tisua KM.
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).
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 2016 amounted to KM 17,776 thousand, of which KM 16,868 thousand
related to the Federation which is exempt from paying taxes, and KM 908 thousand related to the Republic of
Srpska.
Grupa:
Tisue KM
Group:
KM thousand
Drutvo:
Tisue KM
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 2016. godine bio je 9.476.540 (kao i za
razdoblje od 1. sijenja do 31. prosinca 2015. godine). Osnovna zarada po dionici na 31. prosinca 2016. godine
iznosi 1,69 KM (u 2015. godini je iznosila 1,53 KM). Nije bilo razrijeene zarade ponude po dionici.
Company:
KM thousand
Kretanje materijalne imovine Grupe tijekom 2016. godine bilo je kako slijedi:
Tisue KM
Nabavna vrijednost
Na dan 31. prosinca 2015. 10.477 153.509 168.777 4.039 336.802
Poveanja - - - 10.406 10.406
Prijenos s imovine u pripremi 1.124 1.314 5.811 (8.249) -
Teajne razlike 18 20 132 (5) 165
Rashodovanje i prodaja - - (4.342) (880) (5.222)
Na dan 31. prosinca 2016 11.619 154.843 170.378 5.311 342.151
Akumulirana amortizacija
Na dan 31. prosinca 2015. - 103.159 134.337 - 237.496
Troak amortizacije za godinu - 3.961 5.470 - 9.431
Teajne razlike - 11 76 - 87
Rashodovanje i prodaja (2) (4.032) (4.034)
Ostalo - - - - -
Na dan 31. prosinca 2016. - 107.129 135.851 - 242.980
The movement of tangible assets in the Group during 2016 was as follows:
KM thousand
Cost
At 31 December 2015 10,477 153,509 168,777 4,039 336,802
Additions - - - 10,406 10,406
Transfer from AuC 1,124 1,314 5,811 (8,249) -
FX differences 18 20 132 (5) 165
Disposals - - (4,342) (880) (5,222)
At 31 December 2016 11,619 154,843 170,378 5,311 342,151
Accumulated depreciation
At 31 December 2015 - 103,159 134,337 - 237,496
Depreciation for the year - 3,961 5,470 - 9,431
FX differences - 11 76 - 87
Disposals (2) (4,032) (4,034)
Other - - - - -
At 31 December 2016 - 107,129 135,851 - 242,980
Kretanje materijalne imovine Grupe tijekom 2015. godine bilo je kako slijedi:
Tisue KM
Nabavna vrijednost
Na dan 31. prosinca 2014. 10.472 153.058 164.823 4.711 333.064
Poveanja - - - 5.125 5.125
Prijenos s imovine u pripremi - 445 5.352 (5.797) -
Teajne razlike 5 6 39 - 50
Rashodovanje i prodaja - - (1.437) - (1.437)
Na dan 31. prosinca 2015. 10.477 153.509 168.777 4.039 336.802
Akumulirana amortizacija
Na dan 31. prosinca 2014. - 99.243 130.150 - 229.393
Troak amortizacije za godinu - 3.911 5.513 - 9.424
Teajne razlike - 5 20 - 25
Rashodovanje i prodaja - (1.346) - (1.037)
Ostalo - - - - -
Na dan 31. prosinca 2015. - 103.159 134.337 - 237.496
The movement of tangible assets in the Group during 2015 was as follows:
KM thousand
Cost
At 31 December 2014 10,472 153,058 164,823 4,711 333,064
Additions - - - 5,125 5,125
Transfer from AuC - 445 5,352 (5,797) -
FX differences 5 6 39 - 50
Disposals - - (1,437) - (1,437)
At 31 December 2015 10,477 153,509 168,777 4,039 336,802
Accumulated depreciation
At 31 December 2014 - 99,243 130,150 - 229,393
Depreciation for the year - 3,911 5,513 - 9,424
FX differences - 5 20 - 25
Disposals - (1,346) - (1,037)
Other - - - - -
At 31 December 2015 - 103,159 134,337 - 237,496
Kretanje materijalne imovine Drutva tijekom 2016. godine bilo je kako slijedi:
Tisue KM
Nabavna vrijednost
Na dan 31. prosinca 2015. 7.410 148.940 146.838 3.990 307.178
Poveanja - - - 4.443 4.443
Prijenos s imovine u pripremi 38 296 2.857 (3.191) -
Rashodovanje i prodaja - - (3.851) - (3.851)
Na dan 31. prosinca 2016. 7.448 149.236 145.844 5.242 307.770
Akumulirana amortizacija
Na dan 31. prosinca 2015. - 100.711 119.864 - 220.575
Troak amortizacije za godinu - 3.747 4.101 - 7.848
Rashodovanje i prodaja - - (3.734) - (3.734)
Na dan 31. prosinca 2016. - 104.458 120.231 - 224.689
