> Key figures of comdirect bank group

Size: px
Start display at page:

Download "> Key figures of comdirect bank group"

Transcription

1 Annual Report 2009

2 > Key figures of comdirect bank group Change in % comdirect group as of * Customers number 2,150,563 2,078, Custody accounts number 1,419,037 1,427, Executed orders number 14,661,234 17,682, Total assets under custody in million 35,572 30, of which: portfolio volume in million 26,463 20, of which: deposit volume in million 9,110 10, comdirect business-to-customer (B2C)** business line as of Customers number 1,450,720 1,349, Custody accounts number 719, , Current accounts number 533, , Tagesgeld PLUS ( call money plus ) accounts number 960, , Advisory customers number 54,477 46, Executed orders number 7,319,045 9,231, Average order activity per custody account number Order volume per executed order in 4,512 4, Total assets under custody in million 22,241 20, of which: portfolio volume in million 13,158 9, of which: deposit volume in million 9,083 10, Credit volume in million comdirect business-to-business (B2B)** business line as of Customers/Custody accounts number 699, , Executed orders number 7,342,189 8,450, Total assets under custody in million 13,331 10, Earnings ratios* Net commission income in thousand 148, , Net interest income before provisions in thousand 108, , Administrative expenses in thousand 198, , Operating result in thousand 84,938 82, Pre-tax profit in thousand 75,993 82, Net profit in thousand 56,624 60, Earnings per share in Balance sheet key figures as of * Balance sheet total in million 9,785 11, Equity in million Equity ratio 1) in % Regulatory indicators under Basel II 2) as of Risk weighted assets 3) in million Eligible amount for operational risks in million Core capital in million Own funds for solvency purposes in million Own funds ratio 4) in % Relative ratios* Return on equity 5) in % Cost/income ratio 6) in % Employees figures as of 31.12* Employees number 1,155 1, Employees full-time basis number 1, , *) Previous year s figures adjusted to include contributions of ebase GmbH **) B2C: comdirect bank AG and comdirect private finance AG; B2B: ebase GmbH, excluding contributions from branch customers of Commerzbank AG 1) Equity ratio = Equity (excluding revaluation reserve) / balance sheet total 2) These figures are calculated on the basis of internal calculations; publication is voluntary and based on national implementation conversion and the figures are not reported to the Supervisory Authority 3) Risk weighted assets in accordance with Section 10c of the German Banking Act (KWG) (intragroup receivables are zero weighted) 4) Own funds ratio = own funds for solvency purposes / (risk weighted assets x eligible amounts for operational risks) 5) Return on equity = operating result / average equity (excluding revaluation reserve) in the reporting period 6) Before restructuring expenses

3 > Contents : Strong growth good result 02 Foreword by the Board of Managing Directors 03 My Plus 19 Report of the Supervisory Board 23 Group management report 24 Key developments 26 Business activities and framework parameters 31 Value-driven strategy and management system 36 Market environment 41 Business performance and earnings situation at the comdirect group 47 B2C business line 56 B2B business line 58 Financial situation and assets of the comdirect group 61 The share 64 Personnel report 66 Risk report 74 Opportunity report 76 Outlook 79 Supplementary report 80 Corporate Governance statement 88 Details in accordance with Section 315 (4) of the German Commercial Code (HGB) 89 Explanations of the Board of Managing Directors on details in accordance with Section 315 (4) of the German Commercial Code (HGB) 90 Declaration of the Board of Managing Directors on Section 312 of the German Stock Corporation Act (AktG) 91 Consolidated financial statements 94 Income statement 95 Balance sheet 96 Statement of changes in equity 97 Cash flow statement 98 Notes 148 Declaration of the Board of Managing Directors 149 Auditor s report 150 Glossary 154 Six-year overview of comdirect bank group 156 Financial calendar Contacts

4 > 2009: Strong growth good result Number of customers of comdirect group as of (in thousand) Total assets under custody of comdirect group as of (in billion) 2,079 2, , * * * excluding ebase * excluding ebase Operating result of comdirect group (in million) Dividend (in ) * * ** * excluding ebase * excluding ebase ** Dividend proposal Total income of comdirect group (in million) Administrative expenses of comdirect group (in million) * * * excluding ebase * excluding ebase

5 Through organic growth and the acquisition of ebase, in 2009 com direct achieved the strongest growth in its history. The number of customers increased by 800,000 to around 2.2 million, and assets under custody rose by 75% to 35.6bn. With 1.4 million custody accounts, the comdirect group is the clear No. 1 in online securities business. The complus programme has started well. Our current account has convinced 109,000 additional customers. 48% of customers already have 2 or more comdirect products. With our pioneering Anlageberatung PLUS investment advice service, we are establishing a new benchmark in the market. ebase, our brand for B2B business, recorded a rise in port folio volume of more than 25% to 13.3bn. Strong growth and a strong result: at 84.9m the operating result before tax was up 2.6% the previous year. The reduction in administrative expenses to less than 200m contributed to this development. Our shareholders will continue to benefit from dividend continuity and we will be proposing a distribution of 0.41 per share for 2009.

6 2 After strong growth and a good result in 2009, we are on the way to achieving new aims: to become a main bank for our customers through brokerage, banking and direct bank-type advisory services, as well as the leading B2B direct bank for our institutional partners. Michael Mandel, CEO of comdirect bank AG

7 Michael Mandel CEO Quickborn, March 2010 In 2009, the comdirect group recorded the strongest growth in the history of the bank. At the year-end, we directly and indirectly reached around 2.2 million investors in Germany, some 800 thousand more than in the previous year, and managed 1.4 million custody accounts. This growth was enhanced by a good result. Despite the unfavourable interest rate and capital market environment, the operating result stands at almost 85m, exceeding the previous year s figure. We compensated for the market-related decline in net interest and commission income with a positive result from financial investments and consistent cost management in all areas of the bank. Consequently, we are able to propose a dividend of 0.41 per share to the annual general meeting. In a year such as 2009 with one of the worst recessions for decades, this is a remarkable result. It shows that with the systems we have in place and our range of products and services, we can maintain our course in every market phase. Behind this success stands a strong team: the employees of the comdirect group. Whether the financial market crisis really is over and the recession behind us remains a matter of debate at the moment. In times such as these, gaining customer trust is a priority. This is why we are the only bank in Germany to have introduced a satisfaction guarantee for a product where competition is probably at its fiercest the current account. Anyone not satisfied and closing the account after a year of active use will receive 50. On top of that, we have redefined the particularly controversial issue of investment advice with a consistent focus on advising rather than selling, fair, system-backed advice that is both independent and non-pushy and very easy to access. We are ready to rise to the challenge, were my words at the launch of our complus programme. The two milestones already achieved the current account with satisfaction guarantee and our Anlageberatung PLUS investment advice service highlight what was meant by this: understanding customers needs, setting new standards in the market with convincing solutions, thereby attracting more and more modern investors. In 2009, we gained more than 100,000 customers. Moreover, we reached even more customers with our product offering: the number of current accounts, Tagesgeld PLUS ( call money PLUS ) accounts and custody accounts rose by 275,000. But comdirect has not only grown organically. With the acquisition of ebase, we gained around 700 thousand end customers with assets under custody of around 13bn at year-end As a result, we have not only consolidated our market leadership in online securities business, but also extended our business model with additional services for institutional partners.

