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31. 2010. o
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31. 2010. o
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,
,

5
6

9
11, 12

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476,979,912
6,706,028
483,685,940

7
8

10

32

31.
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31.
2009.
476,178,206
12,157,106
488,335,312

(3,784,147)
(1,649,456)
(8,155,887)

(4,996,009)
(1,128,553)
(8,398,109)

(80,175,664)
(104,981,617)
(2,460,403)
(162,035,074)
(363,242,248)

(83,574,443)
(99,031,744)
(1,236,368)
(173,927,876)
(372,293,102)

120,443,692

116,042,210

4,161,050
163,797
(4,483,180)
(253,535)
(411,868)

5,446,632
238,215
(7,723,521)
72,666
(1,966,008)

120,031,824
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114,076,202
(11,624,686)

108,113,445

102,451,516

:
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,

444

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444

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108,113,889

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 ..,


31. 2010. o
( )

31.
2010.

31.
2009.

11
12
13
14
15
32)

116,559,086
597,810,405
636,219
58,057,447
7,121,766
682,368
780,867,291

126,410,750
630,075,406
3,220,704
117,819
11,737,699
705,606
772,267,984

16
17
18
32)
20
21
22

16,523,519
43,144,847
1,582,594
31,028,555
6,716,093
29,045,191
128,040,799

20,857,331
44,236,441
1,028,082
1,465,016
26,561,016
5,863,876
91,932,484
191,944,246

908,908,090

964,212,230

491,383,755
587,046
40,482,840
2,551

491,383,755
587,046
35,351,179
2,107

97,791,500
61,988,894
692,236,586

97,791,500
93,452,771
718,568,358

23

24
25
26
27

96,819,267
4,913,814
9,218,894
1,502,402
112,454,377

111,561,428
7,772,705
10,096,779
1,281,826
130,712,738

24
28
29
30
34
32)
31

35,738,933
483,090
34,430,221
7,900,310
18,796,372
963,528
5,904,673
104,217,127

40,984,767
483,090
46,207,690
11,458,694
6,843,078
8,953,815
114,931,134

908,908,090

964,212,230

 ..,

31. 2010. o
( )

, 1. 2009.

,

:
-
-
-

491,383,755
-

587,046
-

29,390,704
-

9,800
-

5,960,475

, 31. 2009.

491,383,755

587,046

35,351,179

2,107

, 1. 2010.

,

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-
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-

587,046
-

35,351,179
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, 31. 2010.

491,383,755

97,791,500
-

159,095,528
102,451,516

778,258,333
102,451,516

(7,693)

(7,693)

(143,249,028)
(18,884,770)
(5,960,475)

(143,249,028)
(18,884,770)
-

97,791,500

93,452,771

718,568,358

2,107
-

97,791,500
-

93,452,771
108,113,445

718,568,358
108,113,445

444

444

5,131,661

(88,490,945)
(45,954,716)
(5,131,661)

(88,490,945)
(45,954,716)
-

587,046

40,482,840

2,551

97,791,500

61,988,894

692,236,586

 ..,


31. 2010. o
( )

31.
2010.

31.
2009.

, ,

472,411,636
4,044,127

467,083,290
3,355,307

(173,893,267)
(80,746,881)
(5,056,681)
(9,489,835)
(4,370,216)

(176,828,073)
(87,296,423)
(6,914,559)
(18,991,969)
(1,316,479)

202,898,883

179,091,094

,


()/

(46,774,068)
4,267,594
5,502,133
(4,950,000)
(57,939,184)

(74,210,692)
4,974,771
379,032
3,950,000
-

(99,893,525)

(64,906,889)

(43,400,284)
(122,492,367)

(45,445,719)
(159,152,523)

(165,892,651)

(204,598,242)

(62,887,293)
91,932,484

(90,414,037)
182,346,521

29,045,191

91,932,484

 ..,


31. 2010.

1.

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31. 2010.
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2010. 122,857 ADSL (31. 2009.
: 95,556 ) IPTV 5,284 .
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2.

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31. 2010. o .

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IFRS 1 IFRS - IFRS (

1. 2010. ),

IFRS 2
( 1. 2010. ),

IAS 27 (
1. 2009. ),

IAS 39 :
( 1. 2009. ),

IFRS 16. 2009. (IFRS 2, IFRS 5, IFRS 8, IAS 1, IAS 7,
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IFRIC 17 (
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IFRIC 18 (
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.

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( 1. 2010. ),

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),

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31. 2010.

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7
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13

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31. 2010.

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31. 2010.

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31. 2010. o.

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6. 2010. ,
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() .
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18

 ..,


31. 2010.

4.

,

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.
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10,498,162 ( 2009. : 9,903,174
).

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19

 ..,


31. 2010.

4.

()

.
() ()

,
. ,
,
.
(e) eo
oo o e oeo oe o o eo e e
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5.

