content Koncern Tvornica duhana Rovinj Uvod Rezultati poslovanja Uz izvjeπêe o financijskom poslovanju IzvjeπÊe revizora

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1 content Uvod Foreword Koncern Tvornica duhana Rovinj Tobacco Factory Rovinj Concern Rezultati poslovanja Business Results 14 Uz izvjeπêe o financijskom poslovanju Notes to the Financial Statements 35 IzvjeπÊe revizora Auditor s Report

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3 Koncern Tvornica duhana Rovinj Tobacco Factory Rovinj Concern Tvornica duhana Rovinj d.d Tvornica duhana Zagreb d.d. Istragrafika d.d. Rovinj Ronhill d.o.o. Kanfanar Duhan d.d. Rijeka Viræinija d.d. Virovitica Duhanprodukt d.d. PitomaËa Dugraf d.o.o. Rovinj Rovita d.o.o. Kutjevo Rovita d.o.o. Tuzla Rovita d.o.o. Ljubljana Rovita d.o.o. Vaduz Rovita d.o.o. Sarajevo

4 Poslovanje i misija u CORE BUSINESS AND MISSION Established in 1872, as a modest tobacco processing plant to supply the officers of the Austro-Hungarian army with cigars, Tobacco Factory Rovinj has developed into a prominent cigarette manufacturer. Great success has been achieved in the nineties of the 20th century, as it has become the leading Croatian cigarette manufacturer and one of the main representatives of our economic community. Today, its business operations have been vertically integrated: from production of retail-type package and tobacco to cigarette production and retail. The business mission of Tobacco Factory Rovinj is to satisfy consumer needs. Goals we strive after are: maintaining the leading and stable position on the Croatian cigarette market strengthening the export endeavours towards European and other markets. By the strategy of innovation and differential supply TFR has achieved the set goals. Its comparative advantages are: the latest technology highly experienced management dynamic policy of new product development along with constant adjustments to consumer demands for cigarettes with reduced tar and nicotine contents modern forms of promotional communication. Majority owners of Tobacco Factory Rovinj are small shareholders. Tobacco Factory Zagreb, Istragrafika d.d. Rovinj, Duhan d.d. Rijeka and leaf tobacco production and processing companies in Slavonia and Podravina are either wholly owned by TFR or affiliated companies of it. temeljena davne godine kao pogon za opskrbu Ëasnika austrougarske vojske cigarama, Tvornica duhana Rovinj razvila se s vremenom u uglednoga proizvoappleaëa cigareta. Izraziti poslovni uspon doæivjela je devedesetih godina 20. stoljeêa kad je postala vodeêi hrvatski proizvoappleaë cigareta i jedna od glavnih predstavnica naπe gospodarske zajednice. Danas je njezino poslovanje okomito integrirano: od proizvodnje komercijalne ambalaæe i duhana do proizvodnje cigareta i maloprodaje. Poslovna je zadaêa Tvornice duhana Rovinj zadovoljiti potrebe potroπaëa, a ciljevi koje pritom æeli postiêi jesu: odræati vodeêu i πto stabilniju poziciju proizvoappleaëa cigareta na hrvatskome træiπtu jaëati izvoznu orijentaciju k europskim i drugim træiπtima. Poslovna strategija kojom tvrtka ostvaruje postavljene ciljeve strategija je inovacija i diferencirane ponude. Njezine usporedne prednosti su sljedeêe: suvremena tehnologija visokostruëan management dinamiëna politika razvoja novih proizvoda, uz stalnu prilagodbu zahtjevima potroπaëa za cigaretama smanjene koliëine tara i nikotina moderni oblici promotivne komunikacije. Preteæiti vlasnici Tvornice duhana Rovinj mali su dioniëari, a Druπtvo u stopostotnom ili preteæitom vlasniπtvu ima Tvornicu duhana Zagreb d.d., Istragrafiku d.d. Rovinj, Duhan d.d. Rijeka te tvrtke za primarnu proizvodnju i obradu duhana u Slavoniji i Podravini. 4 G O D I N J I I Z V J E T A J A N N U A L R E P O R T

5 ppoπtovani dioniëari! oslovna godina oznaëava kraj desetljeêa ispunjenog burnim dogaappleajima te korjenitim i povijesnim promjenama u domovini i cjelokupnom podruëju srediπnje i istoëne Europe. Tvornica duhana Rovinj kao i druga poduzeêa iz TDR grupe bila su i subjekt i objekt svih tih promjena. U pojedinim djelovima naπe regije znaëajnije tranzicijske promjene su ili tek poëele, ili su joπ uvijek u tijeku. U svakom sluëaju, kraj im se joπ ne nazire. Zbog toga se sve poslovne odluke, i one operativnog i one strategijskog znaëaja, donose u uvjetima izrazito visokog rizika i neizvjesnosti. Istodobno, cjelokupna situacija obiluje razvojnim prilikama i izazovima. Ante VlahoviÊ, M. Sc. predsjednik Uprave Tvornice duhana Rovinj President of the Management Board of Tobacco Factory Rovinj Poslovni rezultati za godinu koju vam prikazujemo svjedoëe da je ona i u takvim prilikama za TDR grupu bila joπ jedna u nizu uspjeπnih godina. toviπe, u ovoj godini prvi put su sva druπtva, koja postoje u okviru TDR grupe, poslovala uspjeπno i profitabilno. Sa zadovoljstvom i ovom prilikom mogu utvrditi da smo u godini, koja je godina ulaska Hrvatske u WTO i daljnjeg otvaranja procesu globalizacije, i dalje ostali aktivan i perspektivan sudionik velike i nemilosrdne træiπne utakmice u regiji, iznalazeêi uëinkovite odgovore na brojne izazove danaπnjice. Premda smo na domaêem træiπtu poveêali naπ træiπni udio, træiπte se u cjelini smanjilo, pa su i prihodi TDR-a na domaêem træiπu u godini bili niæi nego u Istovremeno, ostvarili smo iznimne prodore u izvozu koji je koliëinski porastao 80 posto, a prihodno joπ i viπe.»injenica da Dear shareholders, The business year 2000 indicates the end of a decade marked by many important events and radical and historical changes in our country and in the entire area of Central and Eastern Europe. Tobacco Factory Rovinj and the companies within the TFR Group were both a subject and an object of such changes. In some areas of our region distinctive transitional changes have just begun or are still underway. In any case, their end cannot be discerned. All business decisions, those of operative and of strategic significance, have been made under conditions of high risk and uncertainty. Simultaneously, the whole situation abounds in opportunities for development and challenges. The business results included in this report show that despite the above-mentioned circumstances this year was for the TFR Group just another of a series of successful years. Moreover, in this year, for the first time, all the companies within the TFR Group operated successfully and profitably. I am again pleased to report that in this year, which is the year of admission of Croatia to the WTO and its further opening to globalisation, we G O D I N J I I Z V J E T A J A N N U A L R E P O R T 5

