2 > Key figures of comdirect group Change in % Customers, assets under custody and key products comdirect group* Customers number 2,831,412 2,825, Custody accounts number 1,692,340 1,697, Total assets under custody in million 56,995 55, of which: portfolio volume in million 43,198 41, of which: deposit volume in million 13,797 13, business-to-customer (B2C) business line Customers number 1,846,525 1,823, Custody accounts number 852, , Current accounts number 1,085,189 1,043, Tagesgeld PLUS ( daily money plus ) accounts number 1,489,446 1,461, Total assets under custody in million 33,624 31, of which: portfolio volume in million 19,964 18, of which: deposit volume in million 13,659 13, Credit volume in million business-to-business (B2B) business line Customers number 984,887 1,001, Custody accounts number 839, , Total assets under custody in million 23,372 23, of which: portfolio volume in million 23,234 23, of which: deposit volume in million Orders and order volume Q1-Q2 Q1-Q2 Executed orders number 9,619,806 9,221, of which: B2C number 5,415,109 5,029, of which: B2B number 4,204,697 4,192, Average order activity per custody account (B2C annualised) number Order volume per executed order (B2C) 1) in 5,543 5, Earnings ratios Q1-Q2 Q1-Q2 Net commission income in thousand 95,360 92, Net interest income before provisions for possible loan losses in thousand 71,251 67, Administrative expenses in thousand 131, , Pre-tax profit in thousand 43,728 42, Net profit in thousand 32,369 31, Earnings per share in Return on equity before tax (annualised) 2) in % Cost/income ratio in % Balance sheet key figures Balance sheet total in million 14,510 14, Equity in million Equity ratio 3) in % Regulatory indicators under CRR/CRD IV 4) Risk weighted assets 5) in million Eligible amount for operational risks in million Core capital in million Own funds for solvency purposes in million Own funds ratio 6) in % Employees figures Employees number 1,263 1, Employees full-time basis number 1, , *) B2C: comdirect bank AG; B2B: ebase GmbH 1) Excluding CFD trades 2) Pre-tax profit/average equity (excluding revaluation reserves) in the reporting period 3) Equity (excluding revaluation reserves)/balance sheet total 4) These figures are calculated on the basis of internal calculations; publication is voluntary and based on national and European implementation rules and the figures are not reported to the Supervisory Authority 5) Risk weighted assets in accordance with Section 113 paragraph 6 CRR (intragroup receivables are zero weighted) 6) Own funds for solvency purposes/(risk weighted assets x eligible amounts for operational risks)
3 FOREWORD 1 Dear Shareholders, The comdirect group closed the first six months of 2014 with a strong interim result. Earnings were up year-on-year and reached a record high. This is because even though we are continuing to invest in growth, our investments in earlier years are already paying off on the income side: increased customer deposits, an all-time high in the portfolio volume and extremely active securities trading have pushed net interest and commission income above the previous year s level. In spite of the rise in administrative expenses of more than 4m, pre-tax profit of 43.7m once again slightly surpassed the figure at the end of June And we achieved this despite the fact that market conditions, especially interest rates, are anything but favourable. Our B2C business line has sustained the fast pace of growth and set new records in terms of the number of customers and assets under custody. Net inflows in the portfolio volume of more than 500m within six months and the rise in the deposit volume of over 300m demonstrate that comdirect s offering continues to convince. The current account remains the number 1 growth driver: the number of accounts increased by 42,000. We are thus the main bank for more and more customers and are expanding our market share. With practical new features, we are making it as easy as possible for customers to manage their personal finances and we appeal to a broad range of customer groups. In addition, we are bringing the bank closer to the customer through innovative interactive formats. For instance, the video telephony technology that has already been trialled in advice has also been used in Customer Service calls with customers and prospective customers since June. This means we can effectivly provide our customers with personal assistance. We are intensifying our relationships with customers by expanding our advice and guidance formats for online-savvy private investors. The central element here is the Better financial investments investment tool which we launched in the second quarter. Through the comprehensible and transparent investment process, customers gain access to an attractive and high quality portfolio with a well-diversified investment structure that is perfectly tailored to their individual requirements. The inclusion of low-cost equity and index funds at fair terms and conditions provides the opportunity to achieve returns for asset accumulation and old-age provisioning. This enables even novice investors in particular to make their own financial decisions and protect their money from erosion due to inflation. We are thus offering a convincing alternative to traditional in-branch advice. The very positive response from the outset shows that this is the right time for such a solution.