8 We intend to continue our profitable growth and after five years of complus and successful implementation of our B2B strategy, we aim to achieve a result of between 150m and 170m with 3 million customers and assets under custody of 50bn in We want to achieve this through our consistent dual brand strategy for B2C direct business with modern investors (comdirect) and B2B business via financial partners (ebase). In the B2C business line, we will further improve our product and service offering and are working for example on additional direct bank-type advisory services. Consequently, we are more than honouring our claim to be a main bank a key precondition for gaining market share in banking. In online securities business, we aim to maintain our position as market leader. After expanding our fund and savings plan business in the previous year, we are focusing on new functionalities and products for ambitious and professional traders. In the B2B business line, we are strengthening the power of the Sales division in order to convince even more financial intermediaries and their end customers with our custody account solutions and services. The range of products and services is being expanded on a targeted basis to include B2B-type brokerage and banking products. The course here is clear: through ebase, our partners can use excellent products to manage their customers liquidity and the end customers receive the best of both worlds the attractive terms and conditions of a direct bank via their trusted contact while we are cultivating an additional and attractive target group through our range of products and services. The further development of comdirect as a main bank for our customers and ebase as the leading B2B direct bank is supported by optimisation of our IT architecture. Through the cooperation of comdirect and ebase at market, product and technology level, we will also leverage the earnings and cost synergies identified. However, difficult measures are also required if we are to expand our strengths in the competitive market place on a sustainable basis. At ebase, the aim in particular is to align personnel numbers in Customer Services with market requirements. In the B2C business line, after expanding our direct bank-type advisory models, we are withdrawing from local advisory services through the offices of comdirect private finance; this does not affect building finance advisory services at selected locations. We have recognised corresponding provisions for both measures. We have already achieved a great deal and the road ahead is very promising. I would like to take this opportunity to thank you as a shareholder for continuing to accompany us on this journey. Sincerely yours, CEO of comdirect bank AG

9 MY PLUS SUPERVISORY BOARD GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS 3 > My Plus 2009 did not offer banks an easy business environment. Nevertheless, comdirect achieved stronger growth in financial year 2009 than ever before. comdirect bank gained over 100,000 new private customers and at the same time successfully implemented key projects under the complus programme. 700,000 end customers were indirectly gained through the acquisition of ebase, our new force in business activities with professional financial intermediaries. Directly and indirectly we now reach around 2.2 million investors in Germany with 1.4 million custody accounts. Assets under custody in the group also reached a new record at 35.6bn at the year-end. Despite the adverse market environment, we achieved a good operating result of 84.9m and with pre-tax profit of 76.0m, we even slightly outperformed our target of 75m before tax. This achievement is essentially down to a very simple maxim: deliver real plus points and inspire customers, and you will achieve a respectable result in difficult times.

10 4

11 Fee-free current account, fee-free ec/maestro and VISA card, fee-free cash withdrawals almost anywhere in the world, feefree Tagesgeld PLUS ( call money plus ) account and a bonus of 50 after three months if the current account is actively used because our current account offers more plus points than virtually any other account it came out top in the test carried out by Stiftung Warentest in (Finanztest, issue 7/2009, in a test of 67 current accounts, 17 completely feefree). For more information, see page 14. 5

12 6 First class services, personal support, top class offering comdirect first is the special service commitment for our top clients. Regardless of this however, all our customers have access to professional tools. From analysis to custody account management, comdirect covers every requirement. As the market leader in online securities business, we believe we owe our customers this level of service. For further information on our direct and individual customer contact, see page 15.

13 7

14 8

15 Over the last years, modern online brokerage has become the standard and as market leader we play a key role in driving innovation. This is why we were again voted Online Broker of the Year in For further information on online brokerage, see page 16. 9

16 10 Our Anlageberatung PLUS investment advice service is a unique offering. Individual advice, a choice of products covering more than 3,000 securities not tied to any provider and continuous system-backed portfolio monitoring all at attractive prices with no sales commission. Anlageberatung PLUS has what it takes to set a new benchmark in investment advice. For more information on Anlageberatung PLUS, see page 16.

17 11

18 12

19 With the acquisition of ebase, comdirect has now ramped up the business with institutional partners. As a full-service pro vider, ebase supports financial service providers, asset managers, insurance companies and investment companies with innovative solutions for fund custody account management and increasingly in banking as well, thereby strengthening comdirect s business model. For more information on ebase, see page