6 continued to be an active and promising participator in intense and fierce competition across the region, who effectively responded to a number of challenges of the present time. We increased our share on the local market, but nevertheless the market as a whole was reduced - hence TFR s revenues from the local market were lower than in At the same time, we achieved remarkable results in exports which increased in volume by 80% and even more in profit. The fact that TFR s business system generates more than a half of its total revenues on foreign markets with the real possibility of further promotion, is the reason for growing optimism and satisfaction with the achieved results. When analysing the TFR Group s operations, the results may not be considered for every single year. The 2000 business results represent continuation of previously achieved success. The year 2000 is the most successful year in the history of Tobacco Factory Rovinj. The year 2000 marked the ending of several strategic projects. Apart from achieving good results and creating pre-requisites for a continued growth, the project of concentration and consolidation of the Croatian tobacco industry is successfully coming to its end. Positive synergy effects will boost further growth in productivity and better realisation of economies of scale. Simultaneously, this was the year in which we created conditions for TFR s appearance on some new and strategically important areas of operation and development in order to ensure stability and strengthening of a long-term market value of the shareholder s equity. We are witnesses of the time in which some of our business postulates have become recognisable, though still sporadically, in the Croatian economy and economic policy. Facts and results, which prove that strong national business systems are necessary presupposition for desirable dynamics and quality of the local economy development, are more and more appreciated. It is obvious that we may not focus all our expectations on foreign investments. On the basis of realised business results in the year 2000, the Management Board believes that it will, with support of TFR s shareholders and employees, successfully proceed with realisation of its business plans in the current business year. Thereby we shall act in compliance with defined and accepted strategic lines of the TFR Group s development. Ante VlahoviÊ, President of the TFR Management Board Plinio Cuccurin Ëlan Uprave Tvornice duhana Rovinj Member of the Management Board of Tobacco Factory Rovinj Tomislav Budin, D. Sc. Ëlan Uprave Tvornice duhana Rovinj Member of the Management Board of Tobacco Factory Rovinj Branko Zec TDR-ov poslovni sustav viπe od polovice prihoda sada ostvaruje na stranim træiπtima, uz stvarne moguênosti da se izvozni rezultati dalje unapreappleuju, razlog je za dodatni optimizam i zadovoljstvo postignutim. U poslovanju naπeg sustava niti jednu godinu ne treba promatrati odvojeno. Rezultati koje smo postigli u nastavak su uspjeha iz prethodnih godina. RijeË je o najuspjeπnijoj godini u povijesti Tvornice duhana Rovinj. Godina oznaëila je zavrπetak nekoliko strateπkih projekata. Osim dobrih rezultata i stvaranja pretpostavki za stalan rast izvoza, uspjeπno se privodi kraju objedinjavanje i konsolidiranje hrvatskoga duhanskog gospodarstva. Time je omoguêen snaæan rast proizvodnosti i izvlaëenje efekata iz ekonomije obujma i sinergija. Istovremeno, bila je to godina u kojoj su stvarane pretpostavke za ulazak TDR u nova strategijski vaæna podruëja djelovanja i razvoja, a radi osiguranja stabilnosti i jaëanja dugoroëne træiπne vrijednosti dioniëkog kapitala. Svjedoci smo vremena u kojem neki od naπih, u prijaπnjim godinama usamljenih, poslovnih postulata postaju, naæalost joπ uvijek sporadiëno, prepoznatljivi u hrvatskome gospodarstvu i gospodarskoj politici. Primjetno je da se sve viπe uvaæavaju Ëinjenice i rezultati koji dokazuju da su snaæni nacionalni poslovni sustavi neophodna pretpostavka poæeljne dinamike i kvalitete razvoja domaêeg gospodarstva. OËito je da ne smijemo sva naπa oëekivanja usmjeriti samo na strana ulaganja. Temeljem ostvarenih poslovnih rezultata u godini, Uprava je uvjerena da Êe uz podrπku dioniëara i zaposlenika uspjeπno nastaviti realizaciju poslovnih planova u tekuêoj poslovnoj godini, u okviru i u smjeru prihvaêenih strategijskih pravaca razvoja TDR-ova sustava. Ëlan Uprave Tvornice duhana Rovinj Member of the Management Board of Tobacco Factory Rovinj mr. Ante VlahoviÊ, predsjednik Uprave TDR-a 6 G O D I N J I I Z V J E T A J A N N U A L R E P O R T

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8 Rezultati poslovanja Business Results

