Letno poročiloAnnual report

2007Upravljati vrednost / Managing the Value

O Cerkniškem jezeru in Notranjskem regijskem parku

About Lake Cerknica and the Notranjska Regional Park

Upravljati vrednost - tako smo v Istrabenzu povzeli svojo naravnanost. Z opozarjanjem na vrednost

Cerkniškega jezera jo delimo z njegovim upravljavcem, Notranjskim regijskim parkom,

in mojstrico fotografije Andrejo Peklaj.

Managing the Value - this is how Istrabenz articulates its fundamental orientation. By drawing

attention to the value of Lake Cerknica, we share it with its manager, the Notranjska Regional Park,

and with a master of photography, Andreja Peklaj.

V osrčju Notranjske, osrednje slovenske pokrajine, leži, obdano z gozdnatim grebenom Javornikov, cerkniško polje s presihajočim

Cerkniškim jezerom. Dno njegove kotanje ob deževju napolnijo voda iz vodnih jam s podzemnimi jezeri,

voda z Javornika in Cerkniščica.

Največje presihajoče jezero v Evropi je naravna znamenitost slovenskega in svetovnega krasa.

Obrazi in razsežnost enega najbolje ohranjenih območij narave v Sloveniji se spreminjajo z letnimi časi in padavinami. Od popolne

izpraznitve, ko vode iz številnih izvirov poniknejo skozi požiralnike v propustnih apnenčastih tleh, pa vse do veličastne površine 26

kvadratnih kilometrov, ko vode spomladi ali v času deževja poplavijo kraško polje do 10,5 kilometra v dolžino in 3,3 kilometra v širino.

Cerkniško jezero s slikovitimi naravnimi kraškimi pojavi, z raznoliko floro in favno, ki navdušijo obiskovalca, je del Notranjskega

regijskega parka. »Park odlikujejo visoka stopnja ohranjenosti naravnih življenjskih prostorov, številni naravni spomeniki in izjemna

pestrost živih bitij. Cerkniško jezero in njegovo okolico odlikuje tudi kulturna krajina, ki jo je zaznamoval dolgotrajen kakovosten

preplet sobivanja človeka in narave, ponaša pa se tudi z veliko ekološko, biotsko in krajinsko vrednostjo«.1

Notranjski regijski park so ustanovili v Cerknici leta 2002, da bi ohranili naravne in kulturne vrednote, skrbeli za nadaljnji razvoj

gospodarstva, turizma, kmetijstva in gozdarstva tega območja. Zavod upravlja zavarovane naravne in kulturne znamenitosti na dobrih

222 kvadratnih kilometrih znotraj meja občine Cerknica.

Travišča in mokrišča Cerkniškega jezera so eno od varstvenih območij regijskega parka, kamor sodijo še območje strnjenih gozdov

Menišije in osrednjega Javornika, naravni rezervati in številni naravni spomeniki.

In the heart of Notranjska, the central region of Slovenia, lies the Cerknica Field (Cerkniško polje), surrounded by the wooded

mountain ridge of Javorniki. In the midst of it is the intermittent Lake Cerknica (Cerkniško jezero). After periods of heavy rain, the lake

basin fills up with water rising from the caves and subterranean lakes beneath, as well as from Javorniki and the Cerkniščica Brook.

The largest intermittent lake in Europe is a natural monument of the Karst on Slovenian and global scale.

The facets and dimensions of one of the best preserved natural habitats in Slovenia change with the seasons and the precipitation.

The beholder is enraptured by images of a completely empty lake, when the water from a number of springs and sources disappears

through sinkholes into the porous limestone ground, and fascinating images of water flooding the karst field in spring or after long

periods of rainfall, covering an area of about 26 square kilometres.

Lake Cerknica, with its picturesque natural karst phenomena and rich flora and fauna, enchanting every visitor, is part of the

Notranjska Regional Park. “The park boasts a high degree of preservation of natural habitats, a great number of natural monuments,

and exceptional biodiversity. Lake Cerknica and its surroundings are characterised by the cultural landscape in which man’s creations

have evolved in close connection with nature. Moreover, it features high ecological, biological and man-made landscape values.

Moreover, the park features high ecological, biological

and man-made landscape values”.1

The Notranjska Regional Park was founded in Cerknica in 2002 with the aim of preserving natural and cultural values as well as

advancing the development of the region’s economy, tourism, agriculture and forestry. The public institution manages the natural and

cultural heritage scattered over an area of 222 square kilometres within the Municipality of Cerknica.

The grasslands and wetlands of Lake Cerknica constitute one of the protection areas of the regional park,

including the area of dense forests of the Menišija Plateau and the central part of Javorniki, natural reserves,

and a number of natural monuments.

1 www.notranjski-park.si

Zaradi svoje izjemne biotske raznovrstnosti sodi Cerkniško jezero z okolico med mokrišča

svetovnega pomena, opredeljena z Ramsarsko konvencijo. Izstopajoče je zaradi svojih podzemnih

mokrišč, ki skupaj s površinskimi tvorijo enoten hidrološki sistem, po bogastvu jamske favne pa

sodi v svetovni vrh. / An exceptional biological diversity places Lake Cerknica and its surroundings

on the world map of wetlands that are governed by the Ramsar Convention on Wetlands. Its

exceptional features include subterranean wetlands, which together with the surface wetlands

constitute a uniform hydrological system, and a rich cave fauna that places the lake at the very top

of the world list.

Cerkniško jezero je evropsko pomembno za ohranitev nekaterih živalskih in rastlinskih združb,

zato je umeščeno v evropsko omrežje posebnih varstvenih območij Natura 2000. Posebej

dragoceno je zaradi gnezditve 100 vrst ptic, zlasti kosca, ki je ogrožen v svetovnem merilu.

Na Cerkniškem polju sicer gnezdi 94 vrst ptic, skupaj pa se jih pojavlja kar 250 vrst. / On a

European scale, Lake Cerknica plays an important role in the preservation of some animal and

plant species, which is why it was included in the network of Natura 2000 special preservation

sites. It has a particular value for the fact that it serves as a nesting ground for 100 species of

birds, among which the Corncrake deserves special attention because it is globally endangered.

The karst field of Cerknica is a nesting home to 94 species of birds, while the number of all bird

species observed in this area approaches 250.

Za projekt »Presihajoče Cerkniško jezero« je Notranjski regijski park pridobil sredstva LIFE

Narava. Namen projekta sta vzpostavitev dolgoročno ugodnih razmer za presihajoče jezero in

s tem za ogrožene vrste živali ter osveščanje o varstvu narave. / The Notranjska Regional Park

received a LIFE Narava grant for its ‘Intermittent Lake Cerknica’ project. The project aims to

establish a beneficial environment for the intermittent lake over the long run, preserve the

endangered animal species, and raise awareness about environmental.

8

KazaloContents

Letno poročilo holdinške družbe in Skupine Istrabenz / Annual report of the Holding Company and the Istrabenz Group

Pomembnejši poudarki v poslovanju holdinške družbe in Skupine Istrabenz v letu 2007 / Major highlights of the Istrabenz Holding Company and the Istrabenz Group in 2007 10Poročilo predsednika uprave Istrabenz, d.d. / Statement by the President of the Management Board of Istrabenz 12Poročilo nadzornega sveta / Report by the Supervisory Board 18Pomembnejši dogodki v letu 2007 / Important events in 2007 24

Poslovno poročilo / Business Report 291. Pomembnejši podatki o družbi Istrabenz, d.d. / Istrabenz - key information 302. Predstavitev holdinške družbe in Skupine Istrabenz / Presentation of the Holding Company and the Istrabenz Group 31 2.1 Mejniki v zgodovini družbe in Skupine Istrabenz / Milestones in the History of the Holdnig Company and the Istrabenz Group 32

2.2 Uresničevanje razvojne strategije v letu 2007 / Implementation of the Development Strategy in 2007 33

3. Lastniška struktura, delnice in dividende / Ownership structure, shares and dividends 36 3.1 Lastniška struktura / Ownership structure 36

3.2 Delnice in dividende / Shares and dividends 38

3.3 Dividendna politika / Dividend policy 38

3.4 Delnica holdinške družbe Istrabenz, d.d., na organiziranem trgu / Shares of the Istrabenz Holding Company on the organised market 39

3.5 Navzkrižna povezanost z drugimi družbami / Cross-linkages with other companies 41

3.6 Lastne delnice in njihovo pridobivanje / Own shares and their acquisition 41

3.7 Odobreni kapital / Authorised capital 42

3.8 Pogojno povečanje kapitala / Conditional increase in share capital 42

3.9 Sprememba kontrole v družbi / Change of Control in the company 42

3.10 Delniška shema za delavce / Employee share scheme 43

3.11 Člani uprave in člani nadzornega sveta, ki imajo v lasti Istrabenzove delnice /

Members of the management and supervisory boards holding Istrabenz shares 43

4. Poročilo o vodenju in upravljanju / Report on corporate governance 44 4.1 Sistem upravljanja / Management system 44

4.2 Skupščina delničarjev / The general meeting of shareholders 45

4.3 Nadzorni svet / Supervisory board 46

4.4 Uprava / The management board 49

4.5 Vodenje in upravljanje povezanih družb / Corporate governance of associated companies 51

4.6 Notranji nadzor in notranja kontrola / Internal supervision and internal control 52

4.7 Revizija / Audit 52

4.8 Skupni poslovni standardi / Common business standards 52

4.9 Vodstva hčerinskih družb / The subsidiaries management teams 53

4.10 Obveščanje delničarjev in poročanje / Informing the shareholders and reporting 54

4.11 Spoštovanje kodeksa upravljanja javnih delniških družb / Compliance with the corporate governance code for joint stock companies 56

4.12 Izjava o spoštovanju Kodeksa o upravljanju javnih delniških družb /

Statement of compliance with the corporate governance code for joint stock companies 56

5. Analiza poslovanja Skupine Istrabenz in holdinške družbe Istrabenz / Analysis of Operations of the Istrabenz Group and the Istrabenz Holding Company 58 5.1 Gospodarsko okolje / Economic environment 58

5.2 Poslovanje Skupine Istrabenz / Operations of the Istrabenz Group 61

5.3 Načrti za leto 2008 / Plans for 2008 67

5.4 Poslovanje po področjih / Operations by Business Area 67

5.5 Poslovanje holdinške družbe Istrabenz, d.d. / Operations of the Istrabenz Holding Company 94

5.6 Upravljanje tveganj / Risk management 100

5.7 Dogodki po datumu bilance stanja / Events after the balance-sheet date 107

6. Upravljanje kadrov / Human resource management 108 6.1 Gibanje števila zaposlenih / Employee turnover 108

6.2 Starostna struktura, prehajanje zaposlenih in bolniška odsotnost / Employee age structure, fluctuation and sick leave 110

9

6.3 Izobrazbena struktura / Employee education structure 112

6.4 Štipendiranje / Scholarships 113

6.5 Organizacijska klima in meritve zadovoljstva zaposlenih / Organisational climate and employee satisfaction surveys 114

6.6 Skrb za vodstvene kadre - izvršni menedžment / Care for managerial staff – executive management 114

7. Raziskave in razvoj izdelkov, storitev in procesov / Research and development of products, services and processes 116 7.1 Razvoj in upravljanje blagovnih znamk / Brand development and management 119

8. Korporativno komuniciranje / Corporate Communications 122Seznam slik / List of figures 123Seznam tabel / List of tables 126

Računovodsko poročilo Skupine Istrabenz / Financial Report of the Istrabenz Group 1291. Uvod / Introduction 1302. Revidirani konsolidirani računovodski izkazi Skupine Istrabenz / Audited consolidated financial statements of the Istrabenz Group 134 2.1 Konsolidirana bilanca stanja / Consolidated balance sheet 134 2.2 Konsolidirani izkaz poslovnega izida / Consolidated income statement 135

2.3 Konsolidirani izkaz finančnega izida / Consolidated cash flow statement 136

2.4 Konsolidirani izkaz gibanja kapitala / Consolidated statement of changes in equity 138

3. Pojasnila h konsolidiranim računovodskim izkazom Skupine Istrabenz / Notes to the consolidated financial statements of the Istrabenz Group 140 3.1 Poročajoča Družba / Reporting entity 140

3.2 Podlaga za sestavitev / Basis of preparation 140

3.3 Pomembne računovodske usmeritve / Significant accounting policies 141

3.4 Določanje poštene vrednosti / Determination of fair values 155

3.5 Poročanje po odsekih / Segment porting 156

3.6 Tveganja / Risks 157 3.7 Poročanje po segmentih / Segment reporting 160 3.8 Sredstva v posesti za prodajo / Assets held for sale 161 3.9 Nakupi in prodaje odvisnih družb / Acquisitions and disposals of subsidiaries 162 3.10 Pojasnila postavk računovodskih izkazov / Notes to the financial statements 165 3.11 Varovanje / Security 193

4. Dogodki po datumu bilance stanja / Events after the balance-sheet date 1965. Izjava poslovodstva / Statement by the Management 1976. Mnenje pooblaščenega revizorja / Certified Auditor’s Report 198Seznam pojasnil / List of notes 202

Računovodsko poročilo družbe Istrabenz, d.d. / Financial Report of the Istrabenz company 2051. Revidirani računovodski izkazi družbe Istrabenz, d.d. / Audited financial statements of the Istrabenz company 206 1.1 Bilanca stanja / Balance sheet 206

1.2 Izkaz poslovnega izida / Income statement 207

1.3 Izkaz finančnega izida / Cash flow statement 208

1.4 Izkaz gibanja kapitala / Statement of changes in equity 209

2. Pojasnila k računovodskim izkazom družbe Istrabenz, d.d. / Notes to the financial statements of the Istrabenz company 210 2.1 Poročajoča družba / Reporting company 210

2.2 Podlaga za sestavitev / Basis for compiling 210

2.3 Pomembne računovodske usmeritve / Significant accounting policies 211

2.4 Določanje poštene vrednosti / Determination of fair values 220

2.5 Tveganja / Risks 220

2.6 Pojasnila postavk v računovodskih izkazih / Notes of items in financial statements 221

2.7 Varovanje / Security 248

3. Dogodki po datumu bilance stanja / Events after the balance-sheet date 2504. Izjava poslovodstva / Statement by the Management 2515. Mnenje pooblaščenega revizorja / Certified Auditor’s Report 252Seznam pojasnil / List of notes 256

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555 367 483 968 1.050 1.327

1.400

0

200

400

600

800

1.000

1.200

200720062005200420032002

Pomembnejši poudarki v poslovanju holdinške družbe in Skupine Istrabenz v letu 2007 / Major highlights of the Istrabenz Holding Company and the Istrabenz Group in 2007

Tabela 1: Pomembnejši poudarki v poslovanju družbe Istrabenz, d.d., in Skupine Istrabenz v letu 2007

POSTAVKEITEMS

ENOTAUNIT

ISTRABENZ, D.D.ISTRABENZ

SKUPINA ISTRABENZISTRABENZ GROUP

Čisti prihodki od prodaje / Net sales revenues € 838.123 604.597.211

Dobiček iz poslovanja / Operating profit € -6.959.375 33.383.639

Dobiček iz poslovanja in amortizacija / Operating profit and depreciation € -6.502.332 74.160.278

Čisti dobiček / Net profit € 98.204.999 116.391.347

Čisti dobiček večinskega lastnika / Net profit of the majority shareholder € - 112.646.920

Sredstva / Assets € 837.364.292 1.326.981.070

Lastniški kapital / Shareholders’ equity € 346.452.915 447.490.787

Kapital večinskega lastnika / Equity of the majority shareholder € - 407.152.802

Donos na kapital večinskega lastnika / ROE of the majority shareholder % 45,28 % 41,50 %

Knjigovodska vrednost delnice večinskega lastnika1 / Book value of a share of the majority shareholder1 € 66,88 78,60

Čisti dobiček na delnico2 / Net earnings per share2 € 18,96 21,75

Slika 1: Rast sredstev Skupine Istrabenz v obdobju 2002-20073

1 Knjigovodska vrednost delnice večinskega lastnika = Kapital večinskega lastnika konec obra-čunskega obdobja / število delnic.

2 Čisti dobiček na delnico = Čisti dobiček obdobja (za Skupino: čisti dobiček večinskega lastnika) / število vseh delnic holdinške družbe Istrabenz, d.d.

3 Pričujoče primerjave zajemajo obdobje petih let, medtem ko so v ostalih poglavjih zajete primerjave za triletno obdobje.

Table 1: Major operational highlights of the Istrabenz Holding Company and the Istrabenz Group in 2007

Figure 1: Growth in the assets of the Istrabenz Group in the 2002-2007 period3

1 Book value of a share of the majority shareholder = equity of the majority shareholder at the end of the accounting period / number of shares.

2 Net earnings per share = net profit for the period (for the Group: net profit of the majority share-holder) / total number of shares of Istrabenz Holding Company

3 These comparisons were made for a period of five years, while those in other chapters cover a three-year period.

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245 198 229 361 402 447

500

0

100

200

300

400

200720062005200420032002

200720062005200420032002

14 17 42 13 29 116

140

0

20

40

60

80

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4 Pričujoče primerjave zajemajo obdobje petih let, medtem ko so v ostalih poglavjih zajete primerjave za triletno obdobje.

5 Pričujoče primerjave zajemajo obdobje petih let, medtem ko so v ostalih poglavjih zajete primerjave za triletno obdobje.

Slika 2: Rast kapitala Skupine Istrabenz v obdobju 2002-20074

Slika 3: Rast dobička Skupine Istrabenz v obdobju 2002-20075

4 These comparisons were made for a period of five years, while those in other chapters cover a three-year period.

5 These comparisons were made for a period of five years, while those in other chapters cover a three-year period.

Figure 2: Growth in equity of the Istrabenz Group in the 2002-2007 period4

Figure 3: Growth in profit of the Istrabenz Group in the 2002-2007 period5

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Poročilo predsednika uprave Istrabenz, d.d. Statement by the President of the Management Board of Istrabenz

Spoštovani delničarji in poslovni partnerji!

Odkar sem junija 2002 prevzel vodenje holdinške druž-be in Skupine Istrabenz, je moj osrednji cilj učinkovito in zato aktivno upravljanje Istrabenzovih naložb. Smisel Istrabenzovih potez v letu 2007 je bila krepitev dolgo-ročnih konkurenčnih sposobnosti in razvojnih jeder v vsa-kem od naložbenih področij.

V prvem letu uresničevanja novega strateškega poslovnega načrta so bili izpolnjeni vsi strateški cilji.

Nekateri dejavniki, kot sta rast cen vhodnih surovin in ener-gentov, so vplivali na oba kazalnika, s katerima izkazujemo poslovni izid Skupine Istrabenz (EBIT in EBITDA), vendar so iz te perspektive doseženi rezultati ugodni. Čisti dobiček Sku-pine je občutno presegel načrte, kar je, glede na značaj hol-dingov, tudi lažje razumljivo. Predvsem pa je Skupina Istra-benz naredila velik premik v lastniški, organizacijski in tržni konsolidaciji, ki je nasledila ekspanzivno obdobje širitve na vseh ravneh. V procesu, ki še ni v celoti zaključen, je bil v letu 2007 dosežen pomemben preboj, ki je prinesel dodano vrednost vsakemu od naših ključnih naložbenih področij.

Konsolidacija lastništva je potekala v Prehrani, Turizmu in Informacijskih tehnologijah. Ta splošna značilnost procesov v gospodarskem okolju jugovzhodne Evrope ima v Skupini Istrabenz še drugo razsežnost. Obdobju hitre rasti, preobli-kovanja naložbenih področij s prestrukturiranjem, prevzemi in z ustanavljanjem družb je sledila napovedana konsoli-dacija v vseh smereh, ki se zdaj zaključuje. Na vertikalni osi se kaže v koncentraciji lastništva v matičnih družbah in v bolj ploskovitem upravljavskem procesu. Znotraj posa-meznih naložbenih področij sta njen rezultat koncentracija lastništva tudi v hčerinskih družbah in gibkejša organizaci-ja. Večja učinkovitost vodenja je bila razlog za predlagane odkupe lastniških deležev manjšinskih delničarjev družb Droga Kolinska, d.d., in Istrabenz Turizem, d.d., v hčerinski družbi Turizem Kras, d.d., ter umik delnic Droge Kolinske z

Dear shareholders and business partners,

Since I took over the helm of the Istrabenz Holding Company and the Istrabenz Group in June 2002, my first priority has been to efficiently and actively manage Istrabenz’s assets. The motivation behind Istrabenz’s strategic moves in 2007 was to strengthen our long-term competitive power and consolidate development cores in each of the investment areas.

During the first year of the implementation of the new strategic plan, all strategic goals were attained.

Some factors, including higher prices in input raw materials and energy products, affected both indicators of financial performance of the Istrabenz Group (EBIT and EBITDA), however the results achieved in this area are promising. Net profit of the Group considerably exceeded the plan, which can partly be explained by the very nature of holdings. Moreover, following a period of overall expansion, the Istrabenz Group made a quantum leap forward in terms of ownership, organisation and market consolidation. In this process, which has not yet come to an end, a major breakthrough was recorded in 2007, bringing value added to each of our key investment areas.

Ownership consolidation was carried out in the Food, Tourism and IT Business Areas. This relatively common process in the economic environment of South-Eastern Europe has assumed a specific dimension in the Istrabenz Group. A period which saw rapid growth, investment area restructuring, takeovers and the founding of companies was followed by the announced overall consolidation which is now in its final phase. On the vertical axis, this is reflected in ownership concentration in parent companies and a flatter management process. As regards individual investment areas, it is reflected in ownership concentration in subsidiaries and a streamlined organisation. To maximise management efficiency, a proposal was made to acquire from minority shareholders the interests in the companies Droga Kolinska, Istrabenz Turizem and in the subsidiary Turizem Kras, as well as to withdraw the shares of the company Droga Kolinska

13

organiziranega borznega trga. V Informacijskih tehnologi-jah je bilo lastništvo konsolidirano z odkupom deležev dru-gih lastnikov v krovni družbi Actual I.T., d.o.o., v Prehrani je Droga Kolinska, d.d., prevzela celoten lastniški delež družbe Grand Prom d.o.o., v Energetiki so Istrabenz plini, d.o.o., pridobili 90-odstotni lastniški delež v Plinarni Maribor, d.d.

Rast vrednosti sredstev. Z vidika naložbenika, za kar se je Istrabenz dokončno opredelil v preteklem letu, se poslovna leta razlikujejo glede na priložnosti za rast, ki jih ponujajo. Če pregledamo cilje, zastavljene s strateškim poslovnim načrtom, ugotovimo, da naj bi povprečna rast vrednosti sredstev holdinške družbe Istrabenz v obdobju 2007 - 2011 dosegla 5 odstotkov. V startnem letu smo krepko prehiteli načrte in neto poslovna sredstva povečali za 63 odstotkov v primerjavi z letom prej.

Visok čisti dobiček skupine. Zelo uspešno poslovanje holdin-ške družbe pri upravljanju naložb je prineslo občutno višje finančne prihodke od načrtovanih in močno vplivalo na čisti dobiček poslovne skupine. Ta je dosegel 116,4 milijona evrov in je štirikrat višji v primerjavi z letom prej ter krepko presega načrtovano vrednost. Visoki finančni prihodki izhajajo iz pro-daje deležev pridruženih družb, kot je prodaja 12,56-odsto-tnega deleža v Poslovnem sistemu Mercator, d.d., in drugih finančnih naložb holdinške družbe, kot je odprodaja 8,3-od-stotnega deleža v Banki Koper, d.d. Pri tem je bilo skupno ustvarjenih 150,9 milijona evrov prihodkov iz financiranja.

Finančni dolg skupine se je povečal, in sicer za 40 od-stotkov, vendar neto dolg6 kljub povečanju predstavlja 50 odstotkov kapitala in tako ostaja v začrtanih okvirih.

Večji obseg, nova struktura konsolidirane bilance stanja. Večina ključnih poslovnih dogodkov se je odrazila v rasti in spremembah strukture konsolidirane bilance stanja. Nanje

6 Neto dolg je izračunan tako, da so od finančnega dolga odšteti vrednost portfelja vrednostnih papirjev in obveznic v posesti družbe Istrabenz, d.d., kratkoročna finančna sredstva ter denar in denarni ustrezniki na ravni Skupine Istrabenz.

from the official stock exchange. Ownership in the IT Business Area was consolidated through acquisition of interests in the parent company Actual IT from other participators. In the Food Business Area, Droga Kolinska acquired a 100-per cent holding in the company Grand Prom, whereas in the Energy Business Area, the company Istrabenz plini acquired a 90-per cent holding in Plinarna Maribor.

Growth in assets. From an investor’s point of view – considering the fact that a year ago Istrabenz decided to specialise in investments – one business year differs from another in terms of available opportunities for growth. An overview of the goals set in the Strategic Business Plan shows that the assets of the Istrabenz Holding Company should on average grow by 5 per cent in the 2007–2011 period. The 2007 results considerably exceeded the plan, as net assets rose by 63 per cent over 2006.

High net profit of the Group. Due to the Istrabenz Holding Company’s high performance in its investment management, the generated finance income was considerably higher than planned, thus strongly affecting the Group’s net profit. Net profit totalled EUR 116.4 million, which is four times the 2006 figure, and considerably exceeded the plan. The high finance income stems from sales of interests in associates, including the sale of a 12.56-per cent interest in Poslovni sistem Mercator, as well as other investments of the Holding Company, including the sale of an 8.3-per cent interest in Banka Koper. The generated finance income totalled EUR 150.9 million.

The financial liability of the Group increased by 40 per cent, but, despite this increase, net liability accounts for 50 per cent of equity and remains below the threshold levels.

Higher volume; new structure of the consolidated balance sheet. Most of the key business events generated growth and changes in the structure of the consolidated balance sheet. The above

6 Net liability is calculated by subtracting from financial liability the value of the portfolio of securities and bonds held by the Istrabenz Holding Company, current financial assets, and cash and cash equivalents at the level of the Istrabenz Group.

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so vplivali že omenjena konsolidacija lastništva v Prehra-ni, Turizmu in Informacijskih tehnologijah ter delna odpro-daja deleža v pridruženi družbi Poslovni sistem Mercator, d.d. Bilančna vsota je narasla za 26 odstotkov in je občutno nad načrti. Povišanje dolgoročnih finančnih sredstev izvira iz spremembe statusa pridružene družbe Poslovni sistem Mercator, d.d., v finančno naložbo, ki se sedaj izkazuje v portfelju tržnih vrednostnih papirjev, in iz povečanja doku-pov delnic družbe Petrol d.d. Prav krepitev lastniškega dela v Petrolu je bila druga značilnost poslovnega leta, ki ji je v oktobru sledil prevzem Istrabenza s strani Petrola.

Finančna naložba v podporo krepitvi Energetike. Kako ra-zumeti Istrabenzovo dokupovanje delnic Petrola? Nadzorni svet in uprava sta bila soglasna v odločitvi za finančno in-vesticijo na področju, ki ga Istrabenz obravnava kot svoje dolgoročno naložbeno področje. Istrabenz je leta 2004 od-prodal naložbo v tradicionalni dejavnosti, trgovini z naftnimi derivati. Vendar se od Energetike tedaj ni poslovil, temveč je navzočnost v njej preoblikoval in jo razširil. V plinski dejav-nosti smo utekočinjenemu naftnemu plinu in tehničnim pli-nom dodali zemeljski plin. Vstopili smo v oskrbo z električno energijo in z obnovljivimi viri. Istrabenz, d.d., in Petrol d.d. imata veliko možnosti za kapitalsko in poslovno sodelova-nje v regiji, v kateri nastopata. Skupni nastop in oblikovanje poslovnih verig za celovito oskrbo z energijo bi, po naši oce-nah, okrepila tržni položaj obeh ponudnikov in njuno kapi-talsko moč ter povečala vrednost za njune delničarje.

S stališča načela varstva konkurence ni odprtih vprašanj gle-de koncentracije na področju električne energije, prav tako ne pri obnovljivih energetskih virih. Pri vprašanjih, ki se nanašajo na morebitni prevladujoči položaj na področju utekočinjenega naftnega plina in zemeljskega plina v Sloveniji, pa je treba upoštevati, da utekočinjeni plin kot energent za ogrevanje nima izključnega položaja med energenti, temveč je izbirni produkt za ogrevanje. Ustvarjanje enovitih lokalnih omrežij, o čemer bi zaradi majhnosti teritorija lahko govorili v Sloveniji, pa je pri zemeljskem plinu pogoj in uveljavljen način za racio-nalno oskrbo potrošnikov ter razvoj in vzdrževanje infrastruk-ture tudi na razvitih trgih.

Uspešna nadomestitev izstopa iz lastništva APC. Izkaz poslov-nega izida Skupine Istrabenz kaže, da poslovni prihodki, kljub odprodaji deleža v družbi Austrian Power Vertriebs (APC), ki je imela ključni vpliv na prihodke v bilančni Skupini Istrabenz Gorenje energetski sistemi, v zanemarljivi meri odstopajo od načrtov in so le za odstotek nižji od načrtovanih. Strateški partner je izkoristil možnost izstopa (call opcijo), hkrati pa so bili pri odprodaji realizirani primerni kapitalski dobički.

V Skupini Istrabenz Gorenje energetski sistemi, ki jo vodita dr. Robert Golob in Aleksander Mervar, nam trgovina z elek-trično energijo tako ponuja dva pogleda: na eni strani upad prihodkov zaradi prodaje naložbe v APC, ki ga bo čutiti tudi v letu 2008, in na drugi visoko preseganje načrtov s strani druž-be GEN-I, d.o.o. Slednje ocenjujem za zelo dobro znamenje in dolgoročen pozitiven učinek prenosa znanja, pridobljenega pri upravljanju naložbe v APC.

was affected by the aforementioned ownership consolidation in the Food, Tourism and IT Business Areas as well as by the sale of part of an interest in the associate Poslovni sistem Mercator. Total assets grew by 26 per cent, thus considerably exceeding the plan. The increase in non-current financial assets is a result of the changed status of the associate Poslovni sistem Mercator, which is disclosed as an investment in the portfolio of marketable securities, and of additional purchases of shares of the company Petrol. This increase in the participation in Petrol was the second landmark in the business year, followed by Petrol’s takeover of Istrabenz in October.

Investments aimed at strengthening the Energy Business Area. How to understand Istrabenz’s additional purchases of Petrol’s shares? The Supervisory and Management Boards unanimously adopted a decision to invest in a Business Area which represents a long-term investment area for Istrabenz. In 2004, Istrabenz sold its interest in a traditional activity – trade in petroleum products. However, this was not a farewell to the Energy Business Area, but ownership restructuring and expansion. In the gas activity, liquefied petroleum gas and industrial gases were joined by natural gas. The Company penetrated the market of electrical energy and renewable energy sources. Istrabenz and Petrol now have a good chance to forge a strategic alliance and business co-operation in their local region. Joint action and creation of a distribution chain for a comprehensive energy supply would, in our estimates, strengthen both companies’ market position and capital power as well as maximise value for shareholders.

In terms of competition protection, there are no open issues regarding the concentration in the markets of electrical energy and renewable energy sources. Regarding the would-be monopoly on the Slovenian market of liquefied petroleum gas and natural gas, it should be noted that liquefied gas as an energy product used for heating is only one among many products on the market. Construction of uniform local networks for natural gas supply – this being a possible solution for Slovenia due to the smallness of its territory – is a prerequisite for ensuring a streamlined supply and infrastructure development and maintenance and is quite common in the developed markets.

Efficient compensation for the sold interest in APC. The Istrabenz Group’s income statement shows that despite the sale of the interest in the company Austrian Power Vertriebs (APC), which had been one of the main income generators in the balance sheet of the Istrabenz Gorenje energetski sistemi Group, the Group’s operating income fell behind the plan insignificantly, i.e. by only one per cent. The strategic partner exercised its call option, while the sale itself generated high capital gains.

In the Istrabenz Gorenje energetski sistemi Group, at the helm of which are Dr. Robert Golob and Aleksander Mervar, the trade in electrical power offers a two-faceted perspective: on the one hand, a decrease in income due to the sold interest in APC (this will continue to have repercussions in 2008), and, on the other hand, a highly exceeded plan by the company GEN-I. In my opinion, the results of GEN-I are very promising, not to forget the positive long-term benefits from the knowledge acquired through managing the investment in APC.

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Zaradi izredno visokih temperatur v kurilni sezoni in nižje porabe plinov za ogrevanje je Skupina Istrabenz plini zao-stala za načrti. Zorko A. Cerkvenik, Suzana Bolčič Agostini in mag. Aldo Srabotič so poslovanje plinske skupine s pre-vzemom družbe Plin Komerc d.o.o. Tešanj razširili na Bosno in Hercegovino in pridobili koncesijo za plinifikacijo mesta Koper. Družba Instalacija, d.o.o., je v tragični nesreči izgubi-la direktorja Borisa Gorupa. Sodelavca in prijatelja, ki je tri-najst let uspešno vodil podjetje, s katerim je ustvaril dobro organizirano, okoljsko odgovorno in sodobno opremljeno skladišče naftnih derivatov, bomo ohranili v trajnem spo-minu. V skladiščenju naftnih derivatov, kjer je vodenje pre-vzel nekdanji direktor Rinaldo Glavina, so bili doseženi vsi zastavljeni cilji.

Prihodkovni primat Prehrane. Delež prihodkov iz Energeti-ke v Skupini Istrabenz se je s prodajo naložbe v družbi APC zmanjšal. Energetika, ki je leto prej ustvarila 44 odstotkov poslovnih prihodkov, je tokrat generirala njihov 30-odstot-ni delež. Primat v poslovni skupini je s skoraj 60 odstotki prevzela Prehrana, ki je načrtovane poslovne prihodke pre-segla za 5 odstotkov, skoraj dve tretjini jih je ustvarila v ju-govzhodni Evropi, za slabo tretjino pa v Evropski uniji. Sku-pina Droga Kolinska, njeno vodenje sta od mag. RobertaFerka prevzela Slobodan Vučićević in Milena Štular, se je z obsežno reorganizacijo osredotočila na ključne blagovne skupine in znamke (Barcaffe, Grand kafa, Argeta, Cockta, Donat Mg, Smoki, Bebi) ter trge in obvladovanje stroškov. Medtem ko smo z dosežki reorganizacije, investicij v tehno-loško posodobitev in trženje, poslovnega in tržnega fokusi-ranja v celoti zadovoljni, pa izid iz poslovanja zaradi visoke rasti cen vhodnih stroškov (surovin, energentov) ni izpolnil pričakovanj.

Izboljšani poslovni rezultati v Turizmu. Skupina Istrabenz Turi-zem je pod vodstvom Marina Antoloviča presegla zastavljene cilje. S prevzemom družbe Thai Si s.r.l. iz Trevisa je poslovanje iz Slovenije in Hrvaške, kjer se odvija na destinacijah Porto-rož, Postojna in Opatija, razširila tudi v Italijo. Na trgih Italije, Avstrije, Slovenije, Nemčije in Rusije je uspešno tržila glavne produkte namestitve, vstopnin v jame in termalne ter gostin-ske storitve. Poslovni prihodki skupine so se v letu dni pove-čali za visokih 12 odstotkov, poslovni izid iz poslovanja pa je kar trikrat višji kot leto prej. Skupina je 80 odstotkov investi-cijskih sredstev namenila za prenovo starega hotela Palace v Portorožu. Kljub stroškom financiranja te investicije, ki bo zaključena v letu 2008, je tudi poslovni izid presegel načrte.

Informacijske tehnologije. Hitra rast obsega poslovanja in ugoden izid iz poslovanja (EBIT in EBITDA) so bili značilni za področje Informacijskih tehnologij, kjer deluje Skupina Actual pod vodstvom Igorja Kosmine. Dokapitalizacija je družbi zagotovila sredstva za nadaljnjo rast, v kateri se bo še naprej jačal delež storitev zunanjega najema, iz katere-ga že ustvari skoraj 68 odstotkov prihodkov.

Due to extremely high temperatures in the heating season and lower consumption of fuel gases, the Istrabenz plini Group’s results were behind the plan. Zorko A. Cerkvenik, Suzana Bolčič Agostini and Aldo Srabotič, MSc., expanded the Istrabenz plini Group’s operations to Bosnia and Herzegovina by acquiring the Tešanj-based company Plin Komerc, and the Group was also granted a concession for gasification of the town of Koper, Slovenia. The Director of the company Instalacija, Boris Gorup, passed away in a tragic accident. We shall honour the memory of our colleague and friend who, for thirteen years, successfully managed the company, turning it into in a well-organised, environmentally responsible and modern warehouse of petroleum products. In the petroleum product warehousing activity, which was again taken over by its former Director Rinaldo Glavina, all of the goals were attained.

Income generator in the Food Business Area. After selling the interest in APC, the share of Energy’s operating income in the Istrabenz Group decreased. From 44 per cent generated the year before, it dropped to 30 per cent. The leading role in the business group was taken by the Food Business Area, generating 60 per cent of total operating income and exceeding the planned figure by 5 per cent. Nearly two thirds were earned in South-Eastern Europe and slightly less than one third in the European Union. The Droga Kolinska Group, the running of which was passed from Robert Ferk, MSc., to Slobodan Vučićević and Milena Štular, underwent a comprehensive reorganisation, focusing on the key product groups, brands (Barcaffe, Grand kafa, Argeta, Cockta, Donat Mg, Smoki, Bebi), and markets, and cost management. We are absolutely satisfied with the results of our reorganisation, investments in technology redesign and marketing, and business and market reorientation, but the operating result failed to meet our expectations due to the surging prices of raw materials and energy products.

Higher performance in the Tourism Business Area. Under the management of Marino Antolovič, the Istrabenz Turizem Group exceeded the planned figures. After having acquired the Treviso-based company Thai Si, the business which was previously conducted between Portorož and Postojna (Slovenia) and Opatija (Croatia), expanded to Italy. The group successfully marketed its main products and services in Italy, Austria, Slovenia, Germany and Russia, including accommodation services, entry to caves, thermal spas, and catering services. Over the year, the operating income of the Istrabenz Turizem Group rose by 12 per cent and operating profit tripled over the 2006 figure. As much as 80 per cent of the Group’s investments were made in the renovation of the old Palace Hotel in Portorož. Despite these heavy investments, which are expected to be completed in 2008, the profit exceeded the plan.

Information technologies. The IT Business Area, with Igor Kosmina managing the Actual Group, witnessed rapid growth in the volume of operations and favourable operating results (EBIT and EBITDA). The recapitalisation of the company facilitated its continuous growth, and its volume of outsourcing services, currently generating 68 per cent of income, is expected to grow further.

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Corporate governance witnessed several changes. Srečko Kenda, MSc., Member of the Management Board of the Istrabenz Holding Company, and Robert Ferko, MSc., President of the Management Board of Droga Kolinska, resigned for personal reasons. I extend my gratitude to both of them for contributing to the development of strategic and other investments in the Istrabenz Group, which are reflected in the 2007 results.

The introduction of a one-tier management system in the Tourism Business Area yielded impressive results. We are currently examining the possibility of introducing this system in other investment areas in the future.

Entering the 60th year of business. In 2008, Istrabenz will celebrate 60 years of operations, entering the second year of implementation of the Strategic Business Plan for the 2007-2011 Period.

Over the past six decades, it has developed from a local company dealing in the supply of petroleum products to a development-oriented international group of companies employing nearly 5,000 staff in several business areas. The Istrabenz Group consists of 69 developing companies operating on the markets of the European Union, the former Yugoslavia and Eastern Europe.

The Istrabenz Group and the Istrabenz Holding Company, which presently deal in investment management, are witnessing continuous growth, stability of operations, and high growth in assets. For the above reasons, the Istrabenz Holding Company sparks investors’ interest. Since 2002, the capital of the Istrabenz Group increased by 83 per cent. The assets of the Group, which are managed by the Istrabenz Holding Company, increased by 139 per cent in the same period. Other highlights include the spreading of risks by investment diversification and stable growth in net asset value, income, current assets and profit, all of which result from a more efficient use of assets.

In 2007, Istrabenz's share value rose by a good 127 per cent and the volume of trading increased by 170 per cent. It is the management’s task to maximise value for shareholders, regardless of the shareholder structure – and this is the commitment that we will continue to honour.

In 2007, foundations were set for the implementation of strategic guidelines. The Food, Tourism and IT Business Areas underwent ownership and business consolidation. An appropriate equity/liabilities ratio was established. In 2008, we will focus on further growth in all investment areas. The sale of the interest in APC will bring about slightly lower operating income of the Group, but this deficit will be compensated for by growth in the volume of operations in other areas. The effective ownership, market and organisation consolidation and the focus on investment areas will be followed by our next goal, to boost the Group’s performance, which has already been reflected in the rising of EBIT (up by 11 per cent) and EBITDA (up by 12 per cent). Following several years of a galloping growth, the value of the Group’s capital and assets will be stable, with net profit totalling EUR 19 million, of which EUR 15.5 million pertain to the majority shareholder.

Vodenje in upravljanje je doživelo več sprememb. Iz oseb-nih razlogov sta odstopila mag. Srečko Kenda, član upra-ve holdinške družbe Istrabenz, d.d., in mag. Robert Ferko, predsednik uprave Droge Kolinske. Zahvaljujem se jima za njun prispevek k razvoju finančnih in strateških naložb v Skupini Istrabenz, ki se odraža tudi v dosežkih leta 2007.

Zelo dobre rezultate je prinesla uvedba enotirnega sistema upravljanja v Turizmu. Proučujemo možnosti, da bi ta sis-tem v prihodnje razširili še na druga naložbena področja.

V šestdeseto leto poslovanja. Istrabenz bo v letu 2008 sklenil 60 let poslovanja in stopil v drugo leto uresničevanja novega Strateškega poslovnega načrta do leta 2011.

V šestih desetletjih je dobro nadgradil dejavnost lokalnega podjetja za oskrbo z naftnimi derivati in prerasel v razvojno usmerjeno mednarodno poslovno skupino z blizu pet tisoč zaposlenimi v več poslovnih področjih. V njenem okviru se danes razvija 69 družb, ki delujejo na trgih Evropske unije, nekdanje Jugoslavije in vzhodne Evrope.

Za poslovno Skupino in holdinško družbo Istrabenz, kate-re dejavnost je danes upravljanje naložb, ostajajo značilni stalna širitev in stabilnost poslovanja ter visoka rast sred-stev. Holdinška družba Istrabenz je zato za vlagatelje za-nimiva naložba. Kapital Skupine Istrabenz se je v obdobju od leta 2002 povečal za 83 odstotkov. Vrednost sredstev Skupine, s katero upravlja holdinška družba Istrabenz, se je v istem obdobju povečala za 139 odstotkov. Spremljajo jo razpršitev tveganj z diverzifikacijo naložb, stabilna rast vrednosti neto premoženja, ustvarjenih prihodkov, obrata sredstev in rast izida poslovanja, ki temelji na boljši izkori-ščenosti poslovnih sredstev.

Vrednost Istrabenzove delnice je v letu 2007 zrasla za do-brih 127 odstotkov, za 170 odstotkov se je povečal obseg trgovanja. Naloga uprave je, da povečuje vrednost premo-ženja svojih delničarjev, ne glede na njihovo strukturo, in temu bo ostala zavezana tudi v prihodnje.

V letu 2007 so bili pripravljeni dobri temelji za izpolnitev strateških smernic. Turizem, Prehrana in Informacijske teh-nologije so lastniško in poslovno konsolidirani. Doseženo je ustrezno razmerje med lastniškim kapitalom in tujimi viri sredstev. Leto 2008 bo namenjeno nadaljnji notranji ra-sti vseh naložbenih področij. Odprodaja družbe APC se bo odrazila v le nekoliko nižjih poslovnih prihodkih skupine, vendar bo izpad teh prihodkov skoraj v celoti nadomeščen z rastjo poslovanja na ostalih področjih. Po učinkovitih lastni-ških, tržnih in organizacijskih konsolidacijah ter fokusiranju naložbenih področij načrtujemo občuten vzpon uspešnosti iz poslovanja skupine, kar se kaže skozi rast kazalnikov EBIT (+11 odstotkov) in EBITDA (+12 odstotkov). Po letih skokovite rasti bo vrednost kapitala in sredstev poslovne skupine stabilna, prav tako čisti poslovni izid v višini 19 milijonov evrov, od česar bo večinskemu lastniku pripadlo 15,5 milijona evrov.

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I would like to thank all of my colleagues for their efforts to increase the competitive power of our Business Areas and the entire Istrabenz Group as well as for their dedication to attain our common goal – to become one of the leading investors on the South-Eastern European markets. I am convinced that for the reasons I stated earlier and thanks to our orientation towards sustainable growth, we will succeed in our aspirations.

I would also like to express my gratitude to all of the Istrabenz shareholders for their support.

Sodelavkam in sodelavcem se zahvaljujem za vložene na-pore, s katerimi povečujejo konkurenčne sposobnosti naših naložbenih področij in konkurenčne sposobnosti Skupine Istra-benz ter uresničujejo naš cilj - postati eden izmed najuspešnej-ših investitorjev na trgih jugovzhodne Evrope. Prepričan sem, da nam bo zaradi razlogov, ki sem jih opredelil v tem poročilu, in zaradi naše naravnanosti k trajnostni rasti, to uspelo.

Vsem delničarjem in poslovnim partnerjem se zahvaljujem za podporo, s katero spremljajo rast Istrabenza.

Igor Bavčar,predsednik uprave Istrabenz, d.d.

President of the Management Board of Istrabenz

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Poročilo nadzornega sveta Report by the Supervisory Board

Nadzorni svet holdinške družbe Istrabenz, d.d., je skladno s svojo funkcijo nadzora v dvotirnem sistemu vodenja in upra-vljanja ter skladno s pozitivno slovensko zakonodajo nadzoro-val politike in aktivnosti izvršnega organa, pri čemer je deloval neodvisno od uprave holdinške družbe Istrabenz.

Sestava in usposobljenost nadzornega sveta, dinamika ter kakovost njegovega delovanja in prisotnost na sejah so omo-gočali strokovno spremljanje poslovanja ter uresničevanja sprejetega Strateškega poslovnega načrta Skupine Istrabenz. Časovno zaporedje, v katerem so se odvijale seje nadzornega sveta, je zagotavljalo redno in tekoče obravnavanje informacij o poslovanju holdinške družbe in Skupine Istrabenz ter obča-sno podrobnejše spremljanje razvoja poslovnega položaja hol-dinške družbe in posameznih naložbenih področij.

Delo nadzornega sveta, njegovih članov in sodelovanje z upra-vo ocenjujemo kot dobro. V preteklem poslovnem letu nismo zabeležili nasprotja interesov, ki bi lahko vplivalo na delo nad-zornega sveta.

Seje nadzornega sveta

V letu 2007 se je nadzorni svet holdinške družbe Istrabenz, d.d., sestal na sedmih sejah, od tega na štirih rednih in treh izrednih. Redne seje so bile 28.3., 20.4., 28.8., in 19.12.2007. Izredne seje so potekale 26.2., 24.9. in 19.10.2007.

Na sedmih sejah je nadzorni svet sprejel skupno 24 sklepov.

Na vseh sejah, razen na eni, z upravičeno odsotnim članom, je bila udeležba v polni sestavi. Člani so redno prejemali po-membnejše informacije, polletno in četrtletna poročila, gradi-vo za seje nadzornega sveta, sodelovali pri njegovem delu in spremljali uresničevanje sprejetih sklepov.

Na sejah so redno obravnavali informacije o delu uprave, glav-nih aktivnostih po naložbenih področjih in sklenjenih poslih.

In line with its supervisory function in the two-tier management system and in compliance with the Slovenian legislation, the Supervisory Board of the Istrabenz Holding Company supervised the policies and activities of the executive body, while still preserving its independence from the Holding Company’s Management Board.

The composition and qualifications of the Supervisory Board, its dynamic and efficient work, and a high attendance rate have contributed to our highly professional monitoring of operations and the implementation of the adopted Strategic business plan of the Istrabenz Group. The well-timed schedule of the Supervisory Board’s meetings facilitated regular and prompt discussion of information concerning the Holding Company’s and the Istrabenz Group’s operations as well as periodic monitoring of the progress in the business position of the Holding Company and the investment areas.

I assess the work of the Supervisory Board members and their co-operation with the Management Board as effective. No conflict of interest was recorded in the past year that would affect the work of the Supervisory Board.

Supervisory Board meetings

In 2007, the Supervisory Board of the Istrabenz Holding Company convened seven meetings, of which four were regular and three extraordinary. The regular meetings were held on 28 March, 20 April, 28 August and 19 December 2007 and the extraordinary on 26 February, 24 September and 19 October 2007.

The Supervisory Board passed 24 resolutions in total during the seven meetings.

The attendance at the meetings was complete, except one meeting where one of the members was absent with apology. The members regularly acknowledged important information and received semi-annual and quarterly reports and material for the Supervisory Board’s meetings, engaged in work, and monitored the implementation of the adopted resolutions.

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Predsednik nadzornega sveta je z upravo družbe Istrabenz, d.d., sodeloval tudi v času med izvedbo posameznih sej nad-zornega sveta.

Razvoj poslovanja Skupine Istrabenz

Informacije o razvoju poslovanja holdinške družbe in Skupine Istrabenz sta članom predstavljala predsednik in člana upra-ve. Posamezne poglobljene informacije so nadzornemu svetu na njegovih sejah podajali in pojasnjevali strokovni sodelavci uprave, vodstvo Skupine Istrabenz Gorenje energetski sistemi pa mu je predstavilo razvojno strategijo dejavnosti.

Nadzorni svet je spremljal potek javne ponudbe za odkup vseh delnic Droge Kolinske, d.d., lastniško konsolidacijo in umik delnic Droge Kolinske z borze ter sanacijo poslovanja podre-jenih družb v dejavnosti Prehrane. Prav tako je sledil širšemu procesu lastniške konsolidacije v Skupini Istrabenz, tako la-stniške strukture na področju Turizma, v družbi Istrabenz Tu-rizem, d.d., Turizem Kras, d.d., in na področju Informacijskih tehnologij v družbi Actual I.T., d.o.o. Z zadovoljstvom je ugota-vljal, da se poslovanje na področju Turizma in v Prehrani dobro razvija. Posebej se je posvečal:

obravnavi periodičnih finančnih rezultatov Skupine in posa-meznih naložbenih področij,

investicijam v Turizmu, investicijam na rastočih trgih jugovzhodne Evrope v vseh

dejavnostih skupine, vplivom odprodaje poslovnih deležev in kapitalskih naložb, spremljanju in pridobivanju pojasnil o financiranju sredstev

družbe, razmerju med lastnim in tujim kapitalom ter stanju neto zadolžitve družbe,

spremembam v poslovnih sredstvih družbe, zlasti poveča-nju deleža v družbi Petrol d.d.

During the meetings, they regularly discussed the Management Board’s work, the main activities by investment area, and concluded transactions.

In between the Supervisory Board’s meetings, the President of the Supervisory Board fully co-operated with the Management Board.

Performance of the Istrabenz Group

Information on the performance of the Holding Company and the Istrabenz Group was regularly presented to the Supervisory Board members by the President and two members of the Management Board. At the meetings, more detailed information was presented and explained by expert staff of the Management Board, while the management of the Istrabenz Gorenje energetski sistemi Group presented the development strategy for its business activity.

The Supervisory Board supervised the public bid for the purchase of all shares of Droga Kolinska, the ownership consolidation, the withdrawal of shares of Droga Kolinska from the official stock exchange, and the restructuring of subsidiaries’ operations in the Food Business Area. It also supervised the broader process of ownership consolidation in the Istrabenz Group, namely ownership restructuring in the companies Istrabenz Turizem and Turizem Kras in the Tourism Business Area and ownership restructuring in the company Actual IT in the IT Business Area. It was with great satisfaction that the Supervisory Board assessed Tourism and Food as performing strongly. Particular attention was devoted to the following:

discussion of periodic financial results of the Group and individual investment areas;

investments in Tourism; investments on the developing markets of South-Eastern Europe in

all of the Group’s activities; effects of sales of interests in companies and capital investments; monitoring of financing of the Company’s assets, the equity/liabilities

ratio and balance of net indebtedness, as well as requesting explanations thereof;

changes in the business assets of the Company, especially the increased participation in the company Petrol.

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Povečanje lastniškega deleža v družbi Petrol d.d.

Na 11. redni seji 28.8.2007 je nadzorni svet dal soglasje upravi družbe k dotedanjim in nadaljnjim pridobitvam delnic izdajatelja Petrol d.d., Ljubljana, in sicer v obsegu, ki bi predstavljal največ 24,9-odstotni delež glasovalnih pravic izdajatelja družbe Petrol d.d. Aktivnosti uprave pri povečanju lastniškega deleža v družbi Petrol d.d. je ocenjeval kot naravnane h krepitvi položaja Skupi-ne Istrabenz v energetiki ter povečanju dolgoročne konkurenč-nosti obeh ponudnikov energetskih storitev. Soglašal je, da upra-va pridobiva delnice po ceni, ki bo zagotavljala ustrezen donos vloženih sredstev in izvaja aktivnosti ter sklepa posle, s katerimi bo lahko utrdila vlogo pri upravljanju poslov družbe Petrol d.d.

Na izredni seji dne 24.9.2007 se je nadzorni svet seznanil s prevzemno namero za odkup delnic holdinške družbe Istra-benz, ki jo je 14.9.2007 objavila družba Petrol d.d., in s pote-kom dogajanj. Podprl je upravo pri dotedanjih usmeritvah in uresničevanju pred tem sprejetih sklepov, ki so priložnost za pomembno medsebojno sodelovanje obeh poslovnih skupin na področju energetike.

Na izredni seji 19.10.2007 se je seznanil z mnenjem poslovod-stva Istrabenz, d.d., o prevzemni ponudbi družbe Petrol d.d., v katerem le-ta ocenjuje, da vpliva izvedbe prevzemne ponudbe ni mogoče opredeliti, vendar na podlagi navedb v prospektu pričakuje, da ne bo imela negativnih učinkov za zaposlene in zaposlovanje v ciljni družbi, ne bo spreminjala poslovne politi-ke in sedeža družbe.

Nadzorni svet in uprava sta soglašala, da je po uspešnem prevzemu družbe Istrabenz, d.d., s strani družbe Petrol d.d., 15,79-odstotni lastniški delež družbe Istrabenz, d.d., v Petro-lu v obliki dolgoročnih finančnih sredstev na razpolago za ra-zvoj medsebojnega sodelovanja na področju energetike ali za prodajo.

Vodenje in upravljanje

Člani nadzornega sveta so prek celotnega leta nadzorovali skladnost sklenjenih poslov s pooblastili uprave in ugotavljali, da je izvajala posle v obsegu, ki je skladen z njenimi poobla-stili. Uprava potrebuje soglasje nadzornega sveta, ko stanje vseh vrst poslov (sredstev) družbe Istrabenz, d.d., med letom preseže letno planiran obseg poslov, povečan za 20 odstot-kov celotnega kapitala družbe, ugotovljenega po zadnjem periodičnem obračunu. Uprava družbe mora člane nadzor-nega sveta vsake tri mesece seznaniti s sklenjenimi posli in jim predložiti v obravnavo trimesečna poročila o poslovanju družbe.

Nadzorni svet je redno obravnaval in sprejemal informacije o delu uprave, poročila o sklenjenih poslih in informacije o doseženem poslovnem izidu.

Na marčevski seji je sprejel čistopis statuta družbe, s kate-rim je ta akt uskladil tako, da se osnovni kapital in odobreni kapital glasita v evrih.

Increased participation in the company Petrol

At its regular meeting held on 28 August 2007, the Supervisory Board granted approval to the Management Board for the previous and future acquisitions of shares issued by Petrol, Ljubljana, in a volume not exceeding 24.9 per cent of Petrol’s voting rights. The Supervisory Board assessed the Management Board’s activities to increase the participation in Petrol as activities geared towards strengthening of the Istrabenz Group’s position in the Energy Business Area and maximising the long-term competitive power of both energy service providers. It granted the Management Board an approval for acquiring the shares at a price guaranteeing high yields, carrying out activities, and concluding transactions aimed at strengthening Istrabenz’s role in the management of Petrol.