20 14 Delivering plus points, inspiring customers Behind comdirect bank s success in what has been a challenging 2009 is one simple question that we have been asking ourselves since our foundation: if modern investors could have their dream bank, what would it be like? Essentially modern investors have one very basic wish. Whether they are direct comdirect bank customers or customers working with an institutional partner and finance professional who we reach through our B2B platform ebase, they all just want the best. In banking, for example, this means a current account that really has no account charges, with worldwide no-cost access to cash via a fee-free ec/maestro and Visa card. Naturally the offering also includes fixed-term deposit and call money products with fair terms and conditions as well as all types of savings plans. In brokerage, the bank stands for professionalism without exception. The bank gives investors and frequent traders access to a range of professional tools they can use to obtain comprehensive information and trade securities both precisely and easily. Anywhere in the world, on the stock market or OTC, twenty four hours a day. In advice, the bank is a pioneer supporting its customers with individual, transparent and product-independent advice on key issues such as finding the right building finance or securities investment. Intelligent solutions at fair terms and conditions that s what modern investors expect here. And just as they generally assume that their bank is available round the clock, they expect their everyday banking transactions to be quick, easy and secure. And they want specially trained experts who can give them support when a question crops up that cannot be answered online. At the end of the day, investors are not only looking for real plus points on all products in banking, brokerage and advice, but also for a bank that in every aspect gives them the good feeling that they are getting the very best there is. Several years ago at comdirect bank, we set out to further develop our bank from an online broker to a full-service bank and then a main bank, covering all the needs of our target group of demanding, modern investors. This development is also at the heart of our complus programme launched at the start of This programme comprises several focal areas. We intend to provide a wider range of even more attractive products that offer clear advantages and are even more closely aligned with the needs of the individual target groups. We aim to further improve accessibility, the quality of our Customer Services and our IT infrastructure. And last but not least, we intend to develop innovative advisory formats that deliver solutions for complex advisory issues with an offering that is independent, transparent and with fair terms and conditions. comdirect is the market leader in online securities business and Germany s leading direct bank for modern investors and with complus we intend to expand this position and increase the value of the comdirect group on a permanent basis. Essentially, the same also applies to ebase. We aim to enable our institutional partners in turn to give their end customers the best the market has to offer. This includes expanding the range of products for banking and asset accumulation, as well as introducing innovative solutions for custody account management. Different methods, same rationale: in the B2B business line too, we are generating growth by helping our institutional partners inspire their end customers. Our aim is clear: by 2013 we intend to directly and indirectly service at least 3 million customers within the comdirect group, with assets under custody of 50bn and achieve a pre-tax profit of between 150m and 170m. And? Are we well on the way to achieving this? Absolutely. B2C: Well on the way with the complus programme After a little over a year of complus, we can see that our programme is working well. This can be clearly seen in our key figures. In the B2C business line, we have gained over 100,000 new customers since the start of Over the same period, assets under custody have risen by around 1.9bn to a total of 22.2bn despite the adverse market conditions. It is also reflected in the fact that we have achieved a great deal in qualitative terms and reached major milestones. Attractive: new highlights in brokerage and banking Our current account with satisfaction guarantee launched in spring 2009 has started well. Hardly surprising given the many plus points: a current account, ec/maestro and VISA card, cash withdrawals from over 7,000 ATMs in Germany and over 900,000 ATMs worldwide, attractive interest rates on deposits when combined with a Tagesgeld PLUS ( call money plus ) account all fee-free for the customer. In addition, every new customer actively using their account receives 50 after three months. In a test, Stiftung Warentest rated our current account top out of 67 comparable products (Finanztest, issue 7/2009). Our Tagesgeld PLUS account, which now pays tiered interest rates according to the sum invested, also continued to be very well received.

21 MY PLUS SUPERVISORY BOARD GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS 15 Whether our customers are investing in fixed-term deposit accounts, time deposit accounts or currency investment accounts, making a one-off investment, investing via a savings plan or in a combination of the two, or investing equally in a time deposit account and selected funds as with our fest & fonds fund offering, comdirect bank now offers the perfect solution for almost any configuration. In brokerage, the range of securities savings plans was expanded by almost 150 additional products. There are now over 80 ETF index funds eligible for inclusion in savings plans and are already very popular with investors. A large number of customers were inspired by our AktivSparplan savings plan in 2009 which enables them to invest in 20 extremely attractive actively managed funds from just 25 a month without any front-end load. Direct and individual: offering customers what they want We have always placed great emphasis on understanding our customers and their needs as good as possible not just since the launch of complus. To achieve this aim, we use our meetings with customers, work together with mystery shoppers, evaluate our marketing initiatives and press relations and also build on market observations and industry surveys. We intend to further improve customer satis faction, for example through targeted offers for customers with above-average income or assets (affluent customers) as well as professional traders. This in turn will be a key lever in increasing customer assets over the next few years. Michael Mandel, born 1966, has been CEO of comdirect bank AG since March He is responsible for Business Development and Corporate Communications. Mandel is also Chairman of the Supervisory Board of Commerz Direktservice GmbH and Deputy Chairman of the Supervisory Board of ebase and comdirect private finance AG. He is also the Deputy Chairman of the Exchange Council of the Frankfurt Stock Exchange and Chairman of the Executive Board of the Numeracy Foundation (Stiftung Rechnen). My Plus: Focusing on this goal, we also launched a series of initiatives which will enhance our product spectrum in These include giving private investors access for the first time to funds, which were previously only open to institutional investors due to the high minimum investment amounts. comdirect is also a partner for modern investors who want to gain some experience in investment funds before investing significant amounts or perhaps investing in other asset classes or who would like to accumulate a small amount of assets through monthly savings. To specifically address these needs, in 2009, amongst other things, we halved the minimum order amount for one-off investments in funds to 500. We know that many of our customers who are very capable of dealing with their own financial matters, nevertheless also want advice occasionally. In Anlageberatung PLUS, we have therefore developed an additional advisory format for which we see a great future.

22 16 In 2009 we therefore continued our gradual further development as a bank that understands and serves its particular customer group very well. This makes the time from understanding and wanting to actually delivering plus points as short as possible. Alexander Boldyreff, born 1967, has been the CSO of comdirect bank AG since July Boldyreff heads up Marketing & Sales, Product Management as well as Treasury and is also responsible for Advice. He is also Chairman of the Supervisory Board of comdirect private finance AG and a member of the Supervisory Board of ebase. Operating excellence: our modern and effective banking platform Another important point on our complus agenda is the optimisation of our banking platform. Even better Customer Services, better accessibility and an even more effective IT infrastructure. The upgraded architecture means that new applications can be integrated into the website even more swiftly and the redesigned site is geared to user-friendly Web 2.0 technology. System availability reached a record level of 99.9% in 2009, an improvement of 0.2 percentage points on the previous year. Anyone familiar with operating IT systems will know although such increments may look small, they are the result of complex projects carried out to painstakingly perfect these systems. An ongoing process that never stops. We have also successfully enhanced the accessibility, quality and speed of our Customer Services. In 2009, Customer Services answered more than 80% of incoming calls in less than 30 seconds, a rise on the previous year. My Plus: More direct bank-type advice: Anlageberatung PLUS The introduction of our Anlageberatung PLUS investment advice service represents our further development in terms of advisory formats that offer greater transparency and independence, which is the fourth focal area of our complus programme. After two years of development and an extensive six-month trial, Anlageberatung PLUS was launched in November The customer response to date shows that Anlageberatung PLUS has what it takes to set a new benchmark in investment advice. Comprehensive advice for your custody account right from the start: Our fee-free BeratungsDepot (advice custody account) forms the basis for Anlageberatung PLUS. This is enhanced by ongoing advice tailored to your investment targets. 1. Initial discussion 2. Initial advice with portfolio analysis 3. Ongoing advice 4. Regular review

