Web Master Godisnji Izvjestaj 2016

Godinji izvjetaj
Annual Report
2016
Financiski podaci Tvornice cementa Kakanj i zavisnih drutava
U 000 KM 2013. 2014. 2015. 2016.
Volumen prodaje
Cement (u hiljadama tona) 476 419 426 433
Cement roba (u hiljadama tona) 47 48 70 63
Beton (u hiljadama metara kubnih) 277 159 170 213
Pozicije rauna dobiti i gubitka Grupe

Prihod od prodaje 94.357 77.623 82.907 83.698
Dobit prije finansijskog reyultata EBIT 16.244 10.113 14.002 15.824
Finansijski prihodi i rashodi 929 976 665 467
Neto dobit 16.927 11.000 14.504 16.004
Zarada po dionici 1,79 1,16 1,53 1,69
Pozicije rauna dobiti i gubitka Drutva

Prihod od prodaje 71.867 61.223 62.090 62.286
Dobit prije finansijskog reyultata EBIT 17.566 10.548 13.458 17.391
Finansijski prihodi i rashodi 714 792 439 385
Neto dobit 18.186 11.266 13.751 17.683
Zarada po dionici 1,92 1,19 1,45 1,87
Investicije
Investicije - Grupa 3.899 5.606 5.166 10.429
Investicije - Drutvo 3.307 5.418 4.866 4.449
Finansijska ulaganja - Grupa
Finansijska ulaganja - Drutvo
Pozicije bilansa Grupe

Ukupna aktiva 177.708 159.290 161.809 165.386
Kapital i rezerve 164.831 149.387 147.632 149.923
Pozicije bilansa Drutva

Ukupna aktiva 172.230 154.973 156.466 159.760
Kapital i rezerve 164.181 147.586 145.054 148.986
Financial Data for Tvornica cementa Kakanj and Related Companies
In 000 EUR 2013 2014 2015 2016
Sales volume
Cement (in thousand tons) 476 419 426 433
Cement trading goods (in thousand tons) 47 48 70 63
Concrete (in thousand cubic meters) 277 159 170 213
Profit and loss accounts of the Group

Gross sales 48,244 39,688 42,390 42,794
Earnings before interest and taxes EBIT 8,306 5,171 7,159 8,091
Financial revenues and charges 475 499 340 239
Net Income 8,655 5,624 7,416 8,183
Earnings per share 0.91 0.59 0.78 0.86
Profit and loss accounts of the Company

Gross sales 36,745 31,303 31,746 31,846
Earnings before interest and taxes EBIT 8,981 5,393 6,881 8,892
Financial revenues and charges 365 405 224 197
Net Income 9,298 5,760 7,031 9,041
Earnings per share 0.98 0.61 0.74 0.95
Investments
Investments of the Group 1,994 2,866 2,641 5,332
Investments of the Company 1,691 2,770 2,488 2,275
Financial investments of the Group 0 0 0 0
Financial investments of the Company
Balance sheet of the Group

Total assets 90,861 81,444 82,732 84,561
Equity and reserves 84,277 76,380 75,483 76,654
Balance sheet of the Company

Total assets 88,060 79,236 80,000 81,684
Equity and reserves 83,944 75,459 74,165 76,175
Godinji Izvjetaj 2016 | TVORNICA CEMENTA KAKANJ

Sadraj Contents
Poglavlje Strana
Chapter Page
1 Za dioniare 3 To our shareholders

Obraanje direktora 6 Letter from the Director
Izvjetaj Nadzornog odbora 10 Report of the Supervsory Board
Izvjetaj Odbora za reviziju 16 Report of the Audit Committee
Uprava Drutva 20 Management Board
Nadzorni odbor 22 Supervisory Board
Dionice 24 Shares
2 Korporativno upravljanje 35 Corporate Governance

Oblik organizacije Organization and Managing Bodies
i organi upravljanja Drutva 36 of the Company
Oblik organizacije Organization and Managing Bodies
i organi upravljanja povezanih of the Related Companies
pravnih subjekata 40
Korporativne komunikacije 42 Corporate Communications
3 Izvjetaj Uprave 47 Report of the

Managment Board
Djelatnost i organizacijska struktura Core Activities and
48 Organizational Structure
Poslovni trend u 2015. 52 2015 Business Trends
Upravljanje rizicima 102 Risk Management
Istraivanje i razvoj 106 Research and Development
Drutveno odgovorno poslovanje i Social Responsibility and
odrivi razvoj 106 Sustainable Development
Razvojni planovi i predvianja 132 Prospects
4 Izvjetaj nezavisnog 147 Report of the

revizora Independent Auditor
5 Dodatne informacije 257 Additional Information

1
Poglavlje
Chapter Za dioniare
1 To our shareholders
Strana
Page
6 Obraanje direktora
Letter from the Director
10 Izvjetaj Nadzornog odbora

Report of the Supervsory Board
16 Izvjetaj Odbora za reviziju

Report of the Audit Committee
20 Uprava Drutva
Management Board
22 Nadzorni odbor
Supervisory Board
24 Dionice
Shares
Gradimo
na odrivim
temeljima
Building
on sustainable
foundations
2016
Obraanje direktora
Letter from the Director
Dame i gospodo, potovani dioniari!
Bez obzira na veoma izazovno poslovno okruenje, Tvornica cementa Kakanj uspjeno je okonala jo
jednu poslovnu godinu. Proteklu godinu moemo ocijeniti kao dosta teku za graevinski sektor s obzirom
na kompletnu ekonomsku situaciju u BiH. U najavi je vie znaajnih infrastrukturnih projekata, meutim jo
uvijek nezapoetih radi nerijeene strukture njihovog financiranja. Tokom 2016. godine prodaja je bila na
otprilike istom nivou kao i prethodne godine, to je velikim dijelom rezultat kanjenja u poetku gradnje velikih
infrastrukturnih objekata koji bi mobilizirali graevinski sektor, a time i sveukupnu privredu drave.
Tvornica cementa Kakanj je na tritu Bosne i Hercegovine u 2016. godini ostvarila obim prodaje od 367
hiljada tona cementa, dok je izvoz iznosio 65 hiljada tona cementa. Uz intenzivnu konkurenciju, uspjeli smo
zadrati lidersku trinu poziciju kako na tritu cementa tako i na tritu betona, uz dobar plasman svojih
proizvoda u kljunim trinim segmentima.
Poslovanje naih betonara je bilo u porastu. Proizvodnja betona u 2016. vea je za 60% u odnosu na
2015. Ovakav trend je posljedica pokretanja veih projekata na izgradnji Koridora 5C, kao i kupovinom dvije
betonare na podruju Sarajeva i Zenice to je rezultiralo poveanjem volumena prodaje. U 2016. godini TBG
BH d.o.o. Kakanj postala je prva kompanija u Bosni i Hercegovini koja je implementirala sistem kvalitete
proizvodnje betona prema evropskim standardima BAS EN 206- 1. Implementacija evropskih standarda u
proizvodnji betona je izvrena na svim betonskim postrojenjima koja posluju na podruju Federacije Bosne i
Hercegovine. Time je jo jednom potvreno da je TBG BH lider u proizvodnji betona i primjeni novih zakona
i standarda.
Naa kompanija potie i podrava sistem vrijednosti u kojem se gradi kultura rada, stvaranja i izvrsnosti.
Tvornica cementa Kakanj, koja je meu top kompanijama u BiH po drutvenoj odgovornosti, nastavila je
sa ciklusom investiranja u poboljanje proizvodnih procesa i uvoenje najbolje dostupne tehnologije. Nove
tehnologije uvodimo u sve nae pogone kako bi se kroz na proizvodni proces stvarao to kvalitetniji proizvod
uz najmanji uticaj na okoli, a uz najveu dobrobit za zajednicu. Jedan od najznaajnijih projekata koje smo
priveli kraju svakako je instalacija novih vreastih filtera na mlinove cementa ime postiemo jaku stabilnost
procesa otpraivanja i dalje smanjenje emisija praine.
Jo jedan znaajan projekat na kojem radimo je upotreba otpada kao zamjenskog goriva. Upotreba zamjenskih
goriva u tvornicama cementa, donosi viestruku korist, i cementarama i lokalnim zajednicama. Pored utede
prirodnih resursa, upotreba zamjenskih goriva smanjuje ulaganja u nova postrojenja za upravljanje otpadom,
rjeava probleme nedostatka prostora za deponovanje otpada, a nudi i mogunost otvaranja novih radnih
mjesta. Naa su nastojanja sada usmjerena na uvoenje RDF-a, goriva iz otpada. Da bi poeli sa koritenjem
ove vrste goriva, tokom 2017. planiramo novu investiciju koja se odnosi na modifikaciju postrojenja kako bi
se ovo gorivo moglo koristiti uz optimalne rezultate u proizvodnom procesu.
Drutvena odgovornost je nae strateko opredjeljenje i DNK nae kompanije. Stoga smo i u godini iza
nas posebnu panju posvetili svojoj drutvenoj ulozi pruajui podrku humanitarnim projektima, razvoju
obrazovanja, umjetnosti, kulture i sporta i naim mladim talentima. Otvorena komunikacija sa lokalnom
zajednicom stalni je prioritet u naim poslovnim aktivnostima. Tokom protekle godine naa podrka primarno
se fokusirala na mlade generacije, ukljuujui Dan otvorenih vrata, kada smo ugostili nekoliko hiljada mladih
i djece, zatim donaciju sredstava za izgradnju jo jednog igralita za djecu, te donacija u iznosu od 10.000
KM kakanjskoj gimnaziji za poboljanje uslova rada.
12 Tvornica cementa Kakanj | Godinji izvjetaj 2016.

2016
Ladies and gentleman, dear shareholders,
Regardless of a very challenging business environment, Tvornica cementa Kakanj successfully ended
another business year. Last year can be considered very difficult, given the overall economic situation in
B&H. Several significant infrastructure project have been announced, but they have not started yet due to
unsolved financing structure. The sales volume in 2016 remained at approximately the same level as the
previous year, mainly due to delays to the start of construction of large infrastructure objects that would
mobilize the construction sector and the overall economy of the state.
In 2016, Tvornica cementa Kakanj sold 367 thousand tons of cement on the market of B&H, and export
amounted to 65 thousand tons of cement. Although competition was strong, we maintained the leading
position on the market of cement as well as on the market of RMC, including a significant presence of our
products in key market segments.
Our RMC business increased. Concrete production in 2016 increased by 60% compared to 2015. This is
due to the start of large projects on Corridor 5C, as well as due to acquisition of two RMC plants from w&p
Beton in Sarajevo and Zenica resulting in increased sales volumes. In 2016, TBG BH d.o.o. Kakanj became
the first company in Bosnia and Herzegovina that implemented the quality system for concrete production
in accordance with European standards BAS EN 206- 1. The European standards in concrete production
were implemented in all production facilities on the territory of the Federation of Bosnia and Herzegovina.
This confirmed that TBG BH is the leader in concrete production and application of new regulations and
standards.
Our company fosters and supports a system of values that build a culture of work, creation and excellence.
Tvornica cementa Kakanj, which is among the top companies in B&H in the field of social responsibility,
continued its investing cycle into improvement of production processes and introduction of the best available
techniques. We have been introducing new technologies to all of our plants with the aim of creating high
quality products with minimal impact on the environment, and the highest benefit to the community. One
of the most significant projects that we have finalised is the installation of new bag filters in cement mills,
achieving high stability in the dedusting process and a further decrease in dust emissions.
Another significant project that we have been implementing is the utilisation of waste as alternative fuel. Using
alternative fuels in cement plants brings numerous benefits to cement plants as well as local communities. In
addition to preserving natural resources, alternative fuels reduce investments into new waste management
facilities, solve problems of landfill insufficiency for dumping waste, and provide a possibility of new working
places. Our efforts are now directed at introducing RDF (refuse derived fuel). To use this type of waste, we
plan in 2017 to invest into the modification of our plants to enable use this type of fuel, reaching optimum
results in the production process.
Social responsibility is our strategic commitment. Therefore, during the past year, we paid special attention
to our social role by providing support to humanitarian projects, development of art, culture and sport, and
our young talents. Open communication with the local community is a priority in our business activities. Over
the course of the past year, our support was primarily focused on young generations through our Open Door
event, when we hosted several thousand young people and children, donation of funds for construction of
another childrens playground, and a donation in the amount of 10,000 KM to Kakanj Gymnasium to improve
the schools working conditions.
Tvornica cementa Kakanj | Annual Report 2016 13

2016
Istakao bih i da je Tvornica cementa Kakanj krajem prole godine postala prva kompanija u BiH koja je dobila
Zlatni certifikat bonitetne izvrsnosti. Vrijednost ovog priznanja lei u injenici to se dodjeljuje na temelju
mjerljivih i transparentnih financijskih kriterija koji ukazuju da smo u duem vremenskom periodu prepoznati
kao pouzdan, siguran, kredibilan i poeljan partner. Najvia ocjena boniteta upuuje da nae poslovanje
krasi izuzetna finansijska stabilnost, visoka kvaliteta upravljanje kapitalom, uspjeno upravljanje rizicima
i svim poslovnim procesima to ukazuje na kvalitetu upravljanja, najvie razinu poslovne vjerodostojnosti
Tvornice.
Ugled i vanost nae kompanije u irem smislu prepoznat je u BiH, a ponosni smo i na injenicu da je meni
kao direktoru tvornice pripala ast da otvorim meunarodni sajam ZEPS u Zenici, da budem ponovo izabran
na poziciju predsjednika Vijea stranih investitora BiH, te da budem kljuni govornik i sudionik nekoliko
vanih meunarodnih konferencija i skupova u BiH i ire.
Zahvaljujui prije svega naim radnicima, Tvornica cementa Kakanj nie uspjehe i u godinama ekonomskih
previranja i krize. Stalno uenje i stalno stremljenje novim uspjesima odlika je svih naih ljudi. To nam daje
podstrek da ulaemo u nove tehnologije, da budemo pioniri u naoj industriji i da kontinuirano radimo na
unapreenju zatite na radu i zatite zdravlja naeg osoblja.
Tvornica cementa Kakanj e nastaviti da gradi poslovanje na stubovima odrivog poslovanja. Nastavljamo
slijediti svoju viziju biti prvi, najvei i najbolji proizvoa cementa u regiji, uz maksimalnu posveenost
kupcima, partnerima, radnicima, njihovim porodicama i lokalnoj zajednici. Naa ulaganja u razvoj i
implementaciju novih tehnologija i standarda se nastavljaju kako bismo u svakom trenutku mogli biti
konkurentni na domaem tako i na EU tritu. Sa novim tehnologijama i standardima dodatno radimo na
zatiti okolia i unapreenju drutveno odgovornog poslovanja uopte. Nai planovi su da nastavimo da
irimo nae poslovanje, da ostanemo vodei proizvoa cementa u BiH po kvalitetu i zastupljenosti na
tritu, te da nastavimo biti primjerom drugim kompanijama u segmentu drutvene odgovornosti.
U svoje ime te u ime Uprave Drutva zahvaljujem se naim dioniarima, klijentima i poslovnim partnerima
na ukazanom povjerenju. Posebno zahvaljujem naim zaposlenicima na njihovom trudu, razumijevanju i
predanom radu koji nau kompaniju svrstava u sami vrh uspjenih kompanija u BiH.
S potovanjem!
Branimir Muida,
generalni direktor

2016
I would like to emphasise that by the end of last year Tvornica cementa Kakanj became the first company in
B&H to be awarded the Golden Certificate of Solvency Excellence. The value of this award lies in the fact that
it is awarded on the basis of measurable and transparent financial criteria, which indicates that over a long
period of time we have been recognized as a reliable, safe, credible and desirable partner. The highest grade
of solvency shows that our business is characterised by extraordinary financial stability, high quality of capital
management, successful management of risk and all other business processes that denote high quality of
management, the highest business credibility of Tvornica.
Reputation and importance of our company has been broadly recognised in B&H, and we are proud of the fact
that I, as the director of Tvornica, has been given the honour to open the international fair ZEPS in Zenica, to
be re-elected to the position of the President of the Foreign Investors Council, and to be the key speaker and
participant in several important conferences and events in B&H and the region.
Thanks primarily to our workers, Tvornica cementa Kakanj has been achieving success even across years of
economic turmoil and crisis. Continuous learning and a tendency to achieve greater success are characteristics
of all our people. This motivates us to invest into innovative things, to be pioneers in our industry, and to
continue working on improving the health and safety of our employees.
Tvornica cementa Kakanj will continue to build its business on the pillar of sustainable development. We
continue to follow our vision to be the first, the largest and the best cement producer whose topmost
priorities are dedication to buyers, partners, workers, their families and the local community. Our investments
into development and implementation of new technologies and standards have continued so that we can
always be competitive on the domestic and EU markets. With new technologies and standards we additionally
work on environmental protection and constantly strive to improve our social responsibility. Our plans are to
continue spreading our business, to remain the leading cement producer in B&H in terms of quality as well as
market share, and to be a role model to other companies in the field of social responsibility.
On my behalf and on behalf of the Management Board I thank our shareholders, clients and business partners
for their trust. I especially thank our employees for their commitment, understanding and hard work, which
has placed our company at the very top of successful companies in B&H.
Yours sincerely,
Branimir Muida
General Director

2016
Izvjetaj Nadzornog odbora
Report of the Supervisory Board
1. Uvod
Nadzorni odbor Tvornice cementa Kakanj d.d. Kakanj radio je do maja 2016. godine u sljedeem
sastavu: Jnos Szarkndi, predsjednik, te lanovi Andreas Kern i Gerhard Hugo Hirth. Za njihove
zamjenike imenovani su Ferenc Sver, Klaus Schwind i Ralf Klaus Keller. Od 9. 5. 2016. godine na
Godinjoj skuptini Drutva, zbog isteka mandata, a u skladu s izmijenjenim i usklaenim Statutom
i novim Zakonom o privrednim drutvima, izabran je novi saziv Nadzornog odbora na period od
etiri godine u sljedeem sastavu: Jnos Szarkndi, Gerhard Hirth i Albert Scheuer. Prema novom
Statutu Tvornice cementa Kakanj d.d. Kakanj funkcija zamjenika lana i zamjenika predsjednika
Nadzornog odbora vie ne postoji.
Sva prava i obaveze u radu Nadzornog odbora Drutva regulirane su Zakonom o privrednim
drutvima te Statutom Drutva, kojih se Nadzorni odbor u svome radu strogo pridrava.
Nadzorni odbor Drutva, pored nadziranja poslovanja Drutva i rada Uprave, usvaja polugodinje
i godinje izvjetaje o poslovanju, predlae raspodjelu dobiti i pokrie gubitka, imenuje upravu
Drutva te Skuptini podnosi godinji izvjetaj o poslovanju, s izvjetajima o svom radu, radu
revizora i Odbora za reviziju.
2. Aktivnosti Nadzornog odbora

Openito
Rad i aktivnosti Nadzornog odbora u pravilu su ostvarivani na sjednicama koje su sazivane i odravane
prema odredbama Zakona o privrednim drutvima, Statuta Drutva i Poslovnika o radu, uz odgovarajuu i
pravovremenu pripremu i dostavljanje materijala. Sjednice su odravane u punom sazivu, uz voenje zapisnika
za svaku od njih.
Tokom 2016. godine Nadzorni odbor je odrao etiri sjednice: 9. marta, 9. maja, 17. oktobra i 5. decembra.
Izuzev sjednice Nadzornog odbora od 9. maja 2016. godine, na kojoj je, u skladu sa Statutom i Zakonom,
bilo neophodno izabrati predsjednika Nadzornog odbora, na ostalim sjednicama je razmatrana problematika
poslovanja Drutva, usvajani neophodni poslovni izvjetaji u skladu sa Zakonom i Statutom te donesene brojne
druge odluke iz nadlenosti rada Nadzornog odbora.
Tematika odranih sjednica bila je aktualna i raznovrsna i moe se podijeliti u sljedee tematske oblasti:
redovito poslovanje Drutva,
Skuptina Drutva.
2.1. Poslovanje Drutva

U 2016. godini Nadzorni odbor Tvornice cementa Kakanj d.d. Kakanj poduzeo je sve korake i mjere iz svoje
nadlenosti u cilju poveanja profita i omoguio poduzimanje drugih neophodnih koraka za odravanje postojee
pozitivne politike poslovanja. Bliska saradnja s Upravom Drutva, putem izvjetavanja o bitnim poslovnim dogaajima
i kroz planove poslovanja, omoguila je Nadzornom odboru da vri potpun nadzor nad radom Uprave u najvanijim
segmentima.

2016
1. Introduction
The Supervisory Board, as at May 2016, had the following members: chairman; Jnos Szarkndi, members; Andreas
Kern and Gerhard Hugo Hirth, proxies; Ferenc Sver, Klaus Schwind and Ralf Klaus Keller. The chairman, members and
proxies were all elected by the General Assembly held on 10 May 2012 in accordance with the Articles of Association
of the Company and the Law on Business Companies for a period of 4 years. At the General Assembly Meeting of the
Company, due to the end of their mandate, and in accordance with the amended and harmonised Statute with a new
Law on Business Companies, a new composition of the Supervisory Board was elected with a mandate of four years
by the following members: Jnos Szarkandi, Gerhard Hirth and Albert Scheuer. In the new Statute of Tvornica cementa
Kakanj d.d. Kakanj, the functions of deputy member and deputy chairman of the Supervisory Board no longer exist.
All rights and obligations of the Supervisory Board are regulated by the Law on Business Companies and the Articles
of Association of the Company, which the Supervisory Board, in its work, strictly respects.
The Supervisory Board, in addition to monitoring the Companys business and operation of the Management Board,
adopts a semi-annual and annual report on operations, proposes distribution of profit and loss coverage, appoints the
Management Board, and submits an annual report to the General Assembly, with reports on its work, as well as the
work of the auditors and the Audit Committee.
2. Activities of the Supervisory Board

General
The work and activities of the Supervisory Board have generally been realised through sessions that were held in
accordance with the provisions of the Law on Business Companies, Articles of Association, and Employment Rules
of Procedure, which were all preceded by adequate preparation and timely delivery of documentation. All sessions
were held in full assembly, and minutes were taken of each.
During 2016, the Supervisory Board held four sessions: 9 March, 9 May, 17 October, and 5 November. The
Supervisory Board, with the exception of the Supervisory Board meeting on 9 May 2016, at which, in accordance
with the Statute and the Law, it was necessary to elect a president of the Supervisory Board, discussed during other
meetings issues related to business management, adopted necessary business reports in accordance with the Law
and the Statute, and passed numerous other decisions within its competence as the Supervisory Board.
The subject matter discussed at the sessions was topical and diverse, and can be grouped as follows:
business operations of the Company, and
the General Assembly
2.1. Business Operations of the Company

In 2016 the Supervisory Board of Tvornica cementa Kakanj d.d. Kakanj took all necessary steps and measures in
order to increase profits and provide for the necessary steps to maintain existing positive business policies. Close
cooperation with the Management of the Company, through reporting on important business events and through
business plans, enabled the Supervisory Board to exercise complete control over the work of the Board in the most
important areas.

2016
Pored navedenoga, Nadzorni odbor je u okviru svojih ovlatenja u pitanjima poslovanja i u nadzoru rada Uprave
Drutva uradio sljedee:
razmatrao i usvojio finansijske izvjetaje Tvornice cementa Kakanj d.d. Kakanj i konsolidirane izvjetaje
Tvornice cementa i povezanih pravnih lica za 2015. godinu, s izvjetajem revizora;
razmatrao i usvojio Polugodinji izvjetaj o poslovanju Drutva u toku 2016. godine;
razmatrao i prihvatio niz informacija o planu poslovanja i realizaciji plana poslovanja u 2016. godini;
izvrio neophodne pripreme za sjednicu Skuptine dioniara, to je rezultiralo donoenjem znaajnih odluka o
poslovanju i radu Drutva.
2.2. Skuptina Drutva

Nadzorni odbor je izvrio organizacijske i pripremne radnje te sazvao redovitu Godinju skuptinu, koja je
odrana 9. maja 2016. godine. Na ovoj skuptini razmatrane su Zakonom predviene obavezne take, kao
to je Godinji izvjetaj za 2015. godinu, odluka o raspodjeli dobiti i razrjeenju i imenovanju vanjskog revizora.
Pored navedenih taaka dnevnog reda, Skuptina je usvojila izmijenjeni Statut Tvornice cementa Kakanj i TBG
BH d.o.o. Kakanj usklaen s novim Zakonom o privrednim drutvima.
Zbog isteka mandata Skuptina je imenovala nove lanove Nadzornog odbora u sljedeem sastavu: Jnos
Szarkndi, Gerhard Hirth i Albert Scheuer, a iz istog razloga imenovan je i novi saziv Odbora za reviziju u
sastavu: Milan Dmitrovi, Hajrudin Hadimehanovi i Anto Domazet.
Nakon to je odrana Skuptina Drutva, Nadzorni odbor je pratio i razmatrao realizaciju donesenih
odluka.
3. Saradnja s Upravom Drutva

Saradnja Nadzornog odbora i Uprave Drutva bila je na zavidnom nivou i tokom 2016. godine, a sve su
odluke donesene uz saglasnost ovih dvaju organa.
U pripremi sjednica Nadzornog odbora, kao i u znaajnijim aktivnostima izvan sjednica, Uprava Drutva
je pravovremeno donosila obrazloene i argumentirane prijedloge koji su, prije svega, odraavali interese
Drutva kao cjeline, kao i interese dioniara u njemu.
Nadzorni odbor je inio znaajne napore da svojim aktivnostima, nadzorom i sugestijama omogui Upravi
izvravanje postavljenih planskih ciljeva i zadataka. Istovremeno je, uz nadzor rada Uprave, razmatrao
potrebne izvjetaje i informacije o realizaciji tih ciljeva.
.

2016
Additionally, in the framework of its authorization related to issues of business operations and supervision of the
Management Boards work, the Supervisory Board undertook the following:
reviewed and approved the financial statements of Tvornica cementa Kakanj and consolidated the financial
statements of Tvornica cementa Kakanj and related legal entities for 2015, with the auditors report;
considered and adopted the semi-annual report of the Company during 2016;
reviewed and accepted a range of information about the business plan and the implementation of the
business plan in 2016;
made necessary preparations for the General Assembly meeting, which resulted in adoption of important
decisions on the operations and activities of the Company.
2.2. General Assembly of the Company

The Supervisory Board organised, prepared, and convened the regular General Assembly, held on 9 May 2016. This meeting
comprised of mandatory agenda items requested by law, such as the Annual Report for 2015, and the decision on profit distribution
and dismissal and appointment of an external auditor. In addition to these items on the agenda, the General Assembly adopted,
amended and harmonised the Statute of Tvornica cementa Kakanj d.d. Kakanj and TBG BH d.o.o. Kakanj with the new Law on
Business Companies.
Due to the expiry of the 4 year mandate, the General Assembly has appointed new members of the Supervisory Board: Jnos
Szarkandi, Gerhard Hirth and Albert Scheuer. For the same reason, the General Assembly was appointed with a new composition
of Audit Committee members: Milan Dmitrovi, Hajrudin Hadimehanovi and Anto Domazet.
After the General Assembly meeting of the Company, the Supervisory Board monitored and reviewed the implementation of the
relevant decisions.
3. Cooperation with the Management Board of the Company

Good cooperation between the Supervisory Board and the Management Board continued throughout 2016. Important
decisions related to the work and business operations of the Company were made with the full agreement of both bodies.
In preparing the Supervisory Board sessions, as in all other significant activities, the Companys Management Board
provided timely explanations and well-argued proposals which, above all, reflected the interests of the Company, as well
as the interests of its shareholders.
The Supervisory Board invested efforts through its activities, supervision and suggestions, that were significant enough
to enable the Management Board to execute the planned goals and tasks. At the same time, through its supervision of
the Management Boards work, it reviewed necessary reports and information regarding the realization of those goals.
.

2016
4. Saradnja s Odborom za reviziju
Nadzorni odbor je tokom cijele godine ostvarivao odgovarajuu saradnju s Odborom za reviziju, koji je
svoje aktivnosti obavljao u skladu s propisanim nadlenostima. Nadzorni odbor je s dunom panjom
razmotrio prijedloge Odbora te poduzeo odgovarajue korake kako bi oni bili i realizirani. Svrha ovog
organa jeste pomo Upravi u nadgledanju cjelovitosti finansijskih izvjetaja Drutva, nadgledanje
usklaenosti Drutva sa zakonskim i drugim propisima, utvrivanje kvalifikacija i nezavisnosti nezavisnog
eksternog revizora te nadgledanje rada interne revizije Drutva i nezavisnih eksternih revizora.
Ocjena stanja
Na osnovu kontinuiranog nadzora poslovanja Drutva i usvojenih izvjetaja Uprave o njegovom poslovanju,
Nadzorni odbor konstatira da je poslovanje Drutva u skladu s odlukama Skuptine Drutva, Statutom
Drutva, zakonima i drugim propisima.
Jnos Szarkndi,
predsjednik Nadzornog odbora

2016
4. Cooperation with the Audit Committee
Throughout the year the Supervisory Board cooperated with the Audit Committee while it conducted its reviews
according to its prescribed regulations. With due attention, the Supervisory Board reviewed the proposals of the
Audit Committee and undertook appropriate steps to their realisation. The purpose of this organ is to assist the
Management Board in monitoring the completeness of financial reports of the company, to monitor compliance of the
Company with the law and other regulations, to determine qualifications and the independence of the independent
external auditor, and to monitor the work of the internal audit of the company and independent external auditors.
Situation Assessment
On the basis of continued supervision of the Companys business and adopted reports of the Management
Board, the Supervisory Board concludes that the Companys business is in accordance with the decisions
of the General Assembly and the Statute of the Company, as well as all relevant laws and regulations.
Jnos Szarkndi,
Chairman of the Supervisory Board

2016
Izvjetaj odbora za reviziju
Report of the Audit Committee
Skuptina dioniara Tvornice cementa Kakanj d.d. Kakanj imenovala je 9. 5. 2016. godine Odbor za
reviziju u sljedeem sastavu:
1. Milan Dmitrovi, predsjednik,

2. Hajrudin Hadimehanovi, lan,
3. Anto Domazet, lan.
Odbor za reviziju je u toku 2016. godine obavljao sljedee aktivnosti:
razmotrio je i podnio miljenje o setu finansijskih izvjetaja Drutva i konsolidiranih finansijskih izvjetaja Grupe
za 2015. godinu;
pratio i razmatrao periodine finansijske izvjetaje Drutva u toku 2016. godine;
kontaktirao sa lanovima Uprave Drutva u vezi s pojedinim pitanjima porezne, finansijske, raunovodstvene i
dr. aktualne problematike u poslovanju Drutva;
vrio uvid u ostale podatke i dokumentaciju koju je Uprava Drutva, na zahtjev Odbora ili po vlastitoj inicijativi,
dostavljala Odboru;
pratio aktivnosti vanjskog revizora Drutva.
lanovi Odbora su informativno i savjetodavno kontaktirali sa lanovima Uprave Drutva u vezi s

pojedinim pitanjima vezanim za tekue poslovanje, poreznu problematiku, finansijsko izvjetavanje,
raunovodstvenu politiku i evidenciju, posebno u pogledu primjene poreznih propisa i Meunarodnih
raunovodstvenih standarda, odnosno Meunarodnih standarda finansijskog izvjetavanja (IAS/IFRS).
Odbor u toku 2016. godine nije imao zahtjeva od dioniara za posebnim revizijama finansijskog poslovanja
u smislu lana 113. Statuta Drutva.
U vrijeme izrade ovog izvjetaja Odbor za reviziju je raspolagao i izvjetajem eksternog revizora o
finansijskim izvjetajima Drutva i konsolidiranim finansijskim izvjetajima Grupe za 2016. godinu.
U skladu s navedenim Odbor za reviziju daje:
MILJENJE
o setu finansijskih izvjetaja Drutva za 2016. godinu
U skladu sa svojim nadlenostima i Meunarodnim standardima revizije (ISA), Odbor za reviziji je
vrio kontinuirani uvid u finansijske izvjetaje Drutva u toku 2016. godine u cilju sagledavanja njihove
usklaenosti s Meunarodnim raunovodstvenim standardima, odnosno Meunarodnim standardima
finansijskog izvjetavanja.
Set finansijskih izvjetaja za 2016. godinu je sainila Uprava Drutva, koja je odgovorna za tanost
iskazanih podataka. Odbor za reviziju izraava miljenje o usklaenosti finansijskih izvjetaja i primijenjenih
raunovodstvenih politika s raunovodstvenim standardima.

2016
The Assembly of the Shareholders of the Cement Factory Kakanj, joint stock company, appointed the Audit
Committee on May 9, 2016 composed of the following members:
1. Milan Dmitrovi, Chair

2. Hajrudin Hadimehanovi, Member
3. Anto Domazet, Member
The Audit Committee performed the following activities in the course of 2016:
Reviewed and submitted its opinion on the set of financial reports of the Company, and consolidated financial
reports of the Group, for 2015;
Continuously followed up on and reviewed periodic financial reports of the Company during 2016;
Contacted members of the Companys Management on tax, financial, accounting and other current issues
pertaining to the Companys activities;
Checked other data and documentation that the Management of the Company, at the request of the
Committee or on its own initiative, submitted to the Committee;
Followed up on the activities of the external auditor of the Company.

The members of the Audit Committee maintained information sharing and consultation contacts with the members
of the Companys Management related to current issues, tax duties, financial reporting, accounting policies and
records, particularly dealing with the application of tax regulations, as well as the application of the International
Accounting Standards and the International Financial Reporting Standards (IAS/IFRS).
In 2016, the Committee received no requests from the shareholders for special audits of the financial operations in
terms of Article 113 of the Companys Rule Book.
At the moment of the drafting of this report, the Audit Committee has obtained the report of the external auditor
on the set of financial reports of the Company, as well as the consolidated financial reports of the Group for 2016.
In accordance with the aforementioned, the Audit Committee is submitting the following:
OPINION
on the Set of Financial Reports of the Company for 2016
Pursuant to its competencies and the International Standards of Audit (ISA), the Audit Committee
has been continuously checking the financial reports of the Company during 2016, in order to
review their compliance with the International Accounting Standards and International Financial
Reporting Standards.
The management of the Company, which is responsible for the accuracy of the presented information,
has made the set of annual financial reports for 2016. The Audit Committee is stating its opinion on the
compliance of the financial reports and the applied accounting policies with the accounting standards.

2016
Po miljenju Odbora za reviziju, finansijski izvjetaji Tvornice cementa Kakanj d.d. Kakanj za 2016. godinu, u svim
znaajnim aspektima, objektivno, realno i u skladu s Meunarodnim raunovodstvenim standardima, odnosno
Meunarodnim standardima finansijskog izvjetavanja prikazuju finansijski poloaj Drutva na dan 31. 12. 2016.
godine, kao i rezultate poslovanja, promjene u kapitalu i novane tokove Drutva za 2016. godinu.
Primijenjene raunovodstvene politike priznavanja i vrednovanja sredstava, obaveza, kapitala, prihoda i rashoda
Drutva u skladu su s Meunarodnim raunovodstvenim standardima i Meunarodnim standardima finansijskog
izvjetavanja.
MILJENJE
o setu konsolidiranih finansijskih izvjetaja Grupe za 2016. godinu
Odbor za reviziju je izvrio uvid i u set konsolidiranih finansijskih izvjetaja Grupe (Tvornice cementa Kakanj d.d.
Kakanj i zavisnih drutava: TBG BH d.o.o. Kakanj i TBG Beton d.o.o. Zagreb) za 2016. godinu.
Set konsolidiranih finansijskih izvjetaja Grupe je sainila Uprava Drutva, na osnovu pojedinanih finansijskih
izvjetaja matinog Drutva i pojedinanih finansijskih izvjetaja zavisnih drutava za 2016. godinu, koje
su sainile uprave lanica Grupe i koje su i odgovorne za tanost podataka iskazanih u tim pojedinanim
izvjetajima. Odbor za reviziju izraava miljenje o usklaenosti seta konsolidiranih finansijskih izvjetaja sa
MRS/MSFI.
Odbor za reviziju smatra da su konsolidirani finansijski izvjetaji Grupe za 2016. godinu sainjeni u skladu s
relevantnim MRS/MSFI, te da oni realno i objektivno, u svim znaajnim aspektima, odraavaju finansijski poloaj,
rezultate poslovanja, promjene u kapitalu i novane tokove Grupe.
Daljnje aktivnosti Odbora
Odbor za reviziju e i u narednom periodu kontinuirano razmatrati finansijske izvjetaje, primjenjivane procedure i
pokazatelje o poslovanju Drutva.
Na zahtjev Skuptine, Nadzornog odbora i/ili Uprave Drutva, Odbor e se u skladu sa svojim nadlenostima
angairati i u drugim pitanjima.
Kakanj, 13. 2. 2017. godine
lanovi Odbora:
Milan Dmitrovi Hajrudin Hadimehanovi Anto Domazet

2016
It is the opinion of the Audit Committee that the financial reports of the Cement factory Kakanj, joint-stock company
Kakanj for the year 2016, in all materially significant respects, fairly and truly, and in accordance with the International
Accounting Standards/International Financial Reporting Standards, present the financial status of the company on 31
December 2016, as well as the results of business operations, changes in capital and cash flows of the Company for 2016.
The applied accounting policies of acknowledging and evaluating the assets, liabilities, capital, income and expenditures
of the Company have been in conformity with the International Accounting Standards and International Financial Reporting
Standards.
OPINION
on the Set of Consolidated Financial Reports of the Group for 2016
The Audit Committee has also reviewed the set of consolidated financial reports of the Group (Cement factory Kakanj,
joint-stock company Kakanj and the associated companies TBG BH Ltd. Kakanj, TBG Beton Zagreb) for the year 2016.
The management of the Company has made the set of the consolidated financial reports of the Group, on the
basis of the individual financial reports of the parent Company and the individual financial reports of the associated
companies for the year 2016, made by the managements of the members of the Group, which are responsible
for the accuracy of the released data in these individual reports. The Audit Committee is stating its opinion on the
compliance of the set of the consolidated financial reports with the IAS/IFRS.
It is the opinion of the Audit Committee that the consolidated financial reports of the Group for the year 2016 have
been made in accordance with the other relevant IAS/IFRS, and that they fairly and truly, in all significant respects,
reflect the financial status, business performance, changes in capital and cash flows of the Group.
Further activities of the Committee
The Audit Committee plans to continue monitoring and discussing financial reports, procedures and the
development of the Company also in the coming period.
The Committee will additionally be engaged in solving all particular problems related to the Companys operations
at the request of the Assembly of Shareholders, the Supervisory Board, and the management of the Company.
Kakanj, February 13, 2017
Members of the Committee:

Milan Dmitrovi Hajrudin Hadimehanovi Anto Domazet

2016
Uprava Tvornice cementa Kakanj
Management Board of Tvornica Cementa Kakanj
Branimir Muida
Branimir Muida je generalni direktor Tvornice cementa Kakanj i General Manager HeidelbergCement grupacije u
Bosni i Hercegovini i Hrvatskoj. Takoer je lan upravnog odbora kompanija TBG Beton d.o.o. Zagreb i Dunav-
Drava cement d.o.o. Zagreb te prokurist kompanije TBG BH d.o.o.
U proteklih esnaest godina radio je za HeidelbergCement na razliitim rukovodeim funkcijama.
Prije nego to se prikljuio HeidelbergCementu, Muida je tri godine radio kao broker i analitiar za hrvatske Flacius
Vrijednosnice d.o.o. Takoer je vodio Financije i Raunovodstvo d.o.o. u Hrvatskoj.
Diplomu ekonomista stekao je na Fakultetu ekonomije i turizma u Puli, Univerziteta u Rijeci, u Hrvatskoj. Muida
je od 1996. i ovlateni posrednik za trgovanje vrijednosnim papirima u Hrvatskoj.
Muida je uspjeno zavrio razliite programe menadmenta u organizaciji Business School St. Gallen London
(Velika Britanija), Harvard Boston (SAD), Management Center Europe Bruxelles (Belgija) i Barcelona (panjolska);
kao i u okviru HeidelbergCement grupacije kao to su Senior Management Development Program u organizaciji
INSEAD Pariz (Francuska), DUKE Corporate Education Frankfurt (Njemaka), CEE Management Development
Program i HC Executive Development Program.
Predsjednik je Vijea stranih investitora u BiH od 2011. godine, lan Upravnog odbora Udruenja za unapreenje
njemako-bosanskohercegovakih privrednih odnosa i predsjednik Poslovnog savjeta Ekonomskog fakulteta
u Sarajevu. Pored toga, bio je voa SAP projekta 2001. godine, tokom prve SAP implementacije u Bosni i
Hercegovini.
Muida je izabran za menadera godine u Bosni i Hercegovini 2006., 2007., 2009., 2010. i 2011. godine, a 2012. i
2014. za menadera decenije za BiH i jugoistonu Evropu. U novembru 2012. godine Internacionalna liga humanista
dodijelila je Muidi Zlatnu povelju Internacionalni humanist desetljea.
Izudin Neimarlija
Izudin Neimarlija pridruio se timu Tvornice cementa Kakanj 1997. godine. Radio je i usavravao svoje znanje na
razliitim inenjerskim pozicijama, da bi 2003. godine bio izabran na dunost operativnog tehnikog direktora, a
2004. na funkciju izvrnog direktora za proizvodnju i tehnika pitanja te lana Uprave Tvornice cementa Kakanj.
Prije nego to se prikljuio Tvornici cementa Kakanj, Neimarlija je radio kao inenjer elektrotehnike za nekoliko
kompanija u Italiji, a do 1993. godine radio je kao profesor u Srednjoj strunoj koli u Kaknju.
Diplomu inenjera elektrotehnike stekao je na Elektrotehnikom fakultetu Univerziteta u Sarajevu.
Zehra Obralija
Zehra Obralija pridruila se timu Tvornice cementa Kakanj 1991. godine, na poziciji referenta za raspodjelu, da bi
1993. godine bila imenovana na dunost rukovoditelja finansijske slube. Na funkciju izvrnog direktora za finansijske
i ekonomske poslove i lanicu Uprave Tvornice cementa Kakanj izabrana je 2000. godine.
Prije nego to se prikljuila Tvornici cementa Kakanj, Zehra Obralija je tokom 1991. godine obavljala dunost
direktorice kompanije Gradis, a u periodu od 1986. do 1991. godine radila na poslovima referentice plana i analize
te rukovodila finansijskom slubom Zajednice stanovanja i komunalnih poslova RZ Kakanj.
Diplomu ekonomistice stekla je na Ekonomskom fakultetu Univerziteta u Sarajevu.

2016
Branimir Muida
Branimir Muida is the General Manager of Tvornica Cementa Kakanj and the General Manager of HeidelbergCement
Group for Bosnia and Herzegovina and Croatia. He is also a member of the managing boards of TBG Beton Zagreb
and Dunav-Drava Cement Zagreb, and the procurator of TBG BH.
For the last sixteen years he has been present at the Company in various management roles.
Prior to joining HeidelbergCement Group, Muida was an agent and analyst for the Croatian company Flacius
Vrijednosnice d.o.o. for three years. He also ran the company Financije i Raunovodstvo d.o.o. in Croatia.
He holds a B.A. degree in Finance from the Economy and Tourism Faculty of Pula, University of Rijeka, Croatia.
Since 1996, Muida is a licensed agent for trading securities in Croatia.
Muida has successfully completed various career and management development programs organized by the
Business School St. Gallen London (Great Britain), Harvard Boston (USA), Management Center Europe Brussels
(Belgium) and Barcelona (Spain); and within HeidelbergCement Group he has completed the Senior Management
Development Program delivered by INSEAD Paris (France), DUKE Corporate Education Frankfurt (Germany), the
CEE Management Development Program, and the HC Executive Development Program.
He has been the Chairman of the Foreign Investment Council in Bosnia and Herzegovina since 2011, is a Board
Member of the Association for the promotion of German Bosnian and Herzegovinian business affairs, and he is the
Chairman of the Advisory Board of the University of Sarajevo - Faculty of Economics. In addition, he was the project
leader of the first SAP implementation in Bosnia and Herzegovina.
Muida was elected Businessman of the year in Bosnia and Herzegovina in 2006, 2007, 2009, 2010 and 2011, and
Manager of the Decade for Bosnia and Herzegovina and Southeast Europe in 2012 and 2014. In November 2012,
the International League of Humanists awarded Muida the Golden Charter Humanist of the Decade.
Izudin Neimarlija
Izudin Neimarlija joined Tvornica Cementa Kakanj in 1997. He worked and gained experience in different engineering
positions, and in 2003 was elected to the position of Operational Technical Director. In 2004 he was made Executive
Director for Production and Technical Issues, as well as a Management Board Member of Tvornica Cementa Kakanj.
Prior to joining Tvornica Cementa Kakanj, Neimarlija worked as an electrical engineer for various companies in Italy,
and until 1993 he worked as an instructor at Kakanjs High School.
He holds a B.A. degree in electrical engineering from the Faculty of Electrical Engineering, University of Sarajevo.
Zehra Obralija
Zehra Obralija joined Tvornica Cementa Kakanj in 1991 as Officer for Allocation, and in 1993 she was elected to
the position of Finance Department Manager. In 2000 she was appointed to the position of Executive Director for
Finance and Economic issues and became a Member of the Managing Board of Tvornica Cementa Kakanj.
Prior to joining Tvornica Cementa Kakanj, Obralija was director of the Gradis company, and from 1986 to 1991
she worked first as Officer for Planning and Analysis, and then as Finance Department Manager in the Municipal
Administration for Housing and Public Utilities of Kakanj.
She holds a B.A. degree in Finance from the Faculty of Economy, University of Sarajevo.

2016
Nadzorni odbor
Supervisory Board
Jnos Szarkndi, predsjednik

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

Nakon zavretka srednje kole, Albert Scheuer je studirao mainski inenjering / procesnu
tehniku na Tehnikom univerzitetu u Clausthalu, Njemaka. Stekao je diplomu inenjera
mainstva 1982. godine, a 1987. doktorirao mainski inenjerning.
Profesionalnu karijeru Albert Scheuer je zapoeo na njemakom Istraivakom institutu
cementne industrije 1983. godine. Nakon to se 1992. pridruio HeidelbergCementu,
radio je na razliitim pozicijama u cementari u Leimenu i Heidelberg Technology Centeru.
Od 1998. do 2005. bio je odgovoran za tehniku podrku evropskim cementarama
HeidelbergCementa u okviru pozicije izvrnog direktora Heidelberg Technology Centera.
Od 2005. godine bio je odgovoran za aktivnosti HeidelbergCementa u Kini kao glavni
operativni direktor. U augustu 2007. imenovan za lana Upravnog odbora. Dr. Albert
Scheuer bio je odgovoran za podruje Grupe Azija Pacifik do 31. marta 2016. Od 1. aprila 2016. zaduen je
za podruja Sjeverna i Istona Evropa Centralna Azija. Pored toga, odgovoran je i za koordinaciju Heidelberg
Technology Centera irom svijeta, istraivanje i razvoj / proizvodne inovacije, kao i okolinu odrivost.
Gerhard Hirth, lan

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

2016
Jnos Szarkndi, Chairman

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

After finishing secondary school, Dr. Albert Scheuer studied Mechanical Engineering/Process Technology at the
technical university of Clausthal, Germany. He earned his degree as a Mechanical Engineer in 1982 and received
his Doctorate in Mechanical Engineering in 1987.
Dr. Albert Scheuer started his professional career with the Research Institute of the German Cement Industry
in 1983. After joining HeidelbergCement in 1992, he took on various positions at the Leimen cement plant and
Heidelberg Technology Centre. From 1998 to 2005, he was in charge of technical support for our European
cement plants as Managing Director of Heidelberg Technology Centre. As of 2005, he was responsible for
HeidelbergCements activities in China as Chief Operating Officer. In August 2007, he was appointed Member of
the Managing Board. Dr. Albert Scheuer was in charge of the Asia-Pacific Group area until 31 March 2016. Since
1 April 2016, he has been in charge of the Northern and Eastern Europe-Central Asia Group area. In addition, he
is responsible for the worldwide coordination of the Heidelberg Technology Centre, Research & Development/
Product Innovation as well as Environmental Sustainability.
Gerhard Hirth, Member

Gerhard Hirth graduated with a degree in industrial engineering and management from the University of
Karlsruhe. In 1976, he entered Dyckerhoff AG in Wiesbaden as assistant to the Technical Director. After
several years of activity and responsibility in the Planning, Controlling and Special Tasks Departments, he
was appointed General Manager and Divisional Manager of Dyckerhoff Ausbauprodukte (Finishing Products
Division) in 1984.
In 1993 he joined Anneliese Zementwerke AG in Ennigerloh as CEO

Since May 2000 Gerhard Hugo Hirth has been responsible for Schwenk Group as its Managing Director, situated
in Ulm, Germany, the head office of Schwenk Zement KG.
He performs extensive activities within the German and European cement associations as well as other associations
and companies in the construction and energy sectors.

2016
Dionice
Shares
Struktura dioniara
Tvornica cementa Kakanj uvrtena je na Sarajevsku berzu vrijednosnih papira pod simbolom emitenta TCMKR i u
sastavu je indeksa SASX-10, koji prati kretanje cijena prvih 10 kompanija na tritu mjereno po trinoj kapitalizaciji
i frekvenciji trgovanja, te u sastavu indeksa SASX-30, u koji mogu biti ukljueni samo simboli emitenata uvrtenih na
primarno slobodno trite (PST). Dionice Tvornice cementa Kakanj d.d. Kakanj takoer su uvrtene na subsegment
1 (ST1), odnosno predstavljaju najlikvidnije vrijednosne papire na slobodnom tritu.
Temeljni kapital Drutva iznosi 94.765.400 KM i podijeljen je na 9.476.540 dionica nominalne vrijednosti 10 KM po
dionici.
U skladu s pozitivnim propisima, Drutvo osigurava redovit pristup informacijama o svome radu i djelovanju kao i
podatke o injenicama i okolnostima koje mogu uticati na cijenu dionica (cjenovno osjetljive informacije). Drutvo
postupa na jednak nain i pod jednakim uvjetima prema svim dioniarima nezavisno o broju dionica kojima raspolau,
zemlji njihova porijekla te njihovim drugim osobinama. Pravo glasa obuhvata sve dioniare Drutva na nain da je
broj glasova koji im pripada na Glavnoj skuptini jednak broju njihovih dionica.
Vlasnika struktura se nije bitno mijenjala u 2016. godini. Ukupan broj dioniara je 31. 12. 2016. godine iznosio 365.
Veinski dioniar je CEEM INVESTMENT FOUND iz Holandije sa 93,27% uea.
Vlasnika struktura deset najveih dioniara na dan 31. 12. 2016. data je u sljedeoj tabeli:
Dioniar Na dan 31. 12. 2015. godine Na dan 31. 12. 2016. godine
Broj dionica Udio u Broj Udio u

vlasnitvu % dionica vlasnitvu %
CEEM INVESTMENT 8.839.236 93,27 8.839.236 93,27
ZIF "PROF-PLUS" d.d. Sarajevo 304.691 3,22 298.309 3,15
Jasmin epo 37.148 0,39 37.148 0,39
Raiffeisen BANK d.d. Bosna i Hercegovina 30.453 0,32 34.918 0,37
DANSKE INVEST TRANS-BALKAN 24.197 0,26 24.197 0,26
Riad Jazvin 11.658 0,12 11.658 0,12
Ante Zvonar 9.500 0,10 9.500 0,10
Armin Hadi 4.999 0,05 7.682 0,08
Eniz Spahi 6.000 0,06 6.000 0,06
Elvedin Alajbegovi 5.006 0,05 5.006 0,05
Ostali dioniari 203.652 2,16 202.886 2,15
UKUPNO 9.476.540 100,00 9.476.540 100,00

2016
Shares
Tvornica cementa Kakanj is listed on the Sarajevo Stock Exchange under the symbol issuer TCMKR and it is in the
composition of the index SASX-10 Sarajevo Stock Exchange, which follows the price movement of the top 10 com-
panies in the market as measured by market capitalization and frequency of trading, and SASX-30 which includes
only the symbols of issuers included in the primary free market. Also, shares of Tvornica cementa Kakanj are listed
on the sub-segment 1 (ST1), and represent the most liquid securities on the open market.
The share capital of the Company amounts to 94.765.400 KM and is divided into 9.476.540 shares with a nominal
value of 10 KM per share.
In accordance with the applicable laws, the Company provides access to information on its work and activities as well as
information about facts and circumstances that may affect the stock price (price sensitive information). The Company ap-
plies the same manner and under the same conditions to all shareholders regardless of the number of shares they hold, their
country of origin and their other characteristics. The right to vote encompasses all shareholders of the Company to the de-
gree that the number of votes they are entitled to within the context of the General Assembly equals the number of shares.
The ownership structure did not significantly change in 2016. The total number of shareholders on 31 December 2016
was 365. The major shareholder remains CEEMINVESTMENT FUND from the Netherlands with 93.27% of shares.
The ownership structure of the ten largest shareholders as at 31 December 2016 is provided in the following table:
Shareholder As at 31 Dec 2015 As at 31 Dec 2016
Number of Ownership Number of Ownership

shares share % shares share %
CEEM INVESTMENT 8,839,236 93.27 8,839,236 93.27
ZIF PROF-PLUS d.d. Sarajevo 304,691 3.22 298,309 3.15
epo Jasmin 37,148 0.39 37,148 0.39
Raiffeisen BANK d.d. Bosna i Hercegovina 30,453 0.32 34,918 0.37
DANSKE INVEST TRANS-BALKAN 24,197 0.26 24,197 0.26
Jazvin Riad 11,658 0.12 11,658 0.12
Zvonar Ante 9,500 0.10 9,500 0.10
Hadi Armin 4,999 0.05 7,682 0.08
Spahi Eniz 6,000 0.06 6,000 0.06
Alajbegovi Elvedin 5,006 0.05 5,006 0.05
Other shareholders 203,652 2.16 202,886 2.15
TOTAL 9,476,540 100.00 9,476,540 100.00

2016
Kretanje cijene dionica
Trina vrijednost dionica, odnosno trina kapitalizacija Tvornice cementa Kakanj na dan 31. 12. 2016. godine
iznosila je 213,22 miliona KM i poveana je u odnosu na prethodnu godinu za 2,23%.
Poetna vrijednost dionica je iznosila 23 KM, a krajnja 22,5 KM. Najvea cijena dionica bila je 23 KM, a najmanja
22 KM.
Ukupan promet dionicama Tvornice cementa Kakanj u 2016. godini iznosio je 364.036,43 KM, a prometovano je
sa 16.126 dionica. U odnosu na prethodnu godinu broj dionica kojima se trgovalo povean je za 1,65%.
Informacije o dionicama 2015. godina 2016. godina

Cijena na dan 31. decembra 22,01 22,50
Najvia cijena u godini 24,00 23,00
Najnia cijena u godini 21 22
Broj trgovanih dionica 15.865 16.126
Ukupan broj dionica 9.476.540 9.476.540
Nominalna vrijednost dionica 10 10
Minimalna vrijednost temeljnog kapitala 94.765.400 94.765.400
Trina kapitalizacija na kraju perioda 208.578.645 213.222.150
Zarada po dionici 1,45 1,87
Na osnovu odluke Skuptine dioniara, Tvornica cementa Kakanj u 2016. godini isplatila je dividende za 2015.
godinu u iznosu od 13.750.976,15 KM, odnosno 1,45 KM po dionici.
Kretanje cijene dionica u 2016. godini KM/dionica

50
45
40
35
30
25
20
15
10
5
0
Mart
April
Maj
Juni
August
Januar
Februar
Septembar
Oktobar
Novembar
Decembar

2016
Share Price Development
The market value of the shares or market capitalisation of Tvornica cementa Kakanj as at 31 December 2016
amounted to 213.22 million KM, an increase of 2.23% compared to the previous year.
The opening value of shares amounted to 23.0 KM and the closing value amounted to 22.5 KM. The highest price
of a share was 23.0 KM and the lowest price of a share was 22.0 KM.
Total turnover generated from the shares trading of Tvornica cementa Kakanj in 2016 amounted to 364.036,43 KM,
and traded with 16.126 shares. Compared to the previous year the number of shares traded increased by 1.65%.
Information about shares 2015. godina 2016. godina

Price as at 31 December 22.01 22.50
Highest price of the year 24.00 23.00
Lowest price of the year 21 22
Number of shares traded 15,865 16,126
Total number of shares 9,476,540 9,476,540
Nominal value of a share 10 10
Nominal value of shareholders' equity 94,765,400 94,765,400
Market capitalization at the end of the period 208,578,645 213,222,150
Earnings per share 1.45 1.87
In accordance with the decision of the General Shareholders Assembly, Tvornica cementa Kakanj in 2016 paid
dividends for 2015 in the amount of 13.750.976,15 KM or 1.45 KM per share.
Share price development in 2016 KM/share

50
45
40
35
30
25
20
15
10
5
0
January
February
March
April
May
Juny
August
Septembar
October
November
December

2016
Kretanje cijene dionica u 2016. godini
KM/dionica
12000 50
10000
40
8000
30
6000
20
4000
10
2000
0 0
August
April
Juni
Mart
Oktobar
Maj
Januar
Novembar
Februar
Decembar
Septembar
Promet dionica Poetna cijena Najnia cijena Najvia cijena

2016
Share price development in 2015
KM/share
12000 50
10000
40
8000
30
6000
20
4000
10
2000
0 0
January
February
Macht
April
May
August
Jun
September
Oktober
November
December
trading of shares Opening price Lowest price Highest price

2016
Dividende
U periodu od 2009. do 2016. godine Tvornica cementa Kakanj je na osnovu odluka Skuptine dioniara kontinuirano
svojim dioniarima isplaivala dividendu. Ukupna neto dobit Tvornice cementa Kakanj ostvarena u periodu od 2008. do
2016. godine iznosila je 199,8 milion KM, dok je ukupno isplaena dividenda za period 2008.-2016. godine iznosila 247,46
miliona KM (ukljuujui dobit ostvarenu u periodu 2001.-2007.). Ukupan iznos isplaene dividende po dionici iznosio je
26,11 KM.
Pregled ostvarene neto dobiti od 2008. do 2016. godine, ukupne isplate dividende te isplate dividende po dionici po godinama
prikazan je u sljedeoj tabeli:
Godina Neto dobit Ukupno isplata dividende Isplata dividende po dionici
2008. 48.955.695 - -
2009. 38.382.991 114.279.254 12,06
2010. 24.965.718 23.691.350 2,50
2011. 17.205.954 24.965.717 2,63
2012. 9.424.240 17.205.954 1,82
2013. 18.185.762 9.424.240 0,99
2014. 11.266.475 27.861.028 2,94
2015. 13.750.976 16.282.850 1,72
2016. 17.683.307 13.750.976 1,45
Ukupno 199.821.118 247.461.369 26,11

2016
Dividend
In the period from 2009 to 2016, Tvornica cementa Kakanj, based on the decision of the General Shareholders Assembly, con-
tinuously paid dividends to its shareholders. The total net income of Tvornica cementa Kakanj realised in the period from 2008
to 2016 amounted to 199.8 million KM, while the total dividend paid for the period from 2008 to 2015 amounted to 247.46mil-
lion KM (including the net income realised in the period 2001-2007). The total amount of dividends paid per share amounted
to 26.11 KM.
An overview of net income from 2008 to 2016, as well as the total dividend payment and dividend payment per share per years,
is shown in the following table:
Year Net income Total dividend payment Dividend payment per share
2008 48,955,695 - -
2009 38,382,991 114,279,254 12.06
2010 24,965,718 23,691,350 2.50
2011 17,205,954 24,965,717 2.63
2012 9,424,240 17,205,954 1.82
2013 18,185,762 9,424,240 0.99
2014 11,266,475 27,861,028 2.94
2015 13,750,976 16,282,850 1.72
2016 17,683,307 13,750,976 1.45
Total 199,821,118 247,461,368 26.11

2016
Uspjeh naih kupaca
je i na uspjeh
2016
Our customers
success
is our success
2
Poglavlje
Chapter Korporativno upravljanje
1 Corporate Governance
Strana
Page
36 Oblik organizacije i organi upravljanja Drutva

Organization and Managing Bodies of the Company
40 Oblik organizacije i organi upravljanja povezanih pravnih subjekata

Organization and Managing Bodies of the Related Companies
42 Korporativne komunikacije
Corporate Communications
2016
Korporativno upravljanje
Corporate Governance
Korporativno upravljanje predstavlja okvir za voenje poslova i nadzor rada Drutva i cilj mu je stvaranje
ekonomske vrijednosti za dioniare. Korporacijska naela upravljanja podrazumijevaju poslovanje u skladu s
vaeim propisima zemlje u kojoj se obavlja djelatnost te nastojanje kompanije da zadovolji najvie standarde
korporacijskog upravljanja.
Tvornica cementa Kakanj d.d. Kakanj veliku panju posveuje korporativnom upravljanju kao temelju za ostvarivanje
korporativnih ciljeva i poveanje vrijednosti kompanije. Nae se poslovanje zasniva na principima odgovornosti,
djelotvornosti, transparentnosti, efikasnoj kontroli i profesionalizmu te potivanju dobrih poslovnih obiaja prema
poslovnim partnerima, poslovnom i drutvenom okruenju i vlastitim zaposlenicima. Pri donoenju odluka vodimo
se interesima dioniara, zaposlenika i drugih interesnih grupa, nastojei tako osigurati uspjean rast i razvoj u
poslovanju kompanije.
Sva upravljaka tijela Drutva duna su pridravati se etikih principa i standarda poslovanja propisanih
Statutom Drutva i relevantnim zakonskim propisima. Drutvo je kontinuirano unapreivalo principe i pravila
korporativnog upravljanja usklaivanjem sa Zakonom o privrednim drutvima (Slubene novine Federacije
BiH br. 81/15) i Pravilima upravljanja dionikim drutvima, to ih je donijela Komisija za vrijednosne papire
u Federaciji BiH (Slubene novine Federacije BiH br. 24/06, 27/06, 30/07 i 19/10). Novi Zakon o privrednim
drutvima zahtijevao je usklaivanje Statuta Drutva, a najvanije izmjene tiu se ovlatenja Skuptine Drutva
i Nadzornog odbora.
Pravila korporativnog upravljanja kontinuirano se poboljavaju iskustvima i instrukcijama matine kompanije
HeidelbergCement grupacije. Tvornica cementa Kakanj usvojila je i primjenjuje Kodeks poslovnog ponaanja,
kojim se od svih zaposlenika zahtijeva da potuju osnovna pravila poslovnog ponaanja. Kodeks poslovnog
ponaanja posebno se odnosi:
na integritet i profesionalno ponaanje prema kupcima, dobavljaima, predstavnicima vlasti i poslovnim

partnerima;
dosljedno izbjegavanje sukoba interesa;
paljiv i odgovoran odnos prema poslovnim tajnama i linim podacima;
na pravedne, nediskriminirajue uvjete zapoljavanja i pravedan dijalog s predstavnicima zaposlenika;
zdravo i sigurno radno okruenje;
brino upravljanje prirodnim resursima.
Pored navedenoga, Tvornica cementa Kakanj rukovodi se i drugim relevantnim internim aktima koji su sastavni dio
korporativnog upravljanja, odnosno predstavljaju ua pravila ponaanja i rada Drutva i svih njegovih lanova, kao
to su Grupacijski vodi o antikorupciji, koji se temelji na relevantnim zakonskim odredbama koje se odnose na
spreavanje nastanka korupcije, te Principi rukovoenja i Grupacijski vodi za potivanje zakona o konkurenciji.
Kodeks poslovnog ponaanja, Grupacijski vodi o antikorupciji i Grupacijski vodi za potivanje zakona o
konkurenciji sastavni su dio Compliance programa (programa potivanja zakonitosti i poslovne politike) koji se
provodi u cijeloj HeidelbergCement grupaciji.
Tvornica cementa Kakanj usvojila je Kodeks korporativnog upravljanja za kompanije uvrtene na trite Sarajevske
berze vrijednosnih papira. Kodeks korporativnog upravljanja predstavlja skup najboljih svjetskih praksi voenja
kompanija i prilagoen je tranzicijskom tritu kao to je trite u BiH. Pored OECD-ovih principa korporativnog
upravljanja, Kodeks sadri i odredbe koje su se pokazale efikasnim u Hrvatskoj, Austriji i Njemakoj. Kodeks je
dostupan na web stranici Sarajevske berze www.sase.ba .
Iako su normativno postavljeni principi i pravila korporativnog upravljanja u skladu s vaeim propisima, izgradnja
sistema se nastavlja i trae novi naini za nadogradnju i razvoj. Drutvo nastoji da sistem izvjetavanja i informiranja
dioniara i javnosti usavrava, omoguavajui objavljivanje informacija o svim vanim dogaajima koji mogu uticati
na finansijsku ili poslovnu poziciju Drutva.