9 p uvod oslovanje Tvornice duhana Rovinj u godini odvijalo se u specifiënom poslovnom ambijentu. Makroekonomske prilike bile su povoljnije nego godine kada se hrvatsko gospodarstvo naπlo u recesiji. Nakon pada BDP-a u godini od 0,3 posto, u godini ostvaren je rast od 3,4 posto. Donekle je poboljπano stanje u meappleusobnim plaêanjima jer je zaustavljen rast nelikvidnosti, prije svega iz sektora dræave i njezinih poduzeêa. PoËelo je i znaëajnije otvaranje stranih financijskih institucija prema Hrvatskoj, a u bankarskom sektoru doπlo je do prvih naznaka sniæavanja kamatnih stopa. ZnaËajan je bio i doprinos visokog rasta broja turista. Naæalost, te pozitivne tendencije nisu bile dovoljne za ocjenu kako se tvrtkama u Hrvatskoj bitnije poboljπala poslovna klima u kojoj su djelovale. Prije svega, ostala je vrlo visoka optereêenost porezima i davanjima. Javna potroπnja nije smanjena na prihvatljivu razinu. Istovremeno, doπlo je do daljnjeg poveêanja nezaposlenosti i smanjivanja broja zaposlenih πto je na domaêem træiπtu, bez obzira na neke statistiëke pokazatelje koji su vezani uz turizam, dovelo do smanjenja æivotnog standarda velikog dijela potroπaëa. To je, pak, uz nastavak otvaranja inozemnoj konkurenciji, za sve domaêe proizvoappleaëe znaëilo manje moguênosti plasmana na domicilnom træiπtu. FOREWORD In the year 2000 Tobacco Factory Rovinj operated in a specific business environment. Macroeconomic circumstances were more favourable than in 1999 which was characterised by a recession in the Croatian economy. After 0.3% decline in GNP in 1999, last year GNP increased by 3.4%. Thanks to positive shifts in payments policy made by the Government and public companies, liquidity was improved to a certain extent. Foreign financial institutions started investing activities in Croatia, and the banking sector saw the first signs of interest rate reduction. Very significant was a substantial increase in a number of tourists who spent their holidays in Croatia. Unfortunately, these positive trends were not powerful enough to create a climate in which Croatian companies could prosper. Taxes and duties were still very high. Public expenditure could not be kept down at an acceptable level. Unemployment went up and a number of employed people was in further decline which, despite some statistical indicators from a tourist sector, led to a lower standard of living of a large part of local consumers. These facts, combined with further market deregulation that led to stronger foreign competition, meant less placement possibilities for domestic manufacturers on the local market. Despite difficult circumstances, Tobacco Factory Rovinj successfully responded to all challenges of the current business policy and was strong enough to complete strategic projects it embarked on a few years ago. Such projects primarily refer to concentration of the Croatian tobacco industry and stable and constant growth in exports. G O D I N J I I Z V J E T A J A N N U A L R E P O R T 9

10 Usprkos i dalje nepovoljnim okolnostima, Tvornica duhana Rovinj uspjeπno je odgovorila svim izazovima tekuêe poslovne politike, ali je istovremeno bilo dovoljno snage da se uspjeπno dovrπe i ranijih godina zapoëeti strateπki projekti. RijeË je, prije svega, o objedinjavanju hrvatskoga duhanskog gospodarstva te stabilnom i stalnom rastu realizacije na izvoznim træiπtima. Godina ostat Êe zapamêena (i) po okonëanju procesa naglaπenog investiranja, preustroja i konsolidacije duhanskog dijela TDR grupe, a izvrπene su i pripreme za ulaganja u nove djelatnosti - prije svega u turizam. Od znaëajnijih, pak, pokazatelja rasta i razvoja TDR-a u posljednjih nekoliko godina, istiëu se rast ukupne prodaje za gotovo 60 posto, izvoza za Ëetiri puta, The year 2000 will be remembered for completion of a period of intensive investments, restructuring and consolidation in the tobacco division of the TFR Group. We also made all the necessary preparations for investments in new businesses - tourism, above all. proizvodnosti po radniku za 43 posto, rast neto aktive kapitala za viπe od 180 posto, rast knjigovodstvene vrijednosti dionice s na kuna, te ukupna ulaganja koja su proteklom petogodiπnjem razdoblju iznosila 300 milijuna DEM. Among the financial indicators of growth and development of the TFR business in recent years, most significant are those showing the growth in total sales by almost 60%, exports which increased four times, a 43% increase in productivity per employee, a growth in net capital assets by over 180%, an increase in BVPS from HRK 2,400 to HRK 6,800, and finally - total investments of DM 300 million made in the last fiveyear period. In 2000 the entire TFR Group paid nearly HRK 3 billion to the national budget and funds, 76% of which was accounted for by TFR alone. The share of the Group s contribution to the national budget in taxes amounted to about 7% and in total revenue to about 6.5 %. We may not forget to mention TFR s contribution to the local communities in which TFR s companies operate and its financial support (almost DM 2 million) to humanitarian and cultural programmes. It stands to reason why TFR persisted on its project of concentration and restructuring of the Croatian tobacco industry. It was necessary in order to meet the expectations of more than 20,000 people in Croatia whose livelihoods either directly or indirectly depend on tobacco industry. Thereby our business objective had to correspond with the national objective of integrating the world economic community as quick as possible. The global processes and demanding rules imposed by the global competitive environment have been taken into account. U godini u dræavni je proraëun i fondove uplaêeno gotovo 3 milijarde kuna u Ëemu TDR sudjeluje sa 76 posto. Udio Grupe u poreznim prihodima proraëuna Republike Hrvatske iznosio je pribliæno 7 posto, a u ukupnim prihodima proraëuna 6,5 posto. Ne treba nipoπto zaboraviti ni doprinos lokalnim zajednicama u kojima djeluju TDR-ova dioniëka druπtva te golema izdvajanja (gotovo dva milijuna DEM) za razliëite humanitarne i kulturne programe. Razumljivo je stoga πto je Tvornica duhana Rovinj ustrajala na projektu koncentracije i preustroja hrvatskoga duhanskog gospodarstva kako bi, uvaæavajuêi globalne procese i neumoljivost pravila svjetske utakmice, ispunila oëekivanja viπe od ljudi u Hrvatskoj koji, izravno ili neizravno, æive od duhanskoga gospodarstva, a da se pritom njezin poslovni interes podudara s nacionalnim interesom πto bræega ulaska u svjetske gospodarske integracije. 10 G O D I N J I I Z V J E T A J A N N U A L R E P O R T

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13 Primjetno je da se sve viπe uvaæavaju Ëinjenice i rezultati koji dokazuju da su snaæni nacionalni poslovni sustavi dinamike i kvalitete neophodna pretpostavka poæeljne razvoja domaêeg gospodarstva. Facts and results, which prove that strong national business systems are necessary presupposition Eor desirable dynamics and quality oe the local economy development, are more and more appreciated..