The movement of tangible assets in the Company during 2016 was as follows:
KM thousand
Cost
At 31 December 2015 7,410 148,940 146,838 3,990 307,178
Additions - - - 4,443 4,443
Transfer from AUC 38 296 2,857 (3,191) -
Disposals - - (3,851) - (3,851)
At 31 December 2016 7,448 149,236 145,844 5,242 307,770
Accumulated depreciation
At 31 December 2015 - 100,711 119,864 - 220,575
Depreciation of the period - 3,747 4,101 - 7,848
Disposals - - (3,734) - (3,734)
At 31 December 2016 - 104,458 120,231 - 224,689
Kretanje materijalne imovine Drutva tijekom 2015. godine bilo je kako slijedi:
Tisue KM
Nabavna vrijednost
Na dan 31. prosinca 2014. 7.410 148.627 142.761 4.635 303.433
Poveanja - - - 4.836 4.836
Prijenos s imovine u pripremi - 313 5.168 (5.481) -
Rashodovanje i prodaja - - (1.091) - (1.091)
Na dan 31. prosinca 2015 7.410 148.940 146.838 3.990 307.178
Akumulirana amortizacija
Na dan 31. prosinca 2014. - 96.988 116.646 - 213.634
Troak amortizacije za godinu - 3.723 4.218 - 7.941
Rashodovanje i prodaja - - (1.000) - (1.000)
Na dan 31. prosinca 2015. - 100.711 119.865 - 220.575
The movement of long term tangible assets in the Company during 2014 was as follows:
KM thousand
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)
At 31 December 2015 7,410 148,940 146,838 3,990 307,178
Accumulated depreciation
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 - 100,711 119,865 - 220,575
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 dugotrajne materijalne imovine u 2016. godini uglavnom se odnose na investicije u dugotrajnu materijalnu
imovinu. Najznaajniji projekti u 2016. godini bili su kupovina novih betonara, ( ulaganja u 2016. godini 4.932 tisua
KM) izgradnja administrativne zgrade ( ulaganja u 2016 godini 2.284 tisua KM), zamjena vreastog filtera za mlin
cementa ( ulaganja u 2016. godini 571 tisua KM),automatizacija mlinova cementa i pakovanja (ulaganja u 2016.
godini 166 tisua KM ) inabavka miksera ( ulaganja u 2016. 312 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 2016. godini iznosi 296 tisua KM (u
2015. godini kapitalizirani su rezervni dijelovi u iznosu od 560 tisue KM) U 2016. godini Drutvo je rashodovalo dio
opreme elektrootpraivaa mlinova cementa i vreastog filtera pei te opreme manje nabavne vrijednosti.
U 2015. godini Drutvo je rashodovalo dio opreme pak maina sa palatizatorom i rotacioni kompresori.
Na dan 31. prosinca 2016. godine ugovorene, a nerealizirane obveze za isporuku materijalne i nematerijalne imovine
su iznosile 766 tisua KM (na dan 31. prosinca 2015. godine ugovorene, a nerealiziranih obaveza za isporuku
materijalne i nematerijalne imovine su iznosile 937 tisua KM).
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 2016 mostly relate to the investment in property, plant and equipment. The most significant
projects in 2016 were acquisition of new concrete plants (investment in 2016 of KM 4,932 thousand), construction
of administrative building (investment in 2016 amounted to KM 2,284 thousand), replacement of bag filter on cement
mill (investment in 2016 amounted to KM 571 thousand), automatization of cement mills and automatization of
packaging section (investment in 2016 amounted to KM 166 thousand) and mixer purchase (Investment of KM 312
thousand in 2016).
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 2016 amounts to KM 296 thousand (in
2015 the value of capitalized spare parts amounts to KM 560 thousand).
During 2016 the Company disposed part of the electric dusting machine of cement mill and bag filter as well as
other equipment of lower cost value.
As of 31 December 2016 contracted unrealized commitments for delivery of tangible and intangible assets
amounted to KM 766 thousand (as at 31 December 2015 the amount of contracted unrealized commitments
amounted to KM 937 thousand).
