Annual report 2010 - About Citadele Group

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MANAGEMENT
INVESTMENT
JOTNT-STOCK
COMPANY
,,ctrADELEASSETMANAGEMENT"
.t
(UNIFIED
REGISTRATION
NUMBER
40003577500)
I
Annualreportfor theyearended31 December
2010
(9thfinancialyear)
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Prepared
in accordance
withInternational
Financial
Reporting
Standards
Together
withindependent
auditors'
report
:
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Translationfrom Latvianoriginal*
INDEPENDENT AUDITOR'S REPORT
To the Shareholder
of JSC "Citadele Asset Management"
Report on the Financial
Statements
We have audited the accompanying separate financial statements on pages8 to 35 of JSC
"Citadele Asset Managemeni" which comprise the statement of financial position as of 3r
Decemberzoro and tle statementsof comprehensiveincome, changesin equity and cash
flo,*-s for the year then ended and a summary of significant accounting policies and other
explanatoryinformation.
-J
Ilanagemenf
's
Responsibility for the Financial Statements
\tanagement is responsible for the preparation and fair presentation-of_thesefinancial
siatementsin accordincewith the Inteinational FinancialReportingStandardsas adoptedby
determinesis necessaryto
rhe EuropeanUnion, and for such internal control as manageme-nt
material misstatement,
from
free
that
are
statements
financial
of
preparation
enable the
u'hetherdue to fraud or error.
Auditor' s Resp onsibilifu
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Our responsibitity is to expressan opinion on these financial statementsbased on our audit.
We conducted our audit ln accordince with International Standards on Auditing. Those
Standards require that we comply with ethical requirements and plan and perform the audit
to obtain reasonable u.r,r.un"^"-whether the finlncial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial itatements. The procedures selected depend on the auditor's
including the assessmentof the risks of material misstatement of the financial
:"ag-";t,
.lut?-.ttir, whethe"rdue to fraud or error. In making those risk assessments,the auditor
considers internal control relevant to the entity's preparation and fair presentation of the
financial statements in order to design audit proc-eduresthat are appropriate in^ the
an opinion on the effectivenessof the
circumstances,but not for the purpos" 6f
""p."rsing
entig''s internal control. An audlit aiso includes evaluating the app-ropriatenessof accounting
made by management,as well
of accounting,estimates
;;ii;l.r 6"Ju"a the reasonableness
is evaluating the overall presentation of the financial statements.
We believethat the audit evidencewe have obtained is sufficient and appropriate to provide a
basisfor our audit opinion.
p,i"ewoterlnouooCttp"r,
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pwc networkshare their thinking,experienceano sotrtions to developfresh perspectivesand practi€l advice see ww.pwc lv for more information
slA, which is a memberfirm of
02011 pri@waterhou*coopers slA. All rights reserued.In this document,"Pwc', refers to Pri@waterhouscoopers
pri€waterhouscoopers InternationalLimited,each memberfirm of which is a separatelegal entity
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we
Opinton
the separate financial_statementsgive a true and fair view of the financial
In our opinion,
-of
th; Co;p-u"v rtu"aing- alone as of 31 December 2o1o, and of its financial
poriiiot
and itr clrf, nows for"the year thenended itt accordancewith the rnternational
i"Jor*u""e
'Financial
Reporting Standardsas adoptedby the European Union.
Report on Other Legal and Regulatory
Requirements
We have read the Management Report set out on page 6 and did not identifu material
and
inconsistenciesbetween if,e financiaf information conlained in the Management Report
that contained in the financial statementsfor zoro'
SIA
Pricer*'aterhouseCooPers
Certified audit companY
UcenceNo.5
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Certified auditor in charge
CertificateNo. 168
Member of the Board
Riga, LaMa
3r March zorr
* This version of our report is a translation from the otisrry! which was-prepared in latvian. All possible care has been taken to
the original. However, in all matters of interpretation of information'
ensure that the translation is-ai u".u*i" ."pr*ntatioriof
veriion of our report takes precedenceover this translation'
tfr" origiffu"g""ge
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Annualreport2010
AssetManagement"
JSC,,Citadele
laukums
2a,RTga,
LV-1010
Address:
Republikas
40003577500
Registration
number:
TABLE
OFCONTENTS
report
Independent
auditors'
information
General
Report
of theManagement
Statement
of Responsibility
of theManagement
Financial
statements:
income
Statement
of comprehensive
I
position
Statement
of financial
9
Statement
of cashflows
10
in equity
$aternent
of changes
11
llotesto theFinancial
Statements
12
4
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laukums
2a,Riga,LV-1010
Republikas
Address:
number:
40003577500
Registration
information
General
Company
TitleoftheInvestment
Company
LegalStatusoftheInvestment
place
anddate
Registration
number,
Asset
Management
Citadele
jointstock
company
Investment
management
2002
Riga,11 January
40003577500,
Address
Republikas
laukums
2a,
Latvia,
LV-1010
Riga,
(100%)
AS,,Citadele
banka"
LV-1522
laukums
2a,Riga,
Latvia,
Republikas
(100%)
Asset
Management"
000,,Citadele
4 -2,Moscow,
Russia
Donskaja
(100%)
Management"
O00,,Citadele
Asset
17,Kiev,
Ukraine
Glibodicka
(100%)
Investiciju
Valdymas"
UAB,,Citadele
13,Vilnius,
Lithuania,
LT-2009
K,Kalinausko
Shareholder
inCompanies
Investments
(50%)
Properties"
SlA,,E
& P Baltic
Republikas
laukums
2a,Riga,
Latvia
(100%)
Life"
MS,,Citadele
Republikas
laukums
2a,Riga,
Latvia
:
J
I
2010
Annual
report
Management"
Asset
JSC,,Citadele
Board
(100%)
Investments
Ukraina"
000"Citadele
17,Kiev,
Glibodicka
Ukraine
(100%)
SlA,,PR
Projekti"
Speci6lie
Republikas
laukums
2a,Riga,
Latvia
- Vladimirs
- appointed
lvanovs
Chairman
oftheBoard
on
20.10,2010.
- Zigurds
- appointed
Board
member
Vaikulis
on30.03.2007
- RaimondsVesers
- appointed
Board
member
on01.01,2011
- Roberts
- resigned
ldelsons
Chairman
oftheBoard
on
19.10,2010
- resigned
Board
memberElena
on03.11.2010
Coleman
- resigned
Board
member
Edgars
Makarovs
on31.12,2010
- lgonPetrovs
- resigned
on31.12.2010
Board
member
Council
- JurisJdkobsonsappointed
on
Chairman
oftheCouncil
30.09,2010
- Philip
Nigel
Allard
Deputy
oftheChairman
oftheCouncil
1.2010
on03,1
appointed
- appointed
- Anatolijs
on01.04.2009
Fridmans
Council
member
- appointed
- James
R,Breiding
on01,04.2009
member
Council
- NilsMelngailisresigned
on30.09,2010
oftheCouncil
Chairman
- resigned
Stu$is
Deputy
oftheCouncilRoberts
oftheChairman
on26.03.2010
- resigned
- Solvita
Deglava
on30.09.2010
member
Council
on03,1
1.2010
Aldis
Paegleresigned
Council
member
Financialyear
- 31December
2010
1January
Auditors
PricewaterhouseCoopers
SIA
llandra
Lejiga
LV-1010
street
19,Riga,
Sertified
auditor Kr.Valdemara
nr,168 Latvia
Certificate
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Annualreport2010
Asset
Management"
JSC,,Citadele
laukums
2a,Riga,LV-1010
Address:
Republikas
40003577500
Registration
number:
Report
of theManagement
subsidiary
JSC"Parex
AssetManagement"
2010change
of thenameoftheCitadele
bank's
to JSC"Citadele
Asset
On3 August
intheCommercial
Attheendof 2010andinthebeginning
Management"
wasregistered
Register.
of 20ll substantial
were
changes
Thefollowing
Board
wasapproved:
Vladimirs
madeintheCompany's
management.
lvanovs,
Raimonds
Vesers
andZigurds
Vaikulis,
whoalsobecame
a manager
of portfolio
management
department.
Overall
we havecreated
as a result
of changes
a teamof
qualitative
professionals,
which
isabletoprovide
asset
management
services
totheclients.
process,
year2010fortheCompany
withASParex
Despite
of complicated
situation
bankrestructuring
hasbeensuccessful,
The
provided
good
increase
finance
market
activities
in
the
main
sectors
investment
management
results
of
andpromoted
clients'interest
During
to useasset
management
services,
theyeartheCompany
reached
recognizable
results
inasset
management
thereturn
for
pension
planUniversilais
2010of statefunded
scheme
investment
reached
9.01%,
butreturn
onAktivais
was11.80%,
andthese
plans.
inthegroup
ofconservative
werethebestresults
andactive
yeartotalassets
Asset
Management
under
JSCCitadele
management
increased
by13%reaching
305.6
million
During
thereporting
proportion
pension
(slightly
morethanonethirdor 106millionLVL)formed
statefunded
scheme
assets,
LVL,ftomwhichthehighest
LVLor29%fromtotalassets.
under
individual
management
amounted
to88million
ofclients'
assets
buttotalamount
fromasset
increased
by16%reaching
2.B,million
LVL,
In2010
with2009
income
management
comparing
commission
income
AssetManagement
were3,1million
LVL,by20o/o
higher
thanin 2009.Inorderto optimize
of JSCCitadele
the
Operabng
- totalexpenses
--canv s ooeraUons
werecontinued
in2010
decreased
by7%comparing
to2009.
expense
optimisation
activities
'.€i3'rrr:':e Company
was420thousand
LVL).
