Crnogorski Telekom
2014 Annual Report
Crnogorski Telekom - 2014 Annual
Report DRAFT
Contents:
To Our Shareholders
About Crnogorski Telekom
Selected Financial and Operational Data of Crnogorski Telekom
Letter to Our Shareholders
Management report
Management Report for the Financial Year 2014
Crnogorski Telekom’s Management
Board of Directors
Executive Management Board
Vision and Strategy
Regulatory Environment
Promotions and Offers
Human Resources
Corporate Responsibility
Financial Statements
Independent Auditor’s Report
Statement of Financial Position
Statement of Comprehensive Income
Statement of Cash Flows
Statements of Changes in Equity
Notes to the Financial Statements
Further Information
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To Our Shareholders
About Crnogorski Telekom
Crnogorski Telekom (CT) is the largest telecommunications company in
Montenegro. It provides a full range of fixed and mobile telecommunication
services (voice, messaging, internet, TV, leased-line circuits, data networks
and ICT solutions).
Crnogorski Telekom fully digitalised the fixed-line network in 2007 and
brought ADSL coverage of PSTN customers close to a 100% base by the
end of 2012. In December 2007, Crnogorski Telekom started an IPTV
service. At the end of 2011 CT started offering ICT solutions, promoted
under the name “Integris”.
CT was the second entrant into the mobile market in Montenegro. From its
founding in 2000, it has always offered innovative and advanced services to
the Montenegrin market and has been experiencing dynamic growth.
Telekom uses mobile technologies such as UMTS, HSDPA, GPRS and
EDGE. A 3G network was launched in the summer of 2007. A 4G service
was softly launched in 2012, while wider coverage was brought to the
market in 2013 and in 2014.
In 2006, the T-Com and T-Mobile brands were launched.
In May 2009, Crnogorski Telekom a.d., T-Mobile Crna Gora d.o.o and
Internet Crna Gora d.o.o were merged into one legal entity, Crnogorski
Telekom a.d.
In 2012, the T-Com and T-Mobile brands were replaced by the Telekom
brand, under which all products are now marketed.
On 1 April 2005, Magyar Telekom obtained a 76.53% interest in Crnogorski
Telekom. Deutsche Telekom AG holds 59.21% of the Magyar Telekom
shares. Deutsche Telekom and Magyar Telekom have a number of
subsidiaries worldwide, with which Crnogorski Telekom has regular
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transactions. Details of related party transactions are given in the company’s
Financial Statements, Note 27.
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Selected Financial and Operational data of
Crnogorski Telekom
Main financial KPIs (m€)
Revenues
2013
2014
110,2
43,3
39,3
39,8
36,1
20,1
18,8
198,2
14,5
651
104,6
41,1
39,3
41,0
39,2
23,0
21,6
187,2
16,2
657
Dec 31,
2013
167,2
98,3
Dec 31,
2014
162,9
98,4
ADSL customers, Total
BB Internet Market share (%)
74,4
81,8
IPTV customers, Total
Pay TV Market share (%)
EBITDA before SI 1
EBITDA before SI margin (%)
EBITDA
EBITDA margin (%)
Operating profit
Net profit
Total Assets
CAPEX
Number of employees (closing FTE)
Fixed line operations KPIs (in
thousands)
Fixed-voice customers, Total
Fixed voice Market share (%)
Mobile line operations KPIs (in
thousands)
Number of customers, Total
Prepaid
Postpaid
Mobile customers market share (%)
Mobile internet customer number
Mobile Internet customers market
1
Δ
-5,6
-2,2
0,0
1,3
3,1
2,9
2,7
-11,0
1,8
6
Δ
Δ%
-5
-5
3
14
14
-6
12
1
Δ%
-4,3
0,1
-3
77,8
81,7
3,4
-0,1
5
61,8
41,6
64,3
41,8
2,5
0,1
4
Dec 31,
2013
352,8
214,8
138,1
34,3
96,9
40,6
Dec 31,
2014
345,9
197,3
148,5
34,1
114,3
38,3
Δ
-7,0
-17,4
10,5
-0,2
17,4
-2,3
Δ%
-2
-8
8
18
Restructuring costs
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share (%)
Mobile penetration (%)
160
163
3,1
Dear Shareholders,
As always at this time of the year, I have a
pleasure to share with you a view about the
Crnogorski Telekom’s most significant moments in
2014 when it comes to business developments,
expectations for the next year and our strategies
on how to fulfil them. Last year can be summarized
in a few words: as a clear technology leader in
Montenegro and European market, we are proud to be
a part of an industry that’s truly transforming the
world. We’ve been facing increasing customer
expectations and, consequently, rules of the game
changing just as fast, tough competitors and global
Internet players, but still helped businesses to
grow and national economy to develop, improving the
quality of life of our customers through our
innovative technology solutions. I am happy to
conclude that, in spite of the impeded economic
developments and of the overall state at the
telecommunications market, our business is still
solid, thanks to increase of ICT and IPTV revenues,
as well as to better equipment sales and increase
of mobile and fixed BB revenues. Speaking of the
financial achievements, let me inform you that our
revenues, amounting to 104.6 million EUR, were in
line with plans, driven by Wholesale revenues,
Equipment/Handsets sales and ICT revenues, while
service revenues deteriorated (-3.7m or -5% YoY).
Furthermore, EBITDA was in line with expectations
and 2.2.m or 5% lower YoY, while oFCF performed 10%
lower YoY, but still exceeding expectations. As the
overall Telecommunication market is shrinking every
year, I am proud that we were achieving our
targets.
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Business year 2014 was, in spite of all challenges
(embodied in continuously raising regulatory
pressure, increasingly aggressive competition, new
market players, changing customer behaviour and new
technologies areas) or maybe exactly because of
them, a successful year, because we’ve been through
those challenges very successfully, not only
resisting the temptations, but getting out of them
stronger and more united.
CT’s strategic framework is based on three
strategic layers: Stand for Broadband - capturing
and retaining customers and outperform competition;
Transform to Outperform - full focus on e-Business,
e-Company, One Billing/CRM and Save2Invest
initiatives and New Way to Play - growing revenue
streams in ICT/Cloud and Retailer No.1 initiatives,
new business development and exploring partnering
concept. Obviously, our management’s full
commitment to it paid in.
