1 Focusing on what really matters Annual Report 2008
2 About Commerzbank Facts and figures Highlights of Commerzbank Group Income statement Operating profit ( m) 378 2,513 Operating profit per share ( ) Pre-tax profit ( m) 403 2,505 Consolidated surplus 1 ( m) 3 1,917 Earnings per share ( ) Operating return on equity 2 (%) Cost / income ratio in operating business (%) Return on equity of consolidated surplus 1, 2 (%) Balance sheet Balance-sheet total ( bn) Risk-weighted assets ( bn) Equity ( bn) as shown in balance sheet Own funds ( bn) as shown in balance sheet Capital ratios Core capital ratio (%) Own funds ratio (%) Long / short-term rating Moody s Investors Service, New York Aa3 / P-1 Aa3 / P-1 Standard & Poor s, New York A / A-1 A / A-1 Fitch Ratings, London A / F1 A / F1 Operating profit ( m) Return on equity of consolidated surplus 1 (%) , , , , Insofar as attributable to Commerzbank shareholders. 2 Excluding cash flow hedges and minority interests.
3 About Commerzbank As a large, integrated bank, Commerzbank is one of Europe s leading financial institutions and the second-largest in Germany. Since its acquisition of Dresdner Bank in January 2009, Commerzbank has grown to become Germany s leading bank for private and corporate customers. Today, the new Commerzbank serves a total of more than 14 million private and corporate customers. Commerzbank is a competent service provider for private and business customers as well as small and mid-sized companies, while also serving numerous large and multinational corporate customers. It aims to be the best bank for its key target groups. With some 1,200 branches, the new bank will have the densest branch network of all German banks, and Commerzbank customers will continue to benefit from an increasingly broad and attractive range of products and advisory services. What s more: Commerzbank s clear commitment to the German market makes it an even stronger long-term partner that perfectly unites the expertise and know-how of the two institutions. With a strong partner you can achieve anything. This is the idea that underpins everything Commerzbank does. Achieving success through the perfect combination of performance and partnership that s what the Commerzbank brand stands for. We aim to achieve success for our customers, and we do that though hard work and dedication, high service quality and a thorough understanding of our customers needs. Our reward is the trust that customers place in us again and again. That trust is what makes the equity of the Commerzbank brand a value we intend to keep building in the years ahead: for our customers in Germany and throughout the world, for our future as a bank and as a company. High performance and a talent for innovation have made Commerzbank a premier name in the German and European markets. Ever since 1870, when Commerzbank was founded in Hamburg, customers have been able to put their trust in us. Commerzbank and its expertise will be there for them in the future too.
4 Structure of Commerzbank Group Board of Managing Directors Segments Private Customers Mittelstandsbank Central and Eastern Europe Corporates & Markets Commercial Real Estate Operating units Private and Business Customers Wealth Management Direct Banking Credit COO Employee Integration Risk Management Private and Business Customers Corporate Banking Small and Medium Enterprises Germany I Small and Medium Enterprises Germany II Large corporates Germany Corporates International Financial Institutions COO Risk Management Mid Caps and Financial Institutions Central and Eastern Europe Risk Management Central and Eastern Europe Client Relationship Management Corporate Finance Equity Markets & Commodities Fixed Income Research Sales London America Public Finance CRE Germany CRE Abroad Real Estate Asset Management Shipping COO Risk Management Commercial Real Estate and Shipping COO Risk Management Corporates & Markets All staff and management functions are bundled into the Group Management division. Information Technology, Transaction Banking and Organization are provided by the Services division.
5 Focusing on our customers P.58 P.68 P.76 P.82 P.88 P.96 P.106 despite the turbulence caused by the financial market crisis Commerzbank laid the foundations for ongoing growth. Acquiring Dresdner Bank and founding the first customer advisory council at a German bank strengthened our position as a competent partner for private and business customers and for the SME sector in Germany, Eastern Europe and further afield. Commerzbank is on the right track because we are focusing on our principal asset: our customers. Focusing on our strengths is a recipe for success that we, as a company, share with many of our customers. The people mentioned in this report are a good example of this approach. They are remarkably successful because they have concentrated on their strengths.
6 Achieving growth thanks to our clear customer focus In 2008, the financial markets and banking sector faced great challenges worldwide a situation which will continue in Despite this difficult environment, we took important steps in the past business year towards establishing Commerzbank as the leading bank in Germany for private customers and SMEs. The takeover of Dresdner Bank was the most significant milestone in this respect. The global banking sector is about to see a reshuffling of the cards, with many institutions undergoing extensive restructuring. By continuing our strategic reorientation in key business areas, 2008 already saw us create the conditions for consolidating and reinforcing our market position. Thanks to our clear customer focus, we are laying the foundations on which to deliver a new Commerzbank built on strength and efficiency. martin blessing Chairman of the Board of Managing Directors
7 +574,000 Our private customer base rose by this amount in 2008; we now have 6.1 million private customers in Germany % The extent to which operating profit grew in our Private Customers segment in % The exceptional percentage increase in the number of customers within our Central and Eastern Europe segment in bn This is the total volume of loans outstanding to German SMEs as per the fourth quarter of 2008.
