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Annual Report 2012

Corpo

Man Addr Box 102

12

Cont Boa Con Con Con

Con Con

Key Pare Pare Pare Pled

Pare Pare Acco Note Sign App

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ent Company ent Company ent Company dged assets anent Company ent Company ounting princies natures endix 1: Remendix 2: Corp

s: e 1 General ine 2 Summary e 3 Financial re 4 Important e 5 Commissioe 6 Other opee 7 Interest ince 8 Dividends e 9 Net finance 10 Profit/lose 11 General ae 12 Operatinge 13 Income tae 14 Loans ane 15 Loans ane 16 Shares ae 17 Long-tere 18 Financiae 19 Intangiblee 20 Tangible e 21 Other rece 22 Prepayme 23 Other liabe 24 Accrued e 25 Pledged e 26 Related-pe 27 Financiale 28 Events afe 29 Capital c

o. 556628-5408

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s’ report fit and loss statements of coance sheet tements of chsh flow statemeir definitions profit and lossstatements ofbalance sheend contingentstatements ofcash flow statples and note

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NUAL RE

Cngold.se 55

EPORT 2

orporate identity n56628-5408

2012

no. 2

Page

3 14 14 15 16

17 18

19 19 20 20 21

22 23 23 46 47 51

23 23 29 33 34 34 34 35 35 35 35 37 37 38 38 39 39 39 40 41 41 41 41 41 42 42 42 44 44

Corpo

Man Addr Box 102

13

Boar Pare The Bherebwher OvervMangBank The cprom The cMang Signif Mangreseacollabcons Devel The pequit Propo The b ShareAccuNet pTotal Distri DividTo be The G Overv The a MFK SwedFSA (VML • • • • • •

orate identity no


rd of director

nt Company

Board of Direcby submit the e appropriate

view of operatiogold is listed ok AB) is the co

company shalmote the appro

company owngold KF AB (M

ficant events of

gold's shares arch departmeboration with idered to be o

opment of the p

parent compay amounts to

osed distribution

board propose

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ibuted as follo

end e carried forw

Group

view of operatio

absolute majo

is a member dish Securities(Finansinspek

L) as follows:

Reception anExecution of Trading in finDiscretionaryInvestment adUnderwriting

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ctors and Manannual report.

ns on the NASDAompany’s Cert

l own and maopriate coordin

ns shares in MMKF) (100%) th

2012

are admitted ent "Mangold Danica Pensio

one of the cou

parent company

any's profit hasSEK 28,9 (24

n of profit

es that the fol

serve cit

ows:

ard:

ns

ority of the gro

of Nasdaq OMs Dealers Assoktionen) and co

nd forwarding orders regardancial instrum

y portfolio mandvice to clientof financial in


naging Directot for 2012. Info

AQ OMX First tified Advisor a

anage fixed asnation and de

angold Fondkhrough Mango

to trading on Insight". Durinon. Furthermo

untry’s fastest

y’s operations, r

s developed n,1) million with

lowing distrib

oup’s operatio

MX Stockholmociation (SSDonducts secu

of orders conding financial iments for one’snagement regts concerning

nstruments an

hone Fa3 01 550 08

or of Mangold ormation abou

North Premierand market m

ssets and chatvelopment of

kommission Aold Fondkomm

NASDAQ OMng the year, More, Dagens Ingrowing com

result and finan

negatively andh liquid assets

utable earning

ns consists of

m, Nordic GrowA, Svenska Forities transact

cerning one onstruments ons own accounarding financifinancial instr

d investments

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AB, corporateut the group a

r and is tradedmaker, +46 (0)

ttels, preferabthe activities

AB (MFK) (100%mission AB.

MX First North Mangold expanndustri (DI) aw

mpanies for tha

ncial position

d resulted in a s amounting to

gs:

f MFK’s activi

wth Market, Aondhandlarefötions in accord

or more financn behalf of clie

nt (VML 2:1 p. al instrumentsruments (VMLs in financial in


e identity numalso deals with

d with the tick8-463 80 00,

bly shares in wof the subsidi

%). The comp

Premier on 12nds its busine

wards Mangoldat particular ye

profit of SEKo SEK 0,0 (0,0

ties.

AktieTorget, Swöreningen). Mdance with the

cial instrumentents (VML 2:13)

s (VML 2:1 p. L 2:1 p. 5)* nstruments wi

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ker MANG. Eriwww.penser.

wholly or partiaiaries.

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2 July and in aess by startingd a Gazelle forear)

8,0 (-0,6) milli0) million.

wedSec LicenFK is under the law (2007:52

ts (VML 2:1 p p. 2)*

4)*

ith a firm com

NUAL RE

Cngold.se 55

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ik Penser Ban.se.

ally owned sub

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Corpo

Man Addr Box 102

14

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• • •

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The g• • • • • SignifMangreseacollabcons Devel Opergroup The gthe m Busin Busin In genEquitSwedtradecustopartninvesalternenternearl DirectDirecInFrois deThe s MangMang

orate identity no


Investments iAcquiring finaProviding cliefinancial instrProviding corperforming sePerforming seReceiving clieOther ancillar(VML 2:3 firstInsurance me* Cross-borde

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opment of the g

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group is not bmain reason.

ness Areas

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t Market Accessct Market Acceont supplied dalivered to Mansystem is run

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in financial insancial instruments with credruments (VMLrporate adviceervices for meervices in conent funds in ory business oft paragraf) ediation underer activities (P

ations are orgag nance ces ement

ng

2012 are admitted

ent "Mangold Danica Pensio

one of the cou

group’s operatio

ssion income wprofit before ta

urdened by an

y Trading

rs private indiand derivativechosen market as far as posthird party has account for

business area’tnership with st companies

s ess – for clienata- and the tngold clients uby most peop

or clients with


struments withents on behalit, that throug

L 2:2 p. 2) e on capital stergers and acqnnection with trder to facilitaf acting as Ce

r the Act on InPoland)

anised in the f

to trading on Insight". Durinon. Furthermo

untry’s fastest

ons, result and

was SEK 94,7ax of SEK 8,8

ny credit losse

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ts who primarrading applicaunder the nample who interac

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ructure, businquisitions (VMthe underwritinate security trartified Adviser

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financial positio

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panies and smASDAQ OMX SMA, Mangold

an now also traed into in the sduals, with thet offer. Furtherent unit trust mes.

rily need to beation OnlineTr

me MangoldTract often with t

anage their ow

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ommitment (VMnd receiving fues company, t

ness strategy ML 2:2 p. 3)

ng of financiaansactions (VMr for companie

iation

ness areas:

MX First North Mangold expanndustri (DI) aw

mpanies for tha

on

, which is an iwhich is a sign

tioning in 201

mall to mediumStockholm, AkOnline and b

ade in Americsecond half ofe market’s mormore, Mango

marketplace p

e able to traderader. The sysader at cost otheir account

wn investment


ML 2:1 p. 7) unds with accothey are able t

and related m

l instrumentsML 2:2 p. 8) es whose shar

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wards Mangoldat particular ye

ncrease of 2 pnificant increas

2. Proactive r

m-sized instituktietorget androkers in orde

can and Canadf the year. At t

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e directly in thstem is amongor free-of-charmanager / bro

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isk measures

tions a compe NGM. Clients

er that the varidian shares ththe beginning ucture, as a cor client requese Mangold’s c

e Swedish ordg the market lerge for the mooker.

e offer Mango

NUAL RE

Cngold.se 55

ML 2:2 p. 1)* ransactions in

tion to provid

6)

ted to trading

autumn Mangog to offer pensr 2012. (A ”Ga

pared with thewith the previ

to monitor cr

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hrough a broke of 2012 Mangomplement ansts for tradingclients sudden

der books, weeading in the N

ore transaction

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EPORT 2


one or more

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on First North

old starts its sion solutionsazelle Compan

previous yeaous year.

edit exposure

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er, since a gold introducend competitive in unit trusts

nly had access

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2012

no. 4

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Corpo

Man Addr Box 102

15

Throutradinrepor BrokeThe Baccointeraadvic AutomAutomsuppMangupon DeposThe Ddepopermgo baEUR conn AdditiMangmarkadditprovitotall Busin In genThe btradeareasCertifmarkcompCorphas bhave proviMangnumbtime,contiseverincluddeveemplquick EquityEquitshareexistiblockundeOver servic

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ugh MangoldOng, but the clierts on a month

er Broker-serviceunt manager /action is adapce.

mated Trading mated Trading

pliers’ trading sgold and can bn explicit requi

sit Guarantee Deposit Guaraosits in banks, mission to receankrupt. At the100.000. Manected accoun

ional Informatiogold’s share trketing its marktion, depot clieded since theed 3.000 and

ness Area Corpo

neral business area ed and non-liss such as IPOsfied Advisor o

kets, mergers &panies performorate Finance

been achievedevolved into lde services togold’s local neber of clients a even in the Nnue to grow aral key factorsde documentelop existing cloyee involvem

kness from ide

y Capital Markety capital markes that are noting shareholdeks of shares inerwriting conso

the past nineces. Mangold

o. 556628-5408


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e can be seen/ broker or his

pted to the clie

g, more knowstrategies undbe based upoired returns an

antee is a form credit compa

eive client depe release of thngold is a secunts and ii) cash

on rading producket outlook in sents have free

e beginning of the total depo

orate Finance

Corporate Finted companies, capital raisi

on NASDAQ O& acquisitionsming transactie was foundedd through a strlarger importao companies oetworks and hand their size.

Nordic region. and Mangold is have contribed success inlient relations

ment in every tea to impleme

ets ket transactiot listed on a reers, dividends

n the stock maortium and pa years, Mangobelieves that


not only havehe possibility or yearly basis

n as a complims colleagues isent’s stated re

n as TES or Tder a discretioon different algnd risk profiles

m of consumeranies and secuposits. Therefohis annual repurities compah in investmen

ces no analysisocial media d

e access via e2012 through

ot capital SEK

nance is a proes. The departings, acquisiti

OMX First Norts, debt capitalons on the Sw

d in 2003 and rategic focus ant clients. Maof all sizes withigh competen. Mangold’s gMangold feelsitself is well-p

buted to its imp transactions,so as to incretransaction an

entation.

ns that Mangoegulated marks or sales of sarket (”secondarticipating theold has continas the organi

hone Fa3 01 550 08

e access to onto follow the ds and support

ment to the afos aimed at thoequirements an

Trading Executonary managemgorithms, techs, usually in co

r protection fourities companore the client rort, the Deposny and the fol

nt accounts. F

s at macro- odaily. This incmail to a cost

h close coopeK 2.700 million

ovider of corpotment offers oons, divestituth. Mangold p markets and

wedish markethas since theon small and

angold believeh interests pri

nce on the Swoal is to contis that the Sweositioned throproved marke good knowle

ease stability ind a relatively

old regularly cket or a so-calubsidiaries owdary offerings”emselves in thnually strengthstion has grow

ax 8-503 01 551

ne of the markdevelopment ting document

orementionedose clients witnd is mainly b

tion Service, iment mandate

hnical analysisonsultation wi

or savings accnies that havereceives compsit Guarantee llowing types

For further info

r corporate leludes daily upt-free morningration with NA

n.

orate financiaowners, boardsres and merge

provides a widother financiat but has even

en shown stronmedium-sized

es that the Coimarily in Swe

wedish marketnue to expandedish market fough its stronget position in redge of and gon the revenueaggressive cu

conducts in Swlled trading fawned by existi”). Moreover,

he issues undehened its positwn and has be


ket’s cheapestof their depottation for tax r

or as a standh a need for a

based upon a

s a service whe. The strategs and news feeith the accoun

counts. This me the Swedishpensation fromguarantees aof accounts a

ormation pleas

evel. However,pdates on Twitg letter and a mASDAQ OMX.

l advice with as and manageers. The busine range of adval advisory sern conducted ing growth andd growth commpany has ac

eden. Future os as well as bd the businessfor entrepreneg local presenecent years aood relations te stream, profeulture and ent

weden includecility (”MTF”), ing listed comMangold workerwriting constion on the Sween able to of

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alone option. an active and wmutual dialog

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means that theFinancial Sup

m the governmmaximum co

are covered byse refer to ww

Mangold is atter under the monthly markeThe number o

a focus on smements a wideness area alsovisory servicervices. Mangonternational trd profitability. panies in vario

chieved the reopportunities eroadening thes within corpoeurship and asce and netwos an advisor into Swedish coessionally exerepreneurial s

e IPOs, privateissues with o

mpanies (”spin-ks with both portium with re

wedish marketffer clients add

NUAL RE

Cngold.se 55

ommissions foin addition to Swedish Tax

This personawell-informed

gue rather than

hoose to followoped by selecnt’s choice of sbroker.

e government pervisory Authment should suompensation oy the deposit g

ww.riksgalden.

actively comme name Mangoeting letter. Thof depot clien

mall and mediue range of finao includes asses in the areasold focuses prransactions. TA significant pous industries

eputation and exist in contine client base borate finance is an investme

ork. Mangold bn corporate trorporate clientecuted transacspirit where M

e placements

or without pref-offs”) and inv

putting togethegard to publict for stock maditional servic

EPORT 2


or securities producing poAgency.

l contact withd counterpart. n prescribed

w different ted partners tstrategy is bas

guarantees hority’s (FSA) uch an institutof the equivaleguarantee: i) dse.

municating andoldEquities. In he latter has bts at year-end

um-sized, pubancial servicesignments as of equity cap

rimarily on thoThe business apart of this gros, some of whsize required uing to use

both in terms on Sweden and

ent region will believes that ransactions. Tts, an ability toctions, experieangold strives

, i.e. placemeferential rightsvestments of ler an issues c capital raisin

arket related es within shar

2012

no. 5

ortfolio

the This

o sed

tion ent of depot

d

been d

blicly s in

pital ose area owth ich to

of d in

These o enced s after

ent of s for arge

ngs.

re

Corpo

Man Addr Box 102

16

tradinover approexpe

MergeWithidivesincrecompcrossMang Debt CMangmarkmarkcapitcorpolevera Other Mangissuemay the inshareemplon “facompthe s CertifMangwishirespothe ctradin Busin The bmanaNASDare theveryassigand/oreleaRegisMangbusininstitfollow • Rig• Dire• Priv• Bon• Acq• Wa• Ince

orate identity no


ng and Marketime. One expoach in advisirienced transa

ers & Acquisition Mergers & A

stitures of bothase in both thpany has advis-border transgold has recei

Capital Marketsgold provides ket related debket and the diffal, for prioritisorate bonds. Caged acquisit

Financial Advicgold also proves such as incinvolve assistncentive progreholders by moyees and is uairness optionpanies. What iell side. Value

ied Adviser gold is one of ng to be listed

onsible for guiompany and eng on First No

ness Area Issuer

business area agement in coDAQ OMX Stohe companiesything from thegnments, Manor informationses as well asstration Officegold often worness area persute and accouwing transactio

ht issues ected share isvate Placemennd loans/debequisitions arrant issues entive program

o. 556628-5408


t Making and planation for Mng clients, whaction team a

ons Acquisitions, Mh listed and un

he number of tsed. The com

sactions. Mangived enquiries

s capital-marke

bt financing haficulty for com

sation purposeConsultancy sions.

ce vides advisoryentive programing the comparamme is to in

motivating seleusually basedns”. Value statis important to

e statements c

the leading Cd on First Noriding the comensure that th

orth.

r Services

Issuer Servicombination witockholm, NGMs directly or the preparation gold has assu

n memorandums coordinatione (Bolagsverkerks closely witsonnel have sunt operator inons:

ssues nts entures/other

mmes


a simpler anaMangold’s grohere Mangold nd also the la

Mangold’s bunlisted compatransactions a

mpany operategold’s positio

s from internat

et related debas expanded smpanies to obtes, is situatedservices are of

y services to ommes, value sany’s managendirectly beneected staff. Thed upon shares,tements usuao add in this ccan also be pr

Certified Adviserth have to engpany through

hat the compa

es is one of thth most corpoM, the smaller eir agents. Thof prospectus

umed completms, preparation between the et), the Swedisth the clients’ ignificant expen Euroclear Sw

interest bearin

hone Fa3 01 550 08

alysis service towth in recent

has had the prge number of

siness is focuanies, as well and the transas primarily onn in advising otional clients w

t financing forsignificantly intain traditionabetween ban

ften offered in

wners and bostatements (soement and boafit shareholdee programmes, convertibles,lly arise in con

context is that repared in con

ers on First Nogage a certifiethe applicatio

any can contin

he market’s leorate events o

marketplaceshe services incses to the mate responsibilion of applicatiother parties

sh Financial Smanagement

ertise and extweden, the bu

ng securities

ax 8-503 01 551

through Mangyears within s

privilege to grof transactions

used on providas buyouts of

action value fon the Swedish on mergers & wanting to par

r the optimisan recent yearsal bank financink loans and sn conjunction w

oards of directo-called “fairnard in planning

ers. Mangold cs can be targe, warrants, cannection with t Mangold is nnnection with

orth. First Nored advisor duron process. Afnuously meet t

eading issuingn both the shas as well as unclude all typesanagement of ity which incluion forms andin the transac

Supervisory Aut and board toensive experie

usiness area Is


gold Insight, itsstock market ow with them.s that Mangold

ding advice onf listed compa

or those structmarket but haacquisitions h

rticipate in larg

tion of corpors, mainly as a cng. Advice is

shareholder eqwith compani

tors concerninness options”)g, documentincreates incenteted to corporll options or sthe public acq

never an advistransactions w

rth is a marketring the applicfter listing, thethe requireme

institutions aare and interenlisted compas of financial inbusiness matt

udes producin schedules, re

ction such as luthority (Finano create an opence in all typssuer Services

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s corporate finrelated service Another expl

d has conduct

n acquisition, ranies. Mangoldure-related traas advised in ahas been strenger transactio

ate capital strconsequence primarily focu

quity, for exames seeking ca

ng a wide rangand other ge

ng and implemive programmrate managemynthetic optioquisition and bor in the transwithin the grou

tplace run by cation processe certified advnts associated

nd assists comest side. Manganies. Mangoldnstruments, anters at Eurocleg documentat

eview of supplawyers, auditsinspektionen

ptimal structurpes of financias offers servic

NUAL RE

Cngold.se 55

nance offeringes has been itlanation has bted over the y

reverse acquisd has experieansactions in a number of Nngthened in re

ons.

ructures. The of the rather

used on raisingmple convertibapital to expan

ge of ownersheneral on-goinmenting stratemes that createment, other keons. Mangold buyout offers saction, neitheup.

NASDAQ OMs. Certified advisor is even od with having

mpanies with gold works witd’s clients in tnd the busineear Sweden. I

ation such as pporting documtors, the Swedn) and Euroclere for the transal transactionsces in connect

EPORT 2


g has strengthts long-term

been the years.

sition, mergernced a substawhich the

Nordic and othecent years as

market for caturbulent stocg capital wherble bonds andnd, such as in

hip and board g advice whic

egy. The purpoe value for

ey employees is also an advof listed

er on the buy n

MX. All companvisors are

obliged to suppshares admit

advice and prth issuers on this business ass area undern many prospectuses entation and ndish Companiear Sweden. saction. The s. As an issuintion with the

2012

no. 6

hened

rs and antial

her s

pital-ck re the

ch ose of

or all visor

nor

nies

port ted to

roject

area rtakes

news es

g

Corpo

Man Addr Box 102

17

• Sha• Red• Me• Con Busin In GenThe bcompSwedthrouprevawhichselechas rstrucconn RetailMangMangassisfamilyas buthat scomp InstituMangfocuswith aon iss InternMangborde ExternThe dnetwinsur StructStrucinstrucompin cogeneof Cacontiprocusuperelateusedboth offeri • Cap• Aut• Spr• Lev

orate identity no


are buy-backsdemption of srgers/splits nnecting issue

ness Area Asset

neral business area panies, institutden’s leading ugh close and ailing market ch primarily occcted funds. Sinresulted in a lactured productection with th

l gold’s retail mgold has extensts private invey law matters uilding blocks,suits many mopetence within

utional Investorgold’s institutis is to establisas advisory msues relating t

national Clients gold assists a ers, with asse

nal Distribution distribution of ork of selecteance brokers

tured Products ctured Producuments in ordepliment to, othllaboration witrate good risk

anada, Morgannuously with surement of prorior and innoved structures on a regular bcapital protecng in public is

pital protectedtocalls rinters / Airbagveraged Certif

o. 556628-5408


s hares

ers and securi

Management

Asset Managtions, foundatdistributers oflong-term rela

conditions. Thcurs through pnce the acquisarge influx of nts arranged by

he respective c

market group ansive experienestors with asand tax advic

, has demonstore risk-aversen insurance m

rs onal portfolio

sh, monitor anmandates, whe

to risk manag

number of weet managemen

structured pred partners thr

and securities

cts are compleer to optimiseher long-term th a number ok-adjusted retn Stanley, Nosome twenty doducts. Mang

vative structurbut also otherbasis in order cted and non-ssues can be

d investments

gs ficates / Warra


ities to Eurocl

gement offers tions and privaf financial servationships wit

he goal is to crproactive mansition of Mangnew clients. Thy Mangold. Stconsulting and

assists private nce of continuset managem

ce. Portfolio mtrated good rie investors we

mediation.

managementnd proactively ere Mangold oement, alloca

ealthy familiesnt services, eq

roducts also oroughout the cs companies.

ex financial inse the potential savings forms

of different inteurns regardlesrdea, Barclaysdifferent coun

gold has a weled products tr asset classesto secure the

-capital protecdivided into fo

s

ants

hone Fa3 01 550 08

ear Sweden

highly qualifieate individualsvices. Mangolth clients and reate a favournagement of pgold KF AB, fohis influx is attructured prodd managemen

investors withually working a

ment, trading, cmanagement, w

sk-adjusted reell. Besides ex

t has its main manage portf

often acts as aation and inve

s and other prquity trading a

occurs throughcountry. These

struments thatreturn for a p

s such as muternational invess of market ds, Bank of Amnterparts on thl-documentedhat are in harms such as curr

e creation of a cted products our main prod

ax 8-503 01 551

ed and indepes, and for furthld’s business through keen

rable long-termportfolios of mormer Seniorpttributable to gducts are usednt assignment

h wealth manaalongside entrcustody servicwith stock maeturns during xtensive mana

client base in folios of custoa sounding boestment decisi

rivate investorand other cust

h external diste distribution

t consist of, apredeterminedtual funds andestment bankdevelopment.

merica, Merrill he internationad product devmony with Marencies, comm

a well-diversifie and similar p

duct groups:


endent investmher distributiomodel for Assly aligning invm and steady

mainly structurplanering AB, tgood historicad as building bts of these dea

agement servrepreneurs in rces and a numarket-linked bo

times of high agement skills

Swedish smaomised structuoard and advis

ons.

s with a consiomised privat

tribution channpartners are m

and combine th risk exposure

d stocks. The s with the guidMangold has Lynch and Coal capital markvelopment proangold’s curremodities, mutued portfolio. Products with a

ANN

Internet se www.man

ment managemn, structured

set Managemeestment prodreturn with a ed products tothe strong groal performanceblocks in somalers.

ices, mainly braising capital

mber of externonds and othevolatility. We

s, this busines

all and mediumured productssor to boards a

derable fortune banking ser

nels where Mamade up of ba

he characterise. The productproducts that ding principle significant co

ommerzbank akets in regard cess where th

ent market outual funds and Product selecta partial capita

NUAL RE

Cngold.se 55

ment services investment prent is built on

ducts to markepredetermine

together with aowth within ase for a large n

me hundred de

based upon stl and in acquis

nal peripheral ser capital protebelieve that t

ss area also po

m-sized institus. Managemenand managem

ne, who live orvices.

angold has a anks, insuranc

stics of, severcts can be a su Mangold arra

e of arranging ollaboration wiamongst otheto the develo

he aim is to brtlook. The mafixed income

tion is wide anal protection.