Speaking of our further 2014 achievements, we were
primarily focused on intensive FTTH rollout,
expanding ICT business, 3G 900 roll out,
implementation of Hybrid Access project,
diminishing/minimizing negative effects of the
extensive regulatory changes and completion of
One.Billing & CRM project.
Regarding the fiber development, it is very
rewarding to hear that this project, providing best
service quality and stability for broadband
customers, is extraordinarily performing and that
we are experiencing significant increase of
customers’ demand for FTTH services. Over less than
4 years almost 37,000 households in 10 cities were
given possibility to use FTTH service and more than
9,000 have been connected. The most important KPI,
utilization, was significantly raised over the
years – starting from 8% in the first year (2011)
to 25% in 2013 and 2014, which puts us among
operators with highest utilization rate in the
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Group. Let’s also mention that results exceeded the
plan for FTTH rollout for 2014 already in October.
Our aspiration for this year is to cover more than
4,000 new households with FTTH possibility and
achieve additional increase in terms of utilization
– reach 26%.
Speaking about expansions, let me remind you that
CT has made a big step forward in expanding the
mobile network, targeted at improvement of its
service quality. We can praise ourselves for
doubling 3G network in terms of capacity and
coverage, which resulted in 50% increase of traffic
in 2014.
We tripled 4G network and made it available to
customers in almost all municipalities and improved
it in Podgorica and coastal towns. Traffic increase
of 570% in 2014 is the evidence that our customers
recognized benefits provided by our network and
that they enjoy surfing in T network every time and
everywhere. These results confirm that we are on
the right track in this process, so we are
continuing with expansion of mobile BB network
already at the beginning of 2015, with special
emphasis on 4G services as our strategic guidance.
When it comes to ICT, I am happy to inform you that
the success story about this business, after three
years in a row with three digits’ YOY revenue
growth, continued in 2014, with revenues close to
EUR 4 million. We are recognized as a reliable ICT
partner for important investment projects in
Montenegro. As result of good customers’ experience
with previous project, in November we signed the
biggest ICT contract, worth EUR 2.5 million.
Regarding the Hybrid Access launch, I can report
that we are the first among all DT Europe members
to develop Hybrid Access technology implementation
plan for the next 4 years. The plan foresees EUR 3
million investments enabling 6.5 thousand customers
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benefit from this new technology. We expect our
first customers by the end of 2015.
We continued to be the number one company as far as
corporate social responsibility is concerned and I
am sure that awards “Iskra”and “The Best Company
for Work in Montenegro” confirm our essential
dedication to do business in a socially responsible
manner and to develop in sustainable manner. We are
proud of the fact that our employees demonstrate
high level of personal commitment and corporate
culture, which is prerequisite for increase of the
existing and setting up of new standards in our
environment.
Speaking of the year 2015, it will definitely bring
a new and unique combination of bright and less
bright moments, but we have all answers prepared
and worked out through our Corporate Strategy and
we know what we must keep on doing: providing our
customers with the best service and most
comprehensive solutions in the market, being
innovative and exploring new revenue streams and
ways to maximize benefits obtained from the
existing ones. We must insist on simplicity in our
offers, smart investments in network, communicating
technology superiority, awarding loyalty,
customization and personalization of our offers. In
that regard, in order to be no. 1
Telecommunications operator in Montenegro, three
main pillars were defined in our new Corporate
Strategy:
 Technology leadership,
 Best customer experience
 and New Businesses.
If we implement this we will retain/win customers
and grow our business.
Now, looking forward into the future, according to
our main strategic commitment, customers will
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remain in focus of our attention: we will keep on
investing into our network’s quality and providing
access to the most advanced technologies. As in
previous years, we continued to maintain a very
substantial volume of investments of more than EUR
16 million. We will also continue extending our
service portfolio, accompanied by even wider offer
of exciting devices. According to our long – term
orientation, we will simultaneously keep on
developing and implementing various initiatives in
the area of corporate social responsibility and
investing in Montenegrin society to which we belong
and operate in.
Unfortunately, our key words in the upcoming period
will also be cost control. It is true that we must
decrease our employee related expenses and it is
true that organizational changes will follow,
affecting all levels of employees. I am fully aware
that this is always the most painful step but if we
want to stay as a company in the market providing
very good working conditions and to deliver
interesting products to Montenegrin citizens there
is no other way. However, rest assured that the
management will do everything to preserve interest
of all our employees, since we always have in mind
that our employees’ loyalty and dedication are key
factors in business success and good reputation of
our Company. On the other hand, I am also sure that
the award “Best Company for Work” we received at
the beginning of 2014 indicates that care and
commitment of Crnogorski Telekom to its employees
are recognized in business environment.
As in previous years, the management intends to
propose to the General Assembly to pay out
dividend. This is the best way to show to our
shareholders that we take care about their
interests and it is the best base to motivate our
shareholders for further investments into
Montenegro’s Infrastructure.
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I would like to take the opportunity to thank all
of our employees for a job well done in 2014. I’m
really proud of how they have all pulled together
and the terrific results they have achieved. That
will always be the solid ground on which we can
build strategies to fulfil our goals during the
coming years.
Finally, dear shareholders, let me also thank you,
for the fourth time already, for contribution to the
success of our Company. Your trust and confidence
have always been an important driving force and
great support for us. Please continue to support
us in our efforts to maintain and improve the
profitability of our company.
Rüdiger J. Schulz
Chief Executive Director
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Management report
Management Report for the Financial Year 2014
Highlights
 In 2014 revenues kept a declining trend with a YoY decrease of EUR
5.6 million or -5%, to a level of EUR 104.6 million. The main reasons
behind are related to lower interconnection revenues, to fix and
mobile voice revenues, messaging revenues, visitors’ revenue and
data services. This development was partly compensated by the
increase of internet, TV, ICT and equipment revenues.
 EBITDA excluding special influences decreased by 5% YoY, to EUR
41.1 million, with a margin of 39.3%.
 Net profit increased YoY, by EUR 2.7 million, or 14%, to EUR 21.6
million, mainly due to lower depreciation and amortization costs and
due to severance payment in 2013.