2016
Corporate governance is a framework for management and oversight of a Company, which aims to create
economic value for shareholders. Corporate governance principles include operations in accordance with
applicable regulations of the country in which activity is performed and a companys commitment to meet the
highest standards of corporate governance.
Tvornica Cementa Kakanj pays great attention to corporate governance as a foundation for reaching our corporate
objectives and increasing the overall value of the Company. Our business is based on the principles of responsibility,
efficiency, transparency, effective control, and professionalism, as well as respect for positive business customs
towards our business partners, business and social environments, and our own employees. When passing
decisions we take into account the interests of our shareholders, our employees, and other stakeholders, thus
endeavouring to ensure our companys successful growth and development.
All management bodies of the Company are obliged to respect all ethical principles and business standards prescribed
in the Companys Articles of Association, along with any other relevant Laws. The Company has continually strived to
improve principles and rules of corporate governance through harmonisation with the Laws of Business Companies
(Official Gazette of the Federation of B&H, numbers 81/15) and Rules on Managing shareholding companies, passed
by the Securities Commission in the Federation of B&H, (Official Gazette of the Federation of B&H, numbers 24/06,
27/06, 30/07 and 19/10). The new Law on Business Companies had also resulted in the harmonization of the Statute,
and the most important changes concern the powers of the General Assembly and the Supervisory Board.
Corporate governance rules have been continually improved using experience and instructions of the mother
company, HeidelbergCement Group. Tvornica cementa Kakanj has adopted and implemented the Code of
Business Conduct, which requires all employees to adhere to the basic rules of business behaviour. The Code of
Business Conduct specifically refers to:
integrity and professional relationship with customers, suppliers, authority representatives and business
partners;
consistent avoidance of conflict of interest;
careful and responsible treatment of business secrets and personal data;
just, non-discriminatory conditions of employment and just dialogue with employee representatives;
healthy and safe working environment;
careful natural resources management.
Additionally, Tvornica cementa Kakanj acts in accordance with other relevant internal guidelines,
which are part of the Corporate Governance and contain specific rules of behaviour and attitudes of
the Company and its members, such as the Group Anti-Corruption Guideline, which is founded on
relevant legal provisions related to prevention of corruption, and the Group Competition Law Guideline.
The Code of Business Conduct, the Group Anti-Corruption Guideline, and the Group Competition
Law Guideline are parts of the Compliance program implemented in the whole HeidelbergCement
Group.
Tvornica Cementa Kakanj has adopted the Code of Corporate Governance for companies listed in the Sarajevo
Stock Exchange. The Code of Corporate Governance contains the best world practices of governing companies,
adapted to transitional markets like that of Bosnia and Herzegovina. In addition to OECD principles of corporate
governance, the Code also includes provisions that have proved efficient in Croatia, Austria and Germany. The
Code is available on the Sarajevo Stock Exchange website: www.sase.ba.
Although the normatively adopted principles and rules of corporate governance are in accordance with valid legal
regulations, the system is continually reinforced and new means to upgrade and develop are actively sought. The
Company strives to perfect its system of reporting and informing shareholders and the public by publicising all
important events that may influence the financial or business position.

2016
Oblik organizacije i organi upravljanja Drutva
U skladu s odredbama Zakona o privrednim drutvima, Tvornica cementa Kakanj d.d. Kakanj definirana je kao
dioniko drutvo.
Organizacija i upravljanje Drutvom ureeni su pozitivnim pravnim propisima iz ove oblasti te Statutom Drutva,
koji je vie puta mijenjan i dopunjavan, a njegova sadanja, vaea, izmijenjena i dopunjana verzija donesena je u
integralnom tekstu na sjednici Skuptine Drutva odranoj 9. 5. 2016. godine.
Interesi dioniara, vlasnika kapitala, zatieni su ne samo zakonskim propisima nego i odgovarajuim odredbama
Statuta kojima je, izmeu ostalog, osigurano sljedee:
ravnopravan tretman svih dioniara, ukljuujui zatitu manjinskih dioniara;
uvaavanje prava nosilaca materijalnih interesa i poticanje saradnje izmeu Drutva i nosilaca materijalnih
interesa;
osiguranje potpunoga, pravovremenog i tanog objavljivanja svih bitnih injenica koje se tiu Drutva,
ukljuujui finansijsko stanje, rezultate, vlasnitvo i upravljanje Drutvom;
osiguranje tanih, relevantnih i potpunih informacija za odbore i o odborima Drutva.
Uprava
Uprava je odgovorna za organizaciju rada i rukovoenje poslovanjem, zastupanje i predstavljanje Drutva
te za zakonitost poslovanja. Obavezna je izvjetavati Nadzorni odbor o rezultatima poslovanja najmanje
jedanput tromjeseno. Uprava podnosi izvjetaj dioniarima i obavezna je provoditi odluke Skuptine
dioniara Drutva.
Upravu Tvornice cementa Kakanj ine direktor Drutva i izvrni direktori, od kojih je svaki odgovoran za
odreenu oblast poslovanja, donoenje i nadgledanje izvravanja operativnih odluka. Mandat lanova
Uprave traje etiri godine, a nakon toga mogu biti ponovno imenovani. Uprava vodi poslove na vlastitu
odgovornost, pri emu je duna i ovlatena poduzimati sve radnje i donositi odluke koje smatra potrebnim za
uspjeno poslovanje Drutva. Za odreene odluke propisane Statutom potrebna je saglasnost Nadzornog
odbora.
Nadzorni odbor
Nadzorni odbor je odgovoran za imenovanje i opoziv lanova Uprave te za nadzor nad voenjem poslova Drutva
u skladu s vaeim zakonskim propisima i Statutom, o emu je duan obavjetavati Skuptinu dioniara. Nadzorni
odbor ine predsjednik i dva lana, a biraju se na etverogodinji mandat.
Odbor za reviziju
Odbor za reviziju ine predsjednik i dva lana. Odbor vri reviziju polugodinjih i godinjih finansijskih
izvjetaja te izvjetaj o reviziji dostavlja Skuptini i Nadzornom odboru. Ostala ovlatenja Odbora za
reviziju propisana su Zakonom o privrednim drutvima, Statutom i Pravilnikom o upravljanju dionikim
drutvom.

2016
Organization and Managing Bodies of the Company
In accordance with the provisions of the Law on Business Companies, Tvornica Cementa Kakanj d.d. Kakanj is
organized as a shareholding company.
In addition to positive regulations in this field, the organization and management of the Company have been defined
in the Companys Articles of Association. The Articles of Association were changed and amended several times, and
the current version of the document was adopted at the General Assembly held on 29 September 2010.
The interests of our shareholders and capital owners are protected not only through legal regulations, but also
through appropriate provisions of the Article of Association, which, in particular, secures the following:
equal treatment for all shareholders, including minor shareholders;
respect for the rights of material interest holders, and fostering of cooperation between the Company and
material interest holders;
full, timely, and accurate publishing of all important facts concerning the Company, including the financial
situation, results, ownership, and management information;
accurate, relevant, and complete information for and regarding the Board Members of the Company.
Management Board
The Management Board is responsible for organizing work and business management, representing and acting on
behalf of the Company, and operating the business in accordance with the law. It is obliged to report all business
results to the Supervisory Board on at least a quarterly basis. The Management Board submits a report to the
shareholders and is obliged to implement the decisions of the Companys General Assembly.
The Management Board of Tvornica Cementa Kakanj is comprised of the Company Director and Executive
Directors, each responsible for specific areas of business, as well as for reaching decisions and supervising their
execution. The mandates of the Management Board are elected every four years. The Management Board is
responsible for all conduct, and is obliged and authorized to undertake all actions and pass decisions that it deems
conducive to successful business operation of the Company. The approval of the Supervisory Board is needed for
certain decisions prescribed by the Articles of Association.
Supervisory Board
The Supervisory Board is responsible for appointing and dismissing Management Board Members, and for supervising the
Companys business in accordance with valid legal regulations and the Articles of Association, which obliges it to report to
the General Assembly. The Supervisory Board consists of the Chairman and two members, who are elected every four years.
Audit Committee
The Audit Committee consists of the Chairman and two members. The Audit Committee performs revision of semi-
annual and annual financial reports, and delivers the audit report to the General Assembly and the Supervisory
Board. Other authorizations of the Audit Committee are prescribed by the Law on Business Companies, the Articles
of Association and the Regulations on managing shareholding companies.

2016
Godinja skuptina Tvornice cementa Kakanj d.d. Kakanj
Drutvo redovito odrava Godinju skuptinu, u skladu sa zakonskim odredbama, radi usvajanja godinjeg
izvjetaja i donoenja drugih odluka koje su u neposrednoj nadlenosti dioniara kao lanova Skuptine. U
skladu sa Zakonom, dioniari s vie od 5% dionica s pravom glasa najkasnije se 45 dana prije objavljivanja
obavjetenja o sazivanju Skuptine upoznaju s planom njezinog odravanja kako bi mogli predloiti pitanja o
kojima bi ona trebala raspravljati i odluivati. Obavjetenje o sazivanju Skuptine objavljuje se najkasnije 30
dana prije dana odravanja na nain kako je predvieno Zakonom. Materijali za Skuptinu dostavljaju se svim
dioniarima koji posjeduju vie od 5% dionica s pravom glasa, dok je ostalim dioniarima omoguen uvid u
materijale u prostorijama Drutva.
Skuptina dioniara Drutva, u skladu sa Zakonom o privrednim drutvima i Pravilnikom o upravljanju

dionikim drutvima, u okviru svojih ovlasti, usvaja godinji izvjetaj o poslovanju Drutva, koji ukljuuje
konsolidirani finansijski izvjetaj i izvjetaje nezavisnog revizora, Nadzornog odbora i Odbora za reviziju.
Skuptina dioniara takoer je nadlena za izbor i razrjeenje lanova Nadzornog odbora i Odbora za reviziju,
razmatranje rada Nadzornog odbora, odluivanje o raspodjeli dobiti, donoenje Statuta Drutva i njegove
izmjene i dopune, odluivanje o promjenama u osnovnom kapitalu i statusnim promjenama Drutva i za
imenovanje vanjskog revizora.
Godinja skuptina dioniara Drutva, odrana 9. 5. 2016. godine, donijela je sljedee odluke:
1. Odluku o usvajanju Godinjeg izvjetaja za 2016. godinu s izvjetajima revizora, Nadzornog odbora i Odbora
za reviziju,
2. Odluka o raspodjeli dobiti,
3. Odluku o izmjenama i dopuna Statuta Tvornice cementa Kakanj d.d. Kakanj i usvajanje preienog teksta
Statuta,
4. Odluku o izmjenama i dopunama Statuta supsidijarnog drutva TBG BH d.o.o. Kakanj,
5. Odluku o razrjeenju lanova i zamjenika lanova Nadzornog odbora Tvornice cementa Kakanj d.d. Kakanj,
6. Odluku o imenovanju lanova i zamjenika lanova Nadzornog odbora Tvornice cementa Kakanj d.d. Kakanj / Predloena
izmjena ove take dnevnog reda: Odluka o imenovanju lanova Nadzornog odbora Tvornice cementa Kakanj d.d. Kakanj,
7. Odluku o razrjeenju lanova Odbora za reviziju,
8. Odluku o imenovanju lanova Odbora za reviziju,
9. Osnovne elemente ugovora za lanove Nadzornog odbora i odbora za reviziju Tvornice cementa Kakanj d.d.
Kakanj,
10. Odluku o razrjeenju vanjskog revizora,
11. Odluka o imenovanju vanjskog revizora
Na Skuptini je bilo zastupljeno 9.147.189 dionica / glasova, to predstavlja 96,56% ukupnih dionica /
glasova.
Oblik organizacije i organi upravljanja povezanih pravnih

subjekata
U okviru Tvornice cementa Kakanj d.d. Kakanj posluju i dva drutva s ogranienom odgovornou, i to TBG BH
d.o.o. Kakanj i TBG Beton d.o.o. Zagreb, u Republici Hrvatskoj.

2016
Shareholders Assembly of Tvornica cementa
The Company holds the Annual General Assembly, in accordance with legal provisions, in order to adopt an annual
report and pass other decisions that are the direct responsibility of the shareholders as members of the Assembly.
According to the Law, those shareholders with greater than 5% of voting shares at least 45 days prior to publishing
the announcement about the convening of the Assembly shall be notified of the plan to host an Assembly in order
for them to be able to propose issues that should be discussed and decided upon. The announcement of the
convening of an Assembly is published at least 30 days in advance of its hosting in a manner prescribed by the Law.
Documents for the Assembly are delivered to all shareholders who own more than 5% of voting shares, while other
shareholders are afforded the opportunity to view documents in the premises of the Company.
The General Assembly of the Company, in accordance with the Law and Regulations on managing shareholding
companies, and in accordance with its authorities, adopts the Annual report of the Company that includes the
consolidated financial report and reports of the independent auditor and the Auditing Board.
The General Assembly of shareholders is also authorized to elect and dismiss members of the Supervisory Board
and the Auditing Board; to review the work of the Supervisory Board, decide on profit allocation; adopt the Articles
of Association of the Company and to change and amend them; to decide on changing the basic capital and status
changes of the Company; and to elect the external auditor.
The annual Shareholders Assembly was held on 9 May 2016, when it passed the following decisions:
1. Decision on adopting the Annual report for 2015, including the Supervisory Board Report, Auditors Report and
the Audit Committee Report;Decision on profit distribution and dividend payment;
2. Decision on profit distribution and dividend payment;
3. Decision on amendments to the Statute of Tvornica cementa Kakanj d.d. Kakanj and adoption of the revised
text of the Statute;
4. Decision on amendments to the Statute of the subsidiary company TBG BH d.o.o. Kakanj;
5. Decision on relieving of duty of the members of the Supervisory Board of Tvornica cementa Kakanj d.d. Kakanj;
6. Decision on appointment of the members and deputy members of the Supervisory Board of Tvornica cementa
Kakanj d.d. Kakanj;
7. Decision on relieving of duty of the members of the Audit Committee;
8. Decision on appointment of the members of the Audit Committee;
9. Basic elements of the contract for contracts of the members of the Supervisory Board and the Audit Committee
of Tvornica cementa Kakanj d.d. Kakanj;
10. Decision on dismissing the external auditor;
11. Decision on electing an external auditor.
The Assembly was represented with 9.147.189 shares / votes, which is 96.56% of the total number of shares with voting
rights.
Organization and Managing Bodies of the Related

Companies
Within Tvornica Cementa Kakanj, exist two companies of limited liability: TBG BH d.o.o. Kakanj and TBG BETON
d.o.o. Zagreb, Croatia.

2016
Oba ova drutva osnovana su i posluju u skladu s vaeim pozitivnim pravnim propisima u Bosni i Hercegovini (prvo)
i u Republici Hrvatskoj (drugo).
Godinja skuptina TBG BH d.o.o. Kakanj

TBG BH d.o.o. Kakanj, kao supsidijarno drutvo Tvornice cementa Kakanj, odralo je dvije sjednice Skuptine
Drutva, i to 9. 3. 2016. godine i 17.10. 2016. godine u skladu s postojeim vaeim zakonskim propisima i internima
aktima Drutva.
Na Godinjoj skuptini Drutva, koja je odrana 9. 3. 2016. godine, razmatrane su i usvojene sljedee odluke:
Odluka o usvajanju Godinjeg izvjetaja o poslovanju Drutva za 2015. godinu, s izvjetajem revizora,
Odluka o raspodjeli dobiti za 2015. godinu,
Odluka o razrjeenju vanjskog revizora
Odluka o izboru vanjskog revizora i
Odluka o davanju odobrenja.
Na Skuptini Drutva odranoj 17. 10. 2016. godine razmatrana je i usvojena Odluka o raspodjeli akumulirane dobiti
Drutva.
Godinja skuptina TBG Beton d.o.o. Zagreb

TBG Beton d.o.o. Zagreb, kao supsidijarno drutvo Tvornice cementa Kakanj, svoju je redovitu sjednicu Skuptine
odralo 20. 5. 2016. godine; na njoj su razmatrane i usvojene odluke koje se tiu poslovanja Drutva.
TBG Beton d.o.o. Zagreb na Skuptini Drutva 20. 5. 2016. godine usvojio je sljedee odluke:
Odluku o usvajanju godinjih financijskih izvjea s 31. 12. 2015.,

Odluku o koritenju rezultata,
Odluku o razrjeenju poslovodstva 2015,
Odluku o izboru revizora u 2016. godini,
Izvjee o stanju.
Korporativne komunikacije
Putem web stranice Drutva osigurana je dostupnost osnovnih informacija o njemu. Na toj se stranici
takoer objavljuju finansijski izvjetaji Drutva te druge informacije koje mogu uticati na cijenu dionica.
Finansijski izvjetaji, zajedno s miljenjem nezavisnog revizora, objavljuju se u dva dnevna lista.
Obavjetenje o sazivanju Skuptine takoer se objavljuje u dnevnim listovima. Nakon objave svi dioniari
imaju pravo uvida u dokumentaciju relevantnu za donoenje odluka. Godinji i polugodinji izvjetaji
na propisanim obrascima dostavljaju se Berzi i Komisiji za vrijednosne papire u rokovima propisanim
Zakonom.
Nakon donoenja novog Pravilnika o objavljivanju informacija i izvjetavanju na tritu vrijednosnih papira (Slubene
novine FBiH 35/13 od 8. 5. 2013.), slubena web stranica zauzima vrlo vano mjesto u ispunjavanju odredbi ovog
pravilnika. Navedenim pravilnikom je odreeno da je emitent, odnosno Tvornica cementa Kakanj d.d. Kakanj, duan
objavljivati svoje polugodinje i godinje izvjetaje na svojoj web stranici, pored dostavljanja tih izvjetaja Berzi. Pored
navedenih izvjetaja, na slubenoj web stranici moraju se objavljivati i svi dogaaji koji bitno utiu na finansijsko
poslovanje te izvjetaji vanjskog revizora.

2016
Both companies have been founded and perform their business activities in accordance with the positive legal
regulations of Bosnia and Herzegovina (one) and the Republic of Croatia (one).
General Assembly of TBG BH d.o.o. Kakanj

TBG BH d.o.o. Kakanj, as a subsidiary of Tvornica Cementa Kakanj d.d. Kakanj, held its regular Assembly on the
27th of May 2014, in accordance with the valid legislation and internal documents of the Company.
The Assembly discussed and adopted the following:
Decision on adopting the Annual report of the company for 2015, including the Auditors Report;
Decision on profit distribution for 2015;
Decision on dismissing the external auditor;
Decision on dismissing the external auditor;
Decision on electing an external auditor; and
Decision on Approval.
At the General Assembly meeting, which was held on 17 October 2016 decisions on the distribution of accumulated
profit were discussed and adopted.
General Assembly of TBG BETON d.o.o. Zagreb

TBG Beton d.o.o. Zagreb, as a subsidiary of Tvornica Cementa Kakanj d.d. Kakanj held its regular Assembly on 20
May 2016, at which it discussed and passed decisions related to the regular business of the Company.
TBG BETON d.o.o. Zagreb at the Assembly held on 20 May 2016 adopted the following:
Decision on adopting the Financial reports for 2015;

Decision on profit distribution;
Decision on unburdening the management for 2015;
Decision on electing an external auditor for 2016;
Report on the Companys position.
Corporate Communications
Basic information about the Company is available on the Company website. Financial reports of the Company, as
well as other information that may influence the share price, are also regularly published on the website. Financial
reports, together with the independent auditors opinion, are published in two daily newspapers. Announcements
on the convening of the Shareholders Assembly are also published in daily newspapers. After the announcement is
published, all shareholders are entitled to review documents relevant to the passing of decisions. Annual and semi-
annual reports, filled out on prescribed forms, are sent to the Stock Exchange and to the Security Commission within
the timeframe prescribed by Law.
In accordance with adoption of the new Rules on disclosure and reporting on the securities market (Official Gazette
of FBIH35/13 of 8 May 2013), the official web site plays a very important role in fulfilment of provisions of these Rules.
These Rules stipulate that, in addition to submitting them to the Stock Exchange, the issuer - Tvornica cementa
Kakanj - is also required to publish its semi-annual and annual reports on its website. Additionally, all events that
significantly affect financial operations, as well as reports of external auditors, must be published on the official
website.

2016
Gradimo
na znanju naih ljudi

2016
Building
on the knowledge of our people

3
Poglavlje
Chapter Izvjetaj Uprave
1 Report of the Managing Board
Strana
Page
48 Djelatnost i organizacijska struktura

Core Activities and Organizational Structure
52 Poslovni trend u 2016.

2016 Business Trends
102 Upravljanje rizicima

Risk Management
106 Istraivanje i razvoj

Research and Development
106 Drutveno odgovorno poslovanje i odrivi razvoj

Social Responsibility and Sustainable Development
132 Razvojni planovi i predvianja

Outlook
2016
Izvjetaj Uprave
Report of the Managing Board
Djelatnost i organizacijska struktura

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

2016
Core activities and the Organizational Structure

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

2016
Organizacijska struktura prikazana je u sljedeoj tabeli:
Tvornica cementa Kakanj TBG BETON Zagreb
Kompanije u BiH
TBG BH Kakanj 100%
Kompanije u Hrvatskoj
TBG Beton Zagreb 100%

Dunav-Drava Cement Zagreb 100%
TBG Strabag Zagreb 50%
Pozicija Tvornice cementa Kakanj unutar HeidelbergCement grupacije
CEEM Investment DDC Hungary HeidelbergCement SCHWENK AG

NLD AG
Tvornica cementa Kakanj 93,27%

CEEM Investment 100%
DDC Hungary 50% 50%

2016
Organizational structure is shown in the table below:
Tvornica cementa Kakanj TBG BETON Zagreb
Companies in BH
TBG BH Kakanj 100%
Companies in Croatia
TBG Beton Zagreb 100%

DDC Zagreb 100%
TBG STRABAG Zagreb 50%
Position of Tvornica Cementa Kakanj within the Group
CEEM Investment DDC Hungary HeidelbergCement SCHWENK AG

NLD AG
Tvornica cementa Kakanj 93,27%

CEEM Investment 100%
DDC Hungary 50% 50%

2016
Poslovni trend u 2016.
Ekonomsko okruenje
Bosna i Hercegovina
U 2016. godini Bosna i Hercegovina se konano vratila na put ka lanstvu u Evropskoj uniji, poduzimajui konkretne
korake na tome putu, to e zasigurno biti dug proces koji bi u konanici trebao osigurati mjesto Bosni i Hercegovini
u EU-u. Kao to se i oekivalo, svih 28 lanica Evropske unije prihvatilo je aplikaciju BiH za lanstvo u Uniji u
septembru 2016., a koja je bila podnesena u februaru te godine. Potom je naloeno Evropskoj komisiji da pripremi
Upitnik za Bosnu i Hercegovinu, to je i uinjeno, tako da je u decembru 2016. godine naoj zemlji uruen Upitnik
koji sadri vie od 3.000 pitanja na koja e vlasti morati dati odgovor. Samim tim otvoren je proces za pristupanje
u lanstvo EU-a koji e iskljuivo zavisiti od BiH. U meuvremenu su drave lanice Evropske unije uputile poziv
bh. vlastima za nastavak provoenja socio-ekonomskih reformi, a naroito reformi u oblasti zakonodavstva i javne
uprave.
Definitivno se moe zakljuiti da su politika deavanja u Bosni i Hercegovinu u 2016. godini bila u prvom planu,
daleko ispred ekonomskih kretanja. Vezano za politiku situaciju u BiH, bitno je spomenuti da su u oktobru 2016.
odrani izbori na lokalnom nivou na kojima su se birali lokalni nivoi vlasti gradonaelnici i gradska vijea u oba
bosanskohercegovaka entiteta. Ovaj put su prevladale desno orijentirane stranke, koje su jo jedanput porazile
one graanske orijentacije. ak i ako rezultati izbora na lokalnom nivou nee imati znaajniji uticaj na dravnome i
na entitetskim nivoima vlasti, moe se zakljuiti da ipak alju jak signal za ope izbore koji bi trebalo da se odre u
2018. godini.
to se tie ekonomske situacije, bosanskohercegovaka ekonomija u 2016. godini je rasla manjom stopom nego
to je bilo oekivano i predvieno, tako da prema dostupnim podacima nee dostii projiciranu stopu rasta od 3% na
godinjem nivou, nego e prema posljednjim predvianjima stopa rasta iznositi 2,5% na godinjem nivou. Dostupni
makroekonomski pokazatelji, kao to su industrijska proizvodnja, proizvodnja u graevinarstvu, maloprodaja i izvoz,
predstavljaju dobru bazu za predvianja pozitivne dinamike bruto domaeg proizvoda. U ovom kontekstu pozitivne
kvartalne dinamike bruto domaeg proizvoda su naroito biljeene u treem i etvrtom kvartalu, s pretpostavkom da
su ostale komponente bruto domaeg proizvoda, kao to su poljoprivredni sektor i javni sektor, ostale na pozitivnom
nivou. Rast industrijske proizvodnje koja ini oko 18% bruto domaeg proizvoda procijenjen je na 2,2% na godinjem
nivou, to je bilo voeno rastom u domenu eksploatacije ruda i proizvodnje elektrine energije.
U 2016. godini, prema dostupnim pokazateljima, pozitivan rast imao je graevinski sektor, koji je biljeio oporavak
u treem kvartalu 2016. godine, jer je indeks proizvodnje u graevinarstvu imao pozitivnu stopu rasta od oko
2,3% na godinjem nivou, i to prvi put nakon prvog kvartala u 2015. godini. Osim toga, vrijednost novih narudbi u
graevinarstvu u treem kvartalu 2016. godine poveana je za oko 130% u usporedbi s istim periodom prethodne
godine. S obzirom na dostupne pokazatelje, graevinski sektor u 2016. godini ima pozitivan uticaj na dinamiku rasta
bruto domaeg proizvoda.
Prema posljednjim dostupnim pokazateljima, indeks potroakih cijena, odnosno pokazatelj inflacije biljeio je
pad za 0,7% na godinjem nivou u oktobru 2016. godine, to predstavlja 23. uzastopni mjesec da se u Bosni i
Hercegovini biljei negativna stopa inflacije, odnosno deflacija. Predviena stopa deflacije na godinjem nivou u
2016. godini iznosi 0,9%, to predstavlja etvrtu godinu u nizu da se u naoj zemlji biljei negativna stopa inflacije,
odnosno deflacija.

2016
2016 Business Trends
The Economic Environment
Bosnia and Herzegovina
In 2016, Bosnia and Herzegovina finally returned to the path to membership of the European Union, taking concrete
steps on what will certainly be a long process, which should ultimately end with Bosnia and Herzegovina in the right
place. As was expected, all of the 28 member states of the European Union accepted the application of Bosnia and
Herzegovina for membership into European Union in September 2016, which was applied for in February 2016.
Subsequently, the European Commission was ordered to prepare the Questionnaire for Bosnia and Herzegovina,
handed over to Bosnia and Herzegovina in December 2016, which contains over 3,000 questions to which the
countrys various authorities will have to provide answers. Therefore, the process of ultimately securing membership
will depend solely on Bosnia and Herzegovina itself. Meanwhile, the Member States of the European Union sent a
notification to the authorities in Bosnia and Herzegovina to continue the implementation of socio-economic reforms
and in particular the reform of legislative and public administration.
It can certainly be concluded that the political developments in Bosnia and Herzegovina in 2016 occupied a key
place, the subject of even greater focus than economic developments. Regarding the political situation in Bosnia and
Herzegovina, it is important to mention that in October 2016 elections were held to elect local levels of government
- mayors and city councils in both entities. This time right-oriented parties prevailed, once more defeating civic-
oriented rivals. Even if the election results at the local level will not have a significant impact at the state and entity
levels, it may still be concluded that a strong signal for the general elections to be held in 2018 has been sent.
Regarding the economic situation, the B&H economy in 2016 grew by a slower rate than had been expected and
estimated, and according to available data it will not reach the projected growth rate of 3% per annum, rather,
according to the latest forecasts, it will total a 2.5 % per annum rate of growth. Available macro-economic indicators
such as industrial production, production in construction, retail trade and exports represent a good base for predicting
a positive dynamic of gross domestic product. In this context, the positive quarterly dynamics of gross domestic
product are particularly recorded in the third and fourth quarter, with the assumption that the other components of
gross domestic product such as the agricultural sector and the public sector remain at a positive level. Growth in
industrial production, which accounts for about 18% of gross domestic product is estimated at 2.2% per annum,
which was driven by growth in the field of mineral exploitation and production of electricity.
In 2016 year, according to the available indicators, positive growth in the construction sector, which has recorded
a recovery in the third quarter of 2016, after the index of production in construction, had a positive growth rate of
about 2.3% per annum for the first time since the first quarter of 2015. In addition, the value of new orders in the
construction industry in the third quarter of 2016, increased by approximately 130% compared to the same period
in the previous year. Considering the available indicators, the construction sector in 2016 had a positive impact on
the dynamics of gross domestic product growth.
According to the latest available indicators, the consumer price index, or inflation indicator, recorded a decrease of
0.7% annually in October 2016, representing 23rd consecutive month that a negative rate of inflation or deflation
was recorded in Bosnia and Herzegovina. The projected rate of deflation on an annual basis in 2016 amounted to
0.9%, which represents the fourth year in a row that in Bosnia and Herzegovina recorded a negative inflation rate
or deflation.

2016
Slino kao i u prethodnim godinama, statistika trita rada u 2016. godini jo uvijek pokazuje slabu i krhku ekonomiju
usprkos znacima odreenog poboljanja. Stopa nezaposlenosti je smanjena u 2016. godini, ali sveukupan nivo
nezaposlenosti jo je prilino visok, naroito zbog strukturalnih promjena. Stopa nezaposlenosti, po definiciji
Meunarodne organizacije rada, u 2016. godini iznosi 25,4%, tj. smanjena je sa 27,7% koliko je iznosila u prethodnoj
godini. Moe se zakljuiti da je trite rada u BiH jo krhko kao i da ekonomski uvjeti u zemlji nisu tako dobri, jer jako
visoko uee dugorone nezaposlenosti od oko 85% (osobe koje trae zaposlenje) reflektira visoku strukturalnu
komponentu u nezaposlenosti, ali takoer i visoku stopu nezaposlenosti mladih, koja iznosi oko 54% i blago je
usporena, ali preteno kao rezultat odljeva intelektualaca i ekonomske migracije visokoobrazovanih mladih ljudi u
zemlje Evropske unije u posljednje dvije godine.
Prema preliminarnim podacima, neto priliv direktnih stranih ulaganja u prvoj polovini 2016. godini je na historijski
niskom nivou i iznosio je 197,7 miliona KM. Ovako nizak nivo direktnih stranih ulaganja predstavlja ozbiljan razlog
za zabrinutost, jer su ulaganja oteana zbog sporog napretka u poboljanju poslovnog okruenja. Iako je, prema
istraivanju Svjetske banke u BiH poboljana klima za obavljanje poslovnih djelatnosti (sa 81. na 79. mjesto), ipak
je to jo uvijek mjesto daleko ispod ostalih zemalja u jugoistonoj Evropi. Nadalje, navedeni iznos direktnih stranih
ulaganja u prvih pola godine predstavlja oko 0,7% bruto domaeg proizvoda za 2016. godinu, a procijenjeni iznos
za itavu godinu je oko 1,5% bruto domaeg proizvoda, to je neznatno za bilo kakav znaajniji uticaj na realnu
ekonomiju u zemlji.
Kao to je navedeno, u toku 2016. godine, tanije u treem kvartalu, u Bosni i Hercegovini desili su se pozitivni
politiki pomaci. Aplikacija za lanstvo u Evropskoj uniji je prihvaena, a i Meunarodni monetarni fond takoer je
odobrio tzv. proireni aranman (EFF Extended Fund Facility) za Bosnu i Hercegovinu u iznosu od 550 miliona
eura uz ispunjavanje postavljenih uvjeta. Ovo je intenzivniji i sveobuhvatniji aranman za BiH u usporedbi sa svim
prijanjim aranmanima i primarno je usmjeren na tri veoma bitna podruja koja bi trebalo da potaknu vei ekonomski
rast. Ta su podruja: 1) poboljanje poslovne klime u zemlji podsticanje domaih i direktnih stranih ulaganja; 2)
daljnja fiskalna konsolidacija i racionalizacija; 3) osnaivanje i odravanje stabilnosti bankarskog sektora u Bosni i
Hercegovini.
Prva trana je doznaena, a sljedea se oekuje u prvom mjesecu 2017. Budui da se oekuje ispunjavanje uvjeta
koje je postavio Meunarodni monetarni fond da bi bila doznaena naredna trana, jo uvijek je zadrana pretpostavka
da e se proireni aranman nastaviti, to bi svakako predstavljalo okvir za ekonomske i fiskalne politike u narednom
periodu, kao i unapreenje koordinacije i saradnje izmeu vlasti u BiH u cilju jaanja jedinstvenoga ekonomskog
prostora.
Na temelju svojih analiza agencija za ocjenu kreditnog rejtinga Standard & Poors potvrdila je 9. septembra 2016.
Bosni i Hercegovini suvereni kreditni rejting B sa stabilnim izgledima. U februaru 2016. agencija Moodys Investors
Service potvrdila je BiH suvereni kreditni rejting B3 sa stabilnim izgledima.
Za 2016. godinu moe se rei da je bila godina s mnogo izazova, naroito u politikom smislu. Ekonomske
performanse pokazuju da se samo uz korektan politiki dijalog te uz reformske procese u ekonomiji mogu postizati
pozitivne promjene, kako bi Bosna i Hercegovina konano nastavila sigurno koraati putem ka Evropskoj uniji i
evropskim integracijama, to e zasigurno u pozitivnom smislu promijeniti sveukupnu ekonomsku sliku jedne male
otvorene ekonomije i donijeti boljitak za sve koji ive u BiH.
Hrvatska
Kao i u prethodnoj godini, tako se i tokom 2016. godine nastavio ekonomski oporavak u Hrvatskoj. Nakon stabilnog rasta
u prvoj polovini 2016. godine, naroito tokom ljetnih mjeseci, dolo je do jo veeg intenziviranja ekonomske aktivnosti u
Hrvatskoj. Povoljna kretanja su naroito podrana dobrim ostvarenjima u oblasti turizma, a u isto vrijeme se ubrzao i oporavak
line potronje koji prema dostupnim podacima biljei rast od 3,1% na godinjem nivou. Prema dostupnim podacima, poetak
etvrtog kvartala obiljeen je nastavkom povoljnih kretanja, to jest rastom industrijske proizvodnje i prometa u trgovini na malo
te poboljanjem veine pokazatelja. Stoga predvieni ekonomski rast za 2016. godinu iznosi 2,8%.

2016
Similarly to previous years, labour market statistics in 2016 still show a weak and fragile economy despite some
signs of improvement. The unemployment rate decreased in 2016, but the overall level of unemployment is still
quite high, especially due to structural changes. The unemployment rate, by definition of the International Labour
Organization in 2016 will amount to 25.4%, which reduced from the 27.7% rate recorded in the previous year. The
conclusion is that the labour market in Bosnia and Herzegovina is still fragile and that the economic conditions in
the country are not so good, because a very high share of long-term unemployment of about 85% (job-seekers)
reflects a high structural component in unemployment, but also a high rate of youth unemployment, which at
around 54.3 has slightly slowed but mainly as a result of brain drain and the economic migration of highly
educated young people to European Union countries over the last two years.
According to preliminary data, the net inflow of foreign direct investment in the first half of 2016 is at historically low
levels, in the amount of 197.7 million BAM. This low level of foreign direct investment is a serious reason for concern,
as it is hampered by slow progress in improving business conditions and the overall business environment. Although,
according to research by the World Bank, the climate for business activities improved in the country (with Bosnia and
Herzegovina moving from 81st to 79th place in the rankings), it is still placed far below other countries in Southeast
Europe. Furthermore, the amount of foreign direct investment in the first half of the year represents about 0.7% of gross
domestic product for 2016, while the estimated amount for the whole year is around 1.5% of gross domestic product,
which will have only a negligible impact on the real economy in the country.
As previously mentioned, during 2016, and specifically in the third quarter, there have been positive political developments
in Bosnia and Herzegovina. The application for European Union membership has been approved, but also the
International Monetary Fund has approved the so-called EFF - Extended Fund Facility for Bosnia and Herzegovina in the
amount of 550 million euros, after the fulfilment of certain set conditions. This is a more intense and more comprehensive
arrangement for Bosnia and Herzegovina compared with all previous arrangements and is primarily focused on three very
important areas that should encourage greater economic growth. These areas are: 1) improving the business climate in
the country - encouraging domestic and foreign direct investment; 2) further fiscal consolidation and rationalisation; 3)
strengthening and maintaining the stability of the banking sector in Bosnia and Herzegovina.
The first tranche is allocated, and the next is expected in the first month of 2017. Since fulfilment of the conditions
set by the International Monetary Fund and allocation of the next tranche is expected, the assumption is that the
extended arrangement will continue. That should certainly constitute the framework for economic and fiscal policy
in the future as well as improve coordination and cooperation between the authorities in Bosnia and Herzegovina
in order to strengthen the single economic space.
As a result of its analysis, on 9 September 2016 the rating agency Standard & Poors confirmed Bosnia and
Herzegovinas sovereign credit rating as B with a stable outlook. In February 2016, Moodys Investors Service had
confirmed Bosnia and Herzegovinas sovereign credit rating as B3 with a stable outlook.
2016 was a year with many challenges, especially in political terms. Economic performance shows that only with
reasonable political dialogue, as well as with the reform processes in the economy, can positive changes be
achieved in order to ensure that Bosnia and Herzegovina continues toward the European Union and European
integration, which will certainly and positively transform the overall economic picture and bring prosperity to all of
the citizens of Bosnia and Herzegovina.
Croatia
In 2016, as in the previous year, economic recovery in Croatia continued. After steady growth in the first half of 2016,
particularly during the summer months, there has been an even greater intensification of economic activities in Croatia.
Favourable developments were particularly supported by good achievements in tourism, as well as the recovery of
private consumption that, according to available data, showed an increase of 3.1% per annum. The start of the fourth
quarter was also marked by the continuation of favourable trends, such as growth of industrial production and turnover in
the retail trade, as well as improvement to most other indicators. Therefore, projected economic growth for 2016 is 2.8%.

2016
Predvienom ekonomskom rastu, to jest rastu bruto domaeg proizvoda na godinjem nivou, doprinio je znaajan
rast izvoza usluga, to se vezuje za povoljna kretanja u turizmu. U istom smjeru je djelovalo i kretanje potronje
kuanstava, kao i dravne potronje.
S druge strane, izvoz roba i investicijska aktivnost prema dostupnim podacima biljee smanjenje u 2016. godini.
Kada je rije o nepovoljnim kretanjima izvoza roba, nominalni podaci o robnoj razmjeni prema glavnim industrijskim
grupacijama pokazuju da se na kvartalnom nivou znaajno smanjio izvoz kapitalnih proizvoda, a istovremeno je
pao i izvoz intermedijarnih dobara. Usprkos tome predvieni rast izvoza roba i usluga u 2016. godini procijenjena
je na 6,1%.
Bruto investicije u fiksni kapital imale su kontinuirani rast do treeg kvartala, kada su se smanjile, to je posljedica
baznog uinka, ali i politike nestabilnosti vezane za prijevremene izbore koja je, kako se procjenjuje, rezultirala
odgaanjem investicija i na nivou drave. Na to upuuje i smanjenje graevinskih radova na ostalim graevinama.
Osim toga, pad investicija u treem kvartalu moe se povezati i sa injenicom da su zapoeti investicijski projekti
koji su bili vezani za turizam zavreni u prvoj polovini 2016. godine. Usprkos tome, projicirani rast bruto investicija
za 2016. godinu iznosi 4,1% na godinjem nivou.
Prema dostupnim pokazateljima, u 2016. godini povoljna su kretanja na tritu rada i odnose se na daljnje smanjenje
stope nezaposlenosti, kao i nastavak rasta neto plaa. Procijenjena stopa nezaposlenosti (anketna) smanjena je na
godinjem nivou i iznosi 14,3% (u odnosu na prethodnu godinu kada je iznosila 16,3%).
Dostupni pokazatelji kretanja ukupne inflacije u 2016. godini su bili negativni, emu je najvie doprinio vei godinji
pad cijena energije zbog niih cijena nafte na svjetskom tritu nego to je bilo oekivano te usporen rast cijena
usluga. Prema procjenama, stopa inflacije potroakih cijena u 2016. godini bit e negativna, odnosno stopa
deflacija e iznositi 1,2%.
Nakon velikog pada u 2015. godini oekuje se oporavak neto priliva direktnih stranih ulaganja u 2016. godini,
uglavnom zbog iezavanja uinka konverzije kredita u vicarskim francima, ali i vee dobiti poslovnih banka i
privrednih subjekata koji su u stranom vlasnitvu.
Pored gore navedenih makroekonomskih pokazatelja, ono to je obiljeilo i 2016. godinu jeste stanje javnih finansija.
Budui da je sredinom 2014. godine Hrvatska kao lanica Evropske unije ula u proceduru prekomjernog deficita
kao i meu zemlje u kojima su utvrene izrazite makroekonomske neravnotee, to je impliciralo strogo praenje
javnih finansija od strane Evropske komisije. Komisija je takoer traila da Hrvatska ostvari budetski manjak na
nivou ispod 3% bruto domaeg proizvoda do 2016. godine i da se dug ope drave smanji do nivoa ispod 60%
bruto domaeg proizvoda do 2018. godine.
Fiskalni podaci pokazuju da je naroito u prvoj polovini 2016. godine provedeno snano fiskalno prilagoavanje.
Deficit je smanjen za 0,6% bruto domaeg proizvoda, to je za 2% bruto domaeg proizvoda manje u odnosu na
isti period prethodne godine. Takva kretanja rezultat su znaajnog rasta prihoda i ogranienog rasta rashodovne
strane budeta. Kako u prvoj polovini godine, pozitivna kretanja su se nastavila i u drugoj polovini godine. U
novembru 2016. godine donesene su izmjene i dopune dravnog budeta i finansijskih planova budetskih
korisnika, te je u skladu s tim posljednjim procjenama predvieno da e budet za 2016. godinu iznositi 1,7%
bruto domaeg proizvoda, to je znaajno manje u odnosu na prvobitni plan. Korekcija deficita uglavnom oslikava
znaajno ostvarenje prihoda vie od oekivanih. Razlog poveanja prihoda jeste rast ekonomskih aktivnosti,
nastavak oporavka na tritu rada. Ipak, najvei doprinos ukupnom rastu prihoda dali su porezni prihodi, i to
direktni porezi kao to su porezi na dobit, to jest rast dobiti privatnih preduzea i uvoenje stroijih uvjeta za
koritenje poreznih olakica na osnovu reinvestirane dobiti.

2016
To predicted economic growth, that is growth in gross domestic product on an annual basis, significant growth in
exports of services, linked to favourable developments in tourism, was a contributor. Development of household
consumption and government spending also affected economic growth in a similar manner.
Conversely, exports of goods and investment activity, recorded a decrease in 2016, according to available data.
Where unfavourable developments in the export of goods is concerned, the nominal data on foreign trade by main
industrial groups shows that on a quarterly level the export of capital goods significantly reduced, while, at the same
time, exports of intermediate goods decreased. Despite this, projected growth in export of goods and services in
2016 is estimated at a rate of 6.1%.
Gross investment into fixed capital had a continuous growth until the third quarter when it reduced partly as a result
of political instability related to early elections, which, as estimated, resulted in the postponement of investments
at the state level. This indicates a decrease in construction works on other buildings. Besides that, the decline in
investment in the third quarter can be connected to the fact that the start of investment projects related to tourism
were completed in the first half of 2016. Nevertheless, the projected growth of gross investments for 2016 amounts
to 4.1% per annum.
According to available figures, in 2016, the favourable trends are in the labour market and relate to a further reduction
in the unemployment rate, as well as continued growth in net wages. The estimated unemployment rate (labour
force survey) reduced annually and amounts to 14.3% compared to the previous year when it was 16.3%.
Available indicators of overall inflation in 2016 were negative, mainly attributable to a higher annual decline in energy
prices due to lower oil prices on the world market than were expected, and slower growth in the prices of services.
According to estimates, the consumer price inflation rate in 2016 will be negative, with deflation in the amount of
1.2%.
After decline in 2015, the net inflow of foreign direct investment is expected to recover in 2016, mainly due to the
disappearance of the effect of the conversion of loans in Swiss francs, but also due to greater profits of commercial
banks and companies that are foreign-owned.
In addition to the aforementioned macroeconomic indicators, what marked the year 2016 is the condition of public
finances. Since mid-2014, Croatia as a member of the European Union entered the Excessive Deficit Procedure
(EDP) as well as entered among those countries in which macroeconomic imbalances are to be found, triggering
strict monitoring of public finances by the European Commission. Also, the European Commission has required that
Croatia achieve a budget deficit at a level below 3% of gross domestic product by 2016 and that it reduces general
government debt to below 60% of gross domestic product by 2018.
Fiscal data shows that especially in the first half of 2016 a strong fiscal adjustment was carried out. The deficit was
reduced to 0.6% of gross domestic product, which is by 2% of gross domestic product less than in the same period
the previous year. This resulted from significant revenue growth and limited growth in the expenditure side of the
budget. As in the first half of the year, positive trends have continued in the second half of the year too. In November
2016 amendments to the state budget and financial plans of the budget users were adopted, and, according to
recent estimates, it is envisaged that the budget for 2016 will amount to 1.7% of gross domestic product, which is
significantly less compared to the original plan. The correction of the deficit mainly reflects revenues more significant
than were expected. The reason for the increase in revenues is the growth of economic activity, and continued
recovery in the labour market. However, the greatest contribution to overall revenue growth was made by tax
revenues, mainly direct taxes such as income taxes, which translates to profit growth in private enterprises and the
introduction of stricter conditions for the use of tax relief on the basis of reinvested profits.

2016
Visok doprinos ukupnom rastu prihoda, naroito u prvoj polovini godine, dali su i indirektni porezi, to je rezultat
oporavka potronje, povoljnih kretanja u turizmu tokom predsezone i veih prihoda od akciza na naftne derivate i
duhanske preraevine. Poveani su i prihodi od socijalnih doprinosa, to ukazuje na, kako je navedeno, povoljna
kretanja na tritu rada. Pozitivna kretanja su zabiljeena i kod ostalih prihoda, naroito kapitalnih, to je djelomino
povezano s poveanim koritenjem sredstava iz fondova Evropske unije. Na drugoj strani su rashodi koji su takoer
poveani, i to neto vie nego to su rasli prihodi. Ipak, moe se zakljuiti da e budetski deficit za 2016. godinu
iznositi 2,2% bruto domaeg proizvoda, tako da se procjenjuje da bi Hrvatska ve sredinom 2017. godine mogla
izai iz procedure prekomjernog deficita.
Moe se zakljuiti da i u narednom periodu hrvatsku ekonomiju oekuju brojni izazovi koji su pred njom. Glavni
izazov e biti uinak sveobuhvatne porezne reforme koja stupa na snagu 1. januara 2017. te uinak od neprovoenja
strukturalnih reformi, to bi moglo ugroziti srednjoronu perspektivu rasta.
Trite
Ukupna potronja na tritu cementa u BiH u 2016. godini procjenjuje se na oko 1,14 miliona tona, to je za oko 15
hiljada tona vie nego u 2015. godini, odnosno zabiljeen je blagi rast agregatne potronje cementa od oko 1,3%.
Ovo blago poveanje, posebno izraeno u provom polugoditu 2016., prvenstveno je rezultat izuzetno povoljnih
vremenskih uvjeta u prvim zimskim mjesecima te godine; poveanje u kumulativu sigurno bi bilo i vee da nije zastoja
i kanjenja na izgradnji velikih infrastrukturnih projekata (autoput, hidroelektrane), usljed ega je evidentiran blagi pad
u mjesecima graevinske sezone. I pored obnove radova na novim dionicama gradilita autoputa na Koridoru 5-C
pred kraj sezone, mjesena potronja na tritu BiH u zadnjih nekoliko mjeseci godine je neto manja u usporedbi
s prologodinjom mjesenom potronjom, s blagim usporenjem prema kraju godine. Trend neznatnog rasta i
poveanja agregatne tranje (do 3%) moemo oekivati i u narednoj godini.
U usporedbi s agregatnom potranjom u prethodnim godinama nastavljena je daljnja tendencija stagniranja ukupne
potronje, kreui se s veoma malim oscilacijama izmeu 1,11,2 mil.t na godinjem nivou, i s jo uvijek slabim
naznakama znaajnijeg oporavaka trita. Nivo agregatne tranje u apsolutnom iznosu jo je na daleko niskom nivou
u odnosu na period ekspanzije 2006.2008. godine (sl. Agregatna potronja trite BiH). Sve ovo govori da trite
u BiH jo eka dug put do potpunog oporavka i ekspanzije cjelokupne ekonomske aktivnosti, odnosno znaajnijeg
rasta potranje i potronje na tritu cementa.
Agregatna portonja B&H trite
2,000,000
1,500,000
1,000,000
500,000
0 2006. 2007. 2008. 2009. 2010. 2011. 2012. 2013. 2014. 2015. 2016.

2016
A significant contribution to overall revenue growth, particularly in the first half of the year, was indirect taxes, as a
result of a recovery in consumption, favourable trends in tourism during the preseason, and higher revenues from
excise duties on petroleum and tobacco products. Increased revenues from social contributions indicate favourable
trends in the labour market. Positive trends were recorded in other income, especially capital, which is partly related
to the increased use of funds from the European Union. On the other hand, expenditure is also increasing to
somewhat more than the increased revenues. However, it can be concluded that the budget deficit for the year 2016
will amount to 2.2% of gross domestic product, so it is estimated that Croatia could remove itself from the Excessive
Deficit Procedure by as early as mid-2017.
The conclusion is that in the coming period the Croatian economy will face many challenges. The main challenge will
be the effect of comprehensive tax reform with effect from 1 January 2017 and the failure to implement structural
reforms that might jeopardize medium-term growth prospects.
The Market
Total consumption on the B&H cement market in 2016 was estimated at about 1.14 million tonnes, which is about 15
thousand tons more than in 2015, and just slight increase of about 1.3% in aggregate cement consumption was recorded.
This slight increase, particularly evident in the first half of 2016, was primarily a result of exceptionally favourable weather
conditions in the first winter months; this increase would have been greater were it not for downtime and delays to the
construction of major infrastructure projects (highways, hydroelectric power plants), which resulted in a slight decline in
the construction season months. Despite renovation works on new sections of the Corridor 5-C highway construction
site at the end of the season, monthly consumption on the market in the last few months of the year was slightly lower
compared with the previous years monthly consumption, with a slight slowdown towards the end of the year. The trend
of slight growth, and increased aggregate demand (up 3%) can be expected in the coming year.
Compared to aggregate demand in previous years, the trend of decline in total consumption continues, moving
with very small oscillations between 1.1-1.2 millions of tons annually, and the still weak indications of significant
market recovery. The level of aggregate demand in absolute terms is still at a very low level compared to the period
of expansion from 2006 to 2008 (Picture: Aggregate consumption B&H market). All of this shows that the market
in B&H is still a long way from full recovery with expansion of overall economic activity, and significant growth in
demand and cement consumption.
Agregate consumption B&H market
2,000,000
1,500,000
1,000,000
500,000
0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

2016
Nefunkcioniranje cjelovite drave i nestabilna politika situacija uticali su na smanjenje inozemnih investicija i zastoj
ve odobrenih kapitalnih projekata. Autoput koji treba spojiti Budimpetu i Ploe, a koji se kroz BiH protee u duini
oko 330 kilometara, bio je pokreta kljunih i sveobuhvatnih privrednih aktivnosti; rije je o projektu velikog znaaja
za dravu; do sada je izgraeno stotinjak kilometara (oko 35%).
Perspektivu u budunosti daje nastavak daljnjih aktivnosti u 2017. godini na dionicama Zenica sjever Zenica
jug, juni krak dionice Poitelj Zvirovii, povezivanje s Hrvatskom izgradnjom mosta na sjeveru, dionica Oraje -
Svilaj, sve u ukupnoj duini oko 80-ak kilometara, poetak gradnje HE Vranduk, te najavljena gradnja turistikog
megakompleksa Buroj Ozone, vjetroparka Podveleje, HE Ulog, brze ceste Lava Travnik, autoputa Prijedor
Banja Luka itd.
Pored toga, primjetan je i intenziviran rast stambene gradnje, posebno u Kantonu Sarajevo.
U prvoj polovini 2016. u BiH je zabiljeen pad stranih investicija. Nedostatak privrednih aktivnosti, kontinuirane
gradnje veih infrastrukturnih projekata, stalna orijentiranost na uvoz umjesto na vlastitu proizvodnju, preoptereenost
realnog sektora, neadekvatna zatita domae privrede kao i proizvoaa, nedostatak subvencija i poticaja domae
proizvodnje rezultiraju nelojalnom konkurencijom inozemnih proizvoda, nedostatkom poslova i nekonkurentnosti
realnog sektora.
Obim direktnih stranih investicija u Bosni i Hercegovini iz godine u godinu je sve manji; osnovni su uzroci lo poslovni
i jo gori politiki ambijent. Nedostatak adekvatne domae ekonomske strategije i mjera vlasti ne daju nadu u skoru
perspektivu znaajnijeg oporavka i ekonomskog rasta u BiH.
Nedostatak graevinskih aktivnosti i u zemljama okruenja, naroito u Hrvatskoj, rezultirao je i dalje vrlo visokim
plasmanom uvoznog inozemnog cementa (oko 37%). U plasmanu cementa na trite BiH, uz niske eksportne
cijene, prednjaili su prvenstveno proizvoai cementa iz Hrvatske (NEXE, CEMEX i HOLCIM).
Od sporadinog plasmana cementa iz Salonita Anhovo na tritu BiH, vodeeg slovenskog proizvoaa na polju
graevinskih materijala koji plasira svoj cement na podruju Unsko-sanskog kantona, nastavljen je i u 2016. Iako je
rije o relativno manjim koliinama koje se plasiraju putem distributera, njihovo prisustvo ve postaje kontinuirano
i ima znaajan uticaj na nivo trinih cijena i ometanje plasmana kod kupaca koji tradicionalno koriste na cement.
Iako domai proizvoai sada imaju vie nego dovoljne kapacitete za pokrivanje cjelokupnih potreba za cementom,
neiskoritenost kapaciteta i nedostatak potranje na domicilnim tritima razlozi su poveanog plasmana uvoznoga
cementa na tritu BiH. To potvruje injenica da se trino uee uvezenog cementa i u 2016. godini zadralo
na vrlo visokih 37%. Otvorenost zemlje i jaka konkurencija iz inozemstva zahtijevaju izuzetne napore da se postigne
odgovarajui pristup potroaima i zatiti domae trite.
Rast industrijske proizvodnje, rast izvoza i tednja stanovnitva ohrabrujui su, premda je sve to vrlo sporo i
nedovoljno. Ipak, 2017. godina bi trebalo da bude godina blagoga ekonomskog oporavka i izlaska iz recesije.
Ministarstvo saobraaja i veza Federacije BiH je u etverogodinjem periodu planiralo FBiH doslovno pretvoriti u
veliko gradilite, a najvei iznos sredstava odlazi za nastavak izgradnje nekoliko dionica autoputa, ali i izgradnju te
moderniziranje magistralnih i regionalnih puteva.
Za 2017. godinu moemo dati procjenu skromnog oporavka s realnim rastom potranje do 3% na godinjem nivou
ako ne doe do daljnjih socijalnih, ekonomskih ili politikih nestabilnosti.

2016
The non-functioning of an integrated country and unresolved political discord have influenced the reduction of foreign
investment and delayed already approved capital projects. The highway that should connect Budapest and Ploe through
Bosnia and Herzegovina to a length of approximately 330 kilometres has been the engine of key overall business activities,
and it is a project of key importance to the state; so far about a hundred kilometres (35%) has been constructed.
Prospects for the future were the announcement of the continuation of further activities in 2017, including the section
of Zenica north - Zenica south, the south branch Poitelj-Zvirovii, and the connection to Croatia by the construction
of the bridge in the north section Oraje-Svilaj, a combined total length of about 80 kilometres. Other prospects are
the start of construction of HPP Vranduk, and the announced construction of a tourist mega-complex Buroj Ozone, a
wind farm at Podveleje, HPP Ulog, the Lasva Travnik motorway, and the Prijedor - Banja Luka highway, etc.
In addition, there is also intensive growth of residential construction, especially in Sarajevo Canton.
In the first half of 2016 in B&H, a decline in foreign investments was recorded. Lack of economic activities such
as: continued construction of major infrastructure projects; a constant focus on import rather than domestic
production; excessive real sector taxes and other duties; inadequate protection of the domestic economy as well
as manufacturers resulting in unfair competition from foreign products; and a lack of jobs and competitiveness in
real sector.
The volume of direct foreign investments in Bosnia and Herzegovina, from year to year is only reducing; the main causes being
bad business practices and an even worse political environment. The lack of any domestic economic strategies and measures
on the part of the relevant authorities do not provide any early prospect of recovery and economic growth in B&H.
The lack of construction activity in the neighbouring countries (especially in Croatia) has resulted in still very high rankings of
foreign imported cement (about 37%). Placement of the cement into the market in B&H through price dumping was deployed
by foreign cement producers from the surrounding region particularly by NEXE, CEMEX AND HOLCIM (Croatia).
The sporadic market presence of cement from Salonit Anhovo, the leading Slovenian manufacturer in the field of building
materials, which sells its cement in Una-Sana Canton, continues during 2016 in B&H. Although relatively small quantities
were sold through distributors, their presence is becoming more and more continuous, and has a significant impact on
the level of market prices, hampering placements to those customers who have traditionally used our cement.
Although domestic producers now have more than enough capacity to cover the entire demand for cement, unused
capacities and lack of demand in the domestic market are the reasons for increased placement of imported cement
onto the market of Bosnia and Herzegovina. This is confirmed by the fact that the market share of imported foreign
cement remained very high, at around 37% in 2016. Openness of the country and strong foreign competition require
extraordinary efforts to achieve appropriate access to consumers and to protect the domestic market.
Industrial production growth, exports and household savings are encouraging, although very slow and insufficient.
However, 2017 should be a year of slight economic recovery and exit from recession. The Ministry of Transport and
Communications of the Federation of Bosnia and Herzegovina in four years has planned for the Federation to literally
turn into a huge construction site, with the largest amount of funds earmarked to the continued construction of
several sections of the highway, as well as the construction and modernization of main and regional roads.
For 2017, we can estimate modest recovery of the cement market with up to 3% real growth in demand on an
annual basis, unless there are further social, economic or political instability upheavals.

2016
Poslovna linija cement
Tvornica cementa Kakanj (TCK), nakon postepenog obnavljanja i poveanja proizvodnih kapaciteta te okonanja
privatizacijskog procesa, u potpunosti se afirmirala kao savremena i trino orijentirana firma, kako na domaem,
tako i na tritu zemalja u okruenju.
S ulaskom TCK-a u lanac globalnih korporacija / proizvoaa cementa na tritu BiH je dolo do znaajnog
unapreenja postojeih tehnologija kao i potpunog odmaka od postojeih tehnolokih rjeenja i koritenja, to je
dovelo do potpuno drugaijeg i novog kvaliteta poslovanja i odnosa prema korisnicima i ostalim interesnim grupama.
Tehniko-tehnoloko unapreenje procesa poslovanja Tvornice cementa Kakanj imalo je efekta i u proizvodno-
poslovnom procesu i na tritu u vidu vraanja povjerenja korisnika u domae proizvoae i brendove TCK-a,
pogotovo na podrujima na kojima su bile dominantne uvozne marke cementa (jugozapadna Hercegovina, regija
Banje Luke, Unsko-sanski kanton itd.). Tako je danas, zahvaljujui ovom faktoru, struktura potronje cementa
inozemnoga i domaeg porijekla znaajno izmijenjena u odnosu na protekli period.
Vodei se navedenim saznanjima i nastojei da bude to blie izvorima najvee koncentracije stanovnitva i potranje
kao i rastue konkurencije, Tvornica cementa Kakanj je u prethodnim godinama otvorila svoje prodajne terminale
u Sarajevu i Banjoj Luci. Otvaranjem prodajnih terminala u podrujima intenzivne potronje TCK svojim kupcima
omoguuje jednostavan pristup proizvodima iz svog asortimana, a smanjujui trokove prijevoza, odravanja i
manipuliranja, postie sigurnost i stabilnost distribucije svojih proizvoda.
Struktura prodaje po tritima linija cement

Tvornica cementa Kakanj je i u 2016. godini ostvarila uspjene poslovne rezultate, potvrdivi tako trend stabilnosti
prihoda od prodaje i stabilnosti u poslovanju. Postignuti poslovni rezultati su tim znaajniji to su ostvareni u
uvjetima stagnacije koja jo uvijek znaajno pogaa trite BiH. Ovu je godinu karakterizirao nastavak investicija u
putnu infrastrukturu, jaanje generike konkurencije, neznatno poveanje stope rasta trita, blagi rast aktivnosti
graevinskog sektora te daljnji opi rast cijena.
Inovacijama u proizvodnom procesu, savremenim sistemom komuniciranja, transporta i obrade podataka te

praenjem trendova u proizvodnji cementa TCK je u posljednjih nekoliko godina postigla znaajna unapreenja
tehnolokog procesa, kao i dugotrajne ekonomske i ekoloke koristi. Investicijama u proirenje kapaciteta,
koritenjem savremenih tehnolokih rjeenja i snanijim marketinkim nastupom postignuta je prepoznatljivost
marki cementa TCK-a na domaem i na inozemnom tritu.
U situaciji kontinuiranog pritiska inozemnih konkurenata te daljnje prisutnosti ekonomske i politike krize,
zadravanje liderske pozicije na domaem tritu kao i razvoj meunarodnog poslovanja u aktualnim trinim
uvjetima predstavljaju veliki uspjeh Tvornice cementa Kakanj. To je rezultat predanog rada i velikog angamana svih
zaposlenika, koji su pruili i ugradili svoj maksimalan doprinos u ostvarivanje zajednikog cilja.
Tvornica cementa Kakanj je na tritu Bosne i Hercegovine u 2016. godini ostvarila obim prodaje od 367 hiljada
tona, te prihod od prodaje u iznosu 52,8 miliona KM. Uz intenzivnu konkurenciju TCK je uspjela zadrati veliki dio
trinog uea, uz solidan plasman svojih proizvoda u kljunim trinim segmentima.
Kontinuiranim aktivnostima praenja stanja na tritu te pravovremenim reakcijama Tvornica cementa Kakanj je,
zahvaljujui dobro definiranoj prodajnoj politici, uspjela zadrati lidersku poziciju na tritu BiH, pa ak i poveati
svoj trini udio u odnosu na prethodnu godinu.