4 2 The sophisticated financial investment solutions provided by our subsidiary ebase, which conducts business via institutional partners, have also been very well received. The Managed Depot custody account offers standardised, professional asset management for both small and large investment sums and has already been implemented for several partners. ebase s extensive expertise in the partner-specific configuration of white label solutions remains a decisive advantage here. We will maintain our growth course in both business lines in the second half of the year and step up the pace. The associated investments are reflected not only in the increased marketing budget, but also in product development costs and rising personnel expenses. For the year as a whole, we will further increase our administrative expenses and thus invest in growth for the coming years in line with our strategic priorities. The balance between long-term growth and short-term profitability will be preserved in 2014 as well. We aim to achieve a good result with pre-tax profit of 75m. Sincerely yours, Dr Thorsten Reitmeyer
5 INTERIM MANAGEMENT REPORT 3 > Foundations of the comdirect group The comdirect group continued to implement its growth-oriented strategy in the first half of 2014 and invested in expanding its range of products and services as well as in marketing. The detailed presentation of the key strategic priorities in the B2C (comdirect) and B2B (ebase) business lines in the 2013 group management report continues to apply, as do the explanations regarding group structure, business model and management. > Market and economic review Macroeconomic framework conditions Overall, development in the real economic framework conditions for the capital market and financial sector was stable during the period under review. According to Eurostat, the statistical office of the European Union, the economy in the eurozone grew by 0.2% in the first quarter. Economists at Commerzbank assume that the pace of growth in the eurozone will not have picked up in the second quarter. The correction of macroeconomic imbalances in some euro countries is still curbing domestic demand. The rate of inflation in the eurozone fell again in May and is likely to remain low for the time being. Estimates by the German Institute for Economic Research (DIW) indicate that growth in Germany slowed to 0.3% in the second quarter, having recorded the strongest growth for three years in the first quarter with a rise of 0.8%. However, companies are continuing to benefit from positive consumer confidence and favourable financing conditions. Framework conditions for brokerage The trend in the equity markets was clearly positive in the second quarter of 2014, including as a result of the European Central Bank s (ECB) looser monetary policy. The DAX stood at 9,833 points on 30 June and was thus 2.9% higher than at the close of During the quarter, the leading index surpassed the psychologically important 10,000 points mark for the first time. In this environment, trading activity on German stock exchanges dropped slightly versus the highly volatile first quarter. While in terms of value, the volume of trading in the German spot market (XETRA, Frankfurt and Tradegate) was up 5.7% year-on-year, the number of orders remained low: in spite of bigger trading volumes, equities recorded a fall in the number of trades of 19.2%. The volume of exchange traded funds (ETF), exchange traded commodities (ETC) and notes (ETN) declined by 7.1% and the number of trades decreased by 23.4%. In derivatives trading (Euwax and Frankfurt stock exchange), stock exchange turnover outstripped the respective figure for 2013 by 2.0%.
6 4 Demand for retail funds was restrained by comparison with the previous year. The retail funds included in BVI statistics posted inflows of 13.2bn in the first five months of 2014, down 4.3bn on the same period in Mixed funds and bond funds were particularly popular, while equity funds posted net outflows. The ebase fund barometer, which still stood at 110 points in January, fell to 74.4 points in June, thus reflecting below-average trading activity by fund advisers at ebase s partners compared with the average figure for Number of orders Deutsche Börse* shares traded (in billion) ETF/ETC/ETN Framework conditions for banking Equities To support the economy in Southern Europe, the ECB Q1 14 Q2 14 H1 13 H1 14 cut the refinancing rate to 0.15% on 5 June and introduced a negative interest rate of 0.1% for deposits Source: Deutsche Börse AG * XETRA, Frankfurt and Tradegate with the ECB for the first time. In spite of the recent declining trend again, at 0.30% on average for the first six months, three-month EURIBOR was slightly higher than the figure for the previous year (0.21%). Yields on government bonds fell again in the wake of the ECB s decision, with risk premiums for bonds from peripheral euro countries dropping in particular. In the first six months of the year, the yield in comdirect s Treasury portfolio was similar to the level in the first half of On the whole, margins in the deposit business remained under pressure. Framework conditions for advice The framework conditions for Baufinanzierung PLUS were again dominated by sustained low mortgage interest rates in combination with high property prices in major conurbations. comdirect s Building Finance Sentiment Index, which is calculated in conjunction with opinion research institute Forsa, reached a record high of points in June (December 2013: points). A value greater than 100 indicates a high level of willingness to take out building finance loans Industry and regulatory framework conditions The revised Markets in Financial Instruments Directive (MiFID II) was approved by the European Parliament in April 2014, with transposition into national law expected to be required by The Directive includes provisions for the regulation of OTC trading platforms, which in future will be subject to registration with the national regulatory authorities. Implementing these rules will also involve expenditure in organisational and technical terms for comdirect. Furthermore, the proposed strengthening of investor protection will mean new regulatory amendments for investment advisers, who are one of ebase s customer groups. In addition, in April the European Parliament approved the uniform European bank resolution mechanism (Single Resolution Mechanism SRM) and the Deposit Guarantee Scheme Directive. These regulations must be transposed into national law by 2016 and are expected to lead to a considerable additional burden for the industry. Business performance and earnings situation at the comdirect group Overall assessment of the economic situation The comdirect group posted a strong performance in the first half of 2014 and slightly outstripped the good result recorded in the first six months of Consequently, despite the investment in growth planned for the second half of the year, the target result with pre-tax profit for the full year of 75m can be achieved. Furthermore, the comdirect group is on the right path to fulfil the expectations relating to the other key performance indicators set out in the 2013 outlook report.