8 Our customer-driven business provides security The unusually volatile markets impacted upon almost all banking industry services in We were able to respond to this challenging environment thanks to solid liquidity management and a healthy funding structure. A substantial increase in customer deposits and a silent participation by the Special Fund for Financial Market Stabilization (SoFFin) also provided a welcome buffer. Our customer-oriented business played a role in keeping our liquidity within a comfortable range over the entire year. In its business policies Commerzbank generally opts for funding with matching maturities. We will continue this approach and further strengthen the liquidity base of the new Commerzbank by consistently focusing on our customers. martin blessing Chairman of the Board of Managing Directors
9 + 20bn During the past year, customer deposits rose by this amount or 25% to 101bn Our key liquidity ratio at the end of 2008 comfortably in excess of the 1.0 target. 19.9bn At 23.4% above the prior-year figure, this was our equity capital at the end of 2008 which included 8.2bn from the SoFFin silent participation.
10 Survey of the Commerzbank Cover 2 to 8 To our Shareholders Page 06 to 26 Corporate Responsibility Page 28 to 50 Group Management Report Page 52 to 184 Group Financial Statements Page 186 to 292 Further Information Page 294 to 313
11 Contents Contents C2 C8 C2 Facts and figures C3 About Commerzbank C4 Structure of the Group C5 Commerzbank worldwide C7 Five-year overview C8 Financial calendar, contact addresses 04 Most important events of Letter from the Chairman of the Board of Managing Directors 12 The Board of Managing Directors 14 Report of the Supervisory Board 20 Supervisory Board and Committees 22 Our share Corporate Governance Report 31 Remuneration Report 43 Corporate Responsibility Business and overall conditions 60 Segment performance 60 Private Customers 70 Mittelstandsbank 81 Central and Eastern Europe 92 Corporates & Markets 101 Commercial Real Estate 108 Earnings performance, assets and financial positions 111 Our staff 116 Report on post-balance sheet and events 117 Outlook and opportunities report 124 Risk Report Group Financial Statements 190 Balance sheet 191 Statement of changes in equity 193 Cash flow statement 195 Notes 292 Auditors Report Central Advisory Board 295 Regional Advisory Committees 306 Seats on other boards 310 Glossary
12 Commerzbank Annual Report 2008 Most important events of 2008 Acquisition of Dresdner Bank Commerzbank becomes the leading bank in Germany for private and corporate customers. Q1 / 08 Q2 / 08 Commerzbank brought its public finance business under one roof by merging Hypothekenbank in Essen with Eurohypo at the start of the year. Central and Eastern European business was also restructured and consolidated into one segment encompassing all activities in the region. In February the bank posted a record result for The consolidated surplus rose by 20 % to 1.9bn. Return on equity improved from 14.5 to 15.4 %. Our business model, which targets SME and private customer business, proved itself again. Following the Annual General Meeting in May, the longstanding Chairman of the Board of Managing Directors, Klaus-Peter Müller, abdicated his position to become Chairman of the Supervisory Board. Martin Blessing became the new Chairman of the Commerzbank Board of Managing Directors. The bank fared well over the first half of the year in spite of a worsening business environment. By the end of June, the Group had gained almost 300,000 private customers. This brought the total figure to just under 5.8 million. The volume of our customer deposits also continued to grow.
13 To our Shareholders Corporate Responsibility Group Management Report Group Financial Statements Further Information 0 Most important events of Letter from the Chairman of the Board of Managing Directors 12 The Board of Managing Directors 1 Report of the Supervisory Board 20 Supervisory Board and Committees 22 Our share Change in management Following many successful years as Chairman of the Board of Managing Directors, Klaus-Peter Müller hands over to Martin Blessing and joins the Supervisory Board. Best Mittelstandsbank of bn in credit for the SME sector in 2008 makes Commerzbank the market leader in this segment. Financial markets in crisis The collapse of Lehman Brothers investment bank triggered a major crisis in the financial markets. Q3 / 08 Q4 / 08 At the end of August Commerzbank announces a two-phase acquisition of Dresdner Bank. This makes us the leading bank in Germany for private and corporate customers. At the beginning of September the bank increases capital by 1.1bn in a matter of hours as part of the sum required for the acquisition. Following the collapse of Lehman Brothers in mid-september the situation on the financial markets deteriorates dramatically. The markets are more volatile than ever and prices fall on the international exchanges. Government rescue packages for the financial sector are passed all over the world. Commerzbank raises its core capital through a silent participation by SoFFin to keep pace with increases posted by international competitors benefiting from government aid. The bank also launches a new credit programme for the German SME sector. Since the beginning of 2008, the volume of SME credit grows at a double-digit rate to 46bn. This places us clearly in pole position. In November, Commerzbank and Allianz initiate the complete acquisition of Dresdner Bank in one step. As a result Commerzbank becomes the sole owner of Dresdner Bank in January 2009, significantly earlier than originally planned. Commerzbank closes a difficult 2008 with a slight consolidated surplus.
14 6 Commerzbank Annual Report 2008 Letter from the Chairman of the Board of Managing Directors To our Shareholders The year of big challenges»our client-focussed business model is viable even in difficult markets.«2008 was a year that people in our industry will remember for a long time. There can scarcely ever before have been a year in which the banking sector experienced as much upheaval as it did last year. Scarcely ever before can we bankers have faced such great challenges, and rarely, if ever, before can there have been a year in which any one sector underwent such dramatic changes as international banking did in The collapse of the US investment bank Lehman Brothers last September triggered a chain reaction on the world s financial markets the scale of which nobody had been able to predict. No sooner had the inter-bank market been brought to a virtual standstill than there were sharp drops in prices on the capital markets. Since then, the banking landscape including Germany s has been subject to ever more rapid change, and so, for quite some time, has the real economy. Industrialized nations, and many emerging economies, around the world are in the grip of severe recession or staring it in the face.