2016
Cement Business Line
After a gradual recovery and capacity increase, and completion of the privatization process, Tvornica Cementa
Kakanj has been affirmed as a modern and market oriented company on the domestic market, as well as on the
markets of surrounding countries.
Once Tvornica Cementa Kakanj entered the chain of global corporations/cement producers, the B&H market was
enriched by significantly improved technologies and completely advanced technological solutions and utilizations,
ultimately leading to new and different quality business relationships with customers and other stakeholders.
Technical and technological improvements to the business process of Tvornica Cementa Kakanj had desired effects
in the production and business process, as well as on the market, in terms of regaining the trust of our customers
and their dependence on domestic products, especially in areas where foreign cement brands dominated (south-
western Herzegovina, the Banja Luka region, Unsko-Sanski Canton, etc.). Thanks to this factor, the balance of
todays foreign and domestic cement sales has been significantly changed in comparison to previous years.
Led by market research and a drive towards catering to the most significant centres of population and demand in
the country, Tvornica Cementa Kakanj opened its sales terminals in Sarajevo and Banja Luka. Through these sales
terminals in the areas of the most intensive consumption, Tvornica Cementa Kakanj provides its customers with
simple access to its products, and through decreased transport, maintenance and handling costs, achieves safe
and stable distribution of its products.
Market Sales Structure Cement Business Line

In 2016, Tvornica Cementa Kakanj continued with the trend of successful business results, thus confirming the stability
of sales income and business. Achieved business results were even more significant since they were achieved under
the omnipresent recession that still affects the B&H market. 2015 was marked by discontinuation of investment
into road infrastructure (Corridor 5C), increased generic competition, a small market growth rate, insolvency of the
construction sector, a slight increase in activity in the construction sector, and general price increases.
With innovations in the production process, modern systems of communications, and transport and data processing,
and following trends in cement production, Tvornica cementa Kakanj has achieved significant technological
improvements in the last few years, along with long-term economic and environmental benefits. Investments geared
towards increasing production capacity, utilization of modern technical solutions, and stronger market presence on
the domestic as well as foreign markets, resulted in the popular acclaim of Kakanj Cement brands.
In a situation of continuous reduction in sales volume, and as a result of a significant reduction in aggregate demand,
and the continuing economic and political crisis, maintaining the leading position on the domestic market and the
development of international business represent great achievements for Tvornica cementa Kakanj in the current
market conditions. These achievements are testimony to the hard work and great engagement of all employees,
where everyone has invested their maximum effort into realising a common goal.
In 2016, Tvornica cementa Kakanj achieved 367 kt sales volumes on the B&H market, and sales income in the
amount of 52.8 million KM. With increasingly intense competition, TCK kept a large part of market share, with solid
sales of products in key market segments.
By continuously monitoring activities in the market and reacting in a timely manner, Tvornica cementa Kakanj, thanks
to a well-defined sales policy, managed to keep the leading position in the B&H market, and even increase its market
share compared to the previous year.

2016
Tvornica cementa Kakanj je i dalje nastavila prodaju cementa na hrvatskom tritu. Tako je izvoz tokom 2016. u
Hrvatsku iznosio cca 65 hiljada tona, odnosno, TCK je ostvarila plasman oko 15% svoje ukupne prodaje.
Obim prodaje TCK (kt) 2014. 2015. 2016.
Trite BiH 351 355 368

Trite RH 63,9 70 65
Trite AFRIKA 4,2 - -
UKUPNO 419,1 425 433
Iako je neto smanjeno uee izvoza u ukupnoj prodaji TCK-a u odnosu na prethodnu godinu, procent od 15%
izvoza od ukupne prodaje na trite Republike Hrvatske, odnosno trite EU-a, predstavlja izuzetan uspjeh.
U uvjetima strogoga, zahtjevnog i zasienog trita Hrvatske sve navedeno govori o stabilnosti prisustva i
prepoznatljivosti brenda TCK-a, organiziranosti u plasmanu i distribuciji, kao i usklaivanju sa specifinostima
i zahtjevima trita EU-a.
U 2016. godini zadran je trend pojaanog plasmana rinfuznog cementa u odnosu na uvreani. Trend je posljedica
smanjenja individualne gradnje i intenziviranja plasmana rinfuznog cementa kod segmenta korisnika proizvoaa
prakastih materijala.
65+35+M
U kumulativu, odnos prodaje uvreanoga i rinfuznog cementa TCK-a iznosi oko 35:65% u korist rinfuznoga.
Raspodjela prodaje cementa
35,3%
Vrea (t)
Rinfuza (t)
64,7%

2016
Tvornica cementa Kakanj continued its sales on the Croatian market. In 2016, export to Croatia amounted to
approximately 65 thousand tons, i.e. Tvornica cementa Kakanj placed 15% of its total sales in Croatia.
TCK Sales volume (kt) 2014 2015 2016
B&H Market 351 355 368

Market of Croatia 63,9 70 65
Market of Afrika 4,2 - -
TOTAL 419,1 425 433
Although there was a somewhat reduced share of exports in total sales TCK compared to the previous year, the
percentage of 15% of exports of total sales on the Croatian market, i.e. the EU market, is a remarkable success.
In the market of Croatia, which is rigorous, demanding and saturated, the TCK brand has a strong presence
and recognition, well-organised marketing and distribution, and meets all the specific requirements of EU
markets.
In 2016, the trend of increased placements of bulk cement in relation to bagged was maintained. This trend results
from a reduction in individual construction and intensifying investments in the segment of bulk cement customers -
manufacturers of powdered materials.
65+35+M
Cumulatively, the ratio of sales of bagged and bulk cement of TCK is about 35:65% in favour of bulk.
Cement sales distribution
35,3%
Bag (t)
Bulk (t)
64,7%

2016
Dunav-Drava cement
Potronja cementa u Hrvatskoj u 2016. godini procjenjuje se na oko 1,42 miliona tona, odnosno 330 kg
per capita, to predstavlja rast od oko 8% u odnosu na prethodnu godinu. Kao i tokom prethodnih godina,
najzasluniji za rast graevinskih aktivnosti su Istra, Kvarner i Dalmacija gdje je aktualan velik broj manjih
i veih investicija u smjetajne i srodne turistike kapacitete. Zagreb i okolica u 2016. biljee manji pad
aktivnosti nego proteklih godina s tendencijom prema stagnaciji u 2017. Slavonija kao krajnji istok zemlje
nakon zavretka radova vezanih uz obnovu poplavljenih podruja ponovno biljei negativne brojke naspram
prethodnih godina.
Dunav-Drava cement je tokom 2016. godine ostvario ukupnu prodaju od 129 hiljada tona cementa, te promet
od 17,3 miliona KM. U 2016. isplaena je sveukupna kumulirana neto dobit iz prethodnih godina vlasniku TBG
Beton u iznosu od priblino 423 hiljade KM.
Poslovna linija beton

Struktura prodaje po poslovnim jedinicama i tritima linija beton
Spoznaja da se vrijednost za potroaa vie ne kreira samo u firmi, jasno je u stvaranju dodatne vrijednosti i
konkurentske prednosti istaknula odluujuu ulogu efikasno strukturiranih i integriranih kanala marketinga. Koristei
znanja i iskustva HeidelbergCement grupacije, kao i primjenom odgovarajuih strategija, Tvornica cementa Kakanj
stavlja na raspolaganje proizvode i usluge svojim kupcima na nain kojim poveava vrijednost svoje ukupne ponude
i diferencira svoju ponudu gradei lanac vrijednosti na kanalima marketinga.
Izgradnjom sistema vertikalnog marketinga TCK nastoji izgraditi postupne faze proizvodnje i distribucije pod jednim
vlasnitvom te povezuje proizvodnju cementa s lancem betonara koje posluju u sklopu poslovne linije Transport Beton
Group (TBG), ime se postie integriran lanac distribucije cementa (poluproizvoda) i betona (gotovog proizvoda) do
krajnjih korisnika.
Putem ovakvog naina sistema marketinga i distribucije TCK se takoer brani od nepovoljnih trinih uticaja na
postojeem tritu i amortizira ih, plasira svoj proizvod i ulazi na ciljna i inozemna trita koja su pod dominacijom
konkurenata. Primjenom vertikalnog sistema marketinga TCK takoer postie ekonominost u poslovanju i
eliminaciju udvostruenja usluga.
TBG BH
Kompanija TBG BH d.o.o. Kakanj osnovana je 2001. godine kao kerka kompanija Tvornice cementa Kakanj.
Osnovna njezina djelatnost je proizvodnja betona, njegov prijevoz i ugradnja na odreenoj destinaciji. U svome
vlasnitvu trenutno ima pet poslovnih jedinica sa est betonara, i to PJ Sarajevo, PJ Rajlovac, PJ Zenica, koja u
svom sastavu ima i mobilnu betonaru lociranu u Drivui, PJ Lukavac i PJ Banja Luka, koje proizvode visokokvalitetne
vrste betona kao i specijalne vrste betona te glazure i maltere.
Betonara u Lukavcu radi od 1999. godine, betonara u Sarajevu putena je u rad 2003. godine, betonara u Banjoj
Luci radi od decembra 2006., dok mobilna betonara locirana u Drivui posluje od 2011. pratei potrebe za betonom
na Koridoru 5-C, na dionici autoputa prema Zenici. Sve betonare imaju vrhunsku opremu za proizvodnju, distribuciju
i ugradnju betona te moderno opremljene laboratorije. Za dodatne kapacitete transporta i ugradnje betona TBG BH
ima ugovor sa svojim partnerima. Posjeduje 11 miksera, od kojih su dva nabavljena u ovoj godini, te 6 autobeton
pumpi dometa 3747 m. Upravljanje postrojenjima je potpuno kompjuterizirano (GEDIS), ime se garantira kvalitet
betona, a to potvruje i laboratorij nezavisnog instituta koji redovito radi ispitivanja.

2016
Dunav-Drava cement
In the market of Republic of Croatia estimated cement consumption in 2016 was approximately 1.42 million
tons, i.e. 330 kg per capita, which represents an increase of around 8% compared to the previous year. As
in previous years, the regions most responsible for the growth of construction activity are Istria, Kvarner and
Dalmatia where there is currently a number of smaller and larger investments in accommodation and related
tourism facilities. The Zagreb area recorded a smaller decline in activity than in previous years in 2016, with a
tendency towards stagnation in 2017. Slavonia, in the far east of the country, again recorded negative figures
compared to previous years, after the completion of works related to the rehabilitation of flooded areas.
In 2015, Dunav-Drava cement achieved sales of 129 thousand tons, and turnover of 17.3 million KM. In 2016, the
total accumulated profit from previous years was paid to the owner, TBG Beton, in the amount of approximately
423 thousand KM.
The Concrete Business Line

Sales Structure per Business Units and Markets Concrete Business Line
By acknowledging that the value of customers is no longer created only in the company, it is clear that effectively
structured and integrated marketing channels play a key role in adding value and a competitive edge. The knowledge
and experience of HeidelbergCement Group, as well as the application of appropriate strategies, enables Tvornica
Cementa Kakanj to offer its goods and services to customers, through which it increases its overall value, and
differentiates its products by building a value chain in marketing channels.
Tvornica Cementa Kakanj has been building a vertical marketing system in order to form gradual phases of
production and distribution under one ownership, and connect cement production with a chain of concrete plants,
in collaboration with the Transport Beton Group (TBG), thus achieving an integrated chain of cement distribution
(semi-finished product) and concrete (finished product), ready for consumer use.
With such a marketing and distribution system, Tvornica Cementa Kakanj defends its position while depreciating
unfavourable influences in the existing market, installs its products, and enters targeted and foreign markets
dominated by the competition. In addition, the application of the vertical marketing system enables Tvornica
Cementa Kakanj to achieve business efficiency and better negotiation conditions.
TBG BH
TBG BH Company Ltd was founded in 2001 as a daughter company of Tvornica Cementa Kakanj. The basic
activity of the company is concrete production, transportation and installation at a particular building site.
Currently, it owns five Concrete Production Plants - business units (BU) in Sarajevo, Rajlovac, Lukavac, Zenica
and Banja Luka and a mobile unit (MU) in Drivua, which produce high-quality types of concrete, as well as
special types of concrete, glaze and mortar.
Lukavac Concrete Plant has been operational since 1999, Sarajevo BU since 2003, BU Banja Luka since December
2006, while MU Drivua has been in operation since 2011, supporting the need for concrete on Corridor 5C,
motorway section towards Zenica. All BUs have superior mixing equipment for the production, distribution and
installation of concrete, and modern laboratories. TBG BH has additional capacity for transport and installation
contracted through partners. The company owns 11 mixing trucks, 2 of which were purchased in previous year, and
6 concrete pumps ranging from 37 to 47 meters. All are fully computerised (GEDIS), thus guaranteeing the quality of
concrete, which is confirmed by an independent laboratory institute that runs regular tests.

2016
Pored toga, betonare su opremljene specijalnim stanicama za reciklau (BIBKO sistem), kojima se omoguava
ponovno koritenje otpadne vode i estica pijeska i ljunka u krunom toku, ime zadovoljava i najstroije ekoloke
standarde. Sve betonare su opremljen za rad u zimskim uvjetima, tj po iznimno niskim temperaturama.
Iako je i ova godina bila posebno teka za privredu Bosne i Hercegovine i njenu graevinsku industriju i opera-
tivu, to nije sprijeilo nau kompaniju TBG BH da nastavi s kontinuiranim pozitivnim poslovanjem i rezultatima te
angamanom svih svojih kapaciteta.
Tokom 2016. godine TBG BH je proizveo i ugradio 124,2 hiljada kubnih metara betona.
Obim prodaje (hiljade m) 2014. 2015. 2016.
TBG BH PJ Sarajevo 54,9 36,3 62,8

TBG BH PJ Lukavac 10,8 15,6 13,6
TBG BH PJ Banja Luka 9,9 17,3 13,8
TBG BH PJ Zenica 26,7 8,4 34,0
TBG BH ukupno 102,3 77,6 124,2
Kao to je evidentno u pregledu, proizvodnja betona u 2016. je znatno porasla u odnosu na 2015. Ovakav trend je
posljedica pokretanja veih projekata na izgradnji Koridora 5-C, kao i kupovinom dvije betonare od W&P Beton na
podruju regija Sarajeva i Zenice, a samim time je povean udio na tritu.
Gledano teritorijalno, tj. lokalno prema rasporedu naih betonara, situacija je sljedea:
PJ Sarajevo
Ukupna potronja betona u regiji Sarajeva procjenjuje se na oko 300 hiljada m, to predstavlja poveanje u odnosu
na prethodnu godinu. Poveanje potronje betona uzrokovano je otvaranjem nekih novih gradilita, a u 2017. se
oekuje pokretanje novih veih projekata, to e sigurno poveati potrebe za betonom u ovoj godini. Akvizicijom
nove betonare TBG BH na podruju regije Sarajeva poveao se udjel na tritu; uglavnom se radilo na zavretku pro-
jekata zapoetih u 2015. i neto manjih projekata iz 2016. godine. Nedostatak projekata rezultirao je i padom cijena.
U odnosu na prethodnu godinu betonara u Sarajevu je imala poveanje prodaje betona za 73%, a jedan od razloga
za to je akvizicija nove betonare i ujedno poveanje trinog udjela.

2016
In addition, the concrete plants are equipped with special recycling stations (BIBKO system), which enables the
re-use of waste water and particles of sand and gravel, meeting highest environmental standards. All plants are
equipped to work in winter conditions i.e. at extremely low temperatures.
Even though this was another particularly difficult year for the economy of Bosnia and Herzegovina and its
construction industry and operations, our company TBG BH continues to achieve positive business results, and
engages all of its facilities.
During 2016, TBG BH produced and installed 124.2 thousand cubic meters of concrete.
Obim prodaje (hiljade m) 2014 2015 2016
TBG BH BU Sarajevo 54.9 36.3 62.8

TBG BH BU Lukavac 10.8 15.6 13.6
TBG BH BU Banja Luka 9.9 17.3 13.8
TBG BH PJ Zenica 26.7 8.4 34.0
TBG BH Total 102.3 77.6 124.2
As can be observed in the overview, concrete production significantly increased in 2016 compared to 2015. This trend
is a result of initiation of a large project on constructing Corridor 5C, as well as due to the purchase of two concrete
plants from W&P Beton in the areas of Sarajevo and Zenica, consequently also leading to increased market share.
The situation in the areas is as follows:
BU Sarajevo
Total consumption of concrete in the Sarajevo region is estimated at around 300 thousand m3, which represents an
increase compared to the previous year. This increase is due to the opening of some new construction sites, while
in 2017 it is expected that a new large project would start that will certainly increase concrete demand in 2017. Ac-
quisition of new plant in the area of Sarajevo resulted in a market share increase. The focus was mainly on finishing
projects started in 2015 and some small projects from 2016. A lack of projects resulted in a price decrease.
Compared to the previous year, the concrete plant in Sarajevo had an increase in sales of 73%, one of the causes
being the increase in the acquisition of new concrete plant and increase of the market share.

2016
Projekti na kojima se ugraivao na beton u 2016. su sljedei:
Hala Enco Vogoa

LOT 2C
HALA Enco Rajlovac
Hotel MALAK Ilida
Market WAVES 6 Otes Ilida
Recepcija Hoteli Ilida
JONUZ Company, Hotel DUBAI
SPO Objekt Kromolj, DEBOS
Transverzala Euroasfalt
Regulacija korita rijeke Bosne
SPO MILJACKA, MS WOOD
Hala za logistiku, Amerika ambasada, Veyka TR
SPO OTOKA Butmir, Vektor Integra
PJ Zenica
Od 2011. godine, otkad je u ovoj regiji postavljena mobilna betonara TBG BH u Zenici, proizvedeno je vie od
250 hiljada kubnih metara betona; vei dio tog betona isporuen je za projekte vezane za izgradnju Koridora
5-C. Kvalitet betona koji proizvodi TBG BH bio je presudan za ovako intenzivan angaman, a da bismo zadovoljili
potrebe investitora, obnovili smo i ojaali nae transportne i pumpne kapacitete, to nam se viestruko vraa. U
odnosu na 2015. godinu, u 2016. godini dolazi do pokretanja projekata na Koridoru 5-C koji su bili u zastoju, pa je
samim tim dolo do znatnog poveanja proizvodnje u toj godini, a trend porasta proizvodnje bi se svakako trebao
odraziti i u 2017. godini kao i godinama koje dolaze. U planu je pokretanje niza projekata u 2017. godini, to e
svakako znaiti i poveanje ukupne proizvodnje za TBG BH na podruju regije Zenica.
Akvizicijom nove betonare u 2016. godini poveani su kapaciteti i sigurnost isporuke.TBG BH u Zenici tokom
2016. godine ukupno je proizveo 34 hiljade m betona.
Isporuka ostvarena u 2016. ila je sljedeim kupcima i projektima:
LOT 4 / dionica Drivua Klope, izvoa Hering d.d.

Hidrotehniki tunel Ribnica, izvoa Dekos d.o.o.
Rekonstrukcija pogona ArcelorMittal, ITC d.o.o. Zenica i Tehno-promet d.o.o. Zenica
Rekonstrukcija korita rijeke Bosne, izvoa AGI d.o.o. Konjic
Rekonstrukcija vodovoda Visoko, pic beton d.o.o. Zenica
Fabrika za zbrinjavanje animalnog otpada Bioorganika, izvoa pic beton d.o.o. Zenica
S nastavkom izgradnje autoputa na spomenutom koridoru betonara TBG BH svakako e biti lider u isporukama
betona, pa se oekuje da u 2017. proizvodnja bude znatno poveana u odnosu na protekle godine.

2016
Projects that used our concrete in 2016:
Hall Enco Vogoa

LOT 2C
Hall Enco Rajlovac
Hotel MALAK Ilida
Market WAVES 6 Otes Ilida
Reception Hoteli Ilida
JONUZ Company, Hotel DUBAI
Residential/business building Kromolj, DEBOS
Bypass Euroasfalt
Regulation of the Bosna river bed
Residential/business building MILJACKA, MS WOOD
Logistics Hall, USA Embassy, Veyka TR
Residential/business building OTOKA Butmir, Vektor Integra
Mobile unit
Since 2011, operative until the end of 2015, the mobile concrete plant TBG BH in Zenica produced over
250,000 cubic metres of concrete. Most of the production concrete plant delivered primarily to projects
related to construction of 5C. The quality of concrete produced by TBG BH was crucial for this intense
involvement, and in order to meet the needs of investors, we have renewed and strengthened our transport
and pumping capacity, on which we have enjoyed a great return. Compared to 2015, 2016 was marked by
start of projects in the Corridor 5C which were delayed, leading to significant production increase in 2016,
and increasing trend should also reflect in 2017 as well as in coming years. Several projects are planned to
start in 2017, which will certainly lead to increasing total production of TBG BH in area of Zenica.
Acquisition of new plant in 2016 resulted in increased capacity and stable delivery.During 2016, the TBG BH plant
in Zenica produced in total 34 thousand m3 of concrete.
Deliveries made in 2016 were the following:
LOT 4 / Section Drivua Klope contractor Hering d.d.

Hydro-technical tunnel Ribnica contractor Dekos d.o.o.
Structure rehabilitation Steel Works Zenica contractor ITC d.o.o.
Reconstruction of Bosna riverbed, contractor AGI d.o.o. Konjic
Reconstruction of water pipeline Visoko, pic beton d.o.o. Zenica
Plant for treatment of animal waste Bioorganika, Izvoa pic beton d.o.o. Zenica
Continuation of highway construction on the aforementioned corridor will make this TBG BH concrete plant a
leader in concrete deliveries, while in 2017 it is expected that production will significantly rise in comparison to
previous years.

2016
PJ Banja Luka
Betonara u Banjoj Luci je u 2016. godini ostvarila prodaju 13,8 hiljada m, to u odnosu na prethodnu godinu
predstavlja smanjenje proizvodnje. Osnovni razlog pada proizvodnje je ulazak konkurenata Cemexa i Fabrike
cementa Lukavac na trite; oni su pokrenuli vlastitu proizvodnju betona ili uzeli pod zakup postojee fabrike betona.
S ciljem osvajanja trinog udjela primijenili su trend niih cijena (damping). Procjena potronje betona u regiji Banja
Luka u 2017. godini je cca 140.000 m, a neki od veih najavljenih objekata su City Mall i Delta City trni centri kao
i niz SPO objekata.
Projekti na koje je isporuivan beton u 2016. godini:
SPO Family Life, investitor Red Brick Gradnja Banja Luka

SPO Greenville, investitor Tehnosint Laktai
Hotel DOS, izvoa Delta MD Banja Luka
SPO Regrad, izvoa Inter Dom Banja Luka
U 2017. godini se oekuje isporuka na objekat Red Brick 2 za koji ima potpisan ugovor kao i ve preliminarno
dogovorene objekta Zis Internacional - Inter Dom i Tekton Banja Luka.
PJ Lukavac
U ovoj regiji ukupna potronja betona je iznosila oko 120 hiljada m. Karakteristika ovog trita je da nema velikih
infrastrukturnih projekta koji troe vee koliine betona, pa cjelokupan plasman uglavnom zavrava kod krajnje
potronje i niza malih kupaca. Konkurencija je i na ovom podruju jaka, od betonara koje rade s cementom Fabrike
cementa Lukavac, zatim Nexe grupe, pa do malih betonara.
Ukupna proizvodnja u ovoj TBG betonari je iznosila 13,6 hiljada m.
Ostvarena proizvodnja svoj plasman je nala na sljedeim projektima:
Regulacija korita rijeke Joevice

Regulacija korita Slanjanske rijeke
Projekti otklanjanja teta uzrokovanih poplavama (izgradnja mostova i sanacija klizita)
Bingo City Center Tuzla
Tunel Karaula na cesti Tuzla Sarajevo
Sisecam Soda Lukavac graevinsko odravanje i izgradnja
SPO Slavinovii
SPO Klosterska
Autobaza GIPS Junuzovi
Za 2017. godinu najavljen je konani poetak radova na dva velika projekta iz oblasti energetike Blok 7 TE Tuzla
ukupne vrijednosti cca 1,5 milijardi KM i TE Banovii ukupne vrijednosti cca 800 miliona KM. Pored navedenih, bitno
je napomenuti i projekte iz oblasti prometa i veza na ovom podruju, tj. program modernizacije cesta u FBiH, kojim je
izmeu ostalih predvien nastavak izgradnje III dionice iza tunela Karaula na cesti Tuzla Sarajevo, kao i brze ceste
Oraje Tuzla epe. U 2017. godini takoer je planirana izgradnja novih i rekonstrukcija postojeih infrastrukturnih
objekata na Meunarodnom aerodromu Tuzla. Svi najavljeni infrastrukturni projekti, zajedno s redovitim projektima
stanogradnje, trebali bi doprinijeti znaajnom poveanju potranje za betonom na ovom tritu, kao i poveanju
trinog udjela TBG BH betonare Lukavac.

2016
BU Banja Luka
During 2016, the concrete plant in Banja Luka achieved sales of 13.8 thousand m3, which represents a production
decrease when compared to the previous year. The main cause for the decrease is due to competitors Cemex and
Cement Factory Lukavac entering the market by starting their own production or by leasing existing concrete plants.
In order to gain market share they applied the trend of lower prices (dumping). Estimated concrete consumption in
the Banja Luka region in 2017 is approximately 140,000 m3, and some of the announced large projects are the City
Mall and the Delta City mall as well as several housing/business buildings.
Produced concrete was installed in the following projects in 2016:
Residential-business building Family Life, investor Red Brick Gradnja Banja Luka
Residential-business building Greenville, investor Tehnosint Laktai
Hotel DOS, contractor Delta MD Banja Luka
Residential-business building Regrad, contractor Inter Dom Banja Luka
In 2017, deliveries to the building Red Brick 2 are expected, for which the contract was signed, as are potential
deliveries to the preliminary agreed objects Zis Internacional Inter Dom and Tekton Banja Luka.
BU Lukavac
Total consumption of concrete in this region was around 120 thousand m3. The characteristic of this market is that it
has no large infrastructure projects that could consume large amounts of concrete, but the total placement is mainly
directed towards individual construction and small buyers. Competition is very strong in this area, including concrete
plants that work with the cement of Lukavac cement plant and Nexe Group, as well as smaller concrete plants.
Total production in this TBG concrete plant was 13.6 thousand m3.
The produced concrete was installed in the following projects:
Regulation of Joevica river bed

Regulation of Slanjanska river bed
Projects of flood damage recovery (construction of bridges and slides recovery)
Bingo City Centre Tuzla
Tunnel Karaula on the main Tuzla-Sarajevo road
Sisecam Soda Lukavac construction and maintenance
Residential/business building Slavinovii
Residential/business building Klosterska
AutoBaza GIPS-Junuzovi
The start of works on two major projects in the field of energy are announced for 2017 Block 7 in the Tuzla Power
Plant, the value of which is around 1.5 billion KM, and the Banovii Power Plant, valued in total at around 800 million
KM. Additionally, it is important to emphasise projects in the field of roads and communications in this area, i.e.
modernisation of roads in FBiH, which, among other things, foresees the continuation of construction of III section on
the main Tuzla-Sarajevo road after the Karaula tunnel, as well as the expressway Oraje-Tuzla-epe. Also, in 2017 it
is announced that construction of new and reconstruction of existing facilities at Tuzla International Airport shall start.
All announced infrastructure projects including regular residential projects should contribute to a significant concrete
demand increase in this market as well as a market share increase of TBG BHs plant in Lukavac.

2016
TBG BETON HRVATSKA
Tvornica cementa Kakanj je takoer vlasnik kompanije TBG Beton d.o.o. Zagreb, specijalizirane za proizvodnju
i plasman transportnog betona. Kompanija TBG Beton, sa svojih est poslovnih jedinica, uspjeno posluje na
hrvatskom tritu od 1998. godine. Tvornica cementa Kakanj na ovome veoma vanome i odvanom koraku
pokazuje da je, uz podrku HeidelbergCement grupacije, izrasla u veoma respektabilnu kompaniju koja vrstim
i sigurnim koracima ide u sigurnu budunost. Ova kompanija omoguava dodatni plasman cementa na trite
susjedne Hrvatske, bolju konkurentsku poziciju i dugoroan stabilan razvoj TCK-a te takoer ukazuje na injenicu
da je ona jedna od rijetkih bh. kompanija koja svoje poslovanje iri i izvan granica BiH.
TBG Beton d.o.o. Zagreb prisutan je na tritu istone Hrvatske, Grada Zagreba, istonoga i zapadnog dijela
Zagrebake upanije. Djeluje na tritu upanija Vukovarsko-srijemske, Osjeko-baranjske, Brodsko-posavske i
Zagrebake te vri isporuke u gradove Osijek, Valpovo, Vinkovci, Vukovar, akovo, upanja, Ilok i Slavonski Brod.
Na navedenom podruju ivi ukupno oko 730.000 stanovnika. Betonara Donja Bistra djeluje na tritu zapadnog
dijela Grada Zagreba i zapadnog dijela Zagrebake upanije. TBG Strabag d.o.o., koji je u 50-postotnom vlasnitvu
TBG-a, djeluje na tritu Zagreba i istonog dijela Zagrebake upanije.
Osnovna djelatnost drutva TBG Beton d.o.o. je proizvodnja i distribucija gotove betonske smjese. Operativne aktivnosti
ovoga drutva organizirane su na est lokacija (est proizvodnih pogona): akovo, Osijek, Slavonski Brod, Valpovo,
Vinkovci i Donja Bistra. TBG Beton d.o.o. takoer proizvodi / separira agregat na separaciji u Slavonskom amcu.
Procjena trita
Za gore navedene potrebe isporuivalo se iz pet betonara u Slavoniji te iz jedne betonare u Zagrebu i jedne
u Donjoj Bistri. Vozni park ini 7 mijealica za beton 9 m3, jedna mijealica za beton 10 m3 i etiri pumpe
za beton dosega 47, 41, 37 i 24 m.
Potronja transportnog betona u istonoj Hrvatskoj procjenjuje se za 2016. godinu na 205.000 m3 (cca
0,30 m3 po stanovniku), dok je ukupna prodaja u ovoj regiji iznosila neto manje od 50 hiljada m3, ime je
TBG Beton dostigao 24,4% uea na tritu.
Proizvodnja betona u 2016. godini iznosila je 68.313 m3, to u odnosu na 2015. godinu predstavlja
smanjenje za 15%.
Na osnovu svih dostupnih analiza ne oekuje se bolja ekonomska situacija u Republici Hrvatskoj, a time ni nove
znaajne investicije. Posebno je problematino zagrebako trite; u nedostatku posla cijene su na nivou koji
proizvodi gubitak.
Procjena trita
Za gore navedene potrebe isporuivalo se iz pet betonara u Slavoniji te iz jedne betonare u Zagrebu i jedne u Donjoj
Bistri. Vozni park ini 7 mijealica za beton 9 m3, jedna mijealica za beton 10 m3 i etiri pumpe za beton dosega
47, 41, 37 i 24 m.
Potronja transportnog betona u istonoj Hrvatskoj procjenjuje se za 2016. godinu na 205.000 m3 (cca 0,30 m3 po
stanovniku), dok je ukupna prodaja u ovoj regiji iznosila neto manje od 50 hiljada m3, ime je TBG Beton dostigao
24,4% uea na tritu.
Proizvodnja betona u 2016. godini iznosila je 68.313 m3, to u odnosu na 2015. godinu predstavlja smanjenje za 15%.
Na osnovu svih dostupnih analiza ne oekuje se bolja ekonomska situacija u Republici Hrvatskoj, a time ni nove
znaajne investicije. Posebno je problematino zagrebako trite; u nedostatku posla cijene su na nivou koji
proizvodi gubitak.

2016
TBG BETON CROATIA
Tvornica Cementa Kakanj also owns TBG Beton d.o.o. Zagreb, a company specialising in the production and
distribution of ready-mixed concrete. TBG Beton, with its six business units, has been successful on the Croatian
market since 1998. With this very important and brave step, Tvornica Cementa Kakanj demonstrates that, with the
support of HeidelbergCement Group, it has grown into a very respectable company that strongly and firmly treads
into a secure future. This investment enables additional placement of high-quality Kakanj cement into the market of
neighbouring Croatia, a more competitive position, and a prudent development of Tvornica Cementa Kakanj, making it
a rare example of a domestic company that has expanded its business beyond the borders of Bosnia and Herzegovina.
TBG BETON Zagreb is present in the eastern Croatian market, Zagreb city, and the eastern and western part of Zagreb County. It
actively works in the markets of Vukovarsko-Srijemska county, Osjeko-Baranjska county, Brodsko-Posavska county and Zagrebaka
county, and delivers to the towns of Osijek, Valpovo, Vinkovci, Vukovar, akovo, upanja, Ilok and Slavonski Brod. This area is inhabited
by approximately 730,000 residents. Betonara Donja Bistra is active in the market of the western part of Zagreb City and the western
part of Zagreb County. TBG Strabag d.o.o., in which TBG has a 50% share, is active in the market of Zagreb and the eastern part of
Zagreb County. TBG-STRABAG, 50%-owned by TBG Beton, operates on the Zagreb market and the eastern part of Zagreb County.
The core activity of TBG Beton is production and distribution of ready-mixed concrete. Operational activities of the
Company are organized at six locations (six manufacturing plants): akovo, Osijek, Slavonski Brod, Valpovo, Vinkovci
and Donja Bistra. TBG Beton also produces / separates aggregate in a separation unit in Slavonski amac.
Market estimate
For the purposes of the above areas, deliveries were made from five concrete plants in Slavonia, one concrete plant
in Zagreb and one in Donja Bistra. The fleet consists of 7 concrete mixer trucks 9 m3, one concrete mixer truck 10
m3 and four concrete pumps reach 47, 41, 37 and 24 m.
The estimated quantity of sold ready-mix concrete in Eastern Croatia for 2016 is around 205,000 m3 (approximately
0.30 m3 per capita), while the total amount TBG sold in this region was a little less than 50 thousand m3, providing
TBG with a 24.4% market share.
Concrete production in 2016 was 68,313 m3, which if compared to 2015 represents a decrease of
15%.
On the basis of available analysis, neither a better economic situation in Croatia, nor any new significant investments,
are to be expected. The Zagreb market is especially problematic. A lack of orders is causing prices to be set at a
level resulting in loss.
Market estimate
For the purposes of the above areas, deliveries were made from five concrete plants in Slavonia, one concrete plant
in Zagreb and one in Donja Bistra. The fleet consists of 7 concrete mixer trucks 9 m3, one concrete mixer truck 10
m3 and four concrete pumps reach 47, 41, 37 and 24 m.
The estimated quantity of sold ready-mix concrete in Eastern Croatia for 2016 is around 205,000 m3 (approximately
0.30 m3 per capita), while the total amount TBG sold in this region was a little less than 50 thousand m3, providing
TBG with a 24.4% market share.
Concrete production in 2016 was 68,313 m3, which if compared to 2015 represents a decrease of 15%.
On the basis of available analysis, neither a better economic situation in Croatia, nor any new significant investments,
are to be expected. The Zagreb market is especially problematic. A lack of orders is causing prices to be set at a
level resulting in loss.

2016
Proizvodnja i proizvodi
Kvalitet postaje novom kulturom ponaanja na globalnom tritu, nova poslovna filozofija koja se ogleda ne samo u
kvalitetu proizvoda ve i u kvalitetu organizacije, kvalitetu procesa, integraciji s ostalim sistemima (okoli, sigurnost)
i postaje temeljni faktor konkurentnosti na svjetskom tritu.
Tvornica cementa Kakanj prva je organizacija u BiH koja je razvila i implementirala integrirani sistem upravljanja
kvalitetom, zatitom okolia te zatitom zdravlja i sigurnou u skladu sa zahtjevima standarda ISO 9001, ISO
14001, OHSAS 18001, EN 197-1 i EN 197-2. Ovakav integrirani sistem predstavlja ustvari proces koji podrazumijeva
obavezu kontinuirane nadgradnje i razvoja, to je u sutini i filozofija standarda iz ISO serije. Osnovni motiv kojim se
menadment TCK-a vodio jeste zadovoljenje interesa svih zainteresiranih strana, odnosno uesnika u procesu, a to
su kupci, dobavljai, okruenje, vlasnici i radnici. Premda interesi ovih zainteresiranih strana na prvi pogled izgledaju
dijametralno suprotni i nepomirljivi, ipak, zahvaljujui integriranom sistemu upravljanja, sve ove strane postaju partneri
koji funkcioniraju kao jedan jedinstven tim. Samo pomou odgovarajue dokumentiranoga i certificiranog sistema
upravljanja kvalitetom moe se postii povjerenje izmeu isporuitelja i kupaca koje je neophodno za meunarodne
poslovne odnose.
Certificirani integrirani sistem osiguranja kvaliteta ini konkurentsku prednost i slui kao baza za stvaranje povjerenja
izmeu TCK-a i kupaca, ujedno sluei i kao marketinki instrument.
Tvornica cementa Kakanj nastoji uvesti i proiriti upotrebu alternativnih goriva i sirovina, kao to je ljaka iz visoke
pei, elektrofilterski pepeo, otpadne gume i otpadna plastika.
Tvornica se potpuno ravnopravno svrstala u red modernih evropskih organizacija koje aktivno uestvuju i daju
svoj doprinos u rjeavanju globalnih problema dananjice, kao to su iscrpljivanje neobnovljivih resursa u cilju
zadovoljavanja sve veih potreba za energijom.
Odrivost podrazumijeva odgovorno upravljanje prirodnim sirovinama, smanjenje upotrebe prirodnih resursa
reciklaom ili poveanom upotrebom alternativnih materijala. Energija i zatita klime, zdravlje i sigurnost radnika,
kao i investicije u zatitu okolia i upravljanje otpadom postaju kljuni elementi odrivog razvoja i konkurentnosti
domaih proizvoaa. Uteda prirodnih resursa ne samo da smanjuje proizvodne trokove nego takoer uva
rezerve materijala i za budue generacije.

2016
Production and Products
Quality is achieved through a culture of good conduct on the global market, a business philosophy that is not only reflected
in the quality of the product but also in the quality of the organisation, the quality of the process, and integration with other
systems (environmental, safety), and the desire to play a greater role in the world market.
Tvornica Cementa Kakanj is the first organization in Bosnia and Herzegovina to develop and implement an integrated
system for managing quality, environmental protection and occupational health and safety, in accordance with the required
standards: ISO 9001, ISO 14001, OHSAS 18001, EN 197-1 and EN 197-2. Such an integrated system actually represents
a process that includes a commitment to continually upgrade and develop, which is basically the ISOs principal of
standard. The basic leading motive of the Management Board of Tvornica Cementa Kakanj is to satisfy the interests
of all participants in the process: customers, suppliers, local community, owners and employees. Although at first sight
the interests of these parties seem diametrically opposed and conflicting, thanks to the multidisciplinary approach of
the integrated management system, all the interested parties become partners that function as a single team. Only with
an appropriately documented and certified system of quality management can trust, which is essential to international
business relations, be established between the supplier and the consumer.
The system of certified integration for ensuring quality provides a competitive advantage and serves as the basis for creating
trust between Tvornica Cementa Kakanj and its customers, while simultaneously serving as a marketing instrument.
Tvornica Cementa Kakanj strives to introduce and expand the use of alternative fuels and materials, such as blast furnace
slag, fly ash, recycled rubber and recycled plastics.
Tvornica Cementa Kakanj has deservedly joined the ranks of modern European organizations that are actively participating
and contributing to solving current global issues, such as preventing the exhaustion of non-renewable resources in pursuit
of sustainable energy.
Sustainability is synonymous with responsible management of natural resources, decreased dependence on natural
resources through recycling, or increased utility of alternative materials. Energy and protection of the climate, health and
safety of employees, as well as investments into environmental protection and waste management, become key elements
of sustainable development and competitiveness of domestic producers. Conserving natural resources not only reduces
production costs, but also preserves material reserves for future generations.

2016
U svome programu proizvodnje Tvornica cementa Kakanj trenutno nudi sljedee proizvode:
Cement
CEM IV/B W 32,5 N
CEMENT CEM IV/B-W 32,5 N namijenjen je za pripremu betona i morta za sve graevinske radove koji se izvode
u propisanim uvjetima gradnje za armirane i nearmirane betonske objekte niih razreda vrstoe. Veliku primjenu
ima u gradnji obiteljskih kua i izradi cementne stabilizacije u cestogradnji. Sadri 45-64% portlandskog cementnog
klinkera, 36-55% dodatka kalcijskog leteeg pepela i do 5% prirodnog gipsa kao regulatora vezivanja. Ova kom-
binacija klinkera i dodataka daje ovom cementu usporenu reakciju hidratacije, niu toplinu hidratacije, oekivanu
vrstou, dobru obradivost betona, laku ugradnju i poveanu hemijsku otpornost u odnosu na isti portlandski
cement.
CEM II/B W 42,5 N

CEMENT CEM II/B-W 42,5 N je portlandski cement s dodatkom kalcijskog leteeg pepela namijenjen pripremi
betona i morta za sve graevinske radove koji se izvode u propisanim uvjetima gradnje za armirane i nearmirane
betonske elemente viih razreda vrstoe (mostovi, tuneli, vijadukti, stanogradnja, izrada gotovih betonskih
elemenata, pumpani beton). Sadri 65-79% portlandskog cementnog klinkera i 21-35% dodatka kalcijskog leteeg
pepela te do 5% prirodnog gipsa kao regulatora vezivanja. Ova kombinacija dodataka daje mu usporenu reakciju
hidratacije, niu toplinu hidratacije, oekivanu vrstou, pri proizvodnji betona daje dobru obradivost, laku ugradnju
i poveanu hemijsku otpornost u odnosu na isti portlandski cement.
CEM I 52,5 N
CEMENT CEM I 52,5 N namijenjen je za pripremu zahtjevnih betona za sve graevinske radove koji se izvode
u propisanim uvjetima gradnje za armirane i nearmirane betonske objekte viih razreda vrstoe (mostovi, tuneli,
vijadukti, stanogradnja, izrada gotovih betonskih elemenata). Sadri 95-100% portlandskog cementnog klinkera,
do 5% sporednih dodatnih sastojaka i do 5% prirodnog gipsa kao regulatora vezivanja. Ova kombinacija klinkera
i dodataka daje ovom cementu bri poetak vezivanja, neto veu toplinu hidratacije, visoku ranu vrstou kao i
poveanu finalnu vrstou.
RAZVOJ NOVIH PROIZVODA
U svrhu priprema za potrebe specifinih investicijskih projekata uraene su laboratorijske probe i ispitivanja
specijalnog cementa, cementa za posebne namjene, pucolanskog cementa VLH IV/B (W) 22,5. Namijenjen je za
pripremu specijalnih betona za izradu masivnih hidrotehnikih objekata. Sadri 45-64% portlandskog cementnog
klinkera, 36-55% kalcijskog leteeg pepela iz TE atii i do 5% prirodnog gipsa kao regulatora vezivanja. Ova
kombinacija klinkera i dodataka daje ovom cementu neto sporiji poetak vezivanja, veoma nisku toplotu hidratacije
kao i znatan naknadni rast vrstoe nakon 28 dana. Ovaj naknadni rast vrstoe nakon 90 dana ide i preko 33%.
Proces proizvodnje dio je integriranog sistema upravljanja certificiranog prema meunarodnim normama ISO
9001:2008, ISO 14001:2009 i OHSAS 18001:2007. Uz redovitu internu kontrolu kvaliteta proizvoda u svim fazama
proizvodnje, nezavisnu kontrolu provode IGH Split i GIT Tuzla. Proizvod podlijee dokazivanju usklaenosti prema
EN 14216:2004. Njegova komercijalizacija se oekuje tokom godine, odnosno po ukazivanju potrebe za ovim
proizvodom.
Beton
Postrojenja TBG BH proizvode razliite vrste gotovih betona, kao to su pumpani beton, beton otporan na mraz i so,
vodonepropusni beton, prskani beton, mlazni beton sa elinim vlaknima, beton otporan na sulfate, mikroarmirani
beton i laki beton. Pored toga, moemo proizvesti i ostale vrste betona u dogovoru s kupcem u pogledu osobina
svjeega i ovrsnulog betona.

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

CEMENT CEM II/B - W 42.5 N is a Portland cement with added calcium fly ash intended for preparing concrete
and mortar for all construction works performed in prescribed construction conditions for both reinforced and
non-reinforced concrete elements of higher hardness grades (bridges, tunnels, viaducts, residential buildings,
production of finished concrete elements, pumped concrete). It contains 65-79% of Portland cement clinker, a 21-
35% addition of calcium fly ash, and up to 5% of natural gypsum, used as the binding regulator. This combination of
additives provides a slow hydration reaction, low heat of hydration, expected hardness, greater pliability throughout
production, easier pouring, and increased chemical resistance in comparison to pure Portland cement.
n CEM I 52.5 N
CEMENT CEM I 52.5 N is intended for preparing demanding concrete for all construction works performed in
prescribed construction conditions for both reinforced and non-reinforced concrete elements of higher hardness
grades (bridges, tunnels, viaducts, residential buildings, production of finished concrete elements). It contains
between 95-100 % of Portland cement clinker; up to 5% of secondary additives and up to 5% natural gypsum,
used as the biding regulator. This combination of clinker and additives provides a faster start to binding, somewhat
higher hydration temperature, high initial strengths as well as increased final strengths.
DEVELOPMENT OF NEW PRODUCTS
The preliminary laboratory and tests of special cement has been done, for cement of special purposes, Puzzolanic
cement VLH IV/B (W) 22.5. It is intended for the preparation of special concrete for the development of mass objects.
It contains 45-64% of Portland cement clinker, 36-55% calcium fly ash from TE atii to 5% of natural gypsum as a
regulator binding. This combination of clinker and cement additives provides this cement a slow start bonding, very
low heat of hydration as well as substantial subsequent growth of strength after 28 days. This subsequent increase in
strength after 90 days goes over 33%.
The production process is part of an integrated management system certified according to international standards
ISO 9001: 2008, ISO 14001: 2009 and OHSAS 18001: 2007. In addition to regular internal quality control at all
stages of production, implemented and independent control by IGH Split / GIT Tuzla, the product is subject to
proving compliance to EN 14216: 2004. Commercialization of the product is expected during the year / upon
request
Concrete
TBG BHs plants produce different types of ready-mixed concretes, such as: pumped concrete, concrete resistant to
frost and salt, watertight concrete, shotcrete, sulphate resistant concrete, micro-reinforced concrete, and lightweight
concrete. Furthermore, we can custom produce other types of concrete fresh or hardened depending upon
customer requirements.

TBG BETON svojim kupcima isporuuje sve vrste betona razliitih razreda vrstoe, specijalne betone, lagani beton
i cementne glazure s dodatkom aditiva za odgoeni poetak vezivanja te cementnu stabilizaciju. U 2015. proirili
smo katalog proizvoda s novim klasama betona te imamo novi katalog proizvoda za sve betonare. U 2016. ugovorili
smo prve koliine bijelog betona. Proizvodnja probnih koliina je bila uspjena.
TBG BETON d.o.o. Zagreb takoer obavlja usluge transporta i pumpanja betona, a za siguran transport i ugradnju
betona u zahtjevnim klimatskim uvjetima na raspolaganju su savremeni mikseri i autopumpe za beton.
Priznanje Best Buy Award 2015/2016 za cement i beton

Krajem decembra 2015. meunarodna organizacije sa sjeditem u vicarskoj ICERITAS (International
Certification Association GmbH) dodijelila je Tvornici cementa Kakanj i kompaniji TBG BH priznanje Best Buy
Award za najbolji omjer cijene i kvaliteta proizvoda. Istraivanje koje je ova svjetska organizacija provela pokazuje
da ispitanici iskljuivo profesionalci u podruju graevinarstva te pojedinci s iskustvom u gradnji i opremanju
najvei broj glasova za omjer cijene i kvaliteta u kategoriji proizvoa cementa na bosanskohercegovakom
tritu daju proizvoau Tvornici cementa Kakanj, lanici njemake HeidelbergCement grupacije, a u kategoriji
proizvoa betona na bosanskohercegovakom tritu proizvoau TBG BH, takoer lanici HeidelbergCement
grupacije.
Certificiranje betonara TBG BH prema BAS EN 206-1

U 2016. godini TBG BH d.o.o. Kakanj postala je prva kompanija u Bosni i Hercegovini koja je implementirala sistem
kvalitete proizvodnje betona prema evropskim standardima BAS EN 206- 1. Implementacija evropskih standarda
u proizvodnji betona je izvrena na svim betonskim postrojenjima koja posluju na podruju Federacije Bosne i
Hercegovine. Time je jo jednom potvreno da je TBG BH lider u proizvodnji betona i primjeni novih zakona i
standarda.
Pozicije dobiti
Ukupan prihod od prodaje Tvornice cementa Kakanj povean je u 2016. godini za 0,3% u odnosu na 2015. i iznosio
je 62,3 miliona KM, pri emu je prihod od prodaje proizvoda povean za 0,8%, to je rezultat poveanja prodaje na
domaem tritu, dok je prihod od prodaje robe smanjen za 19,5%.
Prihod od prodaje cementa Drutva na domaem tritu, ukljuujui i prihod od transporta, povean je za 1,97%.
Poveanje prihoda rezultat je poveanja volumena prodaje za 3,39%. Istovremeno su prodajne cijene imale blagi
pad, ime je djelimino umanjen pozitivan efekat od poveanja volumena.
Prihod od prodaje cementa, ukljuujui i prihod od transporta na stranom tritu, smanjen je za 7,8% zbog smanjenja
ukupnog volumena prodaje za 7,6%. Prosjena cijena cementa je poveana za 1,5%, to je imalo pozitivan uticaj
na prihod.
Prihod od prodaje robe Drutva smanjen je za 19,5%, pri emu je prihod od prodaje roba na domaem tritu
(palete) smanjen za 2,7% zbog smanjenja uea pakovanog cementa, a prihoda od prodaje roba na strano trite
nije bilo. U 2015. godini Drutvo je prodavalo trosku u iznosu od 77 hiljada KM.
Prihod od prodaje Grupe iznosio je 83,7 miliona KM i povean je za 1% u odnosu na 2015. godinu, pri emu su
prihodi od prodaje proizvoda poveani za 8,07% zbog poveanja prodaje betona na domaem tritu (TBG BH),
dok je prihod od prodaje robe smanjen za 10,5%, a prihod od usluga prijevoza je smanjen za 5,6%.

TBG BETON d.o.o. delivers to its customers all types of concrete with different hardness grades, special con-
cretes, light concrete and cement glaze with additives for delayed start of binding, as well as cement stabilization.
We expanded our product catalogue in 2015 with new classes of concrete, and all concrete plants have the new
catalogue. In 2016, the first quantities of white concrete were agreed. Production of test quantities was successful.
TBG BETON d.o.o. also provides transport and pumping services, and for safe transport and installation of concrete
in demanding climate conditions we have modern mixing trucks and auto-concrete pumps.
Best Buy Award 2015/2016 for Cement and Concrete

At the end of December 2015, ICERITAS (International Certification Association GmbH), an international organiza-
tion based in Switzerland, awarded Tvornica cementa Kakanj and TBG BH the Best Buy Award for the best ratio
of price and quality of products. The survey conducted by this organisation shows that examinees exclusively
professionals in the area of construction and individuals with experience in construction and equipment cast the
largest number of votes with regard to the price/quality ratio in the cement producer category on the market of Bos-
nia and Herzegovina to the producer Tvornica cementa Kakanj (Kakanj Cement factory), a member of the German
HeidelbergCement Group, and in the concrete producer category on the market of Bosnia and Herzegovina to the
producer TBG BH, also a member of HeidelbergCement.
Certification of TBG BHs concrete plants according to BAS EN 206-1

In 2016, TBG BH d.o.o. Kakanj became the first company in Bosnia and Herzegovina that implemented the quality
system for concrete production in accordance with European standards BAS EN 206-1. Implementation of European
standards in concrete production was conducted in all concrete plants doing business in the Federation of Bosnia
and Herzegovina. Once again TBG BH proved to be the leader in concrete production and application of new laws
and standards.
Financial Highlights
Total Gross sales of Tvornica cementa Kakanj increased in 2016 by 0.3% compared to 2015 and amounted to 62.3
million KM, in which gross sales from products increased by 0.8%, which is the result of an increase of sales on the
domestic market, while gross sales from goods for resale decreased by 19.5%.
Gross cement sales of the Company on the domestic market, including transport revenue, increased by 1.97%. An
increase of gross sales is the result of an increase of sales volume by 3.39%. At the same time, sales prices saw a
slight decrease, s partially decreasing the positive effect of the increase in volume.
Gross cement sales on the foreign market, including transport revenues, decreased by 7.8% due to a decrease of
total sales volume by 7.6%. The average sales price increased by 1.5%, which had a positive impact on Gross sales.
The Companys Gross sales from goods for resale decreased by 19.5%, with gross sales from goods for resale
on the domestic market (pallets) decreasing by 2.7% due to a decrease of the share of packed cement sales and
no gross sale from goods for resale on the foreign market. In 2015 the Company sold slag in a total amount of 77
thousand KM.
The Groups gross sales amounted to 83.7 million KM, an increase of 1% compared to 2015, as gross sales for
products increased by 8.07% due to an increase in ready-mixed concrete sales on the domestic market (TBG BH),
while gross sales of goods for resale decreased by 10.5% and revenue from transport services decreased by 5.6%.

2016
Prihod od prodaje cementa treim licima je smanjen u odnosu na 2015. godinu za 2,7% (1,6 mil. KM) zbog smanjenja
volumena prodaje na tritu Hrvatske. Ukupan prihod od prodaje cementa na tritu Hrvatske koji se realizuje kroz
kompaniju Dunav-Drava cement Zagreb smanjen je za 8,86% zbog smanjenja volumena prodaje za 12 kt. Ova
kompanija, naime, pored prodaje cementa Tvornice cementa Kakanj uvozi i prodaje na hrvatskom tritu cement iz
Maarske od kompanije Duna-Drva Cement u ijem je vlasnitvu bila do 2011. godine.
Prihod od prodaje betona na tritu Bosne i Hercegovine je povean za 60%, to je rezultat poveanja volumena
prodaje. Do ovog poveanja dolo je zbog proirenja kapaciteta kupovinom dvije nove betonare (jedne u Sarajevu, a
druge u Zenici) te poveanja potronje betona zbog nastavka ulaganja u investicijske projekte, prvenstveno autoput,
mada svi projekti kasne u odnosu na planiranu dinamiku.
Prihod od prodaje betona na tritu Hrvatske je smanjen za 13%, to je posljedica smanjenja volumena prodaje.
Trokovi prodaje Drutva imali su pozitivan trend u odnosu na prethodnu godinu i smanjeni su za 3,1%, odnosno 1,3
miliona KM. Najvei uticaj na smanjenje trokova prodaje imali su trokovi energije koji ukljuuju elektrinu energiju i
pogonsko gorivo. Vie je razloga zbog kojih su smanjeni trokovi energije. To su prije svega smanjenje trine cijene
pogonskog goriva, zatim smanjenje cijene elektrine energije, smanjenje potronje elektrine energije i poveanje
uea alternativnih goriva sa 1,2% u 2015. na 3,8% u 2016. godini.
Pozitivan efekat na trokove prodaje imali su i trokovi plaa koji su smanjeni za 4,5% zbog smanjenja broja
zaposlenih. Trokovi transporta gotovih proizvoda smanjeni su za 16,8%.
Nasuprot ovim trokovima koji su imali trend smanjenja, odreeni trokovi su imali negativan trend kao to su trokovi
materijala (poveani su za 15% u odnosu na 2015. godinu) i trokovi odravanja (poveani su za 289 hiljada KM).
Zalihe gotovih proizvoda i poluproizvoda u 2016. su poveane, to vodi smanjenju ukupnih trokova s tim to je
poveanje zaliha u 2016. bilo znatno manje u odnosu na 2015. godinu i iznosilo je 209 hiljada KM (u 2015. godini
zalihe su poveane za 2.223 hiljada KM).
Trokovi prodaje Grupe smanjeni su u odnosu na 2015. godinu za 2,1%, i iznosili su 57.631 hiljadu KM (u 2015.
su iznosili 58.860 hiljada KM). Do smanjenja trokova prodaje je dolo najveim dijelom zbog smanjenja trokova
energije za 3,4 mil. KM, prvenstveno kao rezultat smanjenja trokova pogonskog goriva Drutva.
Trokovi prodane robe Grupe su smanjeni za 18,6% zbog smanjenja volumena prodaje cementa koji Drutvo DDC
Zagreb kupuje iz Maarske za daljnju prodaju. Smanjenje od 11,4% su imali trokovi transporta gotovih proizvoda
te trokovi plaa, koji su smanjeni za 1,7%.
Negativan uticaj na trokove prodaje Grupe su imali trokovi materijala koji su iznosili 11.735 hiljada KM (u 2015.
su iznosili 9.745 hiljada KM), znai poveani su za 1.990 hiljada KM zbog poveanja volumena prodaje cementa
Drutva i prodaje betona povezanog Drutva TBG BH. Negativan uticaj su imali i trokovi odravanja koji su poveani
za 306 hiljada KM.
Opi i administrativni trokovi Drutva poveani su za 3,3%, a Grupe za 5,4%. Poveanje opih i administrativnih
trokova i Drutva i Grupe uzrokovano je poveanjem trokova zaposlenih.
Ukupni trokovi zaposlenih u Drutvu poveani su za 3% u odnosu na prethodnu godinu (sa 9.812 hiljada KM na
9.913 hiljada KM), dok je prosjean broj zaposlenika smanjen za devet zahvaljujui njihovom redovitom odlasku u
penziju.

2016
Gross cement sales to third parties decreased by 2.7% (1.6 million KM) compared to 2015, due to a decrease in
cement sales volume on the Croatian market. Total Gross cement sales on the Croatian market, realised through
the company Dunav-Drava cement Zagreb, decreased by 8.86% due to a decrease in sales volume of 12 kt. This
company, in addition to selling Tvornica cementa Kakanj cement, imports and sells cement from Hungary from the
company Duna-Drva Cement (under whose ownership it was until 2011) on the Croatian market.
On Bosnia and Herzegovinas market, gross sales of concrete increased by 60%, which is the result of an increase in sales
volume. Sales volume increased due to expansion of capacities resulting from the purchase of two new ready-mixed concrete
plants (one in Sarajevo and one in Zenica) and due to an increase in concrete consumption because of continuation of invest-
ments in investment projects, primarily the Corridor 5C highway, although all projects are late compared to the planned dynamic.
On the Croatian market, gross sales of concrete decreased by 13%, which is the outcome of a sales volume decrease.
The Companys sales costs saw a positive trend compared to the previous year and decreased by 3.1% or by 1.3
million KM. The highest positive impact on sales costs was from energy costs, which include both electricity costs
and fuel costs. There are many reasons due to which energy costs decreased. First of all there is a decrease of
the market price of fuel, then decrease electricity prices, decreased electricity consumption, and an increase of the
share of alternative fuels from 1.2% in 2015 to 3.8% in 2016.
A positive effect on the sales costs was a decrease in staff costs by 4.5% due to a decrease in the number of
employees. The transport costs related to finished products decreased by 16.8%.
Contrary to these costs, which had a decreasing trend, certain costs have had a negative trend such as the cost of
materials (increased by 15% compared to 2015) and maintenance costs (increased by 289 TKM).
The stocks of finished and semi-finished products increased in 2016, which leads to a decrease of total costs
provided, so that the increase of stocks in 2016 was significantly lower compared to 2015 and amounted to 209
TKM (in 2015 the stocks increased by 2,223 TKM).
The sales costs of the Group decreased by 2.1% compared to 2015 and amounted to 57,631 TKM (in 2015 they
amounted to 58,860 TKM). The sales costs of the Group decreased mainly due to a decrease in energy costs, which
decreased by 3.4 million KM primarily as a result of decreased fuel costs of the Company.
The Groups costs of goods sold decreased by 18.6% due to a decrease of cement sales volume, which the
Company DDC Zagreb purchases from Hungary for resale. Transport costs decreased by 11.4% and staff costs
decreased by 1.7%.
A negative impact on the Groups sales costs were the costs of material, which amounted to 11,735 TKM (in 2015
they amounted to 9,754 TKM), meaning that they increased by 1,990 TKM due to an increase in the Companys
cement sales volume and concrete sales volume of the related Company TBG BH. A negative impact was seen in
maintenance costs, which increased by 306 TKM.
The Companys general and administrative costs increased by 3.3%. The Groups general and administrative costs
increased by 5.4%. An increase to the general and administrative costs of the Company and also of the Group was
caused by an increase to staff costs.
The total staff costs in the Company increased by 3% compared to the previous year (from 9,812 thousand KM
to 9,913 thousand KM), while the average number of employees decreased by 9. This decrease to the number of
employees was attributable to retirement.

2016
Ukupni trokovi zaposlenika u Grupi poveani su za 2,84% ili za 347 hiljada KM (sa 12.209 hiljada KM na 12.556
hiljada KM).
Dobit Drutva iz poslovnih aktivnosti poveana je za 9%, odnosno za 1,3 miliona KM (sa 14 miliona KM u 2015.
godini na 15,3 miliona KM u 2016. godini) zbog poveanja volumena prodaje i smanjenja trokova prodaje.
Dobit Grupe iz poslovnih aktivnosti je poveana za 10% ili za 1,5 miliona KM i iznosila je 16,9 miliona KM (u
prethodnoj godini je iznosila 15,4 miliona KM).
Ostali prihodi Drutva su smanjeni za 252 hiljade KM, dok su ostali rashodi poveani za 375 hiljada KM zbog otpisa
potraivanja od kupaca nad kojima je pokrenut steajni postupak.
Finansijski rezultat je manji za 54 hiljade KM zbog smanjenja kamatne stope na deponovana sredstva.
Drutvu su 2016. godini isplaene dividende od povezanog Drutva TBG BH u iznosu od 3.301 hiljadu KM.
Ostali prihodi Grupe su poveani za 159 hiljada KM zbog poveanja prihoda od prodaje fiksnih sredstava (od tri
betonare koje je kupio TBG BH jedna betonara mobilna prodana je). Poveana je i naplata otpisanih potraivanja
za 85 hiljada KM. Ostali rashodi su smanjeni za 59 hiljada KM.
Dobit Drutva prije oporezivanja iznosi 17.776 hiljada KM i poveana je u odnosu na prolu godinu za 3.897 hiljada
KM ili za 27,9%, od ega je poveanje po osnovu isplate dividendi 3.301 hiljada KM (u proloj godini je iznosila
13.897 hiljada KM).
Dobit Grupe prije oporezivanja iznosi 16.291 hiljadu KM i poveana je u odnosu na prolu godinu za 1.624 hiljade
KM ili za 11%.
Tvornica cementa Kakanj osloboena je poreza na dobit u Federaciji BiH na temelju odluke Skuptine o investiranju
20 miliona KM u periodu od 2014. do 2018. godine. Drutvo je u 2014. godini ispunilo prvi uvjet poreznog
oslobaanja investirano je vie od etiri miliona KM. U periodu 2014.-2016. godine ukupno je investirano u
proizvodnju 9,8 miliona KM, a u naredne dvije godine planirana su vea ulaganja (dva najvea projekta su silosi
cementa i alternativna goriva), tako da nema rizika od neispunjenja obaveze investiranja.
Na dobit ostvarenu u PJ Banja Luka obraunat je porez na dobit u skladu sa Zakonom o porezu na dobit Republike
Srpske.
Porez na dobit Drutva iznosi 93 hiljada KM i smanjen je za 53 hiljade KM u odnosu na prethodnu godinu, a porez
na dobit Grupe iznosi 287 hiljade KM i povean je za 125 hiljada KM u odnosu na prethodnu godinu (poveanje
dobiti zavisnih drutava koja nemaju porezno oslobaanje).
Neto dobit Drutva iznosi 17.683 hiljade KM (prethodne godine 13.751 hiljada KM), a neto dobit Grupe 16.004
hiljade KM (prethodne godine 14.504 hiljade KM).
Neto dobit Grupe je manja od neto dobiti Drutva zato to su u neto dobit Drutva ukljueni i prihodi od isplate
dividendi TBG BH.
Zarada po dionici Drutva iznosi 1,87 KM (u prethodnoj godini 1,45 KM), a zarada po dionici Grupe iznosi 1,69 KM
(u prethodnoj godini 1,53 KM).
Uprava i Nadzorni odbor predloit e Skuptini Drutva isplatu dividendi od 1,87 KM po dionici.