7 INTERIM MANAGEMENT REPORT 5 Number of customers of comdirect group (in thousand) Total assets under custody of comdirect group (in billion) 1,014 1, ,756 1,824 1, Customers B2B Customers B2C Deposit volume Portfolio volume Earnings reached a record level, even though our customers were somewhat less active in securities trading in the second quarter than in the first three months. Development in net interest income was somewhat better than forecast at the start of the year and was supported by net fund inflows in the B2C business line and the adjustment of deposit interest rates. The partial reversal of provisions for possible loan losses that had been recognised in previous years also had a positive impact here. Growth in the number of customers in the B2C business line gathered pace again in the second quarter, driven by strong demand for the current account. As a result of sustained net fund inflows and positive price development, assets under custody reached a new all-time high. The Better financial investments investment tool launched in the second quarter is a key element in our advice and guidance offering for online-savvy private investors who want to make their own financial decisions. Business performance As of 30 June 2014, the comdirect group had a total of 2,831.4 thousand customers. In the B2C business line, growth accelerated in the second quarter with the number of customers increasing by a further 19.7 thousand to 1,846.5 thousand (year-end 2013: 1,823.6 thousand). At the same time, the total number of custody accounts, current accounts and Tagesgeld PLUS accounts in the B2C business line climbed by 55.1 thousand or 1.6%. The rise in the annualised figure for order activity per custody account to 12.8 versus the first half of 2013 (12.4) also reflects the high level of customer activity in the period under review. The B2B business line recorded only a slight decline in the number of customers in the second quarter as a result of active new business. At the middle of the year, the number stood at thousand (end 2013: 1,001.5 thousand). Compared with the figure at year-end 2013, this reflects the cancellation of custody accounts for capital-building payments (VL) in particular following the expiry of the corresponding VL contracts, which primarily affects the first quarter. In addition, the typical downturn in the number of custody accounts taken over from investment companies in earlier years continued to a small extent. In this context, the decrease in the number of intermediaries stemming from the amendment of IFA legislation in accordance with Section 34f of the Trade Regulation (GewO) is also evident. The increase in assets under custody in the comdirect group in the first half of 2014 of 3.55% to a new record of 57.00bn as of 30 June 2014 (end 2013: 55.05bn) was essentially due to the rise in the portfolio volume, which at 43.20bn was 1.62bn higher than the figure at year-end 2013 ( 41.58bn). In the second quarter alone, the portfolio volume increased by 1.34bn as a result of price effects and net fund inflows. The deposit volume totalled 13.80bn (end 2013: 13.47bn) and thus also registered a significant rise once again after the sideways movement in the first quarter. The upturn was primarily attributable to the higher number of current and Tagesgeld PLUS accounts. Earnings situation At the end of the first six months, pre-tax profit of 43.7m surpassed the respective figure for the previous year ( 43.0m) by 1.8%. Despite higher spending on growth, the result achieved by the comdirect group in the second quarter of 19.6m virtually matched the previous year s level ( 19.3m). The figure includes a positive non-recurring effect in the other operating result (see page 7).
8 6 Pre-tax profit of comdirect group (in million) Earnings after tax per share (in ) Q1 14 Q2 14 H1 13 H1 14 Q1 14 Q2 14 H1 13 H1 14 Income climbed by 2.3% year-on-year to 174.8m, while administrative expenses rose by 3.3% to 131.5m. The cost/income ratio thus increased from 74.5% in the first half of 2013 to 75.3%. Based on the pre-tax profit and the average equity in the reporting period (excluding the revaluation reserves), the return on equity amounted to 16.9% (previous year: 16.7%). The comdirect group s net profit for the period after tax stood at 32.4m (previous year: 31.8m), which equates to earnings per share of 0.23 (previous year: 0.23). Net interest income and provisions for possible loan losses With market interest rates still low, at 36.1m net interest income before provisions for possible loan losses in the period April to June was slightly higher than in the first quarter of By comparison with the first half of 2013, net interest income before provisions for possible loan losses climbed by 5.2% to 71.3m (previous year: 67.7m), with the increase stemming from the adjustment in customer interest rates during the course of the previous year as well as a higher deposit volume and other factors. At 0.8m, provisions for possible loan losses were positive in the second quarter. This is due to the regular validation and adjustment of the parameters used to recognise portfolio loan loss provisions in lending to customers. This resulted in the partial reversal of provisions for possible loan losses, that had already been recognised. At the end of the first six months, charges to the provision for possible loan losses amounted to 0.5m (previous year: 0.5m). After provisions for possible loan losses, net interest income for the comdirect group stands at 71.8m (previous year: 67.2m). Result from financial investments The result from financial investments amounting to 2.7m is essentially attributable to the selective disposal of securities. The previous year s high figure of 8.7m was due to the reallocation within the special fund portfolios which was carried out in response to changed market conditions. Result from hedge accounting and trading result As of 30 June, comdirect held interest rate swaps with a nominal volume totalling 48.7m (end 2013: 83.1m) to hedge interest rate-related changes