LVL(2009:
179thousand
- i -' ' -:,:e'a:e
rsplan
nedintheamount
management,
oftotal
assets
under
3'owfr
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Vladimirs
lvanovs
Riga,
2011
31March
meeting
Theannual
havebeenapproved
attheshareholders'
on31March2011,
accounts
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Annualreport2010
Management"
Asset
JSC,,Citadele
laukums
2a,RIga,LV-1010
Address:
Republikas
40003577500
Registration
number:
oftheManagement
Statement
of Responsibility
(theManagement)
is responsible
Asset
Management"
forthepreparation
ofthefinancial
statements
of
TheBoard
ofJSC"Citadele
preparation
AssetManagement"
inaccordance
withlegislation
oftheRepublic
of Latvia
thatrequires
ofthefinancial
JSC"Citadele
withlnternational
Financial
management
Companies
inaccordance
Reporting
Standards
asadopted
forusein
statements
of asset
(EU).
theEuropean
Union
position
fairlythefinancial
on pages8 to 35 present
of JSC"Citadele
AssetManagement"
as at 31
Thefinancial
statements
andcashflows
fortheyearthenended.
December
2010andtheresults
ofitsoperations
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AssetManagement"
is responsible
forthemaintenance
TheManagement
of theJSC"Citadele
of proper
accounting
records,
the
assets
oftheJSC"Citadele
AssetManagement"
andtheprevention
anddetection
offraudandotherirregularities
inthe
safeguarding
Asset
Management".
JSC"Citadele
in accordance
withInternational
Financial
Thefinancial
statements
Reporting
Standards
asadopted
forusein the
areprepared
European
Union.
judgments
havebeenmadebytheManagement
inthepreparation
Prudent
andreasonable
andestimates
ofthefinancial
statements.
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Vladimirs
lvanovs
Chairman
oftheBoard
R i o a3. 1M a r c2h0 1 1
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JSC,,Citadele
Asset
Management"
Annual
report
2010
Address:
Republikas
laukums
2a,RTga,
LV-1010
Registration
number:
40003577500
Statement
ofcomprehensive
income
Note
Commision
inmnn
Commission
ercense
Netcommission
income
5
6
Dividends
income
Resulb
offoreign
cunency
exdrange,
net
Oheroperating
income
Netoperating
income
7
Adminisfative
andotherepenses
Personnel
epenses
Amorlisation
anddepreciatb
n expense
lmpairment
loss
8
0
13,14
12
Profitbeforecorporate
incometax
income
Coroorab
hx
Profitfor he year
Totalconprehensive
incorne
fortheyearattributable
to shareholders
10
2010
3,082,933 2,561,275
(100,312)
(32,610)
2,992,521 2,529,665
51,359
915
3,073,066
t
(340,404)
(222,980)
567r085
178,n4
(147,445)
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Theaccompanying
notesformanintEralpartofthesefinancial
statements.
Vladimirs
lvanovs
Chairman
oftheBoard
Riga,31March2011
13,596
(3,431
)
2.808
2,588,455
(644,049)
(414,185)
(1,498,287) (1,745,127)
(23,241)
(27,869)
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JSC,,Citadele
Asset
Management"
Annualreport2010
Address:
Republikas
laukums
2a,RTga,
LV-10'10
Registration
number:
40003577500
Statement
position
offinancial
Balarpes
duefromcredit
institutbrs
Mrrcurrent
financial
asseb
Intagibb
aseb
Fixed
mets
Defered
epenses
andaccnred
ircome
kfenedtaxmet
Overpaid
oorprate
inconetax
Otierasets
Totalassds
Liabilities
Balances
duetocrditirHifutons
Accn:ed
liabitties
fr rprateincorne
taxpryaUe
OherliSilties
Tdd liatilities
Slaec4ld
Rebhed
earings
Tdd *ar$olde/s quity
11
12
13
14
15
10
2,4fj2,n7
4,6%,452
10,711
24,437
315,307
7,736
16
240/95
7,7@,il5
n
-
17
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31.122W.
Ls
1,379,417
4,969,956
17,W7
40,s5
241,M
7,Un
247,719
24f,,747
7,151,92.
86,191
31,190
117,91
4,150,m0
3,304,191 2,gU,U1
7,44181
7,04541
Tcrdllahlities
ad sha*olde/sequity
ilemowdumitens
Asetswderman4ernet
151
1%,140
68,439
Q,764
19
f ,7@,675
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Ls
Mte
%
305,670,902 271,28f.,W
Theaccompanying
notes
partofthese
form
anintegral
financial
statements.
Vladimirs
lvanovs
Chairman
oftheBoard
Riga,31March2011
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2010
Asset
Management"
JSC,,Citadele
laukums
2a,Rr-ga,
LV-1010
Address:
Republikas
number:
40003577500
Regiskation
Statement
of cashflows
ml0
Cashflovcfrqn operatinq
actlvities
Profitbefore
orporateinome
bx
Adjustmenbfc:
asets
Depecialion
offixedasetsandamortization
ofintangible
Imoairment
ofinve$ment
Netgainonfua'gncunency
rewluation
lnterest
income
Dividend
income
Writeoffoffixedmets
Incrcase
in cashandcashequivalents
frun operating
activities
beforechanges
in
liabilities
assetsand
2009
567,085
23,241
w,N4
(51,359)
(8,271-)
646
u'!,746
fi8,ru
n,ffig
m,w
(722)
(46,814
(13,5e6)
1,192
3@,200
Increase
indefened
incorreandaccrued
experces
/ (decrease)
49,949
wzn
(lncrease)
indebned
expanses
ad acaud incone
/ decrease
(69,368)
28,925
Decrmeinotpr asseB
lncreaeinoherlidiltes
/ (decreae)
inlidilitieswitrcredit
institutims
Increase
7,239
187,574
151
46,585
'191,657
taxand
income
Nd casfigercriedfiomoprding adivitiesbeforecorporate
intEredpgd/ rcdved
l.r: ra: ^ rrc zx cad
1E=: -Cr€'€Ce€C
Nd c6ir grerded fromopratingadivities
p1
1,017
n,271
(852)
6?F,m
(64,584
M,817
1,055,562
Cashflo*s fran invedirgadivities
(572)
(33,sffi)
Purdase
offixedasets
invedrnents
in$bsdiaries
Cautal
Dividends
recened
Deoost
refurned
702,N4
activities
fmm/ (usedin)invesling
Netmh gererated
7mfr2
(501,484
1,757,794
16,981
671,695
51,359
566,992
722
Netirpreme
incashandcasheqdvalents
year
Cashandcashquivalents
athe @inningofthereporting
gain
Foreign
olrencyrevaluation
(481,520)
Cashandcashquivalents
atfreendofthereprtngyear(Nob11)
partofthesefinancial
statements.
Theaccompanying
notesformanintegral
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Annual
report
2010
Management"
Asset
JSC,,Citadele
2a,Riga,LV-1010
laukums
Republikas
Address:
40003577500
number:
Registration
in equity
of changes
Statement
2008
Asat1January
for2007
Adjus{menb
Adjusted
asat1January2008
income
Totalcomprehensive
2009
Asat1January
income
Total
comprehensive
4,150,000
4,150,000
4,150,000
2,417'600
96,728
2,514'328
191,114
2,705,442
6'591'999
96'728
6'99{'1?9
191,114
6,855,92
Asat31December2009
4,150,000
2,8U,541
7,034,541
As at 31December2010
4,150,000
3,304,181
7,4il,181
partofthesefinancial
statements'
notesformanintegral
Theaccompanying
11
Asset
JSC,,Citadele
Management"
Annual
report
2010
Address:
Republikas
laukums
2a,RIga,LV-1010
Registration
number:
40003577500
Notesto theFinancial
Statements
1.
Generalinformation
jointstock
Theasset
management
company
wasestablished
on11 January
2002.
portfolios
TheCompany
manages
securities
onbehalf
ofclients,
issues
investment
fundcertificates
andmanages
those
funds.
The
pension
pension
funded
Company
alsomanages
state
scheme
capital
aswellasprovides
clients
withinvestment
consulting.
Thesole
partyis theRepublic
shareholder
of theCompany
is ASCitadele
banka.
TheCompany's
ultimate
controlling
of Latvia,
Theholderof
istheState
Company
Latvian
Privatisation
Agency,
thestate
share
JointStock
"Citadele
Registered
management
officeoftheInvestment
company
AssetManagement"
is Republikas
laukums
2a,Riga,LV- 1010,
Latuia.
Theannual
havebeenapproved
accounts
bytheBoard
oftheJSC"Citadele
Asset
Management"
on31March
2011,
2.
policies
Summary
of significant
accounting
Basisof preparation
These
financial
statements
havebeenprepared
inaccordance
withInternational
(IFRS)
Financial
Reporting
Standards
asadopted
in
EU,whichincludes
lnternational
Accounting
Standards
Board(IASB)
approved
standards
andinterpretations
andInternational
Accounbng
(IASC)
Standards
Committee
(lAS)andStanding
approved
International
Accounting
Standards
Interpretations
Committee
(lFRlC).
interpretabons
noteshavebeenprepared
Separate
underthe Financial
(FCMC)
andCapital
Market
Commission's
:s
romonlq
=Fa^'alstatements
havebeenprepared
onthehistorical
costconvention.