15 To our Shareholders Corporate Responsibility Group Management Report Group Financial Statements Further Information 04 Most important events of Letter from the Chairman of the Board of Managing Directors 12 The Board of Managing Directors 14 Report of the Supervisory Board 20 Supervisory Board and Committees 22 Our share 7 To our Shareholders martin blessing Chairman of the Board of Managing Directors It was under these difficult conditions that Commerzbank embarked upon one of the most ambitious projects in the history of the German financial industry, bringing together two major German banks to form a single new market leader. The new Commerzbank is a strong universal bank that draws on the wealth of experience of two banks, each with long traditions of their own. As of now, we are the leading bank doing business with discerning private and business clients in Germany, as well as the leading bank for the country s small and mediumsized businesses. We completed the takeover of the Dresdner Bank on January 12, 2009, over six months earlier than originally planned. That means that we are able to act more quickly and bring greater efficiency to driving forward the integration of our two banks. We are very happy with the progress of the preparations for integration so far; the completion of the takeover in January enabled us to establish a single management structure, and we were able to offer our clients the first joint product only 14 days after the closing.
16 8 Commerzbank Annual Report 2008 At the beginning of February this year, we started negotiating with the employee representative committees about the reconciliation of interests and the social plan. These negotiations are proving constructive, and once they are completed, a start can be made on the final implementation of the new organizational structure. To our Shareholders To sum up, no more than seven months after the announcement of the takeover, we have already taken great strides in bringing Commerzbank and Dresdner Bank together. What has made this all the more remarkable is the fact that as reported earlier the market conditions were and remain anything other than easy. This has been an extraordinary achievement, and for it I would like to thank all my colleagues in the new Commerzbank.»Our core business shows a positive trend.«the crisis on the financial markets hit both banks hard that much is not a matter of doubt. It did, however, reinforce our conviction that this merger was, and is, the right thing to do from the strategic point of view, for we, together, will in the long term build a bank that is stronger, more robust, and better able to withstand a crisis than either of the two former banks were on their own. Take, as an example, our strength in foreign business: the financing of around 25 % of German foreign trade is handled by Commerzbank. In many areas, we will be in a position to offer our clients an even better service, and that is a good basis for further growth. As you can read in this Annual Report, the old Commerzbank, too, was hit hard by the crisis on the financial markets; in the 2008 financial year, it was only thanks to tax income that it managed to achieve, for the benefit of Commerzbank shareholders, a 3m consolidated surplus, and without that would have sustained a pre-tax loss. That was a great disappointment for everyone who worked so hard for the Bank s success last year. There is, however, more encouraging news too, in the shape of a positive trend in our core business, where we further expanded our market share not only in private clients but also in
17 To our Shareholders Corporate Responsibility Group Management Report Group Financial Statements Further Information 04 Most important events of Letter from the Chairman of the Board of Managing Directors 12 The Board of Managing Directors 14 Report of the Supervisory Board 20 Supervisory Board and Committees 22 Our share 9 German small and medium-sized businesses. Add to that the operating profit in excess of 1.7bn achieved by the core segments Private Clients, Mittelstandsbank, and Central and Eastern Europe, and you have evidence that our client-focussed business model is viable even in difficult market conditions. In private and business clients business, we have performed better than ever before, with an operating profit of 551m, and we were able, in the course of 2008, to increase deposit volume by 10bn equivalent to a 26.2 % increase taking it to 48.2bn. Over the same period, the number of our clients increased by a net 574,000, bringing the total number of private clients to 6.1 million and enabling us to achieve our goal of 6 million private clients in Germany a year earlier than planned. It is evident that our clients see Commerzbank as a trustworthy partner in times of crisis. To our Shareholders The Mittelstandsbank division continued to be a reliable value driver for Commerzbank over the past year, with its operations developing well and costs being reduced slightly. The volume of credit extended to small and medium-sized businesses increased to 46bn in 2008, representing growth by a double figure per centage. We have also agreed with the Special Fund for Financial Market Stabilization (SoFFin) that an additional 2.5bn in loans will be made available to small and medium-sized businesses. This is further evidence of the way in which we, as the leading bank for small and medium-sized businesses, meet our responsibility as a source of credit for German businesses even when times are hard. Full account continues, of course, to be taken of risk when credit decisions are taken. The Central and Eastern Europe segment achieved satisfying growth in 2008, notably increasing its client base in the region by more than one half to just over 3.2 million. Although the market environment in Central and Eastern Europe has become difficult, and the economic situation increasingly gloomy, we will continue structurally above all to further build up our business there. In the fourth quarter of 2008 in particular, financial market turbulence caused our Corporates & Markets and Commercial Real Estate divisions to sustain heavy losses. We intend