EPORT 2


tailored to roducts for maidentifying ne

et needs and d risk profile, a touch of carset managemumber of aler portfolios

ructured prodsitions. Mangoservices suchected instrumhis is an approssesses exte

utions, where nt tasks are dement committe

utside the nat

well-establishce companies

al other financubstitute for, oanges are prepproducts that ith the Royal Brs, but works

opment and ring to the main focus is equinstruments a

nd Mangold ofMangold’s pr

2012

no. 7

any of eeds

refully ment

s in

ducts. old as

ments oach

ensive

the ealt ees

tional

hed ,

cial or a pared

Bank

rket uity-are ffers roduct

Corpo

Man Addr Box 102

18

MangaimeSwedthe fieach nomiexcee CapitaA caplinkedprovimatuunde AutocAn auequivinvesconnsigniffalling SprintA spras oninves LeverLeveinvesthe inequitinves Busin The bMarkbookMangThe pNyhewherat leathe paskinprice0,03 range CostsThe cgroup FinanConsto SEbank

orate identity no


gold arranges d at a select gdish market. Tnancial crisis year such thanal volume, foeding SEK 1.0

al protected invpital protectedd to a stock indes protectiority, normal co

erlying market.

calls utocall is desigvalent is withinstment autocaection with anficantly betweg markets.

ters / Airbags rinter or airbagnly a partial castments, which

aged Certificateraged Certific

stors can secunvestor to obty-linked bond

stment has a h

ness Area Marke

business area ket Maker guak through a gugold List. Tradprices are disteter. At the relee its shares ar

ast SEK 30.00paid closing prng price must e spread of SEapplies. Durine requirement

cost for the grp’s turnover o

cial Position & Lsolidated equitEK 69,6 (87,0) k loans.

o. 556628-5408


some sixty pugroup of invesThe market forof 2008. Desp

at at the time oor public issue000 million.

vestments d investment cndex, a basketn against a faonditions prev.

gned to give in a certain prealls and the invny observationeen different p

g is designed apital protectioh creates opp

es / Warrants ates are aime

ure a large expain a potentia

d. The risk levehigh yield pote

et Making

Market Makinrantees a spe

uaranteed minding takes plactributed to theease of the anre listed for tra

00 on both therice is below Snot exceed 4%

EK 0,04 applieng the period ws is permitted

roup during 20of SEK 98,6 (93

Liquidity ty at year endmillion. Thus,


ublic productsstors). Conseqr structured prpite this, Mangof writing theyes of structure

consists in mot of shares, a lling share privailing. Moreo

nvestors the oedetermined ravestor receiven session duri

products. The

to provide higon exists. The

portunities to a

ed at investorsposure to one ally high returnel is very high ential in relatio

ng is one of thecific spread, iimum volume ce over the ph

e stock marketnnual report, Mading on the M

e buy and sell SEK 1.0 then a%. For sharess. For those swhen NASDA

d. Prices must

012 amounted3.5) million.

d 31 Decembe, the group ha

hone Fa3 01 550 08

s per year andquently, Mangoroducts in Swgold has progy have establised products. D

ost cases of twcommodity bce as the gua

over, the held o

opportunity toange. If the uns a coupon atng the term. Sinvestment is

gher returns these types of inalign the risk a

s who wish to or more unde

n. The exposurbut the relativ

on to invested

he leading liqu.e. the differenon the buy an

hone and onlyt through SIX,Market MakingMangold List. side. Shares la volume requs where the seshares where tQ OMX annoube allocated

d to SEK 89,8

er 2012 amounas satisfactory

ax 8-503 01 551

d in addition cold is one of t

weden has, accgressively beenshed themselv

During 2012 M

wo basic comasket, a mutu

arantor undertaoption also pr

o receive one onderlying or eqt par value. ThSince autocalldesigned with

han a capital pnvestments areand return pro

maximise theerlying securitre that the invvely low inves capital.

uidity providernce between nd sell side. My banks and se, Reuters, Ecog has 55 assigAs market ma

listed on First uirement of SEelling price is lthe selling pricunces that a “at least 85 pe

(85.7) million,

nted to SEK 4y liquidity and


conducts a numthe leading arrcording to Man able to increves as one of

Mangold arrang

ponents, a zeual fund or theakes to reimbrovides the op

or several couquivalent werehe placement s have a partih the purpose

protected invee more flexiblefile to the inve

potential retuies. This enab

vestor receivesstment level in

rs on NASDAQbuy and sell p

Mangold even ecurities instit

ovision, Dagengnments wheraker, MangoldNorth have a

EK 10.000 appess than SEKce is less thanFast Market”

er cent of the t

which gives a

8,1 (44.9) millcurrently has

ANN

Internet se www.man

mber of privatrangers of stru

angold, been sease its markethe ten largesged a nomina

ero coupon anequivalent. T

urse 100% of pportunity to b

upons as long e to close abocan mature onal capital prot

e of generating

estment. The re in their desigestor’s prefere

urn of a given bles an investos can be the srelation to ex

Q OMX first Noprices, whilst porganises trad

tutions may plns Industri, Svre Mangold is d is obligated tvolume requir

plies. The diffeK 1,0 but in excn SEK 0,5 a mexists, a doubtrading day (08

a cost/income

ion, and cash no need of ca

NUAL RE

Cngold.se 55

te placementsuctured produslightly decliniet share measst arrangers, i

al volume in st

nd an option. TThe product’s f the principal benefit from a

as the underlove the maturin the due datetection the risg returns in sta

risk of the invegn than capitaences and ma

market. For aor to create a same as that oxposure mean

orth, AktieTorgproviding liquiding on the unlace orders on

venska Dagblaacting as marto set prices trement of at leerence betweecess of SEK 0

maximum pricebling of the afo8:45-17:30).

e ratio of 91,1

and cash equapital or capita

EPORT 2


s (placement oucts on the ng in volume

sured in volumn terms of plaructured prod

The option cancomposition amount at rise in the

lying index or ity barrier the e or earlier in k can vary ationary or slig

estment is higal protected arket outlook.

small amounlever which al

of a sprinter ors that this form

get and NGMidity in the ordnofficial list, thn the Mangoldadet and Dagerket maker or to the equivaleeast SEK 15.0en the bid and0,5, a maximume spread of SEorementioned

% based on t

uivalents amoal in the form

2012

no. 8

offers

since me aced ducts

n be

the

ghtly

her

t llows r m of

. The der he d List. ens

ent of 000. If d m

EK d

he

unted of

Corpo

Man Addr Box 102

19

FutureThe s2013ambi EventNo si Risks MarkeMarkthroupositdiffer CreditWith and iestabby th OperaOpersysteareasguideconti IT riskIT ris Legal Legaregulthat aliabili ReputRepureven LiquidLiquidliquidreven FinanMang BusinBusincusto StratStratinabi Emplo As of

orate identity no


e Outlook strategy to ma, the consolidtion is that bo

s after the Balaignificant even

et Risks ket risk is the rugh proprietaryions to facilitarent exposures

t Risks credit and con whole or in

blishing terms e decisions of

ational Risks rational risk reems or externas. The group’selines for effecnual controls

k k is the risk fo

Risks l risk refers toations are annall contracts aty and indemn

tation risk utation risk is tnues.

dity and Financidity risk is the

dity risks are mnues and paym

ncing risk is thgold’s financin

ness & Strategicness risk is theomer behaviou

egic risk is abegic risk is delity to react ad

oyees

f December 31

o. 556628-5408


aximise sharehdation of Mangoth turnover an

ance sheet date nts have occu

risk of loss duy trading, in mate client transs to ensure th

unterparty rispart, does noof payment thf the credit co

efers to the losal events. Thes operational rctive risk manthat regulate

or loss or redu

o the risk of losnounced whicand legal dealinification insu

the risk of loss

ing Risk e risk that at aminimised by cment obligatio

he risk of not bng risk is cons

c Risk e risk of reducur) that have a

bout Mangold’efined as the rdequately to c

1, 2012 the nu


holder returnsgold’s positionnd earnings fo

urred after the

e to changes market maker csactions. The hat no unautho

ks the risk fort meet the conhe credit risk

ommittee conc

sses that arisee risks consist risks are minimagement for dand guarantee

uced earnings

sses arising dch change the ngs are alway

urance should

s of reputation

ny given pointcontinually maons are match

being able to osidered low as

ced revenues a negative effe

s ability to adisk of loss res

changes in soc

umber of emp

hone Fa3 01 550 08

s is to grow prn as one of theor 2013 will ex

balance shee

in share pricecommitmentsRisk Manager

orised instrum

loss arises bentractual obligis minimised acerning the cre

e from inadequprimarily of IT

mised by gooddoing businesse responsibilit

due to inform

ue to the contbusiness con

ys scrutinised any such clai

n among clien

t in time not baintaining a liqed over time.

obtain financins there are no

due to factorsect on volume

apt to changesulting from mciety, regulatio

ployees totalled

ax 8-503 01 551

rofitably and the leading brokxceed 2012.

et date.

es, interest rats and through r manages the

ments are trade

ecause a coungations. By asas greatly as predit limit of ea

uate or incorreT risks, legal rd internal conts with limited ty and authori

mation technol

tract being fonditions in an a

by legal expems arise.

nts, owners, em

being able to mquidity buffer a

ng or where fubank loans an

s in the externes and margins

es in the envirisguided busions or the ind

d 48 (45) pers


hus provide gkers will contin

es and currenarbitrage. On

e daily marketed and that th

nterparty or dssessing the cpossible. The ach client.

ect internal proisks and admitrol, together wand controllesation in the d

ogy (such as c

und not to be adverse way.

erts and that th

mployees, aut

meet the compand maintainin

unding can onnd no need fo

nal business es.

onment and aness decisionustry.

sons. Employe

ANN

Internet se www.man

ood dividendsnue. With an im

ncies. For Manly in exceptiont risks by conte established

ebtor, either tounterparty’s credit risk in t

ocesses or roinistrative riskwith the boardd operational daily operation

computer sys

legally tenablThe group’s lehe group’s co

thorities etc. w

pany’s paymeng a liquidity p

nly be obtainedor market fund

nvironment (s

as such is closns, the wrong e

ees are one of

NUAL RE

Cngold.se 55

s to the sharemproved mar

ngold market nal cases doetinuously mon

d limits are not

through unwill creditworthinthe credit port

outines, humanks within the dd’s establisherisk. In additio

ns.

stems or softw

le or that newegal risk mana

ompanies sign

which can lead

ent obligationsplan where the

d at substantiding.

such as marke

sely related toexecution of d

f Mangold’s m

EPORT 2


holders. Durinket climate ou

risk arises primes Mangold tanitoring the grot exceeded.

ingness or inaness and by tfolio is also lim

n error, incorreifferent busine

ed procedureson, there are

ware).

laws or agement inclu the requisite

d to reduced

s. Mangold’s e company’s

ially higher co

et conditions o

o business riskdecisions or th

most important

2012

no. 9

ng ur

marily ke oup’s

ability

mited

ect ess

s and

udes

osts.

or

k. he

t

Corpo

Man Addr Box 102

110

assetshareby inemplwhichmenthas aotherdiscrparenhelpsallowcorpo

Swed Mangfor enadvisSwedotherthat iSwedsecu The S Mangconfi Custo Mangundebetteservicthrou Share MangindivishareAndespecof sh

orate identity no


ts. Mangold hed values. Manovative thinkoyee has the h the compantal perspectivean equality andrs because of imination andnt company ths the company

ws the companorate culture.

sec Licensering

gold is affiliatensuring that psers and brokedSec licence ar employees, wt is of the utmdSec licence irities market,

wedish Securiti

gold is a memdence is main

omer Relations

gold works forerstand the clieer service and ces is most im

ugh providing

eholders

gold is listed oidual shareholes and votes, ers Tammerlövification of owareholders in

Ma

18-29 år

o. 556628-5408


as an explicit ngold has a c

king and shortopportunity to

ny’s goal is to e are to be pred discriminatiotheir gender. discriminatio

hat could prevy recruit and rny to look for pCurrently, 88

g AB

ed with SwedSublic confideners, asset manand annually cwho are not p

most importancs proof of suitwhich in turn

ies Dealers Ass

mber of the Swntained in the

r strong long-tent’s businessmore satisfied

mportant to cuhigh quality p

on NASDAQ Olders, as of 31followed by Bv, Board Mem

wnership, pleaMangold has

25%

angolds Huma

30-39 år


personnel pocompensation t decision patho obtain signifcreate a goodevented and ton policy and The companyn based upon

vent Mangold retain competepeople with a percent of Ma

Sec Licenserinnce in the indunagers, those conduct an anart of the reguce that the emtability, profeshelps to ensu

sociation (SSDA)

wedish SecuritSwedish secu

term client rels and financiad clients, whicustomers, whicproducts and s

OMX First Nort1 December 2Board Membermber and Mana

se refer to theincreased fro

33

40%

%

2%

ancapital - B

40-49 år

hone Fa3 01 550 08

olicy which seephilosophy th

hs that have hficant responsd working envihe company hworks activel

y follows laws n sexual orientfrom undertakent personnelhigh level of c

angold is own

ng AB (”Swedustry is maintaresponsible fo

nnual knowledulatory appoin

mployees havessional experiere a high qual

)

ies Dealers Asurities market

ations which al goals, Mangch has resultech is why Manservices.

th Premier wit012, is also thr Marcus Hamaging Directore chart below.m approximat

%

Breakdown by

50-59 år

ax 8-503 01 551

eks to strengthat rewards tehelped create sibility. Furtherironment for ahas a policy toly for equality dealing with ttation. Furtherking interestinl. Mangold’s acompetence t

ned by board m

dSec”), and is ained. Swedseor regulatory

dge update (ÅKnted personnee a thorough kence, knowledlity of Mangol

ssociation (SSthrough self-r

benefits both gold intends toed in more stangold has foun

th Erik Penserhe Chairman o

mberg, with a hr, with a holdin. Since the listtely 65 to 238

y age

60-65 år


hen the emploeamwork and a non-bureaurmore, the comall employees.o counteract dat work. No othe prohibitionrmore, Mangong assignmentapproach to rethat have bothmembers and

therefore comec requires thcompliance, rKU). Howeverel, to carry outknowledge of dge and an abd’s products a

SDA). The assoregulation, sta

the companyo differentiate ble revenues. nd it quite pos

r Bank AB as Cof the Board, Pholding of 22.ng of 17.9% oting of Mango8 shareholders

ANN

Internet se www.man

oyees’ sense oinitiative. Mancratic organismpany has a w Risks to heal

drug and subsone should be n of ethnic disold has no domts because of ecruitment is bh expertise and

present empl

mmitted to comat certain persisk managers

r, Mangold enct SwedSec’s lithe securities

bility to follow and services.

ociation worksandards, guide

and its clientsitself from its Experience h

ssible to both

Certified AdvisPer Åhlgren, w7% of the sha

of the shares ald on First No

s, as of 31 Dec

NUAL RE

Cngold.se 55

of corporate bngold’s culturesation in whichwork environmlth from both stance abuse.e treated less fscrimination, dminant commecertain busin

based upon sud who fit well loyees.

mplying with tsonnel (for ex

s and managercourages eveicensing test. market. In ligthe rules that

s to ensure thelines and reg

s. By making competitors. as shown thagain and reta

ser. Mangold with a holding ares and votesand votes. Fororth on 12 Julycember 2012.

EPORT 2


belonging ande is characterih the individuament policy in a physical andThe company

favourably thadisability ercial bank asess relations. ustainability. Tin Mangold’s

he rules laid dxample certainrs) shall hold an the companMangold beliht of this the

t apply in the

hat a high levegulations.

an effort to This has led tt the quality o

ain customers

AB’s largest of 24.3% of t

s followed by r a more detaiy, 2012, the nu

2012

no. 10

d sed al

d y also an

s This

This

down n a ny’s eves

el of

to of the

the Per-iled umber

Corpo

Man Addr Box 102

111

List of

SharePer ÅMarcPer-AndeJill ACharErik BE FTomMigaHenrOtheTotal

The B In GenMangchoson 16groupmanafollow The BPer ÅhChairPer Åhas bBrothAB a MarcuMemMarcfoundhas psubsowneapart Per-AMana Per-AMangincludof Ca HenrikMemHenrUppsMarkthe UnumbDece

orate identity no


f Shareholders

eholders as of 3Åhlgren cus Hamberg Anders Tammers Forsebäck

Aneborn rles Wilken Josefsson

Finans och Komas Lindberg asell AB rik Sundberg er shareholderl

oard and Group

neral gold’s board cen annually at6 April 2012 ap managemenagement also wed by the bo

oard of Directorhlgren (born 19rman of the BoÅhlgren has anbeen chairmanhers, Bear Stend RW Capita

us Hamberg (bomber of the Boacus Hamberg hders and has bprevious expeidiary managier and managitments primar

Anders Tammerlaging director

Anders Tammgold since 200ding Alfred Bearnegie). As of

k Holm (born 19mber of the Boa

ik Holm has ssala Universityket in 1999. HeUSA. Over the ber of public cember 2012, H

o. 556628-5408


31 December 20

merlöv k

onsult AB

rs

p Management

consists of fivet the Annual Gre listed belownt has five (5) dhas a chief fin

oard.

rs 960) oard since 20n M.Sc. in Busn since 2003. ears and Deutsal AB (publ). A

orn 1968) ard since 200has an M.Sc. been a membrience from thng director aning director ofrily in Skåne C

löv (born 1973) since 2006 a

erlöv has a de03 and managerg (today parf 31 Decembe

964) ard since 200tudied Financ

y. Henrik Holmenrik Holm hapast decade,

companies suHenrik Holm ow


012

e (5) persons, General Meetinw. Mangold’s different businnancial officer

03 siness and EcPrevious expesche Morgan

As of 31 Decem

0 in Business a

ber of the boarhe OM Group nd senior vice f Fagerhyltan A

County. As of 3

nd a member

egree in Finanging director srt of ABN AMRer 2012, Per-A

7 ce and Law at m founded thes extensive ex Henrik Holm ch as ProAct wns no shares

hone Fa3 01 550 08

including the ng (AGM) for tgroup managness area manand general c

onomics fromerience includGrenfell. Othe

mber 2012, Pe

nd Economicsrd since 2000.(now part of Npresident at gAB, a property31 December

of the board s

ce from the Usince 2006. PeRO), Nordiska Anders Tamme

the University company Proxperience fromhas been chaIT Group, Pres in Mangold.

ax 8-503 01 551

chairman, anthe period unt

gement consisnagers of whiccounsel / com

m the Stockhodes, among oter assignmenter Åhlgren ow

s from the Sto. He was the cNASDAQ OMXgroup level. Iny developmen2012, Marcus

since 2006

University of Ser-Anders TamFondkommis

erlöv owns 79

y of StockholmoAct IT Groupm the IT indusairman of the becise Biometric


nd has its domtil the next AGsts of eight (8) ch one (1) is d

mpliance office

lm School of Eher things, tens include, amns 107 778 sh

ockholm Schocompany’s maX) in various dn addition to hnt company ths Hamberg ow

tockholm. Permmerlöv has ession (today pa

216 shares in

m supplementp in the mid-19stry and the finboard or boarcs, Core Vent

ANN

Internet se www.man

micile in StockhGM. The board

persons. Besdeputy manager. The group m

Economics. Pn years in Lonong others, chhares in Mang

ool of Economanaging directifferent functiois assignment

hat owns and wns 100 656 s

r-Anders Tamextensive expeart of the Bankn Mangold.

ted with parts 990s and quotnancial industrd member of ure, NetRevel

NUAL RE

Cngold.se 55

11

holm. The boad members chsides the manaing director. Tmanagement

Per is co-foundndon working hairman of Ru

gold.

mics. Marcus istor until 2003.ons, includingt at Mangold Mmanages app

shares in Mang

mmerlöv has beerience of the k of Åland) an

of the MBA pted the compary in the Nordseveral complation and 3L S

EPORT 2


SharesPro

07 778 200 656 279 216 128 21821 00013 04512 00011 61610 00010 000

8 50041 366443 395

ard members osen at the Aaging directorThe group is presented b

der of Mangoldfor Salomon

unaware Holdi

s one of Mang. Marcus Hamg division manMarcus Hamb

proximately 50gold.

een employedfinancial sect

nd H&Q (today

programme at any on the Stoic countries a

panies, includinSystem. As of

2012

no. 11

portion

24.3%22.7%17.9%

6.4%4.7%2.9%2.7%2.6%2.3%2.3%1.9%9.3%100%

are GM r the

below

d and

ing

gold’s mberg nager, berg is 00

d at tor, y part

ock and ng a f 31

Corpo

Man Addr Box 102

112

Ann-MMemAnn-workMarieco-foboardDece GroupPer-AManaSee u Jill AnDepuJill Anand IworkworkdepaeconMang TomaChiefToma2008SecuMang CharleHeadCharStockemplten yMang AnderHeadAndeBusinexpeotherowns MartinHeadSincePensMarti Hak-HHeadHak-sincepart o HelenGene

orate identity no


Marie Thörn (bomber of the Boa

Marie Thörn hed with busine Thörn is currounded the firmd for a credit member 2012, A

p Management Anders Tammerlaging Directorunder the Boa

neborn (born 19uty Managing neborn has mssue Managmed as Financeed at one of S

artment and womic history agold.

s Lindberg (borf Financial Offas Lindberg ha and is, apart

uritas AB, Avesgold.

es Wilken (bornd of Corporateles Wilken haskholm and a doyed at Mangears’ experiengold.

rs Forsebäck (bd of Asset maners Forsebäck ness School. Arience from Mr things, manas 28 218 share

n N. Larsson (bod of Equities se 1996, Martinser Bank. At thin N. Larsson

Hyun Lee (born 1d of Market MaHyun Lee has

e 2006. Hak-Hof Pareto Öhm

a Arkenson (boeral Counsel a

o. 556628-5408


orn 1954) ard since 200

has a LL.M. froess law at sevrently managim. Ann-Marie market compa

Ann-Marie Thö

löv (born 1973) r since 2006 aard of Director

949) Director and H

many years of ement at one ofe and Credit MSweden’s largas responsibland political s

rn 1976) ficer (CFO) sinas a degree infrom being C

staPolarit AB

n 1978) e Finance sincs a M.Sc. in Bdegree in Busigold since 200nce from the b

born 1971) nagement sinchas an MBA

Anders ForsebMandatum Kapaging partner, es in Mangold

orn 1975) ince 2008

n N. Larsson hhe beginning oowns no shar

1975) aking since 20

s studied finanHyun Lee has aman). As of 31

orn 1970) and Complianc


6 om the Uniververal law firmsng partner at Thörn has pri

any and has börn owns no s

and Member ors.