2016
The Groups total costs of employees increased by 2.84% or by 347 thousand KM (from 12,209 thousand KM to
12,556 thousand KM).
The operating income of the Company increased by 9% or by 1.3 million KM (from 14 million KM in 2015 to 15.3
million KM in 2016) due to an increase in sales volume and a decrease in sales costs.
The operating income of the Group increased by 10% or by 1.5 million KM and amounted to 16.9 million KM (in the
previous year it amounted to 15.4 million KM).
Other Company revenues decreased by 252 thousand KM, while other expenses increased by 375 thousand KM
due to the write-off of receivables from customers that have initiated bankruptcy proceedings.
The financial result was lower by 54 thousand KM due to a decrease in the interest rate on deposit.
In 2016 a dividend was paid to the Company by the related Company TBG BH in the amount of 3.301 thousand KM.
Other revenues of the Group increased by 159 thousand KM due to an increase in income from the sales of fixed
assets (of three concrete plants purchased by TBG BH one mobile plant is sold). There was an increase in the
collection of written-off receivables of 85 thousand KM. Other expenses decreased by 59 thousand KM.
The Companys income before tax amounts to 17.776 thousand KM and increased by 3.897 thousand KM or
by 27.9% compared to the previous year, with an increase in dividend payments of 3.301 thousand KM (in the
previous year income before tax amounted to 13.897 thousand KM).
The Groups income before tax amounts to 16.291 thousand KM and increased by 1.624 thousand KM or by 11%
compared to the previous year.
Tvornica Cementa Kakanj is exempted from income tax in the Federation of Bosnia and Herzegovina on the basis of the decision
passed by the General Assembly to invest 20 million KM into the Company from 2014 to 2018. In the year 2014, the Company
fulfilled the first condition for tax exemption by investing more than four million KM. In the period 2014 2016, the total amount of
9.8 million KM was invested in production and over the next two years higher investments are planned (the two largest projects
are cement silos and alternative fuels) and therefore there is no risk of not fulfilling the requirements of investments.
For income achieved at the Banja Luka branch, income tax was calculated in accordance with the Republic of
Srpska Income Tax Law.
The Companys income tax amounts to 93 thousand KM and decreased by 53 thousand KM compared to the
previous year, while the income tax of the Group amounts to 287 thousand KM and increased by 125 thousand
KM compared to the previous year (the increase of income related to Companies that do not have tax exemption).
The net income of the Company amounts to 17.683 thousand KM (in the previous year it was 13.751 thousand KM)
and the net income of the Group amounts to 16.004 KM (in the previous year it was 14.504 thousand KM)
The net income of the Group was lower than the net income of the Company because income from the dividend
payment of TBG BH is included in the net income of the Company.
Earning per share of the Company amounts to 1.87 KM (in the previous year it was 1.45 KM) and earning per share
of the Group amounts to 1.69 KM (in the previous year it was 1.53 KM).
The Management Board and the Supervisory Board will propose to the General Assembly of the Company to pay
a dividend of 1.87 KM per share.

2016
Osnovne pozicije izvjetaja o sveobuhvatnoj dobiti Grupe i Drutva
U hiljadama KM Grupa Drutvo
2015. 2016. Promjena 2015. 2016. Promjena
Prihod od prodaje 82.907 83.698 1,0% 62.090 62.286 0,3%

Bruto dobit 24.047 26.067 8,4% 20.876 22.362 7,1%
Dobit iz poslovnih aktivnosti 15.353 16.902 10,1% 13.998 15.257 9,0%
EBIT 14.002 15.824 13,0% 13.458 17.391 29,2%
Neto finansijski prihodi 665 467 -29,8% 439 385 -12,3%
Dobit prije oporezivanja 14.667 16.291 11,1% 13.897 17.776 27,9%
Porez na dobit -163 -287 75,6% -146 -93 -36,0%
Neto dobit godine 14.504 16.004 10,3% 13.751 17.683 28,6%
Poslovni trendovi po regijama i djelatnostima

Tvornica cementa Kakanj ima poslovne aktivnosti u dvije drave Bosni i Hercegovini i Hrvatskoj.
Bosna i Hercegovina
Poslovne aktivnosti u Bosni i Hercegovini obuhvaaju proizvodnju i distribuciju cementa te proizvodnju i distribuciju
betona. Proizvodnja i distribucija cementa obavlja se u Tvornici cementa Kakanj, a proizvodnja i distribucija betona
u TBG BH Kakanj.
Prema procjenama ukupna potronje cementa na tritu Bosne i Hercegovine u 2016. godini je imala blagi porast
od 1,6% u odnosu na prethodnu godinu. Kao rezultat poveanja potronje uz istovremeno poveanje trinog
udjela Tvornica cementa Kakanj je u 2016. godini ostvarila prodaju na domaem tritu od 368 kt, to je za 3,4%
vie u odnosu na 2015. godinu.
Nasuprot prodaji na domaem tritu, izvoz u Hrvatsku je u 2016. godini smanjen u odnosu na prethodnu godinu
za 7,5%.
Ukupna prodaja je poveana u odnosu na prethodnu godinu za 1,6%, odnosno za 6,7 kt.
U poslovnoj liniji beton volumen prodaje je takoer povean, i to za 60% i iznosio je 124 hiljade m3 (u 2015. je
uznosio 78 hiljada m3). Poveanje volumena prodaje rezultat je kupovine novih betonara kao i poetka radova na
Koridoru 5-C, dionica Drivua Klope gdje je locirana mobilna betonara, a u blizini je, u Zenici, i jedna od novih
betonara.
Druga nova betonara je locirana u Sarajevu gdje je ve postojala jedna betonara tako da je sa dvije betonare u
Sarajevu povean trini udio.

2016
The basic position of net income of the Group and the Company is provided in the following table:
In thousand KM Grupa Drutvo
2015 2016 Change 2015 2016 Promjena
Gross sales 82,907 83,698 1.0% 62,090 62,286 0.3%

Gross income 24,047 26,067 8.4% 20,876 22,362 7.1%
Income from operating activities 15,353 16,902 10.1% 13,998 15,257 9.0%
EBIT 14,002 15,824 13.0% 13,458 17,391 29.2%
Net financial income 665 467 -29.8% 439 385 -12.3%
Income before taxes 14,667 16,291 11.1% 13,897 17,776 27.9%
Income tax -163 -287 75.6% -146 -93 -36.0%
Net income 14,504 16,004 10.3% 13,751 17,683 28.6%
Business Trends by Regions and Business Lines

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

Business activities in Bosnia and Herzegovina include the production and distribution of cement, and the production
and distribution of concrete. The production and distribution of cement is carried out by Tvornica Cementa Kakanj,
and the production and distribution of concrete is carried out by TBG BH Kakanj.
According to estimates, total cement consumption in the market of Bosnia and Herzegovina in 2016 increased
slightly by 1.6% compared to the previous year. As a result of increase in consumption and, at the same time,
increasing market share, Tvornica cementa Kakanj in 2016 achieved sales in the domestic market of 368 kt, which
is 3.4% higher compared to 2015.
Contrary to sales on the domestic market, export to Croatia in 2016 decreased compared to the previous year by
7.5%.
Total sales increased compared to the previous year by 1.6% or by 6.7 kt.
In the Concrete Business Line the sales volume also increased by 60% and amounted to 124 thousand m3 (in 2015
it amounted to 78 thousand m3). An increase in the sales volume is the result of the acquisition of new ready-mixed
concrete plants as well as the start of the works on Corridor 5C on the road section Drivua Klope where the
mobile concrete plant is located and near Zenica where one of the new concrete plants is located.
Another new concrete plant is located in Sarajevo, where one concrete plant already existed so that with two
concrete plants in Sarajevo market share is increased.

2016
Osnovne pozicije izvjetaja o sveobuhvatnoj dobiti po poslovnim linijama u BiH
U hiljadama KM Poslovna linija cement Poslovna linija beton Ukupno u BiH
2015. 2016. 2015. 2016. 2015. 2016.
Prihod od prodaje - trea lica 47.953 47.237 8.994 12.965 56.947 60.202
Prihod od prodaje u Grupi 14.137 15.049 14.137 15.049
Ukupan prihod 62.090 62.286 8.994 12.965 71.084 75.251
Bruto dobit 20.876 22.362 435 1.347 21.311 23.709
Dobit iz poslovnih aktivnosti 13.998 15.257 -169 495 13.829 15.752
EBIT 13.458 17.391 -167 661 13.291 18.052
Neto finansijski prihodi 439 385 192 91 631 476
Dobit prije oporezivanja 13.897 17.776 25 752 13.922 18.528
Porez na dobit -146 -93 -6 -90 -151 -184
Neto dobit godine 13.751 17.683 19 662 13.771 18.344
Hrvatska
Poslovne aktivnosti u Hrvatskoj obuhvaaju prodaju cementa te proizvodnju i distribuciju betona. Drutvo Dunav-
Drava cement Zagreb, koje je u sastavu Grupe od 2011. godine, vri uvoz i prodaju cementa. Pored uvoza cementa
iz Bosne i Hercegovine, Dunav-Drava cement uvozi cement i iz Maarske. Proizvodnja i distribucija betona se
obavlja u drutvu TBG Beton Zagreb.
Potronja cementa na hrvatskom tritu u 2016. godini biljei blagi porast, meutim, trini udio Dunav-Drava
cementa u 2016. je smanjen u odnosu na prethodnu godinu. Dunav-Drava cement je u 2016. godini na hrvatsko
trite plasirao 65 kt uvoznog cementa iz Tvornice cementa Kakanj, to je za 7,6% manje nego u 2015. godini.
Osim cementa nabavljenog od TCK-a, Dunav-Drava cement je u 2016. godini prodao i 63 kt cementa uvezenog iz
Maarske, to je za 6 kt manje nego u 2015. godini.
Prodaja betona u Hrvatskoj takoer je zabiljeila pad u 2016. godini. Naime, ukupna prodaja (ukljuujui i prodaju
JV TBG Strabag) iznosila je u 2016. godini 89 hiljada m3, to za 3,5% manje u odnosu na prethodnu godinu.

2016
The basic positions of net income of the business lines are provided in the table below:
In thousand KM Cement Business Line Concrete Business Line Total Bosnia and
Herzegovina
2015 2016 2015 2016 2015 2016
Gross sales third parties 47,953 47,237 8,994 12,965 56,947 60,202
Gross sales the Group 14,137 15,049 14,137 15,049
Gross sales 62,090 62,286 8,994 12,965 71,084 75,251
Gross income 20,876 22,362 435 1,347 21,311 23,709
Income from operating activities 13,998 15,257 -169 495 13,829 15,752
EBIT 13,458 17,391 -167 661 13,291 18,052
Net financial income 439 385 192 91 631 476
Income before taxes 13,897 17,776 25 752 13,922 18,528
Income tax -146 -93 -6 -90 -151 -184
Net income 13,751 17,683 19 662 13,771 18,344
Croatia
Business activities in Croatia include cement sales and the production and distribution of concrete. Dunav-Drava
cement Zagreb, which has been in the Group since 2011, is registered for the import and sale of cement. In addition
to importing cement from Bosnia and Herzegovina, Dunav-Drava cement also imports cement from Hungary.
Production and distribution of concrete is conducted by TBG Beton Zagreb.
Cement consumption on the Croatian market slightly increased in 2016, but the market share of Dunav Drava
cement decreased in 2016 in comparison to the previous year. In 2016 Dunav-Drava cement sold 65 kt of imported
cement from Tvornica cementa Kakanj on the Croatian market, which is 7.6% lower than in 2015. Besides cement
purchased from Tvornica cementa Kakanj, Dunav-Drava cement sold 63 kt of imported cement from Hungary in
2016, which is 6 kt lower than in the year 2015.
Concrete sales in Croatia also decreased in 2016. Total sales (including sales of JV TBG Strabag) amounted to 89
thousand m3 in 2016, which is 3.5% lower in comparison to the previous year.

2016
Osnovne pozicije izvjetaja o sveobuhvatnoj dobiti po poslovnim linijama u Hrvatskoj
U hiljadama KM Poslovna linija beton Prodaja cementa Ukupno u Hrvatskoj
2015. 2016. 2015. 2016. 2015. 2016.
Prihod od prodaje trea lica 10.271 8.904 15.689 14.592 25.960 23.496
Prihod od prodaje u Grupi 3.247 2.667 3.247 2.667
Ukupan prihod 10.271 8.904 18.936 17.259 29.207 26.163
Dobit / gubitak prije oporezivanja 799 472 79 719 878 1.191
Porez na dobit 0 -29 -11 -74 -11 -103
Neto dobit godine 799 443 68 645 867 1.088
Prodaja i promet po poslovnim linijama i regijama
U hiljadama KM Bosna i Hercegovina Hrvatska* Ukupno Grupa
2015. 2016. 2015. 2016. 2015. 2016.
Volumen prodaje cementa u kt 356 368 140 128 496 496

Volumen prodaje betona u m 78 124 92 89 170 213
Prihod od prodaje cementa - trea lica 47.953 47.237 15.689 14.592 63.642 61.829
Prihod od prodaje betona 8.994 12.965 10.271 8.904 19.265 21.869
Prihod od prodaje u Grupi 14.137 15.049 3.247 2.667 17.384 17.716
Ukupno prihod 56.947 60.202 25.960 23.496 82.907 83.698
* Ukljuujui prodaju TBG Strabag
Pozicije novanog toka

Tvornica cementa Kakanj i njena zavisna drutva nemaju kreditnih zaduenja.
Tvornica je u 2016. godini iz vlastitih sredstava finansirala investicije u iznosu 4,449 miliona KM (u 2015. godini 4,9
miliona KM), izvrila isplatu dividendi u iznosu od 13,75 miliona KM (u 2015. godini isplata dividendi je iznosila 16,3
miliona KM). Kao rezultat poveanja neto novanog priliva iz poslovnih aktivnosti i pored isplate dividendi novana
sredstva su poveana za 8.648 hiljada KM. Novana sredstva Drutva na kraju 2016. godine su iznosila 31.711
hiljada KM (u 2015. godini 23.063 hiljade KM).
Grupa je u 2016. godini iz vlastitih sredstava finansirala investicije u iznosu 10,4 miliona KM. Samo TBG BH je
investirao iz vlastitih sredstava u 2016. godini 5,36 miliona KM i izvrio isplatu dividende Tvornici cementa u iznosu
od 3,3 miliona KM.
Novac i novani ekvivalenti Grupe na kraju 2016. godine iznosili su 39.774 hiljade KM (u 2015. godini su iznosili
34.509 hiljada KM).

2016
The basic positions of net income according to the business line in Croatia are provided in the table below:
U hiljadama KM Business Line Concrete Business Line Cement Total Croatia
2015 2016 2015 2016 2015 2016
Gross sales third parties 6,103 10,271 13,596 15,689 19,699 25,960
Gross sales the Group 2.023 3.247 2,023 3,247
Gross sales 6,103 10,271 15,619 18,936 21,722 29,207
Income/loss before taxes -234 799 65 79 -169 878
Income tax 0 0 -9 -11 -9 -11
Net income -234 799 56 68 -178 867
Sales and turnover per business line and region is provided in the table below:
U hiljadama KM Bosnia and Herzegovina Croatia* Total Group
2015 2016 2015 2016 2015 2016
Cement Sales Volume in kt 356 368 140 128 496 496

Concrete Sales Volume in m3* 78 124 92 89 170 213
Gross cement sales third parties 47,953 47,237 15,689 14,592 63,642 61,829
Gross concrete sales 8,994 12,965 10,271 8,904 19,265 21,869
Gross cement sales the Group 14,137 15,049 3,247 2,667 17,384 17,716
Gross sales of the Group 56.947 60,202 25,960 23,496 82,907 83,698
* including the sales of TBG Strabag
Cash Flow Positions

Tvornica cementa Kakanj and its subsidiaries do not have any credit liabilities.
Tvornica cementa Kakanj financed investments in the amount of 4.449 million KM (4.9 million KM in 2015) from
its own sources, and paid dividends in the amount of 13.75 million KM (16.3 million KM in 2015). As a result of
an increase in net cash inflow from operating activities and aside from dividend payment, cash funds increased
by 8.648 thousand KM. Cash and cash equivalents of the Company at the end of 2016 amounted to 31.711
thousand KM (23.063 thousand KM in 2015).
In 2016, the Group financed investments in the amount of 10.4 million KM from its own funds. TBG BH has
invested from its own sources 5.36 million KM in 2016 and paid dividends to Tvornica cementa Kakanj in the
amount of 3.3 million KM.
Cash and cash equivalents of the Group at the end of 2016 amounted to 39.774 thousand KM (34.509 thousand
KM in 2015).

2016
Osnovne pozicije novanog toka Grupe i Drutva
U hiljadama KM Grupa Drutvo
Promjena Promjena
2015. 2016. 2016/2015. 2015. 2016. 2016/2015.
Neto dobit godine 14.504 16.004 10,3% 13.751 17.683 28,6%

Neto novani priliv iz poslovnih
aktivnosti 27.551 28.295 2,7% 24.329 23.431 -3,7%
Neto novani (odliv) / priliv iz
investicijskih aktivnosti -5.101 -9.236 81,1% -4.775 -4.333 -9,3%
Isplaene / primljene dividende -16.283 -13.751 -15,5% -16.283 -10.450 -35,8%
Ostali (odliv) / priliv 17 -43 -352,9% 0 0 0,0%
Neto (smanjenje) / poveanje
novca i novanih ekvivalenata 6.184 5.265 -14,9% 3.271 8.648 164,4%
Investicije
Investicije Grupe u fiksna sredstva tokom 2016. godine dvostruko su poveane u odnosu na prethodnu godinu i
iznosile su 10,4 miliona KM. Od ukupnih ulaganja Grupe ulaganja matinog drutva iznosila su 4,49 miliona KM,
ulaganja povezanog drutva TBG BH 5,36 miliona KM, dok ostatak predstavlja ulaganje povezanih drutava TBG
Beton Zagreb i Dunav-Drava cement.
Najvea ulaganja Tvornice cementa Kakanj u 2016. godini bila su ulaganja u projekte nove administrativne zgrade,
zamjenu vreastih filtera na mlinovima cementa i automatizaciju mlinova cementa.
Automatizacija laboratorija
Automatizacija laboratorija ili zrana pota jedan je od najznaajnijih projekata u posljednjih 10-ak godina koji
treba biti realiziran u odjeljenju kontrole kvaliteta. Projekt se sastoji iz tri faze: u prvoj fazi planirano je instaliranje
automatskih uzimaa uzoraka na postrojenju mlina cementa, mlina sirovine i primarnoj drobilici; druga faza
podrazumijeva nabavku stanice za primanje uzoraka (receiving station), koja e biti instalirana u laboratoriju
TCK-a, te povezivanje navedenih automatskih uzimaa uzoraka sa stanicom za primanje uzoraka; trea
faza podrazumijeva instaliranje automatskih uzimaa uzoraka za uzorke klinkera, sirovinskog i vrueg brana
te njihovo povezivanje sa stanicom za primanje uzoraka u laboratoriju. U toku 2016. godine u potpunosti je
zavrena I faza projekta te se ve nekoliko mjeseci uzorci automatski prikupljaju i pripremaju za analizu. to se
tie druge faze projekta, krajem 2016. godine je izabran dobavlja te je potpisan ugovor o isporuci i instaliranju
opreme za tu fazu projekta. Implementacija II faze projekta e biti zavrena polovinom 2017. godine. Takoer
je u toku 2017. godine planirano dogovaranje i odabir dobavljaa za III fazu projekta automatizacije laboratorija.
Implementacijom navedenih projekata u svakom trenutku emo imati nadzor nad sistemom uzorkovanja, proces
uzorkovanja e biti na veem nivou i rezultati svih analiza koje se rade u laboratoriju bit e procesuirani na bolji
i bri nain.

2016
The basic positions of cash flow of the Group and Company are shown in the following table
In thousand KM Group Company
Promjena Promjena
2015 2016 2016/2015 2015 2016 2016/2015
Net profit 14,504 16,004 10.3% 13,751 17,683 28.6%

Net cash from operating activi-
ties 27,551 28,295 2.7% 24,329 23,431 -3.7%
Net cash (used in) from invest-
ing activities -5,101 -9,236 81.1% -4,775 -4,333 -9.3%
Dividend payment -16,283 -13,751 -15.5% -16,283 -10,450 -35.8%
Other (outflow) / inflow 17 -43 -352.9% 0 0 0.0%
Net (decrease) / increase in
cash and cash equivalents 6,184 5,265 -14.9% 3,271 8,648 164.4%
Investments
The Groups Investments into fixed assets during 2016 increased twice as compared to the previous year and
amounted to 10.4 million KM. Of the total investments of the Group, the investment of the parent company amount-
ed to 4.49 million, the investment of the related company TBG BH amounted to 5.36 million KM, while the rest of the
investment represents investment from the other related companies, TBG Beton Zagreb and Dunav-Drava cement.
The largest investments of Tvornica Cementa Kakanj in 2016 were into the following projects: New administrative
building, Cement mills filter bags replacement and Automation of cement mills.
Laboratory automaton
Laboratory automation or tube post system is one of the most important projects in the last 10 years, which
has been implemented in the quality control department. The project consists of three phases where in the first
phase automatic sampling on the cement mill department, raw mill and primary crusher department is planned for
installation. The second phase includes procurement of a receiving station that will be installed in the laboratory
building, and connection of the aforementioned automatic samplers with the receiving station. The third phase
covers installation of automatic samplers for clinker, kiln feed and hot meal samples and its connection with the
receiving station in the laboratory building. During 2016 the first phase of the project was completed and for a
few months samples have already been automatically collected and prepared for analysis. Regarding the second
phase at the end of 2016 a supplier was chosen and has signed a contract for the delivery and installation of the
second phase equipment. Implementation of the second phase of the project will be completed by the end of the
first half of 2017. Also during 2017 negotiation and selection of the suppliers for the third phase of the laboratory
automation project is planned. Through the implementation of the aforementioned projects we will have control over
the sampling system at every moment, the sampling process will be of a higher level, and the results of all analysis
done in the laboratory will be executed in the best and quickest way possible.

2016
Vreasti filteri Mlinovi cementa (A i B)
Mlinovi cementa su zavrni korak u procesu proizvodnje cementa. Predstavljaju najvee potroae elektrine energi-
je u proizvodnom procesu i veliki su izvor praine. U cilju dobre optimizacije proizvodnog procesa bilo je neophodno
uraditi vee zahvate na modifikaciji postrojenja kao to je to predvieno ovim projektom.
Projekt je obuhvatio modifikaciju starih (elektrostatikih) filtera u vreaste filtere koji se ubrajaju u najbolje raspoloive
tehnologije dananjice.
Modifikacija filtera B-linije u potpunosti je zavrena u 2015., a modifikacija A-linije poetkom ove godine. Testiranje /
probni rad uspjeno je okonano nakon zavretka montae i filteri su puteni u rad.
Transportni sistem ispod filtera koji se sastojao od vie punih transportera na liniji A i B je zamijenjen sistemom
direktnog doziranja u transportnu cijev na obje linije.
Na kraju projekta je ko iznad transportnog sistema podijeljen, ime je omoguena proizvodnja dva razliita tipa
cementa u isto vrijeme na pogonu za mljevenje cementa.
Glavni su ciljevi ovog projekta:

smanjiti emisiju praine kod mljevenja cementa;
osigurati pouzdan rad otpraivanja na mlinovima cementa na dui period,
poboljati procesne parametre kao i fleksibilnost u proizvodnji,
smanjiti potronju energije na sistemu otpraivanja;
poboljati opu sliku tvornice s aspekta zatite okolia.
Projekat je uspjeno zavren krajem 2016. godine.
Ukupna odobrena vrijednost projekta je iznosila 2.056.000 KM, a investirano je 1.854.951 KM, od ega je u
2016. godini investirana 571 hiljada KM.
Automatizacija mlinova cementa i pakeraja

Realizacijom ovog projekta zamijenit emo zastarjelu relejnu tehniku napajanja i upravljanja na dva mlina cementa i
pakeraja modernom tehnikom PLC I SCADA sistema. Postojei sistem napajanja i upravljanja potroaima koristi se
od 1978. godine. To je nepouzdan sistem i sklon je estim kvarovima; neki dijelovi postrojenja su zastarjeli i ne mogu
se nabaviti adekvatni rezervni dijelovi.
S obzirom na to da je sistem automatizacije ve ranije ugraen na pogone mlina sirovine i pei, ovim projektom
emo zaokruiti kompletnu proizvodnju cementa preko SCADA sistema, to je u skladu s HTC standardima. Nakon
ovog projekta bit e tehniki izvodljivo izmjestiti centralnu kontrolnu sobu na drugu lokaciju. Takoer e biti manje
preventivnog odravanja u ovoj oblasti, a projekt e unificirati opremu u tvornici, tako da e biti lake upravljati
rezervnim dijelovima.

2016
Bag Filters Cement Mills (A and B)
Cement mills are the final step in the cement production process. They are the highest consumers of electrical
energy in the production process and are a large source of dust. In order to optimise the production process it was
necessary to undertake large interventions to modify the plant.
The project included replacement of old (electro-static) filters with new bag filters, which are considered the best
available technique.
Modification of the filter on B line was completed in 2015, and modification of A line was finalised at the beginning of this year.
Testing (commissioning) was successfully finalised after assembly was done, and the filters have been put into operation.
The transporting system under the filters, consisting of several transporters on lines A and B, was replaced by a
system of direct dosage into the transport tube on both lines.
At the end of the project, the hopper above the transport system was split, enabling production of two different types
of cement at the same time in the plant for cement milling.

The main objectives of this project are:
to decrease dust emissions during cement milling;
to ensure the reliable operation of de-dusting on cement mills for a longer period of time;
to improve process parameters through enhanced control of sub-pressure in the system resulting in lower
clogging in the system as well as a lower outlet temperature of cement;
to decrease energy consumption in the de-dusting system;
to improve the general image of the plant from the aspect of environmental protection.
The project was successfully completed by the end of 2016.
The total approved value of the project was 2,056,000 KM, and a total amount of 1,854,951 KM was invested, out of which 571
thousand was invested in 2016.
Automation of Cement Mills and Packaging
This project is designed to replace the relay technology of the automation system of two cement mills and the
packing section and process control via PLC and SCADA systems. The current relay system of process control
has been used since 1978. It is unreliable and prone to frequent failures. Some parts are obsolete and spare parts
cannot adequately be obtained for them.
Since the plant raw mill and kiln installed the new automated system, this project would complete the ensemble
production of cement over the SCADA system, which is in accordance with HTC standards. After this project it will
be technically feasible to move the control room to another location. Also, there will be less preventative maintenance
in this area, and this project will unify equipment in the factory so it will be easier to manage spare parts.

2016
Ciljevi su ovog projekta:
pouzdan rad mlinova cementa i pakeraja

smanjenje trokova odravanja
Obim posla:
inenjering (bazni, hardverski, softverski)
zamjena svih trasa kablova i kablova
zamjena opreme u trafostanicama, kablova, lokalnih kutija, senzora i malih motora
zamjena glavnih napojnih i razvodnih ormara, ormara kompenzacije i ormar za ESP
zamjena razvodnih ormara rasvjeta i parcijalna zamjena instalacije rasvjete i utinica
razvoj softvera za MC na dodatnim operatorskim stanicama (OWS) i PLC S7-400
razvoj softvera za pakeraj na adekvatnoj opremi za vizualizaciju
revitalizacija i automatizacija portalnog strugaa
modifikacija transportnog sistema nakon filtera
Cijeli projekt se radi u skladu s postojeim konceptom automatizacije koji je definirao HTC. Budet planiran za
ovu investiciju je tri miliona KM (1,538 miliona eura). Implementacija projekta poela je u julu 2013. Radovi na
mlinu cementa A i zajednikim potroaima zavreni su. Tehniki prijem za mlin cementa A obavljen je u junu
2014. godine, a za zajednike potroae u decembru 2014. Radovi na mlinu cementa B su zavreni i obavljen je
tehniki prijem postrojenja u martu 2015. godine. Ovaj dio postrojenja je na SCADA sistemu.
Uraen je inenjering i naruena glavna oprema za automatizaciju pakeraja, izvrena montaa veine opreme,
a tehniki prijem i putanje u rad je planirano za februar 2017. godine. Trokovi implementacije projekta u 2013.,
2014., 2015. i 2016. godini iznosili su 1.886 hiljada KM. U 2017. planirana je automatizacija portalnih strugaa te
sitna poboljanja sistema automatike, ukljuujui i mehaniku opremu.
Upravna zgrada
Administrativni poslovi TCK-a obavljaju se u neodgovarajuim prostorijama, pa je izgradnja nove administrativne
zgrade potrebna za poboljanje uvjeta rada. Gradnja administrativne zgrade je zapoeta 2011. godine, ali zbog
potrebe za ulaganjima u proizvodnju gradnja je trajala do 2016. godine. Krajem 2016. godine radovi na administrativnoj
zgradi su u zavrnoj fazi. Tokom 2016. u zgradu je investirano 2,3 miliona KM, a ukupna vrijednost investicije iznosi
3,8 miliona KM.
TBG BH kupovina betonara

Znaajna ulaganja u 2016. godini su izvrena u TBG BH. Najvea investicija je kupovina novih betonara od tvrtke
W&P Beton d.o.o. Sarajevo. Pregovori o kupovini betonara zapoeti su 2015. godine, a odobrenje Konkurencijskog
vijea i preuzimanje imovine obavljeno je u 2016. godini. Predmet kupovine su tri betonare Pljeevac, Sarajevo
i Zenica s pripadajuom pokretnom i nepokretnom imovinom. Ukupna vrijednost ovih betonara iznosila je 4,4
miliona KM, s tim to je za njih utroeno jo 0,5 miliona KM da bi se oprema i objekti doveli u stanje koje odgovara
standardima HC grupacije.
Kupovinom pokretne i nepokretne imovine W&P Betona TBG BH je dobio jo jednu betonaru u Sarajevu i na taj
nain moe preuzeti uloga lidera na tom tritu, te betonaru u Zenici gdje su proizvodni trokovi trebali biti nii zbog
blizine Tvornice cementa.

2016
The objectives of this project are:
Reliable operation of cement mills and packing section;

Reduced maintenance costs.
The scope of works:
Engineering (basic, hardware, software);
Replacing all cable routes and cables;
Replacing equipment in substations, cables, local boxes, sensors and small motors;
Replacing the main infeed panels, distribution cabinets, compensation cabinets and control cabinets for electrostatic filters in substations;
Replacing lighting cabinet and partial replacement of the installation of lighting and sockets;
Software development for the MC, and acquisition of two operator stations, PLCs S7-400;
Software development for the packing section, procurement and installation of equipment for visualization;
Revitalization and automation of portal scraper;
Modification of transport system after filters and other mechanics.
The entire project is being implemented in accordance with the existing automation concept defined by HTC. The
budget planned for this investment is 3 million KM (1,538 million EUR). The project started in July 2013. Works on the
cement mill A are finalised. The technical acceptance (commissioning) for cement mill A was made in June 2014 and
for common consumers in December 2014. Works on the cement mill B are finalised and the technical acceptance
(commissioning) for cement mill B was made in March 2015. This part of the plant is connected to the SCADA system.
Engineering was finished, the main equipment for the automation of the packaging section was ordered, most of
the equipment was assembled, while technical acceptance and commissioning is expected in February 2017.
Implementation costs in 2013, 2014, 2015 and 2016 amounted to 1,886 thousand BAM. Automation of portal scrapers
and small improvements to the automation system, including mechanical equipment, are planned in 2017.
Administration Building
Administrative works of Tvornica have been performed in very unfavourable building conditions, so the construction
of a new administrative building has been a necessity in order to improve working conditions. Construction started
in 2011, but due to the necessity to divert investing funds into production, the construction continued until 2016.
By the end of 2016, works on the administration building are in the final phase. During 2016, 2.3 million KM was
invested into the building, while total value of the investment is 3.8 million KM.
TBG BH acquisition of concrete plants

TBG BH made significant investments in 2016. The highest investment was related to acquisition of new concrete
plants from the company W&P Beton d.o.o. Sarajevo. Negotiations regarding acquisition started in 2015, and
approval of the Competition Council and takeover of the assets was finalised in 2016. Three concrete plants were
purchased, Pljeevac, Sarajevo and Zenica, including movable and non-movable assets. The total value of these
plants was 4.4 million KM, and an additional 0.5 million KM was invested in order to bring the equipment and objects
up to the standards of HeidelbergCement Group.
Through the purchase of movable and non-movable assets of W&P Beton, TBG BH obtained additional concrete
plant in Sarajevo and in this way it can take over the leading position in this market, and additional concrete plant in
Zenica where the production cost should be lower due to vicinity to the cement plant.

2016
Oekivanja od ovog projekta:
optimizacija trokova (zajednika administracija, nabavka veih koliina pod povoljnijim uvjetima, smanjenje
trokova transporta zbog mogunosti izbora otpreme s povoljnije lokacije)objedinjavanje administracije i
menadmenta u jednu zgradu;
poveanje kvaliteta proizvodadobivanje reprezentativnog objekta za posjete tvornici;
poveanje asortimana / vea mogunost za inovacije
kvalitetnija usluga
skraenje roka isporuke
mogunost kontinuirane isporuke veih koliina
Pozicije finansijskog poloaja Drutva i Grupe

na dan 31. 12. 2016.
Dugorona imovina Tvornice cementa Kakanj iznosi 108,2 miliona KM i smanjena je za 3,66 miliona KM u odnosu
na prethodnu godinu (u 2015. godini iznosila je 111,84 miliona KM).
Dugorona imovina Grupe iznosi 101,25 miliona KM i smanjena je u odnosu na prethodnu godinu za 0,3 miliona
KM (u 2015. godini iznosila je 101,6 miliona KM).
Do smanjenja dugorone imovine je dolo zato to je vrijednost ulaganja manja od obraunate amortizacije
perioda.
Kratkorona imovina Tvornice cementa Kakanj iznosi 51,6 miliona KM i za 7 miliona KM je vea nego u prethodnoj
godini, pri emu su novana sredstva poveana za 8,6 mil. KM, dok su potraivanja od kupaca smanjena za 1,3
mil. KM te zalihe za 0,3 mil. KM (u 2015. godini iznosila je 44,6 miliona KM).
Kratkorona imovina Grupe iznosi 64,1 milion KM i poveana je u odnosu na prethodnu godinu za 3,9 miliona KM
(u prethodnoj godini je iznosila 60,21 milion KM), pri emu je novac povean za 5,3 mil. KM, dok su potraivanja
smanjena za 1,3 mil. KM, a zalihe za 0,1 milion KM.
Ukupan kapital Tvornice cementa Kakanj iznosi 149 miliona (u proloj godini 145 miliona) i povean je u odnosu na
prolu godinu za 4 miliona KM, to je rezultat poveanja neto dobiti perioda.
Ukupan kapital Grupe iznosi 149,9 miliona (u proloj godini 147,6 miliona) i povean je u odnosu na prolu godinu
za 2,3 miliona KM.
Kratkorone obaveze Tvornice cementa Kakanj iznose 9,1 milion KM i u odnosu na prethodnu godinu smanjene
su za 1,1 milion KM zbog smanjenja obaveza prema dobavljaima za milion KM te ostalih obaveza za 0,1 mil. KM
(u proloj godini 10,2 miliona KM).
Kratkorone obaveze Grupe iznose 13,8 mil. KM i poveane su za 0,9 miliona KM (u prethodnoj godini iznosile su
12,9 miliona KM) zbog poveanja obaveza prema dobavljaima.

2016
Expectation of this investment:
Optimization of costs (joint administration, purchase of higher quantities at more favourable conditions, decrease
of transport costs due to option to choose dispatch location);
Increase in product quality;
Increase in product range / innovation possibilities;
Higher quality of service;
Decrease in delivery time;
Possibility to make continuous delivery of more quantities.
Financial Position of the Company and the Group on the 31st of

December 2016
The long-term assets of Tvornica Cementa Kakanj amounts to 108.2 million KM, which has decreased by 3.66
million KM compared to the previous year (it was 111.84 million KM in 2015).
The long-term assets of the Group amounts to 101.25 million KM, which has decreased by 0.3 million KM compared
to the previous year (it amounted to 101.6 million KM in 2015).
The decrease in long-term assets resulted from an investment value that was lower than the calculated depreciation
for the period.
The short-term assets of Tvornica Cementa Kakanj amount to 51.6 million KM and they are higher than in the previous
year by 7 million KM, whereby cash and cash equivalents increased by 8.6 million KM, while trade receivables
decreased by 1.3 million KM and stocks by 0.3 million KM (it amounted 44.6 million KM in 2015).
The short-term assets of the Group amount to 64.1 million KM and increased by 3.9 million KM compared to the
previous year (the previous year it amounted to 60.21 million KM) whereby cash and cash equivalents increased by
5.3 million KM. Receivables decreased by 1.3 million KM and stocks by 0.1 million KM.
The total capital of Tvornica Cementa Kakanj amounts to 149 million KM (it was 145 million KM in the previous year) and
compared to the previous year it increased by 4 million KM, which is result of an increase in net income for the period.
The total capital of the Group amounts to 149.9 million KM (it was 147.6 million KM in the previous year) and it
increased compared to the previous year by 2.3 million KM.
Short-term liabilities of Tvornica cementa Kakanj amounts to 9.1 million KM and decreased by 1.1 million KM
compared to the previous year due to a decrease in trade creditors by 1 million KM and other payables by 0.1 million
KM (10.2 million KM in the previous year).
The short-term liabilities of the Group amounts to 13.8 million KM and it increased by 0.9 million KM (in the previous
year it amounted to 12.9 million KM) due to an increase in trade creditors.

2016
Osnovne pozicije poloaja Drutva i Grupe
U hiljadama KM 31.12
Grupa Drutvo
Promjena Promjena
2015. 2016. 2016/2015. 2015. 2016. 2016/2015.
Dugorona imovina 101.596 101.254 0% 111.843 108.182 -3%

Kratkorona imovina 60.213 64.132 7% 44.623 51.578 16%
UKUPNA IMOVINA 161.809 165.386 2% 156.466 159.760 2%
Kapital i rezerve 147.632 149.923 2% 145.054 148.986 3%
Ukupno dugorone obaveze 1.246 1.681 35% 1.246 1.653 33%
Kratkorone obaveze 12.931 13.782 7% 10.166 9.121 -10%
UKUPNO KAPITAL I OBAVEZE 161.809 165.386 2% 156.466 159.760 2%
Dogaaji nakon datuma bilansa

Nije bilo znaajnih dogaaja nakon datuma bilansa koji bi uticali na finansijske izvjetaje na dan 31. decembra
2016. godine.
Zlatni certifikat bonitetne izvrsnosti

Zahvaljujui odlinim rezultatima postignutim tokom prethodne tri godine, Tvornica cementa Kakanj zadovoljila je
stroge finansijsko-analitike kriterije prema metodologiji jedinstvenoj za podruje cijele Evrope i tako postala prva
kompanija u BiH kojoj je dodijeljen Zlatni certifikat bonitetne izvrsnosti. Ovaj certifikat predstavlja natprosjenu
bonitetnu vrijednost meu kompanijama koje bonitetnu izvrsnost iskazuju tri godine zaredom.
Vrijednost priznanja je u tome to se ono dodjeljuje na temelju mjerljivih i transparentnih, odnosno objektivnih i
opeprihvaenih finansijskih kriterija koji ukazuju da smo u duem vremenskom periodu prepoznati kao pouzdan,
siguran, kredibilan i poeljan partner. Najvia ocjena boniteta upuuje na to da nae poslovanje krasi izuzetna finan-
sijska stabilnost, visok kvalitet upravljanje kapitalom, uspjeno upravljanje rizicima i svim poslovnim procesima, to
ukazuje na kvalitet upravljanja, najvii nivo poslovne vjerodostojnosti TCK-a.
Certifikat izvrsnosti dodjeljuje meunarodna grupacija Bisnode AB, koja je jedan od najveih evropskih informatora
o poslovnoj i kreditnoj sposobnosti kompanija.

2016
The basic positions of the Company and the Group are given in the table below:
In thousand KM 31.12
Group Company
Change Change
2015 2016 2016/2015 2015 2016 2016/2015
Long-term assets 101,596 101,254 0% 111,843 108,182 -3%

Short-term assets 60,213 64,132 7% 44,623 51,578 16%
TOTAL ASSETS 161,809 165,386 2% 156,466 159,760 2%
Capital and reserves 147,632 149,923 2% 145,054 148,986 3%
Total long-term liabilities 1,246 1,681 35% 1,246 1,653 33%
Short-term liabilities 12,931 13,782 7% 10,166 9,121 -10%
TOTAL CAPITAL AND LIABILITIES 161,809 165,386 2% 156,466 159,760 2%
Events after the Balance Date

There were no significant events after the balance date that would impact on the financial statements as of the 31st
of December 2016.
Golden Certificate of Solvency Excellence

On the basis of the excellent results achieved during previous three years, Tvornica cementa Kakanj met rigorous
financial-analytic criteria in accordance with the methodology unique on the territory of Europe and thus became the
first company in B&H to be awarded the Golden Certificate of Solvency Excellence. This certificate represents above
average solvency value that a company achieves three years in a row.
Value of this recognition lays in the fact that it is awarded on the basis of measureable and transparent i.e. objective
and generally accepted financial criteria showing that during a longer period of time we have been recognized as
a reliable, confident, credible and desirable partner. The highest grade of solvency indicates that our business is
marked by outstanding financial stability, high capital management quality, successful management of risks and all
business processes proving high management quality, highest level of business reliability of Tvornica,
A certificate of solvency excellence is awarded by the international group Bisnode AB, one of the leading European
informers on business and the credit capacity of companies.

2016
Upravljanje rizicima
Upravljanje rizicima obavlja se u skladu s politikom i procedurama HeidelbergCementa.
Menadment radi na identifikaciji rizika. Nakon identifikacije vri se kvantificiranje rizika ako se radi o kvantitativnom
riziku. Ako se radi o kvalitativnom riziku, daje se njegov detaljan opis. Za svaki identificirani kvantitativni i kvalitativni
rizik definiraju se vjerovatnost, akcije i odgovornosti.
Izvjetaji o rizicima dio su seta izvjetavanja. Izvjetaji o kvalitativnim rizicima rade se godinje, a izvjetaj o
kvantitativnim rizicima kvartalno. Dodatno se u sluaju nastanka veeg rizika radi takozvani ad hoc izvjetaj.
Monitoring provoenja akcija obavlja menadment.
Finansijski rizik
Finansijski rizik ukljuuje kreditni rizik, kamatni rizik, valutni rizik i rizik likvidnosti. Tvornica cementa Kakanj i zavisna
drutva TCK-a nisu znaajno izloena nijednoj od ovih vrsta finansijskog rizika.
Kreditni rizik je rizik da jedna strana koja sudjeluje u finansijskom instrumentu nee ispuniti svoje obaveze i time
e uzrokovati gubitak drugoj strani. Grupa je izloena kreditnom riziku naplativosti potraivanja i kreditnom riziku
iz finansijskih aktivnosti, prvenstveno riziku depozita u bankama. Kreditni rizik vezan za potraivanja od kupaca
nadzire se na nivou pojedinog drutva u okviru Grupe i u skladu s politikom, procedurama i kontrolama definiranim
na nivou Grupe. Otvorena potraivanja od kupaca redovito se nadziru, a sve isporuke najveim kupcima osigurane
su bankovnim garancijama ili drugim instrumentima osiguranja. Grupa nema znaajnu koncentraciju kreditnog
rizika ni prema jednoj stranci ili grupi stranaka sa slinim karakteristikama, pa je koncentracija kreditnog rizika za
potraivanja od kupaca niska.
Stupanjem na snagu novog Zakona o finansijskom poslovanju 1. januara 2017. godine, kojim su definirani rokovi
plaanja i kazne za prekraje, ovaj rizik bi trebalo da bude dodatno smanjen.
Izloenost Grupe kreditnom riziku iz finansijskih aktivnosti vezana je za novac, novane ekvivalente i kredite. Rizik
proizlazi iz nemogunosti druge strane da podmiri svoje obveze, pri emu je maksimalna izloenost jednaka
knjigovodstvenoj vrijednosti te imovine.
Upravljanje rizikom vri se na nain da se viak sredstava ulae samo kod provjerenih stranaka.
Kamatni rizik je rizik da e se vrijednost finansijskog instrumenta promijeniti usljed promjene trinih kamatnih stopa
u odnosu na kamatnu stopu koja je primjenjiva na taj finansijski instrument. Rizik kamatnih stopa kod toka novca je
rizik da e trokovi kamata na finansijske instrumente biti promjenjivi tokom perioda. Grupa nema kredita koji nose
kamate koje bi Drutvo mogle izloiti riziku kamatnih stopa.
Rizik likvidnosti je rizik da e se Drutvo susresti s potekoama u prikupljanju sredstava za podmirivanje obaveza
povezanih s finansijskim instrumentima.
Politika je Grupe odrati dovoljno novca i novanih ekvivalenata ili imati na raspolaganju finansijska sredstva putem
odgovarajueg iznosa kreditnih linija za ispunjenje njegovih obveza u doglednoj budunosti. Viak novca ulae se
uglavnom u kratkorone depozite.
Rizik promjene deviznog teaja je rizik da e se vrijednost finansijskih instrumenata mijenjati usljed promjene
teaja. Tvornica cementa Kakanj veinu prihoda ostvaruje na domaem tritu, a manji dio na inozemnom tritu
denominirano u eurima. Dio nabavki se vri na inozemnom tritu, ali su i te nabavke denominirane u euro. S obzirom
na to da je teaj konvertibilne marke prema euru fiksan, rizik nije znaajan.

2016
Risk Management
Risk management is carried out in accordance with the policies and procedures of HeidelbergCement Group.
The Management Board assesses the risks. After assessing them, the calculation of risk is made if a calculated risk is
indeed in question. If it is a qualitative risk, a detailed description of the risk is made. Each identified quantitative risk
with a value above two million euros, is defined in terms of qualitative risk, probability, actions, and responsibilities.
Reporting on risks is part of the overall report. Reports on qualitative risks are made annually, while reports on quantitative
risks are made on a quarterly basis. Additionally, in the case of higher risks, a so-called ad hoc report is made.
The Management monitors the procedures of all actions.
Financial Risk
Financial risk includes credit risk, interest rate risk, currency risk and liquidity risk. Tvornica cementa Kakanj and
related parties are not significantly exposed to any of these financial risks.
Credit risk means the risk that one party involved in a financial instrument will fail to fulfil its obligations and therefore
cause a loss to the other party. The Group is exposed to credit risk from collectability of receivables and credit
risk from financing activities, mainly risk deposits with banks. Customer credit risk is managed by each company
within the Group in accordance with the Groups established policy, procedures and control defined by the Group.
Outstanding customer receivables are regularly monitored and any deliveries to major customers are generally
covered by bank guarantees or other forms of credit insurance. The Group has no credit risk concentration on any
single counter party or group of counterparties having similar characteristics, so the concentration of credit risk for
trade receivables is low.
This risk should be additionally reduced once after the new Law on Financial Operations defining payment deadlines
and fines comes into effect on 1 January 2017.
The Groups exposure to credit risk from financial activities is related to cash, cash equivalents and loans given.
The risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these
instruments.
Investments of surplus funds are made only with approved counterparties.
Interest rate pricing risk is the risk that the value of a financial instrument will fluctuate due to changes in market
interest rates in relation to the interest rate, which applies to the financial instrument. Interest rate risk related to cash
flows is the risk that the interest cost of an instrument will fluctuate over time. The Group does not have interest
bearing loans, which would expose the Company to interest rate risk.
Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated
with financial instruments.
The Group policy is to maintain sufficient cash and cash equivalents or to have available funding through an
adequate amount of committed credit facilities to meet its commitments for the foreseeable future. Any excess cash
is invested mostly in short-term deposits.
Risk of variation in exchange rates means risking the value of a financial instrument due to fluctuation on the
exchange market. Tvornica Cementa Kakanj earns most of its revenue on the domestic market and a small part on
the foreign euro-dominated market. Some purchases are made in foreign markets, but even these are denominated
by the euro. Given that the exchange rate of the convertible mark to the euro is fixed, the risk is not significant.

2016
Trini rizik
Tvornica cementa Kakanj i njezina povezana drutva u velikoj su mjeri izloena trinom riziku.
Prodaja cementa i betona zavisi od potronje na domaem tritu i od konkurencije.
Potronja cementa na bosanskohercegovakom tritu je imala veliki pad 2009. godine i od tada stagnira s manjim
oscilacijama iz godine u godinu. Potronja cementa je na niskom nivou i ne oekuju se znaajnije promjene u
narednoj godini. Intenziviranje aktivnosti na izgradnji autoputa na Koridoru 5-C te energetskih objekata moglo bi
dovesti do poveanja potronje.
Iako domai proizvoai (Tvornica cementa Kakanj i Fabrika cementa Lukavac) imaju dovoljno kapaciteta da
pokriju sve potrebe na domaem tritu zbog smanjenja graevinskih aktivnosti u zemljama okruenja, velika su
konkurencija uvoznici koji politikom niskih eksportnih cijena uzimaju znaajan dio trinog udjela.
Dodatni rizik je i injenica da su gotovo svi vei proizvoai cementa prisutni na bh. tritu instalirali svoje betonare u
blizini lokacija na kojima su betonare TBG BH, te svojim politikama niskih cijena ugroavaju nau prodaju.
U cilju smanjenja trinog rizika konstantno se poduzimaju mjere za ublaavanje trinog rizika kao to su:
tehniko-tehnoloko unapreenje procesa poslovanja koje uliva povjerenje u brendove TCK-a;
otvaranje prodajnih terminala u Sarajevu i Banjoj Luci;
lociranje mobilne betonare u Drivui u blizini dionica autoputa na Koridoru 5-C koje su trenutno u izgradnji;
kupovina novih betonara u Sarajevu i Zenici;
analiza trita novih tipova cementa isporuke na paritetu DAP, tj. isporueno kupcu na mjestu;
marketinke aktivnosti: izrada reklama broura o naim proizvodima, s opisom proizvoda, mogunostima
koritenja, prednostima betonskih objekata, najznaajnijim objektima izgraenim naim betonom.
Operativni rizik
Ogranieni skladini kapaciteti za cement
U 2017. godini postoji rizik, odnosno odreena vjerovatnost da bi moglo doi do gubitka izvjesnih koliina cementa
zbog ograniene proizvodne palete, odnosno gubitka projekata na kojima bi se koristila vrsta cementa koju trenutno
Tvornica cementa Kakanj nema u svome prodajnom asortimanu zbog ogranienih skladinih kapaciteta. Stoga je
predloena akcija proirenje skladinih kapaciteta za cement u cilju smanjenja ovoga operativnog rizika.
Zatita okolia
Nakon ugradnje novoga vreastog filtera i realizacije brojnih drugih projekata uticaj na okoli je sveden na
minimum.
Dozvole
Veliki rizik predstavlja sloena i dugotrajna procedura oko dobivanja odobrenja openito, poevi od okolinske
dozvole do odobrenja za graenje. S jedne strane to moe ugroziti operativne aktivnosti, a s druge usporava
i produava proces investiranja. Komunikacijom s lokalnim vlastima nastoji se prevladati ili ublaiti ovaj rizik.
U cilju smanjenja rizika izraena je procedure za ishodovanje graevinske dozvole svaki pojedinani korak
i potrebna dokumentacija za taj korak.

2016
Market Risk
Tvornica cementa Kakanj and its related parties are significantly exposed to market risk.
Cement and concrete sales depend on the domestic market consumption and competition.
Cement consumption in B&H market had a strong decline in 2009 and has been stagnating since that time with some
small oscillations from one year to another. Cement consumption is at a low level and no significant changes are
expected in the following year. Intensified activities on the construction of highway on Corridor 5C and construction of
energy facilities might lead to consumption increase.
Although the domestic producers (Tvornica cementa Kakanj and Fabrika cementa Lukavac) have sufficient capacities
to cover all needs of the domestic market, due to the decrease of construction activities in surrounding countries,
strong competition comes from importers which through price dumping take a significant part of the market share.
An additional risk is the fact that almost all the major cement producers present in B&H market have installed their concrete
plants near the location of concrete plants of TBG BH, and with their policies of low prices threaten our concrete sales.
In order to reduce market risk, numerous measures are being undertaken in order to mitigate it:
Technical-technological improvement of business processes establishing trust in the brands of Tvornica cementa Kakanj;
Opening of sales terminals in Sarajevo and Banja Luka;
Placing mobile concrete plant in Drivusa, near the parts of highway on Corridor 5C currently under construction;
Purchase of new concrete plants in Sarajevo and Zenica;
Analysis of new cement types; Cement delivery on parity DAP customer (delivered at place);
Marketing activities creation of a promotional product brochure that includes a product description, usage
possibilities, advantages of the concrete, and a list of significant objects constructed with our concrete.
Operating Risk
Limited cement warehousing capacities
In 2017 there is foreseen a risk, indeed a certain probability, that there could be a loss of a certain amount of cement
due to limited cement production, which means the loss of projects on which the type of cement, which Tvornica
cementa Kakanj currently does not have in its sales line due to limited storage capacities, would be used. Therefore,
action is proposed in the form of expansion of storage capacity of cement in order to reduce this operational risk.
Environment Protection
Following the installation of a new bag-house filter and numerous other environmental projects, the impact on the
environment has been minimized.
Permits
Great risk comes from the long and complex procedures associated with obtaining permits, from environmental to
construction permits. On the one hand this can jeopardize operating activities, and on the other slows down the
investment process. Communication with local authorities is necessary to eliminate or alleviate these risks.
The procedure for obtaining construction permits, which includes a step-by-step program and the appropriate
documentation necessary for each step, has been made in order to reduce this risk.

2016
Istraivanje i razvoj
U toku 2016. godine u planu je bilo provoenje laboratorijskih ispitivanja s ciljem koritenja materijala koji nastaju kao
nusproizvod prilikom eksploatacija i prerade ugljena. Zadatak je da se upotrebom tzv. rudnike jalovine u odreenom
omjeru dobije cementni klinker zadovoljavajuih tehnolokih i kvalitativnih parametara. Pored navedenoga, u sreditu
aktivnosti vezanih za istraivanje i razvoj bio je razvoj novih tipova cementa u skladu sa zahtjevima trita.
Drutveno odgovorno poslovanje i odrivi razvoj

Ravnopravan odnos prema svim zaposlenicima podjednako, proaktivno ouvanje okolia i praktino
ukljuenje u zajednicu temelji su vizije odrive budunosti. Integriranjem etikih elemenata u sva pitanja
vezana za rad kompanije, ukljuujui upravljanje ljudskim resursima, dizajn proizvoda, zahtjeve za
dobavljae i programe djelovanja u zajednici, Tvornica cementa Kakanj pomae u izgradnji istijega,
sigurnijeg i prosvjeenijeg svijeta.
Koncept drutveno odgovornog poslovanja poiva na opredijeljenosti kompanije da svojim sveukupnim

poslovanjem i djelovanjem doprinosi odrivom privrednom razvoju drutva. Tvornica cementa Kakanj,
kao lanica HeidelbergCement grupacije, svoje poslovanje zasniva upravo na drutveno odgovornom
poslovanju, koje je jedan od naih stratekih ciljeva.
Kao vodei proizvoa cementa u BiH mi smo kompanija koja potie odrivi razvoj, postavlja najbolju
praksu u utvrivanju standarda vrhunske proizvodnje i kvaliteta proizvoda te preuzima vodeu ulogu
u prepoznavanju vanosti zatite okolia. Na je cilj ukljuiti se u unapreenje drutva dugotrajnim
ulaganjem u kupce, zaposlenike, okoli, kulturu, sport, znanje, obrazovanje, zdravstvo zajednicu u
cjelini.
Drutvena odgovornost i odrivi razvoj u potpunosti su integrirani u dugoronu strategiju TCK-a. Odrivi
razvoj predstavlja nau trajnu predanost uravnoteenoj integraciji ekonomskih, okolinih i drutvenih
faktora u svakodnevno poslovanje s ciljem uveanja zajednike vrijednosti kao i prepoznavanja,
spreavanja i izbjegavanja moguih negativnih uticaja.
Tvornica cementa Kakanj d.d. Kakanj, kao dio HeidelbergCement grupacije, ukljuena je u European
Alliance CSR (Corporate Social Responsibility), koja je vodea mrea preduzea to prakticiraju
korporativnu drutvenu odgovornost. Tvornica cementa Kakanj kao ogranak multinacionalne kompanije
nastoji svojim primjerom ohrabriti i potaknuti mala i srednja preduzea u primjeni spomenutog koncepta
korporativne drutvene odgovornosti u Bosni i Hercegovini i regiji.
U skladu sa CSI WBCSD strategijom (Cement Sustainable Initiative World Business Council for
Sustainable Development Inicijativa cementne industrije za odrivi razvoj), Tvornica cementa Kakanj
definirala je svoju strategiju i ciljeve odrivosti do 2020. godine.

2016
During 2016, laboratory research was conducted with the goal of using materials that are by-products of exploitation
and processing of coal. The task was to use a certain amount of so-called mining waste rock to produce cement
clinker that has appropriate technologic and quality parameters. Additionally, the main activities related to research
and development were centred upon developing new types of cement as required by the market.
Social Responsibility and Sustainable Development

Equal respect towards employees, proactive environmental protection and practical involvement in the community
are the foundations of the vision of a sustainable future. Through integration of ethical elements into all elements
related to the work of the company, including human resources management, product design, requirements towards
suppliers and programmes of acting in the community, Tvornica cementa Kakanj helps in the building of a clean,
safer and enlightened world.
The concept of a socially responsible business lies in the commitment of the company to contribute to sustainable
economic development through its business and behaviour. Tvornica Cementa Kakanj, as a member of
HeidelbergCement Group, builds its business precisely as a socially responsible business as one of its strategic
goals.
As the leading producer of cement in B&H, we are a company that fosters sustainable development, establishes
best practices in defining standards of first-rate production and product quality, and undertakes a leading role in
recognizing the importance of environmental protection. Our goal is to be actively involved in the improvement
of society through long-term investment in our customers, employees, environment, culture, sport, knowledge,
education, health and community in general.
Social responsibility and sustainable development have been completely integrated into the long-term strategy of
Tvornica Cementa Kakanj. Sustainable development represents our continual commitment to balanced integration
of economic, environmental and social factors into everyday business in order to increase common values as well
as to recognize, prevent and avoid possible negative effects.
Tvornica cementa Kakanj, as a member of HeidelbergCement Group, has been involved in the European Alliance
CSR (Corporate Social Responsibility), which is the leading network of companies practicing corporate social
responsibility. Tvornica cementa Kakanj, as a subsidiary of a multinational company, strives to be an example in
encouraging small and medium enterprises to apply the concept of corporate social responsibility in Bosnia and
Herzegovina and throughout the region.
In accordance with the CSI-WBCSD strategy (Cement Sustainable Initiative World Business Council for Sustainable
Development), Tvornica Cementa Kakanj has outlined its sustainability strategy and goals until 2020.

2016
Ta strategija podrazumijeva:
zatitu klime (redukcija emisije staklenikih plinova i ostalih zagaujuih materija u zrak, primjena mehanizama
istog razvoja CDM);
energiju i sirovinske materijale (odgovoran pristup, primjena najboljih raspoloivih tehnika BAT, uz upotrebu
obnovljivih i tzv. alternativnih izvora energije i sirovina);
zdravlje i sigurnost zaposlenika (praenje, izvjetavanje i razmjena iskustava o moguim pozitivnim uincima te
preventivno djelovanje na polju zdravlja i sigurnosti);
lokalne uticaje (izrada smjernica za ocjenu ekolokoga i drutvenog uticaja cementne industrije na lokalnu
zajednicu te kontinuirano svoenje negativnih uticaja na minimum);
interne poslovne procese (integracija odrivog razvoja u sistem upravljanja management sistem, te razvijanje
partnerskih odnosa sa svim zainteresiranim stranama).
Strategija i upravljanje odrivim razvojem znai ostvarenje stalnog razvoja, ali na ekoloki prihvatljiv, zakonski doz-
voljen i siguran nain (s aspekta zdravlja i sigurnosti na radu).
Integrirani sistem upravljanja

Dostizanje ciljeva iz strategije odrivosti osigurava se stalnom implementacijom integriranog sistema upravljanja
kvalitetom, okoliem te zatitom zdravlja i sigurnou na radu.
Tvornica cementa Kakanj ve petnaestu godinu zaredom kontinuirano primjenjuje i razvija integrirani sistem up-
ravljanja u skladu sa zahtjevima standarda ISO 9001:2008, ISO 14001:2004, OHSAS 18001:2007, EN 197-1 i EN
197-2.
Ve su zapoete pripreme za tranziciju na nove standarde ISO 9001:2015 i ISO 14001:2015. Planirano je da se taj
prijelaz realizuje u narednoj godini.
Zahvaljujui striktnoj implementaciji zahtjeva evropskih normi, TCK je prije est godina ispunila i sve uvjete za
oznaavanje svojih proizvoda CE znakom. Ovim je zaokruen veoma sloen proces implementacije integriranog
sistema upravljanja koji je zapoeo prije 15 godina. U narednom periodu ovaj izgraeni sistem neophodno je dalje
razvijati i prilagoavati novim i sve otrijim zahtjevima.
U vezi s tim TCK je u 2016. godini ispunila sve zahtjeve iz evropskih uredbi REACH (Registration, Evaluation, Author-
ization and Restriction of CHemicals) i CLP (Classification, Labelling and Packaging), te u tom smislu prilagodila
svoje proizvode i prateu dokumentaciju.
U Tvornici cementa Kakanj redovito se provode interne i vanjske kontrole potivanja svih navedenih standarda, to
nam omoguava njihovo zadravanje.

2016
This strategy includes the following:
climate protection (reducing emissions of greenhouse gases, including other air pollutants , and the application
of the clean development mechanism - CDM);
energy and raw materials (responsible management, application of best available techniques BAT, the use of
renewable and so-called alternative sources of energy and raw materials);
health and safety of employees (monitoring, reporting and exchanging experience on positive performances,
prevention in the field of health and safety),
local impact (producing guidelines on estimating the ecological and social impact of the cement industry on the
local community, and continually reducing negative influences);
internal business processes (integrating sustainable development into the managing system, as well as
developing partnerships with all stakeholders).
The sustainable development strategy and management includes: the realization of continual development in an
environmentally acceptable, legally permitted and safe (in terms of health and safety) manner.
Integrated Management System

Achieving sustainable strategic goals is ensured through continual implementation of an integrated system for
managing quality, the environment, and health and safety at work.
Tvornica Cementa Kakanj has, for fifteen years now, been applying and developing the integrated management
system in accordance with the requirements of the following standards: ISO 9001:2008, ISO 14001:2004, OHSAS
18001:2007, EN 197-1 and EN 197-2.
Preparation for the transition to the new standards ISO 9001:2015, and ISO 14001:2015 already started in 2016. It
is planned to complete the transition implemented in the coming year.
Owing to the strict implementation of European Norm standards, Tvornica Cementa Kakanj fulfilled all requirements
for marking its products with the CE stamp six years ago. This marked the completion of a very complex process
of implementing the integrated management system, which was started fifteen years ago. In the upcoming period,
this system needs to be further developed and adapted to new and stricter requirements.
In this regard, during 2016 Tvornica cementa Kakanj has fulfilled all requirements of the European Directive REACH
(Registration, Evaluation, Authorization and Restriction of CHemicals) and CLP (Classification, Labelling and
Packaging), and in this respect adjusted its products and supporting documentation.
Internal and external audits are regularly conducted in Tvornica cementa Kakanj controlling compliance with all the
mentioned standards enabling us to keep the certificates.

2016
Zatita okolia
Energija i sirovinski materijali
U vrijeme globalne energetske i ekonomske krize odgovoran i struan pristup koritenju energije i sirovina ima
golemi znaaj. Cementna industrija, zahvaljujui tehnolokom procesu proizvodnje klinkera u rotacionim peima,
ima mogunost da aktivno uestvuje u procesu utede energije, i to upotrebom otpada kao alternativnog izvora
energije. Na taj nain se postie viestruki efekt:
uvanje fosilnih goriva kao neobnovljivih izvora energije,

unitavanje krutoga i tenog opasnog otpada,
upoljavanje lokalnog stanovnitva na prikupljanju i sortiranju otpada kao energenta,
smanjenje emisije staklenikih plinova.
Osim toga, proces proizvodnje klinkera je zaokruen tehnoloki proces iz kojeg nema nikakvih nusefekata ni proizvoda
(krutoga ili tenog otpada i sl.). Zahvaljujui reverzibilnim i reciklinim (recirkulacijskim) tehnolokim potprocesima, svi
mogui nusproizvodi se vraaju u proces i ulaze u sastav poluproizvoda i gotovog proizvoda.
Na ovaj nain te koritenjem dodataka (nusproizvoda iz termoelektrana i eljezara) uvaju se osnovne sirovine uzete
iz prirode (kamen krenjak).
Redukcija upotrebe tehnoloke vode (koja se takoer uzima iz prirode, najee iz otvorenih vodotoka / rijeka)
postie se izgradnjom i upotrebom recirkulacijskih sistema, zahvaljujui kojima praktino nema otpadnih tehnolokih
voda koje su se ranije vraale u prirodni recipijent.
Slina situacija je i s betonarama, gdje se upotrebom specijalnih stanica za reciklau omoguava ponovna upotreba
otpadne vode te estica pijeska i ljunka u zatvorenome krunom toku.
Okolinske i vodne dozvole

Tokom 2016. godine Tvornica cementa Kakanj je obnovila svoju okolinsku dozvolu. Zahvaljujui injenici da je TCK
ispunila sve uvjete iz prethodne okolinske dozvole, Federalno ministarstvo okolia i zurizma (FMOiT) sada je izdalo
integralnu okolinsku dozvolu u kojoj su definirani i svi aspekti koritenja alternativnih goriva (AF). Istovremeno je
poveana mogunost koritenja sa 10% na 60% ukupnog energetskog miksa.
Ova dozvola, u skladu s IPPC direktivom i Planom aktivnosti (planom prilagoavanja), definira pravila, uvjete i nain
rada TCK-a s okolinskog aspekta za narednih pet godina.
Osim odreenih doputenja, dozvola definira i odreene obaveze i ogranienja.
S obzirom na poveanje udjela alternativnih goriva, ova okolinska dozvola definirala je i nove stroije emisione
limite GVE, kojih se TCK mora pridravati u narednih pet godina. U skladu s odredbama okolinske dozvole
izraeni su Plan upravljanja otpadom i Ekoloki monitoring plan TCK-a.
Osim za okolinsku dozvolu, Tvornica cementa Kakanj ispunila je sve uvjete i iz vodne dozvole od Agencije za vodno
podruje rijeke Save (AVP Sava). U skladu s ovom dozvolom tokom 2016. godine nastavljen je redovit mjeseni
monitoring kvaliteta otpadnih voda iz TCK-a.