in the market value of several bonds with the same volume and same maturity. In addition, we used forward rate agreements to a small extent to manage the interest book in the period under review. Their nominal volume had been reduced to zero as of the reporting date (end 2013: 650.0m). As a consequence of the above, the result from hedge accounting to be disclosed for the reporting period amounted to 4 thousand (previous year: 11 thousand) and the trading result to 29 thousand (previous year: 59 thousand). Net commission income Net commission income of 95.4m was significantly higher than the previous year s figure ( 92.8m). The rise of 2.8% results in particular from the upturn in the number of trades in the B2C business line in the first quarter. At 43.8m in the second quarter, net commission income was slightly down on the previous year s figure ( 46.8m). Custody account fees and sales follow-up commission from funds business remained largely stable versus the first half of Commission income from payment transactions exceeded the respective figure for 2013 due to the
9 INTERIM MANAGEMENT REPORT 7 Net commission income and net interest income (in million) Administrative expenses (in million) Q Q2 14 H1 13 H1 14 Net interest income before provisions for possible loan losses Net commission income Q Q2 14 H H1 14 Depreciation Other administrative expenses Personnel expenses increased number of current accounts, while the contribution from the advisory business approximately matched the level of net commission income in the previous year. Other operating result The other operating result includes a non-recurring effect in the amount of 4.5m in the second quarter. This stemmed from the reversal of a provision for VAT related obligations for several years. The result also encompassed the reversal of other provisions. Over the first six months, the other operating result increased from 1.5m in the previous year to 5.4m. Administrative expenses Higher administrative expenses of 131.5m (previous year: 127.3m) reflect the increasing size of the comdirect group and greater spending on growth in the period under review. At 37.1m, personnel expenses were up by 5.3% on the previous year s figure ( 35.2m) due to the rise in the number of employees and salary adjustments. Other administrative expenses, which include marketing, communication and consulting expenses as well as expenses for external services among other costs, amounted to 85.5m and were up 2.4% on the previous year s figure ( 83.5m). The year-on-year increase in the second quarter stood at 5.1% and was essentially attributable to higher marketing expenses. At 8.9m, the level of depreciation remained at a similarly moderate level to the previous year ( 8.6m). B2C business line Business development in brokerage Through the continual expansion of its advice and guidance formats, comdirect is enabling its customers to make their own investment decisions online. In the second quarter, we enhanced our already extensive information offering with our self-advice tool. The Better financial investments investment assistant recommends a portfolio of suitable funds and ETFs based on the respective investment sum, term and risk appetite and the investments can then be carried out via a block order. Customers can also manually select investments in the three asset classes of equities, bonds and commodities. Moreover, comdirect offers its customers the option of purchasing combined investment proposals and portfolios by block order outside the Better financial investments tool, the first bank in Germany to do so. Since May, customers have been able to use limit functions also for equities, funds and ETFs in OTC trading (LiveTrading). In addition, we offered our brokerage customers two no-fee campaigns in the second quarter.
10 8 Executed orders B2C (in million) Portfolio volume B2C (in billion) Q1 14 Q2 14 H1 13 H Our real-time trading platform (ProTrader), which was launched in March and combines first class functionality with ease of use and a very attractive price, was well received by our customers in brokerage. Securities trading comdirect customers were very active in securities trading in the first half of the year. The Brokerage Index, which is calculated monthly, shows a distinctly above-average level of trading in equities, funds and bonds since the start of the year. Warrants and certificates were somewhat less popular. In the first six months of 2014, 5.42 million orders were executed, which is a rise of 7.7% on the previous year (5.03 million). The number of orders per custody account (on annualised basis) climbed to 12.8 (previous year: 12.4). Securities turnover totalled 23.32bn, corresponding to an increase versus the previous year ( 22.85bn) of 2.1%. Portfolio volume The portfolio volume in the B2C business line rose by 1.40bn in the first half of the year. This resulted primarily from price effects amounting to 0.9bn. As of 30 June 2014, the portfolio volume stood at 19.96bn (end 2013: 18.56bn) and thus reached a new record high. The number of custody accounts increased in the first six months by 1.5% to thousand (end 2013: thousand). Business development in banking As the main product for the broad-based growth that comdirect aims to achieve, the current account was strengthened in the first half of the year with the You re safe with us promise (see quarterly report 2014) and new features relating to its associated cards. To further simplify financial management for our customers, since the second quarter they have been able to transfer sums of up to 1,000 between their own accounts with the bank, for instance from the current account to the Tagesgeld PLUS account or a defined payment account without the need for a TAN. Deposit business Compared with the end of 2013 (1,043.2 thousand), the number of current accounts was up by 42.0 thousand to 1,085.2 thousand. At the same time, the number of Tagesgeld PLUS accounts, usually opened in conjunction with the current account, increased to 1,489.4 thousand (end 2013: 1,461.5 thousand).