Tisue KM
Nabavna vrijednost
31. prosinca 2015. 345 2.585 487 2 3.419
Poveanja - - - 22 22
Prijenos s imovine u pripremi - 24 - (24) -
Teajna razlika - 1 - 1 2
Rashodovanje i prodaja - - - - -
31. prosinca 2016. 345 2.610 487 1 3.443
Akumulirana amortizacija
31. prosinca 2015. 186 2.428 - - 2.614
Troak amortizacije za godinu 10 51 - - 61
Teajna razlika - 2 - - 2
Rashodovanje i prodaja - - - - -
31. prosinca 2016. 196 2.481 - - 2.677
The movement of intangible assets in the Group during 2016 was as follows:
KM thousand
Cost
At 31 December 2015 345 2,585 487 2 3,419
Additions - - - 22 22
Transfers from AUC - 24 - (24) -
FX differences - 1 - 1 2
Disposals - - - - -
At 31 December 2016 345 2,610 487 1 3,443
Accumulated depreciation
At 31 December 2015 186 2,428 - - 2,614
Amortisation for the year 10 51 - - 61
FX differences - 2 - - 2
Disposals - - - - -
At 31 December 2016 196 2,481 - - 2,677
Tisue KM
Nabavna vrijednost
31. prosinca 2014. 345 2.544 487 - 3.376
Poveanja - - - 41 41
Prijenos s imovine u pripremi - 39 - (39) -
Teajna razlika - 2 - - 2
Rashodovanje i prodaja - - - - -
31. prosinca 2015. 345 2.585 487 2 3.419
Akumulirana amortizacija
31. prosinca 2014. 176 2.373 - - 2.549
Troak amortizacije za godinu 10 53 - - 63
Teajna razlika - 2 - - 2
Rashodovanje i prodaja - - - - -
31. prosinca 2015. 186 2.428 - - 2.614
The movement of intangible assets in the Group during 2015 was as follows:
KM thousand
Cost
At 31 December 2014 345 2,544 487 - 3,376
Additions - - - 41 41
Transfers from AUC - 39 - (39) -
FX differences - 2 - - 2
Disposals - - - - -
At 31 December 2015 345 2,585 487 2 3,419
Accumulated depreciation
At 31 December 2014 176 2,373 - - 2,549
Amortisation for the year 10 53 - - 63
FX differences - 2 - - 2
Disposals - - - - -
At 31 December 2015 186 2,428 - - 2,614
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 15,0% (2015. godine: 14%), a novani tijekovi nakon
razdoblja od dvije godina ekstrapolirani su koritenjem stope rasta od 2,0% (2015. godine: 2,0%). . Na bazi izvedenih
testova vrijednost goodwill-a za 2016. 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).
Tisue KM
Nabavna vrijednost
31. prosinca 2015. 309 2.130 - 2.439
Poveanja - - 6 6
Prijenos s imovine u pripremi - 6 (6) -
Rashodovanje i prodaja - - - -
31. prosinca 2016. 309 2.136 - 2.445
Akumulirana amortizacija
31. prosinca 2015. 155 2.012 - 2.167
Troak amortizacije za godinu 10 37 - 47
Rashodovanje i prodaja - - - -
31. prosinca 2016. 165 2.049 - 2.214
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
after-tax discount rate applied to cash flow projections is 15.0% (2015: 14%) and cash flows beyond the two-year
period are extrapolated using a 2.0% growth rate (2015: 2.0%). As a result of the analysis, the goodwill for 2016 is
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 2016 was as follows:
KM thousand
Cost
At 31 December 2015 309 2,130 - 2,439
Additions - - 6 6
Transfer from AuC - 6 (6) -
Disposals - - - -
At 31 December 2016 309 2.136 - 2,445
Accumulated depreciation
At 31 December 2015 155 2,012 - 2.167
Amortisation for the year 10 37 - 47
Disposals - - - -
At 31 December 2016 165 2,049 - 2,214
Tisue KM
Nabavna vrijednost
31. prosinca 2014. 309 2.100 - 2.409
Poveanja - - 30 30
Prijenos s imovine u pripremi - 30 (30) -
Rashodovanje i prodaja - - - -
31. prosinca 2015. 309 2.130 - 2.439
Akumulirana amortizacija
31. prosinca 2014. 145 1.972 - 2.117
Troak amortizacije za godinu 10 40 - 50
Rashodovanje i prodaja - - - -
31. prosinca 2015. 155 2.012 - 2.167
The movement of intangible assets in the Company during 2015 was as follows:
KM thousand
Cost
At 31 December 2014 309 2,100 - 2,409
Additions - - 30 30
Transfer from AuC - 30 (30) -
Disposals - - - -
At 31 December 2015 309 2,130 - 2,439
Accumulated depreciation
At 31 December 2014 145 1,972 - 2,117
Amortisation for the year 10 40 - 50
Disposals - - - -
At 31 December 2015 155 2,012 - 2,167
Softver se uglavnom odnosi na pravo na koritenje SAP softver-a sa neto knjigovodstvenom vrijednou na dan 31.