-^ese
policies
policies
notes
forchanges
disclose
theaccounting
consistently
applied
in 2010and2009,
intheaccounting
except
'esu,bng
fromthenew/amended
standards
bytheCompany
andeffective
2010.
adopted
asat31December
group,
Attheendof 2008,asa resultof impact
Asdisclosed
innote1 totheflnancial
statements,
theCompany
is partof Citadele
of
(the
government
of ASParexbanka Bank)theLatvian
became
themajority
of the
thefinancial
crisisontheoperations
shareholder
furtherliquidity
support
fromtheStateTreasury
of theRepublic
of
Bank.Following
theinitialgovernment
support,
theBankreceived
Bankof Reconstruction
Latuiawhennecessary.
Additional
support
wasreceived
bytheBankfromtheEuropean
andDevelopment,
a minority
shareholder
of theBank,
OnB May2009,
theCabinet
of Ministers
approved
aninitial
which
on 16April2009became
plan,which
Bank's
restructuring
wasdeveloped
toassert
thestatesupport.
Since
thentheplanhasbeenre-assessed
several
times
planapproved
on23March2010,wheretheplanproposed
the
withthelatestrestructuring
bytheCabinet
of Ministers
to restructure
process
Therestructuring
wascompleted
on 1 August
2010.
Asa result
a new
Bank's
strategic
assets
outintoa newlegalentity.
Banka
which
tooperate
under
theParex
Banka
name,
werecreated.
bank
ASCitadele
andso-called
bank
ofsolutions,
continues
fromtheCitadele
Bankandthemanagement
risk
TheCompany
doesn't
receive
anyfunding
or support
believes
thatthecredit
heldwiththeBank
islimited.
regarding
theCompany's
assets
12
Asset
Management"
JSC,,Citadele
Annualreport2010
laukums
2a,RIga,LV-1010
Address:
Republikas
40003577500
number:
Registration
2,
policies(continued)
accounting
of significant
Summary
standards
andinterpretations
of newor revised
Adoption
newstandards
1,2010.Listed
below
arethose
or interpretations
fromJanuary
fortheCompany
new/FRSbecame
effective
Ceftain
policies:
everyday
operations
andaccounting
ontheCompany's
thatdonothavedirector substantialimpact
2008;
revised
in January
Financial
Statements,
IAS27,Consolidated
andSeparate
- Amendments
in March
2009;
9 andIAS39,issued
to IFRIC
Embedded
Derivatives
to IAS39;
Eligible
Hedged
ltems-Amendment
Reporting
Standards,
revised
in December
2008;
Financial
Adoption
of International
IFRS1,Firsttime
- Amendments
to IFRS1;
forFirsftime
Adopters
Additional
Exemptions
- Amendments
to IFRS2;
Payment
Transactions
Share-based
GroupCash-settled
2008;
revised
inJanuary
IFRS3,Business
Combinations,
(andconsequential
amendments
to
Assets
Heldfor SaleandDiscontinued
Operations
Amendment
to IFRS5, Non-current
rFRS
1);
Arrangements;
IFRIC
12 Service
Concession
IFRIC
15,Agreements
fortheConstruction
of RealEstate;
':R C '16Hedges
ina Foreign
Operation;
of a NetInvestment
=R3 '- I snbutons
Assets
of Non-Cash
to Owners;
=r I '3 -'ans'ers
fromCustomers;
ofAssets
-:':,e-e-:s :3 ^tematronal
Financial
issued
Reporting
Standards,
inApril2009.
havebeenpublished
fortheannualperiods
l:': - -:* i:3-rr?s a^i interpretations
thatareeffective
beginning
onorafterFebruary
' - -' - :' 2:.' ..'::s a^,twhich
theCompany
hasnotearlyadopted:
:-:-:-e^: ro AS24,Related
PartyDisclosures,
issued
in November
2009.Amendment
is notrelevant
to theCompany's
: : : ' 3 : : ^ sa - : c 3 c e s E f f r c i e n t f o r a n n u a l p e r i o d s b e g i n n i n g o n o r a f t e r J a n u a r y l , 2 0 l l ' ,
- Amendment
lssues
in October
2009.
Amendment
is notrelevant
I assicationof Rights
to IAS32,issued
to theCompany's
policies.
periods
forannual
1,2010;
:3€-a:cnsand
Efflcient
beginning
onorafterFebruary
- Amendment
is not
IFRSTdisclosures
forfirst-time
adopters
to IFRS1.Amendment
Lrmited
exemption
fromcomparative
periods
policies.
for
beginning
on
orafterJuly1,2010;
and
Efficient annual
relevant
s operations
totheCompany
- Amendment
is notrelevant
to IFRIC
14.Amendment
to theCompany's
Funding
Requirement
Prepayments
of a Minimum
policies.
periods
after
January
1,2011;
for
beginning
on
or
Efficient
annual
operations
and
operations
is notrelevant
to theCompany's
withEquity
Instruments.
Amendment
Financial
Liabilities
IFRIC
19,Extinguishing
'1,
periods
onorafterJuly 2010;
beginning
Efficient
forannual
andpolicies.
fortheannualperiodsbeginning
on or afterJanuary
thatareeffective
havebeenpublished
andinterpretations
Ceftainnewstandards
bytheEU:
andthathavenotbeenendorsed
hasnotearlyadopted
1,2011or laterperiods
andwhichtheCompany
is not relevant
to the Company's
to IAS 12.Amendment
Assets- Amendment
DefenedTax:Recovery
of Underlying
periods
1,2012',
forannual
beginning
onorafterJanuary
Efficient
andpolicies.
operations
- Amendment
is notrelevant
to
to IFRS1.Amendment
hyperinflation
andremoval
of fixeddatesforfirsftimeadopters
Severe
periods
policies.
July
1,
2011;
beginning
on
or
after
Efficient
forannual
and
theCompany's
operations
- Amendments
operations
is notrelevant
to theCompany's
to IFRS7.Amendment
of Financial
Assets
Disclosures-Transfers
periods
1,
policies
after
July
2011;
on
or
Efficient
forannual
beginning
and
evaluating
theimpact
of the
TheCompany
iscurrently
andMeasurement.
Part1:Classification
IFRS9, Financial
Instruments
periods
January
1,2013;
beginning
on
or
after
Efficient
for
annual
its
financial
statements.
standards
on
bystandard;
datesvarystandard
issuedin May2010.Effective
Reporting
Standards,
lmprovements
to InternationalFinancial
thatthe
periods
TheCompany
doesnotconsider
1,2011,
beginning
onor afterJanuary
forannual
mostimprovements
areeffective
statements.
impact
onthefinancial
willhavea significant
amendments
13
report
2010
Annual
Asset
Management"
JSC,,Citadele
laukums
2a,RIga,LV-10'10
Address:
Republikas
40003577500
Registration
number:
2.
policies(continued)
accounting
of significant
Summary
Reporting
Currency
in Latvian
lats.ltemsincluded
in thefinancial
of theInvestment
Company
are
Thefinancial
arepresented
statements
statements
("thefunctional
environment
in whichtheentityoperates
cunency").
The
measured
usingthecurrency
of theprimary
economic
functional
inLatvian
Lats("1s"),
which
istheInvestment
Company's
andpresentation
currency.
financial
statements
arepresented
Consolidation
prepares
financial
ASCitadele
Banka
consolidated
statements
comprising
alsothefinancial
statements
of
Sincetheparentcompany
itsconsolidated
financial
Theconsolidated
anditsrelated
companies,
theCompany
doesnotprepare
statements.
theCompany
Banka
willbe available
Banka
financial
of theparent
company
ASCitadele
at theheadquarters
of ASCitadele
at
statements
Republikas
laukums
2a,Riga.
Incomeand expenserecognition
Interest
items
using
interest
income
andexpense
arerecognised
onanaccrual
basis
theeffective
rate,Commission
andfeeincome
related
management
withfundshares
ischarged
toasset
andtrading
tothestatement
ofcomprehensive
income
asearned/
incuned.
Foreign cuft ency tra nslation
Transactions
inforeign
denominated
currencies
areconverted
to Latsattheexchange
ratesetbytheBankof Latviaprevailing
onthe
caycnwhidrthefansactions
tookplace.
Monetary
assets
andliabilities
denominated
inforeign
currencies
intoLatsin
aretranslated
period.
gains
rateforthelastdayofthereporting
ffir7a.x wh he offcialBank
ofLatvia
exchange
Foreign
exchange
andlosses
-e-s-r'j ;o- fre setUement
of suchtransactions
ratesof monetary
andfromthetranslation
at year-end
exchange
assets
and
cunencies
arerecognised
inthestatement
income.
-, :es:e':- "atedrnforeign
ofcomprehensive
'=-R
' ,sl
31.12.2010.
Ls
0.702804
31,12.2009.