18 10 Commerzbank Annual Report 2008 in future to focus our Investment Banking activities even more on client business; this applies particularly to Dresdner Bank s investment banking business, in which there will be systematic reductions of the kind implemented in the course of the process completed successfully in the old Commerzbank as long ago as 2004 and in the years thereafter. We are persuaded that it will be equally successful this time round. To our Shareholders Unfortunately, the general market environment will do nothing to make our efforts easier. The longer the crisis on the financial markets persists, the more stringent will be the demands made by regulators, rating agencies and investors on the capital adequacy of banks, and Commerzbank has therefore taken the decision to increase its core capital by means of silent participations and a minority holding by SoFFin, which will make available equity capital to a total of 18.2bn. Even by international comparison, then, we are one of the well capitalized banks. The injection of capital ensures the new Commerzbank s competitiveness and secures us a stable start as we venture into the future together. So, then, the new Commerzbank enters 2009 a year of recession with its weatherproofing in place; we are offering our private clients the greatest possible security, can stand alongside our corporate clients in difficult times, and, once conditions on the markets return to normal, will operate from a position of strength and be able rapidly to put into effect our strategies for growth in our core business areas. Given we are not permitted to distribute a dividend in the financial years 2008 and 2009, and the disappointing price development over the past year, we do understand that by no means all of you, our shareholders, look favourably on our recourse to state funds, and it was for that reason that the decision to take advantage of the financial market stabilization programme was not taken lightly. In the final analysis, though, our concern was that the new Commerzbank s future should be secured and that is also in our shareholders interest. My colleagues on the Board of Managing Directors and I will do all in our power to restore and build up your trust. It remains for me to add that almost three quarters of our share capital remains in private hands, and that the new Commerzbank, being the second-largest German private bank,
19 To our Shareholders Corporate Responsibility Group Management Report Group Financial Statements Further Information 04 Most important events of Letter from the Chairman of the Board of Managing Directors 12 The Board of Managing Directors 14 Report of the Supervisory Board 20 Supervisory Board and Committees 22 Our share 11 has an earnings potential far in excess of what will be required to service the silent participations. It is our ambition to discharge our obligations and repay the taxpayers funds as quickly as possible. This year will, however, be another very difficult one for the global economy, for the financial sector around the world and also for Commerzbank. We have to face the threefold challenge of coping successfully with difficult conditions, driving forward the integration of our two banks, while at the same time focussing still more on meeting, in all that we do, the needs of our clients. The severity of the recession, both in Germany and throughout the world, will bring with it increases both in the number of defaults and the need for risk provision. On top of those, we expect, in 2009, to have to meet the costs of integration. To our Shareholders Even so, my colleagues on the Board of Managing Directors and I are convinced that, with the takeover of the Dresdner Bank, we have gone down the right road. We have a sustainable, client-focussed business model, we are constantly improving the range of services we offer, and our capital structure is sound, and that means that, in the medium term, we will emerge from the crisis with our strength renewed. Quite apart from those considerations, of course, our employees are committed to making the new Commerzbank a success, and are working flat out to ensure that it is one. You, our shareholders, will benefit from that too. We welcome you to join us as we journey on down this road, and look forward to welcoming you to our Annual General Meeting on May 15, Martin Blessing, Chairman of the Board of Managing Directors
20 12 Commerzbank Annual Report 2008 The Board of Managing Directors To our Shareholders martin blessing frank annuscheit markus beumer wolfgang hartmann Chairman of the Board of Managing Directors Member of the Board of Managing Directors since Chief Operating Officer Member of the Board of Managing Directors since Mittelstandsbank Member of the Board of Managing Directors since Chief Risk Officer Member of the Board of Managing Directors since
21 To our Shareholders Corporate Responsibility Group Management Report Group Financial Statements Further Information 04 Most important events of Letter from the Chairman of the Board of Managing Directors 12 The Board of Managing Directors 14 Report of the Supervisory Board 20 Supervisory Board and Committees 22 Our share 13 To our Shareholders dr. achim kassow michael reuther dr. stefan schmittmann dr. eric strutz Private Customers Member of the Board of Managing Directors since Corporates & Markets Member of the Board of Managing Directors since Commercial Real Estate Central and Eastern Europe Member of the Board of Managing Directors since Chief Financial Officer Member of the Board of Managing Directors since
22 14 Commerzbank Annual Report 2008 Report of the Supervisory Board To our Shareholders klaus-peter müller Chairman during the past financial year we advised the Board of Managing Directors on its conduct of the Bank s affairs and regularly supervised the way in which Commerzbank was managed. The Board of Managing Directors reported to us at regular intervals, promptly and extensively, in both written and verbal form, on all the main developments at the Bank, also between meetings. We received frequent and regular information on the company s business position and the economic situation of its individual business segments, on its corporate planning and on the strategic orientation of the Bank, and we advised the Board of Managing Directors on these topics. In between meetings both Dr. Kohlhaussen Chairman of the Supervisory Board until the Annual General Meeting on May 15, 2008 and I myself, following my election to the post of Chairman of the Supervisory Board, were constantly in touch with the Board of Managing Directors and informed ourselves on an on-going basis about current business progress and major business transactions within both the Bank and the Group. The Supervisory Board was involved in all decisions of major importance for the Bank, giving its approval after extensive consultation and examination wherever required. Meetings of the Supervisory Board A total of eleven meetings of the Supervisory Board were held in the past financial year, of which five were extraordinary meetings. The focus of all of the ordinary meetings was on the Bank s current business situation, which we discussed in detail with the Board of Managing Directors on each occasion. One of the major areas we focused on in the second half of the year was the takeover of