Head of Issueexperience in f OM AB’s subManager at Araest finance coe for, amongscience at the

nce 2008 n finance fromFO, administrand De Lage

ce 2009 Business Admiiness Adminis

05 and Head obanking and b

ce 2008 from the Univbäck has beenpitalförvaltningmanaging dir

d.

has worked amof 2008, he wares in Mangold

006 ncial economica background December 20

ce Officer sinc

hone Fa3 01 550 08

rsity of Stockhs. Ann-Marie TKLA Karlerö Limarily worked

been a long-sthares in Mang

of the Board si

r Services sinboth the finan

bsidiaries (nowagon Securitieompanies, Indst other thingsUniversity of S

m the Universitrative manageLanden Finan

inistration, witstration from IFof Mangold’s cbrokerage sect

versity of Readn Head of Assg, Seniorplanerector and sen

mongst othersas recruited tod.

cs at the Univ as an equitie012, Hak-Hyu

ce 2011

ax 8-503 01 551

holm. FollowinThörn becameLiljeblad Advod within the fintanding membgold.

ince 2006

nce 2001 ncial and secuw part of NASes (now part o

dependent Fins, for IndependStockholm. As

ty of Stockholer of Mangold.ns AB. As of 3

th a specialisaFL at Stockhocorporate finator. As of 31 D

ding / Henley Bset Managemeering, Nordisk nior portfolio m

s with equity so Mangold as

versity of Stoces and derivatin Lee owns n


ng service at the a member ofkatbyrå HB wnancial sectorber of the advi

urities marketsDAQ OMX). P

of the Bank of ans, where shdent’s currencs of 31 Decem

m. Tomas Lin Tomas Lindb1 December 2

ation in Financolm School of ance departmeDecember 201

Business Schent at MangolPlaceringsråd

manager. As o

sales at Matteuhead of busin

kholm. Hak-Hves trader at o shares in M

ANN

Internet se www.man

he Solna Distrf the Swedish here she has

r and, among sory board in

s, including berior to that beÅland). During

he worked at tcy portfolio. Jimber 2012, Jill

dberg has beeberg has previ2012, Tomas L

ce, at the SchoEconomics. C

ent since 200912, Charles W

ool and a DIHd since 2008. dgivning and Sof 31 Decembe

us Bank (now ness area, Equ

Hyun Lee has bHQ (now part angold.

NUAL RE

Cngold.se 55

rict Court, Ann Bar Associatworked sinceother things, Danske Bank

eing head of cetween 1990-1g most of the the company’sill Aneborn hal Aneborn own

en employed ously long exLindberg owns

ool of BusinesCharles Wilken9. Charles Wil

Wilken owns 13

HM in Finance Anders ForseSvensk Ekonoer 2012, Ande

w part of the Bauities. As of 31

been employeof Carnegie)

EPORT 2


n-Marie Thörnion in 1993. A

e 1994 when sis chairman ofk. As of 31

corporate finan1997 Jill Aneb1980s Jill Ane

s finance s studied lawns 21 000 sha

at Mangold sperience froms 10 000 shar

ss, the Universn has been ken has more

3 045 shares i

from IHM ebäck has preomibyrå as, amers Forsebäck

ank of Åland) 1 December 2

ed at Mangoldand Öhman (n

2012

no. 12

n has Ann-she f the

nce born eborn

, ares in

ince m res in

sity of

e than n

evious mong k

and 2012,

d now

Corpo

Man Addr Box 102

113

HelenofficecorpoHelen

* Gro** is d*** is The aannu

Grou

Gros

Ope

Prof

Prof

Tota

Sha

Solid

Cap

orate identity no


na Arkenson her at Mangold orate lawyer ana Arkenson o

oss operating idefined as shadefined as the

accounts for 2ally.

up Summary cov

ss operating i

erating commi

fit before tax

fit after tax

al assets

reholders’equ

dity** %

pital adequacy

o. 556628-5408


has an LL.M frsince 2011. H

and complaianowns 102 sha

income is defareholder’s eqe capital base

2008-2012 hav

vering several y

ncome*

ssion income

uity

y ratio (CAR)***


rom the UniveHelena Arkensnce officer at tres in Mangol

ined as the su

quity in relatione divided by c

ve been prepa

years

*

hone Fa3 01 550 08

ersity of Stockson has extensthe credit mard.

um of the Groun to total asseapital requirem

ared in accord

Jan 1, 2012Dec 31, 201

99 074 87

94 697 27

8 820 31

6 341 41

159 468 50

48 089 32

30,

1,

ax 8-503 01 551

kholm. Helena sive experiencrket company

up’s income ets ments.

dance with IFR

2-2

Jan 1, 2Dec 31,

70 95 45

78 92 89

9 7 86

6 5 63

07 141 08

23 44 85

,2

,3


Arkenson hasce from the finExchange Fin

RS. Goodwill i

2011- 2011

JanDec

57 519 6

3 724 6

63 943

34 153

86 810 6

51 672 4

31.8

1.5

ANN

Internet se www.man

s been generanancial sectornans Europe A

s no longer w

n 1, 2010-c 31, 2010

7 594 870

7 073 954

6 653 859

4 772 129

3 993 543

1 877 971

65.4

1.7

NUAL RE

Cngold.se 55

al counsel andr and has prevAB. As of 31 D

written off but i

Jan 1, 2009Dec 31, 2009

53 227 343

52 819 825

3 135 338

2 159 894

62 431 239

39 322 818

63.2

1.3

EPORT 2


d compliance viously workedDecember 201

impairment te

-9

Jan 1, 2Dec 31,

3 33 761

5 31 015

8 -6 014

4 -4 432

9 56 613

8 27 402

2

3

2012

no. 13

d as a 2,

ested

2008-2008

1 887

5 032

4 411

2 371

3 376

2 277

48.4

4.4

Corpo

Man Addr Box 102

114

Conso Amou OperComComNet Co IntereIntereNet in Net fDividOthe Total OperGeneDeprtangiOthe Total Opera Tax o Net prNo ho Statem Othe Comp Comp *Othetrans

orate identity no


olidated income

unt in SEK

rating net incmission incommission expenommission

est Income est Expenses nterest income

inancial incomends receivedr operating inc

operating incom

rating expenseral administraeciation, amoble and intangr operating ex

operating expe

ating profit

on profit

rofit for the finaolding without

ment of compre

r comprehens

prehensive incom

prehensive incom

er comprehensactions that a

o. 556628-5408


e statement

come me nses

me d from investmcome

me

ses ative expensesrtization and igible fixed assxpenses

nses

ancial year t controlling in

ehensive income

sive income*

me for the year

me assigned to

sive income rare still directly


ments

s impairment ofsets

nfluence

e

parent compan

refers to itemsy registered in

hone Fa3 01 550 08

1f

1

ny shareholders

s previously ren shareholders

ax 8-503 01 551

Note

55

77

986

11.12

19.20

13

s

egistered in shs’ equity. Man


hareholders’ engold has no s

ANN

Internet se www.man

Jan Dec

94

9 3

1

9

-87

-1

-8

-2

Jan Dec

quity with the such items.

NUAL RE

Cngold.se 55

n 1, 2012- 31, 2012

4 697 278 -280 026

94 417 252

3 263 830 -147 817 3 116 012

054 143 2 146

57 473

98 647 027

7 893 048

944 095 10 435

89 826 708

8 820 319

2 478 903

6 341 416

n 1, 2012- 31, 2012

-

6 341 416

6 341 416

exception of

EPORT 2


Jan 1, 2Dec 31,

92 893-445

92 44

2 550-90

2 46

-1 382

13

93 53

-83 810

-1 90743

-85 67

7 86

-2 229

5 63

Jan 1, 2Dec 31,

5 63

5 63

owner

2012

no. 14

2011- 2011

3 724 5 579 48 145

0 728 0 084 60 644

2 563 0

3 067

39 293

0 709

7 936 3 295

75 350

63 943

9 790

34 153

2011- 2011

-

34 153

34 153

Corpo

Man Addr Box 102

115

Conso Amou ASSETCashLendLendShareLongIntanTangOtheRecePrepaTOTAL SHAR LiabilDeferCurreCurreDepoOtheAccruTotal ShareOtheRetaiTotal TOTAL PledgSee n ContinSee n

orate identity no


olidated Balance

unt in SEK

TS h and balancesing to credit ining to the genes and investm-term financiagible fixed assible fixed asser receivables

eivables from caid expenses L ASSETS

EHOLDERS’ EQU

ities rred tax liabilitent tax liabilityent liabilities osits from the r liabilities ued expensesliabilities

e capital (443 r contributed ined profits inshareholders’ e

L SHAREHOLDER

ed assets note 25

ngent liabilitiesnote 25

o. 556628-5408


e Sheet

s held at centnstitutions neral public ments al assets sets ets

clients and accrued

UITY AND LIABIL

ty y

general public

s and deferred

395 shares ofcapital cluding profit

equity

RS’ EQUITY AND


ral banks

income

LITIES

c

d income

f SEK 2)

for the year

D LIABILITIES

hone Fa3 01 550 08

ax 8-503 01 551

Note

14151617192021

22

13

2324


ANN

Internet se www.man

Dec

492037

3

281

1062

15

31

793

2211

2720

4

15

NUAL RE

Cngold.se 55

31, 2012

9 000 000 0 649 309 7 394 588 3 165 895

541 420 8 026 623

573 624 0 274 615 6 293 949 2 548 483 59 468 507

554 400 3 913 563 580 913

9 434 612 3 673 866 2 221 830 11 379 184

886 790 7 049 515 0 153 018 48 089 323

59 468 507

EPORT 2


Dec 31,

87 0185 3313 913

97428 438

1 7968 100

3 1642 349

141 08

585 3 142

1 42371 280

3 25316 549

96 23

44327 49216 915

44 85

141 08

2012

no. 15

2011

0 8 413 1 093 3 750 4 500 8 100 6 359 0 047 4 737 9 811 86 810

5 339 2 111 3 826 0 139 3 971 9 752 35 138

3 395 2 910 5 367 51 672

86 810

Corpo

Man Addr Box 102

116

Statem Amou OpeniDividNet pClosin OpeniDividBonuNet pClosin

orate identity no


ment of change

unt in SEK

ing balance as oends

profit for the fing balance as o


us Issue profit for the fing balance as o

o. 556628-5408


es in shareholde

of 1 January 20

nancial year of 31 December

of 1 January 20

nancial year of 31 December


ers’ equity

Share

011

2011

012

4

2012

hone Fa3 01 550 08

e capital

443 395

443 395

443 395

443 395

886 790

ax 8-503 01 551

Other contric

27 49

27 49

27 49

-44

27 04


butedcapital

92 910

92 910

92 910

43 395

49 515

ANN

Internet se www.man

Retained pprofits f

-

-

NUAL RE

Cngold.se 55

profits incl. for the year

13 941 584 -2 660 370 5 634 153 16 915 367

16 915 367 -3 103 765

6 341 416 20 153 018

EPORT 2


Total sharehoe

41 87-2 6605 63444 85

44 85-3 103

6 34148 08

2012

no. 16

olders equity

77 889 0 370 4 153 51 672

51 672 3 765

0 1 416 89 323

Corpo

Man Addr Box 102

117

Conso Amou 2012Opera Adjus Tax p Cash IncreIncreIncreCash AcquAcquInvesCash Paid Cash Cash Liquid Liquid Liquid Intere DividIntereIntere Total * Liqu** The

orate identity no


olidated cash flo

unt in SEK

ating profit

stment for item

paid

flow from opera

ease (-)/Decreaease (-)/Decreaease (-)/Decrea

flow from opera

uisition of intanuisition of tangstments in finaflow from inves

dividends flow from inves

flow for the yea

d assets at year

d assets at year

d assets in the b

est paid and div

ends receivedest received est paid

uid assets refee adjustment

o. 556628-5408


ow statement

ms not include

ating activities

ase (+) in stocase (+) of debtase (+) of credating activities

ngible fixed asgible fixed assancial assets sting activities

sting activities

ar

r start

r end

balance sheet*

idends received

d

er to bank depitems consist


ed in cash flow

before changes

ck tors

ditors

ssetssets

d, included in ca

posits (loans tof depreciatio

hone Fa3 01 550 08

w**

s in working cap

ash flow from o

o credit instituon and unreal

ax 8-503 01 551

pital

operating activit

utions). ised gains on


ties

securities.

ANN

Internet se www.man

Jan

Dec

2 -1

-35 11

-1

-1

-

-3-

-1

8 6 6

201201

2

NUAL RE

Cngold.se 55

n 1, 2012- 31, 2012

8 820 319

2 578 308

538 390

9 860 237

747 855 5 330 112 883 697

12 838 323

188 477 -755 619 517 080

-1 427 016

3 103 765 -3 103 765

17 369 104

87 018 413

69 649 309

69 649 309

2-01-01- 12-12-31

2 146 2 980 717 -147 817

2 835 046

EPORT 2


Jan 1, 2Dec 31

7 86

1 907

-17

9 75

-850-2 184

72 025 78 74

-755 -699 -3 622

-5 07

-2 660 -2 66

71 00

16 01

87 01

87 01

2011-012011-1

1 126-90

1 03

2012

no. 17

2011- 1,

63 943

7 879

7 850

54 029

0 839 4 887 5 243 43 546

5 000 9 410 2 539 76 949

0 370 60 370

06 227

12 186

18 413

18 413

1-01- 12-31

0 6 186 0 084

36 102

Corpo

Man Addr Box 102

118

Key R ReturSolidOwn NumNumOperNumAveraNumProfitEarniEquitNumAsse

Key ra

MARGOperaOper Profit Profit RETURReturnNet inAveraclosin CAPITShare SolidiShare Other NumbNum

orate identity no


Ratios

rn on equity ity funds, SEK mber of Certifieber of assignmrating margin ber of outstanage number ober of employt per employengs per share

ty per share, Sber of depots ts under mana

atio definitions

GINS ating margin, %rating income

margin, %

t after tax as a

RNS n on equity,% ncome as a page equity hasng equity divid

TAL STRUCTUREeholders’equit ty,% eholders’ equ

ber of employeeber of full-time

o. 556628-5408


million ed Advisors ments Marketm

nding shares of outstanding yees ee, SEK e, SEK SEK

agement, SEK

as a percenta

a percentage o

ercentage of as been calculaded by two.

E ty at period en ity as a perce

es at end of perie employees a


maker & the M

shares

K million

age of total inc of total revenu

average equityated as openin

nd. ntage of total

od. at period end.

hone Fa3 01 550 08

Mangoldlist

come. ues.

y. ng plus

assets.

.

ax 8-503 01 551

NumNu

Tota The per

SHANum

Nu

Sha Sha at p Ear Pro

per

Divi Div


mber of depots mber of depo

al acquired cape value of the riod end.

ARE INFORMAmber of shares mber of share

areholder equityare capital at period end. nings per share

ofit after tax diriod end.

idend per sharevidends per sh

ANN

Internet se www.man

31 D

at period end ts at period en

ital at period entotal assets m

TION at period end

es at period en

y per share period end div

e vided by the n

e hare for the cu

NUAL RE

Cngold.se 55

December 2012

13% 30% 20,1

19 56

9% 443 395 443 395

48 132 113

14,30 108,5 3 053

2 711,2

nd.

nd, SEK million managed by M

nd.

vided by the n

number of sha

urrent year.

EPORT 2


31 Dece

443443

128112

1 2

Mangold at

number of sha

ares at

2012

no. 18

ember 2011

13% 31% 16,4

21 51

8% 3 395 3 395

45 8 074 12,80 101,2 2 337 214,6

ares

Corpo

Man Addr Box 102

119

Paren Amou OperTotal OperAdmiOpera ProfiOtheIntereProfitProfit Profit Tax o Profit Statem Othe Net pr Total *Othetrans

orate identity no


nt Company inco

unt in SEK

rating net inconet income

rating expensinistration cos

ating profit

it from financr interest incoest expenses t from shares after financial

before tax

on profit

for the year

ment of compre

r comprehens

rofit/loss for the

net profit/loss a

er comprehensactions that a

o. 556628-5408


ome statement

ome

ses sts

cial items ome & similar iand similar exin group comitems

ehensive income

sive income*

e year

assigned to par

sive income rare still directly


income items xpense items pany

e

rent company sh

refers to itemsy registered in

hone Fa3 01 550 08

1

hareholders

s previously ren shareholders

ax 8-503 01 551

Note

10,11

77

10

13

egistered in shs’ equity.


hareholders’ e

ANN

Internet se www.man

Jan Dec

1

7

Jan

Dec

quity with the

NUAL RE

Cngold.se 55

n 1, 2012- 31, 2012

- -

-485 753 -485 753

421 692 -186 626

7 426 838 8 176 151

8 176 151

-203 661

7 972 490

n 1, 2012- 31, 2012

-

7 972 490

7 972 490

exception of

EPORT 2


Jan 1, 2Dec 31,

-457-45

2-320

-77

-77

203

-57

Jan 1, 2Dec 31,

-57

-57

owner

2012

no. 19

2011- 2011

- -

7 325 57 325

2 949 0 000

0 74 376

74 376

3 661

70 715

2011- 2011

-

70 715

70 715

Corpo

Man Addr Box 102

120

Paren Amou ASSET Fixed LongShareTotal CurreReceDeferOthePrepa CashCash Total TOTAL SHAR Share RestrShareLegaTotal Non-ProfitShareProfitTotal Total Curre OtheTax lAccoLiabiAccru Total TOTAL Pledg Contin Other

orate identity no


nt Company bala

unt in SEK

TS

assets g-term financiaes in group cofixed assets

nt Assets eivables rred tax r receivables aid expenses

h & bank balanh & bank balan

current assets L ASSETS

EHOLDERS’ EQU

eholders’ equity

ricted equity e capital (443 l reserve l restricted equ

restricted equt/loss broughte premium rest for the year l non-restricte

shareholders’ e

nt liabilities

r liabilities iabilities

ounts payable lities to groupued expenses

liabilities L SHAREHOLDER

ed assets

ngent liabilities

commitments

o. 556628-5408


ance sheet

al assets ompanies

and accrued

nces nces

UITY AND LIABIL

y

395 shares w

uity

uity t forward serve

d equity

equity

p companies s and deferred

RS’ EQUITY AND


income

LITIES

with a quota va

d income

D LIABILITIES

hone Fa3 01 550 08

alue of SEK 2)

ax 8-503 01 551

Note

18

2122

)

23

24


ANN

Internet se www.man

Dec

414

1

4

89

-719

719

2

14

14

NUAL RE

Cngold.se 55

31, 2012

695 866

41 695 866

0 420 814 309 942

57 032

1 787 787 43 483 653

886 790 8 137 449 9 024 239

7 421 581 9 356 661 7 972 490 9 907 570

28 931 809

0 0

326 447 4 225 398

0

14 551 845 43 483 653

None

None

None

EPORT 2


Dec 31,

41 69541 69

2031 407

245

5

1 86 43 55

4438 1378 580

-3 30319 356

-57015 482

24 06

1 1991 364

59516 335

19 4943 55

2012

no. 20

2011

5 866 95 866

3 661 7 336 5 853

5 416

62 266 58 132

3 395 7 449 0 844

3 706 6 661 0 715 2 240

63 084

9 998 4 652 5 000 5 398

0

95 048 58 132

None

None

None

Corpo

Man Addr Box 102

121

Statem Amou OpeniDividAllocProfitClosin OpeniDividBonuAllocProfitOpeni

orate identity no


ment of change

unt in SEK

ing balance as oends ation accordint/loss for the yng balance as o


us issue ation accordint/loss for the ying balance as o

o. 556628-5408


es in Shareholde

of 1 January 20

ng to AGM resyear

of 31 December

of 1 January 20

ng to AGM resyear of 31 December


ers’ equity

011

solution

2011

012

4solution

r 2012

hone Fa3 01 550 08

Sharecapital

443 395

443 395

443 395

443 395

886 790

ax 8-503 01 551

LegalReserve

8 137 449

8 137 449

8 137 449

8 137 449


Sharepre. Reserve

19 356 661

19 356 661

19 356 661

19 356 661

ANN

Internet se www.man

Profit/los brought forw

-6 270 24-2 660 375 626 90

-3 303 70

-3 303 70-3 103 76

-443 39-570 71

-7 421 58

NUAL RE

Cngold.se 55

ss Profit fow. the year

43 5 626 9070 07 -5 626 90

-570 71506 -570 71

06 -570 7165 95 15 570 715

7 972 49081 7 972 490

EPORT 2


or Total Sr holders’ e

7 27 29 -2 660

7 5 -5705 24 06

5 24 06 -3 103

5 0 7 9720 28 93

2012

no. 21

hare- equity

94 169 0 370

0 0 715 63 084

63 084 3 765

0 0

2 490 31 809

Corpo

Man Addr Box 102

122

Paren Amou 2011Profit/ Adjus Tax p Cash IncreIncreCash Paid AmorCash Cash Liquid Liquid Intere DividIntereIntere Total * Liqu** The

orate identity no


nt company cash

unt in SEK

/loss after finan

stment for item

paid

flow from opera

ease (-)/Decreaease (-)/Decrea

flow from opera

dividends rtization loansflow from inves

flow for the yea

d assets at year

d assets at year

est paid and div

ends receivedest received est paid

uid assets refee adjustment

o. 556628-5408


h flow statemen

ncial items

ms not include

ating activities

ase (+) of debtase (+) of credating activities

s sting activities

ar

r start

r end *

idends received

d

er to bank depitems refer to


nt

ed in cash flow

before changes

tors ditors

d, included in ca

posits (cash adepreciation

hone Fa3 01 550 08

w **

s in working cap

ash flow from o

nd bank) of shares in s

ax 8-503 01 551

pital

operating activit

subsidiaries


ties

ANN

Internet se www.man

Jan

Dec

-1

-3-4

-

Jan

Dec

7

NUAL RE

Cngold.se 55

n 1, 2012- 31, 2012

8 176 151

0

364 652

6 811 499

-77 567 421 449

343 882

3 103 765 4 000 000 -7 103 765

51 616

5 416

57 032

n 1, 2012- 31, 2012

7 426 838 3 114

-26 626

7 403 326

EPORT 2


Jan 1, 2Dec 31

-77

186

-58

11 068-8 004 3 06

-2 660

-2 66

-18

19

Jan 1, 2Dec 31,

2

2012

no. 22

2011- 1,

74 376

0

6 021

88 355

8 627 4 969 63 658

0 370 0

60 370

85 067

90 483

5 416

2011- 2011

0 2 949

0

2 949

Corpo

Man Addr Box 102

123

Note Note 1 The ASwedStock Mang Note 2 Group ConfoThe c(IFRSComfinan

The p“pare

The fstate

TradinThe tportfoto seas M ChangNew adop •

•

GroupThe g The stransThe gpart oconti

orate identity no


s

1 General inform

Annual Reportdish registeredkholm.