2016
Environment Protection
Energy and Raw Materials
In times of global energy and economic crisis, a responsible and professional approach to energy use is paramount.
The cement industry, owing to the technological process of clinker production in rotary kilns, is afforded the possibility
of actively participating in the process of energy conservation by using waste as an alternative energy source. In this
way, multiple effects are achieved:
saving fossil fuels as non-renewable energy sources;

disposing of solid and liquid toxic waste;
employment of local people in collecting and sorting out the waste to be used as energy;
decreasing greenhouse gases.
Additionally, the clinker production process is a closed technological process which has no side-effects or by-
products (solid or liquid). Owing to reversible and recycled (recirculation) technological sub-processes, all possible
by-products are returned into the process and become constituent parts of the semi-finished and finished products.
This way, by including utility of additional materials (by-products of power plants and steel plants), the basic natural
raw material (limestone) is preserved.
Decreased consumption of technical water (which is also taken from nature, usually from open water sources
rivers) is achieved through construction and utilization of a circulation system, leaving no waste water, which prior to
this system had been returned to nature.
Similarly, concrete plant utilization of special recycling stations enables the reuse of waste water as well as particles
of sand and gravel in a closed recovery system.
Environmental and Water Permits

During 2016 Tvornica cementa Kakanj has renewed its Environmental Permit. Thanks to the fact that Tvornica cementa
Kakanj has met all the conditions of the previous Environmental Permit, the Federal Ministry for the Environment and
Tourism has now issued the integrated Environmental Permit, which defines all aspects of the use of alternative fuels
(AF). At the same time it increased the possibility of using AF from 10% to 60% of the total energy mix.
This Environmental Permit, which is in accordance with the IPPC directive and the Plan of Activities (adjustment plan),
defines rules, conditions, and the manner of work for the plant from an environmental perspective for a period of 5 years.
Besides certain permissions, this permit also defines certain obligations and limits.
Due to the fact of increasing the share of AF, this Environmental Permit also defines new and more stringent emission
limits GVE that must be respected by Tvornica Cementa Kakanj for the next 5 years. According to the provisions of the
Environmental Permit, Tvornica Cementa Kakanj produced a Waste Management Plan and an Ecological Monitoring Plan.
In addition to the Environmental Permit, Tvornica Cementa Kakanj also fulfilled its requirements given in the Water Permit
issued by the Agency for the Sava Water Region (AVP Sava). Pursuant to this Water Permit, Tvornica Cementa Kakanj
continued in 2016 to implement regular monthly monitoring of wastewater quality in Tvornica Cementa Kakanj.

2016
Tretman tehnolokih i sanitarno-fekalnih otpadnih voda rijeen je jo ranije na ekoloki prihvatljiv i zakonski
dozvoljen nain. Tokom 2012. godine izgraen je i puten u pogon novi sistem za tretman oborinskih voda. Radi se
o savremenom taloniku s koalescentnim filterom i separatorom ulja i masti. Na taj nain je definitivno zaokruen
tretman svih otpadnih voda iz TCK-a u skladu s najboljim raspoloivim tehnikama (BAT).
Osim za tvorniki kompleks, Tvornica cementa Kakanj je tokom 2012. godine ishodovala i okolinsku dozvolu i
vodne dozvole za dislocirani pogon i postrojenje kamenolom Ribnicu. Sve obaveze iz ovih dozvola realiziraju se
u skladu s Planom aktivnosti i Ekolokim monitoring planom.
U narednoj godini bit e potrebno obnoviti i okolinsku dozvolu za kamenolom i u tom smislu ve su izvrene
odreene pripremne aktivnosti.
Emisije
U cilju apsolutne kontrole i daljnjeg smanjenja svih emisija iz postrojenja Tvornica cementa Kakanj je uspostavila
Ekoloki monitoring plan, koji je izraen u skladu sa zakonskim zahtjevima na nivou Federacije BiH i zahtjevima s
nivoa HeidelbergCement grupacije.
Ovim monitoring planom definirana su mjerna mjesta, nain, metode te uestalost mjerenja i izvjetavanja.
Osim mjerenja emisija u zrak te buke i vibracija, od poetka 2011. godine uspostavljen je i kontinuirani mjeseni
monitoring kvaliteta tvornikih otpadnih voda, a tokom 2012. godine uspostavljen je i monitoring kvaliteta otpadnih
voda s kamenoloma Ribnica. Na taj nain TCK je na obje lokacije zaokruila kompletan proces mjerenja emisija svih
moguih polutanata u sva tri ekoloka podsistema (zemlja, voda, zrak).
Sva mjerenja vre eksterni ovlateni laboratoriji. Rezultati mjerenja pokazuju da je TCK zadrala trend kontinuiranog
smanjenja svih emisija iz svojih proizvodnih pogona.
Tokom 2014. godine na nivou HC grupacije uspostavljen je novi sistem upravljanja otpadnim vodama iz svih izvora
(tehnoloke, sanitarne, oborinske), koji podrazumijeva provoenje redovitog monitoringa i izvjetavanja. Radi se o
projektu nazvanom CSI Water Management / Water Reporting.
Zahvaljujui nabrojanim aktivnostima koje smo proveli u prethodnih nekoliko godina, Tvornica cementa Kakanj prva
je u HeidelbergCement grupaciji izradila Water flow dijagrame i modele monitoringa i izvjetavanja, tako da je na
model usvojen kao obavezan za cijelu HC grupaciju.
Emisije osnovnih (karakteristinih) polutanata u zrak (praina, SO2, NOx) za nekoliko su desetaka do nekoliko
stotina puta manje od graninih vrijednosti propisanih zakonom (GVE). To pokazuju sljedei rezultati mjerenja u
2016. godini:
prosjena emisija praine iznosila je 2,43 mg/m3, a GVE je 30 mg/m3

prosjena emisija SO2 iznosila je 36,75 mg/m3 , a GVE je 50 mg/m3
prosjena emisija NOx iznosila je 611,5 mg/m3, a GVE je 800 mg/m3
Prosjeni rezultati monitoringa kvaliteta otpadnih voda za 2016. godinu dati su u sljedeoj tabeli.

2016
Treatment of technical and sanitary sewage wastewater was previously resolved in an environmentally acceptable and
legally permissible manner. In 2012, a new system for the treatment of precipitation water was drafted and put into operation.
This is a modern precipitator with a coalescence filter and oil and grease separator. Accordingly, Tvornica Cementa Kakanj
certainly addressed the treatment of wastewater from the factory in accordance with Best Available Techniques (BAT).
In addition to the factory complex, Tvornica Cementa Kakanj obtained an Environmental Permit and Water Permit in
2012 for its Quarry Ribnica. All obligations under these Permits are implemented in accordance with an Action Plan
and Environmental Monitoring Plan.
In the coming year the Environmental Permit for Ribnica quarry will be due for renewal and in this regard we have
already carried out certain preparatory activities.
Emissions
With the intention of exercising absolute control and further reducing all emissions from its facilities, Tvornica Cementa
Kakanj has made an Ecological Monitoring Plan that was produced in accordance with all legal requirements of the
Federation of B&H and the requirements of HeidelbergCement Group.
This monitoring plan defines measuring points, manners, methods and frequency of measuring and reporting.
In addition to measuring air emissions, as well as noise and vibration, at the beginning of 2011 we also established continual
monthly monitoring of wastewater quality in Tvornica Cementa Kakanj, and in 2012 we established monitoring of wastewater
in the Ribnica quarry as well. Accordingly, Tvornica Cementa Kakanj encompasses a complete process of measuring
emissions of all possible polluters in all three eco sub-systems (soil, water, air) for both locations (factory and quarry).
All measurements are made by externally authorised laboratories. Measuring results show that Tvornica Cementa
Kakanj has maintained a trend of continual reduction of all emissions from its production facilities.
The new system of Wastewater Management from all sources (industrial, sanitary sewage and storm wastewater)
was established during 2014 at the level of the HeidelbergCement Group. This system applies to conducting regular
monitoring and reporting. This is a project called CSI Water Management / Water Reporting.
Thanks to the above activities we conducted in the past few years, Tvornica cementa Kakanj is the first in the
HeidelbergCement Group to develop water flow diagrams and models for monitoring and reporting, and our model
has been adopted as mandatory for the whole HeidelbergCement Group.
Emissions of basic (characteristic) polluters into the air (dust, SO2, NOx) are by tens, up to a couple of hundred times,
lower than the limit values prescribed by the law (GVE). This is evident in the results of the following measurements
made in 2016:
a verage dust emission was 2.43 mg/m3, and GVE is 30 mg/m3

average SO2 emission was 36.75 mg/m3 , and GVE is 50 mg/m3
average NOxemission was 611.5 mg/m3, and GVE is 800 mg/m3
The average results of monitoring of the quality of wastewater in 2015 are provided in the following table:

2016
Izmjerene vrijednosti kvaliteta otpadnih voda u 2016. godini (u skladu s novim zakonskim zahtjevima)
Ispitivani pokazatelji kvaliteta Jedinica Izmjerena vrijednost Maksimalno

mjere dozvoljene
januar juni decembar vrijednosti za
2016. 2016. 2016. povrinske vode
Temperatura vode C 17,1 19,8 16,2 30
pH vrijednost 6,98 7,03 7,38 6,0 9,0
Boja (Pt Co skala) 35 159 63 -
Miris Bez bez bez -
Elektroprovodljivost S/20C 475 563 566 -
Sadraj otopljenog kisika mgO2/l 3,95 3,65 3,86 -
Taloive materije ml/l 0,021 0,03 0,02 0,5
Ukupne suspendirane tvari mg/l 32,1 27,0 16,0 35
Hemijska potronja kisika HPK- Cr mg O2/l 70,2 76,2 39,7 125
Bioloka potronja kisika BPK5 mg O2/l 20,3 21,61 18,9 25
Amonijak NH4-N mgN/l 0,48 0,38 0,33 10
Hloridi mgCl/l 51,21 11,32 17,14 250
Sulfati mgSO4/l 35,3 15,03 37,25 200
Ukupni azot N mg/l 4,20 3,61 2,43 15
Ukupni fosfor P mg/l 1,51 0,16 0,39 2,0
Ulja i masti (ukupna) mg/l 2,4 1,9 2,1 20,0
Deterdenti mg/l 0,4 0,2 0,3 1,0
Mineralna ulja mg/l 0,2 0,1 0,1 10
Toksinost (48 EC50) % 87,53 88,24 87,08 >50
Daphnia magna Straus
Ukupna koliina vode Protok Q m3/dan 162 164 158 -
Upravljanje otpadom
Tvornica cementa Kakanj izgradila je veoma uspjean sistem upravljanja otpadom, koji podrazumijeva odvajanje
opasnoga od neopasnog otpada. Neopasni otpad se razdvaja i predaje lokalnom operateru na daljnji tretman
(reciklaa i sl.), a konani tretman opasnog otpada zaokruen je prekograninim izvozom koji je povjeren ovlatenom
operateru.
Tokom 2012. godine TCK je uspostavila sistem upravljanja i ambalanim otpadom koji je implementiran i u 2016.
godini, u skladu s novim zakonskim zahtjevima; to podrazumijeva potpisivanje ugovora s ovlatenim operaterom
koji e u ime TCK-a prikupljati ambalani otpad koji je iz nje dospio na trite. Zahvaljujui ovako uspjenom sistemu
upravljanja ambalaom i ambalanim otpadom, TCK je dobila na trajno koritenje znak Zelena taka i postavlja ga
na svoje proizvode kao drutveno odgovorna kompanija.
U skladu s kontinuiranim praenjem i primjenom novih zakonskih zahtjeva, tokom 2014. godine Tvornica cementa je
uspostavila i sistem upravljanja otpadom od elektrinih i elektronskih ureaja. Sada je i ova vrsta otpada izdvojena i
predana ovlatenom operateru na daljnji tretman.
Na ovaj nain TCK je zaokruila i sve aktivnosti u skladu sa svojim Planom upravljanja otpadom, kojega se aurira
svake godine.

2016
Measured Values of Waste Water Quality:
Tested quality indicators Unit Measured value Max. Permitted

values
January June December for
2016 2016 2016 Surface waters
Water temperature C 17.1 19.8 2016 30
pH value - 6.98 7.03 7.38 6.0 9.0
Colour (Pt Co scale) - 35 159 63 -
Smell - odourless odourless odourless -
Electric conductivity S/20C 475 563 566 -
Dissolved oxygen content mgO2/l 3.95 3.65 3.86 -
Depositing substances mg/l 0.021 0.03 0.02 0.5
Total suspended matter mg/l 32.1 27.0 16.0 35
Chemical oxygen demand HPK- Cr mg O2/l 70.2 76.2 39.7 125
Biological oxygen demand BPK5 mg O2/l 20.3 21.61 18.9 25
Ammonia NH4-N mgN/l 0.48 0.38 0,33 10
Chlorides mgCl/l 51.21 11.32 17.14 250
Sulphates mgSO4/l 35.3 15.03 37.25 200
Total Nitrogen N mg/l 4.20 3.61 2.43 15
Total Phosphor P mg/l 1.51 0.16 0.39 2.0
Oil and grease (total) mg/l 2.4 1.9 2.1 20.0
Detergents mg/l 0.2 0.2 0.3 1.0
Mineral Oil mg/l 0,2 0,1 0,1 10
Toxicity (48 EC50) % 87.53 88.24 87.08 >50
Daphnia magna Straus
Total water quantity Q Flow m3/day 162 164 158 -
Waste Management Plan

Tvornica Cementa Kakanj has built a very efficient system of waste management, which involves the separation of
hazardous and non-hazardous waste. Non-hazardous waste is separated and delivered to the local operator for further
treatment (recycling, etc.) and the final treatment of hazardous waste is realised through cross-border exports by
qualified operators.
In 2012, Tvornica Cementa Kakanj established a system for the management of packaging waste (in accordance with
new legal requirements) including the signing of a contract with an operator who will on behalf of Tvornica Cementa
Kakanj collect that packaging waste which originates from Tvornica Cementa Kakanj. This system has been used in
2016 as well. Thanks to this successful system for managing packaging and packaging waste, Tvornica cementa
Kakanj was awarded the Green Dot sign for permanent use on its products, as a socially responsible company.
In accordance with continuous tracking and implementation of new legal requirements during 2014, Tvornica cementa
Kakanj also established a system of waste management of electrical and electronic devices. Now this type of waste is
also separated and handed over to licensed operators for further treatment.
Accordingly, Tvornica Cementa Kakanj has realised all activities in accordance with its Waste Management Plan,
updated every year.

2016
Investicije ekoloki znaaj
Investiranje u opremu i primjena najboljih raspoloivih tehnika (BAT) stalno je opredjeljenje HeidelbergCementa.
Tako je bilo i u 2016. godini tokom koje je zavrena jo jedna veoma znaajna investicija s aspekta ekologije.
Radi se o zamjeni elektrofiltera vreastim otpraivaima na oba mlina cementa. Na ovaj nain emisije praine su
svedene na nivo ispod 10 mg/m3, to je u potpunosti u saglasnosti s novom legislativom EU-a u oblasti zatite
zraka.
Kontinuirani monitoring emisija

Kontinuirani monitoring svih emisija iz glavnog dimnjaka rotacione pei (praina, NOx, SO2, CO, NH3, HF) obaveza
je iz okolinske dozvole. Istovremeno je to jedan od osnovnih preduvjeta za nastavak i poveanje obima primjene
alternativnih goriva u TCK-u.
Oprema koja je instalirana u Tvornici cementa Kakanj radi besprijekorno, to je pokazala i najnovija kontrola i
umjeravanje koje je provedeno ujesen 2016. godine.
Zahvaljujui ovom projektu, uveliko je olakano redovito godinje izvjetavanje Federalnog ministarstva okolia i
turizma (PRTR Pollutant Release and Transfer Register), kao i upravljanje samim tehnolokim procesom, a sve
emisije u zrak su kontinuirano kontrolirane. Takoer je olakan redoviti godinji postupak prorauna naknada za
emisije u zrak, a podaci su egzaktni i potpuno tani.
Alternativna goriva
S putanjem u rad sistema za kontinuirani monitoring emisija te provoenjem postupka probnog suspaljivanja
alternativnih goriva i nakon konanog dobivanja dozvole za suspaljivanje stvorili su se svi uvjeti za poetak primjene
AF u redovitom proizvodnom procesu. Tokom ljeta 2015. godine zapoeta je primjena alternativnih goriva, pa je tako u
periodu julidecembar 2015. godine spaljeno 516 t starih automobilskih guma, ime je uteeno 13.932,54 GJ energije.
U 2016. godini povean je udio alternativnih goriva (prvenstveno automobilskih guma) i dostignut je ukupni iznos oko
3,6%, to znai da je vie od 28.000 GJ energije dobiveno iz AF. Na taj nain spaljeno je 1.150 t starih automobilskih
guma koje su se nalazile po raznim deponijama irom BiH.
U narednom periodu uslijedit e nove investicije u opremu (infrastrukturu) za prijem, skladitenje i doziranje raznih
vrsta alternativnih goriva u procesu proizvodnje klinkera. Ve su zapoete aktivnosti za dobivanje potrebnih dozvola
(urbanistikih i graevinskih) za realizaciju ove investicije.
Ovaj projekt ima i ekoloki znaaj jer se primjenom alternativnih goriva smanjuju koliine otpada, uvaju nepovratni
prirodni resursi i istovremeno smanjuju emisije staklenikih plinova.
U vezi s tim, a u saradnji s njemakim GIZ-om, pokrenuli smo zajedniki projekt iji je cilj dodatna afirmacija naeg AF
projekta. Ovaj projekt se provodi kroz etiri modula:
1. podizanje svijesti lokalne javnosti o znaaju energetskog tretmana otpada;
2. transfer znanja za osoblje lokalne samouprave, javnih preduzea, kao i FMOiT o proizvodnji RDF-a
(SRF-a);
3. uspostavljanje lokalne infrastrukture za obradu komunalnog otpada;
4. kontrola emisije polutanata i prezentacija javnosti rezultata kontinuiranog monitoringa.
Ovaj projekt promoviran je i na generalnom meunarodnom sajmu ZEPS u Zenici, kao i na UNDP-ovom
projektu: Nacionalni program istije proizvodnje, te na meunarodnoj konferenciji o upravljanju otpadom
RENEXPO.
U dosadanjem periodu realizirali smo oko 50% aktivnosti predvienih ovim projektom. Ostale aktivnosti e bit
realizirane u narednih 18 mjeseci.

2016
Investments Environmental Aspect
Investing into equipment and the application of best available techniques (BAT) is a constant commitment of
HeidelbergCement Group. In 2016, another important environmental investment was finished. This project included
replacement of old electrostatic precipitators with new baghouse filters on both cement mills. Accordingly, dust
emissions have been reduced to a level below 10 mg/m3, which is in full compliance with new EU legislation in the
field of air protection.
Continual Emissions Monitoring System

Continual monitoring of all emissions from the rotary kiln (dust, NOx, SO2, CO, NH3, HF) is one of the obligations set
in the Environmental Permit. At the same time, it is one of the basic preconditions for continuation and increasing of
the application of the alternative fuels.
The latest equipment for continual emissions monitoring is working perfect, as shown by the latest control and
calibration carried out in autumn 2016.
This project facilitates regular annual reporting to the Federal Ministry for Environment and Tourism - PRTR report
(Pollutants Release and Transfer Registers), and improves the management of the technological process. All
pollutant emissions are now continually controlled. Regular annual procedure of calculating fees for air emissions is
now facilitated as well, and data are exact and precise.
Alternative fuels
By commissioning the system for continuous monitoring of emissions, and conducting the trial burning alternative fuels (AF) and
obtaining a Permit for AF, all conditions for the start of use of AF in the regular production process have finally been created.
During the summer of 2015, use of AF in the regular production process started. In the period July December 2015, 516 tons
of old tires were burned and saved 13,932.54 GJ of energy consumption.
In 2016, the share of alternative fuels (mainly old tyres) increased. The total amount of AF was 3.6%, which means that over
78.000 GJ of energy has obtained from AF. In this way it has burned 1.150 t old tires that were located at various landfills across
the country.
In the coming period new investments in equipment (infrastructure) for the reception, storage and dosing of various types
of alternative fuels in the clinker production process will be made. We have already started activities to obtain the necessary
permits (urban and construction permit) for the realization of this investment.
This project has ecological significance, because of the use of alternative fuels to decrease the amount of waste, preserve
irreversible natural sources, and reduce emissions of greenhouse gases.
In accordance with this, we have launched a joint project with the German organization GIZ. The goal of this project is the
additional affirmation of our AF project. This project is carried out through the following four modules:
1. Awareness raising among the public and creation of partnerships with public authorities;
2. Knowledge transfer about RDF/SRF production (for staff of the local authorities and their utilities as well as the
Ministry of Environment and Tourism);
3. The establishment of local infrastructure for the co-processing of municipal waste in RDF/SRF;
4. Analysis and dissemination of results of the Automatic Measurement System for air pollution.
This project was also presented to the ZEPS general international fair in Zenica (autumn 2015).Also in 2016 this AF/GIZ project
was promoted through the UNDP National Cleaner Production Programme and through the international Conference of
Waste Management RENEXPO.
So far we have implemented about 50% activities defined by this project. The remaining activities will be implemented in the
next 18 months.

2016
Biodiverzitet
Kako bi se poveala svijest o visokoj biolokoj vrijednosti na kamenolomima, HeidelbergCement je 2011. godine
pokrenuo takmienje pod nazivom Quarry Life Award (ivi svijet kamenoloma). To je jedna vrsta konkursa za
prikupljanje najboljih ideja iz oblasti ouvanja i proirenja bioloke raznovrsnosti na kamenolomima. Najbolje ideje
/ projekti realiziraju se na terenu i osvajaju vrijedne novane nagrade na nacionalnom i na internacionalnom nivou.
Konaan efekt je dobit za prirodu i ivi svijet na kamenolomima, to potvruje i slogan ovog takmienja koji glasi:
Priroda e biti najvei dobitnik.
Tvornica cementa Kakanj uestvuje u ovom projektu sa svojim kamenolom Ribnica. Na ovaj nain je data prilika
uenicima, studentima, profesorima, istraivaima, nevladinim organizacijama i drugima da pokau svoju kreativnost,
prijave projekte za ovo takmienje i osvoje vrijedne nagrade, a kompaniji mogunost da dobije kreativne, izvedive i
bogate ideje za ouvanje biodiverziteta na kamenolomu.
Takmienje se odvija u dvogodinjim ciklusima kako bi se uesnicima omoguilo dovoljno vremena da svoje ideje
primijene na terenu. Trei ciklus ovog takmienja, u kojem je uestvovala 21 zemlja, zavren je u decembru 2016.
godine kada je odrana sveana meunarodna ceremonija dodjela nagrada u Bruxellesu. Novi ciklus, etvrti po
redu, zapoet e u maju 2017. godine.

2016
Biodiversity
In order to increase awareness of the high biological value at its quarries, HeidelbergCement introduced an
award in 2011 called the Quarry Life Award. It is in fact a sort of competition for collecting best ideas in the
field of preserving and expanding biologic biodiversity in quarries. Best ideas / projects are realised in the
quarry site and are awarded valuable money prizes at the national as well as international level. The final result
is profit for nature and the wildlife of the quarry, confirmed by the slogan of this event: Nature will be the
biggest winner.
Tvornica Cementa Kakanj participates in this project with its own quarry Ribnica. Through this we afford an
opportunity to students, professors, researchers, non-governmental organizations, and others, to show their
creativity, apply their projects and win valuable prizes, while the company has the possibility to get creative,
implementable, and rich ideas for preserving biodiversity in the quarry.
The competition is biannual in order to provide sufficient time for participants to apply their ideas in the
field. The third issue of this award, which included the participation of 21 countries, was finalised in
December 2016 when an international award ceremony was held in Brussels. A new fourth issue will start
in May 2017.

2016
Zaposlenici i zatita na radu
Odnos Tvornice cementa Kakanj prema radnicima zasniva se na principima jednakih mogunosti i potivanja
razliitosti, a ulaganje u obrazovanje i njihov profesionalni razvoj jedna je od naih stratekih odrednica. U skladu s
tim osmiljavamo i provodimo razliite obrazovne programe i treninge, a osobni razvojni plan izrauje se za radnike
radi poticanja njihovoga daljnjeg osobnog i profesionalnog razvoja unutar tvrtke.
Tvornica cementa Kakanj njeguje i potie otvorenu razmjenu informacija i komunikaciju na svim nivoima, u elji
da stvori radno okruenje u kojem su prijedlozi i sugestije dobrodoli, a radnici pravodobno informirani o svim
temama vezanim za kompaniju i posao koji obavljaju. Time se ujedno jaa osjeaj pripadnosti i vrijednost timskog
rada kao jedne od temeljnih vrijednosti. Tako HeidelbergCementov intranet Unite omoguava brzo i jednostavno
irenje vanih informacija te lake obavljanje svakodnevnih poslova, a od kraja 2001. godine radnici ureuju i itaju
interni asopis Info silos.
U elji da rad svakog radnika bude vrednovan prema istim kriterijima, uvaavajui principe objektivnosti, strunosti
i pravednosti, razvili smo i sistem nagraivanja koji se stalno usavrava.
Radnicima je takoer omogueno slobodno organiziranje u Sindikat i Vijee uposlenika; njihovi se predstavnici
redovito susreu sa lanovima Uprave Drutva i s njima rade na nalaenju i usvajanju najboljih rjeenja, prije svega,
za poboljanje mjera sigurnosti na radu i standarda radnika.
Broj i struktura zaposlenih osoba

Poslovne operacije Tvornice cementa Kakanj i zavisnih drutava u Bosni i Hercegovini i Hrvatskoj podijeljene su na
dvije poslove linije: poslovna linija za proizvodnju cementa i poslovna linija za proizvodnju betona.
Na kraju mjeseca decembra 2016. ukupno je zaposlenih osoba u Tvornici cementa Kakanj i zavisnim drutvima bilo 278:
u Bosni i Hercegovini 238 i u Republici Hrvatskoj 40 radnika, to je prikazano u sljedeoj tabeli:
Naziv lanice HeidelbergCementa AG Broj zaposlenika 31. 12. 2016.

1. Tvornica cementa Kakanj 196
2. TBG BH 42
3. TBG Beton 37
4. Dunav-Drava cement 3
Ukupno 278
Poslovna linija cement biljei pad broja radnika za 17 na kraju 2016. u odnosu na 2015. godinu, uz napomenu da
se radi o privremenom raskidu ugovora za 13 radnika, koji e na poetku pune sezone ponovo nai svoje mjesto
u Tvornici cementa Kakanj d.d. Kakanj. Imajui u vidu navedeni povratak, stvarni pad broja radnika TCK-a je devet
radnika manje, od kojih je osam steklo zakonske uvjete za odlazak u penziju, jednog radnika Tvornica je izgubila
usljed prirodne smrti, dok su u 2016. godini primljena tri nova radnika VSS kvalifikacije.
Istovremeno je dolo do poveanja broja radnika na poslovnoj liniji beton; u odnosu na 2015. godinu broj zaposlenih
porastao je za 12.

2016
Employees and Safety at Work
The relationship of Tvornica Cementa Kakanj with its employees is based on the principles of equal opportunities
and respect for diversity, while investing into education and professional development of our employees is one of
our strategic determinants. Accordingly, we create and implement different educational programs and trainings, and
a personal development plan is made for employees in order to encourage their further personal and professional
development in the company.
Tvornica Cementa Kakanj nourishes and fosters open information exchange and communication at all levels,
wishing to create a working environment in which all proposals and suggestions are welcome, and where employees
are informed in a timely manner about all subjects related to the company and their job. This strengthens a feeling
of attachment and the value of teamwork as one of our fundamental values. HeidelbergCements intranet Unite
provides fast and simple dissemination of information and eases performance of everyday tasks, and since the end
of 2001, employees edit and read the internal magazine Info Silos.
Wishing to value the contribution of each employee according to the same criteria, and taking into account the
principles of objectivity, expertise and fairness, we developed a remuneration system that is continuously refined.
Employees may also freely join a trade union and the employees council, which meets regularly with a member of
the Management Board and commonly works on finding and adopting appropriate solutions.
Number and Structure of Employees

HeidelbergCement Group in Bosnia and Herzegovina and in Croatia operates two business lines: the cement
business line and the concrete business line.
At the end of December 2016, the total number of employees in Tvornica cementa Kakanj and related companies
was 278: 238 in Bosnia and Herzegovina and 40 in Croatia, as shown in the following table:
Name of HC AG member Number of employees on 31 December 2016

1. Tvornica cementa Kakanj 196
2. TBG BH 42
3. TBG Beton 37
4. Duna-Drva Cement 3
Total 278
At the end of 2016, the number of workers in the Business Line Cement decreased by 17 compared to 2015, with
a remark that for 13 workers termination of working contracts is just temporary. They will find their place as workers
of Tvornica cementa Kakanj at the beginning of the new season. Of the actual decline of 9 in the number of workers,
8 workers retired and 1 worker was lost due to natural death causes. In 2016, Tvornica hired 3 new workers, with
university degree qualifications.
At the same time, the number of workers in the concrete business line, increased by 12 in comparison to
2015.

2016
Ostvareni poslovni rezultat na kraju 2016. godine potvruje da su zaposlenici svih konsolidiranih drutava unutar
Tvornice cementa Kakanj, razliitih obrazovnih profila i nivoa obrazovanja, sposobni profesionalci s visokim stepenom
odgovornosti da slijede ciljeve ove kompanije i stvaraju nove vrijednosti za kupce, dioniare i drutvenu zajednicu u
kojoj djeluju.
U Tvornici cementa Kakanj, poslovna linija cement, 31. 12. 2016. godine zaposleno je 196 osoba; meu njima su
32 ene, to ini 16,33% ukupnog broja radnika; one obavljaju razliite poslove u proizvodnom, administrativnom ili
upravljakom procesu.
Kvalifikacijska struktura zaposlenika na poslovnoj liniji cement na dan 31. 12. 2016. godine prikazana je na sljedeem
1+2+4716182329L
dijagramu.
0.5% 2%
4%
4%
Zaposlenika Sprema % Boja
29,08%
57 SSS 29.08
46 KV 23
40 VSS 20,40
34 VKV 17
17%
8 NK 4
7 VS 4
3 PK 2
1 NS 0.5
Ukupno 213 100
23% 20,40%
U dijagramu VSS stoji za visoku strunu spremu, VS za viu, a SSS za srednju strunu spremu; VKV za
visokokvalificirane zaposlenike, KV za kvalificirane, PK za polukvalificirane i NK za nekvalificirane zaposlenike.
Unutar VSS kvalifikacijske grupe tri radnika su s diplomom doktora tehnikih nauka, dva s diplomom
magistra ekonomskih nauka i jedan s diplomom magistra tehnikih nauka.
U odnosu na prethodnu godinu 2016. nije donijela znaajnu promjenu u kvalifikacijskoj strukturi
zaposlenih.

2016
The achieved operating result at the end of 2016 illustrates that the employees of all companies within the consolidated
HC business in B&H and Croatia, with different educational backgrounds and levels of education, are professionals who
are capable and highly responsible in following the Companys goals and creating new value for customers, shareholders
and the community in which they operate.
In Tvornica Cementa Kakanj, at the end of 2016 in the cement business line, out of 196 employees 32 are women,
a number that represents 16.33% of those holding different positions in production, administration and management
processes.
The qualification structure of employees in the cement business line on 31 December 2016 is shown in the chart
1+2+4716182329L
below.
0.5% 2%
4%
4%
Employees Qualification % Color
29.08%
57 SSS 29.08
46 KV 23
40 VSS 20,40
34 VKV 17
17%
8 NK 4
7 VS 4
3 PK 2
1 NS 0.5
Total 213 100
23% 20,40%
Where VSS stands for university degree, VS two years post-secondary school, SSS secondary school,
VKV highly skilled, KV skilled, PK semi skilled and NK unskilled workers.
Within VSS - University diploma degree qualification group of employees, there are three employees with PhDs in
the field of technical science, and two employees in the field of economy and one employee in the field of technical
science with Masters degrees.
Compared to the previous year, 2016 has not brought any significant change to the qualification structure of
employees.

2016
Osposobljavanje
U 2016. godini Odjel za kadrovske poslove, uz punu podrku Uprave Drutva i u saradnji s domaim agencijama, za radnike
TCK-a i poveznih drutava organizirao je 41 razliitu obuku u formi uionice. Provedene obuke bile su iz oblasti obavljanja rada
na siguran nain 183 radnika obavilo je sedam obuka iz ove oblasti, iz oblasti ekologije provedeno je osam obuka, tri obuke
provedene su iz oblasti finansijsko-raunovodstvenih poslova, zakonske regulative iz oblasti poreza, razvoja kompetencija,
primjene novih zakonskih odredaba u oblasti radnoga i korporativnog upravljanja ukupno est obavljenih obuka, podizanja
nivoa znanja i sposobnosti iz oblasti tehniko-tehnolokih poslova, unapreenja znanja poznavanja stranih jezika.
U navedene vrste obuka bilo je ukljueno 300 radnika, od kojih su neki pohaali nekoliko vrsta obuke.
Drugu formu provoenja obuke iz oblasti osposobljavanja on-line obuku, kakvih je u 2016. organizirano ukupno
etiri, obavio je ukupno 101 radnik na obje poslovne linije. Pojedinane obuke su kreirane lokalno, unutar kadrovskog
odjela TCK-a ili su preuzete od Regionalnog odjela za razvoj ljudskih resursa Sjeverna i Istona Evropa i Srednja Azija.
Koritenjem on-line forme za provoenje obuka radnicima je omoguen lak i fleksibilan pristup procesu unapreenja
znanja stranih jezika, poznavanja lokalnih i evropskih zakona iz oblasti sigurnog rada i prava te razvoja personalnih vjetina.
Kontinuirani treninzi i obuke koje prolaze zaposlenici Tvornice cementa Kakanj i zavisnih drutava daju znaajan
doprinos unapreenju kompetencija i vjetina radnika, to je ujedno i najbolji odgovor na kompleksne zahtjeve razliitih
procesa rada specifine industrijske grane u koju spada proizvodnja cementa i betona. Rezultat napora uloenih u
osposobljavanje i obrazovanje radnika u proteklim godinama jeste potpuna spremnost za popunu upranjenih radnih
mjesta tehnoloki multidisciplinarno osposobljenim zaposlenicima.
Brigu o sigurnosti i zdravlju naih zaposlenika te napor koji se ulae u stvaranje sigurnoga radnog okruenja pokazuje i broj od 183 radnika
koji su obavili teoretske ili praktine obuke u cilju obnove ili sticanja novih znanja unutar oblasti kojoj se na nivou HeidelbergCement
Group i na lokalnom nivou poklanja izuzetna panja. Broj radnika obuhvaenih navedenim obukama predstavlja 93,84% broja svih
radnika Tvornice. Obukama iz oblasti rada na siguran nain i protivpoarne zatite obuhvaeni su i radnici kompanija koje pruaju
usluge Tvornici u oblasti proizvodno-tehnikih poslova jer je namjera da se svim osobama koja se kreu prostorima TCK-a omogui
rad na siguran nain; tokom 2016. godine ovim su obukama obuhvaene 43 osobe sa 86 radnih sati obuavanja. Kontinuirana obuka
iz spomenute oblasti doprinijela je da izgubljenih sati usljed bolovanja uzrokovanih povredom nije bilo u 2016. godini.
Takoer, 2016. je godina u kojoj su nastavljeni intenzivni treninzi i priprema nasljednika na pozicijama top i senior
menadmenta iz redova srednjeg menadmenta. Rad na osposobljavanju prepoznatih nasljednika kroz izradu posebnih
individualnih programa razvoja je dio projekta na globalnome, grupacijskom nivou i predstavlja odabir i objedinjavanje
pozitivne prakse po zemljama lanicama s ciljem omoguavanja popune najvanijih menaderskih pozicija motiviranim,
odgovornim i spremnim kadrovima.
Zatita zdravlja i sigurnost na radu

Tokom 2016. godine u oblasti obavljanja poslova na siguran nain, pored redovitih aktivnosti vezanih za oblast
preventivnog djelovanja, provedeno je nekoliko vrijednih aktivnosti vezanih za sigurnost i zdravlje zaposlenika.
Implementacija ovih aktivnosti predviena je Akcionim planom Tvornice cementa Kakanj iz oblasti rada na
siguran nain i protivpoarnu zatitu za 2016. koji je uraen na lokalnom nivou, a prihvaen i odobren od strane
HeidelbergCement Group. Vano je istaknuti da je na osnovu uputa Grupe stvoreno novo uputstvo iz oblasti rada
na siguran nain kojim su obuhvaeni svi segmenti rada i koje je po ostvarenoj distribuciji implementirano u cijeloj
Tvornici cementa Kakanj.
U 2016. godini izvedena je specijalna pokazna vjeba evakuacije i spaavanja u Odjeljenju za peenje klinkera, a kao
i u prethodnim periodima pokazala se efikasnom i potrebnom.

2016
Training
In 2016, the Human Resources Department, with the full support of Managing Board of the Company, organized 41
classroom trainings for employees of both business lines, in association with local educational agencies. Trainings
organized were in the field of H&S-183 workers undergone training through 7 trainings, environmental protection-8
trainings, 3 trainings were organized in the area of finance, 6 in the area of competencies development, implementation
of new laws in working relations and corporative management, improvement of knowledge in the area of technical
technology processes, and foreign languages.
In the aforementioned trainings, 300 employees were included, some of them undergoing a couple of different trainings.
As regards other forms of training, so-called online training, 4 such trainings were organized with the participation of
101 employees from both business lines. Some of the online training was created locally, within the Human Resources
Department, or taken from the regional HR Department, Northern - Central Europe - Central Asia. Online training provides
an accessible and flexible approach to the process of improving knowledge of foreign languages, understanding of local
and European laws, and development of interpersonal skills.
The continuous training process provided to employees of HC Affairs in B&H and Croatia is making a significant
contribution to improvement of the competence and skills of employees, which is also the best response to the complex
requirements of various work processes of a highly specific industry such as the production of cement and concrete.
The result of the efforts in the training and education of employees in recent years has resulted in the complete readiness
to fill vacancies of technological, multidisciplinary, qualified employees.
Care concerning the health and safety of our employees and the effort invested in creating a safe and secure work
environment is represented by the number of 183 workers included in practical or theoretical trainings in safe work
practices: 183 employees represents 93.84% of the total number of employees in the HeidelbergCement business in
B&H. In 2016, 43 employees of the external companies providing services to Tvornica cementa Kakanj were included in
H&S trainings with 86 hours of training. The intention is to provide safe and secure working environments to all persons
moving within the premises of Tvornica cementa Kakanj. Continuous training in the field contributed to the result that
the number of hours lost due to sick leave related to work injury remains negligible.
Also, 2016 is the year in which intensive training and preparation of successors among middle management for top
and senior positions was resumed. Work on the training of identified successors through the development of a specific
individual development program is part of the global Group level and represents the selection and compilation of
best practices in HC companies. The aim of the project is to fill managerial positions with motivated and responsible
employees.
Health and Safety

During 2016, in the field of performing tasks in a safe manner, in addition to regular activities related to the field
of preventive action, several valuable activities related to the health and safety of employees were carried out.
Implementation of activities was carried out in accordance with the Action Plan for 2016. The Plan was created
at the local level but accepted and approved by HeidelbergCement Group. It should be noted that on the basis
of the Groups instructions, a new guide in the field of working in a safe and secure manner, which covers all
segments of work, was created, distributed and implemented throughout all of the organisational part of the
Plant.
It is important to point out the special demonstration of evacuation and rescue actions in 2016. Within the demonstration
exercise employees of the Klinker Burning Department were included.

2016
Poseban akcenat tokom 2016 godine bio je na naporima da obuku obavljaju interni eksperti Tvornice.
Naa posveenost zatiti zdravlja i pruanju sigurnih uvjeta za rad integralni je dio svih naih poslovnih aktivnosti,
kako u svim lanicama HeidelbergCementa, tako i u kompanijama u BiH i Hrvatskoj; sistemski se brine o
zdravlju i sigurnosti ne samo vlastitih radnika nego i radnika kompanija koje obavljaju usluge za potrebe lanica
HeidelbergCementa.
U 2016. godini nastavili smo da predano radimo na stvaranju sigurnih radnih uvjeta, uz maksimalnu
posveenost podizanju svijesti o nainima spreavanja povreda i bolesti, ime smo stvorili sigurno i ugodno
radno okruenje. elimo da se nai radnici osjeaju sigurno i dobro na radnom mjestu, to im omoguava
da poslije radnog dana provedenog u sigurnoj i zdravoj radnoj sredini nastave aktivnosti u porodici i drutvu.
Rezultat naih napora je shvaanje radnika da je njihov stav i odnos prema rizicima koji stoje pred njima u
zatiti zdravlja i radu na siguran nain, kontroli i zahtjevima za ispravan rad u ovoj oblasti pokretaka snaga
svake izvedbe i uspjeno obavljenoga radnog zadatka, to nas raduje i osigurava Tvornici cementa Kakanj i
njenim zavisnim drutvima u oblasti zatite na radu mjesto meu najboljim kompanijama HeidelbergCement
grupacije.
Obuka koja se provodi na nain utvren Zakonom o zatiti na radu, ali i internim standardima i procedurama,
omoguava da radnici kroz teorijsko upoznavanje i praktian rad / vjebu usvajaju potrebna znanja i vjetine za
radne operacije koje e obavljati. Jedan od naina koji ima za svrhu podizanje i obnovu nivoa znanja iz oblasti rada
na siguran nain jeste i ve ranije spomenuta interna obuka, kojom su u 2016. godini obuhvaene ciljane grupe
polaznika razliitih profesionalnih profila.
Pored potivanja obaveza iz oblasti sigurnosti pri radu propisanih Zakonom o zatiti na radu i podzakonskim aktima
/ pravilnicima na lokalnom nivou, Drutvo u punoj mjeri primjenjuje pravila i upute koje je razvila HeidelbergCement
grupacija a koje su zasnovane na evropskoj legislativi. Implementacija grupacijskih pravila u oblasti rada na siguran
nain, na nivou koji je i iznad lokalnog zakonodavstva, omoguava Drutvu status lidera u ovoj oblasti na regionalnom
nivou, pa i ire. Skup svih mjera u ovoj oblasti provodi se na nain i po postupku predvienim Programom mjera koji
je donijela Uprava Drutva. Vaee procedure i ISO i OHSAS standarda podrazumijevaju da su o svim obavezama,
pravima i odgovornostima u pogledu sigurnosti svi radnici upoznati prilikom zasnivanja radnog odnosa i prije
ukljuivanja u proces rada.
Dodatno, svi nai radnici su osigurani za sluaj nezgode, sa zagarantiranim odtetnim iznosom prema polici
osiguranja.
Sedmica sigurnosti
Tokom 2016. proveden je jo jedan prepoznatljiv i bitan projekt s ciljem podizanja svijesti o znaaju
brige za zdravlje i namjensko koritenje zatitne opreme Sedmica sigurnosti (Safety Week), koja se
organizira u cijeloj HeidelbergCement grupaciji u istom periodu. Meu vie obraenih tema u sreditu je
ovaj put bio rad u skuenom prostoru i preventivno djelovanje u oblasti zatite od poara. U aktivnosti su
ukljueni radnici TCK-a, ali i radnici eksternih kompanija koje pruaju usluge Tvornici iz razliitih procesnih
kategorija.
Namjera je projekta da znaaj segmenta sigurnosti na radu prepoznaju i porodice naih radnika. U projekt su
bila ukljuena i djeca radnika kroz prigodnu izlobu likovnih radova, ija je tema bila poznavanje saobraajnih
znakova i drugih pravila koja pruaju sigurnost.

2016
2016 was also a year characterised by extra effort on the provision of training by internal experts of Tvornica.
Our commitment to protecting health and providing safe working conditions is an integral part of all our business
activities, as it is the same in all members of HeidelbergCement. The system takes care of the health and safety
of not only its own employees but also employees of companies that perform services on behalf of the needs of
members of HeidelbergCement.
In 2016, we continued our responsible and constant work in the field of work in a healthy and safe manner; we
proved that we are committed to creating safe working conditions, with maximum dedication to raising awareness
of ways to prevent injuries and illnesses. We wish for our employees to feel safe and content while in their working
place, further enabling them to commit themselves to their families and communities after working hours. The
result of our efforts is the understanding of each and every employee that her/his attitude to the risks that lie ahead
of performance of daily tasks in a safe manner, as well as control and requirements for proper operation in this
field, is the driving force of each performance and successful completion of the work task. Such understanding of
performance brings us enormous satisfaction and places Tvornica Cementa Kakanj and its branches among the
best HeidelbergCement companies regarding performing work in a safe and secure manner.
The training that is conducted in a manner determined by the Law on Occupational Safety and Health, as well as by
internal standards and procedures, provided through theoretical introduction and practical work (exercise) enables
employees to adopt the necessary knowledge and skills for work operations to be performed. One of the means of
raising and updating levels of knowledge in the field of performing work in a safe manner is internal online training,
which in 2016 incorporated a large group of targeted employees of different professional backgrounds.
In addition to compliance with obligations in the field of occupational safety requirements stipulated by the Law on
Occupational Safety and Health and rules on a local level, the Company is fully implementing rules and guidelines
developed by HeidelbergCement Group based on European legislation. Through implementation of the Groups rules
in the field of working in a safe and secure manner at a level that is more rigorous than the local law, the Company
has the status of a leader in this field at the regional level and beyond. A set of measures in this area is carried out in a
manner and under the procedure foreseen in the Programme of measures adopted by the Management Board of the
Company. Valid and applicable procedures of ISO and OHSAS standards imply that all newly hired employees meet
all of the obligations, rights and responsibilities in the field of safety at work prior to the beginning of the work process.
Additionally, all our employees are insured in case of an accident with a provided sum of compensation by the
insurance agency.
Safety Week
During 2016, another distinctive and important project was implemented with the aim of raising awareness of the
importance of health care and the proper use of protective equipment under the name of Safety Week, which was
organized throughout HeidelbergCement Group during the same period of time. Among several topics addressed,
this time the focus was on work in confined space and prevention in the field of fire protection. Project activities
included employees of the Company and employees of external companies providing services to Tvornica from
various work processes.
The intent of the project is to enhance recognition of the importance of safety at work also by the families of our
employees. The project included children of employees through an exhibition of their artworks with the subject of
knowledge of traffic signs and other rules that provide safety.

2016
Osnovna zdravstvena zatita
Kao i do sada, Tvornica cementa Kakanj nastavlja s preventivnim djelovanjem na zatiti zdravlja aktivnostima
zdravstvene ambulante u tvornikom krugu, ime je svim zaposlenicima i penzionerima olakan pristup osnovnoj
zdravstvenoj zatiti.
Rekreacijske aktivnosti
Zavisno od zainteresiranosti zaposlenika, kompanija organizira razliite sportsko-rekreacijske aktivnosti koje se
odvijaju u sportskim objektima lokalne zajednice.
Podrka Sindikatu i Vijeu uposlenika

Saradnja Uprave Drutva i predstavnika zaposlenika ogleda se kroz mnogobrojne zajednike projekte koji se realiziraju
na godinjem nivou. Uprava Tvornice cementa Kakanj redovito podnosi izvjetaje o poslovanju i Sindikatu i Vijeu
uposlenika, a izvjetaji sadravaju sve relevantne informacije, kao to su podaci o proizvodnji, prodaji, finansijski
pokazatelji, podaci o primanjima i ostalim pogodnostima za zaposlenike.
Godinje se s predstavnicima zaposlenika (predsjednikom Izvrnog odbora Sindikata i predsjednikom Vijea

uposlenika) pregovara oko plaa i ostalih linih primanja radnika. Pregovori se obavljaju krajem tekue godine za
narednu godinu. Na osnovu postignutog dogovora potpisuje se protokol koji radnicima jami dogovoreni nivo plae
i ostalih primanja tokom idue godine.
Pored protokola o plaama, svake godine se potpisuje i protokol izmeu Uprave Drutva i Izvrnog odbora Sindikata
kojim se regulira novana pomo Sindikatu za pomo zaposlenicima u sluaju bolesti i za jednokratnu pomo
studentima djeci uposlenika.
S potpisivanjem protokola ne zavrava se komunikacija s predstavnicima zaposlenika. Na sve pismene upite koje
tokom godine alju iz Izvrnog odbora Sindikata i Vijea uposlenika Uprava Drutva daje pismene odgovore (na
zaprimljene zahtjeve).
Pored pismene komunikacije i spomenutih sastanaka, Uprava Drutva ili njezini pojedini lanovi kontinuirano,
a posebno u sluaju potrebe, odnosno usmenih zahtjeva predstavnika zaposlenika, odravaju sastanke s
predsjednikom Izvrnog odbora Sindikata i predsjednikom Vijea uposlenika ili pojedinim lanovima tih tijela, ali i s
ostalim zaposlenicima.

2016
Basic Health Care
As in earlier years, the Company continues to implement preventive actions to protect the health of our employees by
providing health dispensary services within the Companys premises, facilitating easy access for all employees and
retirees to basic health care.
Recreation activites
Based on the interests of employees, the company organizes different sporting and recreation activities that are held
in sport facilities of the local community.
Support to the Union and the Council of Employees

Cooperation between the Management Board and representatives of the employees is reflected in numerous
common projects realized annually. The Management of Tvornica cementa Kakanj presents regular business reports
to the Union and the Council of Employees. These reports include all relevant information, such as production and
sales data, financial indicators, salary information, and other benefits for employees.
Salaries, along with the miscellaneous income of each employee, are negotiated annually with employee
representatives (the Chairman of the Executive Board of the Union and the President of the Council of Employees).
All negotiations are conducted a year in advance. Based on mutual agreement, a protocol is signed guaranteeing
employees the agreed level of salary and other benefits in the upcoming year.
In addition to the salary protocol, each year the Management of the Company and the Executive Board of the Union
sign a protocol regulating financial assistance to the Union for the purpose of helping employees in case of illness,
or support of their children, specifically those in university.
Communication with employee representatives does not end with a protocol signature. The Management of the
Company replies in writing to all written requests sent during the year by the Executive Board of the Union and the
Council of Employees.
In addition to written communication and the aforementioned meetings, the Management Board or a member of the
Board continually, but especially when needed, i.e. upon a verbal request of the employees representatives, meets
the Chairman of the Executive Board of the Union and the President of the Council of Employees, or with some of
their members, but also with other employees.

2016
Odgovornost prema lokalnoj zajednici
Tvornica cementa Kakanj nije samo jedan od temelja privrednog razvoja opine Kakanj, ona je jedan od znaajnih
nosilaca sveukupnog drutvenog ivota u Kaknju. U TCK-u razumijemo potrebe lokalne zajednice i aktivno
doprinosimo unapreenju kvaliteta ivota svih lanova drutva, a svojim drutvenim angamanom elimo doprinijeti
dobrobiti i razvoju zajednice kojoj pripadamo.
Aktivno sudjelujemo u lokalnom ekonomskom razvoju, edukativnim programima, raznim dobrotvornim akcijama i
drugim projektima usmjerenim na boljitak zajednice. Takoer sudjelujemo i u programima za rjeavanje globalnih
izazova angairajui se u organizacijama kao to je Svjetski poslovni savjet za odrivi razvoj.
Tvornica cementa Kakanj je snaan oslonac lokalnoj zajednici u svim aspektima poboljanja kvaliteta ivota.
S ponosom istiemo da podravamo gotovo sve lokalne zdravstvene, obrazovne i kulturne institucije, mjesne
zajednice, udruenja i sportske klubove. Svi oni uivaju nau podrku bez obzira na uvjete poslovanja. A
naa lokalna zajednica moe biti ponosna to u svome susjedstvu ima savremenog i ekoloki osvijetenog
poslodavca i proizvoaa cementa kakav je TCK, koji svojim pozitivnim imidom promovira i opinu Kakanj, pa
i cijelu dravu.
Donacija za rekonstrukciju gradske gimnazije

U povodu Dana Tvornice cementa Kakanj Uprava ove kompanije donijela je odluku da donira sredstva u iznosu od
10.000 KM kakanjskoj gimnaziji Muhsin Rizvi za zamjenu dotrajale stolarije na zgradi kole. Ulagati u obrazovanje
i dobrobit djece znai ulagati u buduu dobrobit cjelokupnog drutva. Tvornica cementa Kakanj je uvijek bila i bit e
spremna podrati projekte kojima se unapreuje dobrobit djece i mladosti u lokalnoj zajednici.
Ova kompanija je bila i ostala jedan od glavnih oslonaca razvoja opine Kakanj i nastoji to vie ulagati u djecu i mlade.
Pored ulaganja u informatiku pismenost, koju TCK provodi donacijom raunara i opremanjem informatikih kabineta
u kolama na podruju opine Kakanj, TCK pomae kolama i donacijama za rekonstrukciju kolskih zgrada.
Dan otvorenih vrata

Tvornica cementa Kakanj je poetkom jula 2016. godine po petnaesti put otvorila svoja vrata svim graanima
Kaknja i drugim gostima, to je postalo tradicionalno druenje lokalne zajednice i kolektiva TCK-a. Vie od
4.000 posjetilaca imalo je priliku obii tvorniki park i postrojenja te uivati u bogatom sportskom i kulturno-
umjetnikom programu i brojnim osvjeenjima i poklonima. Svi posjetioci su bili u prilici da se ukljue u sportska
takmienja i osvoje vrijedne nagrade na turnirima u odbojci na pijesku, ulinom basketu, mini nogometu i
badmintonu, za koje je TCK s posebnom panjom pripremila terene u svome parku. Uesnici krosa i biciklistike
utrke takmiili su se na ruti koja prolazi kroz cijeli tvorniki krug. Svoje vjetine pokazali su i zaposlenici grupacije
koji su se nadmetali na turniru u malom nogometu.

2016
Responsibility towards the Local Community
Tvornica cementa Kakanj is not only one of the foundations of economic development of Kakanj Municipality, but
it is one of the most significant pillars of the entire social life of Kakanj. Tvornica Cementa Kakanj understands the
needs of the local community and actively contributes to improving the quality of life of all members of the society,
and through its social engagement wishes to contribute to the welfare and development of its community.
We actively participate in local economic development, educational programs, different charity actions and other
projects aimed at benefiting the community. We also participate in programs aimed at solving global challenges
through our engagement in organizations such as the World Business Council for Sustainable Development.
Tvornica Cementa Kakanj provides strong support to its local community in all aspects of improving quality of life.
We proudly emphasize the support we give to almost all local health, educational, and cultural institutions, local
community associations and sport clubs. All of them enjoy our assistance regardless of an ever more difficult
business situation. In 2012 we also provided finances for environmental projects, and we continued to promote a
healthy lifestyle through a sport program during the Open Door event. Our local community can be proud to have
a neighbour that is a modern, environmentally aware employer and cement producer such as Tvornica Cementa
Kakanj, which, with its positive image, promotes Kakanj Municipality and even the whole country.
Donation for reconstruction of towns gymnasium

On the occasion of the Day of Tvornica cementa, the Management Board of the company made a donation in the
amount of 10,000.00 KM to Kakanjs Gymnasium Muhsin Rizvic for the purpose of replacing deteriorated carpentry on
the school building. Tvornica cementa Kakanj has always been willing to support projects aimed to improve wellbeing
of children and young in the local community.
Tvornica cementa has been one of the main pillars of development of Kakanj municipality, and it strives to invest as much as possible
into children and the young. In addition to investing into IT literacy conducted through donation of computers and equipment for IT
class in schools in Kakanj municipality, TCK also supports schools through donation of funds for reconstruction of school facilities.
Open doors
At the beginning of July 2016 Tvornica cementa Kakanj opened its gates for the fifteenth time to all citizens of Kakanj
and other guests, and the open door has become a traditional socialization of the local community and staff of Tvornica
cementa Kakanj. More than 4,000 visitors used this opportunity to take a tour around the park and plants of Tvornica
cementa Kakanj, enjoy a rich sport, culture and art programme, and receive numerous refreshments and gifts. Everyone
had an opportunity to compete in sport competitions and win valuable prizes in tournaments in sand volleyball,
street basket, mini football and badminton, for which Tvornica cementa Kakanj prepared special facilities in its park.
Participants of cross and bicycle races competed on a route that goes through the whole factorys area. Employees of
the Group also had an opportunity to show their skills during the football tournament.

2016
Razvojni planovi i predvianja
Ekonomsko okruenje
Bosna i Hercegovina
Prema trenutno dostupnim predvianjima, a kao to je i navedeno, za Bosnu i Hercegovinu je revidiran ekonomski
rast sa 3% na 2,5% na godinjem nivou, to je ispod predvienih oekivanja tokom 2016. godine. Glavni razlog
navedene revizije ekonomskog rasta jeste zaostajanje ulaganja i nastavak infrastrukturnih radova na izgradnji
autoputa na Koridoru 5-C, kao i odgaanje poetka ulaganja i radova u TE Tuzla, to je bilo najavljeno jo u
drugom kvartalu 2016. godine. Usprkos izvrenoj reviziji, ekonomski rast od 2,5% u 2016. godini nije upitan.
Prema srednjoronim izgledima i predvianjima za Bosnu i Hercegovinu u prognozama za 2017.2018. godinu postoji
optimizam vezan za ubrzanje ekonomske dinamike, iako je revidiran i po predvianjima umanjen ekonomski rast za
2017. i 2018. godinu za po 0,5%, to znai da je predvien ekonomski rast za 2017. godinu od 3% na godinjem nivou,
i to uglavnom zbog zaostajanja s poetkom najavljenih javnih ulaganja u 2016. godini. Oekivano ubrzanje ekonomskog
rasta u 2017. godini uglavnom bi bilo voeno oporavkom bruto fiksnih ulaganja, gdje je glavna pretpostavka ponovno
pokretanje ulaganja na glavnom infrastrukturnom projektu u zemlji, to jest nastavak izgradnje na Koridoru 5-C, kao i
ulaganja u TE Tuzla i nastavak manjih ulaganja na izgradnji hidroelektrane Vranduk i vjetroelektrana Podveleje i Mesihovina.
Predvieni rast bruto ulaganja u 2017.2018. iznosio bi oko 9%, dok bi realni rast izvoza bruto roba i usluga
iznosio 5,9% na godinjem nivou. Ipak, osnovne pretpostavke za ekonomska predvianja u narednom periodu
uvjetovane su postizanjem politikog konsenzusa oko razliitih ekonomskih reformi, kao i boljim uvjetima vanjskog
okruenja za bosanskohercegovaki izvoz zahvaljujui veim predvienim cijenama industrijskih metala kao i
predvienim veim cijenama elektrine energije na svjetskom tritu u 2017. godini. Takoer, predvieni rast bi
u svakom sluaju zavisio od stabilnog oporavka eksterne potranje u zemljama Evropske unije, kao i u zemljama
jugoistone Evrope.
Intenziviranje investicijskog ciklusa koje je predvieno u 2017. godini takoer bi rezultiralo veim stopama rasta
uvoza roba i usluga i poveanjem deficita na tekuem raunu od 7,0% bruto domaeg proizvoda. Istovremeno
bi to imalo pozitivan uticaj na stopu nezaposlenosti koja bi se prema predvianjima smanjila na 24,3% u 2017.
godini, kao i na ubrzanje privatne potronje po stopi od 2,5% na godinjem nivou.
U 2017. godini cijena goriva na meunarodnom tritu bi se trebala oporaviti nakon postignutog sporazuma izmeu
zemalja lanica OPEC-a o smanjenju proizvodnje sirove nafte, to se odnosi na jaanje amerike valute dolar. Ovo
bi takoer imalo jak uticaj na poveanje inflatornog pritiska na meunarodnom nivou. Na taj nain se oekuje
kanalisanje inflatornog pritiska iz Evrope na bosanskohercegovaku ekonomiju uglavnom putem uvoznoga inflatornog
mehanizma, koji bi stoga potaknuo ukupni indeks potroakih cijena na nivou Bosne i Hercegovine. To bi znailo
izlazak iz etiri godine deflatorne spirale u 2017. godini s predvienom stopom inflacije od 1,5% na godinjem nivou.
Ipak, glavni rizik za projicirani ekonomski izgled u 2017. godini jeste potencijalno politiko neslaganje na nivou Bosne i
Hercegovine i vraanje unazad predvienih ulaganja ili poremeaj i prekid vezano za proireni aranman s Meunarodnim
monetarnim fondom, koji u navedenim pretpostavkama ostaje glavni pokreta reformskih procesa u zemlji.
U 2017. godini takoer se, uz pretpostavku politike stabilnosti, oekuje nastavak procesa pridruivanja u
lanstvo u Evropskoj uniji koji je takorei deblokiran u 2016. godini poslije pozitivnog odgovora Evropske komisije
na aplikaciju Bosne i Hercegovine.
Moe se zakljuiti da e i u narednom periodu razvoj politike situacije u Bosni i Hercegovini ostati odluujui
faktor koji e oblikovati kako kratkoroni, tako i srednjoroni ekonomski okvir. Politika stabilnost i dalje ostaje
imperativ za budui ekonomski razvoj.

2016
Outlook
Economic Environment
According to available estimates, economic growth in Bosnia and Herzegovina has been revised from 3.0% to 2.5%
on an annual basis, which is below the target of expectations during r 2016. The main reason for this revision of
economic growth is lagging investment and the continuation of infrastructure works on the construction of the Corridor
5C highway, as well as delays to investments and works in Tuzla thermal power plant, which was announced back in
the second quarter of 2016. Despite the conducted revision, economic growth of 2.5% in 2016 is not questionable.
According to the medium-term prospects for Bosnia and Herzegovina in the forecasts for 2017 - 2018, there is optimism related to
acceleration of economic dynamics, although economic growth forecasts were revised and reduced for the years 2017 and 2018
by 0.5%, which means that the estimated economic growth for 2017 of 3% annually is mainly attributable to delays in starting
announced public investments in 2016. The expected acceleration of economic growth in 2017 should mainly be led by recovery
of gross fixed investment, where the main assumption is a restart of investments in major infrastructure projects in the country,
namely the continuation of the construction of Corridor 5C, as well as investment in the Tuzla power plant, as well as lower levels
of investment in the construction of the Vranduk hydro-power plant and the Podveleje and Mesihovina wind-power plants.
The projected growth of gross investments in 2017 - 2018 should amount to approximately 9.0%, while the real
growth of gross exports of goods and services should amount to 5.9% on an annual level. However, the basic
assumptions of economic forecasts in the coming period are conditioned by achieving political consensus on the
various economic reforms, as well as better conditions of external environment for exports, due to higher anticipated
prices of industrial metals and predicted higher electricity prices on the world market in 2017. Also, the predicted
growth will in any case depend on a stable recovery of external demand in the countries of the European Union, as
well as in the countries of Southeast Europe.
The intensification of the investment cycle, which is anticipated in the year 2017, should also result in higher rates of
growth of imports of goods and services, and an increase of the current account deficit of 7.0% of gross domestic
product in 2017. A positive impact on the unemployment rate, that is projected to decrease to 24.3% in 2017, as
well as on the acceleration of private consumption at a rate of 2.5% per annum, is expected.
In 2017, the price of fuel on the international market should recover after the agreement reached between countries
of OPEC to cut production of crude oil, which refers to the strengthening of the American Dollar. Also, this should
have a strong impact on increasing inflationary pressure at the international level. Accordingly, channeling inflationary
pressure from Europe to Bosnia and Herzegovinas economy is to be expected, mainly through the imported inflation
mechanism, which should stimulate the overall consumer price index at the level of Bosnia and Herzegovina. This
should result in an exit from a four-year deflationary spiral in 2017, with estimated inflation rate of 1.5% per annum.
However, the main risk to the projected economic outlook in 2017 is potential political discord at the level of
Bosnia and Herzegovina, backtracking of planned investments or disorder and disruption related to the extended
arrangement with the International Monetary Fund, which remains the main driver of reforms in the country.
Also in 2017, assuming political stability, the process of accession to European Union membership expected to
continue, which was unblocked in 2016 after a positive response from the European Commission to Bosnia and
Herzegovinas application.
The conclusion is that in the coming period, the development of the political situation in Bosnia and Herzegovina
will remain a decisive factor that will shape both the short and medium-term economic frameworks. Meanwhile, in
Croatia, political stability remains the main prerequisite to future economic development.