31.
2010.
2009.
() :
:
-
-
-
-
:
- , (post paid)
- prepaid
-
:
- ADSL
-
-
-
:
-
-
- IPTV
-
()
( )

65,152,445
39,803,685
39,788,190
398,872
145,143,192

76,009,379
36,789,678
47,921,403
565,289
161,285,749

73,750,507
155,992,646
923,777
230,666,930

72,832,966
153,599,618
776,381
227,208,965

19,436,535
3,821,683
123,623
23,381,841

11,722,639
3,540,704
415,223
15,678,566

3,792,551

4,995,497

6,821,768
3,247,091
1,138,605
1,222,786
12,430,250

6,664,035
2,406,087
1,206,507
10,276,629

415,414,764

419,445,406

20

 ..,


31. 2010.
5.

()


31.
2010.
2009.
()
() :
:
- ( )
- roaming-a
-
-
:
- ( )
- roaming-a
-
-
()
(+)

6.

17,768,934
2,051,578
119,377
290,945
20,230,834

18,152,704
2,584,811
13,081
273,324
21,023,920

16,885,793
23,698,408
701,891
48,222
41,334,314

13,219,758
22,099,091
341,871
48,160
35,708,880

61,565,148

56,732,800

476,979,912

476,178,206

31.
2010.
2009.
( 15)

()
:
-
-

7.

1,303,087
742,413
129
778,015
157,027
17,486
65,193
106,676
802,970

4,604,569
1,066,572
948,672
6,328
778,910
43,110
145
168,386
98,216
97,424
1,141,250

877,885
272,318
1,331,054
251,775

60,000
1,277,677
91
289,311
744,233
832,212

6,706,028

12,157,106

31.
2010.
2009.
SIM ()
ADSL

812,869
434,640
401,947

769,295
130,239
229,019

1,649,456

1,128,553

21

 ..,


31. 2010.

8.

,


31.
2010.
2009.

9.

3,427,519
1,613,536
1,424,855
984,720
705,257

3,237,638
1,668,949
1,472,685
976,091
1,042,746

8,155,887

8,398,109

,


31.
2010.
2009.

-
-

30,475,728
1,955,124
4,093,196
3,779,910
4,786,215
1,206,153
3,399,345
22,120,189
188,204
51,406
5,565,929
484,518
912,985
1,156,762

31,539,352
2,041,035
4,022,029
4,022,946
4,830,814
1,205,613
3,470,571
23,018,633
177,903
33,968
95,393
4,986,153
474,848
1,457,078
1,048,853
1,149,254

80,175,664

83,574,443

2010. 5,565,929
115
,
..., , 26.
2010. , ,
17. 2010. .

22

 ..,


31. 2010.

10.

31.
2010.
2009.
,

, roaming-a

roaming-a







GSM
""

SMS roaming-a



( .., )











,

O


a

21,365,907
17,824,340
17,859,463
12,869,150
4,007,811
1,413,448
4,925,336
375,884
15,398,056
13,061,260
12,705,481
12,183,042
1,803,733
434,455
2,116,347
292,551
1,556,734

25,422,971
19,546,753
19,271,244
11,946,785
3,645,231
1,009,693
4,722,457
505,589
11,741,892
11,780,957
14,027,707
11,906,219
3,812,544
535,209
2,305,189
294,825
829,542

107,847
1,287,766
302,995
1,102,145
347,337
748,982
1,773,299
6,324,119
110,785
1,123,235
1,964,454
221,473

131,618
1,924,109
530,357
1,039,354
402,191
445,038
2,132,843
5,889,491
111,605
1,078,994
2,168,424
308,013

1,441,473
31,556
67,913
220,576
3,377,075
173,446
57,954
108,791
408,220
540,635

515,451
34
32,075
10,461,234
475,624
207,004
2,011,725
405,413
352,472

162,035,074

173,927,876

23

 ..,


31. 2010.

11.

2010. 2009. e

GSM
a

UMTS
a

117,182,447
-

22,510,899

4,601,806
2,774,349

17,953,931
850,779

139,738,184
26,136,027

117,182,447

22,510,899

2,765,605
(194,242)
9,947,518

16,050,009
(724,140)
(2,471)
34,128,108

18,815,614
(918,382)
(2,471)
183,768,972

, 1. 2010.

, 31. 2010.

117,182,447
117,182,447

22,510,899
22,510,899

9,947,518
203,010
13,809,290
(14,913)
3,250
23,948,155

34,128,108
166,994
2,729,896
(1,004,310)
36,020,688

183,768,972
370,004
16,539,186
(1,019,223)
3,250
199,662,189

, 1. 2009.

, 31. 2009.

32,876,187
7,812,163
40,688,350

1,000,990
1,000,990

1,370,903
1,022,349
(185,002)
2,208,250

9,193,378
4,980,408
(710,683)
(2,471)
13,460,632

43,440,468
14,815,910
(895,685)
(2,471)
57,358,222

, 1. 2010.

, 31. 2010.

40,688,350
7,812,164
48,500,514

1,000,990
1,501,477
2,502,467

2,208,250
1,727,109
(14,913)
9,785,760
13,706,206

13,460,632
5,965,882
(994,349)
(38,249)
18,393,916

57,358,222
17,006,632
(1,009,262)
9,747,511
83,103,103

31. 2010.
31. 2009.

68,681,933
76,494,097

20,008,432
21,509,909

10,241,949
7,739,268

17,626,772
20,667,476

, 1. 2009.

, 31. 2009.

116,559,086
126,410,750

GSM GSM
,
("") 15 , 12. 2004. .