gold AB is the

2 Summary of im

p accounting pri

ormity with stanconsolidated fS), issued by tmittee (IFRIC)siell rapporter

parent compaent company a

following accod otherwise b

ng Portfolio trading portfololio and is notcure positionsarket Maker.

ges in accountinstandards, am

pted early by t

IFRS 9”Finanwas publisheIAS 39 whichclassified intoat the first acflows. Conceassessed at fother compreaccounting (a2015 at the laIn addition, o2013 or later.evaluated. (N

p accounts group account

subsidiary rensaction, wheregroup acquisitor of the wholngent liabilitie

o. 556628-5408


mation

t and the Cond holding com

e parent comp

mportant accou

inciples

ndards and regufinancial statehe Internation) as adopted bring RFR) RFR

any applies theaccounting pr

ounting principbelow.

lio refers to sht subject to cos. Positions re

ng principles anmendments anhe group:

ncial Instrumened in Novembe are related to

o two differentccounting opperning financiafair value. For ehensive incoman accountingatest and has

other standard. The effect of

New rules conc

ts include sub

ders accountseby the Group tion value is de business is

es


solidated Accmpany with its

pany in a group

unting principle

ulations ments have b

nal Accountingby the EU. FurR 1, concernin

e same accourinciples”.

ples have bee

hares that the onditions that efer to the com

nd disclosures nd interpretati

nts”, manageser 2009 for fino the classificat categories; vortunity based

al liabilities, thethese items, t

me instead of mismatch). Tyet to evaluats and interpre

f these standacerning the va

bsidiaries in w

s in accordanindirectly acqetermined by determined, a

hone Fa3 01 550 08

counts are subdomicile in St

p with subsidi

s

been preparedg Standards Brthermore, theg supplement

nting principle

n applied con

company holdlimit its tradin

mpany’s own p

ions of existin

s the classificaancial assets ation and valuvalued at fair vd upon the coere are no majthe part of fairthe profit and

The group intete the impact oetations have ards and interpaluation and ac

which the paren

ce with acquisquires the subanalysis in co

as is the actua

ax 8-503 01 551

bmitted as of 3tockholm. The

iaries accordin

d in accordancBoard (IASB,) ae recommendatary accountin

es as the grou

nsistently to al

ds for trading ng ability, or if positions and

ng standards t

ation, valuatioand in Octobe

uation of finanvalue or value

ompany’s busiajor changes cr value changed loss accountends to apply tof this. The stbeen publishepretations on tccounting of f

nt company d

sition accountbsidiary’s asseonjunction wital value of the


31 December e address of t

ng to note 18.

ce with the Inteas well as inteation of the Cong regulations

up, except in t

l periods pres

purposes or tsuch conditiopositions tha

hat have not y

on and accouner 2010 for fincial instrumend at accrued ainess model a

compared to IAe that is attribt, provided thathe new standtandard has noed that are mathe consolidatfinancial asset

directly or indir

ting. The methets and takes oh the acquisitacquired iden

ANN

Internet se www.man

2012 and refehe head office

ernational Finaerpretations froouncil for Fina for groups, h

those cases lis

sented in the f

to secure otheons do exist, tt arise from op

yet come into

nting of financnancial liabilitients. IFRS 9 staacquisition co

and the characAS 39. The bigutable to ownat this does nodard in the finaot yet been adandatory for thted financial sts, IFRS 13, w

rectly holds m

hod treats theover the liabiliion. In this anantifiable asset

NUAL RE

Cngold.se 55

er to Mangolde is Engelbrek

ancial Reportom The IFRS ancial Reportinhas been appli

sted below un

financial state

er positions inthe trading poperations on b

force and hav

cial liabilities aes, and replacates that finanost). Classificacteristics of thggest change n credit risk shot cause an inancial year bedopted by thehe group in thstatements rem

with mandatory

more than 50%

e acquisition oities and contalysis the acqts, the assume

EPORT 2


d AB, which is ktsplan 2, 114

ing StandardsInterpretationsng (Rådet för ied.

nder the sectio

ments, unless

n the trading rtfolio is still abehalf of clien

ve not been

nd assets. IFRces those partncial assets shation is determhe contractual

relates to liabhall be reportenconsistency ieginning 1 Jane EU. e financial yeamains to be y adoption 20

% of the votes.

of a subsidiaryingent liabilitie

quisition value ed liabilities an

2012

no. 23

a 34

s s

on

s

able nts or

RS 9 ts of hall be mined

cash bilities ed in in the

nuary

ar

13).

.

y as a es. of

nd

Corpo

Man Addr Box 102

124

The aacquacquliabilinega Financease Intern ValuaAsseFinanvalue FunctThe pthe g JudgeThe pand tEstimresultreadi Thesif theand f JudgstateCritic CommThe rCorparea 10% corpoMangyear servicreviewassigList, (i) thethe cand trecei CommThe cThesassig IntereInteremethdurininclud

orate identity no


acquisition valisition of the pired net assetties, and the ctive, it is enter

ncial statemenes.

nal transaction

tion principles wts and liabilitie

ncial assets the in the profit a

tional and reporparent comparoup. This me

ements and estipreparation ofto make assum

mates and assts of these estly apparent fro

e estimates a change only future periods

ements madements, and es

cal accounting

missions and feereported commorate FinanceAsset Manageof MFK’s reve

orate finance, gold List for tra special asseces. The degrw of the incur

gnment. Invoicis always invoe revenue can ompany, (iii) tthe expenses ved or to be r

mission Expensecosts which the costs are re

gnment costs t

est income and est income onod. The effectg a period of de, when app

o. 556628-5408


lue of the subpurchased assts. In businesscontingent liabred directly in

nts of subsidia

ns within the g

with the prepares are reporte

hat are valued and loss acco

rting currency any’s functionaeans that the f

imates in the finf the financial mptions aboutumptions are timates and aom other sour

nd assumptioaffects that pe.

e by top manastimates madeg estimates an

e income mission income, Issuer Servicement. Even tenues. Fees reprospectus a

rading. Commessment is maree of completrred costs for cing for serviceoiced quarterly be measuredhe degree of cremaining to c

received.

es he Group recoeported separato the client.

expenses, and dn receivables ative interest raexpected fixeropriate, accr


bsidiary’s sharesets, the incurs acquisitions,bilities which a the profit and

aries are includ

group are elim

ration of the comed at accrued

at fair value count, and finan

al currency is financial state

nancial statemereports in acct accounting pbased upon h

assumptions arces. Actual v

ons are revieweriod, or in the

agement in thee that can cau

nd judgements

mes are invoiceces, Share Trathe brokerageelate to under

and issues/tranmission incomeade to determtion is determwork performes for market y in advance bd reliably, (ii) it completion atcomplete the

ords as commately in order t

dividends and interest exate is the rate ed interest, equed fees rece

hone Fa3 01 550 08

es and businerred or assum, should the acare reported sd loss account

ded in the gro

minated in full.

mpany’s financiacquisition co

consist of finanncial assets th

the Swedish kments are pre

ents cordance with principles andhistorical expeare then used talues can diffe

ed regularly. Ce period the c

e application ouse significants.

ed fees for woading and Ma commission frwriting, certifinsactions adme is invoiced aine if invoicedined by the bued at the end making and c

but is recordedis probable th

t the balance sassignment c

ission costs ato better evalu

xpenses on liathat makes thual to the boo

eived that are i

ax 8-503 01 551

ess is determimed liabilities a

cquisition cosseparately, thet.

oup accounts

ial reports osts, except foncial instrume

hat can be sold

krona, which iesented in Sw

IFRS requiresd the reported erience and a to determine tfer from these

Changes in eschange is mad

of complete IFt adjustments

ork performedarket Making, afrom businessied adviser as

ministration foand taken up ad fees need tousiness unit mof the period

certified advisod as monthly hat the financsheet date ca

can be measur

are those costuate the assig

abilities are cahe present valok value of theincluded in th


ned by the suand the equityst exceed the e difference is

from the date

or certain finaents classified d.

s also the repwedish Kronor.

s the top manamounts of anumber of facthe reported vestimates.

stimates are rede and future p

FRS which havto the financi

d in Mandgoldas well as the s area Share Tssignments, rar issuance seas revenue ono be accrued bmanager respo

is compared or, together wrevenue. A coial advantagesn be measurered reliably. R

s that are diregnment’s profi

alculated and ue of all estim

e asset or liabe effective inte

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Internet se www.man

m of the actuainstruments i

fair value of ths recorded as

of acquisition

ncial assets was financial a

porting currenc

agement to massets, liabilitiectors that seemvalues of asse

eported in the periods if the c

ve a significanal statements

Fondkommiswork perform

Trading is incluaising capital, rvices, market a regular bas

based upon thonsible, in conwith the estim

with the monthommission ands associated w

ed reliably andevenues are m

ectly attributabtability and to

recorded usinmated future caility. Interest inerest rate, tran

NUAL RE

Cngold.se 55

al value on theissued as payhe acquired asgoodwill. Whe

n until the date

which are valueassets that are

cy for the pare

make judgemees, income anm reasonable

ets and liabiliti

e period that thchange affect

nt effect on thes, are describe

ssion AB’s (MFmed in Mangoluded but makM&A and gent making and sis. At the endhe degree of cnsultation withmated total cohly fee for listind fee income with the trans

d (iv) the expenmeasured at t

ble to a specifo facilitate the

ng the effectivash paymentsncome and innsaction cost

EPORT 2


e day of yment for the ssets and assen the differen

e where contr

ed at fair value valued at fair

ent company a

ents and estimnd expenses. e at the time. Tes that are no

he change is mts both the cu

e financial ed in Note 4:

FK) business ald KF’s businekes up less thaneral advice folisting on the

d of the financcompletion of h the CFO, aftests for the whng on the Manis recorded waction will go nditures incurrhe fair value o

fic assignmeninvoicing of th

ve interest rates and receiptsterest expenss and any

2012

no. 24

sumed nce is

rol

e. r

and

mates,

The ot

made, rrent

areas ess an or

ial

er a hole ngold

when to red

of that

t. he

e s ses

Corpo

Man Addr Box 102

125

disco IntereIntere Dividestab Net inNet infor tra GenerGenecontrenter OperaOperperioadmi TaxesIncomtransare aon th Deferand tgoodthe ti Valuais detassetthey Includprevi FinanFinanand s RecoThe bA finainstru A finaover oblig Finanright liabili Purchto pubalanis irre

orate identity no


ounts, premium

est income is est expenses

ends from shablished.

ncome from financome from fiading purpose

ral administrativeral administraributions and ortainment expe

ating Leases rational leasingod. Leasing conistrative exp

s me tax comprsaction is recoalso recorded. he balance she

rred tax is calcthe tax value odwill, nor the inme of the tran

ation of deferrtermined usints concerning will be utilised

ded under “Taous years.

cial Instrumentncial instrumeshareholders’

ording and rembalance sheetancial asset oument in ques

ancial asset isit. The same aation is fulfille

ncial assets anto offset the aty.

hases and salurchasing or sence sheet wheevocable and

o. 556628-5408


ms and other

derived mainlrelate to pena

ares and fund

ancial transactioinancial transaes.

ve expenses ative expensesother social seenses are also

g means that osts for assetsenses.

ises current aorded directly

Current tax iseet date. This

culated using of assets and nitial reportingnsaction.

red tax is baseg tax rates andeductible te

d. The value o

ax on profit/lo

ts nts reported iequity include

moving items ft records sharer liability is en

stion.

s removed fromapplies to parted or met by s

nd liabilities aramounts and t

es of financiaelling the asseen the loan amgiven to a bor


differences be

y from loans talty interest on

ds are recorde

ons actions consis

s include persecurity contribo recorded he

no post is ents held under o

and deferred taagainst equitys the tax payaincludes adju

the balance sliabilities. Tem

g of assets and

ed upon how tnd tax regulatiemporary diffeof deferred tax

oss for the yea

n the balancee accounts pa

from the balanes and investmtered in the b

m the balancet of a financiaome other me

re offset and rthat there is a

l assets are reet. Loan comm

mount is paid trrower where

hone Fa3 01 550 08

etween the or

to credit institn accounts pa

d under the it

sts of realised

sonnel costs, ibutions. Rentaere.

tered in the baperating lease

ax. Income taxy or in other caable or refundastment of cur

sheet method,mporary differed liabilities tha

the underlyingons that are e

erences and dex assets is red

ar” in the profit

sheet refer toayable and bo

nce sheet ments at fair valance sheet w

e sheet when tl asset. A finaeans. The sam

recorded as nan intention to

ecorded on thmitments are nto the borrowea need to writ

ax 8-503 01 551

riginal value of

utions and relayable and inte

tem “dividend

and unrealise

including salaal, auditing, tra

alance sheet, es, in the com

x is entered inases total proable for the current tax attrib

, allowing for tences are notat are not bus

g assets or liabenacted or in peductible lossuced when it

t and loss acc

o shares and rorrowings.

value and othewhen the com

the contractuancial liability is

me applies to p

et amounts insettle the item

e day of transnot recorded ier. A provisionte off is identif


f the asset/liab

lates predomierest on taxes

s received” w

ed changes in

aries and fees,aining, IT, tele

instead the lempany’s case l

n the profit andofit. In these caurrent year, usbutable to prev

temporary diffseen as diffeiness acquisit

bilities are exppractice enactses are recognis no longer p

count are curre

receivables, in

er financial asmpany become

al rights are res removed fropart of a finan

n the balance sms as a net am

saction, whichin the balancen for the loan fied, even befo

ANN

Internet se www.man

bility and the a

nantly to the bs and charges

hen the right t

the fair value

bonuses, penecommunicatio

ase paymentseased premis

d loss accounases, the tax esing tax rates evious periods.

ferences betwrences arisingtions affecting

pected to be rted on the balnised only to tprobable that t

ent tax, deferr

ncluding loans

sets and liabiles party to the

ealised, expireom the balancecial liability.

sheet, only whmount or to re

is the date we sheet. Loan commitment iore the loan is

NUAL RE

Cngold.se 55

amount adjus

balances in cls.

to receive pay

e of the assets

nsion costs, eons and trave

s are written oses, are includ

nt except wheeffects on equenacted or in

ween the balang from the initig the reported

realised or setlance sheet dathe extent thatthey can be ut

red tax and ta

s to credit inst

lities at accruee contractual

e or the compe sheet when

hen there is a ealise the asse

when the compreceivables aris made if the s paid out, or

EPORT 2


ted at maturit

ient accounts

yment is

s and liabilities

employers’ el and

off over the leaed in general

n the underlyiuity and total ppractice enac

nce sheet valual reporting oor taxable pro

ttled. Deferreday. Deferred tat it is probabletilised.

ax concerning

itutions. Liabi

ed acquisitionterms of the

any loses conthe contractu

legally enforcet and settle th

pany commitsre recorded inloan commitmwhen the lend

2012

no. 25

y.

.

s held

ase

ng profit cted

ue f ofit at

d tax ax e that

lities

n cost.

ntrol ual

ceable he

s itself n the ment ding

Corpo

Man Addr Box 102

126

rate d ClassValuaincludSubsfinanAsse WriteThe drecor Recebecareviewall ouobjecmanaat amflows The wthe w FinanIn thethat tassocchanChaninsteainstrufund recormeas FinanThis ccontitradinincomthe b LoanLoanan acinterereceispecpubli OtheDepoand a TangiTangflow t Tangtangi

orate identity no


does not cove

sification and ation of financdes financial i

sequent valuatcial instruments and Liabilit

e down decision to wrrded at fair va

eivables recorduse they are fw of the comp

utstanding recctive evidenceager after discmortised cost is. The write do

writing down owriting down a

ncial assets foe category “finthe company ciated compages reported

nges in value dad recorded inuments, any trof actual valu

rded in comprsured, the hold

ncial assets vacategory comnuously at faing, both realisme from financbalance sheet

s and receivas and receiva

ctive market. Test rate that isved i.e. after dified in note 2c.

r financial liabosits and otheare found in th

ble Assets ible fixed asseto the compan

ible fixed asseble fixed asse

o. 556628-5408


er the compan

valuation cial instrumentnstruments thtion is at fair vnt belongs to. ies.

rite down finanlue.

ded at amortisfinancial assetpany’s financiceivables to dee exists that a cussion with this calculated aown is recorde

of loan receivaare no longer v

or sale nancial assetshas initially ch

anies are placein comprehendue to write dn the profit anransaction cose until the ins

rehensive incoding is measu

alued at fair vamprises financi

r value with vased and unreacial transactioitem shares a

bles bles are finanThese assets s calculated atdeduction for 1. Loan receiv

bilities r financial liab

he balance she

ets are recognny and the ac

ets are recordet is removed


ny’s costs of b

ts occurs at thhat are not recvalue or amortFor a more de

ncial assets re

sed cost meants that cannotal assets that etermine if a wfinancial asse

he company inas the differened in the profi

ables and cusvalid and full p

s for sale” are hosen to classed here. Assetnsive income aown or to exc

nd loss accounsts are includetrument expir

ome is recordeured at acquis

alue through pal assets that alue changes

alised changesons). The finanand investmen

cial assets thaare valued at t the time of abad debts. Acvables are allo

bilities, e.g. aceet item “Othe

nised as an asquisition value

ded at cost lesfrom the bala

hone Fa3 01 550 08

borrowing to fi

he time of acqcorded at fair vtised cost, usietailed descrip

ecorded at fair

ns that the fin be recoveredare recorded

write down is net or group of n question andnce between tt and loss acc

tomer receivapayment is exp

financial assesify in this catets in this categand accumulachange rate difnt. Dividends ed in the acques or is sold. Oed in the profiition value.

profit or loss are held for trbeing measur

s in value are rncial assets thts.

at are not deriaccrued acqu

acquisition. Loccounts receivocated to the b

counts payaber liabilities”, s

sset in the bale can be calcu

ss accumulatence sheet upo

ax 8-503 01 551

inance the loa

quisition and avalue in the prng the effectivption of the fa

r value via the

ancial instrumd. At each rep

at amortised necessary. It ifinancial needd in consultatthe asset’s bocount.

ables recordedpected from t

ets that are noegory. Holdinggory are value

ated changes fferences on mon shares are

uisition value wOn disposal ot and loss acc

rading purposred in the profrecorded undat are valued

ivatives, that huisition cost. Aoans and receivable are recobalance sheet

ble, are includesee specificat

ance sheet if ulated reliably

ed depreciatioon the disposa


an.

at acquisition crofit or loss, bve interest me

air value of fina

e profit and los

ments are valuorting date orcost. It is at ts considered

ds to be writtetion with the Cok value and

d at amortisedhe client.

ot classified in gs of shares aed continuousin value in a smonetary iteme also recordewhen recordeof the asset thcount. In case

ses. Financial fit and loss acer Net incomeat fair value th

have fixed or dAccrued acquiivables are recovered in the bt items “Loans

ed in this catetion in Note 23

it is probable y.

on and any posal or sale of th

ANN

Internet se www.man

cost, which is but as attributeethod dependeancial instrum

ss account is n

ed at acquisitbalance shee

his point that necessary to

en down. This CFO. Writing dthe present va

d cost is rever

any other catand investmenly at fair valueeparate comp

ms are excluded in the profit d for the first te cumulative g

es where fair v

instruments inccount. For fine from financiahrough the pro

determinable sition cost is dcorded at the balance sheets to credit inst

egory. Liabilitie3.

that future ec

ssible write dohe asset or wh

NUAL RE

Cngold.se 55

equivalent toed transactionent upon whic

ments, see note

not done whe

tion cost less wet date, there a critical reviewrite down a is decided by

down financialalue of estima

rsed if the prev

tegory and/or nts that are noe, with the perponent of shared from the baand loss accotime and thergain / loss tha

value cannot b

n this categornancial instrumal transactionsofit and loss a

payments anddetermined usamount that i

t item “Other Atitutions” and

es are valued

conomic benef

own. The boohen no future e

EPORT 2


fair value. Thn costs. ch classificatioe 27 Financial

en they are

write down, is a thorough ew is conductreceivable if

y the business assets record

ated projected

vious reasons

financial asseot recorded asriod before thereholders’ equalance sheet aount. For theseafter as part at was previoube reliably

ry are valued ments held for s (See Note 9account comp

d are not quotsing the effects expected toAssets” and a“Loans to the

at amortised c

fits will contin

k value of a economic ben

2012

no. 26

is

on the l

ed of

s area ded

d cash

s for

ets s e uity. and se of a

usly

: Net prise

ted in tive

o be are e

cost

ue to

nefits

Corpo

Man Addr Box 102

127

are ethe sexpe DeprStraigare n Estim- Com- Mac The dof les IntangGoodGooddebtsthat oimpanot w

OtheSepa(impa Deveand tdeveCurre DeprStraigare reusefu - Oth- Cus- Goo The l WritinAt eapoint If an with possusedflows(grouprofitdownout. The rflows ReveA wrirequi

orate identity no


expected fromelling price annses”.

eciation methght-line depreo items with s

mated useful livmputers and schines, equipm

depreciation msser value, wh

gible fixed assedwill dwill represents and contingeoccurred befoirment testing

written off, but

r intangible fixarately acquireairment losses

elopment coststhe company hlopment expeent developme

eciation Methght-line depreeviewed at leaul lives are:

her intangible fstomer relationodwill

owest acquisi

ng-down ach reporting dt in time, a crit

indication of iindefinite usefible to determ, then the ass

s – a so-calledup of units) bot/loss for the yn is first alloca

recoverable ams are discount

ersing write-dote-down of asrement no lon

o. 556628-5408


its use. Gainsnd the asset’s

od eciation takes significantly di

ves servers ment and tool

methods usedhich refers to e

ets

ts the differenent liabilities.