Ls
0.702804
0.489
Starting
officialfixedexchange
rateof latagainst
eurobeing0.702804,
2005Bankof Latviahasdetermined
Starting
with1 January
latwillnotdifferfromtheofficialratebymorethan1%.Thus
rateof euroagainst
withthisdateBankof Latviaensures
thatmarket
profit
keeps
theratefixed,
fluctuations
isnotsignificant,
aslongasBank
ofLatVia
orlossfromeurocurrency
Taxation
2010and2009isapplied
attherateof 15%
income
taxfortheyearsended31December
According
totheLatvian
taxlaw,corporate
period.
generated
bytheCompany
forthetaxation
ontaxable
income
andthese
fromtemporary
differences
inthetimingoftherecognition
ofitemsinthetaxreturns
income
taxarising
Defened
corporate
is determined
liability
method.
Thedeferred
corporate
income
taxliability
using
thebalance
sheet
financial
statements
is assessed
differences
reverse.
Theprincipal
temporary
timing
differences
to apply
whenthetiming
based
onthetaxratesthatareexpected
non-current
assets,
aswellasfromaccrued
expenses
andtaxdepreciation
ontheCompany's
arisefromdifferent
ratesof accounting
forvacations.
Ir
fr
fr
sheet
tothe
income
taxasset,
if any,isreviewed
ateachbalance
dateandreduced
Thecarrying
amount
ofthedefened
corporate
profit
income
probable
allorpartofthedeferred
taxasset
to
taxable
willbeavailable
toallow
thatsufficient
e(entthatit isnolonger
beutilised.
14
_l
Asset
Management"
JSC,,Citadele
Annualreport2010
2a,RIga,LV-1010
Republikas
laukums
Address:
number:
40003577500
Reoistration
policies
(continued)
accounting
Summary
of significant
2,
lntangibleassefs
rateis
useful
livesona straightline
basis,
Theamortisation
overtheirestimated
lntangible
arestated
atcostandamortised
assets
at33%oerannum.
established
Termdeposits
hasbeen
atfairvalueandlateraccounted
forattheiramortised
cost,which
areinitially
recognised
Termdeposits
oftheCompany
pluscapitalized
income
interest
rates.
andaccrued
interest
using
effective
intermdeposit
determined
astheamount
ofcashplaced
i.e.during
thetimeperiod
thathaselapsed
fromtheplacement
isrecognized
ontheaccruals
basis,
lnterest
income
ontermdeposits
period
enddate.
oftermdeposit
untilthereporting
in subsidiariesandassociafes
lnvesfments
(i,e.where
theCompany
holdsmorethan50%interest
of thesharecapital
or otherwise
controls
the
Investments
in subsidiaries
(i.e.where
influence,
interest,
theCompany
hassignificant
butlessthana controlling
which
ispresumed
to
company)
andassociates
forusingthecostmethod,
Following
of thesharecapitalof theentity)areaccounted
initialrecognition,
existwith20to 50%tnterest
invesfnents
in subsidianes
values
andassociates
arecarried
at costlessanyaccumulated
impairment
losses.
Thecarrying
of
r','es5erts
insubsidianes
andassociates
arereviewed
forimpairment
when
events
orchanges
incircumstances
indicate
thatthe
^^' ^^ t r t r Y v l d u l t i . UDividends
1 - ' d - g r r d I l l U l 9 g lrecoverable.
I Y I U E I I U J lreceived
t t v t t l v V U from
l l V l l l the
-4
t l l V Jsubsidiaries
UVJlUlAllit
andassociates
arerecoonized
inincome
when
there
:
t-:
-
..-
=-tr
fneO asse6
: - - ^- - -'-
r:,::>:.::
: : Ai':'-
=
rC -:cil rl
=-.-
-=J
alhistorical
costlessaccumulated
depreciation
andimpairment
losses.
lftherecoverable
value
ofanasset
iSl€-, ^l a-cunttherespective
assetiswritten
downto itsrecoverable
value.
l.:'':"::- s:a:,a:ecusincthestraiohflinemethodbasedontheestimatedusefullifeoftheasset.Theannu
- t - : : - : - 2 - : :l 3 5 l : : .
','a^:e^aice
asincurred.
income
to thestatement
ofcomprehensive
costsarecharged
andrepair
of
with.proceeds
andarecharged
to thestatement
amount
by comparing
carrying
aredetermined
Gainsor losses
on disposals
period
incurred.
they
are
the
inwhich
income
during
comprehensive
Provisions
(legalor constructive)
asa resultof a pastevent,it is probable
hasa present
obligation
whentheCompany
Provisions
arerecognised
canbe
anda reliable
estimate
willbe required
to settletheobligation,
economic
benefits
embodying
thatan outflow
of resources
of theobligation.
madeoftheamount
Assefsundermanagement
as
arenotregarded
customers,
trustsandotherinstitutions
of individuals,
corporate
onbehalf
Assets
managed
bytheCompany
in
arepresented
sheet,
Assetsundermanagement
included
in thebalance
arenotseparately
and,therefore,
of theCompany
assets
purposes.
statements
onlyforinformative
thesefinancial
endriabilities
Fairvaluesof financialassefs
length
Where,
inthe
onanarm's
basis.
ora liability
settled
beexchanged
anasset
could
Fairvalue
represents
theamount
atwhich
fromtheirbookvalues,
suchfairvalues
assets
andliabilities
differmaterially
offinancial
thefairvalues
opinion
ofthemanagement,
amounts
ofallfinancial
believes
thatthecarrying
Themanagement
statements.
inthenotes
tothefinancial
areseparately
disclosed
totheirfairvalue.
andliabilities
approximate
assets
Cashand cashequivalents
months
orless.
withaninitial
maturity
ofthree
deposits
comprise
cashatbankandshort-term
Cash
andcashequivalents
15
Annualreport2010
Management"
Asset
JSC,,Citadele
laukums
2a,RIga,LV-1010
Address:
Republikas
40003577500
Reoistration
number:
2.
policies(continued)
of significant
accounting
Summary
Employee
benefrfs
Accruals
for
leave
when
thevacation
dayshavebeen
accrued
totheemployees.
Employee
entitlements
totheannual
arerecognized
annual
leaveof theemployees
upto thebalance
sheetdate.
leavepayareestimated
basedondaysof unused
employees'
annual
payssocialsecuritycontributions
to the stateSocialSecurityFundon behalfof its employees
in
The Investment
Company
planunderwhichtheInvestment
pays
A SocialSecurity
Fundis contribution
Company
accordance
withthelocallegalrequirements.
willhaveno legalor constructive
Investment
Company
obligations
to payfurther
fixedcontributions
as definedin thelegislation.
pension
plandoesnotholdsufficient
Fundor theprivate
if theSocialSecurity
assetsto payall employees
benefits
contributions
Thesocialsecurity
andpension
contributions
arerecognized
asanexpense
onanaccrual
basisandare
relating
toemployee
service.
included
withinstaffcosts,
Non-currentfinancial assefs
According
totherequirements
ofIAS27,investments
insubsidiaries
andassociates
areaccounted
foratacquisition
cost,Attheend
year,theCompany
reviews
investments
forthepresence
maynotbe recoverable.
of eachreporting
of indications
thatinvestments
valueof an assetexceeds
its estimated
recoverable
Wheresuchindications
existandif thecarrying
amount,
theinvestments
are
measured
attheirrecoverable
amount.
Other receivables
-'#e
for anynon-collectable
amounts.
An
:ece'vables
invoiceamountlessan allowance
andcarriedat original
arerecognised
Baddebtsarewritten
is nolongerprobable.
offwhenrecovery
of thefullamount
es:-a:e':':cubtful debtsis madewhencollection
s f*--e: -ccssible.
Opuating lease- the Companyas a ,essee
portion
leases.
asoperating
areretained
bythelessorareclassified
of therisksandrewards
ofownership
-easerit+rhrch
a significant
tai'':entsmadeunderoperating
received
fromthelessor)
arecharged
to theprofitandloss
leases(netof anyfinancial
incentives
basis
overtheperiod
ofthelease.
account
ona straight-line
Financialinstruments
principal
Themainpurpose
of these
cash,termdeposits,
tradeandotherreceivables,
financial
inshuments
comprise
TheCompany's
instruments
TheCompany
alsohasvarious
otherfinancial
financing
fortheCompany's
operations,
is to ensure
financial
instruments
financial
Themainfinancial
risksarising
fromtheCompany's
dueto creditinstitutions,
tradeandotherpayables.
suchas balances
risk.
risk,interest
raterisk,creditriskandliquidity
instruments
areforeign
currency
31.12.2009.
31.12.2010.
Financial
assets
Financial
liabilities
at
amortized
Loans
and
cost
receivables
Balances
duefromcreditinstitutions 2482237
240795
Other
assets
2723032
Totalfinancial
assets:
Balances
institutions
duetocredit
liabilities
Other
liabilities
Totalfinancial
Financial
liabilities
at
Loansand
amortized
cost
Total receivables
2482237 1379417
240795
241112
2723032 1 620529
151
151
112939
112939
1 1 39 3 9
1 1 30 9 0
-
35866
35866
Total
1 379417
241112
1 620529
35866
35866
16
Annualreport2010
Asset
Management"
JSC,,Citadele
2a,Riga,LV-1010
Address:
Republikas
laukums
Registration
number:
40003577500
policies
(continued)
Summary
ofsignificant
accounting
2.