11 INTERIM MANAGEMENT REPORT 9 Deposit volume B2C (in billion) Number of current accounts and Tagesgeld PLUS accounts (in thousand) 1, , , , , Tagesgeld PLUS accounts Current accounts The deposit volume, which had fallen slightly in the first quarter, increased by 0.40bn in the second quarter to 13.66bn (end 2013: 13.33bn). We registered inflows in Tagesgeld PLUS accounts and current accounts in particular. Having declined in the first quarter due to maturities, the deposit volume in fixed-term deposits stabilised. As of 30 June 2014, 93.3% (end 2013: 92.6%) of liabilities to customers in the B2C business line were attributable to deposits due on demand. Lending business The volume of utilisation of loans against securities and draws on overdraft facilities by private customers amounted to 175m, up by 10.1% on year-end 2013 ( 159m). The volume of loans against securities increased by 16.1% due to somewhat greater utilisation of settlement accounts for securities investments. The volume of overdrafts was on a par with the figure at year-end comdirect acts as an intermediary for building finance and consumer loans. Both offerings therefore had no impact on the bank s lending volume. Business development in advice Despite high property prices, low interest rates and the trend towards investments in real assets continued to foster strong demand for our Baufinanzierung PLUS advice service. However, growth is increasingly being hampered by the limited supply of attractive property. At 284m, the volume of building finance placed was higher than the figure for the previous year ( 240m). As of 30 June, our Anlageberatung PLUS investment advice service was being used by 2,880 customers (end 2013: around 2,660 customers). Assets under advice totalled 263m (end 2013: 227m). comdirect is currently trialling investment advice by video telephony, as well as conducting pilot projects for faceto-face advice in Quickborn and in the Baufinanzierung PLUS office in Hamburg. As a result of the positive customer response, the trial is to be expanded during the second half of the year. Earnings situation in the B2C business line With pre-tax profit of 38.1m in the first half of 2014, the B2C business line matched the previous year's level ( 38.2m). The cost/income ratio rose from 73.7% to 74.8%, as a result of the largely parallel increase in income and expenses. The earnings components related to the comdirect group s deposit business net interest income, trading result, result from financial investments and the result from hedge accounting stem mainly from the B2C business line and are thus explained at group level (see page 6). Net commission income climbed by 2.8% to 70.6m (previous year: 68.7m), primarily because of the increased number of trades. Administrative expenses exceeded the figure for the previous year ( 108.2m) at 111.6m. Both personnel expenses and other administrative expenses went up as a result of growth.
12 10 The other operating result rose to 5.1m (previous year: 1.3m) as a consequence of the situation at group level outlined above. B2B business line Business development In the B2B business line, the focus remained on marketing for the Managed Depot custody account as a partner-specific white label solution. The product is particularly attractive for asset managers and was implemented for three additional partners in the second quarter. Total assets under custody B2B (in billion) Moreover, ebase recorded notably increased demand for ETFs in the first half of the year, particularly in conjunction with VL savings plans, which ebase is the only service provider in Germany to offer. Over a third of all new VL savings plans concluded now feature ETFs Custody account customers and portfolio volume The number of customers at ebase fell by 16.6 thousand to thousand. The cancellations primarily affected custody accounts for capital-building payments and other expiring savings plans; however this effect related almost exclusively to the first quarter. In the second quarter, the downturn in customers was significantly curbed by the upswing in new business. The portfolio holdings that have been taken over via migrations are subject to a natural downturn and these also registered a slight decline. The number of custody account customers decreased by 2.0% in the first six months of 2014 to thousand (end 2013: thousand). Nevertheless, the portfolio volume climbed to 23.23bn (end 2013: 23.02bn). The rise of 0.21bn in the second quarter was primarily due to price effects. Accounts and deposit volume At 138m, the deposit volume was slightly lower than at the end of 2013 ( 140m). Most of the deposit volume was attributable to the settlement accounts linked with the custody account (Flex account). At the moment, these accounts are still primarily being used for buying and selling transactions in funds business, but are also available to accept inflows from expiring insurance policies and as a fully fledged online-type account for payment trans actions. Earnings situation in the B2B business line At 5.6m, pre-tax profit in the B2B business line outstripped the respective figure for 2013 ( 4.8m) by 16.2%. The cost/income ratio improved to 78.1% (previous year: 79.9%). Net commission income climbed by 2.6% to 24.7m, essentially due to the higher funds volume compared with the first six months of 2013 and resultant sales follow-up commission. Original net interest income from investments increased to thousand (previous year: thousand). As a result of negative interest rate effects from pension provisions, net interest income amounted to thousand overall. The rise in administrative expenses to 20.0m (previous year: 19.1m) was mainly attributable to the increase in personnel expenses and higher depreciation on investments in new products in the previous year. Investments in the course of implementing regulatory issues additionally had an impact. Financial situation and assets of the comdirect group The Treasury department of comdirect bank ensures adequate cash holdings at all times and manages the liquidity and interest rate risk in particular. By investing customer deposits in the money and capital markets, the comdirect group achieves a positive interest margin. Here the bank once again carried out a significant share of