2016
Hrvatska
Prema prvim dostupnim projekcijama vezanim za hrvatsku ekonomiju za 2017. godine rast realnog bruto domaeg
proizvoda mogao bi se dodatno ubrzati i iznositi 3,0% na godinjem nivou. Uzevi u obzir pozitivne trendove 2016.
godine, najvei uticaj na ubrzani projicirani ekonomski rast u 2017. godini imalo bi poveanje line potronje, koja bi
zbog oekivanog povoljnog uinka porezne reforme (na snazi od 1. januara 2017. godine) na neto raspoloivi prihod
kuanstava mogla porasti vie nego to se oekivalo, to jest za 3,3% u odnosu na prijanja oekivanja od 2,5%.
Nadalje, ostvarenja rasta dravne potronje u 2016. godini, kao i podaci iz Smjernica ekonomske i fiskalne politike
za razdoblje 2017. 2019., upuuju na to da bi agregatna potranja takoer mogla rasti bre nego to je oekivano,
tako da je njen doprinos rastu bruto domaeg proizvoda neto vei.
Kada je rije o investicijskim aktivnostima, posljednja predvianja ukazuju da bi se ona mogla ubrzati, tako da bi
bruto investicije u fiksni kapital mogle porasti za 6,8%.
Takoer, prema posljednjoj projekciji vezanoj za opu sliku hrvatske ekonomije za 2017. godinu, oekuje se daljnji
rast ukupnog izvoza, te bi izvoz roba i usluga i nadalje mogao doprinijeti ekonomskom rastu. Pored toga, oekuje
se da e jaa domaa potranja i nastavak rasta ukupnog izvoza rezultirati veim rastom uvoza roba i usluga nego
to se to prije oekivalo.
U 2017. godini prognozirano je znatno ubrzanje inflacije na 1,6%, to u usporedbi s 2016. godinom znai izlazak iz
deflacije, odnosno negativne stope inflacije. Tome bi najvie doprinijelo poveanje cijena, iskljuujui cijene prehrane
i energije, zbog direktnih uticaja poreznih izmjena, ali i mogui rast cijena prehrane i energije zbog oekivanog
poveanja raspoloivog prihoda stanovnitva zbog izmjene zakona o porezu na dohodak. Osim toga, oekuje se i
ubrzanje prosjene godinje stope promjena cijena energije zbog rasta cijena sirove nafte nakon dogovora zemalja
lanica OPEC-a i Rusije o smanjenju proizvodnje sirove nafte.
Kada je rije o predvianjima za trite rada, za 2017. godinu oekuje se rast zaposlenosti ali manjeg intenziteta
nego u 2016. godini. Anketna stopa nezaposlenosti za 2017. godinu projicirana je na 13,9%. U 2017. godini takoer
se oekuje nastavak rasta prosjene nominalne bruto plae, dok bi neto plae mogle vie rasti zbog izmjena zakona
o porezu na dohodak koji je stupio na snagu u januaru 2017. godine.
to se tie izgleda vezanih za javne finansije u 2017. godini, predvia se da e se, uz priblino jednaku dinamiku
punjenja budeta te oekivani ekonomski rast, nastaviti daljnje smanjenje budetskog deficita koji bi za 2017. iznosio
1,9 % bruto domaeg proizvoda. Procjenjuje se da bi Hrvatska ve sredinom 2017. godine mogla izai iz procedure
prekomjernog deficita. Ipak, hrvatske javne finansije i dalje treba usklaivati s preporukama Evropske unije, to
podrazumijeva potrebu za daljnjom fiskalnom konsolidacijom.
Hrvatska je konano po dinamici rasta uspjela dostii prosjek Evropske unije i drava srednje Evrope. Rast u
2016. godini, kao i predvieni rast u 2017. godini izloen je pozitivnim rizicima, dok je za dugoronu odrivost
i stabilnost te poveanje stope rasta potrebno daljnje provoenje mjera poboljanja investicijske klime, reforma
javnog sistema, jaanje vladavine prava i poveanje efikasnosti dravne administracije. U suprotnome postoji rizik
da bi promjene u vanjskom okruenju mogle vratiti Hrvatsku u stagnaciju i komparativno zaostajanje za ostatkom
Evrope.

2016
Croatia
According to the first available projections related to Croatias economy in 2017, the growth of real gross domestic
product could be further accelerated and amount to 3.0%. Considering positive trends in 2016, the greatest
impact on projected rapid economic growth in 2017 are an increase in personal consumption, which should, due
to the expected positive impact of tax reform (effective from 1 January 2017) on the net disposable income of
households, rise to 3.3%, compared to previous expectations of 2.5%.
Furthermore, growth of government spending in 2016, as well as data from the Economic and Fiscal Policy
Guidelines for the period 2017-2019, indicates that aggregate demand should also be able to grow faster than
expected, so that its contribution to gross domestic product will be slightly higher.
As regards investing activities, the latest forecasts indicate that these could be set to accelerate, so that gross fixed
capital could rise by 6.8%.
Also, according to the latest projections related to the general picture of the Croatian economy in 2017, a further
increase in total exports is anticipated. Export of goods and services could further contribute to economic growth.
In addition, stronger domestic demand and continued growth of total export is expected, and should result in
higher growth of imports of goods and services than was before previously expected.
In 2017, significant acceleration of inflation to 1.6%, as compared to 2016 is expected, which means an exit from
deflation or negative inflation rate. The most significant contribution to this should be an increase in prices excluding
food and energy prices, due to the direct impact of tax changes, as well as a possible rise in the prices of food and
energy due to the expected increase in disposable income of the population as a result of changes to the law on
personal income tax. In addition, acceleration of the average annual rates of changes to energy prices is expected
due to rising crude oil prices after consultation of OPEC countries and Russia to decrease the production of crude oil.
In terms of labour market forecasts for 2017, an increase in employment is expected, but with a lower intensity than
in 2016. In accordance with the International Labour Organization methodology for 2017, an unemployment rate of
13.9% is projected. Also in 2017, continued growth in average nominal gross wages is expected, while net wages
could grow more due to amendments to the law on personal income tax, which came into force in January 2017.
With respect to public finances in 2017 forecasts suggest that expected economic growth will continue to further
reduce the budget deficit, which for 2017 should amount to 1.9% of gross domestic product. It is foreseen that
Croatia by as early as the middle of the year could exit the excessive deficit procedure. However, Croatian public
finances need to be adjusted further in accordance to recommendations of the European Union, which implies the
need for further fiscal consolidation.
Croatia is finally, as per the dynamic of the growth rate, succeeding to reach the average of European Union,
and other countries of Central Europe. Growth in 2016, as well as anticipated growth in 2017, was exposed to
positive risks, while for long-term sustainability and stability, further increase of the growth rate should by condition
upon continuous implementation of measures to improve the investment climate, reform of the public system,
strengthening of the rule of law and more efficient public administration. Otherwise, there is the risk that changes to
the external environment may return Croatia to a stagnation that sees it lag behind the rest of Europe.

2016
Trite i prodaja
Poslovna linija cement
Perspektivu u budunosti daje nastavak daljnjih aktivnosti u 2017. godini na dionicama Zenica sjever Zenica
jug, juni krak dionice Poitelj Zvirovii, povezivanje s Hrvatskom izgradnjom mosta na sjeveru, dionica Oraje -
Svilaj, sve u ukupnoj duini oko 80-ak kilometara, poetak gradnje HE Vranduk, te najavljena gradnja turistikog
megakompleksa Buroj Ozone, vjetroparka Podveleje, HE Ulog, brze ceste Lava Travnik, autoputa Prijedor
Banja Luka itd.
Rast industrijske proizvodnje, rast izvoza i tednja stanovnitva ohrabrujui su, premda je sve to vrlo sporo i
nedovoljno. Ipak, 2017. godina bi trebalo da bude godina blagoga ekonomskog oporavka i izlaska iz recesije.
Ministarstvo saobraaja i veza Federacije BiH je u etverogodinjem periodu planiralo FBiH doslovno pretvoriti u
veliko gradilite, a najvei iznos sredstava odlazi za nastavak izgradnje nekoliko dionica autoputa, ali i izgradnju
i modernizaciju magistralnih i regionalnih puteva.
Za 2017. godinu moemo dati procjenu skromnog oporavka s realnim rastom potranje do 3% na godinjem
nivou ako ne doe do daljnjih socijalnih, ekonomskih ili politikih nestabilnosti.
Prema Bisnode analizi, koja obuhvaa makroekonomske pokazatelje za zemlje regije, u zadnjem kvartalu
2016. godine u Hrvatskoj je zabiljeen najvei gospodarski rast od 2,8 posto. Oekuje se nastavak pozitivnog
trenda, smanjenje kamatnih stopa, poveanje investicija, kao i znaajnije povlaenje sredstava iz fondova EU-a
u godinama koje slijede.
Mogunost znaajnijeg porasta potronje cementa u Hrvatskoj vidimo u modernizaciji i razvoju eljeznica
(betonski pragovi), te daljnjem razvoju i modernizaciji hrvatskih luka, prvenstveno Luke Rijeka i Luke Ploe, koje
bi mogle preuzeti primat uvoznih luka za zemlje srednje i istone Evrope.
Podaci o obujmu i vrijednosti graevinskih radova upuuju na postupan oporavak graevinske aktivnosti koji bi
se pri rastu broja izdanih graevinskih dozvola i vrijednosti novih narudbi trebao odrati i u narednom periodu.
Stoga se problematika graevinarstva postupno seli s pitanja nedostatka poslova prema pitanjima povezanima
s kapacitetima i mogunostima graevinara za preuzimanje znaajnijih poslova, jer je dugogodinja kriza
umanjila potencijale graevinskog sektora te se sve vie osjea nedostatak radnika specifinih struka potrebnih
za izvoenje graevinskih radova.

2016
The Market
Cement Business Line
A future perspective in 2017 lies in continuation of activities on sections Zenica sjever Zenica jug, southern arm of
section Poitelj Zvirovii, connection with Croatia by a bridge in north, section Oraje - Svilaj, all in the total length
of around 80 kilometres, start of construction of power plant Vranduk, announced construction of touristic complex
Buroj Ozone, Wind park Podveleje, power plant Ulog, expressway Lava Travnik, highway Prijedor Banja Luka
etc.
Growth of industrial production, increase in export and savings of residents are encouraging, although everything is slow
and insufficient. However, 2017 should be a year of slight economic recovery and exit from recession. In the four-year
period, the Ministry of Communications and Transport has planned to turn the Federation of B&H into a literally huge
construction site, with the largest amount of funds going to continuation of construction of several sections of the highway,
as well as on construction and modernization of main and regional roads.
We can give an estimate of slight recovery in 2017 with realistic growth of demand by 3% annually, if there are no social,
economic or political upheavals.
According to the Bisnode analysis, which includes macro-economic indicators for the countries in this region, in the
last quarter of 2016 Croatia recorded the highest economic growth of 2.8%. This positive trend is expected to continue
in the coming years, as well as interest rates decreases, investments increases and more significant utilisation of EU
funds.
A possibility for a significant cement consumption increase in Croatia can be envisaged in modernisation and development
of railroads (concrete ties) and in further development and modernisation of Croatian ports, mainly the Rijeka and Ploe
ports which could take over primacy among importing ports for the countries of middle and eastern Europe.
Data on the volume and value of construction works indicates gradual recovery of construction activities, which,
if judged by the increased number of issued construction permits and value of new orders, should continue in the
following period. Therefore, the issues in the construction sector gradually move from lack of works to issues related
to capacities and possibilities for constructors to take over significant projects as several year long crisis decreased
potentials in the construction sector, and lack of workers with specific crafts needed for construction works is felt
increasingly.

2016
Poslovna linija beton
TBG BH
U 2017. godinu ulazimo s jako ambicioznim planom, dijelom zbog poveanja broja betonara koje su
ule u sastav TBG-a, provedenom akvizicijom, a dijelom zbog koliina koje nose najavljeni infrastrukturni
projekti.
PJ Sarajevo
Oekujemo da e se realizirati novi projekti, uz napomenu da je akvizicijom jo jedne betonare na podruju regije Sarajeva
povean udio na tritu. Ukupne koliine: procjena 350.000 m, gdje oekujemo nae uee sa dvije betonare od 30%.
PJ Lukavac
Ukupna planirana potronja betona u ovoj regiji u 2017. je cca 140.000 m, pri emu je nae planirano trino
uee 15%.
PJ Banja Luka
Planirana potronja betona u banjalukoj regiji u 2017. je cca 140.000 m. Na planirani trini udio je 15%.
PJ Zenica
Planirana potronja betona u regiji je u 2017. cca 200.000 m, nae planirano uee u ovoj koliini sa dvije
betonare je 80.000 m ili 40%.
Slijedi zakljuak da bi se u 2017. godini, shodno naim planovima i po procjeni koliina na lokalitetima gdje
djelujemo, nae uee u isporuci betona kretalo do 27,3%, tj. 227.000 m, ukljuujui i betonare koje su kroz
akviziciju ule u sastav TBG BH.
TBG Beton
Na osnovu ugovora koje smo sklopili i projekata o kojima se pregovara te najava novih projekata oekujemo dobru
prodaju u Slavoniji. Predvidive koliini u nivou 2016.
Zagrebako trite nema najave znaajnih projekata te se ne oekuje poveanje prodaje u odnosu na 2016. godinu.

2016
RMC Business Line
TBG BH
We enter 2017 with a very ambitious plan that is on one hand due to an increased number of RMC plants that have
become part of TBG, through already conducted acquisition, and on the other hand due to quantities planned for
announced infrastructure projects.
BU Sarajevo
We expect realisation of new projects with a remark that with acquisition of new RMC plant in Sarajevo the market
share increased. Total quantities: estimate is 350,000 m3, with participation of our two RMC plants foreseen at 30%.
BU Lukavac
Total planned concrete consumption in the region in 2017 is around 140,000 m3, with our participation foreseen at
15%.
BU Banja Luka
Planned concrete consumption in the region in 2017 is around 140,000 m3, with our planned market share being 15%.
PJ Zenica
Planned concrete consumption in the region in 2017 is around 200,000 m3, and our planned participation in this
quantity with two RMC plants is 80,000 m3 or 40%.
The conclusion is that according to our plans and quantity estimates in the areas where we work our participation
in concrete delivery in 2017 would amount to 27.3% or 227,000 m3, including acquired concrete plants that have
become our members.
TBG Beton
Based on the contracts that we have signed, project-connected negotiations, and the announcement of new
projects, we expect good sales in Slavonia. The projected quantities are in the level of production as in 2016.
For the Zagreb market there is no expectation of significant projects and an increase in sales compared to 2016.

2016
Promet i rezultat
U 2017. godini oekuje se blagi porast potronje cementa na bosanskohercegovakom tritu u odnosu na 2016.
godinu. Uz porast potronje planirane su i aktivnosti na poveanju trinog uea, to bi sve skupa trebalo rezultirati
poveanjem volumena prodaje za oko 8%. U isto vrijeme planirani izvoz u Hrvatsku se smanjuje u odnosu na 2016.
godinu te se ukupno planirani volumen prodaje cementa smanjuje.
Na temelju poveanja kapaciteta proizvodnje betona kao i nastavka aktivnosti na velikim infrastrukturnim projektima
te poveanja potronje betona planirano je poveanje prodaje betona u BiH za oko 80%. U Hrvatskoj je takoer
planirano poveanje prodaje betona.
Poveanjem prodaje betona za narednu godinu te optimizacijom trokova u obje poslovne linije planirano je i
poveanje dobiti u 2017. godini.
Investicije
Stalno investiranje je poslovno opredjeljenje Tvornice cementa Kakanj prema dugoronom poslovanju i dugoronim
vezama s kupcima i drugim interesnim grupama. U junu 2013. nai dioniari su donijeli odluku da nastavimo s
investiranjem. U periodu od 2014. do 2016. godine ukupno je investirano 14,7 mil. KM, od ega u proizvodnju 9,8
mil. KM. U naredne dvije godine u proizvodnju e biti uloeno dodatno najmanje 10 mil. KM.
Planirana sredstva za investicije u 2017. iznose 6,9 miliona KM, i dosta su vea u odnosu na ostvarena plaanja
za investicije u 2016. godini jer su u 2017. godini planirani novi projekti kao to je poetak izgradnje novih silosa za
cement, poetak druge faze projekta Alternativna goriva i nastavak zapoete druge faze projekta Automatizacija
laboratorija.
Silosi cementa
U 2017. godini je planiran poetak izgradnje dva nova silosa za cement kapaciteta po 2000 t za svaki silos. Potreba
za gradnjom ovih silosa proizlazi iz potrebe za uvoenje novih tipova cementa. Najvei dio radova na ovim silosima
je planiran u 2018. godini. Lokacija novih silosa je kod ve postojeih silosa za cement.
Alternativna goriva
Pored ovog projekta takoer se planira i poetak druge faze projekta Alternativna goriva, to predstavlja novo
investiranje u opremu za prijem, skladitenje i doziranje raznih vrsta alternativnih goriva do specifinih taaka ulaza
sirovine u postojeoj liniji procesa proizvodnje klinkera.
Automatizacija laboratorija
Projekt Automatizacija laboratorija, koji je zapoeo u 2016. godini, predstavlja II fazu modernizacije i automatizacije
u laboratoriju i u 2017. godini bit e instalirani uzimai klinkera i ulaznih sirovina kao i zrani sistem za transport
uzoraka. Jedan dio sredstava ovog projekta je planiran u 2018. godini, i to je posljednja faza koja podrazumijeva
povezivanje stanice za prijem uzoraka i ureaja u laboratoriju kroz AMLAS sistem.

2016
Turnover and Results
Compared to 2016, a slight increase in cement consumption on the Bosnia and Herzegovina market is expected in
2017. In addition to consumption increase, actions will be taken to increase market share resulting in sales volume
increase by approximately 8%. At the same time planned exports to Croatia will be reduced compared to 2016, so
the total planned sales volume of cement will decrease.
Based on the expectation that increase of concrete production capacity as well as continuing activity on major
infrastructure projects will be forthcoming, sales of concrete in B&H will increase by approximately 80%. Increased
sales in Croatia are also planned.
In 2017, due to an increase in concrete sales and optimisation of costs, profit increase is envisaged in both business
lines.
Investments
Continued investment is a business commitment of Tvornica cementa Kakanj according to long-term operations and
long-term relationships with customers and other stakeholders. In June 2013, our shareholders made a decision to
proceed with the investment. In the period 2014-2016 14.7 million KM was invested out of which 9.8 million KM into
production. In the next two years at least additional 10 million KM will be invested into production.
The planned funds for investments in 2017 amount to 6.9 million KM and are significantly higher than investment
payments made in 2016 because new projects are planned for 2017 such as starting the construction of new
cement silos, beginning of second phase of the alternative fuels project, and continuation of the second phase of
the laboratory automation project.
Cement silos
In 2017 construction of two new silos with the capacity by 2000t each silo is planned to begin. The need to build
these silos arises from the need for the introduction of new types of cement. Most of the funds for building these
silos are planned in 2018. The location (position) of new silos is nearby existing cement silos.
Alternative fuels
Besides this project the second phase of the alternative fuels project is also planned to start. This phase represents
new investments in equipment for the reception, storage and dispensing of various types of alternative fuels to
specific points of entry of raw materials into an existing line of clinker production process.
Laboratory automation
The Project Automation Laboratory, which started in 2016, represents the second phase of modernisation and
automation in the laboratory, and in 2017 clinker and raw materials samplers will be installed as well as a tube
system for transportation of samples materials. One part of the funds of this project is planned in 2018 and this last
phase involves connecting the receiving station and equipment in the laboratory through the AMLAS system.

2016
Istraivanje i razvoj
Odjeljenje kontrole kvaliteta Tvornice cementa Kakanj, u saradnji s HTC-om (HeidelbergCement Technology Center)
iz Leimena, uestvovalo je u projektu istraivanja mogunosti primjene granulirane visokopene troske u cementu i
malteru. Takoer su vrena ispitivanja alternativnih izvora gipsa s ciljem njihove mogue upotrebe u TCK-u, dok su
za potrebe kompanije TBG BH vrena ispitivanja uticaja aditiva na kvalitet cementa.
U toku 2017. godine planirana su istraivanja proizvodnje cementa razliite specifine povrine (Blain), kao i drugih
proizvoda u skladu sa zahtjevima trita.
Zaposlenici
U Drutvu kao i u Grupi dostignut je optimalan broj zaposlenih tako da ubudue ne bi trebalo
da bude znaajnih varijacija.
Rizici i anse u narednoj godini

Rizici:
nepovoljno ekonomsko okruenje na tritu BiH i na tritu Hrvatske
limitiran proizvodni portfolio zbog ogranienih skladinih kapaciteta
nedostatak vlastitih izvora / agregata
jaanje konkurencije izgradnjom novih proizvodnih kapaciteta
anse:
izgradnja energetskih i putnih infrastrukturnih projekata
daljnje irenje na tritu Hrvatske i u regiji
irenje trita betona kroz kupovine novih betonara
Strategija
Strateki su ciljevi Tvornice cementa Kakanj sljedei:
poveanje trinog uea i zadravanje vodee pozicije na domaem tritu,
inovacije u proizvodnji cementa uvoenjem novih vrsta cementa kao odgovor na zahtjeve trita (ulaganje u
energetski sektor),
nadogradnja i podizanje nivoa usluga u skladu s potrebama kupaca i zahtjevima trita,
konstantno odravanje kvaliteta proizvoda i usluga u skladu sa zahtjevima propisanim normama i
standardima,
jaanje distributivnih kanala prodaje,
otvaranje novih trita u iroj regiji,
podizanje kompletne tehnologije proizvodnje cementa na vii nivo u skladu sa zahtjevima evropskih standarda,
modernizacija vlastitog laboratorija, ime se na siguran nain prate sve faze proizvodnje,
proirenje skladinih kapaciteta,
koritenje alternativnih goriva,
primjena poslovanja na principima odrivog razvoja kao temeljne odrednice razvoja Drutva,
zatita ivotne sredine u skladu sa zahtjevima standarda ISO 14001,
kontinuirano poboljanje pomonih funkcija i integracije u Hrvatskoj,
uvoenje poslovne linije agregata,
zdravlje i sigurnost u skladu sa zahtjevima standarda OHSAS 18001 i u skladu s najboljom praksom Grupe i
lokalnim zahtjevima,
konstantan rast, razvoj i poveanje poslovnih prihoda kao i povrat na uloeni kapital dioniara.

2016
The quality control department in Kakanj cement plant, in cooperation with Heidelberg Technology centre in
Leimen, participated in a project to explore the possibilities of incorporating granulated blast furnace slag in
cement and mortar. Also, the quality department carried out tests on alternative sources of gypsum with the aim
of possible usage of the same in the TCK, while the TBG BH company investigated the influence of additives on
the quality of cement.
During 2017 research cement production with different specific surface value (Blain),
Employees
Optimising the number of employees is planned in the upcoming years. The optimal number will be reached
gradually through retirement.
Risk and Opportunities in the Upcoming Year

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

2016
Gradimo
za budue generacije

2016
Building
for future generations

4
Poglavlje
Chapter Izvjetaj nezavisnog revizora
1 Report of the Independent Auditor
Strana
Page
148 Profil Drutva

Corporate profile
152 Odgovornost za finansijske izvjetaje
Statement of responsiblities of the Board
154 Izvjetaj nezavisnog revizora
Independent Auditors Report
156 Konsolidirani izvjetaj o sveobuhvatnoj dobiti Grupe Tvornica cementa Kakanj d.d.
Consolidated Tvornica cementa Kakanj d.d. Group Statement of Comprehensive Income
158 Izvjetaj o sveobuhvatnoj dobiti Drutva Tvornica cementa Kakanj d.d.
Tvornica cementa Kakanj d.d. Company Statement of Comprehensive Income
160 Konsolidirano izvjee o financijskom poloaju Grupe Tvornica cementa Kakanj d.d.
Consolidated Tvornica cementa Kakanj d.d. Group Statement of Financial Position
164 Izvjee o financijskom poloaju Drutva Tvornica cementa Kakanj d.d.
Tvornica cementa Kakanj d.d. Company Statement of Financial Position
168 Konsolidirano izvjee o novanim tijekovima Grupe Tvornica cementa Kakanj d.d.
Consolidated Tvornica cementa Kakanj d.d. Group Statement of Cash Flows
170 Izvjee o novanim tijekovima Drutva Tvornica cementa Kakanj d.d.
Tvornica cementa Kakanj d.d. Company Statement of Cash Flows
172 Konsolidirano izvjee o promjenama kapitala Grupe Tvornica cementa Kakanj d.d.
Consolidated Tvornica cementa Kakanj d.d. Group Statement of changes in equity
174 Izvjee o promjenama kapitala Drutva Tvornica cementa Kakanj d.d.
Tvornica cementa Kakanj d.d. Company Statement of changes in equity
176 Biljeke uz financijska izvjea
Notes to financial statements
2016
Profil drutva
Povijest i nastanak
Tvornica cementa Kakanj (dalje: Drutvo) je dioniko drutvo, upisano u sudski registar Kantonalnog suda u
Zenici, Bosna i Hercegovina, 18. studenog 1991. godine promjenom statusa iz drutvenog poduzea u dioniko
drutvo. Do tada, Drutvo je postojalo kao dio drutva GIK Hidrogradnja Sarajevo. U privatizacijskom postupku
2000. godine HeidelbergCement AG stekao je 51% udjela u vlasnitvu. U oujku 2001. godine dionice su
prenesene na HZK Beteiligungesellschaft mbH Heidelberg u Njemakoj, a tijekom 2003. godine udio je povean
na 73,94%. U srpnju 2006. godine, udio od 73,94% dionica prenesen je od HZK Beteiligungesellschaft mbH u
CEEMINVESTMENT Fund. Oba su Drutva dio HeidelbergCement Grupe. Nakon navedene transakcije Dunav
Drava, koja je u vlasnitvu HeidelbergCement AG (50%) i Schwenka (50%), dola je u posjed 85,94% vlasnitva
Drutva.
Na dan 31. prosinca 2016. godine veinski dioniar Tvornice cementa Kakanj je Ceeminvestment,
Hertogenbosch, Nizozemska, sa udjelom od 93,27%, a ostali dioniari su PIF-ovi, razni investicijski fondovi i
fizike osobe.
Krajnji vlasnici drutva su Heidelberg Cement AG i SCHWENK AG.
Djelatnosti drutva
Glavne djelatnosti Drutva su navedene ispod:

Proizvodnja cementa
Vaenje ukrasnog kamena i kamena za gradnju, vapnenca, gipsa, krede i kriljevca
Proizvodnja proizvoda od betona za graevinske svrhe
Proizvodnja proizvoda od gipsa za graevinske svrhe
Proizvodnja gotove betonske smjese
Proizvodnja maltera
Proizvodnja graevinske stolarije i elemenata
Proizvodnja vlaknastih zacementiranih proizvoda
Proizvodnja ostalih proizvoda od betona, cementa, gipsa i vjetakog kamena
Trgovina na veliko ostacima i otpacima
Djelatnosti pakiranja
Ostale poslovne pomone uslune djelatnosti
Na dan 31. prosinca 2016. godine Drutvo je imalo 196 zaposlenika dok je Grupa imala 278 zaposlenika (na dan
31. prosinca 2015; Drutvo 213, Grupa 280).

2016
Corporate Profile
History and incorporation

Tvornica cementa Kakanj (the Company) is a joint stock company registered at the Canton Court in Zenica,
Bosnia and Herzegovina on 18 November 1991 by changing its status from a company in state ownership to a joint
stock company. Until that time the Company was part of GIK Hidrogradnja Sarajevo. In the privatization process
in 2000, HeidelbergCement AG acquired 51% of the ownership. In March 2001, the shares were transferred to
HZK Beteiligungesellschaft mbH Heidelberg, Germany and in 2003 the shareholding was increased to 73.94%.
In July 2006, these shares were transferred from HZK Beteiligungesellschaft mbH to CEEMINVESTMENT Fund.
Both companies are part of HeidelbergCement Group. After this transaction, Dunav Drava, which is owned by
HeidelbergCement AG (50%) and Schwenk (50%), with its related companies, was in possession of 85.94% of the
shares of the Company.
As at 31 December 2016 the majority shareholder of Tvornica cementa Kakanj d.d. is Ceeminvestment,
Hertogenbosch, Netherlands with an ownership share of 93.27%, while other shareholders are Privatization Funds,
different investment funds and individuals.
The Companys ultimate parents are Heidelberg Cement AG and SCHWENK AG.
Companys objects
The main Companys and Groups activities are listed below:

Cement production
Exploitation of decorative stone and construction stone, limestone, plaster, chalk and slate
Manufacture of concrete products for construction purposes
Manufacture of plaster products for building purposes
Production of ready-made concrete mixtures
Production of plaster
Production of construction carpentry and elements
Production of fibrous cemented products
Manufacture of other concrete, cement, plaster and artificial stone
Wholesale of scrap and waste
Packaging
Other business secondary services
At 31 December 2016, the Company had 196 employees while the Group had 278 employees (as at 31
December 2015: Company 213, Group 280).

2016
Profil drutva
Financijski pregled i strategija

Kako bi osiguralo uspjeni put u budunost, Drutvo se usredotoilo na sljedee strategijske ciljeve:
Poveanje trinog uea i zadravanje vodee pozicije na domaem tritu

Nadogradnja i podizanje nivoa usluga u skladu sa potrebama kupaca i zahtjevima trita
Jaanje distributivnih kanala prodaje
Otvaranje novih trita u iroj regiji
Konstantno odravanje kvaliteta proizvoda i usluga u skladu sa zahtjevima propisanim normama i standardima
Inovacije u proizvodnji cementa uvoenjem novih vrsta cementa kao odgovor na zahtjeve trita
Inovacije u proizvodnji cementa uvoenjem novih vrsta cementa kao odgovor na zahtjeve trita
Primjena poslovanja na principima odrivog razvoja kao temeljne odrednice razvoja Drutva
Zatita ivotne sredine u skladu sa zahtjevima standarda ISO 14001:2004
Zdravlje i sigurnost u skladu sa zahtjevima standarda OHSAS 18001:2007
Uvoenje BL AGG
Integracija RMX aktivnosti i distribucije cementa u Hrvatskoj s ciljem poveanja izvoza na hrvatsko trite
Konstantni rast, razvoj i poveanje poslovnih prihoda kao i povrat na uloeni kapital dioniara
lanovi Uprave su:
Ime: Poloaj: Od: Angaman istjee:

Branimir Muida Direktor Drutva 16. svibnja 2014. 16. svibnja 2018.
Zehra Obralija Izvrni direktor za ekonomske i 16. svibnja 2014. 16. svibnja 2018.
financijske poslove
Izudin Neimarlija Izvrni direktor za proizvodnju i 16. svibnja 2014. 16. svibnja 2018.
tehnike poslove
lanovi Nadzornog odbora su:

Janos Szarkandi Predsjednik 9. svibnja 2016. 9. svibnja 2020.
Albert Scheuer lan 9. svibnja 2016. 9. svibnja 2020.
Gerhard Hugo Hirth lan 9. svibnja 2016. 9. svibnja 2020.
lanovi Odbora za reviziju su:

Milan Dmitrovi Predsjednik Odbora za reviziju 9. svibnja 2016. 9. svibnja 2020.
Hajrudin Hadimehovi lan Odbora za reviziju 9. svibnja 2016. 9. svibnja 2020.
Dr. Ante Domazet lan Odbora za reviziju 9. svibnja 2016. 9. svibnja 2020.

2016
Corporate Profile
Financial review and strategy

To help ensure a successful path to the future, the Company has focused on the following strategic goals:
Increase market share and retain leading position on domestic market

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

Branimir Muida Director of the Company 16 May 2014 16 May 2018
Zehra Obralija Executive Director in charge of 16 May 2014 16 May 2018
economic and financial affairs
Izudin Neimarlija Executive Director in charge of 16 May 2014 16 May 2018
production and technical affairs
Members of Supervisory Board:

Janos Szarkandi Chairman of the Supervisory Board 9 May 2016 9 May 2020
Albert Scheuer Member of the Supervisory Board 9 May 2016 9 May 2020
Gerhard Hugo Hirth Member of the Supervisory Board 9 May 2016 9 May 2020
Members of the Audit Committee:

Milan Dmitrovi President of the Audit Committee 9 May 2016 9 May 2020
Hajrudin Hadimehovi Member of the Audit Committee 9 May 2016 9 May 2020
Dr. Ante Domazet Member of the Audit Committee 9 May 2016 9 May 2020

2016
Odgovornost za financijska izvjea
Temeljem Zakona o raunovodstvu i reviziji u Federaciji Bosne i Hercegovine (Slubene novine Federacije Bosne
i Hercegovine broj 32/05), Uprava je duna osigurati da financijska izvjea za svaku financijsku godinu budu
pripremljena u skladu sa raunovodstvenim propisima primjenjivim u Federaciji Bosne i Hercegovine (Federacija).
Raunovodstveni propisi primjenjivi u Federaciji temelje se na odredbama Zakona o raunovodstvu i reviziji prema
kojima drutva svoja financijska izvjea sastavljaju i objavljuju u skladu s Meunarodnim raunovodstvenim
standardima (MRS), njihovim dopunama i tumaenjima, te Meunarodnim standardima financijskog izvjetavanja
(MSFI) i njihovim dopunama i tumaenjima koje je izdao Odbor za Meunarodne standarde i koji su prevedeni od
strane Saveza raunovoa, revizora i financijskih djelatnika u Federaciji. Odluka o objavi standarda broj O-1/4-2010
od 28. travnja 2010. godine je obvezujua za razdoblja koja poinju od 1 sijenja 2010. godine.
Uprava razumno oekuje da Drutvo ima odgovarajua sredstva za nastavak poslovanja u doglednoj budunosti. Iz
navedenog razloga, Uprava i dalje prihvaa naelo trajnosti poslovanja pri izradi financijskih izvjea.
Pri izradi financijskih izvjea Uprava je odgovorna:
da se odaberu i potom dosljedno primjenjuju odgovarajue raunovodstvene politike;

da prosudbe i procjene budu razumne i oprezne;
da se primjenjuju vaei raunovodstveni standardi te;
da se financijska izvjea pripreme po naelu trajnosti poslovanja, osim ako je neprimjereno pretpostaviti da
e Drutvo nastaviti svoje poslovne aktivnosti.
Uprava je odgovorna za voenje ispravnih raunovodstvenih evidencija, koje e u bilo koje doba s prihvatljivom
tonou odraavati financijski poloaj Drutva, kao i njihovu usklaenost sa Zakonom o raunovodstvu i reviziji u
Federaciji Bosne i Hercegovine (Slubene novine Federacije Bosne i Hercegovine broj 38/09). Uprava je takoer
odgovorna za uvanje imovine Drutva, te stoga i za poduzimanje razumnih mjera radi sprjeavanja i otkrivanja
pronevjera i ostalih nezakonitosti.
Odobreno i potpisano u ime Uprave:
Direktor lan Uprave
____________________________ _______________________________
Branimir Muida Zehra Obralija
Tvornica cementa Kakanj d.d.

Selima ef. Merdanovia 146
72 240 Kakanj
Bosna i Hercegovina
Kakanj, 30. sijenja 2017. godine

2016
Statement of responsibilities of the Board
Pursuant to the Accounting and Audit Law of the Federation of Bosnia and Herzegovina (Official newspaper of Federation
of Bosnia and Herzegovina number 32/05), the Board is responsible for ensuring that financial statements are prepared
for each financial year in accordance with accounting regulations applicable in the Federation of Bosnia and Herzegovina
(the Federation). Accounting regulations applicable in the Federation are based on the provisions of the Law on
accounting and auditing. Companies prepare and present their financial statements in accordance with International
Accounting Standards (IAS), their amendments and interpretations, International Financial Reporting Standards (IFRS)
and their amendments and interpretations issued by International Accounting Standard Board (IASB), as translated
and published by Association of accountants, auditors and financial employees in Federation. The decision on publishing
Standards number O-1/4-2010 dated 28 April 2010 is binding for the periods starting 1 January 2010.
The Board has a reasonable expectation that the Company has adequate resources to continue in operational
existence for the foreseeable future. For this reason, the Board continues to adopt the going concern basis in
preparing the financial statements.
In preparing these financial statements, the responsibilities of the Board include ensuring that:
Suitable accounting policies are selected and then applied consistently;

Judgments and estimates are reasonable and prudent;
Applicable accounting standards are followed; and
The financial statements are prepared on the going concern basis unless it is inappropriate to presume that
the Company will continue in business.
The Board is responsible for keeping proper accounting records, which disclose with reasonable accuracy at any
time the financial position of the Company and must also ensure that the financial statements comply with the
Accounting and Audit Law of the Federation of Bosnia and Herzegovina (Official newspaper of the Federation of
Bosnia and Herzegovina number 38/09). The Board is also responsible for safeguarding the assets of the Company
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved and signed on behalf of the Board:
President of the Board of Directors Member of the Board of Directors
____________________________ _______________________________
Tvornica cementa Kakanj d.d.

72 240 Kakanj
Bosna i Hercegovina
Kakanj, 30th January 2017

2016
Izvjee neovisnog revizora
Upravi i Dioniarima Drutva Tvornice cementa Kakanj d.d.

Obavili smo reviziju priloenih konsolidiranih i pojedinanih financijskih izvjea dionikog drutva Tvornica cementa
Kakanj (dalje: Drutvo) i njegovih ovisnih drutava (zajedno Grupa) koja ukljuuju izvjee o financijskom poloaju
na dan 31. prosinca 2016. godine, izvjee o sveobuhvatnoj dobiti, izvjee o promjenama kapitala i izvjee o
novanom tijekovima za godinu tada zavrenu, te saetak znaajnijih raunovodstvenih politika i druge objanjavajue
informacije (koji su prikazani na stranicama 7 do 55).
Odgovornosti Uprave
Uprava je odgovorna za sastavljanje i objektivnu prezentaciju ovih financijskih izvjea u skladu sa Zakonom o
raunovodstvu i reviziji u Federaciji Bosne i Hercegovine i za one interne kontrole za koje Uprava odredi da su
potrebne za omoguavanje sastavljanja financijskih izvjea koja su bez znaajnog pogrenog prikazivanja uslijed
prijevare ili pogreke.
Odgovornost revizora
Naa odgovornost je izraziti miljenje o tim konsolidiranim i pojedinanim financijskim izvjeima na osnovi nae
revizije. Reviziju smo obavili u skladu s Meunarodnim revizijskim standardima. Ti standardi zahtijevaju da postupamo
u skladu s etikim pravilima, i planiramo te obavimo reviziju kako bismo stekli razumno uvjerenje o tome jesu li
financijska izvjea bez znaajnog pogrenog prikazivanja.
Revizija ukljuuje obavljanje postupaka radi pribavljanja revizorskih dokaza o iznosima i objavama u financijskim
izvjeima. Odabrani postupci ovise o revizorovoj prosudbi, ukljuujui i procjenu rizika znaajnog pogrenog
prikazivanja financijskih izvjea uslijed prijevare ili pogreke. U stvaranju tih procjena rizika, revizor razmatra interne
kontrole relevantne za subjektovo sastavljanje i objektivnu prezentaciju financijskih izvjea kako bi se oblikovali
revizorski postupci koji su primjereni u danim okolnostima, ali ne i u svrhu izraavanja miljenja o uinkovitosti internih
kontrola poslovnog subjekta. Revizija takoer ukljuuje ocjenjivanje primjerenosti primijenjenih raunovodstvenih
politika i razumnosti raunovodstvenih procjena koje je obavila Uprava, kao i ocjenjivanje cjelokupne prezentacije
financijskih izvjea.
Vjerujemo da su revizijski dokazi koje smo pribavili dostatni i primjereni da osiguraju osnovu za nae revizijsko
miljenje.
Miljenje
Prema naem miljenju konsolidirana i pojedinana financijska izvjea fer prikazuju, u svim znaajnim aspektima
financijski poloaj Drutva i Grupe na dan 31. prosinca 2016. godine, njihove financijske rezultate i novane tijekove
za tada zavrenu godinu u skladu sa Zakonom o raunovodstvu i reviziji u Federaciji Bosne i Hercegovine.
__________________________ _______________________________
Zvonimir Maduni, prokurist Maja Hafizovi, ovlateni revizor
Ernst & Young d.o.o. Sarajevo

Bosna i Hercegovina
Sarajevo,30. sijenja 2017. godine

2016
Independent Auditors Report
To the Board of Directors and the Shareholders of Tvornica cementa Kakanj d.d.
We have audited the accompanying consolidated and separate financial statements of Tvornicacementa Kakanj
(the Company) and its subsidiaries (together, the Group) which comprise a statement of financial position as at 31
December 2016, a statement of comprehensive income, a statement in changes of equity and statement of cash
flows for the year then ended, and a summary of significant accounting policies and other explanatory information
(as set out on pages 7 to 55).
Management Responsibility
Management is responsible for the preparation and fair presentation of these consolidated and separate financial
statements in accordance with Law on accounting and auditing in Federation of Bosnia and Herzegovina and for
such internal controls as management determines is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these consolidated and separate financial statements based on our
audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that
we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditors judgement, including the assessment of
the risk of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entitys preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the entitys internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made
by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to the provide basis for our audit
opinion.
Opinion
In our opinion, the consolidated and separate financial statements present fairly, in all material aspects, the financial
position of the Company and of the Group as at 31 December 2016 and its financial performance and its cash flows
for the year then ended in accordance with Law on accounting and auditing in Federation of Bosnia and Herzegovina.
__________________________ _______________________________
Zvonimir Maduni, procurator Maja Hafizovi, certified auditor
Ernst & Young d.o.o. Sarajevo

Sarajevo, 30th January 2017

2016
Konsolidirano Izvjee o sveobuhvatnoj dobiti Grupe Tvornica cementa Kakanj d.d.
Za godinu koje zavrava 31. prosinca 2016. godine
Biljeke Tisue KM
2016. godina 2015. godina
Prihod od prodaje 3 83.698 82.907

Trokovi prodaje 4 (57.631) (58.860)
Bruto dobit 26.067 24.047
Ostali operativni prihodi 31 31

Opi i administrativni trokovi 5 (9.196) 8.725
Dobit iz poslovnih aktivnosti 16.902 15.353
Ostali prihodi 6 1.051 892

Gubitak s osnove zajednikog ulaganja 14 (78) (133)
Ostali rashodi 7 (2.051) (2.110)
Neto financijski prihodi 8 467 665
Dobit prije oporezivanja 16.291 14.667

Porez na dobit 9 (287) (162)
Dobit godine 16.004 14.505
Ostala sveobuhvatna dobit za godinu, neto od poreza - -
Ukupno sveobuhvatna dobit za godinu, neto od poreza 16.004 14.505
Zarada po dionici osnovne i razrijeene zarade po dionici,

za dobit godine pripisivu redovnim dioniarima Drutva 10 1,69 KM 1,53 KM
Priloene raunovodstvene politike i biljeke sastavni su dio ovih financijskih izvjea.
Odobrili i potpisali u ime Grupe Tvornica cementa Kakanj d.d. 30. sijenja 2017. godine:
Predsjednik Uprave lan Uprave
______________________ __________________________

2016
Consolidated Tvornica cementa Kakanj d.d. Group Statement of comprehensive income
For the year ended 31 December 2016
Notes KM thousand
year 2016 year 2015
Revenue 3 83,698 82,907

Cost of sales 4 (57,631) (58,860)
Gross profit 26,067 24,047
Other operating income 31 31

General and administrative costs 5 (9,196) (8,725)
Operating profit 16,902 15,353
Other income 6 1,051 892

Loss from investment in JV 14 (78) (133)
Other costs 7 (2,051) (2,110)
Net financial income 8 467 665
Profit before tax 16,291 14,667

Corporate income tax 9 (287) (162)
Profit for the year 16,004 14,505
Other comprehensive income for the year, net of tax - -
Total comprehensive income for the year, net of tax 16,004 14,505
Earnings per share basic and diluted, for profit for the year
attributable to ordinary equity holders of the Company 10 KM 1.69 KM 1.53
The accompanying accounting policies and notes are an integral part of these financial statements.
Approved and signed on behalf of Tvornica cementa Kakanj d.d. Group on 30th January 2017:
______________________ __________________________

2016
Izvjee o sveobuhvatnoj dobiti Drutva Tvornica cementa Kakanj d.d.
Za godinu koja zavrava 31. prosinca 2016. godine
Biljeke Tisue KM
Prihod od prodaje 3 62.286 62.090

Trokovi prodaje 4 (39.924) (41.214)
Bruto dobit 22.362 20.876
Ostali operativni prihodi 24 20

Opi i administrativni trokovi 5 (7.129) (6.898)
Dobit iz poslovnih aktivnosti 15.257 13.998
Ostali prihodi 6 307 559

Ostali rashodi 7 (1.474) (1.099)
Prihod od dividendi ovisnog drutva 3.301 -
Neto financijski prihodi 8 385 439
Dobit prije oporezivanja 17.776 13.897

Porez na dobit 9 (93) (146)
Ostala sveobuhvatna dobit za godinu, neto od poreza - -
Ukupno sveobuhvatna dobit za godinu, neto od poreza 17.683 13.751
______________________ __________________________

2016
Tvornica cementa Kakanj d.d. Company Statement of comprehensive income
Notes KM thousand
year 2016 year 2015
Revenue 3 62,286 62,090

Cost of sales 4 (9,924 (41,214)
Gross profit 22,362 20,876
Other operating income 24 20

General and administrative costs 5 (7,129) (6,898)
Operating profit 15,257 13,998
Other income 6 307 559

Other costs 7 (1,474) (1,099)
Income from dividends received from subsidiary 3,301 -
Net financial income 8 385 439
Profit before tax 17,776 13,897

Corporate income tax 9 (93) (146)
Profit for the year 17,683 13,751
Other comprehensive income for the year, net of tax - -
Total comprehensive income for the year, net of tax 17,683 13,751
Approved and signed on behalf of Tvornica cementa Kakanj d.d. on 30th January 2017:
______________________ __________________________

2016
Konsolidirano izvjee o financijskom poloaju Grupe Tvornica cementa Kakanj d.d.
Na dan 31. prosinca 2016. godine
31. prosinca Biljeke Tisue KM
2016. godine 2015. godine
AKTIVA
Dugotrajna imovina
Materijalna imovina 11 99.171 99.306
Nematerijalna imovina 12 766 805
Ulaganje u zajednike pothvate 14 491 554
Ostala financijska imovina 15 826 930
101.254 101.595
Kratkotrajna imovina
Zalihe 16 14.143 14.236
Potraivanja od kupaca 17 9.783 10.777
Financijska imovina 18 128 117
Ostala potraivanja 304 574
Novac i novani ekvivalenti 19 39.774 34.509
64.132 60.213
UKUPNA AKTIVA 165.386 161.808

2016
Consolidated Tvornica cementa Kakanj d.d. Group Statement of Financial Position
As at 31 December 2016
31 December Notes KM thousand
year 2016 year 2015
ASSETS
Non current assets
Property plant and equipment 11 99,171 99,306
Intangible assets 12 766 805
Investment in joint ventures 14 491 554
Other financial assets 15 826 930
101,254 101,595
Current assets
Inventories 16 14,143 14,236
Trade accounts receivable 17 9,783 10,777
Current financial assets 18 128 117
Other receivables 304 574
Cash and cash equivalents 19 39,774 34,509
64,132 60,213
TOTAL ASSETS 165,386 161,808

2016
Konsolidirano izvjee o financijskom poloaju Grupe Tvornica cementa Kakanj d.d.
(nastavak)
PASIVA
Kapital i rezerve
Upisani kapital 20 94.765 94.765
Zadrana dobit 12.403 11.610
Zakonske rezerve 26.338 26.338
Revalorizacijske rezerve 413 413
Dobit tekue godine 17.683 14.505
Ukupno kapital 148.986 147.631
Dugorone obveze
Rezerviranja 21 1.653 1.246
1.653 1.246
Kratkorone obveze
Obveze prema dobavljaima 22 7.040 10.130
Ostale obveze 23 2.069 2.649
Rezerviranja za nefakturirane trokove 12 152
9.121 12.931
UKUPNA PASIVA 159.760 161.808
Odobrili i potpisali u ime drutva Tvornica cementa Kakanj d.d. 30. sijenja 2017. godine:
______________________ ______________________________

2016
Consolidated Tvornica cementa Kakanj d.d. Group Statement of Financial Positiona
(continued)
year 2016 year 2015
EQUITY AND LIABILITIES

Issued capital and reserves
Subscribed capital 20 94,765 94,765
Retained earnings 12,403 11,610
Statutory reserves 26,338 26,338
Revaluation reserves 413 413
Current year profit 17,683 14,505
Total equity 148,986 147,631
Non current liabilities

Provisions 21 1,653 1,246
1,653 1,246
Current liabilities
Trade accounts payable 22 7,040 10,130
Other liabilities 23 2,069 2,649
Accruals 12 152
9,121 12,931
TOTAL EQUITY AND LIABILITIES 159,760 161,808
______________________ ______________________________

2016
Izvjee o financijskom poloaju Drutva Tvornica cementa Kakanj d.d.
AKTIVA
Dugotrajna imovina
Materijalna imovina 11 83.081 86.603
Nematerijalna imovina 12 231 272
Ulaganja u ovisna drutva 13 24.448 24.448
Ostala financijska imovina 15 422 520
108.182 111.843
Kratkotrajna imovina
Zalihe 16 12.998 13.248
Potraivanja od kupaca 17 6.576 7.850
Financijska imovina 18 127 117
Ostala potraivanja 166 345
Novac i novani ekvivalenti 19 31.711 23.063
51.578 44.623
UKUPNA AKTIVA 159.760 156.466

2016
Tvornica cementa Kakanj d.d. Company Statement of Financial Position
year 2016 year 2015
ASSETS
Non current assets
Property plant and equipment 11 83,081 86,603
Intangible assets 12 231 272
Investment in subsidiaries 13 24,448 24,448
Other financial assets 15 442 520
108,182 111,843
Current assets
Inventories 16 12,998 13,248
Trade accounts receivable 17 6,576 7,850
Current financial assets 18 127 117
Other receivables and prepaid expenses 166 345
Cash and cash equivalents 19 31,711 23,063
51,578 44,623
UKUPNA AKTIVA 159,760 156,466

2016
Izvjee o financijskom poloaju Drutva Tvornica cementa Kakanj d.d. (nastavak)
PASIVA
Kapital i rezerve
Upisani kapital 20 94.765 94.765
Zadrana dobit 10.200 10.200
Zakonske rezerve 26.338 26.338
Dobitak tekue godine 13.751 13.751
Ukupno kapital 145.054 145.054
Dugorone obveze
Rezerviranja 21 1.246 1.246
1.246 1.246
Kratkorone obveze
Obveze prema dobavljaima 22 7.996 7.996
Ostale obveze 23 2.123 2.123
Rezerviranja za nefakturirane trokove 47 47
10.166 10.166
UKUPNA PASIVA 156.466 156.466
___________________________ ___________________________

2016
Tvornica cementa Kakanj d.d. Company Statement of Financial Position (continued)
year 2016 year 2015
EQUITY AND LIABILITIES

Issued capital and reserves
Subscribed capital 20 94,765 94,765
Retained earnings 10,200 10,200
Statutory reserves 26,338 26,338
Current year profit 13,751 13,751
Total equity 145,054 145,054
Non current liabilities

Provisions 21 1,246 1,246
1,246 1,246
Current liabilities
Trade accounts payable 22 7,996 7,996
Other liabilities 23 2,123 2,123
Accruals 47 47
10,166 10,166
UKUPNA PASIVA 156,466 156,466

___________________________ ___________________________

2016
Konsolidirano izvjee o novanim tijekovima Grupe Tvornica cementa Kakanj d.d.
Za godinu koja je zavrila 31. prosinca 2016. godine
Tisue KM
2016. godine 2015. godina
Novani tijek iz poslovnih aktivnosti

Usklaenja:
Amortizacija 9.492 9.487
Udjel u gubitku ulaganja u zajedniki pothvat 78 133
Smanjenje potraivanja od kupaca i ostalih potraivanja 985 1.316
Smanjenje/ (poveanje) financijske imovine 328 (221)
Smanjenje/ (poveanje) zaliha 93 (1.938)
Poveanje kratkoronih obveza i rezervacija 1.285 (4.269)
Neto novani priljev iz poslovnih aktivnosti 28.265 27.551

Novani tijek iz investicijskih aktivnosti
Poveanje dugotrajne materijalne i nematerijalne imovine (10.431) (5.101)
Dobit od prodaje dugotrajne imovine 1.195 65
Neto novani (odljev) iz investicijskih aktivnosti (9.236) (5.996)

Novani tok iz financijskih aktivnosti
Isplaene dividende (13.751) (16.283)
Neto novani (odljev) iz financijskih aktivnosti (13.751) (16.283)
Neto poveanje novca i novanih ekvivalenata 5.278 (6.167)

Teajne razlike (43) 17
Novac i novani ekvivalenti na poetku razdoblja (biljeka 19) 34.509 28.325
Novac i novani ekvivalenti na kraju razdoblja (biljeka 19) 39.744 34.509

2016
Consolidated Tvornica cementa Kakanj d.d. Group Statement of Cash Flows
KM thousand
year 2016 year 2015
Cash flow from operating activities

Net profit for the year 16,004 14,505
Adjustments for:
Depreciation 9,492 9,487
Share of loss from investment in joint venture 78 133
Decrease in trade and other receivables 985 1,316
Decrease/ (Increase) in financial assets 328 (221)
Decrease/ (Increase) of inventories 93 (1,938)
Increase of short term liabilities and provisions 1,285 (4,269)
Net cash from operating activities 28,265 27,551

Cash flows from investing activities
Purchase of fixed assets (10,431) (5,101)
Gain/ loss from sale of fixed assets 1,195 65
Net cash used in investing activities (9,236) (5,996)

Cash flow from financing activities
Dividends paid (13,751) (16,283)
Net cash outflow from financing activities (13,751) (16,283)
Net increase in cash and cash equivalents 5,278 (6,167)

FX differences (43) 17
Cash and cash equivalents at beginning of the period (Note 19) 34,509 28,325
Cash and cash equivalents at end of period (Note 19) 39,744 34,509

2016
Izvjee o novanim tijekovima Drutva Tvornica cementa Kakanj d.d.
Tisue KM
Novani tijek iz poslovnih aktivnosti

Usklaenja:
Amortizacija 7.896 7.991
Prihod od dividendi (3.301)
Smanjenje potraivanja od kupaca i ostalih potraivanja 1.453 552
Smanjenje financijske imovine 87 -
Smanjenje/ (poveanje) zaliha 250 (1.985)
(Smanjenje)/ poveanje kratkoronih obveza i rezervacija (637) (4.020)
Neto novani priljev iz poslovnih aktivnosti 23.431 24.329

Novani tijek iz investicijskih aktivnosti
Poveanje dugotrajne materijalne i nematerijalne imovine (4.450) (4.866)
Dobit od prodaje dugotrajne imovine 117 91
Neto novani (odljev)/ priljev iz investicijskih aktivnosti (4.333) (4.775)

Novani tijek iz financijskih aktivnosti
Primljene dividende 3.301 -
Isplaene dividende (13.751) (16.283)
Neto novani odljev iz financijskih aktivnosti (10.450) (16.283)
Neto poveanje/(smanjenje) novca i novanih ekvivalenata 8.648 3.271

Novac i novani ekvivalenti na poetku razdoblja (biljeka 19) 23.063 19.792
Novac i novani ekvivalenti na kraju razdoblja (biljeka 19) 31.711 23.063

2016
Tvornica cementa Kakanj d.d. Company Statement of Cash Flows
KM thousand
year 2016 year 2015
Cash flow from operating activities

Net profit for the year 17,683 13,751
Adjustments for:
Depreciation 7,896 7,991
Dividend income (3,301)
Decrease/ (increase) in trade and other receivables 1,453 552
Decrease in financial assets 87 -
Decrease/ (Increase) in inventories 250 (1,985)
(Decrease) Increase in short term liabilities and provisions (637) (4,020)
Net cash from operating activities 23,431 24,329

Cash flows from investing activities
Purchase of fixed assets (4,450) (4,866)
Gain from sale of fixed assets 117 91
Net cash used in investing activities (4,333) (4,775)

Net cash outflow from financing activities
Dividends received 3,301 -
Dividends paid (13,751) (16,283)
Net cash outflow from financing activities (10,450) (16,283)
Net increase/ (decrease) in cash and cash equivalents 8,648 3,271

Cash and cash equivalents at beginning of period (Note 19) 23,063 19,792
Cash and cash equivalents at end of period (Note 19) 31,711 23,063
The accompanying accounting policies and notes are an integral part of this cash flow statement.