Useof estimafesin preparationof the financialsfafemenfs
withInternational
Financial
Reporting
Standards,
Thepreparation
of financial
statements
in conformity
as adopted
by theEuropean
thataffectthereported
amounts
Union,requires
management
to makeestimates
andassumptions
of assets,
liabilities,
income
and
Thesignificant
areasof estimation
expense,
anddisclosure
of contingencies.
usedin thepreparation
of theaccompanying
financial
relateto impairment
of subsidiaries.
statements
Belowarepresented
keyassumptions
concerning
thefutureandotherkeysources
of estimation
uncertainty
at thebalance
sheet
riskof causing
a material
adjustment
to thecarrying
amounts
of assetsandliabilities
withinthe next
datethathasa significant
year.
financial
lmpairment
is calculated
basedon recoverable
amount
In caserecoverable
of subsidiaries
of investment.
amount
of investment
is
impairment
belowthecostvalueof investment,
is recognised.
Futureeventsmayaffecttheassumptions
on whichestimates
aremade.Anychanges
in estimates
arerepresented
in thefinancial
statements
asatthetimeofchanoe.
3.
--e
Financial
riskmanagement
has
policy
3c*ca^y he nskmanagement
approved
onthebasisofwhichrisksaremanaged
andhedged.
l.:'-:::-s':'s:ress testngof capital
adequacy
wererevised
in lightof instability
in theglobalandLatvian
financial
markets
and
s-r - ^- . ^ +c .r'..'.Fqq
of calculation
riskmoreattention
is oaidto increase
of market
levelsof themodels.
of theconfidence
-_-.-z^
financial
instruments
risk,interest
areforeigncurrency
raterisk,creditrisk,
"ancial nsksansingftomthe Company's
r- r i.,-S( andcapital
adequacy.
Foreigncunencyrisk
TheCompany's
financial
assetsandliabilities,
whichareexposed
to foreign
risk,comprise
currency
cashandcashequivalents,
trade
receivables
TheCompany
is mainly
andtradepayables.
exposed
toforeign
cunency
riskof USdollar(seealsoNote22),
possible
Thefollowing
tabledemonstrates
the sensitivity
to a reasonably
changein the US dollarexchange
rate,withall other
profitbefore
variables
heldconstant,
of theCompany's
tax(dueto changes
in thefairvalueof monetary
assets
andliabilities)
andthe
Company's
equity.
Increase/
decrease Effect
onprofit
in USDexchange
before
tax
Effectonequity
2010
+110h
-11Y0
84167
(84167)
+110k
'110/o
46549
(4654e)
(Ls)
71542
(71542)
?o 647
(3e567)
Liquidityrisk
To ensuresufficient
cash
levelof cashandcashequivalents.
TheCompany
manages
its liquidity
riskby maintaining
an adequate
plansitscashflowandanalyses
results
basis.
actualperformance
ona regular
theCompany
balance,
profile
in Note23.
asat 31December
2010is disclosed
financial
assets
andliabilities
Thematurity
of theCompany's
17
l
I
I
I
J
report
2010
Annual
Management"
JSC,,Citadele
Asset
2a,Riga,LV-1010
Address:
Republikas
laukums
Reoistration
number:
40003577500
3,
(continued)
Financial
riskmanagement
Creditrisk
TheCompany
income,
is exposed
to creditriskthrough
receivables,
accrued
andcashandcashequivalents,
Themaximum
credit
riskexposure
asat31December
2010ontheseassets
wasLVL3023547(2009:
LVL1 864588).
policy,
In accordance
withtheCompany's
investment
thefundsareplacedin termdeposits
basedon thecreditinstitution's
credit
ratingandtheinterest
rateoffered.
TheCompany
manages
itscreditriskbymonitoring
receivable
balances
onanongoing
basisto ensure
thattheCompany's
exposure
tobaddebtsisminimised.
- theparentcompany
- amounted
As at 31 December
2010,theCompany's
creditriskconcentration
to singlecustomer
lo20o/o
of
(2009:
totaltradereceivables
30%),
Pastdue
I
Total
t
t
rl
tI
past
Neither
due Upto30
norimpaired
days
2 482237
315 307
240795
2482237
315 307
3 50 1 0
1 379417
241698
248747
I 379417
241698
44191
15365
3 1- 6 0
days
17131
6 1- 9 0
days
14395
44476
91- 180
days
44102
More
than
180days
114792
16008;
pastduemorethan60daysreferto accounts
receivable
frominvestment
fundsmanaged
bytheCompany
andrelated
Otherassets
parties
(please
referto Note24).
lnterestrate risk
rl
interest
interest
income
fromcashin current
accounts,
TheCompany
is notexposed
to significant
raterisk.fhe Company
derives
withvariable
interest
rates,aswellastermdeposits
withfixedinterest
rates.
demand
deposits
rl
Capitaladequacy
.l
!r
rl
_l
.I
I
I
TheCompany
the
an adequate
capitalin orderto be ableto compensate
lossesthatmaybe incunedby clientsthrough
ensures
fault.Therequired
equityis measured
against
thevolumeof assetsundermanagement.
Theequityrequirements
are
Company's
Market
Requirement
Calculation.
As
determined
bytheRegulations
oftheFinancial
andCapital
Commission
ontheMinimum
Capital
2010,theregulations
andCapital
Market
Commission
required
maintaining
a minimum
capital
at 31 December
of theFinancial
ratioof rrskweighted
assets
andmemorandum
items
whichisdisclosed
inNote21,
aCequacy
Annual
report
2010
Asset
Management"
JSC,,Citadele
laukums
2a,RTga,
LV-1010
Address:
Republikas
40003577500
Registration
number:
4. Interest
income
2010
Interest
income
ontermdeposits
38072
Interest
income
oncunent
account
balance
TOTAL:
42406
199
4 411
38271
46817
income
5. Commission
2010
2005770
ftommanagement
Commissions
of investment
funds
1716228
portfolio
management
Seorrities
fees
727687
689,774
fromcounteroartes
Commissions
247219
118,603
5 25 1 6
35548
fromissueof investment
Commisskrns
certificates
Earlywihdrawalfee
100
fromhe increase
in accrued
Cornmssons
valueof funds
TOTAL:
49641
3 082833
I 022
256'.1275
6- Convnission
expense
2010
3rrrlssi"'rr fordisfrbution
of investment
certificates
81087
I 609
lstodian bankfee
1 61 1 0
20636
3115
100312
2 365
32610
2010
2009
39BB2
(722)
1299
(270e)
Account
maintenance
fee
TOTAL:
7. Results
currency
exchange,
net
offoreign
positions
Profit/ (loss)fromrevaluation
offoreign
currency
exchange
Netprofit
/ (loss)
onforeign
cunency
trading
Profit
ftomtradeofsecurities
10178
TOTAL:
51359
(3431)
19
rl
Annual
report
2010
Management"
JSC,,Citadele
Asset
Address:
Republikas
laukums
2a,Riga,LV-1010
Registration
number:
40003577500
L Administrative
andotherexpenses
2010
rl
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Business
trips
57297
69374
Advertising
expenses
38112
17672
128844
95924
Professional
fees
85083
30049
Non-deductible
valueaddedtax
46970
47499
Representation
andmarketing
costs
1 01 0 5
1 03 5 1
expenses
Communication
40104
42724
FCMCfinancing
fee
34390
27849
Officeexpenses
4 040
6 409
Participation
invarious
events
I 175
7 705
13577
7 461
3 047
4 040
12157
1 91 6 9
20138
1 11 3 8
Rental
costs
Auditfee
Stafffaining
=:"e:-cn
insbtubons
costs
supervisory
-'a-s:€-.a:3n
costs
l:*'a:s:a:veexpenses
TOTAL:
--e
149010
644049
16821
4',14185
Company
doesnothaveanynon-cancellable
leaseagreements.
9, Personnel
expenses
2010
Salanes
remuneration
Council
YO/ OY+
14056
1 087218
MO
Board
remuneration
224002
335093
insurance
State
compulsory
social
contributions
281846
315607
168
181
Unemployment
riskduty
professionals
remuneration
Enqaqed
10521
't 498287
I 745127
(2009:69.08%)
In accordance
withtherulings
of theCabinet
of Ministers
of Latvia65.46%
of theSocialSecurity
contributions
are
contribution
system.
usedtofundthestatedefined
oension
2010
year:
Average
number
ofemployees
duringthereporting
anyseparate
remuneration
fortheirfunctions
in theBoard,
TheBoardMembers
donotreceive
_l
I
I
20
Management"
JSC,,Citadele
Asset
Annualreport2010
Address:
Republikas
laukums
2a,Riga,LV-1010
Registration
number:
40003577500
10,Corporate
income
tax
2010
income
Corporate
tax
148158
income
Defened
tax
(713)
'147445
(805)
(80s)
lncome
taxdiffers
fromthetheoretically
calculated
taxamount
thatwouldariseapplying
the15%ratestipulated
bythelawto profit
before
taxation:
Profitbefore
tax
567085
178294
Theoretrcally
calculated
taxat a taxrateof 15%
85063
26744
Non-deductible
expenses
ontheprovisions
forimpairment
of investments
in subsidiaries
51061
33447
Taxlosses
transferred
withinthegroup*
(33eB)
(6116e)
Oheroermanent
differences
14719
173
year:_.