 Capital expenditure was EUR 16.2 million. The main projects were
One Billing & CRM, fibre-optic network roll-out, IPTV and IMS.
 Dividend of EUR 21.5 million was paid out. The share capital was
decreased by EUR 17.1 million.
Revenues and profitability
In 2014, Crnogorski Telekom was focused on further extending its 3G and
4G mobile network, on fibre-optic access roll-out, on expansion of the ICT
service, on sale of equipment and on the improvement of voice services. In
the fixed-line voice segment, CT kept a stable customer base, while ADSL
and Extra TV customer base increased. In the mobile segment CT retained
both total postpaid and business segment postpaid leadership. CT’s revenues
and profitability were negatively impacted by regulation of fixed voice and
fixed broadband retail prices.
Despite the positive development of the number of customers, CT
experienced YoY revenue decline of 5%. Revenues reached EUR 104.6
million. The retail revenues were kept stable, while wholesale revenues
decreased by 24%. Major revenue downsides, compared to 2013, related to:
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- interconnection revenues (-22%), driven by decreased mobile
termination rates and lower incoming traffic, both national and
international,
- fixed-line voice retail revenues (-10%), influenced by decreasing
usage and retail prices regulation,
- mobile prepaid revenues (-12%).
This development was partly compensated by higher:
- IPTV revenues (+10%), driven by higher customer numbers,
- Fix broadband revenues (+5%), driven by higher customer
numbers,
- data services revenues (+15%), driven by the growth of ICT
services,
- equipment revenues (+42%), boosted by sales of TVs/laptops and
handsets.
As a result of continuous successful efforts to increase efficiency and
improve the cost base, operating expenses excluding special impact at the
same time decreased YoY by EUR 3.2 million (-5%), to the level of EUR
63.7 million.
The limited YoY revenue decrease and cost efficiency resulted in a 5% YoY
decrease of EBITDA before special influences, to the amount of EUR 41.1
million.
Operating income (EBIT) increased YoY, by EUR 2.9 million to EUR 23.0
million, mainly due to lower depreciation and amortization costs and due to
severance payment in 2013. Net income increased by EUR 2.7 million to
EUR 21.6 million.
Non-Financial KPIs
In 2014, the fixed-line voice customer number decreased by 3%. Fix
broadband revenue increase was driven by a customer base increase of 3,400
or 5%. IPTV revenues also increased due to a customer number increase of
2,500 YoY or 4%.
Fixed line operations KPIs (in
thousands)
Fixed-voice customers, Total
Residential
Dec 31,
2013
167,2
145,5
Dec 31,
2014
162,9
141,8
Δ
-4,3
-3,7
Δ%
-3
-3
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Business
Fixed voice Market share (%)
21,7
98,3
21,1
98,4
-0,6
0,1
-3
Fix broadband customers, Total
Residential
Business
BB Internet Market share (%)
74,4
66,7
7,7
81,8
77,8
69,6
8,2
81,7
3,4
2,9
0,6
-0,1
5
4
7
IPTV customers, Total
Residential
Business
Pay TV Market share (%)
61,8
59,7
2,0
41,6
64,3
62,1
2,2
41,8
2,5
2,4
0,2
0,1
4
4
8
At the end of 2014, Crnogorski Telekom customers were using 346 thousand
SIM cards, which is 7 thousand or 2% less compared to the previous year.
Total SIM market share decreased by 1.4pp and amounted to 34.1%. Prepaid
SIM base decreased by 17 thousand or -8%, while Postpaid SIM base
increased YoY by 10 thousand or 8%. Crnogorski Telekom remained market
leader in postpaid segment.
Mobile line operations KPIs (in
thousands)
Number of customers, Total
Prepaid
Postpaid, Total
Postpaid Residential
Postpaid Business
Mobile customers market share (%)
Mobile internet customer number
Mobile Internet customers market
share (%)
Mobile penetration (%)
Dec 31,
2013
352,8
214,8
138,1
36,7
101,4
34,3
96,9
Dec 31,
2014
345,9
197,3
148,5
41,5
107,0
34,1
114,3
-7,0
-17,4
10,5
4,8
5,6
-0,2
17,4
40,6
38,3
-2,3
160
163
3,1
Δ
Δ%
-2
-8
8
13
6
18
Main investments
In 2014, CT continued implementation of One Billing/CRM (Customer
Relations Management). The new billing system will replace three separate
billing systems. It will increase market competitiveness, by enabling fully
convergent (prepaid/postpaid and fixed/mobile) and real-time rating.
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All IP Transformation program continued in 2014. More than 90 thousand
customers were migrated from PSTN to IMS Technology. For IMS
customers new services are available, like “Internet on Klik” where service
activation is immediate. Introduction of MSAN (Multi-Service Access
Node) technology in CT started in 2014, where existing ADSL technology
will be gradually replaced. 10 thousand ADSL ports on MSAN have been
installed during 2014. In parallel, CT extended BB coverage by 5%.
In line with Mobile Access Strategy, major focus was on Mobile Broadband
coverage and capacity extension. CT invested EUR 1.4 million. Number of
4G base stations is tripled, while the population coverage increased from
38% to 62%. By this, 21 cities in Montenegro are covered with 4G service
and CT gained leader position on the market in 4G. In addition CT
successfully started testing of 4G+ service, with download speeds of up to
300 Mbps.
3G coverage is extended in the suburban, rural areas and main, while new
sites were mounted in urban areas. Number of 3G sites is doubled and
population coverage is increased from 72% to 94%.
In accordance with Integrated Network Strategy CT continued the
development of FTTH network, resulting in new 8,800 flats covered by fibre
network and new 2,200 customers enjoying the services over this supreme
technology. At the end of 2014 there were 37 thousand homes covered with
FTTH and over 9 thousand customers using the service. We managed to
maintain high utilization rate of 25%.
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Crnogorski Telekom's Board of Directors
As proposed by the majority owner of the Company, following the
resignation of Ms. Melinda Szabo to the CT’s BoD membership, at the
Extraordinary Shareholders’ Assembly (held on January 21, 2015), it was
decided to decrease the number of BoD members from seven to five. Based
on relevant resolutions, Mr. Peter Zsom and Mr. Frank Polcz were dismissed
as BoD members. Mr. Jovica Gjorgjeski has been elected a member of the
BoD, together with the remaining four members of the previous BoD
composition.
