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Notes for the Standard, Guidance, and Terms

Most terms related to the Value Creation Core Indicators were adopted from the following document: Guidance on Core Indicators for Entity Reporting on the Contribution Towards the Attainment of Sustainable Development Goals (in short: UNCTAD Guidance, 2019), and incorporated under TITAN standards. Relevant terms are defined in this Report and relate to key indicators within ESG Performance Statements. Detailed data concerning the value chain are presented in sections: “How We Create Value”, “Management Report” and “ESG Performance Statements”.



Investments in training of direct employees

Total expenditures including the direct and indirect costs of training for our employees (including costs such as trainers’ fees, training facilities, training equipment, related travel costs etc.) reported also per employee and per year, and broken down by employee category (UNCTAD Guidance, 2019). TCK discloses the respective figures in detail in Table 2 of the ESG Performance Statements.



Investments in environmental protection

Total amount of expenditures (capital and operational) for those investments whose primary purpose is the prevention, reduction and elimination of pollution and other forms of degradation to the environment (UNCTAD Guidance, 2019). TCK discloses the respective figures in detail in Table 3 of the ESG Performance Statements (KPI: “Environmental expenditures across all activities”).



Local Spend (%)

The ratio of spend to local suppliers over the spend to all suppliers, as a percentage. Costs of local procurement are a general indicator of the extent of an entity’s linkages with the local economy (UNCTAD Guidance, 2019). By local suppliers we mean suppliers who have a registered legal entity within the Republic of Serbia, for the purposes of collaboration with TITAN Cementara Kosjerić, and in Montenegro, if they have a business relationship with TCK Montenegro. TCK discloses the respective figure in Table 4 of the ESG Performance Statements.



Total Spend on Donations and Social Engagement Initiatives

Total amount of charitable/voluntary donations and investments of funds (both capital expenditures and operating costs) in the broader community where target beneficiaries are external to the enterprise incurred in the reporting period (UNCTAD Guidance, 2019). TCK discloses this amount as “Donations”, as equivalent to “charitable/voluntary donations and investments of funds”, and in detail in Table 3 based on the verified and published Financial Statements for the same reporting period.



Capital Expenditures

Capital expenditures, commonly known as CapEx, are funds used by a company to acquire, upgrade, and maintain physical assets such as property, buildings, an industrial plant, technology, or equipment.



Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

Profit before tax, financial income and depreciation and amortization. EBITDA corresponds to operating profit plus depreciation, amortization, bank charges, impairment of tangible and intangible assets, other income and positive effects of changes in accounting policies and correction of errors from previous years and minus other expenses and negative effects of changes in accounting policies and correction of errors from previous years.



Net Profit after Tax (NPAT)

Net Profit is defined as profit after tax attributable to equity holders of the parent.



Sustainable Development Goals (SDGs)

The Sustainable Development Goals are a collection of 17 global goals designed to be a “blueprint to achieve a better and more sustainable future for all”. The SDGs, set in 2015 by the United Nations General Assembly are intended to be achieved by the year 2030. The SDGs are part of UN Resolution 70/1, the 2030 Agenda.



United Nations Conference on Trade and Development (UNCTAD)

The United Nations Conference on Trade and Development is a United Nations body responsible for dealing with economic and sustainable development issues with a focus on trade, finance, investment and technology. In particular, they support developing countries to participate equitably in the global economy.



United Nations Global Compact Initiative (UNGC)

The United Nations Global Compact is a voluntary initiative based on CEO commitments to implement universal sustainability principles (“Ten Principles”) and to take steps to support UN goals. The “Ten Principles” are derived from the Universal Declaration of Human Rights, the International Labor Organization and the United Nations Convention Against Corruption.



CSR Europe

The leading European business network for corporate sustainability and responsibility. This association supports businesses and industry sectors in their transformation and collaboration towards practical solutions and sustainable growth. The ambition is systematic change: in line with the SDGs, the organization seeks to co-build with European leaders and stakeholders an overarching strategy for a Sustainable Europe 2030.



International Integrated Reporting Council (IIRC)

The International Integrated Reporting Council is a global coalition of regulators, investors, companies, accounting bodies, and representatives of academia and the non-government sector. The coalition promotes communication about value creation as the next step in the evolution of corporate reporting.