At its extraordinary meeting held on 24 September 2007, the Supervisory Board was informed of Petrol’s takeover bid which was advertised on 14 September 2007, and of the relevant developments. It supported the Management Board’s orientation and the implementation of adopted resolutions as these offered a window of opportunity for the fruitful co-operation of both groups of companies in the energy industry.

At its extraordinary meeting held on 19 October 2007, the Supervisory Board acknowledged the opinion of Istrabenz’s management in which the latter assessed that it was impossible to foresee the effects of the takeover but that, judging from the information in the prospectus, the takeover would not negatively affect the employees and employment in the target company and would not change its policy or registered office.

The Supervisory and Management Boards agreed that after Petrol had successfully taken over Istrabenz, a 15.79-per cent holding of Istrabenz in Petrol would be converted into non-current financial assets to be used either for developing mutual co-operation in the energy area or for sale.

Corporate governance

Throughout the year, the Supervisory Board members checked if the scope of concluded transactions was in line with the Management Board’s authorisations and established that the Management Board did not overstep its authority when concluding transactions. The Management Board must obtain the Supervisory Board’s approval when the combined balance of all types of transactions (i.e. the Company’s assets) during the year exceeds the annually planned extent of transactions, increased by the value of 20 per cent of the Company’s share capital as assessed at the last periodical review. The Management Board must inform the Supervisory Board members quarterly about the concluded transactions and submit to them quarterly reports on the Company’s operations for discussion.

The Supervisory Board regularly discussed and acknowledged the information on the Management Board’s work, the reports on concluded transactions, and the information on business results.

At its March meeting, it adopted the final copy of the Company’s Articles of Association, which was amended so as to denominate the share capital and the authorised capital in euros.

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Podal je odgovora družbama Slovenska odškodninska družba, d.d., in Kapitalska družba, d.d., v zvezi z uporabo bilančnega dobička in s tem povezano nagrado za nadzorni svet.

Sprejel je predlog uprave glede delitve bilančnega dobič-ka za leto 2006 in Poročilo nadzornega sveta o načinu ter obsegu preverjanja vodenja družbe med poslovnim letom, o načinu preverjanja ter potrditvi letnega poročila družbe Istrabenz, d.d., ter letnega poročila Skupine Istrabenz, sta-lišču do revizorjevih poročil ter sprejemu sklepa o uporabi bilančnega dobička družbe Istrabenz, d.d., za poslovno leto 2006.

Na podlagi obravnave je predsednika nadzornega sveta po-oblastil, da podpiše izjavo o skladnosti z določbami Kode-ksa o upravljanju javnih delniških družb glede določb, ki se nanašajo na nadzorni svet.

Na osnovi preveritve letnega poročila je nadzorni svet po-trdil Letno poročilo družbe Istrabenz, d.d., za leto 2006 in Letno poročilo Skupine Istrabenz za leto 2006 ter dal pozi-tivno mnenje na Revizorjevo poročilo glede letnega poročila Istrabenz, d.d., za leto 2006 in Revizorjevo poročilo glede letnega poročila Skupine Istrabenz za leto 2006. Na seji, na kateri je bilo obravnavano in potrjeno Letno poročilo za leto 2006, je zagotovil prisotnost ter sodelovanje revizorja družbe in Skupine Istrabenz; prav tako je prisotnost revizor-ja zagotovil na skupščini družbe 30. maja 2007.

Odločil je, da se gibljivi del plače predsednika in članov uprave za obdobje od 1.1.2006 do 31.12.2006 za leto 2006 določi v višini 20 odstotkov na maso izplačanih bruto plač v navedenem obdobju v breme stroškov dela za leto 2007.

Sklenil je, da predlaga skupščini družbe sprejetje sklepa, da se za revizorja družbe za poslovno leto 2007 imenuje revizijsko družbo KPMG Slovenija, podjetje za revidiranje, d.o.o., Ljubljana.

Skupščini družbe je podal z upravo usklajen predlog skle-pa, da skupščina pooblasti upravo družbe za nakup lastnih delnic, katerih skupni delež ne sme presegati 10-odstotni delež osnovnega kapitala.

Potrdil je predlagani Delniški in opcijski načrt družbe Istra-benz za obdobje 2008 - 2013.

Soglašal je z Letnim načrtom poslovanja holdinške družbe Istrabenz in Skupine Istrabenz za leto 2008.

Uvedba sistema dolgoročnega motiviranja uprave in vodilnih delavcev

Nadzorni svet družbe je na svoji seji dne 19.12.2007 potrdil Delniški in opcijski načrt. Z njim je opredelil sistem dolgoroč-nega motiviranja uprave družbe, glede na organizacijo poslova-nja družbe pa tudi pooblastil upravo, da smiselno enak sistem motiviranja vzpostavi do vodilnih delavcev v družbi. Delniški in opcijski načrt je bil sprejet za 6-letno obdobje.

It replied to the companies Slovenska odškodninska družba and Kapitalska družba concerning the appropriation of distributable profit and the related remuneration to the Supervisory Board.

It adopted the Management Board’s proposal for appropriation of distributable profit for 2006 and the Supervisory Board’s report on the method and scope of checking the operations of the Company during the business year, on the method used for reviewing and approving the Annual Report of Istrabenz and of the Istrabenz Group, on the opinion on the Auditor’s Report, and on the adoption of the resolution on the appropriation of the distributable profit of Istrabenz for the 2006 business year.

Following a discussion, it authorised the President of the Supervisory Board to sign a Statement of Compliance with the Corporate Governance Code for Joint Stock Companies in relation to the provisions referring to the Supervisory Board.

After a thorough examination, the Supervisory Board approved the Annual Report of Istrabenz for 2006 and the Annual Report of the Istrabenz Group for 2006 as well as approved the Auditor’s Report on the Annual Report of Istrabenz for 2006 and the Auditor’s Report on the Annual Report of the Istrabenz Group for 2006. At the meeting during which the Annual Report for 2006 was discussed and approved, the Supervisory Board required the presence and co-operation of the Company’s and Group’s auditor. The auditor was also present at the General Meeting of Shareholders held on 30 May 2007.

The Supervisory Board also determined the variable part of the salary of the Management Board’s President and members for the period from 1 January to 31 December 2006, equalling 20 per cent of the paid gross wage bill in the said period, by posting it to labour costs for 2007.

It proposed to the General Meeting of Shareholders to adopt a resolution to appoint the auditing company KPMG Slovenija, podjetje za revidiranje, d.o.o., Ljubljana as auditor of the Company for 2007.

It proposed to the General Meeting of Shareholders a resolution, which was previously co-ordinated with the Management Board, authorising the Management Board to acquire own shares in an amount not exceeding 10 per cent of the share capital.

It approved the proposed Share Option Plan of Istrabenz for the 2008–2013 period.

It approved the Annual Report of the Istrabenz Holding Company and the Istrabenz Group for 2008.

Introduction of a long-term incentive system for the Management Board and the executive management

At its meeting held on 19 December 2007, the Supervisory Board approved the Share Option Plan. In this plan it defined a long-term incentive system for the Management Board and, in line with the Company’s organisation, authorised the Management Board to establish a reasonably equivalent incentive system for the executive management. The Share Option Plan was adopted for a six-year period. P

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Skladno z delniškim načrtom je predsedniku uprave in dru-gim vodilnim delavcem omogočeno, da del ali vse neto vari-abilne prejemke dobijo izplačane v obliki delnic Istrabenza, d.d., in sicer po ceni, ki znaša od 80 do 90 odstotkov ponde-rirane povprečne tržne cene delnic v zadnjih 3 mesecih pred mesecem zapadlosti posameznega izplačila neto variabil-nega prejemka.

Skladno z opcijskim načrtom pa so predsednik uprave in drugi vodilni delavci upravičeni tudi do podelitve nakupnih delniških opcijskih upravičenj. Število delnic, ki so predmet opcijskega upravičenja, vsako leto za predsednika uprave določi nadzorni svet družbe, in sicer v odvisnosti od uspe-šnosti družbe in njegove individualne uspešnosti. Predse-dnik uprave (oziroma vsak drug vodilni delavec) je upravičen do vsakoletnih opcijskih upravičenj v obsegu, ki je v času po-delitve enak količniku med 3- do 12-kratnikom povprečne mesečne bruto plače predsednika uprave oziroma vodilnih delavcev in izvršilno ceno ene delnice. Vrednost tako dode-ljenih opcijskih upravičenj je potem odvisna od rasti cene delnice.

V Delniškem in opcijskem načrtu so vgrajene omejitve glede prenosa delniških upravičenj in prepovedi odsvojitve delnic določen čas, ki jih predvidevajo priporočila stanovskih organi-zacij ter Kodeks upravljanja in vodenja javnih delniških družb. Navedena priporočila in kodeks so bila upoštevana pri pripravi Delniškega in opcijskega načrta.

Nadzorni svet bo skrbno spremljal izvajanje načrta in njegov vpliv na učinkovitost poslovanja holdinške družbe in Skupine Istrabenz.

Seje komisij nadzornega sveta

Nadzorni svet holdinške družbe Istrabenz nima imenovanih komisij nadzornega sveta. Za njihovo oblikovanje se bo odlo-čil, ko bo ocenil, da so potrebne.

Spremembe v sestavi nadzornega sveta in uprave

Nadzorni svet je v letu 2007 deloval v nekoliko spremenjeni sestavi. Predstavnico delavcev Sanjo Bajec, odstopila je v letu 2006, je kot predstavnik delavcev zamenjal Miloš Fortunat, ki je mandat v nadzornem svetu nastopil s 1.1.2007.

Nadzorni svet je potrdil pogodbo o poslovodenju in zaposlitvi predsednika uprave Igorja Bavčarja in mag. Srečka Kende, čla-na uprave družbe Istrabenz, d.d., za mandat od 1.6.2007 do 31.5.2013, ki so jo v sodelovanju s predsednikom nadzornega sveta pripravile strokovne službe, ter pooblastil predsednika nadzornega sveta za njen podpis. Na podlagi odstopne izjave mag. Srečka Kende z dne 18.10.2007 je nadzorni svet spre-jel sklep o predčasnem prenehanju njegovega mandata člana uprave.

In accordance with the Share Option Plan, the President of the Management Board and the executive management may receive partial or full variable salary in the form of Istrabenz shares at a price equalling 80–90 per cent of the weighted average share market price in the last three months prior to the due date of each payment of net variable salary.

In accordance with the Share Option Plan, the President of the Management Board and the executive management are entitled to a share call option. The number of shares to which the President of the Management Board is entitled under the share call option is determined by the Supervisory Board each year and depends on both the Company’s and the President’s performance. The President of the Management Board (or any other member of the executive management) is entitled to a share call option each year; namely, its volume at the time of granting must equal the 3- and 12-fold average monthly gross salary of the President of the Management Board or any other member of the executive management divided by the exercise price of one share. The value of thus granted share call options depends on the growth of the share price.

The Share Option Plan also defines restrictions concerning the transfer of share call options and a prohibition to sell shares for a specific period – in line with the recommendations of the professional organisations and the Corporate Governance Code for Joint Stock Companies. These recommendations and the Code were considered when the Share Option Plan was drawn up.

The Supervisory Board shall closely monitor the implementation of the plan and how it affects the efficiency of operations of the Istrabenz Holding Company and the Istrabenz Group.

Meetings of the Supervisory Board’s committees

The Supervisory Board of the Istrabenz Holding Company has appointed no committees. They shall be appointed if required.

Changes in the composition of the Management and Supervisory Boards

In 2007, the composition of the Supervisory Board changed slightly. The employee representative Sanja Bajec, who resigned in 2006, was replaced by Miloš Fortunat, who was appointed to the Supervisory Board as the employee representative on 1 January 2007.

The Supervisory Board approved the management and employment contracts concluded with Igor Bavčar, President of the Management Board of Istrabenz, and Srečko Kenda, MSc., member of the Management Board of Istrabenz, for the term of office from 1 June 2006 to 31 May 2013. The contracts were drawn up by the competent department in co-operation with the President of the Supervisory Board, who was authorised by the Supervisory Board to sign them. Based on the resignation which Srečko Kenda, MSc., member of the Management Board, submitted on 18 October 2007, the Supervisory Board passed a resolution on the early termination of his appointment.

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Vodenje družbe in Skupine Istrabenz je z 22.11.2007 skladno s statutom družbe, ki omogoča, da upravo predstavlja in za-stopa le predsednik uprave, v celoti prevzel Igor Bavčar kot predsednik uprave.

Pregled in potrditev letnega poročila holdinške družbe in Skupine Istrabenz, uporabe bilančnega dobička ter stališče do revizorjevega poročila

Letno poročilo holdinške družbe in Skupine Istrabenz za leto 2007 s poročiloma pooblaščene revizijske hiše in s predlogom uprave za uporabo čistega in bilančnega dobička je nadzorni svet ob prisotnosti predstavnikov revizijske hiše obravnaval na 13. redni seji nadzornega sveta, ki je potekala 20.3.2008.

Nadzorni svet je ugotovil, da vsebina letnega poročila realno prikazuje poslovanje družbe in Skupine Istrabenz v letu 2007. Na osnovi preveritve letnega poročila in pregleda revizijskih poročil za leto 2007 ter predstavitve revizorjevih poročil s stra-ni pooblaščenega revizorja je nadzorni svet:

potrdil Letno poročilo družbe Istrabenz, d.d., za leto 2007 in Letno poročilo Skupine Istrabenz za leto 2007,

dal pozitivno stališče k revizorjevemu poročilu o poslovanju družbe v letu 2007,

z upravo družbe skupščini delničarjev podal usklajen pre-dlog o uporabi bilančnega dobička za leto 2007. Ta se glasi:

Uprava in nadzorni svet družbe predlagata skupščini delničar-jev holdinške družbe Istrabenz, d.d., da se bilančni dobiček družbe v znesku 98.204.998,60 evrov uporabi v naslednje na-mene:

za dividende družbe 3.729.600 evrov, kar predstavlja 0,72 evroa bruto na delnico,

za druge rezerve družbe iz dobička 94.475.398,60 evrov.

Nadzorni svet je ugotovil, da je uprava uresničila vse ključne strateške cilje, opredeljene v novem Strateškem poslovnem načrtu za obdobje 2007-2011. Njene načrte označuje za am-biciozne v smeri povečevanja vrednosti premoženja holdinške družbe in Skupine Istrabenz.

Koper, 20. marca 2008

In compliance with the Articles of Association which permit the President of the Management Board to autonomously represent the Management Board, Igor Bavčar took over the management of the Istrabenz Holding Company and the Istrabenz Group on 22 November 2007 as President of the Management Board.

Review and approval of the Istrabenz Holding Company’s and the Istrabenz Group’s annual reports, appropriation of distributable profit, and opinion on the Auditor’s Report

The Annual Report of the Istrabenz Holding Company and the Istrabenz Group for 2007, the reports by the certified auditing house, and the Management Board’s proposed allocation of net and distributable profit were discussed at the 13th regular meeting of the Supervisory Board, held on 20 March 2008, which was also attended by representatives of the auditing house.

The Supervisory Board found that the contents of the Annual Report fairly disclosed the performance of Istrabenz in 2007. Following an appraisal of the Annual Report and an examination of the Auditor’s Report for 2007, the Supervisory Board:

approved the Annual Report of the Istrabenz Holding Company for 2007 and the Annual Report of the Istrabenz Group for 2007;

gave a positive opinion on the Auditor’s Report on the Company’s performance in 2007;

based on a previous agreement with the Management Board, submitted a proposal to the General Meeting of Shareholders concerning the appropriation of distributable profit from 2007, which reads as follows:

The Management and Supervisory Boards of the Istrabenz Holding Company propose to the General Meeting of Shareholders that the Company’s distributable profit of EUR 98,204,998.60 be appropriated as follows:

EUR 3,729,600 to dividends or EUR 0.72 gross dividend per share; EUR 94,475,398.60 to other reserves from profit.

The Supervisory Board established that the Management Board had implemented all of the key strategic goals from the new Strategic Business Plan for the 2007–2011 Period. The Management Board’s plans are considered ambitious and geared towards maximising the value of assets of the Istrabenz Holding Company and the Istrabenz Group.

Koper, 20 March 2008

Janko Kosmina,predsednik nadzornega sveta Istrabenz, d.d.

President of the Supervisory Board of Istrabenz

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Pomembnejši dogodki v letu 2007Important events in 2007

Januar Novi član nadzornega sveta družbe Istrabenz, d.d., je 1. ja-

nuarja kot predstavnik zaposlenih postal Miloš Fortunat.

Februar Holdinška družba Istrabenz je objavila prevzemno ponudbo

za odkup vseh delnic ciljne družbe Droga Kolinska, d.d., in sicer po ceni 16 evrov za delnico.

Marec Holdinška družba Istrabenz je 22. marca podpisala z Luko

Koper, d.d., pogodbo o odkupu 26-odstotnega deleža družbe Actual I.T., d.o.o., v kateri je imel Istrabenz, d.d., 68-odstotni lastniški delež. Z odkupom je postal Istrabenz, d.d., imetnik 94 odstotkov lastniškega kapitala, Luka Ko-per, d.d., pa ohranja z družbo Actual I.T., d.o.o., poslovno sodelovanje.

April Nadzorni svet Droge Kolinske, d.d., se je 11. aprila seznanil

z odstopno izjavo predsednika uprave mag. Roberta Ferka in nato imenoval novo upravo. Njen predsednik je postal Slobodan Vučićević, dotedanji izvršni direktor Skupine Dro-ga Kolinska za jugovzhodno Evropo. Pridružila se mu je Milena Štular, dotedanja direktorica Unilever Slovenija.

Istrabenz, d.d., je 19. aprila odkupil 65.973 lotov delnic Po-slovnega sistema Mercator, d.d., z oznako MELR, kar pred-stavlja 1,75-odstotni delež v tej družbi. S tem je holdinška družba Istrabenz postala imetnica 11,91-odstotnega dele-ža družbe Poslovni sistem Mercator, d.d. Skupaj s sklenjeno »Pogodbo o terminskem nakupu delnic Poslovnega sistema Mercator« z Banko Koper, d.d., pomeni to 24,47-odstotni de-lež v družbi Poslovni sistem Mercator, d.d.

Holdinška družba Istrabenz je prodala 44.292 delnic Banke Koper, d.d., (8,3 odstotka vseh delnic Banke Koper) družbi Intesa Sanpaolo S.p.A., Torino, iz Italije. Celotna kupnina

January On 1 January, Miloš Fortunat was appointed to the Supervisory Board

of the Istrabenz Holding Company as employee representative.

February The Istrabenz Holding Company launched a takeover bid to acquire

all shares of the company Droga Kolinska at a price of EUR 16 per share.

March On 22 March, the Istrabenz Holding Company signed an agreement

with Luka Koper on the purchase of a 26-per cent interest in the company Actual IT, where Istrabenz held a 68-per cent interest. With this purchase Istrabenz became a 94-per cent owner of Actual IT, while Luka Koper continued fostering business co-operation with the company.

April On 11 April, the Supervisory Board of Droga Kolinska acknowledged

the resignation submitted by the President of the Management Board, Robert Ferko, MSc., and appointed a new Management Board. The newly appointed President was Slobodan Vučićević, the former Executive Director of the Droga Kolinska Group in charge of South-Eastern Europe. He was joined by Milena Štular, the former Director of the company Unilever Slovenija.

On 19 April, the Istrabenz Holding Company purchased 65,973 shares of the company Poslovni sistem Mercator (stock symbol MELR), constituting an interest of 1.75 per cent. Consequently, the interest of the Istrabenz Holding Company in Poslovni sistem Mercator accounted for 11.91 per cent. Based on the ‘Contract on the Forward Purchase of Poslovni sistem Mercator Shares’ concluded with Banka Koper, Istrabenz’s interest in Poslovni sistem Mercator was 24.47 per cent.

The Istrabenz Holding Company sold 44,292 shares of Banka Koper (8.3 per cent of the total) to the company Intesa Sanpaolo

25

je znašala 24.951.676,74 evra. V lasti Istrabenza, d.d., ostaja še 1,67-odstotni delež glasovalnih pravic v Banki Koper, d.d.

Prevzemno ponudbo je sprejelo 829 delničarjev Droge Ko-linske, d.d., skupaj za 4.403.876 navadnih imenskih delnic družbe, kar predstavlja 30,62-odstotni delež vseh delnic družbe. Po prevzemu je imela holdinška družba Istrabenz v lasti 90,91 odstotka delnic Droge Kolinske, d.d.

Župan Mestne občine Koper Boris Popovič in predsednik uprave holdinške družbe Istrabenz Igor Bavčar sta podpi-sala Koncesijsko pogodbo za gradnjo in upravljanje turistič-nega pristanišča Marina Žusterna in krajevnega pristanišča ob izlivu Badaševice ter izvajanje gospodarskih javnih služb na področju pomorskih dejavnosti.

Maj Na skupščini 21. maja so delničarji Droge Kolinske, d.d., na

predlog Istrabenza, d.d., sprejeli sklep o prenosu vseh preo-stalih delnic družbe na glavnega delničarja proti odpravnini 16 evrov za delnico.

24. maja je skupščina delničarjev Postojnske jame, Turizem, d.d., (19.9.2007 se je družba preimenovala v Turizem Kras, d.d.) na predlog večinskega delničarja Istrabenz Turizem, d.d., sprejela sklep o prenosu vseh preostalih delnic družbe na glavnega delničarja proti odpravnini 16 evrov za delnico.

Delničarji Istrabenza, d.d., so se 30. maja na skupščini se-znanili z letnim poročilom holdinške družbe Istrabenz za poslovno leto 2006, določili uporabo bilančnega dobička družbe, določili letno dividendo v višini 0,65 evra na delnico in podelili upravi družbe pooblastilo za pridobivanje lastnih delnic družbe.

S.p.A., Turin, Italy. The proceeds amounted to EUR 24,951,676.74. Istrabenz thus held 1.67 per cent of the voting rights in Banka Koper.

Our takeover bid was accepted by 829 shareholders of Droga Kolinska holding 4,403,876 ordinary registered shares, which accounted for 30.62 per cent of the total. After the takeover, the Istrabenz Holding Company held 90.91 per cent of the shares of Droga Kolinska.

Boris Popovič, Mayor of the Municipality of Koper, and Igor Bavčar, President of the Management Board of the Istrabenz Holding Company, signed a concession agreement on the construction and management of the Marina Žusterna tourist port in Koper and the local port situated at the mouth of the Badaševica Stream as well as an agreement on the provision of public utility services within maritime traffic.

May At the General Meeting of Shareholders held on 21 May, the

shareholders of Droga Kolinska considered the Istrabenz Holding Company’s proposal and passed a resolution to transfer all of the remaining shares of Droga Kolinska to the majority shareholder at a price of EUR 16 per share.

At the General Meeting of Shareholders of Postojnska jama Turizem (company was renamed to Turizem Kras at 19 September 2007) held on 24 May, the shareholders considered the proposal by the majority shareholder Istrabenz Turizem and passed a resolution to transfer all of the remaining shares of Postojnska jama Turizem to the majority shareholder at a price of EUR 16 per share.

At the General Meeting of Shareholders of Istrabenz held on 30 May, the shareholders acknowledged the Annual Report of the Istrabenz Holding Company for 2006, decided on the appropriation of distributable profit, set the annual dividend at EUR 0.65 per share, and authorised the Management Board to acquire own shares.

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Junij Uprava holdinške družbe Istrabenz je s 1. junijem nastopila

nov šestletni mandat v dvočlanski zasedbi, Igor Bavčar kot predsednik uprave in mag. Srečko Kenda kot njen član.

Skupščina družbe Instalacija, d.o.o., je 21. junija zaradi ne-nadne smrti direktorja Borisa Gorupa imenovala novega di-rektorja družbe Rinalda Glavino.

Julij Skupščina družbe Istrabenz Turizem, d.d., je na seji 9. julija

na predlog večinskega delničarja Istrabenz, d.d., sprejela sklep o prenosu vseh preostalih delnic družbe na glavnega delničarja proti odpravnini 79 evrov za delnico.

Skupščina družbe Droga Kolinska, d.d., je 27. julija sprejela sklep o umiku delnic družbe z organiziranega trga.

31. julija sta koprski župan Boris Popovič in predsednik uprave Istrabenz plini, d.o.o., Zorko A. Cerkvenik podpisala Koncesijsko pogodbo za izvajanje javne gospodarske službe dejavnosti sistemskega operaterja distribucijskega omrež-ja zemeljskega plina za območje Mestne občine Koper.

Avgust 3. avgusta je družba Austrian Power Vertriebs (APC) z uvelja-

vitvijo nakupne (call) opcije s strani družbe Verbund - Austri-an Power Trading AG prešla iz lastništva družbe Istrabenz Gorenje, d.o.o., v lastništvo družbe Verbund z Dunaja.

20. avgusta je holdinška družba Istrabenz postala 43,78-od-stotna lastnica družbe Logina, d.o.o.

27. avgusta so delničarji na skupščini Droge Kolinske, d.d., odločili, da se dividend v tem poslovnem letu ne izplača.

24. avgusta je skupščina družbe Actual I.T., d.o.o., sprejela predlog o dokapitalizaciji družbe v višini 4,5 milijona evrov.

29. avgusta so na skupščini družbe Postojnska jama, Turi-zem, d.d., preimenovali družbo v Turizem Kras, d.d.

September 5. septembra so predstavniki holdinške družbe Istrabenz pod-

pisali s predstavniki Banke Koper, d.d., pogodbo o odkupu 472.915 delnic MELR, kar predstavlja 12,56 odstotka glaso-valnih pravic v družbi Poslovni sistem Mercator, d.d., ter pogod-bo o odprodaji istega števila delnic družbi Infond Holding, d.d.

Družba Petrol d.d. je 14. septembra objavila namero za pre-vzem holdinške družbe Istrabenz.

Oktober 10. oktobra je Petrol d.d. objavil Ponudbo in Prospekt za

prevzem holdinške družbe.

Predsednik Istrabenzove uprave je 19. oktobra seznanil nadzorni svet z odstopno izjavo člana uprave družbe mag. Srečka Kende, ki je s funkcije odstopil iz osebnih razlogov. Njegov mandat v holdinški družbi Istrabenz je sporazumno prenehal 22. novembra.

June On 1 June, the Management Board of the Istrabenz Holing Company

composed of Igor Bavčar as President and Srečko Kenda, MSc., as Member, was appointed for a period of six years.

Due to the unexpected death of Boris Gorup, Director of the company Instalacija, the General Meeting of Shareholders of Instalacija appointed Rinaldo Glavina as new Director.

July At the General Meeting of Shareholders of Istrabenz Turizem, held

on 9 July, the shareholders considered the proposal by the majority shareholder Istrabenz and passed a resolution to transfer all of the remaining shares of Istrabenz Turizem to the majority shareholder at a price of EUR 79 per share.

On 27 July, the General Meeting of Shareholders of Droga Kolinska passed a resolution to withdraw its shares from the official stock exchange.

On 31 July, Boris Popovič, Mayor of the Municipality of Koper, and Zorko A. Cerkvenik, President of the Management Board of Istrabenz plini, signed a concession agreement on the provision of public utility services in which Istrabenz plini was appointed system operator of the natural gas distribution network on the territory of the Municipality of Koper.

August On 3 August, the company Austrian Power Vertriebs (APC) – through

exercise of a call option by the company Verbund-Austrian Power Trading AG – sold its interest in Istrabenz Gorenje and acquired a interest in the Vienna-based company Verbund.

On 20 August, the Istrabenz Holding Company became a 43.78-per cent owner of the company Logina.

On 27 August, the General Meeting of Shareholders of Droga Kolinska decided not to pay out dividends in the 2007 business year.

On 24 August, the General Meeting of Shareholders of Actual IT passed a resolution to increase the company’s capital by EUR 4.5 million.

At the General Meeting of Shareholders of Postojnska jama Turizem held on 29 August, the company was renamed Turizem Kras.

September On 5 September, with the representatives of Banka Koper, the

representatives of the Istrabenz Holding Company signed an agreement on the purchase of 472,915 shares of Poslovni sistem Mercator (stock symbol MELR), accounting for 12.56 per cent of the voting rights in Poslovni sistem Mercator, as well as an agreement on the sale of the same number of shares to the company Infond Holding.

On 14 September, the company Petrol publicly announced its intention to launch a takeover bid to acquire control of the Istrabenz Holding Company.

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November Holdinška družba Istrabenz je 13. novembra z direktorjem

družbe Actual I.T., d.o.o., Igorjem Kosmino podpisala pogod-bo o odkupu 5-odstotnega deleža te družbe. Z naknadnim odkupom 1-odstotnega deleža, ki ga je imel Cimos, d.d., je Istrabenz, d.d., zaključil lastniško konsolidacijo svoje nalož-be na področju Informacijskih tehnologij.

Na podlagi uspele prevzemne ponudbe je družba Petrol, slovenska energetska družba, d.d., 22. novembra pridobila 32,38-odstotka delnic holdinške družbe Istrabenz in pove-čala svoj delež na 32,44-odstotka.

Zmagovalec natečaja Istrabenzov up 2007 je postal Mitja Herga, študent Biotehniške fakultete, ki se bo po študiju vinogradništva in vinarstva na izobraževalnih ustanovah doma in v tujini zaposlil v podjetju Vinakoper.

December Družba Poteza Naložbe d.o.o., je 10. in 11. decembra prido-

bila 24,42-odstotni delež delnic družbe Istrabenz, d.d. Pred transakcijama ni imela v lasti delnic ITBG.

POM-INVEST, družba za investiranje d.d., je 11. decembra odsvojila 24,42-odstotni delež glasovalnih pravic družbe Istrabenz, d.d. Po opravljeni transakciji ta družba nima v posredni ali neposredni lasti delnic ITBG.

Družba Istrabenz, d.d., in hčerinska družba Actual I.T., d.o.o., sta 18. decembra z Boštjanom Primcem, lastnikom podje-tja SIMT d.o.o., podpisali zavezujoč dogovor o vstopu družbe SIMT v Skupino Istrabenz. Celotna transakcija je ovrednote-na na 19,6 milijona evrov.

Nadzorni svet holdinške družbe Istrabenz je 19. decem-bra podal soglasje k Poslovnemu načrtu holdinške družbe Istrabenz in Skupine Istrabenz za leto 2008, ki je usklajen s Strateškim poslovnim načrtom za obdobje 2007 - 2011 in predvideva čisti poslovni izid Skupine za prihodnje poslovno leto v višini 19 milijonov evrov. Čisti poslovni izid za večin-skega lastnika je načrtovan v višini 15,5 milijona evrov.

October On 10 October, Petrol launched its Takeover Bid and Prospectus

for the takeover of the Istrabenz Holding Company.

On 19 October, the President of Istrabenz’s Management Board informed the Supervisory Board about the resignation submitted by Srečko Kenda, Member of the Management Board. He resigned for personal reasons and his appointment was terminated by agreement on 22 November.

November On 13 November, the Istrabenz Holding Company signed an

agreement with Igor Kosmina, the Director of Actual IT, on the acquisition of a 5-per cent interest in Actual IT. With the subsequent purchase of a 1-per cent interest in Actual IT from the company Cimos, the Istrabenz Holding Company concluded ownership consolidation of its investment in the IT Business Area.

Based on its successful takeover bid, Petrol acquired 32.38 per cent of the shares of the Istrabenz Holding Company on 22 November, thus increasing its participation to 32.44 per cent.

The winner of ‘The Hope of Istrabenz’ contest in 2007 was Mitja Herga, a student at the Biotechnical Faculty, who will be employed in the company Vinakoper after completing his studies of viticulture and winemaking in Slovenian institutions and abroad.

December On 10 and 11 December, the company Poteza Naložbe acquired a

24.42-per cent interest in the Istrabenz Holding Company. It held no ITBG shares before this transaction.

On 11 December, the company POM-INVEST, družba za investiranje, d.d. sold 24.42 per cent of its voting rights in the Istrabenz Holding Company. After this transaction, the company no longer held any ITBG shares directly or indirectly.

On 18 December, the Istrabenz Holding Company and its subsidiary Actual IT signed a binding agreement with Boštjan Primc, owner of the company SIMT, on SIMT's entry into the Istrabenz Group. This transaction was worth EUR 19.6 million.

On 19 December, the Supervisory Board of the Istrabenz Holding Company approved the 2008 Business Plan of the Istrabenz Holding Company and the Istrabenz Group, which had been co-ordinated with the Strategic Business Plan for the 2007-2011 period. The former envisages EUR 19 million of net profit of the Group in the year to come. The net profit of the majority shareholder is planned to amount to EUR 15.5 million.

Pom

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Poslovno poročiloBusiness Report

2007

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Pomembnejši podatki o družbi Istrabenz, d.d.Istrabenz - key information

Firma / Company name: Istrabenz, holdinška družba, d.d.

Skrajšano / Short name: Istrabenz, d.d.

Naslov / Address: Cesta Zore Perello-Godina 2, 6000 Koper, Slovenija

Telefon / Telephone: 00386 5 662 1500

Telefaks / Fax: 00386 5 662 1515

Elektronska pošta / E-mail: info@istrabenz.si

Spletna stran / Website: http://www.istrabenz.si

Glavna dejavnost / Main activity: dejavnost holdingov / activity of holdings

Predsednik uprave / President of the Management Board: Igor Bavčar

Predsednik nadzornega sveta / President of the Supervisory Board: Janko Kosmina

Število družb v Skupini Istrabenz / Number of companies in the Istrabenz Group: 69 (na dan 31.12.2007) / 69 (as at 31 December 2007)

Število dejavnosti v Skupini Istrabenz / Number of activities of the Istrabenz Group: 7

Število zaposlenih v Skupini Istrabenz / Number of employees in the Istrabenz Group: 4.793 (na dan 31.12.2007) / 4,793 (as at 31 December 2007)

Matična številka / Company ID number: 5000025

ID za DDV / VAT ID number: SI17762723

Številka vpisa v sodni register / Register number of entry in the Companies Register: 199600803

Datum vpisa v sodni register / Date of entry in the Companies Register: 16.11.1996 / 16 November 1996

Osnovni kapital / Share capital: 5.180.000 navadnih imenskih kosovnih delnic s pripadajočim zneskom 4,17 evra / 5,180,000 ordinary registered no-par value shares with stated value of EUR 4.17

Kotacija delnic / Share quotation: Ljubljanska borza vrednostnih papirjev, Borzni trg / Ljubljana Stock Exchange

Vložna številka / Register number: 10031700

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Predstavitev holdinške družbe in Skupine Istrabenz Presentation of the Holding Company and the Istrabenz Group

Osrednja dejavnost holdinške družbe Istrabenz, d.d., ki je krov-na družba v poslovni Skupini Istrabenz, je razvoj naložb na na-slednjih strateških naložbenih področjih:

Energetika, Prehrana, Turizem, Informacijske tehnologije, Druge naložbe

Slika 4: Shema organiziranosti Skupine Istrabenz na dan 31.12.2007

Istrabenz, holdinška družba, d.d., Koper / Istrabenz Holding Company, Koper

Prehrana / Food25 podjetij / 25 companies

Druge naložbe / Other Investments

10 podjetij / 10 companies

Turizem / Tourism9 podjetij / 9 companies

Energetika / Energy20 podjetij / 20 companies

Informacijske tehnologije / IT 4 podjetija / 4 companies

100% DROGA KOLINSKA, d.d.

100%OOO DROGA KOLINSKA, d.o.o., Moskva, Rusija

100%KOLEX NAHRUNGSMITTEL GmbH,Düsseldorf, Nemčija (1)

100%DROGA LIVSMEDEL AB, Göteborg , Švedska (2)

51% VIVO, d.o.o., Ljubljana

100% LASAGO, d.o.o., Buje, Hrvaška

100%DROGA, d.o.o.e.l., Skopje, Makedonija (2)

100% KOLEKS, d.o.o., Sarajevo, BiH (3)

100% DROGA, d.o.o., Sarajevo, BiH

96,21% DK FAKTOR, d.d., Sarajevo, BiH

100% ARGETA, d.o.o., Sarajevo, BiH

100% GRAND PROM, d.o.o., Beograd

100% DK TRADE, d.o.o., Sarajevo

100% KOFIKOM, d.o.o., Sarajevo

100% UNIKOMERC, d.o.o., Beograd

100% VS INTERNATIONAL, d.o.o., Beograd

100% BONITO AD, Beograd

100% DROGA KOLINSKA, d.o.o.e.l., Skopje

100% SLOVIN JUGOKOKTA, d.o.o.e.l., Skopje

100%KOFIKOM PRODUKT, d.o.o.,Glavičice, Bijeljina

100% GRAND KAFA, d.o.o., Beograd

70,52% ŠTARK AD, Beograd

100%SOKO ŠTARK, maloprodaja, d.o.o., Beograd

79,40%AD PALANAČKI KISELJAK,Smederevska Palanka

100%DROGA KOLINSKA, d.o.o.Zagreb, Hrvaška

Naložbe v inovativneprojekte / Investments in innovative projects

95,20%ZASTAVA ISTRABENZ LIZING, d.o.o., Beograd

51% ISTRABENZ INŽENIRING, d.o.o.

50,10% OPENAD AG

100% OPENAD, Ltd., UK

100% OPENAD, d.o.o., Slovenija

100% OPENAD, Inc., US

52,81% FUTURA, d.o.o.

Naložbe v pridružene družbe / Investments in

associates

50% ADRIAFIN, d.o.o.

50% IP OBALA, d.o.o.

43,78% LOGINA, d.o.o.

99,80% ISTRABENZ MARINA INVEST d.o.o.

100% ISTRABENZ TURIZEM, d.d., Portorož

100%TURIZEM KRAS, destinacijski management, d.d.

100% TURISTIČNA DRUŽBA KRAS, d.o.o.

6,04%

67,65% ISTRABENZ HOTELI PORTOROŽ, d.o.o.

100% THAI SI s.r.l. Italija

60%

100%GRAND HOTEL ADRIATIC, d.d.,Opatija

88,87% MARINA KOPER, d.o.o.

20% GOLF ISTRA, d.o.o.

51% INSTALACIJA, d.o.o., Koper

49,95%ISTRABENZ GORENJE, d.o.o., Nova Gorica

100%ISTRABENZ INVESTICIJSKI INŽENIRING, d.o.o.

51%INTRADE ENERGIJA, d.o.o.,Sarajevo

50% GEN-I, d.o.o.

100% GEN–I BEOGRAD, d.o.o.

100% GEN–I BUDAPEST, d.o.o.

100%ISTRABENZ GORENJE INŽENIRING, d.o.o.

100% VITALES, d.o.o. Nova Bila, BiH

50% VITALES, d.o.o. Bihač, BiH

50% VITALES, d.o.o. Sokolac, BiH (4)

51% ISTRABENZ PLINI, d.o.o., Koper

90,84% PLINARNA MARIBOR, d.d.

33,33% MOJA ENERGIJA, d.o.o., Maribor

100% ISTRABENZ PLINI, d.o.o., Beograd

100% ISTRABENZ PLINI, d.o.o., Sarajevo

100% PLIN KOMERC, d.o.o. Tešanj

97,67% MONTKEMIJA, d.o.o., Bakar

74,22% DISUPLIN PORTO RE, d.o.o., Kraljevica

100% GEN-I ZAGREB, d.o.o.

100% ACTUAL I .T., d.o.o., Koper

100% ACTUAL I .T. Hrvaška, d.o.o.

100% ACTUAL BH, d.o.o., BiH

100% ACTUAL I .T., d.o.o., Beograd

Družba hči / Subsidiary

Družba vnukinja / Sub-subsidiary

Družba pravnukinja / Sub-sub-subsidiary

Družba prapravnukinja /Sub-sub-sub-subsidiary

Legenda / Legend

(1) – začetek stečaja / initiation of bankruptcy proceedings (2) – v zapiranju / winding-up procedure (3) – v postopku izbrisa iz sodnega registra / cancellation from the Companies Register (4) – v ustanavljanju / incorporation procedure

The core business of the Istrabenz Holding Company, the parent company of the Istrabenz Group, is development of investments in the following strategic investment areas:

Energy, Food, Tourism, Information Technologies,Other Investments

Figure 4: Organisation chart of the Istrabenz Group as at 31 December 2007

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2.1 Mejniki v zgodovini družbe in Skupine Istrabenz

1948 - 1958

V dokumente vojne uprave Svobodnega tržaškega ozemlja je bila 28. oktobra 1948 vpisana družba z omejeno zavezo, Istra-benz, trgovina na debelo in drobno s pogonskimi sredstvi. Istra-benz je postal delniška družba, ki se je leta 1954 preobli-kovala v Trgovsko podjetje Istra-benz Koper.

1958 - 1978

Istrabenz se je začel iz obalnih krajev in z območja Istre širiti po vsej Sloveniji. Soočanje s konkurenco je vzpodbujalo njegov razvoj. Do leta 1978 Istrabenz pokriva petino slovenskega trga z naftnimi derivati.

1978 - 1988

Družba pod prisilo vstopi v enovit nacionalni sistem oskrbe z naf-tnimi derivati. S teritorialno reorganizacijo in vstopom v sistem SOZD Petrol leta 1985 izgubi maloprodajo in veleprodajo zunaj obalno-kraškega območja ter prodajo težkega kurilnega olja.

1988 - 1998

Leta 1989 Istrabenz s partnerji ustanovi družbo za dejavnost navtičnega turizma Marina Koper, d.o.o., prvo družbo zunaj po-dročja Energetike. Spremenjeni zakon o podjetjih leta 1990 omogoči ponovno osamosvojitev podjetja. Istrabenz se la-stninsko preoblikuje v delniško družbo v mešani lasti, začne se kapitalsko povezovati s tujimi partnerji. Leta 1996 je za-ključen proces lastninskega preoblikovanja, Istrabenz je vpi-san v register podjetij kot holdinška družba Istrabenz, d.d. Leta 1997 organizira prvo ustanovno skupščino holdinške delniške družbe. Delnica Istrabenza je uvrščena na Ljubljansko borzo vrednostnih papirjev.

1998 - 2007

Skupini Istrabenz se leta 2000 pridruži podjetje Actual I.T., d.o.o., družba za informacijsko tehnologijo. Leta 2002 OMV Istrabenz v Sloveniji odpre 100. bencinski servis.

Istrabenz v letu 2003 uveljavi strateško usmeritev v razvoj treh stebrov poslovanja Skupine Istrabenz: Energetike, Turizma in Naložb. S prodajo deleža Istrabenz, d.d, v družbi OMV Istra-benz, d.d., se Skupina Istrabenz leta 2004 umakne iz trgo-vanja z naftnimi derivati. V Turizmu se začne razvoj blagovne znamke LifeClass.

V letu 2005 se z oblikovanjem združene družbe Droga Kolin-ska, d.d., v Skupini Istrabenz začne razvijati področje Prehra-na. Istrabenz, d.d., vstopi v lastniško strukturo družbe Poslovni sistem Mercator, d.d. Leto kasneje močno razširi svojo dejav-nost v Energetiki, ki danes obsega plinsko dejavnost, trgova-nje z električno energijo, obnovljive vire energije in pretovor ter skladiščenje naftnih derivatov.

2.1 Milestones in the History of the Holdnig Company and the Istrabenz Group

1948 - 1958

On 28 October 1948, the limited liability company named Istra-benz, dealing in the wholesale and retail trade in fuels, is registered in the documents of the military administration of the Free Territory of Trieste. Istra-benz transforms into a public limited company and in 1954 into the trading company Trgovsko podjetje Istra-benz Koper.

1958 - 1978

Istrabenz starts expanding from the coastal region and Istria to all over Slovenia. The confrontation with the competition only fuels its development. By 1978, Istrabenz supplies one fifth of the Slovenian petroleum product market.

1978 - 1988

Istrabenz is compelled to enter a uniform national system of petroleum products supply. Following territorial reorganisation, Istrabenz joins Petrol’s Basic Organisation of Associated Labour in 1985, thus losing its wholesale and retail business outside the coastal and Karst regions, and the sale of fuel oil.

1988 - 1998

In 1989, Istrabenz and its partners establish the nautical tourism company Marina Koper, the first to operate outside the Energy Business Area. In 1990, the amended Companies Act enables the Company to again gain independence. Istrabenz undergoes ownership restructuring into a public limited company in mixed ownership and starts forging capital alliances with foreign partners. In 1996, the ownership restructuring is completed and Istrabenz is entered in the Companies Register as the holding company Istrabenz, d.d. In 1997, it organises the first founders’ meeting of the holding company. The Istrabenz share is listed on the Ljubljana Stock Exchange.

1998 - 2007

In 2000, the Istrabenz Group is joined by Actual IT, a company dealing in information technology. In 2002, OMV Istrabenz opens its 100th service station in Slovenia.

In 2003, Istrabenz adopts a strategic policy focusing on three Business Areas of the Istrabenz Group: Energy, Tourism and Investments. By selling the Istrabenz Holding Company’s interest in the company OMV Istrabenz in 2004, the Istrabenz Group ceases trading in petroleum products. In the Tourism Business Area, the LifeClass brand is launched.

In 2005, the Food Business Area starts developing following the entry of the merged company Droga Kolinska into the Istrabenz Group. The Istrabenz Holding Company acquires an interest in Poslovni sistem Mercator. One year later, it expands its operations in the Energy Business Area, encompassing gas activity, trading in electric power and renewable energy sources, and the transhipment and storage of petroleum products.

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2.2 Uresničevanje razvojne strategije v letu 2007

2.2.1 Poslanstvo Skupine Istrabenz

»Poganjamo svet z ustvarjalno energijo.«

Z analitičnim izborom ciljnih naložbenih področij, učinkovitim upravljanjem izbranih naložb in premišljenimi transakcijami na ciljnih kapitalskih in denarnih trgih povečujemo premože-nje za delničarje.

2.2.2 Vizija Skupine Istrabenz

Postali bomo eden najpomembnejših in najuglednejših inve-stitorjev na ciljnih kapitalskih trgih srednje in jugovzhodne Evrope.

2.2.3 Vrednote Skupine Istrabenz

Kakovost - Vlagamo v podjetja, ki s svojimi proizvodi in stori-tvami nenehno izboljšujejo kakovost življenja.

Ljudje - Verjamemo v ljudi, zato jim omogočamo osebnostni in poklicni razvoj.

Okolje - Odgovorni smo do družbenega in naravnega okolja ter spodbujamo dialog z njim. Povsod, kjer investiramo, smo odprt partner.

2.2.4 Uresničevanje razvojne strategije v letu 2007

Prvo leto uresničevanja Strateškega poslovnega načrta holdin-ške družbe Istrabenz in Skupine Istrabenz za obdobje 2007 - 2011 smo uspešno zaključili.

Na ravni Skupine Istrabenz in holdinške družbe Istrabenz smo dosegli in ponekod presegli zastavljene strateške cilje.

S strateško konsolidacijo lastništva na področjih Prehrane, Turizma in Informacijskih tehnologij smo potrdili dolgoročno zastavljeno naložbeno usmeritev v povprečno donosne in sta-bilne panoge. Na ravni holdinške družbe Istrabenz ohranjamo vitko in fleksibilno organizacijsko strukturo, ki omogoča učin-kovit in hiter odziv na gibanja ciljnih kapitalskih trgov v srednji in jugovzhodni Evropi.

Z doseganjem zastavljenih strateških ciljev smo uspešno iz-polnjevali svojo temeljno strateško nalogo: povečevanje kori-sti delničarjev z učinkovitim upravljanjem naložb in dolgoroč-no rastjo premoženja holdinške družbe Istrabenz.

2.2 Implementation of the Development Strategy in 2007

2.2.1 The Mission of the Istrabenz Group

‘Powering the world with creative energy.’

By analytically selecting our target investment areas, efficiently managing the investments chosen and making well-considered transactions in our target capital and monetary markets, we are increasing our shareholders’ assets.

2.2.2 The Vision of the Istrabenz Group

To become one of the leading and most respected investors in the target capital markets of Central and South-Eastern Europe.

2.2.3 The Values of the Istrabenz Group

Quality – We invest in companies that are constantly improving the quality of life through their products and services.

People – We believe in people and we ensure their personal and professional advancement.

The environment – We are responsible to the social and natural environments and we support dialogue with them. We are an open partner wherever we invest.

2.2.4 Implementation of the Development Strategy

in 2007

The first year of the successful implementation of the Strategic Business Plan of the Istrabenz Holding Company and the Istrabenz Group for the 2007–2011 Period has come to an end.

The strategic goals set at the level of the Holding Company and the Group were attained and even exceeded.

The strategic ownership consolidation in the Food, Tourism and IT Business Areas confirmed our long-term investment policy, which is geared at stable industries with average returns. On the level of the Istrabenz Holding Company, the organisational structure remains lean and flexible, allowing for efficient and fast responses to developments in the target capital markets of Central and South-Eastern Europe.

The attainment of our strategic goals was closely intertwined with our fundamental strategic task, namely to maximise shareholders’ value by efficient management of investments and long-term growth in the Holding Company’s assets.

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Tabela 2: Strateški cilji holdinške družbe Istrabenz, d.d., za ob-dobje 2007-2011 in njihovo uresničevanje v letu 2007

STRATEŠKI CILJI 2007 – 2011STRATEGIC GOALS FOR 2007 – 2011

CILJGOAL

DOSEŽENO KONEC LETA 2007ATTAINED AT THE END OF 2007

OCENASTATUS

Rast sredstev družbe / Growth in assets Stabilna rast vrednosti premoženja / Stable growth in assets

Povprečna rast vrednosti sredstev / Stable growth in assets Vsaj 5 % / Min. 5 per cent 67,2 % √

Delnica / Share Doseganje ciljne rasti izplačil dividend. / Achieve the targeted growth in dividend payment.

Povprečna letna rast izplačanih dividend / Average annual growth in paid dividend 10 % / 10 per cent 11,3 % √

Razpršenost premoženja / Asset diversification Večina naložb v deleže podjetij s ciljem aktivnega upravljanja. Največ 90 % sredstev v dolgoročnih sredstvih in najmanj 2 dolgoročni investiciji. / Major investments in interests in companies to ensure active management. Max. 90 per cent of non-current assets and min. two non-current investments.

Struktura premoženja / Asset structure Delež dolžniških inštrumentov do 10 % / Share of debt instruments – up to 10 per cent 3,2 % √

Financiranje razvoja / Financing of development Uravnotežena struktura virov financiranja, ki bo sledila investicijski politiki, ob upoštevanju velikosti investicij in dobe povračila vlaganj. / Balanced structure of sources of financing in line with the investment policy, taking into account the amount invested and the return on investment.

Delež neto dolga v vrednosti sredstev* / Total debt to total assets* Največ 60 % / Max. 60 per cent √7

√

*Brez denarja, kratkoročnih vrednostnih papirjev, ki kotirajo na borzah, kratkoročnih posojil, depozitov in obveznic / *No cash, listed short-term securities, short-term loans, deposits or bonds

Legenda Ciljna vrednost kazalnika:- dosežena √- ne povsem dosežena - ni dosežena

Table 2: Strategic goals of the Istrabenz Holding Company for the 2007–2011 period and their implementation in 2007

Key Targeted indicator value:- attained √- partially attained - not attained

7 As net debt of the Istrabenz Holding Company is negative, the calculation of this ratio is impractical.7 Ker je neto dolg Istrabenza, d.d., negativen, izračun razmerja ni smiseln.

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Tabela 3: Izpolnjevanje strateških usmeritev do leta 2011 po področjih Skupine Istrabenz v letu 2007

STRATEŠKE USMERITVE DO LETA 2011STRATEGIC ORIENTATIONS BY 2011

POGLAVITNI KORAKI V LETU 2007MAJOR ACHIEVEMENTS IN 2007

ENERGETIKA / ENERGY

Postati nameravamo eden pomembnejših igralcev na trgih utekočinjenega naftnega plina, tehničnih plinov, zemeljskega plina, električne energije in oplemenitene biomase v Sloveniji in jugovzhodni Evropi.

Skupina Istrabenz plini Začetek projekta proizvodnje tehničnih plinov v Novem mestu. Nakup družbe Plin Komerc d.o.o. Tešanj in začetek projekta gradnje polnilnic plinov UNP in TP v Sarajevu.

Instalacija, d.o.o. Začetek obratovanja rezervoarja R18.

Skupina Istrabenz Gorenje energetski sistemi 44 odstotkov več prihodkov od trgovanja z električno energijo in podvojitev deleža novih pogodb z

upravičenimi odjemalci električne energije. Vstop na hrvaški in srbski trg pri trgovanju z električno energijo. Začetek redne proizvodnje briketov v Bosni in Hercegovini.

Become one of the leading companies on the markets of liquefied petroleum gas, industrial and natural gases, electricity and enriched biomass in Slovenia and South-Eastern Europe.

Istrabenz plini Group Launching of the project of producing industrial gases in Novo mesto. Acquisition of the Tešanj-based company Plin Komerc and launching of the project of constructing gas

filling plants for LPG and IG in Sarajevo.

Instalacija Launching of the R18 reservoir.

Istrabenz Gorenje energetski sistemi Group Increase in income from sales of electricity by 44 per cent and double the number of agreements on

electricity supply concluded with eligible customers. Penetration of the Croatian and Serbian markets of electricity supply. Launching of permanent production of briquettes in Bosnia and Herzegovina.

PREHRANA / FOOD

Usmeritev v rast poslovanja in uveljavljanja na trgu jugovzhodne Evrope, s poudarkom na razvoju močnih in prepoznavnih blagovnih znamk.

Skupina Droga Kolinska 5 odstotkov večja rast prihodkov od načrtovane, 9 odstotkov več kot v letu 2006. Blagovne znamke Barcaffe, Grand kafa, Cockta, Donat Mg, Argeta, Najlepše želje in Smoki so med

najbolj prepoznavnimi v svojih segmentih na področju jugovzhodne Evrope. Razvoj novih produktov in širitev asortimana znotraj obstoječih blagovnih znamk. Optimizacija portfelja blagovnih znamk.

Focus on growth in operations and increase our presence in South-Eastern Europe, with an emphasis on the development of strong and recognisable brands.

Droga Kolinska Group 5 per cent growth in income over the plan and 9 per cent over the 2006 figure. The Barcaffe, Grand kafa, Cockta, Donat Mg, Argeta, Najlepše želje and Smoki brands are the best-

recognised brands in their market segments in South-Eastern Europe. Development of new products and broadening of the range of products within the existing brands. Optimisation of brand portfolio.

TURIZEM / TOURISM

Razvoj dejavnosti s poudarkom na konsolidaciji poslovanja in učinkovitem upravljanju sredstev. Najpomembnejša investicija je rekonstrukcija in gradnja hotela Palace v Portorožu.

Skupina Istrabenz Turizem Za 5 odstotkov več prihodkov kot leto prej in 57 odstotkov več čistega dobička. Večja učinkovitost, ki se kaže v nižji rasti odhodkov od rasti prihodkov. Napredovanje gradbenih in restavratorskih del v hotelu Palace, ki bodo zaključena v letu 2008.

Development of the Business Area with an emphasis on the consolidation of operations and efficient asset management. The major investment is the reconstruction and construction of the Palace Hotel in Portorož.

Istrabenz Tourism Group Higher income and net profit by 5 and 57 per cent, respectively, compared to 2006. Higher efficiency resulting in lower growth in expenses than in income. Progressing construction and reconstruction work on the Palace Hotel – to be completed in 2008.

INFORMACIJSKE TEHNOLOGIJE / INFORMATION TECHNOLOGIES

Cilj je pospešena rast poslovanja na novih trgih in z novimi produkti.

Skupina Actual Rast poslovanja na novih trgih je bila manjša od pričakovane, vendar jo intenzivno povečujemo. Zagon trženja IT storitev za mala in srednja podjetja. Uvedba nove storitve ONEBANK.

The aim is to accelerate growth in operations on new markets, introducing new products.