(UMTS ). , 26. 2009.

(UMTS ) 1. 2009.
1. 2024. (15 ).

24

 ..,


31. 2010.

12.

2010. 2009.

, 1. 2009.

, 31. 2009.

1,054,610
29,723
43,751
1,128,084

530,086,489
430,456
37,952,659
(227,753)
(36,150)
(2,783)
568,202,918

583,407,478
2,608,041
56,811,870
(4,963,738)
(5,387,845)
(167,418)
632,308,388

85,784,170
104,037,811
618,280
(94,808,280)
(18,815,614)
(192,832)
(34)
(213,674)
2,829,229
79,239,056

1,200,332,747
107,106,031
618,280
(18,815,614)
(5,384,323)
(34)
(249,824)
(2,561,399)
(167,418)
1,280,878,446

, 1. 2010.

, 31. 2010.

1,128,084
79,561
1,207,645

568,202,918
117,259
20,360,563
55,362
(252,592)
(54,061)
588,429,449

632,308,388
647,385
43,256,255
(9,910,042)
(20,408,242)
(19,815)
(759,999)
645,113,930

79,239,056
63,200,531
(63,696,379)
(6,684,506)
(58,903)
(17,805)
338,134
72,320,128

1,280,878,446
63,965,175
(16,539,186)
(20,719,737)
(37,620)
(475,926)
1,307,071,152

, 1. 2009.

, 31. 2009.

278,162,273
25,105,852
(149,112)
(4,555)
(2,783)
303,111,675

295,879,985
59,109,982
(4,742,457)
(2,558,616)
2,471
347,691,365

574,042,258
84,215,834
(4,891,569)
(4,555)
(2,561,399)
2,471
650,803,040

, 1. 2010.

, 31. 2010.

303,111,675
25,962,863
16,028
(203,449)
(8,126)
328,878,991

347,691,365
62,012,122
(9,763,539)
(19,084,776)
(5,615)
(467,801)
380,381,756

650,803,040
87,974,985
(9,747,511)
(19,288,225)
(5,615)
(475,927)
709,260,747

259,550,458
265,091,243

264,732,174
284,617,023

31. 2010.
31. 2009.

1,207,645
1,128,084

72,320,128
79,239,056

597,810,405
630,075,406

31. 2010. ,
.
13.

31.
31.
2010.
2009.

:

663,087
(26,868)
636,219

3,247,572
(26,868)
3,220,704

25

 ..,


31. 2010.

14.

(%)

:
- MTEL ...,
- ..,
-
...,

31.
31.
2010.
2009.

49.00
0.02

57,939,184
26,600

26,600

22.97

400
57,966,184

400
27,000

:
-

108,312

108,312

(17,049)

(17,493)

58,057,447

117,819

31. 2010. 49% MTEL ...,
, . , 1. 2010.
49% MTEL ..., ( )
Ogalar B.V. , 19,558,300
( EUR 10,000,000). 2010.
.
, 16. 2010. , (
) MTEL ...,
. ,
1-02-5691/10 26. 2010. ,
MTEL ..., 19,600,000 EUR, MTEL
..., , 49%
, ,
57,939,184 .
(2 5 ),
,
, 51%
- .., ,
.
, ..,
(9,551 a 0.015% ).
, ,
,
/
.


,
. 15 ,
31. 2007. , 1.5% ,
5 , .

26

 ..,


31. 2010.

15.

31.
31.
2010.
2009.
:
-
-
:
( 20)

5,698,807
40,317

5,715,606

5,734,085

:
( 20)

377,200

426,451

298,271

352,211

:
- ..,
- ..,

2,107,500
-

2,107,500
5,000,000

2,107,500

7,107,500

8,121,377

13,193,796

: :
-
-
-
-

(23,518)

(78,929)

(708,818)
(2,852)
(73,929)
(214,012)
(999,611)
7,121,766

5,698,807
494,783
(459,505)

(74,240)

(968,285)
(5,517)
(95,678)
(386,617)
(1,456,097)
11,737,699

31. 2010. o , ,
4,989,988
. , 22. 2009. ,
, ( )
5,698,807 ,
..,
( 23). ,
,
.

2009. 4,604,569 ( 6).


25 .
,
.

27

 ..,


31. 2010.

15.

()

31. 2010. o 2,107,500
..,
10 ,
.., ( - .., )
2002. .
.

16.

31.
31.
2010.
2009.

: :
-
-

7,042,148
509,109
461,075
8,474,247
105,485
16,592,064
(57,954)
(10,591)
(68,545)
16,523,519

17.

13,680,867
514,443
517,181
6,053,881
101,550
20,867,922
(10,591)
(10,591)
20,857,331

31.
31.
2010.
2009.
:
-
-
-
:

1,615,691
73,700,136
4,945,248
80,261,075

2,866,994
71,441,836
4,677,373
78,986,203

(37,116,228)

(34,749,762)

43,144,847

44,236,441

31. 2010. o 80,261,075

.
60 ,
60 .
31. 2010. o 37,116,228
46% .
19
.

28

 ..,


31. 2010.

17.