23 To our Shareholders Corporate Responsibility Group Management Report Group Financial Statements Further Information 04 Most important events of Letter from the Chairman of the Board of Managing Directors 12 The Board of Managing Directors 14 Report of the Supervisory Board 20 Supervisory Board and Committees 22 Our share 15»A focus of our work was the intensive discussion on the effects of the financial crisis.«to our Shareholders Dresdner Bank by Commerzbank. Over the course of several meetings we received extensive reports on the state of negotiations, the preparations for the closing of the transaction and for the integration of Dresdner Bank. Another focus was the intensive discussion on the effects of the financial crisis on the Bank and the measures taken by the Board of Managing Directors, in particular the financial support raised from the Financial Markets Stabilization Fund (SoFFin). The Board of Managing Directors convinced us that it had thoroughly examined the risks associated with the takeover of Dresdner Bank for the Bank and the effects of the financial crisis and had drawn the requisite conclusions. We subjected each report of the Board of Managing Directors to critical analysis, in some cases requesting supplementary information, which was always provided immediately and to our satisfaction. At the meeting on February 12, 2008 our discussion centred on the provisional figures for the past financial year. In the ensuing discussion, we satisfied ourselves that the expectations and targets presented were plausible especially in view of the ongoing subprime crisis and reviewed various alternative courses of action. We also dealt with the Bank s strategy for Eastern Europe. At the meeting on March 28, 2008 we examined the annual financial statements and the consolidated financial statements for 2007, which we reported on in detail in the last annual report. In addition, we received reports on the business segments Mittelstandsbank and Public Finance and Treasury including Hypothekenbank in Essen. The meeting on May 15, 2008, was devoted to preparing for the upcoming Annual General Meeting. As the five-year period of office for the Supervisory Board ended at the Annual General Meeting, another meeting of the Supervisory Board was held immediately after the Annual General Meeting. At this constitutive meeting of the Supervisory Board,
24 16 Commerzbank Annual Report 2008 To our Shareholders I was myself elected as Chairman and Mr Tschäge as Deputy Chairman of the Supervisory Board. In addition, new appointments were made to the Supervisory Board's committees. The current composition of the committees may be found on page 21 of this annual report. At the meeting on July 2, 2008, the Board of Managing Directors explained the latest developments in the Commercial Real Estate segment. The Board of Managing Directors also reported on the status and strategy of the Private and Business Customers segment including Asset Management. Drawing upon detailed documents, the Board of Managing Directors described the business progress and the resulting core responsibilities of these units and discussed the strategic options with us. The Supervisory Board also received information on possible acquisition targets and, in particular, on the execution of due diligence in connection with the negotiations over the acquisition of Dresdner Bank. At an extraordinary meeting on August 31, 2008, the Supervisory Board received detailed information on the completion of negotiations with Allianz on the acquisition of Dresdner Bank, the details of the planned transaction and the main points of the contractual documents. Following intensive discussion of the transaction as a whole and the steps required to realize it, the Supervisory Board approved the completion of the transaction including the related increases in capital. A second extraordinary meeting was held on October 2, 2008 when the Board of Managing Directors reported extensively to the Supervisory Board on the stage reached in the acquisition of Dresdner Bank by Commerzbank and on the crisis in the financial markets following the insolvency of Lehman Brothers and its effects on Commerzbank. At a further extraordinary meeting on November 2, 2008, we were informed comprehensively about the negotiations by the Board of Managing Directors with SoFFin on stabilisation measures and after thorough consultation approved the conclusion of a framework agreement with SoFFin on a silent participation and the granting of guarantees by the Fund. In the ordinary meeting that followed on November 4, 2008, the discussion centred on management s report on the Bank s current business situation and we also held our routine review of strategy and planning including the budget for 2009 and medium-term planning. The targets for the Bank and the Group based on the business figures, particularly against the background of the stabilization measures by SoFFin and the takeover of Dresdner Bank, were presented to us and we discussed them in detail with the Board of Managing Directors. We also received reports on the preparations for integration of Dresdner Bank, as well as the trend of business and strategy at Corporates & Markets. An additional topic discussed at this meeting was the Bank s corporate governance. We discussed the findings of the Supervisory Board s efficiency audit, made adjustments to the rules of procedure for the Supervisory Board arising from the amendments to the German Corporate Governance Code in June 2008 and approved the annual declaration of compliance. Further details on corporate governance at Commerzbank and on the efficiency audit of the Supervisory Board can be found in this annual report on pages At an additional extraordinary meeting on November 27, 2008, the Supervisory Board received information on the negotiations of the Board of Managing Directors with Allianz on the accelerated full takeover of Dresdner Bank. Following completion of these negotiations, the Supervisory Board met for its last extraordinary meeting of the year on December 10, 2008 in order to discuss and approve after listening to the Board of Managing Directors explanations the changed transaction structure for the acquisition of Dresdner Bank. In this connection, the Supervisory Board received reports on changes to the arrangements with SoFFin as a result of the conditions imposed by the EU Commission, which we approved after thorough discussion.
IR release 2 November 2015 Commerzbank: Operating profit improved after nine months of 2015 to EUR 1.5 bn CET 1 ratio increased to 10.8% Operating profit in Group in third quarter at EUR 429 m (Q3 2014:
IR release 12 February 2016 Commerzbank: Strategy successful net profit of over 1 billion euros and dividend Operating profit in 2015 more than doubled to EUR 1,909 m (2014: EUR 689 m) Operating profit
Press release For business desks 7 May 2015 Commerzbank: Operating profit more than doubled to EUR 685 m in the first quarter of 2015 Revenues before loan loss provisions in the Group increased year-on-year
Press release For business desks 7 November 2013 Commerzbank: operating profit of EUR 103 m in third quarter Revenues before loan loss provisions almost stable at EUR 2.3 bn despite seasonal effects Annual
IKB: interim announcement as of With the end of 26 February 2009, the IKB Deutsche Industriebank AG share left the Prime Standard of the Frankfurt Stock Exchange and was then listed in the General Standard.