Actual Group Growth in operations on new markets was lower than expected, but it has been intensifying. Launch of the marketing of IT services for small- and medium-sized companies. Introduction of the new service ONEBANK.

DRUGE NALOŽBE / OTHER INVESTMENTS

Dopolnjevanje rasti premoženja v Skupini Istrabenz z doseganjem ciljnih kratkoročnih donosov in prihodnjih, dodatnih srednjeročnih finančnih potencialov.

Trgovanje z vrednostnimi papirji in deleži družb je v letu 2007 pripomoglo k upravljanju likvidnosti holdinške družbe in doseganju finančnega rezultata - prodaja deleža v Banki Koper, d.d., in dela deleža v družbi Poslovni sistem Mercator, d.d.

Continuous growth in assets in the Istrabenz Group by achieving short-term returns and additional medium-term financial potentials.

Trading in securities and interests in companies in 2007 improved liquidity management in the Holding Company and resulted in the achievement of the set financial goal – sale of our interest in Banka Koper and part of the interest in Poslovni sistem Mercator.

Povzetek Strateškega poslovnega načrta je v celoti dostopen na spletni strani: / A summary of the Strategic Business Plan is available on the website: http://www.istrabenz.si/pripone/157/Povzetek%20SPN%202006.pdf

Table 3: Implementation of strategic orientations by 2011 in the Istrabenz Group in 2007, by Business Area

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3Lastniška struktura, delnice in dividende Ownership structure, shares and dividends

3.1 Lastniška struktura

Zadnji dan leta 2007 je bila lastniška struktura holdinške družbe Istrabenz, d.d., v primerjavi z zadnjim dnem v letu 2006 glede največjih delničarjev bistveno drugačna. Državna sklada Sloven-ska odškodninska družba, d.d., in Kapitalska družba, d.d., sta sprejela prevzemno ponudbo in svoj delež prodala družbi Petrol d.d. Svoj delež so prodali tudi nekateri drugi večji delničarji.

Na dan 31.12.2007 je največji delničar Petrol d.d. z 32,63-od-stotnim deležem. Na drugem mestu je Maksima Holding, d.d., s 24,95-odstotnim lastniškim deležem, edini med prvimi de-setimi delničarji iz predhodnega leta. Na tretjem mestu je Po-teza Naložbe d.o.o. s 24,43-odstotnim deležem. Delež desetih največjih delničarjev znaša 85,2 odstotka, največjih petnajst pa 86,07 odstotka.

V primerjavi z letom 2006 se je delež lastništva pooblaščenih investicijskih družb zmanjšal za 12,33-odstotni delež.

Zmanjšanje števila lastnikov, ki imajo več kot 1-odstotni delež, od lanskih 10 na 3 delničarje, kaže na nadaljevanje koncen-tracije lastništva.

Kljub temu ostaja število delničarjev družbe še naprej visoko. Na zadnji dan leta 2007 je imela holdinška družba Istrabenz 15.164 delničarjev. V primerjavi z istim dnem prejšnjega leta se je število delničarjev zmanjšalo za 2.564, v primerjavi z za-četnim stanjem leta 1996 pa je imela holdinška družba Istra-benz za 53,16 odstotka manj delničarjev.

3.1 Ownership structure

As at 31 December 2007, the ownership structure of the Istrabenz Holding Company substantially differed from that as at the last day of 2006 in terms of its largest shareholders. The government funds Slovenska odškodninska družba and Kapitalska družba accepted the takeover bid and sold their interests to the company Petrol. Some other major shareholders also sold their interests.

As at 31 December 2007, the largest shareholder was Petrol, holding a 32.63-per cent interest. Second was Maksima Holding with a 24.95-per cent interest – the only shareholder among the top ten who was among the largest in 2006 as well. Poteza Naložbe occupied third place with a 24.43-per cent interest. The holdings of the ten largest shareholders accounted for 85.2 per cent of the total and those of the fifteen largest for 86.07 per cent.

The participation of authorised investment companies decreased by 12.33 per cent over the 2006 figure.

The number of shareholders holding more than one per cent decreased from ten in 2006 to three in 2007, which shows that ownership concentration continues.

Despite the aforementioned figures, the number of shareholders is still high. As at the last day of 2007, the Istrabenz Holding Company had 15,164 shareholders. Compared to the same day in 2006, the number of shareholders had decreased by 2,564, whereas at the start of 1996, the Company had 53.16 per cent fewer shareholders.

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Goldinar, d.o.o. Koper 0,98 %

Condor Real, d.o.o. 0,2 %

Poteza naložbe d.o.o. 24,43 %

Publikum trezor, d.o.o. 0,24 %

NLB skladi, d.o.o. - sklad slovenskih delnic /NLB skladi – Slovenian Share Fund 0,23 %

Petrol d.d. 32,63 %

Aktiva naložbe, d.d. 0,84 %

Raiffeisen Zentralbank Oesterreich Ag 0,24 %

Maksima Holding, d.d. 24,95 %

Ostali delničarji / Other Shareholders 14,8 %

Publikum fin, d.o.o. 0,47 %

0,24 %

32,63 %

24,95 %

0,98 %0,84 %

0,47 %

0,24 %

24,43 %

0,2 %

14,8 %

0,23 %

Tabela 4: Struktura lastništva holdinške družbe Istrabenz, d.d., na dan 31.12.2007

DELNIČARSHAREHOLDER

ŠTEVILO DELNIC NA DAN 31.12.2007 NUMBER OF SHARES AS AT 31 DECEMBER 2007

DELEŽ V KAPITALU V % NA DAN 31.12.2007SHARE IN CAPITAL AS AT 31 DECEMBER 2007

Petrol d.d. 1.690.305 32,63

Maksima Holding, d.d. 1.292.257 24,95

Poteza naložbe d.o.o. 1.265.310 24,43

Goldinar, d.o.o. Koper 50.543 0,98

Aktiva naložbe, d.d. 43.582 0,84

Publikum fin, d.o.o. 24.345 0,47

Raiffeisen Zentralbank Oesterreich Ag 12.326 0,24

Publikum trezor, d.o.o. 12.300 0,24

NLB skladi, d.o.o. - sklad slovenskih delnic / Slovenian Share Fund 11.758 0,23

Condor Real, d.o.o. 10.392 0,2

Ostali delničarji / Other Shareholders 766.882 14,8

Skupaj / Total 5.180.000 100

Slika 5: Struktura lastništva holdinške družbe Istrabenz, d.d., na dan 31.12.2007

Table 4: Ownership structure of the Istrabenz Holding Company as at 31 December 2007

Figure 5: Ownership structure of the Istrabenz Holding Company as at 31 December 2007

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3.2 Delnice in dividende

Tabela 5: Temeljni podatki o delnicah holdinške družbe Istrabenz, d.d.

Osnovni kapital /Share Capital

Razdeljen je na 5.180.000 navadnih imenskih kosovnih delnic s pripadajočim zneskom 4,17 evra. / It is divided into 5,180,000 ordinary registered no-par value shares with a stated value of EUR 4.17 per share.

Drugi razredi delnic /Other Share Classes

Drugih razredov delnic in vrednostnih papirjev, ki dajejo imetniku delniško nakupno opcijo, družba ni izdala. / The Company issued no other shares or securities that would bestow on holders the right to a call option.

Oznaka delnice /Stock Symbol ITBG

Kotacija /Quotation Redna borzna kotacija Ljubljanske borze vrednostnih papirjev. / Official quotation on the Ljubljana Stock Exchange.

Stanje vplačil delnic in pravic imetnikov /Paid-Up Shares And Shareholders’ Rights

Vse delnice družbe so v celoti vplačane in dajejo imetnikom enake pravice. / All shares have been paid up in full, bestowing equal rights on the holders.

Kontrolna pravica /Right Of Control Noben delničar nima posebne kontrolne pravice. / No shareholder was granted any right of control whatsoever.

Prenos delnic /Transfer Of Shares

Za prenos delnic družbe ni omejitev, niti ni potrebno dovoljenje družbe ali drugih imetnikov vrednostnih papirjev. Družba ni seznanjena, da obstajajo med delničarji kakršnikoli dogovori, ki lahko povzročijo omejitev prenosa delnic ali glasovalnih pravic. / There are no restrictions on the transfer of shares and no authorisation from the Company or the other shareholders is required. The Company is not aware of any agreements between the shareholders that could hinder the transfer of shares or voting rights.

Tabela 6: Gibanje vrednosti delnic, dividend in števila delničar-jev holdinške družbe Istrabenz, d.d., v obdobju 2005 - 2007

Zneski v € / Figures in €

POSTAVKEITEMS

31.12.2005 31/12/2005

31.12.2006 31/12/2006

31.12.2007 31/12/2007

Knjigovodska vrednost delnice / Book value of a share 31,96 35,82 66,88

Tehtani povprečni enotni tečaj / Weighted average standard price 37,19 36,36 91,58

Tržna kapitalizacija pri tehtanem povprečnem enotnem tečaju / Market capitalisation at average standard price 192.622.334 188.369.217 474.391.138

Najvišja v letu / Peak price in the year 43,48 44,79 143,93

Najnižja v letu / Bottom price in the year 31,01 28,61 45,78

Zaključni tečaj / Closing price 33,80 44,79 104,28

Tržna kapitalizacija pri zaključnem tečaju / Market capitalisation at closing price 175.066.016 231.995.435 540.170.400

Izplačana dividenda na delnico / Paid dividend per share 0,54 0,58 0,65

Število delničarjev / Number of shareholders 18.363 17.728 15.164

Vrednosti za leti 2005 in 2006 so v evre preračunane po paritetnem tečaju zamenjave 1 € =239,64 SIT / The 2005 and 2006 tolar values were translated into euros using the central parity exchange rate 1 € =239,64 SIT

3.3 Dividendna politika

V letu 2007 smo v skladu s strateško usmeritvijo do leta 2011 dosegli zastavljeni cilj vsaj 10-odstotne povprečne letne rasti dividende.

Na svoji 11. redni seji skupščine so delničarji holdinške druž-be Istrabenz potrdili izplačilo dividende za leto 2006 v zne-sku 3.367.000 evrov oziroma 0,65 evra bruto na delnico. To pomeni za dobrih 11 odstotkov višjo dividendo kot v predho-dnem letu.

3.2 Shares and dividends

Table 5: Basic figures regarding Istrabenz Holding Company shares

Table 6: Movement in the value of shares, dividends and the number of shareholders of the Istrabenz Holding Company in the 2005 - 2007 period

3.3 Dividend policy

In 2007, the Company attained the goal of a minimum 10-per cent average annual growth in dividend, which had been set in the strategy until 2011.

At the 11th regular General Meeting of Shareholders, the shareholders of the Istrabenz Holding Company approved the payment of the 2006 dividend in the total amount of EUR 3,367,000 or EUR 0.65 gross per share. This represents an increase in dividend by a good 11 per cent over 2005.

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3.4 Delnica holdinške družbe Istrabenz, d.d., na organiziranem trgu

Istrabenzova delnica je v letu 2007 zabeležila izjemno rast. Njena vrednost se je povečala kar za 127,8 odstotka. Tolikšno povečanje je deloma odraz tržnega gibanja, saj je indeks SBI20 zrasel za 73,5 odstotka, deloma pa tudi drugih dogajanj, zlasti prevzema holdinške družbe s strani Petrola d.d. Zajeten je bil tudi obseg trgovanja, ki se je povečal za 170 odstotkov.

Povprečni mesečni borzni promet je znašal 4.554.761 evrov. Prvi dan leta 2007 je delnica začela svojo rast pri najnižjem letnem tečaju 45,78 evra, ki se je nato v prvih treh mesecih gibal skoraj skladno z gibanjem trga in stalno pridobival na vrednosti. Rekorden obrat navzgor je z 31,4-odstotno meseč-no rastjo delnica doživela aprila. Sledil je visok porast tečaja do konca septembra, ko je delnica dosegla najvišjo letno vre-dnost 143,93 evra. Tudi promet je bil v tem obdobju višji kot poprej. Vrednost delnice se je le v prvem četrtletju spustila malenkostno pod tržno gibanje, sicer pa se je odrezala bolje od njega.

Na gibanje tečaja je v letu 2007 močno vplival prevzem Istrabenza s strani Petrola, zaradi česar je bila volatilnost vre-dnosti delnice zelo velika. Petrol je objavil namero za prevzem 14. septembra. V prevzemni ponudbi je 10. oktobra za Istra-benzovo delnico ponudil najprej 100 evrov, nato pa je 26. okto-bra povišal ponudbo na 110 evrov. Ponudbo je sprejelo 1.905 akceptantov, ki so bili imetniki 1.677.236 delnic ciljne družbe z oznako ITBG, kar predstavlja 32,38 odstotka vseh Istraben-zovih delnic.

Slika 6: Mesečni kapitalski donos in kumulativni mesečni pro-met z Istrabenzovo delnico v letu 2007

3.4 Shares of the Istrabenz Holding Company on the organised market

In 2007, Istrabenz’s share achieved exceptional growth. Its value soared by 127.8 per cent. This was partly due to market trends, as the SBI20 index rose by 73.5 per cent, and partly to other developments, especially Petrol’s takeover of the Istrabenz Holding Company. The volume of trading expanded by 170 per cent.

The monthly trading volume averaged EUR 4,554,761. On the first day of 2007, the share price started turning upward from the year’s bottom price of EUR 45.78. In the first quarter, it was increasing almost in line with market trends, keeping this pace throughout the year. A record-breaking surge was recorded in April, when the share grew by 31.4 per cent at the monthly level. High growth in the share price persisted until the end of September, when it reached a peak value of EUR 143.93. In the said period, the volume of trading was also higher than earlier. The share value was lower than market trends only in the first quarter, whereas during the rest of the year it was higher.

The share price in 2007 was strongly impacted by Petrol’s takeover of Istrabenz, resulting in high volatility of the share’s value. On 14 September, Petrol announced its intention to take over Istrabenz. In its takeover bid of 10 October, it first offered EUR 100 for one Istrabenz share and then on 26 October raised the bid price to EUR 110. The bid was accepted by 1,905 shareholders holding 1,677,236 shares of Istrabenz (stock symbol ITBG) and accounting for 32.38 per cent of the total.

Figure 6: Monthly capital gain and cumulative monthly trading volumes of Istrabenz shares in 2007

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Slika 7: Gibanje enotnega tečaja in prometa z Istrabenzovo delnico v letu 2007 in primerjava s SBI20

Slika 8: Letni kapitalski donos in vrednostni obrat (promet kot delež celotne izdaje) za Istrabenzovo delnico od leta 2003 do konca leta 2007

SBI20 relativno na ceno / SBI20 relative to the price

Tečaj ITBG / Price ITBG Promet v € / Trading in €

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Figure 7: Movements in the average price and trading volume of Istrabenz share in 2007and a comparison with the SBI20 index

Figure 8: Annual capital gain and value turnover (trading volume vs. entire issue) for the Istrabenz share from 2003 to the end of 2007

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Slika 9: Relativno gibanje tečaja Istrabenzove delnice in indeksa SBI20 od leta 2004 do konca leta 2007

3.5 Navzkrižna povezanost z drugimi družbami

Na zadnji dan leta je obstajala navzkrižna povezanost med holdinško družbo Istrabenz, d.d., in družbo Petrol d.d.

Z razliko 248.114 delnic družbe Petrol je družba Istrabenz povečala svojo kapitalsko naložbo s 3,92-odstotnega deleža v prvem dnevu leta 2007 na 15,81-odstotni delež konec leta 2007. Zaradi obsega in intenzivnosti transakcij je nadzorni svet družbe Istrabenz sprejel sklepe, v katerih daje soglasje upravi k nakupom delnic družbe Petrol in opredeljuje pogoje za njihovo pridobivanje.

Hkrati je imela družba Petrol na zadnji dan leta v lasti 32,63-od-stotni delež družbe Istrabenz in bila njen največji lastnik. Del-nice je družba skoraj v celoti pridobila na osnovi uspešne pre-vzemne ponudbe, zaključene 19.11.2007.

3.6 Lastne delnice in njihovo pridobivanje

Skupščina družbe Istrabenz, d.d., je upravo družbe pooblastila za nakup lastnih delnic, vendar njihov skupni delež ne sme presegati 10 odstotkov osnovnega kapitala. Pooblastilo velja 18 mesecev od sprejetja sklepa na skupščini delničarjev, ki je potekala 3.5.2007.

Uprava družbe lahko pridobi delnice po ceni, ki ni nižja od za-dnje revidirane knjigovodske vrednosti delnice in ne več kot 15 odstotkov višja od ponderirane povprečne tržne cene v zadnjih 15 dneh pred sklenitvijo pogodbe o nakupu lastnih delnic.

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SBI20 relativno / SBI20 relativeRelativni enotni tečaj Istrabenz, d.d. / Relative average price of Istrabenz

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Figure 9: Relative changes in the price of Istrabenz shares and the SBI20 index from 2004 to the end of 2007

3.5 Cross-linkages with other companies

On the last day of 2007, the Istrabenz Holding Company and Petrol were cross-linked.

Excluding Petrol’s 248,114 shares, the Istrabenz Holding Company increased its capital investment from 3.92 per cent as at 1 January 2007 to 15.81 per cent as at 31 December 2007.Due to the volume and intensity of transactions, the Supervisory Board of the Istrabenz Holding Company passed several resolutions in which it granted the Management Board approval to acquire Petrol’s shares and defined the terms and conditions.

As at the last day of 2007, Petrol also held a 32.63-per cent interest in the Istrabenz Holding Company and was its majority shareholder. Petrol acquired the shares through a successful takeover bid which was completed on November 2007.

3.6 Own shares and their acquisition

The General Meeting of Shareholders of the Istrabenz Holding Company authorised the Management Board to redeem own shares provided their total does not exceed 10 per cent of the share capital. The authorisation is valid for 18 months as of the date the resolution was passed by the General Meeting of Shareholders, held on 30 May 2007.

The Management Board may acquire the shares at a price not lower than the last audited share book value and not more than 15 per cent higher than the weighted average market price in the last 15 days prior to concluding the agreement on acquisition of own shares.

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Pridobivanje lastnih delnic je možno zaradi izplačila nagrad članom uprave, vodilnim delavcem holdinške družbe in z njo povezanih družb ali za umik delnic. Družba ne sme pridobiti lastnih delnic izključno z namenom trgovanja.

Uprava lahko v primeru, da jih več ne potrebuje, delnice odsvo-ji s soglasjem nadzornega sveta. Družba lahko pri tem delno ali popolnoma izključi prednostno pravico delničarjev do od-svojitve oziroma pridobitve delnic, če se te uporabijo z name-nom izplačila nagrad.

Skupščina pooblašča upravo družbe, da pridobljene delnice umakne brez nadaljnjega sklepanja o zmanjšanju osnovnega kapitala. V primeru umika delnic iz tega razloga je nadzorni svet pooblaščen za ustrezno spremembo statuta družbe.

Uprava holdinške družbe Istrabenz v preteklem letu ni izkori-stila pravice do pridobivanja lastnih delnic. Konec leta družba ni posedovala lastnih delnic, niti ni imela oblikovanih rezerv zanje.

3.7 Odobreni kapital

V skladu s 4. členom statuta družbe in po predhodnem soglas-ju nadzornega sveta lahko uprava holdinške družbe Istrabenz poveča osnovni kapital v vrednosti največ 50 odstotkov osnov-nega kapitala. Pri tem lahko izključi prednostno pravico obsto-ječih delničarjev. Uprava holdinške družbe Istrabenz navedene možnosti do zaključka leta ni izkoristila.

3.8 Pogojno povečanje kapitala

Ob soglasju nadzornega sveta lahko uprava do 28.9.2009 en-krat ali večkrat poveča osnovni kapital za največ 10.802.878,48 evrov z izdajo novih delnic. Pri tem lahko izključi prednostno pravico obstoječih delničarjev do novih delnic.

3.9 Sprememba kontrole v družbi

Družba nima sklenjenih dogovorov, katerih stranka je in prične-jo učinkovati, se spremenijo ali prenehajo na podlagi spremem-be kontrole v družbi, ki je posledica prevzemne ponudbe.

Med družbo in člani uprave ali člani nadzornega sveta ali de-lavci ne obstajajo dogovori, ki predvidevajo nadomestilo, če ti zaradi prevzemne ponudbe odstopijo, so odpuščeni brez ute-meljenega razloga ali jim preneha delovno razmerje.

One of the reasons for acquiring own shares can be to reward the Management Board members or the executive management of the Holding Company or its associates, or to withdraw shares from the stock exchange. The Company must not acquire own shares for trading purposes.

In the event the Management Board no longer needs the shares, these can be sold if the sale is approved by the Supervisory Board. The Company may partly or completely exclude the shareholders’ pre-emptive right to sell or acquire shares if these are used for rewarding purposes.

The General Meeting of Shareholders authorises the Management Board to withdraw the acquired shares without any subsequent passing of resolutions on share capital decrease. In the event the shares are withdrawn for the reason mentioned above, the Supervisory Board is authorised to amend the Company’s Articles of Association accordingly.

In the past year, the Management Board of the Istrabenz Holding Company did not exert the right to acquire own shares. At year-end, the Company held no own shares and no provisions were made for this purpose.

3.7 Authorised capital

Pursuant to Article 4 of the Articles of Association and based on the prior approval of the Supervisory Board, the Management Board of the Istrabenz Holding Company may increase the share capital by up to 50 per cent and, along with that, exclude the pre-emptive rights of the existing shareholders. The Management Board of the Istrabenz Holding Company did not opt for this possibility.

3.8 Conditional increase in share capital

With prior approval of the Supervisory Board, the Management Board may, until 28 September 2009, increase share capital once or several times by issuing new shares, provided that their total amount does not exceed EUR 10,802,878.48. It may exclude the pre-emptive right of the existing shareholders to acquire new shares.

3.9 Change of Control in the company

The Company has concluded no agreements to which it is a party and which take effect, alter or terminate if control in the Company changes as a result of a takeover bid.

No agreements have been entered into by the Company and the members of the Management Board, the Supervisory Board or other employees which would stipulate compensation should these persons resign due to a takeover bid, be laid off without reasonable grounds or if their employment relationship is terminated.

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3.10 Delniška shema za delavce

Družba nima delniške sheme za delavce. V letu 2007 sprejet Delniški in opcijski načrt se nanaša na upravo in vodilne delav-ce družbe Istrabenz, d.d., in Skupine Istrabenz.

3.11 Člani uprave in člani nadzornega sveta, ki imajo v lasti Istrabenzove delnice

Podatki o številu delnic v lasti članov uprave in nadzornega sveta so razkriti v računovodskem poročilu Letnega poročila 2007 na strani 247.

3.10 Employee share scheme

The Company has no employee share scheme. The 2007 Share Option Plan was designed for the Management Board and the executive management of the Istrabenz Holding Company and the Istrabenz Group.

3.11 Members of the management and supervisory boards holding Istrabenz shares

Data on the number of shares held by the members of the Management and Supervisory Boards are presented in the Financial Report, featured within this report on page 247.

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Družbe Skupine Istrabenz povezuje prepričanje, da je spošto-vanje najvišjih uveljavljenih standardov vodenja in upravljanja družb ključnega pomena za doseganje strateških poslovnih ciljev in rast vseh delov Skupine.

Uprava in nadzorni svet holdinške družbe Istrabenz izhajata pri svojem delovanju iz temeljnih aktov, ki obsegajo Statut družbe, pozitivno zakonodajo, avtonomna pravila Ljubljanske borze in Kodeks upravljanja javnih delniških družb. Nadzorni svet upošteva ob tem še Poslovnik o delu nadzornega sveta in priporočila Združenja članov nadzornih svetov.

4.1 Sistem upravljanja

4.1.1 Dvotirni in enotirni sistem upravljanja

V družbah Skupine Istrabenz prevladuje dvotirni sistem upra-vljanja. Na ta način poteka tudi upravljanje holdinške družbe Istrabenz.

Možnost izvajanja enotirnega sistema upravljanja v odvisnih družbah smo opredelili v sedanjih strateških usmeritvah takoj, ko je slovenska zakonodaja leta 2006 to omogočila. Od tedaj smo tak način upravljanja uspešno uvedli v družbi Istrabenz Turizem, d.d., že prej pa je veljal v družbi OpenAd.

V letu 2007 ni bilo sprememb v sistemu upravljanja v nobe-ni od družb Skupine Istrabenz. Uvajanja enotirnega sistema upravljanja v odvisnih družbah Skupine v letu 2008 ne načrtu-jemo. V tej smeri bomo nadaljevali v primerih, ko bi na ta na-čin izrazito povečali učinkovitost vodenja in upravljanja družb na posameznem naložbenem področju.

Poročilo o vodenju in upravljanju Report on corporate governance

The companies of the Istrabenz Group all share the belief that compliance with the highest corporate governance standards is the key to achieving strategic business goals and growth in all segments of the Group.

The work of the Management and Supervisory Boards of the Istrabenz Holding Company is based on the fundamental legal documents, including the Company’s Articles of Association, the positive legislation, the autonomous Rules of the Ljubljana Stock Exchange, and the Corporate Governance Code for Joint Stock Companies. The Supervisory Board abides by the Rules of Procedure of the Supervisory Board and the recommendations of the Association of Supervisory Board Members.

4.1 Management system

4.1.1 Two-tier and one-tier management systems

The companies of the Istrabenz Group mainly operate a two-tier management system. The Istrabenz Holding Company also has a two-tier management system.

The possibility of introducing a one-tier management system in the subsidiaries was exploited in our strategic orientations as soon as the Slovenian legislation allowed for it back in 2006. Since then, this management system has successfully been introduced in the company Istrabenz Turizem, while the company OpenAd had started operating it even earlier.

In 2007, there were no changes in the management system in any of the Istrabenz Group’s companies. The one-tier management system is not planned to be introduced in our subsidiaries in 2008. This will be considered only if such a system would markedly increase the efficiency of management and governance in a specific investment area.

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4.1.2 Imenovanje članov uprav, nadzornih svetov

in upravnih odborov

Pri imenovanju in zamenjavi članov uprav, nadzornih svetov in upravnih odborov družb Skupine Istrabenz upoštevamo veljav-no zakonodajo in določila v Sloveniji uveljavljenih standardov na tem področju.

4.2 Skupščina delničarjev

Delničarji uresničujejo svoje pravice, povezane z družbo, na vsakoletni redni seji skupščine in po potrebi tudi na izrednih sejah. Glasovalno pravico lahko uveljavljajo delničarji, ki so vpisani v delniško knjigo pri Centralni klirinško depotni družbi na dan, ki je določen z vsakokratnim sklicem skupščine, in pri-javijo svojo udeležbo vsaj 3 dni pred skupščino. Statut družbe ne določa nikakršnih omejitev glasovalnih pravic.

V letu 2007 so se delničarji sestali na 11. redni seji skupšči-ne holdinške družbe Istrabenz, ki je potekala 30.5.2007. Na njej so delničarji in njihovi predstavniki obravnavali naslednje vsebine:

seznanili so se z letnim poročilom družbe in Skupine Istra-benz za leto 2006 in mnenjem revizorja ter poročilom nad-zornega sveta,

sprejeli so sklep o uporabi bilančnega dobička, upravi in članom nadzornega sveta so podelili razrešnico za

poslovno leto 2006, pooblastili so upravo za pridobivanje lastnih delnic in izklju-

čitev prednostne pravice pri odsvajanju lastnih delnic in imenovali revizijsko hišo za poslovno leto 2007.

4.1.2 Appointment of members of the management and

supervisory boards and the board of directors

The members of the Management and Supervisory Boards and the Board of Directors in the Istrabenz Group are appointed and replaced in line with the applicable legislation and the provisions of the relevant standards applying in Slovenia.

4.2 The general meeting of shareholders

The shareholders exercise their rights related to the Company at the Annual General Meeting of Shareholders and, if needed, at extraordinary meetings. Voting rights are enjoyed by shareholders who are registered in the Share Register kept by the Central Securities Clearing Corporation (KDD) as at the day set out in the notice convening the AGM, and who have announced their participation no later than three days prior to the AGM. The Company’s Articles of Association stipulate no restrictions on voting rights.

The 11th General Meeting of Shareholders of the Istrabenz Holding Company was held on 30 May 2007. The shareholders and the representatives:

acknowledged the 2006 Annual Report of the Company and the Group, the Auditor's Report and the Report of the Supervisory Board;

adopted a resolution on the appropriation of distributable profit; granted discharge from liability to the Management Board and the

Supervisory Board for the financial year 2006; authorised the Management Board to acquire own shares and

exclude the shareholders’ pre-emptive right in the sale of own shares; and

appointed the auditing house for the 2007 financial year.

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4.3 Nadzorni svet

4.3.1 Imenovanje in sestava

Nadzorni svet holdinške družbe Istrabenz, d.d., je sestavljen iz devetih članov. Imenovani so za obdobje štirih let in so lahko ponovno izvoljeni. Sedanji nadzorni svet je svoj mandat nasto-pil 29.5.2005.

Med člani je šest predstavnikov delničarjev, ki jih imenuje skupščina. V sedanji sestavi nadzornega sveta so: Janko Ko-smina (predsednik), Tomaž Toplak (namestnik predsednika), mag. Božo Predalič, Bojan Korsika, Anton Turnšek in Damjan Mihevc.

Preostali trije člani so predstavniki delavcev, ki jih na podla-gi glasovanja delavcev imenuje delavski zaupnik. To so Miloš Fortunat, Klavdija Primožič in Klavdija Ule.

Miloš Fortunat je kot član nadzornega sveta nastopil 1.1.2007. Nadomestil je dotedanjo članico Sanjo Bajec, ki je odstopila zaradi nezdružljivosti funkcij.

V letu 2007 je nadzorni svet deloval v polni sestavi.

4.3.2 Člani nadzornega sveta

Predstavniki delničarjev so poleg članstva v nadzornem sve-tu holdinške družbe Istrabenz, d.d., tudi v letu 2007 opravljali funkcije v nadzornih svetih in upravnih odborih drugih družb.

4.3 Supervisory board

4.3.1 Appointment and composition

The Supervisory Board of the Istrabenz Holding Company consists of nine members. They have been appointed for a period of four years and can be re-appointed. The term of office of the present Supervisory Board started on 29 May 2005.

Six of them are shareholder representatives appointed by the General Meeting of Shareholders. The present Supervisory Board includes: Janko Kosmina (President), Tomaž Toplak (Deputy President), Božo Predalič, MSc., Bojan Korsika, Anton Turnšek and Damjan Mihevc.

The remaining three members are employee representatives who have been appointed by the Union Steward based on employee voting. These are Miloš Fortunat, Klavdija Primožič and Klavdija Ule.

Miloš Fortunat was appointed to the Supervisory Board on 1 January 2007. He replaced previous member Sanja Bajec, who had resigned on the grounds of incompatibility of functions.

In 2007, the Supervisory Board’s composition was complete.

4.3.2 Supervisory board members

In addition to their membership in the Supervisory Board of the Istrabenz Holding Company, shareholder representatives also served as members of the Supervisory Boards and Management Boards of other companies.

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Tabela 7: Člani nadzornega sveta holdinške družbe Istrabenz, d.d., in njihovo članstvo v nadzornih svetih in upravnih odborih drugih družb na dan 31.12.2007

IME IN PRIIMEKFIRST NAME AND FAMILY NAME

GOSPODARSKA DRUŽBACOMPANY

FUNKCIJAFUNCTION

Predsednik nadzornega sveta / President of the Supervisory Board

Janko Kosmina

Univ. dipl. pravnik / Bachelor of LawDo upokojitve leta 2002 je skoraj tri desetletja vodil podjetje Istrabenz. / He was at the helm of Istrabenz for nearly three decades until he retired in 2002.

Banka Koper, d.d. Član nadzornega sveta / Member of the Supervisory Board

Člani nadzornega sveta, predstavniki delničarjev / Members of the Supervisory Board, Shareholder Representatives

Tomaž Toplak

Univ. dipl. pravnik / Bachelor of LawPredsednik uprave Kapitalske družbe, pred tem pa med drugim član njenega nadzornega sveta. / President of the Management Board of KAD and earlier (among other positions) a member of its Supervisory Board.

Zavarovalnica Triglav, d.d.

Član nadzornega sveta, predstavnik delničarjev / Member of the Supervisory Board, Shareholder representative

Abanka Vipa, d.d. Predsednik nadzornega sveta / President of the Supervisory Board

mag. Božo Predalič

Mag. znanosti / MSc.Generalni sekretar vlade RS, pred tem pa med drugim direktor podjetja Nova Obzorja in v. d. namestnika predsednika Javnega sklada RS za regionalni razvoj. / General Secretary of the Government of the RS; earlier he was also Director of the company Nova Obzorja and the Deputy President of the Public Fund of the RS for Regional Development

Slovenska odškodninska družba, d.d. (do avgusta 2007) (Until August 2007)

Član upravnega odbora / Member of the Board of Directors

Damjan Mihevc

Lastnik istoimenske odvetniške pisarne / Owner of the law firm bearing his name.Med drugim član UO Združenja članov nadzornih svetov, član NS Zavarovalnice Vardar iz Skopja, podpredsednik odbora direktorjev Lovčen Osiguranje AD iz Podgorice, član upravnega odbora AMZS in predsednik Hokejske zveze Slovenije. / Among other things, he is a member of the management of the Association of Supervisory Board Members, a member of the Supervisory Board of the Skopje-based insurance company Zavarovalnica Vardar, Vice-President of the Board of Directors of the Podgorica-based insurance company Lovčen Osiguranje AD, a member of the Managing Board of AMZS, and President of the Ice Hockey Federation of Slovenia.

Zavarovalnica Triglav, d.d. Predsednik nadzornega sveta / President of the Supervisory Board

Triglav DZU, d.o.o. Predsednik nadzornega sveta / President of the Supervisory Board

Triglav Naložbe, d.d. Predsednik nadzornega sveta / President of the Supervisory Board

Bojan Korsika

Univ. dipl. politolog /Bachelor of Arts in Political ScienceUstanovitelj in direktor podjetja Bistra d.o.o. Avtor in soavtor številnih knjig ter člankov, urednik številnih časopisov in revij. / He is the founder and Director of the company Bistra, the author and co-author of many books and articles, and the editor of several newspapers and magazines.

Maksima Holding, d.d. (do 6.7.2007) (until 6 July 2007)

Predsednik nadzornega sveta / President of the Supervisory Board

Anton Turnšek

Dipl. živilski tehnolog / Bachelor of Science in Food-Processing TechnologySvojo 40-letno kariero je posvetil Pivovarni Laško. Leta 1980 je postal predsednik uprave Pivovarne Laško. Leta 2005 se je upokojil, leto kasneje pa postal član nadzornega sveta te družbe. / He has dedicated his 40-year career to the Pivovarna Laško brewery. In 1980 he became the President of the Management Board of Pivovarna Laško. He retired in 2005 and became a member of the Supervisory Board of this company.

Jadranska pivovara d.d. Predsednik nadzornega sveta / President of the Supervisory Board

Pivovarna Laško, d.d. Član nadzornega sveta / Member of the Supervisory Board

Pivovarna Union, d.d. Član nadzornega sveta / Member of the Supervisory Board

Člani nadzornega sveta, predstavniki delavcev / Members of the Supervisory Board, Employee Representatives

Klavdija Ule -

Klavdija Primožič -

Miloš Fortunat -

Table 7: Members of the Supervisory Board of the Istrabenz Holding Company and their membership in the Supervisory Boards or Management Boards of other companies as at 31 December 2007

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4.3.3 Delovanje nadzornega sveta

Delo nadzornega sveta temelji na zakonskih predpisih, Sta-tutu družbe in določilih Kodeksa upravljanja javnih delniških družb. Pristojnosti in naloge nadzornega sveta so podrobneje opredeljene v Poslovniku o delu nadzornega sveta.

Nadzorni svet tudi v letu 2007 ni imenoval komisij, svoje nalo-ge in pristojnosti je uspešno obvladoval v okviru osnovne orga-niziranosti. V primeru, ko bi bilo smiselno in potrebno povečati učinkovitost njegovega dela, bo komisije imenoval.

Nadzorni svet družbe Istrabenz, d.d., se je sestal na štirih re-dnih in treh izrednih sejah. Člani so svoje naloge vestno in do-sledno opravljali. Vseskozi so spremljali delo uprave in z njo sodelovali. Delovanje nadzornega sveta v letu 2007 je natanč-neje predstavljeno v Poročilu nadzornega sveta na strani 18 tega letnega poročila.

4.3.4 Nagrajevanje članov nadzornega sveta

Sistem nagrajevanja članov nadzornega sveta izhaja iz pri-poročil Združenja članov nadzornih svetov in Statuta družbe. Člani nadzornega sveta so upravičeni do osnovnega plačila za opravljanje funkcije, doplačila zaradi posebnih obveznosti in sejnine. V komisijah nadzornega sveta, ki pa trenutno niso imenovane, lahko prejmejo dodatna doplačila.

Višino osnovnega plačila, sejnin, doplačil in način izplačeva-nja določa skupščina vnaprej in tako zagotavlja neodvisnost in kakovost dela nadzornega sveta. V letu 2007 sklepov o spre-membi višine plačil ni bilo. Članom nadzornega sveta je pripa-dlo letno osnovno plačilo 12.000 evrov bruto, predsedniku pa dvakratnik osnovnega plačila. Za posamezno sejo je sejnina za člana nadzornega sveta znašala 333,53 evra, za predsedni-ka pa 500,75 evra. Člani nadzornega sveta so upravičeni tudi do povračila ostalih stroškov, ki so povezani s to funkcijo.

Skupščina lahko s sklepom določi, da so člani nadzornega sveta upravičeni tudi do izredne nagrade oziroma udeležbe pri dobičku. Redna skupščina družbe je v letu 2007 sprejela sklep, da se iz bilančnega dobička družbe nameni za nagrade nadzornemu svetu 200.000 evrov. Članov nadzornega sveta se ne nagrajuje z delniškimi opcijami ali s primerljivimi finanč-nimi instrumenti.

4.3.3 Work of the supervisory board

The work of the Supervisory Board is based on the applicable legislation, the Articles of Association of the Company, and the Corporate Governance Code for Joint Stock Companies. The authorisations and responsibilities of the Supervisory Board are defined in greater detail in the Rules of Procedure of the Supervisory Board.

The Supervisory Board appointed no committees in 2007, thus discharging its responsibilities within its basic organisation. It will appoint committees should this be deemed necessary for increasing its work efficiency.

The Supervisory Board of the Istrabenz Holding Company held four regular and three extraordinary meetings. The members duly and consistently discharged their responsibilities. Throughout the year, they monitored the Management Board’s activities and co-operated with it. The work of the Supervisory Board in 2007 is presented in greater detail in the Report by the Supervisory Board on page 18 herein.

4.3.4 Rewarding of supervisory board members

The rewarding of Supervisory Board members is based on the recommendations of the Association of Supervisory Board Members and the Articles of Association of the Company. Supervisory Board members are entitled to basic remuneration for performing their function, a bonus for special obligations, and attendance fees. Those appointed to Supervisory Board committees (these are currently nonexistent) are also entitled to an extra payment.

The basic remuneration, attendance fees, bonuses and the payment method are determined in advance by the General Meeting of Shareholders, thus guaranteeing the autonomy of the Supervisory Board and the high quality of its work. In 2007, no resolutions to adjust the amount of payments were adopted. The basic annual payment of Supervisory Board members was EUR 12,000 gross, while the President was entitled to twice the basic payment of the members. The attendance fee received by the members and the President of the Supervisory Board was EUR 333.53 and EUR 500.75 per meeting, respectively. The Supervisory Board members are also entitled to the reimbursement of other expenses related to the performance of their function.

The Supervisory Board members may also be entitled to a special bonus or to profit-sharing based on a resolution by the General Meeting of Shareholders. In 2007, the General Meeting of Shareholders passed a resolution to allocate EUR 200,000 from distributable profit to rewards for the Supervisory Board. Supervisory Board members should not be rewarded with share options or comparable financial instruments.

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4.4 Uprava

4.4.1 Imenovanje in sestava

Upravo krovne družbe Skupine Istrabenz, ki ima predsednika in največ do tri člane, imenuje nadzorni svet. Od 1.10.2007 je začel teči naslednji šestletni mandat upravi, v katero je nad-zorni svet na svoji seji dne 27.10.2006 imenoval Igorja Bavčar-ja za predsednika uprave in mag. Srečka Kendo za člana upra-ve. Dotedanji član uprave Aldo Gabrijel od začetka mandata nove uprave nadaljuje delo kot izvršni direktor za ekonomiko in razvoj.

Uprava je v dvočlanski sestavi delovala do novembra 2007. Član uprave mag. Srečko Kenda je namreč 18.10.2007 podal odstopno izjavo iz osebnih razlogov. Istrabenz, d.d., ima tako od 22.11.2007 enočlansko upravo.

4.4.2 Člani uprave in njihovo sodelovanje v organih

drugih družb

Člani uprave so bili tudi člani nadzornih svetov v nekaterih drugih gospodarskih družbah. S prenehanjem mandata člana uprave holdinške družbe Istrabenz, d.d., je mag. Srečko Kenda podal odstopni izjavi z mesta:

predsednika upravnega odbora družbe Istrabenz Turizem, d.d.

predsednika nadzornega sveta družbe Turizem Kras, d.d. (do 19.9.2007 Postojnska jama, Turizem, d.d.)

Tabela 8: Podatki o članih uprave holdinške družbe Istrabenz, d.d., in njihovem članstvu v nadzornih svetih drugih družb v letu 2007

IME IN PRIIMEKFIRST NAME AND FAMILY NAME

GOSPODARSKA DRUŽBACOMPANY

FUNKCIJAFUNCTION

Igor Bavčar Droga Kolinska, d.d. Predsednik nadzornega sveta / President of the Supervisory Board

Intrade energija, d.o.o. Član nadzornega sveta / Member of the Supervisory Board

LHB Frankfurt (do 31.12.2007) (until 31 December 2007)

Član nadzornega sveta / Member of the Supervisory Board

Aldo Gabrijel

(član uprave do 31.5.2007) / (member of the Management Board until 31 May 2007)

Vinakoper, d.o.o. Član nadzornega sveta / Member of the Supervisory Board

IP Obala, d.o.o. Član nadzornega sveta / Member of the Supervisory Board

mag. Srečko Kenda

(član uprave do 22.11.2007) / (member of the Management Board until 22 November 2007)

Istrabenz Turizem, d.d. (do 22.11.2007)(until 22 November 2007)

Predsednik upravnega odbora / President of the Board of Directors

Turizem Kras, d.d. (do 22.11.2007) (until 22 November 2007)

Predsednik nadzornega sveta / President of the Supervisory Board

4.4 The management board

4.4.1 Appointment and Composition

The Management Board of the parent company of the Istrabenz Group, consisting of a President and up to three members, is appointed by the Supervisory Board. On 1 June 2007 commenced the next six-year term of office of the Management Board, to which the Supervisory Board at its meeting, held on 27 October 2006, appointed Igor Bavčar as President and Srečko Kenda, MSc. as member. When the term of office of the new Management Board commenced, Aldo Gabrijel, a previous Management Board member, took up the position of Executive Manager of Economics and Development.

The two-member Management Board operated only until November 2007 because Srečko Kenda, MSc., Member of the Management Board, resigned from his office on 18 October 2007 for personal reasons. As of 22 November 2007, the Management Board of the Istrabenz Holding Company has only one member.

4.4.2 Members of the management board and their

participation in the bodies of other companies

The members of the Management Board also served as members of the Supervisory Boards of some other companies. When his appointment to the Management Board of the Istrabenz Holding Company was terminated, Srečko Kenda, MSc., also resigned from the following offices:

President of the Board of Directors of Istrabenz Turizem and President of the Supervisory Board of Turizem Kras (whose name

was Postojnska jama Turizem until 18 September 2007).

Table 8: Information on the members of the Management Board of the Istrabenz Holding Company and their membership in the Supervisory Boards of other companies in 2007

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4.4.3 Delovanje uprave

Temeljna naloga uprave je vodenje poslovanja holdinške druž-be Istrabenz, d.d., na podlagi dogovorjenih strategij in politik, ki jih potrdi nadzorni svet. Poleg tega opredeljuje in izvaja korporacijske strategije in letne poslovne načrte, zagotavlja finančne in informacijske vire ter razvoj strateških menedžer-skih kadrov.

Delovanje uprave poteka v skladu s Poslovnikom o delu upra-ve. Na njenih rednih tedenskih sejah vodilni delavci za posa-mezna področja predstavljajo svoje predloge, h katerim daje soglasje predsednik uprave. V podporo delu uprave smo uvedli informacijski sistem ‘Business connect’, ki zagotavlja ustre-zno pretočnost, varnost in sledenje vse dokumentacije, vezane na predlaganje, obravnavo in sprejemanje sklepov uprave na njenih sejah.

Med upravo družbe in nadzornim svetom potekata stalen dia-log in sodelovanje. Pomembnejše odločitve o večjih naložbah sprejema predsednik uprave v soglasju z nadzornim svetom, ne glede na to ali dosegajo prag vrednosti, ko stanje vseh vrst poslov (sredstev) družbe Istrabenz, d.d., med letom preseže letno planiran obseg poslov, povečan za 20 odstotkov. V prete-klem letu je nadzorni svet posebej odločal o naložbi v lastniški delež družbe Petrol d.d. in upravi dal soglasje k načrtom za povečanje deleža v omenjeni družbi.

4.4.4 Nagrajevanje uprave

Člani uprave družbe Istrabenz, d.d., so bili s pogodbo upravi-čeni do:

fiksnih plač, nedenarnih ugodnosti (bonitet), pod določenimi pogoji do variabilnih prejemkov in udeležbe

pri dobičku v denarni obliki ali delnicah družbe in odpravnin.

Nedenarne ugodnosti zajemajo uporabo službenega avtomo-bila, preventivni zdravstveni (menedžerski) pregled ter življenj-sko zavarovanje. Pod pogoji, ki veljajo za ostale zaposlene, imajo člani uprave zagotovljeno dodatno zdravstveno, nezgo-dno in pokojninsko zavarovanje.

Na podlagi vnaprej določenih kriterijev nadzorni svet vsako leto določi variabilni del prejemkov. Njihova višina je poveza-na z uspešnostjo poslovanja družbe in Skupine Istrabenz ter z doseganjem letnih in strateških poslovnih ciljev. Nekatere od teh prejemkov priporoča Kodeks upravljanja javnih delniških družb.

Udeležbo članov uprave pri dobičku omogoča Statut družbe. Odvisna je od uspešnosti holdinške družbe Istrabenz in družb, v katerih ima Istrabenz, d.d., kapitalske deleže. Nadzorni svet lahko predlaga udeležbo pri dobičku kot nagrado v obliki del-nic družbe. Člani uprave nimajo omejitev glede prodaje delnic družbe, ki jih pridobijo z udeležbo pri dobičku.

4.4.3 Work of the Management board

The main task of the Management Board is to manage the operations of the Istrabenz Holding Company on the basis of agreed strategies and policies approved by the Supervisory Board. Other important tasks of the Management Board include drawing up the corporate strategy and annual business plans and their implementation, securing financial and informational resources, and developing key management staff.

The Management Board abides by the Rules of Procedure of the Management Board. At its regular weekly meetings the executive managers of individual Business Areas present their proposals to be approved by the President of the Management Board. The ‘Business Connect’ information system was introduced to support the work of the Management Board, ensuring adequate flow, safety and tracking of documentation related to proposing, discussing and adopting resolutions at the Management Board’s meetings.

The Management and Supervisory Boards are in constant dialogue and co-operation. Major decisions on large investments are made by the President of the Management Board in agreement with the Supervisory Board, regardless of whether large investments are at the threshold limit when the balance of all transactions (assets) of the Istrabenz Holding Company during the year exceeds the volume planned for the year which is augmented by 20 per cent. In 2007, the Supervisory Board adopted a separate decision on the acquisition of an interest in Petrol and granted the Management Board an approval to increase the interest in that company.

4.4.4 Rewarding the Management board

According to an agreement, the members of Istrabenz Holding Company’s Management Board were entitled to:

a fixed salary; non-pecuniary benefits (bonuses); variable earnings and profit-sharing in the form of cash or company

shares under specific conditions; and severance pay.

Non-pecuniary benefits include a company car, preventive managers' health checks and life assurance. They have supplementary medical, accident and pension insurance on the same terms as other employees.

The Supervisory Board sets the variable part of the salary every year on the basis of predetermined criteria. The amount of variable pay depends on the performance of the Istrabenz Holding Company and the Istrabenz Group as well as on their achievement of annual and strategic goals. Some types of pay are recommended by the Corporate Governance Code for Joint Stock Companies.

Profit-sharing by Management Board members is allowed by the Articles of Association. It is relative to the performance of the Istrabenz Holding Company and the companies in which it holds interests. The Supervisory Board may propose that remuneration from profit-sharing consists of shares in the Company. Management Board members are not restricted as regards the sale of Company shares obtained from profit-sharing.

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Nadzorni svet družbe je na svoji seji 19.12.2007 potrdil Delni-ški in opcijski načrt. Delniški načrt predsedniku uprave in dru-gim vodilnim delavcem omogoča izplačilo dela ali vseh neto variabilnih prejemkov v obliki delnic Istrabenza, d.d., in sicer po ceni, ki znaša od 80 do 90 odstotkov ponderirane povpreč-ne tržne cene delnic v zadnjih 3 mesecih pred mesecem zapa-dlosti posameznega izplačila neto variabilnega prejemka.

Skladno z opcijskim načrtom so predsednik uprave in drugi vodilni delavci upravičeni tudi do podelitve nakupnih delniških opcijskih upravičenj. Število delnic, ki so predmet opcijskega upravičenja, vsako leto za predsednika uprave določi nadzor-ni svet družbe. Pri tem je merilo uspešnost družbe in njegova individualna uspešnost. Predsednik uprave in drugi vodilni de-lavci so lahko vsako leto deležni opcijskih upravičenj v obsegu, ki je v času podelitve enako količniku med 3- do 12-kratnikom povprečne mesečne bruto plače predsednika uprave in izvršil-no ceno ene delnice, določene v opcijskem načrtu. Vrednost tako dodeljenih opcijskih upravičenj je potem odvisna od rasti cene delnice.

V Delniškem in opcijskem načrtu so vgrajene omejitve glede prenosa delniških upravičenj in prepovedi odsvojitve delnic za določen čas, kot jih predvidevajo priporočila stanovskih organi-zacij in Kodeks upravljanja in vodenja javnih delniških družb.

V letu 2007 je bila izplačana odpravnina članu uprave in iz-plačilo zavarovalnih premij življenjskega zavarovanja. Višino teh prejemkov skupaj s prejemki članov uprave razkrivamo v računovodskem poročilu na strani 246 (pojasnilo 32) tega letnega poročila. Podatke o lastništvu vrednostnih papirjev izdajateljice družbe Istrabenz, d.d., s strani članov uprave in nadzornega sveta pa razkrivamo na strani 247 v pojasnilu št. 32 istega poročila.

4.5 Vodenje in upravljanje povezanih družb

Skupina Istrabenz je kompleksna in z vidika dejavnosti razve-jana poslovna Skupina. Velika dinamika sprememb v Skupi-ni je povečala potrebo po sočasnem obvladovanju procesov vodenja in upravljanja. Nadzorni sistem poslovanja odvisnih družb sloni na jasno opredeljenih razmerjih v statutih, družbe-nih pogodbah, delovanju upravnih odborov in nadzornih svetov oziroma skupščin družb ter učinkovitem kontrolinškem siste-mu in uvajanju enotnega informacijskega sistema.

Holdinška družba Istrabenz v vseh odvisnih družbah uveljavlja svojo naložbeno politiko, usmerjeno v maksimiranje vrednosti vseh naložb v portfelju.

V vodstvih odvisnih družb Skupine Istrabenz je v letu 2007 pri-šlo do naslednjih sprememb:

V krovni družbi Skupine Istrabenz Turizem je Marino Antolovič s 1.1.2007 prevzel funkcijo glavnega izvršnega direktorja.

At its meeting held on 19 December 2007, the Supervisory Board approved the Share Option Plan. In accordance with the Share Option Plan, the President of the Management Board and the executive management may receive part or the full variable part of their salary in the form of Istrabenz shares at a price equalling 80 to 90 per cent of the weighted average share market price in the last three months prior to the due date of each payment of the net variable part of their salary.

The President of the Management Board and the executive management are entitled to a share call option in line with the Share Option Plan. The number of shares to be included in the call option available to the President of the Management Board is determined by the Supervisory Board each year. The criteria include the Company’s and the President’s performance. The President of the Management Board and the executive management are entitled to a share call option each year, namely, its volume at the time of granting should equal the quotient between the 3- and 12-fold average monthly gross salary of the President of the Management Board and the exercise price of one share, as defined in the Share Option Plan. The value of thus granted share call options depends on the growth in the share price.

The Share Option Plan also defines restrictions concerning the transfer of share call options and a prohibition to sell the shares for a specific period, as defined in the recommendations of the professional organisations and the Corporate Governance Code for Joint Stock Companies.

In 2007, severance pay was paid to a member of the Management Board and life assurance premiums paid out. These amounts, including those paid to the Management Board members, are disclosed in the Financial Report of this Annual Report on page 246 (Note 32). Data on the securities held by the Management and Supervisory Board members of the Istrabenz Holding Company are disclosed in this Annual Report on page 247 (Note 32).

4.5 Corporate governance of associated companies

The Istrabenz Group is a group of companies with a complex and diverse structure in terms of activities. The strong dynamics further increased the need for concomitant management and governance processes. The system for supervising the operations of subsidiaries is based on relations which are clearly set out in the Articles of Association, partnership agreements, Rules of Procedure of the Management and Supervisory Boards and the General Meetings of Shareholders, an efficient controlling system, and the introduction of a uniform information system.

The Istrabenz Holding Company pursues its investment policy in all its subsidiaries. This policy focuses on maximising the total value of all portfolio investments.

The management teams in the subsidiaries of the Istrabenz Group underwent the following changes in 2007:

In the parent company Istrabenz Turizem, Marino Antolovič was appointed Chief Executive Officer on 1 January 2007;

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V krovni družbi Skupine Droga Kolinska je enočlansko upra-vo zamenjala dvočlanska uprava. Predsednik uprave je 12.4. postal Slobodan Vučićević, članica uprave pa Milena Štular. Enočlansko upravo je do 11.4. predstavljal mag. Robert Ferko, ki je odstopil iz osebnih razlogov.

Na področju Energetike v družbi Instalacija, d.o.o., je 21.6. Rinaldo Glavina na mestu direktorja nadomestil preminule-ga Borisa Gorupa.

4.6 Notranji nadzor in notranja kontrola

Holdinška družba Istrabenz, d.d., nima notranjega revizorja, a kljub temu z uvajanjem enovitih računovodskih politik, enovi-tega sistema kontrolinga in rešitev informacijskih tehnologij izvaja sistematičen notranji nadzor v holdinški družbi in nad-zoruje poslovanje vseh družb v Skupini Istrabenz.

Osrednjo vlogo pri notranjem poročanju v Skupini Istrabenz ima kontrolinška funkcija. Krovna družba zahteva od odvisnih družb stalno mesečno in kvartalno poročanje in spremljanje rezultatov ter njihovo primerjavo z zastavljenimi cilji.

Med družbami Skupine Istrabenz je sistem notranje revizije vzpo-stavljen v Drogi Kolinski, d.d. Priprave na začetek delovanja no-tranje revizije potekajo tudi v nekaterih drugih odvisnih družbah.

4.7 Revizija

Od vključno leta 2004 dalje letna poročila Skupine Istrabenz in holdinške družbe Istrabenz, d.d., revidirajo revizorji družb iz skupine KPMG. Družba imenuje revizorja vsako leto v skladu s sklepom skupščine.

4.8 Skupni poslovni standardi

Uprava holdinške družbe Istrabenz spodbuja in podpira izvaja-nje sprejetih strategij z uveljavljanjem enotnih poslovnih stan-dardov v vseh odvisnih družbah, kot tudi v družbah »vnukinjah« in »pravnukinjah«.