()
31. 2010. o 2009.
:

31.
31.
2010.
2009.
0-30
31-60
61-120
121-180
181-270
271-360
361

41,221,519
1,923,328
1,806,298
1,220,537
1,421,767
1,337,442
31,330,184

42,474,813
1,761,628
1,998,516
1,551,701
2,118,886
4,394,778
24,685,881

80,261,075

78,986,203

31. 2010. o j
30 , 31 60 , 43,144,847
.
1. 31. 2010. o 60 .

.
. (),
(
).

18.

31.
31.
2010.
2009.





:

203,551
1,166,191
97,864
295,190
160,743
1,923,539
(340,945)
1,582,594

330,468
626,627
111,904
155,629
1,224,628
(196,546)
1,028,082

31. 2010. o 295,190

(31. 2009. 435,987 , 15,
). , 12. 2008.
,
, . ,
849,552
31. 2011. , 10,000
12 , 30,398
24 .

29

 ..,


31. 2010.

19.

2010. 2009.

(14) ( 15) ( 17) ( 18) ( 20)

, 1. 2009.

9,800
7,693
-

972,863
509,830
(3,867)
(22,729)
-

26,197,348
10,384,231
(1,829,398)
(2,419)

119,543
77,003
-

22,729
-

27,299,554
10,461,234
517,523
(1,833,265)
(2,419)

22,729

36,442,627

, 31. 2009.

17,493

1,456,097

34,749,762

196,546

, 1. 2010.

, 31. 2010.

17,493
(444)
17,049

1,456,097
(382,594)
(73,892)
999,611

34,749,762
3,232,676
(922,046)
55,836
37,116,228

196,546
144,399
340,945

22,729 36,442,627
3,377,075
(922,046)
(22,729)
(405,767)
73,892
55,836
73,892 38,547,725

30

 ..,


31. 2010.

20.

31.
31.
2010.
2009.
K

( 15)
:

31,000,000

26,050,000

102,447
31,102,447

533,745
26,583,745

(73,892)
31,028,555

(22,729)
26,561,016

:
- ..,
- Intesa Sanpaolo bank d.d.,
- ..,
- ..,
- ..,

25. 2011.
6. . 2011.
25. 2011.
19. . 2011.
31. . 2010.

31.
31.
2010.
2009.
13,500,000
6,500,000
6,000,000
5,000,000
-

13,500,000
6,500,000
6,000,000
50,000

31,000,000

26,050,000

, 4% .
5,000,000
.., , 37 ,
27. 2007. , 4% .

"MTEL" ...,
( ) 2,500,000 EUR.

"MTEL" ..., ,
. 17. 2009. ,
49 .
21.

31.
31.
2010.
2009.
,





a

3,096,053
1,158,634
-

1,512,996
1,328,291
11,239

2,001,025
460,381

2,435,875
575,475

6,716,093

5,863,876

31

 ..,


31. 2010.
21.

()

() 31. 2010. o 2,001,025
55.
( , 9/05, 35/05),
().
- ,
- (). ,

( 30).

22.

31.
31.
2010.
2009.

23.

25,297,075
21,336
3,726,780

83,428,338
22,344
8,481,802

29,045,191

91,932,484

,
.., , 31. 2010. 2009.
:

.., ,

-
,
Zepter fond,

31.
2010.

31.
2009.

319,428,193

65.01

319,428,193

65.01

49,183,532
25,224,888
24,715,439
72,831,703

10.01
5.13
5.03
14.82

49,183,532
25,224,888
24,715,439
72,831,703

10.01
5.13
5.03
14.82

491,383,755

100.00

491,383,755

100.00

31. 2010. o 1.00

.

(, ).
31. 2010. o 1.41 (31.
2009. : 1.49 ).
34 .

231.
, 5%
, , ,
10% , .
, 10% ,
,
.

32

 ..,


31. 2010.
23.

()
-
31. 2010. o 97,791,500
2008. ,
(" " .., ),
. 19. 2007.
, (" " .., )
(18. 2007. ) (
) 50,000,000 EUR (,
, 18. 2008.
). ,
97,791,500
.


..., ,
2002. ,
,

.

19. 2007. (),
,
(319,428,193 65.005851% )
.., , () 646,000,000 EUR (
1,263,466,180 ).
,
18. 2007. ,
319,428,193 65.005851%
. 28. 2007.
( 1-9317-00),
18. 2007. .
(
, )
50% .., 12,200,000
,
12,200,000 ,
2007. (
),
. 22. 2009.
( )
, 5,698,807
( 16).
,
.

33

 ..,


31. 2010.
24.

31.
31.
2010.
2009.
) :
-
-
)

: :
-
-

1,952,559
79,328,488
81,281,047

10,367,869
79,940,976
90,308,845

51,277,153

62,237,350

132,558,200

152,546,195

(22,816,162)
(12,922,771)
(35,738,933)

(28,735,695)
(12,249,072)
(40,984,767)

96,819,267

111,561,428

31. 31.
2010.
2009.

-
:

(EBRD, 676)
EBRD, 26590
-
:
Nokia Siemens Networks Osterreich
GmbH, ,
Huawei Technologies Co. Ltd., Shenzhen,

Huawei International PTE Ltd.,
Commerzbank AG, Hamburg Branch,

Unicredit Bank Austria AG,

Alcatel - Lucent, S.p.A., ,
Alcatel - Lucent, Bell, ,
Intracom Telecom ..., ,
Com Trade IT Solutions and Services
..., ,
S&T Serbia ..., ,

31.
31.
2010.
2009.