ore 1 January 2g. Goodwill is vt instead teste

xed assets ed intangible as).

s are recordedhas sufficient

enditure is enteent costs are

od eciation is recoast annually. D

fixed assets ns

ition cost for e

date, the balatical review of

mpairment exful lives and in

mine substantiasets are groupd cash-generaok value exceyear. When a wated to goodw

mount is the hed using a dis

owns ssets that are nger exists and


s or losses aribook value le

place over theifferent deprec

ls

, and the residequipment wit

nce between tIn the transitio2008. Insteadvalued at acq

ed for impairm

assets are rec

d as an asset resources to ered as an exrelated to the

orded in the pDepreciable in

equipment to

nce sheet datall intangible

xists the assetntangible asseally independeed to be impa

ating unit. An ieeds its recovewrite-down re

will. Thereafter

higher of actuascount rate th

included in IAd that there h

hone Fa3 01 550 08

ising from the ess direct selli

e asset’s estimciation metho

3 years 5 years

dual values anth an acquisiti

he cost of theon to IFRS, th before this dauisition cost le

ment annually.

orded at cost

in the balancecomplete devpense in the pdevelopment

profit and loss tangible asset

3 years 10 years is not wri

be activated i

te, a thoroughfixed assets i

t’s recoverableets not yet reaent cash flowsairment testedmpairment losery amount. A

equirement is i, a proportion

al value less sat reflects risk

AS 36’s field oas been a cha

ax 8-503 01 551

sale or dispong costs. Gai

mated useful lds.

nd useful liveson cost of les

e business acqe group has nate, the book ess any write

less accumul

e sheet if the velopment andprofit and losst of a depot m

account overts are written

itten off, write

is SEK 10 000

h review of thes done to det

e amount is caady for use, ths to an individ

d at the lowestss / write dow

An impairmentidentified for aal write-down

selling costs ak-free interest

of application cange in the as


osal of an assens and losses

life. The comp

s of the assetsss than SEK 10

quisition and tnot applied IFRvalue comprisdown. Goodw

lated deprecia

product or prod thereafter uss account as in

management sy

r the intangibleoff from the d

-down require

0.

e company’s inermine if writi

alculated (seee recoverable

dual asset, andt level possibl

wn is recordedt loss / write da cash-generan of the other a

nd value-in-usand the risk a

can be reversesumptions un

ANN

Internet se www.man

et are determins are recorded

pany feels that

s, are reviewed0 000, is writte

he fair value oRS retroactiveses the group

will is allocated

ation (see belo

ocess is technse or sell the inncurred. ystem.

e asset’s estimdate they are a

ement tested a

ntangible fixedng-down is ne

e below). For g amount is ca

d its actual vae to identify swhen an asseown is record

ating unit (grouassets in the u

se. In calculatassociated wit

ed if there is aderlying the c

NUAL RE

Cngold.se 55

ned by the difd as “Other op

t for tangible f

d at each yearen off directly

of acquired asely to goodwilp’s acquisitiond to cash-gen

ow) and write-

nically and contangible asse

mated useful lavailable for u

annually

d assets is coecessary.

goodwill, othealculated annualue less sellingsignificant indeet’s or cash-g

ded as an expup of units) thunit (group of

ting the value-th the specific

an indication tcalculation of t

EPORT 2


fference betweperating incom

fixed assets th

r end. Equipm.

ssets, taken-ol on acquisitio cost after

nerating units a

-downs

mmercially viaet. Other

ife. The usefuse. The estim

nducted. At th

r tangible assually. If it is nog costs cannoependent cashgenerating unitense in the e amount of wunits) is carrie

-in-use, futurec asset.

hat the write-the recovery v

2012

no. 27

een me /

here

ment

ver ons

and is

able,

l lives ated

his

ets t

ot be h t’s

write-ed

e cash

down value.

Corpo

Man Addr Box 102

128

Howereverdown EmploRetireThe GIAS 1to a shave perio A defplan. salarThe r ComThe cwitho VariaAs ofin the The pencorisks Variapaymand ttransdeterdepe ProvisA proeventamoudiscomone ContinA conone oimproDurinbe suwith tprinc Accou The pSwedpublilegal Accoand t

orate identity no


ever, writing-drsal, does not n not occurred

oyee Remuneratement throughGroup’s pensi9, a defined c

separate legalsufficient fund

od and earlier.

fined benefit pThe company

ied employeesretirement age

pensation upocost of compeout the realisti

able remuneratf December 5,e appendix to

purpose of theurage excessassociated w

able remuneratment of bonusethe remaining spires that the riorates signifiendent upon g

sions ovision is recot, it is probablunt can be detounting the exey and, where

ngent Liabilitiesntingent liabilior more uncerobable that anng an issue anubscribed by Mthe client. If a

ciples as those

unting principle

parent compadish Financial shed statemeentity shall ap

ounts Act and taxation. The r

o. 556628-5408


down of goodwexceed the bo

d.

tion h insurance ion plan is seccontribution pl entity and dods to pay all r

plan is definedy’s pension pls” e is 65.

on notice of teensation in regc possibility o

tion (bonus) , 2012 the boathis report.

e remuneratioive risk-taking

with the busine

tion to employes occurs on part three yeaemployee, thcantly, espec

government su

orded in the bale that an outftermined. Whe

xpected futuree appropriate,

s ty is recorded

rtain future even outflow of rend in exchangeMangold shoun underwritinge securities in

es Parent compa

any prepares itReporting Bo

ents concerninpply all EU-apthe Pension Orecommendat


will is never reook value that

cured throughlan is a plan fo

oes not have aremuneration /

d as an alternalan is a define

ermination gard to personof reversal, to

ard has adopt

n policy is thag in the compaess. For furthe

yees is calcula25 March in thars later. The de profit centreially if Mangol

upport accord

alance sheet wflow of economen the effect o

e cash flows tothe risks spec

d when there isents, or when esources will be for a fee, thiuld the issue ng guarantee isthe company

any

ts financial staoard’s recommng listed comppproved IFRS Obligations Vetion states wh

hone Fa3 01 550 08

eversed. A revt would have b

an insuranceor post-emploany legal or inf/ benefits to th

ative plan for ped contribution

nnel being giva formal detai

ted a new com

at it should be any. It should

er information,

ated and repohe year followdeferred portie or Mangold ld can no longing to existing

when the commic resourcesof the time valo a pre-tax intcific to the liab

s a possible oan obligation

be necessary. s can be used

not be fully sus required, the’s trading boo

atements in acmendation RFRpanies are appand statemen

esting Act (“Trich exception

ax 8-503 01 551

versal is only dbeen recorded

e contract as eoyment remunformal obligathe employees

post-employmn plan and foll

en notice is oiled plan to te

mpensation po

consistent wbe able to ide see Appendix

orted as an exwing the calendion may, undedid not fulfil th

ger be assumeg legislation.

mpany has an es will be requirlue of money terest rate thatbility.

obligation arisin is not record

The businessd to guaranteebscribed. Und

e securities wiok.

ccordance witR 2 “Accountiplied. RFR 2 mnts as far as isryggandelagenns and additio


done to the exd, net of depr

evident from thneration undertion to pay furs with regard t

ment remuneralows the Swed

nly recorded irminate emplo

olicy in accord

ith, and promoentify, to measx and note 11

pense in the qdar year (40%er certain circuhe performanced to be able t

existing legal red to settle this significant, t reflects curre

ing from past ed as a liabilit

s area Corporae the client thaderwriting guall be valued an

th the Swedisng for legal en

means that in ts possible withn”), and fully cns are to be m

ANN

Internet se www.man

xtent that the aeciation where

he company’sr which the cother contributo the employe

ation other thadish ITP plan o

f the companoyment before

dance with FFF

ote an effectivsure, to report.

quarter to whic% of the bonus

umstances, bece criteria or ifto continue its

or informal obhis obligation provisions areent market ass

events and wty or provisionate Finance ofat an agreed parantees are gnd risk-assess

h Annual Accontities”. Even tthe annual rephin the framewconsider the remade to IFRS.

NUAL RE

Cngold.se 55

asset’s book re appropriate

s insurance poompany pays ftions, if the legees’ service d

an the definedor “suppleme

ny is demonstre the normal t

FS 2011:1, th

ve risk managt internally and

ch the bonus s provision for e fully or partiaf Mangold’s ps business or

bligation attriband a reliablee determined

ssessments of

whose existencn on the basis ffers an Undeportion of the overned by spsed according

ounts Act (199the Financial

port, the parenwork of the Swelationship be

EPORT 2


value, after , had the write

olicy. Accordinfixed contribugal entity doesduring the curr

d contributionsntary pension

rably committeime.

is published in

ement and nod to control th

relates. The the calendar

ally waived if position if Mangold is

butable to a pae estimate of th

through the time valu

ce is confirmethat it is rwriting Guaraclient’s issue pecific agreemg to the same

95:1554) and tReporting Boant company fo

wedish Annualetween accoun

2012

no. 28

e

ng to tions s not rent

s ns for

ed,

n full

ot he

year), it

ast he

e of

d by

antee. will

ments

the ard’s or the nting

Corpo

Man Addr Box 102

129

Inves ValuaDue t39 ar

In thecost origin

GroupThe cRepoUFR Supereguland (recei • •

•

•

Note 3 FinanIn theany stakingcompcompregul The Gthat crisk mthe pgoodrisk camen CreditCredcounthrouregul A decoperathe bThe ginves The gof pa

orate identity no


stments in sub

tion and translato the connecre not applied

e parent compor market. Th

nally paid less

p contributions acompany has orting Board (U2 was repeale

ervisory Authoations and the(FFFS 2008:25ved group con

Subsidiaries aParent compashould becauitem: AppropParent compafollowing: DivParent compaincome.

3: Financial Risk

cial risks, Groue group’s opesignificant impg in the businpany, has estapany’s risk maarly report to

Group’s risk mcontrols are inmanagement sproducts and sd risk control, wcontrol directlyndments to go

t Risk it / counterpaterpart’s inab

ugh separate iarly to the boa

cisive criterionations, is the b

borrower’s secgroup strives fstments are on

group’s routinayment proble

o. 556628-5408


bsidiaries are r

ation principlesction between

in the parent

pany, the finane acquisition v

s transaction c

and shareholdepreviously rep

UFR 2). The Bed. The chang

ority feels prelie general guid5) concerning ntributions. A

and fellow subanies which a

use of the relariations. anies applying

vidends receivanies applying

k Management

p rations, differe

portance are cess, the Boardablished policanagement, anthe board.

management idn place. Risks systems are reservices offerewhere every ey under the moverning docu

rty risk is the ility to fulfil itsnstruction, deard.

n for Mangoldborrower’s abcurities in a defor a good sprnly allowed wi

es for monitoms among bo


recorded acco

accounting acompany as a

ncial fixed assvalue of intere

costs, and the

ers’ contributionported group a

Board updatedges in RFR 2 sminarily, that

delines (FFFS annual reportsummary of R

bsidiaries shoapply FFFS 20ationship betw

g FFFS 2008:2ved. g FFFS 2008:2

ent types of riconcentrated id of Mangold ies and procend through pa

dentifies and aare monitored

eviewed reguled. Through inemployee undanaging direc

uments and pr

risk that the cs obligations. Telegated respo

providing crebility to repay. epot in the comread of risk. Inthin certain m

ring paymentsorrowers and a

hone Fa3 01 550 08

ording to the a

nd taxation, tha legal entity.

sets are valuedest-bearing se

amount paya

ns and sharehold

d RFR 2 in Sepshall be applieadditions nee2008:25) concts in insuranceRFR 2:

ould book paid08:25 or 2008

ween accountin

25 should rep

26 should rep

sks arise suchn Mangold FoFondkommis

edures for finaarticular instru

analyses the cd regularly to arly to ensure

nstruction anderstands his r

ctor, whose tasrocesses. This

company doesThe board hasonsibility withi

edit, based onTo further redmpany, and pn order to limit

monetary frame

s due and recea subsequent

ax 8-503 01 551

acquisition va

he rules conce

d at cost less ecurities is adjable at maturit

der contributioptember 2011ed to financial ed to be madecerning annuae companies.

d and received8:26 and bookng and taxatio

port received g

port received g

h as credit risondkommissiossion, which isncial operatioction, delegat

company’s opensure that th

e that they ared clear procesrole and resposk is to analys

s function mon

s not receive ps overall respon certain limit

n the borrowerduce risk the cart of the borrt credit and coeworks and in

eivables unserapid process


alue method.

erning financia

write-down austed for the

ty (premium or

ons in accorda. In conjunctioyears beginni

e to RFR 2 in tal reports in crThese change

d group contrik paid group con, record paid

group contribu

group contribu

k, market riskon AB’s operas ultimately resons. The boardted responsib

perational riskshe limits are noe correct and rses, the comp

onsibility. Therse the developnitors the risks

payment as agonsibility for thts to the mana

r’s domicile becompany’s loarower’s liquid ounterparty ris

n securities of

ettled, aim to msing of existin

ANN

Internet se www.man

al instruments

nd financial cuaccrued differr discount).

ance with the on with the neng on 1 Januahe Financial Sredit institutiones concern the

butions directcontributions id contribution

utions as a sep

utions within th

, liquidity risk tions. In ordersponsible for td has the overility to various

s, sets appropot exceeded. reflect current pany creates tre is also a cepment of riskss of the Group

greed and/or whe company’saging director.

eing geographans are also seresources in asks in the coma high credit r

minimise credig claims case

NUAL RE

Cngold.se 55

s and hedge a

urrent assets rence betwee

statements oew rules cominary 2011 or la

Supervisory Auns and securite accounting

tly against shan the profit an

ns on a separa

parate item im

he item: Retu

and operationr to limit and cthe internal corall responsibis other functio

priate limits foFurthermore,

t market condthe necessary

entral function s and, if necesp.

will make a loss credit risk ex. The managin

hically related ecured by thean account w

mpany’s securrating.

it losses throues.

EPORT 2


accounting in I

at the lower on what was

f the Financiang into force,

ater. The Finanuthority’s ties companierules for paid

areholders’ eqnd loss accouate line under

mmediately

rn on revenue

nal risk. All riscontrol the risontrol of the lity for the

ons. These in t

or these and inrisk policies aitions as well

y conditions fofor independe

ssary, propose

ss due to a xposure and hng director rep

to the compae pledging of pith the comparities portfolio

ugh early dete

2012

no. 29

IAS

of

l the

ncial

es, and

quity. nt, the

e,

ks of k-

turn,

nsures and as

or ent e

has, ports

any’s part of any. ,

ection

Corpo

Man Addr Box 102

130

Credit

2012

Loan

Loan

Loan

Rece

Unliq

Rece

Accru

Total

2011

Lend

Lend

Rece

Unliq

Rece

Accru

Total

Age a Age a ReceReceReceTotal Age a ReceReceReceReceTotal Loans - Bus- HouTotal Of whUnregand fTotal

orate identity no


t Risk Exposure

s to central ba

s to credit ins

s to the public

eivables

quidated secur

eivables from c

ued income

credit exposure

ing to credit in

ing to the pub

eivables

quidated secur

eivables from c

ued income

Credit exposure

nalysis

nalysis Doubtfu

eivables due 9eivables due 1eivables due g

nalysis, unregu

eivables not dueivables due ineivables due 6eivables due 9

s per category o

siness sector usehold secto

hich: gulated loans for which inter

o. 556628-5408


e

anks

stitutions

c

rity transactio

clients

e

nstitutions

blic

rity transactio

clients

e

ul (and written d

91 to 180 days81 to 360 day

greater than 36

ulated but not do

ue n less than 60 61 to 90 days 91 to 360 days

of Lender

or

that are not inrest is taken u


ns

ns

down) Loans

s ys 60 days

oubtful loans (n

days

s

ncluded in doup as revenue

hone Fa3 01 550 08

C

C

not written dow

ubtful loans

ax 8-503 01 551

Max

Credit risk exp

49 00

20 64

37 39

10 00

25

6 29

2 54

126 1

Max

Credit risk exp

87 01

5 33

7 66

9

3 16

3 54

106 8

wn)


ximum W

posure

00 000

49 309

94 588

05 106

55 166

93 949

48 483

46 601

ximum W

posure

18 413

31 093

65 868 -

98 646

64 737

49 811

828 568

ANN

Internet se www.man

Write Down

/allocation

-260 796

-260 796

Write Down

/allocation

-1 119 835

-1 119 835

NUAL RE

Cngold.se 55

Value o

Securitie

49 000 00

20 649 30

37 394 58

107 043 89

Value o

securitie

87 018 41

5 331 09

92 349 50

Dec 31, 20

555 8315 6363 31 234 8

751 1

6 428 31 190 01 635 610 005 1

10 003 9

1 210 005 1

10 005 1

EPORT 2


Credi

of ded

es Se

00

09

88

9 7

2

6 2

2 5

97 18 8

Credi

of ded

es Se

3

93

6 5

3 1

3 5

06 13

012 Dec 31,

899 4630 70331 36860 1 1

150 1 85300 1 84000 656 2 83106 6 5

906 6 54200 106 6 5

0

106 6 5

2012

no. 30

t expo after

uction ecurity

44 310

255 166

93 949

48 483

841 908

t expo after

uction ecurity

46 033

98 646

64 737

49 811

359 227

, 2011

42 818 08 816 68 201 19 835

58 901 40 451

7 280 38 401 545 033

45 033 1 000

546 033

0

546 033

Corpo

Man Addr Box 102

131

JudgiA loaassetarrivethe a LiquidLiquidLiquidcannThe Gare mstres The gflow s Liquid 2012 (SEKAssetFinan LoanLoanLoanShareReceOtheAccruFinanUnliqTotal Non-Tax rIntanTangPrepaTotalTotal FinanAccoOtheAccruTotal Non-Tax lAccruNon-Total Total

orate identity no


ng the credit quan is consideret or group of fes at this asseabove listed re

dity Risk dity risk is thedity risk can aot be fulfilled Group’s risk mmainly made ins tests perform

group’s liquidistatement, wh

dity Exposure

K ‘000) ts ncial Assets

s to central bas to credit inss to the publices & investme

eivables from cr receivables ued income ncial fixed assquidated securl Financial Ass

financial assereceivables (cugible fixed assible fixed asseaid expenses l non-financialAssets

ncial Liabilitiesounts payable r liabilities (Loued expensesl financial liabi

financial liabiliiabilities ued expensesfinancial liabiliLiabilities

Difference

o. 556628-5408


uality of financied probable fofinancial assetessment. No seceivables is c

e risk that the also be expresin time. Liquid

management fon liquid securitmed for differ

ity exposure chich is include

anks stitutions c ents clients

sets rities businesssets

ts urrent + defersets ets

l assets

s (in other liabil

oan) s (liabilities to cilities

lities

s (liabilities to lities


al assets or write down ts. This is detesuch evidenceconsidered go

group may enssed as the risdity risks ariseocuses here oties i.e. securient scenarios

concerning remed elsewhere i

s

red)

lities)

companies)

personnel)

hone Fa3 01 550 08

if there is objeermined whene exists in conjod.

ncounter difficsk of loss or we when assetson creating liqities that are t.

maining maturn this annual

ax 8-503 01 551

ective evidencn the businessjunction with t

culties in meetworsened earns and liabilitiesquidity resourcraded in a fun

rities of assetsreport, illustra

de

42

1

8

8

9

121

-


ce to indicate s area managethe annual acc

ting the obliganing capacity bs, including deces and portfonctioning mark

s and liabilitiesates the comp

On

emand 12

49 000 20 649

37 3

6 294 10 019

283

255 86 500 40

0 86 500 4

2 691 81 015

6 778 90 484

5 407

15 488 20 895 11 379

-24 897 4

ANN

Internet se www.man

that a write der in charge, incounts for 201

ations associatbecause the cerivative instruolio structures.ket. Liquidity is

s is shown in tpany’s liquidity

T

n3 to c

mon f

49 20

7 395 37 3 166 3

6 10

0 561 127

0

0 40 561 127

2 81 6 90

5 15 20

0 111

40 561 15

NUAL RE

Cngold.se 55

down need exin consultation12, which is w

ted with its fincompany’s pauments, have d. This means ts monitored c

the table beloy situation.

Total nom. Expcash reflow >1

000 649 395 166 294 019 283

255 061

0 2

0 37 061

691 015 778 484

407 488 895

1 379

5 682

EPORT 2


sts for a finann with the CFOwhy the quality

nancial liabilitieyment obligatdifferent duratthat investme

continuously a

ow. Even the c

pected ecovery 12 mon

4 2 3 1

541

541 12

28 027 21 574 2 265

31 866 332 407 15

8 9

1 2

0 11

32 407 4

2012

no. 31

ncial O, y of

es. tions tions. nts

and

cash

Tot. book Value

9 000 0 649 7 395 3 166 6 294 0 019

283 541 255

7 602

0 8 027 1 574 2 265 1 866 59 468

2 691 1 015 6 778 0 484

5 407 5 488 0 895 11 379

48 089

Corpo

Man Addr Box 102

132

2011 (SEKASSETFinan LoanLoanShareReceOtheAccruFinanUnliqTotal Non-Tax rIntanTangPrepaTotalTotal FinanAccoOtheAccruTotal Non-Tax lAccruNon-Total Total Marke ShareShare(irresinstrubut edelive Markthe c2012 In ligh IntereInteremarkflow, A sigbut in In ac

orate identity no


K ‘000) TS ncial Assets

s to credit inss to the publices and Investm

eivables from cr receivables (ued Income ncial fixed assquidated securl financial asse

financial assereceivables (cugible fixed assible fixed asseaid expenses l non-financialAssets

ncial Liabilitiesounts payable r liabilities (Loued expensesl financial liabi

financial liabiliabilities ued expensesfinancial liabilLiabilities

Difference

et Risk

e Price Risk e price risk is pective of whuments tradedeven in the cusery.

ket risk in the fompany’s trad, the actual m

ht of the abov

est rate risk est rate risk isket interest rat

cash flow risk

nificant factorncrease the pr

cordance with

o. 556628-5408


stitutions c ments clients (Trade Debtor

sets rities businessets

ts urrent + defersets ets

l assets

s (in other liabil

oan) s (liabilities to cilties

lties

s (liabilities to lties

the risk that tether the chan

d in the markestomer-driven

form of share ding book, am

market risk amo

ve, it is the ma

s the risk that tes. Interest rak.

r affecting therice risk. Shor

h the company


rs)

s

red)

lities)

companies)

personnel)

he fair value onges are caus

et). The compan business, the

price risk onlymounts to SEKounted to SEK

anagement’s o

the fair value oate risk can thu

e interest rate rrter interest ra

y’s risk policy

hone Fa3 01 550 08

or future cash sed by factorsany’s share pre risk is the m

y exists in ManK 2 million (4,5K 3.9 million (1

opinion that th

or future cashus consist par

risk is the fixete terms coun

y, the financial

ax 8-503 01 551

de

8

9

7

7

11

flows of a shas specific to thrice risk is comarket risk of th

ngold Fondko5% of shareho10.9% of shar

here is no sign

h flows of a finrtly of change

ed interest termnteract the pric

risks in the b


On

emand 12

87 018

5 3

3 165 6 574 606

99

97 462 9

1 1

97 462 1

2 092 72 704

2 668 77 464

4 889 13 882 18 771 96 235

2 427 1

are fluctuate bhe share or its mposed of mahe traded sec

ommission ABolder equity) areholder equit

nificant concen

nancial instrums in fair value,

m. Long interece risk but inc

usiness are m

ANN

Internet se www.man

n3 to c

mon f

87

5 331 5 3 914 3

3 6

9 245 106

1 427 1

1 427 1 0 672 108

2 72 2 77 4 13 18 96

0 672 13

because of chissuer, or fact

ainly price riskurity as in all t

, and with full t a 10 per ceny).

ntration of risk

ment will fluctu, price risk, an

est rate terms crease the cas

monitored with

NUAL RE

Cngold.se 55

nom. Expcash reflow >1

018 331 914 165 574 606

99

707

427 2

427 38 134

092 704 668 464

889 882 771

6 235

3 099

anges in markctors affecting ks in shares in transactions w

l use of its exint price movem

k in these fina

uate because nd partly of ch

counteract thsh flow risk.

hin risk limits.