23 MY PLUS SUPERVISORY BOARD GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS 17 Various aspects that are usually kept separate are sensibly united for the first time in Anlageberatung PLUS. In-depth, individual advice geared to the individual wishes and options of the customer is combined with system-backed, continual and objective portfolio monitoring and management. The investment universe comprises over 3,000 securities and therefore offers a wider range than even a really good stockpicker could monitor closely. Investors can choose to invest in equities and bonds, funds, ETF index funds and ETCs. To ensure that investment decisions remain objective and are not influenced by commission, in Anlageberatung PLUS we consistently waive all sales and sales follow-up commission. Instead we charge a fixed monthly fee based on the average portfolio value or a minimum of Our advisers are permanent comdirect bank employees. Anlageberatung PLUS is therefore very different to most other advisory models to date. These rarely feature consistent systembacking and often take inadequate account of individual personal circumstances. We are confident that Anlageberatung PLUS can close these gaps in quality and serve as a model for a new generation of investment advice. The market potential is correspondingly great. We cautiously estimate there are around 5 million people in Germany for whom Anlageberatung PLUS is of interest. We therefore see considerable potential among both our existing customers and in new business. Dr. Christian Diekmann, born 1965, has been CFO of comdirect bank AG since May In addition to Finance, Controlling & Risk Management, Dr. Diekmann is responsible for Internal Audit, Legal Services & Compliance, Institutional Business and as Chairman of the Supervisory Board of ebase business-to-business activities. Dr. Diekmann is also a member of the Supervisory Board of comdirect private finance AG and Deputy Chairman of the Board of Trustees of the Numeracy Foundation (Stiftung Rechnen). My Plus: With Anlageberatung PLUS we are continuing what we started with Baufinanzierung PLUS building finance advice: the development and introduction of advisory formats for demanding private customers who want to find the best product in the market in each case, rather than be expected to take the first one they come across. The financial crisis has quite clearly demonstrated that there is a significant need for advice, not only with regard to securities investments and building finance, but also for other issues relating to individual asset accumulation and provisioning. We will therefore continue to invest in direct bank-type advisory models for demanding modern investors in the coming years. ebase: we are serious about B2B With the acquisition of ebase, or European Bank for Fund Services GmbH to give it its full name, we have considerably extended our business model in B2B activities and are from now on pursuing a dual brand strategy in the group. In 2009, the priority was naturally to establish the foundation and set the course for future growth through new products and solutions in custody account management and banking. The prospects are indeed very promising.

24 18 As a full-service partner for financial service providers, asset managers, insurance companies and investment companies, ebase is optimally positioned in the market. With the help of ebase, these institutional partners can offer their respective end customers both companies and their employees as well as private customers a comprehensive range of products and services for asset accumulation and provisioning. One such product is the Riester FörderRente flex fund savings plan, which enables customers to invest in various attractive funds as part of their pension provisioning and receive state subsidies at the same time. There are also custody account solutions, such as the bav (company pension) custody account for company pensions, which was being used by employees in over 1,300 companies in Germany at the end of Carsten Strauß, born 1967, has been a member of the Board of Managing Directors of comdirect bank AG since March He is responsible for Customer Services, Human Resources & Organisation, Process Management and IT. In addition, Strauß is a member of the Supervisory Board of ebase, a member of the Supervisory Board of Commerz Direktservice GmbH and Deputy Chairman of the Executive Board of the Numeracy Foundation (Stiftung Rechnen). My Plus: In short: ebase provides top class solutions from under one roof for all finance professionals managing money and assets on behalf of third parties, and enables these partners to offer new products in brokerage, and increasingly in banking, to their end customers, thereby gaining particularly more time to provide individual advice and support. comdirect has gained immediate and excellent access to a market with assets under custody of around 230bn as well as the best opportunities for growth. If that s not a win-win situation, what is? Although ebase did not record significantly strong growth in 2009 due to the difficult market conditions, we have still achieved a great deal. Key IT projects were launched and some have already been successfully completed, the brand strategy was defined, thereby laying the foundation for further growth. We will also be introducing additional banking products and brokerage solutions before the end of the year, creating lots more plus points. Taking both segments together, comdirect bank in B2C and ebase in B2B, with our extended business model and dual brand strategy we have made significant advances after only one year. And this is just the start.

> Key figures of comdirect bank group

> Key figures of comdirect bank group > Annual Report 2010 > Key figures of comdirect bank group 2010 2009 Change in % comdirect group as of 31.12. Customers number 2,296,075 2,150,563 6.8 Custody accounts number 1,482,023 1,419,037 4.4 Executed

More information

> Annual report 2011. Direct Banking. Banking as it should be

> Annual report 2011. Direct Banking. Banking as it should be > Annual report 2011 Direct Banking is Banking as it should be > Key figures of comdirect group 2011 2010 Change in % Customers, assets under custody and key products 31.12. 31.12. comdirect group* Customers

More information

> comdirect bank AG Financial Report 2013

> comdirect bank AG Financial Report 2013 > comdirect bank AG Financial Report 2013 2 > Key figures of comdirect group 2013 2012 Change in % Customers, assets under custody and key products 31.12. 31.12. comdirect group* Customers number 2,825,067

More information

> More comdirect The plus point for customers and shareholders

> More comdirect The plus point for customers and shareholders attractive and clear direct and individual modern and effective independent and transparent > More comdirect The plus point for customers and shareholders complus: programme for future sustainability and

More information

>Analysts conference. Dr. Andre Carls, CEO Karin Katerbau, CFO. Frankfurt/Main, 14 February 2006

>Analysts conference. Dr. Andre Carls, CEO Karin Katerbau, CFO. Frankfurt/Main, 14 February 2006 >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

More information

> comdirect bank AG Financial Report 2014

> comdirect bank AG Financial Report 2014 > comdirect bank AG Financial Report 2014 2 > Key figures of comdirect group 2014 2013 Change in % Customers, assets under custody and key products 31.12. 31.12. comdirect group* Customers number 2,892,003

More information

>Business development in the first nine months of 2011

>Business development in the first nine months of 2011 >Business development in the first nine months of 20 Dr. Christian Diekmann, CFO Frankfurt/Main, 27 October 20 > After nine months: comdirect still on course for record results Profitability Best nine-month

More information

Revenues before loan loss provisions almost stable at EUR 2.3 bn despite seasonal effects

Revenues before loan loss provisions almost stable at EUR 2.3 bn despite seasonal effects 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

More information

>Analysts conference. Dr. Thorsten Reitmeyer, CEO Holger Hohrein, CFO Frankfurt/Main, 19 February 2014. Figures unaudited

>Analysts conference. Dr. Thorsten Reitmeyer, CEO Holger Hohrein, CFO Frankfurt/Main, 19 February 2014. Figures unaudited >Analysts conference Dr. Thorsten Reitmeyer, CEO Holger Hohrein, CFO Frankfurt/Main, 19 February 2014 Figures unaudited >Very successful year 2013 Very good result due to strong earnings base Pre-tax profit