1,302,117
1,302,117

1,302,117
7,113,193
8,415,310

650,442
650,442

1,952,559
1,952,559

9,304,597

4,358,533

35,970,509

37,195,972

7,919,406
1,277,718

7,421,101
-

3,909,775
1,274,332

10,168,239
-

2,150,380
861,944

2,150,377
3,761,754
277,304
1,156,649

6,451,132
5,013,856
1,871,856

8,600,277
578,324

21,514,045

813,620
381,047
20,320,385

3,322,983
57,814,443

3,077,779
59,620,591

22,816,162

28,735,695

58,464,885

61,573,150

( )
EURIBOR- 1.0% 1.5% (2009. :
EURIBOR 0.8% 2.5% ).
31. 2010. o 31.
1) Nokia Siemens Networks Osterreich GmbH, ()
31. 2010. o 45,275,106
,
GSM UMTS .
, Nokia Siemens Networks Osterreich
GmbH, () Nokia Siemens Networks Oy, Espoo ().

34

 ..,


31. 2010.

24.

()
)

()
4. 2009. Nokia Siemens Networks Osterreich GmbH,
()
Commerzbank AG, Hamburg Branch, 10,750,654 .
31. 2010. o
8,601,512 .

2) Huawei Technologies Co. Ltd., Shenzhen ( )

31. 2010. o 11,829,181
,
.
23. 2009. Huawei Technologies Co. Ltd., Shenzhen (
)
UniCredit Bank Austria AG, 6,253,207 .
)

31. 31.
2010.
2009.

:
-

:
) GSM
) UMTS

31.
31.
2010.
2009.

12,922,771
-

12,249,072
-

13,631,416
24,722,966

26,554,187
23,434,091

12,922,771

12,249,072

38,354,382

49,988,278

a
(""), (GSM
UMTS , 11).
:

31.
31.
2010.
2009.

35,738,933

40,984,767

37,937,087
19,566,544
16,075,895
10,004,647
13,235,094
96,819,267

36,229,800
27,973,235
12,565,979
12,164,901
22,627,513
111,561,428

132,558,200

152,546,195

2010. ,
(. , ),
,
.
,
.

35

 ..,


31. 2010.

25.

31.
31.
2010.
2009.

4,913,814

7,772,705

4,913,814

7,772,705

31. 2010.
4,913,814 (31. 2009. : 7,772,705
) ,
IAS 20
.
2010. 2009. :


31.
2010.
2009.

26.

, 1.

7,772,705

8,295,675

(802,970)
(2,055,921)

618,280
(1,141,250)
-

, 31.

4,913,814

7,772,705

31. 2010. o
9,218,894 (31. 2009. : 10,096,779
)
, IAS 19
.
3.18.
2010. 2009. ,
:


31.
2010.
2009.
, 1.

, 31.

10,096,779
(877,885)
9,218,894

11,374,456
(1,277,677)
10,096,779

36

 ..,


31. 2010.

27.

31.
31.
2010.
2009.
( 35)

351,909
1,150,493

131,333
1,150,493

1,502,402

1,281,826

31. 2010. o
1,150,493
,
1. 2003.
31. 2004. . , ,
2004. ,
2002. 1,150,493
(
,
).
2010. 2009. :


31.
2010.
2009.
, 1.

1,281,826

, 31.

28.

220,576
1,502,402

1,341,826
(60,000)
1,281,826

GNR S.., ()

EUR 247,000

31.
31.
2010.
2009.
483,090

483,090

483,090

483,090

31. 2010. o 483,090

, ..., ,
GNR S.., ().
2008. , .

. 30. 2002. ,
GNR- GNR-
30. 2002. EUR 480,000 ( 938,798 ),
GNR EUR 207,000,

30. 2005. . ,

, .

37

 ..,


31. 2010.

29.

31.
31.
2010.
2009.
:
-
-
-
-

2,643,738
15,112,023
10,758,857
5,915,603

2,316,878
24,568,342
17,040,684
2,281,786

34,430,221

46,207,690

.
.
.
2010. o 72 .
31. 2010. 2009.
:

31.
31.
2010.
2009.
0-30
31-60
61-120
121-180
181-270
271-360

30.

33,512,621
82,340
244,233
407,595
122,288
61,144

43,418,833
688,899
961,170
478,892
658,311
1,585

34,430,221

46,207,690

31. 31.
2010.
2009.
prepaid ()
( 3.1.2)

( ,
3.2)

,


( 21)

5,451,961

5,045,879

308,518

1,283,563

2,561,430

1,827,284
312,547

2,149,819
418,003

7,900,310

11,458,694

38

 ..,


31. 2010.

31.

31. 31.
2010.
2009.






,

32.

1,697,347
259,530
265,798
180,601
278,972
27,162
346,990
56,497
2,788,983
2,793

2,393,817
284,734
138,421
1,833,338
606
175,953
425,632
1,208
2,209,690
55,997
1,382,307
50,119
1,993

5,904,673

8,953,815

()

31.
2010.
2009.