EPORT 2


pected ecovery 12 mon

8

975

975 10

28 438 21 796 1 744

31 978 332 953 14

7 7 1 1 9

32 953 4

ket prices all similar finathe trading bo

with payment

sting mandatement. At year-

ncial assets.

of changes inhanges in cash

he cash flow ri

2012

no. 32

Tot. book Value

7 018 5 331 3 914 3 165 6 574 606 975 99

7 682

1 427 8 438 1 796 1 744 3 405 41 087

2 092 2 704 2 668

77 464

4 889 3 882 8 771 96 235

46 052

ancial ook, on

e in -end

the h

sk

Corpo

Man Addr Box 102

133

As ofintereacco Net inIn the CurreCurreexch The Gneglig FinanSinceGrou Note 4 The ccomp ClassThe c

•

AsseIn ordMangrecovdeve The rvalueIn tesbalanthe dmanaother AsseThe ais basis the Key so WriteWritinthe pcounthe s

orate identity no


f the balance sest terms to count.

nterest income parent comp

ncy Risk ency risk is theange rates.

Group has no gible.

cial Risks, paree the Parent Cp. However, a

4 Critical estima

corporate manpany’s critical

sification of fincompany’s ac• The class

that are h

ssment of theder to be ablegold’s businesvery value (i.e.loped by use

recoverable ame in use, develsts, the managnce sheet datediscount rate (Wagement apprr externally av

ssment of theassessment ofsed upon indie basis for the

ources of estim

e-down of credng down cred

present value oterparty’s finatrategy conce

o. 556628-5408


sheet date, thonsider. All in

e of the Grouppany, net inter

e risk that the

financial instr

ent company Company applas the operatio

ates and assess

nagement hasaccounting p

nancial assetsccounting princsification of finheld for trading

e write-down re to carry out iss-like organis. the higher ofof discounted

mount (i.e. theloped by empgement use we. The key assWeighted Averoved five-yeavailable inform

e margin on thf the margin ocative prices f

e revenue reco

mation uncertain

dit losses it losses is noof cash flows ancial situationerning estimat


e company haterest items a

p as of 31 Decrest income am

fair value or f

ruments linked

lies the same ons of the par

sments for acco

s in connectionprinciples and

s and liabilitiesciples define i

nancial assets g under accou

requirement ofmpairment tessation. The bof value in use ad cash flow ca

e higher of valloying discou

what it considesumptions maerage Cost of ar forecasts whation. The dis

e sale of strucon the sale of sfrom the issue

ognition of the

nty

ormally based expected to bn and the saleed cash flows

hone Fa3 01 550 08

as no investmare attributable

cember 2012,mounts to SE

future cash flo

d to foreign cu

risk managemrent company

ounting purpose

n with the audestimates, an

s in more detail held for tradin

unting principl

f Goodwill sting, Goodwi

ook value of thand fair value

alculations.

ue in use andnted cash flow

ers to be reasoade in the valuCapital) and thich managem

scount rate use

ctured producstructured proer and an assese products

upon individube received. Ines value of eacs that are cons

ax 8-503 01 551

ments in interese to loans to c

, amounts to SK -183 512 (S

ows of a financ

urrencies. Exis

ment as the reare extremely

es.

dit work, discund the applicat

how assets ang requires thles.

ill has been alhe cash-gener, less selling c

fair value, lesw calculationsonable assumue in use calcuhe maximum

ment believe red in the test

cts oducts, whereessment whet

ual assessmenn estimating thch underlying sidered recove


st-bearing seccredit institutio

SEK 3 166 012SEK – 317 051

cial instrumen

sting loans to

st of the grouy limited so ar

ussed the devtion of these p

and liabilities ahat they corres

located to therating unit is tecosts) is norm

ss selling costs.

mptions based ulations, were growth rate ineflect past ex(WACC) after

e the final procther sufficient

nt and is foundhese cash flowsecurity. Evererable and ap

ANN

Internet se www.man

curities (debt sons / the publi

2 ( 2 460 644)).

nt will fluctuate

credit instituti

p, see the desre the financia

elopment, selprinciples and

are classified ispond to the d

e cash-generaested annuallyally determine

s) is normally

upon the bessales growth,

n free cash flowperience, foretax has avera

curement has volume has b

ded on the maws, an assessry doubtful de

pproved by an

NUAL RE

Cngold.se 55

securities) andic or deficit / s

.

e because of c

ions in foreign

scription undeal risks of the p

lection and disd estimates.

in different cadescription of

ating unit as coy for required ed on the basi

determined o

st available inf, EBITA margi

ow. Calculationecasts in indusaged 8 per cen

not been madbeen achieved

anagement’s bment is made

ebt is judged o independent

EPORT 2


d therefore nosurplus in the

changes in for

n currency are

er Financial Risparent compa

sclosure of the

tegories: financial asse

onsistent withwrite-down. Tis of value in u

on the basis of

ormation at thin developmenns are based ostry studies annt.

de by closing d. This assessm

best estimate e of the on its merits arisk control.

2012

no. 33

o fixed tax

reign

e

sks, any.

e

ets

h The use,

f

he nt, on nd

date, ment

of

nd

Corpo

Man Addr Box 102

134

Note 5

Comm

Busin CorpIssueUnoffEquitAsseOtheTotal * RefThe m Comm Group

ConsAdmiTotal

Note 6 GroupManaOtheTotal

Note 7 GroupIntere LoanLoanOtheTotal IntereOtheTotal Net in ParenIntere OtheOtheTotal IntereGrouTotal Net in

orate identity no


5 Commission I

mission Income,

ness Area

orate Financeer Services ficial Trading &ty Trading t Managemenr income*

ers to items nmajority of the

mission Expense

p

sultative sellinginistrative sell

6 Other operatin

p agement fees r

7 Interest incom

p est income

s to credit inss to the publicr

est expenses r

nterest income

nt Company est income

r, group compr, non-group c

est expenses p company

nterest income/e

o. 556628-5408


ncome & Expen

, Group

e

& Market Mak

nt

not reported see company’s r

es

g costs ing costs

ng income

me and Interest

stitutions c

panies companies

expense


nses

king

eparately by drevenue is gen

expenses

hone Fa3 01 550 08

division nerated in Swe

ax 8-503 01 551

eden, more th


han 99%.

ANN

Internet se www.man

Jan

Dec

2310

57

48

9

JanDec

JanDec

JanDec

3

1

NUAL RE

Cngold.se 55

n 1, 2012-

31, 2012

3 544 0050 061 1315 167 4947 606 1458 188 178

130 32594 697 278

n 1, 2012- c 31,2012

0 -280 026

-280 026

n 1, 2012- c 31,2012

0 54 473 54 473

n 1, 2012- c 31,2012

3 209 199

52 503 2 128

3 263 830

-147 817

-147 817

3 116 013

1 418 578 3 114

1 421 692

-186 626

-186 626

-183 512

EPORT 2


Jan 1, 2

Dec 31,

20 56210 058

4 1823 336

54 349405

92 89

Jan 1, 2Dec 31,

--43

-44

Jan 1, 2Dec 31,

1

1

Jan 1, 2Dec 31,

2 531

2 55

-9-9

2 46

-32-32

-31

2012

no. 34

2011-

2011

2 1158 2552 1726 4219 4225 33993 724

2011- 2011

6 467 9 112 45 579

2011- 2011 3 067

0 13 067

2011- 2011

2 921 1 549 6 258 50 728

0 084 90 084

60 644

0 2 949 2 949

0 000 20 000

17 051

Corpo

Man Addr Box 102

135

All intAll of Note 8 Group DividTotal Note 9

Group RealiUnreaTotal

EarninTradiTotal

Note 1

Paren Grou Note 1 Costs GroupSalarSociaPensBonuOtheTotal Of whOf whmana The PThe p Other GroupPostaIT coConsHiredAuditRentsOtheTotal

orate identity no


terest incomef the revenue i

8 Dividends rec

p

ends on share

9 Net income fro

p

sed gains on alised change

ngs divided by cng with share

10 Income from

nt Company

p contribution

11 General adm

of Personnel

p ries and remunal security consion expenses us allocation r costs of pers

hich salary andhich social secagement

arent Companyparent compa

general admini

p age, telephonests

sulting d personnel ting s and other ofr

o. 556628-5408


e and interest eis generated in

eived

es & investme

om financial tra

shares es in value of s

category es, net, realise

m investments in

n received

ministrative expe

neration ntributions

sonnel

d pension for curity contribu

y any has no em

istrative expens

e and data co

ffice costs


expenses are n Sweden.

ents from hold

ansactions

shares

ed and unrealis

n group compan

enses

the Board andutions for the B

ployees and n

ses

ommunication

hone Fa3 01 550 08

attributable to

dings in the tra

sed

nies

d senior manaBoard and sen

no payment of

ax 8-503 01 551

o items that a

ading book

agementnior

f salaries has


are measured a

occurred.

ANN

Internet se www.man

at accrued ac

JanDec

JanDec

1

JanDec

7

JanDec

25725243

JanDec

131

1461

NUAL RE

Cngold.se 55

cquisition valu

n 1, 2012- c 31,2012

2 146 2 146

n 1, 2012- c 31,2012

943 649 110 494 1 054 143

1 054 143 1 054 143

n 1, 2012- c 31,2012

7 426 838

n 1, 2012- c 31,2012

5 790 180 7 951 783 2 628 016 5 232 186 2 326 778 43 928 943 3 166 706

918 251

n 1, 2012- c 31,2012

1 845 749 3 383 084 1 534 296

684 358 1 013 033 4 326 968 6 317 117 19 104 605

EPORT 2


e.

Jan 1, 2Dec 31,

Jan 1, 2Dec 31,

-1 05-32-1 38

-1 38-1 38

Jan 1, 2Dec 31,

Jan 1, 2Dec 31,

22 598 7 001 2 370 4 481 1 946

38 39 2 671

64

Jan 1, 2Dec 31,

2 152 461 21

3650

4 076 7717 57

2012

no. 35

2011- 2011

0 0

2011- 2011

4 173 8 390 82 563

2 563 82 563

2011- 2011

0

2011- 2011

8 212 1 413 0 631 1 897 6 792 98 945 1 740 8 823

2011- 2011

6 706 7 870 6 890 4 305 5 763 9 432 9 219 70 185

Corpo

Man Addr Box 102

136

The PPostaConsOtherTotal PrepaAs offull in The rappliinsignorganthat iperfoexercMang(d) a The bdirecrema ManaCont SalariThe cRemuThe rthese TermsTheredirec Remu ChairOtheManaOtheTotal * RemHamb Remu

ChairBoardManaOtheTotal * RemHambSEK see N

orate identity no


arent Companyage and telephulting r

aration and Decif December 5,n the appendix

remuneration cable only to nificant influenn, (ii) that Manmply a not ins

orm liquidity gucises or can exgold who maymember of th

board shall detor may decid

ains of pre-tax

gement rol and manag

ies and remunechairman of thuneration to thremuneration te are employe

s of notice and Se are no agreetor has a term

uneration 2012

rman of the Bor Board Membaging Directorr Managemen

muneration to berg SEK 100

uneration 2011

rman of the Bod Members* aging Directorr Managemen

muneration to berg 100.000. Rem

Note 26.

o. 556628-5408


y hone

ision-making , 2012 the Boax to this annua

policy is appliemployees whnce on Mangongold’s businesignificant riskuarantee assigxercise a not

y affect Mangoe Credit Com

ecide on the rede on all otherx profit when 8

gement of the

ration he board and mhe managing dto the managi

ees of Mangold

Severance pay ements conce

m of notice of s

oard bers* rs nt

board membe0.000.

oard

rs nt

board membe

muneration to


ard has estabal report.

icable to all thho can affect old’s risk leveless area manak-taking for Mgnments and insignificant inold’s risk levelmittee (if and

emuneration tor employee rem8% of the prev

e group is exer

members of thdirector and oing director and Fondkommi

erning severansix months.

ers 2012 has

ers 2011 has

managing dire

hone Fa3 01 550 08

lished a new r

he company’s Mangold’s ris. In view of (i)

agers require aangold, (iii) thareceive and fonfluence on M are (a) the Mawhen such be

o employees muneration. Pvious year’s sh

rcised by the

he board are pother senior mnd other senioission AB. The

nce pay to the

B

gone to Henri

B

gone to Henri

ectors applies

ax 8-503 01 551

remuneration

employees, usk level. This r

that Mangoldapproval fromat Market Maorward orders

Mangold’s risk anaging Dirececomes curre

in leading posProvision for bhareholder eq

Parent Comp

paid only a fixmanagers consor managers ise parent comp

board, mana

Basic Salary/ Board Fee 150 000 300 000

1 875 020 4 926 000

7 251 020

ik Holm SEK 1

Basic Salary/ Board Fee 140 000 300 000

1 625 000 4 468 000

6 533 000

ik Holm SEK 1

s only to subsi


policy in acco

unless stated oefers to emplo

d’s managemem the managing

king may not s on the Mang

level, the boactor, (b) the Risnt).

sitions and to onuses is dec

quity is deduct

any’s Board o

xed fee accordsists of a basics paid for by Mpany has no e

ging director o

Variable

remuneration--

597 486572 1481 169 634

100.000, Ann-

Variableremuneration

--

369 200357 300

726 500

100.000, Ann-

idiary manage

ANN

Internet se www.man

ordance with F

otherwise. Sooyees who exent is only an ag director to mengage in proold List and (i

ard hereby stipsk Manager, (

the complianccided by the bted.

of Directors an

ding to a decisc salary, variaMangold Fondmployees.

or other senio

Pensi

Expens

244 20995 401 239 6

Marie Thörn S

PensiExpens

237 54967 031 204 5

Marie Thörn S

ers. For other r

NUAL RE

Cngold.se 55

0 0

485 753 485 753

FFFS 2011:1,

me of the proxercise or can advisory (and make decisionoprietary tradiniv) that no onepulates that th(c) the Compli

ce officer. Theboard for half t

nd Managing D

sion made at table remuneratdkommission A

or managers. T

ion ses

- 150- 300

00 2 71604 6 493

604 9 66

SEK 100.000 a

ion ses

- 140- 300

40 2 23130 5 792

570 8 46

SEK 100.000 a

remuneration

EPORT 2


4545

this published

visions are exercise a nonot a decidin

ns or take acting (but only e else at Manghose persons ance Officer a

e managing the amount th

Director.

the AGM. tion and pensAB, since all o

The managing

Num

Total Pe0 000 0 000 6 706 3 552 60 258

and Marcus

NumTotal Pe

0 000 0 000 1 740 2 330 64 070

and Marcus

to related par

2012

no. 36

-770 0

8 095 57 325

d in

ot g) ons

gold at

and

at

ion. of

g

mber of ersons

1 3 1 7

12

mber of ersons

1 3 1 7

12

rties,

Corpo

Man Addr Box 102

137

VariabThe mproviboardNeith PensiThe Gare d Numb Num Gende The BOtheTotal Remu The GKPMAuditAuditTax c Total Note 1The lexpe The G

Rents

The P

Rents

Note 1 The GReconProfit/Tax aTax eTax eTax eEffectOf wh CurreDeferRepor

orate identity no


ble remuneratiomanaging diresions are allocd and/or depuher the board o

ons Group’s retiremdefined contrib

ber of employee

ber of employ

er Division in M

Board (incl. Mr managemen

uneration to Aud

roup G t assignment t business in aconsultancy

for the Group

12 Operating leaeasing costs fnses. Below is

roup

s and other of

arent Company

s and other of

13 Income Tax

roup nciliation of effe/loss before taxat the applicabeffect of non-deffect of non-teffect due to ctive Tax hich the perio

ent Tax rred Tax rted Tax

o. 556628-5408


on and other benector’s part of cated to the outy managing of directors no

ment age is 6bution.

es

yees

anagement

D) nt

ditors

addition to aud

ases for assets ands an account

ffice costs

y

ffice costs

ective tax x ble tax rate (26deductible exptaxable incomchange in tax

d’s tax expens


nefits the bonus pro

other personnedirector. or the employ

5. Payment of

dit assignmen

d leased premof existing op

6.3%) penses

me rate

se

hone Fa3 01 550 08

ovisions (variael as determin

yees have rece

f variable rem

nt

mises that are hperating leasin

ax 8-503 01 551

able remuneraned by the ma

eived other be

uneration is c

Dec 3Men Wo 37

Dec Men Wo 4 5 9

held through og costs from 2

w

4

W


ation) is determanaging directo

enefits during

company-pens

31, 2012 omen

11

12, 2012 omen

123

operating leas2011 and onw

2012

within 1 yr

4 065 628

2012

Within 1 yr

21 640

ANN

Internet se www.man

mined by the bor, in some ca

2012 or 2011.

sion entitled. T

Total48

Total5 7

12

Jan Dec

ses are recordwards.

20

18

20

JanDec

-2

-2

-2

NUAL RE

Cngold.se 55

board. The remases in consu

.

The company-

Dec Men Wo

33

Dec Men Wo

459

n 1, 2012-c 31,2012

530 000235 732

-

765 732

ded under gen

013-2017

2-5 yr

8 681 315

013-2017

2-5 yr

99 435

n 1, 2012- c 31, 2012

8 820 319 2 319 744 -268 079

560 108 360

-2 478 903 2 478 903

2 509 842

30 939 -2 478 903

EPORT 2


maining bonusltation with th

-pension prem

31, 2011 omen

12

31, 2011 omen

123

Jan 1, 2Dec 31,

30084

38

eral administr

2

afte

2

afte

Jan 1, 2Dec 31,

8 34-2 06

-16

-2 22-2 22

-2 55-32-2 22

2012

no. 37

s e

miums

Total45

Total57

12

2011-2011

0 0004 763

-

84 763

rative

2018-

er 5 yr

0

2018-

er 5 yr

0

2011- 2011

43 943 8 217 3 218 1 646

0 29 790 9 790

9 691 9 901 29 790

Corpo

Man Addr Box 102

138

Deferr

2011IntanDeduNet de 2012IntanDeduNet de The PReconProfit/Tax aAdjusTax eTax eEffectOf wh CurreDeferRecor Deferr

2011IntanDeduNet de 2012IntanDeduNet de The c Note 1 Loans Outst - Sw - ForTotal Of wh For fu Note 1 Loans OtheTotal No p

orate identity no


red Tax

gible assets

uctible deficieneferred tax liabi

gible assets


arent Companynciliation of effe/loss before taxat the applicabstment of tax effect of non-deffect of non-ttive Tax hich the perio

ent Tax rred Tax rded Tax

red Tax

gible assets


gible assets


change betwe

14 Loans to cred

s to credit instit

tanding receivwedish currencreign currency

hich, bank bal

urther informa

15 Loans to the

s to the public, G

r

rovision has b

o. 556628-5408


ncy ility

ncy ility

y ective tax x ble tax rate (26from previousdeductible exptaxable incom

d’s tax expens

ncy ility

ncy ility

een the years h

dit institutions

tutions, Group

vables, gross cy y

lances

ation, refer to A

public

Group

been made an


6.3%) s years penses

me

se

has been reco

Age Analysis

d no changes

hone Fa3 01 550 08

orded as defer

Note 3

s have been m

ax 8-503 01 551

De

De

rred tax expen

made to the res


eferred taxrecover.

0 203 661

0

0 0 0

eferred tax recover.

0 203 661

203 661

0 0 0

nses / income

serve for prob

ANN

Internet se www.man

Def

JanDec

-2

1

Def

e in the profit a

Dec

20

220

Dec37

3

bable credit los

NUAL RE

Cngold.se 55

ferred tax liability

789 000 0

789 000

554 400 0

554 400

n 1, 2012- c 31, 2012

8 176 151 2 150 328

0 -7 003

1 953 670 -203 661

-203 661

0 -203 661

-203 661

ferred tax

liability

0 0 0

0 0 0

and loss acco

c 31, 2012

0 648 092

1 217 20 649 309 0 649 309

c 31, 2012 7 394 588 37 394 588

osses during th

EPORT 2


-7820-58

-55

-55

Jan 1, 2Dec 31,

-7720

2020

2020

2020

unt.

Dec 31,

87 01

87 0187 01

Dec 31,5 33

5 33

he year. This n

2012

no. 38

Net

9 000 3 661 85 339

4 400 0

54 400

2011- 2011

74 376 3 661

0 0 0

03 661 3 661

0

3 661 03 661

Net

0 3 661 03 661

0 0 0

2011

8 333 80

18 413 8 413

2011 1 093 31 093

no

Corpo

Man Addr Box 102

139

provi Note 1FinanGroup ListedShareNet cAdjusShareUnreaShare FundNet cFund Total * Unr UnlisListedTotal The srecor Note 1 FinanAccu

At yeNew SalesTotal Book

IndireSkillgStockBook AnothsignifSharethe faMangagree Note 1 Share AccuAt yeNew SalesClosin

orate identity no


sion status is

16 Shares and Icial assets valu

p

d securities Sweholdings at bchange duringsting net chaneholdings at yalised gain*

eholdings at yea

d shares at begchange duringshares at year e

shareholdings arealised gain r

ted Shares d Shares

shareholding irded at fair va

17 Long-term fi

cial assets avaiumulated acqu

ear start acquisitions

s and disposaacquisition valu

value at year-e

ect ownership thgo AB, 556701kholm (unlistevalue at year-e

her actor ownficant influences in Skillgo Aair value canngold Fondkomement.