Družbe v Skupini Istrabenz uporabljajo enotne standarde ra-čunovodske politike, kontrolinga in standarde komuniciranja Skupine Istrabenz ter smiselno prilagojene standarde s po-dročja organiziranja in postopkov, povezanih s skupščinami, upravnimi odbori in nadzornimi sveti odvisnih družb.

In the parent company Droga Kolinska, the one-member Management Board was replaced by a two-member board. On 12 April, Slobodan Vučićević was appointed President and Milena Štular Member of the Management Board. Until 11 April the one-member Management Board consisted of Robert Ferko, MSc., who resigned for personal reasons;

In the company Instalacija within the Energy Business Area, Rinaldo Glavina was appointed Director on 21 June, thus replacing the deceased Boris Gorup.

4.6 Internal supervision and internal control

The Istrabenz Holding Company has no internal auditor. However, through the introduction of uniform accounting policies, a uniform controlling system and IT solutions, it implements systematic internal supervision in the Istrabenz Holding Company as well as supervises the operations of all Istrabenz Group companies.

The controlling function has a central role in the internal control of the Istrabenz Group. The Holding Company requires the subsidiaries to report monthly and quarterly, and to monitor results and compare them with the set goals.

Among the companies of the Istrabenz Group, internal auditing is organised within Droga Kolinska. However, preparations are underway to set up internal audit functions in some other subsidiaries as well.

4.7 Audit

Since and including 2004, the Annual Reports of the Istrabenz Group and the Istrabenz Holding Company have been audited by auditors from the KPMG Group. The Company appoints the auditor each year, in line with the General Meeting of Shareholders’ resolution.

4.8 Common business standards

The Management Board of the Istrabenz Holding Company promotes the introduction and implementation of the adopted strategies, thus enforcing uniform business standards in all the subsidiaries as well as in ‘sub-subsidiaries’ and ‘sub-sub-subsidiaries’.

The companies in the Istrabenz Group adhere to uniform standards on the accounting policy, controlling and communication of the Istrabenz Group as well as reasonably adjusted standards on organisation and procedures related to General Meetings of Shareholders, Boards of Directors and Supervisory Boards of subsidiaries.

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4.9 Vodstva hčerinskih družb

Istrabenz plini, d.o.o.

Zorko Albin Cerkvenik, predsednik uprave Suzana Bolčič Agostini, članica uprave mag. Aldo Srabotič, član uprave

Istrabenz Gorenje, d.o.o.

dr. Robert Golob, predsednik uprave Aleksander Mervar, član uprave

Instalacija, d.o.o.

Boris Gorup, direktor družbe (do 19.6.2007) Rinaldo Glavina, direktor družbe (od 21.6.2007)

Droga Kolinska, d.d.

mag. Robert Ferko, predsednik uprave (do 11.4.2007) Slobodan Vučićević, predsednik uprave (od 12.4.2007) Milena Štular, članica uprave (od 12.4.2007)

Istrabenz Turizem, d.d.

UPRAVNI ODBOR mag. Srečko Kenda, predsednik upravnega odbora (do 22.11.2007) mag. Rudi Grbec, namestnik predsednika upravnega odbora Marino Antolovič, član upravnega odbora in glavni izvršni

direktor Sanja Bajec, članica upravnega odbora Jovo Stevanović, član upravnega odbora, predstavnik

delavcev

Istrabenz hoteli Portorož, d.o.o.

mag. Igor Okorn, direktor družbe

Istrabenz Marina Invest, d.o.o.

Ivan Štravs, direktor družbe

Istrabenz inženiring, d.o.o.

mag. Igor Okorn, direktor družbe

Golf Istra, d.o.o.

mag. Igor Okorn, direktor družbe

Actual I.T., d.o.o.

Igor Kosmina, direktor družbe

Zastava Istrabenz Lizing, d.o.o.

Božidar Milojičić, direktor družbe

OpenAd AG

Vital Verlič, predsednik upravnega odbora Katja Škoberne, izvršna direktorica

4.9 The subsidiaries’ management teams

Istrabenz plini

Zorko Albin Cerkvenik, President of the Management Board Suzana Bolčič Agostini, Member of the Management Board Aldo Srabotič, MSc., Member of the Management Board

Istrabenz Gorenje

Dr. Robert Golob, President of the Management Board Aleksander Mervar, Member of the Management Board

Instalacija

Boris Gorup, Company Director (until 19 June 2007) Rinaldo Glavina, Company Director (as of 21 June 2007)

Droga Kolinska

Robert Ferko, MSc., President of the Management Board (until 11 April 2007) Slobodan Vučićević, President of the Management Board (as of 12 April 2007) Milena Štular, Member of the Management Board (as of 12 April 2007)

Istrabenz Turizem

BOARD OF DIRECTORS Srečko Kenda, MSc., President of the Board of Directors (until 22 November 2007) Rudi Grbec, MSc., Deputy President of the Board of Directors Marino Antolović, Member of the Board of Directors and CEO Sanja Bajec, Member of the Board of Directors Jovo Stevanović, Member of the Board of Directors, Employee

Representative

Istrabenz hoteli Portorož

Igor Okorn, MSc., Company Director

Istrabenz Marina Invest

Ivan Štravs, Company Director

Istrabenz inženiring

Igor Okorn, MSc., Company Director

Golf Istra

Igor Okorn, MSc., Company Director

Actual IT

Igor Kosmina, Company Director

Zastava Istrabenz Lizing

Božidar Milojičić, Company Director

OpenAd AG

Vital Verlič, President of the Board of Directors Katja Škoberne, Executive Director

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4.10 Obveščanje delničarjev in poročanje

V Skupini Istrabenz veljajo skupni Standardi komuniciranja, ki so opredeljevali komunikacijsko politiko tudi v letu 2007. Od tod izhajajo tudi načela in postopki obveščanja javnosti, zlasti pri sporočanju strateških odločitev in drugih pomembnih infor-macij za delničarje.

V skladu z omenjenimi standardi in s pravili Ljubljanske bor-ze vrednostnih papirjev skrbimo za redno, pravočasno in do-sledno obveščanje delničarjev. Cenovno občutljive in druge pomembne informacije o holdinški družbi Istrabenz, d.d., in drugih družbah Skupine Istrabenz jim posredujemo prek sistema elektronskega obveščanja Ljubljanske borze http://seonet.ljse.si.

Vse pomembnejše informacije o Skupini Istrabenz objavljamo tudi na spletni strani www.istrabenz.si. Stran ima vsebinsko izčrpno rubriko za investitorje in povezavo do vseh naložbenih področij holdinga. S stalnim posodabljanjem informacij na spletni strani zagotavljamo dobro obveščenost delničarjev in drugih ključnih deležnikov. Tako izpolnjujemo tudi zahteve Ko-deksa upravljanja javnih delniških družb. Sklic in sklepe skup-ščine delničarjev objavljamo tudi v časopisu Delo.

Pri komuniciranju z delničarji in s širšo javnostjo so v letu 2007 izstopali naslednji dogodki in procesi:

Postopek objave in izvedbe ponudbe za odkup vseh delnic družbe Droga Kolinska, d.d., in zamenjava uprave v tej družbi.

Postopki in procesi konsolidiranja lastništva v družbah Sku-pine Istrabenz, zlasti pri izvajanju skupščinskih sklepov o prenosu vseh preostalih delnic družb Droga Kolinska, d.d., Postojnska jama, Turizem, d.d., (19.9.2007 se je preime-novala v Turizem Kras, d.d.) in Istrabenz Turizem, d.d., na glavnega delničarja.

Zamenjava uprave v družbi Instalacija, d.o.o., ob smrti di-rektorja Borisa Gorupa.

Naložba v lastniški delež družbe Petrol d.d. in proces izved-be prevzemne ponudbe s strani omenjene družbe.

Spremembe v upravi holdinške družbe Istrabenz, d.d.,: za-četek mandata dvočlanske uprave, odstop člana uprave in uveljavitev enočlanske uprave.

Poročanje o vseh vidikih delovanja Skupine Istrabenz zagota-vljamo s pripravo letnih in drugih obdobnih poročil. Letna poro-čila, tudi za več let nazaj, so stalno dostopna na spletni strani www.istrabenz.si, poročilo pa vsakič izdamo tudi v tiskani obli-ki. Na našem spletnem mestu objavljamo tudi akte družbe, kot sta statut in poslovnik o delu nadzornega sveta.

4.10 Informing the shareholders and reporting

The Istrabenz Group adheres to the common Communication Standards defining the 2007 communication policy. The Standards also set out the principles and procedures for informing the public, especially the procedures for reporting strategic decisions and other information of importance to the shareholders.

In line with the Standards and the Rules of the Ljubljana Stock Exchange, the Company ensures that its shareholders are informed regularly, consistently, and in a timely manner. Price-sensitive and other information relevant to the Istrabenz Holding Company and the companies of the Istrabenz Group is sent to them through the electronic information system of the Ljubljana Stock Exchange: http://seonet.ljse.si.

All relevant information on the Istrabenz Group is also published on the Company’s own website: www.istrabenz.si. The site features a section with exhaustive information for investors and offers links to all investment areas of the Holding Company. Constant updating of our website guarantees a high level of information to our shareholders and other key stakeholders. The above is in compliance with the Corporate Governance Code for Joint Stock Companies. The convening of the General Meeting of Shareholders and the resolutions passed are also published in the daily newspaper ‘Delo’.

In 2007, the following events and processes were prominent in terms of communication with shareholders and the broader public:

The procedure for publishing and implementing the public bid to purchase all shares of Droga Kolinska and replacement of the Management Board in this company;

Ownership consolidation procedures and processes in the Istrabenz Group’s companies, particularly concerning the implementation of the General Meeting of Shareholders’ resolutions on the transfer of the remaining shares of Droga Kolinska, Postojnska jama Turizem (renamed to Turizem Kras at 19 September 2007) and Istrabenz Turizem to the majority shareholder;

Replacement of the Management Board of the company Instalacija, following the passing away of Director Boris Gorup;

Acquisition of an interest in Petrol and the process of implementation of the takeover bid by Petrol;

Changes in the Management Board of the Istrabenz Holding Company: beginning of the term of office of the one-member Management Board, resignation of a member, and introduction of a two-member Management Board.

Reporting on all aspects of the operations of the Istrabenz Group is made possible through annual and other periodical reports. Annual reports, even from several years back, are available for inspection on the website www.istrabenz.si and the annual report is published in printed form each year. Also available on our website are the Company’s internal regulations such as the Articles of Association and the Rules of Procedure of the Supervisory Board.

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4.10.1 Informacije delničarjem

Na vprašanja delničarjev odgovarjajo pristojna služba za stike z delničarji in pooblaščeni predstavniki holdinške družbe Istra-benz. Nadzorni svet je v minulem letu pooblastil predsednika Janka Kosmino za odgovore na pisma malih delničarjev, ki so naslovljena na nadzorni svet.

STIKI Z DELNIČARJIINVESTOR RELATIONS

Kontaktna oseba / Contact person: Klavdija Ule

ISTRABENZ, d.d., Cesta Zore Perello-Godina 2, 6000 Koper

tel: 00386/(0)5/662 15 00, fax: 00386/(0)5/662 15 15

e-mail: Klavdija.Ule@istrabenz.si, http://www.istrabenz.si

Tabela 9: Finančni koledar objav in dogodkov v letu 2008

VRSTA OBJAVE / DOGODKATYPE OF PUBLICATION / EVENT

PREDVIDENI DATUM OBJAVE / DOGODKASCHEDULED DATE OF PUBLICATION / EVENT

Objava povzetka nerevidiranih nekonsolidiranih računovodskih izkazov holdinške družbe Istrabenz, d.d., za leto 2007 / Publication of a summary of the unaudited non-consolidated financial statements of the Istrabenz Holding Company for 2007

do 29.2.2008 / by 29 February 2008

Objava povzetka nerevidiranih konsolidiranih računovodskih izkazov Skupine Istrabenz za leto 2007 / Publication of a summary of the unaudited consolidated financial statements of the Istrabenz Group for 2007

do 31.3.2008 / by 31 March 2008

Objava letnega dokumenta / Publication of the annual report 31.3.2008 / 31 March 2008

Objava poročila o poslovanju družbe Istrabenz, d.d., in Skupine Istrabenz za obdobje januar - marec leta 2008 / Publication of the Report on the Operations of the Istrabenz Holding Company and the Istrabenz Group for the January-March 2008 period

do 30.5.2008 / by 30 May 2008

Objava revidiranih konsolidiranih in nekonsolidiranih računovodskih izkazov za leto 2007 v sklopu objave revidiranega konsolidiranega in nekonsolidiranega letnega poročila za leto 2007 / Publication of the audited consolidated and non-consolidated financial statements for 2007 within the scope of the published audited consolidated and non-consolidated Annual Report for 2007

do 30.5.2008 / by 30 May 2008

Objava povzetka letnega poročila holdinške družbe Istrabenz, d.d., in Skupine Istrabenz za leto 2007 / Publication of a summary of the Annual Report of the Istrabenz Holding Company and the Istrabenz Group for 2007

do 30.5.2008 / by 30 May 2008

Objava izjave o spoštovanju Kodeksa / Publication of the Statement of Compliance with the Code do 30.5.2008 / by 30 May 2008

Objava sklica skupščine družbe Istrabenz, d.d. (tudi v časopisu Delo in v Uradnem listu) / Publication of the convening of the General Meeting of Shareholders of the Istrabenz Holding Company (also in the newspaper ‘Delo’ and the Official Gazette of the RS)

do 28.7.2008 / by 28 July 2008

12. redna seja skupščine delničarjev holdinške družbe Istrabenz, d.d. / The 12th regular General Meeting of Shareholders of the Istrabenz Holding Company

do 29.8.2008 / by 29 August 2008

Objava sklepov 12. redne seje skupščine delničarjev holdinške družbe Istrabenz, d.d. (tudi v časopisu Delo) / Publication of the resolutions adopted at the 12th regular General Meeting of Shareholders of the Istrabenz Holding Company (also in the ‘Delo’ newspaper)

do 29.8.2008 oziroma 1.9.2008 / by 29 August 2008 or 1 September 2008

Objava poročila in povzetka poročila o poslovanju holdinške družbe Istrabenz, d.d., in Skupine Istrabenz za obdobje januar - junij 2008 / Publication of the Report and a summary of the Report on the Operations of the Istrabenz Holding Company and the Istrabenz Group for the January-June 2008 period

do 29.8.2008 / by 29 August 2008

Objava poročila o poslovanju holdinške družbe Istrabenz, d.d., in Skupine Istrabenz za obdobje januar - september 2007 / Publication of the Report on the Operations of the Istrabenz Holding Company and the Istrabenz Group for the January-September 2007 period

do 28.11.2008 / by 28 November 2008

Periodične objave in ostale cenovno občutljive informacije bodo objavljene na spletni strani http://seonet.ljse.si, na spletnih straneh http://www.istrabenz.si in v tiskanih medijih, navedenih v tabeli. Na istih mestih bodo pravočasno in v skladu s predpisi objavljene tudi morebitne spremembe predvidenih datumov objav in dogodkov. / Periodical publications and other price-sensitive information will be available on the websites http://seonet.ljse.si and http://www.istrabenz.si, and in the printed media specified in the table above. Any changes to the scheduled dates of the publications/events will be published in due time on/in the abovementioned websites/media.

4.10.1 Information for shareholders

The Investor Relations Department and other authorised representatives of the Istrabenz Holding Company provide answers to shareholders’ questions. In 2007, the Supervisory Board authorised President Janko Kosmina to reply to the letters of minority shareholders addressed to the Supervisory Board.

Table 9: Financial calendar of publications/events in 2008

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4.11 Spoštovanje kodeksa upravljanja javnih delniških družb

Pri upravljanju in vodenju holdinške družbe Istrabenz, d.d., je Kodeks upravljanja javnih delniških družb pomembno vodilo. Uporabo Kodeksa spodbujamo tudi v tistih družbah, v katerih ima holdinška družba pomembno kapitalsko udeležbo.

Z uvajanjem priporočene poslovne prakse vodenja in upravlja-nja si uprava holdinške družbe prizadeva za dvig kakovostne ravni upravljanja družbe in celotne poslovne skupine in za transparentnost delovanja. Izjavo o spoštovanju Kodeksa ob-javljamo v letnih poročilih od leta 2004, poročilo o upravljanju družbe in Skupine Istrabenz pa od leta 2003.

4.12 Izjava o spoštovanju Kodeksa o upravljanju javnih delniških družb

4.12.1 Pretekle izjave

Uprava holdinške družbe Istrabenz, d.d., je v preteklosti redno objavljala izjave o spoštovanju Kodeksa upravljanja javnih delniških družb, in sicer 30.9.2004, 7.7.2005, 22.5.2006 in 23.4.2007.

V izjavi je po načelu “spoštuj ali pojasni razloge za odstopanje” navedeno, katere določbe Kodeksa o upravljanju javnih del-niških družb z dne 5.2.2007 je v obdobju od 20.4.2007 in do vključno 20.3.2008 spoštovala.

4.11 Compliance with the corporate governance code for joint stock companies

The Corporate Governance Code for Joint Stock Companies represents an important guideline for the management and governance of the Istrabenz Holding Company. The application of the Code is also encouraged in the companies in which the Holding Company holds major interests.

By introducing the recommended business practice of corporate governance, the Management Board of the Holding Company is striving to bring the management of the Company and the entire Group to a higher quality level and to provide for the transparency of operations. The Statement of Compliance with the Code has been included in the Annual Reports since 2004, while the report on corporate governance of the Company and the Istrabenz Group has been published since 2003.

4.12 Statement of compliance with the corporate governance code for joint stock companies

4.12.1 Statements for previous years

In past years, the Management Board of the Istrabenz Holding Company regularly published a Statement of Compliance with the Corporate Governance Code for Joint Stock Companies, namely, on 30 September 2004, 7 July 2005, 22 May 2006, and 24 April 2007.

In line with the ‘comply or explain’ principle, the Company stated in the Statement which provisions of the Corporate Governance Code for Joint Stock Companies dated 5 February 2007 were met in the period from 20 April 2007 until and including 20 March 2008.

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4.12.2 Izjava o skladnosti upravljanja in vodenja holdin-

ške družbe Istrabenz, d.d., s Kodeksom upravlja-

nja javnih delniških družb z dne 5.2.2007

Izjava se nanaša na družbo Istrabenz, holdinška družba, d.d., s sedežem v Kopru, Cesta Zore Perello Godina 2. V njej je predstavljena skladnost upravljanja družbe Istrabenz, d.d., s Kodeksom upravljanja javnih delniških družb (v nadaljevanju Kodeks), ki je bil sprejet dne 5.2.2007.

V tem letnem poročilu vsebovana izjava o spoštovanju Kode-ksa se nanaša na obdobje delovanja družbe od 20.4.2007 (za-dnji dan obdobja, ki je bilo zajeto v zadnji izjavi o spoštovanju Kodeksa, je 20.4.2007) in do vključno 20.3.2008.

V izjavi so vključena le odstopanja od spoštovanja Kodeksa. Širši pogled na vodenje in upravljanje delniške družbe je zajet v poglav-ju letnega poročila z naslovom Poročilo o vodenju in upravljanju.

Družba Istrabenz, d.d., javno obvešča, da je v obdobju od 21.4.2007 in do vključno 20.3.2008 spoštovala vse določbe Kodeksa z dne 5.2.20078, razen tistih, ki so v nadaljevanju te izjave izrecno navedene9:

ODSTOPANJA OD DOLOČB KODEKSA /DEVIATIONS FROM THE PROVISIONS OF THE CODE

DOLOČILOPROVISION

POJASNILONOTE

1.1.1. Družba zasleduje primarni cilj maksimiziranja vrednosti družbe, vendar tega in drugih ciljev nima izrecno zapisanih v statutu. / The Company pursues the primary goal of maximising its value. However, this and other goals are not specifically defined in its Articles of Association.

1.2.6. Družba ne organizira zbiranja pooblastil. Uprava želi s tem spodbuditi aktivne delničarje, da se osebno udeležijo skupščine ali pooblastijo za uresničevanje upravljalskih pravic na skupščini svoje zaupnike, ki jih izberejo sami. Osebno udeležbo ali udeležbo prek pooblaščenca uprava družbe spodbuja z vzorcem prijave in pooblastila, ki ga lahko delničarji od dne sklica skupščine naprej najdejo na spletnih straneh družbe Istrabenz. / The Company does not perform organised collection of proxies. In this way the Management Board wishes to encourage its active shareholders to personally attend the General Meeting of Shareholders or to authorise the proxies they select to exercise management rights at the General Meeting of Shareholders. Personal participation or participation by proxy is also encouraged by the Company’s Management Board by making sample registration and proxy forms for shareholders available on its website.

3.2.1. Nadzorni svet je pooblastil predsednika uprave družbe, da pripravi predlog nasledstva uprave. Predsednik uprave je predlog predstavil nadzornemu svetu dne 27.10.2006. Predsednik uprave in nadzorni svet sta ocenila, da obdobje sedmih mesecev pred iztekom mandata dopušča tudi iskanje morebitnih drugih kandidatov za člane uprave. Nova uprava je svoj mandat začela 1.6.2007. / The Supervisory Board authorised the President of the Management Board to propose successors to the current Management Board. The President of the Management Board presented his proposal to the Supervisory Board on 27 October 2006. The President of the Management Board and the Supervisory Board assessed that the available period of seven months before the end of the term of office is sufficient to find other potential candidates for Management Board members. The term of office of the new Management Board started on 1 June 2007.

7.2.1. Družba glede na naravo delovanja ne potrebuje notranjega revizorja, ki bi preverjal primernost in učinkovitost vzpostavljenih notranjih kontrol. / In view of the nature of its business, the Company does not need an internal auditor to check the adequacy and efficiency of the established internal controls.

8.2. Družba je v angleškem jeziku pripravila letno poročilo, sklic skupščine, objave v zvezi s sprejetimi sklepi na skupščini ter izvleček strateškega poslovnega načrta, ne pa tudi drugih javnih objav. Na spletni strani (www.istrabenz.si) so v angleškem jeziku tudi temeljne informacije o družbi in Skupini Istrabenz. Upoštevajoč strukturo delničarjev, družba meni, da so tuji delničarji s tem primerno in zadostno informirani o bistvenih elementih, pomembnih za njihove investicijske odločitve. / The Company has prepared in the English language the Annual Report, the notice convening the General Meeting of Shareholders, the publications related to resolutions adopted at the General Meeting of Shareholders, and the summary of the Strategic Business Plan, but no other public announcements. Istrabenz provides basic information about the Company and the Istrabenz Group in the English language on its website (www.istrabenz.si). Taking into account the shareholder structure, the Company believes that foreign shareholders are suitably and sufficiently informed about the essential elements relevant to their investment decisions.

Uprava družbe / Management Board of the Company: Igor Bavčar, predsednik / President

Nadzorni svet družbe / Supervisory Board of the Company: Janko Kosmina, predsednik / President

4.12.2 The Istrabenz Holding Company’s Statement of

Compliance with the corporate governance code

for joint stock companies dated 5 February 2007

The Statement refers to the Istrabenz Holding Company with its registered office in Koper, at Cesta Zore Perello-Godina 2. It presents Istrabenz’s compliance with the Corporate Governance Code for Joint Stock Companies (hereinafter: the Code), adopted on 5 February 2007.

The present Annual Report contains a Statement of Compliance with the Code referring to the period of the Company’s operations from 20 April 2007 (the last day of the period covered by the previous Statement of Compliance with the Code is 20 April 2007) until and including 20 March 2008.

The Statement only refers to deviations from the Code. The Company’s corporate governance is presented in a broader sense in the chapter of the Annual Report entitled Report on Corporate Governance.

Istrabenz publicly communicates that in the period from 21 April 2007 until and including 20 March 2008, it followed all of the provisions of the Code dated 5 February 20078, except for those which are expressly stated below in this Statement9:

8 Kodeks z dne 5.2.2007 je javno dostopen na naslednjih spletnih naslovih: - http://www.zdruzenje-ns.si/db/doc/upl/kodeks_cg_2007_slo.pdf (6.2.2007), - http://www.ljse.si/cgi-bin/jve.cgi?att=%205213&sid=oCsXIrsmMmkVfv8V (6.2.2007).9 Morebitne neskladnosti z novim Kodeksom, ki so obstajale pred 5.2.2007, in niso pomenile

neskladnosti z do tedaj veljavnim kodeksom (z dne 14.12.2005), so v tej izjavi zajete, vendar z opombo, ki določa: i.) da je določilo novost, ii.) da je družba spoštovala v času ravnanja veljavna določila Kodeksa in iii.) da namerava družba spoštovati določbo Kodeksa v prihodnje. Pojasnilo za odstopanje od kasneje uveljavljenih določb ni navedeno.

8 The Code dated 5 February 2007 is available to the public on the following websites: - http://www.zdruzenje-ns.si/db/doc/upl/kodeks_cg_2007_slo.pdf (6.2.2007), - http://www.ljse.si/cgi-bin/jve.cgi?att=%205213&sid=oCsXIrsmMmkVfv8V (6.2.2007).9 Any non-compliance with the new Code existing prior to 5 February 2007, but not constituting a

non-compliance with the Code applicable until that time (as of 14 December 2005) is included in this Statement, with a note specifying: i.) that the provision is a novelty, ii.) that the Company complied with the Code provisions applicable at the time; and iii.) that the Company intends to comply with the Code provisions in the future. An explanation regarding the non-compliance with subsequently established provisions is not provided.

5

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Analiza poslovanja Skupine Istrabenz in holdinške družbe Istrabenz / Analysis of Operations of the Istrabenz Group and the Istrabenz Holding Company

5.1 Gospodarsko okolje

Evropska unija in Slovenija

Gospodarska rast v Evropski uniji se je v drugi polovici leta 2007 nekoliko umirila, vendar je ostala relativno visoka. Letna inflacija v evroobmočju je ob koncu leta znašala 3,1 odstotka, kar je največ po maju 2001. Visoka inflacija je posledica pred-vsem visoke rasti cen nafte in hrane. Konec leta 2007 se je apreciacija evra proti dolarju ustavila, vendar je bil povprečni mesečni tečaj za 10,3 odstotka višji kot ob koncu leta 2006.

V Sloveniji se je nadaljevala gospodarska rast z ugodno struk-turo z razvojnega vidika, saj je temeljila predvsem na izvozu in naložbah. Nanjo so pozitivno vplivale predvsem ugodne gospo-darske razmere v mednarodnem okolju in močna investicijska aktivnost. Na področju menjave s tujino so se pokazali pozi-tivni učinki članstva v Evropski uniji in uvedbe evra. Na trgu dela so se nadaljevale ugodne razmere, stopnja brezposel-nosti je dosegla najnižjo raven po osamosvojitvi. Beležili smo rast plač in povprečnega dohodka gospodinjstev.

Povišanje rasti cen življenjskih potrebščin se je zaradi specifi-čne strukture potrošnje in relativno bolj togega trga v Sloveniji odrazilo močneje kot v drugih državah evroobmočja. Inflacija je znašala 5,6 odstotka.

Tabela 10: Število prebivalcev, rast cen in bruto domačega proizvoda za izbrane države v letu 2007

POKAZATELJINDICATOR

PREBIVALSTVO (V MIO) POPULATION (IN MILLIONS)

RAST CEN GROWTH IN PRICES

RAST BDP GROWTH IN GDP

Slovenija / Slovenia 2,0 5,6 % 6,3 %

EU / EU 495,1 3,1 % 2,9 %

Hrvaška / Croatia 4,6 5,8 % 5,7 %

Bosna in Hercegovina / Bosnia and Herzegovina 3,9 2,0 % 5,5 %

Srbija / Serbia 7,4 10,1 % 6,5 %

5.1 Economic environment

European Union and Slovenia

In the second half of 2007, economic growth in the European Union slowed down slightly but levelled off relatively high. At year-end, the annual inflation rate in the euro area was 3.1 per cent, which is the peak level since May 2001. This high inflation was primarily a consequence of surging oil and food prices. The euro appreciation against the dollar stopped at the end of 2007, however the average monthly exchange rate was higher by 10.3 per cent over the 2006 figure.

In Slovenia, economic growth continued and showed a favourable structure in terms of development as it was generated primarily from exports and investments. It was fuelled by favourable economic conditions in the international environment and strong investment activity. The first positive effects of membership in the European Union and the introduction of the euro started to show, especially in international trade. Favourable trends on the labour market continued and the unemployment rate was the lowest since Slovenia’s independence. There was an upward trend in wages and salaries and in average household income.

The rising prices of consumer products had a stronger impact on the Slovenian economy than those of other countries in the euro area due to a specific consumption structure and the relatively rigid Slovenian market. The inflation rate reached 5.6 per cent.

Table 10: Population, growth in prices, and growth in gross domestic product in selected countries in 2007

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Jugovzhodna Evropa: Hrvaška, Srbija, Bosna in Hercegovina, Makedonija

Na trgih jugovzhodne Evrope so bile razmere še naprej ugodne, rast so spodbujale tuje naložbe, ki izkoriščajo dobro izobraženo, vendar cenejšo delovno silo.

Na Hrvaškem je bila v prvem četrtletju gospodarska rast pose-bej visoka, spodbujali so jo zasebna poraba in naložbe. Na le-tni ravni je bila 5,7-odstotna. V predelovalni industriji se je bru-to dodana vrednost povečala za 4,8 odstotka, najbolj pa so se povečale proizvodnje strojev in opreme, kovinskih izdelkov, ne-kovinskih mineralnih izdelkov ter hrane in pijač. Po parlamen-tarnih volitvah je letna inflacija v decembru dosegla rekordno stopnjo 5,8 odstotka, kar je največ od leta 2000. Na inflacijo je najbolj vplivala podražitev živil za 11,4 odstotka, medtem ko so cene energentov in goriv porasle za 2,9 odstotka.

Srbija: Gospodarske reforme so prinesle stabilnejše in boljše gospodarske rezultate ter politično stabilnost. Inflacija je zna-šala 10,1 odstotka. V drugi polovici leta so bili inflacijski pri-tiski višji zaradi hitre rasti plač, ekspanzivne fiskalne politike, povečanja vladno nadzorovanih cen in visokih svetovnih cen nafte. Na letni ravni se tečaj srbskega dinarja proti evru skoraj ni spremenil, kljub temu da je bilo med letom nekaj večjih nihanj.

Realne neto plače so tudi v letu 2007 hitro naraščale, kar je spodbujalo inflacijske pritiske in zniževalo konkurenčnost (maja 2007 so bile realne neto plače za 26,3 odstotka višje kot leto prej). Narasla je tudi stopnja brezposelnosti.

V Bosni in Hercegovini se je gospodarska rast v primerjavi s predhodnim letom nekoliko okrepila (na 5,5 odstotkov), notranja politična nestabilnost pa bi lahko povečala tvega-nje glede doseganja prihodnjih stopenj rasti. Rast zasebne porabe je bila nekoliko oslabljena, vendar pa se je hkrati po-večala rast domačih naložb na račun velikih infrastrukturnih projektov. Tuje naložbe so spodbudile rast izvoza. Rast cen se je umirila, tako da je povprečna inflacija po ocenah znašala

South-Eastern Europe: Croatia, Serbia, Bosnia and Herzegovina, and Macedonia

The conditions on the markets of South-Eastern Europe were favourable and growth was driven by foreign investments exploiting a highly qualified but cheaper workforce.

In the first quarter, economic growth in Croatia was particularly high and was fuelled by consumer spending and investments. It reached 5.7 per cent at the annual level. Gross value added in manufacturing rose by 4.8 per cent, but the highest increases were recorded in manufacturing of machinery and appliances, ferrous products, non-ferrous mineral products, and food and beverages. After the parliamentary elections, the annual inflation rate broke a record with 5.8 per cent in December, which is the peak level since 2000. Inflation was mostly due to an 11.4-per cent increase in food prices, while the prices of energy products and fuels rose by 2.9 per cent.

Serbia: Economic reforms brought about better and more stable economic results as well as political stability. The inflation rate reached 10.1 per cent. In the second half of the year, inflationary pressures were stronger due to high growth in wages and salaries, expansive fiscal policy, an increase in government-controlled prices, and the high price of oil all over the world. At the annual level, the Serbian dinar/euro exchange rate stagnated, even if several fluctuations were recorded during the year.

Real net wages soared in 2007 as well, which only intensified inflationary pressures and decreased competitive power (in May 2007, real net wages were 26.3 per cent higher than the year before). The unemployment rate was higher.

In Bosnia and Herzegovina, economic growth slightly exceeded the 2006 figure (reaching 5.5 per cent), but the current political instability could increase the risk of lower growth in the future. Growth in consumer spending was slightly lower, however domestic investments increased due to large infrastructure projects. Foreign investments boosted exports. Growth in prices slowed down, thus the estimated average inflation rate was 2 per cent in the Federation and 1.3 per cent in the Republic of Srpska. The low inflation rate was also due to

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2 odstotka v Federaciji oziroma 1,3 odstotka v Republiki Srb-ski. Na nižjo inflacijo sta med drugim vplivala nekoliko nižja rast plač in ohranjanje denarnega režima valutnega odbora s polno devizno pokritostjo domače valute. Uradna stopnja brez-poselnosti znaša okoli 40 odstotkov, dejanska je zaradi obse-žne sive ekonomije nižja za približno 10 odstotkov.

V Makedoniji je bila rast plač visoka, njihova višina pa še vedno nizka. Rast plač je spodbudno vplivala na potrošnjo in prek nje na gospodarsko rast, po drugi strani pa zavirala kon-kurenčnost. Stopnja inflacije se je znižala na 1,6 odstotka. Pri-hodnje inflacijske pritiske bodo predstavljali predvsem visoke cene elektrike in ogrevanja ter povečanje trošarin na tobak.

Rusija: Zaradi močnega rublja, hitre rasti uvoza in visoke pri-merjalne osnove iz preteklega leta se je gospodarska rast upočasnila in je znašala 6,9 odstotka. Zavirala jo je zasiče-nost zmogljivosti zaradi nezadostnih vlaganj v proizvodnjo, predvsem v naftnem sektorju. Močno se je povečala rast indu-strijske proizvodnje (na 7,7 odstotka). Stopnja inflacije se je zaradi nižje rasti cen hrane zmanjševala. Hitrejše zniževanje inflacije so preprečevali visoko domače povpraševanje in viso-ke cene nafte. Plače so bistveno prehitevale stopnjo inflacije, rastejo tudi hitreje od produktivnosti, zlasti v predelovalni in-dustriji. Stopnja brezposelnosti se zaradi visoke gospodarske rasti znižuje.

Rast cen surovin

V letu 2007 so se zelo podražile nekatere surovine, ki jih družbe v Skupini Istrabenz uporabljajo v svoji proizvodnji. Pri tem gre predvsem za dejavnost prehrane. Dvig cen energentov je nega-tivno vplival na poslovanje vseh družb v Skupini Istrabenz.

Tabela 11: Pregled povišanja cen nekaterih surovin in energentov v letu 200710

SUROVINA / ENERGENTRAW MATERIAL / ENERGY PRODUCT

RAST CEN 2007/2006 PRICE GROWTH 2007/2006

Nafta / Oil 60 %

Električna energija / Electricity 21 %

Kava / Coffee 17 %

Pšenica / Wheat 69 %

Koruzni zdrob / Cornmeal 62 %

Kakav / Cocoa 17 %

Mleko v prahu / Powdered milk 114 %

Dvig cen neposredno vpliva na poslabšanje rezultatov poslo-vanja, kar je posledica dejstva, da proizvajalci ne morejo vseh podražitev prenesti neposredno na kupca izdelkov. Posredni vpliv se kaže skozi inflacijske pritiske, ki lahko pripeljejo do zahtev zaposlenih po povišanju plač.

10 Spremembe so izračunane na podlagi borznih kotacij produktov, povzetih po strani www.ft.com/commoditiesdata.

slightly weaker growth in wages and the fixing of the currency board to strike a balance between foreign and domestic currency. The official unemployment rate was about 40 per cent, while the real rate was lower by about 10 per cent due to a widespread shadow economy.

In Macedonia, growth in wages was high but wages were still low. This growth stimulated consumption and, through it, economic growth. On the other hand, it impeded competition. The inflation rate dropped to 1.6 per cent. In the future, inflationary pressures will primarily include high electricity and heating prices as well as higher excise duties on tobacco.

Russia: Owing to the strong rouble, rapid growth in imports and a high 2006 comparison basis, economic growth slowed down and levelled off at 6.9 per cent. It was impeded by the saturation of capacities due to insufficient investments in production, primarily in the oil industry. Industrial production soared to 7.7 per cent. The inflation rate decreased due to lower growth in food prices. A faster decrease in inflation was prevented by high domestic demand and the high price of oil. Wages grew substantially faster than inflation and even faster than productivity, especially in manufacturing. The unemployment rate was on the decrease due to high economic growth.

Growing prices of raw materials

In 2007, the prices of some raw materials that the companies of the Istrabenz Group used in production increased considerably. The strongest impact was felt in the Food Business Area. Higher energy prices negatively affected the operations of all companies of the Istrabenz Group.

Table 11: Increases in the prices of some raw materials and energy products in 200710

Price increases directly cause a deterioration in the operating results, as the producers cannot place all of these increases on the shoulders of the product purchasers. An indirect influence is seen in the inflationary pressures that can encourage employees to request higher wages and salaries.

10 The changes are calculated on the basis of the stock exchange listing of products taken from the website www.ft.com/commoditiesdata.

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5.2 Poslovanje Skupine Istrabenz

Analiza poslovanja Skupine Istrabenz za leto 2007 je izdela-na na osnovi revidiranih konsolidiranih računovodskih izkazov Skupine Istrabenz za leto 2007. Celotni revidirani konsolidira-ni izkazi za Skupino Istrabenz so prikazani v računovodskem delu letnega poročila. Podatki za leti 2006 in 2005 so iz tolar-jev v evre preračunani po paritetnem tečaju zamenjave 1 evro je 239,64 tolarja.

Na rezultate poslovanja Skupine Istrabenz v letu 2007so poleg visoke podražitve vhodnih surovin in energentov pomembno vplivali tudi naslednji dogodki: prodaja deleža v odvisni družbi Austrian Power Vertriebs (APC), delna prodaja naložb v druž-bah Poslovni sistem Mercator, d.d., in Banka Koper, d.d., ter povečanje lastniškega deleža v družbi Petrol d.d. Izpostaviti je potrebno konsolidacijo lastništva v dejavnostih Prehrane, Turizma in Informacijskih tehnologij. Večina dogodkov ni bila zajetih v poslovnem načrtu ali pa ne v izvedenem obsegu, zato doseženi rezultati v nekaterih postavkah pomembno odstopa-jo od načrtovanih.

Zaradi visokih podražitev vhodnih surovin in energentov oce-njujemo, da so doseženi rezultati poslovanja dobri.

Tabela 12: Poslovni kazalniki za Skupino Istrabenz

Zneski v € / Figures in €

POSTAVKEITEMS

2007 2006 2005 INDEKS 2007 / 2006

INDEKS 2007 / 2005

Poslovni prihodki / Operating revenues 626.690.652 716.682.881 590.771.278 87 106

Poslovni izid iz poslovanja (EBIT) / Earnings before interest and tax 33.383.639 35.493.111 15.350.053 94 217

Poslovni izid iz poslovanja pred amortizacijo (EBITDA) / Earnings before interest, tax, depreciation and amortisation 74.160.278 72.952.212 43.846.317 102 169

Čisti poslovni izid / Net profit or loss 116.391.347 28.686.519 13.024.457 406 894

Neto poslovna sredstva / Net operating assets 1.198.642.470 944.724.461 844.007.283 127 142

Kapital / Equity 447.490.788 402.357.530 364.875.025 111 123

Izkaz poslovnega izida

Poslovni prihodki Skupine Istrabenz so dosegli 626,7 milijona evrov, kar je odstotek pod načrti in 13 odstotkov manj kot v letu 2006. Gibanje prihodkov odraža vpliv prodaje 49,95-od-stotnega deleža v družbi Istrabenz Gorenje, d.o.o., v letu 2006, medtem ko je odmik od načrta za leto 2007 posledica proda-je deleža v družbi APC. Izpad prihodkov zaradi te prodaje so uspešno nadomestili višji prihodki od prodaje v ostalih dru-žbah Skupine Istrabenz.

Področje Prehrane je v letu 2007 ustvarilo večino prihodkov. Zmanjšal se je delež prihodkov, ki jih ustvari področje Energe-tika. Ugodno rast prihodkov dosega tudi področje Turizem.

5.2 Operations of the Istrabenz Group

The analysis of operations of the Istrabenz Group for 2007 was based on the audited consolidated financial statements of the Istrabenz Group for 2007. The complete audited consolidated financial report for the Istrabenz Group is presented in the financial part of this Annual Report. The data for 2006 and 2005 were translated from tolars to euros using the central parity exchange rate of 239.64 to the euro.

In addition to the higher prices of raw materials and energy products, the operating results of Istrabenz Group in 2007 were strongly affected by the following events: the sale of the interest in the subsidiary Austrian Power Vertriebs (APC), the sale of part of the interest in Poslovni sistem Mercator and Banka Koper, and an increase in the interest in Petrol. Also worth noting is the ownership consolidation in the Food, Tourism and IT Business Areas. Most of the business events had not been included in the Business Plan or they were implemented only to a certain extent, which is why the results in some items deviate considerably from the plan.

In view of the large increase in the prices of raw materials and energy products, we assess the results as good.

Table 12: Performance indicators of the Istrabenz Group

Income statement

The operating income of the Istrabenz Group totalled EUR 626.7 million, which is 1 per cent below the plan and 13 per cent below the 2006 figure. The movements in income reflect the sale of a 49.95-per cent interest in Istrabenz Gorenje in 2006, whereas the failure to achieve the 2007 Business Plan is a consequence of the sale of the interest in APC. The loss of income resulting from this sale was efficiently compensated for by higher sales revenues generated by other companies of the Istrabenz Group.

In 2007, the bulk of income was earned by the Food Business Area. The share of income generated by the Energy Business Area decreased. The Tourism Business Area recorded a rise in income.

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7,5 %

Druge naložbe / Other Investments 0,4 %

Prehrana / Food 59,5 % Turizem / Tourism 7,5 %Energetika / Energy 30 %

Informacijske tehnologije / Information Technologies 2,5 %

0,4 %

2,5 %

30 %

59,5 %

Druge naložbe / Other investments

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200

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Informacijsketehnologije / Information

Technologies

Energetika / Energy

Prehrana / Food

Turizem / Tourism

315 190 238 41 42 48345 37614 16104 37

Slika 10: Struktura poslovnih prihodkov Skupine Istrabenz po poslovnih področjih

Slika 11: Gibanje poslovnih prihodkov Skupine Istrabenz po posameznih področjih

Vpliv spremembe vrednosti zalog na poslovne prihodke je zna-šal 5,3 milijona evrov, izhaja pa iz področja Prehrane.

Drugi poslovni prihodki znašajo 16,6 milijona evrov. Po vsebini so posledica izterjanih odpisanih terjatev, prodaje nepremi-čnin, porabe in odprave rezervacij.

Figure 10: Operating income of the Istrabenz Group by Business Area

Figure 11: Movements in the operating income of the Istrabenz Group by Business Area

The effect of the adjusted value of inventories on operating income amounted to EUR 5.3 million and was generated in the Food Business Area.

Other operating income totalled EUR 16.6 million. It consisted of collected written-off receivables, the sale of real property, and the use and reversal of provisions.

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Stroški blaga, materiala in storitev so dosegli 450,4 milijona evrov, kar je 17 odstotkov manj kot leta 2006 in 4 odstotke manj od načrtovanega. To je posledica prodaje družbe APC. Težje pogoje poslovanja v prehrani, prodaji plinov in električne energije odraža relativno visoka rast stroškov, ki jo je povzročil občuten dvig cen prehrambenih surovin in naftnih derivatov.

Stroški dela so znašali 88,3 milijona evrov in so 5 odstot-kov višji kot leta 2006 ter 3 odstotke višji od načrtovanih. Število zaposlenih v Skupini Istrabenz se je zmanjšalo za 4 odstotke. Stroški dela so bili višji kot leto prej zaradi višjih povprečnih plač. Od načrtovanih odstopajo tudi zaradi izplača-nih odpravnin, ki v poslovnem načrtu niso bile zajete.

Strošek amortizacije sredstev Skupine Istrabenz je znašal 40,8 milijona evrov, kar je 9 odstotkov več kot v letu 2006 in 6 odstotkov nad načrtovanim. Odmik od načrta izhaja predvsem iz dejavnosti Prehrane, kjer v poslovnem načrtu ni bila zajeta amortizacija nekaterih novih investicij.

Drugi poslovni odhodki v višini 11,6 milijona evrov vključujejo nadomestila za uporabo stavbnega zemljišča, ostale dajatve, donacije in odškodnine.

Skupina Istrabenz je v letu 2007 dosegla 33,4 milijona evrov poslovnega izida iz poslovanja (EBIT). To je 2 odstotka nad na-črti ter 6 odstotkov manj kot v letu 2006.

Poslovni izid iz poslovanja pred amortizacijo (EBITDA) znaša 74,2 milijona evrov, kar je 4 odstotke nad načrtovanim in 2 odstotka nad vrednostjo iz leta 2006.

Finančni prihodki v znesku 150,9 milijona evrov po vsebini iz-hajajo iz dobičkov, doseženih s prodajo vrednostnih papirjev, deležev v lastništvu družb, prejetih obresti in dividend ter pozi-tivnih tečajnih razlik. Dobičke iz kapitalskih transakcij je pre-težno ustvarila holdinška družba Istrabenz. Pozitivne tečajne razlike znašajo 11,3 milijona evrov.

Finančni odhodki v višini 52,3 milijona evrov so 57 odstotkov višji kot v letu 2006 in 76 odstotkov nad načrtovanimi. Odhod-ki iz finančnih naložb izhajajo iz transakcij, kjer je bila prodaja deležev izvedena z izgubo. Strošek obresti je znašal 31,7 mi-lijona evrov, kar je 37 odstotkov več kot je v letu 2006. K nje-govemu povečanju je največ prispeval večji obseg zadolžitve, vplival pa je tudi dvig obrestnih mer. Negativne tečajne razlike znašajo 11,7 milijona evrov.

Zaradi delne prodaje deleža v družbi Poslovni sistem Merca-tor, d.d., je lastniški delež družbe Istrabenz, d.d., padel pod 20 odstotkov, zato se naložba v Poslovni sistem Mercator, d.d., ne vodi več kot pridružena družba. Pripoznani rezultat pridruže-nih družb po kapitalski metodi za leto 2007 znaša 257 tisoč evrov.

The costs of goods, materials and services totalled EUR 450.4 million, thus falling behind the 2006 figure and the plan by 17 per cent and 4 per cent, respectively. This was a consequence of the sale of the company APC. More stringent operating conditions in the activities of food, gases and electricity (sales) were reflected in a relatively high growth in costs caused by a surge in raw materials and petroleum products.

Labour costs totalled EUR 88.3 million and were 5 per cent higher than in 2006 and 3 per cent higher than the plan. The number of employees in the Istrabenz Group dropped by 4 per cent. Labour costs increased over 2006 due to higher average wages. They deviated from the planned figures because severance payments had not been included in the business plan.

Amortisation and depreciation of assets of the Istrabenz Group totalled EUR 40.8 million, thus falling behind the 2006 figure and the plan by 9 per cent and 6 per cent, respectively. This failure to achieve the plan was mainly due to the Food Business Area, as depreciation of some new investments had not been included in the business plan.

Other operating income amounted to EUR 11.6 million, consisting of land use fees, other taxes, donations and compensation.

In 2007, earnings before interest and taxes (EBIT) of the Istrabenz Group amounted to EUR 33.4 million. This represents a 2-per cent increase over the plan and a 6-per cent lag behind the 2006 figure.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled EUR 74.2 million, which is 4 per cent and 2 per cent above the plan and the 2006 figure, respectively.

Finance income totalled EUR 150.9 million and was generated from profits from the sales of securities, equity interests, received interest and dividends, as well as foreign exchange gains. Profit from capital transactions was primarily generated by the Istrabenz Holding Company. Foreign exchange gains totalled EUR 11.3 million.

Finance expense totalled EUR 52.3 million, thus exceeding the 2006 figure and the plan by 57 per cent and 76 per cent, respectively. Expenses arising from investments were incurred in those transactions where equity interests were sold at a loss. Expenses for interest amounted to EUR 31.7 million, thus exceeding the 2006 figure by 37 per cent. This increase was mainly due to greater indebtedness and also due to higher interest rates. Foreign exchange losses totalled EUR 11.7 million.

Owing to the partial sale of the equity interest in Poslovni sistem Mercator, the Istrabenz Holding Company’s holding fell below 20 per cent, which is why Poslovni sistem Mercator is no longer disclosed as one of the Company’s subsidiaries. In accordance with the equity method of accounting, the recognised profit of the associates totalled EUR 257 thousand.

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Družbe v Skupini Istrabenz so izkazale 15,8 milijona evrov ob-veznosti za davek od dobička. To je 127 odstotkov več kot v letu 2006 in 149 odstotkov več od načrtovanega. Večina dav-čne obveznosti je nastala v družbi Istrabenz, d.d., kjer davek od dobička ni bil načrtovan.

Čisti dobiček Skupine Istrabenz za leto 2007 znaša 116,4 milijona evrov, od tega večinskemu lastniku pripada 112,7 milijona evrov, manjšinskim lastnikom pa 3,7 milijona evrov. Doseženi čisti dobiček je 306 odstotkov višji od lanskoletne-ga in 342 odstotkov višji od načrtovanega. Visok delež dobi-čka večinskega lastnika je posledica dejstva, da je bila večina dobička realizirana v holdinški družbi Istrabenz. Poleg tega je bila izvršena konsolidacija lastništva v družbah Prehrane, Tu-rizma in Informacijskih tehnologij, kar je zmanjšalo udeležbo manjšinskih lastnikov pri dobičkih teh dejavnosti.

Bilanca stanja

Za Skupino Istrabenz je leto 2007 prineslo pomembne spre-membe v obsegu in strukturi konsolidirane bilance stanja. Bi-lančna vsota je 31.12.2007 znašala 1.327 milijonov evrov, kar je za 26 odstotkov več kot konec leta 2006 in 20 odstotkov več, kot je bilo načrtovano.

Neopredmetena sredstva so se v letu 2007 povečala za 6 od-stotkov. Gre predvsem za povečanje dobrega imena, ki je na-stalo z dokupi deležev od manjšinskih lastnikov v dejavnostih Prehrane, Turizma in Informacijskih tehnologij.

Osnovna sredstva so se v letu 2007 povečala za 11 odstotkov. Družbe v Skupini Istrabenz so v opremo in nepremičnine inve-stirale 79 milijonov evrov. Največ investicij je bilo na področju Turizma, sledijo Prehrana, Skupina Istrabenz plini in ostale de-javnosti, kjer pa so bile investicije manjših vrednosti.

Deleži v pridruženih družbah so se zaradi prodaje dela nalo-žbe v družbi Poslovni sistem Mercator, d.d., ter prenosa preo-stanka med dolgoročne finančne naložbe zmanjšali in znašajo 11,6 milijona evrov.

Dolgoročne finančne naložbe v vrednosti 496,8 milijona evrov so skoraj izključno v posesti družbe Istrabenz, d.d. V letu 2007 so se najbolj povečale zaradi dokupov delnic družbe Petrol d.d. in prenosa naložbe v družbo Poslovni sistem Mercator, d.d. Tr-žne cene vrednostnih papirjev v posesti družbe Istrabenz, d.d., so v letu 2007 precej narasle. Ker se naložbe v vrednostne papirje vodijo po pošteni vrednosti, se to odraža v povečani vrednosti finančnih naložb, hkrati pa se izkazuje kot povečanje rezerv za pošteno vrednost kot postavke kapitala in povečanih obveznosti za odložene davke.

Kratkoročna sredstva so znašala 207,5 milijona evrov ali 7 od-stotkov več kot konec leta 2006. V absolutnih zneskih so se najbolj povečali denar in denarni ustrezniki ter zaloge, zmanj-šale pa so se poslovne terjatve in sredstva v posesti za proda-jo.

The companies of the Istrabenz Group disclosed EUR 15.8 million of income tax. This represents a rise of 127 per cent and 149 per cent over the 2006 figure and the plan, respectively. The bulk of the tax liabilities were incurred by the Istrabenz Holding Company where income tax was not planned.

The net profit of the Istrabenz Group for 2007 totalled EUR 116.4 million, of which EUR 112.7 million pertain to the majority shareholder and EUR 3.7 million to the minority shareholders. Net profit exceeded the 2006 figure by 306 per cent and the planned figure by 342 per cent. Such a high share of profit of the majority shareholder is a consequence of the fact that the bulk of the profit was generated by the Istrabenz Holding Company. Additionally, the Food, Tourism and IT Business Areas underwent ownership consolidation, thus reducing the minority shareholders’ participation in profit-sharing in these activities.

Balance sheet

2007 saw a series of significant changes in the volume and structure of the consolidated balance sheet of the Istrabenz Group. As at 31 December 2007, total assets amounted to EUR 1,327 million, which is 26 per cent more than as at the end of 2006 and 20 per cent more than planned.

Intangible assets increased by 6 per cent in 2007. The greater part of this increase is accounted for by a rise in goodwill due to acquired equity interests from minority shareholders in the Food, Tourism and IT Business Areas.

Property, plant and equipment increased by 11 per cent in 2007. The companies of the Istrabenz Group invested EUR 79 million in equipment and property. The greater part of investments were made in the Tourism Business Area, followed by the Food Business Area, Istrabenz plini Group, and other activities where investments were of smaller value.

Interests in associates decreased to EUR 11.6 million due to the sale of a part of the interest in Poslovni sistem Mercator and the transfer of the remaining part to non-current investments.

Non-current investments totalled EUR 496.8 million, the bulk of which pertains to the Istrabenz Holding Company. Their increase in 2007 was mainly due to the additional purchases of Petrol shares and the transfer of the investment in Poslovni sistem Mercator. Market values of securities held by the Istrabenz Holding Company recorded high growth in 2007. Since the investments in securities are carried at their fair value, this is reflected in a higher value of investments. It is disclosed under equity as an increase in fair value reserves and an increase in deferred tax liabilities.

Current assets totalled EUR 207.5 million, thus exceeding the end-of-2006 figure by 7 per cent. In absolute terms, the highest growth was seen in cash, cash equivalents and inventories, while operating receivables and available-for-sale assets decreased.

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Poslovni prihodki / Operating revenues

Neto poslovna sredstva / Net operating assets

Kapital / Equity

591 717 627 844 945 1.199 365 402 447

Neto poslovna sredstva11 Skupine Istrabenz so 31.12.2007 znašala 1.198,6 milijona evrov, kar je 27-odstotno povečanje glede na leto prej.

Slika 12: Gibanje poslovnih prihodkov, neto poslovnih sredstev in kapitala Skupine Istrabenz

Kapital Skupine Istrabenz je konec leta 2007 znašal 447,5 milijona evrov, od tega pripada večinskemu lastniku 407,2 milijona evrov. Celotni kapital se je povečal za 11 odstotkov, kapital večinskega lastnika pa se je povečal za 64 odstotkov. Kapital manjšinskih lastnikov se je zaradi konsolidacije lastni-štva v dejavnostih Prehrane, Turizma in Informacijskih tehno-logij zmanjšal za 74 odstotkov.

Finančni dolg Skupine Istrabenz je konec leta 2007 znašal 738,2 milijona evrov, kar je 40-odstotno povečanje glede na leto prej. Zadolžitev se je najbolj povečala v holdinški družbi Istrabenz ter v dejavnostih Turizma, Prehrane in v Skupini Istrabenz plini v Energetiki.