Die The Bank bank an at your Ihrer side Seite Annual Report 2012 About Commerzbank Key figures Income statement 1.1. 31.12.2012 1.1. 31.12.2011 Operating profit ( m) 1,216 507 Operating profit per share
Press release WGZ BANK copes with fallout from sovereign debt crisis WGZ BANK's 2011 operating profit is second highest in its history Negative impact of European sovereign debt crisis is completely absorbed
COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Supplement A November 5, 2009 in accordance 16 of the Securities Prospectus Act to the Base Prospectus June 8, 2009 relating to Scandinavian Notes/Certificates
Check against delivery Hans Dieter Pötsch Speech at the Annual Media Conference and Investor Conference on March 13, 2014 Part II Good morning, Ladies and Gentlemen, I, too, would like to wish you a very
Commerzbank - the leading german commercial bank German corporate conference Deutsche Bank May 31, 2006 Dr. Eric Strutz Chief Financial Officer Excellent start in 2006 Q1 `06 vs Q1 `05 FY 2005 Operating
>Analysts conference Dr. Andre Carls, CEO Karin Katerbau, CFO Frankfurt/Main, 14 February 2006 > Agenda comvalue taking effect Convincing growth programme record results Offering and sales expanded More
Klaus-Peter Müller DVFA analysts meeting Chairman of the November 15, 2001 Board of Managing Directors Frankfurt am Main Commerzbank AG Ladies and gentlemen, Welcome to our traditional November DVFA meeting
Consolidated Nine-month Report of Baader Bank AG as of 30 September 2012 Overview of key figures EARNINGS 1 Jan. - 30 Sept. 2012 1 Jan. - 30 Sept. 2011 Change % Net interest income thou. 4.06 4.66-13.0
Quarter Report 2014 ESSANELLE HAIR GROUP AG Q1 2 Q1/2014 ESSANELLE HAIR GROUP KEY FIGURES for 1 January to 31 March 2014/2013 (IFRS) million 2014 2013 Change* Consolidated sales 32.3 30.8 +4.7% essanelle
112 Allianz Group Annual Report Liquidity and Funding Resources Organization The liquidity management of the Allianz Group is based on policies and guidelines approved by the Board of Management of Allianz
Date: 27 August 2015 For information: mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com Growth of 20% in net result, excluding non-recurring items, to EUR 8.3
SANACORP PHARMAHOLDING AG Interim Financial Report for the period 1 January to 30 September 2012 Interim Financial Report 1 January to 30 September 2012 Sanacorp Pharmaholding AG 2 Interim Management Report
QUARTERLY STATEMENT AS OF MARCH 31, 2015 TO OUR SHAREHOLDERS Patrik Heider, Spokesman of the Executive Board and CFOO The Nemetschek Group has made a dynamic start in the 2015 financial year and continues
Travel24.com AG Quarterly Report Q1 2015 2 Selected Key Group Data January 1 - March 31 Change In thousands of euro 2015 2014 % Revenue 4,494 7,810-42 % EBIT 806 1,231-35 % Net profit 66 518-87 % Earnings
LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 Contents INTRODUCTION... 2 SECTION A ADMISSION... 3 A1: Eligibility for admission... 3 A2: Procedure for admission... 4 SECTION B CONTINUING
Senior Secured Loans An Alternative Way to Diversify an Income Strategy Alternative Thinking Series There is no shortage of uncertainty and risk facing today s investor. From high unemployment and depressed
abcdefg News conference Zurich, 13 December 2007 Introductory remarks by Philipp Hildebrand Six months ago, when our Financial Stability Report was published, I stated that "the global financial system
30 Deutsche Wohnen AG ANNUAL REPORT 2015 THE SHARE Share price performance in 2015 (indexed) in % 140 130 120 110 100 90 Jan. Febr. March April May June July Aug. Sept. Oct. Nov. Dec. Deutsche Wohnen EPRA
3/2012 Quarterly Financial Report Sales up by over 27 % to more than 35 million EBIT improved by 20 % to 3.4 million Quarterly Financial Report 3/2012 Dear shareholders, employees, partners and friends
/08 9-MONTHS REPORT Stable development of business in Q3 Lila Logistik confirms full-year forecast Key figures for the first three quarters of 2008 in accordance with IFRS 01.01. 01.01. Change in Change
Annual General Meeting of Fresenius SE on May 12, 2010 Speech of Dr. Ulf M. Schneider, Chairman of the Management Board The spoken word has precedence. Chart: Welcome Good morning, ladies and gentlemen.