-
János Szabo, Chairman
Susanne Krogmann
Michael Frank
Jovica Gjorgjeski
Tripko Krgović
János Szabó
János Szabó was born in Hódmezovásárhely (Hungary) in 1961. He
graduated at the Budapest University of Economics in 1986, majoring in
international relations.
After working in foreign affairs for three years, he continued in various
finance and consultant positions in the private business sector. He became
Director of Finance at Delco Remy Hungary (a subsidiary of the US-based
automotive supplier) in 1995. Later he became Deputy General Manager of
the operation, responsible for sales, purchasing and operations. In 1998 he
moved to the position of Director of Finance for Europe, in charge of the
finance activities and acquisitions of European operations. Later he became
CFO and Managing Director of a joint venture between Delco Remy and
Hitachi. From 2003 he was the Finance Director of the Wireline Services
LOB of Magyar Telekom (later T-Com). The role was extended to the fixedline network and IT operations in 2006. Since 2008, he has been the Director
of Group Planning & Controlling of the Magyar Telekom Group. From
April 2013, he holds the position of the CFO of Magyar Telekom.
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Susanne Krogmann
Susanne Krogmann, born 1964, holds a diploma in Economics from GeorgAugust-University Göttingen, Germany and studied European Integration at
the College of Europe, Bruges, Belgium.
Susanne Krogmann started her career at Treuhandanstalt, the state-owned
agency responsible for the privatization of the enterprises and assets of the
former Democratic Republic of Germany. During her five years at
Treuhandanstalt she worked in the controlling and in the contract
management department. For the last 2 years at Treuhandanstalt she held the
position of key account manager for several companies in the chemical
industry.
Susanne Krogmann joined Deutsche Telekom in 1999. For more than 8
years she worked in different positions in the Regulatory and Public Affairs
division, especially in the field of regulatory economics and regulatory
strategy. She then took over the position of Head of the group “Corporate
Responsibility Strategy and Controlling” where she developed a new
Corporate Responsibility strategy for DT group. Following the increasing
awareness of data security and data protection at Deutsche Telekom she later
worked in a data security project with her personal focus on customer data
security.
Since the end of 2009 she holds the position of Vice President Corporate
Governance Europe within Board Area Europe at Deutsche Telekom. She
has become member of the Board of Directors of Crnogorski Telekom in
2011. Since 2012 she is also member of the Board of Directors of
Makedonski Telekom and the Board of Directors of T-Mobile Macedonia.
Susanne Krogmann is also a member of the Supervisory Board of T-Mobile
Czech Republic, since 2013.
Michael Frank
Michael Frank was born in 1977. He graduated as an Industrial Engineering
with Business Studies from the Technical University of Karlsruhe in 2003
before gaining an additional Master degree in International Relations from
the Andrássy University Budapest in 2006. He started his career in 2004
with T-Mobile Hungary as a Regulatory Manager, then joining Detecon in
2007 as a Strategy Management Consultant with global project assignments.
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From 2010, he worked at Deutsche Telekom’s Headquarter as a Senior
Manager, first in International Public & Regulatory Affairs and later in the
International Business Unit. In 2013, Mr. Frank joined Magyar Telekom as
Head of Portfolio Management and since January 1, 2014, he is heading
Magyar Telekom’s Corporate Strategy and Portfolio Management
Department. He is a member of the Board of Directors of Makedonski
Telekom and of T-Mobile Makedonija.
Jovica Gjorgjeski
Jovica Gjorgjeski was born in Skopje, Republic of Macedonia. He studied
Management at the Faculty of Economics on the University of Ss. Cyril and
Methodius in Skopje. He started his career in 2004 at Makedonski Telekom
where until 2007 he held several positions within the finance area. Between
2007 and 2010 he held the position of General Coordinator in the Cabinet of
the Chief Executive Officer of Makedonski Telekom. In 2010, Mr.
Gjorgjeski joined Magyar Telekom as Country Manager for the Macedonian
operations (Makedonski Telekom, T-Mobile Macedonia, Stonebridge
Communications and Telemacedonia) being responsible for the business and
corporate governance issues. Since 2011, he is a permanent invitee to the
Board of Directors and the Audit Committee of Makedonski Telekom and
the Board of Directors of T-Mobile Macedonia. During 2014, he was
representing Magyar Telekom at the Shareholders' Assembly of Crnogorski
Telekom, exercising all voting rights on its behalf.
Tripko Krgović
Tripko Krgović was born in 1977 in Belgrade. He finished his undergraduate
and Master’s studies at the Faculty of Economics in Podgorica. His
professional career began in 1996 at his family business. From 2004 he
worked in the Securities Commission, in the Market Supervision
Department. In 2005, he held the position of Investment Manager in Moneta
Investment Fund. From 2006 to 2008, he was the Chief Executive Officer of
Moneta Broker–Diler AD, Podgorica. From 2008 to 2011, he was a member
of the Board of Directors of the Moneta privatisation fund and of
Otrantkomerc AD, Ulcinj. From 2013 to 2014 he was a member of the
Board of Directors of Central Depository Agency, while during the 2014 he
was a member of the Board of Directors of Budvanska Rivijera AD Budva
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as well. He was elected a member of Crnogorski Telekom’s Board of
Directors, Audit Committee and Compensation Committee in 2008.
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The Executive Management Board of Crnogorski
Telekom
-
Rüdiger Schulz, Chief Executive Officer and Chairman of the
Executive Management Board
Endre Horanyi, Chief Human Resources Officer
Vladan Peković, Chief Technology and Information Officer
Manfred Knapp, Chief Financial Officer
Vladimir Beratović, Chief Corporate Affairs Officer
Milija Zeković, Chief Commercial Officer
Rüdiger Schulz, Chief Executive Officer and Chairman of the Executive
Management Board
Rüdiger Schulz, who is an internationally experienced business leader,
completed his studies in electrical engineering at the University of Hamburg
and business management studies at the University of Koblenz. His
professional career began with service in the German Navy as Chief
Engineer on Vessels, after which he joined Deutsche Telekom Group in
1991. To begin with, he was responsible for technology platforms, and later
became responsible for marketing and sales in the residential and corporate
segment.