14 Uz izvjeπêe tdr grupe o financijskom poslovanju i rezultatima u godini Notes to the Financial Statements and the ter Group Business Results for the Year 2000

15 Sva druπtva uspjeπno poslovala prostor na kojem je poslovala TDR grupa i protekle je godine obiljeæen daljnjim otvaranjem i sve jaëim djelovanjem globalizacijskih procesa, padom zaposlenosti i sve manjim udjelom domaêeg vlasniπtva u profitabilnoj sferi hrvatskog gospodarstva, posebno banaka. Analizom podataka iz konsolidirane bilance Grupe, uoëava se poveêanje imovine Grupe za 34 posto. PoveÊanje je najveêim dijelom ostvareno poslovnim rezultatima Druπtva. Materijalna imovina, nakon stalnog rasta i poveêanih ulaganja, u proteklom razdoblju biljeæi mirniji investicijski ciklus. Ostala dugotrajna imovina biljeæi znatniji porast u plasmanima, a znaëajan je i daljnji pad potraæivanja od kupaca, kao rezultat daljnjeg ujednaëavanja naëela poslovanja na razini Grupe. ALL AFFILIATED COMPANIES OPERATED SUCCESSFULLY The environment in which the TFR Group operated last year was characterised by further opening to effective globalisation processes, reduced employment and diminishing share in the local ownership within the profitable sphere of the Croatian economy, especially the banking sector. Analysis of the consolidated balance sheet shows a 4% increase in the Group s assets. Such increase is mainly based on its business results. After continued growth and high volume investments in tangible assets, the last year was marked by less intensive investment cycle in this area. Other long-term assets show a significant growth in placements. Very important is further reduction in trade receivables as a result of continued harmonisation of business principles at the Group level. In the period included in this report, the revenues of the TFR Group increased by further 12%, maintaining the same level of expenditures. After favourable financial results of the Group, this led to double the profit we had a year before. It should be mentioned that all affiliated companies of the Group realised positive results. U izvjeπtajnom razdoblju prihodi su porasli za daljnjih 12 posto, s istom razinom rashoda. To je, nakon povoljnih rezultata financiranja Grupe, posljedovalo udvostruëenjem dobiti razdoblja, s napomenom da su sve Ëlanice Grupe ostvarile pozitivne rezultate poslovanja. (vidi grafikon Vrijednost aktive i ukupnih prihoda Grupe...) G O D I N J I I Z V J E T A J A N N U A L R E P O R T 15

16 PoduzeÊa za primarnu proizvodnju i obradu duhana poduzeêa za primarnu proizvodnju i obradu duhana ostvarila su poveêanje realizacije i prodaje za 50 posto. Uzevπi u obzir daljnje poboljπanje u agronomskim i drugim mjerama u proizvodnji, nastavak usavrπavanja i modernizacije u LEAF TOBACCO PRODUCTION AND PROCESSING COMPANIES Leaf tobacco production and processing companies recorded a 50% increase in production and sales. If we take into account introduction of new agricultural and other practices, further improvement and modernisation of the production process, operating results of all the companies within the Group are positive. proizvodnom procesu, rezultati poslovanja u svim su Druπtvima pozitivni Ukupni prihodi Total revenues Prihodi od poslovanja Operating revenue Aktiva Assets (6.467) (14.160) Dobit razdoblja Profit Vrijednost aktive i ukupnih prihoda Grupe uz konsolidiranu bilancu Grupe u tisuêama kuna Consolidated Total Assets and Total Revenues for the period in HRK 000 s Prihodi i dobit razdoblja u tisuêama kuna Revenues and Profit for the period in HRK 000 s 16 G O D I N J I I Z V J E T A J A N N U A L R E P O R T

17 Tvornica duhana Zagreb d.d. nakon uspjeπnog restrukturiranja i ujednaëavanja proizvodnosti i kvalitete, u zagrebaëkoj tvornici duhana dostignut je zahtjevani standard kvalitete prizvodnje. Iskoriπtenost je kapaciteta potpunija zbog kumulativnog uëinka proizvodnje za TDR, troπkovi po jedinici proizvoda znatno su smanjeni, a obveze umanjene za 35 posto u odnosu na prethodno razdoblje. Dobit, usprkos smanjenom obujmu prodaje, ostaje na razini od 20 milijuna kuna. TOBACCO FACTORY ZAGREB After successful restructuring and harmonisation of productivity and quality, Tobacco Factory Zagreb reached the required standard of production quality. Thanks to a cumulative effect of production for TFR, its capacities are better utilised, costs per unit are brought down and liabilities reduced by 35% in comparison with a previous period. The volume of sales went down and profit is, nevertheless, maintained at the level of HRK 20 million ,30 9,40 8,50 13,10 13,00 15,20 15,30 18,10 19,00 20,90 21,30 23,45 26,80 30, Produktivnost u milijunima cigareta po uposlenom - TDR Productivity in millions of cigarettes per employee - TFR 2. Broj radnika - TDR Number of employees - TFR G O D I N J I I Z V J E T A J A N N U A L R E P O R T 17