Neto dolg Skupine Istrabenz je izračunan tako, da je od fi-nančnega dolga odšteta vrednost portfelja vrednostnih pa-pirjev in obveznic v posesti družbe Istrabenz, d.d., poleg tega pa še kratkoročna finančna sredstva ter denar in denarni ustrezniki na nivoju Skupine Istrabenz. Tako ugotovljeni neto dolg z dne 31.12.2007 znaša 223,2 milijona evrov, kar pred-stavlja 50 odstotkov kapitala Skupine Istrabenz. Zadolžitev Skupine Istrabenz ostaja, kljub povečanju v letu 2007, v na-črtovanih okvirih.

11 Neto poslovna sredstva so izračunana tako, da so od vseh sredstev odštete poslovne obveznosti, obveznosti za odložene davke in obveznosti v posesti za prodajo.

11 Net operating assets are calculated by deducting operating liabilities, deferred tax liabilities and available-for-sale liabilities from total assets.

The net operating assets11 of the Istrabenz Group as at 31 December 2007 totalled EUR 1,198.6 million, thus increasing by 27 per cent over 2006.

Figure 12: Movements in the operating income, net operating assets and equity of the Istrabenz Group

As at the end of 2007, the equity of the Istrabenz Group totalled EUR 447.5 million, of which EUR 407.2 million pertain to the majority shareholder. Total equity increased by 11 per cent and the equity of the majority shareholder increased by 64 per cent. The equity of the minority shareholders decreased by 74 per cent due to ownership consolidation in the Food, Tourism and IT Business Areas.

The financial liability of the Istrabenz Group as at the end of 2007 totalled EUR 738.2 million, thus increasing by 40 per cent over 2006. Indebtedness increased the most in the Istrabenz Holding Company, in the Tourism and Food Business Areas, and in the Istrabenz plini Group within the Energy Business Area.

The net liability of the Istrabenz Group is calculated by subtracting from financial liability the value of the portfolio of securities and bonds held by the Istrabenz Holding Company, current financial assets, cash and cash equivalents at the level of the Istrabenz Group. Thus, net liability as at 31 December 2007 totalled EUR 223.2 million, accounting for 50 per cent of the Istrabenz Group’s equity. The indebtedness of the Istrabenz Group remains below the planned threshold limit, despite an increase in 2007.

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Čista dobičkonosnost lastniškega kapitala večinskega lastni-ka znaša 41,5 odstotka. Izračunana je iz razmerja med čistim poslovnim izidom večinskega lastnika obračunskega obdobja (števec) in povprečnim stanjem lastniškega kapitala večinske-ga lastnika, izračunanim med stanjem lastniškega kapitala večinskega lastnika z dne 31.12.2006 in z dne 31.12.2007 (imenovalec). V kapitalu po stanju z dne 31.12.2007 ni upo-števan čisti poslovni izid večinskega lastnika iz leta 2007.

Čisti dobiček na delnico, izračunan iz razmerja med doseže-nim čistim poslovnim izidom večinskega lastnika obračunske-ga obdobja (števec) in številom izdanih delnic holdinške dru-žbe Istrabenz, d.d., (imenovalec), znaša 21,75 evra.

Knjigovodska vrednost delnice 31.12.2007, izračunana iz razmerja med višino kapitala večinskega lastnika po stanju 31.12.2007 in številom izdanih delnic holdinške družbe Istra-benz, d.d., znaša 66,88 evra.

Analiza finančnih tokov

Skupina Istrabenz je v letu 2007 ustvarila 72,1 milijona evrov denarnih sredstev iz poslovanja pred spremembami čistih obratnih sredstev in davki. Po opravljenih prilagoditvah je bilo iz poslovanja ustvarjenih 49,2 milijona evrov, kar je 11 odstot-kov manj kot v letu 2006.

Skupni prejemki iz naložbene dejavnosti so znašali 301,4 mili-jona evrov. Prejemki, ustvarjeni s prodajo pridruženih družb, so znašali 174,7 milijona evrov, s prodajo drugih finančnih sred-stev pa je bilo ustvarjenih 112,1 milijona evrov. Za naložbe v neopredmetena dolgoročna sredstva, zemljišča, zgradbe ter ostalo opremo so družbe v Skupini Istrabenz namenile 79 mili-jonov evrov, kar je 7 odstokov manj kot v letu 2006. Za nakupe in dokupe deležev v odvisnih družbah je bilo porabljenih 131,1 milijona evrov. Največ je bilo porabljeno za dokup deležev v Drogi Kolinski, d.d., Grand Promu, d.o.o., in Istrabenz Turizmu, d.d. Izdatki za nakup drugih finančnih naložb so znašali 295,1 milijona evrov, največji delež odpade na nakupe delnic družbe Petrol d.d. Skupaj izdatki za naložbenje znašajo 524,3 milijo-na evrov, kar pomeni, da so bili izdatki pri naložbenju od pre-jemkov večji za 222,9 milijona evrov.

Za plačilo obresti je bilo porabljenih 28 milijonov evrov, za di-vidende večinskim in manjšinskim lastnikom pa 7,4 milijona evrov. Razlika med denarnimi sredstvi, ustvarjenimi iz poslo-vanja ter tistimi, ki so bila porabljena pri naložbenju je bila pokrita s povečanjem finančnega dolga. Ta se je v letu 2007 povečal za 215,9 milijona evrov, ob tem pa so bila denarna sredstva Skupine Istrabenz ob koncu leta za 6,8 milijona evrov večja kot v začetku leta.

Net return on equity of the majority shareholder was 41.5 per cent. It was calculated on the basis of the ratio between the net profit/loss of the majority shareholder for the period (numerator) and the average balance of equity of the majority shareholder, calculated from the balances of equity of the majority shareholder as at 31 December 2006 and 31 December 2007 (denominator). The equity as at 31 December 2007 does not include the net profit or loss of the majority shareholder from 2007.

Net earnings per share, calculated on the basis of the ratio between the net profit or loss of the majority shareholder for the accounting period (numerator) and the number of issued shares of the Istrabenz Holding Company (denominator), totalled EUR 21.75.

The book value of a share as at 31 December 2007, calculated as the ratio between the amount of equity of the majority shareholder as at 31 December 2007 and the number of issued shares of the Istrabenz Holding Company, totalled EUR 66.88.

Analysis of financial flows

In 2007, before the adjustments in net operating current assets and taxes, the Istrabenz Group’s cash flow from operating activities amounted to EUR 72.1 million. After the adjustments, net cash flow from operating activities totalled EUR 49.2 million, which is 11 per cent less than in 2006.

Cash flow from investment activities totalled EUR 301.4 million. Proceeds from sales of interests in associates amounted to EUR 174.7 million and proceeds from sales of other financial assets EUR 112.1 million. The Istrabenz Group’s investments in intangible non-current assets, land, property and other equipment totalled EUR 79 million, which is 7 per cent less than in 2006. Acquisitions of subsidiaries were worth EUR 131.1 million. The bulk was invested in the acquisition of equity interests in Droga Kolinska, Grand Prom and Istrabenz Turizem.Acquisitions of other interests were worth EUR 295.1 million, the greater part of which was accounted for by the acquisition of Petrol shares. Total disbursements for investments amounted to EUR 524.3 million, which means that disbursements for investments were higher by EUR 222.9 million than receipts from investments.

Interest paid amounted to EUR 28 million and dividends paid to the majority and minority shareholders amounted to EUR 7.4 million. The gap between the cash flow from operating activities and the cash flow from investing activities was covered by an increase in financial liability. In 2007, the latter grew by EUR 215.9 million, while the cash assets of the Istrabenz Group as at the end of the year increased by EUR 6.8 million over the figure recorded at the beginning of the year.

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5.3 Načrti za leto 2008

Poslovni prihodki bodo dosegli 595,5 milijona evrov, kar je 5 odstotkov manj kot v letu 2007. Zmanjšanje je posledica prodaje družbe APC, ki je bila v letu 2007 sedem mesecev še vključena v konsolidirane izkaze Skupine Istrabenz. Brez upoštevanja družbe APC v izkazih za leto 2007 bi to pome-nilo 24-odstotno rast v poslovnem načrtu za leto 2008.

Poslovni izid iz poslovanja (EBIT) bo dosegel 37,2 milijona evrov, kar je 11 odstotkov več kot v letu 2007.

Poslovni izid iz poslovanja pred amortizacijo (EBITDA) bo znašal 83 milijonov evrov, kar je 12 odstotkov več od dose-ženega v letu 2007.

Čisti poslovni izid bo znašal 19 milijonov evrov, kar predsta-vlja 16 odstotkov doseženega dobička v letu 2007.

Kapital s 441,3 milijona evrov in neto poslovna sredstva z 1.213,4 milijona evrov bodo ostala na ravni leta 2007.

5.4 Poslovanje po področjih

Naložbeni portfelj družbe Istrabenz, d.d., je razdeljen na vse-binska področja, panoge in dejavnosti, ki omogočajo spre-mljanje rezultatov poslovanja in sprejemanje naložbenih odlo-čitev, hkrati pa zagotavljajo ustrezno diverzifikacijo naložbene-ga portfelja družbe Istrabenz, d.d. Poleg področij, ki vsebujejo konkretne poslovne dejavnosti, so tu še ostale naložbe, pridru-žene družbe ter portfeljske naložbe v lasti holdinške družbe Istrabenz. Shematsko je naložbeni portfelj prikazan na sliki 13.

Slika 13: Naložbena področja Skupine Istrabenz

UPRAVLJANJE NALOŽBINVESTMENT MANAGEMENT

Istrabenz, holdinška družba, d.d., Koper / Istrabenz Holding Company, Koper

PODROČJE ENERGETIKEENERGY BUSINESS AREA

Energetika / Energy20 podjetij / 20 companies

ENERGETSKI SISTEMI / ENERGY SYSTEMS

11 podjetij / 11 companies

PLINSKA DEJAVNOST / GAS ACTIVITY

8 podjetij / 8 companies

PRETOVOR IN SKLADIŠČENJE NAFTNIH DERIVATOV /

TRANSHIPMENT AND STORAGE OF PETROLEUM PRODUCTS

1 podjetje / 1 compani

PODROČJE PREHRANEFOOD BUSINESS AREA

Prehrana / Food25 podjetij / 25 companies

PODROČJE TURIZMATOURISM BUSINESS AREA

Turizem / Tourism9 podjetij / 9 companies

PODROČJE INFORMACIJSKIH TEHNOLOGIJIT BUSINESS AREA

Informacijske tehnologije / Information Technologies

4 podjetija / 4 companies

DRUGE NALOŽBEOTHER INVESTMENTS

Naložbe / Investments10 podjetij / 10 companies

FINANČNE NALOŽBE / FINANCIAL INVESTMENTS

2 podjetji / 2 companies

NALOŽBE V INOVATIVNE PROJEKTE /

INVESTMENTS IN INNOVATIVE PROJECTS

5 podjetij / 5 companies

NALOŽBE V PRIDRUŽENE DRUŽBE /

INVESTM ENTS IN ASSOCIATES

3 podjetija / 3 companies

5.3 Plans for 2008

Operating income is planned to amount to EUR 595.5 million, thus decreasing over 2006 by 5 per cent. This decrease is the consequence of the sale of the interest in APC, which during seven months of 2007 was still included in the consolidated statements of the Istrabenz Group. If the company APC was excluded from the statements for 2007, this would represent a 24-per cent growth in the 2008 Business Plan.

EBIT is expected to amount to EUR 37.2 million, which is 11 per cent more than in 2007.

EBITDA is expected to amount to EUR 83 million, which is 12 per cent more than in 2007.

Net profit is planned to amount to EUR 19 million, which is 16 per cent more than in 2007.

EUR 441.3 million of equity and EUR 1,213.4 million of net operating assets are expected to level off at the 2007 level.

5.4 Operations by Business Area

The Istrabenz Holding Company’s investment portfolio is divided by Business Area, industry and activity so as to facilitate the monitoring of operating results and the adopting of investment decisions as well as guarantee an adequate diversification of the investment portfolio. In addition to the Business Areas which consist of concrete business activities, the Istrabenz Holding Company also owns other investments, associates and portfolio investments. The segments are based on the internal organisation and management of the Group. A chart showing the investment portfolio is presented in Figure 13.

Figure 13: Investment areas of the Istrabenz Group

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Druge naložbe / Other investments 43 %Informacijske tehnologije / Information Technologies 1 %

Turizem / Tourism 13 %

Pridružene družbe / Associated companies 1 %

Prehrana / Food 32 %Energetika / Energy 10 %

13 %

1 %

43 %

32 %

10 %

1 %

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Druge naložbe / Other investments

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Technologies

Energetika / Energy

Turizem / Tourism

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500

400

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Prehrana / Food

250 157 511 6 8 11 8 165 12106 104 123 353 384 385 121 127 156

Razporeditev vrednosti neto poslovnih sredstev Skupine Istrabenz po posameznih naložbenih področjih je prikazana na sliki 14.

Slika 14: Razporeditev neto poslovnih sredstev Skupine Istrabenz

Slika 15: Gibanje neto poslovnih sredstev po naložbenih področjih

5.4.1 Energetika

Področje Energetika zajema:

dejavnost Skupine Istrabenz Gorenje energetski sistemi, plinsko dejavnost v Skupini Istrabenz plini in pretovor ter skladiščenje derivatov v družbi Instalacija,

d.o.o.

The structure of the net operating assets of the Istrabenz Group by investment area is shown in Figure 14.

Figure 14: Structure of the net operating assets of the Istrabenz Group

Figure 15: Movements in net operating assets by investment area

5.4.1 Energy

The Energy Business Area comprises:

the activities of the Istrabenz Gorenje energetski sistemi Group; the activities of the Istrabenz plini Group; the transhipment and storage of petroleum products by the

company Instalacija.

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BASE / BASE

EUR

/ M

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Cena / Price

0

175,00

150,00

125,00

100,00

75,00

50,00

25,00

10.000,0

0

5.000,0

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h

10.2.2007 /10/2/2007

23.3.2007 /23/3/2007

3.5.2007 /3/5/2007

13.6.2007 /13/6/2007

24.7.2007 /24/7/2007

3.9.2007 /3/9/2007

14.10.2007 /14/10/2007

24.11.2007 /24/11/2007

Datum / Date

5.4.1.1 Energetski sistemi

Poslovno okolje

Trg električne energijeV Sloveniji sta trg električne energije v letu 2007 zaznamovala predvsem dva dogodka: prehod na popolnoma tržno dodeljevanje prenosnih zmogljivosti in sprostitev trga za gospodinjstva. Temu prehodu, ki sicer še ni dal dokončnih učinkov, so bile podrejene po-glavitne aktivosti države kot regulatorja trga. Ob tem se je v Sloveniji z osamosvojitvijo drugega energetskega stebra začela vzpostavljati prava konkurenca na veleprodajnem in maloprodajnem trgu.

Tudi na ostalih trgih v regiji so se začeli vzpostavljati tržni me-hanizmi za dodeljevanje prenosnih kapacitet. Zanimivo je, da konkurenco za razliko od preteklosti sedaj omejuje »prenormi-ranost« zakonodaje. Vsaka država ima namreč svoje posebno-sti, to pa otežuje vstop novih igralcev na trge.

Največjo težo pri poslovanju na trgu z električno energijo še naprej nosi cenovno tveganje. Ob spremembi cen se spreme-ni pričakovani in v obdobju dobave posledično tudi dejanski denarni tok. Negotovost cene električne energije pomeni torej tveganje spremembe pričakovanega denarnega toka, ki izhaja iz že sklenjenih pogodb o nakupu ali dobavi električne energije (trdna obveza) ali zelo verjetnih predvidenih poslov nakupa ali prodaje električne energije.

Cene električne energije na borzi EEX (European Energy Exchange), ki je za Slovenijo edini merodajni organizirani trg z električno energijo, so nihale tudi v letu 2007.

Slika 16: Nihanje cen elektrike na EEX v letu 2007

5.4.1.1 Energy systems

Business environment

Electricity marketIn 2007, the electricity market in Slovenia was marked primarily by two events: a transition to the market-driven allocation of transfer capacities and decontrol of the household electricity market. The government, as the market regulator, focused primarily on the transition, the effects of which are not yet final. Along with this, the newly-gained independence of the second energy pillar in Slovenia brought about emerging competition on the wholesale and retail markets.

Moreover, market mechanisms for the allocation of transfer capacities started being established on other markets in the region. It is interesting that, contrary to the situation in the past, competition is now being restricted by draconian laws. Each country has specific legislation that hinders the entry of new players on the market.

The most important factor when trading in electricity is price risk. When prices change, the expected cash flow changes and consequently so does the actual cash flow within the supply period. Therefore, uncertain electricity prices entail the risk of a change in the projected cash flow from already concluded agreements on the purchase or supply of electricity (binding agreements) or highly probable business deals for the purchase or sale of electricity.

Electricity prices on the European Energy Exchange (EEX), which is the only benchmark organised electricity market in Slovenia, also fluctuated in 2007.

Figure 16: Fluctuations in electricity prices on the EEX in 2007

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V zadnjem času je vedno večji poudarek na negotovosti, po-vezani z zagotavljanjem prenosnih zmogljivosti. To je še pose-bej izrazito v regiji jugovzhodne Evrope, kjer prenos električne energije dodatno administrativno otežuje tudi veliko število državnih meja. Mehanizmi za dodeljevanje teh kapacitet se medsebojno razlikujejo, prav tako se med posameznimi drža-vami razlikujejo cene na veleprodajnem trgu. V letu 2007 so bili trgi jugovzhodne Evrope izrazito deficitarni, temu primerne so bile tudi cene. V bodoče pričakujemo zmerno rast porabe s stopnjo od 1 do 2 odstotkov letno, pri ponudbi pa večjih premi-kov še ni pričakovati.

Trg oplemenitene biomaseTrg oplemenitene biomase (OBM) je predvsem zaradi mile zime in povečane ponudbe nazadoval. Stagnacija se je odrazi-la tako v večanju zalog proizvajalcev in velikih trgovskih verig kot tudi v padcu prodajnih cen peletov in briketov.

Slika 17: Primerjava cene na enoto energije iz peletov in kuril-nega olja v obdobju 2002 - 2007

S širjenjem znanja, z dostopnostjo in nižanjem cen tehnologije za rabo OBM, postaja le-ta vse bolj razširjen in ekonomsko pri-vlačen energetski vir. Poleg ekološke primernosti ponuja večjo zanesljivost, saj so viri blizu potrošnikov. Evropska komisija je v letu 2007 napovedala sprejetje direktiv, ki bodo pospešile uporabo obnovljivih virov za proizvodnjo energije. V prihodnje lahko na območju EU pričakujemo nadaljevanje strme rasti rabe peletov in briketov.

Recently, the predominant factor has become the uncertainty regarding the provision of transfer capacities. This is particularly strongly felt in South-Eastern Europe, where the supply of electricity is additionally hindered by red tape when dealing with the large number of state borders. The mechanisms for allocation of these capacities are diverse and the prices on the wholesale market differ from country to country. In 2007, electricity on the markets of South-Eastern Europe was in short supply, which was reflected in prices. In the future, moderate growth in demand is expected (1–2 per cent at the annual level), while no major movements are expected in supply.

Enhanced biomass market The enhanced biomass (EBM) market stagnated primarily owing to a mild winter and an increase in supply. Stagnation was reflected in the growing stocks of producers and large chain traders as well as in the lower selling prices of pellets and briquettes.

Figure 17: Comparison of price per energy unit derived from pellets and fuel oil in the 2002–2007 period

Owing to the spread of knowledge, better accessibility and a reduction in the prices of technology for the use of EBM, its use has been gaining ground and has become economically attractive. Not only is it more convenient in terms of environmental protection, but it is also more reliable as the sources are located closer to the consumers. In 2007, the European Commission announced the adoption of directives to promote the use of renewable sources in energy production. In the future, within the EU, such a high growth in the use of pellets and briquettes is expected to continue.

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Tržni položajSkupina Istrabenz Gorenje energetski sistemi je na ciljnih trgih usmerjena k pridobivanju vodilnega položaja.

Ker so trgi električne energije v veliki meri regulirani, je na-predovanje zahtevno. Družba GEN-I, d.o.o., je tudi v letu 2007 zadržala največji tržni delež pri odkupu električne energije od kvalificiranih proizvajalcev. Z individualno obravnavo strank je družbi uspelo razviti personalizirane produkte, s katerimi nudi strankam dodatno podporo pri odločitvah o izbiri produktov pri odkupu električne energije. Poleg tega je okrepila svojo priso-tnost na notranjih elektroenergetskih trgih Nemčije, Avstrije in Italije ter začela trgovati na notranjem trgu Madžarske. Obču-tno se je povečal tudi obseg trgovanja na področju jugovzho-dne Evrope, kjer je okrepila poslovne odnose s tam nastopa-jočimi poslovnimi partnerji in z operaterji prenosnih omrežij. Kljub temu, da so največji konkurenti decembra 2005 uspeli trg precej zapreti s sklepanjem triletnih pogodb za obdobje dobave 2007 - 2009, je družbi GEN-I, d.o.o., uspelo podvojiti delež sklenjenih novih pogodb za prihodnja obdobja. Tako je prebila magično mejo 1TWh skupne količine prodane elektri-čne energije končnim odjemalcem.

Pri oplemeniteni biomasi se v Sloveniji in na ostalih trgih uvr-ščamo med večje ponudnike. Ključna usmeritev za leto 2008 je umestitev lastnih proizvodov za energetsko izkoriščanje v večje termocentrale, kjer lahko poleg že obstoječega energen-ta uporabljajo tudi OBM. Doseči nameravamo tudi povečanje prodaje na velikih ključnih trgih, to je v Italiji, Avstriji in Nem-čiji. Načrtujemo zlasti povečano prodajo briketov in lesnih pe-letov iz Vitalesa.

Tabela 13: Tržni deleži Skupine Istrabenz Gorenje enegetski sistemi za posamezne skupine izdelkov

TRŽNI DELEŽIMARKET SHARE

2007

Tržni delež oplemenitena biomasa: Italija / Market share - enhanced biomass: Italy 7 %

Tržni delež oplemenitena biomasa: Slovenija / Market share - enhanced biomass: Slovenia 55 %

Tržni delež oplemenitena biomasa: Hrvaška / Market share - enhanced biomass: Croatia 20 %

Tržni delež oplemenitena biomasa: Avstrija / Market share - enhanced biomass: Austria 1 %

Tržni delež električna energija: Slovenija / Market share - electricity: Slovenia 7 %

Vir: lastne ocene / Source: own estimates

Market positionThe Istrabenz Gorenje energetski sistemi Group is focused on taking the lead on its target markets.

As the electricity markets are strongly regulated, gaining a larger share is not a simple task. In 2007, the company GEN-I boasted a leading market share in the purchase of electricity from qualified producers. By applying a personalised approach to customers, the company succeeded in developing bespoke products and offered customers support in their choice of electricity products. Moreover, GEN-I increased its presence on the internal electricity/energy markets of Germany, Austria and Italy, and it penetrated the Hungarian market. The volume of trading in South-Eastern Europe increased considerably as the company strengthened its business relations with its partners and the operators of supply networks. Although the largest competitors nearly succeeded in closing the market in December 2005 by concluding three-year supply contracts for the 2007–2009 period, GEN-I doubled its share of newly-concluded contracts for the future years. Thus it exceeded the magic threshold of 1 TWh of total sold electricity to end-users.

As regards enhanced biomass, the company ranks among the leading suppliers in Slovenia and on foreign markets. The key orientation for 2008 is to penetrate with own products for energy production into large thermal power stations where EBM can be used hand in hand with the already existing energy products. Another goal is to increase the volume of sales on large key markets such as Italy, Austria and Germany. Our plans envisage a higher sales volume of briquettes and wood pellets from Vitales.

Table 13: Market shares of the Istrabenz Gorenje energetski sistemi Group by product group

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Prihodki od prodaje elektrike / Revenues from electricity

Prihodki od prodaje oplemenitene biomase / Revenues from enhanced

biomass

8 90 2 4 3 213 284 209

PoslovanjeV avgustu 2006 je družba Istrabenz, d.d., prodala družbi Gore-nje, d.d., 49,95-odstotni delež v družbi Istrabenz Gorenje, d.o.o. Ob izvedbi transakcije sta se partnerja dogovorila za sorazmer-no konsolidacijo rezultatov poslovanja, zato je v rezultatih Sku-pine Istrabenz za leto 2007 zajetih 50 odstotkov učinkov poslo-vanja Skupine Istrabenz Gorenje energetski sistemi. V analizi poslovanja zaradi jasnejšega prikaza zajemamo celotno poslo-vanje Skupine Istrabenz Gorenje energetski sistemi.

Na izkaze poslovanja Skupine Istrabenz Gorenje energetski sistemi je najbolj vplivala prodaja družbe Austrian Power Ver-triebs (APC). Ob prodaji je bil realiziran ustrezen kapitalski donos, poleg tega pa je v času lastništva prišlo do pretoka zna-nja, ki ga sedaj uporablja družba GEN- I, d.o.o.

Slika 18: Gibanje prihodkov od prodaje za Skupino Istrabenz Gorenje energetski sistemi

Skupina Istrabenz Gorenje energetski sistemi je dosegla 213 milijonov evrov poslovnih prihodkov ali 28 odstotkov manj kot leto prej in 21 odstotkov manj od načrtovanega. Upad pri-hodkov, ki je posledica odprodaje družbe APC, je veliko manjši od sorazmernega deleža prihodkov družbe APC v prihodkih sku-pine zaradi preseganja načrtov s strani družbe GEN-I, d.o.o.

Načrti so bili kljub zaostrenim razmeram na trgu po-membno preseženi. Zaradi vpliva vremenskih pogojev na prodajo oplemenitene biomase pa so poslovni rezultati pod načrtovanimi. Občutno nad načrti je bilo poslovanje na podro-čju trgovanja z električno energijo, tako da je EBIT za 72 od-stotkov višji od načrtovanega in hkrati za 24 odstotkov nižji kot v letu 2006. Prav tako je čisti poslovni izid večinskega lastnika 1-krat večji od načrtovanega in 33 odstotkov nižji kot v letu 2006.

OperationsIn August 2006 the Istrabenz Holding Company sold a 49.95-per cent interest in Istrabenz Gorenje to the company Gorenje. When this transaction was made, the partners agreed on a proportional consolidation of operational results. Consequently, the results of the Istrabenz Group for 2007 comprise 50 per cent of the effects of operations of the Istrabenz Gorenje energetski sistemi Group. For the sake of transparency, the analysis of operations covers the entirety of the Istrabenz Gorenje energetski sistemi Group.

The financial statements of the Istrabenz Gorenje energetski sistemi Group were most strongly affected by the sale of the company Austrian Power Vertriebs (APC). The sale generated the envisaged capital gain. Moreover, during the period this company was in the Group’s ownership, their know-how, which is now used by the company GEN-I, was transferred.

Figure 18: Movements in sales revenue of the Istrabenz Gorenje energetski sistemi Group

The Istrabenz Gorenje energetski sistemi Group generated EUR 213 million of operating income, which is 28 per cent less than the year before and 21 per cent less than planned. This decrease in income, which resulted from the sale of the company APC, is much smaller than the relative share of APC’s income in the Group’s total due to the fact that GEN-I exceeded the plans.

In spite of harsh market conditions, the plans were exceeded considerably. Owing to the impact of weather conditions on the sales of enhanced biomass, the operating results were below the plan. Trading in electricity was much higher than planned, with EBIT exceeding the planned figure by 72 per cent but falling behind the 2006 figure by 24 per cent. The net profit of the majority shareholder was twice the planned figure and 33 per cent lower than in 2006.

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Tabela 14: Kazalniki poslovanja za Skupino Istrabenz Gorenje energetski sistemi

Zneski v € / Figures in €

POSTAVKEITEMS

2007 2006 2005 INDEKS 2007 / 2006

INDEKS 2007 / 2005

Poslovni prihodki / Operating revenues 213.009.654 296.910.136 226.519.237 72 94

Poslovni izid iz poslovanja (EBIT) / Earnings before interest and tax 3.055.530 4.021.551 3.237.405 76 94

Poslovni izid iz poslovanja pred amortizacijo (EBITDA) / Earnings before interest, tax, depreciation and amortisation 3.626.447 4.588.396 8.116.532 79 45

Čisti poslovni izid / Net profit or loss 1.722.948 2.563.966 2.203.219 67 78

Neto poslovna sredstva / Net operating assets 36.082.818 24.921.659 25.069.819 145 144

Kapital / Equity 11.558.729 12.576.760 9.421.987 92 123

Skupina Istrabenz Gorenje energetski sistemi je v letu 2007 ustvarila 3,6 milijona evrov primanjkljaja sredstev iz poslova-nja. To je posledica povečanja neto obratnih sredstev zara-di večjega obsega poslovanja. Leto je bilo investicijsko naj-intenzivnejše doslej, saj so družbe v skupini za financiranje investicij namenile skupaj 9,9 milijona evrov. Poleg tega so izplačale za 1,1 milijona evrov dividend. Za pridobitev do-datnih finančnih sredstev so se članice skupine zadolžile v višini 12,3 milijona evrov. Ne glede na to se delež kapitala v vseh obveznostih ni zmanjšal.

Načrti za leto 2008: Na področju prodaje elektrike predvidevamo povečanje

portfelja lastnih kupcev za več kot 100 odstotkov, s či-mer bomo utrdili položaj drugega največjega ponudnika električne energije v Sloveniji.

Družba GEN-I, d.o.o., bo še ojačala svojo prisotnost na veleprodajnem trgu električne energije v regiji, kjer se želi uveljaviti kot eden izmed petih največjih trgovcev z električno energijo.

V letu 2008 predvidevamo, da bomo na področju oplemeni-tene biomase za 100 odstotkov povečali prodajo, in sicer na 61 tisoč ton. Dve tretjini prodaje bo iz lastne proizvodnje.

Poslovni prihodki Skupine Istrabenz Gorenje energetski sistemi bodo 47 odstotkov nižji od realiziranih v letu 2007. Upad je posledica odprodaje družbe APC.

Upad EBIT-a in čistega dobička za približno 70 odstotkov je posledica odprodaje APC ter načrtovanega upada marž pri trgovanju z električno energijo.

Table 14: Performance indicators of the Istrabenz Gorenje energetski sistemi Group

In 2007, the Istrabenz Gorenje energetski sistemi Group recorded EUR 3.6 million of operating loss. This is due to the increase in net operating assets owing to the higher volume of operations. In terms of investments, the past year has been the most intensive year so far, as the companies of the Group allocated EUR 9.9 million to investments in total. In addition, they paid out dividends worth EUR 1.1 million. These additional finances were acquired through borrowing, which is why the indebtedness of the Group’s companies totalled EUR 12.3 million. Despite the above, the equity/total liabilities ratio did not decrease.

Plans for 2008 In sales of electricity, the portfolio of own customers is planned to

grow by more than 100 per cent, which will strengthen the Group's position as the second largest supplier of electricity in Slovenia.

The company GEN-I will increase its presence on the wholesale market of electricity in its own region, where it is striving to become one of the five largest traders in electricity.

In 2008, the Group expects to increase sales of enhanced biomass by 100 per cent, thus reaching 61 tonnes. Two thirds of sales will be from own production.

The operating income of the Istrabenz Gorenje energetski sistemi Group will fall behind the 2007 figure by 47 per cent. This decrease is a consequence of the sale of APC.

EBIT and net profit will decline by about 70 per cent as a result of the sale of APC and the planned decrease in electricity trading margins.

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5.4.1.2 Gas activity

The Istrabenz plini Group pursued its strategy of growth on the markets of South-Eastern Europe. In July 2007, the Tešanj-based company Plin Komerc was bought and merged into the Istrabenz plini Group.

Business environmentThe trend of high purchase prices of liquefied petroleum gas continued, as the prices were 18 per cent higher than in 2006 on average. The price of natural gas stagnated at the 2006 levels, but at the end of 2007 it increased by 7.2 per cent over the beginning of the year.

Figure 19: Movements in the purchase price of propane/butane mix (in EUR per tonne)

In Slovenia, the liquefied petroleum gas (LPG) supply activity has reached maturity. The forecast average annual growth by 2015 is 3 per cent. The consumption of LPG in pressurised steel bottles is on the decrease, by 2–3 per cent annually. The use of LPG in tanks is expected to grow by 4–5 per cent annually and sales of fuel for fork-lifts and cars are also forecast to grow.

Over the past two years the market saw a deficit in industrial gases (IG), primarily oxygen and nitrogen, causing many operational problems and extra costs. Due to continuous growth in demand, this trend will continue. In 2007, the company Istrabenz plini signed a ten-year contract with a large buyer and thus started realising its goal to increase its production of industrial gases (nitrogen, oxygen and argon). This will guarantee it a stable source of these gases.

The natural gas (NG) supply activity will largely depend on the new rules enforced by the European Union.

5.4.1.2 Plinska dejavnost

Skupina Istrabenz plini je nadaljevala začrtano strategijo ra-sti na trgih jugovzhodne Evrope. Julija 2007 je bila kupljena družba Plin Komerc d.o.o. Tešanj, ki je vključena v Skupino Istrabenz plini.

Poslovno okoljeNadaljeval se je trend visokih nabavnih cen utekočinjenega naftnega plina, ki so bile v povprečju za 18 odstotkov višje kot v letu 2006. Cena zemeljskega plina se je gibala na približno enakih nivojih kot v letu 2006, konec leta 2007 pa je bila za 7,2 odstotka višja kot v začetku leta.

Slika 19: Gibanje nabavnih cen mešanice propan - butan (v evrih za tono)

Dejavnost oskrbe z utekočinjenim naftnim plinom (UNP) je v Slo-veniji v fazi zrelosti. Do leta 2015 je napovedana povprečna 3-od-stotna letna rast. Poraba UNP jeklenk upada - letno od 2 do 3 od-stotke. Predvidena je rast uporabe UNP v rezervoarjih - letno od 4 do 5 odstotkov, pogonskega goriva za viličarje in avtomobile.

V zadnjih dveh letih se na trgu soočamo s pomanjkanjem tehničnih plinov (TP), predvsem kisika in dušika, kar prinaša veliko operativnih težav in dodatnih stroškov. Zaradi neneh-ne rasti povpraševanja se bo trend nadaljeval. V letu 2007 je družba Istrabenz plini, d.o.o., s podpisom 10-letne pogodbe z velikim kupcem uresničila pogoje za izgradnjo lastnih zmoglji-vosti za proizvodnjo tehničnih plinov (dušik, kisik in argon). S tem si bo zagotovila stabilen vir teh plinov.

Dejavnost oskrbe z zemeljskim plinom (ZP) bo v veliki meri odvisna od novih pravil, ki jih je že uveljavila Evropska unija.

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The opening of the natural gas market and the provision of access to transfer and distribution networks to all consumers of natural gas will be more intense in the years to come; therefore, the profit from this activity will gradually decrease.

The use of natural gas in Slovenia is growing the fastest among all energy products. It is expected that in the 2000–2015 period, usage will surge by almost 70 per cent, which is 3.5 per cent per year.

Natural gas distribution will face more stringent and competitive economic conditions, which, in turn, will stimulate ownership concentration and strategic investments.

In Croatia, where global multinationals are reinforcing their presence, the competition on the industrial gas market is cut-throat. New possibilities are arising with the introduction of new technologies and the more extensive use of industrial gases in industry, ecology and other areas.

In terms of the LPG programme, the market in Bosnia and Herzegovina is fragmented. Competition is strong, but the number of suppliers will decrease in the future. Threats on the market include low selling prices and unreliable sources of gas supply. The consumption of LPG is on the increase.

Market positionThe Istrabenz plini Group’s shares of the Slovenian market stagnated in 2007.

Table 15: The Istrabenz plini Group’s shares of the Slovenian market

The company Plin Komerc is among the largest LPG distributors in Bosnia and Herzegovina. By applying new market approaches and business standards, it may even improve its market position and exploit its market potential. The industrial gas market is still undeveloped. The company Montkemija will supply IG in pressurised steel bottles to Plin Komerc. Great potential is hidden in liquefied IG, which is why the company has already established the first contacts with prospective buyers.

OperationsTaking into account the adverse weather conditions, the Istrabenz plini Group’s performance was satisfactory, as the Group succeeded in preserving its market shares. The decrease in the sales of fuel gases, if compared to the plan and 2006, is a consequence of high temperatures in the heating season and, partly, of customers’ economising measures.

Odpiranje trga z zemeljskim plinom in možnost dostopa do prenosnega in distribucijskega omrežja vsem porabnikom zemeljskega plina bo intenzivnejša v prihodnjih letih, zato bo zaslužek v tem programu vse manjši.

Poraba zemeljskega plina v Sloveniji med vsemi energenti ra-ste najhitreje. Pričakovati je, da se bo v obdobju od 2000 do 2015 povečala za skoraj 70 odstotkov oziroma za 3,5 odstot-ka na leto.

Dejavnost oskrbe z zemeljskim plinom bo potekala v zaostrenih, konkurenčnih pogojih gospodarjenja, kar bo spod-budilo koncentracijo lastništva in strateško investiranje.

Na Hrvaškem je konkurenca na trgu tehničnih plinov izjemno ostra, saj tam svetovne multinacionalke krepijo svojo priso-tnost. Priložnosti se odpirajo z uvajanjem novih tehnologij in širšo uporabo tehničnih plinov v industriji, ekologiji in na dru-gih področjih.

Trg Bosne in Hercegovine je v programu UNP razdrobljen. Kon-kurenca na njem je velika, vendar se bo število ponudnikov v prihodnje zmanjšalo. Nevarnosti na trgu so nizke prodajne cene in nezanesljivi nabavni viri plina. Trend porabe UNP se povečuje.

Tržni položajTržni deleži Skupine Istrabenz plini na slovenskem trgu so v letu 2007 ostali dejansko nespremenjeni.

Tabela 15: Tržni deleži Skupine Istrabenz plini na slovenskem trgu

PROGRAMPROGRAMME

TRŽNI DELEŽ V SLOMARKET SHARE IN SLO

TRŽNI POLOŽAJ MARKET POSITION

Utekočinjeni naftni plin / Liquefied petroleum gas 44 % 1.

Tehnični plini / Industrial gases 18 % 3.

Zemeljski plin / Natural gas 21 % 2.

Vir: lastne ocene / Source: own estimates

Družba Plin Komerc d.o.o. je med večjimi distributerji UNP v Bosni in Hercegovini. Z vpeljavo novih tržnih prijemov in stan-dardov poslovanja lahko v prihodnje svoj položaj še izboljša ter izkoristi tržni potencial. Trg tehničnih plinov je še nerazvit. Montkemija, d.o.o., bo družbi Plin Komerc d.o.o. dobavljala TP v jeklenkah. Velik potencial so tudi tehnični plini v tekoči fazi, zato so že vzpostavili prve stike s potencialnimi kupci.

PoslovanjeSkupina Istrabenz plini je ob upoštevanju neugodnih klimat-skih razmer poslovala zadovoljivo in uspela ohraniti svoje tr-žne deleže. Zaostanek pri prodaji plinov za ogrevanje za načr-tom in letom 2006 je posledica izredno visokih temperatur v kurilni sezoni, delno pa tudi varčevalnih ukrepov odjemalcev.

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60.000

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10.000

040.300 43.52838.872 37.880

UNP (t) / LPG (t)

57.793 62.78362.836 55.720

ZP (000 m3) / NG (000 m3)

19.778 30.48219.839 21.942

TP (t) / IG (t)

v EU

R /

in E

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Figure 20: Sold quantities by programme – the Istrabenz plini Group12

In terms of quantity, the sales of LPG were lower by 3 per cent and 13 per cent compared to 2006 and the plan, respectively. The sales of NG decreased by 11 per cent compared to 2006 and by 16 per cent compared to the plan. The sales of IG were in line with the plan, increasing over the 2006 figure by 11 per cent. The growth in the volume of sales of IG was fuelled by the growth in industrial production in Slovenia.

Operating income lagged behind the plan by only 1 per cent but exceeded the 2006 figure by 3 per cent. The difference is substantially smaller than in terms of quantity, as the selling prices of gases increased more than planned. In addition, the companies of the Istrabenz plini Group successfully sold their services and thus exceeded the plan by 7 per cent.

Slika 20: Prodane količine po posameznih programih za Skupino Istrabenz plini12

Količinska prodaja UNP je bila 3 odstotke nižja kot v letu 2006 ter 13 odstotkov nižja od načrtovane. Prodaja ZP je bila od lan-skoletne nižja za 11 odstotkov, za načrti pa je zaostala za 16 odstotkov. Prodaja TP je skladna z načrtovano, od lanskoletne je višja za 11 odstotkov. Na povečan obseg prodaje tehničnih plinov je pozitivno vplivala rast industrijske proizvodnje v Slo-veniji.

Poslovni prihodki so za načrtovanimi zaostali za en odstotek, od prihodkov v letu 2006 pa so višji za 3 odstotke. Razlika je precej manjša kot pri gibanju količin, saj so se prodajne cene plinov povišale bolj, kot je bilo načrtovano. Poleg tega so dru-žbe v Skupini Istrabenz plini uspešno prodajale storitve, ki so načrtovani obseg presegle za 7 odstotkov.

12 The data also comprise information on the acquisition of the company Plin Komerc from Tešanj, which joined the Istrabenz plini Group in July 2007.

12 Zajeti so tudi podatki o prodaji družbe Plin Komerc d.o.o. Tešanj, ki je v Skupino Istrabenz plini vstopila v juliju 2007.

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Zemeljski plin (ZP) / Natural gas (NG)

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Figure 21: Sales revenue structure of the Istrabenz plini Group for 2007

EBIT was 12 per cent below the plan and the 2006 figure. This was mainly due to lower sales volume and the higher purchase price of gases, which decreased the difference between the prices. Maintenance costs were also higher than planned, as the companies had to adhere to the safety standards.

Figure 22: Movements in sales revenue by product group

Slika 21: Struktura prihodkov od prodaje Skupine Istrabenz plini za leto 2007

Poslovni izid iz poslovanja (EBIT) je 12 odstotkov pod lanskim in načrtovanim. Glavni razlog za to so poleg manjše prodaje višje nabavne cene plinov, ki so povzročile zmanjšanje ustvar-jene razlike v ceni. Višji od načrtovanih so bili tudi stroški vzdr-ževanja, ker se morajo družbe držati varnostnih standardov.

Slika 22: Gibanje prihodkov od prodaje po skupinah produktov

Zemeljski plin (ZP) / Natural gas (NG) 32 %

Storitve / Service 9 %

Tehnični plini (TP) / Industrial gas (IG) 11 %

Utekočinjeni naftni plin (UNP) / Liquefied petroleum gas (LPG) 48 %

9 %

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48 %

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Table 16: Performance indicators of the Istrabenz plini Group

The Istrabenz plini Group generated EUR 2.3 million of cash flow from operating activities and the volume was affected by the increase in operating receivables. The companies of the Istrabenz plini Group invested EUR 12.1 million in 2007. In addition to the acquisition of the company Plin Komerc and the increase in the interest in Plinarna Maribor, investments included the purchase of pressurised steel bottles and tanks, the construction of a gas pipeline, and other minor investments. Net operating assets increased by 26 per cent in 2007. The investments were mainly financed through borrowing, increasing the Group’s liabilities by EUR 11.1 million. Consequently, the costs of financing grew and reduced the net profit of the Group.

Plans for 2008 Growth in the volume of sales of liquefied petroleum gas, natural

gas and industrial gases;

Increase in operating income by 9 per cent (to EUR 77.1 million);

Compared to 2007, EBIT will grow by 18 per cent (to EUR 5.2 million) and EBITDA by 28 per cent (to EUR 10.5 million);

EUR 19 million will be invested in property, plant and equipment.

5.4.1.3 Transhipment and storage of petroleum products

The services of Instalacija are in demand from large petroleum product traders and the Institute for Commodities Reserves. The demand is constantly rising mainly due to transit freight transport, which has been increasing since Slovenia joined the EU and the countries of South-Eastern Europe started developing. This upward trend in demand will continue in the future.

OperationsIn the 2005–2007 period, the company recorded growth in operations. Transhipment of petroleum products was on the rise. The company strived to meet the demand for storage facilities and constructed two new tanks with a total capacity of 85,000 m3. The tank with a capacity of 30,000 m3 was completed at the end of 2007 and will be marketed in 2008. With 433,000 m3 of storage facilities, the company is the market leader in Slovenia, holding a nearly 45-per cent share.

Tabela 16: Kazalniki poslovanja za Skupino Istrabenz plini

Zneski v € / Figures in €

POSTAVKEITEMS

2007 2006 2005 INDEKS 2007 / 2006

INDEKS 2007 / 2005

Poslovni prihodki / Operating revenues 70.599.557 68.450.441 59.054.735 103 120

Poslovni izid iz poslovanja (EBIT) / Earnings before interest and tax 4.435.544 5.027.482 4.819.654 88 92

Poslovni izid iz poslovanja pred amortizacijo (EBITDA) / Earnings before interest, tax, depreciation and amortisation 8.234.192 9.198.859 8.764.208 90 94

Čisti poslovni izid / Net profit or loss 2.943.948 4.081.063 4.053.721 72 73

Neto poslovna sredstva / Net operating assets 62.231.858 49.598.260 42.591.337 125 146

Kapital / Equity 33.028.115 31.436.844 32.895.751 105 100

Skupina Istrabenz plini je ustvarila 2,3 milijona evrov pritokov iz poslovanja, na njihovo višino pa je vplivalo povečanje poslovnih terjatev. Družbe v Skupini Istrabenz plini so v letu 2007 inve-stirale 12,1 milijona evrov. Poleg nakupa družbe Plin Komerc d.o.o. in povečanja deleža v Plinarni Maribor, d.d., so bile inve-sticije namenjene za nakup jeklenk, rezervoarjev, izgradnjo pli-novodnega omrežja in ostalih manjših investicij. Neto poslovna sredstva so se v letu 2007 povečala za 26 odstotkov. Investicije so bile večinoma financirane z dolgom, ki se je povečal za 11,1 milijona evrov, zato so se povečali stroški financiranja, kar je privedlo do zmanjšanja čistega dobička Skupine.

Načrti za leto 2008: Rast obsega prodaje utekočinjenega naftnega plina, ze-

meljskega plina in tehničnih plinov.

Poslovni prihodki bodo višji za 9 odstotkov in bodo znašali 77,1 milijona evrov.

EBIT in EBITDA bosta znašala 5,2 oziroma 10,5 milijona evrov, kar predstavlja 18- oziroma 28-odstotno rast glede na leto 2007.

Investicije v osnovna sredstva bodo znašale 19 milijonov evrov.

5.4.1.3 Pretovor in skladiščenje naftnih derivatov

Po storitvah družbe Instalacija, d.o.o., povprašujejo večji trgov-ci z naftnimi derivati in Zavod za blagovne rezerve. Povpraše-vanje stalno narašča, k čemur največ prispeva tranzitni tovorni promet, ki je z vstopom Slovenije v Evropsko unijo in z razvo-jem držav jugovzhodne Evrope v porastu. Rast povpraševanja se bo nadaljevala tudi v prihodnje.

PoslovanjeDružba je v obdobju 2005 - 2007 izkazovala rast poslovanja. Povečeval se je pretovor naftnih derivatov. Povpraševanju po skladiščnem prostoru se je družba prilagodila z izgradnjo dveh novih rezervoarjev s skupno zmogljivostjo 85.000 m3. Rezer-voar s prostornino 30.000 m3 je bil končan konec leta 2007 in se bo začel tržiti v letu 2008. S 433.000 m3 skladiščnega prostora je družba največji tovrstni ponudnik na slovenskem trgu in ima okoli 45-odstotni tržni delež.

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Table 17: Physical performance indicators of the company Instalacija

The increase in the volume of operations was reflected in the company’s financial results. Operating income rose by 7 per cent over 2006 and by 5 per cent over the plan. In the structure of operating expenses, depreciation and amortisation accounted for 41 per cent, labour costs for 27 per cent, and costs of services for 18 per cent. Through its cost effectiveness the company maintained or even increased the EBIT and EBITDA margins, as both these categories exceeded the plan. Growth in net profit was lower than the year before due to the higher costs of financing, however it exceeded the plan by 17 per cent.

Table 18: Performance indicators of transhipment and storage

In 2007, the company generated EUR 8.5 million of cash flow from operating activities. It allocated EUR 4.8 million to investments. As it paid out EUR 5.9 million of profit sharing and EUR 763 thousand of interest, it borrowed EUR 3 million to finance the difference.

Plans for 2008 Operating income of EUR 12.9 million, 3-per cent growth compared

to 2007;

EBIT and EBITDA at the 2007 level, net profit 6 per cent lower than in 2007.

Tabela 17: Količinski kazalniki poslovanja za družbo Instalacija, d.o.o.

FIZIČNI KAZALNIKI POSLOVANJAPHYSICAL PERFORMANCE INDICATORS

2007 2006 2005 INDEKS 2007 / 2006

INDEKS 2007 / 2005

Pretovor v tonah / Transhipment – in tonnes 1.979.606 1.842.642 1.825.848 107 108

Rezervoarski prostor v m3 / Tank capacity – in m3 433.000 403.000 348.000 107 124

Povečevanje količinskega obsega poslovanja se kaže tudi v finančnih rezultatih družbe. Poslovni prihodki so se glede na leto 2006 povečali za 7 odstotkov, načrtovane pa so prese-gli za 5 odstotkov. V strukturi stroškov poslovanja predstavlja amortizacija 41 odstotkov, delo 27 odstotkov in stroški stori-tev 18 odstotkov. Družba s stroškovno učinkovitostjo ohranja oziroma povečuje EBIT in EBITDA maržo, obe kategoriji pre-segata načrtovane nivoje. Rast čistega dobička je bila zaradi višjih troškov financiranja nižja kot v letu 2006, a še vedno 17 odstotkov višja od načrtovanega.

Tabela 18: Kazalniki poslovanja za področje pretovora in skladiščenja

Zneski v € / Figures in €

POSTAVKEITEMS

2007 2006 2005 INDEKS 2007 / 2006

INDEKS 2007 / 2005

Poslovni prihodki / Operating revenues 12.592.197 11.741.914 11.120.179 107 113

Poslovni izid iz poslovanja (EBIT) / Earnings before interest and tax 5.983.743 5.579.773 4.953.807 107 121

Poslovni izid iz poslovanja pred amortizacijo (EBITDA) / Earnings before interest, tax, depreciation and amortisation 8.694.970 8.067.721 7.501.568 108 116

Čisti poslovni izid / Net profit or loss 4.047.380 3.906.822 3.694.195 104 110

Neto poslovna sredstva / Net operating assets 43.189.386 42.079.731 38.239.971 103 113

Kapital / Equity 24.195.088 26.033.214 29.058.882 93 83

Družba je v letu 2007 ustvarila 8,5 milijona evrov pritokov iz poslovanja. Za investicije je porabila 4,8 milijona evrov. Ker je izplačala 5,9 milijona evrov udeležbe na dobičku in 763 tisoč evrov obresti, se je za financiranje razlike zadolžila za 3 mili-jone evrov.

Načrti za leto 2008: Poslovni prihodki v višini 12,9 milijona evrov, 3-odstotna

rast glede na leto 2007.

EBIT in EBITDA na nivoju doseženega v letu 2007, čisti dobi-ček pa 6 odstotkov nižji kot v letu 2007.

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5.4.2 Food

Business environmentDemographic changes in Europe over the past few years have strongly affected consumer habits. The trading industry adjusted to the new situation, with trade globalisation and concentration continuing. Large shopping centres are increasingly gaining ground, as better supply stimulates shopping. New distribution channels are being developed, including smart shopping, smart shops, e-commerce and mobile commerce.

The trends show that in the years to come the strongest competitors to the food industry will be traders, as they will create their own brands and strengthen their values and identity.

The food-processing industry is one of the major and most dynamic industries in the European Union. The business environment is very complex as companies face huge obstacles such as competition on domestic and foreign markets, the high prices of raw materials, and unfavourable economic policy on some foreign markets (protections and subsidies).

In recent years, the food and beverages market saw constant growth in the prices of final products due to the higher prices of raw materials, while the consumers’ expectation is to get more for the same price.

Companies’ innovativeness in offering new value added to products to satisfy consumers is crucial, as it will help build and preserve strong brands attracting loyal consumers. What is also important is a good knowledge of the trends on the food and beverage market as well as the ability to adjust to these trends.

Market positionAccording to market research, the brand portfolio of the Droga Kolinska Group features several brands which are among the most recognisable in their market segments in South-Eastern Europe.

Table 19: Brands and their market position

The development strategy of the Food Business Area is based on growth in sales stemming from strong brands.

5.4.2 Prehrana

Poslovno okoljeDemografske spremembe v evropskem okolju v zadnjih letih močno vplivajo na spremembe potrošniških navad. Temu se je prilagodila tudi trgovina, globalizacija in koncentracija trgo-vine se nadaljujeta. Vse pomembnejši postajajo večji nakupo-valni centri, kjer več ponudbe spodbuja več nakupov. Razvijajo se novi prodajni kanali s pametnim nakupovanjem, pametne trgovine, E-poslovanje in mobilno poslovanje.

Trendi nakazujejo, da bodo v naslednjih letih največji tekmeci prehrambeni industriji ravno trgovci, saj bodo ustvarjali svoje blagovne znamke, krepili njihove vrednote in identiteto.

Živilskopredelovalna industrija je v Evropski uniji ena izmed najpomembnejših in najbolj dinamičnih panog. Okolje poslo-vanja je zelo zahtevno, saj se podjetja srečujejo z velikimi ovi-rami, kot so konkurenca na domačem in na tujih trgih, visoke cene surovin in neugodna gospodarska politika nekaterih tujih trgov (zaščite in subvencije).

Zadnja leta je trg hrane in pijače zaradi povišanja cen osnov-nih surovin zaznamovalo nenehno naraščanje cen končnih iz-delkov, potrošniki pa za višjo ceno pričakujejo vedno več.

Tu igra pomembno vlogo inovativnost podjetij pri ustvarjanju nove dodane vrednosti izdelkov za potrošnika, ki bo omogo-čala izgradnjo in vzdrževanje močnih blagovnih znamk z lojal-nimi potrošniki. Pri tem je izrednega pomena poznavanje in upoštevanje ključnih trendov na trgu hrane in pijače.

Tržni položajV portfelju blagovnih znamk Skupine Droga Kolinska je kar nekaj blagovnih znamk, ki se v tržnih raziskavah na območju jugovzhodne Evrope redno uvrščajo med najbolj prepoznavne v svojih tržnih segmentih.

Tabela 19: Blagovne znamke in njihov tržni položaj

PROGRAMPROGRAMME

GLAVNO TRŽIŠČEMAIN MARKET

TRŽNI POLOŽAJ MARKET POSITION

Grand kafa Srbija / Serbia 1.

Barcaffe Slovenija / Slovenia 1.

Cockta Slovenija, Hrvaška / Slovenia, Croatia 2.

Donat Mg Slovenija, Hrvaška / Slovenia, Croatia 1.

Argeta BIH, Slovenija / BIH, Slovenia 1.

Sladki program (Najlepše želje, Krem banane) / Sweet product range (Najlepše želje, Krem banane) Srbija / Serbia 2.

Slani program (Smoki) / Salted product range (Smoki) Srbija, BIH / Serbia, BIH 1.

Vir: lastne ocene / Source: own estimates

Na rasti prodaje, ki temelji na močnih blagovnih znamkah, je zasnovana strategija prihodnjega razvoja prehrambene dejav-nosti.

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OperationsIn 2007, the Droga Kolinska Group operated in accordance with the plans. Operating income amounted to EUR 376.3 million, which is 9 per cent more than in 2006 and 5 per cent more than planned.

The Group underwent a comprehensive reorganisation, the main objectives of which were to focus operations in key categories and on key markets and to set clear priorities. The key orientations in the new strategy include:

continuous portfolio consolidation and a stronger focus on key brands;

sales growth in key categories on markets with high potential; management of all large cost groups.