:
-
-

()

11,695,876

11,308,279

199,265
11,895,141

240,837
11,549,116

23,238

75,570

11,918,379

11,624,686

31.
2010.
2009.
,

120,031,824

114,076,202

10%
/
:
-
-
-
-
-
-
-
-

12,003,182

11,407,620

11,918,379

(298,988)
28,259
9,947
62,851
21,901
1,725
24,534
64,968

(413,195)
31,080
3,211
525,775
30,945
18,170
21,080
11,624,686

39

 ..,


31. 2010.

32.

()
()

31.
2010.
2009.

:
, 1.
/() :
5%




, 31.
()

705,606

781,176

20,330

59,084

(43,568)
(23,238)

(134,654)
(75,570)

682,368

705,606

/( )

31.
31.
2010.
2009.

33.

963,528

1,465,016
-

:

31.
31.
2010.
2009.

)
:
- MTEL ...,
) :
- ..,
- MTEL ...,
) ,
:
- ..,
- MTEL ...,

57,939,184

1,596,353
19,338
1,615,691

2,817,221
49,773
2,866,994

1,790,872
23,836
1,814,708

61,369,583

2,866,994

40

 ..,


31. 2010.

33.

()

31.
31.
2010.
2009.

a) :
- ..,
- MTEL ...,

(2,629,580)
(14,158)
(2,643,738)

) :
- ..,
- MTEL ...,

(2,643,738)

58,725,845

(2,316,878)
(2,316,878)
(150,611)
(15,687)
(166,298)
(2,483,176)
383,818

31.
2010.
2009.

) :
- ..,
- MTEL ...,

19,887,772
343,062

20,567,839
456,081

20,230,834

21,023,920

)
"roaminga":
- ..,

(13,819,619)

(14,616,086)

(1,762,924)
(792,557)
(2,555,481)

(1,900,823)
(817,294)
(2,718,117)

) :
- ..,

(264,388)

(336,373)

) :
- ..,

(107,847)

(131,618)

(1,384,239)

(672,007)

) "roaminga":
- ..,
- MTEL ...,

) :
- ..,
) vlann connect
- ..,
) /IPTV
- ..,

(13,092)

(145,552)

(895)
(29,209)
(30,104)

(983)
(983)

(18,320,322)

(18,475,184)

1,910,512

2,548,736

) :
- MTEL ...,
- ..,

(818,391)

(1,064,345)

41

 ..,


31. 2010.
34.

31.
2010.
2009.

108,113,445

102,451,516

491,383,755

491,383,755

0.2200

0.2085

(/)

4. 2010.
2009. , ,
, :
- 50,000,000 ,
- 5,131,661 .
, 29. 2010.
2009. 28,616,786
.
, 6. 2010.
2010. (, 3.19) 45,954,716
,
9,874,159 .
31. 2010. o
18,796,372 (2009. - 6,843,078 ).
2010. 0.2736 (2009.
: 0.3300 ).

35.

. 31. 2010. ,
37,103,496 . ,

31. 2010. 62,177,351 ,
. ,
31. 2010. o
351,909 ,
( 27).
31.
2010. :
()

"A" ..., ("")

41,481,707 . 19. 2010.
, ,
,
.
(" "),
(""), .
( ),
,
.
.

42

 ..,


31. 2010.
35.

()
()

"Crumb group" ..., ("Crumb")

10,000,000 . 26. 2010.
,
.

.
, Crumb -,

, , ,
. ,
.

. ,

.
36.

36.1

IFRS 8
1. 2009. . IFRS 8

,
, .
.
31. 2010. o, , IFRS 8, :
1. ,
2.
3. .

36.2

31. 2010. o
:

43

 ..,


31. 2010.

36.

()

36.2

()

213,434,840
1,905,323
70,114,811

263,540,569
4,040,077
70,892,835

4,503
760,628
95,867

476,979,912
6,706,028
141,103,513

285,454,974

338,473,481

860,998

624,789,453

(128,164)
(831,843)

(3,655,983)
(817,613)

(3,784,147)
(1,649,456)

(5,250,573)

(2,849,853)

(55,461)

(8,155,887)

(57,349,676)
(52,774,856)

(22,340,411)
(52,173,920)

(485,577)
(32,841)

(80,175,664)
(104,981,617)

(1,136,951)
(73,963,619)
(70,980,843)
(262,416,525)

(1,311,158)
(87,560,555)
(70,113,611)
(240,823,104)

(12,294)
(510,900)
(9,059)
(1,106,132)

(2,460,403)
(162,035,074)
(141,103,513)
(504,345,761)

23,038,449

97,650,377

(245,134)

120,443,692

2,148,844
(650,155)
(114,805)
1,383,884

2,012,072
163,797
(3,832,693)
(138,730)
(1,795,554)

134
(332)
(198)

4,161,050
163,797
(4,483,180)
(253,535)
(411,868)

/()

24,422,333
(2,496,468)

95,854,823
(9,421,911)

(245,332)
-

120,031,824
(11,918,379)

/()

21,925,865

86,432,912

(245,332)

108,113,445

2010. a







,

/()
/()

44

 ..,


31. 2010.

36.