18 Istragrafika d.d. Rovinj i ISTRAGRAFIKA D.D. ROVINJ Istragrafika continued to grow and strengthen its leading position in production and export of paper and boxboard containers. Its further growth was reflected in a 20% increase in revenues, especially in export revenues, where Istragrafika recorded an increase of 37% over the preceding year. Its consistency in keeping abreast of all the latest developments in production processes and application of the standard ISO 9001 resulted in better utilisation of their capacities and production lines. This and the mentioned growth in sales led to a 40% increase in profit relative to a previous period. stragrafika nastavlja svoj daljnji rast, te uëvrπêuje vodeêu poziciju u proizvodnji i izvozu papirne i kartonske ambalaæe. Daljnji rast oëituje se u poveêanju prihoda za 20 posto, poglavito na izvoznim træiπtima, gdje je, u odnosu na prethodnu godinu, ostvaren rast od 37 posto. Kvalitetnijim praêenjem proizvodnih procesa, uz pomoê primijenjenih ISO 9001 standarda, rezultiralo je boljim koriπtenjem kapaciteta i prozivodnih linija. To je, uz spomenuti rast realizacije, dovelo do poveêanja dobiti za 40 posto u odnosu na prethodno razdoblje Ukupno Total Izvoz Export DomaÊa prodaja Domestic sales Dobit razdoblja Profit Prihodi i dobit razdoblja u tisuêama kuna Revenues and Profit for the period in HRK 000 s 18 G O D I N J I I Z V J E T A J A N N U A L R E P O R T

19 Duhan d.d. Rijeka akon provedenog procesa restrukturiranja, Duhan d.d. Rijeka nastavio je sa stabilnim poslovanjem. U promatranom razdoblju dobit je poveêana za 10 nposto. Prihodi od poslovanja iznosili su , a dobit kuna. DUHAN D.D. RIJEKA After the restructuring process had been completed, Duhan d.d. Rijeka continued with stable operation. The analysis of the period shows a 10% increase in profit. The operating revenue amounted to HRK 202, and the generated profit came to HRK 5, Prihodi od poslovanja Operating revenue Dobit razdoblja Profit Prihodi i dobit razdoblja u tisuêama kuna Revenues and Profit for the period in HRK 000 s G O D I N J I I Z V J E T A J A N N U A L R E P O R T 19

20 Tvornica duhana Rovinj d.d. TOBACCO FACTORY ROVINJ TFR maintained its stable and leading position on the local market. Its export sales increased and production costs went down. Export sales increased by 80% in volume and accordingly the revenue generated on foreign markets improved by more than 100%. There has been a downward trend in domestic sales, at the level of the TFR Group (-18%) and of TFR alone (-9%). TFR s share in domestic sales increased from 70% in 1999 to 77% in Total sales of the TFR Group increased by 8.3% and of TFR alone by 21.2%. The 2000 production of the Rovinj cigarettes amounted to almost 11.9 billion cigarettes, 2.54 billion of which was manufactured in the Zagreb plant. Experiencing a decrease in an average number of employees during the last ten years, the productivity grew 2.3 times and in the last five-year period alone by 1.5, or from 21.3 million units to 30.5 million units per employee. On the basis of a number of working hours consumed, the average number of employees in the last year was 307, while the actual number of employees as at 31 December 2000 was 310. uz zadræavanje stabilne i vodeêe pozicije na domaêem træiπtu, najznaëajnije koristi ostvarene su velikim rastom izvoza te smanjenjem troπkova proizvodnje. Izvoz je ostvario koliëinski rast za 80 posto, dok su prihodi ostvareni na inozemnom træiπtu veêi za viπe od 100 posto. Trend prodaje na domaêem træiπtu i dalje je u padu, kako prodaje TDR grupe (-18%) tako i prodaje samog TDR-a (-9%). Udio prodaje TDR-a na domaêem træiπtu dostigao je 77 posto, dok je u godine iznosio 70 posto. Ukupna prodaja TDR grupe poveêana je pak za 8,3 posto, a prodaja TDR-a za 21,2 posto. Tijekom godine ukupno je proizvedeno gotovo 11,9 milijardi rovinjskih cigareta, od Ëega 2,54 milijarde u zagrebaëkom pogonu. GledajuÊi prosjeëan broj zaposlenih, tijekom proteklih 10 godina ostvaren je rast proizvodnosti za 2,3 puta, a u posljednjih 5 godina za gotovo 1,5 puta, odnosno proizvodnost je porasla s 21,3 milijuna komada na 30,5 milijuna komada po zaposlenom. Na osnovi utroπenih sati rada, prosjeëan broj zaposlenih u protekloj godini bio je 307, dok je stvarni broj zaposlenih na dan 31. prosinca bio 310. The 2000 total turnover of the Group was about HRK 4.4 billion, 3/4 of which was realised by Tobacco Factory Rovinj. In the same period almost HRK 3 billion was paid to the national budget and funds, 7.6% of which was accounted for by TFR. The Group s contribution to the national tax revenue amounted to about 7%, and to the national total revenue to 6.5%. Tijekom godine ostvaren je ukupni promet Grupe od pribliæno 4,4 milijarde kuna, od Ëega je viπe od 3/4 ostvarila Tvornica duhana Rovinj. U istom razdoblju u dræavni je proraëun i fondove uplaêeno gotovo 3 milijarde kuna u Ëemu TDR sudjeluje sa 76 posto. Udio Grupe u poreznim prihodima proraëuna Republike Hrvatske iznosio je pribliæno 7 posto, a u ukupnim prihodima proraëuna 6,5 posto. 20 G O D I N J I I Z V J E T A J A N N U A L R E P O R T