Table 20: Performance indicators of the Droga Kolinska Group

The Droga Kolinska Group generated the bulk of its income on the markets of South-Eastern Europe, where sales increased by 11 per cent over 2006. The second major sales area is the EU market, where the volume of sales slightly decreased (by 2 percentage points) over 2006, mainly owing to the reorganisation of operations in Sweden. Sales on other markets grew by 14 per cent, accounting for 5 per cent of total sales.

PoslovanjeSkupina Droga Kolinska je v letu 2007 poslovala v skladu z načrti. Poslovni prihodki so znašali 376,3 milijona evrov, kar je 9 odstotkov več kot v letu 2006 ter 5 odstotkov več od na-črtovanega.

Skupina je izvedla obsežno reorganizacijo, katere glavni na-men je osredotočenost poslovanja na ključne kategorije in na ključne trge ter jasna postavitev prednosti. Glavne usmeritve nove strategije so:

nadaljevanje konsolidacije portfelja in povečana osredoto-čenost na ključne blagovne znamke,

rast prodaje ključnih kategorij na trgih z visokim potencialom, obvladovanje vseh večjih skupin stroškov.

Tabela 20: Kazalniki poslovanja za Skupino Droga Kolinska

Zneski v € / Figures in €

POSTAVKEITEMS

2007 2006 2005 INDEKS 2007 / 2006

INDEKS 2007 / 2005

Poslovni prihodki / Operating revenues 376.338.429 344.056.404 238.324.773 109 158

Poslovni izid iz poslovanja (EBIT) / Earnings before interest and tax 24.604.174 27.245.844 6.297.647 90 391

Poslovni izid iz poslovanja pred amortizacijo (EBITDA) / Earnings before interest, tax, depreciation and amortisation 49.440.761 48.814.988 21.824.610 101 227

Čisti poslovni izid / Net profit or loss 14.110.468 21.194.470 -820.760 67 -

Neto poslovna sredstva / Net operating assets 385.829.762 383.583.091 353.325.839 101 109

Kapital / Equity 212.697.579 227.507.496 202.252.554 93 105

Skupina Droga Kolinska ustvarja največ prihodkov na trgih jugovzhodne Evrope, kjer se je prodaja glede na leto 2006 povečala za 11 odstotkov. Drugo najpomembnejše prodajno področje predstavlja trg Evropske unije, kjer se je prodaja glede na preteklo leto nekoliko znižala (2-odstotni točki), kar je predvsem posledica reorganizacije načina poslovanja na Švedskem. Na ostalih trgih je prodaja zrasla za 14 odstotkov, kar predstavlja 5 odstotkov celotne prodaje.

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Figure 23: Sales by market

In 2007, the sales of food and beverages grew in absolute terms and the relative share of beverages in total sales increased mainly due to the good sales results of coffee. In food, the highest growth was recorded in the sales of snacks and baby food.

Figure 24: Sales by programme

Slika 23: Struktura prodaje po trgih

V letu 2007 je absolutno zrasla tako prodaja pijač kot hrane, v strukturi prodaje pa se je povečal relativni delež pijač pred-vsem na račun dobrih prodajnih rezultatov kave. Pri hrani sta najvišjo rast zabeležila programa prigrizkov in otroške hrane.

Slika 24: Struktura prodaje po programih

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Figure 25: Movements in sales revenue by programme

EBIT totalled EUR 24.6 million, which is 10 per cent less than in 2006 and 13 per cent less than planned. EBIT started to lag behind the plan in the last quarter of the year, when the results were affected by the higher prices of raw materials (which had not been fully incorporated into the selling prices), by the costs of reorganisation of the Droga Kolinska Group’s operations, and by severance pay resulting from the abolishment of some product lines.

Marketing costs exceeded the 2006 figure by 11 per cent and fell behind the plan by 6 per cent. The strategy of the Droga Kolinska Group was to build strong brands, which is why the Group invested in their recognisability.

EBITDA was lower by 1 per cent than planned and higher by 1 per cent than the 2006 figure. Higher depreciation than planned was the consequence of the fact that the business plan had not taken into account the depreciation of all new investments.

Profit of EUR 14.1 million was 5 per cent below the plan. This decrease over the 2006 figure was also due to higher financial expenses. In 2006, in addition to the higher indebtedness of the Droga Kolinska Group, the value of the Serbian dinar rose against the euro, while in 2007 this positive effect was nonexistent.

Slika 25: Gibanje prihodkov od prodaje po programih

Doseženi poslovni izid iz poslovanja je 24,6 milijona evrov, kar je 10 odstotkov manj kot v letu 2006 ter 13 odstotkov manj od načrtovanega. Glede na poslovni načrt je EBIT začel zaostajati v zadnjem četrtletju, ko so se v rezultatih odrazila povečanja cen vhodnih surovin, ki niso bila v celoti vključena v prodaj-ne cene, in stroškov reorganizacije poslovanja Skupine Droga Kolinska ter odpravnin, povezanih z opustitvijo prodajnih pro-gramov.

Stroški trženja so lanskoletne presegli za 11 odstotkov, od planskih pa so nižji za 6 odstotkov. Strategija Skupine Droga Kolinska je graditev močnih blagovnih znamk, kar je bilo pod-prto tudi z ustreznimi vlaganji v njihovo prepoznavnost.

Poslovni izid iz poslovanja pred amortizacijo je za en odstotek nižji od načrtovanega in za en odstotek višji od doseženega v letu 2006. Višja amortizacija od načrtovane je posledica dejstva, da v poslovnem načrtu ni v celoti zajeta amortizacija vseh novih investicij.

Realizirani dobiček v višini 14,1 milijona evrov je 5 odstotkov pod načrtovanim. Upad v primerjavi z letom prej je tudi posle-dica višjih finančnih odhodkov. Poleg povečane zadolženosti Skupine Droga Kolinska je v letu 2006 tečaj srbskega dinarja proti evru pridobival na vrednosti, medtem ko v letu 2007 tega pozitivnega učinka ni bilo.

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Slika 26: Gibanje tečaja srbskega dinarja (RSD)/EUR po tečaju Banke Slovenije

Investicije v osnovna sredstva so znašale 25,4 milijona evrov. Več kot tretjina naložb je bila namenjena programu prigrizkov, predvsem za tehnološke posodobitve linij sladkih programov za povečevanje produktivnosti in preoblikovanja izdelkov. V segmentu pijač je bilo 3 milijone evrov namenjenih za poso-dobitev proizvodnih zmogljivosti v Sloveniji, v segmentu toplih napitkov pa 2,5 milijona evrov za tehnološko posodobitev in milijon evrov za gradnjo proizvodnih prostorov za tople napit-ke. V segmentu hrane smo 6 milijonov evrov namenili za po-sodobitev opreme, polovico za posodobitev proizvodnje paštet. Za posodobitev informacijskega sistema je bilo porabljenih 1,8 milijona evrov.

Neto poslovna sredstva Skupine Droga Kolinska so ostala sko-raj nespremenjena. Finančni dolg se je povečal zaradi zman-jšanja kapitala manjšinskih lastnikov. V decembru je družba Droga Kolinska, d.d., pridobila 100-odstotni delež v družbi Grand Prom, d.o.o.

Načrti za leto 2008: Poslovni prihodki bodo ostali na nivoju iz leta 2007, pri če-

mer sta upoštevani prekinitev sodelovanja z Unileverjem in osredotočenost na ključne blagovne znamke. V poslovnem načrtu je predvidena rast vseh ključnih programov.

EBIT se bo povečal za 13 odstotkov in dosegel 27,9 milijona evrov. Glede na pričakovano nadaljevanje rasti cen surovin je cilj ambiciozen.

Načrtovane investicije znašajo 23 milijonov evrov.

Figure 26: Movements in the Serbian dinar exchange rate RSD/EUR exchange rate

Investments in property, plant and equipment totalled EUR 25.4 million. More than one third of these investments went for the snack programme, especially for the technological modernisation of the sweet product range to increase productivity and redesign products. In the beverage segment, EUR 3 million went for the modernisation of production capacities in Slovenia, and in the hot-beverage segment, EUR 2.5 million went for technological modernisation and EUR 1 million for the construction of a hot-beverage production plant. In the food segment, EUR 6 million were allocated for the modernisation of equipment, half of which was invested in pâté production modernisation. EUR 1.8 million were spent on the modernisation of the information system.

The net operating assets of the Droga Kolinska Group nearly stagnated. Financial liability increased due to the decrease in the equity of the minority shareholders. In December 2007, the company Droga Kolinska acquired a 100-per cent interest in Grand Prom.

Plans for 2008 Operating income will remain at the 2007 level, taking into

account the discontinued co-operation with Unilever and the focus on key brands. The business plan envisages growth in all key programmes;

EBIT will increase by 13 per cent (to EUR 27.9 million). This goal is ambitious considering the expected rise in the prices of raw materials;

Planned investments total EUR 23 million.

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5.4.3 Turizem

Skupino Istrabenz Turizem sestavljajo krovna družba Istrabenz Turizem, d.d., ter družbe: Grand Hotel Adriatic, d.d., iz Opatije, Turistična družba Kras, d.o.o., Turizem Kras, d.d., (v letu 2007 se je tako preimenovala družba Postojnska jama, Turizem, d.d.), Istrabenz hoteli Portorož, d.o.o., Marina Koper, d.o.o., in družba Thai Si s.r.l. Italija, ki se je Skupini Istrabenz Turizem pridružila konec leta 2007.

K poslovanju turistične dejavnosti prištevamo tudi poslovanje družb Golf Istra, d.o.o., in Istrabenz Marina Invest d.o.o. Družba Golf Istra, d.o.o., je v letu 2007 izvajala popravke projektne do-kumentacije za izgradnjo golfskega igrišča. Del prostorskega načrta občine Piran, ki se nanaša na izgradnjo igrišča za golf, je bil odpravljen s sklepom ustavnega sodišča. Zaradi tega je treba nekatere prvotno predvidene rešitve prilagoditi tako, da bo v letu 2008 mogoče pridobiti dokumentacijo za gradnjo. Družba Istrabenz Marina Invest d.o.o. je bila ustanovljena ob pridobitvi koncesije za gradnjo in upravljanje turističnega pri-stanišča Marina Žusterna in krajevnega pristanišča ob izlivu Badaševice. Trenutno so v teku aktivnosti za pridobitev gradbe-nega dovoljenja za gradnjo infrastrukture in objektov v marini.

Poslovno okoljeNa slovenski in svetovni turistični trg so v letu 2007 vplivali:

gospodarska rast v Rusiji, ki postaja pomemben emitivni turistični trg (z uvedbo schengenske meje se bo število ru-skih gostov v Sloveniji še povečevalo),

naraščanje cen nafte na svetovnem trgu, številne nove nizkocenovne letalske družbe in nove letalske

linije na letališču Ljubljana, odpiranje novih turističnih destinacij na svetovnem turi-

stičnem zemljevidu, visoka rast uporabnikov interneta, strah pred terorističnimi akcijami v določenih destinacijah, naravne nesreče in drugo.

Za slovenski turizem je bilo leto 2007 ugodno, saj se je v pri-merjavi s predhodnim povečalo tako število gostov (za 8 od-stotkov) kot tudi število nočitev turistov (za 7 odstotkov). Do-bre rezultate potrjujejo tudi podatki o rasti števila zaposlenih v gostinstvu in rasti prihodka v nekaterih segmentih te dejav-nosti.

Na hrvaškem trgu se je v letu 2007 število gostov povečalo za 7,5 odstotka, število nočitev pa za 5,7 odstotka.

Tržni položajVse družbe v Skupini Istrabenz Turizem so v letu 2007 dosegle dober tržni položaj v okviru svoje destinacije. Istrabenz Turi-zem, d.d., se glede na ustvarjeno število nočitev v občini Pi-ran uvršča na prvo mesto s 33,7-odstotnim deležem. Družba Grand Hotel Adriatic, d.d., je na opatijski rivieri dosegla prvo mesto z 10,6-odstotnim deležem ustvarjenih nočitev. Postojn-ska jama in Predjamski grad sta najbolj obiskani slovenski znamenitosti. Marina Koper, d.o.o., s svojimi 75 privezi v morju

5.4.3 Tourism

The Istrabenz Tourism Group consists of the parent company Istrabenz Turizem and the following companies: Grand Hotel Adriatic from Opatija, Croatia; Turistična družba Kras; Turizem Kras (the new name of the company Postojnska jama, turizem, which was renamed in 2007); Istrabenz hoteli Portorož; Marina Koper and Thai Si from Italy (which joined the Istrabenz Turizem Group at the end of 2007).

The operations of the Tourism Business Area also cover the companies Golf Istra and Istrabenz Marina Invest. In 2007, the company Golf Istra made corrections to its project documentation for the construction of a golf course. Part of the Spatial Plan of the Municipality of Piran, which refers to the construction of a golf course, was annulled based on a decision by the Constitutional Court. Therefore, some original solutions had to be adjusted so that the building documentation could be acquired in 2008. The company Istrabenz Marina Invest was established at the time the concession was acquired for the construction and management of the Marina Žusterna tourist port and the local port situated at the mouth of the Badaševica Stream. Activities are underway for acquiring a building permit for the construction of infrastructure and facilities in the marina.

Business environmentIn 2007, the domestic and global tourist markets were affected by the following:

economic growth in Russia, which has turned into an important emissive market (after the introduction of the Schengen border, the number of Russian visitors to Slovenia will only increase);

growing oil prices on the global market; numerous new low-cost air carriers and new airlines at the Ljubljana

Airport; the opening of new tourist destinations on the global tourist map; high growth in Internet users; fear of terrorist actions at certain destinations; natural disasters and other events.

2007 was a favourable year for Slovenian tourism as the number of guests and overnight stays increased over that recorded in 2006 (by 8 per cent and 7 per cent, respectively). These good results are further confirmed by data on the growth in the number of employees in catering (hotels and restaurants) and the growth in income in some segments of this activity.

On the Croatian market in 2007, the number of guests rose by 7.5 per cent and the number of overnight stays by 5.7 per cent.

Market positionIn 2007, all companies of the Istrabenz Turizem Group achieved a good market position regarding their tourist destinations. According to the number of overnight stays in the Municipality of Piran, Istrabenz Turizem ranked first, holding a 33.7 per cent market share. The company Grand Hotel Adriatic ranked first on the Opatija Riviera, with a 10.6 per cent share of overnight stays. Postojnska jama and Predjamski grad were the most visited Slovenian attractions. Marina Koper has 75 sea moorings and 35 land moorings, accounting

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Načrt 2008 / Plan 2008200720062005

800.000

600.000

400.000

200.000

0

Nočitve / Overnight stays Obiskovalci / Visitors

480.921 540.424454.334 481.483 645.651 688.750650.517 705.362

for about 5 per cent of the total commercial moorings in the area stretching from the bordering nautical port in Italy, Muggia, to the Croatian border.

Figure 27: Physical performance indicators of the Istrabenz Turizem Group

OperationsThe Istrabenz Turizem Group exceeded the plan and substantially improved its performance compared to 2006. The consolidated results of operations were greatly affected by the company Istrabenz hoteli Portorož, which is in charge of the renovation of the old Palace Hotel. Operating and financial costs are high, as the company has not yet earned any revenue.

Table 21: Performance indicators of the Istrabenz Turizem Group

The operating income of the Istrabenz Turizem Group amounted to EUR 47.6 million, which is 12 per cent more than in 2006 and 5 per cent more than planned. Plans were exceeded in all programmes except thermal spa services, where the set plan was very ambitious.

ter 35 na kopnem predstavlja približno 5-odstotni delež ko-mercialnih privezov na območju od obmejnega italijanskega navtičnega pristanišča Milje do hrvaške meje.

Slika 27: Fizični kazalniki poslovanja Skupine Istrabenz Turizem

PoslovanjeSkupina Istrabenz Turizem je presegla načrtovane rezultate in zelo izboljšala poslovanje v primerjavi z letom 2006. Na kon-solidirane rezultate poslovanja je negativno vplivala družba Is-trabenz hoteli Portorož, d.o.o., ki izvaja prenovo starega hotela Palace v Portorožu. Pri tem nastajajo poslovni in finančni stro-ški, ker družba še ne ustvarja prihodkov iz poslovanja.

Tabela 21: Kazalniki poslovanja za Skupino Istrabenz Turizem

Zneski v € / Figures in €

POSTAVKEITEMS

2007 2006 2005 INDEKS 2007 / 2006

INDEKS 2007 / 2005

Poslovni prihodki / Operating revenues 47.648.520 42.411.316 40.785.502 112 117

Poslovni izid iz poslovanja (EBIT) / Earnings before interest and tax 5.599.580 1.328.702 2.968.856 421 189

Poslovni izid iz poslovanja pred amortizacijo (EBITDA) / Earnings before interest, tax, depreciation and amortisation 11.252.465 6.967.576 7.666.125 161 147

Čisti poslovni izid / Net profit or loss 1.573.325 -131.838 1.983.116 - 79

Neto poslovna sredstva / Net operating assets 157.782.234 127.029.033 120.887.358 124 131

Kapital / Equity 91.308.583 90.507.294 87.011.699 101 105

Poslovni prihodki Skupine Istrabenz Turizem so znašali 47,6 milijona evrov, kar je 12 odstotkov več od leta 2006 ter 5 od-stotkov več od načrtovanih. Načrte so presegli vsi programi, razen termalnih storitev, kjer pa je bil načrt zastavljen zelo ambiciozno.

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Terme in wellness / Spas and wellness 10 %

Ostalo / Other 12 %Gostinstvo / Food & Beverages 13 %Namestitve / Accomodation 50 %

Vstopnine / Admission 15 %

50 %

15 %

13 %

10 %

12 %

200720062005

Namestitve / Accomodation

Ostalo / Other

Terme in wellness / Spas and wellness

Gostinstvo / Food & Beverages

Vstopnine / Admission fees

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19 21 23 6 6 7 4 5 6 5 4 5 6 6 6

Figure 28: Structure of the operating income of the Istrabenz Turizem Group

Figure 29: Movements in operating income by programme

EBIT was 321 per cent higher than in 2006 and 54 per cent above the plan. The companies Istrabenz Turizem and Turizem Kras operated at a high profit, while the operations of Grand Hotel Adriatic were below the plan.

Labour costs accounted for 37 per cent of total operating costs, followed by costs of services with 23 per cent and material costs with 20 per cent. Depreciation and write-downs accounted for 14 per cent and other operating expenses for 6 per cent of the total. The share of labour costs and costs of material in total operating costs increased, while the share of depreciation and write-downs decreased.

Slika 28: Struktura poslovnih prihodkov Skupine Istrabenz Turizem

Slika 29: Gibanje poslovnih prihodkov po programih

Doseženi poslovni izid iz poslovanja je 321 odstotkov višji kot v letu 2006 in 54 odstotkov višji od načrtovanega. Zelo dobro sta poslovali družbi Istrabenz Turizem, d.d., in Turizem Kras, d.d., pod načrti je bilo poslovanje Grand Hotela Adriatic, d.d.

Stroški dela predstavljajo 37 odstotkov vseh stroškov poslova-nja, sledijo storitveni stroški s 23 odstotki in materialni stroški z 20 odstotki. Amortizacija in odpisi predstavljajo 14 odstot-kov, ostali poslovni odhodki pa 6 odstotkov stroškov poslova-nja. Glede na leto 2006 se je povečal delež stroškov dela in materiala v vseh stroških poslovanja, zmanjšal pa se je delež amortizacije in odpisov.

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Net profit exceeded the plan, but it was reduced by the cost of interest, which in 2007 increased by 80 per cent over the 2006 figure. The increase in these costs is a consequence of the increased borrowing which was necessary to finance investments.

Investments in the Istrabenz Turizem Group totalled EUR 32.6 million, of which EUR 26.5 million went for renovation of the old Palace Hotel and the remainder for Grand Hotel Adriatic’s construction of a wellness centre and the reconstruction of the restaurant, the acquisition of the company Thai Si from Italy, and other minor investments.

Plans for 2008 Begin operations at the renovated Palace Hotel;

Increase operating income by 22 per cent (to EUR 58.3 million);

A decrease in EBIT and a loss as a consequence of beginning operations at the renovated Palace Hotel;

Investments in property, plant and equipment totalling EUR 18.7 million.

5.4.4 Information Technologies

Business environmentGlobal trends show that companies increasingly outsource IT services. In spite of this, the closed character and small size of the Slovenian market are so specific that equity and ownership changes in companies do not allow for the full establishment of these trends. The entry of new technologies, globalisation, and higher information system efficiency enable the renowned providers of IT solutions to gain a larger share of the IT market.

The Actual Group has adjusted to the aforementioned trends by expanding to new markets and Business Areas so as to become the largest IT service provider in the region. Following high internal growth in the past period, further development of the company will rely on linkages with new companies. Consequently, in December 2007, an agreement was signed with the company SIMT on joining the Actual Group, which will be realised in 2008.

The forecasts for the information-communication technology (ICT) industry, in which the company Actual IT operates, are as follows:

the range and impact of ICT will continue to expand; 70 per cent of IT solutions will be standardised, of which 90 per

cent will be outsourced;13

such IT solutions will still be necessary, but they will no longer bring competitive advantages to a company (by analogy with electricity);

declining prices of communications; declining prices of hardware; growth in the service market.

Nad načrti je tudi čisti poslovni izid, ki pa ga zmanjšujejo stro-ški obresti, ki so v letu 2007 za 80 odstotkov višji kot v letu 2006. Povečanje teh stroškov je posledica povečane finančne zadolžitve, ki so jo družbe potrebovale za financiranje investi-cij.

Investicije v Skupini Istrabenz Turizem so znašale 32,6 mili-jona evrov, od tega je bilo 26,5 milijona evrov namenjenih za prenovo starega hotela Palace, ostala sredstva pa so bila po-rabljena za izgradnjo wellness centra in prenovo restavracije v Grand Hotelu Adriatic, d.d., za nakup družbe Thai Si, s.r.l., v Italiji in ostale manjše investicije.

Načrti za leto 2008: Začetek poslovanja prenovljenega hotela Palace.

22-odstotna rast poslovnih prihodkov, ki bodo znašali 58,3 milijona evrov.

Padec EBIT-a in izguba sta posledici začetka poslovanja prenovljenega starega hotela Palace.

Investicije v osnovna sredstva bodo znašale 18,7 milijona evrov.

5.4.4 Informacijske tehnologije

Poslovno okoljeSvetovni trendi kažejo, da se vse več podjetij odloča za zuna-nje izvajanje (outsourcing) informacijskih storitev. Kljub temu je zaprtost in majhnost slovenskega trga specifika, kjer kapi-talske in lastniške spremembe v gospodarskih družbah še ne omogočajo popolne uveljavitve teh trendov. Vstop novih teh-nologij, globalizacija in večja učinkovitost informatike omogo-čajo, da se tudi na informacijskem trgu vse bolj uveljavljajo priznani ponudniki rešitev.

Skupina Actual se navedenim ugotovitvam prilagaja tako, da se širi na nove trge in področja poslovanja s ciljem postati re-gijski IT storitveni center. Po visoki notranji rasti v zadnjem ob-dobju, bo nadaljnji razvoj družbe dosežen s pomočjo povezav z novimi podjetji. Tako je bil v decembru 2007 z družbo Simt, d.o.o., podpisan dogovor o vstopu v Skupino Actual, ki bo rea-liziran v letu 2008.

Napoved za panogo informacijsko-komunikacijskih tehnologij (IKT), v kateri deluje podjetje Actual I.T., d.o.o., se kaže v na-slednjem:

spekter in vpliv IKT se bo še širil, 70 odstotkov IT rešitev bo standardiziranih, od tega 90 od-

stotkov v zunanjem izvajanju;13

te rešitve bodo še naprej nujne, vendar ne bodo več predstavlja-le konkurenčne prednosti za podjetje (analogija z elektriko),

nižanje cen komunikacij, nižanje cen strojne opreme, rast trga storitev.

13 Povzeto po raziskavi družbe Gartner. 13 According to research done by the company Gartner.

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Ostale storitve / Other services 14 %

Blago / Goods 15 %

Outsourcing / Outsourcing 68 %

Najem / Rental 3 %

68 %

3 %

14 %

15 %

Market positionActual IT holds a share of about 2 per cent on the market of IT equipment and services in Slovenia.

OperationsIn 2007, the Actual Group continued with fast growth in operations, however it failed to achieve the set plans. Operating income was 16 per cent higher than in 2006 and 6 per cent lower than planned. In the structure of income, the share of outsourcing of IT and other services was on the increase, which is in line with its strategy envisaging that services will account for more than 90 per cent of sales revenue.

Figure 30: Sales revenue of the Actual Group

Tržni položajActual I.T., d.o.o., dosega približno 2-odstotni delež na trgu po-nudnikov IT opreme in storitev v Sloveniji.

PoslovanjeSkupina Actual je v letu 2007 nadaljevala s hitro poslovno rastjo, vendar ni dosegla načrtov. Poslovni prihodki so za 16 odstotkov višji kot v letu 2006, za načrti pa zaostajajo za 6 odstotkov. V strukturi prihodkov se povečuje delež zunanjega izvajanja (outsourcing) informacijskih storitev ter ostalih stori-tev, kar je v skladu s strategijo, ki predvideva, da bodo storitve predstavljale več kot 90 odstotkov prihodkov od prodaje.

Slika 30: Struktura prihodkov od prodaje za Skupino Actual

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Najem / Rental

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6,7 7,5 10,4 1,4 2,7 2,30,5

2,3 2,10,6 0,5 0,5

Figure 31: Movements in sales revenue

Table 22: Performance indicators of the Actual Group

EBIT and EBITDA were higher than planned, even if not all of the planned projects had been carried out. Labour costs and costs of services, which depend on generated income, were below the plan. In 2007, the Actual Group recorded a lower-than-planned, negligible loss.

The Actual Group generated EUR 1.8 million of cash flow from operating activities. Net cash flow was used for financing investments in the amount of EUR 3 million. One third of it was used for the development of bespoke IT solutions for customers and the remainder for the purchase of hardware.

To ensure funds for financing the further development of the IT Business Area and to improve the company’s capital structure, the capital of Actual IT was increased in August 2007 by EUR 4.5 million. This recapitalisation was used to finance some investments and reduce indebtedness, while EUR 1.5 million was used to increase account balances.

Slika 31: Gibanje prihodkov od prodaje

Tabela 22: Poslovni kazalniki za Skupino Actual

Zneski v € / Figures in €

POSTAVKEITEMS

2007 2006 2005 INDEKS 2007 / 2006

INDEKS 2007 / 2005

Poslovni prihodki / Operating revenues 15.680.672 13.548.238 9.588.137 116 164

Poslovni izid iz poslovanja (EBIT) / Earnings before interest and tax 359.718 415.893 30.443 86 -

Poslovni izid iz poslovanja pred amortizacijo (EBITDA) / Earnings before interest, tax, depreciation and amortisation 2.795.629 2.011.897 1.447.315 139 193

Čisti poslovni izid / Net profit or loss -19.031 185.340 11.974 - -

Neto poslovna sredstva / Net operating assets 10.979.961 8.072.637 5.793.752 136 190

Kapital / Equity 5.169.041 1.387.042 1.201.704 373 430

Dosežena EBIT in EBITDA sta višja od načrtovanih kljub temu, da niso bili izpeljani vsi načrtovani projekti. Nižji od načrtova-nih so bili tudi stroški dela in stroški storitev, ki so vezani na ustvarjeni obseg prihodkov. Skupina Actual je v letu 2007 za-beležila minimalno izgubo, ki je bila nižja od načrtovane.

Skupina Actual je ustvarila 1,8 milijona evrov pritokov iz po-slovanja. Denarna sredstva so bila porabljena za financiranje investicij v višini 3 milijonov evrov. Tretjina vrednosti je bila porabljena za razvoj informacijskih rešitev za stranke, ostalo pa za nakup strojne opreme.

Zaradi zagotavljanja sredstev za nadaljnji razvoj področja In-formacijskih tehnologij in izboljšanje kapitalske strukture je bila družba Actual I.T., d.o.o., v avgustu leta 2007 dokapitali-zirana v višini 4,5 milijona evrov. Dokapitalizacija je bila pora-bljena za financiranje investicij in zmanjšanje finančne zadol-žitve, ostanek v višini 1,5 milijona evrov pa je povečal stanje sredstev na računih.

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Plans for 2008 An increase of 12 per cent is expected in operating income, which

will total EUR 17.5 million in 2008;

EBIT and EBITDA will grow by 21 per cent and 26 per cent, respectively, over the 2007 figures and net profit;

The effects of capital alliances and acquisitions are not covered by the business plan.

5.4.5 Other investments

Other investments include the companies Zastava Istrabenz Lizing, Istrabenz Inženiring, and OpenAd.

5.4.5.1 Zastava Istrabenz lizing

The company Zastava Istrabenz Lizing deals in the financial leasing of vehicles in the Republic of Serbia. After a very promising performance at the beginning of its operations, over the past two years the company’s business has been thwarted by the restrictions prescribed by the National Bank of Serbia (NBS) for natural persons. Additional pressure comes from the growing competition, causing a decline in the number of concluded contracts.

In 2007, the company started marketing other makes of cars besides Zastava. The company offers financial leasing of equipment to legal entities, to which the NBS’s restrictions do not apply.

Table 23: Physical performance indicators of the company Zastava Istrabenz Lizing

In 2007, the operating income of the company totalled EUR 1.7 million, thus falling behind the 2006 figure and the plan by 22 per cent and 62 per cent, respectively. EBIT and EBITDA were in line with the plan, while net profit exceeded the plan.

Table 24: Performance indicators of the company Zastava Istrabenz Lizing

The company generated EUR 0.4 million of operating loss. Investment activity is the main business activity of the company, generating EUR 2.9 million of profit. This was used for payment of interest and an increase in cash.

Načrti za leto 2008: 12-odstotna rast poslovnih prihodkov, ki bodo v letu 2008

znašali 17,5 milijona evrov.

Rast EBIT-a in EBITDA za 21 oziroma 26 odstotkov glede na poslovanje v letu 2007 in pozitivni čisti poslovni izid.

V poslovnem načrtu niso zajeti učinki kapitalskih povezav in nakupov.

5.4.5 Druge naložbe

Kot druge naložbe obravnavamo družbe Zastava Istrabenz Lizing, d.o.o, Istrabenz Inženiring, d.o.o., in OpenAd.

5.4.5.1 Zastava Istrabenz Lizing, d.o.o.

Družba Zastava Istrabenz Lizing, d.o.o., se ukvarja s finančnim najemom vozil na območju Republike Srbije. Po zelo obe-tavnem poslovanju na začetku se družba v zadnjih dveh letih so-oča z omejitvami, ki jih je za fizične osebe predpisala Narodna banka Srbije (NBS). Dodatni pritisk predstavlja tudi vse večja konkurenca, kar vpliva na upad števila sklenjenih pogodb.

Družba je v letu 2007 poleg vozil Zastava avto začela tržiti tudi druge znamke vozil. Pravnim osebam, za katere omejitve NBS ne veljajo, ponuja tudi finančni najem opreme.

Tabela 23: Količinski kazalniki poslovanja za družbo Zastava Istrabenz Lizing, d.o.o.

FIZIČNI KAZALNIK I POSLOVANJAPHYSICAL PERFORMANCE INDICATORS

2007 2006 2005 INDEKS 2007 / 2006

INDEKS 2007 / 2005

Število sklenjenih pogodb / Number of contracts 298 467 1.251 64 24

V letu 2007 so poslovni prihodki družbe znašali 1,7 milijona evrov, kar je 22 odstotkov manj kot leta 2006 in 62 odstotkov manj kot načrtovano. Dosežena EBIT in EBITDA sta v skladu z načrti, medtem ko je čisti dobiček presegel načrte.

Tabela 24: Poslovni kazalniki za družbo Zastava Istrabenz Lizing, d.o.o.

Zneski v € / Figures in €

POSTAVKEITEMS

2007 2006 2005 INDEKS 2007 / 2006

INDEKS 2007 / 2005

Poslovni prihodki / Operating revenues 1.728.609 2.213.667 4.358.855 78 40

Poslovni izid iz poslovanja (EBIT) / Earnings before interest and tax -139.116 -154.513 5.754 - -

Poslovni izid iz poslovanja pred amortizacijo (EBITDA) / Earnings before interest, tax, depreciation and amortisation -121.784 -146.709 11.359 - -

Čisti poslovni izid / Net profit or loss 101.552 855 227.825 - 45

Neto poslovna sredstva / Net operating assets 6.549.573 6.841.791 7.585.165 96 86

Kapital / Equity 1.434.117 1.422.061 1.344.851 101 107

Družba je iz poslovanja ustvarila 0,4 milijona evrov primanj-kljaja. Iz naložbenja, ki predstavlja poglavitno dejavnost družbe, je bilo ustvarjenih 2,9 milijona evrov presežka. Ta je bil porabljen za plačilo obresti in za povečanje denarnih sredstev.

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Plans for 2008 The ambitious plan envisages growth in sales and the achievement

of business results relatively equal to those in 2007.

In 2008, the company is planned to be sold.

5.4.5.2 Openad

Over the past few years, the domestic and global markets have seen constant growth in the advertising industry, but in the future this growth is expected to level off due to the general economic conditions.

OpenAd facilitates the global free flow of advertising ideas in a simple and easily accessible way – via the World Wide Web. It is the first provider of such services in the world; therefore, its advantageous, groundbreaking new business model is very demanding. The acquisition of new clients is stalled by the rigid protection of intellectual property on the British and US markets.

The OpenAd Group concluded the 2007 business year with better results than planned, primarily due to adjusting marketing costs to the volume of operations. EBIT and net profit of the OpenAd Group were lower than planned.

Table 25: Performance indicators of the OpenAd Group

OpenAd has been searching for a financial or strategic co-investor that would fuel its business and development with additional financing. The 2008 business plan envisages that the Istrabenz Holding Company will sell part of its investment and place OpenAd among its associates.

Plans for 2008 Finding a financial or strategic co-investor to further develop the

project.

5.4.5.3 Istrabenz Inženiring

The company was established in 2007 to provide engineering services in property development projects.

Načrti za leto 2008: Ambiciozen načrt predvideva povečanje prodaje in dosega-

nje približno enakih poslovnih rezultatov kot v letu 2007.

V letu 2008 je predvidena prodaja družbe.

5.4.5.2 OpenAd

Oglaševalska panoga v zadnjih letih beleži stalno rast tako na domačem kot na globalnem trgu, v prihodnosti pa naj bi se nekoliko umirila kot posledica splošnih gospodarskih razmer.

OpenAd omogoča prost pretok oglaševalskih idej na globalni ravni na enostaven in vsakomur dostopen način - prek svetov-nega spleta. Je prvi ponudnik tovrstnih storitev na svetu, zato se sooča z zahtevnim prodiranjem s prednostmi novega po-slovnega modela. Pridobivanje kupcev otežuje tudi močna za-ščita intelektualnih pravic na angleškem in ameriškem trgu.

Skupina OpenAd je poslovno leto 2007 zaključila z boljšimi rezultati od načrtovanih, k čemur je prispevala predvsem prila-goditev marketinških stroškov obsegu poslovanja. EBIT in čisti poslovni izid Skupine OpenAd sta tako kljub izgubi nižja od načrtovanih.

Tabela 25: Poslovni kazalniki za Skupino OpenAd

Zneski v € / Figures in €

POSTAVKEITEMS

2007 2006 2005 INDEKS 2007 / 2006

INDEKS 2007 / 2005

Poslovni prihodki / Operating revenues 336.091 285.230 704.040 118 48

Poslovni izid iz poslovanja (EBIT) / Earnings before interest and tax -3.096.958 -2.485.003 -1.230.021 - -

Poslovni izid iz poslovanja pred amortizacijo (EBITDA) / Earnings before interest, tax, depreciation and amortisation -2.385.782 -1.886.190 -1.201.629 - -

Čisti poslovni izid / Net profit or loss -3.369.197 -2.710.126 -1.252.643 - -

Neto poslovna sredstva / Net operating assets 5.861.668 9.379.674 8.935.339 62 66

Kapital / Equity 3.161.668 5.392.076 5.003.354 59 63

Družba OpenAd je v postopku iskanja finančnega ali strateške-ga soinvestitorja, ki bo z dodatnimi sredstvi pospešil nadaljnje poslovanje in razvoj družbe. V poslovnem načrtu za leto 2008 je predvideno, da bo Istrabenz, d.d., z delno odprodajo svoje naložbe uvrstila družbo OpenAd med pridružene družbe.

Načrti za leto 2008: Pridobitev finančnega ali strateškega soinvestitorja za na-

daljnji razvoj projekta.

5.4.5.3 Istrabenz Inženiring, d.o.o.

Družba je bila ustanovljena v letu 2007 za podporo nepre-mičninskih razvojnih projektov z dejavnostjo inženiringa.

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5.4.6 Operations of associates

The Istrabenz Holding Company discloses its investments in the companies Adriafin, IP Obala and Logina as investments in associates.

Table 26: Performance indicators of the associates

5.4.6.1 Adriafin

The associate Adriafin generated EUR 154 thousand of net profit in 2007, mainly from the sales of investments. The expenses of the company include operating costs incurred by the sale of assets in 2007. Revaluation expenses arose from the impairment of some investments and receivables.

As at 31 December 2007, the company Adriafin disclosed EUR 13 million of assets on its balance sheet. The largest asset is its investment in a 77.7-per cent interest in the company Vinakoper. Moreover, the company owns investment property, shares, interests and receivables which are planned to be sold in 2008. The interest in Vinakoper remains a long-term investment for the owners of Adriafin.

5.4.6.2 IP obala

The company IP Obala was established to develop property investment projects. Currently, two important projects are underway, namely the construction of housing units in the Semedela quarter in Koper and the construction of the Levji grad business and housing complex in the centre of Koper. The Semedelski razgledi project is in the selling phase, as the work was completed in January 2008. The company, which generated EUR 408 thousand of net profit in 2007, is currently drawing up project documentation and acquiring a building permit to start construction work on the Levji grad site.

5.4.6.3 Logina

The company Logina operates in the field of card operations for the purposes of health insurance, the entertainment industry, and tourism. In 2007, it heavily invested in the development of the European satellite system Galileo, investing its personnel and finances. In 2007, the company operated at a loss of EUR 55 thousand.

5.4.6 Poslovanje pridruženih družb

Holdinška družba Istrabenz, d.d., vodi naložbe v družbah Adri-afin, d.o.o., IP Obala, d.o.o., in Logina, d.o.o., kot naložbe v pridružene družbe.

Tabela 26: Kazalniki poslovanja za pridružene družbe

Zneski v € / Figures in €

POMEMBNI PODATKIIMPORTANT DATA

% LASTNIŠTVA% OWNERSHIP

SREDSTVAASSETS

KAPITALEQUITY

PRIHODKIREVENUE

DOBI ČEK / I ZGUBAPROFIT / LOSS

PRIPADAJOČI DOBIČEK / IZGUBAATTRIBUTABLE PROFIT / LOSS

Adriafin d.o.o. 50,00 14.172.466 13.189.047 1.099.864 153.870 76.935

IP Obala, d.o.o. 50,00 27.075.762 8.435.883 17.748.684 408.029 204.015

Logina, d.o.o. 43,78 1.863.935 1.441.454 1.369.810 -55.357 -24.235

5.4.6.1 Adriafin, d.o.o.

Pridružena družba Adriafin, d.o.o., je v letu 2007 dosegla čisti poslovni izid v višini 154 tisoč evrov, in sicer pretežno s prihod-ki iz prodaje finančnih naložb. V odhodke družbe so vključeni stroški poslovanja, ki so nastali v povezavi z odprodajo sred-stev družbe v letu 2007. Prav tako so nastali prevrednotevalni odhodki v povezavi z izvedeno slabitvijo nekaterih naložb in terjatev.

Družba Adriafin, d.o.o., ima v bilanci stanja z dne 31.12.2007 izkazano vrednost premoženja v višini 13 milijonov evrov. Naj-večji del premoženja predstavlja naložba v 77,7-odstotni delež kapitala družbe Vinakoper d.o.o. Poleg tega družba razpola-ga z naložbenimi nepremičninami, delnicami, deleži in terja-tvami, ki naj bi se v letu 2008 odprodale. Naložba v družbo Vinakoper ostaja dolgoročna naložba lastnikov družbe Adriafin, d.o.o.

5.4.6.2 IP Obala, d.o.o.

Družba IP Obala, d.o.o., je bila ustanovljena za razvoj investi-cijskih projektov na nepremičninskem področju. Trenutno ima odprta dva pomembna projekta, in sicer izgradnjo stanovanj-skih enot v Kopru na lokaciji Semedela in poslovno-stanovanj-ske cone Levji grad v centru Kopra. Projekt Semedelski razgle-di je v fazi prodaje, saj so se dela zaključila v januarju 2008. Družba, ki je v poslovnem letu 2007 poslovala z 408 tisoč evri čistega dobička, je v fazi izdelave projektne dokumentacije in pridobitve gradbenega dovoljenja za začetek gradnje na loka-ciji Levji grad.

5.4.6.3 Logina, d.o.o.

Družba deluje na področju kartičnega poslovanja v okviru zdravstvenega zavarovanja (zdravkomati) ter zabaviščne indu-strije in turizma. V letu 2007 je investirala veliko lastnega ka-drovskega in finančnega potenciala v aktivno sodelovanje pri razvoju evropskega satelitskega sistema Galileo. V poslovnem letu 2007 je poslovala z izgubo v znesku 55 tisoč evrov.

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5.5 Operations of the Istrabenz Holding Company

The Istrabenz Holding Company successfully concluded the 2007 business year. The business plan was exceeded and all of the criteria laid down in the Strategic Business Plan for the 2007–2011 Period were met.

The business year was mainly characterised by ownership consolidation of some major investments. Shares of the companies Droga Kolinska, Istrabenz Turizem and Actual IT were acquired from minority shareholders.

The Holding Company increased its interest in the company Petrol to 15.81 per cent. This strengthened the Istrabenz Group’s position in the energy activity. The possibility of co-operation in this area offers new opportunities for increasing value added for the owners of both companies.

The equity interest in Poslovni sistem Mercator was reduced from 24.48 per cent to 11.92 per cent.

Income statement

Operating income totalled EUR 1 million, thus exceeding the plan by 30 per cent and falling behind the 2006 figure by 41 per cent. Operating income was generated from rentals of real property and the charging of services provided to subsidiaries. These services stagnated at roughly the same level in the 2005–2007 period, while in 2005 and 2006 operating income was higher due to the sales of holiday capacities, the return of VAT, and received compensations.

Costs of services and labour costs accounted for 87 per cent of the total operating costs arising from management of the Istrabenz Holding Company’s assets. Owing to an increase in investment activity and a higher volume of trading in securities, costs of bank and brokerage fees and costs of intellectual services increased over the 2006 figure and exceeded the business plan.

Labour costs exceeded the plan by 28 per cent, primarily due to severance pay, which was paid to a Management Board member, and life assurance premiums, which were paid out to Management Board members when their term of office terminated in 2007. These expenses were not envisaged by the 2007 Business Plan.

Table 27: Performance indicators of the Istrabenz Holding Company

5.5 Poslovanje holdinške družbe Istrabenz, d.d.

Poslovanje holdinške družbe Istrabenz, d.d., je bilo v letu 2007 zelo uspešno. Poslovni načrt je bil presežen, izpolnjeni pa so bili tudi vsi kriteriji, zastavljeni v Strateškem poslovnem načrtu za obdobje 2007 - 2011.

Glavna značilnost poslovnega leta je bila konsolidacija lastni-štva v nekaterih pomembnih naložbah. Do odkupa delnic od manjšinskih delničarjev je prišlo v družbah Droga Kolinska, d.d., Istrabenz Turizem, d.d., in Actual I.T., d.o.o.

Povečali smo naložbo v družbo Petrol d.d., kjer smo dosegli 15,81-odstotni delež. S to finančno naložbo je Skupina Istrabenz okrepila svoj položaj na področju energetske dejavnosti. Možnost sodelovanja med družbama na tem področju odpira priložnosti za povečanje dodane vrednosti za lastnike obeh družb.

Delež lastništva v družbi Poslovni sistem Mercator, d.d., smo zmanjšali, in sicer s 24,48 odstotka na 11,92 odstotka.

Izkaz poslovnega izida

Poslovni prihodki so znašali en milijon evrov, kar je 30 od-stotkov več od načrtovanega in 41 odstotkov manj kot v letu 2006. Poslovni prihodki izvirajo iz najemnin nepremičnin in zaračunavanja storitev odvisnim družbam. Te ostajajo v obdo-bju 2005-2007 na približno enaki ravni, v letih 2005 in 2006 pa so bili poslovni prihodki višji zaradi odprodaje počitniških kapacitet, vračila davka na dodano vrednost in prejetih odško-dnin.

V stroških poslovanja predstavljajo stroški storitev in stroški dela 87 odstotkov vseh stroškov poslovanja, ki so povezani z upravljanjem premoženja holdinške družbe Istrabenz. Zaradi večje naložbene aktivnosti in povečanega obsega trgovanja z vrednostnimi papirji so glede na leto 2006 in poslovni načrt višji predvsem stroški bančnih in borznih provizij ter stroški intelektualnih storitev.

Stroški dela so bili za 28 odstotkov višji od načrtovanih pred-vsem zaradi izplačila odpravnine članu uprave družbe in iz-plačila premij življenjskega zavarovanja članom uprave po prenehanju mandata v letu 2007. Navedeni izdatki niso bili predvideni v poslovnem načrtu za leto 2007.

Tabela 27: Kazalniki poslovanja za holdinško družbo Istrabenz, d.d.

Zneski v € / Figures in €

POSTAVKEITEMS

2007 2006 2005 INDEKS 2007 / 2006

INDEKS 2007 / 2005

Poslovni prihodki / Operating revenues 1.041.145 1.769.926 1.969.752 59 53

Poslovni izid iz poslovanja (EBIT) / Earnings before interest and tax -6.959.375 -5.339.882 -5.640.395 - -

Poslovni izid iz poslovanja pred amortizacijo (EBITDA) / Earnings before interest, tax, depreciation and amortisation -6.502.332 -4.316.699 -4.577.878 - -

Čisti poslovni izid / Net profit or loss 98.204.999 2.297.864 848.073 - -

Neto poslovna sredstva / Net operating assets 795.170.024 488.231.308 438.738.591 163 181

Kapital / Equity 346.452.915 185.528.615 172.917.406 187 200

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In 2007, the company recorded EUR 7 million of operating loss. It exceeded the plan by 20 per cent as a result of the abovementioned increase in costs. This operating loss is quite common in comparable holding companies, as the major part of income from asset management is disclosed as finance income.

Table 28: Finance income structure

The Istrabenz Holding Company recorded EUR 139.9 million of finance income, thus exceeding the business plan by 391 per cent and the 2006 results by 543 per cent. Finance income is divided as follows:

finance income from sales of investments: EUR 131.5 million; income from dividends and profit sharing: EUR 6.4 million; interest income: EUR 1.8 million; other financial income: EUR 254 thousand.

Finance income from sales of investments was generated from the sales of interests in Poslovni sistem Mercator, Banka Koper, Luka Koper and Intereuropa as well as other investments in the securities portfolio.

The sale of the interest in Poslovni sistem Mercator was not envisaged in the business plan, which resulted in a positive deviation from the plan.

Finance expense totalled EUR 24.4 million, thus exceeding the plan and the 2006 figure by 78 per cent and 73 per cent, respectively. Finance expense included the following:

a loss on the sale of investments in the amount of EUR 5.6 million;

interest expenses and foreign exchange differences in the amount of 18.8 million.

Interest expenses were higher than planned due to increased financial liability and higher interest rates. The loss on the sale of investments was not envisaged by the business plan.

In its business plan the Istrabenz Holding Company did not foresee any income tax expenses. As finance income was higher than planned, the Company’s tax base was positive and the Company was liable for EUR 10.3 million of income tax.

Družba v letu 2007 izkazuje 7 milijonov evrov izgube iz poslo-vanja. Ta je za 20 odstotkov višja od načrtovane zaradi ome-njenega povišanja stroškov. Za poslovanje holdinške družbe Is-trabenz in primerljive holdinške družbe je izguba iz poslovanja običajna, saj se večina prihodkov iz upravljanja premoženja izkazuje med prihodki iz financiranja.

Tabela 28: Struktura finančnih prihodkov

Zneski v € / Figures in €

FINANČNI PRIHODKIFINANCIAL INCOME

2007 2006 2005 INDEKS 2007 / 2006

INDEKS 2007 / 2005

Finančni prihodki pri prodaji naložb (delnic in deležev) / Finance income from sale of investments (shares and interests) 131.469.124 8.798.606 12.597.539 - -

Dividende / Dividends 6.426.165 10.801.802 2.019.564 59 318

Prihodki za obresti / Income from interest 1.788.210 1.745.658 2.714.024 102 66

Ostali finančni prihodki / Other financial income 254.823 414.152 743.659 62 34

Skupaj finančni prihodki / Total finance income 139.938.321 21.760.217 18.074.785 643 774

Družba Istrabenz, d.d, je dosegla 139,9 milijona evrov finančnihprihodkov in poslovni načrt presegla za 391 odstotkov, rezultate iz leta 2006 pa za 543 odstotkov. Po vsebini se finančni prihodki delijo na:

finančne prihodke iz prodaje finančnih naložb: 131,5 milijo-na evrov,

prihodke od dividend in udeležbe na dobičku v višini 6,4 milijona evrov,

prihodke od obresti v višini 1,8 milijona evrov, ostale finančne prihodke v višini 254 tisoč evrov.

Finančni prihodki pri prodaji naložb so bili doseženi s proda-jo deležev v Poslovnem sistemu Mercator, d.d., Banki Koper, d.d., Luki Koper, d.d., Intereuropi, d.d., in ostalih naložbah iz portfelja vrednostnih papirjev.

V poslovnem načrtu ni bila predvidena prodaja deleža v družbi Poslovni sistem Mercator, zato je nastal pozitiven odmik od poslovnega načrta.

Finančni odhodki v višini 24,4 milijona evrov so za 78 odstot-kov višji od načrtovanih in za 73 odstotkov višji od lanskole-tnih. Finančni odhodki vključujejo:

izgube pri prodaji finančnih naložb v višini 5,6 milijona evrov,

odhodke za obresti in tečajne razlike v višini 18,8 milijona evrov.

Odhodki za obresti so višji od načrtovanih zaradi večjega ob-sega finančnega dolga kot tudi zaradi višjih obrestnih mer. Iz-gube pri prodaji finančnih naložb v poslovnem načrtu niso bile predvidene.

Družba Istrabenz, d.d., v poslovnem načrtu ni predvidevala ob-veznosti za plačilo davka od dobička. Ker so bili doseženi višji finančni prihodki od načrtovanih, izkazuje pozitivno davčno osnovo, od katere je obračunala 10,3 milijona evrov obvezno-sti za davek od dobička.

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200720062005

Deleži v odvisnihdružbah / Interests

in subsidiaries

Pridružene družbe / Interests inassociates

Ostale finančnenaložbe /

Otherinvestments

Posojila / Loans

Nepremičnine, OS, NN /

Tangible andintangible assets

Terjatve in denar / Receivables and

cash

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400

200

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/ in

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ilion

204 200 298 8 15012

193 120 49023 14 20 11 13 12 9 4 5

Net profit for the period amounted to EUR 98.2 million, while the business plan envisaged only EUR 9 million. This increase was due to the sale of the equity interest in Poslovni sistem Mercator and some major sales within the securities portfolio.

Balance sheet

AssetsAs at 31 December 2007, the total assets of the Istrabenz Holding Company amounted to EUR 837.4 million, thus exceeding the plan and the 2006 figure by 65 per cent and 67 per cent, respectively.In 2007, in addition to this high growth in the Istrabenz Holding Company’s assets, the structure of assets also changed.

Figure 32: Structure of assets of the Istrabenz Holding Company

Interests in subsidiaries increased due to the fact that interests in the companies Droga Kolinska, Istrabenz Turizem and Actual IT were acquired from minority shareholders. This increased the relative share of these companies in the structure of investments in subsidiaries.

Čisti dobiček poslovnega obdobja znaša 98,2 milijona evrov, v poslovnem načrtu pa je bil predviden v višini 9 milijonov evrov. Povečanje je posledica prodaje deleža v Poslovnem sistemu Mercator, d.d., in večjih prodaj iz portfelja vrednostnih papirjev.

Bilanca stanja

SredstvaBilančna vsota holdinške družbe Istrabenz, d.d., z dne 31.12.2007 znaša 837,4 milijona evrov, kar je 65 odstotkov več kot načrtovano in 67 odstotkov več kot v letu 2006. V letu 2007 se je poleg visoke rasti spremenila tudi struktura sredstev v lasti družbe Istrabenz, d.d.

Slika 32: Struktura sredstev holdinške družbe Istrabenz, d.d.

Deleži v odvisnih družbah so se povečali zaradi odkupa deležev od manjšinskih delničarjev v družbah Droga Kolinska, d.d., Istra-benz Turizem, d.d., in Actual I.T., d.o.o. S tem se je okrepil tudi relativni delež teh družb v strukturi naložb v odvisne družbe.

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Informacijske tehnologije / Information Technologies 2 %

Ostalo / Other 3 %Prehrana / Food 68 %

Turizem / Tourism 19 %

Energetika / Energy 8 %

68 %

19 %

8 %

2 %3 %

Figure 33: Structure of investments in subsidiaries

After the sale of a 12.56-per cent interest in Poslovni sistem Mercator, this investment was no longer disclosed under associates but under non-current investments. As at 31 December 2007, investments in associates included investments in interests in the companies Adriafin, IP Obala and Logina.

Other investments increased primarily due to the purchase of Petrol shares and the transition of a 11.92-per cent interest in Poslovni sistem Mercator. In 2007, the investments in Intereuropa, Luka Koper, LHB Banka Frankfurt, Krka and Zlata Moneta 2 were sold in full or in part, along with some other minor investments.

Other categories of assets account for smaller shares in the structure of assets and did not change significantly.

LiabilitiesGrowth in liabilities was financed by an increase in capital and financial liability. Compared to the balance as at the end of 2006, the share of shareholders’ equity in the structure of funding sources increased to 43.6 per cent of net operating assets as at 31 December 2007.

Slika 33: Struktura naložb v odvisne družbe

Po prodaji 12,56-odstotnega deleža v družbi Poslovni sistem Mercator, d.d., se ta naložba ne vodi več med pridruženimi družbami, temveč med dolgoročnimi finančnimi naložbami. Med finančnimi naložbami v pridružene družbe so po stanju na dan 31.12.2007 vključene naložbe v deležih družb Adriafin, d.o.o., IP Obala, d.o.o., in Logina, d.o.o.

Ostale finančne naložbe so se povečale predvsem zaradi na-kupov delnic Petrola d.d. in s prenosom 11,92 odstotnega de-leža v družbi Poslovni sistem Mercator, d.d. V letu 2007 so bile v celoti ali deloma prodane naložbe v Intereuropi, d.d., Luki Koper, d.d, LHB Banki Frankfurt, Krki, d.d., Zlati Moneti 2, d.d., in v ostale manjše naložbe.

Ostale kategorije sredstev v strukturi aktive predstavljajo manjše deleže in se niso bistveno spremenile.

Viri sredstevPovečanje sredstev je bilo financirano s povečanjem kapitala in finančnega dolga. V primerjavi s stanjem konec leta 2006 se je na dan 31.12.2007 povečal delež lastniškega kapitala v strukturi virov financiranja na 43,6 odstotka neto poslovnih sredstev družbe.

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Figure 34: Growth in the net operating assets14 of the Company as well as equity and financial liabilities (excluding provisions, as their share in the funding sources is negligible)

As at 31 December 2007, the Company’s equity totalled EUR 346.5 million, thus increasing by 87 per cent over the end of 2006. The main changes in equity include:

the inclusion of net profit for the year in the amount of EUR 98.2 million;

fair value reserves EUR 66.7 million higher; a decrease resulting from payment of dividends and remuneration

in the total amount of EUR 4 million.