In 2005, he began working for T-Systems as Senior Executive Vice
President of Business Customers and Large Enterprises in the north-eastern
region of Germany, one of six in the country and developed his experience
in the area of IT. He joined Slovak Telekom in November 2006, taking over
the position of Senior Executive Vice President for Marketing, Sales and
Technology/COO and was a member of the Executive Management Board
being responsible for T-Com's product and service portfolio in the business,
residential and wholesale segment. In 2010 he was appointed Chief
Operating Officer for Networks and IT of Slovak Telekom. In 2011 he
joined Crnogorski Telekom in his current position.
Endre Horanyi, Chief Human Resources Officer
Endre Horanyi was previously an HR Partner of the Consumer Business
Unit at Magyar Telekom. According to the MT organisational model, he was
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in charge of more than 4 000 people. From that position Mr. Horanyi joined
Magyar Telekom in 2003. His professional development in the field of HR
management mainly relates to his career path within MT. From 2003 until
now, he has covered several positions related to HR functions such as:
Senior HR Operational Development Manager, Head of HR Operational
Development, HR Director of the Mobile Business Unit and most recently:
HR Partner of the Customer Business Unit. Since 2010, he has been working
as Chief Human Resources Officer at Crnogorski Telekom.
Vladan Peković, Chief Technology and Information Officer
Vladan Peković took over the position of Chief Technology and Information
Officer in January 2014. He came from T-Mobile Poland, where he was
Technology and Platforms Director and Chairman of the Supervisory Board
of Networks.
Before joining DT group in 2009, he gained vast experience during longlasting international carrier working for major telco companies on projects
of development, implementation and management of telecommunications
networks in the Czech Republic, Mexico and the USA.
Manfred Knapp, Chief Financial Officer
Born in 1955 in Frankfurt am Main, Germany. He holds a degree in
Business Administration and Management. Before joining Deutsche
Telekom Group in 1997, Manfred Knapp covered several senior controlling
and finance management positions in different industries where he gained
broad experience in all areas of finance management, mergers and
acquisitions and turnaround management. In 1998, Manfred Knapp was
assigned to the mobile operator Wind, in Italy, as Controlling Director. From
1999, he managed the controlling department of the Deutsche Telekom
Carrier Services Business. In 2001, he joined Slovak Telekom as Controlling
Director and Deputy CFO. Since 2009, he has been responsible for the
Finance Department of Crnogorski Telekom as CFO.
Vladimir Beratović, Chief Corporate Affairs Officer
Born in 1970 in Podgorica, he graduated in international management, and is
currently undertaking postgraduate studies. His 17-year-long career in
telecommunications started in the Montenegrin mobile operator Promonte
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(today’s Telenor). During his last 10 years at Telenor, he held various
directorial positions and was a member of the top-level management. He left
Telenor as Chief Corporate Affairs Officer, in charge of government
relations, legal, regulatory, interconnection and wholesale and corporate
communication departments. His career at Crnogorski Telekom started in
September 2010 as advisor to the Chairman of the Board. He was appointed
Corporate Affairs Officer in November 2010. He currently holds the position
of Chief Corporate Affairs Officer, which includes the wholesale area.
Milija Zeković, Chief Commercial Officer
Born in 1971, he holds a degree in economics from the University of
Montenegro. After completing his studies in 1995, he started his career at
“Kartonka”, Podgorica as Production and Sales Manager. He started
working as Sales Manager in T-Mobile (formerly Monet) in 2000. In 2006,
he became the Director of Sales for residential customers and small and
medium enterprises. In 2008 he was appointed as the Chief Sales Officer of
Crnogorski Telekom. In 2013 he took the position of Chief Commercial
Officer for Business segment. He currently holds the position of Chief
Commercial Officer, responsible for both consumer and business segments.
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Our Vision
In a fast changing world,
we are your first choice to live in a fully digital lifestyle
wherever you are, whatever you do;
by aspiring to be the best in class.
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Our Strategy
Telekom continued with successful implementation of corporate strategy
based on three strategic pillars: Stand for Broadband; Transform to
Outperform and New Way to Play.
Stand for Broadband
Telekom is constantly improving its technology leadership and we are
continuously investing in modernization of our network, as a precondition
for superior quality of service and best experience of our customers. In 2014
we continued with successful migration of customers to the IMS platform
and MSAN system migration, where we replaced legacy access systems with
modern MSAN technology. Our fibre network footprint expanded in 2014
and in the same time, we modernized our mobile access network through
improvements in 3G and 4G technologies. Thanks to these investments, we
can proudly say that “we are the network that gives you the most”. Being
a technology leader is a privilege but a commitment too, to continue with
our activities and investments in order to meet our customers’ needs.
Transform to Outperform
In order to leverage on the opportunities of the new world, we must adapt.
Emerging competition, new market players, internet application are
changing traditional way of doing business. As a response we have
established eBusiness department that is moving away from one-way
communication with our customers to two-way communication. By setting
strong eSales; eCare and alternative channels capabilities we strive to make
our services more simpler and faster, and to ensure seamless experience to
our customers.
New Way to Play
Industry we are operating in is facing strong regulatory requirements, which,
together with existing and emerging competition, is driving down service
revenues. In such a situation, Telekom is using its leading position on the
market to exploit new market opportunities and develop new business
models. Partnership network is expanded both in core and beyond core
products. We are in the meantime preferred choice on ICT market, with
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expanding network of our valued enterprise customers that are top brands in
their respective fields.
In order to continue to be successful, keep leading position and capture new
digital opportunities, Telekom has launched a new corporate strategy for
2015 and beyond. We see ourselves as technology leaders and pioneers. Our
modern, best in class, network infrastructure will offer the best customer
experience and simpler, faster and innovative products. At the same time we
are proactively committing to new growth opportunities for us.