Actualcorporate
income
taxforthereporting
' -3ss€s
- LVL22652.
arefansfened
within
fromInsurance
thegroup
JSC,,Citadele
Life"
147445
(805)
le'e-gj ^come
tar
(5204\
3':ss referedincome
taxliabilities
(335e)
(335e)
Defened
taxassetto berecovered
within1 year
1 10 9 5
12227
income
Grossdeferred
taxasset
11095
12227
7 736
7 023
le':-ea lar irabrlify
to berecovered
within1 year
Netdeferred
incometax asset:
(5204)
Themovement
of defened
income
tax:
As at 31December
2008
Creditedto the statementof
income
comprehensive
Asat31December
2009
tothestatement
Credited
/ (charged)
income
ofcomorehensive
Asat31December
2010
Accelerated
tax
depreciation
Accrued
unused
annual
leave
expenses
TotalLVL
(5831)
12049
62',18
627
(5204)
178
'12227
805
7 023
1845
(335e)
(1132)
11095
747
7 736
21
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J
Annual
report
2010
Asset
Management"
JSC,,Citadele
Address:
Republikas
2a,RIga,LV-1010
laukums
Registration
number:
40003577500
11. Balances
duefromcreditinstitutions
Asat 31December
2010,
theCompany's
cashconsisted
of a deposit
withASCitadele
in theamount
banka
of EUR1 000000,
(2009:
perannum
i.e.LVL702804,
EUR1 000000)bearing
interest
of 1,3%
andmaturing
ong January
2011,
ofa deposit
inthe
perannum
amount
USD1 300000,i.e.LVL695500bearing
interest
of 1,10/o
andmaturing
on9 January
2011,of a deposit
in the
perannum
LVL850000bearing
amount
interest
o10.70/o
andmaturing
on9 January
2011,
aswellasaccumulated
interest
income
intheamount
onthetermdeposit
of EUR794, i.e.LVL558,(2009:
EUR5 289i.e.LVL3 717),LVL364andUSD874,i.e.LVL468
(2009:
USD2 455i.e.LVL1201),
andcunent
account
balances
withASCitadele
banka.
- 0.5%(LVL),1-dayFEDFOND- 0.5%(USD),1-dayEONIA
balances
earnthefollowing
1-dayRlGlBlD
Cunentaccount
interest:
purposes,
Forcashflowstatement
0.5%(EUR).
thetermdeposits
inamount
of EUR1 000000(2009:
EUR1 000000)havebeen
fromcashandcashequivalents,
excluded
31.12.2010 31j22009
Balances
duefromcredit
institutions
2 482237
interest
income
Accrued
(13Be)
Termdeposits
withinitialmaturity
morethan1 month
Cashandcashequivalents:
2 480848
1379417
(4e18)
(7028041
671695
12.
Non-cunent
financial
assets
--:'::,t'-::aberepresentstheCompany'sinvestmentsinthesubsidiariesandassociatedcompaniesasat3l
December2010:
0wnership
Ownership
interest
asat
interest
asat
31.12.2010 31.12.2010 31.12.2009
J
31.12.2009
I
Qc:'m
ry
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mmnenioc
O0O-Crtadele
AssetManagement"
(Russia)
100%
1 1 40 0 0
100%
382901
OOO"Citadele
AssetManagement"
(Ukraine)
100%
964098
1000/o
964098
lnvesticiju
Valdymas"
UAB,,Citadele
(Lithuania)
100%
478000
100%
549503
(Latvia)
Baltic
Properties"
SlA,,E&P
50%
10000
50%
10000
3 000000
100%
3 000000
Life"(Latvia)
"Citadele
Investments
Ltd
Citadele
Ukraine
(Ukraine)
MS
SIA"PRSoecidlie
oroiekti"
Totalrelated
companies
100%
100%
100%
60354
2 000
4628452
100%
100%
60354
2 000
4 968856
(Russia)
recognized
in 000 "Citadele
AssetManagement"
During
2010theCompany
impairment
of LVL268901of investment
and
LVL71 503on UAB"Citadele
Investment
Investments
aremeasured
whichis equalto the
Valdymas",
at therecoverable
amount,
(Russia)
AssetManagement"
andtheJSC"Citadele
Investment
Valdymas".
TheCompany
equityof OOO"Citadele
startedsales
process
of itssubsidiary
in Russia
in autumn
2010whichis planned
to becompleted
tilltheendof 2011.
Thecorebusiness
Lithuania
activity
of thecompanies
in Ukraine,
andRussia
is management
of securities
andinvestment
fundson
jointstock
provides
intermediary
behalfof theclients,SIAE&PBalticProperties
services
in realestatebusiness,
Theinsurance
providing
Lifewasestablished
on2 December
2005andstarted
lifeinsurance
in 2007.
company
Citadele
services
"Citadele
in Ukraine
In 2008,theCompany
established
a company
Ukraine
Investments"
Ltd,engaged
in brokerage
services
in the
projekti"
providing
pledge
financial
market
andSIA"PRSpeciSlie
commercial
management
andlegalservices.
22
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JI
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II
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I
Annual
report
2010
Asset
Management"
JSC'Citadele
laukums
2a,RIga,LV-1010
Address:
Republikas
Regisfation
number:
40003577500
(continued)
financial
assets
12. Non-cunent
for2010
isasfollows:
Performance
companies
ofrelated
Profit
orloss
Total
forthe
year
liabilities revenues reporting
Totalassets Total
Rdatedcornoanbs
O@,CitadeleAssetManagement"
(Russia)
2010
2009
O@ .GtadeleAssetManagemenfl
(Ukrile)
2010
2009
SIA'E&PBdtbProperttes'(LaMa)
2010
2009
AAS,Ct6deLib' (Latvia)
2010
2009
Investiciju
Valdymas'
UAB,gbde{e
113942
384183
211
1 282
3 039
22033
(140223)
(171743)
1228191
I 204856
1 847
6 837
366854
451771
(86i28)
106147
40967
45485
10002
36 1 3
I 358
28022
3215
18277
2023555
1 048190
182681
128383
40545
27275
23283
35100
151112
1 0 11 0 5
(6e613)
(217e57)
4 059
23642
8254
(362e)
191048
15956
(25162)
972
48/.2762
3 826853
Assets
under
management
15484291
15 360081
li.:fuatra)
2010
2009
Investrnents
Ltd
Ukraine
Citadele
(Ukraine)
2010
2oo9
projekti"
stA,PRspecidlie
(LaMa)
2010
2009
501949
584604
52214
39912
61760
3143
43
38147
171
14436073
12248659
tI
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t.
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23
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I
JSC,,Citadele
Asset
Management"
Annual
report
2010
Address:
Republikas
laukums
2a,Riga,LV-1010
Registration
number:
40003577500
13. Intangible
assets
Licences
and
software
Acqutsttton
valueasatu1.u1.2009
value
asat.31.1.2.2QQ9
4cquisition
_. ___Accumulabd
anprtisation
asat01.01.2009
Charge
for2009
Acqrmulabd
t 31.'12.2009
m
TOTAL
36,049
36,049
7,725
7,725
ffi
Balance
asat
Balance
asat 31.12.2ffi9
1
Acquisition
value
asat01,01.2010
Mditons
Digosab
Acquisition
ralueasat31.12.2010
Amrmulabd
armrtisation
asat01.01.2010
Chagefa 2010
Deprecbllm
fordbposals
36,049
126
(673)
35,502
18,242
7,073
(524)
36,049
126
(673)
502
18,242
7,073
(524)
Acqnndatsd
anprtisation
asat 31.12.2010
24,791
24,791
.2010
asi 3'1.12.2010
24
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I
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!,
t
I
I
2010
Annual
report
Management"
Asset
JSC,,Citadele
2a,RIga,LV-1010
Address:
Republikas
laukums
Registration
number:
40003577500
14.Fixedassets
Tednological
O{herfixedassets
equipment
and
andequipment
TorAL
valueasat
Additons
Disposab
payments
Advance
Acquisition
value
asat31.12,2009
.2009
Accumulated
depreoation
asat01.01
Deprecialion
for2009
Depreciaton
fordbposals
Acqlmulated
asat 31.12.2009
depreciation
Balance
asat 01.01.2009
Balance
asat 31.12.2009
Acquivtion
ralueasat01.01.2010
Additons
Dlspmab
lcq.rstrr valueasat 31.12.2010
A=rrats{ Cepreciation
asat01.01.2010
korecalonfor2010
fordboosals
feorecation
r=r-raEc segrecation
asat31.12.2010
BCace as i 01.01.2010
Bdmceasat 31.12.2010
26,513
26,513
3,813
3,813
22,700
26,513
26,513
3,813
5,303
9,116
22,700
17,397
7,359
(19,950)
(30e)
56,021
33,872
(19,950)
(30e)
82,5U
40,493
16,331
(18,758
)
38,066
28,428
17,955
56,021
446
(12,225)
44,242
38,066
10,865
(11,729)
37,202
17,955
40,493
20,144
(18,758)
41,879
28,428
7,040
82,5U
446
(12,225)
70,755
41,879
16,168
(11,729)
46,318
24,437
tl
rl
rl
rl
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25
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l
l
l
l
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I
Annual
report
2010
JSC"Citadele
Asset
Management"
Address:
Republikas
laukums
2a,RIga,LV-1010
Regisfaton
number:
40003577500
15,Defened
expenses
andaccrued
income
31.12.2010 31.12,2009
Accrued
income
commission
300515
236424
Defened
expenses
14792
315 307
5 274
241698
TOTAL:
16.Other
assets
31.12.2010 31.12.2009
Security
deposits
Advances
toemployees
payments
Advance
Other
receivables
TOTAL:
27073
2670
1346
1 452
508
6183
211868
240795
238442
248747
Otherreceivables
include
commissions
on management
of investment
fundsas wellas receivables
fromprivate
individuals
for
portfolios.
management
ofindividual
17. Accrued
liabilities
31.12,2010 31.12.2009
Accrued
leaveexoenses
annual
Accrued
expenses
forprofessional
fees
TOTAL:
73965
81515
62175
136140
4 676
86191
18.Other
liabilities
31,12.2010 31.12.2009
Payables
tosuppliers
andother
companies
48015
compulsory
insurance
State
social
contributions
28642
11
Personal
income
tax
229
Value
added
tax
951
Payables
toemployees
TOTAL:
1 569
50764
75
2 462
31190
19. Sharecapital
The
wasLVL4 150000andconsisted
of4 150000registered
shares.