Net return on shareholders’ equity was 45.28 per cent. It was calculated on the basis of the ratio between net profit or loss for the period (numerator) and the average balance of shareholders’ equity, calculated from the balances of shareholders’ equity as at 31 December 2006 and 31 December 2007 (denominator). The equity as at 31 December 2007 does not include net profit or loss from 2007.

Net earnings per share were calculated using the ratio between net profit for the period (numerator) and the number of issued shares (denominator). They amounted to EUR 18.96 per share.

The book value of a share as at 31 December 2007, calculated as the ratio between the amount of equity as at 31 December 2007 and the number of issued shares (5,180,000), totalled EUR 66.88.

Slika 34: Prikaz rasti neto poslovnih sredstev14 družbe ter kapi-tala in finančnih obveznosti (v prikazu niso zajete rezervacije, saj predstavljajo zanemarljiv delež v virih financiranja)

Kapital družbe je na dan 31.12.2007 znašal 346,5 milijona evrov, kar predstavlja 87-odstotno rast glede na konec leta 2006. Glavne spremembe v kapitalu so:

vključitev čistega dobička poslovnega leta v znesku 98,2 milijona evrov,

povečanje rezerv za pošteno vrednost za 66,7 milijona evrov,

zmanjšanje za izplačane dividende in nagrade v skupni višini 4 milijone evrov.

Čista dobičkonosnost lastniškega kapitala znaša 45,28 od-stotka. Izračunana je iz razmerja med čistim poslovnim izi-dom obračunskega obdobja (števec) in povprečnim stanjem lastniškega kapitala, izračunanim med stanjema lastniškega kapitala na dan 31.12.2006 in 31.12.2007 (imenovalec). V kapitalu po stanju na dan 31.12.2007 ni upoštevan čisti po-slovni izid leta 2007.

Čisti dobiček na delnico, izračunan iz razmerja med doseže-nim čistim poslovnim izidom obračunskega obdobja (števec) in številom izdanih delnic (imenovalec), znaša 18,96 evra na delnico.

Knjigovodska vrednost delnice z dne 31.12.2007, izračunana iz razmerja med višino kapitala po stanju 31.12.2007 in števi-lom izdanih delnic (5.180.000), znaša 66,88 evra.

14 Neto poslovna sredstva družbe so izračunana tako, da so od vseh sredstev odštete poslovne obveznosti, obveznosti za odložene davke ter obveznosti v zvezi s sredstvi za prodajo.

14 Net operating assets are calculated by deducting operating liabilities, deferred tax liabilities and liabilities arising from held-for-trading assets from total assets.

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Kapital / Equity Finančne obveznosti / Financial liabilities

439 488 795 173 186 346 266 303 449

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The financial liability of the Company as at 31 December 2007 totalled EUR 448.6 million. If the value of the securities portfolio (which also includes interests in Petrol and Poslovni sistem Mercator), short-term financial loans, receivables, cash and cash equivalents in the amount of nearly EUR 494.9 million are deducted from total financial liability, the net liability of the Company totals EUR 46.3 million. This means that the Company can settle its financial liability by realising the abovementioned investments and that it can employ the resulting surplus.

Analysis of financial flows

The cash flow statement shows that the Istrabenz Holding Company’s outflows from operating activities totalled EUR 5.5 million in 2007, equalling the 2006 levels.

Cash receipts from investment activities were generated from the sales of associates (EUR 174.7 million) and other financial assets (EUR 110.5 million).

Cash disbursements from investment activities were due to:

an increase in investments in subsidiaries of EUR 99.1 million; an increase in investments in associates of EUR 14.2 million; an increase in other investments of EUR 292.9 million; an increase in granted loans of EUR 5.8 million.

The deficit in financial assets was compensated for by a EUR 146.1 million increase in indebtedness.

If disbursements for interest (EUR 16.6 million) and payment of dividends and rewards to the Management and Supervisory Boards (EUR 4 million) are taken into account, the Company increased the balance of its cash by EUR 3.4 million at the end of the period compared to the balance at the beginning of the period.

Plans for 2008 The 2008 Business Plan envisages EUR 10.3 million of net profit

of the Istrabenz Holding Company.

Finančni dolg družbe na dan 31.12.2007 znaša 448,6 milijona evrov. Če od skupnega finančnega dolga odštejemo vrednost portfelja vrednostnih papirjev, v katerem sta vključeni tudi naložbi v Petrol d.d. in Poslovni sistem Mercator, d.d., kratko-ročna finančna posojila, terjatve, denar in denarni ustrezniki v višini 494,9 milijona evrov, dobimo neto dolg družbe, ki je negativen v višini 46,3 milijona evrov. To pomeni, da družba ob unovčenju navedenih finančnih naložb lahko poravna svoj finančni dolg in razpolaga s presežkom finančnih sredstev.

Analiza finančnih tokov

Iz izkaza finančnega izida je razvidno, da je holdinška družba Istrabenz, d.d., v letu 2007 ustvarila 5,5 milijona evrov odlivov iz poslovanja, kar je na nivoju iz leta 2006.

Pritoki pri naložbenju izhajajo predvsem iz prodaje pridruže-nih družb (174,7 milijona evrov) in drugih finančnih sredstev (110,5 milijona evrov).

Odtoki pri naložbenju so nastali s:

povečanjem naložb v odvisnih družbah: 99,1 milijona evrov, povečanjem naložb v pridruženih družbah: 14,2 milijona evrov, povečanjem drugih finančnih naložb: 292,9 milijona evrov in povečanjem danih posojil: 5,8 milijona evrov.

Nastali primanjkljaj finančnih sredstev je družba nadomestila s povečanjem zadolžitve za 146,1 milijona evrov.

Ob upoštevanju odtokov za obresti (16,6 milijona evrov) ter izplačil dividend in nagrad upravi in nadzornemu svetu družbe (4 milijone evrov) je družba povečala stanje denarnih sredstev za 3,4 milijona evrov na koncu obdobja v primerjavi s stanjem denarnih sredstev na začetku obdobja.

Načrti za leto 2008: V poslovnem načrtu za leto 2008 je predvideno, da bo hol-

dinška družba Istrabenz, d.d., dosegla 10,3 milijona evrov čistega dobička.

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5.6 Risk management

Risks in the Istrabenz Group differ by area of operations. In terms of investment risk management and the Istrabenz Group’s structure, risks are managed by the Istrabenz Holding Company within its core business activity, while the risks inherent to individual Business Areas are managed by the parent companies in the respective business groups.

5.6.1 Risk management at the level of the Istrabenz

Holding Company

At the level of the Istrabenz Holding Company and investment management, the major risks include strategic investment risks, financial risks and legal risks.

5.6.1.1 Strategic investment risks

Strategic investment risks represents one of the key risks for the Istrabenz Holding Company, which is why it focuses most of its attention on it. The investment activities’ fundamentals are the vision and the values of the Istrabenz Holding Company and the adopted investment policy, defined by the Strategic Business Plan of the Company and the Group.

Risk analysis is the cornerstone of the decision-making process and of the implementation of decisions which affect the investment structure of the Istrabenz Holding Company. The analysis of the appeal and acceptability of a potential investment, its value and anticipated input is closely linked to the anticipated development of the industry to which the investment belongs. An important role is also played by the analysis of the management model of the potential investment.

The Istrabenz Holding Company manages investments in accordance with their status – they are either in active (majority share) or non-active (portfolio) management. Potential investments in active management are also examined from the management model point of view. Important roles are played by standards governing bodies and management models, accounting standards, reporting standards, financial guidelines for the companies of the Istrabenz Group, guidelines in personnel and legal domains, and the models and principles of rewarding companies’ managements. In the further lifecycle of an investment within the portfolio, the monitoring of risks continues and develops in line with the development of the investment and according to the risk management standards.

Following are some of the statements/investment goals which serve as a basis when the Company decides on entering into an investment or disposing of one.

The management of strategic investment risk is specified within the investment policy contained in the Strategic Business Plan of the Company and the Istrabenz Group. It encompasses the following guidelines:

We operate in selected investment areas and pursue the shareholders' interests by providing for the long-term growth of the assets of the Holding Company and its investments.

5.6 Upravljanje tveganj

Tveganja v Skupini Istrabenz se razlikujejo glede na posame-zna področja delovanja. Z vidika upravljanja naložbenega tve-ganja in s tem tudi strukturiranosti Skupine Istrabenz jih kot ključni del svoje temeljne dejavnosti obvladuje krovna holdin-ška družba, medtem ko tveganja, lastna posameznim podro-čjem, obvladujejo krovne družbe v teh stebrih.

5.6.1 Upravljanje tveganj na ravni holdinške družbe

Istrabenz

Na ravni holdinške družbe Istrabenz in upravljanja naložb sodi-jo med pomembnejša tveganja strateška naložbena tveganja, finančna tveganja in pravna tveganja.

5.6.1.1 Strateška naložbena tveganja

Strateška naložbena tveganja so za krovnega lastnika Skupine Istrabenz, holdinško družbo, eno od ključnih tveganj, zato jim posveča največ pozornosti. Osnovo za dejavnost naložbenjapredstavljajo vizija, vrednote holdinške družbe Istrabenz in sprejeta naložbena politika, ki jo opredeljuje Strateški po-slovni načrt družbe in Skupine Istrabenz.

Analiza tveganj predstavlja temeljni del sprejemanja in izve-dbe odločitev, ki vplivajo na strukturo naložb holdinške družbe Istrabenz. Analiza zanimivosti in sprejemljivosti posamezne potencialne naložbe, njene vrednosti in predvidenega vložka je povezana s pričakovanim razvojem panoge, v katero se umešča naložba, pomembno vlogo pa igra tudi analiza mode-la upravljanja potencialne naložbe.

Holdinška družba Istrabenz upravlja naložbe glede na to, ali so naložbe v aktivnem (večinski delež) ali neaktivnem (portfelj-skem) upravljanju. Potencialne naložbe v aktivnem upravljanju zato proučimo tudi skozi vidik modela upravljanja. Pomembno vlogo pri tem igrajo standardi glede organov in modela upra-vljanja, računovodski standardi, standardi poročanja, finančne smernice za družbe Skupine Istrabenz, usmeritve delovanja na kadrovskem in pravnem področju ter model in principi nagra-jevanja vodstev družb. V nadaljnjem življenjskem ciklu naložbe znotraj našega portfelja se nadzor nad tveganji nadaljuje in razvija skladno z razvojem naložbe in standardi obvladovanja tveganj.

V nadaljevanju podajamo nekaj trditev/naložbenih ciljev, ki so istočasno osnova v trenutku proučitve vstopa/izstopa iz posa-mezne naložbe.

Upravljanje strateških naložbenih tveganj je določeno v okviru investicijske politike v Strateškem poslovnem načrtu družbe in Skupine Istrabenz. Zajema naslednje usmeritve:

Delujemo na izbranih naložbenih področjih in z dolgoročno rastjo premoženja holdinške družbe Istrabenz in naložb ure-sničujemo interese delničarjev.

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15 EV/EBITDA: enterprise value (ownership and borrowed capital)/earnings before interest, tax, depreciation and amortisation

16 EV/NOPAT: enterprise value (ownership and borrowed capital)/net operating profit after tax17 EV/sales: enterprise value (ownership and borrowed capital)/sales revenue.

The investment policy is formulated separately for each group (type of asset), including the target return, which is set on the basis of the returns of comparable companies and according to our shareholders' requirements regarding the return.

Our long-term investment policy is geared at industries with a minimum average return that are, above all, stable.

In relation to the existing non-current investments, we plan to provide for separate operating and real-property sections of the balance sheet, wherever reasonable.

The valuation methods are determined uniformly for the monitoring of all investments.

The following methods are used for the current interim monitoring and valuation of investments: EV/EBITDA15, EV/NOPAT16 and EV/sales17.

Investments in non-current assets account for a maximum of 90 per cent of assets and require two non-current investments at a minimum.

The portfolio includes a minimum of 10 per cent and a maximum of 50 per cent of portfolio investments, whose aim is to generate the targeted return, liquidity and safety.

Long-term investments are available for sale in any of the following cases:

• when a suitable capital gain is realised upon the disposal of the investment;

• when maximum operating results and investment value are achieved, which indicates the possibility of future growth being lower than the required return;

• when the investment does not yield the expected results for two consecutive years.

We are carefully evaluating the investments and their profitability in terms of the strategic guidelines and goals of both the Company and the Istrabenz Group. We will decide on our next steps on the basis of the target value of the employed funds.

The strategic investment risk is assessed as moderate. It is managed at the level of the Management Board and the

financial function of the Istrabenz Holding Company.

5.6.1.2 Financial risks

The management of financial risks is set out in the Guidelines adopted by the Istrabenz Holding Company and the Group in 2005. The Guidelines define the responsibilities and authorisations of the treasury, the co-operation between treasury departments, and the management of financial risks. In 2006, we started introducing them in accordance with the law and the regulations applying to relations between the Group’s companies.

Currency risk at the level of the Holding Company is low.

Investicijsko politiko določamo za vsako skupino (vrsto ime-tja) posebej, vključno s ciljnim donosom, ki ga postavljamo na osnovi donosov primerljivih družb in na osnovi zahtev po donosnosti s strani naših delničarjev.

Naša dolgoročna naložbena usmeritev so naložbe v vsaj povprečno donosne in predvsem stabilne panoge.

Pri obstoječih dolgoročnih naložbah nameravamo, kjer bo smiselno, poslovanje razdeliti na dva dela, pri čemer je cilj ločitev operativnih poslov od nepremičninskega dela bilance.

Metode vrednotenja določamo enotno za spremljanje vseh naložb.

Pri tekočem medletnem spremljanju in vrednotenju naložb uporabljamo naslednje metode: EV/EBITDA15, EV/NOPAT16 in EV/prodaja17.

Naložbe v dolgoročna sredstva pomenijo največ 90 odstot-kov sredstev, ob hkratni zahtevi po najmanj dveh dolgoroč-nih investicijah.

Portfelj vsebuje najmanj 10 odstotkov in največ 50 odstot-kov portfeljskih naložb, pri čemer zasledujemo ciljno dono-snost, likvidnost in varnost.

Dolgoročne naložbe so naprodaj ob nastopu enega od na-slednjih dejavnikov:

• ustrezen realizirani kapitalski dobiček naložbe ob prodaji, • že realizirani maksimalni rezultati poslovanja in vredno-

sti naložbe, iz česar izhaja možnost, da bo prihodnja rast nižja od zahtevanega donosa,

• nedoseganje pričakovanih rezultatov naložbe v obdobju dveh zaporednih let.

Naložbe in ustreznost njihovih donosov skrbno ocenjujemo gle-de na strateške usmeritve in cilje družbe in Skupine Istrabenz. Na osnovi doseganja ciljne vrednosti angažiranih sredstev se odločamo o prihodnjih korakih.

Strateško naložbeno tveganje ocenjujemo kot zmerno. Z njim upravljamo na nivoju uprave in finančne funkcije

holdinške družbe Istrabenz.

5.6.1.2 Finančna tveganja

Upravljanje finančnih tveganj določajo sprejete Smernice, ki smo jih v holdinški družbi Istrabenz in Skupini Istrabenz spre-jeli v letu 2005. Opredeljujejo odgovornosti in pristojnosti na področju zakladništva, sodelovanje služb zakladništva in upra-vljanje tveganj finančnih rizikov. V letu 2006 smo jih začeli uvajati v skladu z zakoni in predpisi, ki veljajo v odnosih med družbami skupine.

Valutno tveganje na ravni holdinške družbe je nizko.

15 EV/EBITDA: vrednost premoženja (lastniški in dolžniški kapital)/poslovni izid iz poslovanja pred amortizacijo.

16 EV/NOPAT: vrednost premoženja (lastniški in dolžniški kapital)/poslovni izid iz poslovanja po davkih.17 EV/prodaja: vrednost premoženja (lastniški in dolžniški kapital)/prihodki iz prodaje.

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Interest rate risk is assessed as moderate. The Company hedges against increases in market interest rates by means of generic instruments for fixing interest rates for taken loans.

Liquidity risk is assessed as moderate. It is managed by establishing an appropriate investment portfolio structure which includes a large share of highly liquid securities, as well as by appropriate planning and management of cash flows.

Credit risk. The risk rate is monitored within the analysis of companies to which loans were granted. The target values of investments in loans were defined within the adopted Strategic Business Plan, where the exposure of the total portfolio to such investments was limited. Borrowers are not sought for on the market, as these are rather our well-known business partners with whom we also co-operate in other ways.

Financial risks are managed at the level of the Management Board and the financial function of the Istrabenz Holding Company.

5.6.1.3 Legal risks management

The Istrabenz Holding Company manages legal risks which are characteristic for the holding activity and ensures that the Company obtains all authorisations for performing this activity so as to ensure uninterrupted operations. Moreover, it ensures that the performed investment transactions comply with the regulations governing competition protection, securities, the securities market, company management, and corporate governance.

As regards potential legal complications, the Company applies intensive preventive measures and carefully plans its next moves from the legal and other points of view.

The Company’s diligence in protecting its competitive advantages, which are manifested in different forms of intellectual property, business secrets, employee loyalty, and management, is on a high level. The same diligence is dedicated to the protection of the personal data of employees, business partners, shareholders, and all other persons in contact with the Company.

Owing to the dynamic nature of its activity, the Istrabenz Holding Company deals with rapid changes in legislation geared towards the development and intensification of good corporate governance, which is even more present in the post-transition period.

The Istrabenz Holding Company reduces its legal risks using a series of complementary measures so as to ensure the relative safety and security of operations. Legal risks are managed through a system of internal processes, a control and reporting system, an approval system, preventive legal inspections, the outsourcing of experts in less familiar fields of expertise, a notification system, and the standardisation of legal records.

Legal risk at the level of the Istrabenz Holding Company is assessed as moderate. It is managed at the level of the Management Board and the Legal Department of the Istrabenz Holding Company.

Obrestno tveganje ocenjujemo kot zmerno. Pred poviša-njem tržnih obrestnih mer se varujemo z generičnimi instru-menti fiksiranja obrestne mere za najete kredite.

Likvidnostno tveganje ocenjujemo kot zmerno. Obvladuje-mo ga tako z vzpostavljanjem ustrezne sestave portfelja naložb, med katerimi je velik del vrednostnih papirjev viso-ko likviden, kot z ustreznim načrtovanjem in upravljanjem finančnih tokov.

Kreditno tveganje. Stopnjo tveganja spremljamo v sklopu procesa analize podjetij, katerim smo odobrili posojila. Cilj-ne vrednosti naložb v posojila smo opredelili znotraj spreje-tega strateškega poslovnega načrta, kjer smo omejili tudi izpostavljenost celotnega portfelja do tovrstnih naložb. Po-sojilojemalce ne iščemo na trgu, temveč so v veliki meri nam dobro poznani poslovni partnerji, s katerimi tudi sicer na različne načine sodelujemo.

Finančna tveganja upravljamo na ravni uprave in finančne funkcije holdinške družbe Istrabenz.

5.6.1.3 Pravna tveganja

Holdinška družba Istrabenz upravlja pravna tveganja, značilna za holdinško dejavnost, pri tem skrbi, da ima družba vsa po-trebna dovoljenja za opravljanje te dejavnosti, da ni moteno delovanje podjetja; da so opravljene transakcije z naložbami skladne s predpisi o varovanju konkurence, predpisi o vredno-stnih papirjih, predpisi o trgu vrednostnih papirjev in predpisi, ki urejajo vodenje in upravljanje gospodarskih družb.

Družba na področju morebitnih pravnih zapletov deluje intenziv-no preventivno in skrbno načrtuje svoje prihodnje poteze tako kot z drugih vidikov tudi z vidika pravne izvedbe svojih namer.

Skrb za zaščito konkurenčnih prednosti družbe, ki se kaže v različnih oblikah intelektualne lastnine, poslovnih skrivnostih, zagotavljanje lojalnosti zaposlenih in menedžmenta družbi je na visoki ravni. Enako skrbna je družba pri varovanju osebnih podatkov zaposlenih, poslovnih partnerjev, delničarjev in vseh ostalih oseb, ki pridejo v stik z njo.

Družba je zaradi svoje dinamične dejavnosti relativno izposta-vljena tudi hitrim spremembam predpisov, ki sledijo razvoju in razvojni intenzivnosti dobrega »corporate governance«, pri čemer je to v post-tranzicijskem obdobju še bolj prisotno.

Holdinška družba Istrabenz zmanjšuje pravna tveganja z vrsto različnih in komplementarnih ukrepov, ki ji zagotavljajo rela-tivno zanesljivo in varno delovanje. Pravna tveganja upravlja preko ustreznega sistema notranjih procesov, sistema nadzo-ra in poročanja, sistema soglasij, preventivnih pravnih pregle-dov, sodelovanja z zunanjimi strokovnjaki na področjih, s ka-terimi redno ne prihaja v stik, z opomniki in s standardizacijo pravnih aktov.

Ocena pravnega tveganja na ravni holdinške družbe Istra-benz je zmerna. Z njim upravljamo na nivoju uprave in pravne službe holdinške družbe.

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5.6.2 Risk management in the Istrabenz Group by

Business Area

The major risks by Business Area of the Istrabenz Group include business risks (sales, purchase, product, personnel) and financial risks (credit, liquidity, market, currency). It should be noted, though, that all business risks also constitute financial risks, as they affect the solvency and the fair value of assets and liabilities.

The key orientation in managing these risks is to minimise the unpredictability of the business environment, maximise the reliability of business planning, and decrease the fluctuation in expected cash flows and planned profits so as to ensure growth in shareholder value.

5.6.2.1 Food Business Area

Business risksBusiness risks include sales risks which are managed by appropriate marketing activities (which take into account the characteristics of consumers and local sales markets), expansion of the product portfolio, a flexible organisation, and continuous product development. Our strong brands help us reduce the risk of increasing the negotiating power of buyers.

The exposure to these risks is assessed as moderate.

In the management of purchase risks, the risk factors primarily include the management of unexpected changes in the prices of raw materials, delivery dates, and the quality of input raw materials. The development of strategic co-operation with suppliers is one of the key areas in the Droga Kolinska Group and includes long-term partnerships with key suppliers, ensuring cost-effective supply sources as well as the joint development of quality and technological novelties in products. Despite the above, the unexpected surge in the prices of raw materials in the second half of 2007 negatively affected the Droga Kolinska Group’s performance.

Due to the characteristics of the supply markets of different raw materials, our exposure to purchase price risks is medium.

In the management of personnel risks, particular attention was focused on safety at work, dialogue with Trade unions, and the training and motivating of key personnel. Risks associated with safety at work are defined in the applicable regulations, which also set out measures for ensuring employee safety. Risks are associated primarily with injuries caused by the improper use of machinery and means of transport, as well as with slips and falls.

The Droga Kolinska Group assesses personnel risks as moderate.

5.6.2 Upravljanje tveganj v Skupini Istrabenz

po posameznih področjih

Na posameznih poslovnih področjih Skupine Istrabenz sodijo med pomembnejša tveganja poslovna (prodajna, nabavna, produktna, kadrovska) in finančna tveganja (kreditno, likvi-dnostno, tržno, valutno). Pri tem je treba upoštevati dejstvo, da so vsa poslovna tveganja tudi finančna tveganja, saj vpliva-jo tako na plačilno sposobnost kot na pošteno vrednost sred-stev in dolgov.

Glavna usmeritev pri upravljanju omenjenih tveganj je mini-miziranje nepredvidljivosti poslovnega okolja in maksimiranje zanesljivosti poslovnega načrtovanja ter znižanje nestanovi-tnosti pričakovanih denarnih tokov in načrtovanih dobičkov s ciljem zagotavljanja rasti premoženja lastnikov.

5.6.2.1 Področje Prehrana

Poslovna tveganjaMed poslovnimi tveganji so prodajna tveganja, ki jih obvla-dujemo z ustreznimi trženjskimi aktivnostmi, pri katerih upo-števamo značilnosti potrošnikov in lokalnih prodajnih trgov, s širitvijo portfelja produktov, fleksibilno organizacijo in konti-nuiranim razvojem izdelkov. Z močnimi lastnimi blagovnimi znamkami znižujemo tveganje naraščajoče pogajalske moči kupcev.

Ocenjujemo, da je izpostavljenost tovrstnim tveganjem zmerna.

Pri obvladovanju nabavnih tveganj so dejavniki tveganja po-vezani predvsem z obvladovanjem nepričakovanih sprememb cen surovin, dobavnih rokov in kakovosti vhodnih surovin. Ra-zvoj strateškega sodelovanja z dobavitelji je eno pomembnej-ših področjih v Skupini Droga Kolinska in vključuje dolgoročna partnerstva s ključnimi dobavitelji, zagotovitev stroškovno naj-ugodnejših nabavnih virov, skupen razvoj pri kakovosti in teh-noloških novosti izdelkov. Kljub temu je nenačrtovana rast cen borznih surovin v drugi polovici leta 2007 neugodno vplivala na uspešnost poslovanja Skupine Droga Kolinska.

Zaradi značilnosti nabavnih trgov ključnih surovin je izpo-stavljenost nabavnim cenovnim tveganjem srednja.

V okviru upravljanj kadrovskih tveganj smo posebno pozor-nost namenili področjem zaščite pri delu, dialoga s sindikati ter izobraževanja in motiviranja ključnih kadrov. Tveganja iz varstva pri delu so opredeljena v ustreznih pravilnikih, v kate-rih so predpisani tudi ukrepi, ki zagotavljajo ustrezno varnost zaposlenim. Tveganja so povezana predvsem z mehanskimi poškodbami s strojno opremo in transportnimi sredstvi ter z zdrsi.

V Skupini Droga Kolinska kadrovska tveganja ocenjujemo kot zmerna.

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Financial risksIn 2007, Droga Kolinska defined a uniform method of managing financial risks in its integral financial policy. It insured its receivables and assets with insurance companies and thus set the optimal conditions for all companies of the Droga Kolinska Group, which the companies would not be able to negotiate by themselves.

Owing to the internationality of operations and the geographical ramifications of their exports and imports, Droga Kolinska and the Group are strongly exposed to currency risks. Among them are the risks entailed by performed business activities on all markets where the US dollar is the basic transaction currency. In 2007, the Group strived to decrease its exposure on these markets by regulating the volume of sales and purchases in US dollars, while short-term hedging against currency risks consisted of currency futures contracts and other derivatives.

In view of the measures that have been implemented to hedge against currency risks, we assess our exposure to these risks as medium.

Additional activities have been implemented to hedge against interest rate risk, with interest rate swaps and other derivatives on the basis of EURIBOR and the amortisation plans of the Group’s financial liability.

As the majority of financial liabilities of the group are linked to the floating interest rate EURIBOR, interest rate risk exposure is high. The associated risk is managed by the use of derivatives. In 2007, 47.6 per cent of the financial obligations of the Group were hedged against interest rate risk by derivatives.

Liquidity risk in Droga Kolinska was low due to positive operational results, stable and regular inflows from customers, and the efficient timing of inflows and outflows – all of the above were supported by short-term credit lines with different banks.

Due to a lack of financial discipline in Bosnia and Herzegovina, Serbia, Montenegro, Macedonia, and Croatia, the exposure of the companies of the Droga Kolinska Group to credit risk on these markets was relatively high in 2007. Hedging against the risks entailed by our associates’ customers consisted of insuring receivables with the Slovenian Export Corporation.

5.6.2.2 Energy Business Area

Business risksThe risk of quantity in electricity trading is the risk entailed by deviations from the expected quantities in terms of power plant output or consumption of the portfolio customers. The result is an open position which constitutes a risk due to fluctuations in the price of energy which is required to close the position. This risk is assessed as relatively high and is managed through the established system of monitoring trends on the market and adjusting trading to the detected changes.

Finančna tveganjaV letu 2007 je Droga Kolinska, d.d., v okviru enotne finančne politike opredelila poenoten način upravljanja finančnih tve-ganj. Z zavarovalnicami je pri zavarovanju terjatev in premo-ženja dosegla optimalne izhodiščne pogoje za vse družbe v Skupini, ki jih družbe same ne bi mogle doseči.

Družba in Skupina Droga Kolinska sta zaradi mednarodne-ga delovanja oziroma glede na svojo geografsko razvejanost izvoznih in uvoznih poslov močno izpostavljeni valutnim tve-ganjem. Med njimi prevladujejo tveganja, ki izvirajo iz izvaja-nja poslovnih aktivnosti na vseh trgih, kjer je ameriški dolar osnovna valuta poslovanja. Na teh trgih smo v letu 2007 po-skušali izpostavljenost zmanjšati z uravnavanjem obsega pro-daje in nabave v tej valuti, pred valutnimi tveganjem pa smo se kratkoročno zavarovali s terminskimi valutnimi pogodbami in z drugimi izvedenimi finančnimi instrumenti.

Glede na ukrepe, ki jih izvajamo s ciljem zavarovanja pred valutnim tveganjem ocenjujemo, da je izpostavljenost tovr-stnemu tveganju srednja.

Izvajali smo dodatne aktivnosti za zaščito pred obrestnim tveganjem z obrestnimi zamenjavami in ostalimi izvedenimi finančnimi instrumenti na osnovi Euribor-ja in na osnovi amor-tizacijskih načrtov finančnih dolgov Skupine.

Ker je večina finančnih obveznosti Skupine vezana na spre-menljivo obrestno mero EURIBOR, je obrestna izpostavlje-nost visoka. Tveganje obvladujemo z izvedenimi finančnimi instrumenti. V letu 2007 je bilo 47,6 odstotke finančnih obveznosti Skupine zaščitenih pred obrestnim tveganjem z izvedenimi finančnimi instrumenti.

Likvidnostno tveganje v družbi Droga Kolinska, d.d., je bilo nizko zaradi pozitivnega poslovanja, stabilnih rednih prilivov s strani kupcev, učinkovitega časovnega usklajevanja prilivov in odlivov, pri čemer so nam bile v pomoč tudi ustrezne kratko-ročne kreditne linije pri različnih bankah.

Zaradi plačilne nediscipline v Bosni in Hercegovini, Srbiji in Črni gori, Makedoniji ter na Hrvaškem je bila izpostavljenost kreditnemu tveganju družb Skupine Droga Kolinska na teh tr-gih v letu 2007 razmeroma visoka. Tveganje do kupcev naših povezanih podjetij smo obvladali z zavarovanjem terjatev prek Slovenske izvozne družbe, d.d.

5.6.2.2 Področje Energetika

Poslovna tveganjaKoličinsko tveganje v okviru trgovanja z električno energijo predstavlja tveganje, kadar sta proizvodnja v elektrarnah ali odjem odjemalcev v portfelju drugačna od pričakovanih. Re-zultat je odprta pozicija, ki predstavlja tveganje zaradi nesta-novitnosti cene energije, potrebne za zaprtje pozicije. Ocenju-jemo ga kot relativno visoko, obvladujemo pa z vzpostavljenim sistemom spremljanja trendov na trgu in uravnavanja trgova-nja v skladu z zaznanimi premiki.

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Implementation risks include potential losses due to inadequate systems or inappropriate models, incorrect or deficient management and control, deception, or human error. These types of risks, which are assessed as relatively high, can be particularly fatal in trading on forward markets and in trading in derivatives. We hedge against these risks with well-defined checking procedures and processes and by setting limits and authorisations for transacting with each individual trader.

The Company is exposed to market or price risk due to the instability of the price of electricity on the market or the price of the primary fuel in the electricity production process (e.g. the price of gas). This risk is assessed as moderate. It is efficiently managed and hedged against by the use of derivatives in connection with the relevant daily electricity market.

The operations within the gas activity are exposed to market risks which are assessed as moderate. They are entailed by stiffer competition, changes in purchase prices, and changes in customers’ habits. Market risks are managed through the constant monitoring of competitors, the adjustment of selling prices to purchase prices, and the constant improvement of distribution channels and services.

Financial risks

In the Energy Business Area we strive to manage the risks associated directly with the creditworthiness of borrowers, their ability to repay loans, and with currency fluctuations on the markets we operate on at the beginning of the process which leads to exposure to individual risks. The companies of the Group operate in one or several specific business activities and their operations are not those of a financial holding. From this perspective, credit risk is limited and exposure only emerges from the positions of the parent companies and, eventually, of the financial holding where liquidity surpluses are deposited. Liquidity reserves in the form of deposits and other marketable securities maintain liquidity risk at a low level. In line with the adopted investment policy, we plan and manage liquidity inflows and outflows. In the Energy Business Area, currency risk arises when natural hedging is unfeasible. The companies consult the parent company on all major transactions, in line with the financial guidelines applicable in all companies of the Istrabenz Group. Interest rate risk is assessed from the point of view of expected return on equity. Thus it ensures a relatively fixed interest rate, which enables the stability of operations and the expected return on invested assets.

Med izvedbena tveganja lahko uvrstimo potencialne izgube za-radi neprimernih sistemov ali napačno izbranih modelov, na-pačnega ali pomanjkljivega vodenja in nadzora, prevare in člo-veške napake. Ta vrsta tveganj, ki jih ocenjujemo kot relativno visoka, je lahko še posebej usodna pri trgovanju na terminskih trgih in pri trgovanju z izvedenimi finančnimi instrumenti. Pred njimi se varujemo z razdelanimi postopki in procesi preverja-nja ter določanja pristojnosti in meja odobritev posameznih trgovcev pri sklepanju poslov.

Tržnemu ali cenovnemu tveganju je podjetje izpostavljeno za-radi nestanovitnosti cene električne energije na trgu ali cene primarnega goriva procesa proizvodnje električne energije (na primer cena plina). Ocenjujemo ga kot zmerno. Učinkovito ga obvladujemo in varujemo s finančnimi izvedenimi instru-menti, ki se nanašajo na relevanten dnevni trg električne energije.

V okviru poslovanja plinske dejavnosti zaznavamo tržna tvega-nja, ki jih ocenjujemo kot zmerna. Izhajajo iz naslova zaostro-vanja konkurence, tveganj spremembe nabavnih cen in spre-memb ravnanja kupcev. Proti tržnim tveganjem ukrepamo s stalnim spremljanjem konkurence, prilagajanjem prodajnih cen nabavnim in neprestanim izboljševanjem prodajnih poti in storitev.

Finančna tveganja

V Energetiki tveganja, neposredno vezana na kreditno sta-bilnost kreditojemalcev, zmožnost vračila najetih posojil ter valutna nihanja na trgih, na katerih delujemo, poskušamo v čim večji meri obvladovati v začetku procesa, ki privede do izpostavljenosti posameznim tveganjem. Družbe Skupine po-slujejo v posameznih ali večjem številu specifičnih dejavno-sti in njihovo poslovanje nima narave poslovanja finančnega holdinga. S tega vidika je kreditno tveganje omejeno, izpo-stavljenost izhaja le iz pozicij do matičnih družb, na koncu do finančnega holdinga, kjer imajo deponirane likvidnostne presežke. Likvidnostna rezerva v obliki depozitov in drugih hitro vnovčljivih vrednostnic vzdržuje nižjo stopnjo likvidnostne-ga tveganja. Skladno s sprejeto naložbeno politiko načrtujemo in obvladujemo likvidnostne prilive in odlive. Valutno tveganje je v Energetiki prisotno, kadar se ni mogoče poslužiti naravne-ga ščitenja. Skladno s finančnimi smernicami, ki veljajo za vse družbe Skupine Istrabenz, se glede pomembnih poslov družbe posvetujejo z matično družbo. Obrestno tveganje ocenjujemo z vidika zahtevanega donosa lastnika na vloženi kapital na na-čin, da si zagotovimo v določeni meri fiksno obrestno mero, kar omogoča stabilno poslovanje in doseganje zahtevanega donosa na vložena sredstva.

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5.6.2.3 Turism Business Area

In the Tourism Business Area, the most important business risks are sales risk and personnel risk, whereas other types of risks are less important.

Business risksSales risk is indirectly connected to developments in the close and broad economic environment and mainly depends on the economic conditions on a specific market (growth in GDP and purchasing power of the population) and the political stability in the given country. It relates to the potential losses of guests (visitors) from specific markets.

This risk is assessed as moderate and is managed through active regulation, analysis, and anticipation of trends on the basis of market databases containing data on emissive markets, lifestyles, the spending and purchasing habits of potential users of our services, and the work of tour operators on the tourist market.

The highest business risk in the Tourism Business Area is personnel risk or the risk of an insufficient number and inadequate structure of personnel. The environment in which the companies of the Istrabenz Group operate is characterised by personnel shortfall from both aspects. The labour and tax legislation are not in favour of expansive employment, while an expensive workforce (including managerial and operational staff) hinders penetration into foreign markets.

This risk is assessed as relatively high and is managed through the HR function and its activities on the domestic and global labour markets and markets of tourist services, through the use and upgrading of a personnel database, and through agents on the labour market.

Financial risksWithin the financial risks, the Tourism Business Area is exposed to credit risk or the risk of non-recovery of operating receivables, which is due to the specificity of operations. However, business relations with our key customers are good, which is why the greater threat is posed by non-payment. This risk is assessed as low.

Due to the volume of borrowing interest rate risk is present on the liabilities side. All taken long-term loans are denominated in euros and are linked to Euribor. This risk is moderate.

Currency risk or the risk of loss arising from unfavourable changes in the exchange rate is present primarily in trading with customers from the non-euro area and is assessed as moderate.

Liquidity risk or the risk of failure to settle current liabilities is negligible despite the seasonal nature of the business. All companies of the group monitor cash flows to match the maturities of receivables and liabilities.

5.6.2.3 Področje Turizem

Na področju Turizma izpostavljamo med poslovnimi tveganji prodajno in kadrovsko tveganje, medtem ko so ostale vrste tveganj manjšega pomena.

Poslovna tveganjaProdajno tveganje je neposredno povezano z dogajanji v ožjem in širšem gospodarskem okolju, odvisno pa je predvsem od gospodarskega stanja posameznega trga (rasti BDP in ku-pne moči prebivalstva) ter politične stabilnosti posamezne dr-žave. Nanaša se na potencialne izgube gostov (obiskovalcev) s posameznih trgov.

Ocenjujemo ga kot zmerno in ga upravljamo prek aktivnega uravnavanja, analiziranja in predvidevanja trendov na osno-vi tržnih podatkovnih baz, vezanih na podatke o emitivnih trgih, življenjske, potrošne in nakupne navade potencialnih uporabnikov naših storitev in delovanje posrednikov na turi-stičnem trgu.

Največje poslovno tveganje v Turizmu nasploh je kadrovsko tveganje, natančneje tveganje nezadostnega števila in neu-strezne strukture kadrov. Okolje, v katerem poslujejo družbe Skupine Istrabenz Turizem, je kadrovsko deficitarno z obeh navedenih vidikov. Delovna in davčna zakonodaja ekspanziv-nemu zaposlovanju nista naklonjeni, draga delovna sila (tako upravljavska kot operativna) pa otežuje vstop na tuje trge.

Ocenjujemo ga kot relativno visoko in ga upravljamo prek kadrovske funkcije in njenih aktivnosti na domačem in glo-balnem trgu dela in turističnih storitev, z izkoriščanjem in dograjevanjem ustrezne kadrovske baze in s pomočjo po-srednikov na trgu dela.

Finančna tveganjaV okviru finančnih tveganj je Turizem izpostavljen kreditnemu tveganju oziroma tveganju neplačila poslovnih terjatev, ki je za-radi specifičnosti poslovanja sicer prisotno, vendar so poslovni odnosi z največjimi kupci dobri, tako da največjo nevarnost predstavljajo zgolj odlogi plačil. Ocenjujemo ga kot nizko.

Zaradi obsega kreditiranja je na pasivni strani prisotno tudi obrestno tveganje. Vsa dolgoročno prejeta posojila so nomini-rana v evro in vezana na Euribor. Tovrstno tveganje je zmerno.

Valutno tveganje ali tveganje izgub zaradi neugodne spremem-be tečaja je vezano predvsem na del poslovanja s kupci iz de-narnega neevrskega območja in ga ocenjujemo kot zmerno.

Likvidnostno tveganje ali tveganje nezmožnosti poravnavanja tekočih obveznosti je kljub sezonski komponenti poslovanja zanemarljivo. Vse družbe v Skupini usklajujejo ročnost terjatev in obveznosti s spremljanjem denarnih tokov.

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5.6.2.4 IT Business Area

In the IT Business Area, the outsourcing model is applied wherever possible. This management method is reasonable from the point of view of risk associated with the use of information technologies. Contractual relationships with the provider of outsourcing services define the user requests that the provider must meet and that suffice for uninterrupted and development-oriented operations. This risk is assessed as moderate.

5.7 Events after the balance-sheet date

On 7 February 2008, the Competition Protection Office of the RS issued a decision preventing the Istrabenz Holding Company from transferring the shares of Poslovni sistem Mercator coded MELR.

The Istrabenz Holding Company received the Competition Protection Office’s decision on 11 February 2008, preventing it from encumbering and disposing with the MELR shares without prior approval of the Office. The Office permitted the Company to exercise the voting rights from the existing and any additionally acquired MELR shares only on the basis of the Office’s approval and to the extent defined therein.

On 8 March 2008, the Istrabenz Holding Company received approval for the transfer of the shares of Poslovni sistem Mercator for which it had applied.

5.6.2.4 Področje Informacijske tehnologije

Na področju Informacijskih tehnologij se poslužujemo modela »outsourcinga« tam, kjer je to mogoče. Tudi z vidika tveganja, povezanega z uporabo informacijskih tehnologij, je tak način obvladovanja smiseln. Pogodbena razmerja z dobaviteljem storitev »outsourcinga« so urejena tako, da so definirane zah-teve uporabnika, ki jih mora ponudnik izpolnjevati in zadostu-jejo za nemoteno in razvojno usmerjeno poslovanje. Tveganje ocenjujemo kot zmerno.

5.7 Dogodki po datumu bilance stanja

Dne 7.2.2008 je bil na osnovi sklepa Urada RS za varstvo kon-kurence holdinški družbi Istrabenz, d.d., preprečen namerava-ni prenos delnic Poslovnega sistema Mercator, d.d., z oznako MELR.

Holdinška družba Istrabenz je dne 11.2.2008 prejela odločbo Urada RS za varstvo konkurence, s katero ji je Urad prepovedal obremenjevanje in razpolaganje z delnicami MELR brez nje-govega predhodnega soglasja. Urad ji je dovolil uresničevanje glasovalne pravice iz obstoječih in morebitno dodatno prido-bljenih delnic MELR zgolj na podlagi in v obsegu njegovega predhodnega soglasja.

Dne 8.3.2008 je holdinška družba prejela soglasje za preknjiž-bo delnic Poslovnega sistema Mercator, d.d., za katerega je zaprosila.

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Informacijske tehniologije / Information Technologies 3,5 %

Prehrana / Food 68,3 %

Turizem / Tourism 17,6 %

Krovna družba / Parent company 0,5 %

Druge naložbe / Other Investments 0,7 %

Energetika / Energy 9,4 %

68,3 %

0,7 %

17,6 %

3,5 %

0,5 %

9,4 %

6.1 Employee turnover

Table 29: Number of employees of the Istrabenz Group as at 31 December 2007, by investment area

Figure 35: Share of employees of the Istrabenz Group as at 31 December 2007, by investment area

Upravljanje kadrovHuman resource management

6.1 Gibanje števila zaposlenih

Tabela 29: Število zaposlenih po naložbenih področjih Skupine Istrabenz na dan 31.12.2007

NALOŽBENA PODROČJAINVESTMENT AREA

SKUPAJ PO PODROČJIHTOTAL BY AREA

Krovna družba / Parent company 24

Energetika / Energy 451

Prehrana / Food 3.274

Turizem / Tourism 842

Informacijske tehnologije / Information Technologies 168

Druge naložbe / Other investments 34

Skupaj / Total 4.793

Slika 35: Delež zaposlenih po področjih Skupine Istrabenz na dan 31.12.2007

109

200720062005

Turizem / Tourism

Prehrana / Food

Energetika / Energy

Krovna družba / Parent company

Informacijske tehnologije / Information

Technologies

Druge naložbe / Other Investments

4.000

3.000

2.000

1.000

027 26 24 386 408 451 3.711 3.525 3.274 807 853 842

111 147 16822 24 34

Figure 36: Share of employees of the Istrabenz Group in the 2005–2007 period, by investment area

Slika 36: Delež zaposlenih po področjih Skupine Istrabenz v obdobju 2005 - 2007

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5.050

5.000

4.950

4.900

4.850

4.800

4.750

4.700

4.650

Število zaposlenih v Skupini Istrabenz v obdobju 2005 - 2007 / Number of employees in the Istrabenz Group in the 2005–2007 period

200720062005

5.064 4.983 4.793

Slika 37: Število zaposlenih v Skupini Istrabenz v obdobju 2005 - 2007

V Skupini Istrabenz se je število zaposlenih konec leta 2007 v primerjavi s koncem leta 2006 znižalo za 190 zaposlenih oziroma za 3,8 odstotka. Največ zaposlenih je bilo na področju Prehrane (68,3 odstotka), sledil je Turizem s 17,6 odstotka in Energetika z 9,4 odstotka vseh zaposlenih.

Spremembe so predvsem posledica zmanjševanja števila za-poslenih na področju Prehrana. Tu namreč poteka celovita re-organizacija poslovanja s ciljem povečevanja konkurenčnosti celotne dejavnosti.

Nasprotno sta področji Energetika in Informacijske tehnologi-je zaradi hitre rasti povečali število zaposlenih. V Energetiki je bila rast 9,4-odstotna, predvsem zaradi povečanega obsega dela in ustanavljanja novih hčerinskih družb v Skupini Istra-benz Gorenje energetski sistemi. Kot načrtovano smo na po-dročju Informacijskih tehnologij povečali število zaposlenih za 20 oseb. Okrepili smo predvsem tehnični del Actualove ekipe zaradi novih prevzemov poslov v “outsourcingu”.

Število zaposlenih v Skupini Istrabenz Turizem se je v primer-javi z letom 2006 znižalo za 11 ljudi. Zaradi uvajanja novih storitev in večjega obsega dela se je povečalo število zapo-slenih v družbah Grand Hotel Adriatic, d.d., in Turizem Kras, d.d., zmanjšalo pa število zaposlenih v Istrabenz Turizmu, d.d., zaradi racionalizacije delovnih procesov.

6.2 Starostna struktura, prehajanje zaposlenih in bolniška odsotnost

Večina zaposlenih v Skupini Istrabenz pripada starostnima skupinama med 31 in 35 ter med 36 in 40 let. V Skupini je 40,7 odstotka vseh zaposlenih starejših od 41 let, 59,3 od-stotka pa mlajših od 41 let. Od skupno 4.793 zaposlenih je 54,8 odstotka moških in 45,2 odstotka žensk.

Figure 37: Number of employees in the Istrabenz Group in the 2005–2007 period

At the end of 2007, the number of employees in the Istrabenz Group decreased by 190 over the end of 2006, or by 3.8 per cent. The highest number of employees was recorded in Food (68.3 per cent), followed by Tourism with 17.6 per cent and Energy with 9.4 per cent of the total.

These changes primarily result from the reduced staffing numbers in the Food Business Area, which underwent a comprehensive reorganisation so as to increase its competitive power.

Contrary to this, Energy and IT recruited additional staff due to fast growth. The Energy Business Area recorded a growth of 9.4 per cent mainly due to a higher volume of work and the establishment of new subsidiaries within the Istrabenz Gorenje energetski sistemi Group. The number of employees in the IT Business Area increased by 20, which was in line with the plan. The number of technical staff on the Actual IT team was increased because new outsourcing deals had been concluded.

The number of employees in the Istrabenz Tourism Group decreased by 11 compared to 2006. Due to the introduction of new services and a higher volume of work, the number of employees in Grand Hotel Adriatic and Turizem Kras increased and that in Istrabenz Turizem decreased for the sake of work process streamlining.

6.2 Employee age structure, fluctuation and sick leave

The majority of employees in the Istrabenz Group belong to the age groups of 31 to 35 years and 36 to 40 years. In the Group, 40.7 per cent of the total are older than 41 and 59.3 per cent younger than 41. Out of a total of 4,793 employees, 54.8 per cent are male and 45.2 per cent female.

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Starostna sestava zaposlenih v družbah Skupine Istrabenz v odstotkih / Age structure of employees in the companies of the Istrabenz Group in per cent

25

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18-20 21-25 26-30 31-35 36-40 41-45 46-50 51-55 56 in več /and higher

Kot v letu pred tem je povprečna starost zaposlenih med najnižjimi na področju Informacijske tehnologije, kjer je 57 odstotkov zaposlenih starih med 26 in 35 let. Najvišja pov-prečna starost je še naprej v plinski dejavnosti na področju Energetika, kjer je največ zaposlenih v skupini od 41 do 45 let. Razlog je v tem, da prevladujejo v tej dejavnosti že več let delujoča podjetja. Nasprotno pa v novejših podjetjih Skupine Istrabenz Gorenje energetski sistemi prevladujejo zaposleni v starosti od 31 do 35 let.

Tudi v holdinški družbi Istrabenz je povprečna starost zapo-slenih sorazmerno nizka in znaša 39 let, tako kot v preteklem letu. Največ zaposlenih je med 36. in 40. letom starosti (29 odstotkov), sledi pa skupina od 31 do 35 let (25 odstotkov). Enako velja za področje Turizem, kjer se je starostna struktura nekoliko zvišala, predvsem zaradi zmanjšanja števila zaposle-nih v največji družbi Istrabenz Turizem, d.d. Na področju Pre-hrana, zlasti v krovni družbi Droga Kolinska, d.d., se povprečna starost zaposlenih počasi povečuje, ker fluktuacije skoraj ni.

Slika 38: Starostna sestava zaposlenih v družbah Skupine Istrabenz na dan 31.12.2007

V večini družb Skupine Istrabenz je fluktuacija zaposlenih majhna ali je skorajda ni. To posebej velja za področji Prehra-na in Energetika. Le na področju Turizem je zaradi sezonske narave dela fluktuacija še naprej visoka. V družbi Istrabenz Tu-rizem, d.d., je bil koeficient fluktuacije 18,17 odstotka, v dru-žbi Turizem Kras, d.d. pa je sicer visoka fluktuacija v upadu.

Družbe Skupine Istrabenz, ki so doslej beležile več bolniških odsotnosti, so uspele njihovo število znatno zmanjšati. K temu so prispevali načrtni ukrepi pri nadzoru bolniških staležev. Tako so v družbi Istrabenz Turizem, d.d., zabeležili 7 odstotkov manj, v Grand Hotelu Adriatic, d.d., v Opatiji pa 15 odstotkov manj bolniških odsotnosti kot v letu prej.

Equally to the year before, the lowest average age of employees is in the IT Business Area, 57 per cent of whom are between 26 and 35 years of age. The highest average age of employees continues to be in the gas activity within the Energy Business Area, where most employees are aged 41 to 45. This can be explained by the fact that the companies in this activity have been operating for many years. In the more recently established companies of the Istrabenz Gorenje energetski sistemi Group, the employees aged between 31 and 35 prevail.

In the Istrabenz Holding Company, the average age of employees is relatively low, i.e. 39 years, the same as the year before. Most employees are aged between 36 and 40 (29 per cent), followed by those between 31 and 35 (25 per cent). The same applies to the Tourism Business Area, where the age structure increased slightly, primarily owing to the downsizing in the largest company, Istrabenz Turizem. In the Food Business Area, especially in the parent company Droga Kolinska, the employees’ average age is gradually increasing as there is almost no staff fluctuation.

Figure 38: Age structure of employees in the companies of the Istrabenz Group as at 31 December 2007

In most of the companies of the Istrabenz Group, staff fluctuation is small or non-existent. This is particularly true for the Food and Energy Business Areas. Owing to the seasonal nature of the activity, staff fluctuation is still high in the Tourism Business Area. In Istrabenz Turizem the fluctuation coefficient was 18.17 per cent and in Turizem Kras the usually high fluctuation was on the decrease.

The companies of the Istrabenz Group which recorded high sick leave rates succeeded in reducing them considerably. This was due to the systematic supervision of sick leaves. In Istrabenz Turizem the sick leave rate decreased by 7 per cent and in Grand Hotel Adriatic in Opatija by 15 per cent compared to 2006.

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I. II. III. IV. V. VI. VII. VIII. IX.

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In the Istrabenz Holding Company and Actual IT, the sick-leave rate continues to be exceptionally low. This low rate among other things indicates a favourable organisational climate and good working conditions. The same applies to the Energy Business Area.

6.3 Employee education structure

Table 30: Employee education structure of the Istrabenz Group as at 31 December 2007, by investment area

Figure 39: Employee education structure of the Istrabenz Group in the 2005–2007 period

V družbi Istrabenz, d.d., in družbi Actual I.T., d.o.o., je bolniška odsotnost še naprej izjemno nizka. Nizek kazalec odsotnosti med drugim odraža tudi ugodno organizacijsko klimo in dobre delovne pogoje. Enako velja za področje Energetika.

6.3 Izobrazbena struktura

Tabela 30: Izobrazbena struktura zaposlenih po področjih Skupine Istrabenz na dan 31.12.2007

DRUŽBAINVESTMENT AREA

31.12. 2007TOTAL AS AT

31 DEC. 2007

I. II. III. IV. V. VI. VII. VIII. IX.

Krovna družba / Parent company 24 0 0 0 1 4 2 11 6 0

Energetika / Energy 451 28 4 8 127 123 49 95 13 4

Prehrana / Food 3.274 348 132 583 1213 395 165 418 19 1

Turizem / Tourism 842 148 29 21 274 235 49 83 3 0

Informacijske tehnologije / Information Technologies 168 3 0 0 2 71 19 65 7 1

Druge naložbe / Other Investments 34 0 0 0 1 13 3 17 0 0

Skupaj / Total 4.793 527 165 612 1.618 841 287 689 48 6

Odstotki za leto 2005 / Percentage for 2005 5.064 11,41 5,59 14,00 30,77 18,98 5,90 11,71 1,54 0,10

Odstotki za leto 2006 / Percentage for 2006 4.983 12,08 3,35 13,63 32,27 17,04 6,72 13,71 1,10 0,10

Odstotki za leto 2007 / Percentage for 2007 4.793 10,99 3,44 12,77 33,76 17,55 6,00 14,4 1,00 0,10

Slika 39: Izobrazbena struktura zaposlenih v Skupini Istrabenz v obdobju 2005 - 2007

Legenda / Key:I. manj kot osnovna šola / less than primary school

II. osnovna šola / primary schoolIII. dveletna poklicna šola / short post-primary school training IV. poklicna šola / vocational schoolV. srednja šola / secondary school

VI. višja šola / college education VII. univerzitetna izobrazba / university education

VIII. specializacija ali magisterij / specialisation or master’s degreeIX. doktorat / doctoral degree

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There were no substantial changes in the employee education structure of the Istrabenz Group compared to 2006. The number of employees with less than primary school, primary school and short post-primary school training decreased, while the number of those with vocational, secondary and college education increased, due to off-the-job training and investments in personal growth and professional advancement.

Some 60.7 per cent of employees completed vocational education or less, while 39.3 per cent completed secondary education or more. Of these, 14.4 per cent completed university education.

Owing to the nature of the operations of the Istrabenz Holding Company, the IT Business Area and the Istrabenz Gorenje energetski sistemi Group, the greater part of their employees hold university degrees or completed higher education. Some 71 per cent of the employees in the parent company hold a bachelor’s or master’s degree, while the upward trend in the level of education continues.

In the Food Business Area, especially in Droga Kolinska, 70 per cent of the employees completed less than secondary school and half of these are qualified workers. The downsizing of the workforce was proportionate at the educational levels from I to VI.

The Tourism Business Area predominantly employs staff with vocational and secondary school education, this being the result of the nature of the activity. In 2007, the employee education structure did not change considerably. The increase in the number of employees holding a college degree is due to the employment of graduates of professional colleges in the Tourism Business Area.

6.4 Scholarships

Through the granting of different scholarships, the Istrabenz Group provides for the recruitment of highly qualified staff from occupations in short supply. The Group recruits from the labour market enough qualified, professional and quality staff from all fields of expertise.