2016
Konsolidirano izvjee o promjenama kapitala Grupe Tvornica cementa Kakanj d.d.
Tisue KM
Revalori- Dobitak
Upisani Zadrani Zakonske zacijske tekue
kapital dobitak rezerve rezerve godine Ukupno
Na dan 31. prosinca

2014. godine 94.765 16.870 26.338 413 11.000 149.386
Raspodjela dobiti iz
2014. godine - 11.000 - - (11.000) -
Isplata dividendi - (16.283) - - - (16.283)
Teajne razlike - 23 - - - 23
Ukupna sveobuhvatna
dobit - - - - 14.505 14.505
Na dan 31. prosinca
2015. godine 94.765 11.610 26.338 413 14.505 147.631
Raspodjela dobiti
iz 2015. godine - 14.505 - - (14.505) -
Isplata dividendi - (13.751) - - - (13.751)
Teajne razlike - 39 - - - 39
Ukupna sveobuhvatna
dobit - - - - 16.004 16.004
Na dan 31. prosinca
2016. godine 94.765 12.403 26.338 413 16.004 149.923

2016
Consolidated Tvornica cementa Kakanj d.d. Group Statement of changes in equity
KM thousand
Subscribed Retained Statutory Revaluation Profit

capital profit reserves reserves current year Total
As of 31 December
2014 94,765 16,870 26,338 413 11,000 149,386
Allocation of profit
from 2014 - 11,000 - - (11,000) -
Dividend payment - (16,283) - - - (16,283)
FX differences - 23 - - - 23
Total comprehensive
income - - - - 14,505 14,505
As of 31 December
year 2015 94,765 11,610 26,338 413 14,505 147,631
Allocation of profit
from 2015 - 14,505 - - (14,505) -
Dividend payment - (13,751) - - - (13,751)
FX differences - 39 - - - 39
Total comprehensive
income - - - - 16,004 16,004
As of 31 December
2016 94,765 12,403 26,338 413 16,004 149,923

2016
Izvjee o promjenama kapitala Drutva Tvornica cementa Kakanj d.d.
Tisue KM
Dobitak
Upisani Zadrani Zakonske tekue
kapital dobitak rezerve godine Ukupno
Na dan 31. prosinca 2014. godine 94.765 15.217 26.338 11.266 147.586
Raspodjela dobiti iz 2014. godine - 11.266 - (11.266) -
Isplata dividendi - (16.283) - - (16.283)
Ukupna sveobuhvatna dobit - - - 13.751 13.751
Raspodjela dobiti iz 2015. godine - 13.751 - (13.751) -
Isplata dividendi - (13.751) - - (13.751)
Ukupna sveobuhvatna dobit - - - 17.683 17.683

2016
Tvornica cementa Kakanj d.d. Company Statement of changes in equity
KM thousand
Profit
Subscribed Retained Statutory current
capital profit reserves year Total
As of 31 December 2014 94,765 15,217 26,338 11,266 147,586

Allocation of profit from 2014 - 11,266 - (11,266) -
Dividend paid - (16,283) - - (16,283)
Total comprehensive income - - - 13,751 13,751
As of 31 December 2015 94,765 12,200 26,338 13,751 145,054
Allocation of profit from 2015 - 13,751 - (13,751) -
Dividend paid - (13,751) - - (13,751)
Total comprehensive income - - - 17,683 17,683
As of 31 December 2016 94,765 10,200 26,338 17,683 148,986

2016
Biljeke uz financijska izvjea
Notes to the financial statements
1 Korporativne informacije
Financijska izvjea za godinu zavrenu 31. prosinca 2016. godine odobrena su za objavu u skladu s odlukom Up-
rave od 30. sijenja 2017. godine. Grupa je osnovana i posluje u Bosni i Hercegovini te se njenim dionicama trguje
na burzi. Sjedite je na adresi Selima ef. Merdanovia 146, Kakanj, Bosna i Hercegovina.
2.1 Osnove sastavljanja

Financijska izvjea Drutva i konsolidirana financijska izvjea Grupe sastavljena su u skladu s raunovodstvenim
propisima primjenjivim u Federaciji Bosne i Hercegovine (Federacija). Raunovodstveni propisi primjenjivi u Fed-
eraciji temelje se na odredbama Zakona o raunovodstvu i reviziji (Zakon) (Slubene novine 83/09). Drutva sas-
tavljaju i objavljuju svoja financijska izvjea u skladu s Meunarodnim raunovodstvenim standardima (MRS), nji-
hovim dopunama i tumaenjima (Tumaenja standarda), te Meunarodnim standardima financijskog izvjeivanja
(MSFI) i njihovim dopunama i tumaenjima (Tumaenja meunarodnih standarda financijskog izvjeivanja) koje
je izdao Odbor za Meunarodne standarde (IASB ili Odbor), koji su prevedeni i objavljeni od strane Saveza
raunovoa, revizora i financijskih djelatnika u Federaciji (prema ovlasti Komisije za raunovodstvo Bosne i Her-
cegovine, broj 2-11/06). Odluka o objavi standarda broj O-1/4-2010 od 28. travnja 2010. godine je obvezujua za
razdoblja koja poinju 1. sijenja 2010. godine. Ova odluka ukljuuje MRS-ove, MSFI-jeve i tumaenja objavljena
od strane Odbora i potvrena od strane EFRAG-a (European Financial Reporting Advisory Group) do listopada
2009.Svi prethodno objavljeni standardi koji su naknadno potvreni od strane EFRAG-a i novi ili dopunjeni MSFI-
jevi i tumaenja objavljena od strane Odbora nakon listopada 2009. godine nisu prevedeni i objavljeni te stoga nisu
primijenjeni u sastavljanju ovih financijskih izvjea. Sukladno tome, financijska izvjea nisu sastavljena u skladu
sa svim odredbama MSFI-jeva.
2.2 Osnove raunovodstva
Grupa svoje financijske evidencije vodi u slubenoj valuti Federacije BiH konvertibilnim markama (KM),
u skladu sa Zakonom o raunovodstvu i reviziji u Federaciji Bosne i Hercegovine i raunovodstvenim
principima i praksi koju primjenjuju poduzetnici u Federaciji. Financijska izvjea Drutva i konsolidirana
financijska izvjea Grupe pripremljena su prema naelu povijesnog troka uz iznimke koje doputaju
primjenjivi MRS-evi i MSFI-jevi. Svi iznosi su zaokrueni na najbliu tisuu (Tisue KM), osim ako je
drugaije navedeno. Teaj KM u odnosu na EUR je fiksan. Vaei teaj koji je objavila Centralna banka
Bosne i Hercegovine bio je KM 1,955830 za 1 EUR na dan 31. prosinca 2016. i 31. prosinca 2015. go-
dine.
2.3 Osnove konsolidacije
Konsolidirana financijska izvjea ukljuuju financijska izvjea Drutva Tvornica cementa Kakanj d.d. i povezanih
drutava na dan 31. prosinca svake godine.
Ovisna drutva se u potpunosti konsolidiraju poevi od datuma stjecanja, pod kojim se podrazumijeva datum kada
Grupa stekne kontrolu te se nastavljaju konsolidirati sve do datuma prestanka takve kontrole. Financijska izvjea
ovisnih drutava sastavljena su za isto financijsko razdoblje kao i matino drutvo koristei dosljedne raunovodstvene
politike. Sva stanja, transakcije, prihodi, rashodi te dobici, gubici i dividende, koji proizlaze iz transakcija unutar
Grupe, u potpunosti se eliminiraju.
Konsolidirana financijska izvjea sastavljena su prema naelu povijesnih trokova

Konsolidirana financijska izvjea Grupe prikazana su u konvertibilnim markama koja su funkcionalna valuta Grupe.
Svi iznosi objavljeni u konsolidiranim financijskim izvjeima izraeni su u tisuama konvertibilnih maraka ako nije
drugaije navedeno.
Konsolidirana financijska izvjea ukljuuju financijska izvjea drutva Tvornica cementa Kakanj d.d. i sljedeih
ovisnih drutava:

2016
1 Corporate information
The financial statements for the year ended 31 December 2016 were authorised for issue in accordance with a
resolution of the directors on 30th January 2017. The Group is incorporated and domiciled in Bosnia and Herzegovina
and its shares are publicly traded. The registered office is located at Selima ef. Merdanovia 146, Kakanj, Bosnia and
Herzegovina.
2.1 Basis of preparation
The financial statements of the Company and consolidated financial statements of the Group have been prepared in
accordance with accounting regulations applicable in the Federation of Bosnia and Herzegovina (the Federation).
Accounting regulations applicable in the Federation are based on the provisions of the Law on accounting and auditing
(Law) (Official Gazette 83/09). Companies prepare and present their financial statements in accordance with
International Accounting Standards (IAS), their amendments and interpretations (Standard interpretations),
International Financial Reporting Standards (IFRS) and their amendments and interpretations (International Financial
Reporting Interpretations) issued by International Accounting Standard Board (IASB), as translated and published by
Association of accountants, auditors and financial employees in Federation (by the authorization of Accounting
Commission of Bosnia and Herzegovina number 2-11/06). The decision on publishing Standards number O-1/4-2010
dated 28 April 2010 is binding for the periods starting 1 January 2010. This decision includes IAS, IFRS and
interpretations published by IASB and endorsed by EFRAG (European Financial Reporting Advisory Group) until
October 2009. Any previously issued but subsequently EFRAG endorsed standards nor new or amended IFRS and
IFRIC interpretations issued by the IASB subsequent to October 2009 have not yet been translated and published and
consequently were not applied in the preparation of the accompanying financial statements and therefore these financial
statements do not comply with IFRS.
2.2. Basis of accounting
The Company maintains its accounting records in Convertible Mark (KM) and in accordance with Law on accounting
and auditing in Federation of Bosnia and Herzegovina, and the accounting principles and practices observed by
enterprises in Federation. The financial statements of the Company and consolidated financial statements of the
Group have been prepared on a historical cost basis, except if otherwise provided for under International Financial
Reporting Standards (IFRSs). The financial statements are presented in the official monetary unit of the Federation
BIH, Konvertibilna Marka (KM), and all values are rounded to the nearest thousand (KM thousand) except when
otherwise indicated. The exchange rate of KM against EUR is fixed. The exchange rate published by Central bank
of Bosnia and Herzegovina as at 31 December 2016 and 31 December 2015 was equal to 1.955830 KM/EUR.
2.3 Basis of consolidation

The consolidated financial statements comprise the financial statements of Tvornica cementa Kakanj d.d. and its
subsidiaries as at 31 December each year.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and
continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are
prepared for the same reporting year as the parent company, using consistent accounting policies. All intra-group
balances, transactions, unrealized gains and losses resulting from intra-group transactions and dividends are
eliminated in full.
The consolidated financial statements have been prepared under the historical cost convention.
The Groups consolidated financial statements are presented in Convertible Mark (KM) which is the Groups functional
currency. All amounts disclosed in the consolidated financial statements are stated in thousands of KM if not otherwise
stated.
The consolidated financial statements include the financial statements of Tvornica cementa Kakanj d.d. and the
following subsidiaries:

2016
Vlasniki udjel
Naziv Zemlja 31. prosinca 2016. 31. prosinca 2015.
TBG BH d.o.o. Bosna i Hercegovina 100% 100%

TBG Beton d.o.o. Republika Hrvatska 100% 100%
Dunav Drava cement d.o.o. Republika Hrvatska 100% 100%
Tvornica cementa Kakanj indirektno posjeduje 100% udjela u drutvu Dunav Drava cement d.o.o. kroz 100%
udjel u vlasnitvu tog drutva koje posjeduje TBG Beton d.o.o.
2.4 Znaajne raunovodstvene prosudbe i procjene

Pri izradi financijskih izvjea menadment je koristio odreene procjene i pretpostavke koje utjeu na
objavljene prihode, rashode, imovinu i obveze tijekom i na datum izvjea. Meutim, neizvjesnost vezana uz
ove pretpostavke i procjene moe rezultirati znaajnim izmjenama knjigovodstvene vrijednosti odnosne imovine
ili obveza u buduim razdobljima.
Procjene i pretpostavke
Kljune pretpostavke koje se odnose na budunost i ostali kljuni izvori procjena neizvjesnosti na datum izvjea
o financijskom poloaju koje nose znatan rizik znaajnih izmjena knjigovodstvenih vrijednosti imovine i obveza
u sljedeoj financijskoj godini navedene su ispod. Grupa je svoje prosudbe i procjene temeljila na injenicama
koje su bile dostupne u trenutku sastavljanja financijskih izvjea. Meutim, postojee prosudbe i procjene o
budunosti se mogu promijeniti uslijed promjena na tritu ili okolnosti na koje Grupa nema utjecaja. Takve
promjene se odraavaju u prosudbama u trenutku njihova nastajanja.
Rezerviranja za sumnjiva i sporna potraivanja

Drutvo redovito prati starosnu strukturu potraivanja od kupaca. Za potraivanja starija od 360 dana se pokreu
sudski postupci (mogu i ranije po zahtjevu Direktora ili Rukovodioca prodaje). Po proteku roka od 360 dana
vri se ispravak iznosa potraivanja na individualnoj osnovi. Detalji vezani uz potraivanja od kupaca i ispravak
vrijednosti potraivanja prikazani su u biljeci 17.
Umanjenje vrijednosti nefinancijske imovine

Umanjenje vrijednosti postoji kada neto knjigovodstvena vrijednost imovine ili jedinice koja stvara novac premauje
njen nadoknadivi iznos odnosno njenu fer vrijednost umanjenu za trokove prodaje ili vrijednost u upotrebi ovisno o
tome to je vee. Kalkulacija fer vrijednosti umanjene za trokove prodaje temeljena je na raspoloivim podacima iz
povezanih prodajnih transakcija po uobiajenim trinim uvjetima sline imovine ili vidljivih trinih cijena umanjenih
za dodatne trokove otuenja imovine. Kalkulacija vrijednosti u upotrebi temelji se na modelu diskontiranog
novanog tijeka. Novani tijekovi su izvedeni iz budeta za sljedeih pet godina. Nadoknadivi iznos je najosjetljiviji
na diskontnu stopu koritenu za model diskontiranog novanog tijeka kao i na oekivani budui novani priljev i
stopu rasta koritenu za svrhu ekstrapolacije podataka. Knjigovodstvena vrijednost goodwilla na dan 31. prosinca
2015. godine iznosila je 487 tisua KM (2014. godine je iznosila 487 tisua KM). Kljune pretpostavke koritene
prilikom odreivanja nadoknadive vrijednosti goodwilla su detaljnije objanjene u biljeci 12.
Rezerviranje za re-kultivaciju
Grupa priznaje rezervaciju za obveze re-kultivacije na temelju ugovora o koncesiji potpisanog izmeu
Ministarstva za industriju, energiju i rudarstvo Zeniko-dobojskog kantona i Tvornice cementa Kakanj. U
skladu s potpisanim ugovorom o koncesiji, Drutvo ima obvezu re-kultivacije u iznosu od 0,2 KM po toni
iskopanog vapnenca. Rezerviranje za ovu obvezu se priznaje godinje na temelju stvarne koliine iskopanog
vapnenca (biljeka 12) i u skladu s raunovodstvenom politikom opisanom u biljeci 2.5 m).

2016
Vlasniki udjel
Name Country 31 December 2016 31 December 2015
TBG BH d.o.o. Bosnia and Herzergovina 100% 100%

TBG Beton d.o.o. Republic of Croatia 100% 100%
Dunav Drava cement d.o.o. Republic of Croatia 100% 100%
Tvornica cementa Kakanj indirektno posjeduje 100% udjela u drutvu Dunav Drava cement d.o.o. kroz 100% udjel
u vlasnitvu tog drutva koje posjeduje TBG Beton d.o.o.
2.4 Significant accounting judgments and estimates

The preparation of the financial statements requires management to make judgments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and liabilities, during the reporting period or at the
reporting date respectively. However, uncertainty about these assumptions and estimates could result in outcomes
that require a material adjustment to the carrying amount of the asset or liability affected in future periods.
Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
next financial year are discussed below. The Group based its assumptions and estimates on parameters available
when the financial statements were prepared. Existing circumstances and assumptions about future developments,
however, may change due to market changes or circumstances arising beyond the control of the Group. Such
changes are reflected in the assumptions when they occur.
Bad debt provision

The Company regularly monitors the ageing structure of accounts receivable. For receivables due more than 360
days, legal actions are initiated (or earlier on request of the Director or Head of Sales). After being overdue for more
than 360 days, value adjustment is calculated on the individual basis. Further details on trade accounts receivables
and value adjustments are disclosed in Note 17.
Impairment of non-financial assets

An impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount,
which is the higher of its fair value less costs to sell and its value in use. The fair value less costs to sell calculation
is based on available data from binding sales transactions in an arms length transaction of similar assets or
observable market prices less incremental costs for disposing of the asset. The Groups impairment test for
Goodwill is based on value in use calculations that use a discounted cash flow model. The cash flows are derived
from the budget for the next five years. The recoverable amount is most sensitive to the discount rate used
for the discounted cash flow model as well as the expected future cash inflows and the growth rate used for
extrapolation purposes. The carrying amount of goodwill at 31 December 2015 was KM 487 thousand (2014: KM
487 thousand). The key assumptions used to determine the recoverable amount for goodwill are further explained
in Note 12.
Provision for re-cultivation

The Group recognizes a provision for re-cultivation liabilities associated with the concession agreement signed
between the Ministry for Industry, Energy and Mining of the Zeniko-dobojski municipality and Tvornica Cementa
Kakanj. According to the concession agreement signed, the Company has a liability for re-cultivation in the amount
of KM 0.20 per ton of exploited raw material. Provision for this liability is recognized annually on the basis of actual
materials exploited (Note 12) and in accordance with the accounting policy stated in Note 2.5 m).

2016
2.5 Saetak raunovodstvenih politika
Primijenjene raunovodstvene politike su istovjetne prologodinjim. Do dana objave ovih financijskih izvjea Savez
raunovoa, revizora i financijskih djelatnika u Federaciji BiH nije preveo i objavio nove standarde niti tumaenja,
kao ni nove ili dopunjene MSFI-jeve, koji su objavljeni od strane Odbora nakon listopada 2009. Grupa e razmotriti
utjecaj tih novih ili dopunjenih standarda i tumaenja na financijska izvjea nakon njihovog prijevoda i objave od
strane Saveza.
a) Poslovna spajanja i goodwill

Poslovna spajanja iskazuju se primjenom metode raunovodstva stjecanja. Troak stjecanja priznaje se kao
kumulirana prenesena naknada vrednovana na datum stjecanja, fer vrijednost i iznos bilo kojeg nekontroliranog
interesa kod drutva koje stjee. Za svako poslovno spajanje stjecatelj priznaje nekontrolirani interes kod drutva
koje stjee ili po fer vrijednosti ili po proporcionalnom udjelu prepoznatljive neto imovine drutva koje se stjee.
Nastali trokovi stjecanja se priznaju kao troak razdoblja. Kada Grupa stjee poslovanje, procjenjuje financijsku
imovinu i obveze po prikladnoj klasifikaciji u skladu s ugovorenim uvjetima, ekonomskim okolnostima i primjerenim
uvjetima na datum stjecanja.
Ukoliko je poslovno spajanje ostvareno u etapama, ranija ulaganja u drutvo koje se stjee ponovno se vrednuje po
fer vrijednosti na datum stjecanja kroz izvjee o sveobuhvatnoj dobiti.Bilo koja potencijalna naknada koja se treba
isplatiti prodavatelju priznaje se po fer vrijednosti na datum stjecanja. Naknadne promjene fer vrijednosti potencijalne
naknade priznaje se u raunu dobiti i gubitka.
Goodwill steen poslovnim spajanjem poetno se mjeri po troku koji je razlika izmeu troka poslovnog spajanja i
uea Grupe u neto fer vrijednosti prepoznatljive imovine i obveza. Nakon poetnog priznavanja, goodwill se mjeri
po troku umanjenom za akumulirane gubitke od umanjenja vrijednosti. Za potrebe testiranja umanjenja vrijednosti,
goodwill steen poslovnim spajanjem se od datuma stjecanja rasporeuje na jedinicu koja stvara novac Grupe, ili
grupe jedinica koje stvaraju novac, a za koje se oekuje da e imati koristi od sinergija spajanja, bez obzira jesu li
ostala imovina ili obveze Grupe dodijeljene tim jedinicama ili grupama jedinica. Svaka jedinica ili grupa jedinica na
koju je goodwill rasporeen predstavlja najniu razinu unutar Grupe na kojoj se goodwill prati za potrebe internog
upravljanja.
Umanjenje se utvruje procjenom nadoknadivog iznosa jedinice koja stvara novac (ili grupe jedinica), na koju se
goodwill odnosi. Kada je nadoknadivi iznos jedinice koja stvara novac manji od njene knjigovodstvene vrijednosti,
priznaje se gubitak od umanjenja vrijednosti. U sluaju kada goodwill ini dio jedinice koja stvara novac, a dio
poslovanja te jedinice se naputa, goodwill povezan s tim dijelom poslovanja se ukljuuje u knjigovodstvenu
vrijednost naputenog poslovanja kada se odreuje dobitak ili gubitak od naputanja poslovanja. Goodwill koji je
na ovaj nain rashodovan mjeri se na osnovu relativne vrijednosti naputenog poslovanja i zadranog dijela jedinice
koja stvara novac.

2016
2.5 Summary of significant accounting policies
The accounting policies adopted are consistent with those of the previous financial year. Until the date of publishing
of these financial statements Association of accountants, auditors and financial employees in Federation BiH did
not translated and published new or amended IAS, IFRS or IFRICs issued by the IASB after October 2009. The
Group will assess the influence of those standards and IFRICs to the financial statements after their translation and
publishing by the Association.
a) Business combinations and Goodwill

Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured
as the aggregate of the consideration transferred, measured at acquisition date, fair value and the amount of any
non-controlling interest in the acquiree. For each business combination, the acquirer measures the non-controlling
interests in the acquiree either at fair value or at the proportionate share of the acquirees identifiable net assets.
Acquisition related costs incurred are expensed. When the Group acquires a business, it assesses the financial
assets and liabilities assumed for appropriate classification and designation in accordance with the contractual
terms, economic circumstances and pertinent conditions as at the acquisition date.
If the business combination is achieved in stages, the acquisition date fair value of the acquirers previously held equity
interest in the acquiree is remeasured to fair value as at the acquisition date through statement of comprehensive
income.Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition
date. Subsequent changes to the fair value of the contingent consideration will be recognized in profit or loss.
Goodwill acquired in a business combination is initially measured at cost being the excess of the consideration
transferred over the Groups net identifiable assets acquired and liabilities assumed. Following initial recognition,
goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing,
goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Groups cash
generating units, or groups of cash generating units, that are expected to benefit from the synergies of the
combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of
units. Each unit or group of units to which the goodwill is allocated represents the lowest level within the Group at
which the goodwill is monitored for internal management purposes.
Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash-
generating units), to which the goodwill relates. Where the recoverable amount of the cash-generating unit is less
than the carrying amount, an impairment loss is recognized. Where goodwill forms part of a cash-generating unit
and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is
included in the carrying amount of the operation when determining the gain or loss on disposal of the operation.
Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and
the portion of the cash-generating unit retained.

2016
2.5 Saetak racunovodstvenih politika (nastavak)
a) Poslovna spajanja i goodwill (nastavak)
Ulaganja u ovisna drutva
Ulaganja u ovisna drutva se u pojedinanim financijskim izvjeima priznaju po troku stjecanja.
Ulaganja u zajedniki pothvat
Grupa ima udio u zajednikom pothvatu koje je zajedniki kontroliran subjekt, a ulagai imaju ugovor kojim se
uspostavlja zajednika kontrola nad ekonomskim aktivnostima subjekta. Grupa priznaje svoj udio u zajednikom
pothvatu koristei metodu udjela. Financijska izvjea zajednikog pothvata pripremljena su za isto razdoblje kao i
financijska izvjea matice.Po potrebi se vre prilagodbe kako bi se raunovodstvene politike uskladile s Grupnim.
U financijskim izvjeima Grupe eliminira se udio Grupe u nerealiziranim dobicima i gubicima iz transakcija izmeu
Grupe i njenog zajedniki kontroliranog drutva. Gubici iz transakcija priznaju se odmah ukoliko je iz gubitka
razvidno smanjenje neto utrive vrijednosti kratkotrajne imovine ili gubitak od umanjenja imovine. Ulaganje u
zajedniki pothvat prestaje se priznavati od datuma kada Grupa prestaje imati zajedniku kontrolu nad zajednikim
pothvatom.
Ulaganja u zajedniki pothvat se u pojedinanim financijskim izvjeima priznaju po troku umanjenom za

potencijalne gubitke vrijednosti.
Transakcije pod zajednikom kontrolom

Transakcije pod zajednikom kontrolom se evidentiraju po metodi stjecanja. Imovina drutva koje se stjee
i pretpostavljene obveze koje se mogu identificirati priznaju se po fer vrijednosti na datum stjecanja. Razlika
izmeu fer vrijednosti neto steene imovine i ukupne isplaene naknade se priznaje ili kao goodwill (ako je
naknada vea od fer vrijednosti neto steene imovine) ili kao negativni goodwill (ako je fer vrijednost neto steene
imovine vea od plaene naknade). Goodwill se priznaje u izvjeu o financijskom poloaju i godinje testira
na umanjenje (biljeka 2.4 l), dok se negativni goodwill priznaje u raunu dobiti i gubitka razdoblja u kojem se
dogodila transakcija.
b) Strane valute
Pojedinana i konsolidirana financijska izvjea iskazana su u konvertibilnim markama, koje su funkcionalna i
izvjetajna valuta Drutva. Svaka lanica Grupe odreuje vlastitu funkcionalnu valutu koja se koristi za iskazivanje
stavki u zasebnim financijskim izvjeima svake lanice. Poslovne promjene iskazane u stranim valutama
evidentiraju se preraunom u funkcionalnu valutu po teaju vaeem na dan transakcije. Monetarna aktiva i
pasiva izraena u stranoj valuti preraunata je u funkcionalnu valutu po teaju vaeem na datum bilance. Sve
razlike ukljuuju se u raun dobiti i gubitka. Nemonetarne stavke koje se iskazuju prema povijesnom troku u
stranoj valuti preraunate su po vaeem teaju na datum inicijalne poslovne promjene. Nemonetarne stavke
koje se iskazuju prema fer vrijednosti u stranoj valuti preraunate su po vaeem teaju na datum odreivanja fer
vrijednosti.

2016
2.5 Summary of significant accounting policies (continued)
a) Business combinations and Goodwill (continued)
Investment in subsidiaries
Investment in subsidiaries in the separate financial statements is recognized at costless any impairment losses
Interest in joint venture
The Group has an interest in a joint venture which is a jointly controlled entity, whereby the venturers have a contractual
arrangement that establishes joint control over the economic activities of the entity. The Group recognises its interest
in the joint venture using equity method of accounting. The financial statements of the joint venture are prepared for
the same reporting period as the parent company. Adjustments are made where necessary to bring the accounting
policies into line with those of the Group. Adjustments are made in the Groups financial statements to eliminate the
Groups share of unrealised gains and losses on transactions between the Group and its jointly controlled entity.
Losses on transactions are recognised immediately if the loss provides evidence of a reduction in the net realisable
value of current assets or an impairment loss. Interest in the joint venture is derecognised at the date on which the
Group ceases to have joint control over the joint venture.
Interest in joint venture in the separate financial statements is accounted for at cost less any impairment
losses
Common control transactions

Common control transactions are accounted for using the acquisition method. Identifiable asset acquired and
liabilities assumed in the transaction are recognized at their acquisition date fair values. Difference between the fair
values of the net assets acquired and the aggregate of the consideration transferred is either recognized as goodwill
(if the consideration transferred is higher than the fair value of the net asset acquired) of gain on a bargain purchase
(if the fair value of the net asset acquired is higher than the consideration transferred).Goodwill is recognized in the
statement of financial position at the acquisition date and tested for impairment annually (Note 2.4 l), while the gain
on bargain purchase is recognized in the income statement for the period in which transaction occurred.
b) Foreign currency translation

The separate and consolidated financial statements are presented in convertible marks, which is the Companys
functional and presentation currency. Each entity in the group determines its own functional currency and items
included in the financial statements of each entity are measured using that functional currency. Transactions in
foreign currencies are initially recorded at the functional currency rate ruling at the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange
ruling at the balance sheet date. All differences are taken to profit or loss. Non-monetary items that are measured
in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial
transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange
rates at the date when the fair value was determined.

2016
2.5 Saetak raunovodstvenih politika (nastavak)
c) Priznavanje prihoda
Prihodi se priznaju kad postoji vjerojatnost da e gospodarske koristi povezane s transakcijom pritjecati u Grupu
i Drutvo i kad se iznos prihoda moe pouzdano mjeriti, neovisno o tome kada e prihodi biti naplaeni. Prihod
od prodaje se priznaje umanjen za poreze i popuste.Grupa je procijenila svoje financijske ugovorepo navedenim
kriterijima kako bi zakljuila ponaa li se kao principal ili kao agent, te je zakljuila da se u svim ugovorima ponaa
kao principal.Slijedei posebni kriteriji priznavanja prihoda takoer moraju biti zadovoljeni:
Prodaja uinaka
Prihod od prodaje proizvodapriznaje se u fakturiranom iznosu umanjenom za poreze u trenutku prijenosa rizika i
vlasnitva na kupca (obino po dostavi robe) i kada se iznos prihoda moe pouzdano izmjeriti.
Prihodi od kamata
Prihodi od kamata priznaju se na vremenski razmjernoj osnovi (koristei ugovorenu kamatnu stopu).
d) Dugotrajna materijalna imovina

Materijalna imovina nabavljena nakon 1998. godine vodi se po nabavnoj vrijednosti, izuzevi troak tekueg
odravanja, umanjenoj za akumuliranu amortizaciju i akumulirano umanjenje vrijednosti.
Dugotrajna materijalna imovina bila je predmet revalorizacije u periodu od 1992. do 1998. godine u skladu sa
metodologijom za revalorizaciju i stopama propisanim od strane Vlade Bosne i Hercegovine zbog hiperinflacije.
Zadnja revalorizacija materijalne i nematerijalne imovine je izvrena 1998. godine. U skladu sa Zakonom o
privatizaciji sva revalorizacijska rezerva je ukljuena u temeljni kapital Drutva.
Amortizacija se obraunava pravocrtno sukladno korisnom vijeku trajanja imovine. Koritene stope amortizacije
potpadaju u sljedee stope:
Vrsta imovine Stopa
Graevinski objekti 2,5 - 10%

Infrastrukturni objekti 4 do 10%
Oprema za proizvodnju cementa 5 do 10%
Rezervni dijelovi 20%
Vozila 10 do 20%
Postrojenja i oprema 10 do 20%
Informatika oprema 20 do 33,30%
Knjigovodstvena vrijednost postrojenja i opreme se provjerava zbog mogunosti umanjenja vrijednosti imovine kad
dogaaji ili promijenjene okolnosti ukazuju da knjigovodstvena vrijednost imovine moda nije nadoknadiva.

2016
c) Revenue recognition
Revenue is recognized to the extent that it is probable that economic benefits will flow to the Group and the revenue can be
reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value of the consideration
received or receivable, net of sales taxes and discounts. The Group assesses its revenue arrangements against specific
criteria to determine if it is acting as principal or agent. The Group has concluded that it is acting as a principal in all of its
revenue arrangements. The following specific recognition criteria must also be met before revenue is recognised:
Sale of products
Revenue from the sale of cement is recognised at invoiced amounts net of taxes when the significant risks and rewards of ownership
of the goods have passed to the buyer (usually on delivery of the goods) and the amount of revenue can be measured reliably.
Interest income
Revenue is recognised as interest accrues (using the contracted interest rate).
d) Property, plant and equipment

Tangible assets acquired after 1998 are stated at cost, excluding the costs of day-to-day servicing, less accumulated
depreciation and accumulated impairment in value.
The tangible assets of the Company were subject to revaluation in the period between 1992 and 1998 in accordance
with the revaluation methodology and rates prescribed by the Government of Bosnia and Herzegovina due to
hyperinflation. The last revaluation of tangible and intangible assets was made in the year 1998. In accordance with
the Privatization Law, the entire revaluation reserve has been included in the share capital.
Depreciation is calculated on a straight-line basis over the useful life of the assets. The annual depreciation rates
used fall within the following rates:
Category of assets Rate
Buildings 2,5 - 10%

Infrastructure 4 do 10%
Equipment for cement production 5 do 10%
Spare parts 20%
Vehicles 10 do 20%
Plant and equipment 10 do 20%
Information (IT) equipment 20 do 33,30%
The carrying values of plant and equipment are reviewed for impairment when events or changes in circumstances
indicate that the carrying value may not be recoverable.

2016
d) Dugotrajna materijalna imovina (nastavak)
Knjigovodstveni iznos pojedine nekretnine, postrojenja ili opreme se prestaje priznavati u trenutku otuivanja, ili kada
se budue ekonomske koristi ne oekuju od njegove upotrebe ili otuenja. Dobitke ili gubitke proizale od prestanka
priznavanja nekretnina, postrojenja i opreme ukljuuju se u dobit ili gubitak u godini kada je prestalo njihovo priznavanje.
Rezidualne vrijednosti imovine, korisni vijek trajanja imovine i metode se provjeravaju i prilagoavaju, po potrebi,
na kraju svake financijske godine. Nakon svake vee inspekcije, troak inspekcije priznaje se u knjigovodstvenoj
vrijednosti postrojenja i opreme kao zamjena ako su zadovoljeni kriteriji priznavanja. Eventualna neto knjigovodstvena
vrijednost prole inspekcije priznaje se u trenutku nove inspekcije u raunu dobiti i gubitka.
e) Dugotrajna nematerijalna imovina
Dugotrajna nematerijalna imovina se poetno priznaje po troku nabave. Nakon poetnog priznavanja,
nematerijalna imovina se iskazuje po troku nabave umanjenom za akumuliranu amortizaciju i eventualni gubitak od
umanjenja vrijednosti. Koristan vijek upotrebe nematerijalne imovine procjenjuje se kao ogranien ili neogranien.
Nematerijalna imovina s ogranienim korisnim vijekom upotrebe se amortizira kroz vijek ekonomske korisnosti, a
umanjenje njezine vrijednosti se procjenjuje u bilo kojem trenutku u kojem postoje naznake da je vrijednost imovine
smanjena. Razdoblje i metoda amortizacije nematerijalne imovine s ogranienim korisnim vijekom upotrebe revidira
se barem na kraju svake financijske godine. Promjene u oekivanom korisnom vijeku ili u oekivanom obrascu
iskoritavanja buduih ekonomskih koristi nematerijalne imovine se prikladno iskazuju putem promjene razdoblja
ili metode amortizacije, te se tretiraju kao promjene raunovodstvenih procjena. Troak amortizacije nematerijalne
imovine s ogranienim vijekom trajanja priznaje se kao rashod u raunu dobiti i gubitka u skladu sa funkcijom
nematerijalne imovine.
Amortizacijske stope za dugotrajnu nematerijalnu imovinu s ogranienim vijekom trajanja su kako slijedi:
Vrsta imovine Stopa
Koncesije 3,33%
Licence 20%
Softver 20%
f) Trokovi posudbe
Trokovi posudbe koji se mogu izravno pripisati stjecanju, izgradnji ili proizvodnji imovine za ije je stavljanje u
upotrebu potrebno due vremensko razdoblje, kapitaliziraju se kao dio troka te imovine. Svi ostali trokovi posudbe
priznaju se u raunu dobiti i gubitka u razdoblju kada su nastali. Trokovi posudbi, ukljuuju kamate i ostale trokove
koji nastaju u svezi uzimanja kredita.

2016
d) Property, plant and equipment (continued)
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are
expected from its use or disposal. Any gain or loss arising on derecognition of the asset is included in the income
statement in the year the asset is derecognized.
The assets residual values, useful lives and methods are reviewed, and adjusted if appropriate, every financial
year. After every major inspection, the cost of inspection is capitalised into the property plant and equipment if the
recognition criteria are met. Any net book value of the cost of the previous inspection is recognised in the income
statement when the new inspection is performed.
e) Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition,
intangible assets are carried at cost less any accumulated amortization and any accumulated impairment
losses. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets
with finite lives are amortized over the useful economic life and assessed for impairment whenever there
is an indication that the intangible asset may be impaired. The amortization period and the amortization
method for an intangible asset with a finite useful life are reviewed at least at each financial year-end.
Changes in the expected useful life or the expected pattern of consumption of future economic benefits
embodied in the asset are accounted for by changing the amortization period or method, as appropriate,
and treated as changes in accounting estimates. The amortization expense on intangible assets with finite
lives is recognized in the income statement in the expense category consistent with the function of the
intangible asset.
Amortization rates for intangible assets with definite useful life are as follows:
Category of assets Rate
Concession 3.33%
Licenses 20%
Software 20%
f) Borrowing costs
Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually
or at the cash-generating unit level. The Group currently, does not have any intangible assets with indefinite useful
life (except for goodwill).

2016
g) Zajmovi i potraivanja
Zajmovi i potraivanja su izvorna financijska imovina sa fiksnim ili odredivim otplaivanjem koja ne kotira na aktivnom
tritu. Takva imovina se vodi po amortiziranom troku koristei metodu efektivne kamatne stope. Dobici i gubici se
priznaju u raunu dobitka i gubitka kada se zajmovi i potraivanja rashoduju ili kada im se umanji vrijednost, kao i
kroz proces amortizacije.
h) Zalihe
Zalihe se iskazuju po prosjenoj vrijednosti troka nabave ili po neto nadoknadivoj vrijednosti utvrenoj na osnovi
trinih uvjeta na kraju godine umanjenoj za procijenjene trokove zavretka zaliha i nune trokove prodaje, ovisno
o tome koja je vrijednost nia. Vrijednost proizvodnje ukljuuje vrijednost sirovina i energije, amortizaciju, vrijednost
utroenog rada, te direktne i indirektne proizvodne trokove na osnovi normalnog instaliranog kapaciteta iskljuujui
trokove posudbe. Sirovine se iskazuju po prosjenoj ponderiranoj vrijednosti.
Zastarjele zalihe i zalihe s usporenim obrtajem svedene su na nadoknadivu vrijednost koritenjem vrijednosnog
usklaenja zaliha.
Vrijednosno usklaivanje zaliha radise na osnovi kretanja materijala. Dva tipa kretanja su relevantna - primici (ulazi
materijala ) i potronja (izlazi materijala) . Starosna struktura se utvruje FIFO metodom (prva ulazna je prva izlazna)
Drutvo koristi slijedee postotke za vrijednosno usklaivanje zaliha:
Zadnje izdavanje/primitak prije Smanjenje vrijednosti
1. godine 30%
2. godine 30%
3. godine 60%
4. godine 60%
5. godine 60%
6. godine 90%
i) Potraivanja od kupaca
Potraivanja su iskazana prema fer vrijednosti dane naknade i knjie se po amortiziranom troku, nakon ispravka za
umanjenje vrijednosti.
j) Novac i novani ekvivalenti

Gotovina i novani ekvivalenti u bilanci se sastoje od sredstava na raunima u bankama i u blagajni te kratkoronih
depozita sa izvornim dospijeem od tri mjeseca ili manje.

2016
g) Loans and receivables

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

Receivables are stated at the fair value of the consideration given and are carried at amortized cost, after provision
for impairment.
j) Cash and cash equivalents

Cash and short-term deposits in the balance sheet comprise cash at banks and in hand and short-term deposits
with an original maturity of three months or less.

2016
k) Fer vrijednost financijskih instrumenata

Fer vrijednost financijskih instrumenata kojima se trguje na aktivnom tritu se na svaki datum bilance odreuje u
skladu s kotiranom trinom cijenom, bez oduzimanja trokova transakcije. Fer vrijednost financijskih instrumenata
kojima se ne trguje na aktivnom tritu odreuje se koritenjem prikladnih tehnika vrednovanja. Takve tehnike
mogu ukljuivati:
Koritenje nedavnih transakcija pod trinim uvjetima

Referencu na aktualnu fer vrijednost drugog instrumenta koji je sutinski isti
Analizu diskontiranih novanih tijekova ili druge modele vrednovanja
l) Umanjenje vrijednosti nefinancijske imovine

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

2016
k) Fair value of financial instruments

The fair value of financial instruments that are traded in active market at each reporting date is determined by
reference to quoted market prices or dealer price quotations, without any deduction for transaction costs. For
financial instruments not traded in an active market, the fair value is determined using appropriate valuation
techniques. Such techniques may include:
Using recent arms length market transactions

Reference to the current fair value of another instrument that is substantially the same
A discounted cash flow analysis or other valuation models.
l) Impairment of non-financial assets

The Group assesses at each reporting date whether there is an indication that an asset may be impaired.
If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the
assets recoverable amount. An assets recoverable amount is the higher of an assets or cash-generating
units (CGU) fair value less costs to sell and its value in use and is determined for an individual asset,
unless the asset does not generate cash inflows that are largely independent of those from other assets
or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the
asset is considered impaired and is written down to its recoverable amount. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset. In
determining fair value less costs to sell, recent market transactions are taken into account, if available. If
no such transactions can be identified, an appropriate valuation model is used. These calculations are
corroborated by valuation multiplies, quoted share prices for publicly traded subsidiaries or other available
fair value indicators.
The Group bases its impairment calculation on detailed budgets and forecast calculations, which are
prepared separately for each CGU to which the individual asset is allocated. These budgets and forecast
calculations generally cover a period of five years. For longer periods, a long-term growth rate is calculated
and applied to project future cash flows after the third year.
Impairment losses of continuing operations, including impairment on inventories, are recognized in the income
statement in expense categories consistent with the function of impaired assets.
For assets excluding goodwill, an assessment is made at each reporting date whether there is any
indication that previously recognized impairment losses may no longer exist or may have decreased.
If such indication exists, the Group estimates the assets or CGUs recoverable amount. A previously
recognized impairment loss is reversed only if there has been a change in the assumptions used to
determine the assets recoverable amount since the last impairment loss was recognized. The reversal
is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed
the carrying amount that would have been determined, net of depreciation, had no impairment loss
been recognized for the asset in prior years. Such reversal is recognized in the income statement
unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation
increase.

2016
l) Umanjenje vrijednosti nefinancijske imovine (nastavak)
Testiranje umanjenja goodwil-a odvija se pod specifinim karakteristikama. Goodwill se na umanjenje testira
godinje (na 31. prosinca) i u sluaju kada postoje okolnosti koje ukazuju na potencijalno umanjenje njegove
knjigovodstvene vrijednosti. Umanjenje vrijednosti goodwill-a se odreuje procjenom nadoknadive vrijednosti
svake jedinice koja stvara novac na koju je goodwill alociran. U sluaju kada je nadoknadivi iznos manji od
njegove knjigovodstvene vrijednosti priznaje se gubitak od umanjenja vrijednosti. Gubitak od umanjenja vrijednosti
goodwill-a se ne moe ukinuti u buduim razdobljima.
m) Rezerviranja
Rezerviranja se priznaju kada Grupa ima sadanju obvezu (zakonsku ili konstruktivnu) kao ishod prolog dogaaja,
a vjerojatno je da e za podmirenje biti potreban odljev sredstava koja utjelovljuju ekonomske koristi koji je mogue
pouzdano procijeniti. Troak koji se odnosi na eventualno rezerviranje iskazuje se u raunu dobiti i gubitka umanjen
za eventualne povrate. Ako je uinak vremenske vrijednosti novca materijalan, rezerviranja se diskontiraju koristei
tekuu stopu prije oporezivanja koja, ako je prikladno, odraava rizike specifine za navedenu obvezu.
Rezerviranja za re-kultivaciju
U skladu s odlukom vlade Zeniko-dobojskog kantona, dobivena je koncesija za istraivanje i eksploataciju
mineralnih sirovina potrebnih za proizvodnju klilnkera, cementa i ostalih materijala za izgradnju na teritoriju opine
Kakanj. Ugovor o koncesiji je zakljuen izmeu Ministarstva za industriju, energiju i rudarstvo Zeniko-dobojskog
kantona kao koncedenta i Tvornice cementa Kakanj kao koncesionara s drutvom Heidelberg Cement AG iz
Njemake kao supotpisnikom na dan 12. rujna 2000. godine. Koncesija je odobrena za razdoblje od 30 godina. U
skladu s ugovorom, Grupa ima obvezu re-kultivacije u iznosu od 0,2 KM po toni eksploatirane sirovine. Rezervacija
se priznaje godinje na temelju stvarne koliine eksploatirane sirovine.
n) Potencijalna sredstva i obveze

Potencijalne obveze se ne iskazuju u financijskim izvjeima. One se objavljuju u biljekama, osim ako postoji ra-
zumna vjerojatnost odljeva sredstava. Potencijalna sredstva se ne priznaju u financijskim izvjeima, ve se prikazuju
u biljeci ako je vjerojatan priljev ekonomskih koristi.
o) Primanja zaposlenih
Primanja zaposlenih obuhvaaju primanja zaposlenih kao to su nadnice, plae, porezi i doprinosi na plae, naknade za
koritenje godinjeg odmora i naknade za vrijeme bolovanja, otpremnine pri sporazumnom raskidu radnog odnosa,naknade za
topli obrok i dodatne naknade za godinji odmor te se priznaju kao rashod u razdoblju u kojem su nastala.
Otpremnine radnicima pri odlasku u mirovinu su definirane internim aktom u visini tri prosjene plae Federacije ili
radnika, u ovisnosti o tome to je povoljnije za zaposlenika. Ova naknada ne podlijee obraunu poreza i doprinosa.
Otpremnine radnicima pri odlasku u mirovinu se priznaju u raunu dobitka i gubitka prema planu definiranih primanja
koja su zaposleni zaradili u tekuem i ranijim razdobljima.

2016
l) Impairment of non-financial assets (continued)
The Goodwill has specific characteristics for impairment testing. Goodwill is tested for impairment
annually (as at 31 December) and when circumstances indicate that the carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU to which
the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount,
an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future
periods.
m) Provisions
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event,
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and
a reliable estimate can be made of the amount of the obligation. The expense relating to any provision is presented
in the income statement net of any reimbursement. If the effect of the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability.
Provision for re-cultivation

According to the decision of the Government of the Zeniko-dobojski canton, the concession is granted for the
exploration and exploitation of mineral raw materials needed for the production of clinker, cement and other
construction materials on the territory of the Kakanj municipality. The concession agreement has been concluded
between the Ministry of Industry, Energy and Mining of the Zeniko-dobojski canton as grantor and Tvornica
Cementa Kakanj as concessionaire with Heidelberg Cement AG Germany as co-signatory on 12 September 2000.
The concession has been granted for a period of 30 years. In accordance with the agreement the Group has a
liability for re-cultivation in the amount of KM 0.20 per ton of the exploited raw material. The provision for this is
recognized annually on the basis of the actual exploited raw material.
n) Contingencies
Contingent liabilities are not recognized in the financial statements. They are disclosed unless the possibility of an
outflow of resources embodying economic benefits is remote. A contingent asset is not recognized in the financial
statements but disclosed when an inflow of economic benefits is probable
o) Employee benefits
Employee benefits include wages, salaries, taxes and social contributions, paid vacation leave and paid sick leave,
lunch allowances and additional paid vacation bonuses, and are expensed as incurred.
Severance payments are defined by the Company by-law in the amount of three average salaries in the Federation
or of the employee, if it is more favourable for the employee. This benefit is not taxable. Severance payments are
recognized in accordance with the plan of benefits that employees have earned during the current and prior service
years.

2016
p) Financijski najam
Drutvo evidentira financijske najmove kao imovinu i obveze u bilanci kada pone najam po vrijednosti koja je na
poetku financijskog najma jednaka fer vrijednosti imovine na koju se najam odnosi ili, ako je manja, po sadanjoj
vrijednosti minimalnih otplata najma. Pri izraunavanju sadanje vrijednosti minimalnih otplata najma, diskontni
faktor koji se koristi jednak je kamatnoj stopi ukljuenoj u najam, a ako se ta stopa ne moe odrediti, koristi se
prosjena trina kamatna stopa. Otplate financijskog najma se rasporeuju u financijske trokove i smanjuju
ugovorne obveze. Politika amortizacije za unajmljena sredstva koja je mogue amortizirati je jednaka politici
amortizacije imovine u vlasnitvu Drutva.
r) Operativni najam
Otplate operativnog najma se evidentiraju kao troak po linearnoj metodi tijekom trajanja ugovora o najmu, ak i
kada nisu plaeni po toj osnovi.
s) Porezi
Oporezivanje se provodi u skladu s poreznim propisima Federacije Bosne i Hercegovine a za poslovne jedinice
u Republici Srpskoj u skladu propisima tog entiteta. Stopa poreza na dobit u oba entiteta je 10%. Propisi
Federacije Bosne i Hercegovine daju mogunost poreznog oslobaanja po osnovu investiranja u razdoblju od
5 godina.
U Bosni i Hercegovini ne postoji formalan postupak za utvrivanje konanog iznosa poreza prilikom
podnoenja poreznih prijava. Porezna obveza podlijee kontroli odgovarajuih poreznih organa u toku
slijedeih pet godina.
Prema Meunarodnom raunovodstvenom standardu 12 Porez na dobit odgoeni porez na dobit se priznaje po
metodi obveze i odraava sve znaajne privremene razlike izmeu vrijednosti imovine i obveza u poreznoj bilanci i
iskazanih stanja u financijskim izvjeima. Budui da ne postoje znaajne vremenske razlike odgoeni porez nije
bilo potrebno iskazati u financijskim izvjeima.
t) Dogaaji nakon datuma bilance
Dogaaji nakon kraja financijske godine koji pruaju dodatne informacije o poloaju Grupe i Drutva na datum
bilance (dogaaji koji zahtijevaju usklaenje) iskazuju se u financijskim izvjeima. Dogaaji nastali nakon datuma
bilance koji ne zahtijevaju usklaenje objavljuju se u biljekama kada su znaajni.

2016
p) Finance lease
Assets under finance lease are recognized as assets and liabilities at inception of the lease, at the fair value
of the leased assets or if lower, at the present value of the minimum lease payments. In the calculation
of the present value of the lease payments, the discount factor is the interest rate charged in the lease,
if this can be determined, or if the interest rate cannot be determined, the average market interest rate is
used. Lease payments are allocated to financial expenses and decrease of the contractual liability. The
depreciation policy for depreciable leased assets is consistent with that for depreciable assets which are
owned.
r) Operating leases
Rentals payable under operating leases are recognized as an expense on a straight-line basis over the lease term,
even if the payments are not made on such a basis.
s) Taxes
Taxation is provided for in accordance with the tax regulations of the Federation of Bosnia and Herzegovina, and
for business units in Republic of Srpska in accordance with regulations of that entity. The income tax rate for both
entities is 10%. The regulations of the Federation of Bosnia and Herzegovina give the possibility of tax relief on the
basis of investing for 5 years.
There are no formal procedures in Bosnia and Herzegovina to agree the final level of tax charge upon submission
of the tax declarations. Such tax declarations may be subject to review by the relevant tax authorities during the
limitation period of five years.
Under IAS No. 12, Income Taxes, deferred income taxes are accounted for under the liability method and reflect
the tax effect of all significant temporary differences between the tax basis of assets and liabilities and their reported
amounts in the financial statements. As significant timing differences do not exist, no deferred tax provisions are
required to be made in the financial statements.
t) Subsequent events
Post-year-end events that provide additional information about the Groups and Companys position at the balance
sheet date (adjusting events) are reflected in the financial statements. Post-year-end events that are not adjusting
events are disclosed in the notes when material.

2016
3 Prihodi od prodaje
Tisue KM
Grupa Drutvo
2016. godina 2015. godina 2016. godina 2015. godina
Prihodi od prodaje dobara 71.224 69.189 58.250 57.780

Prihod od prodaje roba 8.554 9.560 358 445
Prihod od usluga prijevoza 3.897 4.130 3.605 3.820
Prihod od ostalih usluga 23 28 73 45
83.698 82.907 62.286 62.090
U 2016. godini Drutvo je prodalo 433 tisua tona cementa (u 2015. godini: 426 tisua tona). Do
poveanja volumena prodaje dolo je zbog poveanja potronje cementa na domaem tritu.
U 2016. godini Grupa je prodala 496 tisue tona cementa i 192 tisuu kubnih metara betona ( u 2015. 495 tisua
tona cementa i 159 kubnih metara betona ).
Prihodi od prodaje dobara prema zemljopisnom podruju
Tisue KM
Grupa Drutvo
Prihodi od prodaje na domaem tritu 57.071 53.430 51.451 50.423

Prihodi od prodaje na stranom tritu 14.153 15.759 6.799 7.357
71.224 69.189 58.250 57.780
Prihodi od prodaje roba prema zemljopisnom podruju
Tisue KM
Grupa Drutvo
Prihodi od prodaje na domaem tritu 671 1.052 358 368

Prihodi od prodaje na stranom tritu 7.883 8.508 - 77
8.554 9.560 358 445

2016
3 Revenue
KM thousand
Group Company
year 2016 year 2015 year 2016 year 2015
Income from sale of goods 71,224 69,189 58,250 57,780

Income from sale of merchandise 8,554 9,560 358 445
Income from transportation services 3,897 4,130 3,605 3,820
Income from other services 23 28 73 45
83,698 82,907 62,286 62,090
In 2015 the Company has sold 426 thousand tons of cement (in 2014: 419 thousand tons of cement). The increase
in volume of sales is a consequence of the increase of the Companys market share on domestic market.
In 2015 the Group has sold 495 thousand tons of cement and 259 m3 of concrete ( in 2014, 467 k tons of cement
and 159 m3 of concrete ).
Income from sale of goods by geographical area
KM thousand
Group Company
Sale on domestic market 57,071 53,430 51,423 50,423

Sale on foreign markets 14,153 15,759 6,799 7,357
71,224 69,189 58,250 57,780
Income from sale of merchandise by geographical area
KM thousand
Group Company
Sale of merchandise on domestic market 671 1,052 358 368

Sale of merchandise on foreign markets 7,883 8,508 - 77
8,554 9,560 358 445

2016
3 Prihodi od prodaje (nastavak)
Prihodi od usluga prijevoza prema zemljopisnom podruju
Tisue KM
Grupa Drutvo
Usluge prijevoza na domaem tritu 2.522 2.387 1.415 1.423

Usluge prijevoza na stranom tritu 1.375 1.743 2.190 2.397
3.897 4.130 3.605 3.820
4 Trokovi prodanih proizvoda
Tisue KM
Grupa Drutvo
Troak energije 12.619 16.018 11.804 15.096

Troak materijala 11.735 9.745 6.816 5.928
Amortizacija 9.065 9.067 7.577 7.650
Troak plaa 7.503 7.746 6.125 6.417
Troak transporta gotovi proizvodi 7.615 8.469 3.534 4.247
Nabavna vrijednost prodate robe 4.693 5.767 356 431
Usluge odravanja 1.533 1.227 1.267 978
Ostale usluge 1.390 1.405 1.257 1.262
Usluge transporta 717 742 717 742
Promjena u zalihama nedovrene proizvodnje (209) (2.223) (209) (2.223)
i gotovih proizvoda
Ostali trokovi 970 897 680 686
57.631 58.860 39.924 41.214

2016
3 Revenue (continued)
Income from transportation services by geographical area
KM thousand
Group Company
Transport on domestic market 2,522 2,387 1,415 1,423

Transport on foreign markets 1,375 1,743 2,190 2,397
4,130 3,605 3,820
4 Cost of sales
KM thousand
Group Company
Energy used 12,619 16,018 11,804 15,096

Material used 11,735 9,745 6,816 5,928
Depreciation 9,065 9,067 7,577 7,650
Salaries 7,615 7,746 6,125 6,417
Cost of transport - finished goods 7,503 8,469 3,534 4,247
Cost of merchandise sold 4,693 5,767 356 431
Maintenance 1,533 1,227 1,267 978
Other services 1,390 1,405 1,257 1,262
Transportation 717 742 717 742
Changes in stocks of work in progress and (209) (2,223) (209) (2,223)
finished goods
Other costs 970 897 680 686
57,631 58,860 39,924 41,214

2016
5 Opi i administrativni trokovi
Tisue KM
Grupa Drutvo
Plae 4.941 4.463 3.788 3.395

Trokovi usluga 899 946 687 831
Porezi i lanarine udruenjima 839 710 741 618
Marketing 512 545 497 555
Amortizacija 428 423 318 341
Reprezentacija 268 242 205 198
Trokovi goriva i elektrine energije 203 300 165 255
Trokovi telefona i potanskih usluga 196 160 110 79
Trokovi slubenih putovanja 177 184 167 173
Trokovi odravanja 171 224 99 124
Trokovi najma 160 161 23 23
Materijalni trokovi 122 131 92 109
Bankovne usluge 47 54 27 37
Trokovi osiguranja 8 7 - -
9.196 8.725 7.129 6.898
6 Ostali prihodi
Tisue KM
Grupa Drutvo
Dobici od prodaje stalnih sredstava 534 103 85 -

Naplaena otpisana potraivanja 261 176 36 46
Prihod od prodaje materijala 125 75 125 75
Prihod iz prijanjeg razdoblja 92 101 48 38
Ukidanje rezervacija 2 294 - 291
Inventurni vikovi 1 76 1 72
Ostali prihodi 36 67 12 37
1.051 892 307 559

2016
5 General and administrative costs
KM thousand
Group Company
Salaries 4,941 4,463 3,788 3,395

Cost of services 899 946 687 831
Taxes and membership fees 839 710 741 618
Marketing 512 545 497 555
Depreciation 428 423 318 341
Representation 268 242 205 198
Fuel and energy 203 300 165 255
Postal and telephone 196 160 110 79
Daily allowances and business trips 177 184 167 173
Maintenance 171 224 99 124
Lease 160 161 23 23
Material expenses 122 131 92 109
Bank fees 47 54 27 37
Insurance costs 8 7 - -
Other costs 225 175 210 160
9,196 8,725 7,129 6,898
6 Other income
KM thousand
Group Company
Gains from sale of fixed assets 534 103 85 -

Collected written-off receivables 261 176 36 46
Income from sales of material 125 75 125 75
Prior period revenue 92 101 48 38
Reversal of provisions 2 294 - 291
Inventory surpluses 1 76 1 72
Other income 36 67 12 37
1,051 892 307 559

2016
7 Ostali rashodi
Tisue KM
Grupa Drutvo
Ispravak vrijednosti potraivanja 922 1.044 621 149

Donacije 326 339 319 332
Gubici od prodaje materijalne imovine 306 129 115 91
Vrijednosno usklaenje zaliha materijala 209 403 202 396
Manjak materijala 152 10 152 10
Rezerviranja 71 92 43 92
Trokovi prijanjeg razdoblja 34 51 19 17
2.051 2.110 1.474 1.099
8 Neto financijski prihodi
Tisue KM
Grupa Drutvo
Prihod od kamata 464 679 326 433

Ispravak vrijednosti financijske imovine 57 32 57 32
Pozitivne teajne razlike 68 38 56 30
589 749 439 495
Negativne teajne razlike (55) (27) (54) (56)

Zatezna kamata (67) (57) - -
(122) (84) (54) (56)
Neto financijski prihod 467 665 385 439

2016
7 Other costs
KM thousand
Group Company
Value adjustment of receivables 922 1,044 621 149

Donations 326 339 319 332
Loss from sale of fixed assets 306 129 115 91
Inventory value adjustment 209 10 202 10
Inventory shortage 152 403 152 396
Provisions 71 92 43 92
Prior period expenses 34 51 19 17
Other expenses 31 42 3 12
2.051 2,110 1,474 1,099
8 Net financial income
KM thousand
Group Company
Interest income 464 679 326 433

Value adjustment of financial assets 57 32 57 32
Foreign exchange gain 68 38 56 30
589 749 439 495
Foreign exchange losses (55) (27) (54) (56)

Interest expense (67) (57) - -
(122) (84) (54) (56)
Net financial income 467 665 385 439

2016
9 Porez na dobit
Bosna i Hercegovina podijeljena je na dva entiteta, koja imaju razliite porezne zakone, Federacija Bosna i
Hercegovina (Federacija) i Republika Srpska. Drutvo uglavnom posluje u Federaciji, ali isto tako ima poslovnu
jedinicu u Republici Srpskoj (Poslovna jedinica Banja Luka).
U oba entiteta stopa poreza na dobit je 10%.
Zakon o porezu na dobit Federacije daje mogunost potpunog poreznog oslobaanja u roku od 5 godina na
bazi investiranja.
Pod Investiranjem dobiti predviene Zakonom podrazumijeva se investiranje u proizvodnju na podruju Federacije.
Porezno oslobaanje postie se ako, temeljem unaprijed odobrenog plana od strane Skuptine, Drutvo investira
20 milijuna KM u periodu od 5 godina (od ega 4 milijuna KM moraju biti investirana u prvoj godini poreznog
oslobaanja). Drutvo nema obavezu izdvajanja dijela dobiti za investiranje. U periodu poreznog oslobaanja
Drutvo nema obavezu plaanja poreznih akontacija tokom godine
U Republici Srpskoj porezna olakica se moe ostvariti samo investiranjem u toku godine i to u proizvodne
kapacitete.
Na osnovu Odluke Skuptine Drutvo koristi poresko oslobaanje za period 2014. do 2018. godine na bazi
investiranja te nema obaveze za porez na dobit u Federaciji. U 2014. godini to jest prvoj godini poreskog oslobaanja
Drutvo je ispunilo jedan od uslova (investiranje 4 miliona KM).
Ukupna dobit Drutva prije oporezivanja u 2016. godini iznosi 17.776 tisua KM, od ega se na Feder-
aciju odnosi 16.868 tisua KM, to je osloboeno plaanja poreza, a na Republiku Srpsku se odnosi 908
tisua KM.

2016
9 Corporate income tax
Bosnia and Herzegovina is divided into two areas, both having different tax rules, the Federation of Bosnia and
Herzegovina (Federation) and the Republic of Srpska. The Company mainly operates in the Federation, but it also
has a business unit in the Republic of Srpska (Business unit Banja Luka).
In both areas, the tax for profit is 10%.
The income tax law in the Federation offers the possibility of complete tax exemption within a period of 5 years
based on investment.
Investing of profit, provided by the law, means investing in production in the Federation. Tax exemption is achieved
if, based on a pre-approved plan by the Assembly, the Company invested KM 20 million for a period of 5 years
(of which KM 4 million should be invested in the first year of tax exemptions). The Company has no obligation to
allocate part of its profits for investment. During the tax exemption period, the Company has no obligation to pay
the tax advance during the year.
In the Republic of Srpska, tax relief can be achieved only through investments during the year in the production
capacity.
Based on the Decision of the Assembly, the Company uses the tax exemption for the period 2014 to 2018 based
on investment and hence has no liability for income tax in the Federation. In the year 2014, i.e. the first year of the
tax exemption, the Company has fulfilled one of the conditions (investing KM 4 million).
Total company earnings before taxation in 2016 amounted to KM 17,776 thousand, of which KM 16,868 thousand
related to the Federation which is exempt from paying taxes, and KM 908 thousand related to the Republic of
Srpska.

2016
9 Porez na dobit (nastavak)
Grupa:
Tisue KM
Raunovodstvena dobit prije poreza na dobit 16.291 14.667

Porez na dobitak 10% 1.629 1.467
Usklaenje porezne osnovice 175 145

- plaanja zaposlenicima iznad porezno dopustivih iznosa 122 91
- 70% trokova reprezentacije 30 19
- ostalo 23 35
Porez 10% (Federacija) 1.804 1.612
Umanjenje porezne obveze po osnovi investicija Federacija (1.588) (1.516)
Porez na dobit Federacija 216 96
Porez na dobit u Republici Srpskoj 93 146
Ukupna obveza poreza na dobit 309 242
Umanjenje porezne obveze za preneseni porezni gubitak 22 80

2016
9 Corporate income tax (continued)
Group:
KM thousand
year 2016 year 2015
Accounting profit before income tax 16,291 14,667

Income tax at income tax rate of 10% 1,629 1,467
Tax effect of non-deductible expenses in determining taxable profits 175 145

- payments to employees above tax allowable amounts 122 91
- 70% of entertainment costs 30 19
- other 23 35
Income tax 10% (Federation) 1,804 1,612
Tax charge reduction based on reinvestment of profit (Federation) (1,588) (1,516)
Tax charge Federation 216 96
Tax charge in Republic of Srpska 93 146
Tax charge 309 242
Tax charge reduction for tax loss usage 22 80
Total tax charge 287 162

2016
9 Porez na dobit (nastavak)
Drutvo:
Tisue KM
Raunovodstvena dobit prije poreza na dobit 17.776 13.897

Porez na dobitak 10% 1.777 1.390
Usklaenje porezne osnovice 234 126

- Plaanja zaposlenicima iznad porezno dopustivih iznosa 120 88
- 70% trokova reprezentacije 16 17
- Ostalo 98 21
Porez 10% (Federacija) 2.011 1.516
Umanjenje porezne obveze po osnovu reinvestirane dobiti (Federacija) (1.588) (1.516)
Primljene dividende (330) -
Porez na dobit Federacija - -
Porez na dobit u Republici Srpskoj 93 146
10 Zarada po dionici
U svrhu izraunavanja osnovne zarade po dionici, osnovica za izraun je neto konsolidirana dobit nakon oporezivanja.
Ukupni broj dionica Drutva za razdoblje od 1. sijenja do 31. prosinca 2016. godine bio je 9.476.540 (kao i za
razdoblje od 1. sijenja do 31. prosinca 2015. godine). Osnovna zarada po dionici na 31. prosinca 2016. godine
iznosi 1,69 KM (u 2015. godini je iznosila 1,53 KM). Nije bilo razrijeene zarade ponude po dionici.

2016
9 Corporate income tax (continued)
Company:
KM thousand
year 2016 year 2015
Accounting profit before income tax 17,776 13,897

Income tax at income tax rate of 10% 1,777 1,390
Tax effect of non-deductible expenses in determining taxable profits 234 126

- payments to employees above tax allowable amounts 120 88
- 70% of entertainment costs 16 17
- Other 98 21
Income tax 10% (Federation) 2,011 1,516
Tax charge reduction based on reinvestment of profit (Federation) (1,588) (1,516)
Dividends rece ived (330) -
Tax charge Federation - -
Tax charge in Republic of Srpska 93 146
Total tax charge 93 146
10 Earnings per share

For the purposes of calculating basic earnings per share, the basis is consolidated net profit after tax. The total
number of shares of the Company for the period from 1 January 2016 to 31 December 2016 was 9,476,540 (the
same as for the period from 1 January 2015 to 31 December 2015). Basic earnings per share as at 31 December
2016 amounted to KM 1.69 (2015; KM 1.53). There are no diluted earnings per share.