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Regulatory Environment
Regulatory environment is characterised by implementation of the new Law
on Electronic Communications based on the EU regulatory 2009 framework,
as well as number of bylaws adopted in accordance with the new Law. New
regulatory framework is dedicated to ensuring competitiveness in the market
as well as obtaining greater level of consumer rights protection.
The new products placed in the market, based on the resolutions on SMP
operators from 2010 and 2013, haven’t been put into operation yet, due to a
lack of interest from other parties. The only interest was shown for duct
rental.
The Cost Accounting and Accounting Separation Methodology were
implemented for both fixed and mobile services. Revised reports for 2013
were approved by the National Regulatory Authority (NRA) in July 2014.
In 2013, the NRA completed second round of market analysis of seven
relevant markets already analysed in 2010. CT was identified as an SMP in
all seven markets again. Additionally in 2012 the NRA applied three criteria
test on two retail markets: broadband and mobile service as to find out if
those markets are susceptible for ex ante regulation. Retail market of mobile
services was found sufficiently competitive, while CT was designated as
SMP on fixed broadband market. Upon approval of 2013 Regulatory reports
for fixed network the NRA entered in retail price regulation of the following
services provided at fixed location: access to the network, broadband as well
as voice service (local, national and international calls) on cost orientation
basis. Price adjustment implied decrease based on CT cost model
Universal service
Universal service (US) was commercially launched in December 2011, but
without significant interest from the customers’ side for the service.
However, after introducing changes in the US regulatory framework
customers interest was significantly increased, especially for voice service
and internet access. Interest for US Inquiry and Directory Service was not
remarkable. Consequently, Montenegrin operators compensated a rather
significant net cost to USOs for the period 2011- 2013.
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Number Portability
The Number Portability service was commercially launched in 2011. During
last three years around 50% of all ported mobile numbers were ported in the
CT network. Interest for porting numbers in the fixed-line segment was not
significant. The new Rulebook on Number Portability adopted in 2013
provides for fewer restrictions for the porting of numbers.
Regulatory fees
Under the regulations currently in effect, Crnogorski Telekom pays fees for
market supervision, numeration and the usage of radio frequencies.
Carrier Selection
Carrier Selection was already included in the Reference Interconnection
Offer (RIO) published in 2008. In accordance with the NRA’s Resolution on
Designating CT as an SMP in the relevant market, the updated RIO also
includes Carrier Pre-selection. Only two operators have signed
interconnection agreements with Crnogorski Telekom with Carrier Selection
included.
Sharing of infrastructure
The RIO also defines the terms and conditions of collocation, for the
purpose of interconnection realised in Crnogorski Telekom’s premises. This
includes renting of space in buildings, masts and ducts. The RIO’s
conditions are valid only for operators looking for interconnection/access,
while usage of infrastructure by operators for other purposes is subject to
commercial negotiations. Apart from the RIO, the Reference Unbundling
Offer defines the terms and conditions of collocation for the purpose of local
loop unbundling, including also rental of collocation space in CT premises
and ducts. Regulated prices for duct rental do not encourage investments in
new duct deployment.
Termination of calls
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Based on the relevant SMP resolutions adopted by the NRA as of 1st of
November 2014 the fixed termination rates (FTR) were decreased from 0,93
to 0,74 cents/min (for local) and 1,07 to 0,94 cents/min ( for single transit),
while mobile termination rate (MTR) for voice traffic was decreased from
2,2 cents to 1,9 cents/min.
Future regulatory developments
In the process of implementation of the 2013 Law on Electronic
Communications, the NRA and the responsible ministries will work on
further regulatory framework developments through harmonisation of
exiting bylaws and adoption of new ones.
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Promotions and offers
Residential customers
Postpaid
The beginning of the year was marked by a campaign in which all new and
existing customers had the possibility to buy a new option which allowed
them to talk and SMS within the network for a favourable price, along with
three months free subscription for contract prolongations. Promotions
continued in September, with a campaign offering three months free minutes
and SMS within the network, along with included data.
Prepaid
The year kicked off with an upgrade of existing voice options, which now
include SMS within the network with a promotional element of the first
activation being free of charge for the bi-weekly option.
In order to better match the needs of a special customers segment, CT
launched VOLIM, a branded reseller tariff in partnership with a leading
retailer in the country. VOLIM is specifically designed to satisfy the needs
of the target segment and is offering relevant benefits: free minutes and SMS
within the group, with a strong loyalty element.
Fixed telephony
IMS (IP Multimedia Subsystem) migration, a key technical transformation
project, continued in 2014. The new system is based on IP protocols and will
set the stage for the new generation of fixed services, with new
functionalities for customers. At the end of 2014, over 90.000 customers had
been migrated to the new system. Aim of the company is to complete
migration to IMS in 2015.
Extra TV
Extra TV customers had an exciting year in 2014, with new promotions
throughout the year, along with new product and content offers. Extra TV
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was available as a bundle with free minutes in the fixed network and later
with included internet access, enabling customers to call their loved ones for
free or use the internet.
At the end of 2014, there were 64,300 customers, which is an increase of 4%
compared to the previous year. The company maintained its leading position
in the market with a market share of 41.8%.
Fix broadband
Strong marketing campaigns marked the entire year helping to increase the
Fix broadband customer base to 77,800 customers, which is an increase of
5% compared to the previous year. CT introduced a new product, enabled by
its progress in the IP migration: Broadband on Demand allows the customer
to start using broadband services within 15 minutes of ordering. As a result
of the various marketing and promotional activities, CT holds a 81.7%
market share in the broadband internet market.
Fibre to the home (FTTH)
Crnogorski Telekom continued its strong development of its fibre
infrastructure resulting in utilisation reaching 25%. The number of
customers of fibre increased from almost 7.000 to over 9.000 in 2014. In
addition to the existing benefits available to fibre customers, such as very
high internet speeds, the possibility of connecting up to five TV sets to the
IPTV service, and a free additional phone line, fibre customers can now also
enjoy more full HD channels.
Sales of consumer goods
In 2014, Crnogorski Telekom continued the development and expansion of
partnership with major retail chains. A wide portfolio of electronic consumer
goods is offered.
Loyalty program
Premium program activities in 2014 were focused on expanding the number
of partners and companies supporting the program, along with the number of
Premium program customers. The year saw intensive promotions of the
benefit of the program and special discounts from selected partners.