18 Financial fixe

es in the group c

umulated acquear-start

acquisitions s and disposang accumulated

o. 556628-5408


as of 31 Dece

nvestments ues at fair value

weden beginning of yg the year nge year end (Acqu

ar end (Book va

ginning of yeag the year end

and fund sharesrecorded over

s an essentiallue.

nancial fixed as

ilable for sale, Guisition value:

al ue

end

hrough Mangold1-3353, ed) end

ns 85% of Skilce which is whAB have not beot be calculat

mmission. The

ed assets, Pare

company, Paren

uisition value:

al d acquisition va


ember 2012.

e through the pr

ear (Acquisitio

uisition value)

lue)

ar

s the profit and

l part of the G

ssets

Group

d Fondkommiss

lgo AB and Mhy the companeen valued at ted reliably. Thshares will be

nt company

nt Company

lue

hone Fa3 01 550 08

ofit and loss ac

on value)

d loss account

Group’s operat

sion

Mangold has nony is not reporfair value, but

he other sharee sold if the ot

ax 8-503 01 551

ccount

t

tions. The hold

o board reprerted as an asst at acquisitioeholders of Skther sharehold


ding has there

Sha1

esentation in thsociated compn value, since

killgo AB haveders choose to

ANN

Internet se www.man

Dec

5

4-1

3

efore been cla

Dec

ares 150

he company. pany. e the company an option to ao exercise this

Dec

41

4

NUAL RE

Cngold.se 55

c 31, 2012

5 225 648 -858 349

0 4 367 299 1 201 404

3 165 895

0 0 0

3 165 895

0 3 165 895

3 165 895

assified as cur

c 31, 2012

974 500 0

-433 080 541 420

541 420

Proportion of Equity

15%

Mangold has

y is unlisted wacquire the shs option acco

31, 2012

695 866

0 0

41 695 866

EPORT 2


Dec 31,

4 041 17

5 22-1 31

3 91

3 91

3 913 91

rrent assets an

Dec 31,

97

97

97

Book54

54

therefore no

which means thhares from rding to the

Dec 31,

41 695

41 69

2012

no. 39

2011

6 419 9 229

0 5 648 1 898 13 750

0 0 0

13 750

0 3 750 13 750

nd

2011

4 500 0 0

74 500

74 500

k Value 41 420

41 420

hat

2011

5 866

0 0

95 866

Corpo

Man Addr Box 102

140

AccuAt yeSalesClosin Book Speci

Mang1267Book-

Speci

MangStockBook-

Note 1 Goodw AccuAt yeNew Total Book Other AccuAt yeNew SalesTotal AccuAt yeSalesDeprTotal Book Total In acgenerequibasisacqu Mangnece The Gpurchand a

orate identity no


umulated writeear-start s and disposang accumulated

value at year-e

fication of shar

gold Fondkom, Stockholm -value at year-e

fication of shar

gold KF AB, 5kholm -value at year-e

19 Intangible fix

will


acquisitions acquisition va

value at year-e

intangible fixed


acquisitions s and disposa acquisition va

umulated deprear-start s and disposaeciation for th amortisation

value at year-e

intangible fixed

cordance withrating unit in ored write-dow

s of value in usired cash-gen

gold KF AB – assary.

Group’s capitahased softwara document m

o. 556628-5408


e-downs:

al d write-downs

end

res in subsidiari

mmission AB, 5

end

res in subsidiari

56692-2935,

end

xed assets, grou

uisition value:

alue

end

d assets

uisition value:

al alue

reciation:

al he year

end

d assets

h IFRS and in order to test t

wn. The recovese, arrived at tnerating unit w

acquired 2008

alised expensre. The capita

management s


ies N

556585-

ies N

up

keeping with he write-downery value (i.e. through the us

with the MAB g

8. The recover

es concerninglised costs for

system (W3D3

hone Fa3 01 550 08

Number of share

5 000 00

Number of share

1 00

Mangold AB’sn requirementthe higher of vse of discountgroup that wa

ry value excee

g intangible fixr purchased s

3)

ax 8-503 01 551

es Propof

00

es Propof

00

De

24

24

2

De

8

9

-4

-1-6

2

s business-likt. The book vavalue in use ated cash flow

as tested for re

eded the book

xed assets cosoftware main


portion equity 100%

portion equity 100%

ec 31, 2012

4 406 288 0

4 406 288

24 406 288

ec 31, 2012

8 889 494 777 000

0 9 666 494

4 857 682 0

1 188 477 6 046 159

3 620 335

28 026 623

ke organisationalue of the casand fair value l

calculations. equired write-

k value which

nsist of goodwly refer to exp

ANN

Internet se www.man

4

Book value Dec

41

4

Book value Dec

22

2

De

24

24

2

De

8

8

-3

-1-4

2

n, goodwill hash-generating ess selling coAs of 31 Decedown.

was why writ

will, customerenditure on a

NUAL RE

Cngold.se 55

0 0 0

41 695 866

c 31, 2012 Boo

695 866

41 695 866

c 31, 2012 Boo

2 775 726

22 775 726

ec 31, 2011

4 406 288

0 4 406 288

24 406 288

ec 31, 2011

8 134 494

755 000 0

8 889 494

3 704 232 0

153 450 4 857 682

4 031 812

28 438 100

as been allocaunit has been

osts) has beenember 2011, t

ting down of g

r relations and new finance s

EPORT 2


41 69

ok value Dec 31,

41 695

41 69

ok value Dec 31,

22 775

22 77

Dec 31

24 406

24 406

24 40

Dec 31

7 512622

8 134

-2 406

-1 298- 3 704

4 43

28 83

ated to the casn tested for n determined othere was an

goodwill was n

d external system (Jeeve

2012

no. 40

0 0 0

95 866

, 2011

5 866

95 866

, 2011

5 726

75 726

, 2010

6 288

0 6 288

06 288

, 2010

2 4942 000

04 494

6 0790

8 1544 232

30 262

36 550

sh-

on the

not

es)

Corpo

Man Addr Box 102

141

Note 2 AccuAt yeNew SalesTotal AccuAt yeSalesDeprTotalBook The c Note 2 The GAccoUnliqOtheTotal The POtheTotal Note 2 The GPrepaPrepaPrepaOtheAccruTotal The PPrepaTotal Note 2 The GAccoEmplOtheTotal The POtheTotal Note 2 The GAccruAccruOtheTotal

orate identity no


20 Tangible fixe


acquisitions s and disposa acquisition va

umulated deprear-start s and disposaeciation for th depreciation value at year-e

company’s ca

21 Other receiva

roup ount receivablequidated securr receivables

arent Companyr receivables

22 Prepaid expe

roup aid rent aid expense foaid insurance r prepaid expeued interest in

arent Companyaid insurance

23 Other liabiliti

roup ounts payable loyee withholdr liabilities

arent Companyr liabilities

24 Accrued exp

roup ued withheld bued personner accrued exp

o. 556628-5408


ed assets, Group

uisition value:

al alue

reciation:

al he year

end

apitalised tang

ables

es rity transactio

y

enses and accru

or risk managexpenses enses

ncome

y costs

ies

ding taxes

y

penses and prep

bonus from prel-related expepenses


p

gible assets co

ns

ued income

ement system

paid income

revious years enses

hone Fa3 01 550 08

onsist primarily

m ORC Softwa

ax 8-503 01 551

y of investme

are


nts in office fu

ANN

Internet se www.man

Dec

5

5

-3

-4

urniture, serve

Dec

10

1

1

Dec

1

Dec

Dec

2

Dec

212

62

NUAL RE

Cngold.se 55

c 31, 2012

5 279 536 532 883

0 5 812 419

3 483 177 0

-755 618 4 238 795

1 573 624

ers and compu

c 31, 2012

0 005 106 255 166 14 343

10 274 615

1 420 814 1 420 814

c 31, 2012

1 011 498 291 800 351 725 610 347 283 113

2 548 483

c 31, 2012

309 942 309 942

c 31, 2012

2 691 492 575 429 406 945 3 673 866

0 0

c 31, 2012

2 718 012 2 725 808 6 778 010 22 221 830

EPORT 2


Dec 31,

4 5869

5 27

-2 72

-75-3 48

1 79

uters.

Dec 31,

6 549

1 458 10

1 401 40

Dec 31,

89

3055602 34

Dec 31,

2424

Dec 31,

2 0970

71 7374 53

1 191 19

Dec 31,

13 8813 88

2 6616 54

2012

no. 41

2011

0 126 9 410

0 9 536

8 691 0

4 486 3 177 96 359

2011

6 033 8 646 5 368 00 047

7 336 07 336

2011

1 140 0

0 036 2 365 6 270 49 811

2011

5 853 45 853

2011

2 235 4 224 7 651 34 110

9 998 99 998

2011

2 020 2 020 7 732 49 752

Corpo

Man Addr Box 102

142

Note 2

The G Pledg

Secu

Total

The gtrans Contin

Cont

Other

Othe

The P For insheet Note 2The Gthe BSEK Note 2 2012

LoanLoanLoanShareAcco Total

AccoLoanAccru

orate identity no


25 Pledged Asse

roup

ed Assets

urity for liquida

group’s bank sfer sufficient l

ngent liabilities

ingent Liabiliti

Commitments

r Commitmen

arent Company

nformation regt.

26 Related PartyGroup has a reBoard and one3 218 795.

27 Financial ass

s to central bas to credit inss to the publices and investm

ounts receivab

ounts payable s ued expenses

o. 556628-5408


ets

ation of securi

has the right, iquidity to set

ies

nts

y

garding the pa

y Transactions,elated party re

e of the main o

sets and liabilit

anks stitutions c ments

ble

s comp.


ties

at any time, tottle agreed sec

arent company

, Group elationship witowners of Man

ies

Financiavalued at f

Via proHolding for

p49

3

52

hone Fa3 01 550 08

o claim the plecurity transact

y’s pledged a

th GoMobile Angold AB. As

al assets fair value ofit/Loss:r trading

purposes A

re000 000

2 3

165 895 1

2 165 895

ax 8-503 01 551

edged assetstions. The ple

assets, see the

AB. GoMobileof 31 Decemb

Loan/ Accounts

receivable

20 649 309 37 394 588

10 005 106

68 049 003


to the extent edged assets a

e disclosure in

e AB is owned ber 2012, the

Financialassets that

can be sold

541 420

541 420

ANN

Internet se www.man

Dec

13

1

that the groupare in the form

Dec

Dec

n connection t

by Per ÅhlgreGroup has a c

Otherfinancialiabilities

0

2 691 4921 580 9133 057 740

NUAL RE

Cngold.se 55

c 31, 2012

3 336 507

13 336 507

p cannot meem of bank dep

c 31, 2012

None

c 31, 2012

None

to the parent c

en who is alsocredit to GoM

r al s

Total Bova

49 000 20 649 37 394 3 707 10 005

0 120 756

2 2 691 3 1 580 0 3 057

EPORT 2


Dec 31,

12 04

12 04

et its obligationosits.

Dec 31,

Dec 31,

company’s ba

o the Chairmanobile AB total

ook alue

Reflfair

000 49 00309 20 64588 37 39315 3 70106 10 00

318 120 75

492 2 69913 1 58740 3 05

2012

no. 42

2011

3 600

43 600

ns to

2011

None

2011

None

alance

n of ling

l

Total lected value

00 000 49 309 94 588 07 315 05 106

56 318

91 492 80 913 57 740

Corpo

Man Addr Box 102

143

2011

LoanLoanLoanShareAcco Total AccoLoanAccru The fin the CalcuInstrudeter Leveinstru Leveobseintere Leveinstruactive The flevel FinanFor fibalanregarassococcuinstru

OtherThe vset atjudgi For aAccoare s

Share

Quot

orate identity no


s to central bas to credit inss to the publices and investm

ounts receivab

ounts payable s ued expenses

following sume table above.

ulation of fair vuments valuedrmined in acco

l 1 – Financialuments. Exam

l 2 - Financial rvable marketest rate swaps

l 3 – Financialuments are: Ue market.

fair value of M1 and 2. Unlis

cial instrumentinancial instrunce sheet daterded as quoteciation, comprring market t

uments are fou

r interest-bearvalue of loans t the current leng them as sa

accounts payaounts payable een to also re

es and investm

ed shares and

o. 556628-5408


anks stitutions c ments

ble

s comp.

marises the m.

value d at fair value ordance with

instruments wmples of instru

instruments wt data not incls, currency fut

instruments wnlisted equity

Mangold AB’s fsted securities

ts quoted on an ments quotede, excluding tr

ed in an activeany that proviransactions uund within the

ring assets anand advance

ending rate apafe, they are c

able and receivand receivabl

eflect fair value

ments held fo

d investments


FinanciaValued at f

Via proHolding for

p

3

3

methods and a

in the balanceIFRS 7.27.

whose fair valments are: Sh

whose fair valuuded in Level tures, shares

whose fair valy, interest rate

financial instrus are determin

active market d in an active mransaction cos market if the ides current pnder business

e balance shee

nd liabilities es has been capplicable i.e. aconsidered to

vable with a rele with a life oe.

r trading

s (Level 1)

hone Fa3 01 550 08

al assets fair value ofit/loss:r trading

purposes

Lo

re 8

913 750

3 913 750

assumptions u

e sheet are div

ue is determinhares, bonds,

ue is determin1. Examples etc.

ue is determinswaps with v

uments, sharened according

market, the fasts (e.g. brokequoted prices

price informatios-like conditioet item Shares

alculated by daccording to treflect fair val

emaining life of more than s

ax 8-503 01 551

oan/Accounts

receivable

87 018 413 5 331 093

7 665 868

100 015 374

used to determ

vided into thre

ned accordingstandardised

ned either fromof instruments

ned from inpuvery long durat

es and investmg to level 3.

air value is deterage commiss are readily aon or regulato

ons. Any futures and Investm

discounting futthe effective inlue even if the

of less than siix months are


Financial assets that

can be sold

974 500

974 500

mine the value

ee levels base

g to prices quooptions trade

m direct (as prs are: Bonds a

uts that are notions, options

ments held for

termined basessions) at the tavailable from ory authority, ae transaction c

ments.

ture expectednterest methode valuation me

x months, thee discounted w

ANN

Internet se www.man

Otherfinancialiabilities

0

2 092 2351 423 8263 119 092

e of the financi

ed upon how t

oted on an aced actively etc

rices) or indireand certain OT

t observable owhere the un

trading, is de

ed on the assetime of acquisan exchange,

and the pricescosts on sale

cash flows, wd. By continuathod used is a

e book value iswhen the amor

Dec

3

NUAL RE

Cngold.se 55

r al s

Total Bova

87 018 5 331 4 888 7 665

0 104 903

5 2 092 6 1 423 2 3 119

ial instrument

the fair value h

ctive market foc.

ect (derived froTC-traded pro

on the marketnderlying is no

etermined in a

et’s quoted bidsition. A financ, a dealer, bros represent acare not consi

where the discally evaluatingaccrued acqu

s considered trtised cost is

c 31, 2012

3 165 895

EPORT 2


ook alue

Reflfair

0 413 87 01093 5 33250 4 88868 7 66

624 104 90

235 2 09826 1 42092 3 11

s that are rep

has been

or the same

om prices) oducts such a

t. Examples ofot priced on an

ccordance wit

d-price on thecial instrumentoker, trade ctual and regudered. Such

count rate hasg these assetsisition value.

to reflect fair vdetermined, a

Dec 31,

3 91

2012

no. 43

Total lected value

0 18 413 31 093 88 250 65 868

03 624

92 235 23 826 19 092

orted

as

f n

th

e t is

larly

s been s and

value. and

2011

3 750

Corpo

Man Addr Box 102

144

Note 2 The GNo si The PNo si Note 2For dand lcapitresilieequitrequioperagroup StrateThe f • • • • •

The rneceprofilcredichan All suInform In thias in disclocan bwww

orate identity no


28 Events after

roup ignificant even

arent Companyignificant even

29 Capital adeqdetermination arge exposureal adequacy aence to financy, debenturesrements for cational risks inp.

egy and methodfinancial corpo

The group’s rIdentified riskSo-called streExpected expNew legislatio

review of the cssary and an e and capital t decisions anges have occ

ubsidiaries aremation on the

s annual repoaccordance w

osure of informbe found on th

w.mangold.se.

o. 556628-5408


the balance she

nts occurred a

y nts occurred a

quacy, Group of the financiaes applies, anand large expocial losses ands etc.) must coredit risks, ma

n accordance

d for assessing sorate group ha

risk profile ks in terms of ess tests and pansion in lenon, actions of

capital plan is annual reviewrequirements

nd investmenturred.

e included in t company’s ri

ort the Group hwith Ch.3 1-2§mation on caphe company’s


eet date

after the balan

after the balan

al corporate gnd the Financiaosures. As fard thereby protover, by somearket risks andwith the comp

sufficient internas a stipulated

probability anscenario analding and financompetitors a

an integral paw is done to en

. Any changests, always rela

he financial coisk manageme

has chosen to§ and Ch. 4 ofpital adequacys corporate ho

hone Fa3 01 550 08

nce sheet date

nce sheet date

roup’s legally al Supervisoryr as the financect the compa

e margin, bothd operative rispany’s capital

nal capital d plan for the

nd financial imlyses ncing opportuand other glob

art of the worknsure that the s/supplements

ate to the com

orporate grouent is provided

o disclose thatf the Financialy and risk manomepage

ax 8-503 01 551

e.

e.

y required capy Authority’s rcial group is coany’s clients.

h the prescribesks, and also tl evaluation po

size of its cap

mpact

unities and bal changes.

k with the grorisks are props to the board

mpany’s curren

p and are fullyd in Note 3.

t information rl Supervisory nagement FFF


ital requiremeegulations andoncerned, theThe rules stat

ed minimum cthe estimated olicy. All subs

pital base over

up’s annual bperly taken intd’s establishednt and future c

y consolidated

required abouAuthority’s re

FS 2007:5. Oth

ANN

Internet se www.man

ent, the Act (20d general guidrules help to

te that the groapital requiremcapital requiridiaries are inc

r the next few

usiness plan. o account andd policy/stratecapital require

d. (jmf FFFS 2

t the capital bgulations and her informatio

NUAL RE

Cngold.se 55

006:1371) on delines (FFFS strengthen th

oup’s capital bment, which inrement for furtcluded in the

w years (capita

The plan is fod reflect the cegy shall, as wements. During

2007:5 3 ch. 2

base and the c general guide

on required by

EPORT 2


capital adequ2007:1) regare group’s

base (sharehoncludes the cather defined financial corp

l plan) based

ollowed-up ascompany’s truwith importantg the year, no

§)

capital requireelines on the

y these regulat

2012

no. 44

acy rding

lder apital

porate

upon:

e risk

ement,

tions

Corpo

Man Addr Box 102

145

Summ(SEK PrimaNet ca Summ(SEKTotalCapitCapitTotal In the Speci(SEK PrimaShareLess:- IntaTotal Total Total Speci(SEK CreditExpo- Mun- Hou- Inst- OthTotal Risks Share- Spe- GenTotal OperaCapitTotal Curre Total Total Capit ThereFondFond

orate identity no


mary Capital BasK ’000)

ary Capital apital base

mary Capital ReqK ’000)

capital requirtal requiremental requiremencapital requireme capital base

fication CapitalK ’000)

ary Capital eholders’ equ:

angible assetsprimary capital

supplementary

capital base

fication credit rK ’000)

t risk accordingosures to nicipalities, couseholds titutes er items capital requirem

in the trading b

e price risks ecific risk neral risk capital requirem

ational risks tal base methocapital requirem

ncy risk and co

capital requirem

minimum capittal adequacy r

e exist no intedkommission idkommission i

o. 556628-5408


se

quirement

rement credit nt for risks in tnt for operatioment

e is included th

Base

ity

s l

capital

risk

g to standardise

omparable ass

ment for credit

book

ment for risks in

od ment for operat

ommodity risk

ment for curren

tal requirement ratio

erest rate riskss the risk in ths exposed to


risk (standardthe trading boonal risks

he Board’s pro

ed method

sociations and

risks

n the trading bo

tional risks

ncy risk

s or closing dohe market priccorresponds

hone Fa3 01 550 08

dised method)ok

oposal for app

d authorities

ook

own risks for Mces for the valuto the compa

ax 8-503 01 551

propriation of

MFK’s businesue of the com

any’s sharehol


profits

ss. The share mpany’s shareh

dings.

ANN

Internet se www.man

Dec

price risk thatholdings. The

NUAL RE

Cngold.se 55

c 31, 2012

20 063 20 063

4 052 461

10 517 15 030

48 089

-28 026 20 063

0

20 063

1 2 844

330 877

4 052

218 243 461

10 517 10 517

0

0

15 030 1,3

t exists for MaMaximum ris

EPORT 2


Dec 31,

11

1

4

-21

1

1

angold k that Mangol

2012

no. 45

2011

6 414 16 414

3 284 470

7 417 11 171

4 852

8 438 16 414

0

16 414

114 761

1 309 1 100 3 284

313 157 470

7 417 7 417

0

0

11 171 1,5

ld

Corpo

Man Addr Box 102

146

The a The p Stock Per ÅChair Ann-Board Per-AMana Our aKPM AndeAutho

orate identity no


annual report

profit and loss

kholm, march

Åhlgren rman

Marie Thörn d Member

Anders Tammaging Director

auditor’s repoG AB

ers Bäckströmorised Public A

o. 556628-5408


and the group

s account and

8 2013

erlöv r

rt has been su

m Accountant


p accounts ha

balance shee

ubmitted on m

hone Fa3 01 550 08

ave been appro

et are subject

MaBo HeBo

march 8 2013

ax 8-503 01 551

roved for issue

to approval a

arcus Hamberoard Member

enrik Holm oard Member


e by the mana

t the general m

rg

ANN

Internet se www.man

aging director

meeting on

NUAL RE

Cngold.se 55

and the board

EPORT 2


d.