More information

Commerzbank: Strategy successful net profit of over 1 billion euros and dividend

Commerzbank: Strategy successful net profit of over 1 billion euros and dividend 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

More information

Commerzbank: Operating profit more than doubled to EUR 685 m in the first quarter of 2015

Commerzbank: Operating profit more than doubled to EUR 685 m in the first quarter of 2015 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

More information

> Nine-month report 2012. Sights set firmly on growth and result

> Nine-month report 2012. Sights set firmly on growth and result > Nine-month report 2012 Sights set firmly on growth and result > Key figures of comdirect group 2012 2011 Change in % Customers, assets under custody and key products 30.9. 31.12. comdirect group* Customers

More information

Commerzbank: Operating profit improved after nine months of 2015 to EUR 1.5 bn CET 1 ratio increased to 10.8%

Commerzbank: Operating profit improved after nine months of 2015 to EUR 1.5 bn CET 1 ratio increased to 10.8% 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:

More information

> Quarterly report 2007

> Quarterly report 2007 Quartalsbericht 2007 > Quarterly report 2007 Strong start: earnings at record levels significantly propelled growth 3 > Key figures of comdirect bank group 1 st quarter 2007 2006 Change in % Customer figures

More information

> Key figures of comdirect bank group

> Key figures of comdirect bank group 0:42 1:02 2:17 3:30 4:57 6:00 6:50 7:42 8:57 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII

More information

One-to-one bank for the modern investor comdirect bank WestLB German Mid & Small Cap Conference London, 19 May 2004

One-to-one bank for the modern investor comdirect bank WestLB German Mid & Small Cap Conference London, 19 May 2004 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

More information

TO OUR SHAREHOLDERS DYNAMIC FIRST HALF YEAR

TO OUR SHAREHOLDERS DYNAMIC FIRST HALF YEAR HALF YEAR REPORT AS OF JUNE 30, 2015 TO OUR SHAREHOLDERS Patrik Heider, Spokesman of the Executive Board and CFOO The Nemetschek Group maintained its dynamic development from the first quarter of 2015

More information

CORPORATE GOVERNANCE PRINCIPLES ZEAL NETWORK SE. (as adopted by the Supervisory Board and Executive Board on 19 November 2014)

CORPORATE GOVERNANCE PRINCIPLES ZEAL NETWORK SE. (as adopted by the Supervisory Board and Executive Board on 19 November 2014) CORPORATE GOVERNANCE PRINCIPLES OF ZEAL NETWORK SE (as adopted by the Supervisory Board and Executive Board on 19 November 2014) FOREWORD ZEAL Network SE ("Company") transferred its registered office from

More information

Overview of the key figures for the first half of the year

Overview of the key figures for the first half of the year 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

More information

Half-year Report 2003

Half-year Report 2003 Half-year Report 2003 www.comdirect.de Key figures of comdirect bank group 30 June 2003 30 June 2002 Customer figures Total customers 612,472 630,067 Direct brokerage customers 586,949 600,542 Business

More information

> comdirect bank AG Half-year report 2014

> comdirect bank AG Half-year report 2014 > comdirect bank AG Half-year report 2014 > Key figures of comdirect group 2014 2013 Change in % Customers, assets under custody and key products 30.6. 31.12. comdirect group* Customers number 2,831,412

More information

Corporate Governance Principles

Corporate Governance Principles 2 Corporate Governance Principles Preamble Trust in the corporate policy of Bayerische Landesbank (BayernLB) is largely dependent on the degree to which there are responsible, transparent management and

More information

Speech delivered at the AGM 2011

Speech delivered at the AGM 2011 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

More information

Corporate Governance report and statement

Corporate Governance report and statement 32 www.leoni.com Corporate Governance report and statement Corporate Governance at LEONI LEONI is committed to maintaining responsible and transparent corporate governance, the basis of which consists

More information

Chairman of the Supervisory Board

Chairman of the Supervisory Board 32 Report of the Supervisory Board Andrew Richards Chairman of the Supervisory Board This past financial year, DBAG looked back on 50 years in the private equity business and 30 years as a listed com pany.

More information

Annual General Meeting of Fresenius SE on May 12, 2010. Speech of Dr. Ulf M. Schneider, Chairman of the Management Board

Annual General Meeting of Fresenius SE on May 12, 2010. Speech of Dr. Ulf M. Schneider, Chairman of the Management Board 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.

More information

ARTICLES OF INCORPORATION. Miba Aktiengesellschaft. I. General provisions. Section 1 Name and seat of the company

ARTICLES OF INCORPORATION. Miba Aktiengesellschaft. I. General provisions. Section 1 Name and seat of the company 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,

More information

Report of the Supervisory Board

Report of the Supervisory Board 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

More information

Articles of Association Swiss Life Holding Ltd

Articles of Association Swiss Life Holding Ltd Articles of Association Swiss Life Holding Ltd (Translation of the original text in German) I. Company name, object and registered office 1. Company name, legal form Under the corporate name Swiss Life

More information

mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com

mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com 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

More information

BMW Group. Corporate Governance Code. Principles of Corporate Governance.

BMW Group. Corporate Governance Code. Principles of Corporate Governance. 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

More information

>Business performance in the first six months of 2015. Arno Walter, CEO Holger Hohrein, CFO Frankfurt/Main, 23 July 2015

>Business performance in the first six months of 2015. Arno Walter, CEO Holger Hohrein, CFO Frankfurt/Main, 23 July 2015 >Business performance in the first six months of Arno Walter, CEO Holger Hohrein, CFO Frankfurt/Main, 23 July >Strong first half of the year Strong securities business pushes up profit Pre-tax profit of

More information

German Corporate Governance Code

German Corporate Governance Code (as amended on May 26, 2010) Government Commission German Corporate Governance Code 1. Foreword 1 This German Corporate Governance Code (the "Code") presents essential statutory regulations for the management

More information

WGZ BANK copes with fallout from sovereign debt crisis

WGZ BANK copes with fallout from sovereign debt crisis 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

More information

> comdirect bank AG Half-year report 2015

> comdirect bank AG Half-year report 2015 > 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

More information

HALF YEAR REPORT AS OF JUNE 30

HALF YEAR REPORT AS OF JUNE 30 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

More information

DVB Bank SE Invitation to the Annual General Meeting on 25 June 2015

DVB Bank SE Invitation to the Annual General Meeting on 25 June 2015 Frankfurt/Main, Germany German Securities Code (WKN): 804 550 ISIN: DE0008045501 Invitation to the Annual General Meeting on 25 June 2015 We hereby invite our shareholders to attend the Annual General

More information

Bylaws of the Supervisory Board of K+S Aktiengesellschaft. Version of 21 November 2012 The German Version is binding.