21 u ZnaËajan rast izvoza protekle dvije godine ukupni prihod TDR-a poveêan je za viπe od 70 posto, s naglaπenim rastom udjela prihoda ostvarenih na inozemnim træiπtima, koji su u protekle dvije godine poveêani za viπe od 100 posto. U godini udio prihoda ostvarenih na inozemnim træiπtima iznosi 35 posto. SIGNIFICANT GROWTH IN EXPORTS Rast izvoza pridonio je ukupnom odnosu platne bilance TDR-a u radu s inozemstvom, pri Ëemu je tijekom protekle godine ostvareno poveêanje priljeva za 93 posto te viπak deviznih priljeva nad odljevom za 36 posto. U proteklih pet godina TDR je ostvario kumulativnu dobit u iznosu od 930 milijuna kuna, uz najveêi rast u protekloj izvjeπtajnoj godini. Udio pridruæenih druπtava Grupe u iskazanoj dobiti TDR-a iznosi neπto viπe od 73 milijuna kuna. Ostvarena dobit u protekloj godini najveêa je dosad ostvarena, te s iznosom od 485 milijuna kuna (prije oporezivanja) predstavlja rast od 88 posto u odnosu na proteklu izvjeπtajnu godinu. Porez na dobit (35%) iznosio je 147 milijuna kuna, pa ostvarena dobit poslije oporezivanja iznosi 338 milijuna kuna. In the last two years, TFR s total operating revenue were increased by more than 70%. There was a notable increase in export which raised by more than 100% in the last two years. The contribution of export to total revenue is 35%. Increase in realised exports contributed to TFR s foreign currency balance sheet. Last year s foreign currency inflow was exceeded by 93% which resulted in 36% foreign currency surplus. In the last five years TFR realised cumulative profit of HRK 930 million, with the highest growth recorded in the last year. The contribution of the Group s affiliated companies to the reported TFR s profit was over HRK 73 million. The last year s profit has been the highest ever realised - HRK 485 million (before taxation), and represents a 88% growth in comparison with a year before. Corporate tax (35%) amounted to HRK 147 million, so realised net profit came to HRK 338 million Largo Kolumbo York Marlboro 2,8 4,0 4,2 7,4 76,9% 71,5% 57,28% Prihodi od domaêe prodaje Domestic sales revenue Walter Wolf 19,4 21,6% 23,2% 37,95% Prihodi od izvoza Export revenue Ronhill 62,2 1,5% 5,3% 4,77% Ostali poslovni prihodi Other operating revenues Struktura poslovnih prihoda u % Operating revenue structure Struktura prodaje TDR-a po markama proizvoda TFR s sales structure by brand names G O D I N J I I Z V J E T A J A N N U A L R E P O R T 21

22 THE YEAR OF CONSOLIDATION In comparison with the last three or four years when TFR had been making intensive investments, the last year can be described as the year of consolidation and indirect accumulation for valuable and significant actions - investments, the realisation of which started early this year. The 2000 total investments amounted to over HRK 100 million (TFR - HRK 64 million). The total depreciation was HRK 117 million (TFR - HRK 35 million). Total corporate assets increased by 59%. Total capital raised by 40% and as at 31 December 2001 the corporate capital amounted to over HRK 1.1 billion. EPS increased from HRK 1, in 1999 to HRK 2, in ugodina konsolidacije odnosu na posljednje tri-ëetiri godine kada su ulaganja TDR-a bila u punom zamahu, proteklu izvjeπtajnu godinu mogli bismo opisati kao godinu konsolidacije i pritajene akumulacije za vrijedne i znaëajne akcije-ulaganja, koja se poëetkom ove godine i ostvaruju. Ukupna ulaganja tijekom godine iznosila su, naime, viπe od 190 milijuna kuna (TDR 153 milijuna kuna), dok je ukupna obraëunata amortizacija iznosila 117 milijuna kuna (TDR 35 milijuna kuna). U protekloj godini ostvaren je i rast ukupnih sredstava Druπtva za 59 posto i rast ukupnog kapitala za 40 posto, pa je 31. prosinca ukupni kapital Druπtva iznosio viπe od 1,1 milijardu kuna. Dobit po dionici porasla je s 1.204,33 kune u godini na 2.196,63 kune u godini , , , , , , , Neto aktiva Net Assets Ukupni prihodi Total Revenues Aktiva Assets Dobit razdoblja Net Profit Aktiva, ukupni prihod, neto aktiva, dobit razdoblja poslije oporezivanja u tisuêama kuna Total Assets, Total Revenues, Net Assets, Net Profit in HRK 000 s Rast neto aktive u tisuêama kuna Growth in TFR s Net Assets in HRK 000 s 22 G O D I N J I I Z V J E T A J A N N U A L R E P O R T

23 i Umjesto zakljuëka z svega navedenog dade se zakljuëiti da Êe proteklo, trogodiπnje razdoblje biti zabiljeæeno kao najuspjeπnija etapa poslovanja Tvornice duhana Rovinj u kojoj su ostvarene sve zacrtane strateπke odrednice. Na to jednostavno ukazuju svi pokazatelji i mjerila uspjeπnosti rezultata rada ove tvrtke, poëevπi od træiπnog poloæaja, profitabilnosti i prinosa kapitala, proizvodnosti rada, obnove i rekonstrukcije imovine te, na kraju, ostvarenih akvizicija u objedinjavanju jedne Ëitave gospodarske grane u Republici Hrvatskoj. Pravovremenim osmiπljavanjem i realizacijom navedenih projekata, dostignuti prividni plafoni u proteklom razdoblju, uz neskriveno zadovoljstvo, nameêu i nove obveze. Primarnim se zasigurno izdvaja potreba daljnjeg razvoja Druπtva i rasta ukupnog kapitala, kako djelovanjem unutar duhanske branπe tako i novim akvizicijama i ulaganjima u nove djelatnosti koje su u znaëajnoj mjeri veê i ostvarene. ON LIEU OF CONCLUSION We can conclude that the last three-year period will be recorded as the most successful stage of TFR s operations in which all planned strategic guidelines have been realised. This is evident from all efficiency and performance ratios of the Company s results, beginning from its market position, profitability and return on capital, capital expenditures and, finally, realised acquisitions in a course of concentration of the Croatian tobacco industry. Timely planning and realisation of the mentioned projects created artificial ceilings in the last period. This obviously gives us satisfaction, but also imposes new obligations. Surely, our prime concern is the necessity for further development of the Company and increase in total capital by operations within the tobacco industry as well as by new acquisitions and investments in new activities. To a great extent, these aims have already been realised Porez od duhanskih preraappleevina uplaêen u dræavni proraëun Duties on tobacco products paid to the national budget in mill. DM G O D I N J I I Z V J E T A J A N N U A L R E P O R T 23