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Business customers
Postpaid
Together with residential segment we introduced for the first time flat on-net
option (voice and SMS) in February 2014, in order to improve CT’s position
in this segment. On-net option was available to all new and existing postpaid
customers.
Throughout the year there were promotions for SME and SOHO segments,
which were in focus in 2014, in order to protect our leadership position on
the market and partially compensate revenue decrease of Key and Large
accounts segment.
Roaming
In order to protect customers using services in roaming we continued with
internet roaming cards for data usage throughout 2014. The number of
activated daily and weekly roaming cards increased by almost 200%
compared to 2013.
Fix broadband
Strong telesales activities during the entire year was helping us to increase
the Fix broadband customer base to 8.2 thousand, which is an increase of 7%
compared to the previous year base.
Convergent offers
The Business Summer Offer was launched in April 2014 and targets SMEs
that are oriented towards summer-season business and have no need for
internet connections for the entire year. It consists of fixed/mobile data
services with minimal contract duration of three months. Also, purchase of
HW (TVs, laptops, mobile phones) in instalments was a part of the
promotional offer.
Integris (ICT)
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Integris continued its successful story during 2014. Great progress in the
hotel/resort segment and retail area was helping us to achieve YoY revenue
growth of more than 70%.
In November 2014, CT finished implementation of the largest ICT contract,
for Porto Montenegro Marina phase I, with value of EUR 1.1 million. As a
result of such a good cooperation, in November 2014 a new contract was
signed for works in Porto Montenegro Marina phase II, with value of over
EUR 2.5 million.
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Human Resources
HR Contribution to three- year Business Transformation
program DELFIN
In 2014 HR has been fully dedicated to support the goals of “DELFIN”
business transformation program. HR managed to provide efficient and
sustainable organizational development, to align the organization with new
business challenges by proportionate decrease of personnel related costs and
managed necessary changes related to workforce allocation along with
continuous efforts related to transformation towards e-Company.
Strategic Leadership and Employer positioning
According to the Pulse check results in 2014, CT managed to keep positive
trends and stability. This has been also proven by the outcomes of the
external benchmark research “The best company to work for in
Montenegro” (Crnogorski Telekom won 3 prizes for 2013/2014: Best
Company to work for; The Most Attractive Employer; Fair Play Award).
To confirm our leading position at the labour market, HR initiated the first
gathering of HR professionals in Montenegro by organizing HR Forum of
Montenegrin HR Community. This was a strategic initiative aimed to
validate CT corporate social responsibility, identify trends and changes
among the workforce at the local labour market and make HR Community
visible and more strategically oriented.
Commitment to ONE DT EU
CT has actively taken part in cascading One DT (Europe) story and used
Employee survey results to leverage employee satisfaction, motivation,
strategy awareness and commitment to ONE DT (Europe).
Our stability and gradual improvements are mainly enabled by strong
communication campaigns before each round of Pulse Check and full
commitment of top and senior management to the survey process. In two
Pulse Check rounds in 2014, we have recorded the best response rate in the
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Group, being especially strong in all questions which indicate Crnogorski
Telekom’s commitment and willingness to build One DT across Europe.
Social dialogue & Employee benefits
Collective Bargaining Discussions for telecommunications branch on
country level have been continued in 2014. CT representatives are actively
involved trying to further improve social dialogue. Negotiations with
representatives of the Trade Union on Company level on Salary discussion
and new Rulebook on housing loans also started in the last quarter of 2014.
In Cooperation with Trade Union we have continued to provide and improve
large scale of employee benefits: sport and recreation offers for all
employees; medical check-ups for employees and their children including
annual systematic check-ups, prevention check-ups for female and male
colleagues separately; purchasing goods on the instalments; material aids in
case of illness; subvention of winter and summer vacation, etc. The
advanced health insurance is under negotiation.
Optimization of Training and Development offer
Based on the heritage of CT Management Academy and full utilization of
DT Group-wide training offers, we managed to increase overall employee
satisfaction with the training and development opportunities while at the
same time, we applied cost saving measures and reduced the training budget.
The main achievements in 2014 were:
 fully standardized local training offers according to the following
categories: executive management, senior management, middle
managers, experts and the employees)
 Extended HRD product portfolio with the first pool of internal trainers
in the Company
 Advanced training offer for 29 managers - Franklin Covey: 7 habits
of Highly Effective People
 The biggest team building event ever organized in the Company - for
the One Billing team (more than 60 participants)
 Improved training facilities (new HR training room), which creates a
precondition for knowledge transfer within the Company and to meet
further cost efficiency requirement.
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Living culture and effective communication
To strengthen the trust and collaboration as a foundation of targeted
corporate culture, HR took part in and initiated several programs and
initiatives.
 All CxOs and directors from CT have attended Group-wide program
for executives: Effective Collaboration sessions.
 Supporting the CEO’s initiative HR started to organize so called
C.E.O. Circle of trust – informal meetings between the CEO and the
employees from non-managerial positions.
 HR also extended existing Communication portfolio with some new
products like Company newsletter T – NEWS to enhance the trust and
closer communication within the Company.
 HR redesigned and revised Cultural guidelines for day- to-day usage
(Pocket Culture) which is dedicated to our existing cultural habits and
the most preferable behavioural patterns. That way, we are
continuously aligning our culture with the upcoming business
challenges, taking care that only a living corporate culture can be
valid foundation for sustainable business growth.
HR Processes Review - We make it lean and simple!
To support the implementation of leaner organisation and efficient business
operations, HR has started to reduce the complexity by simplification of HR
product portfolio and standardization of its key processes, which was
finalized by the end 2014. Following the lean principles, HR Area organized
its regulations in a more business driven framework clearly applying more
systematic approach regarding development and more pragmatic approach
regarding implementation. This way, HR met one of the top strategic
priorities for 2014.
HR also continues to enable provision of traditional HR services on-line.
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Corporate Responsibility
Corporate responsibility has been part of our corporate culture for many
years; it involves and is an integral component of all our business activities.
As one of the leading companies in the country, Crnogorski Telekom aims to
be involved in all areas that are important to Montenegrin society. Besides
striving to offer the most advanced telecommunication services for our
customers, we wish to actively contribute to the development of the
community in which we do business and of which we are a part.