Bylaws of the Supervisory Board of K+S Aktiengesellschaft. Version of 21 November 2012 The German Version is binding. Bylaws of the Supervisory Board of K+S Aktiengesellschaft Version of 21 November 2012 The German Version is binding. Page 2 1 Position and Responsibility The Supervisory Board performs its functions in

More information

Sydbank s preliminary announcement of 2006 annual results

Sydbank s preliminary announcement of 2006 annual results 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

More information

CONSOLIDATED RESULTS AS AT 30 JUNE 2012

CONSOLIDATED RESULTS AS AT 30 JUNE 2012 CONSOLIDATED RESULTS AS AT 30 JUNE 2012 THE IMPLEMENTATION OF THE PROJECT TO SIMPLIFY THE GROUP CORPORATE STRUCTURE CONTINUES, WITH POSITIVE EFFECTS ON CAPITAL AND SYNERGIES FURTHER IMPROVEMENT IN THE

More information

Turnaround on track 6th German Corporate Conference Frankfurt February 26th, 2003

Turnaround on track 6th German Corporate Conference Frankfurt February 26th, 2003 Turnaround on track 6th German Corporate Conference Frankfurt February 26th, 2003 Dr. Achim Kassow (CEO) 2 Agenda 2 comdirect at a glance Nine-month figures Market and positioning com one programme for

More information

RULES OF PROCEDURE FOR THE BOARD OF DIRECTORS, THE EXECUTIVE CHAIRMAN AND THE GENERAL MANAGER IN DOLPHIN GROUP ASA

RULES OF PROCEDURE FOR THE BOARD OF DIRECTORS, THE EXECUTIVE CHAIRMAN AND THE GENERAL MANAGER IN DOLPHIN GROUP ASA RULES OF PROCEDURE FOR THE BOARD OF DIRECTORS, THE EXECUTIVE CHAIRMAN AND THE GENERAL MANAGER IN DOLPHIN GROUP ASA ADOPTED BY THE BOARD OF DIRECTORS ON 27 APRIL 2015 1. THE BOARD OF DIRECTORS The Board

More information

1 The General Meeting introduces following amendments to the Bank s Articles of Association:

1 The General Meeting introduces following amendments to the Bank s Articles of Association: Resolution No. 1/2007 The shareholder Mr. Andrzej Leganowicz is hereby elected Chairman of the General Meeting and the shareholder Włodzimierz Jędrych is hereby elected Deputy Chairman of the General Meeting.

More information

POSTBANK GROUP INTERIM MANAGEMENT STATEMENT AS OF MARCH 31, 2015

POSTBANK GROUP INTERIM MANAGEMENT STATEMENT AS OF MARCH 31, 2015 POSTBANK GROUP INTERIM MANAGEMENT STATEMENT AS OF MARCH 31, 2015 PRELIMINARY REMARKS MACROECONOMIC DEVELOPMENT BUSINESS PERFORMANCE PRELIMINARY REMARKS This document is an interim management statement

More information

- 1 - CATHAY PACIFIC AIRWAYS LIMITED. Corporate Governance Code. (Amended and restated with effect from 3rd March 2014)

- 1 - CATHAY PACIFIC AIRWAYS LIMITED. Corporate Governance Code. (Amended and restated with effect from 3rd March 2014) - 1 - CATHAY PACIFIC AIRWAYS LIMITED (Amended and restated with effect from 3rd March 2014) This Code sets out the corporate governance practices followed by the Company. The Board and its responsibilities

More information

A R T I C L E S O F A S S O C I A T I O N X I N G AG XING AG

A R T I C L E S O F A S S O C I A T I O N X I N G AG XING AG A R T I C L E S O F A S S O C I A T I O N OF X I N G AG 1. Name and place of incorporation of the Company 1.1. The name of the Company is: XING AG 1.2. The place of incorporation of the Company is Hamburg.

More information

NEWS RELEASE BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME OF $1.9 MILLION, OR $0.40 PER DILUTED SHARE SERIES A PREFERRED STOCK TO BE REDEEMED

NEWS RELEASE BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME OF $1.9 MILLION, OR $0.40 PER DILUTED SHARE SERIES A PREFERRED STOCK TO BE REDEEMED 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

More information

Corporate Governance Declaration pursuant to 289a HGB with Declaration of Conformity with the German Corporate Governance Code

Corporate Governance Declaration pursuant to 289a HGB with Declaration of Conformity with the German Corporate Governance Code MVV ENERGIE pursuant to 289a HGB with Declaration of Conformity with the German Corporate Governance Code We published the on our homepage at www.mvv-investor.de on 5 November 2014 and thus met the requirements

More information

Corporate Governance Guidelines

Corporate Governance Guidelines Corporate Governance Guidelines 1. Introduction Entra ASA ( Entra ), and together with its subsidiaries, ( the group ) will be subject to the reporting requirements on corporate governance set out in 3

More information

OMRON Corporate Governance Policies

OMRON Corporate Governance Policies This document has been translated from the Japanese original for reference purposes only. Where there are any discrepancies between the Japanese original and the translated document, the original Japanese

More information

INTERIM REPORT ON FIRST QUARTER OF 2015 201fehlungBild austauschen) Q1

INTERIM REPORT ON FIRST QUARTER OF 2015 201fehlungBild austauschen) Q1 Interim Report Q1 2015 INTERIM REPORT ON FIRST QUARTER OF 2015 201fehlungBild austauschen) Q1 1 Interim Report Q1 2015 2 Letter from the Management Board Dear Shareholders, Ladies and Gentlemen, These

More information

Bylaws. for the Managing Board of Siemens Aktiengesellschaft. valid from October 1, 2015

Bylaws. for the Managing Board of Siemens Aktiengesellschaft. valid from October 1, 2015 s This edition of our Bylaws for the Managing Board, prepared for the convenience of English-speaking readers, is a translation of the German original. In the event of any conflict the German version shall

More information

June 2, 2011. To whom it may concern

June 2, 2011. To whom it may concern The following information was originally prepared and published by the Company in Japanese as it contains timely disclosure materials to be submitted to the Osaka Securities Exchange. This English summary

More information

Financial Data Supplement 2Q2013

Financial Data Supplement 2Q2013 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

More information

TO OUR SHAREHOLDERS PROFITABLE GROWTH COURSE INTERNATIONALIZATION FURTHER EXTENDED US MARKET IN FOCUS

TO OUR SHAREHOLDERS PROFITABLE GROWTH COURSE INTERNATIONALIZATION FURTHER EXTENDED US MARKET IN FOCUS 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

More information

Articles of Association. SQS Software Quality Systems AG

Articles of Association. SQS Software Quality Systems AG Status: 10 November 2015 Articles of Association of SQS Software Quality Systems AG III. General Provisions 1 Name, Registered Office, Fiscal Year 1. The name of the company is SQS Software Quality Systems

More information

The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC Holdings plc.