Asat31December
2010,
theshare
capital
oftheCompany
parvalue
isLVL1.ASCitadele
banka
isthesoleshareholder
oftheCompany.
ofeachshare
2010wereLVL2 884541.Theprofitfortheyearis LVL419828.TheBoard
of the
Theretained
earnings
asat 31December
profit
proposes
intheamount
andpaydividends
ofLVL1 500000.
Company
todistribute
26
l
l
l
l
J
socialinsurance
contributions
20.Taxes
andthestatecompulsory
YtlYg
aooeolax
13903
357699
252444
148158
(53000)
(199290)
168000
(10823)
(115000)
(246
191)
:l
l
_l
I
I
I
I
I
I
income
tax
for2010
Calculated
Payable
asat31.12,2010
t
contributions
Corporate Unemployment
riskduty
TOTAL
income
tax
(212s)
I
I
I
I
I
State
compulsory
insurance Personal
social
(overpayment)
Payable/
asat31.12.2009
Transferred
to othertaxes
J
Annual
report
2010
Asset
Management"
JSC,,Citadele
laukums
2a,RIga,LV-1010
Address:
Republikas
number:
40003577500
Registration
Paidin2010
951
(247719)
11
(3481)
(2497621
170
772374
(170) (456474)
68439
66138
21.Capitaladequacy
ratiocalculated
Asat31December
2010
and2009
theCompany's
capitaladequacy
inaccordance
withFCMC
regulations
wasas
31.12.2010
31.12.2009
Tier1
Sharecaoital
4 150000
payment)
(notsubject
Audited
retained
to dividend
eamings
1 384541
'1500000
l-d ledretained
payment)
(subject
eamings
todividend
:-: :e. orofitforfre year(notsubject
payment)
to dividend
^:a^:
3 t Y D'eassets
419640
( 1 07 11 )
4 150000
2705442
179099
(17807)
7 443470
7 016734
insurance
companies
institutions,
investments
in othercreditandfinancial
Significant
(4762751)
(4956856)
Totaldecrease
in equity
97627511
(4956856)
2 680719
2 059878
87243
146533
484961
54409
1 1 70 0 8
457826
631494
1 961982
29.84
574834
1 430635
26.19
Totaltier1
in equity
Decrease
ratiocalculation
Equityto beutilisedin thecapitaladequacy
calculation
Summary
of capitalcharge
Totalcreditriskcapital
charge
risk
forforeign
cunency
Capital
charge
risk
foroperational
Capital
charge
Totalcapital
formarket
risks
charge
Totalcapitalcharges
ratio,%
adequacy
Capital
27
l
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l
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t
t
t
t
Annual
report
2010
JSC,,Citadele
Asset
Management"
Address:
Republikas
laukums
2a,RIga,LV-1010
Registration
number:
40003577500
22,Currency
analysls
profile:
Thefollowing
ananalysis
items
tableprovides
ofthebalance
sheet
asat31December
2010
bycurrency
Total
Assets
Balances
institutions
duefromcredit
Non-current
financial
assets
988469
744314
705465
43989
4 628452
2 482237
4 628452
107'l'l
lntangible
assets
1 07 1 1
Fixed
assets
24437
24437
7 736
7 736
Defened
taxasset
Defened
income
expenses
andaccrued
assets
Other
Totalassets
asat31.12.201
0
190237
62042
12655
198871
5 862697
't 005227
59046
AAO
765180
3 982
315307
28600
240795
76571
7 709675
Liabilities
Accrued
liabilities
income
Corporate
taxpayable
OherIabilites
Totalliabilities
asat 31,12.2010
(151)
( 15 1 )
Balances
dueto creditinstitutions
(121
878)
(6843e)
(49895)
(240212)
(e34e)
(136140)
(25)
(746)
(6843e)
(50764)
(25)
(100e5)
(2554e4)
(4e13)
(e8)
(5162)
Shareholders'
equity
asat 31.12.2010
(7454181)
(7 454181)
Totalliabilities
equityasat
andshareholders'
31.12.2010
(76e43e3)
(5162)
(25)
(10095)
Netlong/(short)position
asat 31.12.2010
(18316e6)
1 000065
765{55
66476
(7709675)
1
1
t
I
28
I
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J
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T
I
I
I
I
I
I
I
JSC"Citadele
AssetManagement"
Address:
Republikas
laukums
2a,Riga,LV-1010
Annual
report
2010
Regisbation
number:
40003577500
(continued)
22 Cunency
analysis
ThefrClowing
tableprovides
ananalysis
profile:
ofthebalance
items
sheet
asat31December
2009
bycunency
Ls
EUR
USD
139567
838837
389925
Other
Total
Asseb
Balances
dueftomcreditinstitutions
Noncrnentfinancial
assets
11088
4 968856
1 379417
Intangible
assets
17807
4 968856
't7807
Fixedassets
40655
40655
7 023
7 023
Defened
taxasset
Defened
expenses
andaccrued
income
144771
incometax
Overpaid
corporate
247719
Ofierassets
107503
139487
1 198
559
248747
5 673901
I 039064
425937
13020
7 151922
(77)
(2745)
Totalassetsasat 31.12.2009
60740
34814
1 373
241698
247719
Liabilities
Accned liabilities
(82771',)
Ofter ldtlittes
(1558s)
( 1 53 3 1 )
Td
(e8356)
(15408)
li*riliti€ as at 31.12.2009
Shaeio6ers'eouitvasat 31.12.2009
(15)
(5e8)
(259)
(2760)
(86191)
(31190)
(117
381)
(7034541)
0 034541)
Totd liCiliti€s andshareholders'
equityas at
3r.122m9
(7132897)
(15408)
(2760)
position
t{eilong,(short)
asat31.12.2009
(1458996)
1 023656
423177
(857) (7151s22l,
1 21 6 3
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Annual
report
2010
JSC,,Citadele
Asset
Management"
2a,RTga,
LV-'l010
Address:
Republikas
laukums
number:
40003577500
Registration
23.Assetsandliabilities
contractual
maturity
structure
profile:
Thefollowing
ananalysis
ofthebalance
sheet
items
asat31December
2010bymaturity
tableprovides
Tillm
l onth 1-o
6-12
1-5
Morethan
months months years 5 years
and
withno
fixedterm
Assets
Balances
institutions
duefromcredit
2482237
4 628452
10711
10711
Fixed
assets
24437
24437
Oherassets
t
'I
t
l
4628452
Intangible
assets
Defened
expenses
andaccrued
income
I
2 482237
Non-current
financial
assets
-
Deferred
taxasset
I
Total
Totalassets
asat31.12.2010
7 736
7736
315307
50375
315 307
75628
240795
114792
28479',19 75628 122528
4 663600
7 709675
-idtlittes
3aarcesdueto creditinsbtutions
(151)
(151)
(73e65)
Accrued
liabrlities
(62175)
incometaxpayable
Corporate
(6843e)
Ofierliabilities
(47681)
(3083)
(6843e)
(50764)
(178446)
(73965), (3083)
(2554e4)
Totalliabilities
asat 31.12.2010
(136140)
(7 454181\
Shareholders'
equitv
asat 31.12.2010
Totalliabilities
andshareholders'
equity
asat 31.12.2010
(178
446)
.