Crnogorski Telekom is a company that has always maintained a balance
between economic, environmental and social goals while being accountable
to the community and positioning itself in a socially responsible manner.
The areas on which we are focusing are education, health and the
environment, culture and community support.
“Za svako dobro “
Among Telekom’s many projects in 2014, the highlight of the year was the
donation contest called "Za svako dobro“ (eng. "For every good"), a long
term project that finance socially responsible projects of special importance
to the Montenegrin society, in the amount of EUR 23 thousand.
Among 70 NGOs that applied for grants, four projects were selected and
awarded with funds for implementation.
- “No hate offline, no hate online”: a project to prevent cyber bullying
among teenagers
- “Free your creativity”: showing how new technologies can empower
women who are victims of domestic violence
- “Day care”: specialist support for children with autism
- Android app: promoting the botanical garden Dulovine near Kolasin
The contest was open to all non-governmental organizations from
Montenegro that could apply their projects in the field of education, arts and
culture, environmental protection and the creation of equal opportunities for
networking and participation in digital society.
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The aims of the project include making people more aware of Crnogorski
Telekom’s social responsibility activities, engaging important stakeholders
and gaining their trust, and increasing transparency in the company’s social
engagement. In order to ensure transparency and the selection of the best
projects, beside Telekom employees, representatives from NGO "Fund for
active citizenship", Montenegrin TV station „TV Vijesti“ and local UNDP
office participated in selection of the winning projects.
Development of information society in Montenegro
Being the leading broadband provider in the country, Crnogorski Telekom
has the responsibility of being the country's first partner on its way to
becoming an information society.
For the eight year in a row, Crnogorski Telekom is enabling free internet
access via ADSL to all elementary and high schools in the country. During
2014, around 150 Montenegrin schools benefitted from this. The project was
implemented together with the Ministry of Education and Science.
In 2014, Crnogorski Telekom, together with Deutsche Telekom organized
the Telekom Innovation Contest in Montenegro, aiming at students,
entrepreneurs with startup ideas, and young IT startups. Areas of
competition were Internet of Things, Big Data, Internet Security, CloudBased Productivity and Future Media & Communication. Montenegrin
finales included six teams, while the winning idea, for a social network
“Hook”, that allows users to follow where their friends are in real time, was
awarded with a trip to Krakow, Poland where they participated in
international finale of this competition.
In the same year, Telekom supported Spark.me, one of the biggest
tech/business conferences in the Balkan region.
Sports, music and culture move people
Our sponsoring platform focuses on sports, music and culture – which is
perfect for underlining our brand promise “Life is for sharing” and giving a
wide range of memorable moments to share.
Within the company’s sponsorship strategy, sports have a special place since
this is an important area for developing a healthy, modern and advanced
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society. The company is the golden sponsor of the Montenegrin national
football team and general sponsor of the Telekom Montenegrin Football
First League. Additionally, in 2014 Telekom supported and sponsored
Budućnost Basketball Club.
Regarding music, as one of the main areas within the sponsorship strategy,
we sponsored numerous musical events and activities, since music is
considered to be the universal language for all generations. We partnered
with organisations across Montenegro and supported the Asfaltiranje HipHop Festival in Podgorica, the Southern Soul Festival in Ulcinj, Sea Dance
in Budva, and After Beach Parties across Montenegrin coastline. In
September 2014, with the support of Deutsche Telekom, Crnogorski
Telekom organized Electronic Beats, festival of electronic music in
Podgorica.
In the field of culture, Crnogorski Telekom partnered with several
organisations in order to support different projects, with the focus being on
youth and education. The activities of these organisations were vital to the
Montenegrin art scene.
In 2014, the company was also the sponsor of the Telekom Underhill Fest,
an international documentary film festival which featured a series of
concerts, film projects and lectures in Podgorica. Telekom supported the
International TV Festival in Bar, as well as FIAT, festival of alternative
theatre in Podgorica.
Environment protection and energy efficiency
In 2014, Crnogorski Telekom continued implementing a range of measures
to save energy and make their operations more energy-efficient. Energy
consumption was reduced through a number of different measures.
In March 2014, the company participated in the Earth Hour and Earth Day
global campaigns with the aim of raising awareness about climate change
issues. The company is constantly promoting usage of sustainable solutions
among its customers and employees, e.g. promoting e-mail bills, online
registration, etc.
Crnogorski Telekom owns three state-of-the art base stations that use
renewable energy sources, the power of the sun and wind. The project is part
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of a broader company initiative to address global warming issues and protect
the environment.
Community support
Besides the contest for socially responsible ideas, the year 2014 was also
marked by the cooperation with NGO Bicklo.me in order to promote cycling
as a sustainable mode of transportation. Thanks to Telekom’s donation, 18
bike racks have been installed in Podgorica, and a mass cycling event was
organized to promote cycling.
The company also participated in disaster relief activities to support victims
of floods that hit several countries in the region in May 2014. Telekom gave
a corporate donation of EUR 10 thousand and in cooperation with Red Cross
Montenegro, the company opened a donation line in order to enable its
customers to give their contribution and help the ones in need. By the end of
June, total amount collected was 104 156.
Volunteering
In 2014, the company continued to organize blood donation activities. In
cooperation with Montenegrin Centre for Blood Transfusion, around 40
employees donated blood and helped to raise awareness to this important
social issue. In December 2014, the company was awarded with the
Recognition of contribution to blood donations in Montenegro, given by the
Montenegrin Office for Blood Transfusions and the Montenegrin WHO
Office.
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Further Information
Contacts
Crnogorski Telekom
Moskovska 29
81000 Podgorica
Montenegro
Tel: + 382 20 433 433
Fax: + 382 20 225 752
e-mail: office@telekom.me
www.telekom.me
Stock trading information:
Crnogorski Telekom stock code: TECG
Montenegroberza a.d.Podgorica
Moskovska 77
81000 Podgorica
Montenegro
Tel/Fax: +382 20 228 502
E-mail: mberza@t-com.me
www.montenegroberza.com
Published by:
Crnogorski Telekom © 2015
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