ARTICLES OF INCORPORATION of Miba Aktiengesellschaft I. General provisions Section 1 Name and seat of the company (1) The name of the company is Miba Aktiengesellschaft (2) The company is based in Laakirchen,
CONSOLIDATED INTERIM FINANCIAL STATEMENTS AND GROUP INTERIM MANAGEMENT REPORT SECOND QUARTER OF 2008 JUNE 30, 2008 FRANCONOFURT AG FRANKFURT AM MAIN FRANCONOFURT AG, FRANKFURT AM MAIN CONSOLIDATED INTERIM
PRESS RELEASE GENERAL SHAREHOLDERS MEETING Ana Botín: Santander is well positioned to face the challenges. We will lead change Banco Santander has room for growth within our customer base and in our ten
Consolidated Half-Year Report of Baader Bank AG as at 30.06.2014 OVERVIEW OF KEY FIGURES RESULTS OF OPERATIONS 01.01-30.06.2014 01.01-30.06.2013 Change in % Net interest income thousand 1,017 1,991-48.9
Words from the President and CEO 3 Financial highlights 4 Highlights 5 Export lending 5 Local government lending 6 Funding 6 Results 6 Balance sheet 7 Events after the balance sheet date 8 Income statement
2 0 1 4 HALF YEAR REPORT AS OF JUNE 30 T O O U R S H A R E H O L D E R S Dear shareholders, ladies and gentlemen, The Nemetschek Group continued its successful development in the second quarter of 2014
Half-Year Report 2015 Q2 Revenues increase in the first half of the year by 23% EBIT increased by 1.5 million euros compared to the previous year Order book is growing Overall annual forecast remains unchanged
Interim Report as at 30 June 2015 Key figures Income statement 1.1. 30.6.2015 1.1. 30.6.2014 Operating profit ( m) 1,070 581 Operating profit per share ( ) 0.91 0.51 Pre-tax profit or loss ( m) 1,004 581
Deutsche Bank Financial Data Supplement 2Q2013 30 July 2013 1 2 2Q2013 Financial Data Supplement Deutsche Bank consolidated Financial summary 2 Group Core Bank Non-Core Operations Unit 3 Consolidated Statement
Q2 2014/2015 Half-Year Interim Report 2014/2015 1 April to 30 September 2014 The Industrial Group The first six months of financial year 2014/2015 at a glance Incoming orders increased in the first half
Q1 / 2015: INTERIM REPORT WITHIN THE FIRST HALF-YEAR OF 2015 Berentzen-Gruppe Aktiengesellschaft Haselünne / Germany Securities Identification Number 520 163 International Securities Identification Numbers
RECRUITING SERVICES Amadeus FiRe AG Unaudited Financial Report Quarter I - 2015 Temporary Staffing. Permanent Placement Interim Management. Training www.amadeus-fire.de Unaudited Amadeus FiRe Group Financial
Corporate governance report and corporate governance declaration This corporate governance report constitutes the corporate governance declaration required by Sec. 289a Handelsgesetzbuch (HGB, German Commercial
BANK OF GHANA E S T. 1 9 5 7 Bank of Ghana Monetary Policy Report Financial Stability Report Volume 5: No.1/2013 February 2013 5.0 Introduction Conditions in global financial markets have improved significantly
Interim report as at 31 March 2015 Increase of unit sales, revenue and profit Dividend raises to 1.60 per share Fielmann expects continuation of positive business performance Fielmann Aktiengesellschaft
Dominik Asam Member of the Managing Board CFO Infineon Technologies AG Annual General Meeting February 17, 2011 in Munich - The spoken word prevails - Ladies and Gentlemen, I would also like to take this
How to Choose a Life Insurance Company *YP½PPMRK 4VSQMWIW A 2014 GUIDE THROUGH RELEVANT INDUSTRY INFORMATION Because the most important people in your life will car, or computer, most people are completely
BMW Group Corporate Governance Code. Principles of Corporate Governance. - 2 - Contents Page Introduction 3 1. Shareholders and Annual General Meeting of BMW AG 5 1.1 Shareholders of BMW AG 5 1.2 The Annual
Copenhagen Stock Exchange London Stock Exchange Bourse de Luxembourg Other stakeholders Stock Exchange Announcement No 01/07 Group Executive Management Peberlyk 4 PO Box 1038 DK-6200 Aabenraa Tel +45 74
Deutsche Bank Financial Data Supplement 4Q2011 20 March 2012 4Q2011 Financial Data Supplement Deutsche Bank consolidated Financial summary 2 Consolidated Statement of Income 3 Net revenues 4 Net interest
More for our customers. Annual Report 2011 Achieving more together About Commerzbank Key figures Income statement 1.1. 31.12.2011 1.1. 31.12.2010 Operating profit ( m) 507 1,386 Operating profit per share
INVITATION TO THE ANNUAL GENERAL MEETING 2014 THYSSENKRUPP AG JANUARY 17, 2014 Developing the future. 03 Agenda at a glance 1. Presentation of the adopted financial statements of ThyssenKrupp AG and the
Q1 2014/2015 Interim Report 1 April to 30 june 2014 The Industrial Group The essentials at a glance in the first quarter Big increase in incoming orders, sales on par with previous year, earnings considerably
OP MORTGAGE BANK Stock exchange release 27 April 2016 Interim Report OP Mortgage Bank Interim Report for January March 2016 OP Mortgage Bank (OP MB) is part of OP Financial Group and its role is to raise,
Speech of Mr. José Antonio Álvarez, Chief Executive Officer of Banco Santander at the General Shareholders Meeting, March 18, 2016 Mr. President of Cantabria. Vice-president and distinguished officials
Stefan Jütte Chairman of the Management Board Annual General Meeting Deutsche Postbank AG Frankfurt am Main, May 24, 2011 Check against delivery Dear shareholders, dear shareholder representatives, dear
The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS EARNINGS PER COMMON SHARE OF $17.07 FOR 2014 FOURTH QUARTER EARNINGS PER COMMON SHARE WERE $4.38 NEW YORK, January
Interim report as at 30 September 2014 Fielmann increases unit sales, revenue and profit Result registers significant growth in the 3 rd quarter of 2014 Fielmann trains more than 2,900 opticians Fielmann
The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS THIRD QUARTER LOSS PER COMMON SHARE OF $0.84 NEW YORK, October 18, 2011 - The Goldman Sachs Group, Inc. (NYSE:
One-to-one bank for the modern investor comdirect bank WestLB German Mid & Small Cap Conference London, 19 May 2004 Dr. Achim Kassow, CEO Agenda Performance After the bubble: record result and first dividend
Annual Press Conference on 26 March 2013 Dr Patrick Raaflaub CEO The consequences of a low interest rate environment from a supervisory perspective Even if the news headlines had calmed down for a while,
72 FOCUS SECTION Bernd Volk SME COVERED BONDS: AN INTERESTING NEW FORMAT Covered bonds backed by unsecured loans to small and medium-sized enterprises (SMEs) could be a new funding tool for European banks.