2012

no. 46

Corpo

Man Addr Box 102

147

Appe

Appen

/Appr

GENE

Accosecu(”Regpolicyshall

The rlong-

In ligh

Appli

WhenpolicyUnlesappli

In lighthe rithe m

RESPOThe bThe bThe bThe cremuIn ad

In theinves

The m

REMU

FixedThe ssalary(and

orate identity no


endix to the A

ndix 1: Remune

roved by the bo

ERAL POINTS

ording to Ch.1rities compangulations”) shay in order to bbe consistent

remuneration -term interests

ht of the regul

icability and s

n the regulatioy with any necss otherwise scable only to

a) The execteam); b) Employeresponsiblec) Employecomplianced) Risk takecompany’s e) Employe

ht of what is ssks associate

members of th

ONSIBILITY board has perboard has respboard shall alschairman of thuneration. In sudition, the cha

a) The rb) Remuc) Meas

e preparation stors and othe

managing dire

UNERATION – FIX

d Remuneratiostarting point y that is not linthereby does

o. 556628-5408


Annual Repor

ration Policy

ard on 5 Decem

, § 1 and Ch. ies and fund mall all securitiebe able to meat with and pro

policy shall als.

lations, Mang

pecially regula

ons are appliccessary adjusspecified, the so-called “spe

cutive commit

ees in senior ste for the daily ees with respoe and internal ers (employeerisk level); an

ees whose totasaid in point 0 ed with the coe group of sp

riodically and aponsibility for so take those he board is apuch an assessairman of the remuneration uneration to esures to monit

of decisions oer stakeholders

ector may also

XED AND/OR VA

on is that all empnked to such not constitute


rt Dec 31 201

mber 2012/

2, § 1 of the Fmanagement es companies,asure, manage

omote, sound

so be designe

old’s Board h

ated staff

able to all comtments shall bremunerationecially regulat

tee (managing

trategic positioperations of nsibility for coauditing);

es who belongnd al remuneratio above and pumpany’s remuecially regulat

at least annuaapplying anddecisions liste

ppointed to cosment, suitablboard shall alof the executi

employees whtor the applica

on this point, cs.

o decide on th

RIABLE, AND SE

ployees shall hfuture risk unde variable rem

hone Fa3 01 550 08

12

Financial Supecompanies w, which thus ine, report and cand effective

ed so that it is

as adopted th

mpanies in thebe adopted by

policy shall ated staff”. This

g director, dep

ons (employethe company

ontrol function

g to a staff cat

on amounts toursuant to Chuneration policted staff, Appe

ally, set this po monitoring thed in point 0 bnduct an indele control funcso prepare bove managemeo have the ovation of the co

consideration

he remuneratio

EVERANCE PAY

have fixed remdertakings tha

muneration acc

ax 8-503 01 551

ervisory Authoith licenses foncludes Mangcontrol the risrisk managem

s consistent w

his remunerati

e financial cory Mangold’s sapply to all Mas means acco

puty managing

ees in additiony); ns (control fun

tegory whose

o or exceeds t. 2, 3 § of the cy and remunendix 1.

olicy he remuneratiobelow. ependent assectionaries shaoard decisionsent,

verall responsiompany’s rem

shall be taken

on of the othe

muneration. Fixat could changcording to this


ority’s regulatioor discretionargold Fondkomsks that remunment, and shal

with Mangold’s

on policy.

rporate group,subsidiaries toangold’s emploording to regul

g director and

n to the execut

ctions refer to

profession ca

he total remunregulations, teration. Base

on policy

essment of Mall participate is on:

ibility for any omuneration pol

n into account

r employees.

xed remunerage Mangold’s s remuneration

ANN

Internet se www.man

ons about remy portfolio mamission AB (“

neration can bll counteract e

s business stra

which include the extent thaoyees. Howevations:

d other membe

tive managem

o the company

an exert a sign

neration to anhe board has d upon this an

angold’s remun appropriate

of the companicy.

t of the long-t

ation even inclprofit and los

n policy).

NUAL RE

Cngold.se 55

muneration in anagement (FF“Mangold”), habring. The remexcessive risk

ategy, objectiv

es Mangold, tat it is applicaver, certain pr

ers of Mangol

ment, who lead

y’s function fo

nificant influen

ny of the execucommissione

nalysis, the bo

uneration polic parts.

ny’s control fu

term interests

udes that comss account and

EPORT 2


credit institutiFFS 2011:1) ave a remuner

muneration polk-taking.

ves, values an

the corresponable. ovisions below

ld’s managem

d and are

or risk control,

nce over the

utive managemed an analysis oard has ident

cy and

unctions, and

of shareholde

mmission-based balance she

2012

no. 47

ons,

ration icy

nd

nding

w are

ment

,

ment. of

tified

ers,

ed eet

Corpo

Man Addr Box 102

148

This VariaMangfinanamouthe s Whicdurinbelowopera The tshall The tthe ccapit Asseprofitthe cthesebe do VariaVaria, as wconsdocuestabpoint Variafunctremuper cpersoout thyears Whenconsrespoeventhe vpaid concwarra DecisDecisemplcan bpoint GuarMang Prohi

orate identity no


includes, amo

able Remuneragold shall havecial year – so-unt equal to 8 pring of year 3

ch employees g the year (ye

w) – the emploations that co

total variable rin each case

total variable rapital base. Tal base, befor

ssment of thet measures, wapital and the

e underlying cone in a sever

able remuneratable remuneratwell as the comidered. The finmented for al

blishing those t 0 below.

able remunerattion, independuneration over cent is paid ouonnel who hashe first year shs. This deferre

n deciding upoideration shouonsibilities andly distributed ariable remunto the extent terned and theanted.

sions on variasions on variaoyee, the defe

be wholly or pts 0 and 0.

anteed variabgold currently

ibition of hedg

o. 556628-5408


ong other thing

ation e the opportu-called bonus per cent of th

3.

are eligible foear 2). In orderoyees at the timpete with M

remuneration be approved

remuneration Therefore the bre a decision i

e result that fowhereby both ce liquidity that onsiderations

ral years’ pers

tion to speciation to speciampany’s total nancial and nol levels and cacriteria shall a

tion to employdently of the o

a year amounut the first yeas variable remhould not exc

ed component

on how muchuld be given tod work duties over the perio

neration was dthat it is justifie employee’s

ble remuneratble remuneraterred time-pe

partially cance

ble remuneratioapplies neithe

ging strategies


gs, the comm

nity to offer empool – should

he group’s sha

r bonuses andr to be entitledme of paymen

Mangold.

of an employeby the Board.

may not restriboard shall alws made fixing

rms the basiscurrent and futhe business

s to this adjustspective.

ally regulated sally regulated s

income. In ason-financial crategories of ealso state whi

yees in controutcome of thents to at least r. For those e

muneration of aeed 40 per cet can wholly o

of the variablo Mangold’s band the size o

od that the remdetermined. Deiable with regaresult. The de

tion tion must alwariod for with-hlled. In additio

on and discreer guaranteed

s

hone Fa3 01 550 08

ission-based

mployees varid amount to haareholder equ

d how large a d to a bonus –nt must not di

ee cannot exc

ict Mangold’s ways assess t the size of th

s for calculatinture risks are requires. If su

tment should

staff. staff shall be bssessing the eriteria that formmployees upoch behaviour

ol functions she business areSEK 100 000mployees in ea particularly hent. Payment or partially be r

le remuneratiobusiness cycleof the variablemuneration is eferred remunard to Mango

eferred portion

ays specify thheld variable ron to this, it sh

etionary pensiod variable remu

ax 8-503 01 551

salaries that s

iable remuneralf of what remity as of 31 De

bonus each w– which even iirectly or indir

ceed 2.5 times

s ability to maithe total size ohe total variabl

ng the variableconsidered. C

ubjective assebe well-balan

based upon themployee’s pem the basis foon which they that could aff

hall be determeas they contr, the variable

executive manhigh amount (aof the remaindreversed unde

on is to be defe, the risks thae remunerationdeferred (pro

neration to speld’s financial s

n of the compe

he amount of rremuneration ahould also be

on benefits uneration nor


some employe

ration in the fomains of profitecember the y

will receive is ncludes any dectly run, or d

s the fixed rem

ntain a sufficieof the variablele remuneratio

e remunerationConsiderationessments are uced and docu

he employee’serformance boor decisions o

are used. Thefect the asses

ined by the obrol. For the “spremuneration

nagement, or aas defined in tder that is not er certain circu

ferred and forat arise from bn. Deferred rerata). The firsecially regulatsituation and jensation can t

remuneration, and under whclear what as

discretionary

ANN

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ees have withi

orm of bonus. t before tax (yyear before (ye

decided in lighdeferred portioduring the peri

muneration. Ex

ent capital basremuneration

on.

n should be mshould also b

used to adjustumented. The

s result and thoth financial ann remuneratioe documentatsment of the e

bjectives that pecially regulashall be divid

an employee wthe company’paid out the f

umstances.

how long, acbusiness operemuneration mt payment maed personnel ustified by Mathereby be ca

when the remat circumstansessment the

pension bene

NUAL RE

Cngold.se 55

in Asset Mana

The total posyear 2) after deyear 1). The bo

ht of the empon of the bonuiod of employ

xceptions to th

ase, or if necesn in relation to

mainly based ube given to thet the result onassessment o

hat of the profind non-financon should be stion of the boaemployee’s re

are linked to tated personneded up so thatwithin the spes risk analysisfirst year is de

ccording to porations, the em

may be paid ouay first be mad(see point 0 aangold’s, the

ancelled in its

muneration is tnces the variabe board has m

efits.

EPORT 2


agement.

sible bonus foeduction of anonus is paid ou

loyees’ effortsus (see point 0ment have run

his maximum

ssary, strengtho the size of th

upon risk-adjue actual costs the basis of r

of the result sh

it centre conccial criteria arespecified and ard’s decisionesult, accordin

the control el”, whose vart no more thanecially regulates), the amounteferred for thre

oint 0 above, mployee’s ut once a yearde one year afabove) shall onbusiness unit entirety if so

to be paid to tble remuneratade according

2012

no. 48

or a n ut in

s 0 n,

level

hen he

sted s of risk, hould

erned e

s on ng to

iable n 60 ed t paid ee

r, fter nly be

the tion g to

Corpo

Man Addr Box 102

149

Mangremu RemuAny rperfo FOLLAnnuconsrelea PUBLPubliMangshall that c

The i

The iregulabou Informacconot s

InformThe easses

orate identity no


gold’s employuneration being

uneration in coremuneration ormance durin

LOW-UP ANDually and whenistent with its se of the annu

LICATION OF cation of inforgold shall annrefer to the co

cover the finan

a.

b. c.

d.

e. f. g.

nformation spcircumstan

nformation unations and get capital cove

mation under unts. It may bubmitted in th

mation for ememployees shssment proce

o. 556628-5408


yees may not ug adjusted or

onnection witto an employeg the period o

D CONTROL n otherwise juremuneration

ual report at th

INFORMATIOrmation on theually publish tonditions at thncial corporat

InformationremuneratioremuneratioremuneratioInformationAn outline operformanctransfers toInformationinstrumentsThe main pExpensed tExpensed temployees

pecified in poinces.

nder point 0 theneral guideliner and risk man

point 0 shall bbe submitted ihe annual repo

mployees all be informe

ess and the rem


use personal hcancelled.

h termination ee in connectiof employmen

stified, Mangon policy. Internhe latest.

ON ON REMUe remuneratiothe following ihe closing datte group:

n on how the ron policy is deon committeeon policy and n on the relatioof how the remce and risk ado the employen on the perfos, financial ins

parameters antotal amount ototal amount o that can affec

i. Earnedperson

ii. Variabinstrum

iii. Deferrecontro

iv. Pledgev. Severa

indicatremun

vi. Pledgehighes

nt 0 shall be p

hat is publishenes of the Finanagement.

be disclosed an the annual rort or the grou

ed of both the muneration po

hone Fa3 01 550 08

hedging strate

of employmeion with the te

nt and calculat

old shall authonal audit shall

NERATION n policy etc.nformation abe for Mangold

remuneration esigned, and w

e and powers, the role of sta

onship betweemuneration syjustment, defee; rmance criteristruments or od reasons for of remuneratioof remuneratioct Mangold’s

d remunerations who have rele remuneratio

ments and othed remunerati

ol; ed, paid and aance pay and ting the numberation; and ed severance st individual pl

published in su

ed shall contaiancial Supervis

at the latest inreport or the gup accounts it

criteria governolicy shall be a

ax 8-503 01 551

egies or insura

nt ermination of eted so that it d

orise internal aalso report th

bout the remud’s annual acc

policy is decidwhere applicadetails of ext

akeholders; en performancystem has beeerred paymen

ia that forms tother variable the variable r

on broken-dowon broken-dowrisk level and

n split into fixreceived fixed on divided into

her variable coion, indicating

adjusted remuguaranteed v

ber of persons

pay, stating thledged severa

uch a form tha

in details that sory Authority

n connection wgroup accountt shall be prov

ning their remavailable to al


ances to redu

employment sdoes not rewa

audit to exame results of th

neration policcounts, or whe

ded, the risk aable, even deternal consulta

ce and remunen designed, int and when o

the basis for reremuneration

remuneration awn by busineswn by categoother employ

ed and variaband variable

o cash, sharesomponents; g how much o

uneration; ariable remunwho have rec

he number of ance pay.

at does not ris

should be proy (FFFS 2007:5

with the publists or publishedvided on Mang

muneration andl employees.

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ce or eliminat

shall be relatedard unhealthy

ine whether Mhis inspection

cy and its applere applicable

analysis that foails about the

ants hired for t

eration; ncluding the cwnership of th

emuneration icomponents;

and other nonss area or equries of executi

yees, as follow

ble remuneratioremuneration s, equity instru

f the remunera

eration in conceived severan

persons cove

sk revealing th

ovided at leas5) concerning

shing of the and on Mangoldgold’s website

d how their pe

NUAL RE

Cngold.se 55

te the effects o

d to the emplorisk-taking.

Mangold’s remto the board o

lication, wheree, the group fin

orms the basie composition the developm

criteria for asshe deferred re

in the form of ;

n-cash benefituivalent profit ive managem

ws:

on, and statinrespectively; uments and o

ration the emp

nnection with nce pay and g

ered by such p

he individuals’

st annually, ac the publicatio

nnual report od’s website. If e.

erformance is

EPORT 2


of deferred

oyee’s

muneration is of Mangold by

e the informatnancial statem

s on how the of the ent of the

sessing emuneration

shares, equity

ts; centre; and ent, other

g the number

other financial

ployees may n

recruitment, guaranteed

pledges and th

financial

cording to theon of informat

r the group the informatio

assessed. The

2012

no. 49

y the

tion ments

y

r of

not

he

e ion

on is

e

Corpo

Man Addr Box 102

150

RespMang

On thremugroupthe s

The e- The- The- OthMana Empl- Risk- Com Risk-- Hea Empl- Em

orate identity no


ponsibility for tgold’s managi

he basis of theuneration policp of specially pecially regula

executive mane Managing Die Deputy Manaher persons in agement and

loyees responk Manager (Hempliance Offic

-takers ad of Credit

loyees with paployees whos

o. 556628-5408


the publishinging director sh

e risk analysiscy and remuneregulated perated staff).

nagement irector; aging Directorthe companyMarket Makin

nsible for contead of the riskcer (Head of L

articularly highse total remun


g and provisionhall be respon

s that the Boareration , the forsonnel (herein

r; and y’s managemeng).

rol functions k department)

Legal & Compl

h remuneratioeration amoun

hone Fa3 01 550 08

n of informationsible for the p

SPECIALLY R

rd has commisollowing emplon is reference

ent group (Man

; and liance).

n nts to, or exce

ax 8-503 01 551

on publishing and

* * * * *

REGULATED

ssioned concoyees within tmade only to

nagers of Sha

eeds, the tota


d provision of

PERSONNEL

erning the riskthe company hthe individual

are-trading, Iss

l remuneration

ANN

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the informatio

L

ks associated have been ide positions wit

suance Servic

n to any of the

NUAL RE

Cngold.se 55

on under point

with the comentified as beithin the compa

ces, Corporate

e executive m

EPORT 2


t 0.

APPEN

pany’s ng part of the any that comp

e Finance, Ass

anagement.

2012

no. 50

NDIX 1

pose

set

Corpo

Man Addr Box 102

151

AppeAPPEN

CorpoIn GenMangStockAct aGoveis notby NA GoverCorpRespshareRespprocedocu SignifThe lpercevotesand v NoticeAccogenenotic AnnuaThe GStock

NominThe c The bThe bfinanthe cThe bfor ex2012queswith tdirec NumbNumNum

-

AttenCurrePer ÅMarc

orate identity no


endix to the ANDIX 2: CORPOR

orate Governancneral gold AB (publ)kholm. Mango

and NASDAQ ernance or thet defined as aASDAQ OMX

rnance and contorate governa

ponsibility for geholders at theponsibility is baedures and insments, proce

ficant shareholdargest individent of the shas, followed by votes.

e of Annual Genording to the laral meeting she is made it s

al General MeetGeneral Meetikholm, at whic

That retai To grant t

nation company curre

oard and the boboard was concial reporting hairman, the i

board has not xample, by the amounted totions have bethe interim reptor.

ber of Board meber of board mber of meeting- Of which

ndance ent members oÅhlgren, Chaircus Hamberg,

o. 556628-5408


Annual ReporRATE GOVERNAN

ce

), corporate idold is listed onOMX First No

e Annual Accoa regulated ma

First North Pr

trol ance refers to governance, me Annual Geneased on the cstructions. Thdures and ins

ders ual shareholdres and votesPer-Anders T

neral Meeting atest articles ohall occur throhall also be ad

ting 2012 ng is the comch amongst o

ned earnings the board of d

ently has no n

oard’s work nstituted in coand an instrucissues to be d worked in ane remuneratio four (4). All boen dealt with port. The chai

eetings and attemeetings 2012gs physical

of the board man Board Memb


rt December NCE REPORT

dentity numben NASDAQ OMorth Premier’s ounts Act’s rularket and thereremier.

the decision-management aeral Meeting (

companies acthese are appliestructions are

ers as of Dece, followed by

Tammerlöv, a

of associationough advertisidvertised in th

mpany’s highesther things, it

and profit/losdirectors and t

nomination co

onnection withction for the m

dealt with at evy committee d

on or audit comoard memberconcerning thrman has led

ndance 2012 2

er

hone Fa3 01 550 08

31, 2012

r 556628-540MX First Northregulations. Mes concerningefore these ru

making proceand control of(AGM), the bot, NASDAQ OMed and monitoupdated and a

ember 31, 201Marcus Hambboard membe

adopted at thng in the Post

he Swedish da

st decision-mawas decided:

ss for the year the managing

ommittee.

h the AGM of 2managing direvery meeting aduring 2012, bmmittee in cons were presen

he listing on NAthe board wo

ax 8-503 01 551

8, (”Mangold”h Premier sincMangold doesg corporate goules are not ap

ess by which of the businessard, the manaMX First Northored through capproved ann

12 were Per Åberg, a board er and manag

he extraordinat and domestiaily newspape

aking body. T:

is carried forwdirector a dis

2012. The boaector. The worand the issuesbut has insteannection with nt at all board ASDAQ OMX

ork and has ha


”) is a Swedishce July 12, 201s not fully applovernance reppplicable. Man

owners, directs in Mangold aaging director h Premier’s recommon reponually by the b

Åhlgren, also cmember, withing director, w

ary general mec newspapers

er, “Svenska D

The Annual Ge

ward. scharge from l

ard has estabrk procedures s to be dealt w

ad dealt with tregular boardmeetings. In First North P

ad continual co

Numb

Numb

ANN

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h public comp12, and is suby the Swedish

ports, since NAngold follows i

tly or indirectlyand subsidiarie

and the auditegulations andorting routines board and man

chairman of thh a holding of with a holding

eeting on Junes and on the cDagbladet”.

eneral Meeting

iability for the

lished a work regulate, amo

with on particuhose issues th

d work. The nuaddition to onremier and finontact and dia

ber 4

4

ber

4 4

NUAL RE

Cngold.se 55

pany with its dbject to the Swh Code of CorASDAQ OMX instead the gu

y, control the es is divided ator elected at d internal polic and standardnaging directo

he board, with22.7 percent of 17.9 per ce

e 12, 2012, thcompany web

g was held on

e financial yea

procedure, aongst other thular occasionshat should havumber of boarn-going businenancial reportialogue with th

EPORT 2


domicile in wedish Comparporate First North Pr

uidelines stipu

company. among the the AGM.

cy documentsds, and all inteor.

a holding of 2of the shares ent of the sha

e notice of anbsite. When thi

April 16, 2012

r 2011.

n instruction fings, the tasks during the yve been dealt rd meetings dess operationsng in connect

he managing

2012

no. 51

anies

remier ulated

, ernal

24.3 and res

nnual is

2 in

for ks of ear. with, uring s, ion

Corpo

Man Addr Box 102

152

Per-AHenrAnn- CorpoThe cand tmanaprese RemuRemu AuditiThe s2012 FollowThe bmanatogetacco The Mare dconsrepor A largaffecthat ais repmem

orate identity no


Anders Tammik Holm, BoarMarie Thörn, B

orate Managemecorporate manthe long-term agers and otheented in detail

uneration to the uneration to th

ing selection of KP.

w-up and internboard has the agement of Mther, may signrdance with th

Mangold groudecentralised tisting of Mangrting routines,

ge part of the t the organisaare independepresented on tbers.

o. 556628-5408


erlöv, Board Mrd Member Board Membe

ent nagement hasobjectives seer senior manl in a separate

board and senihe board and

PMG AB as ac

nal control ultimate respangold’s affai

n for the comphe Companies

p consists of to the respectgold’s and the standards an

group’s operaation and its stent of businesthe board thro


Member

er

s the overall ret by the board

nagers to discue section of th

ior managemenmanaging dir

ccounting firm

ponsibility for Mrs to the mana

pany. The mans Act.

three (3) comtive business ae group’s corpnd policies.

ations are contructure. For e

ss operations aough the mana

hone Fa3 01 550 08

esponsibility fod of directors ouss the businee annual repo

nt ector is prese

m, with Johan

Mangold’s follaging directornaging directo

panies based areas. The basporate culture

nducted underexample, thereand report to aging director

ax 8-503 01 551

or operations of Mangold. Tess situation a

ort.

ented in Note 1

Bæckström a

low-up and inr in an instructor signs for the

in Sweden. Tsis for internaand business

r the supervise is a special both the manr. Furthermore


within the MaThe managingand other ope

11 of the annu

as authorised

ternal control tion to him. The company alo

The company oal control is fors ethics that ar

ion of the FSArisk managemaging director

e, the board is

ANN

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4 4 4

angold Group director regurational issues

ual report.

public accoun

and has deleghe board or twone in day-to-

operates in fivrmed through re monitored a

A. The regulatiment function, r and the boars represented

NUAL RE

Cngold.se 55

in accordanceularly gathers ts. The corpor

ntant, took pla

gated the on-wo of the boar-day managem

ve (5) businessthe control enand managed

ions that busiinternal audit

rd. The corporby independe

EPORT 2


e with the strathe business aate managem

ace at the AGM

going rd members ment matters i

s areas. Operanvironment

d using commo

nesses followand complian

rate management board

2012

no. 52

ategy area

ment is

M of

in

ations

on

w nce ment

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