For the fifth consecutive year, the Istrabenz Holding Company organised the public personnel contest ‘The Hope of Istrabenz’ to find a young, talented individual. This time the selection also covered an activity outside the Group – viticulture & winemaking. The winner was awarded EUR 42,000, which he will spend for studies in Slovenia and abroad. He will also be offered a job in one of the Group’s companies.

The Tourism Business Area pursues an active scholarship policy. The catering occupations are in short supply, which is confirmed by the fact that we offered 28 scholarships through a widespread promotional campaign and could grant only eleven. Of these, five were granted by the company Istrabenz Turizem and six by Turizem Kras, where granting was organised within the Scholarship Scheme of the Notranjsko-Kraška Region.

Scholarships were also granted in the Energy and Food Business Areas – the company Soko Štark granted seven scholarships through a prize contest.

The Group also invests in the training of its employees, combining the broadening of functional knowledge with the completion of higher levels of formal education.

V primerjavi z letom prej v izobrazbeni strukturi zaposlenih v Skupini Istrabenz ni bistvenih sprememb. Zmanjšalo se je šte-vilo zaposlenih s I., III., in VI. stopnjo izobrazbe, povečalo pa se je število zaposlenih s IV, V. in VII. stopnjo izobrazbe, kar je med ostalim tudi posledica izobraževanja ob delu ter vlaganja v osebnostni in karierni razvoj.

Do vključno IV. stopnjo izobrazbe je imelo 60,7 odstotka zapo-slenih, od V. stopnje dalje pa 39,3 odstotka. Od teh jih je imelo kar 14,4 odstotka univerzitetno stopnjo izobrazbe.

V družbi Istrabenz, d.d., na področju Informacijske tehnologije in v Skupini Istrabenz Gorenje energetski sistemi zaradi nara-ve dejavnosti prevladujejo zaposleni s VII. in višjimi stopnjami izobrazbe. V krovni družbi Skupine ima kar 71 odstotkov za-poslenih univerzitetno ali magistrsko izobrazbo, trend višanja izobrazbe pa se nadaljuje.

Na področju Prehrana, zlasti v Drogi Kolinski, d.d., ima 70 odstotkov zaposlenih manj kot V. stopnjo izobrazbe, od teh je polovica priučenih. Zmanjševanje števila delavcev je potekalo sorazmerno na izobrazbenih ravneh od I. do VI. stopnje.

V Turizmu zaradi narave dejavnosti prevladujejo zaposleni s IV. in V. stopnjo izobrazbe. V letu 2007 se izobrazbena struktura ni bistveno spremenila. Povečanje zaposlenih s VI. stopnjo je posledica zaposlovanja diplomantov strokovnih šol na podro-čju Turizma.

6.4 Štipendiranje

V Skupini Istrabenz skrbimo za pridobivanje kakovostnih ka-drov v deficitarnih poklicih z načrtnim podeljevanjem različ-nih oblik štipendij. Sicer pridobimo na trgu delovne sile dovolj strokovnih, kakovostnih in usposobljenih kadrov z večine po-dročij.

V okviru holdinške družbe Istrabenz, d.d., smo z natečajem Istrabenzov Up že petič zapored izbrali mladega strokovnja-ka. Tokrat smo izbor razširili na dejavnost izven Skupine, na področje vinogradništva in vinarstva. Z nagrado 42.000 evrov smo mu omogočili kakovostno šolanje doma in v tujini ter mo-žnost razvoja kariere znotraj našega sistema.

Na področju Turizem izvajamo aktivno štipendijsko politiko. Deficitarnost gostinskih poklicev je precejšnja, saj smo kljub dejavni promociji od 28 razpisanih podelili le 11 štipendij. Od tega 5 v družbi Istrabenz Turizem, d.d., ostalo pa v družbi Turizem Kras, d.d., kjer poteka štipendiranje prek Štipendijske sheme Notranjsko-kraške regije.

Štipendije podeljujemo tudi na področjih Energetika in Prehra-na, kjer so v družbi Šoko Štark, d.o.o., podelili 7 štipendij prek nagradne igre.

Podpiramo tudi izobraževanje lastnih zaposlenih, tako pri pri-dobivanju funkcionalnih znanj kot pri pridobivanju višjih sto-penj formalne izobrazbe.

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6.5 Organizacijska klima in meritve zadovoljstva zaposlenih

V Skupini Istrabenz v posameznih družbah različno skrbimo za organizacijsko klimo in meritve zadovoljstva glede na specifi-čnost posameznih naložbenih področjih. Na osnovi prido-bljenih ugotovitev pripravljamo in izvajamo raznolike ukrepe.

V Istrabenz, d.d., in na področju Energetika, posebej v družbi Istrabenz Gorenje, d.d., je organizacijska klima ugodna. Zapo-sleni imajo jasno predstavo o tem, kaj se od njih pričakuje in razumejo svoj položaj v organizacijski shemi. V Plinarni Mari-bor, d.d., so rezultati pokazali upad zadovoljstva in drugih po-kazateljev, zato smo sprejeli primerne ukrepe.

Droga Kolinska, d.d., nosilka naložbenega področja Prehrana, je že dve leti v fazi spreminjanja in reorganizacij, kar vpliva na počutje zaposlenih. To se v zadnji tretjini leta stabilizira, tudi organizacijska klima je boljša.

Splošna stopnja zadovoljstva zaposlenih je še naprej visoka na področju Informacijskih tehnologij.

V Skupini Istrabenz Turizem je tovrstne meritve izvedla družba Turizem Kras, d.d., ki se je pridružila projektu SIOK (primer-jalno raziskovanje slovenske organizacijske klime). Rezultati kažejo ugodno sliko razvitosti organizacijske klime po posa-meznih kategorijah.

6.6 Skrb za vodstvene kadre - izvršni menedžment

Posamezne družbe Skupine Istrabenz izvajajo, glede na svoje posebnosti, različne ukrepe tudi pri razvoju in usposabljanju izvršnega menedžmenta.

V Istrabenz, d.d., izvršni management sestavljajo 3 ženske in 5 moških s povprečno starostjo 40 let, ki imajo v 75 odstot-kih zaključeno VIII. stopnjo izobrazbe. V letu 2007 smo med ostalim osvežili veščine vodenja letnega razvojnega pogovora in poslovnega bontona.

Na področju Energetike je v Istrabenz plinih, d.o.o., med 23 člani razširjenega kolegija 5 žensk. Med upravo in to skupino poteka stalen neposreden stik, zelo izražena pa je tudi potre-ba po stalnem izobraževanju in usposabljanju.

Povprečna starost vodstvenega kadra v Skupini Droga Kolinska je 44 let, večina jih ima VII. oziroma VIII. stopnjo izobrazbe. Za nove kadre je predvideno izobraževanje na ravni skupine v obli-ki treningov in delavnic za procese vodenja ter dela z ljudmi.

V Istrabenz Turizmu, d.d., šteje izvršni management 8 čla-nov, od tega je polovica žensk. Povprečna starost je 41 let, 75 odstotkov pa jih ima VII. stopnjo izobrazbe. V letu 2008 načrtujemo spremljanje osebnostnega razvoja in dodatnega usposabljanja.

6.5 Organisational climate and employee satisfaction surveys

The companies of the Istrabenz Group provide for a good organisational climate and conduct employee satisfaction surveys in different ways, depending on the specificity of each investment area. Based on the findings of the surveys, different measures are drawn up and implemented.

In the Istrabenz Holding Company and in the Energy Business Area, especially in the company Istrabenz Gorenje, the organisational climate on average is favourable. The employees have a clear understanding of what is expected from them and of their position in the organisational chart. In Plinarna Maribor, the results showed a decrease in the employee satisfaction rate and some other rates, which is why it adopted adequate measures.

Droga Kolinska, as the parent company in the Food Business Area, has undergone changes and reorganisation for the second consecutive year, which affected employee satisfaction. In the last four months of 2007, the satisfaction rate stabilised and the organisational climate improved.

The general employment satisfaction rate is still high in the IT Business Area.

In the Istrabenz Turizem Group, these surveys were conducted by the company Turizem Kras, which also joined the SIOK Project (a project dealing with comparative research on the organisational climate in Slovenia). The results show relatively high levels of organisational climate in individual categories.

6.6 Care for managerial staff – executive management

Depending on the specificity of their operations, the companies of the Istrabenz Group implement different measures in the development and training of their executive management.

In the Istrabenz Holding Company, the executive management includes three women and five men of 40 years of age on average, 75 per cent of whom completed specialisation or hold master’s degrees. In 2007, the employees brushed up their knowledge of conducting an annual development discussion and of business etiquette.

In the Energy Business Area, the company Istrabenz plini appointed five women to the extended 23-member board. The Management Board and the extended board are in direct contact, and the need for permanent education and training is strongly expressed.

The average age of the managerial staff in the Droga Kolinska Group is 44 years and most of them hold college or university degrees. New employees receive training at the level of the Group consisting of courses and workshops on human resource management and working with people.

In Istrabenz Turizem, the executive management is composed of eight members, half of whom are women. Their average age is 41 years and 75 per cent of them completed university education. Monitoring of personal progress and additional training is planned for 2008.

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The company Actual IT monitors employee satisfaction with their director, his assistant and with the heads of divisions, departments and sections. All members of the managerial staff received a modern training course in management skills.

V Actualu I.T., d.o.o., vsako leto spremljamo zadovoljstvo za-poslenih z delom direktorja, njegovega pomočnika, vodij po-dročij, sektorjev in oddelkov. Za vse vodstvene kadre smo izvedli sodoben trening vodenjskih veščin.

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In all investment areas of the Istrabenz Group, research and development of new products, services and processes are underway. In research, the Energy Business Area is particularly active, as the research team of the company Istrabenz Gorenje was entered in the register of research organisations.

The Istrabenz Group promotes the systematic development of new products, services and processes as well as their implementation in practice. Development activity is the cornerstone of long-term growth in all activities of the Group.

Energy

In the area of electricity supply, the Istrabenz Gorenje energetski sistemi Group continued with the transfer of knowledge. The acquired know-how was enriched by the knowledge of our experts, as each energy market has its specifics. In this way the service of electricity supply is constantly being improved, which was reflected in an increase in income by one half in 2007.

In co-operation with selected outsourced experts, we plan to further develop the integral information system in 2008. This system will comprise the automatic capture of measurement data, support for communication with the customers, and a series of different tools and modules boosting the company’s competitiveness in the market. Further activities will be geared towards meeting the needs of our customers and establishing long-term business relations with them.

The research team of Istrabenz Gorenje continued working on two international research projects related to the use of renewable sources in the Western Balkans. In the future, development will be underpinned by new projects.

Although the Istrabenz plini Group has not established in-house development, we make sure that all novelties improving the quality and safety of our activity are put into practice. The activity’s development is also influenced by the strict legislation and frequent amendments to regulations. We drew up the Statement on Safety Policy with Risk Assessment, which must

Na področju raziskav in razvoja novih izdelkov, storitev in procesov smo v Skupini Istrabenz aktivni na vseh naložbe-nih področjih. V raziskovalnem delu izstopa zlasti področje Energetike, saj je raziskovalna skupina družbe Istrabenz Gorenje, d.o.o., vpisana tudi v register raziskovalnih organizacij.

V Skupini Istrabenz spodbujamo sistematičen razvoj novih produktov, storitev in procesov ter njihovo uvedbo v prakso. Razvojna dejavnost nam pomeni izvor dolgoročne rasti vseh dejavnosti skupine.

Energetika

V Skupini Istrabenz Gorenje energetski sistemi smo na podro-čju oskrbe z električno energijo nadaljevali s prenosom zna-nja. Tega smo oplemenitili z domačim znanjem, saj je vsak trg energije specifičen. Na ta način stalno izboljšujemo kakovost storitve dobave električne energije, kar se kaže tudi v polovico večjih prihodkih v letu 2007.

V sodelovanju z izbranimi zunanjimi izvajalci nameravamo v letu 2008 nadaljevati razvoj celovitega informacijskega sis-tema. Med drugim bo obsegal sistem za samodejni zajem merilnih podatkov, podporo pri komunikaciji s kupci in vrsto različnih orodij in modulov, ki bodo služili povečevanju konku-renčnosti podjetja na trgu. Nadaljnje aktivnosti bomo usmerili v razumevanje potreb odjemalcev in vzpostavljanje dolgoro-čne poslovne vezi z njimi.

Raziskovalna skupina družbe Istrabenz Gorenje, d.o.o., je na-daljevala delo v okviru dveh mednarodnih raziskovalnih pro-jektov na področju rabe obnovljivih virov na zahodnem Balka-nu. Razvoj bomo v prihodnje podprli tudi z novimi projekti.

V Skupini Istrabenz plini sicer nimamo lastnega razvoja, ven-dar skrbimo, da vse novosti, ki izboljšujejo kakovost in varnost naše dejavnosti, vpeljemo tudi v prakso. Na razvoj dejavnosti vplivajo zahtevna zakonodaja in pogoste spremembe predpi-sov. Na področju varnosti smo izdelali Izjavo o varnosti z oceno

Raziskave in razvoj izdelkov, storitev in procesovResearch and development of products, services and processes

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be reviewed once a year, the Safety Report, which is regularly updated, and the Rules and the Study on Ex Equipment, Waste Management and Environmental Protection. To facilitate the comprehensive management of all these areas, operations have been aligned with the ISO 9001:2000, ISO 14001 and OHSAS 18001 standards.

Food

In 2007, a strong emphasis was again put on product development in the Food Business Area so as to keep pace with our competitors or even gain a competitive edge. Development of products that the market needs and expects is the responsibility of the relevant departments of the Droga Kolinska Group, which work in concert. From the initial stage of product design we consider all known chemical and microbiological risks. Moreover, we are constantly broadening our knowledge of new risks and take them into account in new and old products.

Product development resulted in broader product ranges in most of our programmes:

In the coffee programme, new packaging for ground espresso coffee was designed. New instant coffee drinks were developed and will be launched on the market in the first half of 2008.

Our tea ‘Winter Tale’ was added to the product range of ‘Wellness’ teas, which was launched in 2006. The new green tea was vanilla-flavoured. The entire product range of fruit teas was redesigned in terms of appearance. The Agency for Medicinal Products and Medical Devices of the RS extended our licence for the production and sale of medicinal teas and we registered two new teas – relaxing and beneficial for heart health.

In the meat programme, our activities focused on the tin packaging redesign project, as we introduced round shaped tins. A new flavour of the Pikant chicken pâté was developed.

tveganja, ki jo je potrebno enkrat letno revidirati, Varnostno poročilo, ki ga v rednih rokih dopolnjujemo, Pravilnik in elabo-rat za Ex naprave, ravnanje z odpadki ter varovanje naravnega okolja. Za lažje obvladovanje vodenja teh področij je naše po-slovanje usklajeno s standardi ISO 9001:2000, ISO 14001 in OHSAS 18001.

Prehrana

Razvoju izdelkov smo na področju Prehrana tudi v letu 2007 dajali velik poudarek. Tako zagotavljamo, da v nosilnih pro-gramih ohranjamo korak s konkurenco oziroma smo pred njo. Razvoj izdelkov, ki jih trg potrebuje in pričakuje, poteka s sodelovanjem in usklajenim delovanjem služb Skupine Droga Kolinska. Že od začetka načrtovanja izdelkov vključujemo vsa znana kemijska in mikrobiološka tveganja. Obenem se vse-skozi seznanjamo z novimi, ki jih upoštevamo tako pri novih kot obstoječih izdelkih.

Z razvojem izdelkov smo v večini programov razširili asorti-ment:

V programu kave smo ponudili novo obliko pakiranja za mle-to espresso kavo v vrečki. Razvijali smo nove instant kavne napitke, ki jih bomo ponudili v prvi polovici leta 2008.

S čajem Zimska pravljica smo razširili linijo Wellness čajev, ki smo jo uvedli leta 2006. Novi zeleni čaj smo pripravili z okusom vanilije. Pripravili smo celoten asortiment sadnih čajev v novi preobleki. Javna agencije za zdravila in medi-cinske pripomočke nam je podaljšala dovoljenje za proizvo-dnjo in promet zdravilnih čajev, registrirali pa smo še dva zdravilna čaja, pomirjevalni in za srce.

Na področju mesnega programa smo usmerili aktivnosti v projekt posodobitve embalažnega materiala za konzerve, t.i. zaobljene linije konzerve. Razvili smo nov okus kokošje paštete Pikant.

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Uvajali smo tudi tehnološke novosti in izboljšave:

V tovarni v Sarajevu smo izvedli celovit prenos znanja za izdelavo paštet.

V Mirni smo zagotovili nemoteno oskrbo z inertnim plinom za novo pakirno linijo. Postavili smo postajo z rezervoarjem za dušik, ki zagotavlja izdelkom boljšo kakovost in podaljša rok uporabe.

Da bi povečali obseg proizvodnje na enem mestu, smo v Izolo preselili proizvodnjo čajev iz Sombora.

V Makedoniji smo sodelovali pri projektu preselitve in poso-dobitve pražarne v Skopju, kar nam je omogočila združitev delovanja podjetja na eni lokaciji.

Turizem

Na področju Turizma smo nadaljevali z razvojem in izboljšava-mi produktov ter poslovnih procesov. Kakovostna rast ponu-dbe se je odrazila tudi v boljših poslovnih rezultatih.

V okviru mednarodne hotelske verige LifeClass Hotels & Spa smo dopolnjevali celoto hotelskih, gostinskih, wellness in kon-gresnih storitev, ki jih spremlja bogata in kakovostna dopolnil-na ponudba. Veliko naporov smo vložili zlasti v razvoj blagovne znamke. Z inovacijami in novimi tehnološkimi rešitvami smo dosegli prihranke na področjih energetike (manjša poraba, boljši izkoristki, izkoriščanje odpadne energije itd.).

V družbi Turizem Kras, d.d., (v letu 2007 se je tako preime-novala družba Postojnska jama, Turizem, d.d.) smo aktivno delovali na področju razvoja prireditev, poslovnega turizma, doživljajskih ogledov in motivacijskih srečanj, ki smo jih dopol-nili z delom animatorjev tudi na področju programov za otroke in šolske skupine. Posodobili smo niz prodajnih mest v jami, uvedli smo turistični vlakec iz Postojne in uredili parkirišče za avtodome. Oblikovali smo tudi strategijo razvoja turistične de-stinacije Kras.

V družbi Grand Hotel Adriatic, d.d., smo dodatno razvijali ga-stro in wellness ponudbo. Nadaljevali smo z razvojem storitve Wellness Grand Hotel Adriatic, ki je prepoznavna po lastni liniji proizvodov in povezanosti wellnessa z gastro programi. Storitev temelji na lastnem znanju, idejah in sposobnostih zaposlenih.

V Marini Koper, d.o.o., smo ponudili novo dejavnost »charter«, ki pa jo bomo zaradi prostorske in kadrovske stiske v letu 2008 oddali drugemu upravljavcu. Družba je v letu 2007 zače-la urejati področje poslovnih procesov in kakovosti poslovanja z uvajanjem standarda ISO 9001:2000.

Informacijske tehnologije

Med razvojnimi projekti na področju Informacijskih tehno-logij velja izpostaviti prenovo podatkovnih centrov v Skupini Actual, ki omogočajo izvajanje naših informacijskih storitev po načelu neprekinjenega poslovanja. Je tudi podlaga za ra-zvoj novih storitev, med njimi SiHramba, ki skladno z ZVDAGA

The technological novelties and improvements were as follows:

The transfer of know-how to the plant in Sarajevo for the production of pâtés.

Provision of an uninterrupted supply of inert gas for the new packaging line in Mirna. Construction of a station with a nitrogen tank which is used in packaging and adds to product quality and longer shelf life.

To increase the volume of production in one spot, we relocated the tea production from Sombor to Izola.

In Macedonia, we participated in the relocation and modernisation of the coffee roasting plant in Skopje, which enabled integration of the company’s operations in one location.

Tourism

In the Tourism Business Area, we continued developing and enhancing products and business processes. The growth in the range of products and their quality was reflected in better business results.

In the framework of the international LifeClass Hotels & Spa hotel chain, we upgraded the hotel, catering, wellness and congress services and added to them an extensive and high-quality complementary range. Our efforts were invested in the development of brands. Innovations and new technological solutions resulted in energy savings (reduced consumption, better utilisation, use of waste energy, etc.).

In Turizem Kras, (the new name of the company Postojnska jama, Turizem, which was renamed in 2007) we engaged in intensive activities related to the organisation of events, business tourism, adventure trips, and motivational meetings, complemented by animation programmes for children and school groups. We modernised the strip of shops in front of Postojna Cave, introduced a small tourist train from the town of Postojna, and arranged a parking lot for motor-homes. A strategy for the development of the tourist destination Karst was drawn up.

The company Grand Hotel Adriatic additionally developed its gastronomy and wellness range. We continued developing the Wellness Grand Hotel Adriatic service, which is known for its own product line and the intertwining of wellness and gastronomy programmes. This service is underpinned by our employees’ knowledge, ideas and skills.

In Marina Koper the new activity ‘Charter’ was offered, but it will be handed over to another manager in 2008 due to lack of space and personnel. In 2007, the company started reorganising its business processes and increased the quality of its operations by implementing the ISO 9001:2000 standard.

Information Technologies

Among the development projects within the IT Business Area, one worth noting is the renovation of data centres in the Actual Group, enabling the provision of information services by the principle of uninterrupted operations. This also serves as a basis for the development of new services, including SiHramba, which, in compliance with the Protection

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zagotavlja varno hranjenje dokumentnega in arhivskega gradiva. S trženjem produkta bomo začeli v letu 2008. V minulem letu smo organizirali tudi oddelek za razvoj rešitev.

Uvedli smo več projektov za doseganje večje notranje učinko-vitosti in nižanja stroškov poslovanja:

Amortizacijo vzdrževanja računalniškega delovnega okolja, kjer je cilj dosegati večjo učinkovitost na enoto storitev in zagotavljati boljšo kakovost ter hitrejšo izvedbo storitev.

Optimizacijo internih procesov, kot so naročanje, izvedba, podpora in obračunavanje storitev, ki bo pripomogla k niža-nju stroškov.

Sistem in proces za učinkovito obvladovanje projektov s po-udarkom na spremljanju zasedenosti in porabe sredstev.

Razvoj poslovnih procesov smo v letu 2007 podprli s projektom sistema vodenja kakovosti v skladu z mednarodnim standar-dom ISO 9001:2000. Prenovili smo dokumentacijo procesov, vzpostavili proces nenehnih izboljšav in izvedli ostale dejavno-sti za učinkovit sistem vodenja kakovosti. V začetku leta 2008 pričakujemo pridobitev potrdila skladnosti s standardom ISO 9001:2000.

Na področju varnosti smo izvedli projekt uvedbe siste-ma vodenja varovanja informacij v skladu s standardom ISO/IEC 27001:2005. Z zaključkom tega projekta bomo dvi-gnili raven varnosti za podjetje in za naše stranke. Osnova za prenovo varnostnih politik je bila ocena tveganj po metodo-logiji CRAMM. Sistem vodenja varovanja informacij spada v skupino sistemov vodenja in bo združen s sistemom vodenja kakovosti. Sistem bo vpeljan v začetku leta 2008. Potrdilo o skladnosti z zahtevami standarda ISO/IEC 27001:2005 bomo predvidoma pridobili ob koncu prvega četrtletja 2008.

7.1 Razvoj in upravljanje blagovnih znamk

Na ravni Skupine Istrabenz upravljamo korporativno blagovno znamko Istrabenz, ki združuje poslovno odličnost, ugled, tradi-cijo in prepoznavnost. Vrednost in ugled blagovne znamke pre-našamo tudi na odvisne družbe, na primer, Istrabenz Gorenje, d.o.o., Istrabenz plini, d.o.o., in Istrabenz Turizem, d.d.

Med družbami skupine izstopa po svoji moči in prepoznavnosti še korporativna blagovna znamka Droga Kolinska, uveljavlja pa se tudi blagovna znamka Actual I.T.

Energetika

Na področju Energetike se v dejavnosti trgovanja z električno energijo uveljavlja družba GEN-I, d.o.o., ki razvija istoimensko blagovno znamko. Poleg svoje tržne vrednosti namerava po-stati sinonim za javno - zasebno partnerstvo na področju trgo-vanja z električno energijo.

Na področju biomasnih izdelkov razvijamo lastno blagovno znamko Forest, ki je imela leta 2007 v svojem portfelju že pet različnih izdelkov.

of Documents and Archives and Archival Institutions Act, ensures the secure storage of documents and archival material. This product will be marketed in 2008. In 2007, a department for the development of solutions was established.

Several projects were launched, geared at increasing internal efficiency and decreasing operating costs:

Automated maintenance of the computer working environment so as to improve efficiency per unit of service, enhance quality, and speed up the provision of services.

Optimisation of internal processes, including ordering, implementation, support, and charging of services, so as to reduce costs.

A system and process for efficient project management, with an emphasis on monitoring the engagement and use of resources.

In 2007, the development of business processes was supported by a quality assurance system project in line with the international ISO 9001:2000 standard. We reorganised the documenting of processes, set up a continuous improvement process, and carried out other activities aimed at an efficient quality assurance system. At the beginning of 2008, we expect to be granted the certificate of compliance with the ISO 9001:2000 standard.

As regards security, a project was launched introducing a data protection management system in compliance with the ISO/IEC 27001:2005 standard. The re-formulation of security policies was based on a risk assessment using the CRAMM methodology. The data protection management system belongs to a group of management systems and will be merged with the quality assurance system. It will be introduced at the beginning of 2008. The certificate of compliance with the ISO/IEC 27001:2005 standard is expected to be obtained at the end of the first quarter of 2008.

7.1 Brand development and management

The Istrabenz Group manages the Istrabenz corporate brand, which combines business excellence, reputation, tradition, and recognisability. The value and reputation of the brand is transferred to our subsidiaries, including Istrabenz Gorenje, Istrabenz plini, and Istrabenz Turizem.

Among the companies of the Group, the power and recognisability of the corporate brand Droga Kolinska is the most distinct and the Actual IT brand is also gaining ground.

Energy

In electricity trading within the Energy Business Area, the company GEN-I is increasingly gaining ground and is developing its corporate brand. In addition to increasing its market value, it plans to become a synonym for public-private partnership in electricity trading.

In the field of biomass products, we are developing our own brand, Forest, whose portfolio in 2007 already featured five products.

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Znamka Istrabenz plini je v Sloveniji že dobro prepoznavna in označuje celovito, varno, hitro in zanesljivo oskrbo z različnimi vrstami plinov. S širitvijo in krepitvijo poslovanja v jugovzhodni Evropi načrtujemo uveljavitev znamke tudi na novih trgih.

Plinarna Maribor je v preteklem letu uspešno nadaljevala z razvojem lastne blagovne znamke Plinekspres za storitev do-stave plina na dom. H krepitvi te blagovne znamke je poleg oglaševanja pripomoglo tudi nadaljevanje programa zvestobe in izvajanje storitve na širšem geografskem območju.

Prehrana

V družbah s področja Prehrane smo uspešno razvijali in uprav-ljali svoj bogati portfelj izdelčnih blagovnih znamk. Nadaljevali smo z optimizacijo prodajnega portfelja s ciljem strateškega fokusiranja na ključne blagovne znamke in s povečevanjem njihove vrednosti. V tem okviru je bilo izvedeno zbiranje po-nudb za prodajo blagovnih znamk in pripadajočega »know-ho-wa« Viki in Belsad.

Novost v sklopu celovitih marketinških aktivnosti so tudi spletne strani posameznih blagovnih znamk, kot so www.donatmg.net, www.cockta.eu, www.barcaffe.com in www.1001cvet.com.

Med najpomembnejšimi aktivnostmi v smeri konsolidacije portfelja in povečanja osredotočenosti blagovnih znamk velja izpostaviti:

Optimizacijo asortimenta prehrambenih dodatkov in v tem okviru zaključek migracije v okviru blagovne znamke Maestro.

Krepitev blagovne znamke naravne mineralne vode Donat Mg s promocijo, informiranjem in osveščanjem potrošnikov. V ta namen smo med drugim vzpostavili spletno stran, ki prinaša strokovne informacije v sedmih jezikih.

Pri pijači Cockta smo marketinške aktivnosti v letu 2007 naravnali v povečanje prepoznavnosti in ugleda blagovne znamke pri mlajši ciljni skupini.

Začetek prodaje namazov Argeta v Romuniji in na Kitaj-skem podpira strateško večanje ugleda in prepoznavnost ter osvajanje novih trgov.

Repozicioniranje blagovne znamke Aroma v programu kava.

Nov projekt Barcaffe Coffee-to-go na bencinskih servisih in Barcaffe MIM'GREDE na drugih lokacijah v okviru znamke Barcaffe, najmočnejši blagovni znamki v Sloveniji nasploh.

Nadaljevanje procesa posodabljanja blagovne znamke ča-jev 1001 CVET. Poleg posodabljanja embalaže in komuni-kacijskih aktivnosti smo razvili inovativne čajne mešanice.

On the Slovenian market, the Istrabenz plini brand is an established name denoting the comprehensive, safe and efficient supply of various types of gases. We plan to launch this brand on new markets through the expansion and strengthening of our business in South-Eastern Europe.

In 2007, Plinarna Maribor successfully developed its own brand, Plinekspres, denoting the home delivery of gas. This brand was strengthened by means of advertising campaigns and a loyalty programme, and by supplying the service in a broader geographic area.

Food

In the companies within the Food Business Area, our extensive portfolio of product brands was successfully developed and managed. We continued optimising our sales portfolio so as to strategically focus on key brands and increase their value. In this framework, an invitation for bids to purchase the Viki and Belsade brands and their pertaining know-how was published.

A novelty in marketing activities was the introduction of websites for individual brands, such as www.donatmg.net, www.cockta.eu, www.barcaffe.com, and www.1001cvet.com.

Among the major activities geared towards portfolio consolidation and stronger brand focus, the most important were the following:

Optimisation of the product range of food complements and the completion of migration of the Maestro brand.

Strengthening of the brand of natural mineral water Donat Mg through promotion and the spreading of information among consumers. For this purpose, a website was set up offering expert information in seven languages.

As regards the Cockta beverage, our marketing activities in 2007 were geared towards increasing the brand’s recognisability and reputation among the young.

Launching of the Argeta pâtés on the Romanian and Chinese markets helped increase the brand’s reputation and recognisability as well enabled penetration into new markets.

Repositioning of the Aroma brand in the coffee programme.

Launching of the projects Barcaffe Coffee-to-go at service stations and Barcaffe MIM'GREDE in other locations to further strengthen the Barcaffe brand, which is already the leading brand in Slovenia.

Continuation of the process of modernisation of the 1001 CVET tea brand. In addition to the modernisation of packaging and communication activities, innovative tea blends were also developed.

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Turizem

V Turizmu smo v segmentu hotelirske dejavnosti nadaljevali z dopolnjevanjem vsebine blagovne znamke LifeClass. Skušali smo jo približati širšim segmentom gostov. Razvili smo prin-cip krovne blagovne znamke LifeClass (LC). Ohranjamo jo kot povezovalni element in kot podpisno znamko, ki naj dobi zna-čaj mnogoterih vsebin. Zato se je spremenila podoba logotipa: namesto Hotels & Resorts smo uporabili oznako Hotels & Spa. Identiteto posameznih produktov smo razvili in uporabili skla-dno s to strategijo.

V segmentu obiska naravnih atrakcij smo začeli graditi celo-tno grafično podobo na ravni družbe Turizem Kras, d.d., in na ravni posameznih produktov. Ob spremembi firme smo prila-godili logotip družbe, ki se uporablja na korporativnem nivoju. Prepoznavno grafično podobo so dobili tudi Postojnska jama in drugi posamezni produkti ter dve večji prireditvi.

Hoteli LifeClass Hotels & Spa so prejeli v letu 2007 od nemško - švicarske turistične agencije Spar Mit nagrado ”Zlati vzglavnik 2007” za najboljši wellness hotel.

Informacijske tehnologije

Primarne aktivnosti so usmerjene v izgradnjo in vzdrževanje krovne blagovne znamke Actual I.T. V okviru sodelovanja s konzorcijem podjetij pa razvijamo blagovno znamko SiHram-ba, namenjeno trženju produkta, ki bo omogočal trajno elek-tronsko hranjenje dokumentov.

Druge naložbe

Na področju Drugih naložb po svoji posebnosti izstopa blagov-na znamka OpenAd. V letu 2007 smo nadaljevali z graditvijo prepoznavnosti inovativnega projekta, ki temelji na vzpostavi-tvi vzorčne pravne infrastrukture za prenos intelektualnih pra-vic prek spleta, inovativni računalniški infrastrukturi spletne strani www.openad.net in izvajanju podpore uporabnikom po vsem svetu.

Tourism

In the hotel activity within the Tourism Business Area, we continued complementing the LifeClass brand. Our aim was to present the brand to a broader client base. The principle of the LifeClass holding brand (LC) was developed. It is being cultivated as an overall connecting element and a signature brand for a wide diversity of content. Therefore, the logo was also changed: ‘Hotels & Resorts’ was replaced by ‘Hotels & Spa’. The identity of individual products was developed and used in line with this strategy.

In the segment of visits to natural attractions, we started developing an overall graphic identity for the company Turizem Kras and for individual products. When the company was renamed, its logo was changed and started being applied on the corporate level. A recognisable graphic identity was also developed for the Postojna Caves and some other products as well as two major events.

In 2007, the LifeClass Hotels & Spa brand received the ‘Golden Pillow 2007’ award for best wellness hotel from the German-Swiss tourist agency Spar mit.

Information Technologies

The primary IT activities are geared towards the creation and maintenance of the Actual IT holding brand. In co-operation with a consortium of companies, we are developing the SiHramba brand, designed for marketing a product for the permanent storage of electronic files.

Other Investments

In the Other Investment Business Area, the OpenAd brand is the most outstanding. In 2007, we continued building the recognisability of the innovative project of setting a precedent within a legal infrastructure enabling the transfer of intellectual rights via the Internet, the innovative computer infrastructure of the website www.openad.net, and the provision of support to users at the global level.

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Ključno vodilo korporativnega komuniciranja družb Skupi-ne Istrabenz predstavljajo Standardi komuniciranja Skupine Istrabenz. Na ravni Skupine upravlja komunikacijske aktivno-sti služba za komuniciranje holdinške družbe Istrabenz, d.d. Aktivnosti zajemajo usklajevanje in strateško upravljanje ko-munikacijske politike Skupine Istrabenz ter obravnavo komu-nikacijskih strategij in letnih komunikacijskih načrtov posa-meznih družb.

V letu 2007 so na korporativni ravni potekale intenzivnejše ko-munikacijske aktivnosti ob naslednjih dogodkih:

prevzemna ponudba za družbo Droga Kolinska, d.d., in za-menjava uprave v tej družbi,

postopki prenosa vseh preostalih delnic družb Droga Kolin-ska, d.d., Turizem Kras, d.d. (19.9.2007 se je tako preime-novala družba Postojnska jama, Turizem, d.d.), Istrabenz Turizem, d.d., na glavnega delničarja,

imenovanje uprave v družbi Instalacija, d.o.o., na mesto preminulega direktorja Borisa Gorupa,

naložba v lastniški delež družbe Petrol d.d. in proces izved-be prevzemne ponudbe za holdinško družbo Istrabenz, d.d., s strani omenjene družbe,

skupščine delničarjev in seje nadzornega sveta krovne dru-žbe in odvisnih družb,

spremembe v upravi holdinške družbe Istrabenz, d.d., večji sponzorski in donatorski dogodki, kot na primer pobu-

da in vodenje akcije zbiranja sredstev primorskega gospo-darstva ob naravni nesreči v Železnikih ‘Po dežju naj posije sonce’,

Letno poročilo in Poročilo o trajnostnem razvoju družbe in Skupine Istrabenz.

Korporativno komuniciranje Corporate Communications

The guideline in the corporate communications of the companies of the Istrabenz Group is the document Communication Standards of the Istrabenz Group. At the level of the Group, communication activities are managed by the Communication Department of the Istrabenz Holding Company. These activities include the co-ordination and strategic management of the Istrabenz Group’s communication policy as well as the management of the communication strategies and annual communication plans of individual companies.

In 2007, intensive communication activities at the corporate level accompanied the following events:

A public bid to purchase the shares of Droga Kolinska and replacement of the Management Board in this company;

Transfer of the remaining shares of Droga Kolinska, Turizem Kras (the new name of the company Postojnska jama, turizem, which was renamed at 19.9.2007); and Istrabenz Turizem to the majority shareholder;

Appointment of the Management Board of the company Instalacija, following the passing away of Director Boris Gorup;

Acquisition of an interest in the company Petrol and the implementation of Petrol’s takeover bid to purchase the Istrabenz Holding Company;

General Meetings of Shareholders and meetings of the Supervisory Board of the Istrabenz Holding Company and its subsidiaries;

Changes in the Management Board of the Istrabenz Holding Company;

Major sponsorship and donation events, such as the initiation and management of the humanitarian campaign ‘Let There Be Sun After the Rain’, in the framework of which companies from the Primorska region contributed financial and material aid to the flood-stricken Municipality of Železniki;

The Annual Report and the Sustainable Corporate Development Report of the Istrabenz Holding Company and the Istrabenz Group.

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Seznam slikList of figures

Slika 1: Rast sredstev Skupine Istrabenz v obdobju 2002-2007 10

Slika 2: Rast kapitala Skupine Istrabenz v obdobju 2002-2007 11

Slika 3: Rast dobička Skupine Istrabenz v obdobju 2002-2007 11

Slika 4: Shema organiziranosti Skupine Istrabenz na dan 31.12.2007 31

Slika 5: Struktura lastništva holdinške družbe Istrabenz, d.d., na dan 31.12.2007 37

Slika 6: Mesečni kapitalski donos in kumulativni mesečni promet z Istrabenzovo delnico v letu 2007 39

Slika 7: Gibanje enotnega tečaja in prometa z delnico v letu 2007 in primerjava s SBI20 40

Slika 8: Letni kapitalski donos in vrednostni obrat (promet kot delež celotne izdaje) za Istrabenzovo delnico od leta 2003 do konca leta 2007 40

Slika 9: Relativno gibanje tečaja Istrabenzove delnice in indeksa SBI20 od leta 2004 do konca leta 2007 41

Slika 10: Struktura poslovnih prihodkov Skupine Istrabenz po poslovnih področjih 62

Slika 11: Gibanje poslovnih prihodkov Skupine Istrabenz po posameznih področjih 62

Slika 12: Gibanje poslovnih prihodkov, neto poslovnih sredstev in kapitala Skupine Istrabenz 65

Slika 13: Naložbena področja Skupine Istrabenz 67

Slika 14: Razporeditev neto poslovnih sredstev Skupine Istrabenz 68

Figure 1: Growth in the assets of the Istrabenz Group in the 2002-2007 period 10

Figure 2: Growth in equity of the Istrabenz Group in the 2002-2007 period4 11

Figure 3: Growth in profit of the Istrabenz Group in the 2002-2007 period5 11

Figure 4: Organisation chart of the Istrabenz Group as at 31 December 2007 31

Figure 5: Ownership structure of the Istrabenz Holding Company as at 31 December 2007 37

Figure 6: Monthly capital gain and cumulative monthly trading volumes of Istrabenz shares in 2007 39

Figure 7: Movements in the average share price and trading volume in 2007 and a comparison with the SBI20 index 40

Figure 8: Annual capital gain and value turnover (trading volume vs. entire issue) for the Istrabenz share from 2003 to the end of 2007 40

Figure 9: Relative changes in the price of Istrabenz shares and the SBI20 index from 2004 to the end of 2007 41

Figure 10: Operating income of the Istrabenz Group by Business Area 62

Figure 11: Movements in the operating income of the Istrabenz Group by Business Area 62

Figure 12: Movements in the operating income, net operating assets and equity of the Istrabenz Group 65

Figure 13: Investment areas of the Istrabenz Group 67

Figure 14: Structure of the net operating assets of the Istrabenz Group 68

124

Slika 15: Gibanje neto poslovnih sredstev po naložbenih področjih 68

Slika 16: Nihanje cen elektrike na EEX v letu 2007 69

Slika 17: Primerjava cene na enoto energije iz peletov in kurilnega olja v obdobju 2002 - 2007 70

Slika 18: Gibanje prihodkov od prodaje za Skupino Istrabenz Gorenje energetski sistemi 72

Slika 19: Gibanje nabavnih cen mešanice propan - butan (v evrih za tono) 74

Slika 20: Prodane količine po posameznih programih za Skupino Istrabenz plini 76

Slika 21: Struktura prihodkov od prodaje Skupine Istrabenz plini za leto 2007 77

Slika 22: Gibanje prihodkov od prodaje po skupinah produktov 77

Slika 23: Struktura prodaje po trgih 82

Slika 24: Struktura prodaje po programih 82

Slika 25: Gibanje prihodkov od prodaje po programih 83

Slika 26: Gibanje tečaja srbskega dinarja (RSD)/EUR po tečaju Banke Slovenije 84

Slika 27: Fizični kazalniki poslovanja Skupine Istrabenz Turizem 86

Slika 28: Struktura poslovnih prihodkov Skupine Istrabenz Turizem 87

Slika 29: Gibanje poslovnih prihodkov po programih 87

Slika 30: Struktura prihodkov od prodaje za Skupino Actual 89

Slika 31: Gibanje prihodkov od prodaje 90

Figure 15: Movements in net operating assets by investment area 68

Figure 16: Fluctuations in electricity prices on the EEX in 2007 69

Figure 17: Comparison of price per energy unit derived from pellets and fuel oil in the 2002–2007 period 70

Figure 18: Movements in sales revenue of the Istrabenz Gorenje energetski sistemi Group 72

Figure 19: Movements in the purchase price of propane/butane mix (in EUR per tonne) 74

Figure 20: Sold quantities by programme – the Istrabenz plini Group 76

Figure 21: Sales revenue structure of the Istrabenz plini Group for 2007 77

Figure 22: Movements in sales revenue by product group 77

Figure 23: Sales by market 82

Figure 24: Sales by programme 82

Figure 25: Movements in sales revenue by programme 83

Figure 26: Movements in the Serbian dinar exchange rate RSD/EUR exchange rate 84

Figure 27: Physical performance indicators of the Istrabenz Turizem Group 86

Figure 28: Structure of the operating income of the Istrabenz Turizem Group 87

Figure 29: Movements in operating income by programme 87

Figure 30: Sales revenue of the Actual Group 89

Figure 31: Movements in sales revenue 90

125

Slika 32: Struktura sredstev holdinške družbe Istrabenz, d.d. 96

Slika 33: Struktura naložb v odvisne družbe 97

Slika 34: Prikaz rasti neto poslovnih sredstev družbe ter kapitala in finančnih obveznosti 98

Slika 35: Delež zaposlenih po področjih Skupine Istrabenz na dan 31.12.2007 108

Slika 36: Delež zaposlenih po področjih Skupine Istrabenz v obdobju 2005 - 2007 109

Slika 37: Število zaposlenih v Skupini Istrabenz v obdobju 2005 - 2007 110

Slika 38: Starostna sestava zaposlenih v družbah Skupine Istrabenz na dan 31.12.2008 111

Slika 39: Izobrazbena struktura zaposlenih v Skupini Istrabenz v obdobju 2005 - 2007 112

Figure 32: Structure of assets of the Istrabenz Holding Company 96

Figure 33: Structure of investments in subsidiaries 97

Figure 34: Growth in the net operating assets of the Company as well as equity and financial liabilities 98

Figure 35: Share of employees of the Istrabenz Group as at 31 December 2007, by investment area 108

Figure 36: Share of employees of the Istrabenz Group in the 2005–2007 period, by investment area 109

Figure 37: Number of employees in the Istrabenz Group in the 2005–2007 period 110

Figure 38: Age structure of employees in the companies of the Istrabenz Group as at 31 December 2007 111

Figure 39: Employee education structure of the Istrabenz Group in the 2005–2007 period 112

126

Seznam tabel List of tables

Tabela 1: Pomembnejši poudarki v poslovanju družbe Istrabenz, d.d., in Skupine Istrabenz v letu 2007 10

Tabela 2: Strateški cilji holdinške družbe Istrabenz, d.d., za obdobje 2007-2011 in njihovo uresničevanje v letu 2007 34

Tabela 3: Izpolnjevanje strateških usmeritev do leta 2011 po področjih Skupine Istrabenz v letu 2007 35

Tabela 4: Struktura lastništva holdinške družbe Istrabenz, d.d., na dan 31.12.2007 37

Tabela 5: Temeljni podatki o delnicah holdinške družbe Istrabenz, d.d. 38

Tabela 6: Gibanje vrednosti delnic, dividend in števila delničarjev holdinške družbe Istrabenz, d.d., v obdobju 2005 - 2007 38

Tabela 7: Člani nadzornega sveta holdinške družbe Istrabenz, d.d., in njihovo članstvo v nadzornih svetih in upravnih odborih drugih družb na dan 31.12.2007 47

Tabela 8: Podatki o članih uprave holdinške Istrabenz, d.d., in njihovem članstvu v nadzornih svetih drugih družb v letu 2007 49

Tabela 9: Finančni koledar objav in dogodkov v letu 2008 55

Tabela 10: Število prebivalcev, rast cen in bruto domačega proizvoda za izbrane države 58

Tabela 11: Pregled povišanja cen nekaterih surovin in energentov v letu 2007 60

Tabela 12: Poslovni kazalniki za Skupino Istrabenz 61

Tabela 13: Tržni deleži Skupine Istrabenz Gorenje enegetski sistemi za posamezne skupine izdelkov 71

Table 1: Major operational highlights of the Istrabenz Holding Company and the Istrabenz Group in 2007 10

Table 2: Strategic goals of the Istrabenz Holding Company for the 2007–2011 period and their implementation in 2007 34

Table 3: Implementation of strategic orientations by 2011 in the Istrabenz Group in 2007, by Business Area 35

Table 4: Ownership structure of the Istrabenz Holding Company as at 31 December 2007 37

Table 5: Basic figures regarding Istrabenz Holding Company shares 38

Table 6: Movement in the value of shares, dividends and the number of shareholders of the Istrabenz Holding Company in the 2005 - 2007 period 38

Table 7: Members of the Supervisory Board of the Istrabenz Holding Company and their membership in the Supervisory Boards or Management Boards of other companies as at 31 December 2007 47

Table 8: Information on the members of the Management Board of the Istrabenz Holding Company and their membership in the Supervisory Boards of other companies in 2007 49

Table 9: Financial calendar of publications/events in 2008 55

Table 10: Population, growth in prices, and growth in gross domestic product in selected countries 58

Table 11: Increases in the prices of some raw materials and energy products in 2007 60

Table 12: Performance indicators of the Istrabenz Group 61

Table 13: Market shares of the Istrabenz Gorenje energetski sistemi Group by product group 71

127

Tabela 14: Kazalniki poslovanja za Skupino Istrabenz Gorenje energetski sistemi 73

Tabela 15: Tržni deleži Skupine Istrabenz plini na slovenskem trgu 75

Tabela 16: Kazalniki poslovanja za Skupino Istrabenz plini 78

Tabela 17: Količinski kazalniki poslovanja za družbo Instalacija, d.o.o. 79

Tabela 18: Kazalniki poslovanja za področje pretovora in skladiščenja 79

Tabela 19: Blagovne znamke in njihov tržni položaj 80

Tabela 20: Kazalniki poslovanja za Skupino Droga Kolinska 81

Tabela 21: Kazalniki poslovanja za Skupino Istrabenz Turizem 86

Tabela 22: Poslovni kazalniki za Skupino Actual 90

Tabela 23: Količinski kazalniki poslovanja za družbo Zastava Istrabenz Lizing, d.o.o. 91

Tabela 24: Poslovni kazalniki za družbo Zastava Istrabenz Lizing, d.o.o. 91

Tabela 25: Poslovni kazalniki za Skupino OpenAd 92

Tabela 26: Kazalniki poslovanja za pridružene družbe 93

Tabela 27: Kazalniki poslovanja za holdinško družbo Istrabenz, d.d. 94

Tabela 28: Struktura finančnih prihodkov 95

Tabela 29: Število zaposlenih po naložbenih področjih Skupine Istrabenz na dan 31.12.2007 108

Tabela 30: Izobrazbena struktura zaposlenih po področjih Skupine Istrabenz na dan 31.12.2007 112

Table 14: Performance indicators of the Istrabenz Gorenje energetski sistemi Group 73

Table 15: The Istrabenz plini Group’s shares of the Slovenian market 75

Table 16: Performance indicators of the Istrabenz plini Group 78

Table 17: Physical performance indicators of the company Instalacija 79

Table 18: Performance indicators of transhipment and storage 79

Table 19: Brands and their market position 80

Table 20: Performance indicators of the Droga Kolinska Group 81

Table 21: Performance indicators of the Istrabenz Turizem Group 86

Table 22: Performance indicators of the Actual Group 90

Table 23: Physical performance indicators of the company Zastava Istrabenz Lizing 91

Table 24: Performance indicators of the company Zastava Istrabenz Lizing 91

Table 25: Performance indicators of the OpenAd Group 92

Table 26: Performance indicators of the associates 93

Table 27: Performance indicators of the Istrabenz Holding Company 94

Table 28: Finance income structure 95

Table 29: Number of employees of the Istrabenz Group as at 31 December 2007, by investment area 108

Table 30: Employee education structure of the Istrabenz Group as at 31 December 2007, by investment area 112

Mojstrica opazovanja, občutenja in beleženja svetlobe

A master of observation, sensibility and light

Mojstrica fotografije Andreja Peklaj je od mladosti zaljubljena v naravo.

Čeprav se je študijsko in poklicno usmerila v kemijo, je že od leta 1974, ko se je posvetila tudi fotografiji, nešteto juter in poznih

večerov dočakala s fotoaparatom v roki. V njem so običajno barvni filmi za klasične, analogne diapozitive, s katerimi ustvarja

avtentične krajinske, naravoslovne in popotniške fotografske zapise. »Odlično pozna svetlobo v eksterieru, zna gledati, se ji

prikloniti in povzeti. Je mojstrica opazovanja, občutenja in beleženja svetlobe. Vrednosti iz narave v enaki moči in pomenu prenaša

v dvodimezionalno fotografijo s prepričljivo tridimenzionalno iluzijo.«2 Govorico narave raziskuje in skozi objektiv prebira vse leto, v

snegu, dežju in poletnem soncu. Njene fotografije osupnejo z brezčasnostjo in s skladnostjo, s preprostostjo in z večnostjo hkrati, s

sozvočjem barv in svetlobe.

Na več kot 90 domačih in tujih natečajih je prejela prek 50 nagrad in priznanj, skoraj toliko pa je bilo

tudi njenih samostojnih razstav.

Nepredvidljive značilnosti Cerkniškega jezera beleži že skoraj tri desetletja. Za monografijo Cerkniško jezero,

s katero jo je leta 1994 spoznala najširša javnost, ji je Unesco podelil pomembno priznanje Znak desetletja za varovanje naravne

in kulturne dediščine.

Master of photography Andreja Peklaj has always been passionate about nature.

Even though she devoted her studies and profession to chemistry, she has, since 1974, when she focused also on photography,

waited for contless mornings and late evenings holding a camera in her hand. This brilliant photographer has always used colour

film for classic analogue slides to create authentic photographic impressions of landscapes, natural phenomena and journeys.

“She is a great connoisseur of the light of the outdoors and is a master observer who succumbs to this light and captures it. She

transposes the values of nature into two-dimensional photography with a convincing three-dimensional illusion while preserving its

energy and meaning.”2 She explores the language of nature and deciphers it with her lens throughout the year, be it in the midst of

snow, in the rain, or under the summer sun. Her photographs amaze us with their timelessness and harmony, with a simplicity

that glides into eternity, with a concord of colours and light.

Andreja Peklaj has received over 50 awards and prizes in more than 90 Slovenian and foreign contests,

and she has held about the same number of solo exhibitions.

She has been capturing the unpredictable sights of Lake Cerknica for almost three decades now. Andreja Peklaj’s monograph

Cerkniško jezero, which brought her name to international prominence for the first time, was awarded the UNESCO prize for the

protection of natural and cultural heritage.

2 Boris Gaberščik, biolog, fotograf, ob otvoritvi razstave Odstiranja, 21. junija 2007 / Boris Gaberščik, biologist and photographer, at the inauguration of the exhibition ‘Odstiranja’ (Unveilings), 21 June 2007

Pogled na Cerkniško jezero spomladi s pobočja Javornika / A view of Lake Cerknica

in spring from the Javornik slope

Pogled na Cerkniško jezero, ko voda odteka v podzemlje / A view of Lake Cerknica, when water disappears underground

Cerkniško jezero v meglicah / Lake Cerknica in the haze

Meandri Otoškega Obrha / Meanders of Otoški Obrh

Osredek - večni otok v osrednjem delu Cerkniškega jezera / Osredek - a permanent

island in the centre of Lake Cerknica

Dojice – prehodno barje pod vasjo Goričice / Dojice – transition mire and quaking bog below

the village of Goričice

Izvir Cemuna Pod Pečmi / The Cemun spring Pod Pečmi

Paritveni ples kačjih pastirjev na Cerkniškem jezeru / Mating dance of dragonflies

at Lake Cerknica

Meandri Jezerskega Obrha pod vasjo Žerovnica / The meanders of Jezerski Obrh below

the village of Žerovnica

Ribe se ob presihanju umaknejo v predele s stalno vodo / When the water disappears, the fish

move to where the water is always present.

Drevak - nekdaj pogost čoln na jezerski gladini / Wooden canoe - once a very frequent

boat at the lake

Srednja rosika - značilna na prehodnem barju Dojice / Drosera intermedia - a plant typical of the

transition mire and quaking bog of Dojice

Žabe so glasne v spomladanskih nočeh / Frogs are noisy in spring nights

Trava valovi v jezerski vodi / Grass waving in the water

Jata rečnih galebov nad jezersko gladino / A flock of black-headed gulls above the lake surface

Skupina Istrabenz / Istrabenz Group

LETNO POROČILO holdinške družbe in Skupine Istrabenz za leto 2007 obsega poleg pričujoče publikacije tudi POROČILO O KORPORATIVNEM TRAJNOSTNEM RAZVOJU za leto 2007. LETNO POROČILO za leto 2007 je v celoti dosegljivo na spletni

strani www.istrabenz.si.In addition to this publication, the 2007 ANNUAL REPORT of the Holding Company and the Istrabenz Group also comprises the REPORT ON SUSTAINABLE CORPORATE DEVELOPMENT for 2007. The 2007 ANNUAL REPORT is available in its entirety on the

following website www.istrabenz.si.

Za založnika/For the editor: Holdinška družba Istrabenz, d.d.

Produkcija/Production: Studio Kernel, d.o.o.

Besedilo/Text: Studio Kernel, d.o.o., Holdinška družba Istrabenz, d.d.

Prevod/Translation: Katja Zaviršek

Lektoriranje/Editing: Metka Morovič, Murray Bales

Oblikovanje/Design: Bojana Fajmut, Studio Kernel, d.o.o.

Fotografija/Photo: Andreja Peklaj

Priprava na tisk/Prepress: Camera

Tisk/Print: Čukgraf, Postojna

April/April 2008

Na podlagi Zakona o davku na dodano vrednost sodi publikacija med proizvode, za katere se obračunava davek na dodano vrednost po stopnji 8,5 %.

Persuant the Value Added Tax this publication shall be included among products subject to payment of the value added tax at a rate of 8.5 %.

Note: The English Edition is a translation of the Slovene original which remains the legal version.

Holdinška družba Istrabenz, d.d.

Cesta Zore Perello-Godina 2, 6000 KoperTel.: 00386/5/66 21 500Fax.: 00386/5/66 21 515e-mail: info@istrabenz.si

www.istrabenz.si

Kontaktna oseba: mag. Barbara Stegel, pomočnica predsednika uprave za korporativno komuniciranje