13 INTERIM MANAGEMENT REPORT 11 the investments with companies in the Commerzbank Group. Claims on Commerzbank AG and selected other subsidiaries in the Commerzbank Group as well as the securities of these companies are comprehensively collateralised via a general assignment agreement. There are also five special funds that are included in the comdirect group s accounts. Derivative financial instruments are used to a small extent to hedge interest rate risks from bonds and for interest book management in the Treasury portfolio. Investments Investments totalled 6.5m in the first half of 2014 (previous year: 6.4m) and were mostly dominated by the acquisition of IT software. The balance sheet additions in the B2C business line amounting to 3.9m were attributable to continued investment in the IT infrastructure as well as further development of the web presence. In the B2B business line, the investment volume of 2.6m related to the further development of custody account software among other factors. Balance sheet structure of the comdirect group As a result of the increased deposit volume, the balance sheet total of the comdirect group as of 30 June 2014 was up by 346.9m to 14.51bn compared with year-end 2013 ( 14.16bn). As before, around 95% is attributable to liabilities to customers. Assets Claims on banks, which primarily relate to promissory notes and fixed-term deposits, increased by 9.4% compared with the end of 2013 ( 9.05bn) to 9.90bn. The volume of financial investments barely changed and stood at 3.72bn (end 2013: 3.57bn). This line item mainly comprises bonds and Pfandbriefe. Money market transaction with the Federal Republic of Germany with a nominal volume of 500m are included in claims on customers. As a result, this line item increased to 707.8m. Compared with the level on 31 December 2013 ( 1,292.8m), the cash reserve was reduced again to 122.9m. Almost all of this amount relates to the credit balance at Deutsche Bundesbank. Financing The financing side of the balance sheet essentially comprises the deposits of private customers. Liabilities to customers totalled 13.82bn (end 2013: 13.49bn). Liabilities to banks, which reflect the balances of the current clearing accounts at Commerzbank, amounted to 37.1m (end 2013: 2.1m). As of 30 June, the derivatives used for hedging showed a negative fair value of 0.9m overall (end 2013: 2.6m). Provisions stood at 43.6m and were therefore below the respective figure at the end of 2013 ( 45.5m). This is mainly due to the reversal of provisions for VAT related obligations for several years. Other liabilities amounting to 52.1m (end 2013: 62.8m) primarily comprise trade accounts payable. Equity amounted to 549.6m (end 2013: 551.6m). The revaluation reserves included in this figure increased by 19.2m compared with the end of 2013 as a result of the movement in market interest rates. To be able to continue to adjust equity resources in line with business and legal requirements, the annual general meeting approved the creation of new authorised capital amounting to 70.0m up until 14 May The authorised capital that expired on 5 May 2014 was thus replaced by authorised capital of the same amount. Cash flow statement of the comdirect group Due to the comdirect group s business model, the cash flow from operating activities is predominantly influenced by the development of customer deposits and their reinvestment. In the reporting period, it amounted to 1,113.2m (previous year: 629.0m). The cash reserve built up as part of operational liquidity management as of 31 December
14 was thus reduced again. The cash flow from investment activities stood at 5.9m (previous year: 6.4m). The dividend distribution in May 2014 results in a cash flow from financing activities of 50.8m (previous year: 62.1m). Non-financial performance indicators Relationships with customers To intensify the dialogue with customers, in the first half of the year comdirect presented the company at Börsentag trade fairs in Dresden and Munich, as well as at the Deutsche Anlegermesse investment fair in Frankfurt for the first time. At the re:publica digital conference in May, we bestowed the awards for the best financial blog in Germany, now in their fourth year. The winner in 2014 was the investment portal Feingold Research. comdirect bank measures the quality of its customer relationships by means of regular customer surveys in Customer Services and independent customer satisfaction analyses. As a central indicator of customer satisfaction and loyalty in the B2C business line, the net promoter score (NPS) is ascertained annually and published in the annual report. To promote the dialogue with customers, comdirect also makes use of new interactive formats. For instance, the video telephony technology that has already been trialled in advice has also been used in Cus tomer Service calls with customers and prospective customers since June. The conversation is carried out by telephone as usual, but this time it is accompanied by a video image of the respective staff member. The initial aim is to gain practical experience with the new video chat format. In addition to customer satisfaction, brand awareness and likeability are key competitive factors, especially in the B2C business line. The results attained in performance comparisons also contribute to these. In the first quarter, comdirect was named Online Broker 2014 by financial magazine uro am Sonntag (issue 8/2014). comdirect was the overall winner in the Customer Services category in the uro bank test ( uro, 05/2014) and came top again in the Online Broker of the Year 2014 awards on online portal brokerwahl.de. Personnel The number of employees increased to 1,263 in the first six months of 2014 (end 2013: 1,233). In the B2C business line, the number climbed to 1,016 (end 2013: 988 employees). The number of employees in the B2B business line rose to 247 (end 2013: 245 employees). Number of employees of comdirect group 1, Through focused measures for staff, executive and team development, as well as active employer branding, the comdirect group is positioning itself as an attractive and responsible employer. For instance, in the second quarter, four employees successfully completed our internal project manager certification programme Business line B2B Business line B2C offered in conjunction with the Frankfurt School of Finance & Management. Moreover, other measures instigated by comdirect include the introduction of an emergency childcare service. Since April, staff have been able to arrange for their children to be looked after by an emergency childminder. There is also a new parent/child office, where parents can supervise their own children whilst at work. Capital market relations The price of comdirect shares dropped by 8.8% versus the level at the end of December and closed at 7.57 on 30 June This is partly due to the ex-dividend markdown following the annual general meeting on 15 May The distributable profit of comdirect bank AG approved in accordance with the German Commercial Code (HGB) of 50.8m, equating to 0.36 per share, was paid out in full.