prosinca 2016. godine od 87 tisua KM koja se amortizira u razdoblju od 5 godina.
Neto knjigovodstvena vrijednost koncesije na dan 31. prosinca 2016 godine iznosi 143 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.
Software mostly relates to the rights to use the SAP software with a net book value as at 31 December 2016 of KM
87 thousand, which is amortised over 5 years.
The net book value of the concession as of 31 December 2016 amounted to KM 143 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.
Drutvo
Postotak u Tisue KM
24.448 24.448
Tisue KM
31. prosinca
491 554
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
2016. godine je priznat u izvjeu o sveobuhvatnoj dobiti u iznosu od 78 tisua KM (2015. godina: 133 tisua KM
je priznato na temelju nerevidiranih rezultata).
Company
Percentage KM thousand
24,448 24,448
KM thousand
31 December
491 554
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 2016, is recognised in
the statement of comprehensive income in the amount of KM 78 thousand (2015: KM 133 thousand of loss was
recognised based on unaudited results).
Nerevidirano
31. prosinca
Nerevidirano
Unaudited
31 December
Unaudited
Grupa Drutvo
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
Grupa Drutvo
31 December KM thousand
Group Company
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
Grupa Drutvo
Grupa Drutvo
31 December KM thousand
Group Company
31 December KM thousand
Group Company
Grupa Drutvo
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.
Kratkotrajna financijska imovina u iznosu od 128 tisua maraka (31. prosinca 2015. godine 117 tisua maraka)
odnosi se na kratkoroni dio dugoronih kredita odobrenih lanovima Uprave (biljeka 15).
Grupa Drutvo
31 December KM thousand
Group Company
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.
Short term financial assets in the amount of KM 128 thousand (31 December 2015: KM 117 thousand) is related to
short term part of the long term loans given to the Board members (Note 15).
31 December KM thousand
Group Company
Tijekom 2016. 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 1,9%. 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.
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 2016. godine je sljedea:
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.
During 2015, 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
1.9%. 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.
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 2016 is the following:
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.
Grupa Drutvo
Tisue KM
Rezerviranja za
31 December KM thousand
Group Company
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 2016, provision for re-cultivation has been discounted with discount factor 4.60% and as result the provision
decreased by 248 KM thousand (2015, 291 KM thousand).
Movement on long term provisions during 2016 Group
Provision for
Tisue KM
Grupa Drutvo
23 Ostale obveze
Grupa Drutvo
31 December KM thousand
Group Company
23 Other liabilities
31 December KM thousand
Group Company
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 2016. godini ukljuivali su troak bruto plaa, bruto naknada plaa i bruto naknade ostalih
oporezivih primanja u iznosu od KM 7.664 tisua (KM 7.721 tisue KM u 2015. godini), doprinose na plau u iznosu
od KM 726 tisua (KM 732 tisua u 2015. godini), te neoporeziva primanja u iznosu od KM 1.522 tisua KM ( topli
obrok KM 624 tisua, KM prijevoz 78 tisua, regres KM 184 tisua, nagrade KM 46 tisua, poveanje rezervacija
za otpremnine 82 tisua KM, te ostale pomoi i naknade radnicima KM 235 tisua).
Trokovi plaa grupe u 2016. godini su iznosili 12. 556 tisua KM ( u 2015. godini 12.209 tisua KM).
24 Operativni najam
Plaanja
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.
Grupa Drutvo
- - 4.021 3.509
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 2016 included costs of gross salaries together with all taxable remuneration of KM
7,664 thousand (KM 7,721 thousand for 2015), contributions on salaries of KM 726 thousand (KM
732 thousand for 2015) and non-taxable income of KM 1,522 thousand (hot meals KM 624 thousand,
transport KM 78 thousand, reimbursement KM 84 thousand, awards KM 46 thousand, increase of
severance provisions for KM 82 thouand and other benefit for employees KM 235 thousand).