The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC Holdings plc. We only advise on our own life assurance, pensions and unit trusts The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC

More information

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 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

More information

Corporate Governance. 48 OLYMPUS Annual Report 2015

Corporate Governance. 48 OLYMPUS Annual Report 2015 Corporate Governance Basic Stance toward Corporate Governance The Olympus Group strives to realize better health and happiness for people by being an integral member of society, sharing common values,

More information

Invitation to the Ordinary Annual General Meeting 2015

Invitation to the Ordinary Annual General Meeting 2015 Invitation to the Ordinary Annual General Meeting 2015 The German Version of the Invitation to the Ordinary Annual General Meeting is the only legally binding version. The English translation is for convenience

More information

Announcement of Financial Results 1999. for. Den Danske Bank Group

Announcement of Financial Results 1999. for. Den Danske Bank Group Announcement of Financial Results 1999 for Den Danske Bank Group 2 Den Danske Bank Group Highlights Core earnings and net profit for the year (DKr million) 1999 1998 1997 1996 1995 Net interest income,

More information

Press Release. Major Elements of the Consolidated Accounts. Balance Sheet

Press Release. Major Elements of the Consolidated Accounts. Balance Sheet Presse und Kommunikation MAIN TOWER Neue Mainzer Straße 52-58 60311 Frankfurt am Main www.helaba.de Tel.: +49 (0) 69 / 9132 2192 Wolfgang Kuß E-Mail: wolfgang.kuss@helaba.de Ursula-Brita Krück E-Mail:

More information

German Corporate Governance Code. (as amended on June 24, 2014 with decisions from the plenary meeting of June 24, 2014)

German Corporate Governance Code. (as amended on June 24, 2014 with decisions from the plenary meeting of June 24, 2014) (as amended on June 24, 2014 with decisions from the plenary meeting of June 24, 2014) 1 Foreword 1 The German Corporate Governance Code (the "Code") presents essential statutory regulations for the management

More information

Articles of Association of MTU Aero Engines AG. Last revised: June 2015

Articles of Association of MTU Aero Engines AG. Last revised: June 2015 Articles of Association of MTU Aero Engines AG Last revised: June 2015 First Part: General Section 1 Company name, registered office, financial year (1) The Company operates under the name of: MTU Aero

More information

Articles of Association of. GESCO Aktiengesellschaft, headquartered in Wuppertal

Articles of Association of. GESCO Aktiengesellschaft, headquartered in Wuppertal Articles of Association of GESCO Aktiengesellschaft, headquartered in Wuppertal 1 I. General Provisions (1) The name of the company is Section 1 Company Headquarters Term GESCO Aktiengesellschaft. (2)

More information

Investors Day Commerzbank s financials and Key performance indicators

Investors Day Commerzbank s financials and Key performance indicators Frankfurt, September 21, 2006 Investors Day Commerzbank s financials and Key performance indicators Eric Strutz Chief Financial Officer Disclaimer / investor relations / All presentations shown at Investors

More information

SANACORP PHARMAHOLDING AG. Interim Financial Report

SANACORP PHARMAHOLDING AG. Interim Financial Report 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

More information

IDENTIFY THE CHANCES SHAPE THE FUTURE

IDENTIFY THE CHANCES SHAPE THE FUTURE Status: june 2015 Complete text of Memorandum and Articles of Association of DMG MORI Aktiengesellschaft Bielefeld IDENTIFY THE CHANCES SHAPE THE FUTURE 1 (1) The Company exists under the name DMG MORI

More information

Articles and Memorandum of Association - English convenience translation -

Articles and Memorandum of Association - English convenience translation - Articles and Memorandum of Association - English convenience translation - as of April 08, 2015 This is the convenience translation of the German original version of the Articles and Memorandum of Association

More information

The MEDIPAL Group works to ensure sound, transparent management while conducting its business activities with a focus on maximizing corporate value.

The MEDIPAL Group works to ensure sound, transparent management while conducting its business activities with a focus on maximizing corporate value. The MEDIPAL Group works to ensure sound, transparent management while conducting its business activities with a focus on maximizing corporate value. While ensuring sound, transparent management and placing

More information

1 Regional Bank Regional banks specialize in consumer and commercial products within one region of a country, such as a state or within a group of states. A regional bank is smaller than a bank that operates

More information

DVB Bank posts reasonable consolidated net income before taxes for the first quarter of 2016

DVB Bank posts reasonable consolidated net income before taxes for the first quarter of 2016 DVB Bank posts reasonable consolidated net income before taxes for the first quarter of 2016 Frankfurt/Main, 12 May 2016 During the first three months of 2016, DVB Bank SE (ISIN DE0008045501) generated

More information

Summarized Business Results Consolidated Financial Statements for Fiscal 2003

Summarized Business Results Consolidated Financial Statements for Fiscal 2003 Summarized Business Results Consolidated Financial Statements for For Immediate Release May 23, 2003 The management of Focus Systems Corporation (4662 JASDAQ), is pleased to inform you of the Company s

More information

Bank Austria IR Release

Bank Austria IR Release Bank Austria IR Release Günther Stromenger +43 (0) 50505 57232 Vienna, 12 February 2015 Preliminary results 1 for the 2014 financial year: Bank Austria posts net profit of about EUR 1.4 billion Sound operating

More information

Corporate Governance. www.sinopec.com. Corporate Governance Fact Sheet

Corporate Governance. www.sinopec.com. Corporate Governance Fact Sheet Corporate Governance Corporate Governance Fact Sheet Board of Directors Responsibilities and Liability Composition Meetings of the Board of Directors Board Committees Supervisory Committee Role and Responsibilities

More information

Asset side EUR EUR TEUR 2009 2008. a) payable daily 321,956,802.07 73,895. b) other receivables 175,336,223.00 335,336 497,293,025.