15 INTERIM MANAGEMENT REPORT 13 In the same period, the SDAX gained 8.8%, while our sector index, DAXsector Financial Services Performance Index, was up by 7.1%. At 61.0 thousand on average, the number of units traded per day was below the corresponding figure for 2013 (73.7 thousand). The market capitalisation amounted to 1,069m (as of end June 2014) % of the share capital was represented at the annual general meeting on 15 May in Hamburg and all items on the agenda were passed with majorities of between 96.68% and 99.99%. The shareholders were able to follow the entire annual general meeting with sound and images online and cast their votes in real time via an innovative procedure, as well as view the attendance register electronically. Data and key figures of the share H Data German securities code no ISIN code DE Stock exchange code COM Reuters: CDBG.DE Bloomberg: COM GR Stock exchange segment SDAX Number of shares issued no-par-value shares Designated sponsor Commerzbank AG Shareholder structure 81.13% Commerzbank AG 1) 18.87% Free float Key figures H Average daily turnover XETRA in units Frankfurt Tradegate Other stock exchanges OTC Opening quotation XETRA ( ) 8.49 Highest price XETRA ( ) 2) 8.87 Lowest price XETRA ( ) 2) 7.57 Closing quotation XETRA ( ) ,838 3,261 7,358 6,700 9,801 60,958 Market capitalisation ( ) 1,069m Earnings per share 0.23 Total shareholder return 4.5% Dividend yield 3) 4.3% 1) Indirectly 2) Daily closing quotation 3) Based on the dividend paid for financial year 2013 and closing quotation at year-end comdirect share price performance to (in ) 8.30 January February March April May June 7.57 comdirect share SDAX DAXsector Financial Services Performance Index Source: Bloomberg; indices normalised to the comdirect share price as of year-end 2013 Supplementary report No major events or developments of special significance have occurred since the reporting date of 30 June 2014.
16 14 > Outlook, risk and opportunity report The economic framework conditions have essentially developed in line with the assumptions indicated in the outlook report of the 2013 group management report (pages 38 to 39 of the financial report). Following the renewed cut in the base rate, market interest rates in the eurozone are likely to remain low for the foreseeable future, while credit spreads for corporate and government bonds should persist at the present level or may even tighten further. We expect the trading environment in the equity market to remain friendly in the second half of the year. Low interest rates will continue to provide incentives to invest in equities and funds in the future as well; however, the price level reached in the equity markets makes them more susceptible to price corrections, which could increase volatility. Given the strong business and earnings development, after completing the first half of the year, we are in principle affirming the expectations outlined in the 2013 outlook report. On the whole, we continue to consider it possible that the B2C business line will record a moderate rise in order numbers compared with After the rise in the first six months, assets under custody for the year as a whole are also set to outstrip the respective figure for the previous year in the comdirect group and in both business lines. Pre-tax profit for the comdirect group, which was influenced by the extraordinarily favourable trading environment in the first quarter and by a non-recurring effect in the second, is set to reach 75m for the year as a whole. A further increase in spending on growth is planned for the second half of the year and the fourth quarter in particular. On the earnings side, we still expect a slight upturn in net commission income. According to current forecasts, net interest income before provisions for possible loan losses should at least match the previous year s level. In the B2C business line, we aim to achieve strong growth in the number of customers in the second half of the year as well. The current account with its continually improved functionalities and security features remains the central lever and the number of current accounts is set to record further gains in the second half of the year. There is also the Better financial investments tool, through which we facilitate broad-based access to tailored, profitable securities investments and thus offer an alternative to traditional in-branch advice. The great start for the investment assistant highlights the potential of our Better financial investments tool in the coming months and beyond. In the B2B business line, marketing continues to centre on the Managed Depot custody account. The marketing successes in the first quarter demonstrate the potential offered by standardised fund asset management. In addition to asset managers, the product is set to be increasingly offered to small and medium-sized banks in the second half of the year. The position of the comdirect group in terms of risk and opportunity is essentially unchanged compared with the presentation in the 2013 annual report. The risk and opportunity report can be found on pages 40 to 52 of the financial report, while note (58) regarding the risk reporting of financial instruments is on pages 104 to 108. The comdirect group has enough of a risk buffer to certainly withstand even lengthy weak market phases. From today s perspective, there are no realistic risks in evidence that could threaten the continued existence of the comdirect group.
17 INTERIM FINANCIAL STATEMENTS 15 > Income statement Income statement of comdirect group according to IFRS thousand 1.1. to to Interest income 99, ,007 49,643 53,929 Interest expenses 27,906 40,296 13,507 19,694 Net interest income before provisions for possible loan losses 71,251 67,711 36,136 34,235 Provisions for possible loan losses Net interest income after provisions for possible loan losses 71,759 67,174 36,905 33,792 Commission income 164, ,070 77,855 80,007 Commission expenses 68,901 65,293 34,068 33,243 Net commission income 95,360 92,777 43,787 46,764 Result from hedge accounting Trading result Result from financial investments 2,671 8, ,417 Administrative expenses 131, ,316 66,728 63,565 Other operating result 5,441 1,541 4, Pre-tax profit 43,728 42,959 19,599 19,290 Taxes on income 11,359 11,129 5,105 4,814 Net profit 32,369 31,830 14,494 14,476 Undiluted/diluted earnings per share 1.1. to to Net profit (in thousand) 32,369 31,830 14,494 14,476 Average number of ordinary shares (number) 141,220, ,220, ,220, ,220,815 Undiluted/diluted earnings per share (in ) > Statement of comprehensive income Statement of comprehensive income of comdirect group according to IFRS thousand 1.1. to to Net profit 32,369 31,830 14,494 14,476 Items which cannot be reclassified to the income statement Change in actuarial gains/losses recognised in equity 2, , Items which can be reclassified to the income statement Changes in the revaluation reserves after tax 19,166 27,438 13,829 15,979 Comprehensive income 48,860 5,259 27,283 1,299 Net profit and comprehensive income for the reporting period are attributable in full to the shareholders of comdirect bank AG.