Group payroll costs in 2016 amounted to KM 12,556 thousand (in 2015, KM 12,209 thousand).
24 Operating leases
Payments
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.
31 December KM thousand
Group Company
- - 4,021 3,509
Grupa Drutvo
Grupa Drutvo
- - 15.131 14.103
Grupa Drutvo
31 December KM thousand
Group Company
31 December KM thousand
Group Company
- - 15,131 14,103
31 December KM thousand
Group Company
U 2016. godini ukupni troak naknada plaenih kljunim osobama u Upravi Drutva iznosile su 1.545 tisua
KM (u 2015. godini 1.248 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). 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%.
Tisue KM
In 2016, the total expense related to key management personnel of the Group amounted to KM 1,545 thousand (in
2015, KM 1,248 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
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.
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.
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.
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.
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 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.
Grupa:
Dospijee za Ukupno
Drutvo:
Dospijee za Ukupno
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 2016., odnosno 31. prosinca 2015. nije bilo promjena u ciljevima,
politikama ili procesima.
Due in Total
Company:
Due in Total
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 2016 and 31
December 2015.
258 Kontakti
Contacts
262 Impriesum
Imprint
2016
Kontakti
Contacts
Bosna i Hercegovina
Tvornica cementa Kakanj d.d. Kakanj
Selima ef. Merdanovia 146
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
Rukovodilac Sektora proizvodnje
Edin Bjelopoljak
Rukovodilac Slube odravanja Rukovodilac kontrole kvaliteta
Hakija Salki Nedad Harai
Poslovnice
Poslovna jedinica Sarajevo Poslovna jedinica Banja Luka
Suvad Avdispahi rukovodilac Darko Kos rukovodilac
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
Management
Director
Branimir Muida
Executive Director for Production and Technical Issues Executive Director for Finances and Economic Issues
Izudin Neimarlija Zehra Obralija
Production
Head of Production
Edin Bjelopoljak
Head of Maintenance Head of Quality Control
Hakija Salki Nedad Harai
Business Units
Business Unit Sarajevo Business Unit Banja Luka
Suvad Avdispahi Head of BU Darko Kos Head of BU
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
Direktor
Ehlimana ehmehmedovi
Magistralni put b.b.
75250 Lukavac, Bosna i Hercegovina
Tel/Fax: +387 (0)35 553 250
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
Voditelj prodaje
Sanjin Kalaica Mob. +385 (0)91/352 1368
Director
Ehlimana ehmehmedovi
Magistralni put b.b.
75250 Lukavac, Bosnia and Herzegovina
Tel/Fax: +387 (0)35 553 250
Croatia
Cement Distribution
Dunav-Drava cement d.o.o.
Director
Duko uek
Ivana Luia 2 a (Eurotower)
10000 Zagreb
Croatia
Tel. +385 (0)1 38 31 746
Fax. +385 (0)1 38 31 798
Sales Manager
Sanjin Kalaica Mob. +385 (0)91/352 1368
Izdava / Publisher
Tvornica cementa Kakanj d.d. Kakanj
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 d.o.o. Banja Luka
Kontakt / Contact
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 prijevod 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.
Hrvatska / Croatia
Dunav-Drava cement d.o.o
Predstavnitvo za Hrvatsku / Branch Office Croatia
Sjedite / HQ
Ivana Luia 2a (Eurotower)
10000 Zagreb
Sjedite / HQ Poslovna jedinica Donja Bistra TBG Strabag d.o.o. Zagreb Poslovna jedinica Osijek
Ivana Luia 2a (Eurotower) Business Unit Donja Bistra Joint Venture Business Unit Osijek
10000 Zagreb Gospodarska zona bb, ulineka bb, Nemetin 171c,
10298 Donja Bistra 10040 Zagreb 31000 Nemetin
Poslovna jedinica Valpovo Poslovna jedinica Vinkovci Poslovna jedinica akovo Poslovna jedinica Slavonsk
Business unit Valpovo Business unit Vinkovci Business Unit akovo Business Unit Slavonski Bro
Kraljevci 11, H.V. Hrvatinia 118b, Grobljanska bb, Sjeverna vezna cesta bb,
31550 Valpovo 32100 Vinkovci 31401 Vikovci 35000 Slavonski Brod
VALPOVO
OSIJEK
ZAGREB
AKOVO
VINKOVCI
SLAVONSKI BROD
ZENICA
DRIVUA
KAKANJ
SARAJEVO
RAJLOVAC
ILIDA
ki Brod
od