Asset side EUR EUR TEUR 2009 2008. a) payable daily 321,956,802.07 73,895. b) other receivables 175,336,223.00 335,336 497,293,025. DB Export-Leasing GmbH Frankfurt am Main Balance sheet as at 31st December 2009 Asset side EUR EUR TEUR 2009 2008 1. Owed by banks a) payable daily 321,956,802.07 73,895 b) other receivables 175,336,223.00

More information

New Developments in Overseas Insurance Business ~ Agreement to Acquire 100% Ownership of a Listed

New Developments in Overseas Insurance Business ~ Agreement to Acquire 100% Ownership of a Listed New Developments in Overseas Insurance Business ~ Agreement to Acquire 100% Ownership of a Listed U.S. Life Insurance Group, StanCorp Financial Group, Inc. ~ July 24, 2015 Meiji Yasuda Life Insurance Company

More information

Investors Day 2003. The current retail-banking strategy of Commerzbank for a changed environment

Investors Day 2003. The current retail-banking strategy of Commerzbank for a changed environment Investors Day 2003 The current retail-banking strategy of Commerzbank for a changed environment Martin Blessing Member of the Board of Managing Directors Glashütten/Taunus, September 10, 2003 Turnaround

More information

THE GROUP S CODE OF CORPORATE GOVERNANCE

THE GROUP S CODE OF CORPORATE GOVERNANCE 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....

More information

Corporate Governance Code for Shareholding Companies Listed on the Amman Stock Exchange

Corporate Governance Code for Shareholding Companies Listed on the Amman Stock Exchange Corporate Governance Code for Shareholding Companies Listed on the Amman Stock Exchange CONTENTS Topic Page Preamble 3 Chapter One: Definitions 5 Chapter Two: The Board of Directors of the Shareholding

More information

Check against delivery. Hans Dieter Pötsch Speech at the Annual Media Conference and Investor Conference on March 13, 2014.

Check against delivery. Hans Dieter Pötsch Speech at the Annual Media Conference and Investor Conference on March 13, 2014. 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

More information

The MLP Group The partner for all financial matters

The MLP Group The partner for all financial matters The MLP Group The partner for all financial matters Reinhard Loose, CFO German Equity Forum Frankfurt, November 25, 2015 Agenda MLP at a glance Benefits for shareholders Market developments Financials

More information

Appendix 14 CORPORATE GOVERNANCE CODE AND CORPORATE GOVERNANCE REPORT

Appendix 14 CORPORATE GOVERNANCE CODE AND CORPORATE GOVERNANCE REPORT Appendix 14 CORPORATE GOVERNANCE CODE AND CORPORATE GOVERNANCE REPORT The Code This Code sets out the principles of good corporate governance, and two levels of recommendations: code provisions; and recommended

More information

Financial Data Supplement 4Q2011

Financial Data Supplement 4Q2011 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 information

>Business performance in the first nine months of 2015. Arno Walter, CEO Holger Hohrein, CFO Frankfurt/Main, 22 October 2015

>Business performance in the first nine months of 2015. Arno Walter, CEO Holger Hohrein, CFO Frankfurt/Main, 22 October 2015 >Business performance in the first nine months of Arno Walter, CEO Holger Hohrein, CFO Frankfurt/Main, 22 October > Impressive nine months Increase in profit following strong B2C trading Profit over 10m

More information

Interim consolidated financial statements as of September 30, 2007

Interim consolidated financial statements as of September 30, 2007 1 Interim consolidated financial statements as of September 30, 2007 January 1 through September 30, 2007 MeVis Medical Solutions AG laying the foundation for further dynamic growth: Sales plus other operating

More information

Half Year Report 2009

Half Year Report 2009 Half Year Report 2009 Oliver Borrmann Andreas van Bon Ralph Günther Dear shareholders and business partners, The second quarter of 2009 failed to bring an upturn in our business of venture capital direct

More information

Remuneration Policy BinckBank N.V.

Remuneration Policy BinckBank N.V. Remuneration Policy BinckBank N.V. This document is a translation of the Dutch original and is provided as a courtesy only. In the event of any disparity, the Dutch version shall prevail. No rights may

More information

Financial Statement Analysis: An Introduction

Financial Statement Analysis: An Introduction Financial Statement Analysis: An Introduction 2014 Level I Financial Reporting and Analysis IFT Notes for the CFA exam Contents 1. Introduction... 3 2. Scope of Financial Statement Analysis... 3 3. Major

More information

Corporate Governance Guide for Investment Companies

Corporate Governance Guide for Investment Companies Incorporating the UK Corporate Governance Code and the AIC Code of Corporate Governance February 2015 www.theaic.co.uk Contact details The Association of (AIC) represents closed-ended investment companies

More information

Setting the Course The New 2002 RWE AG Long Term Incentive Plan

Setting the Course The New 2002 RWE AG Long Term Incentive Plan Setting the Course The New 2002 RWE AG Long Term Incentive Plan Table of Contents Foreword by the CEO 4 01. The New 2002 RWE AG Long Term Incentive Plan 6 02. Stock Appreciation Rights How They Work 7

More information

Corporate Governance Report

Corporate Governance Report Corporate Governance Report Chairman s introduction From 1 January 2015 until 31 December 2015, the company applied the 2014 edition of the UK Corporate Governance Code (the Code ). 1. BOARD COMPOSITION

More information

Postbank Group Interim Management Statement as of September 30, 2013

Postbank Group Interim Management Statement as of September 30, 2013 Postbank Group Interim Management Statement as of September 30, 2013 Preliminary Remarks Macroeconomic Development Business Performance Preliminary Remarks This document is an interim management statement

More information

Consolidated Half-Year Report of Baader Bank AG as at 30.06.2014

Consolidated Half-Year Report of Baader Bank AG as at 30.06.2014 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

More information

DESCRIPTION OF THE PLAN

DESCRIPTION OF THE PLAN DESCRIPTION OF THE PLAN PURPOSE 1. What is the purpose of the Plan? The purpose of the Plan is to provide eligible record owners of common stock of the Company with a simple and convenient means of investing

More information

Shareholders rights pursuant to Sections 122 (2), 126 (1), 127, 131 (1) of the German Stock Corporation Act (AktG)

Shareholders rights pursuant to Sections 122 (2), 126 (1), 127, 131 (1) of the German Stock Corporation Act (AktG) Annual General Meeting Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München at 10 a.m. on Wednesday, 27 April 2016, ICM International Congress Center Munich, Am Messesee 6, 81829 München,

More information

Liquidity and Funding Resources

Liquidity and Funding Resources 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

More information

Corporate governance report and corporate governance declaration

Corporate governance report and corporate governance declaration Corporate governance report and corporate governance declaration This corporate governance report constitutes the corporate governance declaration required by Sec. 289a Handelsgesetzbuch (HGB, German Commercial

More information

Notice of Annual Shareholders Meeting

Notice of Annual Shareholders Meeting Notice of Annual Shareholders Meeting Notice of Annual Shareholders Meeting of Siemens AG on January 25, 2007 www.siemens.com Siemens Aktiengesellschaft Berlin and Munich Berlin and Munich December 2006

More information