18 16 > Balance sheet Balance sheet of comdirect group according to IFRS Assets thousand as of as of Cash reserve 122,910 1,292,775 Claims on banks 9,903,212 9,048,745 Claims on customers 707, ,866 Trading assets Financial investments 3,715,178 3,572,484 Intangible assets 27,820 30,383 Fixed assets 11,185 11,687 Current income tax assets 5,938 6,667 Deferred income tax assets 0 3,149 Other assets 15,684 6,931 Total assets 14,509,719 14,162,837 Liabilities and equity thousand as of as of Liabilities to banks 37,091 2,132 Liabilities to customers 13,816,630 13,487,874 Negative fair values from derivative hedging instruments 880 2,563 Trading liabilities Provisions 43,626 45,502 Current income tax liabilities 7,718 9,900 Deferred income tax liabilities 1,604 0 Other liabilities 52,065 62,813 Equity 549, ,613 Subscribed capital 141, ,221 Capital reserve 223, ,296 Retained earnings 111, ,020 Revaluation reserves 41,403 22,237 Consolidated profit ,839 Net profit 1.1. to ,369 Total liabilities and equity 14,509,719 14,162,837
19 INTERIM FINANCIAL STATEMENTS 17 > Statement of changes in equity thousand Subscribed Capital Retained Revaluation Group Total capital reserve earnings reserves 1) result Equity as of , , ,618 55,519 62, ,791 Net profit from 1.1. to ,534 60,534 Change in actuarial gains/losses recognised in equity Change in the revaluation reserves 33,282 33,282 Comprehensive income ,282 60,534 27,960 Profit distributions 62,137 62,137 Allocation to reserves/ transfer from reserves 9,695 9,695 0 Equity as of / , , ,020 22,237 50, ,613 Net profit from 1.1. to ,369 32,369 Change in actuarial gains/losses recognised in equity 2,675 2,675 Change in the revaluation reserves 19,166 19,166 Comprehensive income from 1.1. to ,675 19,166 32,369 48,860 Profit distributions 50,839 50,839 Equity as of , , ,346 41,403 32, ,635 1) Pursuant to IAS 39 thousand Subscribed Capital Retained Revaluation Group Total capital reserve earnings reserves 1) result Equity as of , , ,618 55,519 62, ,791 Net profit from 1.1. to ,830 31,830 Change in actuarial gains/losses recognised in equity Change in the revaluation reserves 27,438 27,438 Comprehensive income from 1.1. to ,438 31,830 5,259 Profit distributions 62,137 62,137 Equity as of , , ,485 28,081 31, ,913 1) Pursuant to IAS 39 In financial year 2014, dividends amounting to 50,839 thousand (previous year 62,137 thousand) were distributed to the shareholders of com direct bank AG. This corresponds to 0.36 (previous year 0.44) per share.
20 18 In financial year 2014, comdirect did not make use of either the existing authorisations of the annual general meeting to purchase own shares for the purpose of securities trading pursuant to Section 71 (1) No. 7 German Stock Corporation Act (AktG) or of the resolutions of the annual general meeting authorising the purchase of own shares pursuant to Section 71 (1) No. 8 German Stock Corporation Act (AktG) for purposes other than securities trading. > Cash flow statement thousand Cash and cash equivalents as of ,292, ,760 Cash flow from operating activities 1,113, ,005 Cash flow from investment activities 5,869 6,403 Cash flow from financing activities 50,839 62,137 Cash and cash equivalents as of ,910 1,112,225 Cash and cash equivalents correspond to the balance sheet item cash reserve and include cash on hand and balances held at central banks. The cash flow from operating activities is essentially determined by the taking in of customer deposits and their reinvestment in the money and capital markets. The cash flow from investment activities results from the acquisition and disposal of tangible and intangible assets. The cash flow from financing activities stems from the dividend distribution by comdirect bank AG to its shareholders. The cash flow statement is of minor importance for the comdirect group. It does not replace liquidity and financial planning, nor is it used as a management tool. It provides no information about the actual liquidity situation, which in principle is dependent on the operating business and not on cash on hand or the credit balance with the central bank. > Notes Administrative expenses thousand 1.1. to to Personnel expenses 37,055 35,200 18,844 17,969 Other administrative expenses 85,538 83,518 43,326 41,211 Marketing expenses 28,216 28,148 15,940 12,542 Communication expenses 4,177 6,317 2,212 4,512 Consulting expenses 8,122 7,008 4,160 3,612 Expenses for external services 22,441 20,594 10,893 10,691 Sundry administrative expenses 22,582 21,451 10,121 9,854 Depreciation of office furniture and equipment and intangible assets 8,943 8,598 4,558 4,385 Total 131, ,316 66,728 63,565
> comdirect bank AG Half-year report 2015 > Key figures of comdirect group 2015 2014 Change in % Customers, assets under custody and key products 30.6. 31.12. comdirect group* Customers number 2,920,467
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