24

25 I M O V I N A A S S E T S I. Dugotrajna imovina Non-current assets u 000 kn in HRK 000 s na dan As of Dec Nematerijalna imovina Intangible assets 6,841 6,278 5,608 2 Materijalna imovina Tangible assets 595, , ,689 3 Ulaganja Investments 2,845 10,248 17,867 4 Potraæivanja Non-current receivables 65,812 20, ,774 Ukupna dugotrajna imovina Total non-current assets 670, , ,938 II. TekuÊa imovina Current assets 1 Novac i novëani ekvivalenti Cash and cash equivalents 71,936 32,002 62,941 2 Potraæivanja od kupaca Trade debtors 220, , ,392 3 Zalihe Inventories 435, , ,412 4 Ostala tekuêa imovina Other current assets 127, , ,262 Ukupna tekuêa imovina Total current assets 855, , ,007 Ukupna imovina Total assets 1.526, , ,945 G O D I N J I I Z V J E T A J A N N U A L R E P O R T 25

26 K A P I T A L I O B V E Z E E Q U I T Y A N D L I A B I L I T I E S I. Kapital i rezerve Capital and reserves u 000 kn in HRK 000 s na dan As of Dec Temeljni kapital Share capital 164, , ,000 2 Rezerve Reserves 315, , ,441 3 Zadræana dobit Retained profit 156, , ,514 4 Negativni goodwill Negative goodwill 58, , ,404 Ukupni kapital i rezerve Total capital and reserves 694, , ,359 II. Manjinski udjeli Minority interest 132, , ,070 III. DugoroËna rezerviranja Long term provisions 81,733 52,404 57,567 IV. DugoroËni dug Long term debt 160,136 16,388 9,567 V. TekuÊe obveze Current liabilities 457, , ,382 Ukupni kapital i obveze Total equity and liabilities 1.526, , , G O D I N J I I Z V J E T A J A N N U A L R E P O R T

27 I M O V I N A A S S E T S I. Dugotrajna imovina Non-current assets u 000 kn in HRK 000 s na dan As of Dec Nematerijalna imovina Intangible assets Materijalna imovina Tangible assets 206, , ,100 3 Ulaganja Investments 446, , ,497 4 Potraæivanja Non-current receivables 79,172 15, ,262 Ukupna dugotrajna imovina Total non-current assets 733, , ,487 II. TekuÊa imovina Current assets 1 Novac i novëani ekvivalenti Cash and cash equivalents 52,315 13,751 34,709 2 Potraæivanja od kupaca Trade debtors 135,663 56,284 29,390 3 Zalihe Inventories 175, , ,626 4 Ostala tekuêa imovina Other current assets 82, , ,603 Ukupna tekuêa imovina Total current assets 445, , ,328 Ukupna imovina Total assets 1.178, , ,815 G O D I N J I I Z V J E T A J A N N U A L R E P O R T 27

28 K A P I T A L I O B V E Z E E Q U I T Y A N D L I A B I L I T I E S I. Kapital i rezerve Capital and reserves u 000 kn in HRK 000 s na dan As of Dec Temeljni kapital Share capital 164, , ,000 2 Rezerve Reserves 315, , ,808 3 Zadræana dobit Retained profit 156, , ,009 Ukupni kapital i rezerve Total capital and reserves 636, , ,817 II. DugoroËna rezerviranja Long term provisions 63,841 42,292 39,830 III. DugoroËni dug Long term debt 141,789 1,741 1,614 IV. TekuÊe obveze Current liabilities 336, , ,554 Ukupni kapital i obveze Total equity and liabilities 1.178, , , G O D I N J I I Z V J E T A J A N N U A L R E P O R T

29 R A» U N D O B I T I I G U B I T K A I N C O M E S T A T E M E N T u 000 kn in HRK 000 s for the Financial Year Jan 1 st to Dec 31 st 1 Prihodi od domaêe prodaje Net domestic sales 590, , ,145 2 Prihodi od izvoza Net foreign sales 165, , ,737 3 Ostali prihodi poslovanja Other operating revenues 16,029 54,438 61,554 Ukupni poslovni prihodi Total operating revenues 772, , ,436 4 Troπkovi materijala i usluga Cost of material and services 395, , ,763 5 Troπkovi osoblja Employee and related costs 58,620 78,046 60,827 6 Amortizacija Depreciation 63,322 47,791 34,684 7 Ostali poslovni rashodi Other operating expences 59, ,133 99,655 Dobit iz poslovanja Operating profit 195, , ,507 8 Rezultat pridruæenih druπtava Net income from investment in subsidiaries 19,436 68,981 59,326 9 Rezultat od financijskih aktivnosti Net financial income (expense) 10,675 (36,316) 22,858 Dobit prije oporezivanja Profit before taxation 225, , ,691 Porez na dobit Income tax expense 68,931 72, ,682 Neto dobit Net profit 156, , ,009 G O D I N J I I Z V J E T A J A N N U A L R E P O R T 29

30 Z N A» A J N I J I P O K A Z A T E L J I K E Y I N D I C A T O R S ProsjeËni broj zaposlenih Employees u 000 kn in HRK 000 s % stopa promjene % percentage change Bruto realizacija Gross sales 2.501,250 4,6% 2.996,786 19,8% 3.433,592 14,6% PlaÊeni porezi na promet Excise duty and VAT paid 1.703,792-0,7% 1.846,498 8,4% 2.049,191 11,0% Ukupni poslovni prihodi Total operating revenue 772,779 4,5% 1.031,215 33,4% 1.290,436 25,1% Prihodi od prodaje Net sales 756,750 12,8% 976,777 29,1% 1.228,882 25,8% Dobit iz poslovanja Operating profit 195,806 43,6% 225,247 15,0% 402,507 78,7% EBITDA EBITDA 299,454 41,2% 322,837 7,8% 520,673 61,3% Cash earnings Cash earnings 191,657 35,2% 256,022 33,6% 325,231 27,0% Neto dobit Net profit 156,986 51,4% 185,317 18,0% 338,009 82,4% 30 G O D I N J I I Z V J E T A J A N N U A L R E P O R T