2016
11 Dugotrajna materijalna imovina
Kretanje materijalne imovine Grupe tijekom 2016. godine bilo je kako slijedi:
Tisue KM
Graevinski Postrojenja Imovina u

Zemljite objekti i oprema pripremi Ukupno
Nabavna vrijednost
Na dan 31. prosinca 2015. 10.477 153.509 168.777 4.039 336.802
Poveanja - - - 10.406 10.406
Prijenos s imovine u pripremi 1.124 1.314 5.811 (8.249) -
Teajne razlike 18 20 132 (5) 165
Rashodovanje i prodaja - - (4.342) (880) (5.222)
Na dan 31. prosinca 2016 11.619 154.843 170.378 5.311 342.151
Akumulirana amortizacija
Na dan 31. prosinca 2015. - 103.159 134.337 - 237.496
Troak amortizacije za godinu - 3.961 5.470 - 9.431
Teajne razlike - 11 76 - 87
Rashodovanje i prodaja (2) (4.032) (4.034)
Ostalo - - - - -
Na dan 31. prosinca 2016. - 107.129 135.851 - 242.980
Neto knjigovodstvena vrijednost
Na dan 31. prosinca 2015. 10.477 50.350 34.440 4.039 99.306
Na dan 31. prosinca 2016. 11.619 47.714 34.528 5.311 99.171

2016
11 Property plant and equipment
The movement of tangible assets in the Group during 2016 was as follows:
KM thousand
Plant and Assets under

Land Buildings equipment construction Total
Cost
At 31 December 2015 10,477 153,509 168,777 4,039 336,802
Additions - - - 10,406 10,406
Transfer from AuC 1,124 1,314 5,811 (8,249) -
FX differences 18 20 132 (5) 165
Disposals - - (4,342) (880) (5,222)
At 31 December 2016 11,619 154,843 170,378 5,311 342,151
Accumulated depreciation
At 31 December 2015 - 103,159 134,337 - 237,496
Depreciation for the year - 3,961 5,470 - 9,431
FX differences - 11 76 - 87
Disposals (2) (4,032) (4,034)
Other - - - - -
At 31 December 2016 - 107,129 135,851 - 242,980
Net book value
At 31 December 2015 10,477 50,350 34,440 4,039 99,306
At 31 December 2016 11,619 47,714 34,528 5,311 99,171

2016
11 Dugotrajna materijalna imovina (nastavak)
Kretanje materijalne imovine Grupe tijekom 2015. godine bilo je kako slijedi:
Tisue KM

Nabavna vrijednost
Na dan 31. prosinca 2014. 10.472 153.058 164.823 4.711 333.064
Poveanja - - - 5.125 5.125
Prijenos s imovine u pripremi - 445 5.352 (5.797) -
Teajne razlike 5 6 39 - 50
Rashodovanje i prodaja - - (1.437) - (1.437)
Na dan 31. prosinca 2015. 10.477 153.509 168.777 4.039 336.802
Na dan 31. prosinca 2014. - 99.243 130.150 - 229.393
Teajne razlike - 5 20 - 25
Rashodovanje i prodaja - (1.346) - (1.037)
Ostalo - - - - -
Na dan 31. prosinca 2015. - 103.159 134.337 - 237.496
Na dan 31. prosinca 2014. 10.472 53.815 34.673 4.711 103.671
Na dan 31. prosinca 2015. 10.477 50.350 34.440 4.039 99.306

2016
11 Property plant and equipment (continued)
The movement of tangible assets in the Group during 2015 was as follows:
KM thousand

Cost
At 31 December 2014 10,472 153,058 164,823 4,711 333,064
Additions - - - 5,125 5,125
Transfer from AuC - 445 5,352 (5,797) -
FX differences 5 6 39 - 50
Disposals - - (1,437) - (1,437)
At 31 December 2015 10,477 153,509 168,777 4,039 336,802
At 31 December 2014 - 99,243 130,150 - 229,393
Depreciation for the year - 3,911 5,513 - 9,424
FX differences - 5 20 - 25
Disposals - (1,346) - (1,037)
Other - - - - -
At 31 December 2015 - 103,159 134,337 - 237,496
Net book value
At 31 December 2014 10,472 53,815 34,673 4,711 103,671
At 31 December 2015 10,477 50,350 34,440 4,039 99,306

2016
Kretanje materijalne imovine Drutva tijekom 2016. godine bilo je kako slijedi:
Tisue KM

Nabavna vrijednost
Na dan 31. prosinca 2015. 7.410 148.940 146.838 3.990 307.178
Poveanja - - - 4.443 4.443
Prijenos s imovine u pripremi 38 296 2.857 (3.191) -
Na dan 31. prosinca 2016. 7.448 149.236 145.844 5.242 307.770
Na dan 31. prosinca 2015. - 100.711 119.864 - 220.575
Na dan 31. prosinca 2016. - 104.458 120.231 - 224.689
Na dan 31. prosinca 2015. 7.410 48.229 26.974 3.990 86.603
Na dan 31. prosinca 2016. 7.448 44.778 25.613 5.242 83.081

2016
The movement of tangible assets in the Company during 2016 was as follows:
KM thousand

Cost
At 31 December 2015 7,410 148,940 146,838 3,990 307,178
Additions - - - 4,443 4,443
Transfer from AUC 38 296 2,857 (3,191) -
Disposals - - (3,851) - (3,851)
At 31 December 2016 7,448 149,236 145,844 5,242 307,770
At 31 December 2015 - 100,711 119,864 - 220,575
Depreciation of the period - 3,747 4,101 - 7,848
Disposals - - (3,734) - (3,734)
At 31 December 2016 - 104,458 120,231 - 224,689
Net book value
At 31 December 2015 7,410 48,229 26.974 3,990 86,603
At 31 December 2016 7,448 44,778 25.613 5,242 83,081

2016
Kretanje materijalne imovine Drutva tijekom 2015. godine bilo je kako slijedi:
Tisue KM

Nabavna vrijednost
Na dan 31. prosinca 2014. 7.410 148.627 142.761 4.635 303.433
Poveanja - - - 4.836 4.836
Prijenos s imovine u pripremi - 313 5.168 (5.481) -
Na dan 31. prosinca 2015 7.410 148.940 146.838 3.990 307.178
Na dan 31. prosinca 2014. - 96.988 116.646 - 213.634
Na dan 31. prosinca 2015. - 100.711 119.865 - 220.575
Na dan 31. prosinca 2014. 7.410 51.639 26.115 4.635 89.799
Na dan 31. prosinca 2015. 7.410 48.229 26.974 3.990 86.603

2016
The movement of long term tangible assets in the Company during 2014 was as follows:
KM thousand

Cost
At 31 December 2014 7,410 148,627 142,761 4,635 303,433
Additions - - - 4,836 4,836
Transfer from AUC - 313 5,168 (5,481) -
Disposals - - (1,091) - (1,091)
At 31 December 2015 7,410 148,940 146,838 3,990 307,178
At 31 December 2014 - 96,988 116,646 - 213,634
Depreciation of the period - 3,723 4,218 - 7,941
Disposals - - (1,000) - (1,000)
At 31 December 2015 - 100,711 119,865 - 220,575
Net book value
At 31 December 2014 7,410 51,.639 26,115 4,635 89,799
At 31 December 2015 7,410 48,229 26,974 3,990 86,603

2016
Tvornica cementa Kakanj u vlasnitvu ima 185.478 m2 zemljita u Kaknju gdje se nalazi tvornica. Pored toga
Drutvo posjeduje 27.306 m2 zemlje u Sarajevu gdje je smjeten terminal za pakiranje i otpremu cementa i 1.146
m2 zemlje u Banja Luka gdje je smjeten terminal.
Poveanja dugotrajne materijalne imovine u 2016. godini uglavnom se odnose na investicije u dugotrajnu materijalnu
imovinu. Najznaajniji projekti u 2016. godini bili su kupovina novih betonara, ( ulaganja u 2016. godini 4.932 tisua
KM) izgradnja administrativne zgrade ( ulaganja u 2016 godini 2.284 tisua KM), zamjena vreastog filtera za mlin
cementa ( ulaganja u 2016. godini 571 tisua KM),automatizacija mlinova cementa i pakovanja (ulaganja u 2016.
godini 166 tisua KM ) inabavka miksera ( ulaganja u 2016. 312 tisua KM) ).
Drutvo je sukladno raunovodstvenim politikama kapitaliziralo nabavljene rezervne dijelove ija je vrijednost vea
od 40 tisua KM. Kapitalizirani rezervni dijelovi se amortiziraju tijekom korisnog vijeka trajanja za koji se procjenjuje
da je 5 godina. Vrijednost nabavljenih rezervnih dijelova koji su kapitalizirani u 2016. godini iznosi 296 tisua KM (u
2015. godini kapitalizirani su rezervni dijelovi u iznosu od 560 tisue KM) U 2016. godini Drutvo je rashodovalo dio
opreme elektrootpraivaa mlinova cementa i vreastog filtera pei te opreme manje nabavne vrijednosti.
U 2015. godini Drutvo je rashodovalo dio opreme pak maina sa palatizatorom i rotacioni kompresori.
Na dan 31. prosinca 2016. godine ugovorene, a nerealizirane obveze za isporuku materijalne i nematerijalne imovine
su iznosile 766 tisua KM (na dan 31. prosinca 2015. godine ugovorene, a nerealiziranih obaveza za isporuku
materijalne i nematerijalne imovine su iznosile 937 tisua KM).

2016
Tvornica cementa Kakanj owns 185,310 m2 of land in Kakanj where the factory is located. Besides that, the
Company owns 27,306 m2 of land in Sarajevo, where the packaging and dispatching terminal is situated and 1,146
m2 of land in Banja Luka where another terminal is located.
Additions during 2016 mostly relate to the investment in property, plant and equipment. The most significant
projects in 2016 were acquisition of new concrete plants (investment in 2016 of KM 4,932 thousand), construction
of administrative building (investment in 2016 amounted to KM 2,284 thousand), replacement of bag filter on cement
mill (investment in 2016 amounted to KM 571 thousand), automatization of cement mills and automatization of
packaging section (investment in 2016 amounted to KM 166 thousand) and mixer purchase (Investment of KM 312
thousand in 2016).
The Company is, in accordance with accounting policies, capitalizing procured spare parts whose value is
greater than KM 40 thousand. Capitalized spare parts are depreciated over their useful lives, estimated to be 5
years. The value of the purchased spare parts that were capitalized in 2016 amounts to KM 296 thousand (in
2015 the value of capitalized spare parts amounts to KM 560 thousand).
During 2016 the Company disposed part of the electric dusting machine of cement mill and bag filter as well as
other equipment of lower cost value.
As of 31 December 2016 contracted unrealized commitments for delivery of tangible and intangible assets
amounted to KM 766 thousand (as at 31 December 2015 the amount of contracted unrealized commitments
amounted to KM 937 thousand).

2016
12 Dugotrajna nematerijalna imovina
Kretanje nematerijalne imovine u Grupi tijekom 2016. godine bilo je sljedee:
Tisue KM
Licence i Softver i druga Imovina u

koncesije nematerijalna imovina Goodwill pripremi Ukupno
Nabavna vrijednost
31. prosinca 2015. 345 2.585 487 2 3.419
Poveanja - - - 22 22
Prijenos s imovine u pripremi - 24 - (24) -
Teajna razlika - 1 - 1 2
Rashodovanje i prodaja - - - - -
31. prosinca 2016. 345 2.610 487 1 3.443
31. prosinca 2015. 186 2.428 - - 2.614
Troak amortizacije za godinu 10 51 - - 61
Teajna razlika - 2 - - 2
31. prosinca 2016. 196 2.481 - - 2.677
31. prosinca 2015. 159 157 487 2 805
31. prosinca 2016. 149 129 487 1 766

2016
12 Intangible assets
The movement of intangible assets in the Group during 2016 was as follows:
KM thousand
Licences and Software and other Assets under

concession intangible assets Goodwill construction Total
Cost
At 31 December 2015 345 2,585 487 2 3,419
Additions - - - 22 22
Transfers from AUC - 24 - (24) -
FX differences - 1 - 1 2
Disposals - - - - -
At 31 December 2016 345 2,610 487 1 3,443
At 31 December 2015 186 2,428 - - 2,614
Amortisation for the year 10 51 - - 61
FX differences - 2 - - 2
Disposals - - - - -
At 31 December 2016 196 2,481 - - 2,677
Net book value
At 31 December 2015 159 157 487 2 805
At 31 December 2016 149 129 487 1 766

2016
12 Dugotrajna nematerijalna imovina (nastavak)
Kretanje nematerijalne imovine u Grupi tijekom 2015. godine bilo je sljedee:
Tisue KM

koncesije nematerijalna imovina Goodwill pripremi Ukupno
Nabavna vrijednost
31. prosinca 2014. 345 2.544 487 - 3.376
Poveanja - - - 41 41
Prijenos s imovine u pripremi - 39 - (39) -
31. prosinca 2015. 345 2.585 487 2 3.419
31. prosinca 2014. 176 2.373 - - 2.549
Troak amortizacije za godinu 10 53 - - 63
31. prosinca 2015. 186 2.428 - - 2.614
31. prosinca 2014. 169 171 487 - 827
31. prosinca 2015. 159 157 487 2 805

2016
12 Intangible assets (continued)
The movement of intangible assets in the Group during 2015 was as follows:
KM thousand

concession intangible assets Goodwill construction Total
Cost
At 31 December 2014 345 2,544 487 - 3,376
Additions - - - 41 41
Transfers from AUC - 39 - (39) -
Disposals - - - - -
At 31 December 2015 345 2,585 487 2 3,419
At 31 December 2014 176 2,373 - - 2,549
Amortisation for the year 10 53 - - 63
Disposals - - - - -
At 31 December 2015 186 2,428 - - 2,614
Net book value
At 31 December 2014 169 171 487 - 827
At 31 December 2015 159 157 487 2 805

2016
Nematerijalna imovina Grupe ukljuuje goodwill u TBG BH u iznosu od 487 tisua KM. Za testiranje umanjenja
vrijednosti, ukupna vrijednost goodwill alocirana je u jedinicu koja stvara novac TBG BH d.o.o. Nadoknadivi iznos
jedinice TBG BH odreen je izraunom vrijednosti u upotrebi koritenjem predvienih novanih tijekova iz financijskih
planova odobrenih od strane Uprave i Nadzornog odbora koji pokrivaju razdoblje od pet godina. Diskontna stopa
nakon poreza primijenjena na predviene novane tijekove je 15,0% (2015. godine: 14%), a novani tijekovi nakon
razdoblja od dvije godina ekstrapolirani su koritenjem stope rasta od 2,0% (2015. godine: 2,0%). . Na bazi izvedenih
testova vrijednost goodwill-a za 2016. godinu nije umanjena.
Izraun vrijednosti u upotrebi za jedinicu TBG BH najosjetljiviji je na pretpostavke o diskontnoj stopi. Diskontna
stopa odraava trenutnu trinu procjenu rizika specifinih za ovu jedinicu, uzimajui u obzir vremensku vrijednost
novca i pojedinani rizik s njom povezane imovine koji nije bio ukljuen u procjenu novanih tijekova. Izraun
diskontne stope temelji se na specifinim okolnostima primjenjivim za Grupu i izvodi se iz njenog prosjenog troka
kapitala (WACC).
Kretanje nematerijalne imovine u Drutvu tijekom 2016. godine bilo je slijedee:
Tisue KM

koncesije nematerijalna imovina pripremi Ukupno
Nabavna vrijednost
31. prosinca 2015. 309 2.130 - 2.439
Poveanja - - 6 6
Prijenos s imovine u pripremi - 6 (6) -
Rashodovanje i prodaja - - - -
31. prosinca 2016. 309 2.136 - 2.445
31. prosinca 2015. 155 2.012 - 2.167
Troak amortizacije za godinu 10 37 - 47
31. prosinca 2016. 165 2.049 - 2.214
31. prosinca 2015. 154 118 - 272
31. prosinca 2016. 144 87 - 231

2016
Intangible assets of the Group include goodwill in TBG BH of KM 487 thousand. The full amount of goodwill has
been allocated to the subsidiary TBG BH d.o.o. as a cash generating unit (CGU). The recoverable amount of the
TBG BH cash generating unit has been determined based on the value in use calculation using cash flow projections
from financial budgets approved by Management board and Supervisory board covering the five-year period. The
after-tax discount rate applied to cash flow projections is 15.0% (2015: 14%) and cash flows beyond the two-year
period are extrapolated using a 2.0% growth rate (2015: 2.0%). As a result of the analysis, the goodwill for 2016 is
not impaired.
The calculation of the value in use for the TBG BH cash generating unit is most sensitive to the discount rate
assumption. Discount rate represents the current market assessment of the risks specific to the CGU, taking into
consideration the time value of money and individual risk of the underlying assets that have not been incorporated
in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and is
derived from its weighted average cost of capital (WACC).
The movement of intangible assets in the Company during 2016 was as follows:
KM thousand

concession intangible assets constr. Total
Cost
At 31 December 2015 309 2,130 - 2,439
Additions - - 6 6
Transfer from AuC - 6 (6) -
Disposals - - - -
At 31 December 2016 309 2.136 - 2,445
At 31 December 2015 155 2,012 - 2.167
Amortisation for the year 10 37 - 47
Disposals - - - -
At 31 December 2016 165 2,049 - 2,214
Net book value
At 31 December 2015 154 118 - 272
At 31 December 2016 144 87 - 231

2016
Kretanje nematerijalne imovine u Drutvu tijekom 2015. godine bilo je slijedee:
Tisue KM

koncesije nematerijalna imovina pripremi Ukupno
Nabavna vrijednost
31. prosinca 2014. 309 2.100 - 2.409
Poveanja - - 30 30
Prijenos s imovine u pripremi - 30 (30) -
31. prosinca 2015. 309 2.130 - 2.439
31. prosinca 2014. 145 1.972 - 2.117
Troak amortizacije za godinu 10 40 - 50
31. prosinca 2015. 155 2.012 - 2.167
31. prosinca 2014. 164 128 - 292
31. prosinca 2015. 154 118 - 272

2016
The movement of intangible assets in the Company during 2015 was as follows:
KM thousand

concession intangible assets constr. Total
Cost
At 31 December 2014 309 2,100 - 2,409
Additions - - 30 30
Transfer from AuC - 30 (30) -
Disposals - - - -
At 31 December 2015 309 2,130 - 2,439
At 31 December 2014 145 1,972 - 2,117
Amortisation for the year 10 40 - 50
Disposals - - - -
At 31 December 2015 155 2,012 - 2,167
Net book value
At 31 December 2014 164 128 - 292
At 31 December 2015 154 118 - 272

2016
Softver se uglavnom odnosi na pravo na koritenje SAP softver-a sa neto knjigovodstvenom vrijednou na dan 31.
prosinca 2016. godine od 87 tisua KM koja se amortizira u razdoblju od 5 godina.
Neto knjigovodstvena vrijednost koncesije na dan 31. prosinca 2016 godine iznosi 143 tisua KM i odnosi se na
jednokratnu koncesionu naknadu plaenu prije poetka eksploatacije.
Koncesija
Prema odluci vlasti Zeniko-dobojskog kantona odobrena je koncesija Tvornici Cementa Kakanj za
istraivanje i eksploataciju mineralnih sirovina, potrebnih za proizvodnju klinkera, cementa i drugih
graevinskih materijala na teritoriju opine Kakanj. Ugovor o koncesiji je zakljuen izmeu Ministarstva
industrije, energije i rudarstva Zeniko-dobojskog kantona kao davatelja koncesije i Tvornice Cementa
Kakanj kao koncesionara sa Heidelberg Cement AG Germany kao supotpisnikom, dana 12. rujna 2000.
godine. Koncesija je dana na razdoblje od 30 godina. Ekskluzivna prava na koncesiju dana su Tvornici
Cementa Kakanj ovim ugovorom za istraivanje i eksploataciju sirovinskih minerala na podruju koncesije
na teritoriju opine Kakanj.
Ministarstvo se obvezalo, u sluaju da tijekom razdoblja trajanja ugovora o koncesiji ne budu dostupne potrebne
koliine i kvaliteta, dati prioritet Tvornici cementa Kakanj za odobrenje novih koncesijskih prava izvan podruja
koncesije.
Ministarstvo ima obvezu da osigura izdavanje potrebnih dozvola za izgradnju objekata navedenih u projektnoj
dokumentaciji. Pravo na koritenje zemljita i objekata dodijeljeno je Tvornici Cementa Kakanj tijekom razdoblja
trajanja koncesije.
Tvornica Cementa Kakanj morala je platiti jednokratnu naknadu za koncesijska prava u iznosu KM 0,50 po metru
kvadratnom podruja na kojem je eksploatacija dozvoljena, te se obvezala na plaanje dodatne koncesijske
naknade u iznosu of KM 0,80 po toni eksploatirane rudae. Takoer je obveza Tvornice Cementa Kakanj stvoriti
rezervaciju za rekultivaciju u iznosu od KM 0,20 po toni eksploatirane rudae.

2016
12 Intangible asset (continued)
Software mostly relates to the rights to use the SAP software with a net book value as at 31 December 2016 of KM
87 thousand, which is amortised over 5 years.
The net book value of the concession as of 31 December 2016 amounted to KM 143 thousand and relates to the
concession paid for the Greben quarry before the beginning of exploitation.
Concession
According to the decision of the Government of the Zeniko-dobojski canton, the concession is granted for the
exploration and exploitation of mineral raw materials needed for the production of clinker, cement and other construction
materials on the territory of the Kakanj municipality. The concession agreement has been concluded between the
Ministry of Industry, Energy and Mining of the Zeniko-dobojski canton as grantor and TvornicaCementa Kakanj as
concessionaire with Heidelberg Cement AG Germany as co-signatory on 12 September 2000. The concession has
been granted for a period of 30 years. The exclusive concession rights were granted to TvornicaCementa Kakanj
by this agreement for the exploration and exploitation of the raw mineral materials in the concession area on the
territory of the Kakanj municipality.
The Ministry has the obligation, in the case that during the concession agreement, the necessary quantity and quality
are not available, to grant priority to TvornicaCementa Kakanj for the approval of new concession rights outside of
the concession area.
The Ministry has the obligation to ensure that the permissions required for the building of the objects specified by the
project documentation are issued. The usage right over land and objects is assigned to TvornicaCementa Kakanj
during the concession period.
Tvornica Cementa Kakanj had to pay a one-off fee for the concession rights of KM 0.50 per square meter of the area
allowed for the exploitation, as well as additional concession fees of KM 0.80 per ton of the exploited raw material.
It is also the obligation of Tvornica Cementa Kakanj to create a provision for re-cultivation purposes of KM 0.20 per
ton of the exploited raw material.

2016
13 Ulaganja u ovisna drutva
Drutvo
Postotak u Tisue KM
Zemlja u kojoj je Datum temeljnom 31. prosinca
Drutvo registrirano osnivanja kapitalu 2016. godine 2015. godine
TBG BH d.o.o Bosna i Hercegovina 3.7.2001 100% 10.247 10.247

TBG Beton d.o.o Republika Hrvatska 4.11.1997 100% 14.201 14.201
24.448 24.448
14 Ulaganja u zajedniki pothvat
Neto knjigovodstvena vrijednost ulaganja u zajedniki pothvat ukljuuje:
Tisue KM
31. prosinca
TBG-Strabag d.o.o. 491 554
491 554
Grupa (TBG Beton d.o.o.) posjeduje 50% udjel u zajednikom pothvatu TBG-Strabag d.o.o.sa sjeditem u Republici
Hrvatskoj. Osnovna djelatnost tog drutva je proizvodnja betona.
Udio Grupe u nerevidiranom poslovnom gubitku drutva TBG-Strabag d.o.o. za godinu zavrenu 31. prosinca
2016. godine je priznat u izvjeu o sveobuhvatnoj dobiti u iznosu od 78 tisua KM (2015. godina: 133 tisua KM
je priznato na temelju nerevidiranih rezultata).

2016
13 Investment in subsidiaries
Company
Percentage KM thousand
Country of Date of of share 31 December
incorporation founding capital year 2016 year 2015
TBG BH d.o.o BiH 3.7.2001 100% 10,247 10,247

TBG Beton d.o.o RH 4.11.1997 100% 14,201 14,201
24,448 24,448
14 Investment in joint ventures
The net book value of investments in joint venture comprises
KM thousand
31 December
year 2016 year 2015
TBG-Strabag d.o.o. 491 554
491 554
The Group (TBG Beton d.o.o.) has an ownership interest of 50% in its joint venture TBG-Strabag d.o.o. which is
incorporated in the Republic of Croatia. The principal activity of this company isproduction of concrete.
The Groups share in TBG Strabagd.o.o. unaudited loss for the year ended 31 December 2016, is recognised in
the statement of comprehensive income in the amount of KM 78 thousand (2015: KM 133 thousand of loss was
recognised based on unaudited results).

2016
14 Ulaganja u zajedniki pothvat (nastavak)
Udio u izvjeu o financijskom poloaju zajedniki kontroliranog drutva Tisue KM
Nerevidirano
31. prosinca
Kratkotrajna imovina 388 329

Dugotrajna imovina 455 479
Kratkorone obveze (182) (92)
Dugorone obveze - (47)
Neto imovina 661 669
Udio u prihodima i dobiti zajedniki kontroliranog drutva: Tisue KM
Nerevidirano
Prihodi 959 539
(Gubitak) (78) (133)

2016
14 Investment in joint ventures (continued)
Share of the jointly controlled entity statement of financial position: KM thousand
Unaudited
31 December
year 2016 year 2015
Current assets 388 329

Non-current assets 455 479
Current liabilities (182) (92)
Non-current liabilities - (47)
Net assets 661 669
Share of the jointly controlled entity revenue and profit: KM thousand
Unaudited
year 2016 year 2015
Revenue 959 539
(Loss) (78) (133)

2016
15 Ostala financijska imovina
31. prosinca Tisue KM
Grupa Drutvo
2016. godine 2015. godine 2016. godine 2015. godine
Potraivanja za kredite date zaposlenima 968 1.102 564 692

Udruga cementara BiH 10 10 10 10
Vrijednosno usklaenje potraivanja za kredite (152) (182) (152) (182)
826 930 422 520
U 2008. godini lanovima Uprave odobrena su tri kredita u ukupnom iznosu od KM 900 tisua. U 2011. godini
su krediti poveani za KM 300 tisua. Rok otplate je sedam godina uz kamatnu stopu od 2%. U 2014. je lanu
uprave u ovisnom drutvu TBG Beton odobren kredit u iznosu od KM 408 tisua na rok od 10 godina uz kamatnu
stopu 0%.
Vrijednosno usklaenje potraivanja za date kredite zaposlenima u iznosu od 182 tisua KM (31. prosinca 2014.:
215 tisue KM) odnosi se na razliku izmeu nominalne vrijednosti kredita i njihove sadanje vrijednosti izraunate
primjenom efektivne kamatne stope od 8%.
16 Zalihe
Grupa Drutvo
Zalihe nedovrene proizvodnje i polugotovih proizvoda 7.082 6.834 7.082 6.834

Sirovine 3.670 3.700 2.898 3.014
Rezervni dijelovi 2.757 2.964 2.390 2.667
Gotovi proizvodi 414 18 414 18
Roba 213 267 208 262
Predujmovi za zalihe 7 453 6 453
14.143 14.236 12.998 13.248

2016
15 Other financial assets
31 December KM thousand
Group Company
Receivables for loans given to employees 1,102 1,219 692 810

BH cement plant Association 10 10 10 10
Value adjustment of loan receivables (182) (215) (182) (215)
930 1,014 520 605
In 2008 three loans have been approved to the Board members with a total amount of KM 900 thousand. The loans
have been increased for KM 300 thousand in 2011. Loans are approved for a period of 7 years with annual interest
rate of 2%. In 2014 member of the Board of the subsidiary TBG Betond.o.o. have been granted a loan in the amount
of KM 408 thousand for the period of 10 years and zero interest.
Value adjustment of receivables for loans given to employees in the amount of KM 182 thousand (31 December
2014 KM 215 thousand) is related to the difference between the nominal value of the loans and their present value
calculated using the effective interest rate of 8%.
16 Inventories
Group Company
Work in progress and semi-finished products 7,082 6,834 7,082 6,834

Raw materials 3,670 3,700 2,898 3,014
Spare parts 2,757 2,964 2,390 2,667
Trading goods 213 267 208 262
Finished products 414 453 414 453
Advances for inventories 7 18 6 18
14,143 14,236 12,998 13,248

2016
17 Potraivanja od kupaca
Grupa Drutvo
Potraivanja od kupaca 14.246 15.117 3.333 4.765

Vrijednosno usklaivanje potraivanja (4.463) (4.340) (778) (424)
Potraivanja od povezanih drutava (biljeka 25) - - 4.021 3.509
9.783 10.777 6.576 7.850
Ispravak vrijednosti sumnjivih i spornih potraivanja
Grupa Drutvo
Poetno stanje 4.340 3.948 424 434

Poveanje 922 931 621 36
Naplaena prethodno ispravljena potraivanja (261) (176) (36) (46)
Ukidanje rezervacija (538) (363) (231) -
Zavrno stanje 4.463 4.340 778 424

2016
17 Trade accounts receivable
Group Company
Trade accounts receivable 14,246 15,117 3,333 4,765

Value adjustment of trade accounts receivable (4,463) (4,340) (778) (424)
Intercompany trade accounts receivables (Note 25) - - 4,021 3,509
9,783 10,777 6,576 7,850
Changes in bad debt provisions
Group Company
Opening balance 4,340 3,948 424 434

Additions 922 931 621 36
Collected receivables, previously written off (261) (176) (36) (46)
Reversal of provision (538) (363) (231) -
Closing balance 4,463 4,340 778 424

2016
17 Potraivanja od kupaca (nastavak)
Starosna struktura potraivanja
Grupa Drutvo
Nedospjela potraivanja 3.708 4.353 3.032 2.804

Dospjela ispravljena potraivanja 4.463 4.340 778 424
Dospjela neispravljena 6.075 6.424 3.544 5.046
Dospjelo od 1 do 30 dana 1.978 2.260 1.246 1.281
Dospjelo od 31 do 90 dana 2.690 1.813 1.749 1.532
Dospjelo od 91 do 180 dana 943 735 288 718
Dospjelo vie od 180 dana 464 1.616 261 1.515
Ispravak vrijednosti potraivanja (4.463) (4.340) (778) (424)
9.783 10.777 6.576 7.850
Potraivanja od kupaca u Drutvu ne nose kamate, a rokovi dospijea kreu se od 30 do 60 dana. Dodatnosu
ta potraivanja od kupaca Drutva uglavnom osigurana bankovnim garancijama. Kod ostalih drutva u Grupi
potraivanja od kupaca nose kamate i samo su dijelom osigurana garancijama, a veim se dijelom osiguravaju
mjenicama.
18 Kratkotrajna financijska imovina
Kratkotrajna financijska imovina u iznosu od 128 tisua maraka (31. prosinca 2015. godine 117 tisua maraka)
odnosi se na kratkoroni dio dugoronih kredita odobrenih lanovima Uprave (biljeka 15).
19 Novac i novani ekvivalenti
Grupa Drutvo
Kratkoroni depoziti 24.783 22.539 24.181 15.026

iro raun 9.890 8.473 3.601 4.972
Devizni raun 5.100 3.495 3.929 3.065
Novac u blagajni 1 2 - -
39.774 34.509 31.711 23.063
Kamatna stopa na depozite po vienju je 0,3%.

2016
17 Trade accounts receivable (continued)
Aging structure of Trade accounts receivable
Group Company
Undue receivables 3,708 4,353 3,032 2,804

Past due impaired 4,463 4,340 778 424
Past due not impaired 6,075 6,424 3,544 5,046
1 30 days overdue 1,978 2,260 1,246 1,281
31 90 days overdue 2,690 1,813 1,749 1,532
91 180 days overdue 943 735 288 718
More than 180 days overdue 464 1,616 261 1,515
Value adjustment of trade receivables (4,463) (4,340) (778) (424)
9,783 10,777 6,576 7,850
Companys trade receivables are non-interest bearing and are generally on terms of 30-60 payment days. These
trade receivables are mostly secured by bank guarantees. Trade receivables of other companies within the Group
are interest bearing and are only partly insured with bank guarantees, while their major part is insured with bills of
exchange.
18 Short term financial assets
Short term financial assets in the amount of KM 128 thousand (31 December 2015: KM 117 thousand) is related to
short term part of the long term loans given to the Board members (Note 15).
19 Cash and cash equivalents
Group Company
Giro account 24,783 22,539 24,181 15,026

Foreign currency account 9,890 8,473 3,601 4,972
Short term deposits 5,100 3,495 3,929 3,065
Cash on hand 1 2 - -
39,774 34,509 31,711 23,063
Interest rate on demand deposits is 0.3%.

2016
19 Novac i novani ekvivalenti (nastavak)
Tijekom 2016. godine Grupa je imala dva oroena depozita kod Raiffeisen bank BiH d.d. Sarajevo:
Flexi Plus depozit u vlasnitvu Drutva potpisan na rok od 60 mjeseci i kamatnu stopu od 3,45% godinje.
U periodu vaenja ugovora Drutvo raspolae sredstvima u potpunosti do iznosa od 100 tisua KM koje je
obavezno drati na raunu u periodu trajanja ugovora.
Flexi Plus depozit u vlasnitvu ovisnog drutva TBG BH d.o.o. potpisan na rok od 60 mjeseci s godinjom
kamatnom stopom od 1,9%. Tijekom razdoblja ugovora ovisno drutvo raspolae sredstvima u potpunosti do
iznosa od 10 tisua KM koji je obvezno drati na raunu u razdoblju vaenja ugovora.
20 Kapital i rezerve
Temeljni kapital
Temeljni kapital Drutva ini 9.476.540 redovnih dionica nominalne vrijednosti KM 10 tisua po dionici. Struktura
dioniara Drutva na dan 31. prosinca 2016. godine je sljedea:
Broj dionica Tisue KM %
Ceeminvestment 8.839.236 88.392 93,27

PIF PROF PLUS d.d. Sarajevo BIH 304.691 3.047 3,22
Ostali dioniari 332.613 3.326 3,51
9.476.540 94.765 100
Zakonske rezerve
Zakonske rezerve predstavljaju rezerve propisane Zakonom o trgovakim drutvima u koje se treba alocirati 10%
neto dobiti tekue poslovne godine, sve dok te rezerve ne dosegnu visinu od 25 % temeljnog kapitala. Zakonske
rezerve koje ne prelaze navedeni iznos mogu se koristiti samo za pokrivanje gubitaka iz tekue ili prethodnih godina.
Ako zakonske rezerve drutva iznose vie od 25 % temeljnog kapitala, tada se mogu koristiti i za poveanje temeljnog
kapitala Grupe
Zadrana dobit
Zadrana dobit u bilanci Drutva u ukupnom iznosu 10.200 tisua nije raspoloiva za upotrebu dioniarima, a
odnosi se na dobit reinvestiranu tijekom 2008. godine koja se odnosi na poreznu olakicu za 2007. godinu.

2016
19 Cash and cash equivalents (continued)
During 2015, the Group has two time deposits in Raiffeisen bank BiH d.d. Sarajevo:
Flexi Plus deposit owned by the Company with the 60 months maturity and annual interest rate of 3.45%.
During the deposit time the deposited cash balance is fully available to the Company and the Company can
in any time withdraw the money up to the KM 100 thousand which is obliged to have on the deposit account.
Flexi Plus deposit owned by subsidiary TBG BH d.o.o. with the 60 months maturity and annual interest rate of
1.9%. During the deposit time the deposited cash balance is fully available to the subsidiary and subsidiary can
in any time withdraw the money up to the KM 10 thousand which is obliged to have on the deposit account.
20 Share capital and reserves
Issued capital
The share capital of the Company comprises of 9,476,540 regular shares with a nominal value of KM 10,000 each.
The shareholders structure of the Company as at 31 December 2016 is the following:
Number of shares KM thousand %
Ceeminvestment 8,839,236 88,392 93,27

PIF PROF PLUS d.d. Sarajevo BIH 304,691 3,047 3,22
Other 332,613 3,326 3,51
9,476,540 94,765 100
Legalreserves
Legal reserves represent reserves prescribed by the Company Act which should be allocated in the amount of 10%
of the net profit for the year, until these reserves amount to 25% of the issued capital. Legal reserves that do not
exceed the above amount can only be used to cover current year or prior year losses. If the legal reserves exceed
25% of the issued capital they can also be used to increase the issued capital of the Group.
Retained earnings
Retained earnings in the Companys balance sheet of 10,200 thousand is not available for shareholders, and refers
to the profits reinvested during 2008 for tax relief related to 2007.

2016
21 Dugorona rezerviranja
Grupa Drutvo
Rezerviranja za re-kultivaciju 1.203 1.154 1.203 1.154

Ispravka vrijednosti rezerviranja za re-kultivaciju (248) (291) (248) (291)
Neto vrijednost rezerviranja za re-kultivaciju 955 863 955 863
Rezerviranja za otpremnine 327 274 327 274
Rezerviranja za plaanja temeljena na dionicama 271 - 271 -
Rezerviranja za sudske sporove 128 109 100 109
1.681 1.246 1.653 1.246
Poveanje rezervacija za rekultivaciju se temelji na ugovoru o koncesiji sa Ministarstvom za industriju, energetiku

i rudarstvo Zeniko-dobojskog kantona i Tvornice cement Kakanj. Izraunate su na temelju mjesenih koliina
izvaenog vapnenca pomnoenih sa KM 0,2 po toni (biljeka 12).
U 2016. godini izvreno je diskontiranje rezerviranja za re-kultivaciju diskontnim faktorom 4,60% ime je neto
vrijednost rezerviranja smanjena za 248 tisua KM (u 2015. 291 tisua KM).
Kretanja dugoronih rezerviranja tijekom 2016. godine Grupa:
Tisue KM
Rezerviranja za
rekultivaciju otpremnine sudske sporove Plaanja temeljena na

dionicama
Poetno stanje 863 274 109 -

Smanjenje rezervacija (39) (29) (9) -
Ispravka vrijednosti 43 - - -
Poveanje rezervacija 88 82 28 271
Zavrno stanje 955 327 128 271

2016
21 Long term provisions
Group Company
Provisions for re-cultivation 1,203 1,154 1,203 1,154

Value adjustments of provision for re-cultivation (248) (291) (248) (291)
Net provisions for re-cultivation 955 863 955 863
Provision for retirement awards 327 274 327 274
Share based payments 271 - 271 -
Provisions for court disputes 128 109 100 109
1,681 1,246 1,653 1,246
Provisions for re-cultivation are based on the concession agreement between the Ministry for Industry, Energy and
Mining of the Zeniko-dobojski municipality and Tvornica Cementa Kakanj. It is calculated based on the monthly
quantity of mined limestone which is multiplied by KM 0.2 per ton (Note 12).
In 2016, provision for re-cultivation has been discounted with discount factor 4.60% and as result the provision
decreased by 248 KM thousand (2015, 291 KM thousand).
Movement on long term provisions during 2016 Group
KM thousand Provision for
Provision for
recultivation severance pay- court disputes Share based payments

ment KM thousand
Opening balance 863 274 109 -

Decrease in provision (39) (29) (9) -
Value adjustment 43 - - -
Additions 88 82 28 271
Closing balance 955 327 128 271

2016
Kretanja dugoronih rezerviranja tijekom 2016. godine Drutvo:
Tisue KM
rekultivaciju otpremnine sudske sporove Plaanja temeljena na

dionicama
Poetno stanje 863 274 109 -

Smanjenje rezervacija (39) (29) (9) -
Ispravka vrijednosti 43 - - -
Poveanje rezervacija 88 82 - 271
Zavrno stanje 955 327 100 271
22 Obveze prema dobavljaima
Grupa Drutvo
Obveze prema dobavljaima u zemlji 9.175 7.335 5.790 5.568

Obveze prema povezanim drutvima (biljeka 25) 890 1.965 871 1.613
Obveze prema dobavljaima u inozemstvu 694 830 379 815
10.759 10.130 7.040 7.996
23 Ostale obveze
Grupa Drutvo
Obveze za bonus 1.088 1.070 847 860

Obveze za plae 541 547 408 440
Obveze za dividendu 378 365 378 365
Obaveze za poreze i doprinose na plau 353 334 267 266
Obaveze za porez na dobit 184 91 - 84
Obveze za primljene predujmove 163 115 124 72
Obveze za ostale poreze i doprinose 90 92 11 12
Ostale kratkorone obveze 40 35 34 24
2.837 2.649 2.069 2.123

2016
Movement on long term provisions during 2016 Company:
KM thousand Provision for
recultivation severance pay- court disputes Share based payments

ment KM thousand
Opening balance 863 274 109 -

Decrease in provision (39) (29) (9) -
Value adjustment 43 - - -
Additions 88 82 - 271
Closing balance 955 327 100 271
22 Trade accounts payable
Group Company
Trade accounts payable domestic 9,175 7,335 5,790 5,568

Related parties accounts payable (Note 25) 890 1,965 871 1,613
Trade accounts payable foreign 694 830 379 815
10,759 10,130 7,040 7,996
23 Other liabilities
Group Company
Liabilities for income tax 1,088 1,070 847 860

Employee bonus liabilities 541 547 408 440
Payables to employees 378 365 378 365
Dividend liability 353 334 267 266
Liabilities for taxes and contributions on salaries 184 91 - 84
Liabilities for income tax 163 115 124 72
Liabilities for other taxes and contributions 90 92 11 12
Other short-term liabilities 40 35 34 24
2,837 2,649 2,069 2,123

2016
Obveze prema zaposlenicima
Svi zaposlenici su ukljueni u dravni mirovinski fond. Uplate u dravni mirovinski fond su definirane zakonom.
Rezervacije su ustanovljene za obveze prema zaposlenima vezano uz umirovljenje (prema duljini radnog staa).
Rezervacije za umirovljenje ovise o zadovoljenju uvjeta za umirovljenje vaeih u Drutvu. Visina naknade
utvruje se na temelju odgovarajuih mjesenih plaa zaposlenih.
Trokovi plaa Drutva u 2016. godini ukljuivali su troak bruto plaa, bruto naknada plaa i bruto naknade ostalih
oporezivih primanja u iznosu od KM 7.664 tisua (KM 7.721 tisue KM u 2015. godini), doprinose na plau u iznosu
od KM 726 tisua (KM 732 tisua u 2015. godini), te neoporeziva primanja u iznosu od KM 1.522 tisua KM ( topli
obrok KM 624 tisua, KM prijevoz 78 tisua, regres KM 184 tisua, nagrade KM 46 tisua, poveanje rezervacija
za otpremnine 82 tisua KM, te ostale pomoi i naknade radnicima KM 235 tisua).
Trokovi plaa grupe u 2016. godini su iznosili 12. 556 tisua KM ( u 2015. godini 12.209 tisua KM).
24 Operativni najam
Najmodavac Objekt najma Istek najma Tisue KM
Plaanja
unutar nakon godinu

u 2016. godini jedne godine do pet godina
Termoelektrana Kakanj Depo za trosku Prosinac 2019 142 142 248

TBG BH Objekti Prosinac 2016 8 - -
ConicaMinolta Oprema Rujan 2020 19 19 57
25 Povezana drutva
Povezana drutva su drutva koja spadaju u HeidelbergCement AG Grupu. Transakcije s povezanim drutvima
odnose se na kupovinu roba i usluga i kredite dane lanovima Uprave.
Potraivanja od povezanih drutava
Grupa Drutvo
DDC Zagreb - - 2.881 968

TBG BH d.o.o. - - 1.140 2.541
- - 4.021 3.509

2016
Employee benefit obligations
All employees are covered by the State pension fund. Payments to the state pension fund are defined by law.
Provisions are established for benefits payable in respect of retirement (length of service). Retirement benefits
are dependent on the employees working period. The amount of all benefit entitlements is determined in the
amount of three average employees monthly remunerations.
Payroll costs for 2016 included costs of gross salaries together with all taxable remuneration of KM
7,664 thousand (KM 7,721 thousand for 2015), contributions on salaries of KM 726 thousand (KM
732 thousand for 2015) and non-taxable income of KM 1,522 thousand (hot meals KM 624 thousand,
transport KM 78 thousand, reimbursement KM 84 thousand, awards KM 46 thousand, increase of
severance provisions for KM 82 thouand and other benefit for employees KM 235 thousand).
Group payroll costs in 2016 amounted to KM 12,556 thousand (in 2015, KM 12,209 thousand).
24 Operating leases
Lessor Basis of lease Expiry of lease KM thousand
Payments
due within due after one year but

in 2016 one year not more than five years
Termoelektrana Kakanj Depo za trosku December 2019 142 142 248

TBG BH Objekti December 2016 8 - -
ConicaMinolta Oprema September 2020 19 19 57
25 Related parties
Related parties are other companies from the HeidelbergCement AG Group. Transactions with related parties
include the purchase of goods and services and loans given to Board members.
Receivables from related parties
Group Company
DDC Zagreb - - 2,881 968

TBG BH d.o.o. - - 1,140 2,541
- - 4,021 3,509

2016
25 Povezana drutva (nastavak)
Obveze prema povezanim drutvima
Grupa Drutvo
HeidelbergerZement AG 206 56 187 49

Heidelberg Cement TechnologyCenter 38 73 38 73
Heidelbergcement Trading Malta limited 646 1.491 646 1.491
Duna-Drava Cement Kft Vac - 345 - -
890 1.965 871 1.613
Prihodi od povezanih drutava
Grupa Drutvo
DDC Zagreb d.o.o. - - 9.051 9.753

TBG BH d.o.o. - - 6.011 4.350
TBG Beton d.o.o. Zagreb - - 69 -
- - 15.131 14.103
Rashodi od povezanih drutava
Grupa Drutvo
Heidelberg Cement AG 473 622 393 526

HC Trading INC 4.046 5.297 4.046 5.297
Duna-Drava Cement KftVac 5.546 6.029 - 46
TBG BH - 45 28 45
Heidelberg Cement Shared Services 6 - 6 -
10.364 12.206 4.766 6.127

2016
25 Related parties (continued)
Payables to related parties
Group Company
HeidelbergerZement AG 206 56 187 49

Heidelbergcement Trading Malta limited 646 1,491 646 1,491
Duna-Drava Cement Kft Vac - 345 - -
890 1,965 871 1,613
Revenues from related parties
Group Company
DDC Zagreb d.o.o. - - 9,051 9,753

TBG BH d.o.o. - - 6,011 4,350
TBG Beton d.o.o. Zagreb - - 69 -
- - 15,131 14,103
Expenses from related parties
Group Company
Heidelberg Cement AG 473 622 393 526

HC Trading INC 4,096 5,297 4,046 5,297
Duna-Drava Cement KftVac 5,546 6,029 - 46
TBG BH d.o.o. - 45 28 45
Heidelberg Cement Shared Services 6 - 6 -
10,364 12,206 4,766 6,127

2016
25 Povezana drutva (nastavak)
Naknade kljunim osobama u Upravi
U 2016. godini ukupni troak naknada plaenih kljunim osobama u Upravi Drutva iznosile su 1.545 tisua
KM (u 2015. godini 1.248 tisua KM). Kljune osobe ukljuuju lanove Uprave, odnosno Direktora i izvrne
direktore.
U 2008. godini Drutvo je odobrilo kredite za tri lana Uprave u ukupnom iznosu od 1.200 tisua KM s rokom
otplate od sedam godina i trogodinjim razdobljem poeka. Krediti nisu osigurani a godinja kamatna stopa iznosi
2% (biljeka 15). U 2014. je lanu uprave u ovisnom drutvu TBG Beton odobren kredit u iznosu od KM 408 tisua
na rok od 10 godina uz kamatnu stopu 0%.
Tisue KM
Neto plaa ukljuujui varijabilni dio 750 530

Ostala oporeziva primanja 110 140
Doprinosi iz plae 385 301
Bruto plaa 1,245 971
Doprinosi na plau 131 102

1,376 1.073
Porezi i doprinosi na materijalne koristi 149 156

Ostala neoporeziva primanja 20 19
Ukupni troak 1,545 1.248

2016
25 Related parties (continued)
Compensation of key management personnel
In 2016, the total expense related to key management personnel of the Group amounted to KM 1,545 thousand (in
2015, KM 1,248 thousand). Key management personnel include members of the Management board, its Director
and executive directors.
The Company has granted loans to three members of the Management Board in 2008 in total amount of KM 1,200
thousand repayable in the period of seven years with a three years grace period. Loans are unsecured with annual
interest rate of 2% (Note 15).
KM thousand
year 2016 year 2015
Net salary including variable part 750 530

Other taxable income 110 140
Contributions from salary 385 301
Gross salary 1,245 971
Contributions on salary 131 102

1,376 1,073
Taxes and contributions to material benefits 149 156

Other non-taxable income 20 19
Total expense 1,545 1,248

2016
26 Financijski instrumenti i upravljanje financijskim rizikom
Procjena fer vrijednosti
Glavni financijski instrumenti Drutva koji se ne vode po fer vrijednosti su potraivanja od kupaca, ostala kratkotrajna
imovina, obveze prema dobavljaima i ostale obveze, primljeni depoziti. Knjigovodstvena vrijednost novanih
ekvivalenata i ostale kratkotrajne imovine priblina je njihovoj fer vrijednosti s obzirom na kratkorono dospijee ovih
financijskih instrumenata. Slino, povijesni troak knjigovodstvenog iznosa potraivanja, obveza prema dobavljaima
i primljenih depozita koji su podloni normalnim uvjetima poslovanja priblina su njihovim fer vrijednostima.
Upravljanje financijskim rizikom
Drutvo ne koristi derivatne financijske instrumente za upravljanje financijskim i operativnim rizikom. Glavne politike
izloenosti riziku i politike upravljanja rizikom saete su kako slijedi:
Kreditni rizik
Kreditni rizik je rizik da jedna strana koja sudjeluje u financijskom instrumentu nee ispuniti svoje obveze i time
uzrokovati gubitak drugoj strani. Grupa je izloena kreditnom riziku iz svojih poslovnih aktivnosti (primarno riziku
nenaplativosti potraivanja) i iz financijskih aktivnosti, ukljuujui depozite u bankama i financijskim institucijama.
Kreditni rizik vezan za potraivanja od kupaca se nadzire na razini pojedinog drutva u okviru grupe i u skladu
s politikom, procedurama i kontrolama definiranima na razini grupe. Otvorena potraivanja od kupaca se
redovito nadziru a sve isporuke najveim kupcima su osigurane bankovnim garancijama ili drugim instrumentima
osiguranja. Grupa nema znaajnu koncentraciju kreditnog rizika niti prema jednoj stranci ili grupi stranaka sa
slinim karakteristikama. Grupa procjenjuje da je koncentracija kreditnog rizika za potraivanja od kupaca niska.
Kreditni rizik koji proizlazi iz salda s bankama i drugim financijskim institucijama (uglavnom vezan za novac,
ekvivalente novca i dane kredite) nadzire i vodi financijski odjel Grupe u skladu s politikama grupe. Viak sredstava
se ulae samo kod provjerenih stranaka. Izloenost Grupe kreditnom riziku proizlazi iz nemogunosti druge strane
da podmiri svoje obveze, pri emu je maksimalna izloenost jednaka knjigovodstvenoj vrijednosti te imovine.
Rizik kamatnih stopa
Kamatni rizik je rizik da e se vrijednost financijskog instrumenta promijeniti uslijed promjene trinih kamatnih
stopa u odnosu na kamatnu stopu koja je primjenjiva na taj financijski instrument. Rizik kamatnih stopa kod tijeka
novca je rizik da e trokovi kamata na financijske instrumente biti promjenjivi tijekom razdoblja.
Drutvo nema kredite koji nose kamate koje bi mogle drutvo izloiti riziku kamatnih stopa.
Rizik likvidnosti
Rizik likvidnosti koji se smatra rizikom financiranja je rizik da e se Drutvo susresti s potekoama u prikupljanju
sredstava za podmirivanje obveza povezanih s financijskim instrumentima. Politika Grupe je odrati dovoljno novca
i novanih ekvivalenata ili imati na raspolaganju financijska sredstva putem odgovarajueg iznosa kreditnih linija za
ispunjenje njegovih obveza u doglednoj budunosti.Viak novca ulae se uglavnom u kratkorone depozite.

2016
26 Financial instruments and financial risk management
Fair value estimation
The Companys principal financial instruments that are not carried at fair value aretrade receivables, other current
assets, trade and other payables, deposits received and long-term borrowings. The carrying amount of cash
equivalents and other current assets approximates their fair value due to the short-term maturity of these financial
instruments. Similarly, the historical cost of the carrying amounts of receivables, payables and deposits received,
which are all subject to normal trade credit terms, are approximately the same as their fair values.
Financial risk management
The Company does not use derivative financial instruments to manage financial or operating risks. The major risk
exposures and risk management policy is summarised as follows:
Credit risk
Credit risk is the risk that one party of a financial instrument will fail to discharge an obligation and cause financial
loss to the other party. The Group is exposed to credit risk from its operating activities (primarily for trade receivables)
and from its financing activities, including deposits with banks and financial institutions. Customer credit risk is
managed by each company within the Group in accordance with the Groups established policy, procedures and
control relating to customer credit risk management. Outstanding customer receivables are regularly monitored and
any deliveries to the major customers are generally covered by bank guarantees or other forms of credit insurance.
The Grouphas no credit risk concentration to any single counter party or group of counterparties having similar
characteristics. The Group evaluates the concentration of risk with respect to trade receivables is low.
Credit risk from balances with banks and financial institutions (mostly related to the cash, cash equivalents and loans
given) is managed by the Groups finance department in accordance with the Groups policy. Investments of surplus
funds are made only with approved counterparties. The Groups exposure to credit risk arises from default of the
counterparty, with a maximum exposure equal to the carrying amount of these instruments.
Interest rate risk
Interest rate pricing risk is the risk that the value of a financial instrument will fluctuate due to changes in market
interest rates in relation to the interest rate which applies to the financial instrument. Interest rate risk related to cash
flows is the risk that the interest cost of an instrument will fluctuate over time.
The Company does not have interest bearing loans, which would expose the Company to interest rate risk.
Liquidity risk
Liquidity risk, also referred to as funding risk, is the risk that an enterprise will encounter difficulty in raising funds
to meet commitments associated with financial instruments. The Group policy is to maintain sufficient cash and
cash equivalents or to have available funding through an adequate amount of committed credit facilities to meet its
commitments for the foreseeable future. Any excess cash is invested mostly in short term deposits.

2016
26 Financijski instrumenti i upravljanje financijskim rizikom (nastavak)
Upravljanje financijskim rizikom (nastavak)
Rizik likvidnosti (nastavak)

Tablice ispod prikazuju strukturu dospijea obveza prema dobavljaima i ostalih obveza za Grupu i za Drutvo.
Grupa:
Obveze prema dobavljaima i ostale obveze Svi iznosi u tisuama KM
Dospijee za Ukupno
0-30 31-60 61-90 91-120 >120

dana dana dana dana dana
Godina zavrena 31. prosinca 2016. 10.217 2.766 525 88 - 13.596
Godina zavrena 31. prosinca 2015. 9.103 3.540 137 - - 12.780
Drutvo:
Obveze prema dobavljaima i ostale obveze Svi iznosi u tisuama KM
Dospijee za Ukupno
0-30 31-60 61-90 91-120 >120

dana dana dana dana dana
Rizik promijene deviznih teajeva

Rizik promjene deviznih teajeva je rizik da e se vrijednost financijskih instrumenata mijenjati uslijed promjene
teajeva. Drutvo prihode ostvaruje na domaem i stranom tritu ali neke nabave osnovnih sredstava su
denominirane u EUR. S obzirom da je teaj konvertibilne marke (KM) prema EUR fiksan, rizik nije znaajan.
Upravljanje kapitalom
Kapital ukljuuje temeljni kapital i rezerve. Primarni cilj Grupnog upravljanja kapitalom je osigurati odravanje
povoljnih kapitalnih pokazatelja kako bi bili potpora poslovanju i maksimizirali vrijednost imatelja udjela.
Grupa upravlja kapitalnom strukturom i prilagoava ju promjenama ekonomske situacije. Kako bi odrala ili
prilagodila strukturu kapitala, Grupa moe koristiti isplate dividende dioniarima, povrat kapitala ili izdavanje novih
dionica.
Tijekom godina koje zavravaju 31. prosinca 2016., odnosno 31. prosinca 2015. nije bilo promjena u ciljevima,
politikama ili procesima.
27 Dogaaji nakon izvjetajnog datuma

Nisu nastali nikakvi poslovni dogaaji ili transakcije zakljuno s 31. prosincem 2016. godine koji bi imali znaajan
utjecaj na financijska izvjea na dan ili za razdoblje tada zavreno ili da su od takvog znaaja za poslovanje Grupe
da bi zahtijevala objavu u biljekama uz financijska izvjea

2016
26 Financial instruments and financial risk management (continued)
Financial risk management (continued)
Liquidity risk (continued)

The tables below are representing the maturity structure aging structure of the Groups and Companys trade
and other payables:
Group:
Trade and other payables All amounts in KM thousand
Due in Total
0-30 31-60 61-90 91-120 >120

days days days days days
Year ended 31 December 2016 10,217 2,766 526 88 - 13,596
Year ended 31 December 2015 9,103 3,540 137 - - 12,780
Company:
Trade and other payables All amounts in KM thousand
Due in Total
0-30 31-60 61-90 91-120 >120

days days days days days
Currency risk
Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange
rates. The Company realizes sales on the domestic and foreign markets, but some purchases of fixed assets are
denominated in EUR. Since the exchange rate of KM to EUR is fixed, the risk is not significant.
Capital management
Capital includes share capital and reserves. The primary objective of the Groups capital management is to ensure
that it maintains healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To
maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital
to shareholders or issue new shares.
No changes were made in the objectives, policies or processes during the years ended 31 December 2016 and 31
December 2015.
27 Events after reporting period

No other events or transactions haveoccurred since 31 December 2016 or are pending that would have a material
effect on the financial statements at that date or for the period then ended, or that are of such significance in relation
to the Groups affairs to require mention in a note to the financial statements.

5
Poglavlje
Chapter Dodatne informacije
1 Additional Information
Strana
Page
258 Kontakti
Contacts
262 Impriesum
Imprint
2016
Kontakti
Contacts
Bosna i Hercegovina
Tvornica cementa Kakanj d.d. Kakanj
72240 Kakanj
Bosna i Hercegovina
Tel. +387 (0)32 557 500
Fax: +387 (0)32 557 600
Uprava
Direktor
Branimir Muida

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

Zajedniki poslovi
Sekretar Drutva Rukovodilac Odjela nabavke
Sead Kovaevi Armin Hadi

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

Emina Dedi Nurdin Salihbegovi

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

Rukovodilac Slube odravanja Rukovodilac kontrole kvaliteta
Hakija Salki Nedad Harai

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

2016
72240 Kakanj
Tel. +387 (0)32 557 500
Fax: +387 (0)32 557 600
Management
Director
Branimir Muida

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

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

Head of Marketing and Sales Head of IT
Bajazid Tursun Emir Bilalovi
Communications Coordinator Technical Support

Emina Dedi Nurdin Salihbegovi

QMS Manager
Almir Bajtarevi
Production
Head of Production
Edin Bjelopoljak

Head of Maintenance Head of Quality Control
Hakija Salki Nedad Harai

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

2016
Proizvodnja i distribucija betona
TBG BH d.o.o.
72240 Kakanj
Bosna i Hercegovina
Direktor
Ehlimana ehmehmedovi
Magistralni put b.b.
75250 Lukavac, Bosna i Hercegovina
Tel/Fax: +387 (0)35 553 250
Rukovodilac Poslovne jedinice Sarajevo Rukovodilac Poslovne jedinice Lukavac

Asim Mei Ehlima ehmehmedovi

Rukovodilac Poslovne jedinice Banja Luka Rukovodilac Poslovne jedinice Rajlovac
Dejan Vasili Asim Mei
Rukovodilac Poslovne jedinice Zenica Rukovodilac mobilne betonare Drivua

Enhad Goralija Enhad Goralija
Hrvatska
Distribucija cementa
Dunav-Drava cement d.o.o.
Direktor
Duko uek
Ivana Luia 2 a (Eurotower)
10000 Zagreb
Hrvatska
Tel. +385 (0)1 38 31 746
Fax. +385 (0)1 38 31 798
Proizvodnja i distribucija betona

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

2016
Concrete Production and Distribution
TBG BH d.o.o.
72240 Kakanj
Director
Ehlimana ehmehmedovi
Magistralni put b.b.
75250 Lukavac, Bosnia and Herzegovina
Tel/Fax: +387 (0)35 553 250
Head of Business Unit Sarajevo Head of Business Unit Lukavac

Asim Mei Ehlima ehmehmedovi

Head of Business Unit Banja Luka Head of Business Unit Rajlovac
Dejan Vasili Asim Mei
Head of Business Unit Zenica Head of Mobile RMC Drivua

Enhad Goralija Enhad Goralija
Croatia
Cement Distribution
Dunav-Drava cement d.o.o.
Director
Duko uek
10000 Zagreb
Croatia
Tel. +385 (0)1 38 31 746
Fax. +385 (0)1 38 31 798
Concrete production and Distribution

TBG BETON d.o.o.
Director
Zoran Peri
10000 Zagreb
Croatia
Tel. +385 (0)1 66 07 360, 66 07 353
Fax. +385 (0)1 66 08 540
Sales Manager
Sanjin Kalaica Mob. +385 (0)91/352 1368

2016
Impresum
Imprint
Izdava / Publisher
Selima ef Merdanovia 146
72240 Kakanj
BiH
Fotografije / Photographs
Arhiva Tvornice cementa Kakanj
Arhiva HeidelbergCement Group
Emina Dedi
Amer Kapetanovi
Lektura / Proofreading
(ne ukljuuje izvjetaje nezavisnog revizora / does not include the reports of the independent auditor)
Faik Imamovi, James Marshall
DTP
Master House New Media Design
tampa / Printing
Atlantik d.o.o. Banja Luka
Kontakt / Contact
Odnosi s investitorima / Investor Relations

Telefon: + 387 32 557 538
Fax: +387 32 557 600
Komunikacije / Communications
Telefon: + 387 32 557 552
Fax: +387 32 557 600

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

2016

2016
Bosna i Hercegovina / Bosnia & Herzegovina
Tvornica cementa Kakanj TBG BH d.o.o.
Sjedite / HQ Sjedite / HQ Poslovna jedinica Banja Luka

Tvornica cementa Kakanj d.d. Tvornica cementa Kakanj d.d. Business unit Banja Luka
Selima ef. Merdanovia 146 Selima ef. Merdanovia 146 Loionika 2
72240 Kakanj 72240 Kakanj 78000 Banja Luka
Poslovna jedinica Sarajevo Poslovna jedinica Sarajevo Mobilna jedinica Drivua

Terminal za otpremu cementa Business unit Sarajevo Mobile unit Drivua
Business unit Sarajevo Doglodi bb, Ilida Visoka 52
Cement terminal 71000 Sarajevo 72000 Zenica
Halilovii bb
71000 Sarajevo Poslovna jedinica Lukavac Poslovna jedinica Zenica
Business unit Lukavac Business unit Zenica
Poslovna jedinica Banja Luka Magistralni put bb Poslovna zona 1
Terminal za otpremu cementa 75250 Lukavac 72000 Zenica
Business unit Banja Luka
Cement terminal Poslovna jedinica Rajlovac
Loionika 2 Business unit Rajlovac
78000 Banja Luka Safeta Zajke 205, Rajlovac
71000 Sarajevo
Hrvatska / Croatia
Dunav-Drava cement d.o.o
Predstavnitvo za Hrvatsku / Branch Office Croatia
Sjedite / HQ
Ivana Luia 2a (Eurotower)
10000 Zagreb
TBG BETON d.o.o.
Sjedite / HQ Poslovna jedinica Donja Bistra TBG Strabag d.o.o. Zagreb Poslovna jedinica Osijek
Ivana Luia 2a (Eurotower) Business Unit Donja Bistra Joint Venture Business Unit Osijek
10000 Zagreb Gospodarska zona bb, ulineka bb, Nemetin 171c,
10298 Donja Bistra 10040 Zagreb 31000 Nemetin
Poslovna jedinica Valpovo Poslovna jedinica Vinkovci Poslovna jedinica akovo Poslovna jedinica Slavonsk
Business unit Valpovo Business unit Vinkovci Business Unit akovo Business Unit Slavonski Bro
Kraljevci 11, H.V. Hrvatinia 118b, Grobljanska bb, Sjeverna vezna cesta bb,
31550 Valpovo 32100 Vinkovci 31401 Vikovci 35000 Slavonski Brod
TVORNICA CEMENTA KAKANJ | Annual Report 2016

2016 Legenda / Legend
Tvornica cementa / Cement plant
Terminal za otpremu cementa / Cement terminal
Betonara / RMC plant
Predstavnitvo za Hrvatsku / Branch Office Croatia
VALPOVO
OSIJEK
ZAGREB
AKOVO
VINKOVCI
SLAVONSKI BROD
BANJA LUKA LUKAVAC
ZENICA
DRIVUA
KAKANJ
SARAJEVO
RAJLOVAC
ILIDA
ki Brod
od

2016

Web Master Godisnji Izvjestaj 2016

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Web Master Godisnji Izvjestaj 2016

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Godinji izvjetaj

U 000 KM 2013. 2014. 2015. 2016.

Pozicije rauna dobiti i gubitka Grupe

Pozicije rauna dobiti i gubitka Drutva

Pozicije bilansa Grupe

Pozicije bilansa Drutva

In 000 EUR 2013 2014 2015 2016

Profit and loss accounts of the Group

Profit and loss accounts of the Company

Balance sheet of the Group

Balance sheet of the Company

Godinji Izvjetaj 2016 | TVORNICA CEMENTA KAKANJ

1 Za dioniare 3 To our shareholders

2 Korporativno upravljanje 35 Corporate Governance

3 Izvjetaj Uprave 47 Report of the

4 Izvjetaj nezavisnog 147 Report of the

5 Dodatne informacije 257 Additional Information

10 Izvjetaj Nadzornog odbora

16 Izvjetaj Odbora za reviziju

Dame i gospodo, potovani dioniari!

12 Tvornica cementa Kakanj | Godinji izvjetaj 2016.

Ladies and gentleman, dear shareholders,

Tvornica cementa Kakanj | Annual Report 2016 13

14 Tvornica cementa Kakanj | Godinji izvjetaj 2016.

Tvornica cementa Kakanj | Annual Report 2016 15

2. Aktivnosti Nadzornog odbora

2.1. Poslovanje Drutva

16 Tvornica cementa Kakanj | Godinji izvjetaj 2016.

2. Activities of the Supervisory Board

2.1. Business Operations of the Company

Tvornica cementa Kakanj | Annual Report 2016 17

2.2. Skuptina Drutva

3. Saradnja s Upravom Drutva

18 Tvornica cementa Kakanj | Godinji izvjetaj 2016.

2.2. General Assembly of the Company

3. Cooperation with the Management Board of the Company

Tvornica cementa Kakanj | Annual Report 2016 19

20 Tvornica cementa Kakanj | Godinji izvjetaj 2016.

Tvornica cementa Kakanj | Annual Report 2016 21

1. Milan Dmitrovi, predsjednik,

Odbor za reviziju je u toku 2016. godine obavljao sljedee aktivnosti:

lanovi Odbora su informativno i savjetodavno kontaktirali sa lanovima Uprave Drutva u vezi s

U skladu s navedenim Odbor za reviziju daje:

22 Tvornica cementa Kakanj | Godinji izvjetaj 2016.

1. Milan Dmitrovi, Chair

Tvornica cementa Kakanj | Annual Report 2016 23

Daljnje aktivnosti Odbora

Kakanj, 13. 2. 2017. godine

24 Tvornica cementa Kakanj | Godinji izvjetaj 2016.

Further activities of the Committee

Kakanj, February 13, 2017

Members of the Committee:

Tvornica cementa Kakanj | Annual Report 2016 25

U proteklih esnaest godina radio je za HeidelbergCement na razliitim rukovodeim funkcijama.

Diplomu inenjera elektrotehnike stekao je na Elektrotehnikom fakultetu Univerziteta u Sarajevu.

26 Tvornica cementa Kakanj | Godinji izvjetaj 2016.

Tvornica cementa Kakanj | Annual Report 2016 27

Jnos Szarkndi, predsjednik

Albert Scheuer, lan

Gerhard Hirth, lan

28 Tvornica cementa Kakanj | Godinji izvjetaj 2016.

Jnos Szarkndi, Chairman

Albert Scheuer, Member