Frequently Asked Questions Q3 2006 1. Were there any unusual or one-time items in your Q3 results? CIBC s reported diluted earnings per share (EPS) for the third quarter were $1.86. Our EPS was increased
NEWS RELEASE FOR FURTHER INFORMATION: WEBSITE: www.bnccorp.com TIMOTHY J. FRANZ, CEO TELEPHONE: (612) 305-2213 DANIEL COLLINS, CFO TELEPHONE: (612) 305-2210 BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME
Prudent capital management in a challenging market environment Bank of America Merrill Lynch 17th Annual Banking & Insurance CEO Conference With strong Core Tier 1 ratio of 12.2% - well prepared for Basel
JAN LIDÉN S ADDRESS TO FÖRENINGSSPARBANKEN S ANNUAL GENERAL MEETING IN STOCKHOLM APRIL 21, 2005 Dear shareholders, ladies and gentlemen, FöreningsSparbanken is currently the most profitable bank in the
Report of the Supervisory Board Rocket Internet SE, Berlin (formerly Rocket Internet AG, Berlin) Translation from German Page 1/11 Report of the Supervisory Board of Rocket Internet SE for the financial
In the first half of 2006, China s economy experienced steady and swift growth as evidenced by a 10.9% surge in GDP. In order to prevent the economy from getting overheated and to curb excess credit extension,
Investor Presentation The Helaba Group Frankfurt / Main, November 2015 Agenda 2 1 Helaba Profile 2 S Group Strategy 3 Business Development & Asset Quality 4 Funding Helaba: Universal bank with strong regional
PRESS RELEASE The Hague, 4 March 2015 NIBC Bank underlying net profit almost doubles to EUR 42 million in 2014 Continued underlying growth driven by strong demand from both corporate and consumer clients
Press Release PROJECT BUSINESS DRIVES GROWTH AT RÖDL & PARTNER / SUBSTANTIAL INCREASE IN M&A-ADVISORY WORLDWIDE» Total turnover increases by almost 5% to 246.4 million euros» Profitable growth in all business
BMW Group Corporate and Governmental Affairs Media Information 18 March 2009 - Check against delivery - Statement by Dr. Friedrich Eichiner Member of the Board of Management of BMW AG, Finance Annual Accounts
BERYL Credit Pulse on High Yield Corporates This paper will summarize Beryl Consulting 2010 outlook and hedge fund portfolio construction for the high yield corporate sector in light of the events of the
The value based Credit Union model the alternative to consumer banking in the 21 st Century CUDA August 2009 1 Contents Introduction...3 CUDA s Statutory Prudential Management Framework: A comprehensive
Annual General Meeting of Fresenius SE & Co. KGaA on May 13, 2011 Speech of Dr. Ulf M. Schneider, Chairman of the Management Board The spoken word has precedence. Chart: Welcome Good morning, ladies and
Annual General Meeting 2009 All amounts in Australian dollars unless otherwise stated. John Cloney Chairman 2 Results of proxy voting A total of 4,874 valid proxy forms were received. The respective votes
Deutsche Bank Financial Data Supplement 1Q2016 28 April 2016 1Q2016 Financial Data Supplement Due to rounding, numbers presented throughout this document may not add up precisely to the totals we provide
The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $5.94 AND INCREASES THE QUARTERLY DIVIDEND TO $0.65 PER COMMON SHARE
1. INTRODUCTION CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1.1 This note, prepared on behalf of the Company Law Committee of the City of London Law Society ( CLLS ), relates to BIS request for
Strategy / Investment Financial Repression: A Driving Force for Mergers and Acquisitions? International capital markets have seen a growing number of corporate mergers and acquisitions (M&A) over the past
Interim report as at 31 March 2014 Unit sales, revenue and profit increase Dividend increases to 2.90 per share Stock split ratio of two-for-one Fielmann Aktiengesellschaft Group interim report as at 31
THE GROUP S CODE OF CORPORATE GOVERNANCE REVISED SEPTEMBER 2012 CONTENTS INTRODUCTION..... p. 4 A) RULES OF OPERATION OF UNIPOL GRUPPO FINANZIARIO S.p.A. s MANAGEMENT BODIES....... p. 6 A.1 BOARD OF DIRECTORS....
Interim report as at 30 September 2015 Fielmann improves unit sales, revenue and profit Specialists of tomorrow: 3,000 apprentices Fielmann creates 500 new jobs Fielmann Aktiengesellschaft Group interim
Continued revenue growth: up 12% on previous year Results impacted by revenue structure and one-off effects High volume of orders: outlook remains optimistic Q3 Overview of the key figures for the first
Protective Life Corporation Post Office Box 2606 Birmingham, AL 35202 205-268-1000 FOR IMMEDIATE RELEASE Protective Reports First Quarter of 2011 Results and Announces Completion of Coinsurance Agreement
Your consent to our cookies if you continue to use this website.