31 P O K A Z A T E L J I P R O F I T A B I L N O S T I P R O F I T A B I L I T Y I N D I C A T O R S Prinos na ukupna sredstva ROA 16,61% 16,21% 23,21% Prinos na vlastiti kapital ROE 31,69% 29,63% 42,47% Bruto profitna maræa EBIT margin 31,20% 28,20% 39,55% Cash-earnings maræa Cash-earnings margin 25,33% 26,21% 26,47% Neto profitna maræa Net profit margin 20,74% 18,90% 27,51% EkonomiËnost Cost-effectiveness G O D I N J I I Z V J E T A J A N N U A L R E P O R T 31

32 P O K A Z A T E L J I L I K V I D N O S T I L I Q U I D I T Y I N D I C A T O R S Koeficijent likvidnosti Current ratio 1,32 1,30 0,99 Koeficijent ubrzane likvidnosti Quick ratio 0,80 0,77 0,64 Stupanj financijskog pokriêa Level of financial coverage 87,05 90,21 100,79 Koeficijent zaduæenosti Debt ratio 46,00 28,70 37,52 u kn in HRK Neto profit po dionici EPS 957 1,130 2,131 NovËani prinos po dionici CEPS 1,169 1,561 1,983 Knjig.vrijed.kapitala po dionici BVPS 3,881 4,892 6,834 IsplaÊena dividenda po dionici DPS G O D I N J I I Z V J E T A J A N N U A L R E P O R T

33 N O V» A N I T O K C A S H F L O W u 000 kn in HRK 000 s for the Financial Year Jan 1 st to Dec 31 st 1 NovËani tok iz poslovnih aktivnosti Cash flow from operating activities 231, , ,465 2 NovËani tok iz financijskih aktivnosti Cash flow from financing activities (25,749) (12,303) (18,544) 3 NovËani tok iz ulagaëkih aktivnosti Cash flow from investing activities (166,542) (426,145) (370,963) Neto (+/-) Net (+/-) 39,576 (38,564) 20,958 G O D I N J I I Z V J E T A J A N N U A L R E P O R T 33

34 U L A G A N J A I N V E S T M E N T S u 000 kn in HRK 000 s for the Financial Year Jan 1 st to Dec 31 st Ukupna ulaganja Total investments 201, , ,997 Ulaganja u materijalnu imovinu Capital expenditures 65,000 38,900 32,232 Ostala ulaganja Other investments 136, , , G O D I N J I I Z V J E T A J A N N U A L R E P O R T

35 obavili smo reviziju konsolidirane bilance Tvornice duhana Rovinj d.d., Rovinj (u daljnjem tekstu Matica ) i podruænica (u daljnjem tekstu Grupa ) na dan 31. prosinca godine, konsolidiranog raëuna dobiti i gubitka, konsolidiranog izvjeπtaja o promjenama u glavnici, te konsolidiranog izvjeπtaja o novëanom toku za godinu koja je tada zavrπila. Odgovornost za ove financijske izvjeπtaje snosi Uprava Druπtva. Naπa je odgovornost izraziti miπljenje o tim financijskim izvjeπtajima na temelju naπe revizije. Reviziju smo obavili sukladno Meappleunarodnim revizijskim standardima. Ovi standardi zahtijevaju planiranje i provoappleenje revizije kako bi se s razumnom mjerom sigurnosti utvrdilo da su financijski izvjeπtaji bez materijalno znaëajnih greπaka. Revizija ukljuëuje i ispitivanja, temeljem provjere podataka, koje potkrepljuju iznose i biljeπke uz financijske izvjeπtaje. Revizija isto tako ukljuëuje i ocjenu primijenjenih raëunovodstvenih politika i znaëajnih procjena koje je definirala Uprava, kao i vrednovanja sveukupnog prikaza financijskih izvjeπtaja. Uvjereni smo da obavljena revizija daje razumnu osnovu za izraæavanje naπeg miπljenja. Prema naπem miπljenju, konsolidirani financijski izvjeπtaji koji su bili predmetom naπe revizije, prikazuju u svim znaëajnim aspektima, realno i objektivno financijski poloæaj Grupe na dan 31. prosinca godine, rezultate poslovanja, promjene glavnice i novëane tokove za godinu koja je tada zavrπila, sukladno Meappleunarodnim raëunovodstvenim standardima. We have audited the accompanying balance sheet of Tvornica duhana Rovinj d.d., Rovinj (the Company ), as at 31 December 2000, and the related statements of income, changes in equity, and cash flows for the year then ended. These financial statements are the responsibility of the Company s management. Our responsibility is to express an opinion on these statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, these financial statements present fairly, in all material respects, the financial position of the Company, as at 31 December 2000 and the results of its operations, changes in equity and cash flows for the year then ended in accordance with International Accounting Standards. PricewaterhouseCoopers d.o.o. Zagreb, 31 March 2001 PricewaterhouseCoopers d.o.o. Zagreb, 31. oæujka G O D I N J I I Z V J E T A J A N N U A L R E P O R T 35

36 Nakladnik Publisher Tvornica duhana Rovinj, Obala Vladimira Nazora 1, Rovinj, tel: 052/ , fax: 052/ , . Tekst Text Branko Zec, Predrag D. GrubiÊ Prijevod English translation Gordana MekiniÊ Jaklin Urednik Editor Predrag D. GrubiÊ Oblikovanje Design TRIOMEDIA Interactive, Fotografije Photographs Robert Perπin Tisak Printer Intermark d.o.o.