()

36.2

()
31. 2009.
:

2009. a







,

,






/()
/()

216,676,070
7,536,291
75,315,755
299,528,116

259,497,983
3,700,718
90,990,119
354,188,820

4,153
920,097
55,611
979,861
-

476,178,206
12,157,106
166,361,485
654,696,797

(248,626)
(373,692)

(4,747,383)
(754,861)

(5,589,986)

(2,743,190)

(64,933)

(8,398,109)

(60,530,476)
(52,119,116)

(22,386,095)
(46,858,836)

(657,872)
(53,792)

(83,574,443)
(99,031,744)

(595,252)
(76,256,546)
(90,984,864)
(286,698,558)

(616,591)
(97,365,926)
(75,367,982)
(250,840,864)

(24,525)
(305,404)
(8,639)
(1,115,165)

(1,236,368)
(173,927,876)
(166,361,485)
(538,654,587)

12,829,558

103,347,956

(135,304)

(4,996,009)
(1,128,553)

116,042,210

2,783,907
99,795
(2,030,362)
18,585
871,925

2,662,132
138,420
(5,693,142)
54,081
(2,838,509)

593
(17)
576

5,446,632
238,215
(7,723,521)
72,666
(1,966,008)

/()

13,701,483
(2,988,311)

100,509,447
(8,636,375)

(134,728)
-

114,076,202
(11,624,686)

/()

10,713,172

91,873,072

(134,728)

102,451,516

( 2010. 2009. )
.
.

3. ,
,
.
, ,
.
5
.

45

 ..,


31. 2010.

36.

()

36.3

31. 2010. o
:
31. 2010.

7,620,980
357,818,979
286,298
5,495
26,125,871

108,938,106
239,867,916
349,921
6,761
31,931,576

123,510
-

(12,256)
-

116,559,086
597,810,405
636,219
58,057,447

3,197,911
215,086
395,270,620

3,908,557
467,104
385,469,941

15,298
178
138,986

(12,256)

7,121,766
682,368
780,867,291

8,275,646
25,340,449
972,079

8,201,694
17,802,875
599,913

46,179
95,781
12,475

(94,258)
-

16,523,519
43,144,847
1,584,467

13,962,007

17,064,675

31,026,682

3,318,395

3,387,887

9,811

6,716,093

13,056,839
64,925,415

15,958,359
63,015,403

29,993
194,239

(94,258)

29,045,191
128,040,799

460,196,035

448,485,344

333,225

(106,514)

908,908,090

26,309,198
1,559,850

70,510,069
3,353,964

96,819,267
4,913,814

4,117,600
676,081
32,662,729

5,032,622
826,321
79,722,976

68,672
68,672

9,218,894
1,502,402
112,454,377

10,267,273
483,090
17,793,507

25,471,660
16,657,082

73,890

(94,258)

35,738,933
483,090
34,430,221

856,575
8,458,368
2,785,098
40,643,911

7,043,735
10,338,004
4,079,966
63,590,447

3,137
77,027

(94,258)

7,900,310
18,796,372
6,868,201
104,217,127

73,306,640

143,313,423

145,699

(94,258)

216,671,504

46

 ..,


31. 2010.
()

36.

36.3 ()
31. 2009. :
31. 2009.

8,189,640
393,183,201
1,481,524
5,622
54,213

118,221,110
236,744,859
1,739,180
6,634
63,606

147,346
-

(12,256)
-

126,410,750
630,075,406
3,220,704
117,819

8,007,109
230,555
411,151,864

3,713,564
474,873
360,963,826

17,026
178
164,550

(12,256)

11,737,699
705,606
772,267,984

11,830,032
26,977,665
1,254,730

8,920,382
17,258,855
1,228,427

106,917
386,814
9,941

(386,893)
-

20,857,331
44,236,441
2,493,098

12,455,885

14,103,402

1,729

26,561,016

2,038,985

3,816,415

8,476

5,863,876

43,431,040
97,988,337

48,456,887
93,784,368

44,557
558,434

(386,893)

91,932,484
191,944,246

509,140,201

454,748,194

722,984

(399,149)

964,212,230

28,323,649
2,370,787

83,237,779
5,401,918

111,561,428
7,772,705

4,613,972
589,640
35,898,048

5,416,403
692,186
94,748,286

66,404
66,404

10,096,779
1,281,826
130,712,738

14,330,970
483,090
23,387,649

26,653,797
23,117,107

89,827

(386,893)

40,984,767
483,090
46,207,690

2,128,425
3,147,816
3,522,022
46,999,972

9,281,097
3,695,262
5,347,070
68,094,333

49,172
84,723
223,722

(386,893)

11,458,694
6,843,078
8,953,815
114,931,134

(386,893)

245,643,872

82,898,020

162,842,619

290,126

,
.
, ,
.
36.4

, ,
.

36.5

, ,
. (86% )
.

47

 ..,


31. 2010.
37.

.
, j
,
, .
( 24),
, .
.
, ,
.
.
:

31.
31.
2010.
2009.
()

133,041,290
(29,045,191)

153,029,285
(91,932,484)

103,996,099

61,096,801

()

692,236,586

718,568,358

15.02%

8.50%

()

,
.

()

, .

, ,

, , 3
.

:

31.
31.
2010.
2009.