(73e65)
Netlongl(short)positionas at
31.12.20',10
2 669473
75628
48563
(7454181)
(3083) (7454181l. (770e675)
(3083) (27e0581)
l
t
t
t,-I
J
_l
30
l
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l
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Annual
report
2010
Asset
Management"
JSC,,Citadele
laukums
2a,RIga,LV-1010
Address:
Republikas
number:
40003577500
Registration
(continued)
maturity
structure
23. Assets
andliabilities
contractual
profile:
items
2009
Thefollowing
tableprovides
ananalysis
ofthebalance
sheet
asat31December
bymaturity
Tilllmonth 1-6
6-12
1-5
Morethan
months months years 5 years
and
withno
fixedterm
Total
Assets
institutions
Balances
duefromcredit
1 374499
1 374499
Non-current
financial
assets
4 968856
4 968856
Intangible
assets
17807
17807
Fixed
assets
40655
40655
Defened
taxasset
7 023
income
Defened
expenses
andaccrued
231386
Overpaid
corporate
income
tax
247719
Oherasseb
Tdl ass€tsasat31.12.2009
7 023
15230
246616
2477',19
44191
44476
,I? EOA
1 897795
59706
20619 146484
146484
248747
5 027318
7 151922
Lid-ties
(81515)
Odprtdafities
(4676)
(31190)
(86lel)
(31190)
Totalli$iliti€sasat31.12.2009
(35866)
(81515)
( 1 1 37 8 1 )
Accrued
ldiltes
Sha$olders'
equity
asat 31.12.2009
Totalliabilities
andshareholders'
equi$
asat31.12.2{X}9
iad long,(short)position
asat
3r.122009
(35866)
1 861929
.
(81515)
(7034541)
(7034541)
(7034541)
(71519221
59706 (60896) 146484 (20072231
31
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JSC.Citadele
Asset
Management"
Annualreport2010
Address:
Republikas
laukums
2a,Riga,LV-1010
number:
Regrsfabon
40003577500
partytransactions
24, Related
parties
isa wholly
TheCompany
owned
subsidiary
ofAS"Citadele
banka".
Othercompanies
referred
toasrelated
areCitadele
Group
companies.
Asat3lDecember
2009
and2010balances
duetoandfromrelated
wereasfollows:
oarties
31.12,2010 31.12.2009
Balances
duefromAS
banka"
"Citadele
20646
pensiju
Balances
dueftomBAS
atkldtais
fonds"
"Citadele
14323
Balances
duefromAPAnlaoe&Privatbank
AG
1538
36507
Balances
duetoAS"Citadele
banka"
75662
TOTAL:
75 662
1 523126
11034
1 534160
1651
1 651
Income
andexDense
fromrelated
wereasfollows:
oarties
2010
Interest
income
fromAS'Citadele
banka"
,38271
2009
46817
Commission
income
fromAS,,Citadele
banka"
173685
105302
pensiju
income
Sonmission
fromBAS"Citadele
fonds"
atkldtais
-,es:'rentconsultrng
(Lietuva)
income
SC,,Citadele
bankas"
^r'-€ 'o- leaseof premises
APAnlage
& Privatbank
AG
148420
119327
41
185
- =,-: -:- Tanagement
services
APAnlage
AG
& Privatbank
8728
TOTAL:
l:--
ss3^expense
toAS.Citadele
banka"
369104
271672
88682
19724
pensiiu
i-3 :.,eescersicns
wiUr
BAS"Citadele
fonds"
atklStais
5 489
TOTAL:
88682
25213
p-':.ase o'ixed assets
fromrelated
oarties
areasfollows:
2010
: S .3 =:e e banka'
17425
:s :: 3' lecsnb€r2010related
parties'
(inthousands
lats):
assets
undermanagement
areasfollows
31.12.2010.31j22009.
419
::S .: :adele
aftlatais
fonds"
oensiiu
TOTAL:
385
419
32
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Asset
JSC-Citadele
Management"
Annual
report
2010
AddressRepublikas
laukums
2a,Riga,LV-1010
number:
Recrsfabon
40003577500
25. Memorandum
items
The tablebelowprovides
(including
an analysis
investment
of the fundsmanaged
fundsand pensionplansmanaged
by the
Company)
onbehalf
of thecustomers
byinvestment
type(LVL'000):
I
31.12.2010
o/o
31.12.2009
Debtsecurities
-
Creditinsttution
bonds
36769
12.03T0
49448
18.23T0
_]
Corporate
bonds
36742
12.020/0
23306
8.59%
J
JI
Cen[algovemment
bonds
35028
11.46Y0
36719
13.54Y0
institution
Otherfinancial
bonds
4 307
1.41Y0
1 306
0.48%
Municipali$
bonds
1711
I 411
1 1 21 9 0
0.52Y0
41.35,%
58882
21.70Y0
l
1'.14
557
0,56%
37.48%
Investment
funds
89261
29.20Y0
Shares
35573
11,64Yo
27632
10.19%
Cash
andcashequivalents
16507
5.400/0
15969
5.89%
Term
deposits
38102
12.460/0
45309
16.70T0
Realestate
10722
3.51%
10750
3,96%
Totaldebtsecurities:
Oherinvestments
I
l
I
J
l
l
l
l
"i
Derivatives
76
0.02Y0
(561)
(0.21%)
873
0.290/o
1 117
0.41T0
Totalotherinvestments:
191114
62.52Y0
159098
s8.6s%
TOTAL:
305671
100.00%
271288
100.00%
Repo
deals
(including
plansmanaged
Thetablebelowprovides
investment
an analysis
of thefundsmanaged
fundsandpension
by the
profile
(LVL'000):
onbehalf
ofthecustomers
bycustomer
Company)
31.12.2010
Residents:
^s-rance
investment
funds
companies,
andpension
;ensionplans
J
l
J
l
l
I
,
0:rercompanies
Pnvate
individuals
Totalresidents:
Totalnon-residents:
TOTAL:
31.12.2009
81720
26.74V0
65086
23.99T0
122551
40,09%
119295
43,970/o
3 537
1.16T0
3 068
1.13Y0
36625
11,98%
31210
11.50%
2M433
79.97%
218659
80.60%
61238
20.03%
52629
19.400/0
305671
100.00%
271288
r00.00%
33
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l
JSC,Citadele
Asset
Management',
Annual
report
2010
Address:
Republikas
laukums
2a,Riga,LV_1010
Regisfatnn
number:
40003577500
25. ilemorandum
items(continued)
Tfe ftllowrng
tableshows
thevalueofassets
oftheirtvestment
fundsandpension
plansestablished
andmanaged
bythecompany
{Llr 000).
31,12.2010
Yo
Pensbnplans:
lP crtadere
Atrivaispensijupr.ns
6g075
45.2o1o
74 376
52.45y0
10SOg2
10.100/o
t[glt4
73.1gyo
10420
6.92Y0
11095
7.g2o/o
10346
6.87T0
8 852
G.240/o
7 936
5.270/o
4 473
3.15Y0
10558
7.000/o
8 231
5.8Y0
lP Citadete
Universdlais
pensijupl5ns
Totalpensionptans:
31.12.2009
Investment
funds:
SIFCitadete
BalticRealEstate
fund- tl
lF Citadele
Eastem
European
Balanced
Fund
lF Citadele
Russian
Equity
Fund
lF Citadele
Eastern
European
BondFund
SIFCitadete
Battic
HighyietdFund
lF Citadele
Ukrainian
Equity
Fund
557
0,37t0
1 501
1,06%
1003
lF Citadete
Caspian
SeaEquigFund
0.67T0
587
0.410/o
2790
1.850/o
2 098
1.48T0
lF Citadete
Universal
Strategy
Fund_ EUR
108
lF Citadete
Universal
Shategy
Fund_
USD
0.07Y0
91
0.06%
72
0.05%
OY
0.05%
lF Citadele
ActiveStrategy
Fund- EUR
lF Citadele
ActiveStrategy
Fund-USD
200
0.130/o
191
0.130/o
180
lF Citadele
Batanced
Shategy
Fund-EUR
0.120/0
207
0.15o/o
709
lF Citadele
Balanced
Strategy
Fund- USD
0.470/o
522
0.370A
162
0.11T0
123
0.09%
Totalinvestment
funds
TOTAL:
45041
29.90%
38040
26,82%
150623
100.00%
141814
r00.00%
T
1
t
I
I
I
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Annual
report
2010
JSC"Citadele
Asset
Management"
Address:
Republikas
laukums
2a,RTga,
LV-1010
Regisbation
number:
40003577500
25. Memorandum
items(continued)
Thetablebelowprovides
plansestablished
ananalysis
of theinvestment
fundsandpension
andmanaged
bytheCompany
by
invesbnent
type(LVL'000)
:
0/o
31,12.2010 Yo
31.12.2009
Debtsecurities
Credit
institution
bonds
17553
11.65Y0
34617
24.41Y0
Coroorate
bonds
24690
16.39%
15272
10.77f0
govemment
Central
bonds
19699
13.08%
1 80 1 5
12.700/o
1 443
0.96%
1 374
0.970/o
Municipality
bonds
Totaldebtsecurities:
63385
69278
Oherinvestments
Investnent
funds
20500
13.61T0
Shares
1 97 7 1
Termdeposits
22687
13.13Y0 .
'15.06%
Realestate
10535
I 872
Cash
andcashequivalents
Derivatives
institution
Oberfinanqal
bonds
Totalotherinvestments:
TOTAL:
I 961
6.32Y0
11334
7.99Y0
33451
23.59Y0
6.99%
1 05 8 1
7,460/o
6,55%
7 349
5.180/o
0.05%
(347)
(0.240/0)
3 804
2.530/o
I 207
0.85%
87238
57.92Y0
72536
51j5%
150623
100.00%
141814
100.00%
OY
26. Eventsafterthe balancesheetdate
Therearenosubsequent
year,which
events
sincethelastdateof thereporting
wouldhavea significant
effect
onthefinancial
position
ofhe Company
asat31December
2010.