(
)

115,974,089
57,949,135
108,312

178,006,541
9,507
108,312

174,031,536
174,287,702

178,124,360
206,740,206

48

 ..,


31. 2010.
()

37.

, , ,
, : ( ,
), .

.
.
(),
. ,
31. 2010. o, .
(1)

()
,

,
( ), EUR
(1 EUR = 1.95583 ). ,
, USD
.

:

31.
31.
31.
31.
2010.
2009.
2010.
2009.
EUR
USD
CHF
GBP
RSD
HRK
SDR

10,112,098
781,732
-

16,870,641
126,988
82,848

91,310,306
3,368,861
2,002
888
-

106,388,189
3,173,986
18,850
879
72
82,848

10,893,830

17,080,477

94,682,057

109,664,824

USD,
.
USD / 10% ,
31. 2010. o / 25,353 e
e (2009. 7,266 ).
()
, ,
.
,
.

49

 ..,


31. 2010.
()

37.
(1)

()
() ()

.
,

. 31. 2010. o,
, EURIBOR.

(EUR).

,
, .
,
.


.
,
.
31.
2010. o / 0.1 ,
, 31.
2010. o / 4,482 (2009. - 7,723
), / .
()
2010. ,

( 14). ,
, .


.
, ,
.


.
/ 1% ,
/ 579,491 ,
( 14).

(2)

.

.

.

50

 ..,


31. 2010.
()

37.
(2)

()
(
),
.
.
,
/.

.
31. 2010.
2009. :


31. 2010.
:
-
(
)
-

:
-
(
)
-

o 3

3 - 12

1-2

2-5

76,736,657

76,736,657

57,949,135
134,685,792

57,949,135
134,685,792

1,156,129

31,910,188

4,103,587

3,916,305

104,819

41,191,028

1,156,129

31,910,188

4,103,587

3,916,305

120,744
225,563

120,744
41,311,772

135,841,921

31,910,188

4,103,587

3,916,305

225,563

175,997,564

139,285,426

139,285,426

10,186
139,295,612

10,186
139,295,612

1,224,509

26,789,726

5,285,569

7,949,607

180,008

41,429,419

1,224,509

26,789,726

5,285,569

7,949,607

122,369
302,377

122,369
41,551,788

140,520,121

26,789,726

5,285,569

7,949,607

302,377

180,847,400

31. 2009.
:
-
(
)
-

:
-
(
)
-

51

 ..,


31. 2010.
()

37.
(2)

()


o 3

3 - 12

1-2

2-5

41,138,476

591,027

41,729,503

9,813,363

13,881,180

21,620,879

30,893,329

7,517,781

83,726,532

7,000,000

7,000,000

19,867,490

17,602,470

5,867,490

57,337,450

57,951,839

21,472,207

41,488,369

48,495,799

13,385,271

182,793,485

31. 2009.
-
:

52,960,747

2,185,611

55,146,358

14,365,100

14,015,460

24,222,439

24,000,371

12,137,045

88,740,415

7,000,000

7,000,000

14,000,000

31,602,470

11,734,980

71,337,450

74,325,847

23,201,071

38,222,439

55,602,841

23,872,025

215,224,223

31. 2010.
-
:

( )
,
(
),
.
( )


.
(3)

, .
,
(), ,
.
,
, , .
.
.
,
.
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.
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, , ,
.
,
,
.

52

 ..,


31. 2010.
()

37.
(3)

()
,
( 20, ..,
5,000,000 ).

,
(5,000,000 ).

(4)

,

.

31. 2009.

31. 2010.

108,312

42,571

108,312

42,571

108,312

42,571

108,312

42,571

/ :

, ,
.

,
.


.

, 1 3,
.

1
() .
2 ,
1,
, ( , ) ( , ).
3
,
( ).

31. 2010.
3

:
- ( 14)
- ( 14)

9,551
-

57,939,584

9,551
57,939,584

9,551

57,939,584

57,949,135

53

 ..,


31. 2010.
()

37.
(4)

()
,
.
/ ,
(MTEL d.o.o., , 14).

,
2010. .
.
, .
,
,
.
/()
( .., , 14),
" ".

38.

31. 2010.
o 13,035,520 (2009. : 11,751,567
).

:

31.
31.
2010.
2009.

39.

4,485,258
14,764,701
9,516,947

4,559,759
10,122,423
5,592,586

28,766,906

20,274,768

31. 2010.
MTEL ..., (49% , 14),
Nov Ljubljansk bank .., . ,
() 49%
(Ogalar B.V. ),
MTEL ..., ( 6500943
19. 2007. ). 49% , 25.
2010.
(), 49%
MTEL ..., , Nov Ljubljansk bank .., .
31. 2010. e e MTEL ...,

MTEL ..., .

40.

, IAS 10 " ".

54

 ..,


31. 2010.

41.

.
, ( ), .
,
;
. ,
.

. ,
( , )

.

. ,
,
. ,
.
.

.

42.

, 2010. ,
,
. 2011.
, , ,

. ,
.
,
,
,
( 5).

,
.
2011. .

43.

, ,
,
:

31.
31.
2010.
2009.
EUR
(RSD)
(USD)
(CHF)

1.95583
0.01851
1.47276
1.56780

1.9558
0.0203